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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 |
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Form 10-Q
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x
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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¨
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Maryland (DCT Industrial Trust Inc.)
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82-0538520
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Delaware (DCT Industrial Operating Partnership LP)
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82-0538522
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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518 Seventeenth Street, Suite 800
Denver, Colorado
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80202
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(Address of principal executive offices)
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(Zip Code)
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DCT Industrial Trust Inc. Yes
x
No
¨
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DCT Industrial Operating Partnership LP Yes
x
No
¨
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DCT Industrial Trust Inc. Yes
x
No
¨
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DCT Industrial Operating Partnership LP Yes
x
No
¨
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Large accelerated filer
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x
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Accelerated filer
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¨
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Non-accelerated filer
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¨
(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Large accelerated filer
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¨
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Accelerated filer
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¨
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Non-accelerated filer
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x
(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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DCT Industrial Trust Inc. Yes
¨
No
x
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DCT Industrial Operating Partnership LP Yes
¨
No
x
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●
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enhances investors’ understanding of DCT and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
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●
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eliminates duplicative disclosures and provides a more streamlined and readable presentation as a substantial portion of the Company’s disclosures apply to both DCT and the Operating Partnership; and
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●
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creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.
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Page
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PART I.
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FINANCIAL INFORMATION
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Item 1.
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Consolidated Financial Statements:
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DCT Industrial Trust Inc.
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DCT Industrial Operating Partnership LP
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DCT Industrial Trust Inc. and DCT Industrial Operating Partnership LP
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Item 2.
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Item 3.
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Item 4.
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PART II.
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Item 1.
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Item 1A.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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June 30, 2016
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December 31, 2015
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||||
ASSETS
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(unaudited)
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Land
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$
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1,011,875
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$
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1,009,905
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Buildings and improvements
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3,032,314
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2,886,859
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Intangible lease assets
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78,369
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84,420
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Construction in progress
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100,180
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159,397
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Total investment in properties
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4,222,738
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4,140,581
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Less accumulated depreciation and amortization
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(783,879
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)
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(742,980
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)
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Net investment in properties
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3,438,859
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3,397,601
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Investments in and advances to unconsolidated joint ventures
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88,175
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82,635
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Net investment in real estate
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3,527,034
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3,480,236
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Cash and cash equivalents
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33,403
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18,412
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Restricted cash
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50,470
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31,187
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Straight-line rent and other receivables, net of allowance for doubtful
accounts of $416 and $335, respectively
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71,992
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60,357
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Other assets, net
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15,207
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15,964
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Assets held for sale
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—
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26,199
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Total assets
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$
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3,698,106
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$
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3,632,355
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LIABILITIES AND EQUITY
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Liabilities:
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Accounts payable and accrued expenses
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$
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96,201
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$
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108,788
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Distributions payable
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27,381
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26,938
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Tenant prepaids and security deposits
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30,890
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29,663
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Other liabilities
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38,556
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18,398
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Intangible lease liabilities, net
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20,230
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22,070
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Line of credit
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133,000
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70,000
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Senior unsecured notes
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1,226,874
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1,276,097
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Mortgage notes
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206,219
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210,375
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Liabilities related to assets held for sale
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—
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869
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Total liabilities
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1,779,351
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1,763,198
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Equity:
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Preferred stock, $0.01 par value, 50,000,000 shares authorized, none
outstanding
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—
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—
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Shares-in-trust, $0.01 par value, 100,000,000 shares authorized, none
outstanding
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—
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—
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Common stock, $0.01 par value, 500,000,000 shares authorized 89,921,284
and 88,313,891 shares issued and outstanding as of June 30, 2016
and December 31, 2015, respectively
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899
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883
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Additional paid-in capital
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2,822,705
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2,766,193
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Distributions in excess of earnings
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(986,185
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)
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(992,010
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)
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Accumulated other comprehensive loss
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(29,172
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)
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(23,082
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)
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Total stockholders’ equity
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1,808,247
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1,751,984
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Noncontrolling interests
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110,508
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117,173
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Total equity
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1,918,755
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1,869,157
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Total liabilities and equity
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$
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3,698,106
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$
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3,632,355
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Three Months Ended June 30,
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Six Months Ended June 30,
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2016
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2015
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2016
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2015
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REVENUES:
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Rental revenues
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$
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95,597
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$
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88,115
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$
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189,574
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$
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176,177
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Institutional capital management and other fees
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305
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423
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698
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801
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Total revenues
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95,902
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88,538
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190,272
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176,978
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OPERATING EXPENSES:
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Rental expenses
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8,986
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8,408
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19,035
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18,556
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Real estate taxes
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15,054
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13,521
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29,655
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28,026
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Real estate related depreciation and amortization
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39,901
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38,449
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79,971
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77,445
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General and administrative
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7,358
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9,856
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13,620
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17,192
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Casualty loss
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162
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—
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162
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—
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Total operating expenses
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71,461
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70,234
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142,443
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141,219
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Operating income
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24,441
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18,304
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47,829
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35,759
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OTHER INCOME (EXPENSE):
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Development profit, net of taxes
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—
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2,627
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—
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2,627
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Equity in earnings of unconsolidated joint
ventures, net
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935
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1,036
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1,819
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1,843
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Gain on dispositions of real estate interests
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12,955
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14,932
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43,052
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41,086
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Interest expense
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(15,635
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)
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(13,609
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)
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(32,057
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)
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(27,513
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)
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Interest and other income (expense)
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48
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(11
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)
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563
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(29
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)
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Income tax expense and other taxes
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(172
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)
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(278
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)
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(288
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)
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(471
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)
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Consolidated net income
of DCT Industrial Trust Inc.
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22,572
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23,001
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60,918
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53,302
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Net income attributable to noncontrolling
interests
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(1,154
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)
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(4,704
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)
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(3,109
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)
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(6,260
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)
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Net income attributable to common
stockholders
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21,418
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18,297
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57,809
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47,042
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||||
Distributed and undistributed earnings allocated
to participating securities
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(106
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)
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(201
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)
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(334
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)
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(344
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)
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Adjusted net income attributable
to common stockholders
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$
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21,312
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$
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18,096
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$
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57,475
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$
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46,698
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||||||||
NET EARNINGS PER COMMON SHARE:
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||||||
Basic
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$
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0.24
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$
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0.21
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$
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0.65
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$
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0.53
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Diluted
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$
|
0.24
|
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|
$
|
0.20
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$
|
0.64
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$
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0.53
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||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
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||||||||||||
Basic
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89,748
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88,187
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89,066
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88,139
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Diluted
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90,184
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88,486
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89,490
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88,453
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||||||||
Distributions declared per common share
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$
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0.29
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$
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0.28
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$
|
0.58
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|
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$
|
0.56
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|
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Three Months Ended June 30,
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Six Months Ended June 30,
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||||||||||||
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2016
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2015
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2016
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2015
|
||||||||
Consolidated net income
of DCT Industrial Trust Inc.
|
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$
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22,572
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$
|
23,001
|
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$
|
60,918
|
|
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$
|
53,302
|
|
Other comprehensive income (loss):
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|
|
|
|
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|
|
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|
||||||
Net derivative gain (loss) on cash flow
hedging instruments
|
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(3,437
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)
|
|
58
|
|
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(9,866
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)
|
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(455
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)
|
||||
Net reclassification adjustment on cash flow
hedging instruments
|
|
1,670
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|
|
1,158
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|
|
3,412
|
|
|
2,311
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|
||||
Other comprehensive income (loss)
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(1,767
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)
|
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1,216
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|
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(6,454
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)
|
|
1,856
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|
||||
Comprehensive income
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20,805
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|
|
24,217
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|
54,464
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55,158
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|
||||
Comprehensive income attributable
to noncontrolling interests
|
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(1,107
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)
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(4,843
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)
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(2,745
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)
|
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(6,354
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)
|
||||
Comprehensive income attributable
to common stockholders
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$
|
19,698
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|
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$
|
19,374
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|
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$
|
51,719
|
|
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$
|
48,804
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Total Equity
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
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Distributions
in Excess
of Earnings
|
|
Accumulated Other Comprehen-
sive Loss
|
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Non-controlling
Interests
|
|||||||||||||||
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Shares
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Amount
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||||||||||||||||||
Balance at December 31, 2015
|
|
$
|
1,869,157
|
|
|
88,314
|
|
|
$
|
883
|
|
|
$
|
2,766,193
|
|
|
$
|
(992,010
|
)
|
|
$
|
(23,082
|
)
|
|
$
|
117,173
|
|
Net income
|
|
60,918
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
57,809
|
|
|
—
|
|
|
3,109
|
|
||||||
Other comprehensive loss
|
|
(6,454
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,090
|
)
|
|
(364
|
)
|
||||||
Issuance of common stock, net
of offering costs
|
|
48,451
|
|
|
1,233
|
|
|
12
|
|
|
48,439
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Issuance of common stock, stock-based compensation plans
|
|
(482
|
)
|
|
53
|
|
|
1
|
|
|
(483
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of stock-based compensation
|
|
3,364
|
|
|
—
|
|
|
—
|
|
|
830
|
|
|
—
|
|
|
—
|
|
|
2,534
|
|
||||||
Distributions to common stockholders and noncontrolling interests
|
|
(55,161
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51,984
|
)
|
|
—
|
|
|
(3,177
|
)
|
||||||
Capital contributions from noncontrolling interests
|
|
99
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99
|
|
||||||
Redemptions of noncontrolling interests
|
|
(1,137
|
)
|
|
321
|
|
|
3
|
|
|
7,726
|
|
|
—
|
|
|
—
|
|
|
(8,866
|
)
|
||||||
Balance at June 30, 2016
|
|
$
|
1,918,755
|
|
|
89,921
|
|
|
$
|
899
|
|
|
$
|
2,822,705
|
|
|
$
|
(986,185
|
)
|
|
$
|
(29,172
|
)
|
|
$
|
110,508
|
|
|
|
Six Months Ended June 30,
|
||||||
|
|
2016
|
|
2015
|
||||
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
||
Consolidated net income of DCT Industrial Trust Inc.
|
|
$
|
60,918
|
|
|
$
|
53,302
|
|
Adjustments to reconcile consolidated net income of DCT Industrial Trust Inc.
to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Real estate related depreciation and amortization
|
|
79,971
|
|
|
77,445
|
|
||
Gain on dispositions of real estate interests
|
|
(43,052
|
)
|
|
(41,086
|
)
|
||
Distributions of earnings from unconsolidated joint ventures
|
|
2,775
|
|
|
2,827
|
|
||
Equity in earnings of unconsolidated joint ventures, net
|
|
(1,819
|
)
|
|
(1,843
|
)
|
||
Stock-based compensation
|
|
2,740
|
|
|
2,540
|
|
||
Casualty loss
|
|
162
|
|
|
—
|
|
||
Straight-line rent
|
|
(11,158
|
)
|
|
(3,402
|
)
|
||
Other
|
|
2,910
|
|
|
(1
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
||
Other receivables and other assets
|
|
(2,039
|
)
|
|
10,668
|
|
||
Accounts payable, accrued expenses and other liabilities
|
|
5,720
|
|
|
(316
|
)
|
||
Net cash provided by operating activities
|
|
97,128
|
|
|
100,134
|
|
||
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
||
Real estate acquisitions
|
|
(8,698
|
)
|
|
(143,465
|
)
|
||
Capital expenditures and development activities
|
|
(152,111
|
)
|
|
(97,639
|
)
|
||
Proceeds from dispositions of real estate investments
|
|
106,144
|
|
|
136,188
|
|
||
Investments in unconsolidated joint ventures
|
|
(7,942
|
)
|
|
(840
|
)
|
||
Proceeds from casualties and involuntary conversion
|
|
600
|
|
|
—
|
|
||
Distributions of investments in unconsolidated joint ventures
|
|
653
|
|
|
1,014
|
|
||
Change in restricted cash
|
|
(19,788
|
)
|
|
(2,501
|
)
|
||
Other investing activities
|
|
(2,973
|
)
|
|
(940
|
)
|
||
Net cash used in investing activities
|
|
(84,115
|
)
|
|
(108,183
|
)
|
||
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
||
Proceeds from senior unsecured revolving line of credit
|
|
113,000
|
|
|
166,000
|
|
||
Repayments of senior unsecured revolving line of credit
|
|
(50,000
|
)
|
|
(54,000
|
)
|
||
Repayments of senior unsecured notes
|
|
(50,000
|
)
|
|
(40,000
|
)
|
||
Principal payments on mortgage notes
|
|
(3,309
|
)
|
|
(4,112
|
)
|
||
Net settlement on issuance of stock-based compensation awards
|
|
(482
|
)
|
|
(425
|
)
|
||
Proceeds from issuance of common stock
|
|
49,223
|
|
|
—
|
|
||
Offering costs for issuance of common stock and OP Units
|
|
(772
|
)
|
|
—
|
|
||
Redemption of noncontrolling interests
|
|
(1,137
|
)
|
|
(941
|
)
|
||
Dividends to common stockholders
|
|
(51,497
|
)
|
|
(49,387
|
)
|
||
Distributions to noncontrolling interests
|
|
(3,221
|
)
|
|
(2,985
|
)
|
||
Contributions from noncontrolling interests
|
|
99
|
|
|
—
|
|
||
Other financing activity
|
|
74
|
|
|
(2,818
|
)
|
||
Net cash provided by financing activities
|
|
1,978
|
|
|
11,332
|
|
||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
|
14,991
|
|
|
3,283
|
|
||
CASH AND CASH EQUIVALENTS, beginning of period
|
|
18,412
|
|
|
19,631
|
|
||
CASH AND CASH EQUIVALENTS, end of period
|
|
$
|
33,403
|
|
|
$
|
22,914
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Supplemental Disclosures of Cash Flow Information
|
|
|
|
|
||||
Cash paid for interest, net of capitalized interest
|
|
$
|
28,783
|
|
|
$
|
25,848
|
|
Supplemental Disclosures of Non-Cash Activities
|
|
|
|
|
|
|
||
Retirement of fully depreciated and amortized assets
|
|
$
|
18,131
|
|
|
$
|
13,159
|
|
Redemptions of OP Units settled in shares of common stock
|
|
$
|
7,729
|
|
|
$
|
2,350
|
|
Assumption of mortgage notes in connection with real estate acquired
|
|
$
|
—
|
|
|
$
|
22,958
|
|
|
|
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 CAPITAL
|
|
|
|
|
|
|
||
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
|
|
||
|
|
|
|
|
||||
Partners' Capital:
|
|
|
|
|
|
|
||
General Partner:
|
|
|
|
|
|
|
||
OP Units, 938,789 and 923,532 issued and outstanding
as of June 30, 2016 and December 31, 2015, respectively
|
|
19,367
|
|
|
18,806
|
|
||
Limited Partners:
|
|
|
|
|
|
|
||
OP Units, 92,940,110 and 91,429,694 issued and outstanding
as of June 30, 2016 and December 31, 2015, respectively
|
|
1,917,345
|
|
|
1,861,809
|
|
||
Accumulated other comprehensive loss
|
|
(30,455
|
)
|
|
(24,137
|
)
|
||
Total partners' capital
|
|
1,906,257
|
|
|
1,856,478
|
|
||
Noncontrolling interests
|
|
12,498
|
|
|
12,679
|
|
||
Total capital
|
|
1,918,755
|
|
|
1,869,157
|
|
||
Total liabilities and capital
|
|
$
|
3,698,106
|
|
|
$
|
3,632,355
|
|
|
|
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 joint ventures, 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 income of DCT Industrial
Operating Partnership LP
|
|
22,572
|
|
|
23,001
|
|
|
60,918
|
|
|
53,302
|
|
||||
Net income attributable to noncontrolling
interests
|
|
(212
|
)
|
|
(3,824
|
)
|
|
(423
|
)
|
|
(3,977
|
)
|
||||
Net income attributable to OP Unitholders
|
|
22,360
|
|
|
19,177
|
|
|
60,495
|
|
|
49,325
|
|
||||
Distributed and undistributed earnings allocated
to participating securities
|
|
(106
|
)
|
|
(201
|
)
|
|
(334
|
)
|
|
(344
|
)
|
||||
Adjusted net income attributable
to OP Unitholders
|
|
$
|
22,254
|
|
|
$
|
18,976
|
|
|
$
|
60,161
|
|
|
$
|
48,981
|
|
|
|
|
|
|
|
|
|
|
||||||||
NET EARNINGS PER OP UNIT:
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
0.24
|
|
|
$
|
0.21
|
|
|
$
|
0.65
|
|
|
$
|
0.53
|
|
Diluted
|
|
$
|
0.24
|
|
|
$
|
0.20
|
|
|
$
|
0.64
|
|
|
$
|
0.53
|
|
|
|
|
|
|
|
|
|
|
||||||||
WEIGHTED AVERAGE OP UNITS OUTSTANDING:
|
|
|
|
|
||||||||||||
Basic
|
|
93,787
|
|
|
92,443
|
|
|
93,204
|
|
|
92,417
|
|
||||
Diluted
|
|
94,223
|
|
|
92,742
|
|
|
93,628
|
|
|
92,731
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Distributions declared per OP Unit
|
|
$
|
0.29
|
|
|
$
|
0.28
|
|
|
$
|
0.58
|
|
|
$
|
0.56
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Consolidated net income of DCT Industrial
Operating Partnership LP
|
|
$
|
22,572
|
|
|
$
|
23,001
|
|
|
$
|
60,918
|
|
|
$
|
53,302
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
||||||
Net derivative gain (loss) on cash flow
hedging instruments
|
|
(3,437
|
)
|
|
58
|
|
|
(9,866
|
)
|
|
(455
|
)
|
||||
Net reclassification adjustment on cash flow
hedging instruments
|
|
1,670
|
|
|
1,158
|
|
|
3,412
|
|
|
2,311
|
|
||||
Other comprehensive income (loss)
|
|
(1,767
|
)
|
|
1,216
|
|
|
(6,454
|
)
|
|
1,856
|
|
||||
Comprehensive income
|
|
20,805
|
|
|
24,217
|
|
|
54,464
|
|
|
55,158
|
|
||||
Comprehensive income attributable
to noncontrolling interests
|
|
(172
|
)
|
|
(3,894
|
)
|
|
(287
|
)
|
|
(3,994
|
)
|
||||
Comprehensive income attributable
to OP Unitholders
|
|
$
|
20,633
|
|
|
$
|
20,323
|
|
|
$
|
54,177
|
|
|
$
|
51,164
|
|
|
|
Total Capital
|
|
General Partner
|
|
Limited Partners
|
|
Accumulated Other
Comprehensive Loss
|
|
Non-controlling Interests
|
||||||||||||||||
|
|
|
OP Units
|
|
OP Units
|
|
|
|||||||||||||||||||
|
|
|
Units
|
|
Amount
|
|
Units
|
|
Amount
|
|
|
|||||||||||||||
Balance at December 31, 2015
|
|
$
|
1,869,157
|
|
|
924
|
|
|
$
|
18,806
|
|
|
91,429
|
|
|
$
|
1,861,809
|
|
|
$
|
(24,137
|
)
|
|
$
|
12,679
|
|
Net income
|
|
60,918
|
|
|
—
|
|
|
605
|
|
|
—
|
|
|
59,890
|
|
|
—
|
|
|
423
|
|
|||||
Other comprehensive loss
|
|
(6,454
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,318
|
)
|
|
(136
|
)
|
|||||
Issuance of OP Units, net of selling costs
|
|
48,451
|
|
|
—
|
|
|
—
|
|
|
1,233
|
|
|
48,451
|
|
|
—
|
|
|
—
|
|
|||||
Issuance of OP Units, share-based
compensation plans
|
|
(482
|
)
|
|
—
|
|
|
—
|
|
|
321
|
|
|
(482
|
)
|
|
—
|
|
|
—
|
|
|||||
Amortization of share-based compensation
|
|
3,364
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,364
|
|
|
—
|
|
|
—
|
|
|||||
Distributions to OP Unitholders
and noncontrolling interests
|
|
(55,161
|
)
|
|
—
|
|
|
(546
|
)
|
|
—
|
|
|
(54,048
|
)
|
|
—
|
|
|
(567
|
)
|
|||||
Capital contributions from
noncontrolling interests
|
|
99
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99
|
|
|||||
Redemption of limited partner OP Units, net
|
|
(1,137
|
)
|
|
—
|
|
|
—
|
|
|
(28
|
)
|
|
(1,137
|
)
|
|
—
|
|
|
—
|
|
|||||
Conversion of limited partner OP Units
to OP Units of general partner
|
|
—
|
|
|
15
|
|
|
502
|
|
|
(15
|
)
|
|
(502
|
)
|
|
—
|
|
|
—
|
|
|||||
Balance at June 30, 2016
|
|
$
|
1,918,755
|
|
|
939
|
|
|
$
|
19,367
|
|
|
92,940
|
|
|
$
|
1,917,345
|
|
|
$
|
(30,455
|
)
|
|
$
|
12,498
|
|
|
|
Six Months Ended June 30,
|
||||||
|
|
2016
|
|
2015
|
||||
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
||
Consolidated net income of DCT Industrial Operating Partnership LP
|
|
$
|
60,918
|
|
|
$
|
53,302
|
|
Adjustments to reconcile consolidated net income of DCT Industrial Operating
Partnership LP to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Real estate related depreciation and amortization
|
|
79,971
|
|
|
77,445
|
|
||
Gain on dispositions of real estate interests
|
|
(43,052
|
)
|
|
(41,086
|
)
|
||
Distributions of earnings from unconsolidated joint ventures
|
|
2,775
|
|
|
2,827
|
|
||
Equity in earnings of unconsolidated joint ventures, net
|
|
(1,819
|
)
|
|
(1,843
|
)
|
||
Share-based compensation
|
|
2,740
|
|
|
2,540
|
|
||
Casualty loss
|
|
162
|
|
|
—
|
|
||
Straight-line rent
|
|
(11,158
|
)
|
|
(3,402
|
)
|
||
Other
|
|
2,910
|
|
|
(1
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
||
Other receivables and other assets
|
|
(2,039
|
)
|
|
10,668
|
|
||
Accounts payable, accrued expenses and other liabilities
|
|
5,720
|
|
|
(316
|
)
|
||
Net cash provided by operating activities
|
|
97,128
|
|
|
100,134
|
|
||
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
||
Real estate acquisitions
|
|
(8,698
|
)
|
|
(143,465
|
)
|
||
Capital expenditures and development activities
|
|
(152,111
|
)
|
|
(97,639
|
)
|
||
Proceeds from dispositions of real estate investments
|
|
106,144
|
|
|
136,188
|
|
||
Investments in unconsolidated joint ventures
|
|
(7,942
|
)
|
|
(840
|
)
|
||
Proceeds from casualties and involuntary conversion
|
|
600
|
|
|
—
|
|
||
Distributions of investments in unconsolidated joint ventures
|
|
653
|
|
|
1,014
|
|
||
Change in restricted cash
|
|
(19,788
|
)
|
|
(2,501
|
)
|
||
Other investing activities
|
|
(2,973
|
)
|
|
(940
|
)
|
||
Net cash used in investing activities
|
|
(84,115
|
)
|
|
(108,183
|
)
|
||
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
||
Proceeds from senior unsecured revolving line of credit
|
|
113,000
|
|
|
166,000
|
|
||
Repayments of senior unsecured revolving line of credit
|
|
(50,000
|
)
|
|
(54,000
|
)
|
||
Repayments of senior unsecured notes
|
|
(50,000
|
)
|
|
(40,000
|
)
|
||
Principal payments on mortgage notes
|
|
(3,309
|
)
|
|
(4,112
|
)
|
||
Net settlement on issuance of share-based compensation awards
|
|
(482
|
)
|
|
(425
|
)
|
||
Proceeds from the issuance of OP Units in exchange for contributions from the REIT, net
|
|
48,451
|
|
|
—
|
|
||
OP Unit redemptions
|
|
(1,137
|
)
|
|
(941
|
)
|
||
Distributions paid on OP Units
|
|
(54,151
|
)
|
|
(52,035
|
)
|
||
Distributions to noncontrolling interests
|
|
(567
|
)
|
|
(337
|
)
|
||
Contributions from noncontrolling interests
|
|
99
|
|
|
—
|
|
||
Other financing activity
|
|
74
|
|
|
(2,818
|
)
|
||
Net cash provided by financing activities
|
|
1,978
|
|
|
11,332
|
|
||
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
|
14,991
|
|
|
3,283
|
|
||
CASH AND CASH EQUIVALENTS, beginning of period
|
|
18,412
|
|
|
19,631
|
|
||
CASH AND CASH EQUIVALENTS, end of period
|
|
$
|
33,403
|
|
|
$
|
22,914
|
|
|
|
|
|
|
||||
Supplemental Disclosures of Cash Flow Information
|
|
|
|
|
|
|
||
Cash paid for interest, net of capitalized interest
|
|
$
|
28,783
|
|
|
$
|
25,848
|
|
Supplemental Disclosures of Non-Cash Activities
|
|
|
|
|
|
|
||
Retirement of fully depreciated and amortized assets
|
|
$
|
18,131
|
|
|
$
|
13,159
|
|
Assumption of mortgage notes in connection with real estate acquired
|
|
$
|
—
|
|
|
$
|
22,958
|
|
•
|
63.4 million
square feet comprising
392
consolidated operating properties that were
95.6%
occupied;
|
•
|
7.5 million
square feet comprising
23
unconsolidated properties that were
97.6%
occupied and which we operated on behalf of
three
institutional capital management partners;
|
•
|
0.8 million
square feet comprising
four
consolidated properties under redevelopment; and
|
•
|
0.2 million
square feet comprising
two
consolidated properties in development.
|
|
|
June 30,
2016 |
|
December 31,
2015 |
||||
Operating properties
|
|
$
|
3,992,644
|
|
|
$
|
3,791,721
|
|
Properties under development
|
|
128,247
|
|
|
242,906
|
|
||
Properties in pre-development
|
|
33,184
|
|
|
41,313
|
|
||
Properties under redevelopment
|
|
60,965
|
|
|
56,943
|
|
||
Land held
|
|
7,698
|
|
|
7,698
|
|
||
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
|
|
•
|
Two
buildings totaling
0.2 million
square feet that are currently in lease-up as shell-complete activities have been completed as of
June 30, 2016
, including
one
building totaling
0.1 million
square feet that was shell-complete upon acquisition. These properties are
52.8%
leased based on weighted average square feet; and
|
•
|
Ten
projects are under construction, including
one
project in our unconsolidated Stirling Capital Investment joint venture, totaling
2.6 million
square feet.
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
|
Gross
|
|
Accumulated
Amortization
|
|
Net
|
|
Gross
|
|
Accumulated
Amortization
|
|
Net
|
||||||||||||
Other intangible lease assets
|
|
$
|
74,423
|
|
|
$
|
(36,909
|
)
|
|
$
|
37,514
|
|
|
$
|
79,718
|
|
|
$
|
(35,993
|
)
|
|
$
|
43,725
|
|
Above market rent
|
|
$
|
3,946
|
|
|
$
|
(1,886
|
)
|
|
$
|
2,060
|
|
|
$
|
4,702
|
|
|
$
|
(2,280
|
)
|
|
$
|
2,422
|
|
Below market rent
|
|
$
|
(30,459
|
)
|
|
$
|
10,229
|
|
|
$
|
(20,230
|
)
|
|
$
|
(31,565
|
)
|
|
$
|
9,495
|
|
|
$
|
(22,070
|
)
|
|
|
As of June 30, 2016
|
|
Investments in and Advances to as of
|
||||||||||
|
|
Ownership Percentage
|
|
Number of Buildings
|
|
June 30,
2016 |
|
December 31,
2015 |
||||||
Unconsolidated Joint Ventures
|
|
|
|
|
||||||||||
Institutional Joint Ventures:
|
|
|
|
|
|
|
|
|
|
|||||
DCT/SPF Industrial Operating LLC
|
|
20.0
|
%
|
|
13
|
|
|
$
|
37,854
|
|
|
$
|
38,153
|
|
TRT-DCT Venture III
|
|
10.0
|
%
|
|
4
|
|
|
1,977
|
|
|
1,972
|
|
||
Total Institutional Joint Ventures
|
|
|
|
|
17
|
|
|
39,831
|
|
|
40,125
|
|
||
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Stirling Capital Investments (SCLA)
(1)
|
|
50.0
|
%
|
|
6
|
|
|
48,344
|
|
|
42,510
|
|
||
Total
|
|
|
|
|
23
|
|
|
$
|
88,175
|
|
|
$
|
82,635
|
|
(1)
|
Although we contributed
100%
of the initial cash equity capital required by the venture, after return of certain preferential distributions on capital invested, profits and losses are generally split
50
/
50
.
|
|
|
As of June 30, 2016
|
|
As of December 31, 2015
|
||||||||||||
|
|
Carrying
Amounts
|
|
Estimated
Fair Value
|
|
Carrying
Amounts
|
|
Estimated
Fair Value
|
||||||||
Borrowings
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Senior unsecured revolving credit facility
|
|
$
|
133,000
|
|
|
$
|
133,000
|
|
|
$
|
70,000
|
|
|
$
|
70,000
|
|
Fixed rate debt
(2)
|
|
$
|
1,214,523
|
|
|
$
|
1,292,937
|
|
|
$
|
1,268,596
|
|
|
$
|
1,310,388
|
|
Variable rate debt
|
|
$
|
225,000
|
|
|
$
|
222,954
|
|
|
$
|
225,000
|
|
|
$
|
222,649
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate swap asset (liability)
(3)
|
|
$
|
(9,455
|
)
|
|
$
|
(9,455
|
)
|
|
$
|
219
|
|
|
$
|
219
|
|
(1)
|
The fair values of our borrowings were estimated using a discounted cash flow methodology. Credit spreads and market interest rates used to determine the fair value of these instruments are based on unobservable Level 3 inputs which management has determined to be its best estimate of current market values.
|
(2)
|
The carrying amount of our fixed rate debt includes premiums and discounts and excludes deferred loan costs.
|
(3)
|
The fair value of our interest rate swap is determined using the market standard methodology of netting the discounted future fixed cash flows and the discounted expected variable cash flows based on an expectation of future interest rates derived from Level 2 observable market interest rate curves. We also incorporate a credit valuation adjustment, which is derived using unobservable Level 3 inputs, to appropriately reflect both our nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurement. The asset or liability is included in “Other assets, net” or “Other liabilities,” respectively, in our Consolidated Balance Sheets.
|
|
|
During the Six Months Ended June 30,
|
||||||
|
|
2016
|
|
2015
|
||||
Level 3 Assets (Liabilities):
|
|
|
|
|
|
|||
Interest Rate Swaps:
|
|
|
|
|
|
|
||
Beginning balance at January 1
|
|
$
|
219
|
|
|
$
|
(167
|
)
|
Net unrealized loss included in accumulated other comprehensive loss
|
|
(9,575
|
)
|
|
(37
|
)
|
||
Realized gain (loss) recognized in interest expense
|
|
(99
|
)
|
|
74
|
|
||
Ending balance at June 30
|
|
$
|
(9,455
|
)
|
|
$
|
(130
|
)
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Derivatives in Cash Flow Hedging Relationships
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest Rate Swaps:
|
|
|
|
|
|
|
|
|
|
|
||||||
Amount of gain (loss) recognized in OCI for
effective portion of derivatives
|
|
$
|
(3,437
|
)
|
|
$
|
58
|
|
|
$
|
(9,866
|
)
|
|
$
|
(455
|
)
|
Amount of loss reclassified from accumulated
OCI for effective portion of derivatives into
interest expense and equity in earnings of
unconsolidated joint ventures, net
|
|
$
|
(1,670
|
)
|
|
$
|
(1,158
|
)
|
|
$
|
(3,412
|
)
|
|
$
|
(2,311
|
)
|
Amount of loss recognized in interest expense
(ineffective portion and amount excluded from
effectiveness testing)
|
|
$
|
(357
|
)
|
|
$
|
—
|
|
|
$
|
(1,420
|
)
|
|
$
|
—
|
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net Earnings per Common Share – Basic and Diluted
|
|
|
|
|
|
|
|
|||||||||
Numerator
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income attributable to common stockholders
|
|
$
|
21,418
|
|
|
$
|
18,297
|
|
|
$
|
57,809
|
|
|
$
|
47,042
|
|
Less: Distributed and undistributed earnings
allocated to participating securities
|
|
(106
|
)
|
|
(201
|
)
|
|
(334
|
)
|
|
(344
|
)
|
||||
Numerator for adjusted net income attributable to
common stockholders
|
|
$
|
21,312
|
|
|
$
|
18,096
|
|
|
$
|
57,475
|
|
|
$
|
46,698
|
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator
|
|
|
|
|
|
|
|
|
|
|
||||||
Weighted average common shares
outstanding – basic
|
|
89,748
|
|
|
88,187
|
|
|
89,066
|
|
|
88,139
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
||||||
Stock options and phantom stock
|
|
436
|
|
|
299
|
|
|
424
|
|
|
314
|
|
||||
Weighted average common shares
outstanding – diluted
|
|
90,184
|
|
|
88,486
|
|
|
89,490
|
|
|
88,453
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net Earnings per Common Share:
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
0.24
|
|
|
$
|
0.21
|
|
|
$
|
0.65
|
|
|
$
|
0.53
|
|
Diluted
|
|
$
|
0.24
|
|
|
$
|
0.20
|
|
|
$
|
0.64
|
|
|
$
|
0.53
|
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net Earnings per OP Unit – Basic and Diluted
|
|
|
|
|
|
|
|
|
|
|
||||||
Numerator
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income attributable to OP Unitholders
|
|
$
|
22,360
|
|
|
$
|
19,177
|
|
|
$
|
60,495
|
|
|
$
|
49,325
|
|
Less: Distributed and undistributed earnings
allocated to participating securities
|
|
(106
|
)
|
|
(201
|
)
|
|
(334
|
)
|
|
(344
|
)
|
||||
Numerator for adjusted net income attributable
to OP Unitholders
|
|
$
|
22,254
|
|
|
$
|
18,976
|
|
|
$
|
60,161
|
|
|
$
|
48,981
|
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator
|
|
|
|
|
|
|
|
|
|
|
||||||
Weighted average OP Units outstanding – basic
|
|
93,787
|
|
|
92,443
|
|
|
93,204
|
|
|
92,417
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
||||||
Stock options and phantom stock
|
|
436
|
|
|
299
|
|
|
424
|
|
|
314
|
|
||||
Weighted average OP Units outstanding – diluted
|
|
94,223
|
|
|
92,742
|
|
|
93,628
|
|
|
92,731
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net Earnings per OP Unit:
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
0.24
|
|
|
$
|
0.21
|
|
|
$
|
0.65
|
|
|
$
|
0.53
|
|
Diluted
|
|
$
|
0.24
|
|
|
$
|
0.20
|
|
|
$
|
0.64
|
|
|
$
|
0.53
|
|
|
|
As of June 30, 2016
|
|
As of December 31, 2015
|
||||
Segments:
|
|
|
|
|
|
|||
East assets
|
|
$
|
1,067,569
|
|
|
$
|
1,034,869
|
|
Central assets
|
|
1,061,076
|
|
|
1,092,315
|
|
||
West assets
|
|
1,389,240
|
|
|
1,365,471
|
|
||
Total segment net assets
|
|
3,517,885
|
|
|
3,492,655
|
|
||
Non-segment assets:
|
|
|
|
|
|
|
||
Non-segment cash and cash equivalents
|
|
31,466
|
|
|
15,860
|
|
||
Other non-segment assets
(1)
|
|
148,755
|
|
|
123,840
|
|
||
Total assets
|
|
$
|
3,698,106
|
|
|
$
|
3,632,355
|
|
(1)
|
Other non-segment assets primarily consist of investments in and advances to unconsolidated joint ventures, restricted cash, other receivables and other assets.
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
East
|
|
$
|
29,171
|
|
|
$
|
25,845
|
|
|
$
|
58,798
|
|
|
$
|
53,297
|
|
Central
|
|
32,266
|
|
|
33,233
|
|
|
63,060
|
|
|
65,916
|
|
||||
West
|
|
34,160
|
|
|
29,037
|
|
|
67,716
|
|
|
56,964
|
|
||||
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
|
|
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
East
|
|
$
|
22,773
|
|
|
$
|
19,900
|
|
|
$
|
44,846
|
|
|
$
|
39,570
|
|
Central
|
|
22,528
|
|
|
24,045
|
|
|
43,741
|
|
|
46,321
|
|
||||
West
|
|
26,256
|
|
|
22,241
|
|
|
52,297
|
|
|
43,704
|
|
||||
Property NOI
(1)
|
|
71,557
|
|
|
66,186
|
|
|
140,884
|
|
|
129,595
|
|
||||
Institutional capital management and other fees
|
|
305
|
|
|
423
|
|
|
698
|
|
|
801
|
|
||||
Gain on dispositions of real estate interests
|
|
12,955
|
|
|
14,932
|
|
|
43,052
|
|
|
41,086
|
|
||||
Real estate related depreciation and amortization
|
|
(39,901
|
)
|
|
(38,449
|
)
|
|
(79,971
|
)
|
|
(77,445
|
)
|
||||
Casualty loss
|
|
(162
|
)
|
|
—
|
|
|
(162
|
)
|
|
—
|
|
||||
Development profit, net of taxes
|
|
—
|
|
|
2,627
|
|
|
—
|
|
|
2,627
|
|
||||
General and administrative expense
|
|
(7,358
|
)
|
|
(9,856
|
)
|
|
(13,620
|
)
|
|
(17,192
|
)
|
||||
Equity in earnings of unconsolidated
joint ventures, net
|
|
935
|
|
|
1,036
|
|
|
1,819
|
|
|
1,843
|
|
||||
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
|
)
|
||||
Net income attributable to noncontrolling
interests of the Operating Partnership
|
|
(212
|
)
|
|
(3,824
|
)
|
|
(423
|
)
|
|
(3,977
|
)
|
||||
Net income attributable to OP Unitholders
|
|
22,360
|
|
|
19,177
|
|
|
60,495
|
|
|
49,325
|
|
||||
Net income attributable to noncontrolling
interests of DCT Industrial Trust Inc.
|
|
(942
|
)
|
|
(880
|
)
|
|
(2,686
|
)
|
|
(2,283
|
)
|
||||
Net income attributable to common stockholders
|
|
$
|
21,418
|
|
|
$
|
18,297
|
|
|
$
|
57,809
|
|
|
$
|
47,042
|
|
(1)
|
Property net operating income (“property 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. We consider property NOI to be an appropriate supplemental performance measure because property NOI 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 amortization, depreciation, impairment, interest expense, interest and other income, income tax expense and other taxes and general and administrative expenses. However, property NOI should not be viewed as an alternative measure of our financial performance since it excludes expenses which could materially impact our results of operations. Further, our property NOI may not be comparable to that of other real estate companies, as they may use different methodologies for calculating property NOI. Therefore, we believe net income, as defined by GAAP, to be the most appropriate measure to evaluate our overall financial performance.
|
•
|
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 entitled “Risk Factors.”
|
•
|
63.4 million
square feet comprising
392
consolidated operating properties that were
95.6%
occupied;
|
•
|
7.5 million
square feet comprising
23
unconsolidated properties that were
97.6%
occupied and which we operated on behalf of
three
institutional capital management partners;
|
•
|
0.8 million
square feet comprising
four
consolidated properties under redevelopment; and
|
•
|
0.2 million
square feet comprising
two
consolidated properties in development.
|
•
|
maximize cash flows from existing properties;
|
•
|
deploy capital into quality acquisitions and development opportunities which meet our asset, location and financial criteria; and
|
•
|
recycle capital by selling assets that no longer fit our investment criteria and reinvesting the proceeds into higher growth opportunities
|
•
|
Development Activities
|
•
|
As of
June 30, 2016
, construction was shell-complete on
two
buildings totaling
0.2 million
square feet in the Miami and Seattle markets. During the
six months ended June 30, 2016
, we stabilized
11
buildings totaling
3.7 million
square feet.
|
•
|
Additionally, during the
six months ended June 30, 2016
, we acquired
40.6 acres
of
land in the Baltimore/Washington D.C. and Dallas markets
for approximately
$8.3 million
that is held for future development.
|
Project
|
|
Market
|
|
Acres
|
|
Number
of
Buildings
|
|
Square Feet
|
|
Percent-age Owned
(1)
|
|
Cumulative Costs at 6/30/2016
|
|
Projected Investment
|
|
Completion Date
(2)
|
|
Percent-age Leased
(3)
|
||||||
Consolidated Development Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Development Projects in Lease Up
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
DCT Fife Distribution Center North
|
|
Seattle
|
|
9
|
|
1
|
|
152
|
|
100
|
%
|
|
$
|
12,086
|
|
|
$
|
12,976
|
|
|
Q1-2016
|
|
56
|
%
|
|
|
Sub Total
|
|
9
|
|
1
|
|
152
|
|
100
|
%
|
|
$
|
12,086
|
|
|
$
|
12,976
|
|
|
|
|
56
|
%
|
Under Construction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
DCT North Satellite Distribution Center
|
|
Atlanta
|
|
47
|
|
1
|
|
549
|
|
100
|
%
|
|
$
|
10,138
|
|
|
$
|
29,544
|
|
|
Q1-2017
|
|
0
|
%
|
DCT Central Avenue
|
|
Chicago
|
|
54
|
|
1
|
|
190
|
|
100
|
%
|
|
25,710
|
|
|
61,287
|
|
|
Q1-2017
|
|
100
|
%
|
||
DCT North Avenue Distribution Center
|
|
Chicago
|
|
20
|
|
1
|
|
350
|
|
100
|
%
|
|
25,040
|
|
|
28,344
|
|
|
Q3-2016
|
|
100
|
%
|
||
DCT Stockyards Industrial Center
|
|
Chicago
|
|
10
|
|
1
|
|
167
|
|
100
|
%
|
|
3,762
|
|
|
15,139
|
|
|
Q4-2016
|
|
0
|
%
|
||
DCT Freeport West
|
|
Dallas
|
|
7
|
|
1
|
|
108
|
|
100
|
%
|
|
8,055
|
|
|
9,329
|
|
|
Q3-2016
|
|
67
|
%
|
||
DCT Waters Ridge
|
|
Dallas
|
|
18
|
|
1
|
|
347
|
|
100
|
%
|
|
13,293
|
|
|
18,618
|
|
|
Q3-2016
|
|
0
|
%
|
||
DCT Commerce Center Phase II Building C
|
|
Miami
|
|
8
|
|
1
|
|
136
|
|
100
|
%
|
|
7,883
|
|
|
15,373
|
|
|
Q4-2016
|
|
0
|
%
|
||
DCT Airport Distribution Center Building D
|
|
Orlando
|
|
6
|
|
1
|
|
95
|
|
100
|
%
|
|
4,686
|
|
|
7,148
|
|
|
Q3-2016
|
|
0
|
%
|
||
DCT White River Corporate Center Phase II North
|
|
Seattle
|
|
13
|
|
1
|
|
251
|
|
100
|
%
|
|
10,689
|
|
|
21,772
|
|
|
Q4-2016
|
|
0
|
%
|
||
Building 13B
(5)
|
|
So. California
|
|
22
|
|
1
|
|
445
|
|
50
|
%
|
(6)
|
10,386
|
|
|
19,960
|
|
|
Q3-2016
|
|
100
|
%
|
||
|
|
Sub Total
|
|
205
|
|
10
|
|
2,638
|
|
92
|
%
|
|
$
|
119,642
|
|
|
$
|
226,514
|
|
|
|
|
40
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Total
(4)
|
|
214
|
|
11
|
|
2,790
|
|
92
|
%
|
|
$
|
131,728
|
|
|
$
|
239,490
|
|
|
|
|
41
|
%
|
(1)
|
Percentage owned is based on equity ownership weighted by square feet.
|
(2)
|
The completion date represents the date of building shell-completion or estimated date of shell-completion.
|
(3)
|
Percentage leased is computed as of the date the financial statements were available to be issued.
|
(4)
|
During November 2015, DCT acquired one building totaling 54,000 square feet in Miami that was shell-complete. The building is classified as a property under development and is not included in the table above.
|
(5)
|
During January 2016, DCT commenced construction on Building 13B, a 445,000 square foot building located in our SCLA unconsolidated joint venture. The cumulative costs of
$10.4 million
are excluded from “Properties under development” in our Consolidated Balance Sheets as of
June 30, 2016
.
|
(6)
|
Although we contributed 100% of the initial cash equity capital required by the venture, after return of certain preferential distributions on capital invested, profits and losses are generally split 50/50
.
|
•
|
During the
six months ended June 30, 2016
, we sold
11
consolidated operating properties totaling
2.0 million
square feet from our
Chicago, Houston, Louisville and Northern California markets
to third-parties for gross proceeds of approximately
$108.6 million
.
|
•
|
As of
June 30, 2016
, we had
$133.0 million
outstanding and
$263.5 million
available under our
$400.0 million
senior unsecured revolving credit facility, net of
one
letter of credit totaling
$3.5 million
.
|
•
|
On September 10, 2015, we registered a continuous equity offering program, to replace our continuous equity offering program previously registered on May 29, 2013. During the
six months ended June 30, 2016
, we issued approximately
1.2 million
shares through the continuous equity offering program, at an average price of
$39.93
per share for proceeds of approximately
$48.5 million
, net of offering expenses. The proceeds from the sale of shares were contributed to the Operating Partnership for an equal number of OP units in the Operating Partnership and were used for general corporate purposes, including funding developments and redevelopments and repaying debt. As of
June 30, 2016
, approximately
3.8 million
shares remain available to be issued under the current offering.
|
|
|
Number
of Leases
Signed
|
|
Square
Feet
Signed
(1)
|
|
Net Effective
Rent Per
Square Foot
(2)
|
|
GAAP
Basis Rent
Growth
(3)
|
|
Weighted
Average
Lease Term
(4)
|
|
Turnover
Costs Per
Square Foot
(5)
|
||||||||
SECOND QUARTER 2016
|
|
|
|
(in thousands)
|
|
|
|
|
|
(in months)
|
|
|
||||||||
New
|
|
30
|
|
|
1,316
|
|
|
N/A
|
|
|
22.5
|
%
|
|
68
|
|
|
$
|
4.99
|
|
|
Renewal
|
|
41
|
|
|
2,496
|
|
|
N/A
|
|
|
12.1
|
%
|
|
50
|
|
|
1.27
|
|
||
Development and redevelopment
|
|
7
|
|
|
591
|
|
|
N/A
|
|
|
N/A
|
|
|
68
|
|
|
N/A
|
|
||
Total/Weighted Average
|
|
78
|
|
|
4,403
|
|
|
$
|
5.25
|
|
|
15.3
|
%
|
|
58
|
|
|
$
|
2.56
|
|
Weighted Average Retention
(6)
|
|
75.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of Leases
Signed
|
|
Square
Feet
Signed
(1)
|
|
Net Effective
Rent Per
Square Foot
(2)
|
|
GAAP
Basis Rent
Growth
(3)
|
|
Weighted
Average
Lease Term
(4)
|
|
Turnover
Costs Per
Square Foot
(5)
|
||||||||
YEAR TO DATE 2016
|
|
|
|
(in thousands)
|
|
|
|
|
|
(in months)
|
|
|
||||||||
New
|
|
55
|
|
|
3,482
|
|
|
N/A
|
|
|
14.5
|
%
|
|
70
|
|
|
$
|
4.80
|
|
|
Renewal
|
|
74
|
|
|
4,380
|
|
|
N/A
|
|
|
21.7
|
%
|
|
57
|
|
|
1.77
|
|
||
Development and redevelopment
|
|
12
|
|
|
865
|
|
|
N/A
|
|
|
N/A
|
|
|
78
|
|
|
N/A
|
|
||
Total/Weighted Average
|
|
141
|
|
|
8,727
|
|
|
$
|
5.22
|
|
|
18.8
|
%
|
|
65
|
|
|
$
|
3.11
|
|
Weighted Average Retention
(6)
|
|
68.9
|
%
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Excludes short-term leases that do not contain standard market provisions.
|
(2)
|
Net effective rent is the average monthly base rental income over the term of the lease, calculated in accordance with GAAP.
|
(3)
|
GAAP basis rent growth is the percentage change in monthly net effective rent of the comparable lease. New leases where there were no prior comparable leases or materially different lease structures are excluded.
|
(4)
|
Assumes no exercise of lease renewal options, if any.
|
(5)
|
Turnover costs are comprised of the costs incurred or capitalized for improvements of vacant and renewal spaces, as well as the commissions paid and costs capitalized for leasing transactions. Turnover costs per square foot represent the total turnover costs expected to be incurred on the leases signed during the period and does not reflect actual expenditures for the period.
|
(6)
|
Represents the percentage of customers renewing their respective leases weighted by average square feet.
|
Customer
|
|
Percentage
of Annualized
Base Rent
|
|
|
Amazon.com, Inc.
|
|
2.8
|
%
|
|
Distributions Alternatives, Inc.
|
|
2.1
|
%
|
|
Ozburn-Hessey Logistics, LLC
|
|
1.6
|
%
|
|
The J. M. Smucker Company
|
|
1.5
|
%
|
|
Schenker, Inc.
|
|
1.2
|
%
|
|
The Clorox Company
|
|
1.1
|
%
|
|
United Parcel Service, Inc.
|
|
1.0
|
%
|
|
The Glidden Company
|
|
1.0
|
%
|
|
YRC, LLC
|
|
1.0
|
%
|
|
Kellogg Company
|
|
0.9
|
%
|
|
Total
|
|
14.2
|
%
|
|
|
|
For the Three Months Ended June 30,
|
|||||||||||||
|
|
2016
|
|
2015
|
|
$ Change
|
|
Percent Change
|
|||||||
Rental Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Same store
|
|
$
|
83,667
|
|
|
$
|
81,507
|
|
|
$
|
2,160
|
|
|
2.7
|
%
|
Non-same store operating properties
|
|
11,535
|
|
|
6,210
|
|
|
5,325
|
|
|
85.7
|
%
|
|||
Development and redevelopment
|
|
395
|
|
|
398
|
|
|
(3
|
)
|
|
(0.8
|
)%
|
|||
Total rental revenues
|
|
95,597
|
|
|
88,115
|
|
|
7,482
|
|
|
8.5
|
%
|
|||
Rental Expenses and Real Estate Taxes
|
|
|
|
|
|
|
|
|
|
|
|
||||
Same store
|
|
21,472
|
|
|
20,208
|
|
|
1,264
|
|
|
6.3
|
%
|
|||
Non-same store operating properties
|
|
2,439
|
|
|
1,593
|
|
|
846
|
|
|
53.1
|
%
|
|||
Development and redevelopment
|
|
129
|
|
|
128
|
|
|
1
|
|
|
0.8
|
%
|
|||
Total rental expenses and real estate taxes
|
|
24,040
|
|
|
21,929
|
|
|
2,111
|
|
|
9.6
|
%
|
|||
Property Net Operating Income
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Same store
|
|
62,195
|
|
|
61,299
|
|
|
896
|
|
|
1.5
|
%
|
|||
Non-same store operating properties
|
|
9,096
|
|
|
4,617
|
|
|
4,479
|
|
|
97.0
|
%
|
|||
Development and redevelopment
|
|
266
|
|
|
270
|
|
|
(4
|
)
|
|
(1.5
|
)%
|
|||
Total property net operating income
|
|
71,557
|
|
|
66,186
|
|
|
5,371
|
|
|
8.1
|
%
|
|||
Other Revenue and Other Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Institutional capital management and other fees
|
|
305
|
|
|
423
|
|
|
(118
|
)
|
|
(27.9
|
)%
|
|||
Casualty loss
|
|
(162
|
)
|
|
—
|
|
|
(162
|
)
|
|
100.0
|
%
|
|||
Development profit, net of taxes
|
|
—
|
|
|
2,627
|
|
|
(2,627
|
)
|
|
(100.0
|
)%
|
|||
Equity in earnings of unconsolidated joint ventures, net
|
|
935
|
|
|
1,036
|
|
|
(101
|
)
|
|
(9.7
|
)%
|
|||
Gain on dispositions of real estate interests
|
|
12,955
|
|
|
14,932
|
|
|
(1,977
|
)
|
|
(13.2
|
)%
|
|||
Interest and other income (expense)
|
|
48
|
|
|
(11
|
)
|
|
59
|
|
|
536.4
|
%
|
|||
Total other revenue and other income
|
|
14,081
|
|
|
19,007
|
|
|
(4,926
|
)
|
|
(25.9
|
)%
|
|||
Other Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Real estate related depreciation and amortization
|
|
39,901
|
|
|
38,449
|
|
|
1,452
|
|
|
3.8
|
%
|
|||
Interest expense
|
|
15,635
|
|
|
13,609
|
|
|
2,026
|
|
|
14.9
|
%
|
|||
General and administrative
|
|
7,358
|
|
|
9,856
|
|
|
(2,498
|
)
|
|
(25.3
|
)%
|
|||
Income tax expense and other taxes
|
|
172
|
|
|
278
|
|
|
(106
|
)
|
|
(38.1
|
)%
|
|||
Total other expenses
|
|
63,066
|
|
|
62,192
|
|
|
874
|
|
|
1.4
|
%
|
|||
Net income attributable to noncontrolling interests
of the Operating Partnership
|
|
(212
|
)
|
|
(3,824
|
)
|
|
3,612
|
|
|
94.5
|
%
|
|||
Net income attributable to OP Unitholders
|
|
22,360
|
|
|
19,177
|
|
|
3,183
|
|
|
16.6
|
%
|
|||
Net income attributable to noncontrolling interests
of DCT Industrial Trust Inc.
|
|
(942
|
)
|
|
(880
|
)
|
|
(62
|
)
|
|
(7.0
|
)%
|
|||
Net income attributable to common stockholders
|
|
$
|
21,418
|
|
|
$
|
18,297
|
|
|
$
|
3,121
|
|
|
17.1
|
%
|
(1)
|
Property net operating income (“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. We consider property NOI to be an appropriate supplemental performance measure because property NOI 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 amortization, depreciation, impairment, interest expense, interest and other income, income tax expense and other taxes and general and administrative expenses. However, property NOI should not be viewed as an alternative measure of our financial performance since it excludes expenses which could materially impact our results of operations. Further, our property NOI may not be comparable to that of other real estate companies, as they may use different methodologies for calculating property NOI. Therefore, we believe net income, as defined by GAAP, to be the most appropriate measure to evaluate our overall financial performance. For a reconciliation of our NOI to our reported “Net income attributable to common stockholders” see “Notes to Consolidated Financial Statements, Note 11 – Segment Information.”
|
•
|
$5.3 million
increase
in total revenue in our non-same store portfolio, of which $10.1 million is attributed to six operating property acquisitions and 23 development and redevelopment properties placed into operation since April 1, 2015, offset in part by a $4.8 million decrease attributed to 35 consolidated property dispositions since April 1, 2015.
|
•
|
$2.2 million
increase
in total revenue in our same store portfolio primarily due to the following:
|
•
|
$1.8 million increase in base rent and $0.8 million increase in operating expense recoveries primarily resulting from increased rental rates; which was partially offset by
|
•
|
$0.4 million decrease in miscellaneous income from tenants primarily due to higher move-out repairs in 2015 compared to the same period in 2016.
|
|
|
For the Three Months Ended June 30,
|
||||||||||
|
|
2016
|
|
2015
|
|
$ Change
|
||||||
Base rent
|
|
$
|
65,685
|
|
|
$
|
63,612
|
|
|
$
|
2,073
|
|
Straight-line rent
|
|
5,694
|
|
|
1,799
|
|
|
3,895
|
|
|||
Amortization of above and below market rent intangibles
|
|
769
|
|
|
760
|
|
|
9
|
|
|||
Tenant recovery income
|
|
22,269
|
|
|
20,465
|
|
|
1,804
|
|
|||
Other
|
|
608
|
|
|
952
|
|
|
(344
|
)
|
|||
Revenues related to early lease terminations
|
|
572
|
|
|
527
|
|
|
45
|
|
|||
Total rental revenues
|
|
$
|
95,597
|
|
|
$
|
88,115
|
|
|
$
|
7,482
|
|
•
|
$1.3 million
increase
in rental expenses and real estate taxes period over period in our same store portfolio primarily due to an increase in property taxes in our Houston market and other rental expenses; and
|
•
|
$0.8 million
increase
in rental expenses and real estate taxes related to our non-same store properties primarily due to an increase in property taxes from developments and redevelopments placed into operation since April 1, 2015, and other rental expenses.
|
•
|
$2.6 million
decrease
in development profit, net of taxes related to the completion and sales of 8th & Vineyard C, 8th & Vineyard D and 8th & Vineyard E to third-parties during 2015 with no corresponding activity during 2016;
|
•
|
$2.0 million
decrease
in gain on dispositions of real estate interests primarily related to gains of
$13.0 million
recognized on the disposition of
seven
properties in the Chicago and Northern California markets during 2016, compared to gains of
$14.9 million
recognized on the disposition of seven properties in the Atlanta market during 2015;
|
•
|
$0.2 million
increase in casualty losses primarily related to the write-off of assets from three casualty events in our Northern California and Phoenix markets; and
|
•
|
$0.1 million
decrease
in equity in earnings of unconsolidated joint ventures, net primarily related to decreased interest expense resulting from TRT-DCT Venture III’s repayment of an $8.1 million mortgage note in October 2015.
|
•
|
$2.0 million
increase
in interest expense due to the following:
|
•
|
$1.5 million decrease in capitalized interest primarily related to the cessation of capitalization on developments placed into operation and a lower weighted average effective interest rate during 2016 compared to the same period in 2015;
|
•
|
$0.4 million of hedge ineffectiveness recognized during 2016 related to our $200.0 million 2015 term note hedge; and
|
•
|
$0.1 million increase due to increased average outstanding indebtedness of approximately $98.7 million during 2016 compared to the same period in 2015, partially offset by lower weighted average effective interest rate during 2016 compared to the same period in 2015.
|
•
|
$1.5 million
increase
in depreciation and amortization expense resulting from a $4.7 million increase related to real estate acquisitions, developments and redevelopments placed in operation and capital additions; partially offset by $1.8 million related to real estate dispositions and $1.4 million related to same store tenant improvements and intangible lease assets that were fully amortized subsequent to June 30, 2015; which was partially offset by
|
•
|
$2.5 million
decrease
in general and administrative expense due to the following:
|
•
|
$3.4 million decrease resulting from an expense in 2015 related to criminal fraud and the associated legal expenses incurred in relation to the investigation of the incident; partially offset by
|
•
|
$0.7 million increase in personnel costs; and
|
•
|
$0.1 million increase due to lower capitalized overhead during 2016 as a result of fewer development activities compared to the same period in 2015.
|
|
|
For the Six Months Ended June 30,
|
|||||||||||||
|
|
2016
|
|
2015
|
|
$ Change
|
|
Percent Change
|
|||||||
Rental Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Same store
|
|
$
|
159,196
|
|
|
$
|
154,907
|
|
|
$
|
4,289
|
|
|
2.8
|
%
|
Non-same store operating properties
|
|
29,559
|
|
|
20,362
|
|
|
9,197
|
|
|
45.2
|
%
|
|||
Development and redevelopment
|
|
819
|
|
|
908
|
|
|
(89
|
)
|
|
(9.8
|
)%
|
|||
Total rental revenues
|
|
189,574
|
|
|
176,177
|
|
|
13,397
|
|
|
7.6
|
%
|
|||
Rental Expenses and Real Estate Taxes
|
|
|
|
|
|
|
|
|
|
|
|
||||
Same store
|
|
41,330
|
|
|
40,575
|
|
|
755
|
|
|
1.9
|
%
|
|||
Non-same store operating properties
|
|
7,089
|
|
|
5,892
|
|
|
1,197
|
|
|
20.3
|
%
|
|||
Development and redevelopment
|
|
271
|
|
|
115
|
|
|
156
|
|
|
135.7
|
%
|
|||
Total rental expenses and real estate taxes
|
|
48,690
|
|
|
46,582
|
|
|
2,108
|
|
|
4.5
|
%
|
|||
Property Net Operating Income
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Same store
|
|
117,866
|
|
|
114,332
|
|
|
3,534
|
|
|
3.1
|
%
|
|||
Non-same store operating properties
|
|
22,470
|
|
|
14,470
|
|
|
8,000
|
|
|
55.3
|
%
|
|||
Development and redevelopment
|
|
548
|
|
|
793
|
|
|
(245
|
)
|
|
(30.9
|
)%
|
|||
Total property net operating income
|
|
140,884
|
|
|
129,595
|
|
|
11,289
|
|
|
8.7
|
%
|
|||
Other Revenue and Other Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Institutional capital management and other fees
|
|
698
|
|
|
801
|
|
|
(103
|
)
|
|
(12.9
|
)%
|
|||
Casualty loss
|
|
(162
|
)
|
|
—
|
|
|
(162
|
)
|
|
100.0
|
%
|
|||
Development profit, net of taxes
|
|
—
|
|
|
2,627
|
|
|
(2,627
|
)
|
|
(100.0
|
)%
|
|||
Equity in earnings of unconsolidated joint ventures, net
|
|
1,819
|
|
|
1,843
|
|
|
(24
|
)
|
|
(1.3
|
)%
|
|||
Gain on dispositions of real estate interests
|
|
43,052
|
|
|
41,086
|
|
|
1,966
|
|
|
4.8
|
%
|
|||
Interest and other income (expense)
|
|
563
|
|
|
(29
|
)
|
|
592
|
|
|
2,041.4
|
%
|
|||
Total other revenue and other income
|
|
45,970
|
|
|
46,328
|
|
|
(358
|
)
|
|
(0.8
|
)%
|
|||
Other Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Real estate related depreciation and amortization
|
|
79,971
|
|
|
77,445
|
|
|
2,526
|
|
|
3.3
|
%
|
|||
Interest expense
|
|
32,057
|
|
|
27,513
|
|
|
4,544
|
|
|
16.5
|
%
|
|||
General and administrative
|
|
13,620
|
|
|
17,192
|
|
|
(3,572
|
)
|
|
(20.8
|
)%
|
|||
Income tax expense and other taxes
|
|
288
|
|
|
471
|
|
|
(183
|
)
|
|
(38.9
|
)%
|
|||
Total other expenses
|
|
125,936
|
|
|
122,621
|
|
|
3,315
|
|
|
2.7
|
%
|
|||
Net income attributable to noncontrolling interests
of the Operating Partnership
|
|
(423
|
)
|
|
(3,977
|
)
|
|
3,554
|
|
|
89.4
|
%
|
|||
Net income attributable to OP Unitholders
|
|
60,495
|
|
|
49,325
|
|
|
11,170
|
|
|
22.6
|
%
|
|||
Net income attributable to noncontrolling interests
of DCT Industrial Trust Inc.
|
|
(2,686
|
)
|
|
(2,283
|
)
|
|
(403
|
)
|
|
(17.7
|
)%
|
|||
Net income attributable to common stockholders
|
|
$
|
57,809
|
|
|
$
|
47,042
|
|
|
$
|
10,767
|
|
|
22.9
|
%
|
(1)
|
See definitions of property net operating income on page 33.
|
•
|
$9.1 million
increase
in total revenue in our non-same store portfolio, of which $20.1 million is attributed to 14 operating property acquisitions, 29 development and redevelopment properties placed into operation and one operating property placed into redevelopment since January 1, 2015, offset in part by an $11.0 million decrease attributed to 41 consolidated property dispositions since January 1, 2015.
|
•
|
$4.3 million
increase
in total revenue in our same store portfolio primarily due to the following:
|
•
|
$3.0 million increase in base rent primarily resulting from increased rental rates and a 40 basis point increase in average occupancy period over period;
|
•
|
$0.7 million increase in miscellaneous income from tenants primarily due to move-out repairs; and
|
•
|
$0.6 million increase in operating expense recoveries related to higher average occupancy.
|
|
|
For the Six Months Ended June 30,
|
||||||||||
|
|
2016
|
|
2015
|
|
$ Change
|
||||||
Base rent
|
|
$
|
129,586
|
|
|
$
|
126,439
|
|
|
$
|
3,147
|
|
Straight-line rent
|
|
11,158
|
|
|
3,386
|
|
|
7,772
|
|
|||
Amortization of above and below market rent intangibles
|
|
1,480
|
|
|
1,542
|
|
|
(62
|
)
|
|||
Tenant recovery income
|
|
44,486
|
|
|
42,211
|
|
|
2,275
|
|
|||
Other
|
|
2,212
|
|
|
1,387
|
|
|
825
|
|
|||
Revenues related to early lease terminations
|
|
652
|
|
|
1,212
|
|
|
(560
|
)
|
|||
Total rental revenues
|
|
$
|
189,574
|
|
|
$
|
176,177
|
|
|
$
|
13,397
|
|
•
|
$0.8 million
increase
in rental expenses and real estate taxes period over period in our same store portfolio primarily due to an increase in property taxes in our Chicago and Houston markets; and
|
•
|
$1.4 million
increase
in rental expenses and real estate taxes related to our non-same store properties primarily due to a $1.6 million increase in property taxes in our Atlanta, Houston, Seattle and Southern California markets, offset in part by a $0.2 million decrease in snow removal costs and a decrease in the number of non-same store properties as a result of properties qualifying and transitioning to the same store portfolio.
|
•
|
$2.6 million
decrease
in development profit, net of taxes related to the completion and sales of 8th & Vineyard C, 8th & Vineyard D and 8th & Vineyard E to third-parties during 2015 with no corresponding activity during 2016; and
|
•
|
$0.2 million
increase in casualty losses primarily related to the write-off of assets from three casualty events in our Northern California and Phoenix markets during 2016 with no corresponding activity during 2015; which was partially offset by
|
•
|
$2.0 million
increase
in gain on dispositions of real estate interests primarily related to gains of
$43.1 million
recognized on the disposition of
11
properties in the
Chicago, Houston, Louisville and Northern California markets
during 2016, compared to gains of
$41.1 million
recognized on the disposition of 13 properties in the Atlanta and Memphis markets during 2015; and
|
•
|
$0.6 million
increase
in interest and other income (expense) primarily related to proceeds received in 2016 from a roof settlement related to damages at several properties located in the Houston market during 2016.
|
•
|
$4.5 million
increase
in interest expense due to the following:
|
•
|
$2.2 million decrease in capitalized interest primarily related to the cessation of capitalization on developments placed into operation and a lower weighted average effective interest rate during 2016 compared to the same period in 2015;
|
•
|
$1.4 million of hedge ineffectiveness recognized during 2016 related to our $200.0 million 2015 term note hedge; and
|
•
|
$0.9 million increase due to increased average outstanding indebtedness of approximately $123.9 million during 2016, partially offset by lower weighted average effective interest rate during 2016 compared to the same period in 2015.
|
•
|
$2.5 million
increase
in depreciation and amortization expense resulting from a $8.6 million increase related to real estate acquisitions, developments placed in operation and capital additions; partially offset by $4.4 million related to real estate dispositions and $1.7 million related to same store tenant improvements and intangible assets that were fully amortized subsequent to June 30, 2015; which was partially offset by
|
•
|
$3.6 million
decrease
in general and administrative expenses primarily related to the following:
|
•
|
$3.4 million decrease resulting from an expense in 2015 related to criminal fraud and the associated legal expenses incurred in relation to the investigation of the incident; and
|
•
|
$1.2 million decrease in acquisition costs due to lower acquisition activity; which was partially offset by
|
•
|
$0.8 million increase personnel costs; and
|
•
|
$0.2 million decrease in capitalized overhead due to fewer development activities in the first half of 2016 relative to the same period in 2015.
|
|
|
As of June 30,
|
|
For the Three Months Ended June 30,
|
|
For the Six Months Ended June 30,
|
|||||||||||||||||||||||
|
|
Number of
buildings
|
|
Square feet
|
|
Occupancy at
period end
|
|
Segment
assets
(1)
|
|
Rental
revenues
(2)
|
|
Property net
operating
income
(3)
|
|
Rental
revenues
(2)
|
|
Property net
operating
income
(3)
|
|||||||||||||
EAST:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
2016
|
|
115
|
|
|
21,378
|
|
|
95.9
|
%
|
|
$
|
1,067,569
|
|
|
$
|
29,171
|
|
|
$
|
22,773
|
|
|
$
|
58,798
|
|
|
$
|
44,846
|
|
2015
|
|
115
|
|
|
19,301
|
|
|
93.7
|
%
|
|
$
|
986,185
|
|
|
$
|
25,845
|
|
|
$
|
19,900
|
|
|
$
|
53,297
|
|
|
$
|
39,570
|
|
CHANGE:
|
|
—
|
|
|
2,077
|
|
|
2.2
|
%
|
|
$
|
81,384
|
|
|
$
|
3,326
|
|
|
$
|
2,873
|
|
|
$
|
5,501
|
|
|
$
|
5,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
CENTRAL:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
2016
|
|
145
|
|
|
22,682
|
|
|
91.7
|
%
|
|
$
|
1,061,076
|
|
|
$
|
32,266
|
|
|
$
|
22,528
|
|
|
$
|
63,060
|
|
|
$
|
43,741
|
|
2015
|
|
164
|
|
|
26,269
|
|
|
90.0
|
%
|
|
$
|
1,097,080
|
|
|
$
|
33,233
|
|
|
$
|
24,045
|
|
|
$
|
65,916
|
|
|
$
|
46,321
|
|
CHANGE:
|
|
(19
|
)
|
|
(3,587
|
)
|
|
1.7
|
%
|
|
$
|
(36,004
|
)
|
|
$
|
(967
|
)
|
|
$
|
(1,517
|
)
|
|
$
|
(2,856
|
)
|
|
$
|
(2,580
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
WEST:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
2016
|
|
138
|
|
|
20,404
|
|
|
96.4
|
%
|
|
$
|
1,389,240
|
|
|
$
|
34,160
|
|
|
$
|
26,256
|
|
|
$
|
67,716
|
|
|
$
|
52,297
|
|
2015
|
|
134
|
|
|
18,936
|
|
|
86.8
|
%
|
|
$
|
1,320,675
|
|
|
$
|
29,037
|
|
|
$
|
22,241
|
|
|
$
|
56,964
|
|
|
$
|
43,704
|
|
CHANGE:
|
|
4
|
|
|
1,468
|
|
|
9.6
|
%
|
|
$
|
68,565
|
|
|
$
|
5,123
|
|
|
$
|
4,015
|
|
|
$
|
10,752
|
|
|
$
|
8,593
|
|
(1)
|
Segment assets include all assets comprising operating properties included in a segment, less non-segment cash and cash equivalents, and other non-segment assets.
|
(2)
|
Segment rental revenues include revenue from operating properties and development properties.
|
(3)
|
For the definition of property net operating income, or property NOI, and a reconciliation of our property NOI to our reported “Net income attributable to common stockholders” see “Notes to Consolidated Financial Statements, Note 11 – Segment Information.”
|
|
|
As of June 30, 2016
|
|
As of December 31, 2015
|
|
$ Change
|
||||||
Segments:
|
|
|
|
|
|
|
|
|
|
|||
East assets
|
|
$
|
1,067,569
|
|
|
$
|
1,034,869
|
|
|
$
|
32,700
|
|
Central assets
|
|
1,061,076
|
|
|
1,092,315
|
|
|
(31,239
|
)
|
|||
West assets
|
|
1,389,240
|
|
|
1,365,471
|
|
|
23,769
|
|
|||
Total segment net assets
|
|
3,517,885
|
|
|
3,492,655
|
|
|
25,230
|
|
|||
Non-segment assets:
|
|
|
|
|
|
|
|
|
||||
Non-segment cash and cash equivalents
|
|
31,466
|
|
|
15,860
|
|
|
15,606
|
|
|||
Other non-segment assets
(1)
|
|
148,755
|
|
|
123,840
|
|
|
24,915
|
|
|||
Total assets
|
|
$
|
3,698,106
|
|
|
$
|
3,632,355
|
|
|
$
|
65,751
|
|
(1)
|
Other non-segment assets primarily consists of investments in and advances to unconsolidated joint ventures, restricted cash, other receivables and other assets.
|
•
|
East Segment assets
increased
by approximately
$32.7 million
in
2016
due to three development properties placed into operation since December 31, 2015.
|
•
|
East Segment property NOI
increased
approximately
$2.9 million
for the
three months ended June 30, 2016
as compared to the same period in
2015
, primarily as a result of:
|
•
|
$3.3 million
increase in NOI, of which $3.9 million increase in rental revenue is attributed to the timing of property acquisitions and completion of developments, and $0.5 million increase attributed to higher rental rates and operating expense recoveries due to increased occupancy in our same store portfolio, offset in part by $1.1 million decrease in rental revenues due to property dispositions; which was partially offset by
|
•
|
$0.4 million decrease in NOI due to increases in operating expense primarily related to increased property tax expense driven by the cessation of capitalization on developments placed into operation and property acquisitions.
|
•
|
East Segment property NOI
increased
approximately
$5.3 million
for the
six months ended June 30, 2016
as compared to the same period in
2015
, primarily as a result of:
|
•
|
$5.5 million
increase in NOI, of which $6.8 million increase in rental revenue is attributed to the timing of property acquisitions and completion of developments, and $3.0 million increase attributed to higher rental rates and operating expense recoveries due to increased occupancy in our same store portfolio, which was partially offset by $4.3 million decrease in rental revenues due to property dispositions; which was partially offset by
|
•
|
$0.2 million decrease in NOI due to increases in operating expense primarily related to increased property taxes and other rental expenses driven by developments placed into operation and property acquisitions.
|
•
|
Central Segment assets
decreased
by approximately
$31.2 million
in
2016
due to the disposition of 10 properties; partially offset by four development and redevelopment properties placed into operation since December 31, 2015.
|
•
|
Central Segment property NOI
decreased
approximately
$1.5 million
, for the
three months ended June 30, 2016
as compared to the same period in
2015
primarily as a result of:
|
•
|
$1.0 million
decrease in NOI, of which $3.7 million decrease in rental revenue is attributed to property dispositions, partially offset by a $2.5 million increase attributed to the timing of property acquisitions and completion of developments, and a $0.2 million increase attributed increased revenue from early lease termination fees, tenant reimbursements and operating expense recoveries in our same store portfolio; and
|
•
|
$0.5 million decrease in NOI due to increases in operating expense primarily related to increased property taxes driven by developments and redevelopments placed into operation and property acquisitions, and non-recoverable expenses during 2016.
|
•
|
Central Segment property NOI
decreased
approximately
$2.6 million
, for the
six months ended June 30, 2016
as compared to the same period in
2015
primarily as a result of:
|
•
|
$2.9 million
decrease in NOI, of which $6.7 million decrease in rental revenue is attributed to property dispositions and $1.6 million attributed to a 406 basis point decrease in average occupancy period over period primarily due to three early lease terminations at properties in our same store portfolio, partially offset by a $5.4 million increase attributed to the timing of property acquisitions and completion of developments; which was partially offset by
|
•
|
$0.3 million increase in NOI due to decreases in operating expense primarily related to snow removal costs incurred from severe winter storms during 2015 and an increase in real estate tax refunds received during 2016; partially offset by increased property taxes and bad debt expense.
|
•
|
West Segment assets
increased
by approximately
$23.8 million
in
2016
due to three development properties placed into operation and one development property that was in lease-up; partially offset by the disposition of one property since December 31, 2015.
|
•
|
West Segment property NOI
increased
approximately
$4.0 million
for the
three months ended June 30, 2016
as compared to the same period in
2015
, primarily as a result of:
|
•
|
$5.1 million
increase in NOI, of which $3.7 million increase in rental revenue is attributed to the timing of property acquisitions and completion of developments, and $1.4 million is attributed to increased rental rates and occupancy in our same store portfolio; which was partially offset by
|
•
|
$1.1 million decrease in NOI due to increases in operating expense primarily due to increased property tax expense driven by the cessation of capitalization on developments placed into operation and property acquisitions.
|
•
|
West Segment property NOI
increased
approximately
$8.6 million
for the
six months ended June 30, 2016
as compared to the same period in
2015
, primarily as a result of:
|
•
|
$10.8 million
increase in rental revenues, of which $7.9 million is attributed to the timing of property acquisitions and completion of developments, and $2.9 million is attributed to increased rental rates and occupancy at properties in our same store portfolio; which was partially offset by
|
•
|
$2.2 million decrease in NOI due to increases in operating expense primarily due to increased property tax driven by the cessation of capitalization on developments placed into operation and property acquisitions.
|
•
|
Cash flows from operations;
|
•
|
Proceeds from dispositions;
|
•
|
Borrowings under our senior unsecured revolving credit facility;
|
•
|
Other forms of secured or unsecured financings;
|
•
|
Offerings of common stock or other securities;
|
•
|
Current cash balances; and
|
•
|
Distributions from institutional capital management and other joint ventures.
|
•
|
$134.8 million decrease in cash outflows from acquisitions; partially offset by
|
•
|
$54.5 million
increase in cash outflows related to capital expenditures and development activities, as reflected in the table below;
|
•
|
$30.0 million decrease in cash inflows from dispositions;
|
•
|
$17.3 million decrease in cash inflows related to an increase in restricted cash due to timing of 1031 proceeds received from dispositions; and
|
•
|
$7.1 million increase in cash outflows related to investments in unconsolidated joint ventures due to increased contributions to our SCLA unconsolidated joint venture to fund the development of Building 13B during 2016.
|
|
|
For the Six Months Ended June 30,
|
||||||||||
|
|
2016
|
|
2015
|
|
$ Change
|
||||||
Development
|
|
$
|
109,086
|
|
|
$
|
58,944
|
|
|
$
|
50,142
|
|
Redevelopment
|
|
8,781
|
|
|
5,569
|
|
|
3,212
|
|
|||
Due diligence
|
|
2,056
|
|
|
6,931
|
|
|
(4,875
|
)
|
|||
Casualty expenditures
|
|
964
|
|
|
202
|
|
|
762
|
|
|||
Building and land improvements
|
|
5,008
|
|
|
5,339
|
|
|
(331
|
)
|
|||
Tenant improvements and leasing costs
|
|
22,307
|
|
|
18,285
|
|
|
4,022
|
|
|||
Total capital expenditures and development activities
|
|
148,202
|
|
|
95,270
|
|
|
52,932
|
|
|||
Change in accruals and other adjustments
|
|
3,909
|
|
|
2,369
|
|
|
1,540
|
|
|||
Total cash paid for capital expenditures and development activities
|
|
$
|
152,111
|
|
|
$
|
97,639
|
|
|
$
|
54,472
|
|
|
|
For the Six Months Ended June 30,
|
||||||||||
|
|
2016
|
|
2015
|
|
$ Change
|
||||||
Development activities
|
|
$
|
2,371
|
|
|
$
|
2,022
|
|
|
$
|
349
|
|
Leasing activities
|
|
1,725
|
|
|
1,766
|
|
|
(41
|
)
|
|||
Operating building activities
|
|
1,519
|
|
|
1,532
|
|
|
(13
|
)
|
|||
Total capitalized indirect costs
|
|
$
|
5,615
|
|
|
$
|
5,320
|
|
|
$
|
295
|
|
•
|
$49.0 million decrease in proceeds from our senior unsecured revolving credit facility, as net borrowings of $112.0 million during 2015 exceeded our $63.0 million of net borrowings during 2016; and
|
•
|
$10.0 million decrease due to the repayment of our $50.0 million senior unsecured fixed rate note in April 2016 compared to the repayment of our $40.0 million senior unsecured note in June 2015; which was partially offset by
|
•
|
$48.5 million net increase in cash inflows due to 1.2 million shares issued in 2016 under our continuous equity offering program.
|
Year
|
|
Senior Unsecured Notes
|
|
Mortgage Notes
|
|
Bank Unsecured
Credit Facilities
|
|
|
Total
|
||||||||
2016
|
|
$
|
49,000
|
|
|
$
|
3,413
|
|
|
$
|
—
|
|
|
|
$
|
52,413
|
|
2017
|
|
51,000
|
|
|
41,078
|
|
|
100,000
|
|
(1)
|
|
192,078
|
|
||||
2018
|
|
81,500
|
|
|
6,747
|
|
|
—
|
|
|
|
88,247
|
|
||||
2019
|
|
46,000
|
|
|
51,344
|
|
|
133,000
|
|
|
|
230,344
|
|
||||
2020
|
|
50,000
|
|
|
71,933
|
|
|
125,000
|
|
(1)
|
|
246,933
|
|
||||
Thereafter
|
|
532,500
|
|
|
29,107
|
|
|
200,000
|
|
(1)
|
|
761,607
|
|
||||
Total
|
|
$
|
810,000
|
|
|
$
|
203,622
|
|
|
$
|
558,000
|
|
|
|
$
|
1,571,622
|
|
(1)
|
The term loan facilities are presented in “Senior unsecured notes” in our Consolidated Balance Sheets.
|
|
|
Payments due by Period
|
||||||||||||||||||
Contractual Obligations
(1)
|
|
Total
|
|
Less than 1 year
|
|
1-3 Years
|
|
3-5 Years
|
|
Thereafter
|
||||||||||
Scheduled long-term debt maturities, including interest
(2)
|
|
$
|
1,866,302
|
|
|
$
|
298,587
|
|
|
$
|
384,051
|
|
|
$
|
451,098
|
|
|
$
|
732,566
|
|
Operating lease commitments
|
|
2,513
|
|
|
845
|
|
|
988
|
|
|
659
|
|
|
21
|
|
|||||
Ground lease commitments
(3)
|
|
11,611
|
|
|
552
|
|
|
1,102
|
|
|
1,102
|
|
|
8,855
|
|
|||||
Total
|
|
$
|
1,880,426
|
|
|
$
|
299,984
|
|
|
$
|
386,141
|
|
|
$
|
452,859
|
|
|
$
|
741,442
|
|
(1)
|
From time-to-time in the normal course of our business, we enter into various contracts with third parties that may obligate us to make payments, such as maintenance agreements at our properties. Such contracts, in the aggregate, do not represent material obligations, are typically short-term and cancellable within 90 days and are not included in the table above. Also, excluded from the total are our estimated construction costs to complete development and redevelopment projects of approximately
$120.7 million
.
|
(2)
|
Variable interest rate payments are estimated based on the LIBOR rate at
June 30, 2016
.
|
(3)
|
Three of our buildings comprising 0.7 million square feet reside on 38 acres of land which is leased from an airport authority.
|
Year
|
|
DCT’s Proportionate Share
of Secured Non-Recourse Debt
in Unconsolidated Joint Ventures
|
||
2016
|
|
$
|
—
|
|
2017
|
|
35,441
|
|
|
2018
|
|
—
|
|
|
2019
|
|
—
|
|
|
2020
|
|
—
|
|
|
Thereafter
|
|
—
|
|
|
Total
|
|
$
|
35,441
|
|
+31.1
|
|
Rule 13a-14(a) Certification of Principal Executive Officer of DCT Industrial Trust Inc.
|
+31.2
|
|
Rule 13a-14(a) Certification of Principal Financial Officer of DCT Industrial Trust Inc.
|
+31.3
|
|
Rule 13a-14(a) Certification of Principal Executive Officer of DCT Industrial Operating Partnership LP
|
+31.4
|
|
Rule 13a-14(a) Certification of Principal Financial Officer of DCT Industrial Operating Partnership LP
|
++32.1
|
|
Section 1350 Certification of Principal Executive Officer of DCT Industrial Trust Inc.
|
++32.2
|
|
Section 1350 Certification of Principal Financial Officer of DCT Industrial Trust Inc.
|
++32.3
|
|
Section 1350 Certification of Principal Executive Officer of DCT Industrial Operating Partnership LP
|
++32.4
|
|
Section 1350 Certification of Principal Financial Officer of DCT Industrial Operating Partnership LP
|
101
|
|
The following materials from DCT Industrial Trust Inc. and DCT Industrial Operating Partnership LP’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income (iv) the Consolidated Statement of Changes in Equity/Consolidated Statement of Changes in Capital, (v) the Consolidated Statements of Cash Flows, and (vi) related notes to these financial statements.
|
+
|
Filed herewith.
|
++
|
Furnished herewith.
|
|
|
|
|
DCT INDUSTRIAL TRUST INC.
|
|
|
|
|
|
Date: August 5, 2016
|
|
By:
|
|
/s/ Philip L. Hawkins
|
|
|
|
|
Philip L. Hawkins
|
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
|
Date: August 5, 2016
|
|
By:
|
|
/s/ Matthew T. Murphy
|
|
|
|
|
Matthew T. Murphy
|
|
|
|
|
Chief Financial Officer and Treasurer
|
|
|
|
|
|
Date: August 5, 2016
|
|
By:
|
|
/s/ Mark E. Skomal
|
|
|
|
|
Mark E. Skomal
|
|
|
|
|
Chief Accounting Officer
|
|
|
|
|
DCT INDUSTRIAL OPERATING PARTNERSHIP LP
|
|
|
|
|
|
|
|
|
|
By: DCT Industrial Trust Inc., its general partner
|
|
|
|
|
|
Date: August 5, 2016
|
|
By:
|
|
/s/ Philip L. Hawkins
|
|
|
|
|
Philip L. Hawkins
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President and Chief Executive Officer
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Date: August 5, 2016
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By:
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/s/ Matthew T. Murphy
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Matthew T. Murphy
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Chief Financial Officer and Treasurer
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Date: August 5, 2016
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By:
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/s/ Mark E. Skomal
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Mark E. Skomal
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Chief Accounting Officer
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a.
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Exhibits
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+31.1
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Rule 13a-14(a) Certification of Principal Executive Officer of DCT Industrial Trust Inc.
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+31.2
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Rule 13a-14(a) Certification of Principal Financial Officer of DCT Industrial Trust Inc.
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+31.3
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Rule 13a-14(a) Certification of Principal Executive Officer of DCT Industrial Operating Partnership LP
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+31.4
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Rule 13a-14(a) Certification of Principal Financial Officer of DCT Industrial Operating Partnership LP
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++32.1
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Section 1350 Certification of Principal Executive Officer of DCT Industrial Trust Inc.
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++32.2
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Section 1350 Certification of Principal Financial Officer of DCT Industrial Trust Inc.
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++32.3
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Section 1350 Certification of Principal Executive Officer of DCT Industrial Operating Partnership LP
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++32.4
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Section 1350 Certification of Principal Financial Officer of DCT Industrial Operating Partnership LP
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101
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The following materials from DCT Industrial Trust Inc. and DCT Industrial Operating Partnership LP’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income (iv) the Consolidated Statement of Changes in Equity/Consolidated Statement of Changes in Capital, (v) the Consolidated Statements of Cash Flows, and (vi) related notes to these financial statements.
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+
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Filed herewith.
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++
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Furnished herewith.
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