Duke Realty Corp. on Wednesday reported funds from operations and profit in the fourth quarter that surpassed Wall Street expectations.
Funds from operations, or FFO, are a key measure of profitability for real estate investment trusts like Indianapolis-based Duke.
The company reported FFO of $111.5 million, or 31 cents per share, in the period, topping the average estimate of 30 cents by nine analysts surveyed by Zacks Investment Research.
The company said it had profit of $47.8 million, or 13 cents per share, in the quarter, compared with $24.3 million, or 7 cents per share, in the fourth quarter of 2015.
Duke posted revenue of $224.5 million in the period, up from $221.6 million the previous year.
Its adjusted revenue was $204.3 million, falling just short of forecasts. Five analysts surveyed by Zacks expected $205 million.
For the year, the company reported FFO of $429.8 million, or $1.20 per share. Revenue was $813.4 million.
Duke Realty said it expects full-year funds from operations in the range of $1.21 to $1.27 per share.
Company shares closed at $26.10 Wednesday, down 2 percent since the beginning of the year, but up 35 percent in the last 12 months.