Duke Realty Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported revenues of $221,563,000 against $246,288,000 a year ago. Operating income was $59,228,000 against $55,582,000 a year ago. Income from continuing operations before income taxes was $17,275,000 against $5,310,000 a year ago. Income from continuing operations was $17,094,000 against $8,749,000 a year ago. Net income attributable to common shareholders was $24,252,000 or $0.07 per basic and diluted share against loss of $3,011,000 or $0.01 per basic and diluted share a year ago. Core FFO attributable to common shareholders was $102,804,000 or $0.29 per diluted share against $104,773,000 or $0.30 per diluted share a year ago. Adjusted FFO was $84,044,000 or $0.24 per diluted share against $73,121,000 or $0.21 per diluted share a year ago.

For the full year, the company reported revenues of $949,432,000 against $1,046,851,000 a year ago. Operating income was $448,396,000 against $411,068,000 a year ago. Income from continuing operations before income taxes was $185,277,000 against $214,746,000 a year ago. Income from continuing operations was $189,205,000 against $215,590,000 a year ago. Net income attributable to common shareholders was $615,310,000 or $1.77 per basic and diluted share against $204,893,000 or $0.60 per basic and diluted share a year ago. Core FFO attributable to common shareholders was $412,172,000 or $1.17 per diluted share against $406,161,000 or $1.18 per diluted share a year ago. Adjusted FFO was $354,710,000 or $1.01 per diluted share against $330,019,000 or $0.96 per diluted share a year ago. Core FFO was impacted by lower income from service operations in 2015 as the result of a decreased focus on third-party construction projects and lower income from joint venture management. The lost FFO from 2015 dispositions was substantially offset by the impact of deleveraging, improved operational performance and incremental NOI from new development project deliveries. The company report AFFO of $1.01 per share. 2015 AFFO represents a 5.2% growth rate over 2014, which is impressive given the level of dispositions and deleveraging for the year.

The company provided earnings guidance for the year 2016. The company announced a range for 2016 core FFO per share of $1.15 to $1.21, with a midpoint of $1.18 and AFFO per share of $1.02 to $1.08 a share, with a midpoint of $1.05.

The company reported impairment charges for the fourth quarter ended December 31, 2015. For the period, the company reported impairment charges of $15,036,000 against $40,215,000 a year ago.