Morningstar

Morningstar, Inc.

Equity Bottom-Up

No-moat-rated Duke Realty reported a strong first quarter as secular tailwinds continue to benefit the industrial REITs. Funds from operations grew 10% from the linked quarter in 2018 due to both external growth and same-store net operating income growth. We continue to think that e-commerce demand for warehousing space is unlikely to subside, and the major question on our mind is the extent to which Duke Realty chooses to push pricing or occupancy. We do not plan to make a material change to…

<p>Duke Realty has enjoyed a solid run, shifting its portfolio from suburban office properties to become the leading domestic-only industrial REIT in the United States. The company has capitalized on depressed supply and an explosion of growth driven by a better economy and the rise of e-commerce. However, with industrial vacancy rates at record lows, investors may be late to the party, as supply has increased to levels not seen since 2007, posing a significant threat to Duke Realty’s ongoing…</p>

United States

Duke Realty Corporation owns interests in industrial, office, and medical office properties across the Southeastern, Midwestern, and Southern  United States. The Company provides leasing, property and asset management, acquisition, development, construction, build-to-suit, and other related services.

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