Indianapolis-based Duke Realty Corp. (NYSE: DRE) is reporting third quarter Core Funds From Operations of $111 million, up from $101 million during the same period the previous year. The Real Estate Investment Trust is also reporting a boost in net income compared to the third quarter of 2015.
Jim Connor, chief executive officer of Duke Realty, says the company achieved a 97 percent in-service occupancy rate for the first time in the company’s history during the quarter. "We also completed significant office property dispositions during the quarter, selling eleven suburban office properties in Indianapolis. We are on track to execute additional suburban office sales during the fourth quarter and early next year that will essentially complete our exit from that product type."
Chief Financial Officer Mark Denien says the proceeds from those sales were used to retire the company’s outstanding debt. Duke Realty is reporting third quarter net income of $113 million, up from $77 million during the third quarter of 2015.