The Indianapolis-based real estate developer said it earned a profit in both the fourth quarter and entire year after reporting losses in 2012.
The Indianapolis-based real estate firm held steady in the third quarter, maintaining high occupancy in its commercial buildings and increasing funds from operations.
The two Class A office buildings totaling 348,000 square feet are close to being sold after falling into foreclosure during the implosion of defunct local developer Premier Properties USA Inc.
Shares in U.S. real estate investment trusts fell the most in 19 months Wednesday. Three major REITs, all based in Indianapolis, saw their shares drop on Wednesday.
The developer is selling the buildings in Cincinnati, Cleveland and St. Louis to increase its emphasis on industrial properties. A research firm values them at $149 a square foot, or a total of about $350 million.
Indianapolis-based Duke Realty Corp. on Wednesday reported a fourth-quarter loss of $22.5 million, a sharp decline from the $60.2 million it made in the same quarter of 2011.
Two Illinois companies have acquired a six-building, 446,000-square-foot Indianapolis office portfolio from locally based Duke Realty Corp. Industry sources say the buildings sold for more than $20 million.
Indianapolis has more speculative industrial space under construction than any other market in the Midwest as developers try to capitalize on about four million square feet of tenant interest in the market.
Indianapolis-based Duke Realty Corp.’s financial performance in the first quarter met analyst expectations even though the company suffered a $36 million loss and saw revenue decline by $65 million.
Wisconsin-based Regal Beloit Corp. has hired Browning/Duke Realty to build a 376,000-square-foot distribution center in Plainfield, the company announced Tuesday.
Investors have bid up shares of Duke Realty 13 percent since the company announced it was selling a huge portfolio of office buildings for $1.1 billion.
Duke Realty Corp. lost $32.1 million in the third quarter, but managed to meet analyst expectations in a key measurement for real estate investment trusts.