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Duke Realty

NYSE:DRE
Snowflake Description

Solid track record established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
DRE
NYSE
$11B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Duke Realty Corporation owns and operates approximately 156 million rentable square feet of industrial assets in 20 major logistics markets. The last earnings update was 20 days ago. More info.


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DRE Share Price and Events
7 Day Returns
0.4%
NYSE:DRE
0.2%
US REITs
-3.9%
US Market
1 Year Returns
11.2%
NYSE:DRE
13%
US REITs
1.4%
US Market
DRE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Duke Realty (DRE) 0.4% 2.2% 2.6% 11.2% 33.5% 76.4%
US REITs 0.2% -1.4% 3.2% 13% 8.8% 24%
US Market -3.9% -3.6% 1.8% 1.4% 35.8% 40.8%
1 Year Return vs Industry and Market
  • DRE underperformed the REITs industry which returned 13% over the past year.
  • DRE outperformed the Market in United States of America which returned 1.4% over the past year.
Price Volatility
DRE
Industry
5yr Volatility vs Market

Value

 Is Duke Realty undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Duke Realty to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Duke Realty.

NYSE:DRE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:DRE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (26.14%))
0.76
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:DRE using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Duke Realty is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Duke Realty is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:DRE DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 459.46 Analyst x5 427.41
2020 480.16 Analyst x7 415.51
2021 518.05 Analyst x2 417.03
2022 549.50 Analyst x1 411.50
2023 592.50 Analyst x1 412.75
2024 625.93 Est @ 5.64% 405.63
2025 655.79 Est @ 4.77% 395.33
2026 683.05 Est @ 4.16% 383.04
2027 708.52 Est @ 3.73% 369.62
2028 732.82 Est @ 3.43% 355.63
Present value of next 10 years cash flows $3,993.44
NYSE:DRE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $732.82 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$15,789.15
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $15,789.15 ÷ (1 + 7.5%)10
$7,662.22
NYSE:DRE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $3,993.44 + $7,662.22
$11,655.66
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $11,655.66 / 362.58
$32.27
NYSE:DRE Discount to Share Price
Calculation Result
Value per share (USD) From above. $32.27
Current discount Discount to share price of $30.56
= -1 x ($30.56 - $32.27) / $32.27
5.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Duke Realty is available for.
Intrinsic value
5%
Share price is $30.56 vs Future cash flow value of $32.27
Current Discount Checks
For Duke Realty to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Duke Realty's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Duke Realty's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Duke Realty's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Duke Realty's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:DRE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.98
NYSE:DRE Share Price ** NYSE (2019-05-15) in USD $30.56
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.37x
United States of America Market PE Ratio Median Figure of 3,087 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Duke Realty.

NYSE:DRE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:DRE Share Price ÷ EPS (both in USD)

= 30.56 ÷ 0.98

31.29x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Duke Realty is good value based on earnings compared to the US REITs industry average.
  • Duke Realty is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Duke Realty's expected growth come at a high price?
Raw Data
NYSE:DRE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 31.29x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
0.2%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 1.91x
United States of America Market PEG Ratio Median Figure of 2,113 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

NYSE:DRE PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 31.29x ÷ 0.2%

156.41x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Duke Realty is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Duke Realty's assets?
Raw Data
NYSE:DRE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $12.86
NYSE:DRE Share Price * NYSE (2019-05-15) in USD $30.56
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NYSE:DRE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:DRE Share Price ÷ Book Value per Share (both in USD)

= 30.56 ÷ 12.86

2.38x

* Primary Listing of Duke Realty.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Duke Realty is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Duke Realty's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Duke Realty has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Duke Realty expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
0.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Duke Realty expected to grow at an attractive rate?
  • Duke Realty's earnings growth is positive but not above the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Duke Realty's earnings growth is positive but not above the United States of America market average.
  • Duke Realty's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:DRE Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:DRE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 0.2%
NYSE:DRE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 5.1%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.2%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:DRE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:DRE Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 1,128 230 1
2022-12-31 1,040 222 1
2021-12-31 953 209 2
2020-12-31 901 535 200 9
2019-12-31 856 512 184 7
NYSE:DRE Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 986 486 350
2018-12-31 956 484 378
2018-09-30 859 458 374
2018-06-30 818 447 363
2018-03-31 843 454 275
2017-12-31 790 450 267
2017-09-30 809 465 248
2017-06-30 797 490 314
2017-03-31 743 494 317
2016-12-31 746 457 293
2016-09-30 785 456 269
2016-06-30 838 402 237

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Duke Realty's earnings are expected to grow by 0.2% yearly, however this is not considered high growth (20% yearly).
  • Duke Realty's revenue is expected to grow by 5.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:DRE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Duke Realty Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:DRE Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 0.62 0.62 0.62 1.00
2022-12-31 0.60 0.60 0.60 1.00
2021-12-31 0.58 0.58 0.58 1.00
2020-12-31 0.59 0.76 0.48 5.00
2019-12-31 0.52 0.56 0.43 5.00
NYSE:DRE Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.98
2018-12-31 1.06
2018-09-30 1.05
2018-06-30 1.02
2018-03-31 0.77
2017-12-31 0.75
2017-09-30 0.70
2017-06-30 0.89
2017-03-31 0.90
2016-12-31 0.84
2016-09-30 0.77
2016-06-30 0.69

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Duke Realty is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Duke Realty's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Duke Realty has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Duke Realty performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Duke Realty's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Duke Realty has delivered over 20% year on year earnings growth in the past 5 years.
  • Duke Realty's 1-year earnings growth exceeds its 5-year average (27.3% vs 22.4%)
  • Duke Realty's earnings growth has exceeded the US REITs industry average in the past year (27.3% vs 16%).
Earnings and Revenue History
Duke Realty's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Duke Realty Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:DRE Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 986.01 349.76 57.18
2018-12-31 955.51 378.15 56.22
2018-09-30 859.04 373.82 57.22
2018-06-30 818.26 362.61 58.34
2018-03-31 842.96 274.81 56.74
2017-12-31 790.34 266.70 54.94
2017-09-30 808.58 248.04 54.34
2017-06-30 796.90 313.70 56.80
2017-03-31 742.74 316.62 56.52
2016-12-31 746.31 292.93 55.39
2016-09-30 785.45 268.57 53.20
2016-06-30 837.61 237.09 51.81
2016-03-31 877.64 184.08 52.26
2015-12-31 804.97 178.62 51.17
2015-09-30 912.03 156.03 53.91
2015-06-30 955.86 138.14 53.35
2015-03-31 1,061.96 207.59 51.67
2014-12-31 1,056.57 171.44 49.36
2014-09-30 1,158.73 215.87 45.08
2014-06-30 1,162.18 141.32 44.88
2014-03-31 1,094.26 -3.73 44.22
2013-12-31 971.68 13.32 42.67
2013-09-30 1,092.53 -58.08 47.28
2013-06-30 1,103.63 -69.57 45.84
2013-03-31 1,092.46 -78.17 47.73
2012-12-31 1,049.75 -138.97 46.42
2012-09-30 1,116.12 -149.77 46.24
2012-06-30 1,135.71 -155.59 46.80

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Duke Realty has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Duke Realty used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Duke Realty has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Duke Realty's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Duke Realty has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Duke Realty's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Duke Realty's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Duke Realty is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Duke Realty's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Duke Realty's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Duke Realty Company Filings, last reported 1 month ago.

NYSE:DRE Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 4,681.17 2,885.31 15.30
2018-12-31 4,713.24 2,663.18 17.90
2018-09-30 4,724.92 2,634.18 133.41
2018-06-30 4,708.97 2,417.43 86.34
2018-03-31 4,581.18 2,496.46 160.86
2017-12-31 4,574.38 2,422.89 67.56
2017-09-30 4,753.38 2,131.88 27.32
2017-06-30 4,663.46 2,280.13 76.33
2017-03-31 3,497.88 3,080.26 13.39
2016-12-31 3,493.29 2,908.48 12.64
2016-09-30 3,508.92 2,991.05 110.21
2016-06-30 3,340.21 3,197.78 91.70
2016-03-31 3,190.12 3,381.06 15.64
2015-12-31 3,204.80 3,320.14 22.53
2015-09-30 3,311.44 3,446.02 175.87
2015-06-30 3,291.84 3,460.74 20.25
2015-03-31 2,894.18 4,444.37 17.81
2014-12-31 2,879.88 4,412.64 17.92
2014-09-30 3,229.21 4,208.55 66.13
2014-06-30 3,251.86 4,133.89 21.23
2014-03-31 3,016.66 4,323.21 19.47
2013-12-31 3,044.63 4,254.38 19.28
2013-09-30 3,012.94 4,435.21 24.11
2013-06-30 3,042.47 4,396.78 21.40
2013-03-31 3,004.58 4,394.40 307.17
2012-12-31 2,626.12 4,446.17 33.89
2012-09-30 2,625.04 4,140.15 113.15
2012-06-30 2,619.38 4,036.64 106.57
  • Duke Realty's level of debt (61.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (143.1% vs 61.6% today).
  • Debt is not well covered by operating cash flow (16.8%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.4x coverage).
X
Financial health checks
We assess Duke Realty's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Duke Realty has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Duke Realty's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.81%
Current annual income from Duke Realty dividends. Estimated to be 2.91% next year.
If you bought $2,000 of Duke Realty shares you are expected to receive $56 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Duke Realty's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Duke Realty's dividend is below the markets top 25% of dividend payers in United States of America (3.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:DRE Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1997 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:DRE Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.86 1.00
2022-12-31 0.86 1.00
2021-12-31 0.92 4.00
2020-12-31 0.90 13.00
2019-12-31 0.87 12.00
NYSE:DRE Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-26 0.860 2.795
2019-04-24 0.860 2.796
2019-01-30 0.860 2.849
2018-10-31 0.860 3.111
2018-10-24 0.860 3.077
2018-07-27 0.800 2.827
2018-07-25 0.800 2.797
2018-04-25 0.800 2.827
2018-02-16 0.800 3.118
2018-01-31 0.800 3.111
2017-10-25 0.800 2.907
2017-07-26 0.760 2.616
2017-04-28 0.760 2.694
2017-04-26 0.760 2.743
2017-02-17 0.760 2.891
2016-10-28 0.760 2.980
2016-10-26 0.760 2.989
2016-08-03 0.720 2.656
2016-07-27 0.720 2.544
2016-04-29 0.720 2.897
2016-04-27 0.720 3.256
2016-02-19 0.720 3.308
2016-01-27 0.720 3.658
2015-11-04 0.720 3.560
2015-10-28 0.720 3.438
2015-07-31 0.680 3.497
2015-05-01 0.680 3.502
2015-04-29 0.680 3.411
2015-01-29 0.680 3.205
2014-10-29 0.680 3.387
2014-08-01 0.680 3.789
2014-07-30 0.680 3.766
2014-05-02 0.680 3.814
2014-04-30 0.680 3.883
2014-01-29 0.680 4.101
2013-10-30 0.680 4.475
2013-04-26 0.680 4.218
2013-04-24 0.680 3.967
2013-02-22 0.680 4.034
2013-01-30 0.680 4.320
2012-07-31 0.680 4.754
2012-04-25 0.680 4.772
2012-01-25 0.680 4.839
2011-10-26 0.680 5.729
2011-07-27 0.680 6.103
2011-04-27 0.680 4.761
2011-01-26 0.680 4.934
2010-10-27 0.680 5.656
2010-07-28 0.680 5.756
2010-04-28 0.680 5.710
2010-01-27 0.680 5.660
2009-10-29 0.680 5.747
2009-07-29 0.680 5.977

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Duke Realty's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (645.2x coverage).
X
Income/ dividend checks
We assess Duke Realty's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Duke Realty afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Duke Realty has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Duke Realty's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jim Connor
COMPENSATION $6,873,613
AGE 59
TENURE AS CEO 3.3 years
CEO Bio

Mr. James B. Connor, known as Jim, has been the Chief Executive Officer of Duke Realty Corporation, the General Partner of Duke Realty L.P. since January 1, 2016 and has been its Chairman of the Board since April 26, 2017. Mr. Connor was President of Duke Realty Corporation since January 1, 2016 until 2017. He served as the Chief Operating Officer and Senior Executive Vice President at Duke Realty Corporation and Duke Realty Healthcare since July 31, 2013 until December 31, 2015. Mr. Connor served as the Regional Executive Vice President of Chicago Region operations at Duke Realty Corporation, General Partner of Duke Realty Limited Partnership since December 2003. Mr. Connor served as a Senior Vice President at Duke Realty Corp.'s Chicago Operations since joining Duke Realty Corp., in 1998. He held several executive and brokerage positions with Cushman & Wakefield, most recently serving as Senior Managing Director for the Midwest area. He has been a Director of Duke Realty Corporation since November 2015 and an Independent Trustee of EPR Properties since January 10, 2019. Mr. Connor is a member of the Board of Governors for NAREIT, the Real Estate Roundtable and the Society of Industrial and Office Realtors (SIOR). He is also on the Advisory Board of the Marshall Bennett Institute for Advanced Real Estate Studies at Roosevelt University. Mr. Connor received his bachelor's degree in Business Administration and Real Estate Finance from Western Illinois University.

CEO Compensation
  • Jim's compensation has been consistent with company performance over the past year.
  • Jim's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Duke Realty management team in years:

4.3
Average Tenure
53
Average Age
  • The tenure for the Duke Realty management team is about average.
Management Team

Jim Connor

TITLE
Chairman & CEO
COMPENSATION
$7M
AGE
59
TENURE
3.3 yrs

Mark Denien

TITLE
Executive VP & CFO
COMPENSATION
$3M
AGE
50
TENURE
6 yrs

Nick Anthony

TITLE
Executive VP & Chief Investment Officer
COMPENSATION
$2M
AGE
53

Ann Dee

TITLE
Executive VP
COMPENSATION
$2M
AGE
58
TENURE
6.3 yrs

Steve Schnur

TITLE
Senior Executive Vice President
COMPENSATION
$2M
AGE
45
TENURE
5.3 yrs

Mark Milnamow

TITLE
Senior VP & Chief Accounting Officer
TENURE
0.3 yrs

Paul Defonce

TITLE
Senior Vice President of Information Technology

Ron Hubbard

TITLE
Vice President of Investor relations

Helen McCarthy

TITLE
Manager of Communications & Public Relations

Jenny Bean

TITLE
Senior Vice President of Human Resources
TENURE
0.3 yrs
Board of Directors Tenure

Average tenure and age of the Duke Realty board of directors in years:

6.1
Average Tenure
67.5
Average Age
  • The tenure for the Duke Realty board of directors is about average.
Board of Directors

Jim Connor

TITLE
Chairman & CEO
COMPENSATION
$7M
AGE
59
TENURE
2.1 yrs

Peter Scott

TITLE
Director
COMPENSATION
$250K
AGE
68
TENURE
7.6 yrs

Melanie Sabelhaus

TITLE
Director
COMPENSATION
$234K
AGE
69
TENURE
7.1 yrs

Mike Szymanczyk

TITLE
Director
COMPENSATION
$245K
AGE
69
TENURE
5.1 yrs

Dave Stockert

TITLE
Lead Director
COMPENSATION
$226K
AGE
55
TENURE
0.3 yrs

Ngaire Cuneo

TITLE
Director
COMPENSATION
$229K
AGE
67
TENURE
24.3 yrs

Charlie Eitel

TITLE
Director
COMPENSATION
$226K
AGE
68
TENURE
20.3 yrs

Lynn Thurber

TITLE
Director
COMPENSATION
$226K
AGE
71
TENURE
10.8 yrs

Norman Jenkins

TITLE
Director
COMPENSATION
$225K
AGE
55
TENURE
1.8 yrs

John Case

TITLE
Director
COMPENSATION
$250K
AGE
54
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • Duke Realty insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
15. Mar 19 Sell Melanie Sabelhaus Individual 13. Mar 19 13. Mar 19 -5,000 $30.89 $-154,450
11. Mar 19 Sell Ann Dee Individual 08. Mar 19 08. Mar 19 -18,334 $29.77 $-545,803
07. Mar 19 Sell Steven Schnur Individual 05. Mar 19 05. Mar 19 -10,000 $29.82 $-298,200
21. Feb 19 Sell Charles Eitel Individual 20. Feb 19 20. Feb 19 -5,075 $29.89 $-151,692
05. Feb 19 Sell Nicholas Anthony Individual 01. Feb 19 01. Feb 19 -9,937 $29.07 $-288,869
05. Feb 19 Sell Mark Denien Individual 04. Feb 19 04. Feb 19 -46,328 $29.49 $-1,366,213
30. Oct 18 Sell Melanie Sabelhaus Individual 29. Oct 18 29. Oct 18 -2,500 $27.98 $-69,950
19. Sep 18 Sell Peter Harrington Individual 17. Sep 18 17. Sep 18 -16,500 $28.98 $-478,170
29. Jun 18 Sell Steven Schnur Individual 28. Jun 18 28. Jun 18 -2,600 $28.89 $-75,114
X
Management checks
We assess Duke Realty's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Duke Realty has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Duke Realty Corporation (NYSE:DRE) Insiders Have Been Selling

The Last 12 Months Of Insider Transactions At Duke Realty. … That means that even when the share price was below the current price of US$31.38, an insider wanted to cash in some shares. … While insider selling is not a positive sign, we can't be sure if it does mean insiders think the shares are fully valued, so it's only a weak sign

Simply Wall St -

I Ran A Stock Scan For Earnings Growth And Duke Realty (NYSE:DRE) Passed With Ease

Duke Realty's Earnings Per Share Are Growing. … I note that Duke Realty's revenue from operations was lower than its revenue in the last twelve months, so that could distort my analysis of its margins. … Duke Realty maintained stable EBIT margins over the last year, all while growing revenue 21% to US$956m.

Simply Wall St -

Is Duke Realty Corporation's (NYSE:DRE) CEO Being Overpaid?

First, this article will compare CEO compensation with compensation at other large companies. … According to our data, Duke Realty Corporation has a market capitalization of US$11b, and pays its CEO total annual compensation worth US$6.9m. … We took a group of companies with market capitalizations over US$8.0b, and calculated the median CEO total compensation to be US$11m

Simply Wall St -

Duke Realty Corporation (NYSE:DRE): A Fundamentally Attractive Investment

Duke Realty Corporation (NYSE:DRE) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … dividend-paying company

Simply Wall St -

If You Had Bought Duke Realty Stock Five Years Ago, You Could Pocket A 79% Gain Today

For example, the Duke Realty Corporation (NYSE:DRE) share price is up 79% in the last 5 years, clearly besting than the market return of around 59%. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … Over half a decade, Duke Realty managed to grow its earnings per share at 91% a year.

Simply Wall St -

Should You Invest In Duke Realty Corporation (NYSE:DRE)?

real estate investment trust (REIT) based in Indianapolis, United States. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

Should You Be Worried About Insider Transactions At Duke Realty Corporation (NYSE:DRE)?

So before you buy or sell Duke Realty Corporation (NYSE:DRE), you may well want to know whether insiders have been buying or selling. … Duke Realty Insider Transactions Over The Last Year. … In total, Duke Realty insiders sold more than they bought over the last year.

Simply Wall St -

Our Take On Duke Realty Corporation's (NYSE:DRE) CEO Salary

In 2016 Jim Connor was appointed CEO of Duke Realty Corporation (NYSE:DRE). … This analysis aims first to contrast CEO compensation with other large companies. … Our data indicates that Duke Realty Corporation is worth US$10b, and total annual CEO compensation is US$6.2m

Simply Wall St -

How Should You Analyze REIT Stock Duke Realty Corporation (NYSE:DRE)?

real estate investment trust (REIT) based in Indianapolis, United States. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent … FFO is a cleaner and more representative figure of how much DRE actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation.

Simply Wall St -

Is Duke Realty Corporation's (NYSE:DRE) CEO Pay Fair?

Recognizing whether CEO incentives are aligned with shareholders is a crucial part of investing. … Incentives can be in the form of compensation, which should always be structured in a way that promotes value-creation to shareholders. … Connor’s pay and compare this to the company’s performance over the same period, as well as measure it against other

Simply Wall St -

Company Info

Description

Duke Realty Corporation owns and operates approximately 156 million rentable square feet of industrial assets in 20 major logistics markets. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is listed on the S&P 500 Index.

Details
Name: Duke Realty Corporation
DRE
Exchange: NYSE
Founded: 1972
$11,036,846,376
$10,984,122,185
362,577,082
Website: http://www.dukerealty.com
Address: Duke Realty Corporation
600 East 96th Street,
Suite 100,
Indianapolis,
Indiana, 46240,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE DRE Common Shares New York Stock Exchange US USD 16. Aug 1988
DB DUR Common Shares Deutsche Boerse AG DE EUR 16. Aug 1988
LSE 0ID0 Common Shares London Stock Exchange GB USD 16. Aug 1988
Number of employees
Current staff
Staff numbers
400
Duke Realty employees.
Industry
Industrial REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/16 01:21
End of day share price update: 2019/05/15 00:00
Last estimates confirmation: 2019/05/13
Last earnings filing: 2019/04/26
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.