Profile: DCT Industrial Trust, Inc. (DCT)

DCT Industrial Trust Inc. (DCT) is an industrial real estate company that owns, operates and develops bulk distribution and light industrial properties in high-volume distribution markets in the United States and Mexico. The Company owns or manages more than 75.9 million square feet of assets leased to approximately 850 corporate customers, including 14.6 million square feet managed on behalf of three institutional joint venture partners, and has 7.7 million square feet under development. DCT is structured as an umbrella partnership real estate investment trust (REIT), under which substantially all of its business is, and will be, conducted through a majority owned and controlled subsidiary, DCT Industrial Operating Partnership LP (operating partnership), for which DCT Industrial Trust Inc. is the sole general partner.

As of December 31, 2008, the Company owned, managed or had under development 450 industrial real estate buildings consisting of approximately 75.9 million square feet. Its portfolio of consolidated operating properties included 373 industrial real estate buildings, comprised of 52.1 million square feet, which consisted of 218 bulk distribution properties, 113 light industrial properties and 42 service center properties. DCT’s portfolio of 373 consolidated operating properties was 93.2% occupied as of December 31, 2008. As of December 31, 2008, the Company also consolidated 12 development properties and six redevelopment properties, comprised of 2.9 million square feet and 0.9 million square feet, respectively. In addition, as of December 31, 2008, the Company had ownership interests ranging from approximately 4% to 20% in unconsolidated institutional joint ventures, or funds, that owned 45 properties comprised of approximately 14.1 million square feet, and investments in three unconsolidated operating properties and 10 unconsolidated development joint venture properties. DCT manages one property where it has no ownership interest.

During the year ended December 31, 2008, the Company acquired three operating properties located in two markets in the United States and one in Mexico, comprised of approximately 0.4 million square feet. DCT also acquired four shell-complete development properties located in Monterrey, Mexico, comprised of approximately 0.7 million square feet. One of these buildings was sold in 2008 and the remaining three properties were 100% leased as of December 31, 2008. Additionally, it completed the expansion of one development property in Monterrey Mexico, comprised of 83,000 square feet. During 2008, the Company disposed of 16 operating properties comprised of approximately 2.6 million square feet to unrelated third parties. Additionally, it contributed approximately 47 acres of land in Atlanta to the IDI/DCT Buford, LLC joint venture.

Including holdings in the Company’s consolidated and unconsolidated joint ventures, it had 11 development projects for 17 buildings in nine markets comprised of approximately 5.3 million square feet that were shell-complete and in lease-up phase as of December 31, 2008, with approximately 0.9 million square feet leased. DCT had eight buildings under construction, including three properties in Mexico related to forward purchase commitments, comprised of approximately 2.4 million square feet. In addition, including its joint ventures, the Company has approximately 424 acres of land. The largest component of this land includes the master development rights held by itsr unconsolidated joint venture, referred to as the SCLA joint venture, for approximately 4,350 acres of land, that are entitled for industrial development, surrounding the Southern California Logistics Airport (SCLA) located in the Inland Empire submarket of Southern California. In 2008, the SCLA joint venture began construction on one building comprised of approximately 1.0 million square feet. Additionally, three buildings comprised of 0.5 million square feet were completed during 2008. As of December 31, 2008, 0.1 million square feet of these buildings had been leased. Through various master development agreements, the joint venture has rights to develop this project through 2019.

The Company has a diversified tenant base. As of December 31, 2008, its consolidated and unconsolidated operating properties had leases with approximately 850 customers with no single customer accounting for more than 2.7% of the total annualized base rents for these properties. The Company’s 10 largest customers occupy 16.7% of the leased consolidated and unconsolidated operating properties based on occupied square feet and account for 13.8% of the annualized base rent for these properties.