Duke Realty Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2016; Provides Earnings Guidance for the Year 2017
For the full year, the company reported total revenues of $902,244,000 against $949,432,000 a year ago. Operating income was $476,981,000 against $448,396,000 a year ago. Income from continuing operations, before income taxes was $312,682,000 against $185,277,000 a year ago. Income from continuing operations was $313,271,000 against $189,205,000 a year ago. Net income attributable to common shareholders was $312,143,000 or $0.88 per basic and diluted share against $615,310,000 or $1.77 per basic and diluted share a year ago. The decrease to the net income per diluted share for the full year 2016 was largely due to the significant gains from suburban office building dispositions that were executed during 2015. Core FFO attributable to common shareholders was $429,820,000 or $1.20 per diluted share against $412,172,000 or $1.17 per diluted share a year ago. Adjusted FFO was $378,094,000 against $354,710,000 a year ago.
The company provided earnings guidance for the year 2017. The company announced a range for 2016 core FFO per share- diluted of $1.27 to $1.21, and net income per common share, diluted of $0.59 to $0.38. The company's guidance for growth in adjusted funds from operations (AFFO), on a share adjusted basis, ranges from 1.9% to 7.5%. The midpoint of the company's guidance for growth in AFFO, even after considering the impact from the company's service operations, equates to a consistent growth rate to what the company recorded for 2016.
The company reported impairment charges for the fourth quarter ended December 31, 2016. For the quarter, the company reported impairment charges of $2,920,000 against $15,036,000 a year ago.