Duke Realty Investments and Weeks Corporation Merger Completed; Combined Company Announces $203 Million of New Investments at 11.4% Average Yields.

INDIANAPOLIS--(BUSINESS WIRE)--July 6, 1999--

Duke-Weeks Realty Corporation (NYSE:DRE) announced today that the merger of Duke Realty Investments and Weeks Corporation was completed on July 2, 1999. The combined Company, now operating as Duke-Weeks Realty Corporation, encompasses nearly 100 million square feet of primarily suburban office and industrial properties ranging from Minneapolis to Miami. With a total market capitalization exceeding $5.5 billion, Duke-Weeks is the largest office/industrial real estate company in the United States.

Duke-Weeks also announced today that it has commenced 24 new developments and has completed two new acquisitions totaling more than 2.9 million square feet in the aggregate. The Company expects to achieve a stabilized return of 11.4 percent on its total investment of $203 million in these new properties. This brings the combined Company's year-to-date announcements of new developments and acquisitions to $749 million with an expected stabilized return of 11.3 percent. Following $195 million of development completions in the second quarter, the Company's development pipeline now stands at approximately 11.5 million square feet representing an investment of $790 million with an 11.3 percent stabilized return.

Commenting on the Company's announcements today, Thomas L. Hefner, Chairman and Chief Executive Officer of Duke-Weeks, stated, -0-

    "We are thrilled to have our merger completed so we can now fully
     exploit our combined strengths and market dominance. For example,
     less than a month after we announced $186 million of new
     developments and acquisitions yielding 11.6 percent, we are
     announcing another $203 million at an 11.4 percent yield today.
     Currently our $790 million development pipeline spans 85
     projects, 15 cities, and countless submarkets in our 13
     geographic platforms. Going forward, look for very strong
     momentum from our development machine. In this regard, we believe
     no other company has a delivery system in place that can add as
     much value for shareholders as Duke-Weeks."

     Ray Weeks, Duke-Weeks' President and Chief Operating Officer,
     added,

     "With perhaps the best value-added capability in the industry
     together with one of the industry's strongest balance sheets, I
     know that the former Weeks team is very excited to be part of a
     combined company with such firepower. Across the board, we intend
     to continue to lead the industry in earnings growth and
     consistency. Our markets remain strong and our competition is
     fragmented. Furthermore, while our merger has only been completed
     for one business day, we hit the ground running full speed
     because we have essentially been operating as a combined company
     for two months."

Duke-Weeks also announced that it has closed a $300 million credit facility with a syndicate of banks supplementing its existing $450 million line of credit. At June 30, $275 million was drawn on the combined $750 million facilities. In the first six months of 1999, Duke-Weeks has also generated approximately $249 million of equity capital from property sales ($87 million), the sale of preferred stock ($100 million), the Company's dividend reinvestment plan  ($37 million), and retained cash flow ($25 million).

Duke-Weeks' new development projects announced today include: -0-

--   Five industrial buildings and one office property in Atlanta,
     Georgia totaling 521,000 square feet
--   Three industrial buildings in Minneapolis, Minnesota totaling
     454,000 square feet
--   Two suburban office buildings in Indianapolis, Indiana totaling
     201,000 square feet
--   Two industrial buildings in St. Louis, Missouri totaling 209,000
     square feet
--   An industrial building in Chicago, Illinois totaling 187,000
     square feet
--   A 200,000 square foot industrial building in Cleveland, Ohio
--   A 156,000 square foot suburban office building in Columbus, Ohio
--   One industrial building and on office property in Orlando,
     Florida totaling 195,000 square feet
--   A 125,000 square foot suburban office building in Tampa, Florida
--   Two suburban office buildings in North Carolina totaling 230,000
     square feet
--   Two industrial buildings in Dallas, Texas totaling 215,000 square
     feet
--   An 116,000 square foot suburban office building in Nashville,
     Tennessee

All 24 development projects announced today are located in Duke-Weeks' business parks on land that the Company owns or controls.

The Company's acquisitions announced today include two industrial buildings in Chicago totaling 86,000 square feet that are both 100 percent leased.

Duke-Weeks Realty Corporation is the largest mixed office/industrial real estate company in the United States with more than $500 million in annual rental revenue from approximately 5,000 tenants, more than 1,300 employees, and a dominant presence in many of its 13 key geographic platforms. The fully integrated Company owns interests in nearly 100 million square feet of properties across the Midwest and the Sunbelt and has the longest ongoing record (14 consecutive quarters) in the industry of double-digit growth in funds from operations per share. Duke-Weeks also owns or controls nearly 4,800 acres of undeveloped land that can support approximately 65 million square feet of future development.