• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    Duke Realty Reports Second Quarter 2022 Earnings

    7/27/22 4:05:00 PM ET
    $DRE
    Real Estate Investment Trusts
    Real Estate
    Get the next $DRE alert in real time by email

    INDIANAPOLIS, July 27, 2022 (GLOBE NEWSWIRE) -- Duke Realty Corporation (NYSE:DRE), the largest domestic-only logistics REIT, today reported earnings for the second quarter of 2022.

    Quarterly Highlights

    Complete reconciliations, in dollars and per share amounts, of (i) net income to funds from operations ("FFO"), as defined by Nareit, as well as to Core FFO, and (ii) earnings before income taxes to same property net operating income, on a cash basis, ("SPNOI - Cash") are included in the financial tables included in this release. The company's financial results for the quarter were as follows:

     Three Months

    Ended June

    30, 2022
     Six Months

    Ended June

    30, 2022
        
    Net Income per Diluted Share$0.27  $0.91 
    FFO per Diluted Share$0.45  $0.82 
    Core FFO per Diluted Share$0.48  $0.92 
    Growth in SPNOI - Cash 5.9%  6.5%

    Distributions

    The company's board of directors will approve the quarterly cash distribution on its common stock in a future meeting. Pursuant to the terms of the merger agreement, the dividend is expected to have the same record and payment dates as the Prologis second quarter dividend.

    2022 Earnings Guidance     

    In light of the company's proposed merger with Prologis announced in June 2022, the Company will no longer provide guidance nor is it affirming past guidance.

       

    FFO and AFFO Reporting Definitions

    FFO: FFO is a non-GAAP performance measure computed in accordance with standards established by the National Association of Real Estate Investment Trusts ("Nareit"). It is calculated as net income attributable to common shareholders computed in accordance with generally accepted accounting principles ("GAAP"), excluding depreciation and amortization related to real estate, gains and losses on sales of real estate assets (including real estate assets incidental to our business), gains and losses from change in control, impairment charges related to real estate assets (including real estate assets incidental to our business) and similar adjustments for unconsolidated joint ventures and partially owned consolidated entities, all net of related taxes. We believe FFO to be most directly comparable to net income attributable to common shareholders as defined by GAAP. FFO does not represent a measure of liquidity, nor is it indicative of funds available for our cash needs, including our ability to make cash distributions to shareholders.

      

    Core FFO: Core FFO is computed as FFO adjusted for certain items that can create significant earnings volatility and do not directly relate to our core business operations.  The adjustments include gains or losses on debt transactions, gains or losses from involuntary conversion from weather events or natural disasters, promote income, severance and other charges related to major overhead restructuring activities, costs directly attributable to our proposed merger with Prologis, the expense impact of non-incremental costs attributable to successful leasing activities, mark-to-market adjustments associated with derivative financial instruments and similar adjustments for unconsolidated joint ventures and partially owned consolidated entities. Although our calculation of Core FFO differs from Nareit's definition of FFO and may not be comparable to that of other REITs and real estate companies, we believe it provides a meaningful supplemental measure of our operating performance. 

                 

    AFFO: AFFO is defined by the company as the Core FFO (as defined above), less recurring building improvements and total second generation capital expenditures (the leasing of vacant space that had previously been under lease by the company is referred to as second generation lease activity) related to leases commencing during the reporting period, and adjusted for certain non-cash items including straight line rental income and expense, amortization of above and below market lease intangibles and lease concession, non-cash components of interest expense including interest rate hedge amortization, stock compensation expense and after similar adjustments for unconsolidated partnerships and joint ventures.

    Same-Property Performance

    The company includes same-property net operating income growth as a property-level supplemental measure of performance. The company utilizes same-property net operating income growth as a supplemental measure to evaluate property-level performance, and jointly-controlled properties are included at the company's ownership percentage.

    A reconciliation of income before income taxes to same-property net operating income is included in the financial tables to this release. A description of the properties that are excluded from the company's same-property net operating income measure is included on page 19 of its June 30, 2022 supplemental information.

    About Duke Realty Corporation

    Duke Realty Corporation owns and operates approximately 167.3 million rentable square feet of industrial assets in 19 major logistics markets. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is a member of the S&P 500 Index. More information about Duke Realty Corporation is available at www.dukerealty.com.   

    Second Quarter Earnings Call and Supplemental Information

    Due to the company's proposed merger with Prologis, a second quarter 2022 conference call will not be held. A copy of the company's supplemental information will be available by 6:00 p.m. ET today through the Investor Relations section of the company's website.

    Cautionary Notice Regarding Forward-Looking Statements

    The statements in this communication that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Prologis and Duke Realty operate as well as beliefs and assumptions of Prologis and Duke Realty. Such statements involve uncertainties that could significantly impact Prologis' or Duke Realty's financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," and "estimates," including variations of such words and similar expressions, are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that Prologis or Duke Realty expects or anticipates will occur in the future — including statements relating to any possible transaction between Prologis and Duke Realty, rent and occupancy growth, acquisition and development activity, contribution and disposition activity, general conditions in the geographic areas where Prologis or Duke Realty operate, Prologis' and Duke Realty's respective debt, capital structure and financial position, Prologis' and Duke Realty's respective ability to earn revenues from co-investment ventures, form new co-investment ventures and the availability of capital in existing or new co-investment ventures — are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although Prologis and Duke Realty believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, neither Prologis nor Duke Realty can give assurance that its expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) Prologis' and Duke Realty's ability to complete the proposed transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary shareholder approvals and satisfaction of other closing conditions to consummate the proposed transaction; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the proposed transaction; (iii) risks related to diverting the attention of Prologis and Duke Realty management from ongoing business operations; (iv) failure to realize the expected benefits of the proposed transaction; (v) significant transaction costs and/or unknown or inestimable liabilities; (vi) the risk of shareholder litigation in connection with the proposed transaction, including resulting expense or delay; (vii) the risk that Duke Realty's business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; (viii) risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company following completion of the proposed transaction; (ix) the effect of the announcement of the proposed transaction on the ability of Prologis and Duke Realty to operate their respective businesses and retain and hire key personnel and to maintain favorable business relationships; (x) risks related to the market value of the Prologis common stock to be issued in the proposed transaction; (xi) other risks related to the completion of the proposed transaction and actions related thereto; (xii) national, international, regional and local economic and political climates and conditions; (xiii) changes in global financial markets, interest rates and foreign currency exchange rates; (xiv) increased or unanticipated competition for Prologis' or Duke Realty's properties; (xv) risks associated with acquisitions, dispositions and development of properties, including increased development costs due to additional regulatory requirements related to climate change; (xvi) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (xvii) availability of financing and capital, the levels of debt that Prologis and Duke Realty maintain and their credit ratings; (xviii) risks related to Prologis' and Duke Realty's investments in co-investment ventures, including Prologis' and Duke Realty's ability to establish new co-investment ventures; (xix) risks of doing business internationally, including currency risks; (xx) environmental uncertainties, including risks of natural disasters; (xxi) risks related to the coronavirus pandemic; and (xxii) those additional factors discussed under Part I, Item 1A. Risk Factors in Prologis' and Duke Realty's respective Annual Reports on Form 10-K for the year ended December 31, 2021. Neither Prologis nor Duke Realty undertakes any duty to update any forward-looking statements appearing in this communication except as may be required by law.

    Additional Information

    In connection with the proposed transaction, Prologis will file with the Securities and Exchange Commission ("SEC") a registration statement on Form S-4 ("Form S-4"), which will include a document that serves as a prospectus of Prologis and a joint proxy statement of Prologis and Duke Realty (the "joint proxy statement/prospectus"), and each party will file other documents regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE FORM S-4 AND THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. A definitive joint proxy statement/prospectus will be sent to Prologis' and Duke Realty's shareholders. Investors and security holders will be able to obtain the Form S-4 and the joint proxy statement/prospectus free of charge from the SEC's website or from Prologis or Duke Realty. The documents filed by Prologis with the SEC may be obtained free of charge at Prologis' website at the SEC Filings section of www.ir.prologis.com or at the SEC's website at www.sec.gov. These documents may also be obtained free of charge from Prologis by requesting them from Investor Relations by mail at Pier 1, Bay 1, San Francisco, CA 94111. The documents filed by Duke Realty with the SEC may be obtained free of charge at Duke Realty's website at the SEC Filings section of http://investor.dukerealty.com or at the SEC's website at www.sec.gov. These documents may also be obtained free of charge from Duke Realty by requesting them from Investor Relations by mail at 8711 River Crossing Blvd. Indianapolis, IN 46240.

      

    This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

    Participants in the Solicitation

    Prologis and Duke Realty and their respective directors, executive officers and other members of management may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about Prologis' directors and executive officers is available in Prologis' Annual Report on Form 10-K for the fiscal year ended December 31, 2021, its proxy statement dated March 25, 2022, for its 2022 Annual Meeting of Shareholders and its Current Report on Form 8-K/A filed with the SEC on April 5, 2022. Information about Duke Realty's directors and executive officers is available in Duke Realty's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, its proxy statement dated March 2, 2022, for its 2022 Annual Meeting of Shareholders and its Current Report on Form 8-K filed with the SEC on April 27, 2022. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when they become available. Investors should read the joint proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from Prologis or Duke Realty as indicated above.

       

    Contact Information:

        

    Investors:

    Ron Hubbard

    317.808.6060

        

    Media:

    Gene Miller

    317.808.6195





    Duke Realty Corporation and Subsidiaries
    Consolidated Statement of Operations
    (Unaudited and in thousands, except per share amounts)
            
       Three Months Ended Six Months Ended
       June 30, June 30,
       20222021 20222021
    Revenues:      
     Rental and related revenue $280,145 $253,971  $555,359 $512,150 
     General contractor and service fee revenue  5,143  17,721   8,092  48,834 
        285,288  271,692   563,451  560,984 
    Expenses:      
     Rental expenses  21,240  18,515   46,526  46,645 
     Real estate taxes  43,728  41,368   87,656  82,538 
     General contractor and other services expenses  3,730  14,066   5,199  43,529 
     Depreciation and amortization  93,944  91,729   187,945  185,302 
        162,642  165,678   327,326  358,014 
    Other operating activities:      
     Equity in earnings of unconsolidated joint ventures  5,565  10,590   9,380  26,858 
     Gain on sale of properties  24,832  95,183   235,579  116,543 
     Gain on land sales  2,025  9,900   3,117  11,138 
     Other operating expenses  (531) (338)  (1,310) (1,483)
     Impairment charges  (1,563) -   (1,563) - 
     Non-incremental costs related to successful leases  (3,502) (4,027)  (9,014) (6,985)
     General and administrative expenses  (27,496) (15,879)  (51,409) (40,096)
        (670) 95,429   184,780  105,975 
            
     Operating income 121,976  201,443   420,905  308,945 
            
    Other income (expenses):      
     Interest and other income, net  939  1,673   1,764  2,136 
     Interest expense  (18,734) (21,072)  (38,733) (43,579)
     Loss on debt extinguishment  -  (3,938)  (21,948) (4,008)
     Gain on involuntary conversion  -  3,222   -  3,222 
    Income before income taxes  104,181  181,328   361,988  266,716 
     Income tax expense  (493) (3,672)  (6,823) (8,856)
    Net income 103,688  177,656   355,165  257,860 
    Net income attributable to noncontrolling interests  (1,218) (1,839)  (3,774) (2,681)
    Net income attributable to common shareholders$102,470 $175,817  $351,391 $255,179 
            
            
    Net income per share attributable to common shareholders-basic $0.27 $0.47  $0.91 $0.68 
           
    Net income per share attributable to common shareholders-diluted $0.27 $0.47  $0.91 $0.68 
            





     Duke Realty Corporation and Subsidiaries
     Consolidated Balance Sheets
     (Unaudited and in thousands)
           
           
       June 30, December 31, 
       2022 2021 
     Assets     
    Real estate investments:     
     Real estate assets $9,994,446  $9,616,076  
     Construction in progress  997,320   744,871  
     Investments in and advances to unconsolidated joint ventures  207,977   168,336  
     Undeveloped land  600,292   473,317  
        11,800,035   11,002,600  
     Accumulated depreciation  (1,808,388)  (1,684,413) 
           
     Net real estate investments 9,991,647   9,318,187  
           
    Real estate investments and other assets held-for-sale  -   144,651  
           
    Cash and cash equivalents  44,195   69,752  
    Accounts receivable  13,208   13,449  
    Straight-line rents receivable  194,474   172,225  
    Receivables on construction contracts, including retentions  35,651   57,258  
    Deferred leasing and other costs, net  341,923   337,936  
    Other escrow deposits and other assets  337,184   332,197  
           
     Total assets$10,958,282  $10,445,655  
           
     Liabilities and Equity     
    Indebtedness:     
     Secured debt, net of deferred financing costs $57,150  $59,418  
     Unsecured debt, net of deferred financing costs  3,831,530   3,629,864  
        3,888,680   3,689,282  
    Liabilities related to real estate investments held-for-sale     
      -   6,278  
           
    Construction payables and amounts due subcontractors, including retentions  123,428   107,009  
    Accrued real estate taxes  87,569   77,464  
    Accrued interest  22,925   20,815  
    Other liabilities  365,680   339,023  
    Tenant security deposits and prepaid rents  62,247   66,823  
     Total liabilities 4,550,529   4,306,694  
           
    Shareholders' equity:     
           
     Common shares  3,848   3,825  
     Additional paid-in capital  6,262,634   6,143,147  
     Accumulated other comprehensive loss  (26,233)  (28,011) 
     Retained earnings (distributions in excess of net income)  60,571   (75,210) 
     Total shareholders' equity 6,300,820   6,043,751  
           
    Noncontrolling interests  106,933   95,210  
     Total equity  6,407,753   6,138,961  
           
     Total liabilities and equity$10,958,282  $10,445,655  
           





     Duke Realty Corporation and Subsidiaries
     Summary of EPS, FFO and AFFO
     Three Months Ended June 30,
     (Unaudited and in thousands, except per share amounts)
            
            
            
      20222021
        Wtd.   Wtd. 
        Avg.Per  Avg.Per
      Amount SharesShareAmount SharesShare
    Net income attributable to common shareholders$ 102,470   $ 175,817   
    Less dividends on participating securities (319)   (365)  
    Net income per common share-basic 102,151 384,519$ 0.27 175,452 376,020$ 0.47
    Add back:      
     Noncontrolling interest in earnings of unitholders 1,128 4,022  1,738 3,770 
     Other potentially dilutive securities - 658  365 1,831 
    Net income attributable to common shareholders-diluted$ 103,279 389,199$ 0.27 177,555 381,621$ 0.47
    Reconciliation to FFO      
    Net income attributable to common shareholders$ 102,470 384,519 $ 175,817 376,020 
    Adjustments:      
     Depreciation and amortization 93,944    91,729   
     Depreciation, amortization and other - unconsolidated joint ventures 2,999    2,012   
     Gain on sales of properties (24,832)   (95,183)  
     Gain on land sales (2,025)   (9,900)  
     Impairment charges 1,563    -   
     Income tax expense not allocable to FFO 493    3,672   
     Gain on sales of real estate assets - unconsolidated joint ventures (1,497)   (7,360)  
     Noncontrolling interest share of adjustments (731)   149   
    Nareit FFO attributable to common shareholders - basic 172,384 384,519$ 0.45 160,936 376,020$ 0.43
     Noncontrolling interest in income of unitholders 1,128 4,022  1,738 3,770 
     Noncontrolling interest share of adjustments 731    (149)  
     Other potentially dilutive securities 1,727  1,831 
    Nareit FFO attributable to common shareholders - diluted$ 174,243 390,268$ 0.45$ 162,525 381,621$ 0.43
     Gain on involuntary conversion -    (3,222)  
     Loss on debt extinguishment - including share of unconsolidated joint venture -    3,938   
     Non-incremental costs related to successful leases 3,502    4,027   
     Unconsolidated joint ventures share of unrealized derivative gain (224)   -   
     Merger related costs 10,000    -   
    Core FFO attributable to common shareholders - diluted$ 187,521 390,268$ 0.48$ 167,268 381,621$ 0.44
    AFFO      
    Core FFO - diluted$187,521 390,268$0.48$167,268 381,621$0.44
    Adjustments:      
     Straight-line rental income and expense (11,642)   (6,571)  
     Amortization of above/below market rents and concessions (3,513)   (2,611)  
     Stock based compensation expense 2,309    5,625   
     Noncash interest expense 2,496    2,378   
     Second generation concessions (213)   (1,355)  
     Second generation tenant improvements (8,387)   (4,604)  
     Second generation leasing costs (8,666)   (8,297)  
     Building improvements (3,860)   (1,814)  
    AFFO - diluted$ 156,045 390,268 $ 150,019 381,621 
     





     Duke Realty Corporation and Subsidiaries
     Summary of EPS, FFO and AFFO
     Six Months Ended June 30,
     (Unaudited and in thousands, except per share amounts)
            
            
            
      20222021
        Wtd.   Wtd. 
        Avg.Per  Avg.Per
      Amount SharesShareAmount SharesShare
    Net income attributable to common shareholders$ 351,391   $ 255,179   
    Less dividends on participating securities (645)   (735)  
    Net income per common share-basic 350,746 383,619$ 0.91 254,444 374,850$ 0.68
    Add back:      
     Noncontrolling interest in earnings of unitholders 3,591 3,915  2,499 3,673 
     Other potentially dilutive securities 645 1,731  735 1,811 
    Net income attributable to common shareholders-diluted$ 354,982 389,265$ 0.91$ 257,678 380,334$ 0.68
    Reconciliation to FFO      
    Net income attributable to common shareholders$ 351,391 383,619 $ 255,179 374,850 
    Adjustments:      
     Depreciation and amortization 187,945    185,302   
     Depreciation, amortization and other - unconsolidated joint ventures 6,297    4,269   
     Gain on sales of properties (235,579)   (116,543)  
     Gain on land sales (3,117)   (11,138)  
     Income tax expense not allocable to FFO 6,823    8,856   
     Impairment charges 1,563    -   
     Gain on sales of real estate assets - unconsolidated joint ventures (1,497)   (20,108)  
     Noncontrolling interest share of adjustments 379    (492)  
    Nareit FFO attributable to common shareholders - basic 314,205 383,619$ 0.82 305,325 374,850$ 0.81
     Noncontrolling interest in income of unitholders 3,591 3,915  2,499 3,673 
     Noncontrolling interest share of adjustments (379)   492   
     Other potentially dilutive securities 1,731  1,811 
    Nareit FFO attributable to common shareholders - diluted$ 317,417 389,265$ 0.82$ 308,316 380,334$ 0.81
     Gain on involuntary conversion -    (3,222)  
     Loss on debt extinguishment - including share of unconsolidated joint venture 22,031    4,071   
     Non-incremental costs related to successful leases 9,014    6,985   
     Unconsolidated joint ventures share of unrealized derivative gain (787)   -   
     Merger related costs 10,000    -   
    Core FFO attributable to common shareholders - diluted$ 357,675 389,265$ 0.92$ 316,150 380,334$ 0.83
    AFFO      
    Core FFO - diluted$357,675 389,265$0.92$316,150 380,334$0.83
    Adjustments:      
     Straight-line rental income and expense (22,113)   (15,204)  
     Amortization of above/below market rents and concessions (6,416)   (5,466)  
     Stock based compensation expense 20,408    20,004   
     Noncash interest expense 5,059    4,747   
     Second generation concessions (1,114)   (1,636)  
     Second generation tenant improvements (11,531)   (8,527)  
     Second generation leasing costs (15,675)   (16,769)  
     Building improvements (4,438)   (3,118)  
    AFFO - diluted$ 321,855 389,265 $ 290,181 380,334 
     





    Duke Realty Corporation and Subsidiaries
    Reconciliation of Same Property Net Operating Income Growth
    (Unaudited and in thousands)
        
     Three Months Ended
     June 30, 2022June 30, 2021 
        
    Income before income taxes$104,181 $181,328  
    Share of same property NOI from unconsolidated joint ventures 6,754  6,599  
    Income and expense items not allocated to segments 112,491  16,294  
    Earnings from service operations (1,413) (3,655) 
    Properties not included and other adjustments (39,993) (28,704) 
    Same property NOI - Cash Basis$182,020 $171,862  
        
    Percent Change 5.9%  
        
     Six Months Ended
     June 30, 2022June 30, 2021 
        
    Income from continuing operations before income taxes$361,988 $266,716  
    Share of same property NOI from unconsolidated joint ventures 13,354  13,145  
    Income and expense items not allocated to segments 61,956  121,309  
    Earnings from service operations (2,893) (5,305) 
    Properties not included and other adjustments (74,789) (58,332) 
    Same property NOI - Cash Basis$359,616 $337,533  
        
    Percent Change 6.5%  
        







    Primary Logo

    Get the next $DRE alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $DRE

    DatePrice TargetRatingAnalyst
    7/15/2022$78.00 → $74.00Outperform → Neutral
    Robert W. Baird
    5/16/2022$68.00 → $65.00Market Perform → Outperform
    BMO Capital Markets
    2/3/2022$63.00Hold → Buy
    Truist
    1/18/2022$63.00Buy → Hold
    Truist
    1/18/2022Buy → Hold
    Truist Securities
    1/10/2022$61.00 → $68.00Outperform
    Raymond James
    1/7/2022$68.00Outperform → Market Perform
    BMO Capital Markets
    12/14/2021Overweight → Equal Weight
    Wells Fargo
    More analyst ratings

    $DRE
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Prologis Announces Tax Treatment of Duke Realty Corporation's 2022 Dividends

      SAN FRANCISCO, Jan. 26, 2023 /PRNewswire/ -- Prologis, Inc. (NYSE:PLD), the global leader in logistics real estate, today announced the tax treatment of Duke Realty Corporation (NYSE:DRE) 2022 distributions. The exhibit reflects the per share tax treatment of Duke Realty Corporation's common stock distribution, as prescribed by the Internal Revenue Code. In October 2022, Prologis announced that it had completed its acquisition of Duke Realty Corporation for $23 billion, including assumption of debt.  In connection with the transaction, each share of Duke Realty Corporation common stock was converted into the right to receive 0.475 of a share of Prologis common stock. All distributions from a

      1/26/23 4:54:00 PM ET
      $PLD
      $DRE
      Real Estate Investment Trusts
      Real Estate
    • Prologis Closes Acquisition of Duke Realty

      Prologis gains properties in key U.S. markets; Expands its Essentials offerings to 500+ new customers SAN FRANCISCO, Oct. 3, 2022 /PRNewswire/ -- Prologis, Inc. (NYSE:PLD) ("Prologis") today announced the completion of its all-stock acquisition of Duke Realty Corporation (NYSE:DRE) ("Duke Realty") following approval by the shareholders of Prologis and Duke Realty. Valued at approximately $23 billion, including the assumption of debt, the completed transaction expands Prologis' presence in key U.S. markets. "In addition to the day-one accretion and avenues for further earnings growth, this acquisition gives us an even stronger ability to support our customers and their growth," said Prologis

      10/3/22 9:00:00 AM ET
      $DRE
      $PLD
      Real Estate Investment Trusts
      Real Estate
    • Prologis Stockholders and Duke Realty Shareholders Approve Merger

      SAN FRANCISCO and INDIANAPOLIS, Sept. 28, 2022 /PRNewswire/ -- Prologis, Inc. (NYSE:PLD) ("Prologis") and Duke Realty Corporation (NYSE:DRE) ("Duke Realty") today announced that Prologis stockholders and Duke Realty shareholders have voted, separately, to approve the proposed merger at their respective special meetings held virtually today, September 28, 2022. According to the results of the Prologis Special Meeting of Stockholders, more than 99 percent of votes cast at the meeting – approximately 87 percent of the outstanding shares of Prologis common stock as of the record date – were voted in favor of the issuance of Prologis common stock in connection with the merger.  The final voting r

      9/28/22 5:15:00 PM ET
      $DRE
      $PLD
      Real Estate Investment Trusts
      Real Estate

    $DRE
    Leadership Updates

    Live Leadership Updates

    See more
    • Urban Edge Properties Announces Appointment of Mary L. Baglivo to Board of Trustees

      -- Trustee Susan Givens to Retire from Board -- Urban Edge Properties (NYSE:UE) today announced the appointment of Mary L. Baglivo to the Company's Board of Trustees, effective September 1, 2022. Ms. Baglivo is an experienced leader with an extensive career in retail, brand marketing, advertising, and higher education. She has held Chief Executive Officer roles at several leading global advertising and communication companies in addition to leading her own brand strategy and consulting firm, The Baglivo Group. She previously served as the CEO Americas at Saatchi & Saatchi, a global marketing and advertising agency. Prior to her role at Saatchi & Saatchi, Ms. Baglivo served as President at

      8/25/22 4:15:00 PM ET
      $AN
      $DRE
      $HST
      $RUTH
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
      Real Estate Investment Trusts
      Real Estate
    • Urban Edge Properties Announces Appointment of Norman Jenkins to Board of Trustees

      Urban Edge Properties (NYSE:UE) today announced the appointment of Norman K. Jenkins to the Company's Board of Trustees effective November 22, 2021. Mr. Jenkins is a seasoned executive with over 25 years of real estate and leadership experience. He is President and Chief Executive Officer of Capstone Development, a privately-held firm he founded in 2009. Capstone develops and acquires commercial and multi-family real estate, with significant expertise in public-private partnerships and developing hospitality real estate that is typically affiliated with international lodging brands. Capstone currently owns a diverse portfolio comprised of hotels, street level retail and multi-family housin

      11/18/21 4:15:00 PM ET
      $AN
      $DRE
      $UE
      Retail-Auto Dealers and Gas Stations
      Consumer Discretionary
      Real Estate Investment Trusts
      Real Estate
    • Performance Food Group Company Appoints Warren Thompson to Board of Directors

      RICHMOND, Va.--(BUSINESS WIRE)--Performance Food Group Company (PFG) (NYSE: PFGC) today announced that it has appointed Warren M. Thompson to serve as an independent director on its Board of Directors, effective today. This appointment expands PFG’s Board to 11 directors. The Board appointed Mr. Thompson to serve as a member of the Company’s Audit Committee and as a member of the Technology Committee, also effective immediately. Mr. Thompson, 61, currently serves as President and Chairman of Thompson Hospitality Corporation, the largest minority-owned foodservice and facilities management company in the U.S. The company was founded in 1992 when Mr. Thompson completed a leveraged bu

      12/1/20 4:30:00 PM ET
      $FRT
      $PFGC
      $PEP
      $DRE
      Real Estate Investment Trusts
      Real Estate
      Food Distributors
      Consumer Discretionary

    $DRE
    Financials

    Live finance-specific insights

    See more
    • Prologis Announces Tax Treatment of Duke Realty Corporation's 2022 Dividends

      SAN FRANCISCO, Jan. 26, 2023 /PRNewswire/ -- Prologis, Inc. (NYSE:PLD), the global leader in logistics real estate, today announced the tax treatment of Duke Realty Corporation (NYSE:DRE) 2022 distributions. The exhibit reflects the per share tax treatment of Duke Realty Corporation's common stock distribution, as prescribed by the Internal Revenue Code. In October 2022, Prologis announced that it had completed its acquisition of Duke Realty Corporation for $23 billion, including assumption of debt.  In connection with the transaction, each share of Duke Realty Corporation common stock was converted into the right to receive 0.475 of a share of Prologis common stock. All distributions from a

      1/26/23 4:54:00 PM ET
      $PLD
      $DRE
      Real Estate Investment Trusts
      Real Estate
    • Duke Realty Declares Quarterly Dividend

      INDIANAPOLIS, Sept. 01, 2022 (GLOBE NEWSWIRE) -- The Board of Directors of Duke Realty Corporation (NYSE:DRE) today declared a quarterly cash distribution on its common stock of $0.28 per share, or $1.12 per share on an annualized basis. The third quarter dividend will be payable on September 30, 2022, to shareholders of record at the close of business on September 15, 2022. About Duke Realty Corporation Duke Realty Corporation owns and operates approximately 167.3 million rentable square feet of industrial assets in 19 major logistics markets. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is a constituent of the S&P 500 Index. More information about Duk

      9/1/22 8:45:00 AM ET
      $DRE
      Real Estate Investment Trusts
      Real Estate
    • Duke Realty Reports Second Quarter 2022 Earnings

      INDIANAPOLIS, July 27, 2022 (GLOBE NEWSWIRE) -- Duke Realty Corporation (NYSE:DRE), the largest domestic-only logistics REIT, today reported earnings for the second quarter of 2022. Quarterly Highlights Complete reconciliations, in dollars and per share amounts, of (i) net income to funds from operations ("FFO"), as defined by Nareit, as well as to Core FFO, and (ii) earnings before income taxes to same property net operating income, on a cash basis, ("SPNOI - Cash") are included in the financial tables included in this release. The company's financial results for the quarter were as follows:  Three Months Ended June 30, 2022 Six Months Ended June 30, 2022    Net Income per Diluted

      7/27/22 4:05:00 PM ET
      $DRE
      Real Estate Investment Trusts
      Real Estate

    $DRE
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Duke Realty downgraded by Robert W. Baird with a new price target

      Robert W. Baird downgraded Duke Realty from Outperform to Neutral and set a new price target of $74.00 from $78.00 previously

      7/15/22 7:39:01 AM ET
      $DRE
      Real Estate Investment Trusts
      Real Estate
    • Duke Realty upgraded by BMO Capital Markets with a new price target

      BMO Capital Markets upgraded Duke Realty from Market Perform to Outperform and set a new price target of $65.00 from $68.00 previously

      5/16/22 7:19:45 AM ET
      $DRE
      Real Estate Investment Trusts
      Real Estate
    • Duke Realty upgraded by Truist with a new price target

      Truist upgraded Duke Realty from Hold to Buy and set a new price target of $63.00

      2/3/22 8:57:48 AM ET
      $DRE
      Real Estate Investment Trusts
      Real Estate

    $DRE
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G/A filed by Duke Realty Corporation (Amendment)

      SC 13G/A - DUKE REALTY CORP (0000783280) (Subject)

      2/11/22 7:50:38 AM ET
      $DRE
      Real Estate Investment Trusts
      Real Estate
    • SEC Form SC 13G/A filed by Duke Realty Corporation (Amendment)

      SC 13G/A - DUKE REALTY CORP (0000783280) (Subject)

      2/9/22 3:43:38 PM ET
      $DRE
      Real Estate Investment Trusts
      Real Estate
    • SEC Form SC 13G/A filed

      SC 13G/A - DUKE REALTY CORP (0000783280) (Subject)

      2/10/21 10:52:41 AM ET
      $DRE
      Real Estate Investment Trusts
      Real Estate

    $DRE
    SEC Filings

    See more
    • SEC Form 15-12G filed by Duke Realty Corporation

      15-12G - DUKE REALTY CORP (0000783280) (Filer)

      10/13/22 7:04:41 AM ET
      $DRE
      Real Estate Investment Trusts
      Real Estate
    • SEC Form 15-15D filed by Duke Realty Corporation

      15-15D - DUKE REALTY CORP (0000783280) (Filer)

      10/13/22 7:03:16 AM ET
      $DRE
      Real Estate Investment Trusts
      Real Estate
    • SEC Form 15-15D filed by Duke Realty Corporation

      15-15D - DUKE REALTY CORP (0000783280) (Filer)

      10/13/22 7:02:21 AM ET
      $DRE
      Real Estate Investment Trusts
      Real Estate

    $DRE
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • SEC Form 4: Connor James B. returned 163,568 shares to the company, closing all direct ownership in the company

      4 - DUKE REALTY CORP (0000783280) (Issuer)

      10/5/22 6:36:27 PM ET
      $DRE
      Real Estate Investment Trusts
      Real Estate
    • SEC Form 4: Dee Ann C. was granted 74,128 shares, covered exercise/tax liability with 7,035 shares and returned $3,845,761 worth of shares to the company (152,937 units at $25.15), closing all direct ownership in the company

      4 - DUKE REALTY CORP (0000783280) (Issuer)

      10/5/22 6:34:29 PM ET
      $DRE
      Real Estate Investment Trusts
      Real Estate
    • SEC Form 4: Anthony Nicholas C. was granted 89,294 shares, covered exercise/tax liability with 8,603 shares and returned $4,632,573 worth of shares to the company (144,998 units at $31.95), closing all direct ownership in the company

      4 - DUKE REALTY CORP (0000783280) (Issuer)

      10/5/22 6:32:36 PM ET
      $DRE
      Real Estate Investment Trusts
      Real Estate