Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 27, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 1-9044 | |
Entity Registrant Name | DUKE REALTY CORPORATION | |
Entity Central Index Key | 0000783280 | |
Entity Incorporation, State or Country Code | IN | |
Entity Tax Identification Number | 35-1740409 | |
Entity Address, Address Line One | 8711 River Crossing Boulevard | |
Entity Address, City or Town | Indianapolis, | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 46240 | |
City Area Code | (317) | |
Local Phone Number | 808-6000 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | DRE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 380,850,300 | |
Duke Realty Limited Partnership [Member] | ||
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | DUKE REALTY LIMITED PARTNERSHIP | |
Entity Central Index Key | 0001003410 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Real Estate Assets | $ 9,104,690 | $ 8,745,155 |
Construction in progress | 617,887 | 695,219 |
Investments in and advances to unconsolidated joint ventures | 166,272 | 131,898 |
Undeveloped land | 331,293 | 291,614 |
Real estate investment property, at cost, total | 10,220,142 | 9,863,886 |
Accumulated depreciation | (1,659,068) | (1,659,308) |
Net real estate investments | 8,561,074 | 8,204,578 |
Real estate investments and other assets held-for-sale | 198,914 | 67,946 |
Cash and cash equivalents | 9,874 | 6,309 |
Accounts receivable | 12,323 | 15,204 |
Straight-line rent receivable | 162,918 | 153,943 |
Receivables on construction contracts, including retentions | 96,164 | 30,583 |
Deferred leasing and other costs, net of accumulated amortization | 328,973 | 329,765 |
Restricted cash held in escrow for like kind exchange | 273,413 | 47,682 |
Other escrow deposits and other assets | 404,724 | 255,384 |
Total Assets | 10,048,377 | 9,111,394 |
LIABILITIES AND EQUITY | ||
Secured debt, net of deferred financing costs | 60,529 | 64,074 |
Unsecured debt, net of deferred financing costs | 3,138,926 | 3,025,977 |
Unsecured line of credit | 156,000 | 295,000 |
Long-term debt, total | 3,355,455 | 3,385,051 |
Liabilities related to real estate investments held-for-sale | 12,243 | 7,740 |
Construction payables and amounts due subcontractors, including retentions | 157,693 | 62,332 |
Accrued real estate taxes | 104,123 | 76,501 |
Accrued interest | 21,674 | 18,363 |
Other liabilities | 295,061 | 269,806 |
Tenant security deposits and prepaid rents | 57,745 | 57,153 |
Total Liabilities | 4,003,994 | 3,876,946 |
Equity | ||
Common shares | 3,807 | 3,733 |
Additional paid-in capital | 6,046,397 | 5,723,326 |
Accumulated Other Comprehensive Loss | (28,900) | (31,568) |
Distributions in excess of net income | (71,005) | (532,519) |
Total shareholders' equity | 5,950,299 | 5,162,972 |
Noncontrolling interests | 94,084 | 71,476 |
Total Equity | 6,044,383 | 5,234,448 |
Total Liabilities and Equity | 10,048,377 | 9,111,394 |
Duke Realty Limited Partnership [Member] | ||
ASSETS | ||
Real Estate Assets | 9,104,690 | 8,745,155 |
Construction in progress | 617,887 | 695,219 |
Investments in and advances to unconsolidated joint ventures | 166,272 | 131,898 |
Undeveloped land | 331,293 | 291,614 |
Real estate investment property, at cost, total | 10,220,142 | 9,863,886 |
Accumulated depreciation | (1,659,068) | (1,659,308) |
Net real estate investments | 8,561,074 | 8,204,578 |
Real estate investments and other assets held-for-sale | 198,914 | 67,946 |
Cash and cash equivalents | 9,874 | 6,309 |
Accounts receivable | 12,323 | 15,204 |
Straight-line rent receivable | 162,918 | 153,943 |
Receivables on construction contracts, including retentions | 96,164 | 30,583 |
Deferred leasing and other costs, net of accumulated amortization | 328,973 | 329,765 |
Restricted cash held in escrow for like kind exchange | 273,413 | 47,682 |
Other escrow deposits and other assets | 404,724 | 255,384 |
Total Assets | 10,048,377 | 9,111,394 |
LIABILITIES AND EQUITY | ||
Secured debt, net of deferred financing costs | 60,529 | 64,074 |
Unsecured debt, net of deferred financing costs | 3,138,926 | 3,025,977 |
Unsecured line of credit | 156,000 | 295,000 |
Long-term debt, total | 3,355,455 | 3,385,051 |
Liabilities related to real estate investments held-for-sale | 12,243 | 7,740 |
Construction payables and amounts due subcontractors, including retentions | 157,693 | 62,332 |
Accrued real estate taxes | 104,123 | 76,501 |
Accrued interest | 21,674 | 18,363 |
Other liabilities | 295,061 | 269,806 |
Tenant security deposits and prepaid rents | 57,745 | 57,153 |
Total Liabilities | 4,003,994 | 3,876,946 |
Equity | ||
Common equity | 5,979,199 | 5,194,540 |
Limited Partners' common equity | 89,500 | 66,874 |
Accumulated Other Comprehensive Loss | (28,900) | (31,568) |
Total partners' equity | 6,039,799 | 5,229,846 |
Noncontrolling interests | 4,584 | 4,602 |
Total Equity | 6,044,383 | 5,234,448 |
Total Liabilities and Equity | $ 10,048,377 | $ 9,111,394 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Deferred leasing and other costs, accumulated amortization | $ 207,816 | $ 204,122 |
Debt Issuance Costs, Net | $ 36,388 | $ 33,106 |
Common shares, par value | $ 0.01 | $ 0.01 |
Common shares, shares authorized | 600,000,000 | 600,000,000 |
Common shares, shares issued | 380,717,000 | 373,258,000 |
Common shares, shares outstanding | 380,717,000 | 373,258,000 |
Duke Realty Limited Partnership [Member] | ||
Deferred leasing and other costs, accumulated amortization | $ 207,816 | $ 204,122 |
Common equity, General Partner Units issued | 380,717,000 | 373,258,000 |
Common equity, General Partner Units outstanding | 380,717,000 | 373,258,000 |
Limited Partner Units issued | 3,755,000 | 3,326,000 |
Limited Partner Units outstanding | 3,755,000 | 3,326,000 |
Secured Debt [Member] | ||
Debt Issuance Costs, Net | $ 314 | $ 343 |
Secured Debt [Member] | Duke Realty Limited Partnership [Member] | ||
Debt Issuance Costs, Net | 314 | 343 |
Unsecured Debt [Member] | ||
Debt Issuance Costs, Net | 36,074 | 32,763 |
Unsecured Debt [Member] | Duke Realty Limited Partnership [Member] | ||
Debt Issuance Costs, Net | $ 36,074 | $ 32,763 |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Rental and related revenue | $ 256,815 | $ 235,391 | $ 768,965 | $ 680,520 |
General contractor and service fee revenue | 23,550 | 26,637 | 72,384 | 46,388 |
Revenues, total | 280,365 | 262,028 | 841,349 | 726,908 |
Expenses: | ||||
Rental expenses | 19,766 | 20,231 | 66,411 | 56,631 |
Real estate taxes | 39,972 | 37,027 | 122,510 | 110,517 |
General contractor and other services expenses | 19,040 | 24,604 | 62,569 | 41,578 |
Depreciation and amortization | 88,033 | 88,596 | 273,335 | 260,659 |
Costs and expenses, total | 166,811 | 170,458 | 524,825 | 469,385 |
Other operating activities: | ||||
Equity in earnings of unconsolidated joint ventures | 2,966 | 4,023 | 29,824 | 8,958 |
Gain on sale of properties | 439,212 | 10,968 | 555,755 | 19,905 |
Gain on land sales | 1,653 | 2,346 | 12,791 | 8,551 |
Other operating expenses | (1,290) | (1,772) | (2,773) | (4,430) |
Impairment charges | 0 | 0 | 0 | (5,626) |
Non-incremental costs related to successful leases | (3,334) | (4,058) | (10,319) | (10,617) |
General and administrative expenses | (14,152) | (11,439) | (54,248) | (46,808) |
Other Operating Activities, Net | 425,055 | 68 | 531,030 | (30,067) |
Operating income | 538,609 | 91,638 | 847,554 | 227,456 |
Other income (expenses): | ||||
Interest and other income, net | 1,433 | 32 | 3,569 | 1,643 |
Interest expense | (20,003) | (23,059) | (63,582) | (69,394) |
Loss on debt extinguishment | (13,893) | (120) | (17,901) | (32,898) |
Gain on involuntary conversion | 0 | 3,029 | 3,222 | 4,312 |
Income from continuing operations before income taxes | 506,146 | 71,520 | 772,862 | 131,119 |
Income tax (expense) benefit | (6,381) | 956 | (15,237) | 1,166 |
Income from continuing operations | 499,765 | 72,476 | 757,625 | 132,285 |
Discontinued operations: | ||||
Gain on sale of properties | 0 | 40 | 0 | 111 |
Income from discontinued operations | 0 | 40 | 0 | 111 |
Net income | 499,765 | 72,516 | 757,625 | 132,396 |
Net income attributable to noncontrolling interests | (4,948) | (693) | (7,629) | (1,297) |
Net income attributable to common shareholders | $ 494,817 | $ 71,823 | $ 749,996 | $ 131,099 |
Basic net income per common share/unit: | ||||
Continuing operations attributable to common shareholders/unitholders | $ 1.30 | $ 0.19 | $ 1.99 | $ 0.35 |
Diluted net income per common share/unit: | ||||
Continuing operations attributable to common shareholders/unitholders | $ 1.30 | $ 0.19 | $ 1.98 | $ 0.35 |
Weighted average number of common shares/units outstanding | 379,220 | 371,082 | 376,323 | 369,375 |
Weighted average number of common shares/units and potential dilutive securities | 384,624 | 374,834 | 381,811 | 373,091 |
Comprehensive income: | ||||
Net income | $ 499,765 | $ 72,516 | $ 757,625 | $ 132,396 |
Amortization of interest rate swap contracts | 889 | 889 | 2,668 | 2,579 |
Comprehensive income | 500,654 | 73,405 | 760,293 | 134,975 |
Duke Realty Limited Partnership [Member] | ||||
Revenues: | ||||
Rental and related revenue | 256,815 | 235,391 | 768,965 | 680,520 |
General contractor and service fee revenue | 23,550 | 26,637 | 72,384 | 46,388 |
Revenues, total | 280,365 | 262,028 | 841,349 | 726,908 |
Expenses: | ||||
Rental expenses | 19,766 | 20,231 | 66,411 | 56,631 |
Real estate taxes | 39,972 | 37,027 | 122,510 | 110,517 |
General contractor and other services expenses | 19,040 | 24,604 | 62,569 | 41,578 |
Depreciation and amortization | 88,033 | 88,596 | 273,335 | 260,659 |
Costs and expenses, total | 166,811 | 170,458 | 524,825 | 469,385 |
Other operating activities: | ||||
Equity in earnings of unconsolidated joint ventures | 2,966 | 4,023 | 29,824 | 8,958 |
Gain on sale of properties | 439,212 | 10,968 | 555,755 | 19,905 |
Gain on land sales | 1,653 | 2,346 | 12,791 | 8,551 |
Other operating expenses | (1,290) | (1,772) | (2,773) | (4,430) |
Impairment charges | 0 | 0 | 0 | (5,626) |
Non-incremental costs related to successful leases | (3,334) | (4,058) | (10,319) | (10,617) |
General and administrative expenses | (14,152) | (11,439) | (54,248) | (46,808) |
Other Operating Activities, Net | 425,055 | 68 | 531,030 | (30,067) |
Operating income | 538,609 | 91,638 | 847,554 | 227,456 |
Other income (expenses): | ||||
Interest and other income, net | 1,433 | 32 | 3,569 | 1,643 |
Interest expense | (20,003) | (23,059) | (63,582) | (69,394) |
Loss on debt extinguishment | (13,893) | (120) | (17,901) | (32,898) |
Gain on involuntary conversion | 0 | 3,029 | 3,222 | 4,312 |
Income from continuing operations before income taxes | 506,146 | 71,520 | 772,862 | 131,119 |
Income tax (expense) benefit | (6,381) | 956 | (15,237) | 1,166 |
Income from continuing operations | 499,765 | 72,476 | 757,625 | 132,285 |
Discontinued operations: | ||||
Gain on sale of properties | 0 | 40 | 0 | 111 |
Income from discontinued operations | 0 | 40 | 0 | 111 |
Net income | 499,765 | 72,516 | 757,625 | 132,396 |
Net income attributable to noncontrolling interests | (100) | (55) | (282) | (133) |
Net income attributable to common shareholders | $ 499,665 | $ 72,461 | $ 757,343 | $ 132,263 |
Basic net income per common share/unit: | ||||
Continuing operations attributable to common shareholders/unitholders | $ 1.30 | $ 0.19 | $ 1.99 | $ 0.35 |
Diluted net income per common share/unit: | ||||
Continuing operations attributable to common shareholders/unitholders | $ 1.30 | $ 0.19 | $ 1.98 | $ 0.35 |
Weighted average number of common shares/units outstanding | 382,981 | 374,412 | 380,025 | 372,671 |
Weighted average number of common shares/units and potential dilutive securities | 384,624 | 374,834 | 381,811 | 373,091 |
Comprehensive income: | ||||
Net income | $ 499,765 | $ 72,516 | $ 757,625 | $ 132,396 |
Amortization of interest rate swap contracts | 889 | 889 | 2,668 | 2,579 |
Comprehensive income | $ 500,654 | $ 73,405 | $ 760,293 | $ 134,975 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 757,625 | $ 132,396 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of buildings and tenant improvements | 230,323 | 219,694 |
Amortization of deferred leasing and other costs | 43,012 | 40,965 |
Amortization of deferred financing costs | 7,285 | 6,814 |
Straight-line rental income and expense, net | (22,985) | (15,660) |
Impairment charges | 0 | 5,626 |
Loss on debt extinguishment | 17,901 | 32,898 |
Gain on involuntary conversion | (3,222) | (4,312) |
Gain on land and property sales | (568,546) | (28,567) |
Third-party construction contracts, net | (2,749) | 2,017 |
Other accrued revenues and expenses, net | 51,936 | 42,415 |
Equity in earnings (in excess of) less than operating distributions received from unconsolidated joint ventures | (16,468) | 4,656 |
Net cash provided by operating activities | 494,112 | 438,942 |
Cash flows from investing activities: | ||
Development of real estate investments | (496,322) | (469,001) |
Acquisition of buildings and related intangible assets | (242,914) | (85,465) |
Acquisition of land and other real estate assets | (290,019) | (96,376) |
Second generation tenant improvements, leasing costs and building improvements | (49,949) | (31,671) |
Other deferred leasing costs | (28,189) | (25,929) |
Other assets | (68,310) | (9,519) |
Proceeds from the repayments of notes receivable from property sales | 0 | 110,000 |
Proceeds from land and depreciated property sales, net | 989,128 | 55,740 |
Capital distributions from unconsolidated joint ventures | 61,616 | 876 |
Capital contributions and advances to unconsolidated joint ventures | (20,158) | (6,161) |
Net cash used for investing activities | (145,117) | (557,506) |
Cash flows from financing activities: | ||
Proceeds from issuance of common shares, net | 311,238 | 119,765 |
Proceeds from unsecured debt | 446,634 | 663,123 |
Payments on unsecured debt | (390,900) | (546,972) |
Proceeds from secured debt financings | 0 | 18,400 |
Payments on secured indebtedness including principal amortization | (3,363) | (3,284) |
(Repayments) borrowings on line of credit, net | (139,000) | 47,000 |
Distributions to common shareholders/unitholders | (287,619) | (260,431) |
Distributions to noncontrolling Interest | (3,160) | (2,149) |
Tax payments on stock-based compensation awards | (4,939) | (4,263) |
Change in book cash overdrafts | (6,399) | (13,588) |
Other Financing Activities | (249) | 284 |
Deferred financing costs | (10,053) | (7,354) |
Redemption of Limited Partner Units | (39) | 0 |
Net cash (used for) provided by financing activities | (87,849) | 10,531 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 261,146 | (108,033) |
Cash, cash equivalents and restricted cash at beginning of period | 67,223 | 121,431 |
Cash, cash equivalents and restricted cash at end of period | 328,369 | 13,398 |
Noncash activities: | ||
Lease liabilities arising from right-of-use assets | 19,822 | 35,956 |
Assumption of indebtedness and other liabilities in real estate acquisitions | 84,911 | 33,905 |
Contribution of properties to unconsolidated joint venture | 74,942 | 0 |
Non-cash distribution of assets from unconsolidated joint ventures, net | 11,124 | 0 |
Issuance of Limited Partner Units for acquisition | 11,603 | 0 |
Duke Realty Limited Partnership [Member] | ||
Cash flows from operating activities: | ||
Net income | 757,625 | 132,396 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of buildings and tenant improvements | 230,323 | 219,694 |
Amortization of deferred leasing and other costs | 43,012 | 40,965 |
Amortization of deferred financing costs | 7,285 | 6,814 |
Straight-line rental income and expense, net | (22,985) | (15,660) |
Impairment charges | 0 | 5,626 |
Loss on debt extinguishment | 17,901 | 32,898 |
Gain on involuntary conversion | (3,222) | (4,312) |
Gain on land and property sales | (568,546) | (28,567) |
Third-party construction contracts, net | (2,749) | 2,017 |
Other accrued revenues and expenses, net | 51,936 | 42,415 |
Equity in earnings (in excess of) less than operating distributions received from unconsolidated joint ventures | (16,468) | 4,656 |
Net cash provided by operating activities | 494,112 | 438,942 |
Cash flows from investing activities: | ||
Development of real estate investments | (496,322) | (469,001) |
Acquisition of buildings and related intangible assets | (242,914) | (85,465) |
Acquisition of land and other real estate assets | (290,019) | (96,376) |
Second generation tenant improvements, leasing costs and building improvements | (49,949) | (31,671) |
Other deferred leasing costs | (28,189) | (25,929) |
Other assets | (68,310) | (9,519) |
Proceeds from the repayments of notes receivable from property sales | 0 | 110,000 |
Proceeds from land and depreciated property sales, net | 989,128 | 55,740 |
Capital distributions from unconsolidated joint ventures | 61,616 | 876 |
Capital contributions and advances to unconsolidated joint ventures | (20,158) | (6,161) |
Net cash used for investing activities | (145,117) | (557,506) |
Cash flows from financing activities: | ||
Contributions from the General Partner | 311,238 | 119,765 |
Proceeds from unsecured debt | 446,634 | 663,123 |
Payments on unsecured debt | (390,900) | (546,972) |
Proceeds from secured debt financings | 0 | 18,400 |
Payments on secured indebtedness including principal amortization | (3,363) | (3,284) |
(Repayments) borrowings on line of credit, net | (139,000) | 47,000 |
Distributions to common shareholders/unitholders | (290,479) | (262,780) |
Distributions to noncontrolling Interest | (300) | 200 |
Tax payments on stock-based compensation awards | (4,939) | (4,263) |
Change in book cash overdrafts | (6,399) | (13,588) |
Other Financing Activities | (249) | 284 |
Deferred financing costs | (10,053) | (7,354) |
Redemption of Limited Partner Units | (39) | 0 |
Net cash (used for) provided by financing activities | (87,849) | 10,531 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 261,146 | (108,033) |
Cash, cash equivalents and restricted cash at beginning of period | 67,223 | 121,431 |
Cash, cash equivalents and restricted cash at end of period | 328,369 | 13,398 |
Noncash activities: | ||
Lease liabilities arising from right-of-use assets | 19,822 | 35,956 |
Assumption of indebtedness and other liabilities in real estate acquisitions | 84,911 | 33,905 |
Contribution of properties to unconsolidated joint venture | 74,942 | 0 |
Non-cash distribution of assets from unconsolidated joint ventures, net | 11,124 | 0 |
Issuance of Limited Partner Units for acquisition | $ 11,603 | $ 0 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Distributions in Excess of Net Income [Member] | Non-controlling Interest [Member] | Duke Realty Limited Partnership [Member] | Duke Realty Limited Partnership [Member]Common Stock [Member] | Duke Realty Limited Partnership [Member]Limited Partners' Common Equity [Member] | Duke Realty Limited Partnership [Member]AOCI Attributable to Parent [Member] | Duke Realty Limited Partnership [Member]Non-controlling Interest [Member] | Duke Realty Limited Partnership [Member]Stockholders' Equity, Total [Member] |
Beginning Balance - General Partner at Dec. 31, 2019 | $ 5,080,260 | $ 3,680 | $ 5,525,463 | $ (35,036) | $ (475,992) | $ 62,145 | ||||||
Beginning Balance - Partnership at Dec. 31, 2019 | $ 5,080,260 | $ 5,053,151 | $ 57,575 | $ (35,036) | $ 4,570 | $ 5,075,690 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income | 132,396 | 131,099 | 1,297 | 132,396 | 131,099 | 1,164 | 133 | 132,263 | ||||
Other comprehensive income | 2,579 | 2,579 | 2,579 | 2,579 | 2,579 | |||||||
Issuance of common shares | 119,765 | 32 | 119,733 | |||||||||
Capital contribution from the General Partner | 119,765 | 119,765 | 119,765 | |||||||||
Stock based compensation plan activity | 16,227 | 3 | 7,947 | (858) | 9,135 | 16,227 | 7,092 | 9,135 | 16,227 | |||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 200 | 200 | 200 | 200 | ||||||||
Distributions to Partners | (262,780) | (260,431) | (2,349) | (262,780) | ||||||||
Distributions to common shareholders | (260,431) | (260,431) | ||||||||||
Distributions to noncontrolling interests | (2,349) | (2,349) | ||||||||||
Ending Balance - General Partner at Sep. 30, 2020 | 5,088,647 | 3,715 | 5,653,143 | (32,457) | (606,182) | 70,428 | ||||||
Ending Balance - Partnership at Sep. 30, 2020 | 5,088,647 | 5,050,676 | 65,525 | (32,457) | 4,903 | 5,083,744 | ||||||
Beginning Balance - General Partner at Jun. 30, 2020 | 5,057,416 | 3,704 | 5,607,897 | (33,346) | (590,435) | 69,596 | ||||||
Beginning Balance - Partnership at Jun. 30, 2020 | 5,057,416 | 5,021,166 | 64,948 | (33,346) | 4,648 | 5,052,768 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income | 72,516 | 71,823 | 693 | 72,516 | 71,823 | 638 | 55 | 72,461 | ||||
Other comprehensive income | 889 | 889 | 889 | 889 | 889 | |||||||
Issuance of common shares | 43,087 | 11 | 43,076 | |||||||||
Capital contribution from the General Partner | 43,087 | 43,087 | 43,087 | |||||||||
Stock based compensation plan activity | 2,622 | 0 | 2,170 | (270) | 722 | 2,622 | 1,900 | 722 | 2,622 | |||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 200 | 200 | 200 | 200 | ||||||||
Distributions to Partners | (88,083) | (87,300) | (783) | (88,083) | ||||||||
Distributions to common shareholders | (87,300) | (87,300) | ||||||||||
Distributions to noncontrolling interests | (783) | (783) | ||||||||||
Ending Balance - General Partner at Sep. 30, 2020 | 5,088,647 | 3,715 | 5,653,143 | (32,457) | (606,182) | 70,428 | ||||||
Ending Balance - Partnership at Sep. 30, 2020 | 5,088,647 | 5,050,676 | 65,525 | (32,457) | 4,903 | 5,083,744 | ||||||
Beginning Balance - General Partner at Dec. 31, 2020 | 5,234,448 | 3,733 | 5,723,326 | (31,568) | (532,519) | 71,476 | ||||||
Beginning Balance - Partnership at Dec. 31, 2020 | 5,234,448 | 5,194,540 | 66,874 | (31,568) | 4,602 | 5,229,846 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income | 757,625 | 749,996 | 7,629 | 757,625 | 749,996 | 7,347 | 282 | 757,343 | ||||
Other comprehensive income | 2,668 | 2,668 | 2,668 | 2,668 | 2,668 | |||||||
Issuance of common shares | 311,238 | 66 | 311,172 | |||||||||
Capital contribution from the General Partner | 311,238 | 311,238 | 311,238 | |||||||||
Stock based compensation plan activity | 17,658 | 5 | 6,822 | (863) | 11,694 | 17,658 | 5,964 | 11,694 | 17,658 | |||
Issuance of Limited Partner Units | 11,564 | 11,564 | 11,564 | 11,564 | 11,564 | |||||||
Conversion of Limited Partner Units | 3 | 5,119 | (5,122) | 5,122 | (5,122) | |||||||
Redemption of Limited Partner Units | (39) | (42) | 3 | (39) | (42) | 3 | (39) | |||||
Distributions to Partners | (290,479) | (287,619) | (2,860) | (290,479) | ||||||||
Distributions to common shareholders | (287,619) | (287,619) | ||||||||||
Distributions to noncontrolling interests | (3,160) | (3,160) | (300) | (300) | ||||||||
Ending Balance - General Partner at Sep. 30, 2021 | 6,044,383 | 3,807 | 6,046,397 | (28,900) | (71,005) | 94,084 | ||||||
Ending Balance - Partnership at Sep. 30, 2021 | 6,044,383 | 5,979,199 | 89,500 | (28,900) | 4,584 | 6,039,799 | ||||||
Beginning Balance - General Partner at Jun. 30, 2021 | 5,514,909 | 3,780 | 5,920,931 | (29,789) | (469,076) | 89,063 | ||||||
Beginning Balance - Partnership at Jun. 30, 2021 | 5,514,909 | 5,455,635 | 84,494 | (29,789) | 4,569 | 5,510,340 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net Income | 499,765 | 494,817 | 4,948 | 499,765 | 494,817 | 4,848 | 100 | 499,665 | ||||
Other comprehensive income | 889 | 889 | 889 | 889 | 889 | |||||||
Issuance of common shares | 124,021 | 25 | 123,996 | |||||||||
Capital contribution from the General Partner | 124,021 | 124,021 | 124,021 | |||||||||
Stock based compensation plan activity | 2,394 | 2 | 1,396 | (209) | 1,205 | 2,394 | 1,189 | 1,205 | 2,394 | |||
Issuance of Limited Partner Units | (12) | (12) | (12) | (12) | (12) | |||||||
Conversion of Limited Partner Units | 0 | 76 | (76) | 76 | (76) | |||||||
Redemption of Limited Partner Units | (2) | (2) | 0 | (2) | (2) | 0 | (2) | |||||
Distributions to Partners | (97,496) | (96,537) | (959) | (97,496) | ||||||||
Distributions to common shareholders | (96,537) | (96,537) | ||||||||||
Distributions to noncontrolling interests | (1,044) | (1,044) | (85) | (85) | ||||||||
Ending Balance - General Partner at Sep. 30, 2021 | $ 6,044,383 | $ 3,807 | $ 6,046,397 | $ (28,900) | $ (71,005) | $ 94,084 | ||||||
Ending Balance - Partnership at Sep. 30, 2021 | $ 6,044,383 | $ 5,979,199 | $ 89,500 | $ (28,900) | $ 4,584 | $ 6,039,799 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Distributions to common shareholders, per share | $ 0.255 | $ 0.235 | $ 0.765 | $ 0.705 |
Duke Realty Limited Partnership [Member] | ||||
Distributions to Partners, per Common Unit | $ 0.255 | $ 0.235 | $ 0.765 | $ 0.705 |
General Basis of Presentation
General Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
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 2020 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, 2020 (the "2020 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 (the "Exchange Act"). 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 2020 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 99.0% of the Common Units at September 30, 2021. The remaining 1.0% 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. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases Lease Income Our leases generally include scheduled rent increases, but do not include variable payments based on indexes. Our rental revenue is primarily based on fixed, non-cancelable leases. Our variable rental revenue primarily consists of amounts recovered from lessees for property tax, insurance and common area maintenance ("CAM"). If we conclude that collection of lease payments is not probable, any difference between the revenue that would have been recognized under the straight-line method and the lease payments that have been collected is recognized as a current period adjustment to rental revenues. Any other changes in collectability reserves for leases not subject to the collectability constraint are also recorded as a current period adjustment to rental revenues. All revenues related to lease and lease-related services are included in, and comprise substantially all of, the caption "Rental and Related Revenue" on the Consolidated Statements of Operations and Comprehensive Income. The components of Rental and Related Revenue are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Rental revenue - fixed payments $ 192,425 $ 176,085 $ 568,986 $ 507,309 Rental revenue - variable payments (1) 64,390 59,306 199,979 173,211 Rental and related revenue $ 256,815 $ 235,391 $ 768,965 $ 680,520 (1) Primarily includes tenant recoveries for real estate taxes, insurance and CAM. Lessee Accounting As of September 30, 2021, our lease arrangements, where we are the lessee, primarily consisted of office and ground leases. For these lease arrangements, as required by Accounting Standards Codification Topic 842, Leases ("ASC 842"), we recognized right-of-use ("ROU") assets and the corresponding lease liabilities representing the discounted value of future lease payments. In determining these amounts, we elected an available practical expedient that allows us, as a lessee, to not separate lease and non-lease components. All of our office leases are classified as operating leases under ASC 842. Ground leases that were classified as operating leases prior to adoption of ASC 842 continue to be accounted for as operating leases by electing the practical expedient under ASC 842. Two ground leases that were entered into subsequent to the adoption of ASC 842 are classified as finance leases. For the operating leases, we recognized ROU assets and related lease liabilities as follows (in thousands): September 30, 2021 December 31, 2020 ROU assets $ 37,925 $ 38,867 Lease liabilities 42,320 42,874 For the finance leases, we recognized ROU assets and related lease liabilities as follows (in thousands): September 30, 2021 December 31, 2020 ROU assets $ 37,714 $ 19,239 Lease liabilities 38,903 19,430 |
Reclassifications
Reclassifications | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Text Block [Abstract] | |
Reclassifications | ReclassificationsCertain amounts in the accompanying consolidated financial statements for 2020 have been reclassified to conform to the 2021 consolidated financial statement presentation. |
Restricted Cash
Restricted Cash | 9 Months Ended |
Sep. 30, 2021 | |
Restricted Cash [Abstract] | |
Restricted Cash | Restricted Cash Restricted cash primarily consists of cash proceeds from dispositions but restricted only for qualifying like-kind exchange transactions and cash held in escrow related to acquisition and disposition holdbacks. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows (in thousands): September 30, 2021 December 31, 2020 Cash and cash equivalents $ 9,874 $ 6,309 Restricted cash held in escrow for like-kind exchange 273,413 47,682 Restricted cash included in other escrow deposits and other assets 45,082 13,232 Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows $ 328,369 $ 67,223 |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Text Block [Abstract] | |
Variable Interest Entities | 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 are primarily engaged in the operation and development of industrial real estate properties. 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. We use the equity method of accounting for those joint ventures where we exercise significant influence but do not have control. Under the equity method of accounting, our investment in each joint venture is included on our balance sheet; however, the assets and liabilities of the joint ventures for which we use the equity method are not included on our balance sheet. In July 2021, we entered into a 20%-owned unconsolidated joint venture with CBRE Global Investors with plans to contribute three tranches of properties. During the third quarter of 2021, we contributed two separate tranches of properties to the joint venture (see Note 6). We expect to contribute the third tranche of properties in early 2022. The joint venture financed the acquisition of these properties with a combination of third party first mortgage loans and equity contributions from our partner in this joint venture. 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, 2021, that met the criteria to be considered VIEs. In January 2021, we, and the other partner from two unconsolidated joint ventures, repaid $69.8 million of guaranteed loans. At September 30, 2021, we did not guarantee the indebtedness of any of our unconsolidated joint ventures. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions Acquisitions and dispositions for the periods presented were completed in accordance with our strategy to reposition our investment concentration among the markets in which we operate and to increase our overall investments in quality industrial projects. Transaction costs related to asset acquisitions are capitalized and transaction costs related to business combinations and dispositions are expensed. Acquisitions We paid cash of $242.9 million for four building acquisitions in Southern California and Northern New Jersey and paid a combination of $64.0 million of cash and Limited Partner Units with a fair value of $11.6 million for a container storage lot in Northern New Jersey during the nine months ended September 30, 2021. All of these properties were fully leased at the date of acquisition. We paid cash of $85.5 million for five property acquisitions during the nine months ended September 30, 2020. The following table summarizes amounts recognized for each major class of assets and liabilities (in thousands) for these acquisitions during the nine months ended September 30, 2021: Real estate assets $ 351,398 Lease related intangibles 11,796 Total acquired assets $ 363,194 Below market lease liabilities $ 43,734 The leases in the acquired properties had a weighted average remaining life at acquisition of approximately 11.0 years. Distribution of Joint Venture Properties As part of a plan of dissolution, we received a non-cash distribution of real estate assets from two 50%-owned unconsolidated joint ventures. These joint ventures distributed their ownership in two in-service properties and certain parcels of undeveloped land to our partner, who shares control with us over both joint ventures, while distributing their ownership interest in an in-service property, a property under construction and a parcel of undeveloped land to us. The se distributions were based on values negotiated between us and our partner on an arms-length basis and we determined that these negotiated values represented the fair value of the assets at their highest and best use, as determined from the perspective of a market participant. Concurrent with these asset distributions, both we and our partner assumed and repaid all of the joint ventures' unsecured debt, with each party paying off an amount necessary for the value of the assets distributed, net of debt repayments, to be equal. As the result of this dissolution transaction, we recognized a gain of $10.6 million (included in equity in earnings in the Consolidated Statements of Operations), which was related to the properties distributed to our partner. We did not recognize a gain to remeasure our existing ownership interest in the assets we received in distribution and we recognized such assets at a combined basis of $52.2 million in the Consolidated Balance Sheets. We assumed and immediately repaid unsecured debt of the joint ventures totaling $40.2 million. 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, 2021 are as follows: Low High Exit capitalization rate 3.50 % 5.00 % Annual net rental rate per square foot on acquired buildings $ 6.62 $ 15.00 Annual net rental rate per acre on acquired ground lease $ 182,136 $ 182,136 Capitalized acquisition costs were insignificant and the fair value of net assets acquired from unrelated parties during the nine months ended September 30, 2021, was substantially the same as the cost of acquisition. Dispositions Dispositions of buildings and undeveloped land generated net cash proceeds of $989.1 million and $55.7 million during the nine months ended September 30, 2021 and 2020, respectively. The number of buildings sold is disclosed in Note 11. On July 22, 2021, we closed on the sale of 14 wholly-owned buildings and 15 acres of undeveloped land, for net cash proceeds of $286.3 million, which completed our previously announced exit from the St. Louis market. In addition, in July 2021 we entered into a 20%-owned unconsolidated joint venture with plans to contribute three tranches of properties for a total of nine properties. Pursuant to the terms of the joint venture, on July 27, 2021, we contributed to the joint venture the first tranche of three properties, which consisted of two buildings and one trailer storage lot in Chicago and Atlanta, for net cash proceeds of $115.7 million. On September 21, 2021, we contributed to the joint venture the second tranche of three properties which consisted of two buildings and one trailer storage lot in Baltimore, for net cash proceeds of $172.9 million. The joint venture financed the acquisition of these properties with a combination of third party first mortgage loans and equity contributions from our partner in this joint venture. As part of the closings, we have also received $41.1 million for our ownership share of proceeds from third party first mortgage loans, which was included in capital distributions from unconsolidated joint ventures |
Indebtedness
Indebtedness | 9 Months Ended |
Sep. 30, 2021 | |
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 12/31/2020 Book Value at 9/30/2021 Fair Value at 12/31/2020 Issuances and Payments/Payoffs Adjustments Fair Value at 9/30/2021 Fixed rate secured debt $ 62,817 $ 59,543 $ 65,848 $ — $ (3,063) $ (1,376) $ 61,409 Variable rate secured debt 1,600 1,300 1,600 — (300) — 1,300 Unsecured debt 3,058,740 3,175,000 3,387,913 490,226 (373,966) (183,038) 3,321,135 Unsecured line of credit 295,000 156,000 295,000 — (139,000) — 156,000 Total $ 3,418,157 $ 3,391,843 $ 3,750,361 $ 490,226 $ (516,329) $ (184,414) $ 3,539,844 Less: Deferred financing costs 33,106 36,388 Total indebtedness as reported on the consolidated balance sheets $ 3,385,051 $ 3,355,455 Secured Debt Because our fixed rate secured debt is not actively traded in any marketplace, we utilized a discounted cash flow methodology to determine its fair value. Accordingly, we calculated fair value by applying an estimate of the current market rate to discount the debt's remaining contractual cash flows. Our estimate of a current market rate, which is the most significant input in the discounted cash flow calculation, is intended to replicate debt of similar maturity and loan-to-value relationship. The estimated market rates for all of our current fixed rate secured debt are between 2.10% and 2.90%, 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. Unsecured Debt At September 30, 2021, 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 95.00% to 132.00% of face value. 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, 2021. In August 2021, we redeemed $250.0 million of 3.63% senior unsecured notes due April 2023. We recognized a loss of $13.9 million in connection with the redemption of these notes including the prepayment premium and write-off of unamortized deferred financing costs. In June 2021, we redeemed $83.7 million of 3.88% senior unsecured notes due October 2022. In connection with the early repayment of these notes, we recognized a loss of $3.9 million, including the prepayment premium and the write-off of unamortized deferred financing costs. In January 2021, the Partnership issued $450.0 million of senior unsecured notes that bear a stated interest rate of 1.75%, have an effective interest rate of 1.83%, and mature on February 1, 2031. Proceeds from the unsecured notes offering will be allocated to finance or refinance eligible green projects. In addition, in January 2021, the Partnership assumed and immediately repaid $40.2 million of unsecured debt related to the assets received as part of the dissolution of unconsolidated joint ventures (see Note 6). Unsecured Line of Credit Our unsecured line of credit at September 30, 2021 is described as follows (in thousands): Description Borrowing Maturity Date Outstanding Balance at September 30, 2021 Unsecured Line of Credit - Partnership $ 1,200,000 March 31, 2025 $ 156,000 In March 2021, the Partnership amended and restated its existing $1.20 billion unsecured line of credit, which was set to mature in January 2022 with two six-month extension options. The amended and restated line of credit bears interest at LIBOR plus 0.775% (equal to 0.87% for our outstanding borrowings at September 30, 2021) with a reduction in borrowing costs if certain sustainability linked metrics are achieved each year. In addition, the amended and restated line of credit matures on March 31, 2025 with two six-month extension options. 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. The line of credit also allows automatic transition to an alternative rate of interest in the event that the LIBOR ceases to publish and needs to be replaced. As a result of amending and restating the unsecured line of credit, we incurred $6.2 million of deferred financing costs through September 30, 2021. 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, 2021, we were in compliance with all financial covenants under this line of credit. We utilized a discounted cash flow methodology in order to estimate the fair value of outstanding borrowings on our unsecured line of credit. To the extent that credit spreads have changed since the origination of the line of credit, the net present value of the difference between future contractual interest payments and future interest payments based on our estimate of a current market rate would represent the difference between the book value and the fair value. This estimate of a current market rate is based upon the rate, considering current market conditions and our specific credit profile, at which we estimate we could obtain similar borrowings. As our credit spreads have not changed appreciably, we believe that the contractual interest rate and the current market rate on any outstanding borrowings on the line of credit are the same. The current market rate is internally estimated and therefore is primarily based upon a level 3 input. |
Shareholder's Equity
Shareholder's Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Shareholders' Equity of the General Partner and Partners' Capital of the Partnership General Partner The General Partner has an at the market ("ATM") equity program that allows it to issue and sell its common shares through sales agents from time to time. Actual sales under the ATM equity program depend on a variety of factors to be determined by the General Partner, including, among others, market conditions, the trading price of the General Partner’s common stock, determinations by the General Partner of the appropriate sources of funding and potential uses of funding available. In February 2021, the General Partner terminated its previous equity distribution agreement for the ATM equity program and entered into a new equity distribution agreement pursuant to which the General Partner may sell from time to time up to an aggregate offering price of $400.0 million of its common stock through sales agents or forward sellers. The ability to enter into forward sale agreements through the new ATM equity program will enable the General Partner to set the price of such shares upon pricing the offering (subject to certain adjustments) while delaying the issuance of such shares and the receipt of the net proceeds by the General Partner. During the nine months ended September 30, 2021, the General Partner issued 6.5 million common shares pursuant to its ATM equity programs, generating gross proceeds of $312.8 million and, after deducting commissions and other costs, net proceeds of $309.0 million. The proceeds from these sales were contributed to the Partnership and used to fund development activities. Partnership For each common share or preferred share that the General Partner issues, the Partnership issues a corresponding General Partner Unit or Preferred Unit, as applicable, to the General Partner in exchange for the contribution of the proceeds from the stock issuance. Similarly, when the General Partner redeems or repurchases common shares or preferred shares, the Partnership redeems the corresponding General Partner Units or Preferred Units held by the General Partner at the same price. |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 2020 2021 2020 General Partner Net income attributable to common shareholders $ 494,817 $ 71,823 $ 749,996 $ 131,099 Less: dividends on participating securities (298) (352) (1,033) (1,064) Basic net income attributable to common shareholders $ 494,519 $ 71,471 $ 748,963 $ 130,035 Add back dividends on dilutive participating securities 298 — 1,033 — Noncontrolling interest in earnings of common unitholders 4,848 638 7,347 1,164 Diluted net income attributable to common shareholders $ 499,665 $ 72,109 $ 757,343 $ 131,199 Weighted average number of common shares outstanding 379,220 371,082 376,323 369,375 Weighted average Limited Partner Units outstanding 3,761 3,330 3,702 3,296 Other potential dilutive shares 1,643 422 1,786 420 Weighted average number of common shares and potential dilutive securities 384,624 374,834 381,811 373,091 Partnership Net income attributable to common unitholders $ 499,665 $ 72,461 $ 757,343 $ 132,263 Less: distributions on participating securities (298) (352) (1,033) (1,064) Basic net income attributable to common unitholders $ 499,367 $ 72,109 $ 756,310 $ 131,199 Add back distributions on dilutive participating securities 298 — 1,033 — Diluted net income attributable to common unitholders $ 499,665 $ 72,109 $ 757,343 $ 131,199 Weighted average number of Common Units outstanding 382,981 374,412 380,025 372,671 Other potential dilutive units 1,643 422 1,786 420 Weighted average number of Common Units and potential dilutive securities 384,624 374,834 381,811 373,091 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, 2021 2020 2021 2020 General Partner and Partnership Other potential dilutive shares or units: Anti-dilutive outstanding participating securities — 1,642 — 1,642 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting Reportable Segments As of September 30, 2021, we had two reportable operating segments, the first consisting of the ownership and rental of industrial real estate investments. We continue to increase our investments in quality industrial properties largely based on 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. We treat our industrial properties as a single operating and reportable segment based on our method of internal reporting. Properties not included in our reportable segments, because they are not industrial properties and do not by themselves meet the quantitative thresholds for separate presentation as a reportable segment, are generally referred to as non-reportable Rental Operations. Our non-reportable Rental Operations primarily include our remaining office properties and medical office property at September 30, 2021. 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 development, general contracting, construction management, property management, asset management, maintenance and leasing to third-party property owners, customers 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, 2021 2020 2021 2020 Revenues Rental Operations: Industrial $ 255,315 $ 233,572 $ 764,496 $ 674,996 Non-reportable Rental Operations 1,386 1,499 4,174 4,410 Service Operations 23,550 26,637 72,384 46,388 Total segment revenues 280,251 261,708 841,054 725,794 Other revenue 114 320 295 1,114 Consolidated revenue $ 280,365 $ 262,028 $ 841,349 $ 726,908 Supplemental Performance Measure Property-level net operating income on a cash basis ("PNOI") is the non-GAAP supplemental performance measure that we use to evaluate the performance of, and to allocate resources among, the real estate investments in the reportable and operating segments that comprise our Rental Operations. PNOI for our Rental Operations segments is comprised of rental revenues from continuing operations less rental expenses and real estate taxes from continuing operations, along with certain other adjusting items (collectively referred to as "Rental Operations revenues and expenses excluded from PNOI," as shown in the following table). Additionally, we do not allocate interest expense, depreciation expense and certain other non-property specific revenues and expenses (collectively referred to as "Non-Segment Items," as shown in the following table) to our individual operating segments. We evaluate the performance of our Service Operations reportable segment using net income or loss, as allocated to that segment ("Earnings from Service Operations"). The most comparable GAAP measure to PNOI is income from continuing operations before income taxes. PNOI excludes expenses that materially impact our overall results of operations and, therefore, should not be considered as a substitute for income from continuing operations before income taxes or any other measures derived in accordance with GAAP. Furthermore, PNOI may not be comparable to other similarly titled measures of other companies. The following table shows a reconciliation of our segment-level measures of profitability to consolidated income from continuing operations before income taxes (in thousands and excluding discontinued operations): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 PNOI Industrial $ 179,969 $ 156,059 $ 520,639 $ 449,418 Non-reportable Rental Operations 1,118 1,092 3,621 3,964 PNOI, excluding all sold properties 181,087 157,151 524,260 453,382 PNOI from sold properties included in continuing operations 4,014 12,169 24,429 36,226 PNOI, continuing operations $ 185,101 $ 169,320 $ 548,689 $ 489,608 Earnings from Service Operations 4,510 2,033 9,815 4,810 Rental Operations revenues and expenses excluded from PNOI: Straight-line rental income and expense, net 8,488 7,184 22,985 15,660 Revenues related to lease buyouts — 179 310 2,605 Amortization of lease concessions and above and below market rents 4,081 1,746 9,522 5,843 Intercompany rents and other adjusting items (765) (624) (1,881) (999) Non-Segment Items: Equity in earnings of unconsolidated joint ventures 2,966 4,023 29,824 8,958 Interest expense (20,003) (23,059) (63,582) (69,394) Depreciation and amortization expense (88,033) (88,596) (273,335) (260,659) Gain on sale of properties 439,212 10,968 555,755 19,905 Impairment charges — — — (5,626) Interest and other income, net 1,433 32 3,569 1,643 General and administrative expenses (14,152) (11,439) (54,248) (46,808) Gain on land sales 1,653 2,346 12,791 8,551 Other operating expenses (1,290) (1,772) (2,773) (4,430) Loss on extinguishment of debt (13,893) (120) (17,901) (32,898) Gain on involuntary conversion — 3,029 3,222 4,312 Non-incremental costs related to successful leases (3,334) (4,058) (10,319) (10,617) Other non-segment revenues and expenses, net 172 328 419 655 Income from continuing operations before income taxes $ 506,146 $ 71,520 $ 772,862 $ 131,119 |
Real Estate Assets, Discontinue
Real Estate Assets, Discontinued Operations and Assets Held for Sale | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 December 31, 2020 Buildings and tenant improvements $ 5,849,663 $ 5,812,004 Land and improvements 3,218,547 2,883,674 Other real estate investments (1) 36,480 49,477 Real estate assets $ 9,104,690 $ 8,745,155 (1) Includes underutilized in-fill sites, which may have had buildings/structures on site when we acquired them, that are either (i) under lease to a third party and, after the lease ends, are expected to be redeveloped or will require significant capital expenditures before re-leasing; or (ii) industrial/logistics properties that we intend to re-lease after significant retrofitting and/or environmental remediation is completed. 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, 2021 2020 2021 2020 Income from continuing operations attributable to common shareholders $ 494,817 $ 71,783 $ 749,996 $ 130,989 Income from discontinued operations attributable to common shareholders — 40 — 110 Net income attributable to common shareholders $ 494,817 $ 71,823 $ 749,996 $ 131,099 Allocation of Noncontrolling Interests - Partnership Substantially all of the income from discontinued operations for all periods presented in the Partnership's Consolidated Statements of Operations and Comprehensive Income is attributable to the common unitholders. Assets Held-for-Sale The following table illustrates the number of sold or held-for-sale properties in this Report: Held-for-Sale at September 30, 2021 Sold Year-to-Date in 2021 Sold in 2020 Total Properties sold or classified as held-for-sale 4 29 7 40 At September 30, 2021, the properties that met the criteria to be classified as held for sale consisted of four wholly-owned properties. None of these held-for-sale properties met the criteria to be classified within discontinued operations. Of these four properties, three are wholly-owned properties leased by our largest tenant, which constitute the third tranche of assets to be contributed to a 20% owned unconsolidated joint venture (see Note 6). We expect to close the third tranche in early 2022. In addition, the other held-for-sale property is a recently completed building, which was leased by our largest tenant and was sold in early October 2021. The following table illustrates aggregate balance sheet information for held-for-sale properties (in thousands): Held-for-Sale Properties Included in Continuing Operations September 30, 2021 December 31, 2020 Land and improvements $ 72,685 $ 27,954 Buildings and tenant improvements 146,042 44,800 Accumulated depreciation (37,128) (5,976) Deferred leasing and other costs, net 6,343 936 Other assets 10,972 232 Total assets held-for-sale $ 198,914 $ 67,946 Accrued expenses 596 660 Other liabilities 11,647 7,080 Total liabilities related to assets held-for-sale $ 12,243 $ 7,740 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Event 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 27, 2021: Class of stock/units Quarterly Amount per Share or Unit Record Date Payment Date Common - Quarterly $0.28 November 16, 2021 November 30, 2021 |
Lease Income (Tables)
Lease Income (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Operating Lease, Lease Income [Table Text Block] | The components of Rental and Related Revenue are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Rental revenue - fixed payments $ 192,425 $ 176,085 $ 568,986 $ 507,309 Rental revenue - variable payments (1) 64,390 59,306 199,979 173,211 Rental and related revenue $ 256,815 $ 235,391 $ 768,965 $ 680,520 (1) Primarily includes tenant recoveries for real estate taxes, insurance and CAM. |
Lessee Disclosure [Abstract] | |
Operating Lease, ROU Asset and Lease Liabilities | For the operating leases, we recognized ROU assets and related lease liabilities as follows (in thousands): September 30, 2021 December 31, 2020 ROU assets $ 37,925 $ 38,867 Lease liabilities 42,320 42,874 |
Finance Lease, ROU Asset and Lease Liabilities | For the finance leases, we recognized ROU assets and related lease liabilities as follows (in thousands): September 30, 2021 December 31, 2020 ROU assets $ 37,714 $ 19,239 Lease liabilities 38,903 19,430 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Restricted Cash [Abstract] | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows (in thousands): September 30, 2021 December 31, 2020 Cash and cash equivalents $ 9,874 $ 6,309 Restricted cash held in escrow for like-kind exchange 273,413 47,682 Restricted cash included in other escrow deposits and other assets 45,082 13,232 Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows $ 328,369 $ 67,223 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes amounts recognized for each major class of assets and liabilities (in thousands) for these acquisitions during the nine months ended September 30, 2021: Real estate assets $ 351,398 Lease related intangibles 11,796 Total acquired assets $ 363,194 Below market lease liabilities $ 43,734 |
Summary of Most Significant Assumptions utilized in the Estimations | The most significant assumptions used in calculating the "as-if vacant" value for acquisition activity during the nine months ended September 30, 2021 are as follows: Low High Exit capitalization rate 3.50 % 5.00 % Annual net rental rate per square foot on acquired buildings $ 6.62 $ 15.00 Annual net rental rate per acre on acquired ground lease $ 182,136 $ 182,136 |
Indebtedness (Tables)
Indebtedness (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 12/31/2020 Book Value at 9/30/2021 Fair Value at 12/31/2020 Issuances and Payments/Payoffs Adjustments Fair Value at 9/30/2021 Fixed rate secured debt $ 62,817 $ 59,543 $ 65,848 $ — $ (3,063) $ (1,376) $ 61,409 Variable rate secured debt 1,600 1,300 1,600 — (300) — 1,300 Unsecured debt 3,058,740 3,175,000 3,387,913 490,226 (373,966) (183,038) 3,321,135 Unsecured line of credit 295,000 156,000 295,000 — (139,000) — 156,000 Total $ 3,418,157 $ 3,391,843 $ 3,750,361 $ 490,226 $ (516,329) $ (184,414) $ 3,539,844 Less: Deferred financing costs 33,106 36,388 Total indebtedness as reported on the consolidated balance sheets $ 3,385,051 $ 3,355,455 |
Unsecured Line of Credit | Our unsecured line of credit at September 30, 2021 is described as follows (in thousands): Description Borrowing Maturity Date Outstanding Balance at September 30, 2021 Unsecured Line of Credit - Partnership $ 1,200,000 March 31, 2025 $ 156,000 |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 2020 2021 2020 General Partner Net income attributable to common shareholders $ 494,817 $ 71,823 $ 749,996 $ 131,099 Less: dividends on participating securities (298) (352) (1,033) (1,064) Basic net income attributable to common shareholders $ 494,519 $ 71,471 $ 748,963 $ 130,035 Add back dividends on dilutive participating securities 298 — 1,033 — Noncontrolling interest in earnings of common unitholders 4,848 638 7,347 1,164 Diluted net income attributable to common shareholders $ 499,665 $ 72,109 $ 757,343 $ 131,199 Weighted average number of common shares outstanding 379,220 371,082 376,323 369,375 Weighted average Limited Partner Units outstanding 3,761 3,330 3,702 3,296 Other potential dilutive shares 1,643 422 1,786 420 Weighted average number of common shares and potential dilutive securities 384,624 374,834 381,811 373,091 Partnership Net income attributable to common unitholders $ 499,665 $ 72,461 $ 757,343 $ 132,263 Less: distributions on participating securities (298) (352) (1,033) (1,064) Basic net income attributable to common unitholders $ 499,367 $ 72,109 $ 756,310 $ 131,199 Add back distributions on dilutive participating securities 298 — 1,033 — Diluted net income attributable to common unitholders $ 499,665 $ 72,109 $ 757,343 $ 131,199 Weighted average number of Common Units outstanding 382,981 374,412 380,025 372,671 Other potential dilutive units 1,643 422 1,786 420 Weighted average number of Common Units and potential dilutive securities 384,624 374,834 381,811 373,091 |
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, 2021 2020 2021 2020 General Partner and Partnership Other potential dilutive shares or units: Anti-dilutive outstanding participating securities — 1,642 — 1,642 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 2020 2021 2020 Revenues Rental Operations: Industrial $ 255,315 $ 233,572 $ 764,496 $ 674,996 Non-reportable Rental Operations 1,386 1,499 4,174 4,410 Service Operations 23,550 26,637 72,384 46,388 Total segment revenues 280,251 261,708 841,054 725,794 Other revenue 114 320 295 1,114 Consolidated revenue $ 280,365 $ 262,028 $ 841,349 $ 726,908 |
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, 2021 2020 2021 2020 PNOI Industrial $ 179,969 $ 156,059 $ 520,639 $ 449,418 Non-reportable Rental Operations 1,118 1,092 3,621 3,964 PNOI, excluding all sold properties 181,087 157,151 524,260 453,382 PNOI from sold properties included in continuing operations 4,014 12,169 24,429 36,226 PNOI, continuing operations $ 185,101 $ 169,320 $ 548,689 $ 489,608 Earnings from Service Operations 4,510 2,033 9,815 4,810 Rental Operations revenues and expenses excluded from PNOI: Straight-line rental income and expense, net 8,488 7,184 22,985 15,660 Revenues related to lease buyouts — 179 310 2,605 Amortization of lease concessions and above and below market rents 4,081 1,746 9,522 5,843 Intercompany rents and other adjusting items (765) (624) (1,881) (999) Non-Segment Items: Equity in earnings of unconsolidated joint ventures 2,966 4,023 29,824 8,958 Interest expense (20,003) (23,059) (63,582) (69,394) Depreciation and amortization expense (88,033) (88,596) (273,335) (260,659) Gain on sale of properties 439,212 10,968 555,755 19,905 Impairment charges — — — (5,626) Interest and other income, net 1,433 32 3,569 1,643 General and administrative expenses (14,152) (11,439) (54,248) (46,808) Gain on land sales 1,653 2,346 12,791 8,551 Other operating expenses (1,290) (1,772) (2,773) (4,430) Loss on extinguishment of debt (13,893) (120) (17,901) (32,898) Gain on involuntary conversion — 3,029 3,222 4,312 Non-incremental costs related to successful leases (3,334) (4,058) (10,319) (10,617) Other non-segment revenues and expenses, net 172 328 419 655 Income from continuing operations before income taxes $ 506,146 $ 71,520 $ 772,862 $ 131,119 |
Real Estate Assets, Discontin_2
Real Estate Assets, Discontinued Operations and Assets Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 December 31, 2020 Buildings and tenant improvements $ 5,849,663 $ 5,812,004 Land and improvements 3,218,547 2,883,674 Other real estate investments (1) 36,480 49,477 Real estate assets $ 9,104,690 $ 8,745,155 |
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, 2021 2020 2021 2020 Income from continuing operations attributable to common shareholders $ 494,817 $ 71,783 $ 749,996 $ 130,989 Income from discontinued operations attributable to common shareholders — 40 — 110 Net income attributable to common shareholders $ 494,817 $ 71,823 $ 749,996 $ 131,099 |
Schedule of Number of Properties Sold or Held-for-Sale | The following table illustrates the number of sold or held-for-sale properties in this Report: Held-for-Sale at September 30, 2021 Sold Year-to-Date in 2021 Sold in 2020 Total Properties sold or classified as held-for-sale 4 29 7 40 |
Schedule of Discontinued Operations, Properties Held-for-Sale, Aggregate Balance Sheet Information [Table Text Block] | The following table illustrates aggregate balance sheet information for held-for-sale properties (in thousands): Held-for-Sale Properties Included in Continuing Operations September 30, 2021 December 31, 2020 Land and improvements $ 72,685 $ 27,954 Buildings and tenant improvements 146,042 44,800 Accumulated depreciation (37,128) (5,976) Deferred leasing and other costs, net 6,343 936 Other assets 10,972 232 Total assets held-for-sale $ 198,914 $ 67,946 Accrued expenses 596 660 Other liabilities 11,647 7,080 Total liabilities related to assets held-for-sale $ 12,243 $ 7,740 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 27, 2021: Class of stock/units Quarterly Amount per Share or Unit Record Date Payment Date Common - Quarterly $0.28 November 16, 2021 November 30, 2021 |
General Basis of Presentation (
General Basis of Presentation (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Duke Realty Corporation [Member] | |
Common partnership interests of DRLP Owned | 99.00% |
Non-Duke Unitholders [Member] | |
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 1.00% |
Lease Income (Details)
Lease Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Rental revenue - fixed payments | $ 192,425 | $ 176,085 | $ 568,986 | $ 507,309 |
Rental revenue - variable payments (1) | 64,390 | 59,306 | 199,979 | 173,211 |
Rental and related revenue | $ 256,815 | $ 235,391 | $ 768,965 | $ 680,520 |
Lessee Accounting (Details)
Lessee Accounting (Details) $ in Thousands | Sep. 30, 2021USD ($)landParcel | Dec. 31, 2020USD ($) |
Leases [Abstract] | ||
Number of Properties Subject to Ground Leases | landParcel | 2 | |
ROU assets | $ 37,925 | $ 38,867 |
Lease liabilities | 42,320 | 42,874 |
ROU assets | 37,714 | 19,239 |
Lease liabilities | $ 38,903 | $ 19,430 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Restricted Cash [Abstract] | ||||
Cash and cash equivalents | $ 9,874 | $ 6,309 | ||
Restricted cash held in escrow for like kind exchange | 273,413 | 47,682 | ||
Restricted cash included in other escrow deposits and other assets | 45,082 | 13,232 | ||
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows | $ 328,369 | $ 67,223 | $ 13,398 | $ 121,431 |
Variable Interest Entities (Bal
Variable Interest Entities (Balances Related to Joint Ventures) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($)entities | Jul. 27, 2021entities | |
Disposition Disclosures [Line Items] | ||
Equity Method Investment, Ownership Percentage | 20.00% | |
Number of Tranches of Contributed Assets | 3 | |
Extinguishment of Debt, Amount | $ | $ 69.8 | |
Tranches 1 and 2 | ||
Disposition Disclosures [Line Items] | ||
Number of Tranches of Contributed Assets | 2 |
Acquisitions and Dispositions A
Acquisitions and Dispositions Acquisitions (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)entitiesbuildings | Sep. 30, 2020USD ($)entities | Sep. 30, 2021USD ($)entitiesbuildings | Sep. 30, 2020USD ($)entities | |
Property, Plant and Equipment [Line Items] | ||||
Payments to Acquire Commercial Real Estate | $ 242,914 | $ 85,465 | ||
Number of Real Estate Properties | entities | 4 | 5 | 4 | 5 |
Issuance of Limited Partner Units for acquisition | $ 11,603 | $ 0 | ||
Real estate assets | $ 351,398 | 351,398 | ||
Lease related intangibles | 11,796 | 11,796 | ||
Total acquired assets | $ 363,194 | 363,194 | ||
Below market lease liabilities | $ 43,734 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | |||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | ||
Equity in earnings of unconsolidated joint ventures | $ 2,966 | $ 4,023 | $ 29,824 | $ 8,958 |
Non-cash distribution of properties from Unconsolidated Joint Ventues | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Real Estate Properties | buildings | 2 | 2 | ||
Number of Unconsolidated Joint Ventures in which Equity Interests Held | entities | 2 | 2 | ||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||
Equity in earnings of unconsolidated joint ventures | $ 10,600 | |||
Assets Received from Distribution | $ 52,200 | 52,200 | ||
Repayments of Assumed Debt | 40,200 | |||
New Jersey Storage Container Lot | ||||
Property, Plant and Equipment [Line Items] | ||||
Payments to Acquire Commercial Real Estate | 64,000 | |||
Issuance of Limited Partner Units for acquisition | $ 11,600 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions (Summary of Significant Assumptions Utilized in Estimates) (Details) | Sep. 30, 2021$ / a$ / sqft |
Industrial Property | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual net rental rate per square foot on acquired buildings | $ / sqft | 6.62 |
Annual net rental rate per acre on acquired ground lease | $ / a | 182,136 |
Industrial Property | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual net rental rate per square foot on acquired buildings | $ / sqft | 15 |
Annual net rental rate per acre on acquired ground lease | $ / a | 182,136 |
Measurement Input, Cap Rate | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Exit capitalization rate | 3.50% |
Measurement Input, Cap Rate | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Exit capitalization rate | 5.00% |
Acquisitions and Dispositions D
Acquisitions and Dispositions Dispositions (Details) $ in Thousands | Sep. 21, 2021USD ($)buildings | Jul. 27, 2021USD ($)buildingsentities | Jul. 22, 2021USD ($)abuildings | Sep. 30, 2021USD ($)entities | Sep. 30, 2020USD ($)entities |
Dispositions Disclosures [Line Items] | |||||
Proceeds from Sale of Real Estate Held-for-investment | $ | $ 989,128 | $ 55,740 | |||
Number of Real Estate Properties | entities | 4 | 5 | |||
Equity Method Investment, Ownership Percentage | 20.00% | ||||
Number of Tranches of Contributed Assets | entities | 3 | ||||
Capital distributions from unconsolidated joint ventures | $ | $ 61,616 | $ 876 | |||
Proceeds from Collection of Notes Receivable | $ | $ 110,000 | ||||
Tranches 1, 2 and 3 | |||||
Dispositions Disclosures [Line Items] | |||||
Number of Real Estate Properties | 9 | ||||
Tranches 1 and 2 | |||||
Dispositions Disclosures [Line Items] | |||||
Number of Tranches of Contributed Assets | entities | 2 | ||||
Capital distributions from unconsolidated joint ventures | $ | $ 41,100 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Dispositions Disclosures [Line Items] | |||||
Proceeds from Sale of Real Estate Held-for-investment | $ | $ 286,300 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Building | |||||
Dispositions Disclosures [Line Items] | |||||
Number of Real Estate Properties | 14 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Land | |||||
Dispositions Disclosures [Line Items] | |||||
Area of Real Estate Property | a | 15 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Tranche 1 | |||||
Dispositions Disclosures [Line Items] | |||||
Proceeds from Sale of Real Estate Held-for-investment | $ | $ 115,700 | ||||
Number of Real Estate Properties | 3 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Tranche 1 | Building | |||||
Dispositions Disclosures [Line Items] | |||||
Number of Real Estate Properties | 2 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Tranche 1 | Trailer Storage | |||||
Dispositions Disclosures [Line Items] | |||||
Number of Real Estate Properties | 1 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Tranche 2 [Member] | |||||
Dispositions Disclosures [Line Items] | |||||
Proceeds from Sale of Real Estate Held-for-investment | $ | $ 172,900 | ||||
Number of Real Estate Properties | 3 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Tranche 2 [Member] | Building | |||||
Dispositions Disclosures [Line Items] | |||||
Number of Real Estate Properties | 2 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Tranche 2 [Member] | Trailer Storage | |||||
Dispositions Disclosures [Line Items] | |||||
Number of Real Estate Properties | 1 |
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, 2021 | Dec. 31, 2020 | |
Book value | $ 3,355,455 | $ 3,385,051 |
Fair value | 3,539,844 | 3,750,361 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 490,226 | |
Payments/Payoffs | (516,329) | |
Adjustments to fair value | (184,414) | |
Long-term Debt, Gross | 3,391,843 | 3,418,157 |
Debt Issuance Costs, Net | 36,388 | 33,106 |
Fixed Rate Secured Debt [Member] | ||
Book value | 59,543 | 62,817 |
Fair value | 61,409 | 65,848 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 0 | |
Payments/Payoffs | (3,063) | |
Adjustments to fair value | (1,376) | |
Variable Rate Secured Debt [Member] | ||
Book value | 1,300 | 1,600 |
Fair value | 1,300 | 1,600 |
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 | 3,175,000 | 3,058,740 |
Fair value | 3,321,135 | 3,387,913 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 490,226 | |
Payments/Payoffs | (373,966) | |
Adjustments to fair value | (183,038) | |
Unsecured Line of Credit DRLP [Member] | ||
Book value | 156,000 | 295,000 |
Fair value | 156,000 | $ 295,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 0 | |
Payments/Payoffs | (139,000) | |
Adjustments to fair value | $ 0 |
Indebtedness Secured Debt (Deta
Indebtedness Secured Debt (Details) | Sep. 30, 2021 | Jan. 31, 2021 |
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.83% | |
Minimum [Member] | Fixed Rate Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.10% | |
Maximum [Member] | Fixed Rate Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.90% |
Indebtedness Unsecured Debt (De
Indebtedness Unsecured Debt (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Aug. 31, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jan. 31, 2021 | |
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 250,000 | $ 83,700 | $ 450,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.63% | 3.88% | 1.75% | ||||
Loss on debt extinguishment | $ 13,900 | $ 3,900 | $ 13,893 | $ 120 | $ 17,901 | $ 32,898 | |
Debt Instrument, Interest Rate, Effective Percentage | 1.83% | ||||||
Non-cash distribution of properties from Unconsolidated Joint Ventues | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of Assumed Debt | $ 40,200 | ||||||
Unsecured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Estimated Trading Values, Percent of Face Value, Minimum | 95.00% | ||||||
Debt Instrument, Estimated Trading Values, Percent of Face Value, Maximum | 132.00% | ||||||
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, 2021USD ($)options | Jan. 31, 2021 | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |||
Unsecured line of credit | $ 156,000 | $ 295,000 | |
Number of Extension Options | options | 2 | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.83% | ||
Deferred Costs | $ 6,200 | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||
Unsecured Line of Credit DRLP [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 1,200,000 | ||
Maturity date | Mar. 31, 2025 | ||
Unsecured line of credit | $ 156,000 | ||
Line of Credit Facility Option to Increase Borrowing Limit | 800,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | ||
Line of Credit Facility, Covenant Compliance | we were in compliance with all financial covenants under this line of credit. | ||
Unsecured Line of Credit DRLP [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.775% | ||
Debt Instrument, Interest Rate, Effective Percentage | 0.87% |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands, shares in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
At the Market Equity Offering [Line Items] | ||
Common Stock Value Authorized Under Stock Offering Program | $ 400,000 | |
Stock Issued During Period, Shares, New Issues | 6.5 | |
Proceeds from Issuance of Common Stock | $ 311,238 | $ 119,765 |
After Market Equity Issuance [Member] | ||
At the Market Equity Offering [Line Items] | ||
Proceeds from Issuance of Common Stock | 309,000 | |
After Market Equity Issuance [Member] | Gross Proceeds [Member] | ||
At the Market Equity Offering [Line Items] | ||
Proceeds from Issuance of Common Stock | $ 312,800 |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income attributable to common shareholders | $ 494,817 | $ 71,823 | $ 749,996 | $ 131,099 |
Less: dividends on participating securities | (298) | (352) | (1,033) | (1,064) |
Basic net income attributable to common shareholders | 494,519 | 71,471 | 748,963 | 130,035 |
Add back dividends on dilutive participating securities | 298 | 0 | 1,033 | 0 |
Noncontrolling interest in earnings of common unitholders | 4,848 | 638 | 7,347 | 1,164 |
Diluted net income attributable to common shareholders | $ 499,665 | $ 72,109 | $ 757,343 | $ 131,199 |
Weighted average number of common shares/units outstanding, Basic | 379,220 | 371,082 | 376,323 | 369,375 |
Weighted average Limited Partner Units outstanding | 3,761 | 3,330 | 3,702 | 3,296 |
Other potential dilutive shares/units | 1,643 | 422 | 1,786 | 420 |
Weighted average number of common shares/units and potential dilutive securities | 384,624 | 374,834 | 381,811 | 373,091 |
Duke Realty Limited Partnership [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income attributable to common shareholders | $ 499,665 | $ 72,461 | $ 757,343 | $ 132,263 |
Less: dividends on participating securities | (298) | (352) | (1,033) | (1,064) |
Basic net income attributable to common unitholders | 499,367 | 72,109 | 756,310 | 131,199 |
Add back dividends on dilutive participating securities | 298 | 0 | 1,033 | 0 |
Diluted net income attributable to common unitholders | $ 499,665 | $ 72,109 | $ 757,343 | $ 131,199 |
Weighted average number of common shares/units outstanding, Basic | 382,981 | 374,412 | 380,025 | 372,671 |
Other potential dilutive shares/units | 1,643 | 422 | 1,786 | 420 |
Weighted average number of common shares/units and potential dilutive securities | 384,624 | 374,834 | 381,811 | 373,091 |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Participating Securities [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities | 0 | 1,642 | 0 | 1,642 |
Segment Reporting Summary of Re
Segment Reporting Summary of Revenues (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Number of Reportable Segments | 2 | |||
Rental and related revenue | $ 256,815 | $ 235,391 | $ 768,965 | $ 680,520 |
General contractor and service fee revenue | 23,550 | 26,637 | 72,384 | 46,388 |
Revenues | 280,365 | 262,028 | 841,349 | 726,908 |
Operating Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 280,251 | 261,708 | 841,054 | 725,794 |
Operating Segments [Member] | Industrial Operations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Rental and related revenue | 255,315 | 233,572 | 764,496 | 674,996 |
Operating Segments [Member] | All Other Segments [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Rental and related revenue | 1,386 | 1,499 | 4,174 | 4,410 |
Operating Segments [Member] | Service Operations [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
General contractor and service fee revenue | 23,550 | 26,637 | 72,384 | 46,388 |
Corporate, Non-Segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Rental and related revenue | $ 114 | $ 320 | $ 295 | $ 1,114 |
Segment Reporting (Summary of N
Segment Reporting (Summary of Net Operating Income (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement [Line Items] | ||||||
Straight-line rental income and expense, net | $ 22,985 | $ 15,660 | ||||
Equity in earnings of unconsolidated joint ventures | $ 2,966 | $ 4,023 | 29,824 | 8,958 | ||
Interest expense | (20,003) | (23,059) | (63,582) | (69,394) | ||
Depreciation and amortization expense | (88,033) | (88,596) | (273,335) | (260,659) | ||
Gain on sale of properties | 439,212 | 10,968 | 555,755 | 19,905 | ||
Impairment charges | 0 | 0 | 0 | (5,626) | ||
Interest and other income, net | 1,433 | 32 | 3,569 | 1,643 | ||
General and administrative expenses | (14,152) | (11,439) | (54,248) | (46,808) | ||
Gain on land sales | 1,653 | 2,346 | 12,791 | 8,551 | ||
Other operating expenses | (1,290) | (1,772) | (2,773) | (4,430) | ||
Loss on extinguishment of debt | $ (13,900) | $ (3,900) | (13,893) | (120) | (17,901) | (32,898) |
Gain on involuntary conversion | 0 | 3,029 | 3,222 | 4,312 | ||
Non-incremental costs related to successful leases | (3,334) | (4,058) | (10,319) | (10,617) | ||
Income from continuing operations before income taxes | 506,146 | 71,520 | 772,862 | 131,119 | ||
Operating Segments [Member] | ||||||
Statement [Line Items] | ||||||
Property Level Net Operating Income – Cash Basis | 181,087 | 157,151 | 524,260 | 453,382 | ||
Property Level Net Income, Cash Basis, Continuing Operations | 185,101 | 169,320 | 548,689 | 489,608 | ||
Operating Segments [Member] | Industrial Operations | ||||||
Statement [Line Items] | ||||||
Property Level Net Operating Income – Cash Basis | 179,969 | 156,059 | 520,639 | 449,418 | ||
Operating Segments [Member] | All Other Segments [Member] | ||||||
Statement [Line Items] | ||||||
Property Level Net Operating Income – Cash Basis | 1,118 | 1,092 | 3,621 | 3,964 | ||
Operating Segments [Member] | Service Operations [Member] | ||||||
Statement [Line Items] | ||||||
Earnings from Service Operations | 4,510 | 2,033 | 9,815 | 4,810 | ||
Segment Reconciling Items [Member] | ||||||
Statement [Line Items] | ||||||
PNOI from sold properties included in continuing operations | 4,014 | 12,169 | 24,429 | 36,226 | ||
Straight-line rental income and expense, net | 8,488 | 7,184 | 22,985 | 15,660 | ||
Revenues Related to Lease Buyouts | 0 | 179 | 310 | 2,605 | ||
Amortization of lease concessions and above and below market rents | 4,081 | 1,746 | 9,522 | 5,843 | ||
Intercompany rents and other adjusting items | (765) | (624) | (1,881) | (999) | ||
Corporate, Non-Segment [Member] | ||||||
Statement [Line Items] | ||||||
Equity in earnings of unconsolidated joint ventures | 2,966 | 4,023 | 29,824 | 8,958 | ||
Interest expense | (20,003) | (23,059) | (63,582) | (69,394) | ||
Depreciation and amortization expense | (88,033) | (88,596) | (273,335) | (260,659) | ||
Gain on sale of properties | 439,212 | 10,968 | 555,755 | 19,905 | ||
Impairment charges | 0 | 0 | 0 | (5,626) | ||
Interest and other income, net | 1,433 | 32 | 3,569 | 1,643 | ||
General and administrative expenses | (14,152) | (11,439) | (54,248) | (46,808) | ||
Gain on land sales | 1,653 | 2,346 | 12,791 | 8,551 | ||
Other operating expenses | (1,290) | (1,772) | (2,773) | (4,430) | ||
Loss on extinguishment of debt | (13,893) | (120) | (17,901) | (32,898) | ||
Gain on involuntary conversion | 0 | 3,029 | 3,222 | 4,312 | ||
Non-incremental costs related to successful leases | (3,334) | (4,058) | (10,319) | (10,617) | ||
Other non-segment revenues and expenses, net | $ 172 | $ 328 | $ 419 | $ 655 |
Real Estate Assets, Discontin_3
Real Estate Assets, Discontinued Operations and Assets Held for Sale Real Estate Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Real Estate Assets [Abstract] | ||
Buildings and tenant improvements | $ 5,849,663 | $ 5,812,004 |
Land and Land Improvements | 3,218,547 | 2,883,674 |
Other real estate investments (1) | 36,480 | 49,477 |
Real Estate Assets | $ 9,104,690 | $ 8,745,155 |
Real Estate Assets, Discontin_4
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Discontinued Operations | ||||
Income from continuing operations attributable to common shareholders | $ 494,817 | $ 71,783 | $ 749,996 | $ 130,989 |
Income from discontinued operations attributable to common shareholders | 0 | 40 | 0 | 110 |
Net income attributable to common shareholders | $ 494,817 | $ 71,823 | $ 749,996 | $ 131,099 |
Real Estate Assets, Discontin_5
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 | 12 Months Ended | ||
Sep. 30, 2021USD ($)buildingsentities | Dec. 31, 2020USD ($)buildings | Sep. 21, 2021buildings | Sep. 30, 2020entities | |
Held for Sale Assets in Continuing and Discontinued Operations | ||||
Continuing Operations, Number of In-service Properties Held for Sale | buildings | 4 | |||
Continuing Operations, Number of Real Estate Properties Sold | buildings | 29 | 7 | ||
Total Properties Sold or Classified as Held for Sale | buildings | 40 | |||
Number of Real Estate Properties | entities | 4 | 5 | ||
Equity Method Investment, Ownership Percentage | 20.00% | |||
Total assets held-for-sale | $ 198,914 | $ 67,946 | ||
Total liabilities related to assets held-for-sale | $ 12,243 | 7,740 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations | ||||
Held for Sale Assets in Continuing and Discontinued Operations | ||||
Number of Real Estate Properties | buildings | 4 | |||
Continuing Operations [Member] | ||||
Held for Sale Assets in Continuing and Discontinued Operations | ||||
Land and improvements | $ 72,685 | 27,954 | ||
Buildings and tenant improvements | 146,042 | 44,800 | ||
Accumulated depreciation | (37,128) | (5,976) | ||
Deferred leasing and other costs, net | 6,343 | 936 | ||
Other assets | 10,972 | 232 | ||
Total assets held-for-sale | 198,914 | 67,946 | ||
Accrued expenses | 596 | 660 | ||
Other liabilities | 11,647 | 7,080 | ||
Total liabilities related to assets held-for-sale | $ 12,243 | $ 7,740 | ||
Tranche 3 | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||
Held for Sale Assets in Continuing and Discontinued Operations | ||||
Number of Real Estate Properties | buildings | 3 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - Common Stock [Member] | 3 Months Ended |
Dec. 31, 2021$ / shares | |
Subsequent Event [Line Items] | |
Common stock dividends declared per share | $ 0.28 |
Record date | Nov. 16, 2021 |
Dividends Payable, Date to be Paid | Nov. 30, 2021 |