Duke Announces $150 Million of Second Quarter Investments.

Business Editors

INDIANAPOLIS--(BUSINESS WIRE)--July 19, 2001

Duke Realty Corporation (NYSE:DRE) announced today approximately $150 million of new developments and third-party construction contracts for the second quarter of 2001. These projects include $85 million of new developments with an expected stabilized return of 11.5 percent (of which $15 million will be included in the Company's held-for-sale portfolio), and $65 million of new third-party construction contracts.

Duke continues to attract new business opportunities from previously satisfied customers as demonstrated by several developments that the Company announced today. These projects include a 100,000 square foot industrial facility for Pioneer Standard Electronics in Cleveland, Ohio; a 57,200 square foot office facility in Raleigh, North Carolina that is 62 percent pre-leased to BE&K, Inc.; and a 122,500 square foot industrial building in Nashville, Tennessee that is 61 percent pre-leased to Eagle Global Logistics, which is currently a Duke tenant in three markets.

The Company's new third-party construction activity in the second quarter also centered on long-time customers including a 1,000,000 square foot distribution center for Lowes Inc. in Cheyenne, Wyoming. Including this project, in recent years, Duke has built nearly three million square feet of warehouse space for Lowes in four separate markets.

The Company's other new developments announced today include:

-- A 144,000 square foot industrial building at the Company's Emerald Valley
Business Park in Cleveland;

-- A 129,400 square foot industrial building at the Company's Riverport
Business Park in St. Louis;

-- A 132,000 square foot industrial building at Walnut Creek in Raleigh;

-- An 84,000 square foot redevelopment of a retail center in the Cincinnati
metropolitan area;

-- A 132,500 square foot suburban office building located at Hillside at
Huntcrest in Atlanta. This project is currently under development in a joint
venture in which Duke owns a 50 percent interest;

-- A 165,000 square foot suburban office building in Chicago, Illinois;

-- A 46,000 square foot industrial building at the Company's Meridian Business
Campus in Chicago; and

-- A 252,600 square foot expansion of an industrial building at Liberty
Business Center located in Atlanta.

Duke Realty Corporation is one of the largest real estate companies in the United States and has the longest ongoing record in the industry (22 consecutive quarters) of double-digit growth in funds from operations per share. Offering a complete range of real estate products and services, Duke produces more than $800 million in annual revenue from approximately 5,000 tenants and focuses on building dominant market positions in each of its 13 geographic platforms across the Midwest and the Sunbelt. Duke owns interests in more than 110 million square feet of properties, has approximately 1,500 employees and owns or controls approximately 4,500 acres of undeveloped land that can support more than 64 million square feet of future development. Visit Duke on the web at www.dukerealty.com.