X
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Indiana (Duke Realty Corporation)
|
|
35-1740409 (Duke Realty Corporation)
|
Indiana (Duke Realty Limited Partnership)
|
|
35-1898425 (Duke Realty Limited Partnership)
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
(IRS Employer
Identification Number)
|
600 East 96
th
Street, Suite 100
Indianapolis, Indiana
|
|
46240
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
|
|
Title of Each Class:
|
|
Name of Each Exchange on Which Registered:
|
Duke Realty Corporation
|
|
Common Stock ($.01 par value)
|
|
New York Stock Exchange
|
Duke Realty Limited Partnership
|
|
None
|
|
None
|
Duke Realty Corporation
|
Yes
x
|
No
o
|
|
Duke Realty Limited Partnership
|
Yes
x
|
No
o
|
Duke Realty Corporation
|
Yes
o
|
No
x
|
|
Duke Realty Limited Partnership
|
Yes
o
|
No
x
|
Duke Realty Corporation
|
Yes
x
|
No
o
|
|
Duke Realty Limited Partnership
|
Yes
x
|
No
o
|
Duke Realty Corporation
|
Yes
x
|
No
o
|
|
Duke Realty Limited Partnership
|
Yes
x
|
No
o
|
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-accelerated filer
x
|
Smaller reporting company
o
|
Duke Realty Corporation
|
Yes
o
|
No
x
|
|
Duke Realty Limited Partnership
|
Yes
o
|
No
x
|
•
|
enhances investors' understanding of the General Partner and the Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
|
•
|
eliminates duplicative disclosure and provides a more streamlined and readable presentation of information since a substantial portion of the Company's disclosure applies to both the General Partner and the Partnership; and
|
•
|
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
|
Item No.
|
|
Page(s)
|
|
|
|
|
|
|
|
|
|
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;
|
•
|
Our ability to successfully identify, acquire, develop and/or manage properties on terms that are favorable to us;
|
•
|
Potential increases in real estate construction costs;
|
•
|
Our ability to successfully dispose of properties on terms that are favorable to us, including, without limitation, through one or more transactions that are consistent with our previously disclosed strategic plans;
|
•
|
Our ability to retain our current credit ratings;
|
•
|
Inherent risks in the real estate business, including, but not limited to, tenant defaults, potential liability relating to environmental matters and liquidity of real estate investments; and
|
•
|
Other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in our other reports and other public filings with the Securities and Exchange Commission ("SEC").
|
Board Composition
|
|
• The General Partner's Board is controlled by a supermajority (83.3%) 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 of the Independent Directors serves as the Chairman of the General Partner's Corporate Governance Committee
|
|
|
|
Board Policies
|
|
•
No Shareholder Rights Plan (Poison Pill)
•
Code of Conduct applies to all Directors and employees of the General Partner, including the Chief Executive Officer and senior financial officers; waivers applied to executive officers require the vote of a majority of (i) the General Partner's Board of Directors or (ii) the General Partner's Corporate Governance Committee
•
Orientation program for new Directors of the General Partner
•
Independence of Directors of the General Partner is reviewed annually
•
Independent Directors of the General Partner meet at least quarterly in executive sessions
•
Independent Directors of the General Partner receive no compensation from the General Partner other than as Directors
•
Equity-based compensation plans require the approval of the General Partner's shareholders
•
Board effectiveness and performance is reviewed annually by the General Partner's Corporate Governance Committee
•
The General Partner's Corporate Governance Committee conducts an annual review of the Chief Executive Officer succession plan
•
Independent Directors and all Board Committees of the General Partner may retain outside advisors, as they deem appropriate
•
Prohibition on repricing of outstanding stock options of the General Partner
•
Directors of the General Partner required to offer resignation upon job change
•
Majority voting for election of Directors of the General Partner
•
Shareholder Communications Policy
|
|
|
|
Ownership
|
|
Minimum Stock Ownership Guidelines apply to all Directors and Executive Officers of the General Partner
|
•
|
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 distributions to shareholders and would be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate rates;
|
•
|
Unless the General Partner was entitled to relief under certain statutory provisions, it would be disqualified from treatment as a REIT for the four taxable years following the year during which it ceased to qualify as a REIT;
|
•
|
The General Partner's net earnings available for investment or distribution to its shareholders would decrease due to the additional tax liability for the year or years involved; and
|
•
|
The General Partner would no longer be required to make any distributions to shareholders in order to qualify as a REIT.
|
•
|
The holders of 80% of the General Partner's outstanding shares of capital stock approve the transaction;
|
•
|
The transaction has been approved by three-fourths of those directors who served on the General Partner's board before the shareholder became a 10% owner; or
|
•
|
The significant shareholder complies with the "fair price" provisions of the General Partner's charter.
|
•
|
Any voluntary sale, exchange, merger, consolidation or other disposition of all or substantially all of the assets of the Partnership in one or more transactions other than a disposition occurring upon a financing or refinancing of the Partnership;
|
•
|
The General Partner's merger, consolidation or other business combination with another entity unless after the transaction substantially all of the assets of the surviving entity are contributed to the Partnership in exchange for Common Units;
|
•
|
The General Partner's assignment of its interests in the Partnership other than to one of its wholly-owned subsidiaries; and
|
•
|
Any reclassification or recapitalization or change of outstanding shares of the General Partner's common stock other than certain changes in par value, stock splits, stock dividends or combinations.
|
|
Square Feet
|
|
Annual Net
Effective
Rent (1)
|
|
Annual Net
Effective
Rent per Square Foot (2)
|
|
Percent of
Annual Net
Effective
Rent
|
||||||||||||||||||||||
|
Industrial
|
|
Medical Office
|
|
Non-Reportable
|
|
Overall
|
|
Percent of Overall
|
|
|||||||||||||||||||
Primary Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Indianapolis
|
13,538,423
|
|
|
351,839
|
|
|
986,480
|
|
|
14,876,742
|
|
|
12.5
|
%
|
|
$
|
62,062,823
|
|
|
$
|
4.23
|
|
|
10.3
|
%
|
||||
Chicago
|
12,651,681
|
|
|
161,443
|
|
|
—
|
|
|
12,813,124
|
|
|
10.7
|
%
|
|
53,597,351
|
|
|
4.32
|
|
|
8.9
|
%
|
||||||
Atlanta
|
10,335,671
|
|
|
889,486
|
|
|
97,969
|
|
|
11,323,126
|
|
|
9.5
|
%
|
|
57,724,190
|
|
|
5.27
|
|
|
9.6
|
%
|
||||||
Cincinnati
|
9,695,979
|
|
|
548,483
|
|
|
181,970
|
|
|
10,426,432
|
|
|
8.7
|
%
|
|
40,717,649
|
|
|
4.33
|
|
|
6.7
|
%
|
||||||
Columbus
|
9,864,550
|
|
|
—
|
|
|
—
|
|
|
9,864,550
|
|
|
8.3
|
%
|
|
30,238,961
|
|
|
3.16
|
|
|
5.0
|
%
|
||||||
Dallas
|
7,919,955
|
|
|
1,183,117
|
|
|
—
|
|
|
9,103,072
|
|
|
7.6
|
%
|
|
54,862,128
|
|
|
6.05
|
|
|
9.1
|
%
|
||||||
Savannah
|
6,431,246
|
|
|
—
|
|
|
—
|
|
|
6,431,246
|
|
|
5.4
|
%
|
|
20,668,798
|
|
|
3.21
|
|
|
3.4
|
%
|
||||||
South Florida
|
5,110,346
|
|
|
107,000
|
|
|
143,535
|
|
|
5,360,881
|
|
|
4.5
|
%
|
|
37,843,156
|
|
|
7.40
|
|
|
6.3
|
%
|
||||||
Houston
|
4,084,478
|
|
|
168,850
|
|
|
—
|
|
|
4,253,328
|
|
|
3.6
|
%
|
|
22,517,459
|
|
|
5.72
|
|
|
3.7
|
%
|
||||||
Minneapolis-St. Paul
|
4,064,797
|
|
|
—
|
|
|
—
|
|
|
4,064,797
|
|
|
3.4
|
%
|
|
18,898,390
|
|
|
4.75
|
|
|
3.1
|
%
|
||||||
Nashville
|
3,806,218
|
|
|
175,076
|
|
|
—
|
|
|
3,981,294
|
|
|
3.3
|
%
|
|
22,803,142
|
|
|
5.78
|
|
|
3.8
|
%
|
||||||
Central Florida
|
3,274,066
|
|
|
472,162
|
|
|
—
|
|
|
3,746,228
|
|
|
3.1
|
%
|
|
25,366,951
|
|
|
7.01
|
|
|
4.2
|
%
|
||||||
Pennsylvania
|
3,687,597
|
|
|
—
|
|
|
—
|
|
|
3,687,597
|
|
|
3.1
|
%
|
|
17,495,945
|
|
|
4.74
|
|
|
2.9
|
%
|
||||||
St. Louis
|
3,225,135
|
|
|
—
|
|
|
—
|
|
|
3,225,135
|
|
|
2.7
|
%
|
|
10,797,283
|
|
|
3.35
|
|
|
1.8
|
%
|
||||||
Raleigh
|
2,756,787
|
|
|
356,835
|
|
|
—
|
|
|
3,113,622
|
|
|
2.6
|
%
|
|
23,023,455
|
|
|
7.42
|
|
|
3.8
|
%
|
||||||
Southern California
|
3,000,186
|
|
|
—
|
|
|
—
|
|
|
3,000,186
|
|
|
2.5
|
%
|
|
16,808,155
|
|
|
5.60
|
|
|
2.8
|
%
|
||||||
New Jersey
|
2,469,811
|
|
|
57,411
|
|
|
—
|
|
|
2,527,222
|
|
|
2.1
|
%
|
|
17,690,205
|
|
|
7.02
|
|
|
2.9
|
%
|
||||||
Baltimore
|
2,089,529
|
|
|
—
|
|
|
—
|
|
|
2,089,529
|
|
|
1.7
|
%
|
|
12,035,361
|
|
|
5.76
|
|
|
2.0
|
%
|
||||||
Northern California
|
1,936,349
|
|
|
—
|
|
|
—
|
|
|
1,936,349
|
|
|
1.6
|
%
|
|
8,912,457
|
|
|
4.60
|
|
|
1.5
|
%
|
||||||
Seattle
|
1,136,109
|
|
|
—
|
|
|
—
|
|
|
1,136,109
|
|
|
1.0
|
%
|
|
7,566,139
|
|
|
6.66
|
|
|
1.3
|
%
|
||||||
Washington DC
|
842,167
|
|
|
100,952
|
|
|
42,854
|
|
|
985,973
|
|
|
0.8
|
%
|
|
9,899,359
|
|
|
10.63
|
|
|
1.6
|
%
|
||||||
Other (3)
|
446,500
|
|
|
1,099,745
|
|
|
—
|
|
|
1,546,245
|
|
|
1.3
|
%
|
|
31,879,524
|
|
|
21.86
|
|
|
5.3
|
%
|
||||||
Total
|
112,367,580
|
|
|
5,672,399
|
|
|
1,452,808
|
|
|
119,492,787
|
|
|
100.0
|
%
|
|
$
|
603,408,881
|
|
|
$
|
5.19
|
|
|
100.0
|
%
|
||||
Percent of Overall
|
94.0
|
%
|
|
4.8
|
%
|
|
1.2
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
||||||||||
Annual Net Effective Rent per Square Foot (2)
|
$
|
4.16
|
|
|
$
|
24.33
|
|
|
$
|
13.98
|
|
|
$
|
5.19
|
|
|
|
|
|
|
|
|
|
|
Square Feet
|
|
Annual Net
Effective
Rent (1)
|
|
Annual Net
Effective
Rent per Square Foot (2)
|
|
Percent of
Annual Net
Effective
Rent
|
||||||||||||||||||||||
|
Industrial
|
|
Medical Office
|
|
Non-Reportable
|
|
Overall
|
|
Percent of
Overall
|
|
|||||||||||||||||||
Primary Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Dallas
|
6,206,547
|
|
|
458,396
|
|
|
—
|
|
|
6,664,943
|
|
|
62.1
|
%
|
|
$
|
36,311,057
|
|
|
$
|
5.50
|
|
|
60.0
|
%
|
||||
Indianapolis
|
3,057,160
|
|
|
273,479
|
|
|
—
|
|
|
3,330,639
|
|
|
31.0
|
%
|
|
17,811,094
|
|
|
5.57
|
|
|
29.4
|
%
|
||||||
Washington DC
|
—
|
|
|
—
|
|
|
530,037
|
|
|
530,037
|
|
|
4.9
|
%
|
|
5,469,358
|
|
|
18.33
|
|
|
9.0
|
%
|
||||||
Cincinnati
|
57,886
|
|
|
—
|
|
|
—
|
|
|
57,886
|
|
|
0.6
|
%
|
|
398,667
|
|
|
6.89
|
|
|
0.7
|
%
|
||||||
Other (3)
|
152,944
|
|
|
—
|
|
|
—
|
|
|
152,944
|
|
|
1.4
|
%
|
|
512,362
|
|
|
3.35
|
|
|
0.9
|
%
|
||||||
Total
|
9,474,537
|
|
|
731,875
|
|
|
530,037
|
|
|
10,736,449
|
|
|
100.0
|
%
|
|
$
|
60,502,538
|
|
|
$
|
5.87
|
|
|
100.0
|
%
|
||||
Percent of Overall
|
88.3
|
%
|
|
6.8
|
%
|
|
4.9
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
||||||||||
Annual Net Effective Rent per Square Foot (2)
|
$
|
3.74
|
|
|
$
|
28.58
|
|
|
$
|
18.33
|
|
|
$
|
5.87
|
|
|
|
|
|
|
|
|
|
|
Occupancy %
|
||||||||||||||||||||||
|
Consolidated Properties
|
|
Jointly Controlled Properties
|
||||||||||||||||||||
|
Industrial
|
|
Medical Office
|
|
Non-Reportable
|
|
Overall
|
|
Industrial
|
|
Medical Office
|
|
Non-Reportable
|
|
Overall
|
||||||||
Primary Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Savannah
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Southern California
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Pennsylvania
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Northern California
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
St. Louis
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Baltimore
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Seattle
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
New Jersey
|
100.0
|
%
|
|
86.4
|
%
|
|
—
|
|
|
99.7
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Dallas
|
100.0
|
%
|
|
97.1
|
%
|
|
—
|
|
|
99.6
|
%
|
|
99.4
|
%
|
|
94.9
|
%
|
|
—
|
|
|
99.1
|
%
|
Raleigh
|
99.6
|
%
|
|
100.0
|
%
|
|
—
|
|
|
99.6
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Nashville
|
99.0
|
%
|
|
100.0
|
%
|
|
—
|
|
|
99.1
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Indianapolis
|
99.0
|
%
|
|
97.8
|
%
|
|
94.5
|
%
|
|
98.7
|
%
|
|
95.7
|
%
|
|
100.0
|
%
|
|
—
|
|
|
96.1
|
%
|
Minneapolis-St. Paul
|
97.9
|
%
|
|
—
|
|
|
—
|
|
|
97.9
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Columbus
|
97.0
|
%
|
|
—
|
|
|
—
|
|
|
97.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Atlanta
|
97.7
|
%
|
|
97.2
|
%
|
|
—
|
|
|
96.8
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Chicago
|
96.7
|
%
|
|
99.7
|
%
|
|
—
|
|
|
96.8
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Central Florida
|
97.7
|
%
|
|
89.1
|
%
|
|
—
|
|
|
96.6
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
South Florida
|
96.9
|
%
|
|
100.0
|
%
|
|
39.3
|
%
|
|
95.4
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Washington DC
|
96.0
|
%
|
|
100.0
|
%
|
|
50.2
|
%
|
|
94.4
|
%
|
|
—
|
|
|
—
|
|
|
56.3
|
%
|
|
56.3
|
%
|
Houston
|
93.6
|
%
|
|
64.9
|
%
|
|
—
|
|
|
92.5
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Cincinnati
|
90.2
|
%
|
|
100.0
|
%
|
|
58.5
|
%
|
|
90.2
|
%
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
Other (3)
|
100.0
|
%
|
|
92.0
|
%
|
|
—
|
|
|
94.3
|
%
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
100.0
|
%
|
Total
|
97.6
|
%
|
|
95.1
|
%
|
|
76.8
|
%
|
|
97.2
|
%
|
|
98.2
|
%
|
|
96.8
|
%
|
|
56.3
|
%
|
|
96.0
|
%
|
(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, 2016
, 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.
|
|
2016
|
|
2015
|
|||||||||||||||||||||
Quarter Ended
|
High
|
|
Low
|
|
Dividend/Distribution
|
|
High
|
|
Low
|
|
Dividend/Distribution
|
|||||||||||||
December 31
|
$
|
27.26
|
|
|
$
|
22.97
|
|
|
$
|
0.19
|
|
|
|
$
|
21.46
|
|
|
$
|
18.84
|
|
|
$
|
0.18
|
|
September 30
|
28.99
|
|
|
26.18
|
|
|
0.18
|
|
|
|
20.42
|
|
|
17.60
|
|
|
0.17
|
|
||||||
June 30
|
26.69
|
|
|
21.11
|
|
|
0.18
|
|
|
|
22.25
|
|
|
18.49
|
|
|
0.17
|
|
||||||
March 31
|
22.70
|
|
|
18.52
|
|
|
0.18
|
|
|
|
22.70
|
|
|
19.93
|
|
|
0.17
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Distributions paid per share
|
$
|
0.73
|
|
|
$
|
0.69
|
|
|
$
|
0.68
|
|
Distributions paid per share - special
|
—
|
|
|
0.20
|
|
|
—
|
|
|||
Total Distributions paid per share
|
$
|
0.73
|
|
|
$
|
0.89
|
|
|
$
|
0.68
|
|
Ordinary income
|
72.6
|
%
|
|
4.2
|
%
|
|
59.2
|
%
|
|||
Return of capital
|
2.6
|
%
|
|
—
|
%
|
|
2.5
|
%
|
|||
Capital gains
|
24.8
|
%
|
|
95.8
|
%
|
|
38.3
|
%
|
|||
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
Results of Operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
General Partner and Partnership
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Rental and related revenue from continuing operations
|
$
|
813,434
|
|
|
$
|
816,065
|
|
|
$
|
822,351
|
|
|
$
|
762,164
|
|
|
$
|
661,375
|
|
General contractor and service fee revenue
|
88,810
|
|
|
133,367
|
|
|
224,500
|
|
|
206,596
|
|
|
275,071
|
|
|||||
Total revenues from continuing operations
|
$
|
902,244
|
|
|
$
|
949,432
|
|
|
$
|
1,046,851
|
|
|
$
|
968,760
|
|
|
$
|
936,446
|
|
Income (loss) from continuing operations
|
$
|
313,271
|
|
|
$
|
189,205
|
|
|
$
|
215,590
|
|
|
$
|
59,502
|
|
|
$
|
(80,435
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
General Partner
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) attributable to common shareholders
|
$
|
312,143
|
|
|
$
|
615,310
|
|
|
$
|
204,893
|
|
|
$
|
153,044
|
|
|
$
|
(126,145
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Partnership
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) attributable to common unitholders
|
$
|
315,232
|
|
|
$
|
621,714
|
|
|
$
|
207,520
|
|
|
$
|
155,138
|
|
|
$
|
(128,418
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
General Partner
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Share Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
0.88
|
|
|
$
|
0.53
|
|
|
$
|
0.51
|
|
|
$
|
0.06
|
|
|
$
|
(0.50
|
)
|
Discontinued operations
|
0.01
|
|
|
1.24
|
|
|
0.09
|
|
|
0.41
|
|
|
0.02
|
|
|||||
Diluted income (loss) per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
0.88
|
|
|
0.53
|
|
|
0.51
|
|
|
0.06
|
|
|
(0.50
|
)
|
|||||
Discontinued operations
|
—
|
|
|
1.24
|
|
|
0.09
|
|
|
0.41
|
|
|
0.02
|
|
|||||
Distributions paid per common share
|
$
|
0.73
|
|
|
$
|
0.69
|
|
|
$
|
0.68
|
|
|
$
|
0.68
|
|
|
$
|
0.68
|
|
Distributions paid per common share - special
|
$
|
—
|
|
|
$
|
0.20
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Weighted average common shares outstanding
|
349,942
|
|
|
345,057
|
|
|
335,777
|
|
|
322,133
|
|
|
267,900
|
|
|||||
Weighted average common shares and potential dilutive securities
|
357,076
|
|
|
352,197
|
|
|
340,446
|
|
|
326,712
|
|
|
267,900
|
|
|||||
Balance Sheet Data (at December 31):
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Assets (1)
|
$
|
6,772,002
|
|
|
$
|
6,895,515
|
|
|
$
|
7,725,001
|
|
|
$
|
7,721,105
|
|
|
$
|
7,527,283
|
|
Total Debt (1)
|
2,908,477
|
|
|
3,320,141
|
|
|
4,382,801
|
|
|
4,222,868
|
|
|
4,413,352
|
|
|||||
Total Preferred Equity
|
—
|
|
|
—
|
|
|
—
|
|
|
447,683
|
|
|
625,638
|
|
|||||
Total Shareholders' Equity
|
3,465,818
|
|
|
3,181,932
|
|
|
2,860,325
|
|
|
3,013,243
|
|
|
2,591,414
|
|
|||||
Total Common Shares Outstanding
|
354,756
|
|
|
345,285
|
|
|
344,112
|
|
|
326,399
|
|
|
279,423
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Funds from Operations attributable to common shareholders (2)
|
$
|
428,420
|
|
|
$
|
300,816
|
|
|
$
|
363,111
|
|
|
$
|
347,041
|
|
|
$
|
265,204
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Partnership
|
|
|
|
|
|
|
|
|
|
||||||||||
Per Unit Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic income (loss) per Common Unit:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
0.88
|
|
|
$
|
0.53
|
|
|
$
|
0.51
|
|
|
$
|
0.06
|
|
|
$
|
(0.50
|
)
|
Discontinued operations
|
0.01
|
|
|
1.24
|
|
|
0.09
|
|
|
0.41
|
|
|
0.02
|
|
|||||
Diluted income (loss) per Common Unit:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
0.88
|
|
|
0.53
|
|
|
0.51
|
|
|
0.06
|
|
|
(0.50
|
)
|
|||||
Discontinued operations
|
—
|
|
|
1.24
|
|
|
0.09
|
|
|
0.41
|
|
|
0.02
|
|
|||||
Distributions paid per Common Unit
|
$
|
0.73
|
|
|
$
|
0.69
|
|
|
$
|
0.68
|
|
|
$
|
0.68
|
|
|
$
|
0.68
|
|
Distributions paid per Common Unit - special
|
$
|
—
|
|
|
$
|
0.20
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Weighted average Common Units outstanding
|
353,423
|
|
|
348,639
|
|
|
340,085
|
|
|
326,525
|
|
|
272,729
|
|
|||||
Weighted average Common Units and potential dilutive securities
|
357,076
|
|
|
352,197
|
|
|
340,446
|
|
|
326,712
|
|
|
272,729
|
|
|||||
Balance Sheet Data (at December 31):
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Assets (1)
|
$
|
6,772,002
|
|
|
$
|
6,895,515
|
|
|
$
|
7,725,001
|
|
|
$
|
7,721,105
|
|
|
$
|
7,527,283
|
|
Total Debt (1)
|
2,908,477
|
|
|
3,320,141
|
|
|
4,382,801
|
|
|
4,222,868
|
|
|
4,413,352
|
|
|||||
Total Preferred Equity
|
—
|
|
|
—
|
|
|
—
|
|
|
447,683
|
|
|
625,638
|
|
|||||
Total Partners' Equity
|
3,490,509
|
|
|
3,201,964
|
|
|
2,877,434
|
|
|
3,037,330
|
|
|
2,616,803
|
|
|||||
Total Common Units Outstanding
|
358,164
|
|
|
348,772
|
|
|
347,828
|
|
|
330,786
|
|
|
283,842
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Funds from Operations attributable to common unitholders (2)
|
$
|
432,666
|
|
|
$
|
303,955
|
|
|
$
|
367,768
|
|
|
$
|
351,780
|
|
|
$
|
269,985
|
|
•
|
Owned or jointly controlled
561
industrial, medical office and office properties, of which
534
properties totaling
130.2 million
square feet were in service and
27
properties totaling
9.4 million
square feet were under development. The
534
in-service properties were comprised of
492
consolidated properties totaling
119.5 million
square feet and
42
jointly controlled properties totaling
10.7 million
square feet. The
27
properties under development consisted of
25
consolidated properties with
8.4 million
square feet and
two
jointly controlled properties with
1.0 million
square feet.
|
•
|
Owned, including through ownership interests in unconsolidated joint ventures (with acreage not adjusted for our percentage ownership interest), 2,190 acres of land and controlled an additional 1,600 acres through purchase options.
|
|
2016
|
|
2015
|
|
2014
|
||||||
Rental and related revenue from continuing operations
|
$
|
813,434
|
|
|
$
|
816,065
|
|
|
$
|
822,351
|
|
General contractor and service fee revenue
|
88,810
|
|
|
133,367
|
|
|
224,500
|
|
|||
Operating income
|
476,981
|
|
|
448,396
|
|
|
411,068
|
|
|||
General Partner
|
|
|
|
|
|
||||||
Net income attributable to common shareholders
|
$
|
312,143
|
|
|
$
|
615,310
|
|
|
$
|
204,893
|
|
Weighted average common shares outstanding
|
349,942
|
|
|
345,057
|
|
|
335,777
|
|
|||
Weighted average common shares and potential dilutive securities
|
357,076
|
|
|
352,197
|
|
|
340,446
|
|
|||
Partnership
|
|
|
|
|
|
||||||
Net income attributable to common unitholders
|
$
|
315,232
|
|
|
$
|
621,714
|
|
|
$
|
207,520
|
|
Weighted average Common Units outstanding
|
353,423
|
|
|
348,639
|
|
|
340,085
|
|
|||
Weighted average Common Units and potential dilutive securities
|
357,076
|
|
|
352,197
|
|
|
340,446
|
|
|||
General Partner and Partnership
|
|
|
|
|
|
||||||
Basic income per common share or Common Unit:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
0.88
|
|
|
$
|
0.53
|
|
|
$
|
0.51
|
|
Discontinued operations
|
$
|
0.01
|
|
|
$
|
1.24
|
|
|
$
|
0.09
|
|
Diluted income per common share or Common Unit:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
0.88
|
|
|
$
|
0.53
|
|
|
$
|
0.51
|
|
Discontinued operations
|
$
|
—
|
|
|
$
|
1.24
|
|
|
$
|
0.09
|
|
Number of in-service consolidated properties at end of year
|
492
|
|
|
489
|
|
|
621
|
|
|||
In-service consolidated square footage at end of year
|
119,493
|
|
|
115,588
|
|
|
127,029
|
|
|||
Number of in-service joint venture properties at end of year
|
42
|
|
|
70
|
|
|
85
|
|
|||
In-service joint venture square footage at end of year
|
10,736
|
|
|
19,145
|
|
|
19,841
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Net income attributable to common shareholders of the General Partner
|
$
|
312,143
|
|
|
$
|
615,310
|
|
|
$
|
204,893
|
|
Add back: Net income attributable to noncontrolling interests - common limited partnership interests in the Partnership
|
3,089
|
|
|
6,404
|
|
|
2,627
|
|
|||
Net income attributable to common unitholders of the Partnership
|
315,232
|
|
|
621,714
|
|
|
207,520
|
|
|||
Adjustments:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
317,818
|
|
|
320,846
|
|
|
384,617
|
|
|||
Impairment charges - depreciable property
|
3,719
|
|
|
3,406
|
|
|
15,406
|
|
|||
Company share of joint venture depreciation and amortization
|
14,188
|
|
|
27,247
|
|
|
28,227
|
|
|||
Gain on dissolution of unconsolidated company
|
(30,697
|
)
|
|
—
|
|
|
—
|
|
|||
Earnings from depreciable property sales—wholly owned
|
(163,109
|
)
|
|
(654,594
|
)
|
|
(185,478
|
)
|
|||
Income tax (benefit) expense triggered by depreciable property sales
|
(589
|
)
|
|
(753
|
)
|
|
2,125
|
|
|||
Earnings from depreciable property sales—share of joint venture
|
(23,896
|
)
|
|
(13,911
|
)
|
|
(84,649
|
)
|
|||
Funds From Operations attributable to common unitholders of the Partnership
|
$
|
432,666
|
|
|
$
|
303,955
|
|
|
$
|
367,768
|
|
Additional General Partner Adjustments:
|
|
|
|
|
|
||||||
Net income attributable to noncontrolling interests - common limited partnership interests in the Partnership
|
(3,089
|
)
|
|
(6,404
|
)
|
|
(2,627
|
)
|
|||
Noncontrolling interest share of adjustments
|
(1,157
|
)
|
|
3,265
|
|
|
(2,030
|
)
|
|||
Funds From Operations attributable to common shareholders of the General Partner
|
$
|
428,420
|
|
|
$
|
300,816
|
|
|
$
|
363,111
|
|
•
|
We generated
$538.6 million
of total net cash proceeds from the disposition of
32
consolidated buildings and 448 acres of wholly-owned undeveloped land.
|
•
|
We started new development projects with expected total costs of $697.2 million during
2016
, which included $54.0 million of expected total costs for three development projects started within unconsolidated joint ventures. The development projects started in
2016
were mostly comprised of new industrial projects and were, in aggregate, 67.0% pre-leased.
|
•
|
In the fourth quarter of 2016, pursuant to a pre-existing purchase option, we acquired
14
properties in the Washington D.C. area from an unconsolidated joint venture (the "Quantico Joint Venture"). These
14
properties were comprised of
11
industrial buildings and
three
office properties. These
14
properties were previously encumbered by a
$131.3 million
CMBS loan and, pursuant to the terms of the purchase option, we repaid the loan as consideration for the acquisition of the underlying properties. One of the acquired office properties was sold immediately following the acquisition for
$53.4 million
, which was equal to the property's fair value.
|
•
|
During
2016
, we placed 21 newly completed wholly-owned development projects in service, across all product types, which totaled 6.0 million square feet with total costs of $507.6 million. These properties were 94.9% leased at December 31,
2016
.
|
•
|
The total estimated cost of our consolidated properties under construction at December 31,
2016
totaled
$713.1 million
, with
$338.6 million
of such costs already incurred. The total estimated cost for jointly controlled properties under construction was
$42.1 million
at December 31,
2016
, with
$28.8 million
of costs already incurred. The consolidated properties under construction are
74%
pre-leased, while the jointly controlled properties under construction are
29%
pre-leased.
|
•
|
Same-property net operating income, on a cash basis, as defined hereafter under "Supplemental Performance Measures" grew by
6.0%
for the twelve months ended
December 31, 2016
, as compared to the same period in
2015
.
|
•
|
The percentage of total square feet leased for our in-service portfolio of consolidated properties increased from
96.5%
at December 31,
2015
to
97.2%
at December 31,
2016
.
|
•
|
Total leasing activity for our consolidated properties totaled
26.2 million
square feet in
2016
compared to
19.4 million
square feet in
2015
. The increase in total leasing activity in 2016 was largely the result of leasing new development projects as well as a higher volume of lease renewals.
|
•
|
Total leasing activity for our consolidated properties in
2016
included
12.3 million
square feet of renewals, which represented a
75.6%
retention rate on a square foot basis, and resulted in a
13.7%
increase in net effective rents.
|
•
|
Throughout 2016, we issued
8.4 million
shares of common stock pursuant to our at the market ("ATM") equity program at an average price of $25.93 per share, generating gross proceeds of
$218.2 million
and, after deducting commissions and other costs, net proceeds of
$215.6 million
.
|
•
|
In June 2016, we issued
$375.0 million
of senior unsecured notes that bear interest at a stated interest rate of
3.25%
, 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 a tender offer we repurchased $72.0 million of the notes and redeemed the remaining outstanding notes, for cash payments totaling
$283.5 million
. The repayment of these notes resulted in an
$8.8 million
loss on debt extinguishment, which included premiums paid to the holders of the notes as well as the write-off of unamortized deferred financing costs.
|
•
|
Throughout 2016, we repaid
seven
secured loans, totaling
$346.7 million
, which had a weighted average stated interest rate of
5.90%
.
|
•
|
In October 2016, we redeemed
$129.5 million
of senior unsecured notes, which had a scheduled maturity in August of 2019, for a cash payment of
$154.1 million
. As the result of this redemption, we recognized a net loss on extinguishment totaling
$25.2 million
, which was comprised of premiums paid to the holders of the notes as well as the write-off of unamortized deferred financing costs.
|
|
|
Three Months Ended December 31,
|
Percent
|
|
Twelve Months Ended December 31,
|
Percent
|
||||||||||||||
|
|
2016
|
|
2015
|
Change
|
|
2016
|
|
2015
|
Change
|
||||||||||
Income from continuing operations before income taxes
|
|
$
|
46,983
|
|
|
$
|
17,275
|
|
|
|
$
|
312,682
|
|
|
$
|
185,277
|
|
|
||
Share of SPNOI from unconsolidated joint ventures
|
|
5,132
|
|
|
5,301
|
|
|
|
20,964
|
|
|
20,694
|
|
|
||||||
PNOI excluded from the same property population
|
|
(22,825
|
)
|
|
(11,582
|
)
|
|
|
(66,375
|
)
|
|
(43,808
|
)
|
|
||||||
Earnings from Service Operations
|
|
(127
|
)
|
|
(2,332
|
)
|
|
|
(8,343
|
)
|
|
(14,197
|
)
|
|
||||||
Rental Operations revenues and expenses excluded from PNOI
|
|
(6,633
|
)
|
|
(14,687
|
)
|
|
|
(41,386
|
)
|
|
(81,365
|
)
|
|
||||||
Non-Segment Items
|
|
105,634
|
|
|
128,611
|
|
|
|
286,984
|
|
|
409,505
|
|
|
||||||
SPNOI
|
|
$
|
128,164
|
|
|
$
|
122,586
|
|
4.5
|
%
|
|
$
|
504,526
|
|
|
$
|
476,106
|
|
6.0
|
%
|
|
Consolidated Properties
|
|
Unconsolidated Joint Venture Properties
|
|
Total Including Unconsolidated Joint Venture Properties
|
|||
Vacant square feet at December 31, 2015
|
4,015
|
|
|
1,310
|
|
|
5,325
|
|
Acquisitions
|
227
|
|
|
—
|
|
|
227
|
|
Completed development
|
2,579
|
|
|
359
|
|
|
2,938
|
|
Dispositions
|
(335
|
)
|
|
(1,165
|
)
|
|
(1,500
|
)
|
Expirations
|
4,787
|
|
|
334
|
|
|
5,121
|
|
Early lease terminations
|
521
|
|
|
42
|
|
|
563
|
|
Property structural changes/other
|
8
|
|
|
—
|
|
|
8
|
|
Leasing of previously vacant space
|
(8,504
|
)
|
|
(455
|
)
|
|
(8,959
|
)
|
Vacant square feet at December 31, 2016
|
3,298
|
|
|
425
|
|
|
3,723
|
|
|
Square Feet of New Second Generation Leases Signed
|
|
Average Term in Years
|
|
Estimated Tenant Improvement Cost per Square Foot
|
|
Leasing Commissions per Square Foot
|
||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||
Industrial
|
4,246
|
|
|
4,986
|
|
|
6.8
|
|
|
5.4
|
|
|
$
|
2.60
|
|
|
$
|
2.78
|
|
|
$
|
1.88
|
|
|
$
|
1.68
|
|
Medical Office
|
17
|
|
|
41
|
|
|
7.7
|
|
|
6.5
|
|
|
$
|
29.95
|
|
|
$
|
5.22
|
|
|
$
|
12.49
|
|
|
$
|
5.34
|
|
Non-reportable Rental Operations
|
46
|
|
|
216
|
|
|
6.9
|
|
|
6.1
|
|
|
$
|
11.25
|
|
|
$
|
14.21
|
|
|
$
|
9.70
|
|
|
$
|
6.59
|
|
Total Consolidated
|
4,309
|
|
|
5,243
|
|
|
6.8
|
|
|
5.5
|
|
|
$
|
2.80
|
|
|
$
|
3.27
|
|
|
$
|
2.01
|
|
|
$
|
1.91
|
|
Unconsolidated Joint Ventures
|
346
|
|
|
515
|
|
|
7.4
|
|
|
5.2
|
|
|
$
|
5.15
|
|
|
$
|
5.39
|
|
|
$
|
2.64
|
|
|
$
|
3.99
|
|
Total Including Unconsolidated Joint Ventures
|
4,655
|
|
|
5,758
|
|
|
6.9
|
|
|
5.5
|
|
|
$
|
2.98
|
|
|
$
|
3.46
|
|
|
$
|
2.05
|
|
|
$
|
2.09
|
|
|
Square Feet of Leases Renewed
|
|
Percent of Expiring Leases Renewed
|
|
Average Term in Years
|
|
Growth (Decline) in Net Effective Rents*
|
|
Estimated Tenant Improvement Cost per Square Foot
|
|
Leasing Commissions per Square Foot
|
||||||||||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||
Industrial
|
11,708
|
|
|
8,591
|
|
|
75.6
|
%
|
|
76.2
|
%
|
|
4.8
|
|
|
5.9
|
|
|
15.3
|
%
|
|
13.4
|
%
|
|
$
|
0.51
|
|
|
$
|
1.40
|
|
|
$
|
1.10
|
|
|
$
|
1.20
|
|
Medical Office
|
96
|
|
|
163
|
|
|
78.6
|
%
|
|
85.8
|
%
|
|
6.2
|
|
|
9.5
|
|
|
14.6
|
%
|
|
12.3
|
%
|
|
$
|
7.19
|
|
|
$
|
15.22
|
|
|
$
|
4.16
|
|
|
$
|
6.47
|
|
Non-reportable Rental Operations
|
447
|
|
|
251
|
|
|
74.8
|
%
|
|
57.3
|
%
|
|
10.1
|
|
|
4.5
|
|
|
2.8
|
%
|
|
6.8
|
%
|
|
$
|
2.42
|
|
|
$
|
5.73
|
|
|
$
|
2.41
|
|
|
$
|
3.44
|
|
Total Consolidated
|
12,251
|
|
|
9,005
|
|
|
75.6
|
%
|
|
75.7
|
%
|
|
5.0
|
|
|
5.9
|
|
|
13.7
|
%
|
|
12.8
|
%
|
|
$
|
0.63
|
|
|
$
|
1.77
|
|
|
$
|
1.17
|
|
|
$
|
1.35
|
|
Unconsolidated Joint Ventures
|
1,419
|
|
|
728
|
|
|
83.1
|
%
|
|
87.6
|
%
|
|
5.1
|
|
|
2.9
|
|
|
(1.3
|
)%
|
|
2.1
|
%
|
|
$
|
0.74
|
|
|
$
|
1.12
|
|
|
$
|
2.02
|
|
|
$
|
0.97
|
|
Total Including Unconsolidated Joint Ventures
|
13,670
|
|
|
9,733
|
|
|
76.3
|
%
|
|
76.5
|
%
|
|
5.0
|
|
|
5.7
|
|
|
11.4
|
%
|
|
11.8
|
%
|
|
$
|
0.65
|
|
|
$
|
1.72
|
|
|
$
|
1.26
|
|
|
$
|
1.33
|
|
* Represents the percentage change in net effective rent between the original leases and the renewal leases. Net effective rents represent average annual base rental payments, on a straight-line basis for the term of each lease, excluding operating expense reimbursements.
|
|
Total Consolidated Portfolio
|
|
Industrial
|
|
Medical Office
|
|
Non-reportable
|
||||||||||||||||||||
Year of
Expiration |
Square
Feet |
|
Ann. Rent
Revenue* |
|
Number of Leases
|
|
Square
Feet |
|
Ann. Rent
Revenue* |
|
Square
Feet |
|
Ann. Rent Revenue*
|
|
Square
Feet |
|
Ann. Rent
Revenue* |
||||||||||
2017
|
8,215
|
|
|
$
|
32,966
|
|
|
146
|
|
8,028
|
|
|
$
|
29,835
|
|
|
171
|
|
|
2,975
|
|
16
|
|
|
$
|
156
|
|
2018
|
12,729
|
|
|
57,870
|
|
|
189
|
|
12,303
|
|
|
46,975
|
|
|
416
|
|
|
10,781
|
|
10
|
|
|
114
|
|
|||
2019
|
13,858
|
|
|
61,293
|
|
|
210
|
|
13,525
|
|
|
53,543
|
|
|
319
|
|
|
7,581
|
|
14
|
|
|
169
|
|
|||
2020
|
13,014
|
|
|
65,938
|
|
|
172
|
|
12,567
|
|
|
56,948
|
|
|
423
|
|
|
8,772
|
|
24
|
|
|
218
|
|
|||
2021
|
13,358
|
|
|
61,520
|
|
|
186
|
|
13,042
|
|
|
55,293
|
|
|
257
|
|
|
5,732
|
|
59
|
|
|
495
|
|
|||
2022
|
12,712
|
|
|
54,950
|
|
|
106
|
|
12,350
|
|
|
47,451
|
|
|
330
|
|
|
6,940
|
|
32
|
|
|
559
|
|
|||
2023
|
3,557
|
|
|
23,923
|
|
|
62
|
|
3,134
|
|
|
16,111
|
|
|
415
|
|
|
7,725
|
|
8
|
|
|
87
|
|
|||
2024
|
8,857
|
|
|
41,951
|
|
|
52
|
|
8,706
|
|
|
38,816
|
|
|
151
|
|
|
3,135
|
|
—
|
|
|
—
|
|
|||
2025
|
8,000
|
|
|
35,392
|
|
|
37
|
|
7,788
|
|
|
31,508
|
|
|
212
|
|
|
3,884
|
|
—
|
|
|
—
|
|
|||
2026
|
7,363
|
|
|
37,513
|
|
|
52
|
|
7,080
|
|
|
31,491
|
|
|
283
|
|
|
6,022
|
|
—
|
|
|
—
|
|
|||
2027 and Thereafter
|
14,003
|
|
|
124,434
|
|
|
84
|
|
11,156
|
|
|
49,740
|
|
|
2,419
|
|
|
67,753
|
|
428
|
|
|
6,941
|
|
|||
Total Leased
|
115,666
|
|
|
$
|
597,750
|
|
|
1,296
|
|
109,679
|
|
|
$
|
457,711
|
|
|
5,396
|
|
|
131,300
|
|
591
|
|
|
$
|
8,739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Portfolio Square Feet
|
118,945
|
|
|
|
|
|
|
112,368
|
|
|
|
|
5,672
|
|
|
|
|
905
|
|
|
|
||||||
Percent Leased
|
97.2
|
%
|
|
|
|
|
|
97.6
|
%
|
|
|
|
95.1
|
%
|
|
|
|
65.3
|
%
|
|
|
||||||
* 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
|
8,418
|
|
|
74
|
%
|
|
$
|
713,139
|
|
|
$
|
338,625
|
|
|
$
|
374,514
|
|
Unconsolidated joint venture properties
|
992
|
|
|
29
|
%
|
|
42,089
|
|
|
28,826
|
|
|
13,263
|
|
|||
Total
|
9,410
|
|
|
69
|
%
|
|
$
|
755,228
|
|
|
$
|
367,451
|
|
|
$
|
387,777
|
|
|
2016
|
|
2015
|
||||
Rental and related revenue:
|
|
|
|
||||
Industrial
|
$
|
583,019
|
|
|
$
|
556,903
|
|
Medical Office
|
175,437
|
|
|
160,951
|
|
||
Non-reportable Rental Operations and non-segment revenues
|
54,978
|
|
|
98,211
|
|
||
Total rental and related revenue from continuing operations
|
$
|
813,434
|
|
|
$
|
816,065
|
|
Rental and related revenue from discontinued operations
|
983
|
|
|
32,549
|
|
||
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 19 properties and placing of 44 developments in service from January 1,
2015
to
December 31, 2016
provided combined incremental revenues of $44.8 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
|
|
Medical Office
|
34,023
|
|
|
32,955
|
|
||
Non-reportable Rental Operations and non-segment expenses
|
23,885
|
|
|
37,623
|
|
||
Total rental expenses from continuing operations
|
$
|
107,410
|
|
|
$
|
125,666
|
|
Rental expenses from discontinued operations
|
(8
|
)
|
|
9,063
|
|
||
Total rental expenses from continuing and discontinued operations
|
$
|
107,402
|
|
|
$
|
134,729
|
|
Real estate taxes:
|
|
|
|
||||
Industrial
|
$
|
90,789
|
|
|
$
|
83,806
|
|
Medical Office
|
20,251
|
|
|
17,663
|
|
||
Non-reportable Rental Operations and non-segment expenses
|
7,614
|
|
|
11,410
|
|
||
Total real estate tax expense from continuing operations
|
$
|
118,654
|
|
|
$
|
112,879
|
|
Real estate tax expense from discontinued operations
|
—
|
|
|
3,435
|
|
||
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
|
|
|
2015
|
|
2014
|
||||
Rental and related revenue:
|
|
|
|
||||
Industrial
|
$
|
556,903
|
|
|
$
|
529,144
|
|
Medical Office
|
160,951
|
|
|
146,530
|
|
||
Non-reportable Rental Operations and non-segment revenues
|
98,211
|
|
|
146,677
|
|
||
Total rental and related revenue from continuing operations
|
$
|
816,065
|
|
|
$
|
822,351
|
|
Rental and related revenue from discontinued operations
|
32,549
|
|
|
120,884
|
|
||
Total rental and related revenue from continuing and discontinued operations
|
$
|
848,614
|
|
|
$
|
943,235
|
|
•
|
The sale of 108 properties since January 1, 2014, which did not meet the criteria for inclusion within discontinued operations, resulted in a $77.1 million decrease in rental and related revenue from continuing operations in the year ended December 31, 2015 when compared to 2014.
|
•
|
We acquired seven properties, of which six were industrial and one was medical office, and placed 46 developments in service from January 1, 2014 to December 31, 2015. These acquisitions and developments provided combined incremental revenues of $48.2 million in the year ended December 31, 2015 when compared to 2014.
|
•
|
Average commencement occupancy in our same property portfolio increased by 1.6% in the year ended December 31, 2015 when compared to 2014.
|
|
2015
|
|
2014
|
||||
Rental expenses:
|
|
|
|
||||
Industrial
|
$
|
55,088
|
|
|
$
|
55,710
|
|
Medical Office
|
32,955
|
|
|
31,649
|
|
||
Non-reportable Rental Operations and non-segment expenses
|
37,623
|
|
|
48,919
|
|
||
Total rental expenses from continuing operations
|
$
|
125,666
|
|
|
$
|
136,278
|
|
Rental expenses from discontinued operations
|
9,063
|
|
|
33,256
|
|
||
Total rental expenses from continuing and discontinued operations
|
$
|
134,729
|
|
|
$
|
169,534
|
|
Real estate taxes:
|
|
|
|
||||
Industrial
|
$
|
83,806
|
|
|
$
|
80,062
|
|
Medical Office
|
17,663
|
|
|
15,772
|
|
||
Non-reportable Rental Operations and non-segment expenses
|
11,410
|
|
|
19,179
|
|
||
Total real estate tax expense from continuing operations
|
$
|
112,879
|
|
|
$
|
115,013
|
|
Real estate tax expense from discontinued operations
|
3,435
|
|
|
13,867
|
|
||
Total real estate tax expense from continuing and discontinued operations
|
$
|
116,314
|
|
|
$
|
128,880
|
|
|
2015
|
|
2014
|
||||
Service Operations:
|
|
|
|
||||
General contractor and service fee revenue
|
$
|
133,367
|
|
|
$
|
224,500
|
|
General contractor and other services expenses
|
(119,170
|
)
|
|
(200,031
|
)
|
||
Net Earnings from Service Operations
|
$
|
14,197
|
|
|
$
|
24,469
|
|
General and administrative expenses - 2014
|
$
|
49.4
|
|
Decrease to overall pool of overhead costs (1)
|
(18.0
|
)
|
|
Overhead restructuring charges (2)
|
7.4
|
|
|
Decreased absorption of costs by wholly-owned development and leasing activities (3)
|
7.2
|
|
|
Decreased allocation of costs to Service Operations and Rental Operations (4)
|
12.6
|
|
|
General and administrative expenses - 2015
|
$
|
58.6
|
|
•
|
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.
|
•
|
Criteria for identifying and selecting our critical accounting policies;
|
•
|
Methodology in applying our critical accounting policies; and
|
•
|
Impact of the critical accounting policies on our financial statements.
|
Description
|
Borrowing
Capacity
|
|
Maturity
Date
|
|
Outstanding Balance at December 31, 2016
|
||||
Unsecured Line of Credit – Partnership
|
$
|
1,200,000
|
|
|
January 2019
|
|
$
|
48,000
|
|
•
|
property investment;
|
•
|
leasing/capital costs;
|
•
|
dividends and distributions to shareholders and unitholders;
|
•
|
long-term debt maturities;
|
•
|
opportunistic repurchases of outstanding debt; and
|
•
|
other contractual obligations.
|
|
2016
|
|
2015
|
|
2014
|
||||||
Second generation tenant improvements
|
$
|
24,622
|
|
|
$
|
28,681
|
|
|
$
|
51,699
|
|
Second generation leasing costs
|
27,029
|
|
|
24,471
|
|
|
37,898
|
|
|||
Building improvements
|
7,698
|
|
|
8,748
|
|
|
9,224
|
|
|||
Total second generation capital expenditures
|
$
|
59,349
|
|
|
$
|
61,900
|
|
|
$
|
98,821
|
|
Development of real estate investments
|
$
|
401,442
|
|
|
$
|
370,466
|
|
|
$
|
446,722
|
|
Other deferred leasing costs
|
$
|
38,410
|
|
|
$
|
30,790
|
|
|
$
|
31,503
|
|
|
Future Repayments
|
|
Weighted Average
|
||||||||||
Year
|
Scheduled
Amortization
|
|
Maturities
|
|
Total
|
|
Interest Rate of
Future Repayments
|
||||||
2017
|
$
|
9,135
|
|
|
$
|
66,035
|
|
|
$
|
75,170
|
|
|
5.88%
|
2018
|
7,768
|
|
|
285,611
|
|
|
293,379
|
|
|
6.08%
|
|||
2019
|
6,936
|
|
|
268,438
|
|
|
275,374
|
|
|
7.60%
|
|||
2020
|
5,381
|
|
|
426,660
|
|
|
432,041
|
|
|
3.21%
|
|||
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
|
|
|
5.51%
|
|||
2026
|
2,029
|
|
|
375,000
|
|
|
377,029
|
|
|
3.37%
|
|||
2027
|
358
|
|
|
—
|
|
|
358
|
|
|
6.42%
|
|||
Thereafter
|
—
|
|
|
50,000
|
|
|
50,000
|
|
|
7.29%
|
|||
|
$
|
50,425
|
|
|
$
|
2,880,791
|
|
|
$
|
2,931,216
|
|
|
4.47%
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
General Partner
|
|
|
|
|
|
||||||
Net Cash Provided by Operating Activities
|
$
|
450,135
|
|
|
$
|
379,381
|
|
|
$
|
444,487
|
|
Net Cash Provided by (Used for) Investing Activities
|
24,904
|
|
|
1,121,299
|
|
|
(207,031
|
)
|
|||
Net Cash Used for Financing Activities
|
(484,933
|
)
|
|
(1,496,069
|
)
|
|
(238,809
|
)
|
|||
|
|
|
|
|
|
||||||
Partnership
|
|
|
|
|
|
||||||
Net Cash Provided by Operating Activities
|
$
|
450,135
|
|
|
$
|
379,201
|
|
|
$
|
444,423
|
|
Net Cash Provided by (Used for) Investing Activities
|
24,904
|
|
|
1,121,299
|
|
|
(207,031
|
)
|
|||
Net Cash Used for Financing Activities
|
(484,933
|
)
|
|
(1,495,889
|
)
|
|
(238,745
|
)
|
•
|
Real estate development costs were
$401.4 million
,
$370.5 million
, and
$446.7 million
during 2016, 2015, and 2014, respectively. During 2016, we placed 21 newly completed wholly-owned development projects in service and expect to continue with a robust level of new development.
|
•
|
We paid cash of
$269.8 million
,
$68.7 million
and
$193.4 million
, respectively, for real estate and undeveloped land acquisitions during
2016
,
2015
and
2014
, respectively.
|
•
|
Sales of land and depreciated property generated net proceeds of
$538.6 million
,
$1.68 billion
and
$493.2 million
during
2016
,
2015
and
2014
, respectively.
|
•
|
Second generation tenant improvements, leasing costs and building improvements totaled
$59.3 million
,
$61.9 million
and
$98.8 million
during
2016
,
2015
and
2014
, respectively. The second generation capital
|
•
|
During 2016, we also received a full repayment of a $200.0 million seller financed mortgage from the buyers of an office portfolio that we sold in April 2015.
|
•
|
We received capital distributions from unconsolidated companies as a result of the sale of properties or refinancing of
$126.1 million
,
$69.0 million
and
$91.8 million
during
2016
,
2015
and
2014
, respectively.
|
•
|
We made capital contributions and advances to unconsolidated companies in the amounts of
$57.9 million
,
$72.4 million
and
$11.6 million
during
2016
,
2015
and
2014
, respectively.
|
•
|
During 2016, the General Partner issued
8.4 million
shares of common stock pursuant to its ATM equity programs for net proceeds of
$215.6 million
, compared to
233,000
shares of common stock for net proceeds of
$4.5 million
in 2015 and
16.4 million
shares of common stock for net proceeds of
$289.1 million
in 2014.
|
•
|
In 2016, we issued
$375.0 million
of senior unsecured notes and in 2014 we issued $300.0 million of unsecured notes. We did not issue any unsecured notes in 2015.
|
•
|
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 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. During 2014, we repaid nine secured loans, totaling
$99.3 million
.
|
•
|
We decreased net borrowings on the Partnership's line of credit by
$23.0 million
in
2016
, decreased net borrowings by
$35.0 million
in
2015
and increased net borrowings by
$18.0 million
in
2014
.
|
•
|
We paid regular cash dividends or distributions of
$0.73
, $0.69 and $0.68 per common share or per Common Unit in each of the years ended
December 31, 2016
,
2015
and
2014
, respectively.
|
•
|
In December 2015, we paid a one-time special dividend of $0.20 per share or per unit that was declared in order to maintain our compliance with the requirements for a REIT. The one-time special dividend was paid as a result of the significant taxable gains on asset sales completed in 2015.
|
•
|
Changes in book drafts are classified as financing activities within our consolidated Statements of Cash Flows. Book overdrafts were $13.4 million, $11.1 million and $7.8 million at
December 31, 2016
,
2015
and
2014
, respectively.
|
|
Payments due by Period (in thousands)
|
||||||||||||||||||||||||||
Contractual Obligations
|
Total
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
||||||||||||||
Long-term debt
(1)
|
$
|
3,508,789
|
|
|
$
|
203,244
|
|
|
$
|
409,257
|
|
|
$
|
366,456
|
|
|
$
|
461,309
|
|
|
$
|
329,339
|
|
|
$
|
1,739,184
|
|
Line of credit
(2)
|
56,127
|
|
|
2,650
|
|
|
2,650
|
|
|
2,650
|
|
|
48,177
|
|
|
—
|
|
|
—
|
|
|||||||
Share of unconsolidated joint ventures' debt
(3)
|
91,235
|
|
|
2,444
|
|
|
28,466
|
|
|
5,737
|
|
|
11,598
|
|
|
1,236
|
|
|
41,754
|
|
|||||||
Ground leases
|
311,120
|
|
|
10,745
|
|
|
5,721
|
|
|
5,758
|
|
|
5,793
|
|
|
5,822
|
|
|
277,281
|
|
|||||||
Development and construction backlog costs
(4)
|
344,700
|
|
|
331,553
|
|
|
13,147
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other
|
43,357
|
|
|
7,502
|
|
|
7,342
|
|
|
5,801
|
|
|
4,326
|
|
|
3,906
|
|
|
14,480
|
|
|||||||
Total Contractual Obligations
|
$
|
4,355,328
|
|
|
$
|
558,138
|
|
|
$
|
466,583
|
|
|
$
|
386,402
|
|
|
$
|
531,203
|
|
|
$
|
340,303
|
|
|
$
|
2,072,699
|
|
(1)
|
Our long-term debt consists of both secured and unsecured debt and includes both principal and interest. Interest payments for variable rate debt were calculated using the interest rates as of
December 31, 2016
. Repayment of our
$250.0 million
variable rate term note, which has a contractual maturity date in
January 2019
, is reflected as a 2020 obligation in the table above based on the ability to exercise a one-year extension, which we may exercise at our discretion.
|
(2)
|
Our unsecured line of credit has a contractual maturity date in
January 2019
, but is reflected as a 2020 obligation in the table above based on the ability to exercise a one-year extension, which we may exercise at our discretion. Interest payments for our unsecured line of credit were calculated using the most recent stated interest rate that was in effect.
|
(3)
|
Our share of unconsolidated joint venture debt includes both principal and interest. Interest expense for variable rate debt was calculated using the interest rate at
December 31, 2016
.
|
(4)
|
Represents estimated remaining costs on the completion of owned development projects and third-party construction projects.
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
2020
|
|
|
2021
|
|
|
Thereafter
|
|
|
Total
|
|
|
Fair Value
|
|
||||||||
Fixed rate secured debt
|
$
|
72,347
|
|
|
$
|
4,783
|
|
|
$
|
272,215
|
|
|
$
|
3,583
|
|
|
$
|
12,163
|
|
|
$
|
16,489
|
|
|
$
|
381,580
|
|
|
$
|
415,231
|
|
Weighted average interest rate
|
5.88
|
%
|
|
6.46
|
%
|
|
7.63
|
%
|
|
5.98
|
%
|
|
5.73
|
%
|
|
6.07
|
%
|
|
7.14
|
%
|
|
|
|||||||||
Variable rate secured debt
|
$
|
300
|
|
|
$
|
300
|
|
|
$
|
300
|
|
|
$
|
300
|
|
|
$
|
300
|
|
|
$
|
1,300
|
|
|
$
|
2,800
|
|
|
$
|
2,800
|
|
Weighted average interest rate
|
0.79
|
%
|
|
0.79
|
%
|
|
0.79
|
%
|
|
0.79
|
%
|
|
0.79
|
%
|
|
0.79
|
%
|
|
0.79
|
%
|
|
|
|||||||||
Fixed rate unsecured debt
|
$
|
2,523
|
|
|
$
|
288,296
|
|
|
$
|
2,859
|
|
|
$
|
130,158
|
|
|
$
|
250,000
|
|
|
$
|
1,575,000
|
|
|
$
|
2,248,836
|
|
|
$
|
2,318,034
|
|
Weighted average interest rate
|
6.26
|
%
|
|
6.08
|
%
|
|
6.26
|
%
|
|
6.74
|
%
|
|
3.91
|
%
|
|
3.96
|
%
|
|
4.40
|
%
|
|
|
|||||||||
Variable rate unsecured notes
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
250,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
250,000
|
|
|
$
|
250,000
|
|
Rate at December 31, 2016
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
1.63%
|
|
|
N/A
|
|
|
N/A
|
|
|
1.63
|
%
|
|
|
|||||||||
Unsecured line of credit
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
48,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
48,000
|
|
|
$
|
48,000
|
|
Rate at December 31, 2016
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
1.70%
|
|
|
N/A
|
|
|
N/A
|
|
|
1.70
|
%
|
|
|
(a)
|
The following documents are filed as part of this Annual Report:
|
|
Duke Realty Corporation:
|
|
|
|
|
|
Duke Realty Limited Partnership:
|
|
|
|
|
|
Duke Realty Corporation:
|
|
|
|
|
|
|
|
|
|
Duke Realty Limited Partnership:
|
|
|
|
|
|
|
|
|
|
Duke Realty Corporation and Duke Realty Limited Partnership:
|
|
Number
|
|
Description
|
|
|
|
3.1
|
|
Sixth Amended and Restated Articles of Incorporation of the General Partner (filed as Exhibit 3.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on January 5, 2015, and incorporated herein by this reference).
|
|
|
|
3.2
|
|
Fourth Amended and Restated Bylaws of the General Partner (filed as Exhibit 3.2 to the General Partner's Current Report on Form 8-K as filed with the SEC on July 30, 2009, and incorporated herein by this reference) (File No.001-09044).
|
|
|
|
3.3
|
|
Certificate of Limited Partnership of the Partnership, dated September 17, 1993 (filed as Exhibit 3.1(i) to the Partnership's Annual Report on Form 10-K for the year ended December 31, 2006 as filed with the SEC on March 13, 2007, and incorporated herein by this reference) (File No. 000-20625).
|
|
|
|
3.4(i)
|
|
Fifth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.2 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on May 5, 2014, and incorporated herein by this reference).
|
|
|
|
3.4(ii)
|
|
First Amendment to Fifth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.2 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on August 6, 2014, and incorporated herein by this reference).
|
|
|
|
3.4(iii)
|
|
Second Amendment to Fifth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.2 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on December 16, 2014, and incorporated herein by this reference).
|
|
|
|
3.4(iv)
|
|
Third Amendment to Fifth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.2 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on January 5, 2015, and incorporated herein by this reference).
|
|
|
|
3.4(v)
|
|
Fourth Amendment to Fifth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on January 29, 2015, and incorporated herein by this reference).
|
|
|
|
4.1
|
|
Specimen certificate for shares of common stock, $.01 par value (filed as Exhibit 4.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on July 28, 2016, and incorporated herein by this reference).
|
|
|
|
4.2(i)
|
|
Indenture, dated September 19, 1995, between the Partnership and The First National Bank of Chicago, Trustee (filed as Exhibit 4.1 to the General Partner's Current Report on Form 8-K as filed with the SEC on September 22, 1995, and incorporated herein by this reference) (File No. 001-09044).
|
|
|
|
4.2(ii)
|
|
Twentieth Supplemental Indenture, dated as of July 24, 2006, by and between the Partnership and J.P. Morgan Trust Company, National Association (successor in interest to The First National Bank of Chicago), modifying certain financial covenants contained in Sections 1004 and 1005 of the Indenture, dated September 19, 1995, between the Partnership and The First National Bank of Chicago, Trustee (filed as Exhibit 4.1 to the Partnership's Current Report on Form 8-K as filed with the SEC on July 28, 2006, and incorporated herein by this reference) (File No. 000-20625).
|
4.3(i)
|
|
Indenture, dated as of July 28, 2006, by and between the Partnership and J.P. Morgan Trust Company, National Association (filed as Exhibit 4.1 to the General Partner's automatic shelf registration statement on Form S-3 as filed with the SEC on July 31, 2006, and incorporated herein by this reference) (File No. 333-136173).
|
|
|
|
4.3(ii)
|
|
Third Supplemental Indenture, dated as of September 11, 2007, by and between the Partnership and The Bank of New York Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 6.50% Senior Notes Due 2018 (incorporated by reference to Exhibit 4.1 to the Partnership's Current Report on Form 8-K as filed with the SEC on September 12, 2007, and incorporated herein by this reference) (File No. 000-20625).
|
|
|
|
4.3(iii)
|
|
Seventh Supplemental Indenture, dated as of April 1, 2010, by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 6.75% Senior Notes due 2020 (filed as Exhibit 4.1 to the Partnership's Current Report on Form 8-K as filed with the SEC on April 1, 2010, and incorporated herein by this reference) (File No. 000-20625).
|
|
|
4.3(iv)
|
|
Eighth Supplemental Indenture, dated June 11, 2012, by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 4.375% Senior Notes Due 2022 (filed as Exhibit 4.1 to the General Partner's Current Report on Form 8-K as filed with the SEC on June 11, 2012, and incorporated herein by this reference).
|
|
|
|
4.3(v)
|
|
Ninth Supplemental Indenture, dated September 19, 2012, by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 3.875% Senior Notes Due 2022 (filed as Exhibit 4.1 to the General Partner's Current Report on Form 8-K as filed with the SEC on September 19, 2012, and incorporated herein by this reference).
|
|
|
|
4.3(vi)
|
|
Tenth Supplemental Indenture, dated March 15, 2013, by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 3.625% Senior Notes Due 2023 (filed as Exhibit 4.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on March 15, 2013, and incorporated herein by this reference).
|
|
|
|
4.3(vii)
|
|
Eleventh Supplemental Indenture, dated December 3, 2013, by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 3.875% Senior Notes Due 2021 (filed as Exhibit 4.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on December 3, 2013, and incorporated herein by this reference).
|
|
|
|
4.3(viii)
|
|
Twelfth Supplemental Indenture, dated as of November 17, 2014, by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 3.75% Senior Notes Due 2024 (filed as Exhibit 4.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on November 17, 2014, and incorporated herein by this reference).
|
|
|
|
4.3(ix)
|
|
Thirteenth Supplemental Indenture, dated as of June 23, 2016, by and between the Partnership and the Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), as trustee, including the form of global note evidencing the 3.250% Senior Notes Due 2026 (filed as Exhibit 4.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on June 23, 2016, and incorporated herein by this reference).
|
|
|
|
10.1(i)
|
|
The General Partner's 2015 Long-Term Incentive Plan (filed as Exhibit 10.1 to the General Partner’s Current Report on Form 8-K as filed with the SEC on May 4, 2015, and incorporated herein by this reference).#
|
|
|
|
10.1(ii)
|
|
Form of Restricted Stock Unit Award Certificate under the General Partner's 2015 Long-Term Incentive Plan (filed as Exhibit 10.1(ii) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 19, 2016 and incorporated herein by this reference). #
|
|
|
|
10.1(iii)
|
|
Form of LTIP Unit Award Agreement (filed as Exhibit 10.2 to the General Partner’s Current Report on Form 8-K as filed with the SEC on January 29, 2015, and incorporated herein by this reference).#
|
|
|
|
10.2(i)
|
|
The General Partner's 2000 Performance Share Plan, Amended and Restated as of January 30, 2008, a sub-plan of the 2015 Long-Term Incentive Plan (filed as Exhibit 10.4(i) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#
|
|
|
|
10.2(ii)
|
|
Amendment to the 2004 Award Agreement under the General Partner's 2000 Performance Share Plan (filed as Exhibit 10.4(ii) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#
|
|
|
|
10.3(i)
|
|
The General Partner's 2010 Performance Share Plan, a sub-plan of the 2015 Long-Term Incentive Plan (filed as Exhibit 10.5(i) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#
|
|
|
|
10.3(ii)
|
|
First Amendment to the General Partner's 2010 Performance Share Plan, a sub-plan of the 2015 Long-Term Incentive Plan (filed as Exhibit 10.1 to the General Partner’s Current Report on Form 8-K as filed with the SEC on January 29, 2015, and incorporated herein by this reference).#
|
|
|
|
10.3(iii)
|
|
Form of Award Certificate under the General Partner's 2010 Performance Share Plan, a sub-plan of the 2015 Long-Term Incentive Plan (filed as Exhibit 10.1 to the combined Quarterly Report on 10-Q of the General Partner and the Partnership as filed with the SEC on May 2, 2014, and incorporated herein by this reference).#
|
|
|
|
10.3(iv)
|
|
Form of 2010 Performance Share Plan LTIP Unit Award Agreement (filed as Exhibit 10.3 to the General Partner’s Current Report on Form 8-K as filed with the SEC on January 29, 2015, and incorporated herein by this reference).#
|
|
|
|
10.4
|
|
Form of Forfeiture Agreement/Performance Unit Award Certificate (filed as Exhibit 99.2 to the General Partner's Current Report on Form 8-K as filed with the SEC on December 9, 2005, and incorporated herein by this reference) (File No. 001-09044).#
|
|
|
|
10.5(i)
|
|
Executives' Deferred Compensation Plan of Duke Realty Services Limited Partnership, Amended and Restated as of December 5, 2007 (filed as Exhibit 10.13(i) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#
|
|
|
|
10.5(ii)
|
|
Amendment Number One to the Executives' Deferred Compensation Plan of Duke Realty Services Limited Partnership, Amended and Restated as of December 5, 2007 (filed as Exhibit 10.13(ii) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#
|
|
|
|
10.6
|
|
The General Partner's Directors' Deferred Compensation Plan, Amended and Restated as of January 30, 2008 (filed as Exhibit 10.14 to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#
|
|
|
|
10.7
|
|
The General Partner’s 2015 Non-Employee Directors Compensation Plan, a sub-plan of the 2015 Long-Term Incentive Plan (filed as Exhibit 10.4 to the combined Quarterly Report on Form 10-Q of the General Partner and the Partnership, as filed with the SEC on May 1, 2015, and incorporated herein by this reference).#
|
|
|
|
10.8(i)
|
|
Letter Agreements Regarding Executive Severance, dated December 13, 2007, between the General Partner and Dennis D. Oklak and James B. Connor (filed as Exhibit 10.23 to the General Partner's Annual Report on Form 10-K for the year ended December 31, 2007, filed with the SEC on February 29, 2008, and incorporated herein by this reference) (File No. 001-09044).#
|
|
|
|
10.8(ii)
|
|
First Amendments to Executive Severance Agreement, dated February 24, 2009, between the General Partner and Dennis D. Oklak and James B. Connor (filed as Exhibit 10.15(ii) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#
|
|
|
|
10.8(iii)
|
|
Second Amendments to Executive Severance Agreement, dated December 21, 2011, between the General Partner and Dennis D. Oklak and James B. Connor (filed as Exhibit 10.15(iii) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#
|
|
|
|
10.8(iv)
|
|
Third Amendments to Executive Severance Letter, dated December 19, 2012, between the General Partner and Dennis D. Oklak and James B. Connor (filed as Exhibit 10.15(iv) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#
|
|
|
|
10.9
|
|
Form of Letter Agreement Regarding Executive Severance between the General Partner and the following executive officers: Mark A. Denien, Ann C. Dee, Nicholas C. Anthony and Peter D. Harrington (filed as Exhibit 10.13 to the combined Annual Report on Form 10-K of the General Partner and the Partnership, as filed with the SEC on February 19, 2016, and incorporated herein by this reference). #
|
|
|
|
10.10
|
|
Amended and Restated Revolving Credit and Term Loan Agreement, dated October 9, 2014, by and among the Partnership, the General Partner, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association and the several banks, financial institutions and other entities from time to time parties thereto as lenders (filed as Exhibit 10.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on October 10, 2014, and incorporated herein by this reference).
|
|
|
|
10.11
|
|
Equity Distribution Agreement, dated August 9, 2016, by and among the General Partner, the Partnership, Barclays Capital Inc., BB&T Capital Markets, a division of BB&T Securities, LLC, Citigroup Global Markets Inc., J P Morgan Securities LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., and Wells Fargo Securities, LLC. (filed as Exhibit 1.1 to the Combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on August 9, 2016, and incorporated herein by this reference).
|
|
|
|
11.1
|
|
Statement Regarding Computation of Earnings.***
|
12.1
|
|
Statement of Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Dividends of the General Partner.*
|
|
|
|
12.2
|
|
Statement of Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Distributions of the Partnership.*
|
|
|
|
21.1
|
|
List of the Company's Subsidiaries.*
|
|
|
|
23.1
|
|
Consent of KPMG LLP relating to the General Partner.*
|
|
|
|
23.2
|
|
Consent of KPMG LLP relating to the Partnership.*
|
|
|
|
24.1
|
|
Executed Powers of Attorney of certain directors.*
|
|
|
|
31.1
|
|
Rule 13a-14(a) Certification of the Chief Executive Officer of the General Partner.*
|
|
|
|
31.2
|
|
Rule 13a-14(a) Certification of the Chief Financial Officer of the General Partner.*
|
|
|
|
31.3
|
|
Rule 13a-14(a) Certification of the Chief Executive Officer for the Partnership.*
|
|
|
|
31.4
|
|
Rule 13a-14(a) Certification of the Chief Financial Officer for the Partnership.*
|
|
|
|
32.1
|
|
Section 1350 Certification of the Chief Executive Officer of the General Partner. * **
|
|
|
|
32.2
|
|
Section 1350 Certification of the Chief Financial Officer of the General Partner. * **
|
|
|
|
32.3
|
|
Section 1350 Certification of the Chief Executive Officer for the Partnership. * **
|
|
|
|
32.4
|
|
Section 1350 Certification of the Chief Financial Officer for the Partnership. * **
|
101
|
|
The following materials from the General Partner's and the Partnership's Annual Report on Form 10-K for the year ended December 31, 2016 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations and Comprehensive Income, (iii) the Consolidated Statements of Cash Flows, (iv) the Consolidated Statements of Changes in Equity, and (v) the Notes to Consolidated Financial Statements.
|
(b)
|
Exhibits
|
(c)
|
Financial Statement Schedule
|
•
|
Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets of the company;
|
•
|
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
|
•
|
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements.
|
/s/ James B. Connor
|
James B. Connor
|
President and Chief Executive Officer
|
|
/s/ Mark A. Denien
|
Mark A. Denien
|
Executive Vice President and Chief Financial Officer
|
/s/ KPMG LLP
|
|
Indianapolis, Indiana
|
February 17, 2017
|
•
|
Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets of the Partnership;
|
•
|
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the General Partner; and
|
•
|
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Partnership's assets that could have a material effect on the financial statements.
|
/s/ James B. Connor
|
James B. Connor
|
President and Chief Executive Officer
|
of the General Partner
|
|
/s/ Mark A. Denien
|
Mark A. Denien
|
Executive Vice President and Chief Financial Officer
|
of the General Partner
|
/s/ KPMG LLP
|
|
Indianapolis, Indiana
|
February 17, 2017
|
|
2016
|
|
2015
|
||||
ASSETS
|
|
|
|
||||
Real estate investments:
|
|
|
|
||||
Land and improvements
|
$
|
1,511,264
|
|
|
$
|
1,391,763
|
|
Buildings and tenant improvements
|
4,970,891
|
|
|
4,740,837
|
|
||
Construction in progress
|
347,193
|
|
|
321,062
|
|
||
Investments in and advances to unconsolidated companies
|
197,807
|
|
|
268,390
|
|
||
Undeveloped land
|
237,436
|
|
|
383,045
|
|
||
|
7,264,591
|
|
|
7,105,097
|
|
||
Accumulated depreciation
|
(1,283,629
|
)
|
|
(1,192,425
|
)
|
||
Net real estate investments
|
5,980,962
|
|
|
5,912,672
|
|
||
|
|
|
|
||||
Real estate investments and other assets held-for-sale
|
51,627
|
|
|
45,801
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
12,639
|
|
|
22,533
|
|
||
Accounts receivable, net of allowance of $1,972 and $1,113
|
20,373
|
|
|
18,846
|
|
||
Straight-line rent receivable, net of allowance of $5,337 and $6,155
|
115,922
|
|
|
116,781
|
|
||
Receivables on construction contracts, including retentions
|
10,441
|
|
|
16,459
|
|
||
Deferred leasing and other costs, net of accumulated amortization of $250,249 and $245,426
|
342,263
|
|
|
346,374
|
|
||
Escrow deposits and other assets
|
237,775
|
|
|
416,049
|
|
||
|
$
|
6,772,002
|
|
|
$
|
6,895,515
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Indebtedness:
|
|
|
|
||||
Secured debt, net of deferred financing costs of $969 and $1,552
|
$
|
383,725
|
|
|
$
|
738,444
|
|
Unsecured debt, net of deferred financing costs of $22,083 and $20,046
|
2,476,752
|
|
|
2,510,697
|
|
||
Unsecured line of credit
|
48,000
|
|
|
71,000
|
|
||
|
2,908,477
|
|
|
3,320,141
|
|
||
|
|
|
|
||||
Liabilities related to real estate investments held-for-sale
|
1,661
|
|
|
972
|
|
||
|
|
|
|
||||
Construction payables and amounts due subcontractors, including retentions
|
53,742
|
|
|
54,921
|
|
||
Accrued real estate taxes
|
73,190
|
|
|
71,617
|
|
||
Accrued interest
|
23,633
|
|
|
34,447
|
|
||
Other accrued expenses
|
63,617
|
|
|
61,827
|
|
||
Other liabilities
|
114,569
|
|
|
106,283
|
|
||
Tenant security deposits and prepaid rents
|
39,820
|
|
|
40,506
|
|
||
Total liabilities
|
3,278,709
|
|
|
3,690,714
|
|
||
Shareholders' equity:
|
|
|
|
||||
Common shares ($0.01 par value); 600,000 shares authorized; 354,756 and 345,285 shares issued and outstanding, respectively
|
3,548
|
|
|
3,453
|
|
||
Additional paid-in capital
|
5,192,011
|
|
|
4,961,923
|
|
||
Accumulated other comprehensive income
|
682
|
|
|
1,806
|
|
||
Distributions in excess of net income
|
(1,730,423
|
)
|
|
(1,785,250
|
)
|
||
Total shareholders' equity
|
3,465,818
|
|
|
3,181,932
|
|
||
Noncontrolling interests
|
27,475
|
|
|
22,869
|
|
||
Total equity
|
3,493,293
|
|
|
3,204,801
|
|
||
|
$
|
6,772,002
|
|
|
$
|
6,895,515
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Rental and related revenue
|
$
|
813,434
|
|
|
$
|
816,065
|
|
|
$
|
822,351
|
|
General contractor and service fee revenue
|
88,810
|
|
|
133,367
|
|
|
224,500
|
|
|||
|
902,244
|
|
|
949,432
|
|
|
1,046,851
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Rental expenses
|
107,410
|
|
|
125,666
|
|
|
136,278
|
|
|||
Real estate taxes
|
118,654
|
|
|
112,879
|
|
|
115,013
|
|
|||
General contractor and other services expenses
|
80,467
|
|
|
119,170
|
|
|
200,031
|
|
|||
Depreciation and amortization
|
317,818
|
|
|
317,329
|
|
|
346,275
|
|
|||
|
624,349
|
|
|
675,044
|
|
|
797,597
|
|
|||
Other operating activities:
|
|
|
|
|
|
||||||
Equity in earnings (loss) of unconsolidated companies
|
47,403
|
|
|
(3,304
|
)
|
|
94,317
|
|
|||
Gain on dissolution of unconsolidated company
|
30,697
|
|
|
—
|
|
|
—
|
|
|||
Promote income
|
26,299
|
|
|
—
|
|
|
—
|
|
|||
Gain on sale of properties
|
162,093
|
|
|
229,702
|
|
|
162,715
|
|
|||
Gain on land sales
|
9,865
|
|
|
35,054
|
|
|
10,441
|
|
|||
Other operating expenses
|
(3,864
|
)
|
|
(5,947
|
)
|
|
(7,191
|
)
|
|||
Impairment charges
|
(18,018
|
)
|
|
(22,932
|
)
|
|
(49,106
|
)
|
|||
General and administrative expenses
|
(55,389
|
)
|
|
(58,565
|
)
|
|
(49,362
|
)
|
|||
|
199,086
|
|
|
174,008
|
|
|
161,814
|
|
|||
Operating income
|
476,981
|
|
|
448,396
|
|
|
411,068
|
|
|||
Other income (expenses):
|
|
|
|
|
|
||||||
Interest and other income, net
|
4,035
|
|
|
4,667
|
|
|
1,246
|
|
|||
Interest expense
|
(141,576
|
)
|
|
(173,574
|
)
|
|
(196,186
|
)
|
|||
Loss on debt extinguishment
|
(33,934
|
)
|
|
(85,713
|
)
|
|
(283
|
)
|
|||
Acquisition-related activity
|
7,176
|
|
|
(8,499
|
)
|
|
(1,099
|
)
|
|||
Income from continuing operations before income taxes
|
312,682
|
|
|
185,277
|
|
|
214,746
|
|
|||
Income tax benefit
|
589
|
|
|
3,928
|
|
|
844
|
|
|||
Income from continuing operations
|
313,271
|
|
|
189,205
|
|
|
215,590
|
|
|||
Discontinued operations:
|
|
|
|
|
|
||||||
Income before gain on sales
|
991
|
|
|
10,939
|
|
|
11,071
|
|
|||
Gain on sale of depreciable properties, net of tax
|
1,016
|
|
|
421,717
|
|
|
19,794
|
|
|||
Income from discontinued operations
|
2,007
|
|
|
432,656
|
|
|
30,865
|
|
|||
Net income
|
315,278
|
|
|
621,861
|
|
|
246,455
|
|
|||
Dividends on preferred shares
|
—
|
|
|
—
|
|
|
(24,943
|
)
|
|||
Adjustments for redemption/repurchase of preferred shares
|
—
|
|
|
—
|
|
|
(13,752
|
)
|
|||
Net income attributable to noncontrolling interests
|
(3,135
|
)
|
|
(6,551
|
)
|
|
(2,867
|
)
|
|||
Net income attributable to common shareholders
|
$
|
312,143
|
|
|
$
|
615,310
|
|
|
$
|
204,893
|
|
Basic net income per common share:
|
|
|
|
|
|
||||||
Continuing operations attributable to common shareholders
|
$
|
0.88
|
|
|
$
|
0.53
|
|
|
$
|
0.51
|
|
Discontinued operations attributable to common shareholders
|
0.01
|
|
|
1.24
|
|
|
0.09
|
|
|||
Total
|
$
|
0.89
|
|
|
$
|
1.77
|
|
|
$
|
0.60
|
|
Diluted net income per common share:
|
|
|
|
|
|
||||||
Continuing operations attributable to common shareholders
|
$
|
0.88
|
|
|
$
|
0.53
|
|
|
$
|
0.51
|
|
Discontinued operations attributable to common shareholders
|
—
|
|
|
1.24
|
|
|
0.09
|
|
|||
Total
|
$
|
0.88
|
|
|
$
|
1.77
|
|
|
$
|
0.60
|
|
Weighted average number of common shares outstanding
|
349,942
|
|
|
345,057
|
|
|
335,777
|
|
|||
Weighted average number of common shares and potential dilutive securities
|
357,076
|
|
|
352,197
|
|
|
340,446
|
|
|||
Comprehensive income:
|
|
|
|
|
|
||||||
Net income
|
$
|
315,278
|
|
|
$
|
621,861
|
|
|
$
|
246,455
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Amortization of interest contracts
|
(1,101
|
)
|
|
(1,125
|
)
|
|
(1,148
|
)
|
|||
Other
|
(23
|
)
|
|
(95
|
)
|
|
55
|
|
|||
Total other comprehensive loss
|
(1,124
|
)
|
|
(1,220
|
)
|
|
(1,093
|
)
|
|||
Comprehensive income
|
$
|
314,154
|
|
|
$
|
620,641
|
|
|
$
|
245,362
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
315,278
|
|
|
$
|
621,861
|
|
|
$
|
246,455
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation of buildings and tenant improvements
|
255,419
|
|
|
253,683
|
|
|
290,279
|
|
|||
Amortization of deferred leasing and other costs
|
62,399
|
|
|
67,163
|
|
|
94,338
|
|
|||
Amortization of deferred financing costs
|
5,327
|
|
|
6,997
|
|
|
9,786
|
|
|||
Straight-line rental income and expense, net
|
(13,743
|
)
|
|
(22,396
|
)
|
|
(19,965
|
)
|
|||
Impairment charges
|
18,018
|
|
|
22,932
|
|
|
49,106
|
|
|||
Loss on debt extinguishment
|
33,934
|
|
|
85,713
|
|
|
283
|
|
|||
Gain on dissolution of unconsolidated company
|
(30,697
|
)
|
|
—
|
|
|
—
|
|
|||
Gain on acquisitions
|
(7,272
|
)
|
|
—
|
|
|
—
|
|
|||
Gains on land and depreciated property sales
|
(172,974
|
)
|
|
(689,647
|
)
|
|
(195,920
|
)
|
|||
Third-party construction contracts, net
|
5,273
|
|
|
4,033
|
|
|
(17,231
|
)
|
|||
Other accrued revenues and expenses, net
|
9,800
|
|
|
3,755
|
|
|
47,718
|
|
|||
Operating distributions received (less than) in excess of equity in earnings from unconsolidated companies
|
(30,627
|
)
|
|
25,287
|
|
|
(60,362
|
)
|
|||
Net cash provided by operating activities
|
450,135
|
|
|
379,381
|
|
|
444,487
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Development of real estate investments
|
(401,442
|
)
|
|
(370,466
|
)
|
|
(446,722
|
)
|
|||
Acquisition of real estate investments and related intangible assets
|
(170,635
|
)
|
|
(28,849
|
)
|
|
(125,227
|
)
|
|||
Acquisition of undeveloped land
|
(99,168
|
)
|
|
(39,881
|
)
|
|
(68,156
|
)
|
|||
Second generation tenant improvements, leasing costs and building improvements
|
(59,349
|
)
|
|
(61,900
|
)
|
|
(98,821
|
)
|
|||
Other deferred leasing costs
|
(38,410
|
)
|
|
(30,790
|
)
|
|
(31,503
|
)
|
|||
Other assets
|
187,129
|
|
|
(19,083
|
)
|
|
(9,996
|
)
|
|||
Proceeds from land and depreciated property sales, net
|
538,642
|
|
|
1,675,690
|
|
|
493,217
|
|
|||
Capital distributions from unconsolidated companies
|
126,051
|
|
|
68,985
|
|
|
91,750
|
|
|||
Capital contributions and advances to unconsolidated companies
|
(57,914
|
)
|
|
(72,407
|
)
|
|
(11,573
|
)
|
|||
Net cash provided by (used for) investing activities
|
24,904
|
|
|
1,121,299
|
|
|
(207,031
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Proceeds from issuance of common shares, net
|
220,258
|
|
|
4,530
|
|
|
289,122
|
|
|||
Payments for redemption/repurchase of preferred shares
|
—
|
|
|
—
|
|
|
(446,592
|
)
|
|||
Proceeds from unsecured debt
|
375,000
|
|
|
—
|
|
|
300,000
|
|
|||
Payments on unsecured debt
|
(440,040
|
)
|
|
(913,143
|
)
|
|
(2,092
|
)
|
|||
Payments on secured indebtedness including principal amortization
|
(354,832
|
)
|
|
(245,665
|
)
|
|
(112,877
|
)
|
|||
Borrowings (payments) on line of credit, net
|
(23,000
|
)
|
|
(35,000
|
)
|
|
18,000
|
|
|||
Distributions to common shareholders
|
(255,279
|
)
|
|
(238,114
|
)
|
|
(228,227
|
)
|
|||
Distributions to common shareholders - special dividends
|
—
|
|
|
(69,055
|
)
|
|
—
|
|
|||
Distributions to preferred shareholders
|
—
|
|
|
—
|
|
|
(27,395
|
)
|
|||
Distributions to noncontrolling interests, net
|
(2,640
|
)
|
|
(2,754
|
)
|
|
(2,791
|
)
|
|||
Buyout of noncontrolling interests
|
—
|
|
|
—
|
|
|
(7,803
|
)
|
|||
Change in book overdrafts
|
2,324
|
|
|
3,392
|
|
|
(4,696
|
)
|
|||
Deferred financing costs
|
(6,724
|
)
|
|
(260
|
)
|
|
(13,458
|
)
|
|||
Net cash used for financing activities
|
(484,933
|
)
|
|
(1,496,069
|
)
|
|
(238,809
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
(9,894
|
)
|
|
4,611
|
|
|
(1,353
|
)
|
|||
Cash and cash equivalents at beginning of year
|
22,533
|
|
|
17,922
|
|
|
19,275
|
|
|||
Cash and cash equivalents at end of year
|
$
|
12,639
|
|
|
$
|
22,533
|
|
|
$
|
17,922
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
||||||
Assumption of indebtedness and other liabilities in real estate acquisitions
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
355
|
|
Mortgage notes receivable from buyers in property sales
|
$
|
23,360
|
|
|
$
|
204,336
|
|
|
$
|
—
|
|
Conversion of Limited Partner Units to common shares
|
$
|
967
|
|
|
$
|
2,483
|
|
|
$
|
6,741
|
|
|
Common Shareholders
|
|
|
|
|
||||||||||||||||||||||
|
Preferred
Stock
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Distributions
in Excess of
Net Income
|
|
Non-
Controlling
Interests
|
|
Total
|
||||||||||||||
Balance at December 31, 2013
|
$
|
447,683
|
|
|
$
|
3,264
|
|
|
$
|
4,620,964
|
|
|
$
|
4,119
|
|
|
$
|
(2,062,787
|
)
|
|
$
|
31,386
|
|
|
$
|
3,044,629
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
243,588
|
|
|
2,867
|
|
|
246,455
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,093
|
)
|
|
—
|
|
|
—
|
|
|
(1,093
|
)
|
|||||||
Issuance of common shares
|
—
|
|
|
164
|
|
|
288,958
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
289,122
|
|
|||||||
Stock-based compensation plan activity
|
—
|
|
|
7
|
|
|
13,300
|
|
|
—
|
|
|
(2,184
|
)
|
|
—
|
|
|
11,123
|
|
|||||||
Conversion of Limited Partner Units
|
—
|
|
|
6
|
|
|
6,735
|
|
|
—
|
|
|
—
|
|
|
(6,741
|
)
|
|
—
|
|
|||||||
Distributions to preferred shareholders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,943
|
)
|
|
—
|
|
|
(24,943
|
)
|
|||||||
Redemption of preferred shares
|
(447,683
|
)
|
|
—
|
|
|
14,843
|
|
|
—
|
|
|
(13,752
|
)
|
|
—
|
|
|
(446,592
|
)
|
|||||||
Distributions to common shareholders ($0.68 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(228,227
|
)
|
|
—
|
|
|
(228,227
|
)
|
|||||||
Distributions to noncontrolling interests, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,791
|
)
|
|
(2,791
|
)
|
|||||||
Buyout of noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,637
|
)
|
|
(5,166
|
)
|
|
(7,803
|
)
|
|||||||
Balance at December 31, 2014
|
$
|
—
|
|
|
$
|
3,441
|
|
|
$
|
4,944,800
|
|
|
$
|
3,026
|
|
|
$
|
(2,090,942
|
)
|
|
$
|
19,555
|
|
|
$
|
2,879,880
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
615,310
|
|
|
6,551
|
|
|
621,861
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,220
|
)
|
|
—
|
|
|
—
|
|
|
(1,220
|
)
|
|||||||
Issuance of common shares
|
—
|
|
|
2
|
|
|
4,528
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,530
|
|
|||||||
Stock-based compensation plan activity
|
—
|
|
|
8
|
|
|
10,114
|
|
|
—
|
|
|
(2,449
|
)
|
|
2,000
|
|
|
9,673
|
|
|||||||
Conversion of Limited Partner Units
|
—
|
|
|
2
|
|
|
2,481
|
|
|
—
|
|
|
—
|
|
|
(2,483
|
)
|
|
—
|
|
|||||||
Distributions to common shareholders ($0.69 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(238,114
|
)
|
|
—
|
|
|
(238,114
|
)
|
|||||||
Distributions to common shareholders - special ($0.20 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(69,055
|
)
|
|
—
|
|
|
(69,055
|
)
|
|||||||
Distributions to noncontrolling interests, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,754
|
)
|
|
(2,754
|
)
|
|||||||
Balance at December 31, 2015
|
$
|
—
|
|
|
$
|
3,453
|
|
|
$
|
4,961,923
|
|
|
$
|
1,806
|
|
|
$
|
(1,785,250
|
)
|
|
$
|
22,869
|
|
|
$
|
3,204,801
|
|
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 ($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
|
|
|
2016
|
|
2015
|
||||
ASSETS
|
|
|
|
||||
Real estate investments:
|
|
|
|
||||
Land and improvements
|
$
|
1,511,264
|
|
|
$
|
1,391,763
|
|
Buildings and tenant improvements
|
4,970,891
|
|
|
4,740,837
|
|
||
Construction in progress
|
347,193
|
|
|
321,062
|
|
||
Investments in and advances to unconsolidated companies
|
197,807
|
|
|
268,390
|
|
||
Undeveloped land
|
237,436
|
|
|
383,045
|
|
||
|
7,264,591
|
|
|
7,105,097
|
|
||
Accumulated depreciation
|
(1,283,629
|
)
|
|
(1,192,425
|
)
|
||
Net real estate investments
|
5,980,962
|
|
|
5,912,672
|
|
||
|
|
|
|
||||
Real estate investments and other assets held-for-sale
|
51,627
|
|
|
45,801
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
12,639
|
|
|
22,533
|
|
||
Accounts receivable, net of allowance of $1,972 and $1,113
|
20,373
|
|
|
18,846
|
|
||
Straight-line rent receivable, net of allowance of $5,337 and $6,155
|
115,922
|
|
|
116,781
|
|
||
Receivables on construction contracts, including retentions
|
10,441
|
|
|
16,459
|
|
||
Deferred leasing and other costs, net of accumulated amortization of $250,249 and $245,426
|
342,263
|
|
|
346,374
|
|
||
Escrow deposits and other assets
|
237,775
|
|
|
416,049
|
|
||
|
$
|
6,772,002
|
|
|
$
|
6,895,515
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Indebtedness:
|
|
|
|
||||
Secured debt, net of deferred financing costs of $969 and $1,552
|
$
|
383,725
|
|
|
$
|
738,444
|
|
Unsecured debt, net of deferred financing costs of $22,083 and $20,046
|
2,476,752
|
|
|
2,510,697
|
|
||
Unsecured line of credit
|
48,000
|
|
|
71,000
|
|
||
|
2,908,477
|
|
|
3,320,141
|
|
||
|
|
|
|
||||
Liabilities related to real estate investments held-for-sale
|
1,661
|
|
|
972
|
|
||
|
|
|
|
||||
Construction payables and amounts due subcontractors, including retentions
|
53,742
|
|
|
54,921
|
|
||
Accrued real estate taxes
|
73,190
|
|
|
71,617
|
|
||
Accrued interest
|
23,633
|
|
|
34,447
|
|
||
Other accrued expenses
|
63,617
|
|
|
61,827
|
|
||
Other liabilities
|
114,569
|
|
|
106,283
|
|
||
Tenant security deposits and prepaid rents
|
39,820
|
|
|
40,506
|
|
||
Total liabilities
|
3,278,709
|
|
|
3,690,714
|
|
||
Partners’ equity:
|
|
|
|
||||
General Partner:
|
|
|
|
||||
Common equity (354,756 and 345,285 General Partner Units issued and outstanding, respectively)
|
3,465,136
|
|
|
3,180,126
|
|
||
|
3,465,136
|
|
|
3,180,126
|
|
||
Limited Partners' common equity (3,408 and 3,487 Limited Partner Units issued and outstanding, respectively)
|
24,691
|
|
|
20,032
|
|
||
Accumulated other comprehensive income
|
682
|
|
|
1,806
|
|
||
Total partners' equity
|
3,490,509
|
|
|
3,201,964
|
|
||
Noncontrolling interests
|
2,784
|
|
|
2,837
|
|
||
Total equity
|
3,493,293
|
|
|
3,204,801
|
|
||
|
$
|
6,772,002
|
|
|
$
|
6,895,515
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Rental and related revenue
|
$
|
813,434
|
|
|
$
|
816,065
|
|
|
$
|
822,351
|
|
General contractor and service fee revenue
|
88,810
|
|
|
133,367
|
|
|
224,500
|
|
|||
|
902,244
|
|
|
949,432
|
|
|
1,046,851
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Rental expenses
|
107,410
|
|
|
125,666
|
|
|
136,278
|
|
|||
Real estate taxes
|
118,654
|
|
|
112,879
|
|
|
115,013
|
|
|||
General contractor and other services expenses
|
80,467
|
|
|
119,170
|
|
|
200,031
|
|
|||
Depreciation and amortization
|
317,818
|
|
|
317,329
|
|
|
346,275
|
|
|||
|
624,349
|
|
|
675,044
|
|
|
797,597
|
|
|||
Other operating activities:
|
|
|
|
|
|
||||||
Equity in earnings (loss) of unconsolidated companies
|
47,403
|
|
|
(3,304
|
)
|
|
94,317
|
|
|||
Gain on dissolution of unconsolidated company
|
30,697
|
|
|
—
|
|
|
—
|
|
|||
Promote income
|
26,299
|
|
|
—
|
|
|
—
|
|
|||
Gain on sale of properties
|
162,093
|
|
|
229,702
|
|
|
162,715
|
|
|||
Gain on land sales
|
9,865
|
|
|
35,054
|
|
|
10,441
|
|
|||
Other operating expenses
|
(3,864
|
)
|
|
(5,947
|
)
|
|
(7,191
|
)
|
|||
Impairment charges
|
(18,018
|
)
|
|
(22,932
|
)
|
|
(49,106
|
)
|
|||
General and administrative expenses
|
(55,389
|
)
|
|
(58,565
|
)
|
|
(49,362
|
)
|
|||
|
199,086
|
|
|
174,008
|
|
|
161,814
|
|
|||
Operating income
|
476,981
|
|
|
448,396
|
|
|
411,068
|
|
|||
Other income (expenses):
|
|
|
|
|
|
||||||
Interest and other income, net
|
4,035
|
|
|
4,667
|
|
|
1,246
|
|
|||
Interest expense
|
(141,576
|
)
|
|
(173,574
|
)
|
|
(196,186
|
)
|
|||
Loss on debt extinguishment
|
(33,934
|
)
|
|
(85,713
|
)
|
|
(283
|
)
|
|||
Acquisition-related activity
|
7,176
|
|
|
(8,499
|
)
|
|
(1,099
|
)
|
|||
Income from continuing operations before income taxes
|
312,682
|
|
|
185,277
|
|
|
214,746
|
|
|||
Income tax benefit
|
589
|
|
|
3,928
|
|
|
844
|
|
|||
Income from continuing operations
|
313,271
|
|
|
189,205
|
|
|
215,590
|
|
|||
Discontinued operations:
|
|
|
|
|
|
||||||
Income before gain on sales
|
991
|
|
|
10,939
|
|
|
11,071
|
|
|||
Gain on sale of depreciable properties, net of tax
|
1,016
|
|
|
421,717
|
|
|
19,794
|
|
|||
Income from discontinued operations
|
2,007
|
|
|
432,656
|
|
|
30,865
|
|
|||
Net income
|
315,278
|
|
|
621,861
|
|
|
246,455
|
|
|||
Distributions on Preferred Units
|
—
|
|
|
—
|
|
|
(24,943
|
)
|
|||
Adjustments for redemption/repurchase of Preferred Units
|
—
|
|
|
—
|
|
|
(13,752
|
)
|
|||
Net income attributable to noncontrolling interests
|
(46
|
)
|
|
(147
|
)
|
|
(240
|
)
|
|||
Net income attributable to common unitholders
|
$
|
315,232
|
|
|
$
|
621,714
|
|
|
$
|
207,520
|
|
Basic net income per Common Unit:
|
|
|
|
|
|
||||||
Continuing operations attributable to common unitholders
|
$
|
0.88
|
|
|
$
|
0.53
|
|
|
$
|
0.51
|
|
Discontinued operations attributable to common unitholders
|
0.01
|
|
|
1.24
|
|
|
0.09
|
|
|||
Total
|
$
|
0.89
|
|
|
$
|
1.77
|
|
|
$
|
0.60
|
|
Diluted net income per Common Unit:
|
|
|
|
|
|
||||||
Continuing operations attributable to common unitholders
|
$
|
0.88
|
|
|
$
|
0.53
|
|
|
$
|
0.51
|
|
Discontinued operations attributable to common unitholders
|
—
|
|
|
1.24
|
|
|
0.09
|
|
|||
Total
|
$
|
0.88
|
|
|
$
|
1.77
|
|
|
$
|
0.60
|
|
Weighted average number of Common Units outstanding
|
353,423
|
|
|
348,639
|
|
|
340,085
|
|
|||
Weighted average number of Common Units and potential dilutive securities
|
357,076
|
|
|
352,197
|
|
|
340,446
|
|
|||
Comprehensive income:
|
|
|
|
|
|
||||||
Net income
|
$
|
315,278
|
|
|
$
|
621,861
|
|
|
$
|
246,455
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Amortization of interest contracts
|
(1,101
|
)
|
|
(1,125
|
)
|
|
(1,148
|
)
|
|||
Other
|
(23
|
)
|
|
(95
|
)
|
|
55
|
|
|||
Total other comprehensive loss
|
(1,124
|
)
|
|
(1,220
|
)
|
|
(1,093
|
)
|
|||
Comprehensive income
|
$
|
314,154
|
|
|
$
|
620,641
|
|
|
$
|
245,362
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
315,278
|
|
|
$
|
621,861
|
|
|
$
|
246,455
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation of buildings and tenant improvements
|
255,419
|
|
|
253,683
|
|
|
290,279
|
|
|||
Amortization of deferred leasing and other costs
|
62,399
|
|
|
67,163
|
|
|
94,338
|
|
|||
Amortization of deferred financing costs
|
5,327
|
|
|
6,997
|
|
|
9,786
|
|
|||
Straight-line rental income and expense, net
|
(13,743
|
)
|
|
(22,396
|
)
|
|
(19,965
|
)
|
|||
Impairment charges
|
18,018
|
|
|
22,932
|
|
|
49,106
|
|
|||
Loss on debt extinguishment
|
33,934
|
|
|
85,713
|
|
|
283
|
|
|||
Gain on dissolution of unconsolidated company
|
(30,697
|
)
|
|
—
|
|
|
—
|
|
|||
Gain on acquisitions
|
(7,272
|
)
|
|
—
|
|
|
—
|
|
|||
Gains on land and depreciated property sales
|
(172,974
|
)
|
|
(689,647
|
)
|
|
(195,920
|
)
|
|||
Third-party construction contracts, net
|
5,273
|
|
|
4,033
|
|
|
(17,231
|
)
|
|||
Other accrued revenues and expenses, net
|
9,800
|
|
|
3,575
|
|
|
47,654
|
|
|||
Operating distributions received (less than) in excess of equity in earnings from unconsolidated companies
|
(30,627
|
)
|
|
25,287
|
|
|
(60,362
|
)
|
|||
Net cash provided by operating activities
|
450,135
|
|
|
379,201
|
|
|
444,423
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Development of real estate investments
|
(401,442
|
)
|
|
(370,466
|
)
|
|
(446,722
|
)
|
|||
Acquisition of real estate investments and related intangible assets
|
(170,635
|
)
|
|
(28,849
|
)
|
|
(125,227
|
)
|
|||
Acquisition of undeveloped land
|
(99,168
|
)
|
|
(39,881
|
)
|
|
(68,156
|
)
|
|||
Second generation tenant improvements, leasing costs and building improvements
|
(59,349
|
)
|
|
(61,900
|
)
|
|
(98,821
|
)
|
|||
Other deferred leasing costs
|
(38,410
|
)
|
|
(30,790
|
)
|
|
(31,503
|
)
|
|||
Other assets
|
187,129
|
|
|
(19,083
|
)
|
|
(9,996
|
)
|
|||
Proceeds from land and depreciated property sales, net
|
538,642
|
|
|
1,675,690
|
|
|
493,217
|
|
|||
Capital distributions from unconsolidated companies
|
126,051
|
|
|
68,985
|
|
|
91,750
|
|
|||
Capital contributions and advances to unconsolidated companies
|
(57,914
|
)
|
|
(72,407
|
)
|
|
(11,573
|
)
|
|||
Net cash provided by (used for) investing activities
|
24,904
|
|
|
1,121,299
|
|
|
(207,031
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Contributions from the General Partner
|
220,258
|
|
|
4,710
|
|
|
289,122
|
|
|||
Payments for redemption/repurchase of Preferred Units
|
—
|
|
|
—
|
|
|
(446,592
|
)
|
|||
Proceeds from unsecured debt
|
375,000
|
|
|
—
|
|
|
300,000
|
|
|||
Payments on unsecured debt
|
(440,040
|
)
|
|
(913,143
|
)
|
|
(2,092
|
)
|
|||
Payments on secured indebtedness including principal amortization
|
(354,832
|
)
|
|
(245,665
|
)
|
|
(112,877
|
)
|
|||
Borrowings (payments) on line of credit, net
|
(23,000
|
)
|
|
(35,000
|
)
|
|
18,000
|
|
|||
Distributions to common unitholders
|
(257,820
|
)
|
|
(241,292
|
)
|
|
(231,112
|
)
|
|||
Distributions to common unitholders - special dividends
|
—
|
|
|
(69,055
|
)
|
|
—
|
|
|||
Distributions to preferred unitholders
|
—
|
|
|
—
|
|
|
(27,395
|
)
|
|||
Contributions from (distributions to) noncontrolling interests, net
|
(99
|
)
|
|
424
|
|
|
158
|
|
|||
Buyout of noncontrolling interests
|
—
|
|
|
—
|
|
|
(7,803
|
)
|
|||
Change in book overdrafts
|
2,324
|
|
|
3,392
|
|
|
(4,696
|
)
|
|||
Deferred financing costs
|
(6,724
|
)
|
|
(260
|
)
|
|
(13,458
|
)
|
|||
Net cash used for financing activities
|
(484,933
|
)
|
|
(1,495,889
|
)
|
|
(238,745
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
(9,894
|
)
|
|
4,611
|
|
|
(1,353
|
)
|
|||
Cash and cash equivalents at beginning of year
|
22,533
|
|
|
17,922
|
|
|
19,275
|
|
|||
Cash and cash equivalents at end of year
|
$
|
12,639
|
|
|
$
|
22,533
|
|
|
$
|
17,922
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
||||||
Assumption of indebtedness and other liabilities for real estate acquisitions
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
355
|
|
Mortgage notes receivable from buyers in property sales
|
$
|
23,360
|
|
|
$
|
204,336
|
|
|
$
|
—
|
|
Conversion of Limited Partner Units to common shares of the General Partner
|
$
|
967
|
|
|
$
|
2,483
|
|
|
$
|
6,741
|
|
|
Common Unitholders
|
|
|
|
|
||||||||||||||||||||||
|
|
|
Limited
|
|
Accumulated
|
|
|
|
|
|
|
||||||||||||||||
|
General Partner
|
|
Partners'
|
|
Other
|
|
Total
|
|
|
|
|
||||||||||||||||
|
Common
|
|
Preferred
|
|
Common
|
|
Comprehensive
|
|
Partners'
|
|
Noncontrolling
|
|
Total
|
||||||||||||||
|
Equity
|
|
Equity
|
|
Equity
|
|
Income (Loss)
|
|
Equity
|
|
Interests
|
|
Equity
|
||||||||||||||
Balance at December 31, 2013
|
$
|
2,565,370
|
|
|
$
|
447,683
|
|
|
$
|
20,158
|
|
|
$
|
4,119
|
|
|
$
|
3,037,330
|
|
|
$
|
7,055
|
|
|
$
|
3,044,385
|
|
Net income
|
218,645
|
|
|
24,943
|
|
|
2,627
|
|
|
—
|
|
|
246,215
|
|
|
240
|
|
|
246,455
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,093
|
)
|
|
(1,093
|
)
|
|
—
|
|
|
(1,093
|
)
|
|||||||
Capital Contribution from the General Partner
|
289,122
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
289,122
|
|
|
—
|
|
|
289,122
|
|
|||||||
Stock-based compensation plan activity
|
11,123
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,123
|
|
|
—
|
|
|
11,123
|
|
|||||||
Conversion of Limited Partner Units to common shares of the General Partner
|
2,566
|
|
|
—
|
|
|
(2,566
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Distributions to Preferred Unitholders
|
—
|
|
|
(24,943
|
)
|
|
—
|
|
|
—
|
|
|
(24,943
|
)
|
|
—
|
|
|
(24,943
|
)
|
|||||||
Redemption of Preferred Units
|
1,091
|
|
|
(447,683
|
)
|
|
—
|
|
|
—
|
|
|
(446,592
|
)
|
|
—
|
|
|
(446,592
|
)
|
|||||||
Distributions to Partners ($0.68 per Common Unit)
|
(228,161
|
)
|
|
—
|
|
|
(2,951
|
)
|
|
—
|
|
|
(231,112
|
)
|
|
—
|
|
|
(231,112
|
)
|
|||||||
Contributions from noncontrolling interests, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
158
|
|
|
158
|
|
|||||||
Buyout of noncontrolling interests
|
(2,637
|
)
|
|
—
|
|
|
21
|
|
|
—
|
|
|
(2,616
|
)
|
|
(5,187
|
)
|
|
(7,803
|
)
|
|||||||
Balance at December 31, 2014
|
$
|
2,857,119
|
|
|
$
|
—
|
|
|
$
|
17,289
|
|
|
$
|
3,026
|
|
|
$
|
2,877,434
|
|
|
$
|
2,266
|
|
|
$
|
2,879,700
|
|
Net income
|
615,310
|
|
|
—
|
|
|
6,404
|
|
|
—
|
|
|
621,714
|
|
|
147
|
|
|
621,861
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,220
|
)
|
|
(1,220
|
)
|
|
—
|
|
|
(1,220
|
)
|
|||||||
Capital Contribution from the General Partner
|
4,710
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,710
|
|
|
—
|
|
|
4,710
|
|
|||||||
Stock-based compensation plan activity
|
7,673
|
|
|
—
|
|
|
2,000
|
|
|
—
|
|
|
9,673
|
|
|
—
|
|
|
9,673
|
|
|||||||
Conversion of Limited Partner Units to common shares of the General Partner
|
2,483
|
|
|
—
|
|
|
(2,483
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Distributions to Partners ($0.69 per Common Unit)
|
(238,114
|
)
|
|
—
|
|
|
(3,178
|
)
|
|
—
|
|
|
(241,292
|
)
|
|
—
|
|
|
(241,292
|
)
|
|||||||
Distributions to Partners - special ($0.20 per Common Unit)
|
(69,055
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(69,055
|
)
|
|
—
|
|
|
(69,055
|
)
|
|||||||
Contributions from noncontrolling interests, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
424
|
|
|
424
|
|
|||||||
Balance at December 31, 2015
|
$
|
3,180,126
|
|
|
$
|
—
|
|
|
$
|
20,032
|
|
|
$
|
1,806
|
|
|
$
|
3,201,964
|
|
|
$
|
2,837
|
|
|
$
|
3,204,801
|
|
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 to common shares of the General Partner
|
967
|
|
|
—
|
|
|
(967
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Distributions to Partners ($0.73 per Common Unit)
|
(255,279
|
)
|
|
—
|
|
|
(2,541
|
)
|
|
—
|
|
|
(257,820
|
)
|
|
—
|
|
|
(257,820
|
)
|
|||||||
Contributions from noncontrolling interests, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(99
|
)
|
|
(99
|
)
|
|||||||
Balance at December 31, 2016
|
$
|
3,465,136
|
|
|
$
|
—
|
|
|
$
|
24,691
|
|
|
$
|
682
|
|
|
$
|
3,490,509
|
|
|
$
|
2,784
|
|
|
$
|
3,493,293
|
|
(1)
|
The Company
|
(2)
|
Summary of Significant Accounting Policies
|
|
2016
|
|
2015
|
||||
Deferred leasing costs
|
$
|
323,534
|
|
|
$
|
302,282
|
|
Acquired lease-related intangible assets
|
268,978
|
|
|
289,518
|
|
||
|
$
|
592,512
|
|
|
$
|
591,800
|
|
|
|
|
|
||||
Accumulated amortization - deferred leasing costs
|
$
|
(108,227
|
)
|
|
$
|
(106,912
|
)
|
Accumulated amortization - acquired lease-related intangible assets
|
(142,022
|
)
|
|
(138,514
|
)
|
||
Total
|
$
|
342,263
|
|
|
$
|
346,374
|
|
Year
|
Amortization Expense
|
|
Charge to Rental Income
|
||||
2017
|
$
|
32,381
|
|
|
$
|
987
|
|
2018
|
24,532
|
|
|
755
|
|
||
2019
|
18,452
|
|
|
718
|
|
||
2020
|
12,977
|
|
|
640
|
|
||
2021
|
8,210
|
|
|
368
|
|
||
Thereafter
|
26,148
|
|
|
788
|
|
||
|
$
|
122,700
|
|
|
$
|
4,256
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
General Partner
|
|
|
|
|
|
||||||
Net income attributable to common shareholders
|
$
|
312,143
|
|
|
$
|
615,310
|
|
|
$
|
204,893
|
|
Less: Dividends on participating securities
|
(2,356
|
)
|
|
(3,081
|
)
|
|
(2,588
|
)
|
|||
Basic net income attributable to common shareholders
|
309,787
|
|
|
612,229
|
|
|
202,305
|
|
|||
Add back dividends on dilutive participating securities
|
2,356
|
|
|
3,081
|
|
|
—
|
|
|||
Noncontrolling interest in earnings of common unitholders
|
3,089
|
|
|
6,404
|
|
|
2,627
|
|
|||
Diluted net income attributable to common shareholders
|
$
|
315,232
|
|
|
$
|
621,714
|
|
|
$
|
204,932
|
|
Weighted average number of common shares outstanding
|
349,942
|
|
|
345,057
|
|
|
335,777
|
|
|||
Weighted average Limited Partner Units outstanding
|
3,481
|
|
|
3,582
|
|
|
4,308
|
|
|||
Other potential dilutive shares
|
3,653
|
|
|
3,558
|
|
|
361
|
|
|||
Weighted average number of common shares and potential dilutive securities
|
357,076
|
|
|
352,197
|
|
|
340,446
|
|
|||
|
|
|
|
|
|
||||||
Partnership
|
|
|
|
|
|
||||||
Net income attributable to common unitholders
|
$
|
315,232
|
|
|
$
|
621,714
|
|
|
$
|
207,520
|
|
Less: Distributions on participating securities
|
(2,356
|
)
|
|
(3,081
|
)
|
|
(2,588
|
)
|
|||
Basic net income attributable to common unitholders
|
$
|
312,876
|
|
|
$
|
618,633
|
|
|
$
|
204,932
|
|
Add back distributions on dilutive participating securities
|
2,356
|
|
|
3,081
|
|
|
—
|
|
|||
Diluted net income attributable to common unitholders
|
$
|
315,232
|
|
|
$
|
621,714
|
|
|
$
|
204,932
|
|
Weighted average number of Common Units outstanding
|
353,423
|
|
|
348,639
|
|
|
340,085
|
|
|||
Other potential dilutive units
|
3,653
|
|
|
3,558
|
|
|
361
|
|
|||
Weighted average number of Common Units and potential dilutive securities
|
357,076
|
|
|
352,197
|
|
|
340,446
|
|
|
2016
|
|
2015
|
|
2014
|
|||
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
|
|
|
1,210
|
|
Anti-dilutive outstanding participating securities
|
—
|
|
|
—
|
|
|
3,844
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Net income
|
$
|
315,278
|
|
|
$
|
621,861
|
|
|
$
|
246,455
|
|
Book/tax differences
|
(61,138
|
)
|
|
(316,097
|
)
|
|
738
|
|
|||
Taxable income before the dividends paid deduction
|
254,140
|
|
|
305,764
|
|
|
247,193
|
|
|||
Less: capital gains
|
(63,196
|
)
|
|
(294,901
|
)
|
|
(95,797
|
)
|
|||
Adjusted taxable income subject to the 90% distribution requirement
|
$
|
190,944
|
|
|
$
|
10,863
|
|
|
$
|
151,396
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Total Cash dividends paid
|
$
|
255,279
|
|
|
$
|
307,169
|
|
|
$
|
255,622
|
|
Less: Return of capital
|
(6,703
|
)
|
|
—
|
|
|
(5,479
|
)
|
|||
Plus: Deemed REIT distribution
|
6,703
|
|
|
—
|
|
|
—
|
|
|||
Dividends paid deduction
|
255,279
|
|
|
307,169
|
|
|
250,143
|
|
|||
Less: Capital gain distributions
|
(63,196
|
)
|
|
(294,901
|
)
|
|
(95,797
|
)
|
|||
Dividends paid deduction attributable to adjusted taxable income subject to the 90% distribution requirement
|
$
|
192,083
|
|
|
$
|
12,268
|
|
|
$
|
154,346
|
|
|
2016
|
|
2015
|
|
2014
|
|||
Common Shares
|
|
|
|
|
|
|||
Ordinary income
|
72.6
|
%
|
|
4.2
|
%
|
|
59.2
|
%
|
Return of capital
|
2.6
|
%
|
|
—
|
%
|
|
2.5
|
%
|
Capital gains
|
24.8
|
%
|
|
95.8
|
%
|
|
38.3
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Preferred Shares
|
|
|
|
|
|
|||
Ordinary income
|
|
|
|
|
60.7
|
%
|
||
Capital gains
|
|
|
|
|
39.3
|
%
|
||
|
|
|
|
|
100.0
|
%
|
|
|
2016
|
|
2015
|
|
2014
|
||||||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|||
Real estate assets
|
|
—
|
|
—
|
|
$
|
34,744
|
|
|
—
|
|
—
|
|
$
|
31,100
|
|
|
—
|
|
—
|
|
$
|
146,767
|
|
Investment in land joint ventures
|
|
—
|
|
—
|
|
$
|
—
|
|
|
—
|
|
—
|
|
$
|
19,500
|
|
|
—
|
|
—
|
|
$
|
—
|
|
(3)
|
Acquisitions and Dispositions
|
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 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 company
|
$
|
30,697
|
|
Real estate assets
|
$
|
94,783
|
|
Lease-related intangible assets
|
8,068
|
|
|
Fair value of acquired net assets
|
$
|
102,851
|
|
Real estate assets
|
$
|
26,276
|
|
Lease-related intangible assets
|
2,001
|
|
|
Fair value of acquired net assets
|
$
|
28,277
|
|
|
2016
|
|
|
Low
|
High
|
Discount rate
|
8.00%
|
10.50%
|
Exit capitalization rate
|
6.50%
|
9.00%
|
Lease-up period (months)
|
12
|
36
|
Net rental rate per square foot - Industrial
|
$8.20
|
$8.50
|
Net rental rate per square foot - Office
|
$9.34
|
$18.54
|
|
2016
|
|
2015
|
||
|
Low
|
High
|
|
Low
|
High
|
Discount rate
|
7.46%
|
8.10%
|
|
7.07%
|
7.07%
|
Exit capitalization rate
|
6.25%
|
6.96%
|
|
5.57%
|
5.57%
|
Lease-up period (months)
|
12
|
12
|
|
12
|
12
|
Net rental rate per square foot - Industrial
|
$3.35
|
$3.39
|
|
$4.85
|
$4.85
|
Net rental rate per square foot - Medical Office
|
$15.40
|
$15.40
|
|
$—
|
$—
|
(4)
|
Related Party Transactions
|
|
2016
|
|
2015
|
|
2014
|
||||||
Management fees
|
$
|
4,467
|
|
|
$
|
6,831
|
|
|
$
|
8,530
|
|
Leasing fees
|
2,438
|
|
|
3,048
|
|
|
3,410
|
|
|||
Construction and development fees
|
7,993
|
|
|
6,126
|
|
|
5,846
|
|
(5)
|
Investments in Unconsolidated Companies
|
|
2016
|
|
2015
|
|
2014
|
||||||
Rental revenue
|
$
|
122,019
|
|
|
$
|
160,543
|
|
|
$
|
230,093
|
|
Gain on sale of properties
|
$
|
100,806
|
|
|
$
|
23,696
|
|
|
$
|
121,713
|
|
Net income
|
$
|
122,727
|
|
|
$
|
60,772
|
|
|
$
|
143,857
|
|
|
|
|
|
|
|
||||||
Equity in earnings (loss) of unconsolidated companies
|
$
|
47,403
|
|
|
$
|
(3,304
|
)
|
|
$
|
94,317
|
|
|
|
|
|
|
|
||||||
Land, buildings and tenant improvements, net
|
$
|
529,926
|
|
|
$
|
1,029,803
|
|
|
|
||
Construction in progress
|
31,838
|
|
|
64,646
|
|
|
|
||||
Undeveloped land
|
90,560
|
|
|
115,773
|
|
|
|
||||
Other assets
|
91,045
|
|
|
144,337
|
|
|
|
||||
|
$
|
743,369
|
|
|
$
|
1,354,559
|
|
|
|
||
|
|
|
|
|
|
||||||
Indebtedness
|
$
|
172,811
|
|
|
$
|
413,651
|
|
|
|
||
Other liabilities
|
32,633
|
|
|
91,836
|
|
|
|
||||
|
205,444
|
|
|
505,487
|
|
|
|
||||
Owners' equity
|
537,925
|
|
|
849,072
|
|
|
|
||||
|
$
|
743,369
|
|
|
$
|
1,354,559
|
|
|
|
||
|
|
|
|
|
|
||||||
Investments in and advances to unconsolidated companies (1)
|
$
|
197,807
|
|
|
$
|
268,390
|
|
|
|
Year
|
Future Repayments
|
||
2017
|
$
|
129
|
|
2018
|
26,184
|
|
|
2019
|
4,118
|
|
|
2020
|
9,533
|
|
|
2021
|
10
|
|
|
Thereafter
|
37,115
|
|
|
|
$
|
77,089
|
|
(6)
|
Discontinued Operations, Assets Held-for-Sale and Impairments
|
|
Held-for-Sale at December 31, 2016
|
|
Sold in 2016
|
|
Sold in 2015
|
|
Sold in 2014
|
|
Total
|
Industrial
|
0
|
|
0
|
|
5
|
|
11
|
|
16
|
Medical Office
|
0
|
|
0
|
|
1
|
|
1
|
|
2
|
Non-reportable Rental Operations
|
0
|
|
0
|
|
56
|
|
0
|
|
56
|
Total properties included in discontinued operations
|
0
|
|
0
|
|
62
|
|
12
|
|
74
|
Properties excluded from discontinued operations
|
5
|
|
32
|
|
91
|
|
17
|
|
145
|
Total properties sold or classified as held-for-sale
|
5
|
|
32
|
|
153
|
|
29
|
|
219
|
|
2016
|
|
2015
|
|
2014
|
||||||
Revenues
|
$
|
983
|
|
|
$
|
32,549
|
|
|
$
|
120,884
|
|
Operating expenses
|
8
|
|
|
(12,498
|
)
|
|
(47,123
|
)
|
|||
Depreciation and amortization
|
—
|
|
|
(3,517
|
)
|
|
(38,342
|
)
|
|||
Operating income
|
991
|
|
|
16,534
|
|
|
35,419
|
|
|||
Interest expense
|
—
|
|
|
(5,595
|
)
|
|
(24,348
|
)
|
|||
Income before gain on sales
|
991
|
|
|
10,939
|
|
|
11,071
|
|
|||
Gain on sale of depreciable properties
|
1,016
|
|
|
424,892
|
|
|
22,763
|
|
|||
Income from discontinued operations before income taxes
|
2,007
|
|
|
435,831
|
|
|
33,834
|
|
|||
Income tax expense
|
—
|
|
|
(3,175
|
)
|
|
(2,969
|
)
|
|||
Income from discontinued operations
|
$
|
2,007
|
|
|
$
|
432,656
|
|
|
$
|
30,865
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Income from continuing operations attributable to common shareholders
|
$
|
310,156
|
|
|
$
|
187,099
|
|
|
$
|
174,419
|
|
Income from discontinued operations attributable to common shareholders
|
1,987
|
|
|
428,211
|
|
|
30,474
|
|
|||
Net income attributable to common shareholders
|
$
|
312,143
|
|
|
$
|
615,310
|
|
|
$
|
204,893
|
|
|
Held-for-Sale Properties Included in Continuing Operations
|
||||||
|
December 31, 2016
|
|
December 31, 2015
|
||||
Land and improvements
|
$
|
3,631
|
|
|
$
|
9,797
|
|
Buildings and tenant improvements
|
37,495
|
|
|
39,480
|
|
||
Undeveloped land
|
22,657
|
|
|
—
|
|
||
Accumulated depreciation
|
(18,581
|
)
|
|
(7,183
|
)
|
||
Deferred leasing and other costs, net
|
3,091
|
|
|
3,293
|
|
||
Other assets
|
3,334
|
|
|
414
|
|
||
Total assets held-for-sale
|
$
|
51,627
|
|
|
$
|
45,801
|
|
|
|
|
|
||||
Accrued expenses
|
$
|
1,363
|
|
|
$
|
322
|
|
Other liabilities
|
298
|
|
|
650
|
|
||
Total liabilities held-for-sale
|
$
|
1,661
|
|
|
$
|
972
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Impairment charges - land
|
$
|
14,299
|
|
|
$
|
19,526
|
|
|
$
|
33,700
|
|
Impairment charges - building
|
3,719
|
|
|
3,406
|
|
|
15,406
|
|
|||
Impairment charges
|
$
|
18,018
|
|
|
$
|
22,932
|
|
|
$
|
49,106
|
|
(7)
|
Indebtedness
|
|
Maturity Date
|
|
Weighted Average Interest Rate
|
|
Weighted Average Interest Rate
|
|
|
|
|
||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||||
Fixed rate secured debt
|
2017 to 2027
|
|
7.13
|
%
|
|
6.55
|
%
|
|
$
|
381,894
|
|
|
$
|
736,896
|
|
Variable rate secured debt
|
2025
|
|
0.79
|
%
|
|
0.03
|
%
|
|
2,800
|
|
|
3,100
|
|
||
Unsecured debt
|
2017 to 2028
|
|
4.12
|
%
|
|
4.63
|
%
|
|
2,498,835
|
|
|
2,530,743
|
|
||
Unsecured line of credit
|
2019
|
|
1.70
|
%
|
|
1.41
|
%
|
|
48,000
|
|
|
71,000
|
|
||
|
|
|
|
|
|
|
$
|
2,931,529
|
|
|
$
|
3,341,739
|
|
||
Less: Deferred financing costs
|
|
|
|
|
|
|
23,052
|
|
|
21,598
|
|
||||
Total indebtedness as reported on consolidated balance sheets
|
|
|
|
|
|
|
$
|
2,908,477
|
|
|
$
|
3,320,141
|
|
•
|
In 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.
|
•
|
In February 2015, we repaid a
$250.0 million
senior unsecured note at its maturity date. This loan had a stated interest rate of
7.38%
and an effective rate of
7.50%
.
|
•
|
In April 2015, the Partnership completed a tender offer to purchase, for a combined aggregate purchase price (exclusive of accrued and unpaid interest) of up to
$500.0 million
, certain of its outstanding series of unsecured notes. A portion of the proceeds from the suburban office portfolio sale were used to fund the Tender Offer, which resulted in the repurchase of notes having a face value of
$424.9 million
, for a cash payment of
$500.0 million
. The repurchased notes had contractual maturity dates ranging between February 2017 and March 2020 and bore interest at stated rates ranging between
5.95%
and
8.25%
.
|
•
|
In May 2015, we repurchased unsecured notes with a face value of
$6.3 million
, for a cash payment of
$7.1 million
. These notes had a stated interest rate of
6.50%
and an effective rate of
6.08%
.
|
•
|
In October 2015, we redeemed
$150.0 million
in unsecured notes that had a scheduled maturity in March 2016, for a cash payment of
$152.6 million
. These notes had a stated interest rate of
5.50%
and an effective rate of
6.72%
.
|
•
|
During 2015, the early repayment of unsecured notes, either through the tender offer or repurchase, resulted in an aggregate loss on extinguishment of
$82.0 million
, which included applicable repurchase premiums as well as the write-off of unamortized deferred loan costs.
|
|
|
|
|
|
Outstanding Balance at
|
||||
Description
|
Borrowing Capacity
|
|
Maturity Date
|
|
December 31, 2016
|
||||
Unsecured Line of Credit – Partnership
|
$
|
1,200,000
|
|
|
January 2019
|
|
$
|
48,000
|
|
|
Book Value at 12/31/2015
|
|
Book Value at 12/31/2016
|
|
Fair Value at 12/31/2015
|
|
Issuances and
Assumptions
|
|
Payments/Payoffs
|
|
Adjustments
to Fair Value
|
|
Fair Value at 12/31/2016
|
||||||||||||||
Fixed rate secured debt
|
$
|
736,896
|
|
|
$
|
381,894
|
|
|
$
|
789,095
|
|
|
$
|
—
|
|
|
$
|
(354,492
|
)
|
|
$
|
(19,372
|
)
|
|
$
|
415,231
|
|
Variable rate secured debt
|
3,100
|
|
|
2,800
|
|
|
3,100
|
|
|
—
|
|
|
(300
|
)
|
|
—
|
|
|
2,800
|
|
|||||||
Unsecured debt
|
2,530,743
|
|
|
2,498,835
|
|
|
2,624,795
|
|
|
375,000
|
|
|
(406,908
|
)
|
|
(24,853
|
)
|
|
2,568,034
|
|
|||||||
Unsecured line of credit
|
71,000
|
|
|
48,000
|
|
|
70,852
|
|
|
—
|
|
|
(23,000
|
)
|
|
148
|
|
|
48,000
|
|
|||||||
Total
|
$
|
3,341,739
|
|
|
$
|
2,931,529
|
|
|
$
|
3,487,842
|
|
|
$
|
375,000
|
|
|
$
|
(784,700
|
)
|
|
$
|
(44,077
|
)
|
|
$
|
3,034,065
|
|
Less: Deferred financing costs
|
21,598
|
|
|
23,052
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total indebtedness as reported on the consolidated balance sheets
|
$
|
3,320,141
|
|
|
$
|
2,908,477
|
|
|
|
|
|
|
|
|
|
|
|
Year
|
Amount
|
||
2017
|
$
|
75,170
|
|
2018
|
293,379
|
|
|
2019
|
275,374
|
|
|
2020
|
432,041
|
|
|
2021
|
262,463
|
|
|
Thereafter
|
1,592,789
|
|
|
|
$
|
2,931,216
|
|
(8)
|
Segment Reporting
|
|
2016
|
|
2015
|
|
2014
|
||||||
Revenues
|
|
|
|
|
|
||||||
Rental Operations:
|
|
|
|
|
|
||||||
Industrial
|
$
|
583,019
|
|
|
$
|
556,903
|
|
|
$
|
529,144
|
|
Medical Office
|
175,437
|
|
|
160,951
|
|
|
146,530
|
|
|||
Non-reportable Rental Operations
|
46,980
|
|
|
90,722
|
|
|
140,536
|
|
|||
Service Operations
|
88,810
|
|
|
133,367
|
|
|
224,500
|
|
|||
Total segment revenues
|
894,246
|
|
|
941,943
|
|
|
1,040,710
|
|
|||
Other revenue
|
7,998
|
|
|
7,489
|
|
|
6,141
|
|
|||
Consolidated revenue from continuing operations
|
902,244
|
|
|
949,432
|
|
|
1,046,851
|
|
|||
Discontinued operations
|
983
|
|
|
32,549
|
|
|
120,884
|
|
|||
Consolidated revenue
|
$
|
903,227
|
|
|
$
|
981,981
|
|
|
$
|
1,167,735
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
PNOI
|
|
|
|
|
|
|
||||||
Industrial
|
|
$
|
429,239
|
|
|
$
|
386,153
|
|
|
$
|
347,672
|
|
Medical Office
|
|
114,641
|
|
|
103,540
|
|
|
100,846
|
|
|||
Non-reportable Rental Operations
|
|
6,057
|
|
|
9,527
|
|
|
4,506
|
|
|||
PNOI, excluding all sold/held for sale properties
|
|
549,937
|
|
|
499,220
|
|
|
453,024
|
|
|||
PNOI from sold/held-for-sale properties included in continuing operations
|
|
27,562
|
|
|
64,431
|
|
|
102,807
|
|
|||
PNOI, continuing operations
|
|
577,499
|
|
|
563,651
|
|
|
555,831
|
|
|||
|
|
|
|
|
|
|
||||||
Earnings from Service Operations
|
|
8,343
|
|
|
14,197
|
|
|
24,469
|
|
|||
|
|
|
|
|
|
|
||||||
Rental Operations revenues and expenses excluded from PNOI:
|
||||||||||||
Straight-line rental income and expense, net
|
|
13,744
|
|
|
20,669
|
|
|
19,412
|
|
|||
Revenues related to lease buyouts
|
|
1,725
|
|
|
1,567
|
|
|
5,246
|
|
|||
Amortization of lease concessions and above and below market rents
|
|
(1,526
|
)
|
|
(3,258
|
)
|
|
(4,789
|
)
|
|||
Intercompany rents and other adjusting items
|
|
(119
|
)
|
|
(2,044
|
)
|
|
(4,219
|
)
|
|||
Non-Segment Items:
|
|
|
|
|
|
|
||||||
Equity in earnings (loss) of unconsolidated companies
|
|
47,403
|
|
|
(3,304
|
)
|
|
94,317
|
|
|||
Gain on dissolution of unconsolidated company
|
|
30,697
|
|
|
—
|
|
|
—
|
|
|||
Promote income
|
|
26,299
|
|
|
—
|
|
|
—
|
|
|||
Interest expense
|
|
(141,576
|
)
|
|
(173,574
|
)
|
|
(196,186
|
)
|
|||
Depreciation and amortization expense
|
|
(317,818
|
)
|
|
(317,329
|
)
|
|
(346,275
|
)
|
|||
Gain on sale of properties
|
|
162,093
|
|
|
229,702
|
|
|
162,715
|
|
|||
Impairment charges on non-depreciable properties
|
|
(18,018
|
)
|
|
(22,932
|
)
|
|
(49,106
|
)
|
|||
Interest and other income, net
|
|
4,035
|
|
|
4,667
|
|
|
1,246
|
|
|||
General and administrative expenses
|
|
(55,389
|
)
|
|
(58,565
|
)
|
|
(49,362
|
)
|
|||
Gain on land sales
|
|
9,865
|
|
|
35,054
|
|
|
10,441
|
|
|||
Other operating expenses
|
|
(3,864
|
)
|
|
(5,947
|
)
|
|
(7,191
|
)
|
|||
Loss on extinguishment of debt
|
|
(33,934
|
)
|
|
(85,713
|
)
|
|
(283
|
)
|
|||
Acquisition-related activity
|
|
7,176
|
|
|
(8,499
|
)
|
|
(1,099
|
)
|
|||
Other non-segment revenues and expenses, net
|
|
(3,953
|
)
|
|
(3,065
|
)
|
|
(421
|
)
|
|||
Income from continuing operations before income taxes
|
|
$
|
312,682
|
|
|
$
|
185,277
|
|
|
$
|
214,746
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||
Assets
|
|
|
|
||||
Rental Operations:
|
|
|
|
||||
Industrial
|
$
|
4,828,984
|
|
|
$
|
4,552,107
|
|
Medical Office
|
1,338,844
|
|
|
1,269,546
|
|
||
Non-reportable Rental Operations
|
162,893
|
|
|
367,469
|
|
||
Service Operations
|
127,154
|
|
|
137,257
|
|
||
Total segment assets
|
6,457,875
|
|
|
6,326,379
|
|
||
Non-segment assets
|
314,127
|
|
|
569,136
|
|
||
Consolidated assets
|
$
|
6,772,002
|
|
|
$
|
6,895,515
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Second Generation Capital Expenditures
|
|
|
|
|
|
||||||
Industrial
|
$
|
51,785
|
|
|
$
|
45,716
|
|
|
$
|
53,840
|
|
Medical Office
|
2,515
|
|
|
4,711
|
|
|
3,131
|
|
|||
Non-reportable Rental Operations
|
5,049
|
|
|
11,473
|
|
|
41,850
|
|
|||
Total
|
$
|
59,349
|
|
|
$
|
61,900
|
|
|
$
|
98,821
|
|
(9)
|
Leasing Activity
|
Year
|
Amount
|
||
2017
|
$
|
617,690
|
|
2018
|
602,815
|
|
|
2019
|
549,298
|
|
|
2020
|
487,831
|
|
|
2021
|
421,855
|
|
|
Thereafter
|
1,898,411
|
|
|
|
$
|
4,577,900
|
|
(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
|
||||||
2016
|
|
December 31
|
|
September 30
|
|
June 30
|
|
March 31
|
|
|
|
|
|
|
|
|
|
Rental and related revenue
|
|
$204,263
|
|
$206,848
|
|
$200,520
|
|
$201,803
|
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
|
|
|
|
|
|
|
|
|
|
2015
|
|
December 31
|
|
September 30
|
|
June 30
|
|
March 31
|
|
|
|
|
|
|
|
|
|
Rental and related revenue
|
|
$198,516
|
|
$200,938
|
|
$201,996
|
|
$214,615
|
General contractor and service fee revenue
|
|
$23,047
|
|
$33,599
|
|
$23,901
|
|
$52,820
|
|
|
|
|
|
|
|
|
|
General Partner
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders
|
|
$24,252
|
|
$76,434
|
|
$449,380
|
|
$65,244
|
Basic income per common share
|
|
$0.07
|
|
$0.22
|
|
$1.30
|
|
$0.19
|
Diluted income per common share
|
|
$0.07
|
|
$0.22
|
|
$1.30
|
|
$0.19
|
Weighted average common shares
|
|
345,267
|
|
345,256
|
|
345,098
|
|
344,597
|
Weighted average common shares and potential dilutive securities
|
|
349,532
|
|
352,150
|
|
349,161
|
|
348,653
|
|
|
|
|
|
|
|
|
|
Partnership
|
|
|
|
|
|
|
|
|
Net income attributable to common unitholders
|
|
$24,444
|
|
$77,185
|
|
$454,142
|
|
$65,943
|
Basic income per Common Unit
|
|
$0.07
|
|
$0.22
|
|
$1.30
|
|
$0.19
|
Diluted income per Common Unit
|
|
$0.07
|
|
$0.22
|
|
$1.30
|
|
$0.19
|
Weighted average Common Units
|
|
348,769
|
|
348,760
|
|
348,728
|
|
348,292
|
Weighted average Common Units and potential dilutive securities
|
|
349,532
|
|
352,150
|
|
349,161
|
|
348,653
|
(16)
|
Subsequent Events
|
Class of stock/units
|
Quarterly
Amount per Share or Unit
|
|
Record Date
|
|
Payment Date
|
||
Common
|
$
|
0.19
|
|
|
February 16, 2017
|
|
February 28, 2017
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
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
|
|
|
11,990
|
|
|
199
|
|
|
4,064
|
|
|
12,189
|
|
|
16,253
|
|
|
1,786
|
|
2002
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Aurora, Colorado
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
SCL Emerus Aurora Hosp
|
|
Medical Office
|
—
|
|
|
4,042
|
|
|
17,464
|
|
|
—
|
|
|
4,042
|
|
|
17,464
|
|
|
21,506
|
|
|
159
|
|
2016
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Aurora, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Meridian Business 880
|
|
Industrial
|
5,100
|
|
|
964
|
|
|
4,703
|
|
|
1,223
|
|
|
963
|
|
|
5,927
|
|
|
6,890
|
|
|
2,439
|
|
2000
|
2000
|
|
4220 Meridian Parkway
|
|
Industrial
|
4,500
|
|
|
1,957
|
|
|
3,538
|
|
|
26
|
|
|
1,957
|
|
|
3,564
|
|
|
5,521
|
|
|
1,911
|
|
2004
|
2004
|
|
Butterfield 2805
|
|
Industrial
|
6,250
|
|
|
9,185
|
|
|
10,795
|
|
|
6,121
|
|
|
9,272
|
|
|
16,829
|
|
|
26,101
|
|
|
6,983
|
|
2008
|
2008
|
|
Meridian Business 940
|
|
Industrial
|
—
|
|
|
2,674
|
|
|
6,949
|
|
|
1,180
|
|
|
2,674
|
|
|
8,129
|
|
|
10,803
|
|
|
1,498
|
|
1998
|
2012
|
|
Butterfield 4000
|
|
Industrial
|
—
|
|
|
3,132
|
|
|
12,639
|
|
|
—
|
|
|
3,132
|
|
|
12,639
|
|
|
15,771
|
|
|
450
|
|
2016
|
2016
|
|
Butterfield 2850
|
|
Industrial
|
—
|
|
|
11,317
|
|
|
18,305
|
|
|
—
|
|
|
11,317
|
|
|
18,305
|
|
|
29,622
|
|
|
767
|
|
2016
|
2016
|
|
Butterfield 4200
|
|
Industrial
|
—
|
|
|
5,777
|
|
|
13,108
|
|
|
—
|
|
|
5,777
|
|
|
13,108
|
|
|
18,885
|
|
|
356
|
|
2016
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Austell, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Hartman Business 7545
|
|
Industrial
|
—
|
|
|
2,640
|
|
|
21,471
|
|
|
23
|
|
|
2,640
|
|
|
21,494
|
|
|
24,134
|
|
|
4,173
|
|
2008
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Avon, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Centerre University Avon Hosp
|
|
Medical Office
|
—
|
|
|
4,166
|
|
|
17,322
|
|
|
—
|
|
|
4,166
|
|
|
17,322
|
|
|
21,488
|
|
|
896
|
|
2016
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Baltimore, Maryland
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Chesapeake Commerce 5901
|
|
Industrial
|
—
|
|
|
3,345
|
|
|
3,957
|
|
|
3,855
|
|
|
3,345
|
|
|
7,812
|
|
|
11,157
|
|
|
4,468
|
|
2008
|
2008
|
|
Chesapeake Commerce 5003
|
|
Industrial
|
—
|
|
|
6,488
|
|
|
8,854
|
|
|
1,961
|
|
|
6,488
|
|
|
10,815
|
|
|
17,303
|
|
|
4,529
|
|
2008
|
2008
|
|
Chesapeake Commerce 2010
|
|
Industrial
|
—
|
|
|
37,557
|
|
|
38,061
|
|
|
(131
|
)
|
|
37,557
|
|
|
37,930
|
|
|
75,487
|
|
|
7,344
|
|
2014
|
2014
|
|
Chesapeake Commerce 5501
|
|
Industrial
|
—
|
|
|
13,724
|
|
|
10,526
|
|
|
—
|
|
|
13,724
|
|
|
10,526
|
|
|
24,250
|
|
|
2,332
|
|
2014
|
2014
|
|
Chesapeake Commerce 1500
|
|
Industrial
|
—
|
|
|
8,289
|
|
|
10,268
|
|
|
—
|
|
|
8,289
|
|
|
10,268
|
|
|
18,557
|
|
|
505
|
|
2016
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Baytown, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
4570 E. Greenwood
|
|
Industrial
|
—
|
|
|
9,323
|
|
|
5,934
|
|
|
—
|
|
|
9,323
|
|
|
5,934
|
|
|
15,257
|
|
|
3,703
|
|
2005
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Bolingbrook, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
250 East Old Chicago Road
|
|
Industrial
|
—
|
|
|
3,050
|
|
|
4,164
|
|
|
142
|
|
|
3,050
|
|
|
4,306
|
|
|
7,356
|
|
|
2,685
|
|
2005
|
2005
|
|
Crossroads Parkway 515
|
|
Industrial
|
2,825
|
|
|
917
|
|
|
3,992
|
|
|
786
|
|
|
917
|
|
|
4,778
|
|
|
5,695
|
|
|
1,789
|
|
1999
|
2002
|
|
Crossroads 2
|
|
Industrial
|
4,461
|
|
|
1,418
|
|
|
5,574
|
|
|
728
|
|
|
1,418
|
|
|
6,302
|
|
|
7,720
|
|
|
1,736
|
|
1998
|
2010
|
|
Crossroads 375
|
|
Industrial
|
4,643
|
|
|
1,330
|
|
|
4,389
|
|
|
422
|
|
|
1,330
|
|
|
4,811
|
|
|
6,141
|
|
|
1,231
|
|
2000
|
2010
|
|
Crossroads Parkway 370
|
|
Industrial
|
—
|
|
|
2,409
|
|
|
4,561
|
|
|
840
|
|
|
2,409
|
|
|
5,401
|
|
|
7,810
|
|
|
1,338
|
|
1989
|
2011
|
|
Crossroads Parkway 605
|
|
Industrial
|
—
|
|
|
3,656
|
|
|
7,832
|
|
|
257
|
|
|
3,656
|
|
|
8,089
|
|
|
11,745
|
|
|
1,861
|
|
1998
|
2011
|
|
Crossroads Parkway 335
|
|
Industrial
|
—
|
|
|
2,574
|
|
|
8,379
|
|
|
437
|
|
|
2,574
|
|
|
8,816
|
|
|
11,390
|
|
|
1,557
|
|
1997
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Boynton Beach, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Gateway Center 1103
|
|
Industrial
|
—
|
|
|
4,271
|
|
|
5,508
|
|
|
1,543
|
|
|
4,271
|
|
|
7,051
|
|
|
11,322
|
|
|
1,925
|
|
2002
|
2010
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
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
|
|
|
141
|
|
|
2,006
|
|
|
4,839
|
|
|
6,845
|
|
|
1,178
|
|
2002
|
2010
|
|
Gateway Center 3402
|
|
Industrial
|
—
|
|
|
2,381
|
|
|
3,242
|
|
|
80
|
|
|
2,381
|
|
|
3,322
|
|
|
5,703
|
|
|
873
|
|
2002
|
2010
|
|
Gateway Center 2055
|
|
Industrial
|
—
|
|
|
1,800
|
|
|
2,668
|
|
|
131
|
|
|
1,800
|
|
|
2,799
|
|
|
4,599
|
|
|
752
|
|
2000
|
2010
|
|
Gateway Center 2045
|
|
Industrial
|
—
|
|
|
1,238
|
|
|
2,022
|
|
|
1,025
|
|
|
1,238
|
|
|
3,047
|
|
|
4,285
|
|
|
1,151
|
|
2000
|
2010
|
|
Gateway Center 2035
|
|
Industrial
|
—
|
|
|
1,238
|
|
|
1,916
|
|
|
688
|
|
|
1,238
|
|
|
2,604
|
|
|
3,842
|
|
|
931
|
|
2000
|
2010
|
|
Gateway Center 2025
|
|
Industrial
|
—
|
|
|
1,800
|
|
|
2,719
|
|
|
146
|
|
|
1,800
|
|
|
2,865
|
|
|
4,665
|
|
|
720
|
|
2000
|
2010
|
|
Gateway Center 1926
|
|
Industrial
|
—
|
|
|
4,781
|
|
|
9,940
|
|
|
1,862
|
|
|
4,781
|
|
|
11,802
|
|
|
16,583
|
|
|
2,935
|
|
2004
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Braselton, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Braselton Business 920
|
|
Industrial
|
—
|
|
|
1,365
|
|
|
7,728
|
|
|
5,004
|
|
|
1,529
|
|
|
12,568
|
|
|
14,097
|
|
|
4,251
|
|
2001
|
2001
|
|
625 Braselton Pkwy
|
|
Industrial
|
13,850
|
|
|
9,855
|
|
|
21,056
|
|
|
5,842
|
|
|
11,062
|
|
|
25,691
|
|
|
36,753
|
|
|
11,359
|
|
2006
|
2005
|
|
1350 Braselton Parkway
|
|
Industrial
|
—
|
|
|
8,227
|
|
|
8,874
|
|
|
5,329
|
|
|
8,227
|
|
|
14,203
|
|
|
22,430
|
|
|
7,574
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Brentwood, Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Brentwood South Business 7104
|
|
Industrial
|
—
|
|
|
1,065
|
|
|
4,734
|
|
|
1,786
|
|
|
1,065
|
|
|
6,520
|
|
|
7,585
|
|
|
2,917
|
|
1987
|
1999
|
|
Brentwood South Business 7106
|
|
Industrial
|
—
|
|
|
1,065
|
|
|
2,273
|
|
|
1,881
|
|
|
1,065
|
|
|
4,154
|
|
|
5,219
|
|
|
1,901
|
|
1987
|
1999
|
|
Brentwood South Business 7108
|
|
Industrial
|
—
|
|
|
848
|
|
|
3,318
|
|
|
1,439
|
|
|
848
|
|
|
4,757
|
|
|
5,605
|
|
|
2,044
|
|
1989
|
1999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Bridgeton, Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
DukePort 13870
|
|
Industrial
|
—
|
|
|
2,124
|
|
|
5,374
|
|
|
474
|
|
|
2,124
|
|
|
5,848
|
|
|
7,972
|
|
|
1,871
|
|
1996
|
2010
|
|
DukePort 13890
|
|
Industrial
|
—
|
|
|
1,470
|
|
|
2,880
|
|
|
124
|
|
|
1,470
|
|
|
3,004
|
|
|
4,474
|
|
|
1,075
|
|
1997
|
2010
|
|
DukePort 4730
|
|
Industrial
|
—
|
|
|
600
|
|
|
2,864
|
|
|
323
|
|
|
600
|
|
|
3,187
|
|
|
3,787
|
|
|
802
|
|
1998
|
2010
|
|
DukePort 13269
|
|
Industrial
|
—
|
|
|
1,664
|
|
|
5,804
|
|
|
330
|
|
|
1,664
|
|
|
6,134
|
|
|
7,798
|
|
|
1,801
|
|
1999
|
2010
|
|
DukePort 4745
|
|
Industrial
|
—
|
|
|
834
|
|
|
3,842
|
|
|
263
|
|
|
834
|
|
|
4,105
|
|
|
4,939
|
|
|
974
|
|
1999
|
2010
|
|
DukePort 13201
|
|
Industrial
|
—
|
|
|
2,475
|
|
|
5,597
|
|
|
2,062
|
|
|
2,475
|
|
|
7,659
|
|
|
10,134
|
|
|
2,008
|
|
2001
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Brooklyn Park, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
7300 Northland Drive
|
|
Industrial
|
—
|
|
|
700
|
|
|
5,284
|
|
|
428
|
|
|
703
|
|
|
5,709
|
|
|
6,412
|
|
|
2,562
|
|
1999
|
1998
|
|
Crosstown North 9201
|
|
Industrial
|
3,332
|
|
|
835
|
|
|
4,494
|
|
|
1,468
|
|
|
1,121
|
|
|
5,676
|
|
|
6,797
|
|
|
2,465
|
|
1998
|
1999
|
|
Crosstown North 8400
|
|
Industrial
|
4,094
|
|
|
2,079
|
|
|
5,675
|
|
|
1,810
|
|
|
2,233
|
|
|
7,331
|
|
|
9,564
|
|
|
3,399
|
|
1999
|
1999
|
|
Crosstown North 9100
|
|
Industrial
|
2,676
|
|
|
1,079
|
|
|
3,885
|
|
|
792
|
|
|
1,166
|
|
|
4,590
|
|
|
5,756
|
|
|
1,946
|
|
2000
|
2000
|
|
Crosstown North 9200
|
|
Industrial
|
2,844
|
|
|
2,757
|
|
|
2,813
|
|
|
1,471
|
|
|
2,723
|
|
|
4,318
|
|
|
7,041
|
|
|
2,436
|
|
2005
|
2005
|
|
Crosstown North 7601
|
|
Industrial
|
5,654
|
|
|
4,564
|
|
|
7,759
|
|
|
1,154
|
|
|
4,564
|
|
|
8,913
|
|
|
13,477
|
|
|
3,953
|
|
2005
|
2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Burleson, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor Emerus Burleson Hosp
|
|
Medical Office
|
—
|
|
|
3,425
|
|
|
9,902
|
|
|
639
|
|
|
3,425
|
|
|
10,541
|
|
|
13,966
|
|
|
1,486
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Burr Ridge, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Trinity Loyola Burr Ridge MOB
|
|
Medical Office
|
—
|
|
|
5,392
|
|
|
31,506
|
|
|
2,087
|
|
|
5,392
|
|
|
33,593
|
|
|
38,985
|
|
|
6,474
|
|
2010
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Carmel, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Hamilton Crossing I
|
|
Office
|
—
|
|
|
833
|
|
|
1,623
|
|
|
3,587
|
|
|
845
|
|
|
5,198
|
|
|
6,043
|
|
|
2,846
|
|
2000
|
1993
|
|
Hamilton Crossing II
|
|
Office
|
—
|
|
|
313
|
|
|
143
|
|
|
2,148
|
|
|
313
|
|
|
2,291
|
|
|
2,604
|
|
|
1,086
|
|
1997
|
1997
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Hamilton Crossing III
|
|
Office
|
—
|
|
|
890
|
|
|
5,616
|
|
|
5,351
|
|
|
890
|
|
|
10,967
|
|
|
11,857
|
|
|
4,025
|
|
2000
|
2000
|
|
Hamilton Crossing IV
|
|
Office
|
—
|
|
|
515
|
|
|
4,291
|
|
|
798
|
|
|
515
|
|
|
5,089
|
|
|
5,604
|
|
|
2,308
|
|
1999
|
1999
|
|
Hamilton Crossing VI
|
|
Office
|
—
|
|
|
1,044
|
|
|
12,591
|
|
|
1,383
|
|
|
1,068
|
|
|
13,950
|
|
|
15,018
|
|
|
6,384
|
|
2004
|
2004
|
|
Ascension St V's Carmel MOB
|
|
Medical Office
|
—
|
|
|
20
|
|
|
17,569
|
|
|
222
|
|
|
20
|
|
|
17,791
|
|
|
17,811
|
|
|
1,706
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Carol Stream, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Carol Stream 815
|
|
Industrial
|
7,600
|
|
|
3,204
|
|
|
11,824
|
|
|
1,729
|
|
|
3,204
|
|
|
13,553
|
|
|
16,757
|
|
|
4,908
|
|
2004
|
2003
|
|
Carol Stream 640
|
|
Industrial
|
—
|
|
|
1,095
|
|
|
3,200
|
|
|
201
|
|
|
1,095
|
|
|
3,401
|
|
|
4,496
|
|
|
880
|
|
1998
|
2010
|
|
Carol Stream 370
|
|
Industrial
|
—
|
|
|
1,556
|
|
|
6,225
|
|
|
469
|
|
|
1,569
|
|
|
6,681
|
|
|
8,250
|
|
|
1,696
|
|
2002
|
2010
|
|
250 Kehoe Boulevard
|
|
Industrial
|
—
|
|
|
1,715
|
|
|
7,560
|
|
|
249
|
|
|
1,715
|
|
|
7,809
|
|
|
9,524
|
|
|
1,537
|
|
2008
|
2011
|
|
Carol Stream 720
|
|
Industrial
|
—
|
|
|
4,031
|
|
|
20,735
|
|
|
1,018
|
|
|
4,751
|
|
|
21,033
|
|
|
25,784
|
|
|
6,348
|
|
1999
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cedar Park, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
CHS Cedar Park 1 MOB
|
|
Medical Office
|
—
|
|
|
576
|
|
|
15,666
|
|
|
1,024
|
|
|
576
|
|
|
16,690
|
|
|
17,266
|
|
|
5,245
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cedartown, Georgia
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Harbin Clinic Cedartown MOB
|
|
Medical Office
|
—
|
|
|
755
|
|
|
3,121
|
|
|
—
|
|
|
755
|
|
|
3,121
|
|
|
3,876
|
|
|
663
|
|
2007
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Celebration, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Adventist FH Celebration MOB
|
|
Medical Office
|
—
|
|
|
558
|
|
|
17,335
|
|
|
820
|
|
|
558
|
|
|
18,155
|
|
|
18,713
|
|
|
4,886
|
|
2006
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Charlotte, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Carolinas Morehead MOB
|
|
Medical Office
|
—
|
|
|
191
|
|
|
39,047
|
|
|
206
|
|
|
191
|
|
|
39,253
|
|
|
39,444
|
|
|
10,222
|
|
2006
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Chino, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
13799 Monte Vista
|
|
Industrial
|
—
|
|
|
14,046
|
|
|
8,236
|
|
|
2,230
|
|
|
14,046
|
|
|
10,466
|
|
|
24,512
|
|
|
2,902
|
|
2013
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cincinnati, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
311 Elm Street
|
|
Office
|
—
|
|
|
339
|
|
|
4,936
|
|
|
1,558
|
|
|
—
|
|
|
6,833
|
|
|
6,833
|
|
|
5,848
|
|
1986
|
1993
|
|
Kenwood Commons 8230
|
|
Office
|
1,759
|
|
|
638
|
|
|
3,489
|
|
|
1,536
|
|
|
638
|
|
|
5,025
|
|
|
5,663
|
|
|
3,959
|
|
1986
|
1993
|
|
Kenwood Commons 8280
|
|
Office
|
1,041
|
|
|
638
|
|
|
2,090
|
|
|
1,087
|
|
|
638
|
|
|
3,177
|
|
|
3,815
|
|
|
2,091
|
|
1986
|
1993
|
|
CHP Jewish MOB
|
|
Medical Office
|
—
|
|
|
—
|
|
|
7,566
|
|
|
500
|
|
|
—
|
|
|
8,066
|
|
|
8,066
|
|
|
3,604
|
|
1999
|
1999
|
|
World Park 5389
|
|
Industrial
|
—
|
|
|
1,133
|
|
|
5,550
|
|
|
262
|
|
|
1,133
|
|
|
5,812
|
|
|
6,945
|
|
|
1,359
|
|
1994
|
2010
|
|
World Park 5232
|
|
Industrial
|
—
|
|
|
1,268
|
|
|
5,104
|
|
|
120
|
|
|
1,268
|
|
|
5,224
|
|
|
6,492
|
|
|
1,271
|
|
1997
|
2010
|
|
World Park 5399
|
|
Industrial
|
—
|
|
|
870
|
|
|
5,251
|
|
|
772
|
|
|
870
|
|
|
6,023
|
|
|
6,893
|
|
|
1,414
|
|
1998
|
2010
|
|
World Park 9655
|
|
Industrial
|
—
|
|
|
1,605
|
|
|
10,220
|
|
|
185
|
|
|
1,605
|
|
|
10,405
|
|
|
12,010
|
|
|
2,466
|
|
1998
|
2010
|
|
World Park 5265
|
|
Industrial
|
—
|
|
|
2,492
|
|
|
11,964
|
|
|
4,630
|
|
|
2,492
|
|
|
16,594
|
|
|
19,086
|
|
|
3,606
|
|
1999
|
2010
|
|
World Park 9955
|
|
Industrial
|
—
|
|
|
533
|
|
|
2,531
|
|
|
354
|
|
|
533
|
|
|
2,885
|
|
|
3,418
|
|
|
786
|
|
1998
|
2010
|
|
CHI Good Sam Western Ridge ED
|
|
Medical Office
|
—
|
|
|
1,894
|
|
|
8,028
|
|
|
811
|
|
|
1,915
|
|
|
8,818
|
|
|
10,733
|
|
|
2,633
|
|
2010
|
2010
|
|
CHI Good Sam West Ridge 2 MOB
|
|
Medical Office
|
—
|
|
|
1,020
|
|
|
3,544
|
|
|
176
|
|
|
1,020
|
|
|
3,720
|
|
|
4,740
|
|
|
964
|
|
2011
|
2011
|
|
CHI Good Sam Clifton MOB
|
|
Medical Office
|
—
|
|
|
50
|
|
|
8,438
|
|
|
112
|
|
|
50
|
|
|
8,550
|
|
|
8,600
|
|
|
1,702
|
|
1992
|
2012
|
|
CHI Good Sam Anderson MOB
|
|
Medical Office
|
—
|
|
|
1,095
|
|
|
3,852
|
|
|
538
|
|
|
1,095
|
|
|
4,390
|
|
|
5,485
|
|
|
733
|
|
2013
|
2013
|
|
CHI Bethesda West Chester MOB
|
|
Medical Office
|
—
|
|
|
1,818
|
|
|
9,544
|
|
|
192
|
|
|
1,818
|
|
|
9,736
|
|
|
11,554
|
|
|
1,059
|
|
2014
|
2014
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Select Good Sam Rehab Hosp
|
|
Medical Office
|
—
|
|
|
840
|
|
|
23,338
|
|
|
—
|
|
|
840
|
|
|
23,338
|
|
|
24,178
|
|
|
727
|
|
2016
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
College Station, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor College Station MOB
|
|
Medical Office
|
—
|
|
|
5,551
|
|
|
33,770
|
|
|
2,366
|
|
|
5,551
|
|
|
36,136
|
|
|
41,687
|
|
|
6,936
|
|
2013
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Colleyville, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor Emerus Colleyville Hosp
|
|
Medical Office
|
—
|
|
|
2,853
|
|
|
6,404
|
|
|
23
|
|
|
2,853
|
|
|
6,427
|
|
|
9,280
|
|
|
888
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Columbus, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
RGLP Intermodal North 9224
|
|
Industrial
|
—
|
|
|
1,550
|
|
|
20,408
|
|
|
—
|
|
|
1,550
|
|
|
20,408
|
|
|
21,958
|
|
|
—
|
|
2016
|
2016
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
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
|
|
|
13,195
|
|
|
3,583
|
|
|
8,198
|
|
|
16,778
|
|
|
24,976
|
|
|
10,512
|
|
2004
|
2004
|
|
Point West 400
|
|
Industrial
|
15,600
|
|
|
10,181
|
|
|
14,488
|
|
|
8,603
|
|
|
10,470
|
|
|
22,802
|
|
|
33,272
|
|
|
9,256
|
|
2008
|
2008
|
|
Point West 240
|
|
Industrial
|
10,900
|
|
|
6,785
|
|
|
13,654
|
|
|
6,734
|
|
|
7,201
|
|
|
19,972
|
|
|
27,173
|
|
|
10,535
|
|
2008
|
2008
|
|
Samsung Pkg Lot-PWT7
|
|
Grounds
|
—
|
|
|
306
|
|
|
—
|
|
|
(189
|
)
|
|
117
|
|
|
—
|
|
|
117
|
|
|
—
|
|
n/a
|
2009
|
|
Point West 120
|
|
Industrial
|
—
|
|
|
3,267
|
|
|
8,695
|
|
|
511
|
|
|
3,267
|
|
|
9,206
|
|
|
12,473
|
|
|
1,093
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Corona, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1283 Sherborn Street
|
|
Industrial
|
—
|
|
|
8,677
|
|
|
16,778
|
|
|
47
|
|
|
8,677
|
|
|
16,825
|
|
|
25,502
|
|
|
5,022
|
|
2005
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cranbury, New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
311 Half Acre Road
|
|
Industrial
|
—
|
|
|
6,600
|
|
|
14,636
|
|
|
—
|
|
|
6,600
|
|
|
14,636
|
|
|
21,236
|
|
|
2,354
|
|
2004
|
2013
|
|
315 Half Acre Road
|
|
Industrial
|
—
|
|
|
14,100
|
|
|
30,084
|
|
|
—
|
|
|
14,100
|
|
|
30,084
|
|
|
44,184
|
|
|
4,776
|
|
2004
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Dallas, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor Administration MOB
|
|
Medical Office
|
—
|
|
|
50
|
|
|
14,435
|
|
|
100
|
|
|
150
|
|
|
14,435
|
|
|
14,585
|
|
|
3,893
|
|
2009
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Davenport, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Park 27 Distribution 210
|
|
Industrial
|
—
|
|
|
2,449
|
|
|
5,224
|
|
|
236
|
|
|
2,504
|
|
|
5,405
|
|
|
7,909
|
|
|
3,164
|
|
2003
|
2003
|
|
Park 27 Distribution 220
|
|
Industrial
|
—
|
|
|
4,374
|
|
|
6,041
|
|
|
5,143
|
|
|
4,502
|
|
|
11,056
|
|
|
15,558
|
|
|
4,727
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Davie, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Westport Business Park 2555
|
|
Industrial
|
—
|
|
|
1,200
|
|
|
1,276
|
|
|
81
|
|
|
1,200
|
|
|
1,357
|
|
|
2,557
|
|
|
482
|
|
1991
|
2011
|
|
Westport Business Park 2501
|
|
Industrial
|
—
|
|
|
1,088
|
|
|
779
|
|
|
245
|
|
|
1,088
|
|
|
1,024
|
|
|
2,112
|
|
|
370
|
|
1991
|
2011
|
|
Westport Business Park 2525
|
|
Industrial
|
—
|
|
|
2,363
|
|
|
5,949
|
|
|
898
|
|
|
2,363
|
|
|
6,847
|
|
|
9,210
|
|
|
1,604
|
|
1991
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Deer Park, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
801 Seaco Court
|
|
Industrial
|
—
|
|
|
2,331
|
|
|
4,673
|
|
|
238
|
|
|
2,331
|
|
|
4,911
|
|
|
7,242
|
|
|
909
|
|
2006
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Duluth, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Sugarloaf 2775
|
|
Industrial
|
—
|
|
|
560
|
|
|
4,376
|
|
|
670
|
|
|
560
|
|
|
5,046
|
|
|
5,606
|
|
|
2,194
|
|
1997
|
1999
|
|
Sugarloaf 3079
|
|
Industrial
|
—
|
|
|
776
|
|
|
4,536
|
|
|
3,085
|
|
|
776
|
|
|
7,621
|
|
|
8,397
|
|
|
3,138
|
|
1998
|
1999
|
|
Sugarloaf 2855
|
|
Industrial
|
—
|
|
|
765
|
|
|
3,028
|
|
|
1,475
|
|
|
765
|
|
|
4,503
|
|
|
5,268
|
|
|
1,949
|
|
1999
|
1999
|
|
Sugarloaf 6655
|
|
Industrial
|
—
|
|
|
1,651
|
|
|
6,838
|
|
|
1,079
|
|
|
1,651
|
|
|
7,917
|
|
|
9,568
|
|
|
3,264
|
|
1998
|
2001
|
|
2450 Meadowbrook Parkway
|
|
Industrial
|
—
|
|
|
383
|
|
|
1,579
|
|
|
658
|
|
|
383
|
|
|
2,237
|
|
|
2,620
|
|
|
712
|
|
1989
|
2010
|
|
2625 Pinemeadow Court
|
|
Industrial
|
—
|
|
|
861
|
|
|
3,122
|
|
|
222
|
|
|
861
|
|
|
3,344
|
|
|
4,205
|
|
|
828
|
|
1994
|
2010
|
|
2660 Pinemeadow Court
|
|
Industrial
|
—
|
|
|
540
|
|
|
2,261
|
|
|
302
|
|
|
540
|
|
|
2,563
|
|
|
3,103
|
|
|
849
|
|
1996
|
2010
|
|
2450 Satellite Boulevard
|
|
Industrial
|
—
|
|
|
556
|
|
|
2,408
|
|
|
200
|
|
|
556
|
|
|
2,608
|
|
|
3,164
|
|
|
1,050
|
|
1994
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
DuPont, WA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
2700 Center Drive
|
|
Industrial
|
—
|
|
|
34,634
|
|
|
39,342
|
|
|
(1,167
|
)
|
|
34,515
|
|
|
38,294
|
|
|
72,809
|
|
|
7,118
|
|
2013
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Durham, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Centerpoint Raleigh 1805
|
|
Industrial
|
—
|
|
|
4,110
|
|
|
10,497
|
|
|
3,846
|
|
|
4,110
|
|
|
14,343
|
|
|
18,453
|
|
|
2,321
|
|
2000
|
2011
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Centerpoint Raleigh 1757
|
|
Industrial
|
8,131
|
|
|
2,998
|
|
|
9,095
|
|
|
—
|
|
|
2,998
|
|
|
9,095
|
|
|
12,093
|
|
|
2,075
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Eagan, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Apollo 920
|
|
Industrial
|
4,575
|
|
|
866
|
|
|
3,601
|
|
|
1,913
|
|
|
895
|
|
|
5,485
|
|
|
6,380
|
|
|
2,805
|
|
1997
|
1997
|
|
Apollo 940
|
|
Industrial
|
1,900
|
|
|
474
|
|
|
2,135
|
|
|
560
|
|
|
474
|
|
|
2,695
|
|
|
3,169
|
|
|
1,077
|
|
2000
|
2000
|
|
Apollo 950
|
|
Industrial
|
6,525
|
|
|
1,432
|
|
|
5,997
|
|
|
33
|
|
|
1,432
|
|
|
6,030
|
|
|
7,462
|
|
|
2,538
|
|
2000
|
2000
|
|
2015 Silver Bell Road
|
|
Industrial
|
—
|
|
|
1,807
|
|
|
4,644
|
|
|
2,516
|
|
|
1,740
|
|
|
7,227
|
|
|
8,967
|
|
|
3,335
|
|
1999
|
1999
|
|
Trapp 1279
|
|
Industrial
|
2,428
|
|
|
671
|
|
|
3,495
|
|
|
620
|
|
|
691
|
|
|
4,095
|
|
|
4,786
|
|
|
1,880
|
|
1996
|
1998
|
|
Trapp 1245
|
|
Industrial
|
4,336
|
|
|
1,250
|
|
|
5,678
|
|
|
1,515
|
|
|
1,250
|
|
|
7,193
|
|
|
8,443
|
|
|
3,352
|
|
1998
|
1998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earth City, Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Corporate Trail 3655
|
|
Industrial
|
—
|
|
|
2,850
|
|
|
4,597
|
|
|
2,394
|
|
|
2,875
|
|
|
6,966
|
|
|
9,841
|
|
|
3,228
|
|
2006
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
East Point, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Camp Creek 1400
|
|
Industrial
|
—
|
|
|
561
|
|
|
2,052
|
|
|
1,997
|
|
|
561
|
|
|
4,049
|
|
|
4,610
|
|
|
1,784
|
|
1988
|
2001
|
|
Camp Creek 1800
|
|
Industrial
|
—
|
|
|
462
|
|
|
2,034
|
|
|
989
|
|
|
462
|
|
|
3,023
|
|
|
3,485
|
|
|
1,255
|
|
1989
|
2001
|
|
Camp Creek 2000
|
|
Industrial
|
—
|
|
|
395
|
|
|
2,169
|
|
|
1,124
|
|
|
395
|
|
|
3,293
|
|
|
3,688
|
|
|
1,597
|
|
1989
|
2001
|
|
Camp Creek 2400
|
|
Industrial
|
—
|
|
|
296
|
|
|
1,113
|
|
|
2,164
|
|
|
296
|
|
|
3,277
|
|
|
3,573
|
|
|
1,164
|
|
1988
|
2001
|
|
Camp Creek 2600
|
|
Industrial
|
—
|
|
|
364
|
|
|
1,882
|
|
|
1,657
|
|
|
364
|
|
|
3,539
|
|
|
3,903
|
|
|
1,713
|
|
1990
|
2001
|
|
Camp Creek 3201
|
|
Industrial
|
—
|
|
|
4,406
|
|
|
9,438
|
|
|
5,649
|
|
|
6,075
|
|
|
13,418
|
|
|
19,493
|
|
|
8,029
|
|
2004
|
2004
|
|
Camp Creek 1200
|
|
Industrial
|
—
|
|
|
1,334
|
|
|
599
|
|
|
1,371
|
|
|
1,400
|
|
|
1,904
|
|
|
3,304
|
|
|
1,230
|
|
2005
|
2005
|
|
Camp Creek 3900
|
|
Industrial
|
—
|
|
|
1,059
|
|
|
2,952
|
|
|
2,353
|
|
|
1,210
|
|
|
5,154
|
|
|
6,364
|
|
|
1,863
|
|
2005
|
2005
|
|
Camp Creek 3909
|
|
Industrial
|
—
|
|
|
5,687
|
|
|
10,165
|
|
|
26,453
|
|
|
15,102
|
|
|
27,203
|
|
|
42,305
|
|
|
16,990
|
|
2014
|
2006
|
|
Camp Creek 4200
|
|
Industrial
|
—
|
|
|
2,065
|
|
|
7,044
|
|
|
3,625
|
|
|
2,416
|
|
|
10,318
|
|
|
12,734
|
|
|
3,986
|
|
2006
|
2006
|
|
Camp Creek 1000
|
|
Industrial
|
—
|
|
|
1,537
|
|
|
528
|
|
|
1,304
|
|
|
1,606
|
|
|
1,763
|
|
|
3,369
|
|
|
1,264
|
|
2006
|
2006
|
|
Camp Creek 3000
|
|
Industrial
|
—
|
|
|
1,163
|
|
|
1,072
|
|
|
1,278
|
|
|
1,252
|
|
|
2,261
|
|
|
3,513
|
|
|
1,207
|
|
2007
|
2007
|
|
Camp Creek 1500
|
|
Office
|
—
|
|
|
1,683
|
|
|
3,113
|
|
|
3,465
|
|
|
1,814
|
|
|
6,447
|
|
|
8,261
|
|
|
2,226
|
|
2008
|
2008
|
|
Camp Creek 1100
|
|
Industrial
|
—
|
|
|
1,309
|
|
|
4,881
|
|
|
530
|
|
|
1,382
|
|
|
5,338
|
|
|
6,720
|
|
|
1,937
|
|
2008
|
2008
|
|
Camp Creek 4800
|
|
Industrial
|
—
|
|
|
2,476
|
|
|
3,906
|
|
|
2,198
|
|
|
2,724
|
|
|
5,856
|
|
|
8,580
|
|
|
2,320
|
|
2008
|
2008
|
|
Camp Creek 4100
|
|
Industrial
|
—
|
|
|
3,130
|
|
|
9,115
|
|
|
527
|
|
|
3,312
|
|
|
9,460
|
|
|
12,772
|
|
|
1,781
|
|
2013
|
2013
|
|
Camp Creek 3700
|
|
Industrial
|
—
|
|
|
1,878
|
|
|
3,842
|
|
|
95
|
|
|
1,878
|
|
|
3,937
|
|
|
5,815
|
|
|
734
|
|
2014
|
2014
|
|
Camp Creek 4909
|
|
Industrial
|
—
|
|
|
7,807
|
|
|
14,321
|
|
|
—
|
|
|
7,807
|
|
|
14,321
|
|
|
22,128
|
|
|
554
|
|
2016
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Easton, Pennsylvania
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
33 Logistics Park 1610
|
|
Industrial
|
—
|
|
|
24,752
|
|
|
55,500
|
|
|
—
|
|
|
24,752
|
|
|
55,500
|
|
|
80,252
|
|
|
2,389
|
|
2016
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Edwardsville, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Lakeview Commerce 3965
|
|
Industrial
|
—
|
|
|
4,561
|
|
|
18,604
|
|
|
42
|
|
|
4,561
|
|
|
18,646
|
|
|
23,207
|
|
|
3,874
|
|
2006
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Elk Grove Village, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1717 Busse Road
|
|
Industrial
|
11,834
|
|
|
3,602
|
|
|
19,016
|
|
|
—
|
|
|
3,602
|
|
|
19,016
|
|
|
22,618
|
|
|
3,939
|
|
2004
|
2011
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
1300 Estes Avenue
|
|
Industrial
|
—
|
|
|
8,152
|
|
|
9,948
|
|
|
542
|
|
|
8,157
|
|
|
10,485
|
|
|
18,642
|
|
|
2,232
|
|
2013
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ellenwood, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
2529 Old Anvil Block
|
|
Industrial
|
—
|
|
|
4,664
|
|
|
9,265
|
|
|
21
|
|
|
4,664
|
|
|
9,286
|
|
|
13,950
|
|
|
1,241
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fairfax, Virginia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
INOVA Fair Oaks MOB
|
|
Medical Office
|
—
|
|
|
808
|
|
|
28,558
|
|
|
327
|
|
|
808
|
|
|
28,885
|
|
|
29,693
|
|
|
7,132
|
|
2009
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fairfield, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Union Centre Industrial 6019
|
|
Industrial
|
—
|
|
|
5,635
|
|
|
8,709
|
|
|
2,357
|
|
|
5,635
|
|
|
11,066
|
|
|
16,701
|
|
|
5,538
|
|
2008
|
2008
|
|
Union Centre Industrial 5855
|
|
Industrial
|
—
|
|
|
3,009
|
|
|
15,387
|
|
|
—
|
|
|
3,009
|
|
|
15,387
|
|
|
18,396
|
|
|
126
|
|
2016
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fishers, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Exit 5 9998
|
|
Industrial
|
—
|
|
|
822
|
|
|
2,561
|
|
|
791
|
|
|
581
|
|
|
3,593
|
|
|
4,174
|
|
|
1,482
|
|
1999
|
1999
|
|
Exit 5 9888
|
|
Industrial
|
—
|
|
|
749
|
|
|
2,498
|
|
|
1,190
|
|
|
555
|
|
|
3,882
|
|
|
4,437
|
|
|
1,651
|
|
2000
|
2000
|
|
Ascension St V's Fishers MOB
|
|
Medical Office
|
—
|
|
|
—
|
|
|
22,956
|
|
|
6,127
|
|
|
4,235
|
|
|
24,848
|
|
|
29,083
|
|
|
13,857
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Flower Mound, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Lakeside Ranch 550
|
|
Industrial
|
—
|
|
|
9,861
|
|
|
19,628
|
|
|
358
|
|
|
9,861
|
|
|
19,986
|
|
|
29,847
|
|
|
6,303
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fontana, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
14970 Jurupa Ave
|
|
Grounds
|
—
|
|
|
17,306
|
|
|
—
|
|
|
—
|
|
|
17,306
|
|
|
—
|
|
|
17,306
|
|
|
179
|
|
n/a
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fort Worth, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Riverpark 3300
|
|
Industrial
|
—
|
|
|
3,975
|
|
|
10,766
|
|
|
311
|
|
|
3,975
|
|
|
11,077
|
|
|
15,052
|
|
|
3,785
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Franklin, Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Aspen Grove Business 277
|
|
Industrial
|
—
|
|
|
936
|
|
|
3,529
|
|
|
3,963
|
|
|
936
|
|
|
7,492
|
|
|
8,428
|
|
|
3,439
|
|
1996
|
1999
|
|
Aspen Grove Business 320
|
|
Industrial
|
—
|
|
|
1,151
|
|
|
5,899
|
|
|
1,538
|
|
|
1,151
|
|
|
7,437
|
|
|
8,588
|
|
|
3,120
|
|
1996
|
1999
|
|
Aspen Grove Business 305
|
|
Industrial
|
—
|
|
|
970
|
|
|
5,021
|
|
|
878
|
|
|
970
|
|
|
5,899
|
|
|
6,869
|
|
|
2,703
|
|
1998
|
1999
|
|
Aspen Grove Business 400
|
|
Industrial
|
—
|
|
|
492
|
|
|
2,207
|
|
|
597
|
|
|
492
|
|
|
2,804
|
|
|
3,296
|
|
|
1,140
|
|
2002
|
2002
|
|
Aspen Grove Business 416
|
|
Industrial
|
—
|
|
|
943
|
|
|
4,408
|
|
|
3,002
|
|
|
943
|
|
|
7,410
|
|
|
8,353
|
|
|
3,553
|
|
1996
|
1999
|
|
Brentwood South Business 119
|
|
Industrial
|
—
|
|
|
569
|
|
|
1,331
|
|
|
1,432
|
|
|
569
|
|
|
2,763
|
|
|
3,332
|
|
|
1,268
|
|
1990
|
1999
|
|
Brentwood South Business 121
|
|
Industrial
|
—
|
|
|
445
|
|
|
1,720
|
|
|
395
|
|
|
445
|
|
|
2,115
|
|
|
2,560
|
|
|
969
|
|
1990
|
1999
|
|
Brentwood South Business 123
|
|
Industrial
|
1,474
|
|
|
489
|
|
|
992
|
|
|
1,205
|
|
|
489
|
|
|
2,197
|
|
|
2,686
|
|
|
899
|
|
1990
|
1999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Franklin Park, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
11501 West Irving Park Road
|
|
Industrial
|
—
|
|
|
3,900
|
|
|
2,702
|
|
|
1,558
|
|
|
3,900
|
|
|
4,260
|
|
|
8,160
|
|
|
1,393
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Frisco, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Tenet Conifer Admin Bldg
|
|
Medical Office
|
—
|
|
|
3,842
|
|
|
28,926
|
|
|
51
|
|
|
3,842
|
|
|
28,977
|
|
|
32,819
|
|
|
3,918
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
Garden City, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Aviation Court Land
|
|
Grounds
|
—
|
|
|
1,509
|
|
|
—
|
|
|
—
|
|
|
1,509
|
|
|
—
|
|
|
1,509
|
|
|
208
|
|
n/a
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Garner, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Greenfield North 600
|
|
Industrial
|
—
|
|
|
597
|
|
|
2,456
|
|
|
525
|
|
|
598
|
|
|
2,980
|
|
|
3,578
|
|
|
581
|
|
2006
|
2011
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
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
|
|
|
2,664
|
|
|
180
|
|
|
469
|
|
|
2,843
|
|
|
3,312
|
|
|
1,010
|
|
2007
|
2011
|
|
Greenfield North 800
|
|
Industrial
|
—
|
|
|
438
|
|
|
5,772
|
|
|
215
|
|
|
440
|
|
|
5,985
|
|
|
6,425
|
|
|
1,099
|
|
2004
|
2011
|
|
Greenfield North 900
|
|
Industrial
|
—
|
|
|
422
|
|
|
6,249
|
|
|
977
|
|
|
425
|
|
|
7,223
|
|
|
7,648
|
|
|
1,413
|
|
2007
|
2011
|
|
Greenfield North 1000
|
|
Industrial
|
—
|
|
|
1,970
|
|
|
6,026
|
|
|
—
|
|
|
1,970
|
|
|
6,026
|
|
|
7,996
|
|
|
350
|
|
2016
|
2016
|
|
N. Greenfield Pkwy Ground DCLP
|
|
Grounds
|
—
|
|
|
214
|
|
|
222
|
|
|
—
|
|
|
214
|
|
|
222
|
|
|
436
|
|
|
61
|
|
n/a
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Geneva, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1800 Averill Road
|
|
Industrial
|
—
|
|
|
3,189
|
|
|
11,582
|
|
|
7,640
|
|
|
4,778
|
|
|
17,633
|
|
|
22,411
|
|
|
3,069
|
|
2013
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Germantown, Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Centerre Baptist Memphis Hosp
|
|
Medical Office
|
—
|
|
|
1,032
|
|
|
16,045
|
|
|
199
|
|
|
1,256
|
|
|
16,020
|
|
|
17,276
|
|
|
1,897
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gouldsboro, Pennsylvania
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
400 First Avenue
|
|
Industrial
|
—
|
|
|
9,500
|
|
|
51,645
|
|
|
270
|
|
|
9,500
|
|
|
51,915
|
|
|
61,415
|
|
|
6,890
|
|
2007
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Grand Prairie, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Grand Lakes 4003
|
|
Industrial
|
—
|
|
|
8,106
|
|
|
10,011
|
|
|
2,820
|
|
|
8,040
|
|
|
12,897
|
|
|
20,937
|
|
|
7,176
|
|
2006
|
2006
|
|
Grand Lakes 3953
|
|
Industrial
|
—
|
|
|
11,853
|
|
|
11,864
|
|
|
12,471
|
|
|
11,853
|
|
|
24,335
|
|
|
36,188
|
|
|
9,322
|
|
2008
|
2008
|
|
1803 W. Pioneer Parkway
|
|
Industrial
|
—
|
|
|
7,381
|
|
|
17,628
|
|
|
45
|
|
|
7,381
|
|
|
17,673
|
|
|
25,054
|
|
|
6,244
|
|
2008
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Grove City, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
SouthPointe 4001
|
|
Industrial
|
—
|
|
|
844
|
|
|
5,171
|
|
|
490
|
|
|
844
|
|
|
5,661
|
|
|
6,505
|
|
|
1,338
|
|
1995
|
2010
|
|
SouthPointe 3901
|
|
Industrial
|
—
|
|
|
790
|
|
|
4,880
|
|
|
60
|
|
|
790
|
|
|
4,940
|
|
|
5,730
|
|
|
1,164
|
|
1996
|
2010
|
|
SouthPointe 3801
|
|
Industrial
|
—
|
|
|
754
|
|
|
6,325
|
|
|
282
|
|
|
754
|
|
|
6,607
|
|
|
7,361
|
|
|
1,522
|
|
1996
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Groveport, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
6600 Port Road
|
|
Industrial
|
—
|
|
|
2,725
|
|
|
20,792
|
|
|
2,864
|
|
|
3,213
|
|
|
23,168
|
|
|
26,381
|
|
|
11,137
|
|
1998
|
1997
|
|
Groveport Commerce Center 6200
|
|
Industrial
|
6,250
|
|
|
1,049
|
|
|
6,578
|
|
|
2,779
|
|
|
1,049
|
|
|
9,357
|
|
|
10,406
|
|
|
4,496
|
|
1999
|
1999
|
|
Groveport Commerce Center 6300
|
|
Industrial
|
2,350
|
|
|
510
|
|
|
2,496
|
|
|
2,275
|
|
|
510
|
|
|
4,771
|
|
|
5,281
|
|
|
1,760
|
|
2000
|
2000
|
|
Groveport Commerce Center 6295
|
|
Industrial
|
4,900
|
|
|
435
|
|
|
5,549
|
|
|
2,237
|
|
|
435
|
|
|
7,786
|
|
|
8,221
|
|
|
2,995
|
|
2000
|
2000
|
|
Groveport Commerce Center 6405
|
|
Industrial
|
9,500
|
|
|
4,420
|
|
|
10,954
|
|
|
992
|
|
|
4,420
|
|
|
11,946
|
|
|
16,366
|
|
|
6,331
|
|
2005
|
2005
|
|
RGLP North 2842
|
|
Industrial
|
—
|
|
|
5,680
|
|
|
23,872
|
|
|
5
|
|
|
5,680
|
|
|
23,877
|
|
|
29,557
|
|
|
4,799
|
|
2008
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hamilton, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
CHI Bethesda Specialty Hosp
|
|
Medical Office
|
—
|
|
|
1,499
|
|
|
4,990
|
|
|
18,991
|
|
|
1,499
|
|
|
23,981
|
|
|
25,480
|
|
|
2,430
|
|
2000
|
2012
|
|
CHI Bethesda Imaging/ER
|
|
Medical Office
|
—
|
|
|
751
|
|
|
3,325
|
|
|
3,930
|
|
|
1,239
|
|
|
6,767
|
|
|
8,006
|
|
|
1,326
|
|
2013
|
2012
|
|
CHI Bethesda Sleep Center
|
|
Medical Office
|
—
|
|
|
501
|
|
|
2,220
|
|
|
24
|
|
|
501
|
|
|
2,244
|
|
|
2,745
|
|
|
476
|
|
2008
|
2012
|
|
CHI Bethesda Condo 1 MOB
|
|
Medical Office
|
—
|
|
|
—
|
|
|
664
|
|
|
1,102
|
|
|
—
|
|
|
1,766
|
|
|
1,766
|
|
|
247
|
|
2004
|
2012
|
|
CHI Bethesda Condo 2 MOB
|
|
Medical Office
|
—
|
|
|
—
|
|
|
3,440
|
|
|
1,214
|
|
|
—
|
|
|
4,654
|
|
|
4,654
|
|
|
976
|
|
2008
|
2012
|
|
CHI Bethesda Dialysis MOB
|
|
Medical Office
|
—
|
|
|
375
|
|
|
1,098
|
|
|
53
|
|
|
375
|
|
|
1,151
|
|
|
1,526
|
|
|
236
|
|
2008
|
2012
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hazelwood, Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Lindbergh Distribution 5801
|
|
Industrial
|
—
|
|
|
8,200
|
|
|
9,326
|
|
|
3,684
|
|
|
8,491
|
|
|
12,719
|
|
|
21,210
|
|
|
4,943
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hebron, Kentucky
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Southpark 1901
|
|
Industrial
|
—
|
|
|
779
|
|
|
2,859
|
|
|
4,797
|
|
|
779
|
|
|
7,656
|
|
|
8,435
|
|
|
2,621
|
|
1994
|
1994
|
|
Southpark 2030
|
|
Industrial
|
—
|
|
|
1,085
|
|
|
3,853
|
|
|
2,422
|
|
|
1,085
|
|
|
6,275
|
|
|
7,360
|
|
|
3,110
|
|
1994
|
1994
|
|
Hebron 2305
|
|
Industrial
|
—
|
|
|
8,855
|
|
|
10,797
|
|
|
472
|
|
|
8,855
|
|
|
11,269
|
|
|
20,124
|
|
|
6,587
|
|
2006
|
2006
|
|
Hebron 2285
|
|
Industrial
|
—
|
|
|
6,790
|
|
|
6,946
|
|
|
3,925
|
|
|
6,813
|
|
|
10,848
|
|
|
17,661
|
|
|
4,906
|
|
2007
|
2007
|
|
Skyport 2350
|
|
Industrial
|
—
|
|
|
1,057
|
|
|
5,876
|
|
|
67
|
|
|
1,057
|
|
|
5,943
|
|
|
7,000
|
|
|
1,384
|
|
1997
|
2010
|
|
Skyport 2250
|
|
Industrial
|
—
|
|
|
1,400
|
|
|
8,956
|
|
|
279
|
|
|
1,400
|
|
|
9,235
|
|
|
10,635
|
|
|
2,265
|
|
1998
|
2010
|
|
Skyport 2245
|
|
Industrial
|
—
|
|
|
2,016
|
|
|
8,512
|
|
|
261
|
|
|
2,016
|
|
|
8,773
|
|
|
10,789
|
|
|
2,208
|
|
2000
|
2010
|
|
Skyport 2265
|
|
Industrial
|
—
|
|
|
2,878
|
|
|
6,619
|
|
|
838
|
|
|
2,878
|
|
|
7,457
|
|
|
10,335
|
|
|
3,158
|
|
2006
|
2010
|
|
Southpark 1961
|
|
Industrial
|
—
|
|
|
553
|
|
|
1,627
|
|
|
369
|
|
|
553
|
|
|
1,996
|
|
|
2,549
|
|
|
618
|
|
1990
|
2010
|
|
Southpark 2053
|
|
Industrial
|
—
|
|
|
755
|
|
|
3,905
|
|
|
67
|
|
|
755
|
|
|
3,972
|
|
|
4,727
|
|
|
1,082
|
|
1991
|
2010
|
|
Southpark 1990
|
|
Industrial
|
—
|
|
|
366
|
|
|
8,344
|
|
|
—
|
|
|
366
|
|
|
8,344
|
|
|
8,710
|
|
|
92
|
|
2016
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Holly Springs, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
UNC Rex Holly Springs MOB
|
|
Medical Office
|
—
|
|
|
11
|
|
|
7,724
|
|
|
648
|
|
|
11
|
|
|
8,372
|
|
|
8,383
|
|
|
1,714
|
|
2011
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hopkins, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Cornerstone 401
|
|
Industrial
|
—
|
|
|
1,469
|
|
|
7,644
|
|
|
2,138
|
|
|
1,454
|
|
|
9,797
|
|
|
11,251
|
|
|
4,272
|
|
1996
|
1997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Houston, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Point North 8210
|
|
Industrial
|
—
|
|
|
3,125
|
|
|
2,178
|
|
|
2,631
|
|
|
3,125
|
|
|
4,809
|
|
|
7,934
|
|
|
2,180
|
|
2008
|
2008
|
|
Point North 8120
|
|
Industrial
|
—
|
|
|
4,210
|
|
|
5,651
|
|
|
4,321
|
|
|
4,581
|
|
|
9,601
|
|
|
14,182
|
|
|
3,129
|
|
2013
|
2013
|
|
Point North 8111
|
|
Industrial
|
—
|
|
|
3,957
|
|
|
15,093
|
|
|
—
|
|
|
3,957
|
|
|
15,093
|
|
|
19,050
|
|
|
1,568
|
|
2014
|
2014
|
|
Westland 8323
|
|
Industrial
|
—
|
|
|
4,183
|
|
|
4,616
|
|
|
3,337
|
|
|
4,233
|
|
|
7,903
|
|
|
12,136
|
|
|
4,456
|
|
2008
|
2008
|
|
Westland 13788
|
|
Industrial
|
—
|
|
|
3,439
|
|
|
8,890
|
|
|
501
|
|
|
3,246
|
|
|
9,584
|
|
|
12,830
|
|
|
3,114
|
|
2011
|
2011
|
|
Gateway Northwest 20710
|
|
Industrial
|
—
|
|
|
7,204
|
|
|
8,028
|
|
|
4,159
|
|
|
7,204
|
|
|
12,187
|
|
|
19,391
|
|
|
1,375
|
|
2014
|
2014
|
|
Gateway Northwest 20702
|
|
Industrial
|
—
|
|
|
2,981
|
|
|
3,122
|
|
|
1,380
|
|
|
2,981
|
|
|
4,502
|
|
|
7,483
|
|
|
586
|
|
2014
|
2014
|
|
Gateway Northwest 20502
|
|
Industrial
|
—
|
|
|
2,987
|
|
|
5,342
|
|
|
—
|
|
|
2,987
|
|
|
5,342
|
|
|
8,329
|
|
|
234
|
|
2016
|
2016
|
|
22008 N Berwick Drive
|
|
Industrial
|
—
|
|
|
2,981
|
|
|
5,049
|
|
|
—
|
|
|
2,981
|
|
|
5,049
|
|
|
8,030
|
|
|
366
|
|
2002
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Humble, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Point North 8411
|
|
Industrial
|
—
|
|
|
5,333
|
|
|
6,946
|
|
|
1,182
|
|
|
5,333
|
|
|
8,128
|
|
|
13,461
|
|
|
559
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Huntley, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
14100 Weber Drive
|
|
Industrial
|
—
|
|
|
7,539
|
|
|
34,141
|
|
|
(41
|
)
|
|
7,539
|
|
|
34,100
|
|
|
41,639
|
|
|
1,982
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
Hutchins, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
801 Wintergreen Road
|
|
Industrial
|
6,416
|
|
|
5,290
|
|
|
9,242
|
|
|
2,683
|
|
|
5,290
|
|
|
11,925
|
|
|
17,215
|
|
|
5,614
|
|
2006
|
2006
|
|
Prime Pointe 1005
|
|
Industrial
|
—
|
|
|
5,865
|
|
|
19,420
|
|
|
—
|
|
|
5,865
|
|
|
19,420
|
|
|
25,285
|
|
|
695
|
|
2016
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Indianapolis, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ascension St V's Max Simon MOB
|
|
Medical Office
|
—
|
|
|
3,209
|
|
|
11,575
|
|
|
457
|
|
|
3,209
|
|
|
12,032
|
|
|
15,241
|
|
|
4,495
|
|
2007
|
2011
|
|
Centerre Community Indy Hosp
|
|
Medical Office
|
—
|
|
|
1,150
|
|
|
16,709
|
|
|
85
|
|
|
1,150
|
|
|
16,794
|
|
|
17,944
|
|
|
3,133
|
|
2013
|
2013
|
|
Park 100 5550
|
|
Industrial
|
8,310
|
|
|
1,171
|
|
|
12,641
|
|
|
144
|
|
|
1,424
|
|
|
12,532
|
|
|
13,956
|
|
|
6,845
|
|
1997
|
1995
|
|
Park 100 8250
|
|
Industrial
|
—
|
|
|
273
|
|
|
4,631
|
|
|
4,503
|
|
|
273
|
|
|
9,134
|
|
|
9,407
|
|
|
4,834
|
|
1995
|
1994
|
|
Park 100 8260
|
|
Industrial
|
—
|
|
|
103
|
|
|
1,545
|
|
|
924
|
|
|
103
|
|
|
2,469
|
|
|
2,572
|
|
|
1,375
|
|
1995
|
1995
|
|
Park 100 Building 124
|
|
Office
|
—
|
|
|
227
|
|
|
2,105
|
|
|
798
|
|
|
227
|
|
|
2,903
|
|
|
3,130
|
|
|
1,316
|
|
1992
|
2002
|
|
Park 100 8236
|
|
Industrial
|
—
|
|
|
96
|
|
|
1,280
|
|
|
699
|
|
|
96
|
|
|
1,979
|
|
|
2,075
|
|
|
1,078
|
|
1995
|
1995
|
|
Park 100 5425
|
|
Industrial
|
1,035
|
|
|
1,120
|
|
|
2,419
|
|
|
341
|
|
|
1,120
|
|
|
2,760
|
|
|
3,880
|
|
|
1,398
|
|
2005
|
2005
|
|
Hewlett-Packard Land Lease
|
|
Grounds
|
—
|
|
|
252
|
|
|
—
|
|
|
—
|
|
|
252
|
|
|
—
|
|
|
252
|
|
|
98
|
|
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
|
|
|
588
|
|
n/a
|
2006
|
|
PWW Granite City Lease
|
|
Grounds
|
—
|
|
|
1,846
|
|
|
856
|
|
|
143
|
|
|
1,989
|
|
|
856
|
|
|
2,845
|
|
|
790
|
|
2008
|
2009
|
|
Woodland V
|
|
Office
|
—
|
|
|
768
|
|
|
9,954
|
|
|
193
|
|
|
768
|
|
|
10,147
|
|
|
10,915
|
|
|
5,214
|
|
2003
|
2003
|
|
Woodland VI
|
|
Office
|
—
|
|
|
2,145
|
|
|
10,129
|
|
|
4,318
|
|
|
2,145
|
|
|
14,447
|
|
|
16,592
|
|
|
6,613
|
|
2008
|
2008
|
|
Woodland VII
|
|
Office
|
—
|
|
|
1,622
|
|
|
7,950
|
|
|
2,694
|
|
|
1,622
|
|
|
10,644
|
|
|
12,266
|
|
|
522
|
|
2015
|
2015
|
|
North Airport Park 7750
|
|
Industrial
|
—
|
|
|
1,800
|
|
|
4,790
|
|
|
407
|
|
|
1,800
|
|
|
5,197
|
|
|
6,997
|
|
|
1,520
|
|
1997
|
2010
|
|
Park 100 5010
|
|
Industrial
|
—
|
|
|
690
|
|
|
1,687
|
|
|
603
|
|
|
690
|
|
|
2,290
|
|
|
2,980
|
|
|
637
|
|
1984
|
2010
|
|
Park 100 5134
|
|
Industrial
|
—
|
|
|
642
|
|
|
2,057
|
|
|
146
|
|
|
642
|
|
|
2,203
|
|
|
2,845
|
|
|
583
|
|
1984
|
2010
|
|
Park 100 5012
|
|
Industrial
|
—
|
|
|
616
|
|
|
384
|
|
|
480
|
|
|
642
|
|
|
838
|
|
|
1,480
|
|
|
259
|
|
1986
|
2010
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Park 100 5302
|
|
Industrial
|
—
|
|
|
427
|
|
|
1,286
|
|
|
400
|
|
|
427
|
|
|
1,686
|
|
|
2,113
|
|
|
476
|
|
1989
|
2010
|
|
Park 100 5303
|
|
Industrial
|
—
|
|
|
427
|
|
|
1,834
|
|
|
280
|
|
|
427
|
|
|
2,114
|
|
|
2,541
|
|
|
585
|
|
1989
|
2010
|
|
Park 100 5355
|
|
Industrial
|
—
|
|
|
1,136
|
|
|
6,570
|
|
|
1,820
|
|
|
1,136
|
|
|
8,390
|
|
|
9,526
|
|
|
2,410
|
|
1989
|
2010
|
|
Park 100 5110
|
|
Industrial
|
—
|
|
|
1,070
|
|
|
4,904
|
|
|
402
|
|
|
1,070
|
|
|
5,306
|
|
|
6,376
|
|
|
1,236
|
|
1994
|
2010
|
|
Park 100 7225
|
|
Industrial
|
6,275
|
|
|
1,152
|
|
|
13,458
|
|
|
616
|
|
|
1,152
|
|
|
14,074
|
|
|
15,226
|
|
|
3,096
|
|
1996
|
2010
|
|
Park 100 4925
|
|
Industrial
|
4,965
|
|
|
1,280
|
|
|
8,768
|
|
|
2,079
|
|
|
1,280
|
|
|
10,847
|
|
|
12,127
|
|
|
2,443
|
|
2000
|
2010
|
|
Park 100 7520
|
|
Industrial
|
4,965
|
|
|
1,680
|
|
|
10,834
|
|
|
476
|
|
|
1,680
|
|
|
11,310
|
|
|
12,990
|
|
|
2,674
|
|
1997
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Jourdanton, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
CHS Jourdanton MOB
|
|
Medical Office
|
—
|
|
|
583
|
|
|
10,152
|
|
|
—
|
|
|
583
|
|
|
10,152
|
|
|
10,735
|
|
|
1,324
|
|
2013
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Katy, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Methodist St Catherine 1 MOB
|
|
Medical Office
|
—
|
|
|
47
|
|
|
8,315
|
|
|
465
|
|
|
47
|
|
|
8,780
|
|
|
8,827
|
|
|
1,574
|
|
2001
|
2011
|
|
Methodist St Catherine 2 MOB
|
|
Medical Office
|
—
|
|
|
122
|
|
|
11,988
|
|
|
342
|
|
|
122
|
|
|
12,330
|
|
|
12,452
|
|
|
2,893
|
|
2004
|
2011
|
|
Methodist St Catherine 3 MOB
|
|
Medical Office
|
—
|
|
|
131
|
|
|
8,247
|
|
|
160
|
|
|
131
|
|
|
8,407
|
|
|
8,538
|
|
|
1,579
|
|
2006
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Keller, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor Emerus Keller Hosp
|
|
Medical Office
|
—
|
|
|
2,365
|
|
|
10,028
|
|
|
759
|
|
|
2,365
|
|
|
10,787
|
|
|
13,152
|
|
|
1,741
|
|
2013
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Kissimmee, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Adventist FH Kissimmee MOB
|
|
Medical Office
|
—
|
|
|
763
|
|
|
18,221
|
|
|
359
|
|
|
763
|
|
|
18,580
|
|
|
19,343
|
|
|
3,780
|
|
2009
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Kutztown, Pennsylvania
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
West Hills 9645
|
|
Industrial
|
—
|
|
|
15,340
|
|
|
47,981
|
|
|
46
|
|
|
15,340
|
|
|
48,027
|
|
|
63,367
|
|
|
5,682
|
|
2014
|
2014
|
|
West Hills 9677
|
|
Industrial
|
—
|
|
|
5,218
|
|
|
13,029
|
|
|
—
|
|
|
5,218
|
|
|
13,029
|
|
|
18,247
|
|
|
1,073
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Kyle, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ascension Seton Hays MOB
|
|
Medical Office
|
—
|
|
|
165
|
|
|
11,668
|
|
|
4,567
|
|
|
165
|
|
|
16,235
|
|
|
16,400
|
|
|
4,032
|
|
2009
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
La Miranda, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
16501 Trojan Way
|
|
Industrial
|
—
|
|
|
23,503
|
|
|
33,342
|
|
|
125
|
|
|
23,503
|
|
|
33,467
|
|
|
56,970
|
|
|
7,172
|
|
2002
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
LaPorte, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Bayport Container Lot
|
|
Grounds
|
—
|
|
|
3,334
|
|
|
—
|
|
|
1,041
|
|
|
4,375
|
|
|
—
|
|
|
4,375
|
|
|
—
|
|
n/a
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Las Cruces, New Mexico
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
CHS Mountain View MOB
|
|
Medical Office
|
—
|
|
|
430
|
|
|
18,882
|
|
|
1,226
|
|
|
430
|
|
|
20,108
|
|
|
20,538
|
|
|
3,100
|
|
2003
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Lawrenceville, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
175 Alcovy Industrial Road
|
|
Industrial
|
—
|
|
|
3,974
|
|
|
2,935
|
|
|
56
|
|
|
3,982
|
|
|
2,983
|
|
|
6,965
|
|
|
2,900
|
|
2004
|
2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Lebanon, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Lebanon Park 185
|
|
Industrial
|
—
|
|
|
305
|
|
|
8,664
|
|
|
1,391
|
|
|
177
|
|
|
10,183
|
|
|
10,360
|
|
|
4,271
|
|
2000
|
1997
|
|
Lebanon Park 322
|
|
Industrial
|
—
|
|
|
554
|
|
|
6,528
|
|
|
1,067
|
|
|
340
|
|
|
7,809
|
|
|
8,149
|
|
|
3,425
|
|
1999
|
1999
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Lebanon Park 400
|
|
Industrial
|
—
|
|
|
5,163
|
|
|
11,249
|
|
|
944
|
|
|
5,163
|
|
|
12,193
|
|
|
17,356
|
|
|
7,271
|
|
2003
|
2003
|
|
Lebanon Park 420
|
|
Industrial
|
—
|
|
|
561
|
|
|
5,156
|
|
|
695
|
|
|
1,901
|
|
|
4,511
|
|
|
6,412
|
|
|
2,660
|
|
2003
|
2003
|
|
Lebanon Park 500
|
|
Industrial
|
—
|
|
|
2,813
|
|
|
11,137
|
|
|
2,058
|
|
|
2,813
|
|
|
13,195
|
|
|
16,008
|
|
|
5,666
|
|
2005
|
2005
|
|
Lebanon Park 210
|
|
Industrial
|
—
|
|
|
312
|
|
|
3,594
|
|
|
172
|
|
|
312
|
|
|
3,766
|
|
|
4,078
|
|
|
954
|
|
1996
|
2010
|
|
Lebanon Park 121
|
|
Industrial
|
—
|
|
|
948
|
|
|
19,037
|
|
|
7,733
|
|
|
1,268
|
|
|
26,450
|
|
|
27,718
|
|
|
5,202
|
|
2014
|
2010
|
|
Lebanon Park 311
|
|
Industrial
|
—
|
|
|
699
|
|
|
7,877
|
|
|
94
|
|
|
699
|
|
|
7,971
|
|
|
8,670
|
|
|
2,094
|
|
1998
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Lebanon, Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Park 840 West 14840
|
|
Industrial
|
—
|
|
|
6,776
|
|
|
8,469
|
|
|
6,001
|
|
|
6,776
|
|
|
14,470
|
|
|
21,246
|
|
|
6,770
|
|
2006
|
2006
|
|
Park 840 East 1009
|
|
Industrial
|
—
|
|
|
7,731
|
|
|
14,881
|
|
|
809
|
|
|
7,852
|
|
|
15,569
|
|
|
23,421
|
|
|
3,989
|
|
2013
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Linden, New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Legacy Commerce Center 801
|
|
Industrial
|
—
|
|
|
22,134
|
|
|
23,645
|
|
|
3,845
|
|
|
22,134
|
|
|
27,490
|
|
|
49,624
|
|
|
2,547
|
|
2014
|
2014
|
|
Legacy Commerce Center 301
|
|
Industrial
|
—
|
|
|
6,933
|
|
|
8,575
|
|
|
168
|
|
|
6,933
|
|
|
8,743
|
|
|
15,676
|
|
|
692
|
|
2015
|
2015
|
|
Legacy Commerce Center 901
|
|
Industrial
|
—
|
|
|
25,935
|
|
|
19,806
|
|
|
—
|
|
|
25,935
|
|
|
19,806
|
|
|
45,741
|
|
|
580
|
|
2016
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Littleton, Colorado
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
SCL Emerus Littleton Hosp
|
|
Medical Office
|
—
|
|
|
4,290
|
|
|
17,185
|
|
|
—
|
|
|
4,290
|
|
|
17,185
|
|
|
21,475
|
|
|
703
|
|
2016
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Lockbourne, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Creekside 2120
|
|
Industrial
|
—
|
|
|
2,868
|
|
|
16,814
|
|
|
289
|
|
|
2,868
|
|
|
17,103
|
|
|
19,971
|
|
|
4,197
|
|
2008
|
2012
|
|
Creekside 4555
|
|
Industrial
|
—
|
|
|
1,947
|
|
|
11,525
|
|
|
188
|
|
|
1,947
|
|
|
11,713
|
|
|
13,660
|
|
|
2,150
|
|
2005
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Logan Township, New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1130 Commerce Boulevard
|
|
Industrial
|
—
|
|
|
3,770
|
|
|
19,239
|
|
|
1,037
|
|
|
3,770
|
|
|
20,276
|
|
|
24,046
|
|
|
2,690
|
|
2002
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Long Beach, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
3700 Cover Street
|
|
Industrial
|
—
|
|
|
7,280
|
|
|
6,954
|
|
|
—
|
|
|
7,280
|
|
|
6,954
|
|
|
14,234
|
|
|
1,386
|
|
2012
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Longview, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
CHS Longview 1 MOB
|
|
Medical Office
|
—
|
|
|
403
|
|
|
23,612
|
|
|
1,007
|
|
|
403
|
|
|
24,619
|
|
|
25,022
|
|
|
3,619
|
|
2003
|
2012
|
|
CHS Longview 2 MOB
|
|
Medical Office
|
—
|
|
|
778
|
|
|
13,083
|
|
|
—
|
|
|
778
|
|
|
13,083
|
|
|
13,861
|
|
|
453
|
|
2015
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Lynwood, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
2700 East Imperial Highway
|
|
Industrial
|
—
|
|
|
16,847
|
|
|
17,881
|
|
|
34
|
|
|
16,847
|
|
|
17,915
|
|
|
34,762
|
|
|
4,253
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mansfield, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor Emerus Mansfield Hosp
|
|
Medical Office
|
—
|
|
|
3,238
|
|
|
9,546
|
|
|
13
|
|
|
3,238
|
|
|
9,559
|
|
|
12,797
|
|
|
1,290
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Manteca, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
600 Spreckels Avenue
|
|
Industrial
|
—
|
|
|
4,851
|
|
|
19,703
|
|
|
67
|
|
|
4,851
|
|
|
19,770
|
|
|
24,621
|
|
|
3,825
|
|
1999
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Marble Falls, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor Marble Falls MOB
|
|
Medical Office
|
—
|
|
|
1,519
|
|
|
18,836
|
|
|
744
|
|
|
1,519
|
|
|
19,580
|
|
|
21,099
|
|
|
3,595
|
|
2013
|
2013
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Maryland Heights, Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Riverport 3128
|
|
Industrial
|
—
|
|
|
1,269
|
|
|
1,690
|
|
|
2,239
|
|
|
733
|
|
|
4,465
|
|
|
5,198
|
|
|
1,702
|
|
2001
|
2001
|
|
Riverport 3101
|
|
Industrial
|
—
|
|
|
1,864
|
|
|
3,078
|
|
|
2,143
|
|
|
1,864
|
|
|
5,221
|
|
|
7,085
|
|
|
2,392
|
|
2007
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
McDonough, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Liberty Distribution 120
|
|
Industrial
|
—
|
|
|
615
|
|
|
8,234
|
|
|
1,313
|
|
|
615
|
|
|
9,547
|
|
|
10,162
|
|
|
4,190
|
|
1997
|
1999
|
|
Liberty Distribution 250
|
|
Industrial
|
—
|
|
|
2,273
|
|
|
11,148
|
|
|
3,059
|
|
|
2,273
|
|
|
14,207
|
|
|
16,480
|
|
|
5,476
|
|
2001
|
2001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
McKinney, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor McKinney 1 MOB
|
|
Medical Office
|
—
|
|
|
313
|
|
|
18,762
|
|
|
6,526
|
|
|
313
|
|
|
25,288
|
|
|
25,601
|
|
|
6,340
|
|
2012
|
2012
|
|
Baylor McKinney 2 MOB
|
|
Medical Office
|
—
|
|
|
2,717
|
|
|
12,742
|
|
|
—
|
|
|
2,717
|
|
|
12,742
|
|
|
15,459
|
|
|
240
|
|
2016
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mechanicsburg, Pennsylvania
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
500 Independence Avenue
|
|
Industrial
|
—
|
|
|
4,494
|
|
|
15,711
|
|
|
85
|
|
|
4,494
|
|
|
15,796
|
|
|
20,290
|
|
|
2,320
|
|
2008
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Melrose Park, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1600 North 25th Avenue
|
|
Industrial
|
—
|
|
|
5,907
|
|
|
17,516
|
|
|
29
|
|
|
5,907
|
|
|
17,545
|
|
|
23,452
|
|
|
4,225
|
|
2000
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Mequon, Wisconsin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ascension CSM Mequon MOB
|
|
Medical Office
|
—
|
|
|
560
|
|
|
13,281
|
|
|
600
|
|
|
560
|
|
|
13,881
|
|
|
14,441
|
|
|
3,284
|
|
1994
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Miami, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
9601 NW 112 Avenue
|
|
Industrial
|
—
|
|
|
11,626
|
|
|
14,651
|
|
|
—
|
|
|
11,626
|
|
|
14,651
|
|
|
26,277
|
|
|
2,176
|
|
2003
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Milwaukee, Wisconsin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ascension CSM Water Tower MOB
|
|
Medical Office
|
—
|
|
|
1,024
|
|
|
43,728
|
|
|
154
|
|
|
1,024
|
|
|
43,882
|
|
|
44,906
|
|
|
8,325
|
|
2007
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Minooka, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Midpoint Distribution 801
|
|
Industrial
|
—
|
|
|
6,282
|
|
|
33,196
|
|
|
386
|
|
|
6,282
|
|
|
33,582
|
|
|
39,864
|
|
|
4,671
|
|
2008
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Modesto, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1000 Oates Court
|
|
Industrial
|
—
|
|
|
10,115
|
|
|
18,397
|
|
|
—
|
|
|
10,115
|
|
|
18,397
|
|
|
28,512
|
|
|
4,715
|
|
2002
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Morgans Point, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Barbours Cut 1200
|
|
Industrial
|
—
|
|
|
1,482
|
|
|
8,209
|
|
|
44
|
|
|
1,482
|
|
|
8,253
|
|
|
9,735
|
|
|
2,420
|
|
2004
|
2010
|
|
Barbours Cut 1000
|
|
Industrial
|
—
|
|
|
1,447
|
|
|
8,471
|
|
|
71
|
|
|
1,447
|
|
|
8,542
|
|
|
9,989
|
|
|
2,499
|
|
2005
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Morrisville, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Perimeter Park 3000
|
|
Industrial
|
—
|
|
|
482
|
|
|
2,085
|
|
|
1,414
|
|
|
491
|
|
|
3,490
|
|
|
3,981
|
|
|
1,546
|
|
1989
|
1999
|
|
Perimeter Park 2900
|
|
Industrial
|
—
|
|
|
235
|
|
|
1,358
|
|
|
1,449
|
|
|
241
|
|
|
2,801
|
|
|
3,042
|
|
|
1,227
|
|
1990
|
1999
|
|
Perimeter Park 2800
|
|
Industrial
|
—
|
|
|
777
|
|
|
4,214
|
|
|
1,278
|
|
|
791
|
|
|
5,478
|
|
|
6,269
|
|
|
2,419
|
|
1992
|
1999
|
|
Perimeter Park 2700
|
|
Industrial
|
—
|
|
|
662
|
|
|
1,107
|
|
|
1,919
|
|
|
662
|
|
|
3,026
|
|
|
3,688
|
|
|
1,186
|
|
2001
|
2001
|
|
Woodlake 100
|
|
Industrial
|
—
|
|
|
633
|
|
|
3,430
|
|
|
1,103
|
|
|
633
|
|
|
4,533
|
|
|
5,166
|
|
|
1,950
|
|
1994
|
1999
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Woodlake 101
|
|
Industrial
|
—
|
|
|
615
|
|
|
3,958
|
|
|
303
|
|
|
615
|
|
|
4,261
|
|
|
4,876
|
|
|
1,845
|
|
1997
|
1999
|
|
Woodlake 200
|
|
Industrial
|
—
|
|
|
357
|
|
|
3,835
|
|
|
655
|
|
|
357
|
|
|
4,490
|
|
|
4,847
|
|
|
1,898
|
|
1999
|
1999
|
|
Woodlake 501
|
|
Industrial
|
—
|
|
|
640
|
|
|
5,477
|
|
|
389
|
|
|
640
|
|
|
5,866
|
|
|
6,506
|
|
|
2,489
|
|
1999
|
1999
|
|
Woodlake 1000
|
|
Industrial
|
—
|
|
|
514
|
|
|
2,882
|
|
|
255
|
|
|
514
|
|
|
3,137
|
|
|
3,651
|
|
|
1,213
|
|
1996
|
2002
|
|
Woodlake 1200
|
|
Industrial
|
—
|
|
|
740
|
|
|
4,359
|
|
|
418
|
|
|
740
|
|
|
4,777
|
|
|
5,517
|
|
|
1,851
|
|
1996
|
2002
|
|
Woodlake 400
|
|
Industrial
|
—
|
|
|
908
|
|
|
1,055
|
|
|
421
|
|
|
908
|
|
|
1,476
|
|
|
2,384
|
|
|
924
|
|
2004
|
2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Murfreesboro, Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Ascension St Thom Mid Ten MOB
|
|
Medical Office
|
—
|
|
|
—
|
|
|
20,564
|
|
|
5,345
|
|
|
7
|
|
|
25,902
|
|
|
25,909
|
|
|
9,679
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Murphy, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor Emerus Murphy Hosp
|
|
Medical Office
|
—
|
|
|
2,218
|
|
|
10,045
|
|
|
810
|
|
|
2,215
|
|
|
10,858
|
|
|
13,073
|
|
|
1,717
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Naperville, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1835 Jefferson
|
|
Industrial
|
—
|
|
|
3,180
|
|
|
7,921
|
|
|
5
|
|
|
3,184
|
|
|
7,922
|
|
|
11,106
|
|
|
3,423
|
|
2005
|
2003
|
|
175 Ambassador Drive
|
|
Industrial
|
—
|
|
|
4,778
|
|
|
10,093
|
|
|
11
|
|
|
4,778
|
|
|
10,104
|
|
|
14,882
|
|
|
2,630
|
|
2006
|
2010
|
|
1860 West Jefferson
|
|
Industrial
|
11,185
|
|
|
7,016
|
|
|
35,581
|
|
|
80
|
|
|
7,016
|
|
|
35,661
|
|
|
42,677
|
|
|
7,983
|
|
2000
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Nashville, Tennessee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Airpark East 800
|
|
Industrial
|
2,341
|
|
|
1,564
|
|
|
2,341
|
|
|
1,579
|
|
|
1,564
|
|
|
3,920
|
|
|
5,484
|
|
|
1,393
|
|
2002
|
2002
|
|
Nashville Business 3300
|
|
Industrial
|
—
|
|
|
936
|
|
|
5,674
|
|
|
1,586
|
|
|
936
|
|
|
7,260
|
|
|
8,196
|
|
|
3,513
|
|
1997
|
1999
|
|
Nashville Business 3438
|
|
Industrial
|
—
|
|
|
5,659
|
|
|
8,791
|
|
|
1,878
|
|
|
5,659
|
|
|
10,669
|
|
|
16,328
|
|
|
5,236
|
|
2005
|
2005
|
|
Four-Forty Business 700
|
|
Industrial
|
—
|
|
|
938
|
|
|
6,364
|
|
|
523
|
|
|
938
|
|
|
6,887
|
|
|
7,825
|
|
|
2,888
|
|
1997
|
1999
|
|
Four-Forty Business 684
|
|
Industrial
|
—
|
|
|
1,812
|
|
|
6,827
|
|
|
1,640
|
|
|
1,812
|
|
|
8,467
|
|
|
10,279
|
|
|
3,804
|
|
1998
|
1999
|
|
Four-Forty Business 782
|
|
Industrial
|
—
|
|
|
1,522
|
|
|
5,069
|
|
|
1,546
|
|
|
1,522
|
|
|
6,615
|
|
|
8,137
|
|
|
2,794
|
|
1997
|
1999
|
|
Four-Forty Business 784
|
|
Industrial
|
—
|
|
|
471
|
|
|
2,182
|
|
|
1,718
|
|
|
471
|
|
|
3,900
|
|
|
4,371
|
|
|
1,545
|
|
1999
|
1999
|
|
Four-Forty Business 701
|
|
Industrial
|
—
|
|
|
1,108
|
|
|
4,829
|
|
|
17
|
|
|
1,108
|
|
|
4,846
|
|
|
5,954
|
|
|
1,080
|
|
1996
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
New Century, Kansas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
27200 West 157th Street
|
|
Industrial
|
—
|
|
|
1,710
|
|
|
17,922
|
|
|
(6,028
|
)
|
|
1,710
|
|
|
11,894
|
|
|
13,604
|
|
|
2,716
|
|
2007
|
2013
|
North Bergen, New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Hackensack UMC Palisades MOB
|
|
Medical Office
|
—
|
|
|
53
|
|
|
15,650
|
|
|
76
|
|
|
53
|
|
|
15,726
|
|
|
15,779
|
|
|
1,175
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Northglenn, Colorado
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
SCL Emerus Northglenn Hosp
|
|
Medical Office
|
—
|
|
|
3,264
|
|
|
20,663
|
|
|
—
|
|
|
3,264
|
|
|
20,663
|
|
|
23,927
|
|
|
—
|
|
2016
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Northlake, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Northlake Distribution 635
|
|
Industrial
|
14,200
|
|
|
5,721
|
|
|
9,056
|
|
|
882
|
|
|
5,721
|
|
|
9,938
|
|
|
15,659
|
|
|
3,511
|
|
2002
|
2002
|
|
Northlake Distribution 599
|
|
Industrial
|
7,450
|
|
|
5,382
|
|
|
5,708
|
|
|
3,568
|
|
|
5,382
|
|
|
9,276
|
|
|
14,658
|
|
|
3,576
|
|
2006
|
2006
|
|
200 Champion Way
|
|
Industrial
|
—
|
|
|
3,554
|
|
|
12,262
|
|
|
22
|
|
|
3,554
|
|
|
12,284
|
|
|
15,838
|
|
|
2,763
|
|
1997
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Orlando, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
2502 Lake Orange
|
|
Industrial
|
—
|
|
|
3,094
|
|
|
3,337
|
|
|
131
|
|
|
3,094
|
|
|
3,468
|
|
|
6,562
|
|
|
1,950
|
|
2003
|
2003
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Parksouth Distribution 2500
|
|
Industrial
|
—
|
|
|
565
|
|
|
4,360
|
|
|
1,478
|
|
|
570
|
|
|
5,833
|
|
|
6,403
|
|
|
2,247
|
|
1996
|
1999
|
|
Parksouth Distribution 2490
|
|
Industrial
|
—
|
|
|
493
|
|
|
4,188
|
|
|
944
|
|
|
498
|
|
|
5,127
|
|
|
5,625
|
|
|
2,246
|
|
1997
|
1999
|
|
Parksouth Distribution 2491
|
|
Industrial
|
—
|
|
|
593
|
|
|
4,056
|
|
|
996
|
|
|
597
|
|
|
5,048
|
|
|
5,645
|
|
|
2,534
|
|
1998
|
1999
|
|
Parksouth Distribution 9600
|
|
Industrial
|
—
|
|
|
649
|
|
|
4,260
|
|
|
1,190
|
|
|
653
|
|
|
5,446
|
|
|
6,099
|
|
|
2,395
|
|
1997
|
1999
|
|
Parksouth Distribution 9550
|
|
Industrial
|
—
|
|
|
1,030
|
|
|
4,459
|
|
|
2,501
|
|
|
1,035
|
|
|
6,955
|
|
|
7,990
|
|
|
2,750
|
|
1999
|
1999
|
|
Parksouth Distribution 2481
|
|
Industrial
|
—
|
|
|
725
|
|
|
2,589
|
|
|
1,445
|
|
|
730
|
|
|
4,029
|
|
|
4,759
|
|
|
1,601
|
|
2000
|
2000
|
|
Parksouth Distribution 9592
|
|
Industrial
|
—
|
|
|
708
|
|
|
2,067
|
|
|
83
|
|
|
1,129
|
|
|
1,729
|
|
|
2,858
|
|
|
1,074
|
|
2003
|
2003
|
|
Crossroads Business Park 301
|
|
Industrial
|
—
|
|
|
2,803
|
|
|
2,850
|
|
|
4,148
|
|
|
2,803
|
|
|
6,998
|
|
|
9,801
|
|
|
2,576
|
|
2006
|
2006
|
|
Crossroads Business Park 601
|
|
Industrial
|
—
|
|
|
2,701
|
|
|
4,424
|
|
|
1,914
|
|
|
2,701
|
|
|
6,338
|
|
|
9,039
|
|
|
2,715
|
|
2007
|
2007
|
|
Adventist FH E Orlando ASC
|
|
Medical Office
|
—
|
|
|
683
|
|
|
14,011
|
|
|
213
|
|
|
683
|
|
|
14,224
|
|
|
14,907
|
|
|
3,136
|
|
2009
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Otsego, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Gateway North 6035
|
|
Industrial
|
—
|
|
|
2,243
|
|
|
3,959
|
|
|
1,262
|
|
|
2,287
|
|
|
5,177
|
|
|
7,464
|
|
|
2,463
|
|
2007
|
2007
|
|
Gateway North 6301
|
|
Industrial
|
—
|
|
|
1,543
|
|
|
6,515
|
|
|
28
|
|
|
1,571
|
|
|
6,515
|
|
|
8,086
|
|
|
446
|
|
2015
|
2015
|
|
Gateway North 6651
|
|
Industrial
|
—
|
|
|
3,667
|
|
|
16,249
|
|
|
129
|
|
|
3,748
|
|
|
16,297
|
|
|
20,045
|
|
|
1,259
|
|
2015
|
2015
|
|
Gateway North 6701
|
|
Industrial
|
—
|
|
|
3,266
|
|
|
11,653
|
|
|
181
|
|
|
3,374
|
|
|
11,726
|
|
|
15,100
|
|
|
1,170
|
|
2014
|
2014
|
|
Gateway North 6651 Exp Land
|
|
Grounds
|
—
|
|
|
1,521
|
|
|
—
|
|
|
—
|
|
|
1,521
|
|
|
—
|
|
|
1,521
|
|
|
49
|
|
n/a
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pasadena, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Interport 13001
|
|
Industrial
|
—
|
|
|
5,715
|
|
|
32,523
|
|
|
120
|
|
|
5,715
|
|
|
32,643
|
|
|
38,358
|
|
|
5,392
|
|
2007
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pembroke Pines, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Pembroke Pointe 880
|
|
Office
|
—
|
|
|
6,643
|
|
|
13,016
|
|
|
5,911
|
|
|
8,256
|
|
|
17,314
|
|
|
25,570
|
|
|
909
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Perris, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
3500 Indian Avenue
|
|
Industrial
|
—
|
|
|
16,210
|
|
|
27,759
|
|
|
9,698
|
|
|
19,397
|
|
|
34,270
|
|
|
53,667
|
|
|
2,152
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Plainfield, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Edward Plainfield I MOB
|
|
Medical Office
|
—
|
|
|
—
|
|
|
6,192
|
|
|
1,685
|
|
|
—
|
|
|
7,877
|
|
|
7,877
|
|
|
2,508
|
|
2006
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Plainfield, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Plainfield 1551
|
|
Industrial
|
—
|
|
|
1,104
|
|
|
7,924
|
|
|
8,114
|
|
|
1,097
|
|
|
16,045
|
|
|
17,142
|
|
|
4,942
|
|
2000
|
2000
|
|
Plainfield 1581
|
|
Industrial
|
—
|
|
|
1,094
|
|
|
7,547
|
|
|
1,986
|
|
|
1,094
|
|
|
9,533
|
|
|
10,627
|
|
|
4,004
|
|
2000
|
2000
|
|
Plainfield 2209
|
|
Industrial
|
—
|
|
|
2,016
|
|
|
8,806
|
|
|
2,738
|
|
|
2,016
|
|
|
11,544
|
|
|
13,560
|
|
|
3,944
|
|
2002
|
2002
|
|
Plainfield 1390
|
|
Industrial
|
—
|
|
|
2,726
|
|
|
5,992
|
|
|
1,278
|
|
|
2,726
|
|
|
7,270
|
|
|
9,996
|
|
|
3,648
|
|
2004
|
2004
|
|
Plainfield 2425
|
|
Industrial
|
—
|
|
|
4,527
|
|
|
11,008
|
|
|
1,140
|
|
|
4,527
|
|
|
12,148
|
|
|
16,675
|
|
|
5,002
|
|
2006
|
2006
|
|
AllPoints Midwest Bldg. 1
|
|
Industrial
|
—
|
|
|
6,692
|
|
|
52,271
|
|
|
—
|
|
|
6,692
|
|
|
52,271
|
|
|
58,963
|
|
|
1,412
|
|
2008
|
2016
|
|
AllPoints Midwest Bldg. 4
|
|
Industrial
|
—
|
|
|
4,111
|
|
|
9,943
|
|
|
—
|
|
|
4,111
|
|
|
9,943
|
|
|
14,054
|
|
|
2,748
|
|
2012
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
Plano, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor Plano MOB
|
|
Medical Office
|
—
|
|
|
16
|
|
|
27,909
|
|
|
9,811
|
|
|
49
|
|
|
37,687
|
|
|
37,736
|
|
|
8,458
|
|
2009
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pompano Beach, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Atlantic Business 1700
|
|
Industrial
|
—
|
|
|
3,165
|
|
|
8,935
|
|
|
1,738
|
|
|
3,165
|
|
|
10,673
|
|
|
13,838
|
|
|
2,514
|
|
2000
|
2010
|
|
Atlantic Business 1800
|
|
Industrial
|
—
|
|
|
2,663
|
|
|
8,598
|
|
|
1,111
|
|
|
2,663
|
|
|
9,709
|
|
|
12,372
|
|
|
2,466
|
|
2001
|
2010
|
|
Atlantic Business 1855
|
|
Industrial
|
—
|
|
|
2,764
|
|
|
8,323
|
|
|
171
|
|
|
2,764
|
|
|
8,494
|
|
|
11,258
|
|
|
2,026
|
|
2001
|
2010
|
|
Atlantic Business 2022
|
|
Industrial
|
—
|
|
|
1,804
|
|
|
5,888
|
|
|
40
|
|
|
1,804
|
|
|
5,928
|
|
|
7,732
|
|
|
1,337
|
|
2002
|
2010
|
|
Atlantic Business 1914
|
|
Industrial
|
—
|
|
|
1,834
|
|
|
5,339
|
|
|
31
|
|
|
1,834
|
|
|
5,370
|
|
|
7,204
|
|
|
1,229
|
|
2002
|
2010
|
|
Atlantic Business 2003
|
|
Industrial
|
—
|
|
|
1,980
|
|
|
5,933
|
|
|
1,212
|
|
|
1,980
|
|
|
7,145
|
|
|
9,125
|
|
|
1,772
|
|
2002
|
2010
|
|
Atlantic Business 1901
|
|
Industrial
|
—
|
|
|
1,995
|
|
|
6,257
|
|
|
523
|
|
|
1,995
|
|
|
6,780
|
|
|
8,775
|
|
|
1,642
|
|
2004
|
2010
|
|
Atlantic Business 2200
|
|
Industrial
|
—
|
|
|
1,999
|
|
|
6,086
|
|
|
849
|
|
|
1,999
|
|
|
6,935
|
|
|
8,934
|
|
|
1,581
|
|
2004
|
2010
|
|
Atlantic Business 2100
|
|
Industrial
|
—
|
|
|
1,988
|
|
|
6,155
|
|
|
36
|
|
|
1,988
|
|
|
6,191
|
|
|
8,179
|
|
|
1,411
|
|
2002
|
2010
|
|
Atlantic Business 2201
|
|
Industrial
|
—
|
|
|
2,194
|
|
|
4,171
|
|
|
123
|
|
|
2,194
|
|
|
4,294
|
|
|
6,488
|
|
|
1,074
|
|
2005
|
2010
|
|
Atlantic Business 2101
|
|
Industrial
|
—
|
|
|
2,066
|
|
|
6,682
|
|
|
58
|
|
|
2,066
|
|
|
6,740
|
|
|
8,806
|
|
|
1,514
|
|
2004
|
2010
|
|
Atlantic Business 2103
|
|
Industrial
|
—
|
|
|
1,616
|
|
|
3,634
|
|
|
162
|
|
|
1,616
|
|
|
3,796
|
|
|
5,412
|
|
|
897
|
|
2005
|
2010
|
|
Copans Business Park 1571
|
|
Industrial
|
—
|
|
|
1,710
|
|
|
3,718
|
|
|
250
|
|
|
1,710
|
|
|
3,968
|
|
|
5,678
|
|
|
985
|
|
1989
|
2010
|
|
Copans Business Park 1521
|
|
Industrial
|
—
|
|
|
1,781
|
|
|
3,270
|
|
|
243
|
|
|
1,781
|
|
|
3,513
|
|
|
5,294
|
|
|
845
|
|
1989
|
2010
|
|
Park Central 3250
|
|
Industrial
|
—
|
|
|
1,688
|
|
|
1,997
|
|
|
116
|
|
|
1,688
|
|
|
2,113
|
|
|
3,801
|
|
|
581
|
|
1999
|
2010
|
|
Park Central 3760
|
|
Industrial
|
—
|
|
|
3,098
|
|
|
3,396
|
|
|
1,104
|
|
|
3,098
|
|
|
4,500
|
|
|
7,598
|
|
|
1,634
|
|
1995
|
2010
|
|
Pompano Commerce Center 2901
|
|
Industrial
|
—
|
|
|
3,250
|
|
|
5,229
|
|
|
755
|
|
|
3,250
|
|
|
5,984
|
|
|
9,234
|
|
|
2,531
|
|
2010
|
2010
|
|
Pompano Commerce Center 3101
|
|
Industrial
|
—
|
|
|
2,905
|
|
|
4,670
|
|
|
484
|
|
|
2,916
|
|
|
5,143
|
|
|
8,059
|
|
|
434
|
|
2015
|
2015
|
|
Pompano Commerce Center 2951
|
|
Industrial
|
—
|
|
|
3,250
|
|
|
5,704
|
|
|
—
|
|
|
3,250
|
|
|
5,704
|
|
|
8,954
|
|
|
2,424
|
|
2010
|
2010
|
|
Pompano Commerce Center 3151
|
|
Industrial
|
—
|
|
|
2,897
|
|
|
3,939
|
|
|
919
|
|
|
2,908
|
|
|
4,847
|
|
|
7,755
|
|
|
257
|
|
2015
|
2015
|
|
Sample 95 Business Park 3101
|
|
Industrial
|
—
|
|
|
3,300
|
|
|
6,371
|
|
|
370
|
|
|
3,300
|
|
|
6,741
|
|
|
10,041
|
|
|
1,612
|
|
1999
|
2010
|
|
Sample 95 Business Park 3001
|
|
Industrial
|
9,414
|
|
|
2,963
|
|
|
6,158
|
|
|
173
|
|
|
2,963
|
|
|
6,331
|
|
|
9,294
|
|
|
1,443
|
|
1999
|
2011
|
|
Sample 95 Business Park 3035
|
|
Industrial
|
8,235
|
|
|
3,713
|
|
|
4,298
|
|
|
362
|
|
|
3,713
|
|
|
4,660
|
|
|
8,373
|
|
|
1,225
|
|
1999
|
2011
|
|
Sample 95 Business Park 3135
|
|
Industrial
|
—
|
|
|
1,688
|
|
|
5,095
|
|
|
614
|
|
|
1,688
|
|
|
5,709
|
|
|
7,397
|
|
|
1,350
|
|
1999
|
2010
|
|
Copans Business Park 1551
|
|
Industrial
|
—
|
|
|
1,856
|
|
|
3,162
|
|
|
1,323
|
|
|
1,856
|
|
|
4,485
|
|
|
6,341
|
|
|
1,051
|
|
1989
|
2011
|
|
Copans Business Park 1501
|
|
Industrial
|
—
|
|
|
1,988
|
|
|
3,528
|
|
|
234
|
|
|
1,988
|
|
|
3,762
|
|
|
5,750
|
|
|
990
|
|
1989
|
2011
|
|
Park Central 1700
|
|
Industrial
|
—
|
|
|
4,136
|
|
|
6,485
|
|
|
738
|
|
|
4,136
|
|
|
7,223
|
|
|
11,359
|
|
|
1,832
|
|
1998
|
2011
|
|
Park Central 2101
|
|
Industrial
|
9,379
|
|
|
2,696
|
|
|
6,170
|
|
|
757
|
|
|
2,696
|
|
|
6,927
|
|
|
9,623
|
|
|
1,728
|
|
1998
|
2011
|
|
Park Central 3300
|
|
Industrial
|
—
|
|
|
1,635
|
|
|
2,864
|
|
|
375
|
|
|
1,635
|
|
|
3,239
|
|
|
4,874
|
|
|
794
|
|
1996
|
2011
|
|
Park Central 100
|
|
Industrial
|
—
|
|
|
1,500
|
|
|
2,129
|
|
|
840
|
|
|
1,500
|
|
|
2,969
|
|
|
4,469
|
|
|
785
|
|
1998
|
2011
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Park Central 1300
|
|
Industrial
|
—
|
|
|
2,438
|
|
|
3,021
|
|
|
1,691
|
|
|
2,438
|
|
|
4,712
|
|
|
7,150
|
|
|
1,144
|
|
1997
|
2011
|
|
Atlantic Business Ctr. 10-KFC
|
|
Grounds
|
—
|
|
|
771
|
|
|
—
|
|
|
—
|
|
|
771
|
|
|
—
|
|
|
771
|
|
|
25
|
|
n/a
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Port Wentworth, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
318 Grange Road
|
|
Industrial
|
—
|
|
|
957
|
|
|
4,141
|
|
|
104
|
|
|
880
|
|
|
4,322
|
|
|
5,202
|
|
|
1,286
|
|
2001
|
2006
|
|
246 Grange Road
|
|
Industrial
|
3,948
|
|
|
1,191
|
|
|
7,494
|
|
|
(14
|
)
|
|
1,124
|
|
|
7,547
|
|
|
8,671
|
|
|
2,171
|
|
2006
|
2006
|
|
100 Logistics Way
|
|
Industrial
|
7,218
|
|
|
2,306
|
|
|
12,075
|
|
|
1,906
|
|
|
2,336
|
|
|
13,951
|
|
|
16,287
|
|
|
4,210
|
|
2006
|
2006
|
|
500 Expansion Boulevard
|
|
Industrial
|
3,184
|
|
|
649
|
|
|
6,282
|
|
|
216
|
|
|
649
|
|
|
6,498
|
|
|
7,147
|
|
|
1,853
|
|
2006
|
2008
|
|
400 Expansion Boulevard
|
|
Industrial
|
7,529
|
|
|
1,636
|
|
|
13,194
|
|
|
550
|
|
|
1,636
|
|
|
13,744
|
|
|
15,380
|
|
|
2,992
|
|
2007
|
2008
|
|
605 Expansion Boulevard
|
|
Industrial
|
4,436
|
|
|
1,615
|
|
|
6,893
|
|
|
67
|
|
|
1,615
|
|
|
6,960
|
|
|
8,575
|
|
|
1,584
|
|
2007
|
2008
|
|
405 Expansion Boulevard
|
|
Industrial
|
1,860
|
|
|
535
|
|
|
3,194
|
|
|
2
|
|
|
535
|
|
|
3,196
|
|
|
3,731
|
|
|
650
|
|
2008
|
2009
|
|
600 Expansion Boulevard
|
|
Industrial
|
5,328
|
|
|
1,248
|
|
|
9,392
|
|
|
33
|
|
|
1,248
|
|
|
9,425
|
|
|
10,673
|
|
|
1,895
|
|
2008
|
2009
|
|
602 Expansion Boulevard
|
|
Industrial
|
—
|
|
|
1,840
|
|
|
10,981
|
|
|
42
|
|
|
1,859
|
|
|
11,004
|
|
|
12,863
|
|
|
2,122
|
|
2009
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Raleigh, North Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
WakeMed Brier Creek MOB
|
|
Medical Office
|
—
|
|
|
10
|
|
|
6,653
|
|
|
1,689
|
|
|
10
|
|
|
8,342
|
|
|
8,352
|
|
|
1,267
|
|
2011
|
2011
|
|
WakeMed Raleigh MOB
|
|
Medical Office
|
—
|
|
|
15
|
|
|
12,078
|
|
|
6,314
|
|
|
15
|
|
|
18,392
|
|
|
18,407
|
|
|
3,974
|
|
2012
|
2012
|
|
Walnut Creek 540
|
|
Industrial
|
—
|
|
|
419
|
|
|
1,729
|
|
|
652
|
|
|
419
|
|
|
2,381
|
|
|
2,800
|
|
|
959
|
|
2001
|
2001
|
|
Walnut Creek 4000
|
|
Industrial
|
—
|
|
|
456
|
|
|
2,233
|
|
|
445
|
|
|
456
|
|
|
2,678
|
|
|
3,134
|
|
|
1,102
|
|
2001
|
2001
|
|
Walnut Creek 3080
|
|
Industrial
|
—
|
|
|
679
|
|
|
2,766
|
|
|
1,343
|
|
|
679
|
|
|
4,109
|
|
|
4,788
|
|
|
1,449
|
|
2001
|
2001
|
|
Walnut Creek 3070
|
|
Industrial
|
—
|
|
|
2,038
|
|
|
1,460
|
|
|
1,463
|
|
|
2,083
|
|
|
2,878
|
|
|
4,961
|
|
|
1,987
|
|
2004
|
2004
|
|
Walnut Creek 3071
|
|
Industrial
|
—
|
|
|
1,718
|
|
|
2,976
|
|
|
651
|
|
|
1,718
|
|
|
3,627
|
|
|
5,345
|
|
|
1,694
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Redlands, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
2300 W. San Bernadino Ave
|
|
Industrial
|
—
|
|
|
20,031
|
|
|
18,835
|
|
|
1,308
|
|
|
20,031
|
|
|
20,143
|
|
|
40,174
|
|
|
3,891
|
|
2001
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Rockwall, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor Emerus Rockwall Hosp
|
|
Medical Office
|
—
|
|
|
2,974
|
|
|
10,075
|
|
|
528
|
|
|
2,974
|
|
|
10,603
|
|
|
13,577
|
|
|
1,616
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Rome, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Harbin Clinic Cancer Center
|
|
Medical Office
|
—
|
|
|
718
|
|
|
14,032
|
|
|
46
|
|
|
718
|
|
|
14,078
|
|
|
14,796
|
|
|
3,009
|
|
2010
|
2012
|
|
Harbin Clinic Heart Center MOB
|
|
Medical Office
|
—
|
|
|
2,556
|
|
|
10,363
|
|
|
8
|
|
|
2,556
|
|
|
10,371
|
|
|
12,927
|
|
|
1,585
|
|
1994
|
2012
|
|
Harbin Clinic Hospital
|
|
Medical Office
|
—
|
|
|
—
|
|
|
28,714
|
|
|
(157
|
)
|
|
—
|
|
|
28,557
|
|
|
28,557
|
|
|
4,006
|
|
1960
|
2012
|
|
Harbin Clinic Rome Dialysis
|
|
Medical Office
|
—
|
|
|
190
|
|
|
765
|
|
|
—
|
|
|
190
|
|
|
765
|
|
|
955
|
|
|
173
|
|
2005
|
2012
|
|
Harbin Clinic Specialty Center
|
|
Medical Office
|
—
|
|
|
2,203
|
|
|
14,764
|
|
|
—
|
|
|
2,203
|
|
|
14,764
|
|
|
16,967
|
|
|
2,850
|
|
2007
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Romeoville, Illinois
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
875 W. Crossroads Parkway
|
|
Industrial
|
9,850
|
|
|
6,433
|
|
|
7,472
|
|
|
1,876
|
|
|
6,433
|
|
|
9,348
|
|
|
15,781
|
|
|
4,618
|
|
2005
|
2005
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Crossroads 1255
|
|
Industrial
|
6,500
|
|
|
2,938
|
|
|
9,425
|
|
|
2,504
|
|
|
2,938
|
|
|
11,929
|
|
|
14,867
|
|
|
2,803
|
|
1999
|
2010
|
|
Crossroads 801
|
|
Industrial
|
7,350
|
|
|
5,296
|
|
|
6,199
|
|
|
255
|
|
|
5,296
|
|
|
6,454
|
|
|
11,750
|
|
|
4,281
|
|
2009
|
2010
|
|
1341-1343 Enterprise Drive
|
|
Industrial
|
—
|
|
|
3,776
|
|
|
12,660
|
|
|
(30
|
)
|
|
3,776
|
|
|
12,630
|
|
|
16,406
|
|
|
874
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Roseville, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
2215 Highway 36 West
|
|
Industrial
|
—
|
|
|
1,655
|
|
|
5,944
|
|
|
1,019
|
|
|
1,655
|
|
|
6,963
|
|
|
8,618
|
|
|
1,635
|
|
1998
|
2011
|
|
2420 Long Lake Road
|
|
Industrial
|
—
|
|
|
1,373
|
|
|
4,135
|
|
|
1,016
|
|
|
1,373
|
|
|
5,151
|
|
|
6,524
|
|
|
1,001
|
|
2000
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Roswell, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Wellstar North Fulton MOB
|
|
Medical Office
|
—
|
|
|
291
|
|
|
10,908
|
|
|
777
|
|
|
291
|
|
|
11,685
|
|
|
11,976
|
|
|
2,576
|
|
2012
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sandy Springs, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
NSH Center Pointe I & II MOB
|
|
Medical Office
|
—
|
|
|
13,552
|
|
|
14,941
|
|
|
25,707
|
|
|
13,562
|
|
|
40,638
|
|
|
54,200
|
|
|
18,243
|
|
2010
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Savannah, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
198 Gulfstream
|
|
Industrial
|
—
|
|
|
549
|
|
|
3,661
|
|
|
319
|
|
|
549
|
|
|
3,980
|
|
|
4,529
|
|
|
1,109
|
|
1997
|
2006
|
|
194 Gulfstream
|
|
Industrial
|
—
|
|
|
412
|
|
|
2,514
|
|
|
170
|
|
|
412
|
|
|
2,684
|
|
|
3,096
|
|
|
745
|
|
1998
|
2006
|
|
190 Gulfstream
|
|
Industrial
|
—
|
|
|
689
|
|
|
4,209
|
|
|
210
|
|
|
689
|
|
|
4,419
|
|
|
5,108
|
|
|
1,285
|
|
1999
|
2006
|
|
250 Grange Road
|
|
Industrial
|
675
|
|
|
928
|
|
|
8,637
|
|
|
(26
|
)
|
|
884
|
|
|
8,655
|
|
|
9,539
|
|
|
3,054
|
|
2002
|
2006
|
|
248 Grange Road
|
|
Industrial
|
235
|
|
|
664
|
|
|
3,485
|
|
|
(44
|
)
|
|
613
|
|
|
3,492
|
|
|
4,105
|
|
|
1,229
|
|
2002
|
2006
|
|
163 Portside Court
|
|
Industrial
|
—
|
|
|
8,433
|
|
|
7,765
|
|
|
43
|
|
|
8,433
|
|
|
7,808
|
|
|
16,241
|
|
|
4,491
|
|
2004
|
2006
|
|
151 Portside Court
|
|
Industrial
|
688
|
|
|
966
|
|
|
7,140
|
|
|
642
|
|
|
966
|
|
|
7,782
|
|
|
8,748
|
|
|
2,204
|
|
2003
|
2006
|
|
175 Portside Court
|
|
Industrial
|
8,628
|
|
|
4,300
|
|
|
13,894
|
|
|
1,524
|
|
|
5,069
|
|
|
14,649
|
|
|
19,718
|
|
|
4,615
|
|
2005
|
2006
|
|
150 Portside Court
|
|
Industrial
|
—
|
|
|
3,071
|
|
|
19,871
|
|
|
1,383
|
|
|
3,071
|
|
|
21,254
|
|
|
24,325
|
|
|
6,039
|
|
2001
|
2006
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
235 Jimmy Deloach Parkway
|
|
Industrial
|
—
|
|
|
1,074
|
|
|
7,691
|
|
|
1,186
|
|
|
1,074
|
|
|
8,877
|
|
|
9,951
|
|
|
2,571
|
|
2001
|
2006
|
|
239 Jimmy Deloach Parkway
|
|
Industrial
|
—
|
|
|
1,074
|
|
|
6,473
|
|
|
558
|
|
|
1,074
|
|
|
7,031
|
|
|
8,105
|
|
|
1,982
|
|
2001
|
2006
|
|
246 Jimmy Deloach Parkway
|
|
Industrial
|
2,399
|
|
|
992
|
|
|
4,892
|
|
|
141
|
|
|
992
|
|
|
5,033
|
|
|
6,025
|
|
|
1,484
|
|
2006
|
2006
|
|
200 Logistics Way
|
|
Industrial
|
4,881
|
|
|
878
|
|
|
9,996
|
|
|
121
|
|
|
883
|
|
|
10,112
|
|
|
10,995
|
|
|
2,907
|
|
2006
|
2008
|
|
2509 Dean Forest Road
|
|
Industrial
|
7,891
|
|
|
2,392
|
|
|
7,572
|
|
|
2,225
|
|
|
2,960
|
|
|
9,229
|
|
|
12,189
|
|
|
2,618
|
|
2008
|
2011
|
|
276 Jimmy Deloach Land
|
|
Grounds
|
—
|
|
|
2,267
|
|
|
—
|
|
|
276
|
|
|
2,520
|
|
|
23
|
|
|
2,543
|
|
|
502
|
|
n/a
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sea Brook, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Bayport Logistics 5300
|
|
Industrial
|
—
|
|
|
2,629
|
|
|
13,284
|
|
|
60
|
|
|
2,629
|
|
|
13,344
|
|
|
15,973
|
|
|
4,042
|
|
2009
|
2010
|
|
Bayport Logistics 5801
|
|
Industrial
|
—
|
|
|
5,116
|
|
|
7,663
|
|
|
24
|
|
|
5,116
|
|
|
7,687
|
|
|
12,803
|
|
|
780
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sebring, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Adventist FH Sebring MOB
|
|
Medical Office
|
—
|
|
|
393
|
|
|
6,870
|
|
|
49
|
|
|
393
|
|
|
6,919
|
|
|
7,312
|
|
|
1,389
|
|
2008
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Shakopee, Minnesota
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
3880 4th Avenue East
|
|
Industrial
|
—
|
|
|
1,496
|
|
|
6,112
|
|
|
67
|
|
|
1,522
|
|
|
6,153
|
|
|
7,675
|
|
|
1,306
|
|
2000
|
2011
|
|
Gateway South 2301
|
|
Industrial
|
—
|
|
|
2,648
|
|
|
11,900
|
|
|
—
|
|
|
2,648
|
|
|
11,900
|
|
|
14,548
|
|
|
218
|
|
2016
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sharonville, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Mosteller 11400
|
|
Industrial
|
—
|
|
|
828
|
|
|
2,926
|
|
|
1,771
|
|
|
408
|
|
|
5,117
|
|
|
5,525
|
|
|
2,433
|
|
1997
|
1997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Snellville, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
HCA New Hampton Place MOB
|
|
Medical Office
|
—
|
|
|
27
|
|
|
5,912
|
|
|
1,660
|
|
|
27
|
|
|
7,572
|
|
|
7,599
|
|
|
1,936
|
|
2011
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Springfield, Missouri
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Centerre Mercy Springfield
|
|
Medical Office
|
—
|
|
|
2,729
|
|
|
18,319
|
|
|
—
|
|
|
2,729
|
|
|
18,319
|
|
|
21,048
|
|
|
2,857
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Stafford, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
10225 Mula Road
|
|
Industrial
|
—
|
|
|
3,502
|
|
|
3,670
|
|
|
3,390
|
|
|
3,502
|
|
|
7,060
|
|
|
10,562
|
|
|
3,278
|
|
2008
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sterling, Virginia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
TransDulles Centre 107
|
|
Office
|
—
|
|
|
837
|
|
|
426
|
|
|
—
|
|
|
837
|
|
|
426
|
|
|
1,263
|
|
|
—
|
|
2005
|
2016
|
|
TransDulles Centre 109
|
|
Office
|
—
|
|
|
750
|
|
|
270
|
|
|
—
|
|
|
750
|
|
|
270
|
|
|
1,020
|
|
|
—
|
|
2004
|
2016
|
|
TransDulles Centre 22601
|
|
Industrial
|
—
|
|
|
1,700
|
|
|
5,001
|
|
|
—
|
|
|
1,700
|
|
|
5,001
|
|
|
6,701
|
|
|
—
|
|
2004
|
2016
|
|
TransDulles Centre 22620
|
|
Industrial
|
—
|
|
|
773
|
|
|
1,994
|
|
|
—
|
|
|
773
|
|
|
1,994
|
|
|
2,767
|
|
|
—
|
|
1999
|
2016
|
|
TransDulles Centre 22626
|
|
Industrial
|
—
|
|
|
1,544
|
|
|
4,055
|
|
|
—
|
|
|
1,544
|
|
|
4,055
|
|
|
5,599
|
|
|
—
|
|
1999
|
2016
|
|
TransDulles Centre 22633
|
|
Industrial
|
—
|
|
|
702
|
|
|
1,657
|
|
|
—
|
|
|
702
|
|
|
1,657
|
|
|
2,359
|
|
|
—
|
|
2004
|
2016
|
|
TransDulles Centre 22635
|
|
Industrial
|
—
|
|
|
1,753
|
|
|
4,336
|
|
|
—
|
|
|
1,753
|
|
|
4,336
|
|
|
6,089
|
|
|
—
|
|
1999
|
2016
|
|
TransDulles Centre 22645
|
|
Industrial
|
—
|
|
|
1,228
|
|
|
3,411
|
|
|
—
|
|
|
1,228
|
|
|
3,411
|
|
|
4,639
|
|
|
—
|
|
2005
|
2016
|
|
TransDulles Centre 22714
|
|
Industrial
|
—
|
|
|
3,973
|
|
|
3,537
|
|
|
1,098
|
|
|
3,973
|
|
|
4,635
|
|
|
8,608
|
|
|
1,934
|
|
2007
|
2007
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
TransDulles Centre 22750
|
|
Industrial
|
—
|
|
|
2,068
|
|
|
5,334
|
|
|
—
|
|
|
2,068
|
|
|
5,334
|
|
|
7,402
|
|
|
—
|
|
2003
|
2016
|
|
TransDulles Centre 22815
|
|
Industrial
|
—
|
|
|
7,685
|
|
|
5,811
|
|
|
—
|
|
|
7,685
|
|
|
5,811
|
|
|
13,496
|
|
|
—
|
|
2000
|
2016
|
|
TransDulles Centre 22825
|
|
Industrial
|
—
|
|
|
1,758
|
|
|
4,988
|
|
|
—
|
|
|
1,758
|
|
|
4,988
|
|
|
6,746
|
|
|
—
|
|
1997
|
2016
|
|
TransDulles Centre 22879
|
|
Industrial
|
—
|
|
|
2,828
|
|
|
8,607
|
|
|
—
|
|
|
2,828
|
|
|
8,607
|
|
|
11,435
|
|
|
—
|
|
1989
|
2016
|
|
TransDulles Centre 22880
|
|
Industrial
|
—
|
|
|
2,311
|
|
|
4,922
|
|
|
—
|
|
|
2,311
|
|
|
4,922
|
|
|
7,233
|
|
|
—
|
|
1998
|
2016
|
|
TransDulles Centre 46213
|
|
Industrial
|
—
|
|
|
5,912
|
|
|
3,965
|
|
|
720
|
|
|
5,912
|
|
|
4,685
|
|
|
10,597
|
|
|
394
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Summerville, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Harbin Clinic Summerville Dial
|
|
Medical Office
|
—
|
|
|
195
|
|
|
1,182
|
|
|
—
|
|
|
195
|
|
|
1,182
|
|
|
1,377
|
|
|
427
|
|
2007
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sumner, Washington
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
13501 38th Street East
|
|
Industrial
|
—
|
|
|
16,032
|
|
|
5,935
|
|
|
353
|
|
|
16,032
|
|
|
6,288
|
|
|
22,320
|
|
|
4,110
|
|
2005
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sunrise, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
VA Sunrise MOB
|
|
Medical Office
|
—
|
|
|
5,132
|
|
|
20,887
|
|
|
908
|
|
|
5,132
|
|
|
21,795
|
|
|
26,927
|
|
|
4,382
|
|
2008
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Suwanee, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Horizon Business 90
|
|
Industrial
|
—
|
|
|
180
|
|
|
1,169
|
|
|
107
|
|
|
180
|
|
|
1,276
|
|
|
1,456
|
|
|
304
|
|
2001
|
2010
|
|
Horizon Business 225
|
|
Industrial
|
—
|
|
|
457
|
|
|
2,056
|
|
|
187
|
|
|
457
|
|
|
2,243
|
|
|
2,700
|
|
|
549
|
|
1990
|
2010
|
|
Horizon Business 250
|
|
Industrial
|
—
|
|
|
1,625
|
|
|
6,354
|
|
|
1,043
|
|
|
1,625
|
|
|
7,397
|
|
|
9,022
|
|
|
1,953
|
|
1997
|
2010
|
|
Horizon Business 70
|
|
Industrial
|
—
|
|
|
956
|
|
|
3,489
|
|
|
451
|
|
|
956
|
|
|
3,940
|
|
|
4,896
|
|
|
1,001
|
|
1998
|
2010
|
|
Horizon Business 2780
|
|
Industrial
|
—
|
|
|
1,143
|
|
|
5,724
|
|
|
217
|
|
|
1,143
|
|
|
5,941
|
|
|
7,084
|
|
|
1,471
|
|
1997
|
2010
|
|
Horizon Business 25
|
|
Industrial
|
—
|
|
|
723
|
|
|
2,551
|
|
|
1,303
|
|
|
723
|
|
|
3,854
|
|
|
4,577
|
|
|
1,043
|
|
1999
|
2010
|
|
Horizon Business 2790
|
|
Industrial
|
—
|
|
|
1,505
|
|
|
4,958
|
|
|
—
|
|
|
1,505
|
|
|
4,958
|
|
|
6,463
|
|
|
1,548
|
|
2006
|
2010
|
|
1000 Northbrook Parkway
|
|
Industrial
|
—
|
|
|
756
|
|
|
3,818
|
|
|
621
|
|
|
756
|
|
|
4,439
|
|
|
5,195
|
|
|
1,360
|
|
1986
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Tampa, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Fairfield Distribution 8640
|
|
Industrial
|
1,194
|
|
|
483
|
|
|
2,536
|
|
|
330
|
|
|
487
|
|
|
2,862
|
|
|
3,349
|
|
|
1,298
|
|
1998
|
1999
|
|
Fairfield Distribution 4720
|
|
Industrial
|
2,728
|
|
|
530
|
|
|
4,786
|
|
|
644
|
|
|
534
|
|
|
5,426
|
|
|
5,960
|
|
|
2,316
|
|
1998
|
1999
|
|
Fairfield Distribution 4758
|
|
Industrial
|
1,671
|
|
|
334
|
|
|
2,658
|
|
|
175
|
|
|
338
|
|
|
2,829
|
|
|
3,167
|
|
|
1,216
|
|
1999
|
1999
|
|
Fairfield Distribution 8600
|
|
Industrial
|
1,740
|
|
|
600
|
|
|
1,323
|
|
|
1,830
|
|
|
604
|
|
|
3,149
|
|
|
3,753
|
|
|
1,219
|
|
1999
|
1999
|
|
Fairfield Distribution 4901
|
|
Industrial
|
2,115
|
|
|
488
|
|
|
2,580
|
|
|
395
|
|
|
488
|
|
|
2,975
|
|
|
3,463
|
|
|
1,261
|
|
2000
|
2000
|
|
Fairfield Distribution 4727
|
|
Industrial
|
2,814
|
|
|
555
|
|
|
3,433
|
|
|
1,045
|
|
|
555
|
|
|
4,478
|
|
|
5,033
|
|
|
1,735
|
|
2001
|
2001
|
|
Fairfield Distribution 4701
|
|
Industrial
|
2,260
|
|
|
394
|
|
|
1,758
|
|
|
1,346
|
|
|
394
|
|
|
3,104
|
|
|
3,498
|
|
|
1,159
|
|
2001
|
2001
|
|
Fairfield Distribution 4661
|
|
Industrial
|
1,978
|
|
|
1,082
|
|
|
1,659
|
|
|
863
|
|
|
1,082
|
|
|
2,522
|
|
|
3,604
|
|
|
1,240
|
|
2004
|
2004
|
|
Eagle Creek Business 8701
|
|
Industrial
|
—
|
|
|
3,705
|
|
|
2,343
|
|
|
2,226
|
|
|
3,705
|
|
|
4,569
|
|
|
8,274
|
|
|
2,664
|
|
2006
|
2006
|
|
Eagle Creek Business 8651
|
|
Industrial
|
—
|
|
|
2,354
|
|
|
1,661
|
|
|
1,002
|
|
|
2,354
|
|
|
2,663
|
|
|
5,017
|
|
|
1,659
|
|
2007
|
2007
|
|
Eagle Creek Business 8601
|
|
Industrial
|
—
|
|
|
2,332
|
|
|
2,229
|
|
|
1,771
|
|
|
2,332
|
|
|
4,000
|
|
|
6,332
|
|
|
2,431
|
|
2007
|
2007
|
|
VA Tampa MOB
|
|
Medical Office
|
—
|
|
|
7,456
|
|
|
25,437
|
|
|
22
|
|
|
7,456
|
|
|
25,459
|
|
|
32,915
|
|
|
2,649
|
|
2014
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
Temple, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor Temple Bone & Joint MOB
|
|
Medical Office
|
—
|
|
|
1,534
|
|
|
17,382
|
|
|
1,522
|
|
|
1,613
|
|
|
18,825
|
|
|
20,438
|
|
|
3,228
|
|
2013
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Tracy, California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
1400 Pescadero Avenue
|
|
Industrial
|
—
|
|
|
9,633
|
|
|
39,644
|
|
|
—
|
|
|
9,633
|
|
|
39,644
|
|
|
49,277
|
|
|
6,321
|
|
2008
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Waco, Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Baylor Hillcrest 1 MOB
|
|
Medical Office
|
—
|
|
|
812
|
|
|
25,050
|
|
|
1,871
|
|
|
812
|
|
|
26,921
|
|
|
27,733
|
|
|
6,947
|
|
2009
|
2012
|
|
Baylor Hillcrest 2 MOB
|
|
Medical Office
|
—
|
|
|
502
|
|
|
12,243
|
|
|
593
|
|
|
502
|
|
|
12,836
|
|
|
13,338
|
|
|
2,932
|
|
2009
|
2012
|
|
Baylor Hillcrest Cancer Center
|
|
Medical Office
|
—
|
|
|
1,844
|
|
|
11,006
|
|
|
505
|
|
|
1,926
|
|
|
11,429
|
|
|
13,355
|
|
|
2,209
|
|
2013
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
West Chester, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
World Park Union Centre 9287
|
|
Industrial
|
—
|
|
|
2,150
|
|
|
827
|
|
|
7,819
|
|
|
2,151
|
|
|
8,645
|
|
|
10,796
|
|
|
3,487
|
|
2006
|
2006
|
|
World Park Union Centre 9271
|
|
Industrial
|
—
|
|
|
2,592
|
|
|
6,065
|
|
|
189
|
|
|
2,592
|
|
|
6,254
|
|
|
8,846
|
|
|
3,626
|
|
2004
|
2004
|
|
World Park Union Centre 9422
|
|
Industrial
|
—
|
|
|
287
|
|
|
2,312
|
|
|
257
|
|
|
287
|
|
|
2,569
|
|
|
2,856
|
|
|
656
|
|
1999
|
2010
|
|
World Park Union Centre 9266
|
|
Industrial
|
—
|
|
|
1,125
|
|
|
6,042
|
|
|
337
|
|
|
1,125
|
|
|
6,379
|
|
|
7,504
|
|
|
1,520
|
|
1998
|
2010
|
|
World Park Union Centre 9407
|
|
Industrial
|
—
|
|
|
482
|
|
|
2,356
|
|
|
73
|
|
|
482
|
|
|
2,429
|
|
|
2,911
|
|
|
566
|
|
1999
|
2010
|
|
World Park Union Centre 9451
|
|
Industrial
|
—
|
|
|
1,219
|
|
|
6,415
|
|
|
214
|
|
|
1,219
|
|
|
6,629
|
|
|
7,848
|
|
|
1,732
|
|
1999
|
2010
|
|
World Park Union Centre 5443
|
|
Industrial
|
—
|
|
|
1,918
|
|
|
5,207
|
|
|
524
|
|
|
1,918
|
|
|
5,731
|
|
|
7,649
|
|
|
2,124
|
|
2005
|
2010
|
|
World Park Union Centre 9107
|
|
Industrial
|
—
|
|
|
1,160
|
|
|
5,985
|
|
|
1,165
|
|
|
1,160
|
|
|
7,150
|
|
|
8,310
|
|
|
1,605
|
|
1999
|
2010
|
|
World Park Union Centre 9245
|
|
Industrial
|
—
|
|
|
1,189
|
|
|
5,914
|
|
|
393
|
|
|
1,189
|
|
|
6,307
|
|
|
7,496
|
|
|
1,639
|
|
2001
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Wesley Chapel, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Adventist FH Wesley Chapel MOB
|
|
Medical Office
|
—
|
|
|
—
|
|
|
15,699
|
|
|
1,324
|
|
|
—
|
|
|
17,023
|
|
|
17,023
|
|
|
4,220
|
|
2012
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
West Jefferson, Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Park 70 at West Jefferson 100
|
|
Industrial
|
—
|
|
|
6,454
|
|
|
24,812
|
|
|
16,107
|
|
|
10,017
|
|
|
37,356
|
|
|
47,373
|
|
|
12,198
|
|
2008
|
2008
|
|
Park 70 at West Jefferson 15
|
|
Industrial
|
—
|
|
|
10,439
|
|
|
27,143
|
|
|
63
|
|
|
10,439
|
|
|
27,206
|
|
|
37,645
|
|
|
9,190
|
|
2011
|
2011
|
|
Park 70 at West Jefferson 10
|
|
Industrial
|
—
|
|
|
2,300
|
|
|
18,093
|
|
|
5
|
|
|
2,300
|
|
|
18,098
|
|
|
20,398
|
|
|
2,009
|
|
2014
|
2014
|
|
Park 70 at West Jefferson 115
|
|
Industrial
|
—
|
|
|
2,547
|
|
|
23,469
|
|
|
103
|
|
|
2,547
|
|
|
23,572
|
|
|
26,119
|
|
|
1,989
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
West Palm Beach, Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Park of Commerce 5655
|
|
Industrial
|
—
|
|
|
1,635
|
|
|
1,927
|
|
|
200
|
|
|
1,635
|
|
|
2,127
|
|
|
3,762
|
|
|
690
|
|
2010
|
2010
|
|
Park of Commerce 5720
|
|
Industrial
|
—
|
|
|
2,160
|
|
|
3,999
|
|
|
588
|
|
|
2,320
|
|
|
4,427
|
|
|
6,747
|
|
|
1,224
|
|
2010
|
2010
|
|
Airport Center 1701
|
|
Industrial
|
—
|
|
|
2,437
|
|
|
5,901
|
|
|
352
|
|
|
2,437
|
|
|
6,253
|
|
|
8,690
|
|
|
1,465
|
|
2002
|
2010
|
|
Airport Center 1805
|
|
Industrial
|
—
|
|
|
1,706
|
|
|
4,453
|
|
|
358
|
|
|
1,706
|
|
|
4,811
|
|
|
6,517
|
|
|
1,128
|
|
2002
|
2010
|
|
Airport Center 1865
|
|
Industrial
|
—
|
|
|
1,500
|
|
|
4,506
|
|
|
340
|
|
|
1,500
|
|
|
4,846
|
|
|
6,346
|
|
|
1,259
|
|
2002
|
2010
|
|
Park of Commerce #4
|
|
Grounds
|
5,708
|
|
|
5,934
|
|
|
—
|
|
|
—
|
|
|
5,934
|
|
|
—
|
|
|
5,934
|
|
|
30
|
|
n/a
|
2011
|
|
Park of Commerce #5
|
|
Grounds
|
6,009
|
|
|
6,308
|
|
|
—
|
|
|
—
|
|
|
6,308
|
|
|
—
|
|
|
6,308
|
|
|
29
|
|
n/a
|
2011
|
|
Turnpike Crossing 1315
|
|
Industrial
|
—
|
|
|
7,390
|
|
|
5,762
|
|
|
—
|
|
|
7,390
|
|
|
5,762
|
|
|
13,152
|
|
|
292
|
|
2016
|
2016
|
Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2016
(in thousands)
|
|
Schedule III
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Cost Capitalized
Subsequent to
Development or Acquisition
|
|
Gross Book Value 12/31/16
|
|
|
|
|
||||||||||||||
|
Name
|
|
Building Type
|
Encumbrances
|
|
Land
|
|
Buildings
|
|
|
Land/Land Imp
|
|
Bldgs/TI
|
|
Total (1)
|
|
Accum. Depr. (2)
|
Year Constructed/Renovated
|
Year Acquired
|
|||||||||
|
Turnpike Crossing 1333
|
|
Industrial
|
—
|
|
|
6,255
|
|
|
4,560
|
|
|
—
|
|
|
6,255
|
|
|
4,560
|
|
|
10,815
|
|
|
214
|
|
2016
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Westminster, Colorado
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
SCL Emerus Westminster Hosp
|
|
Medical Office
|
—
|
|
|
2,849
|
|
|
15,477
|
|
|
656
|
|
|
2,849
|
|
|
16,133
|
|
|
18,982
|
|
|
1,027
|
|
2015
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Whitestown, Indiana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
AllPoints Anson Building 14
|
|
Industrial
|
—
|
|
|
2,127
|
|
|
8,155
|
|
|
901
|
|
|
2,127
|
|
|
9,056
|
|
|
11,183
|
|
|
2,854
|
|
2007
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Woodstock, Georgia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
NSH Cherokee Towne Lake MOB
|
|
Medical Office
|
—
|
|
|
21
|
|
|
16,026
|
|
|
3,699
|
|
|
21
|
|
|
19,725
|
|
|
19,746
|
|
|
2,700
|
|
2013
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Accum. Depr. on Improvements of Undeveloped Land
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,575
|
|
|
|
|
Eliminations
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
536
|
|
|
(16
|
)
|
|
552
|
|
|
536
|
|
|
(884
|
)
|
|
|
|
Properties held-for-sale
|
|
|
|
|
|
|
|
|
|
|
(3,631
|
)
|
|
(37,495
|
)
|
|
(41,126
|
)
|
|
(18,581
|
)
|
|
|
||||
|
|
|
|
384,694
|
|
|
1,478,679
|
|
|
4,412,513
|
|
|
632,089
|
|
|
1,511,264
|
|
|
4,970,891
|
|
|
6,482,155
|
|
|
1,283,629
|
|
|
|
(1)
|
The tax basis (in thousands) of our real estate assets at
December 31, 2016
was approximately
$6,769,583
(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
|
||||||||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|
2014
|
||||||||||||
Balance at beginning of year
|
|
$
|
6,181,877
|
|
|
$
|
7,305,848
|
|
|
$
|
7,031,660
|
|
|
$
|
1,199,608
|
|
|
$
|
1,505,677
|
|
|
$
|
1,382,757
|
|
Acquisitions
|
|
232,698
|
|
|
28,025
|
|
|
117,981
|
|
|
|
|
|
|
|
|||||||||
Construction costs and tenant improvements
|
|
549,506
|
|
|
421,404
|
|
|
592,651
|
|
|
|
|
|
|
|
|||||||||
Depreciation expense
|
|
|
|
|
|
|
|
255,419
|
|
|
253,683
|
|
|
290,279
|
|
|||||||||
Cost of real estate sold or contributed
|
|
(387,017
|
)
|
|
(1,468,635
|
)
|
|
(350,698
|
)
|
|
(102,753
|
)
|
|
(458,393
|
)
|
|
(97,032
|
)
|
||||||
Impairment Allowance
|
|
(3,719
|
)
|
|
(3,406
|
)
|
|
(15,406
|
)
|
|
|
|
|
|
|
|||||||||
Write-off of fully depreciated assets
|
|
(50,064
|
)
|
|
(101,359
|
)
|
|
(70,340
|
)
|
|
(50,064
|
)
|
|
(101,359
|
)
|
|
(70,327
|
)
|
||||||
Balance at end of year including held-for-sale
|
|
$
|
6,523,281
|
|
|
$
|
6,181,877
|
|
|
$
|
7,305,848
|
|
|
$
|
1,302,210
|
|
|
$
|
1,199,608
|
|
|
$
|
1,505,677
|
|
Properties held-for-sale
|
|
(41,126
|
)
|
|
(49,277
|
)
|
|
(906,591
|
)
|
|
(18,581
|
)
|
|
(7,183
|
)
|
|
(270,340
|
)
|
||||||
Balance at end of year excluding held-for-sale
|
|
$
|
6,482,155
|
|
|
$
|
6,132,600
|
|
|
$
|
6,399,257
|
|
|
$
|
1,283,629
|
|
|
$
|
1,192,425
|
|
|
$
|
1,235,337
|
|
|
|
|
|
|
DUKE REALTY CORPORATION
|
|
|
|
|
|
/s/ James B. Connor
|
|
|
James B. Connor
|
|
|
President, Chief Executive Officer and Director
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
/s/ Mark A. Denien
|
|
|
Mark A. Denien
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
(Principal Financial and Accounting Officer)
|
|
|
|
|
|
|
|
DUKE REALTY LIMITED PARTNERSHIP
|
|
|
By: DUKE REALTY CORPORATION, its general partner
|
|
|
|
|
|
/s/ James B. Connor
|
|
|
James B. Connor
|
|
|
President, Chief Executive Officer and Director of the General Partner
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
/s/ Mark A. Denien
|
|
|
Mark A. Denien
|
|
|
Executive Vice President and Chief Financial Officer of the General Partner
|
|
|
(Principal Financial and Accounting Officer)
|
|
|
|
|
|
|
Date:
|
February 17, 2017
|
|
|
|
|
|
|
|
|
|
Signature
|
|
Date
|
|
Title
|
|
|
|
|
|
/s/ James B. Connor
|
|
2/17/2017
|
|
President, Chief Executive Officer and Director
(Principal Executive Officer)
|
James B. Connor
|
|
|
|
|
|
|
|
|
|
/s/ Mark A. Denien
|
|
2/17/2017
|
|
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
Mark A. Denien
|
|
|
|
|
|
|
|
|
|
/s/ Thomas J. Baltimore, Jr.*
|
|
2/17/2017
|
|
Director
|
Thomas J. Baltimore, Jr.
|
|
|
|
|
|
|
|
|
|
/s/ William Cavanaugh III*
|
|
2/17/2017
|
|
Director
|
William Cavanaugh III
|
|
|
|
|
|
|
|
|
|
/s/ Alan H. Cohen*
|
|
2/17/2017
|
|
Director
|
Alan H. Cohen
|
|
|
|
|
|
|
|
|
|
/s/ Ngaire E. Cuneo*
|
|
2/17/2017
|
|
Director
|
Ngaire E. Cuneo
|
|
|
|
|
|
|
|
|
|
/s/ Charles R. Eitel*
|
|
2/17/2017
|
|
Director
|
Charles R. Eitel
|
|
|
|
|
|
|
|
|
|
/s/ Dennis D. Oklak
|
|
2/17/2017
|
|
Director
|
Dennis D. Oklak
|
|
|
|
|
|
|
|
|
|
/s/ Melanie R. Sabelhaus*
|
|
2/17/2017
|
|
Director
|
Melanie R. Sabelhaus
|
|
|
|
|
|
|
|
|
|
/s/ Peter M. Scott III*
|
|
2/17/2017
|
|
Director
|
Peter M. Scott III
|
|
|
|
|
|
|
|
|
|
/s/ Jack R. Shaw*
|
|
2/17/2017
|
|
Director
|
Jack R. Shaw
|
|
|
|
|
|
|
|
|
|
/s/ Michael E. Szymanczyk*
|
|
2/17/2017
|
|
Director
|
Michael E. Szymanczyk
|
|
|
|
|
|
|
|
|
|
/s/ Lynn C. Thurber*
|
|
2/17/2017
|
|
Director
|
Lynn C. Thurber
|
|
|
|
|
|
|
|
|
|
*
|
|
By James B. Connor, Attorney-in-Fact
|
|
/s/ James B. Connor
|