Duke Realty reports strong quarterly results

Back to TopCommentsE-mailPrintBookmark and Share

Duke Realty Corp. saw a surge in revenue, profit and funds from operations in the second quarter compared with a year ago, the Indianapolis-based real estate developer said late Wednesday afternoon.

Duke’s quarterly revenue rose nearly 14 percent, to $303 million, compared to the same quarter a year ago. Analysts had expected revenue of only $235.9 million.

Rental income climbed 8.5 percent, to $233.5 million, and general contracting and service-fee revenue increased 36 percent, to $69.5 million.

Duke profit rose to $127.7 million, or 38 cents per share, compared with $61.5 million in the second quarter of 2013.

FFO for the quarter hit 30 cents per share, compared with 27 cents per share in the year-ago period. FFO is a common measure of performance for real estate investment trusts. FFO exceeded analyst expectations by 1 cent per share.

Duke CEO Denny Oklak attributed the improved results to higher occupancy and growth in rents.

The company revised its previous core FFO guidance for 2014 to a range of $1.15 to $1.19 per share, compared to previous guidance of $1.12 to $1.18 per share.

Duke shares closed at $18.18 per share prior to the earnings announcement.


Post a comment to this story

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

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
Subscribe to IBJ