Thoughts on Dividend Capital
I went to Dividend Capital's broker/dealer meeting last week. I was impressed with Dividend Capital. (The successful IPO of its industrial REIT in late 2006 helped.) The sales staff is polished and professional, and management seems focused on diversification and paying the dividend from operating cash flow. Whether they know that this is a major consideration for some analysts or not, they do seem to talk about it without provocation. (The industrial REIT, Dividend Capital Industrial Trust (DCT), has its first earnings conference call since going public late last year on February 20th. I plan to listen to the call to hear about the dividend and FFO.) If there was one knock on the meeting it is that the presentations were light on hard data. No FFO figures. No cap rates. No credit ratings. The Wall Street analysts on the earnings call will want this data.