Duke Realty Corporation Announces the Income Tax Characteristics of its 2005 Common and Preferred Share Dividends

Business Wire, Jan 16, 2006

> INDIANAPOLIS -- Duke Realty Corporation (NYSE:DRE) announces the income tax characteristics of its 2005 common and preferred share dividends. For purposes of satisfying U.S. federal income tax withholding obligations under Section 1.1445-8 of the federal income tax regulations with respect to payments to foreign shareholders, Duke Realty Corporation characterizes the unrecaptured Section 1250 gain and long-term capital gain portions of the dividends described below as capital gain dividends.

Common Share Dividends:
-----------------------
Ticker Symbol DRE, CUSIP # 264411505

                 Total
                 2005                      Total       Un-       Non-
                Distri-          Qualified Capital recaptured  Taxable
                bution   Taxable  Dividend  Gain    Section    Return
                  Per    Ordinary  Income  Distri-  1250 Gain    of
Payment Date     Share   Dividend   (1)    bution     (2)      Capital
----------------------------------------------------------------------
Form 1099-
DIV Box
Number                      1a       1b       2a        2b        3
----------------------------------------------------------------------
2/28/05         .465000   .321262  .010908 .143738   .055637  .000000
----------------------------------------------------------------------
5/31/05         .465000   .321262  .010908 .143738   .055637  .000000
----------------------------------------------------------------------
8/31/05         .470000   .324716  .011025 .145284   .056235  .000000
----------------------------------------------------------------------
11/30/05        .470000   .324716  .011025 .145284   .056235  .000000
----------------------------------------------------------------------
12/15/05       1.050000   .000000  .000000 1.050000  .406426  .000000
----------------------------------------------------------------------
2005 Totals    2.920000  1.291956  .043866 1.628044  .630170  .000000
---------------=======================================================
Percentage     100.0000% 44.2451%          55.7549%           .000000%
---------------==================---------========------------========

(1) Qualified Dividend Income is a subset of, and is included in, the
    Total Ordinary Income amount reported in box 1a.
(2) Unrecaptured Sec. 1250 Gain is a subset of, and is included in,
    the Total Capital Gain Distribution amount reported in box 2a.


Preferred Share Dividends:
--------------------------

                                                        Total 2005
                    Ticker                             Distribution
   Security         Symbol             CUSIP #           Per Share
----------------------------------------------------------------------
Form
1099-DIV
Box
Number
----------------------------------------------------------------------
Preferred            Not              264411885         $3.995000
Series B            Listed                               100.0000%
----------------------------------------------------------------------
Preferred           DREPRI            264411810         $2.112520
Series I                                                 100.0000%
----------------------------------------------------------------------
Preferred           DREPRJ            264411778         $1.656240
Series J                                                 100.0000%
----------------------------------------------------------------------
Preferred           DREPRK            264411760         $1.625000
Series K                                                 100.0000%
----------------------------------------------------------------------
Preferred           DREPRL            264411737         $1.650000
Series L                                                 100.0000%
----------------------------------------------------------------------


                          Qualified       Total        Unrecaptured
                Taxable    Dividend      Capital       Section 1250
               Ordinary     Income        Gain             Gain
   Security    Dividend      (1)       Distribution         (2)
----------------------------------------------------------------------
Form
1099-DIV          1a          1b            2a               2b
Box
Number
----------------------------------------------------------------------
Preferred      1.767596    .060016      2.227404          .862167
Series B        44.2451%                 55.7549%
----------------------------------------------------------------------
Preferred       .934689    .031736      1.177831          .455906
Series I        44.2451%                 55.7549%
----------------------------------------------------------------------
Preferred       .732807    .024882       .923433          .357436
Series J        44.2451%                 55.7549%
----------------------------------------------------------------------
Preferred       .718985    .024412       .906015          .350694
Series K        44.2451%                 55.7549%
----------------------------------------------------------------------
Preferred       .730046    .024788       .919954          .356089
Series L        44.2451%                 55.7549%
----------------------------------------------------------------------

(1) Qualified Dividend Income is a subset of, and is included in, the
    Total Ordinary Income amount reported in box 1a.
(2) Unrecaptured Sec. 1250 Gain is a subset of, and is included in,
    the Total Capital Gain Distribution amount reported in box 2a.