Duke Realty tops expectations with fourth-quarter performance

January 25, 2017

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.



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