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 DATED FEBRUARY 11, 2010 - DCT Industrial Trust Inc.	dex991.htm

Exhibit 99.2

LOGO

SUPPLEMENTAL REPORTING PACKAGE

FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2009

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

FORWARD-LOOKING STATEMENTS

FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2009

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.


				Fourth Quarter 2009

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 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
Customer Diversification and Industry Diversification		9
Acquisition and Disposition Summary		10
Development Overview		11
Indebtedness		12
Capitalization and Fixed Charge Coverage		13
Institutional Capital Management Summary		14
Definitions		15 - 16


				Fourth Quarter 2009

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except per share data)


	Three Months Ended December 31,						Twelve Months Ended December 31,
	2009			2008			2009			2008
	(unaudited)						(unaudited)
REVENUES:
Rental revenues	$	59,803		$	62,731		$	241,305		$	245,618
Institutional capital management and other fees		653			687			2,701			2,924

Total Revenues		60,456			63,418			244,006			248,542

OPERATING EXPENSES:
Rental expenses		7,577			8,035			32,807			31,096
Real estate taxes		8,197			8,257			34,818			33,128
Real estate related depreciation and amortization		28,772			34,040			110,441			115,739
General and administrative		8,221			5,955			29,224			21,799
Impairment losses		—			4,314			—			4,314

Total Operating Expenses		52,767			60,601			207,290			206,076

Operating Income		7,689			2,817			36,716			42,466
OTHER INCOME AND (EXPENSE):
Equity in income of unconsolidated joint ventures, net		533			1,084			2,698			2,267
Impairment losses on investments in unconsolidated joint ventures		—			(4,733	)		(300	)		(4,733	)
Loss on business combinations		(169	)		—			(10,325	)		—
Interest expense		(12,607	)		(14,031	)		(52,792	)		(52,997	)
Interest income and other (expense)		364			(3	)		1,918			1,257
Income and other taxes		178			67			(1,846	)		(824	)

Loss From Continuing Operations		(4,012	)		(14,799	)		(23,931	)		(12,564	)
Discontinued operations:
Operating income (loss) and other expenses		(174	)		187			1,549			3,713
Gain (loss) on dispositions of real estate interests, net of impairments		(143	)		(553	)		668			19,788

Income (loss) from discontinued operations		(317	)		(366	)		2,217			23,501

Income (Loss) Before Gain on Dispositions of Real Estate Interests		(4,329	)		(15,165	)		(21,714	)		10,937
Gain (loss) on dispositions of real estate interests		(56	)		(21	)		5			504

Consolidated Net Income (Loss)		(4,385	)		(15,186	)		(21,709	)		11,441
Net (income) loss attributable to noncontrolling interests		550			2,552			3,124			(1,955	)

Net Income (Loss) Attributable to DCT Common Stockholders	$	(3,835	)	$	(12,634	)	$	(18,585	)	$	9,486

EARNINGS PER COMMON SHARE - BASIC
Loss From Continuing Operations	$	(0.02	)	$	(0.07	)	$	(0.11	)	$	(0.06	)
Income (loss) from discontinued operations		0.00			0.00			0.01			0.11
Gain (loss) on dispositions of real estate interests		0.00			0.00			0.00			0.00

Net Income (Loss) Attributable to DCT Common Stockholders	$	(0.02	)	$	(0.07	)	$	(0.10	)	$	0.05

EARNINGS PER COMMON SHARE - DILUTED
Loss From Continuing Operations	$	(0.02	)	$	(0.07	)	$	(0.11	)	$	(0.06	)
Income (loss) from discontinued operations		0.00			0.00			0.01			0.11
Gain (loss) on dispositions of real estate interests		0.00			0.00			0.00			0.00

Net Income (Loss) Attributable to DCT Common Stockholders	$	(0.02	)	$	(0.07	)	$	(0.10	)	$	0.05

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic		207,291			174,241			192,900			171,695

Diluted		207,291			174,241			192,900			171,695


		1		Fourth Quarter 2009

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

CONSOLIDATED BALANCE SHEETS

(amounts in thousands)


	December 31, 2009			December 31, 2008
	(unaudited)
ASSETS
Operating properties	$	2,712,291		$	2,702,162
Properties under redevelopment		42,048			54,299
Properties under development		138,698			120,326
Pre-development and land held for development		23,377			21,074

Total Investment in Properties		2,916,414			2,897,861
Less accumulated depreciation and amortization		(451,242	)		(417,404	)

Net Investment in Properties		2,465,172			2,480,457
Investment in and advances to unconsolidated joint ventures		111,238			125,452

Net Investment in Real Estate		2,576,410			2,605,909
Cash and cash equivalents		14,792			19,681
Notes receivable		19,084			30,387
Deferred loan costs, net		4,919			5,098
Straight-line rent and other receivables		32,776			31,747
Other assets, net		13,152			11,021

Total Assets	$	2,661,133		$	2,703,843

LIABILITIES AND EQUITY
Accounts payable and accrued expenses	$	36,261		$	35,193
Distributions payable		16,527			16,630
Tenant prepaids and security deposits		16,292			17,601
Other liabilities		5,759			26,472
Intangible lease liabilities, net		5,946			6,813
Line of credit		—			—
Senior unsecured notes		625,000			625,000
Mortgage notes		511,715			574,634

Total Liabilities		1,217,500			1,302,343
Total Stockholders’ Equity		1,217,635			1,124,171
Noncontrolling interests		225,998			277,329

Total Liabilities and Equity	$	2,661,133		$	2,703,843


		2		Fourth Quarter 2009

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

FUNDS FROM OPERATIONS

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


	Three Months Ended December 31,						Twelve Months Ended December 31,
	2009			2008			2009			2008
	(unaudited)						(unaudited)
Reconciliation of Net Income to FFO:
Net Income (Loss) Attributable to DCT Common Stockholders	$	(3,835	)	$	(12,634	)	$	(18,585	)	$	9,486
Adjustments:
Real estate related depreciation and amortization		28,772			34,530			111,250			119,604
Equity in (income) of unconsolidated joint ventures, net		(533	)		(1,084	)		(2,698	)		(2,267	)
Equity in FFO of unconsolidated joint ventures		2,348			2,273			11,807			6,806
Loss (gain) on dispositions of real estate interests		149			55			(1,354	)		(21,991	)
Gain on dispositions of nondepreciated real estate		(43	)		(52	)		783			219
Loss on business combinations		169			—			10,325			—
Noncontrolling interest in the operating partnership’s share of the above adjustments		(3,625	)		(5,794	)		(17,907	)		(17,664	)
FFO attributable to unitholders		3,124			3,311			14,881			19,795

FFO attributable to common stockholders and unitholders, basic and diluted	$	26,526		$	20,605		$	108,502		$	113,988

FFO per common share and unit, basic and diluted	$	0.11		$	0.10		$	0.48		$	0.55

Adjustments for impairment and severance costs:
Impairment losses	$	51		$	9,566		$	981		$	10,746
Severance costs		297			—			2,966			—

FFO, excluding impairment losses and severance costs, attributable to common stockholders and unitholders, basic and diluted	$	26,874		$	30,171		$	112,449		$	124,734

FFO, as adjusted, per common share and unit, basic and diluted	$	0.11		$	0.14		$	0.50		$	0.60

FFO weighted average shares and units outstanding:
Common shares for earnings per share, basic and diluted		207,291			174,241			192,900			171,695
Participating securities		1,376			1,168			1,535			1,106
Units		28,215			33,381			30,660			35,868

FFO weighted average common shares and units outstanding - basic		236,882			208,790			225,095			208,669
Dilutive common stock equivalents		366			6			189			3

FFO weighted average common shares and units outstanding - diluted		237,248			208,796			225,284			208,672

Dividends declared per common share	$	0.07		$	0.08		$	0.30		$	0.56


		3		Fourth Quarter 2009

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

SELECTED FINANCIAL DATA

(amounts in thousands, except per share data)


	Three Months Ended December 31,						Twelve Months Ended December 31,
	2009			2008			2009			2008
	(unaudited)						(unaudited)
Net Operating Income: ⁽¹⁾
Rental revenues	$	59,803		$	62,731		$	241,305		$	245,618
Rental expenses and real estate taxes		(15,774	)		(16,292	)		(67,625	)		(64,224	)

Net Operating Income ⁽²⁾	$	44,029		$	46,439		$	173,680		$	181,394

Consolidated Operating Properties: ⁽¹⁾
Square feet as of the period end		52,910			51,209			52,910			51,209
Average occupancy		87.9	%		92.4	%		89.1	%		92.5	%
Occupancy as of period end		87.6	%		93.0	%		87.6	%		93.0	%
Same Store Operating Data: ⁽¹⁾
Rental revenues	$	56,366		$	61,745		$	229,153		$	239,182
Rental expenses and real estate taxes		(14,828	)		(15,908	)		(63,661	)		(61,015	)

Same Store Net Operating Income		41,538			45,837			165,492			178,167
Less revenue from lease terminations		(168	)		(345	)		(2,018	)		(942	)

Net Operating Income excluding revenue from lease terminations		41,370			45,492			163,474			177,225

Less straight-line rents, net of related bad debt expense		(193	)		(519	)		(427	)		(2,848	)
Add back amortization of above/(below) market rents		210			138			1,211			1,065

Cash Net Operating Income (excluding revenue from lease terminations)	$	41,387		$	45,111		$	164,258		$	175,442

Net Operating Income growth (excluding revenue from lease terminations)		(9.1	%)		—			(7.8	%)		—
Cash Net Operating Income growth (excluding revenue from lease terminations)		(8.3	%)		—			(6.4	%)		—
Square feet in same store population		50,680			50,680			49,892			49,892
Average occupancy		87.5	%		92.3	%		88.8	%		92.6	%
Occupancy as of period end		87.0	%		93.0	%		87.2	%		93.3	%
Supplemental consolidated cash flow and other information:
Straight-line rents - increase (decrease) to revenue, net of related bad debt expense ⁽³⁾	$	560		$	603		$	1,687		$	3,449
Straight-line rent receivable (balance sheet) ⁽³⁾	$	21,552		$	19,762		$	21,552		$	19,762
Net amortization of above/below market rents - increase (decrease) to revenue ⁽³⁾	$	(123	)	$	(117	)	$	(1,120	)	$	(614	)
Capitalized interest	$	1,461		$	1,989		$	6,064		$	7,899
Stock-based compensation amortization	$	3,234		$	969		$	8,603		$	3,427
Revenue from lease terminations ⁽³⁾	$	226		$	345		$	2,080		$	942
Bad debt expense, excluding bad debt expense related to straight-line rents ⁽³⁾	$	314		$	(39	)	$	2,489		$	831
Consolidated Capital Expenditures ⁽³⁾:
Development and expansions	$	2,383		$	8,529		$	13,593		$	61,257
Building and land improvements		6,703			8,196			10,654			15,733
Tenant improvements and leasing costs (including make-ready)		7,512			8,906			22,667			24,920

Total capital expenditures	$	16,598		$	25,631		$	46,914		$	101,910

⁽¹⁾	Excludes discontinued operations.

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

⁽³⁾	Includes discontinued operations.


		4		Fourth Quarter 2009

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

PROPERTY OVERVIEW AS OF DECEMBER 31, 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	52	100.0	%	6,710	12.7	%	81.1	%	$	18,432	10.0	%
Baltimore/Washington D.C.	12	100.0	%	1,446	2.7	%	89.0	%		6,811	3.7	%
Central Pennsylvania	8	100.0	%	1,453	2.8	%	78.4	%		4,574	2.5	%
Charlotte	10	100.0	%	1,006	1.9	%	82.4	%		3,182	1.7	%
Chicago	15	100.0	%	2,867	5.4	%	77.4	%		7,856	4.3	%
Cincinnati	34	100.0	%	3,729	7.1	%	84.4	%		11,598	6.3	%
Columbus	14	100.0	%	4,301	8.1	%	85.7	%		11,428	6.2	%
Dallas	46	100.0	%	4,288	8.1	%	88.7	%		14,442	7.8	%
Denver	1	100.0	%	160	0.3	%	90.3	%		831	0.5	%
Houston	40	100.0	%	2,911	5.5	%	91.6	%		13,831	7.5	%
Indianapolis	7	100.0	%	2,299	4.3	%	93.1	%		6,000	3.3	%
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	%		12,287	6.7	%
Mexico	11	100.0	%	1,163	2.2	%	86.7	%		4,816	2.6	%
Miami	6	100.0	%	727	1.4	%	69.0	%		4,977	2.7	%
Minneapolis	3	100.0	%	356	0.7	%	100.0	%		1,741	0.9	%
Nashville	5	100.0	%	2,826	5.3	%	95.6	%		7,723	4.2	%
New Jersey	9	100.0	%	1,051	2.0	%	69.9	%		4,410	2.4	%
Northern California	25	100.0	%	2,563	4.8	%	87.2	%		13,483	7.3	%
Orlando	12	100.0	%	1,064	2.0	%	89.3	%		4,554	2.5	%
Phoenix	14	100.0	%	1,632	3.1	%	79.4	%		5,875	3.2	%
San Antonio	15	100.0	%	1,349	2.6	%	91.0	%		4,414	2.4	%
Seattle	7	100.0	%	1,115	2.1	%	94.7	%		5,281	2.9	%
Southern California	14	100.0	%	2,006	3.8	%	94.1	%		10,064	5.5	%

Total/Weighted Average - Operating Properties	375	100.0	%	52,910	100.0	%	87.6	%		184,045	100.0	%
Consolidated Redevelopment Properties:
Chicago	2	100.0	%	508	65.0	%	0.0	%		N/A	N/A
Mexico	1	100.0	%	135	17.3	%	32.2	%		N/A	N/A
New Jersey	1	100.0	%	138	17.7	%	47.0	%		N/A	N/A

Total/Weighted Average for Redevelopment Properties	4	100.0	%	781	100.0	%	13.9	%		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	%		2,522	N/A

Total/Weighted Average - Consolidated Properties	394	100.0	%	56,847	N/A		82.7	%	$	187,069	N/A

Continued on next page


		5		Fourth Quarter 2009

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

PROPERTY OVERVIEW AS OF DECEMBER 31, 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	%		1,576	100.0	%
Operating Properties in Funds:
Atlanta	2	17.2	%	703	5.0	%	100.0	%		1,970	4.1	%
Central Pennsylvania	4	8.6	%	1,210	8.6	%	96.7	%		4,827	10.1	%
Charlotte	1	4.4	%	472	3.3	%	100.0	%		1,509	3.1	%
Chicago	4	18.1	%	1,525	10.8	%	95.9	%		5,725	12.0	%
Cincinnati	5	11.9	%	1,847	13.1	%	100.0	%		6,157	12.9	%
Columbus	2	6.3	%	451	3.2	%	100.0	%		1,560	3.3	%
Dallas	4	16.8	%	1,726	12.3	%	77.7	%		4,365	9.1	%
Denver	5	20.0	%	773	5.5	%	91.8	%		3,301	6.9	%
Indianapolis	1	11.4	%	475	3.4	%	100.0	%		1,808	3.8	%
Kansas City	1	11.4	%	180	1.3	%	100.0	%		728	1.5	%
Louisville	5	10.0	%	900	6.4	%	85.2	%		2,473	5.2	%
Memphis	1	20.0	%	1,039	7.4	%	74.1	%		2,241	4.7	%
Minneapolis	3	4.4	%	472	3.3	%	100.0	%		2,290	4.8	%
Nashville	2	20.0	%	1,020	7.2	%	100.0	%		3,757	7.8	%
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	3.6	%
Orlando	2	20.0	%	696	4.9	%	82.7	%		2,573	5.4	%

Total/Weighted Average - Fund Operating Properties	45	14.1	%	14,101	100.0	%	92.2	%		47,830	100.0	%
Unconsolidated Development Properties:
Total/Weighted Average	8	50.0	%	3,452	N/A		9.7	%		779	N/A

Total/Weighted Average - Unconsolidated Properties	55	21.9	%	18,016	N/A		76.6	%		50,185	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	422	N/A		67,474	89.5	%	88.6	%		233,451	N/A
Total/Weighted Average -
Consolidated Redevelopment Properties	4	N/A		781	1.0	%	13.9	%		502	N/A
Total/Weighted Average -
Consolidated/Unconsolidated Development Properties	23	N/A		6,608	8.8	%	13.8	%		3,301	N/A
Total/Weighted Average - Asset Managed Only Properties	1	N/A		491	0.7	%	100.0	%		N/A	N/A

Total/Weighted Average - All Properties	450	N/A		75,354	100.0	%	81.4	%	$	237,254	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.


		6		Fourth Quarter 2009

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

PROPERTY SEGMENT SUMMARY AS OF DECEMBER 31, 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	%	13	678			75.8	%	11	361			76.6	%	52	6,710			81.1	%
Baltimore/Washington D.C.	12	1,446			89.0	%	—	—			—		—	—			—		12	1,446			89.0	%
Central Pennsylvania	8	1,453			78.4	%	—	—			—		—	—			—		8	1,453			78.4	%
Charlotte	5	715			79.0	%	5	291			90.8	%	—	—			—		10	1,006			82.4	%
Chicago	12	2,372			76.8	%	3	495			79.9	%	—	—			—		15	2,867			77.4	%
Cincinnati	14	2,907			84.0	%	19	756			87.2	%	1	66			69.8	%	34	3,729			84.4	%
Columbus	12	4,227			85.7	%	2	74			90.2	%	—	—			—		14	4,301			85.7	%
Dallas	23	3,268			91.3	%	7	359			79.4	%	16	661			80.6	%	46	4,288			88.7	%
Denver	1	160			90.3	%	—	—			—		—	—			—		1	160			90.3	%
Houston	14	1,878			94.3	%	14	706			87.6	%	12	327			85.0	%	40	2,911			91.6	%
Indianapolis	7	2,299			93.1	%	—	—			—		—	—			—		7	2,299			93.1	%
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			60.5	%	2	157			100.0	%	1	49			60.0	%	6	727			69.0	%
Minneapolis	2	279			100.0	%	1	77			100.0	%	—	—			—		3	356			100.0	%
Nashville	5	2,826			95.6	%	—	—			—		—	—			—		5	2,826			95.6	%
New Jersey	7	937			66.2	%	2	114			100.0	%	—	—			—		9	1,051			69.9	%
Northern California	8	1,695			87.2	%	17	868			87.4	%	—	—			—		25	2,563			87.2	%
Orlando	2	367			94.4	%	10	697			86.6	%	—	—			—		12	1,064			89.3	%
Phoenix	8	1,492			78.2	%	6	140			91.4	%	—	—			—		14	1,632			79.4	%
San Antonio	11	1,096			90.3	%	4	253			82.2	%	—	—			—		15	1,349			91.0	%
Seattle	7	1,115			94.7	%	—	—			—		—	—			—		7	1,115			94.7	%
Southern California	10	1,743			93.5	%	3	242			100.0	%	1	21			76.9	%	14	2,006			94.1	%

Total/Weighted Average - Operating Properties	220	45,048			88.1	%	113	6,377			85.9	%	42	1,485			79.4	%	375	52,910			87.6	%
Consolidated Redevelopment Properties	2	578			11.2	%	2	203			21.3	%	—	—			—		4	781			13.9	%
Consolidated Development Properties	13	3,030			19.1	%	2	126			0.0	%	—	—			—		15	3,156			18.3	%

Total/Weighted Average - Consolidated Properties	235	48,656			82.9	%	117	6,706			82.3	%	42	1,485			79.4	%	394	56,847			82.7	%
Unconsolidated Properties:
Operating Properties in Funds	45	14,101			92.2	%	—	—			—		—	—			—		45	14,101			92.2	%
Operating Properties	2	463			100.0	%	—	—			—		—	—			—		2	463			100.0	%
Development Properties	6	3,228			7.2	%	2	224			45.9	%	—	—			—		8	3,452			9.7	%
Asset Managed Properties	1	491			100.0	%	—	—			—		—	—			—		1	491			100.0	%

Total/Weighted Average - All Properties	289	66,939			81.4	%	119	6,930			81.1	%	42	1,485			79.4	%	450	75,354			81.4	%

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

Total Annualized Base Rent - All Properties (in thousands)				$	195,372					$	32,759					$	9,123					$	237,254


		7		Fourth Quarter 2009

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)
Q4 2009
Bulk Distribution	27		2,685	-7.3	%	-3.6	%	45.4	$	2,556	$	0.95
Light Industrial	16		208	-39.3	%	-39.2	%	39.8		569		2.73
Service Center	14		97	10.6	%	22.9	%	57.7		465		4.81

Total/Weighted Average	57		2,990	-9.0	%	-5.3	%	45.4	$	3,590	$	1.20

Weighted Average Retention	76.3	%


	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	95		8,198	-6.5	%	-0.3	%	44.4	$	9,881	$	1.21
Light Industrial	67		1,220	-14.7	%	-9.5	%	40.5		1,932		1.58
Service Center	46		328	1.3	%	9.7	%	38.1		1,020		3.11

Total/Weighted Average	208		9,746	-7.3	%	-1.2	%	43.7	$	12,833	$	1.32

Weighted Average Retention	71.5	%

Lease Expirations For Consolidated Operating Properties as of December 31, 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)
2010 ⁽⁴⁾	11,197	$	45,284	22.5	%
2011	7,777		33,201	16.6	%
2012	6,765		30,233	15.1	%
2013	6,472		29,049	14.5	%
2014	6,233		26,491	13.2	%
Thereafter	7,884		36,263	18.1	%

Total leased	46,328	$	200,521	100.0	%

Available	6,582

Total consolidated operating properties	52,910

⁽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.


		8		Fourth Quarter 2009

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

As of December 31, 2009

Customer Diversification - Ten Largest Customers ⁽¹⁾


CUSTOMER	Percent of Annualized Base Rent
CEVA Logistics	1.9	%
Bridgestone/Firestone	1.4	%
Technicolor (Thompson)	1.4	%
United Parcel Service (UPS)	1.3	%
Deutsche Post World Net (DHL & Exel)	1.3	%
United Stationers Supply Company	1.2	%
Crayola, LLC	1.1	%
The Glidden Company	1.1	%
Pitney Bowes Inc.	1.0	%
Toys “R” Us, Inc.	0.9	%

	12.6	%

Industry Diversification - Operating Portfolio ⁽¹⁾


	Percent of Annualized Base Rent
Manufacturing	31.3	%
Wholesale Trade	24.2	%
Transportation and Warehousing	13.1	%
Retail Trade	11.5	%
Administrative Support and Waste Management Services	4.3	%
Professional, Scientific and Technical Services	4.0	%
Media and Information	3.5	%
Construction	1.6	%
Rental companies	1.1	%
Public Administration	1.1	%
Other	4.3	%

	100.0	%

⁽¹⁾	Includes all consolidated operating properties.


		9		Fourth Quarter 2009

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

ACQUISITION AND DISPOSITION SUMMARY FOR THE YEAR ENDED DECEMBER 31, 2009


		Property	Description	Market
ACQUISITIONS
Consolidated Acquisitions
Development Properties Acquired Under Forward Commitment
	Q3 2009	DCT Monterrey 6 LLC	109,960 sq. ft.	Monterrey, Mexico
	Q3 2009	DCT Monterrey 7 LLC	117,328 sq. ft.	Monterrey, Mexico
	Q3 2009	DCT Monterrey 8 LLC	127,051 sq. ft.	Monterrey, Mexico
Expansion
	Q3 2009	Crisa Expansion	36,021 sq. ft.	Monterrey, Mexico
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
	Q4 2009	Stonefield	49.0 Acres	Reno
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
	Q4 2009	Whirlpool Airwest	804,586 sq. ft.	Indianapolis
	Q4 2009	Land parcel	2.4 Acres	Baltimore/Washington D.C.
Total YTD Sales Price - $30.7 million
Unconsolidated Dispositions
	Q1 2009	SCLA Joint Venture	53.4 Acres	Southern California


		10		Fourth Quarter 2009

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

DEVELOPMENT OVERVIEW AS OF DECEMBER 31, 2009

(square feet and dollars in thousands)


Project	Market	Number of Bldgs.		Square Feet	Book Cost ⁽¹⁾		Total Projected Investment		Percentage Leased ⁽²⁾
CONSOLIDATED:
Stabilized 2009 Projects - Consolidated Operating Properties as of December 31, 2009
South Creek IV	Atlanta	1		557					100	%
Logistics Way	Nashville	1		570					100	%
Sycamore Canyon Building B	Southern California	1		413					100	%

Total/Weighted Average		3		1,540	$	63,473			100	%

Development Projects in Lease Up
Dulles Industrial Phase I	Baltimore/Washington	4		288					58	%
DCT Port Union	Cincinnati	2		840					7	%
Deltapoint	Memphis	1		885					47	%
Nexxus	Mexico	3		354					0	%
ADC North I	Orlando	2		203					20	%
Airport Dist Center	Orlando	2		126					76	%
Sycamore Canyon A	Southern California	1		459					0	%

Total/Weighted Average		15		3,155	$	138,698	$	156,300	24	%

UNCONSOLIDATED:
Development Projects in Lease Up
SCLA ⁽³⁾	Southern California	4		1,520	$	61,662	$	68,000	22	%
IDI/DCT, LLC ⁽⁴⁾	Chicago, Nashville, Northern California, Savannah	4		1,933		74,341		88,200	0	%

Total/Weighted Average		8		3,453	$	136,003	$	156,200	10	%

Total/Weighted Average Development Projects in Lease Up		23		6,608	$	274,701	$	312,500	17	%

DCT Pro Rata Share ⁽⁵⁾		n/a		4,510	$	191,462	$	194,631	21	%

Projected Yield - Development Projects in Lease Up		6.0	%

⁽¹⁾

Excludes Approximately $23.4 million of land held (113 acres) and capitalized pre-development costs in Baltimore/Washington, Cincinnati, Indianapolis and Reno. Also excludes 47 acres of land in Atlanta held in an unconsolidated joint venture and 207 acres owned in the unconsolidated joint venture at SCLA which could support the development of approximately 3.5 million square feet based on 40% coverage.

⁽²⁾	Includes all signed leases whether or not occupancy has commenced.

⁽³⁾	DCT contributed the initial capital outlay required for the development of these assets. After the return of this investment and certain other priority distributions, the cash flows from this venture will be shared 50/50.

⁽⁴⁾	DCT’s ownership percentage is 50%

⁽⁵⁾	Based on share of equity invested, for the purposes of SCLA, this is assumed to be 50% (see note 3 above).


		11		Fourth Quarter 2009

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

INDEBTEDNESS AS OF DECEMBER 31, 2009

(dollar amounts in thousands)


Description	Stated Interest Rate		Effective Interest Rate		Maturity Date	Balance as of 12/31/2009
Senior Unsecured Notes:
2010 Notes, fixed rate ⁽¹⁾	1.73	%	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		483,361	⁽²⁾
Variable Rate Secured Debt	1.43	%	1.43	%	October 2011		25,237
Premiums, Net of Amortization							3,117

							511,715

Total Senior Unsecured Notes and Mortgage Notes							1,136,715
Unsecured Credit Facility:
Senior Unsecured Revolving Credit Facility ⁽³⁾	1.04	%	1.04	%	December 2010		—

Total Carrying Value of Debt						$	1,136,715

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						$	31,797
Development Joint Ventures							58,722

						$	90,519

Scheduled Principal Payments of Debt as of December 31, 2009 (excluding premiums)


Year	Senior Unsecured Notes			Mortgage Notes			Unsecured Credit Facility		Total
2010		300,000	⁽¹⁾		6,759			—		306,759
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		—			44,881			—		44,881
2016		50,000			2,006			—		52,006
2017		—			2,183			—		2,183
2018		—			2,024			—		2,024
2019		—			1,529			—		1,529
Thereafter		—			7,037			—		7,037

Total	$	625,000		$	508,598		$	—	$	1,133,598


			As of December 31, 2009
	Threshold		Actual Ratio
Summary Debt Covenants ⁽⁵⁾
Consolidated Leverage Ratio	< 60	%	48	%
Consolidated Fixed Charge Coverage Ratio	> 1.5x		2.9x
Consolidated Unsecured Leverage Ratio	< 60	%	43	%

⁽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 refinance $102.9 million of 2011 scheduled maturities and $112.0 million of 2012 scheduled maturities. The combined transactions will result in repayments of $91.9 million, an extension of the remaining $123.0 million for an average 9.6 years at a 6.14% interest rate and a release of mortgages on 14 properties. These two transactions are expected to close in Q1 2010.

⁽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 December 31, 2009, this credit facility, which has a $300 million total capacity, was undrawn.

⁽⁴⁾	Based on ownership as of December 31, 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.


		12		Fourth Quarter 2009

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

CAPITALIZATION AND FIXED CHARGE COVERAGE

(dollar amounts in thousands, except per share data)

Capitalization as of December 31, 2009


Description	Shares or Units ⁽¹⁾	Share Price		Market Value
	(in thousands)
Common shares outstanding	208,046	$	5.02	$	1,044,391
Operating partnership units outstanding	27,450	$	5.02		137,799

Total Equity Market Capitalization					1,182,190

Consolidated debt					1,136,715
Pro rata share of debt related to unconsolidated joint ventures					90,519

Total Debt					1,227,234

Total Market Capitalization				$	2,409,424

Ratio of total debt to total market capitalization, including pro rata share of debt related to unconsolidated joint ventures					50.9	%

Fixed Charge Coverage


	Three Months Ended December 31,						Twelve Months Ended December 31,
	2009			2008			2009			2008
Net Income (Loss) Attributable to DCT Common Stockholders	$	(3,835	)	$	(12,634	)	$	(18,585	)	$	9,486
Interest expense ⁽²⁾⁽³⁾		12,607			14,061			52,851			53,219
Pro rata share of interest expense from unconsolidated JVs		230			923			3,478			2,809
Real estate related depreciation and amortization ⁽³⁾		28,772			34,530			111,250			119,604
Pro rata share of real estate related depreciation and amortization from unconsol. JVs		1,531			1,103			8,539			4,290
Income taxes ⁽³⁾		(174	)		(66	)		1,855			850
Stock-based compensation amortization		3,234			969			8,603			3,427
Noncontrolling interests ⁽³⁾		(550	)		(2,552	)		(3,124	)		1,955
Loss on business combinations		169			—			10,325			—
Non-FFO (gains) losses on dispositions of real estate interests		106			523			(570	)		(20,072	)
Impairment losses		51			9,566			981			10,746

Adjusted EBITDA	$	42,141		$	46,423		$	175,603		$	186,314

Calculation of Fixed Charges
Interest expense excluding financing obligation ⁽³⁾	$	12,607		$	14,061		$	52,851		$	53,167
Interest expense related to financing obligation, net ⁽²⁾		—			—			—			52
Capitalized interest		1,461			1,989			6,064			7,899
Amortization of loan costs and debt premium/discount		(305	)		(307	)		(1,341	)		(180	)
Pro rata share of interest expense from unconsolidated JVs		230			923			3,478			2,809

Total Fixed Charges	$	13,993		$	16,666		$	61,052		$	63,747

Fixed Charge Coverage		3.0			2.8			2.9			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 December 31, 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.


		13		Fourth Quarter 2009

DCT INDUSTRIAL TRUST INC.

SUPPLEMENTAL REPORTING PACKAGE

INSTITUTIONAL CAPITAL MANAGEMENT SUMMARY

(dollar amounts in thousands)

CONSOLIDATED STATEMENTS OF OPERATIONS


	For the Twelve Months Ended December 31, 2009
	Boubyan Fund I			TRT-DCT JV I			TRT-DCT JV II			TRT-DCT JV III			JP Morgan Venture
Revenues:
Rental revenues	$	10,274		$	18,097		$	8,081		$	3,134		$	22,339
Other income		—			—			—			—			—

Total revenues		10,274			18,097			8,081			3,134			22,339

Expenses:
Real estate taxes		1,367			2,135			1,298			297			2,781
Rental expenses		851			1,375			802			351			1,704
Depreciation and amortization		4,578			8,826			4,588			1,410			12,598
General and Administrative		613			100			19			9			807

Total expenses		7,409			12,436			6,707			2,067			17,890
Interest expense		(5,456	)		(8,015	)		(3,545	)		(721	)		—
Taxes		(77	)		(23	)		38			(69	)		(18	)

Net Income (Loss)	$	(2,668	)	$	(2,377	)	$	(2,133	)	$	277		$	4,431

Rental revenues	$	10,274		$	18,097		$	8,081		$	3,134		$	22,339
Rental expenses and real estate taxes		2,218			3,510			2,100			648			4,485

Net Operating Income	$	8,056		$	14,587		$	5,981		$	2,486		$	17,854

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	97.6	%
TRT-DCT JV III	5	900	85.2	%
JP Morgan Venture	14	4,956	89.4	%

Total	45	14,101	92.2	%

CONSOLIDATED BALANCE SHEETS


	As of December 31, 2009
	Boubyan Fund I			TRT-DCT JV I			TRT-DCT JV II			TRT-DCT JV III			JP Morgan Venture
Total Investment in properties	$	125,306		$	213,579		$	95,104		$	31,123		$	287,757
Accumulated depreciation and amortization		(18,517	)		(27,054	)		(11,715	)		(1,943	)		(26,944	)

Net Investment in properties		106,789			186,525			83,389			29,180			260,813
Cash and cash equivalents		428			2,006			1,764			315			1,732
Other Assets		3,187			3,756			1,759			665			1,849

Total Assets	$	110,404		$	192,287		$	86,912		$	30,160		$	264,394

Secured debt	$	95,500	⁽¹⁾	$	133,960	⁽²⁾	$	55,489	⁽³⁾	$	12,282	⁽⁴⁾	$	—
Other Liabilities		2,433			4,565			1,944			792			4,288

Total Liabilities		97,933			138,525			57,433			13,074			4,288
Members’ Capital		12,471			53,762			29,479			17,086			260,106

Total Liabilities and Members’ Capital	$	110,404		$	192,287		$	86,912		$	30,160		$	264,394

SCHEDULED DEBT MATURITIES


	As of December 31, 2009
	Boubyan Fund I			TRT-DCT JV I			TRT-DCT JV II			TRT-DCT JV III			JP Morgan Venture
2010	$	—		$	—		$	—		$	—		$	—
2011		—			—			—			—			—
2012		—			—			—			—			—
2013		—			—			—			—			—
2014		—			16,041			39,725			—			—
Thereafter		95,500	⁽¹⁾		117,919	⁽²⁾		15,764	⁽³⁾		12,282	⁽⁴⁾		—

Total	$	95,500		$	133,960		$	55,489		$	12,282		$	—

DCT Pro Rata Share	$	19,100		$	5,165		$	6,304		$	1,228		$	—

⁽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%.


		14		Fourth Quarter 2009

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 guidance 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.


		15		Fourth Quarter 2009

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 December 31,						Twelve Months Ended December 31,
	2009			2008			2009			2008
Reconciliation of NOI to Net Income (Loss):
Loss from continuing operations	$	(4,012	)	$	(14,799	)	$	(23,931	)	$	(12,564	)
Income and other taxes		(178	)		(67	)		1,846			824
Interest income and other ( expense)		(364	)		3			(1,918	)		(1,257	)
Interest expense		12,607			14,031			52,792			52,997
Equity in income of unconsolidated joint ventures, net		(533	)		(1,084	)		(2,698	)		(2,267	)
Loss on business combinations		169			—			10,325			—
General and administrative		8,221			5,955			29,224			21,799
Real estate related depreciation and amortization		28,772			34,040			110,441			115,739
Impairment losses		—			4,314			0			4,314
Impairment losses on investments in unconsolidated joint ventures		—			4,733			300			4,733
Institutional capital management and other fees		(653	)		(687	)		(2,701	)		(2,924	)

Total net operating income		44,029			46,439			173,680			181,394
Less net operating income - non-same store properties		(2,491	)		(602	)		(8,188	)		(3,227	)

Same store net operating income		41,538			45,837			165,492			178,167
Less revenue from lease terminations		(168	)		(345	)		(2,018	)		(942	)

Same store net operating income, excluding revenue from lease terminations		41,370			45,492			163,474			177,225
Less straight-line rents, net of related bad debt expense		(193	)		(519	)		(427	)		(2,848	)
Add back amortization of above/(below) market rents		210			138			1,211			1,065

Same store cash net operating income, excluding revenue from lease terminations	$	41,387		$	45,111		$	164,258		$	175,442


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.


		16		Fourth Quarter 2009

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