J.P. Morgan Comments on DCT Industrial Trust's Q4 10 Results (DCT)

J.P. Morgan is out with its report today on DCT Industrial Trust DCT, commenting on Q4 10 results. In a note to clients, J.P. Morgan writes, "Tuesday evening, DCT reported FFO (ex-impairments/transaction costs) that were about $0.01 ahead of our estimate and in line with Bloomberg consensus. Our initial take on the quarter was mixed…but clearly with a couple of notable positives. On the operating side, the company made very good Q4 leasing progress moving sequential occupancies up 200 bps (310 bps with development impact). The offset continued to be negative rent spreads which actually widened out further in Q4. Another positive was that the company has been able to put some capital to work in Q4 and Q1 2011 and seems on track to meet current guidance." J.P. Morgan maintains Neutral with a $5 price target on DCT. At the time of posting, shares of DCT were trading pre-market at $5.88, up 6.14% from Tuesday's close.