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Duke Realty Executes Lease Agreements With Multiple Tenants

Duke Realty Corporation DRE recently announced that it has signed multiple lease agreements with different tenants.  The company has been witnessing decent demand for space at its properties.

The company signed a lease agreement with Communication Test Design, Inc. at its Lakeside Ranch 1001 property in Dallas, TX, spanning an area of 185,344 square foot. With this lease agreement signed, the building, which spans a total area of 634,564 square foot, is now fully leased. The remaining space of the property is occupied by PPG Architectural Finishes.

Jeff Thornton, regional senior vice-president (SVP) of Duke Realty said, “This new in-fill bulk warehouse project provides state-of-the-art features designed for handling, storage and distribution efficiencies plus has direct access to Dallas-Fort Worth International Airport via SH 121 and convenient connections to I-635 and I-35. In addition, it provides last-mile connectivity to the residential growth northwest of Dallas.”

The company has also renewed lease agreements with various existing tenants. Some of the notable ones include with Essilor at Waters Ridge 501, 501 E Corporate Drive in Lewisville for an area spanning 159,000 square foot, with HD Supply at Lakeside Ranch 550, 550 Lakeside Parkway in Flower Mound comprising an area of 525,641 square foot, and with AS American at 801 East Wintergreen Road in Hutchins covering 626,100 square feet of space.

Amid the e-commerce boom and supply-chain strategy transformations, demand for industrial real estate remains robust. Along with longer lease terms and lower rollover, Duke Realty’s solid capacity to offer modern, bulk distribution properties, makes it well poised to capitalize on this trend.

Shares of this Zacks Rank #3 (Hold) company have appreciated 6.2% over the past year, while its industry has declined 8.3%.

Stocks to Consider

MGM Growth Properties LLC’s MGP funds from operations (FFO) per share estimate for 2020 moved 6.7% north to $2.39 over the past two months. The stock currently sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Alexandria Real Estate Equities, Inc.’s ARE Zacks Consensus Estimate for the ongoing-year FFO per share moved marginally upward to $7.32 over the past two months. The stock currently carries a Zacks Rank of 2 (Buy).

Cousins Properties Incorporated’s CUZ Zacks Consensus Estimate for the current year’s FFO per share moved marginally north to $2.74 over the past two months. The stock currently carries a Zacks Rank of 2.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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