INDIANAPOLIS (AP) _ Duke Realty Corp. (DRE) on Wednesday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The Indianapolis-based real estate investment trust said it had funds from operations of $143.1 million, or 38 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 37 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 $39.5 million, or 11 cents per share.
The real estate development company posted revenue of $238.5 million in the period. Its adjusted revenue was $226.4 million.
Duke Realty expects full-year funds from operations in the range of $1.48 to $1.54 per share.
The company's shares have increased 16% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $40.20, an increase of 20% in the last 12 months.