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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Dct Industrial Trust (delisted) | NYSE:DCT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 66.28 | 0 | 01:00:00 |
Net Earnings of $0.45 per Diluted Share in Q2;Raised and Narrowed 2017 Net Earnings Guidance to between $0.84 and $0.90 Per Diluted Share
FFO, as adjusted, of $0.60 per Diluted Share in Q2;Raised and Narrowed 2017 FFO Guidance, as adjusted, to between $2.39 and $2.45 Per Diluted Shared
Consolidated Operating Occupancy of 97.5 Percent
Rent Growth of 40.2 Percent on a Straight-Line Basis and 17.8 Percent on a Cash Basis
Quarterly Same-Store Portfolio NOI Growth of 12.4 Percent on a Cash Basis and 4.2 Percent on a Straight-Line Basis for Q2
Annual Same-Store Portfolio NOI Growth of 9.3 Percent on a Cash Basis and 3.9 Percent on a Straight-Line Basis for Q2; Year-To-Date Growth of 10.0 Percent on a Cash Basis and 4.8 Percent on a Straight-Line Basis
Executed 720,000 Square Feet of Development Leases Bringing the Development Pipeline to 41.9 Percent Leased
DCT Industrial Trust® (NYSE: DCT), a leading real estate company, today announced financial results for the quarter ending June 30, 2017.
“We are pleased to report another strong quarter, reflecting the quality of DCT's portfolio and favorable market fundamentals,” said Phil Hawkins, President and CEO of DCT Industrial. “The performance of both our operating and development properties again exceeded expectations, and across our markets, rents continue to increase fueled by healthy tenant demand, historically-low vacancy rates and disciplined levels of new supply.”
Net income attributable to common stockholders (“Net Earnings”) for Q2 2017 was $41.6 million, or $0.45 per diluted share, compared to $21.4 million, or $0.24 per diluted share, reported for Q2 2016, an 87.5 percent increase per diluted share.
Funds from operations (“FFO”), as adjusted, attributable to common stockholders and unitholders for Q2 2017 totaled $58.0 million, or $0.60 per diluted share, compared with $51.1 million, or $0.54 per diluted share for Q2 2016, an 11.1 percent increase per diluted share. These results exclude an impairment loss on land of $0.9 million for the quarter ending June 30, 2017 and $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.
Property Results and Leasing Activity
As of June 30, 2017, DCT Industrial owned 397 consolidated operating properties, totaling 63.8 million square feet, with occupancy of 97.5 percent, the same as Q1 2017 and an increase of 130 basis points over Q2 2016. On a same-portfolio basis, occupancy decreased by 10 basis points and the impact of dispositions and placing acquisitions and redevelopments into operations increased occupancy by 10 basis points. Approximately 732,000 square feet, or 1.1 percent of DCT Industrial’s total consolidated portfolio was leased but not occupied as of June 30, 2017, which does not take into consideration 660,000 square feet of leased space in developments under construction or in pre-development.
In Q2 2017, the Company signed leases totaling 3.6 million square feet with rental rates increasing 40.2 percent on a straight-line basis and 17.8 percent on a cash basis, compared to the corresponding expiring leases. Over the previous four quarters, rental rates on signed leases increased 26.5 percent on a straight-line basis and 11.2 percent on a cash basis. The Company’s tenant retention rate was 71.3 percent in Q2 2017.
Net operating income (“NOI”) was $79.5 million in Q2 2017, compared with $71.6 million in Q2 2016. NOI was $158.7 million for the first six months of 2017, compared with $140.9 million for the first six months of 2016.
Q2 2017 NOI from the Quarterly Same-Store Portfolio increased 12.4 percent on a cash basis and 4.2 percent on a straight-line basis, when compared to Q2 2016. NOI from the Annual Same-Store Portfolio for Q2 2017 increased 9.3 percent on a cash basis and 3.9 percent on a straight-line basis when compared to Q2 2016. Additionally, NOI from the Annual Same-Store Portfolio for the first six months of 2017 increased 10.0 percent on a cash basis and 4.8 percent on a straight-line basis when compared to the first six months 2016. All same-store NOI amounts exclude revenue from lease terminations. For definitions of Quarterly Same-Store Portfolio and Annual Same-Store Portfolio, see page 25 in DCT Industrial’s Second Quarter 2017 Supplemental Reporting Package.
Quarterly Same-Store Portfolio occupancy averaged 97.1 percent in Q2 2017, an increase of 10 basis points from Q2 2016. Quarterly Same-Store Portfolio occupancy as of June 30, 2017, was 97.3 percent.
Investment Activity
Acquisitions
Since DCT Industrial’s Q1 2017 Earnings Release, the Company acquired one building totaling 73,000 square feet in the 880 Industrial Corridor submarket of Northern California for $11.1 million. The building is 100 percent occupied and the Company expects a year-one cash yield of 5.1 percent, which excludes six months of free rent.
Development
Since the Company’s Q1 2017 Earnings Release, DCT Industrial stabilized 370,000 square feet of development and executed 720,000 square feet of development leases bringing the development pipeline to 41.9 percent leased. The Company also purchased 87.4 acres to develop 1.1 million square feet. Additionally, the Company commenced construction on 684,000 square feet with a projected investment of $56.8 million.
Highlights since DCT Industrial’s Q1 2017 Earnings Release:
In Q2 2017:
Since June 30:
Dispositions
Since DCT Industrial’s Q1 2017 Earnings Release, the Company sold seven buildings totaling 1.3 million square feet. These transactions generated total gross proceeds of $61.9 million including DCT Industrial’s proportionate share of gross proceeds for properties sold by an unconsolidated joint venture and have an expected year-one weighted-average cash yield of 6.4 percent.
The table below summarizes dispositions since the Company's Q1 2017 Earnings Release:
Market Submarket Square Feet Occupancy Closed Louisville, KY (3 buildings)1 Jefferson Riverport 609,000 100.0% June-17 Cincinnati, OH I-71 66,000 88.6% June-17 Phoenix, AZ (2 buildings) Southwest 558,000 100.0% June-17 Northern California Tri-Valley 96,000 100.0% July-17 Total/Weighted Average 1,329,000 99.4%1 Unconsolidated properties in which DCT Industrial owned a 10 percent interest.
Capital Markets
DCT Industrial raised $49.3 million in net proceeds from the sale of common stock through its “at the market” equity offering. The Company issued approximately 957,000 shares at a weighted-average price of $52.20 per share. The proceeds were used to fund development and redevelopment and general corporate activities.
Dividend
DCT Industrial’s Board of Directors declared a $0.31 per share quarterly cash dividend payable on October 18, 2017 to stockholders of record as of October 6, 2017.
Guidance
The Company raised and narrowed 2017 Net Earnings guidance to between $0.84 and $0.90 per diluted share, up from $0.54 to $0.62. 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 $2.39 and $2.45 per diluted share, up from $2.36 to $2.44 per diluted share. The Company’s FFO guidance excludes impairment loss on land and 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 Second Quarter 2017 Supplemental Reporting Package.
Conference Call Information
DCT Industrial will host a conference call to discuss Q2 results on Friday, August 4, 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, November 3, 2017 and can be accessed by dialing (877) 344-7529 or (412) 317-0088 and entering the passcode 10110102. 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 4, 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 United States. DCT’s actively-managed portfolio is strategically located near population centers and well-positioned to take advantage of market dynamics. As of June 30, 2017, the Company owned interests in approximately 73.3 million square feet of properties leased to approximately 860 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.
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DCT INDUSTRIAL TRUST INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, except share information)
June 30, 2017 December 31, 2016 ASSETS (unaudited) Land $ 1,098,291 $ 1,075,995 Buildings and improvements 3,206,380 3,202,293 Intangible lease assets 71,970 78,356 Construction in progress 134,819 72,829 Total investment in properties 4,511,460 4,429,473 Less accumulated depreciation and amortization (891,553 ) (839,773 ) Net investment in properties 3,619,907 3,589,700 Investments in and advances to unconsolidated joint ventures 85,055 95,606 Net investment in real estate 3,704,962 3,685,306 Cash and cash equivalents 17,229 10,286 Restricted cash 38,339 7,346Straight-line rent and other receivables, net of allowance for doubtful accounts of $345 and $379, respectively
78,649 79,889 Other assets, net 21,524 25,315 Assets held for sale 6,246 — Total assets $ 3,866,949 $ 3,808,142 LIABILITIES AND EQUITY Liabilities: Accounts payable and accrued expenses $ 95,604 $ 93,097 Distributions payable 30,032 29,622 Tenant prepaids and security deposits 34,745 32,884 Other liabilities 37,426 37,403 Intangible lease liabilities, net 19,863 21,421 Line of credit 133,000 75,000 Senior unsecured notes 1,328,122 1,351,969 Mortgage notes 163,608 201,959 Liabilities related to assets held for sale 190 — Total liabilities 1,842,590 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 92,956,342 and 91,516,113 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively
930 915 Additional paid-in capital 2,946,235 2,884,806 Distributions in excess of earnings (1,006,485 ) (1,005,728 ) Accumulated other comprehensive loss (16,291 ) (17,944 ) Total stockholders’ equity 1,924,389 1,862,049 Noncontrolling interests 99,970 102,738 Total equity 2,024,359 1,964,787 Total liabilities and equity $ 3,866,949 $ 3,808,142DCT INDUSTRIAL TRUST INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(unaudited, in thousands, except per share information)
Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 REVENUES: Rental revenues $ 104,217 $ 95,597 $ 209,641 $ 189,574 Institutional capital management and other fees 304 305 776 698 Total revenues 104,521 95,902 210,417 190,272 OPERATING EXPENSES: Rental expenses 9,226 8,986 18,688 19,035 Real estate taxes 15,529 15,054 32,295 29,655 Real estate related depreciation and amortization 41,447 39,901 83,052 79,971 General and administrative 7,821 7,358 15,013 13,620 Casualty (gain) loss — 162 (270 ) 162 Total operating expenses 74,023 71,461 148,778 142,443 Operating income 30,498 24,441 61,639 47,829 OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated joint ventures, net 2,737 935 4,253 1,819 Gain on dispositions of real estate interests 28,076 12,955 28,102 43,052 Interest expense (16,805 ) (15,635 ) (33,560 ) (32,057 ) Interest and other income (expense) (7 ) 48 (12 ) 563 Impairment loss on land (938 ) — (938 ) — Income tax expense and other taxes (69 ) (172 ) (203 ) (288 ) Consolidated net income of DCT Industrial Trust Inc. 43,492 22,572 59,281 60,918 Net income attributable to noncontrolling interests (1,858 ) (1,154 ) (2,688 ) (3,109 ) Net income attributable to common stockholders 41,634 21,418 56,593 57,809Distributed and undistributed earnings allocated to participating securities
(162 ) (106 ) (323 ) (334 ) Adjusted net income attributable to common stockholders $ 41,472 $ 21,312 $ 56,270 $ 57,475 NET EARNINGS PER COMMON SHARE: Basic $ 0.45 $ 0.24 $ 0.61 $ 0.65 Diluted $ 0.45 $ 0.24 $ 0.61 $ 0.64 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 92,307 89,748 92,030 89,066 Diluted 92,429 90,184 92,156 89,490 Distributions declared per common share $ 0.31 $ 0.29 $ 0.62 $ 0.58Reconciliation of Net Income Attributable to Common Stockholders to Funds from Operations
(unaudited, in thousands, except per share and unit data)
For the Three Months EndedJune 30,
For the Six Months EndedJune 30,
2017 2016 2017 2016 Reconciliation of net income attributable to common stockholders to FFO: Net income attributable to common stockholders $ 41,634 $ 21,418 $ 56,593 $ 57,809 Adjustments: Real estate related depreciation and amortization 41,447 39,901 83,052 79,971 Equity in earnings of unconsolidated joint ventures, net (2,737 ) (935 ) (4,253 ) (1,819 ) Equity in FFO of unconsolidated joint ventures(1) 3,394 2,451 6,632 4,818 Gain on dispositions of real estate interests (28,076 ) (12,955 ) (28,102 ) (43,052 ) Noncontrolling interest in the above adjustments (664 ) (1,411 ) (2,499 ) (2,097 ) FFO attributable to unitholders 2,095 2,182 4,349 4,443 FFO attributable to common stockholders and unitholders – basic and diluted(2) 57,093 50,651 115,772 100,073 Adjustments: Impairment loss on land 938 — 938 — Acquisition costs — 72 13 92 Hedge ineffectiveness (non-cash) (24 ) 357 6 1,420FFO, as adjusted, attributable to common stockholders and unitholders – basic
and diluted
$ 58,007 $ 51,080 $ 116,729 $ 101,585 FFO per common share and unit – basic $ 0.59 $ 0.54 $ 1.20 $ 1.07 FFO per common share and unit – diluted $ 0.59 $ 0.53 $ 1.20 $ 1.06 FFO, as adjusted, per common share and unit – basic $ 0.60 $ 0.54 $ 1.21 $ 1.08 FFO, as adjusted, per common share and unit – diluted $ 0.60 $ 0.54 $ 1.21 $ 1.08 FFO weighted average common shares and units outstanding: Common shares for net earnings per share 92,307 89,748 92,030 89,066 Participating securities 520 592 494 550 Units 3,520 4,039 3,592 4,138FFO weighted average common shares, participating securities and units outstanding – basic
96,347 94,379 96,116 93,754 Dilutive common stock equivalents 122 436 126 424FFO weighted average common shares, participating securities and units outstanding – diluted
96,469 94,815 96,242 94,178 (1) Equity in FFO of unconsolidated joint ventures is determined as our share of FFO from each unconsolidated joint venture. See DCT Industrial's second 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 $ 0.84 $ 0.90 Adjustments: Gain on dispositions of real estate interests (0.29 ) (0.29 ) Real estate related depreciation and amortization(1) 1.81 1.81 Hedge ineffectiveness (non-cash) and impairment loss on land 0.01 0.01Noncontrolling interests in adjustments
0.02 0.02 FFO, as adjusted, per common share and unit – diluted(2) $ 2.39 $ 2.45 (1) Includes our proportionate share of real estate depreciation and amortization from unconsolidated joint ventures. (2)The Company’s FFO guidance excludes impairment loss on land and potential non-cash interest expense related to hedge ineffectiveness.
For information related to our Fixed Charge Coverage Ratio please see our Second Quarter 2017 Supplemental
The following table is a reconciliation of our reported net income attributable to common stockholders to our netoperating income for the three and six months ended June 30, 2017 and 2016 (unaudited, in thousands):
For the Three MonthsEnded June 30,
For the Six MonthsEnded June 30,
2017 2016 2017 2016 Reconciliation of net income attributable to common stockholders to NOI: Net income attributable to common stockholders $ 41,634 $ 21,418 $ 56,593 $ 57,809 Net income attributable to noncontrolling interests 1,858 1,154 2,688 3,109 Income tax expense and other taxes 69 172 203 288 Impairment loss on land 938 — 938 — Interest and other (income) expense 7 (48 ) 12 (563 ) Interest expense 16,805 15,635 33,560 32,057 Equity in earnings of unconsolidated joint ventures, net (2,737 ) (935 ) (4,253 ) (1,819 ) General and administrative expense 7,821 7,358 15,013 13,620 Real estate related depreciation and amortization 41,447 39,901 83,052 79,971 Gain on dispositions of real estate interests (28,076 ) (12,955 ) (28,102 ) (43,052 ) Casualty (gain) loss — 162 (270 ) 162 Institutional capital management and other fees (304 ) (305 ) (776 ) (698 ) Total NOI $ 79,462 $ 71,557 $ 158,658 $ 140,884 Quarterly Same-Store Portfolio NOI: Total NOI $ 79,462 $ 71,557 Less NOI – non-same-store properties (7,915 ) (3,206 ) Less revenue from lease terminations (435 ) (22 ) Add early termination straight-line rent adjustment 117 22 NOI, excluding revenue from lease terminations 71,229 68,351 Less straight-line rents, net of related bad debt expense (85 ) (4,803 ) Less amortization of above/(below) market rents (581 ) (762 ) Cash NOI, excluding revenue from lease terminations $ 70,563 $ 62,786 Annual Same-Store Portfolio NOI: Total NOI $ 79,462 $ 71,557 $ 158,658 $ 140,884 Less NOI – non-same-store properties (12,100 ) (7,015 ) (23,573 ) (12,827 ) Less revenue from lease terminations (435 ) (22 ) (936 ) (102 ) Add early termination straight-line rent adjustment 117 22 134 132 NOI, excluding revenue from lease terminations 67,044 64,542 134,283 128,087 Less straight-line rents, net of related bad debt expense 105 (2,901 ) (949 ) (6,481 ) Less amortization of above/(below) market rents (535 ) (716 ) (1,131 ) (1,373 ) Cash NOI, excluding revenue from lease terminations $ 66,614 $ 60,925 $ 132,203 $ 120,233Financial Measures
Terms not otherwise defined below are as defined in our Second 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.
The Quarterly Same-Store Portfolio includes all consolidated stabilized acquisitions acquired before April 1, 2016 and all consolidated Value-Add Acquisitions, developments and Redevelopments stabilized prior to April 1, 2016. Once a property is included in the Quarterly Portfolio, it remains until it is subsequently disposed or placed into redevelopment. We consider NOI and Cash NOI from our Quarterly Same-Store Portfolio to be a useful measure in evaluating our financial performance and to improve comparability between periods by including only properties owned for comparable periods.
The Annual Same-Store Portfolio includes all consolidated stabilized acquisitions acquired before January 1, 2016 and all consolidated Value-Add Acquisitions, developments and Redevelopments stabilized prior to January 1, 2016. Once a property is included in the Annual Same-Store Portfolio, it remains until it is subsequently disposed or placed into redevelopment. We consider NOI from our Annual Same-Store Portfolio to be a useful measure in evaluating our financial performance and to improve comparability between periods by including only properties owned for those 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:
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/20170803006427/en/
DCT Industrial TrustMelissa Sachs, 303-597-2400investorrelations@dctindustrial.com
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