Stock Monitor: Rexford Industrial Realty Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 16, 2018 / Active-Investors.com has just released a free earnings report on Duke Realty Corp. (NYSE: DRE). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=DRE. Duke Realty reported its fourth quarter and fiscal 2017 operating and financial results on January 31, 2018. The real estate investment trust (REIT), based in Indianapolis, topped revenue estimates, while funds from operations (FFO) was in-line with market expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for Rexford Industrial Realty, Inc. (NYSE: REXR), which also belongs to the Financial sector as the Company Duke Realty. Do not miss out and become a member today for free to access this upcoming report at:
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 December 31, 2017, Duke Realty's revenue advanced 19% to $215.62 million compared to revenue of $181.15 million in Q4 2016. The Company's reported numbers beat analysts' expectations of $175 million.
For full year (FY) 2017, Duke Realty's revenue totaled $780.93 million compared to $730.51 million in FY16, reflecting growth of 7%.
During Q4 2017, Duke Realty's net income was $188.42 million, or $0.52 per diluted share, compared to $47.76 million, or $0.13 per diluted share, for Q4 2016. The increased net income was primarily attributed to result of gains on property sales for the reported quarter.
For Q4 2017, Duke Realty's FFO totaled $118.82 million, or $0.33 per diluted share, compared to $104.90 million, or $0.29 per diluted share, for Q4 2016. FFO growth in the reported quarter was primarily due to the loss on debt extinguishment in Q4 2016 related to the early redemption of $130 million of unsecured notes. The Company's core FFO was $0.30 per diluted share for Q4 2017 compared to $0.31 per diluted share for Q4 2016. Duke Realty's reported number met Wall Street's estimates of $0.30 per share.
For FY17, Duke Realty's net income was $1.65 billion, or $4.56 per diluted share, compared to $315.23 million, or $0.88 per diluted share, for FY16. The Company's FFO was $459.98 million, or $1.27 per diluted share, in FY17 compared to $432.67 million, or $1.21 per diluted share, for FY16. The improvement in FFO for the reported period was primarily due to lower losses on debt extinguishment and land impairment charges during FY17 in addition to an overall improvement in key operating metrics. Duke Realty's core FFO was $1.24 per diluted share for FY17 compared to $1.20 for FY16.
Operating performance within Duke Realty's Industrial Portfolio:
Duke Realty's total stabilized occupancy at December 31, 2017 was 98.5% compared to 98.0% at September 30, 2017. The Company's total in-service occupancy at December 31, 2017 was 95.7% compared to 95.7%.
Duke Realty's total occupancy, including properties under development was 93.8% at December 31, 2017, compared to 93.2% at September 30, 2017. The Company recorded tenant retention of 91.4% for the reported quarter and 80.5% for FY17.
Duke Realty's total leasing activity was 7.8 million square feet for Q4 2017 and 23.7 million square feet for FY17.
Real Estate Investment Activity
Duke Realty finished Q4 2017 with an 8.5 million square foot development pipeline, with total expected stabilized project costs of $676 million.
During Q4 2017, Duke Realty completed the remaining tranches of the Bridge Portfolio acquisition, consisting of five bulk distribution properties totaling 1.8 million square feet in Northern New Jersey. Additionally, a 32-acre development parcel in Northern New Jersey was acquired, upon which development of a new property immediately commenced.
Duke Realty also acquired two bulk distribution properties in Houston totaling 772,000 square feet, which were 100% leased and a 71,000 square foot industrial property in the South Bay sub-market of Los Angeles, 100% leased.
During Q4 2017, Duke Realty started $207 million of wholly owned development projects totaling 1.3 million square feet, which were 12% pre-leased in total. In the reported quarter, the Company placed seven projects in service, totaling 3.0 million square feet, which were 83% leased.
During Q4 2017, Duke Realty disposed one medical office building, totaling 363,000 square feet, which represented the last of the medical office buildings expected to be sold during 2017. The Company also disposed its sole remaining suburban office property in South Florida, totaling 144,000 square feet, and one non-strategic industrial property in Columbus, Ohio totaling one million square feet.
At the end of FY17, Duke Realty had $116 million of cash held in escrow, $427 million in interest-bearing notes receivable, and had no borrowings on its unsecured line of credit.
During Q4 2017, Duke Realty issued $300 million of unsecured notes maturing in December 2027 at a stated rate of 3.375%. The Company extended its $1.2 billion unsecured revolving credit facility from January 2019 to January 2022 at a variable rate of LIBOR plus 0.875%.
For FY18, Duke Realty is forecasting net income in the range of $0.68 to $0.98 per diluted share. The Company is expecting FFO in the band of $1.24 to $1.32 per diluted share and core FFO in the range of $1.24 to $1.30 per diluted share.
For FY18, Duke Realty is expecting dispositions of non-strategic properties in a range of $300 million to $500 million with the proceeds primarily used to fund development. The Company is estimating acquisitions of properties in a range of $100 million to $500 million and average percent leased of its stabilized portfolio ranging from 97.1% to 98.1%.
Stock Performance Snapshot
February 15, 2018 - At Thursday's closing bell, Duke Realty's stock was marginally up 0.43%, ending the trading session at $25.64.
Volume traded for the day: 4.27 million shares, which was above the 3-month average volume of 2.64 million shares.
Stock performance in the past twelve-month period – up 5.82%
After yesterday's close, Duke Realty's market cap was at $9.13 billion.
Price to Earnings (P/E) ratio was at 32.75.
The stock has a dividend yield of 3.12%.
The stock is part of the Financial sector, categorized under the REIT - Industrial industry. This sector was up 0.8% at the end of the session.
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