Duke Realty Corp. on Wednesday reported quarterly results that topped Wall Street expectations.
The Indianapolis-based real estate investment trust said it had funds from operations, or FFO, of $132.5 million, or 36 cents per share, in the second quarter. FFO is a key measure of profitability for REITS.
The FFO figure topped the 35 cent average estimate of seven analysts surveyed by Zacks Investment Research.
The company reported a profit of $70.7 million, or 20 cents per share, in the quarter, compared with $195.7 million, or 53 cents per share, in the same quarter of 2018.
Duke brought in revenue of $237 million in the period, up from $210.6 million last year.
Adjusted revenue was $213.1 million, also beating Wall Street forecasts of $212.5 million.
Duke Realty said it expects full-year funds from operations in the range of $1.41 to $1.45 per share, up from previous guidance of $1.39 to $1.45 per share.
The company said it started $395 million of developments during the quarter totaling 2.6 million square feet. The developments were 83 percent preleased.
Duke’s shares have climbed 29% since the beginning of the year. They closed at $33.34 each on Wednesday.