DCT Industrial Trust Inc.
), a real estate investment trust (REIT), recently pre-leased
150,000 square feet in Building A of its development project
named DCT Commerce Center at Pan American West in Miami. The lease
was signed with a leading undisclosed third-party logistics
DCT INDUSTRIAL (DCT): Free Stock Analysis
DUKE REALTY CP (DRE): Free Stock Analysis
To read this article on Zacks.com click here.
The development project consists of two buildings with Building A
totaling 167,000 square feet. Completion of the building is
expected in fourth quarter 2012. Also, DCT Industrial will
commence construction on Building B, totaling 167,000 square feet
in September 2012.
Despite the challenging economic environment, the company has been
able to execute strong leases with its tenants. The successful
pre-leasing of this project testifies to DCT Industrial's expertise
in identification and development of projects with strong
Earlier in the second quarter 2012, DCT Industrial leased 5.8
million square feet, up 45% on a year over year basis. DCT
Industrial has sold 16 properties since April 2012, besides
acquiring nine. The company has funded the acquisitions and
development expenses through its capital recycling program.
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 June 30, 2012, the company owned interests in, managed or had
under development approximately 76.0 million square feet of
properties, which have been leased to more than 900 customers. This
included 17.0 million square feet of properties managed on behalf
of five institutional management partners.
DCT Industrial currently retains a Zacks #3 Rank, which translates
into a short-term Hold rating. We also have a long-term Neutral
recommendation on the stock. One of its competitors,
Duke Realty Corp
) also holds a Zacks #3 Rank.