Duke-Weeks Announces $201 Million of Dispositions; Year-to-Date Capital Recycling Approaches $500 Million Annual Goal.Business & Real Estate Editors INDIANAPOLIS--(BUSINESS WIRE)--Sept. 29, 2000 Duke-Weeks Realty Corporation (NYSE NYSE See: New York Stock Exchange :DRE DRE Digital rectal examination. Mentioned in: Rectal Examination ) announced today that it completed $201 million of dispositions in the third quarter. Substantially all of the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from these property sales have been applied to the Company's short-term borrowings and will eventually be deployed to fund the Company's highly profitable development pipeline. Duke-Weeks' year-to-date dispositions now total $478 million at an average capitalization rate Capitalization Rate According to the Appraisal Institute, it is a method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, by dividing the income estimate by an appropriate rate. of 9.1 percent. Duke-Weeks' largest disposition announced today is Beacon Centre, a 2.3 million square foot distribution and flex industrial portfolio located in Miami, Florida “Miami” redirects here. For the Native American tribe, see Miami tribe. Miami is a major city in southeastern Florida, in the United States. It is the county seat of Miami-Dade County. Miami is a gamma world city with an estimated population of 404,048. . The Beacon Centre transaction also included five retail ground leases and approximately one acre of undeveloped land. The Beacon Centre transaction follows the first quarter 2000 sale of Duke-Weeks' interest in Codina Group, the manager of Beacon Centre. The Company's other dispositions announced today include a 57,000 square foot industrial building in Atlanta, Georgia; a 72,000 square foot industrial building in Minneapolis, Minnesota “Minneapolis” redirects here. For other uses, see Minneapolis (disambiguation). Minneapolis (pronounced IPA: /ˌmɪniˈæpəlɪs/) is the largest city in the U.S. ; and a 499,000 square foot industrial building in Chicago, Illinois. Commenting on the dispositions announced today, Thomas L. Hefner, Duke-Weeks' Chairman and Chief Executive Officer, said, "Over the past year, we determined that the Dade County Dade County can refer to the following places:
tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. capital from an asset we did not manage and for which we had no associated development opportunity. Our emphasis continues to be to push same-store results in our core portfolio while using the proceeds from property sales and joint ventures to fund new developments at average yields at least 200 basis points above exit cap rates. We have for some time produced among the best development yields in the industry. Our success this year at recycling capital shows on a large scale how we can monetize the value we create through our development expertise." Duke-Weeks Realty Corporation is one of the largest office and industrial real estate companies in the United States and has the longest ongoing record in the industry (19 consecutive quarters) of double-digit growth in funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. per share. Offering a complete range of real estate products and services, Duke-Weeks produces more than $800 million in annual revenue from approximately 5,000 tenants and focuses on building dominant market positions in each of its 13 geographic platforms across the Midwest and the Sunbelt. Duke-Weeks owns interests in more than 103 million square feet of properties, has approximately 1,500 employees and owns or controls approximately 4,000 acres of undeveloped land that can support more than 60 million square feet of future development. Visit Duke-Weeks on the web at www.dukereit.com. |
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