Duke Realty Corporation (
reached a 52-week high of $17.02 at the end of the trading
session on Friday, Mar 15, 2013. Notably, this was higher than
Duke Realty's previous 52-week high of $16.65, achieved on Mar 8.
The stock gained momentum after reporting a decent fourth quarter
The closing price of this real estate investment trust (REIT) on
Mar 15, 2013 represents a solid year-to-date return of 22.5%. The
average trading volume over the last 3 months was 4.7 million
Despite hitting its 52-week high, this Zacks Rank #3 (Hold) stock
has plenty of upside left given its strong estimate revisions
over the last 30 days.
Duke Realty reported mixed fourth quarter 2012 results with core
FFO standing in line and revenues beating the Zacks Consensus
Estimate. Though the company benefited from portfolio
repositioning activity, short-term revenue headwinds remained a
matter of concern.
On Jan 30, Duke Realty reported fourth quarter 2012 core FFO
(funds from operations) of 27 cents per share, in line with the
Zacks Consensus Estimate but it lagged the year-ago figure by 3
cents. The year-over-year decrease reflected a reduction in
income from service operations that were driven by lower
third-party construction fees. In addition, short-term dilution
effect, arising from the repositioning moves, added to the woes.
Moreover, Duke Realty's recent move of strengthening its
fundamentals through a public offering of senior unsecured notes
worth $250 million, acted as a major growth driver.
Estimate Revisions Show Potency
Over the last 30 days, 1 estimate for 2013 has been revised
upward, lifting the Zacks Consensus Estimate by 0.9% to $1.08 per
share. On the other hand, 1 estimate for 2014 also moved higher,
but the Zacks Consensus Estimate remained intact at $1.12 per
Last week, a number of REITs reached 52-week high.
BioMed Realty Trust Inc. (
, reached 52-week high of $21.92 on Mar 14, 2013. Also,
Highwoods Properties Inc. (
CBRE Group Inc. (
reached 52-week highs of $39.08 and $25.45 on Mar 13 and Mar 12,
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 income.
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