Duke Realty Stock Now ``Paid For''; Cumulative Dividends Since 1993 Offering Exceed Offering Price.

Business Editors

INDIANAPOLIS--(BUSINESS WIRE)--Dec. 2, 2002

Duke Realty Corporation (NYSE:DRE) announced today that it has now paid more common stock dividends since its October 1993 public offering than the original offering price of its shares. Through 36 quarterly distributions including the $0.455 per share dividend paid on Friday, Duke has paid $11.94 of dividends since 1993, compared to a split-adjusted original offering price of $11.88 per share. During this time, the Company's annualized dividend increased 102 percent from $0.90 per share to $1.82 per share. Duke shareholders have also enjoyed strong price appreciation since the October 1993 offering. The Company's share price is up a split-adjusted 110 percent, for a 16.0 percent average annual total return through November 2002. This performance is almost double the approximate 8.3 percent total return of the NAREIT Equity Index, and beat the S&P 500, which had a 9.7 percent return for the same period.

In their 1999 book The Dividend Rich Investor, authors Joseph Tigue and Joseph Lisanti devoted a chapter to those stocks that distributed enough dividends over 10 years to pay for their initial purchase price (called "free stocks"). Having reached this milestone in the nine years since its 1993 offering, Duke believes that it is well positioned to repeat this accomplishment going forward. According to Thomas L. Hefner, the Company's Chairman and Chief Executive Officer,

"We are delighted that we were able to repay our original

investors with dividends in less than 10 years. In many ways, we

stand a better chance of repeating this performance going forward

than we did back in 1993. Compared to then, our payout ratio is

more conservative; our balance sheet is stronger; and our stock is

a better value. Over the next 10 years our dividend will need to

grow at an annual rate of 6.9 percent to more than cover our

current stock price of $25.00 per share. This is significantly

less than our historic dividend growth rate and is something that

we expect to be able to accomplish in a normal economy."

When used in this press release, the word "believes," "expects," "estimates" and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially. In particular, among the factors that could cause actual results to differ materially are continued qualification as a real estate investment trust, general business and economic conditions, competition, increases in real estate construction costs, interest rates, accessibility of debt and equity capital markets and other risks inherent in the real estate business including tenant defaults, potential liability relating to environmental matters and liquidity of real estate investments. Readers are advised to refer to Duke's Form 8-K Report as filed with the Securities and Exchange Commission on December 6, 2001 for additional information concerning these risks.

Duke Realty Corporation is the largest publicly traded office and industrial real estate company in the United States and a member of the Forbes Super 500. Offering a complete range of real estate products and services, Duke produces approximately $800 million in annual revenue from approximately 4,500 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 107 million square feet of properties, has approximately 1,050 employees and owns or controls approximately 3,900 acres of undeveloped land that can support 59 million square feet of future development. Visit Duke on the web at www.dukerealty.com.