DENVER–(BUSINESS WIRE)–
DCT Industrial Trust Inc. (NYSE: DCT – News ), a heading industrial real estate company, currently voiced financial results is to 3 months and year finale December 31, 2011.
“We had a great fourth entertain and are vehement for 2012 as you expect increased chance for DCT to govern on its vital plan,” mentioned Phil Hawkins, President and Chief Executive Officer of DCT Industrial.
Funds from Operations (“FFO”), as adjusted, attributable to familiar stockholders and unitholders is to fourth entertain of 2011 totaled $30.0 million, or $0.11 per widely separated share, compared with $23.9 million, or $0.10 per widely separated share, is to fourth entertain of 2010. These results leave out $0.5 million of merger expenses is to entertain finale 2011 and $4.7 million of merger expenses and spoil losses on non-depreciable real estate is to entertain finale 2010. Funds from Operations is to fourth entertain moreover includes $0.7 million of formerly paid in instalments gains consequent from the sale of an unconsolidated asset.
For the year finale December 31, 2011, FFO, as adjusted, attributable to familiar stockholders and unitholders totaled $106.7 million, or $0.40 per widely separated share, compared with $93.0 million, or $0.39 per widely separated share, is to year finale December 31, 2010. These results leave out $1.9 million of merger expenses is to year finale 2011 and $6.4 million of merger costs, spoil losses on non-depreciable real estate and debt alteration expenses is to year finale 2010.
Net loss attributable to familiar stockholders is to fourth entertain of 2011 was $0.2 million, or $0.00 per widely separated share, compared with a net loss of $11.2 million, or $0.05 per widely separated share, reported is to fourth entertain of 2010. Net loss attributable to familiar stockholders is to year finale December 31, 2011 was $25.3 million, or $0.11 per widely separated share, compared with a net loss of $37.8 million, or $0.18 per widely separated share, is to year finale December 31, 2010.
Property Results and Leasing Activity
“Activity remained burly in the fourth entertain with our marketplace teams leasing 3.9 million block feet, bringing occupancy to 90.5 percent,” mentioned Phil Hawkins. “We sealed 14.9 million block feet of leases in 2011, an enlarge of over 35 percent from the 11.0 million block feet in 2010. Market basic principles go on to upgrade with certain take in and pale new supply pushing cavity down to its lowest indicate in eleven quarters.”
As of December 31, 2011, DCT Industrial owned 409 combined properties, totaling 58.3 million block feet with occupancy of 90.5 percent, up from 89.9 percent as of September 30, 2011 and up 310 basis-points from December 31, 2010.
Net working income (“NOI”) was $47.5 million in the fourth entertain of 2011, compared with $41.3 million reported is to fourth entertain of 2010. Fourth entertain 2011 same-store NOI, on the contrary income from franchise terminations, increased 0.7 percent on a GAAP basement and increased 0.7 percent on a money basis, when compared to the same time final year. Occupancy of same-store properties averaged 90.3 percent in the fourth entertain of 2011, an enlarge of 230 basis-points compared with an median of 88.0 percent in the fourth entertain of 2010. Occupancy of same-store properties finished at 90.9 percent as of December 31, 2011.
The Company sealed leases totaling 3.9 million block feet in the fourth entertain of 2011. For the year finale December 31, 2011, DCT Industrial sealed leases totaling 14.9 million block feet compared with 11.0 million block feet during the year finale December 31, 2010. As of December 31, 2011, 0.5 million block feet, or 0.9 percent of DCT Industrial’s complete combined portfolio, was leased but not occupied.
In the fourth entertain of 2011, let rates on sealed leases increased 3.8 percent on a GAAP basement and decreased 8.1 percent on a money basement compared to previous leases. For the full year of 2011, let rates on sealed leases declined 0.9 percent on a GAAP basement and 8.3 percent on a money basis. The Company’s reside influence rate was 75.7 percent in the fourth entertain of 2011 and 74.1 percent is to year finale December 31, 2011.
Investment Activity
“DCT Industrial had an glorious finish to 2011 as you one after another to add well-located, high-quality placement properties to our portfolio,” mentioned Hawkins. “In 2011 the Company acquired 27 buildings, totaling 3.1 million block feet for $187.1 million. In addition, you sole non-strategic properties totaling 4.0 million block feet for a complete sales cost of $122.1 million. Construction commenced on growth projects in the Washington D.C. area and Houston with two extra projects in Miami and the Inland Empire scheduled to break belligerent in mid-2012.”
Acquisitions
During the fourth quarter, DCT Industrial acquired buildings in Chicago, Houston, Northern California and Seattle. These 4 properties, totaling 552,000 block feet, were acquired for $53.6 million. The buildings are approaching to produce an median year-one money concede of 6.9 percent.
The list next represents a outline of the fourth entertain acquisitions:
For the year finale December 31, 2011, DCT Industrial acquired 27 buildings, totaling 3.1 million block feet, for $187.1 million, on the contrary the $9.8 million share owned by noncontrolling interests. The buildings are approaching to produce an median year-one money concede of 6.4 percent and an median 7.6 percent money concede once stabilized.
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Dispositions
During the fourth entertain of 2011, DCT Industrial completed dispositions in Charlotte, Cincinnati, Kansas City, Minneapolis, Nashville and San Antonio. In total, the Company sole 18 properties comprising of 3.5 million block feet, for sum deduction (net of J.V. partners’ interests) of $110.6 million1 with a projected year-one money concede of 5.8 percent. The Company sole all of its properties in Kansas City, all of its combined properties in Minneapolis and all but one 80,000 block feet office building in Charlotte. For the year finale December 31, 2011, DCT Industrial completed sales of 4.0 million block feet for sum deduction (net of J.V. partners’ interests) of $122.1 million1 with a projected year-one money concede of 5.2 percent.
The list next represents a outline of the fourth entertain dispositions:
Development
DCT acquired a 13.0 hactare home package in the North submarket of Houston, declared DCT Airtex Industrial Center. The Company skeleton to erect a 267,000 block feet cross-dock office building on the site that offers send access and front to Interstate 45, Houston’s major North/South non-toll logistics route.
Strong Balance Sheet
The Company’s prearranged assign coverage is to fourth entertain and full year of 2011 was 2.6 times and net debt to fourth entertain practiced EBITDA was 6.7 times as of December 31, 2011.
As a outcome of a few financing exchange executed in 2011, the Company’s median debt manhood has been lengthened to 5.2 years at December 31, 2011 compared to 3.8 years as of December 31, 2010.
Dividend
DCT Industrial’s Board of Directors has declared a $0.07 per share quarterly money dividend, on credit on April 18, 2012 to stockholders of record as of April 6, 2012.
Guidance
The Company reiterated superintendence for 2012 FFO, as adjusted, of $0.36 to $0.41 per widely separated share. Additionally, net loss attributable to familiar stockholders and unitholders is approaching to be between $(0.12) and $(0.07) per widely separated share.
The Company’s superintendence excludes real estate gains and losses and merger costs.
Footnotes
Conference Call Information
DCT Industrial will horde a discussion call to confer fourth entertain 2011 and full-year results and its new business actions on Friday, February 10, 2012 at 11:00 a.m. Eastern Time. Stockholders and meddlesome parties may attend to a live announce of the discussion call by dialing (877) 317-6789 or (412) 317-6789. A write replay will be existing until 9 a.m. Eastern Time, Monday, February 27, 2012 and may be accessed by dialing (877) 344-7529 or (412) 317-0088 and entering the passcode 10008830. A live webcast of the discussion call will be existing in the Investors division of the DCT Industrial website at www.dctindustrial.com . A webcast replay will moreover be existing before long subsequent to the call until February 10, 2013.
Supplemental data is existing in the Investors division of the Company’s website at www.dctindustrial.com or by e-mail solicit at investorrelations@dctindustrial.com . Interested parties may moreover get hold of supplemental data from the SEC’s website at www.sec.gov .
About DCT Industrial Trust Inc.
DCT Industrial Trust Inc. is a heading industrial real estate firm that owns, operates and develops high-quality bulk placement and light industrial properties in high-volume placement markets in the U.S. and Mexico. As of December 31, 2011, the Company owned interests in, managed or had beneath growth roughly 75.5 million block feet of properties leased to roughly 900 customers, inclusive 13.3 million block feet managed on interest of 3 institutional J.V. partners. Additional data is existing at www.dctindustrial.com .
Financial Measures
Net working income (“NOI”) is tangible as let revenues, inclusive responsibility reimbursements, reduction let expenses and real estate taxes, that excludes depreciation, amortization, impairment, broad and organizational expenses and interest expense. We ponder NOI to be an apt supplemental opening portion since it reflects the working opening of our properties and excludes certain things that are not deliberate to be controllable in connection with the administration of the skill such as depreciation, amortization, impairment, broad and organizational expenses, interest income, and interest expense. Additionally, franchise close income is released as it is not deliberate to be demonstrative of repeated working income. However those measures should not be noticed as substitute measures of our financial opening since they leave out expenses that could materially effect our results of operations. Further, our NOI may not be similar to that of other real estate companies, as they may use not similar methodologies for working out NOI, same store NOI (excluding income from franchise terminations), and money basement same store NOI (excluding income from franchise terminations). Therefore, you think net income (loss) attributable to familiar stockholders, as tangible by GAAP, to be the many apt portion to weigh our on the whole financial performance.
DCT Industrial believes that net income attributable to familiar stockholders, as tangible by GAAP, is the many apt gain measure. However, DCT Industrial considers supports from operations (“FFO”), as tangible by the National Association of Real Estate Investment Trusts (“NAREIT”), to be a utilitarian supplemental, non-GAAP portion of DCT Industrial’s working performance. NAREIT created FFO as a relations portion of opening of an equity REIT to be able to agree to that the worth of income-producing real estate historically has not unheeded on the basement gritty beneath GAAP. FFO is normally tangible as net income attributable to familiar stockholders, distributed in accommodations with GAAP, in addition to real estate-related debasement and amortization, reduction gains from dispositions of working real estate held for investment purposes, in addition to spoil losses on depreciable real estate and impairments of in piece real estate investments in investees that are driven by measureable decreases in the satisfactory worth of the depreciable real estate held by the unconsolidated joint ventures and adjustments to derive DCT Industrial’s pro rata share of FFO of unconsolidated joint ventures. We leave out gains and losses on business combinations and add the gains or losses from dispositions of properties that were acquired or created with the goal to sell or minister to an investment account in our clarification of FFO. Although the NAREIT clarification of FFO predates the superintendence for accounting for gains and losses on business combinations, you think that on the contrary such gains and losses is conform to with the key design of FFO as a opening measure. We moreover present FFO on the contrary severance, merger costs, debt alteration expenses and spoil losses on properties that are not depreciable. We think that FFO on the contrary severance, merger costs, debt alteration expenses and spoil losses on non-depreciable real estate is utilitarian supplemental data concerning our working opening as it provides a more significant and conform to more aged of our working opening and allows investors to more simply compare our working results. Readers should note that FFO captures conjunction the changes in the worth of DCT Industrial’s properties that outcome from use or marketplace conditions, nor the turn of capital expenditures and leasing commissions necessary to sustain the working opening of DCT Industrial’s properties, all of that have real mercantile effect and could materially effect DCT Industrial’s results from operations. NAREIT’s clarification of FFO is theme to interpretation, and modifications to the NAREIT clarification of FFO are common. Accordingly, DCT Industrial’s FFO may not be similar to other REITs’ FFO and FFO should be deliberate usually as a supplement to net income as a portion of DCT Industrial’s performance.
DCT Industrial calculates our prearranged assign coverage computation formed on practiced EBITDA, that represents net loss attributable to DCT familiar stockholders before interest, taxes, depreciation, amortization, stock-based reward expense, noncontrolling interest, spoil losses and excludes non-FFO gains and losses on likely properties and business combinations. We use practiced EBITDA to portion our working opening and to give investors applicable and utilitarian data since it allows prearranged income investors to perspective income from our operations on an unleveraged basement before the belongings of non-cash items, such as debasement and amortization and stock-based reward expense, and inconsistent items, such as non-FFO gains or losses from the dispositions of real estate, spoil losses and gains and losses on business combinations.
Forward-Looking Statements
We make statements in this report that are deliberate “forward-looking statements” inside of the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that are usually identified by the use of difference such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such difference or similar expressions. We intend these forward-looking statements to be covered by the protected port supplies for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are inclusive this matter for purposes of complying with those protected port provisions. These forward-looking statements simulate our stream views about our plans, intentions, expectations, strategies and prospects, that are formed on the data currently existing to us and on assumptions you have made. Although you think that our plans, intentions, expectations, strategies and prospects as reflected in or referred to by those forward-looking statements are reasonable, you can give no self-confidence that the plans, intentions, expectations or strategies will be achieved or achieved. Furthermore, actual results may deviate materially from those described in the forward-looking statements and will be affected by a accumulation of risks and factors that are over our manage including, without limitation: national, international, informal and local mercantile conditions, including, in particular, the stability effect of the new mercantile downturn and the strength of the mercantile liberation and the future effect of the financial predicament in Europe; the broad turn of interest rates and the accessibility of capital; the aggressive mood in that you operate; real estate risks, inclusive fluctuations in real estate values and the broad mercantile weather in local markets and contest for tenants in such markets; decreased let rates or stepping up cavity rates; defaults on or non-renewal of leases by tenants; merger and growth risks, inclusive disaster of such acquisitions and growth projects to perform in accommodations with projections; the timing of acquisitions and dispositions; innate disasters such as fires, tornadoes, hurricanes and earthquakes; appetite costs; the conditions of bureaucratic regulations that start us and interpretations of those regulations, inclusive the expenses of correspondence with those regulations, changes in real estate and zoning laws and increases in real skill taxation rates; financing risks, inclusive the danger that our money flows from operations may be deficient to encounter compulsory payments of principal, interest and other commitments; lack of or deficient amounts of insurance; litigation, inclusive expenses related with prosecuting or fortifying claims and any inauspicious outcomes; the consequences of future militant attacks or polite unrest; environmental liabilities, inclusive costs, fines or penalties that may be incurred due to necessary remediation of decay of properties immediately owned or formerly owned by us; and other risks and uncertainties minute in the division of our Form 10-K filed with the SEC and
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