Intrinsic value of Duke Realty - DRE

Previous Close

$25.71

  Intrinsic Value

$2.43

stock screener

  Rating & Target

str. sell

-91%

Previous close

$25.71

 
Intrinsic value

$2.43

 
Up/down potential

-91%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as DRE.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of DRE stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -4.95
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
Revenue, $m
  902
  966
  1,033
  1,102
  1,174
  1,249
  1,327
  1,408
  1,492
  1,580
  1,672
  1,768
  1,868
  1,973
  2,082
  2,196
  2,315
  2,440
  2,570
  2,707
  2,850
  3,000
  3,157
  3,321
  3,493
  3,674
  3,863
  4,061
  4,269
  4,488
  4,716
Variable operating expenses, $m
 
  598
  639
  682
  727
  773
  821
  871
  924
  978
  1,035
  1,094
  1,156
  1,221
  1,289
  1,359
  1,433
  1,510
  1,591
  1,676
  1,764
  1,857
  1,954
  2,056
  2,162
  2,274
  2,391
  2,514
  2,643
  2,778
  2,919
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  459
  598
  639
  682
  727
  773
  821
  871
  924
  978
  1,035
  1,094
  1,156
  1,221
  1,289
  1,359
  1,433
  1,510
  1,591
  1,676
  1,764
  1,857
  1,954
  2,056
  2,162
  2,274
  2,391
  2,514
  2,643
  2,778
  2,919
Operating income, $m
  443
  368
  393
  420
  447
  476
  505
  536
  569
  602
  637
  674
  712
  752
  793
  837
  882
  930
  979
  1,031
  1,086
  1,143
  1,203
  1,265
  1,331
  1,400
  1,472
  1,547
  1,627
  1,710
  1,797
EBITDA, $m
  698
  641
  685
  731
  779
  828
  880
  934
  990
  1,048
  1,109
  1,173
  1,239
  1,309
  1,381
  1,457
  1,536
  1,619
  1,705
  1,796
  1,891
  1,990
  2,094
  2,203
  2,317
  2,437
  2,563
  2,694
  2,832
  2,977
  3,129
Interest expense (income), $m
  163
  154
  167
  180
  193
  207
  221
  236
  251
  268
  284
  302
  320
  339
  359
  380
  402
  425
  449
  474
  500
  527
  556
  586
  617
  650
  685
  721
  759
  799
  840
Earnings before tax, $m
  313
  214
  226
  240
  254
  269
  284
  300
  317
  335
  353
  372
  391
  412
  434
  456
  480
  505
  531
  558
  586
  616
  647
  680
  714
  750
  787
  827
  868
  911
  957
Tax expense, $m
  0
  58
  61
  65
  69
  73
  77
  81
  86
  90
  95
  100
  106
  111
  117
  123
  130
  136
  143
  151
  158
  166
  175
  183
  193
  202
  213
  223
  234
  246
  258
Net income, $m
  312
  156
  165
  175
  186
  196
  208
  219
  232
  244
  257
  271
  286
  301
  317
  333
  350
  368
  387
  407
  428
  450
  472
  496
  521
  547
  575
  603
  634
  665
  698

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  13
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,772
  7,263
  7,764
  8,284
  8,825
  9,388
  9,974
  10,584
  11,219
  11,882
  12,573
  13,293
  14,046
  14,831
  15,652
  16,510
  17,406
  18,345
  19,326
  20,353
  21,429
  22,555
  23,734
  24,970
  26,265
  27,622
  29,045
  30,537
  32,101
  33,741
  35,462
Adjusted assets (=assets-cash), $m
  6,759
  7,263
  7,764
  8,284
  8,825
  9,388
  9,974
  10,584
  11,219
  11,882
  12,573
  13,293
  14,046
  14,831
  15,652
  16,510
  17,406
  18,345
  19,326
  20,353
  21,429
  22,555
  23,734
  24,970
  26,265
  27,622
  29,045
  30,537
  32,101
  33,741
  35,462
Revenue / Adjusted assets
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
Average production assets, $m
  5,680
  6,083
  6,502
  6,938
  7,391
  7,863
  8,353
  8,864
  9,396
  9,951
  10,530
  11,133
  11,763
  12,421
  13,108
  13,827
  14,578
  15,364
  16,186
  17,046
  17,946
  18,890
  19,877
  20,912
  21,997
  23,134
  24,325
  25,575
  26,885
  28,258
  29,699
Working capital, $m
  0
  -14
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
Total debt, $m
  2,965
  3,211
  3,456
  3,710
  3,975
  4,250
  4,536
  4,835
  5,145
  5,469
  5,807
  6,159
  6,527
  6,911
  7,313
  7,732
  8,171
  8,629
  9,109
  9,612
  10,138
  10,688
  11,265
  11,869
  12,503
  13,166
  13,862
  14,591
  15,356
  16,158
  17,000
Total liabilities, $m
  3,306
  3,552
  3,797
  4,051
  4,316
  4,591
  4,877
  5,176
  5,486
  5,810
  6,148
  6,500
  6,868
  7,252
  7,654
  8,073
  8,512
  8,970
  9,450
  9,953
  10,479
  11,029
  11,606
  12,210
  12,844
  13,507
  14,203
  14,932
  15,697
  16,499
  17,341
Total equity, $m
  3,466
  3,712
  3,967
  4,233
  4,510
  4,797
  5,097
  5,408
  5,733
  6,072
  6,425
  6,793
  7,177
  7,579
  7,998
  8,436
  8,895
  9,374
  9,876
  10,400
  10,950
  11,525
  12,128
  12,760
  13,421
  14,115
  14,842
  15,604
  16,404
  17,242
  18,121
Total liabilities and equity, $m
  6,772
  7,264
  7,764
  8,284
  8,826
  9,388
  9,974
  10,584
  11,219
  11,882
  12,573
  13,293
  14,045
  14,831
  15,652
  16,509
  17,407
  18,344
  19,326
  20,353
  21,429
  22,554
  23,734
  24,970
  26,265
  27,622
  29,045
  30,536
  32,101
  33,741
  35,462
Debt-to-equity ratio
  0.855
  0.870
  0.870
  0.880
  0.880
  0.890
  0.890
  0.890
  0.900
  0.900
  0.900
  0.910
  0.910
  0.910
  0.910
  0.920
  0.920
  0.920
  0.920
  0.920
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.940
  0.940
  0.940
  0.940
Adjusted equity ratio
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  312
  156
  165
  175
  186
  196
  208
  219
  232
  244
  257
  271
  286
  301
  317
  333
  350
  368
  387
  407
  428
  450
  472
  496
  521
  547
  575
  603
  634
  665
  698
Depreciation, amort., depletion, $m
  255
  273
  292
  311
  331
  353
  375
  397
  421
  446
  472
  499
  527
  557
  588
  620
  654
  689
  726
  764
  805
  847
  891
  938
  986
  1,037
  1,091
  1,147
  1,206
  1,267
  1,332
Funds from operations, $m
  460
  429
  457
  486
  517
  549
  582
  617
  653
  690
  730
  771
  813
  858
  904
  953
  1,004
  1,057
  1,113
  1,171
  1,233
  1,297
  1,364
  1,434
  1,507
  1,585
  1,665
  1,750
  1,839
  1,932
  2,030
Change in working capital, $m
  10
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
Cash from operations, $m
  450
  430
  458
  487
  518
  550
  583
  618
  654
  692
  731
  772
  815
  859
  906
  955
  1,006
  1,059
  1,115
  1,173
  1,235
  1,299
  1,366
  1,436
  1,510
  1,587
  1,668
  1,753
  1,842
  1,935
  2,033
Maintenance CAPEX, $m
  0
  -255
  -273
  -292
  -311
  -331
  -353
  -375
  -397
  -421
  -446
  -472
  -499
  -527
  -557
  -588
  -620
  -654
  -689
  -726
  -764
  -805
  -847
  -891
  -938
  -986
  -1,037
  -1,091
  -1,147
  -1,206
  -1,267
New CAPEX, $m
  -99
  -404
  -419
  -436
  -453
  -471
  -491
  -511
  -532
  -555
  -579
  -604
  -630
  -658
  -687
  -718
  -751
  -786
  -822
  -860
  -901
  -943
  -988
  -1,035
  -1,085
  -1,137
  -1,192
  -1,249
  -1,310
  -1,374
  -1,441
Cash from investing activities, $m
  25
  -659
  -692
  -728
  -764
  -802
  -844
  -886
  -929
  -976
  -1,025
  -1,076
  -1,129
  -1,185
  -1,244
  -1,306
  -1,371
  -1,440
  -1,511
  -1,586
  -1,665
  -1,748
  -1,835
  -1,926
  -2,023
  -2,123
  -2,229
  -2,340
  -2,457
  -2,580
  -2,708
Free cash flow, $m
  475
  -229
  -234
  -240
  -246
  -253
  -260
  -268
  -276
  -284
  -294
  -304
  -315
  -326
  -338
  -351
  -365
  -380
  -396
  -413
  -430
  -449
  -469
  -490
  -512
  -536
  -561
  -587
  -615
  -644
  -675
Issuance/(repayment) of debt, $m
  -443
  246
  245
  254
  265
  275
  286
  298
  311
  324
  338
  352
  368
  384
  401
  419
  439
  459
  480
  502
  526
  551
  577
  604
  633
  664
  696
  729
  765
  802
  841
Issuance/(repurchase) of shares, $m
  220
  103
  90
  91
  91
  91
  92
  92
  93
  94
  96
  97
  99
  101
  103
  105
  108
  111
  114
  118
  122
  126
  131
  135
  141
  146
  152
  159
  166
  173
  181
Cash from financing (excl. dividends), $m  
  -230
  349
  335
  345
  356
  366
  378
  390
  404
  418
  434
  449
  467
  485
  504
  524
  547
  570
  594
  620
  648
  677
  708
  739
  774
  810
  848
  888
  931
  975
  1,022
Total cash flow (excl. dividends), $m
  245
  120
  101
  105
  109
  114
  118
  123
  128
  134
  139
  146
  152
  159
  166
  173
  181
  189
  198
  207
  217
  227
  238
  250
  261
  274
  287
  301
  316
  331
  347
Retained Cash Flow (-), $m
  -284
  -259
  -256
  -266
  -276
  -288
  -299
  -312
  -325
  -338
  -353
  -368
  -384
  -401
  -419
  -438
  -458
  -479
  -502
  -525
  -550
  -575
  -603
  -631
  -662
  -694
  -727
  -762
  -799
  -838
  -879
Prev. year cash balance distribution, $m
 
  13
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -126
  -155
  -161
  -167
  -174
  -181
  -189
  -196
  -205
  -214
  -223
  -233
  -243
  -254
  -265
  -277
  -290
  -303
  -317
  -332
  -348
  -365
  -382
  -400
  -420
  -440
  -461
  -483
  -507
  -532
Discount rate, %
 
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
 
  -116
  -131
  -124
  -117
  -109
  -100
  -92
  -83
  -74
  -65
  -57
  -49
  -42
  -35
  -28
  -23
  -18
  -14
  -11
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.9
  98.0
  97.2
  96.4
  95.6
  95.0
  94.3
  93.7
  93.1
  92.6
  92.1
  91.5
  91.1
  90.6
  90.2
  89.7
  89.3
  88.9
  88.5
  88.1
  87.7
  87.4
  87.0
  86.6
  86.3
  85.9
  85.6
  85.2
  84.9
  84.6

Duke Realty Corporation is a self-managed real estate investment trust (REIT). The Company and Duke Realty Limited Partnership collectively specialize in the ownership, management and development of bulk distribution (industrial) and medical office real estate. It operates through three segments, the first two of which consist of the ownership and rental of industrial and medical office real estate investments. The operations of its industrial and medical office properties, as well as its rental operations, are collectively referred to as Rental Operations. The third segment includes real estate services, such as property management, asset management, leasing, development, general contracting and construction management. Its Service Operations segment also includes its taxable REIT subsidiary, through which certain of the segment's operations are conducted. It maintains a Baa1 rating from Moody’s Investor Service, Inc. and a BBB+ rating from Standard & Poor's Financial Services LLC.

FINANCIAL RATIOS  of  Duke Realty (DRE)

Valuation Ratios
P/E Ratio 29.2
Price to Sales 10.1
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 20.3
Price to Free Cash Flow 26
Growth Rates
Sales Growth Rate -5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 147.5%
Cap. Spend. - 3 Yr. Gr. Rate 5.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 85.5%
Total Debt to Equity 85.5%
Interest Coverage 3
Management Effectiveness
Return On Assets 7%
Ret/ On Assets - 3 Yr. Avg. 8.1%
Return On Total Capital 4.8%
Ret/ On T. Cap. - 3 Yr. Avg. 5.7%
Return On Equity 9.4%
Return On Equity - 3 Yr. Avg. 12.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 66.1%
Gross Margin - 3 Yr. Avg. 61.8%
EBITDA Margin 81%
EBITDA Margin - 3 Yr. Avg. 73.2%
Operating Margin 49.1%
Oper. Margin - 3 Yr. Avg. 42.2%
Pre-Tax Margin 34.7%
Pre-Tax Margin - 3 Yr. Avg. 24.9%
Net Profit Margin 34.6%
Net Profit Margin - 3 Yr. Avg. 40.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -0.9%
Payout Ratio 81.7%

DRE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DRE stock intrinsic value calculation we used $902 million for the last fiscal year's total revenue generated by Duke Realty. The default revenue input number comes from 2016 income statement of Duke Realty. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our DRE stock valuation model: a) initial revenue growth rate of 7.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.1%, whose default value for DRE is calculated based on our internal credit rating of Duke Realty, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Duke Realty.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of DRE stock the variable cost ratio is equal to 61.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for DRE stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.2% for Duke Realty.

Corporate tax rate of 27% is the nominal tax rate for Duke Realty. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the DRE stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for DRE are equal to 629.7%.

Life of production assets of 22.3 years is the average useful life of capital assets used in Duke Realty operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for DRE is equal to -1.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3466 million for Duke Realty - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 357.222 million for Duke Realty is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Duke Realty at the current share price and the inputted number of shares is $9.2 billion.

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COMPANY NEWS

▶ Big distribution hub for Wayfair gets underway in DFW   [Nov-06-17 03:20PM  American City Business Journals]
▶ Duke Realty reports 3Q results   [Oct-25-17 04:51PM  Associated Press]
▶ Duke Realty Closes Refinancing of Revolving Credit Facility   [Oct-11-17 04:15PM  GlobeNewswire]
▶ [$$] Duke Realty Buys a Chunk of Logistics Properties   [Oct-03-17 03:23PM  The Wall Street Journal]
▶ [$$] Big REIT Buys: Duke, SL Green, American Tower   [Sep-13-17 05:30AM  Barrons.com]
▶ Duke Realty Sees Relative Strength Rating Rise To 72   [03:00AM  Investor's Business Daily]
▶ Duke Realty reports 2Q results   [12:07AM  Associated Press]
▶ Duke Realty Reports Second Quarter 2017 Results   [Jul-26-17 04:07PM  GlobeNewswire]
▶ 2 REITs that Can Benefit from 'Omnichannel' Retail Trend   [Jul-17-17 11:40AM  Barrons.com]
▶ Prologis on the Street: How Analysts See PLD Stock   [Jun-22-17 09:06AM  Market Realist]
▶ Prologiss Health by Leverage   [Jun-21-17 10:37AM  Market Realist]
▶ How Prologis Has Managed to Remain Afloat amid Online Hype   [Jun-19-17 03:34PM  Market Realist]
▶ What Duke Realty's medical office portfolio sale to Healthcare Trust means for N.C.   [May-01-17 03:15PM  American City Business Journals]
▶ Duke Realty reports 1Q results   [Apr-26-17 06:26PM  Associated Press]
Financial statements of DRE
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