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DCT Industrial Trust Inc. ® Reports Fourth Quarter And Full-Year 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 three months and year ending December 31, 2013.

“DCT had an excellent fourth quarter – a strong finish to a very successful and productive year. We made progress on all operating fronts, exceeded our capital deployment goals and improved the quality and focus of our portfolio,” said Phil Hawkins, Chief Executive Officer of DCT Industrial. “We also made tremendous progress to further strengthen our balance sheet, as we obtained investment grade bond ratings and successfully completed our debut bond offering in October.”

Funds from operations, as adjusted, attributable to common stockholders and unitholders (“FFO”) for Q4 2013 totaled $38.0 million, or $0.11 per diluted share, compared with $33.0 million, or $0.11 per diluted share, for Q4 2012. These results exclude $2.0 million and $1.0 million of acquisition costs for the quarters ending December 31, 2013 and 2012, respectively.

For the year ending December 31, 2013, FFO totaled $144.2 million, or $0.45 per diluted share, compared with $118.1 million, or $0.42 per diluted share, for the year ending December 31, 2012, representing an increase of 7.1 percent. These results exclude $3.6 million and $2.0 million of acquisition costs for the years ending December 31, 2013 and 2012, respectively.

Net income attributable to common stockholders for Q4 2013 was $13.9 million, or $0.04 per diluted share, compared with a net loss attributable to common stockholders of $0.8 million, or $0.00 per diluted share, reported for Q4 2012. Net income attributable to common stockholders for the year ending December 31, 2013 was $15.9 million, or $0.05 per diluted share, compared with a net loss of $15.1 million, or $0.06 per diluted share, for the year ending December 31, 2012.

Property Results and Leasing Activity

As of December 31, 2013, DCT Industrial owned 396 consolidated operating properties, totaling 62.1 million square feet, with occupancy of 93.3 percent, an increase of 50 basis points over Q3 2013 and 100 basis points over Q4 2012. On a same-portfolio basis, consolidated operating occupancy would have been 93.8 percent; however, the impact of acquisitions and dispositions during the quarter brought occupancy down 50 basis points. In addition, approximately 977,000 square feet, or 1.5 percent of DCT Industrial’s total consolidated portfolio, was leased but not yet occupied at December 31, 2013.

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