Duke Realty Declares Special Cash Dividend of $0.85 per Share
November 21 2017 - 4:15PM
DUKE REALTY CORPORATION (NYSE:DRE), a leading industrial property
REIT included in the S&P 500 Index, announced today that its
Board of Directors declared a special cash dividend of $0.85 per
share of common stock payable on December 12, 2017, to shareholders
of record as of the close of business on December 1, 2017.
The decision to declare a special dividend was primarily a result
of the sale of approximately $2.85 billion of assets through
September 30, 2017.
“The special dividend is necessary to meet minimum REIT
distribution requirements, but also rewards shareholders for a
portion of the value created from the medical office portfolio sale
during the year. After consideration of the special dividend,
we were able to retain a substantial portion of the sales proceeds
to reinvest in our industrial portfolio and improve our balance
sheet,” said James B. Connor, Chairman and CEO of Duke Realty
Corporation.
About Duke Realty Corporation
Duke Realty owns and operates more than 145 million rentable
square feet of industrial assets in 21 key U.S. logistics markets.
Duke Realty is publicly traded on the NYSE under the symbol DRE and
is included in the S&P 500 Index. The company maintains a Baa1
rating from Moody’s Investor Service and a BBB+ rating from
Standard & Poor’s Financial Services. More information about
Duke Realty is available at www.dukerealty.com.
Cautionary Notice Regarding
Forward-Looking Statements
This news release may contain forward-looking
statements within the meaning of the federal securities laws. All
statements, other than statements of historical facts, including,
among others, statements regarding the Company's future financial
position or results, future dividends, and future performance, are
forward-looking statements. Those statements include statements
regarding the intent, belief or current expectations of the
Company, members of its management team, as well as the assumptions
on which such statements are based, and generally are identified by
the use of words such as "may," "will," "seeks," "anticipates,"
"believes," "estimates," "expects," "plans," "intends," "should,"
or similar expressions. Forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties that actual results may differ materially from those
contemplated by such forward-looking statements. Many of these
factors are beyond the company's abilities to control or predict.
Such factors include, but are not limited to, (i) the ability of
the Company to complete the disposition, on the currently agreed
upon terms, or at all, including the satisfaction of the closing
conditions, (ii) the Company’s ability to redeploy the transaction
proceeds, including its ability to repay outstanding debt and
availability of assets in which to reinvest, and (iii) changes to
the Company’s dividend policy. Additional information concerning
factors that could cause actual results to differ materially from
those forward-looking statements is contained from time to time in
the Company's filings with the Securities and Exchange Commission.
The Company refers you to the section entitled "Risk Factors"
contained in the company's Annual Report on Form 10-K for the year
ended December 31, 2016. Copies of each filing may be obtained from
the Company or the Securities and Exchange Commission.
The risks included here are not exhaustive and
undue reliance should not be placed on any forward-looking
statements, which are based on current expectations. All written
and oral forward-looking statements attributable to the company,
its management, or persons acting on their behalf are qualified in
their entirety by these cautionary statements. Further,
forward-looking statements speak only as of the date they are made,
and the company undertakes no obligation to update or revise
forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results over time unless otherwise required by law.
Contact Information:
Investors:Ron Hubbard317.808.6060
Media:Helen McCarthy317.708.8010
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