Net Earnings of $0.24 per Diluted
Share
FFO, as adjusted, of $0.54 per Share
Consolidated Operating Occupancy of 95.6
Percent
Same-Store NOI Growth of 1.3 Percent on a
Straight-Line Basis and 1.5 Percent on a Cash
Basis;Increased and Narrowed Full-Year 2016 Same-Store NOI
Guidance to between 4.75 and 5.50 Percent on a Straight-Line Basis
and between 4.50 and 5.25 on a Cash Basis
Rent Growth of 15.3 Percent on a GAAP Basis
and 5.7 Percent on a Cash Basis
Stabilized 1.4 Million Square Feet of
Development and Redevelopment at an Average Yield of 7.5
Percent
Raised and Narrowed 2016 Net Earnings
Guidance to between $0.84 and $0.90 Per Diluted Share
Raised and Narrowed 2016 FFO Guidance, as
adjusted, to between $2.16 and $2.22 Per Diluted Share
DCT Industrial Trust® (NYSE: DCT), a leading industrial real
estate company, today announced financial results for the quarter
ending June 30, 2016.
“DCT had another good quarter highlighted by strong leasing
volume and rental-rate growth,” said Phil Hawkins, President and
CEO for DCT Industrial. “Customer demand is robust across all of
our markets, driven by e-commerce as well as continued healthy
activity from traditional users. The combination of
better-than-expected demand plus low vacancy rates and disciplined
supply, bodes well for continued strong results in both our
operating and development portfolios. This has led us to increase
our financial and operating guidance across all key metrics.”
Net income attributable to common stockholders (“Net Earnings”)
for Q2 2016 was $21.4 million, or $0.24 per diluted share, compared
to $18.3 million, or $0.20 per diluted share, reported for Q2 2015,
an increase of 20.0 percent per diluted share.
Funds from operations (“FFO”), as adjusted, attributable to
common stockholders and unitholders for Q2 2016 totaled $51.1
million, or $0.54 per diluted share, compared with $44.2 million,
or $0.47 per diluted share, for Q2 2015, an increase of 14.9
percent per diluted share. These results exclude $0.1 million of
acquisition costs and a non-cash charge of $0.4 million related to
hedge ineffectiveness for the quarter ending June 30, 2016 and $0.2
million of acquisitions costs for the quarter ending June 30,
2015.
Property Results and Leasing
Activity
As of June 30, 2016, DCT Industrial owned 392 consolidated
operating properties, totaling 63.4 million square feet, with
occupancy of 95.6 percent, a decrease of 20 basis points from Q1
2016 and an increase of 50 basis points over Q2 2015. On a
same-portfolio basis, the impact of dispositions and placing
developments into operations brought occupancy down 10 basis
points. Approximately 731,000 square feet, or 1.1 percent of DCT
Industrial’s total consolidated portfolio was leased but not
occupied at June 30, 2016, which does not take into consideration
594,000 square feet of leased developments under construction and
pre-developments.
In Q2 2016, the Company signed leases totaling 4.4 million
square feet with rental rates increasing 15.3 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 21.2 percent on a GAAP
basis and 7.8 percent on a cash basis. The Company’s tenant
retention rate was 75.0 percent in Q2 2016.
Net operating income (“NOI”) was $71.6 million in Q2 2016,
compared with $66.2 million in Q2 2015. In Q2 2016, same-store NOI,
excluding revenue from lease terminations, increased 1.3 percent on
a straight-line basis and 1.5 percent on a cash basis, when
compared to Q2 2015. Same-store occupancy averaged 95.1 percent in
Q2 2016, a decrease of 20 basis points from Q2 2015. Same-store
occupancy as of June 30, 2016 was 95.3 percent.
Investment Activity
Development and Redevelopment
In Q2 2016, DCT Industrial stabilized 1.4 million square feet of
developments and redevelopments at a weighted-average yield of 7.5
percent. Additionally, since March 31, 2016, the Company executed
941,000 square feet of development and redevelopment leases
bringing its development pipeline to 45.8 percent leased and its
redevelopment pipeline to 79.9 percent leased.
Development highlights since March 31, 2016:
- Executed a 234,000 square foot lease
for SCLA Building 13B, a 445,000 square foot building located in
Victorville, CA, which is owned by an unconsolidated joint venture.
The 100 percent leased project is scheduled to be complete in Q3
2016.
- In July, executed a 134,000 square foot
pre-lease for DCT Commerce Center Phase II Building E to bring the
162,000 square foot development located in the Airport West
submarket of Miami to 82.6 percent leased. Construction is
scheduled to commence in Q1 2017.
- Commenced construction on DCT White
River Corporate Center Phase II North, a 251,000 square foot
building located in the South Kent Valley submarket of Seattle.
Construction is scheduled to be complete in Q4 2016.
- In July, commenced construction on DCT
Arbor Avenue, a 796,000 square foot development located in the City
of Tracy in San Joaquin County, in the Central Valley submarket of
Northern California. Construction is scheduled to be complete in Q3
2017.
- Acquired 23.1 acres in the B/W Corridor
submarket of Baltimore/Washington D.C. to develop DCT Terrapin
Commerce Center, a two-building complex totaling 220,000 square
feet.
- Acquired 17.5 acres in the Northwest
submarket of Dallas to develop DCT Miller Road, a 270,000 square
foot building.
- In July, acquired 9.9 acres in the DFW
Airport submarket of Dallas to develop DCT DFW Trade Center, a
112,000 square foot building.
Redevelopment highlights since March 31, 2016:
- Executed a full-building lease for a
297,000 square foot redevelopment located in the Hayward submarket
of Northern California. The project is scheduled to be complete in
Q4 2016.
- Executed a 159,000 square foot lease
for a 320,000 square foot redevelopment located in the I-88
Corridor submarket of Chicago to bring the building to 100 percent
leased.
- Executed a 40,000 square foot lease for
a 103,000 square foot redevelopment located in the Tacoma/Fife
submarket of Seattle to bring the building to 38.8 percent
leased.
- Executed a 31,000 square foot lease for
a 63,000 square foot redevelopment located in the DFW Airport
submarket of Dallas to bring the building to 100 percent
leased.
Dispositions
Since March 31, 2016, DCT Industrial has sold seven buildings
totaling 1.2 million square feet. These transactions generated
total gross proceeds of $51.4 million and have an expected year-one
weighted-average cash yield of 7.5 percent.
The table below summarizes the dispositions since March 31,
2016:
Market Submarket Square
Feet Occupancy Closed
Chicago Central Kane/DuPage
249,000 100.0 %
Apr-16 Chicago (4 buildings) Central Kane/DuPage 829,000
100.0 % Apr-16 Chicago North DuPage 63,000 0.0 % June-16 Northern
California 880 Corridor
36,000 100.0 % June-16
Total/Weighted Average 1,177,000 94.6 %
Capital Markets
As previously announced in May, the Company priced $250 million
of senior unsecured notes. The notes will be issued in a private
placement offering with an average term of 10 years and a
weighted-average interest rate of 3.90 percent. The proceeds will
be used to repay borrowings under the Company’s senior unsecured
revolving line of credit, other senior unsecured notes and for
general corporate purposes. It is expected the notes will be issued
in Q3 2016.
Dividend
DCT Industrial’s Board of Directors declared a $0.29 per share
quarterly cash dividend, payable on October 19, 2016 to
stockholders of record as of October 7, 2016.
Guidance
The Company raised and narrowed 2016 Net Earnings to between
$0.84 and $0.90 per diluted share, up from $0.73 to $0.83. Net
Earnings guidance excludes any gain or loss related to potential
future dispositions.
The Company raised and narrowed 2016 FFO guidance, as adjusted,
to between $2.16 and $2.22 per diluted share, up from $2.10 to
$2.20 per diluted share. The Company’s FFO guidance excludes actual
and any potential future acquisition costs and non-cash charges for
hedge ineffectiveness.
For additional details, assumptions and definitions related to
the Company’s 2016 guidance, please refer to page 18 in DCT
Industrial’s second quarter 2016 supplemental reporting
package.
Conference Call
Information
DCT Industrial will host a conference call to discuss Q2 results
on Friday, August 5, 2016 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, September 2,
2016 and can be accessed by dialing (877) 344-7529 or (412)
317-0088 and entering the passcode 10088807. 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 August 5,
2017.
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.
About DCT Industrial
Trust®
DCT Industrial is a leading industrial real estate company
specializing in the ownership, acquisition, development, leasing
and management of bulk-distribution and light-industrial properties
in high-volume distribution markets in the U.S. As of June 30,
2016, the Company owned interests in approximately 72.0 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
SUBSIDIARIESConsolidated Balance Sheets(in thousands,
except share information)
June 30, 2016 December 31, 2015 ASSETS
(unaudited) Land $ 1,011,875 $ 1,009,905 Buildings and improvements
3,032,314 2,886,859 Intangible lease assets 78,369 84,420
Construction in progress 100,180 159,397
Total
investment in properties 4,222,738 4,140,581 Less accumulated
depreciation and amortization (783,879 ) (742,980 )
Net
investment in properties 3,438,859 3,397,601 Investments in and
advances to unconsolidated joint ventures 88,175 82,635
Net investment in real estate 3,527,034 3,480,236
Cash and cash equivalents 33,403 18,412 Restricted cash 50,470
31,187
Straight-line rent and other receivables,
net of allowance for doubtful accounts of $416 and $335,
respectively
71,992 60,357 Other assets, net 15,207 15,964 Assets held for sale
— 26,199
Total assets $ 3,698,106 $
3,632,355
LIABILITIES AND EQUITY Liabilities:
Accounts payable and accrued expenses $ 96,201 $ 108,788
Distributions payable 27,381 26,938 Tenant prepaids and security
deposits 30,890 29,663 Other liabilities 38,556 18,398 Intangible
lease liabilities, net 20,230 22,070 Line of credit 133,000 70,000
Senior unsecured notes 1,226,874 1,276,097 Mortgage notes 206,219
210,375 Liabilities related to assets held for sale — 869
Total liabilities 1,779,351 1,763,198
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 89,921,284 and 88,313,891 shares
issued and outstanding as of June 30, 2016 and December
31, 2015, respectively
899 883 Additional paid-in capital 2,822,705 2,766,193
Distributions in excess of earnings (986,185 ) (992,010 )
Accumulated other comprehensive loss (29,172 ) (23,082 )
Total
stockholders’ equity 1,808,247 1,751,984 Noncontrolling
interests 110,508 117,173
Total equity
1,918,755 1,869,157
Total liabilities and
equity $ 3,698,106 $ 3,632,355
DCT INDUSTRIAL TRUST INC. AND
SUBSIDIARIESConsolidated Statements of
Operations(unaudited, in thousands, except per share
information)
Three Months Ended June 30, Six Months
Ended June 30, 2016 2015 2016
2015 REVENUES: Rental revenues $ 95,597 $
88,115 $ 189,574 $ 176,177 Institutional capital management and
other fees 305 423 698 801
Total
revenues 95,902 88,538 190,272 176,978
OPERATING EXPENSES: Rental expenses 8,986
8,408 19,035 18,556 Real estate taxes 15,054 13,521 29,655 28,026
Real estate related depreciation and amortization 39,901 38,449
79,971 77,445 General and administrative 7,358 9,856 13,620 17,192
Casualty loss 162 — 162 —
Total
operating expenses 71,461 70,234 142,443
141,219
Operating income 24,441 18,304 47,829 35,759
OTHER INCOME (EXPENSE): Development profit, net of
taxes — 2,627 — 2,627 Equity in earnings of unconsolidated
jointventures, net 935 1,036 1,819 1,843 Gain on dispositions of
real estate interests 12,955 14,932 43,052 41,086 Interest expense
(15,635 ) (13,609 ) (32,057 ) (27,513 ) Interest and other income
(expense) 48 (11 ) 563 (29 ) Income tax expense and other taxes
(172 ) (278 ) (288 ) (471 )
Consolidated net incomeof DCT
Industrial Trust Inc. 22,572 23,001 60,918 53,302 Net income
attributable to noncontrollinginterests (1,154 ) (4,704 ) (3,109 )
(6,260 )
Net income attributable to
commonstockholders 21,418 18,297 57,809
47,042
Distributed and undistributed earnings
allocated to participating securities
(106 ) (201 ) (334 ) (344 )
Adjusted net income
attributableto common stockholders $ 21,312 $
18,096 $ 57,475 $ 46,698
NET
EARNINGS PER COMMON SHARE: Basic $ 0.24 $ 0.21 $
0.65 $ 0.53 Diluted $ 0.24 $ 0.20 $
0.64 $ 0.53
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING: Basic 89,748 88,187 89,066 88,139 Diluted 90,184
88,486 89,490 88,453
Distributions declared per common share $ 0.29 $ 0.28 $ 0.58 $ 0.56
Reconciliation of Net Income
Attributable to Common Stockholders to Funds from
Operations(unaudited, in thousands, except per share and unit
data)
For the Three Months Ended June 30, For the
Six Months Ended June 30, 2016 2015
2016 2015 Reconciliation of net income
attributable to common stockholders to FFO: Net
income attributable to common stockholders $ 21,418 $ 18,297 $
57,809
$
47,042
Adjustments: Real estate related depreciation and amortization
39,901
38,449
79,971
77,445
Equity in earnings of unconsolidated joint ventures, net (935 )
(1,036
) (1,819 )
(1,843
) Equity in FFO of unconsolidated joint ventures 2,451
2,575
4,818
4,983
Gain on dispositions of real estate interests (12,955 )
(14,932
) (43,052 )
(41,086
) Gain on dispositions of non-depreciable real estate —
—
—
18
Noncontrolling interest in the above adjustments (1,411 )
(1,336
) (2,097 )
(2,189
) FFO attributable to unitholders 2,182
2,028
4,443
4,095
FFO attributable to common stockholders and unitholders –
basic and diluted(1) 50,651
44,045
100,073
88,465
Adjustments:
Acquisition costs
72
170
92
1,484
Hedge ineffectiveness (non-cash) 357
—
1,420
—
FFO, as adjusted, attributable to common
stockholders and unitholders – basic
and diluted
$ 51,080
$
44,215
$ 101,585
$
89,949
FFO per common share and unit – basic $ 0.54 $
0.47 $ 1.07 $ 0.95 FFO per common share and
unit – diluted $ 0.53 $ 0.47 $ 1.06 $ 0.95
FFO, as adjusted, per common share and unit – basic $
0.54 $ 0.48 $ 1.08 $ 0.97 FFO, as
adjusted, per common share and unit – diluted $ 0.54 $ 0.47
$ 1.08 $ 0.96 FFO weighted average
common shares and units outstanding: Common shares for net earnings
per share 89,748
88,187
89,066
88,139
Participating securities 592
626
550
599
Units 4,039
4,256
4,138
4,278
FFO weighted average common shares,
participating securities and units
outstanding – basic
94,379
93,069
93,754
93,016
Dilutive common stock equivalents 436
299
424
314
FFO weighted average common shares,
participating securities and units
outstanding – diluted
94,815
93,368
94,178
93,330
(1)
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 2016 Low
High Guidance: Net earnings per common share -
diluted $ 0.84 $ 0.90 Adjustments: Gains on disposition of real
estate interest (0.46 ) (0.46 ) Real estate related depreciation
and amortization(1) 1.74 1.74 Hedge ineffectiveness (non-cash) and
acquisition costs 0.02 0.02 Noncontrolling interest in adjustments
0.02 0.02 FFO, as adjusted, per common share and unit
- diluted(2) $ 2.16 $ 2.22
(1)
Includes pro rata share of real estate
depreciation and amortization from unconsolidated joint
ventures.
(2) The Company’s FFO guidance excludes actual and assumed
hedge ineffectiveness and acquisition costs.
The following table shows the
calculation of our Fixed Charge Coverage Ratio for the three and
six months ended June 30, 2016 and 2015 (unaudited, in
thousands):
For the Three Months EndedJune
30,
For the Six Months EndedJune
30,
2016 2015 2016 2015 Net
income attributable to common stockholders $ 21,418 $ 18,297 $
57,809 $ 47,042 Interest expense 15,635 13,609 32,057 27,513
Proportionate share of interest expense
from unconsolidated joint ventures
277 329 551 653 Real estate related depreciation and amortization
39,901 38,449 79,971 77,445
Proportionate share of real estate related
depreciation and amortization from unconsolidated joint
ventures
1,098 1,226 2,198 2,434 Income tax expense and other taxes 172 278
288 471 Stock-based compensation 1,438 1,477 2,740 2,540
Noncontrolling interests 1,154 4,704 3,109 6,260 Non-FFO gain on
dispositions of real estate interests (12,955 )
(14,932 ) (43,052 ) (41,068 ) Adjusted EBITDA $
68,138 $ 63,437 $ 135,671 $ 123,290
CALCULATION OF FIXED CHARGES: Interest expense $ 15,635 $
13,609 $ 32,057 $ 27,513 Capitalized interest 2,661 4,125 5,608
7,834 Amortization of loan costs and debt premium/discount (224 )
72 (450 ) 92 Other non-cash interest expense(1) (1,381 ) (1,024 )
(3,468 ) (2,048 )
Proportionate share of interest expense
from unconsolidated joint ventures
277 329 551 653
Total fixed charges $ 16,968 $ 17,111 $ 34,298
$ 34,044 Fixed charge coverage ratio
4.0x 3.7x 4.0x 3.6x (1) Includes $0.4
million and $1.4 million of hedge ineffectiveness for the three and
six months ended June 30, 2016, respectively.
The following table is a reconciliation
of our reported net income attributable to common stockholders to
our net operating income for the three and six months ended June
30, 2016 and 2015 (unaudited, in thousands):
For the Three Months EndedJune
30,
For the Six Months EndedJune
30,
2016 2015 2016 2015
Reconciliation of net income attributable to common stockholders
to NOI: Net income attributable to common stockholders $ 21,418
$ 18,297 $ 57,809 $ 47,042 Net income attributable to
noncontrolling interests 1,154 4,704 3,109 6,260 Income tax expense
and other taxes 172 278 288 471 Interest and other (income) expense
(48 ) 11 (563 ) 29 Interest expense 15,635 13,609 32,057 27,513
Equity in earnings of unconsolidated joint ventures, net (935 )
(1,036 ) (1,819 ) (1,843 ) General and administrative expense 7,358
9,856 13,620 17,192 Real estate related depreciation and
amortization 39,901 38,449 79,971 77,445 Development profit, net of
taxes — (2,627 ) — (2,627 ) Gain on dispositions of real estate
interests (12,955 ) (14,932 ) (43,052 ) (41,086 ) Casualty loss 162
— 162 — Institutional capital management and other fees (305
) (423 ) (698 ) (801 ) Total NOI 71,557 66,186
140,884 129,595 Less NOI – non-same store properties (9,362
) (4,887 ) (23,018 ) (15,263 ) Same store NOI
62,195 61,299 117,866 114,332 Less revenue from lease terminations
(572 ) (527 ) (652 ) (1,023 ) Add early termination straight-line
rent adjustment 22 66 132
172 Same store NOI, excluding revenue from lease
terminations 61,645 60,838 117,346 113,481 Less straight-line
rents, net of related bad debt expense (1,673 ) (1,715 ) (2,725 )
(2,460 ) Less amortization of above/(below) market rents
(678 ) (709 ) (1,181 ) (1,279 ) Same store
Cash NOI, excluding revenue from lease terminations $ 59,294
$ 58,414 $ 113,440 $ 109,742
Financial Measures
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 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.
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, 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 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 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.
We calculate Fixed Charge Coverage Ratio as Adjusted EBITDA
divided by total Fixed Charges. Fixed Charges include interest
expense, interest capitalized, our proportionate share of our
unconsolidated joint venture interest expense and adjustments for
amortization of discounts, premiums, loan costs and other non-cash
interest expense.
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/20160804006448/en/
DCT Industrial TrustMelissa Sachs,
303-597-2400investorrelations@dctindustrial.com
Dct Industrial Trust (delisted) (NYSE:DCT)
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