DCT Industrial Operating Partnership 8-K DCT Industrial Trust® Reports Third Quarter 2015 Results

Exhibit 99.2

Table of Contents

Quarterly Highlights	2
Consolidated Statements of Operations	3
Consolidated Balance Sheets	4
Funds from Operations	5
Selected Financial Data	6
Components of Net Asset Value	7
Property Overview	8-9
Consolidated Leasing Activity	10
Consolidated Lease Expirations	11
Acquisition and Disposition Summary	12
Development Overview	13
Redevelopment Overview	14
Indebtedness	15
Capitalization, Fixed Charge Coverage and Debt Covenants	16
Investment in Unconsolidated Ventures Summary	17
Definitions	18-20

Forward Looking Statement

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

Portfolio Repositioning(1)	Portfolio Occupancy (%)(2)
Total Leasing Volume (square feet, in millions)	Acquisitions and Dispositions(3) ($ in millions)

Top 10 Markets⁽⁴⁾

Consolidated Operating Properties

Market	ABR (thousands)		Occupancy Q3 2015			Occupancy(2) Q3 2014			Change
Southern California	$	35,162		95.0	%		93.8	%		1.2	%
Chicago		30,192		91.1	%		90.9	%		0.2	%
Houston		25,380		95.1	%		97.6	%		-2.5	%
Northern California		20,738		98.2	%		93.7	%		4.5	%
Atlanta		18,635		95.5	%		89.9	%		5.6	%
Dallas		17,104		97.4	%		96.7	%		0.7	%
Seattle		13,720		96.5	%		98.0	%		-1.5	%
Baltimore/Washington D.C.		11,691		95.1	%		94.1	%		1.0	%
Pennsylvania		11,317		94.7	%		93.7	%		1.0	%
Phoenix		10,778		95.5	%		93.5	%		2.0	%
Total/Weighted Average	$	194,717		95.0	%		93.5	%		1.5	%

⁽¹⁾ Percentages are based on annualized base rent as previously reported.  

⁽²⁾ Prior period amounts are as previously reported.

⁽³⁾ Includes consolidated property acquisitions or dispositions.

⁽⁴⁾ Based on annualized base rent as of September 30, 2015.  Occupancy is as of period end.

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Consolidated Statements of Operations

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2015			2014			2015			2014
REVENUES:
Rental revenues	$	88,092		$	84,285		$	264,269		$	250,206
Institutional capital management and other fees		333			322			1,134			1,394
Total revenues		88,425			84,607			265,403			251,600
OPERATING EXPENSES:
Rental expenses		8,900			9,672			27,456			31,507
Real estate taxes		14,056			13,288			42,082			40,196
Real estate related depreciation and amortization		39,431			37,842			116,876			111,545
General and administrative		7,720			6,727			24,912			21,059
Impairment losses		371			900			371			5,635
Casualty and involuntary conversion (gain) loss		-			14			-			(326	)
Total operating expenses		70,478			68,443			211,697			209,616
Operating income		17,947			16,164			53,706			41,984
OTHER INCOME (EXPENSE):
Development profit, net of taxes		-			-			2,627			2,016
Equity in earnings of unconsolidated joint ventures, net		4,493			892			6,336			5,202
Gain on business combination		-			-			-			1,000
Gain on dispositions of real estate interests		-			10,230			41,086			11,647
Interest expense		(13,078	)		(16,078	)		(40,591	)		(48,316	)
Interest and other income (expense)		(42	)		1,577			(71	)		1,582
Income tax benefit (expense) and other taxes		(241	)		73			(712	)		257
Income from continuing operations		9,079			12,858			62,381			15,372
Discontinued operations:
Operating income and other expenses		-			82			-			321
Gain on dispositions of real estate interests from discontinued operations		-			270			-			5,255
Income from discontinued operations		-			352			-			5,576
Consolidated net income of DCT Industrial Trust Inc.		9,079			13,210			62,381			20,948
Net income attributable to noncontrolling interests		(622	)		(801	)		(6,882	)		(1,421	)
Net income attributable to common stockholders		8,457			12,409			55,499			19,527
Distributed and undistributed earnings allocated to participating securities		(166	)		(171	)		(510	)		(507	)
Adjusted net income attributable to common stockholders	$	8,291		$	12,238		$	54,989		$	19,020
EARNINGS PER COMMON SHARE – BASIC:
Income from continuing operations	$	0.09		$	0.15		$	0.62		$	0.17
Income from discontinued operations		0.00			0.00			0.00			0.06
Net income attributable to common stockholders	$	0.09		$	0.15		$	0.62		$	0.23
EARNINGS PER COMMON SHARE – DILUTED:
Income from continuing operations	$	0.09		$	0.15		$	0.62		$	0.17
Income from discontinued operations		0.00			0.00			0.00			0.06
Net income attributable to common stockholders	$	0.09		$	0.15		$	0.62		$	0.23
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic		88,207			83,391			88,162			82,227
Diluted		88,526			83,691			88,472			82,509

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Consolidated Balance Sheets

(amounts in thousands)

	September 30,			December 31,
	2015			2014
ASSETS:	(unaudited)
Operating properties	$	3,754,744		$	3,635,287
Properties under development		289,560			241,934
Properties in pre-development		47,034			23,353
Properties under redevelopment		45,449			50,931
Land held		7,698			8,870
Total investment in properties		4,144,485			3,960,375
Less accumulated depreciation and amortization		(754,862	)		(703,840	)
Net investment in properties		3,389,623			3,256,535
Investments in and advances to unconsolidated joint ventures		82,683			94,728
Net investment in real estate		3,472,306			3,351,263
Cash and cash equivalents		11,783			19,631
Restricted cash		3,005			3,779
Deferred loan costs, net		9,101			8,026
Straight-line rent and other receivables, net		57,347			54,183
Other assets, net		17,623			14,652
Assets held for sale		1,046			-
Total assets	$	3,572,211		$	3,451,534
LIABILITIES AND EQUITY:
Accounts payable and accrued expenses	$	91,511		$	83,543
Distributions payable		26,029			25,973
Tenant prepaids and security deposits		31,311			30,539
Other liabilities		17,867			14,078
Intangible lease liabilities, net		21,859			22,940
Line of credit		186,000			37,000
Senior unsecured notes		1,082,788			1,122,621
Mortgage notes		264,157			249,424
Liabilities related to assets held for sale		18			-
Total liabilities		1,721,540			1,586,118
Total stockholders’ equity		1,736,431			1,749,832
Noncontrolling interests		114,240			115,584
Total liabilities and equity	$	3,572,211		$	3,451,534

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Funds from Operations

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Reconciliation of net income attributable to common stockholders to FFO:
Net income attributable to common stockholders	$	8,457		$	12,409		$	55,499		$	19,527
Adjustments:
Real estate related depreciation and amortization		39,431			37,842			116,876			111,545
Equity in earnings of unconsolidated joint ventures, net		(4,493	)		(892	)		(6,336	)		(5,202	)
Equity in FFO of unconsolidated joint ventures		2,441			2,728			7,424			7,990
Impairment losses on depreciable real estate		371			900			371			5,767
Gain on business combination		-			-			-			(1,000	)
Gain on dispositions of real estate interests		-			(10,500	)		(41,086	)		(17,034	)
Gain on dispositions of non-depreciable real estate		-			-			18			98
Noncontrolling interest in the above adjustments		(1,897	)		(1,640	)		(4,086	)		(5,680	)
FFO attributable to unitholders		2,119			2,103			6,214			6,153
FFO attributable to common stockholders and unitholders – basic and diluted(1)		46,429			42,950			134,894			122,164
Adjustments:
Acquisition costs		455			716			1,939			2,050
FFO, as adjusted, attributable to common stockholders and unitholders — basic    and diluted	$	46,884		$	43,666		$	136,833		$	124,214
FFO per common share and unit — basic	$	0.50		$	0.49		$	1.45		$	1.40
FFO per common share and unit — diluted	$	0.50		$	0.49		$	1.45		$	1.40
FFO, as adjusted, per common share and unit — basic	$	0.50		$	0.50		$	1.47		$	1.43
FFO, as adjusted, per common share and unit — diluted	$	0.50		$	0.49		$	1.47		$	1.42
FFO weighted average common shares and units outstanding:
Common shares for earnings per share — basic		88,207			83,391			88,162			82,227
Participating securities		614			621			604			600
Units		4,217			4,288			4,257			4,360
FFO weighted average common shares, participating securities and units    outstanding — basic		93,038			88,300			93,023			87,187
Dilutive common stock equivalents		319			300			310			282
FFO weighted average common shares, participating securities and units    outstanding — diluted		93,357			88,600			93,333			87,469
Reconciliation of NOI to FFO:
Net operating income(2) (3)	$	65,136		$	61,410		$	194,731		$	178,913
Adjustments:
Equity in FFO of unconsolidated joint ventures		2,441			2,728			7,424			7,990
Institutional capital management and other fees		333			322			1,134			1,394
Gain on dispositions of non-depreciable real estate		-			-			18			98
Casualty and involuntary conversion gain (loss)		-			(14	)		-			326
Development profit, net of taxes		-			-			2,627			2,016
General and administrative expense		(7,720	)		(6,728	)		(24,912	)		(21,097	)
Interest expense		(17,297	)		(18,238	)		(52,644	)		(54,435	)
Capitalized interest expense		4,219			2,160			12,053			6,119
Interest and other income (expense)		(42	)		1,575			(71	)		1,563
Income tax benefit (expense) and other taxes		(241	)		73			(712	)		225
FFO attributable to noncontrolling interests		(400	)		(338	)		(4,754	)		(948	)
FFO attributable to common stockholders and unitholders – basic and diluted(1)		46,429			42,950			134,894			122,164
Adjustments:
Acquisition costs		455			716			1,939			2,050
FFO, as adjusted, attributable to common stockholders and unitholders – basic    and diluted	$	46,884		$	43,666		$	136,833		$	124,214

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

⁽²⁾ Includes discontinued operations and assets held for sale.

⁽³⁾ See the reconciliation of net operating income to income from continuing operations in Definitions.

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Selected Financial Data

(unaudited, amounts in thousands)

	Three Months Ended September 30,							Nine Months Ended September 30,
	2015			2014				2015			2014
NET OPERATING INCOME:(1)
Rental revenues	$	88,092		$		84,285		$	264,269		$		250,206
Rental expenses and real estate taxes		(22,956	)			(22,960	)		(69,538	)			(71,703	)
Net operating income(2)	$	65,136		$		61,325		$	194,731		$		178,503
TOTAL CONSOLIDATED PROPERTIES:(3)
Square feet as of period end		65,774				65,770			65,774				65,770
Average occupancy		89.0	%			92.6	%		90.0	%			92.1	%
Occupancy as of period end		89.3	%			92.4	%		89.3	%			92.4	%
CONSOLIDATED OPERATING PROPERTIES:(3)
Square feet as of period end		61,960				64,495			61,960				64,495
Average occupancy		94.7	%			93.6	%		95.0	%			93.0	%
Occupancy as of period end		94.5	%			93.5	%		94.5	%			93.5	%
SAME STORE PROPERTIES:(4)
Square feet as of period end		54,911				54,911			51,981				51,981
Average occupancy		94.8	%			93.7	%		94.9	%			93.4	%
Occupancy as of period end		95.0	%			93.8	%		94.8	%			93.8	%
Rental revenues	$	77,920		$		74,152		$	220,966		$		211,501
Rental expenses and real estate taxes		(20,091	)			(19,691	)		(58,321	)			(59,389	)
Same store net operating income		57,829				54,461			162,645				152,112
Less: revenue from lease terminations		(922	)			(199	)		(1,960	)			(1,785	)
Add: early termination straight-line rent adjustment		94				40			327				387
Net operating income (excluding revenue from lease terminations)		57,001				54,302			161,012				150,714
Less: straight-line rents, net of related bad debt expense		(525	)			(2,069	)		(1,304	)			(5,151	)
Less: amortization of below market rents, net		(420	)			(507	)		(997	)			(1,222	)
Cash net operating income (excluding revenue from lease terminations)	$	56,056		$		51,726		$	158,711		$		144,341
Net operating income growth (excluding revenue from lease terminations)		5.0	%						6.8	%
Cash net operating income growth (excluding revenue from lease terminations)		8.4	%						10.0	%
SUPPLEMENTAL CONSOLIDATED CASH FLOW AND OTHER INFORMATION:
Straight-line rents – increase to revenue, net of related bad debt expense(3)	$	918		$		2,265		$	4,362		$		7,603
Straight-line rent receivable (balance sheet)(3)	$	50,030		$		46,787		$	50,030		$		46,787
Net amortization of below market rents – increase to revenue(3)	$	748		$		605		$	2,290		$		1,505
Capitalized interest	$	4,219		$		2,160		$	12,053		$		6,119
Noncash interest expense(3)	$	840		$		1,154		$	2,796		$		3,461
Stock-based compensation amortization	$	1,342		$		1,199		$	3,882		$		3,410
Revenue from lease terminations(3)	$	1,184		$		260		$	2,396		$		1,865
Bad debt expense (recovery), excluding bad debt expense related to straight-line rents(3)	$	128		$		167		$	(3	)	$		956
GAAP NOI for properties sold during current quarter	$	-		$	N/A			$	-		$	N/A
CONSOLIDATED CAPITAL EXPENDITURES:(3)
Development	$	54,747		$		48,142		$	113,691		$		105,980
Redevelopment		1,477				926			7,046				1,640
Due diligence		4,534				2,335			11,465				6,070
Casualty expenditures		1,875				285			2,077				687
Building and land improvements		5,469				5,255			10,808				9,809
Tenant improvements and leasing costs		10,199				9,788			28,484				29,147
Total capital expenditures	$	78,301		$		66,731		$	173,571		$		153,333

⁽¹⁾ Excludes discontinued operations.

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

⁽³⁾ Includes discontinued operations and assets held for sale.

⁽⁴⁾ See the Definitions for same store properties.

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Components of Net Asset Value

(unaudited, amounts in thousands)

		Three Months Ended September 30, 2015
Cash Net Operating Income (NOI)
GAAP property NOI(1)	$		65,136
Less:
Revenue from lease terminations			(1,184	)
Straight-line rents, net of related bad debt expense			(918	)
Amortization of below market rents, net			(748	)
Cash NOI (excluding revenue from lease terminations)			62,286
Proportionate share of Cash NOI from unconsolidated joint ventures			3,068
Proportionate share of Cash NOI from noncontrolling interests			(476	)
Cash NOI attributable to common stockholders			64,878
Adjustments to normalize Cash NOI:
Partial quarter adjustment for properties acquired(2)			80
Partial quarter adjustment for properties disposed(3)			-
Development and redevelopment properties not yet placed in operation(4)			(130	)
Net adjustments			(50	)
Total proforma Cash NOI	$		64,828
Other income:
Institutional capital management fees	$		333
Balance Sheet Items		As of September 30, 2015
Other assets:
Cash and cash equivalents	$		11,783
Restricted cash			3,005
Straight-line rent and other receivables, net			57,347
Other tangible assets, net(5)			16,770
Development properties at book value			289,560
Properties in pre-development at book value(6)			47,034
Redevelopment properties at book value			45,449
Land held at book value			7,698
Total other assets	$		478,646
Liabilities:
Line of credit	$		186,000
Senior unsecured notes(7)			1,085,000
Mortgage notes(8)			251,386
DCT's proportionate share of debt related to unconsolidated joint ventures			36,655
Accounts payable and accrued expenses			91,511
Distributions payable			26,029
Tenant prepaids and security deposits			31,311
Other tangible liabilities			17,867
Estimated liability to stabilize Q3 2015 acquisitions, if applicable			-
Total liabilities	$		1,725,759
Other information:(9)
Common shares outstanding at period end			88,210
Operating partnership units outstanding at period end			4,213

⁽¹⁾ See reconciliation of net operating income to income from continuing operations in Definitions.

⁽²⁾ Reflects the proforma Cash NOI adjustment required to reflect a full quarter’s expected operations for assets acquired during Q3 2015.

⁽³⁾ Reflects actual Q3 2015 Cash NOI for properties disposed during the quarter.

⁽⁴⁾ Reflects actual Q3 2015 Cash NOI from development and redevelopment properties not yet placed in operation.

⁽⁵⁾ Excludes goodwill of approximately $0.9 million.

⁽⁶⁾ Excludes our proportionate share of 181 acres of land available for development at SCLA.

⁽⁷⁾ Excludes $2.2 million of discounts.

⁽⁸⁾ Excludes $4.7 million of premiums and $8.1 million of noncontrolling interests' share of consolidated debt.

⁽⁹⁾ Excludes 0.6 million of participating securities and 0.3 million of potentially dilutive securities.

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Property Overview

As of September 30, 2015

Markets	Number of Buildings		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
CONSOLIDATED OPERATING:			(in thousands)								(in thousands)
Atlanta		35		5,701		8.7	%		95.5	%	$	18,635		$	3.42		7.3	%
Baltimore/Washington D.C.		17		2,009		3.0	%		95.1	%		11,691			6.12		4.4	%
Charlotte		1		472		0.7	%		100.0	%		1,698			3.60		0.7	%
Chicago		38		9,113		13.9	%		91.1	%		30,192			3.64		11.8	%
Cincinnati		29		2,942		4.5	%		97.1	%		9,894			3.46		3.9	%
Dallas		37		5,418		8.2	%		97.4	%		17,104			3.24		6.7	%
Denver		7		969		1.5	%		100.0	%		4,259			4.39		1.6	%
Houston		45		4,416		6.7	%		95.1	%		25,380			6.04		9.9	%
Indianapolis		7		2,299		3.5	%		86.9	%		6,911			3.46		2.7	%
Louisville		3		1,109		1.7	%		85.3	%		3,200			3.38		1.2	%
Memphis		2		1,385		2.1	%		100.0	%		3,673			2.65		1.4	%
Miami		11		1,437		2.2	%		98.3	%		10,023			7.10		3.9	%
Nashville		4		2,063		3.1	%		87.9	%		5,769			3.18		2.2	%
New Jersey		11		1,555		2.4	%		90.5	%		8,699			6.18		3.4	%
Northern California		29		4,075		6.2	%		98.2	%		20,738			5.18		8.1	%
Orlando		20		1,864		2.8	%		94.1	%		7,369			4.20		2.9	%
Pennsylvania		14		3,142		4.8	%		94.7	%		11,317			3.80		4.4	%
Phoenix		25		2,616		4.0	%		95.5	%		10,778			4.32		4.2	%
Seattle		25		2,614		4.0	%		96.5	%		13,720			5.44		5.3	%
Southern California(4)		45		6,761		10.3	%		95.0	%		35,162			5.48		13.7	%
Total/weighted average -    operating properties		405		61,960		94.3	%		94.5	%		256,212			4.37		99.7	%
DEVELOPMENT PROPERTIES:
Atlanta		1		734		1.1	%		0.0	%		-			-		0.0	%
Dallas		1		100		0.2	%		0.0	%		-			-		0.0	%
Houston		2		447		0.7	%		10.5	%		524			11.14		0.2	%
Orlando		1		97		0.1	%		41.5	%		212			5.25		0.1	%
Seattle		2		728		1.1	%		10.9	%		-			-		0.0	%
Southern California		1		928		1.4	%		0.0	%		-			-		0.0	%
Total/weighted average –    development properties		8		3,034		4.6	%		5.5	%		736			8.42		0.3	%
REDEVELOPMENT PROPERTIES:
Chicago		2		423		0.6	%		7.1	%	N/A(5)			N/A(5)			0.0	%
Dallas		1		63		0.1	%		0.0	%		-			-		0.0	%
Northern California		1		294		0.4	%		0.0	%		-			-		0.0	%
Total/weighted average –    redevelopment properties		4		780		1.1	%		3.8	%		-			-		0.0	%
Total/weighted average -    consolidated properties		417		65,774		100.0	%		89.3	%	$	256,948	(6)	$	4.38		100.0	%

See footnotes on next page.

Third Quarter 2015 Supplemental Reporting Package   P  a  g  e  8

Property Overview

(continued)

As of September 30, 2015

Markets	Number of Buildings	Percentage Owned (7)			Square Feet		Percentage of Total Square Feet			Occupancy Percentage(1)			Annualized Base Rent(2)		Annualized Base Rent per Occupied Square Foot		Percentage of Total Annualized Base Rent
UNCONSOLIDATED OPERATING PROPERTIES:					(in thousands)								(in thousands)
Southern California Logistics Airport(8)	6		50.0	%		2,160		28.8	%		99.5	%	$	8,200	$	3.82		31.4	%
Total/weighted average -    unconsolidated operating properties	6		50.0	%		2,160		28.8	%		99.5	%		8,200		3.82		31.4	%
OPERATING PROPERTIES IN CO-INVESTMENT VENTURES:
Chicago	2		20.0	%		1,033		13.8	%		72.8	%		3,004		4.00		11.5	%
Cincinnati	1		20.0	%		543		7.2	%		100.0	%		1,710		3.15		6.6	%
Dallas	1		20.0	%		540		7.2	%		100.0	%		1,732		3.21		6.6	%
Denver	5		20.0	%		772		10.3	%		100.0	%		3,962		5.13		15.2	%
Louisville	4		10.0	%		736		9.8	%		67.1	%		1,580		3.20		6.1	%
Nashville	2		20.0	%		1,020		13.6	%		100.0	%		2,756		2.70		10.6	%
Orlando	2		20.0	%		696		9.3	%		100.0	%		3,138		4.51		12.0	%
Total/weighted average -    co-investment operating properties	17		18.6	%		5,340		71.2	%		90.2	%		17,882		3.71		68.6	%
Total/weighted average -    unconsolidated properties	23		27.7	%		7,500		100.0	%		92.9	%	$	26,082	$	3.74		100.0	%

⁽¹⁾ Based on leases commenced as of September 30, 2015.

⁽²⁾ Annualized base rent is calculated as monthly contractual base rent (cash basis) per the terms of the lease, as of September 30, 2015, multiplied by 12.

⁽³⁾ Excludes total annualized base rent of $0.2 million from one property that will be demolished for the development of a 172,000 square foot build-to-suit.

⁽⁴⁾ As of September 30, 2015, our ownership interest in the Southern California properties was 93.8% based on our equity ownership weighted by square feet.

⁽⁵⁾ The lease is a short-term lease.  The rental income is incidental revenue recognized as a reduction to our cost of redevelopment.

⁽⁶⁾ Excludes total annualized base rent associated with tenants currently in free rent periods of $10.1 million based on the first month of cash base rent.

⁽⁷⁾ Percent owned is based on equity ownership weighted by square feet.

⁽⁸⁾ 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.

Third Quarter 2015 Supplemental Reporting Package   P  a  g  e  9

Consolidated Leasing Activity

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
THIRD QUARTER 2015				(in thousands)									(in months)			(in thousands)
New		29			1,051		(2.5	%	)		26.2	%		65	$		3,826	$		3.64
Renewal		36			1,875		4.0	%			15.9	%		49			3,150			1.68
Development and   redevelopment		18			2,155	N/A				N/A				100		N/A			N/A
Total/Weighted Average		83			5,081		2.2	%			18.8	%		74	$		6,976	$		2.38
Weighted Average Retention		70.0	%
YEAR TO DATE 2015
New		89			3,315		(1.1	%	)		14.1	%		71	$		15,547	$		4.69
Renewal		93			5,512		5.1	%			16.5	%		48			9,205			1.67
Development and   redevelopment		31			4,778	N/A				N/A				106		N/A			N/A
Total/Weighted Average		213			13,605		3.2	%			15.8	%		74	$		24,752	$		2.81
Weighted Average Retention		67.5	%
FOUR QUARTERS ROLLING
New		119			4,953		0.2	%			10.3	%		65	$		22,189	$		4.48
Renewal		131			8,782		4.5	%			15.3	%		49			19,760			2.25
Development and   redevelopment		37			5,322	N/A				N/A				104		N/A			N/A
Total/Weighted Average		287			19,057		3.2	%			13.9	%		69	$		41,949	$		3.05
Weighted Average Retention		74.2	%

⁽¹⁾ Excludes month-to-month leases.

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

Third Quarter 2015 Supplemental Reporting Package   P  a  g  e  10

Consolidated Lease Expirations

Lease Expirations for Consolidated Properties by Market⁽¹⁾

	2015(2)					2016					2017
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)
	(in thousands)					(in thousands)					(in thousands)
Atlanta		678		12.5	%		665		12.2	%		813		14.9	%
Baltimore/Washington D.C.		42		2.2	%		273		14.3	%		323		16.9	%
Charlotte		-		0.0	%		-		0.0	%		-		0.0	%
Chicago		431		5.2	%		1,448		17.4	%		2,224		26.7	%
Cincinnati		171		6.0	%		353		12.4	%		735		25.7	%
Dallas		42		0.8	%		310		5.9	%		478		9.1	%
Denver		52		5.4	%		222		22.9	%		184		19.0	%
Houston		138		3.2	%		406		9.6	%		634		14.9	%
Indianapolis		-		0.0	%		403		20.2	%		649		32.5	%
Louisville		-		0.0	%		-		0.0	%		-		0.0	%
Memphis		233		16.8	%		472		34.1	%		413		29.8	%
Miami		-		0.0	%		117		8.3	%		62		4.4	%
Nashville		-		0.0	%		-		0.0	%		391		21.6	%
New Jersey		-		0.0	%		53		3.8	%		7		0.5	%
Northern California		192		4.8	%		498		12.4	%		630		15.7	%
Orlando		57		3.2	%		454		25.3	%		434		24.2	%
Pennsylvania		-		0.0	%		393		13.2	%		562		18.9	%
Phoenix		-		0.0	%		293		11.7	%		345		13.8	%
Seattle		107		4.1	%		140		5.4	%		308		11.8	%
Southern California		184		2.9	%		1,847		28.8	%		1,023		15.9	%
Total		2,327		4.0	%		8,347		14.2	%		10,215		17.4	%

Lease Expirations for Consolidated Properties Summarized⁽¹⁾

Year	Square Feet Related to Expiring Leases		Annualized Base Rent of Expiring Leases(4)		Percent of Total Annualized Base Rent
	(in thousands)		(in thousands)
2015(2)		2,327	$	9,386		3.2	%
2016		8,347		36,379		12.5	%
2017		10,215		44,021		15.1	%
2018		7,922		38,091		13.0	%
2019		9,168		39,660		13.6	%
Thereafter		20,787		124,148		42.6	%
Total occupied		58,766	$	291,685		100.0	%
Available or leased but not occupied		7,008
Total consolidated properties		65,774

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

⁽²⁾ Includes month-to-month leases.

⁽³⁾ Percentage is based on consolidated occupied square feet as of September 30, 2015.

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

Third Quarter 2015 Supplemental Reporting Package   P  a  g  e  11

Acquisition and Disposition Summary

For the Nine Months Ended September 30, 2015

	Property Name	Market	Size		Occupancy at Acquisition / Disposition			Occupancy at September 30, 2015
BUILDING ACQUISITIONS:			(building in sq. ft.)
January	435 Henry	Atlanta		398,000		100.0	%		100.0	%
February	1050 Northbrook Parkway	Atlanta		109,000		100.0	%		100.0	%
March	Airport Distribution Center (5 buildings)	Denver		691,000		96.9	%		100.0	%
March	22290 - 22300 Hathaway (2 buildings)(1)	No. California		448,000		34.4	%		34.4	%
May	1270 Shiloh Road	Atlanta		77,000		100.0	%		56.2	%
May	2902 E. 13th Street	Houston		200,000		50.0	%		50.0	%
June	402 W. Geneva Drive	Phoenix		50,000		100.0	%		100.0	%
August	512 Boundary Blvd	Seattle		50,000		100.0	%		100.0	%
August	14934 Trend Drive	Dallas		59,000		100.0	%		100.0	%
Total YTD Purchase Price - $124.9 million				2,082,000		80.0	%		78.4	%
LAND ACQUISITIONS:
March	DCT North Avenue Distribution Center	Chicago	20.7 acres
April	DCT Airport Distribution Center North Phase III	Orlando	12.8 acres
April	DCT Fairburn	Atlanta	74.6 acres
April	DCT Commerce Center Phase II	Miami	26.3 acres
May	DCT Central Avenue(2)	Chicago	8.0 acres
June	DCT Dulles Downs	Baltimore/Washington D.C.	25.8 acres
August	DCT North Satellite Distribution Center(3)	Atlanta	47.0 acres
August	DCT Freeport West	Dallas	7.1 acres
September	DCT Stockyards Industrial Center	Chicago	10.0 acres
Total YTD Land Purchase Price - $52.4 million			232.3 acres
BUILDING DISPOSITIONS:
Consolidated Properties
February	Memphis Portfolio (6 buildings)	Memphis		2,327,000		100.0	%
April	8th & Vineyard C, D and E (3 buildings)(4)	So. California		156,000	N/A
April	5945 Cabot Parkway	Atlanta		120,000		87.8	%
May	Eagles Landing Trade Center	Atlanta		505,000		100.0	%
May	Fulton Portfolio (5 buildings)	Atlanta		713,000		79.0	%
Total YTD Sales Price - $155.1 million				3,821,000		95.5	%
Unconsolidated Joint Ventures
August	IDI Wilson	Nashville		557,000		100.0	%
Total YTD Sales Price - $14.0 million(5)				557,000		100.0	%

⁽¹⁾ During March 2015, we purchased a vacant 394,000 square foot building that we are redeveloping into a 294,000 square foot building.  The building was classified as under redevelopment as of September 30, 2015.

⁽²⁾ During May 2015, we purchased 8.0 acres in the Chicago market that houses one building.  The property will be combined with land from one of our existing properties and the buildings will be demolished for the development of a 172,000 square foot build-to-suit facility.

⁽³⁾ During August 2015, we purchased our partner’s 25.0% interest in one land parcel from the IDI/DCT, LLC joint venture for $1.1 million.

⁽⁴⁾ During April 2015, we sold the development projects 8th & Vineyard E, 8th & Vineyard C and 8th & Vineyard D totaling 156,000 square feet located in the Inland Empire West Submarket of Southern California.

⁽⁵⁾ The sales price reflects our proportionate share of gross proceeds received for the property sold by the unconsolidated joint venture.

Third Quarter 2015 Supplemental Reporting Package   P  a  g  e  12

Development Overview

												Cost Incurred
Project	Market	Acres			Number of Buildings		Square Feet		Percentage Owned			Q3-2015		Cumulative Costs at 9/30/2015		Projected Investment		Completion Date(1)	Percentage Leased(2)
							(in thousands)					(in thousands)		(in thousands)		(in thousands)
Consolidated Development Activities:
Stabilized in Q3 2015
DCT Frankford Trade Center	Dallas	6			1		82			100	%	$	716	$	6,555	$	6,557	Q1-2015		100	%
DCT Chrin Commerce Centre	Pennsylvania		36		1			426		100	%		2,236		22,782		25,012	Q3-2015		100	%
DCT Fife 45 South	Seattle		4		1			64		100	%		259		5,553		5,640	Q1-2015		100	%
			46			3		572		100	%	$	3,211	$	34,890	$	37,209			100	%
Projected Stabilized Yield(3)			8.0	%
Development Projects in Lease Up
DCT River West	Atlanta	47			1		734			100	%	$	443	$	25,442	$	37,008	Q3-2015		0	%
DCT Freeport North	Dallas		6		1			100		100	%		1,088		7,206		7,814	Q1-2015		100	%
DCT Airtex Industrial Center II	Houston		7		1			127		100	%		1,699		10,414		11,510	Q4-2014		100	%
DCT Northwest Crossroads Logistics Centre II	Houston		18		1			320		100	%		1,148		14,984		23,088	Q2-2015		59	%
DCT Airport Distribution Center North Building C	Orlando		8		1			97		100	%		318		5,558		6,901	Q4-2014		83	%
DCT White River Corporate Center Phase I	Seattle		30		1			649		100	%		1,922		42,251		46,079	Q4-2014		100	%
DCT Fife 45 North	Seattle		5		1			79		100	%		42		6,182		8,109	Q1-2015		77	%
DCT Rialto Logistics Center	So. California		42		1			928		100	%		1,407		57,000		62,300	Q1-2015		100	%
	Total		163		8			3,034		100	%	$	8,067	$	169,037	$	202,809			70	%
Under Construction
DCT Fairburn	Atlanta	75			1			1,037		100	%	$	17,066	$	30,361	$	51,771	Q1-2016		100	%
DCT Downs Park Building A(4)	Baltimore/Washington D.C.	13			1		149			100	%		1,302		7,499		25,525	Q1-2016		100	%
DCT Downs Park Building B(4)	Baltimore/Washington D.C.	13			1		149			100	%		1,256		7,452		25,853	Q1-2016		100	%
DCT O'Hare Logistics Center	Chicago	7			1		113			100	%		1,559		8,862		13,184	Q4-2015		100	%
DCT North Avenue Distribution Center	Chicago	20			1		350			100	%		1,571		10,244		26,633	Q3-2016		100	%
DCT Waters Ridge	Dallas	18			1		346			100	%		462		2,600		18,093	Q2-2016		0	%
DCT Freeport West	Dallas	7			1		108			100	%		1,772		1,772		9,230	Q2-2016		55	%
6400 Hollister Road  - Expansion	Houston	2			Expansion		55			100	%		1,111		1,756		3,649	Q4-2015		100	%
DCT Fife Distribution Center North	Seattle	9			1		152			100	%		4,446		8,385		12,781	Q1-2016		56	%
DCT Fife Distribution Center South	Seattle	12			1		240			100	%		3,461		9,094		18,838	Q1-2016		100	%
DCT Jurupa Ranch	So. California	39			1		970			100	%		4,195		32,498		73,008	Q2-2016		100	%
	Total	215			10			3,669		100	%	$	38,201	$	120,523	$	278,565			87	%
Total Projects in Lease Up and Under Construction			378		18			6,703		100	%	$	46,268	$	289,560	$	481,374			80	%
Leased Pre-Development
DCT Central Avenue	Chicago	54			1		172			100	%	$	2,075	$	9,555	$	60,020	Q4-2016		100	%
Development Projects Moved to Operating
DCT Sumner South Distribution Center(5)	Seattle	9			1		188			100	%	$	48	$	13,425	$	14,921	Q1-2014		100	%
Total Projects Under Development			441			20		7,063		100	%	$	48,391	$	312,540	$	556,315			81	%
Projected Stabilized Yield - Projects Under Development(3)			7.8	%
Pre-Development(6)
DCT North Satellite Distribution Center	Atlanta	47								100	%	$	1,191	$	5,268
DCT Stockyards Industrial Center	Chicago	10								100	%		1,799		1,799
DCT Commerce Center Phase II Building C	Miami	8								100	%		123		4,451
DCT Commerce Center Phase II Building D	Miami	8								100	%		77		4,199
DCT Commerce Center Phase II Building E	Miami	10								100	%		88		4,846
Seneca Commerce Center Phase I	Miami	14								90	%		57		3,049
Seneca Commerce Center Phase II	Miami	11								90	%		33		1,605
Seneca Commerce Center Phase III	Miami	11								90	%		32		1,498
DCT Airport Distribution Center Buildings D & E	Orlando	12								100	%		68		2,452
DCT Airport Distribution Center Building F	Orlando	6			`					100	%		32		1,299
DCT White River Corporate Center Phase II North	Seattle	13								100	%		109		7,013
	Total	150										$	3,609	$	37,479

⁽¹⁾ The completion date represents the date of building shell-completion or estimated date of shell-completion.

⁽²⁾ Percentage leased is computed as of the press release date.

⁽³⁾ Yield computed on a GAAP basis including rents on a straight-line basis.

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

⁽⁵⁾ The property was 61% leased and occupied at September 30, 2015.

⁽⁶⁾ Pre-development properties, including leased pre-development, totaled approximately $47.0 million at September 30, 2015.

Third Quarter 2015 Supplemental Reporting Package   P  a  g  e  13

Redevelopment Overview

As of September 30, 2015

											Cost Incurred
Project	Market	Acres			Number of Buildings	Square Feet		Percentage Owned			Q3-2015		Cumulative Costs at 9/30/2015		Projected Investment		Completion Date(1)	Percentage Leased(2)
						(in thousands)					(in thousands)		(in thousands)		(in thousands)
Consolidated Redevelopment Activities:
Redevelopment Projects in Lease Up
9010 Sterling Street	Dallas	6			1	63			100	%	$	222	$	3,419	$	3,741	Q3-2015		0	%
2413 Prospect	Chicago	17			1	320			100	%		279		18,607		19,836	Q3-2015		0	%
Total Redevelopment Projects in Lease Up		23			2		383		100	%	$	501	$	22,026	$	23,577			0	%
Redevelopment Projects Under Construction
2201 Arthur Avenue	Chicago	5			1	103			100	%	$	304	$	5,674	$	8,107	Q2-2016		0	%
22290 Hathaway	No. California	12			1	294			100	%		507		17,749		30,809	Q3-2016		0	%
Total Redevelopment Projects Under Construction		17			2		397		100	%	$	811	$	23,423	$	38,916			0	%
Total Redevelopment Projects in Lease Up    and Under Construction		40			4	780			100	%	$	1,312	$	45,449	$	62,493			0	%
Projected Stabilized Yield - Projects Under Redevelopment(3)			6.2	%

⁽¹⁾ The completion date represents the date of building shell-completion or estimated date of shell-completion.

⁽²⁾ Percentage leased is computed as of the press release date.

⁽³⁾ Yield computed on a GAAP basis including rents on a straight-line basis.

Third Quarter 2015 Supplemental Reporting Package   P  a  g  e  14

Indebtedness

(dollar amounts in thousands)

As of September 30, 2015

Description	Stated Interest Rate		Effective Interest Rate		Maturity Date		Balance as of September 30, 2015
SENIOR UNSECURED NOTES:
2016 Notes, fixed rate		4.90%		4.90%	April & August 2016	$		99,000
2017 Notes, fixed rate		6.31%		6.31%	June 2017			51,000
2018 Notes, fixed rate		5.62%		5.62%	June & August 2018			81,500
2019 Notes, fixed rate		4.97%		4.97%	August 2019			46,000
2020 Notes, fixed rate		5.43%		5.43%	April 2020			50,000
2021 Notes, fixed rate		6.70%		6.70%	June & August 2021			92,500
2022 Notes, fixed rate		4.61%		7.13%	August & September 2022			130,000
2023 Notes, fixed rate		4.62%		4.87%	August & October 2023			310,000
Premiums (discounts), net of amortization								(2,212	)
								857,788
MORTGAGE NOTES:
Fixed rate secured debt(1)		5.97%		4.79%	February 2016 – August 2025			259,493
Premiums (discounts), net of amortization								4,664
								264,157
BANK UNSECURED CREDIT FACILITIES:
Senior unsecured revolving credit facility(2)		1.20%		1.20%	April 2019			186,000
2017 Notes, variable rate(3)		1.30%		1.30%	April 2017			100,000
2020 Notes, variable rate(3)		1.30%		1.30%	April 2020			125,000
								411,000
Total carrying value of consolidated debt						$		1,532,945
Fixed rate debt		5.33%		5.42%				73	%
Variable rate debt		1.26%		1.26%				27	%
Weighted average interest rate		4.24%		4.30%				100	%
DCT PROPORTIONATE SHARE OF UNCONSOLIDATED JOINT VENTURE DEBT(4)
Institutional joint ventures(5)						$		805
Stirling Capital Investments (SCLA)								35,850
						$		36,655

  Scheduled Principal Payments of Debt as of September 30, 2015 (excluding premiums and discounts)

Year		Senior Unsecured Notes			Mortgage Notes			Bank Unsecured Credit Facilities			Total
2015	$		-	$		1,913	$		-	$		1,913
2016 (1)			99,000			57,356			-			156,356
2017			51,000			41,078			100,000			192,078
2018			81,500			6,746			-			88,246
2019			46,000			51,343			186,000			283,343
2020			50,000			70,039			125,000			245,039
2021			92,500			20,347			-			112,847
2022			130,000			3,116			-			133,116
2023			310,000			6,366			-			316,366
2024			-			739			-			739
Thereafter			-			450			-			450
Total	$		860,000	$		259,493	$		411,000	$		1,530,493

⁽¹⁾ During October 2015, we paid-off a $50.9 million mortgage note at par maturing in February 2016.

⁽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 $210.5 million available under the senior unsecured revolving credit facility, net of one letter of credit totaling $3.5 million as of September 30, 2015.

⁽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⁾ Based on our ownership share as of September 30, 2015.

⁽⁵⁾ During October 2015, the venture paid-off the $8.1 million note at par maturing in April 2016.

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Capitalization, Fixed Charge Coverage
and Debt Covenants

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

Capitalization at September 30, 2015

Description	Shares or Units(1)			Share Price			Market Value
	(in thousands)
Common shares outstanding		88,210	$		33.66	$		2,969,149
Operating partnership units outstanding		4,213	$		33.66			141,810
Total equity market capitalization								3,110,959
Consolidated debt								1,532,945
Less: Noncontrolling interests’ share of consolidated debt(2)								(8,107	)
Proportionate share of debt related to unconsolidated joint ventures								36,655
DCT share of total debt								1,561,493
Total market capitalization						$		4,672,452
DCT share of total debt to total market capitalization								33.4	%

Fixed Charge Coverage

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Net income attributable to common stockholders(3)	$	8,457		$	12,409		$	55,499		$	19,527
Interest expense		13,078			16,078			40,591			48,316
Proportionate share of interest expense from unconsolidated joint ventures		317			369			970			1,047
Real estate related depreciation and amortization		39,431			37,842			116,876			111,545
Proportionate share of real estate related depreciation and amortization from    unconsolidated joint ventures		1,203			1,344			3,637			4,155
Income tax (benefit) expense and other taxes		241			(73	)		712			(225	)
Stock-based compensation		1,342			1,199			3,882			3,410
Noncontrolling interests		622			801			6,882			1,421
Non-FFO gain on acquisitions and dispositions of real estate interests		-			(10,500	)		(41,068	)		(17,936	)
Impairment losses		371			900			371			5,767
Adjusted EBITDA	$	65,062		$	60,369		$	188,352		$	177,027
CALCULATION OF FIXED CHARGES
Interest expense	$	13,078		$	16,078		$	40,591		$	48,316
Capitalized interest		4,219			2,160			12,053			6,119
Amortization of loan costs and debt premium/discount		184			(127	)		276			(383	)
Other noncash interest expense		(1,024	)		(1,027	)		(3,072	)		(3,078	)
Proportionate share of interest expense from unconsolidated joint ventures		317			369			970			1,047
Total fixed charges	$	16,774		$	17,453		$	50,818		$	52,021
Fixed charge coverage		3.9			3.5			3.7			3.4

Debt Covenant Summary as of September 30, 2015

Senior Unsecured Notes(4)	Covenant	Actual Ratio
Leverage ratio	< 55%	36.8%
Fixed charge coverage ratio	> 1.5 x	3.20 x
Secured debt leverage ratio	< 45%	7.6%
Unencumbered assets to unsecured debt	> 1.67 x	2.59 x
Bank Unsecured Credit Facilities(5)	Covenant	Actual Ratio
Leverage ratio	< 60%	34.6%
Fixed charge coverage ratio	> 1.5 x	3.30 x
Secured debt leverage ratio	< 35%	6.5%

⁽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

September 30, 2015.

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

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

⁽⁴⁾ Calculations are compiled in accordance with the note purchase agreement, based upon definitions contained therein.

⁽⁵⁾ Calculations are compiled in accordance with the credit agreement, based upon definitions contained therein.

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Investment in Unconsolidated Ventures Summary

(unaudited, dollar amounts in thousands)

Statement of Operations and Other Data

	For the Nine Months Ended September 30, 2015
	TRT-DCT JV III			JP Morgan			Stirling Capital Investments
Total rental revenues	$	1,668		$	16,917		$	9,195
Rental expenses and real estate taxes		563			4,339			1,398
Net operating income		1,105			12,578			7,797
Depreciation and amortization		668			7,334			3,620
General and administrative expense		7			562			622
Operating income		430			4,682			3,555
Interest expense		470			-			2,453
Interest and other expense		13			5			6
Net income (loss)	$	(53	)	$	4,677		$	1,096
Other Data:
Number of buildings		4			13			6
Square feet (in thousands)		736			4,604			2,160
Occupancy		67.1	%		93.9	%		99.5	%
DCT ownership		10.0	%		20.0	%		50.0	%(1)

Balance Sheets

	As of September 30, 2015
	TRT-DCT JV III			JP Morgan			Stirling Capital Investments
Total investment in properties	$	26,909		$	270,583		$	113,218
Accumulated depreciation and amortization		(7,584	)		(66,681	)		(25,481	)
Net investment in properties		19,325			203,902			87,737
Cash and cash equivalents		218			2,847			595
Other assets		580			4,796			2,797
Total assets	$	20,123		$	211,545		$	91,129
Other liabilities	$	561		$	5,495		$	890
Secure debt maturities – 2015		-			-			-
Secure debt maturities – 2016		8,052	(2)		-			-
Secure debt maturities – 2017		-			-			71,700	(3)
Secure debt maturities – 2018		-			-			-
Secure debt maturities thereafter		-			-			10,064	(3)
Total secured debt		8,052			-			81,764
Total liabilities		8,613			5,495			82,654
Partners or members' capital		11,510			206,050			8,475
Total liabilities and partners or members' capital	$	20,123		$	211,545		$	91,129

⁽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⁾ $8.1 million of debt requires principal and interest payments until April 2016 and has a stated interest rate of 7.4%.  During October 2015, the debt balance was paid in full.

⁽³⁾ $71.7 million of debt requires interest only payments through October 2017 and has a variable interest rate of LIBOR plus 2.2%.  $10.1 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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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 noncash 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, acquisition capital, casualty costs and tenant improvement and leasing costs required to maintain current revenues and/or improve real estate assets.   Cash Basis Rent Growth: Cash Basis Rent Growth is the ratio of the change in base rent due in the first month after the lease commencement date compared to the base rent of the last month prior to the termination of the lease, excluding new leases where there were no prior comparable leases.  Free rent periods are not considered.   Cash Net Operating Income (“NOI”): We calculate Cash NOI as NOI (as defined on next page) excluding noncash 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 noncash items that are not considered to be controllable in connection with the management of the property such as accounting adjustments for straight-line rent and the amortization of above and below market rent.  Additionally, DCT Industrial presents Cash NOI, excluding revenue from lease terminations, as such revenue is not considered indicative of recurring operating performance.   Due Diligence Capital: Capital improvements related to acquisitions generally incurred within 12 months of the acquisition date.   Effective Interest Rate: Reflects the impact to interest rates of GAAP adjustments for discounts/premiums and hedging transactions.  These rates do not reflect the impact of other interest expense items such as fees and the amortization of loan costs.   Fixed Charges: Fixed Charges include interest expense, interest capitalized, our proportionate share of our unconsolidated joint venture interest expense and adjustments for amortization of discounts, premiums, loan costs and other noncash interest expense.     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 (loss) attributable to common stockholders, as defined by GAAP, is the most appropriate earnings measure.  However, DCT Industrial considers funds from operations (“FFO”), as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), to be a useful supplemental, non-GAAP measure of DCT Industrial’s operating performance.  NAREIT developed FFO as a relative measure of performance of an equity REIT in order to recognize that the value of income-producing real estate historically has not depreciated on the basis determined under GAAP.  FFO is generally defined as net income attributable to common stockholders, calculated in accordance with GAAP, plus real estate-related depreciation and amortization, less gains from dispositions of operating real estate held for investment purposes, plus impairment losses on depreciable real estate and impairments of in substance real estate investments in investees that are driven by measureable decreases in the fair value of the depreciable real estate held by the unconsolidated joint ventures and adjustments to derive DCT Industrial’s pro rata share of FFO of unconsolidated joint ventures.  We exclude gains and losses on business combinations and include the gains or losses from dispositions of properties which were acquired or developed with the intention to sell or contribute to an investment fund in our definition of FFO.  Although the NAREIT definition of FFO predates the guidance for accounting for gains and losses on business combinations, we believe that excluding such gains and losses is consistent with the key objective of FFO as a performance measure.  We also present FFO excluding acquisition costs, debt modification costs and impairment losses on properties which are not depreciable.  We believe that FFO excluding 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.   GAAP: United States generally accepted accounting principles.   GAAP Basis Rent Growth: GAAP Basis Rent Growth is a ratio of the change in monthly Net Effective Rent (on a GAAP basis, including straight-line rent adjustments as required by GAAP) compared to the Net Effective Rent (on a GAAP basis) of the comparable lease.   New leases where there were no prior comparable leases due to materially different lease structures are excluded.   Land Held:
Land Held that is not intended to be placed in service in the near future.   Net Effective Rent: Average base rental rate 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, including 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 income 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 September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Reconciliation of income from continuing operations to NOI: (amounts in thousands)
Income from continuing operations	$	9,079		$	12,858		$	62,381		$	15,372
Income tax (benefit) expense and other taxes		241			(73	)		712			(257	)
Interest and other (income) expense		42			(1,577	)		71			(1,582	)
Interest expense		13,078			16,078			40,591			48,316
Equity in earnings of unconsolidated joint ventures, net		(4,493	)		(892	)		(6,336	)		(5,202	)
General and administrative expense		7,720			6,727			24,912			21,059
Real estate related depreciation and amortization		39,431			37,842			116,876			111,545
Impairment losses		371			900			371			5,635
Development profit, net of taxes		-			-			(2,627	)		(2,016	)
Gain on business combination		-			-			-			(1,000	)
Gain on dispositions of real estate interests		-			(10,230	)		(41,086	)		(11,647	)
Casualty and involuntary conversion (gain) loss		-			14			-			(326	)
Institutional capital management and other fees		(333	)		(322	)		(1,134	)		(1,394	)
Total GAAP net operating income		65,136			61,325			194,731			178,503
Less net operating income - non-same store properties		(7,307	)		(6,864	)		(32,086	)		(26,391	)
Same store GAAP net operating income		57,829			54,461			162,645			152,112
Less revenue from lease terminations		(922	)		(199	)		(1,960	)		(1,785	)
Add early termination straight-line rent adjustment		94			40			327			387
Same store GAAP net operating income, excluding revenue from lease    terminations		57,001			54,302			161,012			150,714
Less straight-line rents, net of related bad debt expense		(525	)		(2,069	)		(1,304	)		(5,151	)
Less amortization of above/(below) market rents		(420	)		(507	)		(997	)		(1,222	)
Same store cash net operating income, excluding revenue from lease    terminations	$	56,056		$	51,726		$	158,711		$	144,341

Projected Investment:

An estimate of total expected capital expenditures on development properties in accordance with GAAP.  

Projected Stabilized Yield – Projects Under Development:

Calculated as projected stabilized NOI divided by total projected investment.

Redevelopment:

Represents assets acquired with the intention to reposition or redevelop.  May include buildings taken out of service for redevelopment where we generally expect to spend more than 20% of the building's book value on capital improvements, if applicable.

Retention:

Calculated as (retained square feet + relocated square feet) / ((retained square feet + relocated square feet + expired square feet) - (square feet of vacancies anticipated at acquisition + month-to-month square feet + bankruptcy square feet + early terminations)).

Sales Price:

Contractual price of real estate sold before closing adjustments.

Same Store Population:

The Same Store Population is determined independently for each period presented, quarter-to-date and year-to-date, by including all consolidated operating properties and properties held for sale that have been owned and stabilized for the entire current and prior periods presented.  

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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, year over year, by the preceding period NOI, based on a Same Store Population for the quarter most recently presented.   Square Feet: Represents square feet in buildings that are available for lease.   Stabilized: Buildings are generally considered stabilized when 90% occupied.       Stock-based Compensation Amortization Expense: Represents the noncash 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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