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JP Morgan has published a research report on DCT Industrial Trust
DCT after the company reported 3Q results that were decidedly in-line with estimates.
In the report, JP Morgan writes "Tuesday evening, DCT reported Q3 FFO/share that met our estimate when excluding one-time impairment & acquisition costs. Our initial take on the quarter is mixed. On the positive side, operating portfolio occupancies moved up about 1% relative to Q2, rent roll-downs remained in the mid-single digits again, and the company was able to recycle capital at an attractive spread. On the negative side, we think DCT's low 2011 initial outlook may catch the Street somewhat by surprise (our current forecast sits at the low end of the Street range but is still $0.01 above the top end of the new guidance range) with the recent refinancing strides made offsetting next year's expected fundamental improvement."
JP Morgan maintains its Underweight rating on DCT Industrial Trust, which closed yesterday at $5.09.
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