Duke Realty’s quarterly results in line with expectations

Back to TopCommentsE-mailPrintBookmark and Share

Indianapolis-based Duke Realty Corp.’s financial performance in the first quarter met analyst expectations even though the company suffered a $36 million loss and saw revenue decline by $65 million.

The real estate investment trust said Wednesday that core funds from operations for the quarter were $63.7 million, or 24 cents per share, compared with $72.6 million, or 28 cents per share, in the same quarter of 2011.

Twelve analysts polled by Thomson Reuters expected core FFO of 24 cents per share for the quarter. FFO is a common performance measure used by real estate investment trusts.

Duke reported a loss attributable to shareholders of nearly $36.4 million, or 14 cents per share, compared with a profit of $47.6 million, or 19 cents per share, in the year-ago period. The company attributed much of the loss to a $73.3 million reduction in gains on the sale of depreciable properties.

Revenue for the quarter declined to $272.4 million, down from $337.5 million in the first quarter of 2011.

Duke completed $157 million in acquisitions during the quarter and signed 1.5 million square feet of new development starts, including two industrial projects totaling 1.4 million square feet.

The company said the overall occupancy rate in its real estate portfolio rose to 92.1 percent from 90.7 percent the previous quarter.



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:
thisissue1-092914.jpg 092914

Subscribe to IBJ