QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(Duke Realty Corporation) | (Duke Realty Corporation) | ||||||||||||||||
Indiana | (Duke Realty Limited Partnership) | 35-1898425 | (Duke Realty Limited Partnership) | ||||||||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) | ||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of Class | Trading Symbol(s) | Name of Exchange on Which Registered | ||||||||||||||||||
Duke Realty Corporation |
Duke Realty Corporation | ☒ | No ☐ | Duke Realty Limited Partnership | Yes ☒ | No ☐ |
Duke Realty Corporation | ☒ | No ☐ | Duke Realty Limited Partnership | Yes ☒ | No ☐ |
☒ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company ☐ | Emerging growth company ☐ |
Large accelerated filer | ☐ | Accelerated filer ☐ | Non-accelerated filer ☒ | Smaller reporting company ☐ | Emerging growth company ☐ |
Duke Realty Corporation | Yes | No ☒ | Duke Realty Limited Partnership | Yes ☐ | No ☒ |
Page | |||||||||||
Duke Realty Corporation: | |||||||||||
Duke Realty Limited Partnership: | |||||||||||
Duke Realty Corporation and Duke Realty Limited Partnership: | |||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Real estate investments: | |||||||||||
Real estate assets | $ | $ | |||||||||
Construction in progress | |||||||||||
Investments in and advances to unconsolidated joint ventures | |||||||||||
Undeveloped land | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Net real estate investments | |||||||||||
Real estate investments and other assets held-for-sale | |||||||||||
Cash and cash equivalents | |||||||||||
Accounts receivable | |||||||||||
Straight-line rent receivable | |||||||||||
Receivables on construction contracts, including retentions | |||||||||||
Deferred leasing and other costs, net of accumulated amortization of $219,089 and $203,857 | |||||||||||
Restricted cash held in escrow for like-kind exchange | |||||||||||
Notes receivable from property sales | |||||||||||
Other escrow deposits and other assets | |||||||||||
$ | $ | ||||||||||
LIABILITIES AND EQUITY | |||||||||||
Indebtedness: | |||||||||||
Secured debt, net of deferred financing costs of $353 and $164 | $ | $ | |||||||||
Unsecured debt, net of deferred financing costs of $33,651 and $19,258 | |||||||||||
Unsecured line of credit | |||||||||||
Liabilities related to real estate investments held-for-sale | |||||||||||
Construction payables and amounts due subcontractors, including retentions | |||||||||||
Accrued real estate taxes | |||||||||||
Accrued interest | |||||||||||
Other liabilities | |||||||||||
Tenant security deposits and prepaid rents | |||||||||||
Total liabilities | |||||||||||
Shareholders' equity: | |||||||||||
Common shares ($0.01 par value); 600,000 shares authorized; 371,510 and 367,950 shares issued and outstanding, respectively | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Distributions in excess of net income | ( | ( | |||||||||
Total shareholders' equity | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
$ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental and related revenue | $ | $ | $ | $ | |||||||||||||||||||
General contractor and service fee revenue | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Rental expenses | |||||||||||||||||||||||
Real estate taxes | |||||||||||||||||||||||
General contractor and other services expenses | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Other operating activities: | |||||||||||||||||||||||
Equity in earnings of unconsolidated joint ventures | |||||||||||||||||||||||
Gain on sale of properties | |||||||||||||||||||||||
Gain on land sales | |||||||||||||||||||||||
Other operating expenses | ( | ( | ( | ( | |||||||||||||||||||
Impairment charges | ( | ||||||||||||||||||||||
Non-incremental costs related to successful leases | ( | ( | ( | ( | |||||||||||||||||||
General and administrative expenses | ( | ( | ( | ( | |||||||||||||||||||
( | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Other income (expenses): | |||||||||||||||||||||||
Interest and other income, net | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Loss on debt extinguishment | ( | ( | ( | ||||||||||||||||||||
Gain on involuntary conversion | |||||||||||||||||||||||
Income from continuing operations before income taxes | |||||||||||||||||||||||
Income tax benefit (expense) | ( | ||||||||||||||||||||||
Income from continuing operations | |||||||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Gain on sale of properties | |||||||||||||||||||||||
Income from discontinued operations | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Net income attributable to common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Basic net income per common share: | |||||||||||||||||||||||
Continuing operations attributable to common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Diluted net income per common share: | |||||||||||||||||||||||
Continuing operations attributable to common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common shares outstanding | |||||||||||||||||||||||
Weighted average number of common shares and potential dilutive securities | |||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Unrealized losses on interest rate swap contracts | ( | ( | |||||||||||||||||||||
Amortization of interest rate swap contracts | |||||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
Nine Months Ended | |||||||||||
2020 | 2019 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation of buildings and tenant improvements | |||||||||||
Amortization of deferred leasing and other costs | |||||||||||
Amortization of deferred financing costs | |||||||||||
Straight-line rental income and expense, net | ( | ( | |||||||||
Impairment charges | |||||||||||
Loss on debt extinguishment | |||||||||||
Gain on involuntary conversion | ( | ( | |||||||||
Gain on land and property sales | ( | ( | |||||||||
Third-party construction contracts, net | |||||||||||
Other accrued revenues and expenses, net | |||||||||||
Operating distributions received in excess of (less than) equity in earnings from unconsolidated joint ventures | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Development of real estate investments | ( | ( | |||||||||
Acquisition of buildings and related intangible assets | ( | ( | |||||||||
Acquisition of land and other real estate assets | ( | ( | |||||||||
Second generation tenant improvements, leasing costs and building improvements | ( | ( | |||||||||
Other deferred leasing costs | ( | ( | |||||||||
Other assets | ( | ( | |||||||||
Proceeds from the repayments of notes receivable from property sales | |||||||||||
Proceeds from land and property sales, net | |||||||||||
Capital distributions from unconsolidated joint ventures | |||||||||||
Capital contributions and advances to unconsolidated joint ventures | ( | ( | |||||||||
Net cash used for investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of common shares, net | |||||||||||
Proceeds from unsecured debt | |||||||||||
Payments on unsecured debt | ( | ||||||||||
Proceeds from secured debt financings | |||||||||||
Payments on secured indebtedness including principal amortization | ( | ( | |||||||||
Borrowings (repayments) on line of credit, net | ( | ||||||||||
Distributions to common shareholders | ( | ( | |||||||||
Distributions to noncontrolling interests, net | ( | ( | |||||||||
Tax payments on stock-based compensation awards | ( | ( | |||||||||
Change in book cash overdrafts | ( | ( | |||||||||
Other financing activities | ( | ||||||||||
Deferred financing costs | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | |||||||||
Non-cash activities: | |||||||||||
Lease liabilities arising from right-of-use assets | $ | $ | |||||||||
Assumption of indebtedness and other liabilities in real estate acquisitions | $ | $ | |||||||||
Common Shareholders | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Distributions in Excess of Net Income | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of common shares | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation plan activity | — | ( | |||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | |||||||||||||||||||||||||||||||
Distributions to common shareholders ($0.235 per share) | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | ( | $ | ( | $ | $ |
Balance at December 31, 2019 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
Issuance of common shares | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation plan activity | — | ( | |||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | |||||||||||||||||||||||||||||||
Distributions to common shareholders ($0.705 per share) | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | ( | $ | ( | $ | $ |
Common Shareholders | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Distributions in Excess of Net Income | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Issuance of common shares | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation plan activity | — | ( | |||||||||||||||||||||||||||||||||
Distributions to common shareholders ($0.215 per share) | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | ( | $ | ( | $ | $ |
Balance at December 31, 2018 | $ | $ | $ | ( | $ | ( | $ | $ | |||||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Issuance of common shares | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation plan activity | — | ( | |||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | |||||||||||||||||||||||||||||||
Distributions to common shareholders ($0.645 per share) | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | ( | $ | ( | $ | $ |
September 30, 2020 | December 31, 2019 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Real estate investments: | |||||||||||
Real estate assets | $ | $ | |||||||||
Construction in progress | |||||||||||
Investments in and advances to unconsolidated joint ventures | |||||||||||
Undeveloped land | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Net real estate investments | |||||||||||
Real estate investments and other assets held-for-sale | |||||||||||
Cash and cash equivalents | |||||||||||
Accounts receivable | |||||||||||
Straight-line rent receivable | |||||||||||
Receivables on construction contracts, including retentions | |||||||||||
Deferred leasing and other costs, net of accumulated amortization of $219,089 and $203,857 | |||||||||||
Restricted cash held in escrow for like-kind exchange | |||||||||||
Notes receivable from property sales | |||||||||||
Other escrow deposits and other assets | |||||||||||
$ | $ | ||||||||||
LIABILITIES AND EQUITY | |||||||||||
Indebtedness: | |||||||||||
Secured debt, net of deferred financing costs of $353 and $164 | $ | $ | |||||||||
Unsecured debt, net of deferred financing costs of $33,651 and $19,258 | |||||||||||
Unsecured line of credit | |||||||||||
Liabilities related to real estate investments held-for-sale | |||||||||||
Construction payables and amounts due subcontractors, including retentions | |||||||||||
Accrued real estate taxes | |||||||||||
Accrued interest | |||||||||||
Other liabilities | |||||||||||
Tenant security deposits and prepaid rents | |||||||||||
Total liabilities | |||||||||||
Partners' equity: | |||||||||||
Common equity (371,510 and 367,950 General Partner Units issued and outstanding, respectively) | |||||||||||
Limited Partners' common equity (3,330 and 3,029 Limited Partner Units issued and outstanding, respectively) | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total partners' equity | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
$ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Rental and related revenue | $ | $ | $ | $ | |||||||||||||||||||
General contractor and service fee revenue | |||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Rental expenses | |||||||||||||||||||||||
Real estate taxes | |||||||||||||||||||||||
General contractor and other services expenses | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Other operating activities: | |||||||||||||||||||||||
Equity in earnings of unconsolidated joint ventures | |||||||||||||||||||||||
Gain on sale of properties | |||||||||||||||||||||||
Gain on land sales | |||||||||||||||||||||||
Other operating expenses | ( | ( | ( | ( | |||||||||||||||||||
Impairment charges | ( | ||||||||||||||||||||||
Non-incremental costs related to successful leases | ( | ( | ( | ( | |||||||||||||||||||
General and administrative expenses | ( | ( | ( | ( | |||||||||||||||||||
( | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Other income (expenses): | |||||||||||||||||||||||
Interest and other income, net | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Loss on debt extinguishment | ( | ( | ( | ||||||||||||||||||||
Gain on involuntary conversion | |||||||||||||||||||||||
Income from continuing operations before income taxes | |||||||||||||||||||||||
Income tax benefit (expense) | ( | ||||||||||||||||||||||
Income from continuing operations | |||||||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Gain on sale of properties | |||||||||||||||||||||||
Income from discontinued operations | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||
Net income attributable to common unitholders | $ | $ | $ | $ | |||||||||||||||||||
Basic net income per Common Unit: | |||||||||||||||||||||||
Continuing operations attributable to common unitholders | $ | $ | $ | $ | |||||||||||||||||||
Diluted net income per Common Unit: | |||||||||||||||||||||||
Continuing operations attributable to common unitholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of Common Units outstanding | |||||||||||||||||||||||
Weighted average number of Common Units and potential dilutive securities | |||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Unrealized losses on interest rate swap contracts | ( | ( | |||||||||||||||||||||
Amortization of interest rate swap contracts | |||||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
Nine Months Ended | |||||||||||
2020 | 2019 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation of buildings and tenant improvements | |||||||||||
Amortization of deferred leasing and other costs | |||||||||||
Amortization of deferred financing costs | |||||||||||
Straight-line rental income and expense, net | ( | ( | |||||||||
Impairment charges | |||||||||||
Loss on debt extinguishment | |||||||||||
Gain on involuntary conversion | ( | ( | |||||||||
Gain on land and property sales | ( | ( | |||||||||
Third-party construction contracts, net | |||||||||||
Other accrued revenues and expenses, net | |||||||||||
Operating distributions received in excess of (less than) equity in earnings from unconsolidated joint ventures | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Development of real estate investments | ( | ( | |||||||||
Acquisition of buildings and related intangible assets | ( | ( | |||||||||
Acquisition of land and other real estate assets | ( | ( | |||||||||
Second generation tenant improvements, leasing costs and building improvements | ( | ( | |||||||||
Other deferred leasing costs | ( | ( | |||||||||
Other assets | ( | ( | |||||||||
Proceeds from the repayments of notes receivable from property sales | |||||||||||
Proceeds from land and property sales, net | |||||||||||
Capital distributions from unconsolidated joint ventures | |||||||||||
Capital contributions and advances to unconsolidated joint ventures | ( | ( | |||||||||
Net cash used for investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from the General Partner | |||||||||||
Proceeds from unsecured debt | |||||||||||
Payments on unsecured debt | ( | ||||||||||
Proceeds from secured debt financings | |||||||||||
Payments on secured indebtedness including principal amortization | ( | ( | |||||||||
Borrowings (repayments) on line of credit, net | ( | ||||||||||
Distributions to common unitholders | ( | ( | |||||||||
Contributions from noncontrolling interests, net | |||||||||||
Tax payments on stock-based compensation awards | ( | ( | |||||||||
Change in book cash overdrafts | ( | ( | |||||||||
Other financing activities | ( | ||||||||||
Deferred financing costs | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | |||||||||
Non-cash activities: | |||||||||||
Lease liabilities arising from right-of-use assets | $ | $ | |||||||||
Assumption of indebtedness and other liabilities in real estate acquisitions | $ | $ | |||||||||
Common Unitholders | |||||||||||||||||||||||||||||||||||
General | Limited | Accumulated | |||||||||||||||||||||||||||||||||
Partner's | Partners' | Other | Total | ||||||||||||||||||||||||||||||||
Common Equity | Common Equity | Comprehensive Loss | Partners' Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||||||||||||||||||
Capital contribution from the General Partner | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation plan activity | — | — | |||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | |||||||||||||||||||||||||||||||
Distributions to common unitholders ($0.235 per Common Unit) | ( | ( | — | ( | — | ( | |||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | ( | $ | $ | $ |
Balance at December 31, 2019 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||||||||||||||||||
Capital contribution from the General Partner | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation plan activity | — | — | |||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | |||||||||||||||||||||||||||||||
Distributions to common unitholders ($0.705 per Common Unit) | ( | ( | — | ( | — | ( | |||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | ( | $ | $ | $ |
Common Unitholders | |||||||||||||||||||||||||||||||||||
General | Limited | Accumulated | |||||||||||||||||||||||||||||||||
Partner's | Partners' | Other | Total | ||||||||||||||||||||||||||||||||
Common Equity | Common Equity | Comprehensive Loss | Partners' Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||
Net income | — | ( | |||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||
Capital contribution from the General Partner | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation plan activity | — | — | |||||||||||||||||||||||||||||||||
Distributions to common unitholders ($0.215 per Common Unit) | ( | ( | — | ( | — | ( | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | ( | $ | $ | $ |
Balance at December 31, 2018 | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||
Net income | — | ( | |||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||
Capital contribution from the General Partner | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation plan activity | — | — | |||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | |||||||||||||||||||||||||||||||
Distributions to common unitholders ($0.645 per Common Unit) | ( | ( | — | ( | — | ( | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | ( | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Rental revenue - fixed payments | $ | $ | $ | $ | |||||||||||||||||||
Rental revenue - variable payments (1) | |||||||||||||||||||||||
Rental and related revenue | $ | $ | $ | $ |
September 30, 2020 | December 31, 2019 | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash held in escrow for like-kind exchange | |||||||||||
Restricted cash included in other escrow deposits and other assets | |||||||||||
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows | $ | $ |
Real estate assets | $ | ||||
Lease related intangible assets | |||||
Total acquired assets | |||||
Secured debt | |||||
Below market lease liability | |||||
Other liabilities | |||||
Total assumed liabilities | |||||
Fair value of acquired net assets | $ |
Low | High | |||||||
Exit capitalization rate | ||||||||
Net rental rate per square foot | $ | $ |
Book Value at 12/31/2019 | Book Value at 9/30/2020 | Fair Value at 12/31/2019 | Issuances and Assumptions | Payments/Payoffs | Adjustments to Fair Value | Fair Value at 9/30/2020 | |||||||||||||||||||||||||||||||||||
Fixed rate secured debt | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Variable rate secured debt | ( | ||||||||||||||||||||||||||||||||||||||||
Unsecured debt | ( | ||||||||||||||||||||||||||||||||||||||||
Unsecured line of credit | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Less: Deferred financing costs | |||||||||||||||||||||||||||||||||||||||||
Total indebtedness as reported on the consolidated balance sheets | $ | $ |
Description | Borrowing Capacity | Maturity Date | Outstanding Balance at September 30, 2020 | ||||||||||||||
Unsecured Line of Credit - Partnership | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Management fees | $ | $ | $ | $ | |||||||||||||||||||
Leasing fees | $ | $ | $ | $ | |||||||||||||||||||
Construction and development fees | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
General Partner | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Less: dividends on participating securities | ( | ( | ( | ( | |||||||||||||||||||
Basic net income attributable to common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Add back dividends on dilutive participating securities | |||||||||||||||||||||||
Noncontrolling interest in earnings of common unitholders | |||||||||||||||||||||||
Diluted net income attributable to common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of common shares outstanding | |||||||||||||||||||||||
Weighted average Limited Partner Units outstanding | |||||||||||||||||||||||
Other potential dilutive shares | |||||||||||||||||||||||
Weighted average number of common shares and potential dilutive securities | |||||||||||||||||||||||
Partnership | |||||||||||||||||||||||
Net income attributable to common unitholders | $ | $ | $ | $ | |||||||||||||||||||
Less: distributions on participating securities | ( | ( | ( | ( | |||||||||||||||||||
Basic net income attributable to common unitholders | $ | $ | $ | $ | |||||||||||||||||||
Add back distributions on dilutive participating securities | |||||||||||||||||||||||
Diluted net income attributable to common unitholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of Common Units outstanding | |||||||||||||||||||||||
Other potential dilutive units | |||||||||||||||||||||||
Weighted average number of Common Units and potential dilutive securities |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
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 | |||||||||||||||||||||||
Anti-dilutive outstanding participating securities |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Rental Operations: | |||||||||||||||||||||||
Industrial | $ | $ | $ | $ | |||||||||||||||||||
Non-reportable Rental Operations | |||||||||||||||||||||||
Service Operations | |||||||||||||||||||||||
Total segment revenues | |||||||||||||||||||||||
Other revenue | |||||||||||||||||||||||
Consolidated revenue | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
PNOI | ||||||||||||||||||||||||||
Industrial | $ | $ | $ | $ | ||||||||||||||||||||||
Non-reportable Rental Operations | ||||||||||||||||||||||||||
PNOI, excluding all sold properties | ||||||||||||||||||||||||||
PNOI from sold properties included in continuing operations | ||||||||||||||||||||||||||
PNOI, continuing operations | $ | $ | $ | $ | ||||||||||||||||||||||
Earnings from Service Operations | ||||||||||||||||||||||||||
Rental Operations revenues and expenses excluded from PNOI: | ||||||||||||||||||||||||||
Straight-line rental income and expense, net | ||||||||||||||||||||||||||
Revenues related to lease buyouts | ||||||||||||||||||||||||||
Amortization of lease concessions and above and below market rents | ||||||||||||||||||||||||||
Intercompany rents and other adjusting items | ( | ( | ||||||||||||||||||||||||
Non-Segment Items: | ||||||||||||||||||||||||||
Equity in earnings of unconsolidated joint ventures | ||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ||||||||||||||||||||||
Depreciation and amortization expense | ( | ( | ( | ( | ||||||||||||||||||||||
Gain on sale of properties | ||||||||||||||||||||||||||
Impairment charges | ( | |||||||||||||||||||||||||
Interest and other income, net | ||||||||||||||||||||||||||
General and administrative expenses | ( | ( | ( | ( | ||||||||||||||||||||||
Gain on land sales | ||||||||||||||||||||||||||
Other operating expenses | ( | ( | ( | ( | ||||||||||||||||||||||
Loss on extinguishment of debt | ( | ( | ( | |||||||||||||||||||||||
Gain on involuntary conversion | ||||||||||||||||||||||||||
Non-incremental costs related to successful leases | ( | ( | ( | ( | ||||||||||||||||||||||
Other non-segment revenues and expenses, net | ||||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | $ | $ | $ |
September 30, 2020 | December 31, 2019 | ||||||||||
Buildings and tenant improvements | $ | $ | |||||||||
Land and improvements | |||||||||||
Other real estate investments (1) | |||||||||||
Real estate assets | $ | $ |
Held-for-Sale at September 30, 2020 | Sold Year-to-Date in 2020 | Sold in 2019 | Total | ||||||||||||||||||||
Properties sold or classified as held-for-sale |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Income from continuing operations attributable to common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Income from discontinued operations attributable to common shareholders | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | $ | $ | $ |
Held-for-Sale Properties Included in Continuing Operations | |||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
Land and improvements | $ | $ | |||||||||
Buildings and tenant improvements | |||||||||||
Undeveloped land | |||||||||||
Accumulated depreciation | ( | ||||||||||
Deferred leasing and other costs, net | |||||||||||
Other assets | |||||||||||
Total assets held-for-sale | $ | $ | |||||||||
Total liabilities related to assets held-for-sale | $ | $ |
Class of stock/units | Quarterly Amount per Share or Unit | Record Date | Payment Date | ||||||||||||||
Common - Quarterly | $ | ||||||||||||||||
Total Square Feet (in thousands) | Percent of Total Square Feet | Percent Leased* | Average Annual Net Effective Rent** | ||||||||||||||||||||||||||||||||||||||||||||
Type | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||
Industrial | 140,437 | 135,096 | 99.8 | % | 99.8 | % | 97.0 | % | 96.1 | % | $5.18 | $4.90 | |||||||||||||||||||||||||||||||||||
Non-reportable Rental Operations | 211 | 211 | 0.2 | % | 0.2 | % | 80.5 | % | 77.3 | % | $24.27 | $24.76 | |||||||||||||||||||||||||||||||||||
Total Consolidated | 140,648 | 135,307 | 100.0 | % | 100.0 | % | 97.0 | % | 96.0 | % | $5.21 | $4.93 | |||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures | 11,109 | 12,656 | 97.5 | % | 97.6 | % | $4.26 | $4.10 | |||||||||||||||||||||||||||||||||||||||
Total Including Unconsolidated Joint Ventures | 151,757 | 147,963 | 97.0 | % | 96.2 | % | |||||||||||||||||||||||||||||||||||||||||
* Represents the percentage of total square feet leased based on executed leases and without regard to whether the leases have commenced. | |||||||||||||||||||||||||||||||||||||||||||||||
**Average annual net effective rent represents average annual base rental payments per leased square foot, on a straight-line basis for the term of each lease, from space leased to tenants at the end of the most recent reporting period. This amount excludes additional amounts paid by tenants as reimbursement for operating expenses. |
Consolidated Properties | Unconsolidated Joint Venture Properties | Total Including Unconsolidated Joint Venture Properties | |||||||||||||||
Vacant square feet at December 31, 2019 | 4,540 | 406 | 4,946 | ||||||||||||||
Vacant space in completed developments | 1,138 | — | 1,138 | ||||||||||||||
Expirations | 2,697 | 299 | 2,996 | ||||||||||||||
Early lease terminations | 1,448 | — | 1,448 | ||||||||||||||
Property structural changes/other | 14 | — | 14 | ||||||||||||||
Leasing of previously vacant space | (5,607) | (430) | (6,037) | ||||||||||||||
Vacant square feet at September 30, 2020 | 4,230 | 275 | 4,505 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
New Leasing Activity - First Generation | 2,406 | 2,111 | 5,440 | 6,775 | |||||||||||||||||||
New Leasing Activity - Second Generation | 1,405 | 984 | 2,978 | 1,841 | |||||||||||||||||||
Renewal Leasing Activity | 899 | 3,131 | 3,494 | 7,717 | |||||||||||||||||||
Early Renewal Leasing Activity * | 1,265 | 148 | 2,576 | 2,063 | |||||||||||||||||||
Short-Term New Leasing Activity ** | 125 | 216 | 1,194 | 924 | |||||||||||||||||||
Short-Term Renewal Leasing Activity ** | 677 | — | 1,615 | 619 | |||||||||||||||||||
Non-Reportable Rental Operations Leasing Activity | — | 3 | 1 | 4 | |||||||||||||||||||
Total Consolidated Leasing Activity | 6,777 | 6,593 | 17,298 | 19,943 | |||||||||||||||||||
Unconsolidated Joint Venture Leasing Activity | 561 | 1,832 | 1,689 | 2,042 | |||||||||||||||||||
Total Including Unconsolidated Joint Venture Leasing Activity | 7,338 | 8,425 | 18,987 | 21,985 | |||||||||||||||||||
* Early renewals represent renewals executed more than two years in advance of a lease's originally scheduled end date. | |||||||||||||||||||||||
** Short-term leases represent leases with a term of less than twelve months. |
Square Feet of Leases (in thousands) | Percent of Expiring Leases Renewed | Average Term in Years | Estimated Tenant Improvement Cost per Square Foot | Leasing Costs per Square Foot | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated - New Second Generation | 1,405 | 984 | 6.4 | 5.5 | $1.78 | $2.21 | $3.76 | $2.10 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures - New Second Generation | 257 | 49 | 1.0 | 10.2 | — | $3.49 | $0.38 | $4.57 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total - New Second Generation | 1,662 | 1,033 | 5.6 | 5.7 | $1.51 | $2.27 | $3.23 | $2.22 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated - Renewal | 899 | 3,131 | 42.3 | % | 82.2 | % | 3.5 | 4.3 | $0.72 | $0.46 | $0.92 | $1.14 | |||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures - Renewal | 131 | 459 | 100.0 | % | 90.3 | % | 1.0 | 5.9 | — | $0.95 | $0.29 | $2.29 | |||||||||||||||||||||||||||||||||||||||||||||||
Total - Renewal | 1,030 | 3,590 | 45.7 | % | 83.1 | % | 3.2 | 4.5 | $0.63 | $0.52 | $0.84 | $1.29 | |||||||||||||||||||||||||||||||||||||||||||||||
Nine Months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated - New Second Generation | 2,978 | 1,841 | 5.2 | 5.7 | $2.02 | $2.75 | $2.79 | $2.22 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures - New Second Generation | 257 | 165 | 1.0 | 7.2 | — | $1.82 | $0.38 | $2.75 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total - New Second Generation | 3,235 | 2,006 | 4.8 | 5.8 | $1.87 | $2.67 | $2.60 | $2.26 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated - Renewal | 3,494 | 7,717 | 59.9 | % | 82.3 | % | 4.6 | 4.4 | $1.01 | $0.71 | $1.45 | $1.30 | |||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated Joint Ventures - Renewal | 628 | 554 | 90.2 | % | 85.6 | % | 3.7 | 6.0 | $0.38 | $0.92 | $1.42 | $2.32 | |||||||||||||||||||||||||||||||||||||||||||||||
Total - Renewal | 4,122 | 8,271 | 63.2 | % | 82.5 | % | 4.5 | 4.5 | $0.91 | $0.72 | $1.45 | $1.37 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Ownership Type | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Consolidated properties | 32.3 | % | 22.5 | % | 28.9 | % | 25.0 | % | |||||||||||||||
Unconsolidated joint venture properties | 29.5 | % | 44.9 | % | 39.0 | % | 38.2 | % |
Total Consolidated Portfolio | Industrial | Non-Reportable | |||||||||||||||||||||||||||||||||||||||
Year of Expiration | Square Feet | Annual Rental Revenue* | Number of Leases | Square Feet | Annual Rental Revenue* | Square Feet | Annual Rental Revenue* | ||||||||||||||||||||||||||||||||||
Remainder of 2020 | 1,556 | $ | 7,964 | 27 | 1,555 | $ | 7,958 | 1 | $ | 6 | |||||||||||||||||||||||||||||||
2021 | 12,534 | 59,366 | 137 | 12,534 | 59,366 | — | — | ||||||||||||||||||||||||||||||||||
2022 | 17,462 | 75,111 | 148 | 17,445 | 74,919 | 17 | 192 | ||||||||||||||||||||||||||||||||||
2023 | 14,240 | 71,856 | 149 | 14,219 | 71,564 | 21 | 292 | ||||||||||||||||||||||||||||||||||
2024 | 14,403 | 73,163 | 137 | 14,398 | 73,101 | 5 | 62 | ||||||||||||||||||||||||||||||||||
2025 | 15,564 | 83,852 | 139 | 15,562 | 83,827 | 2 | 25 | ||||||||||||||||||||||||||||||||||
2026 | 10,790 | 51,989 | 60 | 10,790 | 51,989 | — | — | ||||||||||||||||||||||||||||||||||
2027 | 8,615 | 42,282 | 36 | 8,610 | 42,225 | 5 | 57 | ||||||||||||||||||||||||||||||||||
2028 | 8,283 | 54,363 | 32 | 8,164 | 50,876 | 119 | 3,487 | ||||||||||||||||||||||||||||||||||
2029 | 8,428 | 45,436 | 26 | 8,428 | 45,436 | — | — | ||||||||||||||||||||||||||||||||||
2030 and Thereafter | 24,544 | 145,056 | 73 | 24,544 | 145,056 | — | — | ||||||||||||||||||||||||||||||||||
Total Leased | 136,419 | $ | 710,438 | 964 | 136,249 | $ | 706,317 | 170 | $ | 4,121 | |||||||||||||||||||||||||||||||
Total Portfolio Square Feet | 140,648 | 140,437 | 211 | ||||||||||||||||||||||||||||||||||||||
Percent Leased | 97.0 | % | 97.0 | % | 80.5 | % | |||||||||||||||||||||||||||||||||||
* Annualized rental revenue represents average annual base rental payments, on a straight-line basis for the term of each lease, from space leased to tenants at the end of the most recent reporting period. Annualized rental revenue excludes additional amounts paid by tenants as reimbursement for operating expenses. |
Year-to-Date 2020 Acquisitions | Full Year 2019 Acquisitions | ||||||||||||||||||||||||||||||||||
Type | Acquisition Price* | In-Place Yield** | Percent Leased at Acquisition Date*** | Acquisition Price* | In-Place Yield** | Percent Leased at Acquisition Date*** | |||||||||||||||||||||||||||||
Industrial | $ | 112,068 | 4.6 | % | 100.0 | % | $ | 217,106 | 4.1 | % | 88.4 | % | |||||||||||||||||||||||
* Includes fair value of real estate assets and net acquired lease-related intangible assets, including above or below market leases, but excludes assumed debt if applicable and other acquired working capital assets and liabilities. | |||||||||||||||||||||||||||||||||||
** In-place yields of completed acquisitions are calculated as the current annualized net rental payments from space leased to tenants at the date of acquisition, divided by the acquisition price of the acquired real estate. Annualized net rental payments are comprised of base rental payments, excluding additional amounts payable by tenants as reimbursement for operating expenses, less current annualized operating expenses not recovered through tenant reimbursements. | |||||||||||||||||||||||||||||||||||
*** Represents percentage of total square feet leased based on executed leases and without regard to whether the leases have commenced, at the date of acquisition, including lease-backs with sellers executed in connection with the acquisition(s). |
Year-to-Date 2020 Dispositions | Full Year 2019 Dispositions | ||||||||||||||||||||||||||||||||||
Type | Sales Price | In-Place Yield* | Percent Leased** | Sales Price | In-Place Yield* | Percent Leased** | |||||||||||||||||||||||||||||
Industrial | $ | 45,900 | 5.8 | % | 100.0 | % | $ | 425,767 | 5.6 | % | 91.4 | % | |||||||||||||||||||||||
* In-place yields of completed dispositions are calculated as annualized net operating income from space leased to tenants at the date of sale on a lease-up basis, including full rent from all executed leases, even if currently in a free rent period, divided by the sales price. Annualized net operating income is comprised of base rental payments, excluding reimbursement of operating expenses, less current annualized operating expenses not recovered through tenant reimbursements. | |||||||||||||||||||||||||||||||||||
** Represents percentage of total square feet leased based on executed leases and without regard to whether the leases have commenced, at the date of sale. |
Ownership Type | Square Feet | Percent Leased | Total Estimated Project Costs | Total Incurred to Date | Amount Remaining to be Spent | ||||||||||||||||||||||||
Consolidated properties | 6,621 | 61 | % | $ | 886,621 | $ | 575,579 | $ | 311,042 | ||||||||||||||||||||
Unconsolidated joint venture properties | 358 | 100 | % | 21,037 | 18,937 | 2,100 | |||||||||||||||||||||||
Total | 6,979 | 63 | % | $ | 907,658 | $ | 594,516 | $ | 313,142 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Rental and related revenue from continuing operations | $ | 235,391 | $ | 215,374 | $ | 680,520 | $ | 638,446 | |||||||||||||||
General contractor and service fee revenue | 26,637 | 25,955 | 46,388 | 104,838 | |||||||||||||||||||
Operating income | 91,638 | 248,402 | 227,456 | 409,844 | |||||||||||||||||||
General Partner | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | 71,823 | $ | 226,566 | $ | 131,099 | $ | 342,170 | |||||||||||||||
Weighted average common shares outstanding | 371,082 | 362,416 | 369,375 | 360,424 | |||||||||||||||||||
Weighted average common shares and potential dilutive securities | 374,834 | 367,271 | 373,091 | 365,343 | |||||||||||||||||||
Partnership | |||||||||||||||||||||||
Net income attributable to common unitholders | $ | 72,461 | $ | 228,534 | $ | 132,263 | $ | 345,141 | |||||||||||||||
Weighted average Common Units outstanding | 374,412 | 365,558 | 372,671 | 363,542 | |||||||||||||||||||
Weighted average Common Units and potential dilutive securities | 374,834 | 367,271 | 373,091 | 365,343 | |||||||||||||||||||
General Partner and Partnership | |||||||||||||||||||||||
Basic income per common share or Common Unit: | |||||||||||||||||||||||
Continuing operations | $ | 0.19 | $ | 0.62 | $ | 0.35 | $ | 0.95 | |||||||||||||||
Diluted income per common share or Common Unit: | |||||||||||||||||||||||
Continuing operations | $ | 0.19 | $ | 0.62 | $ | 0.35 | $ | 0.94 | |||||||||||||||
Number of in-service consolidated properties at end of period | 478 | 457 | 478 | 457 | |||||||||||||||||||
In-service consolidated square footage at end of period | 140,648 | 135,307 | 140,648 | 135,307 | |||||||||||||||||||
Number of in-service unconsolidated joint venture properties at end of period | 39 | 40 | 39 | 40 | |||||||||||||||||||
In-service unconsolidated joint venture square footage at end of period | 11,109 | 12,656 | 11,109 | 12,656 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income attributable to common shareholders of the General Partner | $ | 71,823 | $ | 226,566 | $ | 131,099 | $ | 342,170 | |||||||||||||||
Add back: Net income attributable to noncontrolling interests - common limited partnership interests in the Partnership | 638 | 1,968 | 1,164 | 2,971 | |||||||||||||||||||
Net income attributable to common unitholders of the Partnership | 72,461 | 228,534 | 132,263 | 345,141 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Depreciation and amortization | 88,596 | 83,924 | 260,659 | 242,920 | |||||||||||||||||||
Company share of unconsolidated joint venture depreciation, amortization and other adjustments | 2,259 | 2,858 | 6,759 | 7,628 | |||||||||||||||||||
Gains on sale of properties | (11,008) | (173,758) | (20,016) | (204,441) | |||||||||||||||||||
Gain on land sales | (2,346) | (3,869) | (8,551) | (6,569) | |||||||||||||||||||
Impairment charges | — | — | 5,626 | — | |||||||||||||||||||
Income tax (benefit) expense triggered by sales of real estate assets | (956) | (536) | (1,166) | 6,465 | |||||||||||||||||||
Gains on sales of real estate assets - share of unconsolidated joint ventures | (1,095) | (332) | (787) | (4,859) | |||||||||||||||||||
FFO attributable to common unitholders of the Partnership | $ | 147,911 | $ | 136,821 | $ | 374,787 | $ | 386,285 | |||||||||||||||
Additional General Partner Adjustments: | |||||||||||||||||||||||
Net income attributable to noncontrolling interests - common limited partnership interests in the Partnership | (638) | (1,968) | (1,164) | (2,971) | |||||||||||||||||||
Noncontrolling interest share of adjustments | (671) | 788 | (2,144) | (353) | |||||||||||||||||||
FFO attributable to common shareholders of the General Partner | $ | 146,602 | $ | 135,641 | $ | 371,479 | $ | 382,961 |
Three Months Ended September 30, | Percent | Nine Months Ended September 30, | Percent | ||||||||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 71,520 | $ | 227,883 | $ | 131,119 | $ | 351,221 | |||||||||||||||||||||
Share of SPNOI from unconsolidated joint ventures | 4,917 | 4,564 | 14,236 | 13,550 | |||||||||||||||||||||||||
PNOI excluded from the "same-property" population | (19,444) | (8,767) | (43,132) | (22,703) | |||||||||||||||||||||||||
Earnings from Service Operations | (2,033) | (2,315) | (4,810) | (5,423) | |||||||||||||||||||||||||
Rental Operations revenues and expenses excluded from PNOI | (8,590) | (12,797) | (23,780) | (38,581) | |||||||||||||||||||||||||
Non-Segment Items | 108,318 | (61,216) | 386,408 | 137,881 | |||||||||||||||||||||||||
SPNOI | $ | 154,688 | $ | 147,352 | 5.0 | % | $ | 460,041 | $ | 435,945 | 5.5 | % | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Number of properties | 454 | 454 | 454 | 454 | |||||||||||||||||||
Square feet (in thousands) (1) | 127,478 | 127,478 | 127,478 | 127,478 | |||||||||||||||||||
Average commencement occupancy percentage (2) | 98.8% | 98.2% | 98.6% | 98.0% | |||||||||||||||||||
Average rental rate - cash basis (3) | $4.83 | $4.69 | $7.20 | $6.99 | |||||||||||||||||||
(1) Includes the total square feet of the consolidated properties that are in the "same-property" population as well as 4.9 million square feet of space for unconsolidated joint ventures, which represents our ratable share of the 9.8 million total square feet of space for buildings owned by unconsolidated joint ventures that are in the "same-property" population. | |||||||||||||||||||||||
(2) Commencement occupancy represents the percentage of total square feet where the leases have commenced. | |||||||||||||||||||||||
(3) Represents the average annualized contractual rent per square foot for tenants in occupancy in properties in the "same-property" population. Cash rent does not include the tenant's obligation to pay property operating expenses and real estate taxes. If a tenant was within a free rent period, its rent would equal zero for purposes of this metric. |
Three Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Rental and related revenue: | |||||||||||
Industrial | $ | 233,572 | $ | 213,819 | |||||||
Non-reportable Rental Operations and non-segment revenues | 1,819 | 1,555 | |||||||||
Total rental and related revenue from continuing operations | $ | 235,391 | $ | 215,374 | |||||||
Three Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Rental expenses: | |||||||||||
Industrial | $ | 19,795 | $ | 18,928 | |||||||
Non-reportable Rental Operations and non-segment expenses | 436 | 230 | |||||||||
Total rental expenses from continuing operations | $ | 20,231 | $ | 19,158 | |||||||
Real estate taxes: | |||||||||||
Industrial | $ | 37,010 | $ | 31,503 | |||||||
Non-reportable Rental Operations and non-segment expenses | 17 | 236 | |||||||||
Total real estate tax expense from continuing operations | $ | 37,027 | $ | 31,739 | |||||||
General and administrative expenses - three months ended September 30, 2019 | $ | 13.7 | |||
Decrease to overall pool of overhead costs | (0.4) | ||||
Impact of increased leasing and development activities (1) | (3.5) | ||||
Decreased allocation of costs to Service Operations and Rental Operations | 1.6 | ||||
General and administrative expenses - three months ended September 30, 2020 | $ | 11.4 |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Rental and related revenue: | |||||||||||
Industrial | $ | 674,996 | $ | 633,226 | |||||||
Non-reportable Rental Operations and non-segment revenues | 5,524 | 5,220 | |||||||||
Total rental and related revenue from continuing operations | $ | 680,520 | $ | 638,446 | |||||||
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Rental expenses: | |||||||||||
Industrial | $ | 55,333 | $ | 56,339 | |||||||
Non-reportable Rental Operations and non-segment expenses | 1,298 | 1,084 | |||||||||
Total rental expenses from continuing operations | $ | 56,631 | $ | 57,423 | |||||||
Real estate taxes: | |||||||||||
Industrial | $ | 109,877 | $ | 96,031 | |||||||
Non-reportable Rental Operations and non-segment expenses | 640 | 525 | |||||||||
Total real estate tax expense from continuing operations | $ | 110,517 | $ | 96,556 | |||||||
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Service Operations: | |||||||||||
General contractor and service fee revenue | $ | 46,388 | $ | 104,838 | |||||||
General contractor and other services expenses | 41,578 | 99,415 | |||||||||
Net earnings from Service Operations | $ | 4,810 | $ | 5,423 |
General and administrative expenses - nine months ended September 30, 2019 | $ | 49.1 | |||
Decrease to overall pool of overhead costs | (0.5) | ||||
Overhead restructuring charges (1) | 2.1 | ||||
Impact of increased leasing and development activities (2) | (10.7) | ||||
Decreased allocation of costs to Service Operations and Rental Operations (3) | 6.8 | ||||
General and administrative expenses - nine months ended September 30, 2020 | $ | 46.8 |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Second generation tenant improvements | $ | 11,635 | $ | 9,837 | |||||||
Second generation leasing costs | 14,334 | 15,478 | |||||||||
Building improvements | 1,764 | 6,329 | |||||||||
Total second generation capital expenditures | $ | 27,733 | $ | 31,644 | |||||||
Development of real estate investments | $ | 469,001 | $ | 325,825 | |||||||
Other deferred leasing costs | $ | 29,867 | $ | 28,551 |
Future Repayments | |||||||||||||||||||||||
Year | Scheduled Amortization | Maturities | Total | Weighted Average Interest Rate of Future Repayments | |||||||||||||||||||
Remainder of 2020 | $ | 1,126 | $ | — | $ | 1,126 | 5.56 | % | |||||||||||||||
2021 | 4,413 | 9,047 | 13,460 | 5.46 | % | ||||||||||||||||||
2022 | 4,646 | 83,740 | 88,386 | 3.99 | % | ||||||||||||||||||
2023 | 4,894 | 297,000 | 301,894 | 3.33 | % | ||||||||||||||||||
2024 | 5,155 | 300,000 | 305,155 | 3.92 | % | ||||||||||||||||||
2025 | 5,102 | — | 5,102 | 5.09 | % | ||||||||||||||||||
2026 | 3,238 | 375,000 | 378,238 | 3.38 | % | ||||||||||||||||||
2027 | 1,615 | 475,000 | 476,615 | 3.18 | % | ||||||||||||||||||
2028 | 1,307 | 500,000 | 501,307 | 4.45 | % | ||||||||||||||||||
2029 | 1,359 | 400,000 | 401,359 | 2.88 | % | ||||||||||||||||||
2030 | 1,413 | 350,000 | 351,413 | 1.86 | % | ||||||||||||||||||
Thereafter | 4,729 | 347,734 | 352,463 | 3.26 | % | ||||||||||||||||||
$ | 38,997 | $ | 3,137,521 | $ | 3,176,518 | 3.35 | % |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
General Partner | |||||||||||
Net cash provided by operating activities | $ | 438.9 | $ | 404.1 | |||||||
Net cash used for investing activities | $ | (557.5) | $ | (243.8) | |||||||
Net cash provided by financing activities | $ | 10.5 | $ | 64.8 | |||||||
Partnership | |||||||||||
Net cash provided by operating activities | $ | 438.9 | $ | 404.1 | |||||||
Net cash used for investing activities | $ | (557.5) | $ | (243.8) | |||||||
Net cash provided by financing activities | $ | 10.5 | $ | 64.8 |
Remainder of 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Face Value | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Long-Term Debt: | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate secured debt | $ | 1,126 | $ | 13,160 | $ | 4,346 | $ | 4,594 | $ | 4,855 | $ | 41,097 | $ | 69,178 | $ | 77,195 | |||||||||||||||||||||||||||||||
Weighted average interest rate | 5.56 | % | 5.58 | % | 5.54 | % | 5.55 | % | 5.56 | % | 4.33 | % | 4.83 | % | |||||||||||||||||||||||||||||||||
Variable rate secured debt | $ | — | $ | 300 | $ | 300 | $ | 300 | $ | 300 | $ | 400 | $ | 1,600 | $ | 1,600 | |||||||||||||||||||||||||||||||
Weighted average interest rate | N/A | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | ||||||||||||||||||||||||||||||||||
Fixed rate unsecured debt | $ | — | $ | — | $ | 83,740 | $ | 250,000 | $ | 300,000 | $ | 2,425,000 | $ | 3,058,740 | $ | 3,363,172 | |||||||||||||||||||||||||||||||
Weighted average interest rate | N/A | N/A | 3.93 | % | 3.72 | % | 3.90 | % | 3.23 | % | 3.35 | % | |||||||||||||||||||||||||||||||||||
Variable rate unsecured line of credit | $ | — | $ | — | $ | — | $ | 47,000 | $ | — | $ | — | $ | 47,000 | $ | 47,000 | |||||||||||||||||||||||||||||||
Rate at September 30, 2020 | N/A | N/A | N/A | 1.04% | N/A | N/A | 1.04 | % | |||||||||||||||||||||||||||||||||||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 (i) | ||||||||
3.4 (ii) | ||||||||
3.4 (iii) | ||||||||
3.4 (iv) | ||||||||
3.4 (v) | ||||||||
3.4 (vi) | ||||||||
31.1 | ||||||||
31.2 | ||||||||
31.3 | ||||||||
31.4 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
32.3 | ||||||||
32.4 | ||||||||
101.Def | Definition Linkbase Document | |||||||
101.Pre | Presentation Linkbase Document | |||||||
101.Lab | Labels Linkbase Document | |||||||
101.Cal | Calculation Linkbase Document | |||||||
101.Sch | Schema Document | |||||||
101.Ins | Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101) |
* | Filed herewith. |
** | The certifications attached as Exhibits 32.1, 32.2, 32.3 and 32.4 accompany this Quarterly Report on Form 10-Q and are "furnished" to the Securities and Exchange Commission pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed "filed" by the General Partner or the Partnership, respectively, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. |
DUKE REALTY CORPORATION | ||||||||
/s/ James B. Connor | ||||||||
James B. Connor | ||||||||
Chairman and Chief Executive Officer | ||||||||
/s/ Mark A. Denien | ||||||||
Mark A. Denien | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
DUKE REALTY LIMITED PARTNERSHIP | ||||||||
By: DUKE REALTY CORPORATION, its general partner | ||||||||
/s/ James B. Connor | ||||||||
James B. Connor | ||||||||
Chairman and Chief Executive Officer of the General Partner | ||||||||
/s/ Mark A. Denien | ||||||||
Mark A. Denien | ||||||||
Executive Vice President and Chief Financial Officer of the General Partner | ||||||||
Date: | October 29, 2020 | |||||||
/s/ James B. Connor | ||
James B. Connor | ||
Chairman and Chief Executive Officer |
/s/ Mark A. Denien | ||
Mark A. Denien | ||
Executive Vice President and Chief Financial Officer |
/s/ James B. Connor | ||
James B. Connor | ||
Chairman and Chief Executive Officer of the General Partner |
/s/ Mark A. Denien | ||
Mark A. Denien | ||
Executive Vice President and Chief Financial Officer of the General Partner |
/s/ James B. Connor | |||||
James B. Connor | |||||
Chairman and Chief Executive Officer | |||||
Date: | October 29, 2020 |
/s/ Mark A. Denien | |||||
Mark A. Denien | |||||
Executive Vice President and Chief Financial Officer | |||||
Date: | October 29, 2020 |
/s/ James B. Connor | |||||
James B. Connor | |||||
Chairman and Chief Executive Officer of the General Partner | |||||
Date: | October 29, 2020 |
/s/ Mark A. Denien | |||||
Mark A. Denien | |||||
Executive Vice President and Chief Financial Officer of the General Partner | |||||
Date: | October 29, 2020 |
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Consolidated Statement of Changes in Equity - USD ($) $ in Thousands |
Total |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
AOCI Attributable to Parent [Member] |
Distributions in Excess of Net Income [Member] |
Non-controlling Interest [Member] |
Duke Realty Limited Partnership [Member] |
Duke Realty Limited Partnership [Member]
Common Stock [Member]
|
Duke Realty Limited Partnership [Member]
Limited Partners' Common Equity [Member]
|
Duke Realty Limited Partnership [Member]
AOCI Attributable to Parent [Member]
|
Duke Realty Limited Partnership [Member]
Non-controlling Interest [Member]
|
Duke Realty Limited Partnership [Member]
Stockholders' Equity, Total [Member]
|
---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Balance - General Partner at Dec. 31, 2018 | $ 4,713,243 | $ 3,589 | $ 5,244,375 | $ (4,676) | $ (585,087) | $ 55,042 | ||||||
Beginning Balance - Partnership at Dec. 31, 2018 | $ 4,713,243 | $ 4,662,877 | $ 50,585 | $ (4,676) | $ 4,457 | $ 4,708,786 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income | 345,122 | 342,170 | 2,952 | 345,122 | 342,170 | 2,971 | (19) | 345,141 | ||||
Other comprehensive income | 0 | 0 | ||||||||||
Other comprehensive loss | (37,428) | (37,428) | (37,428) | (37,428) | (37,428) | |||||||
Issuance of common shares | 222,672 | 68 | 222,604 | |||||||||
Capital contribution from the General Partner | 222,672 | 222,672 | 222,672 | |||||||||
Stock based compensation plan activity | 11,850 | 6 | 5,531 | (896) | 7,209 | 11,850 | 4,641 | 7,209 | 11,850 | |||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 312 | 312 | 312 | 312 | ||||||||
Distributions to Partners | (234,352) | (232,323) | (2,029) | (234,352) | ||||||||
Distributions to common shareholders | (232,323) | (232,323) | ||||||||||
Distributions to noncontrolling interests | (2,176) | (2,176) | (147) | (147) | ||||||||
Ending Balance - General Partner at Sep. 30, 2019 | 5,021,272 | 3,663 | 5,472,510 | (42,104) | (476,136) | 63,339 | ||||||
Ending Balance - Partnership at Sep. 30, 2019 | 5,021,272 | 5,000,037 | 58,736 | (42,104) | 4,603 | 5,016,669 | ||||||
Beginning Balance - General Partner at Jun. 30, 2019 | 4,702,121 | 3,606 | 5,290,382 | (28,717) | (624,674) | 61,524 | ||||||
Beginning Balance - Partnership at Jun. 30, 2019 | 4,702,121 | 4,669,314 | 56,910 | (28,717) | 4,614 | 4,697,507 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income | 228,531 | 226,566 | 1,965 | 228,531 | 226,566 | 1,968 | (3) | 228,534 | ||||
Other comprehensive income | 0 | 0 | ||||||||||
Other comprehensive loss | (13,387) | (13,387) | (13,387) | (13,387) | (13,387) | |||||||
Issuance of common shares | 180,544 | 55 | 180,489 | |||||||||
Capital contribution from the General Partner | 180,544 | 180,544 | 180,544 | |||||||||
Stock based compensation plan activity | 1,920 | 2 | 1,639 | (255) | 534 | 1,920 | 1,386 | 534 | 1,920 | |||
Distributions to Partners | (78,449) | (77,773) | (676) | (78,449) | ||||||||
Distributions to common shareholders | (77,773) | (77,773) | ||||||||||
Distributions to noncontrolling interests | (684) | (684) | (8) | (8) | ||||||||
Ending Balance - General Partner at Sep. 30, 2019 | 5,021,272 | 3,663 | 5,472,510 | (42,104) | (476,136) | 63,339 | ||||||
Ending Balance - Partnership at Sep. 30, 2019 | 5,021,272 | 5,000,037 | 58,736 | (42,104) | 4,603 | 5,016,669 | ||||||
Beginning Balance - General Partner at Dec. 31, 2019 | 5,080,260 | 3,680 | 5,525,463 | (35,036) | (475,992) | 62,145 | ||||||
Beginning Balance - Partnership at Dec. 31, 2019 | 5,080,260 | 5,053,151 | 57,575 | (35,036) | 4,570 | 5,075,690 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income | 132,396 | 131,099 | 1,297 | 132,396 | 131,099 | 1,164 | 133 | 132,263 | ||||
Other comprehensive income | 2,579 | 2,579 | 2,579 | 2,579 | 2,579 | |||||||
Other comprehensive loss | 0 | 0 | ||||||||||
Issuance of common shares | 119,765 | 32 | 119,733 | |||||||||
Capital contribution from the General Partner | 119,765 | 119,765 | 119,765 | |||||||||
Stock based compensation plan activity | 16,227 | 3 | 7,947 | (858) | 9,135 | 16,227 | 7,092 | 9,135 | 16,227 | |||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 200 | 200 | 200 | 200 | ||||||||
Distributions to Partners | (262,780) | (260,431) | (2,349) | (262,780) | ||||||||
Distributions to common shareholders | (260,431) | (260,431) | ||||||||||
Distributions to noncontrolling interests | (2,349) | (2,349) | ||||||||||
Ending Balance - General Partner at Sep. 30, 2020 | 5,088,647 | 3,715 | 5,653,143 | (32,457) | (606,182) | 70,428 | ||||||
Ending Balance - Partnership at Sep. 30, 2020 | 5,088,647 | 5,050,676 | 65,525 | (32,457) | 4,903 | 5,083,744 | ||||||
Beginning Balance - General Partner at Jun. 30, 2020 | 5,057,416 | 3,704 | 5,607,897 | (33,346) | (590,435) | 69,596 | ||||||
Beginning Balance - Partnership at Jun. 30, 2020 | 5,057,416 | 5,021,166 | 64,948 | (33,346) | 4,648 | 5,052,768 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income | 72,516 | 71,823 | 693 | 72,516 | 71,823 | 638 | 55 | 72,461 | ||||
Other comprehensive income | 889 | 889 | 889 | 889 | 889 | |||||||
Other comprehensive loss | 0 | 0 | ||||||||||
Issuance of common shares | 43,087 | 11 | 43,076 | |||||||||
Capital contribution from the General Partner | 43,087 | 43,087 | 43,087 | |||||||||
Stock based compensation plan activity | 2,622 | 0 | 2,170 | (270) | 722 | 2,622 | 1,900 | 722 | 2,622 | |||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 200 | 200 | 200 | 200 | ||||||||
Distributions to Partners | (88,083) | (87,300) | (783) | (88,083) | ||||||||
Distributions to common shareholders | (87,300) | (87,300) | ||||||||||
Distributions to noncontrolling interests | (783) | (783) | ||||||||||
Ending Balance - General Partner at Sep. 30, 2020 | $ 5,088,647 | $ 3,715 | $ 5,653,143 | $ (32,457) | $ (606,182) | $ 70,428 | ||||||
Ending Balance - Partnership at Sep. 30, 2020 | $ 5,088,647 | $ 5,050,676 | $ 65,525 | $ (32,457) | $ 4,903 | $ 5,083,744 |
Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Distributions to common shareholders, per share | $ 0.235 | $ 0.215 | $ 0.705 | $ 0.645 |
Duke Realty Limited Partnership [Member] | ||||
Distributions to Partners, per Common Unit | $ 0.235 | $ 0.215 | $ 0.705 | $ 0.645 |
General Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General Basis of Presentation | General Basis of Presentation The interim consolidated financial statements included herein have been prepared by the General Partner and the Partnership. The 2019 year-end consolidated balance sheet data included in this Report was derived from the audited financial statements in the combined Annual Report on Form 10-K of the General Partner and the Partnership for the year ended December 31, 2019 (the "2019 Annual Report"), but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). The financial statements have been prepared in accordance with GAAP for interim financial information and in accordance with Rule 10-01 of Regulation S-X of the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenue and expenses during the reporting period. Our actual results could differ from those estimates and assumptions. These financial statements should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations included herein and the consolidated financial statements and notes thereto included in the 2019 Annual Report. The General Partner was formed in 1985, and we believe that it qualifies as a REIT under the provisions of the Internal Revenue Code of 1986, as amended (the "Code"). The Partnership was formed on October 4, 1993, when the General Partner contributed all of its properties and related assets and liabilities, together with the net proceeds from an offering of additional shares of its common stock, to the Partnership. Simultaneously, the Partnership completed the acquisition of Duke Associates, a full-service commercial real estate firm operating in the Midwest whose operations began in 1972. The General Partner is the sole general partner of the Partnership, owning approximately 99.1% of the Common Units at September 30, 2020. The remaining 0.9% of the Common Units are owned by limited partners. As the sole general partner of the Partnership, the General Partner has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Partnership. The General Partner and the Partnership are operated as one enterprise. The management of the General Partner consists of the same members as the management of the Partnership. As the sole general partner with control of the Partnership, the General Partner consolidates the Partnership for financial reporting purposes, and the General Partner does not have any significant assets other than its investment in the Partnership. Therefore, the assets and liabilities of the General Partner and the Partnership are substantially the same. Limited partners have the right to redeem their Limited Partner Units, subject to certain restrictions. Pursuant to the Fifth Amended and Restated Agreement of Limited Partnership, as amended (the "Partnership Agreement"), the General Partner is obligated to redeem the Limited Partner Units in shares of its common stock, unless it determines in its reasonable discretion that the issuance of shares of its common stock could cause it to fail to qualify as a REIT. Each Limited Partner Unit shall be redeemed for one share of the General Partner's common stock, or, in the event that the issuance of shares could cause the General Partner to fail to qualify as a REIT, cash equal to the fair market value of one share of the General Partner's common stock at the time of redemption, in each case, subject to certain adjustments described in the Partnership Agreement. The Limited Partner Units are not required, per the terms of the Partnership Agreement, to be redeemed in registered shares of the General Partner. As of September 30, 2020, we owned and operated a portfolio primarily consisting of industrial properties and provided real estate services to third-party owners and customers. Substantially all of our Rental Operations (see Note 11) are conducted through the Partnership. We conduct our Service Operations (see Note 11) through Duke Realty Services, LLC, Duke Realty Services Limited Partnership and Duke Construction Limited Partnership ("DCLP"), which are consolidated entities that are 100% owned by a combination of the General Partner and the Partnership. DCLP is owned through a taxable REIT subsidiary. The consolidated financial statements include our accounts and the accounts of our majority-owned or controlled subsidiaries.
|
Leases |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Lease Income Our leases generally include scheduled rent increases, but do not include variable payments based on indexes. Our rental revenue is primarily based on fixed, non-cancelable leases. Our variable rental revenue primarily consists of amounts recovered from lessees for property tax, insurance and common area maintenance ("CAM"). If we conclude that collection of lease payments are not probable, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected is recognized as a current period adjustment to rental revenues. Any other changes in collectability reserves for leases not subject to the collectability constraint are also recorded as a current period adjustment to rental revenues. All revenues related to lease and lease-related services are included in, and comprise substantially all of, the caption "Rental and Related Revenue" on the Consolidated Statements of Operations and Comprehensive Income. The components of Rental and Related Revenue are as follows (in thousands):
(1) Primarily includes tenant recoveries for real estate taxes, insurance and CAM. Accounting for Lease Concessions Granted in Connection with the COVID-19 Outbreak On April 8, 2020, the Financial Accounting Standard Board ("FASB") held a public meeting and shortly afterwards issued a question-and-answer ("Q&A") document which was intended to provide accounting relief for lease concessions related to the COVID-19 pandemic. The accounting relief permits an entity to choose to forgo the evaluation of the enforceable rights and obligations of a lease contract, which is a requirement of Accounting Standards Codification Topic 842, Leases ("ASC 842"), as long as the total rent payments after the lease concessions are substantially the same, or less than, the total payments previously required by the lease. An entity may account for COVID-19 related lease concessions either (i) as if they were part of the enforceable rights and obligations of the parties under the existing lease contract; or (ii) as a lease modification. To the extent that a rent concession is granted as a deferral of payments, but the total lease payments are substantially the same, lessors are allowed to account for the concession as if no change had been made to the original lease contract. Based on the Q&A, an entity is not required to account for all lease concessions related to the effects of the COVID-19 pandemic under one elected option; however, the entity is required to apply the elected option consistently to leases with similar characteristics and in similar circumstances. As of September 30, 2020, we have executed agreements with certain tenants allowing for the deferral of rental payments totaling $8.1 million. The substantial majority of these agreements required repayment of deferred amounts within twelve months of their execution. The tenants with whom we have executed agreements allowing for deferral of rental payments have paid all amounts due under their revised billing schedules through September 30, 2020. The rental deferral agreements that we have executed, where the revised payment terms require repayment of deferred amounts within twelve months of their execution, are eligible for the alternate accounting treatment allowed through the Q&A. We have elected to account for these deferred rental agreements as if the deferral of rental payments was an enforceable right in the original lease agreements. This accounting election resulted in us not modifying the pattern of revenue recognition for these leases, to the extent they are collectable, and all deferred amounts related to leases to which we are applying this accounting treatment are classified within Accounts Receivable on the September 30, 2020 Consolidated Balance Sheets. For deferred rental agreements where the revised terms do not require repayment of the full amount of deferred amounts within twelve months of their execution, even if such revised payment terms fall within the scope of the relief offered by the Q&A, we have continued to apply lease modification accounting as stipulated by ASC 842. Lessee Accounting As of September 30, 2020, our lease arrangements, where we are the lessee, primarily consisted of office and ground leases. All of our office leases are classified as operating leases under ASC 842. Ground leases that were classified as operating leases prior to adoption of ASC 842 continue to be accounted for as operating leases by electing the practical expedient under ASC 842. In July 2020, we entered into a new ground lease which met the criteria to be classified as a finance lease. As of September 30, 2020, right-of-use ("ROU") assets related to our operating leases and finance lease were $40.2 million and $34.4 million, respectively, which are included within Other Escrow Deposits and Other Assets on our Consolidated Balance Sheets as of September 30, 2020. The corresponding lease liabilities related to these operating leases and finance lease of $43.5 million and $34.3 million, respectively, are included in Other Liabilities on our Consolidated Balance Sheets as of September 30, 2020, and represent the discounted value of the future lease payments required under our lease agreements. As of December 31, 2019, total ROU assets and liabilities for operating leases were $40.5 million and $46.9 million, respectively. In determining these amounts, we elected an available practical expedient that allows us, as a lessee, to not separate lease and non-lease components.
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Reclassifications |
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Sep. 30, 2020 | |
Disclosure Text Block [Abstract] | |
Reclassifications | ReclassificationsThere have been no amounts in the accompanying consolidated financial statements for 2019 reclassified to conform to the 2020 consolidated financial statement presentation. |
Restricted Cash |
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Restricted Cash | Restricted Cash Restricted cash primarily consists of cash proceeds from dispositions but restricted only for qualifying like-kind exchange transactions and cash held in escrow related to acquisition and disposition holdbacks. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows (in thousands):
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Variable Interest Entities |
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Sep. 30, 2020 | |
Disclosure Text Block [Abstract] | |
Variable Interest Entities | Variable Interest Entities Partnership Due to the fact that the Limited Partners do not have kick out rights, or substantive participating rights, the Partnership is a variable interest entity ("VIE"). Because the General Partner holds majority ownership and exercises control over every aspect of the Partnership's operations, the General Partner has been determined as the primary beneficiary and, therefore, consolidates the Partnership. The assets and liabilities of the General Partner and the Partnership are substantially the same, as the General Partner does not have any significant assets other than its investment in the Partnership. All of the Company's debt is an obligation of the Partnership. Joint Ventures We have equity interests in unconsolidated joint ventures that primarily own and operate rental properties or hold land for development. We consolidate those joint ventures that are considered to be VIEs where we are the primary beneficiary. We analyze our investments in joint ventures to determine if the joint venture is considered a VIE and would require consolidation. We (i) evaluate the sufficiency of the total equity investment at risk, (ii) review the voting rights and decision-making authority of the equity investment holders as a group and whether there are limited partners (or similar owning entities) that lack substantive participating or kick out rights and (iii) establish whether or not activities within the venture are on behalf of an investor with disproportionately few voting rights in making this VIE determination. To the extent that we own interests in a VIE and we (i) are the sole entity that has the power to direct the activities of the VIE and (ii) have the obligation or rights to absorb the VIE's losses or receive its benefits, then we would be determined to be the primary beneficiary and would consolidate the VIE. To the extent we own interests in a VIE, then at each reporting period, we re-assess our conclusions as to which, if any, party within the VIE is considered the primary beneficiary. Consolidated joint ventures that are VIEs are not significant in any period presented in these consolidated financial statements. To the extent that our joint ventures do not qualify as VIEs, they are consolidated if we control them through majority ownership interests or if we are the managing entity (general partner or managing member) and the other partner does not have substantive participating rights. Control is further demonstrated by our ability to unilaterally make significant operating decisions, refinance debt and sell the assets of the joint venture without the consent of the non-managing entity and the inability of the non-managing entity to remove us from our role as the managing entity. Consolidated joint ventures that are not VIEs are not significant in any period presented in these consolidated financial statements. There were no unconsolidated joint ventures, in which we have any recognized assets or liabilities or have retained any economic exposure to loss at September 30, 2020, that met the criteria to be considered VIEs. Our maximum loss exposure for guarantees of unconsolidated joint venture indebtedness, none of which relate to VIEs, totaled $66.5 million at September 30, 2020.
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Acquisitions and Dispositions |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and Dispositions | Acquisitions and Dispositions Acquisitions and dispositions for the periods presented were completed in accordance with our strategy to reposition our investment concentration among the markets in which we operate and to increase our overall investments in quality industrial projects. Transaction costs related to asset acquisitions are capitalized and transaction costs related to business combinations and dispositions are expensed. Acquisitions We paid cash of $85.5 million and $146.6 million for building acquisitions during the nine months ended September 30, 2020 and September 30, 2019, respectively. We acquired five properties during the nine months ended September 30, 2020. We determined that these properties did not meet the definition of a business and, accordingly, we accounted for them as asset acquisitions as opposed to business combinations. The following table summarizes amounts recognized for each major class of assets and liabilities (in thousands) for these acquisitions during the nine months ended September 30, 2020:
The leases in the acquired properties had a weighted average remaining life at acquisition of approximately 6.9 years. Fair Value Measurements We determine the fair value of the individual components of real estate asset acquisitions primarily through calculating the "as-if vacant" value of a building, using an income approach, which relies significantly upon internally determined assumptions. We have determined that these estimates primarily rely upon level 3 inputs, which are unobservable inputs based on our own assumptions. The most significant assumptions used in calculating the "as-if vacant" value for acquisition activity during the nine months ended September 30, 2020 are as follows:
Capitalized acquisition costs were insignificant and the fair value of the five properties acquired during the nine months ended September 30, 2020 was substantially the same as the cost of acquisition. Dispositions Dispositions of buildings and undeveloped land generated net cash proceeds of $55.7 million and $379.8 million during the nine months ended September 30, 2020 and 2019, respectively. The number of buildings sold, as well as their classification between continuing and discontinued operations, is disclosed in Note 12. During the nine months ended September 30, 2020, we collected the remaining $110.0 million of principal on our outstanding notes receivable, which was related to the sale of our medical office portfolio during 2017.
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Indebtedness |
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Indebtedness | Indebtedness All debt is issued directly or indirectly by the Partnership. The General Partner does not have any indebtedness, but does guarantee some of the unsecured debt of the Partnership. The following table summarizes the book value and changes in the fair value of our debt (in thousands):
Secured Debt Because our fixed rate secured debt is not actively traded in any marketplace, we utilized a discounted cash flow methodology to determine its fair value. Accordingly, we calculated fair value by applying an estimate of the current market rate to discount the debt's remaining contractual cash flows. Our estimate of a current market rate, which is the most significant input in the discounted cash flow calculation, is intended to replicate debt of similar maturity and loan-to-value relationship. The estimated market rates for all of our current fixed rate secured debt are between 1.60% and 2.50%, depending on the attributes of the specific loans. The current market rates we utilized were internally estimated; therefore, we have concluded that our determination of fair value for our fixed rate secured debt was primarily based upon level 3 inputs. In February 2020, a consolidated joint venture obtained an $18.4 million secured loan from a third party financial institution, with a fixed annual interest rate of 3.41% and a maturity date of March 1, 2035. In September 2020, we assumed two secured loans in conjunction with a two-building asset acquisition. These assumed loans had a total face value of $21.5 million and fair value of $25.5 million. These assumed loans had a weighted average remaining term at acquisition of 11.8 years and carried a weighted average stated interest rate of 4.54%. The difference between the fair value and the face value of loans assumed in connection with the acquisition is recorded as a premium and amortized to interest expense over the life of the loans assumed. We used an estimated market interest rate of 2.50% in determining the fair values of these loans. Unsecured Debt At September 30, 2020, all of our unsecured debt bore interest at fixed rates and primarily consisted of unsecured notes that are publicly traded. We utilized broker estimates in estimating the fair value of our fixed rate unsecured debt. Our unsecured notes are thinly traded and, in certain cases, the broker estimates were not based upon comparable transactions. The broker estimates took into account any recent trades within the same series of our fixed rate unsecured debt, comparisons to recent trades of other series of our fixed rate unsecured debt, trades of fixed rate unsecured debt from companies with profiles similar to ours, as well as overall economic conditions. We reviewed these broker estimates for reasonableness and accuracy, considering whether the estimates were based upon market participant assumptions within the principal and most advantageous market and whether any other observable inputs would be more accurate indicators of fair value than the broker estimates. We concluded that the broker estimates were representative of fair value. We have determined that our estimation of the fair value of our fixed rate unsecured debt was primarily based upon level 3 inputs. The estimated trading values of our fixed rate unsecured debt, depending on the maturity and coupon rates, ranged from 100.00% to 137.00% of face value. In February 2020, we issued $325.0 million of senior unsecured notes bearing interest at a stated interest rate of 3.05% and maturing on March 1, 2050, at 97.35% of par value, resulting in an effective interest rate of 3.19%. Proceeds from the unsecured notes offering were primarily used to repay the $300.0 million of 4.38% senior unsecured notes due 2022. In connection with the early redemption of these notes, we recognized a loss of $17.8 million consisting of a repayment premium and write-off of deferred financing costs. In June 2020, we issued $350.0 million of senior unsecured notes bearing interest at a stated interest rate of 1.75% and maturing on July 1, 2030, at 99.07% of par value, resulting in an effective interest rate of 1.85%. Proceeds from the unsecured notes offering were primarily used to repurchase and cancel $216.3 million of 3.88% senior unsecured notes due 2022 pursuant to a tender offer completed by the Partnership in June 2020. In connection with the early cancellation of these notes, we recognized a loss of $15.1 million consisting of a repayment premium and write-off of deferred financing costs. The indentures (and related supplemental indentures) governing our outstanding series of unsecured notes also require us to comply with financial ratios and other covenants regarding our operations. We were in compliance with all such financial covenants at September 30, 2020. Unsecured Line of Credit Our unsecured line of credit at September 30, 2020 is described as follows (in thousands):
The Partnership's unsecured line of credit has an interest rate on borrowings of LIBOR plus 0.875% (equal to 1.04% for our outstanding borrowings at September 30, 2020) and has a maturity date of January 30, 2022, with options to extend until January 30, 2023. Subject to certain conditions, the terms also include an option to increase the facility by up to an additional $800.0 million, for a total of up to $2.00 billion. This line of credit provides us with an option to obtain borrowings from financial institutions that participate in the line at rates that may be lower than the stated interest rate, subject to certain restrictions. This line of credit contains financial covenants that require us to meet certain financial ratios and defined levels of performance, including those related to fixed charge coverage, unsecured interest expense coverage and debt-to-asset value (with asset value being defined in the Partnership's unsecured line of credit agreement). At September 30, 2020, we were in compliance with all financial covenants under this line of credit. We utilize a discounted cash flow methodology in order to estimate the fair value of outstanding borrowings on our unsecured line of credit. To the extent that credit spreads have changed since the origination of the line of credit, the net present value of the difference between future contractual interest payments and future interest payments based on our estimate of a current market rate would represent the difference between the book value and the fair value. This estimate of a current market rate is based upon the rate, considering current market conditions and our specific credit profile, at which we estimate we could obtain similar borrowings. As our credit spreads have not changed appreciably, we believe that the contractual interest rate and the current market rate on any outstanding borrowings on the line of credit are the same. The current market rate is internally estimated and therefore is primarily based upon a level 3 input.
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Shareholder's Equity |
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Sep. 30, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | Shareholders' Equity of the General Partner and Partners' Capital of the Partnership General Partner The General Partner has an at the market ("ATM") equity program that allows it to issue and sell its common shares through sales agents from time to time. The current ATM equity program provides for the sale of up to $400.0 million of shares of the General Partner's common stock. Actual sales under the ATM equity program depend on a variety of factors to be determined by the General Partner, including, among others, market conditions, the trading price of the General Partner’s common stock, determinations by the General Partner of the appropriate sources of funding and potential uses of funding available. During the nine months ended September 30, 2020, the General Partner issued 3.0 million common shares pursuant to its ATM equity program, generating gross proceeds of $110.6 million and, after deducting commissions and other costs, net proceeds of $109.1 million. The proceeds from these sales were contributed to the Partnership and used to fund development activities. Partnership For each common share or preferred share that the General Partner issues, the Partnership issues a corresponding General Partner Unit or Preferred Unit, as applicable, to the General Partner in exchange for the contribution of the proceeds from the stock issuance. Similarly, when the General Partner redeems or repurchases common shares or preferred shares, the Partnership redeems the corresponding General Partner Units or Preferred Units held by the General Partner at the same price.
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Related Party Transactions | Related Party Transactions We provide property management, asset management, leasing, construction and other tenant-related services to unconsolidated joint ventures in which we have equity interests. We recorded the corresponding fees based on contractual terms that approximate market rates for these types of services and have eliminated our ownership percentage of these fees in the consolidated financial statements. The following table summarizes the fees earned from these joint ventures, prior to the elimination of our ownership percentage (in thousands):
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Net Income (Loss) Per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Per Common Share | Net Income per Common Share or Common UnitBasic net income per common share or Common Unit is computed by dividing net income attributable to common shareholders or common unitholders, less dividends or distributions on share-based awards expected to vest (referred to as "participating securities" and primarily composed of unvested restricted stock units), by the weighted average number of common shares or Common Units outstanding for the period. Diluted net income per common share is computed by dividing the sum of net income attributable to common shareholders and the noncontrolling interest in earnings allocable to Limited Partner Units (to the extent the Limited Partner Units are dilutive), less dividends or distributions on participating securities that are anti-dilutive, by the sum of the weighted average number of common shares outstanding and, to the extent they are dilutive, weighted average number of Limited Partner Units outstanding and any potential dilutive securities for the period. Diluted net income per Common Unit is computed by dividing the net income attributable to common unitholders, less dividends or distributions on participating securities that are anti-dilutive, by the sum of the weighted average number of Common Units outstanding and any potential dilutive securities for the period. The following table reconciles the components of basic and diluted net income per common share or Common Unit (in thousands):
The following table summarizes the data that is excluded from the computation of net income per common share or Common Unit as a result of being anti-dilutive (in thousands):
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting Reportable Segments As of September 30, 2020, we had two reportable operating segments, the first consisting of the ownership and rental of industrial real estate investments. We continue to increase our investments in quality industrial properties largely based on anticipated geographic trends in supply and demand for industrial buildings, as well as the real estate needs of our major tenants that operate on a national level. We treat our industrial properties as a single operating and reportable segment based on our method of internal reporting. Properties not included in our reportable segments, because they are not industrial properties and do not by themselves meet the quantitative thresholds for separate presentation as a reportable segment, are generally referred to as non-reportable Rental Operations. Our non-reportable Rental Operations primarily include our remaining office properties and medical office property at September 30, 2020. The operations of our industrial properties, as well as our non-reportable Rental Operations, are collectively referred to as "Rental Operations." Our second reportable segment consists of various real estate services such as development, general contracting, construction management, property management, asset management, maintenance and leasing to third-party property customers, owners and joint ventures, and is collectively referred to as "Service Operations." The Service Operations segment is identified as one single operating segment because the lowest level of financial results reviewed by our chief operating decision maker are the results for the Service Operations segment in total. Further, our reportable segments are managed separately because each segment requires different operating strategies and management expertise. Revenues by Reportable Segment The following table shows the revenues for each of the reportable segments, as well as a reconciliation to consolidated revenues (in thousands):
Supplemental Performance Measure Property-level net operating income on a cash basis ("PNOI") is the non-GAAP supplemental performance measure that we use to evaluate the performance of, and to allocate resources among, the real estate investments in the reportable and operating segments that comprise our Rental Operations. PNOI for our Rental Operations segments is comprised of rental revenues from continuing operations less rental expenses and real estate taxes from continuing operations, along with certain other adjusting items (collectively referred to as "Rental Operations revenues and expenses excluded from PNOI," as shown in the following table). Additionally, we do not allocate interest expense, depreciation expense and certain other non-property specific revenues and expenses (collectively referred to as "Non-Segment Items," as shown in the following table) to our individual operating segments. We evaluate the performance of our Service Operations reportable segment using net income or loss, as allocated to that segment ("Earnings from Service Operations"). The most comparable GAAP measure to PNOI is income from continuing operations before income taxes. PNOI excludes expenses that materially impact our overall results of operations and, therefore, should not be considered as a substitute for income from continuing operations before income taxes or any other measures derived in accordance with GAAP. Furthermore, PNOI may not be comparable to other similarly titled measures of other companies. The following table shows a reconciliation of our segment-level measures of profitability to consolidated income from continuing operations before income taxes (in thousands and excluding discontinued operations):
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Real Estate Assets, Discontinued Operations and Assets Held for Sale |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Assets Held for Sale | Real Estate Assets, Discontinued Operations and Assets Held-for-Sale Real Estate Assets Real estate assets, excluding assets held-for-sale, consisted of the following (in thousands):
(1) Consists of underutilized in-fill sites, which may have had buildings/structures on site when we acquired them, that are either (i) under lease to a third party and, after the lease ends, are expected to be redeveloped or will require significant capital expenditures before re-leasing; or (ii) industrial/logistics properties that we intend to re-lease after significant retrofitting and/or environmental remediation is completed. Discontinued Operations The following table illustrates the number of sold or held-for-sale properties in this report, all of which were excluded from discontinued operations:
Allocation of Noncontrolling Interests - General Partner The following table illustrates the General Partner's share of the income attributable to common shareholders from continuing operations and discontinued operations, reduced by the allocation of income between continuing and discontinued operations to the noncontrolling interests (in thousands):
Allocation of Noncontrolling Interests - Partnership Substantially all of the income from discontinued operations for all periods presented in the Partnership's Consolidated Statements of Operations and Comprehensive Income is attributable to the common unitholders. Assets Held-for-Sale The following table illustrates aggregate balance sheet information for assets held-for-sale (in thousands):
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Subsequent Events |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events | Subsequent Event Declaration of Dividends/Distributions The General Partner's board of directors declared the following dividends/distributions at its regularly scheduled board meeting held on October 22, 2020:
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Lease Income (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Lease, Lease Income [Table Text Block] | The components of Rental and Related Revenue are as follows (in thousands):
(1) Primarily includes tenant recoveries for real estate taxes, insurance and CAM.
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Restricted Cash (Tables) |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restrictions on Cash and Cash Equivalents [Table Text Block] | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows (in thousands):
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Acquisitions and Dispositions (Tables) |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes amounts recognized for each major class of assets and liabilities (in thousands) for these acquisitions during the nine months ended September 30, 2020:
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Summary of Most Significant Assumptions Utilized in the Estimations | The most significant assumptions used in calculating the "as-if vacant" value for acquisition activity during the nine months ended September 30, 2020 are as follows:
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Indebtedness (Tables) |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Liabilities Measured on a Recurring Basis, Disclosure Only | The following table summarizes the book value and changes in the fair value of our debt (in thousands):
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Unsecured Line of Credit | Our unsecured line of credit at September 30, 2020 is described as follows (in thousands):
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Related Party Transactions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fees Earned from Related Parties | The following table summarizes the fees earned from these joint ventures, prior to the elimination of our ownership percentage (in thousands):
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Net Income (Loss) Per Common Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciling the Components of Basic and Diluted Net Income (Loss) per Common Share | The following table reconciles the components of basic and diluted net income per common share or Common Unit (in thousands):
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Computation of Anti-Dilutive Common Share | The following table summarizes the data that is excluded from the computation of net income per common share or Common Unit as a result of being anti-dilutive (in thousands):
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Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated | The following table shows the revenues for each of the reportable segments, as well as a reconciliation to consolidated revenues (in thousands):
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Summary of Net Operation Income | The following table shows a reconciliation of our segment-level measures of profitability to consolidated income from continuing operations before income taxes (in thousands and excluding discontinued operations):
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Real Estate Assets, Discontinued Operations and Assets Held for Sale (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Properties [Table Text Block] | Real estate assets, excluding assets held-for-sale, consisted of the following (in thousands):
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Table Illustration of Number of Properties in Discontinued Operations | The following table illustrates the number of sold or held-for-sale properties in this report, all of which were excluded from discontinued operations:
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Allocation of Common Shareholders' Income (Loss) Between Continuing and Discontinued Operations | The following table illustrates the General Partner's share of the income attributable to common shareholders from continuing operations and discontinued operations, reduced by the allocation of income between continuing and discontinued operations to the noncontrolling interests (in thousands):
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Schedule of Discontinued Operations, Properties Held-for-Sale, Aggregate Balance Sheet Information [Table Text Block] | The following table illustrates aggregate balance sheet information for assets held-for-sale (in thousands):
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Subsequent Events (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Dividends Declared | The General Partner's board of directors declared the following dividends/distributions at its regularly scheduled board meeting held on October 22, 2020:
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General Basis of Presentation (Details) |
9 Months Ended |
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Sep. 30, 2020 | |
Duke Realty Corporation [Member] | |
Common partnership interests of DRLP Owned | 99.10% |
Non-Duke Unitholders [Member] | |
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 0.90% |
Lease Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Leases [Abstract] | |||||
Rental revenue - fixed payments | $ 176,085 | $ 163,516 | $ 507,309 | $ 481,674 | |
Rental revenue - variable payments (1) | 59,306 | 51,858 | 173,211 | 156,772 | |
Rental and related revenue | 235,391 | $ 215,374 | 680,520 | $ 638,446 | |
Rent Deferrals Granted | 8,100 | 8,100 | |||
Operating Lease, Right-of-Use Asset | 40,200 | 40,200 | $ 40,500 | ||
Finance Lease, Right-of-Use Asset | 34,400 | 34,400 | |||
Operating Lease, Liability | 43,500 | 43,500 | $ 46,900 | ||
Finance Lease, Liability | $ 34,300 | $ 34,300 |
Restricted Cash (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Dec. 31, 2018 |
---|---|---|---|---|
Restricted Cash [Abstract] | ||||
Cash and cash equivalents | $ 6,748 | $ 110,891 | ||
Restricted cash held in escrow for like kind exchange | 0 | 1,673 | ||
Restricted cash included in other escrow deposits and other assets | 6,650 | 8,867 | ||
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows | $ 13,398 | $ 121,431 | $ 250,532 | $ 25,517 |
Variable Interest Entities (Balances Related to Joint Ventures) (Details) $ in Millions |
Sep. 30, 2020
USD ($)
|
---|---|
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Maximum Guarantee Exposure for Joint Venture Loans | $ 66.5 |
Acquisitions and Dispositions Acquisitions (Details) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020
USD ($)
buildings
|
Sep. 30, 2019
USD ($)
|
|
Property, Plant and Equipment [Line Items] | ||
Acquisition of buildings and related intangible assets | $ 85,465 | $ 146,632 |
Number of Real Estate Properties | buildings | 5 | |
Real estate assets | $ 115,257 | |
Lease related intangible assets | 4,890 | |
Total acquired assets | 120,147 | |
Secured debt | 25,455 | |
Below market lease liability | 8,079 | |
Other liabilities | 371 | |
Total assumed liabilities | 33,905 | |
Fair value of acquired net assets | $ 86,242 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years 10 months 24 days |
Acquisitions and Dispositions (Summary of Allocation of Fair Value of Amounts Recognized) (Details) |
Sep. 30, 2020
buildings
$ / sqft
Rate
|
---|---|
Property, Plant and Equipment [Line Items] | |
Number of Real Estate Properties | buildings | 5 |
Industrial Property [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Net rental rate per square foot | $ / sqft | 7.50 |
Industrial Property [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Net rental rate per square foot | $ / sqft | 11.04 |
Measurement Input, Cap Rate [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Exit capitalization rate | Rate | 4.70% |
Measurement Input, Cap Rate [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Exit capitalization rate | Rate | 5.50% |
Acquisitions and Dispositions Dispositions (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Dispositions Disclosures [Line Items] | ||
Proceeds from Sale of Real Estate Held-for-investment | $ 55,740 | $ 379,774 |
Proceeds from Collection of Notes Receivable | $ 110,000 |
Indebtedness (Unsecured Line of Credit) (Details) - USD ($) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2020 |
Jun. 30, 2020 |
Feb. 28, 2020 |
Dec. 31, 2019 |
|
Line of credit balance | $ 47,000 | $ 0 | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.85% | 3.19% | ||
London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
Unsecured Line of Credit DRLP [Member] | ||||
Maximum Capacity | $ 1,200,000 | |||
Maturity date | Jan. 30, 2022 | |||
Line of credit balance | $ 47,000 | |||
Line of Credit Facility Option to Increase Borrowing Limit | 800,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | |||
Line of Credit Facility, Covenant Compliance | we were in compliance with all financial covenants under this line of credit. | |||
Unsecured Line of Credit DRLP [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.04% |
Equity (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
At the Market Equity Offering [Line Items] | |||
Common shares, par value | $ 0.01 | $ 0.01 | |
Common Stock Value Authorized Under Stock Offering Program | $ 400,000 | ||
Stock Issued During Period, Shares, New Issues | 3.0 | ||
Proceeds from Issuance of Common Stock | $ 119,765 | $ 222,672 | |
After Market Equity Issuance [Member] | |||
At the Market Equity Offering [Line Items] | |||
Proceeds from Issuance of Common Stock | 109,100 | ||
After Market Equity Issuance [Member] | Gross Proceeds [Member] | |||
At the Market Equity Offering [Line Items] | |||
Proceeds from Issuance of Common Stock | $ 110,600 |
Related Party Transactions (Schedule of Fees Earned from Related Parties) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Management Fees [Member] | ||||
Revenue from related party transactions | $ 398 | $ 452 | $ 1,143 | $ 1,318 |
Leasing Fees [Member] | ||||
Revenue from related party transactions | 60 | 759 | 511 | 1,315 |
Construction and Development Fees [Member] | ||||
Revenue from related party transactions | $ 874 | $ 582 | $ 2,095 | $ 4,520 |
Net Income (Loss) Per Common Share (Computation of Anti-Dilutive Common Shares) (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities | 0 | 0 | 0 | 0 |
Participating Securities [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities | 1,642 | 0 | 1,642 | 0 |
Real Estate Assets, Discontinued Operations and Assets Held for Sale Real Estate Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Real Estate Assets [Abstract] | ||
Investment Building and Building Improvements | $ 5,691,561 | $ 5,295,336 |
Land and Land Improvements | 2,753,809 | 2,532,541 |
Real Estate Investments, Other | 123,970 | 165,500 |
Real Estate Assets | $ 8,569,340 | $ 7,993,377 |
Real Estate Assets, Discontinued Operations and Assets Held for Sale (Table Illustration of Number of Properties in Discontinued Operations) (Details) - buildings |
3 Months Ended | 9 Months Ended |
---|---|---|
Mar. 31, 2020 |
Sep. 30, 2020 |
|
Continuing Operations, Number of In-service Properties Held for Sale | 0 | |
Continuing Operations, Number of Real Estate Properties Sold | 28 | 2 |
Total Properties Sold or Classified as Held for Sale | 30 |
Real Estate Assets, Discontinued Operations and Assets Held for Sale (Allocation of Shareholders' Income (Loss) Between Continuing and Discontinued Operations) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Discontinued Operations | ||||
Income from continuing operations attributable to common shareholders | $ 71,783 | $ 226,455 | $ 130,989 | $ 341,807 |
Income from discontinued operations attributable to common shareholders | 40 | 111 | 110 | 363 |
Net income attributable to common shareholders | $ 71,823 | $ 226,566 | $ 131,099 | $ 342,170 |
Real Estate Assets, Discontinued Operations and Assets Held for Sale (Aggregate Balance Sheet of Properties Held for Sale Included in Discontinued Operations) (Details) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020
USD ($)
buildings
|
Dec. 31, 2019
USD ($)
|
|
Held for Sale Assets in Continuing and Discontinued Operations | ||
Continuing Operations, Number of In-service Properties Held for Sale | buildings | 0 | |
Total assets held-for-sale | $ 0 | $ 18,463 |
Total liabilities held-for-sale | 0 | 887 |
Continuing Operations [Member] | ||
Held for Sale Assets in Continuing and Discontinued Operations | ||
Land and Land Improvements Held-for-Sale | 0 | 4,561 |
Buildings and Tenant Improvements Held-for-Sale | 0 | 18,840 |
Inventory, Land Held-for-sale | 0 | 0 |
Accumulated Depreciation of Assets Held-for-Sale | 0 | (7,132) |
Deferred leasing and other costs, net | 0 | 2,100 |
Other assets | 0 | 94 |
Total assets held-for-sale | 0 | 18,463 |
Total liabilities held-for-sale | $ 0 | $ 887 |
Subsequent Events (Details) - Subsequent Event [Member] - Common Stock [Member] |
3 Months Ended |
---|---|
Dec. 31, 2020
$ / shares
| |
Subsequent Event [Line Items] | |
Common stock dividends declared per share | $ 0.255 |
Record date | Nov. 16, 2020 |
Dividends Payable, Date to be Paid | Nov. 30, 2020 |
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