DCT Industrial Trust® Announces 1-for-4 Reverse Stock Split
October 28 2014 - 4:10PM
Business Wire
DCT Industrial Trust® (NYSE: DCT), a leading industrial real
estate company, today announced that its Board of Directors
approved a reverse stock split of the Company’s outstanding shares
of common stock at a ratio of 1-for-4. The reverse stock split is
expected to take effect at about 5:00 p.m. Eastern time on November
17, 2014 (the “Effective Time”).
Accordingly, at the Effective Time, every four issued and
outstanding shares of common stock will be converted into one share
of common stock. In addition, at the market open on November 18,
2014, the common stock will be assigned a new CUSIP number: 233153
204.
As a result of the reverse stock split, the number of
outstanding shares of common stock of the Company will be reduced
from approximately 338.1 million to approximately 84.5 million. The
Company expects that a corresponding adjustment will be made to its
quarterly dividend. The amount of any future dividends payable by
the Company will be determined by and are at the discretion of the
Company’s Board of Directors.
No fractional shares will be issued in connection with the
reverse stock split. Instead, each stockholder holding fractional
shares will be entitled to receive, in lieu of such fractional
shares, cash in an amount determined on the basis of the average
closing price of the Company’s common stock on the New York Stock
Exchange for the three consecutive trading days ending on November
17, 2014. The reverse stock split will apply to all of the
Company’s outstanding shares of common stock. Stockholders of
record will be receiving information from Computershare, the
Company’s transfer agent, regarding their stock ownership following
the reverse stock split and cash in lieu of fractional share
payments, if applicable.
About DCT Industrial
Trust®
DCT Industrial Trust is a leading industrial real estate company
specializing in the acquisition, development, leasing and
management of bulk distribution and light industrial properties in
high-volume distribution markets in the U.S. As of June 30, 2014,
the Company owned interests in approximately 74.0 million square
feet of properties leased to approximately 900 customers, including
8.6 million square feet operated on behalf of four institutional
capital management partners. DCT maintains a Baa2 rating from
Moody’s Investors Service and a BBB- from Standard & Poor’s
Rating Services. Additional information is available at
www.dctindustrial.com.
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Media and Investor Contact:DCT Industrial TrustMelissa Sachs,
VP, Corporate Communications & Investor
Relations303-597-2400investorrelations@dctindustrial.com
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