Duke Realty
 | |
| Industry | REIT |
|---|---|
| Founded | 1972 |
| Founder |
|
| Defunct | October 3, 2022 |
| Fate | Acquired byPrologis |
| Headquarters | , U.S. |
Key people | James B. Connor (ChairmanandCEO) |
Number of employees | 340 (December 31, 2021) |
| Footnotes / references [1] | |
Duke Realtywas areal estate investment trust(REIT) based inIndianapolis, Indiana,that invested in industrial properties.[1][2]As of December 31, 2021, it owned or jointly controlled 548 primarily industrial properties containing 162.7 million rentable square feet.[1]In October 2022, it was acquired byPrologis.
Notable properties developed by the company include theCaptrust TowerinRaleigh,North Carolina,and theScripps CenterinCincinnati,Ohio.
History
[edit]P.R. Duke Construction and Duke Development Companies were formed in 1972 by Philip R. Duke, John Rosebrough, and John Wynne[3]with $40,000 of capital. Its first development was in the Park 100 neighborhood in northwest Indianapolis.[4]In 1985, Duke realty Investments was formed.[3]Phil Duke sold his shares in 1986 and Duke Associates was formed as the holding company of P.R. Duke Construction Company and P.R. Duke Realty.[3]
In 1993, the company announced that Duke Realty Investment would become apublic company[3]via anIPOon theNew York Stock Exchange,which raised $310 million.[4][5]In 1999, it merged with Weeks Corporation, anotherREITwith properties primarily in theSouthwestern United States.[6][7][8]
In 2006, it acquired 32 buildings in the Washington, D.C., area from the Mark Winkler Company.[9]
In May 2017, it sold its medical office properties to Healthcare Trust of America for $2.8 billion to focus on its industrial properties.[10]
In July 2017, Duke Realty was added to theS&P 500.[11]
In October 2022, the company was acquired byPrologis[12]for $23 billion.[13]
References
[edit]- ^abc"Duke Realty Corporation 2021 Form 10-K Annual Report".SEC.gov.U.S. Securities and Exchange Commission.
- ^Grant, Peter (2017-10-03)."Duke Realty Buys a Chunk of Logistics Properties".The Wall Street Journal.ISSN0099-9660.Archivedfrom the original on 2017-10-25.
- ^abcdThe Encyclopedia of IndianapolisDavid J. Bodenhamer and Robert G. Barrows, editors. Indiana University Press. 1994; p. 514.
- ^abWolf, Liz (June 2, 2022)."Duke Realty Sees Continued Runway for Growth in Industrial Real Estate".National Association of Real Estate Investment Trusts.
- ^"Indianapolis developer and civic leader PHILLIP R".Orlando Sentinel.July 24, 1986.
- ^"Duke Realty, Weeks to merge in $1.7B deal".CNN.March 1, 1999.Archivedfrom the original on December 23, 2017.
- ^Sherer, Paul M.; Martinez, Barbara (March 1, 1999)."Duke Realty, Weeks Will Merge In Stock Swap Valued at $1.1 Billion".The Wall Street Journal.ISSN0099-9660.Archivedfrom the original on 2017-12-24.
- ^"Southern exposure: Duke Realty Investments Inc. will".Chicago Tribune.March 1, 1999.
- ^"Winkler family firm sells off properties".The Washington Times.March 3, 2006.Archivedfrom the original on December 24, 2017.
- ^Grover, Divya (May 1, 2017)."Duke Realty to sell medical office assets to HTA for $2.8 billion".Reuters.Archivedfrom the original on 2017-12-23.
- ^"Duke Realty moving up to S&P 500 stock index".Indianapolis Business Journal.July 19, 2017.Archivedfrom the original on 2017-07-21.
- ^"Prologis Closes Acquisition of Duke Realty"(Press release).PR Newswire.October 3, 2022.
- ^Prologis, the world’s largest warehouse operator, agreed to acquire rival real-estate company Duke Realty in a $23 billion dealThe Wall Street Journal.June 14, 2022.