IBJNews

Duke Realty reports leasing at 5-year high

Back to TopCommentsE-mailPrintBookmark and Share

Duke Realty Corp. handled more leasing activity last quarter than it has in any first quarter in five years, the Indianapolis-based real estate investment trust said on Wednesday.

The company, which reported first-quarter results in line with analyst expectations, said it leased 5.5 million square feet of space during the three-month period that ended March 31.

The company reported funds from operation, a key measure for REITS, of $62 million, or 28 cents per share, in the quarter compared to $105.8 million, or 71 cents per share, during the same period a year ago.

Recurring FFO for the first quarter was 28 cents per share compared with 50 cents for the first quarter of 2009. Duke said the variance was primarily attributable to an increase in its weighted average share count due to a common equity offering in April 2009.

Overall, Duke reported a first-quarter net loss of about $15.3 million on revenue of $335.7 million compared to a gain of $23.2 million on revenue of $322.4 million a year ago.

"We are beginning to see signs that the economy is improving," Duke Chairman and CEO Dennis D. Oklak said in a statement.

During the quarter, the company made several moves to deleverage its balance sheet, including the repurchase of more than $312 million in bonds. The company issued $250 million in new bonds on April 1. It now has $880 million available to pay upcoming debt maturities, including $850 million on a line of credit and $30 million in cash.

During the quarter, Duke sold properties worth $122.6 million, none of which are located in Indiana. And the company acquired 20 percent of two office buildings in South Florida for $8.7 million.

Overall portfolio occupancy edged up to 87.5 percent, from 87.2 percent on Dec. 31, 2009.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Angela IS the best RD

  2. We are a nation of speed. All of our younger lives are filled with deadlines, quotas and bottom lines. We start to ease out of the pressured rat-race when we finally see "retirement." The most enjoyable travel on the planet is passenger rail service. Indy to Chicago does not beat Megabus or Southwest Airlines in speed. Passenger rail however has the best seating, mammoth legroon, seat backs that recline to more than 45 degrees and employers that really want you to return as a customer. Indiana municipalities need to maintain subsidies to support this transportation mode. Losing it is loss for all of us.

  3. Good day! I just want to testify how i got my loan from Mr. Eric Lefkofsky after i applied several times from various loan lenders who claimed to also testify right in this forum,i thought the testimonies where real and i applied but they never gave me loan. I was in need of an urgent loan to start a business and i applied from various loan lenders who promised to help but they never gave me the loan. Until a friend of mine introduce me to this popular Mr. Eric Lefkofsky who promised to help me and indeed he did as he promised without any form of delay. I never thought there are still reliable loan lenders until i met Mr. Eric lefkofsky who indeed helped me with the loan and changed my belief. I promised to share this testimony after I got my loan. I don't know if you are in any way in need of a genuine and urgent loan,free feel to contact Mr. Eric Lefkofsky via their email{grouponfunding@hotmail.com}

  4. Its a THUG issue. Bleecker Street and NYX are thug bars. They attract thugs of all races. Places that attract thugs need to be kicked out of Broad Ripple. Ain't nobody got time for that!

  5. Hello everyone, My name is Marian Gareth, I am from the Texas, United State, am here to testify of how i got my loan from Mr Andre Frank {frankloancompany@yahoo.com} after i applied Two times from various loan lenders who claimed to be lenders right in this forum,i thought their lending where real and i applied but they never gave me loan. I was in need of an urgent loan to start a business and i applied from various loan lenders who promised to help but they never gave me the loan.Until a friend of mine introduce me to Mr Andre Frank the C.E.O of Andre Frank Loan Company who promised to help me with a loan of my desire and he really did as he promised without any form of delay, I never thought there are still reliable loan lenders until i met Mr Andre Frank, who really help me with my loan and changed my lief for better. I don't know if you are in need of an urgent loan, free feel to contact Mr Andre Frank on his email{ Frankloancompany@yahoo.com} for help

ADVERTISEMENT