Duke Realty reports smaller loss on gains from property sales

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Indianapolis-based Duke Realty Corp. reported a third-quarter loss late Wednesday afternoon of $6.1 million, smaller than the loss in the year-ago quarter, due to gains from property sales.

The loss translated to 2 cents per share, compared to a loss of $28.2 million, or 11 cents per share, in the same quarter last year.

Funds from operations, or FFO, for the quarter hit 28 cents per share, compared with 26 cents per share in the third quarter of 2012. FFO is a common measure of performance for real estate investment trusts.

The real estate developer’s quarterly revenue was nearly flat, at $291.7 million. Rental income climbed about $30 million, while general contracting and service-fee revenue decreased by $31 million.

Proceeds from property sales totaled $73 million, split between a medical office building, an industrial facility and 65 acres of undeveloped land.

Duke Realty said its portfolio occupancy rate held steady, at 93.4 percent in the third quarter compared with 93.2 percent the previous quarter.

Highlights during the quarter included $76 million of new developments consisting of a 534,000-square-foot industrial development in Columbus, Ohio, a 52,000-square-foot expansion to an existing industrial property in Chicago, a 204,000-square-foot office development in Raleigh, N.C., and a 49,000-square-foot medical office development in the Cincinnati area.

Duke Realty also completed $39 million of bulk industrial acquisitions.

Company shares closed Wednesday at $16.66, down 3 cents from the start of daily trading.


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