Duke Realty : 2022 Range of Estimates ( as of January 26, 2022)

2022 Range of Estimates

Updated January 26, 2022

(dollars in millions except per share amounts)

	2021	Range of Estimates
Metrics	Actual	Pessimistic	Optimistic		Key Assumptions
	(Unaudited)
Net Income per Share Attributable to	$2.25	$1.79	$2.07		- Lower volume and gains on property sales in 2022 compared to 2021.
Common Shareholders - Diluted
Nareit FFO per Share Attributable to	$1.65	$1.77	$1.87		- Debt extinguishment costs of $0.05 per share.
Common Shareholders - Diluted					- Lease up of new developments.
					- Continued strong rent growth.
					- Expense impact of internal leasing costs, $0.02 to $0.04.
Core FFO per Share Attributable to	$1.73	$1.87	$1.93		- Continued strong rent growth
Common Shareholders - Diluted					- Lease up of new developments.
Growth in AFFO - Share Adjusted	11.6%	8.4%	12.3%		- Driven by same factors impacting Core FFO.
Average Percentage Leased	98.3%	97.9%	99.3%		- Maintain existing high levels.
(stabilized portfolio)
Average Percentage Occupied	97.6%	96.9%	98.3%		- Maintain existing high levels.
(stabilized portfolio)
Average Percentage Leased	97.8%	97.0%	98.4%		- Speculative developments coming on-line.
(In-service portfolio)
Same Property NOI - Cash	5.3%	5.4%	6.2%		- Strong rent growth and consistent occupancy.
Same Property NOI - Net Effective	4.5%	4.2%	5.0%		- Strong rent growth and consistent occupancy.
Building Acquisitions	$542	$300	$500		- Coastal markets focus.
(Duke share)
Building Dispositions	$1,095	$600	$800		- Target lower growth properties.
(Duke share)
Development Starts	$1,432	$1,200	$1,400		- Leasing success driving speculative activity.
(JVs at 100%)
Service Operations Income	$12	$3	$5		- Lower third party construction volume.
General & Administrative Expense	$66	$67	$63		- Consistent overhead levels.
Effective Leverage (Gross Book Basis)	31%	33%	29%
Fixed Charge Coverage (TTM)	6.2X	6.3X	6.7X
Net Debt to Core EBITDA (TTM)	5.0X	5.2X	4.8X		- Maintain Baa1/BBB+ ratings.