DCT Industrial Trust Inc.® Reports Fourth Quarter and 2012 Full-Year Results

  DCT Industrial Trust Inc.® Reports Fourth Quarter and 2012 Full-Year Results

Same-Store NOI Growth of 8.6 Percent on a Cash Basis and 4.9 Percent on a GAAP
     Basis in Q4; Average Same-Store Occupancy Increased 170 Basis Points
                        Year-over-Year to 91.7 Percent

Consolidated Operating Occupancy Increased 50 Basis Points to 92.3 Percent in
                                      Q4

Rental Rates Increased 15.3 Percent on a GAAP Basis and 3.4 Percent on a Cash
                                 Basis in Q4

 Acquired 21 Buildings for $241.7 Million and Sold Seven Buildings for $111.1
                                Million in Q4

Funds from Operations of $0.11 per Share in Q4 and $0.42 per Share in 2012; an
                    Increase of 5.0 Percent Year-over-Year

Business Wire

DENVER -- February 7, 2013

DCT Industrial Trust Inc.^® (NYSE: DCT), a leading industrial real estate
company, today announced financial results for the three months and year
ending December 31, 2012.

“2012 was an excellent year across all fronts. We surpassed our operating,
capital deployment and capital recycling goals and we continue to build a
successful development program,” said Phil Hawkins, Chief Executive Officer of
DCT Industrial. “For the year, we acquired 32 buildings for $338.4 million and
grew our assets under active development to $128.2 million. In addition we
purchased eight land sites which will support development of 4.5 million
square feet. Since December 31, 2011, we sold 40 buildings, totaling 6.2
million square feet, further enhancing the cash flow growth of our portfolio.”

Funds from Operations, as adjusted, attributable to common stockholders and
unitholders (“FFO”) for the fourth quarter of 2012 totaled $33.0 million, or
$0.11 per diluted share, compared with $30.0 million, or $0.11 per diluted
share, for the fourth quarter of 2011. These results exclude $1.0 million and
$0.5 million of acquisition costs for the quarters ending December 31, 2012
and 2011, respectively.

For the year ending December 31, 2012, FFO totaled $118.1 million, or $0.42
per diluted share, compared with $106.7 million, or $0.40 per diluted share,
for the year ending December 31, 2011. These results exclude $2.0 million and
$1.9 million of acquisition costs for the year ending December 31, 2012 and
2011, respectively.

Net loss attributable to common stockholders for the fourth quarter of 2012
was $0.8 million, or $0.00 per diluted share, compared with a net loss
attributable to common stockholders of $0.2 million, or $0.00 per diluted
share, reported for the fourth quarter of 2011. Net loss attributable to
common stockholders for the year ending December 31, 2012 was $15.1 million,
or $0.06 per diluted share, compared with a net loss of $25.3 million, or
$0.11 per diluted share, for the year ending December 31, 2011.

Property Results and Leasing Activity

As of December 31, 2012, DCT Industrial owned 402 consolidated operating
properties, totaling 60.1 million square feet, with occupancy of 92.3 percent
up from 91.8 percent as of September 30, 2012 and up 170 basis points from
December 31, 2011. Including development and redevelopment, total consolidated
occupancy was 90.4 percent as of December 31, 2012, compared to 91.0 percent
as of September 30, 2012 and 90.5 percent as of December 31, 2011. In
addition, 0.7 million square feet, or 1.1 percent of DCT Industrial’s total
consolidated portfolio, was leased but not yet occupied.

Net operating income (“NOI”) was $50.5 million in the fourth quarter of 2012,
compared with $44.3 million in the fourth quarter of 2011. In the fourth
quarter of 2012, same-store NOI, excluding revenue from lease terminations,
increased 8.6 percent on a cash basis and 4.9 percent on a GAAP basis, when
compared to the same period of 2011. Same-store occupancy averaged 91.7
percent in the fourth quarter of 2012, an increase of 170 basis points over
the fourth quarter of 2011. Same-store occupancy, as of December 31, 2012, was
92.1 percent.

In the fourth quarter of 2012, the Company signed leases totaling 3.3 million
square feet. For the year ending December 31, 2012, DCT Industrial signed
leases totaling 15.5 million square feet compared with 14.9 million square
feet for the year ending December 31, 2011. In the fourth quarter of 2012,
rental rates on signed leases increased 15.3 percent on a GAAP basis and 3.4
percent on a cash basis compared to the corresponding expiring leases. For the
full year 2012, rental rates on signed leases increased 4.6 percent on a GAAP
basis and decreased 2.8 percent on a cash basis. The Company’s tenant
retention rate was 75.7 percent in the fourth quarter of 2012 and 73.4 percent
for the year ending December 31, 2012.

Investment Activity

Joint Venture Acquisition

The Company successfully purchased its joint venture partner’s 80 percent
interest in DCT Fund I, for an incremental investment of $78.2 million. The
six buildings in the portfolio are located in Atlanta, Central Pennsylvania,
Chicago, Dallas, Memphis and New Jersey and total 2.6 million square feet.
Subsequently, DCT Industrial sold the buildings in Atlanta and Memphis to a
third party in January. The portfolio, after the sale of the Atlanta and
Memphis assets, has a year-one weighted-average cash yield of 6.5 percent and
a weighted-average projected stabilized cash yield of 7.2 percent.

Market                  Submarket          Square Feet  Occupancy
Atlanta, GA*            Henry County       578,000      76.2%
Central Pennsylvania     Lehigh Valley       100,000       100.0%
Chicago, IL              Southwest Suburbs   303,000       100.0%
Dallas, TX               Alliance            540,000       100.0%
Memphis, TN*             Southeast/Shelby    1,039,000     74.1%
New Jersey              Somerset           88,000       100.0%
Total/Weighted Average                       2,648,000     84.6%

*Asset sold to third party in January 2013

Acquisitions

In addition to the joint venture portfolio, DCT Industrial acquired 15
buildings at a total cost of $163.5 million in the fourth quarter. The
buildings, located in Chicago, Houston, Northern California, Seattle and
Southern California, total 1.8 million square feet. The Company expects a
year-one weighted-average cash yield of 6.3 percent and a weighted-average
projected stabilized cash yield of 6.6 percent on these assets.

For the full year ending December 31, 2012, including the purchase of the
joint venture portfolio, the Company acquired 32 buildings, totaling 6.2
million square feet for a total of $338.4 million. The Company expects a
year-one weighted-average cash yield of 6.3 percent and a weighted-average
projected stabilized cash yield of 7.1 percent.

The table below represents a summary of the acquisitions in the fourth
quarter:

Market            Submarket    Square      Occupancy  Closed  Anticipated
                                 Feet                              Yield*
Chicago, IL       O’Hare       105,000     0.0%       Oct-12  8.2%
Seattle, WA        Kent Valley   26,000       0.0%        Oct-12   6.8%
Southern           San Gabriel
California (4      Valley        211,000      100.0%      Oct-12   6.2%
buildings)
Air Freight        LAX (3        471,000      99.6%       Nov-12   6.5%
Portfolio          buildings)
(4 buildings)     O’Hare (1     92,000       100.0%      Nov-12   6.5%
                   building)
Northern           Oakland       337,000      100.0%      Dec-12   6.2%
California
Chicago, IL        I-88/Fox      163,000      100.0%      Dec-12   7.3%
                   Valley
Houston, TX (2     Port of       313,000      100.0%      Dec-12   7.3%
buildings)         Houston
                   Northern
Chicago, IL       DuPage       67,000      100.0%     Dec-12  8.4%
                   County
Total/Weighted                   1,785,000    92.6%                6.6%
Average

*Anticipated yield represents year-one cash yield for stabilized acquisitions
and projected stabilized cash yield for value-add acquisitions.

Development

In the fourth quarter, DCT Industrial invested $40.5 million to acquire 5 land
parcels for the future development of approximately 3.0 million square feet.
The land is located in some of the most highly sought after submarkets of
Atlanta, Houston, Seattle and Southern California.

The table below represents a summary of land acquired in the fourth quarter:

                                                         Number of   Estimated
Market        Submarket    Acres  Project Name       Buildings  Square
                                                                     Feet
Atlanta, GA   I-20 West    47.2   DCT River West     1          733,000
                                     DCT Beltway
Houston, TX    Northwest     11.0    Tanner Business     1           133,000
                                     Park
Seattle, WA    Kent Valley   46.3    DCT White River     2           1,018,000
                                     Corporate Center
                                     DCT Sumner South
Seattle, WA    Kent Valley   9.3     Distribution        1           190,000
                                     Center
Southern      Inland       42.2   DCT Rialto         1          928,000
California     Empire West           Logistics Center
Total                        156.0                       6           3,002,000
                                                                     

In addition, DCT Industrial:

  *Completed the expansion of Building 3 at SCLA in Southern California,
    which is fully leased to Newell Rubbermaid.
  *Commenced construction on the pre-leased 652,000 square foot Slover
    Logistics Center I in Southern California. The building is expected to be
    completed and the lease commenced by Q3 of 2013.
  *Committed to start a build-to-suit on Building A at 8^th and Vineyard, in
    Southern California. Construction is expected to commence Q1 of 2013 and
    the building is under contract to be sold to the user upon completion.
  *Commenced construction of DCT Airtex Industrial Center, a 267,000 square
    foot building in North Houston, located along Interstate 45. The building
    is slated for completion in Q3 of 2013.

As of December 31, 2012, the Company had under active development, including
recently stabilized buildings, $128.2 million which is 70.0 percent leased.

Dispositions

During the fourth quarter of 2012, the Company committed to sell a portfolio
of six assets. Five buildings closed in the fourth quarter, and the sixth
building is held for sale and scheduled to close in the first quarter of 2013.
Additionally, as mentioned in the Joint Venture Acquisition section, DCT
Industrial sold two buildings in Atlanta and Memphis in January.

The seven buildings that closed since September 30, 2012, total 3.7 million
square feet and are located in Atlanta, Columbus and Memphis. The dispositions
generated gross proceeds of $111.1 million. Including the held-for-sale
building scheduled to close in the first quarter of 2013, we expect to
generate gross proceeds of $122.4 million with a projected year-one
weighted-average cash yield of 7.9 percent. Since December 31, 2011 and once
the building held for sale closes, gross proceeds from dispositions will total
$211.5 million^1 with a projected year-one weighted-average cash yield of 7.1
percent.

The table below represents a summary of the seven assets that closed since
September 30, 2012, and the held-for-sale building:

Market                  Submarket         Square Feet  Occupancy  Closed
Atlanta, GA             Henry County      189,000      100.0%     Dec-12
Columbus, OH             Southeast          432,000       100.0%      Dec-12
Columbus, OH             Southeast          388,000       100.0%      Dec-12
Memphis, TN              Southeast/Shelby   806,000       100.0%      Dec-12
Memphis, TN              Southeast/Shelby   300,000       100.0%      Dec-12
Atlanta, GA              Henry County       578,000       76.2%       Jan-13
Memphis, TN              Southeast/Shelby   1,039,000     74.1%       Jan-13
Memphis, TN             Southeast/Shelby  400,000      100.0%     *
Total/Weighted Average                      4,132,000     90.2%

* Building held for sale and scheduled to close in Q1 2013

^1 Includes DCT Industrial’s proportionate share of gross proceeds for
properties sold by unconsolidated joint ventures.

Capital Markets Activity

During the fourth quarter DCT Industrial raised $59.2 million in net proceeds
from the sale of common stock through its “at the market” continuous equity
offering. The Company issued approximately 9.5 million shares at an average
price of $6.33 per share. The proceeds were used to fund acquisitions.

Dividend

DCT Industrial’s Board of Directors has declared a $0.07 per share quarterly
cash dividend, payable on April 17, 2013, to stockholders of record as of
April 5, 2013.

Guidance

The Company’s guidance for 2013 FFO is between $0.40 to $0.45 per diluted
share. Additionally, net loss attributable to common stockholders is expected
to be between $(0.06) and $(0.01) per diluted share.

DCT Industrial’s guidance for 2013 includes the following assumptions:

  *Average occupancy for the consolidated operating portfolio will range
    between 91.0 percent and 94.0 percent
  *Same-store net operating income will increase between 1.0 percent and 4.0
    percent on a GAAP basis and between 2.0 percent and 5.0 percent on a cash
    basis
  *Development starts of between $125 million and $200 million
  *$100 million to $200 million of stabilized and value-add acquisitions

The Company’s FFO guidance excludes real estate gains and losses, impairments
and acquisition costs.

Conference Call Information

DCT Industrial will host a conference call to discuss full year and fourth
quarter 2012 results on Friday, February 8, 2013 at 11:00 a.m. Eastern Time.
Stockholders and interested parties may listen to a live broadcast of the
conference call by dialing (888) 317-6016 or (412) 317-6016. A telephone
replay will be available until 9 a.m. Eastern Time, Friday, February 22, 2013
and can be accessed by dialing (877) 344-7529 or (412) 317-0088 and entering
the passcode 10023617. A live webcast of the conference call will be available
in the Investors section of the DCT Industrial website at
www.dctindustrial.com. A webcast replay will also be available shortly
following the call until February 8, 2014.

Supplemental information is available in the Investors section of the
Company’s website at www.dctindustrial.com or by e-mail request at
investorrelations@dctindustrial.com. Interested parties may also obtain
supplemental information from the SEC’s website at www.sec.gov.

About DCT Industrial Trust Inc.®

DCT Industrial Trust Inc. is a leading industrial real estate company
specializing in the acquisition, development, leasing and management of bulk
distribution and light industrial properties in high-volume distribution
markets in the U.S. and Mexico. As of December 31, 2012, the Company owned
interests in approximately 75.6 million square feet of properties leased to
approximately 870 customers, including 14.2 million square feet operated on
behalf of four institutional capital management partners. Additional
information is available at www.dctindustrial.com.

DCT INDUSTRIAL TRUST INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, except share information)

                                                December 31,   December 31,
                                                 2012            2011
ASSETS                                           (unaudited)
Land                                             $ 780,235       $ 647,552
Buildings and improvements                         2,481,206       2,393,346
Intangible lease assets                            78,467          84,779
Construction in progress                          45,619        35,386    
Total investment in properties                     3,385,527       3,161,063
Less accumulated depreciation and amortization    (605,888  )    (589,314  )
Net investment in properties                       2,779,639       2,571,749
Investments in and advances to unconsolidated     130,974       139,278   
joint ventures
Net investment in real estate                      2,910,613       2,711,027
Cash and cash equivalents                          12,696          12,834
Restricted cash                                    19,379          7,502
Deferred loan costs, net                           6,838           8,567
Straight-line rent and other receivables, net
of allowance for doubtful accounts of $1,251       51,179          42,349
and $1,256, respectively
Other assets, net                                  12,945          11,019
Assets held for sale                              52,852        -         
Total assets                                     $ 3,066,502    $ 2,793,298 
                                                                   
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued expenses            $ 57,501        $ 45,785
Distributions payable                              21,129          19,057
Tenant prepaids and security deposits              24,395          22,864
Other liabilities                                  7,213           29,797
Intangible lease liability, net                    20,148          18,897
Line of credit                                     110,000         -
Senior unsecured notes                             1,025,000       935,000
Mortgage notes                                     326,617         317,783
Liabilities related to assets held for sale       940           -         
Total liabilities                                 1,592,943     1,389,183 
                                                                   
Equity:
Preferred stock, $0.01 par value, 50,000,000       -               -
shares authorized, none outstanding
Shares-in-trust, $0.01 par value, 100,000,000      -               -
shares authorized, none outstanding
Common stock, $0.01 par value, 350,000,000
shares authorized 280,310,488 and 245,943,100      2,803           2,459
shares issued and outstanding as of December
31, 2012 and December 31, 2011, respectively
Additional paid-in capital                         2,232,682       2,018,075
Distributions in excess of earnings                (871,655  )     (783,229  )
Accumulated other comprehensive loss              (34,766   )    (29,336   )
Total stockholders’ equity                         1,329,064       1,207,969
Noncontrolling interests                          144,495       196,146   
Total equity                                      1,473,559     1,404,115 
Total liabilities and equity                     $ 3,066,502    $ 2,793,298 
                                                                             


DCT INDUSTRIAL TRUST INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(unaudited, in thousands, except per share information)
                                                  
                         Three Months Ended          Twelve Months Ended
                         December 31,                December 31,
                         2012         2011          2012         2011
REVENUES:
Rental revenues          $ 68,504      $ 60,539      $ 256,720     $ 231,463
Institutional capital
management and other      916         1,138       4,059       4,291   
fees
Total revenues            69,420      61,677      260,779     235,754 
                                                                     
OPERATING EXPENSES:
Rental expenses            8,724         7,947         32,736        31,601
Real estate taxes          9,330         8,258         38,090        34,069
Real estate related
depreciation and           30,984        28,454        120,047       113,470
amortization
General and                6,928         5,460         26,064        25,925
administrative
Casualty gains            (1,413  )    (33     )    (1,554  )    (33     )
Total operating           54,553      50,086      215,383     205,032 
expenses
Operating income           14,867        11,591        45,396        30,722
                                                                     
OTHER INCOME AND
EXPENSE:
Development profits,       307           -             307           -
net of tax
Equity in earnings
(loss) of                  303           894           1,087         (2,556  )
unconsolidated joint
ventures, net
Impairment losses on
investments in             -             (19     )     -             (1,953  )
unconsolidated joint
ventures
Interest expense           (17,504 )     (17,247 )     (69,274 )     (63,645 )
Interest and other         (62     )     (53     )     291           (310    )
income (expense)
Income tax benefit
(expense) and other       (94     )    (38     )    (716    )    (144    )
taxes
Loss from continuing      (2,183  )    (4,872  )    (22,909 )    (37,886 )
operations
Income from
discontinued              1,554       4,502       6,169       9,043   
operations
Consolidated net
income (loss) of DCT       (629    )     (370    )     (16,740 )     (28,843 )
Industrial Trust Inc.
Net (income) loss
attributable to           (216    )    207         1,654       3,593   
noncontrolling
interests
Net income (loss)
attributable to common    (845    )    (163    )    (15,086 )    (25,250 )
stockholders
Distributed and
undistributed earnings
allocated to              (122    )    (93     )    (524    )    (443    )
participating
securities
Adjusted net income
(loss) attributable to   $ (967    )   $ (256    )   $ (15,610 )   $ (25,693 )
common stockholders
                                                                     
EARNINGS PER COMMON
SHARE – BASIC AND
DILUTED:
Loss from continuing     $ (0.01   )   $ (0.02   )   $ (0.08   )   $ (0.14   )
operations
Income (loss) from
discontinued              0.01        0.02        0.02        0.03    
operations
Net income (loss)
attributable to common   $ (0.00   )   $ (0.00   )   $ (0.06   )   $ (0.11   )
stockholders
                                                                     
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING:
Basic and diluted         271,066     245,939     254,831     242,591 
                                                                             


Reconciliation of Net Income (Loss) Attributable to Common Stockholders to
Funds from Operations^(1)
(unaudited, in thousands, except per share and unit data)

                        Three Months Ended         Twelve Months Ended
                         December 31,                December 31,
                         2012         2011          2012         2011
Net income (loss)
attributable to common   $ (845    )   $ (163    )   $ (15,086 )   $ (25,250 )
stockholders
Adjustments:
Real estate related
depreciation and           32,011        32,149        126,687       128,989
amortization
Equity in (earnings)
loss of unconsolidated     (303    )     (894    )     (1,087  )     2,556
joint ventures, net
Equity in FFO of
unconsolidated joint       2,429         2,613         10,312        4,732
ventures
Impairment losses on
depreciable real           -             8,226         11,422        10,160
estate
Gain on dispositions
of real estate             (1,035  )     (12,030 )     (13,383 )     (12,030 )
interests
Noncontrolling
interest in the above      (2,601  )     (3,399  )     (12,522 )     (14,252 )
adjustments
FFO attributable to       2,365       2,965       9,743       9,901   
unitholders
FFO basic and diluted     32,021      29,467      116,086     104,806 
FFO attributable to
common stockholders
and unitholders^(1):
Adjustments:
Acquisition costs^(2)     989         493         1,975       1,902   
FFO, as adjusted,
attributable to common
stockholders and         $ 33,010     $ 29,960     $ 118,061    $ 106,708 
unitholders – basic
and diluted
                                                                     
FFO per common share
and unit — basic and     $ 0.11       $ 0.11       $ 0.41       $ 0.39    
diluted
                                                                     
FFO, as adjusted, per
common share and unit    $ 0.11       $ 0.11       $ 0.42       $ 0.40    
— basic and diluted
                                                                     
FFO weighted average
common shares and
units outstanding:
Common shares for
earnings per share -       271,066       245,939       254,831       242,591
basic
Participating              1,995         1,368         1,896         1,601
securities
Units                     21,437      25,626      23,358      25,310  
FFO weighted average
common shares,
participating              294,498       272,933       280,085       269,502
securities and units
outstanding – basic
Dilutive common stock     662         431         623         449     
equivalents
FFO weighted average
common shares,
participating             295,160     273,364     280,708     269,951 
securities and units
outstanding – diluted
                                                                             

^(1)  Funds from Operations, FFO, as defined by the National Association of
       Real Estate Investment Trusts (NAREIT).
       
^(2)   Excluding amounts attributable to noncontrolling interests.
       


Guidance
The Company is providing the following guidance:      
                                                       Range for the Full-Year
                                                       2013
Guidance:                                              Low          High
Earnings per common share - diluted                    $  (0.06  )  $ (0.01 )
Impairments and acquisition cost                          0.01         0.01
Real estate related depreciation and                     0.45      0.45  
amortization^(1)
FFO, as adjusted, per common share and                 $  0.40     $ 0.45  
unit-diluted^(2)

^(1)  Includes pro rata share of real estate depreciation and amortization
       from unconsolidated joint ventures.
^(2)   The Company’s FFO guidance excludes future real estate gains and losses
       and acquisition costs.
       

The following table shows the calculation of our Fixed Charge Coverage for the
three and twelve months ended December 31, 2012 and 2011 (in thousands):
                                                  
                          Three Months Ended         Twelve Months Ended
                          December 31,               December 31,
CALCULATION OF ADJUSTED   2012        2011          2012         2011
EBITDA^(1):
Net income (loss)
attributable to common    $ (845   )   $ (163    )   $ (15,086 )   $ (25,250 )
stockholders
Interest expense            17,504       17,347        69,403        64,254
Proportionate share of
interest expense from       734          722           3,100         3,077
unconsolidated joint
ventures
Real estate related
depreciation and            32,011       32,149        126,687       128,989
amortization
Proportionate share of
real estate related
depreciation and            1,689        1,390         7,462         6,177
amortization from
unconsolidated joint
ventures
Income tax (benefit)        94           38            716           144
expense and other taxes
Stock-based
compensation                1,235        831           4,313         4,587
amortization
Noncontrolling              216          (207    )     (1,654  )     (3,593  )
interests
Non-FFO gains on
dispositions of real        (1,035 )     (12,030 )     (13,383 )     (12,030 )
estate interests
Impairment losses^(2)      -          8,226       11,422      10,160  
Adjusted EBITDA           $ 51,603    $ 48,303     $ 192,980    $ 176,515 
                                                                   
CALCULATION OF FIXED
CHARGES
Interest expense          $ 17,504     $ 17,347      $ 69,403      $ 64,254
Capitalized interest        1,684        537           4,267         2,670
Amortization of loan
costs and debt              (284   )     (277    )     (1,093  )     (1,015  )
premium/discount
Other noncash interest      (1,008 )     (251    )     (2,034  )     (970    )
expense
Proportionate share of
interest expense from      734        722         3,100       3,077   
unconsolidated joint
ventures
Total fixed charges       $ 18,630    $ 18,078     $ 73,643     $ 68,016  
                                                                   
Fixed charge coverage      2.8        2.7         2.6         2.6     

^(1)  Includes amounts related to discontinued operations, when applicable.
^(2)   Includes impairment losses on investments in unconsolidated joint
       ventures.
       


The following table is a reconciliation of our reported “Loss from continuing
operations” to our net operating income for the three and twelve months ended
December 31, 2012 and 2011 (in thousands):
                                                 
                  Three Months Ended                Twelve Months Ended
                   December 31,                      December 31,
Reconciliation
of loss from
continuing         2012            2011             2012         2011
operations to
NOI:
Loss from
continuing         $  (2,183  )     $  (4,872  )     $ (22,909 )   $ (37,886 )
operations
Income tax
expense               94               38              716           144
(benefit) and
other taxes
Interest and
other (income)        62               53              (291    )     310
expense
Interest              17,504           17,247          69,274        63,645
expense
Equity in
(earnings) loss
of                    (303    )        (894    )       (1,087  )     2,556
unconsolidated
joint ventures,
net
General and           6,928            5,460           26,064        25,925
administrative
Real estate
related
depreciation          30,984           28,454          120,047       113,470
and
amortization
Impairment
losses on
investments in        -                19              -             1,953
unconsolidated
joint ventures
Development
profits, net of       (307    )        -               (307    )     -
tax
Casualty gains        (1,413  )        (33     )       (1,554  )     (33     )
Institutional
capital              (916    )       (1,138  )      (4,059  )    (4,291  )
management and
other fees
Total GAAP net
operating             50,450           44,334          185,894       165,793
income
Less net
operating
(income) loss -      (4,471  )       (397    )      (22,493 )    (6,719  )
non-same store
properties
Same store GAAP
net operating         45,979           43,937          163,401       159,074
income
Less revenue
from lease           (94     )       (179    )      (462    )    (608    )
terminations
Same store GAAP
net operating
income,
excluding             45,885           43,758          162,939       158,466
revenue from
lease
terminations
Less
straight-line
rents, net of         (997    )        (2,435  )       (3,066  )     (7,217  )
related bad
debt expense
Less
amortization of      (225    )       (201    )      (473    )    (481    )
above/(below)
market rents
Same store cash
net operating
income,
excluding          $  44,663       $  41,122       $ 159,400    $ 150,768 
revenue from
lease
terminations
                                                                             

Financial Measures

Net operating income (“NOI”) is defined as rental revenues, including expense
reimbursements, less rental expenses and real estate taxes, which 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. We consider NOI to be an
appropriate supplemental performance measure because it reflects the operating
performance of our properties and excludes certain items that are not
considered to be controllable in connection with the management of the
property such as depreciation, amortization, impairment, general and
administrative expenses, interest income and interest expense. Additionally,
lease termination revenue is excluded as it is not considered to be indicative
of recurring operating income. However those measures should not be viewed as
alternative measures of our financial performance since they exclude expenses
which could materially impact our results of operations. Further, our NOI may
not be comparable to that of other real estate companies, as they may use
different methodologies for calculating NOI, same store NOI (excluding revenue
from lease terminations), and cash basis same store NOI (excluding revenue
from lease terminations). Therefore, we believe net income (loss) attributable
to common stockholders, as defined by GAAP, to be the most appropriate measure
to evaluate our overall financial performance.

DCT Industrial believes that net income (loss) 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 (loss) as a measure of DCT
Industrial’s performance.

DCT Industrial calculates our fixed charge coverage calculation based on
adjusted EBITDA, which represents net loss attributable to DCT common
stockholders before interest, taxes, depreciation, amortization, stock-based
compensation expense, noncontrolling interest, impairment losses and excludes
non-FFO gains and losses on disposed assets and business combinations. 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 and stock-based
compensation expense, and irregular items, such as non-FFO gains or losses
from the dispositions of real estate, impairment losses and gains and losses
on business combinations.

Forward-Looking Statements

We make statements in this document 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 costs 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 in the section of our Form 10-K filed with the SEC and updated on
Form 10-Q entitled “Risk Factors.” 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. We assume no obligation
to update publicly any forward looking statements, whether as a result of new
information, future events or otherwise.

Contact:

DCT Industrial Trust Inc.
Melissa Sachs, 303-597-2400
investorrelations@dctindustrial.com