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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 |
FFO of $0.50 per Share
Same-Store NOI Growth of 8.4 Percent on a Cash Basis and 5.0 Percent on a GAAP Basis
Rent Growth of 18.8 Percent on a GAAP Basis and 2.2 Percent on a Cash Basis
Leased 2.2 Million Square Feet of Development in Q3; Signed an Additional 1.4 Million Square Feet in October Bringing Pipeline to 80.7 Percent Leased
Commenced Construction on 2.5 Million Square Feet of Development since June 30
DCT Industrial Trust® (NYSE: DCT), a leading industrial real estate company, today announced financial results for the quarter ending September 30, 2015.
“DCT delivered a strong third quarter across all aspects of our business. Importantly, we are creating value through our development leasing momentum, which continues to perform ahead of plan,” said Phil Hawkins, Chief Executive Officer for DCT Industrial. “Since June 30, we have leased 3.6 million square feet in our development pipeline bringing it to 80.7 percent leased. We also commenced construction on 2.5 million square feet, 81.3 percent of which is pre-leased.”
Funds from operations, as adjusted, attributable to common stockholders and unitholders (“FFO”) for Q3 2015 totaled $46.9 million, or $0.50 per diluted share, compared with $43.7 million, or $0.49 per diluted share, for Q3 2014, an increase of 2.0 percent per diluted share. These results exclude $0.5 million and $0.7 million of acquisition costs for the quarters ending September 30, 2015 and 2014, respectively.
FFO for the nine months ending September 30, 2015 totaled $136.8 million, or $1.47 per diluted share, compared with $124.2 million or $1.42 per diluted share, for the same period in 2014, an increase of 3.5 percent per diluted share. These results exclude $1.9 million and $2.1 million of acquisition costs for the nine months ending September 30, 2015 and 2014, respectively.
Net income attributable to common stockholders for Q3 2015 was $8.5 million, or $0.09 per diluted share, compared with net income of $12.4 million, or $0.15 per diluted share, for Q3 2014. Net income attributable to common stockholders for the nine months ending September 30, 2015 was $55.5 million, or $0.62 per diluted share, compared with net income of $19.5 million, or $0.23 per diluted share, for the nine months ending September 30, 2014.
Property Results and Leasing Activity
As of September 30, 2015, DCT Industrial owned 405 consolidated operating properties, totaling 62.0 million square feet, with occupancy of 94.5 percent, a decrease of 60 basis points over Q2 2015 and an increase of 100 basis points over Q3 2014. On a same portfolio basis, the impact of acquisitions and placing developments into operations brought occupancy down 10 basis points. Approximately 2.4 million square feet, or 3.6 percent of DCT Industrial’s total consolidated portfolio, was leased but not occupied at September 30, 2015.
In Q3 2015, the Company signed leases totaling 5.1 million square feet with rental rates increasing 18.8 percent on a GAAP basis and 2.2 percent on a cash basis, compared with the corresponding expiring leases. Over the previous four quarters, rental rates on signed leases increased 13.9 percent on a GAAP basis and 3.2 percent on a cash basis. The Company’s tenant retention rate was 70.0 percent in Q3 2015.
Net operating income (“NOI”) was $65.1 million in Q3 2015, compared with $61.3 million in Q3 2014. In Q3 2015, same-store NOI, excluding revenue from lease terminations, increased 8.4 percent on a cash basis and 5.0 percent on a GAAP basis, when compared with Q3 2014. Same-store occupancy averaged 94.8 percent in Q3 2015, an increase of 110 basis points over Q3 2014. Same-store occupancy as of September 30, 2015 was 95.0 percent.
Investment Activity
Acquisitions
Since June 30, 2015, DCT Industrial acquired two buildings for $7.9 million. Totaling 109,000 square feet, these buildings were 100 percent occupied at the time of closing. The Company expects a year-one weighted-average cash yield of 5.9 percent on the acquired assets.
The table below summarizes acquisitions since June 30, 2015:
Market Submarket Square Feet Occupancy at Closing Closed Anticipated Yield1 Seattle, WA Algona 50,000 100.0 % Aug-15 5.2 % Dallas, TX Northwest 59,000 100.0 % Aug-15 7.3 % Total/Weighted Average 109,000 100.0 % 5.9 %1 Anticipated yield represents year-one cash yield.
Development
As previously announced, DCT Industrial signed development leases totaling 2.2 million square feet in Q3 2015. In October 2015, the Company signed an additional 1.4 million square feet, bringing the development pipeline to 80.7 percent leased.
Development leases executed since DCT Industrial’s October 5, 2015 press release:
Additional development highlights include:
Commenced construction on:
Acquired:
Dispositions
Since June 30, 2015, DCT Industrial sold two buildings totaling 590,000 square feet. These transactions generated total gross proceeds of $15.1 million1 and have an expected year-one weighted-average cash yield of 6.2 percent.
The table below summarizes dispositions since June 30, 2015:
Market Submarket Square Feet Occupancy Closed Nashville, TN Wilson County/I-40 East557,000
2
100.0 % Aug-15 Atlanta, GA Stone Mountain 33,000 100.0 % Oct-15 Total/Weighted Average 590,000 100.0 %
1 Includes DCT Industrial’s proportionate share of gross proceeds for property sold by an unconsolidated joint venture.2 Unconsolidated property.
Capital Markets
In October 2015, DCT Industrial agreed to terms and received commitments for a $200 million, seven-year senior unsecured term loan with a syndicate of banks. The LIBOR based facility is expected to be swapped to fixed for the entire term with an expected all-in interest rate of between 3.35 percent and 3.50 percent. The facility is expected to close in November 2015. The proceeds will be used to pay down our revolving line of credit, retire maturing mortgage debt and for general corporate purposes.
In October 2015, Standard & Poor’s Ratings Services revised its outlook on DCT Industrial to positive from stable and affirmed its BBB- corporate and issue-level ratings.
Guidance
The Company raised and narrowed 2015 FFO guidance, as adjusted, to $1.94 to $1.98 per diluted share, up from $1.90 to $1.98 per diluted share. Additionally, net income attributable to common stockholders is expected to be between $0.67 and $0.72 per diluted share, up from $0.61 and $0.69 per diluted share.
DCT Industrial’s guidance for 2015 includes the following assumptions:
The Company’s FFO guidance excludes acquisition costs.
Conference Call Information
DCT Industrial will host a conference call to discuss Q3 2015 results on Friday, October 30, 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 Monday, November 30, 2015 and can be accessed by dialing (877) 344-7529 or (412) 317-0088 and entering the passcode 10073481. 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 October 30, 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 September 30, 2015, the Company owned interests in approximately 73.3 million square feet of properties leased to approximately 900 customers. DCT Industrial 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 SUBSIDIARIESConsolidated Balance Sheets(in thousands, except share information)
September 30, 2015 December 31, 2014 ASSETS (unaudited) Land $ 1,017,656 $ 950,963 Buildings and improvements 2,944,900 2,787,959 Intangible lease assets 88,118 86,515 Construction in progress 93,811 134,938 Total investment in properties 4,144,485 3,960,375 Less accumulated depreciation and amortization (754,862 ) (703,840 ) Net investment in properties 3,389,623 3,256,535 Investments in and advances to unconsolidated joint ventures 82,683 94,728 Net investment in real estate 3,472,306 3,351,263 Cash and cash equivalents 11,783 19,631 Restricted cash 3,005 3,779 Deferred loan costs, net 9,101 8,026 Straight-line rent and other receivables, net of allowance for doubtfulaccounts of $433 and $956, respectively
57,347 54,183 Other assets, net 17,623 14,652 Assets held for sale 1,046 - Total assets $ 3,572,211 $ 3,451,534 LIABILITIES AND EQUITY Liabilities: Accounts payable and accrued expenses $ 91,511 $ 83,543 Distributions payable 26,029 25,973 Tenant prepaids and security deposits 31,311 30,539 Other liabilities 17,867 14,078 Intangible lease liabilities, net 21,859 22,940 Line of credit 186,000 37,000 Senior unsecured notes 1,082,788 1,122,621 Mortgage notes 264,157 249,424 Liabilities related to assets held for sale 18 - Total liabilities 1,721,540 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 authorized88,209,975 and 88,012,696 shares issued and outstanding as of
September 30, 2015 and December 31, 2014, respectively
882 880 Additional paid-in capital 2,765,231 2,762,431 Distributions in excess of earnings (1,004,937 ) (986,289 ) Accumulated other comprehensive loss (24,745 ) (27,190 ) Total stockholders’ equity 1,736,431 1,749,832 Noncontrolling interests 114,240 115,584 Total equity 1,850,671 1,865,416 Total liabilities and equity $ 3,572,211 $ 3,451,534DCT INDUSTRIAL TRUST INC. AND SUBSIDIARIESConsolidated Statements of Operations(unaudited, in thousands, except per share information)
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
2015 2014 2015 2014 REVENUES: Rental revenues $ 88,092 $ 84,285 $ 264,269 $ 250,206 Institutional capital management and other fees 333 322 1,134 1,394 Total revenues 88,425 84,607 265,403 251,600 OPERATING EXPENSES: Rental expenses 8,900 9,672 27,456 31,507 Real estate taxes 14,056 13,288 42,082 40,196 Real estate related depreciation and amortization 39,431 37,842 116,876 111,545 General and administrative 7,720 6,727 24,912 21,059 Impairment losses 371 900 371 5,635 Casualty and involuntary conversion (gain) loss - 14 - (326 ) Total operating expenses 70,478 68,443 211,697 209,616 Operating income 17,947 16,164 53,706 41,984 OTHER INCOME (EXPENSE): Development profit, net of taxes - - 2,627 2,016 Equity in earnings of unconsolidated joint ventures, net 4,493 892 6,336 5,202 Gain on business combination - - - 1,000 Gain on dispositions of real estate interests - 10,230 41,086 11,647 Interest expense (13,078 ) (16,078 ) (40,591 ) (48,316 ) Interest and other income (expense) (42 ) 1,577 (71 ) 1,582 Income tax benefit (expense) and other taxes (241 ) 73 (712 ) 257 Income from continuing operations 9,079 12,858 62,381 15,372 Income from discontinued operations - 352 - 5,576 Consolidated net income of DCT IndustrialTrust Inc.
9,079 13,210 62,381 20,948 Net income attributable to noncontrolling interests (622 ) (801 ) (6,882 ) (1,421 ) Net income attributable to common stockholders 8,457 12,409 55,499 19,527 Distributed and undistributed earnings allocated toparticipating securities
(166 ) (171 ) (510 ) (507 ) Adjusted net income attributable to commonstockholders
$ 8,291 $ 12,238 $ 54,989 $ 19,020 EARNINGS PER COMMON SHARE - BASIC Income from continuing operations $ 0.09 $ 0.15 $ 0.62 $ 0.17 Income from discontinued operations 0.00 0.00 0.00 0.06 Net income attributable to common stockholders $ 0.09 $ 0.15 $ 0.62 $ 0.23 EARNINGS PER COMMON SHARE - DILUTED Income from continuing operations $ 0.09 $ 0.15 $ 0.62 $ 0.17 Income from discontinued operations 0.00 0.00 0.00 0.06 Net income attributable to common stockholders $ 0.09 $ 0.15 $ 0.62 $ 0.23 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 88,207 83,391 88,162 82,227 Diluted 88,526 83,691 88,472 82,509 Distributions declared per common share $ 0.28 $ 0.28 $ 0.84 $ 0.84Reconciliation of Net Income Attributable to Common Stockholders to Funds from Operations(unaudited, in thousands, except per share and unit data)
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
2015 2014 2015 2014 Reconciliation of net income attributable to commonstockholders to FFO:
Net income attributable to common stockholders $ 8,457 $ 12,409 $ 55,499 $ 19,527 Adjustments: Real estate related depreciation and amortization 39,431 37,842 116,876 111,545 Equity in earnings of unconsolidated joint ventures, net (4,493 ) (892 ) (6,336 ) (5,202 ) Equity in FFO of unconsolidated joint ventures 2,441 2,728 7,424 7,990 Impairment losses on depreciable real estate 371 900 371 5,767 Gain on business combination - - - (1,000 ) Gain on dispositions of real estate interests - (10,500 ) (41,086 ) (17,034 ) Gain on dispositions of non-depreciable real estate - - 18 98 Noncontrolling interest in the above adjustments (1,897 ) (1,640 ) (4,086 ) (5,680 ) FFO attributable to unitholders 2,119 2,103 6,214 6,153 FFO attributable to common stockholders and unitholders- basic and diluted(1)
46,429 42,950 134,894 122,164 Adjustments: Acquisition costs 455 716 1,939 2,050 FFO, as adjusted, attributable to common stockholders andunitholders — basic and diluted
$ 46,884 $ 43,666 $ 136,833 $ 124,214 FFO per common share and unit — basic $ 0.50 $ 0.49 $ 1.45 $ 1.40 FFO per common share and unit — diluted $ 0.50 $ 0.49 $ 1.45 $ 1.40 FFO, as adjusted, per common share and unit — basic $ 0.50 $ 0.50 $ 1.47 $ 1.43 FFO, as adjusted, per common share and unit — diluted $ 0.50 $ 0.49 $ 1.47 $ 1.42 FFO weighted average common shares and units outstanding: Common shares for earnings per share — basic 88,207 83,391 88,162 82,227 Participating securities 614 621 604 600 Units 4,217 4,288 4,257 4,360 FFO weighted average common shares, participatingsecurities and units outstanding — basic
93,038 88,300 93,023 87,187 Dilutive common stock equivalents 319 300 310 282 FFO weighted average common shares, participatingsecurities and units outstanding — diluted
93,357 88,600 93,333 87,469(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 $ 0.67 $ 0.72 Gains on disposition of real estate interest (0.48 ) (0.48 ) Real estate related depreciation and amortization(1) 1.73 1.72 Acquisition costs 0.02 0.02 FFO, as adjusted, per common share and unit-diluted(2) $ 1.94 $ 1.98 (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 and nine months ended September 30, 2015 and 2014 (in thousands):
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
2015 2014 2015 2014 Net income attributable to common stockholders(1) $ 8,457 $ 12,409 $ 55,499 $ 19,527 Interest expense 13,078 16,078 40,591 48,316 Proportionate share of interest expense from unconsolidated joint ventures 317 369 970 1,047 Real estate related depreciation and amortization 39,431 37,842 116,876 111,545 Proportionate share of real estate related depreciation and amortizationfrom unconsolidated joint ventures
1,203 1,344 3,637 4,155 Income tax (benefit) expense and other taxes 241 (73 ) 712 (225 ) Stock-based compensation 1,342 1,199 3,882 3,410 Noncontrolling interests 622 801 6,882 1,421 Non-FFO gain on acquisitions and dispositions of real estate interests - (10,500 ) (41,068 ) (17,936 ) Impairment losses 371 900 371 5,767 Adjusted EBITDA $ 65,062 $ 60,369 $ 188,352 $ 177,027 CALCULATION OF FIXED CHARGES Interest expense $ 13,078 $ 16,078 $ 40,591 $ 48,316 Capitalized interest 4,219 2,160 12,053 6,119 Amortization of loan costs and debt premium/discount 184 (127 ) 276 (383 ) Other noncash interest expense (1,024 ) (1,027 ) (3,072 ) (3,078 ) Proportionate share of interest expense from unconsolidatedjoint ventures
317 369 970 1,047 Total fixed charges $ 16,774 $ 17,453 $ 50,818 $ 52,021 Fixed charge coverage 3.9 3.5 3.7 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 for the three and nine months ended September 30, 2015 and 2014 (in thousands):
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
2015 2014 2015 2014 Reconciliation of income from continuing operations to NOI:(amounts in thousands)
Income from continuing operations $ 9,079 $ 12,858 $ 62,381 $ 15,372 Income tax (benefit) expense and other taxes 241 (73 ) 712 (257 ) Interest and other (income) expense 42 (1,577 ) 71 (1,582 ) Interest expense 13,078 16,078 40,591 48,316 Equity in earnings of unconsolidated joint ventures, net (4,493 ) (892 ) (6,336 ) (5,202 ) General and administrative expense 7,720 6,727 24,912 21,059 Real estate related depreciation and amortization 39,431 37,842 116,876 111,545 Impairment losses 371 900 371 5,635 Development profit, net of taxes - - (2,627 ) (2,016 ) Gain on business combination - - - (1,000 ) Gain on dispositions of real estate interests - (10,230 ) (41,086 ) (11,647 ) Casualty and involuntary conversion (gain) loss - 14 - (326 ) Institutional capital management and other fees (333 ) (322 ) (1,134 ) (1,394 ) Total GAAP net operating income 65,136 61,325 194,731 178,503 Less net operating income - non-same store properties (7,307 ) (6,864 ) (32,086 ) (26,391 ) Same store GAAP net operating income 57,829 54,461 162,645 152,112 Less revenue from lease terminations (922 ) (199 ) (1,960 ) (1,785 ) Add early termination straight-line rent adjustment 94 40 327 387 Same store GAAP net operating income, excluding revenuefrom lease terminations
57,001 54,302 161,012 150,714 Less straight-line rents, net of related bad debt expense (525 ) (2,069 ) (1,304 ) (5,151 ) Less amortization of above/(below) market rents (420 ) (507 ) (997 ) (1,222 ) Same store cash net operating income, excluding revenuefrom lease terminations
$ 56,056 $ 51,726 $ 158,711 $ 144,341Financial 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; 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 costs 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/20151029006677/en/
DCT Industrial TrustMelissa Sachs, 303-597-2400investorrelations@dctindustrial.com
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