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DCT INDUSTRIAL TRUST INC (DCT)
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DCT® Featured in Puget Sound Business Journal: DCT Industrial focuses on challenging properties to get ahead in red-hot real estate market

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11/11/2017 | 12:39am CET

November 10, 2017

An Article in Puget Sound Business Journal by Marc Stiles

Investors are trying to claw their way into the Puget Sound region's red-hot industrial market, and one that has succeeded is DCT Industrial.

Though relatively new to the market, the Denver-based company has a Seattle office and owns nine fully leased buildings in the Seattle area. This has propelled DCT to buy sites in King and Pierce counties for an estimated $175 million worth of developments totaling 1.8 million square feet.

As lease rates continue to climb, competition for land is fierce, so DCT focuses on properties with challenges, such as wetlands. It's time-consuming with approvals sometimes taking up to two years, but the strategy helped DCT make a name for itself.

'We spent money early on and tackled problems that others didn't want to tackle,' said Patrick Gemma, who worked for competitor Panattoni before opening DCT's Seattle office five years ago. 'We are really trying to create value as opposed to paying the highest price to deploy capital.'

They have some local help. Attorney Chris Napier of Foster Pepper helps clear hurdles for DCT, which spreads its work among the region's architecture firms, general contractors and real estate brokerages.

Here are the projects DCT has in development:

Blair Logistics Center
Buildings: Two
Square footage: 971,000
Location: Tacoma

Hudson Distribution Center
Buildings: Two
Square footage: 288,000
Location: Auburn

167 Landing
Buildings: Two
Square footage: 363,000
Location: Sumner

Monster Distribution Center
Buildings: One
Square footage: 163,000
Location: Renton

DCT Industrial Trust Inc. published this content on 10 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 November 2017 23:38:04 UTC.

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Financials ($)
Sales 2017 420 M
EBIT 2017 101 M
Net income 2017 97,0 M
Debt 2017 1 640 M
Yield 2017 2,22%
P/E ratio 2017 53,47
P/E ratio 2018 82,37
EV / Sales 2017 16,5x
EV / Sales 2018 16,1x
Capitalization 5 305 M
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Mean consensus HOLD
Number of Analysts 16
Average target price 61,6 $
Spread / Average Target 8,0%
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Managers
NameTitle
Philip L. Hawkins President, Chief Executive Officer & Director
Thomas F. August Chairman
Matthew T. Murphy Chief Financial Officer & Treasurer
Thomas G. Wattles Chairman-Emeritus
John C. O'Keeffe Independent Director
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