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Duke Realty Announces Eight Development Starts Executed Since the Start of the First Quarter Totaling $373 Million

·6-min read

INDIANAPOLIS, March 16, 2021 (GLOBE NEWSWIRE) -- Duke Realty Corporation (NYSE: DRE, or the “Company”), the largest domestic-only logistics REIT, today announced eight (8) new development transactions since the start of the first quarter 2021. The projects total 3.7 million square feet with total costs of $373 million that are 58% pre-leased in the aggregate, comprised of:

  • A 655,000 square foot build-to-suit project in the city of Chicago on an in-fill, rail-served site for a large, repeat customer in the home improvement and building supplies sector. The facility is located inside the Interstate 294 beltway and within close proximity to Interstate 55 and Midway Airport.

  • A 1.2 million square foot build-to-suit project in the Chicago MSA for Wayfair, Inc. The facility will be located at the Company’s Airport Logistics Center in Romeoville, IL, with excellent access to Interstates 55, 355 and 80.

  • A 300,000 square foot speculative development in the Chicago MSA on a rail-served site that involved the demolition of a previous structure. The in-fill facility is located in Bellwood, IL, inside the Interstate 294 beltway with access to Interstate 290 and close proximity to one of the largest Union Pacific rail yards in the country.

  • A 317,000 square foot build-to-suit project for an A-rated, not-for-profit healthcare system, and a 239,000 square foot speculative project in Atlanta. These facilities will be located within the Company’s sixteen building, in-fill, 5.7 million square foot Camp Creek Business Center located near Hartsfield Airport and adjacent to Interstate 285.

  • A three-building in-fill speculative project totaling 163,000 square feet in Southern California in the South Bay submarket, located within close proximity to Interstate 405 and the Long Beach Airport.

  • A 347,000 square foot speculative development in the Northern California Central Valley submarket located adjacent to Interstate 5.

  • A 501,000 square foot speculative development in the Miami Medley submarket at the Company’s in-fill located Miami 27 Park, adjacent to a 222,000 square foot project already under construction.

“As I indicated on our last earnings call, our build-to-suit prospect list was looking very strong and we’re pleased to announce this transaction activity located in coastal Tier 1 markets, as well as in-fill sites in other Tier 1 markets,” said Jim Connor, Duke Realty chairman and CEO. “The credit goes to our best-in-class regional operating teams for executing these developments with major national customers, including repeat business transactions.

All these new development starts are expected to obtain LEED certification, contribute to earnings growth beginning in early 2022 and should realize significant value creation. The funding for the projects will be sourced from previously announced expectations for 2021 asset sales that will be substantially completed in the first half of this year.”

About Duke Realty Corporation

Duke Realty Corporation owns and operates approximately 159 million rentable square feet of industrial assets in 20 major 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

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 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 guaranteeing 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 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; (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) valuation of real estate; (x) increases in operating costs; (xi) changes in the dividend policy for the company’s common stock; (xii) the reduction in the company’s income in the event of multiple lease terminations by tenants; (xiii) impairment charges, (xiv) the effects of geopolitical instability and risks such as terrorist attacks and trade wars; (xv) the effects of natural disasters, including the current pandemic caused by the COVID-19 outbreak, as well as floods, droughts, wind, tornadoes and hurricanes; and (xvi) the effect of any damage to our reputation resulting from developments relating to any of items (i) – (xv). 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 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.

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