DENVER ( TheStreet) -- Shares of DCT Industrial Trust ( DCT) dipped Wednesday after the real estate investment trust reported an in-line fourth quarter but maintained a 2011 outlook with a fair amount of downside to Wall Street's consensus view. The company posted fourth-quarter funds from operations of 10 cents per share late Tuesday, in line with the average analysts' estimate. Funds from operations, or FFO, is a performance figure generally used by REITs to define cash flow from operations.
For 2011, however, the REIT reiterated an outlook for FFO ranging from 33 to 38 cents per share. The company also forecast a loss of 7 to 14 cents per share for the year. The current average 2011 estimates of analysts polled by Thomson Reuters are for FFO of 37 cents a share and a net loss of 12 cents a share. The stock was down 11 cents, or 2%, to $5.43 in afternoon trades. Volume of 3.2 million eclipsed the issue's three-month trailing daily average of 2.7 million. Based on Tuesday's regular session close, DCT shares were up 19% in the past year; although they'd pulled back somewhat since hitting a 52-week high of $5.89 on Jan. 27. The REIT's total consolidated occupancy increased to 87.4% as of Dec. 31, up from 82.7% in the year prior. DCT maintained its quarterly dividend of 7 cents per share.
DCT, an operator of bulk distribution and light industrial properties, said it completed $79.1 million of acquisitions totally 921,000 square feet of space in the recent quarter, with an additional 884,000 square feet totaling $46.7 million closed in the first month of 2011.