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 ($0.01 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
|
Emerging growth company
o
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-accelerated filer
x
|
Smaller reporting company
o
|
Emerging growth 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)
|
|
|
|
|
|
|
|
|
|
1.
|
||
1A.
|
||
1B.
|
||
2.
|
||
3.
|
||
4.
|
||
|
|
|
|
|
|
|
|
|
5.
|
||
6.
|
||
7.
|
||
7A.
|
||
8.
|
||
9.
|
||
9A.
|
||
9B.
|
||
|
|
|
|
|
|
|
|
|
10.
|
||
11.
|
||
12.
|
||
13.
|
||
14.
|
||
|
|
|
|
|
|
|
|
|
15.
|
||
16.
|
Form of
10-K
Summary
|
|
|
•
|
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 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, or at all;
|
•
|
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 successfully integrate our acquired properties;
|
•
|
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 (92.9%) of "Independent Directors," as such term is defined under the rules of the New York Stock Exchange (the "NYSE")
|
|
|
|
Board Committees
|
|
• The General Partner's Board Committee members are all Independent Directors
|
|
|
|
Lead Director
|
|
• The Lead Director serves as the Chairman of the General Partner's Corporate Governance Committee
|
|
|
|
Board Policies
|
|
•
Proactively amended and restated the General Partner's Bylaws to implement proxy access
• Adopted a Board Diversity Policy
• 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
|
•
|
Effective January 1, 2018, the federal corporate income tax rate will be permanently reduced to 21%.
|
•
|
Effective January 1, 2018, individuals are entitled to a 20% deduction for certain business-related income from pass-through entities, such as partnerships and limited liability companies and for ordinary REIT dividends. The 2017 Tax Act also adjusts the income tax brackets for individuals. The top federal income tax rate is reduced to 37%, and various deductions are eliminated or limited. The combination of a top rate of 37% and a 20% deduction for ordinary REIT dividends reduces the top federal income tax rate on ordinary REIT dividends to 29.6%. Most of the changes applicable to individuals are temporary and apply only to taxable years beginning after December 31, 2017 and before January 1, 2026.
|
•
|
For taxable years beginning after 2017, Section 1031 like kind exchanges will be ended for all assets other than real estate.
|
•
|
For taxable years beginning after December 31, 2017, the deductibility of business interest expense is generally limited to 30% of a taxpayer's adjusted taxable income, which is taxable business income, excluding business interest income and expense, net operating losses ("NOLs"), the 20% deduction for certain business income and, for taxable years beginning before January 1, 2022, depreciation and amortization. This limitation does not apply to an "electing real property trade or business." Taxpayers that elect out of the interest expense limitations must apply less favorable depreciation rules for real property.
|
•
|
NOLs arising in taxable years beginning after December 31, 2017 may offset only 80% of taxable income. Any NOLs generated in tax years ending after 2017 will no longer be eligible for carryback but will be eligible for indefinite carryforward.
|
•
|
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;
|
•
|
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 dividends distributed to shareholders and would be subject to federal corporate income tax (and any applicable state and local income taxes) on its taxable income at regular corporate income tax 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
|
|
Non-Reportable
|
|
Overall
|
|
Percent of Overall
|
|
|||||||||||||||||
Primary Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Chicago
|
14,559,225
|
|
|
—
|
|
|
14,559,225
|
|
|
11.3
|
%
|
|
$
|
58,343,101
|
|
|
$
|
4.22
|
|
|
10.5
|
%
|
|||
Indianapolis
|
13,538,423
|
|
|
—
|
|
|
13,538,423
|
|
|
10.5
|
%
|
|
43,077,746
|
|
|
3.18
|
|
|
7.8
|
%
|
|||||
Atlanta
|
11,277,689
|
|
|
97,969
|
|
|
11,375,658
|
|
|
8.9
|
%
|
|
42,550,266
|
|
|
4.05
|
|
|
7.7
|
%
|
|||||
South Florida
|
6,260,038
|
|
|
—
|
|
|
6,260,038
|
|
|
4.9
|
%
|
|
41,088,632
|
|
|
7.23
|
|
|
7.4
|
%
|
|||||
Southern California
|
7,528,831
|
|
|
—
|
|
|
7,528,831
|
|
|
5.9
|
%
|
|
36,379,677
|
|
|
5.60
|
|
|
6.6
|
%
|
|||||
Cincinnati
|
9,695,979
|
|
|
181,970
|
|
|
9,877,949
|
|
|
7.7
|
%
|
|
33,828,822
|
|
|
3.45
|
|
|
6.1
|
%
|
|||||
New Jersey
|
4,878,186
|
|
|
—
|
|
|
4,878,186
|
|
|
3.8
|
%
|
|
30,453,956
|
|
|
7.08
|
|
|
5.5
|
%
|
|||||
Dallas
|
8,202,462
|
|
|
—
|
|
|
8,202,462
|
|
|
6.4
|
%
|
|
29,563,542
|
|
|
3.60
|
|
|
5.3
|
%
|
|||||
Columbus
|
8,844,365
|
|
|
—
|
|
|
8,844,365
|
|
|
6.9
|
%
|
|
29,113,241
|
|
|
3.29
|
|
|
5.3
|
%
|
|||||
Savannah
|
7,866,996
|
|
|
—
|
|
|
7,866,996
|
|
|
6.1
|
%
|
|
27,067,233
|
|
|
3.57
|
|
|
4.9
|
%
|
|||||
Houston
|
4,856,978
|
|
|
—
|
|
|
4,856,978
|
|
|
3.8
|
%
|
|
24,281,037
|
|
|
5.00
|
|
|
4.4
|
%
|
|||||
Minneapolis-St. Paul
|
4,690,081
|
|
|
—
|
|
|
4,690,081
|
|
|
3.6
|
%
|
|
22,668,332
|
|
|
4.89
|
|
|
4.1
|
%
|
|||||
Pennsylvania
|
4,316,072
|
|
|
—
|
|
|
4,316,072
|
|
|
3.4
|
%
|
|
21,413,223
|
|
|
4.96
|
|
|
3.9
|
%
|
|||||
Nashville
|
3,806,228
|
|
|
—
|
|
|
3,806,228
|
|
|
2.9
|
%
|
|
18,969,127
|
|
|
5.06
|
|
|
3.4
|
%
|
|||||
Central Florida
|
3,611,513
|
|
|
—
|
|
|
3,611,513
|
|
|
2.8
|
%
|
|
17,348,408
|
|
|
4.91
|
|
|
3.1
|
%
|
|||||
Raleigh
|
2,908,939
|
|
|
—
|
|
|
2,908,939
|
|
|
2.3
|
%
|
|
16,173,659
|
|
|
5.87
|
|
|
2.9
|
%
|
|||||
St. Louis
|
4,491,915
|
|
|
—
|
|
|
4,491,915
|
|
|
3.5
|
%
|
|
14,933,335
|
|
|
3.53
|
|
|
2.7
|
%
|
|||||
Washington DC
|
842,167
|
|
|
489,665
|
|
|
1,331,832
|
|
|
1.0
|
%
|
|
13,868,680
|
|
|
10.92
|
|
|
2.5
|
%
|
|||||
Baltimore
|
2,258,529
|
|
|
—
|
|
|
2,258,529
|
|
|
1.8
|
%
|
|
12,035,329
|
|
|
5.76
|
|
|
2.2
|
%
|
|||||
Northern California
|
1,936,349
|
|
|
—
|
|
|
1,936,349
|
|
|
1.5
|
%
|
|
9,434,591
|
|
|
4.87
|
|
|
1.7
|
%
|
|||||
Seattle
|
1,136,109
|
|
|
—
|
|
|
1,136,109
|
|
|
0.9
|
%
|
|
7,566,135
|
|
|
6.66
|
|
|
1.4
|
%
|
|||||
Other (3)
|
—
|
|
|
119,030
|
|
|
119,030
|
|
|
0.1
|
%
|
|
3,487,188
|
|
|
29.30
|
|
|
0.6
|
%
|
|||||
Total
|
127,507,074
|
|
|
888,634
|
|
|
128,395,708
|
|
|
100.0
|
%
|
|
$
|
553,645,260
|
|
|
$
|
4.49
|
|
|
100.0
|
%
|
|||
Percent of Overall
|
99.3
|
%
|
|
0.7
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|||||||||
Annual Net Effective Rent per Square Foot (2)
|
$
|
4.42
|
|
|
$
|
15.78
|
|
|
$
|
4.49
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
||||||||||||||||
|
Consolidated Properties
|
|
Unconsolidated Properties
|
||||||||||||||
|
Industrial
|
|
Non-Reportable
|
|
Overall
|
|
Industrial
|
|
Non-Reportable
|
|
Overall
|
||||||
Primary Market
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Indianapolis
|
100.0
|
%
|
|
—
|
|
|
100.0
|
%
|
|
79.3
|
%
|
|
—
|
|
|
79.3
|
%
|
Dallas
|
100.0
|
%
|
|
—
|
|
|
100.0
|
%
|
|
96.7
|
%
|
|
—
|
|
|
96.7
|
%
|
Columbus
|
100.0
|
%
|
|
—
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
|
|
100.0
|
%
|
Houston
|
100.0
|
%
|
|
—
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
Pennsylvania
|
100.0
|
%
|
|
—
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
Northern California
|
100.0
|
%
|
|
—
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
Seattle
|
100.0
|
%
|
|
—
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
Cincinnati
|
99.8
|
%
|
|
71.3
|
%
|
|
99.3
|
%
|
|
100.0
|
%
|
|
—
|
|
|
100.0
|
%
|
Minneapolis-St. Paul
|
98.8
|
%
|
|
—
|
|
|
98.8
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
Nashville
|
98.6
|
%
|
|
—
|
|
|
98.6
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
Central Florida
|
97.7
|
%
|
|
—
|
|
|
97.7
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
Savannah
|
96.2
|
%
|
|
—
|
|
|
96.2
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
Washington DC
|
94.9
|
%
|
|
96.1
|
%
|
|
95.4
|
%
|
|
—
|
|
|
59.4
|
%
|
|
59.4
|
%
|
Chicago
|
95.0
|
%
|
|
—
|
|
|
95.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
Raleigh
|
94.7
|
%
|
|
—
|
|
|
94.7
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
St. Louis
|
94.2
|
%
|
|
—
|
|
|
94.2
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
Baltimore
|
92.5
|
%
|
|
—
|
|
|
92.5
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
Atlanta
|
93.1
|
%
|
|
0.0
|
%
|
|
92.3
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
South Florida
|
90.8
|
%
|
|
—
|
|
|
90.8
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
New Jersey
|
88.2
|
%
|
|
—
|
|
|
88.2
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
Southern California
|
86.2
|
%
|
|
—
|
|
|
86.2
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
Other (3)
|
—
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
—
|
|
|
100.0
|
%
|
Total
|
96.2
|
%
|
|
80.9
|
%
|
|
96.1
|
%
|
|
90.3
|
%
|
|
59.4
|
%
|
|
89.1
|
%
|
(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, 2017
, 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.
|
|
2017
|
|
2016
|
|||||||||||||||||||||
Quarter Ended
|
High
|
|
Low
|
|
Dividend/Distribution
|
|
High
|
|
Low
|
|
Dividend/Distribution
|
|||||||||||||
December 31
|
$
|
29.58
|
|
|
$
|
26.65
|
|
|
$
|
0.20
|
|
|
|
$
|
27.26
|
|
|
$
|
22.97
|
|
|
$
|
0.19
|
|
September 30
|
30.14
|
|
|
27.23
|
|
|
0.19
|
|
|
|
28.99
|
|
|
26.18
|
|
|
0.18
|
|
||||||
June 30
|
29.25
|
|
|
26.17
|
|
|
0.19
|
|
|
|
26.69
|
|
|
21.11
|
|
|
0.18
|
|
||||||
March 31
|
27.28
|
|
|
23.93
|
|
|
0.19
|
|
|
|
22.70
|
|
|
18.52
|
|
|
0.18
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Dividends paid per share
|
$
|
0.77
|
|
|
$
|
0.73
|
|
|
$
|
0.69
|
|
Dividends paid per share - special
|
0.85
|
|
|
—
|
|
|
0.20
|
|
|||
Total Dividends paid per share
|
$
|
1.62
|
|
|
$
|
0.73
|
|
|
$
|
0.89
|
|
Ordinary income
|
23.7
|
%
|
|
72.6
|
%
|
|
4.2
|
%
|
|||
Return of capital
|
—
|
%
|
|
2.6
|
%
|
|
—
|
%
|
|||
Capital gains
|
76.3
|
%
|
|
24.8
|
%
|
|
95.8
|
%
|
|||
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Results of Operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
General Partner and Partnership
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental and related revenue from continuing operations
|
$
|
686,514
|
|
|
$
|
641,701
|
|
|
$
|
658,809
|
|
|
$
|
682,653
|
|
|
$
|
657,349
|
|
General contractor and service fee revenue
|
94,420
|
|
|
88,810
|
|
|
133,367
|
|
|
224,500
|
|
|
206,596
|
|
|||||
Total revenues from continuing operations
|
$
|
780,934
|
|
|
$
|
730,511
|
|
|
$
|
792,176
|
|
|
$
|
907,153
|
|
|
$
|
863,945
|
|
Income from continuing operations
|
$
|
290,592
|
|
|
$
|
298,421
|
|
|
$
|
188,248
|
|
|
$
|
221,162
|
|
|
$
|
76,954
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
General Partner
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income attributable to common shareholders
|
$
|
1,634,431
|
|
|
$
|
312,143
|
|
|
$
|
615,310
|
|
|
$
|
204,893
|
|
|
$
|
153,044
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Partnership
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income attributable to common unitholders
|
$
|
1,649,607
|
|
|
$
|
315,232
|
|
|
$
|
621,714
|
|
|
$
|
207,520
|
|
|
$
|
155,138
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
General Partner
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Share Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic income per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
0.80
|
|
|
$
|
0.84
|
|
|
$
|
0.53
|
|
|
$
|
0.53
|
|
|
$
|
0.11
|
|
Discontinued operations
|
3.78
|
|
|
0.05
|
|
|
1.24
|
|
|
0.07
|
|
|
0.36
|
|
|||||
Diluted income per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
0.80
|
|
|
0.84
|
|
|
0.53
|
|
|
0.53
|
|
|
0.11
|
|
|||||
Discontinued operations
|
3.76
|
|
|
0.04
|
|
|
1.24
|
|
|
0.07
|
|
|
0.36
|
|
|||||
Distributions paid per common share
|
$
|
0.77
|
|
|
$
|
0.73
|
|
|
$
|
0.69
|
|
|
$
|
0.68
|
|
|
$
|
0.68
|
|
Distributions paid per common share - special
|
$
|
0.85
|
|
|
$
|
—
|
|
|
$
|
0.20
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Weighted average common shares outstanding
|
355,762
|
|
|
349,942
|
|
|
345,057
|
|
|
335,777
|
|
|
322,133
|
|
|||||
Weighted average common shares and potential dilutive securities
|
362,011
|
|
|
357,076
|
|
|
352,197
|
|
|
340,446
|
|
|
326,712
|
|
|||||
Balance Sheet Data (at December 31):
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Assets (1)
|
$
|
7,388,196
|
|
|
$
|
6,772,002
|
|
|
$
|
6,895,515
|
|
|
$
|
7,725,001
|
|
|
$
|
7,721,105
|
|
Total Debt (1)
|
2,422,891
|
|
|
2,908,477
|
|
|
3,320,141
|
|
|
4,382,801
|
|
|
4,222,868
|
|
|||||
Total Preferred Equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
447,683
|
|
|||||
Total Shareholders' Equity
|
4,532,844
|
|
|
3,465,818
|
|
|
3,181,932
|
|
|
2,860,325
|
|
|
3,013,243
|
|
|||||
Total Common Shares Outstanding
|
356,361
|
|
|
354,756
|
|
|
345,285
|
|
|
344,112
|
|
|
326,399
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Funds from Operations attributable to common shareholders (2)
|
$
|
455,743
|
|
|
$
|
428,420
|
|
|
$
|
300,816
|
|
|
$
|
363,111
|
|
|
$
|
347,041
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Partnership
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Unit Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic income per Common Unit:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
0.80
|
|
|
$
|
0.84
|
|
|
$
|
0.53
|
|
|
$
|
0.53
|
|
|
$
|
0.11
|
|
Discontinued operations
|
3.78
|
|
|
0.05
|
|
|
1.24
|
|
|
0.07
|
|
|
0.36
|
|
|||||
Diluted income per Common Unit:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
0.80
|
|
|
0.84
|
|
|
0.53
|
|
|
0.53
|
|
|
0.11
|
|
|||||
Discontinued operations
|
3.76
|
|
|
0.04
|
|
|
1.24
|
|
|
0.07
|
|
|
0.36
|
|
|||||
Distributions paid per Common Unit
|
$
|
0.77
|
|
|
$
|
0.73
|
|
|
$
|
0.69
|
|
|
$
|
0.68
|
|
|
$
|
0.68
|
|
Distributions paid per Common Unit - special
|
$
|
0.85
|
|
|
$
|
—
|
|
|
$
|
0.20
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Weighted average Common Units outstanding
|
359,065
|
|
|
353,423
|
|
|
348,639
|
|
|
340,085
|
|
|
326,525
|
|
|||||
Weighted average Common Units and potential dilutive securities
|
362,011
|
|
|
357,076
|
|
|
352,197
|
|
|
340,446
|
|
|
326,712
|
|
|||||
Balance Sheet Data (at December 31):
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Assets (1)
|
$
|
7,388,196
|
|
|
$
|
6,772,002
|
|
|
$
|
6,895,515
|
|
|
$
|
7,725,001
|
|
|
$
|
7,721,105
|
|
Total Debt (1)
|
2,422,891
|
|
|
2,908,477
|
|
|
3,320,141
|
|
|
4,382,801
|
|
|
4,222,868
|
|
|||||
Total Preferred Equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
447,683
|
|
|||||
Total Partners' Equity
|
4,573,407
|
|
|
3,490,509
|
|
|
3,201,964
|
|
|
2,877,434
|
|
|
3,037,330
|
|
|||||
Total Common Units Outstanding
|
359,644
|
|
|
358,164
|
|
|
348,772
|
|
|
347,828
|
|
|
330,786
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Funds from Operations attributable to common unitholders (2)
|
$
|
459,980
|
|
|
$
|
432,666
|
|
|
$
|
303,955
|
|
|
$
|
367,768
|
|
|
$
|
351,780
|
|
•
|
Owned or jointly controlled
509
primarily industrial properties, of which
493
properties with
139.6 million
square feet were in service and
16
properties with
9.2 million
square feet were under development. The
493
in-service properties were comprised of
451
consolidated properties with
128.4 million
square feet and
42
jointly controlled unconsolidated properties with
11.2 million
square feet. The
16
properties under development consisted of
12
consolidated properties with
7.2 million
square feet and
four
jointly controlled unconsolidated properties with
2.0 million
square feet.
|
•
|
Owned directly, or through ownership interests in unconsolidated joint ventures (with acreage not adjusted for our percentage ownership interest), approximately 1,900 acres of land and controlled approximately 1,600 acres through purchase options.
|
|
2017
|
|
2016
|
|
2015
|
||||||
Rental and related revenue from continuing operations
|
$
|
686,514
|
|
|
$
|
641,701
|
|
|
$
|
658,809
|
|
General contractor and service fee revenue
|
94,420
|
|
|
88,810
|
|
|
133,367
|
|
|||
Operating income
|
388,621
|
|
|
433,312
|
|
|
412,123
|
|
|||
General Partner
|
|
|
|
|
|
||||||
Net income attributable to common shareholders
|
$
|
1,634,431
|
|
|
$
|
312,143
|
|
|
$
|
615,310
|
|
Weighted average common shares outstanding
|
355,762
|
|
|
349,942
|
|
|
345,057
|
|
|||
Weighted average common shares and potential dilutive securities
|
362,011
|
|
|
357,076
|
|
|
352,197
|
|
|||
Partnership
|
|
|
|
|
|
||||||
Net income attributable to common unitholders
|
$
|
1,649,607
|
|
|
$
|
315,232
|
|
|
$
|
621,714
|
|
Weighted average Common Units outstanding
|
359,065
|
|
|
353,423
|
|
|
348,639
|
|
|||
Weighted average Common Units and potential dilutive securities
|
362,011
|
|
|
357,076
|
|
|
352,197
|
|
|||
General Partner and Partnership
|
|
|
|
|
|
||||||
Basic income per common share or Common Unit:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
0.80
|
|
|
$
|
0.84
|
|
|
$
|
0.53
|
|
Discontinued operations
|
$
|
3.78
|
|
|
$
|
0.05
|
|
|
$
|
1.24
|
|
Diluted income per common share or Common Unit:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
0.80
|
|
|
$
|
0.84
|
|
|
$
|
0.53
|
|
Discontinued operations
|
$
|
3.76
|
|
|
$
|
0.04
|
|
|
$
|
1.24
|
|
Number of in-service consolidated properties at end of year
|
451
|
|
|
492
|
|
|
489
|
|
|||
In-service consolidated square footage at end of year
|
128,396
|
|
|
119,493
|
|
|
115,588
|
|
|||
Number of in-service joint venture properties at end of year
|
42
|
|
|
42
|
|
|
70
|
|
|||
In-service joint venture square footage at end of year
|
11,183
|
|
|
10,736
|
|
|
19,145
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net income attributable to common shareholders of the General Partner
|
$
|
1,634,431
|
|
|
$
|
312,143
|
|
|
$
|
615,310
|
|
Add back: Net income attributable to noncontrolling interests - common limited partnership interests in the Partnership
|
15,176
|
|
|
3,089
|
|
|
6,404
|
|
|||
Net income attributable to common unitholders of the Partnership
|
1,649,607
|
|
|
315,232
|
|
|
621,714
|
|
|||
Adjustments:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
299,472
|
|
|
317,818
|
|
|
320,846
|
|
|||
Impairment charges - depreciable property
|
859
|
|
|
3,719
|
|
|
3,406
|
|
|||
Company share of joint venture depreciation and amortization
|
9,674
|
|
|
14,188
|
|
|
27,247
|
|
|||
Gain on dissolution of unconsolidated joint venture
|
—
|
|
|
(30,697
|
)
|
|
—
|
|
|||
Partnership share of gains on depreciable property sales
|
(1,466,599
|
)
|
|
(163,109
|
)
|
|
(654,594
|
)
|
|||
Income tax expense (benefit) triggered by depreciable property sales
|
17,660
|
|
|
(589
|
)
|
|
(753
|
)
|
|||
Gains on depreciable property sales—share of unconsolidated joint ventures
|
(50,693
|
)
|
|
(23,896
|
)
|
|
(13,911
|
)
|
|||
NAREIT FFO attributable to common unitholders of the Partnership
|
$
|
459,980
|
|
|
$
|
432,666
|
|
|
$
|
303,955
|
|
Additional General Partner Adjustments:
|
|
|
|
|
|
||||||
Net income attributable to noncontrolling interests - common limited partnership interests in the Partnership
|
(15,176
|
)
|
|
(3,089
|
)
|
|
(6,404
|
)
|
|||
Noncontrolling interest share of adjustments
|
10,939
|
|
|
(1,157
|
)
|
|
3,265
|
|
|||
NAREIT FFO attributable to common shareholders of the General Partner
|
$
|
455,743
|
|
|
$
|
428,420
|
|
|
$
|
300,816
|
|
•
|
We generated
$2.52 billion
of total net cash proceeds from the disposition of
98
consolidated buildings and 166 acres of wholly owned undeveloped land.
|
•
|
We started new development projects with expected total costs of $866.2 million, which included $124.6 million of expected total costs for six development projects started within unconsolidated joint ventures. The development projects started in
2017
were mostly comprised of new industrial projects and were, in aggregate, 60.0% pre-leased. Included in these totals is one medical office property which was sold as part of the Medical Office Portfolio Disposition.
|
•
|
We placed 23 newly completed wholly owned development projects in service, which totaled 9.2 million square feet with total costs of $638.7 million. These properties were 85.9% leased at December 31,
2017
.
|
•
|
The total estimated cost of our consolidated properties under construction at December 31,
2017
totaled
$642.1 million
, with
$374.9 million
of such costs already incurred. The total estimated cost for jointly controlled properties under construction was
$99.7 million
at December 31,
2017
, with
$65.3 million
of costs already incurred. The consolidated properties under construction are
56%
pre-leased, while the jointly controlled properties under construction are
67%
pre-leased.
|
•
|
Same-property net operating income, on a cash basis, as defined hereafter under "Supplemental Performance Measures",
increased
by
4.0%
for the twelve months ended
December 31, 2017
, as compared to the same period in
2016
.
|
•
|
As the result of speculative developments that were placed in service during the year, the percentage of total square feet leased for our in-service portfolio of consolidated properties
decreased
from
97.2%
at December 31,
2016
to
96.1%
at December 31,
2017
.
|
•
|
Total leasing activity for our consolidated properties totaled
21.4 million
square feet in
2017
compared to
26.2 million
square feet in
2016
. The
decrease
in total leasing activity in
2017
was largely the result of a lower number of leases up for renewal in 2017, compared to 2016, as well as the timing of build-to-suit development projects.
|
•
|
Total leasing activity for our consolidated properties in
2017
included
9.6 million
square feet of renewals, which represented an
82.5%
retention rate on a square foot basis, and resulted in a
17.4%
increase
in net effective rents, as defined hereafter under "Key Performance Indicators."
|
•
|
During 2017, we repaid
eight
fixed rate secured loans, totaling
$66.5 million
, which had a weighted average stated interest rate of
5.85%
.
|
•
|
In June 2017, we repaid our
$250.0 million
variable rate term loan, which had a scheduled maturity date of January 2019 and bore interest at
LIBOR
plus
1.00%
.
|
•
|
In June 2017, we also repaid
$285.6 million
of senior unsecured notes that had a stated interest rate of
6.50%
and an effective interest rate of
6.08%
, with a scheduled maturity date of January 2018. We recognized a loss of
$9.0 million
including a repayment premium and the write-off of unamortized deferred financing costs.
|
•
|
In July 2017, we repaid
$128.7 million
of senior unsecured notes that had both a stated and an effective interest rate of
6.75%
with a scheduled maturity date of March 2020. We recognized a loss of
$16.6 million
including a repayment premium and the write-off of unamortized deferred financing costs.
|
•
|
In October 2017, we extended our $1.2 billion unsecured revolving credit facility from January 2019 to January 2022 at a variable rate (subject to adjustment) of LIBOR plus 0.875%.
|
•
|
In December 2017, we issued
$300.0 million
senior unsecured notes that bear interest at a stated interest rate of
3.38%
, have an effective interest rate of
3.39%
and mature on December 15, 2027.
|
|
|
Three Months Ended December 31,
|
Percent
|
|
Twelve Months Ended December 31,
|
Percent
|
||||||||||||||
|
|
2017
|
|
2016
|
Change
|
|
2017
|
|
2016
|
Change
|
||||||||||
Income from continuing operations before income taxes
|
|
$
|
54,422
|
|
|
$
|
40,504
|
|
|
|
$
|
290,235
|
|
|
$
|
297,832
|
|
|
||
Share of SPNOI from unconsolidated joint ventures
|
|
3,774
|
|
|
4,010
|
|
|
|
15,071
|
|
|
16,465
|
|
|
||||||
PNOI excluded from the same property population
|
|
(21,735
|
)
|
|
(10,767
|
)
|
|
|
(70,779
|
)
|
|
(31,404
|
)
|
|
||||||
Earnings from Service Operations
|
|
(847
|
)
|
|
(127
|
)
|
|
|
(4,963
|
)
|
|
(8,343
|
)
|
|
||||||
Rental Operations revenues and expenses excluded from PNOI
|
|
(6,432
|
)
|
|
(7,142
|
)
|
|
|
(28,902
|
)
|
|
(42,535
|
)
|
|
||||||
Non-Segment Items
|
|
80,622
|
|
|
79,927
|
|
|
|
230,686
|
|
|
182,904
|
|
|
||||||
SPNOI
|
|
$
|
109,804
|
|
|
$
|
106,405
|
|
3.2
|
%
|
|
$
|
431,348
|
|
|
$
|
414,919
|
|
4.0
|
%
|
|
Consolidated Properties
|
|
Unconsolidated Joint Venture Properties
|
|
Total Including Unconsolidated Joint Venture Properties
|
|||
Vacant square feet at December 31, 2016
|
3,298
|
|
|
425
|
|
|
3,723
|
|
Acquisitions
|
2,490
|
|
|
—
|
|
|
2,490
|
|
Vacant space in completed developments
|
2,519
|
|
|
708
|
|
|
3,227
|
|
Dispositions
|
(650
|
)
|
|
(102
|
)
|
|
(752
|
)
|
Expirations
|
4,657
|
|
|
584
|
|
|
5,241
|
|
Early lease terminations
|
1,575
|
|
|
125
|
|
|
1,700
|
|
Property structural changes/other
|
14
|
|
|
(1
|
)
|
|
13
|
|
Leasing of previously vacant space
|
(8,911
|
)
|
|
(520
|
)
|
|
(9,431
|
)
|
Vacant square feet at December 31, 2017
|
4,992
|
|
|
1,219
|
|
|
6,211
|
|
|
Square Feet of New Second Generation Leases Signed (in thousands)
|
|
Average Term in Years
|
|
Estimated Tenant Improvement Cost per Square Foot
|
|
Leasing Commissions per Square Foot
|
||||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||
Industrial
|
4,909
|
|
|
4,246
|
|
|
5.7
|
|
|
6.8
|
|
|
$
|
1.99
|
|
|
$
|
2.60
|
|
|
$
|
1.81
|
|
|
$
|
1.88
|
|
Non-Reportable Rental Operations
|
51
|
|
|
63
|
|
|
9.2
|
|
|
7.2
|
|
|
$
|
15.63
|
|
|
$
|
16.32
|
|
|
$
|
4.74
|
|
|
$
|
10.46
|
|
Total Consolidated
|
4,960
|
|
|
4,309
|
|
|
5.7
|
|
|
6.8
|
|
|
$
|
2.13
|
|
|
$
|
2.80
|
|
|
$
|
1.84
|
|
|
$
|
2.01
|
|
Unconsolidated Joint Ventures
|
380
|
|
|
346
|
|
|
8.2
|
|
|
7.4
|
|
|
$
|
1.59
|
|
|
$
|
5.15
|
|
|
$
|
2.16
|
|
|
$
|
2.64
|
|
Total Including Unconsolidated Joint Ventures
|
5,340
|
|
|
4,655
|
|
|
5.9
|
|
|
6.9
|
|
|
$
|
2.09
|
|
|
$
|
2.98
|
|
|
$
|
1.86
|
|
|
$
|
2.05
|
|
|
Square Feet of Leases Renewed (in thousands)
|
|
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
|
||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
Industrial
|
9,535
|
|
|
11,708
|
|
|
82.8
|
%
|
|
75.6
|
%
|
|
5.7
|
|
|
4.8
|
|
|
17.4
|
%
|
|
15.3
|
%
|
|
$
|
0.63
|
|
|
$
|
0.51
|
|
|
$
|
1.25
|
|
|
$
|
1.10
|
|
Non-Reportable Rental Operations
|
19
|
|
|
543
|
|
|
30.2
|
%
|
|
75.4
|
%
|
|
6.7
|
|
|
9.4
|
|
|
16.7
|
%
|
|
5.4
|
%
|
|
$
|
4.87
|
|
|
$
|
3.26
|
|
|
$
|
5.29
|
|
|
$
|
2.72
|
|
Total Consolidated
|
9,554
|
|
|
12,251
|
|
|
82.5
|
%
|
|
75.6
|
%
|
|
5.7
|
|
|
5.0
|
|
|
17.4
|
%
|
|
13.7
|
%
|
|
$
|
0.64
|
|
|
$
|
0.63
|
|
|
$
|
1.26
|
|
|
$
|
1.17
|
|
Unconsolidated Joint Ventures
|
444
|
|
|
1,419
|
|
|
49.7
|
%
|
|
83.1
|
%
|
|
4.0
|
|
|
5.1
|
|
|
23.1
|
%
|
|
(1.3
|
)%
|
|
$
|
0.31
|
|
|
$
|
0.74
|
|
|
$
|
1.33
|
|
|
$
|
2.02
|
|
Total Including Unconsolidated Joint Ventures
|
9,998
|
|
|
13,670
|
|
|
80.1
|
%
|
|
76.3
|
%
|
|
5.6
|
|
|
5.0
|
|
|
17.6
|
%
|
|
11.4
|
%
|
|
$
|
0.62
|
|
|
$
|
0.65
|
|
|
$
|
1.26
|
|
|
$
|
1.26
|
|
* 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
|
|
Non-Reportable
|
||||||||||||||||||
Year of
Expiration |
Square
Feet |
|
Annual Rental
Revenue* |
|
Number of Leases
|
|
Square
Feet |
|
Annual Rental
Revenue* |
|
Square
Feet |
|
Annual Rental
Revenue* |
||||||||||
2018
|
9,287
|
|
|
$
|
37,571
|
|
|
118
|
|
|
9,280
|
|
|
$
|
37,483
|
|
|
7
|
|
|
$
|
88
|
|
2019
|
12,163
|
|
|
49,446
|
|
|
154
|
|
|
12,151
|
|
|
49,297
|
|
|
12
|
|
|
149
|
|
|||
2020
|
13,829
|
|
|
62,771
|
|
|
167
|
|
|
13,805
|
|
|
62,553
|
|
|
24
|
|
|
218
|
|
|||
2021
|
12,193
|
|
|
54,744
|
|
|
135
|
|
|
12,134
|
|
|
54,249
|
|
|
59
|
|
|
495
|
|
|||
2022
|
18,376
|
|
|
74,615
|
|
|
137
|
|
|
18,348
|
|
|
74,331
|
|
|
28
|
|
|
284
|
|
|||
2023
|
8,597
|
|
|
41,893
|
|
|
92
|
|
|
8,579
|
|
|
41,666
|
|
|
18
|
|
|
227
|
|
|||
2024
|
11,134
|
|
|
49,402
|
|
|
60
|
|
|
11,129
|
|
|
49,340
|
|
|
5
|
|
|
62
|
|
|||
2025
|
9,193
|
|
|
39,849
|
|
|
45
|
|
|
9,193
|
|
|
39,849
|
|
|
—
|
|
|
—
|
|
|||
2026
|
7,354
|
|
|
32,681
|
|
|
29
|
|
|
7,354
|
|
|
32,681
|
|
|
—
|
|
|
—
|
|
|||
2027
|
6,538
|
|
|
28,157
|
|
|
23
|
|
|
6,538
|
|
|
28,157
|
|
|
—
|
|
|
—
|
|
|||
2028 and Thereafter
|
14,511
|
|
|
80,976
|
|
|
56
|
|
|
13,945
|
|
|
71,151
|
|
|
566
|
|
|
9,825
|
|
|||
Total Leased
|
123,175
|
|
|
$
|
552,105
|
|
|
1,016
|
|
|
122,456
|
|
|
$
|
540,757
|
|
|
719
|
|
|
$
|
11,348
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Portfolio Square Feet
|
128,166
|
|
|
|
|
|
|
127,277
|
|
|
|
|
889
|
|
|
|
|||||||
Percent Leased
|
96.1
|
%
|
|
|
|
|
|
96.2
|
%
|
|
|
|
80.9
|
%
|
|
|
|||||||
* 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.
|
Ownership Type
|
Square
Feet
|
|
Percent
Leased
|
|
Total
Estimated
Project
Costs
|
|
Total
Incurred
to Date
|
|
Amount
Remaining
to be Spent
|
||||||||
Consolidated properties
|
7,178
|
|
|
56
|
%
|
|
$
|
642,086
|
|
|
$
|
374,910
|
|
|
$
|
267,176
|
|
Unconsolidated joint venture properties
|
2,033
|
|
|
67
|
%
|
|
99,655
|
|
|
65,269
|
|
|
34,386
|
|
|||
Total
|
9,211
|
|
|
58
|
%
|
|
$
|
741,741
|
|
|
$
|
440,179
|
|
|
$
|
301,562
|
|
|
2017
|
|
2016
|
||||
Rental and related revenue:
|
|
|
|
||||
Industrial
|
$
|
661,226
|
|
|
$
|
583,019
|
|
Non-Reportable Rental Operations and non-segment revenues
|
25,288
|
|
|
58,682
|
|
||
Total rental and related revenue from continuing operations
|
$
|
686,514
|
|
|
$
|
641,701
|
|
Rental and related revenue from discontinued operations
|
87,185
|
|
|
172,716
|
|
||
Total rental and related revenue from continuing and discontinued operations
|
$
|
773,699
|
|
|
$
|
814,417
|
|
•
|
The acquisition of 43 properties and placing of 38 developments in service from January 1,
2016
to
December 31, 2017
provided combined incremental revenues of $66.0 million in the year ended
December 31, 2017
when compared to
2016
.
|
•
|
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 included an increase of $9.3 million in termination fees during the year ended
December 31, 2017
when compared to
2016
.
|
•
|
Increases to average commencement occupancy and rental rates in our same-property portfolio.
|
•
|
The above items contributing to the
increase
to rental and related revenue from continuing operations were partially offset by the sale of 45 in-service properties since January 1,
2016
, which did not meet the criteria for inclusion within discontinued operations, and resulted in a $36.0 million decrease in rental and related revenue from continuing operations in the year ended
December 31, 2017
when compared to
2016
.
|
|
2017
|
|
2016
|
||||
Rental expenses:
|
|
|
|
||||
Industrial
|
$
|
58,186
|
|
|
$
|
49,502
|
|
Non-Reportable Rental Operations and non-segment expenses
|
6,396
|
|
|
24,821
|
|
||
Total rental expenses from continuing operations
|
$
|
64,582
|
|
|
$
|
74,323
|
|
Rental expenses from discontinued operations
|
18,233
|
|
|
33,079
|
|
||
Total rental expenses from continuing and discontinued operations
|
$
|
82,815
|
|
|
$
|
107,402
|
|
Real estate taxes:
|
|
|
|
||||
Industrial
|
$
|
105,068
|
|
|
$
|
90,789
|
|
Non-Reportable Rental Operations and non-segment expenses
|
3,896
|
|
|
8,149
|
|
||
Total real estate tax expense from continuing operations
|
$
|
108,964
|
|
|
$
|
98,938
|
|
Real estate tax expense from discontinued operations
|
9,869
|
|
|
19,716
|
|
||
Total real estate tax expense from continuing and discontinued operations
|
$
|
118,833
|
|
|
$
|
118,654
|
|
|
2017
|
|
2016
|
||||
Service Operations:
|
|
|
|
||||
General contractor and service fee revenue
|
$
|
94,420
|
|
|
$
|
88,810
|
|
General contractor and other services expenses
|
(89,457
|
)
|
|
(80,467
|
)
|
||
Net earnings from Service Operations
|
$
|
4,963
|
|
|
$
|
8,343
|
|
General and administrative expenses - 2016
|
$
|
55.4
|
|
Decrease to overall pool of overhead costs (1)
|
(9.1
|
)
|
|
Increased absorption of costs by wholly owned leasing and development activities (2)
|
(0.7
|
)
|
|
Decreased allocation of costs to Rental Operations and Service Operations (3)
|
9.3
|
|
|
General and administrative expenses - 2017
|
$
|
54.9
|
|
|
2016
|
|
2015
|
||||
Rental and related revenue:
|
|
|
|
||||
Industrial
|
$
|
583,019
|
|
|
$
|
556,903
|
|
Non-Reportable Rental Operations and non-segment revenues
|
58,682
|
|
|
101,906
|
|
||
Total rental and related revenue from continuing operations
|
$
|
641,701
|
|
|
$
|
658,809
|
|
Rental and related revenue from discontinued operations
|
172,716
|
|
|
189,805
|
|
||
Total rental and related revenue from continuing and discontinued operations
|
$
|
814,417
|
|
|
$
|
848,614
|
|
•
|
The sale of 123 properties since January 1, 2015, which did not meet the criteria for inclusion within discontinued operations, resulted in a $65.2 million decrease in rental and related revenue from continuing operations in the year ended December 31, 2016 when compared to 2015.
|
•
|
The acquisition of 18 properties and placing of 34 developments in service from January 1, 2015 to December 31, 2016 provided combined incremental revenues from continuing operations of $32.0 million in the year ended December 31, 2016 when compared to 2015.
|
•
|
Average commencement occupancy in the same-property portfolio increased by 1.2% in the year ended December 31, 2016 when compared to 2015.
|
|
2016
|
|
2015
|
||||
Rental expenses:
|
|
|
|
||||
Industrial
|
$
|
49,502
|
|
|
$
|
55,088
|
|
Non-Reportable Rental Operations and non-segment expenses
|
24,821
|
|
|
38,334
|
|
||
Total rental expenses from continuing operations
|
$
|
74,323
|
|
|
$
|
93,422
|
|
Rental expenses from discontinued operations
|
33,079
|
|
|
41,307
|
|
||
Total rental expenses from continuing and discontinued operations
|
$
|
107,402
|
|
|
$
|
134,729
|
|
Real estate taxes:
|
|
|
|
||||
Industrial
|
$
|
90,789
|
|
|
$
|
83,806
|
|
Non-Reportable Rental Operations and non-segment expenses
|
8,149
|
|
|
11,899
|
|
||
Total real estate tax expense from continuing operations
|
$
|
98,938
|
|
|
$
|
95,705
|
|
Real estate tax expense from discontinued operations
|
19,716
|
|
|
20,609
|
|
||
Total real estate tax expense from continuing and discontinued operations
|
$
|
118,654
|
|
|
$
|
116,314
|
|
|
2016
|
|
2015
|
||||
Service Operations:
|
|
|
|
||||
General contractor and service fee revenue
|
$
|
88,810
|
|
|
$
|
133,367
|
|
General contractor and other services expenses
|
(80,467
|
)
|
|
(119,170
|
)
|
||
Net earnings from Service Operations
|
$
|
8,343
|
|
|
$
|
14,197
|
|
General and administrative expenses - 2015
|
$
|
58.6
|
|
Decrease to overall pool of overhead costs (1)
|
(8.0
|
)
|
|
Increased absorption of costs by wholly owned development and leasing activities (2)
|
(4.4
|
)
|
|
Decreased allocation of costs to Service Operations and Rental Operations (3)
|
9.2
|
|
|
General and administrative expenses - 2016
|
$
|
55.4
|
|
•
|
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 deferred leasing and other costs in the balance sheet and below market leases are included in other liabilities in the balance sheet; both are amortized to rental income over the remaining terms of the respective leases.
|
•
|
Factors considered in determining the value allocable to in-place leases include estimates, during hypothetical 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.
|
Description
|
Borrowing
Capacity
|
|
Maturity
Date
|
|
Outstanding Balance at December 31, 2017
|
||||
Unsecured Line of Credit – Partnership
|
$
|
1,200,000
|
|
|
January 2022
|
|
$
|
—
|
|
•
|
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.
|
|
2017
|
|
2016
|
|
2015
|
||||||
Second generation tenant improvements
|
$
|
15,239
|
|
|
$
|
24,622
|
|
|
$
|
28,681
|
|
Second generation leasing costs
|
22,712
|
|
|
27,029
|
|
|
24,471
|
|
|||
Building improvements
|
14,603
|
|
|
7,698
|
|
|
8,748
|
|
|||
Total second generation capital expenditures
|
$
|
52,554
|
|
|
$
|
59,349
|
|
|
$
|
61,900
|
|
Development of real estate investments
|
$
|
549,563
|
|
|
$
|
401,442
|
|
|
$
|
370,466
|
|
Other deferred leasing costs
|
$
|
30,208
|
|
|
$
|
38,410
|
|
|
$
|
30,790
|
|
|
Future Repayments
|
|
Weighted Average
|
||||||||||
Year
|
Scheduled
Amortization
|
|
Maturities
|
|
Total
|
|
Interest Rate of
Future Repayments
|
||||||
2018
|
$
|
7,768
|
|
|
$
|
—
|
|
|
$
|
7,768
|
|
|
6.21%
|
2019
|
6,935
|
|
|
268,438
|
|
|
275,373
|
|
|
7.61%
|
|||
2020
|
5,381
|
|
|
—
|
|
|
5,381
|
|
|
5.83%
|
|||
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
|
|
|
5.62%
|
|||
2026
|
2,029
|
|
|
375,000
|
|
|
377,029
|
|
|
3.37%
|
|||
2027
|
358
|
|
|
300,000
|
|
|
300,358
|
|
|
3.40%
|
|||
2028
|
—
|
|
|
50,000
|
|
|
50,000
|
|
|
7.29%
|
|||
Thereafter
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|||
|
$
|
41,289
|
|
|
$
|
2,402,485
|
|
|
$
|
2,443,774
|
|
|
4.33%
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
General Partner
|
|
|
|
|
|
||||||
Net Cash Provided by Operating Activities
|
$
|
448,116
|
|
|
$
|
457,238
|
|
|
$
|
386,651
|
|
Net Cash Provided by Investing Activities
|
696,333
|
|
|
24,904
|
|
|
1,121,299
|
|
|||
Net Cash Used for Financing Activities
|
(1,089,526
|
)
|
|
(492,036
|
)
|
|
(1,503,339
|
)
|
|||
|
|
|
|
|
|
||||||
Partnership
|
|
|
|
|
|
||||||
Net Cash Provided by Operating Activities
|
$
|
448,116
|
|
|
$
|
457,238
|
|
|
$
|
386,471
|
|
Net Cash Provided by Investing Activities
|
696,333
|
|
|
24,904
|
|
|
1,121,299
|
|
|||
Net Cash Used for Financing Activities
|
(1,089,526
|
)
|
|
(492,036
|
)
|
|
(1,503,159
|
)
|
•
|
Real estate development costs were
$549.6 million
,
$401.4 million
, and
$370.5 million
during
2017
,
2016
, and
2015
, respectively.
|
•
|
We paid cash of
$1.23 billion
,
$269.8 million
and
$68.7 million
, respectively, for real estate and undeveloped land acquisitions during
2017
,
2016
and
2015
, respectively.
|
•
|
Sales of land and depreciated property generated net proceeds of
$2.52 billion
,
$538.6 million
and
$1.68 billion
during
2017
,
2016
and
2015
, respectively.
|
•
|
Second generation tenant improvements, leasing costs and building improvements totaled
$52.6 million
,
$59.3 million
and
$61.9 million
during
2017
,
2016
and
2015
, respectively. The second generation capital expenditures continued to decrease in
2017
primarily due to the dispositions of office properties that generally have higher re-leasing costs than industrial properties do.
|
•
|
The cash outflow reflected in the Other Assets line of the Consolidated Statements of Cash Flows for 2017 was the result of a portion of the proceeds from the Medical Office Portfolio Disposition being immediately transferred into escrow, which did not meet the requirements for presentation as cash and cash equivalents, for use in completing future like kind exchange transactions. The cash outflows from such transfers totaled $73.8 million during 2017, compared to $8.6 million during 2016 and $31.5 million during 2015. A cash inflow of $200.0 million, related to the repayment of a mortgage note from the buyers of an office portfolio that we sold in 2015, is reflected in Other Assets line of the Consolidated Statements of Cash Flows for 2016.
|
•
|
We received capital distributions from unconsolidated joint ventures, either as the result of selling our ownership interests in certain unconsolidated joint ventures or from our share of the proceeds from property sales from unconsolidated joint ventures, of
$125.0 million
,
$126.1 million
and
$69.0 million
during
2017
,
2016
and
2015
, respectively.
|
•
|
We made capital contributions and advances to unconsolidated joint ventures in the amounts of
$10.3 million
,
$57.9 million
and
$72.4 million
during
2017
,
2016
and
2015
, respectively.
|
•
|
During
2017
, the General Partner did not issue any shares of common stock pursuant to its ATM equity program, compared to
8.4 million
shares of common stock for net proceeds of
$215.6 million
in
2016
and
233,000
shares of common stock for net proceeds of
$4.5 million
in
2015
.
|
•
|
In 2017, we issued
$300.0 million
of senior unsecured notes and in 2016 we issued $375.0 million of senior unsecured notes. We did not issue any senior unsecured notes in 2015.
|
•
|
During 2017, the Partnership paid cash of $689.6 million to execute the repayment of a
$250.0 million
variable rate term loan, which was prepayable without penalty, and the early redemption of
$414.3 million
of senior unsecured notes. During 2016, we repurchased or redeemed $404.5 million of unsecured notes, for cash payments totaling $437.6 million. During 2015, we repaid six unsecured notes, totaling $831.2 million, for cash payments totaling $910.9 million.
|
•
|
During 2017, the Partnership repaid
eight
secured loans for
$66.5 million
. During 2016, we repaid seven secured loans, totaling $346.7 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 certain of the loans that were repaid prior to their scheduled maturity dates.
|
•
|
We
decreased
net borrowings on the Partnership's line of credit by
$48.0 million
in
2017
,
decreased
net borrowings by
$23.0 million
in
2016
and
decreased
net borrowings by
$35.0 million
in
2015
.
|
•
|
We paid regular cash dividends or distributions of
$0.77
, $0.73 and $0.69 per common share or per Common Unit in each of the years ended
December 31, 2017
,
2016
and
2015
, respectively.
|
•
|
We paid special dividends of $0.85 and $0.20 per common share or Common Unit during the fourth quarters of 2017 and 2015, respectively. These special dividends were paid in order to maintain our compliance with the requirements for maintaining our status as a REIT and were triggered by significant taxable gains on asset sales completed in 2017 and 2015.
|
•
|
Changes in book overdrafts are classified as financing activities within our consolidated Statements of Cash Flows. Book overdrafts were $36.3 million, $13.4 million and $11.1 million at
December 31, 2017
,
2016
and
2015
, respectively.
|
|
Payments due by Period (in thousands)
|
||||||||||||||||||||||||||
Contractual Obligations
|
Total
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
||||||||||||||
Long-term debt
(1)
|
$
|
3,002,898
|
|
|
$
|
111,703
|
|
|
$
|
363,792
|
|
|
$
|
87,946
|
|
|
$
|
339,483
|
|
|
$
|
668,982
|
|
|
$
|
1,430,992
|
|
Line of credit
(2)
|
9,275
|
|
|
1,825
|
|
|
1,825
|
|
|
1,825
|
|
|
1,825
|
|
|
1,825
|
|
|
150
|
|
|||||||
Share of unconsolidated joint ventures' debt
(3)
|
125,523
|
|
|
3,388
|
|
|
7,199
|
|
|
13,060
|
|
|
60,122
|
|
|
1,345
|
|
|
40,409
|
|
|||||||
Ground leases
|
93,263
|
|
|
1,318
|
|
|
1,330
|
|
|
1,442
|
|
|
1,455
|
|
|
1,148
|
|
|
86,570
|
|
|||||||
Development and construction backlog costs
(4)
|
147,065
|
|
|
147,065
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other
|
34,389
|
|
|
7,081
|
|
|
5,990
|
|
|
4,379
|
|
|
4,023
|
|
|
3,324
|
|
|
9,592
|
|
|||||||
Total Contractual Obligations
|
$
|
3,412,413
|
|
|
$
|
272,380
|
|
|
$
|
380,136
|
|
|
$
|
108,652
|
|
|
$
|
406,908
|
|
|
$
|
676,624
|
|
|
$
|
1,567,713
|
|
(1)
|
Our long-term debt consists of both secured and unsecured debt and includes both principal and interest. Interest expense for variable rate debt was calculated using the interest rate at
December 31, 2017
.
|
(2)
|
Represents fees on our unsecured line of credit, which has a contractual maturity date in
January 2022
, with two six-month extension options, which we may exercise at our discretion.
|
(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, 2017
.
|
(4)
|
Represents estimated remaining costs on the completion of owned development projects and third-party construction projects.
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
|
Fair Value
|
||||||||||||||||
Fixed rate secured debt
|
$
|
4,783
|
|
|
$
|
272,215
|
|
|
$
|
3,583
|
|
|
$
|
12,163
|
|
|
$
|
3,311
|
|
|
$
|
13,178
|
|
|
$
|
309,233
|
|
|
$
|
325,753
|
|
Weighted average interest rate
|
6.46
|
%
|
|
7.63
|
%
|
|
5.98
|
%
|
|
5.73
|
%
|
|
6.06
|
%
|
|
6.07
|
%
|
|
7.43
|
%
|
|
|
|||||||||
Variable rate secured debt
|
$
|
300
|
|
|
$
|
300
|
|
|
$
|
300
|
|
|
$
|
300
|
|
|
$
|
300
|
|
|
$
|
1,000
|
|
|
$
|
2,500
|
|
|
$
|
2,500
|
|
Weighted average interest rate
|
1.85
|
%
|
|
1.85
|
%
|
|
1.85
|
%
|
|
1.85
|
%
|
|
1.85
|
%
|
|
1.85
|
%
|
|
1.85
|
%
|
|
|
|||||||||
Fixed rate unsecured debt
|
$
|
2,685
|
|
|
$
|
2,858
|
|
|
$
|
1,498
|
|
|
$
|
250,000
|
|
|
$
|
600,000
|
|
|
$
|
1,275,000
|
|
|
$
|
2,132,041
|
|
|
$
|
2,190,548
|
|
Weighted average interest rate
|
6.26
|
%
|
|
6.26
|
%
|
|
6.26
|
%
|
|
3.91
|
%
|
|
4.20
|
%
|
|
3.72
|
%
|
|
3.88
|
%
|
|
|
(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
|
|
|
|
|
|
3.2
|
|
|
|
|
|
3.3
|
|
|
|
|
|
3.4(i)
|
|
|
|
|
|
3.4(ii)
|
|
|
|
|
|
3.4(iii)
|
|
|
|
|
|
3.4(iv)
|
|
|
|
|
|
3.4(v)
|
|
|
|
|
|
4.1
|
|
|
|
|
|
4.2(i)
|
|
4.3(i)
|
|
|
|
|
|
|
|
|
4.3(ii)
|
|
|
|
|
|
4.3(iii)
|
|
|
|
|
|
4.3(iv)
|
|
|
|
|
|
4.3(v)
|
|
|
|
|
|
4.3(vi)
|
|
|
|
|
|
4.3(vii)
|
|
|
|
|
|
4.3(viii)
|
|
|
|
|
|
10.1(i)
|
|
|
|
|
|
10.1(ii)
|
|
|
|
|
|
10.1(iii)
|
|
|
|
|
|
10.2(i)
|
|
|
|
|
|
10.2(ii)
|
|
|
|
|
|
10.3(i)
|
|
|
|
|
|
10.3(ii)
|
|
|
|
|
|
10.3(iii)
|
|
|
|
|
|
10.3(iv)
|
|
|
|
|
|
10.4
|
|
|
|
|
|
10.5(i)
|
|
|
|
|
|
10.5(ii)
|
|
|
|
|
|
10.6
|
|
|
|
|
|
10.7
|
|
|
|
|
|
10.8(i)
|
|
|
|
|
|
10.8(ii)
|
|
|
|
|
|
10.8(iii)
|
|
|
|
|
|
10.8(iv)
|
|
|
|
|
|
10.9
|
|
|
|
|
|
10.11
|
|
|
|
|
|
10.12
|
|
|
|
|
|
10.13
|
|
|
|
|
|
10.13 (i)
|
|
|
|
|
|
10.13 (ii)
|
|
|
|
|
|
10.14
|
|
|
|
|
|
10.15
|
|
|
|
|
|
10.16
|
|
|
|
|
|
10.17
|
|
|
|
|
|
10.18
|
|
|
|
|
|
10.19
|
|
|
|
|
|
10.20
|
|
|
|
|
|
10.21
|
|
|
|
|
|
10.22
|
|
|
|
|
|
10.23
|
|
|
|
|
|
10.24
|
|
|
|
|
|
10.25
|
|
|
|
|
|
10.25 (i)
|
|
|
|
|
|
10.26
|
|
|
|
|
|
10.27
|
|
|
|
|
|
10.28
|
|
|
|
|
|
11.1
|
|
Statement Regarding Computation of Earnings.***
|
12.1
|
|
|
|
|
|
12.2
|
|
|
|
|
|
21.1
|
|
|
|
|
|
23.1
|
|
|
|
|
|
23.2
|
|
|
|
|
|
24.1
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
31.3
|
|
|
|
|
|
31.4
|
|
|
|
|
|
32.1
|
|
|
|
|
|
32.2
|
|
|
|
|
|
32.3
|
|
|
|
|
|
32.4
|
|
|
|
|
|
99.1
|
|
|
|
|
|
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, 2017 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
|
Chairman and Chief Executive Officer
|
|
/s/ Mark A. Denien
|
Mark A. Denien
|
Executive Vice President and Chief Financial Officer
|
/s/ KPMG LLP
|
|
We have served as the Company’s auditor since 1986.
|
|
Indianapolis, Indiana
|
February 16, 2018
|
•
|
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
|
Chairman 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
|
|
We have served as the Partnership’s auditor since 1994.
|
|
Indianapolis, Indiana
|
February 16, 2018
|
|
2017
|
|
2016
|
||||
ASSETS
|
|
|
|
||||
Real estate investments:
|
|
|
|
||||
Real estate assets
|
$
|
6,593,567
|
|
|
$
|
5,144,805
|
|
Construction in progress
|
401,407
|
|
|
303,644
|
|
||
Investments in and advances to unconsolidated joint ventures
|
126,487
|
|
|
197,807
|
|
||
Undeveloped land
|
226,987
|
|
|
237,436
|
|
||
|
7,348,448
|
|
|
5,883,692
|
|
||
Accumulated depreciation
|
(1,193,905
|
)
|
|
(1,042,944
|
)
|
||
Net real estate investments
|
6,154,543
|
|
|
4,840,748
|
|
||
|
|
|
|
||||
Real estate investments and other assets held-for-sale
|
17,550
|
|
|
1,324,258
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
67,562
|
|
|
12,639
|
|
||
Accounts receivable, net of allowance of $1,709 and $1,391
|
19,427
|
|
|
15,838
|
|
||
Straight-line rent receivable, net of allowance of $5,254 and $5,268
|
93,005
|
|
|
82,554
|
|
||
Receivables on construction contracts, including retentions
|
13,480
|
|
|
6,159
|
|
||
Deferred leasing and other costs, net of accumulated amortization of $209,451 and $186,798
|
292,682
|
|
|
258,741
|
|
||
Restricted cash held in escrow for like-kind exchange
|
116,405
|
|
|
40,102
|
|
||
Notes receivable from property sales
|
426,657
|
|
|
25,460
|
|
||
Other escrow deposits and other assets
|
186,885
|
|
|
165,503
|
|
||
|
$
|
7,388,196
|
|
|
$
|
6,772,002
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Indebtedness:
|
|
|
|
||||
Secured debt, net of deferred financing costs of $614 and $969
|
$
|
311,349
|
|
|
$
|
383,725
|
|
Unsecured debt, net of deferred financing costs of $20,500 and $22,083
|
2,111,542
|
|
|
2,476,752
|
|
||
Unsecured line of credit
|
—
|
|
|
48,000
|
|
||
|
2,422,891
|
|
|
2,908,477
|
|
||
|
|
|
|
||||
Liabilities related to real estate investments held-for-sale
|
1,163
|
|
|
56,291
|
|
||
|
|
|
|
||||
Construction payables and amounts due subcontractors, including retentions
|
54,545
|
|
|
44,250
|
|
||
Accrued real estate taxes
|
67,374
|
|
|
59,112
|
|
||
Accrued interest
|
17,911
|
|
|
23,633
|
|
||
Other liabilities
|
210,825
|
|
|
153,846
|
|
||
Tenant security deposits and prepaid rents
|
39,109
|
|
|
33,100
|
|
||
Total liabilities
|
2,813,818
|
|
|
3,278,709
|
|
||
Shareholders' equity:
|
|
|
|
||||
Common shares ($0.01 par value); 600,000 shares authorized; 356,361 and 354,756 shares issued and outstanding, respectively
|
3,564
|
|
|
3,548
|
|
||
Additional paid-in capital
|
5,205,316
|
|
|
5,192,011
|
|
||
Accumulated other comprehensive income
|
—
|
|
|
682
|
|
||
Distributions in excess of net income
|
(676,036
|
)
|
|
(1,730,423
|
)
|
||
Total shareholders' equity
|
4,532,844
|
|
|
3,465,818
|
|
||
Noncontrolling interests
|
41,534
|
|
|
27,475
|
|
||
Total equity
|
4,574,378
|
|
|
3,493,293
|
|
||
|
$
|
7,388,196
|
|
|
$
|
6,772,002
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Rental and related revenue
|
$
|
686,514
|
|
|
$
|
641,701
|
|
|
$
|
658,809
|
|
General contractor and service fee revenue
|
94,420
|
|
|
88,810
|
|
|
133,367
|
|
|||
|
780,934
|
|
|
730,511
|
|
|
792,176
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Rental expenses
|
64,582
|
|
|
74,323
|
|
|
93,422
|
|
|||
Real estate taxes
|
108,964
|
|
|
98,938
|
|
|
95,705
|
|
|||
General contractor and other services expenses
|
89,457
|
|
|
80,467
|
|
|
119,170
|
|
|||
Depreciation and amortization
|
273,561
|
|
|
242,557
|
|
|
245,764
|
|
|||
|
536,564
|
|
|
496,285
|
|
|
554,061
|
|
|||
Other operating activities:
|
|
|
|
|
|
||||||
Equity in earnings (loss) of unconsolidated joint ventures
|
63,310
|
|
|
47,403
|
|
|
(3,304
|
)
|
|||
Gain on dissolution of unconsolidated joint venture
|
—
|
|
|
30,697
|
|
|
—
|
|
|||
Promote income
|
20,007
|
|
|
26,299
|
|
|
—
|
|
|||
Gain on sale of properties
|
113,669
|
|
|
162,093
|
|
|
229,702
|
|
|||
Gain on land sales
|
9,244
|
|
|
9,865
|
|
|
35,054
|
|
|||
Other operating expenses
|
(2,554
|
)
|
|
(3,864
|
)
|
|
(5,947
|
)
|
|||
Impairment charges
|
(4,481
|
)
|
|
(18,018
|
)
|
|
(22,932
|
)
|
|||
General and administrative expenses
|
(54,944
|
)
|
|
(55,389
|
)
|
|
(58,565
|
)
|
|||
|
144,251
|
|
|
199,086
|
|
|
174,008
|
|
|||
Operating income
|
388,621
|
|
|
433,312
|
|
|
412,123
|
|
|||
Other income (expenses):
|
|
|
|
|
|
||||||
Interest and other income, net
|
14,721
|
|
|
4,035
|
|
|
4,667
|
|
|||
Interest expense
|
(87,003
|
)
|
|
(112,757
|
)
|
|
(138,258
|
)
|
|||
Loss on debt extinguishment
|
(26,104
|
)
|
|
(33,934
|
)
|
|
(85,713
|
)
|
|||
Acquisition-related activity
|
—
|
|
|
7,176
|
|
|
(8,499
|
)
|
|||
Income from continuing operations before income taxes
|
290,235
|
|
|
297,832
|
|
|
184,320
|
|
|||
Income tax benefit
|
357
|
|
|
589
|
|
|
3,928
|
|
|||
Income from continuing operations
|
290,592
|
|
|
298,421
|
|
|
188,248
|
|
|||
Discontinued operations:
|
|
|
|
|
|
||||||
Income before gain on sales and income taxes
|
18,436
|
|
|
15,841
|
|
|
11,896
|
|
|||
Gain on sale of depreciable properties
|
1,357,778
|
|
|
1,016
|
|
|
424,892
|
|
|||
Income tax expense
|
(12,465
|
)
|
|
—
|
|
|
(3,175
|
)
|
|||
Income from discontinued operations
|
1,363,749
|
|
|
16,857
|
|
|
433,613
|
|
|||
Net income
|
1,654,341
|
|
|
315,278
|
|
|
621,861
|
|
|||
Net income attributable to noncontrolling interests
|
(19,910
|
)
|
|
(3,135
|
)
|
|
(6,551
|
)
|
|||
Net income attributable to common shareholders
|
$
|
1,634,431
|
|
|
$
|
312,143
|
|
|
$
|
615,310
|
|
Basic net income per common share:
|
|
|
|
|
|
||||||
Continuing operations attributable to common shareholders
|
$
|
0.80
|
|
|
$
|
0.84
|
|
|
$
|
0.53
|
|
Discontinued operations attributable to common shareholders
|
3.78
|
|
|
0.05
|
|
|
1.24
|
|
|||
Total
|
$
|
4.58
|
|
|
$
|
0.89
|
|
|
$
|
1.77
|
|
Diluted net income per common share:
|
|
|
|
|
|
||||||
Continuing operations attributable to common shareholders
|
$
|
0.80
|
|
|
$
|
0.84
|
|
|
$
|
0.53
|
|
Discontinued operations attributable to common shareholders
|
3.76
|
|
|
0.04
|
|
|
1.24
|
|
|||
Total
|
$
|
4.56
|
|
|
$
|
0.88
|
|
|
$
|
1.77
|
|
Weighted average number of common shares outstanding
|
355,762
|
|
|
349,942
|
|
|
345,057
|
|
|||
Weighted average number of common shares and potential dilutive securities
|
362,011
|
|
|
357,076
|
|
|
352,197
|
|
|||
Comprehensive income:
|
|
|
|
|
|
||||||
Net income
|
$
|
1,654,341
|
|
|
$
|
315,278
|
|
|
$
|
621,861
|
|
Other comprehensive loss:
|
|
|
|
|
|
||||||
Amortization of interest contracts
|
(682
|
)
|
|
(1,101
|
)
|
|
(1,125
|
)
|
|||
Other
|
—
|
|
|
(23
|
)
|
|
(95
|
)
|
|||
Total other comprehensive loss
|
(682
|
)
|
|
(1,124
|
)
|
|
(1,220
|
)
|
|||
Comprehensive income
|
$
|
1,653,659
|
|
|
$
|
314,154
|
|
|
$
|
620,641
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
1,654,341
|
|
|
$
|
315,278
|
|
|
$
|
621,861
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation of buildings and tenant improvements
|
242,606
|
|
|
255,419
|
|
|
253,683
|
|
|||
Amortization of deferred leasing and other costs
|
56,866
|
|
|
62,399
|
|
|
67,163
|
|
|||
Amortization of deferred financing costs
|
5,402
|
|
|
5,327
|
|
|
6,997
|
|
|||
Straight-line rental income and expense, net
|
(16,051
|
)
|
|
(13,743
|
)
|
|
(22,396
|
)
|
|||
Impairment charges
|
4,481
|
|
|
18,018
|
|
|
22,932
|
|
|||
Loss on debt extinguishment
|
26,104
|
|
|
33,934
|
|
|
85,713
|
|
|||
Gain on dissolution of unconsolidated joint venture
|
—
|
|
|
(30,697
|
)
|
|
—
|
|
|||
Gain on acquisitions
|
—
|
|
|
(7,272
|
)
|
|
—
|
|
|||
Gains on land and depreciated property sales
|
(1,480,691
|
)
|
|
(172,974
|
)
|
|
(689,647
|
)
|
|||
Third-party construction contracts, net
|
1,000
|
|
|
5,273
|
|
|
4,033
|
|
|||
Other accrued revenues and expenses, net
|
1,016
|
|
|
16,903
|
|
|
11,025
|
|
|||
Equity in earnings (in excess of ) less than operating distributions from unconsolidated joint ventures
|
(46,958
|
)
|
|
(30,627
|
)
|
|
25,287
|
|
|||
Net cash provided by operating activities
|
448,116
|
|
|
457,238
|
|
|
386,651
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Development of real estate investments
|
(549,563
|
)
|
|
(401,442
|
)
|
|
(370,466
|
)
|
|||
Acquisition of real estate investments and related intangible assets
|
(982,598
|
)
|
|
(170,635
|
)
|
|
(28,849
|
)
|
|||
Acquisition of undeveloped land
|
(243,846
|
)
|
|
(99,168
|
)
|
|
(39,881
|
)
|
|||
Second generation tenant improvements, leasing costs and building improvements
|
(52,554
|
)
|
|
(59,349
|
)
|
|
(61,900
|
)
|
|||
Other deferred leasing costs
|
(30,208
|
)
|
|
(38,410
|
)
|
|
(30,790
|
)
|
|||
Other assets
|
(80,609
|
)
|
|
187,129
|
|
|
(19,083
|
)
|
|||
Proceeds from land and depreciated property sales, net
|
2,521,078
|
|
|
538,642
|
|
|
1,675,690
|
|
|||
Capital distributions from unconsolidated joint ventures
|
124,956
|
|
|
126,051
|
|
|
68,985
|
|
|||
Capital contributions and advances to unconsolidated joint ventures
|
(10,323
|
)
|
|
(57,914
|
)
|
|
(72,407
|
)
|
|||
Net cash provided by investing activities
|
696,333
|
|
|
24,904
|
|
|
1,121,299
|
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Proceeds from issuance of common shares, net
|
13,383
|
|
|
220,258
|
|
|
4,530
|
|
|||
Proceeds from unsecured debt
|
300,000
|
|
|
375,000
|
|
|
—
|
|
|||
Payments on unsecured debt
|
(692,137
|
)
|
|
(440,040
|
)
|
|
(913,143
|
)
|
|||
Payments on secured indebtedness including principal amortization
|
(72,648
|
)
|
|
(354,832
|
)
|
|
(245,665
|
)
|
|||
Repayments on line of credit, net
|
(48,000
|
)
|
|
(23,000
|
)
|
|
(35,000
|
)
|
|||
Distributions to common shareholders - regular
|
(273,999
|
)
|
|
(255,279
|
)
|
|
(238,114
|
)
|
|||
Distributions to common shareholders - special
|
(302,833
|
)
|
|
—
|
|
|
(69,055
|
)
|
|||
Distributions to noncontrolling interests, net
|
(11,882
|
)
|
|
(2,640
|
)
|
|
(2,754
|
)
|
|||
Tax payments on stock-based compensation awards
|
(14,946
|
)
|
|
(7,103
|
)
|
|
(7,270
|
)
|
|||
Change in book overdrafts
|
22,924
|
|
|
2,324
|
|
|
3,392
|
|
|||
Deferred financing costs
|
(8,931
|
)
|
|
(6,724
|
)
|
|
(260
|
)
|
|||
Redemption of Limited Partner Units
|
(457
|
)
|
|
—
|
|
|
—
|
|
|||
Net cash used for financing activities
|
(1,089,526
|
)
|
|
(492,036
|
)
|
|
(1,503,339
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
54,923
|
|
|
(9,894
|
)
|
|
4,611
|
|
|||
Cash and cash equivalents at beginning of year
|
12,639
|
|
|
22,533
|
|
|
17,922
|
|
|||
Cash and cash equivalents at end of year
|
$
|
67,562
|
|
|
$
|
12,639
|
|
|
$
|
22,533
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
||||||
Notes receivable from buyers in property sales
|
$
|
404,846
|
|
|
$
|
23,360
|
|
|
$
|
204,336
|
|
Conversion of Limited Partner Units to common shares
|
$
|
1,847
|
|
|
$
|
967
|
|
|
$
|
2,483
|
|
|
Common Shareholders
|
|
|
|
|
||||||||||||||||||
|
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, 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 - regular ($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
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
312,143
|
|
|
3,135
|
|
|
315,278
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(1,124
|
)
|
|
—
|
|
|
—
|
|
|
(1,124
|
)
|
||||||
Issuance of common shares
|
86
|
|
|
220,172
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
220,258
|
|
||||||
Stock-based compensation plan activity
|
8
|
|
|
8,950
|
|
|
—
|
|
|
(2,037
|
)
|
|
5,078
|
|
|
11,999
|
|
||||||
Conversion of Limited Partner Units
|
1
|
|
|
966
|
|
|
—
|
|
|
—
|
|
|
(967
|
)
|
|
—
|
|
||||||
Distributions to common shareholders - regular ($0.73 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(255,279
|
)
|
|
—
|
|
|
(255,279
|
)
|
||||||
Distributions to noncontrolling interests, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,640
|
)
|
|
(2,640
|
)
|
||||||
Balance at December 31, 2016
|
$
|
3,548
|
|
|
$
|
5,192,011
|
|
|
$
|
682
|
|
|
$
|
(1,730,423
|
)
|
|
$
|
27,475
|
|
|
$
|
3,493,293
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,634,431
|
|
|
19,910
|
|
|
1,654,341
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(682
|
)
|
|
—
|
|
|
—
|
|
|
(682
|
)
|
||||||
Issuance of common shares
|
5
|
|
|
13,378
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,383
|
|
||||||
Stock-based compensation plan activity
|
10
|
|
|
(1,555
|
)
|
|
—
|
|
|
(3,212
|
)
|
|
7,971
|
|
|
3,214
|
|
||||||
Conversion of Limited Partner Units
|
1
|
|
|
1,846
|
|
|
—
|
|
|
—
|
|
|
(1,847
|
)
|
|
—
|
|
||||||
Redemption of Limited Partner Units
|
—
|
|
|
(364
|
)
|
|
—
|
|
|
—
|
|
|
(93
|
)
|
|
(457
|
)
|
||||||
Distributions to common shareholders - regular ($0.77 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(273,999
|
)
|
|
—
|
|
|
(273,999
|
)
|
||||||
Distributions to common shareholders - special ($0.85 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(302,833
|
)
|
|
—
|
|
|
(302,833
|
)
|
||||||
Distributions to noncontrolling interests, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,882
|
)
|
|
(11,882
|
)
|
||||||
Balance at December 31, 2017
|
$
|
3,564
|
|
|
$
|
5,205,316
|
|
|
$
|
—
|
|
|
$
|
(676,036
|
)
|
|
$
|
41,534
|
|
|
$
|
4,574,378
|
|
|
2017
|
|
2016
|
||||
ASSETS
|
|
|
|
||||
Real estate investments:
|
|
|
|
||||
Real estate assets
|
$
|
6,593,567
|
|
|
$
|
5,144,805
|
|
Construction in progress
|
401,407
|
|
|
303,644
|
|
||
Investments in and advances to unconsolidated joint ventures
|
126,487
|
|
|
197,807
|
|
||
Undeveloped land
|
226,987
|
|
|
237,436
|
|
||
|
7,348,448
|
|
|
5,883,692
|
|
||
Accumulated depreciation
|
(1,193,905
|
)
|
|
(1,042,944
|
)
|
||
Net real estate investments
|
6,154,543
|
|
|
4,840,748
|
|
||
|
|
|
|
||||
Real estate investments and other assets held-for-sale
|
17,550
|
|
|
1,324,258
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
67,562
|
|
|
12,639
|
|
||
Accounts receivable, net of allowance of $1,709 and $1,391
|
19,427
|
|
|
15,838
|
|
||
Straight-line rent receivable, net of allowance of $5,254 and $5,268
|
93,005
|
|
|
82,554
|
|
||
Receivables on construction contracts, including retentions
|
13,480
|
|
|
6,159
|
|
||
Deferred leasing and other costs, net of accumulated amortization of $209,451 and $186,798
|
292,682
|
|
|
258,741
|
|
||
Restricted cash held in escrow for like-kind exchange
|
116,405
|
|
|
40,102
|
|
||
Notes receivable from property sales
|
426,657
|
|
|
25,460
|
|
||
Other escrow deposits and other assets
|
186,885
|
|
|
165,503
|
|
||
|
$
|
7,388,196
|
|
|
$
|
6,772,002
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Indebtedness:
|
|
|
|
||||
Secured debt, net of deferred financing costs of $614 and $969
|
$
|
311,349
|
|
|
$
|
383,725
|
|
Unsecured debt, net of deferred financing costs of $20,500 and $22,083
|
2,111,542
|
|
|
2,476,752
|
|
||
Unsecured line of credit
|
—
|
|
|
48,000
|
|
||
|
2,422,891
|
|
|
2,908,477
|
|
||
|
|
|
|
||||
Liabilities related to real estate investments held-for-sale
|
1,163
|
|
|
56,291
|
|
||
|
|
|
|
||||
Construction payables and amounts due subcontractors, including retentions
|
54,545
|
|
|
44,250
|
|
||
Accrued real estate taxes
|
67,374
|
|
|
59,112
|
|
||
Accrued interest
|
17,911
|
|
|
23,633
|
|
||
Other liabilities
|
210,825
|
|
|
153,846
|
|
||
Tenant security deposits and prepaid rents
|
39,109
|
|
|
33,100
|
|
||
Total liabilities
|
2,813,818
|
|
|
3,278,709
|
|
||
Partners’ equity:
|
|
|
|
||||
Common equity (356,361 and 354,756 General Partner Units issued and outstanding, respectively)
|
4,532,844
|
|
|
3,465,136
|
|
||
Limited Partners' common equity (3,283 and 3,408 Limited Partner Units issued and outstanding, respectively)
|
40,563
|
|
|
24,691
|
|
||
Accumulated other comprehensive income
|
—
|
|
|
682
|
|
||
Total partners' equity
|
4,573,407
|
|
|
3,490,509
|
|
||
Noncontrolling interests
|
971
|
|
|
2,784
|
|
||
Total equity
|
4,574,378
|
|
|
3,493,293
|
|
||
|
$
|
7,388,196
|
|
|
$
|
6,772,002
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Rental and related revenue
|
$
|
686,514
|
|
|
$
|
641,701
|
|
|
$
|
658,809
|
|
General contractor and service fee revenue
|
94,420
|
|
|
88,810
|
|
|
133,367
|
|
|||
|
780,934
|
|
|
730,511
|
|
|
792,176
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Rental expenses
|
64,582
|
|
|
74,323
|
|
|
93,422
|
|
|||
Real estate taxes
|
108,964
|
|
|
98,938
|
|
|
95,705
|
|
|||
General contractor and other services expenses
|
89,457
|
|
|
80,467
|
|
|
119,170
|
|
|||
Depreciation and amortization
|
273,561
|
|
|
242,557
|
|
|
245,764
|
|
|||
|
536,564
|
|
|
496,285
|
|
|
554,061
|
|
|||
Other operating activities:
|
|
|
|
|
|
||||||
Equity in earnings (loss) of unconsolidated joint ventures
|
63,310
|
|
|
47,403
|
|
|
(3,304
|
)
|
|||
Gain on dissolution of unconsolidated joint venture
|
—
|
|
|
30,697
|
|
|
—
|
|
|||
Promote income
|
20,007
|
|
|
26,299
|
|
|
—
|
|
|||
Gain on sale of properties
|
113,669
|
|
|
162,093
|
|
|
229,702
|
|
|||
Gain on land sales
|
9,244
|
|
|
9,865
|
|
|
35,054
|
|
|||
Other operating expenses
|
(2,554
|
)
|
|
(3,864
|
)
|
|
(5,947
|
)
|
|||
Impairment charges
|
(4,481
|
)
|
|
(18,018
|
)
|
|
(22,932
|
)
|
|||
General and administrative expenses
|
(54,944
|
)
|
|
(55,389
|
)
|
|
(58,565
|
)
|
|||
|
144,251
|
|
|
199,086
|
|
|
174,008
|
|
|||
Operating income
|
388,621
|
|
|
433,312
|
|
|
412,123
|
|
|||
Other income (expenses):
|
|
|
|
|
|
||||||
Interest and other income, net
|
14,721
|
|
|
4,035
|
|
|
4,667
|
|
|||
Interest expense
|
(87,003
|
)
|
|
(112,757
|
)
|
|
(138,258
|
)
|
|||
Loss on debt extinguishment
|
(26,104
|
)
|
|
(33,934
|
)
|
|
(85,713
|
)
|
|||
Acquisition-related activity
|
—
|
|
|
7,176
|
|
|
(8,499
|
)
|
|||
Income from continuing operations before income taxes
|
290,235
|
|
|
297,832
|
|
|
184,320
|
|
|||
Income tax benefit
|
357
|
|
|
589
|
|
|
3,928
|
|
|||
Income from continuing operations
|
290,592
|
|
|
298,421
|
|
|
188,248
|
|
|||
Discontinued operations:
|
|
|
|
|
|
||||||
Income before gain on sales and income taxes
|
18,436
|
|
|
15,841
|
|
|
11,896
|
|
|||
Gain on sale of depreciable properties
|
1,357,778
|
|
|
1,016
|
|
|
424,892
|
|
|||
Income tax expense
|
(12,465
|
)
|
|
—
|
|
|
(3,175
|
)
|
|||
Income from discontinued operations
|
1,363,749
|
|
|
16,857
|
|
|
433,613
|
|
|||
Net income
|
1,654,341
|
|
|
315,278
|
|
|
621,861
|
|
|||
Net income attributable to noncontrolling interests
|
(4,734
|
)
|
|
(46
|
)
|
|
(147
|
)
|
|||
Net income attributable to common unitholders
|
$
|
1,649,607
|
|
|
$
|
315,232
|
|
|
$
|
621,714
|
|
Basic net income per Common Unit:
|
|
|
|
|
|
||||||
Continuing operations attributable to common unitholders
|
$
|
0.80
|
|
|
$
|
0.84
|
|
|
$
|
0.53
|
|
Discontinued operations attributable to common unitholders
|
3.78
|
|
|
0.05
|
|
|
1.24
|
|
|||
Total
|
$
|
4.58
|
|
|
$
|
0.89
|
|
|
$
|
1.77
|
|
Diluted net income per Common Unit:
|
|
|
|
|
|
||||||
Continuing operations attributable to common unitholders
|
$
|
0.80
|
|
|
$
|
0.84
|
|
|
$
|
0.53
|
|
Discontinued operations attributable to common unitholders
|
3.76
|
|
|
0.04
|
|
|
1.24
|
|
|||
Total
|
$
|
4.56
|
|
|
$
|
0.88
|
|
|
$
|
1.77
|
|
Weighted average number of Common Units outstanding
|
359,065
|
|
|
353,423
|
|
|
348,639
|
|
|||
Weighted average number of Common Units and potential dilutive securities
|
362,011
|
|
|
357,076
|
|
|
352,197
|
|
|||
Comprehensive income:
|
|
|
|
|
|
||||||
Net income
|
$
|
1,654,341
|
|
|
$
|
315,278
|
|
|
$
|
621,861
|
|
Other comprehensive loss:
|
|
|
|
|
|
||||||
Amortization of interest contracts
|
(682
|
)
|
|
(1,101
|
)
|
|
(1,125
|
)
|
|||
Other
|
—
|
|
|
(23
|
)
|
|
(95
|
)
|
|||
Total other comprehensive loss
|
(682
|
)
|
|
(1,124
|
)
|
|
(1,220
|
)
|
|||
Comprehensive income
|
$
|
1,653,659
|
|
|
$
|
314,154
|
|
|
$
|
620,641
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
1,654,341
|
|
|
$
|
315,278
|
|
|
$
|
621,861
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation of buildings and tenant improvements
|
242,606
|
|
|
255,419
|
|
|
253,683
|
|
|||
Amortization of deferred leasing and other costs
|
56,866
|
|
|
62,399
|
|
|
67,163
|
|
|||
Amortization of deferred financing costs
|
5,402
|
|
|
5,327
|
|
|
6,997
|
|
|||
Straight-line rental income and expense, net
|
(16,051
|
)
|
|
(13,743
|
)
|
|
(22,396
|
)
|
|||
Impairment charges
|
4,481
|
|
|
18,018
|
|
|
22,932
|
|
|||
Loss on debt extinguishment
|
26,104
|
|
|
33,934
|
|
|
85,713
|
|
|||
Gain on dissolution of unconsolidated joint venture
|
—
|
|
|
(30,697
|
)
|
|
—
|
|
|||
Gain on acquisitions
|
—
|
|
|
(7,272
|
)
|
|
—
|
|
|||
Gains on land and depreciated property sales
|
(1,480,691
|
)
|
|
(172,974
|
)
|
|
(689,647
|
)
|
|||
Third-party construction contracts, net
|
1,000
|
|
|
5,273
|
|
|
4,033
|
|
|||
Other accrued revenues and expenses, net
|
1,016
|
|
|
16,903
|
|
|
10,845
|
|
|||
Equity in earnings (in excess of) less than operating distributions from unconsolidated joint ventures
|
(46,958
|
)
|
|
(30,627
|
)
|
|
25,287
|
|
|||
Net cash provided by operating activities
|
448,116
|
|
|
457,238
|
|
|
386,471
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Development of real estate investments
|
(549,563
|
)
|
|
(401,442
|
)
|
|
(370,466
|
)
|
|||
Acquisition of real estate investments and related intangible assets
|
(982,598
|
)
|
|
(170,635
|
)
|
|
(28,849
|
)
|
|||
Acquisition of undeveloped land
|
(243,846
|
)
|
|
(99,168
|
)
|
|
(39,881
|
)
|
|||
Second generation tenant improvements, leasing costs and building improvements
|
(52,554
|
)
|
|
(59,349
|
)
|
|
(61,900
|
)
|
|||
Other deferred leasing costs
|
(30,208
|
)
|
|
(38,410
|
)
|
|
(30,790
|
)
|
|||
Other assets
|
(80,609
|
)
|
|
187,129
|
|
|
(19,083
|
)
|
|||
Proceeds from land and depreciated property sales, net
|
2,521,078
|
|
|
538,642
|
|
|
1,675,690
|
|
|||
Capital distributions from unconsolidated joint ventures
|
124,956
|
|
|
126,051
|
|
|
68,985
|
|
|||
Capital contributions and advances to unconsolidated joint ventures
|
(10,323
|
)
|
|
(57,914
|
)
|
|
(72,407
|
)
|
|||
Net cash provided by investing activities
|
696,333
|
|
|
24,904
|
|
|
1,121,299
|
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Contributions from the General Partner
|
13,383
|
|
|
220,258
|
|
|
4,710
|
|
|||
Proceeds from unsecured debt
|
300,000
|
|
|
375,000
|
|
|
—
|
|
|||
Payments on unsecured debt
|
(692,137
|
)
|
|
(440,040
|
)
|
|
(913,143
|
)
|
|||
Payments on secured indebtedness including principal amortization
|
(72,648
|
)
|
|
(354,832
|
)
|
|
(245,665
|
)
|
|||
Repayments on line of credit, net
|
(48,000
|
)
|
|
(23,000
|
)
|
|
(35,000
|
)
|
|||
Distributions to common unitholders - regular
|
(276,539
|
)
|
|
(257,820
|
)
|
|
(241,292
|
)
|
|||
Distributions to common unitholders - special
|
(305,628
|
)
|
|
—
|
|
|
(69,055
|
)
|
|||
(Distributions to) contributions from noncontrolling interests, net
|
(6,547
|
)
|
|
(99
|
)
|
|
424
|
|
|||
Tax payments on stock-based compensation awards
|
(14,946
|
)
|
|
(7,103
|
)
|
|
(7,270
|
)
|
|||
Change in book overdrafts
|
22,924
|
|
|
2,324
|
|
|
3,392
|
|
|||
Deferred financing costs
|
(8,931
|
)
|
|
(6,724
|
)
|
|
(260
|
)
|
|||
Redemption of Limited Partner Units
|
(457
|
)
|
|
—
|
|
|
—
|
|
|||
Net cash used for financing activities
|
(1,089,526
|
)
|
|
(492,036
|
)
|
|
(1,503,159
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
54,923
|
|
|
(9,894
|
)
|
|
4,611
|
|
|||
Cash and cash equivalents at beginning of year
|
12,639
|
|
|
22,533
|
|
|
17,922
|
|
|||
Cash and cash equivalents at end of year
|
$
|
67,562
|
|
|
$
|
12,639
|
|
|
$
|
22,533
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
||||||
Notes receivable from buyers in property sales
|
$
|
404,846
|
|
|
$
|
23,360
|
|
|
$
|
204,336
|
|
Conversion of Limited Partner Units to common shares of the General Partner
|
$
|
1,847
|
|
|
$
|
967
|
|
|
$
|
2,483
|
|
|
Common Unitholders
|
|
|
|
|
||||||||||||||||||
|
General
|
|
Limited
|
|
Accumulated
|
|
|
|
|
|
|
||||||||||||
|
Partner
|
|
Partners'
|
|
Other
|
|
Total
|
|
|
|
|
||||||||||||
|
Common
|
|
Common
|
|
Comprehensive
|
|
Partners'
|
|
Noncontrolling
|
|
Total
|
||||||||||||
|
Equity
|
|
Equity
|
|
Income (Loss)
|
|
Equity
|
|
Interests
|
|
Equity
|
||||||||||||
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
|
2,483
|
|
|
(2,483
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Distributions to Partners - regular ($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
|
|
Net income
|
312,143
|
|
|
3,089
|
|
|
—
|
|
|
315,232
|
|
|
46
|
|
|
315,278
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(1,124
|
)
|
|
(1,124
|
)
|
|
—
|
|
|
(1,124
|
)
|
||||||
Capital Contribution from the General Partner
|
220,258
|
|
|
—
|
|
|
—
|
|
|
220,258
|
|
|
—
|
|
|
220,258
|
|
||||||
Stock-based compensation plan activity
|
6,921
|
|
|
5,078
|
|
|
—
|
|
|
11,999
|
|
|
—
|
|
|
11,999
|
|
||||||
Conversion of Limited Partner Units
|
967
|
|
|
(967
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Distributions to Partners - regular ($0.73 per Common Unit)
|
(255,279
|
)
|
|
(2,541
|
)
|
|
—
|
|
|
(257,820
|
)
|
|
—
|
|
|
(257,820
|
)
|
||||||
Distributions to noncontrolling interests, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(99
|
)
|
|
(99
|
)
|
||||||
Balance at December 31, 2016
|
$
|
3,465,136
|
|
|
$
|
24,691
|
|
|
$
|
682
|
|
|
$
|
3,490,509
|
|
|
$
|
2,784
|
|
|
$
|
3,493,293
|
|
Net income
|
1,634,431
|
|
|
15,176
|
|
|
—
|
|
|
1,649,607
|
|
|
4,734
|
|
|
1,654,341
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(682
|
)
|
|
(682
|
)
|
|
—
|
|
|
(682
|
)
|
||||||
Capital Contribution from the General Partner
|
13,383
|
|
|
—
|
|
|
—
|
|
|
13,383
|
|
|
—
|
|
|
13,383
|
|
||||||
Stock-based compensation plan activity
|
(4,757
|
)
|
|
7,971
|
|
|
—
|
|
|
3,214
|
|
|
—
|
|
|
3,214
|
|
||||||
Conversion of Limited Partner Units
|
1,847
|
|
|
(1,847
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Redemption of Limited Partner Units
|
(364
|
)
|
|
(93
|
)
|
|
—
|
|
|
(457
|
)
|
|
—
|
|
|
(457
|
)
|
||||||
Distributions to Partners - regular ($0.77 per Common Unit)
|
(273,999
|
)
|
|
(2,540
|
)
|
|
—
|
|
|
(276,539
|
)
|
|
—
|
|
|
(276,539
|
)
|
||||||
Distributions to Partners - special ($0.85 per Common Unit)
|
(302,833
|
)
|
|
(2,795
|
)
|
|
—
|
|
|
(305,628
|
)
|
|
—
|
|
|
(305,628
|
)
|
||||||
Distributions to noncontrolling interests, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,547
|
)
|
|
(6,547
|
)
|
||||||
Balance at December 31, 2017
|
$
|
4,532,844
|
|
|
$
|
40,563
|
|
|
$
|
—
|
|
|
$
|
4,573,407
|
|
|
$
|
971
|
|
|
$
|
4,574,378
|
|
(1)
|
The Company
|
(2)
|
Summary of Significant Accounting Policies
|
|
2017
|
|
2016
|
||||
Deferred leasing costs
|
$
|
312,206
|
|
|
$
|
275,491
|
|
Acquired lease-related intangible assets
|
189,927
|
|
|
170,048
|
|
||
|
$
|
502,133
|
|
|
$
|
445,539
|
|
|
|
|
|
||||
Accumulated amortization - deferred leasing costs
|
$
|
(108,177
|
)
|
|
$
|
(95,343
|
)
|
Accumulated amortization - acquired lease-related intangible assets
|
(101,274
|
)
|
|
(91,455
|
)
|
||
Total
|
$
|
292,682
|
|
|
$
|
258,741
|
|
Year
|
Amortization Expense
|
|
Charge to Rental Income
|
||||
2018
|
$
|
21,904
|
|
|
$
|
777
|
|
2019
|
16,455
|
|
|
703
|
|
||
2020
|
12,700
|
|
|
639
|
|
||
2021
|
9,563
|
|
|
367
|
|
||
2022
|
7,080
|
|
|
353
|
|
||
Thereafter
|
17,701
|
|
|
411
|
|
||
|
$
|
85,403
|
|
|
$
|
3,250
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
General Partner
|
|
|
|
|
|
||||||
Net income attributable to common shareholders
|
$
|
1,634,431
|
|
|
$
|
312,143
|
|
|
$
|
615,310
|
|
Less: Dividends on participating securities
|
(3,981
|
)
|
|
(2,356
|
)
|
|
(3,081
|
)
|
|||
Basic net income attributable to common shareholders
|
1,630,450
|
|
|
309,787
|
|
|
612,229
|
|
|||
Add back dividends on dilutive participating securities
|
3,981
|
|
|
2,356
|
|
|
3,081
|
|
|||
Noncontrolling interest in earnings of common unitholders
|
15,176
|
|
|
3,089
|
|
|
6,404
|
|
|||
Diluted net income attributable to common shareholders
|
$
|
1,649,607
|
|
|
$
|
315,232
|
|
|
$
|
621,714
|
|
Weighted average number of common shares outstanding
|
355,762
|
|
|
349,942
|
|
|
345,057
|
|
|||
Weighted average Limited Partner Units outstanding
|
3,303
|
|
|
3,481
|
|
|
3,582
|
|
|||
Other potential dilutive shares
|
2,946
|
|
|
3,653
|
|
|
3,558
|
|
|||
Weighted average number of common shares and potential dilutive securities
|
362,011
|
|
|
357,076
|
|
|
352,197
|
|
|||
|
|
|
|
|
|
||||||
Partnership
|
|
|
|
|
|
||||||
Net income attributable to common unitholders
|
$
|
1,649,607
|
|
|
$
|
315,232
|
|
|
$
|
621,714
|
|
Less: Distributions on participating securities
|
(3,981
|
)
|
|
(2,356
|
)
|
|
(3,081
|
)
|
|||
Basic net income attributable to common unitholders
|
$
|
1,645,626
|
|
|
$
|
312,876
|
|
|
$
|
618,633
|
|
Add back distributions on dilutive participating securities
|
3,981
|
|
|
2,356
|
|
|
3,081
|
|
|||
Diluted net income attributable to common unitholders
|
$
|
1,649,607
|
|
|
$
|
315,232
|
|
|
$
|
621,714
|
|
Weighted average number of Common Units outstanding
|
359,065
|
|
|
353,423
|
|
|
348,639
|
|
|||
Other potential dilutive units
|
2,946
|
|
|
3,653
|
|
|
3,558
|
|
|||
Weighted average number of Common Units and potential dilutive securities
|
362,011
|
|
|
357,076
|
|
|
352,197
|
|
|
2017
|
|
2016
|
|
2015
|
|||
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
|
—
|
|
|
175
|
|
|
997
|
|
Anti-dilutive outstanding participating securities
|
—
|
|
|
—
|
|
|
—
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net income
|
$
|
1,654,341
|
|
|
$
|
315,278
|
|
|
$
|
621,861
|
|
Book/tax differences
|
(1,076,060
|
)
|
|
(61,133
|
)
|
|
(316,097
|
)
|
|||
Taxable income before the dividends paid deduction
|
578,281
|
|
|
254,145
|
|
|
305,764
|
|
|||
Less: capital gains
|
(441,836
|
)
|
|
(63,550
|
)
|
|
(294,901
|
)
|
|||
Adjusted taxable income subject to the 90% distribution requirement
|
$
|
136,445
|
|
|
$
|
190,595
|
|
|
$
|
10,863
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Cash dividends paid
|
$
|
576,832
|
|
|
$
|
255,279
|
|
|
$
|
307,169
|
|
Cash dividends declared and paid in subsequent year that apply to current year
|
2,500
|
|
|
—
|
|
|
—
|
|
|||
Less: Return of capital
|
—
|
|
|
(6,717
|
)
|
|
—
|
|
|||
Plus: Deemed REIT distribution
|
—
|
|
|
6,717
|
|
|
—
|
|
|||
Dividends paid deduction
|
579,332
|
|
|
255,279
|
|
|
307,169
|
|
|||
Less: Capital gain distributions
|
(441,836
|
)
|
|
(63,550
|
)
|
|
(294,901
|
)
|
|||
Dividends paid deduction attributable to adjusted taxable income subject to the 90% distribution requirement
|
$
|
137,496
|
|
|
$
|
191,729
|
|
|
$
|
12,268
|
|
|
2017
|
|
2016
|
|
2015
|
|||
Common Shares
|
|
|
|
|
|
|||
Ordinary income
|
23.7
|
%
|
|
72.6
|
%
|
|
4.2
|
%
|
Return of capital
|
—
|
%
|
|
2.6
|
%
|
|
—
|
%
|
Capital gains
|
76.3
|
%
|
|
24.8
|
%
|
|
95.8
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|||
Real estate assets
|
|
—
|
|
—
|
|
$
|
14,299
|
|
|
—
|
|
—
|
|
$
|
34,744
|
|
|
—
|
|
—
|
|
$
|
31,100
|
|
Investment in land joint ventures
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
$
|
19,500
|
|
(3)
|
Acquisitions and Dispositions
|
Real estate assets
|
$
|
945,844
|
|
Lease related intangible assets
|
46,807
|
|
|
Total acquired assets
|
992,651
|
|
|
Below market lease liability
|
1,483
|
|
|
Fair value of acquired net assets
|
$
|
991,168
|
|
Real estate assets
|
$
|
120,608
|
|
Lease-related intangible assets
|
16,724
|
|
|
Net working capital liabilities
|
(126
|
)
|
|
Fair value of acquired net assets
|
$
|
137,206
|
|
Less consideration transferred (CMBS loan payoff)
|
(131,250
|
)
|
|
Fair value of pre-existing equity interest
|
$
|
5,956
|
|
Less carrying value of investment in acquired properties
|
—
|
|
|
Gain on step acquisition
|
$
|
5,956
|
|
Fair value of one property received in non-cash distribution
|
$
|
63,000
|
|
Cash received at dissolution
|
2,760
|
|
|
Carrying value of investment in properties distributed to partners
|
(35,063
|
)
|
|
Gain on dissolution of unconsolidated joint venture
|
$
|
30,697
|
|
Real estate assets
|
$
|
94,783
|
|
Lease-related intangible assets
|
8,068
|
|
|
Fair value of acquired net assets
|
$
|
102,851
|
|
|
2017
|
|
2016
|
||
|
Low
|
High
|
|
Low
|
High
|
Exit capitalization rate
|
4.03%
|
5.65%
|
|
6.25%
|
6.96%
|
Net rental rate per square foot - Industrial
|
$3.50
|
$10.00
|
|
$3.35
|
$3.39
|
Net rental rate per square foot - Medical Office
|
N/A
|
N/A
|
|
$15.40
|
$15.40
|
|
2017
|
|
2016
|
|
2015
|
||||||
Acquisition costs
|
$
|
—
|
|
|
$
|
(96
|
)
|
|
$
|
(499
|
)
|
Gains on step acquisitions
|
—
|
|
|
7,272
|
|
|
—
|
|
|||
Contingent consideration
|
—
|
|
|
—
|
|
|
(8,000
|
)
|
|||
Acquisition-related activity
|
$
|
—
|
|
|
$
|
7,176
|
|
|
$
|
(8,499
|
)
|
(4)
|
Related Party Transactions
|
|
2017
|
|
2016
|
|
2015
|
||||||
Management fees
|
$
|
2,422
|
|
|
$
|
4,467
|
|
|
$
|
6,831
|
|
Leasing fees
|
1,158
|
|
|
2,438
|
|
|
3,048
|
|
|||
Construction and development fees
|
6,940
|
|
|
7,993
|
|
|
6,126
|
|
(5)
|
Investments in Unconsolidated Joint Ventures
|
|
2017
|
|
2016
|
|
2015
|
||||||
Rental revenue
|
$
|
71,424
|
|
|
$
|
122,019
|
|
|
$
|
160,543
|
|
Gain on sale of properties
|
$
|
4,986
|
|
|
$
|
100,806
|
|
|
$
|
23,696
|
|
Net income
|
$
|
20,673
|
|
|
$
|
122,727
|
|
|
$
|
60,772
|
|
|
|
|
|
|
|
||||||
Equity in earnings (loss) of unconsolidated joint ventures (1)
|
$
|
63,310
|
|
|
$
|
47,403
|
|
|
$
|
(3,304
|
)
|
|
|
|
|
|
|
||||||
Land, buildings and tenant improvements, net
|
$
|
383,581
|
|
|
$
|
529,926
|
|
|
|
||
Construction in progress
|
65,715
|
|
|
31,838
|
|
|
|
||||
Undeveloped land
|
30,170
|
|
|
90,560
|
|
|
|
||||
Other assets
|
76,695
|
|
|
91,045
|
|
|
|
||||
|
$
|
556,161
|
|
|
$
|
743,369
|
|
|
|
||
|
|
|
|
|
|
||||||
Indebtedness
|
$
|
235,497
|
|
|
$
|
172,811
|
|
|
|
||
Other liabilities
|
39,497
|
|
|
32,633
|
|
|
|
||||
|
274,994
|
|
|
205,444
|
|
|
|
||||
Owners' equity
|
281,167
|
|
|
537,925
|
|
|
|
||||
|
$
|
556,161
|
|
|
$
|
743,369
|
|
|
|
||
|
|
|
|
|
|
||||||
Investments in and advances to unconsolidated joint ventures (2)
|
$
|
126,487
|
|
|
$
|
197,807
|
|
|
|
Year
|
Future Repayments
|
||
2018
|
$
|
136
|
|
2019
|
4,118
|
|
|
2020
|
9,533
|
|
|
2021
|
57,629
|
|
|
2022
|
122
|
|
|
Thereafter
|
36,993
|
|
|
|
$
|
108,531
|
|
(6)
|
Real Estate Assets, Discontinued Operations, Assets Held for Sale and Impairments
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Buildings and tenant improvements
|
$
|
4,642,832
|
|
|
$
|
3,752,423
|
|
Land and improvements
|
1,950,735
|
|
|
1,392,382
|
|
||
Real estate assets
|
$
|
6,593,567
|
|
|
$
|
5,144,805
|
|
|
Held-for-Sale at December 31, 2017
|
|
Sold in 2017
|
|
Sold in 2016
|
|
Sold in 2015
|
|
Total
|
|||
Industrial
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
5
|
Non-Reportable Rental Operations
|
—
|
|
|
81
|
|
|
—
|
|
|
57
|
|
138
|
Total properties included in discontinued operations
|
—
|
|
|
81
|
|
|
—
|
|
|
62
|
|
143
|
Properties excluded from discontinued operations
|
1
|
|
|
17
|
|
|
32
|
|
|
91
|
|
141
|
Total properties sold or classified as held-for-sale
|
1
|
|
|
98
|
|
|
32
|
|
|
153
|
|
284
|
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues
|
$
|
87,185
|
|
|
$
|
172,716
|
|
|
$
|
189,805
|
|
Operating expenses
|
(28,102
|
)
|
|
(52,795
|
)
|
|
(61,916
|
)
|
|||
Depreciation and amortization
|
(25,911
|
)
|
|
(75,261
|
)
|
|
(75,082
|
)
|
|||
Operating income
|
33,172
|
|
|
44,660
|
|
|
52,807
|
|
|||
Interest expense
|
(14,736
|
)
|
|
(28,819
|
)
|
|
(40,911
|
)
|
|||
Income before gain on sales
|
18,436
|
|
|
15,841
|
|
|
11,896
|
|
|||
Gain on sale of depreciable properties
|
1,357,778
|
|
|
1,016
|
|
|
424,892
|
|
|||
Income from discontinued operations before income taxes
|
1,376,214
|
|
|
16,857
|
|
|
436,788
|
|
|||
Income tax expense
|
(12,465
|
)
|
|
—
|
|
|
(3,175
|
)
|
|||
Income from discontinued operations
|
$
|
1,363,749
|
|
|
$
|
16,857
|
|
|
$
|
433,613
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Income from continuing operations attributable to common shareholders
|
$
|
288,075
|
|
|
$
|
295,452
|
|
|
$
|
186,152
|
|
Income from discontinued operations attributable to common shareholders
|
1,346,356
|
|
|
16,691
|
|
|
429,158
|
|
|||
Net income attributable to common shareholders
|
$
|
1,634,431
|
|
|
$
|
312,143
|
|
|
$
|
615,310
|
|
|
Held-for-Sale Properties
|
|||||||||||||||
|
December 31, 2017
|
|
December 31, 2016
|
|||||||||||||
|
|
Total
|
|
Included in Continuing Operations
|
|
Included in Discontinued Operations
|
|
Total
|
||||||||
Land and improvements
|
|
$
|
8,157
|
|
|
$
|
3,631
|
|
|
$
|
118,882
|
|
|
$
|
122,513
|
|
Buildings and tenant improvements
|
|
10,505
|
|
|
37,495
|
|
|
1,218,468
|
|
|
1,255,963
|
|
||||
Undeveloped land
|
|
—
|
|
|
22,657
|
|
|
—
|
|
|
22,657
|
|
||||
Accumulated depreciation
|
|
(2,553
|
)
|
|
(18,581
|
)
|
|
(240,685
|
)
|
|
(259,266
|
)
|
||||
Deferred leasing and other costs, net
|
|
862
|
|
|
3,091
|
|
|
83,522
|
|
|
86,613
|
|
||||
Other assets
|
|
579
|
|
|
3,334
|
|
|
92,444
|
|
|
95,778
|
|
||||
Total assets held-for-sale
|
|
$
|
17,550
|
|
|
$
|
51,627
|
|
|
$
|
1,272,631
|
|
|
$
|
1,324,258
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total liabilities held-for-sale
|
|
$
|
1,163
|
|
|
$
|
1,661
|
|
|
$
|
54,630
|
|
|
$
|
56,291
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Impairment charges - land
|
$
|
3,622
|
|
|
$
|
14,299
|
|
|
$
|
19,526
|
|
Impairment charges - building
|
859
|
|
|
3,719
|
|
|
3,406
|
|
|||
Impairment charges
|
$
|
4,481
|
|
|
$
|
18,018
|
|
|
$
|
22,932
|
|
(7)
|
Indebtedness
|
|
Maturity Date
|
|
Weighted Average Interest Rate
|
|
Weighted Average Interest Rate
|
|
|
|
|
||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||||
Fixed rate secured debt
|
2018 to 2027
|
|
7.43
|
%
|
|
7.13
|
%
|
|
$
|
309,463
|
|
|
$
|
381,894
|
|
Variable rate secured debt
|
2025
|
|
1.85
|
%
|
|
0.79
|
%
|
|
2,500
|
|
|
2,800
|
|
||
Unsecured debt
|
2018 to 2028
|
|
3.89
|
%
|
|
4.12
|
%
|
|
2,132,042
|
|
|
2,498,835
|
|
||
Unsecured line of credit
|
2022
|
|
N/A
|
|
|
1.70
|
%
|
|
—
|
|
|
48,000
|
|
||
|
|
|
|
|
|
|
$
|
2,444,005
|
|
|
$
|
2,931,529
|
|
||
Less: Deferred financing costs
|
|
|
|
|
|
|
21,114
|
|
|
23,052
|
|
||||
Total indebtedness as reported on consolidated balance sheets
|
|
|
|
|
|
|
$
|
2,422,891
|
|
|
$
|
2,908,477
|
|
•
|
In June 2017, we repaid our
$250.0 million
variable rate term loan, which had a scheduled maturity date of January 2019 and bore interest at
LIBOR
plus
1.00%
, and recognized a loss of
$523,000
from the write-off of unamortized deferred financing costs.
|
•
|
In June 2017, we also repaid
$285.6 million
of senior unsecured notes that had a stated interest rate of
6.50%
and an effective interest rate of
6.08%
, with a scheduled maturity date of January 2018. We recognized a loss of
$9.0 million
including a repayment premium and the write-off of unamortized deferred financing costs.
|
•
|
In July 2017, we repaid
$128.7 million
of senior unsecured notes that had both a stated and an effective interest rate of
6.75%
with a scheduled maturity date of March 2020. We recognized a loss of
$16.6 million
including a repayment premium and the write-off of unamortized deferred financing costs.
|
•
|
In December 2017, we issued
$300.0 million
senior unsecured notes that bear interest at a stated interest rate of
3.38%
, have an effective interest rate of
3.39%
and mature on December 15, 2027.
|
•
|
In June 2016, we issued
$375.0 million
of unsecured notes that bear interest at a stated interest rate of
3.25%
, have an effective interest rate of
3.36%
, and mature on June 30, 2026.
|
•
|
During June and July 2016 we repaid
$275.0 million
of our
5.95%
senior unsecured notes, which had a scheduled maturity of February 2017, through the combination of a tender offer and the subsequent redemption of the remaining notes that were not tendered, for cash payments totaling
$283.5 million
. Together, the tender offer and the redemption resulted in an
$8.8 million
loss on debt extinguishment, which primarily consisted of premiums paid to the noteholders and the write-off of unamortized deferred financing costs.
|
•
|
In October 2016, we redeemed
$129.5 million
of unsecured notes, which had a scheduled maturity in August 2019, for a cash payment of
$154.1 million
. These notes had a stated rate of
8.25%
and an effective rate of
8.38%
. We recognized a net loss on the extinguishment of these notes in the fourth quarter totaling
$25.2 million
, which was comprised of a make-whole payment to the noteholders as well as the write-off of unamortized deferred financing costs.
|
|
|
|
|
|
Outstanding Balance at
|
||||
Description
|
Borrowing Capacity
|
|
Maturity Date
|
|
December 31, 2017
|
||||
Unsecured Line of Credit – Partnership
|
$
|
1,200,000
|
|
|
January 30, 2022
|
|
$
|
—
|
|
|
Book Value at 12/31/2016
|
|
Book Value at 12/31/2017
|
|
Fair Value at 12/31/2016
|
|
Issuances and
Assumptions
|
|
Payments/Payoffs
|
|
Adjustments
to Fair Value
|
|
Fair Value at 12/31/2017
|
||||||||||||||
Fixed rate secured debt
|
$
|
381,894
|
|
|
$
|
309,463
|
|
|
$
|
415,231
|
|
|
$
|
—
|
|
|
$
|
(72,348
|
)
|
|
$
|
(17,130
|
)
|
|
$
|
325,753
|
|
Variable rate secured debt
|
2,800
|
|
|
2,500
|
|
|
2,800
|
|
|
—
|
|
|
(300
|
)
|
|
—
|
|
|
2,500
|
|
|||||||
Unsecured debt
|
2,498,835
|
|
|
2,132,042
|
|
|
2,568,034
|
|
|
300,000
|
|
|
(666,794
|
)
|
|
(10,692
|
)
|
|
2,190,548
|
|
|||||||
Unsecured line of credit
|
48,000
|
|
|
—
|
|
|
48,000
|
|
|
—
|
|
|
(48,000
|
)
|
|
—
|
|
|
—
|
|
|||||||
Total
|
$
|
2,931,529
|
|
|
$
|
2,444,005
|
|
|
$
|
3,034,065
|
|
|
$
|
300,000
|
|
|
$
|
(787,442
|
)
|
|
$
|
(27,822
|
)
|
|
$
|
2,518,801
|
|
Less: Deferred financing costs
|
23,052
|
|
|
21,114
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total indebtedness as reported on the consolidated balance sheets
|
$
|
2,908,477
|
|
|
$
|
2,422,891
|
|
|
|
|
|
|
|
|
|
|
|
Year
|
Amount
|
||
2018
|
$
|
7,768
|
|
2019
|
275,373
|
|
|
2020
|
5,381
|
|
|
2021
|
262,463
|
|
|
2022
|
603,611
|
|
|
Thereafter
|
1,289,178
|
|
|
|
$
|
2,443,774
|
|
(8)
|
Segment Reporting
|
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues
|
|
|
|
|
|
||||||
Rental Operations:
|
|
|
|
|
|
||||||
Industrial
|
$
|
661,226
|
|
|
$
|
583,019
|
|
|
$
|
556,903
|
|
Non-Reportable Rental Operations
|
24,101
|
|
|
50,684
|
|
|
94,417
|
|
|||
Service Operations
|
94,420
|
|
|
88,810
|
|
|
133,367
|
|
|||
Total segment revenues
|
779,747
|
|
|
722,513
|
|
|
784,687
|
|
|||
Other revenue
|
1,187
|
|
|
7,998
|
|
|
7,489
|
|
|||
Consolidated revenue from continuing operations
|
780,934
|
|
|
730,511
|
|
|
792,176
|
|
|||
Discontinued operations
|
87,185
|
|
|
172,716
|
|
|
189,805
|
|
|||
Consolidated revenue
|
$
|
868,119
|
|
|
$
|
903,227
|
|
|
$
|
981,981
|
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
PNOI
|
|
|
|
|
|
|
||||||
Industrial
|
|
$
|
482,025
|
|
|
$
|
423,924
|
|
|
$
|
380,213
|
|
Non-Reportable Rental Operations
|
|
5,031
|
|
|
5,934
|
|
|
9,282
|
|
|||
PNOI, excluding all sold/held for sale properties
|
|
487,056
|
|
|
429,858
|
|
|
389,495
|
|
|||
PNOI from sold/held-for-sale properties included in continuing operations
|
|
6,537
|
|
|
37,679
|
|
|
77,150
|
|
|||
PNOI, continuing operations
|
|
493,593
|
|
|
467,537
|
|
|
466,645
|
|
|||
|
|
|
|
|
|
|
||||||
Earnings from Service Operations
|
|
4,963
|
|
|
8,343
|
|
|
14,197
|
|
|||
|
|
|
|
|
|
|
||||||
Rental Operations revenues and expenses excluded from PNOI:
|
||||||||||||
Straight-line rental income and expense, net
|
|
13,585
|
|
|
7,897
|
|
|
14,595
|
|
|||
Revenues related to lease buyouts
|
|
10,816
|
|
|
1,725
|
|
|
1,567
|
|
|||
Amortization of lease concessions and above and below market rents
|
|
(1,732
|
)
|
|
(2,126
|
)
|
|
(6,113
|
)
|
|||
Intercompany rents and other adjusting items
|
|
(304
|
)
|
|
(2,640
|
)
|
|
(3,947
|
)
|
|||
Non-Segment Items:
|
|
|
|
|
|
|
||||||
Equity in earnings (loss) of unconsolidated joint ventures
|
|
63,310
|
|
|
47,403
|
|
|
(3,304
|
)
|
|||
Gain on dissolution of unconsolidated joint venture
|
|
—
|
|
|
30,697
|
|
|
—
|
|
|||
Promote income
|
|
20,007
|
|
|
26,299
|
|
|
—
|
|
|||
Interest expense
|
|
(87,003
|
)
|
|
(112,757
|
)
|
|
(138,258
|
)
|
|||
Depreciation and amortization expense
|
|
(273,561
|
)
|
|
(242,557
|
)
|
|
(245,764
|
)
|
|||
Gain on sale of properties
|
|
113,669
|
|
|
162,093
|
|
|
229,702
|
|
|||
Impairment charges
|
|
(4,481
|
)
|
|
(18,018
|
)
|
|
(22,932
|
)
|
|||
Interest and other income, net
|
|
14,721
|
|
|
4,035
|
|
|
4,667
|
|
|||
General and administrative expenses
|
|
(54,944
|
)
|
|
(55,389
|
)
|
|
(58,565
|
)
|
|||
Gain on land sales
|
|
9,244
|
|
|
9,865
|
|
|
35,054
|
|
|||
Other operating expenses
|
|
(2,554
|
)
|
|
(3,864
|
)
|
|
(5,947
|
)
|
|||
Loss on extinguishment of debt
|
|
(26,104
|
)
|
|
(33,934
|
)
|
|
(85,713
|
)
|
|||
Acquisition-related activity
|
|
—
|
|
|
7,176
|
|
|
(8,499
|
)
|
|||
Other non-segment revenues and expenses, net
|
|
(2,990
|
)
|
|
(3,953
|
)
|
|
(3,065
|
)
|
|||
Income from continuing operations before income taxes
|
|
$
|
290,235
|
|
|
$
|
297,832
|
|
|
$
|
184,320
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Assets
|
|
|
|
||||
Rental Operations:
|
|
|
|
||||
Industrial
|
$
|
6,312,777
|
|
|
$
|
4,828,984
|
|
Non-Reportable Rental Operations
|
136,927
|
|
|
1,501,737
|
|
||
Service Operations
|
142,603
|
|
|
127,154
|
|
||
Total segment assets
|
6,592,307
|
|
|
6,457,875
|
|
||
Non-segment assets
|
795,889
|
|
|
314,127
|
|
||
Consolidated assets
|
$
|
7,388,196
|
|
|
$
|
6,772,002
|
|
|
2017
|
|
2016
|
|
2015
|
||||||
Second Generation Capital Expenditures
|
|
|
|
|
|
||||||
Industrial
|
$
|
50,721
|
|
|
$
|
51,785
|
|
|
$
|
45,716
|
|
Non-Reportable Rental Operations
|
1,833
|
|
|
7,564
|
|
|
16,184
|
|
|||
Total
|
$
|
52,554
|
|
|
$
|
59,349
|
|
|
$
|
61,900
|
|
(9)
|
Leasing Activity
|
Year
|
Amount
|
||
2018
|
$
|
545,532
|
|
2019
|
528,645
|
|
|
2020
|
480,951
|
|
|
2021
|
423,331
|
|
|
2022
|
358,223
|
|
|
Thereafter
|
1,267,045
|
|
|
|
$
|
3,603,727
|
|
(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
|
||||||
2017
|
|
December 31
|
|
September 30
|
|
June 30
|
|
March 31
|
|
|
|
|
|
|
|
|
|
Rental and related revenue
|
|
$179,391
|
|
$169,611
|
|
$165,836
|
|
$171,676
|
General contractor and service fee revenue
|
|
$36,228
|
|
$25,217
|
|
$23,576
|
|
$9,399
|
|
|
|
|
|
|
|
|
|
General Partner
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders
|
|
$188,419
|
|
$165,269
|
|
$1,210,543
|
|
$70,200
|
Basic income per common share
|
|
$0.52
|
|
$0.46
|
|
$3.40
|
|
$0.20
|
Diluted income per common share
|
|
$0.52
|
|
$0.46
|
|
$3.38
|
|
$0.20
|
Weighted average common shares
|
|
356,204
|
|
355,905
|
|
355,647
|
|
355,282
|
Weighted average common shares and potential dilutive securities
|
|
360,244
|
|
362,102
|
|
361,981
|
|
360,700
|
|
|
|
|
|
|
|
|
|
Partnership
|
|
|
|
|
|
|
|
|
Net income attributable to common unitholders
|
|
$190,168
|
|
$166,804
|
|
$1,221,783
|
|
$70,852
|
Basic income per Common Unit
|
|
$0.52
|
|
$0.46
|
|
$3.40
|
|
$0.20
|
Diluted income per Common Unit
|
|
$0.52
|
|
$0.46
|
|
$3.38
|
|
$0.20
|
Weighted average Common Units
|
|
359,491
|
|
359,206
|
|
358,952
|
|
358,598
|
Weighted average Common Units and potential dilutive securities
|
|
360,244
|
|
362,102
|
|
361,981
|
|
360,700
|
|
|
|
|
|
|
|
|
|
2016
|
|
December 31
|
|
September 30
|
|
June 30
|
|
March 31
|
|
|
|
|
|
|
|
|
|
Rental and related revenue
|
|
$160,882
|
|
$162,322
|
|
$157,910
|
|
$160,587
|
General contractor and service fee revenue
|
|
$20,264
|
|
$19,351
|
|
$26,044
|
|
$23,151
|
|
|
|
|
|
|
|
|
|
General Partner
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders
|
|
$47,755
|
|
$112,014
|
|
$109,067
|
|
$43,307
|
Basic income per common share
|
|
$0.13
|
|
$0.32
|
|
$0.31
|
|
$0.12
|
Diluted income per common share
|
|
$0.13
|
|
$0.32
|
|
$0.31
|
|
$0.12
|
Weighted average common shares
|
|
354,711
|
|
351,856
|
|
347,464
|
|
345,665
|
Weighted average common shares and potential dilutive securities
|
|
359,024
|
|
358,981
|
|
354,433
|
|
349,674
|
|
|
|
|
|
|
|
|
|
Partnership
|
|
|
|
|
|
|
|
|
Net income attributable to common unitholders
|
|
$48,174
|
|
$113,145
|
|
$110,168
|
|
$43,745
|
Basic income per Common Unit
|
|
$0.13
|
|
$0.32
|
|
$0.31
|
|
$0.12
|
Diluted income per Common Unit
|
|
$0.13
|
|
$0.32
|
|
$0.31
|
|
$0.12
|
Weighted average Common Units
|
|
358,135
|
|
355,351
|
|
350,968
|
|
349,163
|
Weighted average Common Units and potential dilutive securities
|
|
359,024
|
|
358,981
|
|
354,433
|
|
349,674
|
(16)
|
Subsequent Events
|
Class of stock/units
|
Quarterly
Amount per Share or Unit
|
|
Record Date
|
|
Payment Date
|
||
Common
|
$
|
0.20
|
|
|
February 15, 2018
|
|
February 28, 2018
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2017
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/2017
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
Atlanta, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Airport Distribution 3781
|
|
Industrial
|
—
|
|
|
4,064
|
|
|
11,464
|
|
|
331
|
|
|
4,064
|
|
|
11,795
|
|
|
15,859
|
|
|
1,860
|
|
2002
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Aurora, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Meridian Business 880
|
|
Industrial
|
5,100
|
|
|
964
|
|
|
4,694
|
|
|
1,354
|
|
|
963
|
|
|
6,049
|
|
|
7,012
|
|
|
2,629
|
|
2000
|
2000
|
|
4220 Meridian Parkway
|
|
Industrial
|
4,500
|
|
|
1,957
|
|
|
3,512
|
|
|
26
|
|
|
1,957
|
|
|
3,538
|
|
|
5,495
|
|
|
2,044
|
|
2004
|
2004
|
|
Butterfield 2805
|
|
Industrial
|
6,250
|
|
|
9,185
|
|
|
10,795
|
|
|
6,121
|
|
|
9,272
|
|
|
16,829
|
|
|
26,101
|
|
|
8,002
|
|
2008
|
2008
|
|
Meridian Business 940
|
|
Industrial
|
—
|
|
|
2,674
|
|
|
6,923
|
|
|
1,200
|
|
|
2,674
|
|
|
8,123
|
|
|
10,797
|
|
|
1,823
|
|
1998
|
2012
|
|
Butterfield 4000
|
|
Industrial
|
—
|
|
|
3,132
|
|
|
12,639
|
|
|
70
|
|
|
3,132
|
|
|
12,709
|
|
|
15,841
|
|
|
1,134
|
|
2016
|
2016
|
|
Butterfield 2850
|
|
Industrial
|
—
|
|
|
11,317
|
|
|
18,305
|
|
|
130
|
|
|
11,317
|
|
|
18,435
|
|
|
29,752
|
|
|
1,924
|
|
2016
|
2016
|
|
Butterfield 4200
|
|
Industrial
|
—
|
|
|
5,777
|
|
|
13,108
|
|
|
2,797
|
|
|
5,967
|
|
|
15,715
|
|
|
21,682
|
|
|
1,210
|
|
2016
|
2016
|
|
Butterfield 2865
|
|
Industrial
|
—
|
|
|
28,386
|
|
|
41,882
|
|
|
—
|
|
|
28,386
|
|
|
41,882
|
|
|
70,268
|
|
|
1,261
|
|
2017
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Austell, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Hartman Business 7545
|
|
Industrial
|
—
|
|
|
2,640
|
|
|
21,471
|
|
|
29
|
|
|
2,640
|
|
|
21,500
|
|
|
24,140
|
|
|
5,088
|
|
2008
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Baltimore, Maryland
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Chesapeake Commerce 5901
|
|
Industrial
|
—
|
|
|
3,345
|
|
|
3,957
|
|
|
3,875
|
|
|
3,365
|
|
|
7,812
|
|
|
11,177
|
|
|
5,060
|
|
2008
|
2008
|
|
Chesapeake Commerce 5003
|
|
Industrial
|
—
|
|
|
6,488
|
|
|
8,854
|
|
|
2,019
|
|
|
6,546
|
|
|
10,815
|
|
|
17,361
|
|
|
5,065
|
|
2008
|
2008
|
|
Chesapeake Commerce 2010
|
|
Industrial
|
—
|
|
|
37,557
|
|
|
38,061
|
|
|
36
|
|
|
37,727
|
|
|
37,927
|
|
|
75,654
|
|
|
10,563
|
|
2014
|
2014
|
|
Chesapeake Commerce 5501
|
|
Industrial
|
—
|
|
|
13,724
|
|
|
10,526
|
|
|
58
|
|
|
13,782
|
|
|
10,526
|
|
|
24,308
|
|
|
3,349
|
|
2014
|
2014
|
|
Chesapeake Commerce 1500
|
|
Industrial
|
—
|
|
|
8,289
|
|
|
10,268
|
|
|
96
|
|
|
8,333
|
|
|
10,320
|
|
|
18,653
|
|
|
1,297
|
|
2016
|
2016
|
|
Chesapeake Commerce 5900
|
|
Industrial
|
—
|
|
|
5,567
|
|
|
6,100
|
|
|
—
|
|
|
5,567
|
|
|
6,100
|
|
|
11,667
|
|
|
271
|
|
2017
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Baytown, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
4570 E. Greenwood
|
|
Industrial
|
—
|
|
|
9,323
|
|
|
5,934
|
|
|
—
|
|
|
9,323
|
|
|
5,934
|
|
|
15,257
|
|
|
4,114
|
|
2005
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Bloomingdale, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Morgan Business Center 400
|
|
Industrial
|
—
|
|
|
18,385
|
|
|
44,455
|
|
|
—
|
|
|
18,385
|
|
|
44,455
|
|
|
62,840
|
|
|
—
|
|
2017
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Bolingbrook, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
250 East Old Chicago Road
|
|
Industrial
|
—
|
|
|
3,050
|
|
|
4,164
|
|
|
142
|
|
|
3,050
|
|
|
4,306
|
|
|
7,356
|
|
|
2,934
|
|
2005
|
2005
|
|
Crossroads Parkway 515
|
|
Industrial
|
2,825
|
|
|
917
|
|
|
3,992
|
|
|
767
|
|
|
898
|
|
|
4,778
|
|
|
5,676
|
|
|
1,914
|
|
1999
|
2002
|
|
Crossroads 2
|
|
Industrial
|
4,337
|
|
|
1,418
|
|
|
5,574
|
|
|
902
|
|
|
1,418
|
|
|
6,476
|
|
|
7,894
|
|
|
2,047
|
|
1998
|
2010
|
|
Crossroads 375
|
|
Industrial
|
4,514
|
|
|
1,330
|
|
|
4,389
|
|
|
522
|
|
|
1,330
|
|
|
4,911
|
|
|
6,241
|
|
|
1,477
|
|
2000
|
2010
|
|
Crossroads Parkway 370
|
|
Industrial
|
—
|
|
|
2,409
|
|
|
4,458
|
|
|
882
|
|
|
2,409
|
|
|
5,340
|
|
|
7,749
|
|
|
1,558
|
|
1989
|
2011
|
|
Crossroads Parkway 605
|
|
Industrial
|
—
|
|
|
3,656
|
|
|
7,661
|
|
|
530
|
|
|
3,656
|
|
|
8,191
|
|
|
11,847
|
|
|
2,055
|
|
1998
|
2011
|
|
Crossroads Parkway 335
|
|
Industrial
|
—
|
|
|
2,574
|
|
|
8,379
|
|
|
437
|
|
|
2,574
|
|
|
8,816
|
|
|
11,390
|
|
|
1,946
|
|
1997
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Boynton Beach, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Gateway Center 1103
|
|
Industrial
|
—
|
|
|
4,271
|
|
|
5,352
|
|
|
1,558
|
|
|
4,271
|
|
|
6,910
|
|
|
11,181
|
|
|
2,211
|
|
2002
|
2010
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2017
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/2017
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Gateway Center 3602
|
|
Industrial
|
—
|
|
|
2,006
|
|
|
4,698
|
|
|
149
|
|
|
2,006
|
|
|
4,847
|
|
|
6,853
|
|
|
1,386
|
|
2002
|
2010
|
|
Gateway Center 3402
|
|
Industrial
|
—
|
|
|
2,381
|
|
|
3,242
|
|
|
95
|
|
|
2,381
|
|
|
3,337
|
|
|
5,718
|
|
|
1,030
|
|
2002
|
2010
|
|
Gateway Center 2055
|
|
Industrial
|
—
|
|
|
1,800
|
|
|
2,644
|
|
|
139
|
|
|
1,800
|
|
|
2,783
|
|
|
4,583
|
|
|
864
|
|
2000
|
2010
|
|
Gateway Center 2045
|
|
Industrial
|
—
|
|
|
1,238
|
|
|
2,022
|
|
|
1,025
|
|
|
1,238
|
|
|
3,047
|
|
|
4,285
|
|
|
1,391
|
|
2000
|
2010
|
|
Gateway Center 2035
|
|
Industrial
|
—
|
|
|
1,238
|
|
|
1,810
|
|
|
688
|
|
|
1,238
|
|
|
2,498
|
|
|
3,736
|
|
|
999
|
|
2000
|
2010
|
|
Gateway Center 2025
|
|
Industrial
|
—
|
|
|
1,800
|
|
|
2,719
|
|
|
146
|
|
|
1,800
|
|
|
2,865
|
|
|
4,665
|
|
|
860
|
|
2000
|
2010
|
|
Gateway Center 1926
|
|
Industrial
|
—
|
|
|
4,781
|
|
|
9,940
|
|
|
2,009
|
|
|
4,781
|
|
|
11,949
|
|
|
16,730
|
|
|
3,575
|
|
2004
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Braselton, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Braselton Business 920
|
|
Industrial
|
—
|
|
|
1,365
|
|
|
7,713
|
|
|
5,003
|
|
|
1,529
|
|
|
12,552
|
|
|
14,081
|
|
|
4,810
|
|
2001
|
2001
|
|
625 Braselton Pkwy
|
|
Industrial
|
13,850
|
|
|
9,855
|
|
|
21,056
|
|
|
5,842
|
|
|
11,062
|
|
|
25,691
|
|
|
36,753
|
|
|
12,615
|
|
2006
|
2005
|
|
1350 Braselton Parkway
|
|
Industrial
|
—
|
|
|
8,227
|
|
|
8,856
|
|
|
5,329
|
|
|
8,227
|
|
|
14,185
|
|
|
22,412
|
|
|
8,515
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Brentwood, Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Brentwood South Business 7104
|
|
Industrial
|
—
|
|
|
1,065
|
|
|
4,722
|
|
|
1,786
|
|
|
1,065
|
|
|
6,508
|
|
|
7,573
|
|
|
3,144
|
|
1987
|
1999
|
|
Brentwood South Business 7106
|
|
Industrial
|
—
|
|
|
1,065
|
|
|
2,142
|
|
|
1,942
|
|
|
1,065
|
|
|
4,084
|
|
|
5,149
|
|
|
1,972
|
|
1987
|
1999
|
|
Brentwood South Business 7108
|
|
Industrial
|
—
|
|
|
848
|
|
|
3,304
|
|
|
1,455
|
|
|
848
|
|
|
4,759
|
|
|
5,607
|
|
|
2,220
|
|
1989
|
1999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Bridgeton, Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
DukePort 13870
|
|
Industrial
|
—
|
|
|
2,124
|
|
|
5,316
|
|
|
474
|
|
|
2,124
|
|
|
5,790
|
|
|
7,914
|
|
|
2,126
|
|
1996
|
2010
|
|
DukePort 13890
|
|
Industrial
|
—
|
|
|
1,470
|
|
|
2,701
|
|
|
131
|
|
|
1,470
|
|
|
2,832
|
|
|
4,302
|
|
|
1,059
|
|
1997
|
2010
|
|
DukePort 4730
|
|
Industrial
|
—
|
|
|
600
|
|
|
2,825
|
|
|
324
|
|
|
600
|
|
|
3,149
|
|
|
3,749
|
|
|
922
|
|
1998
|
2010
|
|
DukePort 13269
|
|
Industrial
|
—
|
|
|
1,664
|
|
|
5,792
|
|
|
330
|
|
|
1,664
|
|
|
6,122
|
|
|
7,786
|
|
|
2,118
|
|
1999
|
2010
|
|
DukePort 4745
|
|
Industrial
|
—
|
|
|
834
|
|
|
3,842
|
|
|
302
|
|
|
834
|
|
|
4,144
|
|
|
4,978
|
|
|
1,187
|
|
1999
|
2010
|
|
DukePort 13201
|
|
Industrial
|
—
|
|
|
2,475
|
|
|
5,459
|
|
|
2,062
|
|
|
2,475
|
|
|
7,521
|
|
|
9,996
|
|
|
2,292
|
|
2001
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Brooklyn Park, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
7300 Northland Drive
|
|
Industrial
|
—
|
|
|
700
|
|
|
5,291
|
|
|
678
|
|
|
703
|
|
|
5,966
|
|
|
6,669
|
|
|
2,733
|
|
1999
|
1998
|
|
Crosstown North 9201
|
|
Industrial
|
3,332
|
|
|
835
|
|
|
4,494
|
|
|
1,468
|
|
|
1,121
|
|
|
5,676
|
|
|
6,797
|
|
|
2,658
|
|
1998
|
1999
|
|
Crosstown North 8400
|
|
Industrial
|
4,094
|
|
|
2,079
|
|
|
5,011
|
|
|
1,951
|
|
|
2,233
|
|
|
6,808
|
|
|
9,041
|
|
|
3,091
|
|
1999
|
1999
|
|
Crosstown North 9100
|
|
Industrial
|
2,676
|
|
|
1,079
|
|
|
3,880
|
|
|
939
|
|
|
1,166
|
|
|
4,732
|
|
|
5,898
|
|
|
2,095
|
|
2000
|
2000
|
|
Crosstown North 9200
|
|
Industrial
|
2,844
|
|
|
2,757
|
|
|
2,813
|
|
|
1,305
|
|
|
2,723
|
|
|
4,152
|
|
|
6,875
|
|
|
2,675
|
|
2005
|
2005
|
|
Crosstown North 7601
|
|
Industrial
|
5,654
|
|
|
4,564
|
|
|
7,759
|
|
|
1,162
|
|
|
4,564
|
|
|
8,921
|
|
|
13,485
|
|
|
4,380
|
|
2005
|
2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Buena Park, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
6280 Artesia Boulevard
|
|
Industrial
|
—
|
|
|
28,582
|
|
|
5,206
|
|
|
453
|
|
|
28,582
|
|
|
5,659
|
|
|
34,241
|
|
|
179
|
|
2005
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Carol Stream, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Carol Stream 815
|
|
Industrial
|
7,600
|
|
|
3,204
|
|
|
11,356
|
|
|
2,019
|
|
|
3,204
|
|
|
13,375
|
|
|
16,579
|
|
|
4,916
|
|
2004
|
2003
|
|
Carol Stream 640
|
|
Industrial
|
—
|
|
|
1,095
|
|
|
3,200
|
|
|
454
|
|
|
1,095
|
|
|
3,654
|
|
|
4,749
|
|
|
1,055
|
|
1998
|
2010
|
|
Carol Stream 370
|
|
Industrial
|
—
|
|
|
1,556
|
|
|
6,225
|
|
|
689
|
|
|
1,569
|
|
|
6,901
|
|
|
8,470
|
|
|
2,021
|
|
2002
|
2010
|
|
250 Kehoe Boulevard
|
|
Industrial
|
—
|
|
|
1,715
|
|
|
7,560
|
|
|
249
|
|
|
1,715
|
|
|
7,809
|
|
|
9,524
|
|
|
1,843
|
|
2008
|
2011
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2017
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/2017
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Carol Stream 720
|
|
Industrial
|
—
|
|
|
4,031
|
|
|
17,759
|
|
|
1,019
|
|
|
4,751
|
|
|
18,058
|
|
|
22,809
|
|
|
4,331
|
|
1999
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Carteret, New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
900 Federal Blvd.
|
|
Industrial
|
—
|
|
|
2,088
|
|
|
24,712
|
|
|
—
|
|
|
2,088
|
|
|
24,712
|
|
|
26,800
|
|
|
265
|
|
2017
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Chino, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
13799 Monte Vista
|
|
Industrial
|
—
|
|
|
14,046
|
|
|
8,236
|
|
|
2,230
|
|
|
14,046
|
|
|
10,466
|
|
|
24,512
|
|
|
3,718
|
|
2013
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cincinnati, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
311 Elm Street
|
|
Office
|
—
|
|
|
339
|
|
|
4,840
|
|
|
1,604
|
|
|
—
|
|
|
6,783
|
|
|
6,783
|
|
|
6,041
|
|
1986
|
1993
|
|
Kenwood Commons 8230
|
|
Office
|
600
|
|
|
638
|
|
|
42
|
|
|
1,549
|
|
|
638
|
|
|
1,591
|
|
|
2,229
|
|
|
710
|
|
1986
|
1993
|
|
Kenwood Commons 8280
|
|
Office
|
1,900
|
|
|
638
|
|
|
2,066
|
|
|
1,529
|
|
|
638
|
|
|
3,595
|
|
|
4,233
|
|
|
2,266
|
|
1986
|
1993
|
|
World Park 5389
|
|
Industrial
|
—
|
|
|
1,133
|
|
|
5,550
|
|
|
1,055
|
|
|
1,133
|
|
|
6,605
|
|
|
7,738
|
|
|
1,592
|
|
1994
|
2010
|
|
World Park 5232
|
|
Industrial
|
—
|
|
|
1,268
|
|
|
5,104
|
|
|
120
|
|
|
1,268
|
|
|
5,224
|
|
|
6,492
|
|
|
1,467
|
|
1997
|
2010
|
|
World Park 5399
|
|
Industrial
|
—
|
|
|
870
|
|
|
5,251
|
|
|
772
|
|
|
870
|
|
|
6,023
|
|
|
6,893
|
|
|
1,681
|
|
1998
|
2010
|
|
World Park 9655
|
|
Industrial
|
—
|
|
|
1,605
|
|
|
10,220
|
|
|
185
|
|
|
1,605
|
|
|
10,405
|
|
|
12,010
|
|
|
2,863
|
|
1998
|
2010
|
|
World Park 5265
|
|
Industrial
|
—
|
|
|
2,492
|
|
|
11,964
|
|
|
4,632
|
|
|
2,492
|
|
|
16,596
|
|
|
19,088
|
|
|
4,347
|
|
1999
|
2010
|
|
World Park 9955
|
|
Industrial
|
—
|
|
|
533
|
|
|
2,531
|
|
|
354
|
|
|
533
|
|
|
2,885
|
|
|
3,418
|
|
|
915
|
|
1998
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
City of Industry, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
825 Ajax Ave
|
|
Industrial
|
—
|
|
|
38,930
|
|
|
27,627
|
|
|
—
|
|
|
38,930
|
|
|
27,627
|
|
|
66,557
|
|
|
343
|
|
2017
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
College Station, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor College Station MOB
|
|
Medical Office
|
—
|
|
|
5,551
|
|
|
33,770
|
|
|
4,146
|
|
|
5,551
|
|
|
37,916
|
|
|
43,467
|
|
|
9,097
|
|
2013
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Columbus, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
RGLP Intermodal North 9224
|
|
Industrial
|
—
|
|
|
1,550
|
|
|
20,408
|
|
|
536
|
|
|
1,550
|
|
|
20,944
|
|
|
22,494
|
|
|
1,287
|
|
2016
|
2016
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2017
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/2017
|
|
|
|
|
||||||||||||||
|
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
|
18,375
|
|
|
8,198
|
|
|
13,184
|
|
|
3,596
|
|
|
8,198
|
|
|
16,780
|
|
|
24,978
|
|
|
11,462
|
|
2004
|
2004
|
|
Point West 400
|
|
Industrial
|
15,600
|
|
|
10,181
|
|
|
14,488
|
|
|
8,939
|
|
|
10,475
|
|
|
23,133
|
|
|
33,608
|
|
|
10,679
|
|
2008
|
2008
|
|
Point West 240
|
|
Industrial
|
10,900
|
|
|
6,785
|
|
|
13,134
|
|
|
7,962
|
|
|
7,402
|
|
|
20,479
|
|
|
27,881
|
|
|
11,313
|
|
2008
|
2008
|
|
Samsung Pkg Lot-PWT7
|
|
Grounds
|
—
|
|
|
306
|
|
|
—
|
|
|
(189
|
)
|
|
117
|
|
|
—
|
|
|
117
|
|
|
—
|
|
n/a
|
2009
|
|
Point West 120
|
|
Industrial
|
—
|
|
|
3,267
|
|
|
8,695
|
|
|
1,011
|
|
|
3,267
|
|
|
9,706
|
|
|
12,973
|
|
|
1,874
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Corona, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1283 Sherborn Street
|
|
Industrial
|
—
|
|
|
8,677
|
|
|
16,778
|
|
|
57
|
|
|
8,677
|
|
|
16,835
|
|
|
25,512
|
|
|
5,981
|
|
2005
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cranbury, New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
311 Half Acre Road
|
|
Industrial
|
—
|
|
|
6,600
|
|
|
14,636
|
|
|
—
|
|
|
6,600
|
|
|
14,636
|
|
|
21,236
|
|
|
2,983
|
|
2004
|
2013
|
|
315 Half Acre Road
|
|
Industrial
|
—
|
|
|
14,100
|
|
|
30,084
|
|
|
—
|
|
|
14,100
|
|
|
30,084
|
|
|
44,184
|
|
|
6,052
|
|
2004
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Davenport, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Park 27 Distribution 210
|
|
Industrial
|
—
|
|
|
2,449
|
|
|
5,213
|
|
|
489
|
|
|
2,504
|
|
|
5,647
|
|
|
8,151
|
|
|
3,417
|
|
2003
|
2003
|
|
Park 27 Distribution 220
|
|
Industrial
|
—
|
|
|
4,374
|
|
|
5,079
|
|
|
5,555
|
|
|
4,502
|
|
|
10,506
|
|
|
15,008
|
|
|
4,424
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Davie, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Westport Business Park 2555
|
|
Industrial
|
—
|
|
|
1,200
|
|
|
1,276
|
|
|
81
|
|
|
1,200
|
|
|
1,357
|
|
|
2,557
|
|
|
569
|
|
1991
|
2011
|
|
Westport Business Park 2501
|
|
Industrial
|
—
|
|
|
1,088
|
|
|
779
|
|
|
245
|
|
|
1,088
|
|
|
1,024
|
|
|
2,112
|
|
|
444
|
|
1991
|
2011
|
|
Westport Business Park 2525
|
|
Industrial
|
—
|
|
|
2,363
|
|
|
5,935
|
|
|
898
|
|
|
2,363
|
|
|
6,833
|
|
|
9,196
|
|
|
1,904
|
|
1991
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Deer Park, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
801 Seaco Court
|
|
Industrial
|
—
|
|
|
2,331
|
|
|
4,673
|
|
|
632
|
|
|
2,331
|
|
|
5,305
|
|
|
7,636
|
|
|
1,173
|
|
2006
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Duluth, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Sugarloaf 2775
|
|
Industrial
|
—
|
|
|
560
|
|
|
4,358
|
|
|
803
|
|
|
560
|
|
|
5,161
|
|
|
5,721
|
|
|
2,352
|
|
1997
|
1999
|
|
Sugarloaf 3079
|
|
Industrial
|
—
|
|
|
776
|
|
|
4,536
|
|
|
3,213
|
|
|
776
|
|
|
7,749
|
|
|
8,525
|
|
|
3,408
|
|
1998
|
1999
|
|
Sugarloaf 2855
|
|
Industrial
|
—
|
|
|
765
|
|
|
3,028
|
|
|
1,832
|
|
|
765
|
|
|
4,860
|
|
|
5,625
|
|
|
2,195
|
|
1999
|
1999
|
|
Sugarloaf 6655
|
|
Industrial
|
—
|
|
|
1,651
|
|
|
6,825
|
|
|
1,079
|
|
|
1,651
|
|
|
7,904
|
|
|
9,555
|
|
|
3,518
|
|
1998
|
2001
|
|
2625 Pinemeadow Court
|
|
Industrial
|
—
|
|
|
861
|
|
|
3,122
|
|
|
248
|
|
|
861
|
|
|
3,370
|
|
|
4,231
|
|
|
960
|
|
1994
|
2010
|
|
2660 Pinemeadow Court
|
|
Industrial
|
—
|
|
|
540
|
|
|
2,261
|
|
|
302
|
|
|
540
|
|
|
2,563
|
|
|
3,103
|
|
|
1,019
|
|
1996
|
2010
|
|
2450 Satellite Boulevard
|
|
Industrial
|
—
|
|
|
556
|
|
|
1,897
|
|
|
445
|
|
|
556
|
|
|
2,342
|
|
|
2,898
|
|
|
706
|
|
1994
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
DuPont, WA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
2700 Center Drive
|
|
Industrial
|
—
|
|
|
34,634
|
|
|
39,342
|
|
|
(1,100
|
)
|
|
34,582
|
|
|
38,294
|
|
|
72,876
|
|
|
9,236
|
|
2013
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Durham, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Centerpoint Raleigh 1805
|
|
Industrial
|
—
|
|
|
4,110
|
|
|
10,497
|
|
|
5,095
|
|
|
4,110
|
|
|
15,592
|
|
|
19,702
|
|
|
3,290
|
|
2000
|
2011
|
|
Centerpoint Raleigh 1757
|
|
Industrial
|
—
|
|
|
2,998
|
|
|
8,722
|
|
|
—
|
|
|
2,998
|
|
|
8,722
|
|
|
11,720
|
|
|
2,069
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Eagan, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Apollo 920
|
|
Industrial
|
4,575
|
|
|
866
|
|
|
3,234
|
|
|
2,044
|
|
|
895
|
|
|
5,249
|
|
|
6,144
|
|
|
2,600
|
|
1997
|
1997
|
|
Apollo 940
|
|
Industrial
|
1,900
|
|
|
474
|
|
|
2,114
|
|
|
783
|
|
|
474
|
|
|
2,897
|
|
|
3,371
|
|
|
1,167
|
|
2000
|
2000
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2017
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/2017
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
2529 Old Anvil Block
|
|
Industrial
|
—
|
|
|
4,664
|
|
|
9,265
|
|
|
49
|
|
|
4,664
|
|
|
9,314
|
|
|
13,978
|
|
|
1,755
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fairfield, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Union Centre Industrial 6019
|
|
Industrial
|
—
|
|
|
5,635
|
|
|
8,709
|
|
|
2,357
|
|
|
5,635
|
|
|
11,066
|
|
|
16,701
|
|
|
6,291
|
|
2008
|
2008
|
|
Union Centre Industrial 5855
|
|
Industrial
|
—
|
|
|
3,009
|
|
|
15,387
|
|
|
273
|
|
|
3,009
|
|
|
15,660
|
|
|
18,669
|
|
|
821
|
|
2016
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fishers, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Exit 5 9998
|
|
Industrial
|
—
|
|
|
822
|
|
|
2,561
|
|
|
791
|
|
|
581
|
|
|
3,593
|
|
|
4,174
|
|
|
1,633
|
|
1999
|
1999
|
|
Exit 5 9888
|
|
Industrial
|
—
|
|
|
749
|
|
|
2,498
|
|
|
1,190
|
|
|
555
|
|
|
3,882
|
|
|
4,437
|
|
|
1,818
|
|
2000
|
2000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Flower Mound, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Lakeside Ranch 550
|
|
Industrial
|
—
|
|
|
9,861
|
|
|
19,307
|
|
|
491
|
|
|
9,861
|
|
|
19,798
|
|
|
29,659
|
|
|
7,189
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fontana, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
14970 Jurupa Ave
|
|
Grounds
|
—
|
|
|
17,306
|
|
|
—
|
|
|
—
|
|
|
17,306
|
|
|
—
|
|
|
17,306
|
|
|
375
|
|
n/a
|
2016
|
|
7953 Cherry Ave
|
|
Industrial
|
—
|
|
|
6,704
|
|
|
12,521
|
|
|
—
|
|
|
6,704
|
|
|
12,521
|
|
|
19,225
|
|
|
518
|
|
2017
|
2017
|
|
9988 Redwood Ave
|
|
Industrial
|
—
|
|
|
7,755
|
|
|
16,326
|
|
|
349
|
|
|
7,755
|
|
|
16,675
|
|
|
24,430
|
|
|
770
|
|
2016
|
2017
|
|
11250 Poplar Ave
|
|
Industrial
|
—
|
|
|
18,138
|
|
|
33,586
|
|
|
—
|
|
|
18,138
|
|
|
33,586
|
|
|
51,724
|
|
|
631
|
|
2016
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fort Lauderdale, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Interstate 95 2200
|
|
Industrial
|
—
|
|
|
9,332
|
|
|
13,401
|
|
|
—
|
|
|
9,332
|
|
|
13,401
|
|
|
22,733
|
|
|
189
|
|
2017
|
2017
|
|
Interstate 95 2100
|
|
Industrial
|
—
|
|
|
10,948
|
|
|
18,706
|
|
|
—
|
|
|
10,948
|
|
|
18,706
|
|
|
29,654
|
|
|
301
|
|
2017
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fort Worth, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Riverpark 3300
|
|
Industrial
|
—
|
|
|
3,975
|
|
|
10,754
|
|
|
468
|
|
|
3,975
|
|
|
11,222
|
|
|
15,197
|
|
|
4,514
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Franklin, Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Aspen Grove Business 277
|
|
Industrial
|
—
|
|
|
936
|
|
|
3,369
|
|
|
4,013
|
|
|
936
|
|
|
7,382
|
|
|
8,318
|
|
|
3,594
|
|
1996
|
1999
|
|
Aspen Grove Business 320
|
|
Industrial
|
—
|
|
|
1,151
|
|
|
5,899
|
|
|
1,554
|
|
|
1,151
|
|
|
7,453
|
|
|
8,604
|
|
|
3,399
|
|
1996
|
1999
|
|
Aspen Grove Business 305
|
|
Industrial
|
—
|
|
|
970
|
|
|
4,984
|
|
|
935
|
|
|
970
|
|
|
5,919
|
|
|
6,889
|
|
|
2,870
|
|
1998
|
1999
|
|
Aspen Grove Business 400
|
|
Industrial
|
—
|
|
|
492
|
|
|
1,686
|
|
|
597
|
|
|
492
|
|
|
2,283
|
|
|
2,775
|
|
|
897
|
|
2002
|
2002
|
|
Aspen Grove Business 416
|
|
Industrial
|
—
|
|
|
943
|
|
|
4,324
|
|
|
3,020
|
|
|
943
|
|
|
7,344
|
|
|
8,287
|
|
|
3,870
|
|
1996
|
1999
|
|
Brentwood South Business 119
|
|
Industrial
|
—
|
|
|
569
|
|
|
1,289
|
|
|
1,480
|
|
|
569
|
|
|
2,769
|
|
|
3,338
|
|
|
1,343
|
|
1990
|
1999
|
|
Brentwood South Business 121
|
|
Industrial
|
—
|
|
|
445
|
|
|
1,692
|
|
|
395
|
|
|
445
|
|
|
2,087
|
|
|
2,532
|
|
|
1,029
|
|
1990
|
1999
|
|
Brentwood South Business 123
|
|
Industrial
|
1,433
|
|
|
489
|
|
|
962
|
|
|
1,315
|
|
|
489
|
|
|
2,277
|
|
|
2,766
|
|
|
968
|
|
1990
|
1999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Franklin Park, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
11501 West Irving Park Road
|
|
Industrial
|
—
|
|
|
3,900
|
|
|
2,702
|
|
|
1,563
|
|
|
3,900
|
|
|
4,265
|
|
|
8,165
|
|
|
1,569
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Garden City, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Aviation Court Land
|
|
Grounds
|
—
|
|
|
1,509
|
|
|
—
|
|
|
—
|
|
|
1,509
|
|
|
—
|
|
|
1,509
|
|
|
227
|
|
n/a
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Garner, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Greenfield North 600
|
|
Industrial
|
—
|
|
|
597
|
|
|
2,456
|
|
|
536
|
|
|
598
|
|
|
2,991
|
|
|
3,589
|
|
|
728
|
|
2006
|
2011
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2017
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/2017
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Greenfield North 700
|
|
Industrial
|
—
|
|
|
468
|
|
|
2,054
|
|
|
261
|
|
|
469
|
|
|
2,314
|
|
|
2,783
|
|
|
548
|
|
2007
|
2011
|
|
Greenfield North 800
|
|
Industrial
|
—
|
|
|
438
|
|
|
5,772
|
|
|
223
|
|
|
440
|
|
|
5,993
|
|
|
6,433
|
|
|
1,331
|
|
2004
|
2011
|
|
Greenfield North 900
|
|
Industrial
|
—
|
|
|
422
|
|
|
6,249
|
|
|
1,054
|
|
|
425
|
|
|
7,300
|
|
|
7,725
|
|
|
1,794
|
|
2007
|
2011
|
|
Greenfield North 1000
|
|
Industrial
|
—
|
|
|
1,970
|
|
|
6,026
|
|
|
(19
|
)
|
|
1,937
|
|
|
6,040
|
|
|
7,977
|
|
|
744
|
|
2016
|
2016
|
|
Greenfield North 1001
|
|
Industrial
|
—
|
|
|
2,517
|
|
|
5,494
|
|
|
—
|
|
|
2,517
|
|
|
5,494
|
|
|
8,011
|
|
|
186
|
|
2017
|
2017
|
|
N. Greenfield Pkwy Ground DCLP
|
|
Grounds
|
—
|
|
|
189
|
|
|
222
|
|
|
10
|
|
|
189
|
|
|
232
|
|
|
421
|
|
|
100
|
|
n/a
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Geneva, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1800 Averill Road
|
|
Industrial
|
—
|
|
|
3,189
|
|
|
11,582
|
|
|
7,640
|
|
|
4,778
|
|
|
17,633
|
|
|
22,411
|
|
|
3,719
|
|
2013
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gibsonton, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Tampa Regional Ind Park 13111
|
|
Industrial
|
—
|
|
|
10,547
|
|
|
8,662
|
|
|
—
|
|
|
10,547
|
|
|
8,662
|
|
|
19,209
|
|
|
384
|
|
2017
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gouldsboro, Pennsylvania
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
400 First Avenue
|
|
Industrial
|
—
|
|
|
9,500
|
|
|
51,645
|
|
|
270
|
|
|
9,500
|
|
|
51,915
|
|
|
61,415
|
|
|
8,826
|
|
2007
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Grand Prairie, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Grand Lakes 4003
|
|
Industrial
|
—
|
|
|
8,106
|
|
|
10,011
|
|
|
14,428
|
|
|
9,595
|
|
|
22,950
|
|
|
32,545
|
|
|
8,264
|
|
2006
|
2006
|
|
Grand Lakes 3953
|
|
Industrial
|
—
|
|
|
11,853
|
|
|
11,864
|
|
|
12,897
|
|
|
11,853
|
|
|
24,761
|
|
|
36,614
|
|
|
10,718
|
|
2008
|
2008
|
|
1803 W. Pioneer Parkway
|
|
Industrial
|
—
|
|
|
7,381
|
|
|
17,628
|
|
|
45
|
|
|
7,381
|
|
|
17,673
|
|
|
25,054
|
|
|
7,476
|
|
2008
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Grove City, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
SouthPointe 4001
|
|
Industrial
|
—
|
|
|
844
|
|
|
5,171
|
|
|
490
|
|
|
844
|
|
|
5,661
|
|
|
6,505
|
|
|
1,586
|
|
1995
|
2010
|
|
SouthPointe 3901
|
|
Industrial
|
—
|
|
|
790
|
|
|
4,880
|
|
|
60
|
|
|
790
|
|
|
4,940
|
|
|
5,730
|
|
|
1,345
|
|
1996
|
2010
|
|
SouthPointe 3801
|
|
Industrial
|
—
|
|
|
754
|
|
|
6,325
|
|
|
282
|
|
|
754
|
|
|
6,607
|
|
|
7,361
|
|
|
1,798
|
|
1996
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Groveport, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Groveport Commerce Center 6200
|
|
Industrial
|
6,250
|
|
|
1,049
|
|
|
6,463
|
|
|
2,790
|
|
|
1,049
|
|
|
9,253
|
|
|
10,302
|
|
|
4,839
|
|
1999
|
1999
|
|
Groveport Commerce Center 6300
|
|
Industrial
|
2,350
|
|
|
510
|
|
|
2,496
|
|
|
2,286
|
|
|
510
|
|
|
4,782
|
|
|
5,292
|
|
|
1,942
|
|
2000
|
2000
|
|
Groveport Commerce Center 6295
|
|
Industrial
|
4,900
|
|
|
435
|
|
|
5,494
|
|
|
2,237
|
|
|
435
|
|
|
7,731
|
|
|
8,166
|
|
|
3,235
|
|
2000
|
2000
|
|
Groveport Commerce Center 6405
|
|
Industrial
|
9,500
|
|
|
4,420
|
|
|
10,954
|
|
|
992
|
|
|
4,420
|
|
|
11,946
|
|
|
16,366
|
|
|
6,965
|
|
2005
|
2005
|
|
RGLP North 2842
|
|
Industrial
|
—
|
|
|
5,680
|
|
|
23,872
|
|
|
(13
|
)
|
|
5,680
|
|
|
23,859
|
|
|
29,539
|
|
|
5,561
|
|
2008
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hazelwood, Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Lindbergh Distribution 5801
|
|
Industrial
|
—
|
|
|
8,200
|
|
|
9,311
|
|
|
3,692
|
|
|
8,491
|
|
|
12,712
|
|
|
21,203
|
|
|
5,504
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hebron, Kentucky
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Southpark 1901
|
|
Industrial
|
—
|
|
|
779
|
|
|
2,859
|
|
|
4,800
|
|
|
779
|
|
|
7,659
|
|
|
8,438
|
|
|
2,989
|
|
1994
|
1994
|
|
Southpark 2030
|
|
Industrial
|
—
|
|
|
1,085
|
|
|
3,853
|
|
|
2,422
|
|
|
1,085
|
|
|
6,275
|
|
|
7,360
|
|
|
3,333
|
|
1994
|
1994
|
|
Hebron 2305
|
|
Industrial
|
—
|
|
|
8,855
|
|
|
10,797
|
|
|
19,398
|
|
|
9,511
|
|
|
29,539
|
|
|
39,050
|
|
|
8,653
|
|
2006
|
2006
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2017
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/2017
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Hebron 2285
|
|
Industrial
|
—
|
|
|
6,790
|
|
|
6,803
|
|
|
4,876
|
|
|
6,813
|
|
|
11,656
|
|
|
18,469
|
|
|
5,361
|
|
2007
|
2007
|
|
Skyport 2350
|
|
Industrial
|
—
|
|
|
1,057
|
|
|
5,876
|
|
|
67
|
|
|
1,057
|
|
|
5,943
|
|
|
7,000
|
|
|
1,619
|
|
1997
|
2010
|
|
Skyport 2250
|
|
Industrial
|
—
|
|
|
1,400
|
|
|
8,956
|
|
|
392
|
|
|
1,400
|
|
|
9,348
|
|
|
10,748
|
|
|
2,644
|
|
1998
|
2010
|
|
Skyport 2245
|
|
Industrial
|
—
|
|
|
2,016
|
|
|
8,512
|
|
|
619
|
|
|
2,016
|
|
|
9,131
|
|
|
11,147
|
|
|
2,568
|
|
2000
|
2010
|
|
Skyport 2265
|
|
Industrial
|
—
|
|
|
2,878
|
|
|
6,038
|
|
|
838
|
|
|
2,878
|
|
|
6,876
|
|
|
9,754
|
|
|
3,058
|
|
2006
|
2010
|
|
Southpark 1961
|
|
Industrial
|
—
|
|
|
553
|
|
|
1,538
|
|
|
369
|
|
|
553
|
|
|
1,907
|
|
|
2,460
|
|
|
664
|
|
1990
|
2010
|
|
Southpark 2053
|
|
Industrial
|
—
|
|
|
755
|
|
|
3,905
|
|
|
67
|
|
|
755
|
|
|
3,972
|
|
|
4,727
|
|
|
1,259
|
|
1991
|
2010
|
|
Southpark 1990
|
|
Industrial
|
—
|
|
|
366
|
|
|
8,344
|
|
|
—
|
|
|
366
|
|
|
8,344
|
|
|
8,710
|
|
|
486
|
|
2016
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hialeah Gardens, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Miami Ind Logistics Ctr 15002
|
|
Industrial
|
—
|
|
|
10,671
|
|
|
14,071
|
|
|
—
|
|
|
10,671
|
|
|
14,071
|
|
|
24,742
|
|
|
501
|
|
2017
|
2017
|
|
Miami Ind Logistics Ctr 14802
|
|
Industrial
|
—
|
|
|
10,800
|
|
|
14,236
|
|
|
—
|
|
|
10,800
|
|
|
14,236
|
|
|
25,036
|
|
|
503
|
|
2017
|
2017
|
|
Miami Ind Logistics Ctr 10701
|
|
Industrial
|
—
|
|
|
13,048
|
|
|
17,204
|
|
|
—
|
|
|
13,048
|
|
|
17,204
|
|
|
30,252
|
|
|
640
|
|
2017
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hopkins, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Cornerstone 401
|
|
Industrial
|
—
|
|
|
1,469
|
|
|
7,636
|
|
|
2,626
|
|
|
1,454
|
|
|
10,277
|
|
|
11,731
|
|
|
4,654
|
|
1996
|
1997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Houston, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Point North 8210
|
|
Industrial
|
—
|
|
|
3,125
|
|
|
2,178
|
|
|
2,675
|
|
|
3,125
|
|
|
4,853
|
|
|
7,978
|
|
|
2,494
|
|
2008
|
2008
|
|
Point North 8120
|
|
Industrial
|
—
|
|
|
4,210
|
|
|
5,651
|
|
|
4,321
|
|
|
4,581
|
|
|
9,601
|
|
|
14,182
|
|
|
4,216
|
|
2013
|
2013
|
|
Point North 8111
|
|
Industrial
|
—
|
|
|
3,957
|
|
|
15,093
|
|
|
117
|
|
|
3,957
|
|
|
15,210
|
|
|
19,167
|
|
|
2,326
|
|
2014
|
2014
|
|
Westland 8323
|
|
Industrial
|
—
|
|
|
4,183
|
|
|
4,609
|
|
|
3,370
|
|
|
4,233
|
|
|
7,929
|
|
|
12,162
|
|
|
4,979
|
|
2008
|
2008
|
|
Westland 13788
|
|
Industrial
|
—
|
|
|
3,439
|
|
|
8,890
|
|
|
559
|
|
|
3,246
|
|
|
9,642
|
|
|
12,888
|
|
|
3,687
|
|
2011
|
2011
|
|
Gateway Northwest 20710
|
|
Industrial
|
—
|
|
|
7,204
|
|
|
8,028
|
|
|
4,167
|
|
|
7,204
|
|
|
12,195
|
|
|
19,399
|
|
|
2,143
|
|
2014
|
2014
|
|
Gateway Northwest 20702
|
|
Industrial
|
—
|
|
|
2,981
|
|
|
3,122
|
|
|
1,380
|
|
|
2,981
|
|
|
4,502
|
|
|
7,483
|
|
|
928
|
|
2014
|
2014
|
|
Gateway Northwest 20502
|
|
Industrial
|
—
|
|
|
2,987
|
|
|
5,342
|
|
|
—
|
|
|
2,987
|
|
|
5,342
|
|
|
8,329
|
|
|
628
|
|
2016
|
2016
|
|
22008 N Berwick Drive
|
|
Industrial
|
—
|
|
|
2,981
|
|
|
4,949
|
|
|
—
|
|
|
2,981
|
|
|
4,949
|
|
|
7,930
|
|
|
524
|
|
2002
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Humble, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Point North 8411
|
|
Industrial
|
—
|
|
|
5,333
|
|
|
6,946
|
|
|
1,961
|
|
|
5,333
|
|
|
8,907
|
|
|
14,240
|
|
|
1,281
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Huntley, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
14100 Weber Drive
|
|
Industrial
|
—
|
|
|
7,539
|
|
|
34,141
|
|
|
(14
|
)
|
|
7,539
|
|
|
34,127
|
|
|
41,666
|
|
|
3,198
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hutchins, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
801 Wintergreen Road
|
|
Industrial
|
6,238
|
|
|
5,290
|
|
|
9,226
|
|
|
2,683
|
|
|
5,290
|
|
|
11,909
|
|
|
17,199
|
|
|
6,232
|
|
2006
|
2006
|
|
Prime Pointe 1005
|
|
Industrial
|
—
|
|
|
5,865
|
|
|
19,420
|
|
|
59
|
|
|
5,865
|
|
|
19,479
|
|
|
25,344
|
|
|
1,623
|
|
2016
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Indianapolis, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Park 100 5550
|
|
Industrial
|
8,310
|
|
|
1,171
|
|
|
12,641
|
|
|
334
|
|
|
1,424
|
|
|
12,722
|
|
|
14,146
|
|
|
7,180
|
|
1997
|
1995
|
|
Park 100 8250
|
|
Industrial
|
—
|
|
|
273
|
|
|
4,537
|
|
|
4,636
|
|
|
273
|
|
|
9,173
|
|
|
9,446
|
|
|
5,137
|
|
1995
|
1994
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2017
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/2017
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Park 100 8260
|
|
Industrial
|
—
|
|
|
103
|
|
|
1,518
|
|
|
945
|
|
|
103
|
|
|
2,463
|
|
|
2,566
|
|
|
1,429
|
|
1995
|
1995
|
|
Park 100 8236
|
|
Industrial
|
—
|
|
|
96
|
|
|
1,280
|
|
|
722
|
|
|
96
|
|
|
2,002
|
|
|
2,098
|
|
|
1,148
|
|
1995
|
1995
|
|
Park 100 5425
|
|
Industrial
|
1,035
|
|
|
1,120
|
|
|
2,419
|
|
|
540
|
|
|
1,120
|
|
|
2,959
|
|
|
4,079
|
|
|
1,548
|
|
2005
|
2005
|
|
Hewlett-Packard Land Lease
|
|
Grounds
|
—
|
|
|
252
|
|
|
—
|
|
|
—
|
|
|
252
|
|
|
—
|
|
|
252
|
|
|
106
|
|
n/a
|
2003
|
|
Park 100 Bldg 121 Land Lease
|
|
Grounds
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
2
|
|
n/a
|
2003
|
|
West 79th St. Parking Lot LL
|
|
Grounds
|
—
|
|
|
350
|
|
|
—
|
|
|
699
|
|
|
1,049
|
|
|
—
|
|
|
1,049
|
|
|
654
|
|
n/a
|
2006
|
|
PWW Granite City Lease
|
|
Grounds
|
—
|
|
|
1,846
|
|
|
856
|
|
|
143
|
|
|
1,989
|
|
|
856
|
|
|
2,845
|
|
|
895
|
|
2008
|
2009
|
|
North Airport Park 7750
|
|
Industrial
|
—
|
|
|
1,800
|
|
|
4,790
|
|
|
601
|
|
|
1,800
|
|
|
5,391
|
|
|
7,191
|
|
|
1,796
|
|
1997
|
2010
|
|
Park 100 5010
|
|
Industrial
|
—
|
|
|
690
|
|
|
1,687
|
|
|
673
|
|
|
690
|
|
|
2,360
|
|
|
3,050
|
|
|
771
|
|
1984
|
2010
|
|
Park 100 5134
|
|
Industrial
|
—
|
|
|
642
|
|
|
2,057
|
|
|
198
|
|
|
642
|
|
|
2,255
|
|
|
2,897
|
|
|
688
|
|
1984
|
2010
|
|
Park 100 5012
|
|
Industrial
|
—
|
|
|
616
|
|
|
279
|
|
|
484
|
|
|
642
|
|
|
737
|
|
|
1,379
|
|
|
219
|
|
1986
|
2010
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2017
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/2017
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Lockport 16328
|
|
Industrial
|
—
|
|
|
3,339
|
|
|
17,446
|
|
|
460
|
|
|
3,339
|
|
|
17,906
|
|
|
21,245
|
|
|
566
|
|
2016
|
2017
|
|
Lockport 16410
|
|
Industrial
|
—
|
|
|
2,677
|
|
|
16,117
|
|
|
285
|
|
|
2,677
|
|
|
16,402
|
|
|
19,079
|
|
|
502
|
|
2016
|
2017
|
|
Lockport 16508
|
|
Industrial
|
—
|
|
|
4,520
|
|
|
17,472
|
|
|
—
|
|
|
4,520
|
|
|
17,472
|
|
|
21,992
|
|
|
276
|
|
2017
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Lockbourne, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Creekside 2120
|
|
Industrial
|
—
|
|
|
2,868
|
|
|
15,434
|
|
|
379
|
|
|
2,868
|
|
|
15,813
|
|
|
18,681
|
|
|
3,512
|
|
2008
|
2012
|
|
Creekside 4555
|
|
Industrial
|
—
|
|
|
1,947
|
|
|
11,513
|
|
|
282
|
|
|
1,947
|
|
|
11,795
|
|
|
13,742
|
|
|
2,607
|
|
2005
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Logan Township, New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1130 Commerce Boulevard
|
|
Industrial
|
—
|
|
|
3,770
|
|
|
19,239
|
|
|
1,615
|
|
|
3,770
|
|
|
20,854
|
|
|
24,624
|
|
|
3,660
|
|
2002
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Long Beach, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
3700 Cover Street
|
|
Industrial
|
—
|
|
|
7,280
|
|
|
6,954
|
|
|
—
|
|
|
7,280
|
|
|
6,954
|
|
|
14,234
|
|
|
1,802
|
|
2012
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Lynwood, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
2700 East Imperial Highway
|
|
Industrial
|
—
|
|
|
16,847
|
|
|
17,865
|
|
|
55
|
|
|
16,847
|
|
|
17,920
|
|
|
34,767
|
|
|
4,999
|
|
1999
|
2011
|
|
11600 Alameda Street
|
|
Industrial
|
—
|
|
|
10,705
|
|
|
10,979
|
|
|
—
|
|
|
10,705
|
|
|
10,979
|
|
|
21,684
|
|
|
76
|
|
2017
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Manteca, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
600 Spreckels Avenue
|
|
Industrial
|
—
|
|
|
4,851
|
|
|
18,985
|
|
|
162
|
|
|
4,851
|
|
|
19,147
|
|
|
23,998
|
|
|
3,971
|
|
1999
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Maryland Heights, Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Riverport 3128
|
|
Industrial
|
—
|
|
|
1,269
|
|
|
1,624
|
|
|
2,339
|
|
|
733
|
|
|
4,499
|
|
|
5,232
|
|
|
1,830
|
|
2001
|
2001
|
|
Riverport 3101
|
|
Industrial
|
—
|
|
|
1,864
|
|
|
3,072
|
|
|
2,205
|
|
|
1,864
|
|
|
5,277
|
|
|
7,141
|
|
|
2,686
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
McDonough, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Liberty Distribution 120
|
|
Industrial
|
—
|
|
|
615
|
|
|
8,234
|
|
|
1,313
|
|
|
615
|
|
|
9,547
|
|
|
10,162
|
|
|
4,544
|
|
1997
|
1999
|
|
Liberty Distribution 250
|
|
Industrial
|
—
|
|
|
2,273
|
|
|
11,148
|
|
|
4,801
|
|
|
3,445
|
|
|
14,777
|
|
|
18,222
|
|
|
5,960
|
|
2001
|
2001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mechanicsburg, Pennsylvania
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
500 Independence Avenue
|
|
Industrial
|
—
|
|
|
4,494
|
|
|
15,711
|
|
|
233
|
|
|
4,494
|
|
|
15,944
|
|
|
20,438
|
|
|
3,009
|
|
2008
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Melrose Park, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1600 North 25th Avenue
|
|
Industrial
|
—
|
|
|
5,907
|
|
|
17,516
|
|
|
72
|
|
|
5,907
|
|
|
17,588
|
|
|
23,495
|
|
|
4,919
|
|
2000
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Miami, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
9601 NW 112 Avenue
|
|
Industrial
|
—
|
|
|
11,626
|
|
|
14,651
|
|
|
—
|
|
|
11,626
|
|
|
14,651
|
|
|
26,277
|
|
|
2,861
|
|
2003
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Minooka, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Midpoint Distribution 801
|
|
Industrial
|
—
|
|
|
6,282
|
|
|
33,196
|
|
|
386
|
|
|
6,282
|
|
|
33,582
|
|
|
39,864
|
|
|
6,187
|
|
2008
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Modesto, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1000 Oates Court
|
|
Industrial
|
—
|
|
|
10,115
|
|
|
18,397
|
|
|
—
|
|
|
10,115
|
|
|
18,397
|
|
|
28,512
|
|
|
5,869
|
|
2002
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2017
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/2017
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
Moreno Valley, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
17791 Perris Boulevard
|
|
Industrial
|
—
|
|
|
28,243
|
|
|
39,654
|
|
|
—
|
|
|
28,243
|
|
|
39,654
|
|
|
67,897
|
|
|
762
|
|
2014
|
2017
|
|
15810 Heacock Street
|
|
Industrial
|
—
|
|
|
9,727
|
|
|
18,882
|
|
|
—
|
|
|
9,727
|
|
|
18,882
|
|
|
28,609
|
|
|
310
|
|
2017
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Morgans Point, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Barbours Cut 1200
|
|
Industrial
|
—
|
|
|
1,482
|
|
|
8,209
|
|
|
44
|
|
|
1,482
|
|
|
8,253
|
|
|
9,735
|
|
|
2,820
|
|
2004
|
2010
|
|
Barbours Cut 1000
|
|
Industrial
|
—
|
|
|
1,447
|
|
|
8,471
|
|
|
123
|
|
|
1,447
|
|
|
8,594
|
|
|
10,041
|
|
|
2,915
|
|
2005
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Morrisville, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Perimeter Park 3000
|
|
Industrial
|
—
|
|
|
482
|
|
|
2,073
|
|
|
1,471
|
|
|
491
|
|
|
3,535
|
|
|
4,026
|
|
|
1,646
|
|
1989
|
1999
|
|
Perimeter Park 2900
|
|
Industrial
|
—
|
|
|
235
|
|
|
1,326
|
|
|
1,567
|
|
|
241
|
|
|
2,887
|
|
|
3,128
|
|
|
1,290
|
|
1990
|
1999
|
|
Perimeter Park 2800
|
|
Industrial
|
—
|
|
|
777
|
|
|
4,214
|
|
|
1,278
|
|
|
791
|
|
|
5,478
|
|
|
6,269
|
|
|
2,599
|
|
1992
|
1999
|
|
Perimeter Park 2700
|
|
Industrial
|
—
|
|
|
662
|
|
|
1,081
|
|
|
2,067
|
|
|
662
|
|
|
3,148
|
|
|
3,810
|
|
|
1,253
|
|
2001
|
2001
|
|
Woodlake 100
|
|
Industrial
|
—
|
|
|
633
|
|
|
3,200
|
|
|
1,276
|
|
|
633
|
|
|
4,476
|
|
|
5,109
|
|
|
1,938
|
|
1994
|
1999
|
|
Woodlake 101
|
|
Industrial
|
—
|
|
|
615
|
|
|
3,958
|
|
|
499
|
|
|
615
|
|
|
4,457
|
|
|
5,072
|
|
|
1,985
|
|
1997
|
1999
|
|
Woodlake 200
|
|
Industrial
|
—
|
|
|
357
|
|
|
3,835
|
|
|
883
|
|
|
357
|
|
|
4,718
|
|
|
5,075
|
|
|
2,071
|
|
1999
|
1999
|
|
Woodlake 501
|
|
Industrial
|
—
|
|
|
640
|
|
|
5,477
|
|
|
427
|
|
|
640
|
|
|
5,904
|
|
|
6,544
|
|
|
2,662
|
|
1999
|
1999
|
|
Woodlake 1000
|
|
Industrial
|
—
|
|
|
514
|
|
|
2,853
|
|
|
468
|
|
|
514
|
|
|
3,321
|
|
|
3,835
|
|
|
1,279
|
|
1996
|
2002
|
|
Woodlake 1200
|
|
Industrial
|
—
|
|
|
740
|
|
|
4,330
|
|
|
532
|
|
|
740
|
|
|
4,862
|
|
|
5,602
|
|
|
1,966
|
|
1996
|
2002
|
|
Woodlake 400
|
|
Industrial
|
—
|
|
|
908
|
|
|
1,055
|
|
|
454
|
|
|
908
|
|
|
1,509
|
|
|
2,417
|
|
|
1,001
|
|
2004
|
2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Naperville, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1835 Jefferson
|
|
Industrial
|
—
|
|
|
3,180
|
|
|
7,921
|
|
|
5
|
|
|
3,184
|
|
|
7,922
|
|
|
11,106
|
|
|
3,698
|
|
2005
|
2003
|
|
175 Ambassador Drive
|
|
Industrial
|
—
|
|
|
4,778
|
|
|
11,252
|
|
|
11
|
|
|
4,778
|
|
|
11,263
|
|
|
16,041
|
|
|
3,578
|
|
2006
|
2010
|
|
1860 West Jefferson
|
|
Industrial
|
10,874
|
|
|
7,016
|
|
|
35,581
|
|
|
88
|
|
|
7,016
|
|
|
35,669
|
|
|
42,685
|
|
|
9,613
|
|
2000
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Nashville, Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Airpark East 800
|
|
Industrial
|
2,276
|
|
|
1,564
|
|
|
2,341
|
|
|
1,579
|
|
|
1,564
|
|
|
3,920
|
|
|
5,484
|
|
|
1,579
|
|
2002
|
2002
|
|
Nashville Business 3300
|
|
Industrial
|
—
|
|
|
936
|
|
|
4,951
|
|
|
1,586
|
|
|
936
|
|
|
6,537
|
|
|
7,473
|
|
|
3,054
|
|
1997
|
1999
|
|
Nashville Business 3438
|
|
Industrial
|
—
|
|
|
5,659
|
|
|
8,165
|
|
|
2,101
|
|
|
5,659
|
|
|
10,266
|
|
|
15,925
|
|
|
5,203
|
|
2005
|
2005
|
|
Four-Forty Business 700
|
|
Industrial
|
—
|
|
|
938
|
|
|
6,354
|
|
|
640
|
|
|
938
|
|
|
6,994
|
|
|
7,932
|
|
|
3,103
|
|
1997
|
1999
|
|
Four-Forty Business 684
|
|
Industrial
|
—
|
|
|
1,812
|
|
|
6,782
|
|
|
1,831
|
|
|
1,812
|
|
|
8,613
|
|
|
10,425
|
|
|
4,064
|
|
1998
|
1999
|
|
Four-Forty Business 782
|
|
Industrial
|
—
|
|
|
1,522
|
|
|
5,069
|
|
|
1,600
|
|
|
1,522
|
|
|
6,669
|
|
|
8,191
|
|
|
3,082
|
|
1997
|
1999
|
|
Four-Forty Business 784
|
|
Industrial
|
—
|
|
|
471
|
|
|
2,182
|
|
|
1,749
|
|
|
471
|
|
|
3,931
|
|
|
4,402
|
|
|
1,734
|
|
1999
|
1999
|
|
Four-Forty Business 701
|
|
Industrial
|
—
|
|
|
1,108
|
|
|
4,829
|
|
|
80
|
|
|
1,108
|
|
|
4,909
|
|
|
6,017
|
|
|
1,264
|
|
1996
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Northlake, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Northlake Distribution 635
|
|
Industrial
|
14,200
|
|
|
5,721
|
|
|
9,056
|
|
|
929
|
|
|
5,721
|
|
|
9,985
|
|
|
15,706
|
|
|
3,767
|
|
2002
|
2002
|
|
Northlake Distribution 599
|
|
Industrial
|
7,450
|
|
|
5,382
|
|
|
5,708
|
|
|
3,568
|
|
|
5,382
|
|
|
9,276
|
|
|
14,658
|
|
|
4,020
|
|
2006
|
2006
|
|
200 Champion Way
|
|
Industrial
|
—
|
|
|
3,554
|
|
|
12,262
|
|
|
479
|
|
|
3,554
|
|
|
12,741
|
|
|
16,295
|
|
|
3,298
|
|
1997
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Orlando, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
2502 Lake Orange
|
|
Industrial
|
—
|
|
|
3,094
|
|
|
3,337
|
|
|
131
|
|
|
3,094
|
|
|
3,468
|
|
|
6,562
|
|
|
2,107
|
|
2003
|
2003
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2017
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/2017
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Plainfield 1551
|
|
Industrial
|
—
|
|
|
1,104
|
|
|
7,880
|
|
|
10,723
|
|
|
1,097
|
|
|
18,610
|
|
|
19,707
|
|
|
5,548
|
|
2000
|
2000
|
|
Plainfield 1581
|
|
Industrial
|
—
|
|
|
1,094
|
|
|
7,348
|
|
|
2,048
|
|
|
1,094
|
|
|
9,396
|
|
|
10,490
|
|
|
4,076
|
|
2000
|
2000
|
|
Plainfield 2209
|
|
Industrial
|
—
|
|
|
2,016
|
|
|
8,779
|
|
|
2,740
|
|
|
2,016
|
|
|
11,519
|
|
|
13,535
|
|
|
4,245
|
|
2002
|
2002
|
|
Plainfield 1390
|
|
Industrial
|
—
|
|
|
2,726
|
|
|
5,981
|
|
|
1,279
|
|
|
2,726
|
|
|
7,260
|
|
|
9,986
|
|
|
4,010
|
|
2004
|
2004
|
|
Plainfield 2425
|
|
Industrial
|
—
|
|
|
4,527
|
|
|
11,001
|
|
|
1,700
|
|
|
4,527
|
|
|
12,701
|
|
|
17,228
|
|
|
5,533
|
|
2006
|
2006
|
|
AllPoints Midwest Bldg. 1
|
|
Industrial
|
—
|
|
|
6,692
|
|
|
52,271
|
|
|
—
|
|
|
6,692
|
|
|
52,271
|
|
|
58,963
|
|
|
3,833
|
|
2008
|
2016
|
|
AllPoints Midwest Bldg. 4
|
|
Industrial
|
—
|
|
|
4,111
|
|
|
9,943
|
|
|
—
|
|
|
4,111
|
|
|
9,943
|
|
|
14,054
|
|
|
3,449
|
|
2012
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pompano Beach, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Atlantic Business 1700
|
|
Industrial
|
—
|
|
|
3,165
|
|
|
8,821
|
|
|
1,877
|
|
|
3,165
|
|
|
10,698
|
|
|
13,863
|
|
|
2,893
|
|
2000
|
2010
|
|
Atlantic Business 1800
|
|
Industrial
|
—
|
|
|
2,663
|
|
|
8,581
|
|
|
1,144
|
|
|
2,663
|
|
|
9,725
|
|
|
12,388
|
|
|
2,928
|
|
2001
|
2010
|
|
Atlantic Business 1855
|
|
Industrial
|
—
|
|
|
2,764
|
|
|
8,190
|
|
|
204
|
|
|
2,764
|
|
|
8,394
|
|
|
11,158
|
|
|
2,234
|
|
2001
|
2010
|
|
Atlantic Business 2022
|
|
Industrial
|
—
|
|
|
1,804
|
|
|
5,888
|
|
|
40
|
|
|
1,804
|
|
|
5,928
|
|
|
7,732
|
|
|
1,562
|
|
2002
|
2010
|
|
Atlantic Business 1914
|
|
Industrial
|
—
|
|
|
1,834
|
|
|
5,339
|
|
|
31
|
|
|
1,834
|
|
|
5,370
|
|
|
7,204
|
|
|
1,435
|
|
2002
|
2010
|
|
Atlantic Business 2003
|
|
Industrial
|
—
|
|
|
1,980
|
|
|
5,933
|
|
|
1,233
|
|
|
1,980
|
|
|
7,166
|
|
|
9,146
|
|
|
2,185
|
|
2002
|
2010
|
|
Atlantic Business 1901
|
|
Industrial
|
—
|
|
|
1,995
|
|
|
6,257
|
|
|
540
|
|
|
1,995
|
|
|
6,797
|
|
|
8,792
|
|
|
1,969
|
|
2004
|
2010
|
|
Atlantic Business 2200
|
|
Industrial
|
—
|
|
|
1,999
|
|
|
6,076
|
|
|
852
|
|
|
1,999
|
|
|
6,928
|
|
|
8,927
|
|
|
1,901
|
|
2004
|
2010
|
|
Atlantic Business 2100
|
|
Industrial
|
—
|
|
|
1,988
|
|
|
6,155
|
|
|
36
|
|
|
1,988
|
|
|
6,191
|
|
|
8,179
|
|
|
1,649
|
|
2002
|
2010
|
|
Atlantic Business 2201
|
|
Industrial
|
—
|
|
|
2,194
|
|
|
4,171
|
|
|
123
|
|
|
2,194
|
|
|
4,294
|
|
|
6,488
|
|
|
1,268
|
|
2005
|
2010
|
|
Atlantic Business 2101
|
|
Industrial
|
—
|
|
|
2,066
|
|
|
6,682
|
|
|
85
|
|
|
2,066
|
|
|
6,767
|
|
|
8,833
|
|
|
1,776
|
|
2004
|
2010
|
|
Atlantic Business 2103
|
|
Industrial
|
—
|
|
|
1,616
|
|
|
3,634
|
|
|
162
|
|
|
1,616
|
|
|
3,796
|
|
|
5,412
|
|
|
1,066
|
|
2005
|
2010
|
|
Copans Business Park 1571
|
|
Industrial
|
—
|
|
|
1,710
|
|
|
3,653
|
|
|
251
|
|
|
1,710
|
|
|
3,904
|
|
|
5,614
|
|
|
1,092
|
|
1989
|
2010
|
|
Copans Business Park 1521
|
|
Industrial
|
—
|
|
|
1,781
|
|
|
3,263
|
|
|
404
|
|
|
1,781
|
|
|
3,667
|
|
|
5,448
|
|
|
1,061
|
|
1989
|
2010
|
|
Park Central 3250
|
|
Industrial
|
—
|
|
|
1,688
|
|
|
1,997
|
|
|
116
|
|
|
1,688
|
|
|
2,113
|
|
|
3,801
|
|
|
696
|
|
1999
|
2010
|
|
Park Central 3760
|
|
Industrial
|
—
|
|
|
3,098
|
|
|
2,567
|
|
|
1,195
|
|
|
3,098
|
|
|
3,762
|
|
|
6,860
|
|
|
1,231
|
|
1995
|
2010
|
|
Pompano Commerce Center 2901
|
|
Industrial
|
—
|
|
|
3,250
|
|
|
5,206
|
|
|
755
|
|
|
3,250
|
|
|
5,961
|
|
|
9,211
|
|
|
2,956
|
|
2010
|
2010
|
|
Pompano Commerce Center 3101
|
|
Industrial
|
—
|
|
|
2,905
|
|
|
4,670
|
|
|
486
|
|
|
2,916
|
|
|
5,145
|
|
|
8,061
|
|
|
843
|
|
2015
|
2015
|
|
Pompano Commerce Center 2951
|
|
Industrial
|
—
|
|
|
3,250
|
|
|
5,704
|
|
|
—
|
|
|
3,250
|
|
|
5,704
|
|
|
8,954
|
|
|
2,810
|
|
2010
|
2010
|
|
Pompano Commerce Center 3151
|
|
Industrial
|
—
|
|
|
2,897
|
|
|
3,939
|
|
|
1,226
|
|
|
2,908
|
|
|
5,154
|
|
|
8,062
|
|
|
610
|
|
2015
|
2015
|
|
Sample 95 Business Park 3101
|
|
Industrial
|
—
|
|
|
3,300
|
|
|
6,355
|
|
|
371
|
|
|
3,300
|
|
|
6,726
|
|
|
10,026
|
|
|
1,937
|
|
1999
|
2010
|
|
Sample 95 Business Park 3001
|
|
Industrial
|
—
|
|
|
2,963
|
|
|
6,158
|
|
|
199
|
|
|
2,963
|
|
|
6,357
|
|
|
9,320
|
|
|
1,717
|
|
1999
|
2011
|
|
Sample 95 Business Park 3035
|
|
Industrial
|
—
|
|
|
3,713
|
|
|
4,298
|
|
|
362
|
|
|
3,713
|
|
|
4,660
|
|
|
8,373
|
|
|
1,469
|
|
1999
|
2011
|
|
Sample 95 Business Park 3135
|
|
Industrial
|
—
|
|
|
1,688
|
|
|
5,035
|
|
|
708
|
|
|
1,688
|
|
|
5,743
|
|
|
7,431
|
|
|
1,578
|
|
1999
|
2010
|
|
Copans Business Park 1551
|
|
Industrial
|
—
|
|
|
1,856
|
|
|
3,141
|
|
|
1,303
|
|
|
1,856
|
|
|
4,444
|
|
|
6,300
|
|
|
1,369
|
|
1989
|
2011
|
|
Copans Business Park 1501
|
|
Industrial
|
—
|
|
|
1,988
|
|
|
3,381
|
|
|
234
|
|
|
1,988
|
|
|
3,615
|
|
|
5,603
|
|
|
1,022
|
|
1989
|
2011
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2017
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/2017
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Park Central 1700
|
|
Industrial
|
—
|
|
|
4,136
|
|
|
6,407
|
|
|
770
|
|
|
4,136
|
|
|
7,177
|
|
|
11,313
|
|
|
2,112
|
|
1998
|
2011
|
|
Park Central 2101
|
|
Industrial
|
—
|
|
|
2,696
|
|
|
6,170
|
|
|
757
|
|
|
2,696
|
|
|
6,927
|
|
|
9,623
|
|
|
2,092
|
|
1998
|
2011
|
|
Park Central 3300
|
|
Industrial
|
—
|
|
|
1,635
|
|
|
2,855
|
|
|
375
|
|
|
1,635
|
|
|
3,230
|
|
|
4,865
|
|
|
939
|
|
1996
|
2011
|
|
Park Central 100
|
|
Industrial
|
—
|
|
|
1,500
|
|
|
2,129
|
|
|
840
|
|
|
1,500
|
|
|
2,969
|
|
|
4,469
|
|
|
999
|
|
1998
|
2011
|
|
Park Central 1300
|
|
Industrial
|
—
|
|
|
2,438
|
|
|
3,021
|
|
|
2,181
|
|
|
2,438
|
|
|
5,202
|
|
|
7,640
|
|
|
1,497
|
|
1997
|
2011
|
|
Atlantic Business Ctr. 10-KFC
|
|
Grounds
|
—
|
|
|
771
|
|
|
—
|
|
|
—
|
|
|
771
|
|
|
—
|
|
|
771
|
|
|
29
|
|
n/a
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Port Wentworth, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
318 Grange Road
|
|
Industrial
|
—
|
|
|
957
|
|
|
4,131
|
|
|
813
|
|
|
880
|
|
|
5,021
|
|
|
5,901
|
|
|
1,405
|
|
2001
|
2006
|
|
246 Grange Road
|
|
Industrial
|
3,619
|
|
|
1,191
|
|
|
7,486
|
|
|
(14
|
)
|
|
1,124
|
|
|
7,539
|
|
|
8,663
|
|
|
2,366
|
|
2006
|
2006
|
|
100 Logistics Way
|
|
Industrial
|
6,650
|
|
|
2,306
|
|
|
12,075
|
|
|
1,999
|
|
|
2,336
|
|
|
14,044
|
|
|
16,380
|
|
|
4,829
|
|
2006
|
2006
|
|
500 Expansion Boulevard
|
|
Industrial
|
2,959
|
|
|
649
|
|
|
5,842
|
|
|
216
|
|
|
649
|
|
|
6,058
|
|
|
6,707
|
|
|
1,586
|
|
2006
|
2008
|
|
400 Expansion Boulevard
|
|
Industrial
|
—
|
|
|
1,636
|
|
|
13,194
|
|
|
616
|
|
|
1,636
|
|
|
13,810
|
|
|
15,446
|
|
|
3,375
|
|
2007
|
2008
|
|
605 Expansion Boulevard
|
|
Industrial
|
—
|
|
|
1,615
|
|
|
6,893
|
|
|
67
|
|
|
1,615
|
|
|
6,960
|
|
|
8,575
|
|
|
1,788
|
|
2007
|
2008
|
|
405 Expansion Boulevard
|
|
Industrial
|
1,801
|
|
|
535
|
|
|
3,192
|
|
|
2
|
|
|
535
|
|
|
3,194
|
|
|
3,729
|
|
|
732
|
|
2008
|
2009
|
|
600 Expansion Boulevard
|
|
Industrial
|
5,158
|
|
|
1,248
|
|
|
9,392
|
|
|
33
|
|
|
1,248
|
|
|
9,425
|
|
|
10,673
|
|
|
2,144
|
|
2008
|
2009
|
|
602 Expansion Boulevard
|
|
Industrial
|
—
|
|
|
1,840
|
|
|
10,981
|
|
|
42
|
|
|
1,859
|
|
|
11,004
|
|
|
12,863
|
|
|
2,416
|
|
2009
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Raleigh, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Walnut Creek 540
|
|
Industrial
|
—
|
|
|
419
|
|
|
1,651
|
|
|
689
|
|
|
419
|
|
|
2,340
|
|
|
2,759
|
|
|
952
|
|
2001
|
2001
|
|
Walnut Creek 4000
|
|
Industrial
|
—
|
|
|
456
|
|
|
2,078
|
|
|
445
|
|
|
456
|
|
|
2,523
|
|
|
2,979
|
|
|
1,033
|
|
2001
|
2001
|
|
Walnut Creek 3080
|
|
Industrial
|
—
|
|
|
679
|
|
|
2,766
|
|
|
1,343
|
|
|
679
|
|
|
4,109
|
|
|
4,788
|
|
|
1,562
|
|
2001
|
2001
|
|
Walnut Creek 3070
|
|
Industrial
|
—
|
|
|
2,038
|
|
|
1,460
|
|
|
1,508
|
|
|
2,083
|
|
|
2,923
|
|
|
5,006
|
|
|
2,164
|
|
2004
|
2004
|
|
Walnut Creek 3071
|
|
Industrial
|
—
|
|
|
1,718
|
|
|
2,762
|
|
|
651
|
|
|
1,718
|
|
|
3,413
|
|
|
5,131
|
|
|
1,660
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Rancho Cucamonga, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
9189 Utica Ave
|
|
Industrial
|
—
|
|
|
5,794
|
|
|
12,646
|
|
|
264
|
|
|
5,794
|
|
|
12,910
|
|
|
18,704
|
|
|
558
|
|
2016
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Rancho Dominguez, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
18700 Laurel Park Rd
|
|
Industrial
|
—
|
|
|
8,080
|
|
|
2,987
|
|
|
87
|
|
|
8,080
|
|
|
3,074
|
|
|
11,154
|
|
|
—
|
|
1971
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Redlands, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
2300 W. San Bernadino Ave
|
|
Industrial
|
—
|
|
|
20,031
|
|
|
18,835
|
|
|
1,308
|
|
|
20,031
|
|
|
20,143
|
|
|
40,174
|
|
|
5,038
|
|
2001
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Romeoville, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
875 W. Crossroads Parkway
|
|
Industrial
|
9,850
|
|
|
6,433
|
|
|
7,452
|
|
|
1,876
|
|
|
6,433
|
|
|
9,328
|
|
|
15,761
|
|
|
5,084
|
|
2005
|
2005
|
|
Crossroads 1255
|
|
Industrial
|
6,500
|
|
|
2,938
|
|
|
9,320
|
|
|
2,568
|
|
|
2,938
|
|
|
11,888
|
|
|
14,826
|
|
|
3,366
|
|
1999
|
2010
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2017
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/2017
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Crossroads 801
|
|
Industrial
|
7,350
|
|
|
5,296
|
|
|
6,184
|
|
|
305
|
|
|
5,296
|
|
|
6,489
|
|
|
11,785
|
|
|
4,933
|
|
2009
|
2010
|
|
1341-1343 Enterprise Drive
|
|
Industrial
|
—
|
|
|
3,076
|
|
|
12,660
|
|
|
462
|
|
|
3,076
|
|
|
13,122
|
|
|
16,198
|
|
|
1,479
|
|
2015
|
2015
|
|
50-56 N. Paragon
|
|
Industrial
|
—
|
|
|
3,985
|
|
|
5,433
|
|
|
—
|
|
|
3,985
|
|
|
5,433
|
|
|
9,418
|
|
|
163
|
|
2017
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Roseville, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
2215 Highway 36 West
|
|
Industrial
|
—
|
|
|
1,655
|
|
|
5,944
|
|
|
1,060
|
|
|
1,655
|
|
|
7,004
|
|
|
8,659
|
|
|
2,020
|
|
1998
|
2011
|
|
2420 Long Lake Road
|
|
Industrial
|
—
|
|
|
1,373
|
|
|
4,135
|
|
|
1,043
|
|
|
1,373
|
|
|
5,178
|
|
|
6,551
|
|
|
1,284
|
|
2000
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Savannah, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
198 Gulfstream
|
|
Industrial
|
—
|
|
|
549
|
|
|
3,661
|
|
|
310
|
|
|
549
|
|
|
3,971
|
|
|
4,520
|
|
|
1,235
|
|
1997
|
2006
|
|
194 Gulfstream
|
|
Industrial
|
—
|
|
|
412
|
|
|
2,367
|
|
|
171
|
|
|
412
|
|
|
2,538
|
|
|
2,950
|
|
|
797
|
|
1998
|
2006
|
|
190 Gulfstream
|
|
Industrial
|
—
|
|
|
689
|
|
|
4,208
|
|
|
361
|
|
|
689
|
|
|
4,569
|
|
|
5,258
|
|
|
1,404
|
|
1999
|
2006
|
|
250 Grange Road
|
|
Industrial
|
—
|
|
|
928
|
|
|
7,776
|
|
|
(17
|
)
|
|
884
|
|
|
7,803
|
|
|
8,687
|
|
|
2,447
|
|
2002
|
2006
|
|
248 Grange Road
|
|
Industrial
|
—
|
|
|
664
|
|
|
3,180
|
|
|
(43
|
)
|
|
613
|
|
|
3,188
|
|
|
3,801
|
|
|
1,028
|
|
2002
|
2006
|
|
163 Portside Court
|
|
Industrial
|
—
|
|
|
8,433
|
|
|
7,765
|
|
|
48
|
|
|
8,433
|
|
|
7,813
|
|
|
16,246
|
|
|
4,903
|
|
2004
|
2006
|
|
151 Portside Court
|
|
Industrial
|
236
|
|
|
966
|
|
|
7,140
|
|
|
642
|
|
|
966
|
|
|
7,782
|
|
|
8,748
|
|
|
2,457
|
|
2003
|
2006
|
|
175 Portside Court
|
|
Industrial
|
7,847
|
|
|
4,300
|
|
|
13,894
|
|
|
2,361
|
|
|
5,782
|
|
|
14,773
|
|
|
20,555
|
|
|
5,437
|
|
2005
|
2006
|
|
150 Portside Court
|
|
Industrial
|
—
|
|
|
3,071
|
|
|
20,085
|
|
|
1,383
|
|
|
3,071
|
|
|
21,468
|
|
|
24,539
|
|
|
6,792
|
|
2001
|
2006
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2017
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/2017
|
|
|
|
|
||||||||||||||
|
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
|
|
|
7,621
|
|
|
1,307
|
|
|
1,187
|
|
|
8,815
|
|
|
10,002
|
|
|
2,952
|
|
2001
|
2006
|
|
239 Jimmy Deloach Parkway
|
|
Industrial
|
—
|
|
|
1,074
|
|
|
6,473
|
|
|
564
|
|
|
1,074
|
|
|
7,037
|
|
|
8,111
|
|
|
2,212
|
|
2001
|
2006
|
|
246 Jimmy Deloach Parkway
|
|
Industrial
|
2,199
|
|
|
992
|
|
|
4,878
|
|
|
141
|
|
|
992
|
|
|
5,019
|
|
|
6,011
|
|
|
1,614
|
|
2006
|
2006
|
|
200 Logistics Way
|
|
Industrial
|
4,548
|
|
|
878
|
|
|
9,274
|
|
|
232
|
|
|
883
|
|
|
9,501
|
|
|
10,384
|
|
|
2,443
|
|
2006
|
2008
|
|
2509 Dean Forest Road
|
|
Industrial
|
—
|
|
|
2,392
|
|
|
7,572
|
|
|
2,432
|
|
|
2,960
|
|
|
9,436
|
|
|
12,396
|
|
|
3,261
|
|
2008
|
2011
|
|
276 Jimmy Deloach Land
|
|
Grounds
|
—
|
|
|
2,267
|
|
|
—
|
|
|
276
|
|
|
2,520
|
|
|
23
|
|
|
2,543
|
|
|
550
|
|
n/a
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sea Brook, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Bayport Logistics 5300
|
|
Industrial
|
—
|
|
|
2,629
|
|
|
13,284
|
|
|
78
|
|
|
2,629
|
|
|
13,362
|
|
|
15,991
|
|
|
4,766
|
|
2009
|
2010
|
|
Bayport Logistics 5801
|
|
Industrial
|
—
|
|
|
5,116
|
|
|
7,663
|
|
|
47
|
|
|
5,116
|
|
|
7,710
|
|
|
12,826
|
|
|
1,212
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Shakopee, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
3880 4th Avenue East
|
|
Industrial
|
—
|
|
|
1,496
|
|
|
6,112
|
|
|
67
|
|
|
1,522
|
|
|
6,153
|
|
|
7,675
|
|
|
1,569
|
|
2000
|
2011
|
|
Gateway South 2301
|
|
Industrial
|
—
|
|
|
2,648
|
|
|
11,900
|
|
|
—
|
|
|
2,648
|
|
|
11,900
|
|
|
14,548
|
|
|
750
|
|
2016
|
2016
|
|
Gateway South 2101
|
|
Industrial
|
—
|
|
|
4,273
|
|
|
16,727
|
|
|
—
|
|
|
4,273
|
|
|
16,727
|
|
|
21,000
|
|
|
149
|
|
2017
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sharonville, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Mosteller 11400
|
|
Industrial
|
—
|
|
|
828
|
|
|
2,705
|
|
|
1,771
|
|
|
408
|
|
|
4,896
|
|
|
5,304
|
|
|
2,453
|
|
1997
|
1997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
South Brunswick, New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
10 Broadway Road
|
|
Industrial
|
—
|
|
|
15,168
|
|
|
13,916
|
|
|
—
|
|
|
15,168
|
|
|
13,916
|
|
|
29,084
|
|
|
211
|
|
2017
|
2017
|
|
377-387 Davidsons Mill Road
|
|
Industrial
|
—
|
|
|
3,001
|
|
|
36,527
|
|
|
—
|
|
|
3,001
|
|
|
36,527
|
|
|
39,528
|
|
|
583
|
|
2016
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
St. Peters, Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Premier 370 Bus Park 2001
|
|
Industrial
|
—
|
|
|
8,709
|
|
|
25,705
|
|
|
—
|
|
|
8,709
|
|
|
25,705
|
|
|
34,414
|
|
|
1,339
|
|
2017
|
2017
|
|
Premier 370 Bus Park 2000
|
|
Industrial
|
—
|
|
|
4,361
|
|
|
12,052
|
|
|
—
|
|
|
4,361
|
|
|
12,052
|
|
|
16,413
|
|
|
238
|
|
2017
|
2017
|
|
Premier 370 Bus Park 1000
|
|
Industrial
|
—
|
|
|
4,563
|
|
|
9,805
|
|
|
—
|
|
|
4,563
|
|
|
9,805
|
|
|
14,368
|
|
|
140
|
|
2017
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Stafford, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
10225 Mula Road
|
|
Industrial
|
—
|
|
|
3,502
|
|
|
3,670
|
|
|
3,390
|
|
|
3,502
|
|
|
7,060
|
|
|
10,562
|
|
|
3,675
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sterling, Virginia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
TransDulles Centre 107
|
|
Office
|
—
|
|
|
837
|
|
|
426
|
|
|
41
|
|
|
837
|
|
|
467
|
|
|
1,304
|
|
|
57
|
|
2005
|
2016
|
|
TransDulles Centre 109
|
|
Office
|
—
|
|
|
750
|
|
|
270
|
|
|
—
|
|
|
750
|
|
|
270
|
|
|
1,020
|
|
|
56
|
|
2004
|
2016
|
|
TransDulles Centre 22601
|
|
Industrial
|
—
|
|
|
1,700
|
|
|
5,001
|
|
|
292
|
|
|
1,700
|
|
|
5,293
|
|
|
6,993
|
|
|
570
|
|
2004
|
2016
|
|
TransDulles Centre 22620
|
|
Industrial
|
—
|
|
|
773
|
|
|
1,994
|
|
|
5
|
|
|
773
|
|
|
1,999
|
|
|
2,772
|
|
|
239
|
|
1999
|
2016
|
|
TransDulles Centre 22626
|
|
Industrial
|
—
|
|
|
1,544
|
|
|
4,055
|
|
|
7
|
|
|
1,544
|
|
|
4,062
|
|
|
5,606
|
|
|
500
|
|
1999
|
2016
|
|
TransDulles Centre 22633
|
|
Industrial
|
—
|
|
|
702
|
|
|
1,657
|
|
|
47
|
|
|
702
|
|
|
1,704
|
|
|
2,406
|
|
|
197
|
|
2004
|
2016
|
|
TransDulles Centre 22635
|
|
Industrial
|
—
|
|
|
1,753
|
|
|
4,336
|
|
|
6
|
|
|
1,753
|
|
|
4,342
|
|
|
6,095
|
|
|
524
|
|
1999
|
2016
|
|
TransDulles Centre 22645
|
|
Industrial
|
—
|
|
|
1,228
|
|
|
3,411
|
|
|
38
|
|
|
1,228
|
|
|
3,449
|
|
|
4,677
|
|
|
381
|
|
2005
|
2016
|
|
TransDulles Centre 22714
|
|
Industrial
|
—
|
|
|
3,973
|
|
|
3,537
|
|
|
1,181
|
|
|
3,973
|
|
|
4,718
|
|
|
8,691
|
|
|
2,146
|
|
2007
|
2007
|
|
TransDulles Centre 22750
|
|
Industrial
|
—
|
|
|
2,068
|
|
|
5,334
|
|
|
276
|
|
|
2,068
|
|
|
5,610
|
|
|
7,678
|
|
|
2,592
|
|
2003
|
2016
|
|
TransDulles Centre 22815
|
|
Industrial
|
—
|
|
|
7,685
|
|
|
5,811
|
|
|
338
|
|
|
7,685
|
|
|
6,149
|
|
|
13,834
|
|
|
718
|
|
2000
|
2016
|
|
TransDulles Centre 22825
|
|
Industrial
|
—
|
|
|
1,758
|
|
|
4,988
|
|
|
65
|
|
|
1,758
|
|
|
5,053
|
|
|
6,811
|
|
|
1,209
|
|
1997
|
2016
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2017
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/2017
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
TransDulles Centre 22879
|
|
Industrial
|
—
|
|
|
2,828
|
|
|
8,607
|
|
|
85
|
|
|
2,828
|
|
|
8,692
|
|
|
11,520
|
|
|
1,056
|
|
1989
|
2016
|
|
TransDulles Centre 22880
|
|
Industrial
|
—
|
|
|
2,311
|
|
|
4,922
|
|
|
—
|
|
|
2,311
|
|
|
4,922
|
|
|
7,233
|
|
|
568
|
|
1998
|
2016
|
|
TransDulles Centre 46213
|
|
Industrial
|
—
|
|
|
5,912
|
|
|
3,965
|
|
|
720
|
|
|
5,912
|
|
|
4,685
|
|
|
10,597
|
|
|
791
|
|
2015
|
2015
|
|
TransDulles Center 45900
|
|
DataCenter
|
—
|
|
|
15,437
|
|
|
10,190
|
|
|
—
|
|
|
15,437
|
|
|
10,190
|
|
|
25,627
|
|
|
491
|
|
2017
|
2017
|
|
TransDulles Center 45930
|
|
DataCenter
|
—
|
|
|
13,788
|
|
|
10,944
|
|
|
—
|
|
|
13,788
|
|
|
10,944
|
|
|
24,732
|
|
|
299
|
|
2017
|
2017
|
|
TransDulles Center 45950
|
|
DataCenter
|
—
|
|
|
13,052
|
|
|
10,797
|
|
|
—
|
|
|
13,052
|
|
|
10,797
|
|
|
23,849
|
|
|
150
|
|
2017
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sumner, Washington
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
13501 38th Street East
|
|
Industrial
|
—
|
|
|
16,032
|
|
|
5,935
|
|
|
353
|
|
|
16,032
|
|
|
6,288
|
|
|
22,320
|
|
|
4,580
|
|
2005
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Suwanee, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Horizon Business 90
|
|
Industrial
|
—
|
|
|
180
|
|
|
1,169
|
|
|
182
|
|
|
180
|
|
|
1,351
|
|
|
1,531
|
|
|
365
|
|
2001
|
2010
|
|
Horizon Business 225
|
|
Industrial
|
—
|
|
|
457
|
|
|
2,056
|
|
|
263
|
|
|
457
|
|
|
2,319
|
|
|
2,776
|
|
|
650
|
|
1990
|
2010
|
|
Horizon Business 250
|
|
Industrial
|
—
|
|
|
1,625
|
|
|
6,354
|
|
|
1,165
|
|
|
1,625
|
|
|
7,519
|
|
|
9,144
|
|
|
2,325
|
|
1997
|
2010
|
|
Horizon Business 70
|
|
Industrial
|
—
|
|
|
956
|
|
|
3,489
|
|
|
882
|
|
|
956
|
|
|
4,371
|
|
|
5,327
|
|
|
1,191
|
|
1998
|
2010
|
|
Horizon Business 2780
|
|
Industrial
|
—
|
|
|
1,143
|
|
|
5,724
|
|
|
335
|
|
|
1,143
|
|
|
6,059
|
|
|
7,202
|
|
|
1,717
|
|
1997
|
2010
|
|
Horizon Business 25
|
|
Industrial
|
—
|
|
|
723
|
|
|
2,551
|
|
|
1,314
|
|
|
723
|
|
|
3,865
|
|
|
4,588
|
|
|
1,276
|
|
1999
|
2010
|
|
Horizon Business 2790
|
|
Industrial
|
—
|
|
|
1,505
|
|
|
4,958
|
|
|
—
|
|
|
1,505
|
|
|
4,958
|
|
|
6,463
|
|
|
1,786
|
|
2006
|
2010
|
|
1000 Northbrook Parkway
|
|
Industrial
|
—
|
|
|
756
|
|
|
3,818
|
|
|
621
|
|
|
756
|
|
|
4,439
|
|
|
5,195
|
|
|
1,622
|
|
1986
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Tampa, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Fairfield Distribution 8640
|
|
Industrial
|
1,194
|
|
|
483
|
|
|
2,473
|
|
|
384
|
|
|
487
|
|
|
2,853
|
|
|
3,340
|
|
|
1,332
|
|
1998
|
1999
|
|
Fairfield Distribution 4720
|
|
Industrial
|
2,728
|
|
|
530
|
|
|
4,786
|
|
|
644
|
|
|
534
|
|
|
5,426
|
|
|
5,960
|
|
|
2,529
|
|
1998
|
1999
|
|
Fairfield Distribution 4758
|
|
Industrial
|
1,671
|
|
|
334
|
|
|
2,658
|
|
|
235
|
|
|
338
|
|
|
2,889
|
|
|
3,227
|
|
|
1,291
|
|
1999
|
1999
|
|
Fairfield Distribution 8600
|
|
Industrial
|
1,740
|
|
|
600
|
|
|
1,276
|
|
|
1,996
|
|
|
604
|
|
|
3,268
|
|
|
3,872
|
|
|
1,331
|
|
1999
|
1999
|
|
Fairfield Distribution 4901
|
|
Industrial
|
2,115
|
|
|
488
|
|
|
2,466
|
|
|
519
|
|
|
488
|
|
|
2,985
|
|
|
3,473
|
|
|
1,244
|
|
2000
|
2000
|
|
Fairfield Distribution 4727
|
|
Industrial
|
2,814
|
|
|
555
|
|
|
3,427
|
|
|
1,210
|
|
|
555
|
|
|
4,637
|
|
|
5,192
|
|
|
1,885
|
|
2001
|
2001
|
|
Fairfield Distribution 4701
|
|
Industrial
|
2,260
|
|
|
394
|
|
|
1,723
|
|
|
1,354
|
|
|
394
|
|
|
3,077
|
|
|
3,471
|
|
|
1,308
|
|
2001
|
2001
|
|
Fairfield Distribution 4661
|
|
Industrial
|
1,978
|
|
|
1,082
|
|
|
1,659
|
|
|
872
|
|
|
1,082
|
|
|
2,531
|
|
|
3,613
|
|
|
1,385
|
|
2004
|
2004
|
|
Eagle Creek Business 8701
|
|
Industrial
|
—
|
|
|
3,705
|
|
|
2,343
|
|
|
2,621
|
|
|
3,705
|
|
|
4,964
|
|
|
8,669
|
|
|
3,070
|
|
2006
|
2006
|
|
Eagle Creek Business 8651
|
|
Industrial
|
—
|
|
|
2,354
|
|
|
1,661
|
|
|
1,120
|
|
|
2,354
|
|
|
2,781
|
|
|
5,135
|
|
|
1,840
|
|
2007
|
2007
|
|
Eagle Creek Business 8601
|
|
Industrial
|
—
|
|
|
2,332
|
|
|
2,229
|
|
|
1,771
|
|
|
2,332
|
|
|
4,000
|
|
|
6,332
|
|
|
2,706
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Teterboro, New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1 Catherine Street
|
|
Industrial
|
—
|
|
|
14,376
|
|
|
18,788
|
|
|
—
|
|
|
14,376
|
|
|
18,788
|
|
|
33,164
|
|
|
517
|
|
2016
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Tracy, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1400 Pescadero Avenue
|
|
Industrial
|
—
|
|
|
9,633
|
|
|
39,644
|
|
|
—
|
|
|
9,633
|
|
|
39,644
|
|
|
49,277
|
|
|
8,085
|
|
2008
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
West Chester, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
World Park Union Centre 9287
|
|
Industrial
|
—
|
|
|
2,150
|
|
|
827
|
|
|
7,934
|
|
|
2,151
|
|
|
8,760
|
|
|
10,911
|
|
|
3,882
|
|
2006
|
2006
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2017
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/2017
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
World Park Union Centre 9271
|
|
Industrial
|
—
|
|
|
2,592
|
|
|
6,065
|
|
|
298
|
|
|
2,592
|
|
|
6,363
|
|
|
8,955
|
|
|
3,949
|
|
2004
|
2004
|
|
World Park Union Centre 9422
|
|
Industrial
|
—
|
|
|
287
|
|
|
2,232
|
|
|
294
|
|
|
287
|
|
|
2,526
|
|
|
2,813
|
|
|
689
|
|
1999
|
2010
|
|
World Park Union Centre 9266
|
|
Industrial
|
—
|
|
|
1,125
|
|
|
6,042
|
|
|
337
|
|
|
1,125
|
|
|
6,379
|
|
|
7,504
|
|
|
1,780
|
|
1998
|
2010
|
|
World Park Union Centre 9407
|
|
Industrial
|
—
|
|
|
482
|
|
|
2,356
|
|
|
681
|
|
|
482
|
|
|
3,037
|
|
|
3,519
|
|
|
724
|
|
1999
|
2010
|
|
World Park Union Centre 9451
|
|
Industrial
|
—
|
|
|
1,219
|
|
|
6,415
|
|
|
214
|
|
|
1,219
|
|
|
6,629
|
|
|
7,848
|
|
|
2,011
|
|
1999
|
2010
|
|
World Park Union Centre 5443
|
|
Industrial
|
—
|
|
|
1,918
|
|
|
5,207
|
|
|
524
|
|
|
1,918
|
|
|
5,731
|
|
|
7,649
|
|
|
2,501
|
|
2005
|
2010
|
|
World Park Union Centre 9107
|
|
Industrial
|
—
|
|
|
1,160
|
|
|
5,985
|
|
|
1,166
|
|
|
1,160
|
|
|
7,151
|
|
|
8,311
|
|
|
1,952
|
|
1999
|
2010
|
|
World Park Union Centre 9245
|
|
Industrial
|
—
|
|
|
1,189
|
|
|
5,914
|
|
|
677
|
|
|
1,189
|
|
|
6,591
|
|
|
7,780
|
|
|
1,948
|
|
2001
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
West Jefferson, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Park 70 at West Jefferson 100
|
|
Industrial
|
—
|
|
|
6,454
|
|
|
24,812
|
|
|
16,107
|
|
|
10,017
|
|
|
37,356
|
|
|
47,373
|
|
|
14,014
|
|
2013
|
2008
|
|
Park 70 at West Jefferson 15
|
|
Industrial
|
—
|
|
|
10,439
|
|
|
27,143
|
|
|
63
|
|
|
10,439
|
|
|
27,206
|
|
|
37,645
|
|
|
10,928
|
|
2011
|
2011
|
|
Park 70 at West Jefferson 10
|
|
Industrial
|
—
|
|
|
2,300
|
|
|
18,093
|
|
|
5
|
|
|
2,300
|
|
|
18,098
|
|
|
20,398
|
|
|
2,881
|
|
2014
|
2014
|
|
Park 70 at West Jefferson 115
|
|
Industrial
|
—
|
|
|
2,547
|
|
|
23,469
|
|
|
102
|
|
|
2,547
|
|
|
23,571
|
|
|
26,118
|
|
|
2,987
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
West Palm Beach, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Park of Commerce 5655
|
|
Industrial
|
—
|
|
|
1,635
|
|
|
1,737
|
|
|
205
|
|
|
1,635
|
|
|
1,942
|
|
|
3,577
|
|
|
611
|
|
2010
|
2010
|
|
Park of Commerce 5720
|
|
Industrial
|
—
|
|
|
2,160
|
|
|
3,999
|
|
|
588
|
|
|
2,320
|
|
|
4,427
|
|
|
6,747
|
|
|
1,464
|
|
2010
|
2010
|
|
Airport Center 1701
|
|
Industrial
|
—
|
|
|
2,437
|
|
|
5,901
|
|
|
528
|
|
|
2,437
|
|
|
6,429
|
|
|
8,866
|
|
|
1,776
|
|
2002
|
2010
|
|
Airport Center 1805
|
|
Industrial
|
—
|
|
|
1,706
|
|
|
4,453
|
|
|
358
|
|
|
1,706
|
|
|
4,811
|
|
|
6,517
|
|
|
1,358
|
|
2002
|
2010
|
|
Airport Center 1865
|
|
Industrial
|
—
|
|
|
1,500
|
|
|
4,385
|
|
|
365
|
|
|
1,500
|
|
|
4,750
|
|
|
6,250
|
|
|
1,368
|
|
2002
|
2010
|
|
Park of Commerce #4
|
|
Grounds
|
—
|
|
|
5,934
|
|
|
—
|
|
|
—
|
|
|
5,934
|
|
|
—
|
|
|
5,934
|
|
|
35
|
|
n/a
|
2011
|
|
Park of Commerce #5
|
|
Grounds
|
—
|
|
|
6,308
|
|
|
—
|
|
|
—
|
|
|
6,308
|
|
|
—
|
|
|
6,308
|
|
|
34
|
|
n/a
|
2011
|
|
Turnpike Crossing 1315
|
|
Industrial
|
—
|
|
|
7,390
|
|
|
5,762
|
|
|
352
|
|
|
7,390
|
|
|
6,114
|
|
|
13,504
|
|
|
787
|
|
2016
|
2016
|
|
Turnpike Crossing 1333
|
|
Industrial
|
—
|
|
|
6,255
|
|
|
4,560
|
|
|
975
|
|
|
6,255
|
|
|
5,535
|
|
|
11,790
|
|
|
615
|
|
2016
|
2016
|
|
Turnpike Crossing 6747
|
|
Industrial
|
—
|
|
|
10,607
|
|
|
7,112
|
|
|
—
|
|
|
10,607
|
|
|
7,112
|
|
|
17,719
|
|
|
—
|
|
2017
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Whitestown, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
AllPoints Anson Building 14
|
|
Industrial
|
—
|
|
|
2,127
|
|
|
7,528
|
|
|
944
|
|
|
2,127
|
|
|
8,472
|
|
|
10,599
|
|
|
2,740
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Accum. Depr. on Improvements of Undeveloped Land
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,989
|
|
|
|
|
Eliminations
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(367
|
)
|
|
(13
|
)
|
|
(354
|
)
|
|
(367
|
)
|
|
(939
|
)
|
|
|
|
Properties held-for-sale
|
|
|
|
|
|
|
|
|
|
|
(8,157
|
)
|
|
(10,505
|
)
|
|
(18,662
|
)
|
|
(2,553
|
)
|
|
|
||||
|
|
|
|
311,963
|
|
|
1,923,804
|
|
|
4,115,331
|
|
|
573,094
|
|
|
1,950,735
|
|
|
4,642,832
|
|
|
6,593,567
|
|
|
1,193,905
|
|
|
|
(1)
|
The tax basis (in thousands) of our real estate assets at
December 31, 2017
was approximately
$6,365,637
(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
|
||||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
Balance at beginning of year
|
|
$
|
6,523,281
|
|
|
$
|
6,181,877
|
|
|
$
|
7,305,848
|
|
|
$
|
1,302,210
|
|
|
$
|
1,199,608
|
|
|
$
|
1,505,677
|
|
Acquisitions
|
|
945,912
|
|
|
232,698
|
|
|
28,025
|
|
|
|
|
|
|
|
|||||||||
Construction costs and tenant improvements
|
|
716,627
|
|
|
549,506
|
|
|
421,404
|
|
|
|
|
|
|
|
|||||||||
Depreciation expense
|
|
|
|
|
|
|
|
242,606
|
|
|
255,419
|
|
|
253,683
|
|
|||||||||
Cost of real estate sold or contributed
|
|
(1,538,680
|
)
|
|
(387,017
|
)
|
|
(1,468,635
|
)
|
|
(314,306
|
)
|
|
(102,753
|
)
|
|
(458,393
|
)
|
||||||
Impairment Allowance
|
|
(859
|
)
|
|
(3,719
|
)
|
|
(3,406
|
)
|
|
|
|
|
|
|
|||||||||
Write-off of fully depreciated assets
|
|
(34,052
|
)
|
|
(50,064
|
)
|
|
(101,359
|
)
|
|
(34,052
|
)
|
|
(50,064
|
)
|
|
(101,359
|
)
|
||||||
Balance at end of year including held-for-sale
|
|
$
|
6,612,229
|
|
|
$
|
6,523,281
|
|
|
$
|
6,181,877
|
|
|
$
|
1,196,458
|
|
|
$
|
1,302,210
|
|
|
$
|
1,199,608
|
|
Properties held-for-sale
|
|
(18,662
|
)
|
|
(1,378,476
|
)
|
|
(1,230,916
|
)
|
|
(2,553
|
)
|
|
(259,266
|
)
|
|
(196,025
|
)
|
||||||
Balance at end of year excluding held-for-sale
|
|
$
|
6,593,567
|
|
|
$
|
5,144,805
|
|
|
$
|
4,950,961
|
|
|
$
|
1,193,905
|
|
|
$
|
1,042,944
|
|
|
$
|
1,003,583
|
|
|
|
|
|
|
DUKE REALTY CORPORATION
|
|
|
|
|
|
/s/ James B. Connor
|
|
|
James B. Connor
|
|
|
Chairman & Chief Executive Officer
|
|
|
(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
|
|
|
Chairman & Chief Executive Officer 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 16, 2018
|
|
|
|
|
|
|
|
|
|
Signature
|
|
Date
|
|
Title
|
|
|
|
|
|
/s/ James B. Connor
|
|
2/16/2018
|
|
Chairman & Chief Executive Officer
(Principal Executive Officer)
|
James B. Connor
|
|
|
|
|
|
|
|
|
|
/s/ Mark A. Denien
|
|
2/16/2018
|
|
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
Mark A. Denien
|
|
|
|
|
|
|
|
|
|
/s/ John P. Case*
|
|
2/16/2018
|
|
Director
|
John P. Case
|
|
|
|
|
|
|
|
|
|
/s/ William Cavanaugh III*
|
|
2/16/2018
|
|
Director
|
William Cavanaugh III
|
|
|
|
|
|
|
|
|
|
/s/ Alan H. Cohen*
|
|
2/16/2018
|
|
Director
|
Alan H. Cohen
|
|
|
|
|
|
|
|
|
|
/s/ Ngaire E. Cuneo*
|
|
2/16/2018
|
|
Director
|
Ngaire E. Cuneo
|
|
|
|
|
|
|
|
|
|
/s/ Charles R. Eitel*
|
|
2/16/2018
|
|
Director
|
Charles R. Eitel
|
|
|
|
|
|
|
|
|
|
/s/ Norman K. Jenkins*
|
|
2/16/2018
|
|
Director
|
Norman K. Jenkins
|
|
|
|
|
|
|
|
|
|
/s/ Melanie R. Sabelhaus*
|
|
2/16/2018
|
|
Director
|
Melanie R. Sabelhaus
|
|
|
|
|
|
|
|
|
|
/s/ Peter M. Scott III*
|
|
2/16/2018
|
|
Director
|
Peter M. Scott III
|
|
|
|
|
|
|
|
|
|
/s/ Jack R. Shaw*
|
|
2/16/2018
|
|
Director
|
Jack R. Shaw
|
|
|
|
|
|
|
|
|
|
/s/ David P. Stockert*
|
|
2/16/2018
|
|
Director
|
David P. Stockert
|
|
|
|
|
|
|
|
|
|
/s/ Chris Sultemeier*
|
|
2/16/2018
|
|
Director
|
Chris Sultemeier
|
|
|
|
|
|
|
|
|
|
/s/ Michael E. Szymanczyk*
|
|
2/16/2018
|
|
Director
|
Michael E. Szymanczyk
|
|
|
|
|
|
|
|
|
|
/s/ Lynn C. Thurber*
|
|
2/16/2018
|
|
Director
|
Lynn C. Thurber
|
|
|
|
|
|
|
|
|
|
*
|
|
By James B. Connor, Attorney-in-Fact
|
|
/s/ James B. Connor
|
|
|
Year Ended December 31, 2017
|
|
|
|
Year Ended December 31, 2016
|
|
|
|
Year Ended December 31, 2015
|
|
|
|
Year Ended December 31, 2014
|
|
|
|
Year Ended December 31, 2013
|
|
||||||||||
Net income from continuing operations, less preferred dividends
|
|
$
|
290,592
|
|
|
|
|
$
|
298,421
|
|
|
|
|
$
|
188,248
|
|
|
|
|
$
|
196,219
|
|
|
|
|
$
|
45,338
|
|
|
Preferred dividends
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
24,943
|
|
|
|
|
31,616
|
|
|
|||||
Interest expense from continuing operations
|
|
87,003
|
|
|
|
|
112,757
|
|
|
|
|
138,258
|
|
|
|
|
162,108
|
|
|
|
|
168,327
|
|
|
|||||
Earnings before fixed charges, continuing operations
|
|
$
|
377,595
|
|
|
|
|
$
|
411,178
|
|
|
|
|
$
|
326,506
|
|
|
|
|
$
|
383,270
|
|
|
|
|
$
|
245,281
|
|
|
Interest expense from discontinued operations
|
|
14,736
|
|
|
|
|
28,819
|
|
|
|
|
40,911
|
|
|
|
|
58,426
|
|
|
|
|
71,496
|
|
|
|||||
Earnings before fixed charges
|
|
$
|
392,331
|
|
|
|
|
$
|
439,997
|
|
|
|
|
$
|
367,417
|
|
|
|
|
$
|
441,696
|
|
|
|
|
$
|
316,777
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense from continuing operations
|
|
$
|
87,003
|
|
|
|
|
$
|
112,757
|
|
|
|
|
$
|
138,258
|
|
|
|
|
$
|
162,108
|
|
|
|
|
$
|
168,327
|
|
|
Interest costs capitalized
|
|
18,885
|
|
|
|
|
16,099
|
|
|
|
|
16,764
|
|
|
|
|
17,620
|
|
|
|
|
16,756
|
|
|
|||||
Total fixed charges, continuing operations
|
|
105,888
|
|
|
|
|
128,856
|
|
|
|
|
155,022
|
|
|
|
|
179,728
|
|
|
|
|
185,083
|
|
|
|||||
Interest expense from discontinued operations
|
|
14,736
|
|
|
|
|
28,819
|
|
|
|
|
40,911
|
|
|
|
|
58,426
|
|
|
|
|
71,496
|
|
|
|||||
Total fixed charges
|
|
120,624
|
|
|
|
|
157,675
|
|
|
|
|
195,933
|
|
|
|
|
238,154
|
|
|
|
|
256,579
|
|
|
|||||
Preferred dividends
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
24,943
|
|
|
|
|
31,616
|
|
|
|||||
Total fixed charges and preferred dividends, continuing operations
|
|
$
|
105,888
|
|
|
|
|
$
|
128,856
|
|
|
|
|
$
|
155,022
|
|
|
|
|
$
|
204,671
|
|
|
|
|
$
|
216,699
|
|
|
Total fixed charges and preferred dividends
|
|
$
|
120,624
|
|
|
|
|
$
|
157,675
|
|
|
|
|
$
|
195,933
|
|
|
|
|
$
|
263,097
|
|
|
|
|
$
|
288,195
|
|
|
Ratio of earnings to fixed charges, continuing operations
|
|
3.57
|
|
|
|
|
3.19
|
|
|
|
|
2.11
|
|
|
|
|
2.13
|
|
|
|
|
1.33
|
|
|
|||||
Ratio of earnings to fixed charges and preferred dividends, continuing operations
|
|
3.57
|
|
|
|
|
3.19
|
|
|
|
|
2.11
|
|
|
|
|
1.87
|
|
|
|
|
1.13
|
|
|
|||||
Ratio of earnings to fixed charges
|
|
3.25
|
|
|
|
|
2.79
|
|
|
|
|
1.88
|
|
|
|
|
1.85
|
|
|
|
|
1.23
|
|
|
|||||
Ratio of earnings to fixed charges and preferred dividends
|
|
3.25
|
|
|
|
|
2.79
|
|
|
|
|
1.88
|
|
|
|
|
1.68
|
|
|
|
|
1.10
|
|
|
|
|
Year Ended December 31, 2017
|
|
|
|
Year Ended December 31, 2016
|
|
|
|
Year Ended December 31, 2015
|
|
|
|
Year Ended December 31, 2014
|
|
|
|
Year Ended December 31, 2013
|
|
||||||||||
Net income from continuing operations, less preferred distributions
|
|
$
|
290,592
|
|
|
|
|
$
|
298,421
|
|
|
|
|
$
|
188,248
|
|
|
|
|
$
|
196,219
|
|
|
|
|
$
|
45,338
|
|
|
Preferred distributions
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
24,943
|
|
|
|
|
31,616
|
|
|
|||||
Interest expense from continuing operations
|
|
87,003
|
|
|
|
|
112,757
|
|
|
|
|
138,258
|
|
|
|
|
162,108
|
|
|
|
|
168,327
|
|
|
|||||
Earnings before fixed charges, continuing operations
|
|
$
|
377,595
|
|
|
|
|
$
|
411,178
|
|
|
|
|
$
|
326,506
|
|
|
|
|
$
|
383,270
|
|
|
|
|
$
|
245,281
|
|
|
Interest expense from discontinued operations
|
|
14,736
|
|
|
|
|
28,819
|
|
|
|
|
40,911
|
|
|
|
|
58,426
|
|
|
|
|
71,496
|
|
|
|||||
Earnings before fixed charges
|
|
$
|
392,331
|
|
|
|
|
$
|
439,997
|
|
|
|
|
$
|
367,417
|
|
|
|
|
$
|
441,696
|
|
|
|
|
$
|
316,777
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense from continuing operations
|
|
$
|
87,003
|
|
|
|
|
$
|
112,757
|
|
|
|
|
$
|
138,258
|
|
|
|
|
$
|
162,108
|
|
|
|
|
$
|
168,327
|
|
|
Interest costs capitalized
|
|
18,885
|
|
|
|
|
16,099
|
|
|
|
|
16,764
|
|
|
|
|
17,620
|
|
|
|
|
16,756
|
|
|
|||||
Total fixed charges, continuing operations
|
|
105,888
|
|
|
|
|
128,856
|
|
|
|
|
155,022
|
|
|
|
|
179,728
|
|
|
|
|
185,083
|
|
|
|||||
Interest expense from discontinued operations
|
|
14,736
|
|
|
|
|
28,819
|
|
|
|
|
40,911
|
|
|
|
|
58,426
|
|
|
|
|
71,496
|
|
|
|||||
Total fixed charges
|
|
120,624
|
|
|
|
|
157,675
|
|
|
|
|
195,933
|
|
|
|
|
238,154
|
|
|
|
|
256,579
|
|
|
|||||
Preferred distributions
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
24,943
|
|
|
|
|
31,616
|
|
|
|||||
Total fixed charges and preferred distributions, continuing operations
|
|
$
|
105,888
|
|
|
|
|
$
|
128,856
|
|
|
|
|
$
|
155,022
|
|
|
|
|
$
|
204,671
|
|
|
|
|
$
|
216,699
|
|
|
Total fixed charges and preferred distributions
|
|
$
|
120,624
|
|
|
|
|
$
|
157,675
|
|
|
|
|
$
|
195,933
|
|
|
|
|
$
|
263,097
|
|
|
|
|
$
|
288,195
|
|
|
Ratio of earnings to fixed charges, continuing operations
|
|
3.57
|
|
|
|
|
3.19
|
|
|
|
|
2.11
|
|
|
|
|
2.13
|
|
|
|
|
1.33
|
|
|
|||||
Ratio of earnings to fixed charges and preferred distributions, continuing operations
|
|
3.57
|
|
|
|
|
3.19
|
|
|
|
|
2.11
|
|
|
|
|
1.87
|
|
|
|
|
1.13
|
|
|
|||||
Ratio of earnings to fixed charges
|
|
3.25
|
|
|
|
|
2.79
|
|
|
|
|
1.88
|
|
|
|
|
1.85
|
|
|
|
|
1.23
|
|
|
|||||
Ratio of earnings to fixed charges and preferred distributions
|
|
3.25
|
|
|
|
|
2.79
|
|
|
|
|
1.88
|
|
|
|
|
1.68
|
|
|
|
|
1.10
|
|
|
|
/s/ John P. Case
|
|
John P. Case
|
|
/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 / Norman K. Jenkins
|
|
Norman K. Jenkins
|
|
/s/ Melanie R. Sabelhaus
|
|
Melanie R. Sabelhaus
|
|
/s/ Peter M. Scott III
|
|
Peter M. Scott III
|
|
/s/ Jack R. Shaw
|
|
Jack R. Shaw
|
|
/s/ David P. Stockert
|
|
David P. Stockert
|
|
/s/ Chris Sultemeier
|
|
Chris Sultemeier
|
|
/s/ Michael E. Syzmanczyk
|
|
Michael E. Syzmanczyk
|
|
/s/ Lynn C. Thurber
|
|
Lynn C. Thurber
|
|
/s/ James B. Connor
|
James B. Connor
|
Chairman 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
|
Chairman and Chief Executive Officer of the General Partner
|
1
|
I have reviewed this Annual Report on Form 10-K of Duke Realty Limited Partnership;
|
2
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
/s/ Mark A. Denien
|
Mark A. Denien
|
Executive Vice President and Chief Financial Officer of the General Partner
|
/s/ James B. Connor
|
|
James B. Connor
|
|
Chairman and Chief Executive Officer
|
|
Date:
|
February 16, 2018
|
/s/ Mark A. Denien
|
|
Mark A. Denien
|
|
Executive Vice President and Chief Financial Officer
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Date:
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February 16, 2018
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/s/ James B. Connor
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James B. Connor
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Chairman and Chief Executive Officer of the General Partner
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Date:
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February 16, 2018
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/s/ Mark A. Denien
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Mark A. Denien
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Executive Vice President and Chief Financial Officer of the General Partner
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Date:
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February 16, 2018
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the tax consequences to you may vary depending upon your particular tax situation;
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special rules that we do not discuss below may apply if, for example, you are a tax-exempt organization (except to the extent discussed under “Treatment of Tax Exempt Shareholders”), a broker-dealer, a non-U.S. person (except to the extent discussed under “Special Tax Considerations for Non-U.S. Shareholders”), a trust, an estate, a regulated investment company, a financial institution, an insurance company or otherwise subject to special tax treatment under the Internal Revenue Code
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this summary generally does not address state, local or non-U.S. tax considerations;
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this summary deals only with shareholders that hold our stock as “capital assets” within the meaning of Section 1221 of the Internal Revenue Code; and
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we do not intend this discussion to be, and you should not construe it as, tax advice.
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We will be taxed at regular corporate rates on our undistributed “REIT taxable income,” including undistributed net capital gains.
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If we have net income from the sale or other disposition of “foreclosure property” that we hold primarily for sale to customers in the ordinary course of business or other non-qualifying income from foreclosure property, we will be subject to tax at the highest corporate rate on such income.
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If we have net income from “prohibited transactions” (which are, in general, certain sales or other dispositions of property, other than foreclosure property, held primarily for sale to customers in the ordinary course of business), such income will be subject to a 100% tax .
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If we should fail to satisfy either the 75% gross income test or the 95% gross income test (discussed below) but have nonetheless maintained our qualification as a REIT because we have met other requirements, we will be subject to a 100% tax on the greater of the amount by which the 75% gross income test was not satisfied or the amount by which the 95% gross income test was not satisfied, in each case, multiplied by a fraction intended to reflect our profitability.
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If (i) we fail to satisfy the asset tests (other than a de minimis failure of the 5% asset test or the 10% vote or value test, as described below under “-Asset Tests”) due to reasonable cause and not to willful neglect, (ii) we dispose of the assets or otherwise comply with such asset tests within six months after the last day of the quarter in which we identify such failure and (iii) we file a schedule with the IRS describing the assets that caused such failure, we will pay a tax equal to the greater of $50,000 or the net income from the nonqualifying assets during the period in which we failed to satisfy such asset tests multiplied by the highest corporate income tax rate.
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If we fail to satisfy any of the REIT qualification requirements other than the gross income and asset tests and such failure is due to reasonable cause, we may avoid disqualification as a REIT by, among other things, paying a penalty of $50,000.
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If we fail to distribute during each year at least the sum of (i) 85% of our ordinary income for such year, (ii) 95% of our capital gain net income for such year, and (iii) any undistributed taxable income from prior periods, we will be subject to a 4% excise tax on the excess of this required distribution amount over the amounts actually distributed.
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If we should acquire any asset from a “C” corporation (i.e., a corporation generally subject to full corporate-level tax) in a carryover-basis transaction, no election is made for the transaction to be currently taxable, and we subsequently recognize gain on the disposition of such asset during the five-year period beginning on the date on which we acquired the asset, we generally will be subject to tax at the highest regular corporate rate on the lesser of the amount of gain that we recognize at the time of the disposition and the amount of gain that we would have recognized if we had sold the asset at the time we acquired the asset, the “Built-in Gains Tax.”
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We may be required to pay monetary penalties to the IRS in certain circumstances, including if we fail to meet recordkeeping requirements intended to monitor our compliance with rules relating to the composition of a REIT’s stockholders.
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If we elect to retain and pay income tax on our net long-term capital gain, a U.S. holder would include its proportionate share of our undistributed long-term capital gain (to the extent we make a timely designation of such
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We will be subject to a 100% excise tax on amounts received by us from a taxable REIT subsidiary (or on certain expenses deducted by a taxable REIT subsidiary) if certain arrangements between us and a taxable REIT subsidiary of ours, as further described below, are not comparable to similar arrangements among unrelated parties.
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that is managed by one or more trustees or directors;
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the beneficial ownership of which is evidenced by transferable shares or by transferable certificates of beneficial interest;
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that would be taxable as a domestic corporation but for application of the REIT rules;
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that is neither a financial institution nor an insurance company subject to certain provisions of the Internal Revenue Code;
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that has at least 100 persons as beneficial owners;
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during the last half of each taxable year, not more than 50% in value of the outstanding stock of which is owned, directly or indirectly, through the application of certain attribution rules, by five or fewer individuals (as defined in the Internal Revenue Code to include certain entities);
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that files an election or continues such election to be taxed as a REIT on its return for each taxable year;
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that uses the calendar year as its taxable year; and
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that satisfies the gross income tests, the asset tests, and the distribution tests, described below.
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At least 75% of the value of our total assets must be represented by real estate assets, cash and cash items (including receivables) and government securities. The term “real estate assets” includes real property, personal property that generates rents from real property, certain kinds of mortgage-backed securities and mortgage loans, stock of other REITs, and debt instruments issued by publicly offered REITs.
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No more than 25% of the value of our total assets may be represented by securities other than those in the 75% asset class.
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Except for equity investments in REITs or taxable REIT subsidiaries or other securities that qualify as “real estate assets” for purposes of the 75% asset test:
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the value of any one issuer’s securities that we own may not exceed 5% of the value of our total assets;
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we may not own more than 10% of any one issuer’s outstanding voting securities; and
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we may not own more than 10% of the value of the outstanding securities of any one issuer.
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No more than 20% (for any taxable year beginning after December 31, 2017) of our total assets may be represented by securities of one or more taxable REIT subsidiaries.
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Not more than 25% of the value of our assets may consist of nonqualified publicly offered REIT debt instruments.
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is a citizen or resident of the United States;
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is a corporation (including an entity treated as a corporation for federal income tax purposes) created or organized in or under the laws of the United States or of any political subdivision thereof;
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is an estate, the income of which is subject to federal income taxation regardless of its source;
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is any trust if a court within the United States is able to exercise primary supervision over the administration of the trust, and one or more United States persons have the authority to control all substantial decisions of the trust; or
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is an eligible trust that elects to be taxed as a U.S. person under applicable Treasury Regulations.
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a lower treaty rate applies and the non-U.S. Shareholder files with us an IRS Form W-8BEN, W-8BEN-E or other applicable form evidencing eligibility for that reduced treaty rate;
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the non-U.S. Shareholder files with us an IRS Form W-8ECI claiming that the distribution is income effectively connected with the non-U.S. Shareholder’s trade or business so that no withholding tax is required; or
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the distributions are treated for FIRPTA withholding tax purposes as attributable to a sale of a U.S. real property interest, in which case tax will be withheld at the maximum corporate income tax rate (21% for taxable years beginning after December 31, 2017).
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the payee fails to furnish a taxpayer identification number to the payer or to establish an exemption from backup withholding;
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the IRS notifies the payer that the taxpayer identification number furnished by the payee is incorrect;
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a notified payee has been under-reporting with respect to interest, dividends or original issue discount described in Section 3406(c) of the Internal Revenue Code; or
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the payee has failed to certify under the penalty of perjury that the payee is not subject to backup withholding under the Internal Revenue Code.
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will equal the amount of cash and the basis of any other property that we contributed to the Operating Partnership;
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will increase by our allocable share of the Operating Partnership’s income and our allocable share of debt of the Operating Partnership; and
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will decrease, but not below zero, by our allocable share of losses suffered by the Operating Partnership, the amount of cash distributed to us, and constructive distributions resulting from a reduction in our share of debt of the Operating Partnership.
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