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Duke Realty Announces Pricing Terms for $500 Million Senior Unsecured Notes Offering

INDIANAPOLIS, Nov. 01, 2021 (GLOBE NEWSWIRE) -- Duke Realty Corporation (NYSE: DRE), a leading industrial property REIT, announced today that its operating partnership, Duke Realty Limited Partnership (the “Operating Partnership”), has priced an underwritten public offering of $500 million of its 2.250% senior unsecured notes due January 15, 2032. The notes were priced at 98.823% of their face amount to yield 2.381% to maturity. The offering is expected to close on November 10, 2021, subject to the satisfaction of customary closing conditions.

The Operating Partnership intends to allocate an amount equal to the net proceeds from the offering to finance or refinance, in whole or in part, one or more recently completed or future “Eligible Green Projects,” which may include certain “green buildings,” energy efficiency projects, sustainable water and wastewater management systems, renewable energy systems, clean transportation solutions, and pollution prevention and control.

J.P. Morgan Securities LLC acted as Green Structuring Agent to the issuer and joint book-running manager. Citigroup Global Markets Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., and Truist Securities, Inc. acted as joint book-running managers. Barclays Capital Inc., Ramirez & Co., Inc., RBC Capital Markets, LLC, Regions Securities LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC acted as co-managers. As Green Structuring Agent to the issuer, J.P. Morgan Securities LLC makes no assurances that the notes or use of proceeds will meet the green bond or sustainability criteria of any investor.

Duke Realty and the Operating Partnership have filed a registration statement (including a preliminary prospectus supplement and a prospectus) with the U.S. Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates, which became effective upon filing with the SEC. The offering will be made only by means of a prospectus and prospectus supplement. You may obtain these documents for free by searching the SEC online database on the SEC website at http://www.sec.gov. Alternatively, Duke Realty, the Operating Partnership, or any underwriter participating in the offering will arrange to send you the prospectus supplement and prospectus if you request it from (i) J.P. Morgan Securities LLC collect at 1-212-834-4533, (ii) Citigroup Global Markets Inc. toll free at 1-800-831-9146, (iii) PNC Capital Markets LLC toll free at 1-855-881-0697, (iv) Scotia Capital (USA) Inc. toll free at 1-800-372-3930 or (v) Truist Securities, Inc. toll free at 1-800-685-4786.

Before making an investment in the securities, potential investors should read the prospectus supplement, the accompanying prospectus, and the other documents that the Operating Partnership has filed and will file with the SEC for more complete information about the Operating Partnership and the offering.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.

About Duke Realty Corporation

Duke Realty Corporation owns and operates approximately 160 million rentable square feet of industrial assets in 19 key U.S. logistics markets. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is a component of the S&P 500 Index. More information about Duke Realty Corporation is available at www.dukerealty.com.

Cautionary Notice Regarding Forward-Looking Statements

This news release may contain forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical facts, including, among others, statements regarding the company’s intended use of proceeds from the offering noted above, future financial position or results, future dividends, and future performance, are forward-looking statements. Those statements include statements regarding the intent, belief, or current expectations of the company, members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should," or similar expressions, although not all forward-looking statements may contain such words. Forward-looking statements are not guarantees of future events or performance and involve risks and uncertainties that actual results may differ materially from those contemplated by such forward-looking statements. Many of these factors are beyond the company’s abilities to control or predict. Such factors include, but are not limited to, (i) general adverse economic and local real estate conditions; (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business; (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms, if at all, and the company’s ability to retain current credit ratings; (iv) the company’s ability to raise capital by selling its assets; (v) the company’s continued qualification as a real estate investment trust, or REIT, for U.S. federal income tax purposes; (vi) changes in governmental laws and regulations, including changes that may be forthcoming as a result of the change in administration in the U.S.; (vii) the level and volatility of interest rates and foreign currency exchange rates; (viii) valuation of joint venture investments; (ix) valuation of marketable securities and other investments, including volatility in the company’s stock price and trading volume; (x) valuation of real estate and other inherent risks in the real estate business, including, but not limited to tenant defaults, potential liability relating to environmental matters and liquidity of real estate investments; (xi) increases in operating costs; (xii) changes in the dividend policy for the company’s common stock; (xiii) the reduction in the company’s income in the event of multiple lease terminations by tenants, as well as competition for tenants and potential decreases in property occupancy; (xiv) impairment charges;   (xv) a failure or breach of our information technology systems networks or processes that could cause business disruptions or loss of confidential information; (xvi) the effects of geopolitical instability and risks such as terrorist attacks and trade wars; (xvii) the effects of natural disasters, including floods, droughts, wind, tornados, and hurricanes; (xviii) the impact of the COVID-19 pandemic on our business, our tenants and the economy in general, including the measures taken by governmental authorities to address it; and (xix) the effect of any damage to our reputation resulting from developments relating to any of items (i) – (xix). Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the company's filings with the SEC. The company refers you to the section entitled “Risk Factors” contained in the company’s Annual Report on Form 10-K for the year ended December 31, 2020. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the company’s filings with the Securities and Exchange Commission. Copies of each filing may be obtained from the company or the SEC.

The risks included here are not exhaustive and undue reliance should not be placed on any forward-looking statements, which are based on current expectations. All written and oral forward-looking statements attributable to the company, its management, or persons acting on their behalf are qualified in their entirety by these cautionary statements. Further, forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time unless otherwise required by law.

Contact Information:

Investors:
Ron Hubbard
317.808.6060

Media:
Gene Miller
317.808.6195


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Source: Duke Realty Corporation