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Duke Realty earnings, revenue see quarterly decrease

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Indianapolis-based Duke Realty Corp. on Wednesday reported a fourth-quarter loss of $22.5 million, or 12 cents per share, a sharp decline from the $60.2 million, or 17 cents per share, it made in the same quarter of 2011.

Duke said 2011 earnings results had been dramatically improved by the sale of assets.

Funds from operations, or FFO, for the quarter hit 25 cents per share, compared with 24 cents per share, in the year-ago quarter. FFO is a common measure of performance for real estate investment trusts.

Total revenue declined to $269.6 million in the fourth quarter from $303 million a year earlier. Rental income rose more than $30 million, but general contracting and service-fee revenue fell more than $63 million.

Duke said its portfolio's occupancy rate rose to 93 percent. Highlights during the quarter included the acquisition of $448 million of bulk industrial and medical office buildings.

The company generated $26 million of proceeds from dispositions during the quarter.

Duke shares fell 12 cents Wednesday before quarterly results were announced, to $15.13 each.
 

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