DCT Industrial Trust® Joins Other Leading Industrial REITs in Conforming Certain Non-GAAP Operating Metrics
DENVER–(BUSINESS WIRE)– DCT Industrial Trust® (the “Company”) (NYSE: DCT) today announced that a group of leading industrial real estate investment trusts, including, along with the Company, Duke Realty Corporation (DRE), EastGroup Properties (EGP), First Industrial Realty Trust, Inc. (FR), Liberty Property Trust (LPT), Prologis Inc. (PLD), and STAG Industrial, Inc. (STAG) (the “Industrial REIT Group”), has agreed on a consistent methodology to calculate various non-GAAP property operating metrics. These non-GAAP metrics include common methodologies for determining property stabilization and occupancy as well as reporting of comparative changes in rental rates and tenant retention rates. In addition, the Industrial REIT Group has agreed on the definition of the annual pool of properties (“Same-Store pool”) used in calculating Same-Store or same property net operating income growth (“Same-Store NOI”). Specifically, the annual Same-Store pool will only include properties held as of the beginning of the prior calendar year which were stabilized (according to the agreed upon definition) throughout both periods presented.
Beginning in the first quarter of 2018, all members of the Industrial REIT Group have agreed to calculate these non-GAAP metrics based on the agreed upon methodologies. These conforming calculations are consistent with the methodology DCT used to calculate these metrics throughout 2017. 2018 guidance provided by members of the Industrial REIT Group will also be based on the revised methodologies.
Although there may be minor distinctions between how companies within the Industrial REIT Group calculate a given metric or in the terminology used, the collective intent is to produce calculations that are consistent in all material respects.
About DCT Industrial Trust®
DCT Industrial is a leading real estate company specializing in the ownership, development, acquisition, leasing and management of bulk-distribution and light-industrial properties in high-demand distribution markets in the United States. DCT’s actively-managed portfolio is strategically located near population centers and well-positioned to take advantage of market dynamics. As of September 30, 2017, the Company owned interests in approximately 73.7 million square feet of properties leased to approximately 870 customers. DCT maintains a Baa2 rating from Moody’s Investors Service and a BBB from S&P Global Ratings. Additional information is available at www.dctindustrial.com.
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