DCT Industrial Trust Inc.
(NYSE: DCT), a leading industrial real estate company, today announced financial results for the quarter ending June 30, 2012.
“I am very pleased with our operating and financial results,” said Phil Hawkins, President and Chief Executive Officer of DCT Industrial. “Leasing is up 45 percent year-over-year, with 5.8 million square feet leased in the second quarter.”
Funds from Operations (“FFO”), as adjusted, attributable to common stockholders and unitholders for the second quarter of 2012 totaled $27.8 million, or $0.10 per diluted share, compared with $26.9 million, or $0.10 per diluted share, for the second quarter of 2011. These results exclude $0.6 million and $0.7 million of acquisition costs for the quarters ending June 30, 2012 and 2011, respectively.
Net loss attributable to common stockholders for the second quarter of 2012 was $15.8 million, or $0.06 per diluted share, compared with a net loss of $8.5 million, or $0.04 per diluted share, reported for the second quarter of 2011.
Property Results and Leasing Activity
The Company signed leases totaling 5.8 million square feet in the second quarter of 2012, a 45 percent increase over the second quarter of 2011. Rental rates on signed leases increased 1.0 percent on a GAAP basis and decreased 6.1 percent on a cash basis compared to prior leases. Over the previous four quarters, rental rates on signed leases increased 2.2 percent on a GAAP basis and decreased 6.3 percent on a cash basis. The Company’s tenant retention rate was 74.6 percent in the second quarter of 2012 and 73.2 percent year-to-date.
As of June 30, 2012, DCT Industrial owned 402 consolidated properties, totaling 59.0 million square feet with occupancy of 90.2 percent, compared to 90.1 percent as of March 31, 2012. In addition, 1.2 million square feet, or 2.0 percent of DCT Industrial’s total consolidated portfolio, was leased but not yet occupied.