Net Earnings of $0.16 per Diluted
Share
FFO, as adjusted, of $0.61 per Diluted
Share
Consolidated Operating Occupancy of 97.5
Percent
Same-Store NOI Growth of 10.4 Percent on a
Cash Basis and 5.7 Percent on a Straight-Line Basis
Rent Growth of 24.9 Percent on a
Straight-Line Basis and 11.3 Percent on a Cash Basis
Raised and Narrowed 2017 Net Earnings
Guidance to between $0.54 and $0.62 Per Diluted Share
Raised and Narrowed 2017 FFO Guidance, as
adjusted, to between $2.36 and $2.44 Per Diluted Share
Raised 2017 Same-Store NOI Growth Guidance
to between 6.5 and 7.5 Percent on a Cash Basis and 3.25 and 4.25
Percent on a Straight-Line Basis
DCT Industrial Trust® (NYSE: DCT), a leading real estate
company, today announced financial results for the quarter ending
March 31, 2017.
“DCT had an excellent start to 2017,” said Phil Hawkins,
President and CEO of DCT Industrial. “Our operating results are
trending ahead of expectations and we continue to have good leasing
activity across our operating and development portfolios.”
Net income attributable to common stockholders (“Net Earnings”)
for Q1 2017 was $15.0 million, or $0.16 per diluted share, compared
to $36.4 million, or $0.41 per diluted share, reported for Q1 2016,
a decrease of 61.0 percent per diluted share.
Funds from operations (“FFO”), as adjusted, attributable to
common stockholders and unitholders for Q1 2017 totaled $58.7
million, or $0.61 per diluted share, compared with $50.5 million,
or $0.54 per diluted share for Q1 2016, a 13.0 percent increase.
The results exclude $1.1 million in interest expense related to
hedge ineffectiveness for the quarter ending March 31, 2016.
Property Results and Leasing
Activity
As of March 31, 2017, DCT Industrial owned 398 consolidated
operating properties, totaling 64.0 million square feet, with
occupancy of 97.5 percent, a decrease of 50 basis points from Q4
2016 and an increase of 170 basis points over Q1 2016. On a
same-portfolio basis, occupancy decreased by 60 basis points and
the impact of adding one stabilized, value-add acquisition to the
operating portfolio increased occupancy by 10 basis points.
Approximately 295,000 square feet, or 0.4 percent of DCT
Industrial’s total consolidated portfolio, was leased but not
occupied on March 31, 2017, which does not take into consideration
663,000 square feet of leased space in developments under
construction or in pre-development.
In Q1 2017, the Company signed leases totaling 3.3 million
square feet with rental rates increasing 24.9 percent on a
straight-line basis and 11.3 percent on a cash basis, compared to
the corresponding expiring leases. Over the previous four quarters,
rental rates on signed leases increased 19.4 percent on a
straight-line basis and 7.8 percent on a cash basis. The Company’s
tenant retention rate was 70.4 percent in Q1 2017.
Net operating income (“NOI”) was $79.2 million in Q1 2017,
compared with $69.3 million in Q1 2016. In Q1 2017, same-store NOI,
excluding revenue from lease terminations, increased 5.7 percent on
a straight-line basis and 10.4 percent on a cash basis, when
compared to Q1 2016. Same-store occupancy averaged 97.0 percent in
Q1 2017, an increase of 90 basis points from Q1 2016. Same-store
occupancy as of March 31, 2017, was 97.2 percent.
Enhanced Operating Metric
Definitions
After a review of best practices in the industrial REIT sector,
DCT Industrial has enhanced the definitions of its operating
metrics. The revised definitions were implemented as of January 1,
2017, and include the following:
- Operating Portfolio – revised to
include only stabilized operating properties, developments,
redevelopments and value-add acquisitions. Previously, value-add
acquisitions were added to the operating portfolio upon acquisition
and prior to stabilization. This definition change increased the
Company’s March 31, 2017, Operating Portfolio occupancy by 70 basis
points over what it would have been under the prior definition.
Operating Portfolio occupancy at December 31, 2016, would have been
98.0 percent under the revised definition, 80 basis points higher
than the previously reported 97.2 percent. Operating Portfolio
occupancy at March 31, 2016, and average occupancy for Q1 2016
would have been unchanged as a result of the revised
definition.
- Quarterly and Annual Same-Store
Portfolio – revised to include value-add acquisitions only if they
were stabilized throughout both
applicable periods. Previously, value-add acquisitions would have
been included if they were owned
throughout both periods. This definitional change increased
same-store NOI growth in Q1 2017 by 70 basis points on both a cash
and straight-line basis. The revised definition would have
decreased 2016 reported same-store NOI growth by 30 basis points on
a cash basis and by 20 basis points on a straight-line basis. DCT
Industrial’s Same-Store Portfolio has always included developments
and redevelopments only if they were stabilized throughout both
applicable periods.
For a complete list of operating metric definitions, please
refer to pages 22-26 in the Company’s Supplemental Reporting
Package.
Investment Activity
Acquisitions
In April 2017, DCT Industrial acquired one value-add building
totaling 44,000 square feet in the Northeast submarket of Denver
for $5.2 million. The building, located adjacent to the DCT Summit
Distribution Center development, was 100 percent occupied at
closing; however, the tenant is expected to vacate upon the
expiration of their lease in Q2 2018. The Company expects a
stabilized cash yield of 6.5 percent upon stabilization of the
building.
Development and Redevelopment
Highlights since DCT Industrial’s Q4 2016 Earnings release:
- Executed a 222,000 square foot
build-to-suit lease for DHL Supply Chain USA in the Port submarket
of Houston and acquired the 13.2 acre land site on which this
building will be developed. Construction is scheduled to commence
in Q2 2017.
- Executed a 119,000 square foot lease
for DCT White River Corporate Center North bringing the 251,000
square foot development, located in the South Kent Valley submarket
of Seattle, to 47.3 percent leased.
- Executed a 63,000 square foot lease for
5555 8th Street East bringing the 103,000 square foot
redevelopment, located in the Tacoma/Fife submarket of Seattle, to
100 percent leased.
- Commenced construction on DCT Summit
Distribution Center, a 168,000 square foot building located in the
Northeast submarket of Denver. Construction is scheduled to be
complete in Q4 2017.
- Commenced construction on DCT Commerce
Center Building D, a 137,000 square foot building located in the
Airport West submarket of Miami. Construction is scheduled to be
complete in Q4 2017.
- Acquired 3.6 acres in the East Bay
submarket of Northern California to develop DCT Williams Corporate
Center. Construction on the 75,000 square foot building is
scheduled to commence in Q3 2017.
Dispositions
In April 2017, DCT Industrial sold one building totaling 144,000
square feet located in the Baltimore/Washington Corridor submarket
of Baltimore/Washington D.C. for $10.0 million with an expected
year-one cash yield of 5.5 percent.
Capital Markets
In March 2017, DCT Industrial Operating Partnership LP priced an
offering of $50.0 million aggregate principal amount of 4.50
percent senior unsecured notes due October 15, 2023 (the “Notes”),
in an underwritten public offering. The Notes were priced at 103.88
percent of the principal amount resulting in a yield to maturity of
3.83 percent. The Notes are fully and unconditionally guaranteed by
the Company and form a part of the same series as the Company’s
previously issued and outstanding senior unsecured notes due in
2023.
Dividend
DCT Industrial’s Board of Directors declared a $0.31 per share
quarterly cash dividend payable on July 12, 2017 to stockholders of
record as of June 30, 2017.
Guidance
The Company raised and narrowed 2017 Net Earnings guidance to
between $0.54 and $0.62 per diluted share, up from $0.46 to $0.56.
Net Earnings guidance excludes any gain or loss related to
potential future dispositions.
The Company raised and narrowed 2017 FFO guidance, as adjusted,
to between $2.36 and $2.44 per diluted share, up from $2.32 to
$2.42 per diluted share. The Company’s FFO guidance excludes
potential non-cash interest expense related to hedge
ineffectiveness.
For additional details, assumptions and definitions related to
the Company’s 2017 guidance, please refer to page 10 in DCT
Industrial’s First Quarter 2017 Supplemental Reporting Package.
Conference Call
Information
DCT Industrial will host a conference call to discuss Q1 results
on Friday, May 5, 2017 at 11:00 a.m. Eastern Time. Stockholders and
interested parties may listen to a live broadcast of the conference
call by dialing (877) 506-6112 or (412) 902-6686. A telephone
replay will be available through Friday, August 4, 2017 and can be
accessed by dialing (877) 344-7529 or (412) 317-0088 and entering
the passcode 10104268. 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 5, 2018.
Supplemental information is available in the Investors section
of the Company’s website at www.dctindustrial.com or by e-mail
request to investorrelations@dctindustrial.com. Interested parties
may also obtain additional information from the SEC’s website at
www.sec.gov.
About DCT Industrial
Trust®
DCT Industrial is a leading real estate company specializing in
the ownership, development, acquisition, leasing and management of
bulk-distribution and light-industrial properties in high-demand
distribution markets in the U.S. DCT’s actively-managed portfolio
is strategically located near population centers and
well-positioned to take advantage of market dynamics. As of March
31, 2017, the Company owned interests in approximately 74.0 million
square feet of properties leased to approximately 900 customers.
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, 2017 December 31, 2016 ASSETS
(unaudited) Land $ 1,086,308 $ 1,075,995 Buildings and improvements
3,216,895 3,202,293 Intangible lease assets 75,149 78,356
Construction in progress 97,866 72,829
Total
investment in properties 4,476,218 4,429,473 Less accumulated
depreciation and amortization (873,912 ) (839,773 )
Net
investment in properties 3,602,306 3,589,700 Investments in and
advances to unconsolidated joint ventures 98,468 95,606
Net investment in real estate 3,700,774 3,685,306
Cash and cash equivalents 12,353 10,286 Restricted cash 1,651 7,346
Straight-line rent and other receivables,
net of allowance for doubtful accounts of $482 and $379,
respectively
81,598 79,889 Other assets, net 28,467 25,315
Total assets $ 3,824,843 $ 3,808,142
LIABILITIES AND EQUITY Liabilities: Accounts payable and
accrued expenses $ 79,163 $ 93,097 Distributions payable 29,745
29,622 Tenant prepaids and security deposits 34,745 32,884 Other
liabilities 38,095 37,403 Intangible lease liabilities, net 20,537
21,421 Line of credit 107,000 75,000 Senior unsecured notes
1,378,800 1,351,969 Mortgage notes 173,569 201,959
Total liabilities 1,861,654 1,843,355
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 91,844,509 and 91,516,113 shares
issued and outstanding as of March 31, 2017 and December
31, 2016, respectively
918 915 Additional paid-in capital 2,896,351 2,884,806
Distributions in excess of earnings (1,019,271 ) (1,005,728 )
Accumulated other comprehensive loss (16,166 ) (17,944 )
Total
stockholders’ equity 1,861,832 1,862,049 Noncontrolling
interests 101,357 102,738
Total equity
1,963,189 1,964,787
Total liabilities and
equity $ 3,824,843 $ 3,808,142
DCT INDUSTRIAL TRUST INC. AND
SUBSIDIARIES
Consolidated Statements of
Operations
(unaudited, in thousands, except per
share information)
Three Months Ended March 31, 2017
2016 REVENUES: Rental revenues $ 105,424 $
93,977 Institutional capital management and other fees 472
393
Total revenues 105,896 94,370
OPERATING EXPENSES: Rental expenses 9,462 10,049 Real
estate taxes 16,766 14,601 Real estate related depreciation and
amortization 41,605 40,070 General and administrative 7,192 6,262
Casualty gain (270 ) —
Total operating expenses
74,755 70,982
Operating income 31,141 23,388
OTHER INCOME (EXPENSE): Equity in earnings of
unconsolidated joint ventures, net 1,516 884 Gain on dispositions
of real estate interests 26 30,097 Interest expense (16,755 )
(16,422 ) Interest and other income (expense) (5 ) 515 Income tax
expense and other taxes (134 ) (116 )
Consolidated net income of DCT
Industrial Trust Inc.
15,789 38,346 Net income attributable to noncontrolling interests
(830 ) (1,955 )
Net income attributable to common
stockholders 14,959 36,391 Distributed and
undistributed earnings allocated to participating securities (161 )
(228 )
Adjusted net income attributable to common
stockholders $ 14,798 $ 36,163
NET
EARNINGS PER COMMON SHARE: Basic $ 0.16 $ 0.41
Diluted $ 0.16 $ 0.41
WEIGHTED AVERAGE
COMMON SHARES OUTSTANDING: Basic 91,751 88,384 Diluted 91,884
88,750 Distributions declared per common share
$ 0.31 $ 0.29
Reconciliation of Net Income
Attributable to Common Stockholders to Funds from
Operations
(unaudited, in thousands, except per
share and unit data)
For the Three MonthsEnded March
31,
2017 2016 Reconciliation of net
income attributable to common stockholders to FFO: Net income
attributable to common stockholders $ 14,959 $ 36,391 Adjustments:
Real estate related depreciation and amortization 41,605 40,070
Equity in earnings of unconsolidated joint ventures, net (1,516 )
(884 ) Equity in FFO of unconsolidated joint ventures(1) 3,238
2,367 Gain on dispositions of real estate interests (26 ) (30,097 )
Noncontrolling interest in the above adjustments (1,835 ) (686 )
FFO attributable to unitholders 2,254 2,261 FFO
attributable to common stockholders and unitholders – basic and
diluted(2) 58,679 49,422 Adjustments: Acquisition
costs 13 20 Hedge ineffectiveness (non-cash) 30 1,063
FFO, as adjusted, attributable to common stockholders and
unitholders – basic and diluted $ 58,722 $ 50,505
FFO per common share and unit – basic $ 0.61 $ 0.53
FFO per common share and unit – diluted $ 0.61 $ 0.53
FFO, as adjusted, per common share and unit – basic $
0.61 $ 0.54 FFO, as adjusted, per common share and
unit – diluted $ 0.61 $ 0.54 FFO weighted
average common shares and units outstanding: Common shares for net
earnings per share 91,751 88,384 Participating securities 466 509
Units 3,665 4,236 FFO weighted average common shares,
participating securities and units outstanding – basic 95,882
93,129 Dilutive common stock equivalents 133 366 FFO
weighted average common shares, participating securities and units
outstanding – diluted 96,015 93,495 (1) Equity
in FFO of unconsolidated joint ventures is determined as our share
of FFO from each unconsolidated joint venture. See DCT Industrial's
first quarter 2017 supplemental reporting package for additional
information. (2) 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 2017
Low High Guidance: Net earnings
per common share – diluted $ 0.54 $ 0.62 Adjustments:
Gain on dispositions of real estate
interests
0.00 0.00 Real estate related depreciation and amortization(1) 1.81
1.81 Hedge ineffectiveness (non-cash) and acquisition costs 0.00
0.00 Noncontrolling interest in adjustments 0.01 0.01 FFO,
as adjusted, per common share and unit – diluted(2) $ 2.36 $
2.44 (1)
Includes our proportionate share of real
estate depreciation and amortization from unconsolidated joint
ventures.
(2)
The Company’s FFO guidance excludes
potential non-cash interest expense related to hedge
ineffectiveness.
For information related to our Fixed Charge
Coverage Ratio please see our First Quarter 2017
Supplemental
The following table is a reconciliation of
our reported net income attributable to common stockholders to our
net operating income for the three months ended March 31, 2017 and
2016 (unaudited, in thousands):
For the Three Months Ended
March31,
2017 2016 Reconciliation of net
income attributable to common stockholders to NOI: Net income
attributable to common stockholders $ 14,959 $ 36,391 Net income
attributable to noncontrolling interests 830 1,955 Income tax
expense and other taxes 134 116 Interest and other (income) expense
5 (515 ) Interest expense 16,755 16,422 Equity in earnings of
unconsolidated joint ventures, net (1,516 ) (884 ) General and
administrative expense 7,192 6,262 Real estate related depreciation
and amortization 41,605 40,070 Gain on dispositions of real estate
interests (26 ) (30,097 ) Casualty gain (270 ) — Institutional
capital management and other fees (472 ) (393 ) Total NOI 79,196
69,327 Less NOI – non-same-store properties (10,641 ) (4,937 ) Less
revenue from lease terminations(1) (501 ) (80 ) Add early
termination straight-line rent adjustment(1) 17 109
NOI, excluding revenue from lease terminations(1) 68,071 64,419
Less straight-line rents, net of related bad debt expense(1) (1,032
) (3,596 ) Less amortization of above/(below) market rents(1) (597
) (657 ) Cash NOI, excluding revenue from lease terminations(1) $
66,442 60,166
(1) Amounts relate to our Quarterly and Annual Same-Store
Portfolios.
Financial Measures
Terms not otherwise defined below are as defined in our First
Quarter 2017 Supplemental Reporting Package.
NOI is defined as rental revenues, which includes expense
reimbursements, less rental expenses and real estate taxes, and
excludes institutional capital management fees, depreciation,
amortization, casualty and involuntary conversion gain (loss),
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. DCT
Industrial considers NOI to be an appropriate supplemental
performance measure because NOI reflects the operating performance
of DCT Industrial’s properties and excludes certain items that are
not considered to be controllable in connection with the management
of the properties such as amortization, depreciation, impairment,
interest expense, interest and other income, income tax expense and
other taxes and general and administrative expenses. We also
present NOI excluding lease termination revenue as it is not
considered to be indicative of recurring operating performance.
However, NOI should not be viewed as an alternative measure of DCT
Industrial’s overall financial performance since it excludes
expenses which could materially impact our results of operations.
Further, DCT Industrial’s NOI may not be comparable to that of
other real estate companies, as they may use different
methodologies for calculating NOI. Therefore, DCT Industrial
believes net income, as defined by GAAP, to be the most appropriate
measure to evaluate DCT Industrial’s overall financial
performance.
We calculate Cash NOI as NOI excluding non-cash amounts recorded
for straight-line rents including related bad debt expense and the
amortization of above and below market rents. DCT Industrial
considers Cash NOI to be an appropriate supplemental performance
measure because Cash NOI reflects the operating performance of DCT
Industrial’s properties and excludes certain non-cash items that
are not considered to be controllable in connection with the
management of the property such as accounting adjustments for
straight-line rent and the amortization of above or below market
rent. Additionally, DCT Industrial presents Cash NOI, excluding
revenue from lease terminations, as such revenue is not considered
indicative of recurring operating performance.
Quarterly and Annual Same-Store Portfolios include all
consolidated stabilized acquisitions acquired before January 1,
2016 and all consolidated developments, Redevelopments and
Value-Add Acquisitions stabilized prior to January 1, 2016. Once a
property is included in the Quarterly or Annual Same-Store
Portfolio, it remains until it is subsequently disposed or placed
into redevelopment. We consider NOI and Cash NOI from Quarterly and
Annual Same-Store Portfolios to be a useful measure in evaluating
our financial performance and to improve comparability between
periods by including only properties owned for comparable
periods.
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 with the following
adjustments:
- Add real estate-related depreciation
and amortization;
- Subtract gains from dispositions of
real estate held for investment purposes;
- Add 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 for the preceding items to
derive DCT Industrial’s proportionate share of FFO of
unconsolidated joint ventures.
We also present FFO, as adjusted, which excludes hedge
ineffectiveness, certain severance costs, acquisition costs, debt
modification costs and impairment losses on properties which are
not depreciable. We believe that FFO, as adjusted, excluding
hedge ineffectiveness, certain severance costs, 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 or FFO, as adjusted, 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, as
adjusted, may not be comparable to other REITs’ FFO or FFO, as
adjusted, should be considered only as a supplement to net income
(loss) as a measure of DCT Industrial’s performance.
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, 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170504006670/en/
DCT Industrial TrustMelissa 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