From the Wires
Duke Realty Corporation Redeems Series O Preferred Shares in Alignment With Capital Strategy
By: Marketwired .
Jan. 16, 2013 04:03 PM
INDIANAPOLIS, IN -- (Marketwire) -- 01/16/13 -- Duke Realty Corporation ("Duke Realty") (NYSE: DRE), a leading nationwide REIT (Real Estate Investment Trust) specializing in the ownership, management and development of bulk industrial facilities, medical office properties, and suburban office buildings, announced today that it has called for redemption all of its 711,820 outstanding 8.375% Series O Cumulative Redeemable Preferred Shares, par value $.01 per share, and all of the 7,118,197 Depositary Shares representing such Series O Preferred Shares (NYSE: DREPRO) (CUSIP No.: 264411679). The redemption date is February 22, 2013. The cash redemption price for the Series O Preferred Shares is $250.00 per share, which is equivalent to a cash redemption price of $25.00 per Series O Depositary Share.
Holders of the Series O Depositary Shares will receive $0.308247 per share in accrued dividends, for an aggregate redemption price of $25.308247 per Series O Depositary Share. Dividends on the Series O Preferred Shares represented by the Series O Depositary Shares will cease to accrue after the redemption date, and holders will have no rights other than the right to receive the redemption price, without interest, upon surrender of their shares.
The Notice of Redemption and related materials will be mailed to holders of Duke Realty's Series O Depositary Shares representing the Series O Preferred Shares on January 16, 2013. As specified in the Notice of Redemption, payment of the redemption price will be made only upon presentation and surrender of the Series O Depositary Shares representing the Series O Preferred Shares to Duke Realty's transfer agent, American Stock Transfer and Trust Company, LLC, the redemption agent, by registered or certified mail, properly insured, or hand delivery during normal business hours at 6201 15th Avenue, Brooklyn, New York 11219. Questions relating to the Notice of Redemption and related materials should be directed to American Stock Transfer and Trust Company, telephone number 800/937-5449.
About Duke Realty
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.
Latest Cloud Developer Stories
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
SYS-CON Featured Whitepapers
Most Read This Week
Breaking Cloud Computing News