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CenterPoint Firing on All Cylinders

CHICAGO-The area's largest industrial developer reports 3Q FFO jumped 13%, slightly beating expectations. Analysts expect CenterPoint will continue to report FFO growth double that of the average industrial REIT. Size does not matter, the CEO says.

By Ted Jackson | Updated on October 19, 2000

CHICAGO-After reporting that its third quarter FFO rose 13.1%, analysts are confident that CenterPoint Properties REIT will continue to report FFO growth double that of the average industrial REIT for the foreseeable future. The secret to the industrial REIT’s success is its avoidance of growth for its own sake, keeping leverage conservative and delivering unique solutions to clients who will then be willing to pay a premium for that solution, says the REIT’s CEO.

“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%.

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