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Duke Realty posts profit on sale of properties

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Indianapolis-based Duke Realty Corp. reported a first-quarter profit late Wednesday afternoon of $28 million due in large part to gains from the sale of 18 properties.

The profit translates to 9 cents per share, compared with a loss of $36.4 million, or 14 cents per share, in the year-ago period.

Funds from operations, or FFO, for the quarter hit 26 cents per share, compared with 24 cents per share in the first quarter of 2012. FFO is a common measure of performance for real estate investment trusts.

Quarterly revenue rose 12.5 percent, to $221.6 million. Rental income climbed more than $24 million, while general contracting and service-fee revenue increased by $3 million.

The quarterly results met the expections of analysts.

Duke Realty said its portfolio occupancy rate fell slightly, to 91.8 percent, mostly due to two major leases expiring. New tenants have since been signed to fill most of that space, Duke said.

Highlights during the quarter included the acquisition of $30 million of bulk industrial and medical office buildings totaling about 473,000 square feet.

The company generated $223 million of proceeds from dispositions during the quarter.

Duke shares opened Thursday at $17.41 each, trading close to their 52-week high of $17.82 reached earlier in April.


 

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