DCT Industrial Trust Inc. (DCT), 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 provider.
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 potential.
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 (DRE) also holds a Zacks #3 Rank.
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