Duke-Weeks Announces $53 Million of Dispositions; Brings Total for First Quarter to $149 Million Ahead of Pace to Meet Self-Financing Objective.

Business Editors

INDIANAPOLIS--(BUSINESS WIRE)--April 5, 2000

Duke-Weeks Realty Corporation (NYSE:DRE) announced today that it has closed an additional $53 million of asset sales in the final two weeks of March, bringing its total for the first quarter to $149 million.

The average capitalization rate was 9.2 percent for the properties sold during the quarter, while the initial yield on Duke-Weeks' $678 million current development pipeline is estimated to be 11.3 percent. The dispositions completed during the first quarter are part of Duke-Weeks' ongoing strategy to self-fund investment opportunities under the current capital environment, while increasing returns on assets and shareholders' equity.

Commenting on the Company's strategy to redeploy capital, Tom Senkbeil, Chief Investment Officer of Duke-Weeks, said,

"The nearly $150 million of dispositions closed in the first

quarter puts us on track to meet or exceed this year's

$400-$500 million target for self-generated capital. We

continue to find high yielding development opportunities in

all of our Midwest and Sunbelt markets and across our office

and industrial property types. Asset sales not only fund this

activity, but by periodically harvesting mature properties

also serve to maintain the overall high quality and modern

average age of the portfolio. Most importantly, however, by

consistently achieving at least 200 basis point spreads

between development yields and disposition cap rates we

validate our unique ability to create value and drive returns

on invested capital upward."

The Company's newly announced dispositions included a mix of office and industrial properties totaling 2.9 million square feet. The properties are located in multiple markets and were 92.7 leased at the time of their sale.

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 (17 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 $700 million in annual revenue from over 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 100 million square feet of properties, has approximately 1,500 employees and owns or controls more than 4,300 acres of undeveloped land that can support approximately 62 million square feet of future development. Visit Duke-Weeks on the web at www.dukereit.com