Duke Realty Announces Second Quarter Investment Activity

Duke Realty Corporation (NYSE:DRE) announced today $223.0 million of developments and acquisitions and $28.9 million of new third-party construction contracts for the second quarter of 2006. The Company also announced $40.1 million of second quarter dispositions today.

The Company's new developments and acquisitions for the quarter include $120.6 million of developments for its held-for-rental portfolio with an average stabilized yield of 9.2 percent and $97.2 million of developments for its held-for-sale portfolio with an average stabilized yield of 8.8 percent.

Duke's second quarter acquisitions included a 547,000 square foot industrial facility in St. Louis, Missouri that is situated on 26 acres.

The new held-for-rental developments for the quarter include:

-- In Dallas, Texas, a 626,000 square foot industrial project located across from the new Union Pacific Intermodal facility and a 755,000 square foot industrial project located at Duke's Grand Lakes Industrial Park that is 50 percent pre-leased to RoomStore, Inc.;

-- In Minneapolis, Minnesota, a 322,000 square foot suburban office project located in Duke's Norman Pointe Business Center;

-- In St. Louis, a 144,000 square foot industrial project located in the Company's Riverport Business Park; and

-- In Tampa, Florida, a 97,000 square foot suburban office project located in the Company's Highland Oaks office park.

The new held-for-sale developments for the quarter include:

-- In Chicago, Illinois, a 137,000 square foot suburban office project located at Conway Park that is 100 percent pre-leased to Hospira, Inc.;

-- In Cincinnati, Ohio a 21,000 square foot suburban office build-to-suit project for Creme de la Creme, Inc. located in the Company's Deerfield Crossing office park;

-- In Indianapolis, Indiana, an 18,000 square foot retail project located at West Carmel Marketplace that is 100 percent pre-leased to OfficeMax;

-- In Kansas City, Missouri, a 500,000 square foot industrial build-to-suit project for Case New Holland;

-- In St. Louis, a 112,000 square foot medical office project located in the suburb of Chesterfield that is 100 percent pre-leased to St. John's Mercy Rehabilitation, LLC; and

-- In Morehead City, North Carolina, a 177,000 square foot industrial build-to-suit project for North Carolina State Ports Authority.

Duke's third-party construction activity for the second quarter totaled $28.9 million with an overall fee of 10.5 percent. Duke's second quarter dispositions included $40.1 million of dispositions from its held-for-rental portfolio at an average stabilized capitalization rate of 8.4 percent.

These dispositions include:

-- A 57,000 square foot industrial building in Atlanta, Georgia;

-- A 458,000 square foot industrial facility in Cleveland, Ohio, in which the Company owned a 50 percent interest;

-- A 209,000 square foot industrial facility in Indianapolis;

-- Two suburban office buildings totaling 146,000 square feet in Raleigh, North Carolina, in which the Company owned an approximate 60 percent interest; and

-- An 85,000 square foot suburban office building in St. Louis.

About Duke Realty Corporation

Duke Realty Corporation specializes in the ownership, construction, development, leasing and management of office, industrial, medical office and retail real estate. It is the largest publicly-traded, vertically integrated office/industrial real estate company in the United States. Duke's properties encompass approximately 114 million rentable square feet that are leased by more than 3,600 tenants, and more than 6,300 acres of undeveloped land that can support more than 88 million square feet of additional development. Duke provides a full range of services in-house, backs them with more than 30 years experience, and delivers valuable real estate solutions to satisfied customers across the nation. Duke common stock is listed on the New York Stock Exchange under the symbol: DRE.

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Visit Duke on the web at www.dukerealty.com.

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