RELIABLE. ANSWERS. 2013 NAREIT REITWorld San Francisco November 13-14 Exhibit 99.1 |
2013 Duke Realty Corporation 2 WHY DUKE REALTY? Superior Asset Quality Strategically Located Land Bank and Experienced Development Capabilities Proven Operational Success and Future Growth Opportunities Balance Sheet Strength Relative Value vs. Peers Talent and Leadership Depth to Execute RELIABLE. ANSWERS |
RELIABLE. ANSWERS. 2013 Duke Realty Corporation 3 Three-Pronged Strategy for Success Strategies for delivering shareholder value |
2013 Duke Realty Corporation ASSET STRATEGY 4 |
2013 Duke Realty Corporation 3Q 2013 YE 2013 5 Asset Strategy Progress BY PRODUCT 2009 BY GEOGRAPHY ASSET STRATEGY 2009 YE 2013 Southeast 22% Southeast 3Q 2013 Southeast 19% Note: Figures represents share of quarterly net operating income |
2013 Duke Realty Corporation Proceeds or Cost ($MM's) Avg Age In-place Occupancy In-place Cap Rate TTM Economic Cap Rate 2011 $ 1,634 14 82% 8.2% 6.7% 2012 140 18 80% 7.8% 6.3% 2013 YTD 465 9 93% 6.2% 5.6% Total $ 2,239 13 84% 7.8% 6.5% 2011 $ 747 10 92% 6.5% 2012 801 11 94% 6.5% 2013 YTD 481 7 100% 6.2% Total $ 2,029 9 95% 6.5% 2011 $ 202 97% 7.5% 2012 520 87% 7.3% 2013 YTD 297 83% 8.2% Total 1,019 88% 7.6% Transaction Type Dispositions Acquisitions Development Repositioning & Capital Deployment Activity since 2010 6 ASSET STRATEGY |
2013 Duke Realty Corporation 7 Highest quality portfolio of large, modern bulk industrial assets in key distribution markets Best in class MOB development platform and portfolio, with newest properties and highest hospital system credit Built-in annual rent and same property growth Suburban office portfolio now less than 27% with growth opportunities through lease up Successful execution of significant asset repositioning allowing us to focus on growth and a “sharpshooter” approach for future asset sales Superior Asset Quality ASSET STRATEGY |
2013 Duke Realty Corporation ASSET STRATEGY – INDUSTRIAL PORTFOLIO 8 |
2013 Duke Realty Corporation 9 Leverage 40 years of industrial operating and development experience as primary driver of company growth Focus on larger, modern bulk distribution product which results in higher credit quality tenant base with fewer overall tenants to manage Geographic strategy focused on major markets in key trucking, rail and shipping corridors Growing NOI stream with contractual rent escalations and low capital expenditures Apply current business trends in e-commerce and supply chain reconfiguration along with key long term relationships Utilize land positions in existing markets to grow rent through higher yield development Strategically seek acquisition opportunities in higher rent growth markets Industrial Strategy ASSET STRATEGY |
2013 Duke Realty Corporation 10 ASSET STRATEGY Premier Quality Industrial Portfolio Focus on modern bulk warehouse with strong performance characteristics Building Size Building Size |
2013 Duke Realty Corporation 11 ASSET STRATEGY Best in Class Domestic Industrial Portfolio Newest and largest facilities to support current supply chain trends (1) Estimates based on pro rata ownership % of domestic, industrial-only facilities. Source: Q3 2013 company supplementals. LRY isan estimate proforma Cabot Source:Per CoStar database based onwtd avg RBA, bulk and flex categories,November 20 13. LRYincludesproposed Cabottransaction,DREinternallycalculated. Source: Estimates based on domestic, industrial-only facilities per Q3 2013 company supplementals. LRY is an estimate proforma Cabot. |
2013 Duke Realty Corporation 12 ASSET STRATEGY Duke Realty Industrial Portfolio – Then & Now Significant occupancy increase and shift to newer, bigger buildings since 2009 Total Square Feet by Building Size Occupancy by Building Size |
2013 Duke Realty Corporation Big Box vs Small Box Cumulative Net Absorption In Duke Realty Markets 13 Higher demand for modern bulk product ASSET STRATEGY As of 13Q3 Sources: CoStar Group, Inc.; PPR. Representative of Duke Realty's 22 markets of the PPR54 *Big Box: 1990 or newer & 100K SF+; Small Box: Older than 1990 or <100K SF |
2013 Duke Realty Corporation Strong Market Rent Growth Momentum Big Box : Strong Rent Growth & E-Commerce Trends 14 E-Commerce Sales Growth Very Strong Graph sources: CoStar / PPR; E-commerce & retail sales figures are 4Q rolling avg; *PPR54 minus 22 Duke MSAs; Big Box 1990+ & 100K SF+; Small Box <100K SF ASSET STRATEGY Market rent growth continues to accelerate. Projections are 3.3% average annual growth through 2017 Big box continues to outperform Duke Realty market rent growth outperforming the PPR54 Duke Realty actual net effective rent growth for industrial trending up: +8% for Q3 and +4% YTD E-commerce sales growth currently growing at a double digit rate over conventional retail E-commerce currently 9% of all retail sales, trending towards 20% by 2020 Duke Realty a leading national facility operator/developer to leading users of modern bulk industrial space 98 100 102 104 106 108 110 11Q2 11Q4 12Q2 12Q4 13Q2 13Q4 14Q2 14Q4 DRE Markets Big Box DRE Markets Small Box Non-DRE Markets* Big Box DRE Markets All Sizes DRE Markets Forecast |
2013 Duke Realty Corporation ASSET STRATEGY – OFFICE PORTFOLIO 15 |
2013 Duke Realty Corporation 16 Will reach 25% target by year-end 2013 Continue to sell older, non-strategic assets Develop remaining office land bank primarily with build to suit projects Own highest quality assets in high growth office markets Office Strategy ASSET STRATEGY |
2013 Duke Realty Corporation 17 ASSET STRATEGY Office Portfolio – Then & Now 45% decrease in investment Significant decrease in investment, less tenants = operating efficiencies Invested $ by Region # of Tenants by Region 40% decrease in tenants |
2013 Duke Realty Corporation 18 Office Properties Being Marketed Various properties being marketed in multiple markets, including Cleveland, Cincinnati and St. Louis; Average age of 17 years Approximately $190 million of assets under contract or LOI with expected December closings. In advanced negotiations on another portfolio totaling about $150 million which we believe will proceed and likely close in early 2014. Continue pruning suburban office according to plan ASSET STRATEGY |
2013 Duke Realty Corporation ASSET STRATEGY – MEDICAL OFFICE PORTFOLIO 19 |
2013 Duke Realty Corporation 20 ASSET STRATEGY MOB Platform Strategy and Benefits to Duke Realty Solid NOI growth and low volatility Growth industry, recession resistant asset class Best in class development team able to produce consistent development opportunities through economic cycles Substantially all on-campus or aligned with major hospital systems Long term leases averaging over 12 years Consistent NOI growth with typical leases including 2-3% annual net rent escalations and expense increase pass-throughs Recycle selected assets to recognize value created and fund new development |
2013 Duke Realty Corporation 21 ASSET STRATEGY Healthcare Trends Annual Healthcare Expenditures Source: U.S. Bureau of the Census Growing healthcare expenditures, cost efficiency trends and the Affordable Care Act should further improve demand for lowest-cost setting outpatient (MOB) facilities Affordable Care Act People insured expected to increase by 30 to 50 million – increased demand for care Number of physicians expected to increase – growing MOB space demand Patient care shifting to more cost-efficient MOB settings with higher acuity of services Reduced reimbursements should make real estate efficiency a priority – larger deals and floor plates Healthcare system consolidation and physician practice acquisitions by hospitals grew 25% in the last 5 years – strong MOB demand and improving credit Inpatient and Outpatient Trends Source: Avalere Health, American Hospital Association Annual Survey, U.S. Census Bureau |
2013 Duke Realty Corporation 4% 13% 83% 22 ASSET STRATEGY In-Service Under Development Total Properties 74 12 86 Investment $ $1.3 B $240 M $1.5 B Square Feet 5.6 M 817 K 6.4 M Leased Occupancy 94% 100% 94% MOB On-Campus MOB Off-Campus Medical Office Portfolio Highest quality pure MOB portfolio with average age of only 7 years MOB Aligned w/ Health System Investment by product type As of 9/30/13 |
2013 Duke Realty Corporation 23 ASSET STRATEGY Duke Realty Medical Office Portfolio – Then & Now Significant increase in investment and occupancy Cumulative Invested $ Occupancy |
2013 Duke Realty Corporation As of 9/30/13 24 ASSET STRATEGY 2% 1% 5% 5% 11% 5% 10% 0% 2% 4% 6% 8% 10% 12% 2014 2015 2016 2017 2018 2019 2020 Lease Expirations (% of MOB In-Service Sq. Ft.) High credit tenants and limited lease maturities result in stable and growing cash flow Top Health System Relationships Health System Credit Rating (Moody's) Rentable SF % of Tot Square Feet Veterans Administration Aaa 224,000 3.5% Ascension Health Aa1 530,000 8.2% Health & Hospital Corp Marion County Aa1 274,000 4.3% Baylor Health Care System Aa2 452,000 7.0% Catholic Health Initiatives Aa2 250,000 3.9% Franciscan Alliance, Inc. Aa3 283,000 4.4% Scott & White Healthcare A1 425,000 6.6% Adventist Health Aa3 201,000 3.1% Overall 56% of space leased to “A” or better rated tenants |
RELIABLE. ANSWERS. 2013 Duke Realty Corporation DRE HCN HCP HR HTA VTR Portfolio Size Number of Properties 86 219 208 194 279 329 Square Feet (in MM's) 6.5 14.1 14.2 13.6 13.6 18.1 Total Investment (in $MM's) $1,531 $3,405 $2,649 $2,934 $2,818 $3,663 Operating Statistics Average Age (1) 7 yrs 12 yrs 20 yrs -- -- -- Square Feet / Property 75k SF 65k SF 68k SF 70k SF 49k SF 55k SF Est'd Annualized NOI $ / SF $17.4 $18.4 $15.2 $16.0 $16.7 $15.8 In-Service Occupancy 94% 94% 90% 88% 91% 92% Q3 Same Prop NOI Growth 3.5% 1.2% 0.7% 1.9% 3.2% 0.5% % Leased to Health Systems 70% -- -- 38% -- -- % of MOB’s On-Campus / Aligned (2) 96.5% 87.9% 94.2% 87.4% 96.0% -- Best in Class Medical Office Portfolio – Peer Comparison 25 Notes 1. In service portfolio 2. On-Campus / Aligned refers to a property that is 1) located on or adjacent to a healthcare system, 2) off-campus and leased 50% or more to a healthcare system, or 3) an ASC / specialty hospital with a hospital partnership interest Sources: Company filings as of Q3 2013 = #1 in metric Bold |
2013 Duke Realty Corporation 26 Non-Core Medical Office Portfolio Being Marketed Seventeen (17) medical office buildings totaling 938,000 square feet, average age of 13 years 97% leased; located primarily in the Midwest Under contract and expect to close in Q4 and early Q1 with proceeds estimated over $250 million Average age and quality of remaining portfolio will improve after sale Divesture of select MOBs affiliated with non-strategic health systems ASSET STRATEGY |
2013 Duke Realty Corporation 27 ASSET STRATEGY Healthcare Development Pipeline Department of Veterans Affairs Tampa, FL 117,000 SF, 100% pre-leased Wishard Health Indianapolis, IN 274,000 SF, 100% pre-leased Scott & White Healthcare Temple, TX 78,000 SF, 100% pre-leased Baylor Healthcare (6 Facilities) Dallas, TX 207,000 total SF 100% pre-leased Scott & White Healthcare Waco, TX 35,000 SF, 100% pre-leased Centerre/Mercy Springfield, MO 60,000 SF, 100% pre-leased TriHealth West Chester MOB Cincinnati, OH 49,000 SF, 100% pre-leased |
2013 Duke Realty Corporation ASSET STRATEGY – DEVELOPMENT CAPABILITIES 28 |
2013 Duke Realty Corporation Development Strategic Advantages Development platform creates significant value 29 40 years of experience in development Land bank in strategic locations that can support approximately 58 million square feet of development (86% bulk industrial) $391MM pipeline that is 85% leased with 8.9% GAAP yield, immediately accretive when complete Strategic relationships with national users generating repeat business Fully staffed internal team involved in all aspects of development, including pre-construction and construction to deliver most cost effective and profitable projects Risk management policies in place to govern maximum development pipeline size and speculative development starts ASSET STRATEGY |
2013 Duke Realty Corporation Development Pipeline Comparison 30 Duke Realty development pipeline to drive strong external growth ASSET STRATEGY (in $millions) Source: Q2 2013 Company Supplementals |
2013 Duke Realty Corporation Select 2013 YTD Development Starts 31 Nashville Industrial • Regional distribution center build-to-suit for Starbucks on Duke Realty land • 680,000 SF; 8 year lease term • 100% pre-leased Dallas Medical Office Five Baylor Emergency (ER) facilities in Metro Dallas (cities of Rockwall, Murphy, Colleyville, Mansfield and Burleson) 168,000 total SF Over $70 million total investment 100% pre-leased, 15 year lease terms Dallas Office • Build-to-suit on Duke Realty land • 200,000 SF • 16 year lease term • 100% pre-leased Houston Industrial • Speculative development on Duke Realty land • Airport submarket • 240,000 SF Raleigh Office • Perimeter Two & Three on Duke Realty land • 410,000 total SF • 91% and 64% pre-leased, respectively ASSET STRATEGY Columbus Industrial • Build to suit on Duke Realty land for Ace Hardware • 534,000 SF • 10+ year lease term • 100% pre-leased Baltimore Industrial • Build to suit on Duke Realty land for major internet retailer • 1 million SF; 15 year lease term • Port of Baltimore |
2013 Duke Realty Corporation Developable Square Feet Industrial Office Primary Markets Midwest 26.0 3.1 Indianapolis, Chicago, Cincinnati, Columbus, Minneapolis, & St. Louis East 3.8 1.6 New Jersey, Baltimore, Raleigh and Washington D.C. Southeast 9.4 2.1 Atlanta, Central Florida, and South Florida Southwest 10.8 1.4 Phoenix, Dallas, Houston and Nashville Total 50.0 million SF 8.2 million SF 32 Strategic Land Bank HELD FOR DEVELOPMENT ASSET STRATEGY • Strategically located in key distribution markets and vibrant commercial corridors • Cost feasibility and development strategies completed for all land investments; Land fully zoned for intended use • Sales from non-strategic parcels of $97 million since 2009 have resulted in an approximate 6% gain over book basis |
2013 Duke Realty Corporation OPERATING STRATEGY 33 |
2013 Duke Realty Corporation 34 Completed asset repositioning into higher quality, higher rental rate growth assets with minimal FFO per share dilution and annual growth in AFFO per share AFFO payout ratio of 74% and AFFO multiple of approximately 18x at the low end of the sector and well positioned for continued growth Proven same property NOI outperformance, well positioned for continuing rental rate growth through lease rent escalations Ability to push rents because of occupancy and asset quality Modern bulk product and staggered lease maturities significantly reduces capex Operational Success and Future Growth Opportunities OPERATIONS STRATEGY |
2013 Duke Realty Corporation Historical Performance Supports Additional Occupancy Upside 35 Historical Occupancy OPERATIONS STRATEGY Sep-13 |
2013 Duke Realty Corporation Accelerating Rent Growth (Represents growth in annual net effective rent on renewal leases) 36 Improving Operating Performance Strong Cash Flow Growth and Payout Ratio OPERATIONS STRATEGY Steady Same Property NOI Growth Peer Payout Ratio Analysis |
2013 Duke Realty Corporation CAPITAL STRATEGY 37 |
2013 Duke Realty Corporation 38 CAPITAL STRATEGY Will reach original leverage goals established in 2009 by Q4 2013 Continue to delever through assets sales and funding new development 60/40 equity/debt Well balanced annual debt maturities Significant liquidity with $850 million LOC with little to no borrowings and low near-term maturities Low percentage of secured and variable rate debt compared to peer group Balance Sheet Quality |
2013 Duke Realty Corporation Investment grade rated debt (Baa2/BBB-) for over 16 years with proven access to multiple capital sources Available line of credit - $850 million capacity Conservative AFFO payout ratio for 9 months YTD (74%) 39 Key Capital Metrics & Goals 2010 Actual 2012 Actual Sept 30, 2013 Goal Debt to Gross Assets 46.3% 49.7% 47.3% 45.0% Debt + Preferred to Gross Assets 55.5% 56.1% 51.7% 50.0% Fixed Charge Coverage Ratio 1.79 : 1 1.81 : 1 2.1:1 (1) 2.00 : 1 Debt + Preferred / EBITDA 8.88 9.25 8.0 (2) 7.75 CAPITAL STRATEGY Progressing toward strategic plan goals (1) Based on Q3 2013 annualized; (2) Proforma D+P / EBITDA based on Q3 2013 annualized EBITDA and adjusted for asset repositioning on a full quarter basis. |
2013 Duke Realty Corporation Current Liquidity Position 40 Maturity ladder well balanced and liquidity position significantly enhanced Next unsecured maturity is $250MM in August 2014 No unsecured maturities > $600M in any one year ($600M in 2022) 25% of debt matures over next 3 years ($1.2 billion total), compared to January 2009 when over 46% of debt ($2.2 billion) was maturing over the subsequent 3 years CAPITAL STRATEGY (1) Excludes $210MM outstanding LOC borrowings as of 9-30-13 |
2013 Duke Realty Corporation 10% 18% 29% 32% 43% 26% 22% 23% 54% 62% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% LRY BDN HIW CLI OFC DRE DCT PLD FR EGP Industrial Average: 40.0% Office Average: 26.5% Secured Debt / Total Debt Peer Set Key: Office - LRY=Liberty; CLI=Mack-Cali; HIW=Highwoods; BDN=Brandywine; OFC=Corp Office; Industrial:PLD=Prologis; FR=First Indus; DCT=DCT Indus Trust;EGP=Eastgroup; Datasource:SNL Financial, MRQ 41 0% 3% 4% 10% 20% 11% 12% 13% 17% 31% 0% 15% 30% LRY CLI BDN OFC HIW DRE EGP FR PLD DCT Industrial Average: 18.4% Office Average: 7.5% Variable Rate Debt / Total Debt Low level of secured and variable rate debt creates flexibility and lower volatility Duke Realty Peer Debt Metrics CAPITAL STRATEGY |
2013 Duke Realty Corporation WHY DUKE REALTY 42 |
2013 Duke Realty Corporation 43 WHY DUKE REALTY Duke Realty Scorecard Asset Strategy Asset Concentration 2010 2013 Industrial 42% 60% Office 49% 23% Medical Office 6% 16% Retail 3% 1% Capital Strategy Key Metrics 2010 2013 Fixed Charge Coverage 1.79 2.1 Debt Plus Preferred to EBITDA 8.68 < 7.6 Debt Plus Preferred to Gross Assets 55.5% < 50% Operations Strategy Key Metrics 2010 2011 2012 2013 Forecast Core FFO Per Share 1.15 1.15 1.02 1.09 Core AFFO Per Share 0.76 0.78 0.82 0.87 Successfully repositioned portfolio towards industrial concentration Successfully improved all key leverage metrics Achieved consistent growth in AFFO per share of over 4% per year Positioned to continue positive trends in all phases of strategy 2013 Forecast operating metrics are based on midpoint of guidance; 2013 leverage metrics are based on Q4 2013 forecast adjusted to give effect for asset repositioning activity on a full quarter basis. Producing strong operating results while delevering and repositioning assets |
2013 Duke Realty Corporation 44 Positioned for NAV Growth KEY NAV GROWTH DRIVERS Lease-Up Existing Vacancy In-service portfolio occupancy of 93.5% Strong leasing pipeline Demonstrated track record of 65-85% tenant renewal rate Ability to continue to drive suburban office and MOB occupancy higher Accretive Development Current development pipeline of $391 million (0.8MM SF of industrial, 0.8MM SF of medical office and 0.6MM SF of suburban office, currently 85% pre-leased) 2013 estimated development starts of $400 to $500 million High quality land bank to facilitate future development Continued Asset Repositioning Acquisitions of primarily core and value-add bulk industrial, located in strategic distribution markets, leased to high quality tenants with contractual lease escalators Dispositions focused on more capital intensive suburban office mainly in the Midwest, retail, and select older medical and industrial/flex assets Asset recycling has been AFFO positive, while extending average lease duration, lowering cash flow volatility, improving tenant credit and overall quality of portfolio Increase Rents \ Reduced Capex Rent roll downs burning off and positive same property NOI performance Forecasts of industrial market wide average annual rent growth of 3.3% * from 2014-17 * Rent forecasts a composite of PPR and Green Street WHY DUKE REALTY |
2013 Duke Realty Corporation 5.6% 5.6% 6.0% 6.9% 7.2% 7.1% 7.5% 7.5% 8.0% 9.9% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% CLI OFC LRY BDN HIW DRE FR DCT PLD EGP 19.8x 18.4x 17.7x 14.9x 12.1x 18.1x 32.7x 26.1x 25.2x 23.7x 6.0x 10.0x 14.0x 18.0x 22.0x 26.0x 30.0x 34.0x HIW LRY BDN OFC CLI DRE PLD EGP FR DCT 17.3x 17.9x 19.3x 23.8x 14.8x 8.3x 9.8x 13.1x 13.7x 14.1x 6.0x 10.0x 14.0x 18.0x 22.0x 26.0x 30.0x LRY OFC HIW BDN CLI DRE PLD EGP FR DCT Industrial Average: 19.6x Office Average: 11.8x Industrial Average: 26.9x Industrial Average: 6.0% Office Average: 16.6x Office Average: 7.9% Price / 2013E FFO Implied Cap Rate (1) Price / 2013E AFFO Datasource: SNL Financial, 9/25/13. (1)NOI based on Wells Fargo Q3’13 annualized NOI, plus an assumed growth ratefor the forward 12 months. Balance sheet adjusted for non-stabilizedproperties andtangiblenetassets, but doesnot include an adjustment to mark debt to market. Duke Realty Valuation Statistics 45 Total Market Cap ($ in billions) $8.6 $5.6 $4.9 $4.5 $4.3 $10.4 $4.0 $3.4 $2.8 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 LRY HIW BDN OFC CLI DRE PLD DCT FR EGP $30.9 Industrial Average: $10.3 Office Average: $5.6 Duke realty undervalued relative to peers WHY DUKE REALTY |
2013 Duke Realty Corporation 46 WHY DUKE REALTY? Superior Asset Quality Strategically Located Land Bank and Experienced Development Capabilities Proven Operational Success and Future Growth Opportunities Balance Sheet Strength Relative Value vs. Peers Talent and Leadership Depth to Execute WHY DUKE REALTY |
RELIABLE. ANSWERS. 2013 Duke Realty Corporation Forward-Looking Statement 47 This slide presentation contains statements that constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, our statements regarding (1) strategic initiatives with respect to our assets, operations and capital and (2) the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. A number of important factors could cause actual results to differ materially from those contemplated by forward-looking statements in this slide presentation. Many of these factors are beyond our ability to control or predict. Factors that could cause actual results to differ materially from those contemplated in this slide presentation include the factors set forth in our filings with the Securities and Exchange Commission, including our annual report on Form10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable, however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. We do not assume any obligation to update any forward-looking statements as a result of new information or future developments or otherwise. Certain of the financial measures appearing in this slide presentation are or may be considered to be non- GAAP financial measures. Management believes that these non-GAAP financial measures provide additional appropriate measures of our operating results. While we believe these non-GAAP financial measures are useful in evaluating our company, the information should be considered supplemental in nature and not a substitute for the information prepared in accordance with GAAP. We have provided for your reference supplemental financial disclosure for these measures, including the most directly comparable GAAP measure and an associated reconciliation in our most recent quarter supplemental report, which is available on our website at www.dukerealty.com. Our most recent quarter supplemental report also includes the information necessary to recalculate certain operational ratios and ratios of financial position. The calculation of these non-GAAP measures may differ from the methodology used by other REITs, and therefore, may not be comparable. |