DCT Industrial Trust Inc. (
a real estate investment trust (REIT), recently acquired two Class
A industrial buildings named DCT Claymoore Center spanning 98,000
square feet in the Northwest submarket of Houston.
DCT Claymoore Center is a multi-tenant facility containing both
bulk and light industrial facilities. Currently 95.8% occupied, the
buildings also features rear load and cross dock buildings.
This acquisition is expected to be beneficial to DCT as it
offers direct access and visibility to the Sam Houston Toll Road.
The strategic move on the part of the company is aimed at
strengthening its presence in the Northwest Submarket of Houston.
With this deal, DCT Industrial's Houston portfolio is 98.1% leased
spanning 3.5 million square feet.
DCT Industrial reported first quarter 2012 FFO (funds from
operations) of $29.0 million or 11 cents per share, compared with
$23.4 million or 9 cents per share in the year-earlier quarter.
Fund from operations, a widely used metric to gauge the performance
of REITs, is obtained after adding depreciation and amortization as
well as other non-cash expenses to the net income.
DCT Industrial owns, operates and develops high-quality bulk
distribution and light industrial properties in high-volume
distribution markets in the U.S. and Mexico.
As of March 31, 2012, the company owned interests in
approximately 75.4 million square feet of properties leased to
approximately 900 customers. This includes 17.2 million square feet
of properties operated on behalf of five institutional capital
DCT Industrial currently retains a Zacks #2 Rank, which
translates into a short-term Buy rating. We are also maintaining
our long-term Neutral recommendation on the stock. One of its
Duke Realty Corp
) carries a Zacks #3 Rank, which translates into a short term Hold
DCT INDUSTRIAL (DCT): Free Stock Analysis
DUKE REALTY CP (DRE): Free Stock Analysis
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