Duke Realty: 4Q Earnings Snapshot
INDIANAPOLIS (AP) _ Duke Realty Corp. (DRE) on Wednesday reported a key measure of profitability in its fourth quarter. The results met Wall Street expectations.
The real estate investment trust, based in Indianapolis, said it had funds from operations of $128.2 million, or 35 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 35 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $63.9 million, or 18 cents per share.
The real estate development company posted revenue of $270.9 million in the period. Its adjusted revenue was $202.9 million, which beat Street forecasts. Three analysts surveyed by Zacks expected $202.8 million.
For the year, the company reported funds from operations of $484.9 million, or $1.33 per share. Revenue was reported as $785.3 million.
Duke Realty expects full-year funds from operations in the range of $1.37 to $1.43 per share.
The company’s shares have risen 16 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $29.93, an increase of 16 percent in the last 12 months.