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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowDuke 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.
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