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Duke Realty reports leasing at 5-year high

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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.

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  1. Now if he'd just stay there...

  2. Daniel - what about the many US citizens who do NOT follow what the Bible teaches? The Hindus, Jews, Muslims and others who are all American citizens entitled to all rights as Americans?? This issue has NOTHING to do with "What the Bible says..." Keep all Churches separate from State! Pence's ongoing idiocy continues to make Indiana look like a backwards, homophobic state in the eyes of our nation. Can't we move on to bigger issues - like educating our kids?

  3. 1. IBJ should link to the referenced report. We are in the age of electronic media...not sharing information is lazy. Here is a link http://www.in.gov/gov/files/Blue_Ribbon_Panel_Report_July_9_2014.pdf 2. The article should provide more clarity about the make-up of this panel. The commenters are making this item out to be partisan, it does not appear the panel is partisan. Here is a list of the panel which appears to be balanced with different SME to add different perspectives http://www.in.gov/activecalendar/EventList.aspx?view=EventDetails&eventidn=138116?formation_id=189603 3. It suggests a by-pass, I do not see where this report suggests another "loop". 4. Henry, based on your kneejerk reaction, we would be better off if you moved to another state unless your post was meant as sarcasm in which case I say Well Done. 5. The article and report actually indicates need to improve rail and port infrastructure in direct contradiction to Shayla commentary. Specifically, recommendation is to consider passenger rail projects... 6. People have a voice with their elected officials. These are suggestions and do not represent "crony capitalism", etc. The report needs to be analyzed and the legislature can decide on priorities and spending. Don't like it, then vote in a new legislature but quit artificially creating issues where there are none! People need to sift through the politics and provide constructive criticism to the process rather than making uninformed comments in a public forum based on misinformation. IBJ should work harder to correct the record in these forums when blatant errors or misrepresentations are made.

  4. Joe ... Marriage is defined in the Bible ... it is mentioned in the Bible often. Marriage is not mentioned once in the US or Indiana Constitution ...

  5. Daniel - Educate me please: what does the Bible have to do with laws? If the government wasn't in the business of marriage to begin with, then it wouldn't have to "define" marriage at all. Marriage could be left as a personal, religious, or otherwise unregulated action, with no ties to taxes, legal status, etc. Then people could marry whomever they want, and all this silliness would go away. Remember to vote Libertarian in November.

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