Duke Realty tops expectations with fourth-quarter performance

Duke Realty Corp. on Wednesday reported funds from operations and profit in the fourth quarter that surpassed Wall Street expectations.

Funds from operations, or FFO, are a key measure of profitability for real estate investment trusts like Indianapolis-based Duke.

The company reported FFO of $111.5 million, or 31 cents per share, in the period, topping the average estimate of 30 cents by nine analysts surveyed by Zacks Investment Research.

The company said it had profit of $47.8 million, or 13 cents per share, in the quarter, compared with $24.3 million, or 7 cents per share, in the fourth quarter of 2015.

Duke posted revenue of $224.5 million in the period, up from $221.6 million the previous year.

Its adjusted revenue was $204.3 million, falling just short of forecasts. Five analysts surveyed by Zacks expected $205 million.

For the year, the company reported FFO of $429.8 million, or $1.20 per share. Revenue was $813.4 million.

Duke Realty said it expects full-year funds from operations in the range of $1.21 to $1.27 per share.

Company shares closed at $26.10 Wednesday, down 2 percent since the beginning of the year, but up 35 percent in the last 12 months.