Duke Realty Corporation
) reached a new 52-week high, touching $18.71 at the end of the
trading session on May 16. The closing price of this office and
industrial real estate investment trust (REIT) reflected a strong
year-to-date return of 36%. The trading volume for the session
was over 2.6 million shares.
Despite its strong price appreciation, this Zacks Rank #3
(Hold), stock has plenty of upside left, given its strong
estimate revisions over the last 30 days and expected
year-over-year funds from operations (FFO) growth of 6.10% for
Decent first-quarter 2013 results - including a rise in
same-property net operating income and consistent performance of
the overall portfolio - as well as strong portfolio repositioning
activity were the key growth drivers for Duke Realty.
In addition, the company maintains a sound and flexible
balance sheet with ample liquidity that enables it to capitalize
on potential acquisition opportunities to fuel its top-line
growth. At the end of the first quarter of 2013, Duke Realty had
no balance outstanding under its line of credit.
On Apr 24, Duke Realty reported first-quarter 2013 core FFO
(funds from operations) of 26 cents per share, in line with the
Zacks Consensus Estimate and above the prior-year quarter FFO of
24 cents per share. The 8.3% rise in year-over-year core FFO per
share reflects the successful execution of strategic plans. In
particular, strong same-property performance and lower preferred
dividends aided the growth.
Estimate Revisions Show Potency
Over the last 30 days, the Zacks Consensus Estimate for
full-year 2013 FFO per share moved up 0.9% to $1.08.
Additionally, the Zacks Consensus Estimate for 2014 FFO ascended
1.8% to $1.14 per share.
Other companies in the REIT sector that hit 52-week highs on
the same day include
Alexandria Real Estate Equities, Inc.
Note: Funds from operations, a widely accepted and reported
measure of REITs performance, are derived by adding
depreciation, amortization and other non-cash expenses to net
ALEXANDRIA REAL (ARE): Free Stock Analysis
DUKE REALTY CP (DRE): Free Stock Analysis
HCP INC (HCP): Free Stock Analysis Report
VENTAS INC (VTR): Free Stock Analysis Report
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