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

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EX-99.1 - PRESS RELEASE - DCT Industrial Trust Inc.	d297948dex991.htm
8-K - FORM 8-K - DCT Industrial Trust Inc.	d297948d8k.htm

Exhibit 99.2

LOGO

Fourth Quarter 2011

Supplemental Reporting Package

Table of Contents


Quarterly Highlights			2
Consolidated Statements of Operations			3
Consolidated Balance Sheets			4
Funds from Operations			5
Selected Financial Data			6
Property Overview			7-8
Consolidated Leasing Summary			9
Acquisition and Disposition Summary			10
Development Overview			11
Indebtedness			12
Capitalization and Fixed Charge Coverage			13
Institutional Capital Management Summary			14
Definitions			15-17

Forward Looking Statement

We make statements in this report 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 those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies 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 continuing impact of the economic downturn and the strength of the economic recovery and the impact of the financial crisis in Europe;

•

the general level of interest rates and the availability of capital;

•

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;

•

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 fires, tornadoes, hurricanes and earthquakes;

•

energy costs;

•

the terms of governmental regulations that affect us and interpretations of those regulations, including the cost of compliance with those regulations, 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 or civil unrest;

•

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 real estate investment trust, or 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.


Fourth Quarter 2011				Page 1

Supplemental Reporting Package

Quarterly Highlights

Top 10 Markets⁽¹⁾

Total Consolidated


	ABR (millions)		Occupancy 12/31/11			Occupancy 12/31/10			Change
Market	ABR (millions)		Occupancy 12/31/11			Occupancy 12/31/10			Change
Atlanta	$	19.3		95.3	%		87.5	%		7.8	%
Southern California		19.0		99.2	%		99.8	%		-0.6	%
Houston		17.5		96.4	%		92.1	%		4.3	%
Dallas		14.0		84.9	%		89.7	%		-4.8	%
Memphis		13.9		97.8	%		93.5	%		4.3	%
Northern California		13.8		87.2	%		77.6	%		9.6	%
Cincinnati		12.0		86.9	%		79.9	%		7.0	%
Chicago		10.5		96.7	%		76.4	%		20.3	%
Columbus		9.5		84.6	%		84.5	%		0.1	%
Baltimore/Washington, D.C.		9.2		87.6	%		88.7	%		-1.1	%

Total	$	138.7		92.1	%		87.1	%		5.0	%

Same Store Net Operating Income Growth⁽³⁾

LOGO

Portfolio Occupancy (%)

LOGO

⁽¹⁾	Based on annualized base rent as of December 31, 2011.

⁽²⁾	Amounts are based on gross purchase price and include noncontrolling interests share of $9.8 million and land purchases totaling $25.7 million.

⁽³⁾	Amounts are as previously reported and not restated for current quarter same store pool.


Fourth Quarter 2011				Page 2

Supplemental Reporting Package

Consolidated Statements of Operations

(amounts in thousands, except per share data)


	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2011			2010			2011			2010
	(unaudited)						(unaudited)
REVENUES:
Rental revenues	$	64,995		$	56,780		$	249,158		$	225,699
Institutional capital management and other fees		1,138			1,082			4,291			4,133

Total revenues		66,133			57,862			253,449			229,832

OPERATING EXPENSES:
Rental expenses		8,702			7,862			34,217			32,389
Real estate taxes		8,808			7,655			36,200			34,915
Real estate related depreciation and amortization		31,106			28,186			124,244			110,373
General and administrative		5,459			6,734			25,925			25,262
Impairment losses		448			4,100			448			8,656
Casualty gains		(33	)		—			(33	)		—

Total operating expenses		54,490			54,537			221,001			211,595

Operating income		11,643			3,325			32,448			18,237
OTHER INCOME AND EXPENSE:
Equity in income (loss) of unconsolidated joint ventures, net		894			(786	)		(2,556	)		(2,986	)
Impairment losses on investments in unconsolidated joint ventures		(19	)		(216	)		(1,953	)		(216	)
Loss on business combinations		—			—			—			(395	)
Interest expense		(17,104	)		(15,333	)		(63,941	)		(56,548	)
Interest and other income (expense)		(53	)		245			(310	)		357
Income tax benefit (expense) and other taxes		(38	)		137			(144	)		(918	)

Loss from continuing operations		(4,677	)		(12,628	)		(36,456	)		(42,469	)
Discontinued operations:
Operating income and other expenses		36			335			3,342			782
Gain (loss) on dispositions of real estate interests from discontinued operations		4,271			(600	)		4,271			(1,379	)

Income (loss) from discontinued operations		4,307			(265	)		7,613			(597	)

Loss before gain on dispositions of real estate interests		(370	)		(12,893	)		(28,843	)		(43,066	)
Gain on dispositions of real estate interests		—			—			—			13

Consolidated net loss of DCT Industrial Trust Inc.		(370	)		(12,893	)		(28,843	)		(43,053	)
Net loss attributable to noncontrolling interests		207			1,698			3,593			5,223

Net loss attributable to common stockholders		(163	)		(11,195	)		(25,250	)		(37,830	)

Distributed and undistributed earnings allocated to participating securities		(93	)		(117	)		(443	)		(480	)

Adjusted net loss attributable to common stockholders	$	(256	)	$	(11,312	)	$	(25,693	)	$	(38,310	)

EARNINGS PER COMMON SHARE – BASIC AND DILUTED:
Loss from continuing operations	$	(0.02	)	$	(0.05	)	$	(0.14	)	$	(0.18	)
Income (loss) from discontinued operations		0.02			(0.00	)		0.03			(0.00	)

Net loss attributable to common stockholders	$	(0.00	)	$	(0.05	)	$	(0.11	)	$	(0.18	)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic and diluted		245,939			218,723			242,591			212,412


Fourth Quarter 2011				Page 3

Supplemental Reporting Package

Consolidated Balance Sheets

(amounts in thousands)


	December 31, 2011			December 31, 2010
	(unaudited)
ASSETS:
Operating properties	$	3,100,172		$	2,954,754
Properties under development		9,525			55,698
Properties under redevelopment		4,284			3,316
Pre-development and land held for development		47,082			23,668

Total investment in properties		3,161,063			3,037,436
Less accumulated depreciation and amortization		(589,314	)		(528,705	)

Net investment in properties		2,571,749			2,508,731
Investments in and advances to unconsolidated joint ventures		139,278			138,455

Net investment in real estate		2,711,027			2,647,186
Cash and cash equivalents		12,834			17,330
Notes receivable		1,053			1,222
Deferred loan costs, net		8,567			5,883
Straight-line rent and other receivables, net		42,349			33,278
Other assets, net		17,468			14,990

Total assets	$	2,793,298		$	2,719,889

LIABILITIES AND EQUITY:
Accounts payable and accrued expenses	$	45,785		$	38,354
Distributions payable		19,057			17,458
Tenant prepaids and security deposits		22,864			20,759
Other liabilities		29,797			12,373
Intangible lease liability, net		18,897			18,748
Line of credit		—			51,000
Senior unsecured notes		935,000			735,000
Mortgage notes		317,783			425,359

Total liabilities		1,389,183			1,319,051
Total stockholders’ equity		1,207,969			1,196,102
Noncontrolling interests		196,146			204,736

Total liabilities and equity	$	2,793,298		$	2,719,889


Fourth Quarter 2011				Page 4

Supplemental Reporting Package

Funds From Operations

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


	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2011			2010			2011			2010
Reconciliation of net loss attributable to common stockholders to FFO:
Net loss attributable to common stockholders	$	(163	)	$	(11,195	)	$	(25,250	)	$	(37,830	)
Adjustments:
Real estate related depreciation and amortization		32,149			29,386			128,989			115,904
Equity in (income) loss of unconsolidated joint ventures, net		(894	)		786			2,556			2,986
Equity in FFO of unconsolidated joint ventures		2,613			921			4,732			4,001
Loss on business combinations		—			—			—			395
Impairment losses on depreciable real estate		8,226			599			10,160			8,012
Gain on dispositions of real estate interests		(12,030	)		—			(12,030	)		(2,091	)
Gain on dispositions of non-depreciable real estate		—			—			—			13
Noncontrolling interest in the operating partnership’s share of the above adjustments		(3,399	)		(3,283	)		(14,252	)		(13,426	)
FFO attributable to unitholders		2,965			1,941			9,901			8,678

FFO attributable to common stockholders and unitholders, basic and diluted ⁽¹⁾		29,467			19,155			104,806			86,642

Adjustments:
Acquisition costs⁽²⁾		493			706			1,902			1,228
Debt modification costs		—			—			—			1,136
Impairment losses on non-depreciable real estate⁽²⁾		—			3,992			—			3,992

FFO, as adjusted, attributable to common stockholders and unitholders, basic and diluted	$	29,960		$	23,853		$	106,708		$	92,998

FFO per common share and unit, basic and diluted	$	0.11		$	0.08		$	0.39		$	0.36

FFO, as adjusted, per common share and unit, basic and diluted	$	0.11		$	0.10		$	0.40		$	0.39

FFO weighted average common shares and units outstanding:
Common shares for earnings per share – basic		245,939			218,723			242,591			212,412
Participating securities		1,368			1,722			1,601			1,689
Units		25,626			25,721			25,310			26,351

FFO weighted average common shares, participating securities and units outstanding - basic		272,933			246,166			269,502			240,452
Dilutive common stock equivalents		431			401			449			357

FFO weighted average common shares, participating securities and units outstanding - diluted		273,364			246,567			269,951			240,809

(1)	Funds from operations, FFO, as defined by the National Association of Real Estate Investment Trusts (NAREIT).

(2)	Excluding amounts attributable to noncontrolling interests.


Fourth Quarter 2011				Page 5

Supplemental Reporting Package

Selected Financial Data

(unaudited, amounts in thousands)


	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2011			2010			2011			2010
NET OPERATING INCOME:⁽¹⁾
Rental revenues	$	64,995		$	56,780		$	249,158		$	225,699
Rental expenses and real estate taxes		(17,510	)		(15,517	)		(70,417	)		(67,304	)

Net operating income⁽²⁾	$	47,485		$	41,263		$	178,741		$	158,395

TOTAL CONSOLIDATED PROPERTIES:⁽³⁾
Square feet as of period end		58,255			57,777			58,255			57,777
Average occupancy		90.1	%		86.1	%		88.6	%		82.9	%
Occupancy as of period end		90.5	%		87.4	%		90.5	%		87.4	%

CONSOLIDATED OPERATING PROPERTIES:⁽³⁾
Square feet as of period end		58,099			56,652			58,099			56,652
Average occupancy		90.0	%		88.0	%		88.8	%		87.0	%
Occupancy as of period end		90.6	%		88.9	%		90.6	%		88.9	%

SAME STORE OPERATING PROPERTIES:⁽¹⁾
Square feet as of period end		51,957			51,957			49,713			49,713
Average occupancy		90.3	%		88.0	%		89.0	%		86.8	%
Occupancy as of period end		90.9	%		88.8	%		90.5	%		88.3	%

Rental revenues	$	56,900		$	55,765		$	216,341		$	217,561
Rental expenses and real estate taxes		(15,510	)		(14,753	)		(61,619	)		(62,712	)

Same store net operating income		41,390			41,012			154,722			154,849
Less: revenue from lease terminations		(179	)		(96	)		(616	)		(426	)

Net operating income (excluding revenue from lease terminations)		41,211			40,916			154,106			154,423

Less: straight-line rents, net of related bad debt expense		(1,460	)		(1,610	)		(5,092	)		(4,291	)
Add back: amortization of above/(below) market rents		(168	)		(17	)		(467	)		85

Cash net operating income (excluding revenue from lease terminations)	$	39,583		$	39,289		$	148,547		$	150,217

Net operating income growth (excluding revenue from lease terminations)		0.7	%		—			(0.2	)%		—
Cash net operating income growth (excluding revenue from lease terminations)		0.7	%		—			(1.1	)%		—

SUPPLEMENTAL CONSOLIDATED CASH FLOW AND OTHER INFORMATION:
Straight-line rents - increase to revenue, net of related bad debt expense⁽³⁾	$	2,567		$	1,849		$	9,519		$	5,687
Straight-line rent receivable (balance sheet)⁽³⁾	$	35,300		$	27,138		$	35,300		$	27,138
Net amortization of above/(below) market rents – increase (decrease) to revenue⁽³⁾	$	242		$	28		$	617		$	(211	)
Capitalized interest	$	537		$	359		$	2,670		$	2,162
Stock-based compensation amortization	$	831		$	1,246		$	4,587		$	4,828
Revenue from lease terminations⁽³⁾	$	179		$	104		$	636		$	674
Bad debt expense, excluding bad debt expense related to straight-line rents⁽³⁾	$	137		$	163		$	828		$	1,117

CONSOLIDATED CAPITAL EXPENDITURES:⁽³⁾
Development and acquisition capital	$	8,855		$	7,515		$	19,319		$	22,775
Building and land improvements		5,204			6,101			11,231			14,925
Tenant improvements and leasing costs		13,529			11,107			37,968			23,513

Total capital expenditures	$	27,588		$	24,723		$	68,518		$	61,213

⁽¹⁾	Excludes discontinued operations.

⁽²⁾	See Definitions for reconciliation of net operating income to loss from continuing operations.

⁽³⁾	Includes discontinued operations.


Fourth Quarter 2011				Page 6

Supplemental Reporting Package

Property Overview

As of December 31, 2011


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
Atlanta		52		100.0	%		6,592		11.4	%		95.3	%	$	19,318			9.8	%
Baltimore/Washington D.C		17		100.0	%		2,057		3.5	%		87.6	%		9,185			4.7	%
Central Pennsylvania		8		100.0	%		1,453		2.5	%		74.0	%		4,282			2.2	%
Charlotte		1		100.0	%		80		0.1	%		0.0	%		—			0.0	%
Chicago		19		100.0	%		3,570		6.1	%		97.5	%		10,436			5.3	%
Cincinnati		32		100.0	%		4,491		7.7	%		86.9	%		12,031			6.1	%
Columbus		14		100.0	%		4,301		7.4	%		84.6	%		9,505			4.8	%
Dallas		46		100.0	%		4,288		7.4	%		84.9	%		13,998			7.1	%
Denver		2		100.0	%		278		0.5	%		100.0	%		1,247			0.6	%
Houston		49		100.0	%		3,414		5.9	%		96.4	%		17,462			8.8	%
Indianapolis		7		100.0	%		2,299		4.0	%		99.2	%		6,938			3.5	%
Louisville		4		100.0	%		1,330		2.3	%		99.3	%		4,195			2.1	%
Memphis		11		100.0	%		5,218		9.0	%		97.8	%		13,871			7.1	%
Mexico		15		100.0	%		1,653		2.8	%		93.3	%		6,472			3.3	%
Miami		6		100.0	%		762		1.3	%		94.0	%		4,972			2.5	%
Nashville		4		100.0	%		1,839		3.2	%		77.0	%		3,253			1.6	%
New Jersey		12		100.0	%		1,669		2.9	%		79.3	%		7,161			3.6	%
Northern California		25		100.0	%		2,784		4.8	%		87.2	%		13,835			7.0	%
Orlando		20		100.0	%		1,864		3.2	%		79.9	%		5,704			2.9	%
Phoenix		14		100.0	%		1,718		3.0	%		83.0	%		4,989			2.5	%
San Antonio		13		100.0	%		1,176		2.0	%		97.8	%		3,868			2.0	%
Seattle		9		100.0	%		1,421		2.4	%		86.3	%		5,607			2.9	%
Southern California		28		89.0	%		3,842		6.6	%		99.2	%		18,992			9.6	%

Total/weighted average—operating properties		408		99.3	%		58,099		100.0	%		90.6	%		197,321			100.0	%

CONSOLIDATED REDEVELOPMENT PROPERTIES:
Chicago		1		100.0	%		156		100.0	%		78.7	%		100			N/A

Total/weighted average – redevelopment properties		1		100.0	%		156		100.0	%		78.7	%		100			N/A

Total/weighted average—consolidated properties		409		99.3	%		58,255		100.0	%		90.5	%	$	197,421	(3)		N/A

Continued on next page

See footnote definitions on next page.


Fourth Quarter 2011				Page 7

Supplemental Reporting Package

Property Overview

(continued)

As of December 31, 2011


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
IDI (Chicago, Nashville, Savannah)		3		50.0	%		1,423		41.8	%		44.9	%		—		—
Southern California Logistics Airport⁽⁴⁾		6		50.0	%		1,983		58.2	%		95.4	%		3,632		100.0	%

Total/weighted average		9		50.0	%		3,406		100.0	%		74.3	%		3,632		100.0	%

OPERATING PROPERTIES IN FUNDS
Atlanta		2		17.2	%		703		5.3	%		80.4	%		1,391		3.3	%
Central Pennsylvania		4		8.6	%		1,210		9.1	%		96.7	%		4,836		11.3	%
Charlotte		1		4.4	%		472		3.5	%		100.0	%		1,510		3.5	%
Chicago		4		18.1	%		1,525		11.5	%		100.0	%		6,009		14.1	%
Cincinnati		4		15.6	%		1,243		9.3	%		94.7	%		3,761		8.8	%
Columbus		2		6.3	%		451		3.4	%		100.0	%		1,318		3.1	%
Dallas		4		16.8	%		1,726		13.0	%		86.0	%		4,914		11.5	%
Denver		5		20.0	%		773		5.8	%		89.3	%		3,171		7.4	%
Indianapolis		1		11.4	%		475		3.6	%		100.0	%		1,785		4.2	%
Louisville		5		10.0	%		900		6.7	%		100.0	%		2,557		6.0	%
Memphis		1		20.0	%		1,039		7.8	%		74.1	%		2,331		5.5	%
Minneapolis		3		4.4	%		472		3.5	%		100.0	%		2,339		5.5	%
Nashville		2		20.0	%		1,020		7.7	%		44.7	%		1,373		3.2	%
New Jersey		2		10.7	%		216		1.6	%		96.3	%		968		2.2	%
Northern California		1		4.4	%		396		3.0	%		100.0	%		1,758		4.1	%
Orlando		2		20.0	%		696		5.2	%		100.0	%		2,688		6.3	%

Total/weighted average – fund operating properties		43		14.6	%		13,317		100.0	%		89.4	%		42,709		100.0	%

Total/weighted average – unconsolidated properties		52		21.8	%		16,723		100.0	%		86.3	%	$	46,341		100.0	%

OPERATING PROPERTIES ASSET-MANAGED ONLY
Atlanta		1		—			491		100.0	%		100.0	%		N/A		N/A

SUMMARY
Total/weighted average—consolidated/ unconsolidated operating properties		460		82.0	%		74,822		99.1	%		89.6	%	$	243,662		N/A
Total/weighted average—consolidated redevelopment properties		1		100.0	%		156		0.2	%		78.7	%		100		N/A
Total/weighted average—asset managed only properties		1		—			491		0.7	%		100.0	%		N/A		N/A

Total/weighted average—all properties		462		81.5	%		75,469		100.0	%		89.7	%	$	243,762		N/A

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

⁽²⁾	Excludes future contractual rent increases and decreases.

⁽³⁾	Excludes total annualized base rent associated with tenants in free rent periods of $5.6 million based on the first month’s cash base rent.

⁽⁴⁾	Although we contributed 100% of the initial cash equity capital required by the venture, after return of certain preferential distributions on capital invested, profits and losses are generally split 50/50.


Fourth Quarter 2011				Page 8

Supplemental Reporting Package

Consolidated Leasing Summary

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
FOURTH QUARTER 2011
New		43			1,248		-12.5	%		-5.2	%		66	$	4,468	$	3.58
Renewal		31			2,558		-7.5	%		4.9	%		78		3,428		1.34
Development and redevelopment		1			54		N/A			N/A			63		N/A		N/A

Total/Weighted Average		75			3,860		-8.1	%		3.8	%		74	$	7,896	$	2.09

Weighted Average Retention		75.7	%

YEAR TO DATE
New		159			5,030		-14.9	%		-8.3	%		68	$	14,839	$	2.95
Renewal		170			9,565		-7.3	%		0.1	%		51		11,095		1.16
Development and redevelopment		4			315		N/A			N/A			56		N/A		N/A

Total/Weighted Average		333			14,910		-8.3	%		-0.9	%		57	$	25,934	$	1.78

Weighted Average Retention		74.1	%

Lease Expirations for Consolidated Properties as of December 31, 2011⁽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)
2012⁽⁴⁾		10,591	$	40,551		20.3	%
2013		8,986		38,535		19.2	%
2014		8,218		31,882		15.9	%
2015		6,936		25,319		12.7	%
2016		6,527		25,222		12.6	%
Thereafter		11,482		38,569		19.3	%

Total occupied		52,740	$	200,078		100.0	%

Available or leased not occupied		5,515

Total consolidated properties		58,255

(1)	Does not include month-to-month leases.

(2)	Assumes no exercise of lease renewal options, if any.

(3)	Includes contractual rent changes.

(4)	Includes month-to-month leases.


Fourth Quarter 2011				Page 9

Supplemental Reporting Package

Acquisition and Disposition Summary

For the Twelve Months Ended December 31, 2011

Property Name

Size

Occupancy
at
Acquisition/
Disposition

Occupancy at
December 31,
2011

Market

ACQUISITIONS:

January

Palmyrita (2 buildings)⁽¹⁾

191,000 sq. ft.

88.5

Southern California

January

6^th & Rochester⁽¹⁾

173,000 sq. ft.

100.0

Southern California

January

101 Railroad Avenue

330,000 sq. ft.

100.0

New Jersey

January

13780 Central Avenue⁽²⁾

190,000 sq. ft.

—

100.0

Southern California

February

8551 NW 30^th Terrace

100,000 sq. ft.

100.0

Miami

March

3001 Directors Row

50,000 sq. ft.

100.0

Orlando

April

450 S Lombard Road⁽²⁾

156,000 sq. ft.

35.0

78.7

Chicago

April

8190 Byron Rd.

72,000 sq. ft.

100.0

Southern California

June

4625 N 45^th Ave.

245,000 sq. ft.

100.0

Phoenix

July

1700 DeSoto Place

82,000 sq. ft.

100.0

Southern California

July

2440 Pleasantdale

77,000 sq. ft.

100.0

75.0

Atlanta

July

Pan American Land (Phase 1)

7.3 acres

N/A

Miami

July

Slover Land

28.3 acres

N/A

Southern California

August

5330 Pecos Street

118,000 sq. ft.

100.0

Denver

August

Beltway Portfolio (7 buildings)

383,000 sq. ft.

95.2

100.0

Houston

August

DCT Port Union Land (Phase 2)

46.3 acres

N/A

Cincinnati

September

Orlando Portfolio (3 buildings)

421,000 sq. ft.

60.5

Orlando

October

1110 SW 27^th Street

121,000 sq. ft.

100.0

Seattle

November

1625 Rollins Road

255,000 sq. ft.

100.0

Northern California

December

1045 Greens Parkway

69,000 sq. ft.

100.0

Houston

December

Airtex Land

13.0 acres

N/A

Houston

December

2201 Arthur Avenue

107,000 sq. ft.

100.0

Chicago

December

Pan American Land (Phase 2)

7.3 acres

N/A

Miami

Total YTD Purchase Price—$222.6 million⁽³⁾

DISPOSITIONS⁽⁴⁾:

November

Minneapolis Portfolio (3 buildings)

356,000 sq. ft.

100.0

N/A

Minneapolis

November

2440-50 Midpoint Drive

225,000 sq. ft.

100.0

N/A

Kansas City

December

201 Bridgestone Parkway

988,000 sq. ft.

100.0

N/A

Nashville

December

San Antonio Portfolio (2 buildings)

172,000 sq. ft.

77.0

N/A

San Antonio

December

Charlotte Portfolio (9 buildings)

925,000 sq. ft.

74.0

N/A

Charlotte

Total YTD Sales Price—$108.3 million

(1)	DCT consolidates these properties with a 52.6% weighted average ownership.

(2)	Acquisition of redevelopment property.

(3)	Amounts are based on gross purchase price and include $9.8 million of noncontrolling interest.

(4)	Properties included are consolidated properties and do not include dispositions made by our joint venture funds.


Fourth Quarter 2011				Page 10

Supplemental Reporting Package

Development Overview

As of December 31, 2011


Project	Market		Acres			Number of Buildings		Square Feet		Percent Owned			Costs Incurred				Total Projected Investment		Expected Completion		Percentage Leased
Project	Market		Acres			Number of Buildings		Square Feet		Percent Owned			Q4 2011		Cumulative		Total Projected Investment		Expected Completion		Percentage Leased
								(in thousands)					(in thousands)				(in thousands)
UNDER CONSTRUCTION:
Dulles Summit Distribution Phase 2		Baltimore/ Washington D.C.		13			2		178		95	%	$	4,599	$	9,525	$	17,712		Q1-2012		—
Northwest 8 Distribution Center ⁽¹⁾		Houston		16			1		267		—			15		38		13,565		Q2-2012		—

		TOTAL		29			3		445				$	4,614	$	9,563	$	31,277

Yield – Under Construction (projected):				9.0	%

PREDEVELOPMENT:
8^th & Vineyard		So. California		19							91	%	$	202	$	5,518
Slover		So. California		28							100	%		276		14,359
Pan American Land Phase 1 & 2		Miami		15							100	%		3,591		7,207
DCT Airtex Industrial Center		Houston		13							100	%		2,633		2,633
Southern California Logistics Airport		So. California		209							50	%		125		3,602

		TOTAL		284									$	6,827	$	33,139

⁽¹⁾	This project is a forward purchase commitment with an unrelated third party to acquire an industrial facility upon its completion.


Fourth Quarter 2011				Page 11

Supplemental Reporting Package

Indebtedness

(dollar amounts in thousands)

As of December 31, 2011


Description	Stated Interest Rate			Effective Interest Rate			Maturity Date	Balance as of 12/31/2011
SENIOR UNSECURED NOTES:
2013 Notes, fixed rate		6.11	%		6.36	%	June 2013	$	175,000
2014 Notes, fixed rate		5.68	%		6.03	%	January 2014		50,000
2015 Notes, fixed rate		5.63	%		5.63	%	June 2015		40,000
2015 Notes, variable rate⁽¹⁾		2.63	%		2.63	%	June 2015		175,000
2016 Notes, fixed rate		4.90	%		4.89	%	April & August 2016		99,000
2017 Notes, fixed rate		6.31	%		6.31	%	June 2017		51,000
2018 Notes, fixed rate		5.62	%		5.62	%	June & August 2018		81,500
2019 Notes, fixed rate		4.97	%		4.97	%	August 2019		46,000
2020 Notes, fixed rate		5.43	%		5.43	%	April 2020		50,000
2021 Notes, fixed rate		6.70	%		6.70	%	June & August 2021		92,500
2022 Notes, fixed rate		5.50	%		5.50	%	August 2022		40,000
2023 Notes, fixed rate		5.57	%		5.57	%	August 2023		35,000

									935,000

MORTGAGE NOTES:
Fixed rate secured debt		5.91	%		5.69	%	Sept. 2012 – Aug. 2025		315,192
Premiums (discounts), net of amortization									2,591

									317,783

UNSECURED CREDIT FACILITY:
Senior unsecured revolving credit facility⁽²⁾		N/A			N/A		June 2015		—

Total carrying value of consolidated debt								$	1,252,783

Fixed rate debt		5.81	%		5.80	%	86%
Variable rate debt		2.63	%		2.63	%	14%

Weighted average interest rate		5.36	%		5.35	%			100	%

DCT PROPORTIONATE SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT⁽³⁾
Institutional Funds								$	31,085
SCLA									30,621

								$	61,706

Scheduled Principal Payments of Debt as of December 31, 2011 (excluding premiums)


	Senior Unsecured		Mortgage		Unsecured
Year	Notes		Notes		Credit Facility		Total
2012	$	—	$	57,659	$	—	$	57,659
2013		175,000		44,295		—		219,295
2014		50,000		9,975		—		59,975
2015		215,000		48,343		—		263,343
2016		99,000		5,724		—		104,724
2017		51,000		6,090		—		57,090
2018		81,500		6,172		—		87,672
2019		46,000		50,768		—		96,768
2020		50,000		62,625		—		112,625
2021		92,500		18,256		—		110,756
Thereafter		75,000		5,285		—		80,285

Total	$	935,000	$	315,192	$	—	$	1,250,192

⁽¹⁾	The $175 million term loan agreement bears interest at either 0.80% to 1.65% over prime or 1.80% to 2.65% over LIBOR, per annum at our election, depending on our leverage ratio.

⁽²⁾

The $300 million senior unsecured revolving credit facility expires on June 3, 2015 and bears interest at either 0.65% to 1.35% over prime or 1.65% to 2.35% over LIBOR, per annum at our election, depending upon our leverage ratio. We have issued two letters of credit secured by the unsecured revolving credit facility totaling, $9.8 million; therefore there was $290.2 million available under the unsecured revolving credit facility as of December 31, 2011.

⁽³⁾	Based on DCT’s ownership as of December 31, 2011.

Hedges: As of December 31, 2011, we had one forward-starting interest rate swap in place to hedge the variability of cash flows associated with forecasted issuances of debt in 2012. This swap has a notional value of $90 million, a LIBOR based strike rate of 5.43%, an effective date of June 2012 and a maturity date of September 2012.


Fourth Quarter 2011				Page 12

Supplemental Reporting Package

Capitalization and Fixed Charge Coverage

(dollar amounts in thousands, except share price)

Capitalization at December 31, 2011


Description	Shares or Units ⁽¹⁾		Share Price		Market Value
	(in thousands)
Common shares outstanding		245,943	$	5.12	$	1,259,228
Operating partnership units outstanding		25,097	$	5.12		128,497

Total equity market capitalization						1,387,725

Consolidated debt						1,252,783
Less: Noncontrolling interests’ share of consolidated debt⁽²⁾						(6,603	)
Proportionate share of debt related to unconsolidated joint ventures						61,706

DCT share of total debt						1,307,886

Total market capitalization					$	2,695,611

DCT share of total debt to total market capitalization						48.5	%

Fixed Charge Coverage


	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2011			2010			2011			2010
Net loss attributable to common stockholders	$	(163	)	$	(11,195	)	$	(25,250	)	$	(37,830	)
Interest expense⁽³⁾		17,347			15,446			64,254			56,998
Proportionate share of interest expense from unconsolidated joint ventures		722			973			3,077			3,230
Real estate related depreciation and amortization⁽³⁾		32,149			29,386			128,989			115,904
Proportionate share of real estate related depreciation and amortization from unconsolidated joint ventures		1,390			1,470			6,177			5,901
Income tax expense (benefit) and other taxes⁽³⁾		38			(131	)		144			937
Stock-based compensation amortization		831			1,246			4,587			4,828
Noncontrolling interests⁽³⁾		(207	)		(1,698	)		(3,593	)		(5,223	)
Loss on business combinations		—			—			—			395
Non-FFO gains on dispositions of real estate interests		(12,030	)		—			(12,030	)		(2,079	)
Impairment losses ⁽³⁾⁽⁴⁾		8,226			4,916			10,160			12,329

Adjusted EBITDA	$	48,303		$	40,413		$	176,515		$	155,390

CALCULATION OF FIXED CHARGES
Interest expense ⁽³⁾	$	17,347		$	15,446		$	64,254		$	56,998
Capitalized interest		537			359			2,670			2,162
Amortization of loan costs and debt premium/discount		(277	)		(252	)		(1,015	)		(1,240	)
Proportionate share of interest expense from unconsolidated joint ventures		722			973			3,077			3,230

Total fixed charges	$	18,329		$	16,526		$	68,986		$	61,150

Fixed charge coverage		2.6			2.4			2.6			2.5

⁽¹⁾	Excludes 1.0 million unvested Long-Term Incentive Plan Units, 0.4 million shares of unvested Restricted Stock and 0.1 million unvested Phantom Shares outstanding as of December 31, 2011.

⁽²⁾	Amount includes only the portion of consolidated property level debt related to properties in which we do not have a 100% ownership.

⁽³⁾	Includes amounts related to discontinued operations.

⁽⁴⁾	Includes impairment losses on investments in unconsolidated joint ventures.


Fourth Quarter 2011				Page 13

Supplemental Reporting Package

Institutional Capital Management Summary

(dollar amounts in thousands)

Statements of Operations


	For the Twelve Months Ended December 31, 2011
	Boubyan Fund I			TRT-DCT JV I			TRT-DCT JV II			TRT-DCT JV III		JP Morgan
REVENUES:
Total rental revenues	$	9,649		$	$16,332		$	7,898$			3,094	$	20,350
EXPENSES:
Rental expenses		818			1,266			723			366		2,044
Real estate taxes		1,473			2,328			1,214			291		2,820
Depreciation and amortization		4,566			7,834			3,391			1,431		12,937
General and administrative		627			73			16			7		825
Total expenses		7,484			11,501			5,344			2,095		18,626
Interest expense		5,457			7,572			3,436			920		—
Interest and other income		—			(296	)		(382	)		—		—
Taxes		64			15			31			21		5

Net income (loss)	$	(3,356	)	$	(2,460	)	$	(531	)	$	58	$	1,719

Rental revenues	$	9,469		$	16,332		$	7,898		$	3,094	$	20,350
Rental expenses and real estate taxes		2,291			3,594			1,937			657		4,864

Net operating income	$	7,178		$	12,738		$	5,961		$	2,437	$	15,486

Balance Sheets


Data by Fund as of December 31, 2011:	Number of Buildings		Square Feet (In thousands)		Occupancy			DCT Ownership
Boubyan Fund I		6		2,647		84.6	%		20.0	%
TRT-DCT JV I		13		3,070		96.3	%		4.4	%
TRT-DCT JV II		5		1,744		95.3	%		11.4	%
TRT-DCT JV III		5		900		100.0	%		10.0	%
JP Morgan		14		4,956		83.7	%		20.0	%

Total/weighted average		43		13,317		89.4	%		14.6	%

Balance Sheets


	As of December 31, 2011
	Boubyan Fund I			TRT-DCT JV I			TRT-DCT JV II			TRT-DCT JV III			JP Morgan Venture
Total investment in properties	$	125,667		$	183,262		$	90,198		$	31,354		$	286,441
Accumulated depreciation and amortization		(27,798	)		(37,871	)		(16,760	)		(4,957	)		(45,630	)

Net investment in properties		97,869			145,391			73,438			26,397			240,811
Cash and cash equivalents		1,878			1,386			927			389			3,225
Other assets		2,969			2,741			1,805			520			4,128

Total assets	$	102,716		$	149,518		$	76,170		$	27,306		$	248,164

Other liabilities	$	2,291		$	3,660		$	1,598		$	604		$	4,601
Secured debt maturities – 2014		—			—			39,725	⁽³⁾		—			—
Secured debt maturities – 2015		—			31,986	⁽²⁾		10,206	⁽³⁾		—			—
Secured debt maturities thereafter		95,500	⁽¹⁾		85,000	⁽²⁾		—			11,892	⁽⁴⁾		—

Total secured debt		95,500			116,986			49,931			11,892			—

Total liabilities		97,791			120,646			51,529			12,496			4,601
Partners or members’ capital		4,925			28,872			24,641			14,810			243,563

Total liabilities and Partners or members’ capital	$	102,716		$	149,518		$	76,170		$	27,306		$	248,164

⁽¹⁾	$95.5 million has a stated interest rate of 5.6% and requires interest only payments until April 2012 at which time it has a new stated interest rate of 7.6% and becomes fully amortizing through maturity in 2036.

⁽²⁾	$85.0 million of debt requires interest only payments until 2017 and has a stated interest rate of 5.7%. $32.0 million of debt requires principal and interest payments through 2015 and has a stated interest rate of 6.6%.

⁽³⁾	$39.7 million of debt requires interest only payments until 2014 and has a stated interest rate of 6.2%. $10.2 million of debt requires principal and interest payments through 2015 and has a stated interest rate of 6.6%.

⁽⁴⁾	$11.9 million of debt requires principal and interest payments until 2016 and has a stated interest rate of 7.4%.


Fourth Quarter 2011				Page 14

Supplemental Reporting Package

Definitions

Adjusted EBITDA:

Adjusted EBITDA represents net loss attributable to common stockholders before interest, taxes, depreciation, amortization, stock-based compensation expense, impairment losses, loss on business combinations, noncontrolling interest, and proportionate share of interest, depreciation and amortization from unconsolidated joint ventures, and excludes non-FFO gains. 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. Repositioning capital is defined as substantial building improvements on which the Company expects to earn incremental returns but which do not qualify as a Redevelopment.

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 and 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 Industrial presents Cash NOI, excluding revenue from lease terminations, as such revenue is not considered indicative of recurring operating performance.

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, interest capitalized, our proportionate share of our unconsolidated joint venture interest expense 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 attributable to common stockholders, 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 from dispositions of operating real estate held for investment purposes, plus impairment losses on depreciable real estate and impairments of in substance real estate investments in investees that are driven by measureable decreases in the fair value of the depreciable real estate held by the unconsolidated joint ventures 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, we believe that excluding such gains and losses is consistent with the key objective of FFO as a performance measure. We also present FFO excluding severance, acquisition costs, debt modification costs and impairment losses on properties which are not depreciable. We believe that FFO excluding severance, acquisition costs, debt modification costs and impairment losses on non-depreciable real estate is useful supplemental information regarding our operating performance as it provides a more meaningful and consistent comparison of our operating performance and allows investors to more easily compare our operating results. 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 are common. Accordingly, DCT Industrial’s FFO may not be comparable to 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.

Net Effective Rate:

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


Fourth Quarter 2011				Page 15

Supplemental Reporting Package

Definitions

(continued)

Net Operating Income (“NOI”):

NOI is defined as rental revenues, including expense reimbursements, less rental expenses and real estate taxes, and excludes depreciation, amortization, impairment, 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 amortization, depreciation, impairment, interest expense, interest income and general and administrative expenses. Additionally, lease termination revenue is excluded as it is not considered to be indicative of recurring operating performance. 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. Therefore, DCT Industrial believes net income, as defined by GAAP, to be the most appropriate measure to evaluate DCT Industrial’s overall financial performance (in thousands).


	Consolidated Operating Data
	Three Months Ended December 31,						Twelve Months Ended December 31,
	2011			2010			2011			2010
Reconciliation of loss from continuing operations to NOI:
Loss from continuing operations	$	(4,677	)	$	(12,628	)	$	(36,456	)	$	(42,469	)
Income tax (benefit) expense and other taxes		38			(137	)		144			918
Interest and other (income) expense		53			(245	)		310			(357	)
Interest expense		17,104			15,333			63,941			56,548
Equity in (income) loss of unconsolidated joint ventures, net		(894	)		786			2,556			2,986
General and administrative		5,459			6,734			25,925			25,262
Real estate related depreciation and amortization		31,106			28,186			124,244			110,373
Loss on business combinations		—			—			—			395
Impairment losses		448			4,100			448			8,656
Impairment losses on investments in unconsolidated joint ventures		19			216			1,953			216
Casualty gains		(33	)		—			(33	)		—
Institutional capital management and other fees		(1,138	)		(1,082	)		(4,291	)		(4,133	)

Total net operating income		47,485			41,263			178,741			158,395
Less net operating income- non-same store properties		(6,095	)		(251	)		(24,019	)		(3,546	)

Same store GAAP net operating income		41,390			41,012			154,722			154,849
Less revenue from lease terminations		(179	)		(96	)		(616	)		(426	)

Same store GAAP net operating income, excluding revenue from lease terminations		41,211			40,916			154,106			154,423
Less straight-line rents, net of related bad debt expense		(1,460	)		(1,610	)		(5,092	)		(4,291	)
Add back amortization of above/(below) market rents		(168	)		(17	)		(467	)		85

Same store cash net operating income, excluding revenue from lease terminations	$	39,583		$	39,289		$	148,547		$	150,217

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. Properties Held for Sale are excluded.


Fourth Quarter 2011				Page 16

Supplemental Reporting Package

Definitions

(continued)

Same Store Net Operating Income Growth:

The change in same store net operating income growth is calculated by dividing the change in NOI, year over year, by the preceding period NOI, based on a same store population for the quarter most recently presented. A reconciliation of NOI and cash NOI by period is provided below; amounts are not restated for current period discontinued operations (in thousands).


	Consolidated operating data, as previously reported, for the three months ended:
Reconciliation of Loss from continuing operations to NOI:	December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
Loss from continuing operations	$	(12,146	)		(9,803	)		(9,614	)		(9,142	)		(4,677	)
Income tax expense (benefit) and other taxes		(138	)		40			121			(56	)		38
Interest and other (income) expense		(244	)		(85	)		(14	)		356			53
Interest expense		15,423			15,511			14,768			16,628			17,104
Equity in (income) loss of unconsolidated joint ventures, net		786			1,357			1,126			967			(894	)
General and administrative		6,735			7,056			7,063			6,346			5,459
Real estate related depreciation and amortization		29,368			31,143			32,298			33,398			31,106
Impairment losses		4,100			—			—			—			448
Impairment losses on investments in unconsolidated joint ventures		216			—			1.934			—			19
Casualty gains		—			—			(1,244	)		(54	)		(33	)
Institutional capital management and other fees		(1,082	)		(1,019	)		(1,129	)		(1,004	)		(1,138	)

Total GAAP net operating income		43,018			44,200			45,309			47,439			47,485
Less net operating income- non-same store properties		(2,107	)		(4,397	)		(5,082	)		(5,877	)		(6,095	)

Same store GAAP net operating income		40,911			39,803			40,227			41,562			41,390
Less revenue from lease terminations		(104	)		(55	)		(134	)		(262	)		(179

Same store GAAP net operating income, excluding revenue from lease terminations		40,807			39,748			40,093			41,300			41,211
Less straight-line rents, net of related bad debt expense		(824	)		(1,991	)		(1,264	)		(875	)		(1,460	)
Add back amortization of above/(below) market rents		(38	)		(91	)		(97	)		(190	)		(168	)

Same store cash net operating income, excluding revenue from lease terminations	$	39,945		$	37,666		$	38,732		$	40,235		$	39,583


	Consolidated operating data, as previously reported, for the three months ended:
Reconciliation of Loss from continuing operations to NOI:	December 31, 2009			March 31, 2010			June 30, 2010			September 30, 2010			December 31, 2010
Loss from continuing operations	$	(3,811	)	$	(7,704	)	$	(11,490	)	$	(8,836	)	$	(12,628	)
Income tax expense (benefit) and other taxes		(178	)		238			582			235			(137	)
Interest and other (income) expense		(364	)		469			(353	)		(227	)		(245	)
Interest expense		12,576			12,763			13,225			15,493			15,333
Equity in (income) loss of unconsolidated joint ventures, net		(533	)		558			349			1,293			786
General and administrative		8,221			6,032			6,362			6,134			6,734
Real estate related depreciation and amortization		28,516			28,281			28,948			28,526			28,186
Loss on business combinations		169			395			—			—			—
Impairment losses		—			—			4,556			—			4,100
Impairment losses on investments in unconsolidated joint ventures		—			—			—			—			216
Institutional capital management and other fees		(653	)		(967	)		(1,038	)		(1,046	)		(1,082	)

Total GAAP net operating income		43,943			40,065			41,141			41,572			41,263
Less net operating income- non-same store properties		(490	)		(4	)		(545	)		(425	)		(251	)

Same store GAAP net operating income		43,453			40,061			40,596			41,147			41,012
Less revenue from lease terminations		(167	)		(34	)		(23	)		(273	)		(96	)

Same store GAAP net operating income, excluding revenue from lease terminations		43,286			40,027			40,573			40,874			40,916
Less straight-line rents, net of related bad debt expense		(579	)		(1,574	)		(1,360	)		(344	)		(1,610	)
Add back amortization of above/(below) market rents		87			108			80			(90	)		(17	)

Same store cash net operating income, excluding revenue from lease terminations	$	42,794		$	38,561		$	39,293		$	40,440		$	39,289

Change in (GAAP) same store NOI		(5.7	)%		(0.7	)%		(1.2	)%		1.0	%		0.7	%

Change in cash same store NOI		(6.7	)%		(2.3	)%		(1.4	)%		(0.5	)%		0.7	%

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 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.

Total Project Investment:

An estimate of total expected capital expenditures on development properties in accordance with GAAP.

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 – Under Construction (Projected):

Calculated as projected stabilized Net Operating Income divided by total projected investment.


Fourth Quarter 2011				Page 17

Supplemental Reporting Package

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