Duke Realty

What Duke Realty does

Duke Realty Corporation was a publicly traded industrial real estate investment trust (REIT) that owned, managed, and developed bulk distribution buildings across the United States. Headquartered in Indianapolis and founded in 1972, the company operated approximately 167 million rentable square feet of logistics and warehouse assets concentrated in 19 major U.S. logistics markets. Duke Realty was listed on the NYSE under the symbol DRE and was a member of the S&P 500 Index, employing between 501 and 1,000 people at the time of acquisition.

The company's core product was its industrial real estate portfolio, leased primarily to enterprise logistics, warehousing, and manufacturing tenants under long-term commercial agreements. Revenue was generated almost entirely through recurring rental income from these triple-net and gross-leased industrial assets, with earnings distributed to shareholders as quarterly cash dividends, the final declared at $0.28 per share ($1.12 annualized) for September 30, 2022. Duke Realty operated as a single business segment focused on bulk industrial properties, with no consumer-facing or technology-driven product lines.

In June 2022, Duke Realty announced it had entered into a definitive agreement to be acquired by Prologis, Inc., the global logistics real estate leader, for approximately $26 billion in an all-stock transaction. The deal closed on October 3, 2022, with each Duke Realty share converted into 0.475 shares of Prologis common stock. Following closing, Duke Realty was delisted from the NYSE and became part of Prologis, effectively ending its standalone corporate existence.

Name

Duke Realty

Legal name

Duke Realty Corporation

Website

https://dukerealty.com

Company type

Public

Founded year

1972

Operating status

Acquired

Headcount range

501–1,000 employees

Short description

Duke Realty Corporation was a publicly traded U.S. industrial REIT that owned and operated approximately 167 million rentable square feet of bulk distribution properties across 19 major logistics markets, serving enterprise logistics, warehousing, and manufacturing tenants through recurring long-term leases.

Ownership category

akta.pro rank

Product category

Industrial Real Estate REIT

NAICS

Lessors of Real Estate (5311), Rental and Leasing Services (532)

SIC

Real Estate Investment Trusts (6798), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Industrial real estate
• Logistics warehouse leasing
• Commercial REIT
• Distribution center properties
• Bulk industrial buildings

Headquarters

HQ city

Indianapolis

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales

Revenue model

1. Commercial Real Estate Rental Income: Rental income from industrial properties - Duke Realty owned and operated approximately 167 million rentable square feet of industrial assets generating recurring lease revenue from tenants in logistics markets.

Pricing tiers

Distribution channels1 record

Core offering

Duke Realty was a publicly traded real estate investment trust (REIT) that owned, managed, and developed bulk distribution buildings and industrial warehouse facilities across 19 major logistics markets in the United States. The company operated approximately 167 million rentable square feet of industrial assets, generating recurring rental income from long-term commercial leases with logistics and industrial tenants.

Product overview

Duke Realty was a publicly traded industrial real estate investment trust (REIT) that operated as a single business segment focused on industrial properties. The company owned and managed approximately 167 million rentable square feet of industrial assets in 19 major logistics markets across the United States. Duke Realty was listed on the NYSE under the symbol DRE and was a member of the S&P 500 Index. In October 2022, Duke Realty was acquired by Prologis and is now part of that company.

Differentiator

Problem solved

Functional benefit

Products and services

• Industrial Real Estate Portfolio

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• PrologiscoreStrategic or Co-development Partner · 1 June 2022Duke Realty was acquired by Prologis, the global leader in logistics real estate, for approximately $26 billion in June 2022. The transaction closed on October 3, 2022. Each Duke Realty share was converted to 0.475 shares of Prologis common stock. This acquisition significantly expanded Prologis's industrial real estate portfolio in the United States.

Scale indicators3 records

Recent moves4 records

Expansion highlights2 records

Broad incumbents

• Prologis: Prologis is the global leader in logistics real estate and Duke's parent following the 2022 acquisition; directly comparable as the largest publicly-traded industrial REIT with a multinational portfolio of modern distribution facilities serving the same e-commerce/logistics tenant base.

Direct peers

• STAG Industrial: STAG Industrial is a publicly-traded REIT focused on single-tenant industrial properties across the U.S., making it a close comparable to Duke's bulk distribution business model with a similar tenant base.
• First Industrial Realty Trust: First Industrial is a U.S.-focused industrial REIT operating a comparable portfolio of bulk distribution and light industrial properties. It competes head-to-head with Duke for institutional logistics tenants across many of the same Sun Belt and Midwest markets.
• Liberty Property Trust: Liberty Property Trust was a major U.S. industrial REIT acquired by Prologis in 2020; as a former direct peer to Duke in bulk distribution logistics, it is a benchmark for valuation and competitive positioning within the consolidated industrial REIT landscape.
• EastGroup Properties: EastGroup is a pure-play industrial REIT focused on bulk distribution and last-mile facilities in Sun Belt markets, with a similar tenant base and business model to Duke's industrial portfolio. Comparable scale and tenant mix make it a direct peer.
• Terreno Realty Corporation: Terreno Realty owns and operates industrial properties across six major U.S. coastal markets, with a comparable focus on infill logistics real estate. It directly competes with Duke for tenants and investment opportunities in similar submarkets.
• DCT Industrial Trust: DCT Industrial was a U.S.-focused industrial REIT acquired by Prologis in 2018; it is a directly comparable industrial REIT peer that competed with Duke for institutional logistics tenants and high-quality bulk distribution assets.
• Rexford Industrial Realty: Rexford is a pure-play industrial REIT concentrated in Southern California infill logistics markets, overlapping significantly with Duke's strategy of targeting high-barrier logistics submarkets serving institutional tenants.

Emerging players

• Americold Realty Trust: Americold is the largest publicly-traded REIT focused on temperature-controlled warehouses, an adjacent industrial real estate subsector that competes for logistics real estate capital and tenants in cold-storage submarkets that overlap with Duke's industrial portfolio.
• PS Business Parks: PS Business Parks owns a portfolio of industrial, flex/office, and office properties; it competes with Duke in select industrial submarkets and serves overlapping tenant segments in logistics-intensive regions.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/dukerealty
• Facebookfacebook.com/DukeRealtyCorporation
• LinkedInlinkedin.com/company/duke-realty-corporation

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Duke Realty