Duke Realty Profit Dips in Q1
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Duke Realty Corp. (NYSE: DRE) is reporting first quarter Core Funds From Operations of $100 million, down from $109 million during the same period the previous year. The Real Estate Investment Trust is also reporting decreased net income compared to the first quarter of 2015.
Connor says Duke Realty showed continued solid operating results. "We executed 3.3 million square feet of renewal leases, representing an 89.1 percent renewal rate during the quarter, with an impressive 15.4 percent growth in net effective rent. We also achieved same property net operating income growth of 6.0 percent in the first quarter of 2016 compared to the first quarter of 2015. Our development results continue to exemplify a best-in-class platform with the highly pre-leased developments that we started this quarter and the lease up of previous speculative projects."
Duke Realty is also reporting first quarter net income of $43.8 million, down from $66 million during the first quarter of 2015.