Duke Realty Corporation Announces $1.1 Billion in Developments and Acquisitions

Duke Realty Corporation, a leading real estate company, announced significant developments and acquisitions worth $1.1 billion for the first quarter of 2006. The company's new developments and acquisitions include $914.3 million of previously announced acquisitions, $70.5 million of held-for-rental developments with an average stabilized yield of 8.9 percent, and $78.4 million of held-for-sale developments with an average stabilized yield of 9.1 percent.

Key Takeaways:

• Duke Realty Corporation announced $1.1 billion of developments and acquisitions for the first quarter of 2006, including $914.3 million of previously announced acquisitions.
• The company's new developments included $70.5 million of held-for-rental developments with an average stabilized yield of 8.9 percent and $78.4 million of held-for-sale developments with an average stabilized yield of 9.1 percent.
• The company's portfolio includes over 112 million rentable square feet, leased by more than 3,600 tenants, and 5,000 acres of undeveloped land that can support an additional 73 million square feet of development.
• Duke provided a significant amount of construction activity for the first quarter, totaling $21.4 million with an overall fee of 9.0 percent.
• The company's dispositions for the first quarter totaled $57.9 million with an average stabilized capitalization rate of 8.2 percent.

Statistics:

• $1.1 billion: Duke Realty Corporation's total developments and acquisitions for the first quarter of 2006.
• $914.3 million: Amount of previously announced acquisitions included in the total.
• $70.5 million: Amount of held-for-rental developments.
• 8.9 percent: Average stabilized yield of held-for-rental developments.
• $78.4 million: Amount of held-for-sale developments.
• 9.1 percent: Average stabilized yield of held-for-sale developments.
• $21.4 million: Amount of third-party construction activity for the first quarter.
• 9.0 percent: Overall fee for construction activity.
• $57.9 million: Amount of first quarter dispositions.
• 8.2 percent: Average stabilized capitalization rate for dispositions.

Sources:

• Duke Realty Corporation, "Duke Realty Corporation Reports Quarterly Results" (press release, March 30, 2006)
• Duke Realty Corporation, "About Us" (company website, accessed April 10, 2006)
• Duke Realty Corporation, "Investor Relations" (company website, accessed April 10, 2006)