FFO of $0.49 per Share
Consolidated Operating Occupancy of 95.3
Percent
Same-Store NOI Growth of 10.9 Percent on a
Cash Basis and 7.2 Percent on a GAAP Basis
Rent Growth of 5.5 Percent on a Cash Basis
and 14.3 Percent on a GAAP Basis
Since January 1, Acquired 1.6 Million Square
Feet for $98.4 Million;Sold 2.6 Million Square Feet for
$113.0 Million
Stabilized 966,000 Square Feet of
Development and Redevelopment at a Yield on Cost of8.9
Percent; Signed Two Build-to-Suit Projects Totaling 1.4 Million
Square Feet
DCT Industrial Trust® (NYSE: DCT), a leading industrial real
estate company, today announced financial results for the quarter
ending March 31, 2015.
“DCT is off to a great start in 2015. We saw strong growth in
rents and same-store NOI as our high-quality portfolio continues to
perform very well. Our development and redevelopment program is
also creating substantial value and progressing ahead of plan. We
stabilized two development buildings and four redevelopment
buildings totaling 966,000 square feet with projected costs of
$72.9 million and an average yield on cost of 8.9 percent,” said
Phil Hawkins, Chief Executive Officer for DCT Industrial. "We also
signed two build-to-suit leases totaling 1.4 million square feet
with construction commencing on both projects mid-year."
Funds from operations, as adjusted, attributable to common
stockholders and unitholders (“FFO”) for Q1 2015 totaled $45.7
million, or $0.49 per diluted share, compared with $39.0 million,
or $0.45 per diluted share, for Q1 2014, an increase of 8.9 percent
per diluted share. These results exclude $1.3 million and $0.7
million of acquisition costs for the quarters ending March 31, 2015
and 2014, respectively.
Net income attributable to common stockholders for Q1 2015 was
$28.7 million, or $0.32 per diluted share, compared to $0.3
million, or $0.00 per diluted share, reported for Q1 2014.
Property Results and Leasing
Activity
As of March 31, 2015, DCT Industrial owned 400 consolidated
operating properties, totaling 61.9 million square feet, with
occupancy of 95.3 percent, a decrease of 10 basis points over Q4
2014 and an increase of 250 basis points over Q1 2014.
Approximately 0.6 million square feet, or 1.0 percent of DCT
Industrial’s total consolidated portfolio was leased but not
occupied at March 31, 2015.
In Q1 2015, the Company signed leases totaling 3.8 million
square feet with rental rates increasing 14.3 percent on a GAAP
basis and 5.5 percent on a cash basis, compared to the
corresponding expiring leases. Over the previous four quarters,
rental rates on signed leases increased 11.5 percent on a GAAP
basis and 4.4 percent on a cash basis. The Company’s tenant
retention rate was 66.9 percent in Q1 2015.
Net operating income (“NOI”) was $63.4 million in Q1 2015,
compared with $57.0 million in Q1 2014. In Q1 2015, same-store NOI,
excluding revenue from lease terminations, increased 7.2 percent on
a GAAP basis and 10.9 percent on a cash basis, when compared to Q1
2014. Same-store occupancy averaged 94.5 percent in Q1 2015, an
increase of 180 basis points over Q1 2014. Same-store occupancy as
of March 31, 2015 was 94.8 percent.
Investment Activity
Acquisitions
Since January 1, 2015, DCT Industrial has acquired nine
buildings for $98.4 million. Totaling 1.6 million square feet,
these buildings were 80.8 percent occupied at the time of closing.
The Company expects a year-one weighted-average cash yield of 3.7
percent and anticipates a weighted-average stabilized cash yield of
6.3 percent on the acquired assets.
The table below summarizes acquisitions since January 1,
2015:
Market Submarket
Square Feet
Occupancyat Closing
Closed
AnticipatedYield1
Atlanta, GA I-85 Northeast 398,000 100.0 %2 Jan-15 7.3 % Atlanta,
GA I-85 Northeast 109,000 100.0 % Feb-15 8.3 % Denver, CO (5
buildings) I-70/Northeast 691,000 97.0
%2
Mar-15 6.1 % Northern California (2 buildings)
Hayward 448,000 34.4
%2,3
Mar-15 5.8 % Total/Weighted
Average 1,646,000 80.8 % 6.3 %
1 Anticipated yield represents year-one cash yield for
stabilized acquisitions and projected stabilized cash yield for
value-add acquisitions.2 Acquired with known year-one move-out
and/or known vacancy.3 Includes a 294,000 square foot building that
is currently 394,000 square feet but will be reduced in size as
part of a comprehensive redevelopment of the asset. See
Redevelopment section.
Development
Development highlights since January 1, 2015:
- Executed a lease and commenced
construction on a 55,000 square foot expansion of 6400 Hollister
Road, a 222,000 square foot building located in the Northwest
submarket of Houston. The building is 100 percent leased with the
expansion scheduled to be complete in Q4 2015.
- Executed two leases, 34,000 and 23,000,
at DCT Airtex Industrial Center II, a 127,000 square foot building
located in the Northwest submarket of Houston, bringing the
facility to 45 percent leased.
- Executed a full pre-lease of DCT North
Avenue Distribution Center, a 350,000 square foot build-to-suit
facility for a current customer in the Northern DuPage submarket of
Chicago. The Company purchased 20.7 acres that currently houses two
buildings. The buildings will be demolished with construction
scheduled to commence in Q3 2015.
- In April, purchased approximately 70
acres in Atlanta to develop a 1.0 million square foot distribution
building. The development is 100 percent pre-leased to a credit
tenant with construction scheduled to commence in Q2 2015.
- In April, purchased 12.8 acres in the
Southeast submarket of Orlando. The site will be combined with 8.0
acres already owned to create DCT Airport Distribution Center North
Phase III. The development will add approximately 300,000 square
feet to the Company’s existing 301,000 square foot, three-building
industrial park, DCT Airport Distribution Center North.
Redevelopment
Redevelopment highlights since January 1, 2015:
- The acquisition table above includes a
294,000 square foot redevelopment located in the Hayward submarket
of Northern California. The currently vacant building is 394,000
square feet and will be reduced in size by 100,000 square feet to
greatly improve functionality and better position it in the market.
The property is being actively marketed during renovations which
are scheduled to be complete in Q1 2016.
- Commenced construction on 2201 Arthur,
a 103,000 square foot redevelopment located in the O’Hare submarket
of Chicago. The vacant building is actively being marketed during
renovations which are scheduled to be complete in Q4 2015.
Dispositions
Since January 1, 2015, DCT Industrial has sold 10 buildings
totaling 2.6 million square feet. This includes the previously
announced sale of six of its eight assets in Memphis. These
transactions generated total gross proceeds of $113.0 million and
have an expected year-one weighted-average cash yield of 7.3
percent.
The table below summarizes the dispositions since January 1,
2015:
Market Submarket Square Feet
Occupancy Closed Memphis, TN (6
buildings) 2,327,000 100.0 % Feb-15 Southern California Inland
Empire West 40,000 N/A1 Apr-15 Southern California Inland Empire
West 55,000 N/A1 Apr-15 Southern California Inland Empire West
61,000 N/A1 Apr-15 Atlanta, GA North Central
120,000 87.8 %
Apr-15 Total/Weighted Average 2,603,000 99.4 %
1 Build-to-suit for sale
Capital Markets
In April, DCT Industrial amended and restated its senior
unsecured bank facilities. The transaction increased the capacity
under the Company’s revolving line of credit from $300 million to
$400 million and extended its maturity date until April 2019 plus a
one-year extension option. In addition, the maturity date of $125
million of the existing $225 million term loan was extended to
April of 2020. Based on DCT Industrial’s current debt rating, the
transaction also reduces DCT Industrial’s all-in drawn interest
rate on the Company's revolving line of credit by 20 basis points
going forward and the interest rate on the Company's term loans by
25 basis points.
Dividend
DCT Industrial’s Board of Directors has declared a $0.28 per
share quarterly cash dividend, payable on July 15, 2015 to
stockholders of record as of July 2, 2015.
Guidance
The Company raised and narrowed 2015 FFO guidance, as adjusted,
to $1.90 to $2.00 per diluted share, up from $1.86 to $1.98 per
diluted share. Additionally, net income attributable to common
stockholders is expected to be between $0.56 and $0.66 per diluted
share.
DCT Industrial’s guidance for 2015 includes the following
assumptions:
- Same-store net operating income will
increase between 5.75 percent and 7.25 percent on a cash basis and
between 4.25 percent and 5.75 percent on a GAAP basis
- Average consolidated operating
occupancy between 94.5 percent and 95.5 percent
- Acquisitions of between $100 million
and $200 million including stabilized and value-add
- Development starts of between $200
million and $300 million
- Dispositions of non-strategic assets of
between $250 million and $350 million
The Company’s FFO guidance excludes acquisition costs.
Conference Call
Information
DCT Industrial will host a conference call to discuss Q1 results
on Friday, May 1, 2015 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, May 15, 2015 and can be
accessed by dialing (877) 344-7529 or (412) 317-0088 and entering
the passcode 10063188. 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 1, 2016.
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 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, 2015,
the Company owned interests in approximately 73.3 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)
March 31,
2015
December 31,2014
ASSETS
(unaudited)
Land $ 971,994 $ 950,963 Buildings and improvements 2,879,913
2,787,959 Intangible lease assets 90,992 86,515 Construction in
progress 90,565 134,938
Total investment in
properties 4,033,464 3,960,375 Less accumulated depreciation
and amortization (714,193 ) (703,840 )
Net
investment in properties 3,319,271 3,256,535 Investments in and
advances to unconsolidated joint ventures 92,847
94,728
Net investment in real estate 3,412,118 3,351,263
Cash and cash equivalents 10,739 19,631 Restricted cash 3,602 3,779
Deferred loan costs, net 7,486 8,026
Straight-line rent and other receivables,
net of allowance for doubtful accounts
of $697 and $956, respectively
57,004 54,183 Other assets, net 15,424 14,652
Total assets $ 3,506,373 $ 3,451,534
LIABILITIES
AND EQUITY Liabilities: Accounts payable and accrued expenses $
77,552 $ 83,543 Distributions payable 26,042 25,973 Tenant prepaids
and security deposits 28,805 30,539 Other liabilities 18,154 14,078
Intangible lease liabilities, net 23,435 22,940 Line of credit
69,000 37,000 Senior unsecured notes 1,122,676 1,122,621 Mortgage
notes 269,477 249,424
Total liabilities
1,635,141 1,586,118 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 88,166,490
and 88,012,696 shares issued and
outstanding as of March 31, 2015 and
December 31, 2014, respectively
882 880 Additional paid-in capital 2,764,302 2,762,431
Distributions in excess of earnings (982,251 ) (986,289 )
Accumulated other comprehensive loss (26,505 )
(27,190 )
Total stockholders’ equity 1,756,428 1,749,832
Noncontrolling interests 114,804 115,584
Total
equity 1,871,232 1,865,416
Total liabilities
and equity $ 3,506,373 $ 3,451,534
DCT INDUSTRIAL TRUST INC. AND
SUBSIDIARIESConsolidated Statements of
Operations(unaudited, in thousands, except per share
information)
Three Months Ended March 31, 2015
2014 REVENUES: Rental revenues $ 88,062 $
82,619 Institutional capital management and other fees 378
764
Total revenues 88,440 83,383
OPERATING EXPENSES: Rental expenses 10,148 12,402 Real
estate taxes 14,505 13,197 Real estate related depreciation and
amortization 38,996 36,433 General and administrative 7,336 6,834
Impairment losses - 4,359
Total operating
expenses 70,985 73,225
Operating income
17,455 10,158
OTHER INCOME (EXPENSE): Development
profit, net of taxes - 728 Equity in earnings of unconsolidated
joint ventures, net 807 3,613 Gain on acquisitions and dispositions
of real estate interests 26,154 2,045 Interest expense (13,904 )
(16,056 ) Interest and other income (expense) (18 ) 28 Income tax
expense and other taxes (193 ) (57 )
Income from
continuing operations 30,301 459 Income from discontinued
operations - 9
Consolidated net income of DCT
Industrial Trust Inc. 30,301 468 Net income attributable to
noncontrolling interests (1,556 ) (151 )
Net
income attributable to common stockholders 28,745
317
Distributed and undistributed earnings
allocated to
participating securities
(143 ) (166 )
Adjusted net income attributable to
common
stockholders
$ 28,602 $ 151
EARNINGS PER COMMON SHARE - BASIC
Income from continuing operations $ 0.32 $ 0.00 Income from
discontinued operations 0.00 0.00 Net income
attributable to common stockholders $ 0.32 $ 0.00
EARNINGS PER COMMON SHARE - DILUTED Income from continuing
operations $ 0.32 $ 0.00 Income from discontinued operations
0.00 0.00 Net income attributable to common stockholders $
0.32 $ 0.00
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING: Basic 88,090 80,986 Diluted 88,419
81,249 Distributions declared per common share $ 0.28 $ 0.28
Reconciliation of Net Income
Attributable to Common Stockholders to Funds from
Operations(unaudited, in thousands, except per share and
unit data)
Three Months Ended March 31, 2015
2014
Reconciliation of net income
attributable to common
stockholders to FFO:
Net income attributable to common stockholders $ 28,745 $ 317
Adjustments: Real estate related depreciation and amortization
38,996 36,433 Equity in earnings of unconsolidated joint ventures,
net (807 ) (3,613 ) Equity in FFO of unconsolidated joint ventures
2,408 2,716 Impairment losses on depreciable real estate - 4,491
Gain on acquisitions and dispositions of real estate interests
(26,154 ) (2,045 ) Gain on dispositions of non-depreciable real
estate 18 98 Noncontrolling interest in the above adjustments (853
) (2,164 ) FFO attributable to unitholders 2,067
1,994 FFO attributable to common stockholders and unitholders(1)
44,420 38,227 Adjustments: Acquisition costs
1,314 725
FFO, as adjusted, attributable to common
stockholders and
unitholders — basic and diluted
$ 45,734 $ 38,952 FFO per common share and unit — basic $
0.48 $ 0.45 FFO per common share and unit — diluted $ 0.48 $ 0.44
FFO, as adjusted, per common share and unit — basic $ 0.49 $
0.45 FFO, as adjusted, per common share and unit — diluted $ 0.49 $
0.45 FFO weighted average common shares and units
outstanding: Common shares for earnings per share — basic 88,090
80,986 Participating securities 571 557 Units 4,299
4,457
FFO weighted average common shares,
participating
securities and units outstanding —
basic
92,960 86,000 Dilutive common stock equivalents 329
263
FFO weighted average common shares,
participating
securities and units outstanding —
diluted
93,289 86,263 (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 2015 Low
High Guidance: Earnings per common share -
diluted $ 0.56 $ 0.66 Gains on disposition of real estate interest
(0.28 ) (0.28 ) Real estate related depreciation and
amortization(1) 1.60 1.61 Acquisition costs 0.02 0.01
FFO, as adjusted, per common share and unit-diluted(2) $ 1.90 $
2.00
(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, 2015and 2014 (in thousands):
Three Months Ended March 31, 2015
2014 Net income attributable to common
stockholders(1) $ 28,745 $ 317 Interest expense
13,904 16,056 Proportionate share of interest expense from
unconsolidated joint ventures 324 317 Real estate related
depreciation and amortization 38,996 36,433
Proportionate share of real estate related
depreciation and amortization from
unconsolidated joint ventures
1,208 1,466 Income tax expense and other taxes 193 89 Stock-based
compensation 1,063 1,038 Noncontrolling interests 1,556 151 Non-FFO
gain on acquisitions and dispositions of real estate interests
(26,136 ) (1,947 ) Impairment losses -
4,491 Adjusted EBITDA $ 59,853 $ 58,411
CALCULATION OF FIXED CHARGES Interest expense $ 13,904 $ 16,056
Capitalized interest 3,709 1,948 Amortization of loan costs and
debt premium/discount 20 (113 ) Other noncash interest expense
(1,024 ) (1,024 ) Proportionate share of interest expense from
unconsolidated joint ventures 324 317
Total fixed charges $ 16,933 $ 17,184 Fixed
charge coverage 3.5 3.4 (1)
Includes amounts related to discontinued operations, when
applicable.
The following table is a reconciliation
of our reported income from continuing operations to our net
operating income forthe three months ended March 31, 2015
and 2014 (in thousands):
Three Months Ended March 31, 2015
2014 Reconciliation of income from continuing
operations to NOI: Income from continuing
operations $ 30,301 $ 459 Income tax expense and other taxes 193 57
Interest and other (income) expense 18 (28 ) Interest expense
13,904 16,056 Equity in earnings of unconsolidated joint ventures,
net (807 ) (3,613 ) General and administrative 7,336 6,834 Real
estate related depreciation and amortization 38,996 36,433
Impairment losses - 4,359 Development profit, net of taxes - (728 )
Gain on acquisitions and dispositions of real estate interests
(26,154 ) (2,045 ) Institutional capital management and other fees
(378 ) (764 ) Total GAAP net operating
income 63,409 57,020 Less net operating income - non-same store
properties (9,911 ) (6,792 ) Same store
GAAP net operating income 53,498 50,228 Less revenue from lease
terminations (511 ) (906 ) Add early termination straight-line rent
adjustment 167 263
Same store GAAP net operating income,
excluding revenue from lease
terminations
53,154 49,585 Less straight-line rents, net of related bad debt
expense (309 ) (1,893 ) Less amortization of above/(below) market
rents (386 ) (389 )
Same store cash net operating income,
excluding revenue from lease
terminations
$ 52,459 $ 47,303
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 properties 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 acquisition costs, debt modification
costs and impairment losses on properties which are not
depreciable. We believe that FFO excluding 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 income (loss)
attributable to DCT common stockholders before interest, taxes,
depreciation, amortization, stock-based compensation expense,
noncontrolling interest, impairment losses, and proportionate share
of interest, depreciation and amortization from unconsolidated
joint ventures, 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 TrustMelissa Sachs,
303-597-2400investorrelations@dctindustrial.com
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