Duke Realty Corp.
investment affiliate, Dr Clifton Mob Llc, recently acquired a
medical office building in Clifton, Ohio for $10.6 million from
Gs Ohio Pob, Llc., according to a Cincinnati Business Courier
report. The move enhances the company's medical office portfolio.
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Gs Ohio had bought the building nine years ago for $8.2 million.
It spans 68,000 square feet and is linked to the Good Samaritan
hospital. The hospital is the oldest and largest private teaching
and specialty healthcare facility in Ohio. Moreover, Duke Realty
has been developing several medical office buildings at the
hospital's Western Ridge medical center in Green Township.
Lately, Duke Realty has been focusing on acquiring medical office
buildings in the core U.S. markets. Last month, the company
acquired 14 medical office buildings spanning 1.2 million square
feet from Seavest Healthcare Properties Llc in Fairfax. In
addition, it acquired seven fully leased buildings spanning
334,000 square feet from Harbin Clinic Llc in Georgia.
Duke Realty is one of the largest commercial real estate
companies in the U.S., operating as a fully integrated owner,
manager, and developer of industrial, office, and healthcare
properties. For over 35 years, the company has leveraged its
local presence and integrated platform to drive returns besides
establishing itself as a premier publicly traded real estate
developer in the country. The recent strategic acquisitions also
augur well and likely to add to its top line going forward.
Duke Realty is expected to release its fourth-quarter 2012
results on January 21, 2013. The Zacks Consensus Estimate for
fourth quarter FFO (fund from operations) is currently pegged at
26 cents per share.
Duke Realty, which competes with
Highwoods Properties Inc.
, currently has a Zacks #3 Rank (implying a short-term Hold
rating). We also maintain our long-term 'Neutral' recommendation
on the stock.
Note: FFO, a widely accepted and reported measure of the
performance of REITs is derived by adding depreciation,
amortization and other non-cash expenses to net income.