INDIANAPOLIS, Nov. 21, 2017 (GLOBE NEWSWIRE) -- DUKE REALTY CORPORATION 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 Hubbard
317.808.6060
Media:
Helen McCarthy
317.708.8010
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
