NEW YORK (TheStreet) -- Shares of DCT Industrial Trust (DCT) rose 3.11% to $7.62 on Friday after the real estate investment trust announced fourth-quarter revenue that surpassed analysts' expectations.
The company reported revenue of $77.12 million, up from $64.28 million a year earlier2. This surpassed analysts' expectations of $74.89 million. DCT also posted adjusted funds from operations of $38 million, or 11 cents a share, compared to $33 million, or 11 cents a share, in the same period a year earlier. This fell in line with expectations of 11 cents a share, according to analysts polled by Thomson Reuters.
DCT expects FFO in the range of 45 to 48 cents for the full year, while analysts expect 47 cents a share.
"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 CEO Phil Hawkins in the company's statement. "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."
The stock had a volume of 12,566,018 on Friday, compared to its average of 4,597,640. It hit a high of $7.70 and a low of $7.51 for the day; it also has a one-year high of $8.45 and a one-year low of $6.62.
TheStreet Ratings team rates DCT INDUSTRIAL TRUST INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation: