Duke Realty Corp. saw a smaller profit in the first quarter, but revenue and funds from operations were higher than a year ago, the Indianapolis-based real estate developer said late Wednesday afternoon.
Duke earned $18.7 million, or 6 cents per share, compared with $28 million, or 9 cents per share, in the first quarter of 2013. Last year's profit included a one-time gain of $49 million on sales of depreciable property.
FFO for the quarter hit 28 cents per share, compared with 24 cents per share in the year-ago period. FFO is a common measure of performance for real estate investment trusts.
Duke Realty’s quarterly revenue rose 14 percent, to $293.2 million. Rental income climbed more than $8 million, while general contracting and service-fee revenue increased almost $36 million.
Proceeds from property sales totaled $79 million, including two medical office buildings totaling 180,000 square feet, and nine buildings in Park 100 in Indianapolis totaling 439,000 square feet that Duke sold for $18 million.
Duke Realty said its portfolio occupancy rate remained stable, at about 94 percent, compared with the previous quarter.
The company started $108 million of new developments in the quarter, including industrial developments in Atlanta, Baltimore and Columbus, Ohio, all of which are fully pre-leased, Duke Realty said.
Company shares closed Wednesday at $17.52 each, up 15 cents on the day.