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| DCT > SEC Filings for DCT > Form 8-K on 4-Nov-2008 | All Recent SEC Filings |
4-Nov-2008
Results of Operations and Financial Condition, Financial Statements and
On November 4, 2008, we issued a press release entitled "DCT INDUSTRIAL TRUST REPORTS 2008 THIRD QUARTER RESULTS" which sets forth disclosure regarding our results of operations for the third quarter 2008. A copy of this press release as well as a copy of the supplemental information referred to in the press release and made available on our website are attached hereto as Exhibits 99.1 and 99.2 and incorporated herein by reference. This Item 2.02 and the attached exhibits 99.1 and 99.2 are provided under Item 2.02 of Form 8-K and are furnished to, and shall not be deemed to be "filed" with, the Securities and Exchange Commission.
DCT Industrial Trust Inc. will hold its third quarter 2008 earnings conference
call on November 5, 2008, at 12:00 PM Eastern time. You may join the conference
call through a live Internet webcast via DCT Industrial's website at
http://www.dctindustrial.com by clicking on the webcast link in the Investor
Relations page of the website. Alternatively, you may join the conference call
by telephone by dialing (800) 860-2442 or (412) 858-4600. If you wish to
participate, please call approximately five minutes before the conference call
is scheduled to begin. If you are unable to join the live conference call, you
may access the replay for at least 30 days on DCT Industrial's website. A
telephone replay will be available for one week following the call by dialing
(877) 344-7529 or (412) 317-0088 and using the passcode 423494. Please note that
the full text of the press release and supplemental schedules are available
through DCT Industrial's website at http://www.dctindustrial.com. The
information contained on DCT Industrial's website is not incorporated by
reference herein.
Set forth below are several non-GAAP financial measures that are included in the attached press release together with the most directly comparable GAAP financial measure.
For the three and nine months ended September 30, 2008, our net income was $6.2 million and $22.1 million, respectively and our net income per diluted share was $0.04 and $0.13 for the same periods. In our press release referred to above, we disclose Funds From Operations, or FFO, as defined by the National Association of Real Estate Investment Trusts ("NAREIT"), to be $30.8 million and $93.4 million for the three and nine months ended September 30, 2008, respectively, and our FFO per diluted share was $0.15 and $0.45 for the same periods. For the three and nine months ended September 30, 2007, our net income was $11.2 million and $34.4 million, respectively, and our net income per diluted share was $0.07 and $0.20 respectively. For the three and nine months ended September 30, 2007, our FFO per diluted share was $0.15 and $0.51, respectively.
For the three months ended September 30, 2008, income from continuing operations was $2.1 million. In our press release referred to above, we disclose our property net operating income to be $45.8 million for the same period in 2008. For the three months ended September 30, 2007, loss from continuing operations was $0.8 million. In our press release referred to above, we disclose our property net operating income to be $46.1 million for the same period in 2007.
For the three months ended September 30, 2008, our income from continuing operations increased $2.9 million from a loss of $0.8 million for the three months ended September 30, 2007 to income of $2.1 million for the same period in 2008. In our press release referred to above, we disclose that our same store property net operating income for the three months ended September 30, 2008 declined 2.3% compared to the same period in 2007 and was flat on a cash-adjusted basis.
Our percentage of debt to total assets was 42.8% and 41.6% at September 30, 2008 and December 31, 2007, respectively. In our press release referred to above, we disclose that the percentage of debt to book value of total assets, excluding accumulated depreciation and amortization, was 37.5% and 37.4%, for the same periods. We believe that this percentage, calculated using total assets, excluding accumulated depreciation and amortization, is a useful supplemental measure of our leverage. The market value of real estate assets often does not decline in the formulaic manner in which depreciation and amortization accrues with respect to those assets for GAAP accounting purposes. Accordingly, we believe that providing a supplemental measure of our leverage based on the book value of our total assets, excluding the cumulative effect of these depreciation and amortization accruals, provides investors with a useful supplemental measure of our leverage.
(d) Exhibits:
Exhibit
Number Description
99.1 Press release dated November 4, 2008 and entitled "DCT INDUSTRIAL
TRUST REPORTS 2008 THIRD QUARTER RESULTS"
99.2 Supplemental information entitled "DCT INDUSTRIAL SUPPLEMENTAL
REPORTING PACKAGE FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30,
2008"
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