Document:

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                                                                    EXHIBIT 10.2

                               ADVISORY AGREEMENT

                           DIVIDEND CAPITAL TRUST INC.

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                                TABLE OF CONTENTS

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1.  DEFINITIONS...............................................................1

2.  APPOINTMENT...............................................................8

3.  DUTIES OF THE ADVISOR.....................................................8

4.  AUTHORITY OF ADVISOR.....................................................10

5.  BANK ACCOUNTS............................................................11

6.  RECORDS; ACCESS..........................................................11

7.  LIMITATIONS ON ACTIVITIES................................................11

8.  RELATIONSHIP WITH DIRECTORS..............................................11

9.  FEES.....................................................................11

10. EXPENSES.................................................................14

11. OTHER SERVICES...........................................................15

12. FIDELITY BOND............................................................16

13. REIMBURSEMENT TO THE ADVISOR.............................................16

14. OTHER ACTIVITIES OF THE ADVISOR..........................................16

15. RELATIONSHIP OF ADVISOR AND COMPANY......................................17

16. TERM; TERMINATION OF AGREEMENT...........................................17

17. TERMINATION BY EITHER PARTY..............................................17

18. ASSIGNMENT TO AN AFFILIATE...............................................17

19. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION.......................18

20. INDEMNIFICATION BY THE COMPANY...........................................18

21. INDEMNIFICATION BY ADVISOR...............................................18

22. NOTICES..................................................................19

23. MODIFICATION.............................................................19

24. SEVERABILITY.............................................................19
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25. CONSTRUCTION.............................................................19

26. ENTIRE AGREEMENT.........................................................19

27. INDULGENCES, NOT WAIVERS.................................................19

28. GENDER...................................................................20

29. TITLES NOT TO AFFECT INTERPRETATION......................................20

30. EXECUTION IN COUNTERPARTS................................................20

31. INITIAL INVESTMENT.......................................................20
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                               ADVISORY AGREEMENT

         THIS ADVISORY AGREEMENT, dated as of July 11, 2002, is between Dividend
Capital Trust Inc., a Maryland corporation (the "Company"), and Dividend Capital
Advisors LLC, a Colorado limited liability company (the "Advisor").

                                   WITNESSETH

         WHEREAS, the Company has filed with the Securities and Exchange
Commission a Registration Statement on Form S-11 covering a public offering of
shares of its common stock ("Shares") and the Company may subsequently issue
securities other than such Shares ("Securities") or otherwise raise additional
capital;

         WHEREAS, the Company intends to qualify as a REIT (as defined below),
and to invest its funds in investments permitted by the terms of the
Registration Statement and Sections 856 through 860 of the Code (as defined
below);

         WHEREAS, the Company desires to avail itself of the experience, sources
of information, advice, assistance and certain facilities of the Advisor and to
have the Advisor undertake the duties and responsibilities hereinafter set
forth, on behalf of, and subject to the supervision, of the Board of Directors
of the Company all as provided herein; and

         WHEREAS, the Advisor is willing to undertake to render such services,
subject to the supervision of the Board of Directors, on the terms and
conditions hereinafter set forth;

         NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements contained herein, the parties hereto agree as follows:

         1.       DEFINITIONS. As used in this Advisory Agreement (the
"Agreement"), the following terms have the definitions hereinafter indicated:

         Acquisition Expenses. Any and all expenses, exclusive of Acquisition
Fees, incurred by the Company, the Advisor, or any Affiliate of either in
connection with the selection or acquisition of any Property, whether or not
acquired, including, without limitation, legal fees and expenses, travel and
communications expenses, costs of appraisals, nonrefundable option payments on
property not acquired, accounting fees and expenses, and title insurance.

         Acquisition Fees. Any and all fees and commissions, exclusive of
Acquisition Expenses, paid by any person or entity to any other person or entity
(including any fees or commissions paid by or to any Affiliate of the Company or
the Advisor) in connection with making or investing in mortgage loans and the
selection or acquisition of any Property, including, without limitation, real
estate commissions, acquisition fees, finder's fees, selection fees,
nonrecurring management fees, consulting fees, loan fees, points, or any other
fees or commissions of a similar nature.

         Advisor. Dividend Capital Advisors LLC, a Colorado limited liability
company, any successor advisor to the Company, or any person or entity to which
Dividend Capital Advisors LLC or any successor advisor subcontracts
substantially all of its functions.

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         Affiliate or Affiliated. As to any individual, corporation,
partnership, trust or other association, (i) any Person or entity, directly or
indirectly, through one or more intermediaries controlling, controlled by, or
under common control with such other person or entity; (ii) any Person or
entity, directly or indirectly owning or controlling ten percent (10%) or more
of the outstanding voting securities of such other person or entity; (iii) any
officer, director, partner, or trustee of such other person or entity; (iv) any
Person ten percent (10%) or more of whose outstanding voting securities are
directly or indirectly owned, controlled, or held, with power to vote, by such
other person; and (v) if such other person or entity is an officer, director,
partner, or trustee of a Person or entity, the Person or entity for which such
Person or entity acts in any such capacity.

         Appraised Value. Value according to an appraisal made by an Independent
Appraiser.

         Articles of Incorporation. The Articles of Incorporation of the
Company, as amended from time to time.

         Average Invested Assets. For a specified period, the average of the
aggregate book value of the assets of the Company invested, directly or
indirectly, in Properties and loans made by the Company which are secured by
real estate before reserves for depreciation or bad debts or other similar
non-cash reserves, computed by taking the average of such values at the end of
each month during such period.

         Board of Directors or Board. The persons holding such office, as of any
particular time, under the Articles of Incorporation of the Company, whether
they be the Directors named therein or additional or successor Directors.

         Bylaws. The bylaws of the Company, as the same are in effect from time
to time.

         Cash from Financings. Net cash proceeds realized by the Company from
the financing of Company Property or from the refinancing of any Company
indebtedness.

         Cash from Sales. Net cash proceeds realized by the Company from the
sale, exchange or other disposition of any of its assets after deduction of all
expenses incurred in connection therewith. Cash from Sales shall not include
Cash from Financings.

         Cash from Sales and Financings. The total sum of Cash from Sales and
Cash from Financings.

         Cause. With respect to the termination of this Agreement, fraud,
criminal conduct, willful misconduct or willful or negligent breach of fiduciary
duty by the Advisor, breach of this Agreement, a default by the Sponsor under
the guarantee by the Sponsor to the Company or the bankruptcy of the Sponsor.

         Change of Control. A change of control of the Company of such a nature
that would be required to be reported in response to the disclosure requirements
of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act
of 1934, as amended, as enacted and in force on the date hereof (the "Exchange
Act"), whether or not the Company is then subject to such reporting
requirements; provided, however, that, without limitation, a change of control
shall be deemed to have occurred if: (i) any "person" (within the meaning of
Section 13(d) of the

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Exchange Act) is or becomes the "beneficial owner" (as that term is defined in
Rule 13d-3, as enacted and in force on the date hereof, under the Exchange Act)
of securities of the Company representing 8.5% or more of the combined voting
power of the Company's securities then outstanding; (ii) there occurs a merger,
consolidation or other reorganization of the Company which is not approved by
the Board of Directors of the Company; (iii) there occurs a sale, exchange,
transfer or other disposition of substantially all of the assets of the Company
to another entity, which disposition is not approved by the Board of Directors
of the Company; or (iv) there occurs a contested proxy solicitation of the
Stockholders of the Company that results in the contesting party electing
candidates to a majority of the Board of Directors' positions next up for
election.

         Code. Internal Revenue Code of 1986, as amended from time to time, or
any successor statute thereto. Reference to any provision of the Code shall mean
such provision as in effect from time to time, as the same may be amended, and
any successor provision thereto, as interpreted by any applicable regulations as
in effect from time to time.

         Company. Dividend Capital Trust Inc., a corporation organized under the
laws of the State of Maryland.

         Company Property. Any and all property, real, personal or otherwise,
tangible or intangible, which is transferred or conveyed to the Company
(including all rents, income, profits and gains therefrom), and which is owned
or held by, or for the account of, the Company.

         Competitive Real Estate Commission. A real estate or brokerage
commission for the purchase or sale of property which is reasonable, customary,
and competitive in light of the size, type, and location of the property. The
total of all real estate commissions paid by the Company to all Persons
(including the Subordinated Disposition Fee payable to the Advisor) in
connection with any Sale of one or more of the Company's Properties shall not
exceed the lesser of (i) a Competitive Real Estate Commission or (ii) six
percent of the gross sales price of the Property or Properties.

         Contract Purchase Price. The amount actually paid or allocated (as of
the date of purchase) to the purchase, development, construction or improvement
of property, exclusive of Acquisition Fees and Acquisition Expenses.

         Contract Sales Price. The total consideration received by the Company
for the sale of a Company Property.

         Cumulative Return. For the period for which the calculation is being
made, the percentage resulting from dividing (A) the total Distributions paid on
each Distribution date during such period (without regard to Distributions paid
out of Cash from Sales and Financings), by (B) the product of (i) the average
Invested Capital for such period (calculated on a daily basis), and (ii) the
number of years (including fractions thereof) elapsed during such period.

         Dealer Manager. Dividend Capital Securities LLC, an Affiliate of the
Advisor, or such other Person or entity selected by the Board of Directors to
act as the dealer manager for the Offering. Dividend Capital Securities LLC is a
member of the National Association of Securities Dealers, Inc.

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         Dealer Manager Fee. Up to 2.5% of Gross Proceeds payable to the Dealer
Manager for serving as the dealer manager of the Offering.

         Director. A member of the Board of Directors of the Company.

         Distributions. Any distributions of money or other property by the
Company to owners of Shares, including distributions that may constitute a
return of capital for federal income tax purposes.

         Equity Interest. The stock of or other interests in, or warrants or
other rights to purchase the stock of or other interests in, any entity that has
borrowed money from the Company or that is a tenant of the Company or that is a
parent or controlling Person of any such borrower or tenant.

         Equity Shares. Transferable shares of beneficial interest of the
Company of any class or series, including common shares or preferred shares.

         Final Closing Date. The last date on which purchasers of Shares offered
pursuant to the Prospectus are issued such Shares.

         Good Reason. With respect to the termination of this Agreement, (i) any
failure to obtain a satisfactory agreement from any successor to the Company to
assume and agree to perform the Company's obligations under this Agreement; or
(ii) any material breach of this Agreement of any nature whatsoever by the
Company.

         Gross Proceeds. The aggregate purchase price of all Shares sold for the
account of the Company through the Offering, without deduction for Selling
Commissions, volume discounts, the marketing support and due diligence expense
reimbursement fee or Organization and Offering Expenses. For the purpose of
computing Gross Proceeds, the purchase price of any Share for which reduced
Selling Commissions are paid to the Dealer Manager or a Soliciting Dealer (where
net proceeds to the Company are not reduced) shall be deemed to be $10.00.

         Independent Appraiser. A qualified appraiser of real estate as
determined by the Board. Membership in a nationally recognized appraisal society
such as the American Institute of Real Estate Appraisers ("M.A.I.") or the
Society of Real Estate Appraisers ("S.R.E.A.") shall be conclusive evidence of
such qualification.

         Independent Director. A Director who is not and within the last two
years has not been directly or indirectly associated with the Advisor by virtue
of (i) ownership of an interest in the Advisor or its Affiliates, (ii)
employment by the Advisor or its Affiliates, (iii) service as an officer or
director of the Advisor or its Affiliates, (iv) performance of services, other
than as a Director, for the Company, (v) service as a director or trustee of
more than three real estate investment trusts advised by the Advisor, or (vi)
maintenance of a material business or professional relationship with the Advisor
or any of its Affiliates. A business or professional relationship is considered
material if the gross revenue derived by the Director from the Advisor and
Affiliates exceeds 5% of either the Director's annual gross revenue during
either of the last two years or the Director's net worth on a fair market value
basis. An indirect relationship shall include circumstances in which a
Director's spouse, parents, children, siblings, mothers- or

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fathers-in-law, sons- or daughters-in-law, or brothers- or sisters-in-law is or
has been associated with the Advisor, any of its Affiliates, or the Company.

         Independent Expert. A person or entity with no material current or
prior business or personal relationship with the Advisor or the Directors and
who is engaged to a substantial extent in the business of rendering opinions
regarding the value of assets of the type held by the Company.

         Invested Capital. The amount calculated by multiplying the total number
of Shares purchased by stockholders by the issue price, reduced by the portion
of any Distribution that is attributable to Net Sales Proceeds and by any
amounts paid by the Company to repurchase Shares pursuant to the Company's plan
for redemption of Shares.

         Joint Ventures. The joint venture or partnership arrangements (other
than Dividend Capital Operating Partnership LP) in which the Company is a
co-venturer or general partner which are established to acquire Properties.

         Listing. The listing of the Shares of the Company on a national
securities exchange or over-the-counter market.

         Net Income. For any period, the total revenues applicable to such
period, less the total expenses applicable to such period excluding additions to
reserves for depreciation, bad debts or other similar non-cash reserves;
provided, however, Net Income for purposes of calculating total allowable
Operating Expenses (as defined herein) shall exclude the gain from the sale of
the Company's assets.

         Net Sales Proceeds. In the case of a transaction described in clause
(A) of the definition of Sale, the proceeds of any such transaction less the
amount of all real estate commissions and closing costs paid by the Operating
Partnership. In the case of a transaction described in clause (B) of such
definition, Net Sales Proceeds means the proceeds of any such transaction less
the amount of any legal and other selling expenses incurred by the Operating
Partnership in connection with such transaction. In the case of a transaction
described in clause (C) of such definition, Net Sales Proceeds means the
proceeds of any such transaction actually distributed to the Operating
Partnership from the Joint Venture less any expenses incurred by the Operating
Partnership in connection with such transaction. In the case of a transaction
described in clause (D) of the definition of Sale, Net Sales Proceeds means the
proceeds of such transaction or series of transactions less the amount of all
commissions and closing costs paid by the Operating Partnership. In the case of
transactions described in clause (E) of such definition, Net Sales Proceeds
means the proceeds of any such transaction less the amount of all selling costs
and other expenses incurred by the Operating Partnership in connection with such
transaction. Net Sales Proceeds shall also include, in the case of any lease of
a Property consisting of a building only, any amounts that the Company
determines, in its discretion, to be economically equivalent to proceeds of a
Sale. Net Sales Proceeds shall not include any amounts used to repay outstanding
indebtedness secured by the asset disposed of in the sale.

         Offering. The initial public offering of Shares pursuant to the
Prospectus.

         Operating Expenses. All costs and expenses incurred by the Company, as
determined under generally accepted accounting principles, which in any way are
related to the operation of

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the Company or to Company business, including advisory fees, but excluding (i)
the expenses of raising capital such as Organizational and Offering Expenses,
the Dealer Manager Fee, Selling Commissions, legal, audit, accounting,
underwriting, brokerage, listing, registration, and other fees, printing and
other such expenses and tax incurred in connection with the issuance,
distribution, transfer, registration and Listing of the Shares, (ii) interest
payments, (iii) taxes, (iv) non-cash expenditures such as depreciation,
amortization and bad loan reserves, (v) the Property Management Fee and (vi)
Acquisition Fees and Acquisition Expenses, real estate commissions on the sale
of property, and other expenses connected with the acquisition, and ownership of
real estate interests, mortgage loans or other property (such as the costs of
foreclosure, insurance premiums, legal services, maintenance, repair and
improvement of property).

         Operating Partnership. Dividend Capital Operating Partnership LP, the
limited partnership through which the Company will own the Properties.

         OP Unit. Units of limited partnership interest in the Operating
Partnership.

         Organizational and Offering Expenses. Any and all costs and expenses,
other than Selling Commissions and the 2.5% Dealer Manager Fee and due diligence
expense reimbursement fee, incurred by the Advisor or any Affiliate in
connection with the formation, qualification and registration of the Company and
the marketing and distribution of Shares, including, without limitation, the
following: total underwriting and brokerage discounts and commissions (including
fees of the underwriters' attorneys); legal, accounting and escrow fees;
printing, amending, supplementing, mailing and distribution costs; salaries of
employees while engaged in registering, marketing and wholesaling the Shares;
filing, registration and qualification fees and taxes; telegraph and telephone
costs; and all advertising and marketing expenses, including the costs related
to investor and broker-dealer sales meetings. The Organizational and Offering
Expenses paid by the Company in connection with formation of the Company will
not exceed 3% of the Gross Proceeds raised in connection with such Offering.

         Permitted Affiliate. Any Affiliate of the Advisor other than an
Affiliate that is a property management company engaged to manage any
Properties or other assets owned directly or indirectly by the Company.

         Person. An individual, corporation, partnership, trust, joint venture,
limited liability company or other entity.

         Property or Properties. (i) The real properties, including the
buildings located thereon, or (ii) the real properties only, or (iii) the
buildings only, which are acquired by the Company or the

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Operating Partnership, either directly or through joint venture arrangements or
other partnerships.

         Property Management Fee. Fees paid to a property management company
(which may be an Affiliate of the Advisor) in consideration for the management
and leasing of Properties.

         Prospectus. "Prospectus" has the meaning set forth in Section 2(10) of
the Securities Act of 1933, as amended (the "Securities Act"), including a
preliminary Prospectus, an offering circular as described in Rule 256 of the
General Rules and Regulations under the Securities Act or, in the case of an
intrastate offering, any document by whatever name known, utilized for the
purpose of offering and selling securities to the public.

         Real Estate Asset Value. The amount actually paid or allocated to the
purchase, development, construction or improvement of a Property, exclusive of
Acquisition Fees and Acquisition Expenses.

         Registration Statement. The Registration Statement filed on Form S-11
with respect to the Offering, of which the Prospectus is a part.

         REIT. A "real estate investment trust" under Sections 856 through 860
of the Code.

         Sale or Sales. Any transaction or series of transactions whereby: (A)
the Operating Partnership sells, grants, transfers, conveys, or relinquishes its
ownership of any Property or portion thereof, including the lease of any
Property consisting of the building only, and including any event with respect
to any Property which gives rise to a significant amount of insurance proceeds
or condemnation awards; (B) the Operating Partnership sells, grants, transfers,
conveys, or relinquishes its ownership of all or substantially all of the
interest of the Operating Partnership in any Joint Venture in which it is a
co-venturer or partner; (C) any Joint Venture in which the Operating Partnership
is a co-venturer or partner sells, grants, transfers, conveys, or relinquishes
its ownership of any Property or portion thereof, including any event with
respect to any Property which gives rise to insurance claims or condemnation
awards; (D) the Operating Partnership sells, grants, conveys, or relinquishes
its interest in any asset, or portion thereof, including any event with respect
to any asset which gives rise to a significant amount of insurance proceeds or
similar awards; or (E) the Operating Partnership sells or otherwise disposes of
or distributes all of its assets in liquidation of the Operating Partnership.

         Securities. Any Equity Shares, Excess Shares, as such term is defined
in the Company's Articles of Incorporation, any other stock, shares or other
evidences of equity or beneficial or other interests, voting trust certificates,
bonds, debentures, notes or other evidences of indebtedness, secured or
unsecured, convertible, subordinated or otherwise, or in general any instruments
commonly known as "securities" or any certificates of interest, shares or
participations in, temporary or interim certificates for, receipts for,
guarantees of, or warrants, options or rights to subscribe to, purchase or
acquire, any of the foregoing.

         Selling Commissions. Up to 7% of Gross Proceeds payable to the Dealer
Manager or Soliciting Dealers with respect to Securities sold by them.

         Shares. The shares of the common stock of the Company to be sold in the
Offering.

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         Soliciting Dealers. Broker-dealers who are members of the National
Association of Securities Dealers, Inc., or that are exempt from broker-dealer
registration, and who, in either case, have executed participating broker or
other agreements with the Dealer Manager to sell Shares.

         Special OP Units. The separate series of limited partnership interests
to be issued in accordance with Paragraph 9(c).

         Sponsor. Any Person directly or indirectly instrumental in organizing,
wholly or in part, the Company or any Person who will control, manage or
participate in the management of the Company, and any Affiliate of such Person.
Not included is any Person whose only relationship with the Company is that of
an independent property manager of Company assets, and whose only compensation
is as such. Sponsor does not include wholly independent third parties such as
attorneys, accountants, and underwriters whose only compensation is for
professional services.

         Stockholders. The registered holders of the Company's Shares.

         Stockholders' 7% Return. As of each date, an aggregate amount equal to
a 7% cumulative, noncompounded, annual return on Invested Capital.

         Termination Date. The date of termination of the Agreement.

         Termination Event. The termination or nonrenewal of this Agreement (i)
in connection with a merger, sale of assets or transaction involving the Company
pursuant to which a majority of the Directors then in office are replaced or
removed, (ii) by the Advisor for Good Reason or (iii) by the Company other than
for Cause.

         Total Property Cost. With regard to any Company Property, an amount
equal to the sum of the Real Estate Asset Value of such Property plus the
Acquisition Fees paid in connection with such Property.

         2%/25% Guidelines. The requirement pursuant to the guidelines of the
North American Securities Administrators Association, Inc. that, in any 12 month
period, total Operating Expenses not exceed the greater of 2% of the Company's
Average Invested Assets during such 12 month period or 25% of the Company's Net
Income over the same 12 month period.

         Valuation. An estimate of value of the assets of the Company as
determined by an Independent Expert.

         2.       APPOINTMENT. The Company hereby appoints the Advisor to serve
as its advisor on the terms and conditions set forth in this Agreement, and the
Advisor hereby accepts such appointment.

         3.       DUTIES OF THE ADVISOR. The Advisor undertakes to use its best
efforts to present to the Company potential investment opportunities and to
provide a continuing and suitable investment program consistent with the
investment objectives and policies of the Company as determined and adopted from
time to time by the Directors. In performance of this undertaking, subject to
the supervision of the Directors and consistent with the provisions of the

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Registration Statement, Articles of Incorporation and Bylaws of the Company, the
Advisor shall, either directly or by engaging a Permitted Affiliate:

                  a. serve as the Company's investment and financial advisor and
provide research and economic and statistical data in connection with the
Company's assets and investment policies;

                  b. provide the daily management of the Company and perform and
supervise the various administrative functions reasonably necessary for the
management of the Company;

                  c. investigate, select, and, on behalf of the Company, engage
and conduct business with such Persons as the Advisor deems necessary to the
proper performance of its obligations hereunder, including but not limited to
consultants, accountants, correspondents, lenders, technical advisors,
attorneys, brokers, underwriters, corporate fiduciaries, escrow agents,
depositaries, custodians, agents for collection, insurers, insurance agents,
banks, builders, developers, property owners, mortgagors, and any and all agents
for any of the foregoing, including Affiliates of the Advisor, and Persons
acting in any other capacity deemed by the Advisor necessary or desirable for
the performance of any of the foregoing services, including but not limited to
entering into contracts in the name of the Company with any of the foregoing;

                  d. consult with the officers and Directors of the Company and
assist the Directors in the formulation and implementation of the Company's
financial policies, and, as necessary, furnish the Directors with advice and
recommendations with respect to the making of investments consistent with the
investment objectives and policies of the Company and in connection with any
borrowings proposed to be undertaken by the Company;

                  e. subject to the provisions of Paragraphs 3(g) and 4 hereof,
(i) locate, analyze and select potential investments in Properties, (ii)
structure and negotiate the terms and conditions of transactions pursuant to
which investment in Properties will be made; (iii) make investments in
Properties on behalf of the Company in compliance with the investment objectives
and policies of the Company; (iv) arrange for financing and refinancing and make
other changes in the asset or capital structure of, and dispose of, reinvest the
proceeds from the sale of, or otherwise deal with the investments in, Property;
and (v) enter into leases and service contracts for Company Property and, to the
extent necessary, perform all other operational functions for the maintenance
and administration of such Company Property;

                  f. provide the Directors with periodic reports regarding
prospective investments in Properties;

                  g. obtain the prior approval of the Directors (including a
majority of all Independent Directors) for any and all investments in
Properties;

                  h. negotiate on behalf of the Company with banks or lenders
for loans to be made to the Company, and negotiate on behalf of the Company with
investment banking firms and broker-dealers or negotiate private sales of Shares
and Securities or obtain loans for the Company, but in no event in such a way so
that the Advisor shall be acting as broker-dealer or underwriter; and provided,
further, that any fees and costs payable to third parties incurred by the
Advisor in connection with the foregoing shall be the responsibility of the
Company;

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                  i. obtain reports (which may be prepared by the Advisor or its
Affiliates), where appropriate, concerning the value of investments or
contemplated investments of the Company in Properties;

                  j. from time to time, or at any time reasonably requested by
the Directors, make reports to the Directors of its performance of services to
the Company under this Agreement;

                  k. provide the Company with all necessary cash management
services;

                  l. do all things necessary to assure its ability to render the
services described in this Agreement;

                  m. deliver to or maintain on behalf of the Company copies of
all appraisals obtained in connection with the investments in Properties; and

                  n. notify the Board of all proposed material transactions
before they are completed.

         4.       AUTHORITY OF ADVISOR.

                  a. Pursuant to the terms of this Agreement (including the
restrictions included in this Paragraph 4 and in Paragraph 7), and subject to
the continuing and exclusive authority of the Directors over the management of
the Company, the Directors hereby delegate to the Advisor the authority to (1)
locate, analyze and select investment opportunities, (2) structure the terms and
conditions of transactions pursuant to which investments will be made or
acquired for the Company, (3) acquire Properties in compliance with the
investment objectives and policies of the Company, (4) arrange for financing or
refinancing Property, (5) enter into leases and service contracts for the
Company's Property, (6) oversee Affiliated and non-Affiliated property managers
who perform services for the Company; and (7) manage accounting and other
record-keeping functions for the Company.

                  b. Notwithstanding the foregoing, any investment in
Properties, including any acquisition of Property by the Company (as well as any
financing acquired by the Company in connection with such acquisition), will
require the prior approval of the Directors (including a majority of the
Independent Directors).

                  c. If a transaction requires approval by the Independent
Directors, the Advisor will deliver to the Independent Directors all documents
required by them to properly evaluate the proposed investment in the Property.

         The prior approval of a majority of the Independent Directors and a
majority of the Directors not otherwise interested in the transaction will be
required for each transaction which is proposed for the Company by the Advisor
or its Affiliates. The Directors may, at any time upon the giving of notice to
the Advisor, modify or revoke the authority set forth in this Paragraph 4. If
and to the extent the Directors so modify or revoke the authority contained
herein, the Advisor shall henceforth submit to the Directors for prior approval
such proposed transactions involving investments in Property as thereafter
require prior approval, provided however, that such

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modification or revocation shall be effective upon receipt by the Advisor and
shall not be applicable to investment transactions to which the Advisor has
committed the Company prior to the date of receipt by the Advisor of such
notification.

         5.       BANK ACCOUNTS. The Advisor may establish and maintain one or
more bank accounts in its own name for the account of the Company or in the name
of the Company and may collect and deposit into any such account or accounts,
and disburse from any such account or accounts, any money on behalf of the
Company, under such terms and conditions as the Directors may approve, provided
that no funds shall be commingled with the funds of the Advisor; and the Advisor
shall from time to time render appropriate accountings of such collections and
payments to the Directors and to the auditors of the Company.

         6.       RECORDS; ACCESS. The Advisor shall maintain appropriate
records of all its activities hereunder and make such records available for
inspection by the Directors and by counsel, auditors and authorized agents of
the Company, at any time or from time to time during normal business hours. The
Advisor shall at all reasonable times have access to the books and records of
the Company.

         7.       LIMITATIONS ON ACTIVITIES. Anything else in this Agreement to
the contrary notwithstanding, the Advisor shall refrain from taking any action
which, in its sole judgment made in good faith, would (a) adversely affect the
status of the Company as a REIT, (b) subject the Company to regulation under the
Investment Company Act of 1940, as amended, or (c) violate any law, rule,
regulation or statement of policy of any governmental body or agency having
jurisdiction over the Company, its Shares or its Securities, or otherwise not be
permitted by the Articles of Incorporation or Bylaws of the Company, except if
such action shall be ordered by the Directors, in which case the Advisor shall
notify promptly the Directors of the Advisor's judgment of the potential impact
of such action and shall refrain from taking such action until it receives
further clarification or instructions from the Directors. In such event the
Advisor shall have no liability for acting in accordance with the specific
instructions of the Directors so given. Notwithstanding the foregoing, the
Advisor, its directors, officers, employees and stockholders, and stockholders,
directors and officers of the Advisor's Affiliates shall not be liable to the
Company or to the Directors or stockholders for any act or omission by the
Advisor, its directors, officers or employees, or stockholders, directors or
officers of the Advisor's Affiliates taken or omitted to be taken in the
performance of their duties under this Agreement except as provided in
Paragraphs 20 and 21 of this Agreement.

         8.       RELATIONSHIP WITH DIRECTORS. Subject to paragraph 7 of this
Agreement and to restrictions advisable with respect to the qualification of the
Company as a REIT, directors, officers and employees of the Advisor or an
Affiliate of the Advisor or any corporate parents of an Affiliate, or directors,
officers or stockholders of any director, officer or corporate parent of an
Affiliate may serve as a Director and as officers of the Company, except that no
director, officer or employee of the Advisor or its Affiliates who also is a
Director or officer of the Company shall receive any compensation from the
Company for serving as a Director or officer other than reasonable reimbursement
for travel and related expenses incurred in attending meetings of the Directors.

         9.       FEES.

                  a. Acquisition Fees. The Advisor shall receive as compensation
for services rendered in connection with the investigation, selection and
acquisition (by purchase, investment

                                       11
<PAGE>

or exchange) of Property an Acquisition Fee payable by the Company. The
Acquisition Fees shall be reduced to the extent that, and, if necessary to
limit, the total compensation paid to all persons involved in the acquisition of
any Property to the amount customarily charged in arm's-length transactions by
other persons or entities rendering similar services as an ongoing public
activity in the same geographical location and for comparable types of
Properties and to the extent that other acquisition fees, finder's fees, real
estate commissions, or other similar fees or commissions are paid by any person
in connection with the transaction. The total Acquisition Fees paid to the
Advisor or its Affiliates shall not exceed 3% of the Contract Purchase Price of
all Properties acquired by the Company. Acquisition Fees shall be payable on the
acquisition of a specific property or the acquisition of a portfolio of
properties through a purchase of assets, merger or similar transaction. However,
the total of all Acquisition Fees and Acquisition Expenses payable with respect
to any Property shall not exceed 6% of the Contract Purchase Price of such
Property unless fees in excess of such amount are approved by a majority of the
Directors not interested in such transaction and by a majority of the
Independent Directors not interested in such transaction.

                  b. Subordinated Disposition Fee. If the Advisor or an
Affiliate provides a substantial amount of the services (as determined by a
majority of the Independent Directors) in connection with the Sale of one or
more Properties, the Advisor or an Affiliate shall receive a Subordinated
Disposition Fee equal to the lesser of (i) one-half of a Competitive Real Estate
Commission or (ii) 3% of the sales price of such Property or Properties. The
Subordinated Disposition Fee will be paid only if Stockholders have received
total Distributions in an amount equal to the sum of their aggregate Invested
Capital and their aggregate Stockholders' 7% Return. To the extent that
Subordinated Disposition Fees are not paid by the Company on a current basis due
to the foregoing limitation, the unpaid fees will be accrued and paid at such
time as the subordination conditions have been satisfied. The Subordinated
Disposition Fee may be paid in addition to real estate commissions paid to
non-Affiliates, provided that the total real estate commissions paid to all
Persons by the Company shall not exceed an amount equal to the lesser of (i) 6%
of the Contract Sales Price of a Property or (ii) the Competitive Real Estate
Commission. In the event this Agreement is terminated prior to such time as the
Stockholders have received total Distributions in an amount equal to 100% of
Invested Capital plus an amount sufficient to pay the Stockholders' 7% Return
through the Termination Date, an appraisal of the Properties then owned by the
Company shall be made and the Subordinated Disposition Fee on Properties
previously sold will be deemed earned if the Appraised Value of the Properties
then owned by the Company plus total Distributions received prior to the
Termination Date equals 100% of Invested Capital plus an amount sufficient to
pay the Stockholders' 7% Return through the Termination Date. Upon Listing, if
the Advisor has accrued but not been paid such Subordinated Disposition Fee,
then for purposes of determining whether the subordination conditions have been
satisfied, Stockholders will be deemed to have received a Distribution in the
amount equal to the product of the total number of Shares outstanding and the
average closing price of the Shares over a period, beginning 180 days after
Listing, of 30 days during which the Shares are traded.

                  c. Operating Partnership Interests. The Advisor will make a
capital contribution of $200,000 to the Operating Partnership in exchange for OP
Units. An affiliate of the Advisor also will be issued OP Units constituting a
separate series of limited partnership interests (the "Special OP Units").

                                       12
<PAGE>

The holder of the Special OP Units will be entitled to distributions from the
Operating Partnership in an amount equal to 15% of the Net Sales Proceeds after
the holders of regular partnership interests have received cumulative
distributions from the Operating Partnership from operating income, sales
proceeds or other sources equal to their capital contributions to the Operating
Partnership plus a 7% cumulative, noncompounded annualized return thereon. Upon
the earliest to occur of the termination of this Agreement for Cause, a
Termination Event or the Listing, all of the Special OP Units shall be redeemed
by the Operation Partnership. In the case of redemption upon a Termination Event
or the Listing, the Special OP Units shall be redeemed for an aggregate amount
equal to the Net Sales Proceeds that would have been distributed to the holders
of Special OP Units in accordance with the preceding sentence if a transaction
within the meaning of clause (E) of the definition of Sale had occurred on such
date, all assets of the Operating Partnership had been sold for their fair
market value and all liabilities of the Operating Partnership had been satisfied
in full according to their terms. In determining the fair market value of the
assets of the Operating Partnership, (i) in connection with a Termination Event,
the Company shall obtain an appraisal of the properties of the Operating
Partnership and (ii) in connection with the Listing, the Company shall make such
determination taking into account the market value of the Company's listed
Shares based upon the average closing price, or average of bid and asked prices,
as the case may be, during a period of 30 days during which such Shares are
traded beginning 180 days after the Listing. If the Agreement is terminated or
not renewed by the Company for Cause, the Special OP Units shall be redeemed by
the Operating Partnership for $1. The Operating Partnership will redeem the
Special OP Units for cash. There shall be a corresponding allocation of profits
of the Operating Partnership made to the holder of the Special OP Units in
connection with the amounts payable hereunder and such amounts will be payable
only out of profits of the Operating Partnership.

                  d. Loans from Affiliates. If any loans are made to the Company
by an Affiliate of the Advisor, the maximum amount of interest that may be
charged by such Affiliate shall be the lesser of (i) 1% above the prime rate of
interest charged from time to time by the principal bank then used by the
Company and (ii) the rate that would be charged to the Company by unrelated
lending institutions on comparable loans for the same purpose. The terms of any
such loans shall be no less favorable than the terms available between
non-Affiliated Persons for similar commercial loans.

                  e. Changes to Fee Structure. In the event of Listing, the
Company and the Advisor shall negotiate in good faith to establish a fee
structure appropriate for a perpetual-life entity. A majority of the Independent
Directors must approve the new fee structure negotiated with the Advisor. In
negotiating a new fee structure, the Independent Directors shall consider all

                                       13
<PAGE>

of the factors they deem relevant, including, but not limited to: (i) the amount
of the advisory fee in relation to the asset value, composition and
profitability of the Company's portfolio; (ii) the success of the Advisor in
generating opportunities that meet the investment objectives of the Company;
(iii) the rates charged to other REITs and to investors other than REITs by
advisors performing the same or similar services; (iv) additional revenues
realized by the Advisor and its Affiliates through their relationship with the
Company, including loan administration, underwriting or broker commissions,
servicing, engineering, inspection and other fees, whether paid by the REIT or
by others with whom the REIT does business; (v) the quality and extent of
service and advice furnished by the Advisor; (vi) the performance of the
investment portfolio of the REIT, including income, conversion or appreciation
of capital, and number and frequency of problem investments; and (vii) the
quality of the Property portfolio of the Company in relationship to the
investments generated by the Advisor for its own account. The new fee structure
can be no more favorable to the Advisor than the current fee structure.

                  f. Exclusion of Certain Transactions. In the event the Company
shall propose to enter into any transaction in which an officer or director of
the Company, the Advisor, or any Affiliate of the Company or the Advisor has a
direct or indirect interest, then (i) such transaction shall be approved by a
majority of the Board of Directors and also by a majority of the Independent
Directors and (ii) any commissions or remuneration received by any such persons
in connection with such transaction shall be deducted from the fees payable
under this Agreement.

         10.      EXPENSES.

                  a. In addition to the compensation paid to the Advisor
pursuant to Paragraph 9 hereof, the Company shall pay directly or reimburse the
Advisor for all of the expenses paid or incurred by the Advisor in connection
with the services it provides to the Company pursuant to this Agreement,
including, but not limited to:

                           i. the Company's Organizational and Offering
Expenses; provided, however, that within 60 days after the end of the month in
which the Offering terminates, the Advisor shall reimburse the Company for any
Organizational and Offering Expenses reimbursement received by the Advisor
pursuant to this Paragraph 10, to the extent that such reimbursement exceeds 3%
of the Gross Proceeds or, at the option of the Company, such excess shall be
subtracted from the next reimbursement of expense to be made by the Company
pursuant to this paragraph 10. The Advisor shall be responsible for the payment
of all the Company's Organizational and Offering Expenses in excess of 3% of the
Gross Proceeds;

                           ii. Acquisition Expenses incurred in connection with
the selection and acquisition of Properties at the lesser of the actual cost or
90% of the competitive rate charged by unaffiliated persons providing similar
goods and services in the same geographic location;

                           iii. the actual cost of goods and services used by
the Company and obtained from entities not affiliated with the Advisor, other
than Acquisition Expenses, including brokerage fees paid in connection with the
purchase and sale of securities;

                           iv. interest and other costs for borrowed money,
including discounts, points and other similar fees;

                                       14
<PAGE>

                           v. taxes and assessments on income of the Company or
Properties;

                           vi. costs associated with insurance required in
connection with the business of the Company or by the Directors;

                           vii. expenses of managing and operating Properties
owned by the Company, whether payable to an Affiliate of the Company or a
non-affiliated Person.

                           viii. all expenses in connection with payments to the
Directors and meetings of the Directors and Stockholders;

                           ix. expenses associated with Listing or with the
issuance and distribution of Shares and Securities, such as selling commissions
and fees, advertising expenses, taxes, legal and accounting fees, Listing and
registration fees, and other Organization and Offering Expenses;

                           x. expenses connected with payments of Distributions
in cash or otherwise made or caused to be made by the Company to the
Stockholders;

                           xi. expenses of organizing, revising, amending,
converting, modifying, or terminating the Company or the Articles of
Incorporation;

                           xii. expenses of maintaining communications with
Stockholders, including the cost of preparation, printing, and mailing annual
reports and other Stockholder reports, proxy statements and other reports
required by governmental entities;

                           xiii. administrative service expenses (including
personnel costs; provided, however, that no reimbursement shall be made for
costs of personnel to the extent that such personnel perform services in
transactions for which the Advisor receives a separate fee); and

                           xiv. audit, accounting and legal fees.

                  b. Expenses incurred by the Advisor on behalf of the Company
and payable pursuant to this Paragraph 10 shall be reimbursed no less than
monthly to the Advisor. The Advisor shall prepare a statement documenting the
expenses of the Company during each quarter, and shall deliver such statement to
the Company within 45 days after the end of each quarter.

         11.      OTHER SERVICES. Should the Directors request that the Advisor
or any director, officer or employee thereof render services for the Company
other than set forth in Paragraph 3, such services shall be separately
compensated at such rates and in such amounts as are agreed by the Advisor and
the Independent Directors of the Company, subject to the limitations contained
in the Articles of Incorporation, and shall not be deemed to be services
pursuant to the terms of this Agreement.

                                       15
<PAGE>

         12.      FIDELITY BOND. The Advisor shall maintain a fidelity bond for
the benefit of the Company which bond shall insure the Company from losses of up
to $200,000 per occurrence and shall be of the type customarily purchased by
entities performing services similar to those provided to the Company by the
Advisor.

         13.      REIMBURSEMENT TO THE ADVISOR. The Company shall not reimburse
the Advisor at the end of any fiscal quarter Operating Expenses that, in the
four consecutive fiscal quarters then ended (the "Expense Year") exceed (the
"Excess Amount") the greater of 2% of Average Invested Assets or 25% of Net
Income (the "2%/25% Guidelines") for such year. Any Excess Amount paid to the
Advisor during a fiscal quarter shall be repaid to the Company or, at the
option of the Company, subtracted from the Operating Expenses reimbursed during
the subsequent fiscal quarter. If there is an Excess Amount in any Expense Year
and the Independent Directors determine that such excess was justified, based on
unusual and nonrecurring factors which they deem sufficient, the Excess Amount
may be carried over and included in Operating Expenses in subsequent Expense
Years, and reimbursed to the Advisor in one or more of such years, provided that
Operating Expenses in any Expense Year, including any Excess Amount to be paid
to the Advisor, shall not exceed the 2%/25% Guidelines. Within 60 days after the
end of any fiscal quarter of the Company for which total Operating Expenses for
the Expense Year exceed the 2%/25% Guidelines, there shall be sent to the
stockholders a written disclosure of such fact, together with an explanation of
the factors the Independent Directors considered in determining that such excess
expenses were justified. Such determination shall be reflected in the minutes of
the meetings of the Board of Directors. The Company will not reimburse the
Advisor or its Affiliates for services for which the Advisor or its Affiliates
are entitled to compensation in the form of a separate fee. All figures used in
the foregoing computation shall be determined in accordance with generally
accepted accounting principles applied on a consistent basis.

         14.      OTHER ACTIVITIES OF THE ADVISOR. Nothing herein contained
shall prevent the Advisor from engaging in other activities, including, without
limitation, the rendering of advice to other Persons (including other REITs) and
the management of other programs advised, sponsored or organized by the Advisor
or its Affiliates; nor shall this Agreement limit or restrict the right of any
director, officer, employee, or stockholder of the Advisor or its Affiliates to
engage in any other business or to render services of any kind to any other
partnership, corporation, firm, individual, trust or association. The Advisor
may, with respect to any investment in which the Company is a participant, also
render advice and service to each and every other participant therein. The
Advisor shall report to the Directors the existence of any condition or
circumstance, existing or anticipated, of which it has knowledge, which creates
or could create a conflict of interest between the Advisor's obligations to the
Company and its obligations to or its interest in any other partnership,
corporation, firm, individual, trust or association. The Advisor or its
Affiliates shall promptly disclose to the Directors knowledge of such condition
or circumstance. If the Sponsor, Advisor, Director or Affiliates thereof have
sponsored other investment programs with similar investment objectives which
have investment funds available at the same time as the Company, it shall be the
duty of the Directors (including the Independent Directors) to adopt the method
set forth in the Registration Statement or another reasonable method by which
properties are to be allocated to the competing investment entities and to use
their best efforts to apply such method fairly to the Company.

                                       16
<PAGE>

         The Advisor shall be required to use its best efforts to present a
continuing and suitable investment program to the Company which is consistent
with the investment policies and objectives of the Company, but neither the
Advisor nor any Affiliate of the Advisor shall be obligated generally to present
any particular investment opportunity to the Company even if the opportunity is
of character which, if presented to the Company, could be taken by the Company.

         The Advisor or its Affiliates may make such an investment in a property
only after (i) such investment has been offered to the Company and all public
partnerships and other investment entities Affiliated with the Company with
funds available for such investment and (ii) such investment is found to be
unsuitable for investment by the Company, such partnerships and investment
entities.

         In the event that the Advisor or its Affiliates is presented with a
potential investment which might be made by the Company and by another
investment entity which the Advisor or its Affiliates advises or manages, the
Advisor shall consider the investment portfolio of each entity, cash flow of
each entity, the effect of the acquisition on the diversification of each
entity's portfolio, rental payments during any renewal period, the estimated
income tax effects of the purchase on each entity, the policies of each entity
relating to leverage, the funds of each entity available for investment and the
length of time such funds have been available for investment. In the event that
an investment opportunity becomes available which the Advisor determines is
suitable for the Company based on the criteria set forth above, then the
investment opportunity shall be offered to the Company. The Advisor may consider
the property for its own investment only if such property is deemed
inappropriate for any investment entity which is advised or managed by the
Advisor, including the Company.

         15.      RELATIONSHIP OF ADVISOR AND COMPANY. The Company and the
Advisor are not partners or joint venturers with each other, and nothing in this
Agreement shall be construed to make them such partners or joint venturers or
impose any liability as such on either of them.

         16.      TERM; TERMINATION OF AGREEMENT. This Agreement shall continue
in force for a period of one year from the date hereof, subject to an unlimited
number of successive one-year renewals upon mutual consent of the parties. It is
the duty of the Directors to evaluate the performance of the Advisor annually
before renewing the Agreement, and each such renewal shall be for a term of no
more than one year.

         17.      TERMINATION BY EITHER PARTY. This Agreement may be terminated
upon 60 days written notice with or without Cause and without penalty, by either
party (by a majority of the Independent Directors of the Company or a majority
of the Board of Directors of the Advisor, as the case may be).

         18.      ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by
the Advisor to a Permitted Affiliate with the approval of a majority of the
Directors (including a majority of the Independent Directors). The Advisor may
assign any rights to receive fees or other payments under this Agreement without
obtaining the approval of the Directors. This Agreement shall not be assigned by
the Company without the consent of the Advisor, except in the case of an

                                       17
<PAGE>

assignment by the Company to a corporation or other organization which is a
successor to all of the assets, rights and obligations of the Company, in which
case such successor organization shall be bound hereunder and by the terms of
said assignment in the same manner as the Company is bound by this Agreement.

         19.      PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. Payments
to the Advisor of unpaid expense reimbursements pursuant to this Section 19
shall be subject to the 2%/25% Guidelines to the extent applicable.

                  a. After the Termination Date, the Advisor shall not be
entitled to compensation for further services hereunder except it shall be
entitled to receive from the Company within 30 days after the effective date of
such termination all unpaid reimbursements of expenses and all earned but unpaid
fees payable to the Advisor prior to termination of this Agreement.

                  b. The Advisor shall promptly upon termination:

                           i. pay over to the Company all money collected and
held for the account of the Company pursuant to this Agreement, after deducting
any accrued compensation and reimbursement for its expenses to which it is then
entitled;

                           ii. deliver to the Directors a full accounting,
including a statement showing all payments collected by it and a statement of
all money held by it, covering the period following the date of the last
accounting furnished to the Directors;

                           iii. deliver to the Directors all assets, including
Properties, and documents of the Company then in the custody of the Advisor; and

                           iv. cooperate with the Company to provide an orderly
management transition.

         20.      INDEMNIFICATION BY THE COMPANY. The Company shall indemnify
and hold harmless the Advisor and its Affiliates, including their respective
officers, directors, partners and employees, from all liability, claims, damages
or losses arising in the performance of their duties hereunder, and related
expenses, including reasonable attorneys' fees, to the extent such liability,
claims, damages or losses and related expenses are not fully reimbursed by
insurance, subject to any limitations imposed by the laws of the State of
Maryland or the Articles of Incorporation of the Company. Notwithstanding the
foregoing, the Advisor shall not be entitled to indemnification or be held
harmless pursuant to this paragraph 20 for any activity which the Advisor shall
be required to indemnify or hold harmless the Company pursuant to paragraph 21.
Any indemnification of the Advisor may be made only out of the net assets of the
Company and not from Stockholders. Notwithstanding the foregoing, the Company
may not indemnify or hold harmless the Advisor, its Affiliates, or any of their
respective officers, directors, partners or employees in any manner that would
be inconsistent with the provisions of Section II.6. of the REIT Guidelines
adopted by the North American Securities Administrators Association.

         21.      INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and
hold harmless the Company from contract or other liability, claims, damages,
taxes or losses and related expenses including attorneys' fees, to the extent
that such liability, claims, damages, taxes or losses and related expenses are
not fully reimbursed by insurance and are incurred by reason of the Advisor's
bad faith, fraud, willful misfeasance, misconduct, negligence or reckless

                                       18
<PAGE>

disregard of its duties, but the Advisor shall not be held responsible for any
action of the Board of Directors in following or declining to follow any advice
or recommendation given by the Advisor.

         22.      NOTICES. Any notice, report or other communication required or
permitted to be given hereunder shall be in writing unless some other method of
giving such notice, report or other communication is required by the Articles of
Incorporation, the Bylaws, or accepted by the party to whom it is given, and
shall be given by being delivered by hand or by overnight mail or other
overnight delivery service to the addresses set forth herein:

         To the Directors and to the Company:

                                           Dividend Capital Trust Inc.
                                           518 17th Street
                                           Suite 1700
                                           Denver, CO 80202
         To the Advisor:
                                           Dividend Capital Advisors LLC
                                           518 17th Street
                                           Suite 1700
                                           Denver, CO 80202

         Either party may at any time give notice in writing to the other party
of a change in its address for the purposes of this Paragraph 22.

         23.      MODIFICATION. This Agreement shall not be changed, modified,
terminated, or discharged, in whole or in part, except by an instrument in
writing signed by both parties hereto, or their respective successors or
assignees.

         24.      SEVERABILITY. The provisions of this Agreement are independent
of and severable from each other, and no provision shall be affected or rendered
invalid or unenforceable by virtue of the fact that for any reason any other or
others of them may be invalid or unenforceable in whole or in part.

         25.      CONSTRUCTION. The provisions of this Agreement shall be
construed and interpreted in accordance with the laws of the State of Colorado.

         26.      ENTIRE AGREEMENT. This Agreement contains the entire agreement
and understanding among the parties hereto with respect to the subject matter
hereof, and supersedes all prior and contemporaneous agreements, understandings,
inducements and conditions, express or implied, oral or written, of any nature
whatsoever with respect to the subject matter hereof. The express terms hereof
control and supersede any course of performance and/or usage of the trade
inconsistent with any of the terms hereof. This Agreement may not be modified or
amended other than by an agreement in writing.

         27.      INDULGENCES, NOT WAIVERS. Neither the failure nor any delay on
the part of a party to exercise any right, remedy, power or privilege under this
Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, remedy, power or privilege

                                       19
<PAGE>

preclude any other or further exercise of the same or of any other right,
remedy, power or privilege, nor shall any waiver of any right, remedy, power or
privilege with respect to any occurrence be construed as a waiver of such right,
remedy, power or privilege with respect to any other occurrence. No waiver shall
be effective unless it is in writing and is signed by the party asserted to have
granted such waiver.

         28.      GENDER. Words used herein regardless of the number and gender
specifically used, shall be deemed and construed to include any other number,
singular or plural, and any other gender, masculine, feminine or neuter, as the
context requires.

         29.      TITLES NOT TO AFFECT INTERPRETATION. The titles of paragraphs
and subparagraphs contained in this Agreement are for convenience only, and they
neither form a part of this Agreement nor are they to be used in the
construction or interpretation hereof.

         30.      EXECUTION IN COUNTERPARTS. This Agreement may be executed in
any number of counterparts, each of which shall be deemed to be an original as
against any party whose signature appears thereon, and all of which shall
together constitute one and the same instrument. This Agreement shall become
binding when one or more counterparts hereof, individually or taken together,
shall bear the signatures of all of the parties reflected hereon as the
signatories.

         31.      INITIAL INVESTMENT. The Advisor has made a capital
contribution of $200,000 to the Operating Partnership in exchange for OP Units.
The Advisor may not sell any of the OP Units while the Advisor acts in such
advisory capacity to the Company, provided, that such OP Units may be
transferred to Affiliates of the Advisor. The restrictions included above shall
not apply to any other Securities acquired by the Advisor or its Affiliates. The
Advisor shall not vote any Shares it now owns, or hereafter acquires, in any
vote for the election of Directors or any vote regarding the approval or
termination of any contract with the Advisor or any of its Affiliates.

         IN WITNESS WHEREOF, the parties hereto have executed this Advisory
Agreement as of the date and year first above written.

                                   DIVIDEND CAPITAL TRUST INC.

                                   By: /s/ EVAN H. ZUCKER
                                      ----------------------------------
                                   Name: Evan H. Zucker
                                   Title: President

                                   DIVIDEND CAPITAL ADVISORS LLC

                                   By: /s/ JOHN A. BLUMBERG
                                      ----------------------------------
                                   Name: John A. Blumberg
                                   Title: Member

                                       20<PAGE>
                                                                    EXHIBIT 10.3

                              MANAGEMENT AGREEMENT

         THIS MANAGEMENT AGREEMENT ("Agreement") is made and entered into as of
the 11th day of July, 2002, by and between DIVIDEND CAPITAL TRUST INC., a
Maryland corporation ("Owner"), and DIVIDEND CAPITAL PROPERTY MANAGEMENT LLC., a
Colorado limited liability company ("Manager").

                                   WITNESSETH:

         WHEREAS, Owner intends to raise money from the sale of stock for the
acquisition or construction of income-producing properties; and

         WHEREAS, Owner intends to employ Manager to manage the properties to be
acquired by the Owner; and

         WHEREAS, Owner and Manager are entering into this Agreement to
establish the terms and conditions for such services.

         NOW, THEREFORE, in consideration of the mutual covenants herein, the
parties agree as follows:

                                    ARTICLE 1
                                   DEFINITIONS

         Except as otherwise specified or as the context may otherwise require,
the following terms have the respective meanings set forth below for all
purposes of this Agreement:

         "Gross Revenues" means all amounts actually collected as rents or other
charges for the use and occupancy of Properties, but shall exclude interest and
other investment income of Owner and proceeds received by Owner for a sale,
exchange, condemnation, eminent domain taking, casualty or other disposition of
assets of Owner.

         "Improvements" means all buildings, structures and equipment from time
to time located on Properties and all parking and common areas located on
Properties.

         "Lease" means, unless the context otherwise requires, any lease or
sublease made by Owner as landlord or by its predecessor.

         "Management Fee" means the fee payable to Manager for its services
hereunder.

         "Properties" means all tracts as yet unspecified but to be acquired by
Owner containing income-producing improvements or on which Owner will construct
income-producing improvements.

<PAGE>

                                    ARTICLE 2
                APPOINTMENT OF MANAGER; SERVICES TO BE PERFORMED

         2.1 Appointment of Manager. Owner hereby engages and retains Manager as
its sole and exclusive agent and manager of the Properties, and Manager hereby
accepts such appointment on the terms and conditions hereinafter set forth, it
being understood that this Agreement shall cause Manager to be, at law, Owner's
agent upon the terms contained herein.

         2.2 General Duties. Manager shall devote its best efforts to performing
its duties hereunder to manage, operate and maintain the Properties in a
diligent, careful and vigilant manner. The services of Manager are to be of
scope and quality not less than and similar to those generally performed by
professional property managers of other similar properties in the area. Manager
shall make available to Owner the full benefit of the judgment, experience and
advice of the members of Manager's organization and staff with respect to the
policies to be pursued by Owner relating to the operation of the Properties.

         2.3 Specific Duties. Manager's duties include the following:

                  (a) Lease Obligations. Manager shall perform all duties of the
landlord under all leases insofar as such duties relate to operation,
maintenance, and day-to-day management. Manager shall also provide or cause to
be provided, at Owner's expense, all services normally provided to tenants of
like premises, including where applicable and without limitation, gas,
electricity or other utilities required to be furnished to tenants under leases,
normal repairs and maintenance, and cleaning, and janitorial service. Manager
shall arrange for and supervise the performance of all installations and
improvements in space leased to any tenant which are either expressly required
under the terms of the lease of such space or which are customarily provided to
tenants.

                  (b) Maintenance. Manager shall cause the Properties to be
maintained in the same manner as similar properties in the area. Manager's
duties and supervision in this respect shall include, without limitation,
cleaning of the interior and the exterior of the Improvements and the public
common areas on the Properties and the making and supervision of repair,
alterations, and decoration of the Improvements, subject to and in strict
compliance with this Agreement and the Leases. Non-budgeted expenses for any
individual item of work which are not reimbursed by a tenant shall not exceed
the sum of $1,000 unless specifically authorized in advance by Owner, provided
that emergency repairs which are immediately necessary for the preservation or
safety of the Properties, or for the safety of occupant or other persons, or
required to avoid the suspension of any necessary service of the Properties may
be made by Manager without prior approval of Owner if under the circumstances
Owner cannot be conveniently notified before the required emergency repairs must
be done.

                  (c) Notice of Violations. Manager shall forward to Owner
promptly upon receipt all notices of violation or other notices from any
governmental authority, and board of fire underwriters or any insurance company,
and shall make such recommendations regarding compliance with such notice as
shall be appropriate.

                                       2
<PAGE>

                  (d) Personnel. In the event Owner notifies Manager of the
necessity of Manager employing additional personnel to manage the Properties,
Manager shall cause to be hired personnel to maintain and operate the
Properties. The persons so hired shall be the employees or independent
contractors of Manager and not of Owner. Manager shall be responsible for the
preparation of and shall timely file all payroll tax reports and timely make
payments of all withholding and other payroll taxes with respect to each
employee.

                  (e) Utilities and Supplies. Manager shall, on behalf of Owner,
enter into or renew contracts for electricity, gas, steam, landscaping, fuel,
oil, maintenance and other services as are customarily furnished or rendered in
connection with the operation of similar rental property in the area, or as it,
in its reasonable judgment, shall deem prudent, provided that Manager shall
submit to Owner for its approval such contracts for items of expense which are
not reimbursable by tenants. Unless Owner notifies Manager of its disapproval of
any such contract within 10 days after receipt thereof, Owner shall be deemed to
have approved such contract. Manager shall also purchase all supplies which
Manager shall deem necessary to maintain and operate the Properties, provided
that no such purchase which is not in the ordinary course of business or which
is of a nature not reimbursed by tenants shall be made by Manager without the
prior consent of Owner.

                  (f) Expenses. Manager shall analyze all bills received for
services, work and supplies in connection with the maintaining and operating the
Properties, pay all such bills, and, if requested by Owner, pay, when due,
utility and water charges, sewer rent and assessments, and any other amount
payable in respect to the Properties. All bills shall be paid by Manager within
the time required to obtain discounts, if any. Owner may from time to time
request that Manager forward certain bills to Owner promptly after receipt, and
Manager shall comply with any such request. It is understood that the payment of
real property taxes and assessment and insurance premiums will be paid out of
the Account (as hereinafter defined) by Manager at the direction of Owner. All
expenses shall be billed at net cost (i.e., less all rebates, commissions,
discounts and allowances, however designed).

                  (g) Monies Collected. Manager shall collect all rent and other
monies from tenants and any sums otherwise due Owner with respect to the Owner
in the ordinary course of business. In collecting such monies, Manager shall
inform tenants of the Owner that all remittances are to be in the form of a
check or money order. Owner authorizes Manager to request, demand, collect and
receipt for all such rent and other monies and to institute legal proceedings in
the name of Owner for the collection thereof and for the dispossession of any
tenant in default under its lease. Manager shall not, however, compromise with
any tenant or waive Owner's rights under any lease without Owner's consent.

                  (h) Banking Account. Manager shall establish and maintain a
separate checking account (the "Account"). All monies deposited from time to
time in the Account shall be deemed to be trust funds and shall be and remain
the property of Owner and shall be withdrawn and disbursed by Manager for the
account of Owner only as expressly permitted by this Agreement for the purposes
of performing the obligations of Manager hereunder. No monies collected by
Manager on Owner's behalf shall be commingled with funds of Manager. The Account
shall be maintained, and monies shall be deposited therein and withdrawn
therefrom, in accordance with the following:

                                       3
<PAGE>

                           (i) All sums received from rents and other income
from the Owner shall be promptly deposited by Manager in the Account. Manager
shall have the right to designate two or more persons who shall be authorized to
draw against the Account, but only for purposes authorized by this Agreement.

                           (ii) All sums due to Manager hereunder, whether for
compensation, reimbursement for expenditures, or otherwise, as herein provided,
shall be a charge against the operating revenues of the Properties and shall be
paid and/or withdrawn by Manager from the Account prior to the making of any
other disbursements therefrom.

                           (iii) By the 20th day of each month, Manager shall
forward to Owner net operating proceeds from the preceding month, retaining at
all times, however a reserve of $5,000.

                  (i) Tenant Complaints. Manager shall maintain business-like
relations with the tenants of the Properties.

                  (j) Signs. Manager shall place and remove, or cause to be
placed and removed, such signs upon the Properties as Manager deems appropriate,
subject, however, to the terms and conditions of the Leases and to any
applicable ordinances and regulations.

                  (k) Other Services. Manager shall recommend from time to time
to Owner such procedures with respect to the Properties as Manager may deem
advisable for the most efficient and economic management services which normally
are performed in connection with the operation of first-class office and
commercial buildings or other buildings, as applicable, and perform all services
normally provided to similar premises, without additional charges to Owner.

         2.4 Approval of Leases, Contracts, Etc. Manager shall not approve the
execution of or otherwise enter into or bind Owner with respect to leases or any
contract or agreement without the prior consent of Owner; provided that without
such consent, except to the extent required under Section 2.3(e), Manager may
enter into any contracts or agreements (excluding Leases of space in the
Properties) on behalf of Owner in the ordinary course of the management,
operation and maintenance of the Properties for the obtaining of utility,
maintenance or other services to the Properties; and further provided that
without such consent, Manager may enter into any contracts or agreements on
behalf of Owner, in the case of casualty, breakdown in machinery or other
similar emergency, if in the opinion of Manager emergency action or immediate
approval for the commencement of repairs is necessary to prevent additional
damage or greater total expenditure or to protect the Properties from damage or
prevent default on the part of Owner under any of the Leases, in which event
such action taken shall be taken concurrently with prompt notice to Owner.

         2.5 Accounting, Records and Reports.

                  (a) Records. Manager shall maintain all office records and
books of account and shall record therein, and keep copies of, each invoice
received from services, work and supplies ordered in connection with the
maintenance and operation of the Properties. Such records shall be maintained on
a double entry basis. Owner and persons designated by Owner shall at all
reasonable time have access to and the right to audit and make independent

                                       4
<PAGE>

examinations of such records, books and accounts and all vouchers, files and all
other material pertaining to the Owner and this Agreement, all of which Manager
agrees to keep safe, available and separate from any records not pertaining to
Owner, at a place recommended by Manager and approved by Owner.

                  (b) Monthly Reports. On or before the 15th day of each month
following the month for which such report or statement is prepared and during
the term of this Agreement, Manager shall prepare and submit to Owner the
following reports and statements:

                           (i) Rental collection record in a form to be agreed
upon by Manager and Owner;

                           (ii) Monthly operating statement in a form to be
agreed upon by Manager and Owner;

                           (iii) Copy of cash disbursements ledger entries for
such month;

                           (iv) Copy of cash receipts ledger entries for such
month;

                           (v) The original copies of all contracts entered into
by Manager on behalf of Owner during such month; and

                           (vi) Copy of ledger entries for such month relating
to security deposits maintained by Manager.

                  (c) Budgets and Leasing Plans. Not later than 30 days before
the anniversary of this Agreement and any extensions thereof, Manager shall
prepare and submit to Owner for its approval an operating budget and a marketing
and leasing plan on the Properties for the calendar year immediately following
such submission. The budget and leasing plan shall be in the form of the budget
and plan approved by Owner prior to the date thereof. As often as reasonably
necessary during the period covered by any such budget, Manager may submit to
Owner for its approval an updated budget or plan incorporating such changes as
shall be necessary to reflect cost over-runs and the like during such period. If
Owner does not disapprove any such budget within 30 days after receipt thereof
by Owner, such budget shall be deemed approved. If Owner shall disapprove any
such budget or plan, it shall so notify Manager within said 30-day period and
explain the reasons therefor.

                  (d) Returns Required by Law. Managers shall execute and file
when due all forms, reports, and returns required by law relating to the
employment of its personnel.

                  (e) Notices. Promptly after receipt, Manager shall deliver to
Owner all notices, from any tenant, or any governmental authority, that are not
of a routine nature. Manager shall also report expeditiously to Owner notice of
any extensive damage to any part of the Properties.

                                       5
<PAGE>

                                    ARTICLE 3
                                    EXPENSES

         3.1 Owner's Expenses. Except as otherwise specifically provided, all
costs and expenses incurred hereunder by Manager shall be for the account of and
on behalf of Owner. Such costs and expenses may include salaries and other
employee-related expenses, and all legal, travel and other out-of-pocket
expenses which are directly related to the management of specific Properties, to
the extent permitted by the Statement of Policy Regarding Real Estate Investment
Trusts adopted by the North American Securities Administrators Association, Inc.
All costs and expenses for which Owner is responsible under this Agreement shall
be paid by Manager out of the Account. In the event said account does not
contain sufficient funds to pay all said expenses, Owner shall fund all sums
necessary to meet such additional costs and expenses.

         3.2 Manager's Expenses. Managers shall, out of its own funds, pay all
of its general overhead and administrative expenses.

                                    ARTICLE 4
                             MANAGER'S COMPENSATION

         4.1 Management Fee. Commencing on the date hereof, Owner shall pay
Manager, as compensation for its services hereunder, an amount equal to four and
one-half percent (4.5%) of the Gross Revenues paid monthly from the rental
income received from each Property over the term of this Agreement or such other
percentage of Gross Revenues that Owner considers reasonable taking into account
the going rate of compensation for managing similar properties in the same
locality, the services rendered and other relevant factors ("Management Fee").
Notwithstanding the above, the Management Fee shall not exceed 0.6% of the net
asset value of the Properties (excluding vacant land) calculated on an annual
basis. For purposes of this calculation, net asset value shall be defined as the
excess of (i) the aggregate of the fair market value of all Properties
(excluding vacant land) over (ii) the aggregate outstanding debt of the Owner
(excluding debts having maturities of one year or less). In addition, Owner may
pay the Manager a separate fee for the one-time rent-up or lease-up of newly
constructed properties in an amount not to exceed the fee customarily charged in
arm's length transactions by others rendering similar services in the same
geographic area for similar properties, as determined by a survey of brokers and
agents in such area (customarily equal to the first month's rent).

         4.2 Audit Adjustment. If any audit of the records, books or accounts
relating to the Properties discloses an underpayment of Management Fees, Owner
shall promptly pay to Manager the amount of such underpayment, and if such audit
discloses an overpayment of management fees, the next payment due by Owner
hereunder shall be reduced by the amount of such overpayment. If such audit
discloses an overpayment of Management Fees for any fiscal year, Manager shall
bear the cost of such audit.

                                    ARTICLE 5
                          INSURANCE AND INDEMNIFICATION

         5.1 Insurance to be Carried.

                  (a) The Properties shall be insured by Owner against such
hazards as Owner shall deem appropriate. All liability policies shall provide
sufficient insurance satisfactory to both Owner and Manager and shall contain
waivers of subrogation for the benefit of Manager.

                                       6
<PAGE>

                  (b) Manager shall obtain and keep in full force and effect, in
accordance with the laws of the state in which each Property is located,
employer's liability insurance applicable to and covering all employees of
Manager located in such state and all persons engaged in the performance of any
work required hereunder, and Manager shall furnish Owner certificates of
insurers naming Owner as a co-insured and evidencing that such insurance is in
effect. If any work under this Agreement is subcontracted as permitted herein,
Manager shall include in each subcontract a provision that the subcontractor
shall also furnish Owner with such a certificate.

         5.2 Cooperation with Insurers. Manager shall cooperate with and provide
reasonable access to the Owner to representatives of insurance companies and
insurance brokers or agents with respect to insurance which is in effect or for
which application has been made. Manager shall use its best efforts to comply
with all requirements of insurers.

         5.3 Accidents and Claims. Manager shall promptly investigate and shall
report in detail to Owner all accidents, claims for damage relating to the
Properties, operation or maintenance of the Properties, and any damage or
destruction to the Properties and the estimated costs of repair thereof, and
shall prepare for approval by Owner all reports required by an insurance company
in connection with any such accident, claim, damage, or destruction. Such
reports shall be given to Owner promptly and any report not so given within 10
days after the occurrence of any such accident, claim, damage or destruction
shall be noted in the monthly report delivered to Owner pursuant to section
2.5(b). Manager is authorized to settle any claim against an insurance company
not exceeding $500 arising out of any policy and, in connection with such claim,
to execute proofs of loss and adjustments of loss and to collect and receipt for
loss proceeds. If a claim against an insurance company exceeds $500, Manager
shall take no action specified in the immediately preceding sentence with
respect thereto without the approval of Owner.

         5.4 Indemnification. Manager shall hold Owner harmless from and
indemnify and defend Owner against any and all claims or liability for any
injury or damage to any person or property whatsoever for which Manager is
responsible occurring in, on, or about the Properties, including, without
limitation, the Improvements when such injury or damage shall be caused by the
negligence of Manager, its agents, servants, or employees, except to the extent
that Owner recovers insurance proceeds with respect to such matter. Owner will
indemnify and hold Manager harmless against all liability for injury to persons
and damage to property caused by Owner's negligence and which did not result
from the negligence or misconduct of Manager, except to the extent Manager
recovers insurance proceeds with respect to such matter.

                                    ARTICLE 6
                                      TERM

         6.1 Term. This Agreement shall commence on the date first above written
and shall continue until terminated in accordance with the earliest to occur of
the following:

                  (a) One year from the date of the commencement of the term
hereof. However, this Agreement will be automatically extended for an additional
one year period at the end of each year unless Owner or Manager gives sixty (60)
days written notice of its intention to terminate the Agreement;

                                       7
<PAGE>

                  (b) Sixty (60) days after prior written notice of intention to
terminate the Agreement given by Owner or Manager:

                  (c) Upon any change in control of Manager, unless Owner
consents to such change; or

                  (d) Immediately upon the occurrence of any of the following:

                           (i) A decree or order is rendered by a court having
jurisdiction

                                    (1) adjudging Manager as bankrupt or
insolvent, or (B) approving as properly filed a petition seeking reorganization,
readjustment, arrangement, composition or similar relief for Manager under the
federal bankruptcy laws or any similar applicable law or practice, or

                                    (2) appointing a receiver or liquidator or
trustee or assignee in bankruptcy or insolvency of Manager or a substantial part
of the property of Manager, or for the winding up or liquidation of its affairs,
or

                           (ii) Manager (A) institutes proceedings to be
adjudicated a voluntary bankrupt or an insolvent, (B) consents to the filing of
a bankruptcy proceeding against it, (C) files a petition or answer or consent
seeking reorganization, readjustment, arrangement, composition or relief under
any similar applicable law or practice, (D) consents to the filing of any such
petition, or to the appointment of a receiver or liquidator or trustee or
assignee in bankruptcy or insolvency for it or for a substantial part of its
property, (E) makes an assignment for the benefit of creditors, (F), is unable
to or admits in writing its inability to pay its debts generally as they become
due unless such inability shall be the fault of Owner, or (G) takes corporate or
other action in furtherance of any of the aforesaid purposes.

Upon termination, the obligations of the parties hereto shall cease, provided
that Manager shall comply with the provisions hereof applicable in the event of
termination and shall be entitled to receive all compensation which may be due
Manager hereunder up to the date of such termination, and provided, further,
that if this Agreement terminates pursuant to clause (d) above, Owner shall have
other remedies as may be available at law or in equity.

         6.2 Manager's Obligations after Termination. Upon the termination of
this Agreement, Manager shall have the following duties:

                  (a) Manager shall deliver to Owner, or its designee, all books
and records with respect to the Owner.

                  (b) Manager shall transfer and assign to Owner, or its
designee, all service contracts and personal property relating to or used in the
operation and maintenance of the Properties, except personal property paid for
and owned by Manager. Manager shall also, for a period of sixty (60) days
immediately following the date of such termination, make itself available to
consult with and advise Owner, or its designee, regarding the operation and
maintenance of the Properties.

                                       8
<PAGE>

                  (c) Manager shall render to Owner an accounting of all funds
of Owner in its possession and shall deliver to Owner a statement of Management
Fees claimed to be due Manager and shall cause funds of Owner held by Manager
relating to the Properties to be paid to Owner or its designee.

                                    ARTICLE 7
                                  MISCELLANEOUS

         7.1 Notices. All notices, approvals, consents and other communications
hereunder shall be in writing, and, except when receipt is required to start the
running of a period of time, shall be deemed given when delivered in person or
on the fifth day after its mailing by either party by registered or certified
United States mail, postage prepaid and return receipt requested, to the other
party, at the addresses set forth after their respective name below or at such
different addresses as either party shall have theretofore advised the other
party in writing in accordance with this Section 7.1.

         Owner:
                               Dividend Capital Trust Inc.
                               518 17th Street
                               Suite 1700
                               Denver, Colorado 80202
         Manager:
                               Dividend Capital Property Management LLC
                               518 17th Street
                               Suite 1700
                               Denver, Colorado 80202

         7.2 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Colorado.

         7.3 Assignment. Manager may delegate partially or in full its duties
and rights under this Agreement but only with the prior written consent of
Owner. Except as provided in the immediately preceding sentence, this Agreement
shall be binding upon and shall inure to the benefit of the parties and their
respective successors and assigns.

         7.4 No Waiver. The failure of Owner to seek redress for violation or to
insist upon the strict performance of any covenant or condition of this
Agreement, shall not constitute a waiver thereof for the future.

         7.5 Amendments. This Agreement may be amended only by an instrument in
writing signed by the party against whom enforcement of the amendment is sought.

         7.6 Headings. The headings of the various subdivisions of this
Agreement are for reference only and shall not define or limit any of the terms
or provisions hereof.

         7.7 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original as against any party
whose signature appears thereon, and all of which shall together constitute one
and the same instrument. This Agreement shall become binding when one or more
counterparts hereof, individually or taken together, shall bear the signatures
of all parties reflected thereon as the signatories.

                                       9
<PAGE>

         7.8 Entire Agreement. This Agreement contains the entire understanding
and all agreements between Owner and Manager respecting the management of the
Properties. There are no representations, agreements, arrangements or
understandings, oral or written, between Owner and Manager relating to the
management of the Properties that are not fully expressed herein.

         7.9 Disputes. If there shall be a dispute between Owner and Manager
relating to this Agreement resulting in litigation, the prevailing party in such
litigation shall be entitled to recover from the other party to such litigation
such amount as the court shall fix as reasonable attorneys' fees.

         7.10 Activities of Manager. The obligations of Manager pursuant to the
terms and provisions of this Agreement shall not be construed to preclude
Manager from engaging in other activities or business ventures, whether or not
such other activities or ventures are in competition with the Properties or the
business of Owner.

         7.11 Independent Contractor. Manager and Owner shall not be construed
as joint venturers or owners of each other pursuant to this Agreement, and
neither shall have the power to bind or obligate the other except as set forth
herein. In all respects, the status of Manager to Owner under this Agreement is
that of an independent contractor.

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

                                      Dividend Capital Trust Inc.

                                      By: /s EVAN H. ZUCKER
                                          --------------------------------------
                                      Name: Evan H. Zucker
                                      Title: President

                                      Dividend Capital Property Management LLC

                                      By: /s/ JOHN A. BLUMBERG
                                          --------------------------------------
                                      Name: John A. Blumberg
                                      Title: Member

                                       10

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