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.	d432000d8k.htm
EX-99.1 - PRESS RELEASE - DCT Industrial Trust Inc.	d432000dex991.htm

Exhibit 99.2

LOGO

Third Quarter 2012

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 in Unconsolidated Ventures 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 impact of the economic downturn and the strength of the economic recovery and the potential 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, dispositions and developments;

•

natural disasters such as fires, floods, 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.

Third Quarter 2012

Supplemental Reporting Package

Page 1

Quarterly Highlights


Same Store Net Operating Income Growth⁽¹⁾		Portfolio Occupancy (%)⁽¹⁾

Total Leasing Volume (square feet, in millions)		Acquisitions/Dispositions⁽²⁾ (in millions)

Top 10 Markets⁽³⁾ Consolidated Operating

(1)	Prior period amounts are as previously reported. Same Store NOI excludes lease termination fees.

(2)	Includes consolidated property acquisitions or dispositions.

(3)	Based on annualized base rent as of September 30, 2012. Occupancy is as of period end.

Third Quarter 2012

Supplemental Reporting Package

Page 2

Consolidated Statements of Operations

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
REVENUES:
Rental revenues	$	67,327		$	61,009		$	194,774		$	177,378
Institutional capital management and other fees		937			1,004			3,143			3,153

Total revenues		68,264			62,013			197,917			180,531


OPERATING EXPENSES:
Rental expenses		9,151			7,977			24,714			24,242
Real estate taxes		10,093			9,235			29,309			26,462
Real estate related depreciation and amortization		30,862			30,495			92,112			88,181
General and administrative		6,838			6,346			19,136			20,465
Casualty gains		—			—			(141	)		—

Total operating expenses		56,944			54,053			165,130			159,350

Operating income		11,320			7,960			32,787			21,181

OTHER INCOME AND EXPENSE:
Equity in earnings (loss) of unconsolidated joint ventures, net		1,208			(967	)		784			(3,450	)
Impairment losses on investments in unconsolidated joint ventures		—			—			—			(1,934	)
Interest expense		(17,299	)		(16,515	)		(51,769	)		(46,539	)
Interest and other income (expense)		194			(356	)		354			(257	)
Income tax benefit (expense) and other taxes		(68	)		56			(623	)		(105	)

Loss from continuing operations		(4,645	)		(9,822	)		(18,467	)		(31,104	)
Discontinued operations:
Operating income and other expenses		679			731			1,431			2,632
Gain on dispositions of real estate interests from discontinued operations		12,227			—			926			—

Income from discontinued operations		12,906			731			2,357			2,632

Consolidated net income (loss) of DCT Industrial Trust Inc.		8,261			(9,091	)		(16,110	)		(28,472	)
Net (income) loss attributable to noncontrolling interests		(713	)		1,015			1,870			3,385

Net income (loss) attributable to common stockholders		7,548			(8,076	)		(14,240	)		(25,087	)

Distributed and undistributed earnings allocated to participating securities		(134	)		(103	)		(400	)		(337	)

Adjusted net income (loss) attributable to common stockholders	$	7,414		$	(8,179	)	$	(14,640	)	$	(25,424	)


EARNINGS PER COMMON SHARE – BASIC AND DILUTED:
Loss from continuing operations	$	(0.02	)	$	(0.03	)	$	(0.07	)	$	(0.12	)
Income (loss) from discontinued operations		0.05			0.00			0.01			0.01

Net income (loss) attributable to common stockholders	$	0.03		$	(0.03	)	$	(0.06	)	$	(0.11	)


WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic and diluted		253,657			245,805			249,381			241,548

Third Quarter 2012

Supplemental Reporting Package

Page 3

Consolidated Balance Sheets

(amounts in thousands)


	September 30, 2012			December 31, 2011
ASSETS:		(unaudited)
Operating properties	$	3,084,837		$	3,100,172
Properties under development		53,415			9,525
Properties under redevelopment		9,995			4,284
Properties in pre-development including land held		54,104			47,082

Total investment in properties		3,202,351			3,161,063
Less accumulated depreciation and amortization		(613,418	)		(589,314	)

Net investment in properties		2,588,933			2,571,749
Investments in and advances to unconsolidated joint ventures		147,643			139,278

Net investment in real estate		2,736,576			2,711,027
Cash and cash equivalents		37,591			12,834
Notes receivable		231			1,053
Deferred loan costs, net		7,006			8,567
Straight-line rent and other receivables, net		48,205			42,349
Other assets, net		25,647			17,468

Total assets	$	2,855,256		$	2,793,298


LIABILITIES AND EQUITY:
Accounts payable and accrued expenses	$	51,713		$	45,785
Distributions payable		20,464			19,057
Tenant prepaids and security deposits		19,872			22,864
Other liabilities		7,853			29,797
Intangible lease liability, net		18,843			18,897
Line of credit		—			—
Senior unsecured notes		1,025,000			935,000
Mortgage notes		275,216			317,783

Total liabilities		1,418,961			1,389,183

Total stockholders’ equity		1,275,559			1,207,969
Noncontrolling interests		160,736			196,146

Total liabilities and equity	$	2,855,256		$	2,793,298

Third Quarter 2012

Supplemental Reporting Package

Page 4

Funds from Operations

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


	Three Months Ended September 30,						Nine Months Ended September 30,
Reconciliation of net income (loss) attributable to common stockholders to FFO:	2012			2011			2012			2011
Net income (loss) attributable to common stockholders	$	7,548		$	(8,076	)	$	(14,240	)	$	(25,087	)
Adjustments:
Real estate related depreciation and amortization		30,934			33,398			94,676			96,839
Equity in (earnings) loss of unconsolidated joint ventures, net		(1,208	)		967			(784	)		3,450
Equity in FFO of unconsolidated joint ventures		2,590			1,083			7,883			2,119
Impairment losses on depreciable real estate		—			—			11,422			1,934
Gain on dispositions of real estate interests		(12,227	)		—			(12,348	)		—
Noncontrolling interest in the above adjustments		(1,804	)		(3,655	)		(9,921	)		(10,852	)
FFO attributable to unitholders		2,276			2,413			7,377			6,936

FFO basic and diluted		28,109			26,130			84,065			75,339

FFO attributable to common stockholders and unitholders⁽¹⁾:
Adjustments:
Acquisition costs⁽²⁾		192			346			987			1,409

FFO, as adjusted, attributable to common stockholders and unitholders — basic and diluted	$	28,301		$	26,476		$	85,052		$	76,748

FFO per common share and unit — basic and diluted	$	0.10		$	0.10		$	0.31		$	0.28

FFO, as adjusted, per common share and unit — basic and diluted	$	0.10		$	0.10		$	0.31		$	0.29

FFO weighted average common shares and units outstanding:
Common shares for earnings per share — basic		253,657			245,805			249,381			241,548
Participating securities		1,999			1,555			1,862			1,623
Units		22,335			25,011			24,003			25,260

FFO weighted average common shares, participating securities and units outstanding — basic		277,991			272,371			275,246			268,431
Dilutive common stock equivalents		663			429			618			468

FFO weighted average common shares, participating securities and units outstanding — diluted		278,654			272,800			275,864			268,899

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

⁽²⁾	Excluding amounts attributable to noncontrolling interests.

Third Quarter 2012

Supplemental Reporting Package

Page 5

Selected Financial Data

(unaudited, amounts in thousands)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
NET OPERATING INCOME:⁽¹⁾
Rental revenues	$	67,327		$	61,009		$	194,774		$	177,378
Rental expenses and real estate taxes		(19,244	)		(17,212	)		(54,023	)		(50,704	)

Net operating income⁽²⁾	$	48,083		$	43,797		$	140,751		$	126,674


TOTAL CONSOLIDATED PROPERTIES:⁽³⁾
Square feet as of period end		58,486			60,369			58,486			60,369
Average occupancy		90.6	%		89.3	%		90.6	%		88.1	%
Occupancy as of period end		91.0	%		89.9	%		91.0	%		89.9	%

CONSOLIDATED OPERATING PROPERTIES:⁽³⁾
Square feet as of period end		57,960			60,213			57,960			60,213
Average occupancy		91.0	%		89.5	%		90.5	%		88.4	%
Occupancy as of period end		91.8	%		89.9	%		91.8	%		89.9	%

SAME STORE PROPERTIES:⁽⁴⁾
Square feet as of period end		54,316			54,316			52,029			52,029
Average occupancy		90.8	%		89.6	%		91.3	%		89.9	%
Occupancy as of period end		91.4	%		90.0	%		91.8	%		90.8	%
Rental revenues	$	61,640		$	59,854		$	173,451		$	170,868
Rental expenses and real estate taxes		(17,595	)		(16,902	)		(47,875	)		(48,209	)

Same store net operating income		44,045			42,952			125,576			122,659
Less: revenue from lease terminations		(186	)		(246	)		(369	)		(429	)

Net operating income (excluding revenue from lease terminations)		43,859			42,706			125,207			122,230

Less: straight-line rents, net of related bad debt expense		(1,059	)		(1,657	)		(2,449	)		(5,828	)
Less: amortization of below market rents, net		(91	)		(102	)		(358	)		(378	)

Cash net operating income (excluding revenue from lease terminations)	$	42,709		$	40,947		$	122,400		$	116,024

Net operating income growth (excluding revenue from lease terminations)		2.7	%		—			2.4	%		—
Cash net operating income growth (excluding revenue from lease terminations)		4.3	%		—			5.5	%		—

SUPPLEMENTAL CONSOLIDATED CASH FLOW AND OTHER INFORMATION:
Straight-line rents—increase to revenue, net of related bad debt expense⁽³⁾	$	1,307		$	1,820		$	4,395		$	6,951
Straight-line rent receivable (balance sheet)⁽³⁾	$	38,913		$	34,141		$	38,913		$	34,141
Net amortization of below market rents – increase to revenue⁽³⁾	$	230		$	211		$	573		$	375
Capitalized interest	$	1,113		$	461		$	2,583		$	2,133
Stock-based compensation amortization	$	1,063		$	1,092		$	3,078		$	3,757
Revenue from lease terminations⁽³⁾	$	331		$	269		$	546		$	457
Bad debt expense, excluding bad debt expense related to straight-line rents⁽³⁾	$	161		$	93		$	521		$	691

CONSOLIDATED CAPITAL EXPENDITURES:⁽³⁾
Development and acquisition capital improvements	$	21,044		$	4,093		$	33,510		$	10,466
Building and land improvements		3,840			3,410			7,993			6,027
Tenant improvements and leasing costs		6,076			9,546			20,448			24,438

Total capital expenditures	$	30,960		$	17,049		$	61,951		$	40,931

⁽¹⁾	Excludes discontinued operations.

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

⁽³⁾	Includes discontinued operations.

⁽⁴⁾	See the Definitions for same store properties.

Third Quarter 2012

Supplemental Reporting Package

Page 6

Property Overview

(continued)

As of September 30, 2012


Markets	Number of Buildings		Percent Owned⁽¹⁾			Square Feet		Percentage of Total Square Feet			Occupancy Percentage			Annualized Base Rent⁽²⁾			Percent of Total Annualized Base Rent
CONSOLIDATED OPERATING:						(in thousands)								(in thousands)
Atlanta		38		100.0	%		6,098		10.4	%		89.4	%	$	17,640			8.6	%
Baltimore/Washington D.C.		18		99.8	%		2,160		3.7	%		93.7	%		10,495			5.1	%
Central Pennsylvania		8		100.0	%		1,453		2.5	%		84.6	%		4,719			2.3	%
Chicago		21		100.0	%		4,029		6.9	%		99.7	%		13,289			6.5	%
Cincinnati		32		100.0	%		4,492		7.7	%		89.9	%		12,894			6.3	%
Columbus		14		100.0	%		4,301		7.4	%		88.1	%		8,686			4.2	%
Dallas		46		100.0	%		4,754		8.1	%		90.0	%		14,882			7.3	%
Denver		2		100.0	%		278		0.5	%		91.7	%		1,234			0.6	%
Houston		39		100.0	%		2,618		4.5	%		97.8	%		15,302			7.5	%
Indianapolis		7		100.0	%		2,299		3.9	%		97.8	%		7,619			3.7	%
Louisville		4		100.0	%		1,330		2.3	%		99.3	%		4,205			2.1	%
Memphis		11		100.0	%		5,218		8.9	%		83.9	%		12,369			6.0	%
Mexico		15		100.0	%		1,653		2.8	%		98.5	%		6,989			3.4	%
Miami		7		100.0	%		812		1.4	%		97.1	%		5,811			2.8	%
Nashville		4		100.0	%		1,839		3.1	%		77.0	%		3,999			2.0	%
New Jersey		11		100.0	%		1,532		2.6	%		92.5	%		7,449			3.6	%
Northern California		25		100.0	%		2,784		4.8	%		95.5	%		15,098			7.4	%
Orlando		20		100.0	%		1,864		3.2	%		93.1	%		6,613			3.2	%
Phoenix		14		100.0	%		1,717		2.9	%		78.3	%		4,557			2.2	%
San Antonio		13		100.0	%		1,176		2.0	%		97.3	%		3,780			1.9	%
Seattle		10		100.0	%		1,531		2.6	%		98.0	%		6,604			3.2	%
Southern California		29		89.5	%		4,022		6.9	%		99.7	%		20,745			10.1	%

Total/weighted average — operating properties		388		99.3	%		57,960		99.1	%		91.8	%		204,979			100.0	%


REDEVELOPMENT PROPERTIES:
New Jersey		1		100.0	%		107		0.2	%		0.0	%		—			0.0	%
Phoenix		1		100.0	%		76		0.1	%		0.0	%		—			0.0	%

Total/weighted average — redevelopment properties		2		100.0	%		183		0.3	%		0.0	%		—			0.0	%


DEVELOPMENT PROPERTIES:
Baltimore/Washington D.C.		1		95.0	%		76		0.1	%		0.0	%		—			0.0	%
Houston		1		100.0	%		267		0.5	%		0.0	%		—			0.0	%

Total/weighted average — development properties		2		98.9	%		343		0.6	%		0.0	%		—			0.0	%

Total/weighted average — consolidated properties		392		99.3	%		58,486		100.0	%		91.0	%	$	204,979	⁽³⁾		100.0	%


See footnotes on next page.							Continued on next page

Third Quarter 2012

Supplemental Reporting Package

Page 7

Property Overview

(continued)

As of September 30, 2012


Markets	Number of Buildings		Percent Owned⁽¹⁾			Square Feet		Percentage of Total Square Feet			Occupancy Percentage			Annualized Base Rent⁽²⁾		Percent of Total Annualized Base Rent
UNCONSOLIDATED OPERATING PROPERTIES:						(in thousands)								(in thousands)
IDI (Chicago, Nashville, Savannah)		3		50.0	%		1,423		8.5	%		44.8	%	$	1,533		3.4	%
Southern California Logistics Airport⁽⁴⁾		6		50.0	%		1,984		11.9	%		97.8	%		6,832		15.0	%

Total/weighted average — unconsolidated operating properties		9		50.0	%		3,407		20.4	%		75.7	%		8,365		18.4	%


OPERATING PROPERTIES IN CO-INVESTMENT VENTURES:
Atlanta		3		11.5	%		1,193		7.1	%		88.5	%		2,913		6.4	%
Central Pennsylvania		4		8.2	%		1,210		7.2	%		55.1	%		2,709		5.9	%
Charlotte		1		3.6	%		472		2.8	%		100.0	%		1,604		3.5	%
Chicago		4		18.0	%		1,525		9.1	%		79.8	%		3,300		7.2	%
Cincinnati		3		13.6	%		891		5.3	%		97.5	%		2,838		6.2	%
Columbus		2		5.7	%		451		2.7	%		100.0	%		1,326		2.9	%
Dallas		4		16.8	%		1,726		10.3	%		86.0	%		4,909		10.8	%
Denver		5		20.0	%		773		4.6	%		95.9	%		3,313		7.3	%
Indianapolis		1		11.4	%		475		2.8	%		96.2	%		1,788		3.9	%
Louisville		4		10.0	%		736		4.4	%		100.0	%		2,127		4.7	%
Memphis		1		20.0	%		1,039		6.2	%		74.1	%		2,331		5.1	%
Minneapolis		3		3.6	%		472		2.8	%		50.7	%		1,404		3.1	%
Nashville		2		20.0	%		1,020		6.1	%		100.0	%		1,395		3.1	%
New Jersey		2		10.2	%		216		1.3	%		96.3	%		920		2.0	%
Northern California		1		3.6	%		396		2.4	%		100.0	%		1,188		2.6	%
Orlando		2		20.0	%		696		4.2	%		100.0	%		3,168		6.9	%

Total/weighted average — co-investment operating properties		42		13.9	%		13,291		79.6	%		86.4	%		37,233		81.6	%

Total/weighted average — unconsolidated properties		51		21.3	%		16,698		100.0	%		84.2	%	$	45,598		100.0	%


SUMMARY:
Total/weighted average — operating properties		439		81.8	%		74,658		99.3	%		90.1	%	$	250,577		100.0	%
Total/weighted average — redevelopment properties		2		100.0	%		183		0.2	%		0.0	%		—		0.0	%
Total/weighted average — development properties		2		98.9	%		343		0.5	%		0.0	%		—		0.0	%

Total/weighted average — all properties		443		81.9	%		75,184		100.0	%		89.5	%	$	250,577		100.0	%

(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 $9.0 million based on the first month's cash based rent.

(4)	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.

Third Quarter 2012

Supplemental Reporting Package

Page 8

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
FOUR QUARTERS ROLLING				(in thousands)										(in thousands)
New		145			5,630		-7.8	%		0.6	%		61	$	18,129	$	3.22
Renewal		154			9,233		-4.7	%		2.9	%		54		9,510		1.03
Development and redevelopment		7			1,191		N/A			N/A			96		N/A		N/A

Total/Weighted Average		306			16,054		-5.3	%		2.5	%		60	$	27,639	$	1.86

Weighted Average Retention		73.6	%


THIRD QUARTER 2012
New		32			1,128		-0.7	%		-2.5	%		67	$	5,099	$	4.52
Renewal		27			988		2.2	%		8.7	%		29		948		0.96
Development and redevelopment		3			925		N/A			N/A			86		N/A		N/A

Total/Weighted Average		62			3,041		0.9	%		3.8	%		61	$	6,047	$	2.86

Weighted Average Retention		70.2	%


YEAR TO DATE 2012
New		102			4,382		-6.9	%		1.7	%		59	$	13,628	$	3.11
Renewal		123			6,675		-3.7	%		2.1	%		45		6,074		0.91
Development and redevelopment		6			1,137		N/A			N/A			98		N/A		N/A

Total/Weighted Average		231			12,194		-4.4	%		2.0	%		55	$	19,702	$	1.78

Weighted Average Retention		72.8	%

Lease Expirations for Consolidated Properties as of September 30, 2012⁽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⁾		2,033	$	8,616		3.7	%
2013		8,331		37,282		16.2	%
2014		9,113		35,116		15.3	%
2015		8,358		33,477		14.6	%
2016		7,191		31,490		13.7	%
Thereafter		18,208		84,021		36.5	%

Total occupied		53,234	$	230,002		100.0	%

Available or leased but not occupied		5,252

Total consolidated properties		58,486

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

(2)	Assumes no exercise of lease renewal options.

(3)	Includes contractual rent increases.

(4)	Includes month-to-month leases.

Third Quarter 2012

Supplemental Reporting Package

Page 9

Acquisition and Disposition Summary

For the Nine Months Ended September 30, 2012

Property Name

Market

Size

Occupancy at
Acquisition/
Disposition

Occupancy at
September 30,
2012

ACQUISITIONS:

January

4802 W Van Buren

Phoenix

76,000 sq. ft.

100.0

0.0

April

2995 Evergreen Drive

Atlanta

157,000 sq. ft

100.0

April

785 Center Avenue

Chicago

304,000 sq. ft.

50.2

100.0

May

Claymoore Business Center (2
buildings)

Houston

98,000 sq. ft.

95.8

100.0

June

11400 NW 34th Street

Miami

50,000 sq. ft.

100.0

June

4117 Pinnacle Point Drive

Dallas

550,000 sq. ft.

100.0

June

116 Lehigh Drive

New
Jersey

107,000 sq. ft.

0.0

June

7425 Pinemont

Houston

111,000 sq. ft.

82.6

100.0

July

11167 White Burch

Southern
California

180,000 sq. ft.

100.0

August

700 Milwaukee Ave.

Seattle

109,000 sq. ft.

100.0

August

Northwest 8 Distribution Center

Houston

267,000 sq. ft.

0.0

Total YTD Purchase Price — $107.4 million

DISPOSITIONS:

January

5470 Oakbrook Parkway

Atlanta

85,000 sq. ft.

85.5

N/A

February

2820 Peterson Place

Atlanta

19,000 sq. ft.

100.0

N/A

May

5417 Wyoming Avenue

Charlotte

80,000 sq. ft.

0.0

N/A

June

Oak/Reg Service Center (13
buildings)

Atlanta

547,000 sq. ft

69.3

N/A

August

2301 Cottontail Lane

New
Jersey

138,000 sq. ft.

0.0

N/A

August

Houston Portfolio (13
buildings)

Houston

1,005,000 sq. ft.

98.1

N/A

September

1775 Hurd Drive

Dallas

85,000 sq. ft.

0.0

N/A

Total YTD Sales Price — $85.5 million

LAND ACQUISITIONS:

March

DCT 55

Chicago

32.6 acres

N/A

September

Slover Logistics Center II

Southern
California

27.8 acres

N/A

Total YTD Land Purchase Price — $21.0 million

Third Quarter 2012

Supplemental Reporting Package

Page 10

Development Overview

As of September 30, 2012


												Costs Incurred
Project	Market		Acres		Number of Buildings		Square Feet		Percent Owned			Q3-2012		Cumulative at 9/30/12		Total Projected Investment			Completion Date		Percentage Leased

							(in thousands)					(in thousands)		(in thousands)		(in thousands)
Development Activities:
Stabilized Developments
Dulles Summit Distribution Building C⁽¹⁾		Baltimore/ Washington D.C.		7		1		103		95	%	$	84	$	8,493	$	9,527			Q3— 2012		100	%

				7		1		103		95	%		84		8,493		9,527					100	%

Development Projects in Lease Up
Northwest 8 Distribution Center		Houston		16		1		267		100	%		10,892		10,964		13,549			Q3— 2012		0	%
Dulles Summit Distribution Building E		Baltimore/ Washington D.C		6		1		76		95	%		177		6,113		7,123			Q3— 2012		100	%

				22		2		343		98 5	%		11,069		17,077		20,672					22	%

Under Construction
DCT Commerce Center at Pan American West (Building A)		Miami		7		1		167		100	%		4,506		10,279		14,354			Q4— 2012		90	%
DCT Commerce Center at Pan American West (Building B)		Miami		7		1		167		100	%		597		4,815		13,001			Q2— 2013		74	%
DCT 55		Chicago		33		1		604		100	%		10,086		18,721		27,917			Q4— 2012		0	%
SCLA Expansion		So. California		7		Expansion		177		50	%		2,844		3,174		6,334			Q4— 2012		100	%

				54		3		1,115		96	%		18,033		36,989		61,606					40	%

Total Development Activities				83		6		1,561		96	%	$	29,186	$	62,559	$	91,805					40	%

Projected Stabilized Yield⁽²⁾																	8.1	%

Build-to-Suite for Sale
Dulles Summit Outparcels		Baltimore/ Washington D.C.		5		1		61		50	%	$	165	$	2,523	$	7,429			Q2— 2013		N/ A

				5		1		61		50	%	$	165	$	2,523	$	7,429

Pre-Development
DCT Airtex Industrial Center		Houston		13						100	%	$	119	$	3,022
8th & Vineyard		So. California		19						91	%		102		5,787
Slover Logistics Center I		So. California		28						100	%		1,067		15,869
Slover Logistics Center II		So. California		28						100	%		14,268		14,268
Rockdale Distribution Center –Expansion		Nashville		15						100	%		—		941

				103				1,520				$	15,556	$	39,887

(1)	Completed development and transferred to Property Overview during 2012.

(2)	Computed with rents on a straight-line basis.

Third Quarter 2012

Supplemental Reporting Package

Page 11

Indebtedness

(dollar amounts in thousands)

As of September 30, 2012


Description	Stated Interest Rate			Effective Interest Rate			Maturity Date	Balance as of September 30, 2012
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⁾		2.57	%		2.57	%	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		4.61	%		7.13	%	August & September 2022		130,000
2023 Notes, fixed rate		5.57	%		5.57	%	August 2023		35,000

								$	1,025,000


MORTGAGE NOTES:
Fixed rate secured debt		5.85	%		5.80	%	Nov. 2012–Aug. 2025		272,602
Premiums (discounts), net of amortization									2,614

								$	275,216


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

Total carrying value of consolidated debt								$	1,300,216

Fixed rate debt		5.66	%		5.99	%			87	%
Variable rate debt		2.57	%		2.57	%			13	%

Weighted average interest rate		5.24	%		5.53	%			100	%


DCT PROPORTIONATE SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT⁽³⁾
Institutional joint ventures								$	29,585
SCLA									24,884

								$	54,469

Scheduled Principal Payments of Debt as of September 30, 2012 (excluding premiums and discounts)


Year	Senior Unsecured Notes		Mortgage Notes		Unsecured Credit Facility		Total
2012	$	—	$	12,904	$	—	$	12,904
2013		175,000		39,519		—		214,519
2014		50,000		10,013		—		60,013
2015		215,000		48,384		—		263,384
2016		99,000		10,219		—		109,219
2017		51,000		6,135		—		57,135
2018		81,500		6,221		—		87,721
2019		46,000		50,819		—		96,819
2020		50,000		64,847		—		114,847
2021		92,500		18,256		—		110,756
Thereafter		165,000		5,285		—		170,285

Total	$	1,025,000	$	272,602	$	—	$	1,297,602

(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. There was $300.0 million available under the unsecured revolving credit facility as of September 30, 2012.

(3)	Based on DCT’s ownership share as of September 30, 2012.

Third Quarter 2012

Supplemental Reporting Package

Page 12

Capitalization and Fixed Charge Coverage

(unaudited, dollar amounts in thousands, except share price)

Capitalization at September 30, 2012


Description	Shares or Units ⁽¹⁾		Share Price		Market Value
	(in thousands)
Common shares outstanding		268,683	$	6.46	$	1,735,692
Operating partnership units outstanding		21,278	$	6.46		137,456

Total equity market capitalization						1,873,148

Consolidated debt						1,300,216
Less: Noncontrolling interests’ share of consolidated debt⁽²⁾						(6,229	)
Proportionate share of debt related to unconsolidated joint ventures						54,469

DCT share of total debt						1,348,456

Total market capitalization					$	3,221,604

DCT share of total debt to total market capitalization						41.9	%

Fixed Charge Coverage


	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Net income (loss) attributable to common stockholders⁽³⁾	$	7,548		$	(8,076	)	$	(14,240	)	$	(25,087	)
Interest expense		17,299			16,628			51,898			46,907
Proportionate share of interest expense from unconsolidated joint ventures		765			746			2,366			2,355
Real estate related depreciation and amortization		30,934			33,398			94,676			96,839
Proportionate share of real estate related depreciation and amortization from unconsolidated joint ventures		1,708			1,785			5,773			4,787
Income tax (benefit) expense and other taxes		68			(56	)		623			105
Stock-based compensation amortization		1,063			1,092			3,078			3,757
Noncontrolling interests		713			(1,015	)		(1,870	)		(3,385	)
Non-FFO gains on dispositions of real estate interests		(12,227	)		—			(12,348	)		—
Impairment losses		—			—			11,422			1,934

Adjusted EBITDA	$	47,871		$	44,502		$	141,378		$	128,212

CALCULATION OF FIXED CHARGES
Interest expense	$	17,299		$	16,628		$	51,898		$	46,907
Capitalized interest		1,113			461			2,583			2,133
Amortization of loan costs and debt premium/discount		(317	)		(257	)		(809	)		(738	)
Proportionate share of interest expense from unconsolidated joint ventures		765			746			2,366			2,355

Total fixed charges	$	18,860		$	17,578		$	56,038		$	50,657

Fixed charge coverage		2.5			2.5			2.5			2.5

(1)	Excludes 1.5 million unvested Long-Term Incentive Plan Units, 0.5 million shares of unvested Restricted Stock and 0.1 million unvested Phantom Shares outstanding as of September 30, 2012.

(2)	Amount includes the portion of consolidated debt related to properties in which there are noncontrolling ownership interests.

(3)	Includes amounts related to discontinued operations, where applicable.

Third Quarter 2012

Supplemental Reporting Package

Page 13

Investment in Unconsolidated Ventures Summary

(unaudited, dollar amounts in thousands)

Statements of Operations & Other Data


	For the Nine Months Ended September 30, 2012
	Boubyan Fund I			TRT-DCT JV I			TRT-DCT JV II			TRT-DCT JV III			JP Morgan			IDI/ DCT			IDI/ DCT Buford			Stirling Capital Investments
Total rental revenues	$	7,296		$	9,679		$	5,356		$	2,178		$	15,760		$	1,611		$	-		$	8,157
Rental expenses and real estate taxes		(1,644	)		(2,879	)		(1,288	)		(407	)		(3,880	)		(499	)		(26	)		(1,244	)

Net operating income		5,652			6,800			4,068			1,771			11,880			1,112			(26	)		6,913

Depreciation and amortization		(3,484	)		(5,438	)		(2,326	)		(895	)		(7,623	)		(1,248	)		—			(4,739	)
General and administrative		(456	)		(61	)		(11	)		(7	)		(588	)		(6	)		(6	)		(718	)
Interest expense		(5,203	)		(5,212	)		(2,398	)		(617	)		—			(510	)		—			(2,719	)
Interest and other income (expense)		(73	)		(23	)		(33	)		2,458			2,883			(1	)		-			(349	)
Net income (loss)	$	(3,564	)	$	(3,934	)	$	(700	)	$	2,710		$	6,552		$	(653	)	$	(32	)	$	(1,612	)


Other Data:
Number of buildings		6			14			5			4			13			3			—			6
Square feet (in thousands)		2,647			3,561			1,744			735			4,604			1,423			—			1,984
Occupancy		84.7	%		77.3	%		94.3	%		100.0	%		89.2	%		44.8	%		0.0	%		97.8	%
DCT Ownership		20.0	%		3.6	%		11.4	%		10.0	%		20.0	%		50.0	%		75.0	%		50.0	%⁽¹⁾

Balance Sheets


	As of September 30, 2012
	Boubyan Fund I			TRT-DCT JV I			TRT-DCT JV II			TRT-DCT JV III			JP Morgan			IDI/ DCT			IDI/ DCT Buford		Stirling Capital Investments
Total investment in properties	$	126,174		$	207,301		$	90,941		$	25,380		$	274,948		$	54,991		$	6,387	$	107,484
Accumulated depreciation and amortization		(31,308	)		(47,669	)		(19,086	)		(4,784	)		(50,058	)		(3,982	)		—		(10,940	)

Net investment in properties		94,866			159,632			71,855			20,596			224,890			51,009			6,387		96,544
Cash and cash equivalents		538			658			593			287			2,809			935			1		507
Other assets		3,520			3,543			2,283			436			5,029			1,038			3		2,933

Total assets	$	98,924		$	163,833		$	74,731		$	21,319		$	232,728		$	52,982		$	6,391	$	99,984

Other liabilities	$	3,245		$	3,814		$	1,603		$	602		$	4,085		$	433		$	25	$	16,445
Secured debt maturities — 2012		—			—			—			—			—			—			—		28,436	⁽⁷⁾
Secured debt maturities — 2013		—			—			—			—			—			16,675	⁽⁶⁾		—		21,333	⁽⁷⁾
Secured debt maturities — 2014		—			—			39,725	⁽⁴⁾		—			—			—			—		—
Secured debt maturities — 2015		—			31,607	⁽³⁾		10,048	⁽⁴⁾		—			—			—			—		—
Secured debt maturities thereafter		94,436	⁽²⁾		85,000	⁽³⁾		-			8,456	⁽⁵⁾		—			—			—		—

Total secured debt		94,436			116,6 07			49,773			8,456			—			16,675			—		49,769

Total liabilities		97,681			120,421			51,376			9,058			4,085			17,108			25		66,214
Partners or members’ capital		1,243			43,412			23,355			12,261			228,643			35,874			6,366		33,770
Total liabilities and Partners or members’ capital	$	98,924		$	163,833		$	74,731		$	21,319		$	232,728		$	52,982		$	6,391	$	99,984

(1)	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.

(2)	$94.4 million has a stated interest rate of 7.6% and requires principal and interest payments through maturity in 2036.

(3)	$85.0 million of debt requires interest only payments until 2017 and has a stated interest rate of 5.7%. $31.6 million of debt requires principal and interest payments through 2015 and has a stated interest rate of 6.6%.

(4)	$39.7 million of debt requires interest only payments until 2014 and has a stated interest rate of 6.2%. $10.0 million of debt requires principal and interest payments through 2015 and has a stated interest rate of 6.6%.

(5)	$8.5 million of debt requires principal and interest payments until 2016 and has a stated interest rate of 7.4%.

(6)	$16.7 million of debt requires interest only payments through October 2013 and has a variable interest rate of LIBOR plus 3.25%.

(7)	$28.4 million of debt requires interest only payments through October 2012 and has a variable interest rate of LIBOR plus 3.0%. $21.3 million of debt requires interest only payments through October 2013 and has a variable interest rate of LIBOR plus 3.0%.

Third Quarter 2012

Supplemental Reporting Package

Page 14

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 and land improvements, development costs and acquisition capital, tenant improvement 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 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 comparable lease. New leases where there were no prior comparable leases, due to extended downtime or materially different lease structures, are excluded.

Net Effective Rent:

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

Third Quarter 2012

Supplemental Reporting Package

Page 1

Definitions

(continued)

Net Operating Income (“NOI”):

NOI is defined as rental revenues, including expense reimbursements, less rental expenses and real estate taxes, and excludes institutional capital management fees, depreciation, amortization, casualty gains, impairment, general and administrative expenses, equity in (earnings) loss of unconsolidated joint ventures, interest expense, interest and other income and income tax expense and other taxes. 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).


	Three Months Ended September 30,						Nine Months Ended September 30,
Reconciliation of loss from continuing operations to NOI:	2012			2011			2012			2011
Loss from continuing operations	$	(4,645	)	$	(9,822	)	$	(18,467	)	$	(31,104	)
Income tax expense (benefit) and other taxes		68			(56	)		623			105
Interest and other (income) expense		(194	)		356			(354	)		257
Interest expense		17,299			16,515			51,769			46,539
Equity in (earnings) loss of unconsolidated joint ventures, net		(1,208	)		967			(784	)		3,450
General and administrative		6,838			6,346			19,136			20,465
Real estate related depreciation and amortization		30,862			30,495			92,112			88,181

Impairment losses on investments in unconsolidated joint ventures		—			—			—			1,934
Casualty gains		—			—			(141	)		—
Institutional capital management and other fees		(937	)		(1,004	)		(3,143	)		(3,153	)

Total GAAP net operating income		48,083			43,797			140,751			126,674
Less net operating (income) loss — non-same store properties		(4,038	)		(845	)		(15,175	)		(4,015	)

Same store GAAP net operating income		44,045			42,952			125,576			122,659
Less revenue from lease terminations		(186	)		(246	)		(369	)		(429	)

Same store GAAP net operating income, excluding revenue from lease terminations		43,859			42,706			125,207			122,230
Less straight-line rents, net of related bad debt expense		(1,059	)		(1,657	)		(2,449	)		(5,828	)
Less amortization of above/(below) market rents		(91	)		(102	)		(358	)		(378	)

Same store cash net operating income, excluding revenue from lease terminations	$	42,709		$	40,947		$	122,400		$	116,024

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 and properties Held for Sale that have been owned and stabilized for the entire current and prior periods presented.

Third Quarter 2012

Supplemental Reporting Package

Page 16

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:	September 30, 2011			December 31, 2011			March 31, 2012			June 30, 2012			September 30, 2012
Loss from continuing operations	$	(9,142	)	$	(4,677	)	$	(6,916	)	$	(6,850	)	$	(4,645	)
Income tax expense (benefit) and other taxes		(56	)		38			268			287			68
Interest and other (income) expense		356			53			(197	)		37			(194	)
Interest expense		16,628			17,104			17,028			17,540			17,299
Equity in (earnings) loss of unconsolidated joint ventures, net		967			(894	)		854			(430	)		(1,208	)
General and administrative		6,346			5,459			5,785			6,513			6,838
Real estate related depreciation and amortization		33,398			31,106			32,139			30,747			30,862
Impairment losses		—			448			—			—			—
Impairment losses on investments in unconsolidated joint ventures		—			19			—			—			—
Casualty gains		(54	)		(33	)		(155	)		(57	)		—
Institutional capital management and other fees		(1,004	)		(1,138	)		(1,055	)		(1,151	)		(937	)

Total GAAP net operating income		47,439			47,485			47,751			46,636			48,083
Less net operating income — non-same store properties		(5,877	)		(6,095	)		(4,430	)		(2,232	)		(4,038	)

Same store GAAP net operating income		41,562			41,390			43,321			44,404			44,045
Less revenue from lease terminations		(262	)		(179	)		(73	)		(110	)		(186	)

Same store GAAP net operating income, excluding revenue from lease terminations		41,300			41,211			43,248			44,294			43,859
Less straight-line rents, net of related bad debt expense		(875	)		(1,460	)		(1,078	)		(799	)		(1,059	)
Less amortization of above/(below) market rents		(190	)		(168	)		(142	)		(83	)		(91	)

Same store cash net operating income, excluding revenue from lease terminations	$	40,235		$	39,583		$	42,028		$	43,412		$	42,709


	Consolidated operating data, as previously reported, for the three months ended:
Reconciliation of loss from continuing operations to NOI:	September 30, 2010			December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011
Loss from continuing operations	$	(8,836	)	$	(12,628	)	$	(10,388	)	$	(10,596	)	$	(9,822	)
Income tax expense (benefit) and other taxes		235			(137	)		40			121			(56	)
Interest and other (income) expense		(227	)		(245	)		(85	)		(13	)		356
Interest expense		15,493			15,333			15,511			13,955			16,515
Equity in loss of unconsolidated joint ventures, net		1,293			786			1,357			1,126			967
General and administrative		6,134			6,734			7,056			7,063			6,346
Real estate related depreciation and amortization		28,526			28,186			29,846			29,615			30,495
Impairment losses		—			4,100			—			—			—
Impairment losses on investments in unconsolidated joint ventures		—			216			—			1,934			—
Casualty gains		—			—			—			—			—
Institutional capital management and other fees		(1,046	)		(1,082	)		(1,019	)		(1,129	)		(1,004	)

Total GAAP net operating income		41,572			41,263			42,318			42,076			43,797
Less net operating (income) loss — non-same store properties		(425	)		(251	)		(579	)		829			(845	)

Same store GAAP net operating income		41,147			41,012			41,739			42,905			42,952
Less revenue from lease terminations		(273	)		(96	)		(54	)		(128	)		(246	)

Same store GAAP net operating income, excluding revenue from lease terminations		40,874			40,916			41,685			42,777			42,706
Less straight-line rents, net of related bad debt expense		(344	)		(1,610	)		(3,014	)		(1,855	)		(1,657	)
Less amortization of above/(below) market rents		(90	)		(17	)		(115	)		(85	)		(102	)

Same store cash net operating income, excluding revenue from lease terminations	$	40,440		$	39,289		$	38,556		$	40,837		$	40,947

Change in GAAP same store NOI		1.0	%		0.7	%		3.8	%		3.5	%		2.7	%

Change in cash same store NOI		-0.5	%		0.7	%		9.0	%		6.3	%		4.3	%

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 and 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

Third Quarter 2012

Supplemental Reporting Package

Page 17

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