Duck Creek 8-K DCT Industrial Trust® Reports First Quarter 2016 Results

Exhibit 99.2

Table of Contents

Consolidated Statements of Operations	2
Consolidated Balance Sheets	3
Funds From Operations	4
Selected Financial Data	5
Components of Net Asset Value	6
Property Overview	7-8
Consolidated Leasing Activity	9
Consolidated Lease Expirations	10
Disposition Summary	11
Development Overview	12
Redevelopment Overview	13
Indebtedness	14
Capitalization and Fixed Charge Coverage Ratio	15
Debt Covenants	16
Investment in Unconsolidated Joint Ventures Summary	17
Guidance	18
Definitions	19-21

Forward-Looking Statements

We make statements in this report that are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions and includes statements regarding our anticipated yields.  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;

· 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 development;

· 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 from time to time in our filings with the Securities and Exchange Commission.

In addition, our current and continuing qualification as a real estate investment trust, or REIT, involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, or the Code, and depends on our ability to meet the various requirements imposed by the Code through actual operating results, distribution levels and diversity of stock ownership.

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Consolidated Statements of Operations

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

	Three Months Ended March 31,
	2016			2015
REVENUES:
Rental revenues	$	93,977		$	88,062
Institutional capital management and other fees		393			378
Total revenues		94,370			88,440
OPERATING EXPENSES:
Rental expenses		10,049			10,148
Real estate taxes		14,601			14,505
Real estate related depreciation and amortization		40,070			38,996
General and administrative		6,262			7,336
Total operating expenses		70,982			70,985
Operating income		23,388			17,455
OTHER INCOME (EXPENSE):
Equity in earnings of unconsolidated joint ventures, net		884			807
Gain on dispositions of real estate interests		30,097			26,154
Interest expense		(16,422	)		(13,904	)
Interest and other income (expense)		515			(18	)
Income tax expense and other taxes		(116	)		(193	)
Consolidated net income of DCT Industrial Trust Inc.		38,346			30,301
Net income attributable to noncontrolling interests		(1,955	)		(1,556	)
Net income attributable to common stockholders		36,391			28,745
Distributed and undistributed earnings allocated to participating securities		(228	)		(143	)
Adjusted net income attributable to common stockholders	$	36,163		$	28,602
EARNINGS PER COMMON SHARE:
Basic	$	0.41		$	0.32
Diluted	$	0.41		$	0.32
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic		88,384			88,090
Diluted		88,750			88,419

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Consolidated Balance Sheets

(amounts in thousands)

	March 31,			December 31,
	2016			2015
ASSETS:	(unaudited)
Operating properties	$	3,908,299		$	3,791,721
Properties under development		206,299			242,906
Properties in pre-development		30,631			41,313
Properties under redevelopment		59,182			56,943
Land held		7,698			7,698
Total investment in properties		4,212,109			4,140,581
Less accumulated depreciation and amortization		(775,342	)		(742,980	)
Net investment in properties		3,436,767			3,397,601
Investments in and advances to unconsolidated joint ventures		83,232			82,635
Net investment in real estate		3,519,999			3,480,236
Cash and cash equivalents		14,230			18,412
Restricted cash		63,598			31,187
Straight-line rent and other receivables, net		67,111			60,357
Other assets, net		15,507			15,964
Assets held for sale		-			26,199
Total assets	$	3,680,445		$	3,632,355
LIABILITIES AND EQUITY:
Accounts payable and accrued expenses	$	96,714		$	108,788
Distributions payable		27,185			26,938
Tenant prepaids and security deposits		28,882			29,663
Other liabilities		31,082			18,398
Intangible lease liabilities, net		21,170			22,070
Line of credit		161,000			70,000
Senior unsecured notes		1,226,498			1,276,097
Mortgage notes		208,776			210,375
Liabilities related to assets held for sale		-			869
Total liabilities		1,801,307			1,763,198
Total stockholders’ equity		1,765,051			1,751,984
Noncontrolling interests		114,087			117,173
Total liabilities and equity	$	3,680,445		$	3,632,355

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Funds From Operations (“FFO”)

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

	Three Months Ended March 31,
	2016			2015
Reconciliation of net income attributable to common stockholders to FFO:
Net income attributable to common stockholders	$	36,391		$	28,745
Adjustments:
Real estate related depreciation and amortization		40,070			38,996
Equity in earnings of unconsolidated joint ventures, net		(884	)		(807	)
Equity in FFO of unconsolidated joint ventures		2,367			2,408
Gain on dispositions of real estate interests		(30,097	)		(26,154	)
Gain on dispositions of non-depreciable real estate		-			18
Noncontrolling interest in the above adjustments		(686	)		(853	)
FFO attributable to unitholders		2,261			2,067
FFO attributable to common stockholders and unitholders – basic and diluted(1)		49,422			44,420
Adjustments:
Acquisition costs		20			1,314
Hedge ineffectiveness (non-cash)		1,063			-
FFO, as adjusted, attributable to common stockholders and unitholders – basic and diluted	$	50,505		$	45,734
FFO per common share and unit – basic	$	0.53		$	0.48
FFO per common share and unit – diluted	$	0.53		$	0.48
FFO, as adjusted, per common share and unit – basic	$	0.54		$	0.49
FFO, as adjusted, per common share and unit – diluted	$	0.54		$	0.49
FFO weighted average common shares and units outstanding:
Common shares for earnings per share		88,384			88,090
Participating securities		509			571
Units		4,236			4,299
FFO weighted average common shares, participating securities and units outstanding – basic		93,129			92,960
Dilutive common stock equivalents		366			329
FFO weighted average common shares, participating securities and units outstanding – diluted		93,495			93,289
Reconciliation of net operating income (“NOI”) to FFO:
NOI(2)	$	69,327		$	63,409
Adjustments:
Equity in FFO of unconsolidated joint ventures		2,367			2,408
Institutional capital management and other fees		393			378
Gain on dispositions of non-depreciable real estate		-			18
General and administrative expense		(6,262	)		(7,336	)
Interest expense		(19,369	)		(17,613	)
Capitalized interest expense		2,947			3,709
Interest and other income (expense)		515			(18	)
Income tax expense and other taxes		(116	)		(193	)
FFO attributable to noncontrolling interests		(380	)		(342	)
FFO attributable to common stockholders and unitholders – basic and diluted(1)		49,422			44,420
Adjustments:
Acquisition costs		20			1,314
Hedge ineffectiveness (non-cash)		1,063			-
FFO, as adjusted, attributable to common stockholders and unitholders – basic and diluted	$	50,505		$	45,734

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

⁽²⁾ See the reconciliation of NOI to net income attributable to common stockholders in Definitions.

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Selected Financial Data

(unaudited, amounts in thousands)

	Three Months Ended March 31,
	2016			2015
NOI:
Rental revenues	$	93,977		$		88,062
Rental expenses and real estate taxes		(24,650	)			(24,653	)
NOI(1)	$	69,327		$		63,409
TOTAL CONSOLIDATED PROPERTIES:(2)
Square feet as of period end		64,410				65,198
Average occupancy		93.8	%			90.4	%
Occupancy as of period end		94.3	%			90.6	%
CONSOLIDATED OPERATING PROPERTIES:(2)
Square feet as of period end		62,998				61,860
Average occupancy		95.3	%			94.9	%
Occupancy as of period end		95.8	%			95.3	%
SAME STORE PROPERTIES:(3)
Square feet as of period end		54,704				54,704
Average occupancy		95.0	%			94.8	%
Occupancy as of period end		95.3	%			95.1	%
Rental revenues	$	80,745		$		78,643
Rental expenses and real estate taxes		(21,466	)			(21,852	)
Same store NOI		59,279				56,791
Less: revenue from lease terminations		(80	)			(497	)
Add: early termination straight-line rent adjustment		109				107
NOI, excluding revenue from lease terminations		59,308				56,401
Less: straight-line rents, net of related bad debt expense		(1,195	)			(1,132	)
Less: amortization of below market rents, net		(560	)			(675	)
Cash NOI, excluding revenue from lease terminations	$	57,553		$		54,594
NOI growth, excluding revenue from lease terminations		5.2	%
Cash NOI growth, excluding revenue from lease terminations		5.4	%
SUPPLEMENTAL CONSOLIDATED CASH FLOW AND OTHER INFORMATION:
Straight-line rent receivable (balance sheet)(2)	$	56,825		$		48,173
Straight-line rents – increase to revenue, net of related bad debt expense	$	5,457		$		1,644
Revenue from lease terminations	$	80		$		685
Bad debt expense (recovery), excluding bad debt expense related to straight-line rents	$	111		$		(154	)
Net amortization of below market rents – increase to revenue	$	711		$		782
Scheduled principal amortization	$	1,175		$		2,226
Capitalized interest	$	2,947		$		3,709
Non-cash interest expense(4)	$	2,313		$		1,004
Stock-based compensation amortization	$	1,302		$		1,063
NOI for properties sold during current quarter	$	154		$	N/A
CONSOLIDATED CAPITAL EXPENDITURES:
Development	$	60,647		$		34,202
Redevelopment		2,400				2,948
Due diligence		1,144				3,321
Casualty expenditures		512				42
Building and land improvements		1,120				1,243
Tenant improvements and leasing costs		11,300				9,575
Total capital expenditures	$	77,123		$		51,331

⁽¹⁾ See reconciliation of NOI to net income attributable to common stockholders in Definitions.

⁽²⁾ Includes assets held for sale.

⁽³⁾ See the Definitions for same store properties.

⁽⁴⁾ Includes $1.1 million of hedge ineffectiveness.

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Components of Net Asset Value

(unaudited, amounts in thousands)

Cash Net Operating Income ("Cash NOI")		Three Months Ended March 31, 2016
Property NOI(1)	$		69,327
Less:
Revenue from lease terminations			(80	)
Straight-line rents, net of related bad debt expense			(5,457	)
Net amortization of below market rents			(711	)
Cash NOI, excluding revenue from lease terminations			63,079
Proportionate share of Cash NOI from unconsolidated joint ventures			3,103
Proportionate share of Cash NOI relating to noncontrolling interests			(505	)
Cash NOI attributable to common stockholders			65,677
NOI adjustments to normalize Cash NOI:
Partial quarter adjustment for properties disposed(2)			(140	)
Partial quarter adjustment for development and redevelopment properties stabilized(3)			2,553
Development and redevelopment properties not yet placed in operation			(241	)
NOI adjustments, net			2,172
Proforma Cash NOI	$		67,849
Other income:
Institutional capital management fees	$		393
Balance Sheet Items		As of March 31, 2016
Other assets:
Cash and cash equivalents	$		14,230
Restricted cash			63,598
Other receivables, net			10,286
Other tangible assets, net(4)			11,769
Development properties at gross book value			206,299
Properties in pre-development at book value(5)			30,631
Redevelopment properties at gross book value			59,182
Land held at book value			7,698
Total other assets	$		403,693
Liabilities:
Line of credit	$		161,000
Senior unsecured notes(6)			1,235,000
Mortgage notes(7)			197,922
DCT's proportionate share of debt related to unconsolidated joint ventures			35,577
Accounts payable and accrued expenses			96,714
Distributions payable			27,185
Tenant prepaids and security deposits			28,882
Other tangible liabilities			31,082
Total liabilities	$		1,813,362
Other information:(8)
Common shares outstanding at period end			88,592
Operating partnership units outstanding at period end			4,122

⁽¹⁾ See reconciliation of NOI to net income attributable to common stockholders in Definitions.

⁽²⁾ Reflects Q1 2016 Cash NOI for properties disposed during the quarter.

⁽³⁾ Reflects three months of proforma Cash NOI from development and redevelopment properties not stabilized less Cash NOI generated during the quarter.

⁽⁴⁾ Excludes goodwill of approximately $0.9 million and deferred loan costs, net of amortization of approximately $2.9 million.

⁽⁵⁾ Excludes our proportionate share of 160 acres of land available for development and 22 acres of land classified as under construction for the development of a

0.4 million square foot property at SCLA.

⁽⁶⁾ Excludes $2.1 million of discounts and $6.4 million of deferred loan costs, net of amortization.

⁽⁷⁾ Excludes $3.4 million of premiums, $0.4 million of deferred loan costs, net of amortization and $7.8 million of noncontrolling interests' share of consolidated debt.

⁽⁸⁾ Excludes 0.5 million of participating securities and 0.4 million of potentially dilutive securities.

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Property Overview

(unaudited)

As of March 31, 2016

Markets	Number of Buildings		Square Feet		Percentage of Total Square Feet			Occupancy Percentage(1)			Annualized Base Rent (2) (3) (4)		Annualized Base Rent per Occupied Square Foot		Percentage of Total Annualized Base Rent
CONSOLIDATED OPERATING:			(in thousands)								(in thousands)
Atlanta		35		7,346		11.4	%		98.2	%	$	20,283	$	2.81		7.9	%
Baltimore/Washington D.C.		18		2,158		3.3	%		96.2	%		13,566		6.53		5.3	%
Charlotte		1		472		0.7	%		100.0	%		1,698		3.60		0.7	%
Chicago		37		8,263		12.8	%		91.8	%		28,827		3.80		11.2	%
Cincinnati		29		2,942		4.6	%		96.6	%		10,416		3.66		4.0	%
Dallas		38		5,518		8.6	%		97.6	%		19,370		3.60		7.5	%
Denver		7		969		1.5	%		100.0	%		4,335		4.47		1.7	%
Houston		36		4,216		6.5	%		94.7	%		23,246		5.82		9.0	%
Indianapolis		5		1,667		2.6	%		61.5	%		3,840		3.74		1.5	%
Louisville		1		300		0.5	%		79.2	%		796		3.35		0.3	%
Memphis		2		1,385		2.2	%		100.0	%		3,702		2.67		1.4	%
Miami		11		1,437		2.2	%		97.7	%		10,595		7.55		4.1	%
Nashville		4		2,064		3.2	%		100.0	%		5,872		2.85		2.3	%
New Jersey		8		1,313		2.0	%		100.0	%		6,025		4.59		2.3	%
Northern California		29		4,075		6.3	%		96.1	%		23,149		5.91		9.0	%
Orlando		21		1,962		3.0	%		94.8	%		7,786		4.19		3.0	%
Pennsylvania		13		3,038		4.7	%		94.6	%		13,561		4.72		5.3	%
Phoenix		25		2,616		4.1	%		97.5	%		11,163		4.38		4.3	%
Seattle		28		3,582		5.6	%		99.5	%		14,766		4.14		5.7	%
Southern California(5)		46		7,675		11.9	%		99.7	%		33,626		4.39		13.0	%
Total/weighted average – operating properties		394		62,998		97.7	%		95.8	%		256,622		4.25		99.5	%
DEVELOPMENT PROPERTIES:
Houston		1		320		0.5	%		0.0	%		-		-		0.0	%
Miami		1		54		0.1	%		44.4	%		-		-		0.0	%
Seattle		1		152		0.2	%		55.8	%		-		-		0.0	%
Total/weighted average – development properties		3		526		0.8	%		20.7	%		-		-		0.0	%
REDEVELOPMENT PROPERTIES:
Chicago		2		423		0.7	%		53.2	%		1,230		5.47		0.4	%
Dallas		1		63		0.1	%		50.0	%		168		5.35		0.1	%
Northern California		1		297		0.5	%		0.0	%		-		-		0.0	%
Seattle		1		103		0.2	%		0.0	%		-		-		0.0	%
Total/weighted average – redevelopment properties		5		886		1.5	%		29.0	%		1,398		5.45		0.5	%
Total/weighted average – consolidated properties		402		64,410		100.0	%		94.3	%	$	258,020	$	4.25		100.0	%

See footnotes on next page.

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Property Overview

(continued)

As of March 31, 2016

Markets	Number of Buildings	Percentage Owned (6)			Square Feet		Percentage of Total Square Feet			Occupancy Percentage(1)			Annualized Base Rent(2) (3)		Annualized Base Rent per Occupied Square Foot		Percentage of Total Annualized Base Rent
UNCONSOLIDATED OPERATING PROPERTIES:					(in thousands)								(in thousands)
Southern California Logistics Airport(7)	6		50.0	%		2,160		28.8	%		99.5	%	$	8,292	$	3.86		33.1	%
Total/weighted average –    unconsolidated operating properties	6		50.0	%		2,160		28.8	%		99.5	%		8,292		3.86		33.1	%
OPERATING PROPERTIES IN CO-INVESTMENT VENTURES:
Chicago	2		20.0	%		1,033		13.8	%		72.8	%		3,004		4.00		12.0	%
Cincinnati	1		20.0	%		543		7.2	%		100.0	%		-		-		0.0	%
Dallas	1		20.0	%		540		7.2	%		100.0	%		1,762		3.26		7.0	%
Denver	5		20.0	%		772		10.3	%		100.0	%		4,058		5.25		16.2	%
Louisville	4		10.0	%		736		9.8	%		81.4	%		1,895		3.17		7.6	%
Nashville	2		20.0	%		1,020		13.6	%		100.0	%		2,840		2.78		11.4	%
Orlando	2		20.0	%		696		9.3	%		100.0	%		3,173		4.56		12.7	%
Total/weighted average –    co-investment operating properties	17		18.6	%		5,340		71.2	%		92.2	%		16,732		3.40		66.9	%
Total/weighted average –    unconsolidated  properties	23		27.7	%		7,500		100.0	%		94.3	%	$	25,024	$	3.54		100.0	%

⁽¹⁾ Based on leases commenced as of March 31, 2016.

⁽²⁾ Annualized base rent is calculated as monthly contractual base rent (cash basis) per the terms of the lease, as of March 31, 2016, multiplied by 12.

⁽³⁾ Excludes total annualized base rent associated with tenants currently in free rent periods of $19.8 million, which includes our proportionate share of free rent from unconsolidated joint ventures and excludes free rent related to development and redevelopment properties stabilized during the period ended March 31, 2016, based on the first month of cash base rent.

⁽⁴⁾ Excludes total annualized base rent of $0.5 million from one property that will be demolished for the development of a 172,000 square foot build-to-suit.

⁽⁵⁾ As of March 31, 2016, our ownership interest in the Southern California properties was 94.5% based on our equity ownership weighted by square feet.

⁽⁶⁾ Percentage owned is based on equity ownership weighted by square feet.

⁽⁷⁾ Although we contributed 100% of the initial cash equity capital required by the venture, after return of certain preferential distributions on capital invested, profits and losses are generally split 50/50.

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Consolidated Leasing Activity

(unaudited)

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
FIRST QUARTER 2016				(in thousands)								(in months)			(in thousands)
New		25			2,166		3.5	%		10.2	%		72	$		10,029	$		4.63
Renewal		33			1,884		16.5	%		34.6	%		67			4,352			2.31
Development and redevelopment		5			274	N/A			N/A				101		N/A			N/A
Total/Weighted Average		63			4,324		9.9	%		22.2	%		72	$		14,381	$		3.55
Weighted Average Retention		62.3	%
FOUR QUARTERS ROLLING
New		112			5,355		0.7	%		13.0	%		70	$		22,598	$		4.22
Renewal		130			7,732		10.7	%		26.3	%		51			11,366			1.47
Development and redevelopment		40			6,844	N/A			N/A				106		N/A			N/A
Total/Weighted Average		282			19,931		7.3	%		21.7	%		75	$		33,964	$		2.59
Weighted Average Retention		69.4	%

⁽¹⁾ Excludes short-term leases that do not contain standard market provisions.

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

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Consolidated Lease Expirations

(unaudited, amounts in thousands)

Lease Expirations for Consolidated Properties by Market⁽¹⁾

	2016(2)					2017					2018
Markets	Square Feet		Percentage of Total Square Feet(3)			Square Feet		Percentage of Total Square Feet(3)			Square Feet		Percentage of Total Square Feet(3)
Atlanta		706		9.8	%		589		8.2	%		348		4.8	%
Baltimore/Washington D.C.		212		10.2	%		349		16.8	%		281		13.5	%
Charlotte		-		0.0	%		-		0.0	%		472		100.0	%
Chicago		594		7.6	%		2,161		27.7	%		469		6.0	%
Cincinnati		83		2.9	%		807		28.4	%		774		27.2	%
Dallas		181		3.3	%		323		6.0	%		1,097		20.3	%
Denver		133		13.7	%		184		19.0	%		18		1.9	%
Houston		79		2.0	%		597		15.0	%		490		12.3	%
Indianapolis		191		18.6	%		141		13.8	%		24		2.3	%
Louisville		-		0.0	%		-		0.0	%		38		16.0	%
Memphis		59		4.3	%		413		29.8	%		-		0.0	%
Miami		65		4.6	%		62		4.3	%		204		14.3	%
Nashville		-		0.0	%		391		18.9	%		652		31.6	%
New Jersey		-		0.0	%		-		0.0	%		369		28.1	%
Northern California		196		5.0	%		293		7.5	%		412		10.5	%
Orlando		284		15.3	%		393		21.1	%		225		12.1	%
Pennsylvania		333		11.6	%		550		19.1	%		798		27.8	%
Phoenix		108		4.2	%		466		18.3	%		708		27.8	%
Seattle		111		3.0	%		180		4.9	%		148		4.1	%
Southern California		732		9.6	%		1,064		13.9	%		260		3.4	%
Total		4,067		6.7	%		8,963		14.8	%		7,787		12.8	%

Lease Expirations for Consolidated Properties Summarized⁽¹⁾

Year	Square Feet Related to Expiring Leases		Annualized Base Rent of Expiring Leases(4)		Percentage of Total Annualized Base Rent
2016(2)		4,067	$	19,808		6.3	%
2017		8,963		38,351		12.2	%
2018		7,787		36,626		11.6	%
2019		9,422		41,080		13.0	%
2020		7,862		43,470		13.8	%
Thereafter		22,644		135,949		43.1	%
Total occupied		60,745	$	315,284		100.0	%
Available or leased but not occupied		3,665
Total consolidated properties		64,410

⁽¹⁾ Assumes no exercise of lease renewal options, if any.

⁽²⁾ Includes short-term leases that do not contain standard market provisions.

⁽³⁾ Percentage is based on consolidated occupied square feet as of March 31, 2016.

⁽⁴⁾ Annualized based rent includes contractual rents in effect at the date of the lease expiration.

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Disposition Summary

(unaudited)

For the Three Months Ended March 31, 2016

	Property Name	Market	Size		Occupancy at Disposition
BUILDING DISPOSITIONS:
Consolidated Properties
January	Bondesen Portfolio (3 buildings)	Houston		273,000		94.0	%
January	10610 Freeport Drive	Louisville		506,000		100.0	%
Total YTD Sales Price – $57.2 million				779,000		97.8	%

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Development Overview

(unaudited, amounts in thousands, except acres and number of buildings)

As of March 31, 2016

											Cost Incurred
Project	Market	Acres			Number of Buildings	Square Feet		Percentage Owned(1)			Q1-2016		Cumulative Costs at 3/31/2016		Projected Investment		Completion Date(2)	Percentage Leased(3)
Consolidated Development Activities:
Stabilized in Q1 2016
DCT Fairburn	Atlanta	75			1		1,037		100	%	$	8,568	$	51,204	$	51,204	Q1-2016		100	%
DCT Downs Park Building B(4)	Baltimore/Washington D.C.	13			1		149		100	%		2,789		23,770		25,800	Q1-2016		100	%
6400 Hollister Road – Expansion	Houston	2			Expansion		55		100	%		174		3,824		3,959	Q1-2016		100	%
DCT Airport Distribution Center North Building C	Orlando	8			1		97		100	%		34		6,017		6,035	Q4-2014		100	%
DCT Fife Distribution Center South	Seattle	12			1		240		100	%		2,962		17,249		19,353	Q1-2016		100	%
DCT Sumner South Distribution Center	Seattle	9			1		188		100	%		776		14,394		14,600	Q1-2014		100	%
DCT White River Corporate Center Phase I	Seattle	30			1		649		100	%		1,622		45,556		45,865	Q4-2014		100	%
	Total	149			6		2,415		100	%	$	16,925	$	162,014	$	166,816			100	%
Projected Stabilized Yield(5)			8.0	%
Development Projects in Lease Up
DCT Northwest Crossroads Logistics Centre II	Houston	18			1		320		100	%	$	3,429	$	20,197	$	23,677	Q2-2015		59	%
DCT Fife Distribution Center North	Seattle	9			1		152		100	%		374		11,956		12,911	Q1-2016		56	%
	Total	27			2		472		100	%	$	3,803	$	32,153	$	36,588			58	%
Under Construction
DCT North Satellite Distribution Center	Atlanta	47			1		548		100	%	$	346	$	5,862	$	29,544	Q1-2017		0	%
DCT Downs Park Building A(4)	Baltimore/Washington D.C.	13			1		149		100	%		5,058		23,799		26,047	Q2-2016		100	%
DCT Central Avenue	Chicago	54			1		172		100	%		1,423		23,910		60,527	Q1-2017		100	%
DCT O'Hare Logistics Center	Chicago	7			1		113		100	%		1,194		11,781		13,421	Q2-2016		100	%
DCT North Avenue Distribution Center	Chicago	20			1		350		100	%		3,471		19,129		26,572	Q3-2016		100	%
DCT Stockyards Industrial Center	Chicago	10			1		167		100	%		1,179		3,242		14,997	Q4-2016		0	%
DCT Freeport West	Dallas	7			1		108		100	%		2,906		5,331		9,198	Q3-2016		55	%
DCT Waters Ridge	Dallas	18			1		347		100	%		5,469		8,505		18,618	Q3-2016		0	%
DCT Commerce Center Phase II Building C	Miami	8			1		136		100	%		1,039		6,529		15,322	Q4-2016		0	%
DCT Airport Distribution Center Building D	Orlando	6			1		95		100	%		616		1,984		7,160	Q3-2016		0	%
Building 13B	So. California	22			1		445		50	%(6)		2,635		4,130		19,960	Q3-2016		100	%
DCT Jurupa Ranch	So. California	39			1		970		100	%		13,323		57,291		71,672	Q2-2016		100	%
	Total	251			12		3,600		94	%	$	38,659	$	171,493	$	313,038			63	%
Total Projects in Lease Up and Under Construction(7) (8)		278			14		4,072		100	%	$	42,462	$	203,646	$	349,626			62	%
Development Projects Moved to Operating(9)
DCT Fife 45 North	Seattle	5			1		79		100	%	$	494	$	7,532	$	8,052	Q1-2015		100	%
	Total	5			1		79		100	%	$	494	$	7,532	$	8,052			100	%
Total Projects Under Development		283			15		4,151		97	%	$	42,956	$	211,178	$	357,678			63	%
Projected Stabilized Yield – Projects Under Development(5)			7.6	%
Pre-Development
DCT Commerce Center Phase II Building D	Miami	8							100	%	$	183	$	4,601
DCT Commerce Center Phase II Building E	Miami	10							100	%		207		5,304
Seneca Commerce Center Phase I	Miami	14							90	%		186		3,317
Seneca Commerce Center Phase II	Miami	11							90	%		130		1,782
Seneca Commerce Center Phase III	Miami	11							90	%		124		1,663
DCT Arbor Avenue	No. California	40							100	%		661		4,044
DCT Airport Distribution Center Building E	Orlando	6							100	%		15		1,238
DCT Airport Distribution Center Building F	Orlando	6			`				100	%		15		1,328
DCT White River Corporate Center Phase II North	Seattle	13							100	%		171		7,354
	Total	119									$	1,692	$	30,631

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

⁽²⁾ The completion date represents the date of building shell-completion or estimated date of shell-completion.

⁽³⁾ Percentage leased is computed as of the press release date.

⁽⁴⁾ The Projected Investment and corresponding Projected Stabilized Yield do not include any potential promote payable to our joint venture partner.

⁽⁵⁾ Yield computed on a GAAP basis including rents on a straight-line basis.

⁽⁶⁾ Although we contributed 100% of the initial cash equity capital required by the venture, after return of certain preferential distributions on capital invested, profits and losses are generally split 50/50.

⁽⁷⁾ During November 2015, DCT acquired one building totaling 54,000 square feet that was shell-complete. The building is classified as a property under development with cumulative costs of $6.8 million as of March 31, 2016.

⁽⁸⁾ During January 2016, DCT commenced construction on Building 13B, a 445,000 square foot building located in our SCLA unconsolidated joint venture.  The cumulative costs of $4.1 million are excluded from our “Properties under development” in our Consolidated Balance Sheets as of March 31, 2016.

⁽⁹⁾ The property was 77% leased and occupied at March 31, 2016.

First Quarter 2016 Supplemental Reporting Package   P  a  g  e  12

Redevelopment Overview

(unaudited, amounts in thousands, except acres and number of buildings)

As of March 31, 2016

											Cost Incurred
Project	Market	Acres			Number of Buildings	Square Feet		Percentage Owned(1)			Q1-2016		Cumulative Costs at 3/31/2016		Projected Investment		Completion Date(2)	Percentage Leased(3)
Consolidated Redevelopment Activities:
Redevelopment Projects in Lease Up
2413 Prospect	Chicago	17			1	320			100	%	$	600	$	19,484	$	21,306	Q3-2015		100	%
9010 Sterling Street	Dallas	6			1	63			100	%		221		3,965		4,545	Q3-2015		100	%
Total Redevelopment Projects in Lease Up		23			2		383		100	%	$	821	$	23,449	$	25,851			100	%
Redevelopment Projects Under Construction
2201 Arthur Avenue	Chicago	5			1	103			100	%	$	502	$	6,763	$	8,077	Q3-2016		0	%
22290 Hathaway	No. California	12			1	297			100	%		717		18,922		32,231	Q4-2016		100	%
5555 8th Street East	Seattle	6			1	103			100	%		199		10,048		10,929	Q3-2016		0	%
Total Redevelopment Projects Under Construction		23			3		503		100	%	$	1,418	$	35,733	$	51,237			59	%
Total Redevelopment Projects in Lease Up    and Under Construction		46			5		886		100	%	$	2,239	$	59,182	$	77,088			77	%
Projected Stabilized Yield – Projects Under Redevelopment(4)			6.2	%

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

⁽²⁾ The completion date represents the date of building shell-completion or estimated date of shell-completion.

⁽³⁾ Percentage leased is computed as of the press release date.

⁽⁴⁾ Yield computed on a GAAP basis including rents on a straight-line basis.

First Quarter 2016 Supplemental Reporting Package   P  a  g  e  13

Indebtedness

(unaudited, dollar amounts in thousands)

As of March 31, 2016

Description	Stated Interest Rate		Effective Interest Rate(1)		Maturity Date		Balance as of March 31, 2016
SENIOR UNSECURED NOTES:
2016 Notes, fixed rate		4.02%		4.02%	August 2016	$		49,000
2017 Notes, fixed rate		6.31%		6.31%	June 2017			51,000
2018 Notes, fixed rate		5.62%		5.62%	June & August 2018			81,500
2019 Notes, fixed rate		4.97%		4.97%	August 2019			46,000
2020 Notes, fixed rate		5.43%		5.43%	April 2020			50,000
2021 Notes, fixed rate		6.70%		6.70%	June & August 2021			92,500
2022 Notes, fixed rate		4.61%		7.13%	August & September 2022			130,000
2023 Notes, fixed rate		4.62%		4.87%	August & October 2023			310,000
Premiums (discounts), net of amortization								(2,097	)
Deferred loan costs, net of amortization								(3,380	)
								804,523
MORTGAGE NOTES:
Fixed rate secured debt		6.02%		5.26%	April 2017 – August 2025			205,756
Premiums (discounts), net of amortization								3,379
Deferred loan costs, net of amortization								(359	)
								208,776
BANK UNSECURED CREDIT FACILITIES:
Senior unsecured revolving credit facility(2)		1.44%		1.44%	April 2019			161,000
2017 Notes, variable rate(3)		1.54%		1.54%	April 2017			100,000
2020 Notes, variable rate(3)		1.54%		1.54%	April 2020			125,000
2022 Notes, fixed rate(4)		3.31%		3.31%	December 2022			200,000
Deferred loan costs, net of amortization								(3,025	)
								582,975
Total carrying value of consolidated debt						$		1,596,274
Fixed rate debt		4.96%		6.34%				76	%
Variable rate debt		1.49%		1.50%				24	%
Weighted average interest rate		4.12%		4.28%				100	%
DCT PROPORTIONATE SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT(5)
Stirling Capital Investments (SCLA)						$		35,577

Scheduled Principal Payments of Debt as of March 31, 2016 (excluding premiums, discounts and deferred loan costs)

Year		Senior Unsecured Notes			Mortgage Notes			Bank Unsecured Credit Facilities			Total
2016	$		49,000	$		5,547	$		-	$		54,547
2017			51,000			41,078			100,000			192,078
2018			81,500			6,747			-			88,247
2019			46,000			51,344			161,000			258,344
2020			50,000			71,933			125,000			246,933
2021			92,500			18,436			-			110,936
2022			130,000			3,116			200,000			333,116
2023			310,000			6,366			-			316,366
2024			-			739			-			739
2025			-			450			-			450
Thereafter			-			-			-			-
Total	$		810,000	$		205,756	$		586,000	$		1,601,756

⁽¹⁾ Effective interest rate includes direct hedging costs (excludes hedge ineffectiveness) and mark-to-market adjustments.

⁽²⁾ The $400.0 million senior unsecured revolving credit facility matures April 8, 2019 and bears interest at a variable rate equal to LIBOR, plus a margin of between 0.875% to 1.55% per annum or, at our election, an alternate base rate plus a margin of between 0.00% to 0.55% per annum, depending on our public debt credit rating.  There was $235.5 million available under the senior unsecured revolving credit facility, net of one letter of credit totaling $3.5 million as of March 31, 2016.

⁽³⁾ The senior unsecured $125.0 million and $100.0 million term loans mature April 8, 2020 and April 8, 2017, respectively.  The senior unsecured term loans bear interest at a variable rate equal to LIBOR, plus a margin, depending on our public debt credit rating, of between 0.90% to 1.75% per annum or, at our election, an alternate base rate plus a margin of between 0.00% to 0.75% per annum.

⁽⁴⁾ The senior unsecured $200.0 million term loan matures December 10, 2022 and bears interest at a variable rate equal to LIBOR, plus a margin, depending on our public debt credit rating, of between 1.45% to 2.40% per annum or, at our election, an alternate base rate plus a margin of between 0.45% to 1.40% per annum. On December 11, 2015, we entered into a pay-fixed, receive-floating interest rate swap which effectively fixes the interest rate on the term loan at 3.31% through maturity.

⁽⁵⁾ Based on our ownership share as of March 31, 2016.

First Quarter 2016 Supplemental Reporting Package   P  a  g  e  14

Capitalization and Fixed Charge Coverage Ratio

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

Capitalization at March 31, 2016

Description	Shares or Units(1)			Share Price			Market Value
Common shares outstanding		88,592	$		39.47	$		3,496,726
Operating partnership units outstanding		4,122	$		39.47			162,695
Total equity market capitalization								3,659,421
Consolidated debt, excluding deferred loan costs of $6.8 million								1,603,038
Less: Noncontrolling interests’ share of consolidated debt(2)								(7,834	)
Proportionate share of debt related to unconsolidated joint ventures								35,577
DCT share of total debt								1,630,781
Total market capitalization						$		5,290,202
DCT share of total debt to total market capitalization								30.8	%

Fixed Charge Coverage Ratio

	Three Months Ended March 31,
	2016			2015
Net income attributable to common stockholders	$	36,391		$	28,745
Interest expense		16,422			13,904
Proportionate share of interest expense from unconsolidated joint ventures		274			324
Real estate related depreciation and amortization		40,070			38,996
Proportionate share of real estate related depreciation and amortization from unconsolidated joint ventures		1,100			1,208
Income tax expense and other taxes		116			193
Stock-based compensation		1,302			1,063
Noncontrolling interests		1,955			1,556
Non-FFO gain on acquisitions and dispositions of real estate interests		(30,097	)		(26,136	)
Adjusted EBITDA	$	67,533		$	59,853
CALCULATION OF FIXED CHARGES:
Interest expense	$	16,422		$	13,904
Capitalized interest		2,947			3,709
Amortization of loan costs and debt premium/discount		(226	)		20
Other non-cash interest expense(3)		(2,087	)		(1,024	)
Proportionate share of interest expense from unconsolidated joint ventures		274			324
Total fixed charges	$	17,330		$	16,933
Fixed charge coverage ratio		3.9x			3.5x

⁽¹⁾ Excludes 0.5 million of unvested Long-Term Incentive Plan Units, 0.1 million shares of unvested Restricted Stock and 0.1 million Phantom Shares outstanding as of March 31, 2016.

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

⁽³⁾ Includes $1.1 million of hedge ineffectiveness.

First Quarter 2016 Supplemental Reporting Package   P  a  g  e  15

Debt Covenants

(unaudited)

Debt Covenant Summary as of March 31, 2016

Senior Unsecured Notes(1)	Covenant	Actual Ratio
Leverage ratio	< 55%	37.6%
Fixed charge coverage ratio	> 1.5 x	3.38 x
Secured debt leverage ratio	< 45%	6.2%
Unencumbered assets to unsecured debt	> 1.67 x	2.50 x
Bank Unsecured Credit Facilities(1)	Covenant	Actual Ratio
Leverage ratio	< 60%	34.6%
Fixed charge coverage ratio	> 1.5 x	3.60 x
Secured debt leverage ratio	< 35%	5.2%
Bond Indentures(1)	Covenant	Actual Ratio
Leverage ratio	< 60%	36.7%
Fixed charge coverage ratio	> 1.5 x	3.61 x
Secured debt leverage ratio	< 40%	4.7%
Unencumbered assets to unsecured debt	> 1.50 x	2.64 x

⁽¹⁾ Calculations are compiled in accordance with the note purchase agreement, credit agreement and bond indenture agreement, respectively, based upon definitions contained therein. The Company is not presenting these ratios and the related calculations for any purpose other than informational, and it is not intending for these measures to provide information to investors about the Company’s financial condition or results of operations.

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Investment in Unconsolidated Joint Ventures Summary

(unaudited, dollar amounts in thousands)

Statement of Operations and Other Data

	For the Three Months Ended March 31, 2016
	TRT-DCT JV III			JP Morgan			Stirling Capital Investments
Total rental revenues	$	630		$	5,461		$	3,074
Rental expenses and real estate taxes		(175	)		(1,474	)		(470	)
NOI		455			3,987			2,604
Depreciation and amortization		(247	)		(2,370	)		(1,203	)
General and administrative expense		(2	)		(194	)		(207	)
Operating income		206			1,423			1,194
Interest expense		-			-			(794	)
Interest and other expense		(4	)		(11	)		-
Net income	$	202		$	1,412		$	400
Other Data:
Number of buildings		4			13			6
Square feet (in thousands)		736			4,604			2,160
Occupancy		81.4	%		93.9	%		99.5	%
DCT ownership		10.0	%		20.0	%		50.0	%(1)

Balance Sheet

	As of March 31, 2016
	TRT-DCT JV III			JP Morgan			Stirling Capital Investments
Total investment in properties	$	27,220		$	269,228		$	115,604
Accumulated depreciation and amortization		(8,071	)		(68,899	)		(27,899	)
Net investment in properties		19,149			200,329			87,705
Cash and cash equivalents		297			3,086			185
Other assets		661			4,976			2,809
Total assets	$	20,107		$	208,391		$	90,699
Other liabilities	$	534		$	5,047		$	2,772
Secure debt maturities – 2017		-			-			70,894	(2)
Secure debt maturities thereafter		-			-			9,430	(2)
Total secured debt		-			-			80,324
Total liabilities		534			5,047			83,096
Partners or members' capital		19,573			203,344			7,603
Total liabilities and partners or members' capital	$	20,107		$	208,391		$	90,699

⁽¹⁾ Although we contributed 100% of the initial cash equity capital required by the venture, after return of certain preferential distributions on capital invested, profits and losses are generally split 50/50.

⁽²⁾ $71.2 million of debt, excluding $0.3 million of deferred loan costs, requires interest only payments through October 2017 and has a variable interest rate of LIBOR plus 2.2%. $9.4 million of debt is payable to DCT and requires principal and interest payments through November 2021 and has a fixed interest rate of 8.5%.

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Guidance

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

Guidance

					2016 Estimate(1)
	Q1–2016				Current Guidance							Initial Guidance
	Actual(1)				Low				High			Low				High
FFO, as adjusted	$		0.54		$		2.10		$	2.20		$		2.07		$		2.17
Operating Metrics:(2)
Average consolidated operating occupancy			95.30	%			94.75	%		95.75	%			94.50	%			95.50	%
Cash same store NOI growth(3)			5.4	%			4.0	%		5.0	%			3.6	%			4.6	%
Same store NOI growth(3)			5.2	%			4.0	%		5.0	%			3.6	%			4.6	%
Capital Deployment:
Development starts(4)	$		72		$		175		$	275		$		150		$		250
Acquisitions(5)	$	0			$	0			$	50		$	0			$		50
Capital Funding:
Dispositions	$		57		$		100		$	150		$		100		$		200
Equity issuance	$		3		$		49		$	49		$	0			$	0
General and administrative expense	$		6.24		$		27.25		$	28.75		$		27.75		$		29.25
Reconciliation of earnings per share to FFO per common    share and unit:
Earnings per common share – diluted	$		0.41		$		0.73		$	0.83		$		0.45		$		0.55
Gains on disposition of real estate interest			(0.32	)			(0.32	)		(0.32	)			0.00				0.00
Real estate related depreciation and amortization(6)			0.44				1.68			1.68				1.62				1.62
FFO per common share and unit – diluted(7)			0.53				2.09			2.19				2.07				2.17
Adjustments:
Acquisition costs			0.00				0.00			0.00				0.00				0.00
Hedge ineffectiveness (non-cash)			0.01				0.01			0.01				0.00				0.00
FFO, as adjusted, per common share and unit – diluted	$		0.54		$		2.10		$	2.20		$		2.07		$		2.17

⁽¹⁾ Excludes future acquisition costs and hedge ineffectiveness.

⁽²⁾ Does not consider any potential future acquisitions or dispositions.

⁽³⁾ Excludes revenue from early lease terminations.

⁽⁴⁾ Represents our total projected GAAP investment for construction projects commenced during 2016.

⁽⁵⁾ Focus on value-add.

⁽⁶⁾ Includes pro rata share of real estate depreciation and amortization from unconsolidated joint ventures.

⁽⁷⁾ FFO as defined by the National Association of Real Estate Investment Trusts (NAREIT).

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Definitions

Adjusted EBITDA: Adjusted EBITDA represents net income (loss) attributable to common stockholders before interest, taxes, depreciation, amortization, stock-based compensation expense, noncontrolling interests, impairment losses, and proportionate share of interest, depreciation and amortization from unconsolidated joint ventures, 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.   Annualized Base Rent: Annualized Base Rent is calculated as monthly contractual base rent (cash basis) per the terms of the lease, as of period end, multiplied by 12.   Capital Expenditures: Capital Expenditures include building and land improvements, development and redevelopment costs, Due Diligence Capital (defined below), casualty costs and tenant improvement.  As required by GAAP, leasing costs required to maintain current revenues and/or improve real estate assets are capitalized.   Cash Basis Rent Growth: Cash Basis Rent Growth is the percentage 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.  New leases where there were no prior comparable leases or materially different lease structures are excluded. Free rent periods are not considered.   Cash Net Operating Income (“Cash NOI”): We calculate Cash NOI as NOI (as defined on next page) excluding non-cash amounts recorded for straight-line rents including related bad debt expense and the amortization of above and below market rents.  See definition of NOI for additional information.  DCT Industrial considers Cash NOI to be an appropriate supplemental performance measure because Cash NOI reflects the operating performance of DCT Industrial’s properties and excludes certain non-cash items that are not considered to be controllable in connection with the management of the property such as accounting adjustments for straight-line rent and the amortization of above or below market rent.  Additionally, DCT Industrial presents Cash NOI, excluding revenue from lease terminations, as such revenue is not considered indicative of recurring operating performance.   Cash NOI, Excluding Revenue From Lease Terminations: See definition within Cash Net Operating Income above.   Due Diligence Capital: Costs identified during due diligence required to bring an asset up to our property standards.  These costs are generally incurred within 12 months of the acquisition date.   Effective Interest Rate: Reflects the impact to interest rates of GAAP amortization of discounts/premiums and hedging transactions.  These rates do not reflect the impact of facility or administrative fees, amortization of loan costs or hedge ineffectiveness.   Fixed Charge Coverage Ratio: We calculate Fixed Charge Coverage Ratio as Adjusted EBITDA divided by total Fixed Charges. Fixed Charges include interest expense, interest capitalized, our proportionate share of our unconsolidated joint venture interest expense and adjustments for amortization of discounts, premiums, loan costs and other non-cash interest expense.   Funds From Operations (“FFO”): 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 measurable 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, as adjusted, which excludes hedge ineffectiveness, certain severance costs, acquisition costs, debt modification costs and impairment losses on properties which are not depreciable.  We believe that FFO excluding hedge ineffectiveness, certain severance costs, 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.   FFO, As Adjusted: See definition within Funds From Operations above.   GAAP: United States generally accepted accounting principles.   GAAP Basis Rent Growth: GAAP Basis Rent Growth is the percentage change in monthly Net Effective Rent, as defined below, compared to the Net Effective Rent of the comparable lease.   New leases where there were no prior comparable leases or materially different lease structures are excluded.   Land Held:
Land Held that is not intended to be improved or developed in the near future.   Net Effective Rent: Average monthly base rental income over the term of the lease, calculated in accordance with GAAP.

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Definitions

(continued)

Net Operating Income (“NOI”):

NOI is defined as rental revenues, which includes expense reimbursements, less rental expenses and real estate taxes, and excludes institutional capital management fees, depreciation, amortization, casualty and involuntary conversion gain (loss), impairment, general and administrative expenses, equity in earnings (loss) of unconsolidated joint ventures, interest expense, interest and other income and income tax expense and other taxes. DCT Industrial considers NOI to be an appropriate supplemental performance measure because NOI reflects the operating performance of DCT Industrial’s properties and excludes certain items that are not considered to be controllable in connection with the management of the properties such as amortization, depreciation, impairment, interest expense, interest and other income, income tax expense and other taxes and general and administrative expenses.   We also present NOI excluding lease termination revenue as it is not considered to be indicative of recurring operating performance.  However, NOI should not be viewed as an alternative measure of DCT Industrial’s financial performance since it excludes expenses which could materially impact our results of operations.  Further, DCT Industrial’s NOI may not be comparable to that of other real estate companies, as they may use different methodologies for calculating NOI.  Therefore, DCT Industrial believes net income, as defined by GAAP, to be the most appropriate measure to evaluate DCT Industrial’s overall financial performance.

	Three Months Ended March 31,
	2016			2015
Reconciliation of net income attributable to common stockholders to NOI: (amounts in thousands)
Net income attributable to common stockholders	$	36,391		$	28,745
Net income attributable to noncontrolling interests		1,955			1,556
Income tax expense and other taxes		116			193
Interest and other (income) expense		(515	)		18
Interest expense		16,422			13,904
Equity in earnings of unconsolidated joint ventures, net		(884	)		(807	)
General and administrative expense		6,262			7,336
Real estate related depreciation and amortization		40,070			38,996
Gain on dispositions of real estate interests		(30,097	)		(26,154	)
Institutional capital management and other fees		(393	)		(378	)
Total NOI		69,327			63,409
Less NOI – non-same store properties		(10,048	)		(6,618	)
Same store NOI		59,279			56,791
Less revenue from lease terminations		(80	)		(497	)
Add early termination straight-line rent adjustment		109			107
Same store NOI, excluding revenue from lease terminations		59,308			56,401
Less straight-line rents, net of related bad debt expense		(1,195	)		(1,132	)
Less amortization of above/(below) market rents		(560	)		(675	)
Same store Cash NOI, excluding revenue from lease terminations	$	57,553		$	54,594

Projected Investment:

An estimate of total expected costs to stabilize properties in accordance with GAAP.

Projected Stabilized Yield:

Calculated as projected stabilized NOI divided by total projected investment for developments and redevelopments.

Purchase Price:

Contractual price agreed upon by the owner and buyer for the transfer of property.

Redevelopment:

Represents assets acquired with the intention to reposition or redevelop.  May include buildings taken out of service for redevelopment where we change its use and/or enhance its functionality.

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.

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 period presented.  

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Definitions

(continued)

Same Store NOI Growth: The change in Same Store NOI Growth is calculated by dividing the change in NOI, period over period, by the preceding period NOI, based on a Same Store Population.   Scheduled Principal Amortization: The aggregate amount of scheduled principal payments required to be made during the period, excluding optional prepayments, balloon payments and scheduled principal payments which are not amortized through periodic installments of principal and interest over the term of the debt.   Stabilized: Buildings are generally considered stabilized when 90% occupied.   Stock-based Compensation Amortization Expense: Represents the non-cash amortization of the cost of employee services received in exchange for an award of an equity instrument based on the award's fair value on the grant date and amortized over the vesting period, presented net of amounts capitalized.   Turnover Costs: Turnover Costs are comprised of the costs incurred or capitalized for improvements of vacant and renewal spaces, as well as the commissions paid and costs capitalized for leasing transactions.  The amount indicated for leasing statistics represents the total Turnover Costs expected to be incurred on the leases signed during the period and does not reflect actual expenditures for the period.  

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