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DCT Industrial Trust Inc.® Reports Second Quarter 2013 Results

Stocks in this article: DCT

DCT Industrial Trust Inc. ® (NYSE: DCT), a leading industrial real estate company, today announced financial results for the quarter ending June 30, 2013.

“We had another successful quarter executing our strategy. Our operating performance is ahead of plan and we completed a number of excellent acquisitions,” said Phil Hawkins, Chief Executive Officer of DCT Industrial. “We are making outstanding progress in our development program. Leasing is ahead of schedule and we continue to grow our pipeline through our recent land acquisitions. Further, I am very pleased with our market teams’ success in acquiring quality assets at attractive returns and selling lower growth, non-strategic buildings. We are reducing the number of markets in which we operate, as well as improving the quality and growth potential of our portfolio.”

Funds from Operations, as adjusted, attributable to common stockholders and unitholders (“FFO”) for Q2 2013 totaled $33.6 million, or $0.11 per diluted share, compared with $27.8 million, or $0.10 per diluted share, for Q2 2012. These results exclude $0.8 million and $0.6 million of acquisition costs for the quarters ending June 30, 2013 and 2012, respectively.

Net income attributable to common stockholders for Q2 2013 was $10.8 million, or $0.04 per diluted share, compared with a net loss attributable to common stockholders of $15.8 million, or $0.06 per diluted share, reported for Q2 2012.

Property Results and Leasing Activity

Net operating income (“NOI”) was $51.7 million in Q2 2013, compared with $43.5 million in Q2 2012. In Q2 2013, same-store NOI, excluding revenue from lease terminations, increased 4.0 percent on a cash basis and 1.9 percent on a GAAP basis, when compared to the same period of 2012. Same-store occupancy ended the quarter at 92.1 percent and averaged 91.5 percent in Q2 2013, with average occupancy increasing 130 basis points over Q2 2012.

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