INDIANAPOLIS (AP) _ Duke Realty Corp. (DRE) on Wednesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The Indianapolis-based real estate investment trust said it had funds from operations of $115.4 million, or 32 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 29 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 $70.2 million, or 20 cents per share.
The real estate development company posted revenue of $227.3 million in the period. Its adjusted revenue was $217.9 million, also beating Street forecasts. Five analysts surveyed by Zacks expected $204 million.
Duke Realty expects full-year funds from operations in the range of $1.24 to $1.30 per share.
The company's shares have risen slightly more than 3 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $27.43, a rise of 23 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DRE at https://www.zacks.com/ap/DRE
Keywords: Duke Realty, Earnings Report