Duke Realty Corp.NYSE
Mon, Nov. 28, 10:07 AM
Wed, Nov. 23, 11:53 AM
Wed, Oct. 26, 4:23 PM
Tue, Oct. 25, 5:35 PM
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Wed, Sep. 28, 11:39 AM
- Launching coverage of three industrial REITs today, Mizuho names EastGroup Properties (EGP -0.1%) as its top pick.
- Analyst Richard Anderson likes the sector as a whole for the same reason many others do - the proliferation of e-commerce and the commensurate demand for warehouse/distribution space.
- Despite its relatively lower growth profile, EastGroup is Anderson's favorite thanks to valuation. He rates it a Buy with $83 price target (13% upside). DCT Industrial (DCT -0.1%) gets a Neutral and $51 PT; Duke Realty (DRE -0.1%) a Neutral and $29 PT.
Thu, Sep. 15, 3:01 PM
- The company has inked a long-term lease agreement for a 1.435M square-foot facility with Floor & Decor, an Atlanta-based company operating retail stores offering flooring, counters, sinks, and related accessories.
- Construction of the building - located about 10 miles from the Port of Savannah - is set to begin in November, with Floor & Decor relocating to the new facility in early 2018.
- Floor & Decor has been a customer of Duke Realty (NYSE:DRE) for several years.
Thu, Aug. 25, 8:12 AM
- Now at BTIG from Cowen & Co., analyst James Sullivan starts coverage of Physicians Realty Trust (NYSE:DOC) with a Buy rating and $42 price target. Growing the portfolio to nearly $3B following the $130M IPO, management has earned a reputation as solid capital allocators in the medical office space. New deals should remain a core driver of the business, resulting in outsized earnings growth next year.
- STORE Capital (NYSE:STOR) is initiated at Buy with a $35 price target, with Sullivan taking note of the company's combination of the smallest portfolio, differentiated acquisition strategy, and management track record.
- A West Coast focus and management's ability to source new investments should deliver excess returns to investors, says Sullivan, starting Retail Opportunity (NASDAQ:ROIC) with a Buy and $25 price target.
- Kilroy Realty (NYSE:KRC) has upside from the below-market rents in its portfolio and an extension into life science real estate. He starts it at Buy with $80 price target.
- Terreno Realty (NYSE:TRNO), Corporate Office Properties (NYSE:OFC), Macerich (NYSE:MAC), Kimco (NYSE:KIM) remain Buys.
- A Buy at Cowen, Duke Realty (NYSE:DRE) is stared with just a Neutral at BTIG.
- Previously: BTIG launches REIT sector coverage (Aug. 25)
Wed, Jul. 27, 6:07 PM
Wed, Jul. 27, 4:19 PM
Tue, Jul. 26, 5:35 PM
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Tue, Jul. 5, 9:17 AM| Tue, Jul. 5, 9:17 AM | 2 Comments
Thu, Apr. 28, 5:55 AM
- Duke Realty (NYSE:DRE) declares $0.18/share quarterly dividend, in line with previous.
- Forward yield 3.23%
- Payable May 31; for shareholders of record May 16; ex-div May 12.
Wed, Apr. 27, 4:26 PM
- Duke Realty (NYSE:DRE): Q1 FFO of $0.28 in-line.
- Revenue of $201.8M (-6.0% Y/Y) beats by $2.91M.
Tue, Apr. 26, 5:35 PM
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Fri, Apr. 15, 2:21 PM
- "There is no substitute for scale," says Sam Zell, predicting a wave of M&A in REITs over the next couple of years.
- "You've got $1.5B office REITs. What are you doing? How do you create liquidity? How do you go forward? How do you raise more capital? I think those are all challenges very much related to size ... If I were an institutional investor, I can't imagine investing in these little companies."
- Source: SNL Financial
- Meanwhile, Green Street Advisors' Mike Kirby has never been a fan of REIT mergers, citing 25 years of data showing the deals tend to be good for the acquired, but not so much for the acquiree. He's warming to the idea, however, noting NAV discounts across much of the sector offer an arbitrage opportunity for those blessed with NAV premiums.
- Prologis (NYSE:PLD) CEO Hamid Moghadam warns of the difficulties in integrating distinct company cultures. Public Storage (NYSE:PSA) boss Ronald Havner says premiums/discounts don't mean as much to him as whether a deal improves long-term cash flow.
- "We'd like to be bigger, but being bigger is not the end-all," says Duke Realty (NYSE:DRE) CEO Jim Connor, noting even a significant discount is not sufficient rationale for a deal.
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Mon, Feb. 1, 11:17 AM
- Embattled Ashford Hospitality Trust (AHT -6.1%) and Ashford Hospitality Prime (AHP -4.2%) are cut to Hold from Buy, as is Hersha HospitalityTrust (HT -4.7%).
- Two other REIT downgrades hit today as well - Duke Realty (DRE -0.6%) to Market Perform from Outperform at BMO Capital, and Equity Residential (EQR -0.3%) to Neutral from Buy.
- Previously: Activist aims to take control of and sell Ashford Prime (Jan. 15)