January 31, 2006

Phyllis G. Korff, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP
1440 New York Avenue, N.W.
Washington, D.C. 20005-2111

Re: Dividend Capital Total Realty Trust Inc.
File No. TP 05-35

Dear Ms. Korff:

In your letter dated January 25, 2006, as supplemented by conversations with the staff, you request that the Commission grant an exemption from Rule 102 of Regulation M to permit Dividend Capital Total Realty Trust Inc. (the “Company”) to repurchase shares of its common stock under the Company’s Redemption Program while the Company is engaged in a distribution of shares of its common stock. We have attached a copy of your letter to this response to avoid reciting the facts. Unless otherwise noted, each defined term in this letter has the same meaning as in your letter.

Response:

As a consequence of the continuous offerings of the Company’s shares of common stock, the Company will be engaged in a distribution of shares of its common stock pursuant to Rule 102 of Regulation M. As a result, bids for or purchases of shares of its common stock or any reference security by the Company or any affiliated purchaser of the Company are prohibited during the restricted period specified in Rule 102, unless specifically excepted by or exempted from Rule 102.

On the basis of your representations and the facts presented, but without necessarily concurring in your analysis, the Commission hereby grants an exemption from Rule 102 of Regulation M to permit the Company to repurchase shares of its common stock under its respective Redemption Program while the Company is engaged in a distribution of shares of common stock. In granting this exemption, we considered the following facts, among others:

• shareholders of the Company must have held the shares of common stock in the Company for at least one year to participate in the respective Redemption Program;
   
• there is no trading market for the Company’s common stock;
   
• the Company will repurchase shares of its common stock at a price equal to or lower than the then-current public offering price of its common stock;
   
• the Company presently intends to limit the number of shares to be redeemed during any consecutive twelve-month period to no more than 5% of the number of shares of Common Stock outstanding at the beginning of such twelve-month period; and
   
• the terms of the Redemption Program will be fully disclosed in the Company’s prospectus.

This exemption is subject to the condition that the Company shall terminate its Redemption Program during the distribution of its common stock if a secondary market for its common stock develops.

The foregoing exemption from Rule 102 is based solely on your representations and the facts presented to the staff, and is strictly limited to the application of Rule 102 to the Redemption Program as described above. The Redemption Program should be discontinued, pending presentation of the facts for our consideration, in the event that any material change occurs with respect to any of those facts or representations. In addition, your attention is directed to the anti-fraud and anti-manipulation provisions of the federal securities laws, particularly Section 10(b) of the Exchange Act, and Rule 10b-5 thereunder. Responsibility for compliance with these and any other applicable provisions of the federal securities laws must rest with the Company. The Division of Market Regulation expresses no view with respect to any other question that the Redemption Program may raise, including, but not limited to, the adequacy of the disclosure concerning, and the applicability of other federal or state laws to, the Redemption Program.

Incoming Letter:

The Incoming Letter is in Acrobat format.

http://www.sec.gov/divisions/marketreg/mr-noaction/dividendcapital013106.htm