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Duke Realty reports strong year-end results

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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.

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  1. Why not take some time to do some research before traveling to that Indiana town or city, and find the ones that are no smoking either inside, or have a patio? People like yourself are just being selfish, and unnecessarily trying to take away all indoor venues that smokers can enjoy themselves at. Last time I checked, it is still a free country, and businesses do respond to market pressure and will ban smoking, if there's enough demand by customers for it(i.e. Linebacker Lounge in South Bend, and Rack and Helen's in New Haven, IN, outside of Fort Wayne). Indiana law already unnecessarily forced restaurants with a bar area to be no smoking, so why not support those restaurants that were forced to ban smoking against their will? Also, I'm always surprised at the number of bars that chose to ban smoking on their own, in non-ban parts of Indiana I'll sometimes travel into. Whiting, IN(just southeast of Chicago) has at least a few bars that went no smoking on their own accord, and despite no selfish government ban forcing those bars to make that move against their will! I'd much rather have a balance of both smoking and non-smoking bars, rather than a complete bar smoking ban that'll only force more bars to close their doors. And besides IMO, there are much worser things to worry about, than cigarette smoke inside a bar. If you feel a bar is too smoky, then simply walk out and take your business to a different bar!

  2. As other states are realizing the harm in jailing offenders of marijuana...Indiana steps backwards into the script of Reefer Madness. Well...you guys voted for your Gov...up to you to vote him out. Signed, Citizen of Florida...the next state to have medical marijuana.

  3. It's empowering for this niche community to know that they have an advocate on their side in case things go awry. http://www.youtube.com/watch?v=Lrst9VXVKfE

  4. Apparently the settlement over Angie's List "bundling" charges hasn't stopped the practice! My membership is up for renewal, and I'm on my third email trying to get a "basic" membership rather than the "bundled" version they're trying to charge me for. Frustrating!!

  5. Well....as a vendor to both of these builders I guess I have the right to comment. Davis closed his doors with integrity.He paid me every penny he owed me. Estridge,STILL owes me thousands and thousands of dollars. The last few years of my life have been spent working 2 jobs, paying off the suppliers I used to work on Estridge jobs and just struggling to survive. Shame on you Paul...and shame on you IBJ! Maybe you should have contacted the hundreds of vendors that Paul stiffed. I'm sure your "rises from the ashes" spin on reporting would have contained true stories of real people who have struggled to find work and pay of their debts (something that Paul didn't even attempt to do).

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