Duck Creek 8-K Other Events

Exhibit 99.1

On February 8, 2011, DCT Industrial Trust Inc., a real estate investment trust, reported results for the fourth quarter ended December 31, 2010.

Results for the quarter and year ended December 31, 2010

Net loss attributable to common stockholders for the fourth quarter of 2010 was $11.2 million, or $0.05 per diluted share, compared with a net loss of $3.8 million, or $0.02 per diluted share, reported for the fourth quarter of 2009. Net loss attributable to common stockholders for the year ended December 31, 2010 was $37.8 million, or $0.18 per diluted share, compared with a net loss of $18.6 million, or $0.10 per diluted share, for the year ended December 31, 2009.

Funds from Operations (FFO) attributable to common stockholders and unitholders for the fourth quarter of 2010 totaled $23.9 million, or $0.10 per diluted share, excluding $5.3 million, or $0.02 per diluted share, of impairment losses and acquisition costs, compared with $26.9 million, or $0.11 per diluted share, excluding $0.3 million of severance costs and impairment losses, reported for the fourth quarter of 2009.

For the year ended December 31, 2010, FFO attributable to common stockholders and unitholders totaled $93.0 million, or $0.39 per diluted share, excluding $14.4 million of impairment losses, acquisition costs and debt modification costs. This compares with $112.4 million, or $0.50 per diluted share, excluding $3.9 million, or $0.02 per diluted share, of severance costs and impairment losses, reported for the year ended December 31, 2009.

Including impairment losses and acquisition costs, FFO was $0.08 per diluted share for the three months ended December 31, 2010. For the year ended December 31, 2010, including impairment losses, acquisition costs and debt modification costs, FFO was $0.33 per diluted share.

Operating Results and Leasing Activity

As of December 31, 2010, DCT Industrial owned 390 consolidated operating properties, comprised of 56.7 million square feet plus 1.1 million square feet of development and redevelopment properties. DCT Industrial’s consolidated operating portfolio occupancy was 88.9% as of December 31, 2010, up from 86.9% as of September 30, 2010. Including development and redevelopment, the total consolidated portfolio occupancy was 87.4% as of December 31, 2010 up from 84.3% as of September 30, 2010.

For the three months ended December 31, 2010 and 2009, loss from continuing operations was $12.1 million and $3.8 million, respectively. Net operating income was $43.0 million in the fourth quarter of 2010, compared with $43.9 million reported for the fourth quarter of 2009. For the twelve months ended December 31, 2010 and 2009, loss from continuing operations was $40.2 million and 23.5 million respectively. For the twelve months ended December 31, 2010, net operating income totaled $165.8 million compared with $172.9 million earned in 2009. Total consolidated occupancy averaged 82.9% in 2010 compared to 84.0% in 2009.

Fourth quarter 2010 same store net operating income declined 5.7% on a GAAP basis and 6.7% on a cash basis, excluding revenue from lease terminations, when compared to the same period last year. For the year ended December 31, 2010, same store net operating income declined 7.1% on a GAAP basis and 8.8% on a cash basis, excluding revenue from lease terminations, when compared to 2009.

During the fourth quarter of 2010, the Company leased approximately 4.6 million square feet, including 0.3 million square feet of development and redevelopment leases. For the year ended December 31, 2010, the Company signed leases totaling 13.3 million square feet, of which 2.3 million square feet were for development and redevelopment properties. As of December 31, 2010, 1.0 million square feet, or 1.7% of DCT’s total consolidated portfolio of 57.8 million square feet, was leased but not occupied.

The tenant retention rate was 88.6% and 73.8% for the fourth quarter and full year of 2010, respectively. In the fourth quarter of 2010, rental rates on signed leases declined 8.9% on a GAAP basis and 14.0% on a cash basis. In 2010, rental rates declined 8.7% on a GAAP basis and 10.0% on a cash basis with respect to signed leases.

Capital Deployment, Development Update and Disposition Activity

As previously announced, DCT Industrial successfully completed acquisitions with a total value of $111.5 million in 2010, of which $79.1 million was acquired in the fourth quarter. Included in these amounts are $14.0 million owned by third-party non-controlling interests. These acquisitions comprised 1.5 million square feet of industrial properties in coastal and in-fill markets, and also included a 19.3 acre land parcel in the Inland Empire West market. In addition, the Company closed 884,000 square feet, or $46.7 million, of acquisitions in January 2011, which included $9.8 million owned by non-controlling interests. In the Company’s development portfolio, nine properties totaling 2.4 million square feet were stabilized in 2010, of which 0.7 million square feet were stabilized in the fourth quarter. An additional 0.7 million square feet of redevelopment properties were stabilized during 2010. In total, the Company stabilized approximately $150.0 million of projects in 2010 with a remaining pipeline of $131.1 million at December 31, 2010, including its proportionate share of joint ventures.

During the fourth quarter of 2010, DCT Industrial completed the disposition of four light industrial properties comprising 129,000 square feet. These vacant buildings were sold to users for a total sales price of $4.6 million. For the year ended December 31, 2010, DCT Industrial completed sales of 536,000 square feet for a total sales price of $21.6 million.

Balance Sheet

In addition, DCT Industrial raised $43.0 million though its continuous equity offering program during the fourth quarter of 2010 from the issuance of 9.1 million new shares. In 2010, DCT raised $60.4 million through the program. The proceeds from the issuances were used to finance acquisitions.

Dividend

DCT Industrial’s Board of Directors has declared a $0.07 per share quarterly cash dividend, payable on April 19, 2011, to stockholders of record as of April 7, 2011.

DCT INDUSTRIAL TRUST INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(unaudited, in thousands, except share and per share information)

	December 31, 2010			December 31, 2009
ASSETS
Land	$	567,152		$	519,485
Buildings and improvements		2,343,835			2,219,826
Intangible lease assets		93,497			116,243
Construction in progress		32,952			60,860
Total investment in properties		3,037,436			2,916,414
Less accumulated depreciation and amortization		(528,705	)		(451,242	)
Net investment in properties		2,508,731			2,465,172
Investments in and advances to unconsolidated joint ventures		138,455			111,238
Net investment in real estate		2,647,186			2,576,410
Cash and cash equivalents		17,330			19,120
Notes receivable		1,222			19,084
Deferred loan costs, net		5,883			4,919
Straight-line rent and other receivables, net of allowance for doubtful accounts of $2,088 and $2,226, respectively		33,278			31,607
Other assets, net		14,990			13,152
Total assets	$	2,719,889		$	2,664,292
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued expenses	$	38,354		$	36,261
Distributions payable		17,458			16,527
Tenant prepaids and security deposits		20,759			19,451
Other liabilities		12,373			5,759
Intangible lease liability, net		18,748			5,946
Line of credit		51,000			—
Senior unsecured notes		735,000			625,000
Mortgage notes		425,359			511,715
Total liabilities		1,319,051			1,220,659
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, 222,946,676 and 208,046,167 shares issued and outstanding as of December 31, 2010 and December 31, 2009, respectively		2,229			2,080
Additional paid-in capital		1,898,289			1,817,654
Distributions in excess of earnings		(689,127	)		(591,087	)
Accumulated other comprehensive loss		(15,289	)		(11,012	)
Total stockholders’ equity		1,196,102			1,217,635
Noncontrolling interests		204,736			225,998
Total equity		1,400,838			1,443,633
Total liabilities and equity	$	2,719,889		$	2,664,292

DCT INDUSTRIAL TRUST INC. AND SUBSIDIARIES

Consolidated Statements of Operations

(unaudited, in thousands, except per share information)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2010			2009			2010			2009
REVENUES:
Rental revenues	$	59,119		$	59,541		$	235,284		$	239,964
Institutional capital management and other fees		1,082			653			4,133			2,701
Total revenues		60,201			60,194			239,417			242,665
OPERATING EXPENSES:
Rental expenses		8,212			7,448			33,527			32,532
Real estate taxes		7,889			8,150			35,963			34,493
Real estate related depreciation and amortization		29,368			28,516			115,123			109,420
General and administrative		6,735			8,221			25,262			29,224
Impairment losses		4,100			—			8,656			—
Total operating expenses		56,304	��		52,335			218,531			205,669
Operating income		3,897			7,859			20,886			36,996
OTHER INCOME AND EXPENSE:
Equity in income (loss) of unconsolidated joint ventures, net		(786	)		533			(2,986	)		2,698
Impairment losses on investments in unconsolidated joint ventures		(216	)		—			(216	)		(300	)
Loss on business combinations		—			(169	)		(395	)		(10,325	)
Interest expense		(15,423	)		(12,576	)		(56,903	)		(52,670	)
Interest and other income		244			364			356			1,918
Income tax benefit (expense) and other taxes		138			178			(918	)		(1,846	)
Loss from continuing operations		(12,146	)		(3,811	)		(40,176	)		(23,529	)
Income (loss) from discontinued operations		(747	)		(518	)		(2,890	)		1,815
Loss before gain (loss) on dispositions of real estate interests		(12,893	)		(4,329	)		(43,066	)		(21,714	)
Gain (loss) on dispositions of real estate interests		—			(57	)		13			5
Consolidated net loss of DCT Industrial Trust Inc.		(12,893	)		(4,386	)		(43,053	)		(21,709	)
Net loss attributable to noncontrolling interests		1,698			550			5,223			3,124
Net loss attributable to common stockholders	$	(11,195	)	$	(3,836	)	$	(37,830	)	$	(18,585	)
EARNINGS PER COMMON SHARE - BASIC:
Loss from continuing operations	$	(0.05	)	$	(0.02	)	$	(0.17	)	$	(0.11	)
Income (loss) from discontinued operations		0.00			0.00			(0.01	)		0.01
Gain (loss) on dispositions of real estate interests		0.00			0.00			0.00			0.00
Net loss attributable to common stockholders	$	(0.05	)	$	(0.02	)	$	(0.18	)	$	(0.10	)
EARNINGS PER COMMON SHARE - DILUTED:
Loss from continuing operations	$	(0.05	)	$	(0.02	)	$	(0.17	)	$	(0.11	)
Income (loss) from discontinued operations		0.00			0.00			(0.01	)		0.01
Gain (loss) on dispositions of real estate interests		0.00			0.00			0.00			0.00
Net loss attributable to common stockholders	$	(0.05	)	$	(0.02	)	$	(0.18	)	$	(0.10	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic and diluted		218,723			207,291			212,412			192,900

Reconciliation of Loss Attributable to Common Stockholders and Unitholders to Funds From Operations

(unaudited, in thousands, except per share information)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2010			2009			2010			2009
Net loss attributable to common stockholders	$	(11,195	)	$	(3,836	)	$	(37,830	)	$	(18,585	)
Adjustments:
Real estate related depreciation and amortization		29,386			28,772			115,904			111,250
Equity in (income) loss of unconsolidated joint ventures, net		786			(533	)		2,986			(2,698	)
Equity in FFO of unconsolidated joint ventures		921			2,348			4,001			11,807
Less: loss on business combinations		—			169			395			10,325
Less: (gain) loss on dispositions of real estate interest		—			149			(2,091	)		(1,354	)
Gain on dispositions of non-depreciated real estate		—			(43	)		13			783
Noncontrolling interest in the operating partnership’s share of the above adjustment		(3,283	)		(3,625	)		(13,426	)		(17,907	)
FFO attributable to unitholders		1,941			3,124			8,678			14,881
FFO attributable to common stockholders and unitholders, basic and diluted		18,556			26,525			78,630			108,502
Adjustments:
Impairment losses(1)		4,591			51			12,004			981
Debt modification costs		—			—			1,136			—
Acquisition costs		706			—			1,228			—
Severance costs		—			297			—			2,966
FFO, as adjusted, attributable to common stockholders and unitholders, basic and diluted	$	23,853		$	26,873		$	92,998		$	112,449
FFO per common share and unit, basic and diluted	$	0.08		$	0.11		$	0.33		$	0.48
FFO, as adjusted, per common share and unit, basic and diluted	$	0.10		$	0.11		$	0.39		$	0.50
FFO weighted average common shares and units outstanding:
Common shares for earnings per share – basic		218,723			207,291			212,412			192,900
Participating securities		1,722			1,376			1,689			1,535
Units		25,721			28,215			26,351			30,660
FFO weighted average common shares, participating securities and units outstanding – basic		246,166			236,882			240,452			225,095
Dilutive common stock equivalents		401			366			357			189
FFO weighted average common shares, participating securities and units outstanding – diluted		246,567			237,248			240,809			225,284

(1) Excluding amounts attributable to noncontrolling interests.

The following table is a reconciliation of our property net operating income to our reported “Loss from continuing operations” for the three and twelve months ended December 31, 2010 and 2009 (in thousands):

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2010			2009			2010			2009
Loss from continuing operations	$	(12,146	)	$	(3,811	)	$	(40,176	)	$	(23,529	)
Income and other taxes		(138	)		(178	)		918			1,846
Interest and other income		(244	)		(364	)		(356	)		(1,918	)
Interest expense		15,423			12,576			56,903			52,670
Equity in (income) loss of unconsolidated joint ventures, net		786			(533	)		2,986			(2,698	)
General and administrative		6,735			8,221			25,262			29,224
Real estate related depreciation and amortization		29,368			28,516			115,123			109,420
Loss on business combinations		—			169			395			10,325
Impairment losses		4,316			—			8,872			300
Institutional capital management and other fees		(1,082	)		(653	)		(4,133	)		(2,701	)
Total net operating income		43,018			43,943			165,794			172,939
Less net operating income – non-same store properties		(2,107	)		(490	)		(10,377	)		(4,129	)
Same store net operating income		40,911			43,453			155,417			168,810
Less revenue from lease terminations		(104	)		(167	)		(424	)		(2,018	)
Same store net operating income, excluding revenue from lease terminations		40,807			43,286			154,993			166,792
Less straight-line rents, net of related bad debt expense		(824	)		(579	)		(3,237	)		(797	)
Add back amortization of above/(below) market rents		(38	)		87			561			1,064
Same store cash net operating income, excluding revenue from lease terminations	$	39,945		$	42,794		$	152,317		$	167,059

Financial Measures

Net operating income (“NOI”) is defined as rental revenues, including reimbursements, less rental expenses and real estate taxes, which excludes depreciation, amortization, impairment, general and administrative expenses and interest expense. 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. 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). Additionally, lease termination revenue is excluded as it is not considered to be indicative of recurring operating income. 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.

We believe that net income (loss) attributable to common stockholders, as defined by GAAP, is the most appropriate earnings measure. However, we consider FFO as defined by the National Association of Real Estate Investment Trusts, or NAREIT, to be a useful supplemental, non-GAAP measure of our 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 (loss) attributable to common stockholders, calculated in accordance with GAAP, plus real estate-related depreciation and amortization, less gain (or loss) from dispositions of operating real estate held for investment purposes and adjustments to derive our proportionate 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 as defined by GAAP, 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. We believe that FFO excluding severance, acquisition costs and debt modification costs, which are non-routine items, and impairment losses 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 without taking into account the unrelated impairment losses relating to the decrease in value of certain real estate assets and investments in unconsolidated joint ventures. Readers should note that FFO captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations. NAREIT’s definition of FFO is subject to interpretation, and modifications to the NAREIT definition of FFO are common. Accordingly, our FFO may not be comparable to other REITs’ FFO and FFO should be considered only as a supplement to net income (loss) attributable to common stockholders as a measure of our performance.