DCT Industrial REIT Loses $14.6M in Q309
DCT Industrial Trust lost $14.6m, or $0.07 per share during Q309. The Denver-based real estate investment trust (REIT) announced it will pay a $0.07 cash dividend for the quarter. Funds from operations were $23.3m, or $0.10 per share, on revenue of more than $61.3m. That’s down from $30.8m, or $0.15 per share, on revenue of more than $61.4m during Q308. Year-to-date funds from operation through the end of Q309 was $82m, or $0.37 per share, compared to $93.4m, or $0.45 per diluted share, reported for the first three quarters of 2008. Loss from continued operations was $18.3m in Q309, compared to income from continued operations of $2.5m in Q308. “While the operating environment remains challenging, leasing activity increased significantly during the third quarter. We are hopeful that the early signs of stabilization will translate into a sustained recovery,” said CEO Phil Hawkins. “We are also beginning to see a slight increase in acquisition activity, which is encouraging. We have pursued, and will continue to pursue, attractive investment opportunities that meet our return and quality criteria in select markets and capitalize on our strong financial position.” DCT Industrial Trust invests in and operates light industrial commercial properties in the US and Mexico. At the end of Q309, DCT owned 374 consolidated operating properties, comprising 52.8m square feet and leases to approximately 850 customers. Write to Austin Kilgore.