Duke Realty suffers second-quarter loss

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Indianapolis-based Duke Realty Corp. late yesterday posted a 32-percent drop in its second-quarter funds from operations, a key performance measure for real estate investment trusts.

The office, industrial and health care developer reported FFO of $61.6 million, or 29 cents per share, compared with $91.1 million, or 59 cents a share, from the same time a year ago.

Excluding $18.7 million in charges and $1.5 million in gains from the repurchase of Duke bonds, adjusted FFO was 37 cents a share.  Analysts had expected 36 cents a share.

Duke said it expects full-year FFO to hit the lower end of its previous estimate of $1.42 to $1.64 a share.

The company lost $15 million in the quarter, or 16 cents a share, compared with profit of $36.2 million, or 11 cents a share, during the same quarter last year. Duke attributed the loss to impairment charges it incurred and higher depreciation expenses.

General and administrative expenses almost doubled, to $13.6 million, the company said.

Revenue from continuing operations for the quarter increased to $352.2 million, 13 percent higher than the previous year’s quarter.

Capital raised through July exceeded $970 million, including $575 million from the sale of 75.2 million shares of common stock in a public offering that closed April 29.

“We are pleased that we have been able to raise nearly $1 billion of capital to date in 2009,” Duke CEO Dennis D. Oklak said in a prepared statement. “We are focused on using funds to reduce leverage. We are on track with our capital plan and, as of mid-July, have a zero balance outstanding on our credit facility.”


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  1. By the way, the right to work law is intended to prevent forced union membership, not as a way to keep workers in bondage as you make it sound, Italiano. If union leadership would spend all of their funding on the workers, who they are supposed to be representing, instead of trying to buy political favor and living lavish lifestyles as a result of the forced membership, this law would never had been necessary.

  2. Unions once served a noble purpose before greed and apathy took over. Now most unions are just as bad or even worse than the ills they sought to correct. I don't believe I have seen a positive comment posted by you. If you don't like the way things are done here, why do you live here? It would seem a more liberal environment like New York or California would suit you better?

  3. just to clear it up... Straight No Chaser is an a capella group that formed at IU. They've toured nationally typically doing a capella arangements of everything from Old Songbook Standards to current hits on the radio.

  4. This surprises you? Mayor Marine pulled the same crap whenhe levered the assets of the water co up by half a billion $$$ then he created his GRAFTER PROGRAM called REBUILDINDY. That program did not do anything for the Ratepayors Water Infrastructure Assets except encumber them and FORCE invitable higher water and sewer rates on Ratepayors to cover debt coverage on the dough he stole FROM THE PUBLIC TRUST. The guy is morally bankrupt to the average taxpayer and Ratepayor.

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