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INVESTOR NEWS investor.dukerealty.com/news-releases/news-release-details/duke-realty-reports-second-quarter-2021-results View printer - friendly version << Back Duke Realty Reports Second Quarter 2021 Results 36.2 Percent Growth in Net Effective Rents on Quarterly Leasing Activity In - Service Portfolio 97.9 Percent Leased 2021 Earnings and Development Guidance Increased INDIANAPOLIS , July 28 , 2021 ( GLOBE NEWSWIRE ) -- Duke Realty Corporation ( NYSE : DRE ) , the largest domestic - only logistics REIT , today reported results for the second quarter of 2021 . " I am happy to announce our second quarter operating results , which were highlighted by record performance for rent growth and in - service portfolio leasing percentage , " said Jim Connor , Chairman and Chief Executive Officer . " We finished the quarter with our in service portfolio 97.9 percent leased , which was the highest ever . We also recorded our highest quarterly rent growth ever on second generation leasing activity , with 36.2 percent growth in net effective rents and 19.2 percent growth on a cash basis . Growth in same property net operating income of 5.5 percent for the quarter , compared to the second quarter of 2020 , was mainly driven by rental rate growth and the expiration of free rent periods , which was especially impressive when considering that average occupancy in our same - property portfolio was 30 basis points lower than the very high level during the second quarter of 2020. As a result of our strong second quarter performance and improved outlook for the balance of the year , we are increasing our earnings guidance , along with positively adjusting guidance for several other related operational metrics . " " We continued to access a variety of sources of capital to fund our increasing development pipeline , " stated Mark Denien , Executive Vice President and Chief Financial Officer . " We generated $ 156 million of net cash proceeds through our ATM program and $ 183 million of proceeds from building sales during the second quarter . Additionally , we pre - funded further development activities by generating an additional $ 431 million of net cash proceeds from building sales and joint venture contributions completed during July , which includes our share of joint venture financing proceeds . " Quarterly Highlights 1/23