UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended March 31, 2005 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to . |
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Commission File Number: 1-9044
DUKE REALTY CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
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Indiana |
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35-1740409 |
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(State or Other
Jurisdiction |
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(IRS Employer |
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600
East 96th Street, Suite 100 |
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46240 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (317) 808-6000
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2.
Yes ý No o
The number of Common Shares outstanding as of May 1, 2005 was 143,461,447 ($.01 par value).
DUKE REALTY CORPORATION
INDEX
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
DUKE REALTY CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
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March 31, |
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December 31, |
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2005 |
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2004 |
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(Unaudited) |
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ASSETS |
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Real estate investments: |
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Land and improvements |
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$ |
722,210 |
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$ |
710,379 |
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Buildings and tenant improvements |
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4,693,700 |
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4,666,715 |
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Construction in progress |
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102,853 |
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109,788 |
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Investments in unconsolidated companies |
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294,718 |
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287,554 |
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Land held for development |
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412,975 |
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393,650 |
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6,226,456 |
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6,168,086 |
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Accumulated depreciation |
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(825,902 |
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(788,900 |
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Net real estate investments |
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5,400,554 |
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5,379,186 |
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Cash and cash equivalents |
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3,679 |
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5,589 |
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Accounts receivable, net of allowance of $1,199 and $1,238 |
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16,676 |
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17,127 |
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Straight-line rent receivable, net of allowance of $1,568 and $1,646 |
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94,724 |
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89,497 |
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Receivables on construction contracts, including retentions |
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70,033 |
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59,342 |
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Deferred financing costs, net of accumulated amortization of $10,379 and $9,006 |
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31,013 |
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31,924 |
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Deferred leasing and other costs, net of accumulated amortization of $97,850 and $88,888 |
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205,556 |
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203,882 |
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Escrow deposits and other assets |
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123,642 |
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110,096 |
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$ |
5,945,877 |
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$ |
5,896,643 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Indebtedness: |
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Secured debt |
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$ |
201,188 |
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$ |
203,081 |
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Unsecured notes |
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2,150,565 |
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2,315,623 |
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Unsecured line of credit |
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272,000 |
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— |
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2,623,753 |
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2,518,704 |
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Construction payables and amounts due subcontractors, including retentions |
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66,335 |
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67,740 |
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Accounts payable |
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559 |
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526 |
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Accrued expenses: |
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Real estate taxes |
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60,398 |
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55,748 |
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Interest |
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23,796 |
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36,531 |
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Other |
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34,668 |
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50,814 |
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Other liabilities |
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107,155 |
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105,771 |
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Tenant security deposits and prepaid rents |
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37,984 |
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39,827 |
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Total liabilities |
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2,954,648 |
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2,875,661 |
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Minority interest |
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190,855 |
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195,113 |
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Shareholders’ equity: |
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Preferred shares ($.01 par value); 5,000 shares authorized; 2,365 shares issued and outstanding |
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657,250 |
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657,250 |
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Common shares ($.01 par value); 250,000 shares authorized; 143,442 and 142,894 shares issued and outstanding |
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1,434 |
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1,429 |
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Additional paid-in capital |
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2,555,615 |
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