Stock Monitor: National Storage Affiliates Trust Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 14, 2018 / If you want access to our free earnings report on Duke Realty Corp. (NYSE: DRE), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=DRE. The Company reported its first quarter fiscal 2018 operating and financial results on April 26, 2018. The Indianapolis-based real estate investment trust outperformed top- and bottom-line expectations. Additionally, the Company raised its guidance for FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Duke Realty most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the three months ended March 31, 2018, Duke Realty's revenues jumped to $234.6 million compared to $181.1 million in Q1 2017. The Company's revenue numbers beat analysts' estimates of $183.8 million.
During Q1 2018, Duke Realty's net income was $73.5 million, or $0.20 per diluted share, compared to $65.4 million, or $0.20 per diluted share, in Q1 2017.
For Q1 2018, Duke Realty's funds from operations (FFO) were $112.4 million, or $0.31 per diluted share, compared to $116.9 million, or $0.32 per diluted share, in Q1 2017. The Company's revenue numbers beat Wall Street's estimates of $0.31 per share.
Duke Realty's core FFO was $0.30 per diluted share in the reported quarter compared to $0.32 per diluted share in the prior year's same quarter; declining due to Q1 2017 results, including the operations of Duke Realty's medical office properties, which the Company sold in a series of transactions in mid- to late-2017.
Industrial Portfolio Operating Performance
At March 31, 2018, Duke Realty had total stabilized occupancy of 98.5% compared to 98.7% at March 31, 2017. The Company recorded total in-service occupancy of 97.0% at March 31, 2018, compared to 97.9% at March 31, 2017.
Duke Realty's total occupancy, including properties under development, was 94.4% at March 31, 2018, compared to 95.9% at March 31, 2017. The Company had tenant retention of 68% and re-lease of 94% of all expiring leases during the reported quarter.
During Q1 2018, Duke Realty reported a same-property net operating income growth of 3.4% on a y-o-y basis. The Company recorded total leasing activity of 6.9 million square feet in the reported quarter, while overall cash and annualized net effective rent growth on new and renewal leases were 12.0% and 25.6%, respectively.
During Q1 2018, Duke Realty started wholly-owned development projects of $226 million, totaling 2.5 million square feet, which were 45% pre-leased in total. For Q1 2018, three projects totaling 1.5 million square feet, which were 87% leased, were placed in service.
During Q1 2018, Duke Realty acquired two industrial properties in an infill location in Southern California near the Ports of Los Angeles and Long Beach, totaling 119,000 square feet, which were 100% leased.
Duke Realty's building dispositions totaled $170 million in Q1 2018 and included:
Wholly Owned Properties - three data centers in the Washington D.C. market, totaling 447,000 square feet, which were placed in service in late 2017; and one industrial property in Nashville, Tennessee, totaling 161,000 square feet.
Joint Venture Properties - three industrial properties in Columbus, totaling 1.1 million square feet, sold by a 50%-owned joint venture; and one industrial property in Indianapolis, totaling 251,000 square feet.
Duke Realty revised its guidance for net income per diluted share to $0.71 to $1.09 from its previous guidance of $0.68 to $0.98. The Company revised its guidance for FFO per diluted share, as defined by NAREIT, to $1.26 to $1.34 from its previous guidance of $1.24 to $1.32. The Company raised its guidance for core FFO per diluted share to a range of $1.26 to $1.32 from the previous range of $1.24 to $1.30.
Duke Realty raised the estimates for average percent leased within the Company's stabilized portfolio to a range of 97.5% to 98.5% from the previous range of 97.1% to 98.1%. Duke Realty's estimates for building dispositions was increased to a band of $350 million to $550 million from the previous range of $300 million to $500 million.
Stock Performance Snapshot
May 11, 2018 - At Friday's closing bell, Duke Realty's stock marginally dropped 0.55%, ending the trading session at $28.72.
Volume traded for the day: 2.10 million shares.
Stock performance in the last month – up 13.12%; previous three-month period – up 13.20%; past twelve-month period – up 5.67%; and year-to-date – up 5.55%
After last Friday's close, Duke Realty's market cap was at $10.23 billion.
Price to Earnings (P/E) ratio was at 35.54.
The stock has a dividend yield of 2.79%.
The stock is part of the Financial sector, categorized under the REIT - Industrial industry.
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