PRESENTATION

RELIABLE. ANSWERS.

2011 Duke Realty Corporation

2009

2010

FOCUS:

Liquidity

More than $1.5 billion

capital raised

Strategy refined

FOCUS:

Strategy execution

Operating

fundamentals

Balance sheet

strength

FOCUS:

Asset quality

Cash flow growth

Shareholder return

Where we’ve been and where we’re going…

2011 and beyond

RELIABLE. ANSWERS.

2011 Duke Realty Corporation

Suburban Office Market Still Challenging

Economic uncertainty limiting business investment and expansion decisions

Continued improvements in consumer spending, corporate profits and job outlook will be

catalyst

Recovery will be at slower pace

Medical Office Regaining Traction

Operators re-visiting expansion decisions

Relationships are a key driver of on campus MOB business

Demographics and economics positive growth drivers

Market Outlook

Fundamentals beginning to recover

Industrial Recovery Taking Shape

Net absorption in U.S. for Q1 2011 was positive for the third consecutive quarter

Retailers posting good results; container traffic volumes continuing to increase

Consumer confidence improving

RELIABLE. ANSWERS.

2011 Duke Realty Corporation

Focus on:

Increasing cash flow

Maximizing return on

assets

Strategy for Success

Focus on:

Improving coverage ratios

Improving ratings

Focus on:

Portfolio repositioning

Strategic acquisitions &

dispositions

Development opportunities

Delivering on what we say we will do

RELIABLE. ANSWERS.

2011 Duke Realty Corporation

Strategic Focus

2011 Goals and Objectives

Q1 2011 Update

•

Lease-up portfolio, manage cap ex; reach

positive same property income growth

•

Balance execution with capital strategy relative

to level and quality of cash flow and same

property NOI; Debt to EBITDA <7.0x

•

Development starts of $100 to $200 million

focus on medical office and Build-to-Suit

•

Total portfolio occupancy as of March 31, 2011 of 88.9%;

industrial portfolio at 90.2%

•

More than 5.3 million square feet of leases completed; in-line

with Q1 2010 volume of 5.5 million square feet

•

Debt to EBITDA @ 6.7x;<6.0x by 2013; 0.9% Same Property

•

One medical office development project started during quarter

•

Continue strong momentum from 2010 on

repositioning of portfolio

•

Pursue acquisitions of medical and industrial

assets

•

Planned asset dispositions of primarily Midwest

office

•

Closed on remaining $173 million of Premier assets (final

closing in April)

•

Asset dispositions totaled $456 million, including completion of

$274 million CBRERT transaction

•

Opportunistically access capital markets . . .

push out maturity schedule further

•

Continue improving our coverage ratios

•

Maintain minimal balance on line of credit

•

Retired $42.5 million of unsecured bonds

•

Fixed charge ratio of 1.81x

•

Zero balance outstanding on line of credit, $167 million cash

Asset

Strategy

Operations

Strategy

Capital

Strategy

Executing across all three aspects of our strategy

2011 Duke Realty Corporation

Portfolio Strategy

BY PRODUCT

2009

2013

BY GEOGRAPHY

Q1 2011

ASSET STRATEGY

2009

2013

Q1 2011

Southeast

21%

Southeast

27%

Southeast

30%

Industrial

36%

Industrial

45%

Industrial

60%

Medical

Office

Medical

Office

Medical

Office

15%

Office

25%

Office

46%

Office

55%

Retail

East

13%

South

12%

West

Midwest

53%

Midwest

48%

Midwest

40%

West

South

12%

South

10%

East

12%

East

15%

2011 Duke Realty Corporation

Asset Strategy: Road Map

($ in millions)

Investment

9/30/09

Investment

3/31/11

ACTION PLAN

Investment

2013

PRODUCT TYPE

Amount

Proceeds from

Targeted

Dispositions

Acquisitions/

Developments/

Repositioning

Amount

Industrial

$2,930

36%

$3,650

45%

($55)

$1,250

$4,920

60%

Office

4,515

55%

3,750

46%

(500)

(810)

2,050

25%

Medical Office

440

520

730

1,230

15%

Retail

290

280

(305)

$8,175

100%

$8,200

100%

($860)

$1,170

$8,200

100 %

REGION

Midwest

$4,310

53%

$3,960

48%

($530)

$125

$3,280

40%

Southeast

1,755

21%

2,250

27%

(165)

150

2,460

30%

East

1,035

13%

975

12%

(120)

355

1,230

15%

South

970

12%

950

12%

(45)

200

820

10%

West

105

340

410

$8,175

100%

$8,200

100%

($860)

$1,170

$8,200

100%

ASSET STRATEGY

Significant progress to date…

on target to meet 2013 goals

2011 Duke Realty Corporation

ASSET STRATEGY

Asset Strategy: Progress To Date

BUILDING ACQUISITIONS

BUILDING DISPOSITIONS

Q4 2009

$15

Q4 2009

$144

2010

919

2010

499

2011

–

Remaining Premier

139

2011

–

Remaining CBRERT

456

Proforma Total

$1,073

Proforma Total

$1,099

PRO FORMA

PROGRESS TO DATE

TOTAL

VALUE

ASSUMED

DEBT

NET

Dispositions

$1,099

($0)

$1,099

Acquisitions

$1,073

($615)

$458

Excess Cash

$641

Only

50 Bps

difference in

Cap Rates

Matching acquisitions with dispositions…

limiting earnings impact

$ in millions

2011 Duke Realty Corporation

CBRERT: Suburban Office Joint Venture

Portfolio Overview

Columbus (22%)

Geographic Footprint

Asset Snapshots

3.1 million square feet

Mirrors quality of remaining portfolio

Continuing to manage and lease assets

ASSET STRATEGY

Joint ventured Midwest concentrated suburban office portfolio . . .

net proceeds of $410 million

Norman Pointe I and II

Minneapolis

Sam Houston Crossing

Houston

One and Two Easton Oval

Columbus

Regency Creek I

Raleigh

One Conway Park

Chicago

Nationwide

Columbus

533 and 555 Maryville Center

St. Louis

Landings Building I and II

Cincinnati

Pointe West I

Dallas

Cincinnati (18%)

Raleigh (4%)

S. Florida (13%)

St. Louis (8%)

Chicago (7%)

Minneapolis

(17%)

Dallas (6%)

Houston (5%)

2011 Duke Realty Corporation

Premier Acquisition Portfolio Overview

Geographic Footprint

Asset Snapshots

ASSET STRATEGY

Acquired $450 million primarily industrial portfolio in high barrier growth market

* Based on dollars invested

Pompano Beach

Plantation

(office)

Boyton

Beach

Palm Beach

Central Broward

Bulk

Industrial

Service Center

Office

79%

18%

14%

16%

2011 Duke Realty Corporation

Asset Repositioning Analysis

Making significant progress

ACQUISITIONS

DISPOSITIONS

Dugan Realty

Premier Portfolio

CBRERT

Location

Midwest/

Southeast

South Florida

Multi Location/

Midwest

Product Type

Industrial

Industrial & Office

Suburban Office

Square feet

20.8M

4.9M

3.1M

Occupancy at Closing

86.5%

87.0%

95.0%

Age of Assets

14.8 years

11.2 years

9 years

Purchase Price/Sales Price

($ millions)

$298

$450

$413

Purchase

Price

Sales

Price

–

PSF

$29

$88

$167

ASSET STRATEGY

2011 Duke Realty Corporation

2010 PERFORMANCE

$533.2 million of dispositions

$919.1 million of acquisitions

$130 million of development starts

2011 GOALS

Strong backlog of dispositions & acquisitions

$200 million of new development starts;

$75 -

$125 million medical office

Continue to make significant progress on

strategic plan

ASSET STRATEGY

Quality portfolio improving with asset strategy

2011 Duke Realty Corporation

New, High Quality Portfolio with Long-term Leases

Bulk

Industrial

Suburban

Office

Medical Office

Property age

10.1 years

11.7 years

2.0 years

Property size

212,000 SF

118,000 SF

97,000 SF

Lease term

7.0 years

7.2 years

11.7 years

Tenant size

70,000 SF

12,000 SF

11,000 SF

OPERATIONS STRATEGY

Operations Strategy: Consistent Operating Performance

Stabilized Occupancy (%)

Strong

historical

stabilized

occupancy

–

fundamentals

improving

Lease Renewals (%)

Strong lease renewal percentages

Stabilized occupancy

In-service occupancy

80%

72%

79%

77%

2007

2008

2009

2010

YTD 2011

70%

29.9

21.4

22.7

25.9

2007

2008

2009

2010

YTD 2011

Leasing Activity

New

Leases

and

Renewals

–

Consistent

Execution

(in

millions

square feet)

Lease Maturity Schedule

Lease maturities are well balanced with no one year accounting for

more than 13%

Demonstrated ability to maintain consistency through difficult operating

environments

95%

92%

89%

88%

89%

87%

OPERATIONS STRATEGY

5.3

2011 Duke Realty Corporation

Land and Development Capabilities

OPERATIONS STRATEGY

$495

million

HELD FOR DEVELOPMENT

Industrial

Development

Midwest

26.3 million SF

Indianapolis, Chicago,

Columbus and St. Louis

major positions

East

3.1 million SF

New Jersey, Baltimore

and Washington D.C.

Southeast

8.5 million SF

Atlanta, Central Florida

and South Florida

Southwest

5.8 million SF

Phoenix, Dallas and

Houston

Total

43.7 million SF

Attractive positions contribute to future industrial development

and value

2011 Duke Realty Corporation

(2)

(3)

Consistent NOI Growth Outperformance

3.3%

3.0%

(2.7%)

0.9%

2.1%

(1.5%)

(2.6%)

(1.5%)

(1.3%)

1.4%

3.6%

0.8%

(0.9%)

(3.6%)

3.0%

(2.4%)

2.1%

3.9%

1.4%

(4.3%)

7.0%

(2.1%)

0.5%

(3.5%)

0.3%

4.4%

1.6%

(1.3%)

(1.7%)

(6.0%)

(4.0%)

(2.0%)

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Low Barrier Office Peers

Industrial Peers

Annual Same-Store NOI Growth

(1)

%, y-y

Source

SNL and company filings

Ten-Year Comparison vs. Peers

Notes

Based on straight-line average of year-over-year annual same-property NOI growth

Low barrier office (“LBO”) includes BDN, CLI, HIW, LRY and PKY; weighted by historical market cap

Industrial includes DCT, EGP, FR, FPO and PSB; weighted by historical market cap

OPERATIONS STRATEGY

2011 Duke Realty Corporation

Consistent NOI Growth Outperformance (cont’d)

Relative Performance vs. Peers

Notes

Based on straight-line average of year-over-year annual same-property NOI growth

Low barrier office (“LBO”) includes BDN, CLI, HIW, LRY and PKY; weighted by historical market cap

Industrial includes DCT, EGP, FR, FPO and PSB; weighted by historical market cap

Source

SNL

and

company

filings

OPERATIONS STRATEGY

2.3%

0.2%

(0.3%)

0.9%

(3.6%)

(4.3%)

0.4%

(0.4%)

1.1%

(6%)

(4%)

(2%)

Low-Barrier

Office

Peers

(2)

Industrial Peers

(3)

10-Year Avg.

5-Year Avg.

1-Year Avg.

Annual Same-Store NOI Growth

(1)

%, y-y

2011 Duke Realty Corporation

2010 PERFORMANCE

Total portfolio occupancy of 89.1%

Industrial at 90.5% occupancy

Nearly 26 million SF leases –

highest volume since 2007

2011 GOALS

Leasing of portfolio

Manage capital expenditures and

maximize cash flow

AFFO guidance 85% -

100%

OPERATIONS STRATEGY

Quality, well-positioned assets to drive performance

2011 Duke Realty Corporation

RECENT TRANSACTIONS

Midwest

Renewal Industrial

Hebron

Cincinnati

646,000 SF

100% leased

New Lease Office

Atrium

Columbus

121,000 SF

Tenant:

Alcatel

Lucent

MARKET OVERVIEW & KEY POINTS

Strong distribution base: Over 30% of U.S.

population within one day’s drive

74 Fortune 500 headquarters

High growth and return opportunities, particularly in

Chicago, Columbus, and Indianapolis

Duke Realty’s roots and a position of strength

Original

location

–

since

1972

Low basis product

Dominant market position

48% of our total investment

Committed to Midwest because we perform…

Remains a key component to our strategy

Disposition

Office

(CBD)

312 Elm & 312 Plum

Cincinnati

609,000 SF

MIDWEST OVERVIEW

2011 Duke Realty Corporation

Midwest Overview

Location

Product

Type

Industrial

Office

Average Age

11.6 years

16.3 years

Average Building Size

236,000 SF

130,000 SF

Total Square Footage

51.5 million

16.4 million

Current Occupancy

93.0%

84.4%

Indianapolis

96.7%

86.5%

Chicago

96.1%

88.6%

Cincinnati

86.4%

82.5%

St. Louis

88.6%

79.5%

Columbus

96.2%

82.0%

Minneapolis

84.5%

96.8%

MIDWEST OVERVIEW

Note: All information as of March 31, 2011

Medical

Office

50%

Industrial

45%

St. Louis

14%

Cincinnati

20%

Columbus

13%

Chicago

21%

Indy

25%

Minn.

2011 Duke Realty Corporation

TRANSACTION EXAMPLES

Indianapolis

MIDWEST OVERVIEW

New Lease -

Industrial

Park 100 –

Bldg 87

144, 000 SF –

10 year term

Tenant: Hat World

New

Lease

Industrial

Plainfield Building V

426,000

–

year

term

Tenant: Genco I, Inc.

New Lease -

Industrial

AllPoints

Anson

406,000

–

year

term

Tenant: Amazon

Renewal -

Industrial

Lebanon Buildings 12 & 13

1.1M SF –

10 year term

CNH America

MARKET OVERVIEW AND KEY POINTS

Largest Industrial landlord (21 million

square feet) in top regional distribution

market

3 Fortune 500 headquarters

12% of total investment... Premium product

and submarket position

Industrial JV with Browning Investments

controlling approximately 1,000 acres

Land for 18 million square feet of industrial

development

Outperforming market occupancy

Strong recovery forecast by PPR

State Capital and higher education add to

market stability

2011 Duke Realty Corporation

Cincinnati

MIDWEST OVERVIEW

Disposition –

Office (CBD)

312 Plum & 312 Elm

609,000 SF

New

Lease

Industrial

Hebron 2

598,000

–

5.5

year

term

Tenant: HK Systems

New

Lease

Industrial

Union Centre Park 2

118,000

–

year

term

Tenant: Bunzl Distribution

New

Lease

Industrial

Southpark Building 4

166,000

–

10.5

year

term

Tenant: Pratt Corrugated

Holdings

MARKET OVERVIEW AND KEY POINTS

Duke Realty is a dominant owner and

developer for both office and industrial

10 Fortune 500 headquarters

Select local sub market dominance matters

9% of total investment

Lease-up vacant space; drive industrial

occupancy over 90%

Continue non-strategic asset dispositions

Approximately 1.0 million square feet of

development land –

50% industrial

2011 Duke Realty Corporation

Chicago

MIDWEST OVERVIEW

Acquisition –

Industrial

Melrose Business Center

459,000 SF

100% Leased

Expansion -

Office

Riverway East

38,000 SF –

9 year term

US Food Service, Inc.

Acquisition -

Industrial

175 Ambassador Drive

331,000 SF

100% leased

MARKET OVERVIEW AND KEY POINTS

1.3

billion

Industrial

market

–

28%

the

U.S. population is within one days drive

Only U.S. city with all six class 1 rail carriers

28 Fortune 500 headquarters

Top 5 owner and developer in both bulk

industrial and suburban office

9% of total investment

Land for 2.2 million square feet of development,

92% industrial

Continue asset repositioning

Selectively buy industrial

Sell older office

2010 NAIOP winner –

Industrial Development of

the Year Award for Excellence; Nominee for

Industrial Developer Of the Year and

Transaction of the Year

Renewal -

Industrial

Crossroads 2

336,000

–

year

term

Hub One Logistics

TRANSACTION EXAMPLES

2011 Duke Realty Corporation

Columbus

MIDWEST OVERVIEW

Extension -

Industrial

6600 Port Road

906,000 SF –

8.5 year term

AS America

Renewal -

Office

Nationwide Building

315,000 SF –

7 year term

Nationwide Mutual Insurance

(Building sold to CBRERT JV)

New Development –

Industrial Build to Suit

West Jefferson Industrial Park

1.3 million SF –

10.6 year term

Mars Petcare

MARKET OVERVIEW AND KEY POINTS

Strong Industrial market with high growth

potential

6 Fortune 500 headquarters

Key joint venture with Columbus Regional

Airport Authority at Rickenbacker Airport and

Norfolk Southern Intermodal

Office market driven by major corporate

headquarters, government, education and

health services

First Midwest market to see new development

opportunities

Geography and intermodal infrastructure will

drive distribution growth

6% of total investment

Land for 1.1 million square feet of primarily

industrial development

Maintain industrial performance and expand

presence

TRANSACTION EXAMPLES

2011 Duke Realty Corporation

St. Louis

MIDWEST OVERVIEW

New Lease -

Industrial

Dukeport I, II, & VI

589,000 SF –

10.5 year term

Tenant: Centric Group, LLC

New Lease -

Office

Rider Trail

56,000 SF –

10 year term

Tenant: Spectrum Brands

Renewal -

Office

Maryville Centre 533 and 555

168,000 SF –

10 year term

Tenant: Eveready Battery

Company

(Sold to CBRERT JV)

MARKET OVERVIEW AND KEY POINTS

Home to 9 Fortune 500 headquarters; 3

universities and an number of healthcare

related firms

Industrial market ranked #2 by PPR for

number of infrastructure points

Labor market posting gains in 2010 …

first

time in two years

Industrial market vacancies appear to have

peaked

Land for 4.3 million square feet of

development; 94% industrial

TRANSACTION EXAMPLES

2011 Duke Realty Corporation

TRANSACTION EXAMPLES

Minneapolis

MIDWEST OVERVIEW

New Lease -

Office

Norman Pointe II

245,000 SF –

5 year term

Tenant: GSA

New Lease/Renewal

Office

1600 Tower

90,000 SF Multiple Leases

Multiple Tenants

New Leases -

Retail

The Shops at West End

30,000 SF Multiple Leases

Multiple Tenants

MARKET OVERVIEW AND KEY POINTS

Lowest unemployment in the Midwest at 6.5%

Only Midwestern City with above average

population growth projected

18 Fortune 500 headquarters

Land for 2.5 million square feet of

development; 44% industrial

Expand industrial presence

Pursue build-to-suit office opportunities at

Minneapolis West

Nominee Twin Cities Business Journal top

office lease for GSA lease at Norman Pointe II

2011 Duke Realty Corporation

Midwest Team

Jim Connor

Regional EVP

Charlie Podell

Indianapolis

Jon Burger

Cincinnati

Jim Clark

Columbus

Steve Schnur

Chicago

Toby Martin

St. Louis

Pat Mascia

Minneapolis

Midwest leaders average 10 years with Duke Realty

MIDWEST OVERVIEW

Years with Duke Realty

2011 Duke Realty Corporation

RECENT TRANSACTIONS

Southwest

Acquisition -

Industrial

Estrella Buckeye –

Phoenix

250,000 SF

100% Leased

Disposition Office

Lakeview office assets-

Nashville

379,000 SF

Duke Realty presence since 1999 (Weeks merger)

52 Fortune 500 headquarters

Demographic drivers: modern transportation and

infrastructure, population and job growth

Strong industrial demand expected post-recovery

Port, inland port and logistics key for bulk distribution

markets

13% of our total investment

Expand industrial presence by pursuing select

acquisition opportunities in Houston, Phoenix and

Southern California

New Development -

Industrial

Westland II Houston

300,000 SF

73% Leased

SOUTHWEST OVERVIEW

MARKET OVERVIEW & KEY POINTS

2011 Duke Realty Corporation

Southwest Overview

Industrial

Office

Average Age

8.6 years

6.5 years

Average Building Size

256,500 SF

108,600 SF

Total Square Footage

20.0 million

2.1 million

Current Occupancy

85.6%

91.9%

Dallas

83.8%

83.3%

Nashville

80.9%

95.0%

Houston

98.0%

100%

Phoenix

97.1%

N/A

SOUTHWEST OVERVIEW

Note: All information as of March 31, 2011

Location

Product

Type

2011 Duke Realty Corporation

TRANSACTION EXAMPLES

Dallas

New Development

Third Party Build to Suit

1.02 million SF

Whirlpool

Expansion-

Industrial

Kingsley Distribution Ctr.

250,000 SF–

9.25 year term

Plastipak Packaging

Renewal Lease -

Industrial

Freeport III

116,000 SF-

3.5 year term

Round2 Inc.

New Lease -

Office

Duke Bridges III

49,000 SF–

7 year term

Tenant: Oracle American

SOUTHWEST OVERVIEW

MARKET OVERVIEW & KEY POINTS

Duke Realty one of top 3

owner/developers in Dallas/Ft. Worth

24 Fortune 500 headquarters

Projected fastest growing metropolitan

area

Most active developer over last 10 years

Presence in all major submarkets. DFW

Airport submarket is flagship

Land for 2.4 million square feet of

development; 81% industrial

NAIOP 2010 Developer of the Year,

previously awarded to Duke Realty in

2004, 2005 and 2008

6% of total investment

2011 Duke Realty Corporation

TRANSACTION EXAMPLES

Nashville

Acquisition -

Industrial

Four Forty

Business Center II

133,000 SF

100% leased

Disposition -

Office

Lakeview Office assets

379,000 SF

SOUTHWEST OVERVIEW

MARKET OVERVIEW & KEY POINTS

Long-standing business relationships

and 25+ year presence have built Duke

Realty brand name in market

Dominant industrial submarket positions

Remains a strong central location for

light industrial product

Office occupancy has remained steady

through downturn –portfolio 90% leased

or higher in 2010

Diverse business base

2011 Duke Realty Corporation

TRANSACTION EXAMPLES

Phoenix

Acquisition -

Industrial

Estrella Buckeye

250,000 SF

100% leased

New Lease -

Industrial

Goodyear 1

118,000 SF–

10 year term

Sun-Tech

SOUTHWEST OVERVIEW

MARKET OVERVIEW & KEY POINTS

Industrial portfolio comprised of 1.9

million square feet that is 97% leased

In 2010, positive absorption of 4.5 million

square feet in industrial

5 Fortune 500 headquarters

Market is a main logistics route from

Western port locations

Considered a low cost alternative to

Inland Empire

Land for 2.3 million square feet of

industrial development

Leverage local team expertise to expand

into Southern California industrial markets

Excellent land position in Inland Empire

West

Acquisition -

Industrial

Riverside Business Center

604,000 SF

55% leased to Ulta Salon

10.5 year term

2011 Duke Realty Corporation

TRANSACTION EXAMPLES

Houston

Acquisition -

Industrial

Granite Portfolio/

Port of Houston

582,840 SF

100% leased

New Development

Industrial

Westland II

300,000 SF

73% pre-leased

SOUTHWEST OVERVIEW

MARKET OVERVIEW & KEY POINTS

23 Fortune 500 headquarters

Port of Houston:

•

Ranked

U.S.

imports

•

in the U.S. in total tonnage

•

Anticipated growth following completion

of Panama Canal in 2014

Excellent leasing results-

1.7 million

square feet of industrial assets 94%

leased and 250,000 square feet of office

assets100% leased

Good asset position across four major

submarkets and port strategy

Land for 1.7 million square feet of

primarily industrial development

Industrial vacancy less than 10%

2011 Duke Realty Corporation

East & Southeast Overview

Acquisition –

Office/Industrial

Premier Portfolio -

South Fl

4.9 million SF

MARKET OVERVIEW & KEY POINTS

Strong presence: entered Southeast in 1999

(Weeks merger) and East in 2006 (acquisition of

Winkler portfolio)

15 Fortune 500 headquarters

East and Southeast cities among top growth

markets in country…

strong in-migration

Diversified economies; Government, healthcare,

finance and education

Eastern cities maintained highest employment rate

through downturn

Atlanta and Northeast corridor strong in bulk

industrial

39% of our total investment

New Leases -

Office

3630 Peachtree –

Atlanta

Currently 44% leased

EAST & SOUTHEAST OVERVIEW

2011 Duke Realty Corporation

East and Southeast Overview

Industrial

Office

Average Age

8.8 years

9.7 years

Average Building Size

225,000 SF

110,000 SF

Total Square Footage

26.9 million

13.7 million

Current Occupancy

89.0%

88.5%

Atlanta

85.2%

87.3%

South Florida

80.5%

89.2%

Raleigh

98.1%

89.5%

Washington D.C./Baltimore

94.2%

90.9%

Central Florida

91.0%

85.4%

Savannah

88.7%

EAST & SOUTHEAST OVERVIEW

Location

Product

Type

2011 Duke Realty Corporation

TRANSACTION EXAMPLES

Atlanta

New Lease-

Industrial

Camp Creek

155,000

SF–

5.3

year

term

National Powersport Auctions

New Leases -

Office

3630 Peachtree

66,000 SF

Multiple tenants

44% leased

EAST & SOUTHEAST OVERVIEW

MARKET OVERVIEW & KEY POINTS

Duke Realty a top 5 owner city-wide in

office and industrial and a leading owner

in best submarkets

Primary bulk industrial market for the

Southeast

13 Fortune 500 headquarters

Suburban office performing better than

Buckhead, Midtown and CBD

11% of total investment

Continued strong population growth

expected

Land for 5.3 million square feet of primarily

industrial development

2011 Duke Realty Corporation

Savannah

EAST & SOUTHEAST OVERVIEW

MARKET OVERVIEW & KEY POINTS

Duke Realty dominant position estimated at 35% market

Majority of portfolio within three miles of port

Port activity improving – record TEU volume in 2010

Two primary types of tenants: logistics firms and national

retailers

Duke Realty’s buildings consistently outperform the

market

2011 Duke Realty Corporation

Central Florida (Orlando/Tampa)

New Leases -

Office

Highland Oaks IV

44,000 SF

Multiple tenants

New Lease -

Industrial

Eagle Creek Business Ctr.

29,000 SF -

10.5 year term

Mike’s Pies

EAST & SOUTHEAST OVERVIEW

MARKET OVERVIEW & KEY POINTS

Excellent quality of life and improving

affordability. Educated work force.

PPR projecting solid population and

job growth with recovery

Orlando bulk market serves most of

Florida while Tampa is more local/

Type II

Land for 2.3 million square feet of

development; 89% industrial

New Lease -

Industrial

Parksouth Distribution

Center

86,000 SF–

7 year term

Pelliconi

TRANSACTION EXAMPLES

2011 Duke Realty Corporation

TRANSACTION EXAMPLES

Raleigh

New Lease –

Office

Crabtree Overlook

45,000 SF–

6 year term

Nationwide Mutual

Insurance Co.

New Leases-

Office

Captrust Tower

65,700 SF

Multiple tenants

64% leased

EAST & SOUTHEAST OVERVIEW

MARKET OVERVIEW & KEY POINTS

Diversified economy (R&D, education,

healthcare and government among the

top employers)

Led country in percentage

population growth in 2010

Suburban office - leading

product type, with the

Research Triangle Park &

North Raleigh suburbs

showing most activity

Duke Realty industrial assets well located

in market focused on local distribution

and pharmaceutical/ biotech

7% of total investment

Land for 1.2 million square feet of office

development

2011 Duke Realty Corporation

TRANSACTION EXAMPLES

South Florida

Acquisition-

Office

Royal Palm I and II

465,500 SF

New Lease -

Industrial

Pompano Commerce Ctr.

111,000 SF–

15 year term

GSA

EAST & SOUTHEAST OVERVIEW

MARKET OVERVIEW & KEY POINTS

Duke Realty dominant industrial and suburban

office positions in Broward County

High barrier market; land entitlement process

long and difficult

2 Fortune 500 headquarters

9% of total investment

Land for 2.1 million square feet of

development; 61% industrial

Nominee for 2010 NAIOP Awards of

Excellence for:

Top

Industrial

Lease

–

GSA

lease

Pompano Commerce Center

Top

Office

Acquisition

–

Royal

Palm

Top

Industrial

Acquisition

–

Premier

portfolio

Acquisition –

Office/Industrial

Premiere Portfolio

4.9 million SF

2011 Duke Realty Corporation

TRANSACTION EXAMPLES

Washington D.C./Baltimore

New Lease -

Office

15006 Northridge Dr.

32,000 SF–

8 year term

TASC

BRAC

1.7 million SF office towers

On schedule to complete in

Q3 2011

EAST & SOUTHEAST OVERVIEW

MARKET OVERVIEW & KEY POINTS

Washington DC will lead east coast cities in

population growth through 2014

Federal spending is the key driver for

employment growth, but the city is well

diversified with “knowledge-based” industries

Strong office presence in Northern Virginia and

enhanced brand awareness with development of

the BRAC project

Leverage BRAC capability for other government

projects

Pursue targeted acquisitions and build to suit

opportunities

4% of total investment

Land for 1.4 million square feet of development;

65% office

2011 Duke Realty Corporation

East & Southeast Team

Sam O’Briant

Regional EVP

Atlanta/

Savannah

Kerry Armstrong

3630

Peachtree

Ed Mitchell

South

Florida

Jeff Sheehan

Raleigh

John Macsherry

Baltimore

Peter Scholz

Washington

D.C.

East & Southeast leaders average more than 10 years with Duke Realty

Doug Irmscher

Orlando/

Tampa

EAST & SOUTHEAST OVERVIEW

Years with Duke Realty

Chris Brown

2011 Duke Realty Corporation

Portfolio Strategy

BY PRODUCT

2009

2013

BY GEOGRAPHY

2009

2013

Focus on “core”

assets

(on-campus)

Focus on national and

regional Hospital system

relationships

Focus on Duke Realty

office locations

Focus on demographic

healthcare growth cities

MOB Off

Campus

Specialty

Hospital

10%

MOB On

Campus

86%

MOB On

Campus

80%

MOB Off

Campus

10%

LTAC/

Rehab

Midwest

30%

South

30%

East

10%

Southeast

30%

Midwest

42%

South

39%

Southeast

19%

Specialty

Hospital

MEDICAL OFFICE OVERVIEW

2011 Duke Realty Corporation

PIEDMONT ATLANTIC

Atlanta*

Birmingham

Charlotte

Nashville*

Raleigh*

NORTHEAST

Baltimore*

Boston

Philadelphia

Richmond

Washington, D.C.*

GREAT LAKES

Chicago*

Columbus*

Indianapolis*

Louisville

Minneapolis*

St. Louis*

FLORIDA

Jacksonville

Miami

Orlando*

Tampa*

GULF COAST

TEXAS TRIANGLE

Austin*

Dallas

Houston*

San Antonio

ARIZONA SUN

CORRIDOR

NORTHERN

CALIFORNIA

SOUTHERN

CALIFORNIA

CASCADIA

Megaregions

2050:

Populations

contiguous

regions

with

major cities that produce more than $100 billion in goods and

services. Mega-regions will drive need for healthcare,

transportation infrastructure and jobs through 2050

Duke Realty Markets: Demographic Focus

Duke Realty market

Map Source: ATLANTA REGIONAL COMMISSION MEGAREGIONS REPORT

MEDICAL OFFICE OVERVIEW

2011 Duke Realty Corporation

Healthcare Data Points

The nation’s largest industry

•

Represents more than 17% of GDP, predicted to exceed 23%

by 2020

•

Americans spend more than 5% of pre-tax income on

healthcare. Lower income brackets pay 15% or more ($7,800

per capita health expenditures in 2008/2009)

Reform

•

Increased number of people insured expected to increase by

30 to 50 million –

increased demand for care

•

Number

physicians

will

increase

–

space

demand

•

Hospitals expect margin pressure and need to increase

market share –

Hospitals seeking capital partners for

“non-core assets”

•

May

reduce

reimbursements

–

real

estate

efficiency

priority –

larger deals and floor plates

As many as 40% (20% now) of primary care physicians and 24%

(10% now) of specialists will be employed by hospitals by 2012 –

more Hospital credit on leases

MEDICAL OFFICE OVERVIEW

2011 Duke Realty Corporation

Demand Driver

60+ age group continues to grow at greater than 3% annually through 2030

Fact:

Baby

Boomers

(60

years

old)

seek

medical

treatments

than

all

others

Growth of 60+ age group is creating demand for healthcare services through 2030

Number of Americans 60+

% of Americans 60+

THE AGING OF AMERICA

MEDICAL OFFICE OVERVIEW

2011 Duke Realty Corporation

Demand Driver

MEDICAL OFFICE OVERVIEW

THE OUTMIGRATION OF CARE

Demand for outpatient services is projected to increase by 22%

by 2019 while demand

for inpatient services will remain flat

Ambulatory surgery center (ASC) and diagnostic imaging center (DIC) visits increasing at

a rate of 8.4 percent annually

Physician office visits rising by 7.9 percent annually

Outpatient care yields higher profit margins than inpatient care

Outpatient services can be on or off campus

Source: McKinsey & Company’s McKinsey Global Institute

2011 Duke Realty Corporation

Development Focus

ACTION PLAN

National brand awareness

Be “Experts”

–

Speak at national conferences (ASHE, BOMA)

–

Third party references

National system relationships

–

Ascension

–

Tenet

–

HCA

–

Adventist

Regional system relationships

–

Baylor Health

–

Rex Healthcare

–

Carolina Healthcare Systems

–

Advocate

System

Focus

Regional

Focus

MEDICAL OFFICE OVERVIEW

2011 Duke Realty Corporation

Example: Baylor Relationship

MEDICAL OFFICE OVERVIEW

BAYLOR CANCER CENTER

10-story outpatient cancer center

250 space underground parking facility

94% preleased with Baylor and McKesson (US Oncology)

460,000 sf

OTHER BAYLOR PROJECTS

Baylor Administrative Office Building -

Dallas, TX (100%

leased)

Baylor Plano MOB -

Plano, TX (40% leased)

Baylor Orthopedic and Spine Hospital of Arlington -

Arlington, TX (100% leased)

Baylor Uptown Hospital-

Dallas, TX (100% leased)

Baylor McKinney (new development)-

McKinney, TX (66%

pre-leased to Baylor)

2011 Duke Realty Corporation

Current Development Pipeline

Baylor McKinney MOB

McKinney, TX

113,000 SF

Baylor

66% pre-leased

WakeMed MOB -

Sunnybrook

Raleigh, NC

86,000 SF

Wake Med Health and

Hospital

58% pre-leased

REX Holly Springs MOB

Raleigh, NC

30,000 SF

Rex Hospital

100% pre-leased

Western Ridge MOB II

Cincinnati, OH

29,000 SF

TriHealth

80% pre-leased

MEDICAL OFFICE OVERVIEW

WakeMed

MOB

–

Brier

Creek

Raleigh, NC

48,000 SF

Wake Med Health and

Hospital

80% pre-leased

RELIABLE. ANSWERS.

Healthcare Team

Jim Bremner

President, Healthcare

Deeni Taylor

South/

Southeast

Don Dunbar

East/

Midwest

Glenn Hoge

Development

Keith Konkoli

Midwest

Healthcare leaders average more than 13 years with Duke Realty

Jason Hinkel

Southeast

MEDICAL OFFICE OVERVIEW

Years with Duke Realty/Bremner Healthcare

2011 Duke Realty Corporation

2011 Duke Realty Corporation

Key Metrics & Goals

2009

Actual

2010

Actual

Q1 2011

Actual

Goal

Debt to Gross Assets

44.5%

46.3%

46.1%

45.0%

Debt + Preferred to Gross

Assets

54.9%

55.5%

55.3%

50.0%

Fixed Charge Coverage Ratio

1.79 : 1

1.81 : 1

2.00 : 1

Debt/EBITDA

6.65

7.31

6.66

< 6.00

Debt + Preferred/EBITDA

8.47

8.88

8.20

< 7.75

CAPITAL STRATEGY

Progressing toward strategic plan goals

2011 Duke Realty Corporation

CAPITAL STRATEGY

Current Liquidity Position

$460

$332

$632

$351

$2,335

$1,000

$2,000

$3,000

2011

2012

2013

2014

Thereafter

Debt Maturity and Amortization Schedule

3/31/2011

•

Provide for $290 Million 2011 Unsecured Bond Maturities

$122 million due 8/15/11

$168 million due 12/1/11

($ in millions)

CAPITAL STRATEGY

Continue to execute on capital strategy objectives

CAPITAL SOURCE

2007

2008

2009

2010

TOTALS

Common Stock

$230

$575

$311

$1,116

Preferred Stock

$300

Unsecured Debt

$300

$325

$500

$250

$1,375

Secured Debt

$270

Asset Dispositions

$614

$426

$121

$533

$1,694

$1,144

$1,051

$1,466

$1,094

$4,755

•

Investment grade rated debt for 15 years

•

Proven access to multiple capital sources

•

Current dividend payout covered by AFFO

2011 Duke Realty Corporation

Continue to strengthen balance sheet

2011 Duke Realty Corporation

CAPITAL STRATEGY

Maintain available options to advance

capital strategy and growth

1st

QTR

2nd

QTR

3rd

QTR

4THrd

QTR

A) Common equity

Set up ATM

$311MM equity

issuance to fund

Dugan

N/A

Tender for debt...

Additional unsecured to

extend maturities

Evaluated

Market

$212.2MM of

bonds

repurchased;

$250MM

unsecured

offering

Evaluated

Market

Evaluated

Market

Opportunistic open

market debt repurchases

$15MM of

converts

repurchased

$48.5MM of

converts

repurchased

$4.2MM of

converts

repurchased

Evaluated

Market

Opportunistic open

market preferred stock

repurchases

$55.7MM of

Series O

repurchased

$53.7MM of

Series O

repurchased

$2.7MM of

Series O

repurchased

Executing according to strategy

2011 Duke Realty Corporation

CAPITAL STRATEGY

2011 Range of Estimates

2011 RANGE

Metrics

2010

Actual

Pessimistic

Optimistic

Key Assumptions

Core FFO Per Share

$1.15

$1.06

$1.18

AFFO Payout Ratio

89%

100%

85%

•

Annual dividend maintained at $0.68 per share

Average Occupancy

88.2%

87.5%

90.5%

•

First half expirations cause dip in occupancy

•

Upside to guidance driven by higher occupancy

•

Downside

assumes

“worst

case”

scenario

from

unknown

bankruptcies,

defaults and terminations

Same Property NOI

0.9%

(3.0%)

1.0%

•

Rental rate pressure remains

•

Coming off higher year

Building Acquisitions

$919

$200

$400

•

Aligned with long-term strategy

•

Focus on industrial and medical office

•

Includes $173 million remaining acquisition of Premier

Building Dispositions

$499

$400

$600

•

Strong backlog of non-strategic assets under contract

•

2011 pipeline consists primarily of office product

•

Includes $275 million sale to CBRERT

Land Dispositions

$35

$20

$50

•

Selling identified non-strategic parcels

•

Local market demand still sluggish

Construction and

Development Starts

$313

$200

$400

•

Anticipate medical office starts in the $75 million to $125 million range

•

Remaining starts from industrial build-to-suit and third party construction

Construction Volume

$751

$600

$800

•

BRAC volume consistent with 2010

General and

Administrative Expenses

$41

$45

$40

•

2011 total overhead expenses flat

•

No severance costs in 2011 guidance

Leasing actions continue to drive upside

2011 Duke Realty Corporation

2010 PERFORMANCE

$560 million of capital raised

Retired $100 million of unsecured bonds

Fixed charge ratio of 1.79x and

debt to EBITDA of 7.31x

Repurchased ~ $280 million par value of bonds

and more than $112 million face amount of

Series O preferred stock

2011 GOALS

Opportunistically access capital markets

Continue improving coverage ratios

Maintain minimal balance on line of credit

CAPITAL STRATEGY

Strong balance sheet…

Executing according to strategy

2011 Duke Realty Corporation

2010 Accomplishments and 2011 Opportunities

Drive Shareholder Return

2010

2011

Capital

Strategy

Raised nearly $1.1 billion of capital

Executed Capital Strategy in alignment with operating

and asset strategy

Operating with minimal balance outstanding on our

line of credit

2011 maturities provided for

Opportunistically access capital markets . . . push

out maturity schedule further

Continue improving our coverage ratios

Maintain minimal balance on our line of credit

Operating

Strategy

Reduced operating overhead

6.5%

Leased nearly 26 million square feet

Maintained high tenant retention @

77% renewal rate

Achieved strong service operations performance

Achieved $130 million development starts at attractive

yields; 40% of investment medical office

Balance capital strategy relative to level and quality

of cash flow and same property NOI

Maintain fixed charge coverage above 1.75x and

Debt/EBITDA below 7.0x

Lease-up portfolio; manage cap ex; reach positive

same property income growth

Development

Expertise

Third party volume totaled $619 million and exceeded

budget by $57 million

Increase our new development starts to

$200 million

Asset

Strategy

Made significant progress on strategic plan

Continue making significant progress on strategic

plan

RELIABLE. ANSWERS.

2011 Duke Realty Corporation

RELIABLE. ANSWERS.

Positioned for NAV Growth

KEY NAV GROWTH DRIVERS

Lease up

existing

vacancy

Increased

management/

service fees

Accretive

future

development

Upside from

land holdings

Portfolio occupancy of 89%; 300-400 bps below historical levels

Strong leasing pipeline

Demonstrated

track

record

–

80%

renewal

rate

Will benefit from uptick in third party and JV partners development & construction

activity

Property

management

and

leasing

fees

dependant

portfolio

occupancy

–

will

trend

higher as occupancy improves

Current

pipeline

347K

medical

office

and

1.6

million

industrial

2011

starts

the

$200

million

–

$400

million

range

Attractive basis enhances accretive developments

Potential upside from impaired carrying value

Will opportunistically assess development and disposition alternatives

RELIABLE. ANSWERS.

2011 Duke Realty Corporation

Forward-Looking Statement

This slide presentation contains statements that constitute “forward-looking statements”

within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 as

amended by the Private Securities Litigation Reform Act of 1995. These forward-looking

statements include, among others, our statements regarding (1) strategic initiatives with

respect to our assets, operations and capital and (2) the assumptions underlying our

expectations. Prospective investors are cautioned that any such forward-looking

statements are not guarantees of future performance and involve risks and uncertainties,

and that actual results may differ materially from those contemplated by such forward-

looking statements. A number of important factors could cause actual results to differ

materially from those contemplated by forward-looking statements in this slide presentation.

Many of these factors are beyond our ability to control or predict. Factors that could cause

actual results to differ materially from those contemplated in this slide presentation include

the factors set forth in our filings with the Securities and Exchange Commission, including

our annual report on Form10-K, quarterly reports on Form 10-Q and current reports on Form

8-K. We believe these forward-looking statements are reasonable, however, undue reliance

should not be placed on any forward-looking statements, which are based on current

expectations. We do not assume any obligation to update any forward-looking statements

as a result of new information or future developments or otherwise.