DCT Industrial Trust Inc. - FORM 8-K - EX-99.2 - SUPPLEMENTAL INFORMATION

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8-K - FORM 8-K - DCT Industrial Trust Inc.	d8k.htm
EX-99.1 - PRESS RELEASE - DCT Industrial Trust Inc.	dex991.htm

Exhibit 99.2

LOGO

SUPPLEMENTAL REPORTING PACKAGE

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

FORWARD-LOOKING STATEMENTS

We make statements in this Supplemental Reporting Package that are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe-harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in, or suggested by, these forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations, strategies and prospects will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation:

•

national, international, regional and local economic conditions, including, in particular the current economic slow-down in the U.S. and internationally;

•

the general level of interest rates and the availability of capital, particularly in light of the recent disruption in the credit markets;

•

the competitive environment in which we operate;

•

real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets, particularly in light of the current economic slow-down in the U.S. and internationally;

•

decreased rental rates or increasing vacancy rates;

•

defaults on or non-renewal of leases by tenants;

•

acquisition and development risks, including failure of such acquisitions and development projects to perform in accordance with projections;

•

the timing of acquisitions and dispositions;

•

natural disasters such as hurricanes, fires and earthquakes;

•

energy costs;

•

the terms of governmental regulations that affect us and interpretations of those regulations, including changes in real estate and zoning laws and increases in real property tax rates;

•

financing risks, including the risk that our cash flows from operations may be insufficient to meet required payments of principal, interest and other commitments;

•

lack of or insufficient amounts of insurance;

•

litigation, including costs associated with prosecuting or defending claims and any adverse outcomes;

•

the consequences of future terrorist attacks;

•

possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us; and

•

other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission.

In addition, our current and continuing qualification as a REIT involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, or the Code, and depends on our ability to meet the various requirements imposed by the Code through actual operating results, distribution levels and diversity of stock ownership. We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009

TABLE OF CONTENTS


Consolidated Statements of Operations		1
Consolidated Balance Sheets		2
Funds From Operations		3
Selected Financial Data		4
Property Overview		5 - 6
Property Segment Summary		7
Consolidated Leasing Statistics		8
Acquisition and Disposition Summary		9
Development Overview		10
Construction Summary		11
Indebtedness		12
Capitalization		13
Institutional Capital Management Summary		14
Definitions		15

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except per share data)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2009			2008			2009			2008
	(unaudited)						(unaudited)
REVENUES:
Rental revenues	$	60,638		$	60,674		$	181,502		$	182,887
Institutional capital management and other fees		701			763			2,048			2,237

Total Revenues		61,339			61,437			183,550			185,124

OPERATING EXPENSES:
Rental expenses		9,347			7,523			25,230			23,061
Real estate taxes		9,193			8,237			26,621			24,871
Real estate related depreciation and amortization		27,805			26,080			81,669			81,699
General and administrative		9,081			4,879			21,003			15,844

Total Operating Expenses		55,426			46,719			154,523			145,475

Operating Income		5,913			14,718			29,027			39,649
OTHER INCOME AND (EXPENSE):
Equity in income (loss) of unconsolidated joint ventures, net		(400	)		457			2,165			1,183
Loss on business combinations		(10,156	)		—			(10,156	)		—
Interest expense		(13,518	)		(12,966	)		(40,185	)		(38,471	)
Interest income and other		353			259			1,254			1,260
Income taxes		(471	)		(2	)		(2,024	)		(891	)

Income (Loss) From Continuing Operations		(18,279	)		2,466			(19,919	)		2,730
Discontinued operations:
Operating income and other expenses		1,119			445			1,723			3,031
Gain on dispositions of real estate interests, net of impairments		80			4,449			811			20,341

Income from discontinued operations		1,199			4,894			2,534			23,372

Income (Loss) Before Gain on Dispositions of Real Estate Interests		(17,080	)		7,360			(17,385	)		26,102
Gain on dispositions of real estate interests		24			118			61			525

Consolidated Net Income (Loss)		(17,056	)		7,478			(17,324	)		26,627
Net (income) loss attributable to noncontrolling interests		2,473			(1,238	)		2,574			(4,507	)

Net Income (Loss) Attributable to DCT Common Stockholders	$	(14,583	)	$	6,240		$	(14,750	)	$	22,120


EARNINGS PER COMMON SHARE - BASIC
Income (Loss) From Continuing Operations	$	(0.08	)	$	0.01		$	(0.09	)	$	0.01
Income from discontinued operations		0.01			0.03			0.01			0.12
Gain on dispositions of real estate interests		0.00			0.00			0.00			0.00

Net Income (Loss) Attributable to DCT Common Stockholders	$	(0.07	)	$	0.04		$	(0.08	)	$	0.13


EARNINGS PER COMMON SHARE - DILUTED
Income (Loss) From Continuing Operations	$	(0.08	)	$	0.01		$	(0.09	)	$	0.01
Income from discontinued operations		0.01			0.03			0.01			0.12
Gain on dispositions of real estate interests		0.00			0.00			0.00			0.00

Net Income (Loss) Attributable to DCT Common Stockholders	$	(0.07	)	$	0.04		$	(0.08	)	$	0.13


WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic		204,433			172,685			188,051			170,840

Diluted		204,433			172,696			188,051			170,840

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

CONSOLIDATED BALANCE SHEETS

(amounts in thousands)


	September 30, 2009			December 31, 2008
	(unaudited)
ASSETS
Operating properties	$	2,690,676		$	2,702,162
Properties under redevelopment		49,959			54,299
Properties under development		137,509			120,326
Pre-development and land held for development		22,787			21,074

Total Investment in Properties		2,900,931			2,897,861
Less accumulated depreciation and amortization		(426,437	)		(417,404	)

Net Investment in Properties		2,474,494			2,480,457
Investment in and advances to unconsolidated joint ventures		109,494			125,452

Net Investment in Real Estate		2,583,988			2,605,909
Cash and cash equivalents		8,802			19,681
Notes receivable		18,050			30,387
Deferred loan costs, net		4,483			5,098
Straight-line rent and other receivables		29,516			31,747
Other assets, net		13,292			11,021
Assets held for sale		24,157			—

Total Assets	$	2,682,288		$	2,703,843


LIABILITIES AND EQUITY
Accounts payable and accrued expenses	$	37,370		$	35,193
Distributions payable		16,527			16,630
Tenant prepaids and security deposits		15,020			17,601
Other liabilities		10,323			26,472
Intangible lease liabilities, net		6,489			6,813
Line of credit		—			—
Senior unsecured notes		625,000			625,000
Mortgage notes		513,722			574,634
Liabilities related to assets held for sale		947			—

Total Liabilities		1,225,398			1,302,343
Total Stockholders’ Equity		1,212,995			1,124,171
Noncontrolling interests		243,895			277,329

Total Liabilities and Equity	$	2,682,288		$	2,703,843

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

FUNDS FROM OPERATIONS

(amounts in thousands, except per share and unit data)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2009			2008			2009			2008
	(unaudited)						(unaudited)
Reconciliation of Net Income to FFO:
Net Income (Loss) Attributable to DCT Common Stockholders	$	(14,583	)	$	6,240		$	(14,750	)	$	22,120
Adjustments:
Real estate related depreciation and amortization		28,035			26,665			82,478			85,074
Equity in (income) of unconsolidated joint ventures, net		400			(457	)		(2,165	)		(1,183	)
Equity in FFO of unconsolidated joint ventures		1,730			1,549			9,459			4,533
(Gain) on dispositions of real estate interests		(734	)		(4,567	)		(1,502	)		(20,866	)
Gain on dispositions of nondepreciated real estate		713			63			826			271
Loss on business combinations		10,156			—			10,156			—
Noncontrolling interest in the operating partnership’s share of the above adjustments		(5,384	)		(3,919	)		(14,283	)		(11,870	)
FFO attributable to unitholders		2,933			5,179			11,756			16,484

FFO attributable to common stockholders and unitholders, basic and diluted	$	23,266		$	30,753		$	81,975		$	94,563

FFO per common share and unit, basic and diluted	$	0.10		$	0.15		$	0.37		$	0.45


Adjustments for impairment and severance costs:
Impairment losses (recoveries) on real estate assets held for sale	$	630		$	(52	)	$	630		$	1,180
Severance costs		2,669			—			2,669			—

FFO, excluding impairment losses and severance costs, attributable to common stockholders and unitholders, basic and diluted	$	26,565		$	30,701		$	85,274		$	95,743

FFO, as adjusted, per common share and unit, basic and diluted	$	0.11		$	0.15		$	0.39		$	0.45


FFO weighted average shares and units outstanding:
Common shares for earnings per share, basic and diluted		204,433			172,685			188,051			170,840
Participating securities		1,648			1,197			1,599			1,118
Units		30,880			34,930			31,484			36,670

FFO weighted average common shares and units outstanding - basic		236,961			208,812			221,134			208,628
Dilutive common stock equivalents		356			11			127			—

FFO weighted average common shares and units outstanding - diluted		237,317			208,823			221,261			208,628


Dividends declared per common share	$	0.07		$	0.16		$	0.23		$	0.48

Dividend payout ratio		64	%		107	%		59	%		107	%

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

SELECTED FINANCIAL DATA

(amounts in thousands, except per share data)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2009			2008			2009			2008
	(unaudited)						(unaudited)
Consolidated Operating Data: ⁽¹⁾
Rental revenues	$	60,638		$	60,674		$	181,502		$	182,887
Rental expenses and real estate taxes		(18,540	)		(15,760	)		(51,851	)		(47,932	)

Net Operating Income ⁽²⁾	$	42,098		$	44,914		$	129,651		$	134,955

Square feet as of the period end		52,836			50,802			52,836			50,802
Average occupancy		87.8	%		91.6	%		89.6	%		92.4	%
Occupancy as of period end		88.3	%		91.7	%		88.3	%		91.7	%
Same Store Operating Data: ⁽¹⁾
Rental revenues	$	57,883		$	59,555		$	173,580		$	178,100
Rental expenses and real estate taxes		(17,705	)		(15,381	)		(49,044	)		(45,506	)

Same Store Net Operating Income		40,178			44,174			124,536			132,594
Less revenue from lease terminations		(408	)		(282	)		(1,851	)		(597	)

Net Operating Income excluding revenue from lease terminations		39,770			43,892			122,685			131,997

Less straight-line rents, net of related bad debt expense		(73	)		(456	)		(231	)		(2,387	)
Add back amortization of above/(below) market rents		263			195			1,001			927

Cash Net Operating Income (excluding revenue from lease terminations)	$	39,960		$	43,631		$	123,455		$	130,537

Net Operating Income growth (excluding revenue from lease terminations)		(9.4	)%		—			(7.1	)%		—
Cash Net Operating Income growth (excluding revenue from lease terminations)		(8.4	)%		—			(5.4	)%		—
Square feet in same store population		50,460			50,460			49,910			49,910
Average occupancy		87.3	%		92.1	%		89.1	%		92.5	%
Occupancy as of period end		87.8	%		91.6	%		88.0	%		91.9	%

Supplemental consolidated cash flow and other information:
Straight-line rents - increase (decrease) to revenue, net of related bad debt expense ⁽³⁾	$	532		$	755		$	1,127		$	2,846
Straight-line rent receivable (balance sheet) ⁽³⁾	$	21,246		$	19,176		$	21,246		$	19,176
Net amortization of above/below market rents - increase (decrease) to revenue ⁽³⁾	$	(262	)	$	(175	)	$	(997	)	$	(497	)
Capitalized interest	$	1,430		$	1,991		$	4,603		$	5,910
Stock-based compensation amortization	$	3,227		$	863		$	5,369		$	2,458
Revenue from lease terminations ⁽³⁾	$	408		$	282		$	1,854		$	597
Bad debt expense, excluding bad debt expense related to straight-line rents ⁽³⁾	$	929		$	61		$	2,175		$	870

Consolidated Capital Expenditures ⁽³⁾:
Development and expansions	$	2,566		$	21,235		$	11,210		$	52,728
Building and land improvements		1,345			4,893			3,951			6,537
Tenant improvements and leasing costs (including make-ready)		6,131			6,394			15,155			17,014

Total capital expenditures	$	10,042		$	32,522		$	30,316		$	76,279

⁽¹⁾	Excludes discontinued operations.

⁽²⁾	See definitions for reconciliation of Net Operating Income to Net Income.

⁽³⁾	Includes discontinued operations.

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

PROPERTY OVERVIEW AS OF SEPTEMBER 30, 2009


Markets	Number of Buildings	Percent Owned⁽¹⁾		Square Feet	Percentage of Total Square Feet		Occupancy Percentage		Annualized Base Rent ⁽²⁾		Percentage of Total Annualized Base Rent
				(in thousands)					(in thousands)
Consolidated Operating Properties:
Atlanta	51	100.0	%	6,617	12.5	%	80.8	%	$	18,659	10.0	%
Baltimore/Washington D.C.	12	100.0	%	1,446	2.7	%	91.1	%		6,845	3.7	%
Central Pennsylvania	8	100.0	%	1,453	2.8	%	78.4	%		4,405	2.4	%
Charlotte	10	100.0	%	1,006	1.9	%	83.9	%		3,171	1.7	%
Chicago	15	100.0	%	2,867	5.4	%	82.3	%		9,567	5.1	%
Cincinnati	34	100.0	%	3,729	7.1	%	82.9	%		11,268	6.1	%
Columbus	14	100.0	%	4,301	8.1	%	90.5	%		12,678	6.8	%
Dallas	46	100.0	%	4,288	8.1	%	88.2	%		14,349	7.7	%
Denver	1	100.0	%	160	0.3	%	100.0	%		878	0.5	%
Houston	40	100.0	%	2,911	5.5	%	91.2	%		14,131	7.6	%
Indianapolis	7	100.0	%	2,299	4.4	%	98.7	%		6,050	3.2	%
Kansas City	1	100.0	%	225	0.4	%	100.0	%		1,009	0.5	%
Louisville	4	100.0	%	1,330	2.5	%	100.0	%		4,426	2.4	%
Memphis	10	100.0	%	4,333	8.2	%	99.6	%		11,997	6.5	%
Mexico	11	100.0	%	1,163	2.2	%	86.7	%		4,868	2.6	%
Miami	6	100.0	%	727	1.4	%	69.3	%		4,903	2.6	%
Minneapolis	3	100.0	%	356	0.7	%	100.0	%		1,151	0.6	%
Nashville	5	100.0	%	2,826	5.3	%	88.5	%		6,958	3.7	%
New Jersey	9	100.0	%	1,051	2.0	%	69.9	%		4,269	2.3	%
Northern California	25	100.0	%	2,582	4.9	%	91.0	%		14,167	7.6	%
Orlando	12	100.0	%	1,064	2.0	%	90.3	%		4,354	2.3	%
Phoenix	14	100.0	%	1,632	3.1	%	80.5	%		5,748	3.1	%
San Antonio	15	100.0	%	1,349	2.6	%	89.5	%		4,193	2.3	%
Seattle	7	100.0	%	1,115	2.1	%	100.0	%		5,727	3.1	%
Southern California	14	100.0	%	2,006	3.8	%	94.1	%		10,440	5.6	%

Total/Weighted Average - Operating Properties	374	100.0	%	52,836	100.0	%	88.3	%		186,211	100.0	%

Consolidated Property Held For Sale:
Indianapolis	1	100.0	%	805	100.0	%	100.0	%		2,438	100.0	%

Consolidated Redevelopment Properties:
Atlanta	1	100.0	%	93	10.6	%	0.0	%		N/A	N/A
Chicago	2	100.0	%	508	58.1	%	0.0	%		N/A	N/A
Mexico	1	100.0	%	135	15.5	%	32.2	%		N/A	N/A
New Jersey	1	100.0	%	138	15.8	%	47.0	%		N/A	N/A

Total/Weighted Average for Redevelopment Properties	5	100.0	%	874	100.0	%	12.4	%		502	N/A

Consolidated Development Properties:
Baltimore/Washington D.C.	4	95.0	%	288	9.1	%	57.5	%		N/A	N/A
Cincinnati	2	100.0	%	840	26.6	%	0.0	%		N/A	N/A
Memphis	1	100.0	%	885	28.1	%	46.7	%		N/A	N/A
Mexico	3	100.0	%	354	11.2	%	0.0	%		N/A	N/A
Orlando	4	96.9	%	329	10.4	%	0.0	%		N/A	N/A
Southern California	1	100.0	%	460	14.6	%	0.0	%		N/A	N/A

Total/Weighted Average for Development Properties	15	99.2	%	3,156	100.0	%	18.3	%		2,510	N/A

Total/Weighted Average - Consolidated Properties	395	100.0	%	57,671	N/A		83.5	%	$	191,661	N/A

Continued on next page

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

PROPERTY OVERVIEW AS OF SEPTEMBER 30, 2009 (continued)


Markets	Number of Buildings	Percent Owned ⁽¹⁾		Square Feet	Percentage of Total Square Feet		Occupancy Percentage		Annualized Base Rent ⁽²⁾		Percentage of Total Annualized Base Rent
				(in thousands)					(in thousands)
Unconsolidated Operating Properties:
Southern California Logistics Airport ⁽³⁾	2	50.0	%	463	100.0	%	100.0	%		1,660	100.0	%

Operating Properties in Funds:
Atlanta	2	17.2	%	703	5.0	%	100.0	%		1,964	4.1	%
Central Pennsylvania	4	8.6	%	1,210	8.6	%	96.7	%		4,827	10.0	%
Charlotte	1	4.4	%	472	3.3	%	100.0	%		1,510	3.1	%
Chicago	4	18.1	%	1,525	10.8	%	95.9	%		5,701	11.8	%
Cincinnati	5	11.9	%	1,847	13.1	%	100.0	%		6,108	12.6	%
Columbus	2	6.3	%	451	3.2	%	100.0	%		1,560	3.2	%
Dallas	4	16.8	%	1,726	12.3	%	100.0	%		5,890	12.2	%
Denver	5	20.0	%	773	5.5	%	97.7	%		3,508	7.2	%
Indianapolis	1	11.4	%	475	3.4	%	100.0	%		1,808	3.7	%
Kansas City	1	11.4	%	180	1.3	%	100.0	%		728	1.5	%
Louisville	5	10.0	%	900	6.4	%	96.9	%		2,814	5.8	%
Memphis	1	20.0	%	1,039	7.4	%	74.1	%		2,241	4.6	%
Minneapolis	3	4.4	%	472	3.3	%	100.0	%		2,289	4.7	%
Nashville	2	20.0	%	1,020	7.2	%	100.0	%		2,434	5.0	%
New Jersey	2	10.7	%	216	1.5	%	86.7	%		835	1.7	%
Northern California	1	4.4	%	396	2.8	%	100.0	%		1,711	3.5	%
Orlando	2	20.0	%	696	4.9	%	82.7	%		2,573	5.3	%

Total/Weighted Average - Fund Operating Properties	45	14.1	%	14,101	100.0	%	96.0	%		48,501	100.0	%
Unconsolidated Development Properties:
Total/Weighted Average	8	50.0	%	3,452	N/A		9.4	%		324	N/A

Total/Weighted Average - Unconsolidated Properties	55	21.9	%	18,016	N/A		79.5	%		50,485	N/A

Operating Properties Asset Managed Only:
Atlanta	1	0.0	%	491	100.0	%	100.0	%		N/A	N/A


Summary:
Total/Weighted Average -
Consolidated/Unconsolidated Operating Properties	421	N/A		67,400	88.5	%	90.0	%		236,372	N/A
Total/Weighted Average -
Consolidated Property Held For Sale	1	N/A		805	1.1	%	100.0	%		2,438	N/A
Total/Weighted Average -
Consolidated Redevelopment Properties	5	N/A		874	1.1	%	12.4	%		502	N/A
Total/Weighted Average -
Consolidated/Unconsolidated Development Properties	23	N/A		6,608	8.7	%	13.7	%		2,834	N/A
Total/Weighted Average - Asset Managed Only Properties	1	N/A		491	0.6	%	100.0	%		N/A	N/A

Total/Weighted Average - All Properties	451	N/A		76,178	100.0	%	82.7	%	$	242,146	N/A

⁽¹⁾	Percent owned is based on equity ownership weighted by square feet.

⁽²⁾	Excludes future contractual rent increases or decreases.

⁽³⁾	Although we contributed 100% of the initial cash equity capital required by the venture, our partners retain certain participation rights in the venture’s available cash flows.

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

PROPERTY SEGMENT SUMMARY AS OF SEPTEMBER 30, 2009


	Bulk Distribution						Light Industrial						Service Center						Total Portfolio
Markets	Number of Buildings	Square Feet		Occupancy Percentage			Number of Buildings	Square Feet		Occupancy Percentage			Number of Buildings	Square Feet		Occupancy Percentage			Number of Buildings	Square Feet		Occupancy Percentage
		(in thousands)						(in thousands)						(in thousands)						(in thousands)
Consolidated Operating Properties:
Atlanta	28	5,671			82.0	%	12	585			72.9	%	11	361			75.8	%	51	6,617			80.8	%
Baltimore/Washington D.C.	12	1,446			91.1	%	—	—			—		—	—			—		12	1,446			91.1	%
Central Pennsylvania	8	1,453			78.4	%	—	—			—		—	—			—		8	1,453			78.4	%
Charlotte	5	715			79.0	%	5	291			96.0	%	—	—			—		10	1,006			83.9	%
Chicago	12	2,372			79.5	%	3	495			95.3	%	—	—			—		15	2,867			82.3	%
Cincinnati	14	2,907			81.8	%	19	756			88.0	%	1	66			69.8	%	34	3,729			82.9	%
Columbus	12	4,227			90.5	%	2	74			90.2	%	—	—			—		14	4,301			90.5	%
Dallas	23	3,268			91.0	%	7	359			77.8	%	16	661			80.1	%	46	4,288			88.2	%
Denver	1	160			100.0	%	—	—			—		—	—			—		1	160			100.0	%
Houston	14	1,878			95.1	%	14	706			87.6	%	12	327			76.3	%	40	2,911			91.2	%
Indianapolis	7	2,299			98.7	%	—	—			—		—	—			—		7	2,299			98.7	%
Kansas City	1	225			100.0	%	—	—			—		—	—			—		1	225			100.0	%
Louisville	4	1,330			100.0	%	—	—			—		—	—			—		4	1,330			100.0	%
Memphis	10	4,333			99.6	%	—	—			—		—	—			—		10	4,333			99.6	%
Mexico	6	693			90.0	%	5	470			81.9	%	—	—			—		11	1,163			86.7	%
Miami	3	521			61.0	%	2	157			100.0	%	1	49			60.0	%	6	727			69.3	%
Minneapolis	2	279			100.0	%	1	77			100.0	%	—	—			—		3	356			100.0	%
Nashville	5	2,826			88.5	%	—	—			—		—	—			—		5	2,826			88.5	%
New Jersey	7	937			66.2	%	2	114			100.0	%	—	—			—		9	1,051			69.9	%
Northern California	8	1,714			90.1	%	17	868			92.9	%	—	—			—		25	2,582			91.0	%
Orlando	2	367			94.4	%	10	697			88.1	%	—	—			—		12	1,064			90.3	%
Phoenix	8	1,492			78.7	%	6	140			100.0	%	—	—			—		14	1,632			80.5	%
San Antonio	11	1,096			90.3	%	4	253			86.1	%	—	—			—		15	1,349			89.5	%
Seattle	7	1,115			100.0	%	—	—			—		—	—			—		7	1,115			100.0	%
Southern California	10	1,743			93.5	%	3	242			100.0	%	1	21			74.3	%	14	2,006			94.1	%

Total/Weighted Average - Operating Properties	220	45,067			88.7	%	112	6,284			88.5	%	42	1,485			77.0	%	374	52,836			88.3	%
Consolidated Property Held For Sale	1	805			100.0	%	—	—			0.0	%	—	—			0.0	%	1	805			100.0	%
Consolidated Redevelopment Properties	2	578			11.2	%	3	296			14.6	%	—	—			—		5	874			12.4	%
Consolidated Development Properties	13	3,030			19.1	%	2	126			0.0	%	—	—			—		15	3,156			18.3	%

Total/Weighted Average - Consolidated Properties	236	49,480			83.7	%	117	6,706			83.6	%	42	1,485			77.0	%	395	57,671			83.5	%
Unconsolidated Properties:
Operating Properties in Funds	45	14,101			96.0	%	—	—			—		—	—			—		45	14,101			96.0	%
Operating Properties	2	463			100.0	%	—	—			—		—	—			—		2	463			100.0	%
Development Properties	6	3,228			7.2	%	2	224			41.6	%	—	—			—		8	3,452			9.4	%
Asset Managed Properties	1	491			100.0	%	—	—			—		—	—			—		1	491			100.0	%

Total/Weighted Average - All Properties	290	67,763			82.8	%	119	6,930			82.2	%	42	1,485			77.0	%	451	76,178			82.7	%

Percentage of Square Feet		89	%					9	%					2	%					100	%


Total Annualized Base Rent - All Properties (in thousands)				$	200,411					$	32,778					$	8,957					$	242,146

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

CONSOLIDATED LEASING STATISTICS ⁽¹⁾


	Number of leases signed		Square Feet Signed	Cash Basis Rent Growth		GAAP Basis Rent Growth		Weighted Average Lease Term ⁽²⁾	Turnover Costs		Turnover Costs Per Square Foot
			(in thousands)					(in months)	(in thousands)
Q3 2009
Bulk Distribution	26		2,267	-3.9	%	9.1	%	49.6	$	3,833	$	1.69
Light Industrial	26		540	-13.8	%	-6.7	%	46.1		972		1.80
Service Center	9		90	-0.7	%	-0.8	%	30.3		218		2.44

Total/Weighted Average	61		2,897	-5.9	%	5.7	%	48.3	$	5,023	$	1.73

Weighted Average Retention	88.2	%


	Number of leases signed		Square Feet Signed	Cash Basis Rent Growth		GAAP Basis Rent Growth		Weighted Average Lease Term ⁽²⁾	Turnover Costs		Turnover Costs Per Square Foot
			(in thousands)					(in months)	(in thousands)
YEAR TO DATE 2009
Bulk Distribution	68		5,514	-6.1	%	1.3	%	43.9	$	7,326	$	1.33
Light Industrial	51		1,011	-9.1	%	-2.7	%	40.6		1,363		1.35
Service Center	32		231	-4.4	%	1.5	%	29.9		554		2.40

Total/Weighted Average	151		6,756	-6.5	%	0.7	%	42.9	$	9,243	$	1.37

Weighted Average Retention	69.5	%

Lease Expirations For Consolidated Operating Properties as of September 30, 2009 ⁽²⁾


Year	Square Feet Related to Expiring Leases	Annualized Base Rent of Expiring Leases ⁽³⁾		Percentage of Total Annualized Base Rent
	(in thousands)	(in thousands)
2009 ⁽⁴⁾	3,750	$	15,632	7.6	%
2010	9,934		40,957	20.1	%
2011	7,907		34,108	16.7	%
2012	6,553		29,370	14.4	%
2013	5,735		26,475	13.0	%
Thereafter	12,786		57,489	28.2	%

Total leased	46,665	$	204,031	100.0	%

Available	6,171

Total consolidated operating properties	52,836

⁽¹⁾	Does not include month-to-month leases, unless otherwise noted.

⁽²⁾	Assumes no exercise of lease renewal options.

⁽³⁾	Includes contractual rent increases.

⁽⁴⁾	Includes month-to-month leases.

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

ACQUISITION AND DISPOSITION SUMMARY FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009


	Property	Description	Market
ACQUISITIONS

Consolidated Acquisitions
Development Properties Acquired Under Forward Commitment
Q3 2009	DCT Monterrey 6 LLC	127,051 sq. ft.	Monterrey
Q3 2009	DCT Monterrey 7 LLC	117,328 sq. ft.	Monterrey
Q3 2009	DCT Monterrey 8 LLC	109,960 sq. ft.	Monterrey
Expansion
Q3 2009	Crisa Expansion	36,021 sq. ft.	Monterrey

Total YTD Purchase Price Including Acquisition Costs - $14.9 million

Properties Consolidated Through Acquisitions of Joint Venture Partner Interests
Q3 2009	Logistics Way	570,000 sq. ft.	Nashville
Q3 2009	Sycamore Canyon A	459,463 sq. ft.	Southern California
Q3 2009	Sycamore Canyon B	413,062 sq. ft.	Southern California
Q3 2009	Whitestown	28.0 Acres	Indianapolis

DISPOSITIONS
Consolidated Dispositions
Q1 2009	Land parcel	1.8 Acres	Baltimore/Washington D.C.
Q2 2009	7880 Foundation Drive	10,062 sq. ft.	Cincinnati
Q2 2009	13737 N Stemmons Freeway	113,344 sq. ft.	Dallas
Q3 2009	None

Total YTD Sales Price - $5.1 million

Unconsolidated Dispositions

Q1 2009	SCLA Joint Venture	53.4 Acres	Southern California

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

DEVELOPMENT OVERVIEW AS OF SEPTEMBER 30, 2009


			Historical Cost							Total Projected Investment
	Square Feet	Acres	Consolidated		Unconsolidated			Total		Consolidated		Unconsolidated		Total
	(in thousands)		(in thousands)							(in thousands)
Total Under Development	6,608	N/A	$	137.5	$	133.5	⁽¹⁾	$	271.0	$	161.2	$	153.2	$	314.4

Pre-Development⁽²⁾	840	N/A	$	3.7

Redevelopment ⁽⁴⁾	874	N/A	$	50.0

Land
Owned ^{(3) (5)}	5,969	352	$	19.1
DCT/IDI Buford LLC (Atlanta)	603	47		—
Under Control ^{(3) (6)}.	—	3,995		—

Total	6,572	4,394	$	19.1

Grand Total	14,894	4,394		210.3

⁽¹⁾	Weighted average equity of the historical cost for unconsolidated shell complete buildings is approximately 72%. The total equity investment of all unconsolidated development ventures at September 30, 2009 is $53.8 million.

⁽²⁾	Consists of DCT Port Union Phase II (Cincinnati).

⁽³⁾	Summary of SCLA:


	Square Feet	Acres	Total Projected Investment
	(in thousands)		(in millions)
Phase 1A (Owned):
Under Development	1,520	75	$	66.7
Operating	408	20
Land Held (Square Feet based on 40% coverage)	3,595	207

Total	5,523	302

Additional Phases (Under Control)		3,995

Total SCLA		4,297

⁽⁴⁾	Summary of Redevelopment assets:


Property	Market	Square Feet
		(in thousands)
73440 McGinnis Ferry Road	Atlanta	93
3575 Stern Avenue .	Chicago	69
250 S. Gary Avenue	Chicago	439
Queretaro 1	Mexico	135
2301 Cottontail Lane	New Jersey	138

Total		874

Total Projected Investment in these assets is expected to be between $50 million and $51 million

⁽⁵⁾	Includes land held at Stonefield (Reno) and Whitestown (Indianapolis), as well as future phases of Dulles Summit (Baltimore/Washington DC), Mohawk (Columbus), and a portion of Phase IA of SCLA (Southern California). The SCLA land and Stonefield (Reno) land are unconsolidated.

⁽⁶⁾	Excludes any square feet associated with future phases at SCLA (see note 4).

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

CONSTRUCTION SUMMARY AS OF SEPTEMBER 30, 2009


Project	Market	Square Feet	Projected Investment			Percentage Leased ⁽¹⁾		Consolidated/ Unconsolidated (C/U)
Stabilized 2009 Projects
South Creek IV	Atlanta	557		—		100	%	C
Sycamore Canyon Building B	Southern California	413		—		100	%	C
Logistics Way	Nashville	570		—		100	%	C

		1,540

Development Projects

Shell Complete
Dulles Industrial Phase I (4 buildings)	Baltimore/Washington	288		31.2		58	%	C
DCT Port Union (2 buildings)	Cincinnati	840		34.6		0	%	C
Deltapoint	Memphis	885		30.1		47	%	C
Nexxus (3 buildings)	Mexico	354		15.2		0	%	C
ADC North I (2 buildings)	Orlando	203		16.5		0	%	C
Airport Dist Center (2 buildings)	Orlando	126		9.7		0	%	C
Sycamore Canyon A	Southern California	459		23.9		0	%	C

Total/Weighted Average		3,155	$	161.2		18	%


SCLA
Shell Complete (Buildings 1, 15A, 15B & 13A)	Southern California	1,520				23	%	U

Total SCLA		1,520	$	66.7		23	%


IDI/DCT, LLC
Shell Complete (4 Buildings)	Chicago,Nashville, Northern California, Savannah	1,933	$	86.5		0	%	U

Grand Total/Weighted Average		6,608	$	314.4		14	%

DCT Pro Rata Share ⁽²⁾		5,599	$	266.4

Projected Yield - Development				6.6	%

Weighted Average DCT % Ownership of Development Projects as of September 30, 2009 ⁽²⁾				85.5	%

⁽¹⁾	Includes all signed leases whether or not occupancy has commenced.

⁽²⁾	Based on share of equity invested.

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

INDEBTEDNESS AS OF SEPTEMBER 30, 2009

(dollar amounts in thousands)


Description	Stated Interest Rate		Effective Interest Rate		Maturity Date	Balance as of 9/30/2009
Senior Unsecured Notes:
2010 Notes, fixed rate ⁽¹⁾	1.75	%	4.73	%	June 2010	$	100,000
2010 Notes, variable rate ⁽¹⁾	1.75	%	1.75	%	June 2010		200,000
2011 Notes, fixed rate	5.53	%	5.24	%	April 2011		50,000
2013 Notes, fixed rate	6.11	%	6.36	%	June 2013		175,000
2014 Notes, fixed rate	5.68	%	6.03	%	January 2014		50,000
2016 Notes, fixed rate	5.77	%	5.74	%	April 2016		50,000

							625,000


Mortgage Notes:
Fixed Rate Secured Debt	5.35	%	5.13	%	Jan 2011 - Aug. 2025		485,124	⁽²⁾
Variable Rate Secured Debt	1.45	%	1.45	%	October 2011		25,237
Premiums, Net of Amortization							3,361

							513,722


Total Senior Unsecured Notes and Mortgage Notes							1,138,722

Unsecured Credit Facility:
Senior Unsecured Revolving Credit Facility ⁽³⁾	1.05	%	1.05	%	December 2010		—

Total Carrying Value of Debt						$	1,138,722

Fixed Rate Debt	5.15	%	5.41	%			80	%
Variable Rate Debt	1.71	%	1.71	%			20	%
Weighted Average Interest Rate	4.47	%	4.68	%
DCT Share of Unconsolidated Joint Venture Debt ⁽⁴⁾
Operating Joint Ventures						$	31,817
Development Joint Ventures							62,862

						$	94,679

Scheduled Principal Payments of Debt as of September 30, 2009 (excluding premiums)


Year	Senior Unsecured Notes			Mortgage Notes			Unsecured Credit Facility		Total
2009	$	—		$	1,655		$	—	$	1,655
2010		300,000	⁽¹⁾		6,868			—		306,868
2011		50,000			230,235			—		280,235
2012		—			167,354	⁽²⁾		—		167,354
2013		175,000			41,147			—		216,147
2014		50,000			3,443			—		53,443
2015		—			44,880			—		44,880
2016		50,000			2,006			—		52,006
2017		—			2,183			—		2,183
2018					2,024					2,024
Thereafter		—			8,566			—		8,566

Total	$	625,000		$	510,361		$	—	$	1,135,361


Summary Debt Covenants ⁽⁵⁾	As of December 31, 2008
	Threshold		Actual Ratio
Consolidated Leverage Ratio	< 60	%	47	%
Consolidated Fixed Charge Coverage Ratio	> 1.5 x		2.6 x
Consolidated Unsecured Leverage Ratio	< 60	%	44	%

⁽¹⁾

In June 2008, DCT closed a two-year $300 million senior unsecured term loan that can be extended for one year at the Company’s option. The first $100 million (the “Initial Funding”) was drawn on June 9, 2008 and used to repay maturing unsecured notes. DCT Industrial Trust has entered into a swap to fix LIBOR on the Initial Funding for two years. The $100 million currently bears interest at LIBOR plus 150 basis points, based on the Company’s current leverage, bringing the effective rate to 4.73% per annum. On October 3, 2008, the remaining $200 million was drawn and the proceeds used to repay borrowings under the credit facility. The $200 million bears interest at LIBOR plus 1.25% to 1.80% or at prime at the Company’s option.

⁽²⁾	DCT has received lender commitments to extend $70 million of mortgage notes maturing in 2012 for 10 years at 6.11%.

⁽³⁾	The senior unsecured revolving credit facility bears interest at either LIBOR plus 0.55% to 1.1% or, at DCT’s election, prime and matures in December 2010. As of September 30, 2009, this credit facility, which has a $300 million total capacity, was undrawn.

⁽⁴⁾	Based on ownership as of September 30, 2009.

⁽⁵⁾	Covenant information presented relates to the senior unsecured revolving credit facility. Calculations are performed in accordance with the credit agreement, based upon definitions contained therein.

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

CAPITALIZATION AND FIXED CHARGE COVERAGE

(dollar amounts in thousands, except per share data)

Capitalization as of September 30, 2009


Description	Shares or Units ⁽¹⁾	Share Price		Market Value
	(in thousands)
Common shares outstanding	205,942	$	5.11	$	1,052,364
Operating partnership units outstanding	29,567	$	5.11		151,087

Total Equity Market Capitalization					1,203,451


Consolidated debt					1,138,722
Pro rata share of debt related to unconsolidated joint ventures					94,679

Total Debt					1,233,401

Total Market Capitalization				$	2,436,852

Ratio of total debt to total market capitalization, including pro rata share of debt related to unconsolidated joint ventures					50.6	%

Fixed Charge Coverage


	Three Months Ended September 30,						Nine Months Ended September 30,
	2009			2008			2009			2008
Net Income (Loss) Attributable to DCT Common Stockholders	$	(14,583	)	$	6,240		$	(14,750	)	$	22,120
Interest expense ⁽³⁾		13,518			13,339			40,244			39,158
Pro rata share of interest expense from unconsolidated JVs		1,136			798			3,290			1,886
Real estate related depreciation and amortization ⁽³⁾		28,035			26,665			82,478			85,074
Pro rata share of real estate related depreciation and amortization from unconsol. JVs		1,907			809			6,877			3,187
Income taxes ⁽³⁾		472			2			2,029			916
Stock-based compensation amortization		3,227			863			5,369			2,458
Noncontrolling interests ⁽³⁾		(2,473	)		1,238			(2,574	)		4,507
Loss on business combinations		10,156			—			10,156			—
Non-FFO (gains) losses on dispositions of real estate interests, net		(21	)		(4,504	)		(676	)		(20,595	)

Adjusted EBITDA	$	41,374		$	45,450		$	132,443		$	138,711

Calculation of Fixed Charges
Interest expense excluding financing obligation ⁽³⁾	$	13,518		$	13,339		$	40,244		$	39,106
Interest expense related to financing obligation, net ⁽²⁾		—			—			—			52
Capitalized interest		1,430			1,991			4,603			5,910
Amortization of loan costs and debt premium/discount		(368	)		(87	)		(1,036	)		131
Pro rata share of interest expense from unconsolidated JVs		1,136			798			3,290			1,886

Total Fixed Charges	$	15,716		$	16,041		$	47,101		$	47,085

Fixed Charge Coverage		2.6			2.8			2.8			2.9

⁽¹⁾	Excludes unvested Long-Term Incentive Plan Units of 1.0 million units, unvested Restricted Stock of 0.3 million shares and unvested Phantom Shares of 0.1 million shares.

⁽²⁾	As of September 30, 2009, we had no financing obligations related to our operating partnership’s private placement of undivided tenancy-in-common (TIC) interests.

⁽³⁾	Includes amounts related to discontinued operations.

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

INSTITUTIONAL CAPITAL MANAGEMENT SUMMARY

(dollar amounts in thousands)

CONSOLIDATED STATEMENTS OF OPERATIONS


	For the Nine Months Ended September 30, 2009
	Boubyan Fund I			TRT-DCT JV I			TRT-DCT JV II			TRT-DCT JV III			JP Morgan Venture
Revenues:
Rental revenues	$	7,844		$	13,684		$	6,078		$	2,388		$	17,092
Other income		—			—			—			—			—

Total revenues		7,844			13,684			6,078			2,388			17,092

Expenses:
Real estate taxes		1,052			1,623			974			221			2,088
Rental expenses		630			993			604			278			1,237
Depreciation and amortization		3,424			6,695			3,392			1,054			9,804
General and Administrative		431			61			19			8			571

Total expenses		5,537			9,372			4,989			1,561			13,700
Interest expense		(4,081	)		(6,013	)		(2,663	)		(485	)		—
Taxes		(57	)		(6	)		27			(46	)		(14	)

Net Income (Loss)	$	(1,831	)	$	(1,707	)	$	(1,547	)	$	296		$	3,378


Rental revenues	$	7,844		$	13,684		$	6,078		$	2,388		$	17,092
Rental expenses and real estate taxes		1,682			2,616			1,578			499			3,325

Net Operating Income	$	6,162		$	11,068		$	4,500		$	1,889		$	13,767

DCT Industrial Ownership %		20.0	%		4.4	%		11.4	%		10.0	%		20.0	%


Data by Fund:	Number of Buildings	Square Feet	Occupancy Percentage
Boubyan Fund I	6	2,647	89.8	%
TRT-DCT JV I	14	3,673	96.4	%
TRT-DCT JV II	6	1,925	100.0	%
TRT-DCT JV III	5	900	96.9	%
JP Morgan Venture	14	4,956	97.2	%

Total	45	14,101	96.0	%

CONSOLIDATED BALANCE SHEETS

As of September 30, 2009


	Boubyan Fund I			TRT-DCT JV I			TRT-DCT JV II			TRT-DCT JV III			JP Morgan Venture
Total Investment in properties	$	125,286		$	213,447		$	95,333		$	31,042		$	286,279
Accumulated depreciation and amortization		(17,352	)		(24,878	)		(10,925	)		(1,552	)		(24,087	)

Net Investment in properties		107,934			188,569			84,408			29,490			262,192
Cash and cash equivalents		302			1,470			1,348			451			1,482
Other Assets		3,298			3,705			1,811			585			1,691

Total Assets	$	111,534		$	193,744		$	87,567		$	30,526		$	265,365


Secured debt	$	95,500	⁽¹⁾	$	134,070	⁽²⁾	$	55,585	⁽³⁾	$	12,327	⁽⁴⁾	$	—
Other Liabilities		2,427			4,729			1,737			830			4,016

Total Liabilities		97,927			138,799			57,322			13,157			4,016
Members’ Capital		13,607			54,945			30,245			17,369			261,349

Total Liabilities and Members’ Capital	$	111,534		$	193,744		$	87,567		$	30,526		$	265,365

SCHEDULED DEBT MATURITIES

As of September 30, 2009


	Boubyan Fund I			TRT-DCT JV I			TRT-DCT JV II			TRT-DCT JV III			JP Morgan Venture
2009	$	—		$	—		$	—		$	—		$	—
2010		—			—			—			—			—
2011		—			—			—			—			—
2012		—			—			—			—			—
2013		—			—			—			—			—
Thereafter		95,500	⁽¹⁾		134,070	⁽²⁾		55,585	⁽³⁾		12,327	⁽⁴⁾		—

Total	$	95,500		$	134,070		$	55,585		$	12,327		$	—

DCT Pro Rata Share	$	19,100		$	5,170		$	6,314		$	1,233		$	—

⁽¹⁾	Debt requires interest only payments until 2012 and amortizes thereafter to zero until maturity in 2036 and has a stated interest rate of 5.6%.

⁽²⁾

$85 million of debt requires interest only payments until 2017 and has a stated interest rate of 5.7%. $16 million of debt, which is payable to and guaranteed by DCT, requires interest only payments until 2014 and has a stated interest rate of 6.0%. $33.2 million of debt requires principal and interest payments through 2015 and has a stated interest rate of 5.9%.

⁽³⁾

$40 million of debt requires interest only payments until 2014 and has a stated interest rate of 6.2%. $5 million of debt requires principal and interest payments through 2016 and has a stated interest rate of 5.3%. $11 million of debt requires principal and interest payments through 2015 and has a stated interest rate of 6.6%.

⁽⁴⁾	$12 million of debt requires principal and interest payments until 2016 and has a stated interest rate of 7.4%.

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

Definitions


Acquisition Price		Includes purchase price and all costs associated with the acquisition.

Adjusted EBITDA		Adjusted EBITDA represents earnings (loss) from operations before interest, taxes, depreciation, amortization, stock-based compensation expense, impairment losses and noncontrolling interest, and excludes non-FFO gains on disposed assets. We use adjusted EBITDA to measure our operating performance and to provide investors relevant and useful information because it allows fixed income investors to view income from our operations on an unleveraged basis before the effects of non-cash items, such as depreciation and amortization.

Annualized Base Rent		Annualized Base Rent is calculated as monthly contractual base rent (cash basis) per the terms of the lease, as of period end, multiplied by 12.

Capital Expenditures		Capital expenditures include building improvements, development costs and leasing costs required to maintain current revenues and/or improve real estate assets.

Cash Basis Rent Growth		Cash basis rent growth is the ratio of the change in base rent due in the first month after the lease commencement date compared to the base rent of the last month prior to the termination of the lease, excluding new leases where there were no prior comparable leases. Free rent periods are not considered.

Cash Net Operating Income		We calculate Cash Net Operating Income as Net Operating Income (as defined below) excluding non-cash amounts recorded for straight-line rents including related bad debt expense and the amortization of above/below market rents. See definition of Net Operating Income for additional information. DCT Industrial considers Cash NOI to be an appropriate supplemental performance measure because cash NOI reflects the operating performance of DCT Industrial’s properties and excludes certain non-cash items that are not considered to be controllable in connection with the management of the property such as accounting adjustments for straight-line rent and the amortization of above and below market rent. Additionally, DCT presents cash NOI, excluding revenue from lease terminations, as such revenue is not considered indicative of recurring operating performance.

Contributed Value		Represents the fair market value of real estate contributed to funds.

Effective Interest Rate		Reflects the impact to interest rates of GAAP adjustments for purchase price allocation and hedging transactions. These rates do not reflect the impact of other interest expense items such as fees and the amortization of loan costs.

Fixed Charges		Fixed charges include interest expense, increased for interest capitalized and our pro rata share of our unconsolidated joint venture debt and adjusted for amortization of discounts, premiums and loan costs.

Fixed Charge Coverage		We calculate Fixed Charge Coverage as adjusted EBITDA divided by total Fixed Charges.

Funds From Operations (“FFO”)		DCT Industrial believes that net income, as defined by GAAP, is the most appropriate earnings measure. However, DCT Industrial considers funds from operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), to be a useful supplemental, non-GAAP measure of DCT Industrial’s operating performance. NAREIT developed FFO as a relative measure of performance of an equity REIT in order to recognize that the value of income-producing real estate historically has not depreciated on the basis determined under GAAP. FFO is generally defined as net income attributable to common stockholders, calculated in accordance with GAAP, plus real estate-related depreciation and amortization, less gains (or losses) from dispositions of operating real estate held for investment purposes and adjustments to derive DCT Industrial’s pro rata share of FFO of unconsolidated joint ventures. We exclude gains and losses on business combinations and include the gains or losses from dispositions of properties which were acquired or developed with the intention to sell or contribute to an investment fund in our definition of FFO.

		Although the NAREIT definition of FFO predates the guidence for accounting for gains and losses on business combinations under ASC 805-10, we believe that excluding such gains and losses is consistent with the key objective of FFO as a performance measure. Readers should note that FFO captures neither the changes in the value of DCT Industrial’s properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of DCT Industrial’s properties, all of which have real economic effect and could materially impact DCT Industrial’s results from operations. NAREIT’s definition of FFO is subject to interpretation and modifications to the NAREIT definition of FFO is common. Accordingly, DCT Industrial’s FFO may not be comparable to such other REITs’ FFO and FFO should be considered only as a supplement to net income as a measure of DCT Industrial’s performance.

GAAP		United States generally accepted accounting principles.

GAAP Basis Rent Growth		GAAP basis rent growth is a ratio of the change in monthly Net Effective Rent (on a GAAP basis, including straight-line rent adjustments as required by GAAP) compared to the Net Effective Rent (on a GAAP basis) of the previous term. New leases where there were no prior comparable leases are excluded.

Held for Contribution		Represents properties anticipated to be contributed to a fund within 12 months.

Historical Cost		Represents historical undepreciated book value pursuant to GAAP, as of the period indicated, including acquisition fees.

Net Effective Rent		Average base rental rate over the term of the lease, calculated in accordance with GAAP.

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

Definitions


Net Operating Income (“NOI”)		Net operating income (“NOI”) is defined as rental revenues, including expense reimbursements, less rental expenses and real estate taxes, and excludes depreciation, amortization, general and administrative expenses and interest expense. DCT Industrial considers NOI to be an appropriate supplemental performance measure because NOI reflects the operating performance of DCT Industrial’s properties and excludes certain items that are not considered to be controllable in connection with the management of the property such as depreciation, interest expense, interest income and general and administrative expenses. However, NOI should not be viewed as an alternative measure of DCT Industrial’s financial performance since it excludes expenses which could materially impact our results of operations. Further, DCT Industrial’s NOI may not be comparable to that of other real estate companies, as they may use different methodologies for calculating NOI. Additionally, lease termination revenue is excluded as it is not considered to be indicative of recurring operating performance. Therefore, DCT Industrial believes net income, as defined by GAAP, to be the most appropriate measure to evaluate DCT Industrial’s overall financial performance.


	Consolidated Operating Data						Consolidated Operating Data
	Three Months Ended September 30,						Nine Months Ended September 30,
	2009			2008			2009			2008
Reconciliation of NOI to Net Income (Loss):
Income (loss) from continuing operations	$	(18,279	)	$	2,466		$	(19,919	)	$	2,730
Income taxes		471			2			2,024			891
Interest income and other		(353	)		(259	)		(1,254	)		(1,260	)
Interest expense		13,518			12,966			40,185			38,471
Equity in income (losses) of unconsolidated joint ventures, net		400			(457	)		(2,165	)		(1,183	)
Loss on business combinations		10,156			—			10,156			—
General and administrative		9,081			4,879			21,003			15,844
Real estate related depreciation and amortization		27,805			26,080			81,669			81,699
Institutional capital management and other fees		(701	)		(763	)		(2,048	)		(2,237	)

Total net operating income		42,098			44,914			129,651			134,955
Less net operating income - non-same store properties		(1,920	)		(740	)		(5,115	)		(2,361	)

Same store net operating income		40,178			44,174			124,536			132,594
Less revenue from lease terminations		(408	)		(282	)		(1,851	)		(597	)

Same store net operating income, excluding revenue from lease terminations		39,770			43,892			122,685			131,997
Less straight-line rents, net of related bad debt expense		(73	)		(456	)		(231	)		(2,387	)
Add back amortization of above/(below) market rents		263			195			1,001			927

Same store cash net operating income, excluding revenue from lease terminations	$	39,960		$	43,631		$	123,455		$	130,537


Ratio of Consolidated Debt to Book Value of Total Assets (Before Depreciation)		Calculated as (total consolidated debt) / (total assets with accumulated depreciation and amortization added back).

Redevelopment		Represents assets acquired with the intention to reposition or redevelop. May include buildings taken out of service for redevelopment where we generally expect to spend more than 20% of the building’s book value on capital improvements, if applicable.

Retention		Calculated as (retained square feet + relocated square feet) / ((retained square feet + relocated square feet + expired square feet) - (square feet of vacancies anticipated at acquisition + month-to-month square feet + bankruptcy square feet + early terminations)).

Sales Price		Contractual price of real estate sold before closing adjustments.

Same Store Population		The same store population is determined independently for each period presented, quarter-to-date and year-to-date, by including all consolidated operating properties that have been owned and stabilized for the entire current and prior periods presented. Held for contribution properties are excluded.

Square Feet		Represents square feet in building that are available for lease.

Stabilized		Buildings are generally considered stabilized when 95% occupied.

Stock-based Compensation Amortization Expense		Represents the non-cash amortization required by SFAS No. 123(R), Share-Based Payment, of the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and amortized over the vesting period.

Turnover Costs		Turnover costs are comprised of the costs incurred or capitalized for improvements of vacant and renewal spaces, as well as the commissions paid or costs capitalized for leasing transactions. The amount indicated for leasing statistics represents the total turnover costs expected to be incurred on the leases signed during the period and does not reflect actual expenditures for the period.

Yield - Acquisition		Calculated as stabilized Net Operating Income divided by Acquisition Price.

Yield - Development (Projected)		Calculated as projected stabilized Net Operating Income divided by projected development cost.

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