Duke Realty Corp. reported a year-over-year gain in funds from operations for the 2016 fourth quarter and full year, and issued its initial guidance for the full year 2017.

Fourth-quarter 2016 NAREIT FFO attributable to common shareholders soared to roughly $104.9 million, or 29 cents per share, from about $74.5 million, or 21 cents per share, in the 2015 fourth quarter. Core FFO for the period, meanwhile, came in at roughly $111.5 million, or 31 cents per share, up from about $102.8 million, or 29 cents per share, in the year-ago period.

Adjusted FFO for the fourth quarter also grew to about $90.0 million from about $84.0 million in 2015.

The S&P Capital IQ consensus FFO- and AFFO-per-share estimates for the 2016 fourth quarter were 31 cents and 28 cents, respectively. For the full year, consensus FFO- and AFFO-per-share estimates were $1.20 and $1.07, respectively.

For the full year 2016, NAREIT FFO came to roughly $432.7 million, or $1.21 per share, up from about $304.0 million, or 86 cents per share, in 2015. The company attributed the gain to decreased losses on debt extinguishment and promote income tied to the dissolution of an unconsolidated joint venture that was recognized during 2016.

Core FFO for the year hit roughly $429.8 million, or $1.20 per share, up from about $412.2 million, or $1.17 per share, a year earlier. The increase was driven by improved operational performance in 2016, partly offset by the impact to operating income stemming from the significant property dispositions carried out in 2015. AFFO for 2016 rose to roughly $378.1 million, from about $354.7 million in 2015.

Looking ahead, Duke Realty said it expects NAREIT-defined FFO for 2017 to be in the range of $1.18 to $1.30 per share and in the range of $1.21 to $1.27 per share for core FFO.

The S&P Capital IQ consensus FFO- and AFFO-per-share estimates for the full year are $1.25 and $1.12, respectively.