Duke Realty: 1Q Earnings Snapshot
{{#rendered}} {{/rendered}}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.
{{#rendered}} {{/rendered}}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.
{{#rendered}} {{/rendered}}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.
_____
{{#rendered}} {{/rendered}}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