Indianapolis-based Duke Realty (NYSE: DRE) is reporting core Funds From Operations of $412 million in 2015, up from $406 million the previous year. Chief Financial Officer Mark Denien says the company expects to further improve its balance sheet in 2016.
For the fourth quarter 2015, Duke’s core FFO was $103 million, down from $105 million during the same period in 2014. The company is also reporting net income of nearly $622 million for 2015, up from $246 million the previous year.
"We finished 2015 with a very strong fourth quarter from an operational perspective with in-service portfolio occupancy at an all time record high of 96.1 percent, which is especially impressive considering that we placed in service 23 development projects, totaling 6.2 million square feet, during the year," said Jim Connor, chief executive officer. "We also renewed 9.2 million square feet of leases during 2015, averaging annual net effective rent growth across all product types of 11.9 percent for the year and 13.8 percent for the fourth quarter."
Duke’s net income for fourth quarter 2015 was $24.5 million, up from $12.8 million during the same period the previous year.