INDIANAPOLIS – INDIANAPOLIS (AP) _ Duke Realty Corp. (DRE) on Wednesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The Indianapolis-based real estate investment trust said it had funds from operations of $111.4 million, or 31 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 30 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 $73 million, or 20 cents per share.
The real estate development company posted revenue of $234.6 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $183.8 million.
For the current quarter ending in July, Duke Realty expects its per-share funds from operations to range from $1.26 to $1.34.
The company's shares have fallen almost 5 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $25.96, a fall of 5.5 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on DRE at https://www.zacks.com/ap/DRE