Duke Realty Corporation (NYSE:DRE), a leading industrial property
REIT, announced today that its operating partnership, Duke Realty
Limited Partnership (the “Operating Partnership”), has priced an
underwritten public offering of $300 million of its 3.375% senior
unsecured notes due December 15, 2027. The notes were priced at
99.848% of their face amount to yield 3.393% to maturity. The
Operating Partnership intends to use the net proceeds from this
offering to fund development and for general corporate purposes,
and it may use a portion of the proceeds to repay borrowings under
its revolving credit facility. The offering is expected to close on
December 12, 2017, subject to customary closing conditions.
Barclays Capital Inc., Citigroup Global Markets
Inc., RBC Capital Markets, LLC, U.S. Bancorp Investments, Inc.,
Jefferies LLC and SunTrust Robinson Humphrey, Inc. acted as joint
book-running managers. BB&T Capital Markets, a division of
BB&T Securities, LLC, J.P. Morgan Securities LLC, Morgan
Stanley & Co. LLC, Regions Securities LLC, Samuel A. Ramirez
& Company, Inc., Scotia Capital (USA) Inc., UBS Securities LLC,
and Wells Fargo Securities, LLC acted as co-managers.
A registration statement relating to these
securities became effective upon filing with the Securities and
Exchange Commission. The offering will be made only by means of a
prospectus and prospectus supplement. Before making an
investment in the securities, potential investors should read the
prospectus supplement, the accompanying prospectus and the other
documents that the Operating Partnership has filed with the SEC for
more complete information about the Operating Partnership and the
offering. Copies of these documents may be obtained for free by
visiting EDGAR on the SEC website at www.sec.gov or by contacting:
Barclays Capital Inc., c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, NY 11717, or by calling
1-888-603-5847; Citigroup Global Markets Inc., c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
or by calling 1-800-831-9146; RBC Capital Markets, LLC, 200 Vesey
Street, 8th Floor, New York, NY 10281, Attn: Transaction
Management, or by calling 1-866-375-6829; U.S. Bancorp Investments,
Inc., 214 N. Tryon St., 26th Floor, Charlotte, NC 28202, Attn:
Credit Fixed Income, or by calling 1-877-558-2607; Jefferies LLC,
520 Madison Avenue, 3rd Floor, New York, NY 10022, Attn: Jefferies
Debt Capital Markets, or by calling 1-877-877-0696; and SunTrust
Robinson Humphrey, Inc., 3333 Peachtree Road N.E., 11th Floor,
Atlanta, GA 30326, Attn: Investment Grade Debt Capital Markets, or
by calling 1-800-685-4786.
This news release does not constitute an offer
to sell or the solicitation of an offer to buy any securities in
any jurisdiction to any person to whom it is unlawful to make such
offer or solicitation in such jurisdiction.
About Duke Realty
Corporation
Duke Realty Corporation owns and operates
approximately 145 million rentable square feet of industrial assets
in 21 key U.S. logistics markets. Duke Realty Corporation is
publicly traded on the NYSE under the symbol DRE and is included in
the S&P 500 Index. More information about Duke Realty
Corporation is available at www.dukerealty.com.
Cautionary Notice Regarding
Forward-Looking Statements
This news release may contain forward-looking
statements within the meaning of the federal securities laws.
All statements, other than statements of historical facts,
including, among others, statements regarding the company’s future
financial position or results, future dividends, and future
performance, are forward-looking statements. Those statements
include statements regarding the intent, belief or current
expectations of the company, members of its management team, as
well as the assumptions on which such statements are based, and
generally are identified by the use of words such as "may," "will,"
"seeks," "anticipates," "believes," "estimates," "expects,"
"plans," "intends," "should," or similar expressions.
Forward-looking statements are not guarantees of future performance
and involve risks and uncertainties that actual results may differ
materially from those contemplated by such forward-looking
statements. Many of these factors are beyond the company’s
abilities to control or predict. Such factors include, but are not
limited to, (i) general adverse economic and local real estate
conditions; (ii) the inability of major tenants to continue paying
their rent obligations due to bankruptcy, insolvency or a general
downturn in their business; (iii) financing risks, such as the
inability to obtain equity, debt or other sources of financing or
refinancing on favorable terms, or at all; (iv) the company’s
ability to raise capital by selling its assets; (v) changes in
governmental laws and regulations; (vi) the level and volatility of
interest rates and foreign currency exchange rates; (vii) valuation
of joint venture investments, (viii) valuation of marketable
securities and other investments; (ix) valuation of real estate;
(x) increases in operating costs; (xi) changes in the dividend
policy for the company’s common stock; (xii) the reduction in the
company’s income in the event of multiple lease terminations by
tenants; (xiii) impairment charges, (xiv) the effects of
geopolitical instability and risks such as terrorist attacks; (xv)
the effects of weather and natural disasters such as floods,
droughts, wind, tornados and hurricanes; and (xvi) the effect of
any damage to our reputation resulting from developments relating
to any of items (i) – (xv). Additional information concerning
factors that could cause actual results to differ materially from
those forward-looking statements is contained from time to time in
the company's filings with the Securities and Exchange
Commission. The company refers you to the section entitled
“Risk Factors” contained in the company's Annual Report on Form
10-K for the year ended December 31, 2016. Copies of each filing
may be obtained from the company or the Securities and Exchange
Commission.
The risks included here are not exhaustive and
undue reliance should not be placed on any forward-looking
statements, which are based on current expectations. All written
and oral forward-looking statements attributable to the company,
its management, or persons acting on their behalf are qualified in
their entirety by these cautionary statements. Further,
forward-looking statements speak only as of the date they are made,
and the company undertakes no obligation to update or revise
forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results over time unless otherwise required by law.
Contact Information:
Investors:
Ron Hubbard
317.808.6060
Media:
Helen McCarthy
317.708.8010
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