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Duke Realty reports strong quarterly results

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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.
 

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  1. I think the poster was being sarcastic and only posting or making fun of what is usually posted on here about anything being built in BR or d'town for that matter.

  2. Great news IRL fans: TURBO the IMS sanctioned movie about slugs running the Indy 500 has caught the Securities and Exchange Commission because Dreamworks had to take a $132MILLION write down...because the movie was such a flop. See, the Indy/IMS magic soiled another pair of drawers. Bwahahahahahaha! How's CARTOWN doing? HAHAHAHA...Indy is for losers.

  3. So disappointed in WIBC. This is the last straw to lose a good local morning program. I used to be able to rely on WIBC to give me good local information, news, weather and traffic on my 45 minute commute.Two incidents when I needed local, accurate information regarding severe weather were the first signs I could not now rely on WIBC. I work weekend 12 hour nights for a downtown hospital. This past winter when we had the worst snowfall in my 50 years of life, I came home on a Sunday morning, went to sleep (because I was to go back in Sunday night for another 12 hour shift), and woke up around 1 p.m. to a house with no electricity. I keep an old battery powered radio around and turned on WIBC to see what was going on with the winter storm and the roads and the power outage. Sigh. Only policital stuff. Not even a break in to update on the winter storm warning. The second weather incident occurred when I was driving home during a severe thunderstorm a few months ago. I had already gotten a call from my husband that a tornado warning was just southwest of where I had been. I turned to WIBC to find out what direction the storm was headed so I could figure out a route home, only to find Rush on the air, and again, no breaking away from this stupidity to give me information. Thank God for my phone, which gave me the warning that I was driving in an area where a tornado was seen. Thanks for nothing WIBC. Good luck to you, Steve! We need more of you and not the politics of hatred that WIBC wants to shove at us. Good thing I have Satellite radio.

  4. I read the retail roundup article and tried Burritos and Beers tonight. I'm glad I did, for the food was great. Fresh authentic Mexican food. Great seasoning on the carne asada. A must try!!! Thanks for sharing.

  5. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...

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