"Despite the economic downturn, Duke's first quarter performance met our expectations," says CEO Dennis Oklak. "We remain committed to our long-term strategy as an owner, manager and developer of industrial, office and healthcare properties. In the short term, we are continuing to strengthen our capital position and optimize performance of existing assets."
Funds from operations totaled $0.71 per share, compared to $0.57 from the year before. Although, the adjusted FFO was $0.50, taking into account "$33.1 million of gains realized from the repurchase of the company's unsecured bonds during the quarter," a company official says. "The decrease in FFO per share from the first quarter of 2008 is the result of a decrease in gains from sales of built-for-sale properties and land, as well as lease termination fees.".
During Q1, Duke made no acquisitions, but did dispose of $62 million of assets through the sale of an aggregate of St. Louis properties. As GlobeSt.com reported, St. Louis-based Scottrade, purchased two buildings and two adjacent land parcels here in the Maryville Centre. Additionally CB Richard Ellis, Duke's joint venture partner, has agreed to purchase three properties for $33 million. The deal is expected to close in May.
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