Duke Realty Becomes the 1st Industrial REIT to Issue a “Green Bond” in the United States
Source: Nasdaq GlobeNewswire / 18 Nov 2019 14:00:00 America/New_York
INDIANAPOLIS, Nov. 18, 2019 (GLOBE NEWSWIRE) -- Duke Realty Corporation (NYSE: DRE), the leading domestic only, pure-play logistics property REIT (Real Estate Investment Trust) in the United States, recently closed a $400 million green bond offering as part of its commitment to sustainability. This offering is the first of its kind in the United States by an industrial REIT.
"Duke Realty’s issuance of its inaugural green bond demonstrates our continued commitment to sustainability and environmentally respectful development," said Jim Connor, Chairman and Chief Executive Officer of Duke Realty. "As a developer, we believe that we have a responsibility to minimize the impact our properties have on the environment, our customers and the communities in which we operate and live. We appreciate the interest and participation of the green investment community in this bond.”
Duke Realty plans to use the net proceeds from its $400 million, 2.875 percent senior unsecured green bond due 2029 to finance future or refinance recently completed “Eligible Green Projects”. This may include green buildings, energy efficiency projects, sustainable water and wastewater management systems, renewable energy projects, clean transportation solutions and pollution prevention and control.
The company, which has long been a proponent of sustainable development, plans to deliver more than $1 billion in industrial assets with LEED® certifications over the next three years and to continue looking for and implementing sustainable practices, processes and products in its existing portfolio of properties. LEED® ‒ an acronym for Leadership in Energy and Environmental Design™ – is a registered trademark of the U.S. Green Building Council. For more information about Duke Realty’s environmental practices, which are part of its comprehensive ESG initiative, please visit www.dukerealty.com to read its most recent Corporate Responsibility report.
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.
About Duke Realty
Duke Realty Corporation owns and operates approximately 155 million rentable square feet of industrial assets in 20 major U.S. logistics markets. Duke Realty is publicly traded on the NYSE under the symbol DRE and is a member of the S&P 500. The company maintains a Baa1 rating from Moody’s Investor Service and a BBB+ rating from Standard & Poor’s Financial Services. More information about Duke Realty Corporation is available at www.dukerealty.com. Duke Realty also can be followed on Twitter, LinkedIn, Facebook and YouTube.
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, although not all forward-looking statements may contain such words. 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) – (xv). 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, 2018. 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.
News Media Contact:
Helen McCarthy, PR Manager,