X
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Indiana (Duke Realty Corporation)
|
|
35-1740409 (Duke Realty Corporation)
|
Indiana (Duke Realty Limited Partnership)
|
|
35-1898425 (Duke Realty Limited Partnership)
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
(IRS Employer
Identification Number)
|
600 East 96
th
Street, Suite 100
Indianapolis, Indiana
|
|
46240
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
|
|
Title of Each Class:
|
|
Name of Each Exchange on Which Registered:
|
Duke Realty Corporation
|
|
Common Stock ($.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.
|
Item No.
|
|
Page(s)
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|
|
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1
|
||
1A.
|
||
1B.
|
||
2
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||
3
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4
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||
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5
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||
6
|
||
7
|
||
7A.
|
||
8
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||
9
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||
9A.
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||
9B.
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||
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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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||
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15
|
||
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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;
|
•
|
Potential changes in the financial markets and interest rates;
|
•
|
Volatility in the General Partner's stock price and trading volume;
|
•
|
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;
|
•
|
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;
|
•
|
Our ability to retain our current credit ratings;
|
•
|
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 a supermajority (85.7%) of "Independent Directors," as such term is defined under the rules of the New York Stock Exchange (the "NYSE") as of January 27, 2016 and thereafter
|
|
|
|
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 Corporate Governance Committee conducts an annual review 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
•
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
|
•
|
For taxable years beginning after 2017, the percentage of a REIT’s total assets that may be represented by securities of one or more TRSs is reduced from 25% to 20%.
|
•
|
For distributions in taxable years beginning after 2014, the preferential dividend rules no longer apply to us as a "publicly offered REIT," as defined in new Code Section 562(c)(2).
|
•
|
For taxable years beginning after 2015, debt instruments issued by publicly offered REITs are treated as real estate assets for purposes of the 75% asset test, but interest on debt of a publicly offered REIT will not be qualifying income under the 75% gross income test unless the debt is secured by real property. Under a new asset test, not more than 25% of the value of a REIT’s assets may consist of debt instruments that are issued by publicly offered REITs and would not otherwise be treated as qualifying real estate assets.
|
•
|
For taxable years beginning after 2015, to the extent r
ent attributable to personal property is treated as rents from real property (because rent attributable to the personal property for the taxable year does not exceed 15% of the total rent for the taxable year for such real and personal property),
the personal property will be treated as a real estate asset for purposes of the 75% asset test. Similarly, debt obligation secured by a mortgage on both real and personal property will be treated as a real estate asset for purposes of the 75% asset test, and interest thereon will be treated as interest on an obligation secured by real property, if the fair market value of the personal property does not exceed 15% of the fair market value of all property securing the debt.
|
•
|
For taxable years beginning after 2015, a 100% excise tax will apply to "redetermined services income," i.e., non-arm’s-length income of a REIT’s TRS attributable to services provided to, or on behalf of, the REIT (other than services provided to REIT tenants, which are potentially taxed as redetermined rents).
|
•
|
For taxable years beginning after 2014, the period during which dispositions of properties with net built-in gains from C corporations in carry-over basis transactions will trigger the built-in gains tax is reduced from ten years to five years.
|
•
|
A number of changes applicable to REITs are made to the FIRPTA rules for taxing non-US persons on gains from sales of US real property interests ("USRPIs"):
|
•
|
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;
|
•
|
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
|
•
|
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
|
|
Medical Office
|
|
Office
|
|
Overall
|
|
Percent of Overall
|
|
|||||||||||||||||||
Primary Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Indianapolis
|
12,376,376
|
|
|
351,525
|
|
|
2,584,901
|
|
|
15,312,802
|
|
|
13.3
|
%
|
|
$
|
77,084,360
|
|
|
$
|
5.16
|
|
|
13.3
|
%
|
||||
Atlanta
|
9,720,791
|
|
|
889,486
|
|
|
169,800
|
|
|
10,780,077
|
|
|
9.3
|
%
|
|
56,668,193
|
|
|
5.47
|
|
|
9.8
|
%
|
||||||
Chicago
|
11,506,949
|
|
|
161,443
|
|
|
—
|
|
|
11,668,392
|
|
|
10.1
|
%
|
|
50,613,622
|
|
|
4.36
|
|
|
8.8
|
%
|
||||||
Dallas
|
7,330,593
|
|
|
1,027,919
|
|
|
—
|
|
|
8,358,512
|
|
|
7.2
|
%
|
|
49,264,797
|
|
|
6.16
|
|
|
8.5
|
%
|
||||||
Cincinnati
|
9,048,479
|
|
|
430,015
|
|
|
181,970
|
|
|
9,660,464
|
|
|
8.4
|
%
|
|
37,071,643
|
|
|
3.92
|
|
|
6.4
|
%
|
||||||
South Florida
|
5,065,660
|
|
|
107,000
|
|
|
143,535
|
|
|
5,316,195
|
|
|
4.6
|
%
|
|
35,628,545
|
|
|
7.14
|
|
|
6.2
|
%
|
||||||
Columbus
|
9,382,330
|
|
|
—
|
|
|
—
|
|
|
9,382,330
|
|
|
8.1
|
%
|
|
28,253,292
|
|
|
3.05
|
|
|
4.9
|
%
|
||||||
Central Florida
|
3,360,479
|
|
|
466,049
|
|
|
—
|
|
|
3,826,528
|
|
|
3.3
|
%
|
|
24,941,471
|
|
|
6.78
|
|
|
4.3
|
%
|
||||||
Houston
|
3,973,926
|
|
|
168,850
|
|
|
159,056
|
|
|
4,301,832
|
|
|
3.7
|
%
|
|
24,225,338
|
|
|
6.06
|
|
|
4.2
|
%
|
||||||
Raleigh
|
2,694,604
|
|
|
356,835
|
|
|
192,225
|
|
|
3,243,664
|
|
|
2.8
|
%
|
|
23,180,630
|
|
|
8.16
|
|
|
4.0
|
%
|
||||||
Nashville
|
3,806,065
|
|
|
175,076
|
|
|
—
|
|
|
3,981,141
|
|
|
3.4
|
%
|
|
21,711,402
|
|
|
5.76
|
|
|
3.8
|
%
|
||||||
Savannah
|
6,431,246
|
|
|
—
|
|
|
—
|
|
|
6,431,246
|
|
|
5.6
|
%
|
|
21,572,312
|
|
|
3.35
|
|
|
3.7
|
%
|
||||||
Southern California
|
3,122,786
|
|
|
—
|
|
|
—
|
|
|
3,122,786
|
|
|
2.7
|
%
|
|
16,616,891
|
|
|
5.42
|
|
|
2.9
|
%
|
||||||
Minneapolis-St. Paul
|
3,822,793
|
|
|
—
|
|
|
—
|
|
|
3,822,793
|
|
|
3.3
|
%
|
|
16,440,590
|
|
|
4.51
|
|
|
2.8
|
%
|
||||||
New Jersey
|
1,974,002
|
|
|
57,411
|
|
|
—
|
|
|
2,031,413
|
|
|
1.8
|
%
|
|
13,880,280
|
|
|
6.84
|
|
|
2.4
|
%
|
||||||
St. Louis
|
3,344,135
|
|
|
—
|
|
|
—
|
|
|
3,344,135
|
|
|
2.9
|
%
|
|
11,680,534
|
|
|
3.54
|
|
|
2.0
|
%
|
||||||
Pennsylvania
|
2,581,155
|
|
|
—
|
|
|
—
|
|
|
2,581,155
|
|
|
2.2
|
%
|
|
11,524,417
|
|
|
4.46
|
|
|
2.0
|
%
|
||||||
Northern California
|
2,571,630
|
|
|
—
|
|
|
—
|
|
|
2,571,630
|
|
|
2.2
|
%
|
|
10,953,257
|
|
|
4.26
|
|
|
1.9
|
%
|
||||||
Baltimore
|
1,826,029
|
|
|
—
|
|
|
—
|
|
|
1,826,029
|
|
|
1.6
|
%
|
|
10,351,492
|
|
|
5.67
|
|
|
1.8
|
%
|
||||||
Seattle
|
1,136,109
|
|
|
—
|
|
|
—
|
|
|
1,136,109
|
|
|
1.0
|
%
|
|
7,650,342
|
|
|
6.73
|
|
|
1.3
|
%
|
||||||
Phoenix
|
1,132,554
|
|
|
—
|
|
|
—
|
|
|
1,132,554
|
|
|
1.0
|
%
|
|
4,702,004
|
|
|
4.63
|
|
|
0.8
|
%
|
||||||
Washington DC
|
172,365
|
|
|
100,952
|
|
|
120,000
|
|
|
393,317
|
|
|
0.3
|
%
|
|
3,632,303
|
|
|
14.38
|
|
|
0.6
|
%
|
||||||
Other (3)
|
446,500
|
|
|
916,047
|
|
|
—
|
|
|
1,362,547
|
|
|
1.2
|
%
|
|
20,941,529
|
|
|
25.35
|
|
|
3.6
|
%
|
||||||
Total
|
106,827,556
|
|
|
5,208,608
|
|
|
3,551,487
|
|
|
115,587,651
|
|
|
100.0
|
%
|
|
$
|
578,589,244
|
|
|
$
|
5.19
|
|
|
100.0
|
%
|
||||
Percent of Overall
|
92.4
|
%
|
|
4.5
|
%
|
|
3.1
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
||||||||||
Annual Net Effective Rent per Square Foot (2)
|
$
|
4.06
|
|
|
$
|
23.36
|
|
|
$
|
13.61
|
|
|
$
|
5.19
|
|
|
|
|
|
|
|
|
|
|
Square Feet
|
|
Annual Net
Effective
Rent (1)
|
|
Annual Net
Effective
Rent per Square Foot (2)
|
|
Percent of
Annual Net
Effective
Rent
|
||||||||||||||||||||||
|
Industrial
|
|
Medical Office
|
|
Office
|
|
Overall
|
|
Percent of
Overall
|
|
|||||||||||||||||||
Primary Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Dallas
|
7,029,097
|
|
|
458,396
|
|
|
—
|
|
|
7,487,493
|
|
|
39.1
|
%
|
|
$
|
30,281,669
|
|
|
$
|
4.09
|
|
|
29.1
|
%
|
||||
Indianapolis
|
5,537,413
|
|
|
273,479
|
|
|
—
|
|
|
5,810,892
|
|
|
30.4
|
%
|
|
23,137,671
|
|
|
4.75
|
|
|
22.2
|
%
|
||||||
Washington DC
|
669,802
|
|
|
—
|
|
|
894,429
|
|
|
1,564,231
|
|
|
8.2
|
%
|
|
18,388,969
|
|
|
14.47
|
|
|
17.7
|
%
|
||||||
South Florida
|
—
|
|
|
—
|
|
|
388,112
|
|
|
388,112
|
|
|
2.0
|
%
|
|
9,287,019
|
|
|
24.04
|
|
|
8.9
|
%
|
||||||
Phoenix
|
1,009,351
|
|
|
—
|
|
|
—
|
|
|
1,009,351
|
|
|
5.3
|
%
|
|
5,132,007
|
|
|
5.08
|
|
|
4.9
|
%
|
||||||
Atlanta
|
—
|
|
|
—
|
|
|
344,476
|
|
|
344,476
|
|
|
1.8
|
%
|
|
4,963,555
|
|
|
14.41
|
|
|
4.8
|
%
|
||||||
Central Florida
|
908,422
|
|
|
—
|
|
|
—
|
|
|
908,422
|
|
|
4.7
|
%
|
|
3,673,294
|
|
|
4.04
|
|
|
3.5
|
%
|
||||||
Columbus
|
1,142,400
|
|
|
—
|
|
|
—
|
|
|
1,142,400
|
|
|
6.0
|
%
|
|
3,567,144
|
|
|
3.12
|
|
|
3.4
|
%
|
||||||
Nashville
|
—
|
|
|
—
|
|
|
180,147
|
|
|
180,147
|
|
|
0.9
|
%
|
|
2,976,335
|
|
|
16.52
|
|
|
2.9
|
%
|
||||||
Chicago
|
—
|
|
|
—
|
|
|
98,304
|
|
|
98,304
|
|
|
0.5
|
%
|
|
1,734,060
|
|
|
17.64
|
|
|
1.7
|
%
|
||||||
Cincinnati
|
57,886
|
|
|
—
|
|
|
—
|
|
|
57,886
|
|
|
0.3
|
%
|
|
398,667
|
|
|
6.89
|
|
|
0.4
|
%
|
||||||
Other (3)
|
152,944
|
|
|
—
|
|
|
—
|
|
|
152,944
|
|
|
0.8
|
%
|
|
512,362
|
|
|
3.35
|
|
|
0.5
|
%
|
||||||
Total
|
16,507,315
|
|
|
731,875
|
|
|
1,905,468
|
|
|
19,144,658
|
|
|
100.0
|
%
|
|
$
|
104,052,752
|
|
|
$
|
5.83
|
|
|
100.0
|
%
|
||||
Percent of Overall
|
86.2
|
%
|
|
3.8
|
%
|
|
10.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
||||||||||
Annual Net Effective Rent per Square Foot (2)
|
$
|
3.82
|
|
|
$
|
18.49
|
|
|
$
|
19.27
|
|
|
$
|
5.83
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
||||||||||||||||||||||
|
Consolidated Properties
|
|
Jointly Controlled Properties
|
||||||||||||||||||||
|
Industrial
|
|
Medical Office
|
|
Office
|
|
Overall
|
|
Industrial
|
|
Medical Office
|
|
Office
|
|
Overall
|
||||||||
Primary Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Savannah
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Pennsylvania
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Northern California
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Baltimore
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Seattle
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
New Jersey
|
100.0
|
%
|
|
98.6
|
%
|
|
—
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Chicago
|
99.4
|
%
|
|
99.7
|
%
|
|
—
|
|
|
99.4
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
|
100.0
|
%
|
Columbus
|
98.8
|
%
|
|
—
|
|
|
—
|
|
|
98.8
|
%
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
St. Louis
|
98.7
|
%
|
|
—
|
|
|
—
|
|
|
98.7
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Southern California
|
98.3
|
%
|
|
—
|
|
|
—
|
|
|
98.3
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Cincinnati
|
98.1
|
%
|
|
100.0
|
%
|
|
75.6
|
%
|
|
97.8
|
%
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
Indianapolis
|
98.1
|
%
|
|
96.5
|
%
|
|
94.8
|
%
|
|
97.5
|
%
|
|
83.1
|
%
|
|
100.0
|
%
|
|
—
|
|
|
83.9
|
%
|
Central Florida
|
97.4
|
%
|
|
87.6
|
%
|
|
—
|
|
|
96.2
|
%
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
Atlanta
|
96.1
|
%
|
|
97.2
|
%
|
|
97.2
|
%
|
|
96.2
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
|
100.0
|
%
|
Dallas
|
95.1
|
%
|
|
99.4
|
%
|
|
—
|
|
|
95.6
|
%
|
|
99.2
|
%
|
|
94.9
|
%
|
|
—
|
|
|
99.0
|
%
|
Minneapolis-St. Paul
|
95.4
|
%
|
|
—
|
|
|
—
|
|
|
95.4
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Nashville
|
94.5
|
%
|
|
100.0
|
%
|
|
—
|
|
|
94.7
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
|
100.0
|
%
|
South Florida
|
96.0
|
%
|
|
100.0
|
%
|
|
13.1
|
%
|
|
93.8
|
%
|
|
—
|
|
|
—
|
|
|
99.5
|
%
|
|
99.5
|
%
|
Houston
|
93.5
|
%
|
|
75.1
|
%
|
|
100.0
|
%
|
|
93.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Phoenix
|
89.6
|
%
|
|
—
|
|
|
—
|
|
|
89.6
|
%
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
Raleigh
|
87.6
|
%
|
|
97.2
|
%
|
|
71.0
|
%
|
|
87.6
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Washington DC
|
87.9
|
%
|
|
100.0
|
%
|
|
—
|
|
|
64.2
|
%
|
|
93.9
|
%
|
|
—
|
|
|
71.8
|
%
|
|
81.3
|
%
|
Other (3)
|
—
|
%
|
|
90.2
|
%
|
|
—
|
|
|
60.6
|
%
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
Total
|
96.9
|
%
|
|
95.3
|
%
|
|
86.3
|
%
|
|
96.5
|
%
|
|
93.8
|
%
|
|
96.8
|
%
|
|
86.7
|
%
|
|
93.2
|
%
|
(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, 2015
, 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
1.2%
of the total square footage of our consolidated properties.
|
|
2015
|
|
2014
|
|||||||||||||||||||||
Quarter Ended
|
High
|
|
Low
|
|
Dividend/Distribution
|
|
High
|
|
Low
|
|
Dividend/Distribution
|
|||||||||||||
December 31
|
$
|
21.46
|
|
|
$
|
18.84
|
|
|
$
|
0.18
|
|
|
|
$
|
20.83
|
|
|
$
|
17.06
|
|
|
$
|
0.17
|
|
September 30
|
20.42
|
|
|
17.60
|
|
|
0.17
|
|
|
|
18.80
|
|
|
16.94
|
|
|
0.17
|
|
||||||
June 30
|
22.25
|
|
|
18.49
|
|
|
0.17
|
|
|
|
18.24
|
|
|
16.62
|
|
|
0.17
|
|
||||||
March 31
|
22.70
|
|
|
19.93
|
|
|
0.17
|
|
|
|
17.03
|
|
|
14.48
|
|
|
0.17
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Distributions paid per share
|
$
|
0.69
|
|
|
$
|
0.68
|
|
|
$
|
0.68
|
|
Distributions paid per share - special
|
0.20
|
|
|
—
|
|
|
—
|
|
|||
Total Distributions paid per share
|
$
|
0.89
|
|
|
$
|
0.68
|
|
|
$
|
0.68
|
|
Ordinary income
|
4.2
|
%
|
|
59.2
|
%
|
|
52.6
|
%
|
|||
Return of capital
|
—
|
%
|
|
2.5
|
%
|
|
4.4
|
%
|
|||
Capital gains
|
95.8
|
%
|
|
38.3
|
%
|
|
43.0
|
%
|
|||
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Results of Operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
General Partner and Partnership
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental and related revenue from continuing operations
|
$
|
816,065
|
|
|
$
|
822,351
|
|
|
$
|
762,164
|
|
|
$
|
661,375
|
|
|
$
|
578,706
|
|
General contractor and service fee revenue
|
133,367
|
|
|
224,500
|
|
|
206,596
|
|
|
275,071
|
|
|
521,796
|
|
|||||
Total revenues from continuing operations
|
$
|
949,432
|
|
|
$
|
1,046,851
|
|
|
$
|
968,760
|
|
|
$
|
936,446
|
|
|
$
|
1,100,502
|
|
Income (loss) from continuing operations
|
$
|
189,205
|
|
|
$
|
215,590
|
|
|
$
|
59,502
|
|
|
$
|
(80,435
|
)
|
|
$
|
(790
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
General Partner
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) attributable to common shareholders
|
$
|
615,310
|
|
|
$
|
204,893
|
|
|
$
|
153,044
|
|
|
$
|
(126,145
|
)
|
|
$
|
31,416
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Partnership
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) attributable to common unitholders
|
$
|
621,714
|
|
|
$
|
207,520
|
|
|
$
|
155,138
|
|
|
$
|
(128,418
|
)
|
|
$
|
32,275
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
General Partner
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Share Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
0.53
|
|
|
$
|
0.51
|
|
|
$
|
0.06
|
|
|
$
|
(0.50
|
)
|
|
$
|
(0.26
|
)
|
Discontinued operations
|
1.24
|
|
|
0.09
|
|
|
0.41
|
|
|
0.02
|
|
|
0.37
|
|
|||||
Diluted income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
0.53
|
|
|
0.51
|
|
|
0.06
|
|
|
(0.50
|
)
|
|
(0.26
|
)
|
|||||
Discontinued operations
|
1.24
|
|
|
0.09
|
|
|
0.41
|
|
|
0.02
|
|
|
0.37
|
|
|||||
Distributions paid per common share
|
$
|
0.69
|
|
|
$
|
0.68
|
|
|
$
|
0.68
|
|
|
$
|
0.68
|
|
|
$
|
0.68
|
|
Distributions paid per common share - special
|
$
|
0.20
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Weighted average common shares outstanding
|
345,057
|
|
|
335,777
|
|
|
322,133
|
|
|
267,900
|
|
|
252,694
|
|
|||||
Weighted average common shares and potential dilutive securities
|
352,197
|
|
|
340,446
|
|
|
326,712
|
|
|
267,900
|
|
|
259,598
|
|
|||||
Balance Sheet Data (at December 31):
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Assets
|
$
|
6,917,113
|
|
|
$
|
7,754,839
|
|
|
$
|
7,752,614
|
|
|
$
|
7,560,101
|
|
|
$
|
7,004,437
|
|
Total Debt
|
3,341,739
|
|
|
4,412,639
|
|
|
4,254,376
|
|
|
4,446,170
|
|
|
3,809,589
|
|
|||||
Total Preferred Equity
|
—
|
|
|
—
|
|
|
447,683
|
|
|
625,638
|
|
|
793,910
|
|
|||||
Total Shareholders' Equity
|
3,181,932
|
|
|
2,860,325
|
|
|
3,013,243
|
|
|
2,591,414
|
|
|
2,714,686
|
|
|||||
Total Common Shares Outstanding
|
345,285
|
|
|
344,112
|
|
|
326,399
|
|
|
279,423
|
|
|
252,927
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Funds from Operations attributable to common shareholders (1)
|
$
|
300,816
|
|
|
$
|
363,111
|
|
|
$
|
347,041
|
|
|
$
|
265,204
|
|
|
$
|
274,616
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Partnership
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Unit Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic income (loss) per Common Unit:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
0.53
|
|
|
$
|
0.51
|
|
|
$
|
0.06
|
|
|
$
|
(0.50
|
)
|
|
$
|
(0.26
|
)
|
Discontinued operations
|
1.24
|
|
|
0.09
|
|
|
0.41
|
|
|
0.02
|
|
|
0.37
|
|
|||||
Diluted income (loss) per Common Unit:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
0.53
|
|
|
0.51
|
|
|
0.06
|
|
|
(0.50
|
)
|
|
(0.26
|
)
|
|||||
Discontinued operations
|
1.24
|
|
|
0.09
|
|
|
0.41
|
|
|
0.02
|
|
|
0.37
|
|
|||||
Distributions paid per Common Unit
|
$
|
0.69
|
|
|
$
|
0.68
|
|
|
$
|
0.68
|
|
|
$
|
0.68
|
|
|
$
|
0.68
|
|
Distributions paid per Common Unit - special
|
$
|
0.20
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Weighted average Common Units outstanding
|
348,639
|
|
|
340,085
|
|
|
326,525
|
|
|
272,729
|
|
|
259,598
|
|
|||||
Weighted average Common Units and potential dilutive securities
|
352,197
|
|
|
340,446
|
|
|
326,712
|
|
|
272,729
|
|
|
259,598
|
|
|||||
Balance Sheet Data (at December 31):
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Assets
|
$
|
6,917,113
|
|
|
$
|
7,754,839
|
|
|
$
|
7,752,614
|
|
|
$
|
7,560,101
|
|
|
$
|
7,003,982
|
|
Total Debt
|
3,341,739
|
|
|
4,412,639
|
|
|
4,254,376
|
|
|
4,446,170
|
|
|
3,809,589
|
|
|||||
Total Preferred Equity
|
—
|
|
|
—
|
|
|
447,683
|
|
|
625,638
|
|
|
793,910
|
|
|||||
Total Partners' Equity
|
3,201,964
|
|
|
2,877,434
|
|
|
3,037,330
|
|
|
2,616,803
|
|
|
2,775,037
|
|
|||||
Total Common Units Outstanding
|
348,772
|
|
|
347,828
|
|
|
330,786
|
|
|
283,842
|
|
|
259,872
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Funds from Operations attributable to common unitholders (1)
|
$
|
303,955
|
|
|
$
|
367,768
|
|
|
$
|
351,780
|
|
|
$
|
269,985
|
|
|
$
|
282,119
|
|
•
|
Owned or jointly controlled
587
industrial, medical office and office properties, of which
559
properties totaling
134.7 million
square feet were in service and
28
properties totaling
7.8 million
square feet were under development. The
559
in-service properties were comprised of
489
consolidated properties totaling
115.6 million
square feet and
70
jointly controlled properties totaling
19.1 million
square feet. The
28
properties under development consisted of
25
consolidated properties with
5.9 million
square feet and
three
jointly controlled properties with
1.9 million
square feet.
|
•
|
Owned, including through ownership interests in unconsolidated joint ventures (with acreage not adjusted for our percentage ownership interest), approximately 3,200 acres of land and controlled an additional 1,600 acres through purchase options.
|
|
2015
|
|
2014
|
|
2013
|
||||||
Net income (loss) attributable to common shareholders of the General Partner
|
$
|
615,310
|
|
|
$
|
204,893
|
|
|
$
|
153,044
|
|
Add back: Net income (loss) attributable to noncontrolling interests - common limited partnership interests in the Partnership
|
6,404
|
|
|
2,627
|
|
|
2,094
|
|
|||
Net income (loss) attributable to common unitholders of the Partnership
|
621,714
|
|
|
207,520
|
|
|
155,138
|
|
|||
Adjustments:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
320,846
|
|
|
384,617
|
|
|
409,050
|
|
|||
Impairment charges - depreciable property
|
3,406
|
|
|
15,406
|
|
|
—
|
|
|||
Company share of joint venture depreciation and amortization
|
27,247
|
|
|
28,227
|
|
|
31,220
|
|
|||
Earnings from depreciable property sales—wholly owned
|
(654,594
|
)
|
|
(185,478
|
)
|
|
(192,421
|
)
|
|||
Income tax expense triggered by depreciable property sales
|
(753
|
)
|
|
2,125
|
|
|
—
|
|
|||
Earnings from depreciable property sales—share of joint venture
|
(13,911
|
)
|
|
(84,649
|
)
|
|
(51,207
|
)
|
|||
Funds From Operations attributable to common unitholders of the Partnership
|
$
|
303,955
|
|
|
$
|
367,768
|
|
|
$
|
351,780
|
|
Additional General Partner Adjustments:
|
|
|
|
|
|
||||||
Net (income) loss attributable to noncontrolling interests - common limited partnership interests in the Partnership
|
(6,404
|
)
|
|
(2,627
|
)
|
|
(2,094
|
)
|
|||
Noncontrolling interest share of adjustments
|
3,265
|
|
|
(2,030
|
)
|
|
(2,645
|
)
|
|||
Funds From Operations attributable to common shareholders of the General Partner
|
$
|
300,816
|
|
|
$
|
363,111
|
|
|
$
|
347,041
|
|
•
|
We generated
$1.68 billion
of total net cash proceeds from the disposition of
153
consolidated buildings and 502 acres of wholly-owned undeveloped land. These proceeds included a suburban office portfolio sale (the "Suburban Office Portfolio Sale"), which closed on April 1, 2015 and included all of our wholly-owned, in-service suburban office properties located in Nashville, Raleigh, South Florida and St. Louis. The portfolio included approximately 6.7 million square feet across 61 buildings and 57 acres of undeveloped land. A portion of the purchase price for the Suburban Office Portfolio Sale was financed through a
$200.0 million
first mortgage on certain of the properties in the Suburban Office Portfolio that we provided to the seller, and which is expected to be repaid in 2016.
|
•
|
We started new development projects with expected total costs of $684.1 million during
2015
, which included $130.7 million of expected total costs for three development projects started within unconsolidated joint ventures. The development projects started in 2015 were mostly composed of new industrial projects and were, in aggregate, 54.7% pre-leased.
|
•
|
During
2015
, we placed 24 newly completed wholly-owned development projects in service, across all product types, which totaled 5.4 million square feet with total costs of $381.5 million. These properties were 83.6% leased at December 31,
2015
.
|
•
|
The total estimated cost of our consolidated properties under construction at December 31, 2015 totaled
$599.8 million
, with
$296.3 million
of such costs already incurred. The total estimated cost for jointly controlled properties under construction was
$130.7 million
at December 31,
2015
, with
$46.3 million
of costs already incurred. The consolidated properties under construction are
48%
pre-leased, while the jointly controlled properties under construction are
88%
pre-leased.
|
•
|
Same property net operating income, on a cash basis, as defined hereafter under "Supplemental Performance Measures" grew by
4.7%
for the twelve months ended
December 31, 2015
, as compared to the same period in
2014
.
|
•
|
The percentage of total square feet leased for our in-service portfolio of consolidated properties increased from
95.2%
at December 31,
2014
to
96.5%
at December 31,
2015
.
|
•
|
Total leasing activity for our consolidated properties totaled
19.4 million
square feet in
2015
compared to
21.4 million
square feet in
2014
. The decrease in total leasing activity in 2015 was largely the result of the high occupancy level that we had already achieved at the beginning of the year.
|
•
|
Total leasing activity for our consolidated properties in
2015
included
9.0 million
square feet of renewals, which represented a
75.7%
retention rate on a square foot basis, and resulted in a
12.8%
increase in net effective rents.
|
•
|
During 2015, we repaid six unsecured notes, totaling $831.2 million, which had a weighted average stated interest rate of 6.76% and a weighted average effective interest rate of 7.03%. These repayments included using a portion of the proceeds from the Suburban Office Portfolio Sale to execute a tender offer to repurchase notes having a face value of $424.9 million, for a cash payment of $500.0 million.
|
•
|
During 2015, we repaid
17
secured loans, totaling
$231.2 million
, which had a weighted average stated interest rate of
5.41%
.
|
|
2015
|
|
2014
|
|
2013
|
||||||
Rental and related revenue from continuing operations - Rental Operations segments
|
$
|
808,576
|
|
|
$
|
816,210
|
|
|
$
|
756,600
|
|
Rental and real estate tax expenses from continuing operations - Rental Operations segments
|
(227,991
|
)
|
|
(244,729
|
)
|
|
(227,949
|
)
|
|||
Less adjusting items, continuing operations:
|
|
|
|
|
|
||||||
Straight-line rental income and expense, net
|
(20,669
|
)
|
|
(19,412
|
)
|
|
(11,443
|
)
|
|||
Revenues related to lease buyouts
|
(1,567
|
)
|
|
(5,246
|
)
|
|
(11,151
|
)
|
|||
Amortization of lease concessions and above and below market rents
|
3,258
|
|
|
4,789
|
|
|
8,115
|
|
|||
Intercompany rents and other adjusting items
|
2,044
|
|
|
4,219
|
|
|
3,009
|
|
|||
PNOI, continuing operations
|
$
|
563,651
|
|
|
$
|
555,831
|
|
|
$
|
517,181
|
|
|
|
Three Months Ended December 31,
|
Percent
|
|
Twelve Months Ended December 31,
|
Percent
|
||||||||||||
|
|
2015
|
|
2014
|
Change
|
|
2015
|
|
2014
|
Change
|
||||||||
SPNOI
|
|
$
|
120,853
|
|
|
$
|
117,223
|
|
3.1%
|
|
$
|
476,103
|
|
|
$
|
454,911
|
|
4.7%
|
Less share of SPNOI from unconsolidated joint ventures
|
|
(7,136
|
)
|
|
(6,768
|
)
|
|
|
(28,008
|
)
|
|
(26,646
|
)
|
|
||||
PNOI excluded from the same property population
|
|
24,364
|
|
|
18,052
|
|
|
|
87,585
|
|
|
59,115
|
|
|
||||
Earnings from Service Operations
|
|
2,332
|
|
|
3,054
|
|
|
|
14,197
|
|
|
24,469
|
|
|
||||
Rental Operations revenues and expenses excluded from PNOI
|
|
5,473
|
|
|
17,887
|
|
|
|
44,905
|
|
|
84,101
|
|
|
||||
Non-Segment Items
|
|
(128,611
|
)
|
|
(144,138
|
)
|
|
|
(409,505
|
)
|
|
(381,204
|
)
|
|
||||
Income (loss) from continuing operations before income taxes
|
|
$
|
17,275
|
|
|
$
|
5,310
|
|
|
|
$
|
185,277
|
|
|
$
|
214,746
|
|
|
|
Total Square Feet
(in thousands)
|
|
Percent of
Total Square Feet
|
|
Percent Leased*
|
|
Average Annual Net Effective Rent**
|
|||||||||||||||
Type
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|||||||
Industrial
|
106,828
|
|
|
108,701
|
|
|
92.4
|
%
|
|
85.6
|
%
|
|
96.9
|
%
|
|
96.2
|
%
|
|
$4.06
|
|
$3.97
|
|
Medical Office
|
5,209
|
|
|
5,080
|
|
|
4.5
|
%
|
|
4.0
|
%
|
|
95.3
|
%
|
|
94.0
|
%
|
|
$23.36
|
|
$23.23
|
|
Office
|
3,551
|
|
|
12,900
|
|
|
3.1
|
%
|
|
10.1
|
%
|
|
86.3
|
%
|
|
88.3
|
%
|
|
$13.61
|
|
$13.24
|
|
Other
|
—
|
|
|
348
|
|
|
—
|
%
|
|
0.3
|
%
|
|
—
|
%
|
|
85.6
|
%
|
|
—
|
|
|
$19.89
|
Total Consolidated
|
115,588
|
|
|
127,029
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
96.5
|
%
|
|
95.2
|
%
|
|
$5.19
|
|
$5.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Unconsolidated Joint Ventures
|
19,145
|
|
|
19,841
|
|
|
|
|
|
|
93.2
|
%
|
|
96.0
|
%
|
|
$5.83
|
|
$6.52
|
|||
Total Including Unconsolidated Joint Ventures
|
134,733
|
|
|
146,870
|
|
|
|
|
|
|
96.0
|
%
|
|
95.3
|
%
|
|
$5.79
|
|
$6.32
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
* 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.
|
|
Consolidated Properties
|
|
Unconsolidated Joint Venture Properties
|
|
Total Including Unconsolidated Joint Venture Properties
|
|||
Vacant square feet at December 31, 2014
|
6,041
|
|
|
797
|
|
|
6,838
|
|
Completed Development
|
1,728
|
|
|
937
|
|
|
2,665
|
|
Dispositions
|
(1,593
|
)
|
|
(247
|
)
|
|
(1,840
|
)
|
Expirations
|
5,988
|
|
|
248
|
|
|
6,236
|
|
Early lease terminations
|
1,489
|
|
|
165
|
|
|
1,654
|
|
Property structural changes/other
|
2
|
|
|
—
|
|
|
2
|
|
Leasing of previously vacant space
|
(9,640
|
)
|
|
(590
|
)
|
|
(10,230
|
)
|
Vacant square feet at December 31, 2015
|
4,015
|
|
|
1,310
|
|
|
5,325
|
|
|
Square Feet of New Second Generation Leases Signed
|
|
Average Term in Years
|
|
Estimated Tenant Improvement Cost per Square Foot
|
|
Leasing Commissions per Square Foot
|
||||||||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||
Industrial
|
4,986
|
|
|
7,510
|
|
|
5.4
|
|
|
7.0
|
|
|
$
|
2.78
|
|
|
$
|
2.39
|
|
|
$
|
1.68
|
|
|
$
|
1.75
|
|
Medical Office
|
41
|
|
|
48
|
|
|
6.5
|
|
|
6.9
|
|
|
$
|
5.22
|
|
|
$
|
27.05
|
|
|
$
|
5.34
|
|
|
$
|
8.54
|
|
Office
|
216
|
|
|
987
|
|
|
6.1
|
|
|
6.0
|
|
|
$
|
14.21
|
|
|
$
|
17.31
|
|
|
$
|
6.59
|
|
|
$
|
6.48
|
|
Total Consolidated
|
5,243
|
|
|
8,545
|
|
|
5.5
|
|
|
6.9
|
|
|
$
|
3.27
|
|
|
$
|
4.25
|
|
|
$
|
1.91
|
|
|
$
|
2.33
|
|
Unconsolidated Joint Ventures
|
515
|
|
|
731
|
|
|
5.2
|
|
|
4.7
|
|
|
$
|
5.39
|
|
|
$
|
1.97
|
|
|
$
|
3.99
|
|
|
$
|
1.56
|
|
Total Including Unconsolidated Joint Ventures
|
5,758
|
|
|
9,276
|
|
|
5.5
|
|
|
6.7
|
|
|
$
|
3.46
|
|
|
$
|
4.07
|
|
|
$
|
2.09
|
|
|
$
|
2.27
|
|
|
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
|
||||||||||||||||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||||||
Industrial
|
8,591
|
|
|
6,849
|
|
|
76.2
|
%
|
|
64.0
|
%
|
|
5.9
|
|
|
4.4
|
|
|
13.4
|
%
|
|
8.2
|
%
|
|
$
|
1.40
|
|
|
$
|
0.59
|
|
|
$
|
1.20
|
|
|
$
|
0.94
|
|
Medical Office
|
163
|
|
|
86
|
|
|
85.8
|
%
|
|
59.6
|
%
|
|
9.5
|
|
|
4.7
|
|
|
12.3
|
%
|
|
13.0
|
%
|
|
$
|
15.22
|
|
|
$
|
2.46
|
|
|
$
|
6.47
|
|
|
$
|
4.41
|
|
Office
|
251
|
|
|
965
|
|
|
57.3
|
%
|
|
76.2
|
%
|
|
4.5
|
|
|
5.4
|
|
|
6.8
|
%
|
|
8.6
|
%
|
|
$
|
5.73
|
|
|
$
|
5.74
|
|
|
$
|
3.44
|
|
|
$
|
4.10
|
|
Other
|
—
|
|
|
4
|
|
|
—
|
%
|
|
100.0
|
%
|
|
—
|
|
|
2.5
|
|
|
—
|
%
|
|
2.4
|
%
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3.26
|
|
Total Consolidated
|
9,005
|
|
|
7,904
|
|
|
75.7
|
%
|
|
65.2
|
%
|
|
5.9
|
|
|
4.5
|
|
|
12.8
|
%
|
|
8.5
|
%
|
|
$
|
1.77
|
|
|
$
|
1.24
|
|
|
$
|
1.35
|
|
|
$
|
1.36
|
|
Unconsolidated Joint Ventures
|
728
|
|
|
1,644
|
|
|
87.6
|
%
|
|
72.8
|
%
|
|
2.9
|
|
|
5.3
|
|
|
2.1
|
%
|
|
10.0
|
%
|
|
$
|
1.12
|
|
|
$
|
4.63
|
|
|
$
|
0.97
|
|
|
$
|
3.88
|
|
Total Including Unconsolidated Joint Ventures
|
9,733
|
|
|
9,548
|
|
|
76.5
|
%
|
|
66.4
|
%
|
|
5.7
|
|
|
4.7
|
|
|
11.8
|
%
|
|
8.8
|
%
|
|
$
|
1.72
|
|
|
$
|
1.83
|
|
|
$
|
1.33
|
|
|
$
|
1.80
|
|
* 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.
|
|
Total Consolidated Portfolio
|
|
Industrial
|
|
Medical Office
|
|
Office
|
||||||||||||||||||||
Year of
Expiration |
Square
Feet |
|
Ann. Rent
Revenue* |
|
Number of Leases
|
|
Square
Feet |
|
Ann. Rent
Revenue* |
|
Square
Feet |
|
Ann. Rent Revenue*
|
|
Square
Feet |
|
Ann. Rent
Revenue* |
||||||||||
2016
|
9,596
|
|
|
$
|
39,857
|
|
|
223
|
|
9,140
|
|
|
$
|
33,250
|
|
|
114
|
|
|
2,111
|
|
342
|
|
|
$
|
4,496
|
|
2017
|
13,394
|
|
|
56,147
|
|
|
202
|
|
13,046
|
|
|
50,505
|
|
|
177
|
|
|
3,693
|
|
171
|
|
|
1,949
|
|
|||
2018
|
11,858
|
|
|
58,274
|
|
|
217
|
|
10,994
|
|
|
42,506
|
|
|
387
|
|
|
9,758
|
|
477
|
|
|
6,010
|
|
|||
2019
|
12,910
|
|
|
61,506
|
|
|
213
|
|
12,210
|
|
|
48,509
|
|
|
306
|
|
|
7,433
|
|
394
|
|
|
5,564
|
|
|||
2020
|
12,189
|
|
|
62,085
|
|
|
189
|
|
11,634
|
|
|
51,904
|
|
|
415
|
|
|
8,604
|
|
140
|
|
|
1,577
|
|
|||
2021
|
9,978
|
|
|
47,409
|
|
|
156
|
|
9,523
|
|
|
39,161
|
|
|
252
|
|
|
5,743
|
|
203
|
|
|
2,505
|
|
|||
2022
|
9,865
|
|
|
44,204
|
|
|
95
|
|
9,470
|
|
|
36,274
|
|
|
333
|
|
|
7,001
|
|
62
|
|
|
929
|
|
|||
2023
|
3,642
|
|
|
25,262
|
|
|
54
|
|
3,023
|
|
|
14,519
|
|
|
415
|
|
|
7,701
|
|
204
|
|
|
3,042
|
|
|||
2024
|
7,128
|
|
|
36,304
|
|
|
47
|
|
6,644
|
|
|
27,777
|
|
|
126
|
|
|
3,262
|
|
358
|
|
|
5,265
|
|
|||
2025
|
7,317
|
|
|
38,469
|
|
|
48
|
|
6,581
|
|
|
27,380
|
|
|
223
|
|
|
4,164
|
|
513
|
|
|
6,925
|
|
|||
2026 and Thereafter
|
13,338
|
|
|
103,809
|
|
|
100
|
|
11,121
|
|
|
47,316
|
|
|
2,217
|
|
|
56,493
|
|
0
|
|
|
—
|
|
|||
Total Leased
|
111,215
|
|
|
$
|
573,326
|
|
|
1,544
|
|
103,386
|
|
|
$
|
419,101
|
|
|
4,965
|
|
|
115,963
|
|
2,864
|
|
|
$
|
38,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Portfolio Square Feet
|
115,166
|
|
|
|
|
|
|
106,670
|
|
|
|
|
5,209
|
|
|
|
|
3,287
|
|
|
|
||||||
Percent Leased
|
96.6
|
%
|
|
|
|
|
|
96.9
|
%
|
|
|
|
95.3
|
%
|
|
|
|
87.1
|
%
|
|
|
||||||
* Annualized rental revenue represents average annual base rental payments, 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. Annualized rental revenue excludes additional amounts paid by tenants as reimbursement for operating expenses.
|
|
2015 Dispositions
|
|
2014 Dispositions
|
|
||||||||||||||||
Type
|
Sales Price
|
|
In-Place Yield*
|
|
Percent Leased**
|
|
Sales Price
|
|
In-Place Yield*
|
|
Percent Leased**
|
|
||||||||
Industrial
|
$
|
410,647
|
|
|
6.6
|
%
|
|
93.5
|
%
|
|
$
|
70,807
|
|
|
4.9
|
%
|
|
60.7
|
%
|
|
Medical Office
|
20,400
|
|
|
6.8
|
%
|
|
100.0
|
%
|
|
57,400
|
|
|
6.5
|
%
|
|
100.0
|
%
|
|
||
Office
|
1,310,538
|
|
|
7.2
|
%
|
|
85.5
|
%
|
|
348,990
|
|
|
7.5
|
%
|
|
89.3
|
%
|
|
||
Other
|
40,250
|
|
|
9.0
|
%
|
|
83.4
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
||
Total
|
$
|
1,781,835
|
|
|
7.1
|
%
|
|
88.7
|
%
|
|
$
|
477,197
|
|
|
7.0
|
%
|
|
76.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
* In-place yields of dispositions are calculated as annualized net operating income from space leased to tenants at the date of sale on a lease-up basis, including full rent from all executed leases, even if currently in a free rent period, divided by the sales price. Annualized net operating income is comprised of base rental payments, excluding reimbursement of 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
|
5,894
|
|
|
48
|
%
|
|
$
|
599,828
|
|
|
$
|
296,255
|
|
|
$
|
303,573
|
|
Joint venture properties
|
1,949
|
|
|
88
|
%
|
|
130,721
|
|
|
46,315
|
|
|
84,406
|
|
|||
Total
|
7,843
|
|
|
58
|
%
|
|
$
|
730,549
|
|
|
$
|
342,570
|
|
|
$
|
387,979
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Rental and related revenue from continuing operations
|
$
|
816,065
|
|
|
$
|
822,351
|
|
|
$
|
762,164
|
|
General contractor and service fee revenue
|
133,367
|
|
|
224,500
|
|
|
206,596
|
|
|||
Operating income
|
448,396
|
|
|
411,068
|
|
|
267,235
|
|
|||
General Partner
|
|
|
|
|
|
||||||
Net income attributable to common shareholders
|
$
|
615,310
|
|
|
$
|
204,893
|
|
|
$
|
153,044
|
|
Weighted average common shares outstanding
|
345,057
|
|
|
335,777
|
|
|
322,133
|
|
|||
Weighted average common shares and potential dilutive securities
|
352,197
|
|
|
340,446
|
|
|
326,712
|
|
|||
Partnership
|
|
|
|
|
|
||||||
Net income attributable to common unitholders
|
$
|
621,714
|
|
|
$
|
207,520
|
|
|
$
|
155,138
|
|
Weighted average Common Units outstanding
|
348,639
|
|
|
340,085
|
|
|
326,525
|
|
|||
Weighted average Common Units and potential dilutive securities
|
352,197
|
|
|
340,446
|
|
|
326,712
|
|
|||
General Partner and Partnership
|
|
|
|
|
|
||||||
Basic income per common share or Common Unit:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
0.53
|
|
|
$
|
0.51
|
|
|
$
|
0.06
|
|
Discontinued operations
|
$
|
1.24
|
|
|
$
|
0.09
|
|
|
$
|
0.41
|
|
Diluted income per common share or Common Unit:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
0.53
|
|
|
$
|
0.51
|
|
|
$
|
0.06
|
|
Discontinued operations
|
$
|
1.24
|
|
|
$
|
0.09
|
|
|
$
|
0.41
|
|
Number of in-service consolidated properties at end of year
|
489
|
|
|
621
|
|
|
623
|
|
|||
In-service consolidated square footage at end of year
|
115,588
|
|
|
127,029
|
|
|
123,960
|
|
|||
Number of in-service joint venture properties at end of year
|
70
|
|
|
85
|
|
|
107
|
|
|||
In-service joint venture square footage at end of year
|
19,145
|
|
|
19,841
|
|
|
22,518
|
|
|
2015
|
|
2014
|
||||
Rental and related revenue:
|
|
|
|
||||
Industrial
|
$
|
556,903
|
|
|
$
|
529,144
|
|
Medical Office
|
160,951
|
|
|
146,530
|
|
||
Office
|
90,722
|
|
|
131,722
|
|
||
Other
|
7,489
|
|
|
14,955
|
|
||
Total rental and related revenue from continuing operations
|
$
|
816,065
|
|
|
$
|
822,351
|
|
Rental and related revenue from discontinued operations
|
32,549
|
|
|
120,884
|
|
||
Total rental and related revenue from continuing and discontinued operations
|
$
|
848,614
|
|
|
$
|
943,235
|
|
•
|
The sale of 108 properties since January 1, 2014, which did not meet the criteria for inclusion within discontinued operations, resulted in a $77.1 million decrease in rental and related revenue from continuing operations in the year ended December 31, 2015 when compared to 2014.
|
•
|
We acquired seven properties, of which six were industrial and one was medical office, and placed 46 developments in service from January 1, 2014 to December 31, 2015. These acquisitions and developments provided combined incremental revenues of $48.2 million in the year ended December 31, 2015 when compared to 2014.
|
•
|
Average commencement occupancy in our same property portfolio increased by 1.6% in the year ended December 31, 2015 when compared to 2014.
|
|
2015
|
|
2014
|
||||
Rental expenses:
|
|
|
|
||||
Industrial
|
$
|
55,088
|
|
|
$
|
55,710
|
|
Medical Office
|
32,955
|
|
|
31,649
|
|
||
Office
|
28,758
|
|
|
42,515
|
|
||
Other
|
8,865
|
|
|
6,404
|
|
||
Total rental expenses from continuing operations
|
$
|
125,666
|
|
|
$
|
136,278
|
|
Rental expenses from discontinued operations
|
9,063
|
|
|
33,256
|
|
||
Total rental expenses from continuing and discontinued operations
|
$
|
134,729
|
|
|
$
|
169,534
|
|
Real estate taxes:
|
|
|
|
||||
Industrial
|
$
|
83,806
|
|
|
$
|
80,062
|
|
Medical Office
|
17,663
|
|
|
15,772
|
|
||
Office
|
9,721
|
|
|
16,207
|
|
||
Other
|
1,689
|
|
|
2,972
|
|
||
Total real estate tax expense from continuing operations
|
$
|
112,879
|
|
|
$
|
115,013
|
|
Real estate tax expense from discontinued operations
|
3,435
|
|
|
13,867
|
|
||
Total real estate tax expense from continuing and discontinued operations
|
$
|
116,314
|
|
|
$
|
128,880
|
|
|
2015
|
|
2014
|
||||
Service Operations:
|
|
|
|
||||
General contractor and service fee revenue
|
$
|
133,367
|
|
|
$
|
224,500
|
|
General contractor and other services expenses
|
(119,170
|
)
|
|
(200,031
|
)
|
||
Total
|
$
|
14,197
|
|
|
$
|
24,469
|
|
General and administrative expenses - 2014
|
$
|
49.4
|
|
Decrease to overall pool of overhead costs (1)
|
(18.0
|
)
|
|
Overhead restructuring charges (2)
|
7.4
|
|
|
Decreased absorption of costs by wholly-owned development and leasing activities (3)
|
7.2
|
|
|
Decreased allocation of costs to Service Operations and Rental Operations (4)
|
12.6
|
|
|
General and administrative expenses - 2015
|
$
|
58.6
|
|
|
|
|
2014
|
|
2013
|
||||
Rental and related revenue:
|
|
|
|
||||
Industrial
|
$
|
529,144
|
|
|
$
|
479,147
|
|
Medical Office
|
146,530
|
|
|
127,475
|
|
||
Office
|
131,722
|
|
|
142,772
|
|
||
Other
|
14,955
|
|
|
12,770
|
|
||
Total rental and related revenue from continuing operations
|
$
|
822,351
|
|
|
$
|
762,164
|
|
Rental and related revenue from discontinued operations
|
120,884
|
|
|
159,096
|
|
||
Total rental and related revenue from continuing and discontinued operations
|
$
|
943,235
|
|
|
$
|
921,260
|
|
•
|
We acquired 22 properties, of which 20 were industrial and 2 were medical office, and placed 35 developments in service from January 1, 2013 to December 31, 2014, which provided combined incremental revenues of $65.6 million in the year ended December 31, 2014 when compared to 2013.
|
•
|
Recoveries of rental expenses and real estate taxes within properties other than the acquisitions, developments and dispositions described above, increased by $16.6 million in the year ended December 31,
|
•
|
Increased occupancy and rental rates within our same property portfolio, as shown previously under "Supplemental Performance Measures", was the primary reason for the remaining overall increase in rental and related revenue from continuing operations.
|
•
|
The sale of 30 properties that did not meet the criteria for inclusion within discontinued operations, since January 1, 2013, resulted in a $35.0 million decrease in rental and related revenue from continuing operations in the year ended December 31, 2014 when compared to 2013.
|
•
|
Rental and related revenue from continuing operations includes lease termination fees, which relate to specific tenants who pay a fee to terminate their lease obligation before the end of the contractual lease term. The overall increase in rental and related revenue from continuing operations was also partially offset by a $5.2 million decrease in lease termination fees included in continuing operations in the year ended December 31, 2014 when compared to 2013.
|
|
2014
|
|
2013
|
||||
Rental expenses:
|
|
|
|
||||
Industrial
|
$
|
55,710
|
|
|
$
|
48,590
|
|
Medical Office
|
31,649
|
|
|
30,455
|
|
||
Office
|
42,515
|
|
|
44,259
|
|
||
Other
|
6,404
|
|
|
4,380
|
|
||
Total rental expenses from continuing operations
|
$
|
136,278
|
|
|
$
|
127,684
|
|
Rental expenses from discontinued operations
|
33,256
|
|
|
43,373
|
|
||
Total rental expenses from continuing and discontinued operations
|
$
|
169,534
|
|
|
$
|
171,057
|
|
Real estate taxes:
|
|
|
|
||||
Industrial
|
$
|
80,062
|
|
|
$
|
73,426
|
|
Medical Office
|
15,772
|
|
|
11,725
|
|
||
Office
|
16,207
|
|
|
16,922
|
|
||
Other
|
2,972
|
|
|
2,727
|
|
||
Total real estate tax expense from continuing operations
|
$
|
115,013
|
|
|
$
|
104,800
|
|
Real estate tax expense from discontinued operations
|
13,867
|
|
|
18,675
|
|
||
Total real estate tax expense from continuing and discontinued operations
|
$
|
128,880
|
|
|
$
|
123,475
|
|
|
2014
|
|
2013
|
||||
Service Operations:
|
|
|
|
||||
General contractor and service fee revenue
|
$
|
224,500
|
|
|
$
|
206,596
|
|
General contractor and other services expenses
|
(200,031
|
)
|
|
(183,833
|
)
|
||
Total
|
$
|
24,469
|
|
|
$
|
22,763
|
|
General and administrative expenses - 2013
|
$
|
42.7
|
|
Increase to overall pool of overhead costs
|
4.1
|
|
|
Decreased absorption of costs by wholly-owned development and leasing activities (1)
|
5.6
|
|
|
Increased allocation of costs to Service Operations and Rental Operations (2)
|
(3.0
|
)
|
|
General and administrative expenses - 2014
|
$
|
49.4
|
|
|
|
•
|
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
|
•
|
Factors considered in determining the value allocable to in-place leases include estimates, during hypothetical lease up periods, related to space that is actually leased at the time of acquisition. These estimates include (i) lost rent at market rates, (ii) fixed operating costs that will be recovered from tenants and (iii) 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.
|
•
|
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, 2015
|
||||
Unsecured Line of Credit – Partnership
|
$
|
1,200,000
|
|
|
January 2019
|
|
$
|
71,000
|
|
•
|
property investment;
|
•
|
leasing/capital costs;
|
•
|
dividends and distributions to shareholders and unitholders;
|
•
|
long-term debt maturities;
|
•
|
opportunistic repurchases of outstanding debt; and
|
•
|
other contractual obligations.
|
|
2015
|
|
2014
|
|
2013
|
||||||
Second generation tenant improvements
|
$
|
28,681
|
|
|
$
|
51,699
|
|
|
$
|
39,892
|
|
Second generation leasing costs
|
24,471
|
|
|
37,898
|
|
|
38,617
|
|
|||
Building improvements
|
8,748
|
|
|
9,224
|
|
|
13,289
|
|
|||
Total second generation capital expenditures
|
$
|
61,900
|
|
|
$
|
98,821
|
|
|
$
|
91,798
|
|
Development of real estate investments
|
$
|
370,466
|
|
|
$
|
446,722
|
|
|
$
|
427,355
|
|
Other deferred leasing costs
|
$
|
30,790
|
|
|
$
|
31,503
|
|
|
$
|
35,376
|
|
|
Future Repayments
|
|
Weighted Average
|
||||||||||
Year
|
Scheduled
Amortization
|
|
Maturities
|
|
Total
|
|
Interest Rate of
Future Repayments
|
||||||
2016
|
$
|
10,827
|
|
|
$
|
346,210
|
|
|
$
|
357,037
|
|
|
5.91%
|
2017
|
9,260
|
|
|
341,035
|
|
|
350,295
|
|
|
5.93%
|
|||
2018
|
7,768
|
|
|
285,611
|
|
|
293,379
|
|
|
6.08%
|
|||
2019
|
6,936
|
|
|
718,976
|
|
|
725,912
|
|
|
5.01%
|
|||
2020
|
5,381
|
|
|
128,660
|
|
|
134,041
|
|
|
6.71%
|
|||
2021
|
3,416
|
|
|
259,047
|
|
|
262,463
|
|
|
3.99%
|
|||
2022
|
3,611
|
|
|
600,000
|
|
|
603,611
|
|
|
4.20%
|
|||
2023
|
3,817
|
|
|
250,000
|
|
|
253,817
|
|
|
3.75%
|
|||
2024
|
4,036
|
|
|
300,000
|
|
|
304,036
|
|
|
3.92%
|
|||
2025
|
3,938
|
|
|
—
|
|
|
3,938
|
|
|
5.43%
|
|||
2026
|
2,029
|
|
|
—
|
|
|
2,029
|
|
|
6.09%
|
|||
Thereafter
|
358
|
|
|
50,000
|
|
|
50,358
|
|
|
7.29%
|
|||
|
$
|
61,377
|
|
|
$
|
3,279,539
|
|
|
$
|
3,340,916
|
|
|
4.98%
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
General Partner
|
|
|
|
|
|
||||||
Net Cash Provided by Operating Activities
|
$
|
379,381
|
|
|
$
|
444,487
|
|
|
$
|
435,676
|
|
Net Cash Provided by (Used for) Investing Activities
|
1,121,299
|
|
|
(207,031
|
)
|
|
(319,382
|
)
|
|||
Net Cash Used for Financing Activities
|
(1,496,069
|
)
|
|
(238,809
|
)
|
|
(130,908
|
)
|
|||
|
|
|
|
|
|
||||||
Partnership
|
|
|
|
|
|
||||||
Net Cash Provided by Operating Activities
|
$
|
379,201
|
|
|
$
|
444,423
|
|
|
$
|
435,753
|
|
Net Cash Provided by (Used for) Investing Activities
|
1,121,299
|
|
|
(207,031
|
)
|
|
(319,382
|
)
|
|||
Net Cash Used for Financing Activities
|
(1,495,889
|
)
|
|
(238,745
|
)
|
|
(130,985
|
)
|
•
|
We paid cash of
$68.7 million
,
$193.4 million
and
$522.2 million
, respectively, for real estate and undeveloped land acquisitions during
2015
,
2014
and
2013
, respectively.
|
•
|
Sales of land and depreciated property generated net proceeds of
$1.68 billion
,
$493.2 million
and
$740.0 million
during
2015
,
2014
and
2013
, respectively.
|
•
|
Second generation tenant improvements, leasing costs and building improvements totaled
$61.9 million
,
$98.8 million
and
$91.8 million
during
2015
,
2014
and
2013
, respectively. The decreased second generation capital expenditures are mainly the result of executing significant asset dispositions, primarily of office properties that generally have higher re-leasing costs than do industrial properties, in 2015.
|
•
|
We received capital distributions from unconsolidated companies as a result of the sale of properties or refinancing of
$69.0 million
,
$91.8 million
and
$109.2 million
during
2015
,
2014
and
2013
, respectively.
|
•
|
During 2015, we repaid six unsecured notes, totaling $831.2 million, for cash payments totaling $910.9 million. During 2013, we repaid three series of unsecured notes totaling $675.0 million.
|
•
|
During
2015
, we repaid
17
secured loans for cash payments totaling
$231.2 million
, which included early repayment premiums of $4.2 million for five loans that were repaid prior to their scheduled maturity dates. During 2014, we repaid nine secured loans, totaling
$99.3 million
, and during 2013 we repaid twelve secured loans totaling $153.8 million.
|
•
|
We decreased net borrowings on the Partnership's line of credit by
$35.0 million
in
2015
, increased net borrowings by
$18.0 million
in
2014
and decreased net borrowings by
$197.0 million
in
2013
.
|
•
|
We paid regular cash dividends or distributions of $0.69, $0.68 and $0.68 per common share or per Common Unit in each of the years ended
December 31, 2015
,
2014
and
2013
, respectively.
|
•
|
In December 2015, we paid a one-time special dividend of $0.20 per share or per unit that was declared in order to maintain our compliance with the requirements for a REIT. The one-time special dividend was paid as a result of the significant taxable gains on asset sales completed in 2015.
|
•
|
During
2015
, the General Partner issued
233,000
shares of common stock for net proceeds of
$4.5 million
, compared to
16.4 million
shares of common stock for net proceeds of
$289.1 million
in
2014
and
46.2 million
shares of common stock in
2013
for net proceeds of
$649.7 million
.
|
•
|
During 2014, the General Partner redeemed or repurchased all of its remaining outstanding preferred stock for
$446.6 million
. Cash outflows for the redemption of preferred stock totaled
$178.0 million
in 2013.
|
•
|
In November 2014, we issued $300.0 million of unsecured notes, while throughout 2013, we issued two series of unsecured notes, totaling $500.0 million, and fully drew down on a term loan with an aggregate commitment of $250.0 million.
|
•
|
Changes in book drafts are classified as financing activities within our consolidated Statements of Cash Flows. Book overdrafts were $11.1 million, $7.8 million and $12.4 million at December 31, 2015, 2014 and 2013, respectively.
|
|
Payments due by Period (in thousands)
|
||||||||||||||||||||||||||
Contractual Obligations
|
Total
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
Thereafter
|
||||||||||||||
Long-term debt
(1)
|
$
|
3,977,497
|
|
|
$
|
519,828
|
|
|
$
|
484,552
|
|
|
$
|
407,259
|
|
|
$
|
740,799
|
|
|
$
|
198,600
|
|
|
$
|
1,626,459
|
|
Line of credit
(2)
|
81,579
|
|
|
3,458
|
|
|
3,448
|
|
|
3,448
|
|
|
71,225
|
|
|
—
|
|
|
—
|
|
|||||||
Share of unconsolidated joint ventures' debt
(3)
|
156,745
|
|
|
13,632
|
|
|
43,465
|
|
|
36,625
|
|
|
6,793
|
|
|
10,571
|
|
|
45,659
|
|
|||||||
Ground leases
|
306,494
|
|
|
7,709
|
|
|
10,606
|
|
|
5,590
|
|
|
5,628
|
|
|
5,658
|
|
|
271,303
|
|
|||||||
Development and construction backlog costs
(4)
|
293,668
|
|
|
281,748
|
|
|
11,920
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other
|
12,715
|
|
|
3,660
|
|
|
3,622
|
|
|
3,012
|
|
|
1,638
|
|
|
261
|
|
|
522
|
|
|||||||
Total Contractual Obligations
|
$
|
4,828,698
|
|
|
$
|
830,035
|
|
|
$
|
557,613
|
|
|
$
|
455,934
|
|
|
$
|
826,083
|
|
|
$
|
215,090
|
|
|
$
|
1,943,943
|
|
(1)
|
Our long-term debt consists of both secured and unsecured debt and includes both principal and interest. Interest payments for variable rate debt were calculated using the interest rates as of
December 31, 2015
.
|
(2)
|
Our unsecured line of credit consists of an operating line of credit that matures
January 2019
. Interest payments for our unsecured line of credit were 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, 2015
.
|
(4)
|
Represents estimated remaining costs on the completion of owned development projects and third-party construction projects.
|
|
2016
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
2020
|
|
|
Thereafter
|
|
|
Total
|
|
|
Fair Value
|
|
||||||||
Fixed rate secured debt
|
$
|
354,367
|
|
|
$
|
72,472
|
|
|
$
|
4,783
|
|
|
$
|
272,215
|
|
|
$
|
3,583
|
|
|
$
|
28,652
|
|
|
$
|
736,072
|
|
|
$
|
789,095
|
|
Weighted average interest rate
|
5.92
|
%
|
|
5.89
|
%
|
|
6.46
|
%
|
|
7.63
|
%
|
|
5.98
|
%
|
|
5.92
|
%
|
|
6.55
|
%
|
|
|
|||||||||
Variable rate secured debt
|
$
|
300
|
|
|
$
|
300
|
|
|
$
|
300
|
|
|
$
|
300
|
|
|
$
|
300
|
|
|
$
|
1,600
|
|
|
$
|
3,100
|
|
|
$
|
3,100
|
|
Weighted average interest rate
|
0.03
|
%
|
|
0.03
|
%
|
|
0.03
|
%
|
|
0.03
|
%
|
|
0.03
|
%
|
|
0.03
|
%
|
|
0.03
|
%
|
|
|
|||||||||
Fixed rate unsecured debt
|
$
|
2,370
|
|
|
$
|
277,523
|
|
|
$
|
288,296
|
|
|
$
|
132,397
|
|
|
$
|
130,158
|
|
|
$
|
1,450,000
|
|
|
$
|
2,280,744
|
|
|
$
|
2,374,795
|
|
Weighted average interest rate
|
6.26
|
%
|
|
5.95
|
%
|
|
6.08
|
%
|
|
8.33
|
%
|
|
6.74
|
%
|
|
4.11
|
%
|
|
4.98
|
%
|
|
|
|||||||||
Variable rate unsecured notes
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
250,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
250,000
|
|
|
$
|
250,000
|
|
Rate at December 31, 2015
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
1.44%
|
|
|
N/A
|
|
|
N/A
|
|
|
1.44
|
%
|
|
|
|||||||||
Unsecured line of credit
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
71,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
71,000
|
|
|
$
|
70,852
|
|
Rate at December 31, 2015
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
1.41%
|
|
|
N/A
|
|
|
N/A
|
|
|
1.41
|
%
|
|
|
(a)
|
The following documents are filed as part of this Annual Report:
|
|
Duke Realty Corporation:
|
|
|
|
|
|
Duke Realty Limited Partnership:
|
|
|
|
|
|
Duke Realty Corporation:
|
|
|
|
|
|
|
|
|
|
Duke Realty Limited Partnership:
|
|
|
|
|
|
|
|
|
|
Duke Realty Corporation and Duke Realty Limited Partnership:
|
|
Number
|
|
Description
|
|
|
|
3.1
|
|
Sixth Amended and Restated Articles of Incorporation of the General Partner (filed as Exhibit 3.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on January 5, 2015, 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) (File No. 000-20625).
|
|
|
|
3.4(i)
|
|
Fifth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.2 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on May 5, 2014, and incorporated herein by this reference).
|
|
|
|
3.4(ii)
|
|
First Amendment to Fifth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.2 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on August 6, 2014, and incorporated herein by this reference).
|
|
|
|
3.4(iii)
|
|
Second Amendment to Fifth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.2 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on December 16, 2014, and incorporated herein by this reference).
|
|
|
|
3.4(iv)
|
|
Third Amendment to Fifth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.2 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on January 5, 2015, and incorporated herein by this reference).
|
|
|
|
3.4(v)
|
|
Fourth Amendment to Fifth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on January 29, 2015, 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) (File No. 001-09044).
|
|
|
|
4.1(ii)
|
|
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) (File No. 000-20625).
|
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) (File No. 333-136173).
|
|
|
|
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) (File No. 000-20625).
|
|
|
|
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 12, 2007, and incorporated herein by this reference) (File No. 000-20625).
|
|
|
|
4.2(iv)
|
|
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 12, 2009, and incorporated herein by this reference). (File No. 001-09044)
|
|
|
4.2(v)
|
|
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 12, 2009, and incorporated herein by this reference). (File No. 001-09044)
|
|
|
|
4.2(vi)
|
|
Seventh Supplemental Indenture, dated as of April 1, 2010, 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 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(vii)
|
|
Eighth Supplemental Indenture, dated June 11, 2012, 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 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(viii)
|
|
Ninth Supplemental Indenture, dated September 19, 2012, 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 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).
|
|
|
|
4.2(ix)
|
|
Tenth Supplemental Indenture, dated March 15, 2013, 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 3.625% Senior Notes Due 2023 (filed as Exhibit 4.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on March 15, 2013, and incorporated herein by this reference).
|
|
|
|
4.2(x)
|
|
Eleventh Supplemental Indenture, dated December 3, 2013, 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 3.875% Senior Notes Due 2021 (filed as Exhibit 4.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on December 3, 2013, and incorporated herein by this reference).
|
|
|
|
4.2(xi)
|
|
Twelfth Supplemental Indenture, dated as of November 17, 2014, 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 3.75% Senior Notes Due 2024 (filed as Exhibit 4.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on November 17, 2014, and incorporated herein by this reference).
|
|
|
|
10.1(i)
|
|
The General Partner's 2015 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, 2015, and incorporated herein by this reference).#
|
|
|
|
10.1(ii)
|
|
Form of Restricted Stock Unit Award Certificate under the General Partner's 2015 Long-Term Incentive Plan.#*
|
|
|
|
10.1(iii)
|
|
Form of LTIP Unit Award Agreement (filed as Exhibit 10.2 to the General Partner’s Current Report on Form 8-K as filed with the SEC on January 29, 2015, and incorporated herein by this reference).#
|
|
|
|
10.2(i)
|
|
The General Partner's 2000 Performance Share Plan, Amended and Restated as of January 30, 2008, a sub-plan of the 2015 Long-Term Incentive Plan (filed as Exhibit 10.4(i) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#
|
|
|
|
10.2(ii)
|
|
Amendment to the 2004 Award Agreement under the General Partner's 2000 Performance Share Plan (filed as Exhibit 10.4(ii) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#
|
|
|
|
10.3(i)
|
|
The General Partner's 2010 Performance Share Plan, a sub-plan of the 2015 Long-Term Incentive Plan (filed as Exhibit 10.5(i) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#
|
|
|
|
10.3(ii)
|
|
First Amendment to the General Partner's 2010 Performance Share Plan, a sub-plan of the 2015 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 January 29, 2015, and incorporated herein by this reference).#
|
|
|
|
10.3(iii)
|
|
Form of Award Certificate under the General Partner's 2010 Performance Share Plan, a sub-plan of the 2015 Long-Term Incentive Plan (filed as Exhibit 10.1 to the combined Quarterly Report on 10-Q of the General Partner and the Partnership as filed with the SEC on May 2, 2014, and incorporated herein by this reference).#
|
|
|
|
10.3(iv)
|
|
Form of 2010 Performance Share Plan LTIP Unit Award Agreement (filed as Exhibit 10.3 to the General Partner’s Current Report on Form 8-K as filed with the SEC on January 29, 2015, and incorporated herein by this reference).#
|
|
|
|
10.4
|
|
The General Partner's 2005 Shareholder Value Plan, Amended and Restated as of January 30, 2008, a sub-plan of the 2015 Long-Term Incentive Plan (filed as Exhibit 10.6 to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#
|
|
|
|
10.5
|
|
The General Partner's 2005 Dividend Increase Unit Replacement Plan, Amended and Restated as of January 30, 2008, a sub-plan of the 2015 Long-Term Incentive Plan (filed as Exhibit 10.7 to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#
|
|
|
|
10.6
|
|
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) (File No. 001-09044).#
|
|
|
|
10.7(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) (File No. 001-09044).#
|
|
|
|
10.7(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) (File No. 001-09044).#
|
|
|
|
10.7(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) (File No. 001-09044).#
|
|
|
|
10.7(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) (File No. 001-09044).#
|
10.7(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) (File No. 001-09044).#
|
|
|
|
10.8(i)
|
|
Executives' Deferred Compensation Plan of Duke Realty Services Limited Partnership, Amended and Restated as of December 5, 2007 (filed as Exhibit 10.13(i) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#
|
|
|
|
10.8(ii)
|
|
Amendment Number One to the Executives' Deferred Compensation Plan of Duke Realty Services Limited Partnership, Amended and Restated as of December 5, 2007 (filed as Exhibit 10.13(ii) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#
|
|
|
|
10.9
|
|
The General Partner's Directors' Deferred Compensation Plan, Amended and Restated as of January 30, 2008 (filed as Exhibit 10.14 to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#
|
|
|
|
10.10
|
|
The General Partner’s 2015 Non-Employee Directors Compensation Plan, a sub-plan of the 2015 Long-Term Incentive Plan (filed as Exhibit 10.4 to the combined Quarterly Report on Form 10-Q of the General Partner and the Partnership, as filed with the SEC on May 1, 2015, and incorporated herein by this reference).#
|
|
|
|
10.11(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) (File No. 001-09044).#
|
|
|
|
10.11(ii)
|
|
First Amendment to Executive Severance Agreement, dated February 24, 2009, between the General Partner and the following executive officers: Dennis D. Oklak, Steven R. Kennedy and James B. Connor (filed as Exhibit 10.15(ii) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#
|
|
|
|
10.11(iii)
|
|
Second Amendment to Executive Severance Agreement, dated December 21, 2011, between the General Partner and the following executive officers: Dennis D. Oklak, Steven R. Kennedy and James B. Connor (filed as Exhibit 10.15(iii) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#
|
|
|
|
10.11(iv)
|
|
Third Amendment to Executive Severance Letter, dated December 19, 2012, between the General Partner and the following executive officers: Dennis D. Oklak, Steven R. Kennedy and James B. Connor (filed as Exhibit 10.15(iv) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#
|
|
|
|
10.12
|
|
Letter Agreement Regarding Executive Severance, dated March 19, 2013, between the General Partner and James D. Bremner (filed as Exhibit 10.3 to the combined Quarterly Report on Form 10-Q of the General Partner and the Partnership as filed with the SEC on May 3, 2013, and incorporated herein by this reference).#
|
|
|
|
10.13
|
|
Form of Letter Agreement Regarding Executive Severance between the General Partner and the following executive officers: Mark A. Denien and Ann C. Dee.#*
|
10.14
|
|
Consulting Agreement by and between Duke Realty Services Limited Partnership and BRE II, LLC, dated as of May 20, 2015 (filed as Exhibit 10.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership, as filed with the SEC on May 27, 2015, and incorporated herein by this reference).#
|
|
|
|
10.15
|
|
Amended and Restated Revolving Credit and Term Loan Agreement, dated October 9, 2014, by and among the Partnership, the General Partner, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association and the several banks, financial institutions and other entities from time to time parties thereto as lenders (filed as Exhibit 10.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on October 10, 2014, and incorporated herein by this reference).
|
|
|
|
10.16
|
|
Equity Distribution Agreement, dated August 22, 2014, by and among the General Partner, the Partnership, Jeffries LLC, Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey, Inc., and UBS Securities LLC (filed as Exhibit 1.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on August 22, 2014, and incorporated herein by this reference).
|
|
|
|
10.17
|
|
Agreement of Purchase and Sale (Pool I) by and among the Partnership, the other entities controlled or affiliated with the Partnership and SOF-X U.S. Acquisitions, L.L.C., dated as of January 16, 2015 (filed as Exhibit 10.1 to the combined Quarterly Report on Form 10-Q of the General Partner and the Partnership, as filed with the SEC on May 1, 2015, and incorporated herein by this reference).
|
|
|
|
10.18
|
|
Agreement of Purchase and Sale (Pool II) by and among the Partnership, the other entities controlled or affiliated with the Partnership and SOF-X U.S. Acquisitions, L.L.C., dated as of January 16, 2015 (filed as Exhibit 10.2 to the combined Quarterly Report on Form 10-Q of the General Partner and the Partnership, as filed with the SEC on May 1, 2015, and incorporated herein by this reference).
|
|
|
|
10.19
|
|
Agreement of Purchase and Sale (Pool III) by and among the Partnership, the other entities controlled or affiliated with the Partnership and SOF-X U.S. Acquisitions, L.L.C., dated as of January 16, 2015 (filed as Exhibit 10.3 to the combined Quarterly Report on Form 10-Q of the General Partner and the Partnership, as filed with the SEC on May 1, 2015, and incorporated herein by this reference).
|
|
|
|
10.20
|
|
Agreement of Purchase and Sale (Pool IV) by and among the Partnership, the other entities controlled or affiliated with the Partnership and SOF-X U.S. Acquisitions, L.L.C., dated as of January 16, 2015 (filed as Exhibit 10.4 to the combined Quarterly Report on Form 10-Q of the General Partner and the Partnership, as filed with the SEC on May 1, 2015, and incorporated herein by this reference).
|
|
|
|
11.1
|
|
Statement Regarding Computation of Earnings.***
|
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. * **
|
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, 2015 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations and Comprehensive Income, (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/ James B. Connor
|
James B. Connor
|
President and Chief Executive Officer
|
|
/s/ Mark A. Denien
|
Mark A. Denien
|
Executive Vice President and Chief Financial Officer
|
/s/ KPMG LLP
|
|
Indianapolis, Indiana
|
February 19, 2016
|
•
|
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/ James B. Connor
|
James B. Connor
|
President and Chief Executive Officer
|
of the General Partner
|
|
/s/ Mark A. Denien
|
Mark A. Denien
|
Executive Vice President and Chief Financial Officer
|
of the General Partner
|
/s/ KPMG LLP
|
|
Indianapolis, Indiana
|
February 19, 2016
|
|
2015
|
|
2014
|
||||
ASSETS
|
|
|
|
||||
Real estate investments:
|
|
|
|
||||
Land and improvements
|
$
|
1,391,763
|
|
|
$
|
1,412,867
|
|
Buildings and tenant improvements
|
4,740,837
|
|
|
4,986,390
|
|
||
Construction in progress
|
321,062
|
|
|
246,062
|
|
||
Investments in and advances to unconsolidated companies
|
268,390
|
|
|
293,650
|
|
||
Undeveloped land
|
383,045
|
|
|
499,960
|
|
||
|
7,105,097
|
|
|
7,438,929
|
|
||
Accumulated depreciation
|
(1,192,425
|
)
|
|
(1,235,337
|
)
|
||
Net real estate investments
|
5,912,672
|
|
|
6,203,592
|
|
||
|
|
|
|
||||
Real estate investments and other assets held-for-sale
|
45,801
|
|
|
725,051
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
22,533
|
|
|
17,922
|
|
||
Accounts receivable, net of allowance of $1,113 and $2,742
|
18,846
|
|
|
26,168
|
|
||
Straight-line rent receivable, net of allowance of $6,155 and $8,405
|
116,781
|
|
|
109,657
|
|
||
Receivables on construction contracts, including retentions
|
16,459
|
|
|
36,224
|
|
||
Deferred financing costs, net of accumulated amortization of $20,764 and $38,863
|
28,363
|
|
|
38,734
|
|
||
Deferred leasing and other costs, net of accumulated amortization of $245,426 and $238,832
|
346,374
|
|
|
387,635
|
|
||
Escrow deposits and other assets
|
409,284
|
|
|
209,856
|
|
||
|
$
|
6,917,113
|
|
|
$
|
7,754,839
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Indebtedness:
|
|
|
|
||||
Secured debt
|
$
|
739,996
|
|
|
$
|
942,478
|
|
Unsecured debt
|
2,530,743
|
|
|
3,364,161
|
|
||
Unsecured line of credit
|
71,000
|
|
|
106,000
|
|
||
|
3,341,739
|
|
|
4,412,639
|
|
||
|
|
|
|
||||
Liabilities related to real estate investments held-for-sale
|
972
|
|
|
59,092
|
|
||
|
|
|
|
||||
Construction payables and amounts due subcontractors, including retentions
|
54,921
|
|
|
69,470
|
|
||
Accrued real estate taxes
|
71,617
|
|
|
76,308
|
|
||
Accrued interest
|
34,447
|
|
|
55,110
|
|
||
Other accrued expenses
|
61,827
|
|
|
62,632
|
|
||
Other liabilities
|
106,283
|
|
|
95,566
|
|
||
Tenant security deposits and prepaid rents
|
40,506
|
|
|
44,142
|
|
||
Total liabilities
|
3,712,312
|
|
|
4,874,959
|
|
||
Shareholders' equity:
|
|
|
|
||||
Common shares ($.01 par value); 600,000 shares authorized; 345,285 and 344,112 shares issued and outstanding
|
3,453
|
|
|
3,441
|
|
||
Additional paid-in capital
|
4,961,923
|
|
|
4,944,800
|
|
||
Accumulated other comprehensive income
|
1,806
|
|
|
3,026
|
|
||
Distributions in excess of net income
|
(1,785,250
|
)
|
|
(2,090,942
|
)
|
||
Total shareholders' equity
|
3,181,932
|
|
|
2,860,325
|
|
||
Noncontrolling interests
|
22,869
|
|
|
19,555
|
|
||
Total equity
|
3,204,801
|
|
|
2,879,880
|
|
||
|
$
|
6,917,113
|
|
|
$
|
7,754,839
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Rental and related revenue
|
$
|
816,065
|
|
|
$
|
822,351
|
|
|
$
|
762,164
|
|
General contractor and service fee revenue
|
133,367
|
|
|
224,500
|
|
|
206,596
|
|
|||
|
949,432
|
|
|
1,046,851
|
|
|
968,760
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Rental expenses
|
125,666
|
|
|
136,278
|
|
|
127,684
|
|
|||
Real estate taxes
|
112,879
|
|
|
115,013
|
|
|
104,800
|
|
|||
General contractor and other services expenses
|
119,170
|
|
|
200,031
|
|
|
183,833
|
|
|||
Depreciation and amortization
|
317,329
|
|
|
346,275
|
|
|
353,456
|
|
|||
|
675,044
|
|
|
797,597
|
|
|
769,773
|
|
|||
Other operating activities:
|
|
|
|
|
|
||||||
Equity in earnings (loss) of unconsolidated companies
|
(3,304
|
)
|
|
94,317
|
|
|
54,116
|
|
|||
Gain on sale of properties
|
229,702
|
|
|
162,715
|
|
|
59,179
|
|
|||
Gain on land sales
|
35,054
|
|
|
10,441
|
|
|
9,547
|
|
|||
Other operating expenses
|
(5,947
|
)
|
|
(7,191
|
)
|
|
(8,144
|
)
|
|||
Impairment charges
|
(22,932
|
)
|
|
(49,106
|
)
|
|
(3,777
|
)
|
|||
General and administrative expenses
|
(58,565
|
)
|
|
(49,362
|
)
|
|
(42,673
|
)
|
|||
|
174,008
|
|
|
161,814
|
|
|
68,248
|
|
|||
Operating income
|
448,396
|
|
|
411,068
|
|
|
267,235
|
|
|||
Other income (expenses):
|
|
|
|
|
|
||||||
Interest and other income, net
|
4,667
|
|
|
1,246
|
|
|
1,887
|
|
|||
Interest expense
|
(173,574
|
)
|
|
(196,186
|
)
|
|
(202,174
|
)
|
|||
Loss on debt extinguishment
|
(85,713
|
)
|
|
(283
|
)
|
|
(9,433
|
)
|
|||
Acquisition-related activity
|
(8,499
|
)
|
|
(1,099
|
)
|
|
(3,093
|
)
|
|||
Income from continuing operations before income taxes
|
185,277
|
|
|
214,746
|
|
|
54,422
|
|
|||
Income tax benefit
|
3,928
|
|
|
844
|
|
|
5,080
|
|
|||
Income from continuing operations
|
189,205
|
|
|
215,590
|
|
|
59,502
|
|
|||
Discontinued operations:
|
|
|
|
|
|
||||||
Income before gain on sales
|
10,939
|
|
|
11,071
|
|
|
3,805
|
|
|||
Gain on sale of depreciable properties, net of tax
|
421,717
|
|
|
19,794
|
|
|
133,242
|
|
|||
Income from discontinued operations
|
432,656
|
|
|
30,865
|
|
|
137,047
|
|
|||
Net income
|
621,861
|
|
|
246,455
|
|
|
196,549
|
|
|||
Dividends on preferred shares
|
—
|
|
|
(24,943
|
)
|
|
(31,616
|
)
|
|||
Adjustments for redemption/repurchase of preferred shares
|
—
|
|
|
(13,752
|
)
|
|
(5,932
|
)
|
|||
Net income attributable to noncontrolling interests
|
(6,551
|
)
|
|
(2,867
|
)
|
|
(5,957
|
)
|
|||
Net income attributable to common shareholders
|
$
|
615,310
|
|
|
$
|
204,893
|
|
|
$
|
153,044
|
|
Basic net income per common share:
|
|
|
|
|
|
||||||
Continuing operations attributable to common shareholders
|
$
|
0.53
|
|
|
$
|
0.51
|
|
|
$
|
0.06
|
|
Discontinued operations attributable to common shareholders
|
1.24
|
|
|
0.09
|
|
|
0.41
|
|
|||
Total
|
$
|
1.77
|
|
|
$
|
0.60
|
|
|
$
|
0.47
|
|
Diluted net income per common share:
|
|
|
|
|
|
||||||
Continuing operations attributable to common shareholders
|
$
|
0.53
|
|
|
$
|
0.51
|
|
|
$
|
0.06
|
|
Discontinued operations attributable to common shareholders
|
1.24
|
|
|
0.09
|
|
|
0.41
|
|
|||
Total
|
$
|
1.77
|
|
|
$
|
0.60
|
|
|
$
|
0.47
|
|
Weighted average number of common shares outstanding
|
345,057
|
|
|
335,777
|
|
|
322,133
|
|
|||
Weighted average number of common shares and potential dilutive securities
|
352,197
|
|
|
340,446
|
|
|
326,712
|
|
|||
Comprehensive income:
|
|
|
|
|
|
||||||
Net income
|
$
|
621,861
|
|
|
$
|
246,455
|
|
|
$
|
196,549
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Amortization of interest contracts
|
(1,125
|
)
|
|
(1,148
|
)
|
|
451
|
|
|||
Other
|
(95
|
)
|
|
55
|
|
|
977
|
|
|||
Total other comprehensive income (loss)
|
(1,220
|
)
|
|
(1,093
|
)
|
|
1,428
|
|
|||
Comprehensive income
|
$
|
620,641
|
|
|
$
|
245,362
|
|
|
$
|
197,977
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
621,861
|
|
|
$
|
246,455
|
|
|
$
|
196,549
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation of buildings and tenant improvements
|
253,683
|
|
|
290,279
|
|
|
288,583
|
|
|||
Amortization of deferred leasing and other costs
|
67,163
|
|
|
94,338
|
|
|
120,467
|
|
|||
Amortization of deferred financing costs
|
6,997
|
|
|
9,786
|
|
|
12,968
|
|
|||
Straight-line rental income and expense, net
|
(22,396
|
)
|
|
(19,965
|
)
|
|
(14,633
|
)
|
|||
Impairment charges
|
22,932
|
|
|
49,106
|
|
|
3,777
|
|
|||
Loss on debt extinguishment
|
85,713
|
|
|
283
|
|
|
9,433
|
|
|||
Gain on acquisitions
|
—
|
|
|
—
|
|
|
(962
|
)
|
|||
Gains on land and depreciated property sales
|
(689,647
|
)
|
|
(195,920
|
)
|
|
(201,968
|
)
|
|||
Third-party construction contracts, net
|
4,033
|
|
|
(17,231
|
)
|
|
31,920
|
|
|||
Other accrued revenues and expenses, net
|
3,755
|
|
|
47,718
|
|
|
21,706
|
|
|||
Operating distributions received in excess of (less than) equity in earnings from unconsolidated companies
|
25,287
|
|
|
(60,362
|
)
|
|
(32,164
|
)
|
|||
Net cash provided by operating activities
|
379,381
|
|
|
444,487
|
|
|
435,676
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Development of real estate investments
|
(370,466
|
)
|
|
(446,722
|
)
|
|
(427,355
|
)
|
|||
Acquisition of real estate investments and related intangible assets
|
(28,849
|
)
|
|
(125,227
|
)
|
|
(445,514
|
)
|
|||
Acquisition of undeveloped land
|
(39,881
|
)
|
|
(68,156
|
)
|
|
(76,655
|
)
|
|||
Second generation tenant improvements, leasing costs and building improvements
|
(61,900
|
)
|
|
(98,821
|
)
|
|
(91,798
|
)
|
|||
Other deferred leasing costs
|
(30,790
|
)
|
|
(31,503
|
)
|
|
(35,376
|
)
|
|||
Other assets
|
(19,083
|
)
|
|
(9,996
|
)
|
|
(30,161
|
)
|
|||
Proceeds from land and depreciated property sales, net
|
1,675,690
|
|
|
493,217
|
|
|
740,039
|
|
|||
Capital distributions from unconsolidated companies
|
68,985
|
|
|
91,750
|
|
|
109,158
|
|
|||
Capital contributions and advances to unconsolidated companies
|
(72,407
|
)
|
|
(11,573
|
)
|
|
(61,720
|
)
|
|||
Net cash provided by (used for) investing activities
|
1,121,299
|
|
|
(207,031
|
)
|
|
(319,382
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Proceeds from issuance of common shares, net
|
4,530
|
|
|
289,122
|
|
|
649,690
|
|
|||
Payments for redemption/repurchase of preferred shares
|
—
|
|
|
(446,592
|
)
|
|
(177,955
|
)
|
|||
Proceeds from unsecured debt
|
—
|
|
|
300,000
|
|
|
750,000
|
|
|||
Payments on unsecured debt
|
(913,143
|
)
|
|
(2,092
|
)
|
|
(685,022
|
)
|
|||
Proceeds from secured debt financings
|
—
|
|
|
—
|
|
|
1,933
|
|
|||
Payments on secured indebtedness including principal amortization
|
(245,665
|
)
|
|
(112,877
|
)
|
|
(169,188
|
)
|
|||
Borrowings (payments) on lines of credit, net
|
(35,000
|
)
|
|
18,000
|
|
|
(197,000
|
)
|
|||
Distributions to common shareholders
|
(238,114
|
)
|
|
(228,227
|
)
|
|
(220,297
|
)
|
|||
Distributions to common shareholders - special dividends
|
(69,055
|
)
|
|
—
|
|
|
—
|
|
|||
Distributions to preferred shareholders
|
—
|
|
|
(27,395
|
)
|
|
(31,616
|
)
|
|||
Distributions to noncontrolling interests, net
|
(2,754
|
)
|
|
(2,791
|
)
|
|
(8,944
|
)
|
|||
Buyout of noncontrolling interests
|
—
|
|
|
(7,803
|
)
|
|
—
|
|
|||
Change in book overdrafts
|
3,392
|
|
|
(4,696
|
)
|
|
(32,823
|
)
|
|||
Deferred financing costs
|
(260
|
)
|
|
(13,458
|
)
|
|
(9,686
|
)
|
|||
Net cash used for financing activities
|
(1,496,069
|
)
|
|
(238,809
|
)
|
|
(130,908
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
4,611
|
|
|
(1,353
|
)
|
|
(14,614
|
)
|
|||
Cash and cash equivalents at beginning of year
|
17,922
|
|
|
19,275
|
|
|
33,889
|
|
|||
Cash and cash equivalents at end of year
|
$
|
22,533
|
|
|
$
|
17,922
|
|
|
$
|
19,275
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
||||||
Assumption of indebtedness and other liabilities in real estate acquisitions
|
$
|
—
|
|
|
$
|
355
|
|
|
$
|
107,992
|
|
Carrying amount of pre-existing ownership interest in acquired property
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,968
|
|
Mortgage notes receivable from buyers in property sales
|
$
|
204,336
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Contribution of properties to, net of debt assumed by, unconsolidated companies
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,426
|
|
Conversion of Limited Partner Units to common shares
|
$
|
2,483
|
|
|
$
|
6,741
|
|
|
$
|
331
|
|
|
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, 2012
|
$
|
625,638
|
|
|
$
|
2,794
|
|
|
$
|
3,953,497
|
|
|
$
|
2,691
|
|
|
$
|
(1,993,206
|
)
|
|
$
|
34,704
|
|
|
$
|
2,626,118
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
190,592
|
|
|
5,957
|
|
|
196,549
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,428
|
|
|
—
|
|
|
—
|
|
|
1,428
|
|
|||||||
Issuance of common shares
|
—
|
|
|
462
|
|
|
649,228
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
649,690
|
|
|||||||
Stock-based compensation plan activity
|
—
|
|
|
8
|
|
|
11,976
|
|
|
—
|
|
|
(2,328
|
)
|
|
—
|
|
|
9,656
|
|
|||||||
Conversion of Limited Partner Units
|
—
|
|
|
—
|
|
|
331
|
|
|
—
|
|
|
—
|
|
|
(331
|
)
|
|
—
|
|
|||||||
Distributions to preferred shareholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31,616
|
)
|
|
—
|
|
|
(31,616
|
)
|
|||||||
Redemption of preferred shares
|
(177,955
|
)
|
|
—
|
|
|
5,932
|
|
|
—
|
|
|
(5,932
|
)
|
|
—
|
|
|
(177,955
|
)
|
|||||||
Distributions to common shareholders ($0.68 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(220,297
|
)
|
|
—
|
|
|
(220,297
|
)
|
|||||||
Distributions to noncontrolling interests, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,944
|
)
|
|
(8,944
|
)
|
|||||||
Balance at December 31, 2013
|
$
|
447,683
|
|
|
$
|
3,264
|
|
|
$
|
4,620,964
|
|
|
$
|
4,119
|
|
|
$
|
(2,062,787
|
)
|
|
$
|
31,386
|
|
|
$
|
3,044,629
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
243,588
|
|
|
2,867
|
|
|
246,455
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,093
|
)
|
|
—
|
|
|
—
|
|
|
(1,093
|
)
|
|||||||
Issuance of common shares
|
—
|
|
|
164
|
|
|
288,958
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
289,122
|
|
|||||||
Stock-based compensation plan activity
|
—
|
|
|
7
|
|
|
13,300
|
|
|
—
|
|
|
(2,184
|
)
|
|
—
|
|
|
11,123
|
|
|||||||
Conversion of Limited Partner Units
|
—
|
|
|
6
|
|
|
6,735
|
|
|
—
|
|
|
—
|
|
|
(6,741
|
)
|
|
—
|
|
|||||||
Distributions to preferred shareholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,943
|
)
|
|
—
|
|
|
(24,943
|
)
|
|||||||
Redemption of preferred shares
|
(447,683
|
)
|
|
—
|
|
|
14,843
|
|
|
—
|
|
|
(13,752
|
)
|
|
—
|
|
|
(446,592
|
)
|
|||||||
Distributions to common shareholders ($0.68 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(228,227
|
)
|
|
—
|
|
|
(228,227
|
)
|
|||||||
Distributions to noncontrolling interests, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,791
|
)
|
|
(2,791
|
)
|
|||||||
Buyout of noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,637
|
)
|
|
(5,166
|
)
|
|
(7,803
|
)
|
|||||||
Balance at December 31, 2014
|
$
|
—
|
|
|
$
|
3,441
|
|
|
$
|
4,944,800
|
|
|
$
|
3,026
|
|
|
$
|
(2,090,942
|
)
|
|
$
|
19,555
|
|
|
$
|
2,879,880
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
615,310
|
|
|
6,551
|
|
|
621,861
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,220
|
)
|
|
—
|
|
|
—
|
|
|
(1,220
|
)
|
|||||||
Issuance of common shares
|
—
|
|
|
2
|
|
|
4,528
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,530
|
|
|||||||
Stock-based compensation plan activity
|
—
|
|
|
8
|
|
|
10,114
|
|
|
—
|
|
|
(2,449
|
)
|
|
2,000
|
|
|
9,673
|
|
|||||||
Conversion of Limited Partner Units
|
—
|
|
|
2
|
|
|
2,481
|
|
|
—
|
|
|
—
|
|
|
(2,483
|
)
|
|
—
|
|
|||||||
Distributions to common shareholders ($0.69 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(238,114
|
)
|
|
—
|
|
|
(238,114
|
)
|
|||||||
Distributions to common shareholders - special ($0.20 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(69,055
|
)
|
|
—
|
|
|
(69,055
|
)
|
|||||||
Distributions to noncontrolling interests, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,754
|
)
|
|
(2,754
|
)
|
|||||||
Balance at December 31, 2015
|
$
|
—
|
|
|
$
|
3,453
|
|
|
$
|
4,961,923
|
|
|
$
|
1,806
|
|
|
$
|
(1,785,250
|
)
|
|
$
|
22,869
|
|
|
$
|
3,204,801
|
|
|
2015
|
|
2014
|
||||
ASSETS
|
|
|
|
||||
Real estate investments:
|
|
|
|
||||
Land and improvements
|
$
|
1,391,763
|
|
|
$
|
1,412,867
|
|
Buildings and tenant improvements
|
4,740,837
|
|
|
4,986,390
|
|
||
Construction in progress
|
321,062
|
|
|
246,062
|
|
||
Investments in and advances to unconsolidated companies
|
268,390
|
|
|
293,650
|
|
||
Undeveloped land
|
383,045
|
|
|
499,960
|
|
||
|
7,105,097
|
|
|
7,438,929
|
|
||
Accumulated depreciation
|
(1,192,425
|
)
|
|
(1,235,337
|
)
|
||
Net real estate investments
|
5,912,672
|
|
|
6,203,592
|
|
||
|
|
|
|
||||
Real estate investments and other assets held-for-sale
|
45,801
|
|
|
725,051
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
22,533
|
|
|
17,922
|
|
||
Accounts receivable, net of allowance of $1,113 and $2,742
|
18,846
|
|
|
26,168
|
|
||
Straight-line rent receivable, net of allowance of $6,155 and $8,405
|
116,781
|
|
|
109,657
|
|
||
Receivables on construction contracts, including retentions
|
16,459
|
|
|
36,224
|
|
||
Deferred financing costs, net of accumulated amortization of $20,764 and $38,863
|
28,363
|
|
|
38,734
|
|
||
Deferred leasing and other costs, net of accumulated amortization of $245,426 and $238,832
|
346,374
|
|
|
387,635
|
|
||
Escrow deposits and other assets
|
409,284
|
|
|
209,856
|
|
||
|
$
|
6,917,113
|
|
|
$
|
7,754,839
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Indebtedness:
|
|
|
|
||||
Secured debt
|
$
|
739,996
|
|
|
$
|
942,478
|
|
Unsecured debt
|
2,530,743
|
|
|
3,364,161
|
|
||
Unsecured line of credit
|
71,000
|
|
|
106,000
|
|
||
|
3,341,739
|
|
|
4,412,639
|
|
||
|
|
|
|
||||
Liabilities related to real estate investments held-for-sale
|
972
|
|
|
59,092
|
|
||
|
|
|
|
||||
Construction payables and amounts due subcontractors, including retentions
|
54,921
|
|
|
69,470
|
|
||
Accrued real estate taxes
|
71,617
|
|
|
76,308
|
|
||
Accrued interest
|
34,447
|
|
|
55,110
|
|
||
Other accrued expenses
|
61,827
|
|
|
62,812
|
|
||
Other liabilities
|
106,283
|
|
|
95,566
|
|
||
Tenant security deposits and prepaid rents
|
40,506
|
|
|
44,142
|
|
||
Total liabilities
|
3,712,312
|
|
|
4,875,139
|
|
||
Partners’ equity:
|
|
|
|
||||
General Partner:
|
|
|
|
||||
Common equity (345,285 and 344,112 General Partner Units issued and outstanding)
|
3,180,126
|
|
|
2,857,119
|
|
||
|
3,180,126
|
|
|
2,857,119
|
|
||
Limited Partners' common equity (3,487 and 3,717 Limited Partner Units issued and outstanding)
|
20,032
|
|
|
17,289
|
|
||
Accumulated other comprehensive income
|
1,806
|
|
|
3,026
|
|
||
Total partners' equity
|
3,201,964
|
|
|
2,877,434
|
|
||
Noncontrolling interests
|
2,837
|
|
|
2,266
|
|
||
Total equity
|
3,204,801
|
|
|
2,879,700
|
|
||
|
$
|
6,917,113
|
|
|
$
|
7,754,839
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Rental and related revenue
|
$
|
816,065
|
|
|
$
|
822,351
|
|
|
$
|
762,164
|
|
General contractor and service fee revenue
|
133,367
|
|
|
224,500
|
|
|
206,596
|
|
|||
|
949,432
|
|
|
1,046,851
|
|
|
968,760
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Rental expenses
|
125,666
|
|
|
136,278
|
|
|
127,684
|
|
|||
Real estate taxes
|
112,879
|
|
|
115,013
|
|
|
104,800
|
|
|||
General contractor and other services expenses
|
119,170
|
|
|
200,031
|
|
|
183,833
|
|
|||
Depreciation and amortization
|
317,329
|
|
|
346,275
|
|
|
353,456
|
|
|||
|
675,044
|
|
|
797,597
|
|
|
769,773
|
|
|||
Other operating activities:
|
|
|
|
|
|
||||||
Equity in earnings (loss) of unconsolidated companies
|
(3,304
|
)
|
|
94,317
|
|
|
54,116
|
|
|||
Gain on sale of properties
|
229,702
|
|
|
162,715
|
|
|
59,179
|
|
|||
Gain on land sales
|
35,054
|
|
|
10,441
|
|
|
9,547
|
|
|||
Other operating expenses
|
(5,947
|
)
|
|
(7,191
|
)
|
|
(8,144
|
)
|
|||
Impairment charges
|
(22,932
|
)
|
|
(49,106
|
)
|
|
(3,777
|
)
|
|||
General and administrative expenses
|
(58,565
|
)
|
|
(49,362
|
)
|
|
(42,673
|
)
|
|||
|
174,008
|
|
|
161,814
|
|
|
68,248
|
|
|||
Operating income
|
448,396
|
|
|
411,068
|
|
|
267,235
|
|
|||
Other income (expenses):
|
|
|
|
|
|
||||||
Interest and other income, net
|
4,667
|
|
|
1,246
|
|
|
1,887
|
|
|||
Interest expense
|
(173,574
|
)
|
|
(196,186
|
)
|
|
(202,174
|
)
|
|||
Loss on debt extinguishment
|
(85,713
|
)
|
|
(283
|
)
|
|
(9,433
|
)
|
|||
Acquisition-related activity
|
(8,499
|
)
|
|
(1,099
|
)
|
|
(3,093
|
)
|
|||
Income from continuing operations before income taxes
|
185,277
|
|
|
214,746
|
|
|
54,422
|
|
|||
Income tax benefit
|
3,928
|
|
|
844
|
|
|
5,080
|
|
|||
Income from continuing operations
|
189,205
|
|
|
215,590
|
|
|
59,502
|
|
|||
Discontinued operations:
|
|
|
|
|
|
||||||
Income before gain on sales
|
10,939
|
|
|
11,071
|
|
|
3,805
|
|
|||
Gain on sale of depreciable properties, net of tax
|
421,717
|
|
|
19,794
|
|
|
133,242
|
|
|||
Income from discontinued operations
|
432,656
|
|
|
30,865
|
|
|
137,047
|
|
|||
Net income
|
621,861
|
|
|
246,455
|
|
|
196,549
|
|
|||
Distributions on Preferred Units
|
—
|
|
|
(24,943
|
)
|
|
(31,616
|
)
|
|||
Adjustments for redemption/repurchase of Preferred Units
|
—
|
|
|
(13,752
|
)
|
|
(5,932
|
)
|
|||
Net income attributable to noncontrolling interests
|
(147
|
)
|
|
(240
|
)
|
|
(3,863
|
)
|
|||
Net income attributable to common unitholders
|
$
|
621,714
|
|
|
$
|
207,520
|
|
|
$
|
155,138
|
|
Basic net income per Common Unit:
|
|
|
|
|
|
||||||
Continuing operations attributable to common unitholders
|
$
|
0.53
|
|
|
$
|
0.51
|
|
|
$
|
0.06
|
|
Discontinued operations attributable to common unitholders
|
1.24
|
|
|
0.09
|
|
|
0.41
|
|
|||
Total
|
$
|
1.77
|
|
|
$
|
0.60
|
|
|
$
|
0.47
|
|
Diluted net income per Common Unit:
|
|
|
|
|
|
||||||
Continuing operations attributable to common unitholders
|
$
|
0.53
|
|
|
$
|
0.51
|
|
|
$
|
0.06
|
|
Discontinued operations attributable to common unitholders
|
1.24
|
|
|
0.09
|
|
|
0.41
|
|
|||
Total
|
$
|
1.77
|
|
|
$
|
0.60
|
|
|
$
|
0.47
|
|
Weighted average number of Common Units outstanding
|
348,639
|
|
|
340,085
|
|
|
326,525
|
|
|||
Weighted average number of Common Units and potential dilutive securities
|
352,197
|
|
|
340,446
|
|
|
326,712
|
|
|||
Comprehensive income:
|
|
|
|
|
|
||||||
Net income
|
$
|
621,861
|
|
|
$
|
246,455
|
|
|
$
|
196,549
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Amortization of interest contracts
|
(1,125
|
)
|
|
(1,148
|
)
|
|
451
|
|
|||
Other
|
(95
|
)
|
|
55
|
|
|
977
|
|
|||
Total other comprehensive income (loss)
|
(1,220
|
)
|
|
(1,093
|
)
|
|
1,428
|
|
|||
Comprehensive income
|
$
|
620,641
|
|
|
$
|
245,362
|
|
|
$
|
197,977
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
621,861
|
|
|
$
|
246,455
|
|
|
$
|
196,549
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation of buildings and tenant improvements
|
253,683
|
|
|
290,279
|
|
|
288,583
|
|
|||
Amortization of deferred leasing and other costs
|
67,163
|
|
|
94,338
|
|
|
120,467
|
|
|||
Amortization of deferred financing costs
|
6,997
|
|
|
9,786
|
|
|
12,968
|
|
|||
Straight-line rental income and expense, net
|
(22,396
|
)
|
|
(19,965
|
)
|
|
(14,633
|
)
|
|||
Impairment charges
|
22,932
|
|
|
49,106
|
|
|
3,777
|
|
|||
Loss on debt extinguishment
|
85,713
|
|
|
283
|
|
|
9,433
|
|
|||
Gain on acquisitions
|
—
|
|
|
—
|
|
|
(962
|
)
|
|||
Gains on land and depreciated property sales
|
(689,647
|
)
|
|
(195,920
|
)
|
|
(201,968
|
)
|
|||
Third-party construction contracts, net
|
4,033
|
|
|
(17,231
|
)
|
|
31,920
|
|
|||
Other accrued revenues and expenses, net
|
3,575
|
|
|
47,654
|
|
|
21,783
|
|
|||
Operating distributions received in excess of (less than) equity in earnings from unconsolidated companies
|
25,287
|
|
|
(60,362
|
)
|
|
(32,164
|
)
|
|||
Net cash provided by operating activities
|
379,201
|
|
|
444,423
|
|
|
435,753
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Development of real estate investments
|
(370,466
|
)
|
|
(446,722
|
)
|
|
(427,355
|
)
|
|||
Acquisition of real estate investments and related intangible assets
|
(28,849
|
)
|
|
(125,227
|
)
|
|
(445,514
|
)
|
|||
Acquisition of undeveloped land
|
(39,881
|
)
|
|
(68,156
|
)
|
|
(76,655
|
)
|
|||
Second generation tenant improvements, leasing costs and building improvements
|
(61,900
|
)
|
|
(98,821
|
)
|
|
(91,798
|
)
|
|||
Other deferred leasing costs
|
(30,790
|
)
|
|
(31,503
|
)
|
|
(35,376
|
)
|
|||
Other assets
|
(19,083
|
)
|
|
(9,996
|
)
|
|
(30,161
|
)
|
|||
Proceeds from land and depreciated property sales, net
|
1,675,690
|
|
|
493,217
|
|
|
740,039
|
|
|||
Capital distributions from unconsolidated companies
|
68,985
|
|
|
91,750
|
|
|
109,158
|
|
|||
Capital contributions and advances to unconsolidated companies
|
(72,407
|
)
|
|
(11,573
|
)
|
|
(61,720
|
)
|
|||
Net cash provided by (used for) investing activities
|
1,121,299
|
|
|
(207,031
|
)
|
|
(319,382
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Contributions from the General Partner
|
4,710
|
|
|
289,122
|
|
|
649,690
|
|
|||
Payments for redemption/repurchase of Preferred Units
|
—
|
|
|
(446,592
|
)
|
|
(177,955
|
)
|
|||
Proceeds from unsecured debt
|
—
|
|
|
300,000
|
|
|
750,000
|
|
|||
Payments on unsecured debt
|
(913,143
|
)
|
|
(2,092
|
)
|
|
(685,022
|
)
|
|||
Proceeds from secured debt financings
|
—
|
|
|
—
|
|
|
1,933
|
|
|||
Payments on secured indebtedness including principal amortization
|
(245,665
|
)
|
|
(112,877
|
)
|
|
(169,188
|
)
|
|||
Borrowings (payments) on lines of credit, net
|
(35,000
|
)
|
|
18,000
|
|
|
(197,000
|
)
|
|||
Distributions to common unitholders
|
(241,292
|
)
|
|
(231,112
|
)
|
|
(223,362
|
)
|
|||
Distributions to common unitholders - special dividends
|
(69,055
|
)
|
|
—
|
|
|
—
|
|
|||
Distributions to preferred unitholders
|
—
|
|
|
(27,395
|
)
|
|
(31,616
|
)
|
|||
Contributions from (distributions to) noncontrolling interests, net
|
424
|
|
|
158
|
|
|
(5,956
|
)
|
|||
Buyout of noncontrolling interests
|
—
|
|
|
(7,803
|
)
|
|
—
|
|
|||
Change in book overdrafts
|
3,392
|
|
|
(4,696
|
)
|
|
(32,823
|
)
|
|||
Deferred financing costs
|
(260
|
)
|
|
(13,458
|
)
|
|
(9,686
|
)
|
|||
Net cash used for financing activities
|
(1,495,889
|
)
|
|
(238,745
|
)
|
|
(130,985
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
4,611
|
|
|
(1,353
|
)
|
|
(14,614
|
)
|
|||
Cash and cash equivalents at beginning of year
|
17,922
|
|
|
19,275
|
|
|
33,889
|
|
|||
Cash and cash equivalents at end of year
|
$
|
22,533
|
|
|
$
|
17,922
|
|
|
$
|
19,275
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
||||||
Assumption of indebtedness and other liabilities for real estate acquisitions
|
$
|
—
|
|
|
$
|
355
|
|
|
$
|
107,992
|
|
Carrying amount of pre-existing ownership interest in acquired properties
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,968
|
|
Mortgage notes receivable from buyers in property sales
|
$
|
204,336
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Contribution of properties to, net of debt assumed by, unconsolidated companies
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,426
|
|
Conversion of Limited Partner Units to common shares of the General Partner
|
$
|
2,483
|
|
|
$
|
6,741
|
|
|
$
|
331
|
|
|
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, 2012
|
$
|
1,967,091
|
|
|
$
|
625,638
|
|
|
$
|
21,383
|
|
|
$
|
2,691
|
|
|
$
|
2,616,803
|
|
|
$
|
9,148
|
|
|
$
|
2,625,951
|
|
Net income
|
158,976
|
|
|
31,616
|
|
|
2,094
|
|
|
—
|
|
|
192,686
|
|
|
3,863
|
|
|
196,549
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,428
|
|
|
1,428
|
|
|
—
|
|
|
1,428
|
|
|||||||
Capital Contribution from the General Partner
|
649,690
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
649,690
|
|
|
—
|
|
|
649,690
|
|
|||||||
Stock-based compensation plan activity
|
9,656
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,656
|
|
|
—
|
|
|
9,656
|
|
|||||||
Conversion of Limited Partner Units to common shares of the General Partner
|
331
|
|
|
—
|
|
|
(331
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Distributions to Preferred Unitholders
|
—
|
|
|
(31,616
|
)
|
|
—
|
|
|
—
|
|
|
(31,616
|
)
|
|
—
|
|
|
(31,616
|
)
|
|||||||
Redemption of Preferred Units
|
—
|
|
|
(177,955
|
)
|
|
—
|
|
|
—
|
|
|
(177,955
|
)
|
|
—
|
|
|
(177,955
|
)
|
|||||||
Distributions to Partners ($0.68 per Common Unit)
|
(220,374
|
)
|
|
—
|
|
|
(2,988
|
)
|
|
—
|
|
|
(223,362
|
)
|
|
—
|
|
|
(223,362
|
)
|
|||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,956
|
)
|
|
(5,956
|
)
|
|||||||
Balance at December 31, 2013
|
$
|
2,565,370
|
|
|
$
|
447,683
|
|
|
$
|
20,158
|
|
|
$
|
4,119
|
|
|
$
|
3,037,330
|
|
|
$
|
7,055
|
|
|
$
|
3,044,385
|
|
Net income
|
218,645
|
|
|
24,943
|
|
|
2,627
|
|
|
—
|
|
|
246,215
|
|
|
240
|
|
|
246,455
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,093
|
)
|
|
(1,093
|
)
|
|
—
|
|
|
(1,093
|
)
|
|||||||
Capital Contribution from the General Partner
|
289,122
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
289,122
|
|
|
—
|
|
|
289,122
|
|
|||||||
Stock-based compensation plan activity
|
11,123
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,123
|
|
|
—
|
|
|
11,123
|
|
|||||||
Conversion of Limited Partner Units to common shares of the General Partner
|
2,566
|
|
|
—
|
|
|
(2,566
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Distributions to Preferred Unitholders
|
—
|
|
|
(24,943
|
)
|
|
—
|
|
|
—
|
|
|
(24,943
|
)
|
|
—
|
|
|
(24,943
|
)
|
|||||||
Redemption of Preferred Units
|
1,091
|
|
|
(447,683
|
)
|
|
—
|
|
|
—
|
|
|
(446,592
|
)
|
|
—
|
|
|
(446,592
|
)
|
|||||||
Distributions to Partners ($0.68 per Common Unit)
|
(228,161
|
)
|
|
—
|
|
|
(2,951
|
)
|
|
—
|
|
|
(231,112
|
)
|
|
—
|
|
|
(231,112
|
)
|
|||||||
Contributions from noncontrolling interests, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
158
|
|
|
158
|
|
|||||||
Buyout of noncontrolling interests
|
(2,637
|
)
|
|
—
|
|
|
21
|
|
|
—
|
|
|
(2,616
|
)
|
|
(5,187
|
)
|
|
(7,803
|
)
|
|||||||
Balance at December 31, 2014
|
$
|
2,857,119
|
|
|
$
|
—
|
|
|
$
|
17,289
|
|
|
$
|
3,026
|
|
|
$
|
2,877,434
|
|
|
$
|
2,266
|
|
|
$
|
2,879,700
|
|
Net income
|
615,310
|
|
|
—
|
|
|
6,404
|
|
|
—
|
|
|
621,714
|
|
|
147
|
|
|
621,861
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,220
|
)
|
|
(1,220
|
)
|
|
—
|
|
|
(1,220
|
)
|
|||||||
Capital Contribution from the General Partner
|
4,710
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,710
|
|
|
—
|
|
|
4,710
|
|
|||||||
Stock-based compensation plan activity
|
7,673
|
|
|
—
|
|
|
2,000
|
|
|
—
|
|
|
9,673
|
|
|
—
|
|
|
9,673
|
|
|||||||
Conversion of Limited Partner Units to common shares of the General Partner
|
2,483
|
|
|
—
|
|
|
(2,483
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Distributions to Partners ($0.69 per Common Unit)
|
(238,114
|
)
|
|
—
|
|
|
(3,178
|
)
|
|
—
|
|
|
(241,292
|
)
|
|
—
|
|
|
(241,292
|
)
|
|||||||
Distributions to Partners - special ($0.20 per Common Unit)
|
(69,055
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(69,055
|
)
|
|
—
|
|
|
(69,055
|
)
|
|||||||
Contributions from noncontrolling interests, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
424
|
|
|
424
|
|
|||||||
Balance at December 31, 2015
|
$
|
3,180,126
|
|
|
$
|
—
|
|
|
$
|
20,032
|
|
|
$
|
1,806
|
|
|
$
|
3,201,964
|
|
|
$
|
2,837
|
|
|
$
|
3,204,801
|
|
(1)
|
The Company
|
(2)
|
Summary of Significant Accounting Policies
|
|
2015
|
|
2014
|
||||
Deferred leasing costs
|
$
|
302,282
|
|
|
$
|
301,173
|
|
Acquired lease-related intangible assets
|
289,518
|
|
|
325,294
|
|
||
|
$
|
591,800
|
|
|
$
|
626,467
|
|
|
|
|
|
||||
Accumulated amortization - deferred leasing costs
|
$
|
(106,912
|
)
|
|
$
|
(104,916
|
)
|
Accumulated amortization - acquired lease-related intangible assets
|
(138,514
|
)
|
|
(133,916
|
)
|
||
Total
|
$
|
346,374
|
|
|
$
|
387,635
|
|
Year
|
Amortization Expense
|
|
Charge to Rental Income
|
||||
2016
|
$
|
33,486
|
|
|
$
|
1,139
|
|
2017
|
28,103
|
|
|
966
|
|
||
2018
|
21,704
|
|
|
863
|
|
||
2019
|
17,302
|
|
|
712
|
|
||
2020
|
12,423
|
|
|
633
|
|
||
Thereafter
|
32,524
|
|
|
1,149
|
|
||
|
$
|
145,542
|
|
|
$
|
5,462
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
General Partner
|
|
|
|
|
|
||||||
Net income attributable to common shareholders
|
$
|
615,310
|
|
|
$
|
204,893
|
|
|
$
|
153,044
|
|
Less: Dividends on participating securities
|
(3,081
|
)
|
|
(2,588
|
)
|
|
(2,678
|
)
|
|||
Basic net income attributable to common shareholders
|
612,229
|
|
|
202,305
|
|
|
150,366
|
|
|||
Add back dividends on dilutive participating securities
|
3,081
|
|
|
—
|
|
|
—
|
|
|||
Noncontrolling interest in earnings of common unitholders
|
6,404
|
|
|
2,627
|
|
|
2,094
|
|
|||
Diluted net income attributable to common shareholders
|
$
|
621,714
|
|
|
$
|
204,932
|
|
|
$
|
152,460
|
|
Weighted average number of common shares outstanding
|
345,057
|
|
|
335,777
|
|
|
322,133
|
|
|||
Weighted average Limited Partner Units outstanding
|
3,582
|
|
|
4,308
|
|
|
4,392
|
|
|||
Other potential dilutive shares
|
3,558
|
|
|
361
|
|
|
187
|
|
|||
Weighted average number of common shares and potential dilutive securities
|
352,197
|
|
|
340,446
|
|
|
326,712
|
|
|||
|
|
|
|
|
|
||||||
Partnership
|
|
|
|
|
|
||||||
Net income attributable to common unitholders
|
$
|
621,714
|
|
|
$
|
207,520
|
|
|
$
|
155,138
|
|
Less: Distributions on participating securities
|
(3,081
|
)
|
|
(2,588
|
)
|
|
(2,678
|
)
|
|||
Basic net income attributable to common unitholders
|
$
|
618,633
|
|
|
$
|
204,932
|
|
|
$
|
152,460
|
|
Add back distributions on dilutive participating securities
|
3,081
|
|
|
—
|
|
|
—
|
|
|||
Diluted net income attributable to common unitholders
|
$
|
621,714
|
|
|
$
|
204,932
|
|
|
$
|
152,460
|
|
Weighted average number of Common Units outstanding
|
348,639
|
|
|
340,085
|
|
|
326,525
|
|
|||
Other potential dilutive units
|
3,558
|
|
|
361
|
|
|
187
|
|
|||
Weighted average number of Common Units and potential dilutive securities
|
352,197
|
|
|
340,446
|
|
|
326,712
|
|
|
2015
|
|
2014
|
|
2013
|
|||
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
|
997
|
|
|
1,210
|
|
|
1,373
|
|
Anti-dilutive outstanding participating securities
|
—
|
|
|
3,844
|
|
|
3,871
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Net income
|
$
|
621,861
|
|
|
$
|
246,455
|
|
|
$
|
196,549
|
|
Book/tax differences
|
(314,691
|
)
|
|
738
|
|
|
50,127
|
|
|||
Taxable income before the dividends paid deduction
|
307,170
|
|
|
247,193
|
|
|
246,676
|
|
|||
Less: capital gains
|
(294,901
|
)
|
|
(95,797
|
)
|
|
(109,133
|
)
|
|||
Adjusted taxable income subject to the 90% distribution requirement
|
$
|
12,269
|
|
|
$
|
151,396
|
|
|
$
|
137,543
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Total Cash dividends paid
|
$
|
307,170
|
|
|
$
|
255,622
|
|
|
$
|
251,914
|
|
Less: Return of capital
|
—
|
|
|
(5,479
|
)
|
|
(1,938
|
)
|
|||
Dividends paid deduction
|
307,170
|
|
|
250,143
|
|
|
249,976
|
|
|||
Less: Capital gain distributions
|
(294,901
|
)
|
|
(95,797
|
)
|
|
(109,133
|
)
|
|||
Dividends paid deduction attributable to adjusted taxable income subject to the 90% distribution requirement
|
$
|
12,269
|
|
|
$
|
154,346
|
|
|
$
|
140,843
|
|
|
2015
|
|
2014
|
|
2013
|
|||
Common Shares
|
|
|
|
|
|
|||
Ordinary income
|
4.2
|
%
|
|
59.2
|
%
|
|
52.6
|
%
|
Return of capital
|
—
|
%
|
|
2.5
|
%
|
|
4.4
|
%
|
Capital gains
|
95.8
|
%
|
|
38.3
|
%
|
|
43.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Preferred Shares
|
|
|
|
|
|
|||
Ordinary income
|
|
|
60.7
|
%
|
|
55.0
|
%
|
|
Capital gains
|
|
|
39.3
|
%
|
|
45.0
|
%
|
|
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
||
Real estate assets
|
|
—
|
|
—
|
|
$
|
31,100
|
|
|
—
|
|
—
|
|
$
|
146,767
|
|
|
—
|
|
—
|
|
22,150
|
|
Investment in land joint ventures
|
|
—
|
|
—
|
|
$
|
19,500
|
|
|
—
|
|
—
|
|
$
|
—
|
|
|
—
|
|
—
|
|
—
|
|
(3)
|
Acquisitions and Dispositions
|
Real estate assets
|
$
|
26,276
|
|
Lease related intangible assets
|
2,001
|
|
|
Total acquired assets
|
28,277
|
|
|
Other liabilities
|
319
|
|
|
Total assumed liabilities
|
319
|
|
|
Fair value of acquired net assets
|
$
|
27,958
|
|
Real estate assets
|
$
|
116,773
|
|
Lease-related intangible assets
|
14,238
|
|
|
Total acquired assets
|
131,011
|
|
|
Other liabilities
|
355
|
|
|
Total assumed liabilities
|
355
|
|
|
Fair value of acquired net assets
|
$
|
130,656
|
|
|
2015
|
|
2014
|
||
|
Low
|
High
|
|
Low
|
High
|
Discount rate
|
7.07%
|
7.07%
|
|
7.38%
|
9.96%
|
Exit capitalization rate
|
5.57%
|
5.57%
|
|
5.98%
|
8.36%
|
Lease-up period (months)
|
12
|
12
|
|
12
|
12
|
Net rental rate per square foot - Industrial
|
$4.85
|
$4.85
|
|
$2.75
|
$9.36
|
Net rental rate per square foot - Medical Office
|
$—
|
$—
|
|
$19.56
|
$19.56
|
(4)
|
Related Party Transactions
|
|
2015
|
|
2014
|
|
2013
|
||||||
Management fees
|
$
|
6,831
|
|
|
$
|
8,530
|
|
|
$
|
9,010
|
|
Leasing fees
|
3,048
|
|
|
3,410
|
|
|
2,260
|
|
|||
Construction and development fees
|
6,126
|
|
|
5,846
|
|
|
5,138
|
|
(5)
|
Investments in Unconsolidated Companies
|
|
2015
|
|
2014
|
|
2013
|
||||||
Rental revenue
|
$
|
160,543
|
|
|
$
|
230,093
|
|
|
$
|
240,064
|
|
Gain on sale of properties
|
$
|
23,696
|
|
|
$
|
121,713
|
|
|
$
|
121,404
|
|
Net income
|
$
|
60,772
|
|
|
$
|
143,857
|
|
|
$
|
116,832
|
|
|
|
|
|
|
|
||||||
Equity in earnings (loss) of unconsolidated companies
|
$
|
(3,304
|
)
|
|
$
|
94,317
|
|
|
$
|
54,116
|
|
|
|
|
|
|
|
||||||
Land, buildings and tenant improvements, net
|
$
|
1,029,803
|
|
|
$
|
1,251,470
|
|
|
|
||
Construction in progress
|
64,646
|
|
|
34,680
|
|
|
|
||||
Undeveloped land
|
115,773
|
|
|
115,252
|
|
|
|
||||
Other assets
|
144,337
|
|
|
168,653
|
|
|
|
||||
|
$
|
1,354,559
|
|
|
$
|
1,570,055
|
|
|
|
||
|
|
|
|
|
|
||||||
Indebtedness
|
$
|
413,651
|
|
|
$
|
639,810
|
|
|
|
||
Other liabilities
|
91,836
|
|
|
71,818
|
|
|
|
||||
|
505,487
|
|
|
711,628
|
|
|
|
||||
Owners' equity
|
849,072
|
|
|
858,427
|
|
|
|
||||
|
$
|
1,354,559
|
|
|
$
|
1,570,055
|
|
|
|
||
|
|
|
|
|
|
||||||
Investments in and advances to unconsolidated companies (1)
|
$
|
268,390
|
|
|
$
|
293,650
|
|
|
|
Year
|
Future Repayments
|
||
2016
|
$
|
53,835
|
|
2017
|
133,770
|
|
|
2018
|
68,836
|
|
|
2019
|
15,516
|
|
|
2020
|
30,504
|
|
|
Thereafter
|
111,071
|
|
|
|
$
|
413,532
|
|
(6)
|
Discontinued Operations, Assets Held-for-Sale and Impairments
|
|
Held-for-Sale at December 31, 2015
|
|
Sold in 2015
|
|
Sold in 2014
|
|
Sold in 2013
|
|
Total
|
Office
|
0
|
|
56
|
|
0
|
|
12
|
|
68
|
Industrial
|
0
|
|
5
|
|
11
|
|
6
|
|
22
|
Medical Office
|
0
|
|
1
|
|
1
|
|
6
|
|
8
|
Retail
|
0
|
|
0
|
|
0
|
|
1
|
|
1
|
Total properties included in discontinued operations
|
0
|
|
62
|
|
12
|
|
25
|
|
99
|
Properties excluded from discontinued operations
|
4
|
|
91
|
|
17
|
|
13
|
|
125
|
Total properties sold or classified as held-for-sale
|
4
|
|
153
|
|
29
|
|
38
|
|
224
|
|
2015
|
|
2014
|
|
2013
|
||||||
Revenues
|
$
|
32,549
|
|
|
$
|
120,884
|
|
|
$
|
159,096
|
|
Operating expenses
|
(12,498
|
)
|
|
(47,123
|
)
|
|
(62,048
|
)
|
|||
Depreciation and amortization
|
(3,517
|
)
|
|
(38,342
|
)
|
|
(55,594
|
)
|
|||
Operating income
|
16,534
|
|
|
35,419
|
|
|
41,454
|
|
|||
Interest expense
|
(5,595
|
)
|
|
(24,348
|
)
|
|
(37,649
|
)
|
|||
Income before gain on sales
|
10,939
|
|
|
11,071
|
|
|
3,805
|
|
|||
Gain on sale of depreciable properties
|
424,892
|
|
|
22,763
|
|
|
133,242
|
|
|||
Income from discontinued operations before income taxes
|
435,831
|
|
|
33,834
|
|
|
137,047
|
|
|||
Income tax expense
|
(3,175
|
)
|
|
(2,969
|
)
|
|
—
|
|
|||
Income from discontinued operations
|
$
|
432,656
|
|
|
$
|
30,865
|
|
|
$
|
137,047
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Income from continuing operations attributable to common shareholders
|
$
|
187,099
|
|
|
$
|
174,419
|
|
|
$
|
21,109
|
|
Income from discontinued operations attributable to common shareholders
|
428,211
|
|
|
30,474
|
|
|
131,935
|
|
|||
Net income attributable to common shareholders
|
$
|
615,310
|
|
|
$
|
204,893
|
|
|
$
|
153,044
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||
|
Held-for-Sale Properties Included in Continuing Operations
|
|
Properties Included in Continuing Operations
|
|
Properties Included in Discontinued Operations
|
|
Total
Held-For-Sale Properties
|
||||||||
Land and improvements
|
$
|
9,797
|
|
|
$
|
21,347
|
|
|
$
|
126,921
|
|
|
$
|
148,268
|
|
Buildings and tenant improvements
|
39,480
|
|
|
36,925
|
|
|
721,398
|
|
|
758,323
|
|
||||
Undeveloped land
|
—
|
|
|
12,443
|
|
|
—
|
|
|
12,443
|
|
||||
Accumulated depreciation
|
(7,183
|
)
|
|
(23,071
|
)
|
|
(247,269
|
)
|
|
(270,340
|
)
|
||||
Deferred leasing and other costs, net
|
3,293
|
|
|
3,480
|
|
|
44,840
|
|
|
48,320
|
|
||||
Other assets
|
414
|
|
|
562
|
|
|
27,475
|
|
|
28,037
|
|
||||
Total assets held-for-sale
|
$
|
45,801
|
|
|
$
|
51,686
|
|
|
$
|
673,365
|
|
|
$
|
725,051
|
|
|
|
|
|
|
|
|
|
||||||||
Secured debt
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
40,764
|
|
|
$
|
40,764
|
|
Accrued expenses
|
322
|
|
|
233
|
|
|
5,180
|
|
|
5,413
|
|
||||
Other liabilities
|
650
|
|
|
434
|
|
|
12,481
|
|
|
12,915
|
|
||||
Total liabilities held-for-sale
|
$
|
972
|
|
|
$
|
667
|
|
|
$
|
58,425
|
|
|
$
|
59,092
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Impairment charges - land
|
$
|
19,526
|
|
|
$
|
33,700
|
|
|
$
|
3,777
|
|
Impairment charges - building
|
3,406
|
|
|
15,406
|
|
|
—
|
|
|||
Impairment charges
|
$
|
22,932
|
|
|
$
|
49,106
|
|
|
$
|
3,777
|
|
(7)
|
Indebtedness
|
|
Maturity Date
|
|
Weighted Average Interest Rate
|
|
Weighted Average Interest Rate
|
|
|
|
|
||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|||||||
Fixed rate secured debt
|
2016 to 2027
|
|
6.55
|
%
|
|
6.27
|
%
|
|
$
|
736,896
|
|
|
$
|
979,842
|
|
Variable rate secured debt
|
2025
|
|
0.03
|
%
|
|
0.13
|
%
|
|
3,100
|
|
|
3,400
|
|
||
Unsecured debt
|
2016 to 2028
|
|
4.63
|
%
|
|
5.22
|
%
|
|
2,530,743
|
|
|
3,364,161
|
|
||
Unsecured line of credit
|
2019
|
|
1.41
|
%
|
|
1.22
|
%
|
|
71,000
|
|
|
106,000
|
|
||
|
|
|
|
|
|
|
$
|
3,341,739
|
|
|
$
|
4,453,403
|
|
||
Less secured debt related to real estate assets held-for-sale
|
|
|
|
|
|
|
—
|
|
|
40,764
|
|
||||
Total indebtedness as reported on consolidated balance sheets
|
|
|
|
|
|
|
$
|
3,341,739
|
|
|
$
|
4,412,639
|
|
•
|
In February 2015, we repaid a
$250.0 million
senior unsecured note at its maturity date. This loan had a stated interest rate of
7.38%
and an effective rate of
7.50%
.
|
•
|
In April 2015, the Partnership completed the previously described Tender Offer to purchase, for a combined aggregate purchase price (exclusive of accrued and unpaid interest) of up to
$500.0 million
, certain of its outstanding series of unsecured notes. A portion of the proceeds from the Suburban Office Portfolio Sale were used to fund the Tender Offer, which resulted in the repurchase of notes having a face value of
$424.9 million
, for a cash payment of
$500.0 million
. The repurchased notes had contractual maturity dates ranging between February 2017 and March 2020 and bore interest at stated rates ranging between
5.95%
and
8.25%
.
|
•
|
In May 2015, we repurchased unsecured notes with a face value of
$6.3 million
, for a cash payment of
$7.1 million
. These notes had a stated interest rate of
6.50%
and an effective rate of
6.08%
.
|
•
|
In October 2015, we redeemed
$150.0 million
in unsecured notes that had a scheduled maturity in March 2016, for a cash payment of
$152.6 million
. These notes had a stated interest rate of
5.50%
and an effective rate of
6.72%
.
|
•
|
During 2015, the early repayment of unsecured notes, either through the Tender Offer or repurchase, resulted in an aggregate loss on extinguishment of
$82.0 million
, which included applicable repurchase premiums as well as the write-off of unamortized deferred loan costs.
|
•
|
In November 2014, we issued
$300.0 million
of unsecured notes that bear interest at a stated rate of
3.75%
, have an effective rate of
3.90%
, and mature on December 1, 2024.
|
|
|
|
|
|
Outstanding Balance at
|
||||
Description
|
Borrowing Capacity
|
|
Maturity Date
|
|
December 31, 2015
|
||||
Unsecured Line of Credit – Partnership
|
$
|
1,200,000
|
|
|
January 2019
|
|
$
|
71,000
|
|
|
Book Value at 12/31/2014
|
|
Book Value at 12/31/2015
|
|
Fair Value at 12/31/2014
|
|
Payments/Payoffs
|
|
Adjustments
to Fair Value
|
|
Fair Value at 12/31/2015
|
||||||||||||
Fixed rate secured debt
|
$
|
979,842
|
|
|
$
|
736,896
|
|
|
$
|
1,065,301
|
|
|
$
|
(241,114
|
)
|
|
$
|
(35,092
|
)
|
|
$
|
789,095
|
|
Variable rate secured debt
|
3,400
|
|
|
3,100
|
|
|
3,400
|
|
|
(300
|
)
|
|
—
|
|
|
3,100
|
|
||||||
Unsecured debt
|
3,364,161
|
|
|
2,530,743
|
|
|
3,603,475
|
|
|
(833,417
|
)
|
|
(145,263
|
)
|
|
2,624,795
|
|
||||||
Unsecured line of credit
|
106,000
|
|
|
71,000
|
|
|
106,000
|
|
|
(35,000
|
)
|
|
(148
|
)
|
|
70,852
|
|
||||||
Total
|
$
|
4,453,403
|
|
|
$
|
3,341,739
|
|
|
$
|
4,778,176
|
|
|
$
|
(1,109,831
|
)
|
|
$
|
(180,503
|
)
|
|
$
|
3,487,842
|
|
Less secured debt related to real estate assets held-for-sale
|
40,764
|
|
|
—
|
|
|
|
|
|
|
|
|
|
||||||||||
Total indebtedness as reported on consolidated balance sheets
|
$
|
4,412,639
|
|
|
$
|
3,341,739
|
|
|
|
|
|
|
|
|
|
Year
|
Amount
|
||
2016
|
$
|
357,037
|
|
2017
|
350,295
|
|
|
2018
|
293,379
|
|
|
2019
|
725,912
|
|
|
2020
|
134,041
|
|
|
Thereafter
|
1,480,252
|
|
|
|
$
|
3,340,916
|
|
(8)
|
Segment Reporting
|
|
2015
|
|
2014
|
|
2013
|
||||||
Revenues
|
|
|
|
|
|
||||||
Rental Operations:
|
|
|
|
|
|
||||||
Industrial
|
$
|
556,903
|
|
|
$
|
529,144
|
|
|
$
|
479,147
|
|
Medical Office
|
160,951
|
|
|
146,530
|
|
|
127,475
|
|
|||
Office
|
90,722
|
|
|
131,722
|
|
|
142,772
|
|
|||
Non-reportable Rental Operations
|
—
|
|
|
8,814
|
|
|
7,206
|
|
|||
Service Operations
|
133,367
|
|
|
224,500
|
|
|
206,596
|
|
|||
Total segment revenues
|
941,943
|
|
|
1,040,710
|
|
|
963,196
|
|
|||
Other revenue
|
7,489
|
|
|
6,141
|
|
|
5,564
|
|
|||
Consolidated revenue from continuing operations
|
949,432
|
|
|
1,046,851
|
|
|
968,760
|
|
|||
Discontinued operations
|
32,549
|
|
|
120,884
|
|
|
159,096
|
|
|||
Consolidated revenue
|
$
|
981,981
|
|
|
$
|
1,167,735
|
|
|
$
|
1,127,856
|
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
PNOI
|
|
|
|
|
|
|
||||||
Industrial
|
|
$
|
393,909
|
|
|
$
|
351,955
|
|
|
$
|
315,846
|
|
Medical Office
|
|
103,540
|
|
|
91,099
|
|
|
70,844
|
|
|||
Office
|
|
38,231
|
|
|
39,820
|
|
|
38,977
|
|
|||
Non-reportable Rental Operations
|
|
—
|
|
|
4,506
|
|
|
(90
|
)
|
|||
PNOI, excluding all sold/held for sale properties
|
|
535,680
|
|
|
487,380
|
|
|
425,577
|
|
|||
PNOI from sold/held-for-sale properties included in continuing operations
|
|
27,971
|
|
|
68,451
|
|
|
91,604
|
|
|||
PNOI, continuing operations
|
|
563,651
|
|
|
555,831
|
|
|
517,181
|
|
|||
|
|
|
|
|
|
|
||||||
Earnings from Service Operations
|
|
14,197
|
|
|
24,469
|
|
|
22,763
|
|
|||
|
|
|
|
|
|
|
||||||
Rental Operations revenues and expenses excluded from PNOI:
|
||||||||||||
Straight-line rental income and expense, net
|
|
20,669
|
|
|
19,412
|
|
|
11,443
|
|
|||
Revenues related to lease buyouts
|
|
1,567
|
|
|
5,246
|
|
|
11,151
|
|
|||
Amortization of lease concessions and above and below market rents
|
|
(3,258
|
)
|
|
(4,789
|
)
|
|
(8,115
|
)
|
|||
Intercompany rents and other adjusting items
|
|
(2,044
|
)
|
|
(4,219
|
)
|
|
(3,009
|
)
|
|||
Non-Segment Items:
|
|
|
|
|
|
|
||||||
Equity in earnings (loss) of unconsolidated companies
|
|
(3,304
|
)
|
|
94,317
|
|
|
54,116
|
|
|||
Interest expense
|
|
(173,574
|
)
|
|
(196,186
|
)
|
|
(202,174
|
)
|
|||
Depreciation expense
|
|
(317,329
|
)
|
|
(346,275
|
)
|
|
(353,456
|
)
|
|||
Gain on sale of properties
|
|
229,702
|
|
|
162,715
|
|
|
59,179
|
|
|||
Impairment charges
|
|
(22,932
|
)
|
|
(49,106
|
)
|
|
(3,777
|
)
|
|||
Interest and other income, net
|
|
4,667
|
|
|
1,246
|
|
|
1,887
|
|
|||
General and administrative expenses
|
|
(58,565
|
)
|
|
(49,362
|
)
|
|
(42,673
|
)
|
|||
Gain on land sales
|
|
35,054
|
|
|
10,441
|
|
|
9,547
|
|
|||
Other operating expenses
|
|
(5,947
|
)
|
|
(7,191
|
)
|
|
(8,144
|
)
|
|||
Loss on extinguishment of debt
|
|
(85,713
|
)
|
|
(283
|
)
|
|
(9,433
|
)
|
|||
Acquisition-related activity
|
|
(8,499
|
)
|
|
(1,099
|
)
|
|
(3,093
|
)
|
|||
Other non-segment revenues and expenses, net
|
|
(3,065
|
)
|
|
(421
|
)
|
|
1,029
|
|
|||
Income from continuing operations before income taxes
|
|
$
|
185,277
|
|
|
$
|
214,746
|
|
|
$
|
54,422
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||
Assets
|
|
|
|
||||
Rental Operations:
|
|
|
|
||||
Industrial
|
$
|
4,552,107
|
|
|
$
|
4,677,047
|
|
Medical Office
|
1,269,546
|
|
|
1,229,632
|
|
||
Office
|
367,469
|
|
|
1,252,627
|
|
||
Non-reportable Rental Operations
|
—
|
|
|
71,741
|
|
||
Service Operations
|
137,257
|
|
|
158,762
|
|
||
Total segment assets
|
6,326,379
|
|
|
7,389,809
|
|
||
Non-segment assets
|
590,734
|
|
|
365,030
|
|
||
Consolidated assets
|
$
|
6,917,113
|
|
|
$
|
7,754,839
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Second Generation Capital Expenditures
|
|
|
|
|
|
||||||
Industrial
|
$
|
45,716
|
|
|
$
|
53,840
|
|
|
$
|
41,971
|
|
Medical Office
|
4,711
|
|
|
3,131
|
|
|
3,106
|
|
|||
Office
|
11,443
|
|
|
41,124
|
|
|
46,600
|
|
|||
Non-reportable Rental Operations segments
|
30
|
|
|
726
|
|
|
121
|
|
|||
Total
|
$
|
61,900
|
|
|
$
|
98,821
|
|
|
$
|
91,798
|
|
(9)
|
Leasing Activity
|
Year
|
Amount
|
||
2016
|
$
|
597,811
|
|
2017
|
585,202
|
|
|
2018
|
525,966
|
|
|
2019
|
463,653
|
|
|
2020
|
404,912
|
|
|
Thereafter
|
1,717,524
|
|
|
|
$
|
4,295,068
|
|
(10)
|
Employee Benefit Plans
|
(11)
|
Shareholders' Equity of the General Partner and Partners' Capital of the Partnership
|
(12)
|
Stock Based Compensation
|
(13)
|
Financial Instruments
|
(14)
|
Commitments and Contingencies
|
(15)
|
Selected Interim Financial Information (unaudited)
|
|
|
Quarter Ended
|
||||||
2015
|
|
December 31
|
|
September 30
|
|
June 30
|
|
March 31
|
|
|
|
|
|
|
|
|
|
Rental and related revenue
|
|
$198,516
|
|
$200,938
|
|
$201,996
|
|
$214,615
|
General contractor and service fee revenue
|
|
$23,047
|
|
$33,599
|
|
$23,901
|
|
$52,820
|
|
|
|
|
|
|
|
|
|
General Partner
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders
|
|
$24,252
|
|
$76,434
|
|
$449,380
|
|
$65,244
|
Basic income per common share
|
|
$0.07
|
|
$0.22
|
|
$1.30
|
|
$0.19
|
Diluted income per common share
|
|
$0.07
|
|
$0.22
|
|
$1.30
|
|
$0.19
|
Weighted average common shares
|
|
345,267
|
|
345,256
|
|
345,098
|
|
344,597
|
Weighted average common shares and potential dilutive securities
|
|
349,532
|
|
352,150
|
|
349,161
|
|
348,653
|
|
|
|
|
|
|
|
|
|
Partnership
|
|
|
|
|
|
|
|
|
Net income attributable to common unitholders
|
|
$24,444
|
|
$77,185
|
|
$454,142
|
|
$65,943
|
Basic income per Common Unit
|
|
$0.07
|
|
$0.22
|
|
$1.30
|
|
$0.19
|
Diluted income per Common Unit
|
|
$0.07
|
|
$0.22
|
|
$1.30
|
|
$0.19
|
Weighted average Common Units
|
|
348,769
|
|
348,760
|
|
348,728
|
|
348,292
|
Weighted average Common Units and potential dilutive securities
|
|
349,532
|
|
352,150
|
|
349,161
|
|
348,653
|
|
|
|
|
|
|
|
|
|
2014
|
|
December 31
|
|
September 30
|
|
June 30
|
|
March 31
|
|
|
|
|
|
|
|
|
|
Rental and related revenue
|
|
$206,859
|
|
$202,067
|
|
$204,780
|
|
$208,645
|
General contractor and service fee revenue
|
|
$39,429
|
|
$59,739
|
|
$69,512
|
|
$55,820
|
|
|
|
|
|
|
|
|
|
General Partner
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common shareholders
|
|
$(3,011)
|
|
$61,533
|
|
$127,688
|
|
$18,683
|
Basic income (loss) per common share
|
|
$(0.01)
|
|
$0.18
|
|
$0.38
|
|
$0.06
|
Diluted income (loss) per common share
|
|
$(0.01)
|
|
$0.18
|
|
$0.38
|
|
$0.06
|
Weighted average common shares
|
|
342,853
|
|
341,165
|
|
331,753
|
|
327,106
|
Weighted average common shares and potential dilutive securities
|
|
342,853
|
|
345,826
|
|
336,414
|
|
331,716
|
|
|
|
|
|
|
|
|
|
Partnership
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common unitholders
|
|
$(3,122)
|
|
$62,328
|
|
$129,381
|
|
$18,933
|
Basic income (loss) per Common Unit
|
|
$(0.01)
|
|
$0.18
|
|
$0.38
|
|
$0.06
|
Diluted income (loss) per Common Unit
|
|
$(0.01)
|
|
$0.18
|
|
$0.38
|
|
$0.06
|
Weighted average Common Units
|
|
346,934
|
|
345,545
|
|
336,139
|
|
331,493
|
Weighted average Common Units and potential dilutive securities
|
|
346,934
|
|
345,826
|
|
336,414
|
|
331,716
|
(16)
|
Subsequent Events
|
Class of stock/units
|
Quarterly
Amount per Share or Unit
|
|
Record Date
|
|
Payment Date
|
||
Common
|
$
|
0.18
|
|
|
February 16, 2016
|
|
February 29, 2016
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2015
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/15
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
Anaheim, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Kraemer Building 1
|
|
Industrial
|
—
|
|
|
6,648
|
|
|
7,008
|
|
|
86
|
|
|
6,648
|
|
|
7,094
|
|
|
13,742
|
|
|
803
|
|
1999
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Atlanta, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Airport Distribution Ctr III
|
|
Industrial
|
—
|
|
|
4,064
|
|
|
11,990
|
|
|
113
|
|
|
4,064
|
|
|
12,103
|
|
|
16,167
|
|
|
1,175
|
|
2002
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Aurora, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
880 North Enterprise Street
|
|
Industrial
|
3,309
|
|
|
964
|
|
|
4,712
|
|
|
968
|
|
|
963
|
|
|
5,681
|
|
|
6,644
|
|
|
2,282
|
|
2000
|
2000
|
|
Genera Corporation
|
|
Industrial
|
2,992
|
|
|
1,957
|
|
|
3,538
|
|
|
26
|
|
|
1,957
|
|
|
3,564
|
|
|
5,521
|
|
|
1,752
|
|
2004
|
2004
|
|
Butterfield 2805
|
|
Industrial
|
13,655
|
|
|
9,185
|
|
|
10,795
|
|
|
6,121
|
|
|
9,272
|
|
|
16,829
|
|
|
26,101
|
|
|
5,963
|
|
2008
|
2008
|
|
940 N. Enterprise
|
|
Industrial
|
—
|
|
|
2,674
|
|
|
6,955
|
|
|
1,179
|
|
|
2,674
|
|
|
8,134
|
|
|
10,808
|
|
|
1,150
|
|
1998
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Austell, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Hartman Business Center V
|
|
Industrial
|
—
|
|
|
2,640
|
|
|
21,471
|
|
|
—
|
|
|
2,640
|
|
|
21,471
|
|
|
24,111
|
|
|
3,259
|
|
2008
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Baltimore, Maryland
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
5901 Holabird Ave.
|
|
Industrial
|
—
|
|
|
3,345
|
|
|
3,957
|
|
|
3,476
|
|
|
3,345
|
|
|
7,433
|
|
|
10,778
|
|
|
3,928
|
|
2008
|
2008
|
|
5003 Holabird Ave.
|
|
Industrial
|
—
|
|
|
6,488
|
|
|
9,162
|
|
|
1,961
|
|
|
6,488
|
|
|
11,123
|
|
|
17,611
|
|
|
4,262
|
|
2008
|
2008
|
|
2010 Broening Hwy.
|
|
Industrial
|
—
|
|
|
37,557
|
|
|
38,061
|
|
|
—
|
|
|
37,557
|
|
|
38,061
|
|
|
75,618
|
|
|
4,134
|
|
2014
|
2014
|
|
5501 Holabird Ave.
|
|
Industrial
|
—
|
|
|
13,724
|
|
|
10,526
|
|
|
—
|
|
|
13,724
|
|
|
10,526
|
|
|
24,250
|
|
|
1,319
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Baytown, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Cedar Crossing
|
|
Industrial
|
—
|
|
|
9,323
|
|
|
5,934
|
|
|
—
|
|
|
9,323
|
|
|
5,934
|
|
|
15,257
|
|
|
3,291
|
|
2005
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Bolingbrook, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Dawes Transportation
|
|
Industrial
|
—
|
|
|
3,050
|
|
|
4,164
|
|
|
142
|
|
|
3,050
|
|
|
4,306
|
|
|
7,356
|
|
|
2,436
|
|
2005
|
2005
|
|
515 Crossroads Parkway
|
|
Industrial
|
2,761
|
|
|
917
|
|
|
4,128
|
|
|
731
|
|
|
917
|
|
|
4,859
|
|
|
5,776
|
|
|
1,735
|
|
1999
|
2002
|
|
Crossroads 1
|
|
Industrial
|
3,583
|
|
|
1,418
|
|
|
5,743
|
|
|
682
|
|
|
1,418
|
|
|
6,425
|
|
|
7,843
|
|
|
1,582
|
|
1998
|
2010
|
|
Crossroads 3
|
|
Industrial
|
2,652
|
|
|
1,330
|
|
|
4,389
|
|
|
310
|
|
|
1,330
|
|
|
4,699
|
|
|
6,029
|
|
|
1,006
|
|
2000
|
2010
|
|
370 Crossroads Parkway
|
|
Industrial
|
—
|
|
|
2,409
|
|
|
5,319
|
|
|
786
|
|
|
2,409
|
|
|
6,105
|
|
|
8,514
|
|
|
1,700
|
|
1989
|
2011
|
|
605 Crossroads Parkway
|
|
Industrial
|
—
|
|
|
3,656
|
|
|
7,832
|
|
|
257
|
|
|
3,656
|
|
|
8,089
|
|
|
11,745
|
|
|
1,491
|
|
1998
|
2011
|
|
335 Crossroads Parkway
|
|
Industrial
|
—
|
|
|
2,574
|
|
|
8,384
|
|
|
437
|
|
|
2,574
|
|
|
8,821
|
|
|
11,395
|
|
|
1,173
|
|
1997
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Boynton Beach, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Gateway Center 1
|
|
Industrial
|
—
|
|
|
4,271
|
|
|
5,809
|
|
|
1,439
|
|
|
4,271
|
|
|
7,248
|
|
|
11,519
|
|
|
1,558
|
|
2002
|
2010
|
|
Gateway Center 2
|
|
Industrial
|
—
|
|
|
2,006
|
|
|
4,698
|
|
|
134
|
|
|
2,006
|
|
|
4,832
|
|
|
6,838
|
|
|
973
|
|
2002
|
2010
|
|
Gateway Center 3
|
|
Industrial
|
—
|
|
|
2,381
|
|
|
3,245
|
|
|
80
|
|
|
2,381
|
|
|
3,325
|
|
|
5,706
|
|
|
723
|
|
2002
|
2010
|
|
Gateway Center 4
|
|
Industrial
|
—
|
|
|
1,800
|
|
|
2,668
|
|
|
117
|
|
|
1,800
|
|
|
2,785
|
|
|
4,585
|
|
|
616
|
|
2000
|
2010
|
|
Gateway Center 5
|
|
Industrial
|
—
|
|
|
1,238
|
|
|
2,022
|
|
|
1,031
|
|
|
1,238
|
|
|
3,053
|
|
|
4,291
|
|
|
912
|
|
2000
|
2010
|
|
Gateway Center 6
|
|
Industrial
|
—
|
|
|
1,238
|
|
|
1,935
|
|
|
695
|
|
|
1,238
|
|
|
2,630
|
|
|
3,868
|
|
|
762
|
|
2000
|
2010
|
|
Gateway Center 7
|
|
Industrial
|
—
|
|
|
1,800
|
|
|
2,719
|
|
|
41
|
|
|
1,800
|
|
|
2,760
|
|
|
4,560
|
|
|
589
|
|
2000
|
2010
|
|
Gateway Center 8
|
|
Industrial
|
—
|
|
|
4,781
|
|
|
10,343
|
|
|
1,730
|
|
|
4,781
|
|
|
12,073
|
|
|
16,854
|
|
|
2,367
|
|
2004
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2015
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/15
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
Braselton, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Braselton II
|
|
Industrial
|
—
|
|
|
1,365
|
|
|
7,728
|
|
|
5,359
|
|
|
1,884
|
|
|
12,568
|
|
|
14,452
|
|
|
4,008
|
|
2001
|
2001
|
|
625 Braselton Pkwy
|
|
Industrial
|
19,605
|
|
|
9,855
|
|
|
21,103
|
|
|
5,827
|
|
|
11,062
|
|
|
25,723
|
|
|
36,785
|
|
|
10,145
|
|
2006
|
2005
|
|
1350 Braselton Parkway
|
|
Industrial
|
—
|
|
|
8,227
|
|
|
8,874
|
|
|
5,323
|
|
|
8,227
|
|
|
14,197
|
|
|
22,424
|
|
|
6,615
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Brentwood, Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Brentwood South Bus Ctr I
|
|
Industrial
|
—
|
|
|
1,065
|
|
|
4,800
|
|
|
1,778
|
|
|
1,065
|
|
|
6,578
|
|
|
7,643
|
|
|
2,737
|
|
1987
|
1999
|
|
Brentwood South Bus Ctr II
|
|
Industrial
|
—
|
|
|
1,065
|
|
|
2,306
|
|
|
1,822
|
|
|
1,065
|
|
|
4,128
|
|
|
5,193
|
|
|
1,746
|
|
1987
|
1999
|
|
Brentwood South Bus Ctr III
|
|
Industrial
|
—
|
|
|
848
|
|
|
3,345
|
|
|
1,427
|
|
|
848
|
|
|
4,772
|
|
|
5,620
|
|
|
1,874
|
|
1989
|
1999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Bridgeton, Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
DukePort I
|
|
Industrial
|
—
|
|
|
2,124
|
|
|
5,374
|
|
|
474
|
|
|
2,124
|
|
|
5,848
|
|
|
7,972
|
|
|
1,548
|
|
1996
|
2010
|
|
DukePort II
|
|
Industrial
|
—
|
|
|
1,470
|
|
|
2,880
|
|
|
94
|
|
|
1,470
|
|
|
2,974
|
|
|
4,444
|
|
|
889
|
|
1997
|
2010
|
|
DukePort V
|
|
Industrial
|
—
|
|
|
600
|
|
|
2,898
|
|
|
299
|
|
|
600
|
|
|
3,197
|
|
|
3,797
|
|
|
677
|
|
1998
|
2010
|
|
DukePort VI
|
|
Industrial
|
—
|
|
|
1,664
|
|
|
6,104
|
|
|
182
|
|
|
1,664
|
|
|
6,286
|
|
|
7,950
|
|
|
1,732
|
|
1999
|
2010
|
|
DukePort VII
|
|
Industrial
|
—
|
|
|
834
|
|
|
3,865
|
|
|
135
|
|
|
834
|
|
|
4,000
|
|
|
4,834
|
|
|
802
|
|
1999
|
2010
|
|
DukePort IX
|
|
Industrial
|
—
|
|
|
2,475
|
|
|
5,597
|
|
|
1,755
|
|
|
2,475
|
|
|
7,352
|
|
|
9,827
|
|
|
1,596
|
|
2001
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Brooklyn Park, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
7300 Northland Drive
|
|
Industrial
|
—
|
|
|
700
|
|
|
5,332
|
|
|
390
|
|
|
703
|
|
|
5,719
|
|
|
6,422
|
|
|
2,454
|
|
1999
|
1998
|
|
Crosstown North Bus. Ctr. 1
|
|
Industrial
|
3,221
|
|
|
835
|
|
|
4,558
|
|
|
1,241
|
|
|
1,121
|
|
|
5,513
|
|
|
6,634
|
|
|
2,358
|
|
1998
|
1999
|
|
Crosstown North Bus. Ctr. 4
|
|
Industrial
|
4,908
|
|
|
2,079
|
|
|
5,685
|
|
|
1,776
|
|
|
2,233
|
|
|
7,307
|
|
|
9,540
|
|
|
3,148
|
|
1999
|
1999
|
|
Crosstown North Bus. Ctr. 5
|
|
Industrial
|
2,839
|
|
|
1,079
|
|
|
3,885
|
|
|
782
|
|
|
1,166
|
|
|
4,580
|
|
|
5,746
|
|
|
1,796
|
|
2000
|
2000
|
|
Crosstown North Bus. Ctr. 10
|
|
Industrial
|
3,656
|
|
|
2,757
|
|
|
3,018
|
|
|
1,471
|
|
|
2,723
|
|
|
4,523
|
|
|
7,246
|
|
|
2,217
|
|
2005
|
2005
|
|
Crosstown North Bus. Ctr. 12
|
|
Industrial
|
6,952
|
|
|
4,564
|
|
|
7,759
|
|
|
1,153
|
|
|
4,564
|
|
|
8,912
|
|
|
13,476
|
|
|
3,527
|
|
2005
|
2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Burleson, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor Emergency @ Burleson
|
|
Medical Office
|
—
|
|
|
3,425
|
|
|
9,902
|
|
|
480
|
|
|
3,425
|
|
|
10,382
|
|
|
13,807
|
|
|
906
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Burr Ridge, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Burr Ridge Medical Center
|
|
Medical Office
|
—
|
|
|
5,392
|
|
|
31,506
|
|
|
2,074
|
|
|
5,392
|
|
|
33,580
|
|
|
38,972
|
|
|
5,138
|
|
2010
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Carmel, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Hamilton Crossing I
|
|
Office
|
—
|
|
|
833
|
|
|
1,645
|
|
|
3,370
|
|
|
845
|
|
|
5,003
|
|
|
5,848
|
|
|
2,678
|
|
2000
|
1993
|
|
Hamilton Crossing II
|
|
Office
|
—
|
|
|
313
|
|
|
163
|
|
|
1,716
|
|
|
313
|
|
|
1,879
|
|
|
2,192
|
|
|
964
|
|
1997
|
1997
|
|
Hamilton Crossing III
|
|
Office
|
—
|
|
|
890
|
|
|
5,814
|
|
|
5,127
|
|
|
890
|
|
|
10,941
|
|
|
11,831
|
|
|
3,737
|
|
2000
|
2000
|
|
Hamilton Crossing IV
|
|
Office
|
—
|
|
|
515
|
|
|
4,323
|
|
|
780
|
|
|
515
|
|
|
5,103
|
|
|
5,618
|
|
|
2,179
|
|
1999
|
1999
|
|
Hamilton Crossing VI
|
|
Office
|
—
|
|
|
1,044
|
|
|
12,596
|
|
|
1,363
|
|
|
1,068
|
|
|
13,935
|
|
|
15,003
|
|
|
5,856
|
|
2004
|
2004
|
|
St. Vincent Women's Carmel MOB
|
|
Medical Office
|
—
|
|
|
20
|
|
|
17,569
|
|
|
—
|
|
|
20
|
|
|
17,569
|
|
|
17,589
|
|
|
749
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Carol Stream, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Carol Stream IV
|
|
Industrial
|
7,969
|
|
|
3,204
|
|
|
11,824
|
|
|
1,427
|
|
|
3,204
|
|
|
13,251
|
|
|
16,455
|
|
|
4,465
|
|
2004
|
2003
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2015
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/15
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Carol Stream I
|
|
Industrial
|
—
|
|
|
1,095
|
|
|
3,200
|
|
|
168
|
|
|
1,095
|
|
|
3,368
|
|
|
4,463
|
|
|
718
|
|
1998
|
2010
|
|
Carol Stream III
|
|
Industrial
|
—
|
|
|
1,556
|
|
|
6,300
|
|
|
469
|
|
|
1,569
|
|
|
6,756
|
|
|
8,325
|
|
|
1,451
|
|
2002
|
2010
|
|
250 Kehoe Blvd, Carol Stream
|
|
Industrial
|
—
|
|
|
1,715
|
|
|
7,560
|
|
|
249
|
|
|
1,715
|
|
|
7,809
|
|
|
9,524
|
|
|
1,231
|
|
2008
|
2011
|
|
720 Center Avenue
|
|
Industrial
|
—
|
|
|
4,031
|
|
|
20,735
|
|
|
1,024
|
|
|
4,756
|
|
|
21,034
|
|
|
25,790
|
|
|
5,073
|
|
1999
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cedar Park, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Cedar Park MOB I
|
|
Medical Office
|
—
|
|
|
576
|
|
|
15,666
|
|
|
990
|
|
|
576
|
|
|
16,656
|
|
|
17,232
|
|
|
4,158
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cedartown, Georgia
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Harbin Clinic Cedartown MOB
|
|
Medical Office
|
—
|
|
|
755
|
|
|
3,121
|
|
|
—
|
|
|
755
|
|
|
3,121
|
|
|
3,876
|
|
|
507
|
|
2007
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Celebration, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Celebration Medical Plaza
|
|
Medical Office
|
11,767
|
|
|
558
|
|
|
17,335
|
|
|
636
|
|
|
558
|
|
|
17,971
|
|
|
18,529
|
|
|
3,713
|
|
2006
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Charlotte, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Morehead Medical Plaza
|
|
Medical Office
|
—
|
|
|
191
|
|
|
39,047
|
|
|
188
|
|
|
191
|
|
|
39,235
|
|
|
39,426
|
|
|
8,512
|
|
2006
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Chino, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Chino I
|
|
Industrial
|
—
|
|
|
14,046
|
|
|
8,236
|
|
|
2,230
|
|
|
14,046
|
|
|
10,466
|
|
|
24,512
|
|
|
2,086
|
|
2013
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cincinnati, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
311 Elm
|
|
Office
|
—
|
|
|
339
|
|
|
4,936
|
|
|
1,513
|
|
|
—
|
|
|
6,788
|
|
|
6,788
|
|
|
5,558
|
|
1986
|
1993
|
|
8230 Kenwood Commons
|
|
Office
|
2,040
|
|
|
638
|
|
|
3,668
|
|
|
1,412
|
|
|
638
|
|
|
5,080
|
|
|
5,718
|
|
|
3,924
|
|
1986
|
1993
|
|
8280 Kenwood Commons
|
|
Office
|
1,060
|
|
|
638
|
|
|
2,130
|
|
|
907
|
|
|
638
|
|
|
3,037
|
|
|
3,675
|
|
|
2,025
|
|
1986
|
1993
|
|
Kenwood Medical Office Bldg.
|
|
Medical Office
|
—
|
|
|
—
|
|
|
7,566
|
|
|
100
|
|
|
—
|
|
|
7,666
|
|
|
7,666
|
|
|
3,377
|
|
1999
|
1999
|
|
World Park Building 17
|
|
Industrial
|
—
|
|
|
1,133
|
|
|
5,550
|
|
|
262
|
|
|
1,133
|
|
|
5,812
|
|
|
6,945
|
|
|
1,132
|
|
1994
|
2010
|
|
World Park Building 18
|
|
Industrial
|
—
|
|
|
1,268
|
|
|
5,200
|
|
|
103
|
|
|
1,268
|
|
|
5,303
|
|
|
6,571
|
|
|
1,154
|
|
1997
|
2010
|
|
World Park Building 28
|
|
Industrial
|
—
|
|
|
870
|
|
|
5,251
|
|
|
638
|
|
|
870
|
|
|
5,889
|
|
|
6,759
|
|
|
1,151
|
|
1998
|
2010
|
|
World Park Building 29
|
|
Industrial
|
—
|
|
|
1,605
|
|
|
10,220
|
|
|
185
|
|
|
1,605
|
|
|
10,405
|
|
|
12,010
|
|
|
2,068
|
|
1998
|
2010
|
|
World Park Building 30
|
|
Industrial
|
—
|
|
|
2,492
|
|
|
11,964
|
|
|
4,558
|
|
|
2,492
|
|
|
16,522
|
|
|
19,014
|
|
|
2,892
|
|
1999
|
2010
|
|
World Park Building 31
|
|
Industrial
|
—
|
|
|
533
|
|
|
2,531
|
|
|
354
|
|
|
533
|
|
|
2,885
|
|
|
3,418
|
|
|
657
|
|
1998
|
2010
|
|
Western Ridge
|
|
Medical Office
|
—
|
|
|
1,894
|
|
|
8,028
|
|
|
811
|
|
|
1,915
|
|
|
8,818
|
|
|
10,733
|
|
|
2,188
|
|
2010
|
2010
|
|
Western Ridge MOB II
|
|
Medical Office
|
—
|
|
|
1,020
|
|
|
3,544
|
|
|
59
|
|
|
1,020
|
|
|
3,603
|
|
|
4,623
|
|
|
775
|
|
2011
|
2011
|
|
Good Samaritan Clifton
|
|
Medical Office
|
—
|
|
|
50
|
|
|
8,438
|
|
|
105
|
|
|
50
|
|
|
8,543
|
|
|
8,593
|
|
|
1,288
|
|
1992
|
2012
|
|
TriHealth Cardiology Anderson
|
|
Medical Office
|
—
|
|
|
1,095
|
|
|
3,852
|
|
|
538
|
|
|
1,095
|
|
|
4,390
|
|
|
5,485
|
|
|
521
|
|
2013
|
2013
|
|
West Chester Medical Off. Bldg
|
|
Medical Office
|
—
|
|
|
1,818
|
|
|
9,544
|
|
|
192
|
|
|
1,818
|
|
|
9,736
|
|
|
11,554
|
|
|
603
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
College Station, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
College Station Medical Center
|
|
Medical Office
|
—
|
|
|
5,551
|
|
|
33,770
|
|
|
2,003
|
|
|
5,551
|
|
|
35,773
|
|
|
41,324
|
|
|
4,930
|
|
2013
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Colleyville, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor Emergency @ Colleyville
|
|
Medical Office
|
—
|
|
|
2,853
|
|
|
6,404
|
|
|
23
|
|
|
2,853
|
|
|
6,427
|
|
|
9,280
|
|
|
519
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2015
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/15
|
|
|
|
|
||||||||||||||
|
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
|
15,140
|
|
|
8,198
|
|
|
16,878
|
|
|
3,283
|
|
|
8,198
|
|
|
20,161
|
|
|
28,359
|
|
|
13,100
|
|
2004
|
2004
|
|
Point West VI
|
|
Industrial
|
15,941
|
|
|
10,181
|
|
|
14,519
|
|
|
7,176
|
|
|
10,190
|
|
|
21,686
|
|
|
31,876
|
|
|
7,909
|
|
2008
|
2008
|
|
Point West VII
|
|
Industrial
|
13,880
|
|
|
6,785
|
|
|
13,663
|
|
|
6,659
|
|
|
7,201
|
|
|
19,906
|
|
|
27,107
|
|
|
9,235
|
|
2008
|
2008
|
|
Samsung Pkg Lot-PWT7
|
|
Grounds
|
—
|
|
|
306
|
|
|
—
|
|
|
(189
|
)
|
|
117
|
|
|
—
|
|
|
117
|
|
|
—
|
|
n/a
|
2009
|
|
Point West VIII
|
|
Industrial
|
—
|
|
|
3,267
|
|
|
8,695
|
|
|
—
|
|
|
3,267
|
|
|
8,695
|
|
|
11,962
|
|
|
480
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Corona, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1283 Sherborn Street
|
|
Industrial
|
—
|
|
|
8,677
|
|
|
16,778
|
|
|
40
|
|
|
8,677
|
|
|
16,818
|
|
|
25,495
|
|
|
4,064
|
|
2005
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cranbury, New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
311 Half Acre Road
|
|
Industrial
|
—
|
|
|
6,600
|
|
|
14,636
|
|
|
—
|
|
|
6,600
|
|
|
14,636
|
|
|
21,236
|
|
|
1,725
|
|
2004
|
2013
|
|
315 Half Acre Road
|
|
Industrial
|
—
|
|
|
14,100
|
|
|
30,084
|
|
|
—
|
|
|
14,100
|
|
|
30,084
|
|
|
44,184
|
|
|
3,500
|
|
2004
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Dallas, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor Administration Building
|
|
Medical Office
|
—
|
|
|
50
|
|
|
14,435
|
|
|
100
|
|
|
150
|
|
|
14,435
|
|
|
14,585
|
|
|
3,379
|
|
2009
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Davenport, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Park 27 Distribution Center I
|
|
Industrial
|
—
|
|
|
2,449
|
|
|
5,224
|
|
|
236
|
|
|
2,504
|
|
|
5,405
|
|
|
7,909
|
|
|
2,912
|
|
2003
|
2003
|
|
Park 27 Distribution Center II
|
|
Industrial
|
—
|
|
|
4,374
|
|
|
6,041
|
|
|
5,143
|
|
|
4,502
|
|
|
11,056
|
|
|
15,558
|
|
|
4,192
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Davie, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Westport Business Park 1
|
|
Industrial
|
—
|
|
|
1,200
|
|
|
1,317
|
|
|
88
|
|
|
1,200
|
|
|
1,405
|
|
|
2,605
|
|
|
431
|
|
1991
|
2011
|
|
Westport Business Park 2
|
|
Industrial
|
—
|
|
|
1,088
|
|
|
798
|
|
|
245
|
|
|
1,088
|
|
|
1,043
|
|
|
2,131
|
|
|
313
|
|
1991
|
2011
|
|
Westport Business Park 3
|
|
Industrial
|
—
|
|
|
2,363
|
|
|
6,333
|
|
|
882
|
|
|
2,363
|
|
|
7,215
|
|
|
9,578
|
|
|
1,596
|
|
1991
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Deer Park, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
801 Seaco Court
|
|
Industrial
|
—
|
|
|
2,331
|
|
|
5,158
|
|
|
5
|
|
|
2,331
|
|
|
5,163
|
|
|
7,494
|
|
|
1,114
|
|
2006
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Duluth, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
2775 Premiere Parkway
|
|
Industrial
|
6,654
|
|
|
560
|
|
|
4,413
|
|
|
641
|
|
|
560
|
|
|
5,054
|
|
|
5,614
|
|
|
2,059
|
|
1997
|
1999
|
|
3079 Premiere Parkway
|
|
Industrial
|
9,492
|
|
|
776
|
|
|
4,589
|
|
|
2,575
|
|
|
776
|
|
|
7,164
|
|
|
7,940
|
|
|
2,956
|
|
1998
|
1999
|
|
2855 Premiere Parkway
|
|
Industrial
|
6,047
|
|
|
765
|
|
|
3,042
|
|
|
1,106
|
|
|
765
|
|
|
4,148
|
|
|
4,913
|
|
|
1,791
|
|
1999
|
1999
|
|
6655 Sugarloaf
|
|
Industrial
|
13,241
|
|
|
1,651
|
|
|
6,930
|
|
|
1,087
|
|
|
1,659
|
|
|
8,009
|
|
|
9,668
|
|
|
3,080
|
|
1998
|
2001
|
|
6650 Sugarloaf Parkway
|
|
Office
|
—
|
|
|
1,573
|
|
|
3,843
|
|
|
843
|
|
|
1,573
|
|
|
4,686
|
|
|
6,259
|
|
|
1,008
|
|
2004
|
2011
|
|
2450 Meadowbrook Parkway
|
|
Industrial
|
—
|
|
|
383
|
|
|
1,579
|
|
|
645
|
|
|
383
|
|
|
2,224
|
|
|
2,607
|
|
|
573
|
|
1989
|
2010
|
|
2625 Pinemeadow Court
|
|
Industrial
|
—
|
|
|
861
|
|
|
3,266
|
|
|
222
|
|
|
861
|
|
|
3,488
|
|
|
4,349
|
|
|
816
|
|
1994
|
2010
|
|
2660 Pinemeadow Court
|
|
Industrial
|
—
|
|
|
540
|
|
|
2,281
|
|
|
305
|
|
|
540
|
|
|
2,586
|
|
|
3,126
|
|
|
699
|
|
1996
|
2010
|
|
2450 Satellite Boulevard
|
|
Industrial
|
—
|
|
|
556
|
|
|
2,456
|
|
|
183
|
|
|
556
|
|
|
2,639
|
|
|
3,195
|
|
|
918
|
|
1994
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
DuPont, WA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Amazon DuPont
|
|
Industrial
|
—
|
|
|
34,634
|
|
|
39,342
|
|
|
(1,167
|
)
|
|
34,515
|
|
|
38,294
|
|
|
72,809
|
|
|
5,000
|
|
2013
|
2013
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2015
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/15
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Durham, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1805 T.W. Alexander Drive
|
|
Industrial
|
—
|
|
|
4,110
|
|
|
10,497
|
|
|
241
|
|
|
4,110
|
|
|
10,738
|
|
|
14,848
|
|
|
1,805
|
|
2000
|
2011
|
|
1757 T.W. Alexander Drive
|
|
Industrial
|
8,383
|
|
|
2,998
|
|
|
9,095
|
|
|
—
|
|
|
2,998
|
|
|
9,095
|
|
|
12,093
|
|
|
1,679
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Eagan, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Apollo Industrial Ctr I
|
|
Industrial
|
3,250
|
|
|
866
|
|
|
3,601
|
|
|
1,913
|
|
|
895
|
|
|
5,485
|
|
|
6,380
|
|
|
2,606
|
|
1997
|
1997
|
|
Apollo Industrial Ctr II
|
|
Industrial
|
1,641
|
|
|
474
|
|
|
2,282
|
|
|
514
|
|
|
474
|
|
|
2,796
|
|
|
3,270
|
|
|
1,119
|
|
2000
|
2000
|
|
Apollo Industrial Ctr III
|
|
Industrial
|
3,820
|
|
|
1,432
|
|
|
5,997
|
|
|
33
|
|
|
1,432
|
|
|
6,030
|
|
|
7,462
|
|
|
2,383
|
|
2000
|
2000
|
|
Silver Bell Commons
|
|
Industrial
|
—
|
|
|
1,807
|
|
|
4,666
|
|
|
2,338
|
|
|
1,740
|
|
|
7,071
|
|
|
8,811
|
|
|
3,072
|
|
1999
|
1999
|
|
Trapp Road Commerce Center I
|
|
Industrial
|
2,174
|
|
|
671
|
|
|
3,633
|
|
|
516
|
|
|
691
|
|
|
4,129
|
|
|
4,820
|
|
|
1,899
|
|
1996
|
1998
|
|
Trapp Road Commerce Center II
|
|
Industrial
|
3,685
|
|
|
1,250
|
|
|
5,711
|
|
|
1,433
|
|
|
1,250
|
|
|
7,144
|
|
|
8,394
|
|
|
3,159
|
|
1998
|
1998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earth City, Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Corporate Trail Distribution
|
|
Industrial
|
—
|
|
|
2,850
|
|
|
6,151
|
|
|
2,239
|
|
|
2,875
|
|
|
8,365
|
|
|
11,240
|
|
|
4,308
|
|
2006
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
East Point, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Camp Creek Bldg 1400
|
|
Industrial
|
5,871
|
|
|
561
|
|
|
2,174
|
|
|
2,069
|
|
|
633
|
|
|
4,171
|
|
|
4,804
|
|
|
1,715
|
|
1988
|
2001
|
|
Camp Creek Bldg 1800
|
|
Industrial
|
4,418
|
|
|
462
|
|
|
2,176
|
|
|
1,043
|
|
|
515
|
|
|
3,166
|
|
|
3,681
|
|
|
1,323
|
|
1989
|
2001
|
|
Camp Creek Bldg 2000
|
|
Industrial
|
5,014
|
|
|
395
|
|
|
2,188
|
|
|
1,233
|
|
|
504
|
|
|
3,312
|
|
|
3,816
|
|
|
1,551
|
|
1989
|
2001
|
|
Camp Creek Bldg 2400
|
|
Industrial
|
4,536
|
|
|
296
|
|
|
1,224
|
|
|
1,961
|
|
|
369
|
|
|
3,112
|
|
|
3,481
|
|
|
1,142
|
|
1988
|
2001
|
|
Camp Creek Bldg 2600
|
|
Industrial
|
4,122
|
|
|
364
|
|
|
1,943
|
|
|
1,635
|
|
|
432
|
|
|
3,510
|
|
|
3,942
|
|
|
2,664
|
|
1990
|
2001
|
|
3201 Centre Parkway
|
|
Industrial
|
22,807
|
|
|
4,406
|
|
|
9,498
|
|
|
5,211
|
|
|
6,820
|
|
|
12,295
|
|
|
19,115
|
|
|
6,937
|
|
2004
|
2004
|
|
Camp Creek Building 1200
|
|
Industrial
|
—
|
|
|
1,334
|
|
|
608
|
|
|
1,252
|
|
|
1,400
|
|
|
1,794
|
|
|
3,194
|
|
|
1,099
|
|
2005
|
2005
|
|
3900 North Commerce
|
|
Industrial
|
6,245
|
|
|
1,059
|
|
|
2,966
|
|
|
2,340
|
|
|
1,210
|
|
|
5,155
|
|
|
6,365
|
|
|
1,526
|
|
2005
|
2005
|
|
3909 North Commerce
|
|
Industrial
|
—
|
|
|
5,687
|
|
|
10,175
|
|
|
26,358
|
|
|
15,102
|
|
|
27,118
|
|
|
42,220
|
|
|
14,339
|
|
2014
|
2006
|
|
4200 North Commerce Drive
|
|
Industrial
|
14,127
|
|
|
2,065
|
|
|
7,076
|
|
|
3,625
|
|
|
2,416
|
|
|
10,350
|
|
|
12,766
|
|
|
3,278
|
|
2006
|
2006
|
|
Camp Creek Building 1000
|
|
Industrial
|
—
|
|
|
1,537
|
|
|
1,538
|
|
|
1,305
|
|
|
1,606
|
|
|
2,774
|
|
|
4,380
|
|
|
2,030
|
|
2006
|
2006
|
|
3000 Centre Parkway
|
|
Industrial
|
—
|
|
|
1,163
|
|
|
1,072
|
|
|
1,248
|
|
|
1,252
|
|
|
2,231
|
|
|
3,483
|
|
|
1,064
|
|
2007
|
2007
|
|
1500 Centre Parkway
|
|
Office
|
—
|
|
|
1,683
|
|
|
3,099
|
|
|
3,422
|
|
|
1,814
|
|
|
6,390
|
|
|
8,204
|
|
|
1,958
|
|
2008
|
2008
|
|
1100 Centre Parkway
|
|
Industrial
|
—
|
|
|
1,309
|
|
|
4,881
|
|
|
530
|
|
|
1,382
|
|
|
5,338
|
|
|
6,720
|
|
|
1,709
|
|
2008
|
2008
|
|
4800 N. Commerce Dr. (Site Q)
|
|
Industrial
|
—
|
|
|
2,476
|
|
|
4,650
|
|
|
2,070
|
|
|
2,724
|
|
|
6,472
|
|
|
9,196
|
|
|
2,670
|
|
2008
|
2008
|
|
4100 North Commerce Drive
|
|
Industrial
|
—
|
|
|
3,130
|
|
|
9,115
|
|
|
527
|
|
|
3,312
|
|
|
9,460
|
|
|
12,772
|
|
|
1,282
|
|
2013
|
2013
|
|
FedEx BTS
|
|
Industrial
|
—
|
|
|
1,878
|
|
|
3,842
|
|
|
93
|
|
|
1,878
|
|
|
3,935
|
|
|
5,813
|
|
|
407
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Edwardsville, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Lakeview Commerce Building I
|
|
Industrial
|
—
|
|
|
4,561
|
|
|
18,604
|
|
|
31
|
|
|
4,561
|
|
|
18,635
|
|
|
23,196
|
|
|
2,787
|
|
2006
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Elk Grove Village, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1717 Busse Road, Elk Grove IL
|
|
Industrial
|
12,434
|
|
|
3,602
|
|
|
19,016
|
|
|
—
|
|
|
3,602
|
|
|
19,016
|
|
|
22,618
|
|
|
3,197
|
|
2004
|
2011
|
|
Yusen BTS
|
|
Industrial
|
—
|
|
|
8,152
|
|
|
9,948
|
|
|
253
|
|
|
8,157
|
|
|
10,196
|
|
|
18,353
|
|
|
1,634
|
|
2013
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2015
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/15
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
Ellenwood, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Anvil Block Road BTS
|
|
Industrial
|
—
|
|
|
4,664
|
|
|
9,265
|
|
|
21
|
|
|
4,664
|
|
|
9,286
|
|
|
13,950
|
|
|
727
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fairfax, Virginia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Fair Oaks MOB
|
|
Medical Office
|
—
|
|
|
808
|
|
|
28,570
|
|
|
315
|
|
|
808
|
|
|
28,885
|
|
|
29,693
|
|
|
5,442
|
|
2009
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fairfield, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Union Centre Industrial Park 2
|
|
Industrial
|
—
|
|
|
5,635
|
|
|
8,709
|
|
|
2,278
|
|
|
5,635
|
|
|
10,987
|
|
|
16,622
|
|
|
4,788
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fishers, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Exit 5 Building 1
|
|
Industrial
|
—
|
|
|
822
|
|
|
2,561
|
|
|
791
|
|
|
581
|
|
|
3,593
|
|
|
4,174
|
|
|
1,332
|
|
1999
|
1999
|
|
Exit 5 Building 2
|
|
Industrial
|
—
|
|
|
749
|
|
|
2,506
|
|
|
1,190
|
|
|
555
|
|
|
3,890
|
|
|
4,445
|
|
|
1,492
|
|
2000
|
2000
|
|
St. Vincent Fishers Hosp MOB
|
|
Medical Office
|
—
|
|
|
—
|
|
|
22,956
|
|
|
5,515
|
|
|
4,235
|
|
|
24,236
|
|
|
28,471
|
|
|
12,039
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Flower Mound, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Lakeside Ranch Bldg 20
|
|
Industrial
|
—
|
|
|
9,861
|
|
|
20,994
|
|
|
350
|
|
|
9,861
|
|
|
21,344
|
|
|
31,205
|
|
|
6,189
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fort Worth, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Riverpark Bldg 700
|
|
Industrial
|
—
|
|
|
3,975
|
|
|
10,766
|
|
|
239
|
|
|
3,975
|
|
|
11,005
|
|
|
14,980
|
|
|
3,053
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Franklin, Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Aspen Grove Business Ctr I
|
|
Industrial
|
—
|
|
|
936
|
|
|
3,551
|
|
|
3,850
|
|
|
936
|
|
|
7,401
|
|
|
8,337
|
|
|
3,141
|
|
1996
|
1999
|
|
Aspen Grove Business Ctr II
|
|
Industrial
|
—
|
|
|
1,151
|
|
|
5,933
|
|
|
1,443
|
|
|
1,151
|
|
|
7,376
|
|
|
8,527
|
|
|
2,878
|
|
1996
|
1999
|
|
Aspen Grove Business Ctr III
|
|
Industrial
|
—
|
|
|
970
|
|
|
5,090
|
|
|
806
|
|
|
970
|
|
|
5,896
|
|
|
6,866
|
|
|
2,563
|
|
1998
|
1999
|
|
Aspen Grove Business Center IV
|
|
Industrial
|
—
|
|
|
492
|
|
|
2,215
|
|
|
597
|
|
|
492
|
|
|
2,812
|
|
|
3,304
|
|
|
997
|
|
2002
|
2002
|
|
Aspen Grove Business Ctr V
|
|
Industrial
|
—
|
|
|
943
|
|
|
5,004
|
|
|
2,699
|
|
|
943
|
|
|
7,703
|
|
|
8,646
|
|
|
3,819
|
|
1996
|
1999
|
|
Brentwood South Bus Ctr IV
|
|
Industrial
|
—
|
|
|
569
|
|
|
1,689
|
|
|
1,432
|
|
|
569
|
|
|
3,121
|
|
|
3,690
|
|
|
1,485
|
|
1990
|
1999
|
|
Brentwood South Bus Ctr V
|
|
Industrial
|
—
|
|
|
445
|
|
|
1,751
|
|
|
372
|
|
|
445
|
|
|
2,123
|
|
|
2,568
|
|
|
893
|
|
1990
|
1999
|
|
Brentwood South Bus Ctr VI
|
|
Industrial
|
1,019
|
|
|
489
|
|
|
1,007
|
|
|
1,065
|
|
|
489
|
|
|
2,072
|
|
|
2,561
|
|
|
818
|
|
1990
|
1999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Franklin Park, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
O'Hare Distribution Ctr
|
|
Industrial
|
—
|
|
|
3,900
|
|
|
2,702
|
|
|
1,558
|
|
|
3,900
|
|
|
4,260
|
|
|
8,160
|
|
|
1,217
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Frisco, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Duke Bridges VII
|
|
Medical Office
|
—
|
|
|
3,842
|
|
|
28,926
|
|
|
51
|
|
|
3,842
|
|
|
28,977
|
|
|
32,819
|
|
|
2,563
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Garden City, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Aviation Court Land
|
|
Grounds
|
—
|
|
|
1,509
|
|
|
—
|
|
|
—
|
|
|
1,509
|
|
|
—
|
|
|
1,509
|
|
|
189
|
|
n/a
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Garner, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
600 Greenfield North
|
|
Industrial
|
—
|
|
|
597
|
|
|
2,456
|
|
|
525
|
|
|
598
|
|
|
2,980
|
|
|
3,578
|
|
|
436
|
|
2006
|
2011
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2015
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/15
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
700 Greenfield North
|
|
Industrial
|
—
|
|
|
468
|
|
|
2,664
|
|
|
180
|
|
|
469
|
|
|
2,843
|
|
|
3,312
|
|
|
801
|
|
2007
|
2011
|
|
800 Greenfield North
|
|
Industrial
|
—
|
|
|
438
|
|
|
5,772
|
|
|
154
|
|
|
440
|
|
|
5,924
|
|
|
6,364
|
|
|
878
|
|
2004
|
2011
|
|
900 Greenfield North
|
|
Industrial
|
—
|
|
|
422
|
|
|
6,249
|
|
|
829
|
|
|
425
|
|
|
7,075
|
|
|
7,500
|
|
|
1,040
|
|
2007
|
2011
|
|
N. Greenfield Pkwy Ground DCLP
|
|
Grounds
|
—
|
|
|
214
|
|
|
222
|
|
|
—
|
|
|
214
|
|
|
222
|
|
|
436
|
|
|
20
|
|
n/a
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Geneva, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1800 Averill Road
|
|
Industrial
|
—
|
|
|
3,189
|
|
|
11,582
|
|
|
7,631
|
|
|
4,778
|
|
|
17,624
|
|
|
22,402
|
|
|
2,420
|
|
2013
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Germantown, Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Centerre Baptist Rehab Hosp.
|
|
Medical Office
|
—
|
|
|
1,032
|
|
|
16,045
|
|
|
199
|
|
|
1,256
|
|
|
16,020
|
|
|
17,276
|
|
|
1,051
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Goodyear, Arizona
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Goodyear One
|
|
Industrial
|
—
|
|
|
5,142
|
|
|
3,971
|
|
|
2,061
|
|
|
5,142
|
|
|
6,032
|
|
|
11,174
|
|
|
2,891
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gouldsboro, Pennsylvania
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
400 First Avenue
|
|
Industrial
|
—
|
|
|
9,500
|
|
|
51,645
|
|
|
208
|
|
|
9,500
|
|
|
51,853
|
|
|
61,353
|
|
|
4,952
|
|
2007
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Grand Prairie, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Grand Lakes I
|
|
Industrial
|
—
|
|
|
8,106
|
|
|
10,627
|
|
|
2,785
|
|
|
8,040
|
|
|
13,478
|
|
|
21,518
|
|
|
6,827
|
|
2006
|
2006
|
|
Grand Lakes II
|
|
Industrial
|
—
|
|
|
11,853
|
|
|
12,941
|
|
|
11,191
|
|
|
11,853
|
|
|
24,132
|
|
|
35,985
|
|
|
9,015
|
|
2008
|
2008
|
|
Pioneer 161 Building
|
|
Industrial
|
—
|
|
|
7,381
|
|
|
17,628
|
|
|
13
|
|
|
7,381
|
|
|
17,641
|
|
|
25,022
|
|
|
5,012
|
|
2008
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Grove City, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
SouthPointe Building A
|
|
Industrial
|
—
|
|
|
844
|
|
|
5,171
|
|
|
490
|
|
|
844
|
|
|
5,661
|
|
|
6,505
|
|
|
1,092
|
|
1995
|
2010
|
|
SouthPointe Building B
|
|
Industrial
|
—
|
|
|
790
|
|
|
4,880
|
|
|
60
|
|
|
790
|
|
|
4,940
|
|
|
5,730
|
|
|
982
|
|
1996
|
2010
|
|
SouthPointe Building C
|
|
Industrial
|
—
|
|
|
754
|
|
|
6,418
|
|
|
83
|
|
|
754
|
|
|
6,501
|
|
|
7,255
|
|
|
1,349
|
|
1996
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Groveport, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
6600 Port Road
|
|
Industrial
|
—
|
|
|
2,725
|
|
|
20,792
|
|
|
2,864
|
|
|
3,213
|
|
|
23,168
|
|
|
26,381
|
|
|
10,489
|
|
1998
|
1997
|
|
Groveport Commerce Center #437
|
|
Industrial
|
5,275
|
|
|
1,049
|
|
|
6,578
|
|
|
2,779
|
|
|
1,049
|
|
|
9,357
|
|
|
10,406
|
|
|
4,034
|
|
1999
|
1999
|
|
Groveport Commerce Center #168
|
|
Industrial
|
2,237
|
|
|
510
|
|
|
2,496
|
|
|
1,679
|
|
|
510
|
|
|
4,175
|
|
|
4,685
|
|
|
1,597
|
|
2000
|
2000
|
|
Groveport Commerce Center #345
|
|
Industrial
|
4,246
|
|
|
435
|
|
|
5,549
|
|
|
2,134
|
|
|
435
|
|
|
7,683
|
|
|
8,118
|
|
|
2,713
|
|
2000
|
2000
|
|
Groveport Commerce Center #667
|
|
Industrial
|
8,096
|
|
|
4,420
|
|
|
10,954
|
|
|
992
|
|
|
4,420
|
|
|
11,946
|
|
|
16,366
|
|
|
5,696
|
|
2005
|
2005
|
|
Rickenbacker 936
|
|
Industrial
|
—
|
|
|
5,680
|
|
|
23,872
|
|
|
5
|
|
|
5,680
|
|
|
23,877
|
|
|
29,557
|
|
|
4,038
|
|
2008
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hamilton, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Bethesda Specialty Hospital
|
|
Medical Office
|
—
|
|
|
1,499
|
|
|
4,990
|
|
|
4,329
|
|
|
1,499
|
|
|
9,319
|
|
|
10,818
|
|
|
1,229
|
|
2000
|
2012
|
|
Bethesda Imaging/ER
|
|
Medical Office
|
—
|
|
|
751
|
|
|
3,325
|
|
|
3,925
|
|
|
1,239
|
|
|
6,762
|
|
|
8,001
|
|
|
1,018
|
|
2013
|
2012
|
|
Bethesda Sleep Center
|
|
Medical Office
|
—
|
|
|
501
|
|
|
2,220
|
|
|
24
|
|
|
501
|
|
|
2,244
|
|
|
2,745
|
|
|
377
|
|
2008
|
2012
|
|
Bethesda Condo 1
|
|
Medical Office
|
—
|
|
|
—
|
|
|
664
|
|
|
1,102
|
|
|
—
|
|
|
1,766
|
|
|
1,766
|
|
|
157
|
|
2004
|
2012
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2015
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/15
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Bethesda Condo 2
|
|
Medical Office
|
—
|
|
|
—
|
|
|
3,440
|
|
|
1,214
|
|
|
—
|
|
|
4,654
|
|
|
4,654
|
|
|
754
|
|
2008
|
2012
|
|
3090 McBride Road
|
|
Medical Office
|
—
|
|
|
375
|
|
|
1,098
|
|
|
53
|
|
|
375
|
|
|
1,151
|
|
|
1,526
|
|
|
184
|
|
2008
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hazelwood, Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Lindbergh Distribution Center
|
|
Industrial
|
—
|
|
|
8,200
|
|
|
9,366
|
|
|
3,597
|
|
|
8,491
|
|
|
12,672
|
|
|
21,163
|
|
|
4,415
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hebron, Kentucky
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Southpark Building 4
|
|
Industrial
|
—
|
|
|
779
|
|
|
2,859
|
|
|
4,757
|
|
|
779
|
|
|
7,616
|
|
|
8,395
|
|
|
2,254
|
|
1994
|
1994
|
|
CR Services
|
|
Industrial
|
—
|
|
|
1,085
|
|
|
3,853
|
|
|
1,758
|
|
|
1,085
|
|
|
5,611
|
|
|
6,696
|
|
|
2,930
|
|
1994
|
1994
|
|
Hebron Building 1
|
|
Industrial
|
—
|
|
|
8,855
|
|
|
10,961
|
|
|
392
|
|
|
8,855
|
|
|
11,353
|
|
|
20,208
|
|
|
6,104
|
|
2006
|
2006
|
|
Hebron Building 2
|
|
Industrial
|
—
|
|
|
6,790
|
|
|
6,946
|
|
|
3,852
|
|
|
6,813
|
|
|
10,775
|
|
|
17,588
|
|
|
4,349
|
|
2007
|
2007
|
|
Skyport Building 1
|
|
Industrial
|
—
|
|
|
1,057
|
|
|
5,876
|
|
|
—
|
|
|
1,057
|
|
|
5,876
|
|
|
6,933
|
|
|
1,172
|
|
1997
|
2010
|
|
Skyport Building 2
|
|
Industrial
|
—
|
|
|
1,400
|
|
|
8,956
|
|
|
279
|
|
|
1,400
|
|
|
9,235
|
|
|
10,635
|
|
|
1,881
|
|
1998
|
2010
|
|
Skyport Building 3
|
|
Industrial
|
—
|
|
|
2,016
|
|
|
8,512
|
|
|
261
|
|
|
2,016
|
|
|
8,773
|
|
|
10,789
|
|
|
1,859
|
|
2000
|
2010
|
|
Skyport Building 5
|
|
Industrial
|
—
|
|
|
2,878
|
|
|
7,408
|
|
|
838
|
|
|
2,878
|
|
|
8,246
|
|
|
11,124
|
|
|
3,337
|
|
2006
|
2010
|
|
Southpark Building 1
|
|
Industrial
|
—
|
|
|
553
|
|
|
1,627
|
|
|
325
|
|
|
553
|
|
|
1,952
|
|
|
2,505
|
|
|
486
|
|
1990
|
2010
|
|
Southpark Building 3
|
|
Industrial
|
—
|
|
|
755
|
|
|
3,982
|
|
|
67
|
|
|
755
|
|
|
4,049
|
|
|
4,804
|
|
|
980
|
|
1991
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Holly Springs, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
REX Holly Springs MOB
|
|
Medical Office
|
—
|
|
|
11
|
|
|
7,724
|
|
|
648
|
|
|
11
|
|
|
8,372
|
|
|
8,383
|
|
|
1,345
|
|
2011
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hopkins, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Cornerstone Business Center
|
|
Industrial
|
739
|
|
|
1,469
|
|
|
7,892
|
|
|
1,743
|
|
|
1,454
|
|
|
9,650
|
|
|
11,104
|
|
|
4,194
|
|
1996
|
1997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Houston, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Point North One
|
|
Industrial
|
—
|
|
|
3,125
|
|
|
2,178
|
|
|
2,494
|
|
|
3,125
|
|
|
4,672
|
|
|
7,797
|
|
|
1,869
|
|
2008
|
2008
|
|
Point North Two
|
|
Industrial
|
—
|
|
|
4,210
|
|
|
5,651
|
|
|
4,321
|
|
|
4,581
|
|
|
9,601
|
|
|
14,182
|
|
|
2,042
|
|
2013
|
2013
|
|
Point North Four
|
|
Industrial
|
—
|
|
|
3,957
|
|
|
15,093
|
|
|
—
|
|
|
3,957
|
|
|
15,093
|
|
|
19,050
|
|
|
815
|
|
2014
|
2014
|
|
Sam Houston Crossing Two
|
|
Office
|
—
|
|
|
2,088
|
|
|
17,392
|
|
|
1,675
|
|
|
2,088
|
|
|
19,067
|
|
|
21,155
|
|
|
3,064
|
|
2013
|
2013
|
|
Westland I
|
|
Industrial
|
—
|
|
|
4,183
|
|
|
4,837
|
|
|
3,317
|
|
|
4,233
|
|
|
8,104
|
|
|
12,337
|
|
|
4,122
|
|
2008
|
2008
|
|
Westland II
|
|
Industrial
|
—
|
|
|
3,439
|
|
|
8,890
|
|
|
501
|
|
|
3,246
|
|
|
9,584
|
|
|
12,830
|
|
|
2,544
|
|
2011
|
2011
|
|
Gateway Northwest One
|
|
Industrial
|
—
|
|
|
7,204
|
|
|
8,028
|
|
|
4,088
|
|
|
7,204
|
|
|
12,116
|
|
|
19,320
|
|
|
613
|
|
2014
|
2014
|
|
Gateway Northwest Two
|
|
Industrial
|
—
|
|
|
2,981
|
|
|
3,122
|
|
|
1,359
|
|
|
2,981
|
|
|
4,481
|
|
|
7,462
|
|
|
239
|
|
2014
|
2014
|
|
22008 N Berwick Dr
|
|
Industrial
|
—
|
|
|
2,981
|
|
|
5,049
|
|
|
—
|
|
|
2,981
|
|
|
5,049
|
|
|
8,030
|
|
|
92
|
|
2002
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Humble, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Point North Five
|
|
Industrial
|
—
|
|
|
5,333
|
|
|
6,946
|
|
|
—
|
|
|
5,333
|
|
|
6,946
|
|
|
12,279
|
|
|
—
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Huntley, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Huntley Dist. Ctr. (Weber)
|
|
Industrial
|
—
|
|
|
7,539
|
|
|
34,141
|
|
|
—
|
|
|
7,539
|
|
|
34,141
|
|
|
41,680
|
|
|
759
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2015
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/15
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
Hutchins, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Duke Intermodal I
|
|
Industrial
|
9,011
|
|
|
5,290
|
|
|
9,242
|
|
|
2,645
|
|
|
5,290
|
|
|
11,887
|
|
|
17,177
|
|
|
4,991
|
|
2006
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Indianapolis, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
St. Vincent Max Simon MOB
|
|
Medical Office
|
—
|
|
|
3,209
|
|
|
11,575
|
|
|
449
|
|
|
3,209
|
|
|
12,024
|
|
|
15,233
|
|
|
3,622
|
|
2007
|
2011
|
|
Centerre/Community Rehab Hosp
|
|
Medical Office
|
—
|
|
|
1,150
|
|
|
16,709
|
|
|
172
|
|
|
1,150
|
|
|
16,881
|
|
|
18,031
|
|
|
2,258
|
|
2013
|
2013
|
|
Park 100 Building 96
|
|
Industrial
|
6,968
|
|
|
1,171
|
|
|
12,641
|
|
|
144
|
|
|
1,424
|
|
|
12,532
|
|
|
13,956
|
|
|
6,524
|
|
1997
|
1995
|
|
Park 100 Building 98
|
|
Industrial
|
—
|
|
|
273
|
|
|
4,659
|
|
|
4,403
|
|
|
273
|
|
|
9,062
|
|
|
9,335
|
|
|
4,474
|
|
1995
|
1994
|
|
Park 100 Building 100
|
|
Industrial
|
—
|
|
|
103
|
|
|
1,557
|
|
|
905
|
|
|
103
|
|
|
2,462
|
|
|
2,565
|
|
|
1,294
|
|
1995
|
1995
|
|
Park 100 Building 124
|
|
Office
|
—
|
|
|
227
|
|
|
2,126
|
|
|
799
|
|
|
227
|
|
|
2,925
|
|
|
3,152
|
|
|
1,193
|
|
1992
|
2002
|
|
Park 100 Building 127
|
|
Industrial
|
—
|
|
|
96
|
|
|
1,280
|
|
|
690
|
|
|
96
|
|
|
1,970
|
|
|
2,066
|
|
|
1,014
|
|
1995
|
1995
|
|
Park 100 Building 141
|
|
Industrial
|
1,960
|
|
|
1,120
|
|
|
2,516
|
|
|
327
|
|
|
1,120
|
|
|
2,843
|
|
|
3,963
|
|
|
1,349
|
|
2005
|
2005
|
|
Hewlett-Packard Land Lease
|
|
Grounds
|
—
|
|
|
252
|
|
|
—
|
|
|
—
|
|
|
252
|
|
|
—
|
|
|
252
|
|
|
90
|
|
n/a
|
2003
|
|
Park 100 Bldg 121 Land Lease
|
|
Grounds
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
2
|
|
n/a
|
2003
|
|
Hewlett Packard Land Lse-62
|
|
Grounds
|
—
|
|
|
45
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
—
|
|
|
45
|
|
|
16
|
|
n/a
|
2003
|
|
West 79th St. Parking Lot LL
|
|
Grounds
|
—
|
|
|
350
|
|
|
—
|
|
|
699
|
|
|
1,049
|
|
|
—
|
|
|
1,049
|
|
|
522
|
|
n/a
|
2006
|
|
One Parkwood Crossing
|
|
Office
|
—
|
|
|
1,018
|
|
|
8,208
|
|
|
2,759
|
|
|
1,018
|
|
|
10,967
|
|
|
11,985
|
|
|
5,411
|
|
1989
|
1995
|
|
Three Parkwood Crossing
|
|
Office
|
—
|
|
|
1,377
|
|
|
6,013
|
|
|
2,372
|
|
|
1,316
|
|
|
8,446
|
|
|
9,762
|
|
|
4,047
|
|
1997
|
1997
|
|
Four Parkwood Crossing
|
|
Office
|
—
|
|
|
1,383
|
|
|
9,446
|
|
|
2,747
|
|
|
1,431
|
|
|
12,145
|
|
|
13,576
|
|
|
5,276
|
|
1998
|
1998
|
|
Five Parkwood Crossing
|
|
Office
|
—
|
|
|
1,485
|
|
|
10,142
|
|
|
3,190
|
|
|
1,485
|
|
|
13,332
|
|
|
14,817
|
|
|
5,331
|
|
1999
|
1999
|
|
Six Parkwood Crossing
|
|
Office
|
—
|
|
|
1,895
|
|
|
12,221
|
|
|
2,252
|
|
|
1,895
|
|
|
14,473
|
|
|
16,368
|
|
|
5,653
|
|
2000
|
2000
|
|
Seven Parkwood Crossing
|
|
Office
|
—
|
|
|
1,877
|
|
|
4,065
|
|
|
1,498
|
|
|
1,877
|
|
|
5,563
|
|
|
7,440
|
|
|
1,300
|
|
2000
|
2011
|
|
Eight Parkwood Crossing
|
|
Office
|
—
|
|
|
6,435
|
|
|
12,693
|
|
|
2,395
|
|
|
6,435
|
|
|
15,088
|
|
|
21,523
|
|
|
6,699
|
|
2003
|
2003
|
|
Nine Parkwood Crossing
|
|
Office
|
—
|
|
|
6,046
|
|
|
12,737
|
|
|
3,325
|
|
|
6,047
|
|
|
16,061
|
|
|
22,108
|
|
|
6,333
|
|
2005
|
2005
|
|
One West
|
|
Office
|
13,671
|
|
|
5,361
|
|
|
16,164
|
|
|
5,140
|
|
|
5,361
|
|
|
21,304
|
|
|
26,665
|
|
|
6,372
|
|
2007
|
2007
|
|
PWW Granite City Lease
|
|
Grounds
|
—
|
|
|
1,846
|
|
|
856
|
|
|
143
|
|
|
1,989
|
|
|
856
|
|
|
2,845
|
|
|
686
|
|
2008
|
2009
|
|
One West Parking Garage
|
|
Grounds
|
—
|
|
|
—
|
|
|
1,616
|
|
|
—
|
|
|
—
|
|
|
1,616
|
|
|
1,616
|
|
|
178
|
|
2007
|
2011
|
|
Woodland I
|
|
Office
|
—
|
|
|
290
|
|
|
2,990
|
|
|
2,090
|
|
|
290
|
|
|
5,080
|
|
|
5,370
|
|
|
2,269
|
|
1998
|
1998
|
|
Woodland II
|
|
Office
|
—
|
|
|
271
|
|
|
2,662
|
|
|
2,076
|
|
|
271
|
|
|
4,738
|
|
|
5,009
|
|
|
2,026
|
|
1999
|
1999
|
|
Woodland III
|
|
Office
|
—
|
|
|
1,227
|
|
|
3,232
|
|
|
1,276
|
|
|
1,433
|
|
|
4,302
|
|
|
5,735
|
|
|
1,578
|
|
2000
|
2000
|
|
Woodland V
|
|
Office
|
—
|
|
|
768
|
|
|
9,954
|
|
|
94
|
|
|
768
|
|
|
10,048
|
|
|
10,816
|
|
|
4,827
|
|
2003
|
2003
|
|
Woodland VI
|
|
Office
|
—
|
|
|
2,145
|
|
|
10,129
|
|
|
4,318
|
|
|
2,145
|
|
|
14,447
|
|
|
16,592
|
|
|
5,826
|
|
2008
|
2008
|
|
Woodland VII
|
|
Office
|
—
|
|
|
1,622
|
|
|
7,950
|
|
|
—
|
|
|
1,622
|
|
|
7,950
|
|
|
9,572
|
|
|
171
|
|
2015
|
2015
|
|
North Airport Park Bldg 2
|
|
Industrial
|
—
|
|
|
1,800
|
|
|
4,826
|
|
|
303
|
|
|
1,800
|
|
|
5,129
|
|
|
6,929
|
|
|
1,296
|
|
1997
|
2010
|
|
Park 100 Building 48
|
|
Industrial
|
—
|
|
|
690
|
|
|
1,713
|
|
|
602
|
|
|
690
|
|
|
2,315
|
|
|
3,005
|
|
|
526
|
|
1984
|
2010
|
|
Park 100 Building 58
|
|
Industrial
|
—
|
|
|
642
|
|
|
2,201
|
|
|
146
|
|
|
642
|
|
|
2,347
|
|
|
2,989
|
|
|
621
|
|
1984
|
2010
|
|
Park 100 Building 62
|
|
Industrial
|
—
|
|
|
616
|
|
|
395
|
|
|
380
|
|
|
616
|
|
|
775
|
|
|
1,391
|
|
|
208
|
|
1986
|
2010
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2015
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/15
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Park 100 Building 83
|
|
Industrial
|
—
|
|
|
427
|
|
|
1,372
|
|
|
165
|
|
|
427
|
|
|
1,537
|
|
|
1,964
|
|
|
438
|
|
1989
|
2010
|
|
Park 100 Building 84
|
|
Industrial
|
—
|
|
|
427
|
|
|
1,894
|
|
|
229
|
|
|
427
|
|
|
2,123
|
|
|
2,550
|
|
|
514
|
|
1989
|
2010
|
|
Park 100 Building 87
|
|
Industrial
|
—
|
|
|
1,136
|
|
|
6,570
|
|
|
1,805
|
|
|
1,136
|
|
|
8,375
|
|
|
9,511
|
|
|
1,944
|
|
1989
|
2010
|
|
Park 100 Building 97
|
|
Industrial
|
—
|
|
|
1,070
|
|
|
4,903
|
|
|
196
|
|
|
1,070
|
|
|
5,099
|
|
|
6,169
|
|
|
1,022
|
|
1994
|
2010
|
|
Park 100 Building 128
|
|
Industrial
|
7,600
|
|
|
1,152
|
|
|
13,688
|
|
|
507
|
|
|
1,152
|
|
|
14,195
|
|
|
15,347
|
|
|
2,775
|
|
1996
|
2010
|
|
Park 100 Building 129
|
|
Industrial
|
5,439
|
|
|
1,280
|
|
|
8,942
|
|
|
2,079
|
|
|
1,280
|
|
|
11,021
|
|
|
12,301
|
|
|
2,125
|
|
2000
|
2010
|
|
Park 100 Building 131
|
|
Industrial
|
6,314
|
|
|
1,680
|
|
|
10,834
|
|
|
483
|
|
|
1,680
|
|
|
11,317
|
|
|
12,997
|
|
|
2,180
|
|
1997
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Jourdanton, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Jourdanton MOB
|
|
Medical Office
|
—
|
|
|
583
|
|
|
10,152
|
|
|
—
|
|
|
583
|
|
|
10,152
|
|
|
10,735
|
|
|
736
|
|
2013
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Katy, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Methodist St Catherine Plaza 1
|
|
Medical Office
|
—
|
|
|
47
|
|
|
8,320
|
|
|
277
|
|
|
47
|
|
|
8,597
|
|
|
8,644
|
|
|
1,231
|
|
2001
|
2011
|
|
Methodist St Catherine Plaza 2
|
|
Medical Office
|
—
|
|
|
122
|
|
|
11,995
|
|
|
316
|
|
|
122
|
|
|
12,311
|
|
|
12,433
|
|
|
2,318
|
|
2004
|
2011
|
|
Methodist St Catherine Plaza 3
|
|
Medical Office
|
—
|
|
|
131
|
|
|
9,949
|
|
|
143
|
|
|
131
|
|
|
10,092
|
|
|
10,223
|
|
|
2,714
|
|
2006
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Keller, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor Emergency @ Keller
|
|
Medical Office
|
—
|
|
|
2,365
|
|
|
10,028
|
|
|
219
|
|
|
2,365
|
|
|
10,247
|
|
|
12,612
|
|
|
1,163
|
|
2013
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Kissimmee, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Kissimmee Medical Plaza
|
|
Medical Office
|
—
|
|
|
763
|
|
|
18,221
|
|
|
265
|
|
|
763
|
|
|
18,486
|
|
|
19,249
|
|
|
2,876
|
|
2009
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Kutztown, Pennsylvania
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
West Hills Building Center A
|
|
Industrial
|
—
|
|
|
15,340
|
|
|
47,981
|
|
|
46
|
|
|
15,340
|
|
|
48,027
|
|
|
63,367
|
|
|
3,632
|
|
2014
|
2014
|
|
West Hills Building Center B
|
|
Industrial
|
—
|
|
|
5,218
|
|
|
13,029
|
|
|
—
|
|
|
5,218
|
|
|
13,029
|
|
|
18,247
|
|
|
395
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Kyle, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Seton Hays MOB I
|
|
Medical Office
|
—
|
|
|
165
|
|
|
11,730
|
|
|
4,535
|
|
|
165
|
|
|
16,265
|
|
|
16,430
|
|
|
3,383
|
|
2009
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
La Miranda, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Trojan Way
|
|
Industrial
|
—
|
|
|
23,503
|
|
|
33,342
|
|
|
125
|
|
|
23,503
|
|
|
33,467
|
|
|
56,970
|
|
|
5,606
|
|
2002
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
LaPorte, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Bayport Container Lot
|
|
Grounds
|
—
|
|
|
3,334
|
|
|
—
|
|
|
1,041
|
|
|
4,375
|
|
|
—
|
|
|
4,375
|
|
|
—
|
|
n/a
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Las Cruces, New Mexico
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Mountain View Medical Plaza
|
|
Medical Office
|
—
|
|
|
430
|
|
|
18,892
|
|
|
771
|
|
|
430
|
|
|
19,663
|
|
|
20,093
|
|
|
2,318
|
|
2003
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Lawrenceville, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Weyerhaeuser BTS
|
|
Industrial
|
8,896
|
|
|
3,974
|
|
|
2,935
|
|
|
56
|
|
|
3,982
|
|
|
2,983
|
|
|
6,965
|
|
|
2,656
|
|
2004
|
2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Lebanon, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Lebanon Building 4
|
|
Industrial
|
10,733
|
|
|
305
|
|
|
8,664
|
|
|
221
|
|
|
177
|
|
|
9,013
|
|
|
9,190
|
|
|
3,925
|
|
2000
|
1997
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2015
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/15
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Lebanon Building 9
|
|
Industrial
|
10,346
|
|
|
554
|
|
|
6,528
|
|
|
1,067
|
|
|
340
|
|
|
7,809
|
|
|
8,149
|
|
|
3,167
|
|
1999
|
1999
|
|
Lebanon Building 12
|
|
Industrial
|
22,391
|
|
|
5,163
|
|
|
11,249
|
|
|
782
|
|
|
5,163
|
|
|
12,031
|
|
|
17,194
|
|
|
6,672
|
|
2003
|
2003
|
|
Lebanon Building 13
|
|
Industrial
|
8,095
|
|
|
561
|
|
|
5,156
|
|
|
436
|
|
|
1,901
|
|
|
4,252
|
|
|
6,153
|
|
|
2,420
|
|
2003
|
2003
|
|
Lebanon Building 14
|
|
Industrial
|
19,503
|
|
|
2,813
|
|
|
11,137
|
|
|
1,948
|
|
|
2,813
|
|
|
13,085
|
|
|
15,898
|
|
|
5,072
|
|
2005
|
2005
|
|
Lebanon Building 1(Amer Air)
|
|
Industrial
|
—
|
|
|
312
|
|
|
3,786
|
|
|
37
|
|
|
312
|
|
|
3,823
|
|
|
4,135
|
|
|
962
|
|
1996
|
2010
|
|
Lebanon Building 2
|
|
Industrial
|
—
|
|
|
948
|
|
|
19,037
|
|
|
7,733
|
|
|
1,268
|
|
|
26,450
|
|
|
27,718
|
|
|
4,204
|
|
2014
|
2010
|
|
Lebanon Building 6
|
|
Industrial
|
10,615
|
|
|
699
|
|
|
8,250
|
|
|
30
|
|
|
699
|
|
|
8,280
|
|
|
8,979
|
|
|
2,090
|
|
1998
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Lebanon, Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Pk 840 Logistics Cnt. Bldg 653
|
|
Industrial
|
—
|
|
|
6,776
|
|
|
8,469
|
|
|
5,889
|
|
|
6,776
|
|
|
14,358
|
|
|
21,134
|
|
|
5,884
|
|
2006
|
2006
|
|
Park 840 East Log. Ctr Bld 300
|
|
Industrial
|
—
|
|
|
7,731
|
|
|
14,881
|
|
|
784
|
|
|
7,852
|
|
|
15,544
|
|
|
23,396
|
|
|
2,842
|
|
2013
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Linden, New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
801 West Linden Ave.
|
|
Industrial
|
—
|
|
|
22,134
|
|
|
23,645
|
|
|
3,152
|
|
|
22,134
|
|
|
26,797
|
|
|
48,931
|
|
|
1,254
|
|
2014
|
2014
|
|
301 Pleasant Street
|
|
Industrial
|
—
|
|
|
6,933
|
|
|
8,575
|
|
|
—
|
|
|
6,933
|
|
|
8,575
|
|
|
15,508
|
|
|
267
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Lockbourne, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Creekside XXII
|
|
Industrial
|
—
|
|
|
2,868
|
|
|
17,032
|
|
|
289
|
|
|
2,868
|
|
|
17,321
|
|
|
20,189
|
|
|
3,506
|
|
2008
|
2012
|
|
Creekside XIV
|
|
Industrial
|
—
|
|
|
1,947
|
|
|
11,600
|
|
|
188
|
|
|
1,947
|
|
|
11,788
|
|
|
13,735
|
|
|
1,740
|
|
2005
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Logan Township, New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1130 Commerce Boulevard
|
|
Industrial
|
—
|
|
|
3,770
|
|
|
19,239
|
|
|
708
|
|
|
3,770
|
|
|
19,947
|
|
|
23,717
|
|
|
1,848
|
|
2002
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Long Beach, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
3700 Cover Street
|
|
Industrial
|
—
|
|
|
7,280
|
|
|
6,954
|
|
|
—
|
|
|
7,280
|
|
|
6,954
|
|
|
14,234
|
|
|
970
|
|
2012
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Longview, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Longview MOB
|
|
Medical Office
|
14,407
|
|
|
403
|
|
|
26,792
|
|
|
1,007
|
|
|
403
|
|
|
27,799
|
|
|
28,202
|
|
|
5,385
|
|
2003
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Lynwood, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Century Distribution Center
|
|
Industrial
|
—
|
|
|
16,847
|
|
|
17,881
|
|
|
41
|
|
|
16,847
|
|
|
17,922
|
|
|
34,769
|
|
|
3,491
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mansfield, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor Emergency @ Mansfield
|
|
Medical Office
|
—
|
|
|
3,238
|
|
|
9,546
|
|
|
13
|
|
|
3,238
|
|
|
9,559
|
|
|
12,797
|
|
|
772
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Manteca, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
600 Spreckels Ave
|
|
Industrial
|
—
|
|
|
4,851
|
|
|
19,703
|
|
|
67
|
|
|
4,851
|
|
|
19,770
|
|
|
24,621
|
|
|
2,925
|
|
1999
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Marble Falls, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Marble Falls Medical Center
|
|
Medical Office
|
—
|
|
|
1,519
|
|
|
18,836
|
|
|
744
|
|
|
1,519
|
|
|
19,580
|
|
|
21,099
|
|
|
2,607
|
|
2013
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Maryland Heights, Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
14000 Riverport Drive
|
|
Industrial
|
—
|
|
|
1,197
|
|
|
8,231
|
|
|
585
|
|
|
942
|
|
|
9,071
|
|
|
10,013
|
|
|
3,945
|
|
1992
|
1997
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2015
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/15
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Riverport 3
|
|
Industrial
|
—
|
|
|
1,269
|
|
|
1,755
|
|
|
2,502
|
|
|
1,269
|
|
|
4,257
|
|
|
5,526
|
|
|
2,100
|
|
2001
|
2001
|
|
Riverport 4
|
|
Industrial
|
—
|
|
|
1,864
|
|
|
3,230
|
|
|
1,916
|
|
|
1,864
|
|
|
5,146
|
|
|
7,010
|
|
|
2,267
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
McDonough, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
120 Declaration Drive
|
|
Industrial
|
—
|
|
|
615
|
|
|
8,268
|
|
|
1,258
|
|
|
615
|
|
|
9,526
|
|
|
10,141
|
|
|
3,868
|
|
1997
|
1999
|
|
250 Declaration Drive
|
|
Industrial
|
19,867
|
|
|
2,273
|
|
|
11,408
|
|
|
3,097
|
|
|
2,312
|
|
|
14,466
|
|
|
16,778
|
|
|
5,370
|
|
2001
|
2001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
McKinney, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor McKinney MOB I
|
|
Medical Office
|
—
|
|
|
313
|
|
|
18,762
|
|
|
6,493
|
|
|
313
|
|
|
25,255
|
|
|
25,568
|
|
|
4,725
|
|
2012
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mechanicsburg, Pennsylvania
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
500 Independence Avenue
|
|
Industrial
|
—
|
|
|
4,494
|
|
|
15,711
|
|
|
61
|
|
|
4,494
|
|
|
15,772
|
|
|
20,266
|
|
|
1,639
|
|
2008
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Melrose Park, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Melrose Business Center
|
|
Industrial
|
—
|
|
|
5,907
|
|
|
17,578
|
|
|
29
|
|
|
5,907
|
|
|
17,607
|
|
|
23,514
|
|
|
3,583
|
|
2000
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mequon, Wisconsin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Seton Professional Building
|
|
Medical Office
|
—
|
|
|
560
|
|
|
13,281
|
|
|
600
|
|
|
560
|
|
|
13,881
|
|
|
14,441
|
|
|
2,493
|
|
1994
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Miami, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
9601 NW 112 Ave - Dade Paper
|
|
Industrial
|
—
|
|
|
11,626
|
|
|
14,651
|
|
|
—
|
|
|
11,626
|
|
|
14,651
|
|
|
26,277
|
|
|
1,492
|
|
2003
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Milwaukee, Wisconsin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Water Tower Medical Commons
|
|
Medical Office
|
—
|
|
|
1,024
|
|
|
43,728
|
|
|
92
|
|
|
1,024
|
|
|
43,820
|
|
|
44,844
|
|
|
6,360
|
|
2007
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Minooka, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
801 Midpoint Rd
|
|
Industrial
|
—
|
|
|
6,282
|
|
|
33,196
|
|
|
386
|
|
|
6,282
|
|
|
33,582
|
|
|
39,864
|
|
|
3,154
|
|
2008
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Modesto, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1000 Oates Court
|
|
Industrial
|
—
|
|
|
10,115
|
|
|
18,397
|
|
|
—
|
|
|
10,115
|
|
|
18,397
|
|
|
28,512
|
|
|
3,560
|
|
2002
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Morgans Point, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Barbours Cut I
|
|
Industrial
|
—
|
|
|
1,482
|
|
|
8,209
|
|
|
—
|
|
|
1,482
|
|
|
8,209
|
|
|
9,691
|
|
|
2,021
|
|
2004
|
2010
|
|
Barbours Cut II
|
|
Industrial
|
—
|
|
|
1,447
|
|
|
8,471
|
|
|
—
|
|
|
1,447
|
|
|
8,471
|
|
|
9,918
|
|
|
2,086
|
|
2005
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Morrisville, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
2600 Perimeter Park Dr
|
|
Industrial
|
—
|
|
|
975
|
|
|
4,470
|
|
|
1,853
|
|
|
991
|
|
|
6,307
|
|
|
7,298
|
|
|
2,570
|
|
1997
|
1999
|
|
3000 Perimeter Park Dr (Met 1)
|
|
Industrial
|
—
|
|
|
482
|
|
|
2,140
|
|
|
1,413
|
|
|
491
|
|
|
3,544
|
|
|
4,035
|
|
|
1,491
|
|
1989
|
1999
|
|
2900 Perimeter Park Dr (Met 2)
|
|
Industrial
|
—
|
|
|
235
|
|
|
1,437
|
|
|
1,413
|
|
|
241
|
|
|
2,844
|
|
|
3,085
|
|
|
1,202
|
|
1990
|
1999
|
|
2800 Perimeter Park Dr (Met 3)
|
|
Industrial
|
—
|
|
|
777
|
|
|
4,227
|
|
|
1,289
|
|
|
791
|
|
|
5,502
|
|
|
6,293
|
|
|
2,250
|
|
1992
|
1999
|
|
2700 Perimeter Park
|
|
Industrial
|
—
|
|
|
662
|
|
|
1,107
|
|
|
1,919
|
|
|
662
|
|
|
3,026
|
|
|
3,688
|
|
|
1,102
|
|
2001
|
2001
|
|
Perimeter Four
|
|
Office
|
—
|
|
|
5,135
|
|
|
20,539
|
|
|
—
|
|
|
5,135
|
|
|
20,539
|
|
|
25,674
|
|
|
246
|
|
2015
|
2015
|
|
100 Innovation
|
|
Industrial
|
—
|
|
|
633
|
|
|
3,455
|
|
|
1,032
|
|
|
633
|
|
|
4,487
|
|
|
5,120
|
|
|
1,802
|
|
1994
|
1999
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2015
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/15
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
101 Innovation
|
|
Industrial
|
—
|
|
|
615
|
|
|
3,958
|
|
|
237
|
|
|
615
|
|
|
4,195
|
|
|
4,810
|
|
|
1,722
|
|
1997
|
1999
|
|
200 Innovation
|
|
Industrial
|
—
|
|
|
357
|
|
|
3,900
|
|
|
458
|
|
|
357
|
|
|
4,358
|
|
|
4,715
|
|
|
1,802
|
|
1999
|
1999
|
|
501 Innovation
|
|
Industrial
|
—
|
|
|
640
|
|
|
5,477
|
|
|
346
|
|
|
640
|
|
|
5,823
|
|
|
6,463
|
|
|
2,324
|
|
1999
|
1999
|
|
1000 Innovation
|
|
Industrial
|
—
|
|
|
514
|
|
|
2,906
|
|
|
231
|
|
|
514
|
|
|
3,137
|
|
|
3,651
|
|
|
1,141
|
|
1996
|
2002
|
|
1200 Innovation
|
|
Industrial
|
—
|
|
|
740
|
|
|
4,387
|
|
|
361
|
|
|
740
|
|
|
4,748
|
|
|
5,488
|
|
|
1,732
|
|
1996
|
2002
|
|
400 Innovation
|
|
Industrial
|
—
|
|
|
908
|
|
|
1,078
|
|
|
387
|
|
|
908
|
|
|
1,465
|
|
|
2,373
|
|
|
869
|
|
2004
|
2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Murfreesboro, Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Middle Tenn Med Ctr - MOB
|
|
Medical Office
|
—
|
|
|
—
|
|
|
20,564
|
|
|
5,345
|
|
|
7
|
|
|
25,902
|
|
|
25,909
|
|
|
8,325
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Murphy, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor Emergency @ Murphy
|
|
Medical Office
|
—
|
|
|
2,218
|
|
|
10,045
|
|
|
796
|
|
|
2,215
|
|
|
10,844
|
|
|
13,059
|
|
|
1,094
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Naperville, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1835 Jefferson
|
|
Industrial
|
—
|
|
|
3,180
|
|
|
7,921
|
|
|
5
|
|
|
3,184
|
|
|
7,922
|
|
|
11,106
|
|
|
3,148
|
|
2005
|
2003
|
|
175 Ambassador Drive
|
|
Industrial
|
—
|
|
|
4,778
|
|
|
11,252
|
|
|
11
|
|
|
4,778
|
|
|
11,263
|
|
|
16,041
|
|
|
3,193
|
|
2006
|
2010
|
|
1860 W. Jefferson
|
|
Industrial
|
—
|
|
|
7,016
|
|
|
35,581
|
|
|
65
|
|
|
7,016
|
|
|
35,646
|
|
|
42,662
|
|
|
6,354
|
|
2000
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Nashville, Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Airpark East-800 Commerce Dr.
|
|
Industrial
|
2,447
|
|
|
1,564
|
|
|
2,341
|
|
|
1,579
|
|
|
1,564
|
|
|
3,920
|
|
|
5,484
|
|
|
1,207
|
|
2002
|
2002
|
|
Nashville Business Center I
|
|
Industrial
|
—
|
|
|
936
|
|
|
5,695
|
|
|
1,552
|
|
|
936
|
|
|
7,247
|
|
|
8,183
|
|
|
3,249
|
|
1997
|
1999
|
|
Nashville Business Center II
|
|
Industrial
|
—
|
|
|
5,659
|
|
|
8,804
|
|
|
1,333
|
|
|
5,659
|
|
|
10,137
|
|
|
15,796
|
|
|
4,668
|
|
2005
|
2005
|
|
Four-Forty Business Center I
|
|
Industrial
|
—
|
|
|
938
|
|
|
6,369
|
|
|
401
|
|
|
938
|
|
|
6,770
|
|
|
7,708
|
|
|
2,687
|
|
1997
|
1999
|
|
Four-Forty Business Center III
|
|
Industrial
|
—
|
|
|
1,812
|
|
|
6,838
|
|
|
1,640
|
|
|
1,812
|
|
|
8,478
|
|
|
10,290
|
|
|
3,516
|
|
1998
|
1999
|
|
Four-Forty Business Center IV
|
|
Industrial
|
—
|
|
|
1,522
|
|
|
5,069
|
|
|
1,234
|
|
|
1,522
|
|
|
6,303
|
|
|
7,825
|
|
|
2,536
|
|
1997
|
1999
|
|
Four-Forty Business Center V
|
|
Industrial
|
—
|
|
|
471
|
|
|
2,182
|
|
|
1,718
|
|
|
471
|
|
|
3,900
|
|
|
4,371
|
|
|
1,358
|
|
1999
|
1999
|
|
Four-Forty Business Center II
|
|
Industrial
|
1,889
|
|
|
1,108
|
|
|
4,829
|
|
|
9
|
|
|
1,108
|
|
|
4,838
|
|
|
5,946
|
|
|
901
|
|
1996
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
New Century, Kansas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
New Century Building One
|
|
Industrial
|
—
|
|
|
1,710
|
|
|
17,922
|
|
|
(2,309
|
)
|
|
1,710
|
|
|
15,613
|
|
|
17,323
|
|
|
2,022
|
|
2007
|
2013
|
North Bergen, New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Palisades Ambulatory Care Ctr
|
|
Medical Office
|
—
|
|
|
53
|
|
|
15,650
|
|
|
—
|
|
|
53
|
|
|
15,650
|
|
|
15,703
|
|
|
537
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Northlake, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Northlake I
|
|
Industrial
|
8,120
|
|
|
5,721
|
|
|
9,056
|
|
|
882
|
|
|
5,721
|
|
|
9,938
|
|
|
15,659
|
|
|
3,254
|
|
2002
|
2002
|
|
Northlake III-Grnd Whse
|
|
Industrial
|
7,298
|
|
|
5,382
|
|
|
5,708
|
|
|
3,568
|
|
|
5,382
|
|
|
9,276
|
|
|
14,658
|
|
|
3,132
|
|
2006
|
2006
|
|
200 Champion Way
|
|
Industrial
|
—
|
|
|
3,554
|
|
|
12,262
|
|
|
22
|
|
|
3,554
|
|
|
12,284
|
|
|
15,838
|
|
|
2,235
|
|
1997
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Orlando, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Southcenter I-Brede/Allied BTS
|
|
Industrial
|
—
|
|
|
3,094
|
|
|
3,337
|
|
|
131
|
|
|
3,094
|
|
|
3,468
|
|
|
6,562
|
|
|
1,792
|
|
2003
|
2003
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2015
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/15
|
|
|
|
|
||||||||||||||
|
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
|
|
|
4,360
|
|
|
604
|
|
|
570
|
|
|
4,959
|
|
|
5,529
|
|
|
2,026
|
|
1996
|
1999
|
|
Parksouth Distribution Ctr. A
|
|
Industrial
|
—
|
|
|
493
|
|
|
4,331
|
|
|
848
|
|
|
498
|
|
|
5,174
|
|
|
5,672
|
|
|
2,207
|
|
1997
|
1999
|
|
Parksouth Distribution Ctr. D
|
|
Industrial
|
—
|
|
|
593
|
|
|
4,056
|
|
|
996
|
|
|
597
|
|
|
5,048
|
|
|
5,645
|
|
|
2,301
|
|
1998
|
1999
|
|
Parksouth Distribution Ctr. E
|
|
Industrial
|
—
|
|
|
649
|
|
|
4,260
|
|
|
1,190
|
|
|
653
|
|
|
5,446
|
|
|
6,099
|
|
|
2,201
|
|
1997
|
1999
|
|
Parksouth Distribution Ctr. F
|
|
Industrial
|
—
|
|
|
1,030
|
|
|
4,511
|
|
|
1,607
|
|
|
1,035
|
|
|
6,113
|
|
|
7,148
|
|
|
2,605
|
|
1999
|
1999
|
|
Parksouth Distribution Ctr. H
|
|
Industrial
|
—
|
|
|
725
|
|
|
2,875
|
|
|
1,445
|
|
|
730
|
|
|
4,315
|
|
|
5,045
|
|
|
1,640
|
|
2000
|
2000
|
|
Parksouth Distribution Ctr. C
|
|
Industrial
|
—
|
|
|
598
|
|
|
1,710
|
|
|
1,695
|
|
|
674
|
|
|
3,329
|
|
|
4,003
|
|
|
1,420
|
|
2003
|
2001
|
|
Parksouth-Benjamin Moore BTS
|
|
Industrial
|
—
|
|
|
708
|
|
|
2,067
|
|
|
83
|
|
|
1,129
|
|
|
1,729
|
|
|
2,858
|
|
|
989
|
|
2003
|
2003
|
|
Crossroads VII
|
|
Industrial
|
—
|
|
|
2,803
|
|
|
2,850
|
|
|
4,065
|
|
|
2,803
|
|
|
6,915
|
|
|
9,718
|
|
|
2,243
|
|
2006
|
2006
|
|
Crossroads VIII
|
|
Industrial
|
—
|
|
|
2,701
|
|
|
4,424
|
|
|
1,914
|
|
|
2,701
|
|
|
6,338
|
|
|
9,039
|
|
|
2,374
|
|
2007
|
2007
|
|
E Orlando Med Surgery Plaza
|
|
Medical Office
|
—
|
|
|
683
|
|
|
14,011
|
|
|
205
|
|
|
683
|
|
|
14,216
|
|
|
14,899
|
|
|
2,385
|
|
2009
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Otsego, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Gateway North 1
|
|
Industrial
|
—
|
|
|
2,243
|
|
|
3,959
|
|
|
1,253
|
|
|
2,287
|
|
|
5,168
|
|
|
7,455
|
|
|
2,185
|
|
2007
|
2007
|
|
Gateway North 3
|
|
Industrial
|
—
|
|
|
1,543
|
|
|
6,620
|
|
|
—
|
|
|
1,543
|
|
|
6,620
|
|
|
8,163
|
|
|
178
|
|
2015
|
2015
|
|
Gateway North 5
|
|
Industrial
|
—
|
|
|
3,667
|
|
|
16,249
|
|
|
—
|
|
|
3,667
|
|
|
16,249
|
|
|
19,916
|
|
|
602
|
|
2015
|
2015
|
|
Gateway North 6
|
|
Industrial
|
—
|
|
|
3,266
|
|
|
11,653
|
|
|
98
|
|
|
3,304
|
|
|
11,713
|
|
|
15,017
|
|
|
627
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pasadena, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Interport Bldg I
|
|
Industrial
|
—
|
|
|
5,715
|
|
|
32,523
|
|
|
96
|
|
|
5,715
|
|
|
32,619
|
|
|
38,334
|
|
|
3,881
|
|
2007
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pembroke Pines, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Pembroke Pointe A
|
|
Office
|
—
|
|
|
6,643
|
|
|
13,016
|
|
|
—
|
|
|
6,643
|
|
|
13,016
|
|
|
19,659
|
|
|
—
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Perris, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Duke Perris Logistics Ctr II
|
|
Industrial
|
—
|
|
|
16,210
|
|
|
27,759
|
|
|
—
|
|
|
16,210
|
|
|
27,759
|
|
|
43,969
|
|
|
378
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Phoenix, Arizona
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Estrella Buckeye
|
|
Industrial
|
—
|
|
|
1,796
|
|
|
5,374
|
|
|
523
|
|
|
1,796
|
|
|
5,897
|
|
|
7,693
|
|
|
1,867
|
|
1996
|
2010
|
|
Riverside Business Center
|
|
Industrial
|
—
|
|
|
5,349
|
|
|
12,293
|
|
|
1,451
|
|
|
5,349
|
|
|
13,744
|
|
|
19,093
|
|
|
4,486
|
|
2007
|
2011
|
|
2021 S 51st Ave Terminal
|
|
Industrial
|
—
|
|
|
6,554
|
|
|
1,140
|
|
|
58
|
|
|
6,554
|
|
|
1,198
|
|
|
7,752
|
|
|
575
|
|
1983
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Plainfield, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Edward Plainfield MOB I
|
|
Medical Office
|
—
|
|
|
—
|
|
|
8,688
|
|
|
1,675
|
|
|
—
|
|
|
10,363
|
|
|
10,363
|
|
|
4,504
|
|
2006
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Plainfield, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Plainfield Building 1
|
|
Industrial
|
20,667
|
|
|
1,104
|
|
|
10,970
|
|
|
7,823
|
|
|
1,097
|
|
|
18,800
|
|
|
19,897
|
|
|
6,492
|
|
2000
|
2000
|
|
Plainfield Building 2
|
|
Industrial
|
12,717
|
|
|
1,094
|
|
|
7,675
|
|
|
1,837
|
|
|
1,094
|
|
|
9,512
|
|
|
10,606
|
|
|
3,848
|
|
2000
|
2000
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2015
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/15
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Plainfield Building 3
|
|
Industrial
|
15,931
|
|
|
2,016
|
|
|
8,806
|
|
|
2,637
|
|
|
2,016
|
|
|
11,443
|
|
|
13,459
|
|
|
3,633
|
|
2002
|
2002
|
|
Plainfield Building 5
|
|
Industrial
|
11,786
|
|
|
2,726
|
|
|
5,992
|
|
|
1,105
|
|
|
2,726
|
|
|
7,097
|
|
|
9,823
|
|
|
3,307
|
|
2004
|
2004
|
|
Plainfield Building 8
|
|
Industrial
|
20,852
|
|
|
4,527
|
|
|
11,008
|
|
|
1,123
|
|
|
4,527
|
|
|
12,131
|
|
|
16,658
|
|
|
4,504
|
|
2006
|
2006
|
|
AllPoints Midwest Bldg. 4
|
|
Industrial
|
—
|
|
|
4,111
|
|
|
9,943
|
|
|
—
|
|
|
4,111
|
|
|
9,943
|
|
|
14,054
|
|
|
2,047
|
|
2012
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Plano, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor Plano MOB
|
|
Medical Office
|
—
|
|
|
16
|
|
|
28,010
|
|
|
8,907
|
|
|
49
|
|
|
36,884
|
|
|
36,933
|
|
|
6,966
|
|
2009
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pompano Beach, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Atlantic Business Center 1
|
|
Industrial
|
—
|
|
|
3,165
|
|
|
8,949
|
|
|
1,738
|
|
|
3,165
|
|
|
10,687
|
|
|
13,852
|
|
|
2,039
|
|
2000
|
2010
|
|
Atlantic Business Center 2
|
|
Industrial
|
—
|
|
|
2,663
|
|
|
8,598
|
|
|
1,107
|
|
|
2,663
|
|
|
9,705
|
|
|
12,368
|
|
|
1,989
|
|
2001
|
2010
|
|
Atlantic Business Center 3
|
|
Industrial
|
—
|
|
|
2,764
|
|
|
8,323
|
|
|
178
|
|
|
2,764
|
|
|
8,501
|
|
|
11,265
|
|
|
1,671
|
|
2001
|
2010
|
|
Atlantic Business Center 4A
|
|
Industrial
|
—
|
|
|
1,804
|
|
|
6,156
|
|
|
47
|
|
|
1,804
|
|
|
6,203
|
|
|
8,007
|
|
|
1,338
|
|
2002
|
2010
|
|
Atlantic Business Center 4B
|
|
Industrial
|
—
|
|
|
1,834
|
|
|
5,348
|
|
|
38
|
|
|
1,834
|
|
|
5,386
|
|
|
7,220
|
|
|
1,030
|
|
2002
|
2010
|
|
Atlantic Business Center 5A
|
|
Industrial
|
—
|
|
|
1,980
|
|
|
5,933
|
|
|
1,219
|
|
|
1,980
|
|
|
7,152
|
|
|
9,132
|
|
|
1,362
|
|
2002
|
2010
|
|
Atlantic Business Center 5B
|
|
Industrial
|
—
|
|
|
1,995
|
|
|
6,257
|
|
|
530
|
|
|
1,995
|
|
|
6,787
|
|
|
8,782
|
|
|
1,315
|
|
2004
|
2010
|
|
Atlantic Business Center 6A
|
|
Industrial
|
—
|
|
|
1,999
|
|
|
6,086
|
|
|
834
|
|
|
1,999
|
|
|
6,920
|
|
|
8,919
|
|
|
1,253
|
|
2004
|
2010
|
|
Atlantic Business Center 6B
|
|
Industrial
|
—
|
|
|
1,988
|
|
|
6,155
|
|
|
43
|
|
|
1,988
|
|
|
6,198
|
|
|
8,186
|
|
|
1,173
|
|
2002
|
2010
|
|
Atlantic Business Center 7A
|
|
Industrial
|
—
|
|
|
2,194
|
|
|
4,200
|
|
|
122
|
|
|
2,194
|
|
|
4,322
|
|
|
6,516
|
|
|
905
|
|
2005
|
2010
|
|
Atlantic Business Center 7B
|
|
Industrial
|
—
|
|
|
2,066
|
|
|
6,915
|
|
|
50
|
|
|
2,066
|
|
|
6,965
|
|
|
9,031
|
|
|
1,468
|
|
2004
|
2010
|
|
Atlantic Business Center 8
|
|
Industrial
|
—
|
|
|
1,616
|
|
|
3,648
|
|
|
117
|
|
|
1,616
|
|
|
3,765
|
|
|
5,381
|
|
|
741
|
|
2005
|
2010
|
|
Copans Business Park 3
|
|
Industrial
|
—
|
|
|
1,710
|
|
|
3,718
|
|
|
238
|
|
|
1,710
|
|
|
3,956
|
|
|
5,666
|
|
|
799
|
|
1989
|
2010
|
|
Copans Business Park 4
|
|
Industrial
|
—
|
|
|
1,781
|
|
|
3,324
|
|
|
135
|
|
|
1,781
|
|
|
3,459
|
|
|
5,240
|
|
|
733
|
|
1989
|
2010
|
|
Park Central Business Park 2
|
|
Industrial
|
—
|
|
|
634
|
|
|
502
|
|
|
68
|
|
|
634
|
|
|
570
|
|
|
1,204
|
|
|
143
|
|
1982
|
2010
|
|
Park Central Business Park 3
|
|
Industrial
|
—
|
|
|
638
|
|
|
1,007
|
|
|
196
|
|
|
638
|
|
|
1,203
|
|
|
1,841
|
|
|
225
|
|
1982
|
2010
|
|
Park Central Business Park 4
|
|
Industrial
|
—
|
|
|
938
|
|
|
1,076
|
|
|
472
|
|
|
938
|
|
|
1,548
|
|
|
2,486
|
|
|
369
|
|
1985
|
2010
|
|
Park Central Business Park 5
|
|
Industrial
|
—
|
|
|
1,125
|
|
|
1,420
|
|
|
743
|
|
|
1,125
|
|
|
2,163
|
|
|
3,288
|
|
|
508
|
|
1986
|
2010
|
|
Park Central Business Park 6
|
|
Industrial
|
—
|
|
|
1,088
|
|
|
982
|
|
|
474
|
|
|
1,088
|
|
|
1,456
|
|
|
2,544
|
|
|
384
|
|
1986
|
2010
|
|
Park Central Business Park 7
|
|
Industrial
|
—
|
|
|
979
|
|
|
950
|
|
|
57
|
|
|
979
|
|
|
1,007
|
|
|
1,986
|
|
|
438
|
|
1986
|
2010
|
|
Park Central Business Park 10
|
|
Industrial
|
—
|
|
|
1,688
|
|
|
2,020
|
|
|
51
|
|
|
1,688
|
|
|
2,071
|
|
|
3,759
|
|
|
489
|
|
1999
|
2010
|
|
Park Central Business Park 11
|
|
Industrial
|
—
|
|
|
3,098
|
|
|
3,454
|
|
|
1,111
|
|
|
3,098
|
|
|
4,565
|
|
|
7,663
|
|
|
1,322
|
|
1995
|
2010
|
|
Pompano Commerce Ctr I
|
|
Industrial
|
—
|
|
|
3,250
|
|
|
5,229
|
|
|
755
|
|
|
3,250
|
|
|
5,984
|
|
|
9,234
|
|
|
2,087
|
|
2010
|
2010
|
|
Pompano Commerce Ctr II
|
|
Industrial
|
—
|
|
|
2,905
|
|
|
4,670
|
|
|
—
|
|
|
2,905
|
|
|
4,670
|
|
|
7,575
|
|
|
52
|
|
2015
|
2015
|
|
Pompano Commerce Ctr III
|
|
Industrial
|
—
|
|
|
3,250
|
|
|
5,704
|
|
|
—
|
|
|
3,250
|
|
|
5,704
|
|
|
8,954
|
|
|
2,039
|
|
2010
|
2010
|
|
Pompano Commerce Ctr IV
|
|
Industrial
|
—
|
|
|
2,897
|
|
|
3,939
|
|
|
—
|
|
|
2,897
|
|
|
3,939
|
|
|
6,836
|
|
|
35
|
|
2015
|
2015
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2015
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/15
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Sample 95 Business Park 1
|
|
Industrial
|
—
|
|
|
3,300
|
|
|
6,380
|
|
|
137
|
|
|
3,300
|
|
|
6,517
|
|
|
9,817
|
|
|
1,304
|
|
1999
|
2010
|
|
Sample 95 Business Park 2
|
|
Industrial
|
10,520
|
|
|
2,963
|
|
|
6,367
|
|
|
108
|
|
|
2,963
|
|
|
6,475
|
|
|
9,438
|
|
|
1,369
|
|
1999
|
2011
|
|
Sample 95 Business Park 3
|
|
Industrial
|
7,665
|
|
|
3,713
|
|
|
4,298
|
|
|
339
|
|
|
3,713
|
|
|
4,637
|
|
|
8,350
|
|
|
980
|
|
1999
|
2011
|
|
Sample 95 Business Park 4
|
|
Industrial
|
—
|
|
|
1,688
|
|
|
5,146
|
|
|
615
|
|
|
1,688
|
|
|
5,761
|
|
|
7,449
|
|
|
1,101
|
|
1999
|
2010
|
|
Copans Business Park 1
|
|
Industrial
|
—
|
|
|
1,856
|
|
|
3,162
|
|
|
576
|
|
|
1,856
|
|
|
3,738
|
|
|
5,594
|
|
|
804
|
|
1989
|
2011
|
|
Copans Business Park 2
|
|
Industrial
|
—
|
|
|
1,988
|
|
|
3,528
|
|
|
234
|
|
|
1,988
|
|
|
3,762
|
|
|
5,750
|
|
|
807
|
|
1989
|
2011
|
|
Park Central Business Park 8-9
|
|
Industrial
|
—
|
|
|
4,136
|
|
|
6,592
|
|
|
629
|
|
|
4,136
|
|
|
7,221
|
|
|
11,357
|
|
|
1,582
|
|
1998
|
2011
|
|
Park Central Business Park 12
|
|
Industrial
|
8,889
|
|
|
2,696
|
|
|
6,170
|
|
|
757
|
|
|
2,696
|
|
|
6,927
|
|
|
9,623
|
|
|
1,365
|
|
1998
|
2011
|
|
Park Central Business Park 14
|
|
Industrial
|
—
|
|
|
1,635
|
|
|
2,902
|
|
|
375
|
|
|
1,635
|
|
|
3,277
|
|
|
4,912
|
|
|
673
|
|
1996
|
2011
|
|
Park Central Business Park 15
|
|
Industrial
|
—
|
|
|
1,500
|
|
|
2,150
|
|
|
833
|
|
|
1,500
|
|
|
2,983
|
|
|
4,483
|
|
|
589
|
|
1998
|
2011
|
|
Park Central Business Park 33
|
|
Industrial
|
—
|
|
|
2,438
|
|
|
3,100
|
|
|
1,689
|
|
|
2,438
|
|
|
4,789
|
|
|
7,227
|
|
|
854
|
|
1997
|
2011
|
|
Atlantic Business Ctr. 10-KFC
|
|
Grounds
|
—
|
|
|
771
|
|
|
—
|
|
|
—
|
|
|
771
|
|
|
—
|
|
|
771
|
|
|
21
|
|
n/a
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Port Wentworth, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
318 Grange Road
|
|
Industrial
|
447
|
|
|
957
|
|
|
4,152
|
|
|
75
|
|
|
880
|
|
|
4,304
|
|
|
5,184
|
|
|
1,174
|
|
2001
|
2006
|
|
246 Grange Road
|
|
Industrial
|
4,259
|
|
|
1,191
|
|
|
8,294
|
|
|
(14
|
)
|
|
1,124
|
|
|
8,347
|
|
|
9,471
|
|
|
2,768
|
|
2006
|
2006
|
|
100 Logistics Way
|
|
Industrial
|
7,755
|
|
|
2,306
|
|
|
12,075
|
|
|
1,900
|
|
|
2,336
|
|
|
13,945
|
|
|
16,281
|
|
|
3,593
|
|
2006
|
2006
|
|
500 Expansion Blvd
|
|
Industrial
|
3,394
|
|
|
649
|
|
|
6,282
|
|
|
216
|
|
|
649
|
|
|
6,498
|
|
|
7,147
|
|
|
1,629
|
|
2006
|
2008
|
|
400 Expansion Blvd
|
|
Industrial
|
7,951
|
|
|
1,636
|
|
|
13,414
|
|
|
453
|
|
|
1,636
|
|
|
13,867
|
|
|
15,503
|
|
|
2,659
|
|
2007
|
2008
|
|
605 Expansion Blvd
|
|
Industrial
|
4,685
|
|
|
1,615
|
|
|
6,893
|
|
|
26
|
|
|
1,615
|
|
|
6,919
|
|
|
8,534
|
|
|
1,396
|
|
2007
|
2008
|
|
405 Expansion Blvd
|
|
Industrial
|
1,916
|
|
|
535
|
|
|
3,194
|
|
|
2
|
|
|
535
|
|
|
3,196
|
|
|
3,731
|
|
|
564
|
|
2008
|
2009
|
|
600 Expansion Blvd
|
|
Industrial
|
5,486
|
|
|
1,248
|
|
|
9,392
|
|
|
33
|
|
|
1,248
|
|
|
9,425
|
|
|
10,673
|
|
|
1,646
|
|
2008
|
2009
|
|
602 Expansion Blvd
|
|
Industrial
|
—
|
|
|
1,840
|
|
|
10,981
|
|
|
42
|
|
|
1,859
|
|
|
11,004
|
|
|
12,863
|
|
|
1,829
|
|
2009
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Raleigh, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
WakeMed Brier Creek Healthplex
|
|
Medical Office
|
—
|
|
|
10
|
|
|
6,653
|
|
|
401
|
|
|
10
|
|
|
7,054
|
|
|
7,064
|
|
|
968
|
|
2011
|
2011
|
|
WakeMed Raleigh Medical Park
|
|
Medical Office
|
—
|
|
|
15
|
|
|
12,078
|
|
|
6,314
|
|
|
15
|
|
|
18,392
|
|
|
18,407
|
|
|
2,864
|
|
2012
|
2012
|
|
Walnut Creek Business Park I
|
|
Industrial
|
—
|
|
|
419
|
|
|
1,729
|
|
|
662
|
|
|
442
|
|
|
2,368
|
|
|
2,810
|
|
|
906
|
|
2001
|
2001
|
|
Walnut Creek Business Park II
|
|
Industrial
|
—
|
|
|
456
|
|
|
2,233
|
|
|
467
|
|
|
487
|
|
|
2,669
|
|
|
3,156
|
|
|
1,037
|
|
2001
|
2001
|
|
Walnut Creek Business Park III
|
|
Industrial
|
—
|
|
|
679
|
|
|
2,839
|
|
|
1,372
|
|
|
719
|
|
|
4,171
|
|
|
4,890
|
|
|
1,437
|
|
2001
|
2001
|
|
Walnut Creek Business Park IV
|
|
Industrial
|
—
|
|
|
2,038
|
|
|
1,460
|
|
|
1,452
|
|
|
2,083
|
|
|
2,867
|
|
|
4,950
|
|
|
1,816
|
|
2004
|
2004
|
|
Walnut Creek Business Park V
|
|
Industrial
|
—
|
|
|
1,718
|
|
|
2,976
|
|
|
642
|
|
|
1,718
|
|
|
3,618
|
|
|
5,336
|
|
|
1,484
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Redlands, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Redlands Commerce Center
|
|
Industrial
|
—
|
|
|
20,031
|
|
|
18,893
|
|
|
1,267
|
|
|
20,031
|
|
|
20,160
|
|
|
40,191
|
|
|
2,698
|
|
2001
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2015
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/15
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
Rockwall, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor Emergency @ Rockwall
|
|
Medical Office
|
—
|
|
|
2,974
|
|
|
10,075
|
|
|
386
|
|
|
2,974
|
|
|
10,461
|
|
|
13,435
|
|
|
1,027
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Rome, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Harbin Cancer Center
|
|
Medical Office
|
—
|
|
|
718
|
|
|
14,032
|
|
|
44
|
|
|
718
|
|
|
14,076
|
|
|
14,794
|
|
|
2,295
|
|
2010
|
2012
|
|
Harbin Clinic Heart Center
|
|
Medical Office
|
—
|
|
|
2,556
|
|
|
10,363
|
|
|
—
|
|
|
2,556
|
|
|
10,363
|
|
|
12,919
|
|
|
1,212
|
|
1994
|
2012
|
|
Harbin Clinic 1825 MarthaBerry
|
|
Medical Office
|
—
|
|
|
—
|
|
|
28,714
|
|
|
(68
|
)
|
|
—
|
|
|
28,646
|
|
|
28,646
|
|
|
3,047
|
|
1960
|
2012
|
|
Harbin Clinic Rome Dialysis
|
|
Medical Office
|
—
|
|
|
190
|
|
|
765
|
|
|
—
|
|
|
190
|
|
|
765
|
|
|
955
|
|
|
132
|
|
2005
|
2012
|
|
Harbin Specialty Center
|
|
Medical Office
|
—
|
|
|
2,203
|
|
|
14,764
|
|
|
—
|
|
|
2,203
|
|
|
14,764
|
|
|
16,967
|
|
|
2,179
|
|
2007
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Romeoville, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Park 55 Bldg. 1
|
|
Industrial
|
8,237
|
|
|
6,433
|
|
|
7,705
|
|
|
1,877
|
|
|
6,433
|
|
|
9,582
|
|
|
16,015
|
|
|
4,351
|
|
2005
|
2005
|
|
Crossroads 2
|
|
Industrial
|
6,675
|
|
|
2,938
|
|
|
9,785
|
|
|
427
|
|
|
2,938
|
|
|
10,212
|
|
|
13,150
|
|
|
2,482
|
|
1999
|
2010
|
|
Crossroads 5
|
|
Industrial
|
6,885
|
|
|
5,296
|
|
|
6,199
|
|
|
255
|
|
|
5,296
|
|
|
6,454
|
|
|
11,750
|
|
|
3,616
|
|
2009
|
2010
|
|
1341-1343 Enterprise Drive
|
|
Industrial
|
—
|
|
|
3,776
|
|
|
12,660
|
|
|
—
|
|
|
3,776
|
|
|
12,660
|
|
|
16,436
|
|
|
325
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Roseville, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
I-35 Business Center 1
|
|
Industrial
|
—
|
|
|
1,655
|
|
|
5,961
|
|
|
1,019
|
|
|
1,655
|
|
|
6,980
|
|
|
8,635
|
|
|
1,269
|
|
1998
|
2011
|
|
I-35 Business Center 2
|
|
Industrial
|
—
|
|
|
1,373
|
|
|
4,135
|
|
|
31
|
|
|
1,373
|
|
|
4,166
|
|
|
5,539
|
|
|
761
|
|
2000
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Roswell, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
North Fulton Medical Plaza
|
|
Medical Office
|
—
|
|
|
291
|
|
|
10,908
|
|
|
777
|
|
|
291
|
|
|
11,685
|
|
|
11,976
|
|
|
1,958
|
|
2012
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sandy Springs, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Center Pointe I & II
|
|
Medical Office
|
—
|
|
|
13,552
|
|
|
14,977
|
|
|
25,658
|
|
|
13,562
|
|
|
40,625
|
|
|
54,187
|
|
|
15,603
|
|
2010
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Savannah, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
198 Gulfstream
|
|
Industrial
|
5,322
|
|
|
549
|
|
|
3,805
|
|
|
174
|
|
|
549
|
|
|
3,979
|
|
|
4,528
|
|
|
1,137
|
|
1997
|
2006
|
|
194 Gulfstream
|
|
Industrial
|
—
|
|
|
412
|
|
|
2,514
|
|
|
20
|
|
|
412
|
|
|
2,534
|
|
|
2,946
|
|
|
676
|
|
1998
|
2006
|
|
190 Gulfstream
|
|
Industrial
|
—
|
|
|
689
|
|
|
4,391
|
|
|
209
|
|
|
689
|
|
|
4,600
|
|
|
5,289
|
|
|
1,301
|
|
1999
|
2006
|
|
250 Grange Road
|
|
Industrial
|
1,196
|
|
|
928
|
|
|
8,648
|
|
|
(22
|
)
|
|
892
|
|
|
8,662
|
|
|
9,554
|
|
|
2,807
|
|
2002
|
2006
|
|
248 Grange Road
|
|
Industrial
|
506
|
|
|
664
|
|
|
3,496
|
|
|
(43
|
)
|
|
613
|
|
|
3,504
|
|
|
4,117
|
|
|
1,128
|
|
2002
|
2006
|
|
163 Portside Court
|
|
Industrial
|
18,681
|
|
|
8,433
|
|
|
7,766
|
|
|
44
|
|
|
8,433
|
|
|
7,810
|
|
|
16,243
|
|
|
4,081
|
|
2004
|
2006
|
|
151 Portside Court
|
|
Industrial
|
1,114
|
|
|
966
|
|
|
7,140
|
|
|
650
|
|
|
966
|
|
|
7,790
|
|
|
8,756
|
|
|
1,951
|
|
2003
|
2006
|
|
175 Portside Court
|
|
Industrial
|
9,364
|
|
|
4,300
|
|
|
13,896
|
|
|
1,281
|
|
|
4,855
|
|
|
14,622
|
|
|
19,477
|
|
|
4,011
|
|
2005
|
2006
|
|
150 Portside Court
|
|
Industrial
|
—
|
|
|
3,071
|
|
|
22,480
|
|
|
1,374
|
|
|
3,071
|
|
|
23,854
|
|
|
26,925
|
|
|
8,076
|
|
2001
|
2006
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2015
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/15
|
|
|
|
|
||||||||||||||
|
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
|
|
|
7,691
|
|
|
1,101
|
|
|
1,074
|
|
|
8,792
|
|
|
9,866
|
|
|
2,121
|
|
2001
|
2006
|
|
239 Jimmy Deloach Parkway
|
|
Industrial
|
—
|
|
|
1,074
|
|
|
6,493
|
|
|
525
|
|
|
1,074
|
|
|
7,018
|
|
|
8,092
|
|
|
1,774
|
|
2001
|
2006
|
|
246 Jimmy Deloach Parkway
|
|
Industrial
|
2,588
|
|
|
992
|
|
|
4,892
|
|
|
141
|
|
|
992
|
|
|
5,033
|
|
|
6,025
|
|
|
1,338
|
|
2006
|
2006
|
|
200 Logistics Way
|
|
Industrial
|
5,191
|
|
|
878
|
|
|
10,021
|
|
|
121
|
|
|
883
|
|
|
10,137
|
|
|
11,020
|
|
|
2,679
|
|
2006
|
2008
|
|
2509 Dean Forest Rd - Westport
|
|
Industrial
|
8,399
|
|
|
2,392
|
|
|
7,572
|
|
|
2,225
|
|
|
2,960
|
|
|
9,229
|
|
|
12,189
|
|
|
1,980
|
|
2008
|
2011
|
|
276 Jimmy Deloach Land
|
|
Grounds
|
—
|
|
|
2,267
|
|
|
—
|
|
|
276
|
|
|
2,520
|
|
|
23
|
|
|
2,543
|
|
|
454
|
|
n/a
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sea Brook, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Bayport Logistics Center
|
|
Industrial
|
—
|
|
|
2,629
|
|
|
13,284
|
|
|
—
|
|
|
2,629
|
|
|
13,284
|
|
|
15,913
|
|
|
3,376
|
|
2009
|
2010
|
|
Bayport Logistics Center II
|
|
Industrial
|
—
|
|
|
5,116
|
|
|
7,663
|
|
|
—
|
|
|
5,116
|
|
|
7,663
|
|
|
12,779
|
|
|
352
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sebring, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Sebring Medical Complex
|
|
Medical Office
|
—
|
|
|
393
|
|
|
6,870
|
|
|
49
|
|
|
393
|
|
|
6,919
|
|
|
7,312
|
|
|
1,062
|
|
2008
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Shakopee, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
MN Valley West
|
|
Industrial
|
—
|
|
|
1,496
|
|
|
6,112
|
|
|
41
|
|
|
1,496
|
|
|
6,153
|
|
|
7,649
|
|
|
1,045
|
|
2000
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sharonville, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Mosteller Distribution Ctr. II
|
|
Industrial
|
—
|
|
|
828
|
|
|
2,926
|
|
|
1,763
|
|
|
408
|
|
|
5,109
|
|
|
5,517
|
|
|
2,225
|
|
1997
|
1997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Snellville, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
New Hampton Place
|
|
Medical Office
|
—
|
|
|
27
|
|
|
6,076
|
|
|
1,660
|
|
|
27
|
|
|
7,736
|
|
|
7,763
|
|
|
1,655
|
|
2011
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Springfield, Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Centerre/Mercy Rehab Hospital
|
|
Medical Office
|
—
|
|
|
2,729
|
|
|
18,319
|
|
|
—
|
|
|
2,729
|
|
|
18,319
|
|
|
21,048
|
|
|
1,817
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Stafford, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Stafford Distribution Center
|
|
Industrial
|
—
|
|
|
3,502
|
|
|
3,670
|
|
|
3,326
|
|
|
3,502
|
|
|
6,996
|
|
|
10,498
|
|
|
2,882
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sterling, Virginia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
22800 Davis Drive
|
|
Office
|
—
|
|
|
2,550
|
|
|
11,250
|
|
|
(4,504
|
)
|
|
4,557
|
|
|
4,739
|
|
|
9,296
|
|
|
2,917
|
|
1989
|
2006
|
|
22714 Glenn Drive
|
|
Industrial
|
—
|
|
|
3,973
|
|
|
3,537
|
|
|
1,098
|
|
|
3,973
|
|
|
4,635
|
|
|
8,608
|
|
|
1,726
|
|
2007
|
2007
|
|
TransDulles Centre Building 16
|
|
Industrial
|
—
|
|
|
5,912
|
|
|
3,965
|
|
|
—
|
|
|
5,912
|
|
|
3,965
|
|
|
9,877
|
|
|
—
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Summerville, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Harbin Clinic Summerville Dial
|
|
Medical Office
|
—
|
|
|
195
|
|
|
1,182
|
|
|
—
|
|
|
195
|
|
|
1,182
|
|
|
1,377
|
|
|
327
|
|
2007
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sumner, Washington
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Sumner Transit
|
|
Industrial
|
—
|
|
|
16,032
|
|
|
5,935
|
|
|
353
|
|
|
16,032
|
|
|
6,288
|
|
|
22,320
|
|
|
3,641
|
|
2005
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2015
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/15
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
Sunrise, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
VA Outpatient
|
|
Medical Office
|
—
|
|
|
5,132
|
|
|
20,887
|
|
|
837
|
|
|
5,132
|
|
|
21,724
|
|
|
26,856
|
|
|
3,306
|
|
2008
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Suwanee, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
90 Horizon Drive
|
|
Industrial
|
—
|
|
|
180
|
|
|
1,274
|
|
|
107
|
|
|
180
|
|
|
1,381
|
|
|
1,561
|
|
|
339
|
|
2001
|
2010
|
|
225 Horizon Drive
|
|
Industrial
|
—
|
|
|
457
|
|
|
2,060
|
|
|
187
|
|
|
457
|
|
|
2,247
|
|
|
2,704
|
|
|
458
|
|
1990
|
2010
|
|
250 Horizon Drive
|
|
Industrial
|
—
|
|
|
1,625
|
|
|
6,441
|
|
|
1,043
|
|
|
1,625
|
|
|
7,484
|
|
|
9,109
|
|
|
1,660
|
|
1997
|
2010
|
|
70 Crestridge Drive
|
|
Industrial
|
—
|
|
|
956
|
|
|
3,512
|
|
|
246
|
|
|
956
|
|
|
3,758
|
|
|
4,714
|
|
|
833
|
|
1998
|
2010
|
|
2780 Horizon Ridge
|
|
Industrial
|
—
|
|
|
1,143
|
|
|
5,724
|
|
|
217
|
|
|
1,143
|
|
|
5,941
|
|
|
7,084
|
|
|
1,232
|
|
1997
|
2010
|
|
25 Crestridge Drive
|
|
Industrial
|
—
|
|
|
723
|
|
|
2,551
|
|
|
1,303
|
|
|
723
|
|
|
3,854
|
|
|
4,577
|
|
|
809
|
|
1999
|
2010
|
|
Genera Corp. BTS
|
|
Industrial
|
—
|
|
|
1,505
|
|
|
4,958
|
|
|
—
|
|
|
1,505
|
|
|
4,958
|
|
|
6,463
|
|
|
1,310
|
|
2006
|
2010
|
|
1000 Northbrook Parkway
|
|
Industrial
|
—
|
|
|
756
|
|
|
3,865
|
|
|
569
|
|
|
756
|
|
|
4,434
|
|
|
5,190
|
|
|
1,143
|
|
1986
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Tampa, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Fairfield Distribution Ctr I
|
|
Industrial
|
1,669
|
|
|
483
|
|
|
2,536
|
|
|
316
|
|
|
487
|
|
|
2,848
|
|
|
3,335
|
|
|
1,195
|
|
1998
|
1999
|
|
Fairfield Distribution Ctr II
|
|
Industrial
|
2,975
|
|
|
530
|
|
|
4,786
|
|
|
316
|
|
|
534
|
|
|
5,098
|
|
|
5,632
|
|
|
2,114
|
|
1998
|
1999
|
|
Fairfield Distribution Ctr III
|
|
Industrial
|
1,607
|
|
|
334
|
|
|
2,709
|
|
|
175
|
|
|
338
|
|
|
2,880
|
|
|
3,218
|
|
|
1,189
|
|
1999
|
1999
|
|
Fairfield Distribution Ctr IV
|
|
Industrial
|
1,688
|
|
|
600
|
|
|
1,323
|
|
|
1,468
|
|
|
604
|
|
|
2,787
|
|
|
3,391
|
|
|
1,103
|
|
1999
|
1999
|
|
Fairfield Distribution Ctr V
|
|
Industrial
|
1,738
|
|
|
488
|
|
|
2,580
|
|
|
263
|
|
|
488
|
|
|
2,843
|
|
|
3,331
|
|
|
1,177
|
|
2000
|
2000
|
|
Fairfield Distribution Ctr VI
|
|
Industrial
|
2,678
|
|
|
555
|
|
|
3,514
|
|
|
955
|
|
|
555
|
|
|
4,469
|
|
|
5,024
|
|
|
1,665
|
|
2001
|
2001
|
|
Fairfield Distribution Ctr VII
|
|
Industrial
|
1,749
|
|
|
394
|
|
|
1,790
|
|
|
1,333
|
|
|
394
|
|
|
3,123
|
|
|
3,517
|
|
|
1,007
|
|
2001
|
2001
|
|
Fairfield Distrib. Ctr. VIII
|
|
Industrial
|
2,007
|
|
|
1,082
|
|
|
2,044
|
|
|
848
|
|
|
1,082
|
|
|
2,892
|
|
|
3,974
|
|
|
1,426
|
|
2004
|
2004
|
|
Eagle Creek Business Ctr. I
|
|
Industrial
|
—
|
|
|
3,705
|
|
|
2,355
|
|
|
1,557
|
|
|
3,705
|
|
|
3,912
|
|
|
7,617
|
|
|
2,309
|
|
2006
|
2006
|
|
Eagle Creek Business Ctr. II
|
|
Industrial
|
—
|
|
|
2,354
|
|
|
1,669
|
|
|
977
|
|
|
2,354
|
|
|
2,646
|
|
|
5,000
|
|
|
1,496
|
|
2007
|
2007
|
|
Eagle Creek Business Ctr. III
|
|
Industrial
|
—
|
|
|
2,332
|
|
|
2,237
|
|
|
1,745
|
|
|
2,332
|
|
|
3,982
|
|
|
6,314
|
|
|
2,165
|
|
2007
|
2007
|
|
VA Primary Care Annex at Tampa
|
|
Medical Office
|
—
|
|
|
7,456
|
|
|
25,437
|
|
|
22
|
|
|
7,456
|
|
|
25,459
|
|
|
32,915
|
|
|
1,747
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Temple, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Bone & Joint Institute
|
|
Medical Office
|
—
|
|
|
1,534
|
|
|
17,382
|
|
|
1,522
|
|
|
1,613
|
|
|
18,825
|
|
|
20,438
|
|
|
2,232
|
|
2013
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Tracy, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1400 Pescadero Ave
|
|
Industrial
|
—
|
|
|
9,633
|
|
|
39,644
|
|
|
—
|
|
|
9,633
|
|
|
39,644
|
|
|
49,277
|
|
|
4,557
|
|
2008
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Visalia, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
2500 North Plaza Dr
|
|
Industrial
|
—
|
|
|
2,746
|
|
|
22,503
|
|
|
—
|
|
|
2,746
|
|
|
22,503
|
|
|
25,249
|
|
|
2,495
|
|
2001
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Waco, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Hillcrest MOB 1
|
|
Medical Office
|
—
|
|
|
812
|
|
|
25,050
|
|
|
1,779
|
|
|
812
|
|
|
26,829
|
|
|
27,641
|
|
|
5,260
|
|
2009
|
2012
|
|
Hillcrest MOB 2
|
|
Medical Office
|
—
|
|
|
502
|
|
|
12,243
|
|
|
571
|
|
|
502
|
|
|
12,814
|
|
|
13,316
|
|
|
2,210
|
|
2009
|
2012
|
|
Hillcrest Cancer Center @ Waco
|
|
Medical Office
|
—
|
|
|
1,844
|
|
|
11,006
|
|
|
505
|
|
|
1,926
|
|
|
11,429
|
|
|
13,355
|
|
|
1,510
|
|
2013
|
2013
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2015
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/15
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
West Chester, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
World Park at Union Centre 10
|
|
Industrial
|
—
|
|
|
2,150
|
|
|
827
|
|
|
7,811
|
|
|
2,151
|
|
|
8,637
|
|
|
10,788
|
|
|
3,096
|
|
2006
|
2006
|
|
World Park at Union Centre 11
|
|
Industrial
|
—
|
|
|
2,592
|
|
|
6,065
|
|
|
189
|
|
|
2,592
|
|
|
6,254
|
|
|
8,846
|
|
|
3,307
|
|
2004
|
2004
|
|
World Park at Union Centre 2
|
|
Industrial
|
—
|
|
|
287
|
|
|
2,315
|
|
|
205
|
|
|
287
|
|
|
2,520
|
|
|
2,807
|
|
|
540
|
|
1999
|
2010
|
|
World Park at Union Centre 3
|
|
Industrial
|
—
|
|
|
1,125
|
|
|
6,042
|
|
|
248
|
|
|
1,125
|
|
|
6,290
|
|
|
7,415
|
|
|
1,272
|
|
1998
|
2010
|
|
World Park at Union Centre 5
|
|
Industrial
|
—
|
|
|
482
|
|
|
2,472
|
|
|
15
|
|
|
482
|
|
|
2,487
|
|
|
2,969
|
|
|
587
|
|
1999
|
2010
|
|
World Park at Union Centre 6
|
|
Industrial
|
—
|
|
|
1,219
|
|
|
6,415
|
|
|
214
|
|
|
1,219
|
|
|
6,629
|
|
|
7,848
|
|
|
1,454
|
|
1999
|
2010
|
|
World Park at Union Centre 7
|
|
Industrial
|
—
|
|
|
1,918
|
|
|
5,230
|
|
|
299
|
|
|
1,918
|
|
|
5,529
|
|
|
7,447
|
|
|
1,767
|
|
2005
|
2010
|
|
World Park at Union Centre 8
|
|
Industrial
|
—
|
|
|
1,160
|
|
|
5,985
|
|
|
1,165
|
|
|
1,160
|
|
|
7,150
|
|
|
8,310
|
|
|
1,250
|
|
1999
|
2010
|
|
World Park at Union Centre 9
|
|
Industrial
|
—
|
|
|
1,189
|
|
|
5,914
|
|
|
393
|
|
|
1,189
|
|
|
6,307
|
|
|
7,496
|
|
|
1,347
|
|
2001
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Wesley Chapel, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Wesley Chapel Wellness MOB
|
|
Medical Office
|
—
|
|
|
—
|
|
|
15,699
|
|
|
1,318
|
|
|
—
|
|
|
17,017
|
|
|
17,017
|
|
|
3,066
|
|
2012
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
West Jefferson, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Restoration Hardware BTS
|
|
Industrial
|
—
|
|
|
6,454
|
|
|
24,812
|
|
|
16,107
|
|
|
10,017
|
|
|
37,356
|
|
|
47,373
|
|
|
10,380
|
|
2008
|
2008
|
|
15 Commerce Pkwy (Mars, Inc.)
|
|
Industrial
|
—
|
|
|
10,439
|
|
|
27,143
|
|
|
63
|
|
|
10,439
|
|
|
27,206
|
|
|
37,645
|
|
|
7,453
|
|
2011
|
2011
|
|
10 Enterprise Pkwy (Ace)
|
|
Industrial
|
—
|
|
|
2,300
|
|
|
18,093
|
|
|
1
|
|
|
2,300
|
|
|
18,094
|
|
|
20,394
|
|
|
1,137
|
|
2014
|
2014
|
|
115 Enterprise Pkwy (Bon-Ton)
|
|
Industrial
|
—
|
|
|
2,547
|
|
|
23,469
|
|
|
—
|
|
|
2,547
|
|
|
23,469
|
|
|
26,016
|
|
|
992
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
West Palm Beach, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Park of Commerce 1
|
|
Industrial
|
—
|
|
|
1,635
|
|
|
1,927
|
|
|
200
|
|
|
1,635
|
|
|
2,127
|
|
|
3,762
|
|
|
570
|
|
2010
|
2010
|
|
Park of Commerce 3
|
|
Industrial
|
—
|
|
|
2,160
|
|
|
4,340
|
|
|
588
|
|
|
2,320
|
|
|
4,768
|
|
|
7,088
|
|
|
1,307
|
|
2010
|
2010
|
|
Airport Center 1
|
|
Industrial
|
—
|
|
|
2,437
|
|
|
5,948
|
|
|
273
|
|
|
2,437
|
|
|
6,221
|
|
|
8,658
|
|
|
1,227
|
|
2002
|
2010
|
|
Airport Center 2
|
|
Industrial
|
—
|
|
|
1,706
|
|
|
4,495
|
|
|
238
|
|
|
1,706
|
|
|
4,733
|
|
|
6,439
|
|
|
936
|
|
2002
|
2010
|
|
Airport Center 3
|
|
Industrial
|
—
|
|
|
1,500
|
|
|
4,750
|
|
|
340
|
|
|
1,500
|
|
|
5,090
|
|
|
6,590
|
|
|
1,261
|
|
2002
|
2010
|
|
Park of Commerce #4
|
|
Grounds
|
5,717
|
|
|
5,934
|
|
|
—
|
|
|
—
|
|
|
5,934
|
|
|
—
|
|
|
5,934
|
|
|
24
|
|
n/a
|
2011
|
|
Park of Commerce #5
|
|
Grounds
|
6,017
|
|
|
6,308
|
|
|
—
|
|
|
—
|
|
|
6,308
|
|
|
—
|
|
|
6,308
|
|
|
24
|
|
n/a
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Westminster, Colorado
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Emerus SCL Health Westminster
|
|
Medical Office
|
—
|
|
|
2,849
|
|
|
15,477
|
|
|
—
|
|
|
2,849
|
|
|
15,477
|
|
|
18,326
|
|
|
143
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Whitestown, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
AllPoints Anson Building 14
|
|
Industrial
|
—
|
|
|
2,127
|
|
|
8,155
|
|
|
886
|
|
|
2,127
|
|
|
9,041
|
|
|
11,168
|
|
|
2,256
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Woodstock, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
NSH Cherokee Towne Lake MOB
|
|
Medical Office
|
—
|
|
|
21
|
|
|
16,026
|
|
|
3,464
|
|
|
21
|
|
|
19,490
|
|
|
19,511
|
|
|
1,823
|
|
2013
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Zionsville, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Marketplace at Anson
|
|
Industrial
|
—
|
|
|
2,147
|
|
|
2,407
|
|
|
2,533
|
|
|
2,147
|
|
|
4,940
|
|
|
7,087
|
|
|
1,934
|
|
2007
|
2007
|
(1)
|
The tax basis (in thousands) of our real estate assets at
December 31, 2015
was approximately
$6,492,821
(unaudited) 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.
|
|
|
Real Estate Assets
|
|
Accumulated Depreciation
|
||||||||||||||||||||
|
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||
Balance at beginning of year
|
|
$
|
7,305,848
|
|
|
$
|
7,031,660
|
|
|
$
|
6,708,250
|
|
|
$
|
1,505,677
|
|
|
$
|
1,382,757
|
|
|
$
|
1,296,685
|
|
Acquisitions
|
|
28,025
|
|
|
117,981
|
|
|
474,213
|
|
|
|
|
|
|
|
|||||||||
Construction costs and tenant improvements
|
|
421,404
|
|
|
592,651
|
|
|
498,097
|
|
|
|
|
|
|
|
|||||||||
Depreciation expense
|
|
|
|
|
|
|
|
253,683
|
|
|
290,279
|
|
|
288,583
|
|
|||||||||
Consolidation of previously unconsolidated properties
|
|
—
|
|
|
—
|
|
|
14,081
|
|
|
|
|
|
|
|
|||||||||
Cost of real estate sold or contributed
|
|
(1,468,635
|
)
|
|
(350,698
|
)
|
|
(591,966
|
)
|
|
(458,393
|
)
|
|
(97,032
|
)
|
|
(131,496
|
)
|
||||||
Impairment Allowance
|
|
(3,406
|
)
|
|
(15,406
|
)
|
|
—
|
|
|
|
|
|
|
|
|||||||||
Write-off of fully depreciated assets
|
|
(101,359
|
)
|
|
(70,340
|
)
|
|
(71,015
|
)
|
|
(101,359
|
)
|
|
(70,327
|
)
|
|
(71,015
|
)
|
||||||
Balance at end of year including held-for-sale
|
|
$
|
6,181,877
|
|
|
$
|
7,305,848
|
|
|
$
|
7,031,660
|
|
|
$
|
1,199,608
|
|
|
$
|
1,505,677
|
|
|
$
|
1,382,757
|
|
Properties held-for-sale
|
|
(49,277
|
)
|
|
(906,591
|
)
|
|
(61,927
|
)
|
|
(7,183
|
)
|
|
(270,340
|
)
|
|
(14,351
|
)
|
||||||
Balance at end of year excluding held-for-sale
|
|
$
|
6,132,600
|
|
|
$
|
6,399,257
|
|
|
$
|
6,969,733
|
|
|
$
|
1,192,425
|
|
|
$
|
1,235,337
|
|
|
$
|
1,368,406
|
|
|
|
|
|
|
DUKE REALTY CORPORATION
|
|
|
|
|
|
/s/ James B. Connor
|
|
|
James B. Connor
|
|
|
President, Chief Executive Officer and Director
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
/s/ Mark A. Denien
|
|
|
Mark A. Denien
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
(Principal Financial and Accounting Officer)
|
|
|
|
|
|
|
|
DUKE REALTY LIMITED PARTNERSHIP
|
|
|
By: DUKE REALTY CORPORATION, its general partner
|
|
|
|
|
|
/s/ James B. Connor
|
|
|
James B. Connor
|
|
|
President, Chief Executive Officer and Director of the General Partner
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
/s/ Mark A. Denien
|
|
|
Mark A. Denien
|
|
|
Executive Vice President and Chief Financial Officer of the General Partner
|
|
|
(Principal Financial and Accounting Officer)
|
|
|
|
|
|
|
Date:
|
February 19, 2016
|
|
|
|
|
|
|
|
|
|
Signature
|
|
Date
|
|
Title
|
|
|
|
|
|
/s/ James B. Connor
|
|
2/19/2016
|
|
President, Chief Executive Officer and Director
(Principal Executive Officer)
|
James B. Connor
|
|
|
|
|
|
|
|
|
|
/s/ Mark A. Denien
|
|
2/19/2016
|
|
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
Mark A. Denien
|
|
|
|
|
|
|
|
|
|
/s/ Thomas J. Baltimore, Jr.*
|
|
2/19/2016
|
|
Director
|
Thomas J. Baltimore, Jr.
|
|
|
|
|
|
|
|
|
|
/s/ William Cavanaugh III*
|
|
2/19/2016
|
|
Director
|
William Cavanaugh III
|
|
|
|
|
|
|
|
|
|
/s/ Alan H. Cohen*
|
|
2/19/2016
|
|
Director
|
Alan H. Cohen
|
|
|
|
|
|
|
|
|
|
/s/ Ngaire E. Cuneo*
|
|
2/19/2016
|
|
Director
|
Ngaire E. Cuneo
|
|
|
|
|
|
|
|
|
|
/s/ Charles R. Eitel*
|
|
2/19/2016
|
|
Director
|
Charles R. Eitel
|
|
|
|
|
|
|
|
|
|
/s/ Martin C. Jischke*
|
|
2/19/2016
|
|
Director
|
Martin C. Jischke
|
|
|
|
|
|
|
|
|
|
/s/ Dennis D. Oklak*
|
|
2/19/2016
|
|
Director
|
Dennis D. Oklak
|
|
|
|
|
|
|
|
|
|
/s/ Melanie R. Sabelhaus*
|
|
2/19/2016
|
|
Director
|
Melanie R. Sabelhaus
|
|
|
|
|
|
|
|
|
|
/s/ Peter M. Scott III*
|
|
2/19/2016
|
|
Director
|
Peter M. Scott III
|
|
|
|
|
|
|
|
|
|
/s/ Jack R. Shaw*
|
|
2/19/2016
|
|
Director
|
Jack R. Shaw
|
|
|
|
|
|
|
|
|
|
/s/ Michael E. Szymanczyk*
|
|
2/19/2016
|
|
Director
|
Michael E. Szymanczyk
|
|
|
|
|
|
|
|
|
|
/s/ Lynn C. Thurber*
|
|
2/19/2016
|
|
Director
|
Lynn C. Thurber
|
|
|
|
|
|
|
|
|
|
/s/ Robert J. Woodward, Jr.*
|
|
2/19/2016
|
|
Director
|
Robert J. Woodward, Jr.
|
|
|
|
|
*
|
|
By James B. Connor, Attorney-in-Fact
|
|
/s/ James B. Connor
|
Continuous Status as a Participant
after Grant Date
|
Number of
Units Vesting
Per Year
|
Percent of Units
Vested
|
|
|
|
|
|
|
A.
|
If you voluntarily terminate your employment by the Company, you will be entitled to separation payments totaling an amount equal to your annual base pay in effect on the last day of the calendar year immediately preceding the calendar year in which your employment is terminated (the “Compensation Year”). The amount of any cash bonus, performance bonus, or equity-based or long-term incentive bonus received by you during or with respect to the Compensation Year will not be included as base pay. For example, if on December 31 of the Compensation Year you were being paid a base salary at the annual rate of $150,000, and in February of the year your employment terminated you received a cash bonus of $50,000 for the Compensation Year, your separation payments would total $150,000. These payments will be made to you in equal monthly installments over twelve (12) months beginning not later than sixty (60) days following your separation. The Company will withhold from any amounts payable to you all legally required federal, state, city and local taxes.
|
C.
|
If the Company terminates your employment for any reason other than For Cause, and there has been no Change of Control as defined below, your termination will be considered a separation for “Other Than Cause.” You agree that a change in your status or position or duties with the Company that does not involve either a demotion or a reduction in base salary or annual incentive bonus targets will not constitute a termination of your employment by the Company. In the event the Company terminates your employment for Other Than Cause, you will be entitled to receive separation payments totaling an amount equal to two (2) times the sum of (i) your annual base pay in effect on the last day of the calendar year immediately preceding the calendar year in which your employment is terminated (the “Compensation Year”), plus (ii) any annual cash incentive bonus paid or payable to you with respect to services performed in the Compensation Year. For example, if on December 31 of the Compensation Year you were being paid a base salary at the annual rate of $100,000, and in February of the year your employment terminated you received a $50,000 annual cash incentive bonus for services performed in the Compensation Year and a long term incentive bonus valued at $25,000 for services performed in the Compensation Year, your separation payments would total $300,000 (($100,000 + $50,000) x 2). These payments will be made to you in equal monthly installments over twenty-four (24) months beginning not later than sixty (60) days following your separation. The Company will withhold from any amounts payable to you all legally required federal, state, city and local taxes.
|
D.
|
If the Company terminates your employment within one (1) year of a Change in Control of the Company, or if you terminate your employment by the Company voluntarily for Good Reason, you will be entitled to receive separation payments totaling an amount equal to three (3) times the sum of (i) your annual base pay in effect on the last day of the calendar year immediately preceding the calendar year in which your employment is terminated (the “Compensation Year”), plus (ii) any annual cash incentive bonus paid or payable to you with respect to services performed in the Compensation Year. For example, if on December 31 of the
|
(a)
|
a change in your status or position with the Company that does not represent a promotion from your status and position in effect immediately prior to a Change in Control of the Company;
|
(b)
|
a forced move to a location more than sixty (60) miles from your place of business immediately prior to a Change in Control; or
|
(c)
|
a reduction by the Company in your base salary and /or a reduction in the your annual incentive bonus targets as compared to that in effect immediately prior to a Change in Control. You may not terminate your employment for “Good Reason” without providing the Company with written notice of the grounds which you believe constitute “Good Reason” and giving the Company at least ten (10) days after your notice to cure and remedy its conduct.
|
E.
|
In the event you terminate employment effective on or after your 62nd birthday, you will not be entitled to receive any separation benefits from the Company under Paragraphs A, B or C above.
|
F.
|
In the event that you die or become disabled before you have received all of your separation payments, you, your designee in writing or, if none, your estate will receive the balance of the separation payments otherwise due to you.
|
G.
|
If you violate or fail to comply with any of your obligations as set forth herein, no further payments will become due or be paid to you (or your surviving spouse, designee or estate). Any payments otherwise due to you that were delayed pursuant to paragraph J. below shall still be paid to you.
|
H.
|
If you become, without obtaining advance written consent by the Company, an owner of more than 2% of any business which is substantially similar to or competes with the Company, no further payments will become due or be paid to you (or your surviving spouse, designee or estate).
|
I.
|
If you become, without obtaining advance written consent by the Company, employed by, or serve as an officer, director, consultant, independent contractor, agent or representative of, any business that is substantially similar to or competes with Company, no further payments will become due or be paid to you (or your surviving spouse, designee or estate).
|
J.
|
To the extent required to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”
), as determined by the Company’s outside counsel, one or more payments described under A, B, C or D above shall be delayed to the six month anniversary of the date of your separation from service, within the meaning of Code Section 409A.
|
1.
|
For a period of two (2) years following your separation from employment, you may not solicit or attempt to solicit any then-existing customer of the Company or any potential customer of the Company with whom the Company is then engaged in discussions regarding one or more specific possible transactions for purposes of providing, marketing, or selling products or services competitive with the products and/or services sold or offered by the Company. If you voluntarily terminate your employment by the Company for any reason, or if the Company terminates your employment For Cause, this two (2) year period will be reduced to one (1) year.
|
2.
|
You may not use or disclose to anyone any Trade Secret belonging to the Company to which you may have had access while employed by Company. “Trade Secret” means information including, but not limited to, technical or non-technical data, a formula, a pattern or design, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential customers, tenants or suppliers which (a) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and (b) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. “Trade Secret” does not include information that is or becomes generally known to the public; or was already known by you prior to your employment by the Company; or that you obtain from an independent source having a bona fide right to use and disclose such information; or that the Company approves for unrestricted release by express authorization.
|
3.
|
For a period of two (2) years following your separation from employment, you may not use or disclose to anyone any Confidential Information belonging to the Company to which you may have had access while employed by the Company. "Confidential Information" means any data or information, other than Trade Secrets, that is important to the Company, is competitively sensitive, and is not generally known by the public. “Confidential Information” includes, without limitation: (1) the sales records, profit and performance records, pricing manuals, models and related materials, sales manuals, training manuals, selling and pricing procedures, and financing methods of the Company; (2) customer and tenant lists, the special demands of particular customers and tenants, and the current and anticipated requirements of customers and tenants for the properties, products and services of the Company; (3) the specifications of any new properties, products or services under development by the Company; and (4) the business plans,
|
4.
|
The payments and benefits under this agreement are conditioned upon your execution and non-revocation of a General Release of All Claims and Covenant Not to Sue, in the form in general use by the Company as of the time of your separation from employment (the “Release”). The Release (i) must be presented by the Company to you within 7 days after your separation of employment and (ii) must be executed by you, and all revocation periods shall have expired, within 60 days after your separation from employment; failing which such payments or benefits shall be forfeited. If such 60-day period spans two calendar years, the payment or benefit shall not be made or commence before the second such calendar year, even if the Release becomes irrevocable in the first such calendar year. In other words, you are not permitted to influence the calendar year of payment based on the timing of your signing of the Release.
|
5.
|
For a period of one (1) year following your separation from employment by the Company, you may not, directly or indirectly, without obtaining prior approval from the Company, encourage or solicit any then-current employee of the Company to separate from employment by the Company.
|
6.
|
Within two (2) days of your date of separation from employment by the Company, you must return to the Company all Trade Secrets and Confidential Information or other tangible things, including all computers, computer disks or other media, files, reports, financial data, handbooks, training materials, marketing or strategic reports, policy statements, programs, and other documents or tangible things provided to you by the Company or acquired by you as a result of your employment by the Company. You may not retain any copies or remove or participate in removing any such materials or things from the premises of Company.
|
7.
|
You understand and agree that the non-solicitation and non-disclosure obligations described above are acceptable to you and are reasonable in light of the nature of the business of Company, your access to information while an employee of the Company, the opportunities, contacts, and professional development you have received during your employment by the Company and the Company’s legitimate need to protect its good will and guard against the disclosure or misuse of its proprietary information.
|
|
|
Year Ended December 31, 2015
|
|
|
Year Ended December 31, 2014
|
|
|
Year Ended December 31, 2013
|
|
|
Year Ended December 31, 2012
|
|
|
Year Ended December 31, 2011
|
|
||||||||||
Net income (loss) from continuing operations, less preferred dividends
|
|
$
|
189,205
|
|
|
|
$
|
190,647
|
|
|
|
$
|
27,886
|
|
|
|
$
|
(126,873
|
)
|
|
|
$
|
(61,143
|
)
|
|
Preferred dividends
|
|
—
|
|
|
|
24,943
|
|
|
|
31,616
|
|
|
|
46,438
|
|
|
|
60,353
|
|
|
|||||
Interest expense
|
|
173,574
|
|
|
|
196,186
|
|
|
|
202,174
|
|
|
|
202,109
|
|
|
|
181,734
|
|
|
|||||
Earnings before fixed charges
|
|
$
|
362,779
|
|
|
|
$
|
411,776
|
|
|
|
$
|
261,676
|
|
|
|
$
|
121,674
|
|
|
|
$
|
180,944
|
|
|
Interest expense
|
|
$
|
173,574
|
|
|
|
$
|
196,186
|
|
|
|
$
|
202,174
|
|
|
|
$
|
202,109
|
|
|
|
$
|
181,734
|
|
|
Interest costs capitalized
|
|
16,764
|
|
|
|
17,620
|
|
|
|
16,756
|
|
|
|
9,357
|
|
|
|
4,335
|
|
|
|||||
Total fixed charges
|
|
190,338
|
|
|
|
213,806
|
|
|
|
218,930
|
|
|
|
211,466
|
|
|
|
186,069
|
|
|
|||||
Preferred dividends
|
|
—
|
|
|
|
24,943
|
|
|
|
31,616
|
|
|
|
46,438
|
|
|
|
60,353
|
|
|
|||||
Total fixed charges and preferred dividends
|
|
$
|
190,338
|
|
|
|
$
|
238,749
|
|
|
|
$
|
250,546
|
|
|
|
$
|
257,904
|
|
|
|
$
|
246,422
|
|
|
Ratio of earnings to fixed charges
|
|
1.91
|
|
|
|
1.93
|
|
|
|
1.20
|
|
|
|
N/A
|
|
(1)
|
|
N/A
|
|
(3)
|
|||||
Ratio of earnings to fixed charges and preferred dividends
|
|
1.91
|
|
|
|
1.72
|
|
|
|
1.04
|
|
|
|
N/A
|
|
(2)
|
|
N/A
|
|
(4)
|
(1)
|
N/A - The ratio is less than 1.0; deficit of
$89.8 million
exists for the year ended December 31, 2012. The calculation of earnings includes $305.6 million of non-cash depreciation and amortization expense.
|
(2)
|
N/A - The ratio is less than 1.0; deficit of
$136.2 million
exists for the year ended December 31, 2012. The calculation of earnings includes $305.6 million of non-cash depreciation and amortization expense.
|
(3)
|
N/A - The ratio is less than 1.0; deficit of
$5.1 million
exists for the year ended December 31, 2011. The calculation of earnings includes $263.4 million of non-cash depreciation and amortization expense.
|
(4)
|
N/A - The ratio is less than 1.0; deficit of
$65.5 million
exists for the year ended December 31, 2011. The calculation of earnings includes $263.4 million of non-cash depreciation and amortization expense.
|
|
|
Year Ended December 31, 2015
|
|
|
Year Ended December 31, 2014
|
|
|
Year Ended December 31, 2013
|
|
|
Year Ended December 31, 2012
|
|
|
Year Ended December 31, 2011
|
|
||||||||||
Net income (loss) from continuing operations, less preferred distributions
|
|
$
|
189,205
|
|
|
|
$
|
190,647
|
|
|
|
$
|
27,886
|
|
|
|
$
|
(126,873
|
)
|
|
|
$
|
(61,143
|
)
|
|
Preferred distributions
|
|
—
|
|
|
|
24,943
|
|
|
|
31,616
|
|
|
|
46,438
|
|
|
|
60,353
|
|
|
|||||
Interest expense
|
|
173,574
|
|
|
|
196,186
|
|
|
|
202,174
|
|
|
|
202,109
|
|
|
|
181,734
|
|
|
|||||
Earnings before fixed charges
|
|
$
|
362,779
|
|
|
|
$
|
411,776
|
|
|
|
$
|
261,676
|
|
|
|
$
|
121,674
|
|
|
|
$
|
180,944
|
|
|
Interest expense
|
|
$
|
173,574
|
|
|
|
$
|
196,186
|
|
|
|
$
|
202,174
|
|
|
|
$
|
202,109
|
|
|
|
$
|
181,734
|
|
|
Interest costs capitalized
|
|
16,764
|
|
|
|
17,620
|
|
|
|
16,756
|
|
|
|
9,357
|
|
|
|
4,335
|
|
|
|||||
Total fixed charges
|
|
190,338
|
|
|
|
213,806
|
|
|
|
218,930
|
|
|
|
211,466
|
|
|
|
186,069
|
|
|
|||||
Preferred distributions
|
|
—
|
|
|
|
24,943
|
|
|
|
31,616
|
|
|
|
46,438
|
|
|
|
60,353
|
|
|
|||||
Total fixed charges and preferred distributions
|
|
$
|
190,338
|
|
|
|
$
|
238,749
|
|
|
|
$
|
250,546
|
|
|
|
$
|
257,904
|
|
|
|
$
|
246,422
|
|
|
Ratio of earnings to fixed charges
|
|
1.91
|
|
|
|
1.93
|
|
|
|
1.20
|
|
|
|
N/A
|
|
(1)
|
|
N/A
|
|
(3)
|
|||||
Ratio of earnings to fixed charges and preferred distributions
|
|
1.91
|
|
|
|
1.72
|
|
|
|
1.04
|
|
|
|
N/A
|
|
(2)
|
|
N/A
|
|
(4)
|
(1)
|
N/A - The ratio is less than 1.0; deficit of
$89.8 million
exists for the year ended December 31, 2012. The calculation of earnings includes $305.6 million of non-cash depreciation and amortization expense.
|
(2)
|
N/A - The ratio is less than 1.0; deficit of
$136.2 million
exists for the year ended December 31, 2012. The calculation of earnings includes $305.6 million of non-cash depreciation and amortization expense.
|
(3)
|
N/A - The ratio is less than 1.0; deficit of
$5.1 million
exists for the year ended December 31, 2011. The calculation of earnings includes $263.4 million of non-cash depreciation and amortization expense.
|
(4)
|
N/A - The ratio is less than 1.0; deficit of
$65.5 million
exists for the year ended December 31, 2011. The calculation of earnings includes $263.4 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
|
|
Martin C. Jischke
|
|
/s/ Dennis D. Oklak
|
|
Dennis D. Oklak
|
|
/s/ Melanie R. Sabelhaus
|
|
Melanie R. Sabelhaus
|
|
/s / Peter M. Scott, III
|
|
Peter M. Scott, III
|
|
/s/ Jack R. Shaw
|
|
Jack R. Shaw
|
|
/s/ Michael E. Szymanczyk
|
|
Michael E. Szymanczyk
|
|
/s/ Lynn C. Thurber
|
|
Lynn C. Thurber
|
|
/s/ Robert J. Woodward, Jr.
|
|
Robert J. Woodward, Jr.
|
|
/s/ James B. Connor
|
James B. Connor
|
President and Chief Executive Officer
|
|
/s/ Mark A. Denien
|
Mark A. Denien
|
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/ James B. Connor
|
James B. Connor
|
President 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/ Mark A. Denien
|
Mark A. Denien
|
Executive Vice President and Chief Financial Officer of the General Partner
|
/s/ James B. Connor
|
|
James B. Connor
|
|
President and Chief Executive Officer
|
|
Date:
|
February 19, 2016
|
/s/ Mark A. Denien
|
|
Mark A. Denien
|
|
Executive Vice President and Chief Financial Officer
|
|
Date:
|
February 19, 2016
|
/s/ James B. Connor
|
|
James B. Connor
|
|
President and Chief Executive Officer of the General Partner
|
|
Date:
|
February 19, 2016
|
/s/ Mark A. Denien
|
|
Mark A. Denien
|
|
Executive Vice President and Chief Financial Officer of the General Partner
|
|
Date:
|
February 19, 2016
|