Indianapolis-based Duke Realty Corp. (NYSE: DRE) is reporting second quarter Core Funds From Operations of $107 million, up from $99 million during the same period the previous year. The Real Estate Investment Trust is also reporting decreased net income compared to the second quarter of 2015.
Chief Executive Officer Jim Connor says the second quarter included a significant volume of leasing activity for the company. "Driven by the quality of our best-in-class portfolio of industrial and medical office properties, in-service occupancy at June 30, 2016 is the highest on record in company history, while total portfolio occupancy increased for the third consecutive quarter. We believe our same property net operating income growth rate will continue to improve throughout the rest of the year due to rising rents and occupancy improvements."
Conner adds Duke continued its progress in disposing of "non-strategic" properties and generating funds to continue its ongoing development activities.
Duke Realty is reporting net income of $110 million, down from $454 million during the second quarter of 2015.