Duke Announces Second Quarter Investment Activity.

Business Editors

INDIANAPOLIS--(BUSINESS WIRE)--July 16, 2003

Duke Realty Corporation (NYSE:DRE) announced today $50 million of new developments and acquisitions, and $84 million of new third-party construction contracts for the second quarter of 2003. The Company also announced today $15 million of second quarter dispositions.

Duke's $50 million of second quarter developments and acquisitions are expected to generate a stabilized return of 10.1 percent. They include approximately 292,000 square feet of new acquisitions and three developments totaling 646,000 square feet. These investments averaged 79 percent leased and include:

-- A 193,000 square foot industrial development project located

in Chicago, Illinois that is 100 percent pre-leased to the

Genera Corporation;

-- A 48,000 square foot industrial development project located in

Raleigh, North Carolina that is 50 percent pre-leased to

Dal-Tile International, Inc.;

-- The redevelopment of an industrial building totaling 405,000

square feet in Chicago that is 62 percent leased to Home

Depot; and

-- The July 1 acquisition of its joint venture partner's 50

percent interest in three suburban office buildings totaling

292,000 square feet in Fort Lauderdale, Florida that are 92

percent leased.

At $84 million, Duke's third-party construction activity was the highest since the third quarter of 2001. In total, fourteen projects were started during the quarter including Deerfield Towne Center in Cincinnati, Ohio that will comprise twelve retail buildings totaling 350,000 square feet.

Duke's second quarter dispositions included $15 million of properties that were sold at an average capitalization rate of 9.0 percent. These dispositions averaged 68 percent leased and include:

-- Two industrial buildings totaling 146,000 square feet located

in Atlanta, Georgia;

-- A 21,000 square foot industrial building in St. Louis,

Missouri;

-- A retail property totaling 20,000 square feet located in

Cincinnati; and

-- A suburban office building totaling 43,000 square feet in

Indianapolis, Indiana that was sold from the Company's

held-for-sale portfolio.

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 4,000 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 108 million square feet of properties, has over 1,000 employees and owns or controls more than 4,000 acres of undeveloped land that can support more than 62 million square feet of future development. Visit Duke on the web at www.dukerealty.com.