Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 04, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | DUKE REALTY CORP | |
Entity Central Index Key | 783,280 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 345,264,335 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Duke Realty Limited Partnership [Member] | ||
Entity Information [Line Items] | ||
Entity Registrant Name | DUKE REALTY LIMITED PARTNERSHIP\ | |
Entity Central Index Key | 1,003,410 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Land and improvements | $ 1,371,457 | $ 1,412,867 |
Buildings and tenant improvements | 4,758,794 | 4,986,390 |
Construction in progress | 337,173 | 246,062 |
Investments in and advances to unconsolidated companies | 276,926 | 293,650 |
Undeveloped land | 435,519 | 499,960 |
Real estate investment property, at cost, total | 7,179,869 | 7,438,929 |
Accumulated depreciation | (1,202,585) | (1,235,337) |
Net real estate investments | 5,977,284 | 6,203,592 |
Real estate investments and other assets held-for-sale | 8,920 | 725,051 |
Cash and cash equivalents | 175,874 | 17,922 |
Accounts receivable, net of allowance | 20,985 | 26,168 |
Straight-line rent receivable, net of allowance | 116,639 | 109,657 |
Receivables on construction contracts, including retentions | 24,822 | 36,224 |
Deferred financing costs, net of accumulated amortization | 30,428 | 38,734 |
Deferred leasing and other costs, net of accumulated amortization | 359,652 | 387,635 |
Escrow deposits and other assets | 425,305 | 209,856 |
Total Assets | 7,139,909 | 7,754,839 |
LIABILITIES AND EQUITY | ||
Secured debt | 764,707 | 942,478 |
Unsecured debt | 2,681,313 | 3,364,161 |
Unsecured line of credit | 0 | 106,000 |
Long-term debt, total | 3,446,020 | 4,412,639 |
Liabilities related to real estate investments held-for-sale | 225 | 59,092 |
Construction payables and amounts due subcontractors, including retentions | 66,709 | 69,470 |
Accrued real estate taxes | 91,252 | 76,308 |
Accrued interest | 31,330 | 55,110 |
Other accrued expenses | 42,489 | 62,632 |
Other liabilities | 110,611 | 95,566 |
Tenant security deposits and prepaid rents | 39,830 | 44,142 |
Total Liabilities | 3,828,466 | 4,874,959 |
Equity | ||
Common shares | 3,453 | 3,441 |
Additional paid-in capital | 4,959,060 | 4,944,800 |
Accumulated other comprehensive income | 2,066 | 3,026 |
Distributions in excess of net income | (1,677,314) | (2,090,942) |
Total shareholders' equity | 3,287,265 | 2,860,325 |
Noncontrolling interests | 24,178 | 19,555 |
Total Equity | 3,311,443 | 2,879,880 |
Total Liabilities and Equity | 7,139,909 | 7,754,839 |
Duke Realty Limited Partnership [Member] | ||
ASSETS | ||
Land and improvements | 1,371,457 | 1,412,867 |
Buildings and tenant improvements | 4,758,794 | 4,986,390 |
Construction in progress | 337,173 | 246,062 |
Investments in and advances to unconsolidated companies | 276,926 | 293,650 |
Undeveloped land | 435,519 | 499,960 |
Real estate investment property, at cost, total | 7,179,869 | 7,438,929 |
Accumulated depreciation | (1,202,585) | (1,235,337) |
Net real estate investments | 5,977,284 | 6,203,592 |
Real estate investments and other assets held-for-sale | 8,920 | 725,051 |
Cash and cash equivalents | 175,874 | 17,922 |
Accounts receivable, net of allowance | 20,985 | 26,168 |
Straight-line rent receivable, net of allowance | 116,639 | 109,657 |
Receivables on construction contracts, including retentions | 24,822 | 36,224 |
Deferred financing costs, net of accumulated amortization | 30,428 | 38,734 |
Deferred leasing and other costs, net of accumulated amortization | 359,652 | 387,635 |
Escrow deposits and other assets | 425,305 | 209,856 |
Total Assets | 7,139,909 | 7,754,839 |
LIABILITIES AND EQUITY | ||
Secured debt | 764,707 | 942,478 |
Unsecured debt | 2,681,313 | 3,364,161 |
Unsecured line of credit | 0 | 106,000 |
Long-term debt, total | 3,446,020 | 4,412,639 |
Liabilities related to real estate investments held-for-sale | 225 | 59,092 |
Construction payables and amounts due subcontractors, including retentions | 66,709 | 69,470 |
Accrued real estate taxes | 91,252 | 76,308 |
Accrued interest | 31,330 | 55,110 |
Other accrued expenses | 42,489 | 62,812 |
Other liabilities | 110,611 | 95,566 |
Tenant security deposits and prepaid rents | 39,830 | 44,142 |
Total Liabilities | 3,828,466 | 4,875,139 |
Equity | ||
Common equity | 3,285,199 | 2,857,119 |
General Partners' equity | 3,285,199 | 2,857,119 |
Limited Partners' common equity | 21,395 | 17,289 |
Accumulated other comprehensive income | 2,066 | 3,026 |
Total partners' equity | 3,308,660 | 2,877,434 |
Noncontrolling interests | 2,783 | 2,266 |
Total Equity | 3,311,443 | 2,879,700 |
Total Liabilities and Equity | $ 7,139,909 | $ 7,754,839 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts receivable, allowance | $ 1,474 | $ 2,742 |
Straight-line rent receivable, allowance | 5,997 | 8,405 |
Deferred financing costs, accumulated amortization | 32,737 | 38,863 |
Deferred leasing and other costs, accumulated amortization | $ 244,190 | $ 259,883 |
Common shares, par value | $ 0.01 | $ 0.01 |
Common shares, shares authorized | 600,000,000 | 600,000,000 |
Common shares, shares issued | 345,260,000 | 344,112,000 |
Common shares, shares outstanding | 345,260,000 | 344,112,000 |
Duke Realty Limited Partnership [Member] | ||
Accounts receivable, allowance | $ 1,474 | $ 2,742 |
Straight-line rent receivable, allowance | 5,997 | 8,405 |
Deferred financing costs, accumulated amortization | 32,737 | 38,863 |
Deferred leasing and other costs, accumulated amortization | $ 244,190 | $ 259,883 |
Common equity, General Partner Units issued | 345,260,000 | 344,112,000 |
Common equity, General Partner Units outstanding | 345,260,000 | 344,112,000 |
Limited Partner Units issued | 3,504,000 | 3,717,000 |
Limited Partner Units outstanding | 3,504,000 | 3,717,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues: | ||||
Rental and related revenue | $ 200,938 | $ 202,067 | $ 617,549 | $ 615,493 |
General contractor and service fee revenue | 33,599 | 59,739 | 110,320 | 185,072 |
Revenues, total | 234,537 | 261,806 | 727,869 | 800,565 |
Expenses: | ||||
Rental expenses | 30,137 | 29,829 | 96,355 | 104,090 |
Real estate taxes | 27,702 | 29,501 | 86,228 | 87,355 |
General contractor and other services expenses | 29,694 | 52,528 | 98,455 | 163,657 |
Depreciation and amortization | 79,898 | 85,772 | 240,135 | 262,570 |
Costs and expenses, total | 167,431 | 197,630 | 521,173 | 617,672 |
Other operating activities: | ||||
Equity in earnings (loss) of unconsolidated companies | (5,088) | 19,178 | 16,281 | 82,325 |
Gain on sale of properties | 71,259 | 47,143 | 202,153 | 133,617 |
Gain on land sales | 1,659 | 3,167 | 24,096 | 7,208 |
Other operating expenses | (1,467) | (1,829) | (4,579) | (6,032) |
Asset Impairment Charges | (2,426) | (6,368) | (7,896) | (8,891) |
General and administrative expenses | (11,340) | (10,573) | (47,582) | (35,632) |
Other Operating Activities, Net | 52,597 | 50,718 | 182,473 | 172,595 |
Operating income | 119,703 | 114,894 | 389,169 | 355,488 |
Other income (expenses): | ||||
Interest and other income, net | 1,343 | 356 | 3,056 | 936 |
Interest expense | (41,615) | (47,421) | (134,576) | (145,628) |
Gains (Losses) on Extinguishment of Debt | 64 | 0 | (82,589) | (139) |
Acquisition-related activity | (5,660) | (110) | (6,993) | (871) |
Income from continuing operations before income taxes | 73,835 | 67,719 | 168,067 | 209,786 |
Income Tax Benefit (Expense) | 3,305 | 442 | 4,109 | (2,595) |
Income from continuing operations | 77,140 | 68,161 | 172,176 | 207,191 |
Discontinued operations: | ||||
Income (loss) before gain on sales | (43) | 2,277 | 10,546 | 6,569 |
Gain on sale of depreciable properties, net of tax | 111 | 1,119 | 414,620 | 19,895 |
Income from discontinued operations | 68 | 3,396 | 425,166 | 26,464 |
Net income | 77,208 | 71,557 | 597,342 | 233,655 |
Dividends on preferred shares/units | 0 | (6,072) | 0 | (20,155) |
Adjustments for redemption of preferred shares/units | 0 | (3,196) | 0 | (2,713) |
Net (income) loss attributable to noncontrolling interests | (774) | (756) | (6,284) | (2,883) |
Net income attributable to common shareholders | $ 76,434 | $ 61,533 | $ 591,058 | $ 207,904 |
Basic net income per common share: | ||||
Continuing operations attributable to common shareholders/unitholders | $ 0.22 | $ 0.17 | $ 0.49 | $ 0.54 |
Discontinued operations attributable to common shareholders/unitholders | 0 | 0.01 | 1.22 | 0.08 |
Total | 0.22 | 0.18 | 1.71 | 0.62 |
Diluted net income per common share: | ||||
Continuing operations attributable to common shareholders/unitholders | 0.22 | 0.17 | 0.49 | 0.54 |
Discontinued operations attributable to common shareholders/unitholders | 0 | 0.01 | 1.21 | 0.08 |
Total | $ 0.22 | $ 0.18 | $ 1.70 | $ 0.62 |
Weighted average number of common shares/units outstanding | 345,256 | 341,165 | 344,986 | 333,393 |
Weighted average number of common shares/units and potential dilutive securities | 352,150 | 345,826 | 352,013 | 338,057 |
Comprehensive income: | ||||
Net income | $ 77,208 | $ 71,557 | $ 597,342 | $ 233,655 |
Other comprehensive loss: | ||||
Amortization of interest contracts | (274) | (287) | (837) | (861) |
Other Comprehensive Income, Other, Net of Tax | 0 | 0 | (123) | 55 |
Total other comprehensive loss | (274) | (287) | (960) | (806) |
Comprehensive income | 76,934 | 71,270 | 596,382 | 232,849 |
Duke Realty Limited Partnership [Member] | ||||
Revenues: | ||||
Rental and related revenue | 200,938 | 202,067 | 617,549 | 615,493 |
General contractor and service fee revenue | 33,599 | 59,739 | 110,320 | 185,072 |
Revenues, total | 234,537 | 261,806 | 727,869 | 800,565 |
Expenses: | ||||
Rental expenses | 30,137 | 29,829 | 96,355 | 104,090 |
Real estate taxes | 27,702 | 29,501 | 86,228 | 87,355 |
General contractor and other services expenses | 29,694 | 52,528 | 98,455 | 163,657 |
Depreciation and amortization | 79,898 | 85,772 | 240,135 | 262,570 |
Costs and expenses, total | 167,431 | 197,630 | 521,173 | 617,672 |
Other operating activities: | ||||
Equity in earnings (loss) of unconsolidated companies | (5,088) | 19,178 | 16,281 | 82,325 |
Gain on sale of properties | 71,259 | 47,143 | 202,153 | 133,617 |
Gain on land sales | 1,659 | 3,167 | 24,096 | 7,208 |
Other operating expenses | (1,467) | (1,829) | (4,579) | (6,032) |
Asset Impairment Charges | (2,426) | (6,368) | (7,896) | (8,891) |
General and administrative expenses | (11,340) | (10,573) | (47,582) | (35,632) |
Other Operating Activities, Net | 52,597 | 50,718 | 182,473 | 172,595 |
Operating income | 119,703 | 114,894 | 389,169 | 355,488 |
Other income (expenses): | ||||
Interest and other income, net | 1,343 | 356 | 3,056 | 936 |
Interest expense | (41,615) | (47,421) | (134,576) | (145,628) |
Gains (Losses) on Extinguishment of Debt | 64 | 0 | (82,589) | (139) |
Acquisition-related activity | (5,660) | (110) | (6,993) | (871) |
Income from continuing operations before income taxes | 73,835 | 67,719 | 168,067 | 209,786 |
Income Tax Benefit (Expense) | 3,305 | 442 | 4,109 | (2,595) |
Income from continuing operations | 77,140 | 68,161 | 172,176 | 207,191 |
Discontinued operations: | ||||
Income (loss) before gain on sales | (43) | 2,277 | 10,546 | 6,569 |
Gain on sale of depreciable properties, net of tax | 111 | 1,119 | 414,620 | 19,895 |
Income from discontinued operations | 68 | 3,396 | 425,166 | 26,464 |
Net income | 77,208 | 71,557 | 597,342 | 233,655 |
Dividends on preferred shares/units | 0 | (6,072) | 0 | (20,155) |
Adjustments for redemption of preferred shares/units | 0 | (3,196) | 0 | (2,713) |
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, NonRedeemable | (23) | 39 | (72) | (145) |
Net income attributable to common shareholders | $ 77,185 | $ 62,328 | $ 597,270 | $ 210,642 |
Basic net income per common share: | ||||
Continuing operations attributable to common shareholders/unitholders | $ 0.22 | $ 0.17 | $ 0.49 | $ 0.54 |
Discontinued operations attributable to common shareholders/unitholders | 0 | 0.01 | 1.22 | 0.08 |
Total | 0.22 | 0.18 | 1.71 | 0.62 |
Diluted net income per common share: | ||||
Continuing operations attributable to common shareholders/unitholders | 0.22 | 0.17 | 0.49 | 0.54 |
Discontinued operations attributable to common shareholders/unitholders | 0 | 0.01 | 1.21 | 0.08 |
Total | $ 0.22 | $ 0.18 | $ 1.70 | $ 0.62 |
Weighted average number of common shares/units outstanding | 348,760 | 345,545 | 348,595 | 337,777 |
Weighted average number of common shares/units and potential dilutive securities | 352,150 | 345,826 | 352,013 | 338,057 |
Comprehensive income: | ||||
Net income | $ 77,208 | $ 71,557 | $ 597,342 | $ 233,655 |
Other comprehensive loss: | ||||
Amortization of interest contracts | (274) | (287) | (837) | (861) |
Other Comprehensive Income, Other, Net of Tax | 0 | 0 | (123) | 55 |
Total other comprehensive loss | (274) | (287) | (960) | (806) |
Comprehensive income | $ 76,934 | $ 71,270 | $ 596,382 | $ 232,849 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 597,342 | $ 233,655 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation of buildings and tenant improvements | 192,135 | 216,963 |
Amortization of deferred leasing and other costs | 51,517 | 73,942 |
Amortization of deferred financing costs | 5,543 | 7,423 |
Straight-line rental income and expense, net | (18,498) | (16,419) |
Asset Impairment Charges | 7,896 | 8,891 |
Loss on debt transactions | 82,589 | 139 |
Gains on land and depreciated property sales | (644,044) | (163,689) |
Third-party construction contracts, net | (3,805) | (4,397) |
Other accrued revenues and expenses, net | 7,129 | 17,920 |
Operating distributions received in excess of (less than) equity in earnings from unconsolidated companies | 414 | (53,429) |
Net cash provided by operating activities | 278,218 | 320,999 |
Cash flows from investing activities: | ||
Development of real estate investments | (221,201) | (385,088) |
Acquisition of real estate investments and related intangible assets | (28,849) | (94,032) |
Acquisition of undeveloped land | (39,881) | (37,579) |
Second generation tenant improvements, leasing costs and building improvements | (45,688) | (69,475) |
Other deferred leasing costs | (26,940) | (24,948) |
Other assets | (38,104) | 514 |
Proceeds from land and depreciated property sales, net | 1,534,177 | 386,215 |
Capital distributions from unconsolidated companies | 68,915 | 70,054 |
Capital contributions and advances to unconsolidated companies | (55,020) | (5,874) |
Net cash provided by (used for) investing activities | 1,147,409 | (160,213) |
Cash flows from financing activities: | ||
Proceeds from issuance of common shares, net | 4,592 | 255,962 |
Payments for redemption/repurchase of preferred shares/units | 0 | (113,797) |
Payments on unsecured debt | (759,948) | (1,556) |
Payments on secured indebtedness including principal amortization | (221,085) | (93,036) |
Borrowings (repayments) on line of credit, net | (106,000) | 52,000 |
Distributions to common shareholders/unitholders | (175,967) | (169,917) |
Distributions to preferred shareholders/unitholders | 0 | (20,789) |
Distributions to Noncontrolling Interest, Net | (1,403) | (2,044) |
Buyout of noncontrolling interests | 0 | (7,803) |
Change in book overdrafts | (7,754) | (12,450) |
Deferred financing costs | (110) | (499) |
Net cash provided by (used for) financing activities | (1,267,675) | (113,929) |
Net increase (decrease) in cash and cash equivalents | 157,952 | 46,857 |
Cash and cash equivalents at beginning of period | 17,922 | 19,275 |
Cash and cash equivalents at end of period | 175,874 | 66,132 |
Noncash investing and financing activities: | ||
Assumption of indebtedness and other liabilities in real estate acquisitions | 0 | 54 |
Mortgages note receivable from buyers in property sales | 204,428 | 0 |
Conversion of Limited Partner Units to common shares | 2,416 | 56 |
Duke Realty Limited Partnership [Member] | ||
Cash flows from operating activities: | ||
Net income (loss) | 597,342 | 233,655 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation of buildings and tenant improvements | 192,135 | 216,963 |
Amortization of deferred leasing and other costs | 51,517 | 73,942 |
Amortization of deferred financing costs | 5,543 | 7,423 |
Straight-line rental income and expense, net | (18,498) | (16,419) |
Asset Impairment Charges | 7,896 | 8,891 |
Loss on debt transactions | 82,589 | 139 |
Gains on land and depreciated property sales | (644,044) | (163,689) |
Third-party construction contracts, net | (3,805) | (4,397) |
Other accrued revenues and expenses, net | 6,949 | 17,920 |
Operating distributions received in excess of (less than) equity in earnings from unconsolidated companies | 414 | (53,429) |
Net cash provided by operating activities | 278,038 | 320,999 |
Cash flows from investing activities: | ||
Development of real estate investments | (221,201) | (385,088) |
Acquisition of real estate investments and related intangible assets | (28,849) | (94,032) |
Acquisition of undeveloped land | (39,881) | (37,579) |
Second generation tenant improvements, leasing costs and building improvements | (45,688) | (69,475) |
Other deferred leasing costs | (26,940) | (24,948) |
Other assets | (38,104) | 514 |
Proceeds from land and depreciated property sales, net | 1,534,177 | 386,215 |
Capital distributions from unconsolidated companies | 68,915 | 70,054 |
Capital contributions and advances to unconsolidated companies | (55,020) | (5,874) |
Net cash provided by (used for) investing activities | 1,147,409 | (160,213) |
Cash flows from financing activities: | ||
Contributions from the General Partner | 4,772 | 255,962 |
Payments for redemption/repurchase of preferred shares/units | 0 | (113,797) |
Payments on unsecured debt | (759,948) | (1,556) |
Payments on secured indebtedness including principal amortization | (221,085) | (93,036) |
Borrowings (repayments) on line of credit, net | (106,000) | 52,000 |
Distributions to common shareholders/unitholders | (177,815) | (172,153) |
Distributions to preferred shareholders/unitholders | 0 | (20,789) |
Distributions to Noncontrolling Interest, Net | 445 | 192 |
Buyout of noncontrolling interests | 0 | (7,803) |
Change in book overdrafts | (7,754) | (12,450) |
Deferred financing costs | (110) | (499) |
Net cash provided by (used for) financing activities | (1,267,495) | (113,929) |
Net increase (decrease) in cash and cash equivalents | 157,952 | 46,857 |
Cash and cash equivalents at beginning of period | 17,922 | 19,275 |
Cash and cash equivalents at end of period | 175,874 | 66,132 |
Noncash investing and financing activities: | ||
Assumption of indebtedness and other liabilities in real estate acquisitions | 0 | 54 |
Mortgages note receivable from buyers in property sales | 204,428 | 0 |
Conversion of Limited Partner Units to common shares | $ 2,416 | $ 56 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [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 Partner [Member] | Duke Realty Limited Partnership [Member]Accumulated Other Comprehensive Income (Loss) [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, 2014 | $ 2,879,880 | $ 3,441 | $ 4,944,800 | $ 3,026 | $ (2,090,942) | $ 19,555 | ||||||
Beginning Balance - Partnership at Dec. 31, 2014 | $ 2,879,700 | $ 2,857,119 | $ 17,289 | $ 3,026 | $ 2,266 | $ 2,877,434 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income | 597,342 | 591,058 | 6,284 | 597,342 | 591,058 | 6,212 | 72 | 597,270 | ||||
Other comprehensive income | (960) | (960) | (960) | (960) | (960) | |||||||
Issuance of common shares | 4,592 | 2 | 4,590 | |||||||||
Contributions from noncontrolling interests | 590 | 590 | 590 | 590 | ||||||||
Capital contribution from the General Partner | 4,772 | 4,772 | 4,772 | |||||||||
Stock based compensation plan activity | 7,959 | 8 | 7,256 | (1,463) | 2,158 | 7,959 | 5,801 | 2,158 | 7,959 | |||
Conversion of Limited Partner Units | 2 | 2,414 | (2,416) | 2,416 | (2,416) | |||||||
Distributions to Partners' | (177,815) | (175,967) | (1,848) | (177,815) | ||||||||
Distributions to common shareholders | (175,967) | (175,967) | ||||||||||
Distributions to noncontrolling interests | (1,993) | (1,993) | (145) | (145) | ||||||||
Ending Balance - General Partner at Sep. 30, 2015 | $ 3,311,443 | $ 3,453 | $ 4,959,060 | $ 2,066 | $ (1,677,314) | $ 24,178 | ||||||
Ending Balance - Partnership at Sep. 30, 2015 | $ 3,311,443 | $ 3,285,199 | $ 21,395 | $ 2,066 | $ 2,783 | $ 3,308,660 |
Consolidated Statement of Chan7
Consolidated Statement of Changes in Equity (Parenthetical) | 9 Months Ended |
Sep. 30, 2015$ / shares | |
Distributions to common shareholders, per share | $ 0.51 |
Duke Realty Limited Partnership [Member] | |
Distributions to Partners, per Common Unit | $ 0.51 |
General Basis of Presentation (
General Basis of Presentation (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
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 Duke Realty Corporation (the "General Partner") and Duke Realty Limited Partnership (the "Partnership"). In this Report, unless the context indicates otherwise, the terms "Company," "we," "us" and "our" refer to the General Partner and the Partnership, collectively, and those entities owned or controlled by the General Partner and/or the Partnership. The 2014 year-end consolidated balance sheet data included in this Quarterly Report on Form 10-Q (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, 2014 , 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 combined Annual Report on Form 10-K of the General Partner and the Partnership for the year ended December 31, 2014 . The General Partner was formed in 1985, and we believe that it qualifies as a real estate investment trust ("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 99.0% of the common partnership interests of the Partnership ("General Partner Units") at September 30, 2015 . The remaining 1.0% of the common partnership interests ("Limited Partner Units" and, together with the General Partner Units, the "Common Units") are owned by limited partners. As the sole general partner of the Partnership, the General Partner has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Partnership. The General Partner and the Partnership are operated as one enterprise. The management of the General Partner consists of the same members as the management of the Partnership. As the sole general partner with control of the Partnership, the General Partner consolidates the Partnership for financial reporting purposes, and the General Partner does not have any significant assets other than its investment in the Partnership. Therefore, the assets and liabilities of the General Partner and the Partnership are substantially the same. 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. The General Partner also owns preferred partnership interests in the Partnership ("Preferred Units"), to the extent the Partnership has issued Preferred Units. As of September 30, 2015 , we owned and operated a portfolio primarily consisting of industrial, medical office and office properties and provided real estate services to third-party owners. Substantially all of our Rental Operations (see Note 10) are conducted through the Partnership. We conduct our Service Operations (see Note 10) through Duke Realty Services, LLC, Duke Realty Services Limited Partnership and Duke Construction Limited Partnership ("DCLP"), which are consolidated entities that are 100% owned by a combination of the General Partner and the Partnership. DCLP is owned through a taxable REIT subsidiary. The consolidated financial statements include our accounts and the accounts of our majority-owned or controlled subsidiaries. |
New Accounting Pronouncement (N
New Accounting Pronouncement (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements Revenue Recognition In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing GAAP revenue recognition guidance as well as impact the existing GAAP guidance governing the sale of nonfinancial assets. The standard’s core principle is that a company will recognize revenue when it satisfies performance obligations, by transferring promised goods or services to customers, in an amount that reflects the consideration to which the company expects to be entitled in exchange for fulfilling those performance obligations. In doing so, companies will need to exercise more judgment and make more estimates than under existing GAAP guidance. ASU 2014-09 will be effective for public entities for annual and interim reporting periods beginning after December 15, 2017 and early adoption is permitted in periods ending after December 15, 2016. ASU 2014-09 allows for either recognizing the cumulative effect of application (i) at the start of the earliest comparative period presented (with the option to use any or all of three practical expedients) or (ii) at the date of initial application, with no restatement of comparative periods presented. We have not yet selected a transition method nor have we determined the effect of ASU 2014-09 on our consolidated financial statements. Consolidation In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02"). ASU 2015-02 makes targeted amendments to the current consolidation guidance and ends the deferral granted to investment companies from applying the existing variable interest entity guidance. ASU 2015-02 will be effective for public entities for annual and interim reporting periods beginning after December 15, 2015 with early adoption allowed in any interim period. We have not yet selected a transition method and are currently assessing the effect of ASU 2015-02 on our consolidated financial statements. Debt Issuance Costs In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). ASU 2015-03 will require that debt issuance costs related to a recognized debt liability, which are currently presented as deferred charges (assets), be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. ASU 2015-03 will be effective for financial statements issued for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. We do not expect ASU 2015-03 to have a material effect on our consolidated financial statements. Business Combinations In September 2015, the FASB issued ASU 2015-16, Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments ("ASU 2015-16"). ASU 2015-16 amends the retroactive requirement to apply adjustments made to provisional amounts recognized in a business combination. The update requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 will be effective for financial statements issued for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. We do not expect ASU 2015-16 to have a material effect on our consolidated financial statements. |
Reclassifications
Reclassifications | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Text Block [Abstract] | |
Reclassifications | Reclassifications Certain amounts in the accompanying consolidated financial statements for 2014 have been reclassified to conform to the 2015 consolidated financial statement presentation. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2015 | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Consolidation Policy for VIEs | Variable Interest Entities We have equity interests in unconsolidated joint ventures that primarily own and operate rental properties or hold land for development. We consolidate those joint ventures that are considered to be variable interest entities ("VIE"s) where we are the primary beneficiary. We analyze our investments in joint ventures to determine if the joint venture is considered a VIE and would require consolidation. We (i) evaluate the sufficiency of the total equity investment at risk, (ii) review the voting rights and decision-making authority of the equity investment holders as a group and whether there are any guaranteed returns, protection against losses, or capping of residual returns within the group and (iii) establish whether activities within the venture are on behalf of an investor with disproportionately few voting rights in making this VIE determination. 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 interest 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. There were no consolidated or unconsolidated joint ventures, in which we have any recognized assets or liabilities or have retained any economic exposure to loss at September 30, 2015 that met the criteria to be considered VIEs. Our maximum loss exposure for guarantees of joint venture indebtedness, for joint ventures that are not VIEs, totaled $80.2 million at September 30, 2015 . |
Acquisitions and Dispositions
Acquisitions and Dispositions | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [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 product types and further diversify our geographic presence. With the exception of certain properties that have been sold or classified as held for sale, the results of operations for all acquired properties have been included in continuing operations within our consolidated financial statements since their respective dates of acquisition. Acquisitions We acquired two industrial properties during the nine months ended September 30, 2015 . One of the acquired properties had in place leases at the date of acquisition and was accounted for as a business combination, while there were no in place leases in the other property, which was accounted for as an asset acquisition. The following table summarizes amounts recognized for each major class of asset and liability (in thousands) for these acquisitions: Real estate assets $ 26,276 Lease related intangible assets 2,001 Total acquired assets 28,277 Other liabilities 319 Total assumed liabilities 319 Fair value of acquired net assets $ 27,958 Acquired leases had an average remaining life at acquisition of approximately 9.2 years. We have included $450,000 in rental revenues and $69,000 in income from continuing operations during the nine months ended September 30, 2015 for the properties since their respective dates of acquisition. Fair Value Measurements The fair value estimates used in allocating the aggregate purchase price of an acquisition, to the extent accounted for as a business combination, among the individual components of real estate assets and liabilities were determined primarily through calculating the "as-if vacant" value of a building, using the income approach, and relied significantly upon internally determined assumptions. We have determined that these estimates primarily rely upon Level 3 inputs, which are unobservable inputs based on our own assumptions. The most significant assumptions utilized in making the lease-up and future disposition estimates used in calculating the "as-if vacant" value for acquisition activity during the nine months ended September 30, 2015 are as follows: Discount rate 7.07% Exit capitalization rate 5.57% Lease-up period (months) 12 Net rental rate per square foot - Industrial $4.85 Acquisition-Related Activity The acquisition-related activity in our consolidated Statements of Operations and Comprehensive Income consisted of adjustments to the fair value of contingent consideration from acquisitions after the measurement period was complete and transaction costs for completed acquisitions. Dispositions Dispositions of buildings (see Note 11 for the number of buildings sold as well as for their classification between continuing and discontinued operations) and undeveloped land generated net cash proceeds of $1.53 billion and $386.2 million during the nine months ended September 30, 2015 and 2014 , respectively. On April 1, 2015, we completed the previously announced suburban office portfolio sale (the "Suburban Office Portfolio Sale") to a joint venture with affiliates of Starwood Capital Group, Vanderbilt Partners and Trinity Capital Advisors for approximately $1.07 billion in proceeds and recorded a gain on sale of $398.6 million . The Suburban Office Portfolio Sale included all of our wholly-owned, in-service suburban office properties located in Nashville, Raleigh, South Florida and St. Louis. The portfolio included approximately 6.7 million square feet across 61 buildings and 57 acres of undeveloped land. Additionally, an office asset currently under construction in Raleigh is expected to be sold upon completion in late 2015 or early 2016. A portion of the purchase price for the Suburban Office Portfolio Sale was financed through a $200.0 million first mortgage on certain of the properties in the Suburban Office Portfolio that we provided to the seller. The first mortgage matures on December 31, 2016, is prepayable after January 1, 2016, and bears interest at LIBOR plus 1.5% . We have reviewed the creditworthiness of the entities with which we hold this first mortgage and have concluded it is probable that we will be able to collect all amounts due according to its contractual terms. On April 8, 2015, we completed the sale of 51 non-strategic industrial properties for $270.0 million in proceeds and recorded a gain on sale of $107.3 million . These properties totaled 5.2 million square feet and were located in primarily Midwest markets. |
Indebtedness
Indebtedness | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness All debt is held 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 for the nine months ended September 30, 2015 (in thousands): Book Value at 12/31/2014 Book Value at 9/30/2015 Fair Value at 12/31/2014 Payments/Payoffs Adjustments to Fair Value Fair Value at 9/30/2015 Fixed rate secured debt $ 979,842 $ 761,607 $ 1,065,301 $ (216,532 ) $ (21,995 ) $ 826,774 Variable rate secured debt 3,400 3,100 3,400 (300 ) — 3,100 Unsecured debt 3,364,161 2,681,313 3,603,475 (682,848 ) (120,237 ) 2,800,390 Unsecured line of credit 106,000 — 106,000 (106,000 ) — — Total $ 4,453,403 $ 3,446,020 $ 4,778,176 $ (1,005,680 ) $ (142,232 ) $ 3,630,264 Less secured debt related to real estate assets held-for-sale 40,764 — Total indebtedness as reported on consolidated balance sheets $ 4,412,639 $ 3,446,020 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 rates ranged from 2.20% to 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. During the nine months ended September 30, 2015 , we repaid sixteen secured loans, totaling $208.9 million . These loans had a weighted average stated interest rate of 5.36% . Certain of these secured loans were repaid prior to their scheduled maturity date, which resulted in a $3.7 million loss on extinguishment, which included both prepayment penalties as well as the write-off of unamortized deferred loan and mark to market costs. Unsecured Debt At September 30, 2015 , with the exception of one variable rate term note, 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 98.00% to 120.00% of face value. We utilize a discounted cash flow methodology in order to estimate the fair value of our $250.0 million variable rate term loan. 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 represents the difference between the book value and the fair value. Our estimate of a current market rate was based on estimated market spreads and the quoted yields on federal government treasury securities with similar maturity dates. Our estimate of the current market rate for our variable rate term loan was 1.35% and was based primarily upon Level 3 inputs. In February 2015, we repaid a $250.0 million senior unsecured note at its maturity date. This loan had a stated interest rate of 7.38% and an effective rate of 7.50% . In April 2015, the Partnership completed a tender offer (the "Tender Offer") to purchase, for a combined aggregate purchase price (exclusive of accrued and unpaid interest) of up to $500.0 million , certain of its outstanding series of unsecured notes. A portion of the proceeds from the Suburban Office Portfolio Sale were used to fund the Tender Offer, which resulted in the repurchase of notes having a face value of $424.9 million , for a cash payment of $500.0 million . The repurchased notes had contractual maturity dates ranging between February 2017 and March 2020 and bore interest at stated rates ranging between 5.95% and 8.25% . Additionally, in May 2015, we repurchased unsecured notes with a face value of $6.3 million , for a cash payment of $7.1 million . These notes had a stated interest rate of 6.50% and an effective rate of 6.08% . The early repayment of unsecured notes, either through the Tender Offer or repurchase, resulted in an aggregate loss on extinguishment of $78.9 million , which included applicable repurchase premiums as well as the write-off of unamortized deferred loan costs. The indentures (and related supplemental indentures) governing our outstanding series of notes also require us to comply with financial ratios and other covenants regarding our operations. We were in compliance with all such covenants at September 30, 2015 . Unsecured Line of Credit Our unsecured line of credit at September 30, 2015 is described as follows (in thousands): Description Maximum Capacity Maturity Date Outstanding Balance at September 30, 2015 Unsecured Line of Credit - Partnership $ 1,200,000 January 2019 $ — The Partnership's unsecured line of credit has an interest rate on borrowings of LIBOR plus 1.05% and a maturity date of January 2019 . Subject to certain conditions, the terms also include an option to increase the facility by up to an additional $400.0 million , for a total of up to $1.6 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 September 30, 2015 , we were in compliance with all covenants under this line of credit. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders' Equity of the General Partner and Partners' Capital of the Partnership General Partner During the nine months ended September 30, 2015 , the General Partner issued 233,000 common shares pursuant to its at the market equity program, generating gross proceeds of approximately $5.0 million and, after deducting commissions and other costs, net proceeds of approximately $4.6 million . The proceeds from these offerings were contributed to the Partnership and used for general corporate purposes. Partnership For each common share or preferred share that the General Partner issues, the Partnership issues a corresponding General Partner Unit or Preferred Unit, as applicable, to the General Partner in exchange for the contribution of the proceeds from the stock issuance. Similarly, when the General Partner redeems or repurchases common shares or preferred shares, the Partnership redeems the corresponding Common Units or Preferred Units held by the General Partner at the same price. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
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 companies 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 companies, prior to the elimination of our ownership percentage, for the three and nine months ended September 30, 2015 and 2014 , respectively (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Management fees $ 1,835 $ 2,233 $ 5,388 $ 6,569 Leasing fees 692 572 1,714 3,085 Construction and development fees 2,247 1,529 3,377 4,911 |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share or Common Unit Basic net income (loss) per common share or Common Unit is computed by dividing net income (loss) 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 (loss) per common share is computed by dividing the sum of basic net income (loss) attributable to common shareholders and the noncontrolling interest in earnings allocable to Limited Partner Units (to the extent the Limited Partner Units are dilutive) by the sum of the weighted average number of common shares outstanding and, to the extent they are dilutive, Units outstanding and any potential dilutive securities for the period. Diluted net income (loss) per Common Unit is computed by dividing the basic net income (loss) attributable to common unitholders by the sum of the weighted average number of Common Units outstanding and any potential dilutive securities for the period. The following table reconciles the components of basic and diluted net income per common share or Common Unit for the three and nine months ended September 30, 2015 and 2014 , respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 General Partner Net income attributable to common shareholders $ 76,434 $ 61,533 $ 591,058 $ 207,904 Less: Dividends on participating securities (593 ) (651 ) (1,803 ) (1,941 ) Basic net income attributable to common shareholders 75,841 60,882 589,255 205,963 Add back dividends on dilutive participating securities 593 — 1,803 — Noncontrolling interest in earnings of common unitholders 751 795 6,212 2,738 Diluted net income attributable to common shareholders $ 77,185 $ 61,677 $ 597,270 $ 208,701 Weighted average number of common shares outstanding 345,256 341,165 344,986 333,393 Weighted average Limited Partner Units outstanding 3,504 4,380 3,609 4,384 Other potential dilutive shares 3,390 281 3,418 280 Weighted average number of common shares and potential dilutive securities 352,150 345,826 352,013 338,057 Partnership Net income attributable to common unitholders $ 77,185 $ 62,328 $ 597,270 $ 210,642 Less: Distributions on participating securities (593 ) (651 ) (1,803 ) (1,941 ) Basic net income attributable to common unitholders $ 76,592 $ 61,677 $ 595,467 $ 208,701 Add back distributions on dilutive participating securities 593 — 1,803 — Diluted net income attributable to common unitholders $ 77,185 $ 61,677 $ 597,270 $ 208,701 Weighted average number of Common Units outstanding 348,760 345,545 348,595 337,777 Other potential dilutive units 3,390 281 3,418 280 Weighted average number of Common Units and potential dilutive securities 352,150 345,826 352,013 338,057 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 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 997 1,215 997 1,215 Outstanding participating securities — 3,867 — 3,867 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting Reportable Segments We had four reportable operating segments at September 30, 2015 , the first three of which consist of the ownership and rental of (i) industrial, (ii) medical office and (iii) office real estate investments. The operations of our industrial, medical office and office properties, along with our retail properties, are collectively referred to as "Rental Operations." Properties not included in our reportable segments, which do not by themselves meet the quantitative thresholds for separate presentation as a reportable segment, are referred to as non-reportable Rental Operations. The fourth 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." Our reportable segments offer different products or services and 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, for the three and nine months ended September 30, 2015 and 2014 , respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues Rental Operations: Industrial $ 136,276 $ 130,495 $ 419,391 $ 392,048 Medical Office 39,911 36,715 120,213 104,979 Office 23,277 32,134 72,103 109,700 Non-reportable Rental Operations — 1,698 — 5,414 Service Operations 33,599 59,739 110,320 185,072 Total segment revenues 233,063 260,781 722,027 797,213 Other revenue (loss) 1,474 1,025 5,842 3,352 Consolidated revenue from continuing operations 234,537 261,806 727,869 800,565 Discontinued operations 7 29,709 32,171 89,112 Consolidated revenue $ 234,544 $ 291,515 $ 760,040 $ 889,677 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 following table shows a reconciliation of our segment-level measures of profitability to consolidated income from continuing operations before income taxes for the three and nine months ended September 30, 2015 and 2014 , respectively (in thousands and excluding discontinued operations): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 PNOI Industrial $ 99,236 $ 88,654 $ 291,987 $ 258,863 Medical Office 25,827 23,456 76,878 65,820 Office 11,791 13,688 36,364 37,851 Non-reportable Rental Operations — 970 — 3,275 PNOI, excluding all sold/held for sale properties 136,854 126,768 405,229 365,809 PNOI from sold/held-for-sale properties included in continuing operations 2,711 13,162 17,471 47,270 PNOI, continuing operations 139,565 139,930 422,700 413,079 Earnings from Service Operations 3,905 7,211 11,865 21,415 Rental Operations revenues and expenses excluded from PNOI: Straight-line rental income and expense, net 5,723 5,466 16,830 16,183 Revenues related to lease buyouts 408 145 1,366 4,365 Amortization of lease concessions and above and below market rents (357 ) (919 ) (2,559 ) (4,820 ) Intercompany rents and other adjusting items (434 ) (1,616 ) (1,306 ) (3,718 ) Non-Segment Items: Equity in earnings (loss) of unconsolidated companies (5,088 ) 19,178 16,281 82,325 Interest expense (41,615 ) (47,421 ) (134,576 ) (145,628 ) Depreciation expense (79,898 ) (85,772 ) (240,135 ) (262,570 ) Gain on sale of properties 71,259 47,143 202,153 133,617 Impairment charges on non-depreciable properties (2,426 ) (6,368 ) (7,896 ) (8,891 ) Interest and other income, net 1,343 356 3,056 936 General and administrative expenses (11,340 ) (10,573 ) (47,582 ) (35,632 ) Gain on land sales 1,659 3,167 24,096 7,208 Other operating expenses (1,467 ) (1,829 ) (4,579 ) (6,032 ) Gain (loss) on extinguishment of debt 64 — (82,589 ) (139 ) Acquisition-related activity (5,660 ) (110 ) (6,993 ) (871 ) Other non-segment revenues and expenses, net (1,806 ) (269 ) (2,065 ) (1,041 ) Income from continuing operations before income taxes $ 73,835 $ 67,719 $ 168,067 $ 209,786 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. Assets by Reportable Segment The assets for each of the reportable segments at September 30, 2015 and December 31, 2014 were as follows (in thousands): September 30, December 31, Assets Rental Operations: Industrial $ 4,501,662 $ 4,677,047 Medical Office 1,247,196 1,229,632 Office 483,641 1,252,627 Non-reportable Rental Operations — 71,741 Service Operations 140,103 158,762 Total segment assets 6,372,602 7,389,809 Non-segment assets 767,307 365,030 Consolidated assets $ 7,139,909 $ 7,754,839 |
Discontinued Operations and Ass
Discontinued Operations and Assets Held for Sale | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations and Assets Held for Sale | Discontinued Operations and Assets Held-for-Sale Discontinued Operations Beginning with our adoption of ASU 2014-08 on April 1, 2014, discontinued operations presentation applies only to disposals representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results (e.g., a disposal of a major geographical area, a major line of business, a major equity method investment or other major parts of an entity). On April 1, 2015, we completed the Suburban Office Portfolio Sale that had been under agreement for sale since late January 2015. Because of the size of this disposition, and the fact that it represented our exit from the office product type in four geographic markets, we determined that the disposition represented a strategic shift that would have a major effect on our operations and financial results. As such, the in-service properties in this portfolio met the criteria to be classified within discontinued operations. As the result of its classification within discontinued operations, the in-service assets and liabilities of this portfolio are required to be presented as held-for-sale for all prior periods presented in our Consolidated Balance Sheets. The following table illustrates the number of sold or held-for-sale properties included in, or excluded from, discontinued operations: Held-for-Sale at September 30, 2015 Sold through September 30, 2015 Sold in 2014 Total Industrial 0 5 11 16 Medical Office 0 1 1 2 Office 0 56 0 56 Total properties included in discontinued operations 0 62 12 74 Properties excluded from discontinued operations 1 78 17 96 Total properties sold or classified as held-for-sale 1 140 29 170 For the properties that were classified in discontinued operations, we allocated interest expense to discontinued operations and have included such interest expense in computing income from discontinued operations. Interest expense allocable to discontinued operations includes interest on any secured debt for properties included in discontinued operations and an allocable share of our consolidated unsecured interest expense for unencumbered properties. The allocation of unsecured interest expense to discontinued operations was based upon the gross book value of the unencumbered real estate assets included in discontinued operations as it related to the total gross book value of our unencumbered real estate assets. The following table illustrates the operational results of the buildings reflected in discontinued operations for the three and nine months ended September 30, 2015 and 2014 , respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues $ 7 $ 29,709 $ 32,171 $ 89,112 Operating expenses (50 ) (12,145 ) (12,449 ) (35,651 ) Depreciation and amortization — (9,228 ) (3,517 ) (28,335 ) Operating income (43 ) 8,336 16,205 25,126 Interest expense — (6,059 ) (5,659 ) (18,557 ) Income (loss) before gain on sales (43 ) 2,277 10,546 6,569 Gain on sale of depreciable properties 66 564 417,795 22,864 Income from discontinued operations before income taxes 23 2,841 428,341 29,433 Income tax benefit (expense) 45 555 (3,175 ) (2,969 ) Income from discontinued operations $ 68 $ 3,396 $ 425,166 $ 26,464 Capital expenditures on a cash basis for the nine months ended September 30, 2015 and 2014 were $7.4 million and $23.9 million , respectively, related to properties classified within discontinued operations. 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 Limited Partner Units, for the three and nine months ended September 30, 2015 and 2014 , respectively (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Income from continuing operations attributable to common shareholders $ 76,367 $ 58,180 $ 170,294 $ 181,783 Income from discontinued operations attributable to common shareholders 67 3,353 420,764 26,121 Net income attributable to common shareholders $ 76,434 $ 61,533 $ 591,058 $ 207,904 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. Properties Held-for-Sale At September 30, 2015 , one in-service property and 39 acres of undeveloped land were classified as held-for-sale but did not meet the criteria to be classified within discontinued operations. The following table illustrates aggregate balance sheet information for all held-for-sale properties at September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Held-for-Sale Properties Included in Continuing Operations Properties Included in Continuing Operations Properties Included in Discontinued Operations Total Held-For-Sale Properties Land and improvements $ 596 $ 21,347 $ 126,921 $ 148,268 Buildings and tenant improvements 8,039 36,925 721,398 758,323 Undeveloped land 6,349 12,443 — 12,443 Accumulated depreciation (6,283 ) (23,071 ) (247,269 ) (270,340 ) Deferred leasing and other costs, net 67 3,480 44,840 48,320 Other assets 152 562 27,475 28,037 Total assets held-for-sale $ 8,920 $ 51,686 $ 673,365 $ 725,051 Secured debt $ — $ — $ 40,764 $ 40,764 Accrued expenses 183 233 5,180 5,413 Other liabilities 42 434 12,481 12,915 Total liabilities held-for-sale $ 225 $ 667 $ 58,425 $ 59,092 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Declaration of Dividends/Distributions The General Partner's board of directors declared the following dividends/distributions, including a special cash dividend of $0.20 per share, at its regularly scheduled board meeting held on October 28, 2015 : Class of stock/units Quarterly Amount per Share or Unit Record Date Payment Date Common - Quarterly $0.18 November 16, 2015 November 30, 2015 Common - Special $0.20 November 16, 2015 December 15, 2015 The special cash dividend was primarily the result of the significant taxable gains on asset sales completed thus far in 2015. Debt Extinguishment In October 2015 we redeemed $150.0 million in unsecured notes that had a scheduled maturity in March of 2016. We will recognize a net loss on the extinguishment of these notes in the fourth quarter totaling $3.1 million , which is comprised of a make-whole payment to the bondholders as well as the write-off of unamortized deferred financing costs. The repurchase was completed on October 30, 2015. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Real estate assets $ 26,276 Lease related intangible assets 2,001 Total acquired assets 28,277 Other liabilities 319 Total assumed liabilities 319 Fair value of acquired net assets $ 27,958 |
Summary of Most Significant Assumptions Utilized in the Estimations [Table Text Block] | Discount rate 7.07% Exit capitalization rate 5.57% Lease-up period (months) 12 Net rental rate per square foot - Industrial $4.85 |
Indebtedness (Tables)
Indebtedness (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Fair Value, Liabilities Measured on a Recurring Basis, Disclosure Only | Book Value at 12/31/2014 Book Value at 9/30/2015 Fair Value at 12/31/2014 Payments/Payoffs Adjustments to Fair Value Fair Value at 9/30/2015 Fixed rate secured debt $ 979,842 $ 761,607 $ 1,065,301 $ (216,532 ) $ (21,995 ) $ 826,774 Variable rate secured debt 3,400 3,100 3,400 (300 ) — 3,100 Unsecured debt 3,364,161 2,681,313 3,603,475 (682,848 ) (120,237 ) 2,800,390 Unsecured line of credit 106,000 — 106,000 (106,000 ) — — Total $ 4,453,403 $ 3,446,020 $ 4,778,176 $ (1,005,680 ) $ (142,232 ) $ 3,630,264 Less secured debt related to real estate assets held-for-sale 40,764 — Total indebtedness as reported on consolidated balance sheets $ 4,412,639 $ 3,446,020 |
Unsecured Line of Credit | Description Maximum Capacity Maturity Date Outstanding Balance at September 30, 2015 Unsecured Line of Credit - Partnership $ 1,200,000 January 2019 $ — |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Fees Earned from Related Parties | Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Management fees $ 1,835 $ 2,233 $ 5,388 $ 6,569 Leasing fees 692 572 1,714 3,085 Construction and development fees 2,247 1,529 3,377 4,911 |
Net Income (Loss) Per Common 23
Net Income (Loss) Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Reconciling the Components of Basic and Diluted Net Income (Loss) per Common Share | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 General Partner Net income attributable to common shareholders $ 76,434 $ 61,533 $ 591,058 $ 207,904 Less: Dividends on participating securities (593 ) (651 ) (1,803 ) (1,941 ) Basic net income attributable to common shareholders 75,841 60,882 589,255 205,963 Add back dividends on dilutive participating securities 593 — 1,803 — Noncontrolling interest in earnings of common unitholders 751 795 6,212 2,738 Diluted net income attributable to common shareholders $ 77,185 $ 61,677 $ 597,270 $ 208,701 Weighted average number of common shares outstanding 345,256 341,165 344,986 333,393 Weighted average Limited Partner Units outstanding 3,504 4,380 3,609 4,384 Other potential dilutive shares 3,390 281 3,418 280 Weighted average number of common shares and potential dilutive securities 352,150 345,826 352,013 338,057 Partnership Net income attributable to common unitholders $ 77,185 $ 62,328 $ 597,270 $ 210,642 Less: Distributions on participating securities (593 ) (651 ) (1,803 ) (1,941 ) Basic net income attributable to common unitholders $ 76,592 $ 61,677 $ 595,467 $ 208,701 Add back distributions on dilutive participating securities 593 — 1,803 — Diluted net income attributable to common unitholders $ 77,185 $ 61,677 $ 597,270 $ 208,701 Weighted average number of Common Units outstanding 348,760 345,545 348,595 337,777 Other potential dilutive units 3,390 281 3,418 280 Weighted average number of Common Units and potential dilutive securities 352,150 345,826 352,013 338,057 |
Computation of Anti-Dilutive Common Share | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 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 997 1,215 997 1,215 Outstanding participating securities — 3,867 — 3,867 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues Rental Operations: Industrial $ 136,276 $ 130,495 $ 419,391 $ 392,048 Medical Office 39,911 36,715 120,213 104,979 Office 23,277 32,134 72,103 109,700 Non-reportable Rental Operations — 1,698 — 5,414 Service Operations 33,599 59,739 110,320 185,072 Total segment revenues 233,063 260,781 722,027 797,213 Other revenue (loss) 1,474 1,025 5,842 3,352 Consolidated revenue from continuing operations 234,537 261,806 727,869 800,565 Discontinued operations 7 29,709 32,171 89,112 Consolidated revenue $ 234,544 $ 291,515 $ 760,040 $ 889,677 |
Summary of Net Operation Income | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 PNOI Industrial $ 99,236 $ 88,654 $ 291,987 $ 258,863 Medical Office 25,827 23,456 76,878 65,820 Office 11,791 13,688 36,364 37,851 Non-reportable Rental Operations — 970 — 3,275 PNOI, excluding all sold/held for sale properties 136,854 126,768 405,229 365,809 PNOI from sold/held-for-sale properties included in continuing operations 2,711 13,162 17,471 47,270 PNOI, continuing operations 139,565 139,930 422,700 413,079 Earnings from Service Operations 3,905 7,211 11,865 21,415 Rental Operations revenues and expenses excluded from PNOI: Straight-line rental income and expense, net 5,723 5,466 16,830 16,183 Revenues related to lease buyouts 408 145 1,366 4,365 Amortization of lease concessions and above and below market rents (357 ) (919 ) (2,559 ) (4,820 ) Intercompany rents and other adjusting items (434 ) (1,616 ) (1,306 ) (3,718 ) Non-Segment Items: Equity in earnings (loss) of unconsolidated companies (5,088 ) 19,178 16,281 82,325 Interest expense (41,615 ) (47,421 ) (134,576 ) (145,628 ) Depreciation expense (79,898 ) (85,772 ) (240,135 ) (262,570 ) Gain on sale of properties 71,259 47,143 202,153 133,617 Impairment charges on non-depreciable properties (2,426 ) (6,368 ) (7,896 ) (8,891 ) Interest and other income, net 1,343 356 3,056 936 General and administrative expenses (11,340 ) (10,573 ) (47,582 ) (35,632 ) Gain on land sales 1,659 3,167 24,096 7,208 Other operating expenses (1,467 ) (1,829 ) (4,579 ) (6,032 ) Gain (loss) on extinguishment of debt 64 — (82,589 ) (139 ) Acquisition-related activity (5,660 ) (110 ) (6,993 ) (871 ) Other non-segment revenues and expenses, net (1,806 ) (269 ) (2,065 ) (1,041 ) Income from continuing operations before income taxes $ 73,835 $ 67,719 $ 168,067 $ 209,786 |
Reportable Segments Consolidated Assets | September 30, December 31, Assets Rental Operations: Industrial $ 4,501,662 $ 4,677,047 Medical Office 1,247,196 1,229,632 Office 483,641 1,252,627 Non-reportable Rental Operations — 71,741 Service Operations 140,103 158,762 Total segment assets 6,372,602 7,389,809 Non-segment assets 767,307 365,030 Consolidated assets $ 7,139,909 $ 7,754,839 |
Discontinued Operations and A25
Discontinued Operations and Assets Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Table Illustration of Number of Properties in Discontinued Operations | Held-for-Sale at September 30, 2015 Sold through September 30, 2015 Sold in 2014 Total Industrial 0 5 11 16 Medical Office 0 1 1 2 Office 0 56 0 56 Total properties included in discontinued operations 0 62 12 74 Properties excluded from discontinued operations 1 78 17 96 Total properties sold or classified as held-for-sale 1 140 29 170 |
Table Illustration of Discontinued Operations in Statement of Operations | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues $ 7 $ 29,709 $ 32,171 $ 89,112 Operating expenses (50 ) (12,145 ) (12,449 ) (35,651 ) Depreciation and amortization — (9,228 ) (3,517 ) (28,335 ) Operating income (43 ) 8,336 16,205 25,126 Interest expense — (6,059 ) (5,659 ) (18,557 ) Income (loss) before gain on sales (43 ) 2,277 10,546 6,569 Gain on sale of depreciable properties 66 564 417,795 22,864 Income from discontinued operations before income taxes 23 2,841 428,341 29,433 Income tax benefit (expense) 45 555 (3,175 ) (2,969 ) Income from discontinued operations $ 68 $ 3,396 $ 425,166 $ 26,464 |
Allocation of Common Shareholders' Income (Loss) Between Continuing and Discontinued Operations | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Income from continuing operations attributable to common shareholders $ 76,367 $ 58,180 $ 170,294 $ 181,783 Income from discontinued operations attributable to common shareholders 67 3,353 420,764 26,121 Net income attributable to common shareholders $ 76,434 $ 61,533 $ 591,058 $ 207,904 |
Schedule of Discontinued Operations, Properties Held-for-Sale, Aggregate Balance Sheet Information [Table Text Block] | The following table illustrates aggregate balance sheet information for all held-for-sale properties at September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Held-for-Sale Properties Included in Continuing Operations Properties Included in Continuing Operations Properties Included in Discontinued Operations Total Held-For-Sale Properties Land and improvements $ 596 $ 21,347 $ 126,921 $ 148,268 Buildings and tenant improvements 8,039 36,925 721,398 758,323 Undeveloped land 6,349 12,443 — 12,443 Accumulated depreciation (6,283 ) (23,071 ) (247,269 ) (270,340 ) Deferred leasing and other costs, net 67 3,480 44,840 48,320 Other assets 152 562 27,475 28,037 Total assets held-for-sale $ 8,920 $ 51,686 $ 673,365 $ 725,051 Secured debt $ — $ — $ 40,764 $ 40,764 Accrued expenses 183 233 5,180 5,413 Other liabilities 42 434 12,481 12,915 Total liabilities held-for-sale $ 225 $ 667 $ 58,425 $ 59,092 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Schedule of Dividends Declared | Class of stock/units Quarterly Amount per Share or Unit Record Date Payment Date Common - Quarterly $0.18 November 16, 2015 November 30, 2015 Common - Special $0.20 November 16, 2015 December 15, 2015 |
General Basis of Presentation27
General Basis of Presentation (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Common partnership interests of DRLP Owned | 99.00% |
Duke Realty Limited Partnership [Member] | |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 1.00% |
Variable Interest Entities (Bal
Variable Interest Entities (Balances Related to Joint Ventures) (Details) $ in Millions | Sep. 30, 2015USD ($) |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Maximum Guarantee Exposure for Joint Venture Loans | $ 80.2 |
Acquisitions and Dispositions29
Acquisitions and Dispositions (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)buildings | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)buildings | Sep. 30, 2014USD ($) | |
Operating Income (Loss) | $ 119,703,000 | $ 114,894,000 | $ 389,169,000 | $ 355,488,000 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years 2 months 1 day | |||
Operating Leases, Income Statement, Lease Revenue | $ 200,938,000 | $ 202,067,000 | $ 617,549,000 | $ 615,493,000 |
Industrial [Member] | ||||
Number Of Real Estate Properties Acquired | buildings | 2 | 2 | ||
Other 2015 Acquisitions [Member] | ||||
Operating Income (Loss) | $ 69,000 | |||
Operating Leases, Income Statement, Lease Revenue | $ 450,000 |
Acquisitions and Dispositions30
Acquisitions and Dispositions (Summary of Allocation of Fair Value of Amounts Recognized) (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings | $ 26,276 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2,001 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 28,277 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 319 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 319 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 27,958 |
Acquisitions and Dispositions31
Acquisitions and Dispositions (Summary of Significant Assumptions Utilized in Estimates) (Details) | 9 Months Ended |
Sep. 30, 2015$ / sqftmonths | |
Business Acquisition [Line Items] | |
Fair Value Inputs, Discount Rate | 7.07% |
Fair Value Inputs, Cap Rate | 5.57% |
Fair Value Measurement With Unobservable Inputs Lease up Period in Months | months | 12 |
Industrial [Member] | |
Business Acquisition [Line Items] | |
Fair Value Measurement With Unobservable Inputs Rental Rate Per Square Foot | 4.85 |
Acquisitions and Dispositions D
Acquisitions and Dispositions Dispositions (Details) $ in Thousands, sqft in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015USD ($)asqft | Sep. 30, 2015USD ($)abuildings | Sep. 30, 2014USD ($) | Dec. 31, 2014buildings | |
Dispositions Disclosures [Line Items] | ||||
Proceeds from Sale of Real Estate Held-for-investment | $ 1,534,177 | $ 386,215 | ||
Number of Real Estate Properties Sold | buildings | 140 | 29 | ||
Mortgage note receivable from buyer in property sale | $ 204,428 | $ 0 | ||
Suburban Office Portfolio Sale [Member] | ||||
Dispositions Disclosures [Line Items] | ||||
Proceeds from Sale of Real Estate Held-for-investment | $ 1,070,000 | |||
Gains (Losses) on Sale of Real Estate | $ 398,600 | |||
Square Footage Of Real Estate Properties Acquired Or Disposed | sqft | 6.7 | |||
Number of Real Estate Properties Sold | buildings | 61 | |||
Area of Land | a | 57 | 57 | ||
Mortgage note receivable from buyer in property sale | $ 200,000 | |||
Industrial Portfolio Sale [Member] | ||||
Dispositions Disclosures [Line Items] | ||||
Proceeds from Sale of Real Estate Held-for-investment | $ 270,000 | |||
Gains (Losses) on Sale of Real Estate | $ 107,300 | |||
Square Footage Of Real Estate Properties Acquired Or Disposed | sqft | 5.2 | |||
Number of Real Estate Properties Sold | buildings | 51 | |||
London Interbank Offered Rate (LIBOR) [Member] | Suburban Office Portfolio Sale [Member] | ||||
Dispositions Disclosures [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Indebtedness (Summary of Book V
Indebtedness (Summary of Book Value and Changes in Fair Value of Debt) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Disposal Groups, Secured Debt Related to Assets Held for Sale | $ 40,764 | |
Book value | $ 3,446,020 | 4,412,639 |
Fair value | 3,630,264 | 4,778,176 |
Long Term Debt Including Amounts Classified as Held for Sale | 3,446,020 | 4,453,403 |
Payments/Payoffs | (1,005,680) | |
Adjustments to fair value | (142,232) | |
Fixed Rate Secured Debt [Member] | ||
Book value | 761,607 | 979,842 |
Fair value | 826,774 | 1,065,301 |
Payments/Payoffs | (216,532) | |
Adjustments to fair value | (21,995) | |
Variable Rate Secured Debt [Member] | ||
Book value | 3,100 | 3,400 |
Fair value | 3,100 | 3,400 |
Payments/Payoffs | (300) | |
Adjustments to fair value | 0 | |
Unsecured Debt [Member] | ||
Book value | 2,681,313 | 3,364,161 |
Fair value | 2,800,390 | 3,603,475 |
Payments/Payoffs | (682,848) | |
Adjustments to fair value | (120,237) | |
Unsecured Line of Credit DRLP [Member] | ||
Book value | 0 | 106,000 |
Fair value | 0 | $ 106,000 |
Payments/Payoffs | (106,000) | |
Adjustments to fair value | $ 0 |
Indebtedness Secured Debt (Deta
Indebtedness Secured Debt (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)loans | Sep. 30, 2014USD ($) | |
Debt Instrument [Line Items] | ||||
Repayments of Secured Debt | $ 221,085 | $ 93,036 | ||
Gains (Losses) on Extinguishment of Debt | $ 64 | $ 0 | $ (82,589) | $ (139) |
Fixed Rate Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 2.20% | |||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | 3.60% | |||
Number of secured loans repaid | loans | 16 | |||
Repayments of Secured Debt | $ 208,900 | |||
Repaid Debt, Weighted Average Interest Rate | 5.36% | 5.36% | ||
Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Gains (Losses) on Extinguishment of Debt | $ 3,700 |
Indebtedness Unsecured Debt (De
Indebtedness Unsecured Debt (Details) $ in Thousands | May. 31, 2015USD ($) | Apr. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)loans | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | |||||||
Number of Variable Rate Unsecured Loans | loans | 1 | ||||||
Long-term Debt | $ 3,446,020 | $ 3,446,020 | $ 4,412,639 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 6.08% | ||||||
Gains (Losses) on Extinguishment of Debt | 64 | $ 0 | (82,589) | $ (139) | |||
Repayments of Unsecured Debt | $ 7,100 | $ 500,000 | 759,948 | $ 1,556 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | ||||||
Unsecured Debt | 2,681,313 | 2,681,313 | $ 3,364,161 | ||||
Debt Instrument, Repurchased Face Amount | $ 6,300 | $ 424,900 | |||||
Variable Rate UnSecured Debt [Member] [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | $ 250,000 | $ 250,000 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 1.35% | 1.35% | |||||
Fixed Rate Unsecured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Estimated Trading Values, Percent of Face Value, Minimum | 98.00% | ||||||
Debt Instrument, Estimated Trading Values, Percent of Face Value, Maximum | 120.00% | ||||||
Debt Instrument, Covenant Compliance | We were in compliance with all such covenants at September 30, 2015 | ||||||
Fixed Rate Unsecured Debt Repaid [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.50% | 7.50% | |||||
Repayments of Unsecured Debt | $ 250,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.38% | 7.38% | |||||
Tender Offer [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unsecured Debt | $ 500,000 | $ 500,000 | |||||
Unsecured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Gains (Losses) on Extinguishment of Debt | $ 78,900 | ||||||
Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | ||||||
Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.25% |
Indebtedness (Unsecured Line of
Indebtedness (Unsecured Line of Credit) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Line of credit balance | $ 0 | $ 106,000 |
Unsecured Line of Credit DRLP [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,600,000 | |
Line of Credit Facility, Covenant Compliance | we were in compliance with all covenants under this line of credit. | |
Line of Credit Facility Option to Increase Borrowing Limit | $ 400,000 | |
Unsecured Line of Credit DRLP [Member] | Unsecured Line of Credit DRLP [Member] | ||
Maximum Capacity | $ 1,200,000 | |
Maturity date | Jan. 1, 2019 | |
Line of credit balance | $ 0 | |
Unsecured Line of Credit DRLP [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |
Debt Instrument, Basis Spread on Variable Rate | 1.05% |
Shareholders' Equity Shareholde
Shareholders' Equity Shareholders' Equity (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Issuance of common shares | $ 4,592 | $ 255,962 |
At-the-market equity issuance [Member] | ||
Stock Issued During Period, Shares, New Issues | 233,000 | |
Issuance of common shares | $ 4,600 | |
At-the-market equity issuance [Member] | Gross Proceeds [Member] | ||
Issuance of common shares | $ 5,000 |
Related Party Transactions (Sch
Related Party Transactions (Schedule of Fees Earned from Related Parties) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Management Fees [Member] | ||||
Revenue from related party transactions | $ 1,835 | $ 2,233 | $ 5,388 | $ 6,569 |
Leasing Fees [Member] | ||||
Revenue from related party transactions | 692 | 572 | 1,714 | 3,085 |
Construction and Development Fees [Member] | ||||
Revenue from related party transactions | $ 2,247 | $ 1,529 | $ 3,377 | $ 4,911 |
Net Income (Loss) Per Common 39
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 | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income attributable to common shareholders | $ 76,434 | $ 61,533 | $ 591,058 | $ 207,904 |
Less: Dividends on participating securities | (593) | (651) | (1,803) | (1,941) |
Basic net income attributable to common shareholders | 75,841 | 60,882 | 589,255 | 205,963 |
Add back dividends on dilutive participating securities | 593 | 0 | 1,803 | 0 |
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Redeemable | 751 | 795 | 6,212 | 2,738 |
Diluted net income attributable to common shareholders | $ 77,185 | $ 61,677 | $ 597,270 | $ 208,701 |
Weighted average number of common shares/units outstanding, Basic | 345,256 | 341,165 | 344,986 | 333,393 |
Weighted Average Limited Partnership Units Outstanding, Basic | 3,504 | 4,380 | 3,609 | 4,384 |
Other potential dilutive shares/units | 3,390 | 281 | 3,418 | 280 |
Weighted average number of common shares/units and potential dilutive securities | 352,150 | 345,826 | 352,013 | 338,057 |
Duke Realty Limited Partnership [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income attributable to common shareholders | $ 77,185 | $ 62,328 | $ 597,270 | $ 210,642 |
Less: Dividends on participating securities | (593) | (651) | (1,803) | (1,941) |
Basic net income attributable to common unitholders | 76,592 | 61,677 | 595,467 | 208,701 |
Add back dividends on dilutive participating securities | 593 | 0 | 1,803 | 0 |
Diluted net income attributable to common unitholders | $ 77,185 | $ 61,677 | $ 597,270 | $ 208,701 |
Weighted average number of common shares/units outstanding, Basic | 348,760 | 345,545 | 348,595 | 337,777 |
Other potential dilutive shares/units | 3,390 | 281 | 3,418 | 280 |
Weighted average number of common shares/units and potential dilutive securities | 352,150 | 345,826 | 352,013 | 338,057 |
Net Income (Loss) Per Common 40
Net Income (Loss) Per Common Share (Computation of Anti-Dilutive Common Shares) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities | 997 | 1,215 | 997 | 1,215 |
Participating Securities [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities | 0 | 3,867 | 0 | 3,867 |
Segment Reporting Summary of Re
Segment Reporting Summary of Revenues (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Number of Reportable Segments | 4 | |||
Rental and related revenue | $ 200,938 | $ 202,067 | $ 617,549 | $ 615,493 |
General contractor and service fee revenue | 33,599 | 59,739 | 110,320 | 185,072 |
Revenues | 234,537 | 261,806 | 727,869 | 800,565 |
Disposal Group, Including Discontinued Operation, Revenue | 7 | 29,709 | 32,171 | 89,112 |
Total Revenues Including Revenues Related To Discontinued Operations | 234,544 | 291,515 | 760,040 | 889,677 |
Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 233,063 | 260,781 | 722,027 | 797,213 |
Operating Segments [Member] | Industrial [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Rental and related revenue | 136,276 | 130,495 | 419,391 | 392,048 |
Operating Segments [Member] | Medical Office [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Rental and related revenue | 39,911 | 36,715 | 120,213 | 104,979 |
Operating Segments [Member] | Office [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Rental and related revenue | 23,277 | 32,134 | 72,103 | 109,700 |
Operating Segments [Member] | All Other Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Rental and related revenue | 0 | 1,698 | 0 | 5,414 |
Operating Segments [Member] | Service Operations [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
General contractor and service fee revenue | 33,599 | 59,739 | 110,320 | 185,072 |
Corporate, Non-Segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Rental and related revenue | 1,474 | 1,025 | 5,842 | 3,352 |
Disposal Group, Including Discontinued Operation, Revenue | $ 7 | $ 29,709 | $ 32,171 | $ 89,112 |
Segment Reporting (Summary of N
Segment Reporting (Summary of Net Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Straight line rental income and expenses, net | $ 18,498 | $ 16,419 | ||
Income (Loss) from Equity Method Investments | $ (5,088) | $ 19,178 | 16,281 | 82,325 |
Interest expense | (41,615) | (47,421) | (134,576) | (145,628) |
Depreciation and amortization on continuing operations | (79,898) | (85,772) | (240,135) | (262,570) |
Gain on sale of properties | 71,259 | 47,143 | 202,153 | 133,617 |
Asset Impairment Charges | (2,426) | (6,368) | (7,896) | (8,891) |
Interest and other income, net | 1,343 | 356 | 3,056 | 936 |
General and administrative expenses | (11,340) | (10,573) | (47,582) | (35,632) |
Gain on land sales | 1,659 | 3,167 | 24,096 | 7,208 |
Other operating expenses | (1,467) | (1,829) | (4,579) | (6,032) |
Gains (Losses) on Extinguishment of Debt | 64 | 0 | (82,589) | (139) |
Acquisition-related activity | (5,660) | (110) | (6,993) | (871) |
Income from continuing operations before income taxes | 73,835 | 67,719 | 168,067 | 209,786 |
Operating Segments [Member] | ||||
Property Level Net Operating Income – Cash Basis | 136,854 | 126,768 | 405,229 | 365,809 |
Property Level Net Income, Cash Basis, Continuing Operations | 139,565 | 139,930 | 422,700 | 413,079 |
Operating Segments [Member] | Industrial [Member] | ||||
Property Level Net Operating Income – Cash Basis | 99,236 | 88,654 | 291,987 | 258,863 |
Operating Segments [Member] | Medical Office [Member] | ||||
Property Level Net Operating Income – Cash Basis | 25,827 | 23,456 | 76,878 | 65,820 |
Operating Segments [Member] | Office [Member] | ||||
Property Level Net Operating Income – Cash Basis | 11,791 | 13,688 | 36,364 | 37,851 |
Operating Segments [Member] | All Other Segments [Member] | ||||
Property Level Net Operating Income – Cash Basis | 0 | 970 | 0 | 3,275 |
Operating Segments [Member] | Service Operations [Member] | ||||
Service Operations Net Income (loss) | 3,905 | 7,211 | 11,865 | 21,415 |
Segment Reconciling Items [Member] | ||||
Sold Properties Included in Continuing Operations Net Operating Income | 2,711 | 13,162 | 17,471 | 47,270 |
Straight line rental income and expenses, net | 5,723 | 5,466 | 16,830 | 16,183 |
Revenues Related to Lease Buyouts | 408 | 145 | 1,366 | 4,365 |
Amortization of lease incentives and market rents | (357) | (919) | (2,559) | (4,820) |
Intercompany rents and other adjusting items | (434) | (1,616) | (1,306) | (3,718) |
Corporate, Non-Segment [Member] | ||||
Income (Loss) from Equity Method Investments | (5,088) | 19,178 | 16,281 | 82,325 |
Interest expense | (41,615) | (47,421) | (134,576) | (145,628) |
Depreciation and amortization on continuing operations | (79,898) | (85,772) | (240,135) | (262,570) |
Gain on sale of properties | 71,259 | 47,143 | 202,153 | 133,617 |
Asset Impairment Charges | (2,426) | (6,368) | (7,896) | (8,891) |
Interest and other income, net | 1,343 | 356 | 3,056 | 936 |
General and administrative expenses | (11,340) | (10,573) | (47,582) | (35,632) |
Gain on land sales | 1,659 | 3,167 | 24,096 | 7,208 |
Other operating expenses | (1,467) | (1,829) | (4,579) | (6,032) |
Gains (Losses) on Extinguishment of Debt | 64 | 0 | (82,589) | (139) |
Acquisition-related activity | (5,660) | (110) | (6,993) | (871) |
Other non-segment income | $ (1,806) | $ (269) | $ (2,065) | $ (1,041) |
Segment Reporting (Reportable S
Segment Reporting (Reportable Segments Consolidated Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Total Assets | $ 7,139,909 | $ 7,754,839 |
Corporate, Non-Segment [Member] | ||
Total Assets | 767,307 | 365,030 |
Operating Segments [Member] | ||
Total Assets | 6,372,602 | 7,389,809 |
Operating Segments [Member] | Industrial [Member] | ||
Total Assets | 4,501,662 | 4,677,047 |
Operating Segments [Member] | Medical Office [Member] | ||
Total Assets | 1,247,196 | 1,229,632 |
Operating Segments [Member] | Office [Member] | ||
Total Assets | 483,641 | 1,252,627 |
Operating Segments [Member] | All Other Segments [Member] | ||
Total Assets | 0 | 71,741 |
Operating Segments [Member] | Service Operations [Member] | ||
Total Assets | $ 140,103 | $ 158,762 |
Discontinued Operations and A44
Discontinued Operations and Assets Held for Sale (Table Illustration of Number of Properties in Discontinued Operations) (Details) - buildings | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Number of properties held for sale in discontinued operations | 0 | |
Number of properties sold in discontinued operations | 62 | 12 |
Total number of properties in discontinued operations | 74 | |
Continuing Operations, Number of In-service Properties Held for Sale | 1 | |
Continuing Operations, Number of Real Estate Properties Sold | 78 | 17 |
Continuing Operations, Number of Real Estate Properties Sold or Classified as Held for Sale | 96 | |
Number of Real Estate Properties Held for Sale | 1 | |
Number of Real Estate Properties Sold | 140 | 29 |
Total Properties Sold or Classified as Held for Sale | 170 | |
Industrial [Member] | ||
Number of properties held for sale in discontinued operations | 0 | |
Number of properties sold in discontinued operations | 5 | 11 |
Total number of properties in discontinued operations | 16 | |
Office [Member] | ||
Number of properties held for sale in discontinued operations | 0 | |
Number of properties sold in discontinued operations | 56 | 0 |
Total number of properties in discontinued operations | 56 | |
Medical Office [Member] | ||
Number of properties held for sale in discontinued operations | 0 | |
Number of properties sold in discontinued operations | 1 | 1 |
Total number of properties in discontinued operations | 2 |
Discontinued Operations and A45
Discontinued Operations and Assets Held for Sale (Table Illustration of Discontinued Operations in Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Discontinued Operations | ||||
Revenues | $ 7 | $ 29,709 | $ 32,171 | $ 89,112 |
Operating Expenses | (50) | (12,145) | (12,449) | (35,651) |
Depreciation and amortization, discontinued operations | 0 | (9,228) | (3,517) | (28,335) |
Operating Income (Loss) | (43) | 8,336 | 16,205 | 25,126 |
Interest Expense | 0 | (6,059) | (5,659) | (18,557) |
Income (loss) before gain on sales | (43) | 2,277 | 10,546 | 6,569 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 66 | 564 | 417,795 | 22,864 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 23 | 2,841 | 428,341 | 29,433 |
Discontinued Operation, Tax Effect of Discontinued Operation | 45 | 555 | (3,175) | (2,969) |
Income from discontinued operations | $ 68 | $ 3,396 | 425,166 | 26,464 |
Payments For Second Generation Tenant Improvements Leasing Costs And Building Improvements | 45,688 | 69,475 | ||
Discontinued Operations [Member] | ||||
Discontinued Operations | ||||
Payments For Second Generation Tenant Improvements Leasing Costs And Building Improvements | $ 7,400 | $ 23,900 |
Discontinued Operations and A46
Discontinued Operations and Assets Held for Sale (Allocation of Shareholders' Income (Loss) Between Continuing and Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Discontinued Operations | ||||
Income (loss) from continuing operations attributable to common shareholders | $ 76,367 | $ 58,180 | $ 170,294 | $ 181,783 |
Income (loss) from discontinued operations attributable to common shareholders | 67 | 3,353 | 420,764 | 26,121 |
Net income attributable to common shareholders | $ 76,434 | $ 61,533 | $ 591,058 | $ 207,904 |
Discontinued Operations and A47
Discontinued Operations and Assets Held for Sale (Aggregate Balance Sheet of Properties Held for Sale Included in Discontinued Operations) (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015USD ($)abuildings | Dec. 31, 2014USD ($) | |
Held for Sale Assets in Continuing and Discontinued Operations | ||
Land and Land Improvements Held-for-Sale | $ 148,268 | |
Buildings and Tenant Improvements Held-for-Sale | 758,323 | |
Inventory, Land Held-for-sale | 12,443 | |
Accumulated Depreciation of Assets Held-for-Sale | (270,340) | |
Lease Related Assets, Held for Sale | 48,320 | |
Other assets | 28,037 | |
Total assets held-for-sale | $ 8,920 | 725,051 |
Disposal Groups, Secured Debt Related to Assets Held for Sale | 40,764 | |
Accrued expenses | 5,413 | |
Other liabilities | 12,915 | |
Total liabilities held-for-sale | $ 225 | 59,092 |
Discontinued Operation, Number of Real Estate Properties Held for Sale | buildings | 0 | |
Continuing Operations, Number of In-service Properties Held for Sale | buildings | 1 | |
Continuing Operations [Member] | ||
Held for Sale Assets in Continuing and Discontinued Operations | ||
Land and Land Improvements Held-for-Sale | $ 596 | 21,347 |
Buildings and Tenant Improvements Held-for-Sale | 8,039 | 36,925 |
Inventory, Land Held-for-sale | 6,349 | 12,443 |
Accumulated Depreciation of Assets Held-for-Sale | (6,283) | (23,071) |
Lease Related Assets, Held for Sale | 67 | 3,480 |
Other assets | 152 | 562 |
Total assets held-for-sale | 8,920 | 51,686 |
Disposal Groups, Secured Debt Related to Assets Held for Sale | 0 | 0 |
Accrued expenses | 183 | 233 |
Other liabilities | 42 | 434 |
Total liabilities held-for-sale | $ 225 | 667 |
Discontinued Operations [Member] | ||
Held for Sale Assets in Continuing and Discontinued Operations | ||
Land and Land Improvements Held-for-Sale | 126,921 | |
Buildings and Tenant Improvements Held-for-Sale | 721,398 | |
Inventory, Land Held-for-sale | 0 | |
Accumulated Depreciation of Assets Held-for-Sale | (247,269) | |
Lease Related Assets, Held for Sale | 44,840 | |
Other assets | 27,475 | |
Total assets held-for-sale | 673,365 | |
Disposal Groups, Secured Debt Related to Assets Held for Sale | 40,764 | |
Accrued expenses | 5,180 | |
Other liabilities | 12,481 | |
Total liabilities held-for-sale | $ 58,425 | |
Land [Member] | ||
Held for Sale Assets in Continuing and Discontinued Operations | ||
Area of Land | a | 39 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | May. 31, 2015 | Apr. 30, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Subsequent Event [Line Items] | |||||||
Repayments of Unsecured Debt | $ 7,100 | $ 500,000 | $ 759,948 | $ 1,556 | |||
Gains (Losses) on Extinguishment of Debt | $ 64 | $ 0 | $ (82,589) | $ (139) | |||
Declaration of Dividends [Member] | Common Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common stock dividends declared per share | $ 0.18 | ||||||
Record date | Nov. 16, 2015 | ||||||
Payment date | Nov. 30, 2015 | ||||||
Debt Repayment [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Repayments of Unsecured Debt | $ 150,000 | ||||||
Gains (Losses) on Extinguishment of Debt | $ 3,100 | ||||||
Special Dividend [Member] | Common Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Payment date | Dec. 15, 2015 | ||||||
Special Dividend [Member] | Declaration of Dividends [Member] | Common Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common stock dividends declared per share | $ 0.20 |