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Duke Realty Corp DRE

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Duke Realty Ends 2020 Having Exceeded Its Pre-COVID-19 Targets Despite the Pandemic Roaring On

Yousuf Hafuda Equity Analyst

Analyst Note

| Yousuf Hafuda |

Duke Realty reported satisfactory fourth quarter results that were roughly in line with consensus FactSet estimates. The firm reported fourth quarter core funds from operations, or FFO, of $0.41 per share, a 7.9% increase as compared with core FFO of $0.38 for the fourth quarter of 2019. Meanwhile, full year 2020 core FFO came in at $1.52 per share, 5.6% higher than the $1.44 of FFO for the full year of 2019. This impressive growth caps off a year during which Duke Realty was able to comfortably exceed its pre-COVID-19 financial targets, a clear indication of the countercyclicality of industrial real estate through this ongoing crisis. Despite the positive results, we will maintain our $33 per share fair value estimate for no-moat rated Duke Realty.

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Company Profile

Business Description

Duke Realty is an Indianapolis-based publicly traded REIT that owns and operates a portfolio of primarily industrial properties and provides real estate services to third-party owners. It has interest in over 150 million square feet across the largest logistics markets in the U.S.

8711 River Crossing Boulevard
Indianapolis, IN, 46240
T +1 317 808-6000
Sector Real Estate
Industry REIT - Industrial
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 350