Duke Realty reports strong quarterly, annual results

Duke Realty Corp. earned a fourth-quarter profit of $69.6 million after reporting a loss in the year-ago period, the Indianapolis-based real estate developer said late Wednesday afternoon.

The profit translated to 21 cents per share, compared with a loss of $33 million, or 12 cents per share, in the same quarter in 2012.

Funds from operations, or FFO, for the quarter hit 29 cents per share, compared with 27 cents per share in the fourth quarter of 2012. FFO is a common measure of performance for real estate investment trusts.

Duke Realty’s quarterly revenue rose 8 percent, to $272.6 million. Rental income climbed about $23 million, while general contracting and service-fee revenue decreased by $3 million.

Proceeds from property sales totaled $412 million, including 15 medical office buildings totaling 757,000 square feet, and 11 suburban office properties totaling 1.5 million square feet.

Duke Realty said its portfolio occupancy rate rose slightly to 94 percent, from 93.4 percent in the previous quarter.

Highlights during the quarter included $362 million of new developments, including 11 medical office projects totaling 590,000 square feet, eight industrial projects totaling 3.1 million square feet and three office projects totaling 652,000 square feet.

For the entire year, Duke Realty reported profit of $153 million compared with a loss of $126.1 million in 2012. Revenue increased slightly, to $1.1 billion.   

Company shares closed Wednesday at $14.63, down 8 cents from the start of daily trading.


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