FFO of $0.11 per Share in Q1
Signed Leases Totaling 4.4 Million Square
Feet in Q1;Rent Growth of 15.1 Percent on a GAAP Basis and
5.7 Percent on a Cash Basis
Same-Store NOI Growth of 0.6 Percent on a
Cash Basis
Consolidated Operating Occupancy 92.8
Percent in Q1
Since January 1, 2014, Acquired 1.0 Million
Square Feet for $49.7 Million;Sold 767,000 Square Feet for
$38.8 Million
Completed Construction of 550,000 Square
Feet of New Development
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.
Net operating income (“NOI”) was $57.0 million in Q1 2014,
compared with $48.4 million in Q1 2013. In Q1 2014 same-store NOI,
excluding revenue from lease terminations, increased 0.6 percent on
a cash basis and decreased 0.4 percent on a GAAP basis, when
compared to Q1 2013. Same-store occupancy averaged 92.7 percent in
Q1 2014, an increase of 40 basis points over Q1 2013. Same-store
occupancy as of March 31, 2014 was 93.1 percent.
Investment Activity
Acquisitions
Since January 1, 2014, DCT Industrial acquired 7 buildings for
$49.7 million. Totaling 1.0 million square feet, these buildings
were 86.2 percent occupied at the time of closing. This includes
the Company’s purchase of its partner’s 50 percent interest in a
100 percent leased building located in the Far West Suburbs
submarket of Chicago, for an incremental investment of $10.3
million. The Company expects a year-one weighted-average cash yield
of 5.5 percent and a weighted-average anticipated cash yield of 6.6
percent on the acquired assets.
The table below summarizes acquisitions
since January 1, 2014:
Market Submarket Square Feet
Occupancy Closed Anticipated
Yield* Chicago, IL O’Hare 174,000
100.0% Jan-14 6.6%
Dallas, TX DFW Airport 71,000 100.0% Jan-14 6.7% Seattle, WA Kent
Valley 42,000 66.6% Feb-14 6.4% Chicago, IL I-80/Joliet Corridor
184,000 32.6% Mar-14 7.7% Seattle, WA Tacoma/Fife 56,000 100.0%
Mar-14 6.2% Chicago, IL Far West Suburbs 363,000 100.0% Mar-14 5.5%
Phoenix, AZ Tempe/Airport 110,000
100.0% Apr-14 6.9%
Total/Weighted Average 1,000,000 86.2% 6.6%
*Anticipated yield represents year-one cash yield for stabilized
acquisitions and projected stabilized cash yield for value-add
acquisitions.
Development/Redevelopment
In Q1, DCT Industrial acquired 6.4 acres in the DFW Airport
submarket of Dallas for the future development of DCT Freeport
North, a 95,000 square foot building and 8.6 acres in the
Tacoma/Fife submarket of Seattle for the future development of DCT
Fife 45, a two building development totaling 140,000 square
feet.
Development highlights since January 1,
2014:
- January 2014 – completed the
construction and sale of 8th and Vineyard Building A, a 130,000
square foot build-to-suit located in the Inland Empire West
submarket of Southern California.
- January 2014 – completed the
construction of 8th & Vineyard Building B, a 99,000 square foot
building located in the Inland Empire West submarket of Southern
California. The building is currently under contract for sale and
is expected to close in Q2 2014.
- February 2014 – completed the
construction of DCT Beltway Tanner Business Park, a 133,000 square
foot building located in the Northwest submarket of Houston. The
multi-tenant building is currently 79 percent leased.
- February 2014 – commenced construction
on DCT Airtex Industrial Center II, a 125,000 square foot building
located in the North submarket of Houston. The building is slated
for completion in Q4 2014.
- March 2014 – completed the construction
of DCT Sumner South Distribution Center, a 188,000 square foot
building located in the South Kent Valley submarket of
Seattle.
- April 2014 – commenced construction on
DCT Airport Distribution Center North Building C, a 97,000 square
foot building located in the Southeast submarket of Orlando. The
building is slated for completion in Q4 2014.
Dispositions
Since January 1, 2014, the Company completed the disposition of
five buildings totaling 767,000 square feet. These transactions
generated total gross proceeds of $38.8 million and have an
expected year-one weighted average cash yield of 7.5 percent.
The table below summarizes the
dispositions since January 1, 2014:
Market Submarket Square Feet
Occupancy Closed Southern California
Inland Empire West 130,000 N/A
Jan-14 Atlanta, GA Fulton 216,000 100.0% Apr-14
Chicago, IL Southwest 87,000 100.0% Apr-14 Chicago, IL Elgin North
Kane County 112,000 100.0% Apr-14 Chicago, IL
Northern DuPage County 222,000 100.0%
May-14 Total/Weighted Average 767,000 100.0%
In March 2014, the Company sold a 28.4 acre land parcel located
in the Northwest submarket of Indianapolis for total gross proceeds
of $1.1 million.
Additionally, as previously announced, in January 2014, two of
DCT Industrial’s unconsolidated joint ventures sold all of their
properties. The 12 properties, located in Atlanta, Central
Pennsylvania, Cincinnati, Columbus, Dallas, Indianapolis and
Minneapolis, totaled 3.4 million square feet, and generated net
proceeds of approximately $6.6 million1 to DCT Industrial with an
expected year-one weighted average cash yield of 6.8 percent.
Capital Markets
Since January 1, 2014, DCT Industrial raised $43.7 million in
net proceeds from the sale of common stock through its “at the
market” equity offering. The Company issued approximately 5.9
million shares at an average price of $7.50 per share. The proceeds
were used for acquisitions, development activities and for general
corporate purposes.
Dividend
DCT Industrial’s Board of Directors has declared a $0.07 per
share quarterly cash dividend, payable on July 16, 2014 to
stockholders of record as of July 3, 2014.
Guidance
The Company has maintained 2014 FFO guidance, as adjusted, of
$0.45 to $0.48 per diluted share. Additionally, net income
attributable to common stockholders and unitholders is expected to
be between $0.02 and $0.05 per diluted share.
The Company’s FFO guidance excludes acquisition costs.
Conference Call
Information
DCT Industrial will host a conference call to discuss Q1 2014
results on Friday, May 2, 2014 at 11:00 a.m. Eastern Time.
Stockholders and interested parties may listen to a live broadcast
of the conference call by dialing (888) 317-6016 or (412) 317-6016.
A telephone replay will be available through Friday, May 16, 2014
and can be accessed by dialing (877) 344-7529 or (412) 317-0088 and
entering the passcode 10043750. A live webcast of the conference
call will be available in the Investors section of the DCT
Industrial website at www.dctindustrial.com. A webcast replay will
also be available shortly following the call until May 2, 2015.
Supplemental information is available in the Investors section
of the Company’s website at www.dctindustrial.com or by e-mail
request at investorrelations@dctindustrial.com. Interested parties
may also obtain supplemental information from the SEC’s website at
www.sec.gov.
1 Based on DCT Industrial’s 7.2 percent ownership.
About DCT Industrial Trust
Inc.®
DCT Industrial Trust Inc. is a leading industrial real estate
company specializing in the acquisition, development, leasing and
management of bulk distribution and light industrial properties in
high-volume distribution markets in the U.S. As of March 31, 2014,
the Company owned interests in approximately 73.1 million square
feet of properties leased to approximately 900 customers, including
8.6 million square feet operated on behalf of four institutional
capital management partners. DCT maintains a Baa2 rating from
Moody’s Investors Service and a BBB- from Standard & Poor’s
Rating Services. Additional information is available at
www.dctindustrial.com.
Click here to subscribe to Mobile Alerts for DCT Industrial.
DCT INDUSTRIAL TRUST INC. AND SUBSIDIARIES
Consolidated Balance Sheets (in thousands, except share
information) March 31, December 31,
2014 2013 ASSETS (unaudited) Land $ 892,927 $
883,804 Buildings and improvements 2,665,717 2,615,879 Intangible
lease assets 83,704 82,758 Construction in progress 85,054
88,610
Total investment in properties 3,727,402
3,671,051 Less accumulated depreciation and amortization
(680,140) (654,097)
Net investment in properties
3,047,262 3,016,954 Investments in and advances to unconsolidated
joint ventures 101,198 124,923
Net investment in
real estate 3,148,460 3,141,877 Cash and cash equivalents
17,025 32,226 Restricted cash 2,489 12,621 Deferred loan costs, net
9,704 10,251 Straight-line rent and other receivables, net of
allowance for doubtful accounts of $2,379 and $2,178, respectively
50,596 46,247 Other assets, net 15,860 14,545 Assets held for sale
22,869 8,196
Total assets $ 3,267,003 $
3,265,963
LIABILITIES AND EQUITY Liabilities:
Accounts payable and accrued expenses $ 61,640 $ 63,281
Distributions payable 24,265 23,792 Tenant prepaids and security
deposits 24,632 28,542 Other liabilities 6,257 10,122 Intangible
lease liability, net 19,868 20,389 Line of credit 34,000 39,000
Senior unsecured notes 1,122,459 1,122,407 Mortgage notes 279,782
290,960 Liabilities related to assets held for sale 5,961
278
Total liabilities 1,578,864
1,598,771 Equity: Preferred stock, $0.01 par value,
50,000,000 shares authorized, none outstanding - - Shares-in-trust,
$0.01 par value, 100,000,000 shares authorized, none outstanding -
- Common stock, $0.01 par value, 500,000,000 shares authorized
326,919,283 and 320,265,949 shares issued and outstanding as of
March 31, 2014 and December 31, 2013, respectively 3,270 3,203
Additional paid-in capital 2,558,730 2,512,024 Distributions in
excess of earnings (963,617) (941,019) Accumulated other
comprehensive loss (29,688) (30,402)
Total
stockholders’ equity 1,568,695 1,543,806 Noncontrolling
interests 119,444 123,386
Total equity
1,688,139 1,667,192
Total liabilities and equity $
3,267,003 $ 3,265,963
DCT INDUSTRIAL TRUST INC.
AND SUBSIDIARIES Consolidated Statements of Operations
(unaudited, in thousands, except per share information)
Three Months Ended March 31,
2014 2013 REVENUES: Rental revenues $ 82,619 $
67,309 Institutional capital management and other fees 764
812
Total revenues 83,383 68,121
OPERATING EXPENSES: Rental expenses 12,402 8,349 Real estate
taxes 13,197 10,579 Real estate related depreciation and
amortization 36,433 30,196 General and administrative 6,834 6,339
Impairment losses 4,359 - Casualty and involuntary conversion gain
- (59)
Total operating expenses 73,225
55,404
Operating income 10,158 12,717
OTHER
INCOME (EXPENSE): Development profit, net of taxes 728 268
Equity in earnings of unconsolidated joint ventures, net 3,613 391
Gain on acquisitions and dispositions of real estate interests
2,045 - Interest expense (16,056) (16,860) Interest and other
income 28 162 Income tax expense and other taxes (57)
(109)
Income (loss) from continuing operations 459 (3,431)
Income from discontinued operations 9 5,067
Consolidated net income of DCT Industrial Trust Inc. 468
1,636 Net income attributable to noncontrolling interests
(151) (357)
Net income attributable to common
stockholders 317 1,279 Distributed and
undistributed earnings allocated to participating securities
(166) (173)
Adjusted net income attributable to common
stockholders $ 151 $ 1,106
EARNINGS PER COMMON SHARE
- BASIC Income (loss) from continuing operations $ 0.00 $
(0.01) Income from discontinued operations 0.00 0.01
Net income attributable to common stockholders $ 0.00 $ 0.00
EARNINGS PER COMMON SHARE - DILUTED Income (loss) from
continuing operations $ 0.00 $ (0.01) Income from discontinued
operations 0.00 0.01 Net income attributable to
common stockholders $ 0.00 $ 0.00
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING: Basic 323,942 281,063 Diluted
324,994 281,063 Distributions declared per common
share $ 0.07 $ 0.07
Reconciliation of Net Income
(Loss) Attributable to Common Stockholders to Funds from
Operations (unaudited, in thousands, except per share and
unit data) Three Months Ended March 31,
Reconciliation of net income attributable to common stockholders to
FFO:
2014 2013 Net income attributable to common
stockholders $ 317 $ 1,279 Adjustments: Real estate related
depreciation and amortization 36,433 32,690 Equity in earnings of
unconsolidated joint ventures, net (3,613) (391) Equity in FFO of
unconsolidated joint ventures 2,716 2,353 Impairment losses on
depreciable real estate 4,491 - Gain on acquisitions and
dispositions of real estate interests (2,045) (2,877) Gain on
dispositions of non-depreciable real estate 98 - Noncontrolling
interest in the above adjustments (2,164) (2,323) FFO attributable
to unitholders 1,994 2,217 FFO attributable to common
stockholders and unitholders(1) 38,227 32,948
Adjustments: Acquisition costs 725 377 FFO, as
adjusted, attributable to common stockholders and unitholders –
basic and diluted $ 38,952 $ 33,325 FFO per common share and
unit — basic and diluted $ 0.11 $ 0.11 FFO, as adjusted, per
common share and unit — basic and diluted $ 0.11 $ 0.11 FFO
weighted average common shares and units outstanding: Common shares
for earnings per share - basic 323,942 281,063 Participating
securities 2,228 2,250 Units 17,828 20,283 FFO
weighted average common shares, participating securities and units
outstanding – basic 343,998 303,596 Dilutive common stock
equivalents 1,052 813 FFO weighted average common
shares, participating securities and units outstanding – diluted
345,050 304,409
(1)
Funds from Operations, FFO, as defined by the
National Association of Real Estate Investment Trusts (NAREIT).
Guidance
The Company is providing the following guidance:
Range for the Full-Year 2014 Guidance:
Low High Earnings per common share - diluted $
0.02 $ 0.05 Real estate related depreciation and
amortization(1) 0.41 0.41 Impairment and acquisition costs
0.02 0.02 FFO, as adjusted, per common share and
unit-diluted(2) $ 0.45 $ 0.48
(1)
Includes pro rata share of real estate depreciation
and amortization from unconsolidated joint ventures.
(2)
The Company’s FFO guidance excludes acquisition costs.
The following table shows the calculation of our Fixed
Charge Coverage for the three months ended March 31, 2014
and 2013 (in thousands): Three Months Ended
March 31, 2014 2013 Net income attributable to
common stockholders(1) $ 317 $ 1,279 Interest expense 16,056 16,860
Proportionate share of interest expense from unconsolidated joint
ventures 317 445 Real estate related depreciation and amortization
36,433 32,690 Proportionate share of real estate related
depreciation and amortization
from unconsolidated joint ventures
1,466 1,489 Income tax expense and other taxes 89 109 Stock-based
compensation 1,304 1,072 Noncontrolling interests 151 357 Non-FFO
gains on acquisitions and dispositions of real estate interests
(2,045) (2,877) Adjusted EBITDA $ 54,088 $ 51,424
CALCULATION OF FIXED CHARGES Interest expense $ 16,056 $
16,860 Capitalized interest 1,948 2,044 Amortization of loan costs
and debt premium/discount (113) (46) Other noncash interest expense
(1,024) (1,000) Proportionate share of interest expense from
unconsolidated joint ventures 317 445 Total fixed
charges $ 17,184 $ 18,303 Fixed charge coverage 3.1
2.8
(1)
Includes amounts related to discontinued operations,
when applicable.
The following table is a
reconciliation of our reported income (loss) from continuing
operations to our net operating income for the three months
ended March 31, 2014 and 2013 (in thousands):
Three Months Ended March 31, Reconciliation of
income (loss) from continuing operations to NOI: 2014
2013 Income (loss) from continuing operations $ 459 $
(3,431) Income tax expense and other taxes 57 109 Interest and
other income (28) (162) Interest expense 16,056 16,860 Equity in
earnings of unconsolidated joint ventures, net (3,613) (391)
General and administrative 6,834 6,339 Real estate related
depreciation and amortization 36,433 30,196 Impairment losses 4,359
- Development profit, net of taxes (728) (268) Gain on acquisitions
and dispositions of real estate interests (2,045) - Casualty and
involuntary conversion gain - (59) Institutional capital management
and other fees (764) (812) Total GAAP net operating
income 57,020 48,381 Less net operating income - non-same store
properties (8,557) (311) Same store GAAP net
operating income 48,463 48,070 Less revenue from lease terminations
(925) (115) Add early termination straight-line rent adjustment
263 19 Same store GAAP net operating income,
excluding revenue from lease terminations 47,801 47,974 Less
straight-line rents, net of related bad debt expense (878) (1,271)
Less amortization of above/(below) market rents (350)
(399) Same store cash net operating income, excluding revenue from
lease terminations $ 46,573 $ 46,304
Financial Measures
Net operating income (“NOI”) is defined as rental revenues,
including expense reimbursements, less rental expenses and real
estate taxes, which excludes institutional capital management fees,
depreciation, amortization, casualty gains, impairment, general and
administrative expenses, equity in (earnings) loss of
unconsolidated joint ventures, interest expense, interest and other
income and income tax expense and other taxes. We consider NOI to
be an appropriate supplemental performance measure because it
reflects the operating performance of our properties and excludes
certain items that are not considered to be controllable in
connection with the management of the property such as
depreciation, amortization, impairment, general and administrative
expenses, interest income and interest expense. Additionally, lease
termination revenue is excluded as it is not considered to be
indicative of recurring operating income. However those measures
should not be viewed as alternative measures of our financial
performance since they exclude expenses which could materially
impact our results of operations. Further, our NOI may not be
comparable to that of other real estate companies, as they may use
different methodologies for calculating NOI, same store NOI
(excluding revenue from lease terminations), and cash basis same
store NOI (excluding revenue from lease terminations). Therefore,
we believe net income (loss) attributable to common stockholders,
as defined by GAAP, to be the most appropriate measure to evaluate
our overall financial performance.
DCT Industrial believes that net income (loss) attributable to
common stockholders, as defined by GAAP, is the most appropriate
earnings measure. However, DCT Industrial considers Funds from
Operations (“FFO”), as defined by the National Association of Real
Estate Investment Trusts (“NAREIT”), to be a useful supplemental,
non-GAAP measure of DCT Industrial’s operating performance. NAREIT
developed FFO as a relative measure of performance of an equity
REIT in order to recognize that the value of income-producing real
estate historically has not depreciated on the basis determined
under GAAP. FFO is generally defined as net income attributable to
common stockholders, calculated in accordance with GAAP, plus real
estate-related depreciation and amortization, less gains from
dispositions of operating real estate held for investment purposes,
plus impairment losses on depreciable real estate and impairments
of in substance real estate investments in investees that are
driven by measurable decreases in the fair value of the depreciable
real estate held by the unconsolidated joint ventures and
adjustments to derive DCT Industrial’s pro rata share of FFO of
unconsolidated joint ventures. We exclude gains and losses on
business combinations and include the gains or losses from
dispositions of properties which were acquired or developed with
the intention to sell or contribute to an investment fund in our
definition of FFO. Although the NAREIT definition of FFO predates
the guidance for accounting for gains and losses on business
combinations, we believe that excluding such gains and losses is
consistent with the key objective of FFO as a performance measure.
We also present FFO excluding severance, acquisition costs, debt
modification costs and impairment losses on properties which are
not depreciable. We believe that FFO excluding severance,
acquisition costs, debt modification costs and impairment losses on
non-depreciable real estate is useful supplemental information
regarding our operating performance as it provides a more
meaningful and consistent comparison of our operating performance
and allows investors to more easily compare our operating results.
Readers should note that FFO captures neither the changes in the
value of DCT Industrial’s properties that result from use or market
conditions, nor the level of capital expenditures and leasing
commissions necessary to maintain the operating performance of DCT
Industrial’s properties, all of which have real economic effect and
could materially impact DCT Industrial’s results from operations.
NAREIT’s definition of FFO is subject to interpretation, and
modifications to the NAREIT definition of FFO are common.
Accordingly, DCT Industrial’s FFO may not be comparable to other
REITs’ FFO and FFO should be considered only as a supplement to net
income (loss) as a measure of DCT Industrial’s performance.
DCT Industrial calculates our fixed charge coverage calculation
based on adjusted EBITDA, which represents net loss attributable to
DCT common stockholders before interest, taxes, depreciation,
amortization, stock-based compensation expense, noncontrolling
interest, impairment losses and excludes non-FFO gains and losses
on disposed assets and business combinations. We use adjusted
EBITDA to measure our operating performance and to provide
investors relevant and useful information because it allows fixed
income investors to view income from our operations on an
unleveraged basis before the effects of non-cash items, such as
depreciation and amortization and stock-based compensation expense,
and irregular items, such as non-FFO gains or losses from the
dispositions of real estate, impairment losses and gains and losses
on business combinations.
Forward-Looking Statements
We make statements in this report that are considered
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, or the Securities Act, and
Section 21E of the Securities Exchange Act of 1934, as amended, or
the Exchange Act, which are usually identified by the use of words
such as “anticipates,” “believes,” “estimates,” “expects,”
“intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,”
and variations of such words or similar expressions and includes
statements regarding our anticipated yields. We intend these
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and are including this
statement for purposes of complying with those safe harbor
provisions. These forward-looking statements reflect our current
views about our plans, intentions, expectations, strategies and
prospects, which are based on the information currently available
to us and on assumptions we have made. Although we believe that our
plans, intentions, expectations, strategies and prospects as
reflected in or suggested by those forward-looking statements are
reasonable, we can give no assurance that the plans, intentions,
expectations or strategies will be attained or achieved.
Furthermore, actual results may differ materially from those
described in the forward-looking statements and will be affected by
a variety of risks and factors that are beyond our control
including, without limitation: national, international, regional
and local economic conditions, including, in particular, the
strength of the United States economic recovery and global economic
recovery; the general level of interest rates and the availability
of capital; the competitive environment in which we operate; real
estate risks, including fluctuations in real estate values and the
general economic climate in local markets and competition for
tenants in such markets; decreased rental rates or increasing
vacancy rates; defaults on or non-renewal of leases by tenants;
acquisition and development risks, including failure of such
acquisitions and development projects to perform in accordance with
projections; the timing of acquisitions, dispositions and
development; natural disasters such as fires, floods, tornadoes,
hurricanes and earthquakes; energy costs; the terms of governmental
regulations that affect us and interpretations of those
regulations, including the cost of compliance with those
regulations, changes in real estate and zoning laws and increases
in real property tax rates; financing risks, including the risk
that our cash flows from operations may be insufficient to meet
required payments of principal, interest and other commitments;
lack of or insufficient amounts of insurance; litigation, including
costs associated with prosecuting or defending claims and any
adverse outcomes; the consequences of future terrorist attacks or
civil unrest; environmental liabilities, including costs, fines or
penalties that may be incurred due to necessary remediation of
contamination of properties presently owned or previously owned by
us; and other risks and uncertainties detailed in the section of
our Form 10-K filed with the SEC and updated on Form 10-Q entitled
“Risk Factors.” In addition, our current and continuing
qualification as a real estate investment trust, or REIT, involves
the application of highly technical and complex provisions of the
Internal Revenue Code of 1986, or the Code, and depends on our
ability to meet the various requirements imposed by the Code
through actual operating results, distribution levels and diversity
of stock ownership. We assume no obligation to update publicly any
forward looking statements, whether as a result of new information,
future events or otherwise.
DCT Industrial Trust Inc.Melissa Sachs,
303-597-2400investorrelations@dctindustrial.com
Dct Industrial Trust (delisted) (NYSE:DCT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Dct Industrial Trust (delisted) (NYSE:DCT)
Historical Stock Chart
From Apr 2023 to Apr 2024