Duke Realty moving up to S&P 500 stock index

Duke Realty Corp. has been promoted to a bigger stock index.

S&P Dow Jones Indices on Wednesday said the Indianapolis-based real estate investment trust would be moved from the S&P MidCap 400 index to the S&P 500 index starting July 26.

Duke, which trades on the New York Stock Exchange under the ticker symbol DRE, will replace United Kingdom-based pharmaceutical manufacturer Mallinckrodt plc (MNK), which will move to the S&P MidCap 400.

Duke is among four companies from the MidCap 400 being moved to the S&P 500 because they have market capitalizations of more than $10 billion each, making them more representative of the large-cap market space.

Companies in the S&P MidCap 400 typically have total market capitalizations of less than $4.5 billion.

Duke has a market cap of $10.2 billion, up from $8.5 billion in January. Its stock, which closed at $28.79 per share Wednesday, has risen 8.4 percent this year.

Duke, which specializes in the management and development of distribution properties, also is being added to the S&P 500 Industrial REITs Sub-Industry index.

The company this year sold off its medical office building business to Arizona-based Healthcare Trust of America Inc. for $2.8 billion.

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