Duke Realty Corporation reported unaudited earnings results for fourth quarter and full year ended December 31, 2012. For the quarter, the company reported total revenues of $269,552,000 against $303,069,000 a year ago. Operating income was $39,326,000 against $27,001,000 a year ago. Loss from continuing operations before income taxes was $25,160,000 against $27,484,000 a year ago. Loss from continuing operations was $25,160,000 against loss from continuing operations of $27,484,000 or a year ago. Net loss attributable to common shareholders was $33,043,000 against net income attributable to common shareholders of $44,965,000 a year ago. Basic and diluted net loss from continuing operations attributable to common shareholders was $0.13 against $0.16 a year ago. Diluted funds from operations were $71,966,000 or $0.25 per share against $62,216,000 or $0.24 per share a year ago. Core diluted funds from operations was $76,259,000 or $0.27 per share against $78,217,000 or $0.30 per share a year ago. Adjusted Funds From Operations – Diluted was $60,408,000 or $0.21 per share compared to $52,228,000 or $0.20 per share for the same period a year ago. The change in Core FFO per share is primarily attributable to short term dilution from repositioning activities and lower income from service operations as the result of reduced third party construction fees in the fourth quarter of 2012 compared to 2011. The increase in AFFO is attributable to shift in asset mix from suburban office properties to bulk distribution which resulted in significant reductions in second generation capital expenditures that more than offset the temporary earnings dilution from asset repositioning.

For the full year, the company reported total revenues of $1,109,440,000 against $1,264,679,000 a year ago. Operating income was $160,959,000 against $217,984,000 a year ago. Loss from continuing operations before income taxes was $87,889,000 against $3,001,000 a year ago. Loss from continuing operations was $87,786,000 against $2,807,000 a year ago. Net loss attributable to common shareholders was $126,145,000 against net income attributable to common shareholders of $31,416,000 a year ago. Basic and diluted net loss from continuing operations attributable to common shareholders was $0.53 against $0.27 a year ago. Diluted funds from operations for the period were $269,985,000 or $0.98 per share against $282,119,000 or $1.07 per share a year ago. Core diluted funds from operations for the period was $282,468,000 or $1.02 per share against $303,247,000 or $1.15 per share a year ago. Adjusted Funds From Operations – Diluted was $227,613,000 or $0.82 per share compared to $205,605,000 or $0.78 per share for the same period a year ago. Both fourth quarter and full year 2011 EPS were positively impacted by gains on sales of assets.

For the year 2013, the company expects core FFO guidance of $1.03 to $1.11 per share, reflective of anticipated earnings growth from asset re-positioning, continued positive operating fundamentals and an expected strong year in development starts. The assumptions underlying the guidance are as follows: continued strong occupancy performance; same property net operating income growth; significant new development starts; progression of asset strategy execution through both dispositions and acquisitions; service operations income approximating 2012 level.

The company declared a quarterly cash dividend on common stock of $0.17 per share, or $0.68 per share on an annualized basis. The third quarter dividend will be payable February 28, 2013 to shareholders of record on February 13, 2013. The company also declared dividends on preferred shares of Series J of $0.414063, on Series K of $0.406250, on Series L of $0.412500. The dividends on Series J, Series K and Series L will be paid on February 28, 2013 of record date February 13, 2013.