☒ | QUARTERLY 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) | (I.R.S. Employer Identification Number) | ||||||||||||||||
8711 River Crossing Boulevard | |||||||||||||||||
Indianapolis, | Indiana | 46240 | |||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
(317) | 808-6000 |
Title of Class | Trading Symbol(s) | Name of Exchange on Which Registered | ||||||||||||||||||
Duke Realty Corporation | Common Stock, $0.01 par value | DRE | New York Stock Exchange |
Duke Realty Corporation | Yes | ☒ | No ☐ | Duke Realty Limited Partnership | Yes | ☒ | No ☐ |
Duke Realty Corporation | Yes | ☒ | No ☐ | Duke Realty Limited Partnership | Yes | ☒ | No ☐ |
Large accelerated filer | ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company ☐ | Emerging growth company ☐ |
Large accelerated filer | ☐ | Accelerated filer ☐ | Non-accelerated filer | ☒ | Smaller reporting company ☐ | Emerging growth company ☐ |
Duke Realty Corporation | Yes | ☐ | No ☒ | Duke Realty Limited Partnership | Yes | ☐ | No ☒ |
Page | |||||||||||
Duke Realty Corporation: | |||||||||||
Duke Realty Limited Partnership: | |||||||||||
Duke Realty Corporation and Duke Realty Limited Partnership: | |||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Real estate investments: | |||||||||||
Real estate assets | $ | 9,796,211 | $ | 9,616,076 | |||||||
Construction in progress | 832,319 | 744,871 | |||||||||
Investments in and advances to unconsolidated joint ventures | 208,644 | 168,336 | |||||||||
Undeveloped land | 580,446 | 473,317 | |||||||||
11,417,620 | 11,002,600 | ||||||||||
Accumulated depreciation | (1,746,146) | (1,684,413) | |||||||||
Net real estate investments | 9,671,474 | 9,318,187 | |||||||||
Real estate investments and other assets held-for-sale | — | 144,651 | |||||||||
Cash and cash equivalents | 9,160 | 69,752 | |||||||||
Accounts receivable | 15,947 | 13,449 | |||||||||
Straight-line rent receivable | 182,673 | 172,225 | |||||||||
Receivables on construction contracts, including retentions | 37,167 | 57,258 | |||||||||
Deferred leasing and other costs, net of accumulated amortization of $213,796 and $209,975 | 339,561 | 337,936 | |||||||||
Other escrow deposits and other assets | 331,427 | 332,197 | |||||||||
Total assets | $ | 10,587,409 | $ | 10,445,655 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Indebtedness: | |||||||||||
Secured debt, net of deferred financing costs of $295 and $304 | $ | 58,291 | $ | 59,418 | |||||||
Unsecured debt, net of deferred financing costs of $42,222 and $45,136 | 3,332,778 | 3,629,864 | |||||||||
Unsecured line of credit | 260,000 | — | |||||||||
3,651,069 | 3,689,282 | ||||||||||
Liabilities related to real estate investments held-for-sale | — | 6,278 | |||||||||
Construction payables and amounts due subcontractors, including retentions | 99,604 | 107,009 | |||||||||
Accrued real estate taxes | 81,492 | 77,464 | |||||||||
Accrued interest | 20,891 | 20,815 | |||||||||
Other liabilities | 340,399 | 339,023 | |||||||||
Tenant security deposits and prepaid rents | 59,430 | 66,823 | |||||||||
Total liabilities | 4,252,885 | 4,306,694 | |||||||||
Shareholders' equity: | |||||||||||
Common shares ($0.01 par value); 600,000 shares authorized; 383,494 and 382,513 shares issued and outstanding, respectively | 3,835 | 3,825 | |||||||||
Additional paid-in capital | 6,185,119 | 6,143,147 | |||||||||
Accumulated other comprehensive loss | (27,122) | (28,011) | |||||||||
Retained earnings (distributions in excess of net income) | 65,973 | (75,210) | |||||||||
Total shareholders' equity | 6,227,805 | 6,043,751 | |||||||||
Noncontrolling interests | 106,719 | 95,210 | |||||||||
Total equity | 6,334,524 | 6,138,961 | |||||||||
Total liabilities and equity | $ | 10,587,409 | $ | 10,445,655 |
Three Months Ended | |||||||||||
2022 | 2021 | ||||||||||
Revenues: | |||||||||||
Rental and related revenue | $ | 275,214 | $ | 258,179 | |||||||
General contractor and service fee revenue | 2,949 | 31,113 | |||||||||
278,163 | 289,292 | ||||||||||
Expenses: | |||||||||||
Rental expenses | 25,286 | 28,130 | |||||||||
Real estate taxes | 43,928 | 41,170 | |||||||||
General contractor and other services expenses | 1,469 | 29,463 | |||||||||
Depreciation and amortization | 94,001 | 93,573 | |||||||||
164,684 | 192,336 | ||||||||||
Other operating activities: | |||||||||||
Equity in earnings of unconsolidated joint ventures | 3,815 | 16,268 | |||||||||
Gain on sale of properties | 210,747 | 21,360 | |||||||||
Gain on land sales | 1,092 | 1,238 | |||||||||
Other operating expenses | (779) | (1,145) | |||||||||
Non-incremental costs related to successful leases | (5,512) | (2,958) | |||||||||
General and administrative expenses | (23,913) | (24,217) | |||||||||
185,450 | 10,546 | ||||||||||
Operating income | 298,929 | 107,502 | |||||||||
Other income (expenses): | |||||||||||
Interest and other income, net | 825 | 463 | |||||||||
Interest expense | (19,999) | (22,507) | |||||||||
Loss on debt extinguishment | (21,948) | (70) | |||||||||
Income before income taxes | 257,807 | 85,388 | |||||||||
Income tax expense | (6,330) | (5,184) | |||||||||
Net income | 251,477 | 80,204 | |||||||||
Net income attributable to noncontrolling interests | (2,556) | (842) | |||||||||
Net income attributable to common shareholders | $ | 248,921 | $ | 79,362 | |||||||
Weighted average number of common shares outstanding | 382,708 | 373,667 | |||||||||
Weighted average number of common shares and potential dilutive securities | 387,937 | 377,744 | |||||||||
Net income per common share attributable to common shareholders - basic | $ | 0.65 | $ | 0.21 | |||||||
Net income per common share attributable to common shareholders - diluted | $ | 0.65 | $ | 0.21 | |||||||
Comprehensive income: | |||||||||||
Net income | $ | 251,477 | $ | 80,204 | |||||||
Other comprehensive income: | |||||||||||
Amortization of interest rate swap contracts | 889 | 889 | |||||||||
Comprehensive income | $ | 252,366 | $ | 81,093 |
Three Months Ended | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 251,477 | $ | 80,204 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation of buildings and tenant improvements | 79,022 | 79,062 | |||||||||
Amortization of deferred leasing and other costs | 14,979 | 14,511 | |||||||||
Amortization of deferred financing costs | 2,506 | 2,439 | |||||||||
Straight-line rental income and expense, net | (10,255) | (8,021) | |||||||||
Loss on debt extinguishment | 21,948 | 70 | |||||||||
Gain on land and property sales | (211,839) | (22,598) | |||||||||
Third-party construction contracts, net | 785 | 749 | |||||||||
Other accrued revenues and expenses, net | (9,368) | 14,651 | |||||||||
Operating distributions received in excess of (less than) equity in earnings from unconsolidated joint ventures | 3,079 | (10,925) | |||||||||
Net cash provided by operating activities | 142,334 | 150,142 | |||||||||
Cash flows from investing activities: | |||||||||||
Development of real estate investments | (161,868) | (140,432) | |||||||||
Acquisition of buildings and related intangible assets | (32,974) | (34,738) | |||||||||
Acquisition of land and other real estate assets | (202,282) | (64,594) | |||||||||
Second generation tenant improvements, leasing costs and building improvements | (14,437) | (14,676) | |||||||||
Other deferred leasing costs | (12,280) | (8,007) | |||||||||
Other assets | (18,143) | (36,844) | |||||||||
Proceeds from land and property sales, net | 315,134 | 85,479 | |||||||||
Capital distributions from unconsolidated joint ventures | 33,645 | 3,532 | |||||||||
Capital contributions and advances to unconsolidated joint ventures | (10,553) | — | |||||||||
Net cash used for investing activities | (103,758) | (210,280) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of common shares, net | 40,578 | 30,381 | |||||||||
Proceeds from unsecured debt | — | 446,634 | |||||||||
Payments on unsecured debt | (320,110) | (40,226) | |||||||||
Payments on secured indebtedness including principal amortization | (1,064) | (1,007) | |||||||||
Borrowings (repayments) on line of credit, net | 260,000 | (295,000) | |||||||||
Distributions to common shareholders | (107,175) | (95,310) | |||||||||
Distributions to noncontrolling interests | (1,086) | (1,092) | |||||||||
Tax payments on stock-based compensation awards | (7,180) | (4,754) | |||||||||
Change in book cash overdrafts | 16,094 | (14,430) | |||||||||
Other financing activities | 48 | (270) | |||||||||
Deferred financing costs | (137) | (9,800) | |||||||||
Net cash (used for) provided by financing activities | (120,032) | 15,126 | |||||||||
Net decrease in cash, cash equivalents and restricted cash | (81,456) | (45,012) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 103,164 | 67,223 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 21,708 | $ | 22,211 | |||||||
Non-cash activities: | |||||||||||
Lease liabilities arising from right-of-use assets | $ | 385 | $ | 18,257 | |||||||
Assumption of indebtedness and other liabilities in real estate acquisitions | $ | — | $ | 40,226 | |||||||
Contribution of properties to unconsolidated joint venture | $ | 67,148 | $ | — | |||||||
Non-cash distribution of assets from unconsolidated joint ventures, net | $ | — | $ | 11,023 | |||||||
Common Shareholders | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings (Distributions in Excess of Net Income) | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 3,825 | $ | 6,143,147 | $ | (28,011) | $ | (75,210) | $ | 95,210 | $ | 6,138,961 | |||||||||||||||||||||||
Net income | — | — | — | 248,921 | 2,556 | 251,477 | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | 889 | — | — | 889 | |||||||||||||||||||||||||||||
Issuance of common shares | 7 | 40,571 | — | — | — | 40,578 | |||||||||||||||||||||||||||||
Stock-based compensation plan activity | 3 | 1,401 | — | (563) | 10,039 | 10,880 | |||||||||||||||||||||||||||||
Distributions to common shareholders ($0.28 per share) | — | — | — | (107,175) | — | (107,175) | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | (1,086) | (1,086) | |||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 3,835 | $ | 6,185,119 | $ | (27,122) | $ | 65,973 | $ | 106,719 | $ | 6,334,524 |
Common Shareholders | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Distributions in Excess of Net Income | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 3,733 | $ | 5,723,326 | $ | (31,568) | $ | (532,519) | $ | 71,476 | $ | 5,234,448 | |||||||||||||||||||||||
Net income | — | — | — | 79,362 | 842 | 80,204 | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | 889 | — | — | 889 | |||||||||||||||||||||||||||||
Issuance of common shares | 7 | 30,374 | — | — | — | 30,381 | |||||||||||||||||||||||||||||
Stock-based compensation plan activity | 3 | 3,038 | — | (376) | 6,956 | 9,621 | |||||||||||||||||||||||||||||
Distributions to common shareholders ($0.255 per share) | — | — | — | (95,310) | — | (95,310) | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | (1,092) | (1,092) | |||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 3,743 | $ | 5,756,738 | $ | (30,679) | $ | (548,843) | $ | 78,182 | $ | 5,259,141 |
March 31, 2022 | December 31, 2021 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Real estate investments: | |||||||||||
Real estate assets | $ | 9,796,211 | $ | 9,616,076 | |||||||
Construction in progress | 832,319 | 744,871 | |||||||||
Investments in and advances to unconsolidated joint ventures | 208,644 | 168,336 | |||||||||
Undeveloped land | 580,446 | 473,317 | |||||||||
11,417,620 | 11,002,600 | ||||||||||
Accumulated depreciation | (1,746,146) | (1,684,413) | |||||||||
Net real estate investments | 9,671,474 | 9,318,187 | |||||||||
Real estate investments and other assets held-for-sale | — | 144,651 | |||||||||
Cash and cash equivalents | 9,160 | 69,752 | |||||||||
Accounts receivable | 15,947 | 13,449 | |||||||||
Straight-line rent receivable | 182,673 | 172,225 | |||||||||
Receivables on construction contracts, including retentions | 37,167 | 57,258 | |||||||||
Deferred leasing and other costs, net of accumulated amortization of $213,796 and $209,975 | 339,561 | 337,936 | |||||||||
Other escrow deposits and other assets | 331,427 | 332,197 | |||||||||
Total assets | $ | 10,587,409 | $ | 10,445,655 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Indebtedness: | |||||||||||
Secured debt, net of deferred financing costs of $295 and $304 | $ | 58,291 | $ | 59,418 | |||||||
Unsecured debt, net of deferred financing costs of $42,222 and $45,136 | 3,332,778 | 3,629,864 | |||||||||
Unsecured line of credit | 260,000 | — | |||||||||
3,651,069 | 3,689,282 | ||||||||||
Liabilities related to real estate investments held-for-sale | — | 6,278 | |||||||||
Construction payables and amounts due subcontractors, including retentions | 99,604 | 107,009 | |||||||||
Accrued real estate taxes | 81,492 | 77,464 | |||||||||
Accrued interest | 20,891 | 20,815 | |||||||||
Other liabilities | 340,399 | 339,023 | |||||||||
Tenant security deposits and prepaid rents | 59,430 | 66,823 | |||||||||
Total liabilities | 4,252,885 | 4,306,694 | |||||||||
Partners' equity: | |||||||||||
Common equity (383,494 and 382,513 General Partner Units issued and outstanding, respectively) | 6,254,927 | 6,071,762 | |||||||||
Limited Partners' common equity (3,879 and 3,663 Limited Partner Units issued and outstanding, respectively) | 102,095 | 90,679 | |||||||||
Accumulated other comprehensive loss | (27,122) | (28,011) | |||||||||
Total partners' equity | 6,329,900 | 6,134,430 | |||||||||
Noncontrolling interests | 4,624 | 4,531 | |||||||||
Total equity | 6,334,524 | 6,138,961 | |||||||||
Total liabilities and equity | $ | 10,587,409 | $ | 10,445,655 |
Three Months Ended | |||||||||||
2022 | 2021 | ||||||||||
Revenues: | |||||||||||
Rental and related revenue | $ | 275,214 | $ | 258,179 | |||||||
General contractor and service fee revenue | 2,949 | 31,113 | |||||||||
278,163 | 289,292 | ||||||||||
Expenses: | |||||||||||
Rental expenses | 25,286 | 28,130 | |||||||||
Real estate taxes | 43,928 | 41,170 | |||||||||
General contractor and other services expenses | 1,469 | 29,463 | |||||||||
Depreciation and amortization | 94,001 | 93,573 | |||||||||
164,684 | 192,336 | ||||||||||
Other operating activities: | |||||||||||
Equity in earnings of unconsolidated joint ventures | 3,815 | 16,268 | |||||||||
Gain on sale of properties | 210,747 | 21,360 | |||||||||
Gain on land sales | 1,092 | 1,238 | |||||||||
Other operating expenses | (779) | (1,145) | |||||||||
Non-incremental costs related to successful leases | (5,512) | (2,958) | |||||||||
General and administrative expenses | (23,913) | (24,217) | |||||||||
185,450 | 10,546 | ||||||||||
Operating income | 298,929 | 107,502 | |||||||||
Other income (expenses): | |||||||||||
Interest and other income, net | 825 | 463 | |||||||||
Interest expense | (19,999) | (22,507) | |||||||||
Loss on debt extinguishment | (21,948) | (70) | |||||||||
Income before income taxes | 257,807 | 85,388 | |||||||||
Income tax expense | (6,330) | (5,184) | |||||||||
Net income | 251,477 | 80,204 | |||||||||
Net income attributable to noncontrolling interests | (93) | (81) | |||||||||
Net income attributable to common unitholders | $ | 251,384 | $ | 80,123 | |||||||
Weighted average number of Common Units outstanding | 386,516 | 377,242 | |||||||||
Weighted average number of Common Units and potential dilutive securities | 387,937 | 377,744 | |||||||||
Net income per Common Unit attributable to common unitholders - basic | $ | 0.65 | $ | 0.21 | |||||||
Net income per Common Unit attributable to common unitholders - diluted | $ | 0.65 | $ | 0.21 | |||||||
Comprehensive income: | |||||||||||
Net income | $ | 251,477 | $ | 80,204 | |||||||
Other comprehensive income: | |||||||||||
Amortization of interest rate swap contracts | 889 | 889 | |||||||||
Comprehensive income | $ | 252,366 | $ | 81,093 |
Three Months Ended | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 251,477 | $ | 80,204 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation of buildings and tenant improvements | 79,022 | 79,062 | |||||||||
Amortization of deferred leasing and other costs | 14,979 | 14,511 | |||||||||
Amortization of deferred financing costs | 2,506 | 2,439 | |||||||||
Straight-line rental income and expense, net | (10,255) | (8,021) | |||||||||
Loss on debt extinguishment | 21,948 | 70 | |||||||||
Gain on land and property sales | (211,839) | (22,598) | |||||||||
Third-party construction contracts, net | 785 | 749 | |||||||||
Other accrued revenues and expenses, net | (9,368) | 14,651 | |||||||||
Operating distributions received in excess of (less than) equity in earnings from unconsolidated joint ventures | 3,079 | (10,925) | |||||||||
Net cash provided by operating activities | 142,334 | 150,142 | |||||||||
Cash flows from investing activities: | |||||||||||
Development of real estate investments | (161,868) | (140,432) | |||||||||
Acquisition of buildings and related intangible assets | (32,974) | (34,738) | |||||||||
Acquisition of land and other real estate assets | (202,282) | (64,594) | |||||||||
Second generation tenant improvements, leasing costs and building improvements | (14,437) | (14,676) | |||||||||
Other deferred leasing costs | (12,280) | (8,007) | |||||||||
Other assets | (18,143) | (36,844) | |||||||||
Proceeds from land and property sales, net | 315,134 | 85,479 | |||||||||
Capital distributions from unconsolidated joint ventures | 33,645 | 3,532 | |||||||||
Capital contributions and advances to unconsolidated joint ventures | (10,553) | — | |||||||||
Net cash used for investing activities | (103,758) | (210,280) | |||||||||
Cash flows from financing activities: | |||||||||||
Contributions from the General Partner | 40,578 | 30,381 | |||||||||
Proceeds from unsecured debt | — | 446,634 | |||||||||
Payments on unsecured debt | (320,110) | (40,226) | |||||||||
Payments on secured indebtedness including principal amortization | (1,064) | (1,007) | |||||||||
Borrowings (repayments) on line of credit, net | 260,000 | (295,000) | |||||||||
Distributions to common unitholders | (108,261) | (96,252) | |||||||||
Distributions to noncontrolling interests | — | (150) | |||||||||
Tax payments on stock-based compensation awards | (7,180) | (4,754) | |||||||||
Change in book cash overdrafts | 16,094 | (14,430) | |||||||||
Other financing activities | 48 | (270) | |||||||||
Deferred financing costs | (137) | (9,800) | |||||||||
Net cash (used for) provided by financing activities | (120,032) | 15,126 | |||||||||
Net decrease in cash, cash equivalents and restricted cash | (81,456) | (45,012) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 103,164 | 67,223 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 21,708 | $ | 22,211 | |||||||
Non-cash activities: | |||||||||||
Lease liabilities arising from right-of-use assets | $ | 385 | $ | 18,257 | |||||||
Assumption of indebtedness and other liabilities in real estate acquisitions | $ | — | $ | 40,226 | |||||||
Contribution of properties to unconsolidated joint venture | $ | 67,148 | $ | — | |||||||
Non-cash distribution of assets from unconsolidated joint ventures, net | $ | — | $ | 11,023 | |||||||
Common Unitholders | |||||||||||||||||||||||||||||||||||
General | Limited | Accumulated | |||||||||||||||||||||||||||||||||
Partner's | Partners' | Other | Total | ||||||||||||||||||||||||||||||||
Common Equity | Common Equity | Comprehensive Loss | Partners' Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 6,071,762 | $ | 90,679 | $ | (28,011) | $ | 6,134,430 | $ | 4,531 | $ | 6,138,961 | |||||||||||||||||||||||
Net income | 248,921 | 2,463 | — | 251,384 | 93 | 251,477 | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | 889 | 889 | — | 889 | |||||||||||||||||||||||||||||
Capital contribution from the General Partner | 40,578 | — | — | 40,578 | — | 40,578 | |||||||||||||||||||||||||||||
Stock-based compensation plan activity | 841 | 10,039 | — | 10,880 | — | 10,880 | |||||||||||||||||||||||||||||
Distributions to common unitholders ($0.28 per Common Unit) | (107,175) | (1,086) | — | (108,261) | — | (108,261) | |||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 6,254,927 | $ | 102,095 | $ | (27,122) | $ | 6,329,900 | $ | 4,624 | $ | 6,334,524 |
Common Unitholders | |||||||||||||||||||||||||||||||||||
General | Limited | Accumulated | |||||||||||||||||||||||||||||||||
Partner's | Partners' | Other | Total | ||||||||||||||||||||||||||||||||
Common Equity | Common Equity | Comprehensive Loss | Partners' Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 5,194,540 | $ | 66,874 | $ | (31,568) | $ | 5,229,846 | $ | 4,602 | $ | 5,234,448 | |||||||||||||||||||||||
Net income | 79,362 | 761 | — | 80,123 | 81 | 80,204 | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | 889 | 889 | — | 889 | |||||||||||||||||||||||||||||
Capital contribution from the General Partner | 30,381 | — | — | 30,381 | — | 30,381 | |||||||||||||||||||||||||||||
Stock-based compensation plan activity | 2,665 | 6,956 | — | 9,621 | — | 9,621 | |||||||||||||||||||||||||||||
Distributions to common unitholders ($0.255 per Common Unit) | (95,310) | (942) | — | (96,252) | — | (96,252) | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | (150) | (150) | |||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 5,211,638 | $ | 73,649 | $ | (30,679) | $ | 5,254,608 | $ | 4,533 | $ | 5,259,141 |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Rental revenue - fixed payments | $ | 202,696 | $ | 187,387 | ||||||||||
Rental revenue - variable payments (1) | 72,518 | 70,792 | ||||||||||||
Rental and related revenue | $ | 275,214 | $ | 258,179 |
March 31, 2022 | December 31, 2021 | ||||||||||
ROU assets | $ | 36,268 | $ | 36,774 | |||||||
Lease liabilities | 41,006 | 41,363 |
March 31, 2022 | December 31, 2021 | ||||||||||
ROU assets | $ | 37,365 | $ | 37,540 | |||||||
Lease liabilities | 39,489 | 39,194 |
March 31, 2022 | December 31, 2021 | ||||||||||
Cash and cash equivalents | $ | 9,160 | $ | 69,752 | |||||||
Restricted cash included in other escrow deposits and other assets | 12,548 | 33,412 | |||||||||
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows | $ | 21,708 | $ | 103,164 |
2022 | 2021 | |||||||||||||
Buildings: | ||||||||||||||
Number of buildings | 1 | 2 | ||||||||||||
Cash paid at time of acquisition | $ | 32,974 | $ | 34,738 | ||||||||||
Land and other real estate assets: | ||||||||||||||
Acres of land | 233 | 133 | ||||||||||||
Cash paid at time of acquisition (1) | $ | 202,282 | $ | 64,594 |
Real estate assets | $ | 34,022 | ||||||
Lease related intangible assets | — | |||||||
Total acquired assets | $ | 34,022 |
Book Value at 12/31/2021 | Book Value at 3/31/2022 | Fair Value at 12/31/2021 | Issuances and Assumptions | Payments/Payoffs | Adjustments to Fair Value | Fair Value at 3/31/2022 | |||||||||||||||||||||||||||||||||||
Fixed rate secured debt | $ | 58,422 | $ | 57,286 | $ | 59,989 | $ | — | $ | (1,064) | $ | (4,141) | $ | 54,784 | |||||||||||||||||||||||||||
Variable rate secured debt | 1,300 | 1,300 | 1,300 | — | — | — | 1,300 | ||||||||||||||||||||||||||||||||||
Unsecured debt | 3,675,000 | 3,375,000 | 3,779,465 | — | (300,000) | (301,332) | 3,178,133 | ||||||||||||||||||||||||||||||||||
Unsecured line of credit | — | 260,000 | — | 260,000 | — | — | 260,000 | ||||||||||||||||||||||||||||||||||
Total | $ | 3,734,722 | $ | 3,693,586 | $ | 3,840,754 | $ | 260,000 | $ | (301,064) | $ | (305,473) | $ | 3,494,217 | |||||||||||||||||||||||||||
Less: Deferred financing costs | 45,440 | 42,517 | |||||||||||||||||||||||||||||||||||||||
Total indebtedness as reported on the consolidated balance sheets | $ | 3,689,282 | $ | 3,651,069 |
Description | Borrowing Capacity | Maturity Date | Outstanding Balance at March 31, 2022 | ||||||||||||||
Unsecured Line of Credit - Partnership | $ | 1,200,000 | March 31, 2025 | $ | 260,000 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
General Partner | |||||||||||
Net income attributable to common shareholders | $ | 248,921 | $ | 79,362 | |||||||
Less: dividends on participating securities | (327) | (371) | |||||||||
Basic net income attributable to common shareholders | $ | 248,594 | $ | 78,991 | |||||||
Add back dividends on dilutive participating securities | 327 | — | |||||||||
Noncontrolling interest in earnings of common unitholders | 2,463 | 761 | |||||||||
Diluted net income attributable to common shareholders | $ | 251,384 | $ | 79,752 | |||||||
Weighted average number of common shares outstanding | 382,708 | 373,667 | |||||||||
Weighted average Limited Partner Units outstanding | 3,808 | 3,575 | |||||||||
Other potential dilutive shares | 1,421 | 502 | |||||||||
Weighted average number of common shares and potential dilutive securities | 387,937 | 377,744 | |||||||||
Partnership | |||||||||||
Net income attributable to common unitholders | $ | 251,384 | $ | 80,123 | |||||||
Less: distributions on participating securities | (327) | (371) | |||||||||
Basic net income attributable to common unitholders | $ | 251,057 | $ | 79,752 | |||||||
Add back distributions on dilutive participating securities | 327 | — | |||||||||
Diluted net income attributable to common unitholders | $ | 251,384 | $ | 79,752 | |||||||
Weighted average number of Common Units outstanding | 386,516 | 377,242 | |||||||||
Other potential dilutive units | 1,421 | 502 | |||||||||
Weighted average number of Common Units and potential dilutive securities | 387,937 | 377,744 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
General Partner and Partnership | |||||||||||
Other potential dilutive shares or units: | |||||||||||
Anti-dilutive outstanding participating securities | — | 1,568 |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Revenues | ||||||||||||||
Rental Operations: | ||||||||||||||
Industrial | $ | 273,670 | $ | 256,670 | ||||||||||
Non-reportable Rental Operations | 1,373 | 1,509 | ||||||||||||
Service Operations | 2,949 | 31,113 | ||||||||||||
Total segment revenues | 277,992 | 289,292 | ||||||||||||
Other revenue | 171 | — | ||||||||||||
Consolidated revenue | $ | 278,163 | $ | 289,292 | ||||||||||
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
PNOI | ||||||||||||||
Industrial | $ | 189,528 | $ | 163,006 | ||||||||||
Non-reportable Rental Operations | 3,153 | 1,273 | ||||||||||||
PNOI, excluding all sold properties | 192,681 | 164,279 | ||||||||||||
PNOI from sold properties | 760 | 13,729 | ||||||||||||
PNOI | $ | 193,441 | $ | 178,008 | ||||||||||
Earnings from Service Operations | 1,480 | 1,650 | ||||||||||||
Rental Operations revenues and expenses excluded from PNOI: | ||||||||||||||
Straight-line rental income and expense, net | 10,255 | 8,021 | ||||||||||||
Revenues related to lease buyouts | 170 | 310 | ||||||||||||
Amortization of lease concessions and above and below market rents | 2,588 | 2,832 | ||||||||||||
Intercompany rents and other adjusting items | (662) | (418) | ||||||||||||
Non-Segment Items: | ||||||||||||||
Equity in earnings of unconsolidated joint ventures | 3,815 | 16,268 | ||||||||||||
Interest expense | (19,999) | (22,507) | ||||||||||||
Depreciation and amortization expense | (94,001) | (93,573) | ||||||||||||
Gain on sale of properties | 210,747 | 21,360 | ||||||||||||
Interest and other income, net | 825 | 463 | ||||||||||||
General and administrative expenses | (23,913) | (24,217) | ||||||||||||
Gain on land sales | 1,092 | 1,238 | ||||||||||||
Other operating expenses | (779) | (1,145) | ||||||||||||
Loss on extinguishment of debt | (21,948) | (70) | ||||||||||||
Non-incremental costs related to successful leases | (5,512) | (2,958) | ||||||||||||
Other non-segment revenues and expenses, net | 208 | 126 | ||||||||||||
Income before income taxes | $ | 257,807 | $ | 85,388 |
March 31, 2022 | December 31, 2021 | ||||||||||
Buildings and tenant improvements | $ | 6,058,476 | $ | 6,007,848 | |||||||
Land and improvements | 3,501,860 | 3,435,591 | |||||||||
Other real estate investments (1) | 235,875 | 172,637 | |||||||||
Real estate assets | $ | 9,796,211 | $ | 9,616,076 |
Held-for-Sale at March 31, 2022 | Sold Year-to-Date in 2022 | Sold in 2021 | Total | ||||||||||||||||||||
Properties sold or classified as held-for-sale | — | 4 | 30 | 34 |
Held-for-Sale Properties | |||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
Land and improvements | $ | — | $ | 67,818 | |||||||
Buildings and tenant improvements | — | 102,867 | |||||||||
Accumulated depreciation | — | (36,785) | |||||||||
Deferred leasing and other costs, net | — | 5,392 | |||||||||
Other assets | — | 5,359 | |||||||||
Total assets held-for-sale | $ | — | $ | 144,651 | |||||||
Accrued expenses | — | 43 | |||||||||
Other liabilities | — | 6,235 | |||||||||
Total liabilities related to assets held-for-sale | $ | — | $ | 6,278 |
Class of stock/units | Quarterly Amount per Share or Unit | Record Date | Payment Date | ||||||||||||||
Common - Quarterly | $0.28 | May 16, 2022 | May 31, 2022 | ||||||||||||||
Total Square Feet (in thousands) | Percent of Total Square Feet | Percent Leased* | Average Annual Net Effective Rent** | ||||||||||||||||||||||||||||||||||||||||||||
Type | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Industrial | 138,344 | 141,087 | 99.8 | % | 99.9 | % | 99.0 | % | 97.6 | % | $5.88 | $5.33 | |||||||||||||||||||||||||||||||||||
Non-reportable Rental Operations | 211 | 211 | 0.2 | % | 0.1 | % | 93.8 | % | 96.8 | % | $22.55 | $22.31 | |||||||||||||||||||||||||||||||||||
Total Consolidated | 138,555 | 141,298 | 100.0 | % | 100.0 | % | 99.0 | % | 97.6 | % | $5.91 | $5.36 | |||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures | 15,154 | 10,673 | 100.0 | % | 97.6 | % | $4.84 | $4.37 | |||||||||||||||||||||||||||||||||||||||
Total Including Unconsolidated Joint Ventures | 153,709 | 151,971 | 99.1 | % | 97.6 | % | |||||||||||||||||||||||||||||||||||||||||
* Represents the percentage of total square feet leased based on executed leases and without regard to whether the leases have commenced. | |||||||||||||||||||||||||||||||||||||||||||||||
**Average annual net effective rent represents average annual base rental payments per leased square foot, on a straight-line basis for the term of each lease, from space leased to tenants at the end of the most recent reporting period. This amount excludes additional amounts paid by tenants as reimbursement for operating expenses. |
Consolidated Properties | Unconsolidated Joint Venture Properties | Total Including Unconsolidated Joint Venture Properties | |||||||||||||||
Vacant square feet at December 31, 2021 | 2,626 | 257 | 2,883 | ||||||||||||||
Vacant space in acquisitions | 75 | — | 75 | ||||||||||||||
Expirations | 565 | 125 | 690 | ||||||||||||||
Early lease terminations | 41 | — | 41 | ||||||||||||||
Leasing of previously vacant space | (1,960) | (382) | (2,342) | ||||||||||||||
Vacant square feet at March 31, 2022 | 1,347 | — | 1,347 |
Square Feet of Leases (in thousands) | Percent of Expiring Leases Renewed | Average Term in Years | Estimated Tenant Improvement Cost per Square Foot | Leasing Commissions per Square Foot | Leasing Concessions per Square Foot | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated - New Second Generation | 579 | 1,253 | 8.3 | 7.3 | $3.05 | $1.66 | $5.40 | $2.93 | $— | $0.36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures - New Second Generation | 382 | — | 10.3 | — | 2.71 | — | 4.34 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total - New Second Generation | 961 | 1,253 | 9.1 | 7.3 | $2.91 | $1.66 | $4.98 | $2.93 | $— | $0.36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated - Renewal | 2,395 | 2,737 | 85.8 | % | 87.9 | % | 5.3 | 4.7 | $0.83 | $0.31 | $1.38 | $1.39 | $0.10 | $0.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures - Renewal | 24 | — | 16.1 | % | — | % | 5.0 | — | 0.04 | — | 0.41 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total - Renewal | 2,419 | 2,737 | 82.2 | % | 85.0 | % | 5.3 | 4.7 | $0.79 | $0.31 | $1.33 | $1.39 | $0.10 | $0.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
Ownership Type | 2022 | 2021 | ||||||||||||
Consolidated properties | 49.4 | % | 25.3 | % | ||||||||||
Unconsolidated joint venture properties | 44.9 | % | — | % | ||||||||||
Total | 49.2 | % | 25.3 | % |
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* | ||||||||||||||||||||||||||||||||||
Remainder of 2022 | 6,088 | $ | 27,602 | 68 | 6,071 | $ | 27,410 | 17 | $ | 192 | |||||||||||||||||||||||||||||||
2023 | 15,140 | 76,265 | 146 | 15,119 | 75,973 | 21 | 292 | ||||||||||||||||||||||||||||||||||
2024 | 14,563 | 78,515 | 154 | 14,556 | 78,433 | 7 | 82 | ||||||||||||||||||||||||||||||||||
2025 | 15,605 | 87,146 | 148 | 15,603 | 87,121 | 2 | 25 | ||||||||||||||||||||||||||||||||||
2026 | 16,123 | 84,995 | 142 | 16,111 | 84,846 | 12 | 149 | ||||||||||||||||||||||||||||||||||
2027 | 17,805 | 94,467 | 90 | 17,800 | 94,410 | 5 | 57 | ||||||||||||||||||||||||||||||||||
2028 | 10,452 | 70,762 | 55 | 10,333 | 67,275 | 119 | 3,487 | ||||||||||||||||||||||||||||||||||
2029 | 9,616 | 55,376 | 38 | 9,616 | 55,376 | — | — | ||||||||||||||||||||||||||||||||||
2030 | 7,402 | 47,783 | 34 | 7,402 | 47,783 | — | — | ||||||||||||||||||||||||||||||||||
2031 | 6,295 | 48,062 | 24 | 6,280 | 47,885 | 15 | 177 | ||||||||||||||||||||||||||||||||||
2032 and Thereafter | 18,117 | 139,709 | 57 | 18,117 | 139,709 | — | — | ||||||||||||||||||||||||||||||||||
Total Leased | 137,206 | $ | 810,682 | 956 | 137,008 | $ | 806,221 | 198 | $ | 4,461 | |||||||||||||||||||||||||||||||
Total Portfolio Square Feet | 138,555 | 138,344 | 211 | ||||||||||||||||||||||||||||||||||||||
Percent Leased | 99.0 | % | 99.0 | % | 93.8 | % | |||||||||||||||||||||||||||||||||||
* 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. |
Year-to-Date 2022 Dispositions | Full Year 2021 Dispositions | ||||||||||||||||||||||||||||||||||
Type | Sales Price | In-Place Yield* | Percent Leased** | Sales Price | In-Place Yield* | Percent Leased** | |||||||||||||||||||||||||||||
Industrial | $ | 324,507 | 3.7 | % | 100.0 | % | $ | 1,069,120 | 4.6 | % | 100.0 | % | |||||||||||||||||||||||
* In-place yields of completed dispositions are calculated as annualized net operating income from space leased to tenants at the date of sale on a lease-up basis, including full rent from all executed leases, even if currently in a free rent period, divided by the sales price. Annualized net operating income is comprised of base rental payments, excluding reimbursement of operating expenses, less current annualized operating expenses not recovered through tenant reimbursements. | |||||||||||||||||||||||||||||||||||
** Represents percentage of total square feet leased based on executed leases and without regard to whether the leases have commenced, at the date of sale. |
Ownership Type | Number of Buildings | Square Feet | Percent Leased | Total Estimated Project Costs | Total Incurred to Date | Amount Remaining to be Spent | |||||||||||||||||||||||||||||
Consolidated properties | 33 | 10,262 | 46.0 | % | $ | 1,598,850 | $ | 758,673 | $ | 840,177 | |||||||||||||||||||||||||
Unconsolidated joint venture properties | 2 | 1,157 | 100.0 | % | 43,658 | 26,626 | 17,032 | ||||||||||||||||||||||||||||
Total | 35 | 11,419 | 51.5 | % | $ | 1,642,508 | $ | 785,299 | $ | 857,209 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Rental and related revenue | $ | 275,214 | $ | 258,179 | |||||||
Operating income | 298,929 | 107,502 | |||||||||
General Partner | |||||||||||
Net income attributable to common shareholders | $ | 248,921 | $ | 79,362 | |||||||
Partnership | |||||||||||
Net income attributable to common unitholders | $ | 251,384 | $ | 80,123 | |||||||
Number of in-service consolidated properties at end of period | 478 | 483 | |||||||||
In-service consolidated square footage at end of period | 138,555 | 141,298 | |||||||||
Number of in-service unconsolidated joint venture properties at end of period | 43 | 37 | |||||||||
In-service unconsolidated joint venture square footage at end of period | 15,154 | 10,673 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net income attributable to common shareholders of the General Partner | $ | 248,921 | $ | 79,362 | |||||||
Add back: Net income attributable to noncontrolling interests - common limited partnership interests in the Partnership | 2,463 | 761 | |||||||||
Net income attributable to common unitholders of the Partnership | 251,384 | 80,123 | |||||||||
Adjustments: | |||||||||||
Depreciation and amortization | 94,001 | 93,573 | |||||||||
Company share of unconsolidated joint venture depreciation, amortization and other adjustments | 3,298 | 2,257 | |||||||||
Gain on sale of properties | (210,747) | (21,360) | |||||||||
Gain on land sales | (1,092) | (1,238) | |||||||||
Income tax expense not allocable to FFO | 6,330 | 5,184 | |||||||||
Gains on sales of real estate assets - share of unconsolidated joint ventures | — | (12,748) | |||||||||
FFO attributable to common unitholders of the Partnership | $ | 143,174 | $ | 145,791 | |||||||
Additional General Partner Adjustments: | |||||||||||
Net income attributable to noncontrolling interests - common limited partnership interests in the Partnership | (2,463) | (761) | |||||||||
Noncontrolling interest share of adjustments | 1,066 | (622) | |||||||||
FFO attributable to common shareholders of the General Partner | $ | 141,777 | $ | 144,408 |
Three Months Ended March 31, | Percent | ||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Income before income taxes | $ | 257,807 | $ | 85,388 | |||||||||||||
Share of SPNOI from unconsolidated joint ventures | 6,605 | 6,545 | |||||||||||||||
PNOI excluded from the "same-property" population | (21,206) | (4,787) | |||||||||||||||
Earnings from Service Operations | (1,480) | (1,650) | |||||||||||||||
Rental Operations revenues and expenses excluded from PNOI | (13,111) | (24,474) | |||||||||||||||
Non-Segment Items | (50,535) | 105,015 | |||||||||||||||
SPNOI | $ | 178,080 | $ | 166,037 | 7.3 | % | |||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Rental and related revenue: | |||||||||||
Industrial | $ | 273,670 | $ | 256,670 | |||||||
Non-reportable Rental Operations and non-segment revenues | 1,544 | 1,509 | |||||||||
Total rental and related revenue | $ | 275,214 | $ | 258,179 | |||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Rental expenses: | |||||||||||
Industrial | $ | 25,150 | $ | 27,824 | |||||||
Non-reportable Rental Operations and non-segment expenses | 136 | 306 | |||||||||
Total rental expenses | $ | 25,286 | $ | 28,130 | |||||||
Real estate taxes: | |||||||||||
Industrial | $ | 43,794 | $ | 41,164 | |||||||
Non-reportable Rental Operations and non-segment expenses | 134 | 6 | |||||||||
Total real estate tax expense | $ | 43,928 | $ | 41,170 | |||||||
General and administrative expenses - three months ended March 31, 2021 | $ | 24.2 | |||
Increase to overall pool of overhead costs | 4.3 | ||||
Impact of increased allocation of costs to leasing and development activities (1) | (2.0) | ||||
Increased allocation of costs to Service Operations and Rental Operations | (2.6) | ||||
General and administrative expenses - three months ended March 31, 2022 | $ | 23.9 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Second generation tenant improvements | $ | 4,472 | $ | 6,940 | |||||||
Second generation leasing costs | 7,967 | 6,764 | |||||||||
Building improvements | 1,998 | 972 | |||||||||
Total second generation capital expenditures | $ | 14,437 | $ | 14,676 | |||||||
Development of real estate investments | $ | 161,868 | $ | 140,432 | |||||||
Other deferred leasing costs | $ | 12,280 | $ | 8,007 |
Future Repayments | |||||||||||||||||||||||
Year | Scheduled Amortization | Maturities | Total | Weighted Average Interest Rate of Future Repayments | |||||||||||||||||||
Remainder of 2022 | $ | 3,582 | $ | — | $ | 3,582 | 5.12 | % | |||||||||||||||
2023 | 4,893 | — | 4,893 | 5.24 | % | ||||||||||||||||||
2024 | 5,155 | — | 5,155 | 5.26 | % | ||||||||||||||||||
2025 | 5,102 | — | 5,102 | 5.11 | % | ||||||||||||||||||
2026 | 3,238 | 635,000 | 638,238 | 2.46 | % | ||||||||||||||||||
2027 | 1,615 | 475,000 | 476,615 | 3.18 | % | ||||||||||||||||||
2028 | 1,307 | 500,000 | 501,307 | 4.45 | % | ||||||||||||||||||
2029 | 1,359 | 400,000 | 401,359 | 2.88 | % | ||||||||||||||||||
2030 | 1,413 | 350,000 | 351,413 | 1.86 | % | ||||||||||||||||||
2031 | 1,469 | 450,000 | 451,469 | 1.84 | % | ||||||||||||||||||
2032 | 1,233 | 515,332 | 516,565 | 2.45 | % | ||||||||||||||||||
Thereafter | 2,028 | 332,402 | 334,430 | 3.19 | % | ||||||||||||||||||
$ | 32,394 | $ | 3,657,734 | $ | 3,690,128 | 2.81 | % |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net cash provided by operating activities | $ | 142.3 | $ | 150.1 | |||||||
Net cash used for investing activities | $ | (103.8) | $ | (210.3) | |||||||
Net cash (used for) provided by financing activities | $ | (120.0) | $ | 15.1 | |||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Development of real estate investments | $ | (161.9) | $ | (140.4) | |||||||
Acquisition of buildings, land and other real estate assets | (235.3) | (99.3) | |||||||||
Proceeds from sale of land and properties, net | 315.1 | 85.5 | |||||||||
Second generation tenant improvements, leasing costs and building improvements | (14.4) | (14.7) | |||||||||
Issuance of secured loan | — | (31.7) | |||||||||
Capital distributions from unconsolidated joint ventures | 33.6 | 3.5 | |||||||||
Capital contributions and advances to unconsolidated joint ventures | (10.6) | — |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Proceeds from issuances of common shares under ATM equity programs | $ | 39.5 | $ | 29.5 | |||||||
Distributions to common shareholders | (107.2) | (95.3) | |||||||||
Distributions to limited partners | (1.1) | (0.9) |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Proceeds from the issuance of debt | |||||||||||
Senior unsecured debt | $ | — | $ | 446.6 | |||||||
Repurchase of and repayments on debt (including extinguishment costs) | |||||||||||
Senior unsecured debt | $ | (320.1) | $ | (40.2) | |||||||
Borrowings (repayments) on line of credit, net | |||||||||||
Unsecured line of credit | $ | 260.0 | $ | (295.0) |
Remainder of 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Face Value | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Long-Term Debt: | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate secured debt | $ | 3,282 | $ | 4,593 | $ | 4,855 | $ | 4,702 | $ | 3,238 | $ | 33,158 | $ | 53,828 | $ | 54,784 | |||||||||||||||||||||||||||||||
Weighted average interest rate | 5.54 | % | 5.55 | % | 5.56 | % | 5.51 | % | 5.27 | % | 4.08 | % | 4.62 | % | |||||||||||||||||||||||||||||||||
Variable rate secured debt | $ | 300 | $ | 300 | $ | 300 | $ | 400 | $ | — | $ | — | $ | 1,300 | $ | 1,300 | |||||||||||||||||||||||||||||||
Weighted average interest rate | 0.47 | % | 0.47 | % | 0.47 | % | 0.47 | % | N/A | N/A | 0.47 | % | |||||||||||||||||||||||||||||||||||
Fixed rate unsecured debt | $ | — | $ | — | $ | — | $ | — | $ | 375,000 | $ | 3,000,000 | $ | 3,375,000 | $ | 3,178,133 | |||||||||||||||||||||||||||||||
Weighted average interest rate | N/A | N/A | N/A | N/A | 3.36 | % | 2.86 | % | 2.92 | % | |||||||||||||||||||||||||||||||||||||
Variable rate unsecured line of credit | $ | — | $ | — | $ | — | $ | — | $ | 260,000 | $ | — | $ | 260,000 | $ | 260,000 | |||||||||||||||||||||||||||||||
Rate at March 31, 2022 | N/A | N/A | N/A | N/A | 1.13 | % | N/A | 1.13 | % |
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 (i) | ||||||||
3.4 (ii) | ||||||||
3.4 (iii) | ||||||||
3.4 (iv) | ||||||||
3.4 (v) | ||||||||
3.4 (vi) | ||||||||
10.1 | ||||||||
10.2 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
31.3 | ||||||||
31.4 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
32.3 | ||||||||
32.4 | ||||||||
101.Def | Definition Linkbase Document | |||||||
101.Pre | Presentation Linkbase Document | |||||||
101.Lab | Labels Linkbase Document | |||||||
101.Cal | Calculation Linkbase Document | |||||||
101.Sch | Schema Document | |||||||
101.Ins | Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101) |
* | Filed herewith. |
** | The certifications attached as Exhibits 32.1, 32.2, 32.3 and 32.4 accompany this Quarterly Report on Form 10-Q and are "furnished" to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed "filed" by the General Partner or the Partnership, respectively, for purposes of Section 18 of the Exchange Act. |
DUKE REALTY CORPORATION | ||||||||
/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 | ||||||||
DUKE REALTY LIMITED PARTNERSHIP | ||||||||
By: DUKE REALTY CORPORATION, its general partner | ||||||||
/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 | ||||||||
Date: | April 29, 2022 | |||||||
/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/ 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/ James B. Connor | |||||
James B. Connor | |||||
Chairman and Chief Executive Officer | |||||
Date: | April 29, 2022 |
/s/ Mark A. Denien | |||||
Mark A. Denien | |||||
Executive Vice President and Chief Financial Officer | |||||
Date: | April 29, 2022 |
/s/ James B. Connor | |||||
James B. Connor | |||||
Chairman and Chief Executive Officer of the General Partner | |||||
Date: | April 29, 2022 |
/s/ Mark A. Denien | |||||
Mark A. Denien | |||||
Executive Vice President and Chief Financial Officer of the General Partner | |||||
Date: | April 29, 2022 |