Duke Realty Corp. DRE reported first-quarter 2016 core funds from operations (“FFO”) per share of 28 cents, which came in line with the Zacks Consensus Estimate and was down 9.7% year over year. The quarter witnessed a decline in revenues.Total rental and related revenue for first-quarter 2016 was $201.8 million, down 6% year over year. The Zacks Consensus Estimate for the same was $200 million.Quarter in DetailDuke Realty leased around 7.3 million square feet of space in the quarter. Also, with a tenant retention rate of about 89%, the company experienced an overall growth of 15.4% in renewal rental rate. Same-property net operating income climbed 6% on a year-over-year basis.As of Mar 31, 2016, the company’s overall portfolio occupancy was up 50 basis points (bps) to 94.7% on a sequential basis. In-service portfolio occupancy in bulk distribution portfolio declined 80 bps sequentially to 95.7%. The same in medical office portfolio rose 10 bps to 95.6%.In first-quarter 2016, Duke Realty commenced new developments worth $161 million. Also, the company executed non-core build and land disposition to the tune of $94 million.Duke Realty exited the quarter with $15.6 million of cash and cash equivalents, down from $22.5 million as of Dec 31, 2015.2016 GuidanceDuke Realty reaffirmed 2016 guidance for core FFO per share of $1.15−$1.21. The Zacks Consensus Estimate of $1.18 for 2016 falls in this range.Dividend UpdateConcurrent with its earnings release, Duke Realty announced quarterly cash dividend on common stock of 18 cents per share. The first-quarter dividend will be paid on May 31, 2016 to shareholders of record as of May 16.Our ViewpointDuke Realty’s initiatives to boost exposure to industrial assets and presence of healthcare assets augur well for the long term. Moreover, the company’s strategically located high-quality properties, along with a leveraged local presence, are encouraging.Nevertheless, operational risks related to large development pipeline, near-term dilutive effect of continued divestiture and any further rise in the interest rate pose concerns before Duke Realty.Currently, Duke Realty has a Zacks Rank #4 (Sell).We now look forward to other REITs that are scheduled to release first-quarter 2016 results next week. These include General Growth Properties, Inc GGP, Taubman Centers, Inc. TCO and Vornado Realty Trust VNO.Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TAUBMAN CENTERS (TCO): Free Stock Analysis Report GENL GRWTH PPTY (GGP): Free Stock Analysis Report DUKE REALTY CP (DRE): Free Stock Analysis Report VORNADO RLTY TR (VNO): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research