Duke Realty Corp Stock Research

DRE Stock Price

DRE RSI Chart

DRE Valuation

Market Cap

18.5B

Price/Earnings (Trailing)

19.34

Price/Sales (Trailing)

16.73

EV/EBITDA

15.77

Price/Free Cashflow

28.16

DRE Price/Sales (Trailing)

DRE Profitability

EBT Margin

88.01%

Return on Equity

15.22%

Return on Assets

8.75%

Free Cashflow Yield

3.55%

DRE Fundamentals

DRE Revenue

Revenue (TTM)

1.1B

Revenue Y/Y

Revenue Q/Q

2.56%

DRE Earnings

Earnings (TTM)

958.9M

Earnings Y/Y

-41.64%

Earnings Q/Q

-58.77%

Price Action

Last 7 days

-6.3%

Last 30 days

-18.1%

Last 90 days

-14.2%

Trailing 12 Months

2.3%

DRE Financial Health

Debt/Equity

0.62

Debt/Cashflow

0.17

DRE Investor Care

Dividend Yield

2.27%

Dividend/Share (TTM)

1.1

Shares Dilution (1Y)

2.34%

Peers (Alternatives to Duke Realty)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PSA	50.2B	4.2B	-1.95%	-19.53%	11.55	12.01	22.43%	122.66%
DLR	27.5B	4.7B	-11.51%	-30.78%	72.75	5.86	5.96%	-77.90%
EQR	21.2B	2.7B	-12.90%	-34.85%	27.27	7.81	11.91%	-41.71%
ARE	20.5B	2.6B	-23.09%	-36.12%	39.23	7.91	22.46%	-8.68%
KIM	13.2B	1.7B	-4.07%	-25.83%	104.43	7.61	26.61%	-85.07%
MID-CAP
FRT	7.5B	1.1B	-12.78%	-19.56%	19.52	7	12.95%	47.42%
KRG	4.3B	802.0M	-9.18%	-8.49%	-338.08	5.33	114.83%	84.36%
VNO	2.6B	1.8B	-34.87%	-68.35%	-7.52	1.45	13.26%	-296.88%
MAC	2.0B	859.2M	-22.66%	-32.73%	-30.92	2.38	1.38%	-563.21%
SMALL-CAP
SKT	2.0B	421.4M	1.35%	15.46%	23.02	4.64	3.35%	1705.32%
SLG	1.3B	826.7M	-42.91%	-73.34%	-17.18	1.62	-2.04%	-117.36%
AIV	1.0B	190.3M	-3.26%	-2.73%	11.34	5.49	12.08%	1950.56%
PGRE	909.5M	740.4M	-23.50%	-61.25%	-24.99	1.23	1.87%	-78.85%

Financials for Duke Realty

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2
Revenue	1.2%	1,108	1,095	1,106	1,108	1,089
S&GA Expenses	16.8%	81.00	69.00	70.00	70.00	67.00
Costs and Expenses	-0.5%	645	648	676	692	696
EBITDA	-5.2%	1,420	1,497	1,327	-	-
EBITDA Margin	-6.3%	1.28*	1.37*	1.20*	-	-
Earnings Before Taxes	-7.3%	975	1,053	880	939	505
EBT Margin	-8.5%	0.88*	0.96*	0.80*	-	-
Interest Expenses	-2.8%	80.00	82.00	85.00	88.00	91.00
Net Income	-7.2%	959	1,033	862	928	501
Net Income Margin	-8.3%	0.87*	0.94*	0.78*	-	-
Free Cahsflow	3.8%	659	635	642	-	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2
Assets	3.5%	10,958	10,587	10,446	10,048	9,844
Cash Equivalents	382.5%	44.00	9.00	70.00	10.00	53.00
Liabilities	7.0%	4,551	4,253	4,307	4,004	4,329
Long Term Debt	6.5%	3,889	3,651	3,689	3,355	3,714
LT Debt, Current	-	5.00	-	-	-	-
Shareholder's Equity	-0.5%	6,301	6,335	6,044	5,950	5,515
Additional Paid-In Capital	1.3%	6,263	6,185	6,143	6,046	5,921
Shares Outstanding	0.3%	385	383	383	381	376
Minority Interest	0.2%	107	107	95.00	94.00	89.00
Float	-	18,010	-	-	-	-

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2
Cashflow From Operations	3.8%	659	635	642	622	617
Cashflow From Investing	3.9%	-697	-725	-832	-443	-1,117
Cashflow From Financing	-47.2%	48.00	91.00	226	137	495
Dividend Payments	2.9%	418	406	394	382	373

Risks for DRE

What is the probability of a big loss on DRE?

27.7%

Probability that Duke Realty stock will be more than 20% underwater in next one year

18.5%

Probability that Duke Realty stock will be more than 30% underwater in next one year.

Probability that Duke Realty stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does DRE drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Duke Realty was unfortunately bought at previous high price.

Drawdowns

Returns for DRE

Cumulative Returns on DRE

16.5%

10-Year Cumulative Returns

17.5%

7-Year Cumulative Returns

14.3%

5-Year Cumulative Returns

15.2%

3-Year Cumulative Returns

What are the long-term rolling returns for DRE?

FIve years rolling returns for Duke Realty.

Annualized Returns

Which funds bought or sold DRE recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	BAILLIE GIFFORD & CO	sold off	-100	-14,460,000	-	-%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	sold off	-100	-8,417,000	-	-%
2023-03-06	Rockefeller Capital Management L.P.	sold off	-100	-952,000	-	-%
2023-03-01	BENNICAS & ASSOCIATES, INC.	sold off	-100	-458,000	-	-%
2023-02-28	Voya Investment Management LLC	sold off	-100	-4,098,000	-	-%
2023-02-24	NATIXIS	sold off	-100	-13,116,000	-	-%
2023-02-24	National Pension Service	sold off	-100	-23,408,700	-	-%
2023-02-23	Chesapeake Wealth Management	sold off	-100	-826,000	-	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	sold off	-100	-1,764,000	-	-%
2023-02-22	CVA Family Office, LLC	sold off	-100	-6,000	-	-%

Latest Funds Activity

Are funds buying DRE calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own DRE

No. of Funds

Duke Realty News

Schedule 13G FIlings of Duke Realty

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	cohen & steers, inc.	0%	0	SC 13G/A
Feb 14, 2022	cohen & steers, inc.	13.77%	52,430,557	SC 13G/A
Feb 11, 2022	state street corp	6.29%	23,967,128	SC 13G/A
Feb 09, 2022	vanguard group inc	15.98%	60,864,846	SC 13G/A
Jan 27, 2022	blackrock inc.	10.2%	38,729,322	SC 13G/A
Jan 25, 2022	blackrock inc.	10.2%	38,729,322	SC 13G/A
Feb 16, 2021	cohen & steers, inc.	12.61%	46,890,113	SC 13G/A
Feb 10, 2021	vanguard group inc	15.62%	58,105,310	SC 13G/A
Feb 08, 2021	state street corp	5.73%	21,323,439	SC 13G
Jan 27, 2021	blackrock inc.	10.2%	38,017,487	SC 13G/A

DRE Fair Value

Recent SEC filings of Duke Realty

View All Filings

Date Filed	Form Type	Document
Feb 14, 2023	SC 13G/A	Major Ownership Report

Latest Insider Trading transactions for DRE

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2022-10-03	SABELHAUS MELANIE R	back to issuer	-	-	-40,828	-
2022-10-03	Anthony Nicholas C.	sold (taxes)	-415,181	48.26	-8,603	evp, chief investment officer
2022-10-03	Sultemeier Chris T.	back to issuer	-	-	-21,870	-
2022-10-03	Anthony Nicholas C.	acquired	-	-	89,294	evp, chief investment officer
2022-10-03	Dee Ann C.	back to issuer	-	-	-1,469	evp,general counsel & corp sec
2022-10-03	Anthony Nicholas C.	back to issuer	-4,632,570	32.1311	-144,177	evp, chief investment officer
2022-10-03	Case John	back to issuer	-	-	-20,996	-
2022-10-03	STOCKERT DAVID P	back to issuer	-	-	-45,556	-
2022-10-03	Anderson Scott P	back to issuer	-	-	-845	-
2022-10-03	Killingsworth Kelly T	back to issuer	-	-	-3,775	-

About Duke Realty

DRE Income Statement

2022-06-30

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Rental and related revenue	$ 280,145	$ 253,971	$ 555,359	$ 512,150
General contractor and service fee revenue	5,143	17,721	8,092	48,834
Revenues, total	285,288	271,692	563,451	560,984
Expenses:
Rental expenses	21,240	18,515	46,526	46,645
Real estate taxes	43,728	41,368	87,656	82,538
General contractor and other services expenses	3,730	14,066	5,199	43,529
Depreciation and amortization	93,944	91,729	187,945	185,302
Costs and expenses, total	162,642	165,678	327,326	358,014
Other operating activities:
Equity in earnings of unconsolidated joint ventures	5,565	10,590	9,380	26,858
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	24,832	95,183	235,579	116,543
Earnings from sales of land	2,025	9,900	3,117	11,138
Other Operating Income (Expense), Net	(531)	(338)	(1,310)	(1,483)
Impairment charges	(1,563)	0	(1,563)	0
Expense impact of costs attributable to successful leasing activities	(3,502)	(4,027)	(9,014)	(6,985)
General and administrative expenses	(27,496)	(15,879)	(51,409)	(40,096)
Other Operating Activities, Net	(670)	95,429	184,780	105,975
Operating income	121,976	201,443	420,905	308,945
Other income (expenses):
Interest and other income, net	939	1,673	1,764	2,136
Interest expense	(18,734)	(21,072)	(38,733)	(43,579)
Loss on debt extinguishment	0	(3,938)	(21,948)	(4,008)
Gain on involuntary conversion	0	3,222	0	3,222
Income before income taxes	104,181	181,328	361,988	266,716
Income tax expense	(493)	(3,672)	(6,823)	(8,856)
Net income	103,688	177,656	355,165	257,860
Net income attributable to noncontrolling interests	(1,218)	(1,839)	(3,774)	(2,681)
Net income attributable to common shareholders	$ 102,470	$ 175,817	$ 351,391	$ 255,179
Weighted average number of common shares/units outstanding	384,519	376,020	383,619	374,850
Weighted average number of common shares/units and potential dilutive securities	389,199	381,621	389,265	380,334
Basic net income per common share/unit:
Continuing operations attributable to common shareholders/unitholders	$ 0.27	$ 0.47	$ 0.91	$ 0.68
Diluted net income per common share/unit:
Continuing operations attributable to common shareholders/unitholders	$ 0.27	$ 0.47	$ 0.91	$ 0.68
Comprehensive income:
Net income	$ 103,688	$ 177,656	$ 355,165	$ 257,860
Amortization of interest rate swap contracts	889	890	1,778	1,779
Comprehensive income	104,577	178,546	356,943	259,639
Duke Realty Limited Partnership [Member]
Revenues:
Rental and related revenue	280,145	253,971	555,359	512,150
General contractor and service fee revenue	5,143	17,721	8,092	48,834
Revenues, total	285,288	271,692	563,451	560,984
Expenses:
Rental expenses	21,240	18,515	46,526	46,645
Real estate taxes	43,728	41,368	87,656	82,538
General contractor and other services expenses	3,730	14,066	5,199	43,529
Depreciation and amortization	93,944	91,729	187,945	185,302
Costs and expenses, total	162,642	165,678	327,326	358,014
Other operating activities:
Equity in earnings of unconsolidated joint ventures	5,565	10,590	9,380	26,858
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	24,832	95,183	235,579	116,543
Earnings from sales of land	2,025	9,900	3,117	11,138
Other Operating Income (Expense), Net	(531)	(338)	(1,310)	(1,483)
Impairment charges	(1,563)	0	(1,563)	0
Expense impact of costs attributable to successful leasing activities	(3,502)	(4,027)	(9,014)	(6,985)
General and administrative expenses	(27,496)	(15,879)	(51,409)	(40,096)
Other Operating Activities, Net	(670)	95,429	184,780	105,975
Operating income	121,976	201,443	420,905	308,945
Other income (expenses):
Interest and other income, net	939	1,673	1,764	2,136
Interest expense	(18,734)	(21,072)	(38,733)	(43,579)
Loss on debt extinguishment	0	(3,938)	(21,948)	(4,008)
Gain on involuntary conversion	0	3,222	0	3,222
Income before income taxes	104,181	181,328	361,988	266,716
Income tax expense	(493)	(3,672)	(6,823)	(8,856)
Net income	103,688	177,656	355,165	257,860
Net income attributable to noncontrolling interests	(90)	(101)	(183)	(182)
Net income attributable to common shareholders	$ 103,598	$ 177,555	$ 354,982	$ 257,678
Weighted average number of common shares/units outstanding	388,541	379,790	387,534	378,523
Weighted average number of common shares/units and potential dilutive securities	389,199	381,621	389,265	380,334
Basic net income per common share/unit:
Continuing operations attributable to common shareholders/unitholders	$ 0.27	$ 0.47	$ 0.91	$ 0.68
Diluted net income per common share/unit:
Continuing operations attributable to common shareholders/unitholders	$ 0.27	$ 0.47	$ 0.91	$ 0.68
Comprehensive income:
Net income	$ 103,688	$ 177,656	$ 355,165	$ 257,860
Amortization of interest rate swap contracts	889	890	1,778	1,779
Comprehensive income	$ 104,577	$ 178,546	$ 356,943	$ 259,639

DRE Balance Sheet

2022-06-30

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Real Estate Assets	$ 9,994,446	$ 9,616,076
Construction in progress	997,320	744,871
Investments in and advances to unconsolidated joint ventures	207,977	168,336
Undeveloped land	600,292	473,317
Real estate investment property, at cost, total	11,800,035	11,002,600
Accumulated depreciation	(1,808,388)	(1,684,413)
Net real estate investments	9,991,647	9,318,187
Real estate investments and other assets held-for-sale	0	144,651
Cash and cash equivalents	44,195	69,752
Accounts receivable	13,208	13,449
Straight-line rent receivable	194,474	172,225
Receivables on construction contracts, including retentions	35,651	57,258
Deferred leasing and other costs, net of accumulated amortization	341,923	337,936
Other escrow deposits and other assets	337,184	332,197
Total Assets	10,958,282	10,445,655
LIABILITIES AND EQUITY
Secured debt, net of deferred financing costs	57,150	59,418
Unsecured debt, net of deferred financing costs	3,831,530	3,629,864
Long-term debt, total	3,888,680	3,689,282
Liabilities related to real estate investments held-for-sale	0	6,278
Construction payables and amounts due subcontractors, including retentions	123,428	107,009
Accrued real estate taxes	87,569	77,464
Accrued interest	22,925	20,815
Other liabilities	365,680	339,023
Tenant security deposits and prepaid rents	62,247	66,823
Total Liabilities	4,550,529	4,306,694
Equity
Common shares	3,848	3,825
Additional paid-in capital	6,262,634	6,143,147
Accumulated Other Comprehensive Loss	(26,233)	(28,011)
Cumulative Earnings (Deficit)	60,571	(75,210)
Total shareholders' equity	6,300,820	6,043,751
Noncontrolling interests	106,933	95,210
Total Equity	6,407,753	6,138,961
Total Liabilities and Equity	10,958,282	10,445,655
Duke Realty Limited Partnership [Member]
ASSETS
Real Estate Assets	9,994,446	9,616,076
Construction in progress	997,320	744,871
Investments in and advances to unconsolidated joint ventures	207,977	168,336
Undeveloped land	600,292	473,317
Real estate investment property, at cost, total	11,800,035	11,002,600
Accumulated depreciation	(1,808,388)	(1,684,413)
Net real estate investments	9,991,647	9,318,187
Real estate investments and other assets held-for-sale	0	144,651
Cash and cash equivalents	44,195	69,752
Accounts receivable	13,208	13,449
Straight-line rent receivable	194,474	172,225
Receivables on construction contracts, including retentions	35,651	57,258
Deferred leasing and other costs, net of accumulated amortization	341,923	337,936
Other escrow deposits and other assets	337,184	332,197
Total Assets	10,958,282	10,445,655
LIABILITIES AND EQUITY
Secured debt, net of deferred financing costs	57,150	59,418
Unsecured debt, net of deferred financing costs	3,831,530	3,629,864
Long-term debt, total	3,888,680	3,689,282
Liabilities related to real estate investments held-for-sale	0	6,278
Construction payables and amounts due subcontractors, including retentions	123,428	107,009
Accrued real estate taxes	87,569	77,464
Accrued interest	22,925	20,815
Other liabilities	365,680	339,023
Tenant security deposits and prepaid rents	62,247	66,823
Total Liabilities	4,550,529	4,306,694
Equity
Common equity	6,327,053	6,071,762
Limited Partners' common equity	102,579	90,679
Accumulated Other Comprehensive Loss	(26,233)	(28,011)
Total partners' equity	6,403,399	6,134,430
Noncontrolling interests	4,354	4,531
Total Equity	6,407,753	6,138,961
Total Liabilities and Equity	$ 10,958,282	$ 10,445,655