Duke Realty (DRE)

The company’s wholly owned development pipeline at September 30, 2009, consisted mostly of projects that are in the final stages of completion. The total estimated costs of these projects upon stabilization are $223.6 million, with $71.1 million in costs remaining to be funded. The pipeline is 1.4 million square feet comprised of 9 properties and one building expansion, which are 92 percent pre-leased in the aggregate.

The company placed into service two healthcare properties totaling 250,000 square feet, which were 82% pre-leased in the aggregate, and a 146,000 square foot, 100% pre-leased suburban office building.

The company began construction of one medical office property (45,000 square feet) that is 62% pre-leased.

The company’s joint venture development pipeline at September 30, 2009, consists of three projects which total 1.1 million square feet and are 28 percent pre-leased. The total estimated costs of these projects upon stabilization are $337.9 million, with $95.4 million in remaining costs to be funded. Each joint venture has obtained third-party debt to finance construction of these properties. (All joint venture costs and square footage are reported at 100 percent ownership.)

The company’s wholly owned development pipeline at June 30, 2009, consists mostly of projects that are in the final stages of completion. The total estimated costs of these projects upon stabilization are $297.1 million, with $130.0 million in remaining costs to be funded. The pipeline is comprised of 13 properties (1.7 million square feet), which are 89 percent pre-leased.

The company began only one project during the quarter: an expansion of a bulk distribution facility in Phoenix which is 100% leased and scheduled for contribution to a joint venture upon completion in the second half of 2009.

The company placed into service three healthcare properties (242,000 square feet), of which two were 100% leased and one was 10% leased upon completion.

The company’s joint venture development pipeline at June 30, 2009, consists mostly of projects that are in the final stages of completion. The total estimated costs of these projects upon stabilization are $339.5 million, with $118.0 million in remaining costs to be funded. The pipeline is comprised of 3 properties (1.1 million square feet), which are 26 percent pre-leased. Each joint venture has obtained third-party debt to finance construction of these properties. (All joint venture costs and square footage are reported at 100 percent ownership.)

Two speculative industrial assets were placed in service during the quarter: a 503,000 square foot bulk industrial property in the Dugan Realty joint venture and a 533,000 square foot bulk industrial building in the AllPoints Midwest joint venture. Neither property is leased.

The company’s wholly owned development pipeline at March 31, 2009 consisted mostly of projects that are in the final stages of completion. These projects aggregated $371 million, with $196 million in remaining costs to be funded. The pipeline comprised 17 properties (1.9 million square feet), most of which were healthcare properties, and was 83 percent pre-leased on average in the aggregate.

In accordance with its selective pursuit of new development, the company began only one project during the quarter: a medical office building for a hospital system affiliated with Ascension Health in Austin, TX, with projected costs of $21.6 million.

The company placed into service two properties (112,000 square feet) that were 90 percent leased on average.

The company’s joint venture development pipeline at March 31, 2009 aggregated $373 million, with $158 million in remaining costs to be funded. The pipeline consisted of five properties (2.1 million square feet) that were 12 percent preleased on average. Each joint venture has obtained third-party debt to finance construction of these properties. (All joint venture costs and square footage are reported at 100 percent ownership.)

The company’s wholly owned development pipeline at December 31, 2008 aggregated $372.6 million, with $230 million in remaining costs to be incurred. The pipeline consisted of 18 properties (1.9 million square feet) that were 86% preleased with an anticipated stabilized yield of 8.4%.

In accordance with its planned reduction in new development, the company’s starts for the fourth quarter aggregated only $43.4 million with an average initial stabilized yield of 9.3%. These included an office property for Monsanto in St. Louis and a healthcare project for the Baylor University Medical Center in Dallas, both of which are 100% preleased.

The company placed into service three held-for-rental properties (476,000 square feet) that were 33% leased.

The company’s joint venture development pipeline at December 31, 2008 aggregated $356.6 million, with $167.0 million in remaining costs to be incurred. The pipeline consisted of five properties (2.1 million square feet) that were 12% preleased with an anticipated stabilized yield of 8.2%. Each joint venture has obtained third-party debt to finance these properties, with no anticipated future funding requirements from the company. (All joint venture costs and square footage are reported at 100% ownership.)

No joint venture properties were started or placed in service during the fourth quarter.