Duke Realty: 3Q Earnings Snapshot
{{#rendered}} {{/rendered}}INDIANAPOLIS (AP) _ Duke Realty Corp. (DRE) on Wednesday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Indianapolis, said it had funds from operations of $126.6 million, or 35 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 34 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 $53 million, or 15 cents per share.
The real estate development company posted revenue of $231.9 million in the period. Its adjusted revenue was $196.9 million, missing Street forecasts. Three analysts surveyed by Zacks expected $197.8 million.
{{#rendered}} {{/rendered}}Duke Realty expects full-year funds from operations in the range of $1.33 to $1.39 per share.
The company's shares have increased almost 3 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $28, a decrease of 2 percent in the last 12 months.
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{{#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