Duke Realty Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015; Reports Impairment Charges for the Fourth Quarter Ended December 31, 2014
For the full year, the company reported revenues of $1,164.704 million against $1,080.013 million a year ago. Operating income was $444.874 million against $295.283 million a year ago. Income from continuing operations before income taxes was $225.125 million against $56.320 million a year ago. Income from continuing operations was $225.969 million against $61.400 million a year ago. Net income attributable to common shareholders was $204.893 million or $0.60 per diluted common share against $153.044 million or $0.47 per diluted common share a year ago. Core funds from operations per diluted share were $1.18 compared $1.10 a year ago. Funds from operations per diluted share, as defined by the National Association of Real Estate Investment Trusts were $1.07 for the year. Adjusted funds from operations were $0.0.96 per diluted share for the year. Funds from operations were $367.768 million compared to $351.780 million a year ago. Core funds from operations were $406.161 million compared to $363.827 million a year ago. Adjusted funds from operations were $330.019 million compared to $296.447 million a year ago. Capex was $15 million.
The company provided earnings guidance for the year 2015. For the period, the company's guidance for Core FFO of $1.12 to $1.20 per share and AFFO of $0.96 to $1.04 per share. For the year 2015, the company expects capex to be a bit higher than that of year 2014 run rate.
The company reported impairment charges for the fourth quarter ended December 31, 2014. For the period, the company reported impairment charges of $40.215 million.