INDIANAPOLIS, May 11, 2022 (GLOBE NEWSWIRE) — Duke Realty Corporation (:DRE) (“Duke Realty” or “the Company”), the largest domestic-only logistics REIT, today responded to Prologis, Inc. ( : PLD) (“Prologis”) non-binding proposal to acquire the Company in an all-stock transaction. Under the terms of Prologis’ May 10, 2022 proposal, Duke Realty shareholders would receive 0.466 shares of Prologis common stock for each share of Duke Realty common stock they hold.
“As we have repeatedly indicated to Prologis during our discussions over the past few months, in accordance with its fiduciary obligations, our Board of Directors has carefully evaluated Prologis’ proposals and we remain open to exploring all avenues for maximize shareholder value, and we believe the latest offer, virtually unchanged from its previous proposals, falls short in this regard.”
“We have delivered superior returns to our shareholders through our premier industrial warehouse portfolio, our world-class organization and the execution of our growth-oriented strategic plan. Our business is robust and we have significant momentum, as evidenced by record levels of in-service and stabilized occupancy and considerable lease success in our development pipeline. We will continue to drive sustainable value creation and are confident in our ability to generate consistent double-digit growth in FFO, AFFO and dividends for our shareholders for years to come. »
Duke Realty will have no further comment on the proposal at this time.
Morgan Stanley & Co. LLC is acting as financial advisor to Duke Realty and Hogan Lovells as legal advisor.
About Duke Realty Corporation
Duke Realty Corporation owns and operates approximately 164.9 million leasable square feet of industrial assets in 19 major logistics markets. Duke Realty Corporation is publicly traded under the symbol DRE and is a member of the S&P 500 Index. More information about Duke Realty Corporation is available at www.dukerealty.com.
Caution Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical facts, including, without limitation, statements regarding the Company’s future financial condition or results, future dividends and future performance, are forward-looking statements. These statements include statements about the intention, beliefs or current expectations of the Company, members of its management team, as well as the assumptions on which these statements are based, and are generally identified by the use of words such as that “may”, “will”, “seek”, “anticipate”, “believe”, “estimate”, “expect”, “plan”, “intend”, “should” or expressions similar, although not all forward-looking statements 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 ability to control or predict. These factors include, but are not limited to, (i) adverse local economic and real estate conditions generally; (ii) the inability of major tenants to continue to pay their rental obligations due to bankruptcy, insolvency or a general downturn in business; (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms, if any, and the company’s ability to maintain its current credit ratings; (iv) the company’s ability to raise capital by selling its assets; (v) the Company’s continued qualification as a real estate investment trust, or REIT, for US federal income tax purposes; (vi) changes in governmental laws and regulations; (vii) the level and volatility of interest rates and foreign exchange rates; (viii) evaluation of investments in joint ventures; (ix) valuation of marketable securities and other investments, including the volatility of the Company’s stock price and trading volume; (x) the evaluation of real estate and other risks inherent in the real estate business, including, but not limited to, tenant defaults, potential liability related to environmental matters and the liquidity of real estate investments; (xi) increase in operating expenses; (xii) changes in the dividend policy for the common shares of the Company; (xiii) reduction in the Company’s revenues in the event of termination of multiple leases by tenants, as well as competition for tenants and potential declines in occupancy of properties; (xiv) impairment charges; (xv) a failure or breach of our information technology systems networks or processes that could result in business interruptions or loss of confidential information; (xvi) the effects of geopolitical instability and risks such as terrorist attacks and trade wars; (xvii) the effects of natural disasters, including floods, droughts, wind, tornadoes and hurricanes; and (xviii) the effect of any damage to our reputation resulting from developments relating to any of (i) to (xviii). The Company refers you to the section titled “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Additional information regarding factors that could cause actual results to differ materially differ from these forward-looking statements is contained from time to time in the Company’s filings with the Securities and Exchange Commission. Copies of each filing may be obtained from the company or from the Securities and Exchange Commission.
The risks included herein are not exhaustive and undue reliance should not be placed on 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 any forward-looking statements to reflect changed assumptions, the occurrence of unforeseen events or changes in future operating results over time, unless otherwise indicated. Required by law.
Sard Verbinnen Co.
Ben Spicehandler/Stephen Pettibone