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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. If I were a developer I would be looking at the Fountain Square and Fletcher Place neighborhoods instead of Broad Ripple. I would avoid the dysfunctional BRVA with all of their headaches. It's like deciding between a Blackberry or an iPhone 5s smartphone. BR is greatly in need of updates. It has become stale and outdated. Whereas Fountain Square, Fletcher Place and Mass Ave have become the "new" Broad Ripples. Every time I see people on the strip in BR on the weekend I want to ask them, "How is it you are not familiar with Fountain Square or Mass Ave? You have choices and you choose BR?" Long vacant storefronts like the old Scholar's Inn Bake House and ZA, both on prominent corners, hurt the village's image. Many business on the strip could use updated facades. Cigarette butt covered sidewalks and graffiti covered walls don't help either. The whole strip just looks like it needs to be power washed. I know there is more to the BRV than the 700-1100 blocks of Broad Ripple Ave, but that is what people see when they think of BR. It will always be a nice place live, but is quickly becoming a not-so-nice place to visit.

  2. I sure hope so and would gladly join a law suit against them. They flat out rob people and their little punk scam artist telephone losers actually enjoy it. I would love to run into one of them some day!!

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  4. Woohoo! We're #200!!! Absolutely disgusting. Bring on the congestion. Indianapolis NEEDS it.

  5. So Westfield invested about $30M in developing Grand Park and attendance to date is good enough that local hotel can't meet the demand. Carmel invested $180M in the Palladium - which generates zero hotel demand for its casino acts. Which Mayor made the better decision?

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