Duke Realty Lifts FY22 Outlook

(RTTNews) - While reporting its results for the first quarter on Wednesday, real estate company Duke Realty Corp. (DRE) lifted its outlook for the full year 2022.

Looking forward to full year 2022, the company now expects earnings per share of $2.32 to $2.76 and Core FFO per share of $1.88 to $1.94 per share.

Previously, the company expected earnings per share of $1.79 to $2.07 and Core FFO per share of $1.87 to $1.93.

"Our increases to guidance this quarter are based on the continued acceleration of market rents and strong demand for industrial space, as we have continued to benefit from strong rent growth, occupancy and embedded rent escalators in our portfolio," stated Mark Denien, Executive Vice President and Chief Financial Officer. "We have also increased our development guidance to fund growth, primarily in Coastal Tier One markets. We have increased our disposition guidance in order to fund a portion of our increased development activities and expect overall exit capitalization rates to be below four percent."