EXPLANATORY NOTE

This report (the "Report") combines the annual reports on Form 10-K for the year ended December 31, ~~2019~~2021 of both Duke Realty Corporation and Duke Realty Limited Partnership. Unless stated otherwise or the context otherwise requires, references to "Duke Realty Corporation" or the "General Partner" mean Duke Realty Corporation and its consolidated subsidiaries; and references to the "Partnership" mean Duke Realty Limited Partnership and its consolidated subsidiaries. The terms the "Company," "we," "us" and "our" refer to the General Partner and the Partnership, collectively, and those entities owned or controlled by the General Partner and/or the Partnership.

Duke Realty Corporation is a self-administered and self-managed real estate investment trust ("REIT") and is the sole general partner of the Partnership, owning ~~99.2%~~99.1% of the common partnership interests of the Partnership ("General Partner Units") as of December 31, ~~2019.~~2021. The remaining ~~0.8%~~0.9% of the common partnership interests ("Limited Partner Units" and, together with the General Partner Units, the "Common Units") are owned by limited partners. As the sole general partner of the Partnership, the General Partner has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Partnership.

The General Partner and the Partnership are operated as one enterprise. The management of the General Partner consists of the same members as the management of the Partnership. As the sole general partner with control of the Partnership, the General Partner consolidates the Partnership for financial reporting purposes, and the General Partner does not have any significant assets other than its investment in the Partnership. Therefore, the assets and liabilities of the General Partner and the Partnership are substantially the same.

We believe combining the annual reports on Form 10-K of the General Partner and the Partnership into this single report results in the following benefits:

•enhances investors' understanding of the General Partner and the Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

•eliminates duplicative disclosure and provides a more streamlined and readable presentation of information since a substantial portion of the Company's disclosure applies to both the General Partner and the Partnership; and

•creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

We believe it is important to understand the few differences between the General Partner and the Partnership in the context of how we operate as an interrelated consolidated company. The General Partner's only material asset is its ownership of partnership interests in the Partnership. As a result, the General Partner does not conduct business itself, other than acting as the sole general partner of the Partnership and issuing public equity from time to time. The General Partner does not issue any indebtedness, but does guarantee some of the unsecured debt of the Partnership. The Partnership holds substantially all the assets of the business, directly or indirectly, and holds the ownership interests related to certain of the Company's investments. The Partnership conducts the operations of the business and has no publicly traded equity. Except for net proceeds from equity issuances by the General Partner, which are contributed to the Partnership in exchange for General Partner Units or Preferred Units, the Partnership generates the capital required by the business through its operations, its incurrence of indebtedness and the issuance of Limited Partner Units to third parties.

Noncontrolling interests, shareholders' equity and partners' capital are the main areas of difference between the consolidated financial statements of the General Partner and those of the Partnership. The noncontrolling interests in the Partnership's financial statements include the interests in consolidated investees not wholly owned by the Partnership. The noncontrolling interests in the General Partner's financial statements include the same noncontrolling interests at the Partnership level, as well as the common limited partnership interests in the Partnership, which are accounted for as partners' capital by the Partnership.

In order to highlight the differences between the General Partner and the Partnership, there are separate sections in this report, as applicable, that separately discuss the General Partner and the Partnership, including separate financial statements and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure of the General Partner and the Partnership, this report refers to actions or holdings as being actions or holdings of the collective Company.

TABLE OF CONTENTS

Form 10-K


Item No.		Page(s)

PART I

1.	Business	3
1A.	Risk Factors	9
1B.	Unresolved Staff Comments	18
2.	Properties	19
3.	Legal Proceedings	22
4.	Mine Safety Disclosures	22

PART II

5.	Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	23
6.	R e served	24
7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	25
7A.	Quantitative and Qualitative Disclosures About Market Risk	47
8.	Financial Statements and Supplementary Data	48
9.	Changes In and Disagreements With Accountants on Accounting and Financial Disclosure	48
9A.	Controls and Procedures	49
9B.	Other Information	50
9C.	Holding Foreign Companies Accountable Act Disclosure	50

PART III

10.	Directors, Executive Officers and Corporate Governance	50
11.	Executive Compensation	52
12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	52
13.	Certain Relationships and Related Transactions, and Director Independence	52
14.	Principal Accountant Fees and Services	52

PART IV

15.	Exhibits and Financial Statement Schedules	53
16.	Form 10-K Summary	114
Signatures		120

Item No. Page(s)

PART I

1.
Business
3
1A.
Risk Factors
6
1B.
Unresolved Staff Comments
14
2.
Properties
15
3.
Legal Proceedings
18
4.
Mine Safety Disclosures
18

PART II

5.
Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
19
6.
Selected Financial Data
21
7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
22
7A.
Quantitative and Qualitative Disclosures About Market Risk
51
8.
Financial Statements and Supplementary Data
51
9.
Changes In and Disagreements With Accountants on Accounting and Financial Disclosure
51
9A.
Controls and Procedures
52
9B.
Other Information
53

PART III

10.
Directors, Executive Officers and Corporate Governance
53
11.
Executive Compensation
55
12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
55
13.
Certain Relationships and Related Transactions, and Director Independence
55
14.
Principal Accountant Fees and Services
55

PART IV

15.
Exhibits and Financial Statement Schedules
56
16.
Form 10-K Summary
124
Signatures

129

IMPORTANT INFORMATION ABOUT THIS REPORT

Cautionary Notice Regarding Forward-Looking Statements

Certain statements contained in or incorporated by reference into this Report on Form 10-K for the General Partner and the Partnership, including, without limitation, those related to our future operations, constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe," "estimate," "expect," "anticipate," "intend," "plan," "strategy," "continue," ~~"plan,"~~ "seek," ~~"could,~~"may," ~~"may"~~"could" and similar expressions or statements regarding future periods are intended to identify forward-looking statements, although not all forward-looking statements may contain such words.

These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any predictions of future results, performance or achievements that we express or imply in this Report or in the information incorporated by reference into this Report. Some of the risks, uncertainties and other important factors that may affect future results include, among others:

•The impact of the COVID-19 pandemic on our business, our tenants and the economy in general, including the measures taken by governmental authorities to address it;

•Changes in general economic and business conditions, including the financial condition of our tenants and the value of our real estate assets;

•Changes to U.S. laws, regulations, rules and policies;

•The General Partner's continued qualification as a REIT for U.S. federal income tax purposes;

•Heightened competition for tenants and potential decreases in property occupancy;

•Adverse events concerning our major tenants;

•Potential changes in the financial markets and interest rates;

•Volatility in the General Partner's stock price and trading volume;

•Our continuing ability to raise funds on favorable ~~terms, or at all;~~terms;

•Our ability to successfully identify, acquire, develop and/or manage properties on terms that are favorable to us;

•Potential increases in real estate construction costs including construction cost increases as the result of ~~trade disputes~~inflation and ~~tariffs on goods imported in the United States;~~supply chain constraints;

•Our real estate asset concentration in the industrial sector and potential volatility in this sector;

•Our ability to successfully dispose of properties on terms that are favorable to us;

•Our ability to successfully integrate our acquired properties;

•Our ability to retain our current credit ratings;

•Inherent risks related to disruption of information technology networks and related systems and cyber security attacks;

•Inherent risks in the real estate business, including, but not limited to, tenant defaults, potential liability relating to environmental matters and liquidity of real estate investments; and

•Other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in our other reports and other public filings with the Securities and Exchange Commission ~~("SEC"~~(the "SEC").

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Although we presently believe that the plans, expectations and anticipated results expressed in or suggested by the forward-looking statements contained in or incorporated by reference into this Report are reasonable, all forward-looking statements are inherently subjective, uncertain and subject to change, as they involve substantial risks and uncertainties, including those beyond our control. New factors emerge from time to time, and it is not possible for us to predict the nature, or assess the potential impact, of each new factor on our business. Given these uncertainties, we caution you not to place undue reliance on these forward-looking statements. We undertake no

obligation to update or revise any of our forward-looking statements for events or circumstances that arise after the statement is made, except as otherwise may be required by law.

The above list of risks and uncertainties is only a summary of some of the most important factors and is not intended to be exhaustive. Additional information regarding risk factors that may affect us is included under the caption "Risk Factors" in this Report, and is updated by us from time to time in Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings that we make with the SEC.

PART I

Item 1. Business

~~Background~~Company Overview

The General Partner and Partnership collectively specialize in the ownership, management and development of ~~bulk distribution ("industrial")~~industrial real estate.

The General Partner is a self-administered and self-managed REIT, which began operations upon completion of an initial public offering in February 1986.

The Partnership was formed in October 1993, when the General Partner contributed all of its properties and related assets and liabilities, together with the net proceeds from an offering of additional shares of its common stock, to the Partnership. Simultaneously, the Partnership completed the acquisition of Duke Associates, a full-service commercial real estate firm operating in the Midwest whose operations began in 1972. The General Partner is the sole general partner of the Partnership, owning ~~99.2%~~99.1% of the Common Units at December 31, ~~2019.~~2021. The remaining ~~0.8%~~0.9% of the Common Units are owned by limited partners. Limited partners have the right to redeem their Limited Partner Units, subject to certain restrictions. Pursuant to the Fifth Amended and Restated Agreement of Limited Partnership, as amended (the "Partnership Agreement"), the General Partner is obligated to redeem the Limited Partner Units in shares of its common stock, unless it determines in its reasonable discretion that the issuance of shares of its common stock could cause it to fail to qualify as a REIT. Each Limited Partner Unit shall be redeemed for one share of the General Partner's common stock, or, in the event that the issuance of shares could cause the General Partner to fail to qualify as a REIT, cash equal to the fair market value of one share of the General Partner's common stock at the time of redemption, in each case, subject to certain adjustments described in the Partnership Agreement. The Limited Partner Units are not required, per the terms of the Partnership Agreement, to be redeemed in registered shares of the General Partner.

At December 31, ~~2019,~~2021, we owned or jointly controlled ~~519~~548 primarily industrial properties which encompassed ~~155.3~~162.7 million rentable square feet (including 3840 unconsolidated joint venture in-service properties with ~~11.0~~12.9 million square feet, 2129 consolidated properties under development with ~~8.7~~8.5 million square feet and ~~one~~two unconsolidated joint venture ~~property~~properties under development with ~~133,000~~1.2 million square feet). Our properties are leased by a diverse base of more than 800 tenants whose businesses include logistics, e-commerce, manufacturing, ~~retailing,~~ wholesale trade and ~~distribution.~~ retailing. We have one tenant, to whom we both lease a significant amount of space and also provide general contractor and construction management services, from whom we derived greater than 10.0% of our total revenues.

We also owned, including through ownership interests in unconsolidated joint ventures (with acreage not adjusted for our percentage ownership interest), ~~1,380~~431 acres of land and controlled an additional ~~1,000~~925 acres through purchase options.

Our headquarters and executive offices are located in Indianapolis, Indiana. We additionally have regional offices or significant operations in 1918 other geographic or metropolitan areas including Atlanta, Georgia; Chicago, Illinois;

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Cincinnati, Ohio; Columbus, Ohio; Dallas, Texas; Houston, Texas; Minneapolis/St. Paul, Minnesota; Nashville, Tennessee; Raleigh, North Carolina; Savannah, Georgia; Seattle, Washington; ~~St. Louis, Missouri;~~ Washington D.C./Baltimore, Maryland; Central Florida; New Jersey; Northern and Southern California; Pennsylvania and South Florida.

Company Strategies

Our overall strategy is to maximize cash flows from operations, increase our investment in Coastal Tier 1 markets (we define "Coastal Tier 1" markets as Southern California, Northern California, Seattle, Northern New Jersey and South Florida) and to maintain a strong balance sheet.

Operational Strategy

Our operational focus is to drive profitability by maximizing cash from operations and earnings through (i) maintaining property occupancy, increasing rental rates and prioritizing timely collection of monthly rental payments, while also keeping lease-related capital costs contained, by effectively managing our portfolio of existing properties and (ii) providing a broad line of real estate services to our tenants and to third parties.

Asset Strategy

Our strategic objectives include (i) increasing our investment in quality industrial properties through development, with sustainable design features that will meet customer needs; (ii) acquiring properties primarily in Coastal Tier 1 markets, which we believe provide the best potential for future rental growth; and (iii) maintaining an optimal land inventory through selected strategic land acquisitions to support new development activity. We ~~had approximately 400 employees at~~continue to execute our asset strategy through a disciplined approach by identifying development opportunities and identifying select acquisition targets where the asset quality and pricing meet our objectives.

Capital Strategy

Our capital strategy is to maintain a strong balance sheet by actively managing the components of our capital structure in coordination with the execution of our overall operational and asset strategies. We are focused on maintaining our current investment grade ratings from our credit rating agencies. As of December 31, ~~2019.~~2021, our senior unsecured notes have been assigned a rating of Baa1 by Moody's Investors Services and BBB+ by Standard & Poor's Ratings Group and we are focused on maintaining such ratings in order to maintain access to liquidity. A securities rating is not a recommendation to buy, sell, or hold securities and is subject to revision or withdrawal at any time by the rating organization.

~~See Item 7, "Management's Discussion~~In support of our capital strategy, we continually evaluate our portfolio and ~~Analysis~~regularly identify and dispose of ~~Financial Condition~~assets that no longer meet our long-term objectives.

We continue to focus on maintaining a balanced and ~~Results~~flexible capital structure which includes: (i) extending and sequencing the maturity dates of ~~Operations" for information related~~our outstanding debt obligations; (ii) borrowing primarily at fixed rates; and (iii) issuing common equity as needed to maintain appropriate leverage parameters or support significant strategic developments or acquisitions. With our ~~operational, asset~~successes to date and ~~capital strategies.~~continued focus on maintaining a strong balance sheet, we expect to be opportunistic in our investment opportunities.

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Competitive Conditions

As a fully integrated commercial real estate firm, we provide in-house leasing, management, development and construction services which we believe, coupled with our significant base of commercially zoned and unencumbered land in existing business parks, should give us a competitive advantage as a real estate operator and in future development activities.

We believe that the management of real estate opportunities and risks can be done most effectively at regional or on local levels. As a result, we intend to continue our emphasis on increasing our market share, to the extent it is in markets that align with our asset strategy, ~~(see Item 7),~~ and effective rents in the primary markets where we own properties. We believe that this regional focus will allow us to assess market supply and demand for real estate more effectively as well as to capitalize on the strong relationships with our tenant base. In addition, we seek to further capitalize on our many strong relationships with customers that operate on a national level. As a fully integrated real estate company, we are able to arrange for or provide to our tenants not only well located and well maintained facilities, but also ~~additional services such as~~the capability for build-to-suit construction, tenant finish construction, and expansion flexibility.

All of our properties are located in areas that include competitive properties. Institutional investors, other REITs or local real estate operators generally own such properties; however, no single competitor or small group of competitors is dominant in our current markets. The supply of and demand for similar available rental properties may affect the rental rates we will receive on our properties. Other competitive factors include the attractiveness of the property location, the quality of the property and tenant services provided, and the reputation of the owner and operator.

Environmental, Social and Corporate Governance ("ESG")

We are focused on promoting our growth in a sustainable way, one that succeeds by delivering long-term value for our stakeholders. As part of our vision to deliver sustainable excellence in logistics real estate, we have a long-standing commitment to sustainable practices in environmental, social and corporate governance initiatives.

Environmental

We continuously look for new and better ways to minimize our environmental impact as well as that of our tenants. We are especially focused on energy consumption, water consumption and greenhouse gas emissions.

On December 17, 2019, we adopted a Sustainable Development Policy intended to increase the operational efficiency of our buildings and promote sustainable design principles. We are committed to integrating innovative, sustainable building design features in alignment with the U.S. Green Building Council® ("USGBC®") Leadership in Energy and Environmental Design (or LEED®), of which we have been a member of since 2008. In April 2021, we achieved acceptance into the USGBC® volume certification program to help streamline our sustainable development process. Specifically, we invest in sustainable practices, such as water usage reduction measures, efficient lighting, high efficient HVAC and renewable energy, construction waste reduction, recycling and user well-being attributes with the goal of positively impacting the experience of our tenants and increasing the value of our assets.

We do not have access to approximately 95% of the utility usage at our properties but, for the utilities in our control, we have been partnering with a third party data management provider to help monitor and manage usage.

Below is a chart showing our information for the applicable sustainability metrics that we monitor and report on in alignment with the Sustainability Accounting Standards Board standard for real estate:

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Topic	Accounting Metric	Code	Our Information
Energy Management	Description of how building energy management considerations are integrated into property investment analysis and operational strategy	IF-RE-130a.5	We integrate energy usage reduction measures on all new developments, incorporating LEED certification requirements and applicable aspects of our own sustainability policies/programs. These measures include energy modeling, high efficiency equipment (HVAC and lighting), and climate zone appropriate design factors. We have an ongoing lighting retrofit program, replacing outdated light fixtures with LED fixtures.
Water Management	Description of water management risks and discussion of strategies and practices to mitigate those risks	IF-RE-140a.4	We integrate water reduction measures on all new developments and renovation, incorporating LEED water efficient credit criteria or applicable aspects of our own sustainability policies/programs. These measures include the use of WaterSense® fixtures for all domestic usage, xeriscaping to minimize or eliminate the need for irrigation, and water usage monitoring, where available and appropriate.
Climate Change Adaptation	Area of properties located in 100-year flood zones, by property subsector	IF-RE-450a.1	4.5 million square feet.

In November 2021, in an effort to mitigate and reduce our greenhouse gas emissions, we set a goal to achieve carbon neutrality for our own operations by 2025 and to achieve carbon neutrality in alignment with the Paris Climate Accords by 2040. Carbon emissions from our operations are calculated as scope 1 and 2 emissions, which are direct and indirect emissions such as purchased power to operate our Duke Realty offices. Scope 3 emissions are the largest category and include the emissions created from our upstream and downstream activities including but not limited to tenant utilities from our owned buildings, the development process, waste and company travel. We have a comprehensive strategy to meet our goals by reducing carbon emissions, replacing energy sources with renewable energy and offsetting energy consumption.

We issued two green bonds in 2021 including an issuance of $500.0 million of senior unsecured notes in November 2021 with a stated interest rate of 2.25% due January 15, 2032 and an issuance of $450.0 million of senior unsecured notes in January 2021 with a stated interest rate of 1.75% due February 1, 2031.We now hold three green bonds totaling $1.35 billion. The net proceeds from these offerings will be used to finance future or refinance recently completed “eligible green projects”. These projects may include green buildings, energy efficiency projects, sustainable water and wastewater management systems, renewable energy projects, clean transportation solutions and pollution prevention and control. Green buildings are new development, redevelopment, or acquisitions of buildings, that have or are expected to receive Certified, Silver or Gold LEED certification through a 3rd party review and validation process by USGBC’s Green Building Certification Institute. In 2021, we also added a sustainability metric to our line of credit tied to growing the percentage of our LEED® developed projects.

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Social

We are committed to social responsibility by developing and maintaining strong relationships with our associates, customers, business partners, investors as well as the communities in which we operate and invest. We are committed to fair compensation and pay equity, fostering a dynamic and balanced work environment and providing associates with developmental opportunities to perform well and derive satisfaction from their work. We support and encourage our associates to participate in volunteer and community activities by providing each associate with two paid community days per year. We also have charitable contribution programs, such as our dollars for doers program (matching dollars for volunteer hours spent) and our matching gifts program (matching dollars for associates donations to charities). In addition, we partner with various charitable organizations, including the American Red Cross since 2017. Our sustainable development, energy, and resource usage policies help to create a cleaner and healthier environment for the communities we serve. In 2021, we completed a community solar project where we partnered with solar developers to install solar panels on the rooftops of several buildings we own to enable the capture of solar energy for the neighboring community. Through all of these initiatives and others, we endeavor to make a positive impact on the communities in which we conduct business.

Corporate Governance

Since our inception, we not only have strived to be a top-performer operationally, but also to lead in issues important to investors such as disclosure and corporate governance. The General Partner's system of governance reinforces this commitment and, as a limited partnership that has one general partner owning over 90% of the Partnership's common interest, the governance of the Partnership is necessarily linked to the corporate governance of the General Partner. Summarized below are the highlights of the General Partner's Corporate Governance initiatives.

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Board Composition						• The General Partner's board is controlled by a supermajority ~~(92.3%~~(91.7%) of "Independent Directors," as such term is defined under the rules of the New York Stock Exchange (the "NYSE") • ~~31%~~55% of the Independent Directors are female or people of color and the General ~~Partner’s board is female and its~~Partner's compensation and human capital ~~committee is~~and finance committees are both chaired by ~~a female~~ females

Board Committees						• The General Partner's board committee members are all Independent Directors

Lead Director						• The Lead Director is independent, serves as the Chairman of the General Partner's corporate governance committee and presides at all meetings of the board at which the Chair is not present, including executive sessions of the independent directors (among other responsibilities)

Board Policies						- ~~Proactively amended and restated the~~ General Partner's Bylaws ~~to implement~~include proxy access - ~~Adopted a~~ Board Diversity, Equity and Inclusion Policy - No Shareholder Rights Plan (Poison Pill) - Code of Business Ethics applies to all directors and employees of the General Partner, including the Chief Executive Officer and senior financial officers; waivers applied to executive officers require the approval of (i) the General Partner's board of directors or (ii) the General Partner's corporate governance committee - Orientation program for new directors of the General Partner - Independence of directors of the General Partner is reviewed annually - Independent Directors of the General Partner meet at least quarterly in executive sessions - Independent Directors of the General Partner receive no compensation from the General Partner other than as directors - Equity-based compensation plans require the approval of the General Partner's shareholders - Board effectiveness and performance isare reviewed annually by the General Partner's corporate governance committee - Individual director evaluations are performed annually - The General Partner's corporate governance committee conducts an annual review of the Chief Executive Officer succession plan - Independent Directors and all board committees of the General Partner may retain outside advisors, as they deem appropriate - Prohibition on repricing of outstanding stock options of the General Partner - Directors of the General Partner required to offer resignation upon job change - Majority voting for election of directors of the General Partner - Human Rights Policy - Shareholder Communications Policy

Ownership						Minimum Stock Ownership Guidelines apply to all directors and executive officers of the General Partner

The General Partner's Code of Business Ethics (which applies to all directors and ~~employees~~associates of the General Partner, including the Chief Executive Officer and senior financial officers) and the Corporate Governance Guidelines are available in the Investor Relations/Corporate Governance section of the General Partner's website at www.dukerealty.com. A copy of these documents may also be obtained without charge by writing to Duke Realty Corporation, 8711 River Crossing Boulevard, Indianapolis, Indiana 46240, Attention: Investor Relations. If we amend our Code of Business Ethics as it applies to the directors and all executive officers of the General Partner or grant a waiver from any provision of the Code of Business Ethics to any such person, we may, rather than filing a current report on Form 8-K, disclose such amendment or waiver in the Investor Relations/Corporate Governance section of the General Partner's website at www.dukerealty.com.

Since 2020, we implemented a Vendor Code of Conduct that outlines our expectations and standards for how our vendors operate while doing business on our behalf.

Further, we publish an annual Corporate Responsibility Report which formally communicates our commitments and leadership around ESG issues.

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Through all of our environmental, social and corporate governance efforts, we demonstrate that operating and developing commercial real estate can be conducted with a conscious regard for the environment and community, while also benefiting our investors, associates, tenants and the communities in which we operate.

Human Capital

We had approximately 340 associates at December 31, 2021 and our average associate tenure was 12.2 years. We are committed to increasing transparency in the diversity of our workforce, so in 2021 we disclosed our 2020 EEO-1 report on our corporate website. The composition of our workforce and upper management at December 31, 2021 were as follows:


	Workforce		Upper Management
Female	46	%	24	%
Male	54	%	76	%

People of color	16	%	12	%
Other	84	%	88	%

Our compensation and human capital committee, a board committee, reviews associate turnover and diversity, as well as associate development and engagement programs. We also routinely conduct associate engagement surveys and have received numerous awards for being a great place to work. While attracting, developing and retaining our talent, we are dedicated to fair compensation, fostering an inclusive and diverse culture and a dynamic and balanced work environment, which provides associates with opportunities to perform well and derive satisfaction from their work. The compensation structures of many of our senior associates are directly tied to metrics or other objectives that support our corporate strategy.

We require ethical conduct by our associates and all associates are required to complete annual Code of Business Ethics training sessions, and associates and directors must sign off on our Code of Business Ethics every year.

Additional Information

For additional information regarding our investments and operations, see Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Item 8, "Financial Statements and Supplementary Data." For additional information about our business segments, see Item 8, "Financial Statements and Supplementary Data - Notes to Consolidated Financial Statements - (9) Segment Reporting."

Available Information

In addition to this Report, we file quarterly and current reports, proxy statements and other information with the SEC. All documents that are filed with the SEC are available free of charge on the General Partner's corporate website, which is www.dukerealty.com. We are not incorporating the information on the General Partner's website into this Report, and the General Partner's website and the information appearing on the General Partner's website is not included in, and is not part of, this Report. You may also access any document filed through the SEC's home page on the Internet (http://www.sec.gov).

Item 1A. Risk Factors

In addition to the other information contained in this Report, you should carefully consider, in consultation with your legal, financial and other professional advisors, the risks described below, as well as the risk factors and uncertainties discussed in our other public filings with the SEC under the caption "Risk Factors" in evaluating us and our business before making a decision regarding an investment in the General Partner's securities.

The risks contained in this Report are not the only risks that we face. Additional risks that are not presently known, or that we presently deem to be immaterial, also could have a material adverse effect on our financial condition, results of operations, business and prospects. The trading price of the General Partner's securities could decline due

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to the materialization of any of these risks, and its shareholders and/or the Partnership's unitholders may lose all or part of their investment.

This Report also contains forward-looking statements that may not be realized as a result of certain factors, including, but not limited to, the risks described herein and in our other public filings with the SEC. Please refer to the section in this Report entitled "Cautionary Notice Regarding Forward-Looking Statements" for additional information regarding forward-looking statements.

Risks Related to the COVID-19 Pandemic

The full effects of the COVID-19 pandemic are highly uncertain and cannot be predicted.

The outbreak of COVID-19, a respiratory disease caused by a novel corona virus, has spread globally since being declared a pandemic by the World Health Organization in March 2020. Although vaccines have been developed and are widely distributed in the United States, newer and more contagious variants of COVID-19 have further amplified the impact of the pandemic while significant components of the United States population are resistant to vaccination efforts.

The COVID-19 pandemic has also coincided with labor shortages and increased staffing costs for many companies operating in the United States. COVID-19 related disruptions to the international supply chain, including transportation and distribution delays, longer lead times for construction materials and increased construction costs have resulted in shortages of certain goods and inflationary conditions. These developments, as well as other ramifications of the COVID-19 pandemic may result in prolonged inflationary conditions that could have a detrimental impact on our tenant base, our ability to lease vacant space and our ability to grow through development and acquisition. Future adverse impacts to the economy caused by COVID-19 may also result in market volatility and large swings in global stock prices that may negatively impact our share price. These potential risks could also negatively impact our future ability to access capital, which would negatively impact our liquidity and our ability to execute our strategic plans.

The impacts of the outbreak could, among other things, negatively affect (i) the operation of our properties, (ii) the effectiveness of our strategic decision making, (iii) the operation of an effective cyber security function, (iv) the operation of our key information systems, (v) our ability to make timely filings with the SEC and (vi) our ability to maintain an effective control environment.

Risks Related to Our Business

Our use of debt financing could have a material adverse effect on our financial condition.

We are subject to the risks normally associated with debt financing, including the risk that our cash flow will be insufficient to meet required principal and interest payments and the long-term risk that we will be unable to refinance our existing indebtedness, or that the terms of such refinancing will not be as favorable as the terms of existing indebtedness. Additionally, we may not be able to refinance borrowings by our unconsolidated subsidiaries on favorable terms or at all. If our debt cannot be paid, refinanced or extended, we may not be able to make distributions to shareholders and unitholders at expected levels. Further, if prevailing interest rates or other factors at the time of a refinancing result in higher interest rates or other restrictive financial covenants upon the refinancing, then such refinancing would adversely affect our cash flow and funds available for operation, development and distribution.

We also have incurred, and may incur in the future, indebtedness that bears interest at variable rates. Thus, if market interest rates increase, so will our interest expense, which could reduce our cash flow and our ability to make distributions to shareholders and unitholders at expected levels.

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Debt financing may not be available and equity issuances could be dilutive to our shareholders and unitholders.

Our ability to execute our business strategy depends on our access to an appropriate blend of debt financing, including unsecured lines of credit and other forms of secured and unsecured debt, and equity financing, including common equity and, at times, preferred equity issued by the General Partner. Debt financing may not be available over a longer period of time in sufficient amounts, on favorable terms or at all. If the General Partner issues additional equity securities, instead of debt, to manage capital needs, the interests of our existing shareholders and unitholders could be diluted.

Financial and other covenants under existing credit agreements could limit our flexibility and adversely affect our financial condition.

The terms of our various credit agreements and other indebtedness require that we comply with a number of customary financial and other covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage. These covenants may limit our flexibility in our operations, and breaches of these covenants could result in defaults under the instruments governing the applicable indebtedness even if we have satisfied our payment obligations. As a result, we would also likely be unable to borrow any further amounts under our other debt instruments and other debt obligations may be accelerated, which could adversely affect our ability to fund operations.

Downgrades in our credit ratings could increase our borrowing costs or reduce our access to funding sources in the credit and capital markets.

We have a significant amount of debt outstanding, consisting mostly of unsecured debt. We are currently assigned corporate credit ratings from Moody's Investors Service, Inc. and Standard and Poor's Ratings Group based on their evaluation of our creditworthiness. All of our debt ratings remain investment grade, but there can be no assurance that we will not be downgraded or that any of our ratings will remain investment grade. If our credit ratings are downgraded or other negative action is taken, we could be required, among other things, to pay additional interest and fees on outstanding borrowings under our revolving credit agreement.

Credit rating reductions by one or more rating agencies could also adversely affect our access to funding sources, the cost and other terms of obtaining funding as well as our overall financial condition, operating results and cash flow.

If we are unable to generate sufficient capital and liquidity, then we may be unable to pursue future development projects and other strategic initiatives.

To complete our ongoing and planned development projects, and to pursue our other strategic initiatives, we must continue to generate sufficient capital and liquidity to fund those activities. To generate that capital and liquidity, we rely upon funds from our existing operations, as well as funds that we raise through our capital raising activities. In the event that we are unable to generate sufficient capital and liquidity to meet our long-term needs, or if we are unable to generate capital and liquidity on terms that are favorable to us, then we may not be able to pursue development projects, acquisitions, or our other long-term strategic initiatives.

The General Partner's stock price and trading volume may be volatile, which could result in substantial losses to its shareholders and to the Partnership's unitholders, if and when they convert their Limited Partner Units to shares of the General Partner's common stock.

The market price of the General Partner's common stock could change in ways that may or may not be related to our business, our industry or our operating performance and financial condition. In addition, the trading volume in the General Partner's common stock may fluctuate and cause significant price variations to occur. Some of the factors that could negatively affect the General Partner's share price, or result in fluctuations in the price or trading volume of the General Partner's common stock, include uncertainty in the markets, general market and economic conditions, as well as those factors described in these "Risk Factors" and in other reports that we file with the SEC.

Many of these factors are beyond our control, and we cannot predict their potential effects on the price of the General Partner's common stock. If the market price of the General Partner's common stock declines, then its shareholders and the Partnership's unitholders, respectively, may be unable to resell their shares and units upon terms that are attractive to them. We cannot assure that the market price of the General Partner's common stock will not fluctuate or decline significantly in the future. In addition, the securities markets in general may experience considerable unexpected price and volume fluctuations.

Our use of joint ventures may negatively impact our jointly-owned investments.

We have, and may continue to develop ~~and acquire~~ properties in, or contribute properties to, joint ventures with other persons or entities when circumstances warrant the use of these structures. Our participation in joint ventures is subject to the risks that:

•We could become engaged in a dispute, or have conflicts of interests, with any of our joint venture partners that might affect our ability to develop or operate a property; and

•Our joint venture partners may have different objectives than we have regarding the appropriate timing and terms of any sale or refinancing of ~~properties;~~properties.

~~Our joint venture partners may have competing interests in our markets that could create conflict of interest issues; and~~

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~~Maturities of debt encumbering our jointly owned investments may not be able to be refinanced at all or on terms that are as favorable as the current terms.~~

~~Our business and operations could suffer in the event of system failures or cyber security attacks.~~

Our systems are vulnerable to damages from any number of sources, including energy blackouts, natural disasters, terrorism, war, telecommunication failures and cyber security attacks, such as computer viruses, computer hacking, acts of vandalism or theft, malware or other malicious codes, phishing, employee error or malfeasance, or other unauthorized access. Any system failure or accident that causes interruptions in our operations could result in a material disruption to our business. We may also incur additional costs to remedy damages caused by such disruptions. Any future significant compromise or breach of our data security, whether external or internal, or misuse of customer, associate, supplier or company data, could result in significant costs, lost sales, fines, lawsuits, and damage to our reputation. Any compromise of our security could also result in a violation of applicable privacy and other laws, unauthorized access to information of ours and others, significant legal and financial exposure, damage to our reputation, loss or misuse of the information and a loss of confidence in our security measures, which could harm our business.

We have programs in place to detect, contain and respond to data security incidents. However, the ever-evolving threats mean we and our third-party service providers and vendors must continually evaluate and adapt our respective systems and processes and overall security environment. Even the most well protected information, networks, systems and facilities remain potentially vulnerable when considering the rapid pace of change in this area. There can be no assurance that our efforts to maintain the security and integrity of our systems will be effective, or that we will be able to maintain our systems free from security breaches, system compromises, misuses of data, or other operational interruptions. Accordingly, we may be unable to prevent major security breaches or entirely mitigate the risk of other system interruptions or failures.

~~We could also be negatively impacted by similar disruptions to the operations of our vendors or outsourced service providers.~~

Risks Related to the Real Estate Industry

Our net earnings available for investment or distribution to shareholders and unitholders could decrease as a result of factors related to the ownership and operation of commercial real estate, many of which are outside of our control.

Our business is subject to the risks incident to the ownership and operation of commercial real estate, many of which involve circumstances not within our control. Such risks include the following:


~~��~~	~~Changes in the general economic climate;~~

•Changes in the general economic climate;

•The availability of capital on favorable terms, or at all;

•Increases in interest rates;

•Local conditions such as oversupply of property or a reduction in demand;

•Competition for tenants;

•Changes in market rental rates;

•Delay or inability to collect rent from tenants who are bankrupt, insolvent or otherwise unwilling or unable to pay;

•Difficulty in leasing or re-leasing space quickly or on favorable terms;

•Costs associated with periodically renovating, repairing and reletting rental space;

•Our ability to provide adequate maintenance and insurance on our properties;

•Our ability to control variable operating costs;

•Changes in government regulations; and

•Potential liability under, and changes in, environmental, zoning, tax and other laws.

Any one or more of these factors could result in a reduction in our net earnings available for investment or distribution to shareholders and unitholders.

Many real estate costs are fixed, even if income from properties decreases.

Our financial results depend on leasing space in our real estate to tenants on terms favorable to us. Our income and funds available for distribution to our shareholders and unitholders will decrease if a significant number of our tenants cannot meet their lease obligations to us or we are unable to lease properties on favorable terms. In addition, if a tenant does not pay its rent, we may not be able to enforce our rights as landlord without delays and we may incur substantial legal costs. Costs associated with real estate investment, such as real estate taxes, insurance, maintenance costs and our debt service payments, generally are not reduced when circumstances cause a reduction in income from the investment. As a result, we may have a reduction in our net earnings available for investment or distribution to our shareholders and unitholders.

Our real estate development activities are subject to risks particular to development.

We continue to selectively develop new properties for rental operations in our existing markets when accretive returns are present. These development activities generally require various government and other approvals, which we may not receive. In addition, we also are subject to the following risks associated with development activities:

•Unsuccessful development opportunities could result in direct expenses to us;

•Construction costs could increase as the result of ~~trade disputes~~inflation and ~~tariffs on goods imported in the United States;~~supply chain constraints;

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•Construction costs of a project may exceed original estimates, possibly making the project less profitable than originally estimated, or possibly unprofitable;

•Time required to complete the construction of a project or to lease up the completed project may be greater than originally anticipated, thereby adversely affecting our cash flow and liquidity;

•Occupancy rates and rents of a completed project may not be sufficient to make the project profitable; and

•Favorable sources to fund our development activities may not be available.

We may be unsuccessful in operating completed real estate projects.

We face the risk that the real estate projects we develop or acquire will not perform in accordance with our expectations. This risk exists because of factors such as the following:

•Prices paid for acquired facilities are based upon a series of market judgments; and

•Costs of any improvements required to bring an acquired facility up to standards to establish the market position intended for that facility might exceed budgeted costs.

As a result, we may develop or acquire projects that are not profitable.

Our investments are concentrated in the industrial sector and our business would be adversely affected by an economic downturn in that sector.

Our investments in real estate assets are concentrated in the industrial sector. This concentration may expose us to the risk of economic downturns in this sector to a greater extent than if our business activities were more diversified.

We are exposed to the risks of defaults by tenants.

Any of our tenants may experience a downturn in their businesses that may weaken their financial condition. In the event of default or the insolvency of a significant number of our tenants, we may experience a substantial loss of rental revenue and/or delays in collecting rent and incur substantial costs in enforcing our rights as landlord. If a tenant files for bankruptcy protection, a court could allow the tenant to reject and terminate its lease with us. Our income and distributable cash flow would be adversely affected if a significant number of our tenants became unable to meet their obligations to us, became insolvent or declared bankruptcy.

A default by one of our largest tenants could have a more significant negative financial impact on our operations. As of December 31, 2021, our 10 largest tenants accounted for 21.3% of our total annualized net rental revenue and the two largest of these tenants accounted for 10.4% of our total annualized net rental revenue. Annualized net rental revenue equals the average annual rental property revenue over the terms of the respective leases excluding operating expenses and additional rent due as operating expense reimbursements. Annualized net rental revenue, for the purpose of this risk factor, also includes leases to our largest tenants in properties owned by unconsolidated joint ventures at their ownership percentage.

We may be unable to renew leases or relet space.

When our tenants decide not to renew their leases upon their expiration, we may not be able to relet the space. Even if our tenants do renew or we are able to relet the space, the terms of renewal or reletting (including the cost of renovations, if necessary) may be less favorable than current lease terms. If we are unable to promptly renew the leases or relet the space, or if the rental rates upon such renewal or reletting are significantly lower than current rates, then our income and distributable cash flow would be adversely affected, especially if we were unable to lease a significant amount of the space vacated by tenants in our properties.

Our insurance coverage on our properties may be inadequate.

We maintain comprehensive insurance on each of our facilities, including property, liability and environmental coverage. We believe this coverage is of the type and amount customarily obtained for real property. However, there are certain types of losses, generally of a catastrophic nature, such as hurricanes, earthquakes and floods or

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acts of war or terrorism that may be uninsurable or not economically insurable. We use our discretion when determining amounts, coverage limits and deductibles for insurance. These terms are determined based on retaining an acceptable level of risk at a reasonable cost. This may result in insurance coverage that in the event of a substantial loss would not be sufficient to pay the full current replacement cost of the damaged assets. Inflation, changes in building codes and ordinances, environmental considerations, acts of a governmental authority and other factors also may make it unfeasible to collect insurance proceeds to replace a facility after it has been damaged or destroyed. If an uninsured or underinsured loss occurred, we could lose both our investment in and anticipated profits and cash flow from a property, and we would continue to be obligated on any mortgage indebtedness or other obligations related to the property. We are also subject to the risk that our insurance providers may be unwilling or unable to pay our claims when made.

Our ~~acquisition and disposition activity~~asset strategy may lead to long-term dilution.

Our asset strategy is to increase our investment concentration in ~~coastal~~Coastal Tier 1 markets. There can be no assurance that we will be able to execute our strategy or that our execution of such strategy will lead to improved results.

Acquired properties may expose us to unknown liability.

From time to time, we may acquire properties subject to liabilities and without any recourse, or with only limited recourse, with respect to unknown liabilities. As a result, if a liability were asserted against us based upon ownership of those properties, we might have to pay substantial sums to settle or contest it, which could adversely affect our results of operations and cash flow. Unknown liabilities with respect to acquired properties might include:

•liabilities for clean-up of undisclosed environmental contamination;

•claims by tenants, vendors or other persons against the former owners of the properties;

•liabilities incurred in the ordinary course of business; and

•claims for indemnification by general partners, directors, officers and others indemnified by the former owners of the properties.

We could be exposed to significant environmental liabilities as a result of conditions of which we currently are not aware.

As an owner and operator of real property, we may be liable under various federal, state and local laws for the costs of removal or remediation of certain hazardous substances released on or in our property. Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the release of the hazardous substances. In addition, we could have greater difficulty in selling real estate on which hazardous substances were present or in obtaining borrowings using such real estate as collateral. It is our general policy to have Phase I environmental audits performed for all of our properties and land by qualified environmental consultants at the time of purchase. These Phase I environmental audits have not revealed any environmental liability that would have a material adverse effect on our business. However, a Phase I environmental audit does not involve invasive procedures such as soil sampling or ground water analysis, and we cannot be sure that the Phase I environmental audits did not fail to reveal a significant environmental liability or that a prior owner did not create a material environmental condition on our properties or land which has not yet been discovered. We could also incur environmental liability as a result of future uses or conditions of such real estate or changes in applicable environmental laws.

We are exposed to the potential impacts of future climate change and climate-change related risks.

We are exposed to potential physical risks from possible future changes in climate. We have a significant investment in properties in coastal markets such as Southern California, Northern California and South Florida and have also targeted those markets for future growth. Those coastal markets have historically experienced severe weather events, such as storms and drought, as well as other natural catastrophes such as wildfires and floods. If the frequency of extreme weather and other natural events increases due to climate change, our exposure to these events

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could increase. We may also be adversely impacted as a real estate owner, manager and developer in the future by stricter energy and water efficiency standards, ~~as well as~~ water access for our ~~buildings.~~buildings or greenhouse gas regulations.

Compliance with new laws or regulations relating to climate change, including compliance with “green” building codes, may require us to make improvements to our existing properties or result in increased operating costs that we may not be able to effectively pass on to our tenants. Any such laws or regulations could also impose substantial costs on our tenants, thereby impacting the financial condition of our tenants and their ability to meet their lease obligations and to lease or re-lease our properties. We cannot give any assurance that other such conditions do not exist or may not arise in the future. The potential impacts of future climate change on our real estate properties could adversely affect our ability to lease, develop or sell such properties.

Risks Related to Our Organization and Structure

If the General Partner were to cease to qualify as a REIT, it would lose significant tax benefits.

The General Partner intends to continue to operate so as to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"). Qualification as a REIT provides significant tax advantages to the General Partner. However, in order for the General Partner to continue to qualify as a REIT, it must satisfy numerous requirements established under highly technical and complex Code provisions for which there are only limited judicial and administrative interpretations. Satisfaction of these requirements also depends on various factual circumstances not

entirely within our control. The fact that the General Partner holds its assets through the Partnership further complicates the application of the REIT requirements. Even a technical or inadvertent mistake could jeopardize the General Partner's REIT status. Although we believe that the General Partner can continue to operate so as to qualify as a REIT, we cannot offer any assurance that it will continue to do so or that legislation, new regulations, administrative interpretations or court decisions will not significantly change the qualification requirements or the federal income tax consequences of qualification. If the General Partner were to fail to qualify as a REIT in any taxable year, it would have the following effects:

•The General Partner would not be allowed a deduction for dividends distributed to shareholders and would be subject to federal corporate income tax (and any applicable state and local income taxes) on its taxable income at regular corporate income tax rates;

•Unless the General Partner was entitled to relief under certain statutory provisions, it would be disqualified from treatment as a REIT for the four taxable years following the year during which it ceased to qualify as a REIT;

•The General Partner's net earnings available for investment or distribution to its shareholders would decrease due to the additional tax liability for the year or years involved; and

•The General Partner would no longer be required to make any distributions to shareholders in order to qualify as a REIT.

As such, the General Partner's failure to qualify as a REIT would likely have a significant adverse effect on the value of the General Partner's securities and, consequently, the Partnership's Units.

REIT distribution requirements limit the amount of cash we have available for other business purposes, including amounts that we need to fund our future capital needs.

To maintain its qualification as a REIT under the Code, the General Partner must annually distribute to its shareholders at least 90% of its REIT taxable income, determined without regard to the dividends-paid deduction and excluding net capital gains. The General Partner intends to continue to make distributions to its shareholders to comply with the 90% distribution requirement. However, this requirement limits our ability to accumulate capital for use for other business purposes. If we do not have sufficient cash or other liquid assets to meet the distribution requirements of the General Partner, we may have to borrow funds or sell properties on adverse terms in order to meet the distribution requirements. If the General Partner fails to satisfy the distribution requirement, it would cease to qualify as a REIT.

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U.S. federal income tax treatment of REITs and investments in REITs may change in a manner that could adversely affect us or shareholders.

Legislative, regulatory or administrative changes could be enacted or promulgated at any time, either prospectively or with retroactive effect, and may adversely affect us and/or shareholders.

General Risk Factors

Our business and operations could suffer in the event of system failures or cyber security attacks.

Our systems are vulnerable to damages from any number of sources, including energy blackouts, natural disasters, terrorism, war, telecommunication failures and cyber security attacks, such as computer viruses, computer hacking, acts of vandalism or theft, malware or other malicious codes, ransomware, phishing, employee error or malfeasance, or other unauthorized access. In July 2021 we determined our computer network was affected by a cyber security incident, for which we conducted an investigation that is now closed. This incident did not result in any evidence of data belonging to us being misused and did not result in a material interruption to our business or operations, material costs or other adverse material consequences but any future system failure or accident that causes interruptions in our operations could result in a material disruption to our business. We may also incur additional costs to remedy damages caused by such disruptions. Any future significant compromise or breach of our data security, whether external or internal, or misuse of customer, associate, supplier or company data, could result in significant costs, lost sales, fines, lawsuits, and damage to our reputation. Any compromise of our security could also result in a violation of applicable privacy and other laws, unauthorized access to information of ours and others, significant legal and financial exposure, damage to our reputation, loss or misuse of the information and a loss of confidence in our security measures, which could harm our business.

We could also be negatively impacted by similar disruptions to the operations of our vendors or outsourced service providers.

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We are subject to certain provisions that could discourage change-of-control transactions, which may reduce the likelihood of the General Partner's shareholders receiving a control premium for their shares.

Indiana anti-takeover legislation and certain provisions in our governing documents, as we discuss below, may discourage potential acquirers from pursuing a change-of-control transaction with us. As a result, the General Partner's shareholders may be less likely to receive a control premium for their shares.

Ownership Restriction. Subject to certain exceptions, the General Partner's charter provides that no person or entity may beneficially own, or be deemed to own by virtue of the applicable constructive ownership provisions of the Code, more than 9.8% (in value or by number of shares, whichever is more restrictive) of the General Partner's outstanding common stock or 9.8% in value of its outstanding stock.

Unissued Preferred Stock. The General Partner's charter permits its board of directors to classify unissued preferred stock by setting the rights and preferences of the shares at the time of issuance. This power enables the General Partner's board to adopt a shareholder rights plan, also known as a poison pill. Although the General Partner has repealed its previously existing poison pill and its current board of directors has adopted a policy not to adopt a shareholder rights plan without shareholder approval, the General Partner's board can change this policy at any time. The adoption of a poison pill would discourage a potential bidder from acquiring a significant position in the General Partner without the approval of its board.

Business-Combination Provisions of Indiana Law. The General Partner has not opted out of the business-combination provisions of the Indiana Business Corporation Law. As a result, potential bidders may have to negotiate with the General Partner's board of directors before acquiring 10% of its stock. Without securing board approval of the proposed business combination before crossing the 10% ownership threshold, a bidder would not be permitted to complete a business combination for five years after becoming a 10% shareholder. Even after the five-year period, a business combination with the significant shareholder would either be required to meet certain per share price minimums as set forth in the Indiana Business Corporation Law or to receive the approval of a majority of the disinterested shareholders.

Control-Share-Acquisition Provisions of Indiana Law. The General Partner has not opted out of the provisions of the Indiana Business Corporation Law regarding acquisitions of control shares. Therefore, those who acquire a significant block (at least 20%) of the General Partner's shares may only vote a portion of their shares unless its other shareholders vote to accord full voting rights to the acquiring person. Moreover, if the other shareholders vote to give full voting rights with respect to the control shares and the acquiring person has acquired a majority of the General Partner's outstanding shares, the other shareholders would be entitled to special dissenters' rights.

Supermajority Voting Provisions. The General Partner's charter prohibits business combinations or significant disposition transactions with a holder of 10% of its shares unless:

•The holders of 80% of the General Partner's outstanding shares of capital stock approve the transaction;

•The transaction has been approved by three-fourths of those directors who served on the General Partner's board before the shareholder became a 10% owner; or

•The significant shareholder complies with the "fair price" provisions of the General Partner's charter.

Among the transactions with large shareholders requiring the supermajority shareholder approval are dispositions of assets with a value greater than or equal to $1,000,000 and business combinations.

Operating Partnership Provisions. The limited partnership agreement of the Partnership contains provisions that could discourage change-of-control transactions, including a requirement that holders of at least 90% of the outstanding Common Units approve:

•Any voluntary sale, exchange, merger, consolidation or other disposition of all or substantially all of the assets of the Partnership in one or more transactions other than a disposition occurring upon a financing or refinancing of the Partnership;

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•The General Partner's merger, consolidation or other business combination with another entity unless after the transaction substantially all of the assets of the surviving entity are contributed to the Partnership in exchange for Common Units;

•The General Partner's assignment of its interests in the Partnership other than to one of its wholly owned subsidiaries; and

•Any reclassification or recapitalization or change of outstanding shares of the General Partner's common stock other than certain changes in par value, stock splits, stock dividends or combinations.

We are dependent on key personnel.

The General Partner's executive officers and other senior officers have a significant role in the success of our Company. Our ability to retain our management group or to attract suitable replacements should any members of the management group leave our Company is dependent on the competitive nature of the employment market. The loss of services from key members of the management group or a limitation in their availability could adversely impact our financial condition and cash flow. Further, such a loss could be negatively perceived in the capital markets.

Item 1B. Unresolved Staff Comments

We have no unresolved comments with the SEC staff regarding our periodic or current reports under the Exchange Act.

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Item 2. Properties

Product Review

As of December 31, ~~2019,~~2021, we own interests in ~~519~~548 primarily industrial properties encompassing ~~155.3~~162.7 million net rentable square feet (including 3840 unconsolidated joint venture in-service properties with ~~11.0~~12.9 million square feet, 2129 consolidated properties under development with ~~8.7~~8.5 million square feet and ~~one~~two unconsolidated joint venture ~~property~~properties under development with ~~133,000~~1.2 million square feet).

Industrial Properties: We own interests in ~~516~~545 industrial properties encompassing ~~155.1~~162.4 million square feet (99.9% of our total square feet). These properties are primarily logistics facilities with clear ceiling heights of 28 feet or more.

Non-reportable: We own interests in three ~~Non-Reportable~~ buildings, which are not industrial properties and are not presented within our reportable segments, totaling 211,000 square feet (0.1% of our total square feet).

See Consolidated Financial Statement Schedule III - Real Estate Properties and Accumulated Depreciation for a detailed listing of the Company’s properties and related encumbrances.

Land: We own, including through ownership interests in unconsolidated joint ventures (with acreage not adjusted for our percentage ownership interest), ~~1,380~~431 acres of land and control an additional ~~1,000~~925 acres through purchase options. ~~Approximately 700 acres~~All of the ~~860 acres of~~ land that we directly own ~~are~~is intended to be used for the development of industrial properties and can support ~~approximately 10.8~~over 6.9 million square feet of industrial developments. All of our approximately 520 acres of land held by unconsolidated joint ventures, are also intended to be used for the development of industrial properties. We directly own approximately 160 acres of land that we do not consider strategic and that will be sold to the extent that market conditions permit us to achieve what we believe to be acceptable sale prices.

Property Descriptions

The following tables represent the geographic highlights of consolidated and unconsolidated joint venture in-service properties in our primary markets.

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Consolidated Properties


	Square Feet						Annual Net Effective Rent (1)			Annual Net Effective Rent per Square Foot (2)		Percent of Annual Net Effective Rent
	Industrial			Non-Reportable										Overall			Percent of Overall
Primary Market
Southern California	16,586,113			—			16,586,113			11.8	%	$	125,697,500		$	7.58		15.8	%
New Jersey	8,555,906			—			8,555,906			6.1	%	90,344,759			10.56			11.4	%
South Florida	9,249,136			—			9,249,136			6.6	%	68,868,913			8.09			8.7	%
Chicago	13,853,198			—			13,853,198			9.9	%	64,512,452			4.66			8.1	%
Atlanta	13,299,470			—			13,299,470			9.5	%	56,346,766			4.25			7.1	%
Dallas	11,164,016			—			11,164,016			8.0	%	43,939,307			3.94			5.5	%
Cincinnati	9,114,047			91,843			9,205,890			6.5	%	38,375,871			4.20			4.8	%
Savannah	7,329,816			—			7,329,816			5.2	%	35,369,045			4.83			4.4	%
Indianapolis	9,345,171			—			9,345,171			6.7	%	35,217,401			3.77			4.4	%
Pennsylvania	5,685,384			—			5,685,384			4.1	%	31,994,324			5.63			4.0	%
Houston	5,824,310			—			5,824,310			4.2	%	29,107,288			5.15			3.7	%
Minneapolis-St. Paul	5,143,303			—			5,143,303			3.7	%	29,063,212			5.79			3.7	%
Central Florida	4,332,233			—			4,332,233			3.1	%	24,742,911			5.84			3.1	%
Seattle	3,709,836			—			3,709,836			2.6	%	23,984,257			7.53			3.0	%
Columbus	5,319,877			—			5,319,877			3.8	%	20,760,897			3.90			2.6	%
Nashville	3,645,266			—			3,645,266			2.6	%	20,620,521			6.54			2.6	%
Northern California	2,890,235			—			2,890,235			2.1	%	19,467,999			7.65			2.4	%
Raleigh	2,849,794			—			2,849,794			2.0	%	18,722,309			6.57			2.4	%
DC-Baltimore	1,918,738			—			1,918,738			1.4	%	15,446,846			8.23			1.9	%
Other (3)	—			119,030			119,030			0.1	%	3,487,188			29.30			0.4	%


Total	139,815,849			210,873			140,026,722			100.0	%	$	796,069,766		$	5.79		100.0	%
Percent of Overall	99.8		%	0.2		%	100.0		%
Annual Net Effective Rent per Square Foot (2)	$	5.77		$	22.55		$	5.79

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Square Feet
Annual Net
Effective
Rent (1)

Annual Net
Effective
Rent per Square Foot (2)

Percent of
Annual Net
Effective
Rent
Industrial Non-Reportable Overall Percent of Overall
Primary Market
Chicago 14,911,460
—
14,911,460
11.0 % $ 65,496,179
$ 4.44
10.0 %
Southern California 10,449,657
—
10,449,657
7.7 % 64,590,310
6.30
9.8 %
South Florida 8,364,203
—
8,364,203
6.2 % 64,017,309
7.72
9.7 %
New Jersey 5,733,983
—
5,733,983
4.2 % 50,835,890
8.87
7.7 %
Atlanta 12,260,856
—
12,260,856
9.1 % 46,034,396
4.01
7.0 %
Dallas 10,732,386
—
10,732,386
7.9 % 38,442,503
3.74
5.8 %
Indianapolis 10,401,828
—
10,401,828
7.7 % 34,255,096
3.32
5.2 %
Houston 6,579,110
—
6,579,110
4.9 % 31,836,803
5.12
4.8 %
Cincinnati 9,114,047
91,843
9,205,890
6.8 % 31,274,829
3.74
4.8 %
Savannah 6,998,616
—
6,998,616
5.2 % 29,607,648
4.23
4.5 %
Minneapolis-St. Paul 5,143,303
—
5,143,303
3.8 % 26,375,585
5.28
4.0 %
Pennsylvania 5,486,824
—
5,486,824
4.0 % 25,048,592
5.58
3.8 %
St. Louis 5,721,945
—
5,721,945
4.2 % 23,797,667
4.16
3.6 %
DC-Baltimore 3,100,696
—
3,100,696
2.3 % 21,487,777
6.93
3.3 %
Central Florida 4,224,815
—
4,224,815
3.1 % 21,417,767
5.29
3.2 %
Columbus 5,319,877
—
5,319,877
3.9 % 19,535,183
3.67
3.0 %
Nashville 3,645,368
—
3,645,368
2.7 % 18,370,335
5.41
2.8 %
Raleigh 2,909,746
—
2,909,746
2.1 % 17,759,281
6.12
2.7 %
Seattle 1,876,360
—
1,876,360
1.4 % 13,749,070
7.33
2.1 %
Northern California 2,264,943
—
2,264,943
1.7 % 11,027,895
4.87
1.7 %
Other (3) —
119,030
119,030
0.1 % 3,487,188
29.30
0.5 %
Total 135,240,023
210,873
135,450,896
100.0 % $ 658,447,303
$ 5.03
100.0 %
Percent of Overall 99.8 % 0.2 % 100.0 %
Annual Net Effective Rent per Square Foot (2) $ 5.00
$ 24.29
$ 5.03

Unconsolidated Joint Venture Properties

Square Feet
Annual Net
Effective
Rent (1)

Annual Net
Effective
Rent per Square Foot (2)

Percent of
Annual Net
Effective
Rent
Industrial
Percent of
Overall

Primary Market
Dallas 6,047,818
55.1 % $ 26,504,046
$ 4.38
59.6 %
Indianapolis 4,717,050
43.0 % 17,045,673
3.95
38.4 %
Cincinnati 57,886
0.5 % 398,667
6.89
0.9 %
Other (3) 152,944
1.4 % 502,874
3.29
1.1 %
Total 10,975,698
100.0 % $ 44,451,260
$ 4.21
100.0 %
Percent of Overall 100.0 %
Annual Net Effective Rent per Square Foot (2) $ 4.21

Occupancy %
Consolidated Properties Unconsolidated Properties
Industrial Non-Reportable Overall Industrial Overall
Primary Market
Chicago 99.0 % —
99.0 % —
—
Southern California 98.1 % —
98.1 % —
—
South Florida 99.2 % —
99.2 % —
—
New Jersey 100.0 % —
100.0 % —
—
Atlanta 93.6 % —
93.6 % —
—
Dallas 95.7 % —
95.7 % 100.0 % 100.0 %
Indianapolis 99.1 % —
99.1 % 91.4 % 91.4 %
Houston 94.5 % —
94.5 % —
—
Cincinnati 91.2 % 55.3 % 90.8 % 100.0 % 100.0 %
Savannah 100.0 % —
100.0 % —
—
Minneapolis-St. Paul 97.1 % —
97.1 % —
—
Pennsylvania 81.9 % —
81.9 % —
—
St. Louis 100.0 % —
100.0 % —
—
DC-Baltimore 100.0 % —
100.0 % —
—
Central Florida 95.9 % —
95.9 % —
—
Columbus 100.0 % —
100.0 % —
—
Nashville 93.1 % —
93.1 % —
—
Raleigh 99.7 % —
99.7 % —
—
Seattle 100.0 % —
100.0 % —
—
Northern California 100.0 % —
100.0 % —
—
Other (3) —
100.0 % 100.0 % 100.0 % 100.0 %
Total 96.7 % 80.5 % 96.6 % 96.3 % 96.3 %


	Square Feet			Annual Net Effective Rent (1)		Annual Net Effective Rent per Square Foot (2)		Percent of Annual Net Effective Rent
	Industrial									Percent of Overall
Primary Market
Dallas	6,047,818			46.8	%	$	30,217,889	$	5.00		50.9	%
Indianapolis	4,056,398			31.4	%	14,524,969		3.82			24.5	%
DC-Baltimore	1,363,958			10.5	%	7,691,934		5.64			12.9	%
Chicago	954,720			7.4	%	4,822,609		5.05			8.1	%
Atlanta	301,200			2.3	%	1,263,298		4.19			2.1	%
Cincinnati	57,886			0.4	%	398,667		6.89			0.7	%
Other (3)	152,944			1.2	%	472,951		3.09			0.8	%
Total	12,934,924			100.0	%	$	59,392,317	$	4.68		100.0	%
Percent of Overall	100.0		%
Annual Net Effective Rent per Square Foot (2)	$	4.68


~~(1)~~	Represents the average annual base rental payments, on a straight-line basis for the term of each lease, from space leased to tenants as of December 31, 2019, excluding amounts paid by tenants as reimbursement for operating expenses. Unconsolidated joint venture properties are shown at 100% of square feet and net effective rents, without regard to our ownership percentage.


~~(2)~~	~~Annual net effective rent per leased square foot.~~


~~(3)~~	~~Represents properties not located in our primary markets.~~


	Percent Leased
	Consolidated Properties				Unconsolidated Properties
	Industrial		Non-Reportable			Overall		Industrial		Overall
Primary Market
Southern California	100.0	%	—			100.0	%	—		—
New Jersey	100.0	%	—			100.0	%	—		—
South Florida	92.1	%	—			92.1	%	—		—
Chicago	100.0	%	—			100.0	%	100.0	%	100.0	%
Atlanta	99.7	%	—			99.7	%	100.0	%	100.0	%
Dallas	100.0	%	—			100.0	%	100.0	%	100.0	%
Cincinnati	99.4	%	85.9	%		99.3	%	100.0	%	100.0	%
Savannah	100.0	%	—			100.0	%	—		—
Indianapolis	100.0	%	—			100.0	%	93.7	%	93.7	%
Pennsylvania	100.0	%	—			100.0	%	—		—
Houston	97.1	%	—			97.1	%	—		—
Minneapolis-St. Paul	97.7	%	—			97.7	%	—		—
Central Florida	97.8	%	—			97.8	%	—		—
Seattle	85.8	%	—			85.8	%	—		—
Columbus	100.0	%	—			100.0	%	—		—
Nashville	86.5	%	—			86.5	%	—		—
Northern California	88.0	%	—			88.0	%	—		—
Raleigh	100.0	%	—			100.0	%	—		—
DC-Baltimore	97.8	%	—			97.8	%	100.0	%	100.0	%
Other (3)	—		100.0	%		100.0	%	100.0	%	100.0	%


Total	98.1	%	93.8	%		98.1	%	98.0	%	98.0	%

(1)Represents the average annual base rental payments, on a straight-line basis for the term of each lease, from space leased to tenants as of December 31, 2021, excluding amounts paid by tenants as reimbursement for operating expenses. Unconsolidated joint venture properties are shown at 100% of square feet and net effective rents, without regard to our ownership percentage.

(2)Annual net effective rent per leased square foot.

(3)Represents properties not located in our primary markets.

-21-

Item 3. Legal Proceedings

We are not subject to any pending legal proceedings, other than routine litigation arising in the ordinary course of business. We do not expect these legal proceedings to have a material adverse effect on our financial condition, results of operations, or liquidity.

Item 4. Mine Safety Disclosures

Not applicable.

-22-

PART II

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information and Holders

The General Partner's common stock is listed for trading on the NYSE under the symbol "DRE." There is no established trading market for the Partnership's Common Units. As of February ~~20, 2020,~~16, 2022, there were ~~4,872~~4,402 record holders of the General Partner's common stock and 8373 record holders of the Partnership's Common Units.

Stock Performance Graph

The following line graph compares the change in the General Partner's cumulative total shareholders' return on shares of its common stock to the cumulative total return of the Standard and Poor's 500 Stock Index ("S&P 500") and the FTSE NAREIT Equity REITs Index ("NAREIT Index") from December 31, ~~2014~~2016 to December 31, ~~2019.~~2021. The graph assumes an initial investment of $100 in the common stock of the General Partner and each of the indices on December 31, ~~2014,~~2016, and the reinvestment of all dividends. The performance graph is not necessarily indicative of future performance.

This graph and the accompanying text are not “soliciting material,” are not deemed filed with the SEC and are not to be incorporated by reference in any filing by the company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.

-23-

Tax Characterization of Dividends

A summary of the tax characterization of the dividends paid per common share of the General Partner for the years ended December 31, ~~2019, 2018~~2021, 2020 and ~~2017~~2019 follows:


	2021			2020			2019
Total dividends paid per share	$	1.045		$	0.96		$	0.88
Ordinary income	91.5		%	74.6		%	80.7		%

Capital gains	8.5		%	25.4		%	19.3		%
	100.0		%	100.0		%	100.0		%

2019 2018 2017
Dividends paid per share $ 0.88
$ 0.815
$ 0.77
Dividends paid per share - special —
—
0.85
Total Dividends paid per share $ 0.88
$ 0.815
$ 1.62
Ordinary income 80.7 % 78.4 % 23.7 %
Capital gains 19.3 % 21.6 % 76.3 %
100.0 % 100.0 % 100.0 %

See Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Uses of Liquidity - Dividend and Distribution Requirements", below, for more information on our dividend policy.

Sales of Unregistered Securities

The General Partner did not sell any of its securities during the year ended December 31, ~~2019~~2021 that were not registered under the Securities Act.

Issuer Purchases of Equity Securities

From time to time, we may repurchase our securities under a repurchase program that initially was approved by the General Partner's board of directors and publicly announced in October 2001 (the "Repurchase Program").

During ~~2019~~2021 we did not repurchase any equity securities under the Repurchase Program.

On January ~~29, 2020~~26, 2022 the General Partner's board of directors adopted a resolution that amended and restated the Repurchase Program and delegated authority to management to repurchase a maximum of $300.0 million of the General Partner's common shares, $750.0 million of the Partnership's debt securities and $500.0 million of the General Partner's preferred shares, subject to the prior notification of the Chairperson of the finance committee of the board of directors of planned repurchases within these limits.

Item 6. ~~Selected Financial Data~~Reserved

The following table sets forth selected financial and operating information on a historical basis for each of the years in the five-year period ended December 31, 2019. The following information should be read in conjunction with Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Item 8, "Financial Statements and Supplementary Data" included in this Form 10-K (in thousands, except per share or per Common Unit data):

-24-

2019 2018 2017 2016 2015
Results of Operations:
General Partner and Partnership
Revenues:
Rental and related revenue from continuing operations $ 855,833
$ 785,319
$ 686,514
$ 641,701
$ 658,809
General contractor and service fee revenue 117,926
162,551
94,420
88,810
133,367
Total revenues from continuing operations $ 973,759
$ 947,870
$ 780,934
$ 730,511
$ 792,176
Income from continuing operations $ 432,199
$ 383,368
$ 290,592
$ 298,421
$ 188,248

General Partner
Net income attributable to common shareholders $ 428,972
$ 383,729
$ 1,634,431
$ 312,143
$ 615,310

Partnership
Net income attributable to common unitholders $ 432,650
$ 387,257
$ 1,649,607
$ 315,232
$ 621,714

General Partner
Per Share Data:
Basic income per common share:
Continuing operations $ 1.18
$ 1.06
$ 0.80
$ 0.84
$ 0.53
Discontinued operations —
0.01
3.78
0.05
1.24
Diluted income per common share:
Continuing operations 1.18
1.06
0.80
0.84
0.53
Discontinued operations —
0.01
3.76
0.04
1.24
Distributions paid per common share $ 0.88
$ 0.815
$ 0.77
$ 0.73
$ 0.69
Distributions paid per common share - special $ —
$ —
$ 0.85
$ —
$ 0.20
Weighted average common shares outstanding 362,234
357,569
355,762
349,942
345,057
Weighted average common shares and potential dilutive securities 367,339
363,297
362,011
357,076
352,197
Balance Sheet Data (at December 31):
Total Assets $ 8,420,562
$ 7,804,024
$ 7,388,196
$ 6,772,002
$ 6,895,515
Total Debt 2,914,765
2,658,501
2,422,891
2,908,477
3,320,141
Total Shareholders' Equity 5,018,115
4,658,201
4,532,844
3,465,818
3,181,932
Total Common Shares Outstanding 367,950
358,851
356,361
354,756
345,285
Other Data:
Funds from Operations attributable to common shareholders (1) $ 510,480
$ 484,003
$ 447,001
$ 416,370
$ 307,331

Partnership
Per Unit Data:
Basic income per Common Unit:
Continuing operations $ 1.18
$ 1.06
$ 0.80
$ 0.84
$ 0.53
Discontinued operations —
0.01
3.78
0.05
1.24
Diluted income per Common Unit:
Continuing operations 1.18
1.06
0.80
0.84
0.53
Discontinued operations —
0.01
3.76
0.04
1.24
Distributions paid per Common Unit $ 0.88
$ 0.815
$ 0.77
$ 0.73
$ 0.69
Distributions paid per Common Unit - special $ —
$ —
$ 0.85
$ —
$ 0.20
Weighted average Common Units outstanding 365,352
360,859
359,065
353,423
348,639
Weighted average Common Units and potential dilutive securities 367,339
363,297
362,011
357,076
352,197
Balance Sheet Data (at December 31):
Total Assets $ 8,420,562
$ 7,804,024
$ 7,388,196
$ 6,772,002
$ 6,895,515
Total Debt 2,914,765
2,658,501
2,422,891
2,908,477
3,320,141
Total Partners' Equity 5,075,690
4,708,786
4,573,407
3,490,509
3,201,964
Total Common Units Outstanding 370,979
361,771
359,644
358,164
348,772
Other Data:
Funds from Operations attributable to common unitholders (1) $ 514,860
$ 488,454
$ 451,154
$ 420,496
$ 310,538

(1) Funds from operations ("FFO") is a non-GAAP measure used in the real estate industry and is computed in accordance with standards established by the National Association of Real Estate Investment Trusts ("NAREIT"). In addition to net income (loss) computed in accordance with GAAP, we assess and measure the overall operating results of the General Partner and the Partnership based upon NAREIT FFO, which management believes is a useful indicator of consolidated operating performance. NAREIT FFO is also used by industry analysts and investors as a supplemental operating performance measure of a REIT.

NAREIT FFO is calculated as net income (loss) in accordance with GAAP excluding depreciation and amortization related to real estate, gains and losses on sales of real estate assets (including real estate assets incidental to our business) and related taxes, gains and losses from change in control, impairment charges related to real estate assets (including real estate assets incidental to our business) and similar adjustments for unconsolidated partnerships and joint ventures.

The most comparable GAAP measure is net income (loss) attributable to common shareholders or common unitholders. NAREIT FFO attributable to common shareholders or common unitholders should not be considered as a substitute for net income (loss) attributable to common shareholders or common unitholders or any other measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other companies. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry analysts and investors have considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. Management believes that the use of NAREIT FFO attributable to common shareholders or common unitholders, combined with net income (which remains the primary measure of performance), improves the understanding of operating results of REITs among the investing public and makes comparisons of REIT operating results more meaningful. Management believes that the use of NAREIT FFO as a performance measure enables investors and analysts to readily identify the operating results of the long-term assets that form the core of a REIT's activity and assist them in comparing these operating results between periods or between different companies.

See a reconciliation of NAREIT FFO to net income attributable to common shareholders under "Year in Review" under Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations." NAREIT-defined reconciling items between net income and NAREIT FFO totaled $104,227 and $(307,979) for the General Partner, and $105,264 and $(311,176) for the Partnership, in 2016 and 2015, respectively.

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the Consolidated Financial Statements included in Item 15. Exhibits and Financial Statement Schedules of this report and the matters described under Item 1A. Risk Factors.

A discussion regarding our financial condition and results of operations for 2021 compared to 2020 is under the Results of Operations section below. Our financial condition for 2019 and results of operations for 2020 compared to 2019 can be found under Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, which is incorporated herein by this reference to our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on February 19, 2021, and is available on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.dukerealty.com.

Business Overview

The General Partner and Partnership collectively specialize in the ownership, management and development of industrial real estate.

The General Partner is a self-administered and self-managed REIT that began operations in 1986 and is the sole general partner of the Partnership. The Partnership is a limited partnership formed in 1993, at which time all of the properties and related assets and liabilities of the General Partner, as well as proceeds from a secondary offering of the General Partner's common shares, were contributed to the Partnership. Simultaneously, the Partnership completed the acquisition of Duke Associates, a full-service commercial real estate firm operating in the Midwest whose operations began in 1972. We operate the General Partner and the Partnership as one enterprise, and therefore, our discussion and analysis refers to the General Partner and its consolidated subsidiaries, including the Partnership, collectively.

~~At December 31, 2019, we:~~

~~Owned or jointly controlled 519~~Our business operations primarily consist of two reportable operating segments: rental operations of industrial properties and service operations. Rental operations of ~~which 497~~industrial properties ~~with 146.4 million square feet were in service~~represent the ownership and 22development of industrial properties ~~with 8.9 million square feet were under development. The 497 in-service properties were comprised~~and is the primary component of ~~459 consolidated properties with 135.5 million square feet~~our revenues and ~~38 unconsolidated joint venture properties with 11.0 million square feet. The 22 properties under~~earnings. Service operations generate additional revenues from providing various real estate services primarily relating to development, ~~consisted of 21 consolidated properties with 8.7 million square feet~~construction management and ~~one unconsolidated joint venture~~ property ~~with 133,000 square feet.~~

~~Owned directly, or through ownership interests in~~management services to customers, unconsolidated joint ventures ~~(with acreage not adjusted~~and third-party owners.

Nationwide demand for ~~our percentage ownership interest), approximately 1,380 acres~~industrial properties continues to be strong in the current economic environment as the COVID-19 pandemic has accelerated both consumer acceptance of ~~land~~e-commerce and ~~controlled approximately 1,000 acres through purchase options.~~

~~Our overall strategy is to continue~~the requirements of many retailers to increase our investment in quality industrial properties primarily through development, on both a speculative and build-to-suit basis, supplemented with acquisitions in higher barrier markets with the highest growth potential.

~~Operational Strategy~~

inventory levels. Our operational focus is to ~~drive profitability by maximizing cash from operations as well as NAREIT FFO through (i) maintaining property~~maintain occupancy and increasing rental rates, while also keeping lease-related capital costs contained, by effectively managing our portfolio of existing properties; (ii) selectively developing new build-to-suit, substantially pre-leased and, in select markets, speculative development projects; and (iii) providing a full line of real estate services to our tenants and to third parties.

~~Asset Strategy~~

Our strategic objectives include (i) increasing our investment in quality industrial properties through development; (ii) acquiring properties primarily in coastal Tier 1 markets which we believe provide the best potential for future rental growth; and (iii) maintaining an optimal land inventory through selected strategic land acquisitions and new development activity. We are continuing to execute our asset strategy through a disciplined approach by identifying development opportunities, identifying select acquisition targets where the asset quality and pricing meet our objectives and continually evaluating our portfolio for disposition by regularly identifying assets that no longer meet our long-term objectives.

~~Capital Strategy~~

Our capital strategy is to maintain a strong balance sheet by actively managing the components of our capital structure in coordination with the execution of our overall operational and asset strategies. We are focused on maintaining our current investment grade ratings from our credit rating agencies. As of December 31, 2019, our senior unsecured notes have been assigned a rating of Baa1 by Moody's Investors Services and BBB+ by Standard & Poor's Ratings Group and we are focused on maintaining such ratings in order to maintain access to liquidity. A securities rating is not a recommendation to buy, sell, or hold securities and is subject to revision or withdrawal at ~~any time by the rating organization.~~

In support of our capital strategy, we employ an asset disposition program to sell non-strategic real estate assets, which generate proceeds that can be recycled into new property investments that better fit our growth objectives or otherwise manage our capital structure.

~~We continue~~high levels and to focus on ~~maintaining a balanced and flexible capital structure which includes: (i) extending and sequencing the maturity dates~~rental rate growth. The occupancy of our ~~outstanding debt obligations; (ii) borrowing primarily~~consolidated industrial portfolio increased to 98.1% at ~~fixed rates;~~December 31, 2021 as compared to 97.4% at December 31, 2020. Our annualized net effective rents for both renewals and ~~(iii) issuing common equity as needed to maintain appropriate leverage parameters or support significant strategic developments or acquisitions. With our successes to date and continued focus~~new second generation leases, on ~~maintaining~~ a ~~strong balance sheet, we expect to be~~combined basis, executed in ~~a very strong position to be opportunistic~~2021 for consolidated properties grew by 34.8% over the previous leases. In the current environment of rising rental rates for industrial properties in ~~our investment opportunities.~~

~~Environmental, Social and Governance ("ESG") Strategy~~

We are focused on promoting our growth in a sustainable way, one that succeeds by delivering long-term value for our stakeholders. As part of our vision to continually set the standard for maximizing stakeholder value, we have a long-standing commitment to sustainable practices in environmental, social and corporate governance initiatives. On December 17, 2019, we adopted a Sustainable Development Policy intended to increase the operational efficiency of our buildings and promote sustainable design principles. We are committed to integrating innovative, sustainable building design features in alignment with U.S. Green Building Council’s^® ~~Leadership in Energy and Environmental Design (or LEED~~^®~~), including constructing to LEED~~^® ~~criteria and achieving certification in all new developments where feasible. While we do not control~~ most of the ~~utility usage at our properties,~~markets in which we ~~have been partnering with a third party data management provider since 2018~~operate, we believe there is potential for continued future rental rate growth to the extent we are able to renew or backfill expiring leases and maintain high levels of occupancy.

-25-

Year in ~~order to help monitor~~Review

We finished 2021 in strong financial condition and ~~manage~~recorded improved year-over-year operating results. Despite the ~~utility usage that we do control. In 2018, we also became a member~~challenges of ~~GRESB, a leading provider of real estate ESG benchmarking~~the COVID-19 variants throughout the year, the United States economy recovered earlier than many economists predicted in 2021, highlighted by vaccine rollouts and ~~performance assessments. In 2019, as evidence of our commitment and continued progress, we increased our GRESB score significantly, and we expect to continue participating in~~business re-openings. As the ~~GRESB benchmarking assessments.~~

In October 2018, the Sustainability Accounting Standards Board issued the Real Estate Sustainability Accounting Standard. The standards are intended to provide a minimum set of sustainability metrics for disclosure in SEC filings, such as this Form 10-K. We understand the importance of reporting comparable, consistent and financially material sustainability metrics. Below is a chart showing our information for the applicable metrics.



~~Topic~~	~~Accounting Metric~~	~~Code~~	~~Our Information~~
~~Energy Management~~	~~Description of how building energy management considerations are integrated into property investment analysis and operational strategy~~	~~IF-RE-130a.5~~	We integrate energy usage reduction measures on all new developments, incorporating LEED certification requirements and applicable aspects of our own sustainability policies/programs. These measures include energy modeling, high efficiency equipment (HVAC and lighting), and climate zone appropriate design factors. We have an ongoing lighting retrofit program, replacing outdated light fixtures with LED high efficiency fixtures.
~~Water Management~~	~~Description of water management risks and discussion of strategies and practices to mitigate those risks~~	~~IF-RE-140a.4~~	We integrate water reduction measures on all new developments and renovation, incorporating LEED certification or applicable aspects of our own sustainability policies/programs. These measures include the use of WaterSense^® ~~fixtures for all domestic usage, xeriscaping to minimize or eliminate the need for irrigation, and water usage monitoring, where available and appropriate.~~
~~Climate Change Adaptation~~	~~Area of properties located in 100-year flood zones, by property subsector~~	~~IF-RE-450a.1~~	~~7.0 million square feet.~~

~~In November 2019, we issued $400.0 million of senior unsecured notes with a stated interest rate of 2.88%, which mature in November 2029. These notes represent the first green bond issuance~~year progressed, however, inflation in the United States reached the highest levels seen since 1982. The combination of supply chain disruptions induced by ~~an industrial REIT. The net proceeds will be used~~COVID-19, government spending and pent-up demand caused by shutdowns led to ~~finance future or refinance recently completed “Eligible Green Projects”.~~ demand outpacing supply in a number of industries, including logistics real estate. Significant congestion in major ports, most notably the Ports of Los Angeles and Long Beach, and a generalized disruption throughout the nation's logistics network have also contributed to these recent levels of inflation.

These ~~projects may include green buildings, energy efficiency projects, sustainable water~~supply chain issues have also impacted our construction and ~~wastewater management systems, renewable energy projects, clean transportation solutions~~development activities as lead times for materials lengthened significantly and ~~pollution prevention and control.~~

In addition to our environmental initiatives, we are committed to fair compensation, fostering a dynamic and balanced work environment and providing employees with developmental opportunities to perform well and derive satisfaction from their work. Among other community service opportunities, we hold an annual day of service during which all employees are encouraged to volunteer in their local communities. We also have charitable contribution programs, such as our dollars for doers program (matching dollars for volunteer hours spent) and our matching gifts program (matching dollars for employee donations to charities). We maintain a formal and structured diversity and inclusion program andconstruction prices on materials have increased ~~diversity within our board of directors, which is now 31% female. Through all of these initiatives and others, we endeavor~~significantly. In order to ~~make a positive impact on~~adapt to the ~~communities in which we conduct business.~~

We strive to maintain an effective corporate governance structure and comply with applicable laws, rules, regulations and policies. Further, we have a public Corporate Responsibility Policy that formally communicates our commitments and leadership around ESG issues. Please see “Item 1-Corporate Governance” for more information regarding our governance initiatives.

Through all of our environmental, social and governance efforts, we demonstrate that operating and developing commercial real estate can be conducted with a conscious regard for the environment and community, while also benefiting our investors, employees, tenants and the communities in which we operate.

~~Results of Operations~~

~~A summary of our operating results and property statistics for each of the years~~disruptions in the ~~three-year period ended December 31, 2019, is as follows (in thousands, except number of properties and per share or per Common Unit data):~~

2019 2018 2017
Rental and related revenue from continuing operations $ 855,833
$ 785,319
$ 686,514
General contractor and service fee revenue 117,926
162,551
94,420
Operating income 524,761
460,356
388,621
General Partner
Net income attributable to common shareholders $ 428,972
$ 383,729
$ 1,634,431
Weighted average common shares outstanding 362,234
357,569
355,762
Weighted average common shares and potential dilutive securities 367,339
363,297
362,011
Partnership
Net income attributable to common unitholders $ 432,650
$ 387,257
$ 1,649,607
Weighted average Common Units outstanding 365,352
360,859
359,065
Weighted average Common Units and potential dilutive securities 367,339
363,297
362,011
General Partner and Partnership
Basic income per common share or Common Unit:
Continuing operations $ 1.18
$ 1.06
$ 0.80
Discontinued operations $ —
$ 0.01
$ 3.78
Diluted income per common share or Common Unit:
Continuing operations $ 1.18
$ 1.06
$ 0.80
Discontinued operations $ —
$ 0.01
$ 3.76
Number of in-service consolidated properties at end of year 459
462
451
In-service consolidated square footage at end of year 135,451
133,047
128,396
Number of in-service unconsolidated joint venture properties at end of year 38
39
42
In-service unconsolidated joint venture square footage at end of year 10,976
11,101
11,183

~~Year in Review~~

Overall, the economy performed well, with estimated growth in the United States gross domestic product of 2.3% for 2019. There continued to be positive momentum in some key areas, such as labor and consumer spending, but the overall economic environment was also negatively impacted by trade war concerns, gulf tensions and geopolitical matters. Short term and long term interest rates trended down for most of 2019 with the 10 year Treasury rate fluctuating from 1.5% to 2.8% and ending the year at 1.9%, down from 2.7% at the end of 2018. The continued growth of e-commerce andglobal supply chain, modernization has continued to be a significant positive factor for the industrial real estate sector, especially in high demand and land-constrained markets, while the issues facing some traditional retail operators have not significantly impacted our business. Under these conditions we were able to execute our asset and capital strategies for the year and had a successful 2019.

~~Net income attributable to the common shareholders of the General Partner for the year ended December 31, 2019, was~~ ~~$429.0 million, compared to net income of~~ ~~$383.7 million~~ for the year ended December 31, 2018. Net income attributable to the common unitholders of the Partnership for the year ended December 31, 2019, was $432.7 million, compared to net income of $387.3 million for the year ended December 31, 2018. The increase in net income in 2019 for the General Partner and the Partnership, when compared to 2018, was primarily the result of new industrial properties being placed in service, improved operational performance in our existing industrial portfolio and gains on property sales, which were partially offset by the impact of the accounting requirement in 2019 to immediately expense certain internal direct lease costs that were previously capitalizable.

~~NAREIT~~FFO attributable to common shareholders of the General Partner totaled $510.5 million for the year ended December 31, 2019, compared to $484.0 million for 2018. NAREIT FFO attributable to common unitholders of the Partnership totaled $514.9 million for the year ended December 31, 2019, compared to $488.5 million for 2018. The increase to NAREIT FFO from 2018 for the General Partner and the Partnership was driven by the same factors that led to the increased net income attributable to common shareholders in 2019 with the exception of gains on property sales.

The following table shows a reconciliation of net income attributable to common shareholders or common unitholders to the calculation of NAREIT FFO attributable to common shareholders or common unitholders for the years ended December 31, 2019, 2018 and 2017, respectively (in thousands):

2019 2018 2017
Net income attributable to common shareholders of the General Partner $ 428,972
$ 383,729
$ 1,634,431
Add back: Net income attributable to noncontrolling interests - common limited partnership interests in the Partnership 3,678
3,528
15,176
Net income attributable to common unitholders of the Partnership 432,650
387,257
1,649,607
Adjustments:
Depreciation and amortization 327,223
312,217
299,472
Company share of unconsolidated joint venture depreciation and amortization 10,083
9,146
9,674
Partnership share of gains on property sales (235,098 ) (208,780 ) (1,466,599 )
Gains on land sales (7,445 ) (10,334 ) (9,244 )
Income tax expense triggered by sales of real estate assets 8,686
8,828
17,660
Impairment charges —
—
4,481
Gains on sales of real estate assets—share of unconsolidated joint ventures (21,239 ) (12,094 ) (53,897 )
Impairment charges - unconsolidated joint venture —
2,214
—
NAREIT FFO attributable to common unitholders of the Partnership $ 514,860
$ 488,454
$ 451,154
Additional General Partner Adjustments:
Net income attributable to noncontrolling interests - common limited partnership interests in the Partnership (3,678 ) (3,528 ) (15,176 )
Noncontrolling interest share of adjustments (702 ) (923 ) 11,023
NAREIT FFO attributable to common shareholders of the General Partner $ 510,480
$ 484,003
$ 447,001

~~See Item 6. "Selected Financial Data" for additional information regarding the NAREIT FFO definition.~~

~~In accordance with our strategic plan, we continue~~many companies are attempting to increase ~~our investment in high-quality industrial properties, with build-to-suit developments across all of our markets~~inventory levels and ~~most of our speculative development focused in the markets we believe have the best long-term growth potential. Additionally, we~~accumulate safety stock. We continued to maintain high occupancy levels through ~~2019~~2021 and quickly lease a significant portion of our speculative development projects.

The COVID-19 pandemic's impact on the overall global economy is continuing and the ultimate impact cannot be predicted at this time. Please see Part I, Item 1A, "Risk Factors" for additional information about the potential impacts the pandemic may have on our business and results of operations.

Highlights of our ~~2019~~2021 strategic and operational activities are as follows:

•We generated ~~$432.7 million~~$1.07 billion of total net cash proceeds from the disposition of 2830 consolidated ~~buildings~~properties and ~~110~~283 acres of wholly owned undeveloped ~~land.~~

~~We acquired six industrial properties~~land during the year ended December 31, ~~2019 totaling $217.1 million.~~2021. As part of the dispositions, four industrial buildings and two trailer storage lots were contributed to a 20% owned unconsolidated joint venture.

•We acquired eight industrial properties for $447.6 million during the year ended December 31, 2021.

•We acquired 536 acres of land and one container storage lot under long term lease for $700.6 million during the year ended December 31, 2021.

•We started new development projects with expected total ~~costs~~costs of ~~$1.09~~$1.39 billion, which included ~~$8.2~~ $41.9 million of expected total costs for a development ~~project~~projects started within ~~one~~two unconsolidated joint ~~venture.~~ventures, at our ownership share. The development projects started in ~~2019~~2021 were, in aggregate, ~~54.6%~~43.2% leased at December 31, ~~2019.~~2021.

•We placed 1918 newly completed ~~wholly owned~~consolidated development projects in service, which totaled ~~7.3~~7.7 million square feet with total costs of ~~$578.4 million. These properties~~$957.7 million at December 31, 2021. One fully leased, 517,000 square foot property was sold shortly after completion. The remaining new developments were ~~79.3%~~88.1% leased at December 31, ~~2019.~~2021.

•The ~~total~~ estimated cost of our properties under construction at December 31, ~~2019, with~~2021, including costs for unconsolidated properties shown at ~~100%,~~our ownership share, totaled ~~$1.06~~$1.42 billion, with ~~$541.1~~$709.1 million of such costs already incurred. The total estimated cost for ~~one~~two unconsolidated joint venture ~~property~~properties under construction at December 31, ~~2019~~2021 was ~~$8.2~~$41.9 million, with ~~$5.2~~$16.0 million of such costs already incurred. The consolidated properties under construction were ~~55.1%~~47.3% pre-leased, while the unconsolidated joint venture property under construction was ~~100%~~50.3% pre-leased.


•	•Income from continuing operations before income taxes was $880.2 million and $297.5 million for the twelve months ended December 31, 2021 and 2020, respectively. •~~$440.9 million~~ ~~and~~ ~~$392.2 million~~ ~~for the twelve months ended December 31, 2019 and 2018, respectively.~~

Same-property net operating income, on a cash basis, as defined hereafter under "Supplemental Performance Measures", increased by ~~4.7%~~5.3% for the twelve months ended December 31, ~~2019,~~2021, as compared to the ~~same period in 2018.~~twelve months ended December 31, 2020.

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•As the result of leasing up space in speculative developments throughout ~~2019,~~2021, the percentage of total square feet leased for our in-service portfolio of consolidated properties increased from ~~96.4%~~97.4% at December 31, ~~2018~~2020 to ~~96.6%~~98.1% at December 31, ~~2019.~~2021.

•Total leasing activity for our consolidated properties totaled ~~24.3~~31.7 million square feet in ~~2019~~2021 compared to ~~24.1~~25.5 million square feet in ~~2018. The mix in leasing activity between renewals and the leasing of new developments was generally consistent with 2018.~~2020.

•Total leasing activity for our consolidated and unconsolidated joint venture properties in ~~2019~~2021 included ~~10.9~~12.6 million and 326,000, respectively, square feet of lease renewals (excludes early renewals and short term renewals), which represented ~~a 79.1%~~76.8% and 34.9%, respectively, retention ~~rate~~rates on a square foot basis. New second generation and renewal leases, on a combined basis, executed for consolidated properties and unconsolidated joint venture properties during the year resulted in ~~a 27.3% increase~~34.8% and 46.7%, respectively, increases to net effective rents ("net effective rents" is defined hereafter in the "Key Performance Indicators" section) when compared to the previous leases of the same space.

We utilized the capital generated from dispositions during the year to reduce debt and to fund our acquisition and development activities. Highlights of our key financing activities are as follows:

•During ~~2019,~~2021, the General Partner issued ~~8.0~~8.2 million common shares ~~pursuant to~~under its at the market ("ATM") equity ~~programs,~~program, generating gross proceeds of ~~$266.3~~$408.3 million and, after deducting commissions and other costs, net proceeds of ~~$263.3~~$403.6 million.

•In ~~November 2019,~~January 2021, we issued $400.0 million of senior unsecured notes, which bear interest at a stated interest rate of 2.88% and mature on November 15, 2029. In connection with this offering, we settled the outstanding forward starting interest rate swaps, which were designated hedges for this offering, for a cash

~~payment of $35.6 million. When including the impact of interest rate swap amortization from accumulated other comprehensive loss ("AOCL"), the effective interest rate on these notes was 3.96%.~~

In October 2019, we redeemed $250.0 million of senior unsecured notes, which had a scheduled maturity date of February 2021 and bore a stated interest rate of 3.88% and an effective rate of 3.91%. We recognized a loss on debt extinguishment of $6.3 million, which included a prepayment premium and the write-off of unamortized deferred financing costs.

~~In August 2019, we issued $175.0~~$450.0 million of senior unsecured notes that bear interest at a stated interest rate of ~~3.38%~~1.75%, have an effective interest rate of ~~2.80%,~~1.83% and mature on ~~December 15, 2027.~~February 1, 2031, the proceeds for which were allocated to finance or refinance eligible green projects.

~~During 2019,~~•In June 2021, we ~~repaid three fixed rate secured loans, totaling $41.7~~redeemed $83.7 million ~~which had~~of senior unsecured notes bearing a ~~weighted average~~ stated interest rate of ~~7.76%.~~3.88% and with a scheduled maturity in 2022. In connection with the early redemption of these notes, we recognized a loss of $3.9 million consisting of a prepayment premium and the write-off of unamortized deferred financing costs.

•In August 2021, we repaid $250.0 million of senior unsecured notes bearing a stated interest rate of 3.63% and with a scheduled maturity in 2023. In connection with the early redemption of these notes, we recognized a loss of $13.9 million consisting of a prepayment premium and the write-off of unamortized deferred financing costs.

•In November 2021, we issued $500.0 million of senior unsecured notes that bear interest at a stated interest rate of 2.25%, have an effective interest rate of 2.38% and mature on January 15, 2032, the proceeds for which will be allocated to finance or refinance eligible green projects.

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Supplemental Performance Measures

The following table shows a reconciliation of net income attributable to common shareholders or common unitholders to the calculation of funds from operations ("FFO") attributable to common shareholders or common unitholders for the years ended December 31, 2021, 2020 and 2019, respectively (in thousands):


	2021		2020		2019
Net income attributable to common shareholders of the General Partner	$	852,895	$	299,915	$	428,972
Add back: Net income attributable to noncontrolling interests - common limited partnership interests in the Partnership	8,354		2,663		3,678
Net income attributable to common unitholders of the Partnership	861,249		302,578		432,650
Adjustments:
Depreciation and amortization	362,148		353,013		327,223
Company share of unconsolidated joint venture depreciation and amortization	9,383		9,265		10,083
Partnership share of gains on property sales	(585,685)		(127,811)		(235,098)
Gains on land sales	(12,917)		(10,458)		(7,445)
Income tax expense (benefit) not allocable to FFO	18,549		(5,112)		8,686
Impairment charges	—		5,626		—
Gains on sales of real estate assets - share of unconsolidated joint ventures	(20,106)		(822)		(21,239)
FFO attributable to common unitholders of the Partnership (1)	$	632,621	$	526,279	$	514,860
Additional General Partner Adjustments:
Net income attributable to noncontrolling interests - common limited partnership interests in the Partnership	(8,354)		(2,663)		(3,678)
Noncontrolling interest share of adjustments	2,222		(1,979)		(702)
FFO attributable to common shareholders of the General Partner (1)	$	626,489	$	521,637	$	510,480

(1) FFO is a non-GAAP measure used in the real estate industry and is computed in accordance with standards established by the National Association of Real Estate Investment Trusts ("Nareit"). Nareit FFO is used by industry analysts and investors as a supplemental operating performance measure of a REIT. Nareit FFO is calculated as net income attributable to the common shareholders of the General Partner in accordance with GAAP excluding depreciation and amortization related to real estate, gains and losses on sales of real estate assets (including real estate assets incidental to our business), gains and losses from change in control, impairment charges related to real estate assets (including real estate assets incidental to our business) and similar adjustments for unconsolidated partnerships and joint ventures, all net of related taxes.

The most comparable GAAP measure to Nareit FFO is net income attributable to common shareholders or common unitholders. Management believes it is a useful indicator of consolidated operating performance, which improves the understanding of operating results of REITs among the investing public, makes comparisons of REIT operating results more meaningful and enables investors and analysts to readily identify the operating results of the long-term assets that form the core of a REIT's activity.

Net income attributable to the common shareholders of the General Partner for the year ended December 31, 2021, was $852.9 million, compared to net income of $299.9 million for the year ended December 31, 2020. Net income attributable to the common unitholders of the Partnership for the year ended December 31, 2021, was $861.2 million, compared to net income of $302.6 million for the year ended December 31, 2020. The increase in net income in 2021 for the General Partner and the Partnership, when compared to 2020, was primarily the result of higher gains on property sales, rental rate growth and increased occupancy.

NareitFFO attributable to common shareholders of the General Partner totaled $626.5 million for the year ended December 31, 2021, compared to $521.6 million for 2020. Nareit FFO attributable to common unitholders of the Partnership totaled $632.6 million for the year ended December 31, 2021, compared to $526.3 million for 2020. The increase to Nareit FFO from 2020 for the General Partner and the Partnership was primarily driven by improved occupancy, rental rate growth, new developments being placed into service and leased up, and lower loss on debt extinguishment.

In addition to ~~NAREIT~~Nareit FFO we use (i) Property Level Net Operating Income - Cash Basis ("PNOI") and (ii) Same-Property Net Operating Income - Cash Basis ("SPNOI") as supplemental non-GAAP performance measures. Management believes that the use of PNOI and SPNOI combined with net income (which remains the primary measure of performance), improves the understanding of operating results of REITs among the investing public and

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makes comparisons of REIT operating results more meaningful. The most comparable GAAP measure to PNOI and SPNOI is income from continuing operations before income taxes.

PNOI and SPNOI each exclude expenses that materially impact our overall results of operations and, therefore, should not be considered as a substitute for income from continuing operations before income taxes, or any other measures derived in accordance with GAAP. Furthermore, these metrics may not be comparable to other similarly titled measures of other companies.

Property Level Net Operating Income - Cash Basis

PNOI is comprised of rental revenues from continuing operations less rental expenses and real estate taxes from continuing operations, along with certain other adjusting items. As a performance metric that consists of only the cash-based revenues and expenses directly related to ongoing real estate rental operations, PNOI is narrower in scope than ~~NAREIT~~Nareit FFO.

PNOI, as we calculate it, may not be directly comparable to similarly titled, but differently calculated, measures for other REITs. We believe that PNOI is another useful supplemental performance measure, as it is an input in many REIT valuation models and it provides a means by which to evaluate the performance of the properties within our Rental Operations segments. The operations of our industrial properties, as well as our non-reportable Rental Operations (our residual non-industrial properties that have not yet been sold, referred to throughout as ~~"Non-Reportable"~~"non-reportable"), are collectively referred to as "Rental Operations."

The major factors influencing PNOI are occupancy levels, acquisitions and sales, development properties that achieve stabilized operations, rental rate increases or decreases, and the recoverability of operating expenses.

Note 9 to the consolidated financial statements included in Part IV, Item 15 of this Report shows a calculation of our PNOI for the years ended December 31, ~~2019, 2018~~2021, 2020 and ~~2017~~2019 and provides a reconciliation of PNOI for our Rental Operations segments to income from continuing operations before income taxes.

Same-Property Net Operating Income - Cash Basis

We also evaluate the performance of our properties, including our share of properties we jointly control, on a "same-property" basis, using a metric referred to as SPNOI. We view SPNOI as a useful supplemental performance measure because it improves comparability between periods by eliminating the effects of changes in the composition of our portfolio.

On an individual property basis, SPNOI is generally computed in a consistent manner as PNOI.

~~Effective January 1, 2018, we~~We define our "same-property" population once a year at the beginning of the current calendar year and include buildings that were stabilized (the term "stabilized" means properties that have reached 90% leased or that have been in-service for at least one year since development completion or acquisition) as of January 1 of the prior calendar year. The "same-property" pool is also adjusted to remove properties that were sold subsequent to the beginning of the current calendar year. As such, the "same-property" population for the period ended December 31, ~~2019~~2021 includes all properties that we owned or jointly controlled at January 1, ~~2019,~~2021, which had both been owned or jointly controlled and had reached stabilization by January 1, ~~2018,~~2020, and have not been sold.

A reconciliation of income from continuing operations before income taxes to SPNOI is presented as follows (in thousands, except percentage data):

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	Three Months Ended December 31,						Percent		Twelve Months Ended December 31,						Percent			Three Months Ended December 31,				Percent		Twelve Months Ended December 31,				Percent
	2019			2018			Change		2019			2018			Change			2021		2020		Change		2021		2020		Change
Income from continuing operations before income taxes	$	89,664		$	63,124				$	440,885		$	392,196				Income from continuing operations before income taxes	$	107,305	$	166,418			$	880,167	$	297,537
Share of SPNOI from unconsolidated joint ventures	4,368			4,171					17,066			16,186					Share of SPNOI from unconsolidated joint ventures	5,627		5,582				22,505		21,880
PNOI excluded from the "same-property" population	(29,160		)	(15,812		)			(98,562		)	(49,543		)			PNOI excluded from the "same-property" population	(30,619)		(13,508)				(95,678)		(31,005)
Earnings from Service Operations	(937		)	(3,482		)			(6,360		)	(8,642		)			Earnings from Service Operations	(2,327)		(1,218)				(12,142)		(6,028)
Rental Operations revenues and expenses excluded from PNOI	(9,111		)	(14,538		)			(46,516		)	(60,683		)			Rental Operations revenues and expenses excluded from PNOI	(11,192)		(26,254)				(66,902)		(85,813)
Non-Segment Items	77,337			94,011					215,218			209,032					Non-Segment Items	94,482		24,133				(88,940)		410,541
SPNOI	$	132,161		$	127,474		3.7	%	$	521,731		$	498,546		4.7	%	SPNOI	$	163,276	$	155,153	5.2	%	$	639,010	$	607,112	5.3	%

The composition of the line items titled "Rental Operations revenues and expenses excluded from PNOI" and "Non-Segment Items" from the table above are shown in greater detail in Note 9 to the consolidated financial statements included in Part IV, Item 15 of this Report.

We believe that the factors that impact SPNOI are generally the same as those that impact PNOI. The following table details the number of properties, square feet, average commencement occupancy and average cash rental rate for the properties included in SPNOI for the respective periods:


	Three Months Ended December 31,		Twelve Months Ended December 31,
	2021	2020	2021	2020
Number of properties	457	457	457	457
Square feet (in thousands) (1)	125,862	125,862	125,862	125,862
Average commencement occupancy percentage (2)	98.5%	98.4%	98.0%	98.1%
Average rental rate - cash basis (3)	$5.16	$4.99	$5.11	$4.93

(1) Includes the total square feet of the consolidated properties that are in the "same-property" population as well as 5.4 million square feet of space for unconsolidated joint ventures, which represents our ratable share of the 12.4 million total square feet of space for buildings owned by unconsolidated joint ventures that are in the "same-property" population.
(2) Commencement occupancy represents the percentage of total square feet where the leases have commenced.
(3) Represents the average annualized contractual rent per square foot for the three and twelve months ended December 31, 2021 and 2020 for tenants in occupancy in properties in the "same-property" population. Cash rent does not include the tenant's obligation to pay property operating expenses and real estate taxes. If a tenant was within a free rent period, its rent would equal zero for purposes of this metric.

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Three Months Ended December 31, Twelve Months Ended December 31,
2019 2018 2019 2018
Number of properties 422 422 422 422
Square feet (in thousands) (1) 114,640 114,640 114,640 114,640
Average commencement occupancy percentage (2) 98.2% 98.6% 98.5% 98.3%
Average rental rate - cash basis (3) $4.62 $4.49 $4.57 $4.43
(1) Includes the total square feet of the consolidated properties that are in the "same-property" population as well as 4.5 million square feet of space for unconsolidated joint ventures, which represents our ratable share of the 9.1 million total square feet of space for buildings owned by unconsolidated joint ventures that are in the "same-property" population.
(2) Commencement occupancy represents the percentage of total square feet where the leases have commenced.
(3) Represents the average annualized contractual rent per square foot for the three and twelve months ended December 31, 2019 and 2018 for tenants in occupancy in properties in the "same-property" population. Cash rent does not include the tenant's obligation to pay property operating expenses and real estate taxes. If a tenant was within a free rent period, its rent would equal zero for purposes of this metric.

Key Performance Indicators

Our operating results depend primarily upon rental income from our Rental Operations. The following discussion highlights the ~~areas~~metrics that drive the performance of our Rental Operations, which management uses to operate the business, and that we consider to be critical drivers of future revenues.

Occupancy Analysis

Occupancy is an important metric for management and our investors for understanding our financial performance. Our ability to maintain high occupancy rates is aamong the principal ~~driver~~drivers of maintaining and increasing rental revenue. The following table sets forth percent leased and average net effective rent information regarding our in-service portfolio of rental properties at December 31, ~~2019~~2021 and ~~2018,~~2020, respectively:


	Total Square Feet (in thousands)		Percent of Total Square Feet				Percent Leased*				Average Annual Net Effective Rent**			Total Square Feet (in thousands)		Percent of Total Square Feet				Percent Leased*				Average Annual Net Effective Rent**
Type	2019	2018	2019		2018		2019		2018		2019	2018	Type	2021	2020	2021		2020		2021		2020		2021		2020
Industrial	135,240	132,836	99.8	%	99.8	%	96.7	%	96.4	%	$5.00	$4.72	Industrial	139,816	140,511	99.8	%	99.9	%	98.1	%	97.4	%	$5.77		$5.30
Non-Reportable Rental Operations	211	211	0.2	%	0.2	%	80.5	%	80.8	%	$24.29	$24.20
Non-reportable Rental Operations													Non-reportable Rental Operations	211	211	0.2	%	0.1	%	93.8	%	96.8	%	$22.55		$22.31
Total Consolidated	135,451	133,047	100.0	%	100.0	%	96.6	%	96.4	%	$5.03	$4.74	Total Consolidated	140,027	140,722	100.0	%	100.0	%	98.1	%	97.4	%	$5.79		$5.32
Unconsolidated Joint Ventures	10,976	11,101					96.3	%	94.7	%	$4.21	$4.09	Unconsolidated Joint Ventures	12,935	11,467					98.0	%	98.7	%	$4.68		$4.32
Total Including Unconsolidated Joint Ventures	146,427	144,148					96.6	%	96.2	%			Total Including Unconsolidated Joint Ventures	152,962	152,189					98.1	%	97.5	%

* Represents the percentage of total square feet leased based on executed leases and without regard to whether the leases have commenced.																									** Average annual net effective rent represents average annual base rental payments per leased square foot, on a straight-line basis for the term of each lease, from space leased to tenants at the end of the most recent reporting period. This amount excludes additional amounts paid by tenants as reimbursement for operating expenses.

The increase in occupancy at December 31, ~~2019~~2021 within our industrial portfolio, when compared to December 31, ~~2018,~~2020, primarily resulted from leasing up recently delivered speculative developments while renewing or backfilling existing leases to maintain the occupancy level within our existing base of properties.

Vacancy Activity

The following table sets forth vacancy activity, shown in square feet, from our in-service rental properties for the year ended December 31, ~~2019~~2021 (in thousands):


	Consolidated Properties	Unconsolidated Joint Venture Properties	Total Including Unconsolidated Joint Venture Properties
Vacant square feet at December 31, 2020	3,716	150	3,866

Vacant space in completed developments	1,248	—	1,248

Expirations	6,041	667	6,708
Early lease terminations	197	87	284
Property structural changes/other	(360)	—	(360)
Leasing of previously vacant space	(8,216)	(647)	(8,863)
Vacant square feet at December 31, 2021	2,626	257	2,883

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Consolidated Properties Unconsolidated Joint Venture Properties Total Including Unconsolidated Joint Venture Properties
Vacant square feet at December 31, 2018 4,847
591
5,438
  Acquisitions 162
—
162
  Vacant space in completed developments 2,783
645
3,428
  Dispositions (573 ) (249 ) (822 )
  Expirations 4,969
419
5,388
  Early lease terminations 835
24
859
  Property structural changes/other (220 ) —
(220 )
  Leasing of previously vacant space (8,263 ) (1,024 ) (9,287 )
Vacant square feet at December 31, 2019 4,540
406
4,946

Total Leasing Activity

Our ability to maintain and improve occupancy and net effective rents primarily depends upon our continuing ability to lease vacant space. The volume and quality of our leasing activity is closely scrutinized by management in operation of the business and provides useful information regarding future performance. The initial leasing of development projects or vacant space in acquired properties is referred to as first generation lease activity. ~~Our ability to maintain and improve occupancy rates and net effective rents primarily depends upon our continuing ability to re-lease expiring space.~~ The leasing of such space that we have previously held under lease to a tenant is referred to as second generation lease activity. Second generation lease activity may be in the form of renewals of existing leases or new ~~second generation~~ leases of previously leased space. The total leasing activity for our consolidated and unconsolidated industrial rental properties, expressed in square feet of leases signed, is as follows for the years ended December 31, ~~2019~~2021 and ~~2018~~2020 (in thousands):


				2021	2020
	2019	2018
New Leasing Activity - First Generation Industrial	9,779	7,902
New Leasing Activity - Second Generation Industrial	3,639	4,925
Renewal Leasing Activity - Industrial	10,916	11,267
New Leasing Activity - First Generation			New Leasing Activity - First Generation	7,058	7,917
New Leasing Activity - Second Generation			New Leasing Activity - Second Generation	6,313	4,797
Renewal Leasing Activity			Renewal Leasing Activity	12,581	6,147
Early Renewal Leasing Activity *			Early Renewal Leasing Activity *	2,841	2,671
Short-Term New Leasing Activity **			Short-Term New Leasing Activity **	582	1,889
Short-Term Renewal Leasing Activity **			Short-Term Renewal Leasing Activity **	2,313	2,077
Non-Reportable Rental Operations Leasing Activity	13	5	Non-Reportable Rental Operations Leasing Activity	1	36
Total Consolidated Leasing Activity	24,347	24,099	Total Consolidated Leasing Activity	31,689	25,534
Unconsolidated Joint Venture Leasing Activity	1,874	3,949	Unconsolidated Joint Venture Leasing Activity	1,823	3,154
Total Including Unconsolidated Joint Venture Leasing Activity	26,221	28,048	Total Including Unconsolidated Joint Venture Leasing Activity	33,512	28,688
* Early renewals represent renewals executed more than two years in advance of a lease's originally scheduled end date.			* Early renewals represent renewals executed more than two years in advance of a lease's originally scheduled end date.
** Short-term leases represent leases with a term of less than twelve months.			** Short-term leases represent leases with a term of less than twelve months.

Second Generation Leases

The following table sets forth the estimated costs of tenant improvements and leasing ~~commissions,~~costs, on a per square foot basis, that we are obligated to fulfill under the second generation industrial leases signed for our rental properties, during the years ended December 31, ~~2019~~2021 and ~~2018:~~2020:


	Square Feet of Leases (in thousands)		Percent of Expiring Leases Renewed				Average Term in Years		Estimated Tenant Improvement Cost per Square Foot				Leasing Costs per Square Foot					Square Feet of Leases (in thousands)		Percent of Expiring Leases Renewed				Average Term in Years		Estimated Tenant Improvement Cost per Square Foot			Leasing Commissions per Square Foot				Leasing Concessions per Square Foot
	2019	2018	2019		2018		2019	2018	2019		2018		2019		2018			2021	2020	2021		2020		2021	2020		2021		2020		2021		2020		2021		2020
Consolidated - New Second Generation	3,639	4,925					7.2	6.6	$	3.45	$	1.91	$	3.76	$	1.97	Consolidated - New Second Generation	6,313	4,797					5.9	5.4		$	2.07	$	1.79	$	2.59	$	2.87	$	0.11	$	0.05
Unconsolidated Joint Ventures - New Second Generation	233	329					6.7	7.3	$	1.28	$	1.94	$	2.44	$	2.41	Unconsolidated Joint Ventures - New Second Generation	577	527					7.1	3.3		$	3.78	$	1.56	$	2.87	$	1.12	$	0.03	$	—
Total - New Second Generation	3,872	5,254					7.2	6.6	$	3.36	$	1.91	$	3.69	$	2.00	Total - New Second Generation	6,890	5,324					6.0	5.2		$	2.21	$	1.92	$	2.61	$	2.73	$	0.10	$	0.04
Consolidated - Renewal	10,916	11,267	79.1	%	81.7	%	5.1	5.4	$	0.75	$	0.62	$	1.41	$	1.27	Consolidated - Renewal	12,581	6,147	76.8	%	65.6	%	5.8	4.6		$	0.81	$	0.99	$	1.54	$	1.50	$	0.20	$	0.03
Unconsolidated Joint Ventures - Renewal	828	660	66.4	%	71.5	%	5.2	5.2	$	0.68	$	0.39	$	1.91	$	1.57	Unconsolidated Joint Ventures - Renewal	326	1,142	34.9	%	86.8	%	7.4	4.7		$	1.64	$	0.93	$	2.84	$	1.53	$	—	$	—
Total - Renewal	11,744	11,927	78.1	%	81.1	%	5.1	5.3	$	0.75	$	0.61	$	1.45	$	1.29	Total - Renewal	12,907	7,289	74.5	%	69.5	%	5.8	4.6		$	0.84	$	0.98	$	1.58	$	1.50	$	0.20	$	0.03

Growth in average annual net effective rents for new second generation and renewal leases, on a combined basis, for our consolidated and unconsolidated industrial rental properties, is as follows for the years ended December ~~31, 2019 and 2018:~~31:

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	2019		2018			2021		2020
Ownership Type					Ownership Type
Consolidated properties	27.3	%	24.2	%	Consolidated properties	34.8	%	28.2	%
Unconsolidated joint venture properties	37.9	%	33.4	%	Unconsolidated joint venture properties	46.7	%	33.8	%

Lease Expirations

The table below reflects our consolidated in-service portfolio lease expiration schedule at December 31, ~~2019~~2021 (in thousands, except percentage data and number of leases):


	Total Consolidated Portfolio					Industrial				Non-Reportable
Year of Expiration	Square Feet		Annual Rental Revenue*		Number of Leases	Square Feet		Annual Rental Revenue*		Square Feet		Annual Rental Revenue*
2022	9,063		$	40,799	99	9,046		$	40,607	17		$	192
2023	14,968		75,664		147	14,947		75,372		21		292
2024	14,536		78,307		154	14,529		78,225		7		82
2025	15,401		86,168		144	15,399		86,143		2		25
2026	17,193		90,196		142	17,181		90,047		12		149
2027	16,046		84,248		73	16,041		84,191		5		57
2028	11,068		74,015		53	10,949		70,528		119		3,487
2029	9,208		48,671		33	9,208		48,671		—		—
2030	7,411		47,832		34	7,411		47,832		—		—
2031	6,262		47,406		23	6,247		47,229		15		177
2032 and Thereafter	16,244		122,764		46	16,244		122,764		—		—
Total Leased	137,400		$	796,070	948	137,202		$	791,609	198		$	4,461

Total Portfolio Square Feet	140,027					139,816				211
Percent Leased	98.1	%				98.1	%			93.8	%
* Annualized rental revenue represents average annual base rental payments, on a straight-line basis for the term of each lease, from space leased to tenants at the end of the most recent reporting period. Annualized rental revenue excludes additional amounts paid by tenants as reimbursement for operating expenses.

Total Consolidated Portfolio Industrial Non-Reportable
Year of
Expiration Square
Feet Annual Rental
Revenue* Number of Leases Square
Feet Annual Rental
Revenue* Square
Feet Annual Rental
Revenue*
2020 7,167
$ 34,374
107
7,165
$ 34,351
2
$ 23
2021 12,419
58,114
141
12,419
58,114
—
—
2022 19,046
81,178
150
19,029
80,986
17
192
2023 13,182
66,008
139
13,162
65,731
20
277
2024 15,065
76,264
139
15,060
76,202
5
62
2025 12,899
64,826
96
12,897
64,801
2
25
2026 9,608
44,608
48
9,608
44,608
—
—
2027 7,390
34,103
29
7,385
34,046
5
57
2028 7,951
52,354
29
7,832
48,867
119
3,487
2029 8,434
45,475
27
8,434
45,475
—
—
2030 and Thereafter 17,751
101,142
48
17,751
101,142
—
—
Total Leased 130,912
$ 658,446
953
130,742
$ 654,323
170
$ 4,123

Total Portfolio Square Feet 135,451
135,240
211

Percent Leased 96.6 % 96.7 % 80.5 %
* Annualized rental revenue represents average annual base rental payments, on a straight-line basis for the term of each lease, from space leased to tenants at the end of the most recent reporting period. Annualized rental revenue excludes additional amounts paid by tenants as reimbursement for operating expenses.

~~Building~~Property Acquisitions

Our decision process in determining whether or not to acquire a property or portfolio of properties involves several factors, including expected rent growth, multiple yield metrics, property locations and expected demographic growth in each location, current occupancy of the properties, tenant profile and remaining terms of the in-place leases in the properties. ~~We pursue both brokered and non-brokered acquisitions, and it~~It is difficult to predict which markets may present acquisition opportunities that align with our strategy. Because of the numerous factors considered in our acquisition decisions, we do not establish specific target yields for future acquisitions.

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We acquired ~~six~~nine in-service buildings, including one property received through an asset distribution from an unconsolidated joint venture, and one container storage lot under long-term lease during the year ended December 31, 2021 and ten buildings during the year ended December 31, ~~2019 and nine buildings during the year ended December 31, 2018.~~2020. The following table summarizes the acquisition price, percent leased at time of acquisition and in-place yields ~~by product type, for these~~of property acquisitions (in thousands, except percentage data):

2019 Acquisitions 2018 Acquisitions
Type Acquisition Price* In-Place Yield** Percent Leased at Acquisition Date*** Acquisition Price* In-Place Yield** Percent Leased at Acquisition Date***
Industrial $ 217,106
4.1 % 88.4 % $ 352,617
4.2 % 100.0 %

* Includes fair value of real estate assets and net acquired lease-related intangible assets, including above or below market leases, but excludes other acquired working capital assets and liabilities.
** In-place yields of completed acquisitions are calculated as the current annualized net rental payments from space leased to tenants at the date of acquisition, divided by the acquisition price of the acquired real estate. Annualized net rental payments are comprised of base rental payments, excluding additional amounts payable by tenants as reimbursement for operating expenses, less current annualized operating expenses not recovered through tenant reimbursements.
*** Represents percentage of total square feet leased based on executed leases and without regard to whether the leases have commenced, at the date of acquisition.


	2021 Acquisitions						2020 Acquisitions
Type	Fair Value of Acquired Assets*		In-Place Yield (Mark to Market)**		Percent Leased at Acquisition Date***		Fair Value of Acquired Assets*		In-Place Yield (Mark to Market)**		Percent Leased at Acquisition Date***
Industrial	$	609,241	4.4	%	100.0	%	$	424,941	3.5	%	80.6	%



* Includes fair value of real estate assets and acquired in-place lease intangible assets.
** In-place yields of completed acquisitions are calculated as the current annualized net rental payments from space leased to tenants at the date of acquisition, including the amortization of above or below market leases, less current annualized operating expenses not recovered through tenant reimbursements, divided by the fair value of the acquired real estate assets.
*** Represents percentage of total square feet leased based on executed leases and without regard to whether the leases have commenced, at the date of acquisition, including lease-backs with sellers executed in connection with the acquisition(s).

Building Dispositions

We ~~regularly work to identify, consider and pursue opportunities to~~ dispose of properties ~~on an opportunistic basis and~~ on a basis that is generally consistent with our strategic plans. Our ability to dispose of properties, from time to time, on favorable terms is a key performance indicator from the perspective of management, as a source of capital to fund future investment. We believe that evaluating our disposition activity is also useful to investors.

We sold 2830 consolidated ~~buildings~~properties including two trailer storage lots during the year ended December 31, ~~2019~~2021 and 15seven consolidated ~~buildings~~properties during the year ended December 31, ~~2018.~~2020. The following table summarizes the sales prices, in-place yields and percent leased ~~by product type,~~ of ~~these buildings~~industrial properties dispositions (in thousands, except percentage data):


	2019 Dispositions						2018 Dispositions							2021 Dispositions						2020 Dispositions
Type	Sales Price		In-Place Yield*		Percent Leased**		Sales Price		In-Place Yield*		Percent Leased**		Type	Sales Price		In-Place Yield*		Percent Leased**		Sales Price		In-Place Yield*		Percent Leased**
Industrial	$	425,767	5.6	%	91.4	%	$	384,137	5.8	%	97.3	%	Industrial	$	1,069,120	4.6	%	100.0	%	$	321,800	3.8	%	77.5	%
Non-Reportable Rental Operations	—		—	%	—	%	121,077		4.2	%	80.1	%
Total	$	425,767	5.6	%	91.4	%	$	505,214	5.4	%	95.8	%

* In-place yields of completed dispositions are calculated as annualized net operating income from space leased to tenants at the date of sale on a lease-up basis, including full rent from all executed leases, even if currently in a free rent period, divided by the sales price. Annualized net operating income is comprised of base rental payments, excluding reimbursement of operating expenses, less current annualized operating expenses not recovered through tenant reimbursements.	* In-place yields of completed dispositions are calculated as annualized net operating income from space leased to tenants at the date of sale on a lease-up basis, including full rent from all executed leases, even if currently in a free rent period, divided by the sales price. Annualized net operating income is comprised of base rental payments, excluding reimbursement of operating expenses, less current annualized operating expenses not recovered through tenant reimbursements.												* In-place yields of completed dispositions are calculated as annualized net operating income from space leased to tenants at the date of sale on a lease-up basis, including full rent from all executed leases, even if currently in a free rent period, divided by the sales price. Annualized net operating income is comprised of base rental payments, excluding reimbursement of operating expenses, less current annualized operating expenses not recovered through tenant reimbursements.
** Represents percentage of total square feet leased based on executed leases and without regard to whether the leases have commenced, at the date of sale.	** Represents percentage of total square feet leased based on executed leases and without regard to whether the leases have commenced, at the date of sale.												** Represents percentage of total square feet leased based on executed leases and without regard to whether the leases have commenced, at the date of sale.

Development

~~Another source of our earnings growth is our consolidated and unconsolidated joint venture development activities.~~ We expect to generate future earnings from Rental Operations as ~~the~~ development properties are placed in service and leased. Development activities, and our ability to lease those developments, are viewed by management as key indicators of future earnings growth and provide useful information to investors for the same reasons.

We had ~~8.9~~9.7 million square feet of ~~property~~properties under development with total estimated costs upon completion of ~~$1.06~~$1.42 billion at December 31, ~~2019~~2021 compared to ~~9.5~~7.4 million square feet with total estimated costs upon completion of ~~$814.1 million~~$1.07 billion at December 31, ~~2018~~2020. The square footage ~~and estimated costs include~~includes both consolidated properties and unconsolidated joint venture development activity at 100%. while estimated costs include consolidated properties and unconsolidated joint venture development activity at our 50% ownership share.

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The following table summarizes our properties under development at December 31, ~~2019~~2021 (in thousands, except percentage ~~data)~~data and number of buildings):


Ownership Type	Number of Buildings	Square Feet	Percent Leased		Total Estimated Project Costs		Total Incurred to Date		Amount Remaining to be Spent
Consolidated properties	29	8,538	47.3	%	$	1,378,289	$	693,116	$	685,173
Unconsolidated joint venture properties	2	1,157	50.3	%	41,911		15,967		25,944
Total	31	9,695	47.7	%	$	1,420,200	$	709,083	$	711,117

Results of Operations

A summary of our operating results and property statistics for each of the years in the three-year period ended December 31, 2021, is as follows (in thousands, except number of properties):


	2021		2020		2019
Rental and related revenue from continuing operations	$	1,025,663	$	929,194	$	855,833
General contractor and service fee revenue	80,260		64,004		117,926
Operating income	975,238		417,846		524,761
General Partner
Net income attributable to common shareholders	$	852,895	$	299,915	$	428,972


Partnership
Net income attributable to common unitholders	$	861,249	$	302,578	$	432,650









Number of in-service consolidated properties at end of year	477		480		459
In-service consolidated square footage at end of year	140,027		140,722		135,451
Number of in-service unconsolidated joint venture properties at end of year	40		40		38
In-service unconsolidated joint venture square footage at end of year	12,935		11,467		10,976

Ownership Type
Square
Feet

Percent
Leased

Total
Estimated
Project
Costs

Total
Incurred
to Date

Amount
Remaining
to be Spent
Consolidated properties 8,724
55 % $ 1,046,935
$ 535,863
$ 511,072
Unconsolidated joint venture properties 133
100 % 8,181
5,235
2,946
Total 8,857
56 % $ 1,055,116
$ 541,098
$ 514,018

Comparison of Year Ended December 31, ~~2019~~2021 to Year Ended December 31, ~~2018~~2020

Rental and Related Revenue

The following table sets forth rental and related revenue from continuing ~~and discontinued~~ operations (in thousands):


	2019		2018			2021		2020
Rental and related revenue:					Rental and related revenue:
Industrial	$	848,806	$	775,713	Industrial	$	1,019,342	$	921,612
Non-Reportable Rental Operations and non-segment revenues	7,027		9,606
Non-reportable Rental Operations and non-segment revenues					Non-reportable Rental Operations and non-segment revenues	6,321		7,582
Total rental and related revenue from continuing operations	$	855,833	$	785,319	Total rental and related revenue from continuing operations	$	1,025,663	$	929,194
Rental and related revenue from discontinued operations	—		117
Total rental and related revenue from continuing and discontinued operations	$	855,833	$	785,436

2018 2017
Service Operations:
General contractor and service fee revenue $ 162,551
$ 94,420
General contractor and other services expenses (153,909 ) (89,457 )
Net earnings from Service Operations $ 8,642
$ 4,963

~~Net earnings from service operations increased as the result of a higher volume of third party construction projects during 2018.~~

~~Depreciation and Amortization~~

Depreciation and amortization expense from continuing operations was $312.2 million and $273.6 million for the years ended December 31, 2018 and 2017, respectively. The increase in depreciation and amortization was primarily the result of properties acquired and the developments placed in service from January 1, 2017 to December 31, 2018. The impact of acquired properties and developments placed in service was partially offset by property dispositions that did not meet the criteria to be classified within discontinued operations.

Equity in Earnings of Unconsolidated Joint Ventures

Equity in earnings of unconsolidated joint ventures represents our ownership share of net income from investments in unconsolidated joint ventures that generally own and operate rental properties. Equity in earnings of unconsolidated joint ventures was ~~$21.4~~$32.8 million and ~~$63.3~~$11.9 million for the years ended December 31, ~~2018~~2021 and ~~2017,~~2020, respectively.

In ~~2018,~~2021, we ~~recorded equity in earnings~~recognized $10.6 million of $12.1 million related to our share of the gain on sale of six unconsolidated joint venture buildings, as well as the gain on sale of our ownership interest in one unconsolidated joint venture and equity in earnings of $3.9 million representing our share of gains on involuntary conversion from insurance recoveries related to storm damage in one unconsolidated joint venture, partially offset by a $2.2 million impairment charge for one unconsolidated joint venture.

~~In 2017, we recorded $53.9 million to~~ equity in earnings of unconsolidated joint ventures ~~as the result of the~~related to gains on ~~sale~~the distribution of joint venture assets to our ~~ownership interests~~partner in ~~four~~two unconsolidated joint ventures ~~as well as~~made in connection with a plan of dissolution (see Note 5 to the consolidated financial statements). We also recognized $10.0 million of equity in earnings related to our share of ~~the gain~~gains on the sale of one property from an unconsolidated joint venture. These transactions included $47.5 million in gains from the sale of our ownership interests in two joint ventures in connection with the sale of our medical office portfolio (the "Medical Office Portfolio Disposition").

~~Promote Income~~

~~We recognized $20.0 million of promote income from the sale of our interest in one of our~~properties to unrelated parties by unconsolidated joint ventures ~~as part of the Medical Office Portfolio Disposition,~~ during ~~the year ended December 31, 2017. We did not recognize any promote income~~2021.

There were no property sales by unconsolidated joint ventures during ~~the year ended December 31, 2018.~~2020.

Gain on Sale of Properties - Continuing Operations

We sold 1530 properties during ~~2018~~2021 that were classified in continuing operations, recognizing total gains on sale of ~~$205.0~~$585.7 million. These properties did not meet the criteria ~~to be classified within~~for inclusion in discontinued operations.

We sold 17seven properties during ~~2017~~2020 that were classified in continuing operations, recognizing total gains on sale of ~~$113.7~~$127.7 million. These properties did not meet the criteria ~~to be classified within~~for inclusion in discontinued operations.

Gain on Sale of Land

~~Gain~~Gains on sale of land ~~was $10.3~~totaled $12.9 million and ~~$9.2~~$10.5 million for the years ended December 31, ~~2018~~2021 and ~~2017,~~2020, respectively. We sold ~~187~~283 acres of undeveloped land in 2021 compared to 157 acres of undeveloped land in ~~2018 compared~~2020.

Impairment Charges

We did not recognize any impairment charges in 2021.

We recognized $5.6 million of impairment charges during the first quarter of 2020, related to ~~166 acres~~writing off pre-acquisition costs, primarily non-refundable purchase deposits, for certain planned purchases of undeveloped land ~~in 2017.~~

that we elected not to pursue due to the uncertain economic outlook at the onset of the COVID-19 pandemic.

General and Administrative Expenses

General and administrative expenses consist of two components. The first component includes general corporate expenses, and the second component represents the indirect operating costs not allocated to, or absorbed by, either the development, leasing and operation of our consolidated properties or our Service Operations. Such indirect operating costs are primarily comprised of employee compensation, including related costs such as benefits and wage-related taxes, but also include other ancillary costs such as travel and information technology support. Total indirect operating costs, prior to any allocation or absorption, and general corporate expenses are collectively referred to as our overall pool of overhead costs.

Those indirect costs not allocated to or absorbed by these operations are charged to general and administrative expenses. We regularly review our total overhead cost structure relative to our leasing, development and construction volume and adjust the level of total overhead, generally through changes in our level of staffing in various functional departments, as necessary, in order to control overall general and administrative expenses.

-37-

General and administrative expenses were ~~$56.2~~$69.6 million and ~~$54.9~~$62.4 million for the years ended December 31, ~~2018~~2021 and ~~2017,~~2020, respectively. The following table sets forth the factors that led to the increase in general and administrative expenses from ~~2017~~2020 to ~~2018~~2021 (in millions):

General and administrative expenses - 2017 $ 54.9
Decrease to overall pool of overhead costs (0.8 )
Decreased absorption of costs by wholly owned development and leasing activities (1) 1.8
Decreased allocation of costs to Service Operations and Rental Operations 0.3
General and administrative expenses - 2018 $ 56.2


General and administrative expenses - 2020	$	62.4
Increase to overall pool of overhead costs	12.4
Decrease in overhead restructuring charges (1)	(1.0)
Impact of increased allocation of costs to leasing and development activities (2)	(2.3)
Increased allocation of costs to Service Operations and Rental Operations (3)	(1.9)
General and administrative expenses - 2021	$	69.6

(1) We recognized approximately $3.5 million of overhead restructuring costs, primarily related to reorganizing our construction business during the year ended December 31, 2021, compared to $4.5 million of overhead restructuring charges during the year ended December 31, 2020.

(2) We capitalized ~~$19.0~~$7.9 million and ~~$29.8~~$28.6 million of our total overhead costs to leasing and development, respectively, for consolidated properties during ~~2018,~~2021, compared to capitalizing ~~$19.1~~$6.5 million and ~~$31.5~~$28.8 million of such costs, respectively, for ~~2017.~~2020. Non-capitalizable leasing costs were $13.3 million and $12.3 million for the years ended December 31, 2021 and 2020 (these costs are presented separately in the line item "Non-Incremental Costs Related to Successful Leases" on the Consolidated Statements of Operations). Combined overhead costs capitalized to leasing and development totaled ~~35.1%~~25.2% and ~~36.2%~~26.7% of our overall pool of overhead costs for ~~2018~~2021 and ~~2017,~~2020, respectively.

(3) The increase in allocation of costs to Service Operations and Rental Operations resulted from a higher volume of third-party construction projects during 2021.

Interest Expense

Interest expense ~~allocable to~~from continuing operations was ~~$85.0~~$84.8 million and ~~$87.0~~$93.4 million for the years ended December 31, ~~2018~~2021 and ~~2017,~~2020, respectively. The decrease in interest expense from continuing operations for the year ended December 31, 2021 was ~~largely the result of~~primarily due to lower average interest rates resulting from refinancing unsecured notes and higher capitalization of interest ~~due to an~~expense, partially offset by increased overall ~~increase in development activities.~~ borrowings.

We capitalized ~~$27.2~~$35.0 million and $24.3 million of interest costs during ~~2018 compared to $18.9 million during 2017. No interest expense was classified within discontinued operations in 2018.~~

~~During 2017, $14.7 million of interest expense was classified within discontinued operations.~~2021 and 2020, respectively.

Debt Extinguishment

~~During 2018, we~~In January 2021, the Partnership assumed and immediately repaid ~~three secured loans, totaling $227.1 million, which had a weighted average stated interest rate of 7.62%. We also repaid $7.0~~$40.2 million of unsecured debt related to the dissolution of two unconsolidated joint ventures (see Note 5 to the consolidated financial statements).

In June 2021, the Partnership redeemed $83.7 million of its remaining 3.88% unsecured notes due October 2022. A loss of $3.9 million was recognized in connection with the redemption of these notes including the prepayment premium and write-off of the unamortized deferred financing costs.

In August 2021, the Partnership redeemed $250.0 million of its unsecured notes due April 2023, which had a stated interest rate of ~~6.26%~~3.63%. WeA loss of $13.9 million was recognized ~~a total loss on debt extinguishment~~in connection with the redemption of ~~$388,000 from~~ these ~~transactions~~notes including athe prepayment premium and ~~the~~ write-off of the unamortized deferred financing costs.

During ~~2017, we repaid our $250.0~~2020, the Partnership redeemed $300.0 million ~~variable rate term loan, which had a scheduled maturity date~~ of ~~January 2019 and bore interest at LIBOR plus 1.00%. We also repaid $285.6 million of senior~~ unsecured notes with a ~~scheduled maturity date~~stated interest rate of ~~January 2018~~4.38% and ~~$128.7~~repurchased and canceled $216.3 million of ~~senior~~ unsecured notes with a ~~scheduled maturity date~~stated interest rate of ~~March 2020. We~~3.88% pursuant to a tender offer completed by the Partnership. In connection with the redemption and repurchase of these unsecured notes, we recognized a total loss ~~on debt extinguishment~~ of ~~$26.1~~$32.9 million ~~from these transactions during~~including the ~~year ended 2017, which included prepayment premiums~~redemption/repayment premium and ~~the~~ write-off of the unamortized deferred financing costs.

~~Discontinued Operations~~

The property-specific components of earnings that are classified as discontinued operations include rental revenues, rental expenses, real estate taxes, allocated interest expense and depreciation expense, as well as the gain or loss on the disposition of the properties and related income tax expense.

The Medical Office Portfolio Disposition in 2017 was comprised of 81 medical office properties which were classified as discontinued operations for the year ended December 31, 2017. As a result, we classified operating income before gain on sales and income taxes of $18.4 million and gain on sales of properties of $1.36 billion in discontinued operations for the year ended December 31, 2017. The related income tax impact, totaling $12.5 million for the year ended December 31, 2017, was also reported in discontinued operations. There were no properties classified as held-for-sale and included in discontinued operations at December 31, 2018.

~~Discontinued operations is further discussed in Note 7 to the consolidated financial statements included in Part IV, Item 15 of this Report.~~

Critical Accounting ~~Policies~~Estimates

The preparation of our consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, ~~and~~the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. ~~Our~~Certain estimates, judgments and assumptions are inherently subjective and based on the existing

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business and market conditions, and are therefore continually evaluated based upon available information and experience. Based on the nature of our business, current economic conditions and the value of our real estate assets, we have concluded that our financial statements for all periods presented have not been materially impacted by individual accounts or classes of transaction that rely on estimates. Further, we have concluded that our financial statements for all periods presented are not materially impacted by estimates of fair value that rely upon non-observable inputs.

We have determined that judgments regarding the impairment of real estate assets represent a critical accounting estimate that has the potential to be material in future periods and has been material in certain periods prior to those presented in this Form 10-K. As the result of the strong demand, and generally appreciating values, for industrial real estate assets, we have not recognized any material impairment charges in any of the periods presented in our consolidated financial statements. As described below in our description of Critical Accounting Policies, determining whether a triggering event has taken place requires an evaluation of assumptions including occupancy levels, rental rates, capitalization rates and anticipated holding periods when evaluating real estate assets for potential impairment. We do not believe that the conclusions we reached regarding the assessment of our real estate assets for impairment, in the current economic and operating environment, would result in a materially different conclusion within any reasonable range of assumptions that could have been applied. Should economic conditions worsen, and the values of industrial assets decline in future periods, then the assumptions and estimates we may make in future impairment analyses, and potential future measurement of impairment charges, could be sensitive and could result in a material change in the range of potential outcomes.

Critical Accounting Policies

Note 2 to the Consolidated Financial Statements includes further discussion of our significant accounting policies. Our management has assessed the accounting policies used in the preparation of our financial statements and discussed them with our audit committee and independent auditors. The following accounting policies are considered critical based upon materiality to the financial statements, and to a lesser extent, the degree of judgment involved in estimating reported amounts and sensitivity to changes in industry and economic conditions:

~~Cost Capitalization: Direct and certain indirect costs, including interest, clearly associated with the development, construction or expansion of real estate investments are capitalized as a cost of the property.~~

We capitalize interest and direct and indirect project costs associated with the initial construction of a property up to the time the property is substantially complete and ready for its intended use. We capitalize all such costs through the completion of the building shell. The interest rate used to capitalize interest is based upon our average borrowing rate on existing debt.

We also capitalize direct and indirect costs, including interest costs, on vacant space during extended lease-up periods, after construction of the building shell has been completed, if costs are being incurred to ready the vacant space for its intended use. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once necessary work has been completed on a vacant space, project costs are no longer capitalized. We cease capitalization of all project costs on extended lease-up periods after the shorter of a one-year period after the completion of the building shell or when the property attains 90% occupancy.

~~Effective on January 1, 2019, with the adoption of Accounting Standards Codification ("ASC") Topic 842,~~ ~~Leases~~ ~~("ASC 842"), only costs that are directly incremental to executing a lease are capitalized.~~

In assessing the amount of indirect costs to be capitalized, we first allocate payroll costs, on a department-by-department basis, among activities for which capitalization is warranted (i.e., construction and development and leasing) and those for which capitalization is not warranted (i.e., property management, maintenance, acquisitions, dispositions, non-incremental leasing costs and general corporate functions). To the extent the employees of a department split their time between capitalizable and non-capitalizable activities, the allocations are made based on estimates of the actual amount of time spent in each activity. Once the payroll costs are allocated, the non-payroll costs of each department are allocated among the capitalizable and non-capitalizable activities in the same proportion as payroll costs.

To ensure that an appropriate amount of costs are capitalized, the amount of capitalized construction and development costs that are allocated to a specific project are limited to amounts using standards we developed. These standards are based on a percentage of the total development costs of a project. These standards are derived after considering the amounts that would be allocated if the personnel in the departments were working at full capacity. The use of these standards ensures that overhead costs attributable to downtime or to unsuccessful projects are not capitalized.

Impairment of Real Estate Assets: We evaluate our real estate assets, with the exception of those that are classified as held-for-sale, for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If such an evaluation is considered necessary, we compare the carrying amount of that real estate asset, or asset group, with the expected undiscounted cash flows that are directly associated with, and that are expected to arise as a direct result of, the use and eventual disposition of that asset, or asset group. Our estimate of the expected future cash flows used in testing for impairment is based on, among other things, our estimates regarding future market conditions, rental rates, occupancy levels, costs of tenant improvements, leasing commissions and other tenant concessions, assumptions regarding the residual value of our properties at the end of

our anticipated holding period and the length of our anticipated holding period and is, therefore, subjective by nature. These assumptions could differ materially from actual results. If our strategy changes or if market conditions otherwise dictate a reduction in the holding period and an earlier sale date, an impairment loss could be recognized and such loss could be material. To the extent the carrying amount of a real estate asset, or asset group, exceeds the associated estimate of undiscounted cash flows, an impairment loss is recorded to reduce the carrying value of the asset to its fair value.

The determination of the fair value of real estate assets is also highly subjective, especially in markets where there is a lack of recent comparable transactions. We primarily utilize the income approach to estimate the fair value of our income producing real estate assets. To the extent that the assumptions used in testing long-lived assets for impairment differ from those of a marketplace participant, the assumptions are modified in order to estimate the fair value of a real estate asset when an impairment charge is measured. In addition to determining future cash flows, which make the estimation of a real estate asset's undiscounted cash flows highly subjective, the selection of the discount rate and exit capitalization rate used in applying the income approach is also highly subjective.

To the extent applicable marketplace data is available, we generally use the market approach in estimating the fair value of undeveloped land that is determined to be impaired.

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Real estate assets that are classified as held-for-sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell.

Acquisition of Real Estate Property and Related ~~Assets:~~Assets: We generally account for real estate acquisitions as asset acquisitions as opposed to business combinations. We allocate the purchase price of acquired properties to tangible and identified intangible assets based on their ~~respective~~relative fair values, using all pertinent information available at the date of acquisition. The allocation of the purchase price to tangible assets (buildings, tenant improvements and land) is based upon management's determination of the value of the property as if it were vacant. This “as-if vacant” value is estimated using an income, or discounted cash flow, approach that relies upon internally determined assumptions that we believe are consistent with current market conditions for similar properties. The most important assumptions in determining the allocation of the purchase price to tangible assets are the exit capitalization rate, estimated market rents and the fair value of the underlying land.

The purchase price of real estate assets is also allocated to intangible assets consisting of the above or below market component of in-place leases and the value of in-place leases.

The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be received pursuant to the lease over its remaining term and (ii) management's estimate of the amounts that would be received using fair market rates over the remaining term of the lease. The amounts allocated to above market leases are included in deferred leasing and other costs in the balance sheet and below market leases are included in other liabilities in the balance sheet; both are amortized to rental income over the remaining terms of the respective leases.

Factors considered in determining the value allocable to in-place leases include estimates, during hypothetical lease up periods, related to space that is actually leased at the time of acquisition. These estimates include (i) lost rent at market rates, (ii) fixed operating costs that will be recovered from tenants and (iii) theoretical leasing commissions required to execute similar leases. These intangible assets are included in deferred leasing and other costs in the balance sheet and are amortized over the remaining term of the existing lease.

To the extent that we gain control of real estate properties that are accounted for as asset acquisitions, as opposed to business combinations, we accumulate the costs of pre-existing equity interest and the consideration paid for additional interest acquired and do not remeasure our pre-existing equity interest. Generally contingencies arising from an asset acquisition are only recognized when the contingency is paid or becomes payable.

To the extent that we gain control of a property acquired that meets the definition of a business, we account for the acquisition in accordance with the guidance for step acquisitions at their full fair value and record a gain or loss for the difference between the fair value and the carrying value of our existing equity interest. Additionally, contingencies arising from a business combination are recorded at fair value if the acquisition date fair value can be determined during the measurement period.

The audit committee has reviewed the critical accounting policies identified by management.

Liquidity and Capital Resources

~~Sources of Liquidity~~Overview

We expect to meet our short-term liquidity requirements over the next 12 months, ~~including~~which include payments of dividends and distributions, completion of development projects that are currently under construction and ~~the~~ capital expenditures needed to maintain our current real estate assets, ~~primarily~~ through working capital, ~~and~~ net cash provided by operating ~~activities.~~activities and short term borrowings on the Partnership's unsecured line of credit. We had no outstanding borrowings on the Partnership's $1.20 billion unsecured line of credit and had ~~$110.9~~$69.8 million of cash on hand ~~and held $1.7 million of restricted cash for future like kind exchange transactions~~ at December 31, ~~2019. At December 31, 2019, we also held $110.0 million of notes receivable from the 2017 Medical Office Portfolio Disposition, which matured and was paid in full in January 2020.~~2021.

In addition to our existing sources of liquidity, we expect to meet long-term liquidity requirements, such as scheduled mortgage and unsecured debt maturities, ~~property acquisitions,~~ financing of development activities, acquisitions and other capital improvements, through multiple sources of capital including operating cash flow, proceeds from property dispositions and accessing the public debt and equity markets.

Sources of Liquidity

Rental Operations

Cash flows from Rental Operations is our primary source of liquidity and provides a stable source of cash flow to fund operational expenses. We believe that this cash-based revenue stream is substantially aligned with revenue recognition (except for items such as periodic straight-line rental income accruals and amortization of above or below market rents) as cash receipts from the leasing of rental properties are generally received in advance of, or a short time following, the actual revenue recognition.

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We are subject to a number of risks related to general economic conditions, including reduced occupancy, tenant defaults and bankruptcies and potential reduction in rental rates upon renewal or re-letting of properties, any of which would result in reduced cash flow from operations.

~~Unsecured~~ Debt and Equity Securities

Our unsecured line of credit at December 31, ~~2019~~2021 is described as follows (in thousands):


Description	Borrowing Capacity		Maturity Date	Outstanding Balance at December 31, 2021
Unsecured Line of Credit – Partnership	$	1,200,000	March 31, 2025	$	—

Description
Borrowing
Capacity

Maturity
Date
Outstanding Balance at December 31, 2019
Unsecured Line of Credit – Partnership $ 1,200,000
January 2022 $ —

~~The Partnership's~~In March 2021, the Partnership amended and restated its existing $1.20 billion unsecured line of credit, ~~has a borrowing capacity~~which was set to mature in January 2022 with two six-month extension options. The amended and restated unsecured line of ~~$1.20 billion, with an~~credit bears interest ~~rate on borrowings of~~at one-month LIBOR plus ~~0.875%~~0.775% with a reduction in borrowing costs if certain sustainability linked metrics are achieved each year. The amended and ~~a maturity date~~restated line of ~~January 2022,~~credit matures on March 31, 2025 with two six-month extension options to extend until ~~January 30, 2023.~~March 31, 2026. Subject to certain conditions, the terms also include an option to increase the facility by up to an additional $800.0 million, for a total of up to $2.00 billion. This line of credit provides us with an option to obtain borrowings from financial institutions that participate in the line at rates that may be lower than the stated interest rate, subject to certain restrictions.

This line of credit contains financial covenants that require us to meet certain financial ratios and defined levels of performance, including those related to fixed charge coverage, unsecured interest expense coverage and debt-to-asset value (with asset value being defined in the Partnership's unsecured line of credit agreement). At December 31, ~~2019,~~2021, we were in compliance with all covenants under this line of credit.

In 2017, the Alternative Reference Rates Committee ~~("ARRC")~~ proposed that the Secured Overnight Funding Rate ~~("SOFR")~~ replace LIBOR. ~~ARRC also proposed~~In March 2021, the administrator of LIBOR announced that the ~~transition to SOFR from~~publication of LIBOR ~~take place by~~will cease for one-week and two-month USD LIBOR settings immediately after December 31, 2021, and the ~~end of 2021.~~remaining USD LIBOR settings immediately after June 30, 2023. As the Partnership's unsecured line of credit agreement has provisions that allow for automatic transition to a new rate, and the Partnership has no other material debt arrangements that are indexed to LIBOR, ~~and has settled all outstanding interest rate swaps in November 2019,~~ we believe that the transition will not have a material impact on our consolidated financial statements.

At December 31, ~~2019,~~2021, we had on file with the SEC an automatic shelf registration statement on Form S-3 relating to the offer and sale, from time to time, of an indeterminate amount of debt and equity securities (including guarantees of the Partnership's debt securities by the General Partner). Equity securities are offered and sold by the General Partner, and the net proceeds of such offerings are contributed to the Partnership in exchange for additional General Partner Units or Preferred Units. From time to time, we expect to issue additional securities under this automatic shelf registration statement to fund the repayment of ~~long-term~~ debt, ~~upon maturity~~development and future acquisitions and for other general corporate purposes.

~~On August 1, 2019,~~In February 2021, the General Partner ~~and the Partnership~~ terminated ~~the~~its previous equity distribution agreement for ~~the ATM equity program with an aggregate offering price of up to $200.0 million. Prior to the termination, the General Partner issued 1.8 million common shares in 2019 pursuant to~~ its previous ATM equity program ~~resulting in net proceeds of $56.3 million after paying total compensation of $568,000 to the applicable sales agents. On August 2, 2019, the General Partner~~ and ~~the Partnership~~ entered into a new equity distribution agreement pursuant to ~~sell shares of~~which the General ~~Partner’s common stock, $0.01 par value per share,~~Partner may sell from time to time up to an aggregate offering price of $400.0 ~~million. Pursuant~~million of its common stock through sales agents or forward sellers. During the three months ended December 31, 2021, the General Partner issued 1.7 million common shares pursuant to ~~the~~its new ATM equity program, ~~the General Partner issued a total of 6.2 million common shares during 2019,~~ resulting in net proceeds of ~~$207.3~~$94.6 million after paying total compensation of ~~$2.1~~$955,000 to the applicable sales agents. During the year ended December 31, 2021, the General Partner issued 8.0 million common shares under its new ATM equity program, generating net proceeds of $396.0 million after paying total compensation of $4.0 million to the applicable sales agents. ~~Of the total activity in 2019 under the new ATM program, 1.4 million common shares were issued~~In addition, during the ~~three months~~year ended December 31, ~~2019,~~2021, the General Partner issued 210,000 common shares under its predecessor ATM equity program, resulting in net proceeds of ~~$47.7~~$8.3 million after paying total compensation of ~~$482,000~~$84,000 to the applicable sales agents. ~~Other fees related to all 2019~~These issuances ~~totaling $325,000, were also paid during 2019. The issuances~~under both ATM programs resulted in net proceeds of ~~$263.3~~$403.6 million ~~under both~~during 2021, after deducting the commissions and other fees paid, totaling $626,000. As of December 31, 2021, substantially all of the ATM ~~programs during 2019.~~equity program has been utilized.

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In ~~November 2019, we~~January 2021, the Partnership issued ~~$400.0~~$450.0 million of senior unsecured notes, ~~that~~which bear interest at a stated interest rate of ~~2.88%~~1.75%, have an effective interest rate of ~~3.96% when including the impact of interest rate swap amortization from AOCL,~~1.83%, and mature on ~~November 15, 2029,~~February 1, 2031, for ~~gross~~cash proceeds of ~~$399.9~~$446.6 million.

In ~~August 2019, we~~November 2021, the Partnership issued ~~$175.0~~$500.0 million of senior unsecured notes, ~~that~~which bear interest at a stated interest rate of ~~3.38%~~2.25%, have an effective interest rate of ~~2.80%~~2.38%, and mature on ~~December~~January 15, ~~2027,~~2032, for ~~gross~~cash proceeds of ~~$182.3~~$494.1 million.

The Partnership has issued debt securities pursuant to certain indentures and related supplemental indentures, which also require us to comply with financial ratios and other covenants regarding our operations. We were in compliance with all such covenants ~~as well as applicable covenants under our unsecured line of credit,~~ at December 31, ~~2019.~~2021.

Sale of Real Estate Assets

We ~~regularly work to identify, consider and pursue opportunities to~~ dispose of ~~non-strategic~~certain properties ~~on an opportunistic basis and on~~in a ~~basis that is generally~~manner consistent with our strategic plans. Our ability to dispose of such properties on favorable terms ~~or at all,~~ is dependent upon a number of factors including the availability of credit to potential buyers to purchase properties at prices that we consider acceptable. Although we believe that we have demonstrated our ability to generate significant liquidity through ~~the disposition of non-strategic properties,~~property dispositions, potential future adverse changes to ~~general~~ market and economic conditions could negatively impact our further ability to dispose of ~~such properties.~~properties that no longer meet our long-term objectives.

Sales of buildings and land ~~and depreciable properties~~ provided ~~$432.7 million~~$1.07 billion in net proceeds in ~~2019,~~2021, compared to ~~$511.4~~$336.3 million in ~~2018~~2020 and ~~$2.52 billion~~$432.7 million in ~~2017. We also held $110.0 million of notes receivable related to the Medical Office Portfolio Disposition at December 31, 2019, which matured and was paid in full in January 2020.~~

2019.

Transactions with Unconsolidated Joint Ventures

Transactions with unconsolidated joint ventures also provide a source of liquidity. From time to time we will sell properties to unconsolidated joint ventures, while retaining a continuing interest in that entity, and receive proceeds commensurate to those interests that we do not own. Additionally, unconsolidated joint ventures will from time to time obtain debt financing or sell properties and will then distribute to us, and our joint venture partners, all or a portion of the proceeds from such transactions. During ~~2019,~~2021, our share of sale and capital distributions from unconsolidated joint ventures totaled ~~$26.3~~$61.6 million. As part of closings of the contribution of properties to the recently formed 20% owned unconsolidated joint venture, we received $41.1 million for our ownership share of proceeds from third party mortgage loans originated by this joint venture during 2021.

Uses of Liquidity

Our principal uses of liquidity include the following:

•property investment;

•leasing/capital costs;

•dividends and distributions to shareholders and unitholders;

~~long-term~~ •debt service and maturities;

•opportunistic repurchases of outstanding debt; and

•other contractual obligations.

Property Investment

Our overall strategy is to continue to increase our investment in quality industrial properties, primarily through development, on both a speculative and build-to-suit basis, supplemented with acquisitions in ~~higher barrier markets with the highest growth potential.~~Coastal Tier 1 markets. Pursuant to this strategy, we evaluate development and acquisition opportunities based upon our market outlook, including general economic conditions, supply and long-term growth potential. Our ability to make future property investments is dependent upon identifying suitable acquisition and development opportunities, and our continued access to our longer-term sources of liquidity, including issuances of debt or equity securities as well as generating cash flow by disposing of selected properties.

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Leasing/Capital Costs

Tenant improvements and lease-related costs pertaining to our initial leasing of newly completed space, or vacant space in acquired properties, are referred to as first generation expenditures. Such first generation expenditures for tenant improvements are included within "development of real estate investments" in our Consolidated Statements of Cash Flows, while such expenditures for capitalizable lease-related costs are included within "other deferred leasing costs."

Cash expenditures related to the construction of a building's shell, as well as the associated site improvements, are also included within "development of real estate investments" in our Consolidated Statements of Cash Flows.

Tenant improvements and leasing costs to renew or re-let rental space that we previously leased to tenants for second generation leases are referred to as second generation expenditures. Building improvements that are not specific to any tenant, but serve to improve integral components of our real estate properties, are also second generation expenditures. One of the principal uses of our liquidity is to fund the second generation leasing/capital expenditures of our real estate investments.

The following table summarizes our second generation capital expenditures by type of expenditure, as well as capital expenditures for the development of real estate investments and for other deferred leasing costs (in thousands):


	2021		2020		2019
Second generation tenant improvements	$	23,270	$	17,126	$	12,165
Second generation leasing costs	36,691		23,808		28,467
Building improvements	8,484		4,103		12,505
Total second generation capital expenditures	$	68,445	$	45,037	$	53,137
Development of real estate investments	$	661,416	$	573,544	$	446,801
Other deferred leasing costs	$	42,214	$	41,607	$	32,921

2019 2018 2017
Second generation tenant improvements $ 12,165
$ 18,797
$ 15,239
Second generation leasing costs 22,879
24,899
22,712
Building improvements 12,505
9,778
14,603
Total second generation capital expenditures $ 47,549
$ 53,474
$ 52,554
Development of real estate investments $ 446,801
$ 577,383
$ 549,563
Other deferred leasing costs $ 38,509
$ 39,380
$ 30,208

We had consolidated properties under development with an expected total cost of ~~$1.05~~$1.38 billion at December 31, ~~2019,~~2021, compared to projects with an expected cost of ~~$709.7 million~~$1.04 billion and ~~$642.1 million~~$1.05 billion at December 31, ~~2018~~2020 and ~~2017,~~2019, respectively.

We had $685.2 million of remaining costs to complete for consolidated properties under development at December 31, 2021.

The capital expenditures in the table above include the capitalization of internal overhead costs. We capitalized ~~$6.8~~$7.9 million, ~~$19.0~~$6.5 million and ~~$19.1~~$6.8 million of overhead costs ~~related~~that are incremental to ~~leasing activities,~~executing leases, including both first and second generation leases, during the years ended December 31, ~~2019, 2018~~2021, 2020 and ~~2017,~~2019, respectively. We capitalized ~~$24.2~~$28.6 million, ~~$29.8~~$28.8 million and ~~$31.5~~$24.2 million of overhead costs related to development activities, including both development and tenant improvement projects on first and second generation space, during the years ended December 31, ~~2019, 2018~~2021, 2020 and ~~2017,~~2019, respectively. Combined overhead costs capitalized to leasing and development totaled ~~22.8%~~25.2%, ~~35.1%~~26.7% and ~~36.2%~~22.8% of our overall pool of overhead costs at December 31, 2021, 2020 and 2019, ~~2018 and 2017,~~ respectively. The decrease in the overhead costs capitalized to leasing for 2019 was primarily due to the expense impact of internal costs related to successful leasing which were not capitalizable as a result of the adoption of the new lease standard on January 1, 2019 (see Note 2 to the consolidated financial statements included in Part IV, Item 15 of this Report) and was included in the line item "Non-incremental costs related to successful leases" on the Consolidated Statement of Operations and Comprehensive Income for 2019.

Further discussion of the capitalization of overhead costs can be found herein, in the year-to-year ~~comparisons~~comparison of general and administrative expenses ~~and Critical Accounting Policies sections~~ of this Item 7.

In addition to the capitalization of overhead costs, the totals for development of real estate assets in the table above include the capitalization of ~~$26.5~~$35.0 million, ~~$27.2~~$24.3 million and ~~$18.9~~$26.5 million of interest costs induring the years ended December 31, ~~2019, 2018~~2021, 2020 and ~~2017,~~2019, respectively.

Both our first and second generation expenditures vary significantly between leases on a per square foot basis, dependent upon several factors including the ~~product type, the~~ nature of a tenant's operations, the specific physical characteristics of each individual property and the market in which the property is located.

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Dividend and Distribution Requirements

The General Partner is required to meet the distribution requirements of the Code in order to maintain its REIT status. We paid regular dividends or distributions of ~~$0.88, $0.815~~$1.045, $0.96 and ~~$0.77~~$0.88 per common share or Common Unit for the years ended December 31, 2021, 2020 and 2019, ~~2018 and 2017,~~ respectively. ~~We also paid a special dividend of $0.85 per common share or Common Unit during the fourth quarter of 2017 as a result of the significant taxable gains on asset sales completed in that year.~~

We expect to continue to distribute at least an amount equal to our taxable earnings, to meet the requirements to maintain the General Partner's REIT status, and additional amounts as determined by the General Partner's board of directors. Distributions are declared at the discretion of the General Partner's board of directors and are subject to actual cash available for distribution, our financial condition, capital requirements and such other factors as the General Partner's board of directors deems relevant.

Debt Service and Maturities

Debt outstanding at December 31, ~~2019~~2021 had a face value totaling ~~$2.93~~$3.73 billion with a weighted average interest rate of ~~3.73%~~3.02% and maturities at various dates through ~~2029.~~2050. Of this total amount, we had ~~$2.90~~$3.68 billion of unsecured debt, ~~$34.1~~$56.2 million of secured debt and no outstanding borrowings on our unsecured line of credit at December 31, ~~2019.~~2021. Scheduled principal amortization, maturities and ~~early~~ repayments of ~~such~~unsecured debt, outstanding line of credit balances and assumed joint venture debt totaled ~~$325.5~~$673.4 million for the year ended December 31, ~~2019.~~2021.

The following table is a summary of the scheduled future amortization and maturities of our indebtedness at December 31, ~~2019~~2021 (in thousands, except percentage data):

Future Repayments
Year
Scheduled
Amortization
Maturities Total
Weighted Average
Interest Rate of
Future Repayments
2020 $ 3,883
$ —
$ 3,883
5.62%
2021 3,416
9,047
12,463
5.62%
2022 3,611
600,000
603,611
4.20%
2023 3,817
250,000
253,817
3.75%
2024 4,036
300,000
304,036
3.92%
2025 3,938
—
3,938
5.57%
2026 2,029
375,000
377,029
3.37%
2027 358
475,000
475,358
3.18%
2028 —
500,000
500,000
4.45%
2029 —
400,000
400,000
2.88%
Thereafter —
—
—
N/A
$ 25,088
$ 2,909,047
$ 2,934,135
3.73%


	Future Repayments
Year	Scheduled Amortization		Maturities		Total		Weighted Average Interest Rate of Future Repayments
2022	$	4,646	$	—	$	4,646	5.19%
2023	4,893		—		4,893		5.22%
2024	5,155		300,000		305,155		3.92%
2025	5,102		—		5,102		5.09%
2026	3,238		375,000		378,238		3.38%
2027	1,615		475,000		476,615		3.18%
2028	1,307		500,000		501,307		4.45%
2029	1,359		400,000		401,359		2.88%
2030	1,413		350,000		351,413		1.86%
2031	1,469		450,000		451,469		1.84%
Thereafter	3,261		847,734		850,995		2.74%
	$	33,458	$	3,697,734	$	3,731,192	3.02%

We anticipate generating capital to fund our debt maturities by using undistributed cash generated from our Rental Operations and property dispositions and by raising additional capital from future debt or equity transactions.

On January 14, 2022, we provided notice of redemption to the holders of our $300.0 million of 3.75% unsecured notes, which are scheduled to mature in December 2024. This redemption will be funded with the proceeds of the contribution of third tranche of assets to a 20% owned joint venture which closed in January 2022.

Repayments of Outstanding Debt

To the extent that it supports our overall capital strategy, we may purchase or redeem some of our outstanding unsecured notes prior to their stated maturities.

~~During 2019, we~~In January 2021, the Partnership assumed, and immediately repaid ~~three fixed rate secured loans, totaling $41.7~~$40.2 million ~~which had~~of unsecured debt associated with the properties received as a ~~weighted average stated interest rate~~result of ~~7.76%.~~the dissolution of two unconsolidated joint ventures.

In June 2021, we redeemed $83.7 million of unsecured notes that were scheduled to mature in October ~~2019,~~2022.

In August 2021, we redeemed $250.0 million of unsecured notes that were scheduled to mature in ~~February 2021.~~April 2023.

-44-

Lease Commitments

As of December 31, 2021, we have total future payment obligations of $223.5 million on our ground leases and $25.5 million on our office leases and other lease arrangements, over their non-cancellable lease periods including applicable lease extension and renewal options when deemed reasonably certain of exercise. No payments on these leases are material in any individual year.

Guarantee Obligations

We are subject to various guarantee obligations in the normal course of business and, in most cases, do not anticipate these obligations to result in significant cash payments. At December 31, 2021, we guaranteed the repayment of a $4.8 million loan associated with one of our unconsolidated joint ventures.

Additionally, as of December 31, 2021, we guaranteed the repayment of $18.5 million of economic development bonds issued by various municipalities in connection with certain commercial developments.

Historical Cash Flows

Cash, cash equivalents and restricted cash were ~~$121.4~~$103.2 million, ~~$25.5~~$67.2 million and ~~$193.6~~$121.4 million at December 31, ~~2019, 2018,~~2021, 2020, and ~~2017,~~2019, respectively. The following table highlights significant changes in net cash associated with our operating, investing and financing activities (in ~~thousands)~~millions):

Years Ended December 31,
2019 2018 2017
General Partner
Net cash provided by operating activities $ 505,898
$ 484,407
$ 450,204
Net cash (used for) provided by investing activities (555,074 ) (594,430 ) 775,912
Net cash provided by (used for) financing activities 145,090
(58,087 ) (1,089,526 )

Partnership
Net cash provided by operating activities $ 505,898
$ 484,407
$ 450,204
Net cash (used for) provided by investing activities (555,074 ) (594,430 ) 775,912
Net cash provided by (used for) financing activities 145,090
(58,087 ) (1,089,526 )


	Years Ended December 31,
	2021		2020		2019

Net cash provided by operating activities	$	642.4	$	566.4	$	505.9
Net cash used for investing activities	$	(832.4)	$	(856.2)	$	(555.1)
Net cash provided by financing activities	$	225.9	$	235.6	$	145.1

Operating Activities

Cash flows from operating activities provide the cash necessary to meet our operational requirements and the receipt of rental income from Rental Operations continues to be our primary source of operating cash flows. The increase toin net cash provided by operating activities, ~~compared~~from 2019 to ~~2018,~~2020 and from 2020 to 2021, was ~~due to the timing of cash receipts~~driven by increasing occupancy and ~~cash payments on third party construction projects as well as increased cash flows from~~rental rates within our ~~Rental Operations. These increases in operating cash flows were partially offset by increased cash paid for interest~~existing portfolio and ~~income taxes as well as the timing of working capital.~~

~~The increase to cash flow provided by operating activities between 2017~~increasing our asset base through acquisitions and 2018 was the result of higher cash flows from rental operations and lower cash paid for interest, partially offset by a $20.0 million promote payment received in connection with the Medical Office Portfolio Disposition during 2017.development, financed through equity or low cost debt issuances.

Investing Activities

Highlights of significant cash sources and uses are as ~~follows:~~follows (in millions):

~~Real estate development costs were $446.8 million, $577.4 million, and $549.6 million during 2019, 2018, and 2017, respectively.~~


	Years Ended December 31,
	2021		2020		2019

Development of real estate investments	$	(661.4)	$	(573.5)	$	(446.8)
Acquisition of buildings, land and other real estate assets	(1,148.2)		(632.1)		(598.4)
Proceeds from sale of land and properties, net	1,068.0		336.3		432.7
Second generation tenant improvements, leasing costs and building improvements	(68.4)		(45.0)		(53.1)
Issuance of mortgage loan	(31.7)		—		—
Purchase deposit for assets to be contributed to an unconsolidated joint venture	13.4		—		—
Proceeds from the repayments of notes receivable from property sales	—		110.0		162.6
Capital distributions from unconsolidated joint ventures	61.6		0.9		26.3
Capital contributions and advances to unconsolidated joint ventures	(22.6)		(6.2)		(34.5)

~~We paid cash of $598.4 million, $592.4 million and $1.23 billion, for real estate and undeveloped land acquisitions during 2019, 2018 and 2017, respectively.~~

-45-

~~Sales of land and property generated net proceeds of $432.7 million, $511.4 million and $2.52 billion during 2019, 2018 and 2017, respectively.~~


•	~~During 2019, we received repayments of~~ ~~$162.6 million~~ ~~on notes receivable from property sales, compared to~~ ~~$154.1 million~~ ~~and~~ ~~$3.7 million~~ ~~in 2018 and 2017, respectively.~~

~~Second generation tenant improvements, leasing costs and building improvements totaled $47.5 million, $53.5 million and $52.6 million during 2019, 2018 and 2017, respectively.~~

We receive capital distributions from unconsolidated joint ventures, either as the result of selling our ownership interests in certain unconsolidated joint ventures or from our share of the proceeds from property sales from unconsolidated joint ventures. In 2019, we received $26.3 million in capital distributions from unconsolidated joint ventures, primarily related to the sale of three properties within three of our unconsolidated joint ventures. We received $23.1 million in capital distributions from unconsolidated joint ventures during 2018, primarily related to the sale of six properties within three of our unconsolidated joint ventures. We received $125.0 million in capital distributions from unconsolidated joint ventures during 2017, primarily related to selling our interests in two unconsolidated joint ventures in connection with the Medical Office Portfolio Disposition.

~~We made capital contributions and advances to unconsolidated joint ventures in the amounts of $34.5 million, $5.9 million and $10.3 million during 2019, 2018 and 2017, respectively.~~

Financing Activities

~~The following items highlight significant capital transactions:~~Highlights of cash inflows and outflows from equity transactions are as follows (in millions):

~~During 2019, the General Partner issued 8.0 million common shares pursuant to its ATM equity programs for net proceeds~~


	Years Ended December 31,
	2021		2020		2019
Proceeds from issuances of common shares under ATM equity programs	$	403.6	$	175.0	$	263.3
Distributions to common shareholders	(394.5)		(355.3)		(318.7)
Distributions to limited partners	(3.9)		(3.2)		(2.8)

Highlights of $263.3 million, compared to 990,400 shares of common stock for net proceeds of $28.4 million in 2018. The General Partner did not issue any shares of common stock pursuant to its ATM equity programs during 2017.cash inflows and outflows from debt transactions are as follows (in millions):

We issued $575.0 million, $450.0 million and $300.0 million of senior unsecured notes during 2019, 2018 and 2017, respectively. The 2019 unsecured debt issuances consist of $175.0 million of senior unsecured notes issued in August 2019 for gross proceeds of $182.3 million and $400.0 million of senior unsecured notes issued in November 2019 with a corresponding cash payment of $35.6 million for termination of the five forward starting interest rate swaps entered in 2018 and 2019.


	Years Ended December 31,
	2021		2020		2019
Proceeds from the issuance of debt
Secured debt	$	—	$	18.4	$	—
Senior unsecured debt	940.7		663.1		582.3
	$	940.7	$	681.5	$	582.3
Repurchase of and repayments on debt (including extinguishment costs)
Secured debt	$	—	$	(9.0)	$	(41.7)
Senior unsecured debt	(390.9)		(547.0)		(255.8)
	$	(390.9)	$	(556.0)	$	(297.5)
(Repayments) borrowings on line of credit, net
Unsecured line of credit	$	(295.0)	$	295.0	$	(30.0)

During 2019, the Partnership paid cash of $255.8 million for the early redemption of $250.0 million of senior unsecured notes that were scheduled to mature in February 2021. During 2018, the Partnership repaid $7.0 million of unsecured debt. In 2017, the Partnership paid cash of $689.6 million to execute the repayment of a $250.0 million variable rate term loan, which was prepayable without penalty, and the early redemption of $414.3 million of senior unsecured notes.

~~During 2019, the Partnership repaid three secured loans for $41.7 million compared to repayments of three secured loans for $227.1 million in 2018 and eight secured loans for $66.5 million in 2017.~~


•	~~We decreased net borrowings on the Partnership's unsecured line of credit by $30.0 million in 2019~~, ~~increased net borrowings by $30.0 million in 2018 and decreased net borrowings by $48.0 million in 2017.~~

~~We paid regular cash dividends or distributions of $0.88, $0.815 and $0.77 per common share or per Common Unit during the years ended December 31, 2019, 2018 and 2017, respectively.~~

~~We paid a special dividend of $0.85 per common share or Common Unit during the fourth quarter of 2017. We did not pay special dividends in 2019 or 2018.~~

Changes in book cash overdrafts are classified as financing activities within our consolidated Statements of Cash Flows. Book cash overdrafts were $14.4 million, $14.3 million and $36.3 million at December 31, 2019, 2018 and 2017, respectively.

In 2019, we paid off a special assessment bond for $9.9 million, which was reflected within Other Financing Activities on our Consolidated Statements of Cash Flows. We did not make similar significant repayments during 2018 or 2017.

Impact of Changes in Credit Ratings on Our Liquidity

We are currently assigned investment grade corporate credit ratings on our senior unsecured notes from Moody's Investors Service and Standard & Poor's Ratings Group. Our senior unsecured notes have been assigned a rating of Baa1 by Moody's Investors ~~Service, upgraded in 2016 from Baa2.~~Service. In addition, our senior unsecured notes have been assigned a rating of BBB+ by Standard & Poor's Ratings ~~Group, upgraded in 2016 from BBB.~~Group. A securities rating is not a recommendation to buy, sell, or hold securities and is subject to revision or withdrawal at any time by the rating organization.

The ratings of our senior unsecured notes could change based upon, among other things, the impact that prevailing economic conditions may have on our results of operations and financial condition. If our credit ratings are downgraded or other negative action is taken, we could be required, among other things, to pay additional interest and fees on outstanding borrowings under our revolving credit agreement. Credit rating reductions by one or more rating agencies could also adversely affect our access to funding sources, the cost and other terms of obtaining funding, as well as our overall financial condition, operating results and cash flow.

Financial Instruments

We are exposed to capital market risk, such as changes in interest rates. In order to reduce the volatility relating to interest rate risk, we may enter into interest rate hedging arrangements from time to time. We do not utilize derivative financial instruments for trading or speculative purposes.

~~Off-Balance Sheet Arrangements~~

~~Investments in Unconsolidated Joint Ventures~~

We have equity interests in unconsolidated partnerships and limited liability companies that primarily own and operate rental properties and hold land for development. These unconsolidated joint ventures are primarily engaged in the operation and development of industrial real estate properties. These investments provide us with increased market share and tenant and property diversification. The equity method of accounting is used for these investments in which we have the ability to exercise significant influence, but not control, over operating and financial policies. As a result, the assets and liabilities of these entities are not included on our balance sheet.

Our investments in and advances to unconsolidated joint ventures represented approximately 2% and 1% of our total assets at December 31, 2019 and December 31, 2018, respectively. We believe that these investments provide several benefits to us, including increased market share, tenant and property diversification and an additional source of capital to fund real estate projects.

~~The following table presents summarized financial information for unconsolidated joint ventures for the years ended December 31, 2019 and 2018, respectively (in thousands, except percentage data):~~

-46-

2019 2018
Land, buildings and tenant improvements, net $ 305,888
$ 328,959
Construction in progress 7,747
43,892
Undeveloped land 29,518
28,247
Other assets 75,909
88,448
$ 419,062
$ 489,546
Indebtedness $ 129,700
$ 209,584
Other liabilities 24,208
38,172
153,908
247,756
Owners' equity 265,154
241,790
$ 419,062
$ 489,546
Rental revenue $ 59,905

$ 60,446
Gain on sale of properties $ 24,099

$ 25,879
Net income $ 40,134

$ 44,372
Total square feet 11,109
13,002
Percent leased* 96.30 % 90.49 %
*Represents the percentage of total square feet leased based on executed leases and without regard to whether the leases have commenced.

~~We do not have any relationships with unconsolidated joint ventures or financial partnerships that have been established solely for the purpose of facilitating off-balance sheet arrangements.~~

~~Contractual Obligations~~

~~At December 31, 2019, we were subject to certain contractual payment obligations as described in the following table:~~

Payments due by Period (in thousands)
Contractual Obligations Total 2020 2021 2022 2023 2024 Thereafter
Long-term debt (1)
$ 3,612,027
$ 113,599
$ 120,036
$ 704,381
$ 331,658
$ 377,123
$ 1,965,230
Unsecured line of credit (2) 5,630
1,830
1,825
1,825
150
—
—
Share of unconsolidated joint ventures' debt (3)
73,431
1,997
29,680
1,345
1,345
1,345
37,719
Operating leases (4) 125,550
10,463
5,282
5,033
4,760
4,220
95,792
Development and construction backlog costs (5) 455,631
450,846
4,785
—
—
—
—
Total Contractual Obligations $ 4,272,269
$ 578,735
$ 161,608
$ 712,584
$ 337,913
$ 382,688
$ 2,098,741


~~(1)~~	Our long-term debt consists of both secured and unsecured debt and includes both principal and interest. Interest expense for variable rate debt was calculated using the interest rate at December 31, 2019.


~~(2)~~	~~Represents fees on our unsecured line of credit, which has a contractual maturity date in January 2022, with two six-month extension options, which we may exercise at our discretion.~~


~~(3)~~	~~Our share of unconsolidated joint venture debt includes both principal and interest. Interest expense for variable rate debt was calculated using the interest rate at December 31, 2019.~~


~~(4)~~	Due to a new accounting standard effective January 1, 2019, as a lessee we are required to record both a right-of-use asset and lease liability for our ground and office space leases that we expect to approximate the present value of our future minimum lease payments at December 31, 2019. See Note 2 to the Consolidated Financial Statements for additional information.


~~(5)~~	~~Represents estimated remaining costs on the completion of owned development projects and third-party construction projects.~~

Item 7A. Quantitative and Qualitative ~~Disclosure~~Disclosures About Market ~~Risks~~Risk

We are exposed to market risks, including interest rates, in the ordinary course of business.

Interest Rate Risk

We are exposed to interest rate changes primarily as a result of our line of credit and long-term borrowings. Our interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flows and to lower overall borrowing costs. To achieve our objectives, we borrow primarily at fixed rates and may enter into derivative financial instruments such as interest rate swaps in order to mitigate our interest rate risk on a related financial instrument. We do not enter into derivative or interest rate transactions for speculative purposes.

Our interest rate risk is monitored using a variety of techniques. The table below presents the principal amounts (in thousands) of the expected annual maturities, weighted average interest rates for the average debt outstanding in the specified period and fair values (in thousands).


	2020			2021			2022			2023			2024			Thereafter			Total			Fair Value			2022			2023			2024			2025			2026			Thereafter			Total			Fair Value
Long-Term Debt:																								Long-Term Debt:
Fixed rate secured debt	$	3,583		$	12,163		$	3,311		$	3,517		$	3,736		$	5,925		$	32,235		$	34,547	Fixed rate secured debt	$	4,346		$	4,593		$	4,855		$	4,702		$	3,238		$	33,158		$	54,892		$	59,989
Weighted average interest rate	5.98		%	5.73		%	6.06		%	6.06		%	6.06		%	6.08		%	5.93		%			Weighted average interest rate	5.54		%	5.55		%	5.56		%	5.51		%	5.27		%	4.08		%	4.64		%
Variable rate secured debt	$	300		$	300		$	300		$	300		$	300		$	400		$	1,900		$	1,900	Variable rate secured debt	$	300		$	300		$	300		$	400		$	—		$	—		$	1,300		$	1,300
Weighted average interest rate	1.39		%	1.39		%	1.39		%	1.39		%	1.39		%	1.39		%	1.39		%			Weighted average interest rate	0.12		%	0.12		%	0.12		%	0.12		%	N/A			N/A			0.12		%
Fixed rate unsecured debt	$	—		$	—		$	600,000		$	250,000		$	300,000		$	1,750,000		$	2,900,000		$	3,045,485	Fixed rate unsecured debt	$	—		$	—		$	300,000		$	—		$	375,000		$	3,000,000		$	3,675,000		$	3,779,465
Weighted average interest rate	N/A			N/A			4.20		%	3.72		%	3.90		%	3.51		%	3.71		%			Weighted average interest rate	N/A			N/A			3.90		%	N/A			3.36		%	2.86		%	3.00		%


~~(13)~~	~~Financial Instruments~~	Vested LTIP Awards Outstanding
Vested Awards at December 31, 2020		322,569
Vested in 2021		148,518
Completed holding period in 2021		(142,324)
Vested Awards at December 31, 2021		328,763

~~We are exposed~~Compensation cost recognized for these performance-based awards totaled $8.5 million, $7.8 million and $6.2 million for the years ended December 31, 2021, 2020 and 2019, respectively.

As of December 31, 2021, there was $760,000 of total unrecognized compensation expense related to ~~capital market risk, such as changes in interest rates. In an effort~~nonvested performance-based awards, which is expected to ~~manage interest rate risk, we may enter into interest rate hedging arrangements from time to time. We do not utilize derivative financial instruments for trading or speculative purposes.~~be recognized over a weighted average period of 1.5 years.

In 2018, we entered into 2 forward starting interest rate swaps with notional amounts of $200.0 million. In 2019, we entered into 3 additional forward starting interest rate swaps with notional amounts of $150.0 million. We entered into these interest rate swap contracts to hedge our exposure to the changes in the interest rates on an anticipated debt offering in late 2019. These forward starting swaps were appropriately designated as cash flow

~~hedges, with any changes in~~The weighted average grant-date fair value, ~~recorded in AOCL. We determined the~~per instrument, for these performance-based awards granted during 2020 and 2019 was $37.29 and $29.98.

The weighted average grant-date fair ~~values~~value of these interest rate swaps by using standard market conventions and techniques such as discounted cash flow analysis, option pricing models and termination cost at each balance sheet date. The inputs used to value these interest rate swaps fall within Level 2 of the fair value hierarchy.

In November 2019, we issued $400.0 million of 2.88% senior unsecured notes due 2029 (see Note 8) and terminated all of the forward starting interest rate swaps, resulting in a cash payment of $35.6 million to the counter parties, which was recorded in AOCL and is being recognized through interest expense over the term of the notes. The remaining unamortized amountnonvested performance-based awards as of December 31, 2019 was ~~$35.0 million.~~$27.50.

-92-


~~(14)~~	~~Commitments and Contingencies~~

DUKE REALTY CORPORATION AND DUKE REALTY LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(13)Commitments and Contingencies

Legal

We are subject to various legal proceedings and claims that arise in the ordinary course of business. In the opinion of management, the amount of any ultimate liability with respect to these actions is not expected to materially affect our consolidated financial statements or results of operations.

Environmental

We generally perform environmental site assessments at properties we are considering acquiring. The properties, particularly land parcels, we acquire may have been subject to adverse environmental conditions as a result of previous owners’ operations, which require remediation prior to development of land by the applicable environmental laws or regulations.

At the time of acquisition, we establish a liability for the costs associated with environmental remediation when such obligation has been incurred and can be reasonably estimated. Subsequently we adjust the liability as appropriate when additional information becomes available. We record such environmental liabilities in other liabilities on the Consolidated Balance Sheets. We purchase various environmental insurance policies to mitigate our exposure to environmental liabilities. As of December 31, 2021, we are not aware of any environmental liabilities that would have a material adverse effect on our consolidated financial condition, results of operations or cash flows.

Off-Balance Sheet Liabilities

The Partnership has guaranteed the repayment of ~~$22.0~~$18.5 million of economic development bonds issued by various municipalities in connection with certain commercial developments. We may be required to make payments under our guarantees to the extent that incremental taxes from specified developments are not sufficient to pay the bond debt service. Management does not believe that it is probable that we will be required to make any significant payments in satisfaction of these guarantees.

The Partnership also has guaranteed the repayment of ~~loans~~a loan associated with 1 of our unconsolidated joint ventures. At December 31, ~~2019,~~2021, the maximum guarantee exposure for ~~these loans~~the loan was approximately ~~$55.4~~$4.8 million.

We lease certain land positions with terms extending to December 31, 2065, with a total future payment obligation of $90.2 million at December 31, 2019. No payments on these ground leases, which are classified as operating leases, are material in any individual year.

In addition to ground leases, we are party to other operating leases as part of conducting our business, including leases of office space from third parties, with a total future payment obligation of $35.4 million at December 31, 2019. No future payments on these leases are material in any individual year.

We own certain parcels of land that are subject to special property tax assessments levied by quasi municipal entities. To the extent that such special assessments are fixed and determinable, the discounted value of the full assessment is recorded as a liability. We have $1.0 million of such special assessment liabilities, which are included within other liabilities on our Consolidated Balance Sheets as of December 31, 2019.

~~DUKE REALTY CORPORATION AND DUKE REALTY LIMITED PARTNERSHIP~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~


~~(15)~~	~~Selected Interim Financial Information (unaudited)~~

~~The tables below are the Company's selected quarterly information for the years ended December 31, 2019 and 2018 (in thousands, except per common share or per Common Unit data):~~

Quarter Ended
2019 December 31 September 30 June 30 March 31

Rental and related revenue $217,387 $215,374 $213,107 $209,965
General contractor and service fee revenue $13,088 $25,955 $23,919 $54,964

General Partner
Net income attributable to common shareholders $86,802 $226,566 $71,053 $44,551
Basic income per common share $0.24 $0.62 $0.20 $0.12
Diluted income per common share $0.23 $0.62 $0.20 $0.12
Weighted average common shares 367,603 362,416 359,681 359,139
Weighted average common shares and potential dilutive securities 372,464 367,271 362,926 362,362

Partnership
Net income attributable to common unitholders $87,509 $228,534 $71,674 $44,933
Basic income per Common Unit $0.24 $0.62 $0.20 $0.12
Diluted income per Common Unit $0.23 $0.62 $0.20 $0.12
Weighted average Common Units 370,725 365,558 362,826 362,204
Weighted average Common Units and potential dilutive securities 372,464 367,271 362,926 362,362

2018 December 31 September 30 June 30 March 31

Rental and related revenue $202,858 $196,912 $192,093 $193,456
General contractor and service fee revenue $67,999 $34,986 $18,465 $41,101

General Partner
Net income attributable to common shareholders $63,896 $53,025 $193,845 $72,963
Basic income per common share $0.18 $0.15 $0.54 $0.20
Diluted income per common share $0.18 $0.15 $0.54 $0.20
Weighted average common shares 358,561 357,898 357,054 356,740
Weighted average common shares and potential dilutive securities 362,536 361,410 362,741 360,400

Partnership
Net income attributable to common unitholders $64,422 $53,520 $195,669 $73,646
Basic income per Common Unit $0.18 $0.15 $0.54 $0.20
Diluted income per Common Unit $0.18 $0.15 $0.54 $0.20
Weighted average Common Units 361,672 361,200 360,447 360,095
Weighted average Common Units and potential dilutive securities 362,536 361,410 362,741 360,400

~~DUKE REALTY CORPORATION AND DUKE REALTY LIMITED PARTNERSHIP~~(14)Subsequent Events

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~


~~(16)~~	~~Subsequent Events~~

Declaration of Dividends/Distributions

The General Partner's board of directors declared the following dividends/distributions at its regularly scheduled board meeting held on January ~~29, 2020:~~26, 2022:

Class of stock/units
Quarterly
Amount per Share or Unit
Record Date Payment Date
Common $ 0.235

February 14, 2020

February 28, 2020

~~Issuance of Senior Unsecured Notes~~

In February 2020, we issued $325.0 million of senior unsecured notes that bear a stated interest rate of 3.05%, have an effective interest rate of 3.19%, and mature on March 1, 2050. Proceeds from the unsecured notes offering will primarily be used to redeem $300.0 million of ~~4.38% senior unsecured notes due 2022.~~

Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2019
(in thousands)
Schedule III
Initial Cost
Cost Capitalized
Subsequent to
Development or Acquisition
Gross Book Value 12/31/2019
Name Asset Type Encumbrances Land Buildings Land/Land Imp Bldgs/TI Total (1) Accum. Depr. (2) Year Constructed/Renovated Year Acquired
Atlanta, Georgia
Airport Distribution 3781 Industrial —
4,064
11,383
331
4,064
11,714
15,778
2,763
2002 2014

Aurora, Illinois
Meridian Business 880 Industrial —
963
4,625
1,420
963
6,045
7,008
2,964
2000 2000
4220 Meridian Parkway Industrial —
970
3,512
26
970
3,538
4,508
1,349
2004 2004
Butterfield 2805 Industrial —
9,185
10,795
5,907
9,272
16,615
25,887
9,694
2008 2008
Meridian Business 940 Industrial —
2,674
6,923
2,237
2,674
9,160
11,834
2,594
1998 2012
Butterfield 4000 Industrial —
3,132
12,639
70
3,132
12,709
15,841
2,502
2016 2016
Butterfield 2850 Industrial —
11,317
18,305
130
11,317
18,435
29,752
4,243
2016 2016
Butterfield 4200 Industrial —
5,777
13,108
2,762
5,967
15,680
21,647
3,731
2016 2016
Butterfield 2865 Industrial —
28,151
41,112
14
28,151
41,126
69,277
7,342
2017 2017

Austell, Georgia
Hartman Business 7545 Industrial —
2,640
21,471
29
2,640
21,500
24,140
6,918
2008 2012
240 The Bluffs Industrial —
6,138
15,447
3,078
6,138
18,525
24,663
696
2018 2018

Baltimore, Maryland
Chesapeake Commerce 5901 Industrial —
3,345
1,355
3,957
3,365
5,292
8,657
3,269
2008 2008
Chesapeake Commerce 5003 Industrial —
6,488
7,087
3,620
6,546
10,649
17,195
5,510
2008 2008
Chesapeake Commerce 2010 Industrial —
37,557
38,011
36
37,727
37,877
75,604
17,001
2014 2014
Chesapeake Commerce 5501 Industrial —
13,724
8,043
4,518
13,782
12,503
26,285
5,118
2014 2014
Chesapeake Commerce 1500 Industrial —
8,289
10,268
105
8,333
10,329
18,662
2,881
2016 2016
Chesapeake Commerce 5900 Industrial —
5,567
6,100
870
5,567
6,970
12,537
1,275
2017 2017

Batavia, Ohio
S Afton Industrial Park 3001 Industrial —
5,729
20,720
—
5,729
20,720
26,449
718
2019 2019

Baytown, Texas
4570 E. Greenwood Industrial —
9,323
5,934
—
9,323
5,934
15,257
4,937
2005 2007

Bloomingdale, Georgia
Morgan Business Center 400 Industrial —
18,385
44,455
520
18,385
44,975
63,360
4,591
2017 2017

Bolingbrook, Illinois
250 East Old Chicago Road Industrial —
3,050
4,038
142
3,050
4,180
7,230
3,282
2005 2005
Crossroads 2 Industrial —
1,418
5,482
921
1,418
6,403
7,821
2,608
1998 2010
Crossroads 375 Industrial —
1,330
4,371
523
1,330
4,894
6,224
1,959
2000 2010
Crossroads Parkway 370 Industrial —
2,409
4,236
881
2,409
5,117
7,526
1,879
1989 2011
Crossroads Parkway 605 Industrial —
3,656
7,587
2,559
3,656
10,146
13,802
2,849
1998 2011
Crossroads Parkway 335 Industrial —
2,574
8,342
779
2,574
9,121
11,695
2,678
1997 2012

Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2019
(in thousands)
Schedule III
Initial Cost
Cost Capitalized
Subsequent to
Development or Acquisition
Gross Book Value 12/31/2019
Name Asset Type Encumbrances Land Buildings Land/Land Imp Bldgs/TI Total (1) Accum. Depr. (2) Year Constructed/Renovated Year Acquired

Boynton Beach, Florida
Gateway Center 1103 Industrial —
4,271
5,313
1,752
4,271
7,065
11,336
3,015
2002 2010
Gateway Center 3602 Industrial —
2,006
4,584
216
2,006
4,800
6,806
1,682
2002 2010
Gateway Center 3402 Industrial —
2,381
3,218
763
2,381
3,981
6,362
1,506
2002 2010
Gateway Center 2055 Industrial —
1,800
2,583
192
1,800
2,775
4,575
1,060
2000 2010
Gateway Center 2045 Industrial —
1,238
1,541
1,174
1,238
2,715
3,953
1,293
2000 2010
Gateway Center 2035 Industrial —
1,238
1,304
699
1,238
2,003
3,241
772
2000 2010
Gateway Center 2025 Industrial —
1,800
2,658
217
1,800
2,875
4,675
1,112
2000 2010
Gateway Center 1926 Industrial —
4,781
9,900
2,043
4,781
11,943
16,724
4,839
2004 2010

Braselton, Georgia
Braselton Business 920 Industrial —
1,365
7,713
5,003
1,529
12,552
14,081
5,956
2001 2001
625 Braselton Pkwy Industrial —
9,855
21,010
5,895
11,062
25,698
36,760
15,089
2006 2005
1350 Braselton Parkway Industrial —
8,227
8,856
5,360
8,227
14,216
22,443
10,428
2008 2008
1380 Jesse Cronic Rd Industrial —
8,519
17,534
—
8,519
17,534
26,053
991
2019 2019

Brentwood, Tennessee
Brentwood South Business 7104 Industrial —
1,065
4,410
1,802
1,065
6,212
7,277
3,234
1987 1999
Brentwood South Business 7106 Industrial —
1,065
1,844
1,950
1,065
3,794
4,859
1,976
1987 1999
Brentwood South Business 7108 Industrial —
848
3,233
1,460
848
4,693
5,541
2,529
1989 1999

Bridgeton, Missouri
DukePort 13870 Industrial —
2,124
5,316
720
2,124
6,036
8,160
2,739
1996 2010
DukePort 13890 Industrial —
1,470
2,701
184
1,470
2,885
4,355
1,383
1997 2010
DukePort 4730 Industrial —
600
2,690
463
600
3,153
3,753
1,100
1998 2010
DukePort 13269 Industrial —
1,664
5,752
416
1,664
6,168
7,832
2,740
1999 2010
DukePort 4745 Industrial —
834
3,622
371
834
3,993
4,827
1,360
1999 2010
DukePort 13201 Industrial —
2,475
5,459
2,105
2,475
7,564
10,039
3,092
2001 2010

Brooklyn Park, Minnesota
7300 Northland Drive Industrial —
700
5,289
673
703
5,959
6,662
3,076
1999 1998
Crosstown North 9201 Industrial —
835
4,433
1,536
1,121
5,683
6,804
2,978
1998 1999
Crosstown North 8400 Industrial —
2,079
4,926
2,308
2,233
7,080
9,313
3,506
1999 1999
Crosstown North 9100 Industrial —
1,079
3,743
1,005
1,166
4,661
5,827
2,286
2000 2000
Crosstown North 9200 Industrial —
2,723
2,674
2,706
2,723
5,380
8,103
3,248
2005 2005
Crosstown North 7601 Industrial —
4,564
7,472
1,228
4,564
8,700
13,264
4,849
2005 2005

Brookshire, Texas
Katy 90 Industrial —
23,245
50,678
(62 ) 23,245
50,616
73,861
4,572
2018 2018

Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2019
(in thousands)
Schedule III
Initial Cost
Cost Capitalized
Subsequent to
Development or Acquisition
Gross Book Value 12/31/2019
Name Asset Type Encumbrances Land Buildings Land/Land Imp Bldgs/TI Total (1) Accum. Depr. (2) Year Constructed/Renovated Year Acquired
Coppell, Texas
Freeport X Industrial —
2,145
12,784
3,641
2,145
16,425
18,570
6,487
2004 2004
Point West 400 Industrial —
10,181
12,803
9,024
10,475
21,533
32,008
11,729
2008 2008
Point West 240 Industrial —
6,785
11,700
8,143
7,519
19,109
26,628
12,371
2008 2008
Point West 120 Industrial —
3,267
8,695
1,024
3,267
9,719
12,986
3,464
2015 2015

Corona, California
1283 Sherborn Street Industrial —
8,677
16,753
66
8,677
16,819
25,496
7,865
2005 2011

Cranbury, New Jersey
311 Half Acre Road Industrial —
6,600
14,636
—
6,600
14,636
21,236
4,242
2004 2013
315 Half Acre Road Industrial —
14,100
30,084
—
14,100
30,084
44,184
8,605
2004 2013

Davenport, Florida
Park 27 Distribution 210 Industrial —
1,143
5,052
592
1,198
5,589
6,787
2,325
2003 2003
Park 27 Distribution 220 Industrial —
4,374
5,066
5,850
4,502
10,788
15,290
5,540
2007 2007

Davie, Florida
Westport Business Park 2555 Industrial —
1,200
1,276
81
1,200
1,357
2,557
742
1991 2011
Westport Business Park 2501 Industrial —
1,088
779
245
1,088
1,024
2,112
591
1991 2011
Westport Business Park 2525 Industrial —
2,363
5,791
1,267
2,363
7,058
9,421
2,392
1991 2011

Deer Park, Texas
801 Seaco Court Industrial —
2,331
4,673
632
2,331
5,305
7,636
1,709
2006 2012

Des Moines, Washington
21202 24th Ave South Industrial —
18,720
36,496
43
18,720
36,539
55,259
1,736
2018 2018
21402 24th Ave South Industrial —
18,970
31,048
969
18,970
32,017
50,987
1,401
2018 2018

Duluth, Georgia
Sugarloaf 2775 Industrial —
560
4,298
1,211
560
5,509
6,069
2,681
1997 1999
Sugarloaf 3079 Industrial —
776
4,536
3,623
776
8,159
8,935
3,956
1998 1999
Sugarloaf 2855 Industrial —
765
2,618
1,860
765
4,478
5,243
2,202
1999 1999
Sugarloaf 6655 Industrial —
1,651
6,804
1,748
1,651
8,552
10,203
4,025
1998 2001
2625 Pinemeadow Court Industrial —
861
3,107
676
861
3,783
4,644
1,211
1994 2010
2660 Pinemeadow Court Industrial —
540
2,234
302
540
2,536
3,076
1,321
1996 2010
2450 Satellite Boulevard Industrial —
556
1,897
451
556
2,348
2,904
963
1994 2010

DuPont, Washington
2700 Center Drive Industrial —
34,413
37,943
520
34,582
38,294
72,876
13,472
2013 2013

Durham, North Carolina
Centerpoint Raleigh 1805 Industrial —
4,110
10,343
5,060
4,110
15,403
19,513
5,319
2000 2011
Centerpoint Raleigh 1757 Industrial —
2,998
8,722
14
2,998
8,736
11,734
2,728
2007 2011

Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2019
(in thousands)
Schedule III
Initial Cost
Cost Capitalized
Subsequent to
Development or Acquisition
Gross Book Value 12/31/2019
Name Asset Type Encumbrances Land Buildings Land/Land Imp Bldgs/TI Total (1) Accum. Depr. (2) Year Constructed/Renovated Year Acquired
Eagan, Minnesota
Apollo 920 Industrial —
866
3,234
2,076
895
5,281
6,176
2,915
1997 1997
Apollo 940 Industrial —
474
2,092
808
474
2,900
3,374
1,397
2000 2000
Apollo 950 Industrial —
1,432
5,988
127
1,432
6,115
7,547
3,008
2000 2000
2015 Silver Bell Road Industrial —
1,740
4,180
2,864
1,740
7,044
8,784
3,767
1999 1999
Trapp 1279 Industrial —
671
3,441
969
691
4,390
5,081
2,198
1996 1998
Trapp 1245 Industrial —
1,250
5,424
1,657
1,250
7,081
8,331
3,735
1998 1998

Earth City, Missouri
Corporate Trail 3655 Industrial —
2,850
4,597
2,526
2,875
7,098
9,973
4,311
2006 2006

East Point, Georgia
Camp Creek 2400 Industrial —
296
627
2,310
300
2,933
3,233
1,336
1988 2001
Camp Creek 2600 Industrial —
364
824
1,680
368
2,500
2,868
1,265
1990 2001
Camp Creek 3201 Industrial —
1,937
7,426
4,202
1,937
11,628
13,565
5,007
2004 2004
Camp Creek 3900 Industrial —
1,059
2,919
2,372
1,220
5,130
6,350
2,883
2005 2005
Camp Creek 3909 Industrial —
5,687
1,309
26,522
15,168
18,350
33,518
15,463
2014 2006
Camp Creek 4200 Industrial —
2,065
7,037
3,677
2,438
10,341
12,779
6,199
2006 2006
Camp Creek 3000 Industrial —
1,163
1,020
1,479
1,258
2,404
3,662
1,640
2007 2007
Camp Creek 4800 Industrial —
2,476
3,906
2,252
2,740
5,894
8,634
3,367
2008 2008
Camp Creek 4100 Industrial —
3,130
9,115
554
3,327
9,472
12,799
3,283
2013 2013
Camp Creek 3700 Industrial —
1,878
3,842
100
1,883
3,937
5,820
1,716
2014 2014
Camp Creek 4909 Industrial —
7,807
14,321
3,778
7,851
18,055
25,906
4,124
2016 2016
Camp Creek 3707 Industrial —
7,282
20,538
3
7,282
20,541
27,823
3,926
2017 2017
Camp Creek 4505 Industrial —
4,505
9,697
3,639
4,505
13,336
17,841
1,294
2017 2017
Site S Parking Lot Grounds —
4,469
—
303
4,772
—
4,772
343
n/a 2018
Camp Creek 4900 Industrial —
3,244
7,758
—
3,244
7,758
11,002
344
2019 2019

Easton, Pennsylvania
33 Logistics Park 1610 Industrial —
24,752
55,500
1,884
24,762
57,374
82,136
13,964
2016 2016
33 Logistics Park 1611 Industrial —
17,979
20,882
1,968
17,979
22,850
40,829
4,264
2017 2017
33 Logistics Park 1620 Industrial —
29,786
33,023
913
29,850
33,872
63,722
3,173
2018 2018

Edwardsville, Illinois
Lakeview Commerce 3965 Industrial —
4,561
18,593
248
4,561
18,841
23,402
7,132
2006 2013

Elk Grove Village, Illinois
1717 Busse Road Industrial 9,803
3,602
19,016
37
3,602
19,053
22,655
6,175
2004 2011

Ellenwood, Georgia
2529 Old Anvil Block Industrial —
4,664
9,265
446
4,664
9,711
14,375
2,913
2014 2014

Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2019
(in thousands)
Schedule III
Initial Cost
Cost Capitalized
Subsequent to
Development or Acquisition
Gross Book Value 12/31/2019
Name Asset Type Encumbrances Land Buildings Land/Land Imp Bldgs/TI Total (1) Accum. Depr. (2) Year Constructed/Renovated Year Acquired
Fairfield, Ohio
Union Centre Industrial 6019 Industrial —
5,635
6,576
2,706
5,635
9,282
14,917
5,233
2008 2008
Union Centre Industrial 5855 Industrial —
3,009
15,387
2,063
3,009
17,450
20,459
2,720
2016 2016
Fairfield Logistics Ctr 7940 Industrial —
4,679
8,237
736
4,689
8,963
13,652
549
2018 2018

Fishers, Indiana
Exit 5 9998 Industrial —
581
2,561
1,032
581
3,593
4,174
1,932
1999 1999
Exit 5 9888 Industrial —
555
2,498
1,614
555
4,112
4,667
2,204
2000 2000

Flower Mound, Texas
Lakeside Ranch 550 Industrial —
9,861
19,299
515
9,861
19,814
29,675
9,619
2007 2011
Lakeside Ranch 1001 Industrial —
5,662
23,061
—
5,662
23,061
28,723
756
2019 2019
Lakeside Ranch 350 Industrial —
3,665
10,105
—
3,665
10,105
13,770
—
2019 2019

Fontana, California ��
14970 Jurupa Ave Grounds —
17,306
—
—
17,306
—
17,306
767
n/a 2016
7953 Cherry Ave Industrial —
6,704
12,521
824
6,704
13,345
20,049
1,877
2017 2017
9988 Redwood Ave Industrial —
7,755
16,326
695
7,755
17,021
24,776
2,724
2016 2017
11250 Poplar Ave Industrial —
18,138
33,586
—
18,138
33,586
51,724
4,419
2016 2017
16171 Santa Ana Ave Industrial —
13,681
13,331
25
13,681
13,356
27,037
916
2018 2018

Fort Lauderdale, Florida
Interstate 95 2200 Industrial —
9,332
13,401
2,123
9,332
15,524
24,856
1,708
2017 2017
Interstate 95 2100 Industrial —
10,948
18,681
—
10,948
18,681
29,629
1,892
2017 2017

Fort Worth, Texas
Riverpark 3300 Industrial —
3,975
10,633
662
3,975
11,295
15,270
5,899
2007 2011

Franklin, Tennessee
Aspen Grove Business 277 Industrial —
936
2,919
4,208
936
7,127
8,063
3,667
1996 1999
Aspen Grove Business 320 Industrial —
1,151
5,824
1,630
1,151
7,454
8,605
3,881
1996 1999
Aspen Grove Business 305 Industrial —
970
4,677
1,083
970
5,760
6,730
2,961
1998 1999
Aspen Grove Business 400 Industrial —
492
1,677
1,223
492
2,900
3,392
1,073
2002 2002
Brentwood South Business 119 Industrial —
569
1,063
1,523
569
2,586
3,155
1,304
1990 1999
Brentwood South Business 121 Industrial —
445
1,563
462
445
2,025
2,470
1,021
1990 1999
Brentwood South Business 123 Industrial —
489
962
1,356
489
2,318
2,807
1,179
1990 1999

Franklin Park, Illinois
11501 West Irving Park Road Industrial —
3,900
2,702
1,590
3,900
4,292
8,192
1,922
2007 2007

Fullerton, California
500 Burning Tree Rd Industrial —
7,336
4,435
—
7,336
4,435
11,771
605
1991 2018

Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2019
(in thousands)
Schedule III
Initial Cost
Cost Capitalized
Subsequent to
Development or Acquisition
Gross Book Value 12/31/2019
Name Asset Type Encumbrances Land Buildings Land/Land Imp Bldgs/TI Total (1) Accum. Depr. (2) Year Constructed/Renovated Year Acquired
Greenfield North 700 Industrial —
468
2,054
295
469
2,348
2,817
763
2007 2011
Greenfield North 800 Industrial —
438
5,772
447
440
6,217
6,657
1,799
2004 2011
Greenfield North 900 Industrial —
422
5,792
1,442
425
7,231
7,656
2,041
2007 2011
Greenfield North 1000 Industrial —
1,897
6,026
14
1,897
6,040
7,937
1,531
2016 2016
Greenfield North 1001 Industrial —
2,517
5,494
2,401
2,517
7,895
10,412
1,069
2017 2017
N. Greenfield Pkwy Ground DCLP Grounds —
189
222
10
189
232
421
180
n/a 2015

Geneva, Illinois
1800 Averill Road Industrial —
3,189
11,582
7,640
4,778
17,633
22,411
5,018
2013 2011

Gibsonton, Florida
Tampa Regional Ind Park 13111 Industrial —
10,547
8,662
1,964
10,547
10,626
21,173
1,872
2017 2017
Tampa Regional Ind Park 13040 Industrial —
13,184
13,475
592
13,184
14,067
27,251
1,191
2018 2018

Glendale Heights, Illinois
990 North Avenue Industrial —
12,144
5,933
1,813
12,324
7,566
19,890
522
2018 2018

Grand Prairie, Texas
Grand Lakes 4003 Industrial —
8,106
9,124
15,357
9,595
22,992
32,587
10,210
2006 2006
Grand Lakes 3953 Industrial —
11,853
11,851
13,364
11,853
25,215
37,068
13,590
2008 2008
1803 W. Pioneer Parkway Industrial —
7,381
15,389
45
7,381
15,434
22,815
7,576
2008 2011
Grand Lakes 4053 Industrial —
2,468
6,599
1,214
2,468
7,813
10,281
689
2018 2018

Groveport, Ohio
Groveport Commerce Center 6200 Industrial —
1,049
5,123
2,797
1,049
7,920
8,969
4,302
1999 1999
Groveport Commerce Center 6300 Industrial —
510
2,395
2,309
510
4,704
5,214
2,191
2000 2000
Groveport Commerce Center 6295 Industrial —
435
5,435
2,234
435
7,669
8,104
3,746
2000 2000
Groveport Commerce Center 6405 Industrial —
4,420
10,322
992
4,420
11,314
15,734
7,408
2005 2005
RGLP North 2842 Industrial —
5,680
23,853
6
5,680
23,859
29,539
7,083
2008 2010

Hazelwood, Missouri
Lindbergh Distribution 5801 Industrial —
8,200
9,304
3,775
8,491
12,788
21,279
6,657
2007 2007

Hebron, Kentucky
Hebron 2305 Industrial —
8,855
10,797
19,323
9,511
29,464
38,975
18,215
2006 2006
Hebron 2285 Industrial —
6,790
6,730
4,992
6,813
11,699
18,512
6,842
2007 2007
Skyport 2350 Industrial —
1,057
5,784
92
1,057
5,876
6,933
2,017
1997 2010
Skyport 2250 Industrial —
1,400
8,771
535
1,400
9,306
10,706
3,232
1998 2010
Skyport 2245 Industrial —
2,016
8,305
1,118
2,016
9,423
11,439
3,144
2000 2010
Skyport 2265 Industrial —
2,878
6,038
973
2,878
7,011
9,889
3,917
2006 2010

Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2019
(in thousands)
Schedule III
Initial Cost
Cost Capitalized
Subsequent to
Development or Acquisition
Gross Book Value 12/31/2019
Name Asset Type Encumbrances Land Buildings Land/Land Imp Bldgs/TI Total (1) Accum. Depr. (2) Year Constructed/Renovated Year Acquired
Southpark 1990 Industrial —
366
8,344
—
366
8,344
8,710
1,257
2016 2016

Hialeah, Florida
Countyline Corporate Park 3740 Industrial —
18,934
11,560
45
18,934
11,605
30,539
1,470
2018 2018
Countyline Corporate Park 3780 Industrial —
21,445
22,144
27
21,445
22,171
43,616
1,926
2018 2018
Countyline Corporate Park 3760 Industrial —
32,802
52,633
48
32,802
52,681
85,483
3,949
2018 2018
Countyline Corporate Park 3840 Industrial —
15,906
15,453
240
15,906
15,693
31,599
1,131
2018 2018
Countyline Corporate Park 3850 Industrial —
18,270
17,567
—
18,270
17,567
35,837
360
2019 2019
Countyline Corporate Park 3870 Industrial —
17,605
17,336
—
17,605
17,336
34,941
267
2019 2019

Hialeah Gardens, Florida
Miami Ind Logistics Ctr 15002 Industrial —
10,671
14,071
2,324
10,671
16,395
27,066
2,300
2017 2017
Miami Ind Logistics Ctr 14802 Industrial —
10,800
14,236
3,556
10,800
17,792
28,592
2,188
2017 2017
Miami Ind Logistics Ctr 10701 Industrial —
13,048
17,204
2,611
13,048
19,815
32,863
3,039
2017 2017

Hopkins, Minnesota
Cornerstone 401 Industrial —
1,454
7,623
2,604
1,454
10,227
11,681
5,427
1996 1997

Houston, Texas
Point North 8210 Industrial —
3,125
2,178
2,675
3,125
4,853
7,978
3,128
2008 2008
Point North 8120 Industrial —
4,210
2,108
4,548
4,581
6,285
10,866
2,323
2013 2013
Point North 8111 Industrial —
3,957
15,093
642
3,957
15,735
19,692
3,971
2014 2014
Point North 8411 Industrial —
5,333
6,946
1,974
5,333
8,920
14,253
2,799
2015 2015
Westland 8323 Industrial —
4,183
2,574
3,657
4,417
5,997
10,414
3,834
2008 2008
Westland 13788 Industrial —
3,246
8,338
969
3,246
9,307
12,553
4,213
2011 2011
Gateway Northwest 20710 Industrial —
7,204
8,028
4,167
7,204
12,195
19,399
3,680
2014 2014
Gateway Northwest 20702 Industrial —
2,981
3,122
1,426
2,981
4,548
7,529
1,641
2014 2014
Gateway Northwest 20502 Industrial —
2,987
5,342
21
2,987
5,363
8,350
1,416
2016 2016
22008 N Berwick Drive Industrial —
2,981
4,949
873
2,981
5,822
8,803
1,008
2002 2015
Gateway Northwest 20510 Industrial —
6,787
11,501
792
6,787
12,293
19,080
1,250
2018 2018
Point North Three Industrial —
6,503
10,357
—
6,503
10,357
16,860
427
2019 2019

Huntley, Illinois
14100 Weber Drive Industrial —
7,539
34,069
58
7,539
34,127
41,666
5,632
2015 2015

Hutchins, Texas
801 Wintergreen Road Industrial —
5,290
9,115
2,683
5,290
11,798
17,088
7,363
2006 2006
Prime Pointe 1005 Industrial —
5,865
19,420
59
5,865
19,479
25,344
3,481
2016 2016
Prime Pointe 1015 Industrial —
8,356
16,319
2,443
8,356
18,762
27,118
1,628
2018 2018

Indianapolis, Indiana
Park 100 5550 Industrial —
1,171
12,611
675
1,424
13,033
14,457
7,792
1997 1995

Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2019
(in thousands)
Schedule III
Initial Cost
Cost Capitalized
Subsequent to
Development or Acquisition
Gross Book Value 12/31/2019
Name Asset Type Encumbrances Land Buildings Land/Land Imp Bldgs/TI Total (1) Accum. Depr. (2) Year Constructed/Renovated Year Acquired
Park 100 5302 Industrial —
427
1,257
459
427
1,716
2,143
853
1989 2010
Park 100 5303 Industrial —
427
1,737
372
427
2,109
2,536
860
1989 2010
Park 100 7225 Industrial —
1,152
13,349
824
1,152
14,173
15,325
4,648
1996 2010
Park 100 4925 Industrial —
1,280
8,588
2,410
1,280
10,998
12,278
3,797
2000 2010

Kutztown, Pennsylvania
West Hills 9645 Industrial —
15,340
47,981
623
15,340
48,604
63,944
11,906
2014 2014
West Hills 9677 Industrial —
5,218
13,029
68
5,218
13,097
18,315
3,113
2015 2015

La Miranda, California
16501 Trojan Way Industrial —
23,503
30,945
125
23,503
31,070
54,573
9,143
2002 2012
16301 Trojan Way Industrial —
39,645
22,164
7
39,645
22,171
61,816
1,683
2018 2018

Lancaster, Texas
Lancaster 2820 Industrial —
9,786
22,270
—
9,786
22,270
32,056
1,983
2018 2018

LaPorte, Texas
Bayport Container Lot Grounds —
3,334
—
1,041
4,375
—
4,375
—
n/a 2010

Lawrenceville, Georgia
175 Alcovy Industrial Road Industrial —
1,480
2,935
73
1,487
3,001
4,488
1,131
2004 2004

Lebanon, Indiana
Lebanon Park 185 Industrial —
177
8,664
1,534
177
10,198
10,375
5,403
2000 1997
Lebanon Park 322 Industrial —
340
6,230
1,578
340
7,808
8,148
3,913
1999 1999
Lebanon Park 400 Industrial —
1,517
11,158
944
1,517
12,102
13,619
5,125
2003 2003
Lebanon Park 420 Industrial —
561
3,776
750
561
4,526
5,087
2,022
2003 2003
Lebanon Park 500 Industrial —
2,813
10,741
2,941
2,813
13,682
16,495
7,234
2005 2005
Lebanon Park 210 Industrial —
312
3,568
211
312
3,779
4,091
1,495
1996 2010
Lebanon Park 311 Industrial —
699
7,847
1,016
699
8,863
9,562
3,376
1998 2010

Lebanon, Tennessee
Park 840 West 14840 Industrial —
6,776
8,449
6,061
6,776
14,510
21,286
9,472
2006 2006
Park 840 East 1009 Industrial —
7,731
14,854
1,412
7,852
16,145
23,997
7,503
2013 2013

Linden, New Jersey
Legacy Commerce Center 801 Industrial —
22,134
23,645
3,852
22,134
27,497
49,631
6,476
2014 2014
Legacy Commerce Center 301 Industrial —
6,933
8,575
168
6,933
8,743
15,676
1,975
2015 2015
Legacy Commerce Center 901 Industrial —
25,935
19,806
2,301
25,937
22,105
48,042
4,280
2016 2016

Lithia Springs, Georgia
2601 Skyview Drive Industrial —
4,282
9,534
58
4,282
9,592
13,874
1,639
2016 2017

Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2019
(in thousands)
Schedule III
Initial Cost
Cost Capitalized
Subsequent to
Development or Acquisition
Gross Book Value 12/31/2019
Name Asset Type Encumbrances Land Buildings Land/Land Imp Bldgs/TI Total (1) Accum. Depr. (2) Year Constructed/Renovated Year Acquired
Lockport, Illinois
Lockport 16328 Industrial —
3,339
17,446
460
3,339
17,906
21,245
2,118
2016 2017
Lockport 16410 Industrial —
2,677
16,117
285
2,677
16,402
19,079
1,879
2016 2017
Lockport 16508 Industrial —
4,520
17,472
2,517
4,520
19,989
24,509
2,086
2017 2017

Lockbourne, Ohio
Creekside 2120 Industrial —
2,868
15,406
823
2,868
16,229
19,097
4,910
2008 2012
Creekside 4555 Industrial —
1,947
11,453
326
1,947
11,779
13,726
3,477
2005 2012

Logan Township, New Jersey
1130 Commerce Boulevard Industrial —
3,770
18,699
1,607
3,770
20,306
24,076
5,110
2002 2013

Long Beach, California
3700 Cover Street Industrial —
7,280
6,954
—
7,280
6,954
14,234
2,633
2012 2013

Lynwood, California
2700 East Imperial Highway Industrial —
16,847
17,865
56
16,847
17,921
34,768
6,524
1999 2011
11600 Alameda Street Industrial —
10,705
10,979
1,308
10,958
12,034
22,992
1,234
2017 2017

Manteca, California
600 Spreckels Avenue Industrial —
4,851
18,985
317
4,851
19,302
24,153
5,555
1999 2012

Maple Grove, Minnesota
Arbor Lakes 10500 Industrial —
4,803
9,891
1,335
4,912
11,117
16,029
517
2018 2018
Arbor Lakes 10501 Industrial —
5,363
17,713
—
5,363
17,713
23,076
612
2019 2019
Park 81 10750 Industrial —
3,971
9,414
—
3,971
9,414
13,385
164
2019 2019

Maryland Heights, Missouri
Riverport 3128 Industrial —
733
1,492
2,875
733
4,367
5,100
2,066
2001 2001
Riverport 3101 Industrial —
1,864
3,072
2,250
1,864
5,322
7,186
3,293
2007 2007

McDonough, Georgia
Liberty Distribution 120 Industrial —
615
8,117
1,351
615
9,468
10,083
5,111
1997 1999
Liberty Distribution 250 Industrial —
2,273
10,910
6,909
3,428
16,664
20,092
7,105
2001 2001

Mechanicsburg, Pennsylvania
500 Independence Avenue Industrial —
4,494
15,007
512
4,499
15,514
20,013
3,673
2008 2013

Melrose Park, Illinois
1600 North 25th Avenue Industrial —
5,907
17,516
275
5,907
17,791
23,698
6,356
2000 2010

Miami, Florida
9601 NW 112 Avenue Industrial —
11,626
14,651
8
11,626
14,659
26,285
4,230
2003 2013

Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2019
(in thousands)
Schedule III
Initial Cost
Cost Capitalized
Subsequent to
Development or Acquisition
Gross Book Value 12/31/2019
Name Asset Type Encumbrances Land Buildings Land/Land Imp Bldgs/TI Total (1) Accum. Depr. (2) Year Constructed/Renovated Year Acquired
Minooka, Illinois
Midpoint Distribution 801 Industrial —
6,282
33,196
627
6,282
33,823
40,105
9,227
2008 2013

Modesto, California
1000 Oates Court Industrial —
10,115
16,944
215
10,115
17,159
27,274
6,435
2002 2012

Monroe Twp., New Jersey
773 Cranbury South River Road Industrial —
3,001
36,527
112
3,001
36,639
39,640
4,089
2016 2017

Moreno Valley, California
17791 Perris Boulevard Industrial —
67,806
74,531
81
67,806
74,612
142,418
7,117
2014 2017
15810 Heacock Street Industrial —
9,727
18,882
799
9,727
19,681
29,408
1,616
2017 2017
24975 Nandina Ave Industrial —
13,322
17,214
—
13,322
17,214
30,536
278
2019 2019
24960 San Michele Industrial —
8,336
13,779
—
8,336
13,779
22,115
701
2019 2019

Morgans Point, Texas
Barbours Cut 1200 Industrial —
1,482
8,209
90
1,482
8,299
9,781
3,621
2004 2010
Barbours Cut 1000 Industrial —
1,447
8,471
168
1,447
8,639
10,086
3,756
2005 2010

Morrisville, North Carolina
Perimeter Park 3000 Industrial —
482
1,982
1,666
491
3,639
4,130
1,811
1989 1999
Perimeter Park 2900 Industrial —
235
1,314
1,699
241
3,007
3,248
1,489
1990 1999
Perimeter Park 2800 Industrial —
777
4,151
1,395
791
5,532
6,323
2,922
1992 1999
Perimeter Park 2700 Industrial —
662
1,081
2,330
662
3,411
4,073
1,513
2001 2001
Woodlake 100 Industrial —
633
3,183
2,080
1,132
4,764
5,896
2,329
1994 1999
Woodlake 101 Industrial —
615
3,868
541
615
4,409
5,024
2,192
1997 1999
Woodlake 200 Industrial —
357
3,688
897
357
4,585
4,942
2,293
1999 1999
Woodlake 501 Industrial —
640
5,477
529
640
6,006
6,646
3,007
1999 1999
Woodlake 1000 Industrial —
514
2,768
549
514
3,317
3,831
1,406
1996 2002
Woodlake 1200 Industrial —
740
4,155
629
740
4,784
5,524
2,078
1996 2002
Woodlake 400 Industrial —
390
1,055
454
390
1,509
1,899
607
2004 2004

Myerstown, Pennsylvania
Central Logistics Park 53 Industrial —
24,251
24,366
1,986
24,661
25,942
50,603
2,511
2018 2018

Naperville, Illinois
1835 Jefferson Industrial —
2,209
7,921
462
2,213
8,379
10,592
3,250
2005 2003
175 Ambassador Drive Industrial —
4,778
11,252
11
4,778
11,263
16,041
4,589
2006 2010
1860 West Jefferson Industrial —
7,016
35,581
88
7,016
35,669
42,685
12,873
2000 2012

Nashville, Tennessee
Airpark East 800 Industrial —
1,564
2,129
1,593
1,564
3,722
5,286
1,720
2002 2002
Nashville Business 3300 Industrial —
936
4,773
1,899
936
6,672
7,608
3,314
1997 1999

Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2019
(in thousands)
Schedule III
Initial Cost
Cost Capitalized
Subsequent to
Development or Acquisition
Gross Book Value 12/31/2019
Name Asset Type Encumbrances Land Buildings Land/Land Imp Bldgs/TI Total (1) Accum. Depr. (2) Year Constructed/Renovated Year Acquired
Parksouth Distribution 2500 Industrial —
565
4,360
2,057
570
6,412
6,982
3,136
1996 1999
Parksouth Distribution 2490 Industrial —
493
4,170
981
498
5,146
5,644
2,777
1997 1999
Parksouth Distribution 2491 Industrial —
593
3,150
1,349
597
4,495
5,092
2,170
1998 1999
Parksouth Distribution 9600 Industrial —
649
4,111
1,224
653
5,331
5,984
2,829
1997 1999
Parksouth Distribution 9550 Industrial —
1,030
4,207
3,233
1,035
7,435
8,470
3,313
1999 1999
Parksouth Distribution 2481 Industrial —
725
2,245
1,479
730
3,719
4,449
1,824
2000 2000
Parksouth Distribution 9592 Industrial —
623
1,646
155
623
1,801
2,424
781
2003 2003
Crossroads Business Park 301 Industrial —
2,803
2,804
4,149
2,803
6,953
9,756
3,529
2006 2006
Crossroads Business Park 601 Industrial —
2,701
3,571
2,073
2,701
5,644
8,345
2,798
2007 2007
7133 Municipal Drive Industrial —
5,817
6,820
12
5,817
6,832
12,649
604
2018 2018

Otsego, Minnesota
Gateway North 6301 Industrial —
1,543
6,515
6,009
2,783
11,284
14,067
1,868
2015 2015
Gateway North 6651 Industrial —
3,667
16,249
129
3,748
16,297
20,045
3,232
2015 2015
Gateway North 6701 Industrial —
3,266
11,653
186
3,374
11,731
15,105
2,805
2014 2014
Gateway North 6651 Exp Land Grounds —
1,521
—
—
1,521
—
1,521
341
n/a 2016

Pasadena, Texas
Interport 13001 Industrial —
5,715
30,961
736
5,715
31,697
37,412
7,953
2007 2013
Bayport 4035 Industrial —
3,772
10,255
113
3,772
10,368
14,140
1,138
2008 2017
Bayport 4331 Industrial —
7,638
30,213
85
7,638
30,298
37,936
3,548
2008 2017

Perris, California
3500 Indian Avenue Industrial —
16,210
27,759
8,884
18,716
34,137
52,853
8,157
2015 2015
3300 Indian Avenue Industrial —
39,012
43,280
1,885
39,006
45,171
84,177
9,295
2017 2017
4323 Indian Ave Industrial —
20,525
30,125
—
20,525
30,125
50,650
1,279
2019 2019

Plymouth, Minnesota
Waterford Innovation Center Industrial —
2,689
9,897
43
2,689
9,940
12,629
1,314
2017 2017

Pomona, California
1589 E 9th St. Industrial —
7,386
14,745
359
7,386
15,104
22,490
2,066
2016 2017

Perth Amboy, New Jersey
ePort 960 Industrial —
14,425
23,463
2,014
14,425
25,477
39,902
2,408
2017 2017
ePort 980 Industrial —
43,778
87,019
133
43,778
87,152
130,930
8,387
2017 2017
ePort 1000 Industrial —
19,726
41,229
1,040
19,726
42,269
61,995
3,796
2017 2017

Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2019
(in thousands)
Schedule III
Initial Cost
Cost Capitalized
Subsequent to
Development or Acquisition
Gross Book Value 12/31/2019
Name Asset Type Encumbrances Land Buildings Land/Land Imp Bldgs/TI Total (1) Accum. Depr. (2) Year Constructed/Renovated Year Acquired
Plainfield, Indiana
Plainfield 1551 Industrial —
1,097
7,772
10,867
1,097
18,639
19,736
6,942
2000 2000
Plainfield 1581 Industrial —
1,094
7,279
2,313
1,094
9,592
10,686
4,660
2000 2000
Plainfield 2209 Industrial —
2,016
8,717
2,740
2,016
11,457
13,473
4,815
2002 2002
Plainfield 1390 Industrial —
998
5,817
1,278
998
7,095
8,093
2,820
2004 2004
Plainfield 2425 Industrial —
4,527
10,908
1,924
4,527
12,832
17,359
6,589
2006 2006
Home Depot trailer parking lot Grounds —
310
—
—
310
—
310
—
2018 2018
AllPoints Midwest Bldg. 1 Industrial —
6,692
51,152
1,866
6,692
53,018
59,710
7,568
2008 2016
AllPoints Midwest Bldg. 4 Industrial —
4,111
9,943
22
4,053
10,023
14,076
4,858
2012 2013

Pompano Beach, Florida
Atlantic Business 1700 Industrial —
3,165
8,821
1,877
3,165
10,698
13,863
3,879
2000 2010
Atlantic Business 1800 Industrial —
2,663
8,417
1,229
2,663
9,646
12,309
3,720
2001 2010
Atlantic Business 1855 Industrial —
2,764
8,162
204
2,764
8,366
11,130
2,853
2001 2010
Atlantic Business 2022 Industrial —
1,804
5,885
41
1,804
5,926
7,730
2,007
2002 2010
Atlantic Business 1914 Industrial —
1,834
5,339
31
1,834
5,370
7,204
1,847
2002 2010
Atlantic Business 2003 Industrial —
1,980
5,918
1,233
1,980
7,151
9,131
2,998
2002 2010
Atlantic Business 1901 Industrial —
1,995
6,217
588
1,995
6,805
8,800
2,593
2004 2010
Atlantic Business 2200 Industrial —
1,999
6,012
852
1,999
6,864
8,863
2,476
2004 2010
Atlantic Business 2100 Industrial —
1,988
6,130
36
1,988
6,166
8,154
2,096
2002 2010
Atlantic Business 2201 Industrial —
2,194
4,050
209
2,194
4,259
6,453
1,555
2005 2010
Atlantic Business 2101 Industrial —
2,066
6,682
85
2,066
6,767
8,833
2,306
2004 2010
Atlantic Business 2103 Industrial —
1,616
3,634
162
1,616
3,796
5,412
1,404
2005 2010
Copans Business Park 1571 Industrial —
1,710
3,646
259
1,710
3,905
5,615
1,421
1989 2010
Copans Business Park 1521 Industrial —
1,781
3,101
434
1,781
3,535
5,316
1,350
1989 2010
Park Central 3250 Industrial —
1,688
1,997
116
1,688
2,113
3,801
926
1999 2010
Park Central 3760 Industrial —
3,098
2,567
1,634
3,098
4,201
7,299
1,714
1995 2010
Pompano Commerce Center 2901 Industrial —
3,250
4,872
888
3,250
5,760
9,010
3,511
2010 2010
Pompano Commerce Center 3101 Industrial —
2,905
4,670
486
2,916
5,145
8,061
1,661
2015 2015
Pompano Commerce Center 2951 Industrial —
3,250
5,704
63
3,250
5,767
9,017
3,590
2010 2010
Pompano Commerce Center 3151 Industrial —
2,897
3,939
1,249
2,908
5,177
8,085
1,330
2015 2015
Sample 95 Business Park 3101 Industrial —
3,300
6,115
370
3,300
6,485
9,785
2,353
1999 2010
Sample 95 Business Park 3001 Industrial —
2,963
6,135
198
2,963
6,333
9,296
2,239
1999 2011
Sample 95 Business Park 3035 Industrial —
3,713
4,288
362
3,713
4,650
8,363
1,944
1999 2011
Sample 95 Business Park 3135 Industrial —
1,688
5,030
852
1,688
5,882
7,570
2,190
1999 2010

Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2019
(in thousands)
Schedule III
Initial Cost
Cost Capitalized
Subsequent to
Development or Acquisition
Gross Book Value 12/31/2019
Name Asset Type Encumbrances Land Buildings Land/Land Imp Bldgs/TI Total (1) Accum. Depr. (2) Year Constructed/Renovated Year Acquired
Copans Business Park 1551 Industrial —
1,856
3,146
1,323
1,856
4,469
6,325
2,036
1989 2011
Copans Business Park 1501 Industrial —
1,988
3,367
266
1,988
3,633
5,621
1,315
1989 2011
Park Central 1700 Industrial —
4,136
6,407
913
4,136
7,320
11,456
2,830
1998 2011
Park Central 2101 Industrial —
2,696
5,798
967
2,696
6,765
9,461
2,491
1998 2011
Park Central 3300 Industrial —
1,635
2,846
405
1,635
3,251
4,886
1,238
1996 2011
Park Central 100 Industrial —
1,500
1,992
1,006
1,500
2,998
4,498
1,303
1998 2011
Park Central 1300 Industrial —
2,438
3,021
2,301
2,438
5,322
7,760
2,268
1997 2011
Copans 95 1731 Industrial —
3,511
5,889
—
3,511
5,889
9,400
73
2019 2019

Port Wentworth, Georgia
100 Logistics Way Industrial 5,410
2,306
11,043
2,272
2,336
13,285
15,621
4,950
2006 2006
500 Expansion Boulevard Industrial 2,465
649
5,842
224
649
6,066
6,715
1,933
2006 2008
400 Expansion Boulevard Industrial —
1,636
13,186
795
1,636
13,981
15,617
4,152
2007 2008
605 Expansion Boulevard Industrial —
1,615
6,852
76
1,615
6,928
8,543
2,152
2007 2008
405 Expansion Boulevard Industrial —
535
3,192
125
535
3,317
3,852
950
2008 2009
600 Expansion Boulevard Industrial —
1,248
9,392
33
1,248
9,425
10,673
2,641
2008 2009
602 Expansion Boulevard Industrial —
1,840
10,981
78
1,859
11,040
12,899
3,014
2009 2009

Raleigh, North Carolina
Walnut Creek 540 Industrial —
419
1,651
833
419
2,484
2,903
1,113
2001 2001
Walnut Creek 4000 Industrial —
456
2,078
450
456
2,528
2,984
1,163
2001 2001
Walnut Creek 3080 Industrial —
679
2,766
1,546
679
4,312
4,991
1,811
2001 2001
Walnut Creek 3070 Industrial —
913
1,187
1,511
913
2,698
3,611
1,037
2004 2004
Walnut Creek 3071 Industrial —
1,718
2,746
657
1,718
3,403
5,121
2,004
2008 2008

Rancho Cucamonga, California
9189 Utica Ave Industrial —
5,794
12,646
265
5,794
12,911
18,705
1,921
2016 2017

Rancho Dominguez, California
18700 Laurel Park Rd Industrial —
8,080
2,987
282
8,264
3,085
11,349
466
1971 2017

Redlands, California
2300 W. San Bernadino Ave Industrial —
20,031
18,770
1,308
20,031
20,078
40,109
7,264
2001 2013

Richmond, California
2041 Factory Street Industrial —
8,132
22,266
—
8,132
22,266
30,398
681
2000 2019

Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2019
(in thousands)
Schedule III
Initial Cost
Cost Capitalized
Subsequent to
Development or Acquisition
Gross Book Value 12/31/2019
Name Asset Type Encumbrances Land Buildings Land/Land Imp Bldgs/TI Total (1) Accum. Depr. (2) Year Constructed/Renovated Year Acquired
235 Jimmy Deloach Parkway Industrial —
1,074
7,201
1,340
1,147
8,468
9,615
3,211
2001 2006
239 Jimmy Deloach Parkway Industrial —
1,074
6,424
717
1,074
7,141
8,215
2,638
2001 2006
246 Jimmy Deloach Parkway Industrial 1,763
992
4,878
85
936
5,019
5,955
1,903
2006 2006
200 Logistics Way Industrial 3,808
878
9,274
365
883
9,634
10,517
3,009
2006 2008
2509 Dean Forest Road Industrial —
2,392
6,040
2,411
2,914
7,929
10,843
2,925
2008 2011
276 Jimmy Deloach Parkway Industrial —
6,772
6,405
—
6,772
6,405
13,177
135
2019 2019

Sea Brook, Texas
Bayport Logistics 5300 Industrial —
2,629
13,284
191
2,629
13,475
16,104
6,154
2009 2010
Bayport Logistics 5801 Industrial —
5,116
7,663
157
5,116
7,820
12,936
2,107
2015 2015

Shakopee, Minnesota
3880 4th Avenue East Industrial —
1,496
6,102
67
1,522
6,143
7,665
2,081
2000 2011
Gateway South 2301 Industrial —
2,648
11,898
6
2,648
11,904
14,552
1,814
2016 2016
Gateway South 2101 Industrial —
4,273
16,716
—
4,273
16,716
20,989
2,173
2017 2017

Sharonville, Ohio
Mosteller 11400 Industrial —
408
2,705
3,573
408
6,278
6,686
2,814
1997 1997

South Brunswick, New Jersey
10 Broadway Road Industrial —
15,168
13,916
1,226
15,168
15,142
30,310
2,309
2017 2017

St. Peters, Missouri
Premier 370 Bus Park 2001 Industrial —
8,709
25,696
—
8,709
25,696
34,405
4,017
2017 2017
Premier 370 Bus Park 2000 Industrial —
4,361
11,998
—
4,361
11,998
16,359
1,670
2017 2017
Premier 370 Bus Park 1000 Industrial —
4,563
9,805
719
4,563
10,524
15,087
1,484
2017 2017
Premier 370 Bus Park 4000 Industrial —
15,773
72,935
—
15,773
72,935
88,708
2,795
2019 2019
Premier 370 Bus Park 1001 Industrial —
6,362
12,408
—
6,362
12,408
18,770
622
2019 2019

Stafford, Texas
10225 Mula Road Industrial —
3,502
2,656
3,393
3,502
6,049
9,551
3,324
2008 2008

Sterling, Virginia
TransDulles Centre 22601 Industrial —
1,700
5,001
602
1,700
5,603
7,303
1,804
2004 2016
TransDulles Centre 22620 Industrial —
773
1,957
15
773
1,972
2,745
642
1999 2016
TransDulles Centre 22626 Industrial —
1,544
3,874
176
1,544
4,050
5,594
1,306
1999 2016
TransDulles Centre 22633 Industrial —
702
1,657
47
702
1,704
2,406
592
2004 2016
TransDulles Centre 22635 Industrial —
1,753
4,182
16
1,753
4,198
5,951
1,374
1999 2016
TransDulles Centre 22645 Industrial —
1,228
3,411
124
1,228
3,535
4,763
1,127
2005 2016
TransDulles Centre 22714 Industrial —
3,973
3,535
1,251
3,973
4,786
8,759
2,583
2007 2007
TransDulles Centre 22750 Industrial —
2,068
5,018
299
2,068
5,317
7,385
1,761
2003 2016
TransDulles Centre 22815 Industrial —
7,685
5,713
374
7,685
6,087
13,772
2,183
2000 2016
TransDulles Centre 22825 Industrial —
1,758
4,951
131
1,758
5,082
6,840
1,631
1997 2016
TransDulles Centre 22879 Industrial —
2,828
8,425
170
2,828
8,595
11,423
2,783
1989 2016

Duke Realty Corporation and Duke Realty Limited Partnership
Real Estate and Accumulated Depreciation
December 31, 2019
(in thousands)
Schedule III
Initial Cost
Cost Capitalized
Subsequent to
Development or Acquisition
Gross Book Value 12/31/2019
Name Asset Type Encumbrances Land Buildings Land/Land Imp Bldgs/TI Total (1) Accum. Depr. (2) Year Constructed/Renovated Year Acquired
TransDulles Centre 22880 Industrial —
2,311
4,922
10
2,311
4,932
7,243
1,687
1998 2016
TransDulles Centre 46213 Industrial —
5,912
3,965
720
5,912
4,685
10,597
1,585
2015 2015

Sumner, Washington
13501 38th Street East Industrial —
16,032
5,914
501
16,032
6,415
22,447
5,547
2005 2007
4800 E Valley Highway Industrial —
12,567
21,838
—
12,567
21,838
34,405
1,086
2004 2019

Suwanee, Georgia
Horizon Business 90 Industrial —
180
1,169
292
180
1,461
1,641
491
2001 2010
Horizon Business 225 Industrial —
457
2,056
706
457
2,762
3,219
997
1990 2010
Horizon Business 250 Industrial —
1,625
6,354
1,180
1,625
7,534
9,159
3,087
1997 2010
Horizon Business 70 Industrial —
956
3,441
942
956
4,383
5,339
1,566
1998 2010
Horizon Business 2780 Industrial —
1,143
5,724
2,159
1,143
7,883
9,026
2,361
1997 2010
Horizon Business 25 Industrial —
723
2,545
1,851
723
4,396
5,119
1,772
1999 2010
Horizon Business 2790 Industrial —
1,505
4,958
—
1,505
4,958
6,463
2,262
2006 2010
1000 Northbrook Parkway Industrial —
756
3,612
628
756
4,240
4,996
1,931
1986 2010

Tampa, Florida
Fairfield Distribution 8640 Industrial —
483
2,359
1,017
487
3,372
3,859
1,418
1998 1999
Fairfield Distribution 4720 Industrial —
530
4,624
954
534
5,574
6,108
2,814
1998 1999
Fairfield Distribution 4758 Industrial —
334
2,658
769
338
3,423
3,761
1,527
1999 1999
Fairfield Distribution 8600 Industrial —
600
1,185
2,235
604
3,416
4,020
1,662
1999 1999
Fairfield Distribution 4901 Industrial —
488
2,425
1,136
488
3,561
4,049
1,482
2000 2000
Fairfield Distribution 4727 Industrial —
555
3,348
1,239
555
4,587
5,142
2,177
2001 2001
Fairfield Distribution 4701 Industrial —
394
1,350
1,595
394
2,945
3,339
1,284
2001 2001
Fairfield Distribution 4661 Industrial —
444
1,640
879
444
2,519
2,963
995
2004 2004
Eagle Creek Business 8701 Industrial —
3,705
2,331
2,708
3,705
5,039
8,744
3,968
2006 2006
Eagle Creek Business 8651 Industrial —
2,354
1,661
1,895
2,354
3,556
5,910
2,526
2007 2007
Eagle Creek Business 8601 Industrial —
2,332
2,229
1,771
2,332
4,000
6,332
3,255
2007 2007

Teterboro, New Jersey
1 Catherine Street Industrial —
14,376
18,788
—
14,376
18,788
33,164
2,584
2016 2017

Tracy, California
1400 Pescadero Avenue Industrial —
9,633
39,644
—
9,633
39,644
49,277
11,613
2008 2013

West Chester, Ohio
World Park Union Centre 9287 Industrial —
2,150
827
7,934
2,151
8,760
10,911
4,709
2006 2006
World Park Union Centre 9271 Industrial —
557
5,923
481
557
6,404
6,961
2,407
2004 2004
World Park Union Centre 9266 Industrial —
1,125
5,951
398
1,125
6,349
7,474
2,212
1998 2010
World Park Union Centre 9451 Industrial —
1,219
6,201
725
1,219
6,926
8,145
2,356
1999 2010

~~(1)~~Class of stock/units

~~The tax basis (in thousands) of our real estate assets at December 31, 2019 was approximately~~ Quarterly
Amount per Share or Unit

Record Date

Payment Date

Common

$~~7,289,109~~

~~(unaudited) for federal income tax purposes.~~0.28


~~(2)~~February 16, 2022						~~Depreciation of real estate is computed using the straight-line method not to exceed~~ February 28, 202240 ~~years for buildings and~~ 15 ~~years for land improvements for properties that we develop, and not to exceed~~ 30 ~~years for buildings and~~ 10 ~~years for land improvements for properties that we acquire. Tenant improvements are depreciated over shorter periods based on lease terms (generally~~ 3 to 10 ~~years).~~

Property Dispositions

In January 2022, we contributed 3 buildings to an unconsolidated joint venture. The joint venture financed the acquisition of these properties with a combination of third party first mortgage loans and equity contributions from our partner and we received approximately $289.7 million of net cash proceeds, including our share of the proceeds from the joint venture's first mortgage loans.

Debt Extinguishment

On January 14, 2022, we provided notice of redemption to the holders of our $300.0 million of 3.75% unsecured notes, which are scheduled to mature in December 2024. This redemption occurred on February 13, 2022 and resulted in a loss on debt extinguishment of approximately $22.0 million, which is comprised of the prepayment premium and the write-off of unamortized deferred financing costs.

-93-

Real Estate Assets Accumulated Depreciation
2019 2018 2017 2019 2018 2017
Balance at beginning of year $ 7,248,346
$ 6,612,229
$ 6,523,281
$ 1,345,060
$ 1,196,458
$ 1,302,210
Acquisitions 205,390
327,318
945,912

Construction costs and tenant improvements 635,173
683,284
716,627

Depreciation expense 272,422
256,250
242,606
Cost of real estate sold or contributed (176,603 ) (336,327 ) (1,538,680 ) (68,861 ) (69,490 ) (314,306 )
Impairment allowance —
—
(859 )
Write-off of fully depreciated assets (61,028 ) (38,158 ) (34,052 ) (61,028 ) (38,158 ) (34,052 )
Balance at end of year including held-for-sale $ 7,851,278
$ 7,248,346
$ 6,612,229
$ 1,487,593
$ 1,345,060
$ 1,196,458
Properties held-for-sale (23,401 ) —
(18,662 ) (7,132 ) (884 ) (2,553 )
Balance at end of year excluding held-for-sale

$ 7,827,877
$ 7,248,346
$ 6,593,567
$ 1,480,461
$ 1,344,176
$ 1,193,905
Other real estate investments 165,500

Real estate assets $ 7,993,377

DUKE REALTY CORPORATION AND DUKE REALTY LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Duke Realty Corporation and Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2021 (in thousands of U.S. dollars, as applicable)						Schedule III
				Initial Cost		Cost Capitalized Subsequent to Development or Acquisition	Gross Book Value at 12/31/2021
	Name	Asset Type	Encumbrances	Land	Buildings		Land/Land Imp	Bldgs/TI	Total (1)	Accum. Depr. (2)	Year Constructed/Renovated	Year Acquired
Atlanta, Georgia
	Airport Distribution 3781	Industrial	—	4,064	11,383	320	4,064	11,703	15,767	3,683	2002	2014

Aurora, Illinois
	Meridian Business 880	Industrial	—	963	4,625	1,467	963	6,092	7,055	3,376	2000	2000
	4220 Meridian Parkway	Industrial	—	970	3,512	102	970	3,614	4,584	1,544	2004	2004
	Butterfield 2805	Industrial	—	9,185	10,795	5,847	9,272	16,555	25,827	11,623	2008	2008
	Butterfield 4000	Industrial	—	3,132	12,639	70	3,132	12,709	15,841	3,870	2016	2016
	Butterfield 2850	Industrial	—	11,317	18,305	130	11,317	18,435	29,752	6,561	2016	2016
	Butterfield 4200	Industrial	—	5,777	13,108	68	5,967	12,986	18,953	3,493	2016	2016

Austell, Georgia
	Hartman Business 7545	Industrial	—	2,640	21,471	20	2,640	21,491	24,131	8,725	2008	2012
	240 The Bluffs	Industrial	—	6,138	15,447	3,086	6,138	18,533	24,671	2,314	2018	2018

Avenel, New Jersey
	Paddock 1	Industrial	—	20,861	15,408	91	20,861	15,499	36,360	1,644	2020	2020

Baltimore, Maryland
	Chesapeake Commerce 5901	Industrial	—	3,345	1,355	3,855	3,365	5,190	8,555	3,834	2008	2008
	Chesapeake Commerce 5003	Industrial	—	6,488	7,087	5,767	6,546	12,796	19,342	6,739	2008	2008
	Chesapeake Commerce 1500	Industrial	—	8,289	10,109	108	8,333	10,173	18,506	4,326	2016	2016
	Chesapeake Commerce 5900	Industrial	—	5,567	6,100	876	5,567	6,976	12,543	2,373	2017	2017
	Chesapeake Commerce 6000	Industrial	—	2,418	10,369	362	2,418	10,731	13,149	835	2020	2020

Batavia, Ohio
	S Afton Industrial Park 3001	Industrial	—	5,729	20,717	—	5,729	20,717	26,446	2,881	2019	2019

Bloomingdale, Georgia
	Morgan Business Center 400	Industrial	—	18,385	44,455	539	18,385	44,994	63,379	9,004	2017	2017

Bolingbrook, Illinois
	250 East Old Chicago Road	Industrial	—	1,229	4,038	253	1,229	4,291	5,520	1,723	2005	2005
	Crossroads 2	Industrial	—	1,134	5,434	1,407	1,134	6,841	7,975	2,375	1998	2010
	Crossroads 375	Industrial	—	1,064	4,371	497	1,064	4,868	5,932	1,848	2000	2010
	Crossroads Parkway 370	Industrial	—	2,409	4,236	912	2,409	5,148	7,557	2,383	1989	2011
	Crossroads Parkway 605	Industrial	—	3,656	7,587	3,550	3,656	11,137	14,793	3,970	1998	2011
	Crossroads Parkway 335	Industrial	—	2,574	8,342	1,032	2,574	9,374	11,948	3,533	1997	2012

-94-

DUKE REALTY CORPORATION AND DUKE REALTY LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Duke Realty Corporation and Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2021 (in thousands of U.S. dollars, as applicable)						Schedule III
				Initial Cost		Cost Capitalized Subsequent to Development or Acquisition	Gross Book Value at 12/31/2021
	Name	Asset Type	Encumbrances	Land	Buildings		Land/Land Imp	Bldgs/TI	Total (1)	Accum. Depr. (2)	Year Constructed/Renovated	Year Acquired
Boynton Beach, Florida
	Gateway Center 1103	Industrial	—	3,701	5,300	1,712	3,702	7,011	10,713	2,920	2002	2010
	Gateway Center 3602	Industrial	—	1,738	4,584	265	1,739	4,848	6,587	1,789	2002	2010
	Gateway Center 3402	Industrial	—	2,063	3,218	471	2,064	3,688	5,752	1,485	2002	2010
	Gateway Center 2055	Industrial	—	1,560	2,583	175	1,560	2,758	4,318	1,036	2000	2010
	Gateway Center 2045	Industrial	—	1,073	1,541	835	1,073	2,376	3,449	922	2000	2010
	Gateway Center 2035	Industrial	—	1,073	1,304	699	1,073	2,003	3,076	772	2000	2010
	Gateway Center 2025	Industrial	—	1,560	2,658	145	1,560	2,803	4,363	1,048	2000	2010
	Gateway Center 1926	Industrial	—	4,143	9,900	1,458	4,144	11,357	15,501	4,653	2004	2010

Braselton, Georgia
	Braselton Business 920	Industrial	—	1,365	7,713	4,921	1,529	12,470	13,999	7,001	2001	2001
	625 Braselton Pkwy	Industrial	—	4,355	21,010	5,726	5,417	25,674	31,091	11,360	2006	2005
	1350 Braselton Parkway	Industrial	—	8,227	8,856	2,158	8,227	11,014	19,241	8,839	2008	2008

Brentwood, Tennessee
	Brentwood South Business 7104	Industrial	—	1,065	4,410	2,084	1,065	6,494	7,559	3,469	1987	1999
	Brentwood South Business 7106	Industrial	—	1,065	1,844	1,974	1,065	3,818	4,883	2,100	1987	1999
	Brentwood South Business 7108	Industrial	—	848	3,233	1,392	848	4,625	5,473	2,650	1989	1999

Brooklyn Park, Minnesota
	7300 Northland Drive	Industrial	—	700	5,289	862	703	6,148	6,851	3,398	1999	1998
	Crosstown North 9201	Industrial	—	835	4,433	1,501	1,121	5,648	6,769	3,168	1998	1999
	Crosstown North 8400	Industrial	—	2,079	4,926	3,044	2,233	7,816	10,049	4,003	1999	1999
	Crosstown North 9100	Industrial	—	1,079	3,743	999	1,166	4,655	5,821	2,591	2000	2000
	Crosstown North 9200	Industrial	—	1,222	2,674	2,690	1,256	5,330	6,586	2,262	2005	2005
	Crosstown North 7601	Industrial	—	2,998	7,472	885	2,998	8,357	11,355	3,366	2005	2005

Buena Park, California
	6280 Artesia Boulevard	Industrial	—	28,582	5,010	871	28,582	5,881	34,463	1,253	2005	2017

Carol Stream, Illinois
	Carol Stream 815	Industrial	—	3,037	11,210	1,849	3,037	13,059	16,096	6,008	2004	2003
	Carol Stream 640	Industrial	—	876	3,200	495	876	3,695	4,571	1,534	1999	2010
	Carol Stream 370	Industrial	—	1,319	5,960	1,053	1,332	7,000	8,332	2,561	2002	2010
	250 Kehoe Boulevard	Industrial	—	1,715	7,552	136	1,715	7,688	9,403	2,843	2008	2011
	Carol Stream 720	Industrial	—	3,362	17,759	1,020	4,083	18,058	22,141	6,592	1999	2011

-95-

DUKE REALTY CORPORATION AND DUKE REALTY LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Duke Realty Corporation and Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2021 (in thousands of U.S. dollars, as applicable)						Schedule III
				Initial Cost		Cost Capitalized Subsequent to Development or Acquisition	Gross Book Value at 12/31/2021
	Name	Asset Type	Encumbrances	Land	Buildings		Land/Land Imp	Bldgs/TI	Total (1)	Accum. Depr. (2)	Year Constructed/Renovated	Year Acquired
Carson, California
	20915 S Wilmington Ave	Industrial	—	24,350	7,934	545	24,350	8,479	32,829	346	1996	2020

Carteret, New Jersey
	900 Federal Blvd.	Industrial	—	2,088	24,712	36	2,088	24,748	26,836	4,503	2017	2017

Chino, California
	13799 Monte Vista	Industrial	—	14,046	8,236	2,252	14,046	10,488	24,534	6,983	2013	2013

Cincinnati, Ohio
	Kenwood Commons 8230	Office	663	638	35	2,460	638	2,495	3,133	769	1986	1993
	Kenwood Commons 8280	Office	637	638	275	2,059	638	2,334	2,972	1,241	1986	1993
	World Park 5389	Industrial	—	963	5,550	1,464	963	7,014	7,977	2,616	1994	2010
	World Park 5232	Industrial	—	1,078	5,074	818	1,077	5,893	6,970	2,139	1997	2010
	World Park 5399	Industrial	—	739	5,251	896	740	6,146	6,886	2,605	1998	2010
	World Park 5265	Industrial	—	2,118	11,569	4,480	2,118	16,049	18,167	5,889	2015	2010

City of Industry, California
	825 Ajax Ave	Industrial	—	38,930	27,627	8,133	38,930	35,760	74,690	6,546	2017	2017
	14508 Nelson Ave	Industrial	—	26,162	25,210	950	26,162	26,160	52,322	1,147	2010	2020

College Park, Georgia
	2929 Roosevelt Highway	Industrial	—	9,419	17,205	65	9,419	17,270	26,689	1,696	2020	2020

College Station, Texas
	Baylor College Station MOB	Medical Office	—	5,551	33,770	5,293	5,551	39,063	44,614	17,731	2013	2013

Columbus, Ohio
	RGLP Intermodal North 9224	Industrial	—	1,550	19,873	985	1,550	20,858	22,408	4,100	2016	2016
	RGLP Intermodal S 9799	Industrial	—	13,065	44,159	239	13,065	44,398	57,463	6,695	2018	2018

Coppell, Texas
	Freeport X	Industrial	—	2,145	12,784	3,624	2,145	16,408	18,553	7,325	2004	2004
	Point West 400	Industrial	—	10,181	12,803	9,041	10,475	21,550	32,025	14,092	2008	2008
	Point West 240	Industrial	—	6,785	11,700	6,299	7,519	17,265	24,784	10,965	2008	2008
	Point West 120	Industrial	—	3,267	8,695	147	3,267	8,842	12,109	4,058	2015	2015

Corona, California
	1283 Sherborn Street	Industrial	—	7,231	13,575	428	7,231	14,003	21,234	4,690	2005	2011

Cranbury, New Jersey
	311 Half Acre Road	Industrial	—	6,600	14,106	317	6,600	14,423	21,023	4,886	2004	2013
	315 Half Acre Road	Industrial	—	14,100	29,188	6,998	14,100	36,186	50,286	10,481	2004	2013

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Duke Realty Corporation and Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2021 (in thousands of U.S. dollars, as applicable)						Schedule III
				Initial Cost		Cost Capitalized Subsequent to Development or Acquisition	Gross Book Value at 12/31/2021
	Name	Asset Type	Encumbrances	Land	Buildings		Land/Land Imp	Bldgs/TI	Total (1)	Accum. Depr. (2)	Year Constructed/Renovated	Year Acquired
Cypress, California
	6450 Katella Ave	Industrial	—	85,984	2,517	—	85,984	2,517	88,501	204	2021	2021

Davenport, Florida
	Park 27 Distribution 210	Industrial	—	1,143	5,052	600	1,198	5,597	6,795	2,698	2003	2003
	Park 27 Distribution 220	Industrial	—	4,374	5,066	5,850	4,502	10,788	15,290	6,664	2007	2007

Davie, Florida
	Westport Business Park 2555	Industrial	—	1,040	951	69	1,040	1,020	2,060	366	1991	2011
	Westport Business Park 2501	Industrial	—	943	629	239	943	868	1,811	401	1991	2011
	Westport Business Park 2525	Industrial	—	2,048	5,774	1,472	2,048	7,246	9,294	2,725	1991	2011

Deer Park, Texas
	801 Seaco Court	Industrial	—	2,331	4,673	627	2,331	5,300	7,631	2,240	2006	2012

Des Moines, Washington
	21202 24th Ave South	Industrial	—	18,720	36,496	43	18,720	36,539	55,259	4,946	2018	2018
	21402 24th Ave South	Industrial	—	18,970	31,048	1,176	18,970	32,224	51,194	4,140	2018	2018

Duluth, Georgia
	Sugarloaf 2775	Industrial	—	560	4,298	1,185	560	5,483	6,043	2,989	1997	1999
	Sugarloaf 3079	Industrial	—	776	4,536	3,482	776	8,018	8,794	4,260	1998	1999
	Sugarloaf 2855	Industrial	—	765	2,618	1,906	765	4,524	5,289	2,301	1999	1999
	Sugarloaf 6655	Industrial	—	1,651	6,804	879	1,651	7,683	9,334	3,591	1998	2001
	2625 Pinemeadow Court	Industrial	—	732	3,096	889	732	3,985	4,717	1,389	1994	2010
	2660 Pinemeadow Court	Industrial	—	459	1,670	118	459	1,788	2,247	699	1996	2010
	2450 Satellite Boulevard	Industrial	—	473	1,730	414	473	2,144	2,617	886	1994	2010

DuPont, Washington
	2700 Center Drive	Industrial	—	34,413	37,943	520	34,582	38,294	72,876	16,473	2013	2013
	2800 Center Drive	Industrial	—	21,025	48,060	1,794	21,025	49,854	70,879	2,420	2020	2020
	2900 Center Drive	Industrial	—	34,692	71,066	34	34,692	71,100	105,792	3,872	2020	2020
	2980 Center Drive	Industrial	—	15,956	17,527	(63)	15,956	17,464	33,420	861	1996	2020
	Center Drive trailer lot	Grounds	—	3,252	—	1	3,253	—	3,253	80	n/a	2020

Durham, North Carolina
	Centerpoint Raleigh 1805	Industrial	—	3,574	10,339	5,260	3,574	15,599	19,173	6,791	2000	2011
	Centerpoint Raleigh 1757	Industrial	—	2,607	8,722	125	2,607	8,847	11,454	2,990	2007	2011

Eagan, Minnesota
	Apollo 920	Industrial	—	866	3,234	2,036	895	5,241	6,136	3,178	1997	1997
	Apollo 940	Industrial	—	474	2,092	784	474	2,876	3,350	1,624	2000	2000
	Apollo 950	Industrial	—	1,432	5,988	127	1,432	6,115	7,547	3,333	2000	2000
	2015 Silver Bell Road	Industrial	—	1,740	4,180	2,997	1,740	7,177	8,917	4,135	1999	1999

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DUKE REALTY CORPORATION AND DUKE REALTY LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Duke Realty Corporation and Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2021 (in thousands of U.S. dollars, as applicable)						Schedule III
				Initial Cost		Cost Capitalized Subsequent to Development or Acquisition	Gross Book Value at 12/31/2021
	Name	Asset Type	Encumbrances	Land	Buildings		Land/Land Imp	Bldgs/TI	Total (1)	Accum. Depr. (2)	Year Constructed/Renovated	Year Acquired
	Trapp 1279	Industrial	—	671	3,441	1,054	691	4,475	5,166	2,494	1996	1998
	Trapp 1245	Industrial	—	1,250	5,424	1,784	1,250	7,208	8,458	4,048	1998	1998

East Point, Georgia
	Camp Creek 2400	Industrial	—	296	627	2,267	300	2,890	3,190	1,517	1988	2001
	Camp Creek 2600	Industrial	—	364	824	1,702	368	2,522	2,890	1,416	1990	2001
	Camp Creek 3201	Industrial	—	1,937	7,426	2,901	1,937	10,327	12,264	4,610	2004	2004
	Camp Creek 3900	Industrial	—	287	2,919	2,191	286	5,111	5,397	2,487	2005	2005
	Camp Creek 3909	Industrial	—	2,403	1,309	18,177	3,583	18,306	21,889	6,660	2014	2006
	Camp Creek 3000	Industrial	—	1,163	1,020	1,450	1,258	2,375	3,633	1,942	2007	2007
	Camp Creek 4800	Industrial	—	2,476	3,906	2,380	2,740	6,022	8,762	3,944	2008	2008
	Camp Creek 4100	Industrial	—	3,130	9,115	553	3,327	9,471	12,798	4,292	2013	2013
	Camp Creek 3700	Industrial	—	1,878	3,016	100	1,883	3,111	4,994	1,526	2014	2014
	Camp Creek 4909	Industrial	—	7,807	14,321	3,826	7,851	18,103	25,954	6,534	2016	2016
	Camp Creek 3707	Industrial	—	7,282	20,538	3	7,282	20,541	27,823	7,128	2017	2017
	Camp Creek 4505	Industrial	—	4,505	9,697	3,708	4,505	13,405	17,910	2,991	2017	2017
	Camp Creek 4900	Industrial	—	3,244	7,758	778	3,244	8,536	11,780	1,359	2019	2019
	Camp Creek 4850	Industrial	—	5,428	7,169	197	5,428	7,366	12,794	911	2020	2020
	1000 Logistics Way	Industrial	—	10,599	41,030	—	10,599	41,030	51,629	1,709	2021	2021
	Camp Creek 6200	Industrial	—	5,609	15,301	—	5,609	15,301	20,910	177	2021	2021
	2000 Centre Court	Industrial	—	3,938	10,297	—	3,938	10,297	14,235	43	2021	2021

East Rutherford, New Jersey
	66-96 East Union Avenue		—	18,043	3,954	—	18,043	3,954	21,997	186	1969	2021

Easton, Pennsylvania
	33 Logistics Park 1610	Industrial	—	24,752	55,500	1,982	24,896	57,338	82,234	19,386	2016	2016
	33 Logistics Park 1611	Industrial	—	17,979	20,882	1,970	17,979	22,852	40,831	8,385	2017	2017
	33 Logistics Park 1620	Industrial	—	29,786	33,023	1,352	29,791	34,370	64,161	7,449	2018	2018

Elk Grove Village, Illinois
	1717 Busse Road	Industrial	—	3,602	18,065	494	3,602	18,559	22,161	6,631	2004	2011
	901 Chase Avenue	Industrial	—	10,405	8,961	39	10,405	9,000	19,405	1,101	2020	2020

Ellenwood, Georgia
	2529 Old Anvil Block	Industrial	—	4,664	9,265	446	4,664	9,711	14,375	4,133	2014	2014

Fairfield, Ohio
	Union Centre Industrial 6019	Industrial	—	5,635	6,576	2,534	5,635	9,110	14,745	6,111	2008	2008
	Union Centre Industrial 5855	Industrial	—	3,009	15,387	2,063	3,009	17,450	20,459	4,745	2016	2016
	Fairfield Logistics Ctr 7940	Industrial	—	4,679	8,237	2,180	4,689	10,407	15,096	1,889	2018	2018

-98-

DUKE REALTY CORPORATION AND DUKE REALTY LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Duke Realty Corporation and Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2021 (in thousands of U.S. dollars, as applicable)						Schedule III
				Initial Cost		Cost Capitalized Subsequent to Development or Acquisition	Gross Book Value at 12/31/2021
	Name	Asset Type	Encumbrances	Land	Buildings		Land/Land Imp	Bldgs/TI	Total (1)	Accum. Depr. (2)	Year Constructed/Renovated	Year Acquired
Flower Mound, Texas
	Lakeside Ranch 550	Industrial	—	4,619	19,299	488	4,619	19,787	24,406	6,730	2007	2011
	Lakeside Ranch 1001	Industrial	—	5,662	23,061	2,317	5,662	25,378	31,040	3,724	2019	2019
	Lakeside Ranch 350	Industrial	—	3,665	10,105	4,312	3,665	14,417	18,082	1,452	2019	2019

Fontana, California
	14970 Jurupa Ave	Grounds	—	17,306	—	—	17,306	—	17,306	1,158	n/a	2016
	7953 Cherry Ave	Industrial	—	6,704	12,521	824	6,704	13,345	20,049	3,305	2017	2017
	9988 Redwood Ave	Industrial	—	7,755	16,326	695	7,755	17,021	24,776	4,692	2016	2017
	11250 Poplar Ave	Industrial	—	18,138	33,586	—	18,138	33,586	51,724	8,206	2016	2017
	16171 Santa Ana Ave	Industrial	—	13,681	13,331	112	13,681	13,443	27,124	2,377	2018	2018

Fort Lauderdale, Florida
	Interstate 95 2200	Industrial	—	9,332	13,401	2,123	9,332	15,524	24,856	3,319	2017	2017
	Interstate 95 2100	Industrial	—	10,948	18,681	—	10,948	18,681	29,629	3,513	2017	2017

Fort Worth, Texas
	Riverpark 3300	Industrial	—	1,673	10,633	856	1,674	11,488	13,162	5,016	2007	2011

Franklin, Tennessee
	Aspen Grove Business 277	Industrial	—	936	2,919	3,954	936	6,873	7,809	3,852	1996	1999
	Aspen Grove Business 320	Industrial	—	1,151	5,824	1,628	1,151	7,452	8,603	4,065	1996	1999
	Aspen Grove Business 305	Industrial	—	970	4,677	1,300	970	5,977	6,947	3,245	1998	1999
	Aspen Grove Business 400	Industrial	—	492	1,677	1,218	492	2,895	3,387	1,298	2002	2002
	Brentwood South Business 119	Industrial	—	569	1,063	1,625	569	2,688	3,257	1,485	1990	1999
	Brentwood South Business 121	Industrial	—	445	1,563	614	445	2,177	2,622	1,124	1990	1999
	Brentwood South Business 123	Industrial	—	489	962	1,347	489	2,309	2,798	1,391	1990	1999

Franklin Park, Illinois
	11501 West Irving Park Road	Industrial	—	3,900	2,702	1,835	3,900	4,537	8,437	2,321	2007	2007

Fremont, California
	48401 Fremont Blvd		—	33,621	19,407	—	33,621	19,407	53,028	708	2021	2021

Fullerton, California
	500 Burning Tree Rd	Industrial	—	7,336	4,435	42	7,336	4,477	11,813	1,269	1991	2018
	700 Burning Tree Rd	Industrial	—	5,001	4,915	—	5,001	4,915	9,916	869	1991	2018

Garner, North Carolina
	Greenfield North 600	Industrial	—	519	2,448	536	520	2,983	3,503	1,224	2006	2011

-99-

DUKE REALTY CORPORATION AND DUKE REALTY LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Duke Realty Corporation and Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2021 (in thousands of U.S. dollars, as applicable)						Schedule III
				Initial Cost		Cost Capitalized Subsequent to Development or Acquisition	Gross Book Value at 12/31/2021
	Name	Asset Type	Encumbrances	Land	Buildings		Land/Land Imp	Bldgs/TI	Total (1)	Accum. Depr. (2)	Year Constructed/Renovated	Year Acquired
	Greenfield North 700	Industrial	—	407	2,054	295	408	2,348	2,756	919	2007	2011
	Greenfield North 800	Industrial	—	381	5,772	858	383	6,628	7,011	2,232	2004	2011
	Greenfield North 900	Industrial	—	367	5,792	1,764	370	7,553	7,923	2,746	2007	2011
	Greenfield North 1000	Industrial	—	1,897	6,026	96	1,979	6,040	8,019	2,323	2016	2016
	Greenfield North 1001	Industrial	—	2,517	5,494	2,523	2,610	7,924	10,534	2,462	2017	2017
	N. Greenfield Pkwy	Grounds	—	189	222	10	189	232	421	259	n/a	2015
	Greenfield North 1100	Industrial	—	1,870	5,623	(1)	1,870	5,622	7,492	514	2020	2020
	Greenfield North 1201	Industrial	—	3,462	6,867	3,292	3,462	10,159	13,621	967	2020	2020
	Greenfield North 1300	Industrial	—	6,112	—	—	6,112	—	6,112	217	2021	2021

Geneva, Illinois
	1800 Averill Road	Industrial	—	3,189	11,582	7,640	4,778	17,633	22,411	6,317	2013	2011

Gibsonton, Florida
	Tampa Regional Ind Park 13111	Industrial	—	10,547	8,662	2,011	10,547	10,673	21,220	3,515	2017	2017
	Tampa Regional Ind Park 13040	Industrial	—	13,184	13,475	2,987	13,184	16,462	29,646	3,468	2018	2018

Glendale Heights, Illinois
	990 North Avenue	Industrial	—	12,144	5,933	3,854	12,324	9,607	21,931	1,850	2018	2018

Grand Prairie, Texas
	Grand Lakes 4003	Industrial	—	3,206	9,124	14,038	4,361	22,007	26,368	6,487	2017	2006
	Grand Lakes 3953	Industrial	—	11,853	11,851	13,674	11,853	25,525	37,378	16,448	2008	2008
	1803 W. Pioneer Parkway	Industrial	—	3,158	15,389	97	3,158	15,486	18,644	5,203	2008	2011
	Grand Lakes 4053	Industrial	—	2,468	6,599	1,242	2,468	7,841	10,309	1,656	2018	2018

Groveport, Ohio
	Groveport Commerce Center 6200	Industrial	—	1,049	5,123	2,816	1,049	7,939	8,988	4,685	1999	1999
	Groveport Commerce Center 6300	Industrial	—	510	2,395	2,321	510	4,716	5,226	2,507	2000	2000
	Groveport Commerce Center 6295	Industrial	—	435	5,435	2,160	435	7,595	8,030	3,983	2000	2000
	Groveport Commerce Center 6405	Industrial	—	1,207	10,322	992	1,207	11,314	12,521	4,780	2005	2005
	RGLP North 2842	Industrial	—	5,680	22,366	843	5,680	23,209	28,889	6,905	2008	2010

Hebron, Kentucky
	Hebron 2305	Industrial	—	3,789	10,797	18,591	3,789	29,388	33,177	20,695	2006	2006
	Hebron 2285	Industrial	—	6,790	6,730	5,138	6,813	11,845	18,658	8,333	2007	2007
	Skyport 2350	Industrial	—	898	5,777	1,423	1,428	6,670	8,098	2,415	1997	2010
	Skyport 2250	Industrial	—	1,190	8,680	1,714	1,393	10,191	11,584	3,562	1999	2010
	Skyport 2245	Industrial	—	1,714	8,305	1,167	1,714	9,472	11,186	3,637	2000	2010
	Skyport 2265	Industrial	—	1,153	6,038	846	1,153	6,884	8,037	2,783	2006	2010
	Southpark 1990	Industrial	—	366	7,701	2	366	7,703	8,069	1,373	2016	2016

Hialeah, Florida
	Countyline Corporate Park 3740	Industrial	—	18,934	11,560	45	18,934	11,605	30,539	3,331	2018	2018

-100-

DUKE REALTY CORPORATION AND DUKE REALTY LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Duke Realty Corporation and Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2021 (in thousands of U.S. dollars, as applicable)						Schedule III
				Initial Cost		Cost Capitalized Subsequent to Development or Acquisition	Gross Book Value at 12/31/2021
	Name	Asset Type	Encumbrances	Land	Buildings		Land/Land Imp	Bldgs/TI	Total (1)	Accum. Depr. (2)	Year Constructed/Renovated	Year Acquired
	Countyline Corporate Park 3780	Industrial	—	21,445	22,144	166	21,445	22,310	43,755	4,379	2018	2018
	Countyline Corporate Park 3760	Industrial	—	32,802	52,633	153	32,802	52,786	85,588	8,949	2018	2018
	Countyline Corporate Park 3840	Industrial	—	15,906	14,953	266	15,906	15,219	31,125	3,202	2018	2018
	Countyline Corporate Park 3850	Industrial	—	18,270	17,567	179	18,270	17,746	36,016	2,549	2019	2019
	Countyline Corporate Park 3870	Industrial	—	17,605	17,068	91	17,605	17,159	34,764	2,408	2019	2019

Hialeah Gardens, Florida
	Miami Ind Logistics Ctr 15002	Industrial	—	10,671	14,071	1,828	10,671	15,899	26,570	4,130	2017	2017
	Miami Ind Logistics Ctr 14802	Industrial	—	10,800	14,236	3,635	10,800	17,871	28,671	4,574	2017	2017
	Miami Ind Logistics Ctr 10701	Industrial	—	13,048	17,204	2,366	13,048	19,570	32,618	5,432	2017	2017

Hopkins, Minnesota
	Cornerstone 401	Industrial	—	1,454	7,623	2,462	1,454	10,085	11,539	6,062	1996	1997

Houston, Texas
	Point North 8210	Industrial	—	3,125	2,178	2,293	3,125	4,471	7,596	3,373	2008	2008
	Point North 8120	Industrial	—	4,210	2,108	4,616	4,581	6,353	10,934	3,266	2013	2013
	Point North 8111	Industrial	—	3,957	15,093	642	3,957	15,735	19,692	5,631	2014	2014
	Point North 8411	Industrial	—	5,333	6,946	1,271	5,333	8,217	13,550	3,246	2015	2015
	Westland 8323	Industrial	—	4,183	2,574	3,675	4,417	6,015	10,432	4,591	2008	2008
	Westland 13788	Industrial	—	3,246	8,338	989	3,246	9,327	12,573	5,314	2011	2011
	Gateway Northwest 20710	Industrial	—	7,204	8,028	4,167	7,204	12,195	19,399	5,217	2014	2014
	Gateway Northwest 20702	Industrial	—	2,981	3,122	1,173	2,981	4,295	7,276	1,896	2014	2014
	Gateway Northwest 20502	Industrial	—	2,987	5,342	21	2,987	5,363	8,350	2,206	2016	2016
	22008 N Berwick Drive	Industrial	—	2,981	4,949	905	2,981	5,854	8,835	1,611	2002	2015
	Gateway Northwest 20510	Industrial	—	6,787	11,501	792	6,787	12,293	19,080	3,098	2018	2018
	Point North 8221	Industrial	—	6,503	10,357	1,441	6,503	11,798	18,301	2,117	2019	2019

Huntley, Illinois
	14100 Weber Drive	Industrial	—	7,539	34,069	78	7,539	34,147	41,686	8,068	2015	2015

Hutchins, Texas
	801 Wintergreen Road	Industrial	—	2,288	9,115	1,482	2,288	10,597	12,885	3,926	2006	2006
	Prime Pointe 1005	Industrial	—	5,865	19,420	59	5,865	19,479	25,344	5,340	2016	2016
	Prime Pointe 1015	Industrial	—	8,356	16,319	2,257	8,170	18,762	26,932	3,704	2018	2018

Indianapolis, Indiana
	Park 100 5550	Industrial	—	1,171	12,611	678	1,424	13,036	14,460	8,704	1997	1995
	Park 100 Bldg 121 Land Lease	Grounds	—	3	—	—	3	—	3	—	n/a	2003
	West 79th St. Parking Lot LL	Grounds	—	164	—	—	164	—	164	—	n/a	2006
	North Airport Park 7750	Industrial	—	1,620	4,279	810	1,620	5,089	6,709	2,168	1997	2010
	Park 100 5010	Industrial	—	621	1,687	568	621	2,255	2,876	1,144	1984	2010
	Park 100 5134	Industrial	—	578	1,904	299	578	2,203	2,781	867	1984	2010

-101-

DUKE REALTY CORPORATION AND DUKE REALTY LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Duke Realty Corporation and Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2021 (in thousands of U.S. dollars, as applicable)						Schedule III
				Initial Cost		Cost Capitalized Subsequent to Development or Acquisition	Gross Book Value at 12/31/2021
	Name	Asset Type	Encumbrances	Land	Buildings		Land/Land Imp	Bldgs/TI	Total (1)	Accum. Depr. (2)	Year Constructed/Renovated	Year Acquired
	Park 100 5302	Industrial	—	384	998	325	384	1,323	1,707	604	1989	2010
	Park 100 5303	Industrial	—	384	1,515	348	384	1,863	2,247	772	1989	2010
	Park 100 7225	Industrial	—	1,037	13,332	998	1,037	14,330	15,367	5,667	1996	2010
	Park 100 4925	Industrial	—	1,152	8,569	2,319	1,152	10,888	12,040	4,471	2000	2010
	8711 North River Crossing Blvd	HQ/Core Portfolio	17,387	1,211	24,259	70	1,211	24,329	25,540	2,108	2020	2020

Katy, Texas
	3900 Peek Road	Industrial	—	8,584	14,385	4,645	8,584	19,030	27,614	1,351	2020	2020

Kent, Washington
	21214 66th Ave South	Industrial	—	3,813	9,767	—	3,813	9,767	13,580	662	2016	2020

Kutztown, Pennsylvania
	West Hills 9645	Industrial	—	15,340	47,981	623	15,340	48,604	63,944	16,192	2014	2014
	West Hills 9677	Industrial	—	5,218	13,029	68	5,218	13,097	18,315	4,482	2015	2015

La Mirada, California
	16501 Trojan Way	Industrial	—	23,503	30,945	225	23,503	31,170	54,673	11,572	2002	2012
	16301 Trojan Way	Industrial	—	39,645	22,164	45	39,645	22,209	61,854	3,615	2018	2018

Lancaster, Texas
	Lancaster 2820	Industrial	—	9,786	22,270	8	9,786	22,278	32,064	4,953	2018	2018

LaPorte, Texas
	Bayport Container Lot	Grounds	—	3,334	—	1,041	4,375	—	4,375	—	n/a	2010

Lathrop, California
	16825 Murphy Parkway	Industrial	—	10,121	20,959	—	10,121	20,959	31,080	—	2021	2021

Lawrenceville, Georgia
	175 Alcovy Industrial Road	Industrial	—	1,480	2,935	45	1,487	2,973	4,460	1,268	2004	2004

Lebanon, Indiana
	Lebanon Park 185	Industrial	—	177	8,664	1,554	177	10,218	10,395	6,116	2000	1997
	Lebanon Park 322	Industrial	—	340	6,230	1,479	340	7,709	8,049	4,360	1999	1999
	Lebanon Park 500	Industrial	—	816	10,741	2,471	815	13,213	14,028	5,821	2005	2005
	Lebanon Park 210	Industrial	—	156	3,427	109	156	3,536	3,692	1,379	1996	2010
	Lebanon Park 311	Industrial	—	349	7,604	767	350	8,370	8,720	3,380	1998	2010

Lebanon, Tennessee
	Park 840 West 14840	Industrial	—	2,367	8,449	4,907	2,367	13,356	15,723	4,897	2006	2006
	Park 840 East 1009	Industrial	—	7,731	12,462	1,782	7,852	14,123	21,975	7,216	2013	2013

Linden, New Jersey
	Legacy Commerce Center 801	Industrial	—	22,134	23,645	2,198	22,134	25,843	47,977	6,905	2014	2014

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Duke Realty Corporation and Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2021 (in thousands of U.S. dollars, as applicable)						Schedule III
				Initial Cost		Cost Capitalized Subsequent to Development or Acquisition	Gross Book Value at 12/31/2021
	Name	Asset Type	Encumbrances	Land	Buildings		Land/Land Imp	Bldgs/TI	Total (1)	Accum. Depr. (2)	Year Constructed/Renovated	Year Acquired
	Legacy Commerce Center 301	Industrial	—	6,933	8,575	335	6,933	8,910	15,843	2,845	2015	2015
	Legacy Commerce Center 901	Industrial	—	25,935	19,806	2,311	25,937	22,115	48,052	6,802	2016	2016

Lithia Springs, Georgia
	2601 Skyview Drive	Industrial	—	4,282	9,534	58	4,282	9,592	13,874	2,816	2016	2017

Lockport, Illinois
	Lockport 16328	Industrial	—	3,339	17,446	460	3,339	17,906	21,245	3,659	2016	2017
	Lockport 16410	Industrial	—	2,677	16,117	285	2,677	16,402	19,079	3,249	2016	2017
	Lockport 16508	Industrial	—	4,520	17,472	2,616	4,520	20,088	24,608	4,362	2017	2017

Lockbourne, Ohio
	Creekside 2120	Industrial	—	2,868	15,406	1,031	2,868	16,437	19,305	6,312	2008	2012
	Creekside 4555	Industrial	—	1,947	11,453	294	1,947	11,747	13,694	4,339	2005	2012

Lodi, New Jersey
	65 Industrial Road	Industrial	—	20,063	899	40	20,063	939	21,002	106	1965	2020

Logan Township, New Jersey
	1130 Commerce Boulevard	Industrial	—	3,770	18,699	1,158	3,770	19,857	23,627	6,240	2002	2013

Long Beach, California
	3700 Cover Street	Industrial	—	7,280	6,954	—	7,280	6,954	14,234	3,464	2012	2013
	189 W Victoria St	Industrial	—	16,905	2,373	—	16,905	2,373	19,278	—	1979	2021

Los Angeles, California
	13344 S Main Street	Industrial	—	39,678	23,978	—	39,678	23,978	63,656	403	2021	2021

Lynwood, California
	2700 East Imperial Highway	Industrial	—	15,230	17,865	56	15,230	17,921	33,151	6,338	1999	2011
	11600 Alameda Street	Industrial	—	10,705	10,979	1,949	10,958	12,675	23,633	2,503	2017	2017

Manteca, California
	600 Spreckels Avenue	Industrial	—	4,851	18,985	416	4,851	19,401	24,252	7,117	1999	2012

Maple Grove, Minnesota
	Arbor Lakes 10500	Industrial	—	4,803	9,891	4,090	4,912	13,872	18,784	1,975	2018	2018
	Arbor Lakes 10501	Industrial	—	5,363	17,713	85	5,363	17,798	23,161	2,727	2019	2019
	Park 81 10750	Industrial	—	3,971	9,262	1	3,971	9,263	13,234	1,143	2019	2019

McDonough, Georgia
	Liberty Distribution 120	Industrial	—	615	8,117	733	615	8,850	9,465	4,925	1997	1999
	Liberty Distribution 250	Industrial	—	2,273	10,910	7,946	3,416	17,713	21,129	8,521	2001	2001

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Duke Realty Corporation and Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2021 (in thousands of U.S. dollars, as applicable)						Schedule III
				Initial Cost		Cost Capitalized Subsequent to Development or Acquisition	Gross Book Value at 12/31/2021
	Name	Asset Type	Encumbrances	Land	Buildings		Land/Land Imp	Bldgs/TI	Total (1)	Accum. Depr. (2)	Year Constructed/Renovated	Year Acquired

Mechanicsburg, Pennsylvania
	500 Independence Avenue	Industrial	—	4,494	15,007	883	4,499	15,885	20,384	5,099	2008	2013

Medley, Florida
	Miami 27 Business Park 10300	Industrial	—	34,758	16,913	—	34,758	16,913	51,671	298	2021	2021
	Miami 27 Business Park 10310	Industrial	—	15,275	11,412	—	15,275	11,412	26,687	255	2021	2021

Melrose Park, Illinois
	1600 North 25th Avenue	Industrial	—	5,907	17,516	299	5,907	17,815	23,722	7,744	2000	2010

Miami, Florida
	9601 NW 112 Avenue	Industrial	—	11,626	14,651	8	11,626	14,659	26,285	5,599	2003	2013

Minooka, Illinois
	Midpoint Distribution 801	Industrial	—	6,282	30,802	627	6,282	31,429	37,711	9,838	2008	2013

Modesto, California
	1000 Oates Court	Industrial	—	10,115	16,944	428	10,115	17,372	27,487	8,440	2002	2012

Monroe Twp., New Jersey
	773 Cranbury South River Road	Industrial	—	3,001	36,527	199	3,001	36,726	39,727	7,609	2016	2017

Moreno Valley, California
	17791 Perris Boulevard	Industrial	—	67,806	74,531	38	67,806	74,569	142,375	14,331	2018	2017
	15810 Heacock Street	Industrial	—	9,727	18,882	2,770	9,727	21,652	31,379	3,389	2017	2017
	24975 Nandina Ave	Industrial	—	13,322	17,214	214	13,322	17,428	30,750	2,172	2019	2019
	24960 San Michele	Industrial	—	8,336	13,699	—	8,336	13,699	22,035	2,430	2019	2019

Morgans Point, Texas
	Barbours Cut 1200	Industrial	—	889	7,140	90	889	7,230	8,119	2,661	2004	2010
	Barbours Cut 1000	Industrial	—	868	7,311	168	868	7,479	8,347	2,756	2005	2010

Morrisville, North Carolina
	Perimeter Park 3000	Industrial	—	482	1,982	1,688	491	3,661	4,152	2,018	1989	1999
	Perimeter Park 2900	Industrial	—	235	1,314	1,644	241	2,952	3,193	1,662	1990	1999
	Perimeter Park 2800	Industrial	—	777	4,151	1,511	791	5,648	6,439	3,039	1992	1999
	Perimeter Park 2700	Industrial	—	662	1,081	2,270	662	3,351	4,013	1,761	2001	2001
	Woodlake 100	Industrial	—	633	3,183	2,080	1,132	4,764	5,896	2,824	1994	1999
	Woodlake 101	Industrial	—	615	3,868	530	615	4,398	5,013	2,411	1997	1999
	Woodlake 200	Industrial	—	357	3,688	932	357	4,620	4,977	2,539	1999	1999
	Woodlake 501	Industrial	—	640	5,477	1,032	640	6,509	7,149	3,283	1999	1999
	Woodlake 400	Industrial	—	390	1,055	443	390	1,498	1,888	685	2004	2004

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Duke Realty Corporation and Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2021 (in thousands of U.S. dollars, as applicable)						Schedule III
				Initial Cost		Cost Capitalized Subsequent to Development or Acquisition	Gross Book Value at 12/31/2021
	Name	Asset Type	Encumbrances	Land	Buildings		Land/Land Imp	Bldgs/TI	Total (1)	Accum. Depr. (2)	Year Constructed/Renovated	Year Acquired
Myerstown, Pennsylvania
	Central Logistics Park 100	Industrial	—	16,936	29,564	83	16,936	29,647	46,583	2,742	2020	2020
	Central Logistics Park 60	Industrial	—	16,058	26,546	—	16,058	26,546	42,604	807	2021	2021

Naperville, Illinois
	1835 W. Jefferson	Industrial	—	2,209	7,921	1,651	2,213	9,568	11,781	4,182	2005	2003
	175 Ambassador Drive	Industrial	—	3,822	11,252	11	3,822	11,263	15,085	4,540	2006	2010
	1860 West Jefferson	Industrial	—	7,016	35,581	1,113	7,016	36,694	43,710	16,272	2000	2012

Nashville, Tennessee
	Airpark East 800	Industrial	—	1,564	2,129	1,985	1,564	4,114	5,678	1,814	2002	2002
	Nashville Business 3300	Industrial	—	936	4,773	1,914	936	6,687	7,623	3,822	1997	1999
	Nashville Business 3438	Industrial	—	3,048	8,165	2,221	3,048	10,386	13,434	4,758	2005	2005
	Four-Forty Business 700	Industrial	—	938	6,354	706	938	7,060	7,998	4,036	1997	1999
	Four-Forty Business 684	Industrial	—	1,812	6,561	2,207	1,812	8,768	10,580	4,923	1998	1999
	Four-Forty Business 782	Industrial	—	1,522	4,820	1,796	1,522	6,616	8,138	3,705	1997	1999
	Four-Forty Business 784	Industrial	—	471	2,153	1,698	471	3,851	4,322	2,404	1999	1999
	Four-Forty Business 701	Industrial	—	997	4,763	107	997	4,870	5,867	1,838	1996	2010

Newark, New Jersey
	429 Delancy Street	Industrial	—	60,393	85,359	959	60,486	86,225	146,711	8,090	2019	2019
	740-768 Doremus Avenue	Grounds	—	106,552	—	—	106,552	—	106,552	—	n/a	2021

Northlake, Illinois
	Northlake Distribution 635	Industrial	—	5,721	9,008	1,574	5,721	10,582	16,303	4,991	2002	2002
	Northlake Distribution 599	Industrial	—	2,823	5,685	3,400	2,823	9,085	11,908	2,988	2014	2006
	200 Champion Way	Industrial	—	3,554	11,528	832	3,554	12,360	15,914	4,576	1997	2011

Oakland, California
	1905 Dennison Street	Industrial	15,063	12,118	20,518	2	12,118	20,520	32,638	1,131	1956	2020
	955 Kennedy Street	Industrial	9,519	13,053	9,764	—	13,053	9,764	22,817	736	1966	2020

Ontario, California
	1656 Bon View	Industrial	—	9,551	250	—	9,551	250	9,801	23	1991	2021
	2151 S Vintage Ave	Industrial	—	105,589	82,630	—	105,589	82,630	188,219	1,828	1991	2021

Orange, California
	210 W Baywood Ave	Industrial	—	5,066	4,515	1,816	5,066	6,331	11,397	1,049	1989	2018

Orlando, Florida
	2502 Lake Orange	Industrial	—	2,331	3,235	319	2,331	3,554	5,885	1,698	2003	2003

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DUKE REALTY CORPORATION AND DUKE REALTY LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Duke Realty Corporation and Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2021 (in thousands of U.S. dollars, as applicable)						Schedule III
				Initial Cost		Cost Capitalized Subsequent to Development or Acquisition	Gross Book Value at 12/31/2021
	Name	Asset Type	Encumbrances	Land	Buildings		Land/Land Imp	Bldgs/TI	Total (1)	Accum. Depr. (2)	Year Constructed/Renovated	Year Acquired
	Parksouth Distribution 2500	Industrial	—	565	4,360	1,714	570	6,069	6,639	3,287	1996	1999
	Parksouth Distribution 2490	Industrial	—	493	4,170	654	498	4,819	5,317	2,764	1997	1999
	Parksouth Distribution 2491	Industrial	—	593	3,150	1,963	597	5,109	5,706	2,719	1998	1999
	Parksouth Distribution 9600	Industrial	—	649	4,111	1,128	653	5,235	5,888	3,091	1997	1999
	Parksouth Distribution 9550	Industrial	—	1,030	4,207	3,521	1,035	7,723	8,758	3,813	1999	1999
	Parksouth Distribution 2481	Industrial	—	725	2,245	1,567	730	3,807	4,537	2,142	2000	2000
	Parksouth Distribution 9592	Industrial	—	623	1,646	99	623	1,745	2,368	845	2003	2003
	Crossroads Business Park 301	Industrial	—	1,653	2,804	4,070	1,653	6,874	8,527	2,891	2006	2006
	Crossroads Business Park 601	Industrial	—	2,701	3,571	2,059	2,701	5,630	8,331	3,244	2007	2007
	7133 Municipal Drive	Industrial	—	5,817	6,820	29	5,817	6,849	12,666	1,296	2018	2018

Otsego, Minnesota
	Gateway North 6301	Industrial	—	1,543	6,515	6,009	2,783	11,284	14,067	2,828	2017	2015
	Gateway North 6651	Industrial	—	3,667	16,249	129	3,748	16,297	20,045	4,548	2015	2015
	Gateway North 6701	Industrial	—	3,266	10,996	237	3,374	11,125	14,499	3,219	2014	2014
	Gateway North 6651	Grounds	—	1,521	—	—	1,521	—	1,521	536	n/a	2016

Pasadena, Texas
	Interport 13001	Industrial	—	5,715	30,961	781	5,655	31,802	37,457	10,451	2007	2013
	Bayport 4035	Industrial	—	3,772	10,255	188	3,772	10,443	14,215	2,264	2008	2017
	Bayport 4331	Industrial	—	7,638	30,213	125	7,638	30,338	37,976	6,970	2008	2017

Perris, California
	3500 Indian Avenue	Industrial	—	16,210	27,759	8,884	18,716	34,137	52,853	12,137	2015	2015
	3300 Indian Avenue	Industrial	—	39,012	43,280	1,870	38,989	45,173	84,162	16,181	2017	2017
	4323 Indian Ave	Industrial	—	20,525	30,125	470	20,525	30,595	51,120	4,644	2019	2019
	4375 N Perris Blvd	Industrial	—	26,830	69,527	57	26,830	69,584	96,414	6,415	2020	2020
	4501 Patterson Avenue	Industrial	—	28,211	49,869	2,621	28,211	52,490	80,701	5,042	2020	2020
	728 W. Rider Street	Industrial	—	69,056	62,459	—	69,056	62,459	131,515	616	2021	2021

Piscataway, New Jersey
	141 Circle Drive North	Grounds	—	5,237	—	29	5,266	—	5,266	—	n/a	2020
	150 Old New Brunswick Road	Industrial	—	52,134	45,883	—	52,134	45,883	98,017	1,090	2021	2021
	600 Ridge Road	Industrial	—	102,080	63,847	—	102,080	63,847	165,927	114	2019	2021

Plymouth, Minnesota
	Waterford Innovation Center	Industrial	—	2,689	9,897	113	2,689	10,010	12,699	2,221	2017	2017

Pomona, California
	1589 E 9th St.	Industrial	—	7,386	14,745	652	7,386	15,397	22,783	3,552	2016	2017

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DUKE REALTY CORPORATION AND DUKE REALTY LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Duke Realty Corporation and Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2021 (in thousands of U.S. dollars, as applicable)						Schedule III
				Initial Cost		Cost Capitalized Subsequent to Development or Acquisition	Gross Book Value at 12/31/2021
	Name	Asset Type	Encumbrances	Land	Buildings		Land/Land Imp	Bldgs/TI	Total (1)	Accum. Depr. (2)	Year Constructed/Renovated	Year Acquired
	468 S Humane Way	Industrial	—	11,959	13,044	—	11,959	13,044	25,003	125	2017	2021
	1941 Mission Blvd	Industrial	—	7,405	8,249	—	7,405	8,249	15,654	—	2017	2021
	1943 Mission Blvd	Industrial	—	8,364	10,203	—	8,364	10,203	18,567	—	2017	2021

Perth Amboy, New Jersey
	ePort 960	Industrial	—	14,425	23,463	2,014	14,425	25,477	39,902	4,674	2017	2017
	ePort 980	Industrial	—	43,778	87,019	273	43,778	87,292	131,070	15,950	2017	2017
	ePort 1000	Industrial	—	19,726	41,229	1,040	19,726	42,269	61,995	7,244	2017	2017
	Steel Run Logistics Ctr Bldg 1	Industrial	—	31,987	23,948	388	32,318	24,005	56,323	2,277	2020	2020
	Steel Run Logistics Ctr Bldg 2	Industrial	—	73,056	68,473	4,145	73,974	71,700	145,674	4,412	2020	2020

Plainfield, Indiana
	Plainfield 1551	Industrial	—	1,097	7,772	10,831	1,097	18,603	19,700	8,380	2015	2000
	Plainfield 1581	Industrial	—	1,094	7,279	2,506	1,094	9,785	10,879	5,013	2000	2000
	Plainfield 2209	Industrial	—	2,016	8,717	2,639	2,016	11,356	13,372	5,334	2002	2002
	Plainfield 1390	Industrial	—	998	5,817	986	998	6,803	7,801	2,887	2004	2004
	Plainfield 2425	Industrial	—	1,917	10,908	1,979	1,918	12,886	14,804	5,052	2006	2006
	Home Depot trailer parking lot	Grounds	—	310	—	—	310	—	310	—	2018	2018
	AllPoints Midwest Bldg. 1	Industrial	—	6,692	51,152	2,056	6,692	53,208	59,900	12,143	2008	2016
	AllPoints Midwest Bldg. 4	Industrial	—	4,111	9,943	22	4,053	10,023	14,076	6,293	2012	2013
	AllPoints Midwest Bldg. 10	Industrial	—	2,867	22,335	—	2,867	22,335	25,202	1,017	2018	2021

Pompano Beach, Florida
	Atlantic Business 1700	Industrial	—	2,743	8,821	1,849	2,743	10,670	13,413	4,259	2000	2010
	Atlantic Business 1800	Industrial	—	2,308	8,381	564	2,308	8,945	11,253	3,439	2001	2010
	Atlantic Business 1855	Industrial	—	2,395	8,162	234	2,395	8,396	10,791	3,107	2001	2010
	Atlantic Business 2022	Industrial	—	1,563	5,885	41	1,563	5,926	7,489	2,190	2002	2010
	Atlantic Business 1914	Industrial	—	1,589	5,332	31	1,589	5,363	6,952	1,982	2002	2010
	Atlantic Business 2003	Industrial	—	1,716	5,918	831	1,716	6,749	8,465	2,876	2002	2010
	Atlantic Business 1901	Industrial	—	1,729	6,199	381	1,729	6,580	8,309	2,397	2004	2010
	Atlantic Business 2200	Industrial	—	1,732	6,012	843	1,732	6,855	8,587	2,802	2004	2010
	Atlantic Business 2100	Industrial	—	1,723	6,130	141	1,723	6,271	7,994	2,306	2002	2010
	Atlantic Business 2201	Industrial	—	1,901	4,050	121	1,901	4,171	6,072	1,534	2005	2010
	Atlantic Business 2101	Industrial	—	1,790	6,682	122	1,791	6,803	8,594	2,479	2004	2010
	Atlantic Business 2103	Industrial	—	1,400	3,628	118	1,401	3,745	5,146	1,412	2005	2010
	Copans Business Park 1571	Industrial	—	1,482	3,646	367	1,482	4,013	5,495	1,480	1989	2010
	Copans Business Park 1521	Industrial	—	1,543	3,101	309	1,544	3,409	4,953	1,305	1989	2010
	Park Central 3250	Industrial	—	1,463	1,997	10	1,463	2,007	3,470	799	1999	2010

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DUKE REALTY CORPORATION AND DUKE REALTY LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Duke Realty Corporation and Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2021 (in thousands of U.S. dollars, as applicable)						Schedule III
				Initial Cost		Cost Capitalized Subsequent to Development or Acquisition	Gross Book Value at 12/31/2021
	Name	Asset Type	Encumbrances	Land	Buildings		Land/Land Imp	Bldgs/TI	Total (1)	Accum. Depr. (2)	Year Constructed/Renovated	Year Acquired
	Park Central 3760	Industrial	—	2,685	2,491	1,682	2,685	4,173	6,858	1,647	1995	2010
	Pompano Commerce Center 2901	Industrial	—	2,177	3,896	789	2,178	4,684	6,862	1,758	2010	2010
	Pompano Commerce Center 3101	Industrial	—	2,905	4,095	571	2,916	4,655	7,571	1,805	2015	2015
	Pompano Commerce Center 2951	Industrial	—	2,177	4,465	37	2,178	4,501	6,679	1,720	2010	2010
	Pompano Commerce Center 3151	Industrial	—	2,897	3,939	121	2,908	4,049	6,957	1,369	2015	2015
	Sample 95 Business Park 3101	Industrial	—	2,860	6,115	565	2,860	6,680	9,540	2,464	1999	2010
	Sample 95 Business Park 3001	Industrial	—	2,568	6,135	121	2,568	6,256	8,824	2,264	1999	2011
	Sample 95 Business Park 3035	Industrial	—	3,218	4,288	411	3,218	4,699	7,917	1,759	1999	2011
	Sample 95 Business Park 3135	Industrial	—	1,463	4,890	858	1,463	5,748	7,211	2,441	1999	2010
	Copans Business Park 1551	Industrial	—	1,608	3,146	667	1,609	3,812	5,421	1,636	1989	2011
	Copans Business Park 1501	Industrial	—	1,723	3,367	365	1,723	3,732	5,455	1,339	1989	2011
	Park Central 1700	Industrial	—	3,584	6,361	863	3,585	7,223	10,808	2,760	1998	2011
	Park Central 2101	Industrial	—	2,336	5,756	1,135	2,337	6,890	9,227	2,736	1998	2011
	Park Central 3300	Industrial	—	1,417	2,846	434	1,417	3,280	4,697	1,309	1996	2011
	Park Central 100	Industrial	—	1,300	1,992	660	1,300	2,652	3,952	1,083	1998	2011
	Park Central 1300	Industrial	—	2,113	3,021	2,178	2,113	5,199	7,312	2,484	1997	2011
	Copans 95 1731	Industrial	—	3,511	5,889	1,749	3,518	7,631	11,149	864	2019	2019

Port Wentworth, Georgia
	100 Logistics Way	Industrial	4,019	1,975	11,043	2,283	2,005	13,296	15,301	5,561	2006	2006
	500 Expansion Boulevard	Industrial	1,903	649	5,842	144	649	5,986	6,635	2,202	2006	2008
	400 Expansion Boulevard	Industrial	—	1,636	13,186	2,798	1,636	15,984	17,620	5,223	2007	2008
	605 Expansion Boulevard	Industrial	—	1,615	6,852	5,273	1,615	12,125	13,740	2,833	2020	2008
	405 Expansion Boulevard	Industrial	—	535	3,192	50	535	3,242	3,777	1,088	2008	2009
	600 Expansion Boulevard	Industrial	—	1,248	9,392	33	1,248	9,425	10,673	3,139	2008	2009
	602 Expansion Boulevard	Industrial	—	1,840	10,981	88	1,859	11,050	12,909	3,617	2009	2009

Raleigh, North Carolina
	Walnut Creek 540	Industrial	—	419	1,651	1,054	419	2,705	3,124	1,287	2001	2001
	Walnut Creek 4000	Industrial	—	456	2,078	492	456	2,570	3,026	1,287	2001	2001
	Walnut Creek 3080	Industrial	—	679	2,766	1,534	679	4,300	4,979	2,055	2001	2001
	Walnut Creek 3070	Industrial	—	913	1,187	1,500	913	2,687	3,600	1,198	2004	2004
	Walnut Creek 3071	Industrial	—	1,718	2,746	618	1,718	3,364	5,082	2,321	2008	2008

Rancho Cucamonga, California
	9189 Utica Ave	Industrial	—	5,794	12,646	265	5,794	12,911	18,705	3,278	2016	2017
	10415 8th Street	Industrial	—	8,641	9,790	—	8,641	9,790	18,431	144	2021	2021

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Duke Realty Corporation and Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2021 (in thousands of U.S. dollars, as applicable)						Schedule III
				Initial Cost		Cost Capitalized Subsequent to Development or Acquisition	Gross Book Value at 12/31/2021
	Name	Asset Type	Encumbrances	Land	Buildings		Land/Land Imp	Bldgs/TI	Total (1)	Accum. Depr. (2)	Year Constructed/Renovated	Year Acquired

Rancho Dominguez, California
	18700 Laurel Park Rd	Industrial	—	8,080	2,987	456	8,438	3,085	11,523	913	1971	2017

Redlands, California
	2300 W. San Bernadino Ave	Industrial	—	20,031	17,968	1,911	20,031	19,879	39,910	8,710	2001	2013
	9180 Alabama St.	Industrial	—	52,999	52,226	—	52,999	52,226	105,225	1,958	2021	2021

Richmond, California
	2041 Factory Street	Industrial	—	8,132	22,266	—	8,132	22,266	30,398	2,723	2000	2019

Romeoville, Illinois
	875 W. Crossroads Parkway	Industrial	—	4,113	7,274	1,685	4,113	8,959	13,072	3,665	2005	2005
	Crossroads 1255	Industrial	—	2,350	9,217	3,090	2,350	12,307	14,657	5,250	1999	2010
	Crossroads 801	Industrial	—	2,622	6,184	305	2,622	6,489	9,111	4,522	2009	2010
	1341-1343 Enterprise Drive	Industrial	—	3,076	12,150	394	3,076	12,544	15,620	2,930	2015	2015
	50-56 N. Paragon	Industrial	—	3,985	5,433	1,212	3,985	6,645	10,630	2,174	2017	2017
	Airport Logistics Center I	Industrial	—	9,133	17,187	5,843	11,282	20,881	32,163	2,998	2019	2019

Roseville, Minnesota
	2215 Highway 36 West	Industrial	—	1,132	5,931	1,283	1,132	7,214	8,346	2,852	1998	2011
	2420 Long Lake Road	Industrial	—	939	4,135	1,078	939	5,213	6,152	1,983	2000	2011

San Leandro, California
	1919 Williams Street	Grounds	—	27,739	2,038	493	27,739	2,531	30,270	574	n/a	2019

Santa Fe Springs, California
	13215 Cambridge Street	Industrial	—	3,558	10,167	—	3,558	10,167	13,725	122	2021	2021

Savannah, Georgia
	198 Gulfstream	Industrial	—	475	3,650	956	476	4,605	5,081	1,706	1997	2006
	194 Gulfstream	Industrial	—	358	2,359	285	358	2,644	3,002	1,058	1998	2006
	190 Gulfstream	Industrial	—	599	4,134	372	599	4,506	5,105	1,849	1999	2006
	250 Grange Road	Industrial	—	771	7,776	51	771	7,827	8,598	3,130	2002	2006
	248 Grange Road	Industrial	—	529	3,180	8	529	3,188	3,717	1,278	2002	2006
	318 Grange Road	Industrial	—	759	4,131	892	759	5,023	5,782	1,900	2001	2006
	246 Grange Road	Industrial	2,096	972	7,486	744	972	8,230	9,202	3,123	2006	2006
	163 Portside Court	Industrial	—	5,260	7,746	260	5,260	8,006	13,266	3,212	2004	2006
	151 Portside Court	Industrial	—	840	7,117	1,398	790	8,565	9,355	3,298	2003	2006
	175 Portside Court	Industrial	4,206	3,740	13,344	1,619	4,229	14,474	18,703	5,831	2005	2006

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Duke Realty Corporation and Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2021 (in thousands of U.S. dollars, as applicable)						Schedule III
				Initial Cost		Cost Capitalized Subsequent to Development or Acquisition	Gross Book Value at 12/31/2021
	Name	Asset Type	Encumbrances	Land	Buildings		Land/Land Imp	Bldgs/TI	Total (1)	Accum. Depr. (2)	Year Constructed/Renovated	Year Acquired
	235 Jimmy Deloach Parkway	Industrial	—	934	7,201	1,277	893	8,519	9,412	3,529	2001	2006
	239 Jimmy Deloach Parkway	Industrial	—	934	6,424	732	934	7,156	8,090	2,961	2001	2006
	246 Jimmy Deloach Parkway	Industrial	1,274	863	4,878	33	806	4,968	5,774	1,999	2006	2006
	200 Logistics Way	Industrial	2,955	878	9,274	1,337	883	10,606	11,489	3,513	2006	2008
	2509 Dean Forest Road	Industrial	—	2,080	5,987	2,477	2,602	7,942	10,544	3,236	2008	2011
	276 Jimmy Deloach Parkway	Industrial	—	6,772	6,405	327	6,772	6,732	13,504	1,211	2019	2019

Sea Brook, Texas
	Bayport Logistics 5300	Industrial	—	1,578	11,361	195	1,577	11,557	13,134	4,304	2009	2010
	Bayport Logistics 5801	Industrial	—	5,116	7,663	251	5,116	7,914	13,030	3,021	2015	2015

Shakopee, Minnesota
	3880 4th Avenue East	Industrial	—	1,023	6,102	36	1,049	6,112	7,161	2,083	2000	2011
	Gateway South 2301	Industrial	—	2,648	11,898	91	2,647	11,990	14,637	2,881	2016	2016
	Gateway South 2101	Industrial	—	4,273	16,252	90	4,273	16,342	20,615	3,406	2017	2017

Sharonville, Ohio
	Mosteller 11400	Industrial	—	408	2,705	3,773	408	6,478	6,886	3,190	1997	1997

South Brunswick, New Jersey
	10 Broadway Road	Industrial	—	15,168	13,916	1,226	15,168	15,142	30,310	4,445	2017	2017

Stafford, Texas
	10225 Mula Road	Industrial	—	3,502	2,656	3,845	3,502	6,501	10,003	3,987	2008	2008

Sterling, Virginia
	TransDulles Centre 22601	Industrial	—	1,700	5,001	602	1,700	5,603	7,303	3,022	2004	2016
	TransDulles Centre 22620	Industrial	—	773	1,957	16	773	1,973	2,746	1,063	1999	2016
	TransDulles Centre 22626	Industrial	—	1,544	3,874	321	1,544	4,195	5,739	2,198	1999	2016
	TransDulles Centre 22633	Industrial	—	702	1,586	34	702	1,620	2,322	861	2004	2016
	TransDulles Centre 22635	Industrial	—	1,753	4,182	17	1,753	4,199	5,952	2,270	1999	2016
	TransDulles Centre 22645	Industrial	—	1,228	3,411	379	1,228	3,790	5,018	1,985	2005	2016
	TransDulles Centre 22714	Industrial	—	3,973	3,535	1,251	3,973	4,786	8,759	3,045	2007	2007
	TransDulles Centre 22750	Industrial	—	2,068	4,970	357	2,068	5,327	7,395	2,802	2003	2016
	TransDulles Centre 22815	Industrial	—	7,685	5,713	414	7,685	6,127	13,812	3,634	2000	2016
	TransDulles Centre 22825	Industrial	—	1,758	4,951	305	1,758	5,256	7,014	2,761	1997	2016
	TransDulles Centre 22879	Industrial	—	2,828	8,425	399	2,828	8,824	11,652	4,648	1989	2016
	TransDulles Centre 22880	Industrial	—	2,311	4,922	10	2,311	4,932	7,243	2,785	1998	2016
	TransDulles Centre 46213	Industrial	—	5,912	3,965	462	5,912	4,427	10,339	2,105	2015	2015

Sumner, Washington
	13501 38th Street East	Industrial	—	16,032	4,954	332	16,032	5,286	21,318	5,277	2005	2007
	4800 E Valley Highway	Industrial	—	12,567	21,838	—	12,567	21,838	34,405	3,707	2004	2019

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Duke Realty Corporation and Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2021 (in thousands of U.S. dollars, as applicable)						Schedule III
				Initial Cost		Cost Capitalized Subsequent to Development or Acquisition	Gross Book Value at 12/31/2021
	Name	Asset Type	Encumbrances	Land	Buildings		Land/Land Imp	Bldgs/TI	Total (1)	Accum. Depr. (2)	Year Constructed/Renovated	Year Acquired
	1510 Puyallup Street	Industrial	—	12,040	13,225	—	12,040	13,225	25,265	175	2021	2021

Suwanee, Georgia
	Horizon Business 90	Industrial	—	153	1,143	221	153	1,364	1,517	497	2002	2010
	Horizon Business 225	Industrial	—	388	2,048	703	389	2,750	3,139	1,289	1990	2010
	Horizon Business 250	Industrial	—	1,381	5,660	1,172	1,381	6,832	8,213	2,848	1997	2010
	Horizon Business 70	Industrial	—	813	3,397	1,015	812	4,413	5,225	1,779	1998	2010
	Horizon Business 2780	Industrial	—	972	5,576	2,128	972	7,704	8,676	2,718	1997	2010
	Horizon Business 25	Industrial	—	615	2,390	2,007	614	4,398	5,012	2,008	1999	2010
	Horizon Business 2790	Industrial	—	780	4,952	—	780	4,952	5,732	1,899	2006	2010
	1000 Northbrook Parkway	Industrial	—	643	2,974	729	643	3,703	4,346	1,618	1986	2010

Tampa, Florida
	Fairfield Distribution 8640	Industrial	—	483	2,359	1,080	487	3,435	3,922	1,733	1998	1999
	Fairfield Distribution 4720	Industrial	—	530	4,624	590	534	5,210	5,744	2,854	1998	1999
	Fairfield Distribution 4758	Industrial	—	334	2,658	756	338	3,410	3,748	1,792	1999	1999
	Fairfield Distribution 8600	Industrial	—	600	1,185	2,084	604	3,265	3,869	1,921	1999	1999
	Fairfield Distribution 4901	Industrial	—	488	2,425	1,136	488	3,561	4,049	1,875	2000	2000
	Fairfield Distribution 4727	Industrial	—	555	3,348	1,785	555	5,133	5,688	2,299	2001	2001
	Fairfield Distribution 4701	Industrial	—	394	1,350	2,244	394	3,594	3,988	1,509	2001	2001
	Fairfield Distribution 4661	Industrial	—	444	1,640	879	444	2,519	2,963	1,191	2004	2004
	Eagle Creek Business 8701	Industrial	—	1,286	2,331	2,702	1,287	5,032	6,319	2,407	2006	2006
	Eagle Creek Business 8651	Industrial	—	2,354	1,661	1,660	2,354	3,321	5,675	2,975	2007	2007
	Eagle Creek Business 8601	Industrial	—	2,332	2,229	892	2,332	3,121	5,453	2,596	2007	2007
	Pinebrooke Bus Center 10350	Industrial	—	2,457	6,211	393	2,457	6,604	9,061	517	2020	2020

Teterboro, New Jersey
	1 Catherine Street	Industrial	—	14,376	18,788	11	14,376	18,799	33,175	4,652	2016	2017

Tracy, California
	1400 Pescadero Avenue	Industrial	—	9,633	39,644	—	9,633	39,644	49,277	15,142	2008	2013
	1124 E Pescadero Ave	Grounds	—	24,944	—	—	24,944	—	24,944	768	2021	2021

West Chester, Ohio
	World Park Union Centre 9287	Industrial	—	582	827	7,518	582	8,345	8,927	3,364	2006	2006
	World Park Union Centre 9271	Industrial	—	557	5,923	528	557	6,451	7,008	2,804	2004	2004
	World Park Union Centre 9266	Industrial	—	956	5,951	440	956	6,391	7,347	2,535	1999	2010
	World Park Union Centre 9451	Industrial	—	1,036	6,053	873	1,036	6,926	7,962	2,685	1999	2010
	World Park Union Centre 5443	Industrial	—	935	4,753	429	935	5,182	6,117	2,019	2005	2010
	World Park Union Centre 9107	Industrial	—	986	5,962	1,578	986	7,540	8,526	3,305	1999	2010
	World Park Union Centre 9245	Industrial	—	1,011	5,535	782	1,010	6,318	7,328	2,515	2001	2010

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Duke Realty Corporation and Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2021 (in thousands of U.S. dollars, as applicable)						Schedule III
				Initial Cost		Cost Capitalized Subsequent to Development or Acquisition	Gross Book Value at 12/31/2021
	Name	Asset Type	Encumbrances	Land	Buildings		Land/Land Imp	Bldgs/TI	Total (1)	Accum. Depr. (2)	Year Constructed/Renovated	Year Acquired
West Palm Beach, Florida
	Park of Commerce 5655	Industrial	—	1,417	1,728	310	1,417	2,038	3,455	757	2010	2010
	Park of Commerce 5720	Industrial	—	1,872	3,633	844	2,032	4,317	6,349	1,636	2010	2010
	Airport Center 1701	Industrial	—	2,112	5,844	689	2,112	6,533	8,645	2,628	2002	2010
	Airport Center 1805	Industrial	—	1,478	4,445	251	1,479	4,695	6,174	1,785	2002	2010
	Airport Center 1865	Industrial	—	1,300	4,168	773	1,300	4,941	6,241	1,843	2002	2010
	Park of Commerce #4	Grounds	—	5,882	—	—	5,882	—	5,882	—	n/a	2011
	Park of Commerce #5	Grounds	—	6,258	—	—	6,258	—	6,258	—	n/a	2011
	Turnpike Crossing 1315	Industrial	—	7,390	5,391	353	7,390	5,744	13,134	2,393	2016	2016
	Turnpike Crossing 1333	Industrial	—	6,255	4,560	975	6,255	5,535	11,790	2,439	2016	2016
	Turnpike Crossing 6747	Industrial	—	10,607	7,112	2,786	10,607	9,898	20,505	3,301	2017	2017
	Turnpike Crossing 6729	Industrial	—	8,576	7,506	723	8,576	8,229	16,805	1,902	2018	2018
	Turnpike Crossing 6711	Industrial	—	8,328	7,210	38	8,340	7,236	15,576	927	2019	2019
	Turnpike Crossing 6717	Industrial	—	7,849	9,542	1,378	7,850	10,919	18,769	947	2020	2020

Wilmer, TX
	110 Sunridge Blvd	Industrial	—	5,692	18,751	—	5,692	18,751	24,443	407	2021	2021

Wind Gap, Pennsylvania
	1380 Jacobsburg Road	Industrial	—	15,500	25,247	753	15,500	26,000	41,500	4,555	2017	2019

Wood-Ridge, New Jersey
	5 Ethel Boulevard	Industrial	—	18,776	24,752	32	18,776	24,784	43,560	3,009	2019	2019

	Accum. Depr. on Improvements of Undeveloped Land		0	0	0	0	0	0	0	561
	Eliminations		0	0	0	(20)	(16)	(4)	(20)	9
	Properties held-for-sale						(67,818)	(102,867)	(170,685)	(36,785)
			59,722	3,480,500	5,473,564	660,060	3,435,591	6,007,848	9,443,439	1,684,413

(1)The tax basis (in thousands) of our real estate assets at December 31, 2021 was approximately $8,734,029 (unaudited) for federal income tax purposes.

(2)Depreciation of real estate is computed using the straight-line method not to exceed 40 years for buildings and 15 years for land improvements for properties that we develop, and not to exceed 30 years for buildings and 10 years for land improvements for properties that we acquire. Tenant improvements are depreciated over shorter periods based on lease terms (generally 3 to 10 years).

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


	Real Estate Assets						Accumulated Depreciation
	2021		2020		2019		2021		2020		2019
Balance at beginning of year	$	8,768,432	$	7,851,278	$	7,248,346	$	1,665,284	$	1,487,593	$	1,345,060
Acquisitions	595,719		410,003		205,390
Construction costs and tenant improvements	979,367		796,312		635,173
Depreciation expense							304,935		297,158		272,422

Cost of real estate sold or contributed	(598,445)		(203,502)		(176,603)		(118,072)		(33,808)		(68,861)

Write-off of fully depreciated assets	(130,949)		(85,659)		(61,028)		(130,949)		(85,659)		(61,028)
Balance at end of year including held-for-sale	$	9,614,124	$	8,768,432	$	7,851,278	$	1,721,198	$	1,665,284	$	1,487,593
Properties held-for-sale	(170,685)		(72,754)		(23,401)		(36,785)		(5,976)		(7,132)
Balance at end of year excluding held-for-sale	$	9,443,439	$	8,695,678	$	7,827,877	$	1,684,413	$	1,659,308	$	1,480,461
Other real estate investments	172,637		49,477		165,500
Real estate assets	$	9,616,076	$	8,745,155	$	7,993,377

See Accompanying Notes to Independent Auditors' Report

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Item 16. Form 10-K Summary

Not applicable.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following exhibits are filed with this Form 10-K or incorporated herein by reference to the listed document previously filed with the SEC. Previously unfiled documents are noted with an asterisk (*).



Number						Description

3.1						Sixth Amended and Restated Articles of Incorporation of the General Partner (filed as Exhibit 3.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on January 5, 2015, and incorporated herein by this reference).

3.2						Fifth Amended and Restated Bylaws of the General Partner (filed as Exhibit 3.1 to the General Partner's Current Report on Form 8-K as filed with the SEC on October 26, 2017, and incorporated herein by this reference).

3.3						Certificate of Limited Partnership of the Partnership, dated September 17, 1993 (filed as Exhibit 3.1(i) to the Partnership's Annual Report on Form 10-K for the year ended December 31, 2006 as filed with the SEC on March 13, 2007, and incorporated herein by this reference) (File No. 000-20625).

3.4(i)						Fifth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.2 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on May 5, 2014, and incorporated herein by this reference).

3.4(ii)						First Amendment to Fifth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.2 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on August 6, 2014, and incorporated herein by this reference).

3.4(iii)						Second Amendment to Fifth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.2 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on December 16, 2014, and incorporated herein by this reference).

3.4(iv)						Third Amendment to Fifth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.2 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on January 5, 2015, and incorporated herein by this reference).

3.4(v)						Fourth Amendment to Fifth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on January 29, 2015, and incorporated herein by this reference).

3.4(vi)						Fifth Amendment to Fifth Amended and Restated Agreement of Limited Partnership of Duke Realty Limited Partnership, dated October 24, 2018 (filed as Exhibit 3.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on October 25, 2018, and incorporated herein by this reference).

4.1						Specimen certificate for shares of common stock, $.01 par value (filed as Exhibit 4.1 to the combined Annual Report on Form 10-K of the General Partner and Partnership as filed with the SEC on February 16, 2018, and incorporated herein by this reference).

4.2(i)						Indenture, dated September 19, 1995, between the Partnership and The First National Bank of Chicago, Trustee (filed as Exhibit 4.1 to the General Partner's Current Report on Form 8-K as filed with the SEC on September 22, 1995, and incorporated herein by this reference) (File No. 001-09044).




4.2(ii)						Twentieth Supplemental Indenture, dated as of July 24, 2006, by and between the Partnership and J.P. Morgan Trust Company, National Association (successor in interest to The First National Bank of Chicago), modifying certain financial covenants contained in Sections 1004 and 1005 of the Indenture, dated September 19, 1995, between the Partnership and The First National Bank of Chicago, Trustee (filed as Exhibit 4.1 to the Partnership's Current Report on Form 8-K as filed with the SEC on July 28, 2006, and incorporated herein by this reference) (File No. 000-20625).



4.3(i)		Indenture, dated as of July 28, 2006, by and between the Partnership and J.P. Morgan Trust Company, National Association (filed as Exhibit 4.1 to the General Partner's automatic shelf registration statement on Form S-3 as filed with the SEC on July 31, 2006, and incorporated herein by this reference) (File No. 333-136173).

~~4.3(ii)~~	Eighth Supplemental Indenture, dated June 11, 2012, by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 4.375% Senior Notes Due 2022 (filed as Exhibit 4.1 to the General Partner's Current Report on Form 8-K as filed with the SEC on June 11, 2012, and incorporated herein by this reference).



~~4.3(iii)~~4.3(ii)						Ninth Supplemental Indenture, dated September 19, 2012, by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 3.875% Senior Notes Due 2022 (filed as Exhibit 4.1 to the General Partner's Current Report on Form 8-K as filed with the SEC on September 19, 2012, and incorporated herein by this reference).

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DUKE REALTY CORPORATION AND DUKE REALTY LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


~~4.3(iv)~~4.3(iii)						Tenth Supplemental Indenture, dated March 15, 2013, by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 3.625% Senior Notes Due 2023 (filed as Exhibit 4.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on March 15, 2013, and incorporated herein by this reference).

~~4.3(v)~~4.3(iv)						Twelfth Supplemental Indenture, dated as of November 17, 2014, by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 3.75% Senior Notes Due 2024 (filed as Exhibit 4.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on November 17, 2014, and incorporated herein by this reference).

~~4.3(vi)~~4.3(v)						Thirteenth Supplemental Indenture, dated as of June 23, 2016, by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), as trustee, including the form of global note evidencing the 3.250% Senior Notes Due 2026 (filed as Exhibit 4.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on June 23, 2016, and incorporated herein by this reference).

~~4.3(vii)~~4.3(vi)						Fourteenth Supplemental Indenture, dated as of December 12, 2017, by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 3.75% Senior Notes Due 2027 (filed as Exhibit 4.1 to the combined ~~current report~~Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on December 12, 2017, and incorporated herein by this reference).

~~4.3(viii)~~4.3(vii)						Fifteenth Supplemental Indenture, dated as of September 11, 2018, by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 4.000% Senior Notes Due 2028 (filed as Exhibit 4.1 to the ~~Combined~~combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on September 11, 2018, and incorporated herein by this reference).

~~4.3(ix)~~4.3(viii)						Sixteenth Supplemental Indenture, dated as of November 15, 2019 by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 2.875% Senior Notes Due 2029 (filed as Exhibit 4.1 to the ~~Combined~~combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on November 15, 2019, and incorporated herein by this reference).

~~4.4~~4.3(ix)						~~Description~~Seventeenth Supplemental Indenture, dated as of Securities.*February 21, 2020 by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 3.05% Senior Notes Due 2050 (filed as Exhibit 4.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership, filed with the SEC on February 21, 2020, and incorporated herein by this reference).

~~10.1(i)~~4.3(x)						Eighteenth Supplemental Indenture, dated as of June 29, 2020 by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 1.75% Senior Notes Due 2030 (filed as Exhibit 4.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership, filed with the SEC on June 29, 2020, and incorporated herein by this reference).


4.3(xi)						Nineteenth Supplemental Indenture, dated as of January 21, 2021, by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 1.750% Senior Notes Due 2031 (filed as Exhibit 4.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on January 21, 2021, and incorporated herein by this reference).

4.3(xii)						Twentieth Supplemental Indenture, dated as of November 10, 2021, by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association), including the form of global note evidencing the 2.250% Senior Notes due 2032 (filed as Exhibit 4.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership, filed with the SEC on November 12, 2021, and incorporated herein by this reference).

4.4						Description of Securities (filed as Exhibit 4.4 to the combined Annual Report on Form 10-K of the General Partner and Partnership as filed with the SEC on February 25, 2020, and incorporated herein by this reference).

10.1(i)						The General Partner's 2015 Long-Term Incentive Plan (filed as Exhibit 10.1 to the General Partner’s Current Report on Form 8-K as filed with the SEC on May 4, 2015, and incorporated herein by this reference).#

10.1(ii)						Form of LTIP Unit Award Agreement (filed as Exhibit 10.1 to the combined Quarterly Report on Form 10-Q of the General Partner and the Partnership as filed with the SEC on May 1, 2020, and incorporated herein by this reference). #

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DUKE REALTY CORPORATION AND DUKE REALTY LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


10.1(iii)		Form of Restricted Stock Unit Award Certificate for non-employee directors under the General Partner's 2015 Long-Term Incentive Plan (filed as Exhibit 10.2 to the combined Quarterly Report on Form 10-Q of the General Partner and the Partnership as filed with the SEC on May 1, 2020, and incorporated herein by this reference). #

10.1(iv)		Form of Restricted Stock Unit Award Certificate under the General Partner's 2015 Long-Term Incentive Plan (filed as Exhibit ~~10.1~~10.3 to the combined ~~Annual~~Quarterly Report on Form ~~10-K~~10-Q of the General Partner and the Partnership as filed with the SEC on ~~February 19, 2016~~May 1, 2020, and incorporated herein by this reference). #

~~10.1(iii)~~10.2(i)		~~Form of LTIP Unit Award Agreement (filed as Exhibit 10.2 to the General Partner’s Current Report on Form 8-K as filed with the SEC on January 29, 2015, and incorporated herein by this reference).#~~

~~10.1(iv)~~	From of Restricted Stock Unit Award Certificate for directors under the General Partner's 2015 Long-Term Incentive Plan (filed as Exhibit 10.1 to the combined Quarterly Report on Form 10-Q of the General Partner and Partnership as filed with the SEC on April 26, 2019, and incorporated herein by this reference).#

~~10.2(i)~~	The General Partner's 2000 Performance Share Plan, Amended and Restated as of January 30, 2008, a sub-plan of the 2015 Long-Term Incentive Plan (filed as Exhibit 10.4(i) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#

10.2(ii)		Amendment to the 2004 Award Agreement under the General Partner's 2000 Performance Share Plan (filed as Exhibit 10.4(ii) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#

10.3(i)		The General Partner's 2010 Performance Share Plan, a sub-plan of the 2015 Long-Term Incentive Plan (filed as Exhibit 10.5(i) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#

~~10.3(ii)~~
10.3(ii)		First Amendment to the General Partner's 2010 Performance Share Plan, a sub-plan of the 2015 Long-Term Incentive Plan (filed as Exhibit 10.1 to the General Partner’s Current Report on Form 8-K as filed with the SEC on January 29, 2015, and incorporated herein by this reference).#

10.3(iii)		Form of Award Certificate under the General Partner's 2010 Performance Share Plan, a sub-plan of the 2015 Long-Term Incentive Plan (filed as Exhibit ~~10.1~~10.4 to the combined Quarterly Report on Form 10-Q of the General Partner and the Partnership as filed with the SEC on ~~April 28, 2017,~~May 1, 2020, and incorporated herein by this reference).#

10.3(iv)		Form of 2010 Performance Share Plan LTIP Unit Award Agreement (filed as Exhibit ~~10.2~~10.5 to the combined Quarterly Report ~~on10-Q~~on Form 10-Q of the General Partner and the Partnership as filed with the SEC on ~~April 28, 2017,~~May 1, 2020, and incorporated herein by this reference).#

~~10.4~~	Form of Forfeiture Agreement/Performance Unit Award Certificate (filed as Exhibit 99.2 to the General Partner's Current Report on Form 8-K as filed with the SEC on December 9, 2005, and incorporated herein by this reference) (File No. 001-09044).#

~~10.5(i)~~
10.4(i)						Executives' Deferred Compensation Plan of Duke Realty Services Limited Partnership, Amended and Restated as of December 5, 2007 (filed as Exhibit 10.13(i) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#

~~10.5(ii)~~10.4(ii)						Amendment Number One to the Executives' Deferred Compensation Plan of Duke Realty Services Limited Partnership, Amended and Restated as of December 5, 2007 (filed as Exhibit 10.13(ii) to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#

~~10.6~~10.5						The General Partner's Directors' Deferred Compensation Plan, Amended and Restated as of January 30, 2008 (filed as Exhibit 10.14 to the combined Annual Report on Form 10-K of the General Partner and the Partnership as filed with the SEC on February 22, 2013, and incorporated herein by this reference).#

~~10.7~~10.6						The General Partner’s 2015 Non-Employee Directors Compensation Plan, a sub-plan of the 2015 Long-Term Incentive Plan (filed as Exhibit 10.5 to the combined Quarterly Report on Form 10-Q of the General Partner and the Partnership, as filed with the SEC on May 1, 2015, and incorporated herein by this reference).#

~~10.8~~10.7						Form of Amended and Restated Severance Agreement between the Company and its executive officers (filed as Exhibit 10.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on January 31, 2019, and incorporated herein by this reference).#

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DUKE REALTY CORPORATION AND DUKE REALTY LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~10.9~~
10.8						Amended and Restated Revolving Credit Agreement, dated ~~October 11, 2017,~~March 26, 2021, by and among the Partnership, the General Partner, ~~J.P. Morgan~~JPMorgan Chase Bank, N.A., and Wells Fargo Securities, LLC ~~the~~as Joint Lead Arrangers and Joint Book Runners, with JPMorgan Chase Bank, N.A. as Administrative Agent; Wells Fargo Bank, National Association as Syndication Agent; The Bank of Nova Scotia and Regions Capital Markets, a Division of Regions ~~bank~~Bank, as Joint Lead Arrangers; The Bank of Nova Scotia, Barclays Bank PLC, Citibank N.A., Morgan Stanley Senior Funding, Inc., PNC Bank, National Association, Regions Bank, Royal Bank of Canada, Truist Bank and U.S. Bank National Association as Documentation Agents, and the several banks, financial institutions and other entities from time to time parties thereto as lenders (filed as Exhibit 10.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on ~~October 12, 2017,~~March 29, 2021, and incorporated herein by this reference).

~~10.10~~10.9						Amended and Restated Guaranty, dated October 11, 2017 by the General Partner (filed as Exhibit 10.2 to the Combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on October 12, 2017, and incorporated herein by this reference).

~~10.11~~10.10						Equity Distribution Agreement, dated August 2, 2019, by and among the General Partner, the Partnership, BTIG LLC, Citigroup Global Markets Inc., Jefferies LLC, Morgan Stanley & Co. LLC, Regions Securities LLC, SunTrust Robinson Humphrey, Inc., UBS Securities LLC, and Wells Fargo Securities, LLC (filed as Exhibit 1.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on August 2, 2019, and incorporated herein by this reference).



~~21.1~~10.11						Equity Distribution Agreement, dated February 19, 2021, by and among the Company, the Partnership and each Agent and its related Forward Purchaser (filed as Exhibit 1.1 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on February 19, 2021, and incorporated herein by this reference).

10.12						Form of Master Confirmation (filed as Exhibit 1.2 to the combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on February 19, 2021, and incorporated herein by this reference).

10.13						Amended and Restated Guaranty, dated March 26, 2021, by the General Partner (filed as Exhibit 10.2 to the Combined Current Report on Form 8-K of the General Partner and the Partnership as filed with the SEC on March 29, 2021, and incorporated herein by this reference).


21.1						List of the Company's Subsidiaries.*

23.1						Consent of KPMG LLP relating to the General Partner.*

23.2						Consent of KPMG LLP relating to the Partnership.*

24.1						Executed Powers of Attorney of certain directors.*

31.1						Rule 13a-14(a) Certification of the Chief Executive Officer of the General Partner.*

31.2						Rule 13a-14(a) Certification of the Chief Financial Officer of the General Partner.*

31.3						Rule 13a-14(a) Certification of the Chief Executive Officer for the Partnership.*

31.4						Rule 13a-14(a) Certification of the Chief Financial Officer for the Partnership.*

32.1						Section 1350 Certification of the Chief Executive Officer of the General Partner. * **

32.2						Section 1350 Certification of the Chief Financial Officer of the General Partner. * **

32.3						Section 1350 Certification of the Chief Executive Officer for the Partnership. * **

32.4						Section 1350 Certification of the Chief Financial Officer for the Partnership. * **

99.1						Federal Income Tax Considerations.*

101.Def						Definition Linkbase Document

101.Pre						Presentation Linkbase Document

101.Lab						Labels Linkbase Document

101.Cal						Calculation Linkbase Document

101.Sch						Schema Document

101.Ins						Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

104						Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101)

-118-

DUKE REALTY CORPORATION AND DUKE REALTY LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

# Represents management contract or compensatory plan or arrangement.

* Filed herewith.

** The certifications attached as Exhibits 32.1, 32.2, 32.3 and 32.4 accompany this Report and are "furnished" to the Securities and Exchange Commission pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed "filed" by the General Partner or the Partnership, respectively, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

We will furnish to any security holder, upon written request, copies of any exhibit incorporated by reference, for a fee of 15 cents per page, to cover the costs of furnishing the exhibits. Written requests should include a representation that the person making the request was the beneficial owner of securities entitled to vote at the Annual Meeting of Shareholders.

-119-

DUKE REALTY CORPORATION AND DUKE REALTY LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.




		DUKE REALTY CORPORATION

						/s/ James B. Connor
						James B. Connor
						Chairman and Chief Executive Officer
						(Principal Executive Officer)

						/s/ Mark A. Denien
						Mark A. Denien
						Executive Vice President and Chief Financial Officer
						(Principal Financial and Accounting Officer)




	DUKE REALTY LIMITED PARTNERSHIP
			By: DUKE REALTY CORPORATION, its general partner

			/s/ James B. Connor
			James B. Connor
			Chairman and Chief Executive Officer of the General Partner
			(Principal Executive Officer)

			/s/ Mark A. Denien
			Mark A. Denien
			Executive Vice President and Chief Financial Officer of the General Partner
			(Principal Financial and Accounting Officer)


Date:		February ~~25, 2020~~18, 2022

-120-

DUKE REALTY CORPORATION AND DUKE REALTY LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature

Date

Title

~~Signature~~

~~Date~~

~~Title~~

/s/ James B. Connor

2/~~25/2020~~18/2022

Chairman and Chief Executive Officer

(Principal Executive Officer)

James B. Connor

~~/s/ Mark A. Denien~~

~~2/25/2020~~

~~Executive Vice President and Chief Financial Officer~~

~~(Principal Financial and Accounting Officer)~~

~~Mark A. Denien~~

/s/ John P. Case*

~~2/25/2020~~

~~Director~~

~~John P. Case~~

/s/ Ngaire E. Cuneo*

~~2/25/2020~~

~~Director~~

~~Ngaire E. Cuneo~~

/s/ Charles R. Eitel*

~~2/25/2020~~

~~Director~~

~~Charles R. Eitel~~

/s/ Tamara D. Fischer*

~~2/25/2020~~

~~Director~~

Tamara D. Fischer*

/s/ Norman K. Jenkins*

~~2/25/2020~~

~~Director~~

~~Norman K. Jenkins~~

/s/ Melanie R. Sabelhaus*

~~2/25/2020~~

~~Director~~

~~Melanie R. Sabelhaus~~

/s/ Peter M. Scott III*

~~2/25/2020~~

~~Director~~

~~Peter M. Scott III~~

/s/ David P. Stockert*

~~2/25/2020~~

~~Director~~

~~David P. Stockert~~

/s/ Chris T. Sultemeier*

~~2/25/2020~~

~~Director~~

~~Chris T. Sultemeier~~

/s/ Michael E. Szymanczyk*

~~2/25/2020~~

~~Director~~

~~Michael E. Szymanczyk~~

/s/ Warren M.Thompson*

~~2/25/2020~~

~~Director~~

~~Warren M. Thompson~~

/s/ Mark A. Denien

2/18/2022

Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)

/s/ Lynn C. Thurber*Mark A. Denien

~~2/25/2020~~

~~Director~~

~~Lynn C. Thurber~~

*/s/ John P. Case*

2/18/2022

Director

John P. Case

/s/ Kelly T. Killingsworth*

2/18/2022

Director

Kelly T. Killingsworth

/s/ Tamara D. Fischer*

2/18/2022

Director

Tamara D. Fischer*

/s/ Norman K. Jenkins*

2/18/2022

Director

Norman K. Jenkins

/s/ Melanie R. Sabelhaus*

2/18/2022

Director

Melanie R. Sabelhaus

/s/ Peter M. Scott III*

2/18/2022

Director

Peter M. Scott III

/s/ David P. Stockert*

2/18/2022

Director

David P. Stockert

/s/ Chris T. Sultemeier*

2/18/2022

Director

Chris T. Sultemeier

/s/ Michael E. Szymanczyk*

2/18/2022

Director

Michael E. Szymanczyk

/s/ Warren M.Thompson*

2/18/2022

Director

Warren M. Thompson

/s/ Lynn C. Thurber*

2/18/2022

Director

Lynn C. Thurber

-121-

DUKE REALTY CORPORATION AND DUKE REALTY LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

By James B. Connor, Attorney-in-Fact

/s/ James B. Connor

~~-131-~~-122-


~~Indiana~~(317)			~~(Duke Realty Corporation)~~			~~35-1740409~~	~~(Duke Realty Corporation)~~
~~Indiana~~	~~(Duke Realty Limited Partnership)~~			~~35-1898425~~	~~(Duke Realty Limited Partnership)~~
~~(State or Other Jurisdiction~~ ~~of Incorporation or Organization)~~				~~(I.R.S. Employer~~ ~~Identification Number)~~
~~8711 River Crossing Boulevard~~
~~Indianapolis,~~		~~Indiana~~		~~46240~~
~~(Address of Principal Executive Offices)~~				~~(Zip Code)~~808-6000


	2021		2020
Rental expenses:
Industrial	$	85,297	$	75,345
Non-reportable Rental Operations and non-segment expenses	485		1,294
Total rental expenses from continuing operations	$	85,782	$	76,639


Real estate taxes:
Industrial	$	159,171	$	148,252
Non-reportable Rental Operations and non-segment expenses	409		1,043
Total real estate tax expense from continuing operations	$	159,580	$	149,295



	2019		2018
Rental expenses:
Industrial	$	74,083	$	67,259
Non-Reportable Rental Operations and non-segment expenses	1,501		4,177
Total rental expenses from continuing operations	$	75,584	$	71,436
Rental expenses from discontinued operations	—		(8		)
Total rental expenses from continuing and discontinued operations	$	75,584	$	71,428
Real estate taxes:
Industrial	$	128,887	$	122,788
Non-Reportable Rental Operations and non-segment expenses	633		2,481
Total real estate tax expense from continuing operations	$	129,520	$	125,269
Real estate tax expense from discontinued operations	—		17
Total real estate tax expense from continuing and discontinued operations	$	129,520	$	125,286



	2018			2017
Rental expenses:
Industrial	$	67,259		$	58,186
Non-Reportable Rental Operations and non-segment expenses	4,177			4,738
Total rental expenses from continuing operations	$	71,436		$	62,924
Rental expenses from discontinued operations	(8		)	18,233
Total rental expenses from continuing and discontinued operations	$	71,428		$	81,157
Real estate taxes:
Industrial	$	122,788		$	105,068
Non-Reportable Rental Operations and non-segment expenses	2,481			3,896
Total real estate tax expense from continuing operations	$	125,269		$	108,964
Real estate tax expense from discontinued operations	17			9,869
Total real estate tax expense from continuing and discontinued operations	$	125,286		$	118,833



☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



	Occupancy %
	Consolidated Properties						Unconsolidated Properties
	Industrial		Non-Reportable		Overall		Industrial		Overall
Primary Market
Chicago	99.0	%	—		99.0	%	—		—
Southern California	98.1	%	—		98.1	%	—		—
South Florida	99.2	%	—		99.2	%	—		—
New Jersey	100.0	%	—		100.0	%	—		—
Atlanta	93.6	%	—		93.6	%	—		—
Dallas	95.7	%	—		95.7	%	100.0	%	100.0	%
Indianapolis	99.1	%	—		99.1	%	91.4	%	91.4	%
Houston	94.5	%	—		94.5	%	—		—
Cincinnati	91.2	%	55.3	%	90.8	%	100.0	%	100.0	%
Savannah	100.0	%	—		100.0	%	—		—
Minneapolis-St. Paul	97.1	%	—		97.1	%	—		—
Pennsylvania	81.9	%	—		81.9	%	—		—
St. Louis	100.0	%	—		100.0	%	—		—
DC-Baltimore	100.0	%	—		100.0	%	—		—
Central Florida	95.9	%	—		95.9	%	—		—
Columbus	100.0	%	—		100.0	%	—		—
Nashville	93.1	%	—		93.1	%	—		—
Raleigh	99.7	%	—		99.7	%	—		—
Seattle	100.0	%	—		100.0	%	—		—
Northern California	100.0	%	—		100.0	%	—		—
Other (3)	—		100.0	%	100.0	%	100.0	%	100.0	%
Total	96.7	%	80.5	%	96.6	%	96.3	%	96.3	%



	2019 Acquisitions						2018 Acquisitions
Type	Acquisition Price*		In-Place Yield**		Percent Leased at Acquisition Date***		Acquisition Price*		In-Place Yield**		Percent Leased at Acquisition Date***
Industrial	$	217,106	4.1	%	88.4	%	$	352,617	4.2	%	100.0	%

* Includes fair value of real estate assets and net acquired lease-related intangible assets, including above or below market leases, but excludes other acquired working capital assets and liabilities.
** In-place yields of completed acquisitions are calculated as the current annualized net rental payments from space leased to tenants at the date of acquisition, divided by the acquisition price of the acquired real estate. Annualized net rental payments are comprised of base rental payments, excluding additional amounts payable by tenants as reimbursement for operating expenses, less current annualized operating expenses not recovered through tenant reimbursements.
*** Represents percentage of total square feet leased based on executed leases and without regard to whether the leases have commenced, at the date of acquisition.


	2021		2020
Service Operations:
General contractor and service fee revenue	$	80,260	$	64,004
General contractor and other services expenses	(68,118)		(57,976)
Net earnings from Service Operations	$	12,142	$	6,028



General and administrative expenses - 2018	$	56.2
Decrease to overall pool of overhead costs	(3.3		)
Decreased absorption of costs by consolidated leasing and development activities (1)	5.4
Decreased allocation of costs to Rental Operations and Service Operations	2.6
General and administrative expenses - 2019	$	60.9



General and administrative expenses - 2017	$	54.9
Decrease to overall pool of overhead costs	(0.8		)
Decreased absorption of costs by wholly owned development and leasing activities (1)	1.8
Decreased allocation of costs to Service Operations and Rental Operations	0.3
General and administrative expenses - 2018	$	56.2



	2019			2018
Land, buildings and tenant improvements, net	$	305,888		$	328,959
Construction in progress	7,747			43,892
Undeveloped land	29,518			28,247
Other assets	75,909			88,448
	$	419,062		$	489,546
Indebtedness	$	129,700		$	209,584
Other liabilities	24,208			38,172
	153,908			247,756
Owners' equity	265,154			241,790
	$	419,062		$	489,546
Rental revenue	$	59,905		$	60,446
Gain on sale of properties	$	24,099		$	25,879
Net income	$	40,134		$	44,372
Total square feet	11,109			13,002
Percent leased*	96.30		%	90.49		%
*Represents the percentage of total square feet leased based on executed leases and without regard to whether the leases have commenced.



	Payments due by Period (in thousands)
Contractual Obligations	Total		2020		2021		2022		2023		2024		Thereafter
Long-term debt (1)	$	3,612,027	$	113,599	$	120,036	$	704,381	$	331,658	$	377,123	$	1,965,230
Unsecured line of credit (2)	5,630		1,830		1,825		1,825		150		—		—
Share of unconsolidated joint ventures' debt (3)	73,431		1,997		29,680		1,345		1,345		1,345		37,719
Operating leases (4)	125,550		10,463		5,282		5,033		4,760		4,220		95,792
Development and construction backlog costs (5)	455,631		450,846		4,785		—		—		—		—
Total Contractual Obligations	$	4,272,269	$	578,735	$	161,608	$	712,584	$	337,913	$	382,688	$	2,098,741


~~(a)~~	~~The following documents are filed as part of this Annual Report:~~



~~(317)~~	~~808-6000~~



	Duke Realty Corporation:
			Management's Report on Internal Control
			Report of Independent Registered Public Accounting Firm
			Duke Realty Limited Partnership:
			Management's Report on Internal Control
			Report of Independent Registered Public Accounting Firm
			Duke Realty Corporation:
			Consolidated Balance Sheets, December 31, ~~2019~~2021 and ~~2018~~2020
			Consolidated Statements of Operations and Comprehensive Income, Years Ended December 31, ~~2019, 2018~~2021, 2020 and ~~201~~20197
			Consolidated Statements of Cash Flows, Years Ended December 31, ~~2019, 2018~~2021, 2020 and ~~201~~20197
			Consolidated Statements of Changes in Equity, Years Ended December 31, ~~2019, 2018~~2021, 2020 and ~~201~~20197
			Duke Realty Limited Partnership:
			Consolidated Balance Sheets, December 31, ~~2019~~2021 and ~~2018~~2020
			Consolidated Statements of Operations and Comprehensive Income, Years Ended December 31, ~~2019, 2018~~2021, 2020 and ~~2017~~2019
			Consolidated Statements of Cash Flows, Years Ended December 31, ~~2019, 2018~~2021, 2020 and ~~2017~~2019
			Consolidated Statements of Changes in Equity, Years Ended December 31, ~~2019, 2018~~2021, 2020 and ~~2017~~2019
			Duke Realty Corporation and Duke Realty Limited Partnership:
			Notes to Consolidated Financial Statements


/s/ KPMG LLP

~~/s/ KPMG LLP~~

We have served as the Company’s auditor since 1986.

Indianapolis, Indiana
February ~~25, 2020~~18, 2022



/s/ KPMG LLP

We have served as the Partnership’s auditor since 1994.

Indianapolis, Indiana
February ~~25, 2020~~18, 2022


																			Common Shareholders
	Common Shareholders																		Common Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Distributions in Excess of Net Income		Non- Controlling Interests		Total
	Common Stock		Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Distributions in Excess of Net Income			Non- Controlling Interests			Total
Balance at December 31, 2016	$	3,548	$	5,192,011		$	682		$	(1,730,423	)	$	27,475		$	3,493,293
Net income	—		—			—			1,634,431			19,910			1,654,341
Other comprehensive loss	—		—			(682		)	—			—			(682		)
Issuance of common shares	5		13,378			—			—			—			13,383
Stock-based compensation plan activity	10		(1,555		)	—			(3,212		)	7,971			3,214
Conversion of Limited Partner Units	1		1,846			—			—			(1,847		)	—
Redemption of Limited Partner Units	—		(364		)	—			—			(93		)	(457		)
Distributions to common shareholders - regular ($0.77 per share)	—		—			—			(273,999		)	—			(273,999		)
Distributions to common shareholders - special ($0.85 per share)	—		—			—			(302,833		)	—			(302,833		)
Distributions to noncontrolling interests	—		—			—			—			(11,882		)	(11,882		)
Balance at December 31, 2017	$	3,564	$	5,205,316		$	—		$	(676,036	)	$	41,534		$	4,574,378
Net income	—		—			—			383,729			3,539			387,268
Other comprehensive loss	—		—			(4,676		)	—			—			(4,676		)
Issuance of common shares	12		34,901			—			—			—			34,913
Contributions from noncontrolling interests	—		—			—			—			3,475			3,475
Stock-based compensation plan activity	8		4,432			—			(1,278		)	8,956			12,118
Conversion of Limited Partner Units	5		(274		)	—			—			269			—
Distributions to common shareholders - regular ($0.815 per share)	—		—			—			(291,502		)	—			(291,502		)
Distributions to noncontrolling interests	—		—			—			—			(2,731		)	(2,731		)
Balance at December 31, 2018	$	3,589	$	5,244,375		$	(4,676	)	$	(585,087	)	$	55,042		$	4,713,243		Balance at December 31, 2018	$	3,589	$	5,244,375	$	(4,676)	$	(585,087)	$	55,042	$	4,713,243
Net income	—		—			—			428,972			3,672			432,644			Net income	—		—		—		428,972		3,672		432,644
Other comprehensive loss	—		—			(30,360		)	—			—			(30,360		)	Other comprehensive loss	—		—		(30,360)		—		—		(30,360)
Issuance of common shares	83		272,678			—			—			—			272,761			Issuance of common shares	83		272,678		—		—		—		272,761
Contributions from noncontrolling interests	—		—			—			—			312			312			Contributions from noncontrolling interests	—		—		—		—		312		312
Stock-based compensation plan activity	7		6,787			—			(1,175		)	7,703			13,322			Stock-based compensation plan activity	7		6,787		—		(1,175)		7,703		13,322
Conversion of Limited Partner Units	1		1,623			—			—			(1,624		)	—			Conversion of Limited Partner Units	1		1,623		—		—		(1,624)		—
Distributions to common shareholders - regular ($0.88 per share)	—		—			—			(318,702		)	—			(318,702		)

Distributions to common shareholders ($0.88 per share)																		Distributions to common shareholders ($0.88 per share)	—		—		—		(318,702)		—		(318,702)

Distributions to noncontrolling interests	—		—			—			—			(2,960		)	(2,960		)	Distributions to noncontrolling interests	—		—		—		—		(2,960)		(2,960)

Balance at December 31, 2019	$	3,680	$	5,525,463		$	(35,036	)	$	(475,992	)	$	62,145		$	5,080,260		Balance at December 31, 2019	$	3,680	$	5,525,463	$	(35,036)	$	(475,992)	$	62,145	$	5,080,260
Net income																		Net income	—		—		—		299,915		2,845		302,760
Other comprehensive income																		Other comprehensive income	—		—		3,468		—		—		3,468
Issuance of common shares																		Issuance of common shares	50		187,806		—		—		—		187,856
Contributions from noncontrolling interests																		Contributions from noncontrolling interests	—		—		—		—		200		200
Stock-based compensation plan activity																		Stock-based compensation plan activity	3		10,057		—		(1,155)		9,833		18,738

Distributions to common shareholders ($0.96 per share)																		Distributions to common shareholders ($0.96 per share)	—		—		—		(355,287)		—		(355,287)

Distributions to noncontrolling interests																		Distributions to noncontrolling interests	—		—		—		—		(3,547)		(3,547)

Balance at December 31, 2020																		Balance at December 31, 2020	$	3,733	$	5,723,326	$	(31,568)	$	(532,519)	$	71,476	$	5,234,448
Net income																		Net income	—		—		—		852,895		8,723		861,618
Other comprehensive income																		Other comprehensive income	—		—		3,557		—		—		3,557
Issuance of common shares																		Issuance of common shares	82		406,494		—		—		—		406,576

Stock-based compensation plan activity																		Stock-based compensation plan activity	6		8,274		—		(1,099)		12,895		20,076
Issuance of Limited Partner Units																		Issuance of Limited Partner Units	—		—		—		—		11,564		11,564
Conversion of Limited Partner Units																		Conversion of Limited Partner Units	4		5,095		—		—		(5,099)		—
Redemption of Limited Partner Units																		Redemption of Limited Partner Units	—		(42)		—		—		3		(39)

Distributions to common shareholders ($1.045 per share)																		Distributions to common shareholders ($1.045 per share)	—		—		—		(394,487)		—		(394,487)

Distributions to noncontrolling interests																		Distributions to noncontrolling interests	—		—		—		—		(4,352)		(4,352)

Balance at December 31, 2021																		Balance at December 31, 2021	$	3,825	$	6,143,147	$	(28,011)	$	(75,210)	$	95,210	$	6,138,961


	2021		2020
ASSETS
Real estate investments:
Real estate assets	$	9,616,076	$	8,745,155
Construction in progress	744,871		695,219
Investments in and advances to unconsolidated joint ventures	168,336		131,898
Undeveloped land	473,317		291,614
	11,002,600		9,863,886
Accumulated depreciation	(1,684,413)		(1,659,308)
Net real estate investments	9,318,187		8,204,578

Real estate investments and other assets held-for-sale	144,651		67,946

Cash and cash equivalents	69,752		6,309
Accounts receivable	13,449		15,204
Straight-line rent receivable	172,225		153,943
Receivables on construction contracts, including retentions	57,258		30,583
Deferred leasing and other costs, net of accumulated amortization of $209,975 and $204,122	337,936		329,765
Restricted cash held in escrow for like-kind exchange	—		47,682
Other escrow deposits and other assets	332,197		255,384
	$	10,445,655	$	9,111,394
LIABILITIES AND EQUITY
Indebtedness:
Secured debt, net of deferred financing costs of $304 and $343	$	59,418	$	64,074
Unsecured debt, net of deferred financing costs of $45,136 and $32,763	3,629,864		3,025,977
Unsecured line of credit	—		295,000
	3,689,282		3,385,051

Liabilities related to real estate investments held-for-sale	6,278		7,740

Construction payables and amounts due subcontractors, including retentions	107,009		62,332
Accrued real estate taxes	77,464		76,501
Accrued interest	20,815		18,363
Other liabilities	339,023		269,806
Tenant security deposits and prepaid rents	66,823		57,153
Total liabilities	4,306,694		3,876,946
Partners’ equity:
Common equity (382,513 and 373,258 General Partner Units issued and outstanding, respectively)	6,071,762		5,194,540
Limited Partners' common equity (3,663 and 3,326 Limited Partner Units issued and outstanding, respectively)	90,679		66,874
Accumulated other comprehensive loss	(28,011)		(31,568)
Total partners' equity	6,134,430		5,229,846
Noncontrolling interests	4,531		4,602
Total equity	6,138,961		5,234,448
	$	10,445,655	$	9,111,394


																				Common Unitholders
	Common Unitholders																			General		Limited		Accumulated
	General			Limited			Accumulated													Partner		Partners'		Other		Total
	Partner			Partners'			Other			Total										Common		Common		Comprehensive		Partners'		Noncontrolling		Total
	Common			Common			Comprehensive			Partners'			Noncontrolling			Total				Equity		Equity		Income (Loss)		Equity		Interests		Equity
	Equity			Equity			Income (Loss)			Equity			Interests			Equity
Balance at December 31, 2016	$	3,465,136		$	24,691		$	682		$	3,490,509		$	2,784		$	3,493,293
Net income	1,634,431			15,176			—			1,649,607			4,734			1,654,341
Other comprehensive loss	—			—			(682		)	(682		)	—			(682		)
Capital contribution from the General Partner	13,383			—			—			13,383			—			13,383
Stock-based compensation plan activity	(4,757		)	7,971			—			3,214			—			3,214
Conversion of Limited Partner Units	1,847			(1,847		)	—			—			—			—
Redemption of Limited Partner Units	(364		)	(93		)	—			(457		)	—			(457		)
Distributions to Partners - regular ($0.77 per Common Unit)	(273,999		)	(2,540		)	—			(276,539		)	—			(276,539		)
Distributions to Partners - special ($0.85 per Common Unit)	(302,833		)	(2,795		)	—			(305,628		)	—			(305,628		)
Distributions to noncontrolling interests	—			—			—			—			(6,547		)	(6,547		)
Balance at December 31, 2017	$	4,532,844		$	40,563		$	—		$	4,573,407		$	971		$	4,574,378
Net income	383,729			3,528			—			387,257			11			387,268
Other comprehensive loss	—			—			(4,676		)	(4,676		)	—			(4,676		)
Capital contribution from the General Partner	34,913			—			—			34,913			—			34,913
Stock-based compensation plan activity	3,162			8,956			—			12,118			—			12,118
Contributions from noncontrolling interests	—			—			—			—			3,475			3,475
Conversion of Limited Partner Units	(269		)	269			—			—			—			—
Distributions to Partners - regular ($0.815 per Common Unit)	(291,502		)	(2,731		)	—			(294,233		)	—			(294,233		)
Balance at December 31, 2018	$	4,662,877		$	50,585		$	(4,676	)	$	4,708,786		$	4,457		$	4,713,243		Balance at December 31, 2018	$	4,662,877	$	50,585	$	(4,676)	$	4,708,786	$	4,457	$	4,713,243
Net income	428,972			3,678			—			432,650			(6		)	432,644			Net income	428,972		3,678		—		432,650		(6)		432,644
Other comprehensive loss	—			—			(30,360		)	(30,360		)	—			(30,360		)	Other comprehensive loss	—		—		(30,360)		(30,360)		—		(30,360)
Capital contribution from the General Partner	272,761			—			—			272,761			—			272,761			Capital contribution from the General Partner	272,761		—		—		272,761		—		272,761
Stock-based compensation plan activity	5,619			7,703			—			13,322			—			13,322			Stock-based compensation plan activity	5,619		7,703		—		13,322		—		13,322
Contributions from noncontrolling interests	—			—			—			—			312			312			Contributions from noncontrolling interests	—		—		—		—		312		312
Conversion of Limited Partner Units	1,624			(1,624		)	—			—			—			—			Conversion of Limited Partner Units	1,624		(1,624)		—		—		—		—
Distributions to Partners - regular ($0.88 per Common Unit)	(318,702		)	(2,767		)	—			(321,469		)	—			(321,469		)

Distributions to Partners ($0.88 per Common Unit)																			Distributions to Partners ($0.88 per Common Unit)	(318,702)		(2,767)		—		(321,469)		—		(321,469)

Distributions to noncontrolling interests	—			—			—			—			(193		)	(193		)	Distributions to noncontrolling interests	—		—		—		—		(193)		(193)

Balance at December 31, 2019	$	5,053,151		$	57,575		$	(35,036	)	$	5,075,690		$	4,570		$	5,080,260		Balance at December 31, 2019	$	5,053,151	$	57,575	$	(35,036)	$	5,075,690	$	4,570	$	5,080,260
Net income																			Net income	299,915		2,663		—		302,578		182		302,760
Other comprehensive income																			Other comprehensive income	—		—		3,468		3,468		—		3,468
Capital contribution from the General Partner																			Capital contribution from the General Partner	187,856		—		—		187,856		—		187,856
Stock-based compensation plan activity																			Stock-based compensation plan activity	8,905		9,833		—		18,738		—		18,738
Contributions from noncontrolling interests																			Contributions from noncontrolling interests	—		—		—		—		200		200

Distributions to Partners ($0.96 per Common Unit)																			Distributions to Partners ($0.96 per Common Unit)	(355,287)		(3,197)		—		(358,484)		—		(358,484)

Distributions to noncontrolling interests																			Distributions to noncontrolling interests	—		—		—		—		(350)		(350)

Balance at December 31, 2020																			Balance at December 31, 2020	$	5,194,540	$	66,874	$	(31,568)	$	5,229,846	$	4,602	$	5,234,448
Net income																			Net income	852,895		8,354		—		861,249		369		861,618
Other comprehensive income																			Other comprehensive income	—		—		3,557		3,557		—		3,557
Capital contribution from the General Partner																			Capital contribution from the General Partner	406,576		—		—		406,576		—		406,576
Stock-based compensation plan activity																			Stock-based compensation plan activity	7,181		12,895		—		20,076		—		20,076
Issuance of Limited Partner Units																			Issuance of Limited Partner Units	—		11,564		—		11,564		—		11,564

Conversion of Limited Partner Units																			Conversion of Limited Partner Units	5,099		(5,099)		—		—		—		—
Redemption of Limited Partner Units																			Redemption of Limited Partner Units	(42)		3		—		(39)		—		(39)

Distributions to Partners ($1.045 per Common Unit)																			Distributions to Partners ($1.045 per Common Unit)	(394,487)		(3,912)		—		(398,399)		—		(398,399)

Distributions to noncontrolling interests																			Distributions to noncontrolling interests	—		—		—		—		(440)		(440)

Balance at December 31, 2021																			Balance at December 31, 2021	$	6,071,762	$	90,679	$	(28,011)	$	6,134,430	$	4,531	$	6,138,961



	2019			2018
Deferred leasing costs	$	333,706		$	307,486
Acquired lease-related intangible assets	190,595			207,057
	$	524,301		$	514,543

Accumulated amortization - deferred leasing costs	$	(109,843	)	$	(101,403	)
Accumulated amortization - acquired lease-related intangible assets	(94,014		)	(99,341		)
Total	$	320,444		$	313,799



Year	Amortization Expense		Charge to Rental Income
2020	$	18,989	$	639
2021	16,063		367
2022	13,192		353
2023	11,246		353
2024	8,690		59
Thereafter	26,630		—
	$	94,810	$	1,771



Year	December 31, 2019
2020	$	641,578
2021	640,615
2022	577,591
2023	507,101
2024	439,324
Thereafter	1,954,723
	$	4,760,932



	December 31, 2019		December 31, 2018
Cash and cash equivalents	$	110,891	$	17,901
Restricted cash held in escrow for like-kind exchange	1,673		—
Restricted cash included in other escrow deposits and other assets	8,867		7,616
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows	$	121,431	$	25,517



Real estate assets	$	205,390
Lease related intangible assets	11,716
Fair value of acquired net assets	$	217,106



Real estate assets	$	328,126
Lease related intangible assets	24,996
Total acquired assets	353,122
Below market lease liability	505
Fair value of acquired net assets	$	352,617



Real estate assets	$	945,844
Lease related intangible assets	46,807
Total acquired assets	$	992,651
Below market lease liability	1,483
Fair value of acquired net assets	$	991,168


Year	December 31, 2021
2022	$	784,537
2023	769,715
2024	705,620
2025	630,618
2026	546,431
Thereafter	2,299,185
	$	5,736,106


	December 31, 2021		December 31, 2020
Cash and cash equivalents	$	69,752	$	6,309
Restricted cash held in escrow for like-kind exchange	—		47,682
Restricted cash included in other escrow deposits and other assets	33,412		13,232
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows	$	103,164	$	67,223


	2021		2020
	Low	High	Low	High
Exit capitalization rate	3.50%	5.00%	3.98%	5.46%
Annual net rental rate per square foot on acquired buildings	$6.62	$17.16	$5.28	$18.11
Annual net rental rate per acre on acquired ground lease	$182,136	$182,136	$—	$—


~~(7)~~	~~Real Estate Assets, Discontinued Operations, Assets Held-for-Sale and Impairments~~



	Held-for-Sale at December 31, 2019	Sold in 2019	Sold in 2018	Sold in 2017	Total
Industrial	—	—	—	—	—
Non-Reportable Rental Operations	—	—	—	81	81
Total properties included in discontinued operations	—	—	—	81	81
Properties excluded from discontinued operations	1	28	15	17	61
Total properties sold or classified as held-for-sale	1	28	15	98	142


	Held-for-Sale at December 31, 2021	Sold in 2021	Sold in 2020	Sold in 2019	Total






Properties sold or classified as held-for-sale	3	30	7	28	68


	Held-for-Sale Properties Included in Continuing Operations
	December 31, 2021		December 31, 2020
Land and improvements	$	67,818		$	27,954
Buildings and tenant improvements	102,867			44,800

Accumulated depreciation	(36,785)			(5,976)
Deferred leasing and other costs, net	5,392			936
Other assets	5,359			232
Total assets held-for-sale	$	144,651		$	67,946


Accrued expenses	$	43		$	660
Other liabilities	6,235			7,080
Total liabilities held-for-sale	$	6,278		$	7,740