Duke Announces First Quarter Investment Activity; New Developments and Acquisitions are 87 Percent Pre-Leased.

Business Editors

INDIANAPOLIS--(BUSINESS WIRE)--April 21, 2004

Duke Realty Corporation (NYSE:DRE) announced today $48.9 million of new developments and acquisitions, a $65 million mortgage investment and $60 million of new third-party construction contracts for the first quarter of 2004. The Company also announced today $25 million of first quarter dispositions.

The Company's $48.9 million of new developments and acquisitions announced today total approximately 1.4 million square feet of properties that are expected to generate a stabilized return of 9.8 percent and are 87 percent leased. New developments for the first quarter encompass 1.2 million square feet including three build-to-suit projects totaling over 1.0 million square feet that are 100 percent pre-leased. During the quarter Duke also completed one suburban office acquisition totaling 197,000 square feet in the Blue Ash submarket in Cincinnati, Ohio that was 52 percent leased. The remainder of Duke's 1.3 million square foot suburban office portfolio in Blue Ash is 94% leased.

The Company's new developments announced today include:

-- A 608,000 square foot industrial project in Atlanta, Georgia

that is 100 percent pre-leased to Clorox Company and located

in Duke's Camp Creek Trade Center;

-- In Chicago, Illinois, a 21,000 square foot retail project that

is 100 percent pre-leased at Geneva Commons;

-- In Cincinnati, a 400,000 square foot industrial project that

is 100 percent pre-leased to Jack of All Games in World Park

at Union Center; and

-- In Raleigh, North Carolina, a 125,000 square foot industrial

project at Walnut Creek that is 35 percent pre-leased.

Duke's first quarter dispositions included $25 million of properties that were sold at an average stabilized capitalization rate of 8.2 percent. These dispositions averaged 22 percent leased and include:

-- Two industrial buildings totaling 74,000 square feet in

Atlanta, Georgia;

-- A 427,000 square foot industrial building in Columbus, Ohio;

-- A 120,000 square foot industrial facility leased to RR

Donnelley that was recently completed in Minneapolis,

Minnesota;

-- A 22,000 square foot industrial building in St. Louis,

Missouri; and

-- A 2.1-acre retail ground lease located in Indianapolis,

Indiana.

On January 30, 2004, the Company funded a $65 million mortgage loan secured by a portfolio of office properties in Atlanta. As part of this transaction, Duke received an option to purchase the properties. This two-year first mortgage loan has an initial interest rate of 5.5 percent for the first six months and 6.5 percent thereafter.

Duke Realty Corporation is the largest publicly traded office and industrial real estate company in the United States. Offering a complete range of real estate products and services, Duke produces approximately $800 million in annual revenue from more than 4,100 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 109 million square feet of properties, has over 1,000 employees and owns or controls approximately 3,800 acres of undeveloped land that can support more than 60 million square feet of future development. Visit Duke on the web at www.dukerealty.com.