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DUKE REALTY CORPORATION

(DRE)
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NAREIT REITweek: 2021 Investor Conference Presentation

06/07/2021 | 04:27pm EDT

June 2021 Investor Update

Forward-Looking Statement

This slide presentation contains statements that constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, our statements regarding (1) strategic initiatives with respect to our assets, operations and capital and (2) the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. A number of important factors could cause actual results to differ materially from those contemplated by forward- looking statements in this slide presentation. Many of these factors are beyond our ability to control or predict. Factors that could cause actual results to differ materially from those contemplated in this slide presentation include the factors set forth in our filings with the Securities and Exchange Commission, including our annual report on Form10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable, however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. We do not assume any obligation to update any forward-looking statements as a result of new information or future developments or otherwise.

Certain of the financial measures appearing in this slide presentation are or may be considered to be non-GAAP financial measures. Management believes that these non-GAAP financial measures provide additional appropriate measures of our operating results. While we believe these non-GAAP financial measures are useful in evaluating our company, the information should be considered supplemental in nature and not a substitute for the information prepared in accordance with GAAP. We have provided for your reference supplemental financial disclosure for these measures, including the most directly comparable GAAP measure and an associated reconciliation in the appendix to this presentation as well as in our most recent quarter supplemental report and earnings release, the latter two of which are available on our website at www.dukerealty.com. Our most recent quarter supplemental report also includes the information necessary to recalculate certain operational ratios and ratios of financial position. The calculation of these non-GAAP measures may differ from the methodology used by other REITs, and therefore, may not be comparable.

LEED® - an acronym for "Leadership in Energy and Environmental Design " - is a registered trademark of the U.S. Green Building Council".

2

Contents

Who We Are | U.S. Logistics Real Estate Strategy

Q1 2021 Review & 2021 Guidance Highlights | Relative Operating Perf | Rel Equity Value

Business Drivers & Market Fundamentals

Operations - Customers and NOI Drivers

Logistics Real Estate Strategy |

Capital Allocation

Development Strategy

Liquidity and Capital Strategy

Corporate Responsibility

Why Duke Realty & Guidance

Appendix: In-fill Development Case Studies

4

6

11

14

18

25

28

32

38

41

TABLE OF CONTENTS

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Who We Are - The Leading Domestic-only Logistics REIT

  • Largest domestic-only logistics REIT in the business of developing, redeveloping, acquiring and managing premier logistics real estate facilities in key logistic nodes across 19 markets in the U.S.
  • Founded 1972, IPO 1993, S&P 500
  • Own or hold an interest in 543 facilities encompassing 162 million SF
  1. Newest portfolio amongst peers with unique facility and site features demanded by today's modern supply chain. 67% of total portfolio developed, generating substantial premium returns over core acquisitions.
    1. 99% of earnings is derived only from rental income
  • Enterprise value of ~$21 billion, Baa1/BBB+ credit ratings
  • ESG aligned strategy and culture
  • Platform, strategy and market conditions set up for a potential double-digit growth run rate

Seattle

Minneapolis-St. Paul

Eastern

New Jersey

Pennsylvania

Northern

Chicago

Columbus

California

Indianapolis

Washington DC/

Baltimore

Cincinnati

Raleigh

Nashville

Southern

Atlanta

California

Dallas

Savannah

Central Florida

Houston

South Florida

illustrative relative size of MSA based on GAV. See page 19 for additional detail.

WHO WE ARE

4

Duke Realty is the Only REIT that "Checks All the Boxes" to be the Leading Pure-PlayDomestic-Only Logistics REIT

S&P 500

(Large Cap Firm)

U.S. Industrial Only | Business Model focused on Rental Income

Modern, High-Quality Logistics Facilities

Majority Tier 1 Market Concentration

Strong Development Capability

Top Tier Sector FFO and AFFO Growth Outlook

High BBB+ Rated Balance Sheet with Ample Liquidity

ESG Embedded in Corporate Culture

STRATEGIC OVERVIEW

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Duke Realty Corporation published this content on 07 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 June 2021 20:26:06 UTC.


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Financials (USD)
Sales 2021 1 033 M - -
Net income 2021 405 M - -
Net Debt 2021 3 557 M - -
P/E ratio 2021 48,6x
Yield 2021 2,03%
Capitalization 19 250 M 19 250 M -
EV / Sales 2021 22,1x
EV / Sales 2022 21,1x
Nbr of Employees 350
Free-Float 99,1%
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Technical analysis trends DUKE REALTY CORPORATION
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 50,88 $
Average target price 50,44 $
Spread / Average Target -0,87%
EPS Revisions
Managers and Directors
James B. Connor Chairman, President & Chief Executive Officer
Mark A. Denien Chief Financial Officer & Executive Vice President
Steven W. Schnur Chief Operating Officer & Executive Vice President
Nicholas C. Anthony Chief Investment Officer & Executive VP
Lynn C. Thurber Independent Director
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