Duke Realty Renews Credit Facility

Duke Realty Corporation (DRE - Analyst Report), a real estate investment trust (REIT) engaged in owning, managing and developing industrial, health care and office properties across the U.S, has recently renewed its unsecured revolving credit facility to enhance its operating flexibility in the current credit-constrained market.
 
The credit facility, which was originally scheduled to mature in Jan 2010, has been currently extended to Feb 2013. Under the terms of the renewal, the credit facility would offer a borrowing capacity of $850 million at an interest rate of 275 basis points over the applicable LIBOR rate. In addition, Duke Realty also has an option to increase the credit facility to $1.05 billion.
 
Duke Realty maintains a balanced and flexible capital structure and has increased its liquidity by diligently managing overhead expenses and reducing dividend payments. With the renewal of the credit facility, the company has further strengthened its balance sheet that provides an operating flexibility to protect and enhance market positions and emerge stronger once the real estate markets fully recover.
 
Duke Realty is one of the largest commercial real estate companies in the U.S. For over 35 years, the company has leveraged its local presence and its integrated platform to drive returns, establishing itself as a premier publicly traded real estate developer in the country.

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