Opinions
Andrew Moffs
Duke Realty Corporation
DRE-N
BUY ON WEAKNESS
Nov 29, 2021
Really likes it. Great operator of pure play industrial assets in the US. Not cheap. Implied cap rate of 3.2%. Look for a pullback. High quality name. Runway for industrial warehouse rent growth.
$59.640
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US REIT. US REITs are pricing in a pretty strong recovery. If recovery was 3% GDP growth, REITs would still be trading at about 10% premium. Look for it to pull back 5-10% before buying. They’ve sold assets and cut distribution recently. They’ve cut back on merchant development. When the dust settles, there will be an opportunity to buy 5-10% lower. Buy in the 8’s
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Has been the place to be in the last year or two – real estate. After sub-prime and flash-crash, banks have been abandoned in the US. REITS are doing well in the US. Sees it renewing itself. A very good play to participate in the US recovery. Very cheap compared to other REITS modest debt.
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