|Over a week ago|
Duke Realty upgraded to Outperform from Market Perform at BMO Capital » 05:4911/1111/11/20
BMO Capital analyst John…
BMO Capital analyst John Kim upgraded Duke Realty to Outperform from Market Perform with a price target of $47, up from $39. The company is an "enviable position with attractive incremental cost of capital," which it can invest in developments at attractive spreads, Kim tells investors in a research note. The analyst believes Duke will enter an accelerated earnings growth phase over the next three years, driven by increased e-commerce demand and shift in supply chain strategies.
|Over a month ago|
Duke Realty reports Q3 EPS 19c, consensus 14c » 16:0910/2810/28/20
Reports Q3 revenue…
Reports Q3 revenue $262.03M, consensus $229.69M. Reports Q3 core FFO 40c, consensus 39c. Jim Connor, chairman and CEO, said, "We delivered excellent operating results for the third quarter of 2020, putting ourselves on pace to finish the year at levels exceeding our initial, pre-pandemic, 2020 financial performance expectations. Leases executed during the quarter totaled 7.3 million square feet and drove the highest total and in-service portfolio occupancy levels since early 2017. Second generation leases executed during the quarter resulted in rental rate growth of 32.1 percent on a net effective basis and 17.2 percent on a cash basis. Growth in same property net operating income was very strong at 5.0 percent and 5.5 percent for the three and nine months ended September 30, 2020, respectively, compared to the corresponding periods in 2019."
Fly Intel: Top five analyst initiations » 09:5310/1610/16/20
KMB, TMUS, SRC, DRE, PSTV
Catch up on today's…
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Kimberly-Clark (KMB) initiated with a Buy at Berenberg. 2. T-Mobile (TMUS) resumed with an Outperform at Evercore ISI. 3. Spirit Realty (SRC) initiated with a Sell at UBS. 4. Duke Realty (DRE) initiated with a Buy at UBS. 5. Plus Therapeutics (PSTV) initiated with a Buy at Maxim. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
Duke Realty initiated with a Buy at UBS » 07:1610/1610/16/20
UBS analyst Brent Dilts…
UBS analyst Brent Dilts initiated coverage of Duke Realty with a Buy rating and $48 price target. "Rapidly" accelerating ecommerce volumes and and restructuring of supply chain could drive upside of as much as 11% to the REIT's consensus net operating income estimates, the analyst tells investors in a research note. Dilts adds that he anticipates strong rent growth for Duke Realty in the coming 5 years.
Duke Realty resumed with a Neutral at Goldman Sachs » 05:0209/2909/29/20
Goldman Sachs analyst…
Goldman Sachs analyst Caitlin Burrows resumed coverage of Duke Realty with a Neutral rating and $40 price target. The analyst resumed coverage of four industrial real estate investment trusts with a positive fundamental outlook, but also recognizes the sector's current valuation premium. Industry benefits from "secular demand tailwinds" such as e-commerce growth and increasing inventory levels are "offset somewhat by cyclical headwinds" such as weaker industrial production and international trade, Burrows tells investors in a research note.
|Over a quarter ago|
Truist raises price targets on select REITs » 09:1808/2408/24/20
COLD, DRE, EGP, NSA, PSA
Truist analyst Ki Bin Kim…
Truist analyst Ki Bin Kim raised his price target on Buy-rated Americold Realty Trust (COLD) to $42 from $38, Buy-rated Duke Realty (DRE) to $41 from $38, Hold-rated EastGroup Properties (EGP) to $130 from $117, Hold-rated National Storage (NSA) to $32 from $27, and Hold-rated Public Storage (PSA) to $205 from $195. The analyst is updating his valuation model based on these companies' Q2 results and occupancy levels as well as their adjusted same-store revenue growth and expense assumptions.
Duke Realty announces July, August rent collection update » 16:2008/2008/20/20
Duke Realty announced the…
Duke Realty announced the results of rent collection and previously deferred rent repayment activity for the months of July and August. As of August 20, the company noted collection of 97.3% of original contractual July rents with combined collections and deferrals totaling 99.9%. Duke Realty reported collection of 99.2% of original contractual August rents with combined collections and deferrals totaling 99.6%. Deferral agreements entered into required tenants to begin repaying deferred rents in July. Collection of 100% of previously deferred rents that were due in July and collection of over 99% of previously deferred rents that were due in August. Cash collections do not include any security deposit or letters of credit applications. The pace of rent collections has increased each month since the beginning of the pandemic.
Duke Realty price target raised to $43 from $40 at Mizuho » 06:4308/0408/04/20
Mizuho analyst Omotayo…
Mizuho analyst Omotayo Okusanya raised the firm's price target on Duke Realty to $43 from $40 and keeps a Buy rating on the shares. The analyst increased estimates for industrial real estate investment trusts post the Q2 reporting season. Fundamentals have continued to perform well, led by strong tenant demand, Okusanya tells investors in a research note.
Duke Realty reports Q2 EPS 11c, consensus 12c » 16:2107/2907/29/20
Reports Q2 FFO of 33c per…
Reports Q2 FFO of 33c per share, and Q2 core FFO of 38c per share. Reports Q2 revenue $238.51M, consensus $222.33M.
Rexford Industrial added to Select List at Stifel » 07:4006/1906/19/20
Stifel analyst John…
Stifel analyst John Guinee removed Duke Realty (DRE) from the Stifel Select List and added Rexford Industrial (REXR) in its place, noting that Rexford has underperformed nearly all other Industrial REITs he covers year-to-date. While Rexford has has been hurt by weak rent collections and concerns about the Southern California economy, he thinks that investors will "veer from a singular focus on rent collections" in a few quarters and shift focus to strategy, supply/demand, rental rate growth and value creation, Guinee said. Guinee has a Buy rating and $47 price target on Rexford shares.