Duke Realty Corp. reported late yesterday that funds from operations in the third quarter increased 4.6 percent, to $93.7 million. The 68 cents per share exceeded the 67-cent average anticipated by analysts surveyed by Thomson Financial.
Late last month, Indianapolis-based Duke, one of the nation's largest industrial real estate investment trusts, said its leases hit a record 10.8 million square feet in the quarter. The period also resulted in a record $500 million in development starts.
Funds from operations, a common measure of real estate investment trusts, will range from 78 cents to 82 cents per share in the fourth quarter, Duke projected. The company also expects 2008 funds from operations of $2.80 to $3-above the $2.71 to $2.75 it anticipates for 2007.