Duke Realty
 | |
| Industry | REIT |
|---|---|
| Founded | 1972 |
| Founder |
|
| Defunct | October 3, 2022 |
| Fate | Acquired by Prologis |
| Headquarters | , 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
[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 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
[edit]- ^ a b c "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. ISSN 0099-9660. Archived from the original on 2017-10-25.
- ^ a b c d The Encyclopedia of Indianapolis David J. Bodenhamer and Robert G. Barrows, editors. Indiana University Press. 1994; p. 514.
- ^ a b Wolf, 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. Archived from 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. ISSN 0099-9660. Archived from 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. Archived from 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. Archived from the original on 2017-12-23.
- ^ "Duke Realty moving up to S&P 500 stock index". Indianapolis Business Journal. July 19, 2017. Archived from 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 deal The Wall Street Journal. June 14, 2022.