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 real estate investment trust, based in Indianapolis, said it had funds from operations of $120.3 million, or 33 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 32 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 $44.6 million, or 12 cents per share.
The real estate development company posted revenue of $264.9 million in the period. Its adjusted revenue was $210 million, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $205.9 million.
Duke Realty expects full-year funds from operations in the range of $1.39 to $1.45 per share.
The company's shares have increased 18 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $30.54, a climb of 17 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