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DUKE REALTY CORP (DRE)

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Duke Realty Corp : Duke Realty Corporation Announces Closing of $250 Million 3.625% Senior Notes Due 2023

03/18/2013 | 03:59pm US/Eastern
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(Indianapolis, March 15, 2013) - Duke Realty Corporation (NYSE: DRE), a leading industrial, office and medical office REIT, announced today that its operating partnership, Duke Realty Limited Partnership (the "Operating Partnership"), has closed on its previously announced public offering of $250 million aggregate principal amount of senior unsecured notes due 2023. The Operating Partnership intends to use the net proceeds to repay outstanding indebtedness with near-term maturities and for other general corporate purposes.

"We are extremely pleased with the execution of the offering as it will allow us to refinance near term maturities at a significantly lower cost and extend our debt maturities ladder.  The order book had over $1.3 billion of demand and the coupon represents the lowest in our  company's history for a bond with a 10 year term," said Christie Kelly, Executive Vice President and Chief Financial Officer, "We'd also like to extend a sincere thank you to our broad base of fixed income investors."

Barclays Capital Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC, acted as joint book-running managers.  Credit Suisse Securities (USA) LLC, PNC Capital Markets LLC, Scotia Capital (USA) Inc., Regions Securities LLC, SunTrust Robinson Humphrey, Inc. and U.S. Bancorp Investments, Inc. acted as co-managers.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. 

About Duke Realty Corporation

Duke Realty Corporation owns and operates more than 145.6 million rentable square feet of industrial and office space in 18 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. Duke Realty Corporation maintains a website 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 current views and estimates of future financial position or results, future dividends, offering results, use of proceeds 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 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; (xv) the effects of weather and natural disasters such as floods, droughts, wind, tornados and hurricanes; and (xvi) the effect of any damage to our reputation resulting from developments relating to any of items (i) - (ix). 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, 2012. 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.

Contact Information:

Ron Hubbard

VP, Investor Relations

317.808.6060


HUG#1685798


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