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Duke Realty Corporation: Duke Realty Corporation Enhancing Liquidity Position by Over $250 Million

^{Published on 2009-04-07 06:46:06, Last Modified on 2009-04-07 06:46:46 - Market Wire}
 

INDIANAPOLIS, IN--(Marketwire - April 7, 2009) - Duke Realty Corporation (NYSE: [ DRE ]), an integrated national owner, manager and developer of industrial, office and healthcare properties, today provided information regarding certain first quarter financing and disposition transactions. These transactions generated $218 million of gross proceeds for the quarter, and are expected to provide an additional $33 million of proceeds from pending transactions. Proceeds will be used to reduce near-term maturing debt.

"Liquidity is the most important short-term priority for the company," said Dennis D. Oklak, chairman and chief executive officer. "These transactions have generated significant liquidity and further strengthened our balance sheet."

Including the transactions announced today, the company has raised more than $1.7 billion in capital since November 2007.

Financing

The company completed $156 million of 10-year secured debt financing during the quarter. The loans are secured by geographically diverse portfolios of suburban office and industrial assets. The proceeds were primarily used to repurchase unsecured bonds with near-term maturities and to pay down the company's line of credit.

Dispositions

The company sold two office buildings consisting of 381,000 square feet in suburban St. Louis, together with 14 acres of land, for gross proceeds of approximately $61 million. In addition, the company has executed agreements with its joint venture partner, CB Richard Ellis Realty Trust, to acquire three additional properties for and on behalf of the joint venture. Closing on these properties is expected in the second quarter, subject to certain conditions, and is anticipated to provide gross proceeds of $33 million.

Quarterly Conference Call

Duke will hold its quarterly conference call to discuss first quarter results on Thursday, April 30, 2009, at 3:00 p.m. EDT. Access will be available through Duke's Web site under "Investor Relations."

About Duke Realty Corporation

Duke Realty Corporation specializes in the ownership, management and development of office, industrial, and healthcare real estate. The company owns, manages, or has under development more than 135 million rentable square feet in 20 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 ].