IBJNews

Duke Realty reports strong quarterly results

Back to TopCommentsE-mailPrintBookmark and Share

The sale of several properties helped Duke Realty Corp. record strong earnings in the first quarter, the Indianapolis-based real estate investment trust announced Thursday morning.

Duke reported a profit in the three-month period of $47.6 million, or 19 cents a share, compared with a loss of $15.3 million, or 7 cents a share, in the same quarter a year earlier.

Revenue increased 19 percent, to $386.9 million.

Sales of properties totaling 2 million square feet generated $456 million overall and gains of $79.5 million, the company said. Nearly $275 million was generated by the sale of 13 office buildings located mostly in the Midwest to an existing joint venture with Los Angeles-based CB Richard Ellis.

“These dispositions in combination with our industrial acquisitions over the last few quarters are a major step in achieving our asset strategy,” Duke Realty CEO Dennis D. Oklak said in a prepared statement.

The company has undertaken a strategy to shed a slew of office space within its portfolio of properties in favor of industrial investments.

Duke Realty reported first-quarter funds from operations, a key measure for REITs, of $71.8 million, or 27 cents a share, compared with FFO of $63.9 million, or 28 cents a share, in the prior-year period.

Adjusted for preferred share buybacks, FFO for the quarter was 28 cents a share, the company said.

The company reaffirmed its 2011 FFO of between $1.06 and $1.18.

The occupancy rate for Duke Realty’s portfolio of projects, including those under development, was 88.9 percent at the end of March, down slightly from 89.1 percent at the end of December.

The price of company shares has increased nearly 50 percent since they hit a 52-week low of $10.19 in December. Shares opened trading Thursday morning at $15.21, down slightly from a 52-week high of $15.26 reached on Monday.
 

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. I keep wondering why I keep hearing about this problem of corporations leaving America, and I never hear a reasonable proposal to lower corporate tax rates and raise personal rates on income from capital gains and dividends, especially for high earners. It is just too simple of a solution for Congress to embrace?

  2. Are you financially down and you need money to settle your dept,or you need money to start up a business or to invest on a huge business,we also offer Loans to individuals, Firms and cooperate bodies at low interest rate , loan terms determinant,Loan amount between the sum of $5,000.00 to $100,000,000.00. US Dollars And Euro. Loan for developing businesses a competitive edge/ business expansion. We Offer The Following Kinds Of Loans. Personal Loans (Secure and Unsecured) Business Loans (Secure and Unsecured) Consolidation Loan FIRST INFORMATIONS NEEDED ARE: BORROWER’S DATA’S INFORMATION,FILL AND RETURN FOR QUICK START UP PROCESS. Name:_________ Last Name:_________ Age:_________ Contact Address:_________ Country:_________ Amount Needed as Loan:_________ Loan Duration:_________ Phone Number__________ Monthly Income/Yearly Income:_________ Purpose for Loan:_________ Occupation:_________ How Soon is Loan Needed__________ Email via: albertbrownfirm@outlook.com

  3. is a disaster. SR37 already needs to be built to interstate standards between 465 and SR144. Southport Road is a mess each morning and evening.

  4. Bass Pro Shops would be good for the mall as well as a Giant Eagle Market District or a Jungle Jim's International Market Place grocery store like the one near Cincinnati Ohio.A Disney quest indoor theme park would be good.An Academy outdoor store would be good too.Indoor Circus shows and magic shows would be good as well. A casino with sports bar would be good.A Disney theater inside that shows movies and Broadway shows would work.Nashville Tennessee concert shops with indoor neon lights would be good.How about a theater that shows travel shows and theme parks. A train store would be good.How about a giant toy store with high tech video games.

  5. This development is in addition to Allpoints Midwest 5, Aitrtek, a recent FedEx and more in Plainfield. Greenwood and Brownsburg also have similar projects.

ADVERTISEMENT