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Duke Realty

DRE is a registered REIT with an operating portfolio of U.S. commercial real estate properties focused on the industrial space. DRE owned interest in 514 bulk distribution properties totaling 152 mn ft2 across 20 major logistics markets. In 2Q17, DRE announced the sale of its medical office portfolio for nearly $3 bn, following on the heels of its exit from the suburban office space, turning the company into a pure play industrial REIT. The sale was completed in 4Q17. DRE has good tenant diversification, with no single name accounting for more than 6.3% of annualized gross effective rental revenue (Amazon). (19 Nov 2018)

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Duke Realty: 3Q18 Earnings Quick Cuts

Worth Watching: 25 Oct 2018, 11:50 PM ET - Duke Realty (DRE) posted strong 3Q18 results, with same store NOI growth accelerating 240 bp sequentially to 6.3%, while in-service occupancy remained strong at 96.8% (-60 bp sequentially, +110 bp YoY). The company had another strong leasing quart ..

Retail REITs: Sears Bankruptcy as Opportunity

Worth Watching: 15 Oct 2018, 1:28 PM ET - Retail REITs: With the news that Sears is (finally?) filing for bankruptcy, we size REIT exposures to the long-struggling retailer and see the impacts as broadly manageable. From an operating performance perspective, the vast majority of REITs see ..
Focused

REIT/CRE 3Q18 Preview: What We're Watching

Sector Analysis: 12 Oct 2018, 5:57 AM ET - We lay out what we're watching as we head into 3Q18 earnings, for property types, individual credits, and with a macro component given the breadth and depth of economic touch points for U.S. real estate.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.
Focused

IG Note: Duke Realty Shopping 10Y Notes

IG Note: 04 Sep 2018, 10:35 AM ET - DRE is in the market with an offering of $350 mn of 10Y paper. We would be enthusiastic buyers of the notes up to +130 bp.
Focused

REITs/CRE 2Q18: How Are Property Types Performing?

Sector Analysis: 22 Aug 2018, 5:10 AM ET - In Part 2 of our REITs/CRE 2Q18 review, we delve into the recent trends—both operating fundamentals and capital markets—across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 2Q18: Themes, Trends and Takeaways

Sector Analysis: 13 Aug 2018, 5:32 AM ET - In part 1 of our REITs/CRE 2Q18 review, we discuss key themes emerging from earnings, including sector relative value, overall market conditions, the continue run-up in construction costs and more.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.
Focused

Duke Realty: 2Q18 Earnings Quick Cuts

Worth Watching: 27 Jul 2018, 12:03 AM ET - Duke Realty (DRE) reported a solid 2Q18 as FFO came in line with consensus estimates. Same store NOI growth accelerated 50 bp sequentially to 3.9%, while in-service occupancy increased 40 bp sequentially to 97.4% and remains near an all-time hi ..

CA Goes to the Polls: A Rent Control Primer

Sector Analysis: 11 Jul 2018, 9:42 PM ET - In November, Californians will vote on a ballot initiative that seeks to repeal Costa-Hawkins, a 1995-era law restricting municipalities' ability to institute rent control policies, with implications for multifamily REITs in particular.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.
Focused

REITweek 2018: Cool, Calm, and Collected

Sector Analysis: 08 Jun 2018, 5:22 AM ET - We attended NAREIT's REITweek 2018 convention, providing our top level thoughts on the overall sector tone and analysis on individual company presentations.

REITs/CRE 1Q18: How Are Property Types Performing?

Sector Analysis: 17 May 2018, 4:27 AM ET - In Part 2 of our REITs/CRE 1Q18 review, we delve into the recent trends--both operating fundamentals and capital markets--across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 1Q18: Themes, Trends and Takeaways

Sector Analysis: 14 May 2018, 4:40 AM ET - In part 1 of our REITs/CRE 1Q18 review, we discuss key themes emerging from earnings, including construction cost overruns, public/private market valuation disconnect, sector relative value, and more.
Focused

Duke Realty: 1Q18 Earnings Quick Cuts

Worth Watching: 29 Apr 2018, 10:01 PM ET - Duke Realty (DRE) turned in a strong 1Q18 as both FFO and revenue came in ahead of consensus estimates, while operating trends were robust. Same store NOI growth remained solid (3.4%) and occupancy continues to be near all-time highs (97%) desp ..

Retail REITs: TOYS Exposure aka Market Rents 'R Us

Worth Watching: 15 Mar 2018, 7:08 PM ET - Retail REITs: With Toys 'R Us (TOYS) looking like a straight liquidation rather than a restructuring, we take a quick look at exposures across the retail REIT universe (including names beyond our core coverage). Similar to past exercises with stru ..
Focused

Duke Realty: 4Q17 Earnings

Worth Watching: 04 Mar 2018, 9:51 PM ET - Duke Realty (DRE) turned in a strong 4Q17 as FFO came in line with consensus estimates. DRE capped off a transformative year with another strong quarter as the industrial CRE market keeps ripping. Same store NOI growth was solid and occupancy r ..
Focused

U.S. REITs/CRE: 4Q17 Review

Sector Analysis: 04 Mar 2018, 9:41 PM ET - We review U.S. CRE and REIT trends in the wake of solid 4Q17 earnings results and a generally positive, if slowing, operating backdrop for the broader property sectors. Fundamentals continue to support our broader O/P on the sector.
Focused

REITs: 4Q17 Earnings Season Halftime Report

Earnings Note: 04 Feb 2018, 10:25 PM ET - With roughly half of the 4Q17 REIT earnings season in the bag, we summarize results for the companies that have reported thus far, highlighting the most important issuer themes and giving investors a quick 'pulse check' on the sector.

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