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 $132.5 million, or 36 cents per share, in the period.
The average estimate of seven 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 $70.7 million, or 20 cents per share.
The real estate development company posted revenue of $237 million in the period. Its adjusted revenue was $213.1 million, also beating Street forecasts. Three analysts surveyed by Zacks expected $212.5 million.
Duke Realty expects full-year funds from operations in the range of $1.41 to $1.45 per share.
The company's shares have climbed 29% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $33.34, a rise of 14% in the last 12 months.