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Duke Realty Reports Second Quarter 2012 Results


Duke Realty Reports Second Quarter 2012 Results

Core FFO per Share of $0.26

Strong Operating Performance With In-Service Occupancy Over 92 Percent

$103 Million of Industrial and Medical Office Acquisitions and $128 Million of New Development Starts

$300 Million Ten-Year, Senior Note Issuance at a 4.375 Percent Coupon

INDIANAPOLIS, IN -- (Marketwire) -- 07/25/12 -- Duke Realty Corporation (NYSE: DRE), a leading industrial, suburban and medical office property REIT, today reported results for the second quarter of 2012.

"Strong operational results, high-quality new investments and efficient capital raising resulted in a very solid second quarter," said Denny Oklak, Chairman and CEO. "Core FFO was $0.26 per share. We completed 4.9 million square feet of leasing activity and maintained overall portfolio occupancy at 92.0 percent. We achieved very strong same-property net operating income growth of 3.7 percent as compared to the twelve months ended June 30, 2011. We also continued the momentum from the first quarter with significant build-to-suit development projects in both our industrial and our medical office business. To help reduce our cost of capital, we opportunistically issued $300 million of ten-year, senior unsecured notes at a company record low 4.375 percent coupon. The issuance pre-funded near-term debt maturities. Overall, we are pleased with a very successful second quarter."

Quarterly Highlights

Core Funds from Operations ("Core FFO") per diluted share was $0.26 for the quarter. Funds from Operations ("FFO") per diluted share, as defined by the National Association of Real Estate Investment Trusts ("NAREIT"), was $0.25 for the quarter.

Solid operating results:


 
--  In-service portfolio occupancy of 92.2 percent and bulk industrial
    occupancy of 93.6 percent at June 30, 2012;
--  Total leasing activity of approximately 4.9 million square feet in the
    second quarter of 2012;
--  Same-property net operating income growth of 3.7 percent for the
    twelve months ended June 30, 2012 and 3.4 percent for the three months
    ended June 30, 2012, as compared to the comparable periods ended June
    30, 2011.

Progress on asset and capital strategies:


 
--  Completed $103 million of acquisitions during the quarter;
--  Began nearly $128 million of new developments, consisting of three
    industrial developments totaling 872,000 square feet and two medical
    office buildings totaling 195,000 square feet;
--  Completed $27 million of dispositions;
--  Issued $300 million of 4.375 percent senior unsecured notes due 2022,
    with an effective rate of 4.47 percent;
--  During the quarter, issued approximately 311,000 new shares of common
    stock under our ATM program, generating gross proceeds of $4.53
    million and net proceeds of approximately $4.44 million. During the
    third quarter through July 11th, 2012, we issued an additional
    2,003,075 shares of common stock under our ATM program generating
    gross proceeds of approximately $29.45 million and net proceeds of
    approximately $28.86 million;
--  At June 30, 2012, $107 million of cash on hand and no balance on the
    line of credit.

Financial Performance


 
--  Core FFO for the second quarter of 2012 of $0.26 per share compared
    with $0.29 per share for the second quarter of 2011. The change is
    primarily attributable to lower service operations fees from the
    winding down of the Base Realignment and Closure ("BRAC") project. A
    reconciliation of FFO as defined by NAREIT to Core FFO is included in
    the financial tables included in this release.
    
    
--  FFO as defined by NAREIT was $0.25 per share for the second quarter
    2012 and $0.29 per share for the second quarter 2011. In addition to
    the impacts outlined in Core FFO above, FFO as defined by NAREIT was
    reduced by acquisition-related costs. A reconciliation of FFO as
    defined by NAREIT to Core FFO is included in the financial tables
    included in this release.
    
    
--  Net loss of $0.11 per diluted share for the second quarter of 2012
    compared to net loss of $0.12 per diluted share for the same quarter
    in 2011.

Operating Performance Highlights


 
--  In-service portfolio occupancy on June 30, 2012 of 92.2 percent,
    compared to 92.0 percent on March 31, 2012.
    
    
--  In-service occupancy in the bulk distribution portfolio on June 30,
    2012 of 93.6 percent, compared to 93.5 percent on March 31, 2012.
    
    
--  In-service occupancy in the medical office portfolio of 90.7 percent
    on June 30, 2012, compared to 90.9 percent on March 31, 2012, and
    in-service occupancy in the suburban office portfolio of 85.9 percent
    at quarter end, compared to 85.5 percent on March 31, 2012.
    
    
--  Tenant retention for the quarter of approximately 66 percent with
    overall positive rental rate growth of 0.6 percent.
    
    
--  Same-property net operating income growth of 3.7 percent for the
    twelve months ended June 30, 2012 and 3.4 percent for the three months
    ended June 30, 2012, as compared to the comparable periods ended June
    30, 2011. This positive same-property performance was primarily driven
    by lease-up of assets while rental rate growth improved modestly.

Real Estate Investment Activity

The company acquired $103 million (1.3 million square feet) of assets, substantially all of which were high-quality bulk industrial facilities located in strategic markets during the second quarter 2012.

The second quarter included the following strategic acquisitions:


 
--  A 498,000 square foot bulk industrial facility in La Mirada, CA that
    was 100 percent leased to Staples and Cotton On USA;
    
    
--  A 570,000 square foot bulk industrial building in Atlanta, GA that was
    100 percent leased to a global leader in the exhibit and display
    service business;
    
    
--  A 257,000 square foot bulk industrial facility in Chicago, IL that was
    100 percent leased to Brighton Best International.

Development

Oklak stated, "New development has continued its strong momentum at mid-year. After $121 million of starts in the last quarter, we commenced nearly $128 million of industrial and medical projects during the second quarter, consistent with our asset and operating strategies. In total, we have 3.4 million square feet across thirteen projects underway, with total budgeted costs of $459 million, that are 86 percent pre-leased in the aggregate."

The second quarter included the following development activity:

Wholly-Owned Properties


 
--  During the quarter, three new industrial developments were started.
    Two 100 percent pre-leased buildings in Chicago and Atlanta totaling
    441,000 square feet and one 431,000 square foot speculative bulk
    distribution facility in Chino, CA. Two medical office projects
    totaling 195,000 square feet were also started. They were both 100
    percent pre-leased.
    
    
--  Our wholly-owned development projects under construction on June 30,
    2012 consisted of six medical office projects totaling 523,000 square
    feet, four industrial projects totaling 1.9 million square feet and
    one 344,000 square foot office project. These projects were 82 percent
    pre-leased in the aggregate.
    
    
--  During the quarter, an 87,000 square foot medical office building
    located in Raleigh, NC that was 62 percent pre-leased was placed in
    service.

Joint Venture Properties


 
--  Our joint-venture-owned development projects under construction at
    June 30, 2012 consisted of one industrial project totaling 376,000
    square feet and one medical office project totaling 274,000 square
    feet. These projects are 100 percent pre-leased.

Dispositions

Proceeds from property dispositions totaled $27 million during the quarter, of which $15 million was from three non-core flex industrial assets (86 percent occupied), $11 million from one retail asset (80.5 percent occupied) and the remaining from undeveloped land. The retail and industrial dispositions comprised approximately 84,000 and 661,000 square feet, respectively, with a weighted average age of over 20 years.

2012 Earnings Guidance

The company tightened Core FFO guidance for 2012 from $0.94 to $1.06 to $0.98 to $1.06.

Dividends Declared

Our board of directors declared a quarterly cash dividend on our common stock of $0.17 per share, or $0.68 per share on an annualized basis. The second quarter dividend will be payable August 31, 2012 to shareholders of record on August 15, 2012. The board also declared the following dividends on our outstanding preferred stock:


 
                           Quarterly                                        
   Class    NYSE Symbol  Amount/Share      Record Date       Payment Date   
---------- ------------ -------------- ------------------ ------------------
 Series J     DREPRJ      $0.4140625     August 15, 2012    August 31, 2012 
 Series K     DREPRK       $0.40625      August 15, 2012    August 31, 2012 
 Series L     DREPRL        $0.4125      August 15, 2012    August 31, 2012 
 Series O     DREPRO       $0.523437   September 17, 2012   October 1, 2012 

Information Regarding FFO

The company computes FFO in accordance with standards established by NAREIT. NAREIT defines FFO as net income (loss), excluding gains (losses) on sales of depreciable property, impairment charges related to depreciable real estate assets, and extraordinary items (computed in accordance with generally accepted accounting principles ("GAAP"); plus real estate-related depreciation and amortization, and after similar adjustments for unconsolidated joint ventures. The company believes FFO to be most directly comparable to net income as defined by GAAP. The company believes that FFO is an operating measure and should be examined in conjunction with net income (as defined by GAAP) as presented in the financial statements accompanying this release. FFO does not represent a measure of liquidity, nor is it indicative of funds available for the company's cash needs, including its ability to make cash distributions to shareholders. A reconciliation of net income and net income per share, as defined by GAAP, to FFO and FFO per share, as defined by NAREIT, is included in the financial tables accompanying this release.

For information purposes, the company also provides FFO adjusted for certain items that are generally non-cash in nature and that materially distort the comparative measurement of company performance over time ("Core FFO"). The adjustments include impairment charges, tax expenses or benefits related to either changes in deferred tax asset valuation allowances or changes in tax exposure accruals that were established as the result of the adoption of new accounting principles, gains (losses) on debt transactions, adjustments related to the repurchase of preferred stock and gains on and related costs of acquisitions. Although the calculation of Core FFO differs from NAREIT's definition of FFO and may not be comparable to that of other REITs and real estate companies, the company believes it provides a meaningful supplemental measure of its operating performance. A reconciliation of FFO as defined by NAREIT to Core FFO is included in the financial tables accompanying this release.

Same Property Performance

The company includes same-property net operating income growth as a property-level supplemental measure of performance. The company does not believe same-property net operating income growth to be a primary measure of overall company operating performance. The company utilizes same-property net income growth as a supplemental measure to evaluate property-level performance, without differentiating or making adjustment as to whether a property is consolidated or jointly controlled.

A description of the properties that are excluded from our same-property measure is included on page 20 of our June 30, 2012 supplemental information.

About Duke Realty Corporation

Duke Realty Corporation owns and operates approximately 140.6 million rentable square feet of industrial and office assets, including medical office, in 18 major U.S. cities. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is listed on the S&P MidCap 400 Index. More information about Duke Realty Corporation is available at www.dukerealty.com.

Second Quarter Earnings Call and Supplemental Information

Duke Realty Corporation is hosting a conference call tomorrow, July 26, 2012, at 3:00 p.m. EDT to discuss its second quarter operating results. All investors and other interested parties are invited to listen to the call. Access is available through the Investor Relations section of the company's website.

A copy of the company's supplemental information will be available by 6:00 p.m. EDT today through the Investor Relations section of the company's website.

Cautionary Notice Regarding Forward-Looking Statements

This news release may contain forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical facts, including, among others, statements regarding the company's future financial position or results, future dividends, and future performance, are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of the company, members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should," or similar expressions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that actual results may differ materially from those contemplated by such forward-looking statements. Many of these factors are beyond the company's abilities to control or predict. Such factors include, but are not limited to, (i) general adverse economic and local real estate conditions; (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business; (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms, if at all; (iv) the company's ability to raise capital by selling its assets; (v) changes in governmental laws and regulations; (vi) the level and volatility of interest rates and foreign currency exchange rates; (vii) valuation of joint venture investments, (viii) valuation of marketable securities and other investments; (ix) valuation of real estate; (x) increases in operating costs; (xi) changes in the dividend policy for the company's common stock; (xii) the reduction in the company's income in the event of multiple lease terminations by tenants; (xiii) impairment charges, (xiv) the effects of geopolitical instability and risks such as terrorist attacks; (xv) the effects of weather and natural disasters such as floods, droughts, wind, tornados and hurricanes; and (xvi) the effect of any damage to our reputation resulting from developments relating to any of items (i) - (ix). Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the company's filings with the Securities and Exchange Commission. The company refers you to the section entitled "Risk Factors" contained in the company's Annual Report on Form 10-K for the year ended December 31, 2011. Copies of each filing may be obtained from the company or the Securities and Exchange Commission.

The risks included here are not exhaustive and undue reliance should not be placed on any forward-looking statements, which are based on current expectations. All written and oral forward-looking statements attributable to the company, its management, or persons acting on their behalf are qualified in their entirety by these cautionary statements. Further, forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time unless otherwise required by law.


 
                                                                            
                                                                            
                                                                            
                          Duke Realty Corporation                           
                          Statement of Operations                           
                               June 30, 2012                                
                  (In thousands, except per share amounts)                  
                                                                            
                                                                            
                                 --------------------  -------------------- 
                                  Three Months Ended     Six Months Ended   
                                       June 30,              June 30,       
                                 --------------------  -------------------- 
                                    2012       2011       2012       2011   
                                 ---------  ---------  ---------  --------- 
Revenues:                                                                   
  Rental and related revenue     $ 205,008  $ 180,009  $ 407,678  $ 370,438 
  General contractor and service                                            
   fee revenue                      63,607    135,362    132,575    281,909 
                                 ---------  ---------  ---------  --------- 
                                   268,615    315,371    540,253    652,347 
                                 ---------  ---------  ---------  --------- 
Expenses:                                                                   
  Rental expenses                   34,795     32,712     71,846     73,136 
  Real estate taxes                 28,071     26,147     56,608     53,540 
  General contractor and other                                              
   services expenses                57,879    122,969    121,800    258,633 
  Depreciation and amortization     92,721     83,351    184,084    161,057 
                                 ---------  ---------  ---------  --------- 
                                   213,466    265,179    434,338    546,366 
                                 ---------  ---------  ---------  --------- 
Other operating activities:                                                 
  Equity in earnings of                                                     
   unconsolidated companies            267      1,713      1,776      2,786 
  Gain (loss) on sale of                                                    
   properties                          119        492       (158)    68,348 
  Undeveloped land carrying                                                 
   costs                            (2,168)    (2,453)    (4,466)    (4,762)
  Other operating expenses            (196)       (26)      (461)      (111)
  General and administrative                                                
   expense                         (11,594)    (8,541)   (23,433)   (19,738)
                                 ---------  ---------  ---------  --------- 
                                   (13,572)    (8,815)   (26,742)    46,523 
                                 ---------  ---------  ---------  --------- 
                                                                            
    Operating income                41,577     41,377     79,173    152,504 
                                                                            
Other income (expenses):                                                    
  Interest and other income, net        98        284        244        371 
  Interest expense                 (61,220)   (53,814)  (122,138)  (106,461)
  Acquisition-related activity      (1,029)      (594)    (1,609)    (1,183)
                                 ---------  ---------  ---------  --------- 
    Income (loss) from                                                      
     continuing operations         (20,574)   (12,747)   (44,330)    45,231 
                                                                            
Discontinued operations:                                                    
  Loss before gain on sales           (249)    (3,824)    (1,079)    (8,616)
  Gain on sale of depreciable                                               
   properties                        3,095      2,713      9,571     14,316 
                                 ---------  ---------  ---------  --------- 
    Income (loss) from                                                      
     discontinued operations         2,846     (1,111)     8,492      5,700 
                                                                            
Net income (loss)                  (17,728)   (13,858)   (35,838)    50,931 
Dividends on preferred shares      (11,082)   (15,974)   (24,275)   (31,948)
Adjustments for                                                             
 redemption/repurchase of                                                   
 preferred shares                        -          -     (5,730)      (163)
Net (income) loss attributable                                              
 to noncontrolling interests           328        790        971       (293)
                                 ---------  ---------  ---------  --------- 
  Net income (loss) attributable                                            
   to common shareholders        $ (28,482) $ (29,042) $ (64,872) $  18,527 
                                 =========  =========  =========  ========= 
                                                                            
Basic net income (loss) per                                                 
 common share:                                                              
  Continuing operations                                                     
   attributable to common                                                   
   shareholders                  $   (0.12) $   (0.11) $   (0.28) $    0.05 
  Discontinued operations                                                   
   attributable to common                                                   
   shareholders                  $    0.01  $   (0.01) $    0.03  $    0.02 
                                 ---------  ---------  ---------  --------- 
Total                            $   (0.11) $   (0.12) $   (0.25) $    0.07 
                                 =========  =========  =========  ========= 
                                                                            
Diluted net income (loss) per                                               
 common share:                                                              
  Continuing operations                                                     
   attributable to common                                                   
   shareholders                  $   (0.12) $   (0.11) $   (0.28) $    0.05 
  Discontinued operations                                                   
   attributable to common                                                   
   shareholders                  $    0.01  $   (0.01) $    0.03  $    0.02 
                                 ---------  ---------  ---------  --------- 
Total                            $   (0.11) $   (0.12) $   (0.25) $    0.07 
                                 =========  =========  =========  ========= 
                                                                            
                                                                            
                                                                            
                          Duke Realty Corporation                           
                     Statement of Funds From Operations                     
                               June 30, 2012                                
                  (In thousands, except per share amounts)                  
                                                                            
                                                                            
                                         Three Months Ended                 
                                              June 30,                      
                                             (Unaudited)                    
                         -------------------------------------------------- 
                                   2012                      2011           
                         ------------------------  ------------------------ 
                                     Wtd.                      Wtd.         
                                     Avg.    Per               Avg.    Per  
                          Amount    Shares  Share   Amount    Shares  Share 
                         --------  ------- ------  --------  ------- ------ 
Net Loss Attributable to                                                    
 Common Shareholders     $(28,482)                 $(29,042)                
Less: Dividends on                                                          
 participating                                                              
 securities                  (856)                     (806)                
                         --------                  --------                 
Net Loss Per Common                                                         
 Share- Basic             (29,338) 266,748 $(0.11)  (29,848) 252,640 $(0.12)
Add back:                                                                   
  Noncontrolling                                                            
   interest in earnings                                                     
   of unitholders               -        -                -        -        
  Other potentially                                                         
   dilutive securities                   -                         -        
                         --------  -------         --------  -------        
Net Loss Attributable to                                                    
 Common Shareholders-                                                       
 Diluted                 $(29,338) 266,748 $(0.11) $(29,848) 252,640 $(0.12)
                         ========  =======         ========  =======        
                                                                            
Reconciliation to Funds                                                     
 From Operations ("FFO")                                                    
Net Loss Attributable to                                                    
 Common Shareholders     $(28,482) 266,748         $(29,042) 252,640        
Adjustments:                                                                
  Depreciation and                                                          
   amortization            92,943                   100,113                 
  Company share of joint                                                    
   venture depreciation                                                     
   and amortization         8,640                     8,639                 
  Earnings from                                                             
   depreciable property                                                     
   sales-wholly owned,                                                      
   discontinued                                                             
   operations              (3,095)                   (2,713)                
  Earnings from                                                             
   depreciable property                                                     
   sales-wholly owned,                                                      
   continuing operations     (119)                     (492)                
  Noncontrolling                                                            
   interest share of                                                        
   adjustments             (1,660)                   (2,802)                
                         --------  -------         --------  -------        
Funds From Operations-                                                      
 Basic                     68,227  266,748 $ 0.26    73,703  252,640 $ 0.29 
  Noncontrolling                                                            
   interest in loss of                                                      
   unitholders               (466)   4,569             (706)   7,209        
  Noncontrolling                                                            
   interest share of                                                        
   adjustments              1,660                     2,802                 
  Other potentially                                                         
   dilutive securities               3,036                     3,364        
                         --------  -------         --------  -------        
Funds From Operations-                                                      
 Diluted                 $ 69,421  274,353 $ 0.25  $ 75,799  263,213 $ 0.29 
  Acquisition-related                                                       
   activity                 1,029                       594                 
                         --------  -------         --------  -------        
Core Funds From                                                             
 Operations- Diluted     $ 70,450  274,353 $ 0.26  $ 76,393  263,213 $ 0.29 
                         ========  =======         ========  =======        
                                                                            
                                                                            
                                                                            
                                           Six Months Ended                 
                                               June 30,                     
                                              (Unaudited)                   
                          --------------------------------------------------
                                    2012                      2011          
                          ------------------------  ------------------------
                                      Wtd.                      Wtd.        
                                      Avg.    Per               Avg.    Per 
                           Amount    Shares  Share   Amount    Shares  Share
                          --------  ------- ------  --------  ------- ------
Net Income (Loss)                                                           
 Attributable to Common                                                     
 Shareholders             $(64,872)                 $ 18,527                
Less: Dividends on                                                          
 participating securities   (1,708)                   (1,605)               
                          --------                  --------                
Net Income (Loss) Per                                                       
 Common Share- Basic       (66,580) 262,556 $(0.25)   16,922  252,524 $ 0.07
Add back:                                                                   
  Noncontrolling interest                                                   
   in earnings of                                                           
   unitholders                   -        -              499    6,798       
  Other potentially                                                         
   dilutive securities                    -                        68       
                          --------  -------         --------  -------       
Net Income (Loss)                                                           
 Attributable to Common                                                     
 Shareholders- Diluted    $(66,580) 262,556 $(0.25) $ 17,421  259,390 $ 0.07
                          ========  =======         ========  =======       
                                                                            
Reconciliation to Funds                                                     
 From Operations ("FFO")                                                    
Net Income (Loss)                                                           
 Attributable to Common                                                     
 Shareholders             $(64,872) 262,556         $ 18,527  252,524       
Adjustments:                                                                
  Depreciation and                                                          
   amortization            185,199                   195,094                
  Company share of joint                                                    
   venture depreciation                                                     
   and amortization         17,226                    16,267                
  Earnings from                                                             
   depreciable property                                                     
   sales-wholly owned,                                                      
   discontinued                                                             
   operations               (9,571)                  (14,316)               
  Earnings from                                                             
   depreciable property                                                     
   sales-wholly owned,                                                      
   continuing operations       158                   (68,348)               
  Earnings from                                                             
   depreciable property                                                     
   sales-JV                      -                       (91)               
  Noncontrolling interest                                                   
   share of adjustments     (3,720)                   (3,371)               
                          --------  -------         --------  -------       
Funds From Operations-                                                      
 Basic                     124,420  262,556 $ 0.47   143,762  252,524 $ 0.57
  Noncontrolling interest                                                   
   in income (loss) of                                                      
   unitholders              (1,277)   5,160              499    6,798       
  Noncontrolling interest                                                   
   share of adjustments      3,720                     3,371                
  Other potentially                                                         
   dilutive securities                2,987                     3,276       
                          --------  -------         --------  -------       
Funds From Operations-                                                      
 Diluted                  $126,863  270,703 $ 0.47  $147,632  262,598 $ 0.56
  Adjustments for                                                           
   redemption/repurchase                                                    
   of preferred shares       5,730                       163                
  Acquisition-related                                                       
   activity                  1,609                     1,183                
                          --------  -------         --------  -------       
Core Funds From                                                             
 Operations- Diluted      $134,202  270,703 $ 0.50  $148,978  262,598 $ 0.57
                          ========  =======         ========  =======       
                                                                            
                                                                            
                                                                            
                          Duke Realty Corporation                           
                               Balance Sheet                                
                               June 30, 2012                                
                  (In thousands, except per share amounts)                  
                                                                            
                                                    June 30,   December 31, 
                                                      2012         2011     
                                                  -----------  ------------ 
ASSETS:                                                                     
                                                                            
  Rental Property                                 $ 6,177,333  $  6,038,107 
  Less: Accumulated Depreciation                   (1,206,158)   (1,127,595)
  Construction in Progress                            165,940        44,497 
  Undeveloped Land                                    622,457       622,635 
                                                  -----------  ------------ 
    Net Real Estate Investments                     5,759,572     5,577,644 
                                                                            
  Cash                                                106,565       213,809 
  Accounts Receivable                                  19,623        22,428 
  Straight-line Rents Receivable                      112,404       108,392 
  Receivables on Construction Contracts                32,969        40,247 
  Investments in and Advances to Unconsolidated                             
   Companies                                          368,000       364,859 
  Deferred Financing Costs, Net                        41,231        42,268 
  Deferred Leasing and Other Costs, Net               460,903       463,983 
  Escrow Deposits and Other Assets                    166,823       170,807 
                                                  -----------  ------------ 
                                                                            
    Total Assets                                  $ 7,068,090  $  7,004,437 
                                                  ===========  ============ 
                                                                            
LIABILITIES AND SHAREHOLDERS' EQUITY:                       
                
                                                                            
  Secured Debt                                    $ 1,101,195  $  1,173,233 
  Unsecured Notes                                   2,915,155     2,616,063 
  Unsecured Lines of Credit                            20,293        20,293 
  Construction Payables and Amounts due                                     
   Subcontractors                                      60,931        55,916 
  Accrued Real Estate Taxes                            85,993        69,470 
  Accrued Interest                                     59,506        58,904 
  Accrued Expenses                                     37,536        60,230 
  Other Liabilities                                   125,890       131,735 
  Tenant Security Deposits and Prepaid Rents           42,213        38,935 
                                                  -----------  ------------ 
                                                                            
    Total Liabilities                               4,448,712     4,224,779 
                                                  -----------  ------------ 
                                                                            
  Preferred Stock                                     625,638       793,910 
  Common Stock and Additional Paid-in Capital       3,786,421     3,597,117 
  Accumulated Other Comprehensive Income (Loss)         1,767           987 
  Distributions in Excess of Net Income            (1,833,088)   (1,677,328)
                                                  -----------  ------------ 
                                                                            
    Total Shareholders' Equity                      2,580,738     2,714,686 
                                                                            
  Non-controlling Interest                             38,640        64,972 
                                                  -----------  ------------ 
                                                                            
    Total Liabilities and Equity                  $ 7,068,090  $  7,004,437 
                                                  ===========  ============ 

Contact Information:

Investors: Ron Hubbard 317.808.6060

Media: Helen McCarthy 317.708.8010

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