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Duke Realty CorporationNYSE:DRE Rapport sur les actions

Capitalisation boursière US$18.8b
Prix de l'action
n/a
US$62.64
n/ddécote intrinsèque
1Y-2.4%
7D-2.2%
1D
Valeur du portefeuille
​
Voir

Duke Realty Corporation

NYSE:DRE Rapport sur les actions

Capitalisation boursière : US$18.8b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Duke Realty (DRE) Aperçu de l'action

Duke Realty Corporation owns and operates approximately 159 million rentable square feet of industrial assets in 20 major logistics markets. Plus de détails

DRE analyse fondamentale
Score flocon de neige
Évaluation6/6
Croissance future1/6
Performances passées4/6
Santé financière2/6
Dividendes5/6

Récompenses

Se négocie à 47% en dessous de notre estimation de sa juste valeur

Les revenus devraient augmenter 11.36% par an

Les bénéfices ont augmenté de 91.8% au cours de l'année écoulée

Verse un dividende fiable de 2.32%

Les analystes s'accordent à dire que le prix des actions augmentera de 30%

Analyse des risques

La dette n’est pas bien couverte par le flux de trésorerie opérationnel

Les bénéfices devraient diminuer en moyenne de 4.3% par an au cours des 3 prochaines années

Des éléments non récurrents importants ayant un impact sur les résultats financiers

Ventes d'initiés importantes au cours des 3 derniers mois


DRE Community Fair Values

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Duke Realty Corporation Concurrents

Historique des prix et performances

Résumé des hausses, des baisses et des variations du cours de l'action pour la période du 1er janvier au 31 décembre 2009 Duke Realty
Historique des cours de bourse
Prix actuel de l'actionUS$48.20
Plus haut sur 52 semainesUS$66.22
Plus bas sur 52 semainesUS$47.12
Bêta0.72
Variation sur 1 mois-16.48%
Variation sur 3 mois-15.20%
Variation sur 1 an-2.45%
Variation sur 3 ans42.48%
Variation sur 5 ans66.09%
Évolution depuis l'introduction en bourse370.81%

Nouvelles et mises à jour récentes

Seeking Alpha • Sep 08

Duke Realty: Great Company, But Too Expensive To Buy

Summary DRE is well-poised to benefit from the increase in rental rates, it has a strong balance sheet and great credit ratings. Duke’s current portfolio is stable and its new developments concentrate in very low vacancy areas. The current valuation is too expensive for new investors as Prologis offered Duke shareholders 0.475 shares of PLD after the acquisition. Investment thesis Duke Realty Corporation (DRE) is well-poised to benefit from the double-digit increase in rental rates and the rise in demand for its strategically located high-quality industrial real estate properties. 52% of the company's new developments have already been pre-leased. In addition, DRE has great expansionary efforts and a strong balance-sheet position. The only downside is that the company trades at the fair valuation of the Prologis (PLD) acquisition with a very low dividend yield at the moment. Duke Realty's business model DRE is a U.S.-only logistics REIT. The company is a member of the S&P 500 index. The management's main goal is to acquire, develop and rent out top-tier logistics facilities across the country. They have a highly reliable tenant base, their Top 10 tenants include Amazon (AMZN), Home Depot (HD), and UPS (UPS). DRE's portfolio of modern (the average year of the properties is 13 years old) and high-quality logistics facilities (they have the largest square foot properties among the company's peers) makes it well-poised to capitalize on growing and favorable industrial real estate market fundamentals. Company Presentation External trends In the last 2-3 years the warehouse market was booming like never before. The demand was very high due to the pandemic and the e-commerce businesses expanded rapidly. In addition, the supply was tight and there were relatively few quality warehouses in great locations. Now developers starting to notice that tenant demand is cooling, due to numerous new warehouse developments finished in recent years the supply has been rising and the U.S. economy shows signs of weakness. This means investors have to notice the short-term trend change and adjust their REIT portfolios accordingly. However, I would not consider massive logistics REIT selloffs due to this upcoming short-term bust cycle. Prologis expects rent growth of 22% in the U.S. during the year with vacancy rates remaining near all-time lows of 3.3%. Duke's portfolio is stable and its new developments concentrate in very low vacancy areas. I believe that during the next years rental rates will keep rising above inflation, which means investors can expect nice FFO and CAD figures. At the same time, I also expect that vacancy rates will increase not because the current tenants will leave but because newly built warehouses could be harder to rent out in a recession. But even if vacancy rates increase by 50-100 basis points the elevated rental income will compensate and investors will see shareholder value growth. Valuation Duke Realty maintains a robust balance sheet position, it has a conservative 65-75% AFFO payout ratio and its development pipeline is already 52% pre-leased. The company ended the second quarter with more than $40 million of cash and cash equivalents and has no significant debt maturities until 2026. It also has a favorable credit rating of Baa1/BBB+, which enables DRE to borrow at a favorable rate. This credit rating might be even better after the Prologis-Duke merger. This gives Duke Realty enough financial flexibility and facilitates its development activities. In terms of valuation, Prologis made a clear valuation of the company when it offered $26 billion for the company. Duke Realty shareholders will receive 0.475 of a Prologis share for each Duke Realty share owned. This means that the current valuation is spot on (PLD - $123*0,475= $58.425). DRE is trading almost exactly at this price. Of course, the price of PLD will change until the acquisition happens, it is expected to close in the fourth quarter of 2022 but I do not believe much stock price appreciation will happen to PLD. This valuation is also supported by the dividend yield. An under 2% dividend yield is anything but attractive for DRE. I would consider it a great buying opportunity above a 3% dividend yield. Zacks.com Company-specific Risks Duke Realty is in a stable position. I see no existential threats to its business model or its financial health. There are only small risk factors that investors should be aware of. A development boom in the warehouse market and among logistical properties may increase competition and curb pricing power. Amazon has started to cancel lease agreements for the future which might sound scary but Amazon represented only 1% of Duke Realty's new leasing and 3% of development starts. The rising supply of warehouses and vacancy levels might cause some pressure in the upcoming quarters. It is also worth mentioning that its huge development pipeline exposes the company to various operational risks such as construction cost overruns (especially with soaring material costs and labor costs) and lease-up risks. DRE's dividend The company has been a consistent dividend payer for 27 years. In addition, the management has been raising the dividend for 7 consecutive years. Its FFO payout ratio is well covered, it is approximately around 60%. Its AFFO payout ratio is at healthy levels of about 65-75%. Analysts estimate a 9.8% increase which is very close to the current and past months' U.S. CPI. In this high inflation environment, we can safely say that DRE is a good choice for income investors. The table is created by the author. All figures are from the company's financial statements and SA Earnings Estimates.
Seeking Alpha • Sep 01

Duke Realty declares $0.28 dividend

Duke Realty (NYSE:DRE) declared $0.28/share quarterly dividend, in line with previous. Forward yield 1.9% Payable Sept. 30; for shareholders of record Sept. 15; ex-div Sept. 14. See DRE Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Jul 27

Duke Realty FFO of $0.45, revenue of $285.29M

Duke Realty press release (NYSE:DRE): Q2 FFO of $0.45; GAAP EPS of $0.27. Revenue of $285.29M (+5.0% Y/Y).
Seeking Alpha • Jul 15

Duke Realty downgraded to Neutral at Baird ahead of Prologis deal

Baird analyst David Rodgers downgraded Duke Realty (NYSE:DRE) to Market Weight on Friday, as he sees price discovery and recession fears limiting high-multiple returns. In his view, the Industrial correction is not yet complete. While he sees upside in stock next year, H2 2022 should continue to be challenging, he said. "The clarity on on negative spreads, continued price discovery and the sharpness of a pending recession are likely to keep value gaps wide near term," Rodgers wrote in a note to clients. "With this in mind, we are lowering DRE's rating to Neutral to match PLD." The Neutral rating on Duke (DRE) aligns with the Quant rating and the average SA Author's rating. DRE stock, meanwhile, is rising 2.0% in Friday morning trading. Recall that last month, Prologis (PLD) and Duke (DRE) agreed to a merger in which PLC will acquire DRE in an all-stock transaction valued at ~$26B at the time.
Seeking Alpha • Jun 06

Duke Realty: Acquisition By Prologis Stuck In A Valuation Dilemma

Prologis offered to acquire DRE at a premium of 29 percent, which was rejected by the board members of DRE. After being rejected, Prologis went hostile with an assumption that it offered sufficient premium (much higher than industry average) to DRE’s investors. DRE is not under any kind of financial stress, thus are not compelled to accept a bid if the board members believe that the firm is being undervalued.

Recent updates

Seeking Alpha • Sep 08

Duke Realty: Great Company, But Too Expensive To Buy

Summary DRE is well-poised to benefit from the increase in rental rates, it has a strong balance sheet and great credit ratings. Duke’s current portfolio is stable and its new developments concentrate in very low vacancy areas. The current valuation is too expensive for new investors as Prologis offered Duke shareholders 0.475 shares of PLD after the acquisition. Investment thesis Duke Realty Corporation (DRE) is well-poised to benefit from the double-digit increase in rental rates and the rise in demand for its strategically located high-quality industrial real estate properties. 52% of the company's new developments have already been pre-leased. In addition, DRE has great expansionary efforts and a strong balance-sheet position. The only downside is that the company trades at the fair valuation of the Prologis (PLD) acquisition with a very low dividend yield at the moment. Duke Realty's business model DRE is a U.S.-only logistics REIT. The company is a member of the S&P 500 index. The management's main goal is to acquire, develop and rent out top-tier logistics facilities across the country. They have a highly reliable tenant base, their Top 10 tenants include Amazon (AMZN), Home Depot (HD), and UPS (UPS). DRE's portfolio of modern (the average year of the properties is 13 years old) and high-quality logistics facilities (they have the largest square foot properties among the company's peers) makes it well-poised to capitalize on growing and favorable industrial real estate market fundamentals. Company Presentation External trends In the last 2-3 years the warehouse market was booming like never before. The demand was very high due to the pandemic and the e-commerce businesses expanded rapidly. In addition, the supply was tight and there were relatively few quality warehouses in great locations. Now developers starting to notice that tenant demand is cooling, due to numerous new warehouse developments finished in recent years the supply has been rising and the U.S. economy shows signs of weakness. This means investors have to notice the short-term trend change and adjust their REIT portfolios accordingly. However, I would not consider massive logistics REIT selloffs due to this upcoming short-term bust cycle. Prologis expects rent growth of 22% in the U.S. during the year with vacancy rates remaining near all-time lows of 3.3%. Duke's portfolio is stable and its new developments concentrate in very low vacancy areas. I believe that during the next years rental rates will keep rising above inflation, which means investors can expect nice FFO and CAD figures. At the same time, I also expect that vacancy rates will increase not because the current tenants will leave but because newly built warehouses could be harder to rent out in a recession. But even if vacancy rates increase by 50-100 basis points the elevated rental income will compensate and investors will see shareholder value growth. Valuation Duke Realty maintains a robust balance sheet position, it has a conservative 65-75% AFFO payout ratio and its development pipeline is already 52% pre-leased. The company ended the second quarter with more than $40 million of cash and cash equivalents and has no significant debt maturities until 2026. It also has a favorable credit rating of Baa1/BBB+, which enables DRE to borrow at a favorable rate. This credit rating might be even better after the Prologis-Duke merger. This gives Duke Realty enough financial flexibility and facilitates its development activities. In terms of valuation, Prologis made a clear valuation of the company when it offered $26 billion for the company. Duke Realty shareholders will receive 0.475 of a Prologis share for each Duke Realty share owned. This means that the current valuation is spot on (PLD - $123*0,475= $58.425). DRE is trading almost exactly at this price. Of course, the price of PLD will change until the acquisition happens, it is expected to close in the fourth quarter of 2022 but I do not believe much stock price appreciation will happen to PLD. This valuation is also supported by the dividend yield. An under 2% dividend yield is anything but attractive for DRE. I would consider it a great buying opportunity above a 3% dividend yield. Zacks.com Company-specific Risks Duke Realty is in a stable position. I see no existential threats to its business model or its financial health. There are only small risk factors that investors should be aware of. A development boom in the warehouse market and among logistical properties may increase competition and curb pricing power. Amazon has started to cancel lease agreements for the future which might sound scary but Amazon represented only 1% of Duke Realty's new leasing and 3% of development starts. The rising supply of warehouses and vacancy levels might cause some pressure in the upcoming quarters. It is also worth mentioning that its huge development pipeline exposes the company to various operational risks such as construction cost overruns (especially with soaring material costs and labor costs) and lease-up risks. DRE's dividend The company has been a consistent dividend payer for 27 years. In addition, the management has been raising the dividend for 7 consecutive years. Its FFO payout ratio is well covered, it is approximately around 60%. Its AFFO payout ratio is at healthy levels of about 65-75%. Analysts estimate a 9.8% increase which is very close to the current and past months' U.S. CPI. In this high inflation environment, we can safely say that DRE is a good choice for income investors. The table is created by the author. All figures are from the company's financial statements and SA Earnings Estimates.
Seeking Alpha • Sep 01

Duke Realty declares $0.28 dividend

Duke Realty (NYSE:DRE) declared $0.28/share quarterly dividend, in line with previous. Forward yield 1.9% Payable Sept. 30; for shareholders of record Sept. 15; ex-div Sept. 14. See DRE Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Jul 27

Duke Realty FFO of $0.45, revenue of $285.29M

Duke Realty press release (NYSE:DRE): Q2 FFO of $0.45; GAAP EPS of $0.27. Revenue of $285.29M (+5.0% Y/Y).
Seeking Alpha • Jul 15

Duke Realty downgraded to Neutral at Baird ahead of Prologis deal

Baird analyst David Rodgers downgraded Duke Realty (NYSE:DRE) to Market Weight on Friday, as he sees price discovery and recession fears limiting high-multiple returns. In his view, the Industrial correction is not yet complete. While he sees upside in stock next year, H2 2022 should continue to be challenging, he said. "The clarity on on negative spreads, continued price discovery and the sharpness of a pending recession are likely to keep value gaps wide near term," Rodgers wrote in a note to clients. "With this in mind, we are lowering DRE's rating to Neutral to match PLD." The Neutral rating on Duke (DRE) aligns with the Quant rating and the average SA Author's rating. DRE stock, meanwhile, is rising 2.0% in Friday morning trading. Recall that last month, Prologis (PLD) and Duke (DRE) agreed to a merger in which PLC will acquire DRE in an all-stock transaction valued at ~$26B at the time.
Seeking Alpha • Jun 06

Duke Realty: Acquisition By Prologis Stuck In A Valuation Dilemma

Prologis offered to acquire DRE at a premium of 29 percent, which was rejected by the board members of DRE. After being rejected, Prologis went hostile with an assumption that it offered sufficient premium (much higher than industry average) to DRE’s investors. DRE is not under any kind of financial stress, thus are not compelled to accept a bid if the board members believe that the firm is being undervalued.
Seeking Alpha • Mar 09

Duke Realty - Long-Term REIT Value And Growth

Duke Realty operates in one of the strongest REIT industries thanks to ongoing secular trends and the need for efficient logistics. DRE stock has come down 18% after running hot after the pandemic. Yet, its financials continue to show high (expected) growth rates. Duke Realty is in a great spot to deliver outperforming returns and significant dividend rate hikes on a long-term basis.
Seeking Alpha • Oct 27

Future FROG Of America: Duke Realty

I am bullish on the industrial REIT sector because of the tailwinds provided by e-commerce. Other industrial REITs have attracted my interest and my investment dollars in past years because of superior growth metrics. Duke Realty has rebalanced its portfolio and is well-positioned to generate double-digit revenue growth over the next several years.
Seeking Alpha • Aug 03

Duke Realty: There's Risk Of Paying More Than It's Worth

Duke Realty continues to fare well and investors have responded by pushing shares of the business higher. At present, though, the price being asked by the market in exchange for shares is not a low one. For some investors, this will be worth the wait in order to see a strong return, but for many others it won't be.

Rendement pour les actionnaires

DREUS REITsUS Marché
7D-2.2%-0.3%1.3%
1Y-2.4%10.1%27.7%

Rendement vs Industrie: DRE a dépassé le secteur US REITs qui a rapporté 10.1 % au cours de l'année écoulée.

Rendement vs marché: DRE a dépassé le marché US qui a rapporté 27.7 % au cours de l'année écoulée.

Volatilité des prix

Is DRE's price volatile compared to industry and market?
DRE volatility
DRE Average Weekly Movement4.0%
REITs Industry Average Movement3.3%
Market Average Movement7.2%
10% most volatile stocks in US Market16.6%
10% least volatile stocks in US Market3.0%

Cours de l'action stable: Le cours de l'action de DRE a été volatil au cours des 3 derniers mois par rapport au marché US.

Volatilité au fil du temps: La volatilité hebdomadaire de DRE ( 4% ) est restée stable au cours de l'année écoulée.

À propos de l'entreprise

FondéeSalariésPDGSite web
1972340Jim Connorwww.dukerealty.com

Duke Realty Corporation Résumé des fondamentaux

Comment les bénéfices et les revenus de Duke Realty se comparent-ils à sa capitalisation boursière ?
DRE statistiques fondamentales
Capitalisation boursièreUS$18.75b
Bénéfices(TTM)US$947.84m
Recettes(TTM)US$1.12b
19.6x
Ratio P/E
16.5x
Ratio P/S

Le site DRE est-il surévalué ?

Voir Juste valeur et analyse de l'évaluation

Bénéfices et recettes

Principales statistiques de rentabilité tirées du dernier rapport sur les bénéfices (TTM)
DRE compte de résultat (TTM)
RecettesUS$1.12b
Coût des recettesUS$280.15m
Marge bruteUS$842.07m
Autres dépenses-US$105.77m
Les revenusUS$947.84m

Derniers bénéfices déclarés

Jun 30, 2022

Prochaine date de publication des résultats

s/o

Résultat par action (EPS)2.46
Marge brute75.04%
Marge bénéficiaire nette84.46%
Ratio dettes/capitaux propres60.7%

Quelles ont été les performances à long terme de DRE?

Voir les performances historiques et les comparaisons

Dividendes

2.3%
Rendement actuel des dividendes
66%
Ratio de distribution

Analyse de l'entreprise et données financières

DonnéesDernière mise à jour (heure UTC)
Analyse de l'entreprise2022/10/03 11:04
Cours de l'action en fin de journée2022/09/30 00:00
Les revenus2022/06/30
Revenus annuels2021/12/31

Sources de données

Les données utilisées dans notre analyse de l'entreprise proviennent de S&P Global Market Intelligence LLC. Les données suivantes sont utilisées dans notre modèle d'analyse pour générer ce rapport. Les données sont normalisées, ce qui peut entraîner un délai avant que la source ne soit disponible.

PaquetDonnéesCadre temporelExemple de source américaine *
Finances de l'entreprise10 ans
  • Compte de résultat
  • Tableau des flux de trésorerie
  • Bilan
Estimations consensuelles des analystes+3 ans
  • Prévisions financières
  • Objectifs de prix des analystes
Prix du marché30 ans
  • Cours des actions
  • Dividendes, scissions et actions
Propriété10 ans
  • Actionnaires principaux
  • Délits d'initiés
Gestion10 ans
  • L'équipe dirigeante
  • Conseil d'administration
Principaux développements10 ans
  • Annonces de l'entreprise

* Exemple pour les titres américains ; pour les titres non américains, des formulaires réglementaires et des sources équivalentes sont utilisés.

Sauf indication contraire, toutes les données financières sont basées sur une période annuelle mais mises à jour trimestriellement. C'est ce qu'on appelle les données des douze derniers mois (TTM) ou des douze derniers mois (LTM). En savoir plus.

Modèle d'analyse et flocon de neige

Les détails du modèle d’analyse utilisé pour générer ce rapport sont disponibles sur notre page Github; nous proposons également des guides expliquant comment utiliser nos rapports et des tutoriels sur Youtube.

Découvrez l'équipe de classe mondiale qui a conçu et construit le modèle d'analyse Simply Wall St.

Indicateurs de l'industrie et du secteur

Nos indicateurs de secteur et de section sont calculés toutes les 6 heures par Simply Wall St. Les détails de notre processus sont disponibles sur Github.

Sources des analystes

Duke Realty Corporation est couverte par 25 analystes. 7 de ces analystes ont soumis les estimations de revenus ou de bénéfices utilisées comme données d'entrée dans notre rapport. Les soumissions des analystes sont mises à jour tout au long de la journée.

AnalysteInstitution
David RodgersBaird
Ross SmotrichBarclays
Paul AdornatoBMO Capital Markets Equity Research