Duke Realty Limited PARTNERSHIP 10-Q 1 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 29, 2020
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity File Number	1-9044
Entity Registrant Name	DUKE REALTY CORPORATION
Entity Central Index Key	0000783280
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	35-1740409
Entity Address, Address Line One	8711 River Crossing Boulevard
Entity Address, City or Town	Indianapolis,
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46240
City Area Code	(317)
Local Phone Number	808-6000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	DRE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		368,382,161
Duke Realty Limited Partnership [Member]
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Registrant Name	DUKE REALTY LIMITED PARTNERSHIP
Entity Central Index Key	0001003410
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Real Estate Assets	$ 8,100,945	$ 7,993,377
Construction in progress	655,856	550,926
Investments in and advances to unconsolidated joint ventures	132,567	133,074
Undeveloped land	311,294	254,537
Real estate investment property, at cost, total	9,200,662	8,931,914
Accumulated depreciation	(1,538,679)	(1,480,461)
Net real estate investments	7,661,983	7,451,453
Real estate investments and other assets held-for-sale	0	18,463
Cash and cash equivalents	187,563	110,891
Accounts receivable	18,058	20,349
Straight-line rent receivable	131,276	129,344
Receivables on construction contracts, including retentions	30,626	25,607
Deferred leasing and other costs, net of accumulated amortization	315,871	320,444
Restricted cash held in escrow for like kind exchange	0	1,673
Notes receivable from property sales	0	110,000
Other escrow deposits and other assets	228,907	232,338
Total Assets	8,574,284	8,420,562
LIABILITIES AND EQUITY
Secured debt, net of deferred financing costs	51,311	34,023
Unsecured debt, net of deferred financing costs	2,895,300	2,880,742
Unsecured line of credit	200,000	0
Long-term debt, total	3,146,611	2,914,765
Liabilities related to real estate investments held-for-sale	0	887
Construction payables and amounts due subcontractors, including retentions	89,635	68,840
Accrued real estate taxes	67,421	69,042
Accrued interest	29,123	14,181
Other liabilities	171,358	223,680
Tenant security deposits and prepaid rents	43,074	48,907
Total Liabilities	3,547,222	3,340,302
Equity
Common shares	3,684	3,680
Additional paid-in capital	5,533,806	5,525,463
Accumulated Other Comprehensive Loss	(34,235)	(35,036)
Distributions in excess of net income	(543,412)	(475,992)
Total shareholders' equity	4,959,843	5,018,115
Noncontrolling interests	67,219	62,145
Total Equity	5,027,062	5,080,260
Total Liabilities and Equity	8,574,284	8,420,562
Duke Realty Limited Partnership [Member]
ASSETS
Real Estate Assets	8,100,945	7,993,377
Construction in progress	655,856	550,926
Investments in and advances to unconsolidated joint ventures	132,567	133,074
Undeveloped land	311,294	254,537
Real estate investment property, at cost, total	9,200,662	8,931,914
Accumulated depreciation	(1,538,679)	(1,480,461)
Net real estate investments	7,661,983	7,451,453
Real estate investments and other assets held-for-sale	0	18,463
Cash and cash equivalents	187,563	110,891
Accounts receivable	18,058	20,349
Straight-line rent receivable	131,276	129,344
Receivables on construction contracts, including retentions	30,626	25,607
Deferred leasing and other costs, net of accumulated amortization	315,871	320,444
Restricted cash held in escrow for like kind exchange	0	1,673
Notes receivable from property sales	0	110,000
Other escrow deposits and other assets	228,907	232,338
Total Assets	8,574,284	8,420,562
LIABILITIES AND EQUITY
Secured debt, net of deferred financing costs	51,311	34,023
Unsecured debt, net of deferred financing costs	2,895,300	2,880,742
Unsecured line of credit	200,000	0
Long-term debt, total	3,146,611	2,914,765
Liabilities related to real estate investments held-for-sale	0	887
Construction payables and amounts due subcontractors, including retentions	89,635	68,840
Accrued real estate taxes	67,421	69,042
Accrued interest	29,123	14,181
Other liabilities	171,358	223,680
Tenant security deposits and prepaid rents	43,074	48,907
Total Liabilities	3,547,222	3,340,302
Equity
Common equity	4,994,078	5,053,151
Limited Partners' common equity	62,615	57,575
Accumulated Other Comprehensive Loss	(34,235)	(35,036)
Total partners' equity	5,022,458	5,075,690
Noncontrolling interests	4,604	4,570
Total Equity	5,027,062	5,080,260
Total Liabilities and Equity	$ 8,574,284	$ 8,420,562

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Deferred leasing and other costs, accumulated amortization	$ 209,595	$ 203,857
Debt Issuance Costs, Net	$ 30,078	$ 19,422
Common shares, par value	$ 0.01	$ 0.01
Common shares, shares authorized	600,000,000	600,000,000
Common shares, shares issued	368,380,000	367,950,000
Common shares, shares outstanding	368,380,000	367,950,000
Duke Realty Limited Partnership [Member]
Deferred leasing and other costs, accumulated amortization	$ 209,595	$ 203,857
Common equity, General Partner Units issued	368,380,000	367,950,000
Common equity, General Partner Units outstanding	368,380,000	367,950,000
Limited Partner Units issued	3,333,000	3,029,000
Limited Partner Units outstanding	3,333,000	3,029,000
Secured Debt [Member]
Debt Issuance Costs, Net	$ 378	$ 164
Secured Debt [Member] | Duke Realty Limited Partnership [Member]
Debt Issuance Costs, Net	378	164
Unsecured Debt [Member]
Debt Issuance Costs, Net	29,700	19,258
Unsecured Debt [Member] | Duke Realty Limited Partnership [Member]
Debt Issuance Costs, Net	$ 29,700	$ 19,258

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Rental and related revenue	$ 218,755	$ 209,965
General contractor and service fee revenue	7,614	54,964
Revenues, total	226,369	264,929
Expenses:
Rental expenses	18,843	20,668
Real estate taxes	36,727	32,442
General contractor and other services expenses	6,568	52,586
Depreciation and amortization	85,359	75,992
Costs and expenses, total	147,497	181,688
Other operating activities:
Equity in earnings of unconsolidated joint ventures	2,539	4,715
Gain on sale of properties	8,937	(163)
Gain on land sales	135	750
Other operating expenses	(1,112)	(2,123)
Impairment charges	(5,626)	0
Non-incremental costs related to successful leases	(2,525)	(2,156)
General and administrative expenses	(21,763)	(21,983)
Other Operating Activities, Net	(19,415)	(20,960)
Operating income	59,457	62,281
Other income (expenses):
Interest and other income, net	1,395	2,758
Interest expense	(23,494)	(22,132)
Loss on debt extinguishment	(17,806)	(13)
Gain on involuntary conversion	0	2,259
Income from continuing operations before income taxes	19,552	45,153
Income tax benefit (expense)	60	(385)
Income from continuing operations	19,612	44,768
Discontinued operations:
Gain on sale of properties	48	155
Income from discontinued operations	48	155
Net income	19,660	44,923
Net income attributable to noncontrolling interests	(204)	(372)
Net income attributable to common shareholders	$ 19,456	$ 44,551
Basic net income per common share/unit:
Continuing operations attributable to common shareholders/unitholders	$ 0.05	$ 0.12
Diluted net income per common share/unit:
Continuing operations attributable to common shareholders/unitholders	$ 0.05	$ 0.12
Weighted average number of common shares/units outstanding	368,190	359,139
Weighted average number of common shares/units and potential dilutive securities	371,870	362,362
Comprehensive income:
Net income	$ 19,660	$ 44,923
Unrealized losses on interest rate swap contracts	0	(9,342)
Amortization of interest rate swap contracts	801	0
Comprehensive income	20,461	35,581
Duke Realty Limited Partnership [Member]
Revenues:
Rental and related revenue	218,755	209,965
General contractor and service fee revenue	7,614	54,964
Revenues, total	226,369	264,929
Expenses:
Rental expenses	18,843	20,668
Real estate taxes	36,727	32,442
General contractor and other services expenses	6,568	52,586
Depreciation and amortization	85,359	75,992
Costs and expenses, total	147,497	181,688
Other operating activities:
Equity in earnings of unconsolidated joint ventures	2,539	4,715
Gain on sale of properties	8,937	(163)
Gain on land sales	135	750
Other operating expenses	(1,112)	(2,123)
Impairment charges	(5,626)	0
Non-incremental costs related to successful leases	(2,525)	(2,156)
General and administrative expenses	(21,763)	(21,983)
Other Operating Activities, Net	(19,415)	(20,960)
Operating income	59,457	62,281
Other income (expenses):
Interest and other income, net	1,395	2,758
Interest expense	(23,494)	(22,132)
Loss on debt extinguishment	(17,806)	(13)
Gain on involuntary conversion	0	2,259
Income from continuing operations before income taxes	19,552	45,153
Income tax benefit (expense)	60	(385)
Income from continuing operations	19,612	44,768
Discontinued operations:
Gain on sale of properties	48	155
Income from discontinued operations	48	155
Net income	19,660	44,923
Net (income) loss attributable to noncontrolling interests	(34)	10
Net income attributable to common shareholders	$ 19,626	$ 44,933
Basic net income per common share/unit:
Continuing operations attributable to common shareholders/unitholders	$ 0.05	$ 0.12
Diluted net income per common share/unit:
Continuing operations attributable to common shareholders/unitholders	$ 0.05	$ 0.12
Weighted average number of common shares/units outstanding	371,414	362,204
Weighted average number of common shares/units and potential dilutive securities	371,870	362,362
Comprehensive income:
Net income	$ 19,660	$ 44,923
Unrealized losses on interest rate swap contracts	0	(9,342)
Amortization of interest rate swap contracts	801	0
Comprehensive income	$ 20,461	$ 35,581

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 19,660	$ 44,923
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements	71,582	62,423
Amortization of deferred leasing and other costs	13,777	13,569
Amortization of deferred financing costs	2,219	1,562
Straight-line rental income and expense, net	(1,703)	(5,704)
Impairment charges	5,626	0
Loss on debt extinguishment	17,806	13
Gain on involuntary conversion	0	(2,259)
Gains on land and depreciated property sales	(9,120)	(742)
Third-party construction contracts, net	(780)	11,700
Other accrued revenues and expenses, net	(6,738)	(10,893)
Equity in earnings in excess of operating distributions received from unconsolidated joint ventures	2,221	(33)
Net cash provided by operating activities	114,550	114,559
Cash flows from investing activities:
Development of real estate investments	(170,900)	(85,772)
Acquisition of buildings and related intangible assets	0	76,081
Acquisition of land and other real estate assets	(87,023)	(53,551)
Second generation tenant improvements, leasing costs and building improvements	(8,105)	(10,245)
Other deferred leasing costs	(12,341)	(1,712)
Other assets	(15,040)	(9,381)
Proceeds from the repayments of notes receivable from property sales	110,000	35,000
Proceeds from land and depreciated property sales, net	27,081	1,910
Capital contributions and advances to unconsolidated joint ventures	(2,353)	(6,474)
Net cash used for investing activities	(158,681)	(206,306)
Cash flows from financing activities:
Proceeds from issuance of common shares, net	5,465	4,492
Proceeds from unsecured debt	316,371	0
Payments on unsecured debt	(316,655)	0
Proceeds from secured notes payable	18,400	0
Payments on secured indebtedness including principal amortization	(876)	(42,665)
Borrowings on line of credit, net	200,000	210,000
Distributions to common shareholders/unitholders	(86,562)	(77,237)
Distributions to noncontrolling Interest	(783)	(505)
Tax payments on stock-based compensation awards	(4,051)	(5,467)
Change in book cash overdrafts	(14,444)	9,700
Other Financing Activities	289	(9,920)
Deferred financing costs	(3,971)	0
Net cash provided by financing activities	113,183	88,398
Net increase (decrease) in cash, cash equivalents and restricted cash	69,052	(3,349)
Cash, cash equivalents and restricted cash at beginning of period	121,431	25,517
Cash, cash equivalents and restricted cash at end of period	190,483	22,168
Noncash activities:
Liabilities and right-of-use assets - operating leases	1,132	38,792
Duke Realty Limited Partnership [Member]
Cash flows from operating activities:
Net income	19,660	44,923
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements	71,582	62,423
Amortization of deferred leasing and other costs	13,777	13,569
Amortization of deferred financing costs	2,219	1,562
Straight-line rental income and expense, net	(1,703)	(5,704)
Impairment charges	5,626	0
Loss on debt extinguishment	17,806	13
Gain on involuntary conversion	0	(2,259)
Gains on land and depreciated property sales	(9,120)	(742)
Third-party construction contracts, net	(780)	11,700
Other accrued revenues and expenses, net	(6,738)	(10,893)
Equity in earnings in excess of operating distributions received from unconsolidated joint ventures	2,221	(33)
Net cash provided by operating activities	114,550	114,559
Cash flows from investing activities:
Development of real estate investments	(170,900)	(85,772)
Acquisition of buildings and related intangible assets	0	76,081
Acquisition of land and other real estate assets	(87,023)	(53,551)
Second generation tenant improvements, leasing costs and building improvements	(8,105)	(10,245)
Other deferred leasing costs	(12,341)	(1,712)
Other assets	(15,040)	(9,381)
Proceeds from the repayments of notes receivable from property sales	110,000	35,000
Proceeds from land and depreciated property sales, net	27,081	1,910
Capital contributions and advances to unconsolidated joint ventures	(2,353)	(6,474)
Net cash used for investing activities	(158,681)	(206,306)
Cash flows from financing activities:
Contributions from the General Partner	5,465	4,492
Proceeds from unsecured debt	316,371	0
Payments on unsecured debt	(316,655)	0
Proceeds from secured notes payable	18,400	0
Payments on secured indebtedness including principal amortization	(876)	(42,665)
Borrowings on line of credit, net	200,000	210,000
Distributions to common shareholders/unitholders	(87,345)	(77,915)
Distributions to noncontrolling Interest	0	173
Tax payments on stock-based compensation awards	(4,051)	(5,467)
Change in book cash overdrafts	(14,444)	9,700
Other Financing Activities	289	(9,920)
Deferred financing costs	(3,971)	0
Net cash provided by financing activities	113,183	88,398
Net increase (decrease) in cash, cash equivalents and restricted cash	69,052	(3,349)
Cash, cash equivalents and restricted cash at beginning of period	121,431	25,517
Cash, cash equivalents and restricted cash at end of period	190,483	22,168
Noncash activities:
Liabilities and right-of-use assets - operating leases	$ 1,132	$ 38,792

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Distributions in Excess of Net Income [Member]	Non-controlling Interest [Member]	Duke Realty Limited Partnership [Member]	Duke Realty Limited Partnership [Member]Common Stock [Member]	Duke Realty Limited Partnership [Member]Limited Partners' Common Equity [Member]	Duke Realty Limited Partnership [Member]AOCI Attributable to Parent [Member]	Duke Realty Limited Partnership [Member]Non-controlling Interest [Member]	Duke Realty Limited Partnership [Member]Stockholders' Equity, Total [Member]
Beginning Balance - General Partner at Dec. 31, 2018	$ 4,713,243	$ 3,589	$ 5,244,375	$ (4,676)	$ (585,087)	$ 55,042
Beginning Balance - Partnership at Dec. 31, 2018							$ 4,713,243	$ 4,662,877	$ 50,585	$ (4,676)	$ 4,457	$ 4,708,786
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	44,923				44,551	372	44,923	44,551	382		(10)	44,933
Other comprehensive income	0						0
Other comprehensive loss	(9,342)			(9,342)			(9,342)			(9,342)		(9,342)
Issuance of common shares	4,492	1	4,491
Capital contribution from the General Partner							4,492	4,492				4,492
Stock based compensation plan activity	5,597	4	1,291		(350)	4,652	5,597	945	4,652			5,597
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	312					312	312				312
Distributions to Partners							(77,915)	(77,237)	(678)			(77,915)
Distributions to common shareholders	(77,237)				(77,237)
Distributions to noncontrolling interests	(817)					(817)	(139)				(139)
Ending Balance - General Partner at Mar. 31, 2019	4,681,171	3,594	5,250,157	(14,018)	(618,123)	59,561
Ending Balance - Partnership at Mar. 31, 2019							4,681,171	4,635,628	54,941	(14,018)	4,620	4,676,551
Beginning Balance - General Partner at Dec. 31, 2019	5,080,260	3,680	5,525,463	(35,036)	(475,992)	62,145
Beginning Balance - Partnership at Dec. 31, 2019							5,080,260	5,053,151	57,575	(35,036)	4,570	5,075,690
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	19,660				19,456	204	19,660	19,456	170		34	19,626
Other comprehensive income	801			801			801			801		801
Other comprehensive loss	0						0
Issuance of common shares	5,465	1	5,464
Capital contribution from the General Partner							5,465	5,465				5,465
Stock based compensation plan activity	8,221	3	2,879		(314)	5,653	8,221	2,568	5,653			8,221
Distributions to Partners							(87,345)	(86,562)	(783)			(87,345)
Distributions to common shareholders	(86,562)				(86,562)
Distributions to noncontrolling interests	(783)					(783)
Ending Balance - General Partner at Mar. 31, 2020	$ 5,027,062	$ 3,684	$ 5,533,806	$ (34,235)	$ (543,412)	$ 67,219
Ending Balance - Partnership at Mar. 31, 2020							$ 5,027,062	$ 4,994,078	$ 62,615	$ (34,235)	$ 4,604	$ 5,022,458

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Distributions to common shareholders, per share	$ 0.235	$ 0.215
Duke Realty Limited Partnership [Member]
Distributions to Partners, per Common Unit	$ 0.235	$ 0.215

General Basis of Presentation (

General Basis of Presentation (Notes)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General Basis of Presentation	General Basis of Presentation The interim consolidated financial statements included herein have been prepared by the General Partner and the Partnership. The 2019 year-end consolidated balance sheet data included in this Report was derived from the audited financial statements in the combined Annual Report on Form 10-K of the General Partner and the Partnership for the year ended December 31, 2019 (the " 2019 Annual Report"), but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). The financial statements have been prepared in accordance with GAAP for interim financial information and in accordance with Rule 10-01 of Regulation S-X of the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenue and expenses during the reporting period. Our actual results could differ from those estimates and assumptions. These financial statements should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations included herein and the consolidated financial statements and notes thereto included in the 2019 Annual Report. The General Partner was formed in 1985, and we believe that it qualifies as a REIT under the provisions of the Internal Revenue Code of 1986, as amended (the "Code"). The Partnership was formed on October 4, 1993, when the General Partner contributed all of its properties and related assets and liabilities, together with the net proceeds from an offering of additional shares of its common stock, to the Partnership. Simultaneously, the Partnership completed the acquisition of Duke Associates, a full-service commercial real estate firm operating in the Midwest whose operations began in 1972. The General Partner is the sole general partner of the Partnership, owning approximately 99.1% of the Common Units at March 31, 2020 . The remaining 0.9% of the Common Units are owned by limited partners. As the sole general partner of the Partnership, the General Partner has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Partnership. The General Partner and the Partnership are operated as one enterprise. The management of the General Partner consists of the same members as the management of the Partnership. As the sole general partner with control of the Partnership, the General Partner consolidates the Partnership for financial reporting purposes, and the General Partner does not have any significant assets other than its investment in the Partnership. Therefore, the assets and liabilities of the General Partner and the Partnership are substantially the same. Limited partners have the right to redeem their Limited Partner Units, subject to certain restrictions. Pursuant to the Fifth Amended and Restated Agreement of Limited Partnership, as amended (the "Partnership Agreement"), the General Partner is obligated to redeem the Limited Partner Units in shares of its common stock, unless it determines in its reasonable discretion that the issuance of shares of its common stock could cause it to fail to qualify as a REIT. Each Limited Partner Unit shall be redeemed for one share of the General Partner's common stock, or, in the event that the issuance of shares could cause the General Partner to fail to qualify as a REIT, cash equal to the fair market value of one share of the General Partner's common stock at the time of redemption, in each case, subject to certain adjustments described in the Partnership Agreement. The Limited Partner Units are not required, per the terms of the Partnership Agreement, to be redeemed in registered shares of the General Partner. As of March 31, 2020

Lease Income (Notes)

Lease Income (Notes)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Lessor, Operating Leases [Text Block]	Lease Income Our leases generally include scheduled rent increases, but do not include variable payments based on indexes. Our rental revenue is primarily based on fixed, non-cancelable leases. Our variable rental revenue primarily consists of amounts recovered from lessees for property tax, insurance and common area maintenance ("CAM"). All revenues related to lease and lease-related services are included in, and comprise substantially all of, the caption "Rental and Related Revenue" on the Consolidated Statements of Operations and Comprehensive Income. The components of Rental and Related Revenue are as follows (in thousands): Three Months Ended March 31, 2020 2019 Rental revenue - fixed payments $ 161,608 $ 156,674 Rental revenue - variable payments (1) 57,147 53,291 Rental and related revenue $ 218,755 $ 209,965 (1) Primarily includes tenant recoveries for real estate taxes, insurance and CAM. Accounting for Lease Concessions Granted in Connection with the COVID-19 Outbreak On April 8, 2020, the Financial Accounting Standard Board ("FASB") held a public meeting and shortly afterwards issued a question-and-answer ("Q&A") document which was intended to provide accounting relief for lease concessions related to the COVID-19 pandemic. The accounting relief permits an entity to choose to forgo the evaluation of the enforceable rights and obligations of a lease contract, which is a requirement of Accounting Standards Codification Topic 842, Leases, as long as the total rent payments after the lease concessions are substantially the same, or less than, the total payments previously required by the lease. An entity may account for COVID-19 related lease concessions either (i) as if they were part of the enforceable rights and obligations of the parties under the existing lease contract; or (ii) as a lease modification. To the extent that a rent concession is granted as a deferral of payments, but the total lease payments are substantially the same, lessors are allowed to account for the concession as if no change had been made to the original lease contract. Based on the Q&A, an entity is not required to account for all lease concessions related to the effects of the COVID-19 pandemic under one elected option, however, the entity is required to apply the elected option consistently to leases with similar characteristics and in similar circumstances. Since the COVID-19 pandemic did not start to adversely impact the economic conditions in the United States until late March 2020, we did not provide any COVID-19 related lease concessions to our tenants during the three months ended March 31, 2020 .

Reclassifications

Reclassifications	3 Months Ended
	Mar. 31, 2020
Disclosure Text Block [Abstract]
Reclassifications	Reclassifications There have been no amounts in the accompanying consolidated financial statements for 2019 reclassified to conform to the 2020 consolidated financial statement presentation.

Restricted Cash (Notes)

Restricted Cash (Notes)	3 Months Ended
	Mar. 31, 2020
Restricted Cash [Abstract]
Cash and Cash Equivalents Disclosure [Text Block]	Restricted Cash Restricted cash primarily consists of cash proceeds from dispositions but restricted only for qualifying like-kind exchange transactions and cash held in escrow related to acquisition and disposition holdbacks. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows (in thousands): March 31, 2020 December 31, 2019 Cash and cash equivalents $ 187,563 $ 110,891 Restricted cash held in escrow for like-kind exchange — 1,673 Restricted cash included in other escrow deposits and other assets 2,920 8,867 Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows $ 190,483 $ 121,431

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2020
Disclosure Text Block [Abstract]
Consolidation Policy for VIEs	Variable Interest Entities Partnership Due to the fact that the Limited Partners do not have kick out rights, or substantive participating rights, the Partnership is a variable interest entity ("VIE"). Because the General Partner holds majority ownership and exercises control over every aspect of the Partnership's operations, the General Partner has been determined as the primary beneficiary and, therefore, consolidates the Partnership. The assets and liabilities of the General Partner and the Partnership are substantially the same, as the General Partner does not have any significant assets other than its investment in the Partnership. All of the Company's debt is an obligation of the Partnership. Joint Ventures We have equity interests in unconsolidated joint ventures that primarily own and operate rental properties or hold land for development. We consolidate those joint ventures that are considered to be VIEs where we are the primary beneficiary. We analyze our investments in joint ventures to determine if the joint venture is considered a VIE and would require consolidation. We (i) evaluate the sufficiency of the total equity investment at risk, (ii) review the voting rights and decision-making authority of the equity investment holders as a group and whether there are limited partners (or similar owning entities) that lack substantive participating or kick out rights and (iii) establish whether or not activities within the venture are on behalf of an investor with disproportionately few voting rights in making this VIE determination. To the extent that we own interests in a VIE and we (i) are the sole entity that has the power to direct the activities of the VIE and (ii) have the obligation or rights to absorb the VIE's losses or receive its benefits, then we would be determined to be the primary beneficiary and would consolidate the VIE. To the extent we own interests in a VIE, then at each reporting period, we re-assess our conclusions as to which, if any, party within the VIE is considered the primary beneficiary. Consolidated joint ventures that are VIEs are not significant in any period presented in these consolidated financial statements. To the extent that our joint ventures do not qualify as VIEs, they are consolidated if we control them through majority ownership interests or if we are the managing entity (general partner or managing member) and the other partner does not have substantive participating rights. Control is further demonstrated by our ability to unilaterally make significant operating decisions, refinance debt and sell the assets of the joint venture without the consent of the non-managing entity and the inability of the non-managing entity to remove us from our role as the managing entity. Consolidated joint ventures that are not VIEs are not significant in any period presented in these consolidated financial statements. There were no unconsolidated joint ventures, in which we have any recognized assets or liabilities or have retained any economic exposure to loss at March 31, 2020 , that met the criteria to be considered VIEs. Our maximum loss exposure for guarantees of unconsolidated joint venture indebtedness, none of which relate to VIEs, totaled $58.1 million at March 31, 2020 .

Acquisitions and Dispositions

Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions Acquisitions and dispositions for the periods presented were completed in accordance with our strategy to reposition our investment concentration among the markets in which we operate and to increase our overall investments in quality industrial projects. Transaction costs related to asset acquisitions are capitalized and transaction costs related to business combinations and dispositions are expensed. Acquisitions We did not acquire any buildings during the three months ended March 31, 2020 . We paid cash of $76.1 million for building acquisitions during the three months ended March 31, 2019 . Dispositions Dispositions of buildings and undeveloped land generated net cash proceeds of $27.1 million and $1.9 million during the three months ended March 31, 2020 and 2019 , respectively. During the three months ended March 31, 2020 , we collected the remaining $110.0 million

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Indebtedness	Indebtedness All debt is issued directly or indirectly by the Partnership. The General Partner does not have any indebtedness, but does guarantee some of the unsecured debt of the Partnership. The following table summarizes the book value and changes in the fair value of our debt (in thousands): Book Value at 12/31/2019 Book Value at 3/31/2020 Fair Value at 12/31/2019 Issuances and Assumptions Payments/Payoffs Adjustments to Fair Value Fair Value at 3/31/2020 Fixed rate secured debt $ 32,287 $ 49,789 $ 34,547 $ 18,400 $ (876 ) $ (10,090 ) $ 41,981 Variable rate secured debt 1,900 1,900 1,900 — — — 1,900 Unsecured debt 2,900,000 2,925,000 3,045,485 325,000 (300,000 ) (184,670 ) 2,885,815 Unsecured line of credit — 200,000 — 200,000 — — 200,000 Total $ 2,934,187 $ 3,176,689 $ 3,081,932 $ 543,400 $ (300,876 ) $ (194,760 ) $ 3,129,696 Less: Deferred financing costs 19,422 30,078 Total indebtedness as reported on the consolidated balance sheets $ 2,914,765 $ 3,146,611 Secured Debt Because our fixed rate secured debt is not actively traded in any marketplace, we utilized a discounted cash flow methodology to determine its fair value. Accordingly, we calculated fair value by applying an estimate of the current market rate to discount the debt's remaining contractual cash flows. Our estimate of a current market rate, which is the most significant input in the discounted cash flow calculation, is intended to replicate debt of similar maturity and loan-to-value relationship. The estimated market rates for all of our current fixed rate secured debt are between 3.00% and 3.60% , depending on the attributes of the specific loans. The current market rates we utilized were internally estimated; therefore, we have concluded that our determination of fair value for our fixed rate secured debt was primarily based upon level 3 inputs. In February 2020, one consolidated joint venture obtained an $18.4 million secured loan from a third party financial institution, with a fixed annual interest rate of 3.41% and a maturity date of March 1, 2035. Unsecured Debt At March 31, 2020 , all of our unsecured debt bore interest at fixed rates and primarily consisted of unsecured notes that are publicly traded. We utilized broker estimates in estimating the fair value of our fixed rate unsecured debt. Our unsecured notes are thinly traded and, in certain cases, the broker estimates were not based upon comparable transactions. The broker estimates took into account any recent trades within the same series of our fixed rate unsecured debt, comparisons to recent trades of other series of our fixed rate unsecured debt, trades of fixed rate unsecured debt from companies with profiles similar to ours, as well as overall economic conditions. We reviewed these broker estimates for reasonableness and accuracy, considering whether the estimates were based upon market participant assumptions within the principal and most advantageous market and whether any other observable inputs would be more accurate indicators of fair value than the broker estimates. We concluded that the broker estimates were representative of fair value. We have determined that our estimation of the fair value of our fixed rate unsecured debt was primarily based upon level 3 inputs. The estimated trading values of our fixed rate unsecured debt, depending on the maturity and coupon rates, ranged from 80.00% to 125.00% of face value. In February 2020, we issued $325.0 million of senior unsecured notes bearing interest at a stated interest rate of 3.05% and maturing on March 1, 2050, at 97.35% of par value, resulting in an effective interest rate of 3.19% . Proceeds from the unsecured notes offering were primarily used to repay the $300.0 million of senior unsecured notes due 2022. In connection with the early redemption of these notes, we recognized a loss of $17.8 million consisting of a repayment premium and write-off of deferred financing costs. The indentures (and related supplemental indentures) governing our outstanding series of unsecured notes also require us to comply with financial ratios and other covenants regarding our operations. We were in compliance with all such financial covenants at March 31, 2020 . Unsecured Line of Credit Our unsecured line of credit at March 31, 2020 is described as follows (in thousands): Description Borrowing Capacity Maturity Date Outstanding Balance at March 31, 2020 Unsecured Line of Credit - Partnership $ 1,200,000 January 30, 2022 $ 200,000 The Partnership's unsecured line of credit has an interest rate on borrowings of LIBOR plus 0.875% (equal to 1.81% for our outstanding borrowings at March 31, 2020 ) and has a maturity date of January 30, 2022 , with options to extend until January 30, 2023. Subject to certain conditions, the terms also include an option to increase the facility by up to an additional $800.0 million , for a total of up to $2.00 billion . This line of credit provides us with an option to obtain borrowings from financial institutions that participate in the line at rates that may be lower than the stated interest rate, subject to certain restrictions. This line of credit contains financial covenants that require us to meet certain financial ratios and defined levels of performance, including those related to fixed charge coverage, unsecured interest expense coverage and debt-to-asset value (with asset value being defined in the Partnership's unsecured line of credit agreement). At March 31, 2020 , we were in compliance with all financial covenants under this line of credit. We utilize a discounted cash flow methodology in order to estimate the fair value of outstanding borrowings on our unsecured line of credit. To the extent that credit spreads have changed since the origination of the line of credit, the net present value of the difference between future contractual interest payments and future interest payments based on our estimate of a current market rate would represent the difference between the book value and the fair value. This estimate of a current market rate is based upon the rate, considering current market conditions and our specific credit profile, at which we estimate we could obtain similar borrowings. As our credit spreads have not changed appreciably, we believe that the contractual interest rate and the current market rate on any outstanding borrowings on the line of credit are the same. The current market rate is internally estimated and therefore is primarily based upon a level 3 input.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions We provide property management, asset management, leasing, construction and other tenant-related services to unconsolidated joint ventures in which we have equity interests. We recorded the corresponding fees based on contractual terms that approximate market rates for these types of services and have eliminated our ownership percentage of these fees in the consolidated financial statements. The following table summarizes the fees earned from these joint ventures, prior to the elimination of our ownership percentage (in thousands): Three Months Ended March 31, 2020 2019 Management fees $ 349 $ 422 Leasing fees $ 451 $ 148 Construction and development fees $ 361 $ 2,196

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Net Income (Loss) Per Common Share	Net Income per Common Share or Common Unit Basic net income per common share or Common Unit is computed by dividing net income attributable to common shareholders or common unitholders, less dividends or distributions on share-based awards expected to vest (referred to as "participating securities" and primarily composed of unvested restricted stock units), by the weighted average number of common shares or Common Units outstanding for the period. Diluted net income per common share is computed by dividing the sum of net income attributable to common shareholders and the noncontrolling interest in earnings allocable to Limited Partner Units (to the extent the Limited Partner Units are dilutive), less dividends or distributions on participating securities that are anti-dilutive, by the sum of the weighted average number of common shares outstanding and, to the extent they are dilutive, weighted average number of Limited Partner Units outstanding and any potential dilutive securities for the period. Diluted net income per Common Unit is computed by dividing the net income attributable to common unitholders, less dividends or distributions on participating securities that are anti-dilutive, by the sum of the weighted average number of Common Units outstanding and any potential dilutive securities for the period. The following table reconciles the components of basic and diluted net income per common share or Common Unit (in thousands): Three Months Ended March 31, 2020 2019 General Partner Net income attributable to common shareholders $ 19,456 $ 44,551 Less: dividends on participating securities (356 ) (388 ) Basic net income attributable to common shareholders $ 19,100 $ 44,163 Add back dividends on dilutive participating securities — — Noncontrolling interest in earnings of common unitholders 170 382 Diluted net income attributable to common shareholders $ 19,270 $ 44,545 Weighted average number of common shares outstanding 368,190 359,139 Weighted average Limited Partner Units outstanding 3,224 3,065 Other potential dilutive shares 456 158 Weighted average number of common shares and potential dilutive securities 371,870 362,362 Partnership Net income attributable to common unitholders $ 19,626 $ 44,933 Less: distributions on participating securities (356 ) (388 ) Basic net income attributable to common unitholders $ 19,270 $ 44,545 Add back distributions on dilutive participating securities — — Diluted net income attributable to common unitholders $ 19,270 $ 44,545 Weighted average number of Common Units outstanding 371,414 362,204 Other potential dilutive units 456 158 Weighted average number of Common Units and potential dilutive securities 371,870 362,362 The following table summarizes the data that is excluded from the computation of net income per common share or Common Unit as a result of being anti-dilutive (in thousands): Three Months Ended March 31, 2020 2019 General Partner and Partnership Other potential dilutive shares or units: Anti-dilutive outstanding potential shares or units under fixed stock option and other stock-based compensation plans — — Anti-dilutive outstanding participating securities 1,647 1,967

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Reportable Segments As of March 31, 2020 , we had two reportable operating segments, the first consisting of the ownership and rental of industrial real estate investments. Our ongoing investments in new real estate investments are determined largely upon anticipated geographic trends in supply and demand for industrial buildings, as well as the real estate needs of our major tenants that operate on a national level. Our strategic initiatives and our allocation of resources have been historically based upon allocation among product types, which was consistent with our designation of reportable segments, and after having sold nearly all of our office and medical office properties we intend to increase our investment in industrial properties and treat them as a single operating and reportable segment. Properties not included in our reportable segments, because they are not industrial properties and do not by themselves meet the quantitative thresholds for separate presentation as a reportable segment, are generally referred to as non-reportable Rental Operations. Our non-reportable Rental Operations primarily include our remaining office properties and medical office property at March 31, 2020 . The operations of our industrial properties, as well as our non-reportable Rental Operations, are collectively referred to as "Rental Operations." Our second reportable segment consists of various real estate services such as property management, asset management, maintenance, leasing, development, general contracting and construction management to third-party property owners and joint ventures, and is collectively referred to as "Service Operations." The Service Operations segment is identified as one single operating segment because the lowest level of financial results reviewed by our chief operating decision maker are the results for the Service Operations segment in total. Further, our reportable segments are managed separately because each segment requires different operating strategies and management expertise . Revenues by Reportable Segment The following table shows the revenues for each of the reportable segments, as well as a reconciliation to consolidated revenues (in thousands): Three Months Ended March 31, 2020 2019 Revenues Rental Operations: Industrial $ 216,952 $ 208,403 Non-reportable Rental Operations 1,528 1,452 Service Operations 7,614 54,964 Total segment revenues 226,094 264,819 Other revenue 275 110 Consolidated revenue $ 226,369 $ 264,929 Supplemental Performance Measure Property-level net operating income on a cash basis ("PNOI") is the non-GAAP supplemental performance measure that we use to evaluate the performance of, and to allocate resources among, the real estate investments in the reportable and operating segments that comprise our Rental Operations. PNOI for our Rental Operations segments is comprised of rental revenues from continuing operations less rental expenses and real estate taxes from continuing operations, along with certain other adjusting items (collectively referred to as "Rental Operations revenues and expenses excluded from PNOI," as shown in the following table). Additionally, we do not allocate interest expense, depreciation expense and certain other non-property specific revenues and expenses (collectively referred to as "Non-Segment Items," as shown in the following table) to our individual operating segments. We evaluate the performance of our Service Operations reportable segment using net income or loss, as allocated to that segment ("Earnings from Service Operations"). The most comparable GAAP measure to PNOI is income from continuing operations before income taxes. PNOI excludes expenses that materially impact our overall results of operations and, therefore, should not be considered as a substitute for income from continuing operations before income taxes or any other measures derived in accordance with GAAP. Furthermore, PNOI may not be comparable to other similarly titled measures of other companies. The following table shows a reconciliation of our segment-level measures of profitability to consolidated income from continuing operations before income taxes (in thousands and excluding discontinued operations): Three Months Ended March 31, 2020 2019 PNOI Industrial $ 157,061 $ 142,494 Non-reportable Rental Operations 1,819 876 PNOI, excluding all sold properties 158,880 143,370 PNOI from sold properties included in continuing operations 114 5,992 PNOI, continuing operations $ 158,994 $ 149,362 Earnings from Service Operations 1,046 2,378 Rental Operations revenues and expenses excluded from PNOI: Straight-line rental income and expense, net 1,703 5,704 Revenues related to lease buyouts 392 19 Amortization of lease concessions and above and below market rents 2,557 1,262 Intercompany rents and other adjusting items (394 ) 433 Non-Segment Items: Equity in earnings of unconsolidated joint ventures 2,539 4,715 Interest expense (23,494 ) (22,132 ) Depreciation and amortization expense (85,359 ) (75,992 ) Gain on sale of properties 8,937 (163 ) Impairment charges (5,626 ) — Interest and other income, net 1,395 2,758 General and administrative expenses (21,763 ) (21,983 ) Gain on land sales 135 750 Other operating expenses (1,112 ) (2,123 ) Loss on extinguishment of debt (17,806 ) (13 ) Gain on involuntary conversion — 2,259 Non-incremental costs related to successful leases (2,525 ) (2,156 ) Other non-segment revenues and expenses, net (67 ) 75 Income from continuing operations before income taxes $ 19,552 $ 45,153

Real Estate Assets, Discontinue

Real Estate Assets, Discontinued Operations and Assets Held for Sale	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations and Assets Held for Sale	Real Estate Assets, Discontinued Operations and Assets Held-for-Sale Real Estate Assets Real estate assets, excluding assets held-for-sale, consisted of the following (in thousands): March 31, 2020 December 31, 2019 Buildings and tenant improvements $ 5,386,928 $ 5,295,336 Land and improvements 2,543,415 2,532,541 Other real estate investments (1) 170,602 165,500 Real estate assets $ 8,100,945 $ 7,993,377 (1) Consists of underutilized in-fill sites, which may have had buildings/structures on site when we acquired them, that are either (i) under lease to a third party and, after the lease ends, are expected to be redeveloped or will require significant capital expenditures before re-leasing; or (ii) industrial/logistics properties that we intend to re-lease after significant retrofitting and/or environmental remediation is completed. Discontinued Operations The following table illustrates the number of sold or held-for-sale properties in this report, all of which were excluded from discontinued operations: Held-for-Sale at March 31, 2020 Sold Year-to-Date in 2020 Sold in 2019 Total Properties sold or classified as held-for-sale — 1 28 29 Allocation of Noncontrolling Interests - General Partner The following table illustrates the General Partner's share of the income attributable to common shareholders from continuing operations and discontinued operations, reduced by the allocation of income between continuing and discontinued operations to the noncontrolling interests (in thousands): Three Months Ended March 31, 2020 2019 Income from continuing operations attributable to common shareholders $ 19,408 $ 44,397 Income from discontinued operations attributable to common shareholders 48 154 Net income attributable to common shareholders $ 19,456 $ 44,551 Allocation of Noncontrolling Interests - Partnership Substantially all of the income from discontinued operations for all periods presented in the Partnership's Consolidated Statements of Operations and Comprehensive Income is attributable to the common unitholders. Assets Held-for-Sale The following table illustrates aggregate balance sheet information for assets held-for-sale (in thousands): Held-for-Sale Properties Included in Continuing Operations March 31, 2020 December 31, 2019 Land and improvements $ — $ 4,561 Buildings and tenant improvements — 18,840 Undeveloped land — — Accumulated depreciation — (7,132 ) Deferred leasing and other costs, net — 2,100 Other assets — 94 Total assets held-for-sale $ — $ 18,463 Total liabilities related to assets held-for-sale $ — $ 887

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Declaration of Dividends/Distributions The General Partner's board of directors declared the following dividends/distributions at its regularly scheduled board meeting held on April 29, 2020 : Class of stock/units Quarterly Amount per Share or Unit Record Date Payment Date Common - Quarterly $0.235 May 14, 2020 May 29, 2020 COVID-19 Pandemic We are closely monitoring the impact of the COVID-19 pandemic on all aspects of our business and geographies, including how it will impact our tenants and business partners. Through April 30, 2020, we have collected over 96% of April rents. While the COVID-19 outbreak did not have a material impact on our financial statements during the three months ended March 31, 2020

Lease Income (Tables)

Lease Income (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Operating Lease, Lease Income [Table Text Block]	The components of Rental and Related Revenue are as follows (in thousands): Three Months Ended March 31, 2020 2019 Rental revenue - fixed payments $ 161,608 $ 156,674 Rental revenue - variable payments (1) 57,147 53,291 Rental and related revenue $ 218,755 $ 209,965 (1) Primarily includes tenant recoveries for real estate taxes, insurance and CAM.

Restricted Cash (Tables)

Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2020
Restricted Cash [Abstract]
Restrictions on Cash and Cash Equivalents [Table Text Block]	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows (in thousands): March 31, 2020 December 31, 2019 Cash and cash equivalents $ 187,563 $ 110,891 Restricted cash held in escrow for like-kind exchange — 1,673 Restricted cash included in other escrow deposits and other assets 2,920 8,867 Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows $ 190,483 $ 121,431

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Fair Value, Liabilities Measured on a Recurring Basis, Disclosure Only	The following table summarizes the book value and changes in the fair value of our debt (in thousands): Book Value at 12/31/2019 Book Value at 3/31/2020 Fair Value at 12/31/2019 Issuances and Assumptions Payments/Payoffs Adjustments to Fair Value Fair Value at 3/31/2020 Fixed rate secured debt $ 32,287 $ 49,789 $ 34,547 $ 18,400 $ (876 ) $ (10,090 ) $ 41,981 Variable rate secured debt 1,900 1,900 1,900 — — — 1,900 Unsecured debt 2,900,000 2,925,000 3,045,485 325,000 (300,000 ) (184,670 ) 2,885,815 Unsecured line of credit — 200,000 — 200,000 — — 200,000 Total $ 2,934,187 $ 3,176,689 $ 3,081,932 $ 543,400 $ (300,876 ) $ (194,760 ) $ 3,129,696 Less: Deferred financing costs 19,422 30,078 Total indebtedness as reported on the consolidated balance sheets $ 2,914,765 $ 3,146,611
Unsecured Line of Credit	Our unsecured line of credit at March 31, 2020 is described as follows (in thousands): Description Borrowing Capacity Maturity Date Outstanding Balance at March 31, 2020 Unsecured Line of Credit - Partnership $ 1,200,000 January 30, 2022 $ 200,000

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Schedule of Fees Earned from Related Parties	The following table summarizes the fees earned from these joint ventures, prior to the elimination of our ownership percentage (in thousands): Three Months Ended March 31, 2020 2019 Management fees $ 349 $ 422 Leasing fees $ 451 $ 148 Construction and development fees $ 361 $ 2,196

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Reconciling the Components of Basic and Diluted Net Income (Loss) per Common Share	The following table reconciles the components of basic and diluted net income per common share or Common Unit (in thousands): Three Months Ended March 31, 2020 2019 General Partner Net income attributable to common shareholders $ 19,456 $ 44,551 Less: dividends on participating securities (356 ) (388 ) Basic net income attributable to common shareholders $ 19,100 $ 44,163 Add back dividends on dilutive participating securities — — Noncontrolling interest in earnings of common unitholders 170 382 Diluted net income attributable to common shareholders $ 19,270 $ 44,545 Weighted average number of common shares outstanding 368,190 359,139 Weighted average Limited Partner Units outstanding 3,224 3,065 Other potential dilutive shares 456 158 Weighted average number of common shares and potential dilutive securities 371,870 362,362 Partnership Net income attributable to common unitholders $ 19,626 $ 44,933 Less: distributions on participating securities (356 ) (388 ) Basic net income attributable to common unitholders $ 19,270 $ 44,545 Add back distributions on dilutive participating securities — — Diluted net income attributable to common unitholders $ 19,270 $ 44,545 Weighted average number of Common Units outstanding 371,414 362,204 Other potential dilutive units 456 158 Weighted average number of Common Units and potential dilutive securities 371,870 362,362
Computation of Anti-Dilutive Common Share	The following table summarizes the data that is excluded from the computation of net income per common share or Common Unit as a result of being anti-dilutive (in thousands): Three Months Ended March 31, 2020 2019 General Partner and Partnership Other potential dilutive shares or units: Anti-dilutive outstanding potential shares or units under fixed stock option and other stock-based compensation plans — — Anti-dilutive outstanding participating securities 1,647 1,967

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	The following table shows the revenues for each of the reportable segments, as well as a reconciliation to consolidated revenues (in thousands): Three Months Ended March 31, 2020 2019 Revenues Rental Operations: Industrial $ 216,952 $ 208,403 Non-reportable Rental Operations 1,528 1,452 Service Operations 7,614 54,964 Total segment revenues 226,094 264,819 Other revenue 275 110 Consolidated revenue $ 226,369 $ 264,929
Summary of Net Operation Income	The following table shows a reconciliation of our segment-level measures of profitability to consolidated income from continuing operations before income taxes (in thousands and excluding discontinued operations): Three Months Ended March 31, 2020 2019 PNOI Industrial $ 157,061 $ 142,494 Non-reportable Rental Operations 1,819 876 PNOI, excluding all sold properties 158,880 143,370 PNOI from sold properties included in continuing operations 114 5,992 PNOI, continuing operations $ 158,994 $ 149,362 Earnings from Service Operations 1,046 2,378 Rental Operations revenues and expenses excluded from PNOI: Straight-line rental income and expense, net 1,703 5,704 Revenues related to lease buyouts 392 19 Amortization of lease concessions and above and below market rents 2,557 1,262 Intercompany rents and other adjusting items (394 ) 433 Non-Segment Items: Equity in earnings of unconsolidated joint ventures 2,539 4,715 Interest expense (23,494 ) (22,132 ) Depreciation and amortization expense (85,359 ) (75,992 ) Gain on sale of properties 8,937 (163 ) Impairment charges (5,626 ) — Interest and other income, net 1,395 2,758 General and administrative expenses (21,763 ) (21,983 ) Gain on land sales 135 750 Other operating expenses (1,112 ) (2,123 ) Loss on extinguishment of debt (17,806 ) (13 ) Gain on involuntary conversion — 2,259 Non-incremental costs related to successful leases (2,525 ) (2,156 ) Other non-segment revenues and expenses, net (67 ) 75 Income from continuing operations before income taxes $ 19,552 $ 45,153

Real Estate Assets, Discontin_2

Real Estate Assets, Discontinued Operations and Assets Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Real Estate Properties [Table Text Block]	Real estate assets, excluding assets held-for-sale, consisted of the following (in thousands): March 31, 2020 December 31, 2019 Buildings and tenant improvements $ 5,386,928 $ 5,295,336 Land and improvements 2,543,415 2,532,541 Other real estate investments (1) 170,602 165,500 Real estate assets $ 8,100,945 $ 7,993,377
Table Illustration of Number of Properties in Discontinued Operations	The following table illustrates the number of sold or held-for-sale properties in this report, all of which were excluded from discontinued operations: Held-for-Sale at March 31, 2020 Sold Year-to-Date in 2020 Sold in 2019 Total Properties sold or classified as held-for-sale — 1 28 29
Allocation of Common Shareholders' Income (Loss) Between Continuing and Discontinued Operations	The following table illustrates the General Partner's share of the income attributable to common shareholders from continuing operations and discontinued operations, reduced by the allocation of income between continuing and discontinued operations to the noncontrolling interests (in thousands): Three Months Ended March 31, 2020 2019 Income from continuing operations attributable to common shareholders $ 19,408 $ 44,397 Income from discontinued operations attributable to common shareholders 48 154 Net income attributable to common shareholders $ 19,456 $ 44,551
Schedule of Discontinued Operations, Properties Held-for-Sale, Aggregate Balance Sheet Information [Table Text Block]	The following table illustrates aggregate balance sheet information for assets held-for-sale (in thousands): Held-for-Sale Properties Included in Continuing Operations March 31, 2020 December 31, 2019 Land and improvements $ — $ 4,561 Buildings and tenant improvements — 18,840 Undeveloped land — — Accumulated depreciation — (7,132 ) Deferred leasing and other costs, net — 2,100 Other assets — 94 Total assets held-for-sale $ — $ 18,463 Total liabilities related to assets held-for-sale $ — $ 887

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Schedule of Dividends Declared	The General Partner's board of directors declared the following dividends/distributions at its regularly scheduled board meeting held on April 29, 2020 : Class of stock/units Quarterly Amount per Share or Unit Record Date Payment Date Common - Quarterly $0.235 May 14, 2020 May 29, 2020

General Basis of Presentation_2

General Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2020
Duke Realty Corporation [Member]
Common partnership interests of DRLP Owned	99.10%
Non-Duke Unitholders [Member]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	0.90%

Lease Income (Details)

Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Rental revenue - fixed payments	$ 161,608	$ 156,674
Rental revenue - variable payments (1)	57,147	53,291
Rental and related revenue	$ 218,755	$ 209,965

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Restricted Cash [Abstract]
Cash and cash equivalents	$ 187,563	$ 110,891
Restricted cash held in escrow for like kind exchange	0	1,673
Restricted cash included in other escrow deposits and other assets	2,920	8,867
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows	$ 190,483	$ 121,431	$ 22,168	$ 25,517

Variable Interest Entities (Bal

Variable Interest Entities (Balances Related to Joint Ventures) (Details) $ in Millions	Mar. 31, 2020USD ($)
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
Maximum Guarantee Exposure for Joint Venture Loans	$ 58.1

Acquisitions and Dispositions A

Acquisitions and Dispositions Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property, Plant and Equipment [Line Items]
Payments to Acquire Commercial Real Estate	$ 0	$ 76,081

Acquisitions and Dispositions D

Acquisitions and Dispositions Dispositions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Dispositions Disclosures [Line Items]
Proceeds from Sale of Real Estate Held-for-investment	$ 27,081	$ 1,910
Proceeds from Collection of Notes Receivable	$ 110,000

Indebtedness (Summary of Book V

Indebtedness (Summary of Book Value and Changes in Fair Value of Debt) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Book value	$ 3,146,611	$ 2,914,765
Fair value	3,129,696	3,081,932
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances	543,400
Payments/Payoffs	(300,876)
Adjustments to fair value	(194,760)
Long-term Debt, Gross	3,176,689	2,934,187
Debt Issuance Costs, Net	30,078	19,422
Fixed Rate Secured Debt [Member]
Book value	49,789	32,287
Fair value	41,981	34,547
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances	18,400
Payments/Payoffs	(876)
Adjustments to fair value	(10,090)
Variable Rate Secured Debt [Member]
Book value	1,900	1,900
Fair value	1,900	1,900
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances	0
Payments/Payoffs	0
Adjustments to fair value	0
Unsecured Debt [Member]
Book value	2,925,000	2,900,000
Fair value	2,885,815	3,045,485
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances	325,000
Payments/Payoffs	(300,000)
Adjustments to fair value	(184,670)
Unsecured Line of Credit DRLP [Member]
Book value	200,000	0
Fair value	200,000	$ 0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances	200,000
Payments/Payoffs	0
Adjustments to fair value	$ 0

Indebtedness Secured Debt (Deta

Indebtedness Secured Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Feb. 28, 2020
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage			3.19%
Repayments of Secured Debt	$ 876	$ 42,665
Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 18,400
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			3.41%
Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 325,000
Minimum [Member] | Fixed Rate Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	3.00%
Maximum [Member] | Fixed Rate Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	3.60%

Indebtedness Unsecured Debt (De

Indebtedness Unsecured Debt (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 29, 2020	Mar. 31, 2020	Mar. 31, 2019	Feb. 28, 2020
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				3.05%
Issuance Price of Notes as a Percentage of Par Value				97.35%
Debt Instrument, Interest Rate, Effective Percentage				3.19%
Loss on extinguishment of debt		$ (17,806)	$ (13)
Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Estimated Trading Values, Percent of Face Value, Minimum		80.00%
Debt Instrument, Estimated Trading Values, Percent of Face Value, Maximum		125.00%
Debt Instrument, Covenant Compliance		We were in compliance with all such financial covenants at
Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 325,000
Extinguishment of Debt, Amount	$ 300,000
Loss on extinguishment of debt		$ 17,800

Indebtedness (Unsecured Line of

Indebtedness (Unsecured Line of Credit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Feb. 28, 2020	Dec. 31, 2019
Line of credit balance	$ 200,000		$ 0
Debt Instrument, Interest Rate, Effective Percentage		3.19%
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Description of Variable Rate Basis	LIBOR
Unsecured Line of Credit DRLP [Member]
Maximum Capacity	$ 1,200,000
Maturity date	Jan. 30, 2022
Line of credit balance	$ 200,000
Line of Credit Facility Option to Increase Borrowing Limit	800,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,000,000
Line of Credit Facility, Covenant Compliance	we were in compliance with all financial covenants under this line of credit.
Unsecured Line of Credit DRLP [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	0.875%
Debt Instrument, Interest Rate, Effective Percentage	1.81%

Related Party Transactions (Sch

Related Party Transactions (Schedule of Fees Earned from Related Parties) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Management Fees [Member]
Revenue from related party transactions	$ 349	$ 422
Leasing Fees [Member]
Revenue from related party transactions	451	148
Construction and Development Fees [Member]
Revenue from related party transactions	$ 361	$ 2,196

Net Income (Loss) Per Common _3

Net Income (Loss) Per Common Share Reconciling the Components of Basic and Diluted Net Income (Loss) per Common Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to common shareholders	$ 19,456	$ 44,551
Less: dividends on participating securities	(356)	(388)
Basic net income attributable to common shareholders	19,100	44,163
Add back dividends on dilutive participating securities	0	0
Noncontrolling interest in earnings of common unitholders	170	382
Diluted net income attributable to common shareholders	$ 19,270	$ 44,545
Weighted average number of common shares/units outstanding, Basic	368,190	359,139
Weighted average Limited Partner Units outstanding	3,224	3,065
Other potential dilutive shares/units	456	158
Weighted average number of common shares/units and potential dilutive securities	371,870	362,362
Duke Realty Limited Partnership [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to common shareholders	$ 19,626	$ 44,933
Less: dividends on participating securities	(356)	(388)
Basic net income attributable to common unitholders	19,270	44,545
Add back dividends on dilutive participating securities	0	0
Diluted net income attributable to common unitholders	$ 19,270	$ 44,545
Weighted average number of common shares/units outstanding, Basic	371,414	362,204
Other potential dilutive shares/units	456	158
Weighted average number of common shares/units and potential dilutive securities	371,870	362,362

Net Income (Loss) Per Common _4

Net Income (Loss) Per Common Share (Computation of Anti-Dilutive Common Shares) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	0	0
Participating Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	1,647	1,967

Segment Reporting Summary of Re

Segment Reporting Summary of Revenues (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Segment Reporting, Revenue Reconciling Item [Line Items]
Number of Reportable Segments	2
Rental and related revenue	$ 218,755	$ 209,965
General contractor and service fee revenue	7,614	54,964
Revenues	226,369	264,929
Operating Segments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	226,094	264,819
Operating Segments [Member] | Industrial [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Rental and related revenue	216,952	208,403
Operating Segments [Member] | All Other Segments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Rental and related revenue	1,528	1,452
Operating Segments [Member] | Service Operations [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
General contractor and service fee revenue	7,614	54,964
Corporate, Non-Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Rental and related revenue	$ 275	$ 110

Segment Reporting (Summary of N

Segment Reporting (Summary of Net Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement [Line Items]
Straight-line rental income and expense, net	$ 1,703	$ 5,704
Equity in earnings of unconsolidated joint ventures	2,539	4,715
Interest expense	(23,494)	(22,132)
Depreciation and amortization expense	(85,359)	(75,992)
Gain on sale of properties	8,937	(163)
Impairment charges	(5,626)	0
Interest and other income, net	1,395	2,758
General and administrative expenses	(21,763)	(21,983)
Gain on land sales	135	750
Other operating expenses	(1,112)	(2,123)
Loss on extinguishment of debt	(17,806)	(13)
Gain on involuntary conversion	0	2,259
Non-incremental costs related to successful leases	2,525	2,156
Income from continuing operations before income taxes	19,552	45,153
Operating Segments [Member]
Statement [Line Items]
Property Level Net Operating Income – Cash Basis	158,880	143,370
Property Level Net Income, Cash Basis, Continuing Operations	158,994	149,362
Operating Segments [Member] | Industrial [Member]
Statement [Line Items]
Property Level Net Operating Income – Cash Basis	157,061	142,494
Operating Segments [Member] | All Other Segments [Member]
Statement [Line Items]
Property Level Net Operating Income – Cash Basis	1,819	876
Operating Segments [Member] | Service Operations [Member]
Statement [Line Items]
Earnings from Service Operations	1,046	2,378
Segment Reconciling Items [Member]
Statement [Line Items]
PNOI from sold properties included in continuing operations	114	5,992
Straight-line rental income and expense, net	1,703	5,704
Revenues Related to Lease Buyouts	392	19
Amortization of lease concessions and above and below market rents	2,557	1,262
Intercompany rents and other adjusting items	(394)	433
Corporate, Non-Segment [Member]
Statement [Line Items]
Equity in earnings of unconsolidated joint ventures	2,539	4,715
Interest expense	(23,494)	(22,132)
Depreciation and amortization expense	(85,359)	(75,992)
Gain on sale of properties	8,937	(163)
Interest and other income, net	1,395	2,758
General and administrative expenses	(21,763)	(21,983)
Gain on land sales	135	750
Other operating expenses	(1,112)	(2,123)
Loss on extinguishment of debt	(17,806)	(13)
Gain on involuntary conversion	0	(2,259)
Non-incremental costs related to successful leases	(2,525)	(2,156)
Other non-segment revenues and expenses, net	$ (67)	$ 75

Real Estate Assets, Discontin_3

Real Estate Assets, Discontinued Operations and Assets Held for Sale Real Estate Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real Estate Assets [Abstract]
Investment Building and Building Improvements	$ 5,386,928	$ 5,295,336
Land and Land Improvements	2,543,415	2,532,541
Real Estate Investments, Other	170,602	165,500
Real Estate Assets	$ 8,100,945	$ 7,993,377

Real Estate Assets, Discontin_4

Real Estate Assets, Discontinued Operations and Assets Held for Sale (Table Illustration of Number of Properties in Discontinued Operations) (Details) - buildings	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Continuing Operations, Number of In-service Properties Held for Sale	0
Continuing Operations, Number of Real Estate Properties Sold	1	28
Total Properties Sold or Classified as Held for Sale	29

Real Estate Assets, Discontin_5

Real Estate Assets, Discontinued Operations and Assets Held for Sale (Allocation of Shareholders' Income (Loss) Between Continuing and Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Discontinued Operations
Income from continuing operations attributable to common shareholders	$ 19,408	$ 44,397
Income from discontinued operations attributable to common shareholders	48	154
Net income attributable to common shareholders	$ 19,456	$ 44,551

Real Estate Assets, Discontin_6

Real Estate Assets, Discontinued Operations and Assets Held for Sale (Aggregate Balance Sheet of Properties Held for Sale Included in Discontinued Operations) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)buildings	Dec. 31, 2019USD ($)
Held for Sale Assets in Continuing and Discontinued Operations
Continuing Operations, Number of In-service Properties Held for Sale | buildings	0
Total assets held-for-sale	$ 0	$ 18,463
Total liabilities held-for-sale	0	887
Continuing Operations [Member]
Held for Sale Assets in Continuing and Discontinued Operations
Land and Land Improvements Held-for-Sale	0	4,561
Buildings and Tenant Improvements Held-for-Sale	0	18,840
Inventory, Land Held-for-sale	0	0
Accumulated Depreciation of Assets Held-for-Sale	0	(7,132)
Deferred leasing and other costs, net	0	2,100
Other assets	0	94
Total assets held-for-sale	0	18,463
Total liabilities held-for-sale	$ 0	$ 887

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - Common Stock [Member]	3 Months Ended
	Jun. 30, 2020$ / shares
Subsequent Event [Line Items]
Common stock dividends declared per share	$ 0.235
Record date	May 14, 2020
Dividends Payable, Date to be Paid	May 29, 2020

Subsequent Events April Rents (

Subsequent Events April Rents (Details)	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Subsequent Event [Line Items]
Document Period End Date	Mar. 31, 2020
Subsequent Event [Member]
Subsequent Event [Line Items]
Collection of April 2020 Rents		96.00%