DCT Industrial Trust Inc. ® (NYSE: DCT), a leading industrial real estate company, today announced financial results for the quarter ending June 30, 2014.
“DCT Industrial had another strong quarter with operating performance, capital deployment, asset sales, development starts and leasing all exceeding expectations,” said Phil Hawkins, Chief Executive Officer of DCT Industrial. “Our focus remains on deploying capital into assets and developments in our core markets where we can achieve above-average growth and value creation. We continue to fund that deployment with proceeds from the sale of stabilized assets and equity, as we further strengthen our portfolio and balance sheet.”
Funds from operations, as adjusted, attributable to common stockholders and unitholders (“FFO”) for Q2 2014 totaled $41.6 million, or $0.12 per diluted share, compared with $33.6 million, or $0.11 per diluted share, for Q2 2013. These results exclude $0.6 million and $0.8 million of acquisition costs for the quarters ending June 30, 2014 and 2013, respectively.
Net income attributable to common stockholders for Q2 2014 was $6.8 million, or $0.02 per diluted share, compared to $10.8 million, or $0.04 per diluted share, reported for Q2 2013.Property Results and Leasing Activity As of June 30, 2014, DCT Industrial owned 409 consolidated operating properties, totaling 65.1 million square feet, with occupancy of 92.9 percent, an increase of 10 basis points over Q1 2014 and an increase of 100 basis points over Q2 2013. This increase was despite the move-out of the defaulted tenant in Indianapolis which decreased operating occupancy by 80 basis points. Also, approximately 549,000 square feet, or 0.8 percent of DCT Industrial’s total consolidated portfolio was leased but not occupied at June 30, 2014. In Q2 2014, the Company signed leases totaling 3.9 million square feet with rental rates increasing 9.3 percent on a GAAP basis and 3.9 percent on a cash basis, compared to the corresponding expiring leases. Over the previous four quarters, rental rates on signed leases increased 10.7 percent on a GAAP basis and 2.6 percent on a cash basis. The Company’s tenant retention rate was 81.1 percent in Q2 2014.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV