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Duke Realty Announces Third Quarter Investment Activity.

New Investments Total $456 Million

INDIANAPOLIS -- Duke Realty Corporation (NYSE:DRE) announced today $456.2 million of developments and acquisitions for the third quarter of 2006. The Company also announced $140.3 million of third quarter dispositions today, including the sale of the Cleveland, Ohio industrial portfolio previously announced on July 25, 2006.

The Company's new developments and acquisitions for the quarter include $142.4 million of developments for its held-for-rental portfolio with an average stabilized yield of 9.6 percent and $279.7 million of developments for its held-for-sale portfolio with an average stabilized yield of 8.4 percent.

During the third quarter, the Company purchased the 50 percent interest held by its joint venture partner in ten industrial buildings totaling 1.3 million square feet at Park Fletcher in Indianapolis, Indiana.

The new held-for-rental developments for the third quarter include:

* In Chicago, Illinois, an 89,000 square foot industrial project located at O'Hare International Airport;

* In Cincinnati, Ohio, a 175,000 square foot suburban office project located in the Company's Landings of Blue Ash business park that is 10 percent pre-leased to Citicorp North America. Citicorp also leased the entire 176,000 square foot Landings I speculative new development;

* In Dallas, Texas, a 51,000 square foot industrial project located in Duke's Freeport North industrial park that is 78 percent pre-leased to Computer Sciences Corporation, a global IT services company, and will be constructed in Duke's Texas Dugan joint venture;

* In Indianapolis, a 631,000 square foot industrial project located in Duke's AllPoints at Anson development that will be constructed in the Company's Browning joint venture and a 185,000 square foot suburban office project located in Duke's Parkwood West business park;

* In Nashville, Tennessee, a 67,000 square foot suburban office project located at Aspen Grove business center;

* In Raleigh, North Carolina, a 204,000 square foot suburban office project located in the Company's Perimeter Park; and

* In Tampa, Florida, two industrial projects totaling 150,000 square feet located in the Company's Eagle Creek business park and a 98,000 square foot suburban office project located in Duke's Highland Oaks office park that is 70 percent pre-leased to Quality Distribution, Inc., a provider of bulk transportation and related services.

The new held-for-sale developments for the quarter include:

* In Columbus, Ohio, a 624,000 square foot industrial expansion project located at Rickenbacker Global Logistics Park that will be constructed in the Company's joint venture with CSL Rickenbacker, Ltd.;

* Also in Columbus, a 199,000 square foot suburban office build-to-suit project that is 100 percent pre-leased located in Duke's Easton business park that will be constructed in a joint venture with the Georgetown Company;

* In Dallas, a 527,000 square foot industrial project located at DFW International Commerce business park and a 150,000 square foot suburban office project located in the Allen submarket;

* Also in Dallas, a 160,000 square foot suburban office project located in the Company's Duke Bridges business park;

* As part of our medical office joint venture, a 105,000 square foot project located in Fort Wayne, Indiana, that is 90 percent pre-leased and a 135,000 square foot project in Miamisburg, Ohio, that is 71 percent pre-leased to Kettering Medical Center, a comprehensive health network system;

* In Pembroke Pines, Florida a 395,000 square foot retail project, part of Duke's joint venture with Jeffrey R. Anderson Real Estate, with leases executed or under negotiation that total an occupancy of 70.0 percent; and

* In West Branch, Iowa, a 515,000 square foot industrial project located just outside of Iowa City that is 100 percent pre-leased to Proctor & Gamble Hair Care LLC, a division of The Proctor & Gamble Company.

Duke's $140.3 million of third quarter dispositions included $101.3 million of dispositions from its held-for-rental portfolio at an average stabilized capitalization rate of 8.4 percent. The remaining sales included $39.0 million from its held-for-sale portfolio at an average capitalization rate of 7.2 percent.

Third quarter held-for-rental dispositions include:

* The previously announced, 1.4 million square foot industrial portfolio in Cleveland;

* An 80,000 square foot suburban office facility in Atlanta, Georgia; and

* Two suburban office properties totaling 116,000 square feet in Tampa, Florida.

Third quarter held-for-sale dispositions include:

* Two industrial facilities totaling 438,000 square feet in Cleveland; and

* An 86,000 square foot suburban office property in Tampa.

About Duke Realty Corporation

Founded in 1972, Duke Realty Corporation develops commercial real estate in strategically selected markets by leveraging the expertise of local sales, construction and operations professionals. Duke is the largest publicly traded, vertically integrated office/industrial real estate company in the United States. Duke's properties encompass approximately 114 million rentable square feet leased by more than 3,600 tenants. We own or control more than 6,300 acres of undeveloped land that can support over 90 million square feet of additional development. Duke common stock is listed on the New York Stock Exchange under the symbol: DRE. Visit Duke on the web at www.dukerealty.com.
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Publication:Business Wire
Date:Oct 10, 2006
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