Duke Realty (DRE) 10-Q 29 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 27, 2016
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	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		345,944,653
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	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Land and improvements	$ 1,423,977	$ 1,391,763
Buildings and tenant improvements	4,777,883	4,740,837
Construction in progress	352,108	321,062
Investments in and advances to unconsolidated companies	277,869	268,390
Undeveloped land	344,388	383,045
Real estate investment property, at cost, total	7,176,225	7,105,097
Accumulated depreciation	(1,234,634)	(1,192,425)
Net real estate investments	5,941,591	5,912,672
Real estate investments and other assets held-for-sale	64,161	45,801
Cash and cash equivalents	15,640	22,533
Accounts receivable, net of allowance	20,004	18,846
Straight-line rent receivable, net of allowance	118,667	116,781
Receivables on construction contracts, including retentions	16,623	16,459
Deferred leasing and other costs, net of accumulated amortization	339,871	346,374
Escrow deposits and other assets	380,403	416,049
Total Assets	6,896,960	6,895,515
LIABILITIES AND EQUITY
Secured debt, net of deferred financing costs	722,069	738,444
Unsecured debt, net of deferred financing costs	2,510,991	2,510,697
Unsecured line of credit	148,000	71,000
Long-term debt, total	3,381,060	3,320,141
Liabilities related to real estate investments held-for-sale	1,388	972
Construction payables and amounts due subcontractors, including retentions	55,121	54,921
Accrued real estate taxes	71,197	71,617
Accrued interest	30,591	34,447
Other accrued expenses	31,649	61,827
Other liabilities	99,303	106,283
Tenant security deposits and prepaid rents	36,534	40,506
Total Liabilities	3,706,843	3,690,714
Equity
Common shares	3,459	3,453
Additional paid-in capital	4,965,226	4,961,923
Accumulated other comprehensive income	1,511	1,806
Distributions in excess of net income	(1,804,765)	(1,785,250)
Total shareholders' equity	3,165,431	3,181,932
Noncontrolling interests	24,686	22,869
Total Equity	3,190,117	3,204,801
Total Liabilities and Equity	6,896,960	6,895,515
Duke Realty Limited Partnership [Member]
ASSETS
Land and improvements	1,423,977	1,391,763
Buildings and tenant improvements	4,777,883	4,740,837
Construction in progress	352,108	321,062
Investments in and advances to unconsolidated companies	277,869	268,390
Undeveloped land	344,388	383,045
Real estate investment property, at cost, total	7,176,225	7,105,097
Accumulated depreciation	(1,234,634)	(1,192,425)
Net real estate investments	5,941,591	5,912,672
Real estate investments and other assets held-for-sale	64,161	45,801
Cash and cash equivalents	15,640	22,533
Accounts receivable, net of allowance	20,004	18,846
Straight-line rent receivable, net of allowance	118,667	116,781
Receivables on construction contracts, including retentions	16,623	16,459
Deferred leasing and other costs, net of accumulated amortization	339,871	346,374
Escrow deposits and other assets	380,403	416,049
Total Assets	6,896,960	6,895,515
LIABILITIES AND EQUITY
Secured debt, net of deferred financing costs	722,069	738,444
Unsecured debt, net of deferred financing costs	2,510,991	2,510,697
Unsecured line of credit	148,000	71,000
Long-term debt, total	3,381,060	3,320,141
Liabilities related to real estate investments held-for-sale	1,388	972
Construction payables and amounts due subcontractors, including retentions	55,121	54,921
Accrued real estate taxes	71,197	71,617
Accrued interest	30,591	34,447
Other accrued expenses	31,649	61,827
Other liabilities	99,303	106,283
Tenant security deposits and prepaid rents	36,534	40,506
Total Liabilities	3,706,843	3,690,714
Equity
Common equity	3,163,920	3,180,126
General Partners' equity	3,163,920	3,180,126
Limited Partners' common equity	21,841	20,032
Accumulated other comprehensive income	1,511	1,806
Total partners' equity	3,187,272	3,201,964
Noncontrolling interests	2,845	2,837
Total Equity	3,190,117	3,204,801
Total Liabilities and Equity	$ 6,896,960	$ 6,895,515

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accounts receivable, allowance	$ 1,194	$ 1,113
Straight-line rent receivable, allowance	6,044	6,155
Deferred leasing and other costs, accumulated amortization	248,812	245,426
Deferred Finance Costs, Net	$ 20,568	$ 21,598
Common shares, par value	$ 0.01	$ 0.01
Common shares, shares authorized	600,000,000	600,000,000
Common shares, shares issued	345,935,000	345,285,000
Common shares, shares outstanding	345,935,000	345,285,000
Duke Realty Limited Partnership [Member]
Accounts receivable, allowance	$ 1,194	$ 1,113
Straight-line rent receivable, allowance	6,044	6,155
Deferred leasing and other costs, accumulated amortization	$ 248,812	$ 245,426
Common equity, General Partner Units issued	345,935,000	345,285,000
Common equity, General Partner Units outstanding	345,935,000	345,285,000
Limited Partner Units issued	3,504,000	3,487,000
Limited Partner Units outstanding	3,504,000	3,487,000
Secured Debt [Member]
Deferred Finance Costs, Net	$ 1,394	$ 1,552
Secured Debt [Member] | Duke Realty Limited Partnership [Member]
Deferred Finance Costs, Net	1,394	1,552
Unsecured Debt [Member]
Deferred Finance Costs, Net	19,174	20,046
Unsecured Debt [Member] | Duke Realty Limited Partnership [Member]
Deferred Finance Costs, Net	$ 19,174	$ 20,046

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Rental and related revenue	$ 201,803	$ 214,615
General contractor and service fee revenue	23,151	52,820
Revenues, total	224,954	267,435
Expenses:
Rental expenses	29,278	36,124
Real estate taxes	29,627	30,779
General contractor and other services expenses	20,920	47,023
Depreciation and amortization	77,798	81,903
Costs and expenses, total	157,623	195,829
Other operating activities:
Equity in earnings of unconsolidated companies	21,860	6,246
Gain on sale of properties	15,577	23,484
Gain on land sales	130	5,425
Other operating expenses	(1,237)	(1,557)
Impairment charges	(6,405)	0
General and administrative expenses	(18,098)	(17,004)
Other Operating Activities, Net	11,827	16,594
Operating income	79,158	88,200
Other income (expenses):
Interest and other income, net	2,523	338
Interest expense	(37,730)	(49,610)
Acquisition-related activity	(3)	(28)
Income from continuing operations before income taxes	43,948	38,900
Income Tax Expense	(343)	(1,484)
Income from continuing operations	43,605	37,416
Discontinued operations:
Income before gain on sales	237	10,178
Gain on sale of depreciable properties	(86)	18,375
Income from discontinued operations	151	28,553
Net income	43,756	65,969
Net income attributable to noncontrolling interests	(449)	(725)
Net income attributable to common shareholders	$ 43,307	$ 65,244
Basic net income per common share/unit:
Continuing operations attributable to common shareholders/unitholders	$ 0.12	$ 0.11
Discontinued operations attributable to common shareholders/unitholders	0	0.08
Total	0.12	0.19
Diluted net income per common share/unit:
Continuing operations attributable to common shareholders/unitholders	0.12	0.11
Discontinued operations attributable to common shareholders/unitholders	0	0.08
Total	$ 0.12	$ 0.19
Weighted average number of common shares/units outstanding	345,665	344,597
Weighted average number of common shares/units and potential dilutive securities	349,674	348,653
Comprehensive income:
Net income	$ 43,756	$ 65,969
Other comprehensive loss:
Amortization of interest contracts	(295)	(287)
Total other comprehensive loss	(295)	(287)
Comprehensive income	43,461	65,682
Duke Realty Limited Partnership [Member]
Revenues:
Rental and related revenue	201,803	214,615
General contractor and service fee revenue	23,151	52,820
Revenues, total	224,954	267,435
Expenses:
Rental expenses	29,278	36,124
Real estate taxes	29,627	30,779
General contractor and other services expenses	20,920	47,023
Depreciation and amortization	77,798	81,903
Costs and expenses, total	157,623	195,829
Other operating activities:
Equity in earnings of unconsolidated companies	21,860	6,246
Gain on sale of properties	15,577	23,484
Gain on land sales	130	5,425
Other operating expenses	(1,237)	(1,557)
Impairment charges	(6,405)	0
General and administrative expenses	(18,098)	(17,004)
Other Operating Activities, Net	11,827	16,594
Operating income	79,158	88,200
Other income (expenses):
Interest and other income, net	2,523	338
Interest expense	(37,730)	(49,610)
Acquisition-related activity	(3)	(28)
Income from continuing operations before income taxes	43,948	38,900
Income Tax Expense	(343)	(1,484)
Income from continuing operations	43,605	37,416
Discontinued operations:
Income before gain on sales	237	10,178
Gain on sale of depreciable properties	(86)	18,375
Income from discontinued operations	151	28,553
Net income	43,756	65,969
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, NonRedeemable	(11)	(26)
Net income attributable to common shareholders	$ 43,745	$ 65,943
Basic net income per common share/unit:
Continuing operations attributable to common shareholders/unitholders	$ 0.12	$ 0.11
Discontinued operations attributable to common shareholders/unitholders	0	0.08
Total	0.12	0.19
Diluted net income per common share/unit:
Continuing operations attributable to common shareholders/unitholders	0.12	0.11
Discontinued operations attributable to common shareholders/unitholders	0	0.08
Total	$ 0.12	$ 0.19
Weighted average number of common shares/units outstanding	349,163	348,292
Weighted average number of common shares/units and potential dilutive securities	349,674	348,653
Comprehensive income:
Net income	$ 43,756	$ 65,969
Other comprehensive loss:
Amortization of interest contracts	(295)	(287)
Total other comprehensive loss	(295)	(287)
Comprehensive income	$ 43,461	$ 65,682

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 43,756	$ 65,969
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements	62,120	66,835
Amortization of deferred leasing and other costs	15,678	18,585
Amortization of deferred financing costs	1,318	2,130
Straight-line rental income and expense, net	(2,928)	(8,819)
Impairment Charges	6,405	0
Gains on land and depreciated property sales	(15,621)	(47,284)
Third-party construction contracts, net	1,764	(1,240)
Other accrued revenues and expenses, net	(29,308)	(52,033)
Operating distributions received in excess of (less than) equity in earnings from unconsolidated companies	(16,475)	(1,465)
Net cash provided by operating activities	66,709	42,678
Cash flows from investing activities:
Development of real estate investments	(108,179)	(66,754)
Acquisition of real estate investments and related intangible assets	0	(890)
Acquisition of undeveloped land	(27,243)	0
Second generation tenant improvements, leasing costs and building improvements	(14,401)	(17,496)
Other deferred leasing costs	(8,359)	(13,122)
Other assets	31,948	13,283
Proceeds from land and depreciated property sales, net	57,410	109,892
Capital distributions from unconsolidated companies	29,452	2,164
Capital contributions and advances to unconsolidated companies	(23,237)	(49,689)
Net cash used for investing activities	(62,609)	(22,612)
Cash flows from financing activities:
Proceeds from issuance of common shares, net	548	4,882
Payments on unsecured debt	(579)	(250,544)
Payments on secured indebtedness including principal amortization	(16,377)	(63,151)
Borrowings on line of credit, net	77,000	347,000
Distributions to common shareholders/unitholders	(62,262)	(58,607)
Distributions to Noncontrolling Interest, Net	(630)	(706)
Change in book overdrafts	(8,693)	1,054
Deferred financing costs	0	(110)
Net cash used for financing activities	(10,993)	(20,182)
Net decrease in cash and cash equivalents	(6,893)	(116)
Cash and cash equivalents at beginning of period	22,533	17,922
Cash and cash equivalents at end of period	15,640	17,806
Noncash investing and financing activities:
Mortgages note receivable from buyers in property sales	1,685	0
Conversion of Limited Partner Units to common shares	150	350
Duke Realty Limited Partnership [Member]
Cash flows from operating activities:
Net income	43,756	65,969
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of buildings and tenant improvements	62,120	66,835
Amortization of deferred leasing and other costs	15,678	18,585
Amortization of deferred financing costs	1,318	2,130
Straight-line rental income and expense, net	(2,928)	(8,819)
Impairment Charges	6,405	0
Gains on land and depreciated property sales	(15,621)	(47,284)
Third-party construction contracts, net	1,764	(1,240)
Other accrued revenues and expenses, net	(29,308)	(52,036)
Operating distributions received in excess of (less than) equity in earnings from unconsolidated companies	(16,475)	(1,465)
Net cash provided by operating activities	66,709	42,675
Cash flows from investing activities:
Development of real estate investments	(108,179)	(66,754)
Acquisition of real estate investments and related intangible assets	0	(890)
Acquisition of undeveloped land	(27,243)	0
Second generation tenant improvements, leasing costs and building improvements	(14,401)	(17,496)
Other deferred leasing costs	(8,359)	(13,122)
Other assets	31,948	13,283
Proceeds from land and depreciated property sales, net	57,410	109,892
Capital distributions from unconsolidated companies	29,452	2,164
Capital contributions and advances to unconsolidated companies	(23,237)	(49,689)
Net cash used for investing activities	(62,609)	(22,612)
Cash flows from financing activities:
Contributions from the General Partner	548	4,885
Payments on unsecured debt	(579)	(250,544)
Payments on secured indebtedness including principal amortization	(16,377)	(63,151)
Borrowings on line of credit, net	77,000	347,000
Distributions to common shareholders/unitholders	(62,889)	(59,239)
Distributions to Noncontrolling Interest, Net	(3)	(74)
Change in book overdrafts	(8,693)	1,054
Deferred financing costs	0	(110)
Net cash used for financing activities	(10,993)	(20,179)
Net decrease in cash and cash equivalents	(6,893)	(116)
Cash and cash equivalents at beginning of period	22,533	17,922
Cash and cash equivalents at end of period	15,640	17,806
Noncash investing and financing activities:
Mortgages note receivable from buyers in property sales	1,685	0
Conversion of Limited Partner Units to common shares	$ 150	$ 350

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - 3 months ended Mar. 31, 2016 - 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, 2015	$ 3,204,801	$ 3,453	$ 4,961,923	$ 1,806	$ (1,785,250)	$ 22,869
Beginning Balance - Partnership at Dec. 31, 2015							$ 3,204,801	$ 3,180,126	$ 20,032	$ 1,806	$ 2,837	$ 3,201,964
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	43,756				43,307	449	43,756	43,307	438		11	43,745
Other comprehensive loss	(295)			(295)			(295)			(295)		(295)
Issuance of common shares	548		548
Capital contribution from the General Partner							548	548				548
Stock based compensation plan activity	4,199	6	2,605		(560)	2,148	4,199	2,051	2,148			4,199
Conversion of Limited Partner Units			150			(150)		150	(150)
Distributions to Partners'							(62,889)	(62,262)	(627)			(62,889)
Distributions to common shareholders	(62,262)				(62,262)
Distributions to noncontrolling interests	(630)					(630)	(3)				(3)
Ending Balance - General Partner at Mar. 31, 2016	$ 3,190,117	$ 3,459	$ 4,965,226	$ 1,511	$ (1,804,765)	$ 24,686
Ending Balance - Partnership at Mar. 31, 2016							$ 3,190,117	$ 3,163,920	$ 21,841	$ 1,511	$ 2,845	$ 3,187,272

Consolidated Statement of Chan7

Consolidated Statement of Changes in Equity (Parenthetical)	3 Months Ended
	Mar. 31, 2016$ / shares
Distributions to common shareholders, per share	$ 0.18
Duke Realty Limited Partnership [Member]
Distributions to Partners, per Common Unit	$ 0.18

General Basis of Presentation (

General Basis of Presentation (Notes)	3 Months Ended
	Mar. 31, 2016
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 Quarterly Report on Form 10-Q ("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 2015 year-end consolidated balance sheet data included in this Report was derived from the audited financial statements in the combined Annual Report on Form 10-K of the General Partner and the Partnership for the year ended December 31, 2015 (the " 2015 Annual Report"), but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). The financial statements have been prepared in accordance with GAAP for interim financial information and in accordance with Rule 10-01 of Regulation S-X of the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenue and expenses during the reporting period. Our actual results could differ from those estimates and assumptions. These financial statements should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations included herein and the consolidated financial statements and notes thereto included in the 2015 Annual Report. 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 March 31, 2016 . 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. As of March 31, 2016 , we owned and operated a portfolio consisting primarily of industrial and medical office properties and provided real estate services to third-party owners. Substantially all of our Rental Operations (see Note 9) are conducted through the Partnership. We conduct our Service Operations (see Note 9) 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)	3 Months Ended
	Mar. 31, 2016
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 Accounting Standards Update ("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 ("VIE") guidance. ASU 2015-02 is effective for public entities for annual and interim reporting periods beginning after December 15, 2015. The adoption of ASU 2015-02 during the three months ended March 31, 2016 did not have a significant impact 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 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. ASU 2015-03 is effective for financial statements issued for annual and interim reporting periods beginning after December 15, 2015. We adopted ASU 2015-03 during the three months ended March 31, 2016. Debt issuance costs related to the Partnership's unsecured line of credit continue to be presented as assets in the consolidated balance sheets, as part of escrow deposits and other assets, and are not reported as a deduction to the outstanding balance on the line of credit. 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 is effective for annual and interim periods beginning after December 15, 2015. We adopted ASU 2015-16 during the three months ended March 31, 2016 but have had no business combinations during that period. Leases In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). ASU 2016-02 supersedes existing leasing standards. ASU 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. ASU 2016-02 requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU 2016-02 also requires that lessors expense certain initial direct costs, which are capitalizable under existing leasing standards, as incurred. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. A set of practical expedients for implementation, which must be elected as a package and for all leases, may also be elected. These practical expedients include relief from re-assessing lease classification at the adoption date for expired or existing leases, although a right-of-use asset and lease liability would still be recorded for such leases. We are currently assessing the method of adoption and the impact that ASU 2016-02 will have on our consolidated financial statements. Stock Based Compensation In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Accounting ("ASU 2016-09"). ASU 2016-09 requires that all excess tax benefits and tax deficiencies related to stock based compensation arrangements must be recognized in the income statement as they occur as opposed to the current guidance where excess tax benefits are recorded in equity. ASU 2016-09 also allows entities to make an accounting policy election to either continue to estimate forfeitures on stock based compensation arrangements or to account for forfeitures as they occur. ASU 2016-09 is effective for reporting periods beginning after December 15, 2016 with early adoption permitted. We do not believe ASU 2016-09 will have a material impact on our consolidated financial statements.

Reclassifications

Reclassifications	3 Months Ended
	Mar. 31, 2016
Disclosure Text Block [Abstract]
Reclassifications	Reclassifications Certain amounts in the accompanying consolidated financial statements for 2015 , including the change in presentation of deferred financing costs pursuant to ASU 2015-03, have been reclassified to conform to the 2016 consolidated financial statement presentation.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2016
Disclosure Text Block [Abstract]
Consolidation Policy for VIEs	Variable Interest Entities Partnership As the result of the adoption of ASU 2015-02, which stipulates that limited partnerships (and similar entities) where the limited partners do not have substantive participating or kick-out rights are VIEs, we determined that the Partnership is a VIE. Prior to the adoption of ASU 2015-02, the General Partner consolidated the Partnership pursuant to the voting interest model. We concluded that, because it holds majority ownership and exercises control over every aspect of the Partnership's operations, the General Partner is the primary beneficiary of the Partnership and, as such, will continue to consolidate the Partnership. The assets and liabilities of the General Partner and the Partnership are substantially the same, as the General Partner does not have any significant assets other than its investment in the Partnership. All of the Company's debt is also an obligation of the Partnership. Unconsolidated Joint Ventures We have equity interests in unconsolidated joint ventures that primarily own and operate rental properties or hold land for development. We consolidate those joint ventures that are considered to be VIEs where we are the primary beneficiary. We analyze our investments in joint ventures to determine if the joint venture is considered a VIE and would require consolidation. We (i) evaluate the sufficiency of the total equity investment at risk, (ii) review the voting rights and decision-making authority of the equity investment holders as a group and whether there are limited partners (or similar owning entities) that lack substantive participating or kick out rights, 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 interests in a VIE, then at each reporting period, we re-assess our conclusions as to which, if any, party within the VIE is considered the primary beneficiary. 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 March 31, 2016 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 $72.8 million at March 31, 2016 .

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Dispositions	Dispositions Dispositions of buildings (see Note 10 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 $57.4 million and $109.9 million during the three months ended March 31, 2016 and 2015 , respectively.

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 (in thousands): Book Value at 12/31/2015 Book Value at 3/31/2016 Fair Value at 12/31/2015 Issuances and Assumptions Payments/Payoffs Adjustments to Fair Value Fair Value at 3/31/2016 Fixed rate secured debt $ 736,896 $ 720,363 $ 789,095 $ — $ (16,377 ) $ 2,731 $ 775,449 Variable rate secured debt 3,100 3,100 3,100 — — — 3,100 Unsecured debt 2,530,743 2,530,165 2,624,795 — (579 ) 21,773 2,645,989 Unsecured line of credit 71,000 148,000 70,852 77,000 — 148 148,000 Total $ 3,341,739 $ 3,401,628 $ 3,487,842 $ 77,000 $ (16,956 ) $ 24,652 $ 3,572,538 Less: Deferred financing costs 21,598 20,568 Total indebtedness as reported on the consolidated balance sheets $ 3,320,141 $ 3,381,060 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 2.40% to 3.50% , 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 three months ended March 31, 2016 , we repaid one loan, totaling $14.4 million , which had a stated rate of 5.16% . Unsecured Debt At March 31, 2016 , 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 99.00% to 124.00% 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 1.59% and was based primarily upon Level 3 inputs. 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 March 31, 2016 . Unsecured Line of Credit Our unsecured line of credit at March 31, 2016 is described as follows (in thousands): Description Maximum Capacity Maturity Date Outstanding Balance at March 31, 2016 Unsecured Line of Credit - Partnership $ 1,200,000 January 2019 $ 148,000 The Partnership's unsecured line of credit has an interest rate on borrowings of LIBOR plus 1.05% (equal to 1.49% for borrowings at March 31, 2016 ) 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 March 31, 2016 , we were in compliance with all covenants under this line of credit. To the extent that there are outstanding borrowings, we utilize a discounted cash flow methodology in order to estimate the fair value of our unsecured line of credit. To the extent that credit spreads have changed since the origination of the line of credit, the net present value of the difference between future contractual interest payments and future interest payments based on our estimate of a current market rate would represent the difference between the book value and the fair value. Our estimate of a current market rate is based upon the rate, considering current market conditions and our specific credit profile, at which we estimate we could obtain similar borrowings. As our credit spreads have not changed appreciably, we believe that the contractual interest rate and the current market rate on the line of credit are the same. This current market rate is internally estimated and therefore, we have concluded that our determination of fair value for our unsecured line of credit was primarily based upon a Level 3 input.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 , respectively (in thousands): Three Months Ended March 31, 2016 2015 Management fees $ 1,260 $ 1,801 Leasing fees 378 633 Construction and development fees 3,120 405

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 , respectively (in thousands): Three Months Ended March 31, 2016 2015 General Partner Net income attributable to common shareholders $ 43,307 $ 65,244 Less: Dividends on participating securities (584 ) (620 ) Basic net income attributable to common shareholders 42,723 64,624 Noncontrolling interest in earnings of common unitholders 438 699 Diluted net income attributable to common shareholders $ 43,161 $ 65,323 Weighted average number of common shares outstanding 345,665 344,597 Weighted average Limited Partner Units outstanding 3,498 3,695 Other potential dilutive shares 511 361 Weighted average number of common shares and potential dilutive securities 349,674 348,653 Partnership Net income attributable to common unitholders $ 43,745 $ 65,943 Less: Distributions on participating securities (584 ) (620 ) Basic net income attributable to common unitholders $ 43,161 $ 65,323 Weighted average number of Common Units outstanding 349,163 348,292 Other potential dilutive units 511 361 Weighted average number of Common Units and potential dilutive securities 349,674 348,653 The following table summarizes the data that is excluded from the computation of net income per common share or Common Unit as a result of being anti-dilutive (in thousands): Three Months Ended March 31, 2016 2015 General Partner and Partnership Potential dilutive shares or units: Anti-dilutive outstanding potential shares or units under fixed stock option and other stock-based compensation plans 786 1,030 Outstanding participating securities 3,410 3,593

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Reportable Segments We had three reportable operating segments at March 31, 2016 , the first two of which consist of the ownership and rental of (i) industrial and (ii) medical office real estate investments. Beginning in 2016 our office properties are no longer presented as a separate reportable segment, as they no longer meet the quantitative thresholds for separate presentation, and are referred to as part of our non-reportable Rental Operations. The operations of our industrial and medical office properties as well as our non-reportable Rental Operations, are collectively referred to as "Rental Operations." Our third 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 months ended March 31, 2016 and 2015 , respectively (in thousands): Three Months Ended March 31, 2016 2015 Revenues Rental Operations: Industrial $ 142,980 $ 147,227 Medical Office 42,225 40,028 Non-reportable Rental Operations 14,896 25,536 Service Operations 23,151 52,820 Total segment revenues 223,252 265,611 Other revenue 1,702 1,824 Consolidated revenue from continuing operations 224,954 267,435 Discontinued operations 229 32,115 Consolidated revenue $ 225,183 $ 299,550 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 months ended March 31, 2016 and 2015 , respectively (in thousands and excluding discontinued operations): Three Months Ended March 31, 2016 2015 PNOI Industrial $ 102,113 $ 93,272 Medical Office 27,242 25,233 Non-reportable Rental Operations 9,173 9,960 PNOI, excluding all sold/held for sale properties 138,528 128,465 PNOI from sold/held-for-sale properties included in continuing operations 2,310 14,261 PNOI, continuing operations $ 140,838 $ 142,726 Earnings from Service Operations 2,231 5,797 Rental Operations revenues and expenses excluded from PNOI: Straight-line rental income and expense, net 2,923 6,697 Revenues related to lease buyouts 165 864 Amortization of lease concessions and above and below market rents (633 ) (1,713 ) Intercompany rents and other adjusting items 7 (460 ) Non-Segment Items: Equity in earnings of unconsolidated companies 21,860 6,246 Interest expense (37,730 ) (49,610 ) Depreciation expense (77,798 ) (81,903 ) Gain on sale of properties 15,577 23,484 Impairment charges on non-depreciable properties (6,405 ) — Interest and other income, net 2,523 338 General and administrative expenses (18,098 ) (17,004 ) Gain on land sales 130 5,425 Other operating expenses (1,237 ) (1,557 ) Acquisition-related activity (3 ) (28 ) Other non-segment revenues and expenses, net (402 ) (402 ) Income from continuing operations before income taxes $ 43,948 $ 38,900 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 March 31, 2016 and December 31, 2015 were as follows (in thousands): March 31, December 31, Assets Rental Operations: Industrial $ 4,614,478 $ 4,552,107 Medical Office 1,279,562 1,269,546 Non-reportable Rental Operations 321,451 367,469 Service Operations 135,558 137,257 Total segment assets 6,351,049 6,326,379 Non-segment assets 545,911 569,136 Consolidated assets $ 6,896,960 $ 6,895,515

Discontinued Operations and Ass

Discontinued Operations and Assets Held for Sale	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations and Assets Held for Sale	Discontinued Operations and Assets Held-for-Sale Discontinued Operations The following table illustrates the number of sold or held-for-sale properties included in, or excluded from, discontinued operations: Held-for-Sale at March 31, 2016 Sold through March 31, 2016 Sold in 2015 Total Industrial 0 0 5 5 Medical Office 0 0 1 1 Non-reportable Rental Operations 0 0 56 56 Total properties included in discontinued operations 0 0 62 62 Properties excluded from discontinued operations 5 3 91 99 Total properties sold or classified as held-for-sale 5 3 153 161 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. There were no additional properties classified as discontinued operations during the three months ended March 31, 2016 and, as such, no interest expense was allocated to discontinued operations during that period. The following table illustrates the operational results of the buildings reflected in discontinued operations for the three months ended March 31, 2016 and 2015 , respectively (in thousands): Three Months Ended March 31, 2016 2015 Revenues $ 229 $ 32,115 Operating expenses 8 (12,386 ) Depreciation and amortization — (3,517 ) Operating income 237 16,212 Interest expense — (6,034 ) Income before gain on sales 237 10,178 Gain on sale of depreciable properties (86 ) 18,375 Income from discontinued operations $ 151 $ 28,553 We had no capital expenditures for the three months ended March 31, 2016 and $8.6 million for the three months ended March 31, 2015 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 months ended March 31, 2016 and 2015 , respectively (in thousands): Three Months Ended March 31, 2016 2015 Income from continuing operations attributable to common shareholders $ 43,157 $ 36,994 Income from discontinued operations attributable to common shareholders 150 28,250 Net income attributable to common shareholders $ 43,307 $ 65,244 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 March 31, 2016 , five in-service properties 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 March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Held-for-Sale Properties Included in Continuing Operations Held-for-Sale Properties Included in Continuing Operations Land and improvements $ 18,592 $ 9,797 Buildings and tenant improvements 48,456 39,480 Accumulated depreciation (12,014 ) (7,183 ) Deferred leasing and other costs, net 7,546 3,293 Other assets 1,581 414 Total assets held-for-sale $ 64,161 $ 45,801 Accrued expenses 814 322 Other liabilities 574 650 Total liabilities held-for-sale $ 1,388 $ 972

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Declaration of Dividends/Distributions The General Partner's board of directors declared the following dividends/distributions at its regularly scheduled board meeting held on April 27, 2016 : Class of stock/units Quarterly Amount per Share or Unit Record Date Payment Date Common - Quarterly $0.18 May 16, 2016 May 31, 2016

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Fair Value, Liabilities Measured on a Recurring Basis, Disclosure Only	The following table summarizes the book value and changes in the fair value of our debt for the three months ended March 31, 2016 (in thousands): Book Value at 12/31/2015 Book Value at 3/31/2016 Fair Value at 12/31/2015 Issuances and Assumptions Payments/Payoffs Adjustments to Fair Value Fair Value at 3/31/2016 Fixed rate secured debt $ 736,896 $ 720,363 $ 789,095 $ — $ (16,377 ) $ 2,731 $ 775,449 Variable rate secured debt 3,100 3,100 3,100 — — — 3,100 Unsecured debt 2,530,743 2,530,165 2,624,795 — (579 ) 21,773 2,645,989 Unsecured line of credit 71,000 148,000 70,852 77,000 — 148 148,000 Total $ 3,341,739 $ 3,401,628 $ 3,487,842 $ 77,000 $ (16,956 ) $ 24,652 $ 3,572,538 Less: Deferred financing costs 21,598 20,568 Total indebtedness as reported on the consolidated balance sheets $ 3,320,141 $ 3,381,060
Unsecured Line of Credit	Our unsecured line of credit at March 31, 2016 is described as follows (in thousands): Description Maximum Capacity Maturity Date Outstanding Balance at March 31, 2016 Unsecured Line of Credit - Partnership $ 1,200,000 January 2019 $ 148,000

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Schedule of Fees Earned from Related Parties	The following table summarizes the fees earned from these companies, prior to the elimination of our ownership percentage, for the three months ended March 31, 2016 and 2015 , respectively (in thousands): Three Months Ended March 31, 2016 2015 Management fees $ 1,260 $ 1,801 Leasing fees 378 633 Construction and development fees 3,120 405

Net Income (Loss) Per Common 21

Net Income (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Reconciling the Components of Basic and Diluted Net Income (Loss) per Common Share	The following table reconciles the components of basic and diluted net income per common share or Common Unit for the three months ended March 31, 2016 and 2015 , respectively (in thousands): Three Months Ended March 31, 2016 2015 General Partner Net income attributable to common shareholders $ 43,307 $ 65,244 Less: Dividends on participating securities (584 ) (620 ) Basic net income attributable to common shareholders 42,723 64,624 Noncontrolling interest in earnings of common unitholders 438 699 Diluted net income attributable to common shareholders $ 43,161 $ 65,323 Weighted average number of common shares outstanding 345,665 344,597 Weighted average Limited Partner Units outstanding 3,498 3,695 Other potential dilutive shares 511 361 Weighted average number of common shares and potential dilutive securities 349,674 348,653 Partnership Net income attributable to common unitholders $ 43,745 $ 65,943 Less: Distributions on participating securities (584 ) (620 ) Basic net income attributable to common unitholders $ 43,161 $ 65,323 Weighted average number of Common Units outstanding 349,163 348,292 Other potential dilutive units 511 361 Weighted average number of Common Units and potential dilutive securities 349,674 348,653
Computation of Anti-Dilutive Common Share	The following table summarizes the data that is excluded from the computation of net income per common share or Common Unit as a result of being anti-dilutive (in thousands): Three Months Ended March 31, 2016 2015 General Partner and Partnership Potential dilutive shares or units: Anti-dilutive outstanding potential shares or units under fixed stock option and other stock-based compensation plans 786 1,030 Outstanding participating securities 3,410 3,593

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	The following table shows the revenues for each of the reportable segments, as well as a reconciliation to consolidated revenues, for the three months ended March 31, 2016 and 2015 , respectively (in thousands): Three Months Ended March 31, 2016 2015 Revenues Rental Operations: Industrial $ 142,980 $ 147,227 Medical Office 42,225 40,028 Non-reportable Rental Operations 14,896 25,536 Service Operations 23,151 52,820 Total segment revenues 223,252 265,611 Other revenue 1,702 1,824 Consolidated revenue from continuing operations 224,954 267,435 Discontinued operations 229 32,115 Consolidated revenue $ 225,183 $ 299,550
Summary of Net Operation Income	The following table shows a reconciliation of our segment-level measures of profitability to consolidated income from continuing operations before income taxes for the three months ended March 31, 2016 and 2015 , respectively (in thousands and excluding discontinued operations): Three Months Ended March 31, 2016 2015 PNOI Industrial $ 102,113 $ 93,272 Medical Office 27,242 25,233 Non-reportable Rental Operations 9,173 9,960 PNOI, excluding all sold/held for sale properties 138,528 128,465 PNOI from sold/held-for-sale properties included in continuing operations 2,310 14,261 PNOI, continuing operations $ 140,838 $ 142,726 Earnings from Service Operations 2,231 5,797 Rental Operations revenues and expenses excluded from PNOI: Straight-line rental income and expense, net 2,923 6,697 Revenues related to lease buyouts 165 864 Amortization of lease concessions and above and below market rents (633 ) (1,713 ) Intercompany rents and other adjusting items 7 (460 ) Non-Segment Items: Equity in earnings of unconsolidated companies 21,860 6,246 Interest expense (37,730 ) (49,610 ) Depreciation expense (77,798 ) (81,903 ) Gain on sale of properties 15,577 23,484 Impairment charges on non-depreciable properties (6,405 ) — Interest and other income, net 2,523 338 General and administrative expenses (18,098 ) (17,004 ) Gain on land sales 130 5,425 Other operating expenses (1,237 ) (1,557 ) Acquisition-related activity (3 ) (28 ) Other non-segment revenues and expenses, net (402 ) (402 ) Income from continuing operations before income taxes $ 43,948 $ 38,900
Reportable Segments Consolidated Assets	The assets for each of the reportable segments at March 31, 2016 and December 31, 2015 were as follows (in thousands): March 31, December 31, Assets Rental Operations: Industrial $ 4,614,478 $ 4,552,107 Medical Office 1,279,562 1,269,546 Non-reportable Rental Operations 321,451 367,469 Service Operations 135,558 137,257 Total segment assets 6,351,049 6,326,379 Non-segment assets 545,911 569,136 Consolidated assets $ 6,896,960 $ 6,895,515

Discontinued Operations and A23

Discontinued Operations and Assets Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Table Illustration of Number of Properties in Discontinued Operations	The following table illustrates the number of sold or held-for-sale properties included in, or excluded from, discontinued operations: Held-for-Sale at March 31, 2016 Sold through March 31, 2016 Sold in 2015 Total Industrial 0 0 5 5 Medical Office 0 0 1 1 Non-reportable Rental Operations 0 0 56 56 Total properties included in discontinued operations 0 0 62 62 Properties excluded from discontinued operations 5 3 91 99 Total properties sold or classified as held-for-sale 5 3 153 161
Table Illustration of Discontinued Operations in Statement of Operations	The following table illustrates the operational results of the buildings reflected in discontinued operations for the three months ended March 31, 2016 and 2015 , respectively (in thousands): Three Months Ended March 31, 2016 2015 Revenues $ 229 $ 32,115 Operating expenses 8 (12,386 ) Depreciation and amortization — (3,517 ) Operating income 237 16,212 Interest expense — (6,034 ) Income before gain on sales 237 10,178 Gain on sale of depreciable properties (86 ) 18,375 Income from discontinued operations $ 151 $ 28,553
Allocation of Common Shareholders' Income (Loss) Between Continuing and Discontinued Operations	The following table illustrates the General Partner's share of the income attributable to common shareholders from continuing operations and discontinued operations, reduced by the allocation of income between continuing and discontinued operations to the Limited Partner Units, for the three months ended March 31, 2016 and 2015 , respectively (in thousands): Three Months Ended March 31, 2016 2015 Income from continuing operations attributable to common shareholders $ 43,157 $ 36,994 Income from discontinued operations attributable to common shareholders 150 28,250 Net income attributable to common shareholders $ 43,307 $ 65,244
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 March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Held-for-Sale Properties Included in Continuing Operations Held-for-Sale Properties Included in Continuing Operations Land and improvements $ 18,592 $ 9,797 Buildings and tenant improvements 48,456 39,480 Accumulated depreciation (12,014 ) (7,183 ) Deferred leasing and other costs, net 7,546 3,293 Other assets 1,581 414 Total assets held-for-sale $ 64,161 $ 45,801 Accrued expenses 814 322 Other liabilities 574 650 Total liabilities held-for-sale $ 1,388 $ 972

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Schedule of Dividends Declared	The General Partner's board of directors declared the following dividends/distributions at its regularly scheduled board meeting held on April 27, 2016 : Class of stock/units Quarterly Amount per Share or Unit Record Date Payment Date Common - Quarterly $0.18 May 16, 2016 May 31, 2016

General Basis of Presentation25

General Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2016
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	Mar. 31, 2016USD ($)
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
Maximum Guarantee Exposure for Joint Venture Loans	$ 72.8

Dispositions Dispositions (Deta

Dispositions Dispositions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Dispositions Disclosures [Line Items]
Proceeds from Sale of Real Estate Held-for-investment	$ 57,410	$ 109,892

Indebtedness (Summary of Book V

Indebtedness (Summary of Book Value and Changes in Fair Value of Debt) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Book value	$ 3,381,060	$ 3,320,141
Fair value	3,572,538	3,487,842
Issuances and Assumptions	77,000
Payments/Payoffs	(16,956)
Adjustments to fair value	24,652
Long-term Debt, Gross	3,401,628	3,341,739
Deferred Finance Costs, Net	(20,568)	(21,598)
Fixed Rate Secured Debt [Member]
Book value	720,363	736,896
Fair value	775,449	789,095
Issuances and Assumptions	0
Payments/Payoffs	(16,377)
Adjustments to fair value	2,731
Variable Rate Secured Debt [Member]
Book value	3,100	3,100
Fair value	3,100	3,100
Issuances and Assumptions	0
Payments/Payoffs	0
Adjustments to fair value	0
Unsecured Debt [Member]
Book value	2,530,165	2,530,743
Fair value	2,645,989	2,624,795
Issuances and Assumptions	0
Payments/Payoffs	(579)
Adjustments to fair value	21,773
Unsecured Line of Credit DRLP [Member]
Book value	148,000	71,000
Fair value	148,000	$ 70,852
Issuances and Assumptions	77,000
Payments/Payoffs	0
Adjustments to fair value	$ 148

Indebtedness Secured Debt (Deta

Indebtedness Secured Debt (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)loans	Mar. 31, 2015USD ($)
Debt Instrument [Line Items]
Repayments of Secured Debt	$ 16,377	$ 63,151
Fixed Rate Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum	2.40%
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum	3.50%
Repayments of Secured Debt	$ 14,400
number of secured loans repaid | loans	1
Debt Instrument, Interest Rate, Stated Percentage	5.16%

Indebtedness Unsecured Debt (De

Indebtedness Unsecured Debt (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)loans	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Number of Variable Rate Unsecured Loans | loans	1
Long-term Debt	$ 3,381,060	$ 3,320,141
Variable Rate UnSecured Debt [Member] [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 250,000
Debt Instrument, Interest Rate, Effective Percentage	1.59%
Fixed Rate Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Estimated Trading Values, Percent of Face Value, Minimum	99.00%
Debt Instrument, Estimated Trading Values, Percent of Face Value, Maximum	124.00%
Debt Instrument, Covenant Compliance	We were in compliance with all such covenants at March 31, 2016

Indebtedness (Unsecured Line of

Indebtedness (Unsecured Line of Credit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Line of credit balance	$ 148,000	$ 71,000
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	$ 148,000
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%
Line of Credit Facility, Interest Rate at Period End	1.49%

Related Party Transactions (Sch

Related Party Transactions (Schedule of Fees Earned from Related Parties) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Management Fees [Member]
Revenue from related party transactions	$ 1,260	$ 1,801
Leasing Fees [Member]
Revenue from related party transactions	378	633
Construction and Development Fees [Member]
Revenue from related party transactions	$ 3,120	$ 405

Net Income (Loss) Per Common 33

Net Income (Loss) Per Common Share Reconciling the Components of Basic and Diluted Net Income (Loss) per Common Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to common shareholders	$ 43,307	$ 65,244
Less: Dividends on participating securities	(584)	(620)
Basic net income attributable to common shareholders	42,723	64,624
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Redeemable	438	699
Diluted net income attributable to common shareholders	$ 43,161	$ 65,323
Weighted average number of common shares/units outstanding, Basic	345,665	344,597
Weighted Average Limited Partnership Units Outstanding, Basic	3,498	3,695
Other potential dilutive shares/units	511	361
Weighted average number of common shares/units and potential dilutive securities	349,674	348,653
Duke Realty Limited Partnership [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to common shareholders	$ 43,745	$ 65,943
Less: Dividends on participating securities	(584)	(620)
Basic net income attributable to common unitholders	$ 43,161	$ 65,323
Weighted average number of common shares/units outstanding, Basic	349,163	348,292
Other potential dilutive shares/units	511	361
Weighted average number of common shares/units and potential dilutive securities	349,674	348,653

Net Income (Loss) Per Common 34

Net Income (Loss) Per Common Share (Computation of Anti-Dilutive Common Shares) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	786	1,030
Participating Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	3,410	3,593

Segment Reporting Summary of Re

Segment Reporting Summary of Revenues (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)
Segment Reporting, Revenue Reconciling Item [Line Items]
Number of Reportable Segments	3
Rental and related revenue	$ 201,803	$ 214,615
General contractor and service fee revenue	23,151	52,820
Revenues	224,954	267,435
Disposal Group, Including Discontinued Operation, Revenue	229	32,115
Total Revenues Including Revenues Related To Discontinued Operations	225,183	299,550
Operating Segments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	223,252	265,611
Operating Segments [Member] | Industrial [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Rental and related revenue	142,980	147,227
Operating Segments [Member] | Medical Office [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Rental and related revenue	42,225	40,028
Operating Segments [Member] | All Other Segments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Rental and related revenue	14,896	25,536
Operating Segments [Member] | Service Operations [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
General contractor and service fee revenue	23,151	52,820
Corporate, Non-Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Rental and related revenue	1,702	1,824
Disposal Group, Including Discontinued Operation, Revenue	$ 229	$ 32,115

Segment Reporting (Summary of N

Segment Reporting (Summary of Net Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Straight line rental income and expenses, net	$ 2,928	$ 8,819
Income from Equity Method Investments	21,860	6,246
Interest expense	(37,730)	(49,610)
Depreciation and amortization on continuing operations	(77,798)	(81,903)
Gain on sale of properties	15,577	23,484
Impairment Charges	(6,405)	0
Interest and other income, net	2,523	338
General and administrative expenses	(18,098)	(17,004)
Gain on land sales	130	5,425
Other operating expenses	(1,237)	(1,557)
Acquisition-related activity	(3)	(28)
Income from continuing operations before income taxes	43,948	38,900
Operating Segments [Member]
Property Level Net Operating Income – Cash Basis	138,528	128,465
Property Level Net Income, Cash Basis, Continuing Operations	140,838	142,726
Operating Segments [Member] | Industrial [Member]
Property Level Net Operating Income – Cash Basis	102,113	93,272
Operating Segments [Member] | Medical Office [Member]
Property Level Net Operating Income – Cash Basis	27,242	25,233
Operating Segments [Member] | All Other Segments [Member]
Property Level Net Operating Income – Cash Basis	9,173	9,960
Operating Segments [Member] | Service Operations [Member]
Service Operations Net Income (loss)	2,231	5,797
Segment Reconciling Items [Member]
Sold Properties Included in Continuing Operations Net Operating Income	2,310	14,261
Straight line rental income and expenses, net	2,923	6,697
Revenues Related to Lease Buyouts	165	864
Amortization of lease incentives and market rents	(633)	(1,713)
Intercompany rents and other adjusting items	7	(460)
Corporate, Non-Segment [Member]
Income from Equity Method Investments	21,860	6,246
Interest expense	(37,730)	(49,610)
Depreciation and amortization on continuing operations	(77,798)	(81,903)
Gain on sale of properties	15,577	23,484
Impairment Charges	(6,405)	0
Interest and other income, net	2,523	338
General and administrative expenses	(18,098)	(17,004)
Gain on land sales	130	5,425
Other operating expenses	(1,237)	(1,557)
Acquisition-related activity	(3)	(28)
Other non-segment income	$ (402)	$ (402)

Segment Reporting (Reportable S

Segment Reporting (Reportable Segments Consolidated Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Total Assets	$ 6,896,960	$ 6,895,515
Corporate, Non-Segment [Member]
Total Assets	545,911	569,136
Operating Segments [Member]
Total Assets	6,351,049	6,326,379
Operating Segments [Member] | Industrial [Member]
Total Assets	4,614,478	4,552,107
Operating Segments [Member] | Medical Office [Member]
Total Assets	1,279,562	1,269,546
Operating Segments [Member] | All Other Segments [Member]
Total Assets	321,451	367,469
Operating Segments [Member] | Service Operations [Member]
Total Assets	$ 135,558	$ 137,257

Discontinued Operations and A38

Discontinued Operations and Assets Held for Sale (Table Illustration of Number of Properties in Discontinued Operations) (Details) - buildings	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Number of properties held for sale in discontinued operations	0
Number of properties sold in discontinued operations	0	62
Total number of properties in discontinued operations	62
Continuing Operations, Number of In-service Properties Held for Sale	5
Continuing Operations, Number of Real Estate Properties Sold	3	91
Continuing Operations, Number of Real Estate Properties Sold or Classified as Held for Sale	99
Number of Real Estate Properties Held for Sale	5
Number of Real Estate Properties Sold	3	153
Total Properties Sold or Classified as Held for Sale	161
Industrial [Member]
Number of properties held for sale in discontinued operations	0
Number of properties sold in discontinued operations	0	5
Total number of properties in discontinued operations	5
Medical Office [Member]
Number of properties held for sale in discontinued operations	0
Number of properties sold in discontinued operations	0	1
Total number of properties in discontinued operations	1
Non-reportable segment properties
Number of properties held for sale in discontinued operations	0
Number of properties sold in discontinued operations	0	56
Total number of properties in discontinued operations	56

Discontinued Operations and A39

Discontinued Operations and Assets Held for Sale (Table Illustration of Discontinued Operations in Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Discontinued Operations
Revenues	$ 229	$ 32,115
Operating Expenses	8	(12,386)
Depreciation and amortization, discontinued operations	0	(3,517)
Operating Income (Loss)	237	16,212
Interest Expense	0	(6,034)
Income before gain on sales	237	10,178
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax	(86)	18,375
Income from discontinued operations	151	28,553
Payments For Second Generation Tenant Improvements Leasing Costs And Building Improvements	$ 14,401	17,496
Discontinued Operations [Member]
Discontinued Operations
Payments For Second Generation Tenant Improvements Leasing Costs And Building Improvements		$ 8,600

Discontinued Operations and A40

Discontinued Operations and Assets Held for Sale (Allocation of Shareholders' Income (Loss) Between Continuing and Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Discontinued Operations
Income (loss) from continuing operations attributable to common shareholders	$ 43,157	$ 36,994
Income (loss) from discontinued operations attributable to common shareholders	150	28,250
Net income attributable to common shareholders	$ 43,307	$ 65,244

Discontinued Operations and A41

Discontinued Operations and Assets Held for Sale (Aggregate Balance Sheet of Properties Held for Sale Included in Discontinued Operations) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)buildings	Dec. 31, 2015USD ($)
Held for Sale Assets in Continuing and Discontinued Operations
Total assets held-for-sale	$ 64,161	$ 45,801
Total liabilities held-for-sale	$ 1,388	972
Continuing Operations, Number of In-service Properties Held for Sale | buildings	5
Continuing Operations [Member]
Held for Sale Assets in Continuing and Discontinued Operations
Land and Land Improvements Held-for-Sale	$ 18,592	9,797
Buildings and Tenant Improvements Held-for-Sale	48,456	39,480
Accumulated Depreciation of Assets Held-for-Sale	(12,014)	(7,183)
Lease Related Assets, Held for Sale	7,546	3,293
Other assets	1,581	414
Total assets held-for-sale	64,161	45,801
Accrued expenses	814	322
Other liabilities	574	650
Total liabilities held-for-sale	$ 1,388	$ 972

Subsequent Events (Details)

Subsequent Events (Details) - Declaration of Dividends [Member] - Common Stock [Member]	3 Months Ended
	Jun. 30, 2016$ / shares
Subsequent Event [Line Items]
Common stock dividends declared per share	$ 0.18
Record date	May 16, 2016
Payment date	May 31, 2016