Duke Realty – Pricing Terms – $450 Million Senior Unsecured Notes

Duke Realty - Pricing Terms - $450 Million Senior Unsecured Notes

INDIANAPOLIS, IN (STL.News) Duke Realty Corporation (NYSE: DRE), a leading industrial property REIT, announced today that its operating partnership, Duke Realty Limited Partnership (the “Operating Partnership”), has priced an underwritten public offering of $450 million of its 1.75% senior unsecured notes due February 1, 2031.  The notes were priced at 99.252% of their face amount to yield 1.832% to maturity.  The offering is expected to close on January 21, 2021, subject to the satisfaction of customary closing conditions.

The Operating Partnership intends to allocate an amount equal to the net proceeds from the offering to finance or refinance, in whole or in part, one or more recently completed or future “Eligible Green Projects,” which may include certain “green buildings,” energy efficiency projects, sustainable water and wastewater management systems, renewable energy projects, clean transportation solutions, and pollution prevention and control.

J.P. Morgan Securities LLC acted as Green Structuring Agent to the issuer and joint book-running manager.  Barclays Capital Inc., RBC Capital Markets, LLC, Wells Fargo Securities, LLC, Regions Securities LLC, and U.S. Bancorp Investments, Inc. acted as joint book-running managers.  Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC, Samuel A. Ramirez & Company, Inc., Scotia Capital (USA) Inc., Truist Securities, Inc., and UBS Securities LLC acted as co-managers.

Duke Realty and the Operating Partnership have filed a registration statement (including a preliminary prospectus supplement and a prospectus) with the U.S. Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates, which became effective upon filing with the SEC.  The offering will be made only by means of a prospectus and prospectus supplement.  You may obtain these documents for free by searching the SEC online database on the SEC website at http://www.sec.gov.  Alternatively, Duke Realty, the Operating Partnership, or any underwriter participating in the offering will arrange to send you the prospectus supplement and prospectus if you request it from (i) J.P. Morgan Securities LLC collect at 1-212-834-4533, (ii) Barclays Capital Inc. toll free at 1-888-603-5847, (iii) RBC Capital Markets, LLC toll free at 1-866-375-6829, or (iv) Wells Fargo Securities, LLC toll free at 1-800-645-3751.

Before making an investment in the securities, potential investors should read the prospectus supplement, the accompanying prospectus, and the other documents that the Operating Partnership has filed and will file with the SEC for more complete information about the Operating Partnership and the offering.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.

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