Back to top

Analyst Blog

DCT Industrial Trust Inc. (DCT - Snapshot Report), a real estate investment trust (REIT), disclosed the completion of a public offering of its common shares to enhance its liquidity. In particular, the company sold 23.0 million common shares in the offering, wherein the underwriters fully exercised their option of purchasing additional shares.

After considering underwriting discounts and commissions as well as estimated offering costs, the net proceeds from the sale of common shares came in at around $158.2 million. The net proceeds will be primarily utilized to fund future acquisitions, development activities or paying back amounts outstanding under its senior unsecured revolving credit facility. Additionally, the proceeds would be used for meeting general corporate needs or for a combination of the above mentioned activities.

The joint book-running managers for the offering are BofA Merrill Lynch, a unit of Bank of America Corporation (BAC - Analyst Report), JPMorgan Chase & Co. (JPM - Analyst Report), Citigroup, Inc. (C - Analyst Report) and Jefferies.

Though the sale of shares leads to share dilution, the repayment of debt is expected to lessen DCT Industrial’s interest expenses and hence encouraging.

In Sep 2012, DCT Industrial generated net proceeds of about $112.2 million by selling approximately 19.0 million common shares.

Highwoods Properties, Inc is another REIT that recently closed a public offering of common shares. The company generated about $150.9 million as net proceeds by selling 4.3 million common shares, including nearly 0.6 million shares that were sold for the full utilization of the underwriters' option to acquire additional common stock.

DCT Industrial currently carries a Zacks Rank #4 (Sell).

Please login to or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research


Are you a new Zacks Member or a visitor to

Top Zacks Features

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
UNITED THER… UTHR 117.83 +28.51%
TRIQUINT SE… TQNT 20.67 +6.52%
RF MICRO DE… RFMD 12.47 +6.04%
VASCO DATA… VDSI 14.77 +4.68%
BANCO DO BR… BDORY 15.53 +3.95%