Duke-Weeks Announces $110 Million of Dispositions.

Business Editors

INDIANAPOLIS--(BUSINESS WIRE)--April 12, 2001

Duke-Weeks Realty Corporation (NYSE:DRE) announced today that it completed $110 million of dispositions in the first quarter at a stabilized capitalization rate of 9.7 percent. These dispositions included more than 2.6 million square feet of industrial properties ($76 million), including two recently completed warehouse properties that were transferred to the Company's primary industrial joint venture, and 281,000 square feet of suburban office properties ($34 million). In the aggregate, these properties averaged 67.5 percent leased and included $19 million from the Company's held-for-sale portfolio.

Duke-Weeks' largest first quarter disposition announced today is a 780,000 square foot industrial portfolio located in Indianapolis, Indiana at the Company's Park 100 and Lebanon Business Parks. This $30 million initial closing is the first of a multi-phase sale of some of the Company's Indianapolis-area industrial assets with an additional $42 million of properties expected to close in the second and third quarters, including a $7 million sale that was completed earlier this month. The Company will continue to lease and manage these assets for the buyer.

In two separate transactions, the Company also sold a 60,000 square foot industrial building and a 23,000 square foot suburban office building located in Park 100. Additionally, the Company completed the sale of Airport Commerce Center, a 319,000 square foot industrial portfolio located in Orlando, Florida.

The Company's other dispositions announced today include a 506,000 square foot industrial building located in Atlanta, Georgia; a 214,000 square foot office building in Cincinnati, Ohio; a 119,000 square foot industrial building in Chicago, Illinois; a 40,000 square foot industrial building in Cleveland, Ohio; and a 44,000 square foot office building and a 17,000 square foot industrial building, both located in Minneapolis, Minnesota.

Also included in today's announcement are two recently completed inventory developments that were transferred to the Company's industrial joint venture with J.P. Morgan Investment Management. These include a 449,000 square foot industrial building located in the Company's Earth City Business Park in St. Louis, Missouri and a 317,000 square foot industrial building located in the Company's World Park at Union Centre in Cincinnati, Ohio.

Commenting on the dispositions announced today, Thomas L. Hefner, Duke-Weeks' Chairman and Chief Executive Officer, said,

         "Our dispositions in the first quarter served to upgrade the
         quality of our portfolio as we were able to sell some of our
         older and less strategic properties. In general, we are still
         seeing solid investor demand for institutional quality office
         and industrial properties and we continue to expect
         $400 - $500 million of dispositions this year."

Duke-Weeks Realty Corporation is one of the largest office and industrial real estate companies in the United States and has the longest ongoing record in the industry (21 consecutive quarters) of double-digit growth in funds from operations per share. Offering a complete range of real estate products and services, Duke-Weeks 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-Weeks owns interests in more than 109 million square feet of properties, has approximately 1,500 employees and owns or controls approximately 4,100 acres of undeveloped land that can support more than 60 million square feet of future development. Visit Duke-Weeks on the web at www.dukereit.com.