Duke Realty Commences Tender Offer for 3.875% Senior Notes Due 2022

INDIANAPOLIS, June 22, 2020 (GLOBE NEWSWIRE) -- Duke Realty Corporation (NYSE: DRE), a leading industrial property REIT, announced today that its operating partnership, Duke Realty Limited Partnership (the “Operating Partnership”), has commenced a cash tender offer for any and all of its outstanding $300,000,000 aggregate principal amount of 3.875% Senior Notes due 2022 (CUSIP No. 26441YAW7) (the “Notes”), on the terms and subject to the conditions set forth in the Offer to Purchase, dated the date hereof (the “Offer to Purchase”), and the related Notice of Guaranteed Delivery attached to the Offer to Purchase (the “Notice of Guaranteed Delivery”). The tender offer is referred to herein as the “Offer.” The Offer to Purchase and the Notice of Guaranteed Delivery are referred to herein collectively as the “Offer Documents.”

The tender offer consideration for each $1,000 principal amount of the Notes purchased pursuant to the Offer will be $1,065.00 (the “Tender Offer Consideration”). Holders must validly tender (and not validly withdraw) or deliver a properly completed and duly executed Notice of Guaranteed Delivery for their Notes at or before the Expiration Time (as defined below) in order to be eligible to receive the Tender Offer Consideration. In addition, holders whose Notes are purchased in the Offer will receive accrued and unpaid interest from the last interest payment date to, but not including, the Payment Date (as defined in the Offer to Purchase) for the Notes. The Operating Partnership expects the Payment Date to occur on June 29, 2020 and the Guaranteed Delivery Payment Date to occur on July 1, 2020.

The Offer will expire at 5:00 p.m., New York City time, on June 26, 2020 (such time and date, as it may be extended, the “Expiration Time”), unless extended or earlier terminated by the Operating Partnership. The Notes tendered may be withdrawn at any time at or before the Expiration Time by following the procedures described in the Offer to Purchase.

The Operating Partnership’s obligation to accept for purchase and to pay for the Notes validly tendered and not validly withdrawn pursuant to the Offer is subject to the satisfaction or waiver, in the Operation Partnership’s discretion, of certain conditions, which are more fully described in the Offer to Purchase, including, among others, the Operating Partnership’s receipt of aggregate proceeds (before underwriter’s discounts and commissions and other offering expenses) of at least $300 million from an offering of new senior notes commenced today, on terms satisfactory to the Operating Partnership. The complete terms and conditions of the Offer are set forth in the Offer Documents. Holders of the Notes are urged to read the Offer Documents carefully.