Duke Realty

Duke Realty Corporation

Industry	REIT
Founded	1972; 53 years ago (1972)
Founder	John Rosebrough Phil Duke John Wynne
Defunct	October 3, 2022; 2 years ago (2022-10-03)
Fate	Acquired by Prologis
Headquarters	Indianapolis, Indiana , U.S.
Key people	James B. Connor (Chairman and CEO)
Number of employees	340 (December 31, 2021)
Footnotes / references [1]

Duke Realty was a real estate investment trust (REIT) based in Indianapolis, 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 by Prologis.

Notable properties developed by the company include the Captrust Tower in Raleigh, North Carolina, and the Scripps Center in Cincinnati, Ohio.

History

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 a public company[3] via an IPO on the New York Stock Exchange, which raised $310 million.[4][5] In 1999, it merged with Weeks Corporation, another REIT with properties primarily in the Southwestern 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 the S&P 500.[11]

In October 2022, the company was acquired by Prologis[12] for $23 billion.[13]

References

1. "Duke Realty Corporation 2021 Form 10-K Annual Report". SEC.gov. U.S. Securities and Exchange Commission.
2. Grant, Peter (2017-10-03). "Duke Realty Buys a Chunk of Logistics Properties". The Wall Street Journal. ISSN 0099-9660. Archived from the original on 2017-10-25.
3. The Encyclopedia of Indianapolis David J. Bodenhamer and Robert G. Barrows, editors. Indiana University Press. 1994; p. 514.
4. Wolf, Liz (June 2, 2022). "Duke Realty Sees Continued Runway for Growth in Industrial Real Estate". National Association of Real Estate Investment Trusts.
5. "Indianapolis developer and civic leader PHILLIP R". Orlando Sentinel. July 24, 1986.
6. "Duke Realty, Weeks to merge in $1.7B deal". CNN. March 1, 1999. Archived from the original on December 23, 2017.
7. 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. ISSN 0099-9660. Archived from the original on 2017-12-24.
8. "Southern exposure: Duke Realty Investments Inc. will". Chicago Tribune. March 1, 1999.
9. "Winkler family firm sells off properties". The Washington Times. March 3, 2006. Archived from the original on December 24, 2017.
10. Grover, Divya (May 1, 2017). "Duke Realty to sell medical office assets to HTA for $2.8 billion". Reuters. Archived from the original on 2017-12-23.
11. "Duke Realty moving up to S&P 500 stock index". Indianapolis Business Journal. July 19, 2017. Archived from the original on 2017-07-21.
12. "Prologis Closes Acquisition of Duke Realty" (Press release). PR Newswire. October 3, 2022.
13. Prologis, the world’s largest warehouse operator, agreed to acquire rival real-estate company Duke Realty in a $23 billion deal The Wall Street Journal. June 14, 2022.