Duke takes smaller loss despite falling revenue

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Indianapolis-based Duke Realty Corp. on Wednesday reported a second-quarter loss of $28.5 million, or 11 cents per share, slightly smaller than a loss of $29 million, or 12 cents per share, in the same quarter of 2011.

Funds from operations, or FFO, for the quarter was $69.4 million, or 25 cents per share, compared with $76 million, or 29 cents per share, in the year-ago quarter. FFO is a common measure of performance for real estate investment trusts.

Total revenue declined to $268.6 million in the second quarter from $315.4 million a year ago.

Core FFO for the quarter was $70.4 million, or 26 cents per share, down from $76.4 million, or 29 cents, in the same quarter of 2011. The per-share figure met the expectations of 13 analysts polled by Thomson Reuters.

The company said it narrowed its core FFO guidance for 2012 to a range of 98 cents to $1.06 per share, down from previous guidance of 94 cents to $1.06 per share.

The company declared a quarterly cash dividend of 17 cents per share, or 68 cents per share on an annualized basis, payable Aug. 31.

Duke shares rose 1 cent on Wednesday before the earnings announcement, to $13.99 each.


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