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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Duke Realty Corporation | NYSE:DRE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 48.20 | 0 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Indiana (Duke Realty Corporation)
|
|
35-1740409 (Duke Realty Corporation)
|
Indiana (Duke Realty Limited Partnership)
|
|
35-1898425 (Duke Realty Limited Partnership)
|
(State or Other Jurisdiction
of Incorporation or Organization)
|
|
(I.R.S. Employer
Identification Number)
|
600 East 96
th
Street, Suite 100
Indianapolis, Indiana
|
|
46240
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Duke Realty Corporation
|
Yes
x
|
No
o
|
|
Duke Realty Limited Partnership
|
Yes
x
|
No
o
|
Duke Realty Corporation
|
Yes
x
|
No
o
|
|
Duke Realty Limited Partnership
|
Yes
x
|
No
o
|
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-accelerated filer
x
|
Smaller reporting company
o
|
Duke Realty Corporation
|
Yes
o
|
No
x
|
|
Duke Realty Limited Partnership
|
Yes
o
|
No
x
|
Class
|
|
Outstanding Common Shares of Duke Realty Corporation at August 1, 2016
|
Common Stock, $.01 par value per share
|
|
350,757,501
|
•
|
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.
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Page
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Duke Realty Corporation:
|
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Consolidated Balance Sheets - June 30, 2016 (Unaudited) and December 31, 2015
|
|
|
|
||
|
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Consolidated Statements of Cash Flows (Unaudited) -
Six Months Ended June 30, 2016 and 2015
|
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Consolidated Statement of Changes in Equity (Unaudited) -
Six Months Ended June 30, 2016
|
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Duke Realty Limited Partnership:
|
|
|
|
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||
|
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Duke Realty Corporation and Duke Realty Limited Partnership:
|
|
|
|
|
||
|
|
|
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|
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|||
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|
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June 30,
2016 |
|
December 31,
2015 |
||||
|
(Unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Real estate investments:
|
|
|
|
||||
Land and improvements
|
$
|
1,514,975
|
|
|
$
|
1,391,763
|
|
Buildings and tenant improvements
|
5,008,656
|
|
|
4,740,837
|
|
||
Construction in progress
|
213,962
|
|
|
321,062
|
|
||
Investments in and advances to unconsolidated companies
|
289,299
|
|
|
268,390
|
|
||
Undeveloped land
|
307,627
|
|
|
383,045
|
|
||
|
7,334,519
|
|
|
7,105,097
|
|
||
Accumulated depreciation
|
(1,290,102
|
)
|
|
(1,192,425
|
)
|
||
Net real estate investments
|
6,044,417
|
|
|
5,912,672
|
|
||
|
|
|
|
||||
Real estate investments and other assets held-for-sale
|
3,462
|
|
|
45,801
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
91,700
|
|
|
22,533
|
|
||
Accounts receivable, net of allowance of $1,170 and $1,113
|
21,439
|
|
|
18,846
|
|
||
Straight-line rent receivable, net of allowance of $6,243 and $6,155
|
120,096
|
|
|
116,781
|
|
||
Receivables on construction contracts, including retentions
|
13,437
|
|
|
16,459
|
|
||
Deferred leasing and other costs, net of accumulated amortization of $257,712 and $245,426
|
345,472
|
|
|
346,374
|
|
||
Escrow deposits and other assets
|
225,002
|
|
|
416,049
|
|
||
|
$
|
6,865,025
|
|
|
$
|
6,895,515
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Indebtedness:
|
|
|
|
||||
Secured debt, net of deferred financing costs of $1,161 and $1,552
|
$
|
389,679
|
|
|
$
|
738,444
|
|
Unsecured debt, net of deferred financing costs of $24,427 and $20,046
|
2,808,102
|
|
|
2,510,697
|
|
||
Unsecured line of credit
|
—
|
|
|
71,000
|
|
||
|
3,197,781
|
|
|
3,320,141
|
|
||
|
|
|
|
||||
Liabilities related to real estate investments held-for-sale
|
645
|
|
|
972
|
|
||
|
|
|
|
||||
Construction payables and amounts due subcontractors, including retentions
|
46,100
|
|
|
54,921
|
|
||
Accrued real estate taxes
|
78,117
|
|
|
71,617
|
|
||
Accrued interest
|
31,837
|
|
|
34,447
|
|
||
Other accrued expenses
|
34,338
|
|
|
61,827
|
|
||
Other liabilities
|
94,391
|
|
|
106,283
|
|
||
Tenant security deposits and prepaid rents
|
41,607
|
|
|
40,506
|
|
||
Total liabilities
|
3,524,816
|
|
|
3,690,714
|
|
||
Shareholders' equity:
|
|
|
|
||||
Common shares ($.01 par value); 600,000 shares authorized; 350,273 and 345,285 shares issued and outstanding
|
3,503
|
|
|
3,453
|
|
||
Additional paid-in capital
|
5,068,217
|
|
|
4,961,923
|
|
||
Accumulated other comprehensive income
|
1,216
|
|
|
1,806
|
|
||
Distributions in excess of net income
|
(1,758,547
|
)
|
|
(1,785,250
|
)
|
||
Total shareholders' equity
|
3,314,389
|
|
|
3,181,932
|
|
||
Noncontrolling interests
|
25,820
|
|
|
22,869
|
|
||
Total equity
|
3,340,209
|
|
|
3,204,801
|
|
||
|
$
|
6,865,025
|
|
|
$
|
6,895,515
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Rental and related revenue
|
$
|
200,520
|
|
|
$
|
201,996
|
|
|
$
|
402,323
|
|
|
$
|
416,611
|
|
General contractor and service fee revenue
|
26,044
|
|
|
23,901
|
|
|
49,195
|
|
|
76,722
|
|
||||
|
226,564
|
|
|
225,897
|
|
|
451,518
|
|
|
493,333
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Rental expenses
|
25,729
|
|
|
30,094
|
|
|
55,008
|
|
|
66,218
|
|
||||
Real estate taxes
|
29,948
|
|
|
27,747
|
|
|
59,575
|
|
|
58,526
|
|
||||
General contractor and other services expenses
|
22,228
|
|
|
21,738
|
|
|
43,148
|
|
|
68,762
|
|
||||
Depreciation and amortization
|
80,161
|
|
|
78,334
|
|
|
157,959
|
|
|
160,237
|
|
||||
|
158,066
|
|
|
157,913
|
|
|
315,690
|
|
|
353,743
|
|
||||
Other operating activities:
|
|
|
|
|
|
|
|
||||||||
Equity in earnings of unconsolidated companies
|
3,534
|
|
|
15,123
|
|
|
25,394
|
|
|
21,369
|
|
||||
Gain on dissolution of unconsolidated company
|
30,697
|
|
|
—
|
|
|
30,697
|
|
|
—
|
|
||||
Promote income
|
24,087
|
|
|
—
|
|
|
24,087
|
|
|
—
|
|
||||
Gain on sale of properties
|
39,314
|
|
|
107,410
|
|
|
54,891
|
|
|
130,894
|
|
||||
Gain on land sales
|
707
|
|
|
17,012
|
|
|
837
|
|
|
22,437
|
|
||||
Other operating expenses
|
(836
|
)
|
|
(1,555
|
)
|
|
(2,072
|
)
|
|
(3,112
|
)
|
||||
Impairment charges
|
(5,651
|
)
|
|
(5,470
|
)
|
|
(12,056
|
)
|
|
(5,470
|
)
|
||||
General and administrative expenses
|
(11,584
|
)
|
|
(19,238
|
)
|
|
(29,682
|
)
|
|
(36,242
|
)
|
||||
|
80,268
|
|
|
113,282
|
|
|
92,096
|
|
|
129,876
|
|
||||
Operating income
|
148,766
|
|
|
181,266
|
|
|
227,924
|
|
|
269,466
|
|
||||
Other income (expenses):
|
|
|
|
|
|
|
|
||||||||
Interest and other income, net
|
567
|
|
|
1,375
|
|
|
3,090
|
|
|
1,713
|
|
||||
Interest expense
|
(37,184
|
)
|
|
(42,976
|
)
|
|
(74,914
|
)
|
|
(92,567
|
)
|
||||
Loss on debt extinguishment
|
(2,430
|
)
|
|
(82,653
|
)
|
|
(2,430
|
)
|
|
(82,653
|
)
|
||||
Acquisition-related activity
|
(72
|
)
|
|
(1,305
|
)
|
|
(75
|
)
|
|
(1,333
|
)
|
||||
Income from continuing operations before income taxes
|
109,647
|
|
|
55,707
|
|
|
153,595
|
|
|
94,626
|
|
||||
Income tax benefit (expense)
|
157
|
|
|
2,288
|
|
|
(186
|
)
|
|
804
|
|
||||
Income from continuing operations
|
109,804
|
|
|
57,995
|
|
|
153,409
|
|
|
95,430
|
|
||||
Discontinued operations:
|
|
|
|
|
|
|
|
||||||||
Income before gain on sales
|
127
|
|
|
36
|
|
|
364
|
|
|
10,195
|
|
||||
Gain on sale of depreciable properties, net of tax
|
252
|
|
|
396,134
|
|
|
166
|
|
|
414,509
|
|
||||
Income from discontinued operations
|
379
|
|
|
396,170
|
|
|
530
|
|
|
424,704
|
|
||||
Net income
|
110,183
|
|
|
454,165
|
|
|
153,939
|
|
|
520,134
|
|
||||
Net income attributable to noncontrolling interests
|
(1,116
|
)
|
|
(4,785
|
)
|
|
(1,565
|
)
|
|
(5,510
|
)
|
||||
Net income attributable to common shareholders
|
$
|
109,067
|
|
|
$
|
449,380
|
|
|
$
|
152,374
|
|
|
$
|
514,624
|
|
Basic net income per common share:
|
|
|
|
|
|
|
|
||||||||
Continuing operations attributable to common shareholders
|
$
|
0.31
|
|
|
$
|
0.16
|
|
|
$
|
0.44
|
|
|
$
|
0.27
|
|
Discontinued operations attributable to common shareholders
|
—
|
|
|
1.14
|
|
|
—
|
|
|
1.22
|
|
||||
Total
|
$
|
0.31
|
|
|
$
|
1.30
|
|
|
$
|
0.44
|
|
|
$
|
1.49
|
|
Diluted net income per common share:
|
|
|
|
|
|
|
|
||||||||
Continuing operations attributable to common shareholders
|
$
|
0.31
|
|
|
$
|
0.16
|
|
|
$
|
0.44
|
|
|
$
|
0.27
|
|
Discontinued operations attributable to common shareholders
|
—
|
|
|
1.14
|
|
|
—
|
|
|
1.22
|
|
||||
Total
|
$
|
0.31
|
|
|
$
|
1.30
|
|
|
$
|
0.44
|
|
|
$
|
1.49
|
|
Weighted average number of common shares outstanding
|
347,464
|
|
|
345,098
|
|
|
346,564
|
|
|
344,849
|
|
||||
Weighted average number of common shares and potential dilutive securities
|
354,433
|
|
|
349,161
|
|
|
352,227
|
|
|
348,945
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
110,183
|
|
|
$
|
454,165
|
|
|
$
|
153,939
|
|
|
$
|
520,134
|
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
||||||||
Amortization of interest contracts
|
(295
|
)
|
|
(276
|
)
|
|
(590
|
)
|
|
(563
|
)
|
||||
Other
|
—
|
|
|
(123
|
)
|
|
—
|
|
|
(123
|
)
|
||||
Total other comprehensive loss
|
(295
|
)
|
|
(399
|
)
|
|
(590
|
)
|
|
(686
|
)
|
||||
Comprehensive income
|
$
|
109,888
|
|
|
$
|
453,766
|
|
|
$
|
153,349
|
|
|
$
|
519,448
|
|
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
153,939
|
|
|
$
|
520,134
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation of buildings and tenant improvements
|
126,594
|
|
|
128,624
|
|
||
Amortization of deferred leasing and other costs
|
31,365
|
|
|
35,130
|
|
||
Amortization of deferred financing costs
|
2,608
|
|
|
3,835
|
|
||
Straight-line rental income and expense, net
|
(5,768
|
)
|
|
(12,775
|
)
|
||
Impairment charges
|
12,056
|
|
|
5,470
|
|
||
Loss on debt extinguishment
|
2,430
|
|
|
82,653
|
|
||
Gain on dissolution of unconsolidated company
|
(30,697
|
)
|
|
—
|
|
||
Accrued promote income
|
(24,087
|
)
|
|
—
|
|
||
Gains on land and depreciated property sales
|
(55,894
|
)
|
|
(571,060
|
)
|
||
Third-party construction contracts, net
|
723
|
|
|
4,956
|
|
||
Other accrued revenues and expenses, net
|
(5,817
|
)
|
|
(11,924
|
)
|
||
Operating distributions received less than equity in earnings from unconsolidated companies
|
(16,080
|
)
|
|
(9,391
|
)
|
||
Net cash provided by operating activities
|
191,372
|
|
|
175,652
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Development of real estate investments
|
(213,262
|
)
|
|
(109,617
|
)
|
||
Acquisition of real estate investments and related intangible assets
|
(16,029
|
)
|
|
(20,929
|
)
|
||
Acquisition of undeveloped land
|
(27,243
|
)
|
|
(25,579
|
)
|
||
Second generation tenant improvements, leasing costs and building improvements
|
(30,237
|
)
|
|
(30,871
|
)
|
||
Other deferred leasing costs
|
(14,993
|
)
|
|
(22,302
|
)
|
||
Other assets
|
182,996
|
|
|
(94,745
|
)
|
||
Proceeds from land and depreciated property sales, net
|
174,882
|
|
|
1,305,794
|
|
||
Capital distributions from unconsolidated companies
|
36,328
|
|
|
67,004
|
|
||
Capital contributions and advances to unconsolidated companies
|
(50,955
|
)
|
|
(50,208
|
)
|
||
Net cash provided by investing activities
|
41,487
|
|
|
1,018,547
|
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from issuance of common shares, net
|
99,844
|
|
|
4,756
|
|
||
Proceeds from unsecured debt
|
375,000
|
|
|
—
|
|
||
Payments on unsecured debt
|
(75,668
|
)
|
|
(759,354
|
)
|
||
Payments on secured indebtedness including principal amortization
|
(348,743
|
)
|
|
(207,169
|
)
|
||
Repayments of line of credit, net
|
(71,000
|
)
|
|
(106,000
|
)
|
||
Distributions to common shareholders
|
(124,651
|
)
|
|
(117,274
|
)
|
||
Distributions to noncontrolling interests
|
(1,304
|
)
|
|
(1,394
|
)
|
||
Change in book overdrafts
|
(10,974
|
)
|
|
(5,322
|
)
|
||
Deferred financing costs
|
(6,196
|
)
|
|
(110
|
)
|
||
Net cash used for financing activities
|
(163,692
|
)
|
|
(1,191,867
|
)
|
||
Net increase in cash and cash equivalents
|
69,167
|
|
|
2,332
|
|
||
Cash and cash equivalents at beginning of period
|
22,533
|
|
|
17,922
|
|
||
Cash and cash equivalents at end of period
|
$
|
91,700
|
|
|
$
|
20,254
|
|
|
|
|
|
||||
Non-cash investing and financing activities:
|
|
|
|
||||
Mortgage notes receivable from buyers in property sales
|
$
|
1,685
|
|
|
$
|
200,000
|
|
Conversion of Limited Partner Units to common shares
|
$
|
185
|
|
|
$
|
(1,693
|
)
|
|
Common Shareholders
|
|
|
|
|
|||||||||||||||||||
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Other
Comprehensive
Income
|
|
Distributions
in Excess of
Net Income
|
|
Noncontrolling
Interests
|
|
Total
|
||||||||||||
Balance at December 31, 2015
|
|
$
|
3,453
|
|
|
$
|
4,961,923
|
|
|
$
|
1,806
|
|
|
$
|
(1,785,250
|
)
|
|
$
|
22,869
|
|
|
$
|
3,204,801
|
|
Net income
|
|
|
|
|
—
|
|
|
—
|
|
|
152,374
|
|
|
1,565
|
|
|
153,939
|
|
||||||
Other comprehensive loss
|
|
—
|
|
|
—
|
|
|
(590
|
)
|
|
—
|
|
|
—
|
|
|
(590
|
)
|
||||||
Issuance of common shares
|
|
42
|
|
|
99,802
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99,844
|
|
||||||
Stock-based compensation plan activity
|
|
8
|
|
|
6,307
|
|
|
—
|
|
|
(1,020
|
)
|
|
2,875
|
|
|
8,170
|
|
||||||
Conversion of Limited Partner Units
|
|
—
|
|
|
185
|
|
|
—
|
|
|
—
|
|
|
(185
|
)
|
|
—
|
|
||||||
Distributions to common shareholders ($0.36 per share)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(124,651
|
)
|
|
—
|
|
|
(124,651
|
)
|
||||||
Distributions to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,304
|
)
|
|
(1,304
|
)
|
||||||
Balance at June 30, 2016
|
|
$
|
3,503
|
|
|
$
|
5,068,217
|
|
|
$
|
1,216
|
|
|
$
|
(1,758,547
|
)
|
|
$
|
25,820
|
|
|
$
|
3,340,209
|
|
|
June 30,
2016 |
|
December 31, 2015
|
||||
|
(Unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Real estate investments:
|
|
|
|
||||
Land and improvements
|
$
|
1,514,975
|
|
|
$
|
1,391,763
|
|
Buildings and tenant improvements
|
5,008,656
|
|
|
4,740,837
|
|
||
Construction in progress
|
213,962
|
|
|
321,062
|
|
||
Investments in and advances to unconsolidated companies
|
289,299
|
|
|
268,390
|
|
||
Undeveloped land
|
307,627
|
|
|
383,045
|
|
||
|
7,334,519
|
|
|
7,105,097
|
|
||
Accumulated depreciation
|
(1,290,102
|
)
|
|
(1,192,425
|
)
|
||
Net real estate investments
|
6,044,417
|
|
|
5,912,672
|
|
||
|
|
|
|
||||
Real estate investments and other assets held-for-sale
|
3,462
|
|
|
45,801
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
91,700
|
|
|
22,533
|
|
||
Accounts receivable, net of allowance of $1,170 and $1,113
|
21,439
|
|
|
18,846
|
|
||
Straight-line rent receivable, net of allowance of $6,243 and $6,155
|
120,096
|
|
|
116,781
|
|
||
Receivables on construction contracts, including retentions
|
13,437
|
|
|
16,459
|
|
||
Deferred leasing and other costs, net of accumulated amortization of $257,712 and $245,426
|
345,472
|
|
|
346,374
|
|
||
Escrow deposits and other assets
|
225,002
|
|
|
416,049
|
|
||
|
$
|
6,865,025
|
|
|
$
|
6,895,515
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Indebtedness:
|
|
|
|
||||
Secured debt, net of deferred financing cost of $1,161 and $1,552
|
$
|
389,679
|
|
|
$
|
738,444
|
|
Unsecured debt, net of deferred financing cost of $24,427 and $20,046
|
2,808,102
|
|
|
2,510,697
|
|
||
Unsecured line of credit
|
—
|
|
|
71,000
|
|
||
|
3,197,781
|
|
|
3,320,141
|
|
||
|
|
|
|
||||
Liabilities related to real estate investments held-for-sale
|
645
|
|
|
972
|
|
||
|
|
|
|
||||
Construction payables and amounts due subcontractors, including retentions
|
46,100
|
|
|
54,921
|
|
||
Accrued real estate taxes
|
78,117
|
|
|
71,617
|
|
||
Accrued interest
|
31,837
|
|
|
34,447
|
|
||
Other accrued expenses
|
34,338
|
|
|
61,827
|
|
||
Other liabilities
|
94,391
|
|
|
106,283
|
|
||
Tenant security deposits and prepaid rents
|
41,607
|
|
|
40,506
|
|
||
Total liabilities
|
3,524,816
|
|
|
3,690,714
|
|
||
Partners' equity:
|
|
|
|
||||
Common equity (350,273 and 345,285 General Partner Units issued and outstanding)
|
3,313,173
|
|
|
3,180,126
|
|
||
|
3,313,173
|
|
|
3,180,126
|
|
||
Limited Partners' common equity (3,496 and 3,487 Limited Partner Units issued and outstanding)
|
23,009
|
|
|
20,032
|
|
||
Accumulated other comprehensive income
|
1,216
|
|
|
1,806
|
|
||
Total partners' equity
|
3,337,398
|
|
|
3,201,964
|
|
||
Noncontrolling interests
|
2,811
|
|
|
2,837
|
|
||
Total equity
|
3,340,209
|
|
|
3,204,801
|
|
||
|
$
|
6,865,025
|
|
|
$
|
6,895,515
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Rental and related revenue
|
$
|
200,520
|
|
|
$
|
201,996
|
|
|
$
|
402,323
|
|
|
$
|
416,611
|
|
General contractor and service fee revenue
|
26,044
|
|
|
23,901
|
|
|
49,195
|
|
|
76,722
|
|
||||
|
226,564
|
|
|
225,897
|
|
|
451,518
|
|
|
493,333
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Rental expenses
|
25,729
|
|
|
30,094
|
|
|
55,008
|
|
|
66,218
|
|
||||
Real estate taxes
|
29,948
|
|
|
27,747
|
|
|
59,575
|
|
|
58,526
|
|
||||
General contractor and other services expenses
|
22,228
|
|
|
21,738
|
|
|
43,148
|
|
|
68,762
|
|
||||
Depreciation and amortization
|
80,161
|
|
|
78,334
|
|
|
157,959
|
|
|
160,237
|
|
||||
|
158,066
|
|
|
157,913
|
|
|
315,690
|
|
|
353,743
|
|
||||
Other operating activities:
|
|
|
|
|
|
|
|
||||||||
Equity in earnings of unconsolidated companies
|
3,534
|
|
|
15,123
|
|
|
25,394
|
|
|
21,369
|
|
||||
Gain on dissolution of unconsolidated company
|
30,697
|
|
|
—
|
|
|
30,697
|
|
|
—
|
|
||||
Promote income
|
24,087
|
|
|
—
|
|
|
24,087
|
|
|
—
|
|
||||
Gain on sale of properties
|
39,314
|
|
|
107,410
|
|
|
54,891
|
|
|
130,894
|
|
||||
Gain on land sales
|
707
|
|
|
17,012
|
|
|
837
|
|
|
22,437
|
|
||||
Other operating expenses
|
(836
|
)
|
|
(1,555
|
)
|
|
(2,072
|
)
|
|
(3,112
|
)
|
||||
Impairment charges
|
(5,651
|
)
|
|
(5,470
|
)
|
|
(12,056
|
)
|
|
(5,470
|
)
|
||||
General and administrative expenses
|
(11,584
|
)
|
|
(19,238
|
)
|
|
(29,682
|
)
|
|
(36,242
|
)
|
||||
|
80,268
|
|
|
113,282
|
|
|
92,096
|
|
|
129,876
|
|
||||
Operating income
|
148,766
|
|
|
181,266
|
|
|
227,924
|
|
|
269,466
|
|
||||
Other income (expenses):
|
|
|
|
|
|
|
|
||||||||
Interest and other income, net
|
567
|
|
|
1,375
|
|
|
3,090
|
|
|
1,713
|
|
||||
Interest expense
|
(37,184
|
)
|
|
(42,976
|
)
|
|
(74,914
|
)
|
|
(92,567
|
)
|
||||
Loss on debt extinguishment
|
(2,430
|
)
|
|
(82,653
|
)
|
|
(2,430
|
)
|
|
(82,653
|
)
|
||||
Acquisition-related activity
|
(72
|
)
|
|
(1,305
|
)
|
|
(75
|
)
|
|
(1,333
|
)
|
||||
Income from continuing operations before income taxes
|
109,647
|
|
|
55,707
|
|
|
153,595
|
|
|
94,626
|
|
||||
Income tax benefit (expense)
|
157
|
|
|
2,288
|
|
|
(186
|
)
|
|
804
|
|
||||
Income from continuing operations
|
109,804
|
|
|
57,995
|
|
|
153,409
|
|
|
95,430
|
|
||||
Discontinued operations:
|
|
|
|
|
|
|
|
||||||||
Income before gain on sales
|
127
|
|
|
36
|
|
|
364
|
|
|
10,195
|
|
||||
Gain on sale of depreciable properties, net of tax
|
252
|
|
|
396,134
|
|
|
166
|
|
|
414,509
|
|
||||
Income from discontinued operations
|
379
|
|
|
396,170
|
|
|
530
|
|
|
424,704
|
|
||||
Net income
|
110,183
|
|
|
454,165
|
|
|
153,939
|
|
|
520,134
|
|
||||
Net income attributable to noncontrolling interests
|
(15
|
)
|
|
(23
|
)
|
|
(26
|
)
|
|
(49
|
)
|
||||
Net income attributable to common unitholders
|
$
|
110,168
|
|
|
$
|
454,142
|
|
|
$
|
153,913
|
|
|
$
|
520,085
|
|
Basic net income per Common Unit:
|
|
|
|
|
|
|
|
||||||||
Continuing operations attributable to common unitholders
|
$
|
0.31
|
|
|
$
|
0.16
|
|
|
$
|
0.44
|
|
|
$
|
0.27
|
|
Discontinued operations attributable to common unitholders
|
—
|
|
|
1.14
|
|
|
—
|
|
|
1.22
|
|
||||
Total
|
$
|
0.31
|
|
|
$
|
1.30
|
|
|
$
|
0.44
|
|
|
$
|
1.49
|
|
Diluted net income per Common Unit:
|
|
|
|
|
|
|
|
||||||||
Continuing operations attributable to common unitholders
|
$
|
0.31
|
|
|
$
|
0.16
|
|
|
$
|
0.44
|
|
|
$
|
0.27
|
|
Discontinued operations attributable to common unitholders
|
—
|
|
|
1.14
|
|
|
—
|
|
|
1.22
|
|
||||
Total
|
$
|
0.31
|
|
|
$
|
1.30
|
|
|
$
|
0.44
|
|
|
$
|
1.49
|
|
Weighted average number of Common Units outstanding
|
350,968
|
|
|
348,728
|
|
|
350,065
|
|
|
348,511
|
|
||||
Weighted average number of Common Units and potential dilutive securities
|
354,433
|
|
|
349,161
|
|
|
352,227
|
|
|
348,945
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
110,183
|
|
|
$
|
454,165
|
|
|
$
|
153,939
|
|
|
$
|
520,134
|
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
||||||||
Amortization of interest contracts
|
(295
|
)
|
|
(276
|
)
|
|
(590
|
)
|
|
(563
|
)
|
||||
Other
|
—
|
|
|
(123
|
)
|
|
—
|
|
|
(123
|
)
|
||||
Total other comprehensive loss
|
(295
|
)
|
|
(399
|
)
|
|
(590
|
)
|
|
(686
|
)
|
||||
Comprehensive income
|
$
|
109,888
|
|
|
$
|
453,766
|
|
|
$
|
153,349
|
|
|
$
|
519,448
|
|
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
153,939
|
|
|
$
|
520,134
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation of buildings and tenant improvements
|
126,594
|
|
|
128,624
|
|
||
Amortization of deferred leasing and other costs
|
31,365
|
|
|
35,130
|
|
||
Amortization of deferred financing costs
|
2,608
|
|
|
3,835
|
|
||
Straight-line rental income and expense, net
|
(5,768
|
)
|
|
(12,775
|
)
|
||
Impairment charges
|
12,056
|
|
|
5,470
|
|
||
Loss on debt extinguishment
|
2,430
|
|
|
82,653
|
|
||
Gain on dissolution of unconsolidated company
|
(30,697
|
)
|
|
—
|
|
||
Accrued promote income
|
(24,087
|
)
|
|
—
|
|
||
Gains on land and depreciated property sales
|
(55,894
|
)
|
|
(571,060
|
)
|
||
Third-party construction contracts, net
|
723
|
|
|
4,956
|
|
||
Other accrued revenues and expenses, net
|
(5,817
|
)
|
|
(11,875
|
)
|
||
Operating distributions received less than equity in earnings from unconsolidated companies
|
(16,080
|
)
|
|
(9,391
|
)
|
||
Net cash provided by operating activities
|
191,372
|
|
|
175,701
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Development of real estate investments
|
(213,262
|
)
|
|
(109,617
|
)
|
||
Acquisition of real estate investments and related intangible assets
|
(16,029
|
)
|
|
(20,929
|
)
|
||
Acquisition of undeveloped land
|
(27,243
|
)
|
|
(25,579
|
)
|
||
Second generation tenant improvements, leasing costs and building improvements
|
(30,237
|
)
|
|
(30,871
|
)
|
||
Other deferred leasing costs
|
(14,993
|
)
|
|
(22,302
|
)
|
||
Other assets
|
182,996
|
|
|
(94,745
|
)
|
||
Proceeds from land and depreciated property sales, net
|
174,882
|
|
|
1,305,794
|
|
||
Capital distributions from unconsolidated companies
|
36,328
|
|
|
67,004
|
|
||
Capital contributions and advances to unconsolidated companies
|
(50,955
|
)
|
|
(50,208
|
)
|
||
Net cash provided by investing activities
|
41,487
|
|
|
1,018,547
|
|
||
Cash flows from financing activities:
|
|
|
|
||||
Contributions from the General Partner
|
99,844
|
|
|
4,707
|
|
||
Proceeds from unsecured debt
|
375,000
|
|
|
—
|
|
||
Payments on unsecured debt
|
(75,668
|
)
|
|
(759,354
|
)
|
||
Payments on secured indebtedness including principal amortization
|
(348,743
|
)
|
|
(207,169
|
)
|
||
Repayments of line of credit, net
|
(71,000
|
)
|
|
(106,000
|
)
|
||
Distributions to common unitholders
|
(125,903
|
)
|
|
(118,525
|
)
|
||
Distributions to noncontrolling interests
|
(52
|
)
|
|
(143
|
)
|
||
Change in book overdrafts
|
(10,974
|
)
|
|
(5,322
|
)
|
||
Deferred financing costs
|
(6,196
|
)
|
|
(110
|
)
|
||
|
(163,692
|
)
|
|
(1,191,916
|
)
|
||
Net increase in cash and cash equivalents
|
69,167
|
|
|
2,332
|
|
||
Cash and cash equivalents at beginning of period
|
22,533
|
|
|
17,922
|
|
||
Cash and cash equivalents at end of period
|
$
|
91,700
|
|
|
$
|
20,254
|
|
|
|
|
|
||||
Non-cash investing and financing activities:
|
|
|
|
||||
Mortgage notes receivable from buyers in property sales
|
$
|
1,685
|
|
|
$
|
200,000
|
|
Conversion of Limited Partner Units to common shares of the General Partner
|
$
|
185
|
|
|
$
|
(1,693
|
)
|
|
Common Unitholders
|
|
|
|
|
||||||||||||||||||
|
General
|
|
Limited
|
|
Accumulated
|
|
|
|
|
|
|
||||||||||||
|
Partner's
|
|
Partners'
|
|
Other
|
|
Total
|
|
|
|
|
||||||||||||
|
Common Equity
|
|
Common Equity
|
|
Comprehensive
Income
|
|
Partners' Equity
|
|
Noncontrolling
Interests
|
|
Total Equity
|
||||||||||||
Balance at December 31, 2015
|
$
|
3,180,126
|
|
|
$
|
20,032
|
|
|
$
|
1,806
|
|
|
$
|
3,201,964
|
|
|
$
|
2,837
|
|
|
$
|
3,204,801
|
|
Net income
|
152,374
|
|
|
1,539
|
|
|
—
|
|
|
153,913
|
|
|
26
|
|
|
153,939
|
|
||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
(590
|
)
|
|
(590
|
)
|
|
—
|
|
|
(590
|
)
|
||||||
Capital contribution from the General Partner
|
99,844
|
|
|
—
|
|
|
—
|
|
|
99,844
|
|
|
—
|
|
|
99,844
|
|
||||||
Stock-based compensation plan activity
|
5,295
|
|
|
2,875
|
|
|
—
|
|
|
8,170
|
|
|
—
|
|
|
8,170
|
|
||||||
Conversion of Limited Partner Units to common shares of the General Partner
|
185
|
|
|
(185
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Distributions to Partners ($0.36 per Common Unit)
|
(124,651
|
)
|
|
(1,252
|
)
|
|
—
|
|
|
(125,903
|
)
|
|
—
|
|
|
(125,903
|
)
|
||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(52
|
)
|
|
(52
|
)
|
||||||
Balance at June 30, 2016
|
$
|
3,313,173
|
|
|
$
|
23,009
|
|
|
$
|
1,216
|
|
|
$
|
3,337,398
|
|
|
$
|
2,811
|
|
|
$
|
3,340,209
|
|
Real estate assets
|
$
|
72,824
|
|
Lease related intangible assets
|
6,427
|
|
|
Fair value of acquired net assets
|
$
|
79,251
|
|
Fair value of one property received in non-cash distribution
|
$
|
63,000
|
|
Cash received at dissolution
|
2,760
|
|
|
Carrying value of investment in properties distributed to partners
|
(35,063
|
)
|
|
Gain on dissolution of unconsolidated company
|
$
|
30,697
|
|
|
Book Value at 12/31/2015
|
|
Book Value at 6/30/2016
|
|
Fair Value at 12/31/2015
|
|
Issuances and
Assumptions
|
|
Payments/Payoffs
|
|
Adjustments
to Fair Value
|
|
Fair Value at 6/30/2016
|
||||||||||||||
Fixed rate secured debt
|
$
|
736,896
|
|
|
$
|
387,740
|
|
|
$
|
789,095
|
|
|
$
|
—
|
|
|
$
|
(348,702
|
)
|
|
$
|
(1,346
|
)
|
|
$
|
439,047
|
|
Variable rate secured debt
|
3,100
|
|
|
3,100
|
|
|
3,100
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,100
|
|
|||||||
Unsecured debt
|
2,530,743
|
|
|
2,832,529
|
|
|
2,624,795
|
|
|
375,000
|
|
|
(73,214
|
)
|
|
80,343
|
|
|
3,006,924
|
|
|||||||
Unsecured line of credit
|
71,000
|
|
|
—
|
|
|
70,852
|
|
|
—
|
|
|
(71,000
|
)
|
|
148
|
|
|
—
|
|
|||||||
Total
|
$
|
3,341,739
|
|
|
$
|
3,223,369
|
|
|
$
|
3,487,842
|
|
|
$
|
375,000
|
|
|
$
|
(492,916
|
)
|
|
$
|
79,145
|
|
|
$
|
3,449,071
|
|
Less: Deferred financing costs
|
21,598
|
|
|
25,588
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total indebtedness as reported on the consolidated balance sheets
|
$
|
3,320,141
|
|
|
$
|
3,197,781
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
Maximum
Capacity
|
|
Maturity Date
|
|
Outstanding Balance at June 30, 2016
|
||||
Unsecured Line of Credit - Partnership
|
$
|
1,200,000
|
|
|
January 2019
|
|
$
|
—
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Management fees
|
$
|
1,291
|
|
|
$
|
1,752
|
|
|
$
|
2,550
|
|
|
$
|
3,553
|
|
Leasing fees
|
1,053
|
|
|
389
|
|
|
1,432
|
|
|
1,022
|
|
||||
Construction and development fees
|
2,239
|
|
|
725
|
|
|
5,359
|
|
|
1,130
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
General Partner
|
|
|
|
|
|
|
|
||||||||
Net income attributable to common shareholders
|
$
|
109,067
|
|
|
$
|
449,380
|
|
|
$
|
152,374
|
|
|
$
|
514,624
|
|
Less: Dividends on participating securities
|
(582
|
)
|
|
(589
|
)
|
|
(1,171
|
)
|
|
(1,209
|
)
|
||||
Basic net income attributable to common shareholders
|
108,485
|
|
|
448,791
|
|
|
151,203
|
|
|
513,415
|
|
||||
Add back dividends on dilutive participating securities
|
582
|
|
|
—
|
|
|
569
|
|
|
—
|
|
||||
Noncontrolling interest in earnings of common unitholders
|
1,101
|
|
|
4,762
|
|
|
1,539
|
|
|
5,461
|
|
||||
Diluted net income attributable to common shareholders
|
$
|
110,168
|
|
|
$
|
453,553
|
|
|
$
|
153,311
|
|
|
$
|
518,876
|
|
Weighted average number of common shares outstanding
|
347,464
|
|
|
345,098
|
|
|
346,564
|
|
|
344,849
|
|
||||
Weighted average Limited Partner Units outstanding
|
3,504
|
|
|
3,630
|
|
|
3,501
|
|
|
3,662
|
|
||||
Other potential dilutive shares
|
3,465
|
|
|
433
|
|
|
2,162
|
|
|
434
|
|
||||
Weighted average number of common shares and potential dilutive securities
|
354,433
|
|
|
349,161
|
|
|
352,227
|
|
|
348,945
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Partnership
|
|
|
|
|
|
|
|
||||||||
Net income attributable to common unitholders
|
$
|
110,168
|
|
|
$
|
454,142
|
|
|
$
|
153,913
|
|
|
$
|
520,085
|
|
Less: Distributions on participating securities
|
(582
|
)
|
|
(589
|
)
|
|
(1,171
|
)
|
|
(1,209
|
)
|
||||
Basic net income attributable to common unitholders
|
$
|
109,586
|
|
|
$
|
453,553
|
|
|
$
|
152,742
|
|
|
$
|
518,876
|
|
Add back distributions on dilutive participating securities
|
582
|
|
|
—
|
|
|
569
|
|
|
—
|
|
||||
Diluted net income attributable to common unitholders
|
$
|
110,168
|
|
|
$
|
453,553
|
|
|
$
|
153,311
|
|
|
$
|
518,876
|
|
Weighted average number of Common Units outstanding
|
350,968
|
|
|
348,728
|
|
|
350,065
|
|
|
348,511
|
|
||||
Other potential dilutive units
|
3,465
|
|
|
433
|
|
|
2,162
|
|
|
434
|
|
||||
Weighted average number of Common Units and potential dilutive securities
|
354,433
|
|
|
349,161
|
|
|
352,227
|
|
|
348,945
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
General Partner and Partnership
|
|
|
|
|
|
|
|
||||
Potential dilutive shares or units:
|
|
|
|
|
|
|
|
||||
Anti-dilutive outstanding potential shares or units under fixed stock option and other stock-based compensation plans
|
170
|
|
|
997
|
|
|
307
|
|
|
997
|
|
Outstanding participating securities
|
—
|
|
|
3,463
|
|
|
1,706
|
|
|
3,463
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenues
|
|
|
|
|
|
|
|
|
||||||||
Rental Operations:
|
|
|
|
|
|
|
|
|
||||||||
Industrial
|
|
$
|
140,219
|
|
|
$
|
135,487
|
|
|
$
|
283,199
|
|
|
$
|
283,115
|
|
Medical Office
|
|
43,135
|
|
|
40,274
|
|
|
85,360
|
|
|
80,302
|
|
||||
Non-reportable Rental Operations
|
|
13,529
|
|
|
23,691
|
|
|
28,425
|
|
|
48,826
|
|
||||
Service Operations
|
|
26,044
|
|
|
23,901
|
|
|
49,195
|
|
|
76,722
|
|
||||
Total segment revenues
|
|
222,927
|
|
|
223,353
|
|
|
446,179
|
|
|
488,965
|
|
||||
Other revenue
|
|
3,637
|
|
|
2,544
|
|
|
5,339
|
|
|
4,368
|
|
||||
Consolidated revenue from continuing operations
|
|
226,564
|
|
|
225,897
|
|
|
451,518
|
|
|
493,333
|
|
||||
Discontinued operations
|
|
126
|
|
|
49
|
|
|
355
|
|
|
32,164
|
|
||||
Consolidated revenue
|
|
$
|
226,690
|
|
|
$
|
225,946
|
|
|
$
|
451,873
|
|
|
$
|
525,497
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
PNOI
|
|
|
|
|
|
|
|
|
||||||||
Industrial
|
|
$
|
104,741
|
|
|
$
|
96,629
|
|
|
$
|
206,798
|
|
|
$
|
191,588
|
|
Medical Office
|
|
28,179
|
|
|
25,820
|
|
|
55,421
|
|
|
51,051
|
|
||||
Non-reportable Rental Operations
|
|
8,903
|
|
|
9,870
|
|
|
18,069
|
|
|
17,762
|
|
||||
PNOI, excluding all sold/held for sale properties
|
|
141,823
|
|
|
132,319
|
|
|
280,288
|
|
|
260,401
|
|
||||
PNOI from sold/held-for-sale properties included in continuing operations
|
|
629
|
|
|
8,545
|
|
|
2,994
|
|
|
22,735
|
|
||||
PNOI, continuing operations
|
|
$
|
142,452
|
|
|
$
|
140,864
|
|
|
$
|
283,282
|
|
|
$
|
283,136
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings from Service Operations
|
|
3,816
|
|
|
2,163
|
|
|
6,047
|
|
|
7,960
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Rental Operations revenues and expenses excluded from PNOI:
|
||||||||||||||||
Straight-line rental income and expense, net
|
|
2,893
|
|
|
3,956
|
|
|
5,824
|
|
|
11,107
|
|
||||
Revenues related to lease buyouts
|
|
69
|
|
|
94
|
|
|
234
|
|
|
958
|
|
||||
Amortization of lease concessions and above and below market rents
|
|
(425
|
)
|
|
(490
|
)
|
|
(1,058
|
)
|
|
(2,203
|
)
|
||||
Intercompany rents and other adjusting items
|
|
(226
|
)
|
|
(412
|
)
|
|
(219
|
)
|
|
(872
|
)
|
||||
Non-Segment Items:
|
|
|
|
|
|
|
|
|
||||||||
Equity in earnings of unconsolidated companies
|
|
3,534
|
|
|
15,123
|
|
|
25,394
|
|
|
21,369
|
|
||||
Gain on dissolution of unconsolidated company
|
|
30,697
|
|
|
—
|
|
|
30,697
|
|
|
—
|
|
||||
Promote income
|
|
24,087
|
|
|
—
|
|
|
24,087
|
|
|
—
|
|
||||
Interest expense
|
|
(37,184
|
)
|
|
(42,976
|
)
|
|
(74,914
|
)
|
|
(92,567
|
)
|
||||
Depreciation and amortization expense
|
|
(80,161
|
)
|
|
(78,334
|
)
|
|
(157,959
|
)
|
|
(160,237
|
)
|
||||
Gain on sale of properties
|
|
39,314
|
|
|
107,410
|
|
|
54,891
|
|
|
130,894
|
|
||||
Impairment charges on non-depreciable properties
|
|
(5,651
|
)
|
|
(5,470
|
)
|
|
(12,056
|
)
|
|
(5,470
|
)
|
||||
Interest and other income, net
|
|
567
|
|
|
1,375
|
|
|
3,090
|
|
|
1,713
|
|
||||
General and administrative expenses
|
|
(11,584
|
)
|
|
(19,238
|
)
|
|
(29,682
|
)
|
|
(36,242
|
)
|
||||
Gain on land sales
|
|
707
|
|
|
17,012
|
|
|
837
|
|
|
22,437
|
|
||||
Other operating expenses
|
|
(836
|
)
|
|
(1,555
|
)
|
|
(2,072
|
)
|
|
(3,112
|
)
|
||||
Loss on extinguishment of debt
|
|
(2,430
|
)
|
|
(82,653
|
)
|
|
(2,430
|
)
|
|
(82,653
|
)
|
||||
Acquisition-related activity
|
|
(72
|
)
|
|
(1,305
|
)
|
|
(75
|
)
|
|
(1,333
|
)
|
||||
Other non-segment revenues and expenses, net
|
|
80
|
|
|
143
|
|
|
(323
|
)
|
|
(259
|
)
|
||||
Income from continuing operations before income taxes
|
|
$
|
109,647
|
|
|
$
|
55,707
|
|
|
$
|
153,595
|
|
|
$
|
94,626
|
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Assets
|
|
|
|
||||
Rental Operations:
|
|
|
|
||||
Industrial
|
$
|
4,629,204
|
|
|
$
|
4,552,107
|
|
Medical Office
|
1,304,920
|
|
|
1,269,546
|
|
||
Non-reportable Rental Operations
|
313,195
|
|
|
367,469
|
|
||
Service Operations
|
132,622
|
|
|
137,257
|
|
||
Total segment assets
|
6,379,941
|
|
|
6,326,379
|
|
||
Non-segment assets
|
485,084
|
|
|
569,136
|
|
||
Consolidated assets
|
$
|
6,865,025
|
|
|
$
|
6,895,515
|
|
|
Held-for-Sale at June 30, 2016
|
|
Sold Year-to-Date in 2016
|
|
Sold in 2015
|
|
Total
|
|
|
|
|
||||
|
|
|
|
||||
Industrial
|
0
|
|
0
|
|
5
|
|
5
|
Medical Office
|
0
|
|
0
|
|
1
|
|
1
|
Non-reportable Rental Operations
|
0
|
|
0
|
|
56
|
|
56
|
Total properties included in discontinued operations
|
0
|
|
0
|
|
62
|
|
62
|
Properties excluded from discontinued operations
|
1
|
|
9
|
|
91
|
|
101
|
Total properties sold or classified as held-for-sale
|
1
|
|
9
|
|
153
|
|
163
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenues
|
$
|
126
|
|
|
$
|
49
|
|
|
$
|
355
|
|
|
$
|
32,164
|
|
Operating expenses
|
1
|
|
|
(13
|
)
|
|
9
|
|
|
(12,399
|
)
|
||||
Depreciation and amortization
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,517
|
)
|
||||
Operating income
|
127
|
|
|
36
|
|
|
364
|
|
|
16,248
|
|
||||
Interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,053
|
)
|
||||
Income before gain on sales
|
127
|
|
|
36
|
|
|
364
|
|
|
10,195
|
|
||||
Gain on sale of depreciable properties
|
252
|
|
|
399,354
|
|
|
166
|
|
|
417,729
|
|
||||
Income from discontinued operations before income taxes
|
379
|
|
|
399,390
|
|
|
530
|
|
|
427,924
|
|
||||
Income tax expense
|
—
|
|
|
(3,220
|
)
|
|
—
|
|
|
(3,220
|
)
|
||||
Income from discontinued operations
|
$
|
379
|
|
|
$
|
396,170
|
|
|
$
|
530
|
|
|
$
|
424,704
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Income from continuing operations attributable to common shareholders
|
$
|
108,692
|
|
|
$
|
57,333
|
|
|
$
|
151,850
|
|
|
$
|
94,382
|
|
Income from discontinued operations attributable to common shareholders
|
375
|
|
|
392,047
|
|
|
524
|
|
|
420,242
|
|
||||
Net income attributable to common shareholders
|
$
|
109,067
|
|
|
$
|
449,380
|
|
|
$
|
152,374
|
|
|
$
|
514,624
|
|
|
Held-for-Sale Properties Included in Continuing Operations
|
||||||
|
June 30, 2016
|
|
December 31, 2015
|
||||
Land and improvements
|
$
|
603
|
|
|
$
|
9,797
|
|
Buildings and tenant improvements
|
3,329
|
|
|
39,480
|
|
||
Undeveloped land
|
596
|
|
|
—
|
|
||
Accumulated depreciation
|
(1,437
|
)
|
|
(7,183
|
)
|
||
Deferred leasing and other costs, net
|
11
|
|
|
3,293
|
|
||
Other assets
|
360
|
|
|
414
|
|
||
Total assets held-for-sale
|
$
|
3,462
|
|
|
$
|
45,801
|
|
|
|
|
|
||||
Accrued expenses
|
$
|
43
|
|
|
$
|
322
|
|
Other liabilities
|
602
|
|
|
650
|
|
||
Total liabilities held-for-sale
|
$
|
645
|
|
|
$
|
972
|
|
Class of stock/units
|
Quarterly Amount per Share or Unit
|
|
Record Date
|
|
Payment Date
|
Common - Quarterly
|
$0.18
|
|
August 16, 2016
|
|
August 31, 2016
|
•
|
Changes in general economic and business conditions, including the financial condition of our tenants and the value of our real estate assets;
|
•
|
The General Partner's continued qualification as a REIT for U.S. federal income tax purposes;
|
•
|
Heightened competition for tenants and potential decreases in property occupancy;
|
•
|
Potential changes in the financial markets and interest rates;
|
•
|
Volatility in the General Partner's stock price and trading volume;
|
•
|
Our continuing ability to raise funds on favorable terms;
|
•
|
Our ability to successfully identify, acquire, develop and/or manage properties on terms that are favorable to us;
|
•
|
Potential increases in real estate construction costs;
|
•
|
Our ability to successfully dispose of properties on terms that are favorable to us, including, without limitation, through one or more transactions that are consistent with our previously disclosed strategic plans;
|
•
|
Our ability to retain our current credit ratings;
|
•
|
Inherent risks in the real estate business, including, but not limited to, tenant defaults, potential liability relating to environmental matters and liquidity of real estate investments; and
|
•
|
Other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in our other reports and other public filings with the SEC.
|
•
|
Owned or jointly controlled
574
primarily industrial and medical office properties, of which
556
properties with
133.6 million
square feet were in service and
18
properties with
6.0 million
square feet were under development. The
556
in-service properties were comprised of
497
consolidated properties with
119.7 million
square feet and
59
jointly controlled unconsolidated properties with
14.0 million
square feet. The
18
properties under development consisted of
16
consolidated properties with
4.7 million
square feet and
two
jointly controlled unconsolidated properties with
1.3 million
square feet.
|
•
|
Owned directly, or through ownership interests in unconsolidated joint ventures (with acreage not adjusted for our percentage ownership interest), approximately 2,900 acres of land and controlled approximately 1,600 acres through purchase options.
|
|
Consolidated Properties
|
|
Unconsolidated Joint Venture Properties
|
|
Total Including Unconsolidated Joint Venture Properties
|
|||
Vacant square feet at December 31, 2015
|
4,015
|
|
|
1,310
|
|
|
5,325
|
|
Vacant space in completed developments
|
2,337
|
|
|
228
|
|
|
2,565
|
|
Dispositions
|
(117
|
)
|
|
(2
|
)
|
|
(119
|
)
|
Expirations
|
2,922
|
|
|
334
|
|
|
3,256
|
|
Early lease terminations
|
146
|
|
|
2
|
|
|
148
|
|
Property structural changes/other
|
1
|
|
|
—
|
|
|
1
|
|
Leasing of previously vacant space
|
(4,947
|
)
|
|
(363
|
)
|
|
(5,310
|
)
|
Vacant square feet at June 30, 2016
|
4,357
|
|
|
1,509
|
|
|
5,866
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
New Leasing Activity - First Generation
|
1,573
|
|
1,194
|
|
4,327
|
|
2,940
|
New Leasing Activity - Second Generation
|
2,261
|
|
1,266
|
|
3,367
|
|
2,180
|
Renewal Leasing Activity
|
2,522
|
|
1,046
|
|
5,548
|
|
4,628
|
Total Consolidated Leasing Activity
|
6,356
|
|
3,506
|
|
13,242
|
|
9,748
|
Unconsolidated Joint Venture Leasing Activity
|
1,241
|
|
573
|
|
1,743
|
|
1,470
|
Total Including Unconsolidated Joint Venture Leasing Activity
|
7,597
|
|
4,079
|
|
14,985
|
|
11,218
|
|
Square Feet of New Second Generation Leases Signed
(in thousands)
|
|
Average Term in Years
|
|
Estimated Tenant Improvement Cost per Square Foot
|
|
Leasing Commissions per Square Foot
|
|||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||
Three Months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Industrial
|
2,246
|
|
|
1,168
|
|
7.0
|
|
|
4.1
|
|
|
$2.10
|
|
$4.28
|
|
$1.77
|
|
$2.08
|
Medical Office
|
1
|
|
|
28
|
|
5.0
|
|
|
7.0
|
|
|
$10.00
|
|
$1.70
|
|
$7.96
|
|
$4.25
|
Non-reportable Rental Operations
|
14
|
|
|
70
|
|
4.6
|
|
|
7.1
|
|
|
$8.23
|
|
$15.72
|
|
$6.47
|
|
$6.53
|
Total Consolidated
|
2,261
|
|
|
1,266
|
|
7.0
|
|
|
4.3
|
|
|
$2.15
|
|
$4.85
|
|
$1.80
|
|
$2.38
|
Unconsolidated Joint Ventures
|
275
|
|
|
145
|
|
8.6
|
|
|
7.4
|
|
|
$6.44
|
|
$3.14
|
|
$3.02
|
|
$1.91
|
Total Including Unconsolidated Joint Ventures
|
2,536
|
|
|
1,411
|
|
7.1
|
|
|
4.7
|
|
|
$2.61
|
|
$4.68
|
|
$1.93
|
|
$2.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Six Months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Industrial
|
3,320
|
|
|
1,966
|
|
6.9
|
|
|
5.1
|
|
|
$2.46
|
|
$3.59
|
|
$1.79
|
|
$1.90
|
Medical Office
|
7
|
|
|
39
|
|
6.7
|
|
|
6.5
|
|
|
$13.31
|
|
$5.43
|
|
$14.48
|
|
$5.18
|
Non-reportable Rental Operations
|
40
|
|
|
175
|
|
7.1
|
|
|
6.0
|
|
|
$10.57
|
|
$13.21
|
|
$10.12
|
|
$6.30
|
Total Consolidated
|
3,367
|
|
2,180
|
|
6.9
|
|
|
5.2
|
|
|
$2.58
|
|
$4.40
|
|
$1.91
|
|
$2.31
|
|
Unconsolidated Joint Ventures
|
346
|
|
|
314
|
|
7.4
|
|
|
5.7
|
|
|
$5.15
|
|
$6.00
|
|
$2.64
|
|
$4.82
|
Total Including Unconsolidated Joint Ventures
|
3,713
|
|
|
2,494
|
|
7.0
|
|
|
5.2
|
|
|
$2.82
|
|
$4.60
|
|
$1.98
|
|
$2.63
|
|
Square Feet of Leases Renewed
(in thousands)
|
|
Percent of Expiring Leases Renewed
|
|
Average Term in Years
|
|
Growth (Decline) in Net Effective Rents*
|
|
Estimated Tenant Improvement Cost per Square Foot
|
|
Leasing Commissions per Square Foot
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||
Three Months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Industrial
|
2,110
|
|
|
959
|
|
|
49.6
|
%
|
|
66.4
|
%
|
|
3.8
|
|
4.2
|
|
15.0
|
%
|
|
20.0
|
%
|
|
$0.52
|
|
$0.55
|
|
$0.84
|
|
$1.20
|
Medical Office
|
34
|
|
|
5
|
|
|
86.8
|
%
|
|
33.9
|
%
|
|
7.6
|
|
3.5
|
|
12.8
|
%
|
|
13.0
|
%
|
|
$12.65
|
|
$3.62
|
|
$4.12
|
|
$1.69
|
Non-reportable Rental Operations
|
378
|
|
|
82
|
|
|
99.1
|
%
|
|
64.8
|
%
|
|
10.9
|
|
3.2
|
|
1.5
|
%
|
|
7.9
|
%
|
|
$2.02
|
|
$5.75
|
|
$1.65
|
|
$2.25
|
Total Consolidated
|
2,522
|
|
1,046
|
|
54.0
|
%
|
|
65.9
|
%
|
|
4.9
|
|
4.1
|
|
9.7
|
%
|
|
17.7
|
%
|
|
$0.91
|
|
$0.98
|
|
$1.00
|
|
$1.29
|
||
Unconsolidated Joint Ventures
|
949
|
|
174
|
|
99.6
|
%
|
|
81.7
|
%
|
|
5.1
|
|
3.9
|
|
(3.3
|
)%
|
|
1.3
|
%
|
|
$0.29
|
|
$1.61
|
|
$2.28
|
|
$1.51
|
||
Total Including Unconsolidated Joint Ventures
|
3,471
|
|
1,220
|
|
61.7
|
%
|
|
67.8
|
%
|
|
5.0
|
|
4.1
|
|
5.4
|
%
|
|
14.2
|
%
|
|
$0.74
|
|
$1.07
|
|
$1.35
|
|
$1.32
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Six Months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Industrial
|
5,082
|
|
|
4,439
|
|
|
69.2
|
%
|
|
75.5
|
%
|
|
3.4
|
|
6.7
|
|
14.4
|
%
|
|
12.4
|
%
|
|
$0.42
|
|
$1.57
|
|
$0.71
|
|
$1.39
|
Medical Office
|
68
|
|
|
27
|
|
|
84.7
|
%
|
|
55.1
|
%
|
|
6.4
|
|
3.7
|
|
15.6
|
%
|
|
7.7
|
%
|
|
$9.09
|
|
$3.98
|
|
$3.57
|
|
$1.68
|
Non-reportable Rental Operations
|
398
|
|
|
162
|
|
|
77.7
|
%
|
|
58.9
|
%
|
|
10.7
|
|
4.3
|
|
2.1
|
%
|
|
8.1
|
%
|
|
$2.59
|
|
$5.77
|
|
$2.02
|
|
$3.60
|
Total Consolidated
|
5,548
|
|
|
4,628
|
|
|
70.0
|
%
|
|
74.6
|
%
|
|
3.9
|
|
6.6
|
|
11.7
|
%
|
|
11.8
|
%
|
|
$0.68
|
|
$1.73
|
|
$0.83
|
|
$1.47
|
Unconsolidated Joint Ventures
|
1,268
|
|
|
451
|
|
|
81.4
|
%
|
|
85.9
|
%
|
|
5.2
|
|
2.7
|
|
(2.7
|
)%
|
|
(0.2
|
)%
|
|
$0.50
|
|
$0.83
|
|
$2.09
|
|
$0.93
|
Total Including Unconsolidated Joint Ventures
|
6,816
|
|
|
5,079
|
|
|
71.8
|
%
|
|
75.5
|
%
|
|
4.2
|
|
6.2
|
|
8.0
|
%
|
|
10.4
|
%
|
|
$0.65
|
|
$1.65
|
|
$1.07
|
|
$1.42
|
* Represents the percentage change in net effective rent between the original leases and the renewal leases. Net effective rents represent average annual base rental payments, on a straight-line basis for the term of each lease, excluding operating expense reimbursements.
|
|
Total Consolidated Portfolio
|
|
Industrial
|
|
Medical Office
|
|
Non-reportable
|
||||||||||||||||||||||
Year of
Expiration |
Square
Feet |
|
Ann. Rent
Revenue* |
|
Number of Leases
|
|
Square
Feet |
|
Ann. Rent
Revenue* |
|
Square
Feet |
|
Ann. Rent Revenue*
|
|
Square
Feet |
|
Ann. Rent
Revenue* |
||||||||||||
Remainder of 2016
|
3,400
|
|
|
$
|
14,110
|
|
|
137
|
|
3,147
|
|
|
$
|
10,789
|
|
|
62
|
|
|
$
|
985
|
|
|
191
|
|
|
$
|
2,336
|
|
2017
|
12,237
|
|
|
49,178
|
|
|
179
|
|
11,882
|
|
|
43,410
|
|
|
191
|
|
|
3,899
|
|
|
164
|
|
|
1,869
|
|
||||
2018
|
12,790
|
|
|
59,287
|
|
|
201
|
|
12,120
|
|
|
46,199
|
|
|
391
|
|
|
9,805
|
|
|
279
|
|
|
3,283
|
|
||||
2019
|
14,302
|
|
|
67,414
|
|
|
205
|
|
13,470
|
|
|
52,346
|
|
|
312
|
|
|
7,410
|
|
|
520
|
|
|
7,658
|
|
||||
2020
|
12,489
|
|
|
64,882
|
|
|
176
|
|
11,945
|
|
|
54,720
|
|
|
423
|
|
|
8,827
|
|
|
121
|
|
|
1,335
|
|
||||
2021
|
11,721
|
|
|
55,289
|
|
|
163
|
|
11,250
|
|
|
46,943
|
|
|
250
|
|
|
5,581
|
|
|
221
|
|
|
2,765
|
|
||||
2022
|
10,644
|
|
|
44,197
|
|
|
94
|
|
10,232
|
|
|
36,041
|
|
|
334
|
|
|
7,033
|
|
|
78
|
|
|
1,123
|
|
||||
2023
|
3,584
|
|
|
26,176
|
|
|
62
|
|
2,944
|
|
|
15,077
|
|
|
418
|
|
|
7,787
|
|
|
222
|
|
|
3,312
|
|
||||
2024
|
7,377
|
|
|
38,757
|
|
|
47
|
|
6,809
|
|
|
29,899
|
|
|
126
|
|
|
2,626
|
|
|
442
|
|
|
6,232
|
|
||||
2025
|
8,026
|
|
|
36,925
|
|
|
45
|
|
7,682
|
|
|
31,308
|
|
|
212
|
|
|
3,877
|
|
|
132
|
|
|
1,740
|
|
||||
2026 and Thereafter
|
18,643
|
|
|
144,324
|
|
|
96
|
|
15,639
|
|
|
70,350
|
|
|
2,546
|
|
|
66,596
|
|
|
458
|
|
|
7,378
|
|
||||
Total Leased
|
115,213
|
|
|
$
|
600,539
|
|
|
1,405
|
|
107,120
|
|
|
$
|
437,082
|
|
|
5,265
|
|
|
$
|
124,426
|
|
|
2,828
|
|
|
$
|
39,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Portfolio Square Feet
|
119,569
|
|
|
|
|
|
|
110,776
|
|
|
|
|
5,503
|
|
|
|
|
3,290
|
|
|
|
||||||||
Percent Leased
|
96.4
|
%
|
|
|
|
|
|
96.7
|
%
|
|
|
|
95.7
|
%
|
|
|
|
86.0
|
%
|
|
|
||||||||
* Annualized rental revenue represents average annual base rental payments, on a straight-line basis for the term of each lease, from space leased to tenants at the end of the most recent reporting period. Annualized rental revenue excludes additional amounts paid by tenants as reimbursement for operating expenses.
|
Ownership Type
|
Square
Feet
|
|
Percent
Leased
|
|
Total
Estimated
Project Costs
|
|
|
Total
Incurred
to Date
|
|
|
Amount
Remaining
to be Spent
|
|
|||
Consolidated properties
|
4,738
|
|
67%
|
|
$
|
453,143
|
|
|
$
|
208,238
|
|
|
$
|
244,905
|
|
Unconsolidated joint venture properties
|
1,259
|
|
90%
|
|
100,783
|
|
|
72,385
|
|
|
28,398
|
|
|||
Total
|
5,997
|
|
72%
|
|
$
|
553,926
|
|
|
$
|
280,623
|
|
|
$
|
273,303
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Rental and related revenue from continuing operations
|
$
|
200,520
|
|
|
$
|
201,996
|
|
|
$
|
402,323
|
|
|
$
|
416,611
|
|
General contractor and service fee revenue
|
26,044
|
|
|
23,901
|
|
|
49,195
|
|
|
76,722
|
|
||||
Operating income
|
148,766
|
|
|
181,266
|
|
|
227,924
|
|
|
269,466
|
|
||||
General Partner
|
|
|
|
|
|
|
|
||||||||
Net income attributable to common shareholders
|
$
|
109,067
|
|
|
$
|
449,380
|
|
|
$
|
152,374
|
|
|
$
|
514,624
|
|
Weighted average common shares outstanding
|
347,464
|
|
|
345,098
|
|
|
346,564
|
|
|
344,849
|
|
||||
Weighted average common shares and potential dilutive securities
|
354,433
|
|
|
349,161
|
|
|
352,227
|
|
|
348,945
|
|
||||
Partnership
|
|
|
|
|
|
|
|
||||||||
Net income attributable to common unitholders
|
$
|
110,168
|
|
|
$
|
454,142
|
|
|
$
|
153,913
|
|
|
$
|
520,085
|
|
Weighted average Common Units outstanding
|
350,968
|
|
|
348,728
|
|
|
350,065
|
|
|
348,511
|
|
||||
Weighted average Common Units and potential dilutive securities
|
354,433
|
|
|
349,161
|
|
|
352,227
|
|
|
348,945
|
|
||||
General Partner and Partnership
|
|
|
|
|
|
|
|
||||||||
Basic income per common share or Common Unit:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
0.31
|
|
|
$
|
0.16
|
|
|
$
|
0.44
|
|
|
$
|
0.27
|
|
Discontinued operations
|
$
|
—
|
|
|
$
|
1.14
|
|
|
$
|
—
|
|
|
$
|
1.22
|
|
Diluted income per common share or Common Unit:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
0.31
|
|
|
$
|
0.16
|
|
|
$
|
0.44
|
|
|
$
|
0.27
|
|
Discontinued operations
|
$
|
—
|
|
|
$
|
1.14
|
|
|
$
|
—
|
|
|
$
|
1.22
|
|
Number of in-service consolidated properties at end of period
|
497
|
|
|
505
|
|
|
497
|
|
|
505
|
|
||||
In-service consolidated square footage at end of period
|
119,656
|
|
|
117,191
|
|
|
119,656
|
|
|
117,191
|
|
||||
Number of in-service joint venture properties at end of period
|
59
|
|
|
78
|
|
|
59
|
|
|
78
|
|
||||
In-service joint venture square footage at end of period
|
13,956
|
|
|
19,893
|
|
|
13,956
|
|
|
19,893
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income attributable to common shareholders of the General Partner
|
$
|
109,067
|
|
|
$
|
449,380
|
|
|
$
|
152,374
|
|
|
$
|
514,624
|
|
Add back: Net income attributable to noncontrolling interests - common limited partnership interests in the Partnership
|
1,101
|
|
|
4,762
|
|
|
1,539
|
|
|
5,461
|
|
||||
Net income attributable to common unitholders of the Partnership
|
110,168
|
|
|
454,142
|
|
|
153,913
|
|
|
520,085
|
|
||||
Adjustments:
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
80,161
|
|
|
78,334
|
|
|
157,959
|
|
|
163,754
|
|
||||
Company share of joint venture depreciation, amortization and other adjustments
|
4,253
|
|
|
4,817
|
|
|
7,892
|
|
|
9,745
|
|
||||
Gain on dissolution of unconsolidated company
|
(30,697
|
)
|
|
—
|
|
|
(30,697
|
)
|
|
—
|
|
||||
Impairment charges - depreciable property
|
—
|
|
|
864
|
|
|
—
|
|
|
864
|
|
||||
Gains on depreciable property sales—wholly owned
|
(39,566
|
)
|
|
(506,764
|
)
|
|
(55,057
|
)
|
|
(548,623
|
)
|
||||
Income tax expense (benefit) triggered by depreciable property sales
|
(157
|
)
|
|
932
|
|
|
186
|
|
|
2,416
|
|
||||
Gains on depreciable property sales—share of joint venture
|
(91
|
)
|
|
(11,989
|
)
|
|
(18,033
|
)
|
|
(13,533
|
)
|
||||
Funds From Operations attributable to common unitholders of the Partnership
|
$
|
124,071
|
|
|
$
|
20,336
|
|
|
$
|
216,163
|
|
|
$
|
134,708
|
|
Additional General Partner Adjustments:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to noncontrolling interests - common limited partnership interests in the Partnership
|
(1,101
|
)
|
|
(4,762
|
)
|
|
(1,539
|
)
|
|
(5,461
|
)
|
||||
Noncontrolling interest share of adjustments
|
(139
|
)
|
|
4,515
|
|
|
(623
|
)
|
|
4,050
|
|
||||
Funds From Operations attributable to common shareholders of the General Partner
|
$
|
122,831
|
|
|
$
|
20,089
|
|
|
$
|
214,001
|
|
|
$
|
133,297
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Rental and related revenue from continuing operations - Rental Operations segments
|
$
|
196,883
|
|
|
$
|
199,452
|
|
|
$
|
396,984
|
|
|
$
|
412,243
|
|
Rental and real estate tax expenses from continuing operations - Rental Operations segments
|
(52,120
|
)
|
|
(55,440
|
)
|
|
(108,921
|
)
|
|
(120,117
|
)
|
||||
Less adjusting items, continuing operations:
|
|
|
|
|
|
|
|
||||||||
Straight-line rental income and expense, net
|
(2,893
|
)
|
|
(3,956
|
)
|
|
(5,824
|
)
|
|
(11,107
|
)
|
||||
Revenues related to lease buyouts
|
(69
|
)
|
|
(94
|
)
|
|
(234
|
)
|
|
(958
|
)
|
||||
Amortization of lease concessions and above and below market rents
|
425
|
|
|
490
|
|
|
1,058
|
|
|
2,203
|
|
||||
Intercompany rents and other adjusting items
|
226
|
|
|
412
|
|
|
219
|
|
|
872
|
|
||||
PNOI, Continuing Operations
|
$
|
142,452
|
|
|
$
|
140,864
|
|
|
$
|
283,282
|
|
|
$
|
283,136
|
|
|
|
Three Months Ended June 30,
|
Percent
|
||||||
|
|
2016
|
|
2015
|
Change
|
||||
SPNOI
|
|
$
|
117,436
|
|
|
$
|
113,518
|
|
3.5%
|
Less share of SPNOI from unconsolidated joint ventures
|
|
(5,485
|
)
|
|
(5,324
|
)
|
|
||
PNOI excluded from the same property population
|
|
29,872
|
|
|
24,125
|
|
|
||
Earnings from Service Operations
|
|
3,816
|
|
|
2,163
|
|
|
||
Rental Operations revenues and expenses excluded from PNOI
|
|
2,940
|
|
|
11,693
|
|
|
||
Non-Segment Items
|
|
(38,932
|
)
|
|
(90,468
|
)
|
|
||
Income from continuing operations before income taxes
|
|
$
|
109,647
|
|
|
$
|
55,707
|
|
|
|
Three Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Rental and related revenue:
|
|
|
|
||||
Industrial
|
$
|
140,219
|
|
|
$
|
135,487
|
|
Medical Office
|
43,135
|
|
|
40,274
|
|
||
Non-reportable Rental Operations and non-segment revenues
|
17,166
|
|
|
26,235
|
|
||
Total rental and related revenue from continuing operations
|
$
|
200,520
|
|
|
$
|
201,996
|
|
Rental and Related Revenue from Discontinued Operations
|
126
|
|
|
49
|
|
||
Total Rental and Related Revenue from Continuing and Discontinued Operations
|
$
|
200,646
|
|
|
$
|
202,045
|
|
•
|
The sale of 100 properties since January 1, 2015, which did not meet the criteria to be classified within discontinued operations, resulted in a decrease of $13.4 million to rental and related revenue from continuing operations in the three months ended
June 30, 2016
, as compared to the same period in
2015
.
|
•
|
We acquired four properties and placed 38 developments in service from January 1, 2015 to
June 30, 2016
, which provided incremental revenues of $9.2 million in the
second
quarter of
2016
, as compared to the same period in
2015
, which partially offset the overall decrease in rental and related revenue from continuing operations.
|
•
|
Increased occupancy and rental rates within our same-property portfolio also partially offset the impact of dispositions on rental and related revenue from continuing operations. Average commencement occupancy in our same-property portfolio increased by 0.5% from the three months ended
June 30, 2015
.
|
|
Three Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Rental expenses:
|
|
|
|
||||
Industrial
|
$
|
10,392
|
|
|
$
|
12,458
|
|
Medical Office
|
8,122
|
|
|
8,068
|
|
||
Non-reportable Rental Operations and non-segment expenses
|
7,215
|
|
|
9,568
|
|
||
Total rental expenses from continuing operations
|
$
|
25,729
|
|
|
$
|
30,094
|
|
Rental Expenses from Discontinued Operations
|
(1
|
)
|
|
181
|
|
||
Total Rental Expenses from Continuing and Discontinued Operations
|
$
|
25,728
|
|
|
$
|
30,275
|
|
Real estate taxes:
|
|
|
|
||||
Industrial
|
$
|
22,793
|
|
|
$
|
20,447
|
|
Medical Office
|
5,097
|
|
|
4,697
|
|
||
Non-reportable Rental Operations and non-segment expenses
|
2,058
|
|
|
2,603
|
|
||
Total real estate tax expense from continuing operations
|
$
|
29,948
|
|
|
$
|
27,747
|
|
Real Estate Tax Expense from Discontinued Operations
|
—
|
|
|
(168
|
)
|
||
Total Real Estate Tax Expense from Continuing and Discontinued Operations
|
$
|
29,948
|
|
|
$
|
27,579
|
|
|
Three Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Service Operations:
|
|
|
|
||||
General contractor and service fee revenue
|
$
|
26,044
|
|
|
$
|
23,901
|
|
General contractor and other services expenses
|
(22,228
|
)
|
|
(21,738
|
)
|
||
Net earnings from Service Operations
|
$
|
3,816
|
|
|
$
|
2,163
|
|
General and administrative expenses - three-month period ended June 30, 2015
|
$
|
19.2
|
|
Decrease to overall pool of overhead costs (1)
|
(9.0
|
)
|
|
Decreased absorption of costs by wholly owned leasing and development activities (2)
|
0.4
|
|
|
Decreased allocation of costs to Service Operations and Rental Operations
|
1.0
|
|
|
General and administrative expenses - three-month period ended June 30, 2016
|
$
|
11.6
|
|
|
Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Rental and related revenue:
|
|
|
|
||||
Industrial
|
$
|
283,199
|
|
|
$
|
283,115
|
|
Medical Office
|
85,360
|
|
|
80,302
|
|
||
Non-reportable Rental Operations and non-segment revenues
|
33,764
|
|
|
53,194
|
|
||
Total rental and related revenue from continuing operations
|
$
|
402,323
|
|
|
$
|
416,611
|
|
Rental and Related Revenue from Discontinued Operations
|
355
|
|
|
32,164
|
|
||
Total Rental and Related Revenue from Continuing and Discontinued Operations
|
$
|
402,678
|
|
|
$
|
448,775
|
|
•
|
The sale of 100 properties, since January 1,
2015
, which did not meet the criteria for inclusion within discontinued operations, resulted in a decrease of $35.7 million to rental and related revenue from continuing operations in the
six months ended
June 30, 2016
, as compared to the same period in
2015
.
|
•
|
We acquired four properties and placed 38 developments in service from January 1,
2015
to
June 30, 2016
, which provided incremental revenues of $15.4 million in the
six months ended
June 30, 2016
, as compared to the same period in
2015
, which partially offset the overall decrease in rental and related revenue from continuing operations.
|
•
|
Increased occupancy and rental rates within our same property portfolio also partially offset the impact of dispositions on rental and related revenue from continuing operations.
|
|
Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Rental expenses:
|
|
|
|
||||
Industrial
|
$
|
24,754
|
|
|
$
|
29,787
|
|
Medical Office
|
16,517
|
|
|
16,241
|
|
||
Non-reportable Rental Operations and non-segment revenues
|
13,737
|
|
|
20,190
|
|
||
Total rental expenses from continuing operations
|
$
|
55,008
|
|
|
$
|
66,218
|
|
Rental Expenses from Discontinued Operations
|
(9
|
)
|
|
8,971
|
|
||
Total Rental Expenses from Continuing and Discontinued Operations
|
$
|
54,999
|
|
|
$
|
75,189
|
|
Real estate taxes:
|
|
|
|
||||
Industrial
|
$
|
45,501
|
|
|
$
|
43,259
|
|
Medical Office
|
10,057
|
|
|
9,195
|
|
||
Non-reportable Rental Operations and non-segment revenues
|
4,017
|
|
|
6,072
|
|
||
Total real estate tax expense from continuing operations
|
$
|
59,575
|
|
|
$
|
58,526
|
|
Real Estate Tax Expense from Discontinued Operations
|
—
|
|
|
3,428
|
|
||
Total Real Estate Tax Expense from Continuing and Discontinued Operations
|
$
|
59,575
|
|
|
$
|
61,954
|
|
|
Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Service Operations:
|
|
|
|
||||
General contractor and service fee revenue
|
$
|
49,195
|
|
|
$
|
76,722
|
|
General contractor and other services expenses
|
(43,148
|
)
|
|
(68,762
|
)
|
||
Net earnings from Service Operations
|
$
|
6,047
|
|
|
$
|
7,960
|
|
General and administrative expenses - six months ended June 30, 2015
|
$
|
36.2
|
|
Decrease to overall pool of overhead costs (1)
|
(11.5
|
)
|
|
Increased absorption of costs by wholly owned leasing and development activities (2)
|
(0.2
|
)
|
|
Decreased allocation of costs to Service Operations and Rental Operations (3)
|
5.2
|
|
|
General and administrative expenses - six months ended June 30, 2016
|
$
|
29.7
|
|
•
|
property investment;
|
•
|
leasing/capital costs;
|
•
|
dividends and distributions to shareholders and unitholders;
|
•
|
long-term debt maturities;
|
•
|
opportunistic repurchases of outstanding debt; and
|
•
|
other contractual obligations.
|
|
Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Second generation tenant improvements
|
$
|
14,445
|
|
|
$
|
14,697
|
|
Second generation leasing costs
|
14,711
|
|
|
13,984
|
|
||
Building improvements
|
1,081
|
|
|
2,190
|
|
||
Total second generation capital expenditures
|
$
|
30,237
|
|
|
$
|
30,871
|
|
Development of real estate investments
|
$
|
213,262
|
|
|
$
|
109,617
|
|
Other deferred leasing costs
|
$
|
14,993
|
|
|
$
|
22,302
|
|
|
Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
Industrial
|
$
|
25,594
|
|
|
$
|
20,905
|
|
Medical Office
|
884
|
|
|
632
|
|
||
Non-reportable Rental Operations
|
3,759
|
|
|
9,334
|
|
||
Total
|
$
|
30,237
|
|
|
$
|
30,871
|
|
|
Future Repayments
|
|
|
|||||||||||
Year
|
Scheduled
Amortization
|
|
|
Maturities
|
|
Total
|
|
Weighted Average Interest Rate of
Future Repayments
|
|
|||||
Remainder of 2016
|
$
|
5,507
|
|
|
$
|
1,661
|
|
|
$
|
7,168
|
|
|
6.35
|
%
|
2017
|
9,260
|
|
|
268,987
|
|
|
278,247
|
|
|
5.93
|
%
|
|||
2018
|
7,768
|
|
|
285,611
|
|
|
293,379
|
|
|
6.08
|
%
|
|||
2019
|
6,936
|
|
|
397,976
|
|
|
404,912
|
|
|
7.85
|
%
|
|||
2020
|
5,381
|
|
|
378,660
|
|
|
384,041
|
|
|
3.38
|
%
|
|||
2021
|
3,416
|
|
|
259,047
|
|
|
262,463
|
|
|
3.99
|
%
|
|||
2022
|
3,611
|
|
|
600,000
|
|
|
603,611
|
|
|
4.20
|
%
|
|||
2023
|
3,817
|
|
|
250,000
|
|
|
253,817
|
|
|
3.75
|
%
|
|||
2024
|
4,036
|
|
|
300,000
|
|
|
304,036
|
|
|
3.92
|
%
|
|||
2025
|
3,938
|
|
|
—
|
|
|
3,938
|
|
|
5.48
|
%
|
|||
2026
|
2,029
|
|
|
375,000
|
|
|
377,029
|
|
|
3.37
|
%
|
|||
Thereafter
|
358
|
|
|
50,000
|
|
|
50,358
|
|
|
7.29
|
%
|
|||
|
$
|
56,057
|
|
|
$
|
3,166,942
|
|
|
$
|
3,222,999
|
|
|
4.76
|
%
|
|
Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
General Partner
|
|
|
|
||||
Net Cash Provided by Operating Activities
|
$
|
191.4
|
|
|
$
|
175.7
|
|
Net Cash Provided by Investing Activities
|
$
|
41.5
|
|
|
$
|
1,018.5
|
|
Net Cash Used for Financing Activities
|
$
|
(163.7
|
)
|
|
$
|
(1,191.9
|
)
|
|
|
|
|
||||
Partnership
|
|
|
|
||||
Net Cash Provided by Operating Activities
|
$
|
191.4
|
|
|
$
|
175.7
|
|
Net Cash Provided by Investing Activities
|
$
|
41.5
|
|
|
$
|
1,018.5
|
|
Net Cash Used for Financing Activities
|
$
|
(163.7
|
)
|
|
$
|
(1,191.9
|
)
|
•
|
During the
six months ended June 30, 2016
, we paid cash of approximately
$16.0 million
and
$27.2 million
, respectively, for real estate and undeveloped land acquisitions, compared to
$20.9 million
and
$25.6 million
, respectively, for real estate and undeveloped land acquisitions in the same period in
2015
.
|
•
|
Real estate development costs were
$213.3 million
during the
six months ended June 30, 2016
, compared to
$109.6 million
for the same period in
2015
.
|
•
|
Sales of land and depreciated property provided
$174.9 million
in net proceeds for the
six months ended June 30, 2016
, compared to
$1.31 billion
for the same period in
2015
.
|
•
|
Second generation tenant improvements, leasing costs and building improvements totaled
$30.2 million
for the
six months ended June 30, 2016
compared to
$30.9 million
for the same period in
2015
.
|
•
|
For the
six months ended June 30, 2016
, we received
$36.3 million
in capital distributions from unconsolidated joint ventures, compared to
$67.0 million
during the same period in
2015
.
|
•
|
For the
six months ended June 30, 2016
, we repaid the
$71.0 million
of net borrowings on the Partnership's unsecured line of credit, compared to the repayment of
$106.0 million
of net borrowings for the same period in
2015
.
|
•
|
During the
six months ended June 30, 2016
, we repaid
four
secured loans for
$344.7 million
. We repaid fifteen secured loans, which included early repayment premiums of $4.2 million for six loans that were repaid prior to their scheduled maturity dates, for cash payments totaling $201.9 million during the same period in 2015.
|
•
|
During the
six months ended June 30, 2016
, the General Partner issued
4.2 million
common shares pursuant to its at the market equity program, for net proceeds of approximately
$98.5 million
, compared to the issuance of 233,000 common shares for net proceeds of
$4.8 million
during the same period in
2015
.
|
•
|
In June 2016, the Partnership issued
$375.0 million
of unsecured notes that bear interest at a stated rate of
3.25%
, have an effective rate of
3.36%
, and mature on June 30, 2026. A portion of these proceeds was used to repurchase
$72.0 million
of our
5.95%
notes due February 2017, for a cash payment of
$74.5 million
. During the
six months ended June 30, 2015
, the Partnership repaid a $250.0 million senior unsecured note at its maturity date. The Partnership also repurchased unsecured notes, primarily through the Tender Offer, for cash payments totaling $508.3 million, which included repurchase premiums, early repayment premiums and transaction costs of $77.1 million.
|
|
Remainder of 2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
Thereafter
|
|
Face Value
|
|
Fair Value
|
||||||||||||||||
Fixed rate
secured debt
|
$
|
5,664
|
|
|
$
|
72,472
|
|
|
$
|
4,783
|
|
|
$
|
272,215
|
|
|
$
|
3,583
|
|
|
$
|
28,652
|
|
|
$
|
387,369
|
|
|
$
|
439,047
|
|
Weighted average
interest rate
|
6.68
|
%
|
|
5.89
|
%
|
|
6.46
|
%
|
|
7.63
|
%
|
|
5.98
|
%
|
|
5.92
|
%
|
|
7.13
|
%
|
|
|
|||||||||
Variable rate
secured debt
|
$
|
300
|
|
|
$
|
300
|
|
|
$
|
300
|
|
|
$
|
300
|
|
|
$
|
300
|
|
|
$
|
1,600
|
|
|
$
|
3,100
|
|
|
$
|
3,100
|
|
Weighted average
interest rate
|
0.47
|
%
|
|
0.47
|
%
|
|
0.47
|
%
|
|
0.47
|
%
|
|
0.47
|
%
|
|
0.47
|
%
|
|
0.47
|
%
|
|
|
|||||||||
Fixed rate
unsecured debt
|
$
|
1,204
|
|
|
$
|
205,475
|
|
|
$
|
288,296
|
|
|
$
|
132,397
|
|
|
$
|
130,158
|
|
|
$
|
1,825,000
|
|
|
$
|
2,582,530
|
|
|
$
|
2,756,924
|
|
Weighted average
interest rate
|
6.26
|
%
|
|
5.95
|
%
|
|
6.08
|
%
|
|
8.33
|
%
|
|
6.74
|
%
|
|
3.96
|
%
|
|
4.72
|
%
|
|
|
|||||||||
Variable rate
unsecured notes
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
250,000
|
|
|
$
|
—
|
|
|
$
|
250,000
|
|
|
$
|
250,000
|
|
Rate at June 30, 2016
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
1.60%
|
|
|
N/A
|
|
|
1.60
|
%
|
|
|
|
|
|
|
3.1
|
|
|
Sixth Amended and Restated Articles of Incorporation of the General Partner (filed as Exhibit 3.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on January 5, 2015, and incorporated herein by this reference).
|
|
|
|
|
3.2
|
|
|
Fourth Amended and Restated Bylaws of the General Partner (filed as Exhibit 3.2 to the General Partner's Current Report on Form 8-K as filed with the SEC on July 30, 2009, and incorporated herein by this reference).
|
|
|
|
|
3.3
|
|
|
Certificate of Limited Partnership of the Partnership, dated September 17, 1993 (filed as Exhibit 3.1(i) to the Partnership's Annual Report on Form 10-K for the year ended December 31, 2006 as filed with the SEC on March 13, 2007, and incorporated herein by this reference) (File No. 000-20625).
|
|
|
|
|
3.4 (i)
|
|
|
Fifth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.2 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on May 5, 2014, and incorporated herein by this reference).
|
|
|
|
|
3.4 (ii)
|
|
|
First Amendment to Fifth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.2 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on August 6, 2014, and incorporated herein by this reference).
|
|
|
|
|
3.4 (iii)
|
|
|
Second Amendment to Fifth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.2 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on December 16, 2014, and incorporated herein by this reference).
|
|
|
|
|
3.4 (iv)
|
|
|
Third Amendment to Fifth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.2 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on January 5, 2015, and incorporated herein by this reference).
|
|
|
|
|
3.4 (v)
|
|
|
Fourth Amendment to Fifth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on January 29, 2015, and incorporated herein by this reference).
|
4.1
|
|
|
Specimen certificate for shares of common stock, $.01 par value (filed as Exhibit 4.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on July 28, 2016, and incorporated herein by this reference).
|
4.2
|
|
|
Thirteenth Supplemental Indenture, dated as of June 23, 2016, by and between the Partnership and the Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), as trustee, including the form of global note evidencing the 3.250% Senior Notes Due 2026 (filed as Exhibit 4.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on June 23, 2016, and incorporated herein by this reference).
|
11.1
|
|
|
Statement Regarding Computation of Earnings.***
|
12.1
|
|
|
Statement of Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Dividends of the General Partner.*
|
|
|
|
|
12.2
|
|
|
Statement of Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Distributions of the Partnership.*
|
|
|
|
|
31.1
|
|
|
Rule 13a-14(a) Certification of the Chief Executive Officer of the General Partner.*
|
|
|
|
|
31.2
|
|
|
Rule 13a-14(a) Certification of the Chief Financial Officer of the General Partner.*
|
|
|
|
|
31.3
|
|
|
Rule 13a-14(a) Certification of the Chief Executive Officer for the Partnership.*
|
|
|
|
|
31.4
|
|
|
Rule 13a-14(a) Certification of the Chief Financial Officer for the Partnership.*
|
|
|
|
|
32.1
|
|
|
Section 1350 Certification of the Chief Executive Officer of the General Partner.**
|
|
|
|
|
32.2
|
|
|
Section 1350 Certification of the Chief Financial Officer of the General Partner.**
|
|
|
|
|
32.3
|
|
|
Section 1350 Certification of the Chief Executive Officer for the Partnership.**
|
|
|
|
|
32.4
|
|
|
Section 1350 Certification of the Chief Financial Officer for the Partnership.**
|
|
|
|
101
|
|
|
The following materials from the General Partner's and the Partnership's Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations and Comprehensive Income, (iii) the Consolidated Statements of Cash Flows, (iv) the Consolidated Statements of Changes in Equity, and (v) the Notes to Consolidated Financial Statements.
|
*
|
Filed herewith.
|
**
|
The certifications attached as Exhibits 32.1, 32.2, 32.3 and 32.4 accompany this Quarterly Report on Form 10-Q and are "furnished" to the Securities and Exchange Commission pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed "filed" by the General Partner or the Partnership, respectively, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
|
***
|
Data required by Financial Accounting Standards Board Auditing Standards Codification No. 260 is provided in Note 9 to the Consolidated Financial Statements included in this report.
|
|
|
|
|
|
DUKE REALTY CORPORATION
|
|
|
|
|
|
/s/ James B. Connor
|
|
|
James B. Connor
|
|
|
President, Chief Executive Officer and Director
|
|
|
|
|
|
/s/ Mark A. Denien
|
|
|
Mark A. Denien
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
|
|
|
|
DUKE REALTY LIMITED PARTNERSHIP
|
|
|
By: DUKE REALTY CORPORATION, its general partner
|
|
|
|
|
|
/s/ James B. Connor
|
|
|
James B. Connor
|
|
|
President, Chief Executive Officer and Director of the General Partner
|
|
|
|
|
|
/s/ Mark A. Denien
|
|
|
Mark A. Denien
|
|
|
Executive Vice President and Chief Financial Officer of the General Partner
|
|
|
|
|
|
|
Date:
|
August 3, 2016
|
|
|
|
|
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