Document and Entity Information
Document and Entity Information - $ / shares | 9 Months Ended | ||
Sep. 30, 2018 | Oct. 26, 2018 | Dec. 31, 2017 | |
Entity Information [Line Items] | |||
Common shares, par value | $ 0.01 | $ 0.01 | |
Entity Registrant Name | DUKE REALTY CORPORATION | ||
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, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | Q3 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 358,319,306 | ||
Entity Current Reporting Status | Yes | ||
Duke Realty Limited Partnership [Member] | |||
Entity Information [Line Items] | |||
Entity Registrant Name | DUKE REALTY LIMITED PARTNERSHIP | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-Q | ||
Document Period End Date | Sep. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
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, 2018 | Dec. 31, 2017 |
ASSETS | ||
Real Estate Assets | $ 6,943,629 | $ 6,593,567 |
Construction in progress | 515,324 | 401,407 |
Investments in and advances to unconsolidated joint ventures | 107,811 | 126,487 |
Undeveloped land | 314,075 | 226,987 |
Real estate investment property, at cost, total | 7,880,839 | 7,348,448 |
Accumulated depreciation | (1,294,370) | (1,193,905) |
Net real estate investments | 6,586,469 | 6,154,543 |
Real estate investments and other assets held-for-sale | 53,653 | 17,550 |
Cash and cash equivalents | 133,405 | 67,562 |
Accounts receivable, net of allowance | 19,494 | 19,427 |
Straight-line rent receivable, net of allowance | 102,480 | 93,005 |
Receivables on construction contracts, including retentions | 33,699 | 13,480 |
Deferred leasing and other costs, net of accumulated amortization | 305,143 | 292,682 |
Restricted cash held in escrow for like-kind exchange | 127,597 | 116,405 |
Notes receivable from property sales | 276,744 | 426,657 |
Other escrow deposits and other assets | 186,126 | 186,885 |
Total Assets | 7,824,810 | 7,388,196 |
LIABILITIES AND EQUITY | ||
Secured debt, net of deferred financing costs | 80,716 | 311,349 |
Unsecured debt, net of deferred financing costs | 2,553,460 | 2,111,542 |
Long-term debt, total | 2,634,176 | 2,422,891 |
Liabilities related to real estate investments held-for-sale | 606 | 1,163 |
Construction payables and amounts due subcontractors, including retentions | 100,323 | 54,545 |
Accrued real estate taxes | 89,671 | 67,374 |
Accrued interest | 27,463 | 17,911 |
Other liabilities | 208,874 | 210,825 |
Tenant security deposits and prepaid rents | 38,773 | 39,109 |
Total Liabilities | 3,099,886 | 2,813,818 |
Equity | ||
Common shares | 3,583 | 3,564 |
Additional paid-in capital | 5,240,495 | 5,205,316 |
Distributions in excess of net income | (571,617) | (676,036) |
Total shareholders' equity | 4,672,461 | 4,532,844 |
Noncontrolling interests | 52,463 | 41,534 |
Total Equity | 4,724,924 | 4,574,378 |
Total Liabilities and Equity | 7,824,810 | 7,388,196 |
Duke Realty Limited Partnership [Member] | ||
ASSETS | ||
Real Estate Assets | 6,943,629 | 6,593,567 |
Construction in progress | 515,324 | 401,407 |
Investments in and advances to unconsolidated joint ventures | 107,811 | 126,487 |
Undeveloped land | 314,075 | 226,987 |
Real estate investment property, at cost, total | 7,880,839 | 7,348,448 |
Accumulated depreciation | (1,294,370) | (1,193,905) |
Net real estate investments | 6,586,469 | 6,154,543 |
Real estate investments and other assets held-for-sale | 53,653 | 17,550 |
Cash and cash equivalents | 133,405 | 67,562 |
Accounts receivable, net of allowance | 19,494 | 19,427 |
Straight-line rent receivable, net of allowance | 102,480 | 93,005 |
Receivables on construction contracts, including retentions | 33,699 | 13,480 |
Deferred leasing and other costs, net of accumulated amortization | 305,143 | 292,682 |
Restricted cash held in escrow for like-kind exchange | 127,597 | 116,405 |
Notes receivable from property sales | 276,744 | 426,657 |
Other escrow deposits and other assets | 186,126 | 186,885 |
Total Assets | 7,824,810 | 7,388,196 |
LIABILITIES AND EQUITY | ||
Secured debt, net of deferred financing costs | 80,716 | 311,349 |
Unsecured debt, net of deferred financing costs | 2,553,460 | 2,111,542 |
Long-term debt, total | 2,634,176 | 2,422,891 |
Liabilities related to real estate investments held-for-sale | 606 | 1,163 |
Construction payables and amounts due subcontractors, including retentions | 100,323 | 54,545 |
Accrued real estate taxes | 89,671 | 67,374 |
Accrued interest | 27,463 | 17,911 |
Other liabilities | 208,874 | 210,825 |
Tenant security deposits and prepaid rents | 38,773 | 39,109 |
Total Liabilities | 3,099,886 | 2,813,818 |
Equity | ||
Common equity | 4,672,461 | 4,532,844 |
Limited Partners' common equity | 48,010 | 40,563 |
Total partners' equity | 4,720,471 | 4,573,407 |
Noncontrolling interests | 4,453 | 971 |
Total Equity | 4,724,924 | 4,574,378 |
Total Liabilities and Equity | $ 7,824,810 | $ 7,388,196 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts receivable, allowance | $ 458 | $ 1,709 |
Straight-line rent receivable, allowance | 4,628 | 5,254 |
Deferred leasing and other costs, accumulated amortization | 211,212 | 209,451 |
Debt Issuance Costs, Net | $ 26,853 | $ 21,114 |
Common shares, par value | $ 0.01 | $ 0.01 |
Common shares, shares authorized | 600,000,000 | 600,000,000 |
Common shares, shares issued | 358,307,000 | 356,361,000 |
Common shares, shares outstanding | 358,307,000 | 356,361,000 |
Duke Realty Limited Partnership [Member] | ||
Accounts receivable, allowance | $ 458 | $ 1,709 |
Straight-line rent receivable, allowance | 4,628 | 5,254 |
Deferred leasing and other costs, accumulated amortization | $ 211,212 | $ 209,451 |
Common equity, General Partner Units issued | 358,307,000 | 356,361,000 |
Common equity, General Partner Units outstanding | 358,307,000 | 356,361,000 |
Limited Partner Units issued | 3,302,000 | 3,283,000 |
Limited Partner Units outstanding | 3,302,000 | 3,283,000 |
Secured Debt [Member] | ||
Debt Issuance Costs, Net | $ 270 | $ 614 |
Secured Debt [Member] | Duke Realty Limited Partnership [Member] | ||
Debt Issuance Costs, Net | 270 | 614 |
Unsecured Debt [Member] | ||
Debt Issuance Costs, Net | 26,583 | 20,500 |
Unsecured Debt [Member] | Duke Realty Limited Partnership [Member] | ||
Debt Issuance Costs, Net | $ 26,583 | $ 20,500 |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues: | ||||
Rental and related revenue | $ 196,912 | $ 169,611 | $ 582,461 | $ 507,123 |
General contractor and service fee revenue | 34,986 | 25,217 | 94,552 | 58,192 |
Revenues, total | 231,898 | 194,828 | 677,013 | 565,315 |
Expenses: | ||||
Rental expenses | 17,704 | 16,224 | 54,869 | 46,967 |
Real estate taxes | 31,515 | 28,157 | 93,857 | 81,569 |
General contractor and other services expenses | 33,730 | 24,079 | 89,392 | 54,077 |
Depreciation and amortization | 78,855 | 67,992 | 232,216 | 197,028 |
Costs and expenses, total | 161,804 | 136,452 | 470,334 | 379,641 |
Other operating activities: | ||||
Equity in earnings of unconsolidated joint ventures | 5,552 | 1,841 | 15,521 | 58,523 |
Promote income | 0 | 0 | 0 | 20,007 |
Gain on sale of properties | (107) | 21,952 | 194,741 | 93,339 |
Gain on land sales | 3,915 | 5,665 | 7,221 | 8,449 |
Other operating expenses | (668) | (770) | (2,591) | (2,226) |
Impairment charges | 0 | (3,622) | 0 | (4,481) |
General and administrative expenses | (8,959) | (10,075) | (43,441) | (41,165) |
Other Operating Activities, Net | (267) | 14,991 | 171,451 | 132,446 |
Operating income | 69,827 | 73,367 | 378,130 | 318,120 |
Other income (expenses): | ||||
Interest and other income, net | 4,129 | 6,404 | 13,319 | 9,197 |
Interest expense | (21,462) | (20,835) | (62,137) | (65,401) |
Loss on debt extinguishment | (89) | (16,568) | (240) | (26,104) |
Income from continuing operations before income taxes | 52,405 | 42,368 | 329,072 | 235,812 |
Income tax benefit (expense) | 897 | (359) | (9,495) | (7,918) |
Income from continuing operations | 53,302 | 42,009 | 319,577 | 227,894 |
Discontinued operations: | ||||
Income before gain on sales and income tax | 85 | 2,563 | 108 | 17,747 |
Gain on sale of depreciable properties | 136 | 120,179 | 3,157 | 1,229,270 |
Income tax benefit (expense) | 0 | 876 | 0 | (10,736) |
Income from discontinued operations | 221 | 123,618 | 3,265 | 1,236,281 |
Net income | 53,523 | 165,627 | 322,842 | 1,464,175 |
Net income attributable to noncontrolling interests | (498) | (358) | (3,009) | (18,163) |
Net income attributable to common shareholders | $ 53,025 | $ 165,269 | $ 319,833 | $ 1,446,012 |
Basic net income per common share/unit: | ||||
Continuing operations attributable to common shareholders/unitholders | $ 0.15 | $ 0.12 | $ 0.88 | $ 0.63 |
Discontinuing operations attributable to common shareholders/unitholders | 0 | 0.34 | 0.01 | 3.43 |
Earnings Per Share, Basic | 0.15 | 0.46 | 0.89 | 4.06 |
Diluted net income per common share/unit: | ||||
Continuing operations attributable to common shareholders/unitholders | 0.15 | 0.12 | 0.88 | 0.63 |
Discontinued operations attributable to common shareholders/unitholders | 0 | 0.34 | 0.01 | 3.40 |
Earnings Per Share, Diluted | $ 0.15 | $ 0.46 | $ 0.89 | $ 4.03 |
Weighted average number of common shares/units outstanding | 357,898 | 355,905 | 357,235 | 355,614 |
Weighted average number of common shares/units and potential dilutive securities | 361,410 | 362,102 | 362,745 | 361,947 |
Comprehensive income: | ||||
Net income | $ 53,523 | $ 165,627 | $ 322,842 | $ 1,464,175 |
Other comprehensive loss: | ||||
Amortization of interest contracts | 0 | 0 | 0 | (682) |
Comprehensive income | 53,523 | 165,627 | 322,842 | 1,463,493 |
Duke Realty Limited Partnership [Member] | ||||
Revenues: | ||||
Rental and related revenue | 196,912 | 169,611 | 582,461 | 507,123 |
General contractor and service fee revenue | 34,986 | 25,217 | 94,552 | 58,192 |
Revenues, total | 231,898 | 194,828 | 677,013 | 565,315 |
Expenses: | ||||
Rental expenses | 17,704 | 16,224 | 54,869 | 46,967 |
Real estate taxes | 31,515 | 28,157 | 93,857 | 81,569 |
General contractor and other services expenses | 33,730 | 24,079 | 89,392 | 54,077 |
Depreciation and amortization | 78,855 | 67,992 | 232,216 | 197,028 |
Costs and expenses, total | 161,804 | 136,452 | 470,334 | 379,641 |
Other operating activities: | ||||
Equity in earnings of unconsolidated joint ventures | 5,552 | 1,841 | 15,521 | 58,523 |
Promote income | 0 | 0 | 0 | 20,007 |
Gain on sale of properties | (107) | 21,952 | 194,741 | 93,339 |
Gain on land sales | 3,915 | 5,665 | 7,221 | 8,449 |
Other operating expenses | (668) | (770) | (2,591) | (2,226) |
Impairment charges | 0 | (3,622) | 0 | (4,481) |
General and administrative expenses | (8,959) | (10,075) | (43,441) | (41,165) |
Other Operating Activities, Net | (267) | 14,991 | 171,451 | 132,446 |
Operating income | 69,827 | 73,367 | 378,130 | 318,120 |
Other income (expenses): | ||||
Interest and other income, net | 4,129 | 6,404 | 13,319 | 9,197 |
Interest expense | (21,462) | (20,835) | (62,137) | (65,401) |
Loss on debt extinguishment | (89) | (16,568) | (240) | (26,104) |
Income from continuing operations before income taxes | 52,405 | 42,368 | 329,072 | 235,812 |
Income tax benefit (expense) | 897 | (359) | (9,495) | (7,918) |
Income from continuing operations | 53,302 | 42,009 | 319,577 | 227,894 |
Discontinued operations: | ||||
Income before gain on sales and income tax | 85 | 2,563 | 108 | 17,747 |
Gain on sale of depreciable properties | 136 | 120,179 | 3,157 | 1,229,270 |
Income tax benefit (expense) | 0 | 876 | 0 | (10,736) |
Income from discontinued operations | 221 | 123,618 | 3,265 | 1,236,281 |
Net income | 53,523 | 165,627 | 322,842 | 1,464,175 |
Net (income) loss attributable to noncontrolling interests | (3) | 1,177 | (7) | (4,736) |
Net income attributable to common shareholders | $ 53,520 | $ 166,804 | $ 322,835 | $ 1,459,439 |
Basic net income per common share/unit: | ||||
Continuing operations attributable to common shareholders/unitholders | $ 0.15 | $ 0.12 | $ 0.88 | $ 0.63 |
Discontinuing operations attributable to common shareholders/unitholders | 0 | 0.34 | 0.01 | 3.43 |
Earnings Per Share, Basic | 0.15 | 0.46 | 0.89 | 4.06 |
Diluted net income per common share/unit: | ||||
Continuing operations attributable to common shareholders/unitholders | 0.15 | 0.12 | 0.88 | 0.63 |
Discontinued operations attributable to common shareholders/unitholders | 0 | 0.34 | 0.01 | 3.40 |
Earnings Per Share, Diluted | $ 0.15 | $ 0.46 | $ 0.89 | $ 4.03 |
Weighted average number of common shares/units outstanding | 361,200 | 359,206 | 360,585 | 358,921 |
Weighted average number of common shares/units and potential dilutive securities | 361,410 | 362,102 | 362,745 | 361,947 |
Comprehensive income: | ||||
Net income | $ 53,523 | $ 165,627 | $ 322,842 | $ 1,464,175 |
Other comprehensive loss: | ||||
Amortization of interest contracts | 0 | 0 | 0 | (682) |
Comprehensive income | $ 53,523 | $ 165,627 | $ 322,842 | $ 1,463,493 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 322,842 | $ 1,464,175 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of buildings and tenant improvements | 190,460 | 179,918 |
Amortization of deferred leasing and other costs | 41,756 | 42,996 |
Amortization of deferred financing costs | 4,303 | 4,049 |
Straight-line rental income and expense, net | (16,763) | (12,021) |
Impairment charges | 0 | 4,481 |
Loss on debt extinguishment | 240 | 26,104 |
Gains on land and depreciated property sales | (205,119) | (1,331,058) |
Third-party construction contracts, net | (5,088) | 2,679 |
Other accrued revenues and expenses, net | 43,627 | 25,848 |
Equity in earnings (in excess of) or less than operating distributions received from unconsolidated joint ventures | (4,609) | (45,298) |
Net cash provided by operating activities | 371,649 | 361,873 |
Cash flows from investing activities: | ||
Development of real estate investments | (459,513) | (421,702) |
Acquisition of real estate investments and related intangible assets | (208,914) | (620,869) |
Acquisition of undeveloped land | (194,171) | (127,662) |
Second generation tenant improvements, leasing costs and building improvements | (34,311) | (34,350) |
Other deferred leasing costs | (27,691) | (22,399) |
Other assets | (5,929) | (4,886) |
Proceeds from Collection of Notes Receivable | 149,913 | 3,628 |
Proceeds from land and depreciated property sales, net | 434,584 | 2,283,917 |
Capital distributions from unconsolidated joint ventures | 19,176 | 111,635 |
Capital contributions and advances to unconsolidated joint ventures | (2,728) | (6,303) |
Net cash (used for) provided by investing activities | (329,584) | 1,161,009 |
Cash flows from financing activities: | ||
Proceeds from issuance of common shares, net | 30,591 | 7,309 |
Proceeds from Issuance of Unsecured Debt | 450,000 | |
Payments on unsecured debt | (1,998) | (691,492) |
Payments on secured indebtedness including principal amortization | (231,070) | (71,154) |
Repayments on line of credit, net | 0 | (43,000) |
Distributions to common shareholders/unitholders | (214,463) | (202,770) |
Distributions to noncontrolling Interest | (1,746) | (8,407) |
Tax payments on stock-based compensation awards | (8,389) | (14,868) |
Change in book cash overdrafts | 22,669 | 11,245 |
Deferred financing costs | (8,485) | (16) |
Redemption of Limited Partner Units | 0 | (457) |
Net cash provided by (used for) financing activities | 37,109 | (1,013,610) |
Net increase in cash, cash equivalents and restricted cash | 79,174 | 509,272 |
Cash, cash equivalents and restricted cash at beginning of period | 193,627 | 57,038 |
Cash, cash equivalents and restricted cash at end of period | 272,801 | 566,310 |
Noncash investing and financing activities: | ||
Carrying amounts of pre-existing ownership interest in acquired property | 5,034 | 0 |
Non-Cash Property Contribution from Noncontrolling Interest - NonCash Disclosure | 3,200 | 0 |
Notes receivable from buyers in property sales | 0 | 404,846 |
Conversion of Limited Partner Units to common shares | 1,967 | 1,714 |
Duke Realty Limited Partnership [Member] | ||
Cash flows from operating activities: | ||
Net income | 322,842 | 1,464,175 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of buildings and tenant improvements | 190,460 | 179,918 |
Amortization of deferred leasing and other costs | 41,756 | 42,996 |
Amortization of deferred financing costs | 4,303 | 4,049 |
Straight-line rental income and expense, net | (16,763) | (12,021) |
Impairment charges | 0 | 4,481 |
Loss on debt extinguishment | 240 | 26,104 |
Gains on land and depreciated property sales | (205,119) | (1,331,058) |
Third-party construction contracts, net | (5,088) | 2,679 |
Other accrued revenues and expenses, net | 43,627 | 25,848 |
Equity in earnings (in excess of) or less than operating distributions received from unconsolidated joint ventures | (4,609) | (45,298) |
Net cash provided by operating activities | 371,649 | 361,873 |
Cash flows from investing activities: | ||
Development of real estate investments | (459,513) | (421,702) |
Acquisition of real estate investments and related intangible assets | (208,914) | (620,869) |
Acquisition of undeveloped land | (194,171) | (127,662) |
Second generation tenant improvements, leasing costs and building improvements | (34,311) | (34,350) |
Other deferred leasing costs | (27,691) | (22,399) |
Other assets | (5,929) | (4,886) |
Proceeds from Collection of Notes Receivable | 149,913 | 3,628 |
Proceeds from land and depreciated property sales, net | 434,584 | 2,283,917 |
Capital distributions from unconsolidated joint ventures | 19,176 | 111,635 |
Capital contributions and advances to unconsolidated joint ventures | (2,728) | (6,303) |
Net cash (used for) provided by investing activities | (329,584) | 1,161,009 |
Cash flows from financing activities: | ||
Contributions from the General Partner | 30,591 | 7,309 |
Proceeds from Issuance of Unsecured Debt | 450,000 | 0 |
Payments on unsecured debt | (1,998) | (691,492) |
Payments on secured indebtedness including principal amortization | (231,070) | (71,154) |
Repayments on line of credit, net | 0 | (43,000) |
Distributions to common shareholders/unitholders | (216,484) | (204,654) |
Distributions to noncontrolling Interest | 275 | (6,523) |
Tax payments on stock-based compensation awards | (8,389) | (14,868) |
Change in book cash overdrafts | 22,669 | 11,245 |
Deferred financing costs | (8,485) | (16) |
Redemption of Limited Partner Units | 0 | (457) |
Net cash provided by (used for) financing activities | 37,109 | (1,013,610) |
Net increase in cash, cash equivalents and restricted cash | 79,174 | 509,272 |
Cash, cash equivalents and restricted cash at beginning of period | 193,627 | 57,038 |
Cash, cash equivalents and restricted cash at end of period | 272,801 | 566,310 |
Noncash investing and financing activities: | ||
Carrying amounts of pre-existing ownership interest in acquired property | 5,034 | 0 |
Non-Cash Property Contribution from Noncontrolling Interest - NonCash Disclosure | 3,200 | 0 |
Notes receivable from buyers in property sales | 0 | 404,846 |
Conversion of Limited Partner Units to common shares | $ 1,967 | $ 1,714 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Distributions in Excess of Net Income [Member] | Non-controlling Interest [Member] | Duke Realty Limited Partnership [Member] | Duke Realty Limited Partnership [Member]Common Stock [Member] | Duke Realty Limited Partnership [Member]Limited Partners' Common Equity [Member] | Duke Realty Limited Partnership [Member]Non-controlling Interest [Member] | Duke Realty Limited Partnership [Member]Stockholders' Equity, Total [Member] |
Beginning Balance - General Partner at Dec. 31, 2017 | $ 4,574,378 | $ 3,564 | $ 5,205,316 | $ (676,036) | $ 41,534 | |||||
Beginning Balance - Partnership at Dec. 31, 2017 | $ 4,574,378 | $ 4,532,844 | $ 40,563 | $ 971 | $ 4,573,407 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net Income | 322,842 | 319,833 | 3,009 | 322,842 | 319,833 | 3,002 | 7 | 322,835 | ||
Issuance of common shares | 30,591 | 11 | 30,580 | |||||||
Capital contribution from the General Partner | 30,591 | 30,591 | 30,591 | |||||||
Stock based compensation plan activity | 10,122 | 7 | 2,633 | (951) | 8,433 | 10,122 | 1,689 | 8,433 | 10,122 | |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 3,475 | 3,475 | 3,475 | 3,475 | ||||||
Conversion of Limited Partner Units | 1 | 1,966 | (1,967) | 1,967 | (1,967) | |||||
Distributions to Partners | (216,484) | (214,463) | (2,021) | (216,484) | ||||||
Distributions to common shareholders | (214,463) | (214,463) | ||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (2,021) | |||||||||
Distributions to noncontrolling interests | (2,021) | |||||||||
Ending Balance - General Partner at Sep. 30, 2018 | $ 4,724,924 | $ 3,583 | $ 5,240,495 | $ (571,617) | $ 52,463 | |||||
Ending Balance - Partnership at Sep. 30, 2018 | $ 4,724,924 | $ 4,672,461 | $ 48,010 | $ 4,453 | $ 4,720,471 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) | 9 Months Ended |
Sep. 30, 2018$ / shares | |
Distributions to common shareholders, per share | $ 0.60 |
Duke Realty Limited Partnership [Member] | |
Distributions to Partners, per Common Unit | $ 0.60 |
General Basis of Presentation (
General Basis of Presentation (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General Basis of Presentation | General Basis of Presentation The interim consolidated financial statements included herein have been prepared by the General Partner and the Partnership. The 2017 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, 2017 (the " 2017 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 2017 Annual Report. The General Partner was formed in 1985, and we believe that it qualifies as a REIT under the provisions of the Internal Revenue Code of 1986, as amended (the "Code"). The Partnership was formed on October 4, 1993, when the General Partner contributed all of its properties and related assets and liabilities, together with the net proceeds from an offering of additional shares of its common stock, to the Partnership. Simultaneously, the Partnership completed the acquisition of Duke Associates, a full-service commercial real estate firm operating in the Midwest whose operations began in 1972. The General Partner is the sole general partner of the Partnership, owning approximately 99.1% of the Common Units at September 30, 2018 . The remaining 0.9% of the Common Units are owned by limited partners. As the sole general partner of the Partnership, the General Partner has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Partnership. The General Partner and the Partnership are operated as one enterprise. The management of the General Partner consists of the same members as the management of the Partnership. As the sole general partner with control of the Partnership, the General Partner consolidates the Partnership for financial reporting purposes, and the General Partner does not have any significant assets other than its investment in the Partnership. Therefore, the assets and liabilities of the General Partner and the Partnership are substantially the same. Limited partners have the right to redeem their Limited Partner Units, subject to certain restrictions. Pursuant to the Fifth Amended and Restated Agreement of Limited Partnership, as amended (the "Partnership Agreement"), the General Partner is obligated to redeem the Limited Partner Units in shares of its common stock, unless it determines in its reasonable discretion that the issuance of shares of its common stock could cause it to fail to qualify as a REIT. Each Limited Partner Unit shall be redeemed for one share of the General Partner's common stock, or, in the event that the issuance of shares could cause the General Partner to fail to qualify as a REIT, cash equal to the fair market value of one share of the General Partner's common stock at the time of redemption, in each case, subject to certain adjustments described in the Partnership Agreement. The Limited Partner Units are not required, per the terms of the Partnership Agreement, to be redeemed in registered shares of the General Partner. As of September 30, 2018 |
New Accounting Pronouncements (
New Accounting Pronouncements (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements Recently Adopted Accounting Pronouncements Revenue Recognition and De-recognition of Non-Financial Assets On January 1, 2018, we concurrently adopted Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 606") and ASC 610-20, Other Income: Gains and Losses from the De-recognition of Non-financial Assets ("ASC 610-20") using a modified retrospective ("cumulative effect") method of adoption. ASC 606 has superseded nearly all existing GAAP revenue recognition guidance, although its scope excludes lease contracts, which represent our primary source of revenue. 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. General Contractor and Service Fee Revenue Beginning with the January 1, 2018 adoption date, general contractor and service fee revenues, as presented on the Consolidated Statements of Operations, are accounted for within the scope of ASC 606. General contractor and service fee revenues are comprised primarily of construction and development related revenues earned from third parties while acting in capacity of a developer, as a general contractor or a construction manager. There are other ancillary streams of revenue included in general contractor and service fee revenues (see Note 10), such as management fees earned from unconsolidated joint ventures, which are not significant. Opening and closing balances of construction receivables are presented separately on the Consolidated Balance Sheets. Over billed construction receivables totaled $927,000 and $276,000 at September 30, 2018 and December 31, 2017, respectively. We generally do not have any contract assets associated with our construction arrangements. Our construction arrangements are typically structured with only one performance obligation, which generally represents either an obligation to construct a new building or to construct fixtures in an existing building, and these single performance obligations are satisfied over time as construction progresses. We recognize revenue as we satisfy such performance obligations using the percentage of completion method, which is an input method allowed under ASC 606. Using this method, profits are recorded based on our estimates of the percentage of completion of individual contracts, commencing when the work performed under the contracts reaches a point where the final costs can be estimated with reasonable accuracy. The percentage of completion estimates are based on a comparison of the contract expenditures incurred to the estimated final costs. We believe the percentage of completion method is a faithful depiction of the transfer of goods and services as changes in job performance and estimated profitability, which result in revisions to costs and income and are recognized in the period in which the revisions are determined, have not historically been significant. We typically receive regular progress payments on the majority of our construction arrangements and such arrangements generally have an original duration of less than one year. As the result of the relatively short duration of our construction arrangements, we have elected to apply the optional disclosure exemptions, included in ASC 606, related to our remaining performance obligations for our in-process construction projects, for which any future variable consideration is not material. De-Recognition of Non-Financial Assets ASC 610-20 provides guidance on how entities recognize sales, including partial sales, of non-financial assets (and in-substance non-financial assets) to non-customers. ASC 606 includes guidance governing the sale of non-financial assets with customers, while sales of non-financial assets to non-customers are governed by ASC 610-20. The only difference in the treatment of sales to customers and non-customers is the presentation in the Consolidated Statements of Operations (revenue and expense is reported when the sale is to a customer and net gain or loss is reported when the sale is to a non-customer). Based on the nature of our business, we have concluded that our property sales represent transactions with non-customers. In the typical course of our business, sales of non-financial assets represent only one performance obligation and are recognized when an enforceable contract is in place, collectability is ensured and control is transferred to the buyer. ASC 610-20 also requires the seller to recognize a full gain or loss in a partial sale of non-financial assets, to the extent control is not retained. Any noncontrolling interest retained by the seller would, accordingly, be measured at fair value. We have primarily disposed of property and land in all cash transactions with no contingencies and no future involvement in the operations, and therefore, the adoption of ASC 610-20 has not significantly impacted the recognition of property and land sales. There was no cumulative adjustment recognized to beginning retained earnings as of January 1, 2018 as the result of adopting ASC 606 and ASC 610-20. Restricted Cash In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash ("ASU 2016-18"). ASU 2016-18 requires entities to show the changes in the total of cash, cash equivalents and restricted cash in the statement of cash flows. As a result, entities will no longer present transfers between cash, cash equivalents and restricted cash in the statement of cash flows. We adopted this standard on January 1, 2018, on a retrospective basis, and the adoption did not have a material impact on our consolidated financial statements. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows (in thousands): September 30, December 31, Cash and cash equivalents $ 133,405 $ 67,562 Restricted cash held in escrow for like-kind exchange 127,597 116,405 Restricted cash included in other escrow deposits and other assets 11,799 9,660 Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows $ 272,801 $ 193,627 Restricted cash held in escrow for like-kind exchange on the Consolidated Balance Sheets includes cash received from the property dispositions but restricted only for qualifying like-kind exchange transactions. Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flow s ("ASU 2016-15"). ASU 2016-15 clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows and how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. We adopted this standard on January 1, 2018, on a retrospective basis, and the adoption did not have a material impact on our consolidated financial statements. Cloud Computing Arrangements In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement ("CCA") That is a Service Contract ("ASU 2018-15"). ASU 2018-15 requires entities that enter into hosted CCA service arrangements to apply the existing internal-use software guidance to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. Under that model, both internal and external costs incurred in developing, coding and testing the new system are capitalizable, while the costs incurred in training and certain data conversion are expensed. ASU 2018-15 will be effective for fiscal years beginning on or after December 15, 2019 prospectively to eligible costs after the date the guidance is first applied or retrospectively, with early adoption permitted. We adopted ASU 2018-15 early and have applied it since January 1, 2018. The adoption did not have a material impact on our consolidated financial statements. New Accounting Pronouncement Not Yet Adopted 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. For lessors, the accounting under ASU 2016-02 will remain largely unchanged from current GAAP; however ASU 2016-02 requires that lessors expense certain initial direct costs, which are capitalizable under existing leasing standards, as incurred. Under the new standard, only the incremental costs of signing a lease will be capitalizable. If the new standard had been in effect, internal lease related costs totaling $9.2 million and $13.9 million , which are currently capitalizable, would have been expensed during the nine months ended September 30, 2018 and for the year ended December 31, 2017, respectively. ASU 2016-02 also specifies that payments for certain lease-related services, which are often included in lease agreements, represent "non-lease" components that will become subject to the guidance in ASC 606, when ASU 2016-02 becomes effective. However, on July 30, 2018 the FASB issued targeted amendments, one of which provides lessors an optional election to not separate "non-lease" components from the related lease components when certain criteria are met and instead account for those components as a single component. We believe we will meet the criteria to account for lease and non-lease components as a single lease component. 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 classification. ASU 2016-02 will impact the accounting and disclosure requirements for ground leases, and other operating leases, where we are the lessee. At September 30, 2018, we had approximately 20 office and ground leases. Our future minimum rental payments under these office and ground leases did not materially change from the amounts that are included in the Contractual Obligations section of Management's Discussion and Analysis of Financial Condition and Results of Operations in our 2017 Annual Report. 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 (i) relief from re-assessing whether an expired or existing contract meets the definition of a lease, (ii) relief from re-assessing the classification of expired or existing leases at the adoption date and (iii) allowing previously capitalized initial direct leasing costs to continue to be amortized. |
Reclassifications
Reclassifications | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure Text Block [Abstract] | |
Reclassifications | Reclassifications Certain amounts in the accompanying consolidated financial statements for 2017 have been reclassified to conform to the 2018 |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure Text Block [Abstract] | |
Consolidation Policy for VIEs | Variable Interest Entities Partnership Due to the fact that the Limited Partners do not have kick out rights, or substantive participating rights, the Partnership is a variable interest entity ("VIE"). Because the General Partner holds majority ownership and exercises control over every aspect of the Partnership's operations, the General Partner has been determined as the primary beneficiary and, therefore, consolidates the Partnership. The assets and liabilities of the General Partner and the Partnership are substantially the same, as the General Partner does not have any significant assets other than its investment in the Partnership. All of the Company's debt is an obligation of the Partnership. Joint Ventures We have equity interests in unconsolidated joint ventures that primarily own and operate rental properties or hold land for development. We consolidate those joint ventures that are considered to be VIEs where we are the primary beneficiary. We analyze our investments in joint ventures to determine if the joint venture is considered a VIE and would require consolidation. We (i) evaluate the sufficiency of the total equity investment at risk, (ii) review the voting rights and decision-making authority of the equity investment holders as a group and whether there are limited partners (or similar owning entities) that lack substantive participating or kick out rights and (iii) establish whether or not activities within the venture are on behalf of an investor with disproportionately few voting rights in making this VIE determination. To the extent that we own interests in a VIE and we (i) are the sole entity that has the power to direct the activities of the VIE and (ii) have the obligation or rights to absorb the VIE's losses or receive its benefits, then we would be determined to be the primary beneficiary and would consolidate the VIE. To the extent we own interests in a VIE, then at each reporting period, we re-assess our conclusions as to which, if any, party within the VIE is considered the primary beneficiary. Consolidated joint ventures that are VIEs are not significant in any period presented in these consolidated financial statements. To the extent that our joint ventures do not qualify as VIEs, they are consolidated if we control them through majority ownership interests or if we are the managing entity (general partner or managing member) and the other partner does not have substantive participating rights. Control is further demonstrated by our ability to unilaterally make significant operating decisions, refinance debt and sell the assets of the joint venture without the consent of the non-managing entity and the inability of the non-managing entity to remove us from our role as the managing entity. Consolidated joint ventures that are not VIEs are not significant in any period presented in these consolidated financial statements. There were no unconsolidated joint ventures, in which we have any recognized assets or liabilities or have retained any economic exposure to loss at September 30, 2018 , that met the criteria to be considered VIEs. Our maximum loss exposure for guarantees of unconsolidated joint venture indebtedness, none of which relate to VIEs, totaled $110.9 million at September 30, 2018 |
Acquisitions and Dispositions
Acquisitions and Dispositions | 9 Months Ended |
Sep. 30, 2018 | |
Real Estate [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions Acquisitions and dispositions for the periods presented were completed in accordance with our strategy to reposition our investment concentration among the markets in which we operate and to increase our overall investments in quality industrial projects. 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. Transaction costs related to asset acquisitions are capitalized and transaction costs related to business combinations and dispositions are expensed. Acquisitions We paid cash of $208.9 million and $620.9 million for asset acquisitions during the nine months ended September 30, 2018 and 2017 , respectively. We acquired six properties during the nine months ended September 30, 2018 . We determined that these six properties did not meet the definition of a business and, accordingly, we accounted for them as asset acquisitions as opposed to business combinations. The following table summarizes amounts recognized for each major class of assets and liability (in thousands) for these acquisitions during the nine months ended September 30, 2018 : Real estate assets $ 191,551 Lease related intangible assets 18,566 Total acquired assets 210,117 Below market lease liability 504 Fair value of acquired net assets $ 209,613 The leases in the acquired properties had a weighted average remaining life at acquisition of approximately 12.3 years. Fair Value Measurements We determine the fair value of the individual components of real estate asset acquisitions primarily through calculating the "as-if vacant" value of a building, using an income approach, which relies 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 used in calculating the "as-if vacant" value for acquisition activity during the nine months ended September 30, 2018 are as follows: Low High Exit capitalization rate 4.25% 4.91% Net rental rate per square foot $6.50 $10.20 Capitalized acquisition costs were insignificant and the fair value of the six properties acquired during the nine months ended September 30, 2018 was substantially the same as the cost of acquisition. Dispositions Dispositions of buildings and undeveloped land generated net cash proceeds of $434.6 million and $2.28 billion during the nine months ended September 30, 2018 and 2017 , respectively. Additionally, during the nine months ended September 30, 2018 , we collected $149.9 million |
Indebtedness
Indebtedness | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness All debt is issued directly or indirectly by the Partnership. The General Partner does not have any indebtedness, but does guarantee some of the unsecured debt of the Partnership. The following table summarizes the book value and changes in the fair value of our debt (in thousands): Book Value at 12/31/2017 Book Value at 9/30/2018 Fair Value at 12/31/2017 Issuances and Assumptions Payments/Payoffs Adjustments to Fair Value Fair Value at 9/30/2018 Fixed rate secured debt $ 309,463 $ 78,786 $ 325,753 $ — $ (230,618 ) $ (13,654 ) $ 81,481 Variable rate secured debt 2,500 2,200 2,500 — (300 ) — 2,200 Unsecured debt 2,132,042 2,580,043 2,190,548 450,000 (1,998 ) (90,747 ) 2,547,803 Total $ 2,444,005 $ 2,661,029 $ 2,518,801 $ 450,000 $ (232,916 ) $ (104,401 ) $ 2,631,484 Less: Deferred financing costs 21,114 26,853 Total indebtedness as reported on the consolidated balance sheets $ 2,422,891 $ 2,634,176 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 4.10% to 4.40% , 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, 2018 , we repaid three fixed rate secured loans, totaling $227.1 million , which had a weighted average stated interest rate of 7.62% . Unsecured Debt At September 30, 2018 , 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 94.00% to 122.00% of face value. In September 2018, we issued $450.0 million of senior unsecured notes that bear interest at a stated interest rate of 4.00% , have an effective interest of 4.13% , and mature on September 15, 2028. A portion of these proceeds were used to repay two of the secured loans noted above, totaling $223.9 million with a weighted average stated interest rate of 7.63% and a maturity date of March 10, 2019. The indentures (and related supplemental indentures) governing our outstanding series of unsecured notes also require us to comply with financial ratios and other covenants regarding our operations. We were in compliance with all such financial covenants at September 30, 2018 . Unsecured Line of Credit Our unsecured line of credit at September 30, 2018 is described as follows (in thousands): Description Borrowing Capacity Maturity Date Outstanding Balance at September 30, 2018 Unsecured Line of Credit - Partnership $ 1,200,000 January 30, 2022 $ — The Partnership's unsecured line of credit has an interest rate on borrowings of LIBOR plus 0.875% and has a maturity date of January 30, 2022 , with options to extend until January 30, 2023. Subject to certain conditions, the terms also include an option to increase the facility by up to an additional $800.0 million , for a total of up to $2.00 billion . This line of credit provides us with an option to obtain borrowings from financial institutions that participate in the line at rates that may be lower than the stated interest rate, subject to certain restrictions. This line of credit contains financial covenants that require us to meet certain financial ratios and defined levels of performance, including those related to fixed charge coverage, unsecured interest expense coverage and debt-to- asset value (with asset value being defined in the Partnership's unsecured line of credit agreement). At September 30, 2018 , we were in compliance with all financial covenants under this line of credit. |
Stockholders' Equity (Notes)
Stockholders' Equity (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Shareholders' Equity of the General Partner and Partners' Capital of the Partnership General Partner During the nine months ended September 30, 2018 , the General Partner issued 990,400 common shares pursuant to its at the market ("ATM") equity program, generating gross proceeds of approximately $29.0 million and, after deducting commissions and other costs, net proceeds of approximately $28.4 million . The proceeds from these offerings were contributed to the Partnership and used to fund development activities and loan repayments. Partnership |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions We provide property management, asset management, leasing, construction and other tenant-related services to unconsolidated joint ventures in which we have equity interests. We recorded the corresponding fees based on contractual terms that approximate market rates for these types of services and have eliminated our ownership percentage of these fees in the consolidated financial statements. The following table summarizes the fees earned from these joint ventures, prior to the elimination of our ownership percentage (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Management fees $ 462 $ 432 $ 1,359 $ 1,962 Leasing fees 430 395 1,622 909 Construction and development fees 1,128 2,405 2,804 4,090 |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share | Net Income per Common Share or Common Unit Basic net income per common share or Common Unit is computed by dividing net income attributable to common shareholders or common unitholders, less dividends or distributions on share-based awards expected to vest (referred to as "participating securities" and primarily composed of unvested restricted stock units), by the weighted average number of common shares or Common Units outstanding for the period. Diluted net income per common share is computed by dividing the sum of net income attributable to common shareholders and the noncontrolling interest in earnings allocable to Limited Partner Units (to the extent the Limited Partner Units are dilutive), less dividends or distributions on participating securities that are anti-dilutive, by the sum of the weighted average number of common shares outstanding and, to the extent they are dilutive, weighted average number of Limited Partner Units outstanding and any potential dilutive securities for the period. Diluted net income per Common Unit is computed by dividing the net income attributable to common unitholders, less dividends or distributions on participating securities that are anti-dilutive, by the sum of the weighted average number of Common Units outstanding and any potential dilutive securities for the period. The following table reconciles the components of basic and diluted net income per common share or Common Unit (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 General Partner Net income attributable to common shareholders $ 53,025 $ 165,269 $ 319,833 $ 1,446,012 Less: dividends on participating securities (394 ) (444 ) (1,249 ) (1,527 ) Basic net income attributable to common shareholders 52,631 164,825 318,584 1,444,485 Add back dividends on dilutive participating securities — 444 1,249 1,527 Noncontrolling interest in earnings of common unitholders 495 1,535 3,002 13,427 Diluted net income attributable to common shareholders $ 53,126 $ 166,804 $ 322,835 $ 1,459,439 Weighted average number of common shares outstanding 357,898 355,905 357,235 355,614 Weighted average Limited Partner Units outstanding 3,302 3,301 3,350 3,307 Other potential dilutive shares 210 2,896 2,160 3,026 Weighted average number of common shares and potential dilutive securities 361,410 362,102 362,745 361,947 Partnership Net income attributable to common unitholders $ 53,520 $ 166,804 $ 322,835 $ 1,459,439 Less: distributions on participating securities (394 ) (444 ) (1,249 ) (1,527 ) Basic net income attributable to common unitholders $ 53,126 $ 166,360 $ 321,586 $ 1,457,912 Add back distributions on dilutive participating securities — 444 1,249 1,527 Diluted net income attributable to common unitholders $ 53,126 $ 166,804 $ 322,835 $ 1,459,439 Weighted average number of Common Units outstanding 361,200 359,206 360,585 358,921 Other potential dilutive units 210 2,896 2,160 3,026 Weighted average number of Common Units and potential dilutive securities 361,410 362,102 362,745 361,947 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, 2018 2017 2018 2017 General Partner and Partnership Other potential dilutive shares or units: Anti-dilutive outstanding potential shares or units under fixed stock option and other stock-based compensation plans — — — — Anti-dilutive outstanding participating securities 2,147 — — — |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting Reportable Segments During the year ended December 31, 2017, we completed the Medical Office Portfolio Disposition, which resulted in all of our in-service medical office properties being classified within discontinued operations, with the exception of a property that did not meet the criteria for classification as held-for-sale at September 30, 2018 . As a result of this transaction, beginning the second quarter of 2017, our medical office properties were no longer presented as a separate reportable segment, with substantially all such operating results being classified within discontinued operations. The remaining medical office property included in continuing operations no longer meets the quantitative thresholds for separate presentation, and is classified as part of our non-reportable Rental Operations. Properties that are not included in our reportable segments, because they do not by themselves meet the quantitative thresholds for separate presentation as a reportable segment, are generally referred to as non-reportable Rental Operations. Our non-reportable Rental Operations primarily include our remaining office properties and medical office property at September 30, 2018 . As of September 30, 2018 , we had two reportable operating segments, the first consisting of the ownership and rental of industrial real estate investments. Our ongoing investments in new real estate investments are determined largely upon anticipated geographic trends in supply and demand for industrial buildings, as well as the real estate needs of our major tenants that operate on a national level. Our strategic initiatives and our allocation of resources have been historically based upon allocation among product types, which was consistent with our designation of reportable segments, and after having sold nearly all of our office and medical office properties we intend to increase our investment in industrial properties and treat them as a single operating and reportable segment. The operations of our industrial properties, as well as our non-reportable Rental Operations, are collectively referred to as "Rental Operations." Our second reportable segment consists of various real estate services such as property management, asset management, maintenance, leasing, development, general contracting and construction management to third-party property owners and joint ventures, and is collectively referred to as "Service Operations." The Service Operations segment is identified as one single operating segment because the lowest level of financial results reviewed by our chief operating decision maker are the results for the Service Operations segment in total. Further, our reportable segments are managed separately because each segment requires different operating strategies and management expertise . Revenues by Reportable Segment The following table shows the revenues for each of the reportable segments, as well as a reconciliation to consolidated revenues (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Revenues Rental Operations: Industrial $ 194,922 $ 166,344 $ 574,866 $ 485,785 Non-reportable Rental Operations 1,481 2,979 6,300 20,577 Service Operations 34,986 25,217 94,552 58,192 Total segment revenues 231,389 194,540 675,718 564,554 Other revenue 509 288 1,295 761 Consolidated revenue from continuing operations 231,898 194,828 677,013 565,315 Discontinued operations 85 4,622 117 86,026 Consolidated revenue $ 231,983 $ 199,450 $ 677,130 $ 651,341 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 (in thousands and excluding discontinued operations): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 PNOI Industrial $ 142,247 $ 117,307 $ 408,843 $ 344,080 Non-reportable Rental Operations 762 592 2,363 2,835 PNOI, excluding all sold properties 143,009 117,899 411,206 346,915 PNOI from sold properties included in continuing operations (131 ) 5,486 7,825 18,147 PNOI, continuing operations $ 142,878 $ 123,385 $ 419,031 $ 365,062 Earnings from Service Operations 1,256 1,138 5,160 4,115 Rental Operations revenues and expenses excluded from PNOI: Straight-line rental income and expense, net 5,832 4,341 16,763 9,547 Revenues related to lease buyouts — 491 23 10,348 Amortization of lease concessions and above and below market rents 593 (1,274 ) 1,599 (2,718 ) Intercompany rents and other adjusting items 48 (108 ) 206 (478 ) Non-Segment Items: Equity in earnings of unconsolidated joint ventures 5,552 1,841 15,521 58,523 Promote income — — — 20,007 Interest expense (21,462 ) (20,835 ) (62,137 ) (65,401 ) Depreciation and amortization expense (78,855 ) (67,992 ) (232,216 ) (197,028 ) Gain on sale of properties (107 ) 21,952 194,741 93,339 Impairment charges — (3,622 ) — (4,481 ) Interest and other income, net 4,129 6,404 13,319 9,197 General and administrative expenses (8,959 ) (10,075 ) (43,441 ) (41,165 ) Gain on land sales 3,915 5,665 7,221 8,449 Other operating expenses (668 ) (770 ) (2,591 ) (2,226 ) Loss on extinguishment of debt (89 ) (16,568 ) (240 ) (26,104 ) Other non-segment revenues and expenses, net (1,658 ) (1,605 ) (3,887 ) (3,174 ) Income from continuing operations before income taxes $ 52,405 $ 42,368 $ 329,072 $ 235,812 |
Real Estate Assets, Discontinue
Real Estate Assets, Discontinued Operations and Assets Held for Sale | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations and Assets Held for Sale | Real Estate Assets, Discontinued Operations and Assets Held-for-Sale Real Estate Assets Real estate assets, excluding assets held-for-sale, consisted of the following (in thousands): September 30, 2018 December 31, 2017 Buildings and tenant improvements $ 4,778,860 $ 4,642,832 Land and improvements 2,164,769 1,950,735 Real estate assets $ 6,943,629 $ 6,593,567 Discontinued Operations The following table illustrates the number of sold or held-for-sale properties included in, or excluded from, discontinued operations in this report: Held-for-Sale at September 30, 2018 Sold Year-to-Date in 2018 Sold in 2017 Total Total properties included in discontinued operations — — 81 81 Properties excluded from discontinued operations 1 13 17 31 Total properties sold or classified as held-for-sale 1 13 98 112 For the properties that were classified in discontinued operations during the year ended December 31, 2017, 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 was based upon an allocable share of our consolidated unsecured interest expense, as none of the properties included in discontinued operations were encumbered by secured debt. 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 nine months ended September 30, 2018 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 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Revenues $ 85 $ 4,622 $ 117 $ 86,026 Operating expenses — (1,613 ) (9 ) (27,780 ) Depreciation and amortization — (37 ) — (25,886 ) Operating income 85 2,972 108 32,360 Interest expense — (409 ) — (14,613 ) Income before gain on sales and income taxes 85 2,563 108 17,747 Gain on sale of depreciable properties 136 120,179 3,157 1,229,270 Income from discontinued operations before income taxes 221 122,742 3,265 1,247,017 Income tax benefit (expense) — 876 — (10,736 ) Income from discontinued operations $ 221 $ 123,618 $ 3,265 $ 1,236,281 The amounts classified in discontinued operations for the three and nine months ended September 30, 2018 were comprised of true-up activity related to 2017 property sales that were classified as discontinued operations. There were no capital expenditures for properties within discontinued operations for the nine months ended September 30, 2018 . Capital expenditures on a cash basis for the nine months ended September 30, 2017 were $20.8 million for properties 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 noncontrolling interests (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Income from continuing operations attributable to common shareholders $ 52,806 $ 41,618 $ 316,598 $ 225,970 Income from discontinued operations attributable to common shareholders 219 123,651 3,235 1,220,042 Net income attributable to common shareholders $ 53,025 $ 165,269 $ 319,833 $ 1,446,012 Allocation of Noncontrolling Interests - Partnership Substantially all of the income from discontinued operations for all periods presented in the Partnership's Consolidated Statements of Operations and Comprehensive Income is attributable to the common unitholders. Assets Held-for-Sale At September 30, 2018 , one in-service property, and 18 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 properties and land held-for-sale (in thousands): Held-for-Sale Properties Included in Continuing Operations September 30, 2018 December 31, 2017 Land and improvements $ 10,158 $ 8,157 Buildings and tenant improvements 51,567 10,505 Accumulated depreciation (9,982 ) (2,553 ) Deferred leasing and other costs, net 886 862 Other assets 1,024 579 Total assets held-for-sale $ 53,653 $ 17,550 Total liabilities related to assets held-for-sale $ 606 $ 1,163 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
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 October 24, 2018 : Class of stock/units Quarterly Amount per Share or Unit Record Date Payment Date Common - Quarterly $0.215 November 15, 2018 November 30, 2018 |
New Accounting Pronouncements R
New Accounting Pronouncements Restricted Cash Table (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Restricted Cash Equivalents [Abstract] | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows (in thousands): September 30, December 31, Cash and cash equivalents $ 133,405 $ 67,562 Restricted cash held in escrow for like-kind exchange 127,597 116,405 Restricted cash included in other escrow deposits and other assets 11,799 9,660 Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows $ 272,801 $ 193,627 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes amounts recognized for each major class of assets and liability (in thousands) for these acquisitions during the nine months ended September 30, 2018 : Real estate assets $ 191,551 Lease related intangible assets 18,566 Total acquired assets 210,117 Below market lease liability 504 Fair value of acquired net assets $ 209,613 |
Summary of Most Significant Assumptions Utilized in the Estimations [Table Text Block] | The most significant assumptions used in calculating the "as-if vacant" value for acquisition activity during the nine months ended September 30, 2018 are as follows: Low High Exit capitalization rate 4.25% 4.91% Net rental rate per square foot $6.50 $10.20 |
Indebtedness (Tables)
Indebtedness (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Fair Value, Liabilities Measured on a Recurring Basis, Disclosure Only | The following table summarizes the book value and changes in the fair value of our debt (in thousands): Book Value at 12/31/2017 Book Value at 9/30/2018 Fair Value at 12/31/2017 Issuances and Assumptions Payments/Payoffs Adjustments to Fair Value Fair Value at 9/30/2018 Fixed rate secured debt $ 309,463 $ 78,786 $ 325,753 $ — $ (230,618 ) $ (13,654 ) $ 81,481 Variable rate secured debt 2,500 2,200 2,500 — (300 ) — 2,200 Unsecured debt 2,132,042 2,580,043 2,190,548 450,000 (1,998 ) (90,747 ) 2,547,803 Total $ 2,444,005 $ 2,661,029 $ 2,518,801 $ 450,000 $ (232,916 ) $ (104,401 ) $ 2,631,484 Less: Deferred financing costs 21,114 26,853 Total indebtedness as reported on the consolidated balance sheets $ 2,422,891 $ 2,634,176 |
Unsecured Line of Credit | Our unsecured line of credit at September 30, 2018 is described as follows (in thousands): Description Borrowing Capacity Maturity Date Outstanding Balance at September 30, 2018 Unsecured Line of Credit - Partnership $ 1,200,000 January 30, 2022 $ — |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Fees Earned from Related Parties | The following table summarizes the fees earned from these joint ventures, prior to the elimination of our ownership percentage (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Management fees $ 462 $ 432 $ 1,359 $ 1,962 Leasing fees 430 395 1,622 909 Construction and development fees 1,128 2,405 2,804 4,090 |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Reconciling the Components of Basic and Diluted Net Income (Loss) per Common Share | The following table reconciles the components of basic and diluted net income per common share or Common Unit (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 General Partner Net income attributable to common shareholders $ 53,025 $ 165,269 $ 319,833 $ 1,446,012 Less: dividends on participating securities (394 ) (444 ) (1,249 ) (1,527 ) Basic net income attributable to common shareholders 52,631 164,825 318,584 1,444,485 Add back dividends on dilutive participating securities — 444 1,249 1,527 Noncontrolling interest in earnings of common unitholders 495 1,535 3,002 13,427 Diluted net income attributable to common shareholders $ 53,126 $ 166,804 $ 322,835 $ 1,459,439 Weighted average number of common shares outstanding 357,898 355,905 357,235 355,614 Weighted average Limited Partner Units outstanding 3,302 3,301 3,350 3,307 Other potential dilutive shares 210 2,896 2,160 3,026 Weighted average number of common shares and potential dilutive securities 361,410 362,102 362,745 361,947 Partnership Net income attributable to common unitholders $ 53,520 $ 166,804 $ 322,835 $ 1,459,439 Less: distributions on participating securities (394 ) (444 ) (1,249 ) (1,527 ) Basic net income attributable to common unitholders $ 53,126 $ 166,360 $ 321,586 $ 1,457,912 Add back distributions on dilutive participating securities — 444 1,249 1,527 Diluted net income attributable to common unitholders $ 53,126 $ 166,804 $ 322,835 $ 1,459,439 Weighted average number of Common Units outstanding 361,200 359,206 360,585 358,921 Other potential dilutive units 210 2,896 2,160 3,026 Weighted average number of Common Units and potential dilutive securities 361,410 362,102 362,745 361,947 |
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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 General Partner and Partnership Other potential dilutive shares or units: Anti-dilutive outstanding potential shares or units under fixed stock option and other stock-based compensation plans — — — — Anti-dilutive outstanding participating securities 2,147 — — — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | The following table shows the revenues for each of the reportable segments, as well as a reconciliation to consolidated revenues (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Revenues Rental Operations: Industrial $ 194,922 $ 166,344 $ 574,866 $ 485,785 Non-reportable Rental Operations 1,481 2,979 6,300 20,577 Service Operations 34,986 25,217 94,552 58,192 Total segment revenues 231,389 194,540 675,718 564,554 Other revenue 509 288 1,295 761 Consolidated revenue from continuing operations 231,898 194,828 677,013 565,315 Discontinued operations 85 4,622 117 86,026 Consolidated revenue $ 231,983 $ 199,450 $ 677,130 $ 651,341 |
Summary of Net Operation Income | The following table shows a reconciliation of our segment-level measures of profitability to consolidated income from continuing operations before income taxes (in thousands and excluding discontinued operations): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 PNOI Industrial $ 142,247 $ 117,307 $ 408,843 $ 344,080 Non-reportable Rental Operations 762 592 2,363 2,835 PNOI, excluding all sold properties 143,009 117,899 411,206 346,915 PNOI from sold properties included in continuing operations (131 ) 5,486 7,825 18,147 PNOI, continuing operations $ 142,878 $ 123,385 $ 419,031 $ 365,062 Earnings from Service Operations 1,256 1,138 5,160 4,115 Rental Operations revenues and expenses excluded from PNOI: Straight-line rental income and expense, net 5,832 4,341 16,763 9,547 Revenues related to lease buyouts — 491 23 10,348 Amortization of lease concessions and above and below market rents 593 (1,274 ) 1,599 (2,718 ) Intercompany rents and other adjusting items 48 (108 ) 206 (478 ) Non-Segment Items: Equity in earnings of unconsolidated joint ventures 5,552 1,841 15,521 58,523 Promote income — — — 20,007 Interest expense (21,462 ) (20,835 ) (62,137 ) (65,401 ) Depreciation and amortization expense (78,855 ) (67,992 ) (232,216 ) (197,028 ) Gain on sale of properties (107 ) 21,952 194,741 93,339 Impairment charges — (3,622 ) — (4,481 ) Interest and other income, net 4,129 6,404 13,319 9,197 General and administrative expenses (8,959 ) (10,075 ) (43,441 ) (41,165 ) Gain on land sales 3,915 5,665 7,221 8,449 Other operating expenses (668 ) (770 ) (2,591 ) (2,226 ) Loss on extinguishment of debt (89 ) (16,568 ) (240 ) (26,104 ) Other non-segment revenues and expenses, net (1,658 ) (1,605 ) (3,887 ) (3,174 ) Income from continuing operations before income taxes $ 52,405 $ 42,368 $ 329,072 $ 235,812 |
Real Estate Assets, Discontin_2
Real Estate Assets, Discontinued Operations and Assets Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Real Estate Properties [Table Text Block] | Real estate assets, excluding assets held-for-sale, consisted of the following (in thousands): September 30, 2018 December 31, 2017 Buildings and tenant improvements $ 4,778,860 $ 4,642,832 Land and improvements 2,164,769 1,950,735 Real estate assets $ 6,943,629 $ 6,593,567 |
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 in this report: Held-for-Sale at September 30, 2018 Sold Year-to-Date in 2018 Sold in 2017 Total Total properties included in discontinued operations — — 81 81 Properties excluded from discontinued operations 1 13 17 31 Total properties sold or classified as held-for-sale 1 13 98 112 |
Table Illustration of Discontinued Operations in Statement of Operations | The following table illustrates the operational results of the buildings reflected in discontinued operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Revenues $ 85 $ 4,622 $ 117 $ 86,026 Operating expenses — (1,613 ) (9 ) (27,780 ) Depreciation and amortization — (37 ) — (25,886 ) Operating income 85 2,972 108 32,360 Interest expense — (409 ) — (14,613 ) Income before gain on sales and income taxes 85 2,563 108 17,747 Gain on sale of depreciable properties 136 120,179 3,157 1,229,270 Income from discontinued operations before income taxes 221 122,742 3,265 1,247,017 Income tax benefit (expense) — 876 — (10,736 ) Income from discontinued operations $ 221 $ 123,618 $ 3,265 $ 1,236,281 |
Allocation of Common Shareholders' Income (Loss) Between Continuing and Discontinued Operations | The following table illustrates the General Partner's share of the income attributable to common shareholders from continuing operations and discontinued operations, reduced by the allocation of income between continuing and discontinued operations to the noncontrolling interests (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Income from continuing operations attributable to common shareholders $ 52,806 $ 41,618 $ 316,598 $ 225,970 Income from discontinued operations attributable to common shareholders 219 123,651 3,235 1,220,042 Net income attributable to common shareholders $ 53,025 $ 165,269 $ 319,833 $ 1,446,012 |
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 properties and land held-for-sale (in thousands): Held-for-Sale Properties Included in Continuing Operations September 30, 2018 December 31, 2017 Land and improvements $ 10,158 $ 8,157 Buildings and tenant improvements 51,567 10,505 Accumulated depreciation (9,982 ) (2,553 ) Deferred leasing and other costs, net 886 862 Other assets 1,024 579 Total assets held-for-sale $ 53,653 $ 17,550 Total liabilities related to assets held-for-sale $ 606 $ 1,163 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 October 24, 2018 : Class of stock/units Quarterly Amount per Share or Unit Record Date Payment Date Common - Quarterly $0.215 November 15, 2018 November 30, 2018 |
General Basis of Presentation_2
General Basis of Presentation (Details) | 9 Months Ended |
Sep. 30, 2018 | |
Common partnership interests of DRLP Owned | 99.10% |
Duke Realty Limited Partnership [Member] | |
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 0.90% |
New Accounting Pronouncements_2
New Accounting Pronouncements Revenue Recognition (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||
Billings in Excess of Cost | $ 927,000 | $ 276,000 |
New Accounting Pronouncements_3
New Accounting Pronouncements Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 133,405 | $ 67,562 | ||
Restricted cash held in escrow for like-kind exchange | 127,597 | 116,405 | ||
Escrow Deposit | 11,799 | 9,660 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 272,801 | $ 193,627 | $ 566,310 | $ 57,038 |
New Accounting Pronouncements L
New Accounting Pronouncements Leases (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Leases [Abstract] | ||
Deferred Costs, Leasing, Gross | $ 9.2 | $ 13.9 |
Number of Office and Ground Leases | 20 |
Variable Interest Entities (Bal
Variable Interest Entities (Balances Related to Joint Ventures) (Details) $ in Millions | Sep. 30, 2018USD ($) |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Maximum Guarantee Exposure for Joint Venture Loans | $ 110.9 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions (Narrative) (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018USD ($)buildings | Sep. 30, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | ||
Payments to Acquire Real Estate | $ | $ 208,914 | $ 620,869 |
Number of Real Estate Properties | buildings | 6 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years 3 months 18 days |
Acquisitions and Dispositions_3
Acquisitions and Dispositions (Summary of Allocation of Fair Value of Amounts Recognized) (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Property, Plant and Equipment [Line Items] | |
Real estate assets | $ 191,551 |
Lease related intangible assets | 18,566 |
Total acquired assets | 210,117 |
Below Market Lease, Gross | 504 |
Fair value of acquired net assets | $ 209,613 |
Acquisitions and Dispositions_4
Acquisitions and Dispositions (Summary of Significant Assumptions Utilized in Estimates) (Details) | 9 Months Ended |
Sep. 30, 2018$ / sqft | |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Exit capitalization rate | 4.25% |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Exit capitalization rate | 4.91% |
Industrial [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Net rental rate per square foot | 6.50 |
Industrial [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Net rental rate per square foot | 10.20 |
Acquisitions and Dispositions D
Acquisitions and Dispositions Dispositions (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Dispositions Disclosures [Line Items] | ||
Payments to Acquire Real Estate | $ 208,914 | $ 620,869 |
Proceeds from Sale of Real Estate Held-for-investment | 434,584 | 2,283,917 |
Proceeds from Collection of Notes Receivable | $ 149,913 | $ 3,628 |
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, 2018 | Dec. 31, 2017 | |
Book value | $ 2,634,176 | $ 2,422,891 |
Fair value | 2,631,484 | 2,518,801 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 450,000 | |
Payments/Payoffs | (232,916) | |
Adjustments to fair value | (104,401) | |
Long-term Debt, Gross | 2,661,029 | 2,444,005 |
Debt Issuance Costs, Net | 26,853 | 21,114 |
Fixed Rate Secured Debt [Member] | ||
Book value | 78,786 | 309,463 |
Fair value | 81,481 | 325,753 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 0 | |
Payments/Payoffs | (230,618) | |
Adjustments to fair value | (13,654) | |
Variable Rate Secured Debt [Member] | ||
Book value | 2,200 | 2,500 |
Fair value | 2,200 | 2,500 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 0 | |
Payments/Payoffs | (300) | |
Adjustments to fair value | 0 | |
Unsecured Debt [Member] | ||
Book value | 2,580,043 | 2,132,042 |
Fair value | 2,547,803 | $ 2,190,548 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 450,000 | |
Payments/Payoffs | (1,998) | |
Adjustments to fair value | $ (90,747) |
Indebtedness Secured Debt (Deta
Indebtedness Secured Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.13% | 4.13% | |
Repayments of Secured Debt | $ 223,900 | $ 231,070 | $ 71,154 |
Debt Instrument, Interest Rate, Stated Percentage | 7.63% | 7.63% | |
Fixed Rate Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Secured Debt | $ 227,100 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.62% | 7.62% | |
Minimum [Member] | Fixed Rate Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.10% | 4.10% | |
Maximum [Member] | Fixed Rate Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.40% | 4.40% |
Indebtedness Unsecured Debt (De
Indebtedness Unsecured Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Jun. 30, 2017 | Sep. 30, 2018 | |
Debt Instrument [Line Items] | ||
Proceeds from Issuance of Unsecured Debt | $ 0 | $ 450,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |
Debt Instrument, Interest Rate, Effective Percentage | 4.13% | |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Estimated Trading Values, Percent of Face Value, Minimum | 94.00% | |
Debt Instrument, Estimated Trading Values, Percent of Face Value, Maximum | 122.00% | |
Debt Instrument, Covenant Compliance | We were in compliance with all such financial covenants at |
Indebtedness (Unsecured Line of
Indebtedness (Unsecured Line of Credit) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument, Description of Variable Rate Basis | LIBOR |
Unsecured Line of Credit DRLP [Member] | |
Line of Credit Facility, Covenant Compliance | we were in compliance with all financial covenants under this line of credit. |
Maximum Capacity | $ 1,200,000 |
Maturity date | Jan. 30, 2022 |
Line of Credit Facility Option to Increase Borrowing Limit | $ 800,000 |
Line of credit balance | 0 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 |
Unsecured Line of Credit DRLP [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 0.875% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Class of Stock [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 990,400 | |
Proceeds from issuance of common shares, net | $ 30,591 | $ 7,309 |
At-the-market equity issuance [Member] | ||
Class of Stock [Line Items] | ||
Proceeds from issuance of common shares, net | 28,400 | |
Gross Proceeds [Member] | At-the-market equity issuance [Member] | ||
Class of Stock [Line Items] | ||
Proceeds from issuance of common shares, net | $ 29,000 |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Management Fees [Member] | ||||
Revenue from related party transactions | $ 462 | $ 432 | $ 1,359 | $ 1,962 |
Leasing Fees [Member] | ||||
Revenue from related party transactions | 430 | 395 | 1,622 | 909 |
Construction and Development Fees [Member] | ||||
Revenue from related party transactions | $ 1,128 | $ 2,405 | $ 2,804 | $ 4,090 |
Net Income (Loss) Per Common _3
Net Income (Loss) Per Common Share Reconciling the Components of Basic and Diluted Net Income (Loss) per Common Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income attributable to common shareholders | $ 53,025 | $ 165,269 | $ 319,833 | $ 1,446,012 |
Less: dividends on participating securities | (394) | (444) | (1,249) | (1,527) |
Basic net income attributable to common shareholders | 52,631 | 164,825 | 318,584 | 1,444,485 |
Add back dividends on dilutive participating securities | 0 | 444 | 1,249 | 1,527 |
Noncontrolling interest in earnings of common unitholders | 495 | 1,535 | 3,002 | 13,427 |
Diluted net income attributable to common shareholders | $ 53,126 | $ 166,804 | $ 322,835 | $ 1,459,439 |
Weighted average number of common shares/units outstanding, Basic | 357,898 | 355,905 | 357,235 | 355,614 |
Weighted average Limited Partner Units outstanding | 3,302 | 3,301 | 3,350 | 3,307 |
Other potential dilutive shares/units | 210 | 2,896 | 2,160 | 3,026 |
Weighted average number of common shares/units and potential dilutive securities | 361,410 | 362,102 | 362,745 | 361,947 |
Duke Realty Limited Partnership [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income attributable to common shareholders | $ 53,520 | $ 166,804 | $ 322,835 | $ 1,459,439 |
Less: dividends on participating securities | (394) | (444) | (1,249) | (1,527) |
Basic net income attributable to common unitholders | 53,126 | 166,360 | 321,586 | 1,457,912 |
Add back dividends on dilutive participating securities | 0 | 444 | 1,249 | 1,527 |
Diluted net income attributable to common unitholders | $ 53,126 | $ 166,804 | $ 322,835 | $ 1,459,439 |
Weighted average number of common shares/units outstanding, Basic | 361,200 | 359,206 | 360,585 | 358,921 |
Other potential dilutive shares/units | 210 | 2,896 | 2,160 | 3,026 |
Weighted average number of common shares/units and potential dilutive securities | 361,410 | 362,102 | 362,745 | 361,947 |
Net Income (Loss) Per Common _4
Net Income (Loss) Per Common Share (Computation of Anti-Dilutive Common Shares) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities | 0 | 0 | 0 | 0 |
Participating Securities [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities | 2,147 | 0 | 0 | 0 |
Segment Reporting Summary of Re
Segment Reporting Summary of Revenues (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Number of Reportable Segments | 2 | |||
Rental and related revenue | $ 196,912 | $ 169,611 | $ 582,461 | $ 507,123 |
General contractor and service fee revenue | 34,986 | 25,217 | 94,552 | 58,192 |
Revenues | 231,898 | 194,828 | 677,013 | 565,315 |
Disposal Group, Including Discontinued Operation, Revenue | 85 | 4,622 | 117 | 86,026 |
Total Revenues Including Revenues Related To Discontinued Operations | 231,983 | 199,450 | 677,130 | 651,341 |
Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 231,389 | 194,540 | 675,718 | 564,554 |
Operating Segments [Member] | Industrial [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Rental and related revenue | 194,922 | 166,344 | 574,866 | 485,785 |
Operating Segments [Member] | All Other Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Rental and related revenue | 1,481 | 2,979 | 6,300 | 20,577 |
Operating Segments [Member] | Service Operations [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
General contractor and service fee revenue | 34,986 | 25,217 | 94,552 | 58,192 |
Corporate, Non-Segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Rental and related revenue | 509 | 288 | 1,295 | 761 |
Disposal Group, Including Discontinued Operation, Revenue | $ 85 | $ 4,622 | $ 117 | $ 86,026 |
Segment Reporting (Summary of N
Segment Reporting (Summary of Net Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement [Line Items] | ||||
Straight-line rental income and expense, net | $ 16,763 | $ 12,021 | ||
Equity in earnings of unconsolidated joint ventures | $ 5,552 | $ 1,841 | 15,521 | 58,523 |
Promote income | 0 | 0 | 0 | 20,007 |
Interest expense | (21,462) | (20,835) | (62,137) | (65,401) |
Depreciation and amortization expense | (78,855) | (67,992) | (232,216) | (197,028) |
Gain on sale of properties | (107) | 21,952 | 194,741 | 93,339 |
Impairment Charges | 0 | (3,622) | 0 | (4,481) |
Interest and other income, net | 4,129 | 6,404 | 13,319 | 9,197 |
General and administrative expenses | (8,959) | (10,075) | (43,441) | (41,165) |
Gain on land sales | 3,915 | 5,665 | 7,221 | 8,449 |
Other operating expenses | (668) | (770) | (2,591) | (2,226) |
Loss on extinguishment of debt | (89) | (16,568) | (240) | (26,104) |
Income from continuing operations before income taxes | 52,405 | 42,368 | 329,072 | 235,812 |
Operating Segments [Member] | ||||
Statement [Line Items] | ||||
Property Level Net Operating Income – Cash Basis | 143,009 | 117,899 | 411,206 | 346,915 |
Property Level Net Income, Cash Basis, Continuing Operations | 142,878 | 123,385 | 419,031 | 365,062 |
Operating Segments [Member] | Industrial [Member] | ||||
Statement [Line Items] | ||||
Property Level Net Operating Income – Cash Basis | 142,247 | 117,307 | 408,843 | 344,080 |
Operating Segments [Member] | All Other Segments [Member] | ||||
Statement [Line Items] | ||||
Property Level Net Operating Income – Cash Basis | 762 | 592 | 2,363 | 2,835 |
Operating Segments [Member] | Service Operations [Member] | ||||
Statement [Line Items] | ||||
Earnings from Service Operations | 1,256 | 1,138 | 5,160 | 4,115 |
Segment Reconciling Items [Member] | ||||
Statement [Line Items] | ||||
PNOI from sold properties included in continuing operations | (131) | 5,486 | 7,825 | 18,147 |
Straight-line rental income and expense, net | 5,832 | 4,341 | 16,763 | 9,547 |
Revenues Related to Lease Buyouts | 0 | 491 | 23 | 10,348 |
Amortization of lease concessions and above and below market rents | 593 | (1,274) | 1,599 | (2,718) |
Intercompany rents and other adjusting items | 48 | (108) | 206 | (478) |
Corporate, Non-Segment [Member] | ||||
Statement [Line Items] | ||||
Equity in earnings of unconsolidated joint ventures | 5,552 | 1,841 | 15,521 | 58,523 |
Promote income | 0 | 0 | 0 | 20,007 |
Interest expense | (21,462) | (20,835) | (62,137) | (65,401) |
Depreciation and amortization expense | (78,855) | (67,992) | (232,216) | (197,028) |
Gain on sale of properties | (107) | 21,952 | 194,741 | 93,339 |
Impairment Charges | 0 | (3,622) | 0 | (4,481) |
Interest and other income, net | 4,129 | 6,404 | 13,319 | 9,197 |
General and administrative expenses | (8,959) | (10,075) | (43,441) | (41,165) |
Gain on land sales | 3,915 | 5,665 | 7,221 | 8,449 |
Other operating expenses | (668) | (770) | (2,591) | (2,226) |
Loss on extinguishment of debt | (89) | (16,568) | (240) | (26,104) |
Other non-segment revenues and expenses, net | $ (1,658) | $ (1,605) | $ (3,887) | $ (3,174) |
Real Estate Assets, Discontin_3
Real Estate Assets, Discontinued Operations and Assets Held for Sale Real Estate Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Real Estate Assets [Abstract] | ||
Investment Building and Building Improvements | $ 4,778,860 | $ 4,642,832 |
Land and Land Improvements | 2,164,769 | 1,950,735 |
Real Estate Assets | $ 6,943,629 | $ 6,593,567 |
Real Estate Assets, Discontin_4
Real Estate Assets, Discontinued Operations and Assets Held for Sale (Table Illustration of Number of Properties in Discontinued Operations) (Details) - buildings | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Number of properties held for sale in discontinued operations | 0 | |
Number of properties sold in discontinued operations | 0 | 81 |
Total number of properties in discontinued operations | 81 | |
Continuing Operations, Number of In-service Properties Held for Sale | 1 | |
Continuing Operations, Number of Real Estate Properties Sold | 13 | 17 |
Continuing Operations, Number of Real Estate Properties Sold or Classified as Held for Sale | 31 | |
Number of Real Estate Properties Held for Sale | 1 | |
Number of Real Estate Properties Sold | 13 | 98 |
Total Properties Sold or Classified as Held for Sale | 112 |
Real Estate Assets, Discontin_5
Real Estate Assets, 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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Discontinued Operations | ||||
Payments For Second Generation Tenant Improvements Leasing Costs And Building Improvements | $ 34,311 | $ 34,350 | ||
Revenues | $ 85 | $ 4,622 | 117 | 86,026 |
Operating Expenses | 0 | (1,613) | (9) | (27,780) |
Depreciation and amortization | 0 | (37) | 0 | (25,886) |
Operating income | 85 | 2,972 | 108 | 32,360 |
Interest expense | 0 | (409) | 0 | (14,613) |
Income before gain on sales and income tax | 85 | 2,563 | 108 | 17,747 |
Gain on sale of depreciable properties | 136 | 120,179 | 3,157 | 1,229,270 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 221 | 122,742 | 3,265 | 1,247,017 |
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | 876 | 0 | (10,736) |
Income from discontinued operations | $ 221 | $ 123,618 | $ 3,265 | 1,236,281 |
Discontinued Operations [Member] | ||||
Discontinued Operations | ||||
Payments For Second Generation Tenant Improvements Leasing Costs And Building Improvements | $ 20,800 |
Real Estate Assets, Discontin_6
Real Estate Assets, Discontinued Operations and Assets Held for Sale (Allocation of Shareholders' Income (Loss) Between Continuing and Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Discontinued Operations | ||||
Income (loss) from continuing operations attributable to common shareholders | $ 52,806 | $ 41,618 | $ 316,598 | $ 225,970 |
Income (loss) from discontinued operations attributable to common shareholders | 219 | 123,651 | 3,235 | 1,220,042 |
Net income attributable to common shareholders | $ 53,025 | $ 165,269 | $ 319,833 | $ 1,446,012 |
Real Estate Assets, Discontin_7
Real Estate Assets, Discontinued Operations and Assets Held for Sale (Aggregate Balance Sheet of Properties Held for Sale Included in Discontinued Operations) (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018USD ($)abuildings | Dec. 31, 2017USD ($) | |
Held for Sale Assets in Continuing and Discontinued Operations | ||
Continuing Operations, Number of In-service Properties Held for Sale | buildings | 1 | |
Number of Real Estate Properties Held for Sale | buildings | 1 | |
Land and Land Improvements Held-for-Sale | a | 18 | |
Total assets held-for-sale | $ 53,653 | $ 17,550 |
Total liabilities held-for-sale | 606 | 1,163 |
Continuing Operations [Member] | ||
Held for Sale Assets in Continuing and Discontinued Operations | ||
Land and Land Improvements Held-for-Sale | 10,158 | 8,157 |
Buildings and Tenant Improvements Held-for-Sale | 51,567 | 10,505 |
Accumulated Depreciation of Assets Held-for-Sale | (9,982) | (2,553) |
Deferred leasing and other costs, net | 886 | 862 |
Other assets | 1,024 | 579 |
Total assets held-for-sale | 53,653 | 17,550 |
Total liabilities held-for-sale | $ 606 | $ 1,163 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - Common Stock [Member] | 3 Months Ended |
Dec. 31, 2018$ / shares | |
Subsequent Event [Line Items] | |
Common stock dividends declared per share | $ 0.215 |
Record date | Nov. 15, 2018 |
Dividends Payable, Date to be Paid | Nov. 30, 2018 |