Contact Information: Contact Information: Investors: Shona Bedwell 317.808.6169 shona.bedwell@dukerealty.com Randy Henry 317.808.6060 randy.henry@dukerealty.com Media: Joel Reuter 317.808.6137 joel.reuter@dukerealty.com
Duke Realty Corporation Announces $125 Million Secured Financing Commitment
| Source: Duke Realty Corporation
INDIANAPOLIS, IN--(Marketwire - May 13, 2009) - Duke Realty Corporation (NYSE : DRE ), an
owner, manager and developer of industrial, office and healthcare
properties throughout the United States, today announced that it has
received a loan commitment for $125 million in secured financing.
The loan will carry an interest-only rate of 7.75 percent and will be
secured by geographically diverse portfolios of suburban industrial and
office assets. Subject to due diligence and other customary conditions, the
loan is expected to close in the third quarter of 2009 and will mature in
2019. The proceeds will be primarily used to repay near-term debt.
Including the loan commitment announced today, the company has raised more
than $900 million in capital in 2009, consisting of $575 million of common
offering proceeds, $281 million of secured financing and $60 million from
asset dispositions.
About Duke Realty Corporation
Duke Realty Corporation specializes in the ownership, management and
development of office, industrial, and healthcare real estate. The company
owns, maintains an interest in or has under development approximately 135
million rentable square feet in 21 U.S. cities. Duke Realty Corporation is
publicly traded on the NYSE under the symbol DRE and is listed on the S&P
MidCap 400 Index. More information about Duke 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 future financial position, projected financing sources, future
transactions with joint venture partners, 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. Forward-looking statements are not guarantees of future
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 companies' abilities to
control or predict. Such factors include, but are not limited to, (i)
general adverse economic and local real estate conditions, including the
current economic recession; (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; (iv) the company's ability to raise capital by
selling its assets; (v) changes in governmental laws and regulations; (vi)
the level and volatility of interest rates and foreign currency exchange
rates; (vii) valuation of joint venture investments, (viii) valuation of
marketable securities and other investments; (ix) increases in operating
costs; (x) changes in the dividend policy for the company's common stock;
(xi) the reduction in the company's income in the event of multiple lease
terminations by tenants; and (xii) impairment charges. 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.
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,
2008. Copies of each filing may be obtained from the company or the
Securities and Exchange Commission.
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.