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.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: IBJ is now using a new comment system. Your Disqus account will no longer work on the IBJ site. Instead, you can leave a comment on stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Past comments are not currently showing up on stories, but they will be added in the coming weeks. Please note our updated comment policy that will govern how comments are moderated.