X ANNUAL | REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION | REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Indiana | 35-1898425 | |
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification Number) | |
600 East 96th Street, Suite 100 Indianapolis, Indiana | 46240 | |
(Address of Principal Executive Offices) | (Zip Code) |
Item No. | Page(s) | |
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1B. | ||
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4 | Mine Safety Disclosures | |
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7A. | ||
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9A. | ||
9B. | ||
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• | Changes in general economic and business conditions, including, without limitation, the continuing impact of the economic down-turn, which is having and may continue to have a negative effect on the fundamentals of our business, the financial condition of our tenants, and the value of our real estate assets; |
• | The General Partner's continued qualification as a real estate investment trust (“REIT”) for U.S. federal income tax purposes; |
• | Heightened competition for tenants and potential decreases in property occupancy; |
• | Potential changes in the financial markets and interest rates; |
• | Volatility in the General Partner's stock price and trading volume; |
• | Our continuing ability to raise funds on favorable terms; |
• | Our ability to successfully identify, acquire, develop and/or manage properties on terms that are favorable to us; |
• | Potential increases in real estate construction costs; |
• | Our ability to successfully dispose of properties on terms that are favorable to us; |
• | Our ability to retain our current credit ratings; |
• | Inherent risks in the real estate business, including, but not limited to, tenant defaults, potential liability relating to environmental matters and liquidity of real estate investments; and |
• | Other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in the Partnership's and the General Partner's other reports and other public filings with the Securities and Exchange Commission (“SEC”). |
Board Composition | • The General Partner's Board is controlled by supermajority (92.3%) of “Independent Directors”, as such term is defined under the rules of the New York Stock Exchange (the “NYSE”) as of January 30, 2012 and thereafter | |
Board Committees | • The General Partner's Board Committee members are all Independent Directors | |
Lead Director | • The Chairman of the General Partner's Corporate Governance Committee serves as Lead Director of the General Partner's Independent Directors | |
Board Policies | • No Shareholder Rights Plan (Poison Pill) • Code of Conduct applies to all Directors and employees of the General Partner, including the Chief Executive Officer and senior financial officers; waivers applied to executive officers require the vote of a majority of the General Partner's Board of Directors or the General Partner's Corporate Governance Committee • Orientation program for new Directors of the General Partner • Independence of Directors of the General Partner is reviewed annually • Independent Directors of the General Partner meet at least quarterly in executive sessions • Independent Directors of the General Partner receive no compensation from the General Partner other than as Directors • Equity-based compensation plans require the General Partner's shareholder approval • Board effectiveness and performance is reviewed annually by the General Partner's Corporate Governance Committee | |
• The General Partner's Corporate Governance Committee conducts an annual review of the General Partner's Chief Executive Officer succession plan • Independent Directors and all Board Committees of the General Partner may retain outside advisors, as they deem appropriate • Policy governing retirement age for Directors of the General Partner • Prohibition on repricing of outstanding stock options of the General Partner • Directors of the General Partner required to offer resignation upon job change • Majority voting for election of Directors of the General Partner • Shareholder Communications Policy |
Ownership | • Minimum Stock Ownership Guidelines apply to all Directors and Executive Officers of the General Partner |
• | We could become engaged in a dispute with any of our joint venture partners that might affect our ability to develop or operate a property; |
• | Our joint venture partners may have different objectives than we have regarding the appropriate timing and terms of any sale or refinancing of properties; |
• | Our joint venture partners may have competing interests in our markets that could create conflict of interest issues; and |
• | Maturities of debt encumbering our jointly owned investments may not be able to be refinanced at all or on terms that are as favorable as the current terms. |
• | Changes in the general economic climate; |
• | The availability of capital on favorable terms, or at all; |
• | Increases in interest rates; |
• | Local conditions such as oversupply of property or a reduction in demand; |
• | Competition for tenants; |
• | Changes in market rental rates; |
• | Oversupply or reduced demand for space in the areas where our properties are located; |
• | Delay or inability to collect rent from tenants who are bankrupt, insolvent or otherwise unwilling or unable to pay; |
• | Difficulty in leasing or re-leasing space quickly or on favorable terms; |
• | Costs associated with periodically renovating, repairing and reletting rental space; |
• | Our ability to provide adequate maintenance and insurance on our properties; |
• | Our ability to control variable operating costs; |
• | Changes in government regulations; and |
• | Potential liability under, and changes in, environmental, zoning, tax and other laws. |
• | Unsuccessful development opportunities could result in direct expenses to us; |
• | Construction costs of a project may exceed original estimates, possibly making the project less profitable than originally estimated, or possibly unprofitable; |
• | Time required to complete the construction of a project or to lease up the completed project may be greater than originally anticipated, thereby adversely affecting our cash flow and liquidity; |
• | Occupancy rates and rents of a completed project may not be sufficient to make the project profitable; and |
• | Favorable sources to fund our development activities may not be available. |
• | Prices paid for acquired facilities are based upon a series of market judgments; and |
• | Costs of any improvements required to bring an acquired facility up to standards to establish the market position intended for that facility might exceed budgeted costs. |
• | liabilities for clean-up of undisclosed environmental contamination; |
• | claims by tenants, vendors or other persons against the former owners of the properties; |
• | liabilities incurred in the ordinary course of business; and |
• | claims for indemnification by general partners, directors, officers and others indemnified by the former owners of the properties. |
• | The General Partner would not be allowed a deduction for distributions to shareholders and would be subject to federal income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate rates; |
• | Unless the General Partner was entitled to relief under certain statutory provisions, it would be disqualified from treatment as a REIT for the four taxable years following the year during which it ceased to qualify as a REIT; |
• | The General Partner's and our net earnings available for investment or distribution would decrease due to the additional tax liability for the year or years involved; and |
• | The General Partner would no longer be required to make any distributions to shareholders in order to qualify as a REIT. |
• | The holders of 80% of the General Partner's outstanding shares of capital stock approve the transaction; |
• | The transaction has been approved by three-fourths of those directors who served on the General Partner's board before the shareholder became a 10% owner; or |
• | The significant shareholder complies with the “fair price” provisions of the General Partner's charter. |
• | Any voluntary sale, exchange, merger, consolidation or other disposition of all or substantially all of the assets of the Partnership in one or more transactions other than a disposition occurring upon a financing or refinancing of the Partnership; |
• | The General Partner's merger, consolidation or other business combination with another entity unless after the transaction substantially all of the assets of the surviving entity are contributed to the Partnership in exchange for units; |
• | The General Partner's assignment of its interests in the Partnership other than to one of its wholly-owned subsidiaries; and |
• | Any reclassification or recapitalization or change of outstanding shares of the General Partner's common stock other than certain changes in par value, stock splits, stock dividends or combinations. |
Square Feet | Annual Net Effective Rent (1) | Percent of Annual Net Effective Rent | |||||||||||||||||||
Industrial | Office | Other | Overall | Percent of Overall | |||||||||||||||||
Primary Market | |||||||||||||||||||||
Indianapolis | 15,922,595 | 2,726,476 | 1,099,070 | 19,748,141 | 17.9 | % | $ | 103,018,531 | 18.0 | % | |||||||||||
Cincinnati | 10,460,424 | 3,604,321 | 138,798 | 14,203,543 | 12.9 | % | 66,979,687 | 11.7 | % | ||||||||||||
South Florida | 4,689,788 | 1,406,411 | 390,942 | 6,487,141 | 5.9 | % | 54,505,021 | 9.5 | % | ||||||||||||
Raleigh | 3,028,181 | 2,641,494 | 289,518 | 5,959,193 | 5.4 | % | 54,017,789 | 9.4 | % | ||||||||||||
St. Louis | 3,691,755 | 2,681,290 | — | 6,373,045 | 5.8 | % | 39,243,047 | 6.9 | % | ||||||||||||
Chicago | 9,376,382 | 128,498 | 56,531 | 9,561,411 | 8.7 | % | 38,245,811 | 6.7 | % | ||||||||||||
Atlanta | 7,819,477 | 548,534 | 403,339 | 8,771,350 | 8.0 | % | 34,714,883 | 6.1 | % | ||||||||||||
Nashville | 3,252,010 | 989,249 | 120,660 | 4,361,919 | 4.0 | % | 32,831,221 | 5.7 | % | ||||||||||||
Dallas | 7,060,095 | — | 279,127 | 7,339,222 | 6.7 | % | 26,177,424 | 4.6 | % | ||||||||||||
Savannah | 7,113,946 | — | — | 7,113,946 | 6.4 | % | 21,208,822 | 3.7 | % | ||||||||||||
Columbus | 6,608,537 | — | 73,238 | 6,681,775 | 6.1 | % | 20,456,098 | 3.6 | % | ||||||||||||
Central Florida | 3,360,479 | — | 84,130 | 3,444,609 | 3.1 | % | 16,445,534 | 2.9 | % | ||||||||||||
Minneapolis | 3,719,834 | — | — | 3,719,834 | 3.4 | % | 15,366,785 | 2.7 | % | ||||||||||||
Houston | 1,718,380 | — | 168,850 | 1,887,230 | 1.7 | % | 11,317,566 | 2.0 | % | ||||||||||||
Cleveland | — | 1,054,681 | — | 1,054,681 | 1.0 | % | 9,529,341 | 1.7 | % | ||||||||||||
Washington DC | 78,560 | 219,464 | 289,855 | 587,879 | 0.5 | % | 7,438,933 | 1.3 | % | ||||||||||||
Southern California | 612,671 | — | — | 612,671 | 0.6 | % | 3,967,897 | 0.7 | % | ||||||||||||
Phoenix | 1,048,965 | — | — | 1,048,965 | 1.0 | % | 3,791,717 | 0.7 | % | ||||||||||||
San Antonio | — | — | 110,739 | 110,739 | 0.1 | % | 3,287,412 | 0.6 | % | ||||||||||||
Baltimore | 462,070 | — | — | 462,070 | 0.4 | % | 2,696,875 | 0.5 | % | ||||||||||||
Austin | — | — | 180,222 | 180,222 | 0.2 | % | 2,556,165 | 0.4 | % | ||||||||||||
Norfolk | 466,000 | — | — | 466,000 | 0.4 | % | 2,290,177 | 0.4 | % | ||||||||||||
Other (2) | 120,000 | — | — | 120,000 | 0.1 | % | 2,160,000 | 0.4 | % | ||||||||||||
Total | 90,610,149 | 16,000,418 | 3,685,019 | 110,295,586 | 100.0 | % | $ | 572,246,736 | 100.0 | % | |||||||||||
82.2 | % | 14.5 | % | 3.3 | % | 100.0 | % |
Square Feet | Annual Net Effective Rent (1) | Percent of Annual Net Effective Rent | |||||||||||||||||||
Industrial | Office | Other | Overall | Percent of Overall | |||||||||||||||||
Primary Market | |||||||||||||||||||||
Indianapolis | 4,308,919 | — | — | 4,308,919 | 17.0 | % | $ | 2,045,276 | 3.5 | % | |||||||||||
Cincinnati | 211,486 | 541,504 | 206,315 | 959,305 | 3.8 | % | 2,109,873 | 3.6 | % | ||||||||||||
South Florida | — | 610,712 | — | 610,712 | 2.4 | % | 2,551,723 | 4.4 | % | ||||||||||||
Raleigh | — | 687,549 | — | 687,549 | 2.7 | % | 3,809,007 | 6.6 | % | ||||||||||||
St. Louis | — | 252,378 | — | 252,378 | 1.0 | % | 741,537 | 1.3 | % | ||||||||||||
Chicago | — | 203,304 | — | 203,304 | 0.8 | % | 555,799 | 1.0 | % | ||||||||||||
Atlanta | — | 436,275 | — | 436,275 | 1.7 | % | 2,294,988 | 4.0 | % | ||||||||||||
Nashville | — | 180,147 | — | 180,147 | 0.7 | % | 595,267 | 1.0 | % | ||||||||||||
Dallas | 7,770,278 | 182,700 | 520,786 | 8,473,764 | 33.5 | % | 14,525,973 | 25.1 | % | ||||||||||||
Columbus | 1,142,400 | 704,292 | — | 1,846,692 | 7.3 | % | 2,244,413 | 3.9 | % | ||||||||||||
Central Florida | 908,422 | 624,796 | — | 1,533,218 | 6.1 | % | 3,854,797 | 6.7 | % | ||||||||||||
Minneapolis | — | 537,018 | 381,922 | 918,940 | 3.6 | % | 5,283,947 | 9.1 | % | ||||||||||||
Houston | — | 248,925 | — | 248,925 | 1.0 | % | 749,459 | 1.3 | % | ||||||||||||
Washington DC | 658,322 | 2,146,775 | — | 2,805,097 | 11.1 | % | 14,655,321 | 25.3 | % | ||||||||||||
Phoenix | 1,829,735 | — | — | 1,829,735 | 7.2 | % | 1,866,609 | 3.2 | % | ||||||||||||
Total | 16,829,562 | 7,356,375 | 1,109,023 | 25,294,960 | 100.0 | % | $ | 57,883,989 | 100.0 | % | |||||||||||
66.5 | % | 29.1 | % | 4.4 | % | 100.0 | % |
Occupancy % | |||||||||||||||||||||||
Consolidated Properties | Jointly Controlled Properties | ||||||||||||||||||||||
Industrial | Office | Other | Overall | Industrial | Office | Other | Overall | ||||||||||||||||
Primary Market | |||||||||||||||||||||||
Indianapolis | 97.4 | % | 91.9 | % | 89.8 | % | 96.2 | % | 91.5 | % | — | — | 91.5 | % | |||||||||
Cincinnati | 91.5 | % | 80.0 | % | 95.8 | % | 88.6 | % | 100.0 | % | 98.6 | % | 100.0 | % | 99.2 | % | |||||||
South Florida | 83.0 | % | 80.7 | % | 93.6 | % | 83.1 | % | — | 95.4 | % | — | 95.4 | % | |||||||||
Raleigh | 96.6 | % | 87.9 | % | 93.6 | % | 92.6 | % | — | 89.4 | % | — | 89.4 | % | |||||||||
St. Louis | 87.6 | % | 78.6 | % | — | 83.8 | % | — | 80.7 | % | — | 80.7 | % | ||||||||||
Chicago | 98.5 | % | 98.3 | % | 88.1 | % | 98.4 | % | — | 81.2 | % | — | 81.2 | % | |||||||||
Atlanta | 77.2 | % | 94.0 | % | 88.8 | % | 78.8 | % | — | 51.1 | % | — | 51.1 | % | |||||||||
Nashville | 95.9 | % | 92.2 | % | 100.0 | % | 95.2 | % | — | 100.0 | % | — | 100.0 | % | |||||||||
Dallas | 93.3 | % | — | 68.8 | % | 92.4 | % | 86.3 | % | 100.0 | % | 95.4 | % | 87.2 | % | ||||||||
Savannah | 91.8 | % | — | — | 91.8 | % | — | — | — | — | |||||||||||||
Columbus | 96.2 | % | — | 100.0 | % | 96.3 | % | 100.0 | % | 88.0 | % | — | 95.4 | % | |||||||||
Central Florida | 90.1 | % | — | 80.5 | % | 89.9 | % | 100.0 | % | 84.0 | % | — | 93.5 | % | |||||||||
Minneapolis | 86.0 | % | — | — | 86.0 | % | — | 100.0 | % | 74.1 | % | 89.2 | % | ||||||||||
Houston | 95.3 | % | — | 96.1 | % | 95.4 | % | — | 100.0 | % | — | 100.0 | % | ||||||||||
Cleveland | — | 70.8 | % | — | 70.8 | % | — | — | — | — | |||||||||||||
Washington DC | 91.5 | % | 42.5 | % | 90.2 | % | 72.6 | % | 80.1 | % | 92.1 | % | — | 89.2 | % | ||||||||
Southern California | 100.0 | % | — | — | 100.0 | % | — | — | — | — | |||||||||||||
Phoenix | 84.5 | % | — | — | 84.5 | % | 100.0 | % | — | — | 100.0 | % | |||||||||||
San Antonio | — | — | 100.0 | % | 100.0 | % | — | — | — | — | |||||||||||||
Baltimore | 100.0 | % | — | — | 100.0 | % | — | — | — | — | |||||||||||||
Austin | — | — | 73.5 | % | 73.5 | % | — | — | — | — | |||||||||||||
Norfolk | 100.0 | % | — | — | 100.0 | % | — | — | — | — | |||||||||||||
Other (2) | 100.0 | % | — | — | 100.0 | % | — | — | — | — | |||||||||||||
Total | 92.1 | % | 83.4 | % | 89.2 | % | 90.8 | % | 90.7 | % | 89.6 | % | 88.9 | % | 90.3 | % |
(1) | Represents the average annual rental property revenue due from tenants in occupancy as of December 31, 2011, excluding additional rent due as operating expense reimbursements, landlord allowances for operating expenses and percentage rents. Joint venture properties are shown at our ownership percentage. |
(2) | Represents properties not located in our primary markets. |
2011 | 2010 | |||||||||||
Quarter Ended | Distributions Per Common Unit | Distributions Per Common Unit | ||||||||||
December 31 | $0.170 | $0.170 | ||||||||||
September 30 | 0.170 | 0.170 | ||||||||||
June 30 | 0.170 | 0.170 | ||||||||||
March 31 | 0.170 | 0.170 |
Month | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Dollar Value of Shares That May Yet be Repurchased Under the Plan (1) | ||||||||||
October | 6,635 | $ | 10.81 | 6,635 | 74,496,122 | |||||||||
November | 10,081 | $ | 11.32 | 10,081 | 74,382,005 | |||||||||
December | 3,524 | $ | 11.87 | 3,524 | 74,340,176 | |||||||||
Total | 20,240 | (2) | $ | 11.25 | 20,240 |
(1) | On April 27, 2011, the General Partner's board of directors adopted a resolution that amended and restated the Repurchase Program and delegated authority to management to repurchase a maximum of $75.0 million of the General Partner's common shares, $250.0 million of debt securities and $75.0 million of the General Partner's preferred shares (the “April 2011 Resolution”). The April 2011 Resolution will expire on April 27, 2012. |
(2) | Common shares repurchased in connection with the General Partner's Employee Stock Purchase Plan, a component of its Repurchase Program. |
2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Results of Operations: | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Rental and related revenue | $ | 752,478 | $ | 678,795 | $ | 634,455 | $ | 592,198 | $ | 559,236 | |||||||||
General contractor and service fee revenue | 521,796 | 515,361 | 449,509 | 434,624 | 311,548 | ||||||||||||||
Total Revenues from Continuing Operations | $ | 1,274,274 | $ | 1,194,156 | $ | 1,083,964 | $ | 1,026,822 | $ | 870,784 | |||||||||
Income (loss) from continuing operations | $ | (4,037 | ) | $ | 38,701 | $ | (240,235 | ) | $ | 89,021 | $ | 169,761 | |||||||
Net income (loss) attributable to common unitholders | $ | 32,275 | $ | (14,459 | ) | $ | (344,700 | ) | $ | 53,665 | $ | 226,098 | |||||||
Per Unit Data: | |||||||||||||||||||
Basic income (loss) per Common Unit: | |||||||||||||||||||
Continuing operations | $ | (0.28 | ) | $ | (0.18 | ) | $ | (1.52 | ) | $ | 0.20 | $ | 0.70 | ||||||
Discontinued operations | 0.39 | 0.11 | (0.15 | ) | 0.14 | 0.82 | |||||||||||||
Diluted income (loss) per Common Unit: | |||||||||||||||||||
Continuing operations | (0.28 | ) | (0.18 | ) | (1.52 | ) | 0.20 | 0.70 | |||||||||||
Discontinued operations | 0.39 | 0.11 | (0.15 | ) | 0.14 | 0.81 | |||||||||||||
Distributions paid per Common Unit | 0.68 | 0.68 | 0.76 | 1.93 | 1.91 | ||||||||||||||
Weighted average Common Units outstanding | 259,598 | 244,870 | 207,893 | 154,534 | 148,459 | ||||||||||||||
Weighted average Common Units and potential dilutive securities | 259,598 | 244,870 | 207,893 | 154,553 | 149,250 | ||||||||||||||
Balance Sheet Data (at December 31): | |||||||||||||||||||
Total Assets | $ | 7,003,982 | $ | 7,644,124 | $ | 7,304,493 | $ | 7,690,442 | $ | 7,660,651 | |||||||||
Total Debt | 3,809,589 | 4,207,079 | 3,854,032 | 4,276,990 | 4,288,436 | ||||||||||||||
Total Preferred Equity | 793,910 | 904,540 | 1,016,625 | 1,016,625 | 744,000 | ||||||||||||||
Total Partners' Equity | 2,775,037 | 2,984,619 | 2,960,516 | 2,895,810 | 2,858,921 | ||||||||||||||
Total Common Units Outstanding | 259,872 | 257,426 | 230,638 | 155,199 | 154,055 | ||||||||||||||
Other Data: | |||||||||||||||||||
Funds from Operations attributable to common unitholders (1) | $ | 282,119 | $ | 305,375 | $ | 147,324 | $ | 388,865 | $ | 403,264 |
• | Owned or jointly controlled 748 industrial, office, medical office and other properties, of which 742 properties with approximately 135.6 million square feet are in service and six properties with approximately 913,000 square feet are under development. The 742 in-service properties are comprised of 616 consolidated properties with approximately 110.3 million square feet and 126 jointly controlled properties with approximately 25.3 million square feet. The six properties under development consist of five consolidated properties with more than 639,000 square feet and one jointly controlled property with approximately 274,000 square feet. |
• | Owned, including through ownership interests in unconsolidated joint ventures, more than 4,800 acres of land and controlled an additional 1,630 acres through purchase options. |
2011 | 2010 | 2009 | |||||||||
Net income (loss) attributable to common unitholders | $ | 32,275 | $ | (14,459 | ) | $ | (344,700 | ) | |||
Adjustments: | |||||||||||
Depreciation and amortization | 385,679 | 360,184 | 340,126 | ||||||||
Share of joint venture depreciation and amortization | 33,687 | 34,674 | 36,966 | ||||||||
Impairment charges on depreciable properties | — | — | 134,055 | ||||||||
Earnings from depreciable property sales – wholly-owned | (169,431 | ) | (72,716 | ) | (19,123 | ) | |||||
Earnings from depreciable property sales – share of joint venture | (91 | ) | (2,308 | ) | — | ||||||
Funds From Operations attributable to common unitholders | $ | 282,119 | $ | 305,375 | $ | 147,324 |
• | In the first four months of 2011, we completed the acquisition of a portfolio of primarily industrial properties in South Florida (the “Premier Portfolio”), for which we had already purchased 38 industrial properties and one office property in late 2010. The 2011 acquisitions consisted of twelve industrial and four office buildings with a total acquisition-date value of $282.9 million. The Premier Portfolio, in its entirety, includes 50 industrial and five office buildings with over 4.9 million rentable square feet and four ground leases, for a total acquisition date value of $464.5 million. |
• | During 2011, in addition to completing the acquisition of the Premier Portfolio, we demonstrated further progress on our asset strategy by acquiring 29 industrial properties, eleven medical office properties and three suburban office properties with a total value of $575.4 million. |
• | We generated $1.57 billion of total net cash proceeds from the disposition of 119 wholly-owned buildings, either through outright sales or partial sales to unconsolidated joint ventures, as well as selling 47 acres of wholly-owned undeveloped land. |
• | Included in the wholly-owned building dispositions in 2011 is the Blackstone Office Disposition, by which we sold substantially all of our wholly-owned suburban office real estate properties in Atlanta, Chicago, Columbus, Dallas, Minneapolis, Orlando and Tampa. The Blackstone Office Disposition consisted of 79 buildings that had an aggregate of 9.8 million rentable square feet. These buildings were sold for a sales price of approximately $1.06 billion which, after the settlement of certain working capital items and the payment of applicable transaction costs, was received in a combination of approximately $1.02 billion in cash and the assumption by the buyer of approximately $24.9 million of mortgage debt. |
• | Also included in the wholly-owned building dispositions in 2011 is the sale of 13 suburban office buildings, totaling over 2.0 million square feet, to a 20%-owned joint venture. These buildings were sold to the joint venture for a value of $342.8 million, of which our 80% share of proceeds totaled $273.7 million. |
• | We have limited our new development starts to selected projects in markets or product types expected to have strong future rent growth and demand or projects that have significant pre-leasing. The total estimated cost of our consolidated properties under construction was $124.2 million at December 31, 2011, with $35.2 million of such costs incurred through that date. The total estimated cost for jointly controlled properties under construction was $89.3 million at December 31, 2011, with $7.3 million of costs incurred through that date. |
• | The occupancy level for our in-service portfolio of consolidated properties increased from 89.1% at December 31, 2010 to 90.8% at December 31, 2011. The increase in occupancy was primarily driven by our acquisition and disposition activities as well as leasing up vacant space. |
• | Despite the continued slow pace of the overall economic recovery, we continued to have strong total leasing activity for our consolidated properties, with total leasing activity of 19.7 million square feet in 2011 compared to 20.4 million square feet in 2010. |
• | Total leasing activity for our consolidated properties in 2011 included 9.8 million square feet of renewals, which represented a 67.4% success rate and resulted in a 2.7% reduction in net effective rents. |
• | In December 2011, we repaid the remaining $167.6 million of our 3.75% Exchangeable Senior Notes ("Exchangeable Notes") at their scheduled maturity date. Due to accounting requirements, under which we recorded interest expense on this debt at a similar rate as could have been obtained for non-convertible debt, this debt had an effective interest rate of 5.62%. |
• | In November 2011, we renewed and extended the term of our unsecured line of credit. The renewed facility matures in December 2015, has a one-year extension option, and bears interest at LIBOR plus 125 basis points. The previous $850 million facility did not have an extension option and bore interest at LIBOR plus 275 basis points. |
• | In July 2011, the General Partner redeemed all of the outstanding shares of its 7.25% Series N Cumulative Redeemable Preferred Shares ("Series N Shares") at a liquidation amount of $108.6 |
• | We assumed 13 secured loans in conjunction with our 2011 acquisitions. These assumed loans had a total face value of $162.4 million. |
Total Square Feet | Percent of Total Square Feet | Percent Leased | |||||||||||||||
Type | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |||||||||||
Industrial | 90,610 | 81,821 | 82.2 | % | 71.7 | % | 92.1 | % | 90.6 | % | |||||||
Office | 16,001 | 29,341 | 14.5 | % | 25.7 | % | 83.4 | % | 85.4 | % | |||||||
Other (Medical Office and Retail) | 3,685 | 2,916 | 3.3 | % | 2.6 | % | 89.2 | % | 85.7 | % | |||||||
Total | 110,296 | 114,078 | 100.0 | % | 100.0 | % | 90.8 | % | 89.1 | % |
Total Portfolio | Industrial | Office | Other | |||||||||||||||||||||||||||
Year of Expiration | Square Feet | Ann. Rent Revenue | % of Revenue | Square Feet | Ann. Rent Revenue | Square Feet | Ann. Rent Revenue | Square Feet | Ann. Rent Revenue | |||||||||||||||||||||
2012 | 7,492 | $ | 40,800 | 7 | % | 6,067 | $ | 23,355 | 1,345 | $ | 16,211 | 80 | $ | 1,234 | ||||||||||||||||
2013 | 15,526 | 82,175 | 14 | % | 13,565 | 54,591 | 1,895 | 26,421 | 66 | 1,163 | ||||||||||||||||||||
2014 | 11,675 | 63,576 | 11 | % | 9,870 | 38,975 | 1,634 | 21,693 | 171 | 2,908 | ||||||||||||||||||||
2015 | 12,847 | 66,367 | 12 | % | 10,959 | 42,424 | 1,839 | 23,001 | 49 | 942 | ||||||||||||||||||||
2016 | 11,162 | 60,151 | 11 | % | 9,216 | 34,399 | 1,838 | 23,566 | 108 | 2,186 | ||||||||||||||||||||
2017 | 10,299 | 56,556 | 10 | % | 8,814 | 33,976 | 1,059 | 13,850 | 426 | 8,730 | ||||||||||||||||||||
2018 | 5,633 | 43,914 | 8 | % | 3,977 | 16,316 | 1,092 | 14,706 | 564 | 12,892 | ||||||||||||||||||||
2019 | 5,268 | 34,921 | 6 | % | 4,087 | 16,028 | 918 | 12,390 | 263 | 6,503 | ||||||||||||||||||||
2020 | 6,782 | 41,094 | 7 | % | 5,714 | 22,545 | 670 | 10,439 | 398 | 8,110 | ||||||||||||||||||||
2021 | 5,782 | 34,105 | 6 | % | 4,882 | 19,325 | 550 | 6,450 | 350 | 8,330 | ||||||||||||||||||||
2022 and Thereafter | 7,647 | 48,590 | 8 | % | 6,331 | 23,126 | 505 | 8,398 | 811 | 17,066 | ||||||||||||||||||||
100,113 | $ | 572,249 | 100 | % | 83,482 | $ | 325,060 | 13,345 | $ | 177,125 | 3,286 | $ | 70,064 | |||||||||||||||||
Total Portfolio Square Feet | 110,296 | 90,610 | 16,001 | 3,685 | ||||||||||||||||||||||||||
Percent Leased | 90.8 | % | 92.1 | % | 83.4 | % | 89.2 | % |
Ownership Type | Square Feet | Percent Leased | Total Estimated Project Costs | Total Incurred to Date | Amount Remaining to be Spent | ||||||||||||
Consolidated properties | 639 | 84 | % | $ | 124,215 | $ | 35,163 | $ | 89,052 | ||||||||
Joint venture properties | 274 | 100 | % | 89,271 | 7,303 | 81,968 | |||||||||||
Total | 913 | 89 | % | $ | 213,486 | $ | 42,466 | $ | 171,020 |
2011 | 2010 | 2009 | |||||||||
Rental and related revenue | $ | 752,478 | $ | 678,795 | $ | 634,455 | |||||
General contractor and service fee revenue | 521,796 | 515,361 | 449,509 | ||||||||
Operating income (loss) | 219,352 | 186,664 | (115,567 | ) | |||||||
Net income (loss) attributable to common unitholders | 32,275 | (14,459 | ) | (344,700 | ) | ||||||
Weighted average Common Units outstanding | 259,598 | 244,870 | 207,893 | ||||||||
Weighted average Common Units and potential dilutive securities | 259,598 | 244,870 | 207,893 | ||||||||
Basic income (loss) per Common Unit: | |||||||||||
Continuing operations | $ | (0.28 | ) | $ | (0.18 | ) | $ | (1.52 | ) | ||
Discontinued operations | $ | 0.39 | $ | 0.11 | $ | (0.15 | ) | ||||
Diluted income (loss) per Common Unit: | |||||||||||
Continuing operations | $ | (0.28 | ) | $ | (0.18 | ) | $ | (1.52 | ) | ||
Discontinued operations | $ | 0.39 | $ | 0.11 | $ | (0.15 | ) | ||||
Number of in-service consolidated properties at end of year | 616 | 669 | 543 | ||||||||
In-service consolidated square footage at end of year | 110,296 | 114,078 | 90,581 | ||||||||
Number of in-service joint venture properties at end of year | 126 | 114 | 211 | ||||||||
In-service joint venture square footage at end of year | 25,295 | 22,657 | 43,248 |
2011 | 2010 | ||||||
Rental and Related Revenue: | |||||||
Office | $ | 271,137 | $ | 312,036 | |||
Industrial | 388,828 | 289,946 | |||||
Non-reportable segments | 92,513 | 76,813 | |||||
Total | $ | 752,478 | $ | 678,795 |
• | We acquired 108 properties, of which 87 were industrial, and placed nine developments in service from January 1, 2010 to December 31, 2011, which provided incremental revenues of $79.8 million in the year ended December 31, 2011. |
• | We consolidated 106 industrial buildings as a result of acquiring our joint venture partner’s 50% interest in Dugan on July 1, 2010. The consolidation of these buildings resulted in an increase of $37.2 million in rental and related revenue for the year ended December 31, 2011, as compared to the same period in 2010. |
• | We sold 23 office properties to an unconsolidated joint venture in 2010 and the first quarter of 2011, resulting in a $55.2 million decrease in rental and related revenue from continuing operations in 2011. |
• | The remaining increase in rental and related revenues is primarily due to improved results within the properties that have been in service for all of 2010 and 2011. Although rental rates declined slightly on our lease renewals, improved occupancy drove the overall improvement within these properties. |
2011 | 2010 | ||||||
Rental Expenses: | |||||||
Office | $ | 77,334 | $ | 87,741 | |||
Industrial | 44,289 | 30,884 | |||||
Non-reportable segments | 25,550 | 18,723 | |||||
Total | $ | 147,173 | $ | 137,348 | |||
Real Estate Taxes: | |||||||
Office | $ | 34,274 | $ | 39,380 | |||
Industrial | 60,689 | 43,311 | |||||
Non-reportable segments | 8,761 | 7,027 | |||||
Total | $ | 103,724 | $ | 89,718 |
2011 | 2010 | ||||||
Service Operations: | |||||||
General contractor and service fee revenue | $ | 521,796 | $ | 515,361 | |||
General contractor and other services expenses | (480,480 | ) | (486,865 | ) | |||
Total | $ | 41,316 | $ | 28,496 |
• | In 2011, we recognized $12.9 million of impairment charges related to parcels of land, which we intend to sell, where recent market activity led us to determine that a decline in fair value had occurred. |
• | In 2010, we sold approximately 60 acres of land, in two separate transactions, which resulted in impairment charges of $9.8 million. These sales were opportunistic in nature and we had not identified or actively marketed this land for disposition, as it was previously intended to be held for development. |
2010 | 2009 | ||||||
Rental and Related Revenue: | |||||||
Office | $ | 312,036 | $ | 321,506 | |||
Industrial | 289,946 | 249,555 | |||||
Non-reportable segments | 76,813 | 63,394 | |||||
Total | $ | 678,795 | $ | 634,455 |
• | We consolidated 106 industrial buildings as a result of acquiring our joint venture partner’s 50% interest in Dugan on July 1, 2010. The consolidation of these buildings resulted in an increase of $37.8 million in rental and related revenue for the year ended December 31, 2010, as compared to the same period in 2009. |
• | Including the December 30, 2010 acquisition of the first tranche of the Premier Portfolio, we acquired or consolidated an additional 56 properties and placed 18 developments in service from January 1, 2009 to December 31, 2010, which provided incremental revenues of $29.2 million in the year ended December 31, 2010. |
• | We contributed 15 properties to an unconsolidated joint venture in 2009 and 2010, resulting in a $9.2 million reduction in rental and related revenue in 2010. |
• | We sold eight properties in 2009 and 2010 that were excluded from discontinued operations as a result of continuing involvement in the properties through management agreements. These dispositions resulted in a decrease in rental and related revenue from continuing operations of $7.5 million in 2010. |
• | Rental and related revenue includes lease termination fees, which relate to specific tenants who pay a fee to terminate their lease obligation before the end of the contractual lease term. Lease termination fees included in continuing operations decreased from $8.8 million in 2009 to $4.1 million in 2010. |
• | Average occupancy for the year ended December 31, 2010 decreased slightly for our office properties, while increasing for our industrial properties, when compared to the year ended December 31, 2009. These changes in occupancy, as well as decreases in rental rates in certain of our 2010 lease renewals, resulted in a net decrease to rental and related revenues which partially offset the increases generated from acquisitions and developments placed in service. |
2010 | 2009 | ||||||
Rental Expenses: | |||||||
Office | $ | 87,741 | $ | 88,173 | |||
Industrial | 30,884 | 25,264 | |||||
Non-reportable segments | 18,723 | 17,374 | |||||
Total | $ | 137,348 | $ | 130,811 | |||
Real Estate Taxes: | |||||||
Office | $ | 39,380 | $ | 40,772 | |||
Industrial | 43,311 | 36,014 | |||||
Non-reportable segments | 7,027 | 6,685 | |||||
Total | $ | 89,718 | $ | 83,471 |
2010 | 2009 | ||||||
Service Operations: | |||||||
General contractor and service fee revenue | $ | 515,361 | $ | 449,509 | |||
General contractor and other services expenses | (486,865 | ) | (427,666 | ) | |||
Total | $ | 28,496 | $ | 21,843 |
• | In 2010, we sold approximately 60 acres of land, in two separate transactions, which resulted in impairment charges of $9.8 million. These sales were opportunistic in nature and we had not identified or actively marketed this land for disposition, as it was previously intended to be held for development. |
• | A result of the refinement of our business strategy that took place in 2009 was the decision to dispose of approximately 1,800 acres of land, which had a total cost basis of $385.3 million, rather than holding it for future development. Our change in strategy for this land triggered the requirement to conduct an impairment analysis, which resulted in a determination that a significant portion of the land, representing over 35% of the land’s carrying value, was impaired. We recognized impairment charges on land of $136.6 million in 2009, primarily as the result of writing down to fair value the land that was identified for disposition and determined to be impaired. |
• | Also in 2009, an impairment charge of $78.1 million was recognized for 28 office, industrial and retail buildings. Nine of these properties met the criteria for discontinued operations at December 31, 2011, either as a result of being sold or classified as held-for-sale, and the $27.2 million of impairment charges related to these properties is accordingly reflected in discontinued operations. The impairment analysis was triggered either as the result of changes in management’s strategy, resulting in certain buildings being identified as non-strategic, or changes in market conditions. |
• | We hold a 50% ownership interest in an unconsolidated entity (the “3630 Peachtree joint venture”) whose sole activity is the development and operation of the office component of a multi-use office and residential high-rise building located in the Buckhead sub-market of Atlanta. We recognized an impairment charge in 2009 to write off our $14.4 million investment in the 3630 Peachtree joint venture as the result of an other-than-temporary decline in value. As a result of the joint venture’s obligations to the lender in its construction loan agreement, the likelihood that our partner will be unable to contribute their share of the additional equity to fund the joint venture’s future capital costs, and ultimately from our contingent obligation stemming from our joint and several guarantee of the joint venture’s loan, we recorded an additional liability of $36.3 million in 2009 for our probable future obligation to the lender. |
• | In 2009, we recognized a $5.8 million charge on our investment in an unconsolidated joint venture (the “Park Creek joint venture”). |
• | We recognized $31.5 million of impairment charges on other real estate related assets in 2009, which related primarily to reserving loans receivable from other real estate entities, as well as writing off previously deferred development costs. |
• | The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using an interest rate which reflects the risks associated with the lease) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term and (ii) management’s estimate of the amounts that would be paid using current fair market rates over the remaining term of the lease. The amounts allocated to above market leases are included in deferred leasing and other costs in the balance sheet and below market leases are included in other liabilities in the balance sheet; both are amortized to rental income over the remaining terms of the respective leases. |
• | The total amount of intangible assets is further allocated to in-place lease values and to customer relationship values, based upon management’s assessment of their respective values. These intangible assets are included in deferred leasing and other costs in the balance sheet and are amortized over the remaining term of the existing lease, or the anticipated life of the customer relationship, as applicable. |
• | We maintain a tenant “watch list” containing a list of significant tenants for which the payment of receivables and future rent may be at risk. Various factors such as late rent payments, lease or debt instrument defaults, and indications of a deteriorating financial position are considered when determining whether to include a tenant on the watch list. |
• | As a matter of policy, we reserve the entire receivable balance, including straight-line rent, of any tenant with an amount outstanding over 90 days. |
• | Straight-line rent receivables for any tenant on the watch list or any other tenant identified as a potential long-term risk, regardless of the status of current rent receivables, are reviewed and reserved as necessary. |
• | Criteria for identifying and selecting our critical accounting policies; |
• | Methodology in applying our critical accounting policies; and |
• | Impact of the critical accounting policies on our financial statements. |
Description | Borrowing Capacity | Maturity Date | Outstanding Balance at December 31, 2011 | ||||||
Unsecured Line of Credit – Partnership | $ | 850,000 | December 2015 | $ | — | ||||
Unsecured Line of Credit – Consolidated Subsidiary | $ | 30,000 | July 2012 | $ | 20,293 |
• | accretive property investment; |
• | leasing/capital costs; |
• | distributions to unitholders; |
• | long-term debt maturities; |
• | opportunistic repurchases of outstanding debt and Preferred Units; and |
• | other contractual obligations. |
2011 | 2010 | 2009 | |||||||||
Second generation tenant improvements | $ | 50,079 | $ | 36,676 | $ | 29,321 | |||||
Second generation leasing costs | 38,130 | 39,090 | 40,412 | ||||||||
Building improvements | 11,055 | 12,957 | 9,321 | ||||||||
Totals | $ | 99,264 | $ | 88,723 | $ | 79,054 |
Future Repayments | Weighted Average | ||||||||||||
Year | Scheduled Amortization | Maturities | Total | Interest Rate of Future Repayments | |||||||||
2012 | $ | 16,994 | $ | 336,941 | $ | 353,935 | 5.35% | ||||||
2013 | 16,730 | 521,644 | 538,374 | 6.27% | |||||||||
2014 | 15,590 | 282,900 | 298,490 | 6.22% | |||||||||
2015 | 14,015 | 358,381 | 372,396 | 6.81% | |||||||||
2016 | 12,001 | 506,690 | 518,691 | 6.11% | |||||||||
2017 | 9,908 | 544,932 | 554,840 | 5.95% | |||||||||
2018 | 7,937 | 300,000 | 307,937 | 6.08% | |||||||||
2019 | 6,936 | 518,438 | 525,374 | 7.97% | |||||||||
2020 | 5,381 | 250,000 | 255,381 | 6.73% | |||||||||
2021 | 3,416 | 9,047 | 12,463 | 5.59% | |||||||||
2022 | 3,611 | — | 3,611 | 5.57% | |||||||||
Thereafter | 14,178 | 50,000 | 64,178 | 6.93% | |||||||||
$ | 126,697 | $ | 3,678,973 | $ | 3,805,670 | 6.42% |
Years Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
Net Cash Provided by Operating Activities | $ | 337,572 | $ | 390,776 | $ | 401,184 | |||||
Net Cash Provided by (Used for) Investing Activities | 750,935 | (288,790 | ) | (176,139 | ) | ||||||
Net Cash Used for Financing Activities | (893,100 | ) | (231,106 | ) | (99,791 | ) |
• | Real estate development costs totaled $162.1 million for the year ended December 31, 2011, compared to $119.4 million and $268.9 million for the years ended December 31, 2010 and 2009, respectively. The change in development activity is consistent with our strategy to limit new |
• | During 2011, we paid cash of $544.8 million for real estate acquisitions, compared to $488.5 million in 2010 and $31.7 million in 2009. In addition, we paid cash of $14.1 million for undeveloped land in 2011, compared to $14.4 million in 2010 and $5.5 million in 2009. |
• | Sales of land and depreciated property provided $1.57 billion in net proceeds in 2011, compared to $499.5 million in 2010 and $256.3 million in 2009. |
• | During 2011, we contributed or advanced $34.6 million to fund development activities within unconsolidated companies, compared to $53.2 million in 2010 and $23.5 million in 2009. |
• | We received capital distributions (as a result of the sale of properties or refinancing) from unconsolidated subsidiaries of $59.3 million in 2011 and $22.1 million in 2010. We received no such distributions from unconsolidated companies in 2009. |
• | In December 2011, we repaid the remaining $167.6 million of our 3.75% Exchangeable Notes at their scheduled maturity date. In August and March 2011, we also repaid $122.5 million and $42.5 million, respectively, of unsecured notes with an effective rate of 5.69% and 6.96%, respectively, at their scheduled maturity dates. In January 2010, we repaid $99.8 million of senior unsecured notes with an effective interest rate of 5.37% at their scheduled maturity date. We also repaid $124.0 million of corporate unsecured debt and $82.1 million of senior unsecured notes with effective interest rates of 6.83% and 7.86%, respectively, at their scheduled maturity dates in February 2009 and November 2009, respectively. |
• | Throughout 2011 and 2010, the General Partner completed open market repurchases of approximately 80,000 shares and 4.5 million shares, respectively, of its 8.375% Series O Cumulative Redeemable Preferred Shares (the "Series O Shares"). The General Partner paid $2.1 million in 2011 for shares that had a face value of $2.0 million, compared to $118.8 million in 2010 for shares that had a face value of $112.1 million. We repurchased corresponding Preferred Units held by the General Partner at the same price at which it repurchased its shares on the open market. |
• | In July 2011, the General Partner redeemed all of the outstanding shares of its Series N Shares for a total payment of $108.6 million. |
• | We decreased net borrowings on the Partnership's $850.0 million line of credit by $175.0 million for the year ended December 31, 2011, compared to an increase of $175.0 million in 2010 and a decrease of $474.0 million in 2009. |
• | In April 2010, we issued $250.0 million of senior unsecured notes that bear interest at an effective rate of 6.75% and mature in March 2020. In August 2009, we issued $250.0 million of senior unsecured notes due in 2015 bearing interest at an effective rate of 7.50% and $250.0 million of senior unsecured notes due in 2019 bearing interest at an effective rate of 8.38%. We had no senior unsecured note issuances in 2011. |
• | During 2010, through a cash tender offer and open market transactions, we repurchased certain of our outstanding series of unsecured notes scheduled to mature in 2011 and 2013. In total, we paid $292.2 million for unsecured notes that had a face value of $279.9 million. Throughout 2009, we repurchased certain of our outstanding series of unsecured notes maturing in 2009 through 2011. In total, cash payments of $500.9 million were made to repurchase notes with a face value of $542.9 million. |
• | In June 2010, the General Partner issued 26.5 million shares of its common stock for net proceeds of $298.1 million. In April 2009, the General Partner issued 75.2 million shares of its common |
• | We paid cash distributions of $0.68 per Common Unit in 2011, compared to cash distributions of $0.68 per Common Unit in 2010 and $0.76 per Common Unit in 2009. |
• | In February, March and July 2009, we received cash proceeds of $270.0 million from three 10-year secured debt financings that are secured by 32 rental properties. The secured debt bears interest at a weighted average rate of 7.69% and matures at various points in 2019. |
Joint Ventures | |||||||
2011 | 2010 | ||||||
Land, buildings and tenant improvements, net | $ | 2,051,412 | $ | 1,687,228 | |||
Construction in progress | 12,208 | 120,834 | |||||
Undeveloped land | 177,742 | 177,473 | |||||
Other assets | 309,409 | 242,461 | |||||
$ | 2,550,771 | $ | 2,227,996 | ||||
Indebtedness | $ | 1,317,554 | $ | 1,082,823 | |||
Other liabilities | 71,241 | 66,471 | |||||
1,388,795 | 1,149,294 | ||||||
Owners’ equity | 1,161,976 | 1,078,702 | |||||
$ | 2,550,771 | $ | 2,227,996 | ||||
Rental revenue | $ | 272,937 | $ | 228,378 | |||
Gain on sale of properties | $ | 2,304 | $ | 4,517 | |||
Net income | $ | 10,709 | $ | 19,202 | |||
Total square feet | 25,569 | 23,522 | |||||
Percent leased | 90.42 | % | 89.24 | % |
Payments due by Period (in thousands) | |||||||||||||||||||||||||||
Contractual Obligations | Total | 2012 | 2013 | 2014 | 2015 | 2016 | Thereafter | ||||||||||||||||||||
Long-term debt (1) | $ | 4,982,181 | $ | 569,559 | $ | 743,252 | $ | 485,320 | $ | 532,454 | $ | 658,638 | $ | 1,992,958 | |||||||||||||
Lines of credit (2) | 26,806 | 22,556 | 2,125 | 2,125 | — | — | — | ||||||||||||||||||||
Share of debt of unconsolidated joint ventures (3) | 494,575 | 57,028 | 123,133 | 46,750 | 75,033 | 23,801 | 168,830 | ||||||||||||||||||||
Ground leases | 106,333 | 1,917 | 1,920 | 1,943 | 1,951 | 1,958 | 96,644 | ||||||||||||||||||||
Operating leases | 2,725 | 580 | 495 | 474 | 454 | 422 | 300 | ||||||||||||||||||||
Development and construction backlog costs (4) | 354,246 | 275,164 | 79,082 | — | — | — | — | ||||||||||||||||||||
Other | 308 | 55 | 30 | 30 | 12 | — | 181 | ||||||||||||||||||||
Total Contractual Obligations | $ | 5,967,174 | $ | 926,859 | $ | 950,037 | $ | 536,642 | $ | 609,904 | $ | 684,819 | $ | 2,258,913 |
(1) | Our long-term debt consists of both secured and unsecured debt and includes both principal and interest. Interest expense for variable rate debt was calculated using the interest rates as of December 31, 2011. |
(2) | Our unsecured lines of credit consist of an operating line of credit that matures December 2015 and the line of credit of a consolidated subsidiary that matures July 2012. Interest expense for our unsecured lines of credit was calculated using the most recent stated interest rates that were in effect. |
(3) | Our share of unconsolidated joint venture debt includes both principal and interest. Interest expense for variable rate debt was calculated using the interest rate at December 31, 2011. |
(4) | Represents estimated remaining costs on the completion of owned development projects and third-party construction projects. |
2012 | 2013 | 2014 | 2015 | 2016 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||
Fixed rate secured debt | $ | 109,966 | $ | 110,528 | $ | 45,463 | $ | 119,870 | $ | 366,021 | $ | 411,419 | $ | 1,163,267 | $ | 1,256,331 | |||||||||||||||
Weighted average interest rate | 6.02 | % | 5.84 | % | 5.73 | % | 5.38 | % | 5.86 | % | 7.07 | % | |||||||||||||||||||
Variable rate secured debt | $ | 830 | $ | 880 | $ | 935 | $ | 300 | $ | 300 | $ | 2,800 | $ | 6,045 | $ | 6,045 | |||||||||||||||
Weighted average interest rate | 0.26 | % | 0.26 | % | 0.27 | % | 0.17 | % | 0.17 | % | 0.17 | % | |||||||||||||||||||
Fixed rate unsecured debt | $ | 201,846 | $ | 426,966 | $ | 252,092 | $ | 252,226 | $ | 152,370 | $ | 1,309,565 | $ | 2,595,065 | $ | 2,813,661 | |||||||||||||||
Weighted average interest rate | 5.87 | % | 6.40 | % | 6.33 | % | 7.49 | % | 6.71 | % | 6.65 | % | |||||||||||||||||||
Variable rate unsecured notes | $ | 21,000 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 21,000 | $ | 20,949 | |||||||||||||||
Rate at December 31, 2011 | 1.14 | % | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
Unsecured lines of credit | $ | 20,293 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 20,293 | $ | 20,244 | |||||||||||||||
Rate at December 31, 2011 | 1.14 | % | N/A | N/A | N/A | N/A | N/A |
(a) | The following documents are filed as part of this Annual Report: |
Management’s Report on Internal Control | |
Report of Independent Registered Public Accounting Firm | |
Consolidated Balance Sheets, December 31, 2011 and 2010 | |
Consolidated Statements of Operations, Years Ended December 31, 2011, 2010 and 2009 | |
Consolidated Statements of Cash Flows, Years Ended December 31, 2011, 2010 and 2009 | |
Consolidated Statements of Changes in Equity, Years Ended December 31, 2011, 2010 and 2009 | |
Notes to Consolidated Financial Statements |
Number | Description | |
3.1 | Certificate of Limited Partnership of the Partnership, dated September 17, 1993 (filed as Exhibit 3.1 (i) to the Partnership's Annual Report on Form 10-K for the year ended December 31, 2006, filed with the SEC on March 13, 2007, and incorporated herein by this reference). | |
3.2(i) | Fourth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.1 to the Partnership’s Current Report on Form 8-K, filed with the SEC on November 3, 2009, and incorporated herein by this reference). | |
3.2(ii) | Amendment to the Fourth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.1 to the Partnership's Current Report on Form 8-K, filed with the SEC on July 22, 2011, and incorporated herein by this reference). | |
4.1(i) | Fourth Amended and Restated Articles of Incorporation of the General Partner (filed as Exhibit 3.1 to the General Partner's Current Report on Form 8-K, filed with the SEC on July 30, 2009, and incorporated herein by this reference). | |
4.1(ii) | Amendment to the Fourth Amended and Restated Articles of Incorporation of the Company (filed as Exhibit 3.1 to the General Partner’s Current Report on Form 8-K, filed with the SEC on July 22, 2011, and incorporated herein by this reference). | |
4.2 | Fourth Amended and Restated Bylaws of the General Partner (filed as Exhibit 3.2 to the General Partner's Current Report on Form 8-K, filed with the SEC on July 30, 2009, and incorporated herein by this reference). | |
4.3(i) | Indenture, dated September 19, 1995, between the Partnership and The First National Bank of Chicago, Trustee (filed as Exhibit 4.1 to the General Partner’s Current Report on Form 8-K, filed with the SEC on September 22, 1995, and incorporated herein by this reference). | |
4.3(ii) | Eleventh Supplemental Indenture, dated August 26, 2002, between the Partnership and Bank One Trust Company, N.A., Trustee (filed as Exhibit 4 to the Partnership’s Current Report on Form 8-K, filed with the SEC on August 26, 2002, and incorporated herein by this reference). |
4.3(iii) | Thirteenth Supplemental Indenture, dated May 22, 2003, between the Partnership and Bank One Trust Company, N.A., Trustee (filed as Exhibit 4 to the Partnership’s Current Report on Form 8-K, filed with the SEC on May 22, 2003, and incorporated herein by this reference). | |
4.3(iv) | Seventeenth Supplemental Indenture, dated August 16, 2004, between the Partnership and J.P. Morgan Trust Company, National Association, Trustee (filed as Exhibit 4 to the Partnership’s Current Report on Form 8-K, filed with the SEC on August 18, 2004, and incorporated herein by this reference). | |
4.3(v) | Nineteenth Supplemental Indenture, dated as of March 1, 2006, by and between the Partnership and J.P. Morgan Trust Company, National Association (successor in interest to Bank One Trust Company, N.A.), including the form of global note evidencing the 5.5% Senior Notes Due 2016 (filed as Exhibit 4.1 to the Partnership’s Current Report on Form 8-K, filed with the SEC on March 3, 2006, and incorporated herein by this reference). | |
4.3(vi) | Twentieth Supplemental Indenture, dated as of July 24, 2006, by and between the Partnership and J.P. Morgan Trust Company, National Association (successor in interest to The First National Bank of Chicago), modifying certain financial covenants contained in Sections 1004 and 1005 of the Indenture, dated September 19, 1995, between the Partnership and The First National Bank of Chicago, Trustee (filed as Exhibit 4.1 to the Partnership’s Current Report on Form 8-K, filed with the SEC on July 28, 2006, and incorporated herein by this reference). | |
4.4(i) | Indenture, dated as of July 28, 2006, by and between the Partnership and J.P. Morgan Trust Company, National Association (filed as Exhibit 4.1 to the General Partner’s automatic shelf registration statement on Form S-3, filed with the SEC on July 31, 2006, and incorporated herein by this reference). | |
4.4(ii) | Second Supplemental Indenture, dated as of August 24, 2006, by and between the Partnership and J.P. Morgan Trust Company, National Association, including the form of global note evidencing the 5.95% Senior Notes Due 2017 (filed as Exhibit 4.2 to the Partnership’s Current Report on Form 8-K, filed with the SEC on August 30, 2006, and incorporated herein by this reference). |
4.4(iii) | Third Supplemental Indenture, dated as of September 11, 2007, by and between the Partnership and The Bank of New York Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 6.50% Senior Notes Due 2018 (incorporated by reference to Exhibit 4.1 to the Partnership's Current Report on Form 8-K, filed with the SEC on September 11, 2007, and incorporated herein by this reference). | |
4.4(iv) | Fourth Supplemental Indenture, dated as of May 8, 2008, by and between the Partnership and The Bank of New York Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 6.25% Senior Notes due 2013 (incorporated by reference to Exhibit 4.1 to the Partnership's Current Report on Form 8-K, filed with the SEC on May 8, 2008, and incorporated herein by this reference). | |
4.4(v) | Fifth Supplemental Indenture, dated as of August 11, 2009, by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 7.375% Senior Notes Due 2015 (filed as Exhibit 4.1 to the Partnership’s Current Report on Form 8-K, filed with the SEC on August 11, 2009, and incorporated herein by this reference). | |
4.4(vi) | Sixth Supplemental Indenture, dated as of August 11, 2009, by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 8.25% Senior Notes Due 2019 (filed as Exhibit 4.2 to the Partnership’s Current Report on Form 8-K, filed with the SEC on August 11, 2009, and incorporated herein by this reference). | |
4.4(vii) | Seventh Supplemental Indenture, dated as of April 1, 2010, by and between the Partnership and J.P. Morgan Trust Company, National Association, including the form of global note evidencing the 6.75% Senior Notes due 2020 (filed as Exhibit 4.1 to the Partnership’s Current Report on Form 8-K, filed with the SEC on April 1, 2010, and incorporated herein by this reference). | |
10.1 | Promissory Note of Duke Realty Services Limited Partnership (the "Services Partnership")(filed as Exhibit 10.3 to the General Partner’s Registration Statement on Form S-2, filed with the SEC on June 8, 1993, and incorporated herein by this reference). | |
10.2(i) | The General Partner's Amended and Restated 2005 Long-Term Incentive Plan (filed as Appendix A to the General Partner’s Definitive Proxy Statement on Schedule 14A, dated March 18, 2009, filed with the SEC on March 18, 2009, and incorporated herein by this reference).# | |
10.2(ii) | 2009 Amendment to the General Partner’s Amended and Restated 2005 Long-Term Incentive Plan (filed as Exhibit 10.2 to the General Partner’s Quarterly Report on Form 10-Q, filed with the SEC on May 6, 2010, and incorporated herein by this reference).# | |
10.2(iii) | 2010 Amendment to the General Partner’s Amended and Restated 2005 Long-Term Incentive Plan (filed as Exhibit 10.1 to the General Partner’s Current Report on Form 8-K, filed with the SEC on May 4, 2010, and incorporated herein by this reference).# | |
10.2(iv) | 2011 Amendment to the General Partner’s Amended and Restated 2005 Long-Term Incentive Plan (filed as Exhibit 10.2 to the General Partner’s Quarterly Report on Form 10-Q, filed with the SEC on August 5, 2011, and incorporated herein by this reference).# | |
10.3 | The General Partner’s 2005 Shareholder Value Plan, a sub-plan of the 2005 Long-Term Incentive Plan (filed as Exhibit 99.2 to the General Partner’s Current Report on Form 8-K, filed with the SEC on May 3, 2005, and incorporated herein by this reference).# | |
10.4 | The General Partner’s 2011 Non-Employee Directors Compensation Plan (filed as Exhibit 10.2 to the General Partner’s Quarterly Report on Form 10-Q, filed with the SEC on May 6, 2011, and incorporated herein by this reference).# | |
10.5 | Form of 2005 Long-Term Incentive Plan Stock Option Award Certificate (filed as Exhibit 99.4 to the General Partner’s Current Report on Form 8-K, filed with the SEC on May 3, 2005, and incorporated herein by this reference).# | |
10.6 | Form of 2005 Long-Term Incentive Plan Award Certificate for Restricted Stock Units and Shareholder Value Plan Awards (filed as Exhibit 99.5 to the General Partner’s Current Report on Form 8-K, filed with the SEC on May 3, 2005, and incorporated herein by this reference).# | |
10.7 | Form of 2005 Long-Term Incentive Plan Restricted Stock Unit Award Certificate for Non-Employee Directors (filed as Exhibit 99.6 to the General Partner’s Current Report on Form 8-K, filed with the SEC on May 3, 2005, and incorporated herein by this reference).# | |
10.8 | The General Partner’s 2005 Dividend Increase Unit Replacement Plan (filed as Exhibit 99.1 to the General Partner’s Current Report on Form 8-K, filed with the SEC on December 9, 2005, and incorporated herein by this reference).# | |
10.9 | Form of Forfeiture Agreement/Performance Unit Award Agreement (filed as Exhibit 99.2 to the General Partner’s Current Report on Form 8-K, filed with the SEC on December 9, 2005, and incorporated herein by this reference).# | |
10.10(i) | 1995 Key Employee Stock Option Plan of the General Partner (filed as Exhibit 10.13 to the General Partner’s Annual Report on Form 10-K for the year ended December 31, 1995, filed with the SEC on March 30, 1995, and incorporated herein by this reference).# | |
10.10(ii) | Amendment One to the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.19 to the General Partner’s Annual Report on Form 10-K405 for the year ended December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).# | |
10.10(iii) | Amendment Two to the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.20 to the General Partner’s Annual Report on Form 10-K405 for the year ended December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).# | |
10.10(iv) | Amendment Three to the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.21 to the General Partner’s Annual Report on Form 10-K405 for the year ended December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).# |
10.10(v) | Amendment Four to the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.22 to the General Partner’s Annual Report on Form 10-K405 for the year ended December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).# | |
10.10(vi) | Amendment Five to the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.23 to the General Partner’s Annual Report on Form 10-K405 for the year ended December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).# | |
10.10(vii) | Amendment Six to the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.24 to the General Partner’s Annual Report on Form 10-K405 for the year ended December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).# | |
10.10(viii) | Amendment Seven to the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.1 to the General Partner’s Quarterly Report on Form 10-Q, filed with the SEC on November 13, 2002, and incorporated herein by this reference).# | |
10.10(ix) | Amendment Eight to the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.15(ix) to the General Partner’s Annual Report on Form 10-K for the year ended December 31, 2006, filed with the SEC on March 1, 2007, and incorporated herein by this reference.) # | |
10.10(x) | Amendment Nine to the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.3 to the General Partner’s Quarterly Report on Form 10-Q, filed with the SEC on October 9, 2005, and incorporated herein by this reference).# | |
10.10(xi) | Amendment Ten to the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.4 to the General Partner’s Quarterly Report on Form 10-Q, filed with the SEC on November 8, 2006, and incorporated herein by this reference).# | |
10.10(xii) | Amendment Eleven to the 1995 Key Employees’ Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.2 to the General Partner’s Current Report on Form 8-K, filed with the SEC on May 4, 2010, and incorporated herein by this reference).# | |
10.11(i) | Dividend Increase Unit Plan of the Services Partnership (filed as Exhibit 10.25 to the General Partner’s Annual Report on Form 10-K405 for the year ended December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).# | |
10.11(ii) | Amendment One to the Dividend Increase Unit Plan of the Services Partnership (filed as Exhibit 10.26 to the General Partner’s Annual Report on Form 10-K405 for the year ended December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).# | |
10.11(iii) | Amendment Two to the Dividend Increase Unit Plan of the Services Partnership (filed as Exhibit 10.27 to the General Partner’s Annual Report on Form 10-K405 for the year ended December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).# | |
10.11(iv) | Amendment Three to the Dividend Increase Unit Plan of the Services Partnership (filed as Exhibit 10.5 to the General Partner’s Quarterly Report on Form 10-Q, filed with the SEC on November 13, 2002, and incorporated herein by this reference).# |
10.11(v) | Amendment Four to the Dividend Increase Unit Plan of the Services Partnership (filed as Exhibit 10.40 to the General Partner’s Annual Report on Form 10-K for the year ended December 31, 2005, filed with the SEC on March 7, 2006, and incorporated herein by this reference).# | |
10.12(i) | 1995 Shareholder Value Plan of the Services Partnership (filed as Exhibit 10.15 to the General Partner’s Annual Report on Form 10-K for the year ended December 31, 1995, filed with the SEC on March 30, 1995, and incorporated herein by this reference).# | |
10.12(ii) | Amendment One to the 1995 Shareholder Value Plan of the Services Partnership (filed as Exhibit 10.29 to the General Partner’s Annual Report on Form 10-K405 for the year ended December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).# | |
10.12(iii) | Amendment Two to the 1995 Shareholder Value Plan of the Services Partnership (filed as Exhibit 10.30 to the General Partner’s Annual Report on Form 10-K405 for the year ended December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).# | |
10.12(iv) | Amendment Three to the 1995 Shareholder Value Plan of the Services Partnership (filed as Exhibit 10.31 to the General Partner’s Annual Report on Form 10-K405 for the year ended December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).# | |
10.12(v) | Amendment Four to the 1995 Shareholder Value Plan of the Services Partnership (filed as Exhibit 10.2 to the General Partner’s Quarterly Report on Form 10-Q, filed with the SEC on November 13, 2002, and incorporated herein by this reference).# | |
10.12(vi) | Amendment Five to the 1995 Shareholder Value Plan of the Services Partnership (filed as Exhibit 10.2 to the General Partner’s Quarterly Report on Form 10-Q, filed with the SEC on October 9, 2005, and incorporated herein by this reference).# | |
10.13(i) | 1999 Directors’ Stock Option and Dividend Increase Unit Plan of Duke Realty Investments, Inc. (filed as Annex F to the prospectus in the General Partner’s Registration Statement on Form S-4, filed with the SEC on May 4, 1999, and incorporated herein by this reference).# | |
10.13(ii) | Amendment One to the 1999 Directors’ Stock Option and Dividend Increase Unit Plan of Duke Realty Investments, Inc. (filed as Appendix B of the General Partner's Definitive Proxy Statement on Schedule 14A, filed with the SEC on March 15, 2005, and incorporated herein by this reference).# | |
10.14(i) | 1999 Salary Replacement Stock Option and Dividend Increase Unit Plan (filed as Annex G to the prospectus in the General Partner’s Registration Statement on Form S-4, filed with the SEC on May 4, 1999, and incorporated herein by this reference).# | |
10.14(ii) | Amendment One to the 1999 Salary Replacement Stock Option and Dividend Increase Unit Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.3 to the General Partner’s Quarterly Report on Form 10-Q, filed with the SEC on November 13, 2002, and incorporated herein by this reference).# | |
10.14(iii) | Amendment Two to the 1999 Salary Replacement Stock Option and Dividend Increase Unit Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.4 to the General Partner’s Quarterly Report on Form 10-Q, filed with the SEC on November 13, 2002, and incorporated herein by this reference).# |
10.15(i) | 2000 Performance Share Plan of Duke-Weeks Realty Corporation (filed as Exhibit A of the General Partner’s Definitive Proxy Statement on Schedule 14A, filed with the SEC on March 15, 2001, and incorporated herein by this reference).# | |
10.15(ii) | Amendment One to the 2000 Performance Share Plan of Duke-Weeks Realty Corporation (filed as Exhibit 10.6 to the General Partner’s Quarterly Report on Form 10-Q, filed with the SEC on November 13, 2002, and incorporated herein by this reference).# | |
10.15(iii) | Amendment Two to the 2000 Performance Share Plan of Duke-Weeks Realty Corporation (filed as Exhibit 10.42 to the General Partner’s Annual Report on Form 10-K for the year ended December 31, 2003, filed with the SEC on March 5, 2004, and incorporated herein by this reference).# | |
10.15(iv) | Amendment Three to the 2000 Performance Share Plan of Duke-Weeks Realty Corporation, (filed as Exhibit 99.1 to the General Partner’s Current Report on Form 8-K, filed with the SEC on May 2, 2006, and incorporated herein by this reference).# | |
10.16(i) | Directors’ Deferred Compensation Plan of Duke-Weeks Realty Corporation (filed as Exhibit 10.5 to the General Partner’s Quarterly Report on Form 10-Q, filed with the SEC on November 8, 2006, and incorporated herein by this reference).# | |
10.16(ii) | Amendment One to the Directors’ Deferred Compensation Plan of Duke-Weeks Realty Corporation (filed as Exhibit 10.21(ii) to the General Partner’s Annual Report on Form 10-K for the year ended December 31, 2006, filed with the SEC on March 1, 2007, and incorporated herein by this reference).# | |
10.16(iii) | Amendment Two to the Directors’ Deferred Compensation Plan of Duke-Weeks Realty Corporation (filed as Exhibit 10.4 to the General Partner’s Quarterly Report on Form 10-Q, filed with the SEC on October 9, 2005, and incorporated herein by this reference).# | |
10.16(iv) | Amendment Three to the Directors’ Deferred Compensation Plan of Duke-Weeks Realty Corporation (filed as Exhibit 99.2 to the General Partner's Registration Statement on Form S-8, filed with the SEC on March 24, 2004, and incorporated herein by this reference).# | |
10.17 | Seventh Amended and Restated Revolving Credit Agreement, dated November 18, 2011, among the Partnership, the General Partner, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, JP Morgan Chase Bank, N.A. and the several banks, financial institutions and other entities from time to time parties thereto as lenders (filed as Exhibit 10.1 to the Partnership’s Current Report on Form 8-K, filed with the SEC on November 22, 2011, and incorporated herein by this reference). | |
10.18(i) | Form of Letter Agreement Regarding Executive Severance, dated December 13, 2007, between the General Partner and the following executive officers: Dennis D. Oklak, Howard L. Feinsand, Steven R. Kennedy and James B. Connor (filed as Exhibit 10.23 to the General Partner’s Annual Report on Form 10-K for the year ended December 31, 2007, filed with the SEC on February 29, 2008, and incorporated herein by this reference). | |
10.18(ii) | Form of Letter Agreement Regarding Executive Severance, dated May 7, 2009, between the General Partner and Christie B. Kelly (filed as Exhibit 10.1 to the General Partner’s Quarterly Report on Form 10-Q, filed with the SEC on May 8, 2009, and incorporated herein by this reference). |
10.19 | Agreement of Purchase and Sale by and among the Partnership, the other entities controlled by or affiliated with the Partnership and BRE/Central Office Holdings L.L.C., dated as of October 20, 2011 (filed as Exhibit 10.20 to the General Partner's Annual Report on Form 10-K, filed with the SEC on February 24, 2012, and incorporated herein by this reference). | |
10.20 | Term Loan Agreement, dated as of February 28, 2006, by and among the Partnership, as borrower, the General Partner, as Guarantor, certain of their respective subsidiaries, as guarantors, Bank of America, N.A., individually and as Administrative Agent, Banc of America Securities LLC, as Lead Arranger and Sole Book Runner, and each of the other lenders named therein (filed as Exhibit 10.1 to the Partnership’s Current Report on Form 8-K, filed with the SEC on March 3, 2006, and incorporated herein by this reference). | |
10.21 | Common Stock Delivery Agreement, dated November 22, 2006, by and between the Partnership and the General Partner (filed as Exhibit 10.2 to the Partnership’s Current Report on Form 8-K, filed with the SEC on November 29, 2006, and incorporated herein by this reference). | |
10.22 | Contribution Agreement, dated December 5, 2006, by and between the Partnership and Quantico and Belbrook Realty Corporation, an affiliate of an investment fund managed by Eaton Vance (filed as Exhibit 10.30 to the General Partner’s Annual Report on Form 10-K for the year ended December 31, 2006, filed with the SEC on March 1, 2007, and incorporated herein by this reference).(1) | |
10.23 | Contribution Agreement, dated December 5, 2006, by and between the Partnership and Lafayette and Belcrest Realty Corporation, an affiliate of an investment fund managed by Eaton Vance (filed as Exhibit 10.31 to the General Partner’s Annual Report on Form 10-K for the year ended December 31, 2006, filed with the SEC on March 1, 2007, and incorporated herein by this reference).(1) | |
10.24 | Contribution Agreement, dated January 1, 2005, by and between the Partnership, Duke Management, Inc., the General Partner and Duke Realty Services Limited Partnership (filed as Exhibit 2.1 to the General Partner’s Current Report on Form 8-K, filed with the SEC on January 4, 2005, and incorporated herein by this reference). | |
12.1 | Statement of Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Distributions.* | |
21.1 | List of the Partnership’s Subsidiaries.* | |
23.1 | Consent of KPMG LLP.* | |
24.1 | Executed Powers of Attorney of certain directors.* | |
31.1 | Certification of the General Partner's Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* | |
31.2 | Certification of the General Partner's Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* | |
32.1 | Certification of the General Partner's Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* ** |
32.2 | Certification of the General Partner's Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* ** | |
99.1 | Selected Quarterly Financial Information.* | |
101 | The following materials from Duke Realty Limited Partnership's Annual Report on Form 10-K for the year ended December 31, 2011 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Cash Flows, (iv) the Consolidated Statements of Changes in Equity and (v) the Notes to Consolidated Financial Statements, tagged as blocks of text. |
(b) | Exhibits |
(c) | Financial Statement Schedule |
• | Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets of the Partnership; |
• | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Partnership are being made only in accordance with authorizations of management and directors of the General Partner; and |
• | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Partnership’s assets that could have a material effect on the financial statements. |
/s/ Dennis D. Oklak |
Dennis D. Oklak |
Chairman and Chief Executive Officer |
of the General Partner |
/s/ Christie B. Kelly |
Christie B. Kelly |
Executive Vice President and Chief Financial Officer |
of the General Partner |
/s/ KPMG LLP |
Indianapolis, Indiana |
March 2, 2012 |
2011 | 2010 | ||||||
ASSETS | |||||||
Real estate investments: | |||||||
Land and improvements | $ | 1,202,872 | $ | 1,166,409 | |||
Buildings and tenant improvements | 4,766,793 | 5,396,339 | |||||
Construction in progress | 44,259 | 61,205 | |||||
Investments in and advances to unconsolidated companies | 364,859 | 367,445 | |||||
Undeveloped land | 622,635 | 625,353 | |||||
7,001,418 | 7,616,751 | ||||||
Accumulated depreciation | (1,108,650 | ) | (1,290,417 | ) | |||
Net real estate investments | 5,892,768 | 6,326,334 | |||||
Real estate investments and related assets held-for-sale | 55,580 | 394,287 | |||||
Cash and cash equivalents | 213,826 | 18,419 | |||||
Accounts receivable, net of allowance of $3,597 and $2,945 | 22,255 | 22,588 | |||||
Straight-line rent receivable, net of allowance of $7,447 and $7,260 | 105,900 | 125,185 | |||||
Receivables on construction contracts, including retentions | 40,247 | 7,408 | |||||
Deferred financing costs, net of accumulated amortization of $59,109 and $46,407 | 42,268 | 46,317 | |||||
Deferred leasing and other costs, net of accumulated amortization of $292,334 and $269,000 | 460,881 | 517,934 | |||||
Escrow deposits and other assets | 170,257 | 185,652 | |||||
$ | 7,003,982 | $ | 7,644,124 | ||||
LIABILITIES AND EQUITY | |||||||
Indebtedness: | |||||||
Secured debt | $ | 1,173,233 | $ | 1,065,628 | |||
Unsecured notes | 2,616,063 | 2,948,405 | |||||
Unsecured lines of credit | 20,293 | 193,046 | |||||
3,809,589 | 4,207,079 | ||||||
Liabilities related to real estate investments held-for-sale | 975 | 14,732 | |||||
Construction payables and amounts due subcontractors, including retentions | 55,775 | 44,782 | |||||
Accrued real estate taxes | 69,272 | 83,615 | |||||
Accrued interest | 58,904 | 62,407 | |||||
Other accrued expenses | 59,795 | 61,354 | |||||
Other liabilities | 131,735 | 129,860 | |||||
Tenant security deposits and prepaid rents | 38,355 | 50,450 | |||||
Total liabilities | 4,224,400 | 4,654,279 | |||||
Partners’ equity: | |||||||
General Partner: | |||||||
Common equity (252,927 and 252,195 General Partner Units issued and outstanding) | 1,923,886 | 2,046,617 | |||||
Preferred equity (3,176 and 3,618 Preferred Units issued and outstanding) | 793,910 | 904,540 | |||||
2,717,796 | 2,951,157 | ||||||
Limited Partners' common equity (6,945 and 5,231 Limited Partner Units issued and outstanding) | 56,254 | 34,894 | |||||
Accumulated other comprehensive income (loss) | 987 | (1,432 | ) | ||||
Total partners’ equity | 2,775,037 | 2,984,619 | |||||
Noncontrolling interests | 4,545 | 5,226 | |||||
Total equity | 2,779,582 | 2,989,845 | |||||
$ | 7,003,982 | $ | 7,644,124 |
2011 | 2010 | 2009 | |||||||||
Revenues: | |||||||||||
Rental and related revenue | $ | 752,478 | $ | 678,795 | $ | 634,455 | |||||
General contractor and service fee revenue | 521,796 | 515,361 | 449,509 | ||||||||
1,274,274 | 1,194,156 | 1,083,964 | |||||||||
Expenses: | |||||||||||
Rental expenses | 147,173 | 137,348 | 130,811 | ||||||||
Real estate taxes | 103,724 | 89,718 | 83,471 | ||||||||
General contractor and other services expenses | 480,480 | 486,865 | 427,666 | ||||||||
Depreciation and amortization | 330,450 | 279,606 | 245,456 | ||||||||
1,061,827 | 993,537 | 887,404 | |||||||||
Other operating activities: | |||||||||||
Equity in earnings of unconsolidated companies | 4,565 | 7,980 | 9,896 | ||||||||
Gain on sale of properties | 68,549 | 39,662 | 12,337 | ||||||||
Earnings from sales of land | — | — | 357 | ||||||||
Undeveloped land carrying costs | (8,934 | ) | (9,203 | ) | (10,403 | ) | |||||
Impairment charges | (12,931 | ) | (9,834 | ) | (275,360 | ) | |||||
Other operating expenses | (1,237 | ) | (1,231 | ) | (1,017 | ) | |||||
General and administrative expenses | (43,107 | ) | (41,329 | ) | (47,937 | ) | |||||
6,905 | (13,955 | ) | (312,127 | ) | |||||||
Operating income (loss) | 219,352 | 186,664 | (115,567 | ) | |||||||
Other income (expenses): | |||||||||||
Interest and other income, net | 658 | 534 | 1,229 | ||||||||
Interest expense | (223,053 | ) | (189,094 | ) | (151,605 | ) | |||||
Gain (loss) on debt transactions | — | (16,349 | ) | 20,700 | |||||||
Acquisition-related activity | (1,188 | ) | 55,820 | (1,062 | ) | ||||||
Income (loss) from continuing operations before income taxes | (4,231 | ) | 37,575 | (246,305 | ) | ||||||
Income tax benefit | 194 | 1,126 | 6,070 | ||||||||
Income (loss) from continuing operations | (4,037 | ) | 38,701 | (240,235 | ) | ||||||
Discontinued operations: | |||||||||||
Loss before impairment charges and gain on sales | (536 | ) | (6,493 | ) | (10,835 | ) | |||||
Impairment charges | — | — | (27,206 | ) | |||||||
Gain on sale of depreciable properties | 100,882 | 33,054 | 6,786 | ||||||||
Income (loss) from discontinued operations | 100,346 | 26,561 | (31,255 | ) | |||||||
Net income (loss) | 96,309 | 65,262 | (271,490 | ) | |||||||
Distributions on Preferred Units | (60,353 | ) | (69,468 | ) | (73,451 | ) | |||||
Adjustments for redemption/repurchase of Preferred Units | (3,796 | ) | (10,438 | ) | — | ||||||
Net loss attributable to noncontrolling interests | 115 | 185 | 241 | ||||||||
Net income (loss) attributable to common unitholders | $ | 32,275 | $ | (14,459 | ) | $ | (344,700 | ) | |||
Basic net income (loss) per Common Unit: | |||||||||||
Continuing operations attributable to common unitholders | $ | (0.28 | ) | $ | (0.18 | ) | $ | (1.52 | ) | ||
Discontinued operations attributable to common unitholders | 0.39 | 0.11 | (0.15 | ) | |||||||
Total | $ | 0.11 | $ | (0.07 | ) | $ | (1.67 | ) | |||
Diluted net income (loss) per Common Unit: | |||||||||||
Continuing operations attributable to common unitholders | $ | (0.28 | ) | $ | (0.18 | ) | $ | (1.52 | ) | ||
Discontinued operations attributable to common unitholders | 0.39 | 0.11 | (0.15 | ) | |||||||
Total | $ | 0.11 | $ | (0.07 | ) | $ | (1.67 | ) | |||
Weighted average number of Common Units outstanding | 259,598 | 244,870 | 207,893 | ||||||||
Weighted average number of Common Units and potential dilutive securities | 259,598 | 244,870 | 207,893 |
2011 | 2010 | 2009 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | 96,309 | $ | 65,262 | $ | (271,490 | ) | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation of buildings and tenant improvements | 267,222 | 271,058 | 266,803 | ||||||||
Amortization of deferred leasing and other costs | 118,457 | 89,126 | 73,323 | ||||||||
Amortization of deferred financing costs | 14,530 | 13,897 | 13,679 | ||||||||
Straight-line rent adjustment | (23,877 | ) | (15,233 | ) | (18,832 | ) | |||||
Impairment charges | 12,931 | 9,834 | 302,566 | ||||||||
(Gain) loss on debt extinguishment | — | 16,349 | (20,700 | ) | |||||||
(Gain) loss on acquisitions | (1,057 | ) | (57,715 | ) | 1,062 | ||||||
Deferred tax asset valuation allowance | — | — | 7,278 | ||||||||
Earnings from land and depreciated property sales | (169,431 | ) | (72,716 | ) | (19,480 | ) | |||||
Build-for-Sale operations, net | — | — | 14,482 | ||||||||
Third-party construction contracts, net | (17,352 | ) | (6,449 | ) | (4,583 | ) | |||||
Other accrued revenues and expenses, net | 24,036 | 68,512 | 48,543 | ||||||||
Operating distributions received in excess of equity in earnings from unconsolidated companies | 15,804 | 8,851 | 8,533 | ||||||||
Net cash provided by operating activities | 337,572 | 390,776 | 401,184 | ||||||||
Cash flows from investing activities: | |||||||||||
Development of real estate investments | (162,070 | ) | (119,404 | ) | (268,890 | ) | |||||
Acquisition of real estate investments and related intangible assets, net of cash acquired | (544,816 | ) | (488,539 | ) | (31,658 | ) | |||||
Acquisition of undeveloped land | (14,090 | ) | (14,404 | ) | (5,474 | ) | |||||
Second generation tenant improvements, leasing costs and building improvements | (99,264 | ) | (88,723 | ) | (79,054 | ) | |||||
Other deferred leasing costs | (26,311 | ) | (38,905 | ) | (23,329 | ) | |||||
Other assets | 747 | (7,260 | ) | (583 | ) | ||||||
Proceeds from land and depreciated property sales, net | 1,572,093 | 499,520 | 256,330 | ||||||||
Capital distributions from unconsolidated companies | 59,252 | 22,119 | — | ||||||||
Capital contributions and advances to unconsolidated companies, net | (34,606 | ) | (53,194 | ) | (23,481 | ) | |||||
Net cash provided by (used for) investing activities | 750,935 | (288,790 | ) | (176,139 | ) | ||||||
Cash flows from financing activities: | |||||||||||
Contributions from the General Partner | — | 298,066 | 551,136 | ||||||||
Payments for redemption/repurchase of Preferred Units | (110,726 | ) | (118,787 | ) | — | ||||||
Proceeds from unsecured debt issuance | — | 250,000 | 500,000 | ||||||||
Payments on and repurchases of unsecured debt | (334,432 | ) | (392,597 | ) | (707,016 | ) | |||||
Proceeds from secured debt financings | — | 4,158 | 290,418 | ||||||||
Payments on secured indebtedness including principal amortization | (29,025 | ) | (207,060 | ) | (11,396 | ) | |||||
Borrowings (payments) on lines of credit, net | (172,753 | ) | 177,276 | (467,889 | ) | ||||||
Distributions to common unitholders | (176,593 | ) | (165,881 | ) | (156,357 | ) | |||||
Distributions to preferred unitholders | (60,353 | ) | (69,468 | ) | (73,451 | ) | |||||
Contributions from (distributions to) noncontrolling interests, net | (566 | ) | (1,739 | ) | 3,443 | ||||||
Deferred financing costs | (8,652 | ) | (5,074 | ) | (28,679 | ) | |||||
Net cash used for financing activities | (893,100 | ) | (231,106 | ) | (99,791 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 195,407 | (129,120 | ) | 125,254 | |||||||
Cash and cash equivalents at beginning of year | 18,419 | 147,539 | 22,285 | ||||||||
Cash and cash equivalents at end of year | $ | 213,826 | $ | 18,419 | $ | 147,539 | |||||
Non-cash investing and financing activities: | |||||||||||
Assumption of indebtedness and other liabilities for real estate acquisitions | $ | 177,082 | $ | 527,464 | $ | — | |||||
Contribution of properties to, net of debt assumed by, unconsolidated companies | $ | 53,293 | $ | 41,609 | $ | 20,663 | |||||
Investments and advances related to acquisition of previously unconsolidated companies | $ | 5,987 | $ | 184,140 | $ | 206,852 | |||||
Assumption of indebtedness by buyer in real estate dispositions | $ | 24,914 | $ | — | $ | — | |||||
Conversion of Limited Partner Units to common shares of the General Partner | $ | 3,130 | $ | (8,055 | ) | $ | 592 | ||||
Issuance of Limited Partner Units for acquisition | $ | 28,357 | $ | — | $ | — |
Common Unitholders | |||||||||||||||||||||||||||
Limited | Accumulated | ||||||||||||||||||||||||||
General Partner | Partners' | Other | Total | ||||||||||||||||||||||||
Common | Preferred | Common | Comprehensive | Partners' | Noncontrolling | Total | |||||||||||||||||||||
Equity | Equity | Equity | Income (Loss) | Equity | Interests | Equity | |||||||||||||||||||||
Balance at December 31, 2008 | $ | 1,840,002 | $ | 1,016,625 | $ | 47,835 | $ | (8,652 | ) | $ | 2,895,810 | $ | 3,948 | $ | 2,899,758 | ||||||||||||
Comprehensive Loss: | |||||||||||||||||||||||||||
Net income (loss) | (333,601 | ) | 73,451 | (11,099 | ) | — | (271,249 | ) | (241 | ) | (271,490 | ) | |||||||||||||||
Derivative instrument activity | — | — | — | 3,022 | 3,022 | — | 3,022 | ||||||||||||||||||||
Comprehensive loss | (268,227 | ) | (241 | ) | (268,468 | ) | |||||||||||||||||||||
Capital Contribution from the General Partner | 551,404 | — | — | — | 551,404 | — | 551,404 | ||||||||||||||||||||
Stock based compensation plan activity | 11,337 | — | — | — | 11,337 | — | 11,337 | ||||||||||||||||||||
Conversion of Limited Partner Units to common shares of the General Partner | 577 | — | (577 | ) | — | — | — | — | |||||||||||||||||||
Distributions to Preferred Unitholders | — | (73,451 | ) | — | — | (73,451 | ) | — | (73,451 | ) | |||||||||||||||||
Distributions to Partners ($0.76 per Common Unit) | (151,390 | ) | — | (4,967 | ) | — | (156,357 | ) | — | (156,357 | ) | ||||||||||||||||
Contributions from noncontrolling interests, net | — | — | — | — | — | 3,443 | 3,443 | ||||||||||||||||||||
Balance at December 31, 2009 | $ | 1,918,329 | $ | 1,016,625 | $ | 31,192 | $ | (5,630 | ) | $ | 2,960,516 | $ | 7,150 | $ | 2,967,666 | ||||||||||||
Comprehensive Income: | |||||||||||||||||||||||||||
Net income (loss) | (3,670 | ) | 69,468 | (351 | ) | — | 65,447 | (185 | ) | 65,262 | |||||||||||||||||
Derivative instrument activity | — | — | — | 4,198 | 4,198 | — | 4,198 | ||||||||||||||||||||
Comprehensive income | 69,645 | (185 | ) | 69,460 | |||||||||||||||||||||||
Capital Contribution from the General Partner | 298,066 | — | — | — | 298,066 | — | 298,066 | ||||||||||||||||||||
Stock based compensation plan activity | 10,528 | — | — | — | 10,528 | — | 10,528 | ||||||||||||||||||||
Conversion of Limited Partner Units to common shares of the General Partner | (8,055 | ) | — | 8,055 | — | — | — | — | |||||||||||||||||||
Distributions to Preferred Unitholders | — | (69,468 | ) | — | — | (69,468 | ) | — | (69,468 | ) | |||||||||||||||||
Repurchase of Preferred Units | (6,702 | ) | (112,085 | ) | — | — | (118,787 | ) | — | (118,787 | ) | ||||||||||||||||
Distributions to Partners ($0.68 per Common Unit) | (161,879 | ) | — | (4,002 | ) | — | (165,881 | ) | — | (165,881 | ) | ||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (1,739 | ) | (1,739 | ) | ||||||||||||||||||
Balance at December 31, 2010 | $ | 2,046,617 | $ | 904,540 | $ | 34,894 | $ | (1,432 | ) | $ | 2,984,619 | $ | 5,226 | $ | 2,989,845 | ||||||||||||
Comprehensive Income: | |||||||||||||||||||||||||||
Net income (loss) | 35,212 | 60,353 | 859 | — | 96,424 | (115 | ) | 96,309 | |||||||||||||||||||
Derivative instrument activity | — | — | — | 2,419 | 2,419 | — | 2,419 | ||||||||||||||||||||
Comprehensive income | 98,843 | (115 | ) | 98,728 | |||||||||||||||||||||||
Issuance of Limited Partner Units for acquisition | — | — | 28,357 | — | 28,357 | — | 28,357 | ||||||||||||||||||||
Stock based compensation plan activity | 10,890 | — | — | — | 10,890 | — | 10,890 | ||||||||||||||||||||
Conversion of Limited Partner Units to common shares of the General Partner | 3,130 | — | (3,130 | ) | — | — | — | — | |||||||||||||||||||
Distributions to Preferred Unitholders | — | (60,353 | ) | — | — | (60,353 | ) | — | (60,353 | ) | |||||||||||||||||
Redemption/repurchase of Preferred Units | (96 | ) | (110,630 | ) | — | — | (110,726 | ) | — | (110,726 | ) | ||||||||||||||||
Distributions to Partners ($0.68 per Common Unit) | (171,867 | ) | — | (4,726 | ) | — | (176,593 | ) | — | (176,593 | ) | ||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | (566 | ) | (566 | ) | ||||||||||||||||||
Balance at December 31, 2011 | $ | 1,923,886 | $ | 793,910 | $ | 56,254 | $ | 987 | $ | 2,775,037 | $ | 4,545 | $ | 2,779,582 | |||||||||||||
Common Units outstanding at December 31, 2011 | 252,927 | 6,945 | 259,872 |
(1) | The Partnership |
(2) | Summary of Significant Accounting Policies |
Carrying Value | Maximum Loss Exposure | |||||||||||
December 31, 2011 | December 31, 2010 | December 31, 2011 | December 31, 2010 | |||||||||
Investment in Unconsolidated Company | $ | 33.5 | $ | 31.7 | $ | 33.5 | $ | 31.7 | ||||
Guarantee Obligations (1) | $ | (17.7 | ) | $ | (25.2 | ) | $ | (57.0 | ) | $ | (63.7 | ) |
(1) | We are party to guarantees of the third-party debt of these joint ventures and our maximum loss exposure is equal to the maximum monetary obligation pursuant to the guarantee agreements. In 2009, we recorded a liability for our probable future obligation under a guarantee to the lender of one of these ventures. Pursuant to an agreement with the lender, we may make partner loans to this joint venture that will reduce our maximum guarantee obligation on a dollar-for-dollar basis. The carrying value of our recorded guarantee obligations is included in other liabilities in our Consolidated Balance Sheets. |
2011 | 2010 | 2009 | |||||||||
Interest expense on Exchangeable Notes, excluding effect of accounting for convertible debt | $ | 5,769 | $ | 7,136 | $ | 14,850 | |||||
Effect of accounting for convertible debt | 2,090 | 2,474 | 5,024 | ||||||||
Total interest expense on Exchangeable Notes | $ | 7,859 | $ | 9,610 | $ | 19,874 |
2011 | 2010 | 2009 | |||||||||
Net income (loss) attributable to common unitholders | $ | 32,275 | $ | (14,459 | ) | $ | (344,700 | ) | |||
Less: Distributions on participating securities | (3,243 | ) | (2,513 | ) | (1,759 | ) | |||||
Basic and diluted net income (loss) attributable to common unitholders | $ | 29,032 | $ | (16,972 | ) | $ | (346,459 | ) | |||
Weighted average number of Common Units outstanding | 259,598 | 244,870 | 207,893 | ||||||||
Other potential dilutive units | — | — | — | ||||||||
Weighted average number of Common Units and potential dilutive securities | 259,598 | 244,870 | 207,893 |
2011 | 2010 | 2009 | ||||||
Anti-dilutive outstanding potential units under fixed stock option plans | 1,677 | 1,779 | 6,768 | |||||
Anti-dilutive potential units under the Exchangeable Notes | 3,140 | 3,890 | 8,089 | |||||
Outstanding participating securities | 4,780 | 4,331 | 2,369 |
(3) | Significant Acquisitions and Dispositions |
Acquired During Year Ended December 31, 2011 | Acquired During Year Ended December 31, 2010 | Total | |||||||||
Real estate assets | $ | 153,656 | $ | 249,960 | $ | 403,616 | |||||
Lease-related intangible assets | 25,445 | 31,091 | 56,536 | ||||||||
Other assets | 2,571 | 1,801 | 4,372 | ||||||||
Total acquired assets | 181,672 | 282,852 | 464,524 | ||||||||
Secured debt | 125,003 | 158,238 | 283,241 | ||||||||
Other liabilities | 4,284 | 4,075 | 8,359 | ||||||||
Total assumed liabilities | 129,287 | 162,313 | 291,600 | ||||||||
Fair value of acquired net assets | $ | 52,385 | $ | 120,539 | $ | 172,924 |
Real estate assets | $ | 503,556 | |
Lease related intangible assets | 70,994 | ||
Other assets | 879 | ||
Total acquired assets | 575,429 | ||
Secured debt | 40,072 | ||
Other liabilities | 8,300 | ||
Total assumed liabilities | 48,372 | ||
Fair value of acquired net assets | $ | 527,057 |
Real estate assets | $ | 502,418 | |
Lease related intangible assets | 107,155 | ||
Other assets | 28,658 | ||
Total acquired assets | $ | 638,231 | |
Secured debt | $ | 285,376 | |
Other liabilities | 20,243 | ||
Total assumed liabilities | $ | 305,619 | |
Fair value of acquired net assets (represents 100% interest) | $ | 332,612 |
Fair value of existing interest (represents 50% interest) | $ | 166,306 | |
Less: | |||
Carrying value of investment in Dugan | 158,591 | ||
Put option liability derecognized | (50,000 | ) | |
108,591 | |||
Gain on acquisition | $ | 57,715 |
Real estate assets | $ | 254,014 | |
Lease related intangible assets | 71,844 | ||
Other assets | 3,652 | ||
Total acquired assets | $ | 329,510 | |
Secured and unsecured debt | $ | 63,458 | |
Other liabilities | 5,645 | ||
Total assumed liabilities | $ | 69,103 | |
Fair value of acquired net assets | $ | 260,407 |
Real estate assets | $ | 182,538 | |
Lease related intangible assets | 24,350 | ||
Other assets | 3,987 | ||
Total acquired assets | 210,875 | ||
Liabilities assumed | (4,023 | ) | |
Fair value of acquired net assets | $ | 206,852 | |
Net fair value of acquired assets and liabilities | $ | 206,852 | |
Less advances to acquired entities eliminated upon consolidation | (173,006 | ) | |
Less acquisition date carrying value of equity in acquired entities | (34,908 | ) | |
Loss on acquisition | $ | (1,062 | ) |
2011 | 2010 | |||
Low | High | Low | High | |
Discount rate | 6.4% | 11.1% | 8.9% | 12.5% |
Exit capitalization rate | 4.8% | 10.0% | 7.6% | 10.5% |
Lease-up period (months) | 9 | 36 | 12 | 36 |
Net rental rate per square foot - Industrial | $2.75 | $6.70 | $1.80 | $8.00 |
Net rental rate per square foot - Office | $8.61 | $16.00 | $19.00 | $19.00 |
Net rental rate per square foot - Medical Office | $13.75 | $27.62 | $19.27 | $19.27 |
(4) | Related Party Transactions |
2011 | 2010 | 2009 | |||||||||
Management fees | $ | 10,090 | $ | 7,620 | $ | 8,421 | |||||
Leasing fees | 4,417 | 2,700 | 4,220 | ||||||||
Construction and development fees | 6,711 | 10,257 | 10,168 |
(5) | Investments in Unconsolidated Companies |
2011 | 2010 | 2009 | |||||||||
Rental revenue | $ | 272,937 | $ | 228,378 | $ | 254,787 | |||||
Net income | $ | 10,709 | $ | 19,202 | $ | 9,760 | |||||
Land, buildings and tenant improvements, net | $ | 2,051,412 | $ | 1,687,228 | |||||||
Construction in progress | 12,208 | 120,834 | |||||||||
Undeveloped land | 177,742 | 177,473 | |||||||||
Other assets | 309,409 | 242,461 | |||||||||
$ | 2,550,771 | $ | 2,227,996 | ||||||||
Indebtedness | $ | 1,317,554 | $ | 1,082,823 | |||||||
Other liabilities | 71,241 | 66,471 | |||||||||
1,388,795 | 1,149,294 | ||||||||||
Owners’ equity | 1,161,976 | 1,078,702 | |||||||||
$ | 2,550,771 | $ | 2,227,996 |
Year | Future Repayments | ||
2012 | $ | 30,285 | |
2013 | 97,601 | ||
2014 | 44,871 | ||
2015 | 64,319 | ||
2016 | 14,948 | ||
Thereafter | 156,484 | ||
$ | 408,508 | ||
(6) | Discontinued Operations and Assets Held for Sale |
Held For Sale at December 31, 2011 | Sold in 2011 | Sold in 2010 | Sold in 2009 | Total | |||||
Office | 7 | 93 | 11 | 5 | 116 | ||||
Industrial | 6 | 7 | 6 | 0 | 19 | ||||
Retail | 0 | 1 | 2 | 0 | 3 | ||||
13 | 101 | 19 | 5 | 138 |
2011 | 2010 | 2009 | |||||||||
Revenues | $ | 184,571 | $ | 238,772 | $ | 264,240 | |||||
Operating expenses | (85,120 | ) | (103,818 | ) | (110,185 | ) | |||||
Depreciation and amortization | (55,229 | ) | (80,578 | ) | (94,670 | ) | |||||
Operating income | 44,222 | 54,376 | 59,385 | ||||||||
Interest expense | (44,758 | ) | (60,869 | ) | (70,220 | ) | |||||
Loss before impairment charges and gain on sales | (536 | ) | (6,493 | ) | (10,835 | ) | |||||
Impairment charges | — | — | (27,206 | ) | |||||||
Gain on sale of depreciable properties | 100,882 | 33,054 | 6,786 | ||||||||
Income (loss) from discontinued operations | $ | 100,346 | $ | 26,561 | $ | (31,255 | ) |
December 31, 2011 | December 31, 2010 | ||||||
Real estate investment, net | $ | 49,735 | $ | 354,692 | |||
Other assets | 5,845 | 39,595 | |||||
Total assets held-for-sale | $ | 55,580 | $ | 394,287 | |||
Accrued expenses | $ | 254 | $ | 9,615 | |||
Other liabilities | 721 | 5,117 | |||||
Total liabilities held-for-sale | $ | 975 | $ | 14,732 |
(7) | Impairments and Other Charges |
2011 | 2010 | 2009 | |||||||||
Undeveloped land | $ | 12,931 | $ | 9,834 | $ | 136,581 | |||||
Buildings | — | — | 78,087 | ||||||||
Investments in unconsolidated companies | — | — | 56,437 | ||||||||
Other real estate related assets | — | — | 31,461 | ||||||||
Impairment charges | $ | 12,931 | $ | 9,834 | $ | 302,566 | |||||
Less: Impairment charges included in discontinued operations | — | — | (27,206 | ) | |||||||
Impairment charges - continuing operations | $ | 12,931 | $ | 9,834 | $ | 275,360 |
(8) | Indebtedness |
Maturity Date | Weighted Average Interest Rate | Weighted Average Interest Rate | |||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
Fixed rate secured debt | 2012 to 2027 | 6.25 | % | 6.41 | % | $ | 1,167,188 | $ | 1,042,722 | ||||||
Variable rate secured debt | 2014 to 2025 | 0.21 | % | 3.69 | % | 6,045 | 22,906 | ||||||||
Fixed rate unsecured debt | 2012 to 2028 | 6.56 | % | 6.43 | % | 2,616,063 | 2,948,405 | ||||||||
Unsecured lines of credit | 2012 to 2015 | 1.14 | % | 2.83 | % | 20,293 | 193,046 | ||||||||
$ | 3,809,589 | $ | 4,207,079 |
• | In December 2011, we repaid $167.6 million of our 3.75% Exchangeable Notes at their scheduled maturity date. Due to accounting requirements, which required us to record interest expense on this debt at a similar rate as could have been obtained for non-convertible debt, this debt had an effective interest rate of 5.62%. |
• | In August 2011, we repaid $122.5 million of senior unsecured notes, which had an effective interest rate of 5.69%, at their scheduled maturity date. |
• | In March 2011, we repaid $42.5 million of senior unsecured notes, which had an effective interest rate of 6.96%, at their scheduled maturity date. |
• | In January 2010, we repaid $99.8 million of corporate unsecured debt, which had an effective interest rate of 5.37%, at its scheduled maturity date. |
• | Throughout 2010, through a cash tender offer and open market transactions, we repurchased |
• | On April 1, 2010, we issued $250.0 million of senior unsecured notes that bear interest at 6.75% and mature on March 15, 2020. |
• | In conjunction with one of our acquisitions in 2010, we assumed a $22.4 million unsecured loan that matures in June 2020 and bears interest at an effective rate of 6.26%. This loan was originated less than one year prior to the acquisition and we concluded that the loan’s fair value equaled its face value. |
Outstanding Balance at | |||||||||
Description | Maximum Capacity | Maturity Date | December 31, 2011 | ||||||
Unsecured Line of Credit – Partnership | $ | 850,000 | December 2015 | $ | — | ||||
Unsecured Line of Credit – Consolidated Subsidiary | $ | 30,000 | July 2012 | $ | 20,293 |
Book Value at | Book Value at | Fair Value at | Issuances | Adjustments | Fair Value at | ||||||||||||||||||||||||||
December 31, 2010 | December 31, 2011 | December 31, 2010 | Total Realized Losses/(Gains) | and Assumptions | Payoffs | to Fair Value | December 31, 2011 | ||||||||||||||||||||||||
Fixed rate secured debt | $ | 1,042,722 | $ | 1,167,188 | $ | 1,069,562 | $ | — | $ | 178,507 | $ | (53,154 | ) | $ | 61,416 | $ | 1,256,331 | ||||||||||||||
Variable rate secured debt | 22,906 | 6,045 | 22,906 | — | — | (16,861 | ) | — | 6,045 | ||||||||||||||||||||||
Unsecured notes | 2,948,405 | 2,616,063 | 3,164,651 | — | — | (334,432 | ) | 4,391 | 2,834,610 | ||||||||||||||||||||||
Unsecured lines of credit | 193,046 | 20,293 | 193,224 | — | 2,248 | (175,000 | ) | (228 | ) | 20,244 | |||||||||||||||||||||
Total | $ | 4,207,079 | $ | 3,809,589 | $ | 4,450,343 | $ | — | $ | 180,755 | $ | (579,447 | ) | $ | 65,579 | $ | 4,117,230 |
Year | Amount | ||
2012 | $ | 353,935 | |
2013 | 538,374 | ||
2014 | 298,490 | ||
2015 | 372,396 | ||
2016 | 518,691 | ||
Thereafter | 1,723,784 | ||
$ | 3,805,670 | ||
(9) | Segment Reporting |
2011 | 2010 | 2009 | |||||||||
Revenues | |||||||||||
Rental Operations: | |||||||||||
Office | $ | 271,137 | $ | 312,036 | $ | 321,506 | |||||
Industrial | 388,828 | 289,946 | 249,555 | ||||||||
Non-reportable Rental Operations segments | 80,969 | 65,719 | 51,017 | ||||||||
General contractor and service fee revenue ("Service Operations") | 521,796 | 515,361 | 449,509 | ||||||||
Total Segment Revenues | 1,262,730 | 1,183,062 | 1,071,587 | ||||||||
Other Revenue | 11,544 | 11,094 | 12,377 | ||||||||
Consolidated Revenue from continuing operations | 1,274,274 | 1,194,156 | 1,083,964 | ||||||||
Discontinued Operations | 184,571 | 238,772 | 264,240 | ||||||||
Consolidated Revenue | $ | 1,458,845 | $ | 1,432,928 | $ | 1,348,204 | |||||
Reconciliation of Funds From Operations | |||||||||||
Net earnings excluding depreciation and Non-Segment Items | |||||||||||
Office | $ | 159,529 | $ | 184,915 | $ | 192,561 | |||||
Industrial | 283,850 | 215,751 | 188,277 | ||||||||
Non-reportable Rental Operations segments | 52,071 | 42,931 | 33,430 | ||||||||
Service Operations | 41,316 | 28,496 | 21,843 | ||||||||
536,766 | 472,093 | 436,111 | |||||||||
Non-Segment Items: | |||||||||||
Interest expense | (223,053 | ) | (189,094 | ) | (151,605 | ) | |||||
Impairment charges on non-depreciable properties | (12,931 | ) | (9,834 | ) | (168,511 | ) | |||||
Interest and other income | 658 | 534 | 1,229 | ||||||||
Other operating expenses | (1,237 | ) | (1,231 | ) | (1,017 | ) | |||||
General and administrative expenses | (43,107 | ) | (41,329 | ) | (47,937 | ) | |||||
Gain on land sales | — | — | 357 | ||||||||
Undeveloped land carrying costs | (8,934 | ) | (9,203 | ) | (10,403 | ) | |||||
Gain (loss) on debt transactions | — | (16,349 | ) | 20,700 | |||||||
Acquisition-related activity | (1,188 | ) | 55,820 | (1,062 | ) | ||||||
Income tax benefit | 194 | 1,126 | 6,070 | ||||||||
Other non-segment income | 6,131 | 8,132 | 5,905 | ||||||||
Net loss attributable to noncontrolling interests | 115 | 185 | 241 | ||||||||
Joint venture items | 38,161 | 40,346 | 46,862 | ||||||||
Distributions on Preferred Units | (60,353 | ) | (69,468 | ) | (73,451 | ) | |||||
Adjustments for redemption/repurchase of Preferred Units | (3,796 | ) | (10,438 | ) | — | ||||||
Discontinued operations | 54,693 | 74,085 | 83,835 | ||||||||
FFO attributable to common unitholders | 282,119 | 305,375 | 147,324 | ||||||||
Depreciation and amortization on continuing operations | (330,450 | ) | (279,606 | ) | (245,456 | ) | |||||
Depreciation and amortization on discontinued operations | (55,229 | ) | (80,578 | ) | (94,670 | ) | |||||
Partnership's share of joint venture adjustments | (33,687 | ) | (34,674 | ) | (36,966 | ) | |||||
Impairment charges on depreciable properties | — | — | (134,055 | ) | |||||||
Earnings from depreciated property sales on continuing operations | 68,549 | 39,662 | 12,337 | ||||||||
Earnings from depreciated property sales on discontinued operations | 100,882 | 33,054 | 6,786 | ||||||||
Earnings from depreciated property sales - share of joint venture | 91 | 2,308 | — | ||||||||
Net income (loss) attributable to common unitholders | $ | 32,275 | $ | (14,459 | ) | $ | (344,700 | ) |
December 31, 2011 | December 31, 2010 | ||||||
Assets | |||||||
Rental Operations: | |||||||
Office | $ | 1,742,196 | $ | 3,122,565 | |||
Industrial | 3,586,250 | 3,210,566 | |||||
Non-reportable Rental Operations segments | 789,233 | 627,491 | |||||
Service Operations | 167,382 | 231,662 | |||||
Total Segment Assets | 6,285,061 | 7,192,284 | |||||
Non-Segment Assets | 718,921 | 451,840 | |||||
Consolidated Assets | $ | 7,003,982 | $ | 7,644,124 |
2011 | 2010 | 2009 | |||||||||
Second Generation Capital Expenditures | |||||||||||
Office | $ | 63,933 | $ | 65,203 | $ | 64,281 | |||||
Industrial | 34,872 | 23,271 | 13,845 | ||||||||
Non-reportable Rental Operations segments | 459 | 249 | 928 | ||||||||
Total | $ | 99,264 | $ | 88,723 | $ | 79,054 |
(10) | Leasing Activity |
Year | Amount | ||
2012 | $ | 605,615 | |
2013 | 568,550 | ||
2014 | 490,939 | ||
2015 | 421,655 | ||
2016 | 353,900 | ||
Thereafter | 1,116,410 | ||
$ | 3,557,069 | ||
(11) | Employee Benefit Plans |
(12) | Partners’ Equity |
Description | Units Outstanding | Distribution Rate | Optional Redemption Date | Liquidation Preference | ||||
Series J Preferred | 396 | 6.625 | % | August 29, 2008 | $99,058 | |||
Series K Preferred | 598 | 6.500 | % | February 13, 2009 | $149,550 | |||
Series L Preferred | 796 | 6.600 | % | November 30, 2009 | $199,075 | |||
Series M Preferred | 673 | 6.950 | % | January 31, 2011 | $168,272 | |||
Series O Preferred | 712 | 8.375 | % | February 22, 2013 | $177,955 |
(13) | Stock Based Compensation |
Restricted Stock Units | Number of RSUs | Weighted Average Grant Date Fair Value | ||
RSUs at December 31, 2010 | 3,378,839 | $11.15 | ||
Granted | 867,030 | $13.66 | ||
Vested | (577,344 | ) | $12.11 | |
Forfeited | (165,125 | ) | $11.51 | |
RSUs at December 31, 2011 | 3,503,400 | $11.59 |
(14) | Financial Instruments |
(15) | Commitments and Contingencies |
(16) | Subsequent Events |
Class | Quarterly Amount/Unit | Record Date | Payment Date | ||||
Common | $ | 0.170000 | February 15, 2012 | February 29, 2012 | |||
Preferred (per depositary unit): | |||||||
Series J | $ | 0.414063 | February 15, 2012 | February 29, 2012 | |||
Series K | $ | 0.406250 | February 15, 2012 | February 29, 2012 | |||
Series L | $ | 0.412500 | February 15, 2012 | February 29, 2012 | |||
Series M | $ | 0.434375 | March 21, 2012 | April 2, 2012 | |||
Series O | $ | 0.523438 | March 21, 2012 | April 2, 2012 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Arlington, Texas | ||||||||||||||||||||||||||||
Baylor Ortho Hospital | Baylor Ortho Hosp-Arlington | Medical Office | 16,046 | 584 | 9,623 | 11,863 | 1,816 | 20,254 | 22,070 | 1,630 | 2009 | 2009 | ||||||||||||||||
Atlanta, Georgia | ||||||||||||||||||||||||||||
Druid Chase | 1190 West Druid Hills Drive | Office | — | 689 | 6,281 | (499 | ) | 689 | 5,782 | 6,471 | 2,762 | 1980 | 1999 | |||||||||||||||
Aurora, Illinois | ||||||||||||||||||||||||||||
Meridian Business Campus | 535 Exchange | Industrial | — | 386 | 920 | 269 | 386 | 1,189 | 1,575 | 512 | 1984 | 1999 | ||||||||||||||||
Meridian Business Campus | 525 North Enterprise Street | Industrial | — | 342 | 1,678 | 110 | 342 | 1,788 | 2,130 | 716 | 1984 | 1999 | ||||||||||||||||
Meridian Business Campus | 615 North Enterprise Street | Industrial | — | 468 | 2,408 | 741 | 468 | 3,149 | 3,617 | 1,210 | 1984 | 1999 | ||||||||||||||||
Meridian Business Campus | 3737 East Exchange | Industrial | — | 598 | 2,543 | 504 | 598 | 3,047 | 3,645 | 1,142 | 1985 | 1999 | ||||||||||||||||
Meridian Business Campus | 444 North Commerce Street | Industrial | — | 722 | 5,019 | 597 | 722 | 5,616 | 6,338 | 2,090 | 1985 | 1999 | ||||||||||||||||
Meridian Business Campus | 880 North Enterprise Street | Industrial | 3,840 | 1,150 | 5,646 | 882 | 1,150 | 6,528 | 7,678 | 2,466 | 2000 | 2000 | ||||||||||||||||
Meridian Business Campus | Meridian Office Service Center | Industrial | — | 567 | 1,083 | 1,688 | 567 | 2,771 | 3,338 | 1,161 | 2001 | 2001 | ||||||||||||||||
Meridian Business Campus | Genera Corporation | Industrial | 3,112 | 1,957 | 3,827 | — | 1,957 | 3,827 | 5,784 | 1,321 | 2004 | 2004 | ||||||||||||||||
Butterfield East | Butterfield 550 | Industrial | 12,105 | 9,185 | 10,795 | 1,573 | 9,185 | 12,368 | 21,553 | 1,945 | 2008 | 2008 | ||||||||||||||||
Baltimore, Maryland | ||||||||||||||||||||||||||||
Chesapeake Commerce Center | 5901 Holabird Ave | Industrial | — | 3,345 | 4,220 | 3,307 | 3,345 | 7,527 | 10,872 | 2,039 | 2008 | 2008 | ||||||||||||||||
Chesapeake Commerce Center | 5003 Holabird Ave | Industrial | — | 6,488 | 9,162 | 1,873 | 6,488 | 11,035 | 17,523 | 1,947 | 2008 | 2008 | ||||||||||||||||
Batavia, Ohio | ||||||||||||||||||||||||||||
Mercy Hospital Clermont MOB | Mercy Hospital Clermont MOB | Medical Office | — | — | 7,461 | 1,509 | — | 8,970 | 8,970 | 1,606 | 2006 | 2007 | ||||||||||||||||
Baytown, Texas | ||||||||||||||||||||||||||||
Cedar Crossing Business Park | Cedar Crossing | Industrial | 10,969 | 9,323 | 5,934 | — | 9,323 | 5,934 | 15,257 | 1,646 | 2005 | 2007 | ||||||||||||||||
Bloomington, Minnesota | ||||||||||||||||||||||||||||
Hampshire Dist. Center | Hampshire Dist Center North | Industrial | — | 779 | 4,482 | 777 | 779 | 5,259 | 6,038 | 1,904 | 1979 | 1997 | ||||||||||||||||
Hampshire Dist. Center | Hampshire Dist Center South | Industrial | — | 901 | 5,010 | 481 | 901 | 5,491 | 6,392 | 2,009 | 1979 | 1997 | ||||||||||||||||
Blue Ash, Ohio | ||||||||||||||||||||||||||||
Lake Forest/Westlake | Lake Forest Place | Office | — | 1,953 | 18,381 | 5,945 | 1,953 | 24,326 | 26,279 | 9,676 | 1985 | 1996 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Northmark Office Park | Northmark Bldg 1 | Office | — | 1,452 | 2,593 | 1,284 | 1,452 | 3,877 | 5,329 | 1,143 | 1987 | 2004 | ||||||||||||||||
Lake Forest/Westlake | Westlake Center | Office | — | 2,459 | 14,280 | 5,058 | 2,459 | 19,338 | 21,797 | 7,955 | 1981 | 1996 | ||||||||||||||||
Bolingbrook, Illinois | ||||||||||||||||||||||||||||
Joliet Road Business Park | 555 Joliet Road | Industrial | 6,210 | 2,184 | 9,263 | 839 | 2,332 | 9,954 | 12,286 | 2,777 | 2002 | 2002 | ||||||||||||||||
Joliet Road Business Park | Dawes Transportation | Industrial | — | 3,050 | 4,453 | 16 | 3,050 | 4,469 | 7,519 | 1,649 | 2005 | 2005 | ||||||||||||||||
Crossroads Business Park | Chapco Carton Company | Industrial | 2,706 | 917 | 4,527 | 91 | 917 | 4,618 | 5,535 | 1,169 | 1999 | 2002 | ||||||||||||||||
Crossroads Business Park | Crossroads 1 | Industrial | — | 1,418 | 5,801 | 7 | 1,418 | 5,808 | 7,226 | 334 | 1998 | 2010 | ||||||||||||||||
Crossroads Business Park | Crossroads 3 | Industrial | — | 1,330 | 4,497 | — | 1,330 | 4,497 | 5,827 | 275 | 2000 | 2010 | ||||||||||||||||
Crossroads Business Park | 370 Crossroads Parkway | Industrial | — | 2,409 | 5,324 | — | 2,409 | 5,324 | 7,733 | 87 | 1989 | 2011 | ||||||||||||||||
Crossroads Business Park | 605 Crossroads Parkway | Industrial | — | 3,656 | 8,856 | — | 3,656 | 8,856 | 12,512 | 197 | 1998 | 2011 | ||||||||||||||||
Boynton Beach, Florida | ||||||||||||||||||||||||||||
Duke Realty Gateway | Gateway Center 1 | Industrial | 7,324 | 4,271 | 6,153 | — | 4,271 | 6,153 | 10,424 | 322 | 2002 | 2010 | ||||||||||||||||
Duke Realty Gateway | Gateway Center 2 | Industrial | 4,579 | 2,006 | 5,030 | — | 2,006 | 5,030 | 7,036 | 243 | 2002 | 2010 | ||||||||||||||||
Duke Realty Gateway | Gateway Center 3 | Industrial | 3,838 | 2,381 | 3,371 | — | 2,381 | 3,371 | 5,752 | 196 | 2002 | 2010 | ||||||||||||||||
Duke Realty Gateway | Gateway Center 4 | Industrial | 3,439 | 1,800 | 2,815 | — | 1,800 | 2,815 | 4,615 | 183 | 2000 | 2010 | ||||||||||||||||
Duke Realty Gateway | Gateway Center 5 | Industrial | 2,042 | 1,238 | 2,058 | — | 1,238 | 2,058 | 3,296 | 115 | 2000 | 2010 | ||||||||||||||||
Duke Realty Gateway | Gateway Center 6 | Industrial | 2,018 | 1,238 | 1,940 | — | 1,238 | 1,940 | 3,178 | 81 | 2000 | 2010 | ||||||||||||||||
Duke Realty Gateway | Gateway Center 7 | Industrial | 3,639 | 1,800 | 2,925 | — | 1,800 | 2,925 | 4,725 | 172 | 2000 | 2010 | ||||||||||||||||
Duke Realty Gateway | Gateway Center 8 | Industrial | 10,105 | 4,781 | 10,352 | — | 4,781 | 10,352 | 15,133 | 411 | 2004 | 2010 | ||||||||||||||||
Braselton, Georgia | ||||||||||||||||||||||||||||
Braselton Business Park | Braselton II | Industrial | — | 1,365 | 8,720 | 1,868 | 1,884 | 10,069 | 11,953 | 3,256 | 2001 | 2001 | ||||||||||||||||
Park 85 at Braselton | 625 Braselton Pkwy | Industrial | 15,357 | 9,855 | 21,466 | 1,671 | 9,855 | 23,137 | 32,992 | 5,561 | 2006 | 2005 | ||||||||||||||||
Park 85 at Braselton | 1350 Braselton Parkway | Industrial | — | 8,227 | 8,874 | 5,175 | 8,227 | 14,049 | 22,276 | 2,827 | 2008 | 2008 | ||||||||||||||||
Brentwood, Tennessee | ||||||||||||||||||||||||||||
Brentwood South Bus. Center | Brentwood South Bus Ctr I | Industrial | — | 1,065 | 5,262 | 1,264 | 1,065 | 6,526 | 7,591 | 2,207 | 1987 | 1999 | ||||||||||||||||
Brentwood South Bus. Center | Brentwood South Bus Ctr II | Industrial | — | 1,065 | 2,665 | 1,501 | 1,065 | 4,166 | 5,231 | 1,424 | 1987 | 1999 | ||||||||||||||||
Brentwood South Bus. Center | Brentwood South Bus Ctr III | Industrial | — | 848 | 3,604 | 818 | 848 | 4,422 | 5,270 | 1,452 | 1989 | 1999 | ||||||||||||||||
Creekside Crossing | Creekside Crossing I | Office | — | 1,900 | 7,169 | 1,613 | 1,901 | 8,781 | 10,682 | 3,608 | 1998 | 1998 | ||||||||||||||||
Creekside Crossing | Creekside Crossing II | Office | — | 2,087 | 6,950 | 1,731 | 2,087 | 8,681 | 10,768 | 3,346 | 2000 | 2000 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Creekside Crossing | Creekside Crossing III | Office | — | 2,969 | 9,055 | 2,451 | 2,969 | 11,506 | 14,475 | 3,741 | 2006 | 2006 | ||||||||||||||||
Creekside Crossing | Creekside Crossing IV | Office | — | 2,966 | 7,775 | 4,834 | 2,877 | 12,698 | 15,575 | 3,183 | 2007 | 2007 | ||||||||||||||||
Bridgeton, Missouri | ||||||||||||||||||||||||||||
Dukeport | DukePort I | Industrial | — | 2,124 | 5,374 | — | 2,124 | 5,374 | 7,498 | 355 | 1996 | 2010 | ||||||||||||||||
Dukeport | DukePort II | Industrial | — | 1,470 | 2,922 | — | 1,470 | 2,922 | 4,392 | 214 | 1997 | 2010 | ||||||||||||||||
Dukeport | DukePort V | Industrial | — | 600 | 3,004 | — | 600 | 3,004 | 3,604 | 234 | 1998 | 2010 | ||||||||||||||||
Dukeport | DukePort VI | Industrial | — | 1,664 | 6,159 | — | 1,664 | 6,159 | 7,823 | 357 | 1999 | 2010 | ||||||||||||||||
Dukeport | DukePort VII | Industrial | — | 834 | 4,102 | — | 834 | 4,102 | 4,936 | 283 | 1999 | 2010 | ||||||||||||||||
Dukeport | DukePort IX | Industrial | — | 2,475 | 5,740 | — | 2,475 | 5,740 | 8,215 | 352 | 2001 | 2010 | ||||||||||||||||
Brooklyn Park, Minnesota | ||||||||||||||||||||||||||||
7300 Northland Drive | 7300 Northland Drive | Industrial | — | 700 | 5,655 | 315 | 703 | 5,967 | 6,670 | 2,059 | 1999 | 1998 | ||||||||||||||||
Crosstown North Bus. Ctr. | Crosstown North Bus. Ctr. 1 | Industrial | 3,495 | 835 | 4,852 | 1,378 | 1,286 | 5,779 | 7,065 | 2,061 | 1998 | 1999 | ||||||||||||||||
Crosstown North Bus. Ctr. | Crosstown North Bus. Ctr. 2 | Industrial | — | 449 | 2,459 | 808 | 599 | 3,117 | 3,716 | 1,062 | 1998 | 1999 | ||||||||||||||||
Crosstown North Bus. Ctr. | Crosstown North Bus. Ctr. 4 | Industrial | 4,965 | 2,079 | 5,830 | 1,700 | 2,397 | 7,212 | 9,609 | 2,409 | 1999 | 1999 | ||||||||||||||||
Crosstown North Bus. Ctr. | Crosstown North Bus. Ctr. 5 | Industrial | 2,980 | 1,079 | 4,278 | 724 | 1,354 | 4,727 | 6,081 | 1,712 | 2000 | 2000 | ||||||||||||||||
Crosstown North Bus. Ctr. | Crosstown North Bus. Ctr. 6 | Industrial | — | 788 | 1,402 | 2,334 | 1,031 | 3,493 | 4,524 | 1,123 | 2000 | 2000 | ||||||||||||||||
Crosstown North Bus. Ctr. | Crosstown North Bus. Ctr. 10 | Industrial | 4,109 | 2,757 | 4,423 | 1,078 | 2,723 | 5,535 | 8,258 | 2,294 | 2005 | 2005 | ||||||||||||||||
Crosstown North Bus. Ctr. | Crosstown North Bus. Ctr. 12 | Industrial | 6,835 | 4,564 | 8,254 | 668 | 4,564 | 8,922 | 13,486 | 2,286 | 2005 | 2005 | ||||||||||||||||
Brownsburg, Indiana | ||||||||||||||||||||||||||||
Ortho Indy West-MOB | Ortho Indy West-MOB | Medical Office | — | — | 9,817 | 1,579 | 865 | 10,531 | 11,396 | 921 | 2008 | 2008 | ||||||||||||||||
Carmel, Indiana | ||||||||||||||||||||||||||||
Hamilton Crossing | Hamilton Crossing I | Industrial | — | 833 | 2,706 | 3,098 | 845 | 5,792 | 6,637 | 2,552 | 2000 | 1993 | ||||||||||||||||
Hamilton Crossing | Hamilton Crossing II | Office | — | 313 | 510 | 1,702 | 384 | 2,141 | 2,525 | 812 | 1997 | 1997 | ||||||||||||||||
Hamilton Crossing | Hamilton Crossing III | Office | — | 890 | 7,341 | 2,448 | 890 | 9,789 | 10,679 | 3,333 | 2000 | 2000 | ||||||||||||||||
Hamilton Crossing | Hamilton Crossing IV | Office | — | 515 | 4,978 | 728 | 598 | 5,623 | 6,221 | 2,053 | 1999 | 1999 | ||||||||||||||||
Hamilton Crossing | Hamilton Crossing VI | Office | — | 1,044 | 12,778 | 1,314 | 1,068 | 14,068 | 15,136 | 3,883 | 2004 | 2004 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Carol Stream, Illinois | ||||||||||||||||||||||||||||
Carol Stream Business Park | Carol Stream IV | Industrial | 9,900 | 3,204 | 14,869 | 1,289 | 3,204 | 16,158 | 19,362 | 5,035 | 2004 | 2003 | ||||||||||||||||
Carol Stream Business Park | Carol Stream I | Industrial | — | 1,095 | 3,438 | — | 1,095 | 3,438 | 4,533 | 266 | 1998 | 2010 | ||||||||||||||||
Carol Stream Business Park | Carol Stream III | Industrial | — | 1,556 | 6,331 | — | 1,556 | 6,331 | 7,887 | 362 | 2002 | 2010 | ||||||||||||||||
Carol Stream Business Park | 250 Kehoe Blvd, Carol Stream | Industrial | — | 1,715 | 7,616 | — | 1,715 | 7,616 | 9,331 | 93 | 2008 | 2011 | ||||||||||||||||
Carol Stream Business Park | 720 Center Avenue | Industrial | — | 4,031 | 20,735 | — | 4,031 | 20,735 | 24,766 | — | 1999 | 2011 | ||||||||||||||||
Carol Stream Business Park | 189-199 Easy Street | Industrial | — | 1,075 | 3,739 | — | 1,075 | 3,739 | 4,814 | — | 1995 | 2011 | ||||||||||||||||
Cary, North Carolina | ||||||||||||||||||||||||||||
Regency Forest | 200 Regency Forest Drive | Office | — | 1,230 | 12,014 | 2,728 | 1,316 | 14,656 | 15,972 | 4,593 | 1999 | 1999 | ||||||||||||||||
Regency Forest | 100 Regency Forest Drive | Office | — | 1,538 | 9,373 | 2,809 | 1,644 | 12,076 | 13,720 | 3,778 | 1997 | 1999 | ||||||||||||||||
Weston Parkway | 6501 Weston Parkway | Office | — | 1,775 | 9,608 | 1,990 | 1,775 | 11,598 | 13,373 | 3,735 | 1996 | 1999 | ||||||||||||||||
Cedar Park, Texas | ||||||||||||||||||||||||||||
Not Applicable | Cedar Park MOB I | Medical Office | — | 576 | 15,666 | — | 576 | 15,666 | 16,242 | — | 2007 | 2011 | ||||||||||||||||
Chantilly, Virginia | ||||||||||||||||||||||||||||
Northridge at Westfields | 15002 Northridge Dr. | Office | — | 2,082 | 1,663 | 1,816 | 2,082 | 3,479 | 5,561 | 708 | 2007 | 2007 | ||||||||||||||||
Northridge at Westfields | 15004 Northridge Dr. | Office | — | 2,366 | 1,920 | 1,847 | 2,366 | 3,767 | 6,133 | 580 | 2007 | 2007 | ||||||||||||||||
Northridge at Westfields | 15006 Northridge Dr. | Office | — | 2,920 | 2,276 | 2,339 | 2,920 | 4,615 | 7,535 | 925 | 2007 | 2007 | ||||||||||||||||
Charlotte, North Carolina | ||||||||||||||||||||||||||||
Morehead Medical Plaza I | Morehead Medical Plaza I | Medical Office | 33,151 | 191 | 39,047 | — | 191 | 39,047 | 39,238 | 1,798 | 2006 | 2010 | ||||||||||||||||
Chillicothe, Ohio | ||||||||||||||||||||||||||||
Adena Health Pavilion | Adena Health Pavilion | Medical Office | — | — | 14,428 | 96 | — | 14,524 | 14,524 | 3,797 | 2006 | 2007 | ||||||||||||||||
Cincinnati, Ohio | ||||||||||||||||||||||||||||
311 Elm | 311 Elm | Office | — | 339 | 5,702 | 1,314 | — | 7,355 | 7,355 | 5,108 | 1986 | 1993 | ||||||||||||||||
Blue Ash Office Center | Blue Ash Office Center VI | Office | — | 518 | 2,459 | 715 | 518 | 3,174 | 3,692 | 1,233 | 1989 | 1997 | ||||||||||||||||
Towers of Kenwood | Towers of Kenwood | Office | — | 4,891 | 41,342 | 3,614 | 4,891 | 44,956 | 49,847 | 12,353 | 1989 | 2003 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Governor's Hill | 8790 Governor's Hill | Office | — | 400 | 4,224 | 1,442 | 408 | 5,658 | 6,066 | 2,680 | 1985 | 1993 | ||||||||||||||||
Governor's Hill | 8600/8650 Governor's Hill Dr. | Office | — | 1,220 | 16,873 | 6,667 | 1,245 | 23,515 | 24,760 | 11,779 | 1986 | 1993 | ||||||||||||||||
Kenwood Executive Center | Kenwood Executive Center | Office | — | 606 | 3,677 | 1,094 | 664 | 4,713 | 5,377 | 1,926 | 1981 | 1997 | ||||||||||||||||
Kenwood Commons | 8230 Kenwood Commons | Office | 2,679 | 638 | 3,877 | 1,192 | 638 | 5,069 | 5,707 | 3,216 | 1986 | 1993 | ||||||||||||||||
Kenwood Commons | 8280 Kenwood Commons | Office | 1,621 | 638 | 2,598 | 809 | 638 | 3,407 | 4,045 | 1,853 | 1986 | 1993 | ||||||||||||||||
Kenwood Medical Office Bldg. | Kenwood Medical Office Bldg. | Office | — | — | 7,663 | 100 | — | 7,763 | 7,763 | 2,597 | 1999 | 1999 | ||||||||||||||||
Pfeiffer Place | Pfeiffer Place | Office | — | 3,608 | 11,298 | 2,864 | 3,608 | 14,162 | 17,770 | 4,199 | 2001 | 2001 | ||||||||||||||||
Pfeiffer Woods | Pfeiffer Woods | Office | — | 1,450 | 12,033 | 1,993 | 2,131 | 13,345 | 15,476 | 4,864 | 1998 | 1999 | ||||||||||||||||
Remington Office Park | Remington Park Building A | Office | — | 560 | 1,442 | 282 | 560 | 1,724 | 2,284 | 1,140 | 1982 | 1997 | ||||||||||||||||
Remington Office Park | Remington Park Building B | Office | — | 560 | 1,121 | 392 | 560 | 1,513 | 2,073 | 920 | 1982 | 1997 | ||||||||||||||||
Triangle Office Park | Triangle Office Park | Office | 1,745 | 1,018 | 10,149 | 2,327 | 1,018 | 12,476 | 13,494 | 7,853 | 1985 | 1993 | ||||||||||||||||
World Park | World Park Bldg 8 | Industrial | — | 1,095 | 2,641 | — | 1,095 | 2,641 | 3,736 | 169 | 1989 | 2010 | ||||||||||||||||
World Park | World Park Bldg 9 | Industrial | — | 335 | 1,825 | 14 | 335 | 1,839 | 2,174 | 113 | 1989 | 2010 | ||||||||||||||||
World Park | World Park Bldg 11 | Industrial | — | 674 | 2,032 | — | 674 | 2,032 | 2,706 | 122 | 1989 | 2010 | ||||||||||||||||
World Park | World Park Bldg 14 | Industrial | — | 668 | 3,617 | 57 | 668 | 3,674 | 4,342 | 198 | 1989 | 2010 | ||||||||||||||||
World Park | World Park Bldg 15 | Industrial | — | 488 | 1,991 | — | 488 | 1,991 | 2,479 | 210 | 1990 | 2010 | ||||||||||||||||
World Park | World Park Bldg 16 | Industrial | — | 525 | 2,096 | 1 | 525 | 2,097 | 2,622 | 128 | 1989 | 2010 | ||||||||||||||||
World Park | World Park Bldg 17 | Industrial | 6,879 | 1,133 | 5,668 | — | 1,133 | 5,668 | 6,801 | 363 | 1994 | 2010 | ||||||||||||||||
World Park | World Park Bldg 18 | Industrial | — | 1,268 | 5,200 | — | 1,268 | 5,200 | 6,468 | 303 | 1997 | 2010 | ||||||||||||||||
World Park | World Park Bldg 28 | Industrial | — | 870 | 5,316 | — | 870 | 5,316 | 6,186 | 303 | 1998 | 2010 | ||||||||||||||||
World Park | World Park Bldg 29 | Industrial | 12,518 | 1,605 | 10,220 | — | 1,605 | 10,220 | 11,825 | 557 | 1998 | 2010 | ||||||||||||||||
World Park | World Park Bldg 30 | Industrial | 14,681 | 2,492 | 11,964 | — | 2,492 | 11,964 | 14,456 | 723 | 1999 | 2010 | ||||||||||||||||
World Park | World Park Bldg 31 | Industrial | — | 533 | 2,531 | — | 533 | 2,531 | 3,064 | 142 | 1998 | 2010 | ||||||||||||||||
Good Samaritan W. Ridge MOB | Western Ridge | Medical Office | — | 1,894 | 8,028 | — | 1,894 | 8,028 | 9,922 | 475 | 2010 | 2010 | ||||||||||||||||
Good Samaritan W. Ridge MOB | Western Ridge MOB II | Medical Office | — | 1,020 | 3,544 | 17 | 1,020 | 3,561 | 4,581 | 59 | 2011 | 2011 | ||||||||||||||||
Clayton, Missouri | ||||||||||||||||||||||||||||
101 South Hanley | 101 South Hanley | Office | — | 6,150 | 40,580 | 5,634 | 6,150 | 46,214 | 52,364 | 13,294 | 1986 | 2002 | ||||||||||||||||
Columbus, Ohio | ||||||||||||||||||||||||||||
Easton | 4343 Easton Commons Ground | Grounds | — | 796 | — | — | 796 | — | 796 | — | n/a | 2007 | ||||||||||||||||
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Coppell, Texas | ||||||||||||||||||||||||||||
Freeport North | Freeport X | Industrial | 14,902 | 8,198 | 16,900 | 3,052 | 8,198 | 19,952 | 28,150 | 8,533 | 2004 | 2004 | ||||||||||||||||
Point West Industrial | Point West VI | Industrial | 16,522 | 10,181 | 17,905 | 5,744 | 10,181 | 23,649 | 33,830 | 4,907 | 2008 | 2008 | ||||||||||||||||
Point West Industrial | Point West VII | Industrial | 13,648 | 6,785 | 13,668 | 6,488 | 7,201 | 19,740 | 26,941 | 4,100 | 2008 | 2008 | ||||||||||||||||
Point West Industrial | Samsung Pkg Lot-PWT7 | Grounds | — | 306 | — | 61 | 367 | — | 367 | 96 | n/a | 2009 | ||||||||||||||||
Corona, California | ||||||||||||||||||||||||||||
Not Applicable | 1283 Sherborn Street | Industrial | — | 8,677 | 16,778 | — | 8,677 | 16,778 | 25,455 | 238 | 2005 | 2011 | ||||||||||||||||
Dallas, Texas | ||||||||||||||||||||||||||||
Baylor Administration Building | Baylor Administration Building | Medical Office | — | 50 | 14,435 | 100 | 150 | 14,435 | 14,585 | 1,324 | 2009 | 2009 | ||||||||||||||||
Davenport, Florida | ||||||||||||||||||||||||||||
Park 27 Distribution Center | Park 27 Distribution Center I | Industrial | — | 2,449 | 6,107 | 33 | 2,449 | 6,140 | 8,589 | 2,655 | 2003 | 2003 | ||||||||||||||||
Park 27 Distribution Center | Park 27 Distribution Center II | Industrial | — | 4,374 | 8,218 | 4,948 | 4,415 | 13,125 | 17,540 | 3,184 | 2007 | 2007 | ||||||||||||||||
Davie, Florida | ||||||||||||||||||||||||||||
Westport | Westport Business Park 1 | Industrial | 1,928 | 1,200 | 1,317 | 59 | 1,200 | 1,376 | 2,576 | 70 | 1991 | 2011 | ||||||||||||||||
Westport | Westport Business Park 2 | Industrial | 1,725 | 1,088 | 818 | 39 | 1,088 | 857 | 1,945 | 47 | 1991 | 2011 | ||||||||||||||||
Westport | Westport Business Park 3 | Industrial | 5,660 | 2,363 | 6,568 | 81 | 2,363 | 6,649 | 9,012 | 317 | 1991 | 2011 | ||||||||||||||||
Deerfield Township, Ohio | ||||||||||||||||||||||||||||
Deerfield Crossing | Deerfield Crossing A | Office | — | 1,493 | 10,982 | 1,884 | 1,493 | 12,866 | 14,359 | 4,330 | 1999 | 1999 | ||||||||||||||||
Deerfield Crossing | Deerfield Crossing B | Office | — | 1,069 | 9,517 | 712 | 1,069 | 10,229 | 11,298 | 2,910 | 2001 | 2001 | ||||||||||||||||
Governor's Pointe | Governor's Pointe 4770 | Office | — | 586 | 7,422 | 1,114 | 596 | 8,526 | 9,122 | 4,987 | 1986 | 1993 | ||||||||||||||||
Governor's Pointe | Governor's Pointe 4705 | Office | — | 719 | 5,690 | 3,847 | 987 | 9,269 | 10,256 | 4,785 | 1988 | 1993 | ||||||||||||||||
Governor's Pointe | Governor's Pointe 4605 | Office | — | 630 | 16,219 | 4,515 | 909 | 20,455 | 21,364 | 10,185 | 1990 | 1993 | ||||||||||||||||
Governor's Pointe | Governor's Pointe 4660 | Office | — | 385 | 4,020 | 436 | 529 | 4,312 | 4,841 | 1,868 | 1997 | 1997 | ||||||||||||||||
Governor's Pointe | Governor's Pointe 4680 | Office | — | 1,115 | 6,291 | 1,453 | 1,115 | 7,744 | 8,859 | 3,074 | 1998 | 1998 | ||||||||||||||||
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Des Plaines, Illinois | ||||||||||||||||||||||||||||
2180 South Wolf Road | 2180 South Wolf Road | Industrial | — | 179 | 1,505 | 588 | 179 | 2,093 | 2,272 | 809 | 1969 | 1998 | ||||||||||||||||
Duluth, Georgia | ||||||||||||||||||||||||||||
Business Park At Sugarloaf | 2775 Premiere Parkway | Industrial | 6,479 | 560 | 4,507 | 434 | 565 | 4,936 | 5,501 | 1,562 | 1997 | 1999 | ||||||||||||||||
Business Park At Sugarloaf | 3079 Premiere Parkway | Industrial | 9,907 | 776 | 4,844 | 2,301 | 783 | 7,138 | 7,921 | 2,286 | 1998 | 1999 | ||||||||||||||||
Business Park At Sugarloaf | 2855 Premiere Parkway | Industrial | 6,478 | 765 | 3,275 | 1,092 | 770 | 4,362 | 5,132 | 1,320 | 1999 | 1999 | ||||||||||||||||
Business Park At Sugarloaf | 6655 Sugarloaf | Industrial | 13,418 | 1,651 | 6,985 | 1,065 | 1,659 | 8,042 | 9,701 | 1,981 | 1998 | 2001 | ||||||||||||||||
Business Park At Sugarloaf | 6650 Sugarloaf Parkway | Office | 5,409 | 1,573 | 4,240 | 251 | 1,573 | 4,491 | 6,064 | 151 | 2004 | 2011 | ||||||||||||||||
Meadowbrook | 2450 Meadowbrook Parkway | Industrial | — | 383 | 1,622 | — | 383 | 1,622 | 2,005 | 126 | 1989 | 2010 | ||||||||||||||||
Meadowbrook | 2500 Meadowbrook Parkway | Industrial | — | 405 | 1,918 | 30 | 405 | 1,948 | 2,353 | 113 | 1987 | 2010 | ||||||||||||||||
Pinebrook | 2625 Pinemeadow Court | Industrial | — | 861 | 4,033 | — | 861 | 4,033 | 4,894 | 494 | 1994 | 2010 | ||||||||||||||||
Pinebrook | 2660 Pinemeadow Court | Industrial | — | 540 | 2,302 | — | 540 | 2,302 | 2,842 | 190 | 1996 | 2010 | ||||||||||||||||
Pinebrook | 2450 Satellite Boulevard | Industrial | — | 556 | 2,497 | — | 556 | 2,497 | 3,053 | 235 | 1994 | 2010 | ||||||||||||||||
Durham, North Carolina | ||||||||||||||||||||||||||||
CenterPoint Business Park | 1805 T.W. Alexander Drive | Industrial | — | 4,110 | 11,795 | 4 | 4,110 | 11,799 | 15,909 | 334 | 2000 | 2011 | ||||||||||||||||
CenterPoint Business Park | 1757 T.W. Alexander Drive | Industrial | 9,270 | 2,998 | 9,095 | — | 2,998 | 9,095 | 12,093 | 97 | 2007 | 2011 | ||||||||||||||||
Eagan, Minnesota | ||||||||||||||||||||||||||||
Apollo Industrial Center | Apollo Industrial Ctr I | Industrial | 3,537 | 866 | 4,300 | 1,805 | 882 | 6,089 | 6,971 | 2,389 | 1997 | 1997 | ||||||||||||||||
Apollo Industrial Center | Apollo Industrial Ctr II | Industrial | 1,606 | 474 | 2,332 | 259 | 474 | 2,591 | 3,065 | 767 | 2000 | 2000 | ||||||||||||||||
Apollo Industrial Center | Apollo Industrial Ctr III | Industrial | 3,788 | 1,432 | 6,107 | 25 | 1,432 | 6,132 | 7,564 | 1,850 | 2000 | 2000 | ||||||||||||||||
Silver Bell Commons | Silver Bell Commons | Industrial | — | 1,807 | 5,548 | 2,163 | 1,941 | 7,577 | 9,518 | 2,769 | 1999 | 1999 | ||||||||||||||||
Trapp Road Commerce Center | Trapp Road Commerce Center I | Industrial | 2,310 | 671 | 3,847 | 467 | 700 | 4,285 | 4,985 | 1,586 | 1996 | 1998 | ||||||||||||||||
Trapp Road Commerce Center | Trapp Road Commerce Center II | Industrial | 4,094 | 1,250 | 6,364 | 1,168 | 1,266 | 7,516 | 8,782 | 2,850 | 1998 | 1998 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Earth City, Missouri | ||||||||||||||||||||||||||||
Earth City | Rider Trail | Office | — | 2,615 | 9,807 | 3,817 | 2,615 | 13,624 | 16,239 | 5,033 | 1987 | 1997 | ||||||||||||||||
Earth City | 3300 Pointe 70 | Office | — | 1,186 | 6,055 | 2,867 | 1,186 | 8,922 | 10,108 | 3,610 | 1989 | 1997 | ||||||||||||||||
Earth City | Corporate Center, Earth City | Industrial | — | 783 | 1,287 | 2,164 | 783 | 3,451 | 4,234 | 1,067 | 2000 | 2000 | ||||||||||||||||
Earth City | Corporate Trail Distribution | Industrial | — | 2,850 | 6,163 | 1,795 | 2,875 | 7,933 | 10,808 | 2,193 | 2006 | 2006 | ||||||||||||||||
East Point, Georgia | ||||||||||||||||||||||||||||
Camp Creek | Camp Creek Bldg 1400 | Office | 5,423 | 561 | 2,511 | 1,426 | 581 | 3,917 | 4,498 | 1,145 | 1988 | 2001 | ||||||||||||||||
Camp Creek | Camp Creek Bldg 1800 | Office | 4,616 | 462 | 2,468 | 821 | 477 | 3,274 | 3,751 | 893 | 1989 | 2001 | ||||||||||||||||
Camp Creek | Camp Creek Bldg 2000 | Office | 5,085 | 395 | 2,285 | 1,183 | 475 | 3,388 | 3,863 | 850 | 1989 | 2001 | ||||||||||||||||
Camp Creek | Camp Creek Bldg 2400 | Industrial | 3,118 | 296 | 1,509 | 831 | 316 | 2,320 | 2,636 | 762 | 1988 | 2001 | ||||||||||||||||
Camp Creek | Camp Creek Bldg 2600 | Industrial | 3,555 | 364 | 2,014 | 311 | 383 | 2,306 | 2,689 | 662 | 1990 | 2001 | ||||||||||||||||
Camp Creek | 3201 Centre Parkway | Industrial | 20,282 | 4,406 | 9,512 | 2,896 | 5,026 | 11,788 | 16,814 | 3,339 | 2004 | 2004 | ||||||||||||||||
Camp Creek | Camp Creek Building 1200 | Office | — | 1,334 | 1,250 | 1,104 | 1,351 | 2,337 | 3,688 | 1,204 | 2005 | 2005 | ||||||||||||||||
Camp Creek | 3900 North Commerce | Industrial | 5,209 | 1,059 | 2,966 | 59 | 1,098 | 2,986 | 4,084 | 841 | 2005 | 2005 | ||||||||||||||||
Camp Creek | 3909 North Commerce | Industrial | — | 5,687 | 10,192 | 12,583 | 9,032 | 19,430 | 28,462 | 6,854 | 2006 | 2006 | ||||||||||||||||
Camp Creek | 4200 N. Commerce-Hartsfield WH | Industrial | 11,814 | 2,065 | 7,076 | 194 | 2,156 | 7,179 | 9,335 | 1,514 | 2006 | 2006 | ||||||||||||||||
Camp Creek | Camp Creek Building 1000 | Office | — | 1,537 | 2,459 | 1,151 | 1,557 | 3,590 | 5,147 | 1,713 | 2006 | 2006 | ||||||||||||||||
Camp Creek | 3000 Centre Parkway | Industrial | — | 1,163 | 1,884 | 1,136 | 1,191 | 2,992 | 4,183 | 1,033 | 2007 | 2007 | ||||||||||||||||
Camp Creek | 1500 Centre Parkway | Office | — | 1,683 | 5,564 | 3,352 | 1,730 | 8,869 | 10,599 | 2,357 | 2008 | 2008 | ||||||||||||||||
Camp Creek | 1100 Centre Parkway | Office | — | 1,309 | 4,881 | 324 | 1,342 | 5,172 | 6,514 | 823 | 2008 | 2008 | ||||||||||||||||
Camp Creek | 4800 N. Commerce Dr. (Site Q) | Industrial | — | 2,476 | 4,650 | 1,524 | 2,541 | 6,109 | 8,650 | 914 | 2008 | 2008 | ||||||||||||||||
Elk Grove Village, Illinois | ||||||||||||||||||||||||||||
O'Hare Distribution Center | 1717 Busse Road, Elk Grove IL | Industrial | 14,534 | 3,602 | 19,016 | — | 3,602 | 19,016 | 22,618 | 227 | 2004 | 2011 | ||||||||||||||||
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Ellabell, Georgia | ||||||||||||||||||||||||||||
Crossroads (Savannah) | 1086 Orafold Pkwy | Industrial | 10,150 | 2,042 | 13,104 | 190 | 2,046 | 13,290 | 15,336 | 2,072 | 2006 | 2008 | ||||||||||||||||
Evansville, Indiana | ||||||||||||||||||||||||||||
St. Mary's Heart Institute | St. Mary's Heart Institute | Medical Office | — | — | 20,946 | 1,559 | — | 22,505 | 22,505 | 4,874 | 2006 | 2007 | ||||||||||||||||
Fairfield, Ohio | ||||||||||||||||||||||||||||
Thunderbird Building 1 | Thunderbird Building 1 | Industrial | — | 248 | 1,617 | 344 | 248 | 1,961 | 2,209 | 943 | 1991 | 1995 | ||||||||||||||||
Union Centre Industrial Park | Union Centre Industrial Park 2 | Industrial | — | 5,635 | 8,709 | 1,810 | 5,635 | 10,519 | 16,154 | 1,923 | 2008 | 2008 | ||||||||||||||||
Fishers, Indiana | ||||||||||||||||||||||||||||
Exit 5 | Exit 5 Building 1 | Industrial | — | 822 | 2,618 | 440 | 822 | 3,058 | 3,880 | 1,131 | 1999 | 1999 | ||||||||||||||||
Exit 5 | Exit 5 Building 2 | Industrial | — | 749 | 3,009 | 829 | 749 | 3,838 | 4,587 | 1,348 | 2000 | 2000 | ||||||||||||||||
St. Vincent Northeast MOB | St. Vincent Northeast MOB | Medical Office | — | — | 23,101 | 4,219 | 4,235 | 23,085 | 27,320 | 5,373 | 2008 | 2008 | ||||||||||||||||
Florence, Kentucky | ||||||||||||||||||||||||||||
Empire Commerce Center | Empire Commerce Center | Industrial | — | 813 | 878 | — | 813 | 878 | 1,691 | 100 | 1980 | 2010 | ||||||||||||||||
Kentucky Drive | 7910 Kentucky Drive | Industrial | — | 265 | 493 | — | 265 | 493 | 758 | 60 | 1980 | 2010 | ||||||||||||||||
Kentucky Drive | 7920 Kentucky Drive | Industrial | — | 653 | 850 | — | 653 | 850 | 1,503 | 114 | 1974 | 2010 | ||||||||||||||||
Flower Mound, Texas | ||||||||||||||||||||||||||||
Lakeside Ranch | Lakeside Ranch Bldg 20 | Industrial | — | 9,861 | 20,994 | — | 9,861 | 20,994 | 30,855 | — | 2007 | 2011 | ||||||||||||||||
Fort Worth, Texas | ||||||||||||||||||||||||||||
Riverpark Business Park | Riverpark Bldg 700 | Industrial | — | 3,975 | 10,766 | — | 3,975 | 10,766 | 14,741 | 230 | 2007 | 2011 | ||||||||||||||||
Franklin, Tennessee | ||||||||||||||||||||||||||||
Aspen Grove Industrial | Aspen Grove Business Ctr I | Industrial | — | 936 | 5,960 | 3,437 | 936 | 9,397 | 10,333 | 3,869 | 1996 | 1999 | ||||||||||||||||
Aspen Grove Industrial | Aspen Grove Business Ctr II | Industrial | — | 1,151 | 6,272 | 845 | 1,151 | 7,117 | 8,268 | 2,296 | 1996 | 1999 | ||||||||||||||||
Aspen Grove Industrial | Aspen Grove Business Ctr III | Industrial | — | 970 | 5,352 | 588 | 970 | 5,940 | 6,910 | 1,869 | 1998 | 1999 | ||||||||||||||||
Aspen Grove Industrial | Aspen Grove Business Center IV | Industrial | — | 492 | 2,249 | 546 | 492 | 2,795 | 3,287 | 575 | 2002 | 2002 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Aspen Grove Industrial | Aspen Grove Business Ctr V | Industrial | — | 943 | 5,163 | 2,593 | 943 | 7,756 | 8,699 | 3,050 | 1996 | 1999 | ||||||||||||||||
Aspen Grove Industrial | Aspen Grove Flex Center II | Industrial | — | 240 | 1,059 | 483 | 240 | 1,542 | 1,782 | 95 | 1999 | 1999 | ||||||||||||||||
Aspen Grove Office | Aspen Grove Office Center I | Office | — | 950 | 5,633 | 2,723 | 950 | 8,356 | 9,306 | 2,675 | 1999 | 1999 | ||||||||||||||||
Aspen Grove Industrial | Aspen Grove Flex Center I | Industrial | — | 301 | 1,061 | 715 | 301 | 1,776 | 2,077 | 534 | 1999 | 1999 | ||||||||||||||||
Aspen Grove Industrial | Aspen Grove Flex Center III | Industrial | — | 327 | 856 | 1,011 | 327 | 1,867 | 2,194 | 463 | 2001 | 2001 | ||||||||||||||||
Aspen Grove Industrial | Aspen Grove Flex Center IV | Industrial | — | 205 | 821 | 242 | 205 | 1,063 | 1,268 | 267 | 2001 | 2001 | ||||||||||||||||
Aspen Grove Office | Aspen Corporate Center 100 | Office | — | 723 | 2,358 | 154 | 723 | 2,512 | 3,235 | 481 | 2004 | 2004 | ||||||||||||||||
Aspen Grove Office | Aspen Corporate Center 200 | Office | — | 1,306 | 1,649 | 1,655 | 1,306 | 3,304 | 4,610 | 1,327 | 2006 | 2006 | ||||||||||||||||
Aspen Grove Office | Aspen Corporate Center 300 | Office | — | 1,451 | 2,050 | 1,901 | 1,460 | 3,942 | 5,402 | 654 | 2008 | 2008 | ||||||||||||||||
Aspen Grove Office | Aspen Corporate Center 400 | Office | — | 1,833 | 2,621 | 2,514 | 1,833 | 5,135 | 6,968 | 1,448 | 2007 | 2007 | ||||||||||||||||
Aspen Grove Office | Aspen Grove Office Center II | Office | — | 2,320 | 8,177 | 3,752 | 2,320 | 11,929 | 14,249 | 3,676 | 2007 | 2007 | ||||||||||||||||
Brentwood South Bus. Center | Brentwood South Bus Ctr IV | Industrial | — | 569 | 2,406 | 1,357 | 705 | 3,627 | 4,332 | 1,442 | 1990 | 1999 | ||||||||||||||||
Brentwood South Bus. Center | Brentwood South Bus Ctr V | Industrial | — | 445 | 1,907 | 204 | 445 | 2,111 | 2,556 | 698 | 1990 | 1999 | ||||||||||||||||
Brentwood South Bus. Center | Brentwood South Bus Ctr VI | Industrial | 1,087 | 489 | 1,206 | 654 | 489 | 1,860 | 2,349 | 661 | 1990 | 1999 | ||||||||||||||||
Franklin Park, Illinois | ||||||||||||||||||||||||||||
O'Hare Distribution Center | O'Hare Distribution Ctr | Industrial | — | 3,900 | 2,702 | 1,086 | 3,900 | 3,788 | 7,688 | 584 | 2007 | 2007 | ||||||||||||||||
Franklin Park Ind. Campus | 11440 Addison Street | Industrial | — | 1,298 | 776 | — | 1,298 | 776 | 2,074 | 13 | 1960 | 2011 | ||||||||||||||||
Ft. Wayne, Indiana | ||||||||||||||||||||||||||||
Parkview Ambulatory Svcs - MOB | Parkview Ambulatory Svcs - MOB | Medical Office | — | 937 | 10,661 | 4,420 | 937 | 15,081 | 16,018 | 2,271 | 2007 | 2007 | ||||||||||||||||
Garden City, Georgia | ||||||||||||||||||||||||||||
Aviation Court | Aviation Court Land | Grounds | — | 1,509 | — | — | 1,509 | — | 1,509 | 113 | n/a | 2006 | ||||||||||||||||
Garner, North Carolina | ||||||||||||||||||||||||||||
Greenfield North | 600 Greenfield North | Industrial | — | 597 | 3,049 | 8 | 597 | 3,057 | 3,654 | 47 | 2006 | 2011 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Greenfield North | 700 Greenfield North | Industrial | — | 468 | 2,664 | — | 468 | 2,664 | 3,132 | 39 | 2007 | 2011 | ||||||||||||||||
Greenfield North | 800 Greenfield North | Industrial | — | 438 | 5,872 | — | 438 | 5,872 | 6,310 | 70 | 2004 | 2011 | ||||||||||||||||
Greenfield North | 900 Greenfield North | Industrial | — | 422 | 6,532 | — | 422 | 6,532 | 6,954 | 78 | 2007 | 2011 | ||||||||||||||||
Greenfield North | 1 Butterball Lane | Office | — | 748 | 2,730 | — | 748 | 2,730 | 3,478 | 40 | 2008 | 2011 | ||||||||||||||||
Geneva, Illinois | ||||||||||||||||||||||||||||
Geneva Commerce Center | 1800 Averill Road | Industrial | — | 3,189 | 11,890 | — | 3,189 | 11,890 | 15,079 | 119 | 2000 | 2011 | ||||||||||||||||
Goodyear, Arizona | ||||||||||||||||||||||||||||
Goodyear Crossing Ind. Park | Goodyear One | Industrial | — | 5,142 | 4,942 | 1,873 | 5,142 | 6,815 | 11,957 | 1,657 | 2008 | 2008 | ||||||||||||||||
Grand Prairie, Texas | ||||||||||||||||||||||||||||
Grand Lakes | Grand Lakes I | Industrial | — | 8,106 | 12,021 | 1,303 | 8,040 | 13,390 | 21,430 | 3,868 | 2006 | 2006 | ||||||||||||||||
Grand Lakes | Grand Lakes II | Industrial | — | 11,853 | 16,714 | 8,370 | 11,853 | 25,084 | 36,937 | 6,242 | 2008 | 2008 | ||||||||||||||||
Pioneer 161 | Pioneer 161 Building | Industrial | — | 7,381 | 17,628 | — | 7,381 | 17,628 | 25,009 | — | 2008 | 2011 | ||||||||||||||||
Grove City, Ohio | ||||||||||||||||||||||||||||
SouthPointe Business Park | SouthPointe Building A | Industrial | — | 844 | 5,606 | — | 844 | 5,606 | 6,450 | 399 | 1995 | 2010 | ||||||||||||||||
SouthPointe Business Park | SouthPointe Building B | Industrial | — | 790 | 5,284 | — | 790 | 5,284 | 6,074 | 382 | 1996 | 2010 | ||||||||||||||||
SouthPointe Business Park | SouthPointe Building C | Industrial | — | 754 | 6,418 | — | 754 | 6,418 | 7,172 | 363 | 1996 | 2010 | ||||||||||||||||
Groveport, Ohio | ||||||||||||||||||||||||||||
6600 Port Road | 6600 Port Road | Industrial | — | 2,725 | 23,022 | 2,131 | 3,213 | 24,665 | 27,878 | 9,869 | 1998 | 1997 | ||||||||||||||||
Groveport Commerce Center | Groveport Commerce Center #437 | Industrial | 4,406 | 1,049 | 6,759 | 1,305 | 1,065 | 8,048 | 9,113 | 2,700 | 1999 | 1999 | ||||||||||||||||
Groveport Commerce Center | Groveport Commerce Center #168 | Industrial | 2,494 | 510 | 3,137 | 1,274 | 510 | 4,411 | 4,921 | 1,585 | 2000 | 2000 | ||||||||||||||||
Groveport Commerce Center | Groveport Commerce Center #345 | Industrial | 4,354 | 1,045 | 6,123 | 1,253 | 1,045 | 7,376 | 8,421 | 2,534 | 2000 | 2000 | ||||||||||||||||
Groveport Commerce Center | Groveport Commerce Center #667 | Industrial | 9,398 | 4,420 | 14,172 | 360 | 4,420 | 14,532 | 18,952 | 5,558 | 2005 | 2005 | ||||||||||||||||
Rickenbacker Park | Rickenbacker 936 | Industrial | — | 5,680 | 23,872 | — | 5,680 | 23,872 | 29,552 | 991 | 2008 | 2010 | ||||||||||||||||
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Hazelwood, Missouri | ||||||||||||||||||||||||||||
Hazelwood | Lindbergh Distribution Center | Industrial | — | 8,200 | 10,305 | 3,413 | 8,491 | 13,427 | 21,918 | 2,799 | 2007 | 2007 | ||||||||||||||||
Hebron, Kentucky | ||||||||||||||||||||||||||||
Southpark | Southpark Building 4 | Industrial | — | 779 | 3,113 | 1,326 | 779 | 4,439 | 5,218 | 1,678 | 1994 | 1994 | ||||||||||||||||
Southpark | CR Services | Industrial | — | 1,085 | 4,054 | 1,409 | 1,085 | 5,463 | 6,548 | 2,455 | 1994 | 1994 | ||||||||||||||||
Hebron Industrial Park | Hebron Building 1 | Industrial | — | 8,855 | 10,961 | 392 | 8,855 | 11,353 | 20,208 | 3,516 | 2006 | 2006 | ||||||||||||||||
Hebron Industrial Park | Hebron Building 2 | Industrial | — | 6,790 | 9,039 | 3,706 | 6,813 | 12,722 | 19,535 | 2,757 | 2007 | 2007 | ||||||||||||||||
Skyport | Skyport Building 1 | Industrial | — | 1,057 | 6,219 | — | 1,057 | 6,219 | 7,276 | 478 | 1997 | 2010 | ||||||||||||||||
Skyport | Skyport Building 2 | Industrial | — | 1,400 | 9,333 | — | 1,400 | 9,333 | 10,733 | 626 | 1998 | 2010 | ||||||||||||||||
Skyport | Skyport Building 3 | Industrial | — | 2,016 | 9,114 | — | 2,016 | 9,114 | 11,130 | 705 | 2000 | 2010 | ||||||||||||||||
Skyport | Skyport Building 4 | Industrial | — | 473 | 2,979 | — | 473 | 2,979 | 3,452 | 357 | 1999 | 2010 | ||||||||||||||||
Skyport | Skyport Building 5 | Industrial | — | 2,878 | 7,408 | — | 2,878 | 7,408 | 10,286 | 789 | 2006 | 2010 | ||||||||||||||||
Southpark | Southpark Building 1 | Industrial | — | 553 | 1,801 | — | 553 | 1,801 | 2,354 | 165 | 1990 | 2010 | ||||||||||||||||
Southpark | Southpark Building 3 | Industrial | — | 755 | 3,982 | — | 755 | 3,982 | 4,737 | 252 | 1991 | 2010 | ||||||||||||||||
Hillsdale, Illinois | ||||||||||||||||||||||||||||
Hillside Commerce Center | 4160 Madison Street | Industrial | — | 1,069 | 1,020 | — | 1,069 | 1,020 | 2,089 | 27 | 1974 | 2011 | ||||||||||||||||
Holly Springs, North Carolina | ||||||||||||||||||||||||||||
REX Holly Springs MOB | REX Holly Springs MOB | Medical Office | — | 11 | 7,724 | — | 11 | 7,724 | 7,735 | — | 2011 | 2011 | ||||||||||||||||
Hopkins, Minnesota | ||||||||||||||||||||||||||||
Cornerstone Business Center | Cornerstone Business Center | Industrial | 2,962 | 1,469 | 8,360 | 772 | 1,543 | 9,058 | 10,601 | 3,453 | 1996 | 1997 | ||||||||||||||||
Houston, Texas | ||||||||||||||||||||||||||||
Point North Cargo Park | Point North One | Industrial | — | 3,125 | 3,420 | 2,169 | 3,125 | 5,589 | 8,714 | 1,453 | 2008 | 2008 | ||||||||||||||||
Westland Business Park | Westland I | Industrial | — | 4,183 | 4,837 | 3,145 | 4,233 | 7,932 | 12,165 | 1,903 | 2008 | 2008 | ||||||||||||||||
Westland Business Park | Westland II | Industrial | — | 3,439 | 8,890 | 81 | 3,439 | 8,971 | 12,410 | 317 | 2011 | 2011 | ||||||||||||||||
Hutchins, Texas | ||||||||||||||||||||||||||||
Duke Intermodal Park | Duke Intermodal I | Industrial | 9,562 | 5,290 | 9,242 | 2,539 | 5,290 | 11,781 | 17,071 | 2,564 | 2006 | 2006 | ||||||||||||||||
Independence, Ohio | ||||||||||||||||||||||||||||
Corporate Plaza | Corporate Plaza I | Office | — | 2,116 | 13,413 | (1,892 | ) | 2,116 | 11,521 | 13,637 | 6,782 | 1989 | 1996 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Corporate Plaza | Corporate Plaza II | Office | — | 1,841 | 11,442 | 645 | 1,841 | 12,087 | 13,928 | 6,311 | 1991 | 1996 | ||||||||||||||||
Freedom Square | Freedom Square I | Office | — | 595 | 3,508 | (1,589 | ) | 595 | 1,919 | 2,514 | 1,751 | 1980 | 1996 | |||||||||||||||
Freedom Square | Freedom Square II | Office | — | 1,746 | 11,403 | (1,506 | ) | 1,746 | 9,897 | 11,643 | 5,732 | 1987 | 1996 | |||||||||||||||
Freedom Square | Freedom Square III | Office | — | 701 | 5,561 | (1,170 | ) | 701 | 4,391 | 5,092 | 2,409 | 1997 | 1997 | |||||||||||||||
Oak Tree Place | Oak Tree Place | Office | — | 703 | 4,256 | 978 | 703 | 5,234 | 5,937 | 2,027 | 1995 | 1997 | ||||||||||||||||
Park Center Plaza | Park Center Plaza I | Office | — | 2,193 | 10,622 | 2,771 | 2,193 | 13,393 | 15,586 | 4,986 | 1998 | 1998 | ||||||||||||||||
Park Center Plaza | Park Center Plaza II | Office | — | 2,190 | 10,799 | 2,902 | 2,190 | 13,701 | 15,891 | 4,593 | 1999 | 1999 | ||||||||||||||||
Park Center Plaza | Park Center Plaza III | Office | — | 2,190 | 10,623 | 3,470 | 2,190 | 14,093 | 16,283 | 5,212 | 2000 | 2000 | ||||||||||||||||
Indianapolis, Indiana | ||||||||||||||||||||||||||||
Park 100 | Park 465 | Industrial | — | 124 | 759 | 211 | 124 | 970 | 1,094 | 210 | 1983 | 2005 | ||||||||||||||||
Franklin Road Business Park | Franklin Road Business Center | Industrial | — | 594 | 8,756 | 2,077 | 594 | 10,833 | 11,427 | 5,116 | 1998 | 1995 | ||||||||||||||||
6061 Guion Road | 6061 Guion Rd | Industrial | — | 274 | 1,770 | 365 | 274 | 2,135 | 2,409 | 946 | 1974 | 1995 | ||||||||||||||||
Hillsdale | Hillsdale Technecenter 4 | Industrial | — | 366 | 4,722 | 1,737 | 366 | 6,459 | 6,825 | 3,202 | 1987 | 1993 | ||||||||||||||||
Hillsdale | Hillsdale Technecenter 5 | Industrial | — | 251 | 2,791 | 1,267 | 251 | 4,058 | 4,309 | 1,943 | 1987 | 1993 | ||||||||||||||||
Hillsdale | Hillsdale Technecenter 6 | Industrial | — | 315 | 2,962 | 2,318 | 315 | 5,280 | 5,595 | 2,606 | 1987 | 1993 | ||||||||||||||||
8071 Township Line Road | 8071 Township Line Road | Medical Office | — | — | 2,319 | 991 | — | 3,310 | 3,310 | 514 | 2007 | 2007 | ||||||||||||||||
St. Francis Franklin Township | Franklin Township POB | Medical Office | — | — | 3,197 | 55 | 10 | 3,242 | 3,252 | 336 | 2009 | 2009 | ||||||||||||||||
St. Francis US31 & Southport | St. Francis US31 &Southport Rd | Medical Office | — | — | 3,547 | 37 | 11 | 3,573 | 3,584 | 402 | 2009 | 2009 | ||||||||||||||||
Not Applicable | St. Vincent Max Simon MOB | Medical Office | — | 3,209 | 11,575 | — | 3,209 | 11,575 | 14,784 | 139 | 2007 | 2011 | ||||||||||||||||
Park 100 | Park 100 Bldg 31 | Industrial | — | 64 | 354 | 154 | 64 | 508 | 572 | 107 | 1978 | 2005 | ||||||||||||||||
Park 100 | Park 100 Bldg 96 | Industrial | 7,902 | 1,171 | 13,804 | 113 | 1,424 | 13,664 | 15,088 | 6,071 | 1997 | 1995 | ||||||||||||||||
Park 100 | Park 100 Bldg 98 | Industrial | — | 273 | 7,618 | 2,514 | 273 | 10,132 | 10,405 | 5,252 | 1995 | 1994 | ||||||||||||||||
Park 100 | Park 100 Bldg 100 | Industrial | — | 103 | 1,931 | 823 | 103 | 2,754 | 2,857 | 1,249 | 1995 | 1995 | ||||||||||||||||
Park 100 | Park 100 Bldg 102 | Office | — | 182 | 1,098 | 381 | 182 | 1,479 | 1,661 | 339 | 1982 | 2005 | ||||||||||||||||
Park 100 | Park 100 Bldg 109 | Industrial | — | 240 | 1,654 | 494 | 246 | 2,142 | 2,388 | 1,366 | 1985 | 1986 | ||||||||||||||||
Park 100 | Park 100 Bldg 116 | Office | — | 341 | 2,871 | 580 | 348 | 3,444 | 3,792 | 1,991 | 1988 | 1988 | ||||||||||||||||
Park 100 | Park 100 Bldg 118 | Office | — | 226 | 1,931 | 1,016 | 230 | 2,943 | 3,173 | 1,446 | 1988 | 1993 | ||||||||||||||||
Park 100 | Park 100 Bldg 122 | Industrial | — | 284 | 3,159 | 1,158 | 290 | 4,311 | 4,601 | 2,107 | 1990 | 1993 | ||||||||||||||||
Park 100 | Park 100 Bldg 124 | Office | — | 227 | 2,496 | 465 | 227 | 2,961 | 3,188 | 953 | 1992 | 2002 | ||||||||||||||||
Park 100 | Park 100 Bldg 127 | Industrial | — | 96 | 1,526 | 668 | 96 | 2,194 | 2,290 | 929 | 1995 | 1995 | ||||||||||||||||
Park 100 | Park 100 Bldg 141 | Industrial | 1,940 | 1,120 | 2,562 | 272 | 1,120 | 2,834 | 3,954 | 775 | 2005 | 2005 | ||||||||||||||||
Park 100 | Hewlett-Packard Land Lease | Grounds | — | 252 | — | — | 252 | — | 252 | 57 | n/a | 2003 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Park 100 | Park 100 Bldg 121 Land Lease | Grounds | — | 5 | — | — | 5 | — | 5 | 1 | n/a | 2003 | ||||||||||||||||
Park 100 | Hewlett Packard Land Lse-62 | Grounds | — | 45 | — | — | 45 | — | 45 | 10 | n/a | 2003 | ||||||||||||||||
Park 100 | West 79th St. Parking Lot LL | Grounds | — | 350 | — | 699 | 1,049 | — | 1,049 | 258 | n/a | 2006 | ||||||||||||||||
Park Fletcher | Park Fletcher Bldg 33 | Industrial | — | 1,237 | 5,264 | 140 | 1,237 | 5,404 | 6,641 | 1,231 | 1997 | 2006 | ||||||||||||||||
Park Fletcher | Park Fletcher Bldg 34 | Industrial | — | 1,331 | 5,427 | 618 | 1,331 | 6,045 | 7,376 | 1,368 | 1997 | 2006 | ||||||||||||||||
Park Fletcher | Park Fletcher Bldg 35 | Industrial | — | 380 | 1,422 | 38 | 380 | 1,460 | 1,840 | 349 | 1997 | 2006 | ||||||||||||||||
Park Fletcher | Park Fletcher Bldg 36 | Industrial | — | 476 | 2,347 | 67 | 476 | 2,414 | 2,890 | 557 | 1997 | 2006 | ||||||||||||||||
Park Fletcher | Park Fletcher Bldg 37 | Industrial | — | 286 | 653 | 9 | 286 | 662 | 948 | 184 | 1998 | 2006 | ||||||||||||||||
Park Fletcher | Park Fletcher Bldg 38 | Industrial | — | 1,428 | 5,957 | 68 | 1,428 | 6,025 | 7,453 | 1,331 | 1999 | 2006 | ||||||||||||||||
Park Fletcher | Park Fletcher Bldg 39 | Industrial | — | 570 | 2,070 | 248 | 570 | 2,318 | 2,888 | 543 | 1999 | 2006 | ||||||||||||||||
Park Fletcher | Park Fletcher Bldg 40 | Industrial | — | 761 | 3,363 | 415 | 761 | 3,778 | 4,539 | 1,057 | 1999 | 2006 | ||||||||||||||||
Park Fletcher | Park Fletcher Bldg 41 | Industrial | — | 952 | 4,131 | 184 | 952 | 4,315 | 5,267 | 804 | 2001 | 2006 | ||||||||||||||||
Park Fletcher | Park Fletcher Bldg 42 | Industrial | — | 2,095 | 8,273 | 58 | 2,095 | 8,331 | 10,426 | 1,577 | 2001 | 2006 | ||||||||||||||||
Parkwood Crossing | One Parkwood Crossing | Office | — | 1,018 | 9,171 | 1,778 | 1,018 | 10,949 | 11,967 | 4,548 | 1989 | 1995 | ||||||||||||||||
Parkwood Crossing | Three Parkwood Crossing | Office | — | 1,377 | 7,289 | 1,518 | 1,387 | 8,797 | 10,184 | 3,638 | 1997 | 1997 | ||||||||||||||||
Parkwood Crossing | Four Parkwood Crossing | Office | — | 1,489 | 10,866 | 1,118 | 1,537 | 11,936 | 13,473 | 4,684 | 1998 | 1998 | ||||||||||||||||
Parkwood Crossing | Five Parkwood Crossing | Office | — | 1,485 | 10,152 | 1,521 | 1,528 | 11,630 | 13,158 | 3,355 | 1999 | 1999 | ||||||||||||||||
Parkwood Crossing | Six Parkwood Crossing | Office | — | 1,960 | 13,019 | 1,724 | 1,960 | 14,743 | 16,703 | 4,477 | 2000 | 2000 | ||||||||||||||||
Parkwood Crossing | Seven Parkwood Crossing | Office | — | 1,877 | 4,123 | 2 | 1,877 | 4,125 | 6,002 | 63 | 2000 | 2011 | ||||||||||||||||
Parkwood Crossing | Eight Parkwood Crossing | Office | — | 6,435 | 15,340 | 774 | 6,435 | 16,114 | 22,549 | 6,166 | 2003 | 2003 | ||||||||||||||||
Parkwood Crossing | Nine Parkwood Crossing | Office | — | 6,046 | 13,369 | 1,694 | 6,047 | 15,062 | 21,109 | 3,682 | 2005 | 2005 | ||||||||||||||||
Parkwood West | One West | Office | 14,528 | 5,361 | 16,182 | 5,009 | 5,361 | 21,191 | 26,552 | 3,170 | 2007 | 2007 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Parkwood Crossing | PWW Granite City Lease | Grounds | — | 1,846 | 856 | — | 1,846 | 856 | 2,702 | 270 | 2008 | 2009 | ||||||||||||||||
Parkwood West | One West Parking Garage | Grounds | — | — | 1,616 | — | — | 1,616 | 1,616 | 17 | 2007 | 2011 | ||||||||||||||||
River Road - Indianapolis | River Road Bldg I | Office | — | 856 | 6,780 | 2,409 | 856 | 9,189 | 10,045 | 4,770 | 1998 | 1998 | ||||||||||||||||
River Road - Indianapolis | River Road Bldg II | Office | — | 1,827 | 8,416 | 3,027 | 1,886 | 11,384 | 13,270 | 1,785 | 2008 | 2008 | ||||||||||||||||
Woodland Corporate Park | Woodland Corporate Park I | Office | — | 290 | 3,415 | 1,155 | 320 | 4,540 | 4,860 | 1,668 | 1998 | 1998 | ||||||||||||||||
Woodland Corporate Park | Woodland Corporate Park II | Office | — | 271 | 2,966 | 1,922 | 297 | 4,862 | 5,159 | 1,465 | 1999 | 1999 | ||||||||||||||||
Woodland Corporate Park | Woodland Corporate Park III | Office | — | 1,227 | 3,403 | 371 | 1,227 | 3,774 | 5,001 | 1,181 | 2000 | 2000 | ||||||||||||||||
Woodland Corporate Park | Woodland Corporate Park V | Office | — | 768 | 10,015 | 44 | 768 | 10,059 | 10,827 | 3,345 | 2003 | 2003 | ||||||||||||||||
Woodland Corporate Park | Woodland Corporate Park VI | Office | — | 2,145 | 10,163 | 4,309 | 2,145 | 14,472 | 16,617 | 2,716 | 2008 | 2008 | ||||||||||||||||
3200 North Elizabeth | 3200 North Elizabeth | Industrial | — | 360 | 787 | — | 360 | 787 | 1,147 | 60 | 1973 | 2010 | ||||||||||||||||
Park 100 | Georgetown Rd. Bldg 1 | Industrial | — | 468 | 2,108 | — | 468 | 2,108 | 2,576 | 155 | 1987 | 2010 | ||||||||||||||||
Park 100 | Georgetown Rd. Bldg 2 | Industrial | — | 465 | 2,187 | 17 | 465 | 2,204 | 2,669 | 131 | 1987 | 2010 | ||||||||||||||||
Park 100 | Georgetown Rd. Bldg 3 | Industrial | — | 408 | 1,118 | — | 408 | 1,118 | 1,526 | 107 | 1987 | 2010 | ||||||||||||||||
Hillsdale | Hillsdale Technecenter 1 | Industrial | 3,757 | 733 | 2,713 | — | 733 | 2,713 | 3,446 | 337 | 1986 | 2010 | ||||||||||||||||
Hillsdale | Hillsdale Technecenter 2 | Industrial | 2,467 | 440 | 2,151 | — | 440 | 2,151 | 2,591 | 153 | 1986 | 2010 | ||||||||||||||||
Hillsdale | Hillsdale Technecenter 3 | Industrial | 2,452 | 440 | 2,185 | — | 440 | 2,185 | 2,625 | 202 | 1987 | 2010 | ||||||||||||||||
North Airport Park | North Airport Park Bldg 2 | Industrial | — | 1,800 | 4,998 | — | 1,800 | 4,998 | 6,798 | 356 | 1997 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 39 | Industrial | — | 628 | 2,284 | — | 628 | 2,284 | 2,912 | 168 | 1987 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 48 | Industrial | 2,187 | 690 | 1,730 | — | 690 | 1,730 | 2,420 | 100 | 1984 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 49 | Industrial | 2,006 | 364 | 1,705 | — | 364 | 1,705 | 2,069 | 98 | 1982 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 50 | Industrial | 1,134 | 327 | 805 | — | 327 | 805 | 1,132 | 58 | 1982 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 52 | Industrial | 945 | 216 | 189 | — | 216 | 189 | 405 | 16 | 1983 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 53 | Industrial | 1,947 | 338 | 1,513 | — | 338 | 1,513 | 1,851 | 103 | 1984 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 54 | Industrial | 1,652 | 354 | 1,418 | — | 354 | 1,418 | 1,772 | 85 | 1984 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 57 | Industrial | 2,224 | 616 | 1,319 | — | 616 | 1,319 | 1,935 | 160 | 1984 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 58 | Industrial | 2,397 | 642 | 2,270 | 5 | 642 | 2,275 | 2,917 | 146 | 1984 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 59 | Industrial | 1,581 | 411 | 1,525 | 10 | 411 | 1,535 | 1,946 | 102 | 1985 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 60 | Industrial | 2,029 | 382 | 1,616 | — | 382 | 1,616 | 1,998 | 150 | 1985 | 2010 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Park 100 | Park 100 Bldg 62 | Industrial | 2,252 | 616 | 718 | — | 616 | 718 | 1,334 | 151 | 1986 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 63 | Industrial | — | 388 | 1,058 | — | 388 | 1,058 | 1,446 | 89 | 1987 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 64 | Industrial | — | 389 | 1,078 | — | 389 | 1,078 | 1,467 | 70 | 1987 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 66 | Industrial | — | 424 | 1,439 | — | 424 | 1,439 | 1,863 | 164 | 1987 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 67 | Industrial | 1,045 | 338 | 714 | 4 | 338 | 718 | 1,056 | 45 | 1987 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 68 | Industrial | 1,717 | 338 | 1,225 | — | 338 | 1,225 | 1,563 | 79 | 1987 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 79 | Industrial | — | 358 | 1,802 | 14 | 358 | 1,816 | 2,174 | 102 | 1988 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 80 | Industrial | — | 358 | 1,927 | — | 358 | 1,927 | 2,285 | 164 | 1988 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 83 | Industrial | — | 427 | 1,576 | — | 427 | 1,576 | 2,003 | 165 | 1989 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 84 | Industrial | — | 427 | 2,096 | — | 427 | 2,096 | 2,523 | 188 | 1989 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 87 | Industrial | — | 1,136 | 7,008 | — | 1,136 | 7,008 | 8,144 | 527 | 1989 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 97 | Industrial | — | 1,070 | 4,993 | — | 1,070 | 4,993 | 6,063 | 287 | 1994 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 110 | Office | — | 376 | 1,710 | — | 376 | 1,710 | 2,086 | 101 | 1987 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 111 | Industrial | — | 633 | 3,136 | 1 | 633 | 3,137 | 3,770 | 282 | 1987 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 112 | Industrial | — | 356 | 938 | — | 356 | 938 | 1,294 | 78 | 1987 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 128 | Industrial | 9,889 | 1,152 | 16,604 | — | 1,152 | 16,604 | 17,756 | 1,731 | 1996 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 129 | Industrial | 5,688 | 1,280 | 9,474 | — | 1,280 | 9,474 | 10,754 | 871 | 2000 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 131 | Industrial | 6,925 | 1,680 | 10,874 | — | 1,680 | 10,874 | 12,554 | 595 | 1997 | 2010 | ||||||||||||||||
Park 100 | Park 100 Bldg 133 | Industrial | — | 104 | 1,157 | — | 104 | 1,157 | 1,261 | 59 | 1997 | 2010 | ||||||||||||||||
Itasca, Illinois | ||||||||||||||||||||||||||||
Itasca / 53 Business Ctr | 751 Expressway | Industrial | — | 1,208 | 2,615 | — | 1,208 | 2,615 | 3,823 | 30 | 1978 | 2011 | ||||||||||||||||
Katy, Texas | ||||||||||||||||||||||||||||
Not Applicable | Christus St. Catherine Plaza 1 | Medical Office | — | 47 | 9,092 | — | 47 | 9,092 | 9,139 | 80 | 2001 | 2011 | ||||||||||||||||
Not Applicable | Christus St. Catherine Plaza 2 | Medical Office | — | 122 | 12,009 | — | 122 | 12,009 | 12,131 | 89 | 2004 | 2011 | ||||||||||||||||
Not Applicable | Christus St. Catherine Plaza 3 | Medical Office | — | 131 | 9,963 | — | 131 | 9,963 | 10,094 | 107 | 2006 | 2011 | ||||||||||||||||
Kyle, Texas | ||||||||||||||||||||||||||||
Seton Hays | Seton Hays MOB I | Medical Office | — | 165 | 11,736 | 2,973 | 165 | 14,709 | 14,874 | 927 | 2009 | 2009 | ||||||||||||||||
Lafayette, Indiana | ||||||||||||||||||||||||||||
St. Elizabeth Regional Health | St. Elizabeth 3920 Building A | Medical Office | — | 165 | 8,968 | 2,003 | 165 | 10,971 | 11,136 | 657 | 2009 | 2009 | ||||||||||||||||
St. Elizabeth Regional Health | St. Elizabeth 3900 Building B | Medical Office | — | 146 | 10,070 | 891 | 146 | 10,961 | 11,107 | 710 | 2009 | 2009 | ||||||||||||||||
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
LaPorte, Texas | ||||||||||||||||||||||||||||
Bayport North Industrial Park | Bayport Container Lot | Grounds | — | 3,334 | — | — | 3,334 | — | 3,334 | — | n/a | 2010 | ||||||||||||||||
Lawrenceville, Georgia | ||||||||||||||||||||||||||||
Other Northeast I85 Properties | Weyerhaeuser BTS | Industrial | 8,924 | 3,974 | 3,101 | 22 | 3,982 | 3,115 | 7,097 | 1,812 | 2004 | 2004 | ||||||||||||||||
Lebanon, Indiana | ||||||||||||||||||||||||||||
Lebanon Business Park | Lebanon Building 4 | Industrial | 11,422 | 305 | 9,012 | 241 | 305 | 9,253 | 9,558 | 3,364 | 2000 | 1997 | ||||||||||||||||
Lebanon Business Park | Lebanon Building 9 | Industrial | 9,911 | 554 | 6,871 | 770 | 554 | 7,641 | 8,195 | 2,739 | 1999 | 1999 | ||||||||||||||||
Lebanon Business Park | Lebanon Building 12 | Industrial | 25,357 | 5,163 | 12,851 | 575 | 5,163 | 13,426 | 18,589 | 5,482 | 2003 | 2003 | ||||||||||||||||
Lebanon Business Park | Lebanon Building 13 | Industrial | 9,687 | 561 | 6,473 | 255 | 1,901 | 5,388 | 7,289 | 2,519 | 2003 | 2003 | ||||||||||||||||
Lebanon Business Park | Lebanon Building 14 | Industrial | 19,471 | 2,813 | 11,496 | 1,339 | 2,813 | 12,835 | 15,648 | 3,082 | 2005 | 2005 | ||||||||||||||||
Lebanon Business Park | Lebanon Building 1(Amer Air) | Industrial | 3,337 | 312 | 3,802 | 6 | 312 | 3,808 | 4,120 | 228 | 1996 | 2010 | ||||||||||||||||
Lebanon Business Park | Lebanon Building 2 | Industrial | 18,787 | 948 | 19,037 | — | 948 | 19,037 | 19,985 | 1,030 | 2007 | 2010 | ||||||||||||||||
Lebanon Business Park | Lebanon Building 6 | Industrial | 13,042 | 699 | 8,456 | — | 699 | 8,456 | 9,155 | 597 | 1998 | 2010 | ||||||||||||||||
Lebanon, Tennessee | ||||||||||||||||||||||||||||
Park 840 Logistics Center | Pk 840 Logistics Cnt. Bldg 653 | Industrial | — | 6,776 | 10,954 | 3,995 | 6,776 | 14,949 | 21,725 | 3,466 | 2006 | 2006 | ||||||||||||||||
Lynwood, California | ||||||||||||||||||||||||||||
Not Applicable | Century Distribution Center | Industrial | — | 16,847 | 18,689 | — | 16,847 | 18,689 | 35,536 | 631 | 2007 | 2011 | ||||||||||||||||
Maryland Heights, Missouri | ||||||||||||||||||||||||||||
Riverport Business Park | Riverport Tower | Office | — | 3,549 | 27,727 | 8,600 | 3,954 | 35,922 | 39,876 | 15,358 | 1991 | 1997 | ||||||||||||||||
Riverport Business Park | Riverport Distribution | Industrial | — | 242 | 2,217 | 1,132 | 242 | 3,349 | 3,591 | 1,376 | 1990 | 1997 | ||||||||||||||||
Riverport Business Park | 14000 Riverport Dr | Industrial | — | 1,197 | 8,590 | 427 | 1,197 | 9,017 | 10,214 | 3,572 | 1992 | 1997 | ||||||||||||||||
Riverport Business Park | 13900 Riverport Dr | Office | — | 2,285 | 9,473 | 849 | 2,285 | 10,322 | 12,607 | 3,802 | 1999 | 1999 | ||||||||||||||||
Riverport Business Park | Riverport 1 | Industrial | — | 900 | 2,588 | 545 | 900 | 3,133 | 4,033 | 1,303 | 1999 | 1999 | ||||||||||||||||
Riverport Business Park | Riverport 2 | Industrial | — | 1,238 | 4,152 | 70 | 1,238 | 4,222 | 5,460 | 1,692 | 2000 | 2000 | ||||||||||||||||
Riverport Business Park | Riverport III | Industrial | — | 1,269 | 1,923 | 2,237 | 1,269 | 4,160 | 5,429 | 1,500 | 2001 | 2001 | ||||||||||||||||
Riverport Business Park | Riverport IV | Industrial | — | 1,864 | 3,362 | 1,736 | 1,864 | 5,098 | 6,962 | 1,165 | 2007 | 2007 | ||||||||||||||||
McDonough, Georgia | ||||||||||||||||||||||||||||
Liberty Distribution Center | 120 Declaration Dr | Industrial | — | 615 | 8,377 | 393 | 615 | 8,770 | 9,385 | 2,750 | 1997 | 1999 | ||||||||||||||||
Liberty Distribution Center | 250 Declaration Dr | Industrial | 19,561 | 2,273 | 11,565 | 2,786 | 2,312 | 14,312 | 16,624 | 3,737 | 2001 | 2001 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Melrose Park, Illinois | ||||||||||||||||||||||||||||
O'Hare International Ctr | Melrose Business Center | Industrial | — | 5,907 | 17,578 | — | 5,907 | 17,578 | 23,485 | 790 | 2000 | 2010 | ||||||||||||||||
Mendota Heights, Minnesota | ||||||||||||||||||||||||||||
Enterprise Industrial Center | Enterprise Industrial Center | Industrial | — | 864 | 4,924 | 697 | 888 | 5,597 | 6,485 | 2,154 | 1979 | 1997 | ||||||||||||||||
Mishawaka, Indiana | ||||||||||||||||||||||||||||
SJRMC Edison Lakes MOB | SJRMC Edison Lakes MOB | Medical Office | — | — | 31,951 | 3,757 | 60 | 35,648 | 35,708 | 2,670 | 2009 | 2009 | ||||||||||||||||
Moosic, Pennsylvania | ||||||||||||||||||||||||||||
Not Applicable | Shoppes at Montage | Retail | — | 21,347 | 38,731 | 2,002 | 21,347 | 40,733 | 62,080 | 11,684 | 2007 | 2009 | ||||||||||||||||
Morgans Point, Texas | ||||||||||||||||||||||||||||
Not Applicable | Barbours Cut I | Industrial | — | 1,482 | 8,209 | — | 1,482 | 8,209 | 9,691 | 431 | 2004 | 2010 | ||||||||||||||||
Not Applicable | Barbours Cut II | Industrial | — | 1,447 | 8,471 | — | 1,447 | 8,471 | 9,918 | 444 | 2005 | 2010 | ||||||||||||||||
Morrisville, North Carolina | ||||||||||||||||||||||||||||
Perimeter Park | 507 Airport Blvd | Industrial | — | 1,327 | 7,338 | 1,871 | 1,351 | 9,185 | 10,536 | 3,062 | 1993 | 1999 | ||||||||||||||||
Perimeter Park | 5151 McCrimmon Pkwy | Office | — | 1,318 | 7,075 | 2,961 | 1,342 | 10,012 | 11,354 | 3,176 | 1995 | 1999 | ||||||||||||||||
Perimeter Park | 2600 Perimeter Park Dr | Industrial | — | 975 | 5,177 | 1,143 | 991 | 6,304 | 7,295 | 2,245 | 1997 | 1999 | ||||||||||||||||
Perimeter Park | 5150 McCrimmon Pkwy | Office | — | 1,739 | 12,130 | 1,698 | 1,773 | 13,794 | 15,567 | 4,548 | 1998 | 1999 | ||||||||||||||||
Perimeter Park | 2400 Perimeter Park Drive | Office | — | 760 | 5,417 | 1,341 | 778 | 6,740 | 7,518 | 2,135 | 1999 | 1999 | ||||||||||||||||
Perimeter Park | 3000 Perimeter Park Dr (Met 1) | Industrial | 86 | 482 | 2,466 | 1,323 | 491 | 3,780 | 4,271 | 1,302 | 1989 | 1999 | ||||||||||||||||
Perimeter Park | 2900 Perimeter Park Dr (Met 2) | Industrial | 70 | 235 | 1,882 | 1,359 | 264 | 3,212 | 3,476 | 1,155 | 1990 | 1999 | ||||||||||||||||
Perimeter Park | 2800 Perimeter Park Dr (Met 3) | Industrial | 129 | 777 | 4,501 | 1,130 | 843 | 5,565 | 6,408 | 1,805 | 1992 | 1999 | ||||||||||||||||
Perimeter Park | 1100 Perimeter Park Drive | Office | — | 777 | 5,581 | 1,881 | 794 | 7,445 | 8,239 | 2,361 | 1990 | 1999 | ||||||||||||||||
Perimeter Park | 1500 Perimeter Park Drive | Office | — | 1,148 | 10,086 | 1,877 | 1,177 | 11,934 | 13,111 | 3,512 | 1996 | 1999 | ||||||||||||||||
Perimeter Park | 1600 Perimeter Park Drive | Office | — | 1,463 | 9,463 | 2,445 | 1,513 | 11,858 | 13,371 | 4,299 | 1994 | 1999 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Perimeter Park | 1800 Perimeter Park Drive | Office | — | 907 | 5,317 | 1,803 | 993 | 7,034 | 8,027 | 2,450 | 1994 | 1999 | ||||||||||||||||
Perimeter Park | 2000 Perimeter Park Drive | Office | — | 788 | 5,110 | 1,090 | 842 | 6,146 | 6,988 | 2,205 | 1997 | 1999 | ||||||||||||||||
Perimeter Park | 1700 Perimeter Park Drive | Office | — | 1,230 | 10,070 | 2,849 | 1,260 | 12,889 | 14,149 | 4,744 | 1997 | 1999 | ||||||||||||||||
Perimeter Park | 5200 East Paramount | Office | — | 1,748 | 14,291 | 1,475 | 1,797 | 15,717 | 17,514 | 4,913 | 1999 | 1999 | ||||||||||||||||
Perimeter Park | 2700 Perimeter Park | Industrial | — | 662 | 1,831 | 1,894 | 662 | 3,725 | 4,387 | 1,331 | 2001 | 2001 | ||||||||||||||||
Perimeter Park | 5200 West Paramount | Office | — | 1,831 | 12,608 | 1,831 | 1,831 | 14,439 | 16,270 | 5,385 | 2001 | 2001 | ||||||||||||||||
Perimeter Park | 2450 Perimeter Park Drive | Office | — | 669 | 2,259 | 3 | 669 | 2,262 | 2,931 | 573 | 2002 | 2002 | ||||||||||||||||
Perimeter Park | 3800 Paramount Parkway | Office | — | 2,657 | 7,271 | 3,246 | 2,657 | 10,517 | 13,174 | 3,818 | 2006 | 2006 | ||||||||||||||||
Perimeter Park | Lenovo BTS I | Office | — | 1,439 | 16,961 | 1,518 | 1,439 | 18,479 | 19,918 | 4,505 | 2006 | 2006 | ||||||||||||||||
Perimeter Park | Lenovo BTS II | Office | — | 1,725 | 16,809 | 1,996 | 1,725 | 18,805 | 20,530 | 4,102 | 2007 | 2007 | ||||||||||||||||
Perimeter Park | 5221 Paramount Parkway | Office | — | 1,661 | 14,086 | 2,228 | 1,661 | 16,314 | 17,975 | 2,391 | 2008 | 2008 | ||||||||||||||||
Perimeter Park | 2250 Perimeter Park | Office | — | 2,290 | 6,981 | 2,436 | 2,290 | 9,417 | 11,707 | 2,243 | 2008 | 2008 | ||||||||||||||||
Perimeter Park | Perimeter One | Office | — | 5,880 | 13,605 | 9,295 | 5,880 | 22,900 | 28,780 | 6,771 | 2007 | 2007 | ||||||||||||||||
Perimeter Park | Market at Perimeter Park-Bld A | Retail | — | 1,149 | 1,708 | 302 | 1,149 | 2,010 | 3,159 | 280 | 2009 | 2009 | ||||||||||||||||
Woodlake Center | 100 Innovation | Industrial | — | 633 | 3,748 | 666 | 633 | 4,414 | 5,047 | 1,477 | 1994 | 1999 | ||||||||||||||||
Woodlake Center | 101 Innovation | Industrial | — | 615 | 3,971 | 148 | 615 | 4,119 | 4,734 | 1,292 | 1997 | 1999 | ||||||||||||||||
Woodlake Center | 200 Innovation | Industrial | — | 357 | 4,068 | 277 | 357 | 4,345 | 4,702 | 1,369 | 1999 | 1999 | ||||||||||||||||
Woodlake Center | 501 Innovation | Industrial | — | 640 | 5,589 | 176 | 640 | 5,765 | 6,405 | 1,795 | 1999 | 1999 | ||||||||||||||||
Woodlake Center | 1000 Innovation | Industrial | — | 514 | 2,927 | 207 | 514 | 3,134 | 3,648 | 782 | 1996 | 2002 | ||||||||||||||||
Woodlake Center | 1200 Innovation | Industrial | — | 740 | 4,416 | 334 | 740 | 4,750 | 5,490 | 1,177 | 1996 | 2002 | ||||||||||||||||
Woodlake Center | 400 Innovation | Industrial | — | 908 | 1,517 | 373 | 908 | 1,890 | 2,798 | 952 | 2004 | 2004 | ||||||||||||||||
Munster, Indiana | ||||||||||||||||||||||||||||
Not Applicable | Hammond Clinic Specialty Ctr. (3) | Medical Office | — | — | 12,954 | — | — | 12,954 | 12,954 | — | 1986 | 2011 | ||||||||||||||||
Not Applicable | HC Family Wellness Center (3) | Medical Office | — | — | 3,568 | — | — | 3,568 | 3,568 | — | 1999 | 2011 | ||||||||||||||||
Not Applicable | Franciscan Physician Hosp. OPC (3) | Medical Office | — | — | 4,564 | — | — | 4,564 | 4,564 | — | 1998 | 2011 | ||||||||||||||||
Murfreesboro, Tennessee | ||||||||||||||||||||||||||||
Middle Tenn Med Ctr - MOB | Middle Tenn Med Ctr - MOB | Medical Office | — | — | 20,564 | 4,947 | 7 | 25,504 | 25,511 | 3,182 | 2008 | 2008 | ||||||||||||||||
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Naperville, Illinois | ||||||||||||||||||||||||||||
Meridian Business Campus | 1835 Jefferson | Industrial | — | 3,180 | 7,959 | 5 | 3,184 | 7,960 | 11,144 | 2,071 | 2005 | 2003 | ||||||||||||||||
I-88 West Suburban | 175 Ambassador Dr | Industrial | — | 4,778 | 11,252 | — | 4,778 | 11,252 | 16,030 | 680 | 2006 | 2010 | ||||||||||||||||
Nashville, Tennessee | ||||||||||||||||||||||||||||
Airpark East | Airpark East-800 Commerce Dr. | Industrial | 2,372 | 1,564 | 2,611 | 1,065 | 1,564 | 3,676 | 5,240 | 943 | 2002 | 2002 | ||||||||||||||||
Riverview Business Center | Riverview Office Building | Office | — | 847 | 5,126 | 1,843 | 847 | 6,969 | 7,816 | 2,356 | 1983 | 1999 | ||||||||||||||||
Nashville Business Center | Nashville Business Center I | Industrial | — | 936 | 5,943 | 1,246 | 936 | 7,189 | 8,125 | 2,385 | 1997 | 1999 | ||||||||||||||||
Nashville Business Center | Nashville Business Center II | Industrial | — | 5,659 | 10,206 | 845 | 5,659 | 11,051 | 16,710 | 3,460 | 2005 | 2005 | ||||||||||||||||
Four-Forty Business Center | Four-Forty Business Center I | Industrial | — | 938 | 6,454 | 115 | 938 | 6,569 | 7,507 | 2,073 | 1997 | 1999 | ||||||||||||||||
Four-Forty Business Center | Four-Forty Business Center III | Industrial | — | 1,812 | 7,325 | 1,208 | 1,812 | 8,533 | 10,345 | 2,736 | 1998 | 1999 | ||||||||||||||||
Four-Forty Business Center | Four-Forty Business Center IV | Industrial | — | 1,522 | 5,365 | 615 | 1,522 | 5,980 | 7,502 | 1,980 | 1997 | 1999 | ||||||||||||||||
Four-Forty Business Center | Four-Forty Business Center V | Industrial | — | 471 | 2,335 | 717 | 471 | 3,052 | 3,523 | 1,017 | 1999 | 1999 | ||||||||||||||||
Four-Forty Business Center | Four-Forty Business Center II | Industrial | 2,958 | 1,108 | 4,829 | — | 1,108 | 4,829 | 5,937 | 192 | 1996 | 2010 | ||||||||||||||||
Niles, Illinois | ||||||||||||||||||||||||||||
Howard 220 | Howard 220 | Industrial | 7,440 | 4,920 | 2,320 | 9,615 | 7,761 | 9,094 | 16,855 | 1,851 | 2008 | 2004 | ||||||||||||||||
Norfolk, Virginia | ||||||||||||||||||||||||||||
Norfolk Industrial Park | 1400 Sewells Point Rd | Industrial | 2,167 | 1,463 | 5,723 | 578 | 1,463 | 6,301 | 7,764 | 877 | 1983 | 2007 | ||||||||||||||||
Northlake, Illinois | ||||||||||||||||||||||||||||
Northlake 1 Park | Northlake I | Industrial | 8,497 | 5,721 | 9,963 | 835 | 5,721 | 10,798 | 16,519 | 2,997 | 2002 | 2002 | ||||||||||||||||
Northlake Distribution Park | Northlake III-Grnd Whse | Industrial | 5,559 | 5,382 | 5,708 | 253 | 5,382 | 5,961 | 11,343 | 1,652 | 2006 | 2006 | ||||||||||||||||
Northlake Distribution Park | 200 Champion Way | Industrial | — | 3,554 | 12,262 | — | 3,554 | 12,262 | 15,816 | 131 | 1997 | 2011 | ||||||||||||||||
Oak Brook, Illinois | ||||||||||||||||||||||||||||
2000 York Road | 2000 York Rd | Office | — | 2,625 | 15,825 | 377 | 2,625 | 16,202 | 18,827 | 10,405 | 1986 | 2005 | ||||||||||||||||
Orlando, Florida | ||||||||||||||||||||||||||||
Liberty Park at Southcenter | Southcenter I-Brede/Allied BTS | Industrial | — | 3,094 | 3,867 | 29 | 3,094 | 3,896 | 6,990 | 1,652 | 2003 | 2003 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Parksouth Distribution Center | Parksouth Distribution Ctr. B | Industrial | — | 565 | 4,479 | 551 | 570 | 5,025 | 5,595 | 1,574 | 1996 | 1999 | ||||||||||||||||
Parksouth Distribution Center | Parksouth Distribution Ctr. A | Industrial | — | 493 | 4,340 | 612 | 498 | 4,947 | 5,445 | 1,461 | 1997 | 1999 | ||||||||||||||||
Parksouth Distribution Center | Parksouth Distribution Ctr. D | Industrial | — | 593 | 4,075 | 549 | 597 | 4,620 | 5,217 | 1,497 | 1998 | 1999 | ||||||||||||||||
Parksouth Distribution Center | Parksouth Distribution Ctr. E | Industrial | — | 649 | 4,433 | 669 | 677 | 5,074 | 5,751 | 1,619 | 1997 | 1999 | ||||||||||||||||
Parksouth Distribution Center | Parksouth Distribution Ctr. F | Industrial | — | 1,030 | 4,767 | 1,685 | 1,232 | 6,250 | 7,482 | 2,111 | 1999 | 1999 | ||||||||||||||||
Parksouth Distribution Center | Parksouth Distribution Ctr. H | Industrial | — | 725 | 3,109 | 440 | 754 | 3,520 | 4,274 | 1,063 | 2000 | 2000 | ||||||||||||||||
Parksouth Distribution Center | Parksouth Distribution Ctr. C | Industrial | — | 598 | 1,769 | 1,687 | 674 | 3,380 | 4,054 | 918 | 2003 | 2001 | ||||||||||||||||
Parksouth Distribution Center | Parksouth-Benjamin Moore BTS | Industrial | — | 708 | 2,070 | 62 | 1,129 | 1,711 | 2,840 | 663 | 2003 | 2003 | ||||||||||||||||
Crossroads Business Park | Crossroads VII | Industrial | — | 2,803 | 5,891 | 3,212 | 2,803 | 9,103 | 11,906 | 2,782 | 2006 | 2006 | ||||||||||||||||
Crossroads Business Park | Crossroads VIII | Industrial | — | 2,701 | 4,817 | 1,429 | 2,701 | 6,246 | 8,947 | 1,336 | 2007 | 2007 | ||||||||||||||||
Otsego, Minnesota | ||||||||||||||||||||||||||||
Gateway North Business Center | Gateway North 1 | Industrial | — | 2,243 | 3,959 | 1,244 | 2,287 | 5,159 | 7,446 | 1,076 | 2007 | 2007 | ||||||||||||||||
Pembroke Pines, Florida | ||||||||||||||||||||||||||||
Pembroke Pines | Pembroke Gardens | Retail | — | 26,067 | 88,118 | 5,736 | 24,858 | 95,063 | 119,921 | 19,238 | 2007 | 2009 | ||||||||||||||||
Pembroke Pines | PNC Ground Lease-Nursery Site | Grounds | — | 1,752 | — | — | 1,752 | — | 1,752 | 10 | n/a | 2011 | ||||||||||||||||
Phoenix, Arizona | ||||||||||||||||||||||||||||
Not Applicable | Estrella Buckeye | Industrial | 4,195 | 1,796 | 5,889 | — | 1,796 | 5,889 | 7,685 | 687 | 1996 | 2010 | ||||||||||||||||
Riverside Business Center | Riverside Business Center | Industrial | — | 5,349 | 13,154 | 14 | 5,349 | 13,168 | 18,517 | 701 | 2007 | 2011 | ||||||||||||||||
Plainfield, Illinois | ||||||||||||||||||||||||||||
Edward Plainfield MOB I | Edward Plainfield MOB I | Medical Office | — | — | 9,409 | 1,268 | — | 10,677 | 10,677 | 3,047 | 2006 | 2007 | ||||||||||||||||
Plainfield, Indiana | ||||||||||||||||||||||||||||
Plainfield Business Park | Plainfield Building 1 | Industrial | 15,599 | 1,104 | 11,151 | 455 | 1,104 | 11,606 | 12,710 | 3,731 | 2000 | 2000 | ||||||||||||||||
Plainfield Business Park | Plainfield Building 2 | Industrial | 15,529 | 1,387 | 7,863 | 3,198 | 2,868 | 9,580 | 12,448 | 3,966 | 2000 | 2000 | ||||||||||||||||
Plainfield Business Park | Plainfield Building 3 | Industrial | 16,954 | 2,016 | 9,151 | 2,560 | 2,016 | 11,711 | 13,727 | 2,667 | 2002 | 2002 | ||||||||||||||||
Plainfield Business Park | Plainfield Building 5 | Industrial | 12,279 | 2,726 | 6,488 | 930 | 2,726 | 7,418 | 10,144 | 2,174 | 2004 | 2004 | ||||||||||||||||
Plainfield Business Park | Plainfield Building 8 | Industrial | 20,285 | 4,527 | 11,088 | 1,016 | 4,527 | 12,104 | 16,631 | 2,596 | 2006 | 2006 | ||||||||||||||||
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Plano, Texas | ||||||||||||||||||||||||||||
Baylor Plano MOB | Baylor Plano MOB | Medical Office | — | 16 | 28,375 | 3,031 | 49 | 31,373 | 31,422 | 2,158 | 2009 | 2009 | ||||||||||||||||
Plantation, Florida | ||||||||||||||||||||||||||||
Royal Palm | Royal Palm I | Office | — | 10,209 | 30,827 | 3 | 10,209 | 30,830 | 41,039 | 3,247 | 2001 | 2010 | ||||||||||||||||
Royal Palm | Royal Palm II | Office | — | 8,935 | 30,011 | — | 8,935 | 30,011 | 38,946 | 2,751 | 2007 | 2010 | ||||||||||||||||
Crossroads Business Park | Crossroads Business Park 1 | Office | 11,010 | 3,735 | 11,407 | 186 | 3,735 | 11,593 | 15,328 | 558 | 1997 | 2011 | ||||||||||||||||
Crossroads Business Park | Crossroads Business Park 2 | Office | 15,034 | 2,610 | 12,018 | 419 | 2,610 | 12,437 | 15,047 | 669 | 1998 | 2011 | ||||||||||||||||
Crossroads Business Park | Crossroads Business Park 3 | Office | 16,230 | 3,938 | 13,625 | 182 | 3,938 | 13,807 | 17,745 | 704 | 1999 | 2011 | ||||||||||||||||
Crossroads Business Park | Crossroads Business Park 4 | Office | 10,047 | 3,037 | 11,840 | 210 | 3,037 | 12,050 | 15,087 | 616 | 2001 | 2011 | ||||||||||||||||
South Pointe - Broward | Crossroads Bus. Pk.-So. Trust | Grounds | — | 864 | — | — | 864 | — | 864 | 7 | n/a | 2011 | ||||||||||||||||
Plymouth, Minnesota | ||||||||||||||||||||||||||||
Medicine Lake Indust Ctr | Medicine Lake Indus. Center | Industrial | — | 1,145 | 5,944 | 1,860 | 1,157 | 7,792 | 8,949 | 2,975 | 1970 | 1997 | ||||||||||||||||
Pompano Beach, Florida | ||||||||||||||||||||||||||||
Atlantic Business Center | Atlantic Business Center 1 | Industrial | 6,543 | 3,165 | 8,949 | 732 | 3,165 | 9,681 | 12,846 | 365 | 2000 | 2010 | ||||||||||||||||
Atlantic Business Center | Atlantic Business Center 2 | Industrial | 5,572 | 2,663 | 8,751 | — | 2,663 | 8,751 | 11,414 | 358 | 2001 | 2010 | ||||||||||||||||
Atlantic Business Center | Atlantic Business Center 3 | Industrial | 5,897 | 2,764 | 8,553 | — | 2,764 | 8,553 | 11,317 | 389 | 2001 | 2010 | ||||||||||||||||
Atlantic Business Center | Atlantic Business Center 4A | Industrial | 4,276 | 1,804 | 6,259 | — | 1,804 | 6,259 | 8,063 | 283 | 2002 | 2010 | ||||||||||||||||
Atlantic Business Center | Atlantic Business Center 4B | Industrial | 4,579 | 1,834 | 5,531 | — | 1,834 | 5,531 | 7,365 | 245 | 2002 | 2010 | ||||||||||||||||
Atlantic Business Center | Atlantic Business Center 5A | Industrial | 4,510 | 1,980 | 6,139 | — | 1,980 | 6,139 | 8,119 | 275 | 2002 | 2010 | ||||||||||||||||
Atlantic Business Center | Atlantic Business Center 5B | Industrial | 4,381 | 1,995 | 6,379 | — | 1,995 | 6,379 | 8,374 | 308 | 2004 | 2010 | ||||||||||||||||
Atlantic Business Center | Atlantic Business Center 6A | Industrial | 4,576 | 1,999 | 6,256 | — | 1,999 | 6,256 | 8,255 | 278 | 2004 | 2010 | ||||||||||||||||
Atlantic Business Center | Atlantic Business Center 6B | Industrial | 4,616 | 1,988 | 6,337 | — | 1,988 | 6,337 | 8,325 | 281 | 2002 | 2010 | ||||||||||||||||
Atlantic Business Center | Atlantic Business Center 7A | Industrial | 3,420 | 2,194 | 4,319 | — | 2,194 | 4,319 | 6,513 | 210 | 2005 | 2010 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Atlantic Business Center | Atlantic Business Center 7B | Industrial | 4,464 | 2,066 | 7,024 | — | 2,066 | 7,024 | 9,090 | 326 | 2004 | 2010 | ||||||||||||||||
Atlantic Business Center | Atlantic Business Center 8 | Industrial | 4,727 | 1,616 | 3,785 | — | 1,616 | 3,785 | 5,401 | 184 | 2005 | 2010 | ||||||||||||||||
Atlantic Business Center | Atlantic Business Center 9 | Industrial | 3,124 | 1,429 | 2,347 | — | 1,429 | 2,347 | 3,776 | 109 | 2006 | 2010 | ||||||||||||||||
Copans Business Park | Copans Business Park 3 | Industrial | 4,541 | 1,710 | 3,892 | — | 1,710 | 3,892 | 5,602 | 180 | 1989 | 2010 | ||||||||||||||||
Copans Business Park | Copans Business Park 4 | Industrial | 4,139 | 1,781 | 3,435 | — | 1,781 | 3,435 | 5,216 | 160 | 1989 | 2010 | ||||||||||||||||
Park Central Industrial | Park Central Business Park 1 | Office | 5,952 | 1,613 | 4,982 | — | 1,613 | 4,982 | 6,595 | 360 | 1985 | 2010 | ||||||||||||||||
Park Central Industrial | Park Central Business Park 2 | Industrial | 1,259 | 634 | 556 | — | 634 | 556 | 1,190 | 53 | 1982 | 2010 | ||||||||||||||||
Park Central Industrial | Park Central Business Park 3 | Industrial | 1,534 | 638 | 1,031 | — | 638 | 1,031 | 1,669 | 51 | 1982 | 2010 | ||||||||||||||||
Park Central Industrial | Park Central Business Park 4 | Industrial | 1,834 | 938 | 1,094 | — | 938 | 1,094 | 2,032 | 60 | 1985 | 2010 | ||||||||||||||||
Park Central Industrial | Park Central Business Park 5 | Industrial | 2,418 | 1,125 | 1,553 | — | 1,125 | 1,553 | 2,678 | 127 | 1986 | 2010 | ||||||||||||||||
Park Central Industrial | Park Central Business Park 6 | Industrial | 2,088 | 1,088 | 1,068 | — | 1,088 | 1,068 | 2,156 | 82 | 1986 | 2010 | ||||||||||||||||
Park Central Industrial | Park Central Business Park 7 | Industrial | 2,162 | 979 | 950 | — | 979 | 950 | 1,929 | 86 | 1986 | 2010 | ||||||||||||||||
Park Central Industrial | Park Central Business Park 10 | Industrial | 3,773 | 1,688 | 2,299 | — | 1,688 | 2,299 | 3,987 | 150 | 1999 | 2010 | ||||||||||||||||
Park Central Industrial | Park Central Business Park 11 | Industrial | 6,063 | 3,098 | 3,607 | — | 3,098 | 3,607 | 6,705 | 234 | 1995 | 2010 | ||||||||||||||||
Pompano Commerce Center | Pompano Commerce Ctr I | Industrial | — | 3,250 | 5,425 | — | 3,250 | 5,425 | 8,675 | 459 | 2010 | 2010 | ||||||||||||||||
Pompano Commerce Center | Pompano Commerce Ctr III | Industrial | — | 3,250 | 5,704 | — | 3,250 | 5,704 | 8,954 | 466 | 2010 | 2010 | ||||||||||||||||
Sample 95 | Sample 95 Business Park 1 | Industrial | 7,276 | 3,300 | 6,513 | — | 3,300 | 6,513 | 9,813 | 308 | 1999 | 2010 | ||||||||||||||||
Sample 95 | Sample 95 Business Park 2 | Industrial | 9,857 | 2,963 | 6,367 | — | 2,963 | 6,367 | 9,330 | 214 | 1999 | 2011 | ||||||||||||||||
Sample 95 | Sample 95 Business Park 3 | Industrial | 8,260 | 3,713 | 4,465 | — | 3,713 | 4,465 | 8,178 | 173 | 1999 | 2011 | ||||||||||||||||
Sample 95 | Sample 95 Business Park 4 | Industrial | — | 1,688 | 5,408 | — | 1,688 | 5,408 | 7,096 | 247 | 1999 | 2010 | ||||||||||||||||
Copans Business Park | Copans Business Park 1 | Industrial | 3,237 | 1,856 | 3,236 | 105 | 1,856 | 3,341 | 5,197 | 130 | 1989 | 2011 | ||||||||||||||||
Copans Business Park | Copans Business Park 2 | Industrial | 3,784 | 1,988 | 3,660 | — | 1,988 | 3,660 | 5,648 | 178 | 1989 | 2011 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Park Central Industrial | Park Central Business Park 8-9 | Industrial | 7,220 | 4,136 | 6,870 | 52 | 4,136 | 6,922 | 11,058 | 359 | 1998 | 2011 | ||||||||||||||||
Park Central Industrial | Park Central Business Park 12 | Industrial | 9,114 | 2,696 | 6,499 | 42 | 2,696 | 6,541 | 9,237 | 334 | 1998 | 2011 | ||||||||||||||||
Park Central Industrial | Park Central Business Park 14 | Industrial | 3,062 | 1,635 | 2,965 | 40 | 1,635 | 3,005 | 4,640 | 128 | 1996 | 2011 | ||||||||||||||||
Park Central Industrial | Park Central Business Park 15 | Industrial | 2,355 | 1,500 | 2,209 | 21 | 1,500 | 2,230 | 3,730 | 113 | 1998 | 2011 | ||||||||||||||||
Park Central Industrial | Park Central Business Park 33 | Industrial | 3,745 | 2,438 | 3,397 | 75 | 2,438 | 3,472 | 5,910 | 169 | 1997 | 2011 | ||||||||||||||||
Atlantic Business Center | Atlantic Business Ctr. 10-KFC | Grounds | — | 772 | — | — | 772 | — | 772 | 4 | n/a | 2010 | ||||||||||||||||
Port Wentworth, Georgia | ||||||||||||||||||||||||||||
Grange Road | 318 Grange Road | Industrial | 1,773 | 957 | 4,174 | 93 | 957 | 4,267 | 5,224 | 707 | 2001 | 2006 | ||||||||||||||||
Grange Road | 246 Grange Road | Industrial | 5,338 | 1,191 | 8,294 | 7 | 1,191 | 8,301 | 9,492 | 1,642 | 2006 | 2006 | ||||||||||||||||
Crossroads (Savannah) | 100 Ocean Link Way-Godley Rd | Industrial | 9,620 | 2,306 | 13,389 | 81 | 2,336 | 13,440 | 15,776 | 2,481 | 2006 | 2006 | ||||||||||||||||
Crossroads (Savannah) | 500 Expansion Blvd | Industrial | 4,113 | 649 | 6,282 | 81 | 649 | 6,363 | 7,012 | 762 | 2006 | 2008 | ||||||||||||||||
Crossroads (Savannah) | 400 Expansion Blvd | Industrial | 9,381 | 1,636 | 14,506 | 19 | 1,636 | 14,525 | 16,161 | 1,802 | 2007 | 2008 | ||||||||||||||||
Crossroads (Savannah) | 605 Expansion Blvd | Industrial | 5,528 | 1,615 | 7,456 | 25 | 1,615 | 7,481 | 9,096 | 963 | 2007 | 2008 | ||||||||||||||||
Crossroads (Savannah) | 405 Expansion Blvd | Industrial | 2,105 | 535 | 3,543 | — | 535 | 3,543 | 4,078 | 458 | 2008 | 2009 | ||||||||||||||||
Crossroads (Savannah) | 600 Expansion Blvd | Industrial | 6,027 | 1,248 | 10,387 | — | 1,248 | 10,387 | 11,635 | 1,307 | 2008 | 2009 | ||||||||||||||||
Crossroads (Savannah) | 602 Expansion Blvd | Industrial | — | 1,840 | 12,181 | 27 | 1,859 | 12,189 | 14,048 | 1,319 | 2009 | 2009 | ||||||||||||||||
Raleigh, North Carolina | ||||||||||||||||||||||||||||
Brook Forest | Brook Forest I | Office | — | 1,242 | 4,614 | 1,255 | 1,242 | 5,869 | 7,111 | 1,860 | 2000 | 2000 | ||||||||||||||||
Centerview | 5540 Centerview Dr | Office | — | 773 | 5,324 | 1,791 | 773 | 7,115 | 7,888 | 1,672 | 1986 | 2003 | ||||||||||||||||
Centerview | 5565 Centerview Dr | Office | — | 513 | 4,174 | 1,135 | 513 | 5,309 | 5,822 | 1,098 | 1999 | 2003 | ||||||||||||||||
Crabtree Overlook | Crabtree Overlook | Office | — | 2,164 | 15,288 | 858 | 2,164 | 16,146 | 18,310 | 4,437 | 2001 | 2001 | ||||||||||||||||
Interchange Plaza | 801 Jones Franklin Rd | Office | — | 1,351 | 7,465 | 1,041 | 1,351 | 8,506 | 9,857 | 3,011 | 1995 | 1999 | ||||||||||||||||
Interchange Plaza | 5520 Capital Center Dr | Office | — | 842 | 3,824 | 734 | 842 | 4,558 | 5,400 | 1,449 | 1993 | 1999 | ||||||||||||||||
WakeMed Brier Creek Healthplex | WakeMed Brier Creek Healthplex | Medical Office | — | 10 | 6,653 | 13 | 10 | 6,666 | 6,676 | — | 2011 | 2011 | ||||||||||||||||
Walnut Creek | Walnut Creek Business Park I | Industrial | — | 419 | 1,807 | 585 | 442 | 2,369 | 2,811 | 665 | 2001 | 2001 | ||||||||||||||||
Walnut Creek | Walnut Creek Business Park II | Industrial | — | 456 | 2,318 | 437 | 487 | 2,724 | 3,211 | 736 | 2001 | 2001 | ||||||||||||||||
Walnut Creek | Walnut Creek Business Park III | Industrial | — | 679 | 3,284 | 1,325 | 719 | 4,569 | 5,288 | 1,320 | 2001 | 2001 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Walnut Creek | Walnut Creek Business Park IV | Industrial | — | 2,038 | 2,152 | 1,452 | 2,083 | 3,559 | 5,642 | 1,690 | 2004 | 2004 | ||||||||||||||||
Walnut Creek | Walnut Creek Business Park V | Industrial | — | 1,718 | 3,302 | 602 | 1,718 | 3,904 | 5,622 | 911 | 2008 | 2008 | ||||||||||||||||
Romeoville, Illinois | ||||||||||||||||||||||||||||
Park 55 | Park 55 Bldg. 1 | Industrial | 7,459 | 6,433 | 7,857 | 1,030 | 6,433 | 8,887 | 15,320 | 2,591 | 2005 | 2005 | ||||||||||||||||
Crossroads Business Park | Crossroads 2 | Industrial | 7,506 | 2,938 | 9,839 | — | 2,938 | 9,839 | 12,777 | 605 | 1999 | 2010 | ||||||||||||||||
Crossroads Business Park | Crossroads 5 | Industrial | — | 5,296 | 6,199 | — | 5,296 | 6,199 | 11,495 | 969 | 2009 | 2010 | ||||||||||||||||
Rosemont, Illinois | ||||||||||||||||||||||||||||
Riverway | Riverway MW II (Ground Lease) | Grounds | — | 586 | — | (100 | ) | 486 | — | 486 | — | n/a | 2007 | |||||||||||||||
Roseville, Minnesota | ||||||||||||||||||||||||||||
Roseville | I-35 Business Center 1 | Industrial | — | 1,655 | 6,048 | — | 1,655 | 6,048 | 7,703 | 50 | 1998 | 2011 | ||||||||||||||||
Roseville | I-35 Business Center 2 | Industrial | — | 1,373 | 4,220 | — | 1,373 | 4,220 | 5,593 | 39 | 2000 | 2011 | ||||||||||||||||
San Antonio, Texas | ||||||||||||||||||||||||||||
Not Applicable | Christus Santa Rosa MOB | Medical Office | — | 4,310 | 15,201 | — | 4,310 | 15,201 | 19,511 | — | 2006 | 2011 | ||||||||||||||||
Not Applicable | Christus Santa Rosa Hospital | Medical Office | 10,631 | 5,267 | 10,660 | — | 5,267 | 10,660 | 15,927 | — | 2005 | 2011 | ||||||||||||||||
Sandy Springs, Georgia | ||||||||||||||||||||||||||||
Center Pointe Medical I and II | Center Pointe I & II | Medical Office | — | 9,697 | 18,966 | 20,525 | 9,707 | 39,481 | 49,188 | 7,957 | 2010 | 2007 | ||||||||||||||||
Savannah, Georgia | ||||||||||||||||||||||||||||
Gulfstream Road | 198 Gulfstream | Industrial | 5,364 | 549 | 3,805 | 154 | 549 | 3,959 | 4,508 | 638 | 1997 | 2006 | ||||||||||||||||
Gulfstream Road | 194 Gulfstream | Industrial | 353 | 412 | 2,514 | 15 | 412 | 2,529 | 2,941 | 403 | 1998 | 2006 | ||||||||||||||||
Gulfstream Road | 190 Gulfstream | Industrial | 1,051 | 689 | 4,916 | — | 689 | 4,916 | 5,605 | 1,055 | 1999 | 2006 | ||||||||||||||||
Grange Road | 250 Grange Rd | Industrial | 3,118 | 928 | 8,648 | 7 | 928 | 8,655 | 9,583 | 1,663 | 2002 | 2006 | ||||||||||||||||
Grange Road | 248 Grange Rd | Industrial | 1,328 | 664 | 3,496 | 8 | 664 | 3,504 | 4,168 | 679 | 2002 | 2006 | ||||||||||||||||
SPA Park | 80 Coleman Blvd. | Industrial | 1,322 | 782 | 2,962 | 12 | 782 | 2,974 | 3,756 | 483 | 2002 | 2006 | ||||||||||||||||
Crossroads (Savannah) | 163 Portside Court | Industrial | 20,205 | 8,433 | 8,366 | 20 | 8,433 | 8,386 | 16,819 | 2,864 | 2004 | 2006 | ||||||||||||||||
Crossroads (Savannah) | 151 Portside Court | Industrial | 2,592 | 966 | 7,155 | 58 | 966 | 7,213 | 8,179 | 1,101 | 2003 | 2006 | ||||||||||||||||
Crossroads (Savannah) | 175 Portside Court | Industrial | 11,900 | 4,300 | 15,696 | 67 | 4,301 | 15,762 | 20,063 | 3,485 | 2005 | 2006 | ||||||||||||||||
Crossroads (Savannah) | 150 Portside Court | Industrial | — | 3,071 | 23,001 | 1,295 | 3,071 | 24,296 | 27,367 | 4,989 | 2001 | 2006 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Crossroads (Savannah) | 235 Jimmy Deloach Parkway | Industrial | — | 1,074 | 8,442 | 44 | 1,074 | 8,486 | 9,560 | 1,643 | 2001 | 2006 | ||||||||||||||||
Crossroads (Savannah) | 239 Jimmy Deloach Parkway | Industrial | — | 1,074 | 7,141 | 37 | 1,074 | 7,178 | 8,252 | 1,406 | 2001 | 2006 | ||||||||||||||||
Crossroads (Savannah) | 246 Jimmy Deloach Parkway | Industrial | 3,244 | 992 | 5,383 | 64 | 992 | 5,447 | 6,439 | 1,072 | 2006 | 2006 | ||||||||||||||||
Crossroads (Savannah) | 200 Ocean Link Way | Industrial | 6,235 | 878 | 10,021 | 90 | 883 | 10,106 | 10,989 | 1,372 | 2006 | 2008 | ||||||||||||||||
Westport - Savannah | 2509 Dean Forest Rd - Westport | Industrial | — | 2,392 | 8,303 | 53 | 2,392 | 8,356 | 10,748 | 333 | 2008 | 2011 | ||||||||||||||||
Port of Savannah | 276 Jimmy Deloach Land | Grounds | — | 2,267 | — | 3 | 2,270 | — | 2,270 | 266 | n/a | 2006 | ||||||||||||||||
Sea Brook, Texas | ||||||||||||||||||||||||||||
Not Applicable | Bayport Logistics Center | Industrial | — | 2,629 | 13,284 | — | 2,629 | 13,284 | 15,913 | 719 | 2009 | 2010 | ||||||||||||||||
Seven Hills, Ohio | ||||||||||||||||||||||||||||
Rock Run Business Campus | Rock Run North | Office | — | 837 | 5,250 | (2,314 | ) | 837 | 2,936 | 3,773 | 2,236 | 1984 | 1996 | |||||||||||||||
Rock Run Business Campus | Rock Run Center | Office | — | 1,046 | 6,467 | (2,991 | ) | 1,046 | 3,476 | 4,522 | 2,849 | 1985 | 1996 | |||||||||||||||
Shakopee, Minnesota | ||||||||||||||||||||||||||||
Minneapolis Valley West | MN Valley West | Industrial | — | 1,496 | 6,309 | — | 1,496 | 6,309 | 7,805 | 48 | 2000 | 2011 | ||||||||||||||||
Sharonville, Ohio | ||||||||||||||||||||||||||||
Mosteller Distribution Center | Mosteller Distribution Ctr. I | Industrial | — | 1,275 | 5,161 | 3,549 | 1,275 | 8,710 | 9,985 | 4,289 | 1996 | 1996 | ||||||||||||||||
Mosteller Distribution Center | Mosteller Distribution Ctr. II | Industrial | — | 828 | 3,718 | 1,783 | 828 | 5,501 | 6,329 | 2,537 | 1997 | 1997 | ||||||||||||||||
Snellville, Georgia | ||||||||||||||||||||||||||||
Emory Eastside MOB | New Hampton Place | Medical Office | — | 27 | 6,076 | 90 | 27 | 6,166 | 6,193 | 190 | 2011 | 2011 | ||||||||||||||||
St. John, Indiana | ||||||||||||||||||||||||||||
Not Applicable | Hammond Clinic St. John (3) | Medical Office | — | — | 2,791 | — | — | 2,791 | 2,791 | — | 1996 | 2011 | ||||||||||||||||
St. Louis Park, Minnesota | ||||||||||||||||||||||||||||
Minneapolis West | Chilies Ground Lease | Grounds | — | 921 | — | 157 | 1,078 | — | 1,078 | 71 | n/a | 1998 | ||||||||||||||||
Minneapolis West | Olive Garden Ground Lease | Grounds | — | 921 | — | 114 | 1,035 | — | 1,035 | 83 | n/a | 1998 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
St. Louis, Missouri | ||||||||||||||||||||||||||||
Lakeside Crossing | Lakeside Crossing Building One | Industrial | — | 547 | 1,572 | 576 | 431 | 2,264 | 2,695 | 1,040 | 2002 | 2002 | ||||||||||||||||
Lakeside Crossing | Lakeside Crossing Building II | Industrial | — | 732 | 1,964 | 20 | 731 | 1,985 | 2,716 | 1,154 | 2003 | 2003 | ||||||||||||||||
Lakeside Crossing | Lakeside Crossing Building III | Industrial | — | 1,784 | 3,986 | 374 | 1,502 | 4,642 | 6,144 | 1,588 | 2002 | 2002 | ||||||||||||||||
Lakeside Crossing | Lakeside Crossing V | Office | — | 703 | 1,130 | 17 | 703 | 1,147 | 1,850 | 403 | 2004 | 2004 | ||||||||||||||||
Laumeier Office Park | Laumeier I | Office | — | 1,384 | 8,326 | 4,826 | 1,220 | 13,316 | 14,536 | 5,635 | 1987 | 1995 | ||||||||||||||||
Laumeier Office Park | Laumeier II | Office | — | 1,421 | 9,065 | 2,538 | 1,258 | 11,766 | 13,024 | 5,842 | 1988 | 1995 | ||||||||||||||||
Laumeier Office Park | Laumeier IV | Office | — | 1,029 | 6,142 | 1,673 | 1,029 | 7,815 | 8,844 | 2,782 | 1987 | 1998 | ||||||||||||||||
Maryville Center | 530 Maryville Centre | Office | — | 2,219 | 14,167 | 3,186 | 2,219 | 17,353 | 19,572 | 6,635 | 1990 | 1997 | ||||||||||||||||
Maryville Center | 550 Maryville Centre | Office | — | 1,996 | 12,447 | 2,475 | 1,996 | 14,922 | 16,918 | 6,290 | 1988 | 1997 | ||||||||||||||||
Maryville Center | 635-645 Maryville Centre | Office | — | 3,048 | 16,842 | 4,226 | 3,048 | 21,068 | 24,116 | 7,451 | 1987 | 1997 | ||||||||||||||||
Maryville Center | 655 Maryville Centre | Office | — | 1,860 | 13,067 | 2,359 | 1,860 | 15,426 | 17,286 | 5,780 | 1994 | 1997 | ||||||||||||||||
Maryville Center | 540 Maryville Centre | Office | — | 2,219 | 13,741 | 2,618 | 2,219 | 16,359 | 18,578 | 6,507 | 1990 | 1997 | ||||||||||||||||
Maryville Center | 520 Maryville Centre | Office | — | 2,404 | 13,955 | 1,540 | 2,404 | 15,495 | 17,899 | 5,332 | 1999 | 1999 | ||||||||||||||||
Maryville Center | 625 Maryville Centre | Office | — | 2,509 | 10,956 | 724 | 2,509 | 11,680 | 14,189 | 3,797 | 1996 | 2002 | ||||||||||||||||
Westport Place | Westport Center I | Industrial | — | 1,707 | 4,730 | 1,023 | 1,707 | 5,753 | 7,460 | 2,593 | 1998 | 1998 | ||||||||||||||||
Westport Place | Westport Center II | Industrial | — | 914 | 1,924 | 425 | 914 | 2,349 | 3,263 | 1,082 | 1998 | 1998 | ||||||||||||||||
Westport Place | Westport Center III | Industrial | — | 1,206 | 2,651 | 855 | 1,206 | 3,506 | 4,712 | 1,396 | 1999 | 1999 | ||||||||||||||||
Westport Place | Westport Center V | Industrial | — | 493 | 1,274 | 89 | 493 | 1,363 | 1,856 | 505 | 2000 | 2000 | ||||||||||||||||
Westport Place | Westport Place | Office | — | 1,990 | 5,478 | 2,146 | 1,990 | 7,624 | 9,614 | 3,538 | 2000 | 2000 | ||||||||||||||||
Westmark | Westmark | Office | — | 1,497 | 9,173 | 2,846 | 1,342 | 12,174 | 13,516 | 5,224 | 1987 | 1995 | ||||||||||||||||
Westview Place | Westview Place | Office | — | 669 | 7,544 | 4,332 | 669 | 11,876 | 12,545 | 5,749 | 1988 | 1995 | ||||||||||||||||
Woodsmill Commons | Woodsmill Commons II (400) | Office | — | 1,718 | 7,164 | 1,002 | 1,718 | 8,166 | 9,884 | 2,297 | 1985 | 2003 | ||||||||||||||||
Woodsmill Commons | Woodsmill Commons I (424) | Office | — | 1,836 | 7,007 | 1,325 | 1,836 | 8,332 | 10,168 | 2,417 | 1985 | 2003 | ||||||||||||||||
Stafford, Texas | ||||||||||||||||||||||||||||
Stafford | Stafford Distribution Center | Industrial | — | 3,502 | 5,433 | 3,197 | 3,502 | 8,630 | 12,132 | 2,080 | 2008 | 2008 | ||||||||||||||||
Sterling, Virginia | ||||||||||||||||||||||||||||
TransDulles Centre | 22800 Davis Drive | Office | — | 2,550 | 11,250 | 114 | 2,550 | 11,364 | 13,914 | 1,890 | 1989 | 2006 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
TransDulles Centre | 22714 Glenn Drive | Industrial | — | 3,973 | 4,422 | 1,015 | 3,973 | 5,437 | 9,410 | 1,285 | 2007 | 2007 | ||||||||||||||||
Suffolk, Virginia | ||||||||||||||||||||||||||||
Northgate Commerce Park | 101 Industrial Dr, Bldg. A | Industrial | — | 1,558 | 8,230 | 11 | 1,558 | 8,241 | 9,799 | 945 | 2007 | 2007 | ||||||||||||||||
Northgate Commerce Park | 103 Industrial Dr | Industrial | — | 1,558 | 8,230 | — | 1,558 | 8,230 | 9,788 | 945 | 2007 | 2007 | ||||||||||||||||
Sumner, Washington | ||||||||||||||||||||||||||||
Not Applicable | Sumner Transit | Industrial | 16,241 | 16,032 | 5,935 | 278 | 16,032 | 6,213 | 22,245 | 1,792 | 2005 | 2007 | ||||||||||||||||
Sunrise, Florida | ||||||||||||||||||||||||||||
Sawgrass Pointe | Sawgrass - Bldg B | Office | — | 1,211 | 4,389 | 1,994 | 1,211 | 6,383 | 7,594 | 1,859 | 1999 | 2001 | ||||||||||||||||
Sawgrass Pointe | Sawgrass - Bldg A | Office | — | 1,147 | 3,875 | 399 | 1,147 | 4,274 | 5,421 | 1,193 | 2000 | 2001 | ||||||||||||||||
Sawgrass Pointe | Sawgrass Pointe I | Office | — | 3,484 | 21,132 | 8,534 | 3,484 | 29,666 | 33,150 | 11,065 | 2002 | 2002 | ||||||||||||||||
Sawgrass Pointe | Sawgrass Pointe II | Office | — | 3,481 | 11,973 | (63 | ) | 3,481 | 11,910 | 15,391 | 2,684 | 2009 | 2009 | |||||||||||||||
Suwanee, Georgia | ||||||||||||||||||||||||||||
Horizon Business Center | 90 Horizon Drive | Industrial | — | 180 | 1,277 | — | 180 | 1,277 | 1,457 | 72 | 2001 | 2010 | ||||||||||||||||
Horizon Business Center | 225 Horizon Drive | Industrial | — | 457 | 2,089 | — | 457 | 2,089 | 2,546 | 125 | 1990 | 2010 | ||||||||||||||||
Horizon Business Center | 250 Horizon Drive | Industrial | — | 1,625 | 6,653 | — | 1,625 | 6,653 | 8,278 | 496 | 1997 | 2010 | ||||||||||||||||
Horizon Business Center | 70 Crestridge Drive | Industrial | — | 956 | 3,657 | — | 956 | 3,657 | 4,613 | 265 | 1998 | 2010 | ||||||||||||||||
Horizon Business Center | 2780 Horizon Ridge | Industrial | — | 1,143 | 5,834 | — | 1,143 | 5,834 | 6,977 | 365 | 1997 | 2010 | ||||||||||||||||
Horizon Business Center | 2800 Vista Ridge Dr | Industrial | — | 1,557 | 2,651 | — | 1,557 | 2,651 | 4,208 | 304 | 1995 | 2010 | ||||||||||||||||
Horizon Business Center | 25 Crestridge Dr | Industrial | — | 723 | 2,736 | — | 723 | 2,736 | 3,459 | 149 | 1999 | 2010 | ||||||||||||||||
Horizon Business Center | Genera Corp. BTS | Industrial | — | 1,505 | 4,958 | — | 1,505 | 4,958 | 6,463 | 358 | 2006 | 2010 | ||||||||||||||||
Northbrook | 1000 Northbrook Parkway | Industrial | — | 756 | 4,034 | — | 756 | 4,034 | 4,790 | 246 | 1986 | 2010 | ||||||||||||||||
Tampa, Florida | ||||||||||||||||||||||||||||
Fairfield Distribution Center | Fairfield Distribution Ctr I | Industrial | 1,522 | 483 | 2,568 | 138 | 487 | 2,702 | 3,189 | 856 | 1998 | 1999 | ||||||||||||||||
Fairfield Distribution Center | Fairfield Distribution Ctr II | Industrial | 2,770 | 530 | 4,848 | 124 | 534 | 4,968 | 5,502 | 1,575 | 1998 | 1999 | ||||||||||||||||
Fairfield Distribution Center | Fairfield Distribution Ctr III | Industrial | 1,578 | 334 | 2,745 | 134 | 338 | 2,875 | 3,213 | 902 | 1999 | 1999 | ||||||||||||||||
Fairfield Distribution Center | Fairfield Distribution Ctr IV | Industrial | 1,697 | 600 | 1,603 | 1,286 | 604 | 2,885 | 3,489 | 958 | 1999 | 1999 | ||||||||||||||||
Fairfield Distribution Center | Fairfield Distribution Ctr V | Industrial | 1,764 | 488 | 2,635 | 263 | 488 | 2,898 | 3,386 | 885 | 2000 | 2000 | ||||||||||||||||
Fairfield Distribution Center | Fairfield Distribution Ctr VI | Industrial | 2,623 | 555 | 3,603 | 839 | 555 | 4,442 | 4,997 | 1,151 | 2001 | 2001 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
Fairfield Distribution Center | Fairfield Distribution Ctr VII | Industrial | 1,528 | 394 | 1,857 | 791 | 394 | 2,648 | 3,042 | 700 | 2001 | 2001 | ||||||||||||||||
Fairfield Distribution Center | Fairfield Distrib. Ctr. VIII | Industrial | 1,882 | 1,082 | 2,071 | 412 | 1,082 | 2,483 | 3,565 | 796 | 2004 | 2004 | ||||||||||||||||
Eagle Creek Business Center | Eagle Creek Business Ctr. I | Industrial | — | 3,705 | 3,072 | 1,040 | 3,705 | 4,112 | 7,817 | 1,822 | 2006 | 2006 | ||||||||||||||||
Eagle Creek Business Center | Eagle Creek Business Ctr. II | Industrial | — | 2,354 | 2,272 | 969 | 2,354 | 3,241 | 5,595 | 1,257 | 2007 | 2007 | ||||||||||||||||
Eagle Creek Business Center | Eagle Creek Business Ctr. III | Industrial | — | 2,332 | 2,237 | 1,731 | 2,332 | 3,968 | 6,300 | 1,072 | 2007 | 2007 | ||||||||||||||||
Titusville, Florida | ||||||||||||||||||||||||||||
Retail Development | Crossroads Marketplace | Retail | — | 12,678 | 4,451 | (3,034 | ) | 11,922 | 2,173 | 14,095 | 2,921 | 2007 | 2007 | |||||||||||||||
West Chester, Ohio | ||||||||||||||||||||||||||||
Centre Pointe Office Park | Centre Pointe I | Office | — | 2,501 | 7,466 | 871 | 2,501 | 8,337 | 10,838 | 1,984 | 2000 | 2004 | ||||||||||||||||
Centre Pointe Office Park | Centre Pointe II | Office | — | 2,056 | 8,125 | 668 | 2,056 | 8,793 | 10,849 | 1,966 | 2001 | 2004 | ||||||||||||||||
Centre Pointe Office Park | Centre Pointe III | Office | — | 2,048 | 7,705 | 2,049 | 2,048 | 9,754 | 11,802 | 2,166 | 2002 | 2004 | ||||||||||||||||
Centre Pointe Office Park | Centre Pointe IV | Office | — | 2,013 | 9,017 | 1,540 | 2,932 | 9,638 | 12,570 | 3,215 | 2005 | 2005 | ||||||||||||||||
Centre Pointe Office Park | Centre Pointe VI | Office | — | 2,759 | 8,266 | 3,879 | 2,759 | 12,145 | 14,904 | 2,349 | 2008 | 2008 | ||||||||||||||||
World Park at Union Centre | World Park at Union Centre 10 | Industrial | — | 2,150 | 5,503 | 7,408 | 2,151 | 12,910 | 15,061 | 4,244 | 2006 | 2006 | ||||||||||||||||
World Park at Union Centre | World Park at Union Centre 11 | Industrial | — | 2,592 | 6,923 | 47 | 2,592 | 6,970 | 9,562 | 2,740 | 2004 | 2004 | ||||||||||||||||
World Park at Union Centre | World Park at Union Centre 1 | Industrial | — | 300 | 3,008 | 4 | 300 | 3,012 | 3,312 | 278 | 1998 | 2010 | ||||||||||||||||
World Park at Union Centre | World Park at Union Centre 2 | Industrial | — | 287 | 2,397 | — | 287 | 2,397 | 2,684 | 184 | 1999 | 2010 | ||||||||||||||||
World Park at Union Centre | World Park at Union Centre 3 | Industrial | — | 1,125 | 6,042 | — | 1,125 | 6,042 | 7,167 | 343 | 1998 | 2010 | ||||||||||||||||
World Park at Union Centre | World Park at Union Centre 4 | Industrial | — | 335 | 2,085 | — | 335 | 2,085 | 2,420 | 146 | 1999 | 2010 | ||||||||||||||||
World Park at Union Centre | World Park at Union Centre 5 | Industrial | — | 482 | 2,528 | — | 482 | 2,528 | 3,010 | 168 | 1999 | 2010 | ||||||||||||||||
World Park at Union Centre | World Park at Union Centre 6 | Industrial | — | 1,219 | 6,415 | — | 1,219 | 6,415 | 7,634 | 357 | 1999 | 2010 | ||||||||||||||||
World Park at Union Centre | World Park at Union Centre 7 | Industrial | — | 1,918 | 5,230 | — | 1,918 | 5,230 | 7,148 | 433 | 2005 | 2010 | ||||||||||||||||
World Park at Union Centre | World Park at Union Centre 8 | Industrial | — | 1,160 | 6,134 | — | 1,160 | 6,134 | 7,294 | 392 | 1999 | 2010 | ||||||||||||||||
World Park at Union Centre | World Park at Union Centre 9 | Industrial | — | 1,189 | 6,172 | — | 1,189 | 6,172 | 7,361 | 430 | 2001 | 2010 |
Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2011 (in thousands) | Schedule III | |||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Development or Acquisition | Gross Book Value 12/31/11 | ||||||||||||||||||||||||||
Development | Name | Building Type | Encumbrances | Land | Buildings | Land/Land Imp | Bldgs/TI | Total (1) | Accum. Depr. (2) | Year Constructed | Year Acquired | |||||||||||||||||
West Chicago, Illinois | ||||||||||||||||||||||||||||
West Chicago Industrial | 1250 Carolina Drive | Industrial | — | 1,246 | 4,453 | — | 1,246 | 4,453 | 5,699 | 57 | 1990 | 2011 | ||||||||||||||||
West Jefferson, Ohio | ||||||||||||||||||||||||||||
Park 70 at West Jefferson | Restoration Hardware BTS | Industrial | — | 6,454 | 24,812 | 2,443 | 6,510 | 27,199 | 33,709 | 4,065 | 2008 | 2008 | ||||||||||||||||
Park 70 at West Jefferson | 15 Commerce Parkway | Industrial | — | 10,439 | 27,143 | 12 | 10,439 | 27,155 | 37,594 | 479 | 2011 | 2011 | ||||||||||||||||
West Palm Beach, Florida | ||||||||||||||||||||||||||||
Duke Realty Park of Commerce | Park of Commerce 1 | Industrial | — | 1,635 | 2,486 | — | 1,635 | 2,486 | 4,121 | 113 | 2010 | 2010 | ||||||||||||||||
Duke Realty Park of Commerce | Park of Commerce 3 | Industrial | — | 2,160 | 4,340 | — | 2,160 | 4,340 | 6,500 | 227 | 2010 | 2010 | ||||||||||||||||
Duke Realty Airport Center | Airport Center 1 | Industrial | 5,357 | 2,437 | 6,212 | — | 2,437 | 6,212 | 8,649 | 300 | 2002 | 2010 | ||||||||||||||||
Duke Realty Airport Center | Airport Center 2 | Industrial | 3,862 | 1,706 | 4,632 | — | 1,706 | 4,632 | 6,338 | 219 | 2002 | 2010 | ||||||||||||||||
Duke Realty Airport Center | Airport Center 3 | Industrial | 3,844 | 1,500 | 4,750 | — | 1,500 | 4,750 | 6,250 | 212 | 2002 | 2010 | ||||||||||||||||
Duke Realty Park of Commerce | Park of Commerce #4 | Grounds | 5,746 | 5,934 | — | — | 5,934 | — | 5,934 | 3 | n/a | 2011 | ||||||||||||||||
Duke Realty Park of Commerce | Park of Commerce #5 | Grounds | 6,048 | 6,308 | — | — | 6,308 | — | 6,308 | 3 | n/a | 2011 | ||||||||||||||||
Whitestown, Indiana | ||||||||||||||||||||||||||||
AllPoints at Anson | AllPoints Anson Bldg 14 | Industrial | — | 2,127 | 8,155 | — | 2,127 | 8,155 | 10,282 | 85 | 2007 | 2011 | ||||||||||||||||
Zionsville, Indiana | ||||||||||||||||||||||||||||
Anson | Marketplace at Anson | Retail | — | 2,147 | 2,642 | 2,085 | 2,147 | 4,727 | 6,874 | 981 | 2007 | 2007 | ||||||||||||||||
Accum. Depr. on Improvements of Undeveloped Land | — | — | — | — | — | — | — | 14,186 | ||||||||||||||||||||
Eliminations | — | — | — | (923 | ) | (16 | ) | (907 | ) | (923 | ) | (1,348 | ) | |||||||||||||||
1,173,233 | 1,189,845 | 4,238,148 | 610,114 | 1,213,349 | 4,824,758 | 6,038,107 | 1,127,595 |
(1) | The tax basis (in thousands) of our real estate assets at December 31, 2011 was approximately $6,243,507 for federal income tax purposes. |
(2) | Depreciation of real estate is computed using the straight-line method over 40 years for buildings and 15 years for land improvements for properties that we develop, 30 years for buildings and 10 years for land improvements for properties that we acquire, and shorter periods based on lease terms (generally 3 to 10 years) for tenant improvements. |
(3) | We hold legal title to these buildings but, for accounting purposes, are treated as direct financing leases. Due to being immaterial for separate presentation, we have classified these buildings within real estate investments and have included them in this schedule. |
Real Estate Assets | Accumulated Depreciation | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2011 | 2010 | 2009 | |||||||||||||||||||
Balance at beginning of year | $ | 7,032,889 | $ | 6,390,119 | $ | 6,297,922 | $ | 1,406,437 | $ | 1,311,733 | $ | 1,167,113 | ||||||||||||
Acquisitions | 669,631 | 449,530 | 29,726 | |||||||||||||||||||||
Construction costs and tenant improvements | 184,533 | 162,301 | 307,157 | |||||||||||||||||||||
Depreciation expense | 267,222 | 271,058 | 266,803 | |||||||||||||||||||||
Consolidation of previously unconsolidated properties | 5,988 | 530,573 | 176,038 | |||||||||||||||||||||
7,893,041 | 7,532,523 | 6,810,843 | 1,673,659 | 1,582,791 | 1,433,916 | |||||||||||||||||||
Deductions during year: | ||||||||||||||||||||||||
Cost of real estate sold or contributed | (1,774,576 | ) | (421,325 | ) | (258,854 | ) | (465,353 | ) | (97,699 | ) | (32,087 | ) | ||||||||||||
Impairment Allowance | — | — | (71,774 | ) | ||||||||||||||||||||
Write-off of fully amortized assets | (80,358 | ) | (78,309 | ) | (90,096 | ) | (80,711 | ) | (78,655 | ) | (90,096 | ) | ||||||||||||
Balance at end of year | $ | 6,038,107 | $ | 7,032,889 | $ | 6,390,119 | $ | 1,127,595 | $ | 1,406,437 | $ | 1,311,733 |
DUKE REALTY LIMITED PARTNERSHIP | ||
March 2, 2012 | By: | /s/ Dennis D. Oklak |
Dennis D. Oklak | ||
Chairman and Chief Executive Officer | ||
of the General Partner | ||
By: | /s/ Christie B. Kelly | |
Christie B. Kelly | ||
Executive Vice President and Chief Financial Officer of the General Partner | ||
By: | /s/ Mark A. Denien | |
Mark A. Denien | ||
Senior Vice President and Chief Accounting Officer of the General Partner |
Signature | Date | Title | ||
/s/ Thomas J. Baltimore, Jr.* | 1/25/2012 | Director of the General Partner | ||
Thomas J. Baltimore, Jr. | ||||
/s/ Barrington H. Branch* | 1/25/2012 | Director of the General Partner | ||
Barrington H. Branch | ||||
/s/ Geoffrey A. Button* | 1/25/2012 | Director of the General Partner | ||
Geoffrey A. Button | ||||
/s/ William Cavanaugh III* | 1/25/2012 | Director of the General Partner | ||
William Cavanaugh III | ||||
/s/ Alan H. Cohen* | 1/25/2012 | Director of the General Partner | ||
Alan H. Cohen | ||||
/s/ Ngaire E. Cuneo* | 1/25/2012 | Director of the General Partner | ||
Ngaire E. Cuneo | ||||
/s/ Charles R. Eitel* | 1/25/2012 | Director of the General Partner | ||
Charles R. Eitel | ||||
/s/ Martin C. Jischke, PhD* | 1/25/2012 | Director of the General Partner | ||
Martin C. Jischke, PhD | ||||
/s/ Peter M. Scott III* | 1/25/2012 | Director of the General Partner | ||
Peter M. Scott III | ||||
/s/ Jack R. Shaw* | 1/25/2012 | Director of the General Partner | ||
Jack R. Shaw | ||||
/s/ Lynn C. Thurber* | 1/25/2012 | Director of the General Partner | ||
Lynn C. Thurber | ||||
/s/ Robert J. Woodward, Jr.* | 1/25/2012 | Director of the General Partner | ||
Robert J. Woodward, Jr. |
* | By Dennis D. Oklak, Attorney-in-Fact | /s/ Dennis D. Oklak |
Year Ended December 31, 2011 | Year Ended December 31, 2010 | Year Ended December 31, 2009 | Year Ended December 31, 2008 | Year Ended December 31, 2007 | ||||||||||||||||||||||||
Net income (loss) from continuing operations, less preferred distributions | $ | (64,390 | ) | $ | (30,767 | ) | $ | (313,686 | ) | $ | 17,595 | $ | 111,469 | |||||||||||||||
Preferred distributions | 60,353 | 69,468 | 73,451 | 71,426 | 58,292 | |||||||||||||||||||||||
Interest expense | 223,053 | 189,094 | 151,605 | 137,055 | 112,252 | |||||||||||||||||||||||
Earnings (loss) before fixed charges | $ | 219,016 | $ | 227,795 | $ | (88,630 | ) | $ | 226,076 | $ | 282,013 | |||||||||||||||||
Interest expense | $ | 223,053 | $ | 189,094 | $ | 151,605 | $ | 137,055 | $ | 112,252 | ||||||||||||||||||
Interest costs capitalized | 4,335 | 11,498 | 26,864 | 53,456 | 59,167 | |||||||||||||||||||||||
Total fixed charges | 227,388 | 200,592 | 178,469 | 190,511 | 171,419 | |||||||||||||||||||||||
Preferred distributions | 60,353 | 69,468 | 73,451 | 71,426 | 58,292 | |||||||||||||||||||||||
Total fixed charges and preferred distributions | $ | 287,741 | $ | 270,060 | $ | 251,920 | $ | 261,937 | $ | 229,711 | ||||||||||||||||||
Ratio of earnings to fixed charges | N/A | (1) | 1.14 | N/A | (4) | 1.19 | 1.65 | |||||||||||||||||||||
Ratio of earnings to fixed charges and preferred distributions | N/A | (2) | N/A | (3) | N/A | (5) | N/A | (6) | 1.23 |
(1) | N/A - The ratio is less than 1.0; deficit of $8.4 million exists for the year ended December 31, 2011. The calculation of earnings includes $330.5 million of non-cash depreciation expense. |
(2) | N/A - The ratio is less than 1.0; deficit of $68.7 million exists for the year ended December 31, 2011. The calculation of earnings includes $330.5 million of non-cash depreciation expense. |
(3) | N/A - The ratio is less than 1.0; deficit of $42.3 million exists for the year ended December 31, 2010. The calculation of earnings includes $279.6 million of non-cash depreciation expense. |
(4) | N/A - The ratio is less than 1.0; deficit of $267.1 million exists for the year ended December 31, 2009. The calculation of earnings includes $245.5 million of non-cash depreciation expense. |
(5) | N/A - The ratio is less than 1.0; deficit of $340.6 million exists for the year ended December 31, 2009. The calculation of earnings includes $245.5 million of non-cash depreciation expense. |
(6) | N/A - The ratio is less than 1.0; deficit of $35.9 million exists for the year ended December 31, 2008. The calculation of earnings includes $213.7 million of non-cash depreciation expense. |
Exhibit 21.1 | |||
State of Incorporation | |||
Subsidiary | or Organization | Name under which Subsidiary Conducts Business | |
The financial statements of the following entities were consolidated into the financial statements of the Registrant at December 31, 2011: | |||
Duke Acquisition, Inc. | Georgia | Duke Acquisition, Inc. | |
Duke Realty Ohio | Indiana | Duke Realty Ohio | |
Duke Construction Limited Partnership | Indiana | Duke Construction Limited Partnership; | |
Duke Indiana Construction Limited Partnership (FL, NJ); | |||
Duke Construction Limited Partnership of Michigan (MI); | |||
Duke Indiana Construction (NY) | |||
Duke Realty Construction, Inc. | Indiana | Duke Realty Construction, Inc. | |
Duke Realty Services, LLC | Indiana | Duke Realty Services, LLC; | |
Duke Realty Services of Indiana, LLC (MO); | |||
Duke Realty Services of Virginia, LLC (VA) | |||
Duke Realty Services Limited Partnership | Indiana | Duke Realty Services Limited Partnership; | |
Duke Realty Services of Indiana Limited Partnership (WA) | |||
Duke Business Centers Corporation | Indiana | Duke Business Centers Corporation | |
Kenwood Office Associates | Ohio | Kenwood Office Associates | |
Mark Center TMP, LLC | Delaware | Mark Center TMP, LLC | |
BD Adena Development, LLC | Indiana | BD Adena Development, LLC | |
Physician Office Building of Fort Wayne, LLC | Indiana | Physician Office Building of Fort Wayne, LLC | |
BD Fort Wayne Financing, LLC | Indiana | BD Fort Wayne Financing, LLC | |
BD Center Pointe, LLC | Georgia | BD Center Pointe, LLC | |
Dugan Realty, L.L.C. | Indiana | Dugan Realty, L.L.C. | |
BremnerDuke - Anson Development I, LLC | Indiana | Bremner/Duke - Anson Development I, LLC | |
BremnerDuke - AOA Arlington Development, L.P. | Indiana | Bremner/Duke - AOA Arlington Development, L.P. | |
The Registrant accounted for the following entities on the equity method at December 31, 2011: | |||
B/D Limited Partnership | Indiana | B/D Limited Partnership | |
Cincinnati Development Group, Limited Liability Company | Ohio | Cincinnati Development Group, Limited Liability Company | |
Dugan Texas LLC | Delaware | Dugan Texas LLC | |
Duke/Hawk, L.L.C. | Indiana | Duke/Hawk, L.L.C. | |
Hillside Partnership I | South Carolina | Hillside Partnership I | |
Lamida Group, L.L.C. | Indiana | Lamida Group, L.L.C. | |
Northwinds Land, L.P. | Georgia | Northwinds Land, L.P. | |
Cincinnati Development Group/Other Ventures LLC | Ohio | Cincinnati Development Group/Other Ventures LLC | |
Dugan Millenia LLC | Delaware | Dugan Millenia LLC | |
Park Creek Venture | Indiana | Park Creek Venture | |
BCC Cancer Center Venture, L.P. | Delaware | BCC Cancer Center Venture, LP | |
BremnerDuke Mary Shiels Development, L.P. | Indiana | BremnerDuke Mary Shiels Development, L.P. | |
AD West End, LLC | Indiana | AD West End, LLC | |
Browning/Duke, LLC | Delaware | Browning/Duke, LLC | |
DRCS, LLC | Delaware | DRCS, LLC | |
P&L Duke 3630 Peachtree, L.P. | Georgia | P&L Duke 3630 Peachtree, L.P. | |
Quantico Real Estate LLC | Delaware | Quantico Real Estate LLC | |
Lafayette Real Estate LLC | Delaware | Lafayette Real Estate LLC | |
Duke/Kane LLC | Delaware | Duke/Kane LLC | |
200 GR LLC | Ohio | 200 GR LLC | |
Linden Development, LLC | New Jersey | Linden Development, LLC | |
Duke/Hulfish, LLC | Delaware | Duke/Hulfish, LLC | |
HHC Duke Realty Development, LLC | Indiana | HHC Duke Realty Development, LLC | |
HHC Duke Realty FOB CDE, LLC | Indiana | HHC Duke Realty FOB CDE, LLC |
/s/ Thomas J. Baltimore, Jr. | |
Thomas J. Baltimore, Jr. |
/s/ Barrington H. Branch | |
Barrington H. Branch |
/s/ Geoffrey A. Button | |
Geoffrey A. Button |
/s/ William Cavanaugh III | |
William Cavanaugh III |
/s/ Alan H. Cohen | |
Alan H. Cohen |
/s/ Ngaire E. Cuneo | |
Ngaire E. Cuneo |
/s/ Charles R. Eitel | |
Charles R. Eitel |
/s / Martin C. Jischke, PhD | |
Martin C. Jischke, PhD |
/s/ Peter M. Scott III | |
Peter M. Scott III |
/s/ Jack R. Shaw | |
Jack R. Shaw |
/s/ Lynn C. Thurber | |
Lynn C. Thurber |
/s/ Robert J. Woodward, Jr. | |
Robert J. Woodward, Jr. |
/s/ Dennis D. Oklak |
Dennis D. Oklak |
Chairman and Chief Executive Officer of the General Partner |
/s/ Christie B. Kelly |
Christie B. Kelly |
Executive Vice President and Chief Financial Officer of the General Partner |
/s/ Dennis D. Oklak | |
Dennis D. Oklak | |
Chairman and Chief Executive Officer of the General Partner | |
Date: | March 2, 2012 |
/s/ Christie B. Kelly | |
Christie B. Kelly | |
Executive Vice President and Chief Financial Officer of the General Partner | |
Date: | March 2, 2012 |
Quarter Ended | ||||||||||||||||
2011 | December 31 | September 30 | June 30 | March 31 | ||||||||||||
Rental and related revenue | $ | 193,464 | $ | 185,944 | $ | 181,331 | $ | 191,739 | ||||||||
General contractor and service fee revenue | 112,178 | 127,708 | 135,363 | 146,547 | ||||||||||||
Net income (loss) attributable to common unitholders | $ | 46,193 | $ | (32,944 | ) | $ | (29,748 | ) | $ | 48,774 | ||||||
Basic income (loss) per Common Unit | $ | 0.17 | $ | (0.13 | ) | $ | (0.12 | ) | $ | 0.19 | ||||||
Diluted income (loss) per Common Unit | $ | 0.17 | $ | (0.13 | ) | $ | (0.12 | ) | $ | 0.19 | ||||||
Weighted average Common Units | 259,872 | 259,866 | 259,849 | 258,790 | ||||||||||||
Weighted average Common Units and potential dilutive securities | 259,872 | 259,866 | 259,849 | 258,837 | ||||||||||||
2010 | December 31 | September 30 | June 30 | March 31 | ||||||||||||
Rental and related revenue | $ | 179,841 | $ | 180,961 | $ | 156,411 | $ | 161,582 | ||||||||
General contractor and service fee revenue | 100,971 | 132,351 | 168,398 | 113,641 | ||||||||||||
Net income (loss) attributable to common unitholders | $ | 9,752 | $ | 35,105 | $ | (43,603 | ) | $ | (15,713 | ) | ||||||
Basic income (loss) per Common Unit | $ | 0.04 | $ | 0.13 | $ | (0.19 | ) | $ | (0.07 | ) | ||||||
Diluted income (loss) per Common Unit | $ | 0.04 | $ | 0.13 | $ | (0.19 | ) | $ | (0.07 | ) | ||||||
Weighted average Common Units | 257,420 | 257,383 | 233,486 | 230,760 | ||||||||||||
Weighted average Common Units and potential dilutive securities | 257,420 | 257,383 | 233,486 | 230,760 |
Significant Accounting Policies
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Dec. 31, 2011
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Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include our accounts and the accounts of our majority-owned or controlled subsidiaries. The equity interests in these controlled subsidiaries not owned by us are reflected as noncontrolling interests in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements. Investments in entities that we do not control, and variable interest entities (“VIEs”) in which we are not the primary beneficiary, are not consolidated and are reflected as investments in unconsolidated companies under the equity method of reporting. Reclassifications Certain amounts in the accompanying consolidated financial statements for 2010 and 2009 have been reclassified to conform to the 2011 consolidated financial statement presentation. Real Estate Investments Rental real property, including land, land improvements, buildings and tenant improvements, are included in real estate investments and are generally stated at cost. Wholly-owned properties that are accounted for as direct financing leases, and which are not material for separate presentation, are also included within real estate investments. Construction in process and undeveloped land are included in real estate investments and are stated at cost. Real estate investments also include our equity interests in unconsolidated joint ventures that own and operate rental properties and hold land for development. Depreciation Buildings and land improvements are depreciated on the straight-line method over their estimated lives not to exceed 40 and 15 years, respectively, for properties that we develop, and not to exceed 30 and 10 years, respectively, for acquired properties. Tenant improvement costs are depreciated using the straight-line method over the shorter of the useful life of the asset or term of the related lease. Cost Capitalization Direct and certain indirect costs clearly associated with the development, construction, leasing or expansion of real estate investments are capitalized as a cost of the property. In addition, all leasing commissions paid to third parties for new leases or lease renewals are capitalized. We capitalize a portion of our indirect costs associated with our construction, development and leasing efforts. In assessing the amount of direct and indirect costs to be capitalized, allocations are made based on estimates of the actual amount of time spent in each activity. We do not capitalize any costs attributable to downtime or to unsuccessful projects. We capitalize direct and indirect project costs associated with the initial construction of a property up to the time the property is substantially complete and ready for its intended use. In addition, we capitalize costs, including real estate taxes, insurance, and utilities, that have been allocated to vacant space based on the square footage of the portion of the building not held available for immediate occupancy during the extended lease-up periods after construction of the building shell has been completed if costs are being incurred to ready the vacant space for its intended use. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once necessary work has been completed on a vacant space, project costs are no longer capitalized. We cease capitalization of all project costs on extended lease-up periods when significant activities have ceased, which does not exceed the shorter of a one-year period after the completion of the building shell or when the property attains 90% occupancy. Impairment We evaluate our real estate assets, with the exception of those that are classified as held-for-sale, for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If such an evaluation is considered necessary, we compare the carrying amount of that real estate asset, or asset group, with the expected undiscounted cash flows that are directly associated with, and that are expected to arise as a direct result of, the use and eventual disposition of that asset, or asset group. Our estimate of the expected future cash flows used in testing for impairment is based on, among other things, our estimates regarding future market conditions, rental rates, occupancy levels, costs of tenant improvements, leasing commissions and other tenant concessions, assumptions regarding the residual value of our properties at the end of our anticipated holding period and the length of our anticipated holding period and is, therefore, subjective by nature. These assumptions could differ materially from actual results. If our strategy changes or if market conditions otherwise dictate a reduction in the holding period and an earlier sale date, an impairment loss could be recognized and such loss could be material. To the extent the carrying amount of a real estate asset, or asset group, exceeds the associated estimate of undiscounted cash flows, an impairment loss is recorded to reduce the carrying value of the asset to its fair value. The determination of the fair value of real estate assets is also highly subjective, especially in markets where there is a lack of recent comparable transactions. We primarily utilize the income approach to estimate the fair value of our income producing real estate assets. We utilize marketplace participant assumptions to estimate the fair value of a real estate asset when an impairment charge is required to be measured. The estimation of future cash flows, as well as the selection of the discount rate and exit capitalization rate used in applying the income approach, are highly subjective measures in estimating fair value. Real estate assets classified as held-for-sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. Once a property is designated as held-for-sale, no further depreciation expense is recorded. Purchase Accounting We expense acquisition related costs immediately as period costs. We record assets acquired in step acquisitions at their full fair value and record a gain or loss, within acquisition-related activity in our consolidated Statements of Operations, for the difference between the fair value and the carrying value of our existing equity interest. Additionally, contingencies arising from a business combination are recorded at fair value if the acquisition date fair value can be determined during the measurement period. We allocate the purchase price of acquired properties to tangible and identified intangible assets based on their respective fair values, using all pertinent information available at the date of acquisition. The allocation to tangible assets (buildings, tenant improvements and land) is based upon management’s determination of the value of the property as if it were vacant using discounted cash flow models similar to those used by independent appraisers. Factors considered by management include an estimate of carrying costs during the expected lease-up periods considering current market conditions, and costs to execute similar leases. The purchase price of real estate assets is also allocated among three categories of intangible assets consisting of the above or below market component of in-place leases, the value of in-place leases and the value of customer relationships. The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term and (ii) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above market leases are included in deferred leasing and other costs in the balance sheet and below market leases are included in other liabilities in the balance sheet; both are amortized to rental income over the remaining terms of the respective leases. The total amount of intangible assets is allocated to in-place lease values and to customer relationship values based upon management’s assessment of their respective values. These intangible assets are included in deferred leasing and other costs in the balance sheet and are depreciated over the remaining term of the existing lease, or the anticipated life of the customer relationship, as applicable. 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 variable interest entities (“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 any guaranteed returns, protection against losses, or capping of residual returns within the group and (iii) establish whether activities within the venture are on behalf of an investor with disproportionately few voting rights in making this VIE determination. On January 1, 2010, we adopted a new accounting standard that eliminated the primarily quantitative model previously in effect to determine the primary beneficiary of a VIE and replaced it with a qualitative model that focuses on which entities have the power to direct the activities of the VIE as well as the obligation or rights to absorb the VIE’s losses or receive its benefits. This new standard requires assessments at each reporting period of which party within the VIE is considered the primary beneficiary and also requires a number of new disclosures related to VIEs. The reconsideration of the initial determination of VIE status is still based on the occurrence of certain events. We were not the primary beneficiary of any VIEs at January 1, 2010 and the implementation of this new accounting standard did not have a material impact on our results of operation or financial condition. At December 31, 2011, there are three joint ventures that we have determined to meet the criteria to be considered VIEs. Upon reconsideration, we determined that the fair values of the equity investments at risk were not sufficient, when considering their overall capital requirements, and we therefore concluded that these three ventures now meet the applicable criteria to be considered VIEs. These three joint ventures were formed with the sole purpose of developing, constructing, leasing, marketing and selling properties for a profit. The majority of the business activities of these joint ventures are financed with third-party debt, with joint and several guarantees provided by the joint venture partners. All significant decisions for these joint ventures, including those decisions that most significantly impact each venture’s economic performance, require unanimous joint venture partner approval as well as, in certain cases, lender approval. For these joint ventures, unanimous joint venture partner approval requirements include entering into new leases, setting annual operating budgets, selling an underlying property, and incurring additional indebtedness. Because no single variable interest holder exercises control over the decisions that most significantly affect each venture’s economic performance, we determined that the equity method of accounting is still appropriate for these joint ventures. The following is a summary of the carrying value in our consolidated balance sheets, as well as our maximum loss exposure under guarantees, for entities we have determined to be VIEs (in millions):
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 our 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 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. We use the equity method of accounting for those joint ventures where we exercise significant influence but do not have control. Under the equity method of accounting, our investment in each joint venture is included on our balance sheet; however, the assets and liabilities of the joint ventures for which we use the equity method are not included on our balance sheet. To the extent that we contribute assets to a joint venture, our investment in the joint venture is recorded at our cost basis in the assets that were contributed to the joint venture. To the extent that our cost basis is different than the basis reflected at the joint venture level, the basis difference is amortized over the life of the related asset and included in our share of equity in net income of the joint venture. We recognize gains on the contribution or sale of real estate to joint ventures, relating solely to the outside partner’s interest, to the extent the economic substance of the transaction is a sale. Cash Equivalents Investments with an original maturity of three months or less are classified as cash equivalents. Valuation of Receivables We reserve the entire receivable balance, including straight-line rent, of any tenant with an amount outstanding over 90 days. Additional reserves are recorded for more current amounts, as applicable, where we have determined collectability to be doubtful. Straight-line rent receivables for any tenant with long-term risk, regardless of the status of current rent receivables, are reviewed and reserved as necessary. Deferred Costs Costs incurred in connection with obtaining financing are deferred and are amortized to interest expense over the term of the related loan. All direct and indirect costs, including estimated internal costs, associated with the leasing of real estate investments owned by us are capitalized and amortized over the term of the related lease. We include lease incentive costs, which are payments made on behalf of a tenant to sign a lease, in deferred leasing costs and amortize them on a straight-line basis over the respective lease terms as a reduction of rental revenues. We include as lease incentives amounts funded to construct tenant improvements owned by the tenant. Unamortized costs are charged to expense upon the early termination of the lease or upon early payment of the financing. Convertible Debt Accounting Our 3.75% Exchangeable Senior Notes (“Exchangeable Notes”) were issued in November 2006 and had an exchange rate of 20.47 common shares per $1,000 principal amount of the notes, representing an exchange price of $48.85 per share of the General Partner's common stock. We repaid the Exchangeable Notes in December 2011. We accounted for the debt and equity components of our Exchangeable Notes separately, with the value assigned to the debt component equal to the estimated fair value of debt with similar contractual cash flows, but without the conversion feature, resulting in the debt being recorded at a discount. The resulting debt discount has been amortized over the period from its issuance through the date of repayment as additional non-cash interest expense. Interest expense was recognized on the Exchangeable Notes at an effective rate of 5.62%. The increase to interest expense (in thousands) on the Exchangeable Notes, which led to a corresponding decrease to net income, for the years ended December 31, 2011, 2010 and 2009 is summarized as follows:
Noncontrolling Interests Noncontrolling interests relate to interests in consolidated property partnerships that are not wholly-owned. Noncontrolling interests are subsequently adjusted for additional contributions, distributions to noncontrolling holders and the noncontrolling holders’ proportionate share of the net earnings or losses of each respective entity. We report noncontrolling interests as a component of total equity. Revenue Recognition Rental and Related Revenue The timing of revenue recognition under an operating lease is determined based upon ownership of the tenant improvements. If we are the owner of the tenant improvements, revenue recognition commences after the improvements are completed and the tenant takes possession or control of the space. In contrast, if we determine that the tenant allowances or improvements we are funding are lease incentives, then we commence revenue recognition when possession or control of the space is turned over to the tenant. Rental income from leases is recognized on a straight-line basis. We record lease termination fees when a tenant has executed a definitive termination agreement with us and the payment of the termination fee is not subject to any material conditions that must be met or waived before the fee is due to us. General Contractor and Service Fee Revenue Management fees are based on a percentage of rental receipts of properties managed and are recognized as the rental receipts are collected. Maintenance fees are based upon established hourly rates and are recognized as the services are performed. Construction management and development fees represent fee-based third-party contracts and are recognized as earned based on the percentage of completion method. We recognize income on construction contracts where we serve as a general contractor on the percentage of completion method. Using this method, profits are recorded based on our estimates of the percentage of completion of individual contracts, commencing when the work performed under the contracts reaches a point where the final costs can be estimated with reasonable accuracy. The percentage of completion estimates are based on a comparison of the contract expenditures incurred to the estimated final costs. Changes in job performance, job conditions and estimated profitability may result in revisions to costs and income and are recognized in the period in which the revisions are determined. Receivables on construction contracts were in a net under-billed position of $10.6 million at December 31, 2011 and an over-billed position of $160,000 at the end of 2010. Property Sales Gains on sales of all properties are recognized in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 360-20. The specific timing of the sale of a building is measured against various criteria in FASB ASC 360-20 related to the terms of the transactions and any continuing involvement in the form of management or financial assistance from the seller associated with the properties. We make judgments based on the specific terms of each transaction as to the amount of the total profit from the transaction that we recognize considering factors such as continuing ownership interest we may have with the buyer (“partial sales”) and our level of future involvement with the property or the buyer that acquires the assets. If the full accrual sales criteria are not met, we defer gain recognition and account for the continued operations of the property by applying the finance, installment or cost recovery methods, as appropriate, until the full accrual sales criteria are met. Estimated future costs to be incurred after completion of each sale are included in the determination of the gain on sales. To the extent that a property has had operations prior to sale, and that we do not have continuing involvement with the property, gains from sales of depreciated property are included in discontinued operations and the proceeds from the sale of these held-for-rental properties are classified in the investing activities section of the Consolidated Statements of Cash Flows. Gains or losses from our sale of properties that were developed or repositioned with the intent to sell and not for long-term rental (“Build-for-Sale” properties) are classified as gain on sale of properties in the Consolidated Statements of Operations. Other rental properties that do not meet the criteria for presentation as discontinued operations are also classified as gain on sale of properties in the Consolidated Statements of Operations. Net Income (Loss) Per Common Unit Basic net income (loss) per Common Unit is computed by dividing net income (loss) attributable to common unitholders, less 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 Units outstanding for the period. Diluted net income (loss) per Common Unit is computed by dividing basic net income (loss) attributable to common unitholders 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 (loss) per Common Unit (in thousands):
Potential shares related to the General Partner's stock-based compensation plans as well as our Exchangeable Notes are anti-dilutive for all years presented. The following table summarizes the data that is excluded from the computation of net income (loss) per Common Unit as a result of being anti-dilutive (in thousands):
Federal Income Taxes Our financial statements include the operations of our taxable REIT subsidiary that is subject to corporate, federal, state and local income taxes. As a partnership, the allocated share of income and loss other than the operations of our taxable REIT subsidiary is included in the income tax returns of our partners; accordingly the only federal income taxes included in the accompanying consolidated financial statements are in connection with our taxable REIT subsidiary. Refinements to our operating strategy in 2009 caused us to reduce our projections of taxable income in our taxable REIT subsidiary. As the result of these changes in our projections, we determined that it was more likely than not that the taxable REIT subsidiary would not generate sufficient taxable income to realize any of its deferred tax assets. Accordingly, a full valuation allowance was established for our deferred tax assets in 2009, which we have continued to maintain through December 31, 2011 as we still believe the taxable REIT subsidiary will not generate sufficient taxable income to realize any of its deferred tax assets. Income taxes are not material to our operating results or financial position. We paid state and local income taxes of $340,000 and $800,000 in 2011 and 2009, respectively. We received income tax refunds, net of federal and state income tax payments, of $19.7 million in 2010. The taxable REIT subsidiaries have no significant net deferred income tax or unrecognized tax benefit items. Fair Value Measurements We follow the framework established under accounting standard FASB ASC 820 for measuring fair value of non-financial assets and liabilities that are not required or permitted to be measured at fair value on a recurring basis but only in certain circumstances, such as a business combination. Assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities to which we have access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Use of Estimates The preparation of the financial statements requires management to make a number of estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. The most significant estimates, as discussed within our Summary of Significant Accounting Policies, pertain to the critical assumptions utilized in testing real estate assets for impairment, estimating the fair value of real estate assets when an impairment event has taken place and allocating the purchase price of acquired properties to tangible and intangible assets based on their respective fair values. Actual results could differ from those estimates. |