DRE - DRE STOCK NEWS

Prologis has successfully completed its all-stock acquisition of Duke Realty, valued at approximately $23 billion, enhancing its presence in key U.S. markets. This acquisition adds 142 million square feet of operational logistics buildings and over 500 new customers. Prologis aims to leverage its Essentials platform to support these customers and address supply chain challenges. The deal also includes properties in major regions and anticipates further earnings growth and operational synergies.

On September 28, 2022, Prologis and Duke Realty announced the successful approval of their merger by stockholders at special meetings. Over 99% of Prologis voters approved the issuance of stock for the merger, while 99% of Duke Realty shareholders voted in favor of the agreement. Each Duke Realty share will convert to 0.475 shares of Prologis upon merger completion, which is anticipated in early October, conditional on customary closure requirements. This merger aims to enhance Prologis's presence in the logistics real estate sector.

Duke Realty Corporation (NYSE: DRE) has declared a quarterly cash dividend of $0.28 per share, equating to an annualized rate of $1.12. This dividend is scheduled to be paid on September 30, 2022, to shareholders on record as of the close of business on September 15, 2022. Duke Realty operates approximately 167.3 million rentable square feet of industrial assets across 19 major logistics markets.

Duke Realty Corporation (NYSE: DRE) has scheduled a special meeting for stockholders to vote on its merger proposal with Prologis, Inc. The meeting will take place virtually on September 28, 2022, at 12 p.m. Eastern Time. Eligible stockholders, recorded by August 8, 2022, can participate. Duke Realty operates about 167.3 million rentable square feet of industrial assets across 19 logistics markets, emphasizing its significant role within the S&P 500 Index.

Duke Realty Corporation (NYSE: DRE) reported its second quarter 2022 earnings with a net income per diluted share of $0.27 and FFO per diluted share of $0.45. The company's Core FFO for the same period was $0.48. Notably, the SPNOI - Cash grew by 5.9%. Due to a proposed merger with Prologis, Duke Realty will no longer provide earnings guidance. The board will approve the quarterly cash distribution in a future meeting, aligning with Prologis' schedule. Duke Realty operates about 167.3 million rentable square feet in logistics.

Duke Realty Corporation (NYSE: DRE) announced significant milestones in their latest press release dated July 18, 2022. The company reported a remarkable 69% growth in net effective rents. Occupancy rates in their stabilized portfolio reached 99.7%, with a leasing activity total of 9.9 million square feet for the quarter. However, the company withdrew its 2022 earnings guidance due to a proposed merger with Prologis, which raises uncertainty about future performance. The second quarter earnings conference call will not be held, reflecting the ongoing transition.

Prologis (NYSE: PLD) has announced a definitive merger agreement to acquire Duke Realty (NYSE: DRE) in an all-stock transaction valued at approximately $26 billion, including debt assumption. Both boards unanimously approved the deal. Prologis gains high-quality properties across key U.S. logistics markets, totaling 153 million square feet. The transaction is expected to create immediate cost savings of $310-$370 million and increase annual core funds from operations by $0.20-$0.25 per share in the first year. The merger is anticipated to close in Q4 2022, pending shareholder approval.

Duke Realty Corporation (NYSE: DRE) announced its participation in NAREIT’s REITweek 2022 Virtual Investor Conference from June 7-9. Management will deliver a webcast presentation on June 8 from 2:15 p.m. to 2:45 p.m. ET. The company owns approximately 166.5 million rentable square feet of industrial assets across 19 logistics markets and is a member of the S&P 500 Index. A revised investor presentation will be available on June 7 on their website. The release includes cautionary forward-looking statements regarding future performance.

Duke Realty Corporation (NYSE: DRE) has appointed Scott P. Anderson to its board of directors following the retirement of Mike Szymanczyk. Anderson previously served as chairman and CEO of Patterson Companies and currently leads the executive council at Carlson Private Capital. His extensive experience in leadership and strategic planning is expected to strengthen Duke Realty's governance. The company, a major player in sustainable industrial real estate, manages 164.9 million rentable square feet across 19 U.S. logistics markets.