This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

DCT Industrial Trust Inc.® Reports First Quarter 2014 Results

DCT Industrial Trust Inc. ® (NYSE: DCT), a leading industrial real estate company, today announced financial results for the quarter ending March 31, 2014.

“DCT’s first quarter was a good start to 2014. We signed leases totaling 4.4 million square feet, including 1.4 million square feet of new leases, with rent growth of 15.1 percent on a GAAP basis and 5.7 percent on a cash basis,” said Phil Hawkins, Chief Executive Officer of DCT Industrial. “We also closed on $49.7 million of acquisitions since January 1 and our market teams have built a promising pipeline of additional deployment opportunities.”

Funds from operations, as adjusted, attributable to common stockholders and unitholders (“FFO”) for Q1 2014 totaled $39.0 million, or $0.11 per diluted share, compared with $33.3 million, or $0.11 per diluted share, for Q1 2013. These results exclude $0.7 million and $0.4 million of acquisition costs for the quarters ending March 31, 2014 and 2013, respectively.

Net income attributable to common stockholders for Q1 2014 was $0.3 million, or $0.00 per diluted share, compared to $1.3 million, or $0.00 per diluted share, reported for Q1 2013.

Property Results and Leasing Activity

As of March 31, 2014, DCT Industrial owned 405 consolidated operating properties, totaling 63.8 million square feet, with occupancy of 92.8 percent, a decrease of 50 basis points over Q4 2013 and an increase of 10 basis points over Q1 2013. On a same-portfolio basis, consolidated operating occupancy would have been 93.4 percent; however, the impact of acquisitions and placing developments and redevelopments into operations during the quarter brought occupancy down 60 basis points. In addition, approximately 860,000 square feet, or 1.3 percent of DCT Industrial’s total consolidated portfolio, was leased but not occupied at March 31, 2014.

In Q1 2014, the Company signed leases totaling 4.4 million square feet with rental rates increasing 15.1 percent on a GAAP basis and 5.7 percent on a cash basis, compared to the corresponding expiring leases. Over the previous four quarters, rental rates on signed leases increased 9.4 percent on a GAAP basis and 0.8 percent on a cash basis. The Company’s tenant retention rate was 80.8 percent in Q1 2014.

1 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,563.30 -317.06 -1.88%
S&P 500 1,930.67 -39.40 -2.00%
NASDAQ 4,369.7730 -93.1290 -2.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs