INDIANAPOLIS (AP) _ Duke Realty Corp. (DRE) on Wednesday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The Indianapolis-based real estate investment trust said it had funds from operations of $149.1 million, or 40 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 39 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 $71.8 million, or 19 cents per share.
The real estate development company posted revenue of $262 million in the period. Its adjusted revenue was $235.4 million.
Duke Realty expects full-year funds from operations in the range of $1.50 to $1.54 per share.
The company's shares have climbed slightly more than 7% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $37.24, an increase of roughly 6% in the last 12 months.