Indianapolis-based Duke Realty Corp. reported it spent $89.5 million on development and $28 million on acquisitions in the first quarter, down from a total of $137.1 million in the same period last year.
About $43 million of the newly developed property will be added to the company's rental inventory. The rest will be sold.
The local real estate investment trust also said it posted $44.1 million in property sales through the first three months of this year. It sold properties for $176.9 million in the quarter ended March 31, 2007.