Back to top

Analyst Blog

Duke Realty Limited Partnership – the operating partnership entity of Duke Realty Corp. (DRE - Analyst Report)), a real estate investment trust (REIT), has recently priced an underwritten public offering of $300 million worth of 3.875% senior unsecured notes. The notes are scheduled to mature in October 2022 and are priced at 99.584% of their par value to yield 3.925% to maturity.

The net proceeds from the offering are expected to be utilized by the operating partnership to repay debt including all or a portion of outstanding borrowings under the existing revolving credit facility and for other general corporate purposes.

Barclays Capital Inc., part of Barclays PLC (BCS - Analyst Report) Morgan Stanley & Co. LLC, part of Morgan Stanley (MS - Analyst Report)), UBS Securities, LLC part of UBS AG (UBS - Analyst Report) and Wells Fargo Securities, LLC, part of Wells Fargo & Company (WFC - Analyst Report) acted as joint book-running managers for the debt offering.

At the end of second quarter 2012, Duke Realty had nearly $107 million of cash with no balance on its line of credit. The company maintains a balanced and flexible balance sheet with ample liquidity and minimal debt maturities that enable it to capitalize on potential acquisition opportunities to fuel its top-line growth.

Duke Realty is one of the largest commercial real estate companies in the U.S., operating as a fully integrated owner, manager, and developer of industrial, office, and healthcare properties. For over 35 years, the company has leveraged its local presence and its integrated platform to drive returns, and has established itself as a premier publicly traded real estate developer in the country.

Duke Realty currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We also maintain our long-term Neutral recommendation on the stock.

Please login to Zacks.com or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research

Close

Are you a new Zacks Member or a visitor to Zacks.com?

Top Zacks Features

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Zacks.com. Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
SUPER MICRO… SMCI 27.00 +10.25%
CANADIAN SO… CSIQ 38.34 +8.18%
BANCO DO BR… BDORY 16.78 +8.05%
CENTURY ALU… CENX 26.97 +7.97%
WILLDAN GRO… WLDN 11.38 +5.86%