10-Q 1 dre-20210930.htm 10-Q dre-20210930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number: 1-9044 (Duke Realty Corporation) 0-20625 (Duke Realty Limited Partnership)
dre-20210930_g1.jpg
DUKE REALTY CORPORATION
DUKE REALTY LIMITED PARTNERSHIP
(Exact Name of Registrant as Specified in Its Charter)
Indiana(Duke Realty Corporation) 35-1740409 (Duke Realty Corporation)
Indiana(Duke Realty Limited Partnership)35-1898425 (Duke Realty Limited Partnership)
(State or Other Jurisdiction
of Incorporation or Organization)		 (I.R.S. Employer
Identification Number)
8711 River Crossing Boulevard 
Indianapolis,Indiana46240
        (Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code:
(317)808-6000
Securities registered pursuant to Section 12(b) of the Act:
Title of ClassTrading Symbol(s)Name of Exchange on Which Registered
Duke Realty CorporationCommon Stock, $0.01 par valueDRENew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Duke Realty Corporation
Yes
☒
 No   ☐
Duke Realty Limited Partnership
Yes ☒
 No   ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Duke Realty CorporationYes
☒
 No   ☐
Duke Realty Limited Partnership
Yes ☒
 No   ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Duke Realty Corporation:
Large accelerated filer
☒
Accelerated filer  ☐
Non-accelerated filer  ☐
Smaller reporting company  ☐
Emerging growth company ☐
Duke Realty Limited Partnership:
Large accelerated filer☐
Accelerated filer  ☐
Non-accelerated filer  ☒
Smaller reporting company  ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):
Duke Realty CorporationYes☐
No  ☒
Duke Realty Limited Partnership
Yes  ☐
No  ☒
The number of shares of Duke Realty Corporation's common stock outstanding at October 27, 2021 was 380,850,300.


EXPLANATORY NOTE
This report (the "Report") combines the quarterly reports on Form 10-Q for the period ended September 30, 2021 of both Duke Realty Corporation and Duke Realty Limited Partnership. Unless stated otherwise or the context otherwise requires, references to "Duke Realty Corporation" or the "General Partner" mean Duke Realty Corporation and its consolidated subsidiaries, and references to the "Partnership" mean Duke Realty Limited Partnership and its consolidated subsidiaries. The terms the "Company," "we," "us" and "our" refer to the General Partner and the Partnership, collectively, and those entities owned or controlled by the General Partner and/or the Partnership.
Duke Realty Corporation is a self-administered and self-managed real estate investment trust ("REIT") and is the sole general partner of the Partnership, owning approximately 99.0% of the common partnership interests of the Partnership ("General Partner Units") as of September 30, 2021. The remaining 1.0% of the common partnership interests ("Limited Partner Units" and, together with the General Partner Units, the "Common Units") are owned by limited partners. As the sole general partner of the Partnership, the General Partner has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Partnership.
The General Partner and the Partnership are operated as one enterprise. The management of the General Partner consists of the same members as the management of the Partnership. As the sole general partner with control of the Partnership, the General Partner consolidates the Partnership for financial reporting purposes, and the General Partner does not have any significant assets other than its investment in the Partnership. Therefore, the assets and liabilities of the General Partner and the Partnership are substantially the same.
We believe combining the quarterly reports on Form 10-Q of the General Partner and the Partnership into this single report results in the following benefits:
•enhances investors' understanding of the General Partner and the Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
•eliminates duplicative disclosure and provides a more streamlined and readable presentation of information since a substantial portion of the Company's disclosure applies to both the General Partner and the Partnership; and
•creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
 
We believe it is important to understand the few differences between the General Partner and the Partnership in the context of how we operate as an interrelated consolidated company. The General Partner's only material asset is its ownership of partnership interests in the Partnership. As a result, the General Partner does not conduct business itself, other than acting as the sole general partner of the Partnership and issuing public equity from time to time. The General Partner does not issue any indebtedness, but does guarantee some of the unsecured debt of the Partnership. The Partnership holds substantially all the assets of the business, directly or indirectly, and holds the ownership interests related to certain of the Company's investments. The Partnership conducts the operations of the business and has no publicly traded equity. Except for net proceeds from equity issuances by the General Partner, which are contributed to the Partnership in exchange for General Partner Units or Preferred Units, the Partnership generates the capital required by the business through its operations, its incurrence of indebtedness and the issuance of Limited Partner Units to third parties.
Noncontrolling interests, shareholders' equity and partners' capital are the main areas of difference between the consolidated financial statements of the General Partner and those of the Partnership. The noncontrolling interests in the Partnership's financial statements include the interests in consolidated investees not wholly owned by the Partnership. The noncontrolling interests in the General Partner's financial statements include the same noncontrolling interests at the Partnership level, as well as the common limited partnership interests in the Partnership, which are accounted for as partners' capital by the Partnership.
In order to highlight the differences between the General Partner and the Partnership, there are separate sections in this report, as applicable, that separately discuss the General Partner and the Partnership, including separate financial statements and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure of the General Partner and the Partnership, this report refers to actions or holdings as being actions or holdings of the collective Company.



DUKE REALTY CORPORATION/DUKE REALTY LIMITED PARTNERSHIP
INDEX
  Page
Duke Realty Corporation:
Duke Realty Limited Partnership:
Duke Realty Corporation and Duke Realty Limited Partnership:
2

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
DUKE REALTY CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, except per share amounts)
September 30,
2021		December 31,
2020
 (Unaudited) 
ASSETS
Real estate investments:
Real estate assets$9,104,690 $8,745,155 
Construction in progress617,887 695,219 
Investments in and advances to unconsolidated joint ventures166,272 131,898 
Undeveloped land331,293 291,614 
10,220,142 9,863,886 
Accumulated depreciation(1,659,068)(1,659,308)
Net real estate investments8,561,074 8,204,578 
Real estate investments and other assets held-for-sale198,914 67,946 
Cash and cash equivalents9,874 6,309 
Accounts receivable12,323 15,204 
Straight-line rent receivable162,918 153,943 
Receivables on construction contracts, including retentions96,164 30,583 
Deferred leasing and other costs, net of accumulated amortization of $207,816 and $204,122328,973 329,765 
Restricted cash held in escrow for like-kind exchange273,413 47,682 
Other escrow deposits and other assets404,724 255,384 
$10,048,377 $9,111,394 
LIABILITIES AND EQUITY
Indebtedness:
Secured debt, net of deferred financing costs of $314 and $343$60,529 $64,074 
Unsecured debt, net of deferred financing costs of $36,074 and $32,7633,138,926 3,025,977 
Unsecured line of credit156,000 295,000 
3,355,455 3,385,051 
Liabilities related to real estate investments held-for-sale12,243 7,740 
Construction payables and amounts due subcontractors, including retentions157,693 62,332 
Accrued real estate taxes104,123 76,501 
Accrued interest21,674 18,363 
Other liabilities295,061 269,806 
Tenant security deposits and prepaid rents57,745 57,153 
Total liabilities4,003,994 3,876,946 
Shareholders' equity:
Common shares ($0.01 par value); 600,000 shares authorized; 380,717 and 373,258 shares issued and outstanding, respectively3,807 3,733 
Additional paid-in capital6,046,397 5,723,326 
Accumulated other comprehensive loss(28,900)(31,568)
Distributions in excess of net income(71,005)(532,519)
Total shareholders' equity5,950,299 5,162,972 
Noncontrolling interests94,084 71,476 
Total equity6,044,383 5,234,448 
$10,048,377 $9,111,394 
See accompanying Notes to Consolidated Financial Statements
3

DUKE REALTY CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Income
For the three and nine months ended September 30,
(in thousands, except per share amounts)
(Unaudited)
Three Months EndedNine Months Ended
 2021202020212020
Revenues:
Rental and related revenue$256,815 $235,391 $768,965 $680,520 
General contractor and service fee revenue23,550 26,637 72,384 46,388 
280,365 262,028 841,349 726,908 
Expenses:
Rental expenses19,766 20,231 66,411 56,631 
Real estate taxes39,972 37,027 122,510 110,517 
General contractor and other services expenses19,040 24,604 62,569 41,578 
Depreciation and amortization88,033 88,596 273,335 260,659 
166,811 170,458 524,825 469,385 
Other operating activities:
Equity in earnings of unconsolidated joint ventures2,966 4,023 29,824 8,958 
Gain on sale of properties439,212 10,968 555,755 19,905 
Gain on land sales1,653 2,346 12,791 8,551 
Other operating expenses(1,290)(1,772)(2,773)(4,430)
Impairment charges— — — (5,626)
Non-incremental costs related to successful leases(3,334)(4,058)(10,319)(10,617)
General and administrative expenses(14,152)(11,439)(54,248)(46,808)
425,055 68 531,030 (30,067)
Operating income538,609 91,638 847,554 227,456 
Other income (expenses):
Interest and other income, net1,433 32 3,569 1,643 
Interest expense(20,003)(23,059)(63,582)(69,394)
Loss on debt extinguishment(13,893)(120)(17,901)(32,898)
Gain on involuntary conversion— 3,029 3,222 4,312 
Income from continuing operations before income taxes506,146 71,520 772,862 131,119 
Income tax (expense) benefit(6,381)956 (15,237)1,166 
Income from continuing operations499,765 72,476 757,625 132,285 
Discontinued operations:
Gain on sale of properties— 40 — 111 
Income from discontinued operations— 40 — 111 
Net income499,765 72,516 757,625 132,396 
Net income attributable to noncontrolling interests(4,948)(693)(7,629)(1,297)
Net income attributable to common shareholders$494,817 $71,823 $749,996 $131,099 
Basic net income per common share:
Continuing operations attributable to common shareholders$1.30 $0.19 $1.99 $0.35 
Diluted net income per common share:
Continuing operations attributable to common shareholders$1.30 $0.19 $1.98 $0.35 
Weighted average number of common shares outstanding379,220 371,082 376,323 369,375 
Weighted average number of common shares and potential dilutive securities384,624 374,834 381,811 373,091 
Comprehensive income:
Net income$499,765 $72,516 $757,625 $132,396 
Other comprehensive income:
Amortization of interest rate swap contracts889 889 2,668 2,579 
Comprehensive income$500,654 $73,405 $760,293 $134,975 
See accompanying Notes to Consolidated Financial Statements
4

DUKE REALTY CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the nine months ended September 30,
(in thousands)
(Unaudited)
Nine Months Ended
20212020
Cash flows from operating activities:
Net income$757,625 $132,396 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements230,323 219,694 
Amortization of deferred leasing and other costs43,012 40,965 
Amortization of deferred financing costs7,285 6,814 
Straight-line rental income and expense, net(22,985)(15,660)
Impairment charges— 5,626 
Loss on debt extinguishment17,901 32,898 
Gain on involuntary conversion(3,222)(4,312)
Gain on land and property sales(568,546)(28,567)
Third-party construction contracts, net(2,749)2,017 
Other accrued revenues and expenses, net51,936 42,415 
Equity in earnings (in excess of) less than operating distributions received from unconsolidated joint ventures(16,468)4,656 
Net cash provided by operating activities494,112 438,942 
Cash flows from investing activities:
Development of real estate investments(496,322)(469,001)
Acquisition of buildings and related intangible assets(242,914)(85,465)
Acquisition of land and other real estate assets(290,019)(96,376)
Second generation tenant improvements, leasing costs and building improvements(49,949)(31,671)
Other deferred leasing costs(28,189)(25,929)
Other assets(68,310)(9,519)
Proceeds from the repayments of notes receivable from property sales— 110,000 
Proceeds from land and property sales, net989,128 55,740 
Capital distributions from unconsolidated joint ventures61,616 876 
Capital contributions and advances to unconsolidated joint ventures(20,158)(6,161)
Net cash used for investing activities(145,117)(557,506)
Cash flows from financing activities:
Proceeds from issuance of common shares, net311,238 119,765 
Proceeds from unsecured debt446,634 663,123 
Payments on unsecured debt(390,900)(546,972)
Proceeds from secured debt financings— 18,400 
Payments on secured indebtedness including principal amortization(3,363)(3,284)
(Repayments) borrowings on line of credit, net(139,000)47,000 
Distributions to common shareholders(287,619)(260,431)
Distributions to noncontrolling interests, net(3,160)(2,149)
Tax payments on stock-based compensation awards(4,939)(4,263)
Change in book cash overdrafts(6,399)(13,588)
Other financing activities(249)284 
Deferred financing costs(10,053)(7,354)
Redemption of Limited Partner Units(39)— 
Net cash (used for) provided by financing activities(87,849)10,531 
Net increase (decrease) in cash, cash equivalents and restricted cash261,146 (108,033)
Cash, cash equivalents and restricted cash at beginning of period67,223 121,431 
Cash, cash equivalents and restricted cash at end of period$328,369 $13,398 
Non-cash activities:
Lease liabilities arising from right-of-use assets$19,822 $35,956 
Assumption of indebtedness and other liabilities in real estate acquisitions$84,911 $33,905 
Contribution of properties to unconsolidated joint venture$74,942 $— 
Non-cash distribution of assets from unconsolidated joint ventures, net$11,124 $— 
Issuance of Limited Partner Units for acquisition$11,603 $— 
See accompanying Notes to Consolidated Financial Statements
5

DUKE REALTY CORPORATION AND SUBSIDIARIES
Consolidated Statements of Changes in Equity
For the three and nine months ended September 30, 2021 and 2020
(in thousands, except per share data)
(Unaudited)
 Common Shareholders  
 Common
Stock		Additional
Paid-in
Capital		Accumulated
Other
Comprehensive
Loss		Distributions
in Excess of
Net Income		Noncontrolling
Interests		Total
Balance at June 30, 2021$3,780 $5,920,931 $(29,789)$(469,076)$89,063 $5,514,909 
Net income— — — 494,817 4,948 499,765 
Other comprehensive income— — 889 — — 889 
Issuance of common shares25 123,996 — — — 124,021 
Stock-based compensation plan activity2 1,396 — (209)1,205 2,394 
Issuance of Limited Partner Units— — — — (12)(12)
Conversion of Limited Partner Units— 76 — — (76)— 
Redemption of Limited Partner Units— (2)— — — (2)
Distributions to common shareholders ($0.255 per share)— — — (96,537)— (96,537)
Distributions to noncontrolling interests— — — — (1,044)(1,044)
Balance at September 30, 2021$3,807 $6,046,397 $(28,900)$(71,005)$94,084 $6,044,383 
Balance at December 31, 2020$3,733 $5,723,326 $(31,568)$(532,519)$71,476 $5,234,448 
Net income— — — 749,996 7,629 757,625 
Other comprehensive income— — 2,668 — — 2,668 
Issuance of common shares66 311,172 — — — 311,238 
Stock-based compensation plan activity5 6,822 — (863)11,694 17,658 
Issuance of Limited Partner Units— — — — 11,564 11,564 
Conversion of Limited Partner Units3 5,119 — — (5,122)— 
Redemption of Limited Partner Units— (42)— — 3 (39)
Distributions to common shareholders ($0.765 per share)— — — (287,619)— (287,619)
Distributions to noncontrolling interests— — — — (3,160)(3,160)
Balance at September 30, 2021$3,807 $6,046,397 $(28,900)$(71,005)$94,084 $6,044,383 

 Common Shareholders  
 Common
Stock		Additional
Paid-in
Capital		Accumulated
Other
Comprehensive
Loss		Distributions
in Excess of
Net Income		Noncontrolling
Interests		Total
Balance at June 30, 2020$3,704 $5,607,897 $(33,346)$(590,435)$69,596 $5,057,416 
Net income— — — 71,823 693 72,516 
Other comprehensive income— — 889 — — 889 
Issuance of common shares11 43,076 — — — 43,087 
Stock-based compensation plan activity— 2,170 — (270)722 2,622 
Contributions from noncontrolling interests— — — — 200 200 
Distributions to common shareholders ($0.235 per share)— — — (87,300)— (87,300)
Distributions to noncontrolling interests— — — — (783)(783)
Balance at September 30, 2020$3,715 $5,653,143 $(32,457)$(606,182)$70,428 $5,088,647 
Balance at December 31, 2019$3,680 $5,525,463 $(35,036)$(475,992)$62,145 $5,080,260 
Net income— — — 131,099 1,297 132,396 
Other comprehensive income— — 2,579 — — 2,579 
Issuance of common shares32 119,733 — — — 119,765 
Stock-based compensation plan activity3 7,947 — (858)9,135 16,227 
Contributions from noncontrolling interests— — — — 200 200 
Distributions to common shareholders ($0.705 per share)— — — (260,431)— (260,431)
Distributions to noncontrolling interests— — — — (2,349)(2,349)
Balance at September 30, 2020$3,715 $5,653,143 $(32,457)$(606,182)$70,428 $5,088,647 

See accompanying Notes to Consolidated Financial Statements
6

DUKE REALTY LIMITED PARTNERSHIP AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands)
September 30,
2021		December 31,
2020
(Unaudited)
ASSETS
Real estate investments:
Real estate assets$9,104,690 $8,745,155 
     Construction in progress617,887 695,219 
     Investments in and advances to unconsolidated joint ventures166,272 131,898 
     Undeveloped land331,293 291,614 
10,220,142 9,863,886 
Accumulated depreciation(1,659,068)(1,659,308)
              Net real estate investments8,561,074 8,204,578 
Real estate investments and other assets held-for-sale198,914 67,946 
Cash and cash equivalents9,874 6,309 
Accounts receivable12,323 15,204 
Straight-line rent receivable162,918 153,943 
Receivables on construction contracts, including retentions96,164 30,583 
Deferred leasing and other costs, net of accumulated amortization of $207,816 and $204,122328,973 329,765 
Restricted cash held in escrow for like-kind exchange273,413 47,682 
Other escrow deposits and other assets404,724 255,384 
$10,048,377 $9,111,394 
LIABILITIES AND EQUITY
Indebtedness:
Secured debt, net of deferred financing costs of $314 and $343$60,529 $64,074 
Unsecured debt, net of deferred financing costs of $36,074 and $32,7633,138,926 3,025,977 
Unsecured line of credit156,000 295,000 
3,355,455 3,385,051 
Liabilities related to real estate investments held-for-sale12,243 7,740 
Construction payables and amounts due subcontractors, including retentions157,693 62,332 
Accrued real estate taxes104,123 76,501 
Accrued interest21,674 18,363 
Other liabilities295,061 269,806 
Tenant security deposits and prepaid rents57,745 57,153 
     Total liabilities4,003,994 3,876,946 
Partners' equity:
Common equity (380,717 and 373,258 General Partner Units issued and outstanding, respectively)5,979,199 5,194,540 
Limited Partners' common equity (3,755 and 3,326 Limited Partner Units issued and outstanding, respectively)89,500 66,874 
Accumulated other comprehensive loss(28,900)(31,568)
            Total partners' equity6,039,799 5,229,846 
Noncontrolling interests4,584 4,602 
     Total equity6,044,383 5,234,448 
$10,048,377 $9,111,394 
See accompanying Notes to Consolidated Financial Statements
7

DUKE REALTY LIMITED PARTNERSHIP AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Income
For the three and nine months ended September 30,
(in thousands, except per unit amounts)
(Unaudited)
Three Months EndedNine Months Ended
 2021202020212020
Revenues:
Rental and related revenue$256,815 $235,391 $768,965 $680,520 
General contractor and service fee revenue23,550 26,637 72,384 46,388 
280,365 262,028 841,349 726,908 
Expenses:
Rental expenses19,766 20,231 66,411 56,631 
Real estate taxes39,972 37,027 122,510 110,517 
General contractor and other services expenses19,040 24,604 62,569 41,578 
Depreciation and amortization88,033 88,596 273,335 260,659 
166,811 170,458 524,825 469,385 
Other operating activities:
Equity in earnings of unconsolidated joint ventures2,966 4,023 29,824 8,958 
Gain on sale of properties439,212 10,968 555,755 19,905 
Gain on land sales1,653 2,346 12,791 8,551 
Other operating expenses(1,290)(1,772)(2,773)(4,430)
Impairment charges— — — (5,626)
Non-incremental costs related to successful leases(3,334)(4,058)(10,319)(10,617)
General and administrative expenses(14,152)(11,439)(54,248)(46,808)
425,055 68 531,030 (30,067)
Operating income538,609 91,638 847,554 227,456 
Other income (expenses):
Interest and other income, net1,433 32 3,569 1,643 
Interest expense(20,003)(23,059)(63,582)(69,394)
Loss on debt extinguishment(13,893)(120)(17,901)(32,898)
Gain on involuntary conversion— 3,029 3,222 4,312 
Income from continuing operations before income taxes