X
ANNUAL
|
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION
|
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Indiana (Duke Realty Corporation)
|
|
35-1740409 (Duke Realty Corporation)
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Indiana (Duke Realty Limited Partnership)
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|
35-1898425 (Duke Realty Limited Partnership)
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(State or Other Jurisdiction of
Incorporation or Organization)
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|
(IRS Employer
Identification Number)
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600 East 96
th
Street, Suite 100
Indianapolis, Indiana
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|
46240
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(Address of Principal Executive Offices)
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(Zip Code)
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Title of Each Class:
|
|
Name of Each Exchange on Which Registered:
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Duke Realty Corporation
|
|
Common Stock ($.01 par value)
|
|
New York Stock Exchange
|
Duke Realty Corporation
|
|
Depositary Shares, each representing a 1/10 interest in a 6.625%
Series J Cumulative Redeemable Preferred Share ($.01 par value)
|
|
New York Stock Exchange
|
Duke Realty Corporation
|
|
Depositary Shares, each representing a 1/10 interest in a 6.5%
Series K Cumulative Redeemable Preferred Share ($.01 par value)
|
|
New York Stock Exchange
|
Duke Realty Corporation
|
|
Depositary Shares, each representing a 1/10 interest in a 6.6%
Series L Cumulative Redeemable Preferred Share ($.01 par value)
|
|
New York Stock Exchange
|
Duke Realty Corporation
|
|
Depositary Shares, each representing a 1/10 interest in an 8.375%
Series O Cumulative Redeemable Preferred Share ($.01 par value)
|
|
New York Stock Exchange
|
Duke Realty Limited Partnership
|
|
None
|
|
None
|
Duke Realty Corporation
|
Yes
x
|
No
o
|
|
Duke Realty Limited Partnership
|
Yes
x
|
No
o
|
Duke Realty Corporation
|
Yes
o
|
No
x
|
|
Duke Realty Limited Partnership
|
Yes
o
|
No
x
|
Duke Realty Corporation
|
Yes
x
|
No
o
|
|
Duke Realty Limited Partnership
|
Yes
x
|
No
o
|
Duke Realty Corporation
|
Yes
x
|
No
o
|
|
Duke Realty Limited Partnership
|
Yes
x
|
No
o
|
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-accelerated filer
x
|
Smaller reporting company
o
|
Duke Realty Corporation
|
Yes
o
|
No
x
|
|
Duke Realty Limited Partnership
|
Yes
o
|
No
x
|
•
|
enhances investors' understanding of the General Partner and the Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
|
•
|
eliminates duplicative disclosure and provides a more streamlined and readable presentation of information since a substantial portion of the Company's disclosure applies to both the General Partner and the Partnership; and
|
•
|
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
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Item No.
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Page(s)
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1
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1A.
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1B.
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2
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3
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4
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5
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6
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7
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7A.
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8
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9
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9A.
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9B.
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10
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11
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12
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13
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14
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15
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•
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Changes in general economic and business conditions, including the financial condition of our tenants and the value of our real estate assets;
|
•
|
The General Partner's continued qualification as a real estate investment trust ("REIT") for U.S. federal income tax purposes;
|
•
|
Heightened competition for tenants and potential decreases in property occupancy;
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•
|
Potential changes in the financial markets and interest rates;
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•
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Volatility in the General Partner's stock price and trading volume;
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•
|
Our continuing ability to raise funds on favorable terms;
|
•
|
Our ability to successfully identify, acquire, develop and/or manage properties on terms that are favorable to us;
|
•
|
Potential increases in real estate construction costs;
|
•
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Our ability to successfully dispose of properties on terms that are favorable to us, including, without limitation, through one or more transactions that are consistent with our previously disclosed strategic plans;
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•
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Our ability to retain our current credit ratings;
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•
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Inherent risks in the real estate business, including, but not limited to, tenant defaults, potential liability relating to environmental matters and liquidity of real estate investments; and
|
•
|
Other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in our other reports and other public filings with the Securities and Exchange Commission ("SEC").
|
Board Composition
|
|
• The General Partner's Board is controlled by supermajority (91.7%) of "Independent Directors," as such term is defined under the rules of the New York Stock Exchange (the "NYSE") as of January 30, 2013 and thereafter
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|
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|
Board Committees
|
|
• The General Partner's Board Committee members are all Independent Directors
|
|
|
|
Lead Director
|
|
• The Chairman of the General Partner's Corporate Governance Committee serves as Lead Director of the Independent Directors
|
|
|
|
Board Policies
|
|
•
No Shareholder Rights Plan (Poison Pill)
•
Code of Conduct applies to all Directors and employees of the General Partner, including the Chief Executive Officer and senior financial officers; waivers applied to executive officers require the vote of a majority of (i) the General Partner's Board of Directors or (ii) the General Partner's Corporate Governance Committee
•
Orientation program for new Directors of the General Partner
•
Independence of Directors of the General Partner is reviewed annually
•
Independent Directors of the General Partner meet at least quarterly in executive sessions
•
Independent Directors of the General Partner receive no compensation from the General Partner other than as Directors
•
Equity-based compensation plans require the approval of the General Partner's shareholders
•
Board effectiveness and performance is reviewed annually by the General Partner's Corporate Governance Committee
•
The General Partner's Executive Compensation Committee conducts an annual review, as delegated by the Corporate Governance Committee, of the Chief Executive Officer succession plan
•
Independent Directors and all Board Committees of the General Partner may retain outside advisors, as they deem appropriate
•
Policy governing retirement age for Directors of the General Partner
•
Prohibition on repricing of outstanding stock options of the General Partner
•
Directors of the General Partner required to offer resignation upon job change
•
Majority voting for election of Directors of the General Partner
•
Shareholder Communications Policy
|
|
|
|
Ownership
|
|
Minimum Stock Ownership Guidelines apply to all Directors and Executive Officers of the General Partner
|
•
|
We could become engaged in a dispute with any of our joint venture partners that might affect our ability to develop or operate a property;
|
•
|
Our joint venture partners may have different objectives than we have regarding the appropriate timing and terms of any sale or refinancing of properties;
|
•
|
Our joint venture partners may have competing interests in our markets that could create conflict of interest issues; and
|
•
|
Maturities of debt encumbering our jointly owned investments may not be able to be refinanced at all or on terms that are as favorable as the current terms.
|
•
|
Changes in the general economic climate;
|
•
|
The availability of capital on favorable terms, or at all;
|
•
|
Increases in interest rates;
|
•
|
Local conditions such as oversupply of property or a reduction in demand;
|
•
|
Competition for tenants;
|
•
|
Changes in market rental rates;
|
•
|
Oversupply or reduced demand for space in the areas where our properties are located;
|
•
|
Delay or inability to collect rent from tenants who are bankrupt, insolvent or otherwise unwilling or unable to pay;
|
•
|
Difficulty in leasing or re-leasing space quickly or on favorable terms;
|
•
|
Costs associated with periodically renovating, repairing and reletting rental space;
|
•
|
Our ability to provide adequate maintenance and insurance on our properties;
|
•
|
Our ability to control variable operating costs;
|
•
|
Changes in government regulations; and
|
•
|
Potential liability under, and changes in, environmental, zoning, tax and other laws.
|
•
|
Unsuccessful development opportunities could result in direct expenses to us;
|
•
|
Construction costs of a project may exceed original estimates, possibly making the project less profitable than originally estimated, or possibly unprofitable;
|
•
|
Time required to complete the construction of a project or to lease up the completed project may be greater than originally anticipated, thereby adversely affecting our cash flow and liquidity;
|
•
|
Occupancy rates and rents of a completed project may not be sufficient to make the project profitable; and
|
•
|
Favorable sources to fund our development activities may not be available.
|
•
|
Prices paid for acquired facilities are based upon a series of market judgments; and
|
•
|
Costs of any improvements required to bring an acquired facility up to standards to establish the market position intended for that facility might exceed budgeted costs.
|
•
|
liabilities for clean-up of undisclosed environmental contamination;
|
•
|
claims by tenants, vendors or other persons against the former owners of the properties;
|
•
|
liabilities incurred in the ordinary course of business; and
|
•
|
claims for indemnification by general partners, directors, officers and others indemnified by the former owners of the properties.
|
•
|
The General Partner would not be allowed a deduction for distributions to shareholders and would be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate rates;
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•
|
Unless the General Partner was entitled to relief under certain statutory provisions, it would be disqualified from treatment as a REIT for the four taxable years following the year during which it ceased to qualify as a REIT;
|
•
|
The General Partner's net earnings available for investment or distribution to its shareholders would decrease due to the additional tax liability for the year or years involved; and
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•
|
The General Partner would no longer be required to make any distributions to shareholders in order to qualify as a REIT.
|
•
|
The holders of 80% of the General Partner's outstanding shares of capital stock approve the transaction;
|
•
|
The transaction has been approved by three-fourths of those directors who served on the General Partner's board before the shareholder became a 10% owner; or
|
•
|
The significant shareholder complies with the "fair price" provisions of the General Partner's charter.
|
•
|
Any voluntary sale, exchange, merger, consolidation or other disposition of all or substantially all of the assets of the Partnership in one or more transactions other than a disposition occurring upon a financing or refinancing of the Partnership;
|
•
|
The General Partner's merger, consolidation or other business combination with another entity unless after the transaction substantially all of the assets of the surviving entity are contributed to the Partnership in exchange for Common Units;
|
•
|
The General Partner's assignment of its interests in the Partnership other than to one of its wholly-owned subsidiaries; and
|
•
|
Any reclassification or recapitalization or change of outstanding shares of the General Partner's common stock other than certain changes in par value, stock splits, stock dividends or combinations.
|
|
Square Feet
|
|
Annual Net
Effective
Rent (1)
|
|
Annual Net
Effective
Rent per Square Foot (2)
|
|
Percent of
Annual Net
Effective
Rent
|
||||||||||||||||||||||||||
|
Industrial
|
|
Office
|
|
Medical Office
|
|
Other
|
|
Overall
|
|
Percent of
Overall
|
|
|||||||||||||||||||||
Primary Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Indianapolis
|
14,963,778
|
|
|
2,725,386
|
|
|
1,060,704
|
|
|
38,366
|
|
|
18,788,234
|
|
|
16.3
|
%
|
|
$
|
99,655,595
|
|
|
$
|
5.53
|
|
|
15.7
|
%
|
|||||
Cincinnati
|
9,749,144
|
|
|
3,550,407
|
|
|
318,445
|
|
|
—
|
|
|
13,617,996
|
|
|
11.8
|
%
|
|
69,030,323
|
|
|
5.55
|
|
|
10.9
|
%
|
|||||||
South Florida
|
4,689,788
|
|
|
1,406,411
|
|
|
107,000
|
|
|
390,942
|
|
|
6,594,141
|
|
|
5.7
|
%
|
|
59,410,628
|
|
|
10.19
|
|
|
9.4
|
%
|
|||||||
Raleigh
|
2,800,680
|
|
|
2,416,512
|
|
|
356,836
|
|
|
20,061
|
|
|
5,594,089
|
|
|
4.8
|
%
|
|
52,284,609
|
|
|
9.76
|
|
|
8.2
|
%
|
|||||||
Atlanta
|
8,389,151
|
|
|
468,285
|
|
|
789,095
|
|
|
—
|
|
|
9,646,531
|
|
|
8.4
|
%
|
|
46,044,007
|
|
|
5.39
|
|
|
7.2
|
%
|
|||||||
Chicago
|
10,483,990
|
|
|
126,298
|
|
|
161,443
|
|
|
—
|
|
|
10,771,731
|
|
|
9.3
|
%
|
|
45,561,552
|
|
|
4.37
|
|
|
7.2
|
%
|
|||||||
St. Louis
|
3,691,755
|
|
|
2,649,209
|
|
|
—
|
|
|
—
|
|
|
6,340,964
|
|
|
5.5
|
%
|
|
37,790,242
|
|
|
7.05
|
|
|
6.0
|
%
|
|||||||
Nashville
|
3,252,010
|
|
|
989,249
|
|
|
120,660
|
|
|
—
|
|
|
4,361,919
|
|
|
3.8
|
%
|
|
33,457,754
|
|
|
8.07
|
|
|
5.3
|
%
|
|||||||
Other (3)
|
2,063,810
|
|
|
—
|
|
|
748,738
|
|
|
289,855
|
|
|
3,102,403
|
|
|
2.7
|
%
|
|
33,056,503
|
|
|
12.12
|
|
|
5.2
|
%
|
|||||||
Dallas
|
7,060,095
|
|
|
—
|
|
|
709,377
|
|
|
—
|
|
|
7,769,472
|
|
|
6.7
|
%
|
|
32,964,899
|
|
|
4.83
|
|
|
5.2
|
%
|
|||||||
Columbus
|
7,685,162
|
|
|
—
|
|
|
73,238
|
|
|
—
|
|
|
7,758,400
|
|
|
6.7
|
%
|
|
24,588,137
|
|
|
3.17
|
|
|
3.9
|
%
|
|||||||
Savannah
|
6,984,946
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,984,946
|
|
|
6.0
|
%
|
|
20,442,445
|
|
|
3.23
|
|
|
3.2
|
%
|
|||||||
Central Florida
|
3,360,479
|
|
|
—
|
|
|
252,751
|
|
|
—
|
|
|
3,613,230
|
|
|
3.1
|
%
|
|
20,299,717
|
|
|
5.85
|
|
|
3.2
|
%
|
|||||||
Minneapolis
|
3,720,250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,720,250
|
|
|
3.2
|
%
|
|
15,756,373
|
|
|
4.52
|
|
|
2.5
|
%
|
|||||||
Southern California
|
2,389,040
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,389,040
|
|
|
2.1
|
%
|
|
12,498,272
|
|
|
5.23
|
|
|
2.0
|
%
|
|||||||
Houston
|
1,853,611
|
|
|
—
|
|
|
168,850
|
|
|
—
|
|
|
2,022,461
|
|
|
1.8
|
%
|
|
12,389,545
|
|
|
6.16
|
|
|
1.9
|
%
|
|||||||
Cleveland
|
—
|
|
|
1,058,211
|
|
|
—
|
|
|
—
|
|
|
1,058,211
|
|
|
0.9
|
%
|
|
10,134,448
|
|
|
12.79
|
|
|
1.6
|
%
|
|||||||
Washington DC
|
78,560
|
|
|
219,464
|
|
|
100,952
|
|
|
—
|
|
|
398,976
|
|
|
0.3
|
%
|
|
4,389,791
|
|
|
16.12
|
|
|
0.7
|
%
|
|||||||
Phoenix
|
1,048,965
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,048,965
|
|
|
0.9
|
%
|
|
4,284,000
|
|
|
4.31
|
|
|
0.7
|
%
|
|||||||
Total
|
94,265,214
|
|
|
15,609,432
|
|
|
4,968,089
|
|
|
739,224
|
|
|
115,581,959
|
|
|
100.0
|
%
|
|
$
|
634,038,840
|
|
|
$
|
5.91
|
|
|
100.0
|
%
|
|||||
Percent of Overall
|
81.6
|
%
|
|
13.5
|
%
|
|
4.3
|
%
|
|
0.6
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|||||||||||
Annual Net Effective Rent per Square Foot (2)
|
$
|
3.88
|
|
|
$
|
13.35
|
|
|
$
|
21.67
|
|
|
$
|
24.24
|
|
|
$
|
5.91
|
|
|
|
|
|
|
|
|
|
|
Square Feet
|
|
Annual Net
Effective
Rent (1)
|
|
Annual Net
Effective
Rent per Square Foot (2)
|
|
Percent of
Annual Net
Effective
Rent
|
||||||||||||||||||||||||||
|
Industrial
|
|
Office
|
|
Medical Office
|
|
Other
|
|
Overall
|
|
Percent of
Overall
|
|
|||||||||||||||||||||
Primary Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Washington DC
|
664,762
|
|
|
2,146,775
|
|
|
—
|
|
|
—
|
|
|
2,811,537
|
|
|
11.0
|
%
|
|
$
|
46,600,914
|
|
|
$
|
19.14
|
|
|
23.5
|
%
|
|||||
Dallas
|
7,770,278
|
|
|
182,700
|
|
|
458,396
|
|
|
—
|
|
|
8,411,374
|
|
|
32.8
|
%
|
|
33,596,265
|
|
|
4.26
|
|
|
17.0
|
%
|
|||||||
Indianapolis
|
4,684,919
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,684,919
|
|
|
18.3
|
%
|
|
14,654,307
|
|
|
3.18
|
|
|
7.3
|
%
|
|||||||
Minneapolis
|
—
|
|
|
537,018
|
|
|
—
|
|
|
381,922
|
|
|
918,940
|
|
|
3.6
|
%
|
|
14,442,419
|
|
|
18.36
|
|
|
7.3
|
%
|
|||||||
South Florida
|
—
|
|
|
610,712
|
|
|
—
|
|
|
—
|
|
|
610,712
|
|
|
2.4
|
%
|
|
13,209,869
|
|
|
21.80
|
|
|
6.7
|
%
|
|||||||
Raleigh
|
—
|
|
|
687,549
|
|
|
—
|
|
|
—
|
|
|
687,549
|
|
|
2.7
|
%
|
|
12,994,784
|
|
|
19.38
|
|
|
6.6
|
%
|
|||||||
Central Florida
|
908,422
|
|
|
624,796
|
|
|
—
|
|
|
—
|
|
|
1,533,218
|
|
|
6.0
|
%
|
|
12,214,022
|
|
|
8.34
|
|
|
6.2
|
%
|
|||||||
Columbus
|
1,142,400
|
|
|
704,292
|
|
|
—
|
|
|
—
|
|
|
1,846,692
|
|
|
7.2
|
%
|
|
11,457,683
|
|
|
6.43
|
|
|
5.8
|
%
|
|||||||
Cincinnati
|
210,830
|
|
|
540,867
|
|
|
—
|
|
|
206,315
|
|
|
958,012
|
|
|
3.7
|
%
|
|
10,187,077
|
|
|
10.71
|
|
|
5.1
|
%
|
|||||||
Phoenix
|
1,829,735
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,829,735
|
|
|
7.1
|
%
|
|
9,333,043
|
|
|
5.10
|
|
|
4.7
|
%
|
|||||||
Atlanta
|
—
|
|
|
436,275
|
|
|
—
|
|
|
—
|
|
|
436,275
|
|
|
1.7
|
%
|
|
5,717,027
|
|
|
20.19
|
|
|
2.9
|
%
|
|||||||
St. Louis
|
—
|
|
|
252,378
|
|
|
—
|
|
|
—
|
|
|
252,378
|
|
|
1.0
|
%
|
|
3,968,493
|
|
|
16.52
|
|
|
2.0
|
%
|
|||||||
Houston
|
—
|
|
|
248,925
|
|
|
—
|
|
|
—
|
|
|
248,925
|
|
|
1.0
|
%
|
|
3,747,660
|
|
|
15.06
|
|
|
1.9
|
%
|
|||||||
Nashville
|
—
|
|
|
180,147
|
|
|
—
|
|
|
—
|
|
|
180,147
|
|
|
0.7
|
%
|
|
2,976,335
|
|
|
16.52
|
|
|
1.5
|
%
|
|||||||
Chicago
|
—
|
|
|
203,304
|
|
|
—
|
|
|
—
|
|
|
203,304
|
|
|
0.8
|
%
|
|
2,873,334
|
|
|
16.79
|
|
|
1.5
|
%
|
|||||||
Total
|
17,211,346
|
|
|
7,355,738
|
|
|
458,396
|
|
|
588,237
|
|
|
25,613,717
|
|
|
100.0
|
%
|
|
$
|
197,973,232
|
|
|
$
|
8.20
|
|
|
100.0
|
%
|
|||||
Percent of Overall
|
67.2
|
%
|
|
28.7
|
%
|
|
1.8
|
%
|
|
2.3
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|||||||||||
Annual Net Effective Rent per Square Foot (2)
|
$
|
3.78
|
|
|
$
|
18.07
|
|
|
$
|
13.80
|
|
|
$
|
18.26
|
|
|
$
|
8.20
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
||||||||||||||||||||||||||||
|
Consolidated Properties
|
|
Jointly Controlled Properties
|
||||||||||||||||||||||||||
|
Industrial
|
|
Office
|
|
Medical Office
|
|
Other
|
|
Overall
|
|
Industrial
|
|
Office
|
|
Medical Office
|
|
Other
|
|
Overall
|
||||||||||
Primary Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Indianapolis
|
96.8
|
%
|
|
92.3
|
%
|
|
93.2
|
%
|
|
70.1
|
%
|
|
95.9
|
%
|
|
98.3
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98.3
|
%
|
Cincinnati
|
94.4
|
%
|
|
82.4
|
%
|
|
98.2
|
%
|
|
—
|
|
|
91.4
|
%
|
|
100.0
|
%
|
|
98.7
|
%
|
|
—
|
|
|
100.0
|
%
|
|
99.3
|
%
|
South Florida
|
89.8
|
%
|
|
82.3
|
%
|
|
100.0
|
%
|
|
91.8
|
%
|
|
88.5
|
%
|
|
—
|
|
|
99.2
|
%
|
|
—
|
|
|
—
|
|
|
99.2
|
%
|
Raleigh
|
98.7
|
%
|
|
93.7
|
%
|
|
89.0
|
%
|
|
58.3
|
%
|
|
95.8
|
%
|
|
—
|
|
|
97.5
|
%
|
|
—
|
|
|
—
|
|
|
97.5
|
%
|
Atlanta
|
87.6
|
%
|
|
96.7
|
%
|
|
94.0
|
%
|
|
—
|
|
|
88.6
|
%
|
|
—
|
|
|
64.9
|
%
|
|
—
|
|
|
—
|
|
|
64.9
|
%
|
Chicago
|
96.8
|
%
|
|
100.0
|
%
|
|
97.2
|
%
|
|
—
|
|
|
96.9
|
%
|
|
—
|
|
|
84.2
|
%
|
|
—
|
|
|
—
|
|
|
84.2
|
%
|
St. Louis
|
93.6
|
%
|
|
71.9
|
%
|
|
—
|
|
|
—
|
|
|
84.5
|
%
|
|
—
|
|
|
95.2
|
%
|
|
—
|
|
|
—
|
|
|
95.2
|
%
|
Nashville
|
95.8
|
%
|
|
92.1
|
%
|
|
100.0
|
%
|
|
—
|
|
|
95.1
|
%
|
|
—
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
Other (3)
|
88.1
|
%
|
|
—
|
|
|
87.5
|
%
|
|
87.7
|
%
|
|
88.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Dallas
|
88.0
|
%
|
|
—
|
|
|
86.4
|
%
|
|
—
|
|
|
87.8
|
%
|
|
93.5
|
%
|
|
100.0
|
%
|
|
94.9
|
%
|
|
—
|
|
|
93.7
|
%
|
Columbus
|
100.0
|
%
|
|
—
|
|
|
100.0
|
%
|
|
—
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
90.9
|
%
|
|
—
|
|
|
—
|
|
|
96.5
|
%
|
Savannah
|
90.6
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
90.6
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Central Florida
|
98.0
|
%
|
|
—
|
|
|
69.9
|
%
|
|
—
|
|
|
96.0
|
%
|
|
100.0
|
%
|
|
88.9
|
%
|
|
—
|
|
|
—
|
|
|
95.5
|
%
|
Minneapolis
|
93.7
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
93.7
|
%
|
|
—
|
|
|
91.9
|
%
|
|
—
|
|
|
76.8
|
%
|
|
85.6
|
%
|
Southern California
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Houston
|
100.0
|
%
|
|
—
|
|
|
92.6
|
%
|
|
—
|
|
|
99.4
|
%
|
|
—
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
Cleveland
|
—
|
|
|
74.9
|
%
|
|
—
|
|
|
—
|
|
|
74.9
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Washington DC
|
91.5
|
%
|
|
45.3
|
%
|
|
100.0
|
%
|
|
—
|
|
|
68.2
|
%
|
|
87.6
|
%
|
|
86.3
|
%
|
|
—
|
|
|
—
|
|
|
86.6
|
%
|
Phoenix
|
94.8
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
94.8
|
%
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
Total
|
94.3
|
%
|
|
84.2
|
%
|
|
91.0
|
%
|
|
88.1
|
%
|
|
92.7
|
%
|
|
96.1
|
%
|
|
90.5
|
%
|
|
94.9
|
%
|
|
84.9
|
%
|
|
94.2
|
%
|
(1)
|
Represents the average annual base rental payments, on a straight-line basis for the term of each lease, from space leased to tenants as of
December 31, 2012
, excluding additional amounts paid by tenants as reimbursement for operating expenses. Joint venture properties are shown at 100% of square feet and net effective rents, without regard to our ownership percentage.
|
(2)
|
Annual net effective rent per leased square foot.
|
(3)
|
Represents properties not located in our primary markets, totaling
2.7%
of the total square footage of our consolidated properties.
|
|
2012
|
|
2011
|
|||||||||||||||||||||
Quarter Ended
|
High
|
|
Low
|
|
Dividend/Distribution
|
|
High
|
|
Low
|
|
Dividend/Distribution
|
|||||||||||||
December 31
|
$
|
15.93
|
|
|
$
|
12.71
|
|
|
$
|
0.17
|
|
|
|
$
|
12.77
|
|
|
$
|
9.29
|
|
|
$
|
0.17
|
|
September 30
|
16.00
|
|
|
13.85
|
|
|
0.17
|
|
|
|
14.83
|
|
|
9.83
|
|
|
0.17
|
|
||||||
June 30
|
15.31
|
|
|
13.06
|
|
|
0.17
|
|
|
|
15.63
|
|
|
13.15
|
|
|
0.17
|
|
||||||
March 31
|
14.85
|
|
|
11.85
|
|
|
0.17
|
|
|
|
14.34
|
|
|
12.45
|
|
|
0.17
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Total dividends paid per share
|
$
|
0.68
|
|
|
$
|
0.68
|
|
|
$
|
0.68
|
|
Ordinary income
|
14.1
|
%
|
|
3.3
|
%
|
|
24.9
|
%
|
|||
Return of capital
|
85.9
|
%
|
|
96.7
|
%
|
|
56.3
|
%
|
|||
Capital gains
|
—
|
%
|
|
—
|
%
|
|
18.8
|
%
|
|||
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||
Results of Operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
General Partner and Partnership
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental and related revenue from continuing operations
|
$
|
834,369
|
|
|
$
|
742,883
|
|
|
$
|
669,543
|
|
|
$
|
625,410
|
|
|
$
|
583,014
|
|
General contractor and service fee revenue
|
275,071
|
|
|
521,796
|
|
|
515,361
|
|
|
449,509
|
|
|
434,624
|
|
|||||
Total revenues from continuing operations
|
$
|
1,109,440
|
|
|
$
|
1,264,679
|
|
|
$
|
1,184,904
|
|
|
$
|
1,074,919
|
|
|
$
|
1,017,638
|
|
Income (loss) from continuing operations
|
$
|
(87,786
|
)
|
|
$
|
(2,807
|
)
|
|
$
|
39,291
|
|
|
$
|
(233,425
|
)
|
|
$
|
89,529
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
General Partner
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) attributable to common shareholders
|
$
|
(126,145
|
)
|
|
$
|
31,416
|
|
|
$
|
(14,108
|
)
|
|
$
|
(333,601
|
)
|
|
$
|
50,408
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Partnership
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) attributable to common unitholders
|
$
|
(128,418
|
)
|
|
$
|
32,275
|
|
|
$
|
(14,459
|
)
|
|
$
|
(344,700
|
)
|
|
$
|
53,665
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
General Partner
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Share Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
(0.53
|
)
|
|
$
|
(0.27
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
(1.48
|
)
|
|
$
|
0.19
|
|
Discontinued operations
|
0.05
|
|
|
0.38
|
|
|
0.11
|
|
|
(0.19
|
)
|
|
0.14
|
|
|||||
Diluted income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
(0.53
|
)
|
|
(0.27
|
)
|
|
(0.18
|
)
|
|
(1.48
|
)
|
|
0.19
|
|
|||||
Discontinued operations
|
0.05
|
|
|
0.38
|
|
|
0.11
|
|
|
(0.19
|
)
|
|
0.14
|
|
|||||
Dividends paid per common share
|
$
|
0.68
|
|
|
$
|
0.68
|
|
|
$
|
0.68
|
|
|
$
|
0.76
|
|
|
$
|
1.93
|
|
Weighted average common shares outstanding
|
267,900
|
|
|
252,694
|
|
|
238,920
|
|
|
201,206
|
|
|
146,915
|
|
|||||
Weighted average common shares and potential dilutive securities
|
267,900
|
|
|
259,598
|
|
|
238,920
|
|
|
201,206
|
|
|
154,553
|
|
|||||
Balance Sheet Data (at December 31):
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Assets
|
$
|
7,560,101
|
|
|
$
|
7,004,437
|
|
|
$
|
7,644,276
|
|
|
$
|
7,304,279
|
|
|
$
|
7,690,883
|
|
Total Debt
|
4,446,170
|
|
|
3,809,589
|
|
|
4,207,079
|
|
|
3,854,032
|
|
|
4,276,990
|
|
|||||
Total Preferred Equity
|
625,638
|
|
|
793,910
|
|
|
904,540
|
|
|
1,016,625
|
|
|
1,016,625
|
|
|||||
Total Shareholders' Equity
|
2,591,414
|
|
|
2,714,686
|
|
|
2,945,610
|
|
|
2,925,345
|
|
|
2,844,019
|
|
|||||
Total Common Shares Outstanding
|
279,423
|
|
|
252,927
|
|
|
252,195
|
|
|
224,029
|
|
|
148,420
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Funds from Operations attributable to common shareholders (1)
|
$
|
265,204
|
|
|
$
|
274,616
|
|
|
$
|
297,955
|
|
|
$
|
142,597
|
|
|
$
|
369,698
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Partnership
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Unit Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic income (loss) per Common Unit:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
(0.53
|
)
|
|
$
|
(0.27
|
)
|
|
$
|
(0.18
|
)
|
|
$
|
(1.48
|
)
|
|
$
|
0.20
|
|
Discontinued operations
|
0.05
|
|
|
0.38
|
|
|
0.11
|
|
|
(0.19
|
)
|
|
0.14
|
|
|||||
Diluted income (loss) per Common Unit:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
(0.53
|
)
|
|
(0.27
|
)
|
|
(0.18
|
)
|
|
(1.48
|
)
|
|
0.20
|
|
|||||
Discontinued operations
|
0.05
|
|
|
0.38
|
|
|
0.11
|
|
|
(0.19
|
)
|
|
0.14
|
|
|||||
Distributions paid per Common Unit
|
$
|
0.68
|
|
|
$
|
0.68
|
|
|
$
|
0.68
|
|
|
$
|
0.76
|
|
|
$
|
1.93
|
|
Weighted average Common Units outstanding
|
272,729
|
|
|
259,598
|
|
|
244,870
|
|
|
207,893
|
|
|
154,534
|
|
|||||
Weighted average Common Units and potential dilutive securities
|
272,729
|
|
|
259,598
|
|
|
244,870
|
|
|
207,893
|
|
|
154,553
|
|
|||||
Balance Sheet Data (at December 31):
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Assets
|
$
|
7,560,101
|
|
|
$
|
7,003,982
|
|
|
$
|
7,644,124
|
|
|
$
|
7,304,493
|
|
|
$
|
7,690,442
|
|
Total Debt
|
4,446,170
|
|
|
3,809,589
|
|
|
4,207,079
|
|
|
3,854,032
|
|
|
4,276,990
|
|
|||||
Total Preferred Equity
|
625,638
|
|
|
793,910
|
|
|
904,540
|
|
|
1,016,625
|
|
|
1,016,625
|
|
|||||
Total Partners' Equity
|
2,616,803
|
|
|
2,775,037
|
|
|
2,984,619
|
|
|
2,960,516
|
|
|
2,895,810
|
|
|||||
Total Common Units Outstanding
|
283,842
|
|
|
259,872
|
|
|
257,426
|
|
|
230,638
|
|
|
155,199
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Funds from Operations attributable to common unitholders (1)
|
$
|
269,985
|
|
|
$
|
282,119
|
|
|
$
|
305,375
|
|
|
$
|
147,324
|
|
|
$
|
388,865
|
|
•
|
Owned or jointly controlled 774 industrial, office, medical office and other properties, of which 755 properties with approximately 141.2 million square feet are in service and 19 properties with more than 4.4 million square feet are under development. The 755 in-service properties are comprised of 629 consolidated properties with approximately 115.6 million square feet and 126 jointly controlled properties with more than 25.6 million square feet. The 19 properties under development consist of 17 consolidated properties with approximately 3.6 million square feet and two jointly controlled properties with approximately 874,000 square feet.
|
•
|
Owned, including through ownership interests in unconsolidated joint ventures, more than 4,600 acres of land and controlled an additional 1,600 acres through purchase options.
|
|
2012
|
|
2011
|
|
2010
|
||||||
Net income (loss) attributable to common shareholders of the General Partner
|
$
|
(126,145
|
)
|
|
$
|
31,416
|
|
|
$
|
(14,108
|
)
|
Add back: Net income (loss) attributable to noncontrolling interests - common limited partnership interests in the Partnership
|
(2,273
|
)
|
|
859
|
|
|
(351
|
)
|
|||
Net income (loss) attributable to common unitholders of the Partnership
|
(128,418
|
)
|
|
32,275
|
|
|
(14,459
|
)
|
|||
Adjustments:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
379,419
|
|
|
385,679
|
|
|
360,184
|
|
|||
Company share of joint venture depreciation and amortization
|
34,702
|
|
|
33,687
|
|
|
34,674
|
|
|||
Earnings from depreciable property sales—wholly owned
|
(13,811
|
)
|
|
(169,431
|
)
|
|
(72,716
|
)
|
|||
Earnings from depreciable property sales—share of joint venture
|
(1,907
|
)
|
|
(91
|
)
|
|
(2,308
|
)
|
|||
Funds From Operations attributable to common unitholders of the Partnership
|
$
|
269,985
|
|
|
$
|
282,119
|
|
|
$
|
305,375
|
|
Additional General Partner Adjustments:
|
|
|
|
|
|
||||||
Net (income) loss attributable to noncontrolling interests - common limited partnership interests in the Partnership
|
2,273
|
|
|
(859
|
)
|
|
351
|
|
|||
Noncontrolling interest share of adjustments
|
(7,054
|
)
|
|
(6,644
|
)
|
|
(7,771
|
)
|
|||
Funds From Operations attributable to common shareholders of the General Partner
|
$
|
265,204
|
|
|
$
|
274,616
|
|
|
$
|
297,955
|
|
•
|
During 2012, we acquired 27 medical office properties and ten industrial properties with a total combined value of
$779.7 million
.
|
•
|
We generated
$138.1 million
of total net cash proceeds from the disposition of 28 wholly-owned buildings and 210 acres of wholly-owned undeveloped land.
|
•
|
We had development starts of $485.2 million within our consolidated properties, which were primarily comprised of industrial and medical office properties. These 2012 development starts were 86% pre-leased.
|
•
|
We increased our level of development investment during 2012 as compared to the last few years. The total estimated cost of our consolidated properties under construction was
$468.8 million
at December 31, 2012, with
$225.2 million
of such costs incurred through that date. The total estimated cost for jointly controlled properties under construction was
$109.6 million
at December 31, 2012, with
$55.0 million
of costs incurred through that date. The consolidated properties under construction are 84% pre-leased, while the jointly controlled properties under construction are 31% pre-leased.
|
•
|
The occupancy level for our in-service portfolio of consolidated properties increased from
90.8%
at December 31, 2011 to
92.7%
at December 31, 2012. The increase in occupancy was primarily driven by leasing up vacant space, as well as our acquisition and disposition activities.
|
•
|
We continued to have strong total leasing activity for our consolidated properties, with total leasing activity of
24.2 million
square feet in
2012
compared to
19.7 million
square feet in
2011
.
|
•
|
Total leasing activity for our consolidated properties in 2012 included
13.6 million
square feet of renewals, which represented an
83.7%
retention rate, on a square foot basis, and resulted in a
1.4%
increase in net effective rents.
|
•
|
In
January 2013
, the General Partner completed a public offering of
41.4 million
common shares, at an issue price of $14.25 per share, resulting in gross proceeds of
$590.0 million
and, after underwriting fees
|
•
|
Throughout 2012, the General Partner issued
22.7 million
shares of common stock pursuant to its at the market ("ATM") equity program, generating gross proceeds of approximately
$322.2 million
and, after considering commissions and other costs, net proceeds of approximately
$315.3 million
.
|
•
|
In
October 2012
, we repaid
$50.0 million
of medium term notes, which had an effective interest rate of
5.45%
, at their scheduled maturity date.
|
•
|
In
September 2012
, we issued
$300.0 million
of unsecured notes that bear interest at
3.875%
, have an effective rate of
3.925%
, and mature on
October 15, 2022
.
|
•
|
In
August 2012
, we repaid
$150.0 million
of senior unsecured notes, which had an effective interest rate of
6.01%
, at their scheduled maturity date.
|
•
|
In
June 2012
, we issued
$300.0 million
of senior unsecured notes that bear interest at
4.375%
, have an effective rate of
4.466%
, and mature on
June 15, 2022
.
|
•
|
In
March 2012
, the General Partner redeemed all of the outstanding shares of its
6.950%
Series M Cumulative Redeemable Preferred Shares ("Series M Shares") at a liquidation amount of
$168.3 million
.
|
•
|
We assumed
nine
secured loans in conjunction with our
2012
acquisitions. These assumed loans had a total face value of
$96.1 million
, a total fair value of
$100.8 million
and carry a weighted average stated interest rate of 5.56%. We used a weighted average estimated market rate of
3.50%
in determining the fair value of these loans.
|
•
|
Throughout
2012
, we repaid
five
secured loans at their respective maturity dates totaling
$102.1 million
. These loans had a weighted average stated interest rate of
6.08%
.
|
|
Total
Square Feet
|
|
Percent of
Total Square Feet
|
|
Percent Leased*
|
|
Average Annual Net Effective Rent**
|
||||||||||||||
Type
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||
Industrial
|
94,265
|
|
|
90,383
|
|
|
81.6
|
%
|
|
81.9
|
%
|
|
94.3
|
%
|
|
92.2
|
%
|
|
$3.88
|
|
$3.90
|
Office
|
15,610
|
|
|
16,228
|
|
|
13.5
|
%
|
|
14.7
|
%
|
|
84.2
|
%
|
|
83.5
|
%
|
|
$13.35
|
|
$13.25
|
Medical Office
|
4,968
|
|
|
2,862
|
|
|
4.3
|
%
|
|
2.6
|
%
|
|
91.0
|
%
|
|
89.1
|
%
|
|
$21.67
|
|
$20.60
|
Other
|
739
|
|
|
823
|
|
|
0.6
|
%
|
|
0.8
|
%
|
|
88.1
|
%
|
|
89.3
|
%
|
|
$24.24
|
|
$23.84
|
Total
|
115,582
|
|
|
110,296
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
92.7
|
%
|
|
90.8
|
%
|
|
$5.91
|
|
$5.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
* Represents the percentage of total square feet leased based on executed leases and without regard to whether the leases have commenced.
|
|||||||||||||||||||||
** Represents average annual base rental payments per leased square foot, on a straight-line basis for the term of each lease, from space leased to tenants at the end of the most recent reporting period. This amount excludes additional amounts paid by tenants as reimbursement for operating expenses.
|
|
2012
|
|
2011
|
||
New Leasing Activity - First Generation
|
5,628
|
|
|
3,597
|
|
New Leasing Activity - Second Generation
|
4,911
|
|
|
6,256
|
|
Renewal Leasing Activity
|
13,626
|
|
|
9,819
|
|
Total Leasing Activity
|
24,165
|
|
|
19,672
|
|
|
Square Feet of New Second Generation Leases
|
|
Average Term in Years
|
|
Estimated Tenant Improvement Cost per Square Foot
|
|
Leasing Commissions per Square Foot
|
||||||||||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
Industrial
|
3,900
|
|
|
4,512
|
|
|
7.0
|
|
|
5.3
|
|
|
$
|
2.65
|
|
|
$
|
2.11
|
|
|
$
|
1.55
|
|
|
$
|
1.33
|
|
Office
|
972
|
|
|
1,728
|
|
|
6.7
|
|
|
5.9
|
|
|
$
|
17.36
|
|
|
$
|
14.17
|
|
|
$
|
7.33
|
|
|
$
|
6.50
|
|
Medical Office
|
39
|
|
|
14
|
|
|
6.6
|
|
|
5.8
|
|
|
$
|
15.41
|
|
|
$
|
29.65
|
|
|
$
|
6.67
|
|
|
$
|
14.39
|
|
Other
|
—
|
|
|
2
|
|
|
—
|
|
|
3.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1.63
|
|
Total
|
4,911
|
|
|
6,256
|
|
|
6.9
|
|
|
5.4
|
|
|
$
|
5.66
|
|
|
$
|
5.50
|
|
|
$
|
2.73
|
|
|
$
|
2.79
|
|
|
Square Feet of Leases Renewed
|
|
Percent of Expiring Leases Renewed
|
|
Average Term in Years
|
|
Growth (Decline) in Net Effective Rents*
|
|
Estimated Tenant Improvement Cost per Square Foot
|
|
Leasing Commissions per Square Foot
|
||||||||||||||||||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||||||
Industrial
|
12,168
|
|
|
7,875
|
|
|
85.4
|
%
|
|
67.6
|
%
|
|
5.2
|
|
|
3.9
|
|
|
1.0
|
%
|
|
(4.1
|
)%
|
|
$
|
0.42
|
|
|
$
|
0.78
|
|
|
$
|
0.80
|
|
|
$
|
0.76
|
|
Office
|
1,431
|
|
|
1,857
|
|
|
73.0
|
%
|
|
66.0
|
%
|
|
4.1
|
|
|
4.6
|
|
|
2.2
|
%
|
|
(1.4
|
)%
|
|
$
|
3.35
|
|
|
$
|
5.58
|
|
|
$
|
3.01
|
|
|
$
|
4.43
|
|
Medical Office
|
27
|
|
|
76
|
|
|
39.1
|
%
|
|
80.0
|
%
|
|
6.5
|
|
|
4.3
|
|
|
6.1
|
%
|
|
9.4
|
%
|
|
$
|
1.59
|
|
|
$
|
3.32
|
|
|
$
|
1.14
|
|
|
$
|
1.46
|
|
Other
|
—
|
|
|
11
|
|
|
—
|
%
|
|
86.3
|
%
|
|
—
|
|
|
4.7
|
|
|
—
|
%
|
|
4.5
|
%
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3.06
|
|
Total
|
13,626
|
|
|
9,819
|
|
|
83.7
|
%
|
|
67.4
|
%
|
|
5.1
|
|
|
4.0
|
|
|
1.4
|
%
|
|
(2.7
|
)%
|
|
$
|
0.73
|
|
|
$
|
1.71
|
|
|
$
|
1.03
|
|
|
$
|
1.46
|
|
* Represents the percentage change in net effective rent between the original leases and the renewal leases. Net effective rents represent average annual base rental payments, on a straight-line basis for the term of each lease, excluding operating expense reimbursements.
|
|
2012 Dispositions
|
|
2011 Dispositions
|
|
||||||||||||||||
Type
|
Sales Price
|
|
In-Place Yield*
|
|
Percent Leased**
|
|
Sales Price
|
|
In-Place Yield*
|
|
Percent Leased**
|
|
||||||||
Industrial
|
$
|
60,913
|
|
|
8.4
|
%
|
|
79.3
|
%
|
|
$
|
82,903
|
|
|
6.0
|
%
|
|
69.4
|
%
|
|
Office
|
58,881
|
|
|
7.1
|
%
|
|
79.4
|
%
|
|
1,546,094
|
|
|
8.4
|
%
|
|
85.7
|
%
|
|
||
Other
|
11,400
|
|
|
9.0
|
%
|
|
80.5
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
||
Total
|
$
|
131,194
|
|
|
7.9
|
%
|
|
79.4
|
%
|
|
$
|
1,628,997
|
|
|
8.2
|
%
|
|
83.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
* In-place yields of completed dispositions are calculated as current annualized net rental payments from space leased to tenants at the date of sale, divided by the sales price of the real estate. Annualized net rental payments are comprised of base rental payments, excluding additional amounts payable by tenants as reimbursement for operating expenses, less current annualized operating expenses not recovered through tenant reimbursements.
|
||||||||||||||||||||
** Represents percentage of total square feet leased based on executed leases and without regard to whether the leases have commenced, at the date of sale.
|
Ownership Type
|
Square
Feet
|
|
Percent
Leased
|
|
Total
Estimated
Project
Costs
|
|
Total
Incurred
to Date
|
|
Amount
Remaining
to be Spent
|
||||||||
Consolidated properties
|
3,572
|
|
|
84
|
%
|
|
$
|
468,847
|
|
|
$
|
225,222
|
|
|
$
|
243,625
|
|
Joint venture properties
|
874
|
|
|
31
|
%
|
|
109,648
|
|
|
54,994
|
|
|
54,654
|
|
|||
Total
|
4,446
|
|
|
73
|
%
|
|
$
|
578,495
|
|
|
$
|
280,216
|
|
|
$
|
298,279
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Rental and related revenue from continuing operations
|
$
|
834,369
|
|
|
$
|
742,883
|
|
|
$
|
669,543
|
|
General contractor and service fee revenue
|
275,071
|
|
|
521,796
|
|
|
515,361
|
|
|||
Operating income
|
160,959
|
|
|
217,984
|
|
|
184,567
|
|
|||
General Partner
|
|
|
|
|
|
||||||
Net income (loss) attributable to common shareholders
|
$
|
(126,145
|
)
|
|
$
|
31,416
|
|
|
$
|
(14,108
|
)
|
Weighted average common shares outstanding
|
267,900
|
|
|
252,694
|
|
|
238,920
|
|
|||
Weighted average common shares and potential dilutive securities
|
267,900
|
|
|
259,598
|
|
|
238,920
|
|
|||
Partnership
|
|
|
|
|
|
||||||
Net income (loss) attributable to common unitholders
|
$
|
(128,418
|
)
|
|
$
|
32,275
|
|
|
$
|
(14,459
|
)
|
Weighted average Common Units outstanding
|
272,729
|
|
|
259,598
|
|
|
244,870
|
|
|||
Weighted average Common Units and potential dilutive securities
|
272,729
|
|
|
259,598
|
|
|
244,870
|
|
|||
General Partner and Partnership
|
|
|
|
|
|
||||||
Basic income (loss) per common share or Common Unit:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
(0.53
|
)
|
|
$
|
(0.27
|
)
|
|
$
|
(0.18
|
)
|
Discontinued operations
|
$
|
0.05
|
|
|
$
|
0.38
|
|
|
$
|
0.11
|
|
Diluted income (loss) per common share or Common Unit:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
(0.53
|
)
|
|
$
|
(0.27
|
)
|
|
$
|
(0.18
|
)
|
Discontinued operations
|
$
|
0.05
|
|
|
$
|
0.38
|
|
|
$
|
0.11
|
|
Number of in-service consolidated properties at end of year
|
629
|
|
|
616
|
|
|
669
|
|
|||
In-service consolidated square footage at end of year
|
115,582
|
|
|
110,296
|
|
|
114,078
|
|
|||
Number of in-service joint venture properties at end of year
|
126
|
|
|
126
|
|
|
114
|
|
|||
In-service joint venture square footage at end of year
|
25,614
|
|
|
25,295
|
|
|
22,657
|
|
|
2012
|
|
2011
|
||||
Rental and Related Revenue:
|
|
|
|
||||
Industrial
|
$
|
438,525
|
|
|
$
|
379,030
|
|
Office
|
267,982
|
|
|
272,807
|
|
||
Medical Office
|
98,647
|
|
|
57,673
|
|
||
Other
|
29,215
|
|
|
33,373
|
|
||
Total Rental and Related Revenue from Continuing Operations
|
$
|
834,369
|
|
|
$
|
742,883
|
|
Rental and Related Revenue from Discontinued Operations
|
8,284
|
|
|
194,166
|
|
||
Total Rental and Related Revenue from Continuing and Discontinued Operations
|
$
|
842,653
|
|
|
$
|
937,049
|
|
•
|
We acquired 96 properties, of which 51 were industrial and 38 were medical office, and placed eleven developments in service from January 1, 2011 to December 31, 2012, which provided incremental revenues of $91.3 million in the year ended December 31, 2012 over 2011.
|
•
|
The sale of 13 office properties to an unconsolidated joint venture in the first quarter of 2011 resulted in a $10.1 million decrease in rental and related revenue from continuing operations in 2012, which partially offset the impact of newly acquired or developed properties.
|
•
|
The remaining increase in rental and related revenue from continuing operations is primarily due to improved results within the properties that have been in service for all of 2011 and 2012. Higher levels of occupancy primarily drove the overall improvement within these properties, as rental rates increased modestly but did not significantly contribute to the increase in revenues from continuing operations.
|
•
|
The overall shift of revenues and income from office properties to industrial and medical office properties is consistent with our continuing strategy to increase our asset concentration in industrial and medical office properties while reducing our overall investment in office properties.
|
|
2012
|
|
2011
|
||||
Rental Expenses:
|
|
|
|
||||
Industrial
|
$
|
44,309
|
|
|
$
|
41,362
|
|
Office
|
79,467
|
|
|
77,979
|
|
||
Medical Office
|
23,026
|
|
|
17,121
|
|
||
Other
|
6,333
|
|
|
8,155
|
|
||
Total Rental Expenses from Continuing Operations
|
$
|
153,135
|
|
|
$
|
144,617
|
|
Rental Expenses from Discontinued Operations
|
2,255
|
|
|
60,430
|
|
||
Total Rental Expenses from Continuing and Discontinued Operations
|
$
|
155,390
|
|
|
$
|
205,047
|
|
Real Estate Taxes:
|
|
|
|
||||
Industrial
|
$
|
67,041
|
|
|
$
|
59,353
|
|
Office
|
33,059
|
|
|
34,298
|
|
||
Medical Office
|
9,689
|
|
|
5,102
|
|
||
Other
|
3,854
|
|
|
3,524
|
|
||
Total Real Estate Tax Expense from Continuing Operations
|
$
|
113,643
|
|
|
$
|
102,277
|
|
Real Estate Tax Expense from Discontinued Operations
|
1,031
|
|
|
28,693
|
|
||
Total Real Estate Tax Expense from Continuing and Discontinued Operations
|
$
|
114,674
|
|
|
$
|
130,970
|
|
|
2012
|
|
2011
|
||||
Service Operations:
|
|
|
|
||||
General contractor and service fee revenue
|
$
|
275,071
|
|
|
$
|
521,796
|
|
General contractor and other services expenses
|
(254,870
|
)
|
|
(480,480
|
)
|
||
Total
|
$
|
20,201
|
|
|
$
|
41,316
|
|
|
2011
|
|
2010
|
||||
Rental and Related Revenue:
|
|
|
|
||||
Industrial
|
$
|
379,030
|
|
|
$
|
280,538
|
|
Office
|
272,807
|
|
|
313,712
|
|
||
Medical Office
|
57,673
|
|
|
44,287
|
|
||
Other
|
33,373
|
|
|
31,006
|
|
||
Total Rental and Related Revenue from Continuing Operations
|
$
|
742,883
|
|
|
$
|
669,543
|
|
Rental and Related Revenue from Discontinued Operations
|
194,166
|
|
|
248,024
|
|
||
Total Rental and Related Revenue from Continuing and Discontinued Operations
|
$
|
937,049
|
|
|
$
|
917,567
|
|
•
|
We acquired 108 properties, of which 87 were industrial, and placed nine developments in service from January 1, 2010 to December 31, 2011, which provided incremental revenues of $79.8 million in the year ended December 31, 2011 over 2010.
|
•
|
We consolidated 106 industrial buildings as a result of acquiring our joint venture partner's 50% interest in Dugan Realty, L.L.C. ("Dugan") on July 1, 2010. The consolidation of these buildings resulted in an increase of $37.2 million in rental and related revenue for the year ended December 31, 2011, as compared to the same period in 2010.
|
•
|
We sold 23 office properties to an unconsolidated joint venture in 2010 and the first quarter of 2011, resulting in a $55.2 million decrease in rental and related revenue from continuing operations in 2011.
|
•
|
The remaining increase in rental and related revenues is primarily due to improved results within the properties that have been in service for all of 2010 and 2011. Although rental rates declined slightly on our lease renewals, the effect was not significant to revenues and improved occupancy drove the overall improvement within these properties.
|
|
2011
|
|
2010
|
||||
Rental Expenses:
|
|
|
|
||||
Industrial
|
$
|
41,362
|
|
|
$
|
28,033
|
|
Office
|
77,979
|
|
|
88,378
|
|
||
Medical Office
|
17,121
|
|
|
12,780
|
|
||
Other
|
8,155
|
|
|
5,675
|
|
||
Total Rental Expenses from Continuing Operations
|
$
|
144,617
|
|
|
$
|
134,866
|
|
Rental Expenses from Discontinued Operations
|
60,430
|
|
|
72,146
|
|
||
Total Rental Expenses from Continuing and Discontinued Operations
|
$
|
205,047
|
|
|
$
|
207,012
|
|
Real Estate Taxes:
|
|
|
|
||||
Industrial
|
$
|
59,353
|
|
|
$
|
42,303
|
|
Office
|
34,298
|
|
|
39,420
|
|
||
Medical Office
|
5,102
|
|
|
3,330
|
|
||
Other
|
3,524
|
|
|
3,553
|
|
||
Total Real Estate Tax Expense from Continuing Operations
|
$
|
102,277
|
|
|
$
|
88,606
|
|
Real Estate Tax Expense from Discontinued Operations
|
28,693
|
|
|
35,266
|
|
||
Total Real Estate Tax Expense from Continuing and Discontinued Operations
|
$
|
130,970
|
|
|
$
|
123,872
|
|
|
2011
|
|
2010
|
||||
Service Operations:
|
|
|
|
||||
General contractor and service fee revenue
|
$
|
521,796
|
|
|
$
|
515,361
|
|
General contractor and other services expenses
|
(480,480
|
)
|
|
(486,865
|
)
|
||
Total
|
$
|
41,316
|
|
|
$
|
28,496
|
|
•
|
In 2011, we recognized $12.9 million of impairment charges related to parcels of land, which we intend to sell, where recent market activity led us to determine that a decline in fair value had occurred.
|
•
|
In 2010, we sold approximately 60 acres of land, in two separate transactions, which resulted in impairment charges of $9.8 million. These sales were opportunistic in nature and we had not identified or actively marketed this land for disposition, as it was previously intended to be held for development.
|
General and administrative expenses - 2010
|
$
|
41.3
|
|
Increase to overall pool of overhead costs (1)
|
5.7
|
|
|
Increased absorption of costs by wholly-owned development and leasing activities (2)
|
(3.7
|
)
|
|
Increased allocation of costs to Service Operations and Rental Operations
|
(0.2
|
)
|
|
General and administrative expenses - 2011
|
$
|
43.1
|
|
|
|
||
(1) The increase to our overall pool of overhead costs from 2010 is largely due to increased severance pay related to overhead reductions that took place near the end of 2011.
|
|||
(2) Our total leasing activity increased and we also increased wholly owned development activities from 2010. We capitalized $25.3 million and $10.4 million of our total overhead costs to leasing and development, respectively, for consolidated properties during 2011, compared to capitalizing $23.5 million and $8.5 million of such costs, respectively, for 2010. Combined overhead costs capitalized to leasing and development totaled 20.6% and 19.1% of our overall pool of overhead costs for 2011 and 2010, respectively.
|
•
|
The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be received pursuant to the lease over its remaining term and (ii) management's estimate of the amounts that would be received using fair market rates over the remaining term of the lease. The amounts allocated to above market leases are included in deferred leasing and other costs in the balance sheet and below market leases are included in other liabilities in the balance sheet; both are amortized to rental income over the remaining terms of the respective leases.
|
•
|
Factors considered in determining the value allocable to in-place leases include estimates, during hypothetical expected lease-up periods, of space that is actually leased at the time of acquisition, of lost rent at market rates, fixed operating costs that will be recovered from tenants, and theoretical leasing commissions required to execute similar leases. These intangible assets are included in deferred leasing and other costs in the balance sheet and are amortized over the remaining term of the existing lease, or the anticipated life of the customer relationship, as applicable.
|
•
|
We maintain a tenant "watch list" containing a list of significant tenants for which the payment of receivables and future rent may be at risk. Various factors such as late rent payments, lease or debt instrument defaults, and indications of a deteriorating financial position are considered when determining whether to include a tenant on the watch list.
|
•
|
As a matter of policy, we reserve the entire receivable balance, including straight-line rent, of any tenant with an amount outstanding over 90 days.
|
•
|
Straight-line rent receivables for any tenant on the watch list or any other tenant identified as a potential long-term risk, regardless of the status of current rent receivables, are reviewed and reserved as necessary.
|
•
|
Criteria for identifying and selecting our critical accounting policies;
|
•
|
Methodology in applying our critical accounting policies; and
|
•
|
Impact of the critical accounting policies on our financial statements.
|
Description
|
Borrowing
Capacity
|
|
Maturity
Date
|
|
Outstanding Balance
at December 31, 2012
|
||||
Unsecured Line of Credit – Partnership
|
$
|
850,000
|
|
|
December 2015
|
|
$
|
285,000
|
|
•
|
property investment;
|
•
|
leasing/capital costs;
|
•
|
dividends and distributions to shareholders and unitholders;
|
•
|
long-term debt maturities;
|
•
|
opportunistic repurchases of outstanding debt and preferred stock; and
|
•
|
other contractual obligations.
|
|
2012
|
|
2011
|
|
2010
|
||||||
Second generation tenant improvements
|
$
|
26,643
|
|
|
$
|
50,079
|
|
|
$
|
36,676
|
|
Second generation leasing costs
|
31,059
|
|
|
38,130
|
|
|
39,090
|
|
|||
Building improvements
|
6,182
|
|
|
11,055
|
|
|
12,957
|
|
|||
Total
|
$
|
63,884
|
|
|
$
|
99,264
|
|
|
$
|
88,723
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Industrial
|
$
|
33,095
|
|
|
$
|
34,872
|
|
|
$
|
23,271
|
|
Office
|
30,092
|
|
|
63,933
|
|
|
65,203
|
|
|||
Medical Office
|
641
|
|
|
410
|
|
|
183
|
|
|||
Non-reportable Rental Operations segments
|
56
|
|
|
49
|
|
|
66
|
|
|||
Total
|
$
|
63,884
|
|
|
$
|
99,264
|
|
|
$
|
88,723
|
|
|
Future Repayments
|
|
Weighted Average
|
||||||||||
Year
|
Scheduled
Amortization
|
|
Maturities
|
|
Total
|
|
Interest Rate of
Future Repayments
|
||||||
2013
|
$
|
17,921
|
|
|
$
|
529,811
|
|
|
$
|
547,732
|
|
|
6.24%
|
2014
|
16,659
|
|
|
314,904
|
|
|
331,563
|
|
|
6.14%
|
|||
2015
|
14,999
|
|
|
664,946
|
|
|
679,945
|
|
|
4.53%
|
|||
2016
|
12,591
|
|
|
532,249
|
|
|
544,840
|
|
|
6.09%
|
|||
2017
|
10,100
|
|
|
556,511
|
|
|
566,611
|
|
|
5.90%
|
|||
2018
|
7,937
|
|
|
300,000
|
|
|
307,937
|
|
|
6.08%
|
|||
2019
|
6,936
|
|
|
518,438
|
|
|
525,374
|
|
|
7.97%
|
|||
2020
|
5,381
|
|
|
250,000
|
|
|
255,381
|
|
|
6.73%
|
|||
2021
|
3,416
|
|
|
9,047
|
|
|
12,463
|
|
|
5.59%
|
|||
2022
|
3,611
|
|
|
600,000
|
|
|
603,611
|
|
|
4.20%
|
|||
2023
|
3,817
|
|
|
—
|
|
|
3,817
|
|
|
5.60%
|
|||
Thereafter
|
10,361
|
|
|
50,000
|
|
|
60,361
|
|
|
7.02%
|
|||
|
$
|
113,729
|
|
|
$
|
4,325,906
|
|
|
$
|
4,439,635
|
|
|
5.86%
|
|
Years Ended December 31,
|
||||||||||
|
2012
|
|
2011
|
|
2010
|
||||||
General Partner
|
|
|
|
|
|
||||||
Net Cash Provided by Operating Activities
|
$
|
299,157
|
|
|
$
|
337,537
|
|
|
$
|
391,156
|
|
Net Cash Provided by (Used for) Investing Activities
|
(967,616
|
)
|
|
750,935
|
|
|
(288,790
|
)
|
|||
Net Cash Provided by (Used for) Financing Activities
|
488,539
|
|
|
(893,047
|
)
|
|
(231,304
|
)
|
|||
|
|
|
|
|
|
||||||
Partnership
|
|
|
|
|
|
||||||
Net Cash Provided by Operating Activities
|
$
|
299,256
|
|
|
$
|
337,572
|
|
|
$
|
390,776
|
|
Net Cash Provided by (Used for) Investing Activities
|
(967,616
|
)
|
|
750,935
|
|
|
(288,790
|
)
|
|||
Net Cash Provided by (Used for) Financing Activities
|
488,423
|
|
|
(893,100
|
)
|
|
(231,106
|
)
|
•
|
Real estate development costs totaled
$264.8 million
for the year ended
December 31, 2012
, compared to
$162.1 million
and
$119.4 million
for the years ended
December 31, 2011
and
2010
, respectively. We have increased our development activities in 2012 for industrial and medical office properties.
|
•
|
During
2012
, we paid cash of
$665.5 million
for real estate acquisitions, compared to
$544.8 million
in
2011
and
$488.5 million
in
2010
. In addition, we paid cash of
$64.9 million
for undeveloped land in
2012
, compared to
$14.1 million
in
2011
and
$14.4 million
in
2010
. The increase in land acquisitions in 2012 is the result of land acquired for specific development projects that commenced shortly after acquisition.
|
•
|
Sales of land and depreciated property provided
$138.1 million
in net proceeds in
2012
, compared to
$1.57 billion
in
2011
and
$499.5 million
in
2010
.
|
•
|
We received capital distributions (as a result of the sale of properties or refinancing) from unconsolidated subsidiaries of
$5.2 million
in
2012
,
$59.3 million
in
2011
and
$22.1 million
in
2010
.
|
•
|
During
2012
, we contributed or advanced
$28.5 million
to fund development activities within unconsolidated companies, compared to
$34.6 million
in
2011
and
$53.2 million
in
2010
.
|
•
|
Throughout 2012, the General Partner issued
22.7 million
shares of common stock for net proceeds of
$315.3 million
. The General Partner had no common stock issuances in 2011. In June 2010, the General Partner issued 26.5 million shares of common stock for net proceeds of $298.1 million.
|
•
|
In March 2012, the General Partner redeemed all of the outstanding shares of its Series M Shares for a total payment of $168.3 million. In July 2011, the General Partner redeemed all of the outstanding shares of its Series N Shares for a total payment of $108.6 million.
|
•
|
Throughout 2011 and 2010, the General Partner completed open market repurchases of approximately 80,000 shares and 4.5 million shares, respectively, of its Series O Shares. The General Partner paid $2.1 million in 2011 for shares that had a face value of $2.0 million, compared to $118.8 million in 2010 for shares that had a face value of $112.1 million.
|
•
|
In September 2012, we issued $300.0 million of senior unsecured notes that bear interest at 3.875% and mature on October 15, 2022. In June 2012, we issued $300.0 million of senior unsecured notes that bear interest at 4.375% and mature on June 15, 2022. We had no senior unsecured note issuances in 2011. In April 2010, we issued $250.0 million of senior unsecured notes that bear interest at an effective rate of 6.75% and mature in March 2020.
|
•
|
In October 2012, we repaid $50.0 million of medium term notes, which had an effective interest rate of 5.45%, at their scheduled maturity date. In August 2012, we repaid $150.0 million of senior unsecured notes, which had an effective interest rate of 6.01%, at their scheduled maturity date. In July 2012, one of our consolidated subsidiaries repaid $21.0 million of variable rate unsecured debt, which bore interest at a rate of LIBOR plus 0.85%, at its scheduled maturity. In
December 2011
, we repaid the remaining $167.6 million of our 3.75% Exchangeable Notes, which had an effective interest rate of 5.62%, at their scheduled maturity date. In August and March 2011, we also repaid $122.5 million and $42.5 million, respectively, of unsecured notes with an effective rate of 5.69% and 6.96%, respectively, at their scheduled maturity dates. In January 2010, we repaid $99.8 million of senior unsecured notes with an effective interest rate of 5.37% at their scheduled maturity date.
|
•
|
During 2010, through a cash tender offer and open market transactions, we repurchased certain of our outstanding series of unsecured notes scheduled to mature in 2011 and 2013. In total, we paid $292.2 million for unsecured notes that had a face value of $279.9 million.
|
•
|
Throughout the year ended December 31, 2012, we repaid five secured loans totaling $102.1 million, which had a weighted average stated interest rate of 6.08%, at their maturity dates. This compares to payoffs of $12.8 million in 2011, comprised of four individually insignificant secured loans, and $195.4 million in 2010, which was secured debt that we assumed upon the July 2010 acquisition of our joint venture partner's 50% interest in Dugan.
|
•
|
We increased net borrowings on the Partnership's $850.0 million line of credit by $285.0 million for the year ended December 31, 2012, compared to a decrease of $175.0 million in 2011 and an increase of $175.0 million in 2010.
|
•
|
We paid cash dividends or distributions of $0.68 per common share or per Common Unit in each of the years ended December 31, 2012, 2011 and 2010.
|
|
Payments due by Period (in thousands)
|
||||||||||||||||||||||||||
Contractual Obligations
|
Total
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
||||||||||||||
Long-term debt
(1)
|
$
|
5,370,074
|
|
|
$
|
777,490
|
|
|
$
|
552,693
|
|
|
$
|
582,411
|
|
|
$
|
710,802
|
|
|
$
|
692,959
|
|
|
$
|
2,053,719
|
|
Line of credit
(2)
|
303,597
|
|
|
6,365
|
|
|
6,365
|
|
|
290,867
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Share of unconsolidated joint ventures' debt
(3)
|
484,823
|
|
|
136,231
|
|
|
64,963
|
|
|
90,999
|
|
|
23,801
|
|
|
106,059
|
|
|
62,770
|
|
|||||||
Ground leases
|
206,487
|
|
|
3,692
|
|
|
3,769
|
|
|
3,788
|
|
|
3,814
|
|
|
3,835
|
|
|
187,589
|
|
|||||||
Operating leases
|
10,174
|
|
|
2,638
|
|
|
2,667
|
|
|
1,858
|
|
|
1,720
|
|
|
699
|
|
|
592
|
|
|||||||
Development and construction backlog costs
(4)
|
309,239
|
|
|
301,425
|
|
|
7,814
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other
|
1,807
|
|
|
514
|
|
|
394
|
|
|
397
|
|
|
401
|
|
|
101
|
|
|
—
|
|
|||||||
Total Contractual Obligations
|
$
|
6,686,201
|
|
|
$
|
1,228,355
|
|
|
$
|
638,665
|
|
|
$
|
970,320
|
|
|
$
|
740,538
|
|
|
$
|
803,653
|
|
|
$
|
2,304,670
|
|
(1)
|
Our long-term debt consists of both secured and unsecured debt and includes both principal and interest. Interest expense for variable rate debt was calculated using the interest rates as of
December 31, 2012
.
|
(2)
|
Our unsecured line of credit consists of an operating line of credit that matures
December 2015
. Interest expense for our unsecured line of credit was calculated using the most recent stated interest rate that was in effect.
|
(3)
|
Our share of unconsolidated joint venture debt includes both principal and interest. Interest expense for variable rate debt was calculated using the interest rate at
December 31, 2012
.
|
(4)
|
Represents estimated remaining costs on the completion of owned development projects and third-party construction projects.
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
|
Total
|
|
Fair Value
|
||||||||||||||||
Fixed rate secured debt
|
$
|
119,549
|
|
|
$
|
78,186
|
|
|
$
|
142,056
|
|
|
$
|
391,794
|
|
|
$
|
102,017
|
|
|
$
|
309,404
|
|
|
$
|
1,143,006
|
|
|
$
|
1,251,477
|
|
Weighted average interest rate
|
5.72%
|
|
5.63%
|
|
5.42%
|
|
5.85%
|
|
5.96%
|
|
7.43%
|
|
|
|
|
||||||||||||||||
Variable rate secured debt
|
$
|
1,218
|
|
|
$
|
1,285
|
|
|
$
|
663
|
|
|
$
|
676
|
|
|
$
|
12,071
|
|
|
$
|
2,499
|
|
|
$
|
18,412
|
|
|
$
|
18,386
|
|
Weighted average interest rate
|
1.20%
|
|
1.18%
|
|
2.06%
|
|
2.09%
|
|
3.51%
|
|
0.20%
|
|
|
|
|
||||||||||||||||
Fixed rate unsecured debt
|
$
|
426,965
|
|
|
$
|
252,092
|
|
|
$
|
252,226
|
|
|
$
|
152,370
|
|
|
$
|
452,523
|
|
|
$
|
1,457,041
|
|
|
$
|
2,993,217
|
|
|
$
|
3,336,386
|
|
Weighted average interest rate
|
6.40%
|
|
6.33%
|
|
7.49%
|
|
6.71%
|
|
5.95%
|
|
5.86%
|
|
|
|
|
||||||||||||||||
Unsecured line of credit
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
285,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
285,000
|
|
|
$
|
285,632
|
|
Rate at December 31, 2012
|
N/A
|
|
N/A
|
|
1.47%
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
|
|
(a)
|
The following documents are filed as part of this Annual Report:
|
|
Duke Realty Corporation:
|
|
Management's Report on Internal Control
|
|
Report of Independent Registered Public Accounting Firm
|
|
Duke Realty Limited Partnership:
|
|
Management's Report on Internal Control
|
|
Report of Independent Registered Public Accounting Firm
|
|
Duke Realty Corporation:
|
|
Consolidated Balance Sheets, December 31, 2012 and 2011
|
|
Consolidated Statements of Operations and Comprehensive Income, Years Ended December 31, 2012, 2011 and 2010
|
|
Consolidated Statements of Cash Flows, Years Ended December 31, 2012, 2011 and 2010
|
|
Consolidated Statements of Changes in Equity, Years Ended December 31, 2012, 2011 and 2010
|
|
Duke Realty Limited Partnership:
|
|
Consolidated Balance Sheets, December 31, 2012 and 2011
|
|
Consolidated Statements of Operations and Comprehensive Income, Years Ended December 31, 2012, 2011 and 2010
|
|
Consolidated Statements of Cash Flows, Years Ended December 31, 2012, 2011 and 2010
|
|
Consolidated Statements of Changes in Equity, Years Ended December 31, 2012, 2011 and 2010
|
|
Duke Realty Corporation and Duke Realty Limited Partnership:
|
|
Notes to Consolidated Financial Statements
|
Number
|
|
Description
|
|
|
|
3.1(i)
|
|
Fourth Amended and Restated Articles of Incorporation of the General Partner (filed as Exhibit 3.1 to the General Partner's Current Report on Form 8-K as filed with the SEC on July 30, 2009, and incorporated herein by this reference).
|
|
|
|
3.1(ii)
|
|
Amendment to the Fourth Amended and Restated Articles of Incorporation of the General Partner (filed as Exhibit 3.1 to the General Partner's Current Report on Form 8-K as filed with the SEC on July 22, 2011, and incorporated herein by this reference).
|
|
|
|
3.1(iii)
|
|
Second Amendment to the Fourth Amended and Restated Articles of Incorporation of the General Partner (filed as Exhibit 3.1 to the General Partner's Current Report on Form 8-K as filed with the SEC on March 9, 2012, and incorporated herein by this reference).
|
|
|
|
3.2
|
|
Fourth Amended and Restated Bylaws of the General Partner (filed as Exhibit 3.2 to the General Partner's Current Report on Form 8-K as filed with the SEC on July 30, 2009, and incorporated herein by this reference).
|
|
|
|
3.3
|
|
Certificate of Limited Partnership of the Partnership, dated September 17, 1993 (filed as Exhibit 3.1(i) to the Partnership's Annual Report on Form 10-K for the year ended December 31, 2006 as filed with the SEC on March 13, 2007, and incorporated herein by this reference).
|
|
|
|
3.4(i)
|
|
Fourth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.1 to the Partnership's Current Report on Form 8-K as filed with the SEC on November 3, 2009, and incorporated herein by this reference).
|
|
|
|
3.4(ii)
|
|
Amendment to Fourth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.1 to the Partnership's Current Report on Form 8-K as filed with the SEC on July 22, 2011, and incorporated herein by this reference).
|
|
|
|
3.4(iii)
|
|
Second Amendment to Fourth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.1 to the Partnership's Current Report on Form 8-K as filed with the SEC on March 9, 2012 and incorporated herein by this reference).
|
|
|
|
4.1(i)
|
|
Indenture, dated September 19, 1995, between the Partnership and The First National Bank of Chicago, Trustee (filed as Exhibit 4.1 to the General Partner's Current Report on Form 8-K as filed with the SEC on September 22, 1995, and incorporated herein by this reference).
|
4.1(ii)
|
|
Thirteenth Supplemental Indenture, dated May 22, 2003, between the Partnership and Bank One Trust Company, N.A., Trustee (filed as Exhibit 4 to the Partnership's Current Report on Form 8-K as filed with the SEC on May 22, 2003, and incorporated herein by this reference).
|
|
|
|
4.1(iii)
|
|
Seventeenth Supplemental Indenture, dated August 16, 2004, between the Partnership and J.P. Morgan Trust Company, National Association, Trustee (filed as Exhibit 4 to the Partnership's Current Report on Form 8-K as filed with the SEC on August 18, 2004, and incorporated herein by this reference).
|
|
|
|
4.1(iv)
|
|
Nineteenth Supplemental Indenture, dated as of March 1, 2006, by and between the Partnership and J.P. Morgan Trust Company, National Association (successor in interest to Bank One Trust Company, N.A.), including the form of global note evidencing the 5.5% Senior Notes Due 2016 (filed as Exhibit 4.1 to the Partnership's Current Report on Form 8-K as filed with the SEC on March 3, 2006, and incorporated herein by this reference).
|
|
|
|
4.1(v)
|
|
Twentieth Supplemental Indenture, dated as of July 24, 2006, by and between the Partnership and J.P. Morgan Trust Company, National Association (successor in interest to The First National Bank of Chicago), modifying certain financial covenants contained in Sections 1004 and 1005 of the Indenture, dated September 19, 1995, between the Partnership and The First National Bank of Chicago, Trustee (filed as Exhibit 4.1 to the Partnership's Current Report on Form 8-K as filed with the SEC on July 28, 2006, and incorporated herein by this reference).
|
|
|
|
4.2(i)
|
|
Indenture, dated as of July 28, 2006, by and between the Partnership and J.P. Morgan Trust Company, National Association (filed as Exhibit 4.1 to the General Partner's automatic shelf registration statement on Form S-3 as filed with the SEC on July 31, 2006, and incorporated herein by this reference).
|
|
|
|
4.2(ii)
|
|
Second Supplemental Indenture, dated as of August 24, 2006, by and between the Partnership and J.P. Morgan Trust Company, National Association, including the form of global note evidencing the 5.95% Senior Notes Due 2017 (filed as Exhibit 4.2 to the Partnership's Current Report on Form 8-K as filed with the SEC on August 30, 2006, and incorporated herein by this reference).
|
4.2(iii)
|
|
Third Supplemental Indenture, dated as of September 11, 2007, by and between the Partnership and The Bank of New York Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 6.50% Senior Notes Due 2018 (incorporated by reference to Exhibit 4.1 to the Partnership's Current Report on Form 8-K as filed with the SEC on September 11, 2007, and incorporated herein by this reference).
|
|
|
|
4.2(iv)
|
|
Fourth Supplemental Indenture, dated as of May 8, 2008, by and between the Partnership and The Bank of New York Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 6.25% Senior Notes due 2013 (incorporated by reference to Exhibit 4.1 to the Partnership's Current Report on Form 8-K as filed with the SEC on May 8, 2008, and incorporated herein by this reference).
|
|
|
|
4.2(v)
|
|
Fifth Supplemental Indenture, dated as of August 11, 2009, by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 7.375% Senior Notes Due 2015 (filed as Exhibit 4.1 to the Partnership's Current Report on Form 8-K as filed with the SEC on August 11, 2009, and incorporated herein by this reference).
|
|
|
|
4.2(vi)
|
|
Sixth Supplemental Indenture, dated as of August 11, 2009, by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 8.25% Senior Notes Due 2019 (filed as Exhibit 4.2 to the Partnership's Current Report on Form 8-K as filed with the SEC on August 11, 2009, and incorporated herein by this reference).
|
|
|
|
4.2(vii)
|
|
Seventh Supplemental Indenture, dated as of April 1, 2010, by and between the Partnership and J.P. Morgan Trust Company, National Association, including the form of global note evidencing the 6.75% Senior Notes due 2020 (filed as Exhibit 4.1 to the Partnership's Current Report on Form 8-K as filed with the SEC on April 1, 2010, and incorporated herein by this reference).
|
|
|
|
4.2(viii)
|
|
Eighth Supplemental Indenture, dated June 11, 2012, by and between the Partnership and The Bank of New York Mellon Trust, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 4.375% Senior Notes Due 2022 (filed as Exhibit 4.1 to the General Partner's Current Report on Form 8-K as filed with the SEC on June 11, 2012, and incorporated herein by this reference).
|
|
|
|
4.2(ix)
|
|
Ninth Supplemental Indenture, dated September 19, 2012, by and between the Partnership and The Bank of New York Mellon Trust, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 3.875% Senior Notes Due 2022 (filed as Exhibit 4.1 to the General Partner's Current Report on Form 8-K as filed with the SEC on September 19, 2012, and incorporated herein by this reference).
|
|
|
|
10.1
|
|
Promissory Note of Duke Realty Services Limited Partnership (filed as Exhibit 10.3 to the General Partner's Registration Statement on Form S-2 as filed with the SEC on June 8, 1993, and incorporated herein by this reference).
|
|
|
|
10.2(i)
|
|
Amended and Restated 2005 Long-Term Incentive Plan of the General Partner (filed as Appendix A to the General Partner's Definitive Proxy Statement on Schedule 14A, dated March 18, 2009 as filed with the SEC on March 18, 2009, and incorporated herein by this reference).#
|
|
|
|
10.2(ii)
|
|
2009 Amendment to the General Partner's Amended and Restated 2005 Long-Term Incentive Plan (filed as Exhibit 10.2 to the General Partner's Quarterly Report on Form 10-Q as filed with the SEC on May 6, 2010, and incorporated herein by this reference).#
|
|
|
|
10.2(iii)
|
|
2010 Amendment to the General Partner's Amended and Restated 2005 Long-Term Incentive Plan (filed as Exhibit 10.1 to the General Partner's Current Report on Form 8-K as filed with the SEC on May 4, 2010, and incorporated herein by this reference).#
|
|
|
|
10.2(iv)
|
|
2011 Amendment to the General Partner's Amended and Restated 2005 Long-Term Incentive Plan (filed as Exhibit 10.2 to the General Partner's Quarterly Report on Form 10-Q as filed with the SEC on August 5, 2011, and incorporated herein by this reference).#
|
|
|
|
10.3(i)
|
|
Form of 2005 Long-Term Incentive Plan Award Certificate for Restricted Stock Units.# *
|
|
|
|
10.3(ii)
|
|
Form of 2005 Long-Term Incentive Plan Stock Option Award Certificate (filed as Exhibit 99.4 to the General Partner's Current Report on Form 8-K, filed with the SEC on May 3, 2005, and incorporated herein by this reference).#
|
|
|
|
10.3(iii)
|
|
Form of 2005 Long-Term Incentive Plan Restricted Stock Unit Award Certificate for Non-Employee Directors (filed as Exhibit 99.6 to the General Partner's Current Report on Form 8-K, filed with the SEC on May 3, 2005, and incorporated herein by this reference).#
|
10.4(i)
|
|
The General Partner's 2000 Performance Share Plan, Amended and Restated as of January 30, 2008, a sub-plan of the 2005 Long-Term Incentive Plan. # *
|
|
|
|
10.4(ii)
|
|
Amendment to the Award Certificate under the General Partner's 2000 Performance Share Plan. # *
|
|
|
|
10.5(i)
|
|
The General Partner's 2010 Performance Share Plan, a sub-plan of the 2005 Long-Term Incentive Plan. # *
|
|
|
|
10.5(ii)
|
|
Award Certificate under the General Partner's 2010 Performance Share Plan. # *
|
|
|
|
10.6
|
|
The General Partner's 2005 Shareholder Value Plan, Amended and Restated as of January 30, 2008, a sub-plan of the 2005 Long-Term Incentive Plan.# *
|
|
|
|
10.7
|
|
The General Partner's 2005 Dividend Increase Unit Replacement Plan Amended and Restated as of January 30, 2008, a sub-plan of the 2005 Long-Term Incentive Plan.# *
|
|
|
|
10.8
|
|
The General Partner's 2011 Non-Employee Directors Compensation Plan, a sub-plan of the 2005 Long-Term Incentive Plan (filed as Exhibit 10.2 to the General Partner's Quarterly Report on Form 10-Q, filed with the SEC on May 6, 2011, and incorporated herein by this reference).#
|
|
|
|
10.9
|
|
Form of Forfeiture Agreement/Performance Unit Award Certificate (filed as Exhibit 99.2 to the General Partner's Current Report on Form 8-K as filed with the SEC on December 9, 2005, and incorporated herein by this reference).#
|
|
|
|
10.10(i)
|
|
1995 Key Employee Stock Option Plan of the General Partner (filed as Exhibit 10.13 to the General Partner's Annual Report on Form 10-K for the year ended December 31, 1995 as filed with the SEC on February 21, 1996, and incorporated herein by this reference).#
|
|
|
|
10.10(ii)
|
|
Amendment One to the 1995 Key Employees' Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.19 to the General Partner's Annual Report on Form 10-K405 for the year ended December 31, 2001 as filed with the SEC on March 15, 2002, and incorporated herein by this reference).#
|
|
|
|
10.10(iii)
|
|
Amendment Two to the 1995 Key Employees' Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.20 to the General Partner's Annual Report on Form 10-K405 for the year ended December 31, 2001 as filed with the SEC on March 15, 2002, and incorporated herein by this reference).#
|
|
|
|
10.10(iv)
|
|
Amendment Three to the 1995 Key Employees' Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.21 to the General Partner's Annual Report on Form 10-K405 for the year ended December 31, 2001 as filed with the SEC on March 15, 2002, and incorporated herein by this reference).#
|
|
|
|
10.10(v)
|
|
Amendment Four to the 1995 Key Employees' Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.22 to the General Partner's Annual Report on Form 10-K405 for the year ended December 31, 2001 as filed with the SEC on March 15, 2002, and incorporated herein by this reference).#
|
|
|
|
10.10(vi)
|
|
Amendment Five to the 1995 Key Employees' Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.23 to the General Partner's Annual Report on Form 10-K405 for the year ended December 31, 2001 as filed with the SEC on March 15, 2002, and incorporated herein by this reference).#
|
|
|
|
10.10(vii)
|
|
Amendment Six to the 1995 Key Employees' Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.24 to the General Partner's Annual Report on Form 10-K405 for the year ended December 31, 2001 as filed with the SEC on March 15, 2002, and incorporated herein by this reference).#
|
|
|
|
10.10(viii)
|
|
Amendment Seven to the 1995 Key Employees' Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.1 to the General Partner's Quarterly Report on Form 10-Q as filed with the SEC on November 13, 2002, and incorporated herein by this reference).#
|
|
|
|
10.10(ix)
|
|
Amendment Eight to the 1995 Key Employees' Stock Option Plan of Duke Realty Investments, Inc. (filed as part of Appendix B of the General Partner's Definitive Proxy Statement on Schedule 14A, filed with the SEC on March 16, 2005, and incorporated herein by this reference).#
|
|
|
|
10.10(x)
|
|
Amendment Nine to the 1995 Key Employees' Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.3 to the General Partner's Quarterly Report on Form 10-Q as filed with the SEC on October 9, 2005, and incorporated herein by this reference).#
|
|
|
|
10.10(xi)
|
|
Amendment Ten to the 1995 Key Employees' Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.4 to the General Partner's Quarterly Report on Form 10-Q as filed with the SEC on November 8, 2006, and incorporated herein by this reference).#
|
|
|
|
10.10(xii)
|
|
Amendment Eleven to the 1995 Key Employees' Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.2 to the General Partner's Current Report on Form 8-K as filed with the SEC on May 4, 2010, and incorporated herein by this reference).#
|
10.11(i)
|
|
Dividend Increase Unit Plan of Duke Realty Services Limited Partnership (filed as Exhibit 10.25 to the General Partner's Annual Report on Form 10-K405 for the year ended December 31, 2001 as filed with the SEC on March 15, 2002, and incorporated herein by this reference).#
|
|
|
|
10.11(ii)
|
|
Amendment One to the Dividend Increase Unit Plan of Duke Realty Services Limited Partnership (filed as Exhibit 10.26 to the General Partner's Annual Report on Form 10-K405 for the year ended December 31, 2001 as filed with the SEC on March 15, 2002, and incorporated herein by this reference).#
|
|
|
|
10.11(iii)
|
|
Amendment Two to the Dividend Increase Unit Plan of Duke Realty Services Limited Partnership (filed as Exhibit 10.27 to the General Partner's Annual Report on Form 10-K405 for the year ended December 31, 2001 as filed with the SEC on March 15, 2002, and incorporated herein by this reference).#
|
|
|
|
10.11(iv)
|
|
Amendment Three to the Dividend Increase Unit Plan of Duke Realty Services Limited Partnership (filed as Exhibit 10.5 to the General Partner's Quarterly Report on Form 10-Q as filed with the SEC on November 13, 2002, and incorporated herein by this reference).#
|
10.11(v)
|
|
Amendment Four to the Dividend Increase Unit Plan of Duke Realty Services Limited Partnership (filed as Exhibit 10.30 to the General Partner's Annual Report on Form 10-K for the year ended December 31, 2004 as filed with the SEC on March 4, 2005, and incorporated herein by this reference).#
|
|
|
|
10.12(i)
|
|
1999 Directors' Stock Option and Dividend Increase Unit Plan of Duke Realty Investments, Inc. (filed as Annex F to the prospectus in the General Partner's Registration Statement on Form S-4 as filed with the SEC on May 4, 1999, and incorporated herein by this reference).#
|
|
|
|
10.12(ii)
|
|
Amendment One to the 1999 Directors' Stock Option and Dividend Increase Unit Plan of Duke Realty Investments, Inc. (filed as part of Appendix C of the General Partner's Definitive Proxy Statement on Schedule 14A as filed with the SEC on March 15, 2001, and incorporated herein by this reference).#
|
|
|
|
10.12(iii)
|
|
Amendment Two to the 1999 Directors' Stock Option and Dividend Increase Unit Plan of Duke Realty Investments, Inc. (filed as part of Appendix B of the General Partner's Definitive Proxy Statement on Schedule 14A as filed with the SEC on March 16, 2005, and incorporated herein by this reference).#
|
|
|
|
10.13(i)
|
|
Executives' Deferred Compensation Plan of Duke Realty Services Limited Partnership, Amended and Restated as of December 5, 2007.# *
|
|
|
|
10.13(ii)
|
|
Amendment Number One to the Executives' Deferred Compensation Plan of Duke Realty Services Limited Partnership, Amended and Restated as of December 5, 2007.# *
|
10.14
|
|
Directors' Deferred Compensation Plan of Duke Realty Corporation, Amended and Restated as of January 30, 2008.# *
|
|
|
|
10.15(i)
|
|
Form of Letter Agreement Regarding Executive Severance, dated December 13, 2007, between the General Partner and the following executive officers: Dennis D. Oklak, Steven R. Kennedy and James B. Connor (filed as Exhibit 10.23 to the General Partner's Annual Report on Form 10-K for the year ended December 31, 2007, filed with the SEC on February 29, 2008, and incorporated herein by this reference).#
|
|
|
|
10.15(ii)
|
|
First Amendment to Letter Agreement Regarding Executive Severance, dated December 13, 2007, between the General Partner and the following executive officers: Dennis D. Oklak, Steven R. Kennedy and James B. Connor.# *
|
|
|
|
10.15(iii)
|
|
Second Amendment to Letter Agreement Regarding Executive Severance, dated December 13, 2007, between the General Partner and the following executive officers: Dennis D. Oklak, Steven R. Kennedy and James B. Connor.# *
|
|
|
|
10.15(iv)
|
|
Third Amendment to Letter Agreement Regarding Executive Severance, dated December 13, 2007, between the General Partner and the following executive officers: Dennis D. Oklak, Steven R. Kennedy and James B. Connor.# *
|
|
|
|
10.16(i)
|
|
Form of Letter Agreement Regarding Executive Severance, dated May 7, 2009, between the General Partner and Christie B. Kelly (filed as Exhibit 10.1 to the General Partner's Quarterly Report on Form 10-Q, filed with the SEC on May 8, 2009, and incorporated herein by this reference).#
|
|
|
|
10.16(ii)
|
|
First Amendment to Letter Agreement Regarding Executive Severance, dated May 7, 2009, between the General Partner and Christie B. Kelly. # *
|
|
|
|
10.16(iii)
|
|
Second Amendment to Letter Agreement Regarding Executive Severance, dated May 7, 2009, between the General Partner and Christie B. Kelly. # *
|
10.17
|
|
Seventh Amended and Restated Revolving Credit Agreement, dated November 18, 2011, among the Partnership, the General Partner, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, JP Morgan Chase Bank, N.A. and the several banks, financial institutions and other entities from time to time parties thereto as lenders (filed as Exhibit 10.1 to DRLP's Current Report on Form 8-K, filed with the SEC on November 22, 2011, and incorporated herein by this reference).
|
|
|
|
10.18
|
|
Equity Distribution Agreement, dated May 7, 2012, by and among the General Partner, the Partnership, Morgan Stanley & Co. LLC, UBS Securities LLC, J. P. Morgan Securities LLC and Credit Suisse (USA) LLC (filed as Exhibit 1.1 to the General Partner's Current Report on Form 8-K as filed with the SEC on May 7, 2012, and incorporated herein by this reference).
|
|
|
|
10.19
|
|
Terms Agreement, dated January 10, 2013, by and among the General Partner, Morgan Stanley & Co. LLC and UBS Securities LLC (filed as Exhibit 1.1 to the General Partner's Current Report on Form 8-K as filed with the SEC on January 15, 2013, and incorporated herein by this reference).
|
|
|
|
12.1
|
|
Statement of Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Dividends of the General Partner.*
|
|
|
|
12.2
|
|
Statement of Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Distributions of the Partnership.*
|
|
|
|
21.1
|
|
List of the Company's Subsidiaries.*
|
|
|
|
23.1
|
|
Consent of KPMG LLP relating to the General Partner.*
|
|
|
|
23.2
|
|
Consent of KPMG LLP relating to the Partnership.*
|
|
|
|
24.1
|
|
Executed Powers of Attorney of certain directors.*
|
|
|
|
31.1
|
|
Rule 13a-14(a) Certification of the Chief Executive Officer of the General Partner.*
|
|
|
|
31.2
|
|
Rule 13a-14(a) Certification of the Chief Financial Officer of the General Partner.*
|
|
|
|
31.3
|
|
Rule 13a-14(a) Certification of the Chief Executive Officer for the Partnership.*
|
|
|
|
31.4
|
|
Rule 13a-14(a) Certification of the Chief Financial Officer for the Partnership.*
|
|
|
|
32.1
|
|
Section 1350 Certification of the Chief Executive Officer of the General Partner. * **
|
|
|
|
32.2
|
|
Section 1350 Certification of the Chief Financial Officer of the General Partner. * **
|
|
|
|
32.3
|
|
Section 1350 Certification of the Chief Executive Officer for the Partnership. * **
|
|
|
|
32.4
|
|
Section 1350 Certification of the Chief Financial Officer for the Partnership. * **
|
99.1
|
|
Selected Quarterly Financial Information.*
|
|
|
|
101
|
|
The following materials from the General Partner's and the Partnership's Annual Report on Form 10-K for the year ended December 31, 2012 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Cash Flows, (iv) the Consolidated Statements of Changes in Equity and (v) the Notes to Consolidated Financial Statements.
|
(b)
|
Exhibits
|
(c)
|
Financial Statement Schedule
|
•
|
Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets of the company;
|
•
|
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
|
•
|
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements.
|
/s/ Dennis D. Oklak
|
Dennis D. Oklak
|
Chairman and Chief Executive Officer
|
|
/s/ Christie B. Kelly
|
Christie B. Kelly
|
Executive Vice President and Chief Financial Officer
|
/s/ KPMG LLP
|
|
Indianapolis, Indiana
|
February 22, 2013
|
•
|
Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets of the Partnership;
|
•
|
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the General Partner; and
|
•
|
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Partnership's assets that could have a material effect on the financial statements.
|
/s/ Dennis D. Oklak
|
Dennis D. Oklak
|
Chairman and Chief Executive Officer
|
of the General Partner
|
|
/s/ Christie B. Kelly
|
Christie B. Kelly
|
Executive Vice President and Chief Financial Officer
|
of the General Partner
|
/s/ KPMG LLP
|
|
Indianapolis, Indiana
|
February 22, 2013
|
|
2012
|
|
2011
|
||||
ASSETS
|
|
|
|
||||
Real estate investments:
|
|
|
|
||||
Land and improvements
|
$
|
1,284,081
|
|
|
$
|
1,202,872
|
|
Buildings and tenant improvements
|
5,398,886
|
|
|
4,766,793
|
|
||
Construction in progress
|
234,918
|
|
|
44,259
|
|
||
Investments in and advances to unconsolidated companies
|
372,256
|
|
|
364,859
|
|
||
Undeveloped land
|
614,208
|
|
|
622,635
|
|
||
|
7,904,349
|
|
|
7,001,418
|
|
||
Accumulated depreciation
|
(1,296,396
|
)
|
|
(1,108,650
|
)
|
||
Net real estate investments
|
6,607,953
|
|
|
5,892,768
|
|
||
|
|
|
|
||||
Real estate investments and other assets held-for-sale
|
30,937
|
|
|
55,580
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
33,889
|
|
|
213,809
|
|
||
Accounts receivable, net of allowance of $3,374 and $3,597
|
22,283
|
|
|
22,255
|
|
||
Straight-line rent receivable, net of allowance of $6,091 and $7,447
|
120,303
|
|
|
105,900
|
|
||
Receivables on construction contracts, including retentions
|
39,754
|
|
|
40,247
|
|
||
Deferred financing costs, net of accumulated amortization of $48,218 and $59,109
|
40,083
|
|
|
42,268
|
|
||
Deferred leasing and other costs, net of accumulated amortization of $372,047 and $292,334
|
497,827
|
|
|
460,881
|
|
||
Escrow deposits and other assets
|
167,072
|
|
|
170,729
|
|
||
|
$
|
7,560,101
|
|
|
$
|
7,004,437
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Indebtedness:
|
|
|
|
||||
Secured debt
|
$
|
1,167,953
|
|
|
$
|
1,173,233
|
|
Unsecured notes
|
2,993,217
|
|
|
2,616,063
|
|
||
Unsecured lines of credit
|
285,000
|
|
|
20,293
|
|
||
|
4,446,170
|
|
|
3,809,589
|
|
||
|
|
|
|
||||
Liabilities related to real estate investments held-for-sale
|
807
|
|
|
975
|
|
||
|
|
|
|
||||
Construction payables and amounts due subcontractors, including retentions
|
84,679
|
|
|
55,775
|
|
||
Accrued real estate taxes
|
74,565
|
|
|
69,272
|
|
||
Accrued interest
|
59,215
|
|
|
58,904
|
|
||
Other accrued expenses
|
57,881
|
|
|
60,174
|
|
||
Other liabilities
|
167,935
|
|
|
131,735
|
|
||
Tenant security deposits and prepaid rents
|
42,731
|
|
|
38,355
|
|
||
Total liabilities
|
4,933,983
|
|
|
4,224,779
|
|
||
Shareholders' equity:
|
|
|
|
||||
Preferred shares ($.01 par value); 5,000 shares authorized; 2,503 and 3,176 shares issued and outstanding
|
625,638
|
|
|
793,910
|
|
||
Common shares ($.01 par value); 400,000 shares authorized; 279,423 and 252,927 shares issued and outstanding
|
2,794
|
|
|
2,529
|
|
||
Additional paid-in capital
|
3,953,497
|
|
|
3,594,588
|
|
||
Accumulated other comprehensive income
|
2,691
|
|
|
987
|
|
||
Distributions in excess of net income
|
(1,993,206
|
)
|
|
(1,677,328
|
)
|
||
Total shareholders' equity
|
2,591,414
|
|
|
2,714,686
|
|
||
Noncontrolling interests
|
34,704
|
|
|
64,972
|
|
||
Total equity
|
2,626,118
|
|
|
2,779,658
|
|
||
|
$
|
7,560,101
|
|
|
$
|
7,004,437
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Rental and related revenue
|
$
|
834,369
|
|
|
$
|
742,883
|
|
|
$
|
669,543
|
|
General contractor and service fee revenue
|
275,071
|
|
|
521,796
|
|
|
515,361
|
|
|||
|
1,109,440
|
|
|
1,264,679
|
|
|
1,184,904
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Rental expenses
|
153,135
|
|
|
144,617
|
|
|
134,866
|
|
|||
Real estate taxes
|
113,643
|
|
|
102,277
|
|
|
88,606
|
|
|||
General contractor and other services expenses
|
254,870
|
|
|
480,480
|
|
|
486,865
|
|
|||
Depreciation and amortization
|
375,965
|
|
|
326,226
|
|
|
276,045
|
|
|||
|
897,613
|
|
|
1,053,600
|
|
|
986,382
|
|
|||
Other operating activities:
|
|
|
|
|
|
||||||
Equity in earnings of unconsolidated companies
|
4,674
|
|
|
4,565
|
|
|
7,980
|
|
|||
Gain on sale of properties
|
344
|
|
|
68,549
|
|
|
39,662
|
|
|||
Undeveloped land carrying costs
|
(8,829
|
)
|
|
(8,934
|
)
|
|
(9,203
|
)
|
|||
Impairment charges
|
—
|
|
|
(12,931
|
)
|
|
(9,834
|
)
|
|||
Other operating expenses
|
(633
|
)
|
|
(1,237
|
)
|
|
(1,231
|
)
|
|||
General and administrative expenses
|
(46,424
|
)
|
|
(43,107
|
)
|
|
(41,329
|
)
|
|||
|
(50,868
|
)
|
|
6,905
|
|
|
(13,955
|
)
|
|||
Operating income
|
160,959
|
|
|
217,984
|
|
|
184,567
|
|
|||
Other income (expenses):
|
|
|
|
|
|
||||||
Interest and other income, net
|
514
|
|
|
658
|
|
|
534
|
|
|||
Interest expense
|
(245,170
|
)
|
|
(220,455
|
)
|
|
(186,407
|
)
|
|||
Loss on debt transactions
|
—
|
|
|
—
|
|
|
(16,349
|
)
|
|||
Acquisition-related activity
|
(4,192
|
)
|
|
(1,188
|
)
|
|
55,820
|
|
|||
Income (loss) from continuing operations before income taxes
|
(87,889
|
)
|
|
(3,001
|
)
|
|
38,165
|
|
|||
Income tax benefit
|
103
|
|
|
194
|
|
|
1,126
|
|
|||
Income (loss) from continuing operations
|
(87,786
|
)
|
|
(2,807
|
)
|
|
39,291
|
|
|||
Discontinued operations:
|
|
|
|
|
|
||||||
Loss before gain on sales
|
(1,549
|
)
|
|
(1,766
|
)
|
|
(7,083
|
)
|
|||
Gain on sale of depreciable properties
|
13,467
|
|
|
100,882
|
|
|
33,054
|
|
|||
Income from discontinued operations
|
11,918
|
|
|
99,116
|
|
|
25,971
|
|
|||
Net income (loss)
|
(75,868
|
)
|
|
96,309
|
|
|
65,262
|
|
|||
Dividends on preferred shares
|
(46,438
|
)
|
|
(60,353
|
)
|
|
(69,468
|
)
|
|||
Adjustments for redemption/repurchase of preferred shares
|
(5,730
|
)
|
|
(3,796
|
)
|
|
(10,438
|
)
|
|||
Net (income) loss attributable to noncontrolling interests
|
1,891
|
|
|
(744
|
)
|
|
536
|
|
|||
Net income (loss) attributable to common shareholders
|
$
|
(126,145
|
)
|
|
$
|
31,416
|
|
|
$
|
(14,108
|
)
|
Basic net income (loss) per common share:
|
|
|
|
|
|
||||||
Continuing operations attributable to common shareholders
|
$
|
(0.53
|
)
|
|
$
|
(0.27
|
)
|
|
$
|
(0.18
|
)
|
Discontinued operations attributable to common shareholders
|
0.05
|
|
|
0.38
|
|
|
0.11
|
|
|||
Total
|
$
|
(0.48
|
)
|
|
$
|
0.11
|
|
|
$
|
(0.07
|
)
|
Diluted net income (loss) per common share:
|
|
|
|
|
|
||||||
Continuing operations attributable to common shareholders
|
$
|
(0.53
|
)
|
|
$
|
(0.27
|
)
|
|
$
|
(0.18
|
)
|
Discontinued operations attributable to common shareholders
|
0.05
|
|
|
0.38
|
|
|
0.11
|
|
|||
Total
|
$
|
(0.48
|
)
|
|
$
|
0.11
|
|
|
$
|
(0.07
|
)
|
Weighted average number of common shares outstanding
|
267,900
|
|
|
252,694
|
|
|
238,920
|
|
|||
Weighted average number of common shares and potential dilutive securities
|
267,900
|
|
|
259,598
|
|
|
238,920
|
|
|||
|
|
|
|
|
|
||||||
Comprehensive income (loss):
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
(75,868
|
)
|
|
$
|
96,309
|
|
|
$
|
65,262
|
|
Other comprehensive income:
|
|
|
|
|
|
||||||
Derivative instrument activity
|
1,704
|
|
|
2,419
|
|
|
4,198
|
|
|||
Other comprehensive income
|
1,704
|
|
|
2,419
|
|
|
4,198
|
|
|||
Comprehensive income (loss)
|
$
|
(74,164
|
)
|
|
$
|
98,728
|
|
|
$
|
69,460
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
(75,868
|
)
|
|
$
|
96,309
|
|
|
$
|
65,262
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation of buildings and tenant improvements
|
262,825
|
|
|
267,222
|
|
|
271,058
|
|
|||
Amortization of deferred leasing and other costs
|
116,594
|
|
|
118,457
|
|
|
89,126
|
|
|||
Amortization of deferred financing costs
|
13,321
|
|
|
14,530
|
|
|
13,897
|
|
|||
Straight-line rent adjustment
|
(19,546
|
)
|
|
(23,877
|
)
|
|
(15,233
|
)
|
|||
Impairment charges
|
—
|
|
|
12,931
|
|
|
9,834
|
|
|||
Loss on debt extinguishment
|
—
|
|
|
—
|
|
|
16,349
|
|
|||
Gain on acquisitions
|
—
|
|
|
(1,057
|
)
|
|
(57,715
|
)
|
|||
Earnings from land and depreciated property sales
|
(13,811
|
)
|
|
(169,431
|
)
|
|
(72,716
|
)
|
|||
Third-party construction contracts, net
|
(10,837
|
)
|
|
(17,352
|
)
|
|
(6,449
|
)
|
|||
Other accrued revenues and expenses, net
|
13,300
|
|
|
24,001
|
|
|
68,892
|
|
|||
Operating distributions received in excess of equity in earnings from unconsolidated companies
|
13,179
|
|
|
15,804
|
|
|
8,851
|
|
|||
Net cash provided by operating activities
|
299,157
|
|
|
337,537
|
|
|
391,156
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Development of real estate investments
|
(264,755
|
)
|
|
(162,070
|
)
|
|
(119,404
|
)
|
|||
Acquisition of real estate investments and related intangible assets, net of cash acquired
|
(665,527
|
)
|
|
(544,816
|
)
|
|
(488,539
|
)
|
|||
Acquisition of undeveloped land
|
(64,944
|
)
|
|
(14,090
|
)
|
|
(14,404
|
)
|
|||
Second generation tenant improvements, leasing costs and building improvements
|
(63,884
|
)
|
|
(99,264
|
)
|
|
(88,723
|
)
|
|||
Other deferred leasing costs
|
(27,772
|
)
|
|
(26,311
|
)
|
|
(38,905
|
)
|
|||
Other assets
|
4,504
|
|
|
747
|
|
|
(7,260
|
)
|
|||
Proceeds from land and depreciated property sales, net
|
138,118
|
|
|
1,572,093
|
|
|
499,520
|
|
|||
Capital distributions from unconsolidated companies
|
5,157
|
|
|
59,252
|
|
|
22,119
|
|
|||
Capital contributions and advances to unconsolidated companies
|
(28,513
|
)
|
|
(34,606
|
)
|
|
(53,194
|
)
|
|||
Net cash provided by (used for) investing activities
|
(967,616
|
)
|
|
750,935
|
|
|
(288,790
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Proceeds from issuance of common shares, net
|
315,295
|
|
|
—
|
|
|
298,004
|
|
|||
Payments for redemption/repurchase of preferred shares
|
(168,272
|
)
|
|
(110,726
|
)
|
|
(118,787
|
)
|
|||
Proceeds from unsecured debt issuance
|
600,000
|
|
|
—
|
|
|
250,000
|
|
|||
Payments on and repurchases of unsecured debt
|
(222,846
|
)
|
|
(334,432
|
)
|
|
(392,597
|
)
|
|||
Proceeds from secured debt financings
|
13,336
|
|
|
—
|
|
|
4,158
|
|
|||
Payments on secured indebtedness including principal amortization
|
(117,287
|
)
|
|
(29,025
|
)
|
|
(207,060
|
)
|
|||
Borrowings (payments) on lines of credit, net
|
264,707
|
|
|
(172,753
|
)
|
|
177,276
|
|
|||
Distributions to common shareholders
|
(181,892
|
)
|
|
(171,814
|
)
|
|
(162,015
|
)
|
|||
Distributions to preferred shareholders
|
(46,438
|
)
|
|
(60,353
|
)
|
|
(69,468
|
)
|
|||
Contributions from (distributions to) noncontrolling interests, net
|
2,179
|
|
|
(5,292
|
)
|
|
(5,741
|
)
|
|||
Buyout of noncontrolling interests
|
(6,208
|
)
|
|
—
|
|
|
—
|
|
|||
Book overdrafts
|
45,272
|
|
|
—
|
|
|
—
|
|
|||
Deferred financing costs
|
(9,307
|
)
|
|
(8,652
|
)
|
|
(5,074
|
)
|
|||
Net cash provided by (used for) financing activities
|
488,539
|
|
|
(893,047
|
)
|
|
(231,304
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
(179,920
|
)
|
|
195,425
|
|
|
(128,938
|
)
|
|||
Cash and cash equivalents at beginning of year
|
213,809
|
|
|
18,384
|
|
|
147,322
|
|
|||
Cash and cash equivalents at end of year
|
$
|
33,889
|
|
|
$
|
213,809
|
|
|
$
|
18,384
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
||||||
Assumption of indebtedness and other liabilities in real estate acquisitions
|
$
|
112,754
|
|
|
$
|
177,082
|
|
|
$
|
527,464
|
|
Contribution of properties to, net of debt assumed by, unconsolidated companies
|
$
|
—
|
|
|
$
|
53,293
|
|
|
$
|
41,609
|
|
Investments and advances related to acquisition of previously unconsolidated companies
|
$
|
—
|
|
|
$
|
5,987
|
|
|
$
|
184,140
|
|
Assumption of indebtedness by buyer in real estate dispositions
|
$
|
—
|
|
|
$
|
24,914
|
|
|
$
|
—
|
|
Conversion of Limited Partner Units to common shares
|
$
|
29,213
|
|
|
$
|
3,130
|
|
|
$
|
(8,055
|
)
|
Issuance of Limited Partner Units for acquisition
|
$
|
—
|
|
|
$
|
28,357
|
|
|
$
|
—
|
|
|
Common Shareholders
|
|
|
|
|
||||||||||||||||||||||
|
Preferred
Stock
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Distributions
in Excess of
Net Income
|
|
Non-
Controlling
Interests
|
|
Total
|
||||||||||||||
Balance at December 31, 2009
|
$
|
1,016,625
|
|
|
$
|
2,240
|
|
|
$
|
3,267,196
|
|
|
$
|
(5,630
|
)
|
|
$
|
(1,355,086
|
)
|
|
$
|
42,515
|
|
|
$
|
2,967,860
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
65,798
|
|
|
(536
|
)
|
|
65,262
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
4,198
|
|
|
—
|
|
|
—
|
|
|
4,198
|
|
|||||||
Issuance of common shares
|
—
|
|
|
265
|
|
|
297,801
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
298,066
|
|
|||||||
Stock based compensation plan activity
|
—
|
|
|
3
|
|
|
13,056
|
|
|
—
|
|
|
(2,531
|
)
|
|
—
|
|
|
10,528
|
|
|||||||
Conversion of Limited Partner Units
|
—
|
|
|
14
|
|
|
(8,069
|
)
|
|
—
|
|
|
—
|
|
|
8,055
|
|
|
—
|
|
|||||||
Distributions to preferred shareholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(69,468
|
)
|
|
—
|
|
|
(69,468
|
)
|
|||||||
Repurchase of preferred shares
|
(112,085
|
)
|
|
—
|
|
|
3,736
|
|
|
—
|
|
|
(10,438
|
)
|
|
—
|
|
|
(118,787
|
)
|
|||||||
Distributions to common shareholders ($0.68 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(162,015
|
)
|
|
—
|
|
|
(162,015
|
)
|
|||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,741
|
)
|
|
(5,741
|
)
|
|||||||
Balance at December 31, 2010
|
$
|
904,540
|
|
|
$
|
2,522
|
|
|
$
|
3,573,720
|
|
|
$
|
(1,432
|
)
|
|
$
|
(1,533,740
|
)
|
|
$
|
44,293
|
|
|
$
|
2,989,903
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
95,565
|
|
|
744
|
|
|
96,309
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
2,419
|
|
|
—
|
|
|
—
|
|
|
2,419
|
|
|||||||
Issuance of Limited Partner Units for acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28,357
|
|
|
28,357
|
|
|||||||
Stock based compensation plan activity
|
—
|
|
|
4
|
|
|
14,041
|
|
|
—
|
|
|
(3,190
|
)
|
|
—
|
|
|
10,855
|
|
|||||||
Conversion of Limited Partner Units
|
—
|
|
|
3
|
|
|
3,127
|
|
|
—
|
|
|
—
|
|
|
(3,130
|
)
|
|
—
|
|
|||||||
Distributions to preferred shareholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(60,353
|
)
|
|
—
|
|
|
(60,353
|
)
|
|||||||
Redemption/repurchase of preferred shares
|
(110,630
|
)
|
|
—
|
|
|
3,700
|
|
|
—
|
|
|
(3,796
|
)
|
|
—
|
|
|
(110,726
|
)
|
|||||||
Distributions to common shareholders ($0.68 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(171,814
|
)
|
|
—
|
|
|
(171,814
|
)
|
|||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,292
|
)
|
|
(5,292
|
)
|
|||||||
Balance at December 31, 2011
|
$
|
793,910
|
|
|
$
|
2,529
|
|
|
$
|
3,594,588
|
|
|
$
|
987
|
|
|
$
|
(1,677,328
|
)
|
|
$
|
64,972
|
|
|
$
|
2,779,658
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(73,977
|
)
|
|
(1,891
|
)
|
|
(75,868
|
)
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,704
|
|
|
—
|
|
|
—
|
|
|
1,704
|
|
|||||||
Issuance of common shares
|
—
|
|
|
227
|
|
|
314,596
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
314,823
|
|
|||||||
Stock based compensation plan activity
|
—
|
|
|
13
|
|
|
9,395
|
|
|
—
|
|
|
(2,976
|
)
|
|
—
|
|
|
6,432
|
|
|||||||
Conversion of Limited Partner Units
|
—
|
|
|
25
|
|
|
29,188
|
|
|
—
|
|
|
—
|
|
|
(29,213
|
)
|
|
—
|
|
|||||||
Distributions to preferred shareholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(46,438
|
)
|
|
—
|
|
|
(46,438
|
)
|
|||||||
Redemption of preferred shares
|
(168,272
|
)
|
|
—
|
|
|
5,730
|
|
|
—
|
|
|
(5,730
|
)
|
|
—
|
|
|
(168,272
|
)
|
|||||||
Distributions to common shareholders ($0.68 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(181,892
|
)
|
|
—
|
|
|
(181,892
|
)
|
|||||||
Contributions from noncontrolling interests, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,179
|
|
|
2,179
|
|
|||||||
Buyout of noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,865
|
)
|
|
(1,343
|
)
|
|
(6,208
|
)
|
|||||||
Balance at December 31, 2012
|
$
|
625,638
|
|
|
$
|
2,794
|
|
|
$
|
3,953,497
|
|
|
$
|
2,691
|
|
|
$
|
(1,993,206
|
)
|
|
$
|
34,704
|
|
|
$
|
2,626,118
|
|
|
2012
|
|
2011
|
||||
ASSETS
|
|
|
|
||||
Real estate investments:
|
|
|
|
||||
Land and improvements
|
$
|
1,284,081
|
|
|
$
|
1,202,872
|
|
Buildings and tenant improvements
|
5,398,886
|
|
|
4,766,793
|
|
||
Construction in progress
|
234,918
|
|
|
44,259
|
|
||
Investments in and advances to unconsolidated companies
|
372,256
|
|
|
364,859
|
|
||
Undeveloped land
|
614,208
|
|
|
622,635
|
|
||
|
7,904,349
|
|
|
7,001,418
|
|
||
Accumulated depreciation
|
(1,296,396
|
)
|
|
(1,108,650
|
)
|
||
Net real estate investments
|
6,607,953
|
|
|
5,892,768
|
|
||
|
|
|
|
||||
Real estate investments and other assets held-for-sale
|
30,937
|
|
|
55,580
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
33,889
|
|
|
213,826
|
|
||
Accounts receivable, net of allowance of $3,374 and $3,597
|
22,283
|
|
|
22,255
|
|
||
Straight-line rent receivable, net of allowance of $6,091 and $7,447
|
120,303
|
|
|
105,900
|
|
||
Receivables on construction contracts, including retentions
|
39,754
|
|
|
40,247
|
|
||
Deferred financing costs, net of accumulated amortization of $48,218 and $59,109
|
40,083
|
|
|
42,268
|
|
||
Deferred leasing and other costs, net of accumulated amortization of $372,047 and $292,334
|
497,827
|
|
|
460,881
|
|
||
Escrow deposits and other assets
|
167,072
|
|
|
170,257
|
|
||
|
$
|
7,560,101
|
|
|
$
|
7,003,982
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Indebtedness:
|
|
|
|
||||
Secured debt
|
$
|
1,167,953
|
|
|
$
|
1,173,233
|
|
Unsecured notes
|
2,993,217
|
|
|
2,616,063
|
|
||
Unsecured lines of credit
|
285,000
|
|
|
20,293
|
|
||
|
4,446,170
|
|
|
3,809,589
|
|
||
|
|
|
|
||||
Liabilities related to real estate investments held-for-sale
|
807
|
|
|
975
|
|
||
|
|
|
|
||||
Construction payables and amounts due subcontractors, including retentions
|
84,679
|
|
|
55,775
|
|
||
Accrued real estate taxes
|
74,565
|
|
|
69,272
|
|
||
Accrued interest
|
59,215
|
|
|
58,904
|
|
||
Other accrued expenses
|
58,048
|
|
|
59,795
|
|
||
Other liabilities
|
167,935
|
|
|
131,735
|
|
||
Tenant security deposits and prepaid rents
|
42,731
|
|
|
38,355
|
|
||
Total liabilities
|
4,934,150
|
|
|
4,224,400
|
|
||
Partners’ equity:
|
|
|
|
||||
General Partner:
|
|
|
|
||||
Common equity (279,423 and 252,927 General Partner Units issued and outstanding)
|
1,967,091
|
|
|
1,923,886
|
|
||
Preferred equity (2,503 and 3,176 Preferred Units issued and outstanding)
|
625,638
|
|
|
793,910
|
|
||
|
2,592,729
|
|
|
2,717,796
|
|
||
Limited Partners' common equity (4,419 and 6,945 Limited Partner Units issued and outstanding)
|
21,383
|
|
|
56,254
|
|
||
Accumulated other comprehensive income
|
2,691
|
|
|
987
|
|
||
Total partners' equity
|
2,616,803
|
|
|
2,775,037
|
|
||
Noncontrolling interests
|
9,148
|
|
|
4,545
|
|
||
Total equity
|
2,625,951
|
|
|
2,779,582
|
|
||
|
$
|
7,560,101
|
|
|
$
|
7,003,982
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Rental and related revenue
|
$
|
834,369
|
|
|
$
|
742,883
|
|
|
$
|
669,543
|
|
General contractor and service fee revenue
|
275,071
|
|
|
521,796
|
|
|
515,361
|
|
|||
|
1,109,440
|
|
|
1,264,679
|
|
|
1,184,904
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Rental expenses
|
153,135
|
|
|
144,617
|
|
|
134,866
|
|
|||
Real estate taxes
|
113,643
|
|
|
102,277
|
|
|
88,606
|
|
|||
General contractor and other services expenses
|
254,870
|
|
|
480,480
|
|
|
486,865
|
|
|||
Depreciation and amortization
|
375,965
|
|
|
326,226
|
|
|
276,045
|
|
|||
|
897,613
|
|
|
1,053,600
|
|
|
986,382
|
|
|||
Other operating activities:
|
|
|
|
|
|
||||||
Equity in earnings of unconsolidated companies
|
4,674
|
|
|
4,565
|
|
|
7,980
|
|
|||
Gain on sale of properties
|
344
|
|
|
68,549
|
|
|
39,662
|
|
|||
Undeveloped land carrying costs
|
(8,829
|
)
|
|
(8,934
|
)
|
|
(9,203
|
)
|
|||
Impairment charges
|
—
|
|
|
(12,931
|
)
|
|
(9,834
|
)
|
|||
Other operating expenses
|
(633
|
)
|
|
(1,237
|
)
|
|
(1,231
|
)
|
|||
General and administrative expenses
|
(46,424
|
)
|
|
(43,107
|
)
|
|
(41,329
|
)
|
|||
|
(50,868
|
)
|
|
6,905
|
|
|
(13,955
|
)
|
|||
Operating income
|
160,959
|
|
|
217,984
|
|
|
184,567
|
|
|||
Other income (expenses):
|
|
|
|
|
|
||||||
Interest and other income, net
|
514
|
|
|
658
|
|
|
534
|
|
|||
Interest expense
|
(245,170
|
)
|
|
(220,455
|
)
|
|
(186,407
|
)
|
|||
Loss on debt transactions
|
—
|
|
|
—
|
|
|
(16,349
|
)
|
|||
Acquisition-related activity
|
(4,192
|
)
|
|
(1,188
|
)
|
|
55,820
|
|
|||
Income (loss) from continuing operations before income taxes
|
(87,889
|
)
|
|
(3,001
|
)
|
|
38,165
|
|
|||
Income tax benefit
|
103
|
|
|
194
|
|
|
1,126
|
|
|||
Income (loss) from continuing operations
|
(87,786
|
)
|
|
(2,807
|
)
|
|
39,291
|
|
|||
Discontinued operations:
|
|
|
|
|
|
||||||
Loss before gain on sales
|
(1,549
|
)
|
|
(1,766
|
)
|
|
(7,083
|
)
|
|||
Gain on sale of depreciable properties
|
13,467
|
|
|
100,882
|
|
|
33,054
|
|
|||
Income from discontinued operations
|
11,918
|
|
|
99,116
|
|
|
25,971
|
|
|||
Net income (loss)
|
(75,868
|
)
|
|
96,309
|
|
|
65,262
|
|
|||
Distributions on Preferred Units
|
(46,438
|
)
|
|
(60,353
|
)
|
|
(69,468
|
)
|
|||
Adjustments for redemption/repurchase of Preferred Units
|
(5,730
|
)
|
|
(3,796
|
)
|
|
(10,438
|
)
|
|||
Net (income) loss attributable to noncontrolling interests
|
(382
|
)
|
|
115
|
|
|
185
|
|
|||
Net income (loss) attributable to common unitholders
|
$
|
(128,418
|
)
|
|
$
|
32,275
|
|
|
$
|
(14,459
|
)
|
Basic net income (loss) per Common Unit:
|
|
|
|
|
|
||||||
Continuing operations attributable to common unitholders
|
$
|
(0.53
|
)
|
|
$
|
(0.27
|
)
|
|
$
|
(0.18
|
)
|
Discontinued operations attributable to common unitholders
|
0.05
|
|
|
0.38
|
|
|
0.11
|
|
|||
Total
|
$
|
(0.48
|
)
|
|
$
|
0.11
|
|
|
$
|
(0.07
|
)
|
Diluted net income (loss) per Common Unit:
|
|
|
|
|
|
||||||
Continuing operations attributable to common unitholders
|
$
|
(0.53
|
)
|
|
$
|
(0.27
|
)
|
|
$
|
(0.18
|
)
|
Discontinued operations attributable to common unitholders
|
0.05
|
|
|
0.38
|
|
|
0.11
|
|
|||
Total
|
$
|
(0.48
|
)
|
|
$
|
0.11
|
|
|
$
|
(0.07
|
)
|
Weighted average number of Common Units outstanding
|
272,729
|
|
|
259,598
|
|
|
244,870
|
|
|||
Weighted average number of Common Units and potential dilutive securities
|
272,729
|
|
|
259,598
|
|
|
244,870
|
|
|||
|
|
|
|
|
|
||||||
Comprehensive income (loss):
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
(75,868
|
)
|
|
$
|
96,309
|
|
|
$
|
65,262
|
|
Other comprehensive income:
|
|
|
|
|
|
||||||
Derivative instrument activity
|
1,704
|
|
|
2,419
|
|
|
4,198
|
|
|||
Other comprehensive income
|
1,704
|
|
|
2,419
|
|
|
4,198
|
|
|||
Comprehensive income (loss)
|
$
|
(74,164
|
)
|
|
$
|
98,728
|
|
|
$
|
69,460
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
(75,868
|
)
|
|
$
|
96,309
|
|
|
$
|
65,262
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation of buildings and tenant improvements
|
262,825
|
|
|
267,222
|
|
|
271,058
|
|
|||
Amortization of deferred leasing and other costs
|
116,594
|
|
|
118,457
|
|
|
89,126
|
|
|||
Amortization of deferred financing costs
|
13,321
|
|
|
14,530
|
|
|
13,897
|
|
|||
Straight-line rent adjustment
|
(19,546
|
)
|
|
(23,877
|
)
|
|
(15,233
|
)
|
|||
Impairment charges
|
—
|
|
|
12,931
|
|
|
9,834
|
|
|||
Loss on debt extinguishment
|
—
|
|
|
—
|
|
|
16,349
|
|
|||
Gain on acquisitions
|
—
|
|
|
(1,057
|
)
|
|
(57,715
|
)
|
|||
Earnings from land and depreciated property sales
|
(13,811
|
)
|
|
(169,431
|
)
|
|
(72,716
|
)
|
|||
Third-party construction contracts, net
|
(10,837
|
)
|
|
(17,352
|
)
|
|
(6,449
|
)
|
|||
Other accrued revenues and expenses, net
|
13,399
|
|
|
24,036
|
|
|
68,512
|
|
|||
Operating distributions received in excess of equity in earnings from unconsolidated companies
|
13,179
|
|
|
15,804
|
|
|
8,851
|
|
|||
Net cash provided by operating activities
|
299,256
|
|
|
337,572
|
|
|
390,776
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Development of real estate investments
|
(264,755
|
)
|
|
(162,070
|
)
|
|
(119,404
|
)
|
|||
Acquisition of real estate investments and related intangible assets, net of cash acquired
|
(665,527
|
)
|
|
(544,816
|
)
|
|
(488,539
|
)
|
|||
Acquisition of undeveloped land
|
(64,944
|
)
|
|
(14,090
|
)
|
|
(14,404
|
)
|
|||
Second generation tenant improvements, leasing costs and building improvements
|
(63,884
|
)
|
|
(99,264
|
)
|
|
(88,723
|
)
|
|||
Other deferred leasing costs
|
(27,772
|
)
|
|
(26,311
|
)
|
|
(38,905
|
)
|
|||
Other assets
|
4,504
|
|
|
747
|
|
|
(7,260
|
)
|
|||
Proceeds from land and depreciated property sales, net
|
138,118
|
|
|
1,572,093
|
|
|
499,520
|
|
|||
Capital distributions from unconsolidated companies
|
5,157
|
|
|
59,252
|
|
|
22,119
|
|
|||
Capital contributions and advances to unconsolidated companies
|
(28,513
|
)
|
|
(34,606
|
)
|
|
(53,194
|
)
|
|||
Net cash provided by (used for) investing activities
|
(967,616
|
)
|
|
750,935
|
|
|
(288,790
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Contributions from the General Partner
|
315,295
|
|
|
—
|
|
|
298,066
|
|
|||
Payments for redemption/repurchase of Preferred Units
|
(168,272
|
)
|
|
(110,726
|
)
|
|
(118,787
|
)
|
|||
Proceeds from unsecured debt issuance
|
600,000
|
|
|
—
|
|
|
250,000
|
|
|||
Payments on and repurchases of unsecured debt
|
(222,846
|
)
|
|
(334,432
|
)
|
|
(392,597
|
)
|
|||
Proceeds from secured debt financings
|
13,336
|
|
|
—
|
|
|
4,158
|
|
|||
Payments on secured indebtedness including principal amortization
|
(117,287
|
)
|
|
(29,025
|
)
|
|
(207,060
|
)
|
|||
Borrowings (payments) on lines of credit, net
|
264,707
|
|
|
(172,753
|
)
|
|
177,276
|
|
|||
Distributions to common unitholders
|
(185,299
|
)
|
|
(176,593
|
)
|
|
(165,881
|
)
|
|||
Distributions to preferred unitholders
|
(46,438
|
)
|
|
(60,353
|
)
|
|
(69,468
|
)
|
|||
Contributions from (distributions to) noncontrolling interests, net
|
5,470
|
|
|
(566
|
)
|
|
(1,739
|
)
|
|||
Buyout of noncontrolling interests
|
(6,208
|
)
|
|
—
|
|
|
—
|
|
|||
Book overdrafts
|
45,272
|
|
|
—
|
|
|
—
|
|
|||
Deferred financing costs
|
(9,307
|
)
|
|
(8,652
|
)
|
|
(5,074
|
)
|
|||
Net cash provided by (used for) financing activities
|
488,423
|
|
|
(893,100
|
)
|
|
(231,106
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
(179,937
|
)
|
|
195,407
|
|
|
(129,120
|
)
|
|||
Cash and cash equivalents at beginning of year
|
213,826
|
|
|
18,419
|
|
|
147,539
|
|
|||
Cash and cash equivalents at end of year
|
$
|
33,889
|
|
|
$
|
213,826
|
|
|
$
|
18,419
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
||||||
Assumption of indebtedness and other liabilities for real estate acquisitions
|
$
|
112,754
|
|
|
$
|
177,082
|
|
|
$
|
527,464
|
|
Contribution of properties to, net of debt assumed by, unconsolidated companies
|
$
|
—
|
|
|
$
|
53,293
|
|
|
$
|
41,609
|
|
Investments and advances related to acquisition of previously unconsolidated companies
|
$
|
—
|
|
|
$
|
5,987
|
|
|
$
|
184,140
|
|
Assumption of indebtedness by buyer in real estate dispositions
|
$
|
—
|
|
|
$
|
24,914
|
|
|
$
|
—
|
|
Conversion of Limited Partner Units to common shares of the General Partner
|
$
|
29,213
|
|
|
$
|
3,130
|
|
|
$
|
(8,055
|
)
|
Issuance of Limited Partner Units for acquisition
|
$
|
—
|
|
|
$
|
28,357
|
|
|
$
|
—
|
|
|
Common Unitholders
|
|
|
|
|
||||||||||||||||||||||
|
|
|
Limited
|
|
Accumulated
|
|
|
|
|
|
|
||||||||||||||||
|
General Partner
|
|
Partners'
|
|
Other
|
|
Total
|
|
|
|
|
||||||||||||||||
|
Common
|
|
Preferred
|
|
Common
|
|
Comprehensive
|
|
Partners'
|
|
Noncontrolling
|
|
Total
|
||||||||||||||
|
Equity
|
|
Equity
|
|
Equity
|
|
Income (Loss)
|
|
Equity
|
|
Interests
|
|
Equity
|
||||||||||||||
Balance at December 31, 2009
|
$
|
1,918,329
|
|
|
$
|
1,016,625
|
|
|
$
|
31,192
|
|
|
$
|
(5,630
|
)
|
|
$
|
2,960,516
|
|
|
$
|
7,150
|
|
|
$
|
2,967,666
|
|
Net income (loss)
|
(3,670
|
)
|
|
69,468
|
|
|
(351
|
)
|
|
—
|
|
|
65,447
|
|
|
(185
|
)
|
|
65,262
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
4,198
|
|
|
4,198
|
|
|
—
|
|
|
4,198
|
|
|||||||
Capital Contribution from the General Partner
|
298,066
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
298,066
|
|
|
—
|
|
|
298,066
|
|
|||||||
Stock based compensation plan activity
|
10,528
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,528
|
|
|
—
|
|
|
10,528
|
|
|||||||
Conversion of Limited Partner Units to common shares of the General Partner
|
(8,055
|
)
|
|
—
|
|
|
8,055
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Distributions to Preferred Unitholders
|
—
|
|
|
(69,468
|
)
|
|
—
|
|
|
—
|
|
|
(69,468
|
)
|
|
—
|
|
|
(69,468
|
)
|
|||||||
Repurchase of Preferred Units
|
(6,702
|
)
|
|
(112,085
|
)
|
|
—
|
|
|
—
|
|
|
(118,787
|
)
|
|
—
|
|
|
(118,787
|
)
|
|||||||
Distributions to Partners ($0.68 per Common Unit)
|
(161,879
|
)
|
|
—
|
|
|
(4,002
|
)
|
|
—
|
|
|
(165,881
|
)
|
|
—
|
|
|
(165,881
|
)
|
|||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,739
|
)
|
|
(1,739
|
)
|
|||||||
Balance at December 31, 2010
|
$
|
2,046,617
|
|
|
$
|
904,540
|
|
|
$
|
34,894
|
|
|
$
|
(1,432
|
)
|
|
$
|
2,984,619
|
|
|
$
|
5,226
|
|
|
$
|
2,989,845
|
|
Net income (loss)
|
35,212
|
|
|
60,353
|
|
|
859
|
|
|
—
|
|
|
96,424
|
|
|
(115
|
)
|
|
96,309
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
2,419
|
|
|
2,419
|
|
|
—
|
|
|
2,419
|
|
|||||||
Issuance of Limited Partner Units for acquisition
|
—
|
|
|
—
|
|
|
28,357
|
|
|
—
|
|
|
28,357
|
|
|
—
|
|
|
28,357
|
|
|||||||
Stock based compensation plan activity
|
10,890
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,890
|
|
|
—
|
|
|
10,890
|
|
|||||||
Conversion of Limited Partner Units to common shares of the General Partner
|
3,130
|
|
|
—
|
|
|
(3,130
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Distributions to Preferred Unitholders
|
—
|
|
|
(60,353
|
)
|
|
—
|
|
|
—
|
|
|
(60,353
|
)
|
|
—
|
|
|
(60,353
|
)
|
|||||||
Redemption/repurchase of Preferred Units
|
(96
|
)
|
|
(110,630
|
)
|
|
—
|
|
|
—
|
|
|
(110,726
|
)
|
|
—
|
|
|
(110,726
|
)
|
|||||||
Distributions to Partners ($0.68 per Common Unit)
|
(171,867
|
)
|
|
—
|
|
|
(4,726
|
)
|
|
—
|
|
|
(176,593
|
)
|
|
—
|
|
|
(176,593
|
)
|
|||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(566
|
)
|
|
(566
|
)
|
|||||||
Balance at December 31, 2011
|
$
|
1,923,886
|
|
|
$
|
793,910
|
|
|
$
|
56,254
|
|
|
$
|
987
|
|
|
$
|
2,775,037
|
|
|
$
|
4,545
|
|
|
$
|
2,779,582
|
|
Net loss
|
(120,415
|
)
|
|
46,438
|
|
|
(2,273
|
)
|
|
—
|
|
|
(76,250
|
)
|
|
382
|
|
|
(75,868
|
)
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,704
|
|
|
1,704
|
|
|
—
|
|
|
1,704
|
|
|||||||
Capital Contribution from the General Partner
|
314,823
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
314,823
|
|
|
—
|
|
|
314,823
|
|
|||||||
Stock based compensation plan activity
|
6,457
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,457
|
|
|
—
|
|
|
6,457
|
|
|||||||
Conversion of Limited Partner Units to common shares of the General Partner
|
29,213
|
|
|
—
|
|
|
(29,213
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Distributions to Preferred Unitholders
|
—
|
|
|
(46,438
|
)
|
|
—
|
|
|
—
|
|
|
(46,438
|
)
|
|
—
|
|
|
(46,438
|
)
|
|||||||
Redemption of Preferred Units
|
—
|
|
|
(168,272
|
)
|
|
—
|
|
|
—
|
|
|
(168,272
|
)
|
|
—
|
|
|
(168,272
|
)
|
|||||||
Distributions to Partners ($0.68 per Common Unit)
|
(182,008
|
)
|
|
—
|
|
|
(3,291
|
)
|
|
—
|
|
|
(185,299
|
)
|
|
—
|
|
|
(185,299
|
)
|
|||||||
Contributions from noncontrolling interests, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,470
|
|
|
5,470
|
|
|||||||
Buyout of noncontrolling interests
|
(4,865
|
)
|
|
—
|
|
|
(94
|
)
|
|
—
|
|
|
(4,959
|
)
|
|
(1,249
|
)
|
|
(6,208
|
)
|
|||||||
Balance at December 31, 2012
|
$
|
1,967,091
|
|
|
$
|
625,638
|
|
|
$
|
21,383
|
|
|
$
|
2,691
|
|
|
$
|
2,616,803
|
|
|
$
|
9,148
|
|
|
$
|
2,625,951
|
|
(1)
|
The Company
|
(2)
|
The Summary of Significant Accounting Policies
|
|
Carrying Value
|
Maximum Loss
Exposure
|
||||||||||
|
December 31, 2012
|
|
December 31, 2011
|
|
December 31, 2012
|
|
December 31, 2011
|
|
||||
Investment in Unconsolidated Companies
|
$
|
54.7
|
|
$
|
33.5
|
|
$
|
54.7
|
|
$
|
33.5
|
|
Guarantee Obligations (1)
|
$
|
(23.3
|
)
|
$
|
(17.7
|
)
|
$
|
(144.8
|
)
|
$
|
(57.0
|
)
|
(1)
|
We are party to guarantees of the third-party debt of these joint ventures and our maximum loss exposure is equal to the maximum monetary obligation pursuant to the guarantee agreements. We have also recorded a liability for our probable future obligation under a guarantee to the lender of one of these ventures, which is included within the carrying value of our guarantee obligations. Pursuant to an agreement with the lender, we may make partner loans to this joint venture that will reduce our maximum guarantee obligation on a dollar-for-dollar basis. The carrying value of our recorded guarantee obligations is included in other liabilities in our Consolidated Balance Sheets.
|
|
2011
|
|
2010
|
||||
Interest expense on Exchangeable Notes, excluding effect of accounting for convertible debt
|
$
|
5,769
|
|
|
$
|
7,136
|
|
Effect of accounting for convertible debt
|
2,090
|
|
|
2,474
|
|
||
Total interest expense on Exchangeable Notes
|
$
|
7,859
|
|
|
$
|
9,610
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
General Partner
|
|
|
|
|
|
||||||
Net income (loss) attributable to common shareholders
|
$
|
(126,145
|
)
|
|
$
|
31,416
|
|
|
$
|
(14,108
|
)
|
Less: Dividends on participating securities
|
(3,075
|
)
|
|
(3,243
|
)
|
|
(2,513
|
)
|
|||
Basic net income (loss) attributable to common shareholders
|
(129,220
|
)
|
|
28,173
|
|
|
(16,621
|
)
|
|||
Noncontrolling interest in earnings of common unitholders
|
—
|
|
|
859
|
|
|
—
|
|
|||
Diluted net income (loss) attributable to common shareholders
|
$
|
(129,220
|
)
|
|
$
|
29,032
|
|
|
$
|
(16,621
|
)
|
Weighted average number of common shares outstanding
|
267,900
|
|
|
252,694
|
|
|
238,920
|
|
|||
Weighted average Limited Partner Units outstanding
|
—
|
|
|
6,904
|
|
|
—
|
|
|||
Other potential dilutive shares
|
—
|
|
|
—
|
|
|
—
|
|
|||
Weighted average number of common shares and potential dilutive securities
|
267,900
|
|
|
259,598
|
|
|
238,920
|
|
|||
|
|
|
|
|
|
||||||
Partnership
|
|
|
|
|
|
||||||
Net income (loss) attributable to common unitholders
|
$
|
(128,418
|
)
|
|
$
|
32,275
|
|
|
$
|
(14,459
|
)
|
Less: Distributions on participating securities
|
(3,075
|
)
|
|
(3,243
|
)
|
|
(2,513
|
)
|
|||
Basic and diluted net loss attributable to common unitholders
|
$
|
(131,493
|
)
|
|
$
|
29,032
|
|
|
$
|
(16,972
|
)
|
Weighted average number of Common Units outstanding
|
272,729
|
|
|
259,598
|
|
|
244,870
|
|
|||
Other potential dilutive units
|
—
|
|
|
—
|
|
|
—
|
|
|||
Weighted average number of Common Units and potential dilutive securities
|
272,729
|
|
|
259,598
|
|
|
244,870
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
General Partner
|
|
|
|
|
|
||||||
Noncontrolling interest in loss of common unitholders
|
$
|
(2,273
|
)
|
|
$
|
—
|
|
|
$
|
(351
|
)
|
Weighted average Limited Partner Units outstanding
|
4,829
|
|
|
—
|
|
|
5,950
|
|
|||
General Partner and Partnership
|
|
|
|
|
|
||||||
Other potential dilutive shares or units:
|
|
|
|
|
|
||||||
Anti-dilutive outstanding potential shares or units under fixed stock option and other stock-based compensation plans
|
1,859
|
|
|
1,677
|
|
|
1,779
|
|
|||
Anti-dilutive potential shares under the Exchangeable Notes
|
—
|
|
|
3,140
|
|
|
3,890
|
|
|||
Outstanding participating securities
|
4,099
|
|
|
4,780
|
|
|
4,331
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Net income (loss)
|
$
|
(75,868
|
)
|
|
$
|
96,309
|
|
|
$
|
65,262
|
|
Book/tax differences
|
148,456
|
|
|
(12,885
|
)
|
|
74,065
|
|
|||
Taxable income before the dividends paid deduction
|
72,588
|
|
|
83,424
|
|
|
139,327
|
|
|||
Less: capital gains
|
—
|
|
|
—
|
|
|
(62,403
|
)
|
|||
Adjusted taxable income subject to the 90% distribution requirement
|
$
|
72,588
|
|
|
$
|
83,424
|
|
|
$
|
76,924
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Total Cash dividends paid
|
$
|
228,330
|
|
|
$
|
232,203
|
|
|
$
|
231,446
|
|
Less: Return of capital
|
(152,677
|
)
|
|
(144,208
|
)
|
|
(86,630
|
)
|
|||
Dividends paid deduction
|
75,653
|
|
|
87,995
|
|
|
144,816
|
|
|||
Less: Capital gain distributions
|
—
|
|
|
—
|
|
|
(62,403
|
)
|
|||
Dividends paid deduction attributable to adjusted taxable income subject to the 90% distribution requirement
|
$
|
75,653
|
|
|
$
|
87,995
|
|
|
$
|
82,413
|
|
|
2012
|
|
2011
|
|
2010
|
|||
Common Shares
|
|
|
|
|
|
|||
Ordinary income
|
14.1
|
%
|
|
3.3
|
%
|
|
24.9
|
%
|
Return of capital
|
85.9
|
%
|
|
96.7
|
%
|
|
56.3
|
%
|
Capital gains
|
—
|
%
|
|
—
|
%
|
|
18.8
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Preferred Shares
|
|
|
|
|
|
|||
Ordinary income
|
100.0
|
%
|
|
100.0
|
%
|
|
57.0
|
%
|
Capital gains
|
—
|
%
|
|
—
|
%
|
|
43.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
(3)
|
Significant Acquisitions and Dispositions
|
|
|
||
Real estate assets
|
$
|
668,149
|
|
Lease-related intangible assets
|
111,509
|
|
|
Other assets
|
5,714
|
|
|
Total acquired assets
|
785,372
|
|
|
Secured debt
|
100,826
|
|
|
Other liabilities
|
11,928
|
|
|
Total assumed liabilities
|
112,754
|
|
|
Fair value of acquired net assets
|
$
|
672,618
|
|
|
Acquired During Year Ended December 31, 2011
|
|
Acquired During Year Ended December 31, 2010
|
|
Total
|
|
|||||
Real estate assets
|
$
|
153,656
|
|
|
$
|
249,960
|
|
|
$
|
403,616
|
|
Lease-related intangible assets
|
25,445
|
|
|
31,091
|
|
|
56,536
|
|
|||
Other assets
|
2,571
|
|
|
1,801
|
|
|
4,372
|
|
|||
Total acquired assets
|
181,672
|
|
|
282,852
|
|
|
464,524
|
|
|||
Secured debt
|
125,003
|
|
|
158,238
|
|
|
283,241
|
|
|||
Other liabilities
|
4,284
|
|
|
4,075
|
|
|
8,359
|
|
|||
Total assumed liabilities
|
129,287
|
|
|
162,313
|
|
|
291,600
|
|
|||
Fair value of acquired net assets
|
$
|
52,385
|
|
|
$
|
120,539
|
|
|
$
|
172,924
|
|
Real estate assets
|
$
|
503,556
|
|
Lease-related intangible assets
|
70,994
|
|
|
Other assets
|
879
|
|
|
Total acquired assets
|
575,429
|
|
|
Secured debt
|
40,072
|
|
|
Other liabilities
|
8,300
|
|
|
Total assumed liabilities
|
48,372
|
|
|
Fair value of acquired net assets
|
$
|
527,057
|
|
Real estate assets
|
$
|
502,418
|
|
Lease-related intangible assets
|
107,155
|
|
|
Other assets
|
28,658
|
|
|
Total acquired assets
|
638,231
|
|
|
Secured debt
|
285,376
|
|
|
Other liabilities
|
20,243
|
|
|
Total assumed liabilities
|
305,619
|
|
|
Fair value of acquired net assets (represents 100% interest)
|
$
|
332,612
|
|
Fair value of existing interest (represents 50% interest)
|
$
|
166,306
|
|
Less:
|
|
||
Carrying value of investment in Dugan
|
158,591
|
|
|
Put option liability derecognized
|
(50,000
|
)
|
|
|
108,591
|
|
|
|
|
||
Gain on acquisition
|
$
|
57,715
|
|
Real estate assets
|
$
|
254,014
|
|
Lease-related intangible assets
|
71,844
|
|
|
Other assets
|
3,652
|
|
|
Total acquired assets
|
329,510
|
|
|
Secured and unsecured debt
|
63,458
|
|
|
Other liabilities
|
5,645
|
|
|
Total assumed liabilities
|
69,103
|
|
|
Fair value of acquired net assets
|
$
|
260,407
|
|
(4)
|
Related Party Transactions
|
|
2012
|
|
2011
|
|
2010
|
||||||
Management fees
|
$
|
11,018
|
|
|
$
|
10,090
|
|
|
$
|
7,620
|
|
Leasing fees
|
3,411
|
|
|
4,417
|
|
|
2,700
|
|
|||
Construction and development fees
|
4,739
|
|
|
6,711
|
|
|
10,257
|
|
(5)
|
Investments in Unconsolidated Companies
|
|
2012
|
|
2011
|
|
2010
|
||||||
Rental revenue
|
$
|
291,534
|
|
|
$
|
272,937
|
|
|
$
|
228,378
|
|
Net income
|
$
|
3,125
|
|
|
$
|
10,709
|
|
|
$
|
19,202
|
|
|
|
|
|
|
|
||||||
Land, buildings and tenant improvements, net
|
$
|
1,991,823
|
|
|
$
|
2,051,412
|
|
|
|
||
Construction in progress
|
61,663
|
|
|
12,208
|
|
|
|
||||
Undeveloped land
|
175,143
|
|
|
177,742
|
|
|
|
||||
Other assets
|
289,173
|
|
|
309,409
|
|
|
|
||||
|
$
|
2,517,802
|
|
|
$
|
2,550,771
|
|
|
|
||
|
|
|
|
|
|
||||||
Indebtedness
|
$
|
1,314,502
|
|
|
$
|
1,317,554
|
|
|
|
||
Other liabilities
|
70,519
|
|
|
71,241
|
|
|
|
||||
|
1,385,021
|
|
|
1,388,795
|
|
|
|
||||
Owners' equity
|
1,132,781
|
|
|
1,161,976
|
|
|
|
||||
|
$
|
2,517,802
|
|
|
$
|
2,550,771
|
|
|
|
Year
|
Future Repayments
|
||
2013
|
$
|
119,387
|
|
2014
|
51,757
|
|
|
2015
|
69,834
|
|
|
2016
|
14,948
|
|
|
2017
|
101,922
|
|
|
Thereafter
|
54,562
|
|
|
|
$
|
412,410
|
|
(6)
|
Discontinued Operations and Assets Held for Sale
|
|
Held For Sale at December 31, 2012
|
|
Sold in 2012
|
|
Sold in 2011
|
|
Sold in 2010
|
|
Total
|
Office
|
0
|
|
10
|
|
93
|
|
11
|
|
114
|
Industrial
|
0
|
|
17
|
|
7
|
|
6
|
|
30
|
Medical Office
|
2
|
|
0
|
|
0
|
|
0
|
|
2
|
Retail
|
0
|
|
1
|
|
1
|
|
2
|
|
4
|
|
2
|
|
28
|
|
101
|
|
19
|
|
150
|
|
2012
|
|
2011
|
|
2010
|
||||||
Revenues
|
$
|
8,284
|
|
|
$
|
194,166
|
|
|
$
|
248,024
|
|
Operating expenses
|
(3,286
|
)
|
|
(89,123
|
)
|
|
(107,412
|
)
|
|||
Depreciation and amortization
|
(3,454
|
)
|
|
(59,453
|
)
|
|
(84,139
|
)
|
|||
Operating income
|
1,544
|
|
|
45,590
|
|
|
56,473
|
|
|||
Interest expense
|
(3,093
|
)
|
|
(47,356
|
)
|
|
(63,556
|
)
|
|||
Loss before gain on sales
|
(1,549
|
)
|
|
(1,766
|
)
|
|
(7,083
|
)
|
|||
Gain on sale of depreciable properties
|
13,467
|
|
|
100,882
|
|
|
33,054
|
|
|||
Income from discontinued operations
|
$
|
11,918
|
|
|
$
|
99,116
|
|
|
$
|
25,971
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Loss from continuing operations attributable to common shareholders
|
$
|
(137,852
|
)
|
|
$
|
(65,064
|
)
|
|
$
|
(39,448
|
)
|
Income from discontinued operations attributable to common shareholders
|
11,707
|
|
|
96,480
|
|
|
25,340
|
|
|||
Net income (loss) attributable to common shareholders
|
$
|
(126,145
|
)
|
|
$
|
31,416
|
|
|
$
|
(14,108
|
)
|
|
December 31, 2012
|
|
December 31, 2011
|
||||
Real estate investment, net
|
$
|
24,994
|
|
|
$
|
49,735
|
|
Other assets
|
5,943
|
|
|
5,845
|
|
||
Total assets held-for-sale
|
$
|
30,937
|
|
|
$
|
55,580
|
|
|
|
|
|
||||
Accrued expenses
|
$
|
94
|
|
|
$
|
254
|
|
Other liabilities
|
713
|
|
|
721
|
|
||
Total liabilities held-for-sale
|
$
|
807
|
|
|
$
|
975
|
|
(7)
|
Indebtedness
|
|
Maturity Date
|
|
Weighted Average Interest Rate
|
|
Weighted Average Interest Rate
|
|
|
|
|
||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|||||||
Fixed rate secured debt
|
2013 to 2027
|
|
6.19
|
%
|
|
6.25
|
%
|
|
$
|
1,149,541
|
|
|
$
|
1,167,188
|
|
Variable rate secured debt
|
2014 to 2025
|
|
2.01
|
%
|
|
0.21
|
%
|
|
18,412
|
|
|
6,045
|
|
||
Fixed rate unsecured debt
|
2013 to 2028
|
|
6.17
|
%
|
|
6.56
|
%
|
|
2,993,217
|
|
|
2,616,063
|
|
||
Unsecured lines of credit
|
2015
|
|
1.47
|
%
|
|
1.14
|
%
|
|
285,000
|
|
|
20,293
|
|
||
|
|
|
|
|
|
|
$
|
4,446,170
|
|
|
$
|
3,809,589
|
|
•
|
In
October 2012
, we repaid
$50.0 million
of medium term notes, which had an effective interest rate of
5.45%
, at their scheduled maturity date.
|
•
|
In
September 2012
, we issued
$300.0 million
of unsecured notes that bear interest at
3.875%
, have an effective rate of
3.925%
, and mature on
October 15, 2022
.
|
•
|
In
August 2012
, we repaid
$150.0 million
of senior unsecured notes, which had an effective interest rate of
6.01%
, at their scheduled maturity date.
|
•
|
In
July 2012
, one of our consolidated subsidiaries repaid
$21.0 million
of variable rate unsecured debt, which bore interest at a rate of LIBOR plus
0.85%
, at its scheduled maturity date.
|
•
|
In
June 2012
, we issued
$300.0 million
of senior unsecured notes that bear interest at
4.375%
, have an effective rate of
4.466%
and mature on
June 15, 2022
.
|
•
|
In
December 2011
, we repaid
$167.6 million
of our 3.75% Exchangeable Notes at their scheduled maturity date. Due to accounting requirements, which required us to record interest expense on this debt at a similar rate as could have been obtained for non-convertible debt, this debt had an effective interest rate of
5.62%
.
|
•
|
In
August 2011
, we repaid
$122.5 million
of senior unsecured notes, which had an effective interest rate of
5.69%
, at their scheduled maturity date.
|
•
|
In
March 2011
, we repaid
$42.5 million
of senior unsecured notes, which had an effective interest rate of
6.96%
, at their scheduled maturity date.
|
|
|
|
|
|
Outstanding Balance at
|
||||
Description
|
Maximum Capacity
|
|
Maturity Date
|
|
December 31, 2012
|
||||
Unsecured Line of Credit – Partnership
|
$
|
850,000
|
|
|
December 2015
|
|
$
|
285,000
|
|
|
Book Value at
|
|
Book Value at
|
|
Fair Value at
|
|
Issuances
|
|
|
|
Adjustments
|
|
Fair Value at
|
||||||||||||||
|
December 31, 2011
|
|
December 31, 2012
|
|
December 31, 2011
|
|
and
Assumptions |
|
Payoffs
|
|
to Fair
Value |
|
December 31, 2012
|
||||||||||||||
Fixed rate secured debt
|
$
|
1,167,188
|
|
|
$
|
1,149,541
|
|
|
$
|
1,256,331
|
|
|
$
|
100,826
|
|
|
$
|
(116,319
|
)
|
|
$
|
10,639
|
|
|
$
|
1,251,477
|
|
Variable rate secured debt
|
6,045
|
|
|
18,412
|
|
|
6,045
|
|
|
13,336
|
|
|
(968
|
)
|
|
(27
|
)
|
|
18,386
|
|
|||||||
Unsecured notes
|
2,616,063
|
|
|
2,993,217
|
|
|
2,834,610
|
|
|
600,000
|
|
|
(222,846
|
)
|
|
124,622
|
|
|
3,336,386
|
|
|||||||
Unsecured lines of credit
|
20,293
|
|
|
285,000
|
|
|
20,244
|
|
|
285,000
|
|
|
(20,293
|
)
|
|
681
|
|
|
285,632
|
|
|||||||
Total
|
$
|
3,809,589
|
|
|
$
|
4,446,170
|
|
|
$
|
4,117,230
|
|
|
$
|
999,162
|
|
|
$
|
(360,426
|
)
|
|
$
|
135,915
|
|
|
$
|
4,891,881
|
|
Year
|
Amount
|
||
2013
|
$
|
547,732
|
|
2014
|
331,563
|
|
|
2015
|
679,945
|
|
|
2016
|
544,840
|
|
|
2017
|
566,611
|
|
|
Thereafter
|
1,768,944
|
|
|
|
$
|
4,439,635
|
|
(8)
|
Segment Reporting
|
|
2012
|
|
2011
|
|
2010
|
||||||
Revenues
|
|
|
|
|
|
||||||
Rental Operations:
|
|
|
|
|
|
||||||
Industrial
|
$
|
438,525
|
|
|
$
|
379,030
|
|
|
$
|
280,538
|
|
Office
|
267,982
|
|
|
272,807
|
|
|
313,712
|
|
|||
Medical Office
|
98,647
|
|
|
57,673
|
|
|
44,287
|
|
|||
Non-reportable Rental Operations
|
21,794
|
|
|
21,829
|
|
|
19,912
|
|
|||
General contractor and service fee revenue ("Service Operations")
|
275,071
|
|
|
521,796
|
|
|
515,361
|
|
|||
Total Segment Revenues
|
1,102,019
|
|
|
1,253,135
|
|
|
1,173,810
|
|
|||
Other Revenue
|
7,421
|
|
|
11,544
|
|
|
11,094
|
|
|||
Consolidated Revenue from continuing operations
|
1,109,440
|
|
|
1,264,679
|
|
|
1,184,904
|
|
|||
Discontinued Operations
|
8,284
|
|
|
194,166
|
|
|
248,024
|
|
|||
Consolidated Revenue
|
$
|
1,117,724
|
|
|
$
|
1,458,845
|
|
|
$
|
1,432,928
|
|
Reconciliation of Funds From Operations
|
|
|
|
|
|
||||||
Net earnings excluding depreciation and Non-Segment Items
|
|
|
|
|
|
||||||
Industrial
|
$
|
327,175
|
|
|
$
|
278,315
|
|
|
$
|
210,202
|
|
Office
|
155,456
|
|
|
160,530
|
|
|
185,914
|
|
|||
Medical Office
|
65,932
|
|
|
35,450
|
|
|
28,177
|
|
|||
Non-reportable Rental Operations
|
15,300
|
|
|
15,563
|
|
|
13,646
|
|
|||
Service Operations
|
20,201
|
|
|
41,316
|
|
|
28,496
|
|
|||
|
584,064
|
|
|
531,174
|
|
|
466,435
|
|
|||
Non-Segment Items:
|
|
|
|
|
|
||||||
Interest expense
|
(245,170
|
)
|
|
(220,455
|
)
|
|
(186,407
|
)
|
|||
Impairment charges on non-depreciable properties
|
—
|
|
|
(12,931
|
)
|
|
(9,834
|
)
|
|||
Interest and other income
|
514
|
|
|
658
|
|
|
534
|
|
|||
Other operating expenses
|
(633
|
)
|
|
(1,237
|
)
|
|
(1,231
|
)
|
|||
General and administrative expenses
|
(46,424
|
)
|
|
(43,107
|
)
|
|
(41,329
|
)
|
|||
Undeveloped land carrying costs
|
(8,829
|
)
|
|
(8,934
|
)
|
|
(9,203
|
)
|
|||
Loss on debt transactions
|
—
|
|
|
—
|
|
|
(16,349
|
)
|
|||
Acquisition-related activity
|
(4,192
|
)
|
|
(1,188
|
)
|
|
55,820
|
|
|||
Income tax benefit
|
103
|
|
|
194
|
|
|
1,126
|
|
|||
Other non-segment income
|
3,728
|
|
|
6,131
|
|
|
8,132
|
|
|||
Net (income) loss attributable to noncontrolling interests - consolidated entities not wholly owned by the Partnership
|
(382
|
)
|
|
115
|
|
|
185
|
|
|||
Joint venture items
|
37,469
|
|
|
38,161
|
|
|
40,346
|
|
|||
Dividends on preferred shares/Preferred Units
|
(46,438
|
)
|
|
(60,353
|
)
|
|
(69,468
|
)
|
|||
Adjustments for redemption/repurchase of preferred shares/Preferred Units
|
(5,730
|
)
|
|
(3,796
|
)
|
|
(10,438
|
)
|
|||
Discontinued operations
|
1,905
|
|
|
57,687
|
|
|
77,056
|
|
|||
FFO attributable to common unitholders of the Partnership
|
269,985
|
|
|
282,119
|
|
|
305,375
|
|
|||
Net (income) loss attributable to noncontrolling interests - common limited partnership interests in the Partnership
|
2,273
|
|
|
(859
|
)
|
|
351
|
|
|||
Noncontrolling interest share of FFO adjustments
|
(7,054
|
)
|
|
(6,644
|
)
|
|
(7,771
|
)
|
|||
FFO attributable to common shareholders of the General Partner
|
265,204
|
|
|
274,616
|
|
|
297,955
|
|
|||
Depreciation and amortization on continuing operations
|
(375,965
|
)
|
|
(326,226
|
)
|
|
(276,045
|
)
|
|||
Depreciation and amortization on discontinued operations
|
(3,454
|
)
|
|
(59,453
|
)
|
|
(84,139
|
)
|
|||
Company's share of joint venture adjustments
|
(34,702
|
)
|
|
(33,687
|
)
|
|
(34,674
|
)
|
|||
Earnings from depreciated property sales on continuing operations
|
344
|
|
|
68,549
|
|
|
39,662
|
|
|||
Earnings from depreciated property sales on discontinued operations
|
13,467
|
|
|
100,882
|
|
|
33,054
|
|
|||
Earnings from depreciated property sales - share of joint venture
|
1,907
|
|
|
91
|
|
|
2,308
|
|
|||
Noncontrolling interest share of FFO adjustments
|
7,054
|
|
|
6,644
|
|
|
7,771
|
|
|||
Net income (loss) attributable to common shareholders of the General Partner
|
$
|
(126,145
|
)
|
|
$
|
31,416
|
|
|
$
|
(14,108
|
)
|
Add back: Net income (loss) attributable to noncontrolling interests - common limited partnership interests in the Partnership
|
(2,273
|
)
|
|
859
|
|
|
(351
|
)
|
|||
Net income (loss) attributable to common unitholders of the Partnership
|
$
|
(128,418
|
)
|
|
$
|
32,275
|
|
|
$
|
(14,459
|
)
|
|
December 31, 2012
|
|
December 31, 2011
|
||||
Assets
|
|
|
|
||||
Rental Operations:
|
|
|
|
||||
Industrial
|
$
|
3,836,721
|
|
|
$
|
3,586,250
|
|
Office
|
1,683,314
|
|
|
1,742,196
|
|
||
Medical Office
|
1,202,929
|
|
|
580,177
|
|
||
Non-reportable Rental Operations
|
175,197
|
|
|
209,056
|
|
||
Service Operations
|
162,219
|
|
|
167,382
|
|
||
Total Segment Assets
|
7,060,380
|
|
|
6,285,061
|
|
||
Non-Segment Assets - Partnership
|
499,721
|
|
|
718,921
|
|
||
Consolidated Assets - Partnership
|
$
|
7,560,101
|
|
|
$
|
7,003,982
|
|
Non-Segment Assets - General Partner
|
—
|
|
|
455
|
|
||
Consolidated Assets - General Partner
|
$
|
7,560,101
|
|
|
$
|
7,004,437
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Second Generation Capital Expenditures
|
|
|
|
|
|
||||||
Industrial
|
$
|
33,095
|
|
|
$
|
34,872
|
|
|
$
|
23,271
|
|
Office
|
30,092
|
|
|
63,933
|
|
|
65,203
|
|
|||
Medical Office
|
641
|
|
|
410
|
|
|
183
|
|
|||
Non-reportable Rental Operations segments
|
56
|
|
|
49
|
|
|
66
|
|
|||
Total
|
$
|
63,884
|
|
|
$
|
99,264
|
|
|
$
|
88,723
|
|
(9)
|
Leasing Activity
|
Year
|
Amount
|
||
2013
|
$
|
667,886
|
|
2014
|
628,433
|
|
|
2015
|
564,516
|
|
|
2016
|
499,342
|
|
|
2017
|
426,569
|
|
|
Thereafter
|
1,630,698
|
|
|
|
$
|
4,417,444
|
|
(10)
|
Employee Benefit Plans
|
(11)
|
Shareholders' Equity of the General Partner and Partners' Capital of the Partnership
|
Description
|
Shares
Outstanding
|
|
Dividend
Rate
|
|
Optional
Redemption
Date
|
|
Liquidation
Preference
|
|
Series J Preferred
|
396
|
|
6.625
|
%
|
|
August 29, 2008
|
|
$99,058
|
Series K Preferred
|
598
|
|
6.500
|
%
|
|
February 13, 2009
|
|
$149,550
|
Series L Preferred
|
796
|
|
6.600
|
%
|
|
November 30, 2009
|
|
$199,075
|
Series O Preferred
|
712
|
|
8.375
|
%
|
|
February 22, 2013
|
|
$177,955
|
(12)
|
Stock Based Compensation
|
Restricted Stock Units
|
Number of
RSUs
|
|
Weighted
Average
Grant Date
Fair Value
|
|
RSUs at December 31, 2011
|
3,503,400
|
|
|
$11.59
|
Granted
|
877,009
|
|
|
$13.81
|
Vested
|
(1,647,900
|
)
|
|
$11.69
|
Forfeited
|
(51,744
|
)
|
|
$11.84
|
RSUs at December 31, 2012
|
2,680,765
|
|
|
$12.26
|
(13)
|
Financial Instruments
|
(14)
|
Commitments and Contingencies
|
(15)
|
Subsequent Events
|
Class of stock/units
|
Quarterly
Amount per Share or Unit
|
|
Record Date
|
|
Payment Date
|
||
Common
|
$
|
0.170000
|
|
|
February 13, 2013
|
|
February 28, 2013
|
Preferred (per depositary share):
|
|
|
|
|
|
||
Series J
|
$
|
0.414063
|
|
|
February 13, 2013
|
|
February 28, 2013
|
Series K
|
$
|
0.406250
|
|
|
February 13, 2013
|
|
February 28, 2013
|
Series L
|
$
|
0.412500
|
|
|
February 13, 2013
|
|
February 28, 2013
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
555 Joliet Road
|
|
Industrial
|
5,988
|
|
|
2,184
|
|
|
9,263
|
|
|
859
|
|
|
2,332
|
|
|
9,974
|
|
|
12,306
|
|
|
3,103
|
|
2002
|
2002
|
|
Dawes Transportation
|
|
Industrial
|
—
|
|
|
3,050
|
|
|
4,453
|
|
|
16
|
|
|
3,050
|
|
|
4,469
|
|
|
7,519
|
|
|
1,903
|
|
2005
|
2005
|
|
Chapco Carton Company
|
|
Industrial
|
2,746
|
|
|
917
|
|
|
4,527
|
|
|
91
|
|
|
917
|
|
|
4,618
|
|
|
5,535
|
|
|
1,296
|
|
1999
|
2002
|
|
Crossroads 1
|
|
Industrial
|
—
|
|
|
1,418
|
|
|
5,794
|
|
|
444
|
|
|
1,418
|
|
|
6,238
|
|
|
7,656
|
|
|
584
|
|
1998
|
2010
|
|
Crossroads 3
|
|
Industrial
|
—
|
|
|
1,330
|
|
|
4,497
|
|
|
61
|
|
|
1,330
|
|
|
4,558
|
|
|
5,888
|
|
|
491
|
|
2000
|
2010
|
|
370 Crossroads Parkway
|
|
Industrial
|
—
|
|
|
2,409
|
|
|
5,324
|
|
|
126
|
|
|
2,409
|
|
|
5,450
|
|
|
7,859
|
|
|
436
|
|
1989
|
2011
|
|
605 Crossroads Parkway
|
|
Industrial
|
—
|
|
|
3,656
|
|
|
8,856
|
|
|
127
|
|
|
3,656
|
|
|
8,983
|
|
|
12,639
|
|
|
993
|
|
1998
|
2011
|
|
335 Crossroads Parkway
|
|
Industrial
|
—
|
|
|
2,574
|
|
|
8,384
|
|
|
—
|
|
|
2,574
|
|
|
8,384
|
|
|
10,958
|
|
|
—
|
|
1997
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Boynton Beach, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Gateway Center 1
|
|
Industrial
|
6,735
|
|
|
4,271
|
|
|
6,153
|
|
|
75
|
|
|
4,271
|
|
|
6,228
|
|
|
10,499
|
|
|
669
|
|
2002
|
2010
|
|
Gateway Center 2
|
|
Industrial
|
4,432
|
|
|
2,006
|
|
|
5,030
|
|
|
8
|
|
|
2,006
|
|
|
5,038
|
|
|
7,044
|
|
|
503
|
|
2002
|
2010
|
|
Gateway Center 3
|
|
Industrial
|
3,748
|
|
|
2,381
|
|
|
3,371
|
|
|
7
|
|
|
2,381
|
|
|
3,378
|
|
|
5,759
|
|
|
392
|
|
2002
|
2010
|
|
Gateway Center 4
|
|
Industrial
|
3,087
|
|
|
1,800
|
|
|
2,815
|
|
|
12
|
|
|
1,800
|
|
|
2,827
|
|
|
4,627
|
|
|
367
|
|
2000
|
2010
|
|
Gateway Center 5
|
|
Industrial
|
2,391
|
|
|
1,238
|
|
|
2,027
|
|
|
624
|
|
|
1,238
|
|
|
2,651
|
|
|
3,889
|
|
|
203
|
|
2000
|
2010
|
|
Gateway Center 6
|
|
Industrial
|
2,266
|
|
|
1,238
|
|
|
1,940
|
|
|
566
|
|
|
1,238
|
|
|
2,506
|
|
|
3,744
|
|
|
221
|
|
2000
|
2010
|
|
Gateway Center 7
|
|
Industrial
|
3,320
|
|
|
1,800
|
|
|
2,925
|
|
|
7
|
|
|
1,800
|
|
|
2,932
|
|
|
4,732
|
|
|
345
|
|
2000
|
2010
|
|
Gateway Center 8
|
|
Industrial
|
9,839
|
|
|
4,781
|
|
|
10,352
|
|
|
547
|
|
|
4,781
|
|
|
10,899
|
|
|
15,680
|
|
|
846
|
|
2004
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Braselton, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Braselton II
|
|
Industrial
|
—
|
|
|
1,365
|
|
|
8,706
|
|
|
2,049
|
|
|
1,884
|
|
|
10,236
|
|
|
12,120
|
|
|
3,632
|
|
2001
|
2001
|
|
625 Braselton Pkwy
|
|
Industrial
|
17,970
|
|
|
9,855
|
|
|
21,466
|
|
|
4,889
|
|
|
11,062
|
|
|
25,148
|
|
|
36,210
|
|
|
6,622
|
|
2006
|
2005
|
|
1350 Braselton Parkway
|
|
Industrial
|
—
|
|
|
8,227
|
|
|
8,874
|
|
|
5,193
|
|
|
8,227
|
|
|
14,067
|
|
|
22,294
|
|
|
3,770
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Brentwood, Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Brentwood South Bus Ctr I
|
|
Industrial
|
—
|
|
|
1,065
|
|
|
5,209
|
|
|
1,435
|
|
|
1,065
|
|
|
6,644
|
|
|
7,709
|
|
|
2,419
|
|
1987
|
1999
|
|
Brentwood South Bus Ctr II
|
|
Industrial
|
—
|
|
|
1,065
|
|
|
2,577
|
|
|
1,515
|
|
|
1,065
|
|
|
4,092
|
|
|
5,157
|
|
|
1,504
|
|
1987
|
1999
|
|
Brentwood South Bus Ctr III
|
|
Industrial
|
—
|
|
|
848
|
|
|
3,518
|
|
|
1,107
|
|
|
848
|
|
|
4,625
|
|
|
5,473
|
|
|
1,528
|
|
1989
|
1999
|
|
Creekside Crossing I
|
|
Office
|
—
|
|
|
1,900
|
|
|
7,042
|
|
|
1,740
|
|
|
1,901
|
|
|
8,781
|
|
|
10,682
|
|
|
3,927
|
|
1998
|
1998
|
|
Creekside Crossing II
|
|
Office
|
—
|
|
|
2,087
|
|
|
6,566
|
|
|
2,109
|
|
|
2,087
|
|
|
8,675
|
|
|
10,762
|
|
|
3,317
|
|
2000
|
2000
|
|
Creekside Crossing III
|
|
Office
|
—
|
|
|
2,969
|
|
|
7,420
|
|
|
2,596
|
|
|
2,969
|
|
|
10,016
|
|
|
12,985
|
|
|
2,671
|
|
2006
|
2006
|
|
Creekside Crossing IV
|
|
Office
|
—
|
|
|
2,966
|
|
|
6,989
|
|
|
4,980
|
|
|
2,877
|
|
|
12,058
|
|
|
14,935
|
|
|
3,510
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Bridgeton, Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
DukePort I
|
|
Industrial
|
—
|
|
|
2,124
|
|
|
5,374
|
|
|
345
|
|
|
2,124
|
|
|
5,719
|
|
|
7,843
|
|
|
644
|
|
1996
|
2010
|
|
DukePort II
|
|
Industrial
|
—
|
|
|
1,470
|
|
|
2,922
|
|
|
32
|
|
|
1,470
|
|
|
2,954
|
|
|
4,424
|
|
|
403
|
|
1997
|
2010
|
|
DukePort V
|
|
Industrial
|
—
|
|
|
600
|
|
|
2,918
|
|
|
39
|
|
|
600
|
|
|
2,957
|
|
|
3,557
|
|
|
260
|
|
1998
|
2010
|
|
DukePort VI
|
|
Industrial
|
—
|
|
|
1,664
|
|
|
6,145
|
|
|
117
|
|
|
1,664
|
|
|
6,262
|
|
|
7,926
|
|
|
689
|
|
1999
|
2010
|
|
DukePort VII
|
|
Industrial
|
—
|
|
|
834
|
|
|
4,102
|
|
|
22
|
|
|
834
|
|
|
4,124
|
|
|
4,958
|
|
|
480
|
|
1999
|
2010
|
|
DukePort IX
|
|
Industrial
|
—
|
|
|
2,475
|
|
|
5,740
|
|
|
271
|
|
|
2,475
|
|
|
6,011
|
|
|
8,486
|
|
|
590
|
|
2001
|
2010
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Harbin Clinic Cedartown MOB
|
|
Medical Office
|
—
|
|
|
755
|
|
|
3,121
|
|
|
—
|
|
|
755
|
|
|
3,121
|
|
|
3,876
|
|
|
39
|
|
2007
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Celebration, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Celebration Medical Plaza
|
|
Medical Office
|
13,300
|
|
|
558
|
|
|
17,335
|
|
|
—
|
|
|
558
|
|
|
17,335
|
|
|
17,893
|
|
|
259
|
|
2006
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Chantilly, Virginia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
15002 Northridge Dr.
|
|
Office
|
—
|
|
|
2,082
|
|
|
1,663
|
|
|
1,817
|
|
|
2,082
|
|
|
3,480
|
|
|
5,562
|
|
|
1,106
|
|
2007
|
2007
|
|
15004 Northridge Dr.
|
|
Office
|
—
|
|
|
2,366
|
|
|
1,920
|
|
|
2,168
|
|
|
2,366
|
|
|
4,088
|
|
|
6,454
|
|
|
917
|
|
2007
|
2007
|
|
15006 Northridge Dr.
|
|
Office
|
—
|
|
|
2,920
|
|
|
2,139
|
|
|
2,339
|
|
|
2,920
|
|
|
4,478
|
|
|
7,398
|
|
|
1,182
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Charlotte, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Morehead Medical Plaza I
|
|
Medical Office
|
33,051
|
|
|
191
|
|
|
39,047
|
|
|
73
|
|
|
191
|
|
|
39,120
|
|
|
39,311
|
|
|
3,468
|
|
2006
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Chillicothe, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Adena Health Pavilion
|
|
Medical Office
|
—
|
|
|
—
|
|
|
14,428
|
|
|
96
|
|
|
—
|
|
|
14,524
|
|
|
14,524
|
|
|
4,590
|
|
2006
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cincinnati, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
311 Elm
|
|
Office
|
—
|
|
|
339
|
|
|
5,163
|
|
|
1,338
|
|
|
—
|
|
|
6,840
|
|
|
6,840
|
|
|
4,900
|
|
1986
|
1993
|
|
Blue Ash Office Center VI
|
|
Office
|
—
|
|
|
518
|
|
|
2,400
|
|
|
727
|
|
|
518
|
|
|
3,127
|
|
|
3,645
|
|
|
1,284
|
|
1989
|
1997
|
|
Towers of Kenwood
|
|
Office
|
—
|
|
|
4,891
|
|
|
41,231
|
|
|
3,881
|
|
|
4,891
|
|
|
45,112
|
|
|
50,003
|
|
|
13,983
|
|
1989
|
2003
|
|
8790 Governor's Hill
|
|
Office
|
—
|
|
|
400
|
|
|
4,193
|
|
|
1,450
|
|
|
408
|
|
|
5,635
|
|
|
6,043
|
|
|
2,865
|
|
1985
|
1993
|
|
8600/8650 Governor's Hill Dr.
|
|
Office
|
—
|
|
|
1,220
|
|
|
16,873
|
|
|
7,275
|
|
|
1,245
|
|
|
24,123
|
|
|
25,368
|
|
|
12,817
|
|
1986
|
1993
|
|
8230 Kenwood Commons
|
|
Office
|
2,506
|
|
|
638
|
|
|
3,879
|
|
|
1,205
|
|
|
638
|
|
|
5,084
|
|
|
5,722
|
|
|
3,427
|
|
1986
|
1993
|
|
8280 Kenwood Commons
|
|
Office
|
1,494
|
|
|
638
|
|
|
2,590
|
|
|
798
|
|
|
638
|
|
|
3,388
|
|
|
4,026
|
|
|
2,019
|
|
1986
|
1993
|
|
Kenwood Medical Office Bldg.
|
|
Office
|
—
|
|
|
—
|
|
|
7,663
|
|
|
100
|
|
|
—
|
|
|
7,763
|
|
|
7,763
|
|
|
2,819
|
|
1999
|
1999
|
|
Pfeiffer Place
|
|
Office
|
—
|
|
|
3,608
|
|
|
10,349
|
|
|
3,183
|
|
|
3,608
|
|
|
13,532
|
|
|
17,140
|
|
|
3,835
|
|
2001
|
2001
|
|
Pfeiffer Woods
|
|
Office
|
—
|
|
|
1,450
|
|
|
12,033
|
|
|
2,125
|
|
|
2,131
|
|
|
13,477
|
|
|
15,608
|
|
|
5,391
|
|
1998
|
1999
|
|
Remington Park Building A
|
|
Office
|
—
|
|
|
560
|
|
|
1,403
|
|
|
306
|
|
|
560
|
|
|
1,709
|
|
|
2,269
|
|
|
1,244
|
|
1982
|
1997
|
|
Remington Park Building B
|
|
Office
|
—
|
|
|
560
|
|
|
1,121
|
|
|
392
|
|
|
560
|
|
|
1,513
|
|
|
2,073
|
|
|
1,026
|
|
1982
|
1997
|
|
Triangle Office Park
|
|
Office
|
1,215
|
|
|
1,018
|
|
|
9,934
|
|
|
2,375
|
|
|
1,018
|
|
|
12,309
|
|
|
13,327
|
|
|
8,128
|
|
1985
|
1993
|
|
World Park Bldg 8
|
|
Industrial
|
—
|
|
|
1,095
|
|
|
2,641
|
|
|
301
|
|
|
1,095
|
|
|
2,942
|
|
|
4,037
|
|
|
292
|
|
1989
|
2010
|
|
World Park Bldg 9
|
|
Industrial
|
—
|
|
|
335
|
|
|
1,825
|
|
|
113
|
|
|
335
|
|
|
1,938
|
|
|
2,273
|
|
|
217
|
|
1989
|
2010
|
|
World Park Bldg 11
|
|
Industrial
|
—
|
|
|
674
|
|
|
2,032
|
|
|
57
|
|
|
674
|
|
|
2,089
|
|
|
2,763
|
|
|
199
|
|
1989
|
2010
|
|
World Park Bldg 14
|
|
Industrial
|
—
|
|
|
668
|
|
|
3,617
|
|
|
149
|
|
|
668
|
|
|
3,766
|
|
|
4,434
|
|
|
395
|
|
1989
|
2010
|
|
World Park Bldg 15
|
|
Industrial
|
—
|
|
|
488
|
|
|
1,991
|
|
|
16
|
|
|
488
|
|
|
2,007
|
|
|
2,495
|
|
|
347
|
|
1990
|
2010
|
|
World Park Bldg 16
|
|
Industrial
|
—
|
|
|
525
|
|
|
2,096
|
|
|
1
|
|
|
525
|
|
|
2,097
|
|
|
2,622
|
|
|
229
|
|
1989
|
2010
|
|
World Park Bldg 17
|
|
Industrial
|
—
|
|
|
1,133
|
|
|
5,648
|
|
|
—
|
|
|
1,133
|
|
|
5,648
|
|
|
6,781
|
|
|
573
|
|
1994
|
2010
|
|
World Park Bldg 18
|
|
Industrial
|
—
|
|
|
1,268
|
|
|
5,200
|
|
|
—
|
|
|
1,268
|
|
|
5,200
|
|
|
6,468
|
|
|
496
|
|
1997
|
2010
|
|
World Park Bldg 28
|
|
Industrial
|
—
|
|
|
870
|
|
|
5,316
|
|
|
42
|
|
|
870
|
|
|
5,358
|
|
|
6,228
|
|
|
502
|
|
1998
|
2010
|
|
World Park Bldg 29
|
|
Industrial
|
—
|
|
|
1,605
|
|
|
10,220
|
|
|
5
|
|
|
1,605
|
|
|
10,225
|
|
|
11,830
|
|
|
932
|
|
1998
|
2010
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
World Park Bldg 30
|
|
Industrial
|
—
|
|
|
2,492
|
|
|
11,964
|
|
|
447
|
|
|
2,492
|
|
|
12,411
|
|
|
14,903
|
|
|
1,252
|
|
1999
|
2010
|
|
World Park Bldg 31
|
|
Industrial
|
—
|
|
|
533
|
|
|
2,531
|
|
|
354
|
|
|
533
|
|
|
2,885
|
|
|
3,418
|
|
|
270
|
|
1998
|
2010
|
|
Western Ridge
|
|
Medical Office
|
—
|
|
|
1,894
|
|
|
8,028
|
|
|
764
|
|
|
1,915
|
|
|
8,771
|
|
|
10,686
|
|
|
867
|
|
2010
|
2010
|
|
Western Ridge MOB II
|
|
Medical Office
|
—
|
|
|
1,020
|
|
|
3,544
|
|
|
44
|
|
|
1,020
|
|
|
3,588
|
|
|
4,608
|
|
|
237
|
|
2011
|
2011
|
|
Good Samaritan Clifton
|
|
Medical Office
|
5,694
|
|
|
50
|
|
|
8,442
|
|
|
—
|
|
|
50
|
|
|
8,442
|
|
|
8,492
|
|
|
74
|
|
1992
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Clayton, Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
101 South Hanley
|
|
Office
|
—
|
|
|
6,150
|
|
|
38,183
|
|
|
7,701
|
|
|
6,150
|
|
|
45,884
|
|
|
52,034
|
|
|
13,412
|
|
1986
|
2002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Columbus, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
4343 Easton Commons Ground
|
|
Grounds
|
—
|
|
|
796
|
|
|
—
|
|
|
—
|
|
|
796
|
|
|
—
|
|
|
796
|
|
|
—
|
|
n/a
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
Coppell, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Freeport X
|
|
Industrial
|
15,290
|
|
|
8,198
|
|
|
16,900
|
|
|
3,258
|
|
|
8,198
|
|
|
20,158
|
|
|
28,356
|
|
|
9,666
|
|
2004
|
2004
|
|
Point West VI
|
|
Industrial
|
16,390
|
|
|
10,181
|
|
|
17,905
|
|
|
5,749
|
|
|
10,181
|
|
|
23,654
|
|
|
33,835
|
|
|
6,456
|
|
2008
|
2008
|
|
Point West VII
|
|
Industrial
|
13,613
|
|
|
6,785
|
|
|
13,668
|
|
|
6,555
|
|
|
7,201
|
|
|
19,807
|
|
|
27,008
|
|
|
5,373
|
|
2008
|
2008
|
|
Samsung Pkg Lot-PWT7
|
|
Grounds
|
—
|
|
|
306
|
|
|
—
|
|
|
61
|
|
|
367
|
|
|
—
|
|
|
367
|
|
|
149
|
|
n/a
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Corona, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1283 Sherborn Street
|
|
Industrial
|
—
|
|
|
8,677
|
|
|
16,778
|
|
|
40
|
|
|
8,677
|
|
|
16,818
|
|
|
25,495
|
|
|
1,191
|
|
2005
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Dallas, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor Administration Building
|
|
Medical Office
|
—
|
|
|
50
|
|
|
14,435
|
|
|
100
|
|
|
150
|
|
|
14,435
|
|
|
14,585
|
|
|
1,838
|
|
2009
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Davenport, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Park 27 Distribution Center I
|
|
Industrial
|
—
|
|
|
2,449
|
|
|
6,107
|
|
|
33
|
|
|
2,449
|
|
|
6,140
|
|
|
8,589
|
|
|
2,970
|
|
2003
|
2003
|
|
Park 27 Distribution Center II
|
|
Industrial
|
—
|
|
|
4,374
|
|
|
8,218
|
|
|
4,948
|
|
|
4,415
|
|
|
13,125
|
|
|
17,540
|
|
|
4,062
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Davie, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Westport Business Park 1
|
|
Industrial
|
2,099
|
|
|
1,200
|
|
|
1,317
|
|
|
59
|
|
|
1,200
|
|
|
1,376
|
|
|
2,576
|
|
|
160
|
|
1991
|
2011
|
|
Westport Business Park 2
|
|
Industrial
|
1,779
|
|
|
1,088
|
|
|
818
|
|
|
39
|
|
|
1,088
|
|
|
857
|
|
|
1,945
|
|
|
109
|
|
1991
|
2011
|
|
Westport Business Park 3
|
|
Industrial
|
5,315
|
|
|
2,363
|
|
|
6,353
|
|
|
475
|
|
|
2,363
|
|
|
6,828
|
|
|
9,191
|
|
|
496
|
|
1991
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Deerfield Township, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Deerfield Crossing A
|
|
Office
|
—
|
|
|
1,493
|
|
|
10,952
|
|
|
2,048
|
|
|
1,493
|
|
|
13,000
|
|
|
14,493
|
|
|
4,937
|
|
1999
|
1999
|
|
Deerfield Crossing B
|
|
Office
|
—
|
|
|
1,069
|
|
|
9,517
|
|
|
973
|
|
|
1,069
|
|
|
10,490
|
|
|
11,559
|
|
|
3,264
|
|
2001
|
2001
|
|
Governor's Pointe 4770
|
|
Office
|
—
|
|
|
586
|
|
|
7,422
|
|
|
1,165
|
|
|
596
|
|
|
8,577
|
|
|
9,173
|
|
|
5,326
|
|
1986
|
1993
|
|
Governor's Pointe 4705
|
|
Office
|
—
|
|
|
719
|
|
|
5,680
|
|
|
3,941
|
|
|
928
|
|
|
9,412
|
|
|
10,340
|
|
|
5,118
|
|
1988
|
1993
|
|
Governor's Pointe 4605
|
|
Office
|
—
|
|
|
630
|
|
|
15,757
|
|
|
4,482
|
|
|
838
|
|
|
20,031
|
|
|
20,869
|
|
|
10,458
|
|
1990
|
1993
|
|
Governor's Pointe 4660
|
|
Office
|
—
|
|
|
385
|
|
|
3,922
|
|
|
379
|
|
|
385
|
|
|
4,301
|
|
|
4,686
|
|
|
1,805
|
|
1997
|
1997
|
|
Governor's Pointe 4680
|
|
Office
|
—
|
|
|
1,115
|
|
|
6,088
|
|
|
1,718
|
|
|
1,115
|
|
|
7,806
|
|
|
8,921
|
|
|
3,210
|
|
1998
|
1998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Deer Park, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
801 Seaco Court
|
|
Industrial
|
—
|
|
|
2,331
|
|
|
5,159
|
|
|
—
|
|
|
2,331
|
|
|
5,159
|
|
|
7,490
|
|
|
86
|
|
2006
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Duluth, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
2775 Premiere Parkway
|
|
Industrial
|
6,477
|
|
|
560
|
|
|
4,507
|
|
|
434
|
|
|
565
|
|
|
4,936
|
|
|
5,501
|
|
|
1,714
|
|
1997
|
1999
|
|
3079 Premiere Parkway
|
|
Industrial
|
9,705
|
|
|
776
|
|
|
4,844
|
|
|
2,301
|
|
|
783
|
|
|
7,138
|
|
|
7,921
|
|
|
2,517
|
|
1998
|
1999
|
|
2855 Premiere Parkway
|
|
Industrial
|
6,168
|
|
|
765
|
|
|
3,182
|
|
|
1,092
|
|
|
770
|
|
|
4,269
|
|
|
5,039
|
|
|
1,425
|
|
1999
|
1999
|
|
6655 Sugarloaf
|
|
Industrial
|
13,336
|
|
|
1,651
|
|
|
6,985
|
|
|
1,065
|
|
|
1,659
|
|
|
8,042
|
|
|
9,701
|
|
|
2,270
|
|
1998
|
2001
|
|
6650 Sugarloaf Parkway
|
|
Office
|
5,300
|
|
|
1,573
|
|
|
4,240
|
|
|
298
|
|
|
1,573
|
|
|
4,538
|
|
|
6,111
|
|
|
446
|
|
2004
|
2011
|
|
2450 Meadowbrook Parkway
|
|
Industrial
|
—
|
|
|
383
|
|
|
1,622
|
|
|
32
|
|
|
383
|
|
|
1,654
|
|
|
2,037
|
|
|
210
|
|
1989
|
2010
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
2500 Meadowbrook Parkway
|
|
Industrial
|
—
|
|
|
405
|
|
|
1,918
|
|
|
70
|
|
|
405
|
|
|
1,988
|
|
|
2,393
|
|
|
193
|
|
1987
|
2010
|
|
2625 Pinemeadow Court
|
|
Industrial
|
—
|
|
|
861
|
|
|
4,025
|
|
|
43
|
|
|
861
|
|
|
4,068
|
|
|
4,929
|
|
|
811
|
|
1994
|
2010
|
|
2660 Pinemeadow Court
|
|
Industrial
|
—
|
|
|
540
|
|
|
2,302
|
|
|
27
|
|
|
540
|
|
|
2,329
|
|
|
2,869
|
|
|
316
|
|
1996
|
2010
|
|
2450 Satellite Boulevard
|
|
Industrial
|
—
|
|
|
556
|
|
|
2,497
|
|
|
67
|
|
|
556
|
|
|
2,564
|
|
|
3,120
|
|
|
416
|
|
1994
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Durham, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1805 T.W. Alexander Drive
|
|
Industrial
|
—
|
|
|
4,110
|
|
|
11,795
|
|
|
115
|
|
|
4,110
|
|
|
11,910
|
|
|
16,020
|
|
|
1,345
|
|
2000
|
2011
|
|
1757 T.W. Alexander Drive
|
|
Industrial
|
9,066
|
|
|
2,998
|
|
|
9,095
|
|
|
—
|
|
|
2,998
|
|
|
9,095
|
|
|
12,093
|
|
|
493
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Eagan, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Apollo Industrial Ctr I
|
|
Industrial
|
3,524
|
|
|
866
|
|
|
4,300
|
|
|
1,844
|
|
|
880
|
|
|
6,130
|
|
|
7,010
|
|
|
2,635
|
|
1997
|
1997
|
|
Apollo Industrial Ctr II
|
|
Industrial
|
1,579
|
|
|
474
|
|
|
2,332
|
|
|
259
|
|
|
474
|
|
|
2,591
|
|
|
3,065
|
|
|
855
|
|
2000
|
2000
|
|
Apollo Industrial Ctr III
|
|
Industrial
|
3,777
|
|
|
1,432
|
|
|
6,107
|
|
|
25
|
|
|
1,432
|
|
|
6,132
|
|
|
7,564
|
|
|
2,013
|
|
2000
|
2000
|
|
Silver Bell Commons
|
|
Industrial
|
—
|
|
|
1,807
|
|
|
5,539
|
|
|
2,408
|
|
|
1,941
|
|
|
7,813
|
|
|
9,754
|
|
|
3,116
|
|
1999
|
1999
|
|
Trapp Road Commerce Center I
|
|
Industrial
|
2,283
|
|
|
671
|
|
|
3,841
|
|
|
504
|
|
|
700
|
|
|
4,316
|
|
|
5,016
|
|
|
1,719
|
|
1996
|
1998
|
|
Trapp Road Commerce Center II
|
|
Industrial
|
4,013
|
|
|
1,250
|
|
|
5,946
|
|
|
1,416
|
|
|
1,266
|
|
|
7,346
|
|
|
8,612
|
|
|
2,684
|
|
1998
|
1998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earth City, Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Rider Trail
|
|
Office
|
—
|
|
|
2,615
|
|
|
9,807
|
|
|
3,834
|
|
|
2,615
|
|
|
13,641
|
|
|
16,256
|
|
|
5,588
|
|
1987
|
1997
|
|
3300 Pointe 70
|
|
Office
|
—
|
|
|
1,186
|
|
|
6,031
|
|
|
2,921
|
|
|
1,186
|
|
|
8,952
|
|
|
10,138
|
|
|
3,936
|
|
1989
|
1997
|
|
Corporate Center, Earth City
|
|
Industrial
|
—
|
|
|
783
|
|
|
1,287
|
|
|
2,179
|
|
|
783
|
|
|
3,466
|
|
|
4,249
|
|
|
1,232
|
|
2000
|
2000
|
|
Corporate Trail Distribution
|
|
Industrial
|
—
|
|
|
2,850
|
|
|
6,163
|
|
|
2,239
|
|
|
2,875
|
|
|
8,377
|
|
|
11,252
|
|
|
2,711
|
|
2006
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
East Point, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Camp Creek Bldg 1400
|
|
Office
|
5,490
|
|
|
561
|
|
|
2,480
|
|
|
1,533
|
|
|
581
|
|
|
3,993
|
|
|
4,574
|
|
|
1,297
|
|
1988
|
2001
|
|
Camp Creek Bldg 1800
|
|
Office
|
4,597
|
|
|
462
|
|
|
2,468
|
|
|
835
|
|
|
477
|
|
|
3,288
|
|
|
3,765
|
|
|
1,060
|
|
1989
|
2001
|
|
Camp Creek Bldg 2000
|
|
Office
|
5,002
|
|
|
395
|
|
|
2,249
|
|
|
1,184
|
|
|
475
|
|
|
3,353
|
|
|
3,828
|
|
|
1,013
|
|
1989
|
2001
|
|
Camp Creek Bldg 2400
|
|
Industrial
|
3,043
|
|
|
296
|
|
|
1,369
|
|
|
830
|
|
|
316
|
|
|
2,179
|
|
|
2,495
|
|
|
746
|
|
1988
|
2001
|
|
Camp Creek Bldg 2600
|
|
Industrial
|
4,505
|
|
|
364
|
|
|
2,014
|
|
|
1,273
|
|
|
1,127
|
|
|
2,524
|
|
|
3,651
|
|
|
846
|
|
1990
|
2001
|
|
3201 Centre Parkway
|
|
Industrial
|
20,424
|
|
|
4,406
|
|
|
9,512
|
|
|
3,181
|
|
|
5,026
|
|
|
12,073
|
|
|
17,099
|
|
|
4,175
|
|
2004
|
2004
|
|
Camp Creek Bldg 1200
|
|
Office
|
—
|
|
|
1,334
|
|
|
738
|
|
|
1,103
|
|
|
1,351
|
|
|
1,824
|
|
|
3,175
|
|
|
847
|
|
2005
|
2005
|
|
3900 North Commerce
|
|
Industrial
|
5,129
|
|
|
1,059
|
|
|
2,966
|
|
|
59
|
|
|
1,098
|
|
|
2,986
|
|
|
4,084
|
|
|
976
|
|
2005
|
2005
|
|
3909 North Commerce
|
|
Industrial
|
—
|
|
|
5,687
|
|
|
10,192
|
|
|
12,583
|
|
|
9,032
|
|
|
19,430
|
|
|
28,462
|
|
|
8,382
|
|
2006
|
2006
|
|
4200 North Commerce
|
|
Industrial
|
11,684
|
|
|
2,065
|
|
|
7,076
|
|
|
194
|
|
|
2,156
|
|
|
7,179
|
|
|
9,335
|
|
|
1,792
|
|
2006
|
2006
|
|
Camp Creek Building 1000
|
|
Office
|
—
|
|
|
1,537
|
|
|
2,459
|
|
|
1,151
|
|
|
1,557
|
|
|
3,590
|
|
|
5,147
|
|
|
2,048
|
|
2006
|
2006
|
|
3000 Centre Parkway
|
|
Industrial
|
—
|
|
|
1,163
|
|
|
1,223
|
|
|
1,136
|
|
|
1,191
|
|
|
2,331
|
|
|
3,522
|
|
|
753
|
|
2007
|
2007
|
|
1500 Centre Parkway
|
|
Office
|
—
|
|
|
1,683
|
|
|
5,564
|
|
|
3,352
|
|
|
1,730
|
|
|
8,869
|
|
|
10,599
|
|
|
3,106
|
|
2008
|
2008
|
|
1100 Centre Parkway
|
|
Office
|
—
|
|
|
1,309
|
|
|
4,881
|
|
|
485
|
|
|
1,342
|
|
|
5,333
|
|
|
6,675
|
|
|
1,029
|
|
2008
|
2008
|
|
4800 N. Commerce Dr. (Site Q)
|
|
Industrial
|
—
|
|
|
2,476
|
|
|
4,650
|
|
|
1,526
|
|
|
2,541
|
|
|
6,111
|
|
|
8,652
|
|
|
1,319
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
Elk Grove Village, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1717 Busse Road
|
|
Industrial
|
14,051
|
|
|
3,602
|
|
|
19,016
|
|
|
—
|
|
|
3,602
|
|
|
19,016
|
|
|
22,618
|
|
|
970
|
|
2004
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ellabell, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1086 Orafold Pkwy
|
|
Industrial
|
9,751
|
|
|
2,042
|
|
|
13,104
|
|
|
190
|
|
|
2,046
|
|
|
13,290
|
|
|
15,336
|
|
|
2,607
|
|
2006
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Escanaba, Michigan
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Marquette General
|
|
Medical Office
|
—
|
|
|
14
|
|
|
9,618
|
|
|
12
|
|
|
14
|
|
|
9,630
|
|
|
9,644
|
|
|
168
|
|
2012
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Evansville, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
St. Mary's Heart Institute
|
|
Medical Office
|
—
|
|
|
—
|
|
|
20,946
|
|
|
1,559
|
|
|
—
|
|
|
22,505
|
|
|
22,505
|
|
|
5,870
|
|
2006
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fairfax, Virginia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Fair Oaks MOB
|
|
Medical Office
|
—
|
|
|
808
|
|
|
28,570
|
|
|
—
|
|
|
808
|
|
|
28,570
|
|
|
29,378
|
|
|
411
|
|
2009
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fairfield, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Union Centre Industrial Park 2
|
|
Industrial
|
—
|
|
|
5,635
|
|
|
8,709
|
|
|
1,832
|
|
|
5,635
|
|
|
10,541
|
|
|
16,176
|
|
|
2,587
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fishers, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Exit 5 Building 1
|
|
Industrial
|
—
|
|
|
822
|
|
|
2,618
|
|
|
440
|
|
|
822
|
|
|
3,058
|
|
|
3,880
|
|
|
1,250
|
|
1999
|
1999
|
|
Exit 5 Building 2
|
|
Industrial
|
—
|
|
|
749
|
|
|
3,003
|
|
|
1,032
|
|
|
749
|
|
|
4,035
|
|
|
4,784
|
|
|
1,553
|
|
2000
|
2000
|
|
St. Vincent Northeast MOB
|
|
Medical Office
|
—
|
|
|
—
|
|
|
23,101
|
|
|
4,568
|
|
|
4,235
|
|
|
23,434
|
|
|
27,669
|
|
|
7,019
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Flower Mound, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Lakeside Ranch Bldg 20
|
|
Industrial
|
—
|
|
|
9,861
|
|
|
20,994
|
|
|
340
|
|
|
9,861
|
|
|
21,334
|
|
|
31,195
|
|
|
1,616
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fort Worth, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Riverpark Bldg 700
|
|
Industrial
|
—
|
|
|
3,975
|
|
|
10,766
|
|
|
32
|
|
|
3,975
|
|
|
10,798
|
|
|
14,773
|
|
|
922
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Franklin, Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Aspen Grove Business Ctr I
|
|
Industrial
|
—
|
|
|
936
|
|
|
5,923
|
|
|
3,455
|
|
|
936
|
|
|
9,378
|
|
|
10,314
|
|
|
4,331
|
|
1996
|
1999
|
|
Aspen Grove Business Ctr II
|
|
Industrial
|
—
|
|
|
1,151
|
|
|
6,272
|
|
|
877
|
|
|
1,151
|
|
|
7,149
|
|
|
8,300
|
|
|
2,531
|
|
1996
|
1999
|
|
Aspen Grove Business Ctr III
|
|
Industrial
|
—
|
|
|
970
|
|
|
5,352
|
|
|
688
|
|
|
970
|
|
|
6,040
|
|
|
7,010
|
|
|
2,110
|
|
1998
|
1999
|
|
Aspen Grove Business Center IV
|
|
Industrial
|
—
|
|
|
492
|
|
|
2,234
|
|
|
575
|
|
|
492
|
|
|
2,809
|
|
|
3,301
|
|
|
674
|
|
2002
|
2002
|
|
Aspen Grove Business Ctr V
|
|
Industrial
|
—
|
|
|
943
|
|
|
5,084
|
|
|
2,593
|
|
|
943
|
|
|
7,677
|
|
|
8,620
|
|
|
3,346
|
|
1996
|
1999
|
|
Aspen Grove Flex Center II
|
|
Industrial
|
—
|
|
|
240
|
|
|
1,059
|
|
|
483
|
|
|
240
|
|
|
1,542
|
|
|
1,782
|
|
|
119
|
|
1999
|
1999
|
|
Aspen Grove Office Center I
|
|
Office
|
—
|
|
|
950
|
|
|
5,581
|
|
|
2,814
|
|
|
950
|
|
|
8,395
|
|
|
9,345
|
|
|
2,924
|
|
1999
|
1999
|
|
Aspen Grove Flex Center I
|
|
Industrial
|
—
|
|
|
301
|
|
|
1,061
|
|
|
813
|
|
|
301
|
|
|
1,874
|
|
|
2,175
|
|
|
607
|
|
1999
|
1999
|
|
Aspen Grove Flex Center III
|
|
Industrial
|
—
|
|
|
327
|
|
|
856
|
|
|
1,089
|
|
|
327
|
|
|
1,945
|
|
|
2,272
|
|
|
547
|
|
2001
|
2001
|
|
Aspen Grove Flex Center IV
|
|
Industrial
|
—
|
|
|
205
|
|
|
821
|
|
|
242
|
|
|
205
|
|
|
1,063
|
|
|
1,268
|
|
|
303
|
|
2001
|
2001
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Aspen Corporate Center 100
|
|
Office
|
—
|
|
|
723
|
|
|
2,358
|
|
|
162
|
|
|
723
|
|
|
2,520
|
|
|
3,243
|
|
|
562
|
|
2004
|
2004
|
|
Aspen Corporate Center 200
|
|
Office
|
—
|
|
|
1,306
|
|
|
1,649
|
|
|
1,655
|
|
|
1,306
|
|
|
3,304
|
|
|
4,610
|
|
|
1,601
|
|
2006
|
2006
|
|
Aspen Corporate Center 300
|
|
Office
|
—
|
|
|
1,451
|
|
|
2,050
|
|
|
1,902
|
|
|
1,460
|
|
|
3,943
|
|
|
5,403
|
|
|
937
|
|
2008
|
2008
|
|
Aspen Corporate Center 400
|
|
Office
|
—
|
|
|
1,833
|
|
|
2,621
|
|
|
2,514
|
|
|
1,833
|
|
|
5,135
|
|
|
6,968
|
|
|
1,813
|
|
2007
|
2007
|
|
Aspen Grove Office Center II
|
|
Office
|
—
|
|
|
2,320
|
|
|
8,177
|
|
|
3,800
|
|
|
2,320
|
|
|
11,977
|
|
|
14,297
|
|
|
4,467
|
|
2007
|
2007
|
|
Brentwood South Bus Ctr IV
|
|
Industrial
|
—
|
|
|
569
|
|
|
2,046
|
|
|
1,400
|
|
|
705
|
|
|
3,310
|
|
|
4,015
|
|
|
1,437
|
|
1990
|
1999
|
|
Brentwood South Bus Ctr V
|
|
Industrial
|
—
|
|
|
445
|
|
|
1,885
|
|
|
235
|
|
|
445
|
|
|
2,120
|
|
|
2,565
|
|
|
763
|
|
1990
|
1999
|
|
Brentwood South Bus Ctr VI
|
|
Industrial
|
1,069
|
|
|
489
|
|
|
1,110
|
|
|
684
|
|
|
489
|
|
|
1,794
|
|
|
2,283
|
|
|
639
|
|
1990
|
1999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Franklin Park, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
O'Hare Distribution Ctr
|
|
Industrial
|
—
|
|
|
3,900
|
|
|
2,702
|
|
|
1,163
|
|
|
3,900
|
|
|
3,865
|
|
|
7,765
|
|
|
724
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ft. Wayne, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Parkview Ambulatory Svcs - MOB
|
|
Medical Office
|
—
|
|
|
937
|
|
|
10,661
|
|
|
4,420
|
|
|
937
|
|
|
15,081
|
|
|
16,018
|
|
|
2,901
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Garden City, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Aviation Court Land
|
|
Grounds
|
—
|
|
|
1,509
|
|
|
—
|
|
|
—
|
|
|
1,509
|
|
|
—
|
|
|
1,509
|
|
|
132
|
|
n/a
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Garner, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
600 Greenfield North
|
|
Industrial
|
—
|
|
|
597
|
|
|
3,049
|
|
|
17
|
|
|
597
|
|
|
3,066
|
|
|
3,663
|
|
|
258
|
|
2006
|
2011
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Southpark Building 4
|
|
Industrial
|
—
|
|
|
779
|
|
|
3,113
|
|
|
1,339
|
|
|
779
|
|
|
4,452
|
|
|
5,231
|
|
|
1,881
|
|
1994
|
1994
|
|
CR Services
|
|
Industrial
|
—
|
|
|
1,085
|
|
|
4,054
|
|
|
1,409
|
|
|
1,085
|
|
|
5,463
|
|
|
6,548
|
|
|
2,606
|
|
1994
|
1994
|
|
Hebron Building 1
|
|
Industrial
|
—
|
|
|
8,855
|
|
|
10,961
|
|
|
392
|
|
|
8,855
|
|
|
11,353
|
|
|
20,208
|
|
|
4,163
|
|
2006
|
2006
|
|
Hebron Building 2
|
|
Industrial
|
—
|
|
|
6,790
|
|
|
9,037
|
|
|
3,859
|
|
|
6,813
|
|
|
12,873
|
|
|
19,686
|
|
|
3,687
|
|
2007
|
2007
|
|
Skyport Building 1
|
|
Industrial
|
—
|
|
|
1,057
|
|
|
6,219
|
|
|
—
|
|
|
1,057
|
|
|
6,219
|
|
|
7,276
|
|
|
790
|
|
1997
|
2010
|
|
Skyport Building 2
|
|
Industrial
|
—
|
|
|
1,400
|
|
|
9,333
|
|
|
—
|
|
|
1,400
|
|
|
9,333
|
|
|
10,733
|
|
|
1,059
|
|
1998
|
2010
|
|
Skyport Building 3
|
|
Industrial
|
—
|
|
|
2,016
|
|
|
9,114
|
|
|
223
|
|
|
2,016
|
|
|
9,337
|
|
|
11,353
|
|
|
1,173
|
|
2000
|
2010
|
|
Skyport Building 4
|
|
Industrial
|
—
|
|
|
473
|
|
|
2,979
|
|
|
42
|
|
|
473
|
|
|
3,021
|
|
|
3,494
|
|
|
599
|
|
1999
|
2010
|
|
Skyport Building 5
|
|
Industrial
|
—
|
|
|
2,878
|
|
|
7,408
|
|
|
581
|
|
|
2,878
|
|
|
7,989
|
|
|
10,867
|
|
|
1,398
|
|
2006
|
2010
|
|
Southpark Building 1
|
|
Industrial
|
—
|
|
|
553
|
|
|
1,801
|
|
|
89
|
|
|
553
|
|
|
1,890
|
|
|
2,443
|
|
|
295
|
|
1990
|
2010
|
|
Southpark Building 3
|
|
Industrial
|
—
|
|
|
755
|
|
|
3,982
|
|
|
18
|
|
|
755
|
|
|
4,000
|
|
|
4,755
|
|
|
433
|
|
1991
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hillsdale, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
4160 Madison Street
|
|
Industrial
|
—
|
|
|
1,069
|
|
|
866
|
|
|
50
|
|
|
1,069
|
|
|
916
|
|
|
1,985
|
|
|
135
|
|
1974
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Holly Springs, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
REX Holly Springs MOB
|
|
Medical Office
|
—
|
|
|
11
|
|
|
7,724
|
|
|
126
|
|
|
11
|
|
|
7,850
|
|
|
7,861
|
|
|
347
|
|
2011
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hopkins, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Cornerstone Business Center
|
|
Industrial
|
2,473
|
|
|
1,469
|
|
|
8,360
|
|
|
716
|
|
|
1,454
|
|
|
9,091
|
|
|
10,545
|
|
|
3,669
|
|
1996
|
1997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Houston, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Point North One
|
|
Industrial
|
—
|
|
|
3,125
|
|
|
3,420
|
|
|
2,169
|
|
|
3,125
|
|
|
5,589
|
|
|
8,714
|
|
|
1,935
|
|
2008
|
2008
|
|
Westland I
|
|
Industrial
|
—
|
|
|
4,183
|
|
|
4,837
|
|
|
3,147
|
|
|
4,233
|
|
|
7,934
|
|
|
12,167
|
|
|
2,449
|
|
2008
|
2008
|
|
Westland II
|
|
Industrial
|
—
|
|
|
3,439
|
|
|
8,890
|
|
|
226
|
|
|
3,246
|
|
|
9,309
|
|
|
12,555
|
|
|
831
|
|
2011
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hutchins, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Duke Intermodal I
|
|
Industrial
|
9,438
|
|
|
5,290
|
|
|
9,242
|
|
|
2,554
|
|
|
5,290
|
|
|
11,796
|
|
|
17,086
|
|
|
3,162
|
|
2006
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Independence, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Corporate Plaza I
|
|
Office
|
—
|
|
|
2,116
|
|
|
13,116
|
|
|
(1,841
|
)
|
|
2,116
|
|
|
11,275
|
|
|
13,391
|
|
|
6,897
|
|
1989
|
1996
|
|
Corporate Plaza II
|
|
Office
|
—
|
|
|
1,841
|
|
|
11,336
|
|
|
791
|
|
|
1,841
|
|
|
12,127
|
|
|
13,968
|
|
|
6,821
|
|
1991
|
1996
|
|
Freedom Square I
|
|
Office
|
—
|
|
|
595
|
|
|
3,454
|
|
|
(1,575
|
)
|
|
595
|
|
|
1,879
|
|
|
2,474
|
|
|
1,772
|
|
1980
|
1996
|
|
Freedom Square II
|
|
Office
|
—
|
|
|
1,746
|
|
|
11,368
|
|
|
(1,441
|
)
|
|
1,746
|
|
|
9,927
|
|
|
11,673
|
|
|
6,151
|
|
1987
|
1996
|
|
Freedom Square III
|
|
Office
|
—
|
|
|
701
|
|
|
5,178
|
|
|
(1,089
|
)
|
|
701
|
|
|
4,089
|
|
|
4,790
|
|
|
2,201
|
|
1997
|
1997
|
|
Oak Tree Place
|
|
Office
|
—
|
|
|
703
|
|
|
4,256
|
|
|
978
|
|
|
703
|
|
|
5,234
|
|
|
5,937
|
|
|
2,203
|
|
1995
|
1997
|
|
Park Center Plaza I
|
|
Office
|
—
|
|
|
2,193
|
|
|
10,517
|
|
|
3,223
|
|
|
2,193
|
|
|
13,740
|
|
|
15,933
|
|
|
5,619
|
|
1998
|
1998
|
|
Park Center Plaza II
|
|
Office
|
—
|
|
|
2,190
|
|
|
10,799
|
|
|
2,897
|
|
|
2,190
|
|
|
13,696
|
|
|
15,886
|
|
|
5,346
|
|
1999
|
1999
|
|
Park Center Plaza III
|
|
Office
|
—
|
|
|
2,190
|
|
|
10,595
|
|
|
3,456
|
|
|
2,190
|
|
|
14,051
|
|
|
16,241
|
|
|
5,806
|
|
2000
|
2000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
Indianapolis, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
6061 Guion Rd
|
|
Industrial
|
—
|
|
|
274
|
|
|
1,770
|
|
|
355
|
|
|
274
|
|
|
2,125
|
|
|
2,399
|
|
|
1,027
|
|
1974
|
1995
|
|
8071 Township Line Road
|
|
Medical Office
|
—
|
|
|
—
|
|
|
2,279
|
|
|
994
|
|
|
—
|
|
|
3,273
|
|
|
3,273
|
|
|
620
|
|
2007
|
2007
|
|
Franklin Township POB
|
|
Medical Office
|
—
|
|
|
—
|
|
|
3,197
|
|
|
55
|
|
|
10
|
|
|
3,242
|
|
|
3,252
|
|
|
454
|
|
2009
|
2009
|
|
St. Francis US31 &Southport Rd
|
|
Medical Office
|
—
|
|
|
—
|
|
|
3,547
|
|
|
37
|
|
|
11
|
|
|
3,573
|
|
|
3,584
|
|
|
552
|
|
2009
|
2009
|
|
St. Vincent Max Simon MOB
|
|
Medical Office
|
—
|
|
|
3,209
|
|
|
11,575
|
|
|
704
|
|
|
3,209
|
|
|
12,279
|
|
|
15,488
|
|
|
988
|
|
2007
|
2011
|
|
Park 100 Bldg 31
|
|
Industrial
|
—
|
|
|
64
|
|
|
354
|
|
|
154
|
|
|
64
|
|
|
508
|
|
|
572
|
|
|
135
|
|
1978
|
2005
|
|
Park 100 Building 96
|
|
Industrial
|
7,827
|
|
|
1,171
|
|
|
13,804
|
|
|
113
|
|
|
1,424
|
|
|
13,664
|
|
|
15,088
|
|
|
6,502
|
|
1997
|
1995
|
|
Park 100 Building 98
|
|
Industrial
|
—
|
|
|
273
|
|
|
7,495
|
|
|
2,729
|
|
|
273
|
|
|
10,224
|
|
|
10,497
|
|
|
5,611
|
|
1995
|
1994
|
|
Park 100 Building 100
|
|
Industrial
|
—
|
|
|
103
|
|
|
1,931
|
|
|
842
|
|
|
103
|
|
|
2,773
|
|
|
2,876
|
|
|
1,360
|
|
1995
|
1995
|
|
Park 100 Building 102
|
|
Office
|
—
|
|
|
182
|
|
|
1,087
|
|
|
424
|
|
|
182
|
|
|
1,511
|
|
|
1,693
|
|
|
414
|
|
1982
|
2005
|
|
Park 100 Building 109
|
|
Industrial
|
—
|
|
|
240
|
|
|
1,654
|
|
|
498
|
|
|
246
|
|
|
2,146
|
|
|
2,392
|
|
|
1,472
|
|
1985
|
1986
|
|
Park 100 Building 116
|
|
Office
|
—
|
|
|
341
|
|
|
2,864
|
|
|
580
|
|
|
348
|
|
|
3,437
|
|
|
3,785
|
|
|
2,122
|
|
1988
|
1988
|
|
Park 100 Building 118
|
|
Office
|
—
|
|
|
226
|
|
|
1,919
|
|
|
1,142
|
|
|
230
|
|
|
3,057
|
|
|
3,287
|
|
|
1,590
|
|
1988
|
1993
|
|
Park 100 Building 122
|
|
Industrial
|
—
|
|
|
284
|
|
|
3,154
|
|
|
1,158
|
|
|
290
|
|
|
4,306
|
|
|
4,596
|
|
|
2,268
|
|
1990
|
1993
|
|
Park 100 Building 124
|
|
Office
|
—
|
|
|
227
|
|
|
2,193
|
|
|
732
|
|
|
227
|
|
|
2,925
|
|
|
3,152
|
|
|
829
|
|
1992
|
2002
|
|
Park 100 Building 127
|
|
Industrial
|
—
|
|
|
96
|
|
|
1,485
|
|
|
672
|
|
|
96
|
|
|
2,157
|
|
|
2,253
|
|
|
991
|
|
1995
|
1995
|
|
Park 100 Building 141
|
|
Industrial
|
1,961
|
|
|
1,120
|
|
|
2,562
|
|
|
273
|
|
|
1,120
|
|
|
2,835
|
|
|
3,955
|
|
|
936
|
|
2005
|
2005
|
|
Hewlett-Packard Land Lease
|
|
Grounds
|
—
|
|
|
252
|
|
|
—
|
|
|
—
|
|
|
252
|
|
|
—
|
|
|
252
|
|
|
65
|
|
n/a
|
2003
|
|
Park 100 Bldg 121 Land Lease
|
|
Grounds
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
1
|
|
n/a
|
2003
|
|
Hewlett Packard Land Lse-62
|
|
Grounds
|
—
|
|
|
45
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
—
|
|
|
45
|
|
|
12
|
|
n/a
|
2003
|
|
West 79th St. Parking Lot LL
|
|
Grounds
|
—
|
|
|
350
|
|
|
—
|
|
|
699
|
|
|
1,049
|
|
|
—
|
|
|
1,049
|
|
|
324
|
|
n/a
|
2006
|
|
Park Fletcher Building 33
|
|
Industrial
|
—
|
|
|
1,237
|
|
|
5,264
|
|
|
594
|
|
|
1,237
|
|
|
5,858
|
|
|
7,095
|
|
|
1,552
|
|
1997
|
2006
|
|
Park Fletcher Building 34
|
|
Industrial
|
—
|
|
|
1,331
|
|
|
5,427
|
|
|
667
|
|
|
1,331
|
|
|
6,094
|
|
|
7,425
|
|
|
1,667
|
|
1997
|
2006
|
|
Park Fletcher Building 35
|
|
Industrial
|
—
|
|
|
380
|
|
|
1,422
|
|
|
134
|
|
|
380
|
|
|
1,556
|
|
|
1,936
|
|
|
431
|
|
1997
|
2006
|
|
Park Fletcher Building 36
|
|
Industrial
|
—
|
|
|
476
|
|
|
2,328
|
|
|
68
|
|
|
476
|
|
|
2,396
|
|
|
2,872
|
|
|
642
|
|
1997
|
2006
|
|
Park Fletcher Building 37
|
|
Industrial
|
—
|
|
|
286
|
|
|
653
|
|
|
9
|
|
|
286
|
|
|
662
|
|
|
948
|
|
|
218
|
|
1998
|
2006
|
|
Park Fletcher Building 38
|
|
Industrial
|
—
|
|
|
1,428
|
|
|
5,927
|
|
|
137
|
|
|
1,428
|
|
|
6,064
|
|
|
7,492
|
|
|
1,554
|
|
1999
|
2006
|
|
Park Fletcher Building 39
|
|
Industrial
|
—
|
|
|
570
|
|
|
2,054
|
|
|
292
|
|
|
570
|
|
|
2,346
|
|
|
2,916
|
|
|
643
|
|
1999
|
2006
|
|
Park Fletcher Building 40
|
|
Industrial
|
—
|
|
|
761
|
|
|
2,997
|
|
|
514
|
|
|
761
|
|
|
3,511
|
|
|
4,272
|
|
|
887
|
|
1999
|
2006
|
|
Park Fletcher Building 41
|
|
Industrial
|
—
|
|
|
952
|
|
|
4,131
|
|
|
295
|
|
|
952
|
|
|
4,426
|
|
|
5,378
|
|
|
980
|
|
2001
|
2006
|
|
Park Fletcher Building 42
|
|
Industrial
|
—
|
|
|
2,095
|
|
|
8,273
|
|
|
121
|
|
|
2,095
|
|
|
8,394
|
|
|
10,489
|
|
|
1,880
|
|
2001
|
2006
|
|
One Parkwood Crossing
|
|
Office
|
—
|
|
|
1,018
|
|
|
9,171
|
|
|
1,913
|
|
|
1,018
|
|
|
11,084
|
|
|
12,102
|
|
|
4,954
|
|
1989
|
1995
|
|
Three Parkwood Crossing
|
|
Office
|
—
|
|
|
1,377
|
|
|
7,256
|
|
|
1,603
|
|
|
1,316
|
|
|
8,920
|
|
|
10,236
|
|
|
3,942
|
|
1997
|
1997
|
|
Four Parkwood Crossing
|
|
Office
|
—
|
|
|
1,489
|
|
|
10,591
|
|
|
1,188
|
|
|
1,537
|
|
|
11,731
|
|
|
13,268
|
|
|
4,932
|
|
1998
|
1998
|
|
Five Parkwood Crossing
|
|
Office
|
—
|
|
|
1,485
|
|
|
10,151
|
|
|
2,045
|
|
|
1,528
|
|
|
12,153
|
|
|
13,681
|
|
|
3,788
|
|
1999
|
1999
|
|
Six Parkwood Crossing
|
|
Office
|
—
|
|
|
1,960
|
|
|
12,999
|
|
|
1,883
|
|
|
1,960
|
|
|
14,882
|
|
|
16,842
|
|
|
4,946
|
|
2000
|
2000
|
|
Seven Parkwood Crossing
|
|
Office
|
—
|
|
|
1,877
|
|
|
4,121
|
|
|
1,189
|
|
|
1,877
|
|
|
5,310
|
|
|
7,187
|
|
|
325
|
|
2000
|
2011
|
|
Eight Parkwood Crossing
|
|
Office
|
—
|
|
|
6,435
|
|
|
15,340
|
|
|
776
|
|
|
6,435
|
|
|
16,116
|
|
|
22,551
|
|
|
6,983
|
|
2003
|
2003
|
|
Nine Parkwood Crossing
|
|
Office
|
—
|
|
|
6,046
|
|
|
13,182
|
|
|
2,646
|
|
|
6,047
|
|
|
15,827
|
|
|
21,874
|
|
|
4,308
|
|
2005
|
2005
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
One West
|
|
Office
|
14,328
|
|
|
5,361
|
|
|
16,182
|
|
|
5,003
|
|
|
5,361
|
|
|
21,185
|
|
|
26,546
|
|
|
3,969
|
|
2007
|
2007
|
|
PWW Granite City Lease
|
|
Grounds
|
—
|
|
|
1,846
|
|
|
856
|
|
|
143
|
|
|
1,989
|
|
|
856
|
|
|
2,845
|
|
|
372
|
|
2008
|
2009
|
|
One West Parking Garage
|
|
Grounds
|
—
|
|
|
—
|
|
|
1,616
|
|
|
—
|
|
|
—
|
|
|
1,616
|
|
|
1,616
|
|
|
57
|
|
2007
|
2011
|
|
River Road Building I
|
|
Office
|
—
|
|
|
856
|
|
|
6,180
|
|
|
2,397
|
|
|
856
|
|
|
8,577
|
|
|
9,433
|
|
|
4,617
|
|
1998
|
1998
|
|
River Road Building II
|
|
Office
|
—
|
|
|
1,827
|
|
|
8,416
|
|
|
3,069
|
|
|
1,886
|
|
|
11,426
|
|
|
13,312
|
|
|
2,381
|
|
2008
|
2008
|
|
Woodland Corporate Park I
|
|
Office
|
—
|
|
|
290
|
|
|
3,414
|
|
|
1,377
|
|
|
320
|
|
|
4,761
|
|
|
5,081
|
|
|
1,879
|
|
1998
|
1998
|
|
Woodland Corporate Park II
|
|
Office
|
—
|
|
|
271
|
|
|
2,914
|
|
|
2,050
|
|
|
297
|
|
|
4,938
|
|
|
5,235
|
|
|
1,655
|
|
1999
|
1999
|
|
Woodland Corporate Park III
|
|
Office
|
—
|
|
|
1,227
|
|
|
3,359
|
|
|
420
|
|
|
1,227
|
|
|
3,779
|
|
|
5,006
|
|
|
1,253
|
|
2000
|
2000
|
|
Woodland Corporate Park V
|
|
Office
|
—
|
|
|
768
|
|
|
9,985
|
|
|
93
|
|
|
768
|
|
|
10,078
|
|
|
10,846
|
|
|
3,705
|
|
2003
|
2003
|
|
Woodland Corporate Park VI
|
|
Office
|
—
|
|
|
2,145
|
|
|
10,163
|
|
|
4,289
|
|
|
2,145
|
|
|
14,452
|
|
|
16,597
|
|
|
3,506
|
|
2008
|
2008
|
|
3200 North Elizabeth
|
|
Industrial
|
—
|
|
|
360
|
|
|
787
|
|
|
—
|
|
|
360
|
|
|
787
|
|
|
1,147
|
|
|
99
|
|
1973
|
2010
|
|
Georgetown Rd. Bldg 1
|
|
Industrial
|
—
|
|
|
468
|
|
|
2,108
|
|
|
136
|
|
|
468
|
|
|
2,244
|
|
|
2,712
|
|
|
274
|
|
1987
|
2010
|
|
Georgetown Rd. Bldg 2
|
|
Industrial
|
—
|
|
|
465
|
|
|
2,187
|
|
|
173
|
|
|
465
|
|
|
2,360
|
|
|
2,825
|
|
|
225
|
|
1987
|
2010
|
|
Georgetown Rd. Bldg 3
|
|
Industrial
|
—
|
|
|
408
|
|
|
1,036
|
|
|
72
|
|
|
408
|
|
|
1,108
|
|
|
1,516
|
|
|
113
|
|
1987
|
2010
|
|
North Airport Park Bldg 2
|
|
Industrial
|
—
|
|
|
1,800
|
|
|
4,998
|
|
|
111
|
|
|
1,800
|
|
|
5,109
|
|
|
6,909
|
|
|
617
|
|
1997
|
2010
|
|
Park 100 Building 39
|
|
Industrial
|
—
|
|
|
628
|
|
|
2,284
|
|
|
26
|
|
|
628
|
|
|
2,310
|
|
|
2,938
|
|
|
275
|
|
1987
|
2010
|
|
Park 100 Building 48
|
|
Industrial
|
—
|
|
|
690
|
|
|
1,730
|
|
|
374
|
|
|
690
|
|
|
2,104
|
|
|
2,794
|
|
|
196
|
|
1984
|
2010
|
|
Park 100 Building 49
|
|
Industrial
|
—
|
|
|
364
|
|
|
1,687
|
|
|
159
|
|
|
364
|
|
|
1,846
|
|
|
2,210
|
|
|
176
|
|
1982
|
2010
|
|
Park 100 Building 50
|
|
Industrial
|
—
|
|
|
327
|
|
|
786
|
|
|
39
|
|
|
327
|
|
|
825
|
|
|
1,152
|
|
|
80
|
|
1982
|
2010
|
|
Park 100 Building 52
|
|
Industrial
|
—
|
|
|
216
|
|
|
189
|
|
|
—
|
|
|
216
|
|
|
189
|
|
|
405
|
|
|
26
|
|
1983
|
2010
|
|
Park 100 Building 53
|
|
Industrial
|
—
|
|
|
338
|
|
|
1,513
|
|
|
113
|
|
|
338
|
|
|
1,626
|
|
|
1,964
|
|
|
177
|
|
1984
|
2010
|
|
Park 100 Building 54
|
|
Industrial
|
—
|
|
|
354
|
|
|
1,416
|
|
|
117
|
|
|
354
|
|
|
1,533
|
|
|
1,887
|
|
|
146
|
|
1984
|
2010
|
|
Park 100 Building 57
|
|
Industrial
|
—
|
|
|
616
|
|
|
1,183
|
|
|
157
|
|
|
616
|
|
|
1,340
|
|
|
1,956
|
|
|
117
|
|
1984
|
2010
|
|
Park 100 Building 58
|
|
Industrial
|
—
|
|
|
642
|
|
|
2,265
|
|
|
102
|
|
|
642
|
|
|
2,367
|
|
|
3,009
|
|
|
287
|
|
1984
|
2010
|
|
Park 100 Building 59
|
|
Industrial
|
—
|
|
|
411
|
|
|
1,460
|
|
|
70
|
|
|
411
|
|
|
1,530
|
|
|
1,941
|
|
|
157
|
|
1985
|
2010
|
|
Park 100 Building 60
|
|
Industrial
|
—
|
|
|
382
|
|
|
1,526
|
|
|
51
|
|
|
382
|
|
|
1,577
|
|
|
1,959
|
|
|
177
|
|
1985
|
2010
|
|
Park 100 Building 62
|
|
Industrial
|
—
|
|
|
616
|
|
|
718
|
|
|
36
|
|
|
616
|
|
|
754
|
|
|
1,370
|
|
|
254
|
|
1986
|
2010
|
|
Park 100 Building 63
|
|
Industrial
|
—
|
|
|
388
|
|
|
1,058
|
|
|
—
|
|
|
388
|
|
|
1,058
|
|
|
1,446
|
|
|
161
|
|
1987
|
2010
|
|
Park 100 Building 64
|
|
Industrial
|
—
|
|
|
389
|
|
|
1,078
|
|
|
4
|
|
|
389
|
|
|
1,082
|
|
|
1,471
|
|
|
129
|
|
1987
|
2010
|
|
Park 100 Building 66
|
|
Industrial
|
—
|
|
|
424
|
|
|
1,439
|
|
|
7
|
|
|
424
|
|
|
1,446
|
|
|
1,870
|
|
|
294
|
|
1987
|
2010
|
|
Park 100 Building 67
|
|
Industrial
|
—
|
|
|
338
|
|
|
710
|
|
|
165
|
|
|
338
|
|
|
875
|
|
|
1,213
|
|
|
79
|
|
1987
|
2010
|
|
Park 100 Building 68
|
|
Industrial
|
—
|
|
|
338
|
|
|
1,225
|
|
|
26
|
|
|
338
|
|
|
1,251
|
|
|
1,589
|
|
|
137
|
|
1987
|
2010
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Park 100 Building 79
|
|
Industrial
|
—
|
|
|
358
|
|
|
1,781
|
|
|
53
|
|
|
358
|
|
|
1,834
|
|
|
2,192
|
|
|
173
|
|
1988
|
2010
|
|
Park 100 Building 80
|
|
Industrial
|
—
|
|
|
358
|
|
|
1,920
|
|
|
36
|
|
|
358
|
|
|
1,956
|
|
|
2,314
|
|
|
271
|
|
1988
|
2010
|
|
Park 100 Building 83
|
|
Industrial
|
—
|
|
|
427
|
|
|
1,488
|
|
|
4
|
|
|
427
|
|
|
1,492
|
|
|
1,919
|
|
|
201
|
|
1989
|
2010
|
|
Park 100 Building 84
|
|
Industrial
|
—
|
|
|
427
|
|
|
2,096
|
|
|
4
|
|
|
427
|
|
|
2,100
|
|
|
2,527
|
|
|
332
|
|
1989
|
2010
|
|
Park 100 Building 87
|
|
Industrial
|
—
|
|
|
1,136
|
|
|
7,008
|
|
|
379
|
|
|
1,136
|
|
|
7,387
|
|
|
8,523
|
|
|
951
|
|
1989
|
2010
|
|
Park 100 Building 97
|
|
Industrial
|
—
|
|
|
1,070
|
|
|
4,993
|
|
|
196
|
|
|
1,070
|
|
|
5,189
|
|
|
6,259
|
|
|
484
|
|
1994
|
2010
|
|
Park 100 Building 110
|
|
Office
|
—
|
|
|
376
|
|
|
1,706
|
|
|
25
|
|
|
376
|
|
|
1,731
|
|
|
2,107
|
|
|
169
|
|
1987
|
2010
|
|
Park 100 Building 111
|
|
Industrial
|
—
|
|
|
633
|
|
|
3,134
|
|
|
214
|
|
|
633
|
|
|
3,348
|
|
|
3,981
|
|
|
489
|
|
1987
|
2010
|
|
Park 100 Building 112
|
|
Industrial
|
—
|
|
|
356
|
|
|
878
|
|
|
18
|
|
|
356
|
|
|
896
|
|
|
1,252
|
|
|
122
|
|
1987
|
2010
|
|
Park 100 Building 128
|
|
Industrial
|
9,872
|
|
|
1,152
|
|
|
16,581
|
|
|
18
|
|
|
1,152
|
|
|
16,599
|
|
|
17,751
|
|
|
2,893
|
|
1996
|
2010
|
|
Park 100 Building 129
|
|
Industrial
|
5,127
|
|
|
1,280
|
|
|
9,062
|
|
|
305
|
|
|
1,280
|
|
|
9,367
|
|
|
10,647
|
|
|
812
|
|
2000
|
2010
|
|
Park 100 Building 131
|
|
Industrial
|
5,860
|
|
|
1,680
|
|
|
10,874
|
|
|
—
|
|
|
1,680
|
|
|
10,874
|
|
|
12,554
|
|
|
986
|
|
1997
|
2010
|
|
Park 100 Building 133
|
|
Industrial
|
—
|
|
|
104
|
|
|
1,157
|
|
|
—
|
|
|
104
|
|
|
1,157
|
|
|
1,261
|
|
|
99
|
|
1997
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Itasca, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
751 Expressway
|
|
Industrial
|
—
|
|
|
1,208
|
|
|
2,424
|
|
|
(23
|
)
|
|
1,208
|
|
|
2,401
|
|
|
3,609
|
|
|
148
|
|
1978
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Katy, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Christus St. Catherine Plaza 1
|
|
Medical Office
|
—
|
|
|
47
|
|
|
9,092
|
|
|
27
|
|
|
47
|
|
|
9,119
|
|
|
9,166
|
|
|
558
|
|
2001
|
2011
|
|
Christus St. Catherine Plaza 2
|
|
Medical Office
|
—
|
|
|
122
|
|
|
12,009
|
|
|
44
|
|
|
122
|
|
|
12,053
|
|
|
12,175
|
|
|
625
|
|
2004
|
2011
|
|
Christus St. Catherine Plaza 3
|
|
Medical Office
|
—
|
|
|
131
|
|
|
9,963
|
|
|
14
|
|
|
131
|
|
|
9,977
|
|
|
10,108
|
|
|
747
|
|
2006
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Kissimmee, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Kissimmee Medical Plaza
|
|
Medical Office
|
10,875
|
|
|
763
|
|
|
18,221
|
|
|
—
|
|
|
763
|
|
|
18,221
|
|
|
18,984
|
|
|
214
|
|
2009
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Kyle, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Seton Hays MOB I
|
|
Medical Office
|
—
|
|
|
165
|
|
|
11,736
|
|
|
3,359
|
|
|
165
|
|
|
15,095
|
|
|
15,260
|
|
|
1,476
|
|
2009
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Lafayette, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
St. Elizabeth 3920 Building A
|
|
Medical Office
|
—
|
|
|
165
|
|
|
8,968
|
|
|
2,003
|
|
|
165
|
|
|
10,971
|
|
|
11,136
|
|
|
1,096
|
|
2009
|
2009
|
|
St. Elizabeth 3900 Building B
|
|
Medical Office
|
—
|
|
|
146
|
|
|
10,070
|
|
|
1,084
|
|
|
146
|
|
|
11,154
|
|
|
11,300
|
|
|
1,127
|
|
2009
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
La Miranda, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Trojan Way
|
|
Industrial
|
—
|
|
|
23,503
|
|
|
33,342
|
|
|
92
|
|
|
23,503
|
|
|
33,434
|
|
|
56,937
|
|
|
910
|
|
2002
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
LaPorte, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Bayport Container Lot
|
|
Grounds
|
—
|
|
|
3,334
|
|
|
—
|
|
|
—
|
|
|
3,334
|
|
|
—
|
|
|
3,334
|
|
|
—
|
|
n/a
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Las Cruces, New Mexico
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Mountain View Medical Plaza
|
|
Medical Office
|
12,703
|
|
|
430
|
|
|
20,298
|
|
|
—
|
|
|
430
|
|
|
20,298
|
|
|
20,728
|
|
|
330
|
|
2003
|
2012
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Lawrenceville, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Weyerhaeuser BTS
|
|
Industrial
|
8,793
|
|
|
3,974
|
|
|
3,101
|
|
|
22
|
|
|
3,982
|
|
|
3,115
|
|
|
7,097
|
|
|
2,069
|
|
2004
|
2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Lebanon, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Lebanon Building 4
|
|
Industrial
|
10,985
|
|
|
305
|
|
|
8,959
|
|
|
113
|
|
|
177
|
|
|
9,200
|
|
|
9,377
|
|
|
3,457
|
|
2000
|
1997
|
|
Lebanon Building 9
|
|
Industrial
|
10,659
|
|
|
554
|
|
|
6,675
|
|
|
770
|
|
|
554
|
|
|
7,445
|
|
|
7,999
|
|
|
2,760
|
|
1999
|
1999
|
|
Lebanon Building 12
|
|
Industrial
|
25,219
|
|
|
5,163
|
|
|
12,851
|
|
|
664
|
|
|
5,163
|
|
|
13,515
|
|
|
18,678
|
|
|
6,186
|
|
2003
|
2003
|
|
Lebanon Building 13
|
|
Industrial
|
9,697
|
|
|
561
|
|
|
6,473
|
|
|
255
|
|
|
1,901
|
|
|
5,388
|
|
|
7,289
|
|
|
2,848
|
|
2003
|
2003
|
|
Lebanon Building 14
|
|
Industrial
|
19,511
|
|
|
2,813
|
|
|
11,496
|
|
|
1,446
|
|
|
2,813
|
|
|
12,942
|
|
|
15,755
|
|
|
3,730
|
|
2005
|
2005
|
|
Lebanon Building 1(Amer Air)
|
|
Industrial
|
—
|
|
|
312
|
|
|
3,799
|
|
|
10
|
|
|
312
|
|
|
3,809
|
|
|
4,121
|
|
|
411
|
|
1996
|
2010
|
|
Lebanon Building 2
|
|
Industrial
|
—
|
|
|
948
|
|
|
19,037
|
|
|
144
|
|
|
948
|
|
|
19,181
|
|
|
20,129
|
|
|
1,718
|
|
2007
|
2010
|
|
Lebanon Building 6
|
|
Industrial
|
12,964
|
|
|
699
|
|
|
8,446
|
|
|
—
|
|
|
699
|
|
|
8,446
|
|
|
9,145
|
|
|
1,060
|
|
1998
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Lebanon, Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Park 840 Logistics Cnt. Bldg 653
|
|
Industrial
|
—
|
|
|
6,776
|
|
|
10,954
|
|
|
3,925
|
|
|
6,776
|
|
|
14,879
|
|
|
21,655
|
|
|
5,219
|
|
2006
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Lockbourne, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Creekside XXII
|
|
Industrial
|
—
|
|
|
2,868
|
|
|
17,032
|
|
|
117
|
|
|
2,868
|
|
|
17,149
|
|
|
20,017
|
|
|
722
|
|
2008
|
2012
|
|
Creekside XIV
|
|
Industrial
|
—
|
|
|
1,947
|
|
|
12,630
|
|
|
—
|
|
|
1,947
|
|
|
12,630
|
|
|
14,577
|
|
|
685
|
|
2005
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Longview, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Longview MOB
|
|
Medical Office
|
15,270
|
|
|
403
|
|
|
26,792
|
|
|
—
|
|
|
403
|
|
|
26,792
|
|
|
27,195
|
|
|
408
|
|
2003
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Lynwood, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Century Distribution Center
|
|
Industrial
|
—
|
|
|
16,847
|
|
|
18,689
|
|
|
31
|
|
|
16,847
|
|
|
18,720
|
|
|
35,567
|
|
|
1,713
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Manteca, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
600 Spreckels Ave
|
|
Industrial
|
—
|
|
|
4,851
|
|
|
19,703
|
|
|
—
|
|
|
4,851
|
|
|
19,703
|
|
|
24,554
|
|
|
225
|
|
1999
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Maryland Heights, Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Riverport Tower
|
|
Office
|
—
|
|
|
3,549
|
|
|
27,655
|
|
|
8,195
|
|
|
3,549
|
|
|
35,850
|
|
|
39,399
|
|
|
16,280
|
|
1991
|
1997
|
|
Riverport Distribution
|
|
Industrial
|
—
|
|
|
242
|
|
|
2,217
|
|
|
1,132
|
|
|
242
|
|
|
3,349
|
|
|
3,591
|
|
|
1,541
|
|
1990
|
1997
|
|
14000 Riverport Dr
|
|
Industrial
|
—
|
|
|
1,197
|
|
|
8,590
|
|
|
427
|
|
|
1,197
|
|
|
9,017
|
|
|
10,214
|
|
|
3,840
|
|
1992
|
1997
|
|
13900 Riverport Dr
|
|
Office
|
—
|
|
|
2,285
|
|
|
9,473
|
|
|
891
|
|
|
2,285
|
|
|
10,364
|
|
|
12,649
|
|
|
4,166
|
|
1999
|
1999
|
|
Riverport I
|
|
Industrial
|
—
|
|
|
900
|
|
|
2,583
|
|
|
559
|
|
|
900
|
|
|
3,142
|
|
|
4,042
|
|
|
1,442
|
|
1999
|
1999
|
|
Riverport II
|
|
Industrial
|
—
|
|
|
1,238
|
|
|
4,152
|
|
|
743
|
|
|
1,238
|
|
|
4,895
|
|
|
6,133
|
|
|
1,846
|
|
2000
|
2000
|
|
Riverport III
|
|
Industrial
|
—
|
|
|
1,269
|
|
|
1,907
|
|
|
2,375
|
|
|
1,269
|
|
|
4,282
|
|
|
5,551
|
|
|
1,655
|
|
2001
|
2001
|
|
Riverport IV
|
|
Industrial
|
—
|
|
|
1,864
|
|
|
3,362
|
|
|
1,736
|
|
|
1,864
|
|
|
5,098
|
|
|
6,962
|
|
|
1,438
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
McDonough, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
120 Declaration Dr
|
|
Industrial
|
—
|
|
|
615
|
|
|
8,377
|
|
|
393
|
|
|
615
|
|
|
8,770
|
|
|
9,385
|
|
|
2,992
|
|
1997
|
1999
|
|
250 Declaration Dr
|
|
Industrial
|
19,328
|
|
|
2,273
|
|
|
11,552
|
|
|
2,802
|
|
|
2,312
|
|
|
14,315
|
|
|
16,627
|
|
|
4,167
|
|
2001
|
2001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
McKinney, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor McKinney MOB I
|
|
Medical Office
|
—
|
|
|
313
|
|
|
18,762
|
|
|
311
|
|
|
313
|
|
|
19,073
|
|
|
19,386
|
|
|
404
|
|
2012
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Melrose Park, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Melrose Business Center
|
|
Industrial
|
—
|
|
|
5,907
|
|
|
17,578
|
|
|
(18
|
)
|
|
5,907
|
|
|
17,560
|
|
|
23,467
|
|
|
1,487
|
|
2000
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mendota Heights, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Enterprise Industrial Center
|
|
Industrial
|
—
|
|
|
864
|
|
|
4,918
|
|
|
673
|
|
|
864
|
|
|
5,591
|
|
|
6,455
|
|
|
2,316
|
|
1979
|
1997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mequon, Wisconsin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Seton Professional Building
|
|
Medical Office
|
—
|
|
|
733
|
|
|
13,281
|
|
|
—
|
|
|
733
|
|
|
13,281
|
|
|
14,014
|
|
|
189
|
|
1994
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Middletown, Delaware
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
560 Merrimac Ave.
|
|
Industrial
|
—
|
|
|
12,320
|
|
|
62,039
|
|
|
302
|
|
|
12,320
|
|
|
62,341
|
|
|
74,661
|
|
|
517
|
|
2012
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Milwaukee, Wisconsin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Water Tower Medical Commons
|
|
Medical Office
|
—
|
|
|
1,024
|
|
|
43,728
|
|
|
—
|
|
|
1,024
|
|
|
43,728
|
|
|
44,752
|
|
|
487
|
|
2007
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mishawaka, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
SJRMC Edison Lakes MOB
|
|
Medical Office
|
—
|
|
|
—
|
|
|
31,951
|
|
|
5,787
|
|
|
60
|
|
|
37,678
|
|
|
37,738
|
|
|
4,058
|
|
2009
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Modesto, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1000 Oates Court
|
|
Industrial
|
14,927
|
|
|
10,115
|
|
|
18,397
|
|
|
—
|
|
|
10,115
|
|
|
18,397
|
|
|
28,512
|
|
|
—
|
|
2002
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Moosic, Pennsylvania
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Shoppes at Montage
|
|
Retail
|
—
|
|
|
21,347
|
|
|
37,902
|
|
|
3,120
|
|
|
21,347
|
|
|
41,022
|
|
|
62,369
|
|
|
15,592
|
|
2007
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Morgans Point, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Barbours Cut I
|
|
Industrial
|
—
|
|
|
1,482
|
|
|
8,209
|
|
|
—
|
|
|
1,482
|
|
|
8,209
|
|
|
9,691
|
|
|
828
|
|
2004
|
2010
|
|
Barbours Cut II
|
|
Industrial
|
—
|
|
|
1,447
|
|
|
8,471
|
|
|
—
|
|
|
1,447
|
|
|
8,471
|
|
|
9,918
|
|
|
855
|
|
2005
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Morrisville, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
507 Airport Blvd
|
|
Industrial
|
—
|
|
|
1,327
|
|
|
7,143
|
|
|
1,876
|
|
|
1,351
|
|
|
8,995
|
|
|
10,346
|
|
|
3,194
|
|
1993
|
1999
|
|
5151 McCrimmon Pkwy
|
|
Office
|
—
|
|
|
1,318
|
|
|
7,075
|
|
|
3,260
|
|
|
1,342
|
|
|
10,311
|
|
|
11,653
|
|
|
3,613
|
|
1995
|
1999
|
|
2600 Perimeter Park Dr
|
|
Industrial
|
—
|
|
|
975
|
|
|
4,997
|
|
|
1,440
|
|
|
991
|
|
|
6,421
|
|
|
7,412
|
|
|
2,331
|
|
1997
|
1999
|
|
5150 McCrimmon Pkwy
|
|
Office
|
—
|
|
|
1,739
|
|
|
12,073
|
|
|
1,699
|
|
|
1,773
|
|
|
13,738
|
|
|
15,511
|
|
|
4,962
|
|
1998
|
1999
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
2400 Perimeter Park Drive
|
|
Office
|
—
|
|
|
760
|
|
|
5,417
|
|
|
1,932
|
|
|
778
|
|
|
7,331
|
|
|
8,109
|
|
|
2,346
|
|
1999
|
1999
|
|
3000 Perimeter Park Dr (Met 1)
|
|
Industrial
|
—
|
|
|
482
|
|
|
2,453
|
|
|
1,323
|
|
|
491
|
|
|
3,767
|
|
|
4,258
|
|
|
1,426
|
|
1989
|
1999
|
|
2900 Perimeter Park Dr (Met 2)
|
|
Industrial
|
—
|
|
|
235
|
|
|
1,875
|
|
|
1,359
|
|
|
264
|
|
|
3,205
|
|
|
3,469
|
|
|
1,298
|
|
1990
|
1999
|
|
2800 Perimeter Park Dr (Met 3)
|
|
Industrial
|
—
|
|
|
777
|
|
|
4,494
|
|
|
1,130
|
|
|
843
|
|
|
5,558
|
|
|
6,401
|
|
|
2,006
|
|
1992
|
1999
|
|
1100 Perimeter Park Drive
|
|
Office
|
—
|
|
|
777
|
|
|
5,472
|
|
|
2,469
|
|
|
794
|
|
|
7,924
|
|
|
8,718
|
|
|
2,637
|
|
1990
|
1999
|
|
1500 Perimeter Park Drive
|
|
Office
|
—
|
|
|
1,148
|
|
|
10,080
|
|
|
1,942
|
|
|
1,177
|
|
|
11,993
|
|
|
13,170
|
|
|
3,979
|
|
1996
|
1999
|
|
1600 Perimeter Park Drive
|
|
Office
|
—
|
|
|
1,463
|
|
|
9,195
|
|
|
2,445
|
|
|
1,513
|
|
|
11,590
|
|
|
13,103
|
|
|
4,466
|
|
1994
|
1999
|
|
1800 Perimeter Park Drive
|
|
Office
|
—
|
|
|
907
|
|
|
5,221
|
|
|
1,803
|
|
|
993
|
|
|
6,938
|
|
|
7,931
|
|
|
2,649
|
|
1994
|
1999
|
|
2000 Perimeter Park Drive
|
|
Office
|
—
|
|
|
788
|
|
|
5,099
|
|
|
1,096
|
|
|
842
|
|
|
6,141
|
|
|
6,983
|
|
|
2,382
|
|
1997
|
1999
|
|
1700 Perimeter Park Drive
|
|
Office
|
—
|
|
|
1,230
|
|
|
8,838
|
|
|
2,993
|
|
|
1,260
|
|
|
11,801
|
|
|
13,061
|
|
|
4,392
|
|
1997
|
1999
|
|
5200 East Paramount Parkway
|
|
Office
|
—
|
|
|
1,748
|
|
|
9,093
|
|
|
1,475
|
|
|
1,797
|
|
|
10,519
|
|
|
12,316
|
|
|
186
|
|
1999
|
1999
|
|
2700 Perimeter Park
|
|
Industrial
|
—
|
|
|
662
|
|
|
1,250
|
|
|
1,920
|
|
|
662
|
|
|
3,170
|
|
|
3,832
|
|
|
952
|
|
2001
|
2001
|
|
5200 West Paramount
|
|
Office
|
—
|
|
|
1,831
|
|
|
12,608
|
|
|
1,831
|
|
|
1,831
|
|
|
14,439
|
|
|
16,270
|
|
|
6,083
|
|
2001
|
2001
|
|
2450 Perimeter Park Drive
|
|
Office
|
—
|
|
|
669
|
|
|
2,259
|
|
|
3
|
|
|
669
|
|
|
2,262
|
|
|
2,931
|
|
|
632
|
|
2002
|
2002
|
|
3800 Paramount Parkway
|
|
Office
|
—
|
|
|
2,657
|
|
|
5,241
|
|
|
3,663
|
|
|
2,657
|
|
|
8,904
|
|
|
11,561
|
|
|
2,694
|
|
2006
|
2006
|
|
Lenovo BTS I
|
|
Office
|
—
|
|
|
1,439
|
|
|
16,961
|
|
|
1,518
|
|
|
1,439
|
|
|
18,479
|
|
|
19,918
|
|
|
5,401
|
|
2006
|
2006
|
|
Lenovo BTS II
|
|
Office
|
—
|
|
|
1,725
|
|
|
16,809
|
|
|
1,996
|
|
|
1,725
|
|
|
18,805
|
|
|
20,530
|
|
|
4,929
|
|
2007
|
2007
|
|
5221 Paramount Parkway
|
|
Office
|
—
|
|
|
1,661
|
|
|
13,600
|
|
|
3,005
|
|
|
1,661
|
|
|
16,605
|
|
|
18,266
|
|
|
3,146
|
|
2008
|
2008
|
|
2250 Perimeter Park
|
|
Office
|
—
|
|
|
2,290
|
|
|
6,981
|
|
|
2,436
|
|
|
2,290
|
|
|
9,417
|
|
|
11,707
|
|
|
2,955
|
|
2008
|
2008
|
|
Perimeter One
|
|
Office
|
—
|
|
|
5,880
|
|
|
13,565
|
|
|
9,295
|
|
|
5,880
|
|
|
22,860
|
|
|
28,740
|
|
|
8,606
|
|
2007
|
2007
|
|
The Market at Perimeter Park
|
|
Retail
|
—
|
|
|
1,149
|
|
|
1,688
|
|
|
413
|
|
|
1,149
|
|
|
2,101
|
|
|
3,250
|
|
|
428
|
|
2009
|
2009
|
|
100 Innovation
|
|
Industrial
|
—
|
|
|
633
|
|
|
3,748
|
|
|
681
|
|
|
633
|
|
|
4,429
|
|
|
5,062
|
|
|
1,633
|
|
1994
|
1999
|
|
101 Innovation
|
|
Industrial
|
—
|
|
|
615
|
|
|
3,958
|
|
|
148
|
|
|
615
|
|
|
4,106
|
|
|
4,721
|
|
|
1,383
|
|
1997
|
1999
|
|
200 Innovation
|
|
Industrial
|
—
|
|
|
357
|
|
|
4,036
|
|
|
311
|
|
|
357
|
|
|
4,347
|
|
|
4,704
|
|
|
1,494
|
|
1999
|
1999
|
|
501 Innovation
|
|
Industrial
|
—
|
|
|
640
|
|
|
5,571
|
|
|
176
|
|
|
640
|
|
|
5,747
|
|
|
6,387
|
|
|
1,931
|
|
1999
|
1999
|
|
1000 Innovation
|
|
Industrial
|
—
|
|
|
514
|
|
|
2,927
|
|
|
231
|
|
|
514
|
|
|
3,158
|
|
|
3,672
|
|
|
873
|
|
1996
|
2002
|
|
1200 Innovation
|
|
Industrial
|
—
|
|
|
740
|
|
|
4,406
|
|
|
362
|
|
|
740
|
|
|
4,768
|
|
|
5,508
|
|
|
1,308
|
|
1996
|
2002
|
|
400 Innovation
|
|
Industrial
|
—
|
|
|
908
|
|
|
1,240
|
|
|
387
|
|
|
908
|
|
|
1,627
|
|
|
2,535
|
|
|
776
|
|
2004
|
2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Munster, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Hammond Clinic Specialty Ctr. (3)
|
|
Medical Office
|
—
|
|
|
—
|
|
|
12,954
|
|
|
—
|
|
|
—
|
|
|
12,954
|
|
|
12,954
|
|
|
—
|
|
1986
|
2011
|
|
HC Family Wellness Center (3)
|
|
Medical Office
|
—
|
|
|
—
|
|
|
3,568
|
|
|
—
|
|
|
—
|
|
|
3,568
|
|
|
3,568
|
|
|
—
|
|
1999
|
2011
|
|
Franciscan Physician Hosp. OPC (3)
|
|
Medical Office
|
—
|
|
|
—
|
|
|
4,564
|
|
|
—
|
|
|
—
|
|
|
4,564
|
|
|
4,564
|
|
|
—
|
|
1998
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Murfreesboro, Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Middle Tenn Med Ctr - MOB
|
|
Medical Office
|
—
|
|
|
—
|
|
|
20,564
|
|
|
4,976
|
|
|
7
|
|
|
25,533
|
|
|
25,540
|
|
|
4,433
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Naperville, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1835 Jefferson
|
|
Industrial
|
—
|
|
|
3,180
|
|
|
7,959
|
|
|
5
|
|
|
3,184
|
|
|
7,960
|
|
|
11,144
|
|
|
2,350
|
|
2005
|
2003
|
|
175 Ambassador Dr
|
|
Industrial
|
—
|
|
|
4,778
|
|
|
11,252
|
|
|
11
|
|
|
4,778
|
|
|
11,263
|
|
|
16,041
|
|
|
1,308
|
|
2006
|
2010
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
1860 W. Jefferson
|
|
Industrial
|
18,510
|
|
|
7,016
|
|
|
35,581
|
|
|
9
|
|
|
7,016
|
|
|
35,590
|
|
|
42,606
|
|
|
1,487
|
|
2000
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Nashville, Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Airpark East-800 Commerce Dr.
|
|
Industrial
|
2,295
|
|
|
1,564
|
|
|
2,578
|
|
|
1,065
|
|
|
1,564
|
|
|
3,643
|
|
|
5,207
|
|
|
1,057
|
|
2002
|
2002
|
|
Riverview Office Building
|
|
Office
|
—
|
|
|
847
|
|
|
4,840
|
|
|
2,036
|
|
|
847
|
|
|
6,876
|
|
|
7,723
|
|
|
2,330
|
|
1983
|
1999
|
|
Nashville Business Center I
|
|
Industrial
|
—
|
|
|
936
|
|
|
5,943
|
|
|
1,280
|
|
|
936
|
|
|
7,223
|
|
|
8,159
|
|
|
2,680
|
|
1997
|
1999
|
|
Nashville Business Center II
|
|
Industrial
|
—
|
|
|
5,659
|
|
|
10,206
|
|
|
845
|
|
|
5,659
|
|
|
11,051
|
|
|
16,710
|
|
|
4,057
|
|
2005
|
2005
|
|
Four-Forty Business Center I
|
|
Industrial
|
—
|
|
|
938
|
|
|
6,438
|
|
|
125
|
|
|
938
|
|
|
6,563
|
|
|
7,501
|
|
|
2,236
|
|
1997
|
1999
|
|
Four-Forty Business Center III
|
|
Industrial
|
—
|
|
|
1,812
|
|
|
7,323
|
|
|
1,253
|
|
|
1,812
|
|
|
8,576
|
|
|
10,388
|
|
|
3,069
|
|
1998
|
1999
|
|
Four-Forty Business Center IV
|
|
Industrial
|
—
|
|
|
1,522
|
|
|
5,242
|
|
|
615
|
|
|
1,522
|
|
|
5,857
|
|
|
7,379
|
|
|
2,047
|
|
1997
|
1999
|
|
Four-Forty Business Center V
|
|
Industrial
|
—
|
|
|
471
|
|
|
2,236
|
|
|
718
|
|
|
471
|
|
|
2,954
|
|
|
3,425
|
|
|
1,031
|
|
1999
|
1999
|
|
Four-Forty Business Center II
|
|
Industrial
|
2,711
|
|
|
1,108
|
|
|
4,829
|
|
|
—
|
|
|
1,108
|
|
|
4,829
|
|
|
5,937
|
|
|
369
|
|
1996
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Niles, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Howard 220
|
|
Industrial
|
7,271
|
|
|
4,920
|
|
|
2,320
|
|
|
9,615
|
|
|
7,761
|
|
|
9,094
|
|
|
16,855
|
|
|
2,303
|
|
2008
|
2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Norfolk, Virginia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1400 Sewells Point Rd
|
|
Industrial
|
1,885
|
|
|
1,463
|
|
|
5,723
|
|
|
575
|
|
|
1,463
|
|
|
6,298
|
|
|
7,761
|
|
|
1,118
|
|
1983
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Northlake, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Northlake I
|
|
Industrial
|
7,897
|
|
|
5,721
|
|
|
9,123
|
|
|
835
|
|
|
5,721
|
|
|
9,958
|
|
|
15,679
|
|
|
2,548
|
|
2002
|
2002
|
|
Northlake III-Grnd Whse
|
|
Industrial
|
5,536
|
|
|
5,382
|
|
|
5,708
|
|
|
253
|
|
|
5,382
|
|
|
5,961
|
|
|
11,343
|
|
|
1,973
|
|
2006
|
2006
|
|
200 Champion Way
|
|
Industrial
|
—
|
|
|
3,554
|
|
|
12,262
|
|
|
—
|
|
|
3,554
|
|
|
12,262
|
|
|
15,816
|
|
|
655
|
|
1997
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Oak Brook, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
2000 York Rd
|
|
Office
|
—
|
|
|
2,625
|
|
|
15,814
|
|
|
377
|
|
|
2,625
|
|
|
16,191
|
|
|
18,816
|
|
|
12,016
|
|
1986
|
2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Orlando, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Southcenter I-Brede/Allied BTS
|
|
Industrial
|
—
|
|
|
3,094
|
|
|
3,867
|
|
|
117
|
|
|
3,094
|
|
|
3,984
|
|
|
7,078
|
|
|
1,852
|
|
2003
|
2003
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Parksouth Distribution Ctr. B
|
|
Industrial
|
—
|
|
|
565
|
|
|
4,479
|
|
|
551
|
|
|
570
|
|
|
5,025
|
|
|
5,595
|
|
|
1,721
|
|
1996
|
1999
|
|
Parksouth Distribution Ctr. A
|
|
Industrial
|
—
|
|
|
493
|
|
|
4,340
|
|
|
745
|
|
|
498
|
|
|
5,080
|
|
|
5,578
|
|
|
1,641
|
|
1997
|
1999
|
|
Parksouth Distribution Ctr. D
|
|
Industrial
|
—
|
|
|
593
|
|
|
4,075
|
|
|
558
|
|
|
597
|
|
|
4,629
|
|
|
5,226
|
|
|
1,658
|
|
1998
|
1999
|
|
Parksouth Distribution Ctr. E
|
|
Industrial
|
—
|
|
|
649
|
|
|
4,433
|
|
|
684
|
|
|
677
|
|
|
5,089
|
|
|
5,766
|
|
|
1,796
|
|
1997
|
1999
|
|
Parksouth Distribution Ctr. F
|
|
Industrial
|
—
|
|
|
1,030
|
|
|
4,767
|
|
|
1,758
|
|
|
1,232
|
|
|
6,323
|
|
|
7,555
|
|
|
2,368
|
|
1999
|
1999
|
|
Parksouth Distribution Ctr. H
|
|
Industrial
|
—
|
|
|
725
|
|
|
3,020
|
|
|
525
|
|
|
754
|
|
|
3,516
|
|
|
4,270
|
|
|
1,113
|
|
2000
|
2000
|
|
Parksouth Distribution Ctr. C
|
|
Industrial
|
—
|
|
|
598
|
|
|
1,769
|
|
|
1,695
|
|
|
674
|
|
|
3,388
|
|
|
4,062
|
|
|
1,060
|
|
2003
|
2001
|
|
Parksouth-Benjamin Moore BTS
|
|
Industrial
|
—
|
|
|
708
|
|
|
2,070
|
|
|
62
|
|
|
1,129
|
|
|
1,711
|
|
|
2,840
|
|
|
745
|
|
2003
|
2003
|
|
Crossroads VII
|
|
Industrial
|
—
|
|
|
2,803
|
|
|
5,891
|
|
|
3,212
|
|
|
2,803
|
|
|
9,103
|
|
|
11,906
|
|
|
3,328
|
|
2006
|
2006
|
|
Crossroads VIII
|
|
Industrial
|
—
|
|
|
2,701
|
|
|
4,817
|
|
|
1,914
|
|
|
2,701
|
|
|
6,731
|
|
|
9,432
|
|
|
1,720
|
|
2007
|
2007
|
|
E Orlando Med Surgery Plaza
|
|
Medical Office
|
9,058
|
|
|
683
|
|
|
14,011
|
|
|
—
|
|
|
683
|
|
|
14,011
|
|
|
14,694
|
|
|
177
|
|
2009
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Otsego, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Gateway North 1
|
|
Industrial
|
—
|
|
|
2,243
|
|
|
3,959
|
|
|
1,244
|
|
|
2,287
|
|
|
5,159
|
|
|
7,446
|
|
|
1,352
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pembroke Pines, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Pembroke Gardens
|
|
Retail
|
—
|
|
|
26,067
|
|
|
87,897
|
|
|
6,021
|
|
|
24,866
|
|
|
95,119
|
|
|
119,985
|
|
|
26,624
|
|
2007
|
2009
|
|
PNC Ground Lease-Nursery Site
|
|
Grounds
|
—
|
|
|
1,752
|
|
|
—
|
|
|
—
|
|
|
1,752
|
|
|
—
|
|
|
1,752
|
|
|
49
|
|
n/a
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Phoenix, Arizona
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Estrella Buckeye
|
|
Industrial
|
3,898
|
|
|
1,796
|
|
|
5,889
|
|
|
212
|
|
|
1,796
|
|
|
6,101
|
|
|
7,897
|
|
|
1,107
|
|
1996
|
2010
|
|
Riverside Business Center
|
|
Industrial
|
—
|
|
|
5,349
|
|
|
13,154
|
|
|
885
|
|
|
5,349
|
|
|
14,039
|
|
|
19,388
|
|
|
1,862
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Plainfield, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Edward Plainfield MOB I
|
|
Medical Office
|
—
|
|
|
—
|
|
|
8,770
|
|
|
1,451
|
|
|
—
|
|
|
10,221
|
|
|
10,221
|
|
|
2,953
|
|
2006
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Plainfield, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Plainfield Building 1
|
|
Industrial
|
15,870
|
|
|
1,104
|
|
|
11,151
|
|
|
456
|
|
|
1,104
|
|
|
11,607
|
|
|
12,711
|
|
|
4,080
|
|
2000
|
2000
|
|
Plainfield Building 2
|
|
Industrial
|
15,400
|
|
|
1,387
|
|
|
7,863
|
|
|
3,218
|
|
|
2,868
|
|
|
9,600
|
|
|
12,468
|
|
|
4,452
|
|
2000
|
2000
|
|
Plainfield Building 3
|
|
Industrial
|
16,796
|
|
|
2,016
|
|
|
9,098
|
|
|
2,587
|
|
|
2,016
|
|
|
11,685
|
|
|
13,701
|
|
|
2,970
|
|
2002
|
2002
|
|
Plainfield Building 5
|
|
Industrial
|
12,115
|
|
|
2,726
|
|
|
6,488
|
|
|
983
|
|
|
2,726
|
|
|
7,471
|
|
|
10,197
|
|
|
2,640
|
|
2004
|
2004
|
|
Plainfield Building 8
|
|
Industrial
|
20,720
|
|
|
4,527
|
|
|
11,088
|
|
|
1,034
|
|
|
4,527
|
|
|
12,122
|
|
|
16,649
|
|
|
3,086
|
|
2006
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Plano, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor Plano MOB
|
|
Medical Office
|
—
|
|
|
16
|
|
|
28,375
|
|
|
3,036
|
|
|
49
|
|
|
31,378
|
|
|
31,427
|
|
|
3,172
|
|
2009
|
2009
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Plantation, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Royal Palm I
|
|
Office
|
—
|
|
|
10,209
|
|
|
30,829
|
|
|
322
|
|
|
10,209
|
|
|
31,151
|
|
|
41,360
|
|
|
5,678
|
|
2001
|
2010
|
|
Royal Palm II
|
|
Office
|
—
|
|
|
8,935
|
|
|
30,011
|
|
|
1,025
|
|
|
8,935
|
|
|
31,036
|
|
|
39,971
|
|
|
4,794
|
|
2007
|
2010
|
|
Crossroads Business Park 1
|
|
Office
|
10,870
|
|
|
3,735
|
|
|
11,407
|
|
|
515
|
|
|
3,735
|
|
|
11,922
|
|
|
15,657
|
|
|
1,254
|
|
1997
|
2011
|
|
Crossroads Business Park 2
|
|
Office
|
14,424
|
|
|
2,610
|
|
|
12,018
|
|
|
542
|
|
|
2,610
|
|
|
12,560
|
|
|
15,170
|
|
|
1,446
|
|
1998
|
2011
|
|
Crossroads Business Park 3
|
|
Office
|
16,625
|
|
|
3,938
|
|
|
13,136
|
|
|
2,913
|
|
|
3,938
|
|
|
16,049
|
|
|
19,987
|
|
|
1,097
|
|
1999
|
2011
|
|
Crossroads Business Park 4
|
|
Office
|
9,814
|
|
|
3,037
|
|
|
11,462
|
|
|
568
|
|
|
3,037
|
|
|
12,030
|
|
|
15,067
|
|
|
843
|
|
2001
|
2011
|
|
Crossroads Bus. Pk.-So. Trust
|
|
Grounds
|
—
|
|
|
864
|
|
|
—
|
|
|
—
|
|
|
864
|
|
|
—
|
|
|
864
|
|
|
9
|
|
n/a
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Plymouth, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Medicine Lake Indus. Center
|
|
Industrial
|
—
|
|
|
1,145
|
|
|
5,893
|
|
|
1,873
|
|
|
1,145
|
|
|
7,766
|
|
|
8,911
|
|
|
3,251
|
|
1970
|
1997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pompano Beach, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Atlantic Business Center 1
|
|
Industrial
|
—
|
|
|
3,165
|
|
|
8,949
|
|
|
873
|
|
|
3,165
|
|
|
9,822
|
|
|
12,987
|
|
|
733
|
|
2000
|
2010
|
|
Atlantic Business Center 2
|
|
Industrial
|
5,758
|
|
|
2,663
|
|
|
8,751
|
|
|
657
|
|
|
2,663
|
|
|
9,408
|
|
|
12,071
|
|
|
744
|
|
2001
|
2010
|
|
Atlantic Business Center 3
|
|
Industrial
|
5,711
|
|
|
2,764
|
|
|
8,553
|
|
|
—
|
|
|
2,764
|
|
|
8,553
|
|
|
11,317
|
|
|
778
|
|
2001
|
2010
|
|
Atlantic Business Center 4A
|
|
Industrial
|
4,246
|
|
|
1,804
|
|
|
6,259
|
|
|
18
|
|
|
1,804
|
|
|
6,277
|
|
|
8,081
|
|
|
592
|
|
2002
|
2010
|
|
Atlantic Business Center 4B
|
|
Industrial
|
4,458
|
|
|
1,834
|
|
|
5,531
|
|
|
18
|
|
|
1,834
|
|
|
5,549
|
|
|
7,383
|
|
|
491
|
|
2002
|
2010
|
|
Atlantic Business Center 5A
|
|
Industrial
|
4,468
|
|
|
1,980
|
|
|
6,139
|
|
|
—
|
|
|
1,980
|
|
|
6,139
|
|
|
8,119
|
|
|
549
|
|
2002
|
2010
|
|
Atlantic Business Center 5B
|
|
Industrial
|
3,902
|
|
|
1,995
|
|
|
6,257
|
|
|
—
|
|
|
1,995
|
|
|
6,257
|
|
|
8,252
|
|
|
471
|
|
2004
|
2010
|
|
Atlantic Business Center 6A
|
|
Industrial
|
4,530
|
|
|
1,999
|
|
|
6,256
|
|
|
—
|
|
|
1,999
|
|
|
6,256
|
|
|
8,255
|
|
|
556
|
|
2004
|
2010
|
|
Atlantic Business Center 6B
|
|
Industrial
|
4,582
|
|
|
1,988
|
|
|
6,337
|
|
|
—
|
|
|
1,988
|
|
|
6,337
|
|
|
8,325
|
|
|
563
|
|
2002
|
2010
|
|
Atlantic Business Center 7A
|
|
Industrial
|
3,245
|
|
|
2,194
|
|
|
4,319
|
|
|
—
|
|
|
2,194
|
|
|
4,319
|
|
|
6,513
|
|
|
425
|
|
2005
|
2010
|
|
Atlantic Business Center 7B
|
|
Industrial
|
3,944
|
|
|
2,066
|
|
|
6,925
|
|
|
—
|
|
|
2,066
|
|
|
6,925
|
|
|
8,991
|
|
|
569
|
|
2004
|
2010
|
|
Atlantic Business Center 8
|
|
Industrial
|
4,710
|
|
|
1,616
|
|
|
3,785
|
|
|
20
|
|
|
1,616
|
|
|
3,805
|
|
|
5,421
|
|
|
369
|
|
2005
|
2010
|
|
Atlantic Business Center 9
|
|
Industrial
|
2,931
|
|
|
1,429
|
|
|
2,329
|
|
|
—
|
|
|
1,429
|
|
|
2,329
|
|
|
3,758
|
|
|
202
|
|
2006
|
2010
|
|
Copans Business Park 3
|
|
Industrial
|
4,445
|
|
|
1,710
|
|
|
3,892
|
|
|
77
|
|
|
1,710
|
|
|
3,969
|
|
|
5,679
|
|
|
364
|
|
1989
|
2010
|
|
Copans Business Park 4
|
|
Industrial
|
4,003
|
|
|
1,781
|
|
|
3,435
|
|
|
38
|
|
|
1,781
|
|
|
3,473
|
|
|
5,254
|
|
|
327
|
|
1989
|
2010
|
|
Park Central Business Park 1
|
|
Office
|
6,329
|
|
|
1,613
|
|
|
4,982
|
|
|
611
|
|
|
1,613
|
|
|
5,593
|
|
|
7,206
|
|
|
787
|
|
1985
|
2010
|
|
Park Central Business Park 2
|
|
Industrial
|
1,227
|
|
|
634
|
|
|
556
|
|
|
14
|
|
|
634
|
|
|
570
|
|
|
1,204
|
|
|
104
|
|
1982
|
2010
|
|
Park Central Business Park 3
|
|
Industrial
|
1,466
|
|
|
638
|
|
|
1,031
|
|
|
—
|
|
|
638
|
|
|
1,031
|
|
|
1,669
|
|
|
101
|
|
1982
|
2010
|
|
Park Central Business Park 4
|
|
Industrial
|
1,637
|
|
|
938
|
|
|
1,076
|
|
|
64
|
|
|
938
|
|
|
1,140
|
|
|
2,078
|
|
|
100
|
|
1985
|
2010
|
|
Park Central Business Park 5
|
|
Industrial
|
2,014
|
|
|
1,125
|
|
|
1,442
|
|
|
22
|
|
|
1,125
|
|
|
1,464
|
|
|
2,589
|
|
|
135
|
|
1986
|
2010
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Park Central Business Park 6
|
|
Industrial
|
2,050
|
|
|
1,088
|
|
|
1,068
|
|
|
73
|
|
|
1,088
|
|
|
1,141
|
|
|
2,229
|
|
|
175
|
|
1986
|
2010
|
|
Park Central Business Park 7
|
|
Industrial
|
2,068
|
|
|
979
|
|
|
950
|
|
|
—
|
|
|
979
|
|
|
950
|
|
|
1,929
|
|
|
171
|
|
1986
|
2010
|
|
Park Central Business Park 10
|
|
Industrial
|
3,684
|
|
|
1,688
|
|
|
2,299
|
|
|
(4
|
)
|
|
1,688
|
|
|
2,295
|
|
|
3,983
|
|
|
311
|
|
1999
|
2010
|
|
Park Central Business Park 11
|
|
Industrial
|
5,892
|
|
|
3,098
|
|
|
3,607
|
|
|
(58
|
)
|
|
3,098
|
|
|
3,549
|
|
|
6,647
|
|
|
474
|
|
1995
|
2010
|
|
Pompano Commerce Ctr I
|
|
Industrial
|
—
|
|
|
3,250
|
|
|
5,425
|
|
|
308
|
|
|
3,250
|
|
|
5,733
|
|
|
8,983
|
|
|
832
|
|
2010
|
2010
|
|
Pompano Commerce Ctr III
|
|
Industrial
|
—
|
|
|
3,250
|
|
|
5,704
|
|
|
—
|
|
|
3,250
|
|
|
5,704
|
|
|
8,954
|
|
|
883
|
|
2010
|
2010
|
|
Sample 95 Business Park 1
|
|
Industrial
|
7,084
|
|
|
3,300
|
|
|
6,423
|
|
|
43
|
|
|
3,300
|
|
|
6,466
|
|
|
9,766
|
|
|
518
|
|
1999
|
2010
|
|
Sample 95 Business Park 2
|
|
Industrial
|
9,784
|
|
|
2,963
|
|
|
6,367
|
|
|
—
|
|
|
2,963
|
|
|
6,367
|
|
|
9,330
|
|
|
499
|
|
1999
|
2011
|
|
Sample 95 Business Park 3
|
|
Industrial
|
8,389
|
|
|
3,713
|
|
|
4,465
|
|
|
144
|
|
|
3,713
|
|
|
4,609
|
|
|
8,322
|
|
|
417
|
|
1999
|
2011
|
|
Sample 95 Business Park 4
|
|
Industrial
|
—
|
|
|
1,688
|
|
|
5,408
|
|
|
63
|
|
|
1,688
|
|
|
5,471
|
|
|
7,159
|
|
|
536
|
|
1999
|
2010
|
|
Copans Business Park 1
|
|
Industrial
|
—
|
|
|
1,856
|
|
|
3,236
|
|
|
546
|
|
|
1,856
|
|
|
3,782
|
|
|
5,638
|
|
|
310
|
|
1989
|
2011
|
|
Copans Business Park 2
|
|
Industrial
|
—
|
|
|
1,988
|
|
|
3,660
|
|
|
140
|
|
|
1,988
|
|
|
3,800
|
|
|
5,788
|
|
|
415
|
|
1989
|
2011
|
|
Park Central Business Park 8-9
|
|
Industrial
|
7,675
|
|
|
4,136
|
|
|
6,870
|
|
|
228
|
|
|
4,136
|
|
|
7,098
|
|
|
11,234
|
|
|
795
|
|
1998
|
2011
|
|
Park Central Business Park 12
|
|
Industrial
|
9,022
|
|
|
2,696
|
|
|
6,499
|
|
|
42
|
|
|
2,696
|
|
|
6,541
|
|
|
9,237
|
|
|
705
|
|
1998
|
2011
|
|
Park Central Business Park 14
|
|
Industrial
|
2,680
|
|
|
1,635
|
|
|
2,910
|
|
|
63
|
|
|
1,635
|
|
|
2,973
|
|
|
4,608
|
|
|
231
|
|
1996
|
2011
|
|
Park Central Business Park 15
|
|
Industrial
|
2,052
|
|
|
1,500
|
|
|
2,150
|
|
|
20
|
|
|
1,500
|
|
|
2,170
|
|
|
3,670
|
|
|
174
|
|
1998
|
2011
|
|
Park Central Business Park 33
|
|
Industrial
|
3,765
|
|
|
2,438
|
|
|
3,397
|
|
|
117
|
|
|
2,438
|
|
|
3,514
|
|
|
5,952
|
|
|
401
|
|
1997
|
2011
|
|
Atlantic Business Ctr. 10-KFC
|
|
Grounds
|
—
|
|
|
772
|
|
|
—
|
|
|
—
|
|
|
772
|
|
|
—
|
|
|
772
|
|
|
9
|
|
n/a
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Port Wentworth, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
318 Grange Road
|
|
Industrial
|
1,470
|
|
|
957
|
|
|
4,157
|
|
|
98
|
|
|
957
|
|
|
4,255
|
|
|
5,212
|
|
|
817
|
|
2001
|
2006
|
|
246 Grange Road
|
|
Industrial
|
5,091
|
|
|
1,191
|
|
|
8,294
|
|
|
7
|
|
|
1,191
|
|
|
8,301
|
|
|
9,492
|
|
|
1,922
|
|
2006
|
2006
|
|
100 Ocean Link Way-Godley Rd
|
|
Industrial
|
9,193
|
|
|
2,306
|
|
|
13,389
|
|
|
81
|
|
|
2,336
|
|
|
13,440
|
|
|
15,776
|
|
|
2,942
|
|
2006
|
2006
|
|
500 Expansion Blvd
|
|
Industrial
|
3,950
|
|
|
649
|
|
|
6,282
|
|
|
81
|
|
|
649
|
|
|
6,363
|
|
|
7,012
|
|
|
973
|
|
2006
|
2008
|
|
400 Expansion Blvd
|
|
Industrial
|
9,058
|
|
|
1,636
|
|
|
14,506
|
|
|
19
|
|
|
1,636
|
|
|
14,525
|
|
|
16,161
|
|
|
2,334
|
|
2007
|
2008
|
|
605 Expansion Blvd
|
|
Industrial
|
5,337
|
|
|
1,615
|
|
|
7,456
|
|
|
25
|
|
|
1,615
|
|
|
7,481
|
|
|
9,096
|
|
|
1,248
|
|
2007
|
2008
|
|
405 Expansion Blvd
|
|
Industrial
|
2,062
|
|
|
535
|
|
|
3,543
|
|
|
—
|
|
|
535
|
|
|
3,543
|
|
|
4,078
|
|
|
629
|
|
2008
|
2009
|
|
600 Expansion Blvd
|
|
Industrial
|
5,904
|
|
|
1,248
|
|
|
10,387
|
|
|
—
|
|
|
1,248
|
|
|
10,387
|
|
|
11,635
|
|
|
1,796
|
|
2008
|
2009
|
|
602 Expansion Blvd
|
|
Industrial
|
—
|
|
|
1,840
|
|
|
12,181
|
|
|
27
|
|
|
1,859
|
|
|
12,189
|
|
|
14,048
|
|
|
1,905
|
|
2009
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Raleigh, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Crabtree Overlook
|
|
Office
|
—
|
|
|
2,164
|
|
|
15,288
|
|
|
882
|
|
|
2,164
|
|
|
16,170
|
|
|
18,334
|
|
|
5,084
|
|
2001
|
2001
|
|
WakeMed Brier Creek Healthplex
|
|
Medical Office
|
—
|
|
|
10
|
|
|
6,653
|
|
|
(373
|
)
|
|
10
|
|
|
6,280
|
|
|
6,290
|
|
|
256
|
|
2011
|
2011
|
|
WakeMed Raleigh Medical Park
|
|
Medical Office
|
—
|
|
|
15
|
|
|
12,078
|
|
|
363
|
|
|
15
|
|
|
12,441
|
|
|
12,456
|
|
|
228
|
|
2012
|
2012
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Walnut Creek Business Park I
|
|
Industrial
|
—
|
|
|
419
|
|
|
1,780
|
|
|
662
|
|
|
442
|
|
|
2,419
|
|
|
2,861
|
|
|
718
|
|
2001
|
2001
|
|
Walnut Creek Business Park II
|
|
Industrial
|
—
|
|
|
456
|
|
|
2,318
|
|
|
437
|
|
|
487
|
|
|
2,724
|
|
|
3,211
|
|
|
841
|
|
2001
|
2001
|
|
Walnut Creek Business Park III
|
|
Industrial
|
—
|
|
|
679
|
|
|
2,927
|
|
|
1,372
|
|
|
719
|
|
|
4,259
|
|
|
4,978
|
|
|
1,117
|
|
2001
|
2001
|
|
Walnut Creek Business Park IV
|
|
Industrial
|
—
|
|
|
2,038
|
|
|
1,843
|
|
|
1,452
|
|
|
2,083
|
|
|
3,250
|
|
|
5,333
|
|
|
1,616
|
|
2004
|
2004
|
|
Walnut Creek Business Park V
|
|
Industrial
|
—
|
|
|
1,718
|
|
|
3,302
|
|
|
602
|
|
|
1,718
|
|
|
3,904
|
|
|
5,622
|
|
|
1,180
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Rome, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Harbin Cancer Center
|
|
Medical Office
|
—
|
|
|
718
|
|
|
14,032
|
|
|
—
|
|
|
718
|
|
|
14,032
|
|
|
14,750
|
|
|
176
|
|
2010
|
2012
|
|
Harbin Clinic Heart Center
|
|
Medical Office
|
—
|
|
|
2,556
|
|
|
10,363
|
|
|
—
|
|
|
2,556
|
|
|
10,363
|
|
|
12,919
|
|
|
93
|
|
1994
|
2012
|
|
Harbin Clinic 1825 MarthaBerry (3)
|
|
Medical Office
|
—
|
|
|
—
|
|
|
28,714
|
|
|
—
|
|
|
—
|
|
|
28,714
|
|
|
28,714
|
|
|
161
|
|
1960
|
2012
|
|
Harbin Clinic Rome Dialysis
|
|
Medical Office
|
—
|
|
|
190
|
|
|
765
|
|
|
—
|
|
|
190
|
|
|
765
|
|
|
955
|
|
|
10
|
|
2005
|
2012
|
|
Harbin Specialty Center
|
|
Medical Office
|
—
|
|
|
2,203
|
|
|
14,764
|
|
|
—
|
|
|
2,203
|
|
|
14,764
|
|
|
16,967
|
|
|
168
|
|
2007
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Romeoville, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Park 55 Bldg. 1
|
|
Industrial
|
7,438
|
|
|
6,433
|
|
|
7,857
|
|
|
1,076
|
|
|
6,433
|
|
|
8,933
|
|
|
15,366
|
|
|
3,054
|
|
2005
|
2005
|
|
Crossroads 2
|
|
Industrial
|
6,144
|
|
|
2,938
|
|
|
9,826
|
|
|
161
|
|
|
2,938
|
|
|
9,987
|
|
|
12,925
|
|
|
1,046
|
|
1999
|
2010
|
|
Crossroads 5
|
|
Industrial
|
—
|
|
|
5,296
|
|
|
6,199
|
|
|
221
|
|
|
5,296
|
|
|
6,420
|
|
|
11,716
|
|
|
1,625
|
|
2009
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Roseville, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
I-35 Business Center 1
|
|
Industrial
|
—
|
|
|
1,655
|
|
|
6,048
|
|
|
22
|
|
|
1,655
|
|
|
6,070
|
|
|
7,725
|
|
|
349
|
|
1998
|
2011
|
|
I-35 Business Center 2
|
|
Industrial
|
—
|
|
|
1,373
|
|
|
4,220
|
|
|
31
|
|
|
1,373
|
|
|
4,251
|
|
|
5,624
|
|
|
244
|
|
2000
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Roswell, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
North Fulton Medical Plaza
|
|
Medical Office
|
—
|
|
|
291
|
|
|
10,908
|
|
|
57
|
|
|
291
|
|
|
10,965
|
|
|
11,256
|
|
|
137
|
|
2012
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ruston, Louisiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
The Green Clinic
|
|
Medical Office
|
—
|
|
|
919
|
|
|
15,185
|
|
|
—
|
|
|
919
|
|
|
15,185
|
|
|
16,104
|
|
|
211
|
|
1984
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
San Antonio, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Christus Santa Rosa MOB
|
|
Medical Office
|
—
|
|
|
4,310
|
|
|
15,201
|
|
|
55
|
|
|
4,310
|
|
|
15,256
|
|
|
19,566
|
|
|
834
|
|
2006
|
2011
|
|
Christus Santa Rosa Hospital
|
|
Medical Office
|
10,238
|
|
|
5,267
|
|
|
10,660
|
|
|
186
|
|
|
5,267
|
|
|
10,846
|
|
|
16,113
|
|
|
765
|
|
2005
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sandy Springs, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Center Pointe I & II
|
|
Medical Office
|
—
|
|
|
9,697
|
|
|
19,026
|
|
|
21,398
|
|
|
9,707
|
|
|
40,414
|
|
|
50,121
|
|
|
10,458
|
|
2010
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
Savannah, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
198 Gulfstream
|
|
Industrial
|
5,324
|
|
|
549
|
|
|
3,805
|
|
|
154
|
|
|
549
|
|
|
3,959
|
|
|
4,508
|
|
|
762
|
|
1997
|
2006
|
|
194 Gulfstream
|
|
Industrial
|
173
|
|
|
412
|
|
|
2,514
|
|
|
15
|
|
|
412
|
|
|
2,529
|
|
|
2,941
|
|
|
471
|
|
1998
|
2006
|
|
190 Gulfstream
|
|
Industrial
|
730
|
|
|
689
|
|
|
4,916
|
|
|
—
|
|
|
689
|
|
|
4,916
|
|
|
5,605
|
|
|
1,230
|
|
1999
|
2006
|
|
250 Grange Road
|
|
Industrial
|
2,678
|
|
|
928
|
|
|
8,648
|
|
|
7
|
|
|
928
|
|
|
8,655
|
|
|
9,583
|
|
|
1,940
|
|
2002
|
2006
|
|
248 Grange Road
|
|
Industrial
|
1,141
|
|
|
664
|
|
|
3,496
|
|
|
8
|
|
|
664
|
|
|
3,504
|
|
|
4,168
|
|
|
792
|
|
2002
|
2006
|
|
163 Portside Court
|
|
Industrial
|
20,034
|
|
|
8,433
|
|
|
8,366
|
|
|
20
|
|
|
8,433
|
|
|
8,386
|
|
|
16,819
|
|
|
3,344
|
|
2004
|
2006
|
|
151 Portside Court
|
|
Industrial
|
2,254
|
|
|
966
|
|
|
7,155
|
|
|
73
|
|
|
966
|
|
|
7,228
|
|
|
8,194
|
|
|
1,295
|
|
2003
|
2006
|
|
175 Portside Court
|
|
Industrial
|
11,322
|
|
|
4,300
|
|
|
15,696
|
|
|
153
|
|
|
4,301
|
|
|
15,848
|
|
|
20,149
|
|
|
4,070
|
|
2005
|
2006
|
|
150 Portside Court
|
|
Industrial
|
—
|
|
|
3,071
|
|
|
23,001
|
|
|
1,295
|
|
|
3,071
|
|
|
24,296
|
|
|
27,367
|
|
|
6,090
|
|
2001
|
2006
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
235 Jimmy Deloach Parkway
|
|
Industrial
|
—
|
|
|
1,074
|
|
|
8,442
|
|
|
44
|
|
|
1,074
|
|
|
8,486
|
|
|
9,560
|
|
|
1,926
|
|
2001
|
2006
|
|
239 Jimmy Deloach Parkway
|
|
Industrial
|
—
|
|
|
1,074
|
|
|
7,141
|
|
|
37
|
|
|
1,074
|
|
|
7,178
|
|
|
8,252
|
|
|
1,647
|
|
2001
|
2006
|
|
246 Jimmy Deloach Parkway
|
|
Industrial
|
3,094
|
|
|
992
|
|
|
5,383
|
|
|
64
|
|
|
992
|
|
|
5,447
|
|
|
6,439
|
|
|
1,260
|
|
2006
|
2006
|
|
200 Ocean Link Way
|
|
Industrial
|
6,001
|
|
|
878
|
|
|
10,021
|
|
|
90
|
|
|
883
|
|
|
10,106
|
|
|
10,989
|
|
|
1,730
|
|
2006
|
2008
|
|
2509 Dean Forest Rd - Westport
|
|
Industrial
|
—
|
|
|
2,392
|
|
|
8,303
|
|
|
75
|
|
|
2,393
|
|
|
8,377
|
|
|
10,770
|
|
|
791
|
|
2008
|
2011
|
|
276 Jimmy Deloach Land
|
|
Grounds
|
—
|
|
|
2,267
|
|
|
—
|
|
|
3
|
|
|
2,270
|
|
|
—
|
|
|
2,270
|
|
|
312
|
|
n/a
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sea Brook, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Bayport Logistics Center
|
|
Industrial
|
—
|
|
|
2,629
|
|
|
13,284
|
|
|
—
|
|
|
2,629
|
|
|
13,284
|
|
|
15,913
|
|
|
1,384
|
|
2009
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sebring, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Sebring Medical Pavilion
|
|
Medical Office
|
—
|
|
|
514
|
|
|
6,870
|
|
|
—
|
|
|
514
|
|
|
6,870
|
|
|
7,384
|
|
|
84
|
|
2008
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Seven Hills, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Rock Run North
|
|
Office
|
—
|
|
|
837
|
|
|
5,250
|
|
|
(2,314
|
)
|
|
837
|
|
|
2,936
|
|
|
3,773
|
|
|
2,305
|
|
1984
|
1996
|
|
Rock Run Center
|
|
Office
|
—
|
|
|
1,046
|
|
|
6,467
|
|
|
(2,794
|
)
|
|
1,046
|
|
|
3,673
|
|
|
4,719
|
|
|
3,001
|
|
1985
|
1996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Shakopee, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
MN Valley West
|
|
Industrial
|
—
|
|
|
1,496
|
|
|
6,309
|
|
|
—
|
|
|
1,496
|
|
|
6,309
|
|
|
7,805
|
|
|
365
|
|
2000
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sharonville, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Mosteller Distribution Ctr. II
|
|
Industrial
|
—
|
|
|
828
|
|
|
3,579
|
|
|
1,478
|
|
|
408
|
|
|
5,477
|
|
|
5,885
|
|
|
2,345
|
|
1997
|
1997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Snellville, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
New Hampton Place
|
|
Medical Office
|
—
|
|
|
27
|
|
|
6,076
|
|
|
512
|
|
|
27
|
|
|
6,588
|
|
|
6,615
|
|
|
500
|
|
2011
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
St. John, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Hammond Clinic St. John (3)
|
|
Medical Office
|
—
|
|
|
—
|
|
|
2,791
|
|
|
—
|
|
|
—
|
|
|
2,791
|
|
|
2,791
|
|
|
—
|
|
1996
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
St. Louis Park, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Chilies Ground Lease
|
|
Grounds
|
—
|
|
|
921
|
|
|
—
|
|
|
157
|
|
|
1,078
|
|
|
—
|
|
|
1,078
|
|
|
88
|
|
n/a
|
1998
|
|
Olive Garden Ground Lease
|
|
Grounds
|
—
|
|
|
921
|
|
|
—
|
|
|
114
|
|
|
1,035
|
|
|
—
|
|
|
1,035
|
|
|
105
|
|
n/a
|
1998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
St. Louis, Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Lakeside Crossing Building One
|
|
Industrial
|
—
|
|
|
547
|
|
|
832
|
|
|
684
|
|
|
431
|
|
|
1,632
|
|
|
2,063
|
|
|
389
|
|
2002
|
2002
|
|
Lakeside Crossing Building II
|
|
Industrial
|
—
|
|
|
732
|
|
|
1,964
|
|
|
47
|
|
|
731
|
|
|
2,012
|
|
|
2,743
|
|
|
1,290
|
|
2003
|
2003
|
|
Lakeside Crossing Building III
|
|
Industrial
|
—
|
|
|
1,784
|
|
|
3,467
|
|
|
374
|
|
|
1,502
|
|
|
4,123
|
|
|
5,625
|
|
|
1,246
|
|
2002
|
2002
|
|
Laumeier I
|
|
Office
|
—
|
|
|
1,384
|
|
|
7,823
|
|
|
5,044
|
|
|
1,220
|
|
|
13,031
|
|
|
14,251
|
|
|
5,712
|
|
1987
|
1995
|
|
Laumeier II
|
|
Office
|
—
|
|
|
1,421
|
|
|
7,899
|
|
|
2,629
|
|
|
1,258
|
|
|
10,691
|
|
|
11,949
|
|
|
5,220
|
|
1988
|
1995
|
|
Laumeier IV
|
|
Office
|
—
|
|
|
1,029
|
|
|
6,142
|
|
|
1,775
|
|
|
1,029
|
|
|
7,917
|
|
|
8,946
|
|
|
3,057
|
|
1987
|
1998
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
530 Maryville Centre
|
|
Office
|
—
|
|
|
2,219
|
|
|
13,993
|
|
|
3,420
|
|
|
2,219
|
|
|
17,413
|
|
|
19,632
|
|
|
7,079
|
|
1990
|
1997
|
|
550 Maryville Centre
|
|
Office
|
—
|
|
|
1,996
|
|
|
12,244
|
|
|
2,595
|
|
|
1,996
|
|
|
14,839
|
|
|
16,835
|
|
|
6,735
|
|
1988
|
1997
|
|
635-645 Maryville Centre
|
|
Office
|
—
|
|
|
3,048
|
|
|
16,842
|
|
|
4,306
|
|
|
3,048
|
|
|
21,148
|
|
|
24,196
|
|
|
8,311
|
|
1987
|
1997
|
|
655 Maryville Centre
|
|
Office
|
—
|
|
|
1,860
|
|
|
13,067
|
|
|
2,359
|
|
|
1,860
|
|
|
15,426
|
|
|
17,286
|
|
|
6,299
|
|
1994
|
1997
|
|
540 Maryville Centre
|
|
Office
|
—
|
|
|
2,219
|
|
|
13,658
|
|
|
2,789
|
|
|
2,219
|
|
|
16,447
|
|
|
18,666
|
|
|
7,165
|
|
1990
|
1997
|
|
520 Maryville Centre
|
|
Office
|
—
|
|
|
2,404
|
|
|
13,937
|
|
|
1,558
|
|
|
2,404
|
|
|
15,495
|
|
|
17,899
|
|
|
5,822
|
|
1999
|
1999
|
|
625 Maryville Centre
|
|
Office
|
—
|
|
|
2,509
|
|
|
10,935
|
|
|
1,559
|
|
|
2,509
|
|
|
12,494
|
|
|
15,003
|
|
|
4,217
|
|
1996
|
2002
|
|
Westport Center I
|
|
Industrial
|
—
|
|
|
1,707
|
|
|
4,453
|
|
|
1,127
|
|
|
1,707
|
|
|
5,580
|
|
|
7,287
|
|
|
2,563
|
|
1998
|
1998
|
|
Westport Center II
|
|
Industrial
|
—
|
|
|
914
|
|
|
1,924
|
|
|
425
|
|
|
914
|
|
|
2,349
|
|
|
3,263
|
|
|
1,197
|
|
1998
|
1998
|
|
Westport Center III
|
|
Industrial
|
—
|
|
|
1,206
|
|
|
2,651
|
|
|
885
|
|
|
1,206
|
|
|
3,536
|
|
|
4,742
|
|
|
1,548
|
|
1999
|
1999
|
|
Westport Center V
|
|
Industrial
|
—
|
|
|
493
|
|
|
1,274
|
|
|
119
|
|
|
493
|
|
|
1,393
|
|
|
1,886
|
|
|
559
|
|
2000
|
2000
|
|
Westport Place
|
|
Office
|
—
|
|
|
1,990
|
|
|
5,471
|
|
|
2,180
|
|
|
1,990
|
|
|
7,651
|
|
|
9,641
|
|
|
3,965
|
|
2000
|
2000
|
|
Westmark
|
|
Office
|
—
|
|
|
1,497
|
|
|
9,119
|
|
|
2,844
|
|
|
1,342
|
|
|
12,118
|
|
|
13,460
|
|
|
5,687
|
|
1987
|
1995
|
|
Westview Place
|
|
Office
|
—
|
|
|
669
|
|
|
7,238
|
|
|
4,554
|
|
|
669
|
|
|
11,792
|
|
|
12,461
|
|
|
6,101
|
|
1988
|
1995
|
|
Woodsmill Commons II (400)
|
|
Office
|
—
|
|
|
1,718
|
|
|
7,096
|
|
|
1,229
|
|
|
1,718
|
|
|
8,325
|
|
|
10,043
|
|
|
2,643
|
|
1985
|
2003
|
|
Woodsmill Commons I (424)
|
|
Office
|
—
|
|
|
1,836
|
|
|
6,631
|
|
|
1,324
|
|
|
1,836
|
|
|
7,955
|
|
|
9,791
|
|
|
2,444
|
|
1985
|
2003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Stafford, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Stafford Distribution Center
|
|
Industrial
|
—
|
|
|
3,502
|
|
|
4,824
|
|
|
3,321
|
|
|
3,502
|
|
|
8,145
|
|
|
11,647
|
|
|
2,616
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sterling, Virginia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
22800 Davis Drive
|
|
Office
|
—
|
|
|
2,550
|
|
|
11,250
|
|
|
31
|
|
|
2,550
|
|
|
11,281
|
|
|
13,831
|
|
|
2,204
|
|
1989
|
2006
|
|
22714 Glenn Drive
|
|
Industrial
|
—
|
|
|
3,973
|
|
|
3,871
|
|
|
1,046
|
|
|
3,973
|
|
|
4,917
|
|
|
8,890
|
|
|
1,364
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Suffolk, Virginia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
101 Industrial Dr, Bldg. A
|
|
Industrial
|
—
|
|
|
1,558
|
|
|
8,230
|
|
|
24
|
|
|
1,558
|
|
|
8,254
|
|
|
9,812
|
|
|
1,177
|
|
2007
|
2007
|
|
103 Industrial Dr
|
|
Industrial
|
—
|
|
|
1,558
|
|
|
8,230
|
|
|
—
|
|
|
1,558
|
|
|
8,230
|
|
|
9,788
|
|
|
1,177
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Summerville, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Harbin Clinic Summerville Dial
|
|
Medical Office
|
—
|
|
|
195
|
|
|
1,182
|
|
|
—
|
|
|
195
|
|
|
1,182
|
|
|
1,377
|
|
|
25
|
|
2007
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sumner, Washington
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Sumner Transit
|
|
Industrial
|
15,559
|
|
|
16,032
|
|
|
5,935
|
|
|
278
|
|
|
16,032
|
|
|
6,213
|
|
|
22,245
|
|
|
2,254
|
|
2005
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sunrise, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Sawgrass - Building B
|
|
Office
|
—
|
|
|
1,211
|
|
|
4,263
|
|
|
2,627
|
|
|
1,211
|
|
|
6,890
|
|
|
8,101
|
|
|
2,040
|
|
1999
|
2001
|
|
Sawgrass - Building A
|
|
Office
|
—
|
|
|
1,147
|
|
|
3,862
|
|
|
457
|
|
|
1,147
|
|
|
4,319
|
|
|
5,466
|
|
|
1,410
|
|
2000
|
2001
|
|
Sawgrass Pointe I
|
|
Office
|
—
|
|
|
3,484
|
|
|
20,567
|
|
|
8,769
|
|
|
3,484
|
|
|
29,336
|
|
|
32,820
|
|
|
12,131
|
|
2002
|
2002
|
|
Sawgrass Pointe II
|
|
Office
|
—
|
|
|
3,481
|
|
|
11,973
|
|
|
(41
|
)
|
|
3,481
|
|
|
11,932
|
|
|
15,413
|
|
|
3,674
|
|
2009
|
2009
|
|
VA Outpatient
|
|
Medical Office
|
—
|
|
|
5,132
|
|
|
20,887
|
|
|
—
|
|
|
5,132
|
|
|
20,887
|
|
|
26,019
|
|
|
247
|
|
2008
|
2012
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Suwanee, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
90 Horizon Drive
|
|
Industrial
|
—
|
|
|
180
|
|
|
1,274
|
|
|
105
|
|
|
180
|
|
|
1,379
|
|
|
1,559
|
|
|
117
|
|
2001
|
2010
|
|
225 Horizon Drive
|
|
Industrial
|
—
|
|
|
457
|
|
|
2,089
|
|
|
—
|
|
|
457
|
|
|
2,089
|
|
|
2,546
|
|
|
207
|
|
1990
|
2010
|
|
250 Horizon Drive
|
|
Industrial
|
—
|
|
|
1,625
|
|
|
6,490
|
|
|
31
|
|
|
1,625
|
|
|
6,521
|
|
|
8,146
|
|
|
699
|
|
1997
|
2010
|
|
70 Crestridge Drive
|
|
Industrial
|
—
|
|
|
956
|
|
|
3,657
|
|
|
119
|
|
|
956
|
|
|
3,776
|
|
|
4,732
|
|
|
460
|
|
1998
|
2010
|
|
2780 Horizon Ridge
|
|
Industrial
|
—
|
|
|
1,143
|
|
|
5,834
|
|
|
95
|
|
|
1,143
|
|
|
5,929
|
|
|
7,072
|
|
|
614
|
|
1997
|
2010
|
|
2800 Vista Ridge Drive
|
|
Industrial
|
—
|
|
|
1,557
|
|
|
2,651
|
|
|
116
|
|
|
1,557
|
|
|
2,767
|
|
|
4,324
|
|
|
508
|
|
1995
|
2010
|
|
25 Crestridge Drive
|
|
Industrial
|
—
|
|
|
723
|
|
|
2,736
|
|
|
28
|
|
|
723
|
|
|
2,764
|
|
|
3,487
|
|
|
288
|
|
1999
|
2010
|
|
Genera Corp. BTS
|
|
Industrial
|
—
|
|
|
1,505
|
|
|
4,958
|
|
|
—
|
|
|
1,505
|
|
|
4,958
|
|
|
6,463
|
|
|
596
|
|
2006
|
2010
|
|
1000 Northbrook Parkway
|
|
Industrial
|
—
|
|
|
756
|
|
|
4,034
|
|
|
276
|
|
|
756
|
|
|
4,310
|
|
|
5,066
|
|
|
501
|
|
1986
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Tampa, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Fairfield Distribution Ctr I
|
|
Industrial
|
1,573
|
|
|
483
|
|
|
2,568
|
|
|
202
|
|
|
487
|
|
|
2,766
|
|
|
3,253
|
|
|
935
|
|
1998
|
1999
|
|
Fairfield Distribution Ctr II
|
|
Industrial
|
2,901
|
|
|
530
|
|
|
4,848
|
|
|
272
|
|
|
534
|
|
|
5,116
|
|
|
5,650
|
|
|
1,730
|
|
1998
|
1999
|
|
Fairfield Distribution Ctr III
|
|
Industrial
|
1,565
|
|
|
334
|
|
|
2,745
|
|
|
134
|
|
|
338
|
|
|
2,875
|
|
|
3,213
|
|
|
985
|
|
1999
|
1999
|
|
Fairfield Distribution Ctr IV
|
|
Industrial
|
1,675
|
|
|
600
|
|
|
1,591
|
|
|
1,290
|
|
|
604
|
|
|
2,877
|
|
|
3,481
|
|
|
1,071
|
|
1999
|
1999
|
|
Fairfield Distribution Ctr V
|
|
Industrial
|
1,746
|
|
|
488
|
|
|
2,620
|
|
|
263
|
|
|
488
|
|
|
2,883
|
|
|
3,371
|
|
|
959
|
|
2000
|
2000
|
|
Fairfield Distribution Ctr VI
|
|
Industrial
|
2,612
|
|
|
555
|
|
|
3,603
|
|
|
854
|
|
|
555
|
|
|
4,457
|
|
|
5,012
|
|
|
1,303
|
|
2001
|
2001
|
|
Fairfield Distribution Ctr VII
|
|
Industrial
|
1,500
|
|
|
394
|
|
|
1,853
|
|
|
791
|
|
|
394
|
|
|
2,644
|
|
|
3,038
|
|
|
773
|
|
2001
|
2001
|
|
Fairfield Distribution Ctr VIII
|
|
Industrial
|
1,857
|
|
|
1,082
|
|
|
2,071
|
|
|
420
|
|
|
1,082
|
|
|
2,491
|
|
|
3,573
|
|
|
957
|
|
2004
|
2004
|
|
Eagle Creek Business Ctr. I
|
|
Industrial
|
—
|
|
|
3,705
|
|
|
3,072
|
|
|
1,040
|
|
|
3,705
|
|
|
4,112
|
|
|
7,817
|
|
|
2,176
|
|
2006
|
2006
|
|
Eagle Creek Business Ctr. II
|
|
Industrial
|
—
|
|
|
2,354
|
|
|
2,272
|
|
|
969
|
|
|
2,354
|
|
|
3,241
|
|
|
5,595
|
|
|
1,527
|
|
2007
|
2007
|
|
Eagle Creek Business Ctr. III
|
|
Industrial
|
—
|
|
|
2,332
|
|
|
2,237
|
|
|
1,731
|
|
|
2,332
|
|
|
3,968
|
|
|
6,300
|
|
|
1,343
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Waco, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Hillcrest MOB 1
|
|
Medical Office
|
—
|
|
|
812
|
|
|
25,050
|
|
|
—
|
|
|
812
|
|
|
25,050
|
|
|
25,862
|
|
|
368
|
|
2009
|
2012
|
|
Hillcrest MOB 2
|
|
Medical Office
|
—
|
|
|
657
|
|
|
12,243
|
|
|
—
|
|
|
657
|
|
|
12,243
|
|
|
12,900
|
|
|
168
|
|
2009
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
West Chester, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Centre Pointe I
|
|
Office
|
—
|
|
|
2,501
|
|
|
7,441
|
|
|
899
|
|
|
2,501
|
|
|
8,340
|
|
|
10,841
|
|
|
2,308
|
|
2000
|
2004
|
|
Centre Pointe II
|
|
Office
|
—
|
|
|
2,056
|
|
|
8,106
|
|
|
988
|
|
|
2,056
|
|
|
9,094
|
|
|
11,150
|
|
|
2,337
|
|
2001
|
2004
|
|
Centre Pointe III
|
|
Office
|
—
|
|
|
2,048
|
|
|
7,105
|
|
|
2,050
|
|
|
2,048
|
|
|
9,155
|
|
|
11,203
|
|
|
2,442
|
|
2002
|
2004
|
|
Centre Pointe IV
|
|
Office
|
—
|
|
|
2,013
|
|
|
8,715
|
|
|
1,540
|
|
|
2,932
|
|
|
9,336
|
|
|
12,268
|
|
|
3,431
|
|
2005
|
2005
|
|
Centre Pointe VI
|
|
Office
|
—
|
|
|
2,759
|
|
|
8,266
|
|
|
3,994
|
|
|
2,759
|
|
|
12,260
|
|
|
15,019
|
|
|
3,194
|
|
2008
|
2008
|
|
World Park at Union Centre 10
|
|
Industrial
|
—
|
|
|
2,150
|
|
|
5,503
|
|
|
7,408
|
|
|
2,151
|
|
|
12,910
|
|
|
15,061
|
|
|
5,199
|
|
2006
|
2006
|
|
World Park at Union Centre 11
|
|
Industrial
|
—
|
|
|
2,592
|
|
|
6,923
|
|
|
47
|
|
|
2,592
|
|
|
6,970
|
|
|
9,562
|
|
|
3,121
|
|
2004
|
2004
|
|
World Park at Union Centre 1
|
|
Industrial
|
—
|
|
|
300
|
|
|
3,008
|
|
|
137
|
|
|
300
|
|
|
3,145
|
|
|
3,445
|
|
|
487
|
|
1998
|
2010
|
|
World Park at Union Centre 2
|
|
Industrial
|
—
|
|
|
287
|
|
|
2,338
|
|
|
203
|
|
|
287
|
|
|
2,541
|
|
|
2,828
|
|
|
214
|
|
1999
|
2010
|
|
World Park at Union Centre 3
|
|
Industrial
|
—
|
|
|
1,125
|
|
|
6,042
|
|
|
—
|
|
|
1,125
|
|
|
6,042
|
|
|
7,167
|
|
|
567
|
|
1998
|
2010
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2012
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/12
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
World Park at Union Centre 4
|
|
Industrial
|
—
|
|
|
335
|
|
|
2,040
|
|
|
185
|
|
|
335
|
|
|
2,225
|
|
|
2,560
|
|
|
201
|
|
1999
|
2010
|
|
World Park at Union Centre 5
|
|
Industrial
|
—
|
|
|
482
|
|
|
2,528
|
|
|
15
|
|
|
482
|
|
|
2,543
|
|
|
3,025
|
|
|
286
|
|
1999
|
2010
|
|
World Park at Union Centre 6
|
|
Industrial
|
—
|
|
|
1,219
|
|
|
6,415
|
|
|
211
|
|
|
1,219
|
|
|
6,626
|
|
|
7,845
|
|
|
618
|
|
1999
|
2010
|
|
World Park at Union Centre 7
|
|
Industrial
|
—
|
|
|
1,918
|
|
|
5,230
|
|
|
299
|
|
|
1,918
|
|
|
5,529
|
|
|
7,447
|
|
|
757
|
|
2005
|
2010
|
|
World Park at Union Centre 8
|
|
Industrial
|
—
|
|
|
1,160
|
|
|
6,134
|
|
|
—
|
|
|
1,160
|
|
|
6,134
|
|
|
7,294
|
|
|
650
|
|
1999
|
2010
|
|
World Park at Union Centre 9
|
|
Industrial
|
—
|
|
|
1,189
|
|
|
6,172
|
|
|
(3
|
)
|
|
1,189
|
|
|
6,169
|
|
|
7,358
|
|
|
725
|
|
2001
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
West Chicago, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1250 Carolina Drive
|
|
Industrial
|
—
|
|
|
1,246
|
|
|
4,173
|
|
|
124
|
|
|
1,246
|
|
|
4,297
|
|
|
5,543
|
|
|
285
|
|
1990
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
West Jefferson, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Restoration Hardware BTS
|
|
Industrial
|
—
|
|
|
6,454
|
|
|
24,812
|
|
|
2,443
|
|
|
6,510
|
|
|
27,199
|
|
|
33,709
|
|
|
5,208
|
|
2008
|
2008
|
|
15 Commerce Parkway
|
|
Industrial
|
—
|
|
|
10,439
|
|
|
27,143
|
|
|
56
|
|
|
10,439
|
|
|
27,199
|
|
|
37,638
|
|
|
2,241
|
|
2011
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
West Palm Beach, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Park of Commerce 1
|
|
Industrial
|
—
|
|
|
1,635
|
|
|
2,486
|
|
|
148
|
|
|
1,635
|
|
|
2,634
|
|
|
4,269
|
|
|
299
|
|
2010
|
2010
|
|
Park of Commerce 3
|
|
Industrial
|
—
|
|
|
2,160
|
|
|
4,340
|
|
|
160
|
|
|
2,320
|
|
|
4,340
|
|
|
6,660
|
|
|
454
|
|
2010
|
2010
|
|
Airport Center 1
|
|
Industrial
|
5,125
|
|
|
2,437
|
|
|
6,212
|
|
|
—
|
|
|
2,437
|
|
|
6,212
|
|
|
8,649
|
|
|
607
|
|
2002
|
2010
|
|
Airport Center 2
|
|
Industrial
|
3,753
|
|
|
1,706
|
|
|
4,632
|
|
|
—
|
|
|
1,706
|
|
|
4,632
|
|
|
6,338
|
|
|
446
|
|
2002
|
2010
|
|
Airport Center 3
|
|
Industrial
|
3,745
|
|
|
1,500
|
|
|
4,750
|
|
|
121
|
|
|
1,500
|
|
|
4,871
|
|
|
6,371
|
|
|
443
|
|
2002
|
2010
|
|
Park of Commerce 4
|
|
Grounds
|
5,739
|
|
|
5,934
|
|
|
—
|
|
|
—
|
|
|
5,934
|
|
|
—
|
|
|
5,934
|
|
|
9
|
|
n/a
|
2011
|
|
Park of Commerce 5
|
|
Grounds
|
6,041
|
|
|
6,308
|
|
|
—
|
|
|
—
|
|
|
6,308
|
|
|
—
|
|
|
6,308
|
|
|
8
|
|
n/a
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Whitestown, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
AllPoints Anson Bldg 14
|
|
Industrial
|
—
|
|
|
2,127
|
|
|
8,155
|
|
|
—
|
|
|
2,127
|
|
|
8,155
|
|
|
10,282
|
|
|
596
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Zionsville, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Marketplace at Anson
|
|
Retail
|
—
|
|
|
2,147
|
|
|
2,584
|
|
|
2,314
|
|
|
2,147
|
|
|
4,898
|
|
|
7,045
|
|
|
1,249
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Accum. Depr. on Improvements of Undeveloped Land
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,457
|
|
|
|
|
Eliminations
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,299
|
)
|
|
6
|
|
|
(2,305
|
)
|
|
(2,299
|
)
|
|
(2,801
|
)
|
|
|
|
|
|
|
1,167,953
|
|
|
1,260,609
|
|
|
4,785,308
|
|
|
662,333
|
|
|
1,285,675
|
|
|
5,422,575
|
|
|
6,708,250
|
|
|
1,296,685
|
|
|
|
(1)
|
The tax basis (in thousands) of our real estate assets at
December 31, 2012
was approximately
$7,056,492
for federal income tax purposes.
|
(2)
|
Depreciation of real estate is computed using the straight-line method over
40
years for buildings and
15
years for land improvements for properties that we develop,
30
years for buildings and
10
years for land improvements for properties that we acquire, and shorter periods based on lease terms (generally
3
to
10
years) for tenant improvements.
|
(3)
|
We hold legal title to these buildings but, for accounting purposes, are treated as direct financing leases. Due to being immaterial for separate presentation, we have classified these buildings within real estate investments and have included them in this schedule.
|
|
|
Real Estate Assets
|
|
Accumulated Depreciation
|
||||||||||||||||||||
|
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||
Balance at beginning of year
|
|
$
|
6,038,107
|
|
|
$
|
7,032,889
|
|
|
$
|
6,390,119
|
|
|
$
|
1,127,595
|
|
|
$
|
1,406,437
|
|
|
$
|
1,311,733
|
|
Acquisitions
|
|
658,917
|
|
|
669,631
|
|
|
449,530
|
|
|
|
|
|
|
|
|||||||||
Construction costs and tenant improvements
|
|
211,460
|
|
|
184,533
|
|
|
162,301
|
|
|
|
|
|
|
|
|||||||||
Depreciation expense
|
|
|
|
|
|
|
|
262,825
|
|
|
267,222
|
|
|
271,058
|
|
|||||||||
Consolidation of previously unconsolidated properties
|
|
—
|
|
|
5,988
|
|
|
530,573
|
|
|
|
|
|
|
|
|||||||||
|
|
6,908,484
|
|
|
7,893,041
|
|
|
7,532,523
|
|
|
1,390,420
|
|
|
1,673,659
|
|
|
1,582,791
|
|
||||||
Deductions during year:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of real estate sold or contributed
|
|
(157,630
|
)
|
|
(1,774,576
|
)
|
|
(421,325
|
)
|
|
(51,131
|
)
|
|
(465,353
|
)
|
|
(97,699
|
)
|
||||||
Write-off of fully amortized assets
|
|
(42,604
|
)
|
|
(80,358
|
)
|
|
(78,309
|
)
|
|
(42,604
|
)
|
|
(80,711
|
)
|
|
(78,655
|
)
|
||||||
Balance at end of year
|
|
$
|
6,708,250
|
|
|
$
|
6,038,107
|
|
|
$
|
7,032,889
|
|
|
$
|
1,296,685
|
|
|
$
|
1,127,595
|
|
|
$
|
1,406,437
|
|
|
DUKE REALTY CORPORATION
|
|
|
|
|
February 22, 2013
|
By:
|
/s/ Dennis D. Oklak
|
|
|
Dennis D. Oklak
|
|
|
Chairman and Chief Executive Officer
|
|
|
|
|
By:
|
/s/ Christie B. Kelly
|
|
|
Christie B. Kelly
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
|
By:
|
/s/ Mark A. Denien
|
|
|
Mark A. Denien
|
|
|
Senior Vice President and Chief Accounting Officer
|
|
|
|
|
|
Signature
|
|
Date
|
|
Title
|
|
|
|
|
|
/s/ Thomas J. Baltimore, Jr.*
|
|
1/30/2013
|
|
Director
|
Thomas J. Baltimore, Jr.
|
|
|
|
|
|
|
|
|
|
/s/ William Cavanaugh III*
|
|
1/30/2013
|
|
Director
|
William Cavanaugh III
|
|
|
|
|
|
|
|
|
|
/s/ Alan H. Cohen*
|
|
1/30/2013
|
|
Director
|
Alan H. Cohen
|
|
|
|
|
|
|
|
|
|
/s/ Ngaire E. Cuneo*
|
|
1/30/2013
|
|
Director
|
Ngaire E. Cuneo
|
|
|
|
|
|
|
|
|
|
/s/ Charles R. Eitel*
|
|
1/30/2013
|
|
Director
|
Charles R. Eitel
|
|
|
|
|
|
|
|
|
|
/s/ Martin C. Jischke, PhD*
|
|
1/30/2013
|
|
Director
|
Martin C. Jischke, PhD
|
|
|
|
|
|
|
|
|
|
/s/ Melanie R. Sabelhaus*
|
|
1/30/2013
|
|
Director
|
Melanie R. Sabelhaus
|
|
|
|
|
|
|
|
|
|
/s/ Peter M. Scott III*
|
|
1/30/2013
|
|
Director
|
Peter M. Scott III
|
|
|
|
|
|
|
|
|
|
/s/ Jack R. Shaw*
|
|
1/30/2013
|
|
Director
|
Jack R. Shaw
|
|
|
|
|
|
|
|
|
|
/s/ Lynn C. Thurber*
|
|
1/30/2013
|
|
Director
|
Lynn C. Thurber
|
|
|
|
|
|
|
|
|
|
/s/ Robert J. Woodward, Jr.*
|
|
1/30/2013
|
|
Director
|
Robert J. Woodward, Jr.
|
|
|
|
|
*
|
|
By Dennis D. Oklak, Attorney-in-Fact
|
|
/s/ Dennis D. Oklak
|
Continuous Status as a Participant
after Grant Date
|
Number of Units Vesting
Per Year
|
Percent of
Units Vested
|
Less than 1 Year
|
0
|
0%
|
1 Year
|
XXX
|
20%
|
2 Years
|
XXX
|
40%
|
3 Years
|
XXX
|
60%
|
4 Years
|
XXX
|
80%
|
5 Years
|
XXX
|
100%
|
Total Vesting
|
XXXX
|
|
DUKE REALTY CORPORATION
|
|
ACCEPTED BY PARTICIPANT:
|
|
|
|
|
|
|
|
|
|
By:
|
|
|
|
|
Its Authorized Officer
|
|
[________________________________]
|
|
|
|
|
|
|
|
Date
|
Grant Date: [____________________________________]
|
|
|
|
|
|
|
|
|
|
«Name_First_», Participant
|
Date
|
|
|
|
By:
|
Tracy D. Swearingen
|
Date
|
|
Vice President, Taxation
|
|
ARTICLE 1 INTRODUCTION
|
1
|
|
||
|
1.1
|
Background of Performance Share Plan
|
1
|
|
|
1.2
|
Purpose
|
1
|
|
|
1.3
|
Administration
|
1
|
|
ARTICLE 2 DEFINITIONS
|
1
|
|
||
|
2.1
|
Definitions
|
1
|
|
ARTICLE 3 SOURCE OF SHARES
|
2
|
|
||
|
3.1
|
Source of Shares
|
2
|
|
ARTICLE 4 ELIGIBILITY AND PARTICIPATION
|
3
|
|
||
|
4.1
|
Eligibility and Participation
|
3
|
|
ARTICLE 5 PSP AWARDS
|
3
|
|
||
|
5.1
|
Grant of PSP Awards
|
3
|
|
|
5.2
|
Certification of Performance
|
3
|
|
|
5.3
|
Time and Manner of Settlement
|
4
|
|
|
5.4
|
Withholding of Taxes
|
4
|
|
|
5.5
|
Early Termination of PSP Award
|
4
|
|
|
5.6
|
Death or Disability of a Participant
|
4
|
|
|
5.7
|
Retirement of a Participant
|
5
|
|
|
5.8
|
Change in Control
|
5
|
|
|
5.9
|
Deferral of Distributions
|
6
|
|
ARTICLE 6 MISCELLANEOUS
|
6
|
|
||
|
6.1
|
Amendment or Termination
|
6
|
|
|
6.2
|
Information to be Furnished by Participants
|
7
|
|
|
6.3
|
Special Provisions Related to Section 409A of the Code
|
7
|
|
|
6.4
|
No Employment Rights
|
7
|
|
|
6.5
|
Gender and Number
|
7
|
|
|
6.6
|
Controlling Law
|
7
|
|
|
6.7
|
Severability
|
7
|
|
(i)
|
a forced move to a location more than 60 miles from the Participant’s place of business immediately prior to the Change in Control; or
|
(ii)
|
a reduction in the Participant’s base salary and/or a reduction in the Participant’s annual incentive bonus targets as compared to that in effect immediately prior to the Change in Control.
|
AWARD CERTIFICATE
Duke Realty Corporation 2010 Performance Share Plan
|
Performance Period for AFFO Component:
|
January 1, 2011 - December 31, 2012
|
Performance Period for TSR Component:
|
January 1, 2010 - December 31, 2012
|
Target Value of Award on Award Date:
|
$120,000.00
|
Fair Market Value of a Share on Award Date:
|
$12.00
|
Target Number of Performance Shares:
|
10,000
|
•
|
If a Change in Control occurs prior to January 1, 2012, the AFFO performance level shall be deemed to be at target and, therefore, the AFFO payout percentage shall be deemed to be 100%. If a Change in Control occurs on or after January 1, 2012 and prior to December 31, 2012, the Average Annual Growth in AFFO per Share shall equal the percentage by which AFFO for calendar year 2011 exceeds AFFO for calendar year 2010 and the AFFO payout percentage shall be determined accordingly.
|
•
|
If a Change in Control occurs prior to January 1, 2012, the Total Shareholder Return performance level shall be deemed to be at target and, therefore, the TSR payout percentage shall be deemed to be 100%. If a Change in Control occurs on or after January, 2012 and prior to December 31, 2012, the Average Annual Total Shareholder Return shall be determined based on the number of full and partial years between
|
|
|
Jane Doe
|
Date
|
|
|
|
By:
|
Tracy D. Swearingen
|
Date
|
|
Vice President, Taxation
|
|
By:
|
/s/ Dennis D. Oklak
|
|
Dennis D. Oklak
|
|
Chairman of the Board
|
|
Chief Executive Officer
|
(a)
|
“
DIU
” means a divided increase unit granted under one of the DIU Plans.
|
(b)
|
“
DIU Plans
” means, collectively, (i) the 1995 Dividend Increase Unit Plan of Duke Realty Services Limited Partnership, as amended, and (ii) the 1999 Directors’ Stock Option and Dividend Increase Unit Plan of Duke Realty Investments, Inc., as amended, and “
DIU Plan
” means any one of the DIU Plans.
|
(c)
|
“
Effective Date
” means October 26, 2005.
|
(d)
|
“
LTIP
” means the Duke Realty Corporation 2005 Long-Term Incentive Plan.
|
(e)
|
“
Non-Grandfathered DIU
” means a DIU that was not fully vested as of December 31, 2004.
|
(f)
|
“
Participant
” means an individual director, officer or employee who voluntarily surrendered DIUs in exchange for Performance Units under this Plan.
|
(g)
|
“
Valuation Date
” means December 12, 2005 and August 15 of each year thereafter during which a Performance Unit remains outstanding.
|
(h)
|
“
Plan
” means the subplan of the LTIP embodied herein, as amended from time to time, known as the Duke Realty Corporation 2005 DIU Replacement Plan.
|
(i)
|
“Retirement
” means a Participant’s Separation from Service with the Company or an Affiliate on or after the age of 55 years.
|
(j)
|
“Separation from Service
” has the meaning given such term in Section 409A of the Code, without giving effect to any elective provisions that may be available under such definition.
|
(k)
|
“Surrendered DIU
” means the DIU surrendered by a Participant that is replaced by a particular Performance Unit granted under this Plan.
|
A.
|
Base Stock Price (Fair Market Value per Share as of original grant date of the Surrendered DIU, as reflected on Exhibit A)
|
B.
|
Base Dividend Rate (quarterly cash dividend rate per Share most recently declared prior to the original grant date of the Surrendered DIU, multiplied by four, as reflected on Exhibit A)
|
C.
|
Base Dividend Yield (B/A, as reflected on Exhibit A)
|
D.
|
Valuation Date Dividend Rate (quarterly cash dividend rate per Share most recently declared prior to the Valuation Date, multiplied by four)
|
E.
|
Dividend Increase as of Valuation Date (D-B)
|
A
|
|
$33.00
|
|
|
Base Stock Price
|
B
|
|
$ 1.88
|
|
|
Base Dividend Rate
|
C
|
|
5.697
|
%
|
|
Base Dividend Yield [B ÷ A ]
|
D
|
|
$ 2.20
|
|
|
Valuation Date Dividend Rate $0.55 x 4
|
E
|
|
$ 0.32
|
|
|
$2.20 - $1.88 = Dividend Increase as of Valuation Date (D-B)
|
F
|
|
$ 5.62
|
|
|
Valuation Date Award Value (E/C)
|
Event
|
Expiration Date
|
Final Distribution Date
|
Separation from Service for Cause
|
immediately upon event
|
no further distributions
|
Separation from Service without Cause or due to voluntary resignation
|
90 days after event
|
as soon as practicable after Expiration Date (not more than 60 days), based on most recent Valuation Date prior to Expiration Date
|
Separation from Service due to Death or Disability
|
1 year after event
|
as soon as practicable after Expiration Date (not more than 60 days), based on most recent Valuation Date prior to Expiration Date
|
Separation from Service due to Retirement
|
original expiration date of Surrendered DIU
|
as soon as practicable after Expiration Date (not more than 60 days), based on most recent Valuation Date prior to Expiration Date
|
Change in Control
|
immediately upon event
|
as soon as practicable after Expiration Date (not more than 60 days), based on most recent Valuation Date prior to Expiration Date
|
By:
|
/s/ Dennis D. Oklak
|
|
|
Dennis D. Oklak
|
|
|
Chairman of the Board and
|
|
|
Chief Executive Officer
|
|
Grant Date of Surrendered DIU
|
Base Dividend Rate
|
Base Stock Price
|
Base Dividend Yield
|
Total Units Vesting 2005
|
Total Units Vesting 2006
|
Total Units Vesting 2007
|
Total Units Vesting 2008
|
Total Units Vesting 2009
|
Total Units Awarded
|
Expiration Date
|
7/28/04
|
$1.84
|
$31.29
|
5.8805%
|
2,900
|
2,900
|
2,900
|
2,900
|
2,900
|
14,500
|
7/28/14
|
1/28/04
|
$1.84
|
$32.51
|
5.6598%
|
72,790
|
72,350
|
72,327
|
72,313
|
72,287
|
362,067
|
1/28/14
|
7/30/03
|
$1.82
|
$29.23
|
6.2265%
|
2,000
|
2,000
|
2,000
|
2,000
|
|
8,000
|
7/30/13
|
2/19/03
|
$1.82
|
$25.42
|
7.1597%
|
74,945
|
78,638
|
78,618
|
78,601
|
|
310,802
|
2/19/13
|
1/30/02
|
$1.80
|
$23.35
|
7.7088%
|
65,216
|
70,321
|
70,304
|
|
|
205,841
|
1/30/12
|
1/31/01
|
$1.72
|
$24.98
|
6.8855%
|
61,718
|
65,459
|
|
|
|
127,177
|
1/31/11
|
1/25/00
|
$1.56
|
$20.00
|
7.8000%
|
55,496
|
|
|
|
|
55,496
|
1/25/10
|
Sum of Awards under the DIU Replacement Plan
Payable in Cash – Employees
|
1,083,883
|
|
Grant Date of Surrendered DIU
|
Base Dividend Rate
|
Base Stock Price
|
Base Dividend Yield
|
Total Units Vesting 2005
|
Total Units Vesting 2006
|
Total Units Vesting 2007
|
Total Units Vesting 2008
|
Total Units Vesting 2009
|
Total Units Awarded
|
Expiration Date
|
10/27/04
|
$1.86
|
$34.14
|
5.4482%
|
1,000
|
1,000
|
1,000
|
1,000
|
1,000
|
5,000
|
10/27/14
|
1/28/04
|
$1.84
|
$32.51
|
5.6598%
|
5,000
|
5,000
|
5,000
|
5,000
|
5,000
|
25,000
|
1/28/14
|
4/30/03
|
$1.82
|
$27.40
|
6.6423%
|
1,000
|
1,000
|
1,000
|
1,000
|
|
4,000
|
4/30/13
|
1/29/03
|
$1.82
|
$29.23
|
6.2265%
|
4,500
|
4,500
|
4,500
|
4,500
|
|
18,000
|
1/29/03
|
4/24/02
|
$1.80
|
$25.50
|
7.0588%
|
1,000
|
1,000
|
1,000
|
|
|
3,000
|
4/24/12
|
1/30/02
|
$1.80
|
$23.35
|
7.7088%
|
4,000
|
4,000
|
4,000
|
|
|
12,000
|
1/30/12
|
1/31/01
|
$1.72
|
$24.98
|
6.8855%
|
4,000
|
4,000
|
|
|
|
8,000
|
1/31/11
|
1/25/00
|
$1.56
|
$20.00
|
7.8000%
|
4,000
|
|
|
|
|
4,000
|
1/25/10
|
Sum of Awards under the DIU Replacement Plan
Payable in Stock – Non-Employee Directors
|
79,000
|
|
Section
|
Page No.
|
|
|
ARTICLE I
|
|
Establishment and Purpose
|
Page 1
|
ARTICLE II
|
|
Definitions
|
Page 1
|
ARTICLE III
|
|
Eligibility and Participation
|
Page 6
|
ARTICLE IV
|
|
Deferral Elections, Account Valuation
|
Page 6
|
ARTICLE V
|
|
Distributions and Withdrawals
|
Page 11
|
ARTICLE VI
|
|
Administration
|
Page 13
|
ARTICLE VII
|
|
Amendment and Termination
|
Page 14
|
ARTICLE VIII
|
|
Informal Funding
|
Page 15
|
ARTICLE IX
|
|
Claims
|
Page 15
|
ARTICLE X
|
|
General Conditions
|
Page 17
|
2.1
|
Account Balance
. Account Balance means, with respect to the Deferred Compensation Account or a Sub-Account, the total value of all the Investment Options in which the Participant deferrals have been Deemed Invested as of a specific date, taking into account the value of all distributions from that Account or Sub-Account to the specific date. Account Balances are "notional". They reflect an amount due a Participant under the Plan. They are not funded accounts, and reflect no ownership by the Participant in any Company or trust investments.
|
2.2
|
Allocation Election
. Allocation Election means a choice by a Participant of one or more Investment Options, and the allocation among them, in which future Participant deferrals and/or existing Account Balances are Deemed Invested for purposes of determining earnings in a particular Sub-Account.
|
2.3
|
Allocation Election Form
. Allocation Election Form means the form (or Website screen) approved by the Plan Administrator on which the Participant makes an Allocation Election, Rebalances a Sub-Account, or elects a Transfer.
|
2.4
|
Annual Valuation Date
. Annual Valuation Date shall mean the anniversary of the Termination Valuation Date or In Service Distribution Valuation Date utilized to determine the amount of an annual installment payment.
|
2.5
|
Beneficiary
. Beneficiary means a natural person, estate, or trust designated by a Participant on the form designated by the Plan Administrator to receive benefits to which a Beneficiary is entitled under and in accordance with provisions of the Plan. The Participant's estate shall be the Beneficiary if:
|
a.
|
the Participant has not designated a natural person or trust as Beneficiary,
|
b.
|
the designated Beneficiary has predeceased the Participant.
|
2.6
|
Change in Control
. Change in Control means the occurrence of any of the following: (a) a change in ownership of Duke or Duke Realty Services Limited Partnership (within the meaning of Section 409A of the Code, without giving effect to any elective provisions that may be available under such definition), (b) a change in effective control of Duke or Duke Realty Services Limited Partnership (within the meaning of Section 409A of the Code, without giving effect to any elective provisions that may be available under such definition), or (c) a change in the ownership of a substantial portion of the assets of Duke or Duke Realty Services Limited Partnership (within the meaning of Section 409A of the Code, without giving effect to any elective provisions that may be available under such definition).
|
2.7
|
Chief Executive Officer
. Chief Executive Officer means the individual who performs the functions of a Chief Executive Officer for Duke.
|
2.8
|
Code
. Code means the Internal Revenue Code, as amended from time to time. Reference to a specific Section of the Code or regulation thereunder shall include such Section or regulation, any valid regulation promulgated under such Section, and any comparable provision of any future law, legislation or regulation amending, supplementing or superseding such Section or regulation.
|
2.9
|
Common Shares
. Common Shares shall mean shares of common stock of Duke.
|
2.10
|
Company
. Company means Duke Realty Services Limited Partnership (including any subsidiaries and affiliated companies that would be treated as a single employer under Code Section 414).
|
2.11
|
Compensation
. Compensation shall mean, for purposes of this Plan, base salary (including any deferred salary under a Code Section 401(k) or 125 plan), bonus, amounts payable under the Shareholder Value Plan and Dividend Increase Unit Plan, Restricted Stock Units, other amounts payable under the 2005 Long-Term Incentive Plan or any successor plan (other than amounts payable upon exercise of options or stock appreciation rights), and such other compensation (if any) approved by the Plan Administrator as Compensation for purposes of this Plan.
|
2.12
|
Compensation Deferral Agreement
. Compensation Deferral Agreement shall mean the deferral election form, or such other forms furnished by the Plan Administrator (or screens on the Participant Website approved by the Plan Administrator), on which a Participant elects: (a) the amount of deferral and type of Compensation to be deferred beginning the first day of the following Plan Year; (b) any In Service Distribution Dates for that year's, or a portion of that year's, deferrals; and (c) the Form of Payment elections for Termination Benefits and In Service Distributions. The Allocation Election Form may be part of the Compensation Deferral Agreement, in the discretion of the Plan Administrator.
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2.13
|
Death Benefit
. Death Benefit shall mean a distribution of the total amount of the Participant's Deferred Compensation Account Balance, including any remaining unpaid In Service Account balances, to the Participant's Beneficiary(ies) in accordance with Article V of the Plan.
|
2.14
|
Deemed Investment
. A Deemed Investment (or "Deemed Invested") shall mean the notional conversion of a dollar amount of deferred Compensation credited to a Participant's Deferred Compensation Account into shares or units (or a fraction of such measures of ownership, if applicable) of the underlying investment (e.g. mutual fund or other investment) which is referred to by the Investment Option(s) selected by the Participant. The conversion shall occur as if shares (or units) of the designated investment were being purchased (or sold, for a distribution) at the purchase price as of the close of business of the day on which the Deemed Investment occurs. At no time shall a Participant have any real or beneficial ownership in the actual investment to which the Investment Option refers, irrespective of whether such a Deemed Investment is mirrored by an actual identical investment by the Company or a trustee acting on behalf of the Company.
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2.15
|
Deferred Compensation Account ("Account").
A Participant's Deferred Compensation Account shall mean the aggregate of all Sub-Accounts maintained for Participant deferrals, together with a record of Deemed Investments in accordance with Participants' Allocation Elections, minus any withdrawals or distributions from said Account. The Account, and all component Sub-Accounts, shall be a bookkeeping account utilized solely as a device for the measurement of amounts to be paid to the Participant under the Plan. The Account, and all Sub-Accounts, shall not constitute or be treated as an escrow, trust fund, or any other type of funded account for Code or ERISA purposes and, moreover, amounts credited thereto shall not be considered "plan assets" for ERISA purposes.
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2.16
|
Deferred Compensation Committee or ("Committee")
. Deferred Compensation Committee, or "Committee" means the benefits committee of Duke as appointed from time to time by the executive compensation committee of the board of directors of Duke or the Chief Executive Officer, who shall serve until the earlier of termination of service or appointment of a replacement by the executive compensation committee or the Chief Executive Officer.
|
2.17
|
Disability
. Disability has the meaning given such term in Section 409A of the Code, without giving effect to any elective provisions that may be available under such definition.
|
2.18
|
Dividend Increase Unit Plan
. Dividend Increase Unit Plan or "DIU Plan" means the 1995 Dividend Increase Unit Plan of Duke Realty Services Limited Partnership, as amended or restated from time to time.
|
2.19
|
Duke
. Duke means Duke Realty Corporation, an Indiana corporation.
|
2.20
|
Eligible Employee
. Eligible Employee means an Employee who is part of a select group of management or highly compensated employees of Duke (which also includes for this purpose its subsidiaries and affiliated companies) within the meaning of Sections 201, 301 and 401 of ERISA, and who is selected by the Plan Administrator to participate in the Plan.
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2.21
|
Employee
. Employee means a full-time salaried employee of the Company, Duke or any subsidiary or affiliated company of Duke.
|
2.22
|
ERISA
. ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time.
|
2.23
|
In Service Distribution
. In Service Distribution shall mean a payment by the Company to the Participant following a date elected by the Participant (the In Service Distribution Date) of the amount represented by the account balance in the In Service Sub-Account pertaining to that In Service Distribution. In Service Distributions shall be made in accordance with Participants' In Service Distribution form of payment election.
|
2.24
|
In Service Sub-Account
. In Service Sub-Account shall mean a separate Sub-Account of the Deferred Compensation Account, created whenever a Participant elects a new In Service Distribution Date (not already established with a Sub-Account) with respect to a portion, or all, of his or her deferral contributions, to which such portion of deferral specified by the Participant is credited and Deemed Invested in accordance with the Participant's Allocation Election.
|
2.25
|
In Service Distribution Date
. In Service Distribution Date shall mean the date selected by the Participant, following which the In Service Distribution Sub-Account Balance shall be distributed in accordance with the Plan.
|
2.26
|
In Service Distribution Valuation Date
. In Service Distribution Valuation Date shall mean the last day of the calendar month in which the In Service Distribution Date falls.
|
2.27
|
Investment Option
. Investment Option shall mean a security, including Common Shares, or other investment such as a mutual fund, life insurance sub-account, or other investment approved by the Plan Administrator for use as part of an Investment Option menu, which a Participant may elect as a measuring device to determine Deemed Investment earnings (positive or negative) to be valued in the Participant's Account or Sub-Account. The Participant has no real or beneficial ownership in the security or other investment represented by the Investment Option.
|
2.28
|
Participant
. Participant means an Eligible Employee who: (1) is selected to participate in this Plan in accordance with Section 3.1 and has elected to defer Compensation in accordance with the Plan in any Plan Year; or (2) has an Account Balance in his or her Deferred Compensation Account, including any Sub-Account, greater than zero prior to his or her death. A Participant's continued participation in the Plan shall be governed by Section 3.2 of the Plan.
|
2.29
|
Performance Share Plan
. Performance Share Plan means the 2000 Performance Share Plan of Duke-Weeks Realty Company, as amended or restated from time to time.
|
2.30
|
Plan
. Plan means the Executives' Deferred Compensation Plan of Duke Realty Services Limited Partnership as documented herein and as may be amended from time to time hereafter.
|
2.31
|
Plan Administrator
. Plan Administrator shall mean a person or persons appointed by the Deferred Compensation Committee who is responsible for the day-to-day decision making, record keeping, and administration of the Plan; provided, that the Plan Administrator may delegate duties of the Plan Administrator to employees or others to assist in the administration of the Plan.
|
2.32
|
Plan Year
. Plan Year means January 1 through December 31 each year, except that in the case of the first Plan Year only, it shall be December 1, 2002 through December 31, 2002.
|
2.33
|
Rebalance
. Rebalance means an Allocation Election which pertains to a Participant's then existing Sub-Account and which reallocates the Sub-Account Balance among Investment Options available in the Plan.
|
2.34
|
Restricted Stock Units
. Restricted Stock Units means awards granted under the Duke Realty Corporation 2005 Long-Term Incentive Plan, or any successor plan, which represent the right to receive Common Shares in the future. The term “Restricted Stock Units” includes without limitation “Restricted Stock Awards” and “Restricted Stock Unit Awards” as those terms are defined in the Duke Realty Corporation 2005 Long-Term Incentive Plan, “Performance Shares” as that term is defined in the Performance Share Plan and “SVP Shares” as that term is defined in the Shareholder Value Plan.
|
2.35
|
RSU Sub-Account
. RSU Sub-Account shall mean a separate Sub-Account of the Retirement/Termination Sub-Account into which a Participant’s deferred Restricted Stock Units, if any, are credited.
|
2.36
|
Retirement
. Retirement shall mean the voluntary termination of employment with the Company upon reaching age 50. Retirement shall also mean such involuntary terminations after reaching age 50 as are designated as a Retirement for purposes of this Plan in the sole discretion of the Committee.
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2.37
|
Retirement Benefit
. Retirement Benefit shall mean a distribution of the Participant's Deferred Compensation Account Balance, including all unpaid In Service Sub-Account balances, distributed to the Participant (or Beneficiary) in accordance with the Participant's payment schedule election or as specified in Article V of the Plan.
|
2.38
|
Retirement/ Termination Sub-Account
. Retirement/ Termination Sub-Account shall mean that portion of the Deferred Compensation Account not allocated to In Service Sub-Accounts.
|
2.39
|
Shareholder Value Plan
. Shareholder Value Plan means the 1995 Shareholder Value Plan of Duke Realty Services Limited Partnership or the Duke Realty Corporation 2005 Shareholder Value Plan, as amended or restated from time to time.
|
2.40
|
Sub-Account.
Sub-Account shall mean a portion of the Deferred Compensation Account maintained separately by the Plan Administrator in order to properly administer the Plan.
|
2.41
|
Termination Benefit
. Termination Benefit shall mean the portion of the Participant's Deferred Compensation Account Balance, including all unpaid In Service Sub-Account balances, distributed in a single lump sum in accordance with Article V of the Plan.
|
2.42
|
Termination of Employment
. Termination of Employment shall mean a Participant's “separation from service” (within the meaning of Section 409A of the Code, without giving effect to any elective provisions that may be available under such definition) with Duke (or its subsidiary or affiliated company that is the Participant's employer) for any reason.
|
2.43
|
Termination Valuation Date
. Termination Valuation Date shall mean, with respect to a specific participant, the later of (a) the last day of the calendar month in which Termination of
|
2.44
|
Transfer
. Transfer means a partial Allocation Election with respect to a Participant's then existing Sub-Account where a Participant transfers a portion of the Sub-Account balance from one Investment Option to another.
|
3.1
|
Eligibility and Participation
. Each Eligible Employee, determined in the sole discretion of the Committee, shall be eligible to participate in this Plan.
|
3.2
|
Duration
. Once an Employee becomes a Participant, such Employee shall continue to be a Participant so long as he or she is entitled to receive benefits hereunder, notwithstanding any subsequent Termination of Employment.
|
3.3
|
Revocation of Future Participation
. Notwithstanding the provisions of Section 3.2, the Committee may revoke such Participant's eligibility to make future deferrals under this Plan for any reason.
|
3.4
|
Notification
. Each newly Eligible Employee shall be notified by the Plan Administrator, in writing, of his or her eligibility to participate in this Plan.
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4.1
|
Deferral Elections, generally.
|
(a)
|
A Participant shall make deferral elections under the Plan by completing and submitting to the Plan Administrator a written Compensation Deferral Agreement provided by the Plan Administrator (or completing and electronically submitting the deferral election screen on the Participant website, when made available by the Plan Administrator). Deferral elections shall be made during an annual enrollment period which shall end no later than December 31 preceding the Plan Year to which the deferral election relates; provided, however, that the Plan Administrator may allow deferral elections for “performance-based” Compensation (within the meaning of Code Section 409A) to be made up to six (6) months prior to the end of the applicable performance period. Elections to defer Compensation from Restricted Stock Units are subject to special rules discussed below. Other Compensation deferral elections shall be made prior to the time such amounts have been earned, during special enrollment periods announced by the Plan Administrator. Notwithstanding the foregoing, an Eligible Employee who becomes eligible to be a Participant during any Plan Year may, in the initial year of eligibility only, make deferral elections with respect to Compensation which will be paid during the balance of such Plan Year but after such elections in such Plan Year, within 30 days of the date of notification
|
(b)
|
Except as provided in Section 4.1(f), deferral elections shall be for a Plan Year, and shall remain in effect from Plan Year to Plan Year unless modified or revoked by the Participant in writing on such forms as may be prescribed by the Plan Administrator (or by following such procedures as are set by the Plan Administrator regarding using the Participant website, when available) during an enrollment period. Such modification or revocation shall become effective on the first day of the Plan Year following the date of the modification or revocation.
|
(c)
|
A deferral election shall designate the amount of Compensation to be deferred in whole percentages. A Participant may defer up to 100% of his or her Compensation to be paid during the Plan Year to which the election refers, except that no more than 50% of a Participant's salary may be deferred in any Plan Year.
|
(d)
|
A Participant may elect to defer salary and bonuses otherwise payable during a Plan Year.
|
(e)
|
A Participant may elect to defer an amount otherwise payable under the Shareholder Value Plan during a Plan Year. Beginning in 2008, awards under the Shareholder Value Plan will payout in Common Shares. Deferrals of such awards shall be treated as deferrals of Restricted Stock Units as provided in subsection (g) below.
|
(f)
|
Prior to December 6, 2005, Participants were able to elect to defer an amount otherwise payable under the DIU Plan. This election is no longer available under the Plan.
|
(g)
|
Deferrals pertaining to base salary shall be deducted on a pro rata basis from a Participant's base salary for each pay period during the Plan Year, and the amount deferred shall be credited to the Participant's Retirement/Termination Sub-Account or In Service Sub-Account(s), and a Deemed Investment shall be made in the investment(s) represented by the Investment Option(s) elected by the Participant as of the close of business on the date the amounts deferred are paid. Deferrals pertaining to Restricted Stock Units shall be credited to a separate RSU Sub-Account under the Participant’s Retirement/Termination Sub-Account as of the grant date of the Restricted Stock Units (or the date that SVP Shares are earned in the case of the Shareholder Value Plan), and a Deemed Investment in Common Shares shall be made as of the close of business on that date. Deferrals pertaining to other awards shall be deducted from the Participant's awards on the date of payment of the awards, and the amount deferred shall be credited to the Participant's Termination Sub-Account or In Service Sub-Account(s), and a Deemed Investment shall be made in the investment(s) represented by the Investment Option(s) elected by the Participant as of the close of business on the date the amounts deferred are paid.
|
(h)
|
The Compensation Deferral Agreement shall indicate the Participant's election of a payment schedule for his or her Retirement Benefit. A Participant shall elect to have such Retirement Benefit distributed: (a) a portion, or all, in a single lump sum payable within 30 days following the Termination Valuation Date; and/ or (b) the balance in up to fifteen (15) annual installment payments payable at the time described in Section 5.2. An election of a payment schedule for a Participant's Retirement Benefit shall pertain to the entire Retirement Benefit Sub-Account Balance. A Participant shall be permitted to change his or her payment schedule election by filing a new Compensation Deferral Agreement (or by following such procedures as are set by the Plan Administrator regarding using the Participant website, when available), provided such election may not be effective for at least twelve (12) months following the date of such revised election and the subsequent payment date must be or begin at least five years beyond the Participant’s Retirement. For example, if a Participant had elected to receive his/her Retirement Benefit in ten annual installment payments and makes a new election to receive payments in a lump sum, the lump sum could not be payable earlier than five years after the Participant’s Retirement (when his/her installment payments would have otherwise begun). Any payment schedule election made within twelve months of Retirement shall be null and void, and the most recent payment schedule election which is dated at least twelve months prior to Retirement will be in effect. No payment schedule election may be changed to accelerate a payment.
|
(i)
|
A Participant may elect to defer the delivery of Common Shares with respect to awards of Restricted Stock Units that may be granted in any Plan Year beginning in 2006. The deferral election must specify the percentage of Restricted Stock Units to be deferred, and a separate RSU Sub-Account within the Participant’s Retirement/Termination Sub-Account shall be credited with the number of deferred Restricted Stock Units as of the date of grant of the Restricted Stock Units.
|
4.2
|
In Service Distribution Date Election.
|
(a)
|
The Compensation Deferral Agreement shall also indicate the Participant's election of In Service Distribution Date(s) (if any). An In Service Distribution election shall pertain to such portion of deferred Compensation for the Plan Year as elected by the Participant and shall cause an In Service Sub-Account to be established (unless such Sub-Account already exists), to which such portion of deferred Compensation shall be credited. In the event an In Service Sub-Account has already been established for the In Service Distribution Date referred to in the deferral election, such portion of deferred Compensation shall be credited to the existing In Service Sub-Account. For any In Service Sub-Account, the initial In Service Distribution Date elected by a Participant shall be no earlier than three (3) years from the date of the election.
|
(b)
|
A Participant may maintain up to three (3) In Service Sub-Accounts.
|
(c)
|
A Participant may change or cancel an In Service Distribution Date, as follows:
|
(i)
|
An In Service Distribution Date change may be made by submitting a new Compensation Deferral Agreement or such other form as may be provided for In Service Distribution Date changes by the Plan Administrator (or completing and electronically submitting the appropriate screen on the Participant website, when available) at any time, so long as the date that such form is submitted to the Plan Administrator is at least twelve (12) months prior to the In Service Distribution Date being changed; and
|
(ii)
|
The In Service Distribution Date may be extended to a subsequent year, which cannot be less than five years beyond the most recently applicable payment date.
|
(iii)
|
The In Service Distribution Date may be cancelled, even after a change, so long as such cancellation occurs at least twelve (12) months prior to the initial or changed In Service Distribution Date. A cancellation of an In Service Distribution Date shall cause the In Service Sub-Account associated with it to be paid on the later of five years after the cancelled In Service Distribution Date or the date of payout of the Retirement/Termination Sub-Account.
|
(iv)
|
Making an In Service Distribution Date change or cancellation in accordance with the Plan is specific to the In Service Distribution to which it refers, and shall not affect other In Service Distributions or the ability of the Participant to make new In Service Distribution elections with respect to new deferral contributions.
|
(d)
|
The Compensation Deferral Agreement shall also indicate the Participant's election of payment schedule for each In Service Distribution Date. Permitted payment schedules for In Service Distributions are a single lump sum or from two (2) to five (5) annual installment payments. A Participant shall be permitted to change his or her payment schedule election for an In Service Distribution by filing a new Compensation Deferral Agreement (or by following such procedures as are set by the Plan Administrator regarding using the Participant website, when available), provided such election is made at least twelve (12) months prior to the In Service Distribution Date, and provided the subsequent payment date must be or begin at least five years beyond the Participant’s In Service Distribution Date.
|
(a)
|
This Section 4.3(a) relates exclusively to the separate RSU Sub-Account under a Participant’s Retirement/Termination Account representing deferred Restricted Stock Units, and the remaining subsections of this Section 4.3 do not apply with respect to the RSU Sub-Account. The RSU Sub-Account shall be limited to a Deemed Investment in Common Shares and may not be Rebalanced or Transferred. The computation of the Deemed Investment in Common Shares shall be computed in a
|
(b)
|
With respect to Deferred Compensation Accounts, a Participant shall elect Investment Options from a menu provided by the Plan Administrator. The initial election shall be made on the Allocation Election form approved by the Plan Administrator (or Allocation Election Screen on the Participant website approved by the Plan Administrator) and shall specify the allocations among the Investment Options elected. A Participant may make different Allocation Elections for each Sub-Account. A Participant's Sub-Accounts shall be valued as the sum of the value of all Deemed Investments minus any withdrawals or distributions from said Sub-Account. Investment Options shall be utilized to determine the earnings attributable to the sub-account. Elections of Investment Options do not represent actual ownership of, or any ownership rights in or to, the securities or other investments to which the Investment Options refer, nor is the Company in any way bound or directed to make actual investments corresponding to Deemed Investments.
|
(c)
|
The Committee, in its sole discretion, shall be permitted to add or remove Investment Options provided that any such additions or removals of Investment Options shall not be effective with respect to any period prior to the effective date of such change. Any unallocated portion of a Sub-Account or any unallocated portion of new deferrals shall be Deemed Invested in an Investment Option referring to a money market based fund or sub-account.
|
(d)
|
A Participant may make a new Allocation Election with respect to future deferrals, and may Rebalance or Transfer funds in any of his or her Sub-Accounts, provided that such new allocations, Rebalances or Transfers shall be in increments of one percent (1%), and Rebalances and Transfers apply to the entire Sub-Account Balance. New Allocation Elections, Rebalances, and Transfers may be made on any business day, and will become effective on the same business day or, in the case of Allocation Elections received after a cut-off time established by the Plan Administrator, the following business day. However, in its sole discretion, the Plan Administrator may establish procedures and restrictions on new Allocation Elections, Rebalances, and Transfers which involve Common Shares.
|
(e)
|
Notwithstanding anything in this Section to the contrary, the Company shall have the sole and exclusive authority to invest any or all amounts deferred in any manner, regardless of any Allocation Elections by any Participant. A Participant's Allocation Election shall be used solely for purposes of determining the value of such Participant's Sub-Accounts and the amount of the corresponding liability of the Company in accordance with this Plan.
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4.4
|
Prohibition Against Modifications to Deferral Elections
. A Participant may not modify or revoke a deferral election during a Plan Year by changing the amount of the Compensation
|
4.5
|
Change in Control Elections
. A Participant may elect to have his or her entire Deferred Compensation Account Balance (including the Retirement/Termination Sub-Account and all In Service Sub-Accounts), whether or not in pay status, distributed in a lump sum (i) within 30 days following the occurrence of a Change in Control, or (ii) within 30 days following Termination of Employment that occurs within one year after a Change in Control; or (iii) such later date, if any, as may be required by Code Section 409A by reason of the Participant’s status as a “specified employee” at the time of such Participant’s separation from service. Such election shall be made on the Compensation Deferral Agreement at the time such Participant elects a payment schedule for the Participant’s Accounts (in accordance with Sections 4.1 and 4.2 above). Such election, once made, shall be irrevocable.
|
5.1
|
In Service Distributions.
|
(a)
|
In the event a Participant’s Account Balance shall be less than the applicable amount described in Code Section 402(g)(1)(B) on the initial In Service Distribution Valuation Date, the In Service Distribution shall be made in a single lump sum within 30 days following the In Service Distribution Valuation Date. Otherwise, each In Service Distribution shall be paid in accordance with the payment schedule election made with respect thereto, beginning within 30 days following the In Service Distribution Valuation Date. In the event a Participant has elected installment payments for an In Service Distribution, the installment payments shall be determined as set forth in Section 5.5 of the Plan.
|
(b)
|
Notwithstanding a Participant's election to receive an In Service Distribution, all In Service Distribution Sub-Account Balances shall be distributable as part of a Retirement, Death, Disability, or Termination Benefit if the triggering date for such Retirement, Death, Disability, or Termination Benefit occurs prior to the completion of payment(s) elected in connection with any In Service Distribution Date; provided, however, that any In Service Distribution Sub-Account Balance that has been changed or modified as provided in Article IV shall be distributed in accordance with the timing restrictions contained in Article IV.
|
5.2
|
Retirement Benefit Distribution
. The Retirement Benefit will be paid (or the first payment will be made) in accordance with the Participant payment schedule election within 30 days following the Termination Valuation Date.
|
5.3
|
Termination Benefit Distribution
. The Termination Benefit shall be paid within 30 days following the Termination Valuation Date.
|
5.4
|
Form of Payments
. All payments under the Plan shall be made in cash, except deferrals of Restricted Stock Units, which shall be paid in whole Common Shares on a one-for-one basis,
|
5.5
|
Installment Payments
. If the Participant has elected installment payments for his or her Retirement Benefit distribution or an In Service Distribution, annual cash payments will be made beginning within 30 days following the applicable Valuation Date (Termination or In Service) or, in the event of a partial lump sum election, following the first anniversary of the partial lump sum payment made following Retirement. Such payments shall continue annually on or about the anniversary of the previous installment payment until the number of installment payments elected has been paid. Any such installments shall be treated as a single payment for Code Section 409A purposes. The installment payment amount shall be determined annually as the result of a calculation, performed on the Annual Valuation Date, where (i) is divided by (ii):
|
(i)
|
equals the value of the applicable Sub-Account on the Annual Valuation Date; and
|
(ii)
|
equals the remaining number of installment payments.
|
5.6
|
Small Account Balance Lump Sum Payment
. In the event that a Participant's total Account Balance is less than the amount described in Code Section 402(g)(1)(B), the In Service Distribution or Retirement Benefit, as applicable, shall be paid in a lump sum and any form of payment election to the contrary shall be null and void.
|
5.7
|
Disability Benefit
. In the event of Disability, a Participant shall receive a benefit equal to the Participant's remaining Deferred Compensation Account Balance and paid as though it were a Termination Benefit.
|
5.8
|
Death Benefit
. In the event of a Participant's death either before Termination of Employment or before complete distribution of any In Service Distribution or Retirement Benefit, such Participant's Beneficiary, named on the most recently filed Beneficiary Designation Form, shall be paid a Death Benefit in the amount of the remaining Deferred Compensation Account Balance in a single lump sum within 30 days following the end of the month in which the Participant's death occurred. The Valuation Date for purposes of determining the Death Benefit shall be the last day of the month in which the Participant's death occurs.
|
5.9
|
Unforeseeable Emergency
. A Participant may request, in writing to the Plan Administrator, a distribution under the Plan if the Participant experiences an "unforeseeable emergency" as defined in Treas. Reg Section 1.409A-3(i)(3)(i). An unforeseeable emergency is a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, the Participant’s beneficiary, or the Participant’s dependent; loss of the Participant’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, not as a result of a natural disaster); or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The Plan Administrator, in its sole discretion, shall determine whether a Participant has experienced an unforeseeable emergency. The amount of any distribution for an unforeseeable emergency is limited to the amount of the severe financial need, which cannot be met with other resources of the Participant. The amount of such unforeseeable emergency distribution shall be subtracted first from the Participant's Termination Benefit Sub-Account until depleted and then from the In Service Distribution
|
5.10
|
Pro-rata Subtraction from Investment Options
. In the event a distribution to be paid under this Article V is less than the entire Sub-Account Balance and the Sub-Account is allocated over more than one Investment Option, the distribution shall be subtracted from each Investment Option in a pro-rata manner determined in the sole discretion of the Plan Administrator.
|
5.11
|
Common Shares
. Any purchase, sale or distribution of Common Shares under or by the Plan shall be subject to all applicable federal, state and foreign laws, rules and regulations, to all approvals by any governmental or regulatory agency, as may be required, and to all policies of the Company or Duke, including the Company's and Duke's blackout periods and insider trading policies. Accordingly, in certain situations and at the discretion of the Plan Administrator, the timing of a distribution from an Account in which a Deemed Investment has been made in Common Shares, including the distribution of Common Shares upon settlement of Restricted Stock Units, may be delayed until Common Shares may be transferred free of such issuance or sale restrictions.
|
6.1
|
Plan Administration
. This Plan shall be administered by the Plan Administrator, which shall have authority to make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Plan and decide or resolve any and all questions, including but not limited to eligibility for benefits and interpretations of this Plan and its terms, as may arise in connection with the Plan. Claims for benefits shall be filed with the Plan Administrator and resolved in accordance with the claims procedures in Article IX.
|
6.2
|
Withholding
. The Company (or its subsidiary or affiliated company that is or was the Participant's employer) shall have the right to withhold from any payment made under the Plan (or any amount deferred into the Plan) any taxes required by law to be withheld in respect of such payment (or deferral).
|
6.3
|
Indemnification
. The Company shall indemnify and hold harmless each employee, officer, director, agent or organization, to whom or to which is delegated duties, responsibilities, and authority with respect to administration of the Plan, against all claims, liabilities, fines and penalties, and all expenses reasonably incurred by or imposed upon him or it (including but not limited to reasonable attorney fees) which arise as a result of his or its actions or failure to act in connection with the operation and administration of the Plan to the extent lawfully allowable and to the extent that such claim, liability, fine, penalty, or expense is not paid for by liability insurance purchased or paid for by the Company. Notwithstanding the foregoing, the Company shall not indemnify any person or organization if his or its actions or failure to act are due to gross negligence or willful misconduct or for any such amount incurred through any settlement or compromise of any action unless the Company consents in writing to such settlement or compromise.
|
6.4
|
Expenses
. The expenses of administering the Plan shall, in the sole discretion of the Committee, be paid by the Company or paid by the Plan and allocated among the Deferred Compensation Accounts.
|
6.5
|
Delegation of Authority
. In the administration of this Plan, the Plan Administrator may, from time to time, employ agents and delegate to them such administrative duties as it sees fit, and may from time to time consult with legal counsel who may be legal counsel to the Company.
|
6.6
|
Binding Decisions or Actions
. The decision or action of the Plan Administrator in respect of any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations thereunder shall be final and conclusive and binding upon all persons having any interest in the Plan.
|
7.1
|
Amendment and Termination
. The Plan is intended to be permanent, but the Committee may at any time modify, amend, or terminate the Plan, provided that such modification, amendment or termination shall not cancel, reduce, or otherwise adversely affect the amount of benefits of any Participant accrued (and any form of payment elected) as of the date of any such modification, amendment, or termination, without the consent of the Participant. Notwithstanding the foregoing, the Committee shall be permitted upon Plan termination to instruct the Plan Administrator to pay each Participant (without such Participant's consent) a lump sum in the amount of such Participant's Account Balance as of the date of such Plan termination, but only to the extent such distributions would meet an exception to the prohibition on acceleration as set forth in Treas. Regulations Section 1.409A-3(j)(4).
|
8.1
|
General Assets
. All benefits in respect of a Participant under this Plan shall be paid directly from the general funds of the Company, or a Rabbi Trust created by the Company for the purpose of informally funding the Plan, and other than such Rabbi Trust, if created, no special or separate fund shall be established and no other segregation of assets shall be made to assure payment. No Participant, spouse or Beneficiary shall have any right, title or interest whatever in or to any investments which the Company may make to aid the Company in meeting its obligation hereunder. Nothing contained in this Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship, between the Company or any if its subsidiaries or affiliated companies and any Employee, spouse, or Beneficiary. To the extent that any person acquires a right to receive payments from the Company hereunder, such rights are no greater than the right of an unsecured general creditor of the Company.
|
8.2
|
Rabbi Trust
. The Company may, at its sole discretion, establish a grantor trust, commonly known as a Rabbi Trust, as a vehicle for accumulating the assets needed to pay the promised benefit, but the Company shall be under no obligation to establish any such trust or any other informal funding vehicle.
|
9.1
|
Filing a Claim
. Any controversy or claim arising out of or relating to the Plan shall be filed with the Plan Administrator which shall make all determinations concerning such claim. Any decision by the Plan Administrator denying such claim shall be in writing and shall be delivered to the Participant or Beneficiary filing the claim ("Claimant"). Such decision shall set forth the reasons for denial in plain language. Pertinent provisions of the Plan document shall be cited and, where appropriate, an explanation as to how the Claimant can perfect the claim will be provided, including a description of any additional material or information necessary to complete the claim, and an explanation of why such material or information is necessary. The claim denial also shall include an explanation of the claims review procedures and the time limits applicable to such procedures, including a statement of the Claimant's right to bring a civil action under Section 502(a) of ERISA following an adverse decision on review. This notice of denial of benefits will be provided within 90 days of the Plan Administrator's receipt of the Claimant's claim for benefits. If the Plan Administrator fails to notify the Claimant of its decision regarding the Claimant's claim, the claim shall be considered denied, and the Claimant shall then be permitted to proceed with an appeal as provided in this Article. If the Plan Administrator determines that it needs additional time to review the claim, the Plan Administrator will provide the Claimant with a notice of the extension before the end of the initial 90-day period. The extension will not be more than 90 days from the end of the initial 90-day period and the notice of extension will explain the special circumstances that require the extension and the date by which the Plan Administrator expects to make a decision.
|
9.2
|
Appeal
. A Claimant who has been completely or partially denied a benefit shall be entitled to appeal this denial of his claim by filing a written appeal with the Committee no later than sixty (60) days after: (a) receipt of the written notification of such claim denial, or (b) the lapse of ninety (90) days without an announced decision notice of extension. A Claimant who timely requests a review of his or her denied claim (or his or her authorized representative) may review, upon request and free of charge, copies of all documents, records and other information relevant to the denial and may submit written comments, documents, records and other information relevant to the claim to the Committee. The Committee may, in its sole discretion and if it deems appropriate or necessary, decide to hold a hearing with respect to the claim appeal. Following its review of any additional information submitted by the Claimant, the Committee shall render a decision on its review of the denied claim in the following manner:
|
(a)
|
The Committee shall make its decision regarding the merits of the denied claim within 60 days following its receipt of the appeal (or within 120 days after such receipt, in a case where there are special circumstances requiring extension of time for reviewing the appealed claim). It shall deliver the decision to the Claimant in writing. If an extension of time for reviewing the appeal is required because of special circumstances, written notice of the extension shall be furnished to the Claimant prior to the commencement of the extension. The notice will indicate the special circumstances requiring the extension of time and the date by which the Committee expects to render the determination on review.
|
(b)
|
The review will take into account comments, documents, records and other information submitted by the Claimant relating to the claim without regard to whether such information was submitted or considered in the initial benefit determination.
|
(c)
|
The decision on review shall set forth a specific reason for the decision, and shall cite specific references to the pertinent Plan provisions on which the decision is based.
|
(d)
|
The decision on review will include a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all documents, records, or other information relevant to the Claimant's claim for benefits.
|
(e)
|
The decision on review will include a statement describing any voluntary appeal procedures offered by the plan and a statement of the Claimant's right to bring an action under Section 502(a) of ERISA.
|
(f)
|
A Claimant may not bring any legal action relating to a claim for benefits under the Plan unless and until the Claimant has followed the claims procedures under the Plan and exhausted his or her administrative remedies under such claims procedures.
|
By:
|
/s/ Dennis D. Oklak
|
|
Dennis D. Oklak
|
|
Chairman of the Board and Chief Executive Officer of Duke Realty Corporation, its General Partner
|
By:
|
/s/ Neal A. Lewis
|
|
Neal A. Lewis
|
|
Senior Vice President, Taxation
|
ARTICLE
|
PAGE
|
|
INTRODUCTION AND PURPOSE
|
1
|
|
DEFINITIONS
|
1
|
|
DEFERRAL OF FEES
|
3
|
|
3.1.
Fees Eligible for Deferral
|
3
|
|
3.3.
Annual Deferral Elections
|
3
|
|
3.4.
Automatic Renewal of Deferral Elections
|
3
|
|
3.5
Account Credits
|
3
|
|
3.6.
Intentionally Omitted
|
3
|
|
3.7.
Unsecured Contractual Rights
|
3
|
|
ACCOUNTS AND ADJUSTMENTS
|
4
|
|
4.1.
In General
|
4
|
|
4.2.
Interest Subaccount
|
4
|
|
4.3.
Stock Subaccount
|
4
|
|
4.4.
Adjustments for Dividends.
|
4
|
|
4.5.
Source of Shares for the Plan
|
4
|
|
DISTRIBUTIONS
|
5
|
|
5.1.
Times of Distribution
|
5
|
|
5.2.
Methods of Distribution
|
6
|
|
5.3.
Election of Form of Distributions
|
6
|
|
5.4.
Distribution Forms
|
7
|
|
5.5.
Accelerated Payments
|
7
|
|
5.6.
Death and Beneficiary Designation
|
7
|
|
PLAN ADMINISTRATION
|
8
|
|
6.1.
Administration by the Committee
|
8
|
|
6.2.
Powers and Responsibilities of the Committee
|
8
|
|
6.3.
Liabilities
|
9
|
|
6.4.
Claims Procedures
|
9
|
|
AMENDMENT AND TERMINATION OF PLAN
|
10
|
|
7.1.
Amendment of Plan
|
10
|
|
7.2.
Termination of Plan
|
10
|
|
MISCELLANEOUS
|
10
|
|
8.1.
Governing Law
|
10
|
|
8.2.
Headings
|
10
|
|
8.3.
Making and Revoking Elections
|
10
|
|
By:
|
/s/ Dennis D. Oklak
|
|
Dennis D. Oklak
|
|
Chairman of the Board and Chief Executive Officer
|
By:
|
/s/ Robert M. Chapman
|
Robert M. Chapman
|
|
Chief Operating Officer
|
/s/ Dennis D. Oklak
|
Dennis D. Oklak
|
1.
|
The Agreement is hereby amended by deleting numbered paragraph 4 under the caption “Obligations” in its entirety and substituting therefore the following:
|
2.
|
Except as expressly amended hereby, the terms of the Agreement shall be and remain unchanged and the Agreement as amended hereby shall remain in full force and effect. The parties are authorized to restate the entire Agreement as amended hereby.
|
1.
|
The Agreement is hereby amended by deleting numbered paragraph 4 under the caption “Obligations” in its entirety and substituting therefore the following:
|
2.
|
Except as expressly amended hereby, the terms of the Agreement shall be and remain unchanged and the Agreement as amended hereby shall remain in full force and effect. The parties are authorized to restate the entire Agreement as amended hereby.
|
1.
|
The Agreement is hereby amended by deleting numbered paragraph 4 under the caption “Obligations” in its entirety and substituting therefore the following:
|
2.
|
Except as expressly amended hereby, the terms of the Agreement shall be and remain unchanged and the Agreement as amended hereby shall remain in full force and effect. The parties are authorized to restate the entire Agreement as amended hereby.
|
/s/ Dennis D. Oklak
|
Name: Dennis D. Oklak
|
Title: Chief Executive Officer
|
1.
|
The Agreement is hereby amended by deleting numbered paragraph 4 under the caption “Obligations” in its entirety and substituting therefore the following:
|
2.
|
Except as expressly amended hereby, the terms of the Agreement shall be and remain unchanged and the Agreement as amended hereby shall remain in full force and effect. The parties are authorized to restate the entire Agreement as amended hereby.
|
|
|
Year Ended
December 31,
2012
|
|
|
|
|
Year Ended
December 31,
2011
|
|
|
|
|
Year Ended
December 31,
2010
|
|
|
|
|
Year Ended
December 31,
2009
|
|
|
|
|
Year Ended
December 31,
2008
|
|
|
||||||
Net income (loss) from continuing operations, less preferred dividends
|
|
$
|
(134,224
|
)
|
|
|
|
$
|
(63,160
|
)
|
|
|
|
$
|
(30,177
|
)
|
|
|
|
$
|
(306,876
|
)
|
|
|
|
$
|
18,103
|
|
|
|
Preferred dividends
|
|
46,438
|
|
|
|
|
60,353
|
|
|
|
|
69,468
|
|
|
|
|
73,451
|
|
|
|
|
71,426
|
|
|
|
|||||
Interest expense
|
|
245,170
|
|
|
|
|
220,455
|
|
|
|
|
186,407
|
|
|
|
|
149,107
|
|
|
|
|
134,298
|
|
|
|
|||||
Earnings (loss) before fixed charges
|
|
$
|
157,384
|
|
|
|
|
$
|
217,648
|
|
|
|
|
$
|
225,698
|
|
|
|
|
$
|
(84,318
|
)
|
|
|
|
$
|
223,827
|
|
|
|
Interest expense
|
|
$
|
245,170
|
|
|
|
|
$
|
220,455
|
|
|
|
|
$
|
186,407
|
|
|
|
|
$
|
149,107
|
|
|
|
|
$
|
134,298
|
|
|
|
Interest costs capitalized
|
|
9,357
|
|
|
|
|
4,335
|
|
|
|
|
11,498
|
|
|
|
|
26,864
|
|
|
|
|
53,456
|
|
|
|
|||||
Total fixed charges
|
|
254,527
|
|
|
|
|
224,790
|
|
|
|
|
197,905
|
|
|
|
|
175,971
|
|
|
|
|
187,754
|
|
|
|
|||||
Preferred dividends
|
|
46,438
|
|
|
|
|
60,353
|
|
|
|
|
69,468
|
|
|
|
|
73,451
|
|
|
|
|
71,426
|
|
|
|
|||||
Total fixed charges and preferred dividends
|
|
$
|
300,965
|
|
|
|
|
$
|
285,143
|
|
|
|
|
$
|
267,373
|
|
|
|
|
$
|
249,422
|
|
|
|
|
$
|
259,180
|
|
|
|
Ratio of earnings to fixed charges
|
|
N/A
|
|
|
(1)
|
|
N/A
|
|
|
(3)
|
|
1.14
|
|
|
|
|
N/A
|
|
|
(6)
|
|
1.19
|
|
|
|
|||||
Ratio of earnings to fixed charges and preferred dividends
|
|
N/A
|
|
|
(2)
|
|
N/A
|
|
|
(4)
|
|
N/A
|
|
|
(5)
|
|
N/A
|
|
|
(7)
|
|
N/A
|
|
|
(8)
|
(1)
|
N/A - The ratio is less than 1.0; deficit of $97.1 million exists for the year ended December 31, 2012. The calculation of earnings includes $376.0 million of non-cash depreciation and amortization expense.
|
(2)
|
N/A - The ratio is less than 1.0; deficit of $143.6 million exists for the year ended December 31, 2012. The calculation of earnings includes $376.0 million of non-cash depreciation and amortization expense.
|
(3)
|
N/A - The ratio is less than 1.0; deficit of $7.1 million exists for the year ended December 31, 2011. The calculation of earnings includes $326.2 million of non-cash depreciation and amortization expense.
|
(4)
|
N/A - The ratio is less than 1.0; deficit of $67.5 million exists for the year ended December 31, 2011. The calculation of earnings includes $326.2 million of non-cash depreciation and amortization expense.
|
(5)
|
N/A - The ratio is less than 1.0; deficit of $41.7 million exists for the year ended December 31, 2010. The calculation of earnings includes $276.0 million of non-cash depreciation and amortization expense.
|
(6)
|
N/A - The ratio is less than 1.0; deficit of $260.3 million exists for the year ended December 31, 2009. The calculation of earnings includes $242.2 million of non-cash depreciation and amortization expense.
|
(7)
|
N/A - The ratio is less than 1.0; deficit of $333.7 million exists for the year ended December 31, 2009. The calculation of earnings includes $242.2 million of non-cash depreciation and amortization expense.
|
(8)
|
N/A - The ratio is less than 1.0; deficit of $35.4 million exists for the year ended December 31, 2008. The calculation of earnings includes $210.2 million of non-cash depreciation and amortization expense.
|
|
|
Year Ended
December 31,
2012
|
|
|
|
|
Year Ended
December 31,
2011
|
|
|
|
|
Year Ended
December 31,
2010
|
|
|
|
|
Year Ended
December 31,
2009
|
|
|
|
|
Year Ended
December 31,
2008
|
|
|
|
|||||
Net income (loss) from continuing operations, less preferred distributions
|
|
$
|
(134,224
|
)
|
|
|
|
$
|
(63,160
|
)
|
|
|
|
$
|
(30,177
|
)
|
|
|
|
$
|
(306,876
|
)
|
|
|
|
$
|
18,103
|
|
|
|
Preferred distributions
|
|
46,438
|
|
|
|
|
60,353
|
|
|
|
|
69,468
|
|
|
|
|
73,451
|
|
|
|
|
71,426
|
|
|
|
|||||
Interest expense
|
|
245,170
|
|
|
|
|
220,455
|
|
|
|
|
186,407
|
|
|
|
|
149,107
|
|
|
|
|
134,298
|
|
|
|
|||||
Earnings (loss) before fixed charges
|
|
$
|
157,384
|
|
|
|
|
$
|
217,648
|
|
|
|
|
$
|
225,698
|
|
|
|
|
$
|
(84,318
|
)
|
|
|
|
$
|
223,827
|
|
|
|
Interest expense
|
|
$
|
245,170
|
|
|
|
|
$
|
220,455
|
|
|
|
|
$
|
186,407
|
|
|
|
|
$
|
149,107
|
|
|
|
|
$
|
134,298
|
|
|
|
Interest costs capitalized
|
|
9,357
|
|
|
|
|
4,335
|
|
|
|
|
11,498
|
|
|
|
|
26,864
|
|
|
|
|
53,456
|
|
|
|
|||||
Total fixed charges
|
|
254,527
|
|
|
|
|
224,790
|
|
|
|
|
197,905
|
|
|
|
|
175,971
|
|
|
|
|
187,754
|
|
|
|
|||||
Preferred distributions
|
|
46,438
|
|
|
|
|
60,353
|
|
|
|
|
69,468
|
|
|
|
|
73,451
|
|
|
|
|
71,426
|
|
|
|
|||||
Total fixed charges and preferred distributions
|
|
$
|
300,965
|
|
|
|
|
$
|
285,143
|
|
|
|
|
$
|
267,373
|
|
|
|
|
$
|
249,422
|
|
|
|
|
$
|
259,180
|
|
|
|
Ratio of earnings to fixed charges
|
|
N/A
|
|
|
(1)
|
|
N/A
|
|
|
(3)
|
|
1.14
|
|
|
|
|
N/A
|
|
|
(6)
|
|
1.19
|
|
|
|
|||||
Ratio of earnings to fixed charges and preferred distributions
|
|
N/A
|
|
|
(2)
|
|
N/A
|
|
|
(4)
|
|
N/A
|
|
|
(5)
|
|
N/A
|
|
|
(7)
|
|
N/A
|
|
|
(8)
|
(1)
|
N/A - The ratio is less than 1.0; deficit of $97.1 million exists for the year ended December 31, 2012. The calculation of earnings includes $376.0 million of non-cash depreciation and amortization expense.
|
(2)
|
N/A - The ratio is less than 1.0; deficit of $143.6 million exists for the year ended December 31, 2012. The calculation of earnings includes $376.0 million of non-cash depreciation and amortization expense.
|
(3)
|
N/A - The ratio is less than 1.0; deficit of $7.1 million exists for the year ended December 31, 2011. The calculation of earnings includes $326.2 million of non-cash depreciation and amortization expense.
|
(4)
|
N/A - The ratio is less than 1.0; deficit of $67.5 million exists for the year ended December 31, 2011. The calculation of earnings includes $326.2 million of non-cash depreciation and amortization expense.
|
(5)
|
N/A - The ratio is less than 1.0; deficit of $41.7 million exists for the year ended December 31, 2010. The calculation of earnings includes $276.0 million of non-cash depreciation and amortization expense.
|
(6)
|
N/A - The ratio is less than 1.0; deficit of $260.3 million exists for the year ended December 31, 2009. The calculation of earnings includes $242.2 million of non-cash depreciation and amortization expense.
|
(7)
|
N/A - The ratio is less than 1.0; deficit of $333.7 million exists for the year ended December 31, 2009. The calculation of earnings includes $242.2 million of non-cash depreciation and amortization expense.
|
(8)
|
N/A - The ratio is less than 1.0; deficit of $35.4 million exists for the year ended December 31, 2008. The calculation of earnings includes $210.2 million of non-cash depreciation and amortization expense.
|
|
/s/ Thomas J. Baltimore, Jr.
|
|
Thomas J. Baltimore, Jr.
|
|
/s/ William Cavanaugh III
|
|
William Cavanaugh III
|
|
/s/ Alan H. Cohen
|
|
Alan H. Cohen
|
|
/s/ Ngaire E. Cuneo
|
|
Ngaire E. Cuneo
|
|
/s/ Charles R. Eitel
|
|
Charles R. Eitel
|
|
/s/ Martin C. Jischke, PhD
|
|
Martin C. Jischke, PhD
|
|
/s/ Melanie R. Sabelhaus
|
|
Melanie R. Sabelhaus
|
|
/s / Peter M. Scott, III
|
|
Peter M. Scott, III
|
|
/s/ Jack R. Shaw
|
|
Jack R. Shaw
|
|
/s/ Lynn C. Thurber
|
|
Lynn C. Thurber
|
|
/s/ Robert J. Woodward, Jr.
|
|
Robert J. Woodward, Jr.
|
|
/s/ Dennis D. Oklak
|
Dennis D. Oklak
|
Chairman and Chief Executive Officer
|
|
/s/ Christie B. Kelly
|
Christie B. Kelly
|
Executive Vice President and Chief Financial Officer
|
1
|
I have reviewed this Annual Report on Form 10-K of Duke Realty Limited Partnership;
|
2
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
/s/ Dennis D. Oklak
|
Dennis D. Oklak
|
Chairman and Chief Executive Officer of the General Partner
|
1
|
I have reviewed this Annual Report on Form 10-K of Duke Realty Limited Partnership;
|
2
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
/s/ Christie B. Kelly
|
Christie B. Kelly
|
Executive Vice President and Chief Financial Officer of the General Partner
|
/s/ Dennis D. Oklak
|
|
Dennis D. Oklak
|
|
Chairman and Chief Executive Officer
|
|
Date:
|
February 22, 2013
|
/s/ Christie B. Kelly
|
|
Christie B. Kelly
|
|
Executive Vice President and Chief Financial Officer
|
|
Date:
|
February 22, 2013
|
/s/ Dennis D. Oklak
|
|
Dennis D. Oklak
|
|
Chairman and Chief Executive Officer of the General Partner
|
|
Date:
|
February 22, 2013
|
/s/ Christie B. Kelly
|
|
Christie B. Kelly
|
|
Executive Vice President and Chief Financial Officer of the General Partner
|
|
Date:
|
February 22, 2013
|
|
|
Quarter Ended
|
||||||||||||||
2012
|
|
December 31
|
|
September 30
|
|
June 30
|
|
March 31
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Rental and related revenue
|
|
$
|
220,988
|
|
|
$
|
207,942
|
|
|
$
|
203,930
|
|
|
$
|
201,509
|
|
General contractor and service fee revenue
|
|
$
|
48,564
|
|
|
$
|
93,932
|
|
|
$
|
63,607
|
|
|
$
|
68,968
|
|
|
|
|
|
|
|
|
|
|
||||||||
General Partner
|
|
|
|
|
|
|
|
|
||||||||
Net loss attributable to common shareholders
|
|
$
|
(33,043
|
)
|
|
$
|
(28,230
|
)
|
|
$
|
(28,482
|
)
|
|
$
|
(36,390
|
)
|
Basic loss per common share
|
|
$
|
(0.12
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
(0.14
|
)
|
Diluted loss per common share
|
|
$
|
(0.12
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
(0.14
|
)
|
Weighted average common shares
|
|
276,081
|
|
|
270,289
|
|
|
266,748
|
|
|
258,365
|
|
||||
Weighted average common shares and potential dilutive securities
|
|
276,081
|
|
|
270,289
|
|
|
266,748
|
|
|
258,365
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Partnership
|
|
|
|
|
|
|
|
|
||||||||
Net loss attributable to common unitholders
|
|
$
|
(33,580
|
)
|
|
$
|
(28,689
|
)
|
|
$
|
(28,948
|
)
|
|
$
|
(37,201
|
)
|
Basic loss per Common Unit
|
|
$
|
(0.12
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
(0.14
|
)
|
Diluted loss per Common Unit
|
|
$
|
(0.12
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
(0.11
|
)
|
|
$
|
(0.14
|
)
|
Weighted average Common Units
|
|
280,574
|
|
|
274,800
|
|
|
271,317
|
|
|
264,114
|
|
||||
Weighted average Common Units and potential dilutive securities
|
|
280,574
|
|
|
274,800
|
|
|
271,317
|
|
|
264,114
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
2011
|
|
December 31
|
|
September 30
|
|
June 30
|
|
March 31
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Rental and related revenue
|
|
$
|
190,891
|
|
|
$
|
183,689
|
|
|
$
|
178,977
|
|
|
$
|
189,326
|
|
General contractor and service fee revenue
|
|
$
|
112,178
|
|
|
$
|
127,708
|
|
|
$
|
135,363
|
|
|
$
|
146,547
|
|
|
|
|
|
|
|
|
|
|
||||||||
General Partner
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to common shareholders
|
|
$
|
44,965
|
|
|
$
|
(32,076
|
)
|
|
$
|
(29,042
|
)
|
|
$
|
47,569
|
|
Basic income (loss) per common share
|
|
$
|
0.17
|
|
|
$
|
(0.13
|
)
|
|
$
|
(0.12
|
)
|
|
$
|
0.19
|
|
Diluted income (loss) per common share
|
|
$
|
0.17
|
|
|
$
|
(0.13
|
)
|
|
$
|
(0.12
|
)
|
|
$
|
0.19
|
|
Weighted average common shares
|
|
252,922
|
|
|
252,802
|
|
|
252,640
|
|
|
252,406
|
|
||||
Weighted average common shares and potential dilutive securities
|
|
259,872
|
|
|
252,802
|
|
|
252,640
|
|
|
258,837
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Partnership
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to common unitholders
|
|
$
|
46,193
|
|
|
$
|
(32,944
|
)
|
|
$
|
(29,748
|
)
|
|
$
|
48,774
|
|
Basic income (loss) per Common Unit
|
|
$
|
0.17
|
|
|
$
|
(0.13
|
)
|
|
$
|
(0.12
|
)
|
|
$
|
0.19
|
|
Diluted income (loss) per Common Unit
|
|
$
|
0.17
|
|
|
$
|
(0.13
|
)
|
|
$
|
(0.12
|
)
|
|
$
|
0.19
|
|
Weighted average Common Units
|
|
259,872
|
|
|
259,866
|
|
|
259,849
|
|
|
258,790
|
|
||||
Weighted average Common Units and potential dilutive securities
|
|
259,872
|
|
|
259,866
|
|
|
259,849
|
|
|
258,837
|
|