IBJNews

Duke Realty reports strong year-end results

Back to TopCommentsE-mailPrintBookmark and Share

Duke Realty Corp. reported a fourth-quarter profit almost 70 percent above last year's figure as it closed out its best leasing year since 2007 and finished with its highest annual portfolio occupancy rate since 2004.

The Indianapolis-based real estate investment trust on Wednesday reported a fourth-quarter profit of $25.8 million on revenue of $329.8 million, compared with a profit of $15.2 million on revenue of $327.6 million in the same period a year earlier.

For the year, the company earned $65.3 million on revenue of $1.4 billion, compared to a $271.5 million loss on revenue of $1.3 billion in 2009.

Duke Realty reported fourth-quarter funds from operations, a key measure for REITs, of $73.9 million, or 28 cents per share, compared with $72.6 million, or 31 cents per share, a year ago. The company reported $1.23 in FFO for the year, exceeding its forecast of between $1.11 and $1.15.

It expects 2011 FFO between $1.06 and $1.18.

During the quarter, the company reported closing on $441 million in acquisitions and generating $317 million from the sale of non-strategic assets. The acquisitions include a 4.9-million-square-foot office and industrial portfolio in Florida, a 190,000-square-foot medical office building in North Carolina and 582,000 square feet of industrial properties in Texas.

The sales included more than 1 million square feet of suburban office space and a 534,000-square-foot industrial building.

"Solid operational and financial performance, along with significant progress on our strategic plan to reposition our portfolio, resulted in a successful 2010 for Duke Realty despite a still challenging environment," Chairman and CEO Dennis D. Oklak said in a prepared statement.

The company’s overall portfolio occupancy rate rose in the fourth quarter to 89.1 percent, the best performance since 2004. Duke Realty leased 26 million square feet of space in 2010, its highest annual total since 2007.

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. 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.

ADVERTISEMENT