The new held-for-rental developments for the first quarter include:
-- In Cincinnati, Ohio, a 480,000 square foot industrial project that is 55% pre-leased to Aero Fulfillment located in Duke's Union Centre industrial park; -- In Dallas, Texas, an 81,000 square foot medical office project that is 100 percent leased to Baylor Healthcare System; and -- In Whitestown, Indiana, a 44,000 square foot medical office project located in the Company's Anson business park that is 76 percent leased to Witham Health Services.
The new build-for-sale developments for the first quarter include:
-- In Columbus, Ohio, a 936,000 square foot industrial project that is part of the Company's joint venture in Rickenbacker Global Logistics Park; and -- In Houston, Texas, a 90,000 square foot suburban office project that is 100 percent pre-leased to Det Norske Veritas.
Duke's $44.1 million of first quarter dispositions included $18.6 million of dispositions from its held-for-rental portfolio at an average stabilized capitalization rate of 7.2 percent. The remaining $25.5 million of dispositions (representing Duke's percentage interest in a joint venture property) are from its build-for-sale portfolio at an average stabilized capitalization rate of 7.3 percent.
First quarter held-for-rental dispositions include:
-- A 116,000 square foot industrial property in Chicago, Illinois.
First quarter build-for-sale dispositions include:
-- One industrial property totaling 1.2 million square feet within Duke's Rickenbacker joint venture in Columbus.About Duke Realty Corporation Duke Realty Corporation specializes in the ownership, construction, development, leasing and management of office, industrial, medical office and retail real estate. It is the largest publicly traded, vertically integrated office/industrial real estate company in the United States. The company owns, manages or has under development more than 130 million rentable square feet in 22 major U.S. cities. Duke, which controls more than 7,700 acres of land for over 113 million square feet of future development, also provides nationwide real estate solutions through its national development division. More information about Duke is available on the Internet: www.dukerealty.com.
Contact Information: Investor Relations Contacts: Shona L. Bedwell 317.808.6169 Randy A. Henry 317.808.6060 News Media Contact: Joel Reuter 317.808.6137