Profile: Duke Realty Corp (DRE.N)
3 Dec 2013
Duke Realty Corporation (Duke) is a self-administered and self-managed real estate investment trust (REIT). The Company operates in three segments, the first two of which consist of the ownership and rental of office and industrial real estate investments. The operations of its office and industrial properties, along with its medical office and retail properties, are collectively referred to as Rental Operations. The third reportable segment consists of providing various real estate services, such as property management, asset management, maintenance, leasing, development and construction management to third-party property owners and joint ventures, and is collectively referred to as Service Operations. As of December 31, 2011, the Company’s portfolio of 748 rental properties (including 126 jointly controlled in-service properties with approximately 25.3 million square feet, five consolidated properties under development with more than 639,000 square feet and one jointly controlled property under development with approximately 274,000 square feet) consisted more than 136.5 million rentable square feet and was leased by a base of approximately 3,000 tenants whose businesses included government services, manufacturing, retailing, wholesale trade, distribution, healthcare and professional services.
During the year ended December 31, 2011, the Company acquired Premier Portfolio, 29 industrial properties, 11 medical office properties and three suburban office properties. During 2011, the Company disposed of its interest in the Blackstone Office Disposition, by which it sold substantially all of its wholly owned suburban office real estate properties in Atlanta, Chicago, Columbus, Dallas, Minneapolis, Orlando and Tampa, and 13 suburban office buildings, totaling over two million square feet.
The Company also owns, including through ownership interests in unconsolidated joint ventures, more than 4,800 acres of land and controls an additional 1,630 acres through purchase options. The Company conducts its Service Operations through Duke Realty Services, LLC, Duke Realty Services Limited Partnership and Duke Construction Limited Partnership. As of December 31, 2011, the Company had 17 regional offices in Alexandria, Virginia; Atlanta, Georgia; Baltimore, Maryland; Chicago, Illinois; Cincinnati, Ohio; Columbus, Ohio; Dallas, Texas; Houston, Texas; Minneapolis, Minnesota; Nashville, Tennessee; Orlando, Florida; Phoenix, Arizona; Raleigh, North Carolina; St. Louis, Missouri; Savannah, Georgia; Tampa, Florida, and Weston, Florida.
Duke owns interests in 495 industrial properties encompassing more than 107.4 million square feet (79% of total square feet). These properties primarily consist of bulk warehouses (industrial warehouse/distribution centers with clear ceiling heights of 20 feet or more), but also include service center properties (also known as flex buildings or light industrial, having 12-18 foot clear ceiling heights and a combination of drive-up and dock-height loading access). Of these properties, 427 buildings with more than 90.6 million square feet are consolidated and 68 buildings with more than 16.8 million square feet are jointly controlled.
The Company owns interests in 203 office buildings totaling more than 23.7 million square feet (17% of total square feet). These properties include primarily suburban office properties. Of these properties, 149 buildings with more than 16.3 million square feet are consolidated and 54 buildings with approximately 7.4 million square feet are jointly controlled. Duke owns interests in 50 medical office and retail buildings totaling approximately 5.4 million square feet (4% of total square feet). Of these properties, 45 buildings with approximately four million square feet are consolidated and five buildings with approximately 1.4 million square feet are jointly controlled.
Duke Realty Corp
Suite 100, 600 East 96th Street
INDIANAPOLIS IN 46240