Duke-Weeks Announces 10.2 Percent Increase in First Quarter FFO Per Share, Achieving Double-Digit Growth for the 22nd Consecutive Quarter.

Business Editors

INDIANAPOLIS--(BUSINESS WIRE)--April 25, 2001

Same Store Growth Tops 7.5 Percent;

Common and Preferred Stock Dividends Also Announced

Duke-Weeks Realty Corporation (NYSE:DRE) reported today that funds from operations ("FFO") increased 12.7 percent to $84.6 million for the first quarter of 2001 versus $75.0 million for the same period in 2000. On a per share basis, FFO increased 10.2 percent to $0.65 per share in the first quarter of 2001 from $0.59 per share for the first quarter of 2000. This is the Company's twenty-second consecutive quarter of double-digit growth in FFO per share.

Net income available for common shareholders for the first quarter of 2001 increased to $58.8 million on revenues of $206.3 million, up from $48.9 million on revenues of $188.8 million for the first quarter last year. On a per share basis, first quarter net income available for common shareholders increased 18.0 percent to $0.46 per share compared with $0.39 per share for the first quarter of 2000. All per share amounts reported are diluted with basic per share information also included in the financial table accompanying this press release.

Additionally, the Company's Board of Directors declared a quarterly dividend of $.43 per common share, or $1.72 per share on an annualized basis. The dividend is payable on May 31, 2001 to common shareholders of record on May 15, 2001.

The Board also declared today the following dividends on the Company's outstanding preferred stock:

               NYSE         Quarterly
Class         Symbol      Amount/Share   Record Date    Payment Date
-----         ------      ------------   -----------    ------------
Series A      DREPRA         $.56875     May 17, 2001    May 31, 2001
Series B    Not Listed       $.99875    June 15, 2001   June 29, 2001
Series D      DREPRD         $.46094    June 15, 2001   June 29, 2001
Series E      DREPRE         $.51563    June 15, 2001   June 29, 2001
Series F      DREPRF         $.50000    July 17, 2001   July 31, 2001
Series I      DREPRI         $.52813    June 15, 2001   June 29, 2001

Commenting on Duke-Weeks' first quarter performance, Tom Hefner, Chairman and Chief Executive Officer, stated,

"Amidst a more challenging economic environment, we are

pleased to report another solid quarter of double-digit

earnings growth. We were also pleased to have good same-store

growth and capital recycling performance during the quarter as

well. Based on what we are seeing in the economy combined with

our strong market positions and balance sheet, we continue to

be optimistic about the remainder of 2001."

Property information at March 31, 2001 was as follows:

-- The Company's 912 in-service properties totaling 101.5 million square feet
were 92.6 percent leased.

-- The Company's value creation pipeline at March 31, totaled $660 including
$276 million of developments with an expected stabilized return of 11.5 percent
that Duke-Weeks plans to own indefinitely after completion; $291 million of
developments with an expected stabilized return of 11.6 percent that the
Company plans to sell within approximately one year of completion; and a $93
million backlog of third-party construction volume with a 12.5 percent pre-tax
profit margin.

-- Including projects under development, the Company's total portfolio at the
end of the first quarter consisted of 956 properties totaling more than 110
million square feet.

The Company also disclosed the following information for the first quarter of 2001:

-- Duke-Weeks renewed 73 percent of leases up for renewal,

totaling 2.6 million square feet, on which it attained a 13.3

percent growth in net effective rents.

-- Year-to-date same property net operating income for 2001

increased 7.58 percent.

-- Property sales in the first quarter were $110 million at an

average capitalization rate of 9.7 percent.

-- Duke-Weeks' interest and fixed-charge coverage ratios in the

first quarter were 4.8 and 3.1, respectively, and its

debt-to-total market capitalization ratio was 31.4 percent at

March 31, 2001. This compares to interest coverage,

fixed-charge coverage and debt-to-total market capitalization

ratios of 4.0, 2.8, and 40.0 percent, respectively, for the

first quarter of 2000.

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 which 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-Weeks' Form 8-K Report as filed with the Securities and Exchange Commission on March 29, 1996 for additional information concerning these risks.

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 (22 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 110 million square feet of properties, has approximately 1,500 employees and owns or controls approximately 4,500 acres of undeveloped land that can support more than 64 million square feet of future development. Visit Duke-Weeks on the web at www.dukereit.com.

A copy of the Company's March 31, 2001 supplemental information fact book will be available after 7:00 p.m. EST  today in the Investor Information section of the Company's web site at www.dukereit.com. Duke-Weeks is also hosting a conference call tomorrow at 2:30 p.m. EST to discuss its first quarter operating results. All investors are invited to listen to this call, which can be accessed through the Investor Information section of the Company's web site at www.dukereit.com.

                         Financial Highlights
                 (in thousands, except per share data)

                                               ----------------------
                                                Three Months Ended
                                                      March 31
                                               ----------------------
Operating Results                                2001          2000
---------------------------------------------------------------------
Revenues                                       $206,290      $188,799
Earnings from rental operations                  65,416        55,324
Earnings from service operations                  9,288         5,376
Net income - common shareholders                 58,770        48,859
Funds from operations - Basic                    84,592        75,030
Funds from operations - Diluted                 101,526        89,606

Per Share:
Funds from operations - Basic                     $0.66         $0.60
Funds from operations - Diluted                   $0.65         $0.59
Net income - common shareholders - Basic          $0.46         $0.39
Net income - common shareholders - Diluted        $0.46         $0.39
Dividend payout ratio of funds from operations     66.2%         66.1%
Weighted average shares outstanding
        Basic                                   128,399       126,070
        Diluted                                 157,492       152,825


                                             ------------------------
                                              March 31    December 31
Balance Sheet Data                              2001          2000
---------------------------------------------------------------------
Net real estate investments                  $4,724,028    $4,706,854
Total assets                                  5,482,726     5,460,036
Total debt                                    1,926,189     1,973,215
Shareholders' equity                          2,806,863     2,712,890
Common shares outstanding at end of period      128,791       127,932