Duck Creek 8-K DCT Industrial Trust Reports

Exhibit 99.2

SUPPLEMENTAL REPORTING PACKAGE

FOR THE THREE MONTHS ENDED MARCH 31, 2008

DCT INDUSTRIAL TRUST INC.

FORWARD-LOOKING STATEMENTS

We make statements in this Supplemental Reporting Package that are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by 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:

• the competitive environment in which we operate;

• real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets;

• decreased rental rates or increasing vacancy rates;

• defaults on or non-renewal of leases by tenants;

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

• the timing of acquisitions and dispositions;

• natural disasters such as hurricanes, fires and earthquakes;

• national, international, regional and local economic conditions, including, in particular the recent softening of the U.S. economy;

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

• energy costs;

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

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

• 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; and

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

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

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

DCT INDUSTRIAL TRUST INC.

TABLE OF CONTENTS

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

DCT INDUSTRIAL TRUST INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except per share data)

	Three Months Ended March 31,
	2008			2007
	(unaudited)
REVENUES:
Rental revenues	$	65,463		$	64,860
Institutional capital management and other fees		860			746
Total Revenues		66,323			65,606
OPERATING EXPENSES:
Rental expenses		8,704			7,837
Real estate taxes		8,632			8,497
Real estate depreciation and amortization		29,103			28,695
General and administrative		5,882			4,056
Total Operating Expenses		52,321			49,085
Operating Income		14,002			16,521
OTHER INCOME AND EXPENSE:
Equity in income of unconsolidated joint ventures, net		287			74
Interest expense		(14,550	)		(16,821	)
Interest income and other		434			982
Income taxes		(549	)		(471	)
Income (Loss) Before Minority Interests		(376	)		285
Minority interests		109			45
Income (Loss) From Continuing Operations		(267	)		330
Discontinued operations:
Operating income (loss)		(5	)		92
Gain on dispositions of properties		294			8,184
Income From Discontinued Operations		289			8,276
Income Before Gain on dispositions of real estate interests		22			8,606
Gain on dispositions of real estate interests, net of minority interests		362			6,749
Net Income	$	384		$	15,355
INCOME PER COMMON SHARE - BASIC
Income (Loss) From Continuing Operations	$	(0.00	)	$	0.00
Income From Discontinued Operations		0.00			0.05
Gain on dispositions of real estate interests, net of minority interests		0.00			0.04
Net Income	$	0.00		$	0.09
INCOME PER COMMON SHARE - DILUTED
Income (Loss) From Continuing Operations	$	(0.00	)	$	0.00
Income From Discontinued Operations		0.00			0.05
Gain on dispositions of real estate interests, net of minority interests		0.00			0.04
Net Income	$	0.00		$	0.09
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic		168,386			168,355
Diluted		207,278			196,720

1

DCT INDUSTRIAL TRUST INC.

CONSOLIDATED BALANCE SHEETS

(dollar amounts in thousands)

	March 31, 2008			December 31, 2007
	(unaudited)
ASSETS
Operating properties	$	2,623,484		$	2,623,927
Properties under redevelopment		37,787			37,086
Operating properties held for contribution		119,822			120,188
Properties under development		108,859			76,680
Pre-development and land held for development		16,471			25,025
Total Investment in Properties		2,906,423			2,882,906
Less accumulated depreciation and amortization		(339,922	)		(310,691	)
Net Investment in Properties		2,566,501			2,572,215
Investment in and advances to unconsolidated joint ventures		114,419			102,750
Net Investment in Real Estate		2,680,920			2,674,965
Cash and cash equivalents		24,660			30,481
Notes receivable		23,123			27,398
Deferred loan costs, net		4,448			4,828
Deferred loan costs - financing obligations, net		—			1,345
Straight-line rent and other receivables		27,978			26,879
Other assets, net		10,875			13,096
Total Assets	$	2,772,004		$	2,778,992
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued expenses	$	26,617		$	31,267
Distributions payable		33,274			32,994
Tenant prepaids and security deposits		14,526			13,896
Other liabilities		11,047			8,117
Intangible lease liabilities, net		8,041			9,022
Lines of credit		145,000			82,000
Senior unsecured notes		425,000			425,000
Mortgage notes		618,101			649,568
Financing obligations		—			14,674
Total Liabilities		1,281,606			1,266,538
Minority interests		356,061			349,782
Total Stockholders’ Equity		1,134,337			1,162,672
Total Liabilities and Stockholders’ Equity	$	2,772,004		$	2,778,992

2

DCT INDUSTRIAL TRUST INC.

FUNDS FROM OPERATIONS

(amounts in thousands, except per share data)

	Three Months Ended March 31,
	2008			2007
	(unaudited)
Reconciliation of Net Income to FFO:
Net Income Attributable to Common Shares	$	384		$	15,355
Adjustments:
Real estate related depreciation and amortization		29,143			28,783
Equity in (income) of unconsolidated joint ventures, net		(287	)		(74	)
Equity in FFO of unconsolidated joint ventures		1,467			396
(Gain) on dispositions of real estate interests, net of minority interest		(656	)		(14,933	)
Gain on sale of nondepreciated real estate, net of minority interest		199			3,176
Minority interest in the operating partnership’s share of the above adjustments		(5,688	)		(4,183	)
FFO attributable to common shares, basic		24,562			28,520
FFO attributable to dilutive OP units		5,671			4,797
FFO attributable to common shares, diluted	$	30,233		$	33,317
FFO per common share, basic	$	0.15		$	0.17
FFO per common share, diluted	$	0.15		$	0.17
Weighted average shares outstanding, basic		168,386			168,355
Weighted average shares outstanding, diluted		207,278			196,720
Dividends declared per common share	$	0.16		$	0.16
Dividend payout ratio - FFO		110	%		94	%

3

DCT INDUSTRIAL TRUST INC.

SELECTED FINANCIAL DATA

(amounts in thousands, except per share data)

	Three Months Ended March 31,
	2008			2007
	(unaudited)
Consolidated Operating Data:(1)
Rental revenues	$	65,463		$	64,860
Rental expenses and real estate taxes(2)		17,336			16,334
Net Operating Income(3)	$	48,127		$	48,526
Square feet as of the period end		53,544			53,840
Average occupancy		93.6	%		92.8	%
Occupancy as of period end		93.2	%		93.1	%
Same Store Operating Data:(1)
Rental revenues	$	59,493		$	57,999
Revenue from lease terminations(4)		128			—
Rental expenses and real estate taxes		16,013			14,407
Net Operating Income		43,352			43,592
Less straight-line rents		(727	)		(1,254	)
Less amortization of above/below market rents		72			618
Cash Net Operating Income	$	42,697		$	42,956
Net Operating Income growth		(0.6	%)		—
Cash Net Operating Income growth		(0.6	%)		—
Square feet in same store population		49,204			49,204
Average occupancy		93.4	%		93.2	%
Occupancy as of period end		93.3	%		92.9	%
Dividends declared per common share	$	0.16		$	0.16
Supplemental consolidated cash flow and other information:
Straight-line rents(4)	$	1,141		$	1,555
Straight-line rent receivable (balance sheet)(4)	$	18,371		$	13,751
Amortization of above/below market rents(4)	$	20		$	(541	)
Capitalized interest	$	2,054		$	1,553
Stock-based compensation amortization expense	$	743		$	494
Revenue from lease terminations(4)	$	128		$	—
Consolidated Capital Expenditures(4):
Capital expenditures identified upon acquisition	$	1,900		$	3,695
Development and expansions		7,493			2,733
Turnover costs		3,735			1,362
Maintenance capital expenditures		181			176
Total capital expenditures	$	13,309		$	7,966

⁽¹⁾ Excludes discontinued operations.

⁽²⁾ Includes approximately $0.6 million and $0.1 million bad debt expense, respectively.

⁽³⁾ See definitions for reconciliation of Net Operating Income to Net Income.

⁽⁴⁾ Includes discontinued operations.

4

DCT INDUSTRIAL TRUST INC.

PROPERTY OVERVIEW AS OF MARCH 31, 2008

Markets	Number of Buildings	Percent Owned (1)		Square Feet	Percentage of Total Square Feet		Occupancy Percentage		Annualized Base Rent(2)		Percentage of Total Annualized Base Rent
				(in thousands)					(in thousands)
Consolidated Operating Properties:(3)
Atlanta	54	100.0	%	6,601	12.3	%	90.8	%	$	21,889	10.9	%
Baltimore/Washington D.C.	12	100.0	%	1,446	2.7	%	93.8	%		6,942	3.5	%
Central Pennsylvania	8	100.0	%	1,453	2.7	%	91.7	%		5,240	2.6	%
Charlotte	9	100.0	%	747	1.4	%	98.4	%		2,743	1.4	%
Chicago	14	100.0	%	3,067	5.7	%	99.4	%		11,781	5.9	%
Cincinnati	35	100.0	%	3,738	7.0	%	80.0	%		10,667	5.3	%
Columbus	14	100.0	%	4,301	8.0	%	96.5	%		12,764	6.4	%
Dallas	50	100.0	%	5,575	10.4	%	96.4	%		21,349	10.7	%
Denver	1	100.0	%	160	0.3	%	100.0	%		932	0.5	%
Houston	40	100.0	%	2,911	5.4	%	91.9	%		13,618	6.8	%
Indianapolis	8	100.0	%	3,103	5.8	%	98.6	%		9,325	4.7	%
Kansas City	1	100.0	%	225	0.4	%	88.9	%		877	0.4	%
Louisville	4	100.0	%	1,330	2.5	%	100.0	%		3,922	2.0	%
Memphis	10	100.0	%	4,333	8.1	%	89.9	%		11,059	5.5	%
Mexico	8	100.0	%	633	1.2	%	89.1	%		3,004	1.5	%
Miami	6	100.0	%	727	1.4	%	95.6	%		5,800	2.9	%
Minneapolis	3	100.0	%	356	0.7	%	94.7	%		1,657	0.8	%
Nashville	4	100.0	%	2,256	4.2	%	90.0	%		6,195	3.1	%
New Jersey	9	100.0	%	1,052	2.0	%	89.2	%		5,400	2.7	%
Northern California	30	100.0	%	2,762	5.2	%	96.8	%		15,682	7.8	%
Orlando	12	100.0	%	1,064	2.0	%	94.2	%		5,119	2.6	%
Phoenix	14	100.0	%	1,632	3.0	%	97.4	%		7,001	3.5	%
Salt Lake City	1	100.0	%	213	0.4	%	100.0	%		965	0.5	%
San Antonio	15	100.0	%	1,349	2.5	%	88.6	%		4,421	2.2	%
Seattle	7	100.0	%	1,115	2.1	%	100.0	%		5,591	2.8	%
Southern California	12	100.0	%	1,395	2.6	%	88.5	%		5,972	3.0	%
Total/Weighted Average - Operating Properties	381	100.0	%	53,544	100.0	%	93.2	%		199,915	100.0	%
Consolidated Redevelopment Properties:
Atlanta	1	100.0	%	188	26.7	%	0.0	%		N/A	N/A
Charlotte	1	100.0	%	259	36.8	%	45.4	%		N/A	N/A
Chicago	1	100.0	%	69	9.8	%	0.0	%		N/A	N/A
Dallas	1	100.0	%	50	7.1	%	0.0	%		N/A	N/A
New Jersey	1	100.0	%	138	19.6	%	28.9	%		N/A	N/A
Total/Weighted Average for Redevelopment Properties	5	100.0	%	704	100.0	%	22.4	%		526	N/A
Consolidated Development Properties:
Atlanta	1	100.0	%	557	15.5	%	0.0	%		N/A	N/A
Baltimore/Washington D.C.	3	95.0	%	246	6.9	%	0.0	%		N/A	N/A
Chicago	1	95.0	%	175	4.9	%	77.0	%		N/A	N/A
Cincinnati	2	100.0	%	840	23.5	%	0.0	%		N/A	N/A
Memphis	1	100.0	%	885	24.7	%	46.7	%		N/A	N/A
Mexico	3	100.0	%	547	15.3	%	0.0	%		N/A	N/A
Orlando	4	96.9	%	329	9.2	%	0.0	%		N/A	N/A
Total/Weighted Average for Development Properties	15	99.1	%	3,579	100.0	%	15.3	%		1,684	N/A
Total/Weighted Average - Consolidated Properties	401	100.0	%	57,827	N/A		87.5	%	$	202,125	N/A

Continued on next page

5

DCT INDUSTRIAL TRUST INC.

PROPERTY OVERVIEW AS OF MARCH 31, 2008 (continued)

Markets	Number of Buildings	Percent Owned (1)		Square Feet	Percentage of Total Square Feet		Occupancy Percentage		Annualized Base Rent(2)		Percentage of Total Annualized Base Rent
				(in thousands)					(in thousands)
Unconsolidated Operating Properties:
Southern California Logistics Airport(4)	2	50.0	%	463	100.0	%	100.0	%	$	1,647	100.0	%
Operating Properties in Funds:
Atlanta	2	18.2	%	703	5.8	%	100.0	%		1,957	4.6	%
Central Pennsylvania	4	10.9	%	836	6.9	%	100.0	%		3,617	8.6	%
Charlotte	1	10.0	%	472	3.9	%	100.0	%		1,415	3.4	%
Chicago	4	19.4	%	1,525	12.6	%	100.0	%		5,833	13.9	%
Cincinnati	4	14.1	%	1,697	14.2	%	100.0	%		5,482	13.0	%
Columbus	2	3.4	%	451	3.7	%	90.4	%		1,599	3.8	%
Dallas	4	16.3	%	1,726	14.4	%	100.0	%		5,556	13.2	%
Denver	5	20.0	%	773	6.3	%	94.1	%		3,290	7.8	%
Indianapolis	1	10.0	%	475	3.9	%	100.0	%		1,488	3.5	%
Kansas City	1	10.0	%	180	1.5	%	100.0	%		728	1.7	%
Memphis	1	20.0	%	1,039	8.6	%	100.0	%		2,857	6.8	%
Nashville	2	20.0	%	1,020	8.4	%	100.0	%		3,735	8.9	%
New Jersey	1	20.0	%	87	0.7	%	100.0	%		630	1.5	%
Northern California	1	10.0	%	396	3.3	%	100.0	%		1,711	4.1	%
Orlando	2	20.0	%	696	5.8	%	100.0	%		2,206	5.2	%
Total/Weighted Average - Fund Operating Properties	35	15.9	%	12,076	100.0	%	99.3	%		42,104	100.0	%
Unconsolidated Development Properties:
Total/Weighted Average	11	62.4	%	4,894	N/A		5.1	%		99	N/A
Total/Weighted Average - Unconsolidated Properties	48	29.9	%	17,433	N/A		99.3	%	$	43,850	N/A
Operating Properties Asset Managed Only:
Atlanta	1	0.0	%	491	30.4	%	100.0	%	$	1,566	25.1	%
Cincinnati	1	0.0	%	150	9.3	%	100.0	%		555	8.9	%
Central Pennsylvania	1	0.0	%	503	31.1	%	100.0	%		1,834	29.3	%
Minneapolis	3	0.0	%	472	29.2	%	100.0	%		2,306	36.8	%
Total/Weighted Average - Asset Managed Only Properties	6	0.0	%	1,616	100.0	%	100.0	%	$	6,261	100.0	%
Summary:
Total/Weighted Average - Consolidated/Unconsolidated Operating Properties	418	N/A		66,083	86.0	%	94.3	%	$	243,666	N/A
Total/Weighted Average - Consolidated Redevelopment Properties	5	N/A		704	0.9	%	22.4	%		526	N/A
Total/Weighted Average - Consolidated/Unconsolidated Development Properties	26	N/A		8,473	11.0	%	9.4	%		1,783	N/A
Total/Weighted Average - Asset Managed Only Properties	6	N/A		1,616	2.1	%	100.0	%		6,261	N/A
Total/Weighted Average - All Properties	455	N/A		76,876	100.0	%	84.4	%	$	252,236	N/A

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

⁽²⁾ Excludes contractual rent increases.

⁽³⁾ Includes 19 buildings held for contribution comprising 2.1 million square feet that were 91.0% occupied at March 31, 2008.

⁽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.

6

DCT INDUSTRIAL TRUST INC.

PROPERTY SEGMENT SUMMARY

	Bulk Distribution						Light Industrial						Service Center						Total Portfolio
Markets	Number of Buildings	Square Feet		Occupancy Percentage			Number of Buildings	Square Feet		Occupancy Percentage			Number of Buildings	Square Feet		Occupancy Percentage			Number of Buildings	Square Feet		Occupancy Percentage
		(in thousands)						(in thousands)						(in thousands)						(in thousands)
Consolidated Operating Properties:(1)
Atlanta	30	5,562			91.4	%	13	678			92.0	%	11	361			78.7	%	54	6,601			90.8	%
Baltimore/Washington D.C.	12	1,446			93.8	%	—	—			—		—	—			—		12	1,446			93.8	%
Central Pennsylvania	8	1,453			91.7	%	—	—			—		—	—			—		8	1,453			91.7	%
Charlotte	4	456			100.0	%	5	291			95.8	%	—	—			—		9	747			98.4	%
Chicago	12	2,635			100.0	%	2	432			95.6	%	—	—			—		14	3,067			99.4	%
Cincinnati	14	2,906			78.0	%	20	766			88.3	%	1	66			69.8	%	35	3,738			80.0	%
Columbus	12	4,227			96.6	%	2	74			90.0	%	—	—			—		14	4,301			96.5	%
Dallas	27	4,491			98.7	%	7	423			88.4	%	16	661			85.8	%	50	5,575			96.4	%
Denver	1	160			100.0	%	—	—			—		—	—			—		1	160			100.0	%
Houston	14	1,878			92.8	%	14	706			92.0	%	12	327			86.7	%	40	2,911			91.9	%
Indianapolis	8	3,103			98.6	%	—	—			—		—	—			—		8	3,103			98.6	%
Kansas City	1	225			88.9	%	—	—			—		—	—			—		1	225			88.9	%
Louisville	4	1,330			100.0	%	—	—			—		—	—			—		4	1,330			100.0	%
Memphis	10	4,333			89.9	%	—	—			—		—	—			—		10	4,333			89.9	%
Mexico	5	483			85.7	%	3	150			100.0	%	—	—			—		8	633			89.1	%
Miami	3	521			97.6	%	2	157			100.0	%	1	49			60.0	%	6	727			95.6	%
Minneapolis	2	279			93.3	%	1	77			100.0	%	—	—			—		3	356			94.7	%
Nashville	4	2,256			90.0	%	—	—			—		—	—			—		4	2,256			90.0	%
New Jersey	7	938			94.6	%	2	114			45.3	%	—	—			—		9	1,052			89.2	%
Northern California	9	1,755			98.9	%	21	1,007			93.2	%	—	—			—		30	2,762			96.8	%
Orlando	2	367			93.9	%	10	697			94.4	%	—	—			—		12	1,064			94.2	%
Phoenix	8	1,492			99.6	%	6	140			73.9	%	—	—			—		14	1,632			97.4	%
Salt Lake City	1	213			100.0	%	—	—			—		—	—			—		1	213			100.0	%
San Antonio	11	1,097			86.9	%	4	252			96.0	%	—	—			—		15	1,349			88.6	%
Seattle	7	1,115			100.0	%	—	—			—		—	—			—		7	1,115			100.0	%
Southern California	8	1,132			86.1	%	3	242			100.0	%	1	21			85.5	%	12	1,395			88.5	%
Total/Weighted Average - Operating Properties	224	45,853			93.7	%	115	6,206			91.9	%	42	1,485			82.7	%	381	53,544			93.2	%
Consolidated Redevelopment Properties	3	585			26.9	%	2	119			0.0	%	—	—			—		5	704			22.4	%
Consolidated Development Properties	11	3,168			29.7	%	4	411			0.0	%	—	—			—		15	3,579			15.3	%
Total/Weighted Average - Consolidated Properties	238	49,606			88.0	%	121	6,736			84.6	%	42	1,485			82.7	%	401	57,827			87.5	%
Unconsolidated Properties:
Fund Operating Properties	35	12,076			99.3	%	—	—			—		—	—			—		35	12,076			99.3	%
Operating Properties (SCLA)	2	463			100.0	%	—	—			—		—	—			—		2	463			100.0	%
Development Properties	9	4,670			5.4	%	2	224			—		—	—			—		11	4,894			5.1	%
Asset Managed Properties	6	1,616			100.0	%	—	—			—		—	—			—		6	1,616			100.0	%
Total/Weighted Average - All Properties	290	68,431			84.7	%	123	6,960			81.9	%	42	1,485			82.7	%	455	76,876			84.4	%
Percentage of Square Feet		89	%					9	%					2	%					100	%
Total Annualized Base Rent - All Properties				$	209,806					$	33,263					$	9,167					$	252,236

⁽¹⁾ Includes 19 buildings held for contribution comprising 2.1 million square feet that were 91.0% occupied at March 31, 2008.

7

DCT INDUSTRIAL TRUST INC.

CONSOLIDATED LEASING STATISTICS⁽¹⁾

	Number of leases signed		Square Feet Signed	Cash Basis Rent Growth		GAAP Basis Rent Growth		Weighted Average Lease Term(2)	Turnover Costs		Turnover Costs Per Square Foot
			(in thousands)					(in months)	(in thousands)
Q1 2008
Bulk Distribution	33		1,576	2.0	%	10.5	%	58.4	$	2,685	$	1.70
Light Industrial	18		230	5.9	%	15.8	%	38.1		393		1.71
Service Center	9		54	-1.8	%	10.9	%	41.1		285		5.32
Total/Weighted Average	60		1,860	2.4	%	11.1	%	55.4	$	3,363	$	1.81
Weighted Average Retention	72.0	%

Lease Expirations For Consolidated Operating Properties⁽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)
2008(4)	8,150	$	31,644	14.7	%
2009	8,678		35,798	16.7	%
2010	10,110		41,027	19.1	%
2011	5,323		24,585	11.4	%
2012	5,009		25,760	12.0	%
Thereafter	12,612		56,118	26.1	%
Total leased	49,882	$	214,932	100.0	%
Available	3,662
Total consolidated operating properties	53,544

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

⁽²⁾ Assumes no exercise of lease renewal options.

⁽³⁾ Includes contractual rent increases.

⁽⁴⁾ Includes month-to-month leases.

8

DCT INDUSTRIAL TRUST INC.

ACQUISITION AND DISPOSITION SUMMARY FOR THE THREE MONTHS ENDED MARCH 31, 2008

Property/Portfolio			Market	Number of Buildings	Square Feet
					(in thousands)
Consolidated Acquisitions
Q1 2008
Development Properties Acquired Under Forward Commitment
March	DCT Monterrey 2 - Escobedo Center		Monterrey, Mexico	1	183
March	DCT Monterrey 3 - Escobedo		Monterrey, Mexico	1	102
March	DCT Monterrey 4 - A.D.N.		Monterrey, Mexico	1	262
	Total acquisitions			3	547
Total Acquisition Price - $20.7 million
Consolidated Dispositions
Q1 2008
March	6419 South 228th Street		Seattle	1	84
	Total			1	84
Total Sales Price - $6.1 million
Acquisitions Into Institutional Capital Management Funds
Q1 2008		Fund
February	Cypress Park East V	JP Morgan	Orlando	1	340
	Total acquisitions			1	340

9

DCT INDUSTRIAL TRUST INC.

DEVELOPMENT OVERVIEW AS OF MARCH 31, 2008

(dollar amounts in millions)

			Historical Cost							Projected Investment						Projected Stabilization by Year ($)
	Square Feet	Acres	Consolidated		Unconsolidated			Total		Consolidated		Unconsolidated		Total		2008		2009
	(in thousands)
Under Development:
Shell Complete	3,543	n/a	$	83.6	$	53.2	(1)	$	136.8	$	97.1	$	64.0	$	161.1	$	123.4	$	37.7
Under Construction	4,930	n/a		25.3		85.5	(1)		110.8		74.5		168.2		242.7		29.5		176.5
Total Under Development	8,473	n/a	$	108.9	$	138.7		$	247.6	$	171.6	$	232.2	$	403.8	$	152.9	$	214.2
Forward Commitment and Build-to-Suit(2)	696	n/a	$	—
Pre-Development(3) (4)	855	n/a	$	9.7
Redevelopment(5)	704	n/a	$	37.8
Properties Held For Contribution(6)	2,146	n/a	$	119.8
Land
Owned(4) (7)	4,155	275.0	$	6.8
DCT/IDI Buford LLC	628	46.8		—
Under Control (4) (8)	—	3,995.0		—
Total	4,783	4,316.8	$	6.8
Grand Total	17,657	4,316.8	$	283.0

⁽¹⁾ Weighted average ownership of the historical cost for unconsolidated shell complete buildings and unconsolidated buildings under construction is approximately 94% and 63%, respectively.

⁽²⁾ Includes five buildings and one expansion project with Nexxus (Monterrey, Mexico). Total Projected Investment in these assets is estimated to be between $30 million and $35 million.

⁽³⁾ Includes Dulles Summit Phase II (Baltimore/Washington DC), ADC North Phase II (Orlando) and a portion of Phase IA of SCLA (Southern California).

Total Projected Investment in these assets is expected to be between $60 million and $65 million. SCLA is unconsolidated.

⁽⁴⁾ Summary of SCLA:

	Square Feet	Acres	Projected Investment
	(in thousands)		(in millions)
Phase 1A (Owned):
Under Construction	1,520	75	$	68
Pre-Development	445	22	$	21
Land Held (Square Feet based on 40% coverage)	4,155	238
Total	6,120	335
Additional Phases (Under Control)		3,995
Total SCLA		4,330

⁽⁵⁾ Summary of Redevelopment assets:

Property	Market	Square Feet
		(in thousands)
115 Greenwood Parkway	Atlanta	188
Nations Ford	Charlotte	259
3575 Stern Avenue	Chicago	69
1101 Great Southwest	Dallas	50
2301 Cottontail Lane	New Jersey	138
Total		704

Total Projected Investment in these assets is expected to be between $35 million and $40 million.

⁽⁶⁾ Includes buildings in Columbus, Houston, Kansas City, San Antonio, Southern California and Mexico.

⁽⁷⁾ Includes future phases of Dulles Summit (Baltimore/Washington DC), Mohawk (Columbus), and a portion of Phase IA of SCLA (Southern California). The SCLA land is unconsolidated.

⁽⁸⁾ Excludes any square feet associated with future phases at SCLA (see note 4).

10

DCT INDUSTRIAL TRUST INC.

CONSTRUCTION SUMMARY AS OF MARCH 31, 2008

(dollar amounts in millions)

Project	Market	Square Feet	Projected Investment			Start Date	Anticipated Stabilization Date	Consolidated/ Unconsolidated (C/U)
		(in thousands)
Shell Complete
South Creek IV	Atlanta	557	$	20.7		2005	2009	C
Veterans 2	Chicago	175		10.1		2006	2008	C
Deltapoint	Memphis	885		30.7		2005	2008	C
Nexxus (3 buildings)	Mexico (Monterrey)	547		25.9		2007	2008	C
Logistics Way	Nashville	570		22.7		2006	2008	U
Airport Dist Center (2 buildings)	Orlando	126		9.7		2007	2008	C
Sycamore Canyon A	Southern California	459		24.3		2006	2008	U
Total/Weighted Average		3,319	$	144.1
Under Construction
Dulles Industrial Phase I (3 buildings)	Baltimore/Washington	246	$	25.2		2007	2009	C
DCT Port Union (2 buildings)	Cincinnati	840		33.1		2007	2009	C
ADC North I (2 buildings)	Orlando	203		16.2		2008	2009	C
Sycamore Canyon B	Southern California	413		29.5		2007	2008	U
Total/Weighted Average		1,702	$	104.0
SCLA
Shell Complete (Buildings 15A & 15B)	Southern California	224		N/A		2007	2009	U
Under Construction (Buildings 1 & 13A)	Southern California	1,296		N/A		2007/08	2009/10	U
Total SCLA		1,520	$	67.8
IDI/DCT, LLC
Under Construction (4 buildings)	Chicago, Nashville, Northern California, Savannah	1,932	$	87.9		2007	2009	U
Grand Total/Weighted Average		8,473	$	403.8
Projected Yield - Development				7.7	%
Leased as of March 31, 2008				14.9	%
Weighted Average DCT % Ownership as of March 31, 2008				86.9	%

11

DCT INDUSTRIAL TRUST INC.

INDEBTEDNESS

(dollar amounts in thousands)

Description	Stated Interest Rate		Effective Interest Rate		Maturity Date	Balance as of 3/31/2008
Senior Unsecured Notes:
2 year, variable rate(1)	3.79	%	3.79	%	June 2008	$	275,000
2011 Notes, fixed rate	5.53	%	5.24	%	April 2011		50,000
2014 Notes, fixed rate	5.68	%	6.03	%	January 2014		50,000
2016 Notes, fixed rate	5.77	%	5.74	%	April 2016		50,000
							425,000
Mortgage Notes:
Fixed Rate Secured Debt	5.40	%	5.13	%	Jul 2008 - Aug 2025		587,734
Variable Rate Secured Debt	4.28	%	4.28	%	October 2011		25,237
Premiums, Net of Amortization							5,130
							618,101
Total Senior Unsecured Notes and Mortgage Notes							1,043,101
Unsecured Credit Facility:
Senior Unsecured Revolving Credit Facility (2)	3.43	%	3.43	%	December 2010		145,000
Total Carrying Value of Debt						$	1,188,101
Weighted Average Interest Rate	4.79	%	4.66	%
Fixed Rate Debt	5.45	%	5.24	%			63	%
Variable Rate Debt	3.70	%	3.70	%			37	%
DCT Share of Unconsolidated Joint Venture Debt(3)
Operating Joint Ventures						$	30,437
Development Joint Ventures							75,943
						$	106,380

Scheduled Principal Payments of Debt as of March 31, 2008 (excluding premiums)

Year	Senior Unsecured Notes			Mortgage Notes		Unsecured Credit Facility		Total
Remainder of 2008	$	275,000	(1)	$	42,231	$	—	$	317,231
2009		—			7,924		—		7,924
2010		—			58,512		145,000		203,512
2011		50,000			230,237		—		280,237
2012		—			169,846		—		169,846
2013		—			41,118		—		41,118
2014		50,000			3,443		—		53,443
2015		—			44,880		—		44,880
2016		50,000			2,006		—		52,006
2017		—			2,183		—		2,183
Thereafter		—			10,591		—		10,591
Total	$	425,000		$	612,971	$	145,000	$	1,182,971

⁽¹⁾ Effective June 9, 2008 the maturity date on $175.0 million will be extended to June 9, 2013, bearing interest at a fixed rate of 6.11%.

⁽²⁾ The senior unsecured revolving credit facility bears interest at either LIBOR plus 0.55% to 1.1% or, at DCT’s election, prime. The interest rate on the senior unsecured revolving credit facility was 3.43% as of March 31, 2008. After giving effect to outstanding letters of credit, we have $129.8 million available on our unsecured revolving credit facility, which has a $300 million total capacity.

⁽³⁾ Based on ownership as of March 31, 2008.

12

DCT INDUSTRIAL TRUST INC.

CAPITALIZATION

(dollar amounts in thousands, except per share data)

Capitalization as of March 31, 2008

Description	Shares or Units (1)	Share Price		Market Value
	(in thousands)
Common shares outstanding	168,386	$	9.96	$	1,677,125
Operating partnership units outstanding(2)	39,212	$	9.96		390,552
Total Equity Market Capitalization					2,067,676
Consolidated debt					1,188,101
Pro rata share of debt related to unconsolidated joint ventures					106,380
Total Debt					1,294,481
Total Market Capitalization				$	3,362,157
Ratio of total debt to total market capitalization, including pro rata share of debt related to unconsolidated joint ventures					38.5	%

Fixed Charge Coverage

	Three Months Ended March 31,
	2008			2007
Net income	$	384		$	15,355
Interest expense(3) (4)		14,574			16,880
Pro rata share of interest expense from unconsolidated JVs		1,331			826
Real estate related depreciation and amortization(3)		29,143			28,783
Pro rata share of real estate related depreciation and amortization from unconsol. JVs		1,215			325
Income taxes		549			471
Stock-based compensation amortization expense		743			494
Minority interests(3)		42			2,486
Non-FFO (gains) on dispositions of real estate interests, net		(561	)		(13,735	)
Adjusted EBITDA	$	47,420		$	51,885
Calculation of Fixed Charges
Interest expense excluding financing obligation(3) (4)	$	14,522		$	15,013
Interest expense related to financing obligation(2)		52			1,867
Capitalized interest		2,054			1,553
Amortization of loan costs and debt premium/discount		120			57
Amortization of financing obligations		(4	)		(195	)
Pro rata share of interest expense from unconsolidated JVs		1,331			826
Total Fixed Charges	$	18,075		$	19,121
Fixed Charge Coverage		2.6	(4)		2.7
Fixed Charge Coverage, Excluding Financing Obligations		2.6			3.0

⁽¹⁾ Excludes Long-Term Incentive Plan Units, Restricted Stock, and Phantom Shares of 1,244,951 units.

⁽²⁾ As of March 31, 2008, we had no financing obligations related to our operating partnership’s private placementof undivided tenancy-in-common (TIC) interests. In satisfaction of the financing obligation as of December 31, 2007, we issued approximately 1.6 million OP units during January 2008.

The payments made to these investors while they held TIC interests are reflected primarily as interest expense in the accompanying financial statements.

⁽³⁾ Includes amounts related to discontinued operations.

⁽⁴⁾ Includes $1.4 million related to forward-starting interest rate swaps during the quarter ended March 31, 2008. Excluding this item, the fixed charge coverage would have been 2.9 for the three months ended March 31, 2008.

Subsequent to March 31, 2008, these swaps were settled for gains resulting in an insignificant year-to-date impact.

13

DCT INDUSTRIAL TRUST INC.

INSTITUTIONAL CAPITAL MANAGEMENT SUMMARY

(dollar amounts in thousands)

CONSOLIDATED STATEMENTS OF OPERATIONS

	For the Three Months Ended March 31, 2008
	Boubyan Fund I			TRT-DCT JV I			TRT-DCT JV II			JP Morgan Venture
Revenues:
Rental revenues	$	2,751		$	3,578		$	1,652		$	5,602
Other income		4			3			1			11
Total revenues		2,755			3,581			1,653			5,613
Expenses:
Real estate taxes		337			426			239			645
Rental expenses		237			286			187			446
Depreciation and amortization		1,227			1,665			861			2,700
General and Administrative		198			20			10			214
Total expenses		1,999			2,397			1,297			4,005
Interest expense		(1,360	)		(1,478	)		(708	)		—
Net Income (Loss)	$	(604	)	$	(294	)	$	(352	)	$	1,608
Rental revenues	$	2,751		$	3,578		$	1,652		$	5,602
Rental expenses and real estate taxes		574			712			426			1,091
Net Operating Income	$	2,177		$	2,866		$	1,226		$	4,511
DCT Industrial Ownership %		20.0	%		6.7	%		12.5	%		20.0	%
CONSOLIDATED BALANCE SHEETS
	As of March 31, 2008
	Boubyan Fund I			TRT-DCT JV I			TRT-DCT JV II			JP Morgan Venture
Total Investment in properties	$	124,736		$	170,075		$	67,852		$	284,658
Accumulated depreciation and amortization		(10,298	)		(8,436	)		(3,602	)		(5,236	)
Net Investment in properties		114,438			161,639			64,250			279,422
Cash and cash equivalents		403			721			270			1,067
Other Assets		2,058			2,361			806			1,124
Total Assets	$	116,899		$	164,721		$	65,326		$	281,613
Secured debt	$	95,500	(1)	$	101,042	(2)	$	45,188		$	—
Other Liabilities		2,388			3,606			1,441			5,441
Total Liabilities		97,888			104,648			46,629			5,441
Partners’ Capital		19,011			60,073			18,697			276,172
Total Liabilities and Partners’ Capital	$	116,899		$	164,721		$	65,326		$	281,613

Data by Fund:(3)	Number of Buildings	Square Feet	Occupancy Percentage
Boubyan Fund I	6	2,647	100.0	%
TRT-DCT JV I	10	3,051	98.6	%
TRT-DCT JV II	5	1,422	100.0	%
JP Morgan Venture	14	4,956	99.1	%
Total	35	12,076	99.3	%

⁽¹⁾ Debt requires interest only payments until 2012 and has a stated interest rate of 5.6%.

⁽²⁾ $85 million debt requires interest only payments until 2017 and has a stated interest rate of 5.7%. $16 million debt, which is guaranteed by DCT, requires interest only payments until 2014 and has a stated interest rate of 6.0%.

⁽³⁾ See acquisitions page for detail of properties contributed into the funds for the three months ended March 31, 2008.

14

DCT INDUSTRIAL TRUST INC.

Definitions

Acquisition Price	Includes purchase price and all costs associated with the acquisition.
Adjusted EBITDA	EBITDA represents earnings (loss) from operations before interest, taxes, depreciation, amortization, stock-based compensation expense and minority interest, and excludes non-FFO gains on disposed assets. We use adjusted EBITDA to measure our operating performance and to provide investors relevant and useful information because it allows fixed income investors to view income from our operations on an unleveraged basis before the effects of non-cash items, such as depreciation and amortization.
Annualized Base Rent	Annualized Base Rent is calculated as monthly contractual base rent (cash basis) per the terms of the lease, as of period end, multiplied by 12.
Capital Expenditures	Capital expenditures include building improvements, development costs and leasing costs required to maintain current revenues and/or improve real estate assets.
Capital Expenditures Identified Upon Acquisition	Costs that were identified during the acquisition-related due diligence activity to renovate, rehabilitate and reposition real estate assets to market standards.
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 and the amortization of above/below market rents. See definition of Net Operating Income below for additional information.
Contributed Value	Represents the fair market value of real estate contributed to funds.
Effective Interest Rate	Reflects the impact to interest rates of GAAP adjustments for purchase price allocation and hedging transactions. These rates do not reflect the impact of other interest expense items such as fees and the amortization of loan costs.
Fixed Charges	Fixed charges include interest expense, increased for interest capitalized and our pro rata share of our unconsolidated joint venture debt and adjusted for amortization of discounts, premiums and loan costs.
Fixed Charge Coverage	We calculate Fixed Charge Coverage as adjusted EBITDA divided by total Fixed Charges.
Funds From Operations (“FFO”)	DCT Industrial believes that net income, as defined by GAAP, is the most appropriate earnings measure. However, DCT Industrial considers funds from operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), to be a useful supplemental 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, calculated in accordance with GAAP, plus real estate-related depreciation and amortization, less gains (or losses) from dispositions of real estate held for investment purposes and adjustments to derive DCT Industrial’s pro rata share of FFO of consolidated and unconsolidated joint ventures. 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. Other REITs may not calculate FFO in accordance with the NAREIT definition and, accordingly, DCT Industrial’s FFO may not be comparable to such other REITs’ FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of DCT Industrial’s performance.
GAAP	United States generally accepted accounting principles.
GAAP Basis Rent Growth	GAAP basis rent growth is a ratio of the change in monthly Net Effective Rent (on a GAAP basis, including straight-line rent adjustments as required by GAAP) compared to the Net Effective Rent (on a GAAP basis) of the previous term. New leases where there were no prior comparable leases are excluded.
Held for Contribution	Represents properties anticipated to be contributed to a fund within 12 months.
Historical Cost	Represents historical undepreciated book value pursuant to GAAP, as of the period indicated, including acquisition fees.
Net Effective Rent	Average base rental rate over the term of the lease, calculated in accordance with GAAP.
Net Operating Income (“NOI”)	Net operating income (“NOI”) is defined as rental revenues, including expense reimbursements, less rental expenses and real estate taxes, and excludes depreciation, amortization, general and administrative expenses and interest expense. DCT Industrial considers NOI to be an appropriate supplemental performance measure because NOI reflects the operating performance of DCT Industrial’s properties and excludes certain items that are not considered to be controllable in connection with the management of the property such as depreciation, interest expense, interest income and general and administrative expenses. However, NOI should not be viewed as an alternative measure of DCT Industrial’s financial performance since it excludes expenses which could materially impact our results of operations. Further, DCT Industrial’s NOI may not be comparable to that of other real estate companies, as they may use different methodologies for calculating NOI. Therefore, DCT Industrial believes net income, as defined by GAAP, to be the most appropriate measure to evaluate DCT Industrial’s overall financial performance.

	Consolidated Operating Data						Same Store Operating Data
	Three Months Ended March 31,						Three Months Ended March 31,
	2008			2007			2008			2007
Reconciliation of NOI to Net Income:
Net Operating Income	$	48,127		$	48,526		$	43,352		$	43,592
Net operating income - non-same store properties		N/A			N/A			4,647			4,934
Revenue from lease terminations		N/A			N/A			128			—
Other operating income (expense)		(34,125	)		(32,005	)		(34,125	)		(32,005	)
Other income and expenses		(14,378	)		(16,236	)		(14,378	)		(16,236	)
Minority interest		109			45			109			45
Discontinued operations		289			8,276			289			8,276
Gain on dispositions of real estate interests, net of minority interests		362			6,749			362			6,749
Net income	$	384		$	15,355		$	384		$	15,355

15

DCT INDUSTRIAL TRUST INC.

Definitions

Ratio of Consolidated Debt to Book Value of Total Assets (Before Depreciation)	Calculated as (total consolidated debt) / (total assets - accumulated depreciation and amortization).
Redevelopment	Represents assets acquired with the intention to reposition or redevelop. May include buildings taken out of service to redevelop where we generally expect to spend more than 20% of the building’s book value on capital improvements, if applicable.
Retention	Calculated as (retained square feet + relocated square feet) / ((retained square feet + relocated square feet + expired square feet) - (square feet of vacancies anticipated at acquisition + month-to-month square feet + bankruptcy square feet + early terminations)).
Sales Price	Contractual price of real estate sold before closing adjustments.
Same Store Population	The same store population is determined independently for each period presented, quarter-to-date and year-to-date, by including all consolidated operating properties that have been owned and stabilized for the entire current and prior periods presented.
Square Feet	Represents square feet in building that are available for lease.
Stabilized	Buildings are generally considered stabilized when 95% occupied, or up to approximately 18 months after completion of construction.
Stock-based Compensation Amortization Expense	Represents the non-cash amortization required by SFAS No. 123(R),Share-Based Payment, of the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and amortized over the vesting period.
Turnover Costs	Turnover costs are comprised of the costs incurred or capitalized for improvements of vacant and renewal spaces, as well as the commissions paid or costs capitalized for leasing transactions. The amount indicated for leasing statistics represents the total turnover costs expected to be incurred on the leases signed during the period and does not reflect actual expenditures for the period.
Yield - Acquisition	Calculated as stabilized Net Operating Income divided by Acquisition Price.
Yield - Development (Projected)	Calculated as projected stabilized Net Operating Income divided by projected development cost.

16