Exhibit 99.2

DUKE REALTY CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations

For the Years Ended December 31,

(in thousands, except per share amounts)

	2003			2002			2001
RENTAL OPERATIONS:
Revenues:
Rental income from continuing operations	$	691,971		$	655,366		$	653,213
Equity in earnings of unconsolidated companies	23,688			27,180			31,391
	715,659			682,546			684,604
Operating Expenses:
Rental expenses	141,848			122,934			116,860
Real estate taxes	77,548			70,146			66,980
Interest expense	126,039			111,730			106,575
Depreciation and amortization	188,624			166,670			149,972
	534,059			471,480			440,387
Earnings from continuing rental operations	181,600			211,066			244,217
SERVICE OPERATIONS:
Revenues:
General contractor gross revenue	286,689			194,439			264,455
General contractor costs	(259,930		)	(172,559		)	(229,845		)
Net general contractor revenue	26,759			21,880			34,610
Property management, maintenance and leasing fees	14,731			14,301			22,824
Construction management and development activity income	15,486			29,428			19,142
Other income	2,480			2,971			3,883
Total revenue	59,456			68,580			80,459
Operating expenses	37,635			38,310			45,344
Earnings from service operations	21,821			30,270			35,115
General and administrative expense	(22,130		)	(25,294		)	(15,509		)
Operating income	181,291			216,042			263,823

OTHER INCOME (EXPENSE):
Interest income	3,613				3,860			5,092
Earnings from sale of land and depreciable property dispositions, net of impairment adjustment	15,752				7,292			45,708
Other revenue (expense)	(734			)	182			(2,582		)
Other minority interest in earnings of subsidiaries	(586			)	(1,093		)	(2,411		)
Minority interest in earnings of common unitholders	(15,656			)	(17,088		)	(30,460		)
Minority interest in earnings of preferred unitholders	(1,904			)	(7,560		)	(8,408		)
Income from continuing operations	181,776				201,635			270,762
Discontinued operations:
Net income from discontinued operations, net of minority interest	5,704				9,988			11,961
Gain (loss) on sale of discontinued operations, net of impairment adjustment and minority interest	11,752				(4,456		)	—
Income from discontinued operations	17,456				5,532			11,961
Net income	199,232				207,167			282,723
Dividends on preferred shares	(37,321			)	(45,053		)	(52,442		)
Adjustment for redemption of preferred stock	—				(8,145		)	(2,538		)
Net income available for common shareholders	$	161,911			$	153,969		$	227,743
Basic net income per common share:
Continuing operations	$		1.06		$	1.11		$	1.67
Discontinued operations	$		0.13		$	0.04		$	0.09
Total	$		1.19		$	1.15		$	1.76
Diluted net income per common share:
Continuing operations	$		1.06		$	1.10		$	1.65
Discontinued operations	$		0.13		0.04			$	0.09
Total	$		1.19		$	1.14		$	1.74
Weighted average number of common shares outstanding	135,595				133,981			129,660
Weighted average number of common and dilutive potential common shares	151,141				150,839			151,710

See accompanying Notes to Consolidated Financial Statements.

DUKE REALTY CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements — (Continued)

(15)  Discontinued Operations

During the period January 1, 2004 through September 30, 2004 we sold or held for sale thirty-six properties owned by us and not classified as assets held for sale as of December 31, 2003.  The results of operations from such properties have been reclassified as income from discontinued operations for the years ended December 31, 2003, 2002, and 2001 in the consolidated statements of operations.  The effect of these reclassifications resulted in an increase to income from discontinued operations for the year ended December 31, 2003 of $3.1 million.  For the year ended December 31, 2002, these reclassifications resulted in an increase of $436,000, which included a $4.4 million reclass of an impairment charge, net of minority interest. For 2001, these reclassifications resulted in an increase of $5.8 million.

In addition, the reclassifications of the operations of these additional thirty-six properties to discontinued operations resulted in the following restated Statement of Operations:

	2003				2002				2001
Statement of Operations:
Revenues	$		27,246		$	35,161			$		38,745
Expenses:
Operating	7,811				8,457				8,264
Interest	5,467				6,553				7,255
Depreciation and Amortization	7,610				8,951				9,742
General and Administrative	38				60				50
Operating Income	6,320				11,140				13,434
Other Income	2				(1			)	216
Minority interest expense — operating & other income	(618			)	(1,151			)	(1,689			)
Income from discontinued operations, before gain on sale	5,704				9,988				11,961
Gain (loss) on sale of property, net of impairment adjustment	13,024				(4,969			)	—
Minority interest expense — gain on sales	(1,272			)	513				—
Income from discontinued operations	$	17,456			$		5,532		$	11,961

Further, the reclassifications of the operations of these additional thirty-six properties to discontinued operations resulted in the following restated segment disclosures:

	2003		2002		2001
Revenues
Rental Operations:
Office	$	420,481	$	394,345	$	373,698
Industrial	261,871		252,395		259,628
Retail	5,863		4,733		16,125
Service Operations	59,456		68,580		80,459
Total Segment Revenues	747,671		720,053		729,910
Non-Segment Revenue	27,444		31,073		35,153
Consolidated Revenue from continuing operations	775,115		751,126		765,063
Discontinued Operations	27,246		36,436		38,745
Consolidated Revenue	$	802,361	$	787,562	$	803,808

DUKE REALTY CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements — (Continued)

	2003			2002			2001
Funds From Operations
Rental Operations:
Office	$	273,083		$	263,276		$	252,982
Industrial	196,626			195,432			204,413
Retail	4,929			4,128			13,293
Services Operations	21,821			30,270			35,115
Total Segment FFO	496,459			493,106			505,803
Non-Segment FFO:
Interest expense	(126,039		)	(111,730		)	(106,575		)
Interest income	3,613			3,860			5,092
General and administrative expense	(22,130		)	(25,294		)	(15,509		)
Gain on land sales	7,135			4,478			5,080
Impairment charges on depreciable property	(500		)	(9,379		)	(4,800		)
Other expenses	(2,796		)	(368		)	(3,899		)
Minority interest in earnings of subsidiaries	(586		)	(1,093		)	(2,411		)
Minority interest in earnings of common unitholders	(15,656		)	(17,088		)	(30,460		)
Minority interest in earnings of preferred unitholders	(1,904		)	(7,560		)	(8,408		)
Minority interest share of FFO adjustments	(18,854		)	(19,353		)	(15,891		)
Joint Venture FFO	42,526			44,778			45,570
Dividends on preferred shares	(37,321		)	(45,053		)	(52,442		)
Adjustment for redemption of preferred stock	—			(8,145		)	(2,538		)
Discontinued operations, net of minority interest	12,042			20,727			21,703
Consolidated FFO	335,989			321,886			340,315
Depreciation and amortization on continuing operations	(188,624		)	(166,670		)	(149,972		)
Depreciation and amortization on discontinued operations	(7,610		)	(8,951		)	(9,742		)
Share of joint venture adjustments	(18,839		)	(17,598		)	(14,177		)
Earnings from sale of depreciated property and ownership interests in unconsolidated companies in continuing operations	9,117			12,193			45,428
Earnings (loss) from sale of depreciated property in discontinued operations	13,024			(6,244		)	—
Minority interest share of adjustments	18,854			19,353			15,891
Net income available for common shareholders	$	161,911		$	153,969		$	227,743