"CenterPoint is one of the best managed REITs in the country by far," says Robert Norfleet, REIT analyst at Davenport & Co. "They will continue to deliver returns that are double that of the average industrial REIT for the next three years at least."
On Wednesday, Centerpoint reported that, excluding one-time accounting adjustments, net income available to shareholders soared 39% in the third quarter to $12.1 million. Same store growth was 6.7%, occupancy was 96% and debt as a percentage of total market capitalization was 36%.
"We learned tremendously from our experience in the 1980s when we were part of a publicly traded UK real estate company," says CenterPoint CEO John Gates. Until 1993, when CenterPoint went public in the U.S., it was majority owned by Capitol & Regional Properties PLC of Great Britain. Gates says many publicly traded UK real estate concerns embarked on ambitious asset expansion pushes, with results that were often far less than spectacular.
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