DUKE REALTY CORP - FORM 8-K - EX-99.1 - March 3, 2014

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RELIABLE. ANSWERS.
Citi Global Property CEO Conference
March 3-5, 2014
Exhibit 99.1
RELIABLE. ANSWERS.

RELIABLE. ANSWERS.
2
Contents
Asset Strategy
Operating Strategy
Capital Strategy
Why Duke Realty
4
9
17
20
26
33
37
42
Industrial Portfolio
Office Portfolio
Medical Office Portfolio
Development Capabilities
©
2014 Duke Realty Corporation

3
Three-Pronged Strategy for Success
RELIABLE. ANSWERS.
©
2014 Duke Realty Corporation

ASSET STRATEGY
4

5
$3.0B Acquisitions
$3.3B Dispositions
Office $2,438M
(74%)
Strategic Repositioning
Targets Achieved*
December 31, 2013
$1.5B Development
Portfolio Breakdown*
September 30, 2009
The Journey –
Repositioning Goals Achieved
Office
56%
Medical
Office
5%
Industrial
36%
Retail
3%
Office
$131M
(4%)
Medical
Office
$747M
(25%)
Retail
$227M
(7%)
Industrial
$269M
(8%)
Medical
Office
$361M
(11%)
Office
25%
Medical
Office
15%
Industrial
60%
Office
$200M
(13%)
Medical            
Office
$576M    
(37%)
©
2014 Duke Realty Corporation
ASSET STRATEGY
Industrial
$2,159 M
(71%)
Industrial
$758 M
(50%)
*Based on NOI

6
2009
2010
$320M Dugan JV
acquisition
$413M CBRERT
disposition
$ 465M Premier
acquisition
2011
2012
2013
$98M CapTrust
Tower disposition
$320M USAA
portfolio acquisition
$666M in new
development starts
$355M Seavest
MOB acquisition
$520M in new
development starts
Launch Asset
Repositioning
Strategy
$1.1B Blackstone
disposition
$106M TA
acquisition
(Chicago / Calif)
$130M in new
development starts
$201M in new
development starts
$210M MOB
disposition
$135M Midwest
office disposition
$188M Pembroke
retail disposition
Asset Repositioning Milestones
ASSET STRATEGY
$92M Harbin
MOB acquisition
$125M California
acquisitions
©
2014 Duke Realty Corporation

7
Accretive to Cash Flow
6.7%
TTM
Economic
Yield
*
7.6%
In-place
Yield
6.5%
In-place
Yield
Accretive to Cash Flow!
Repositioning & Capital Deployment Activity since 2009
ASSET STRATEGY
$3.3B
of Dispositions
©
2014 Duke Realty Corporation
Average age 13 years
Primarily Midwest markets
90% pre-leased and typically
monetizing Duke Realty land
Name brand customers and
strong risk-adjusted yields
Irreplaceable bulk industrial in
major markets such as
California, New Jersey,
Pennsylvania, Chicago and
South Florida
$1.5B
of Development
$3.0B
of Acquisitions
*TTM NOI less TTM TI’s, LC’s and maintenance capex

8
Superior Asset Quality
Highest quality portfolio of large, modern bulk industrial assets in
key distribution markets
Best in class MOB development platform and portfolio,  with
newest properties and highest hospital system credit
Suburban office portfolio now less than 25%, with NOI growth
opportunities through lease up and growth in markets such as
Raleigh, South Florida and Nashville
Built-in annual rent escalations fueling same property growth
ASSET STRATEGY
©
2014 Duke Realty Corporation

ASSET STRATEGY
INDUSTRIAL PORTFOLIO
9

Leverage 40 years of industrial operating and development experience
as primary driver of company growth
Focus on larger, modern bulk distribution product which results in    
higher credit quality tenants with fewer overall tenants to manage
Geographic strategy focused on major markets in key trucking, rail and
shipping corridors
Growing NOI stream with contractual rent escalations and increasing
rental rates, market rent growth along with low capital expenditures
Leverage expertise in e-commerce and supply chain reconfiguration
along with key long term relationships with national tenants
Utilize land positions in existing markets to grow platform through
higher yield development
Strategically seek acquisition opportunities in higher rent growth
markets
10
Industrial Strategy
INDUSTRIAL
©
2014 Duke Realty Corporation

©
2014 Duke Realty Corporation
64 Million
Total SF
52 Million
Total SF
10 Million
Total SF
Building Size Breakdown
I-------------Building Size------------I
Premier Quality Industrial Portfolio
11
INDUSTRIAL
100K-500K SF:
51%
>500K SF:
41%
<100K SF: 8%
Average Tenant Size
(in square feet)
22K
92K
520K
Occupancy
93.0%
92.8%
98.3%
<100K SF
100K-500K SF
>500K SF
<100K SF
100K-500K SF
>500K SF
I-----------------Building Size----------------I

2009 Concentration
Evolution
of
Industrial
Geographic
Concentration
(1)
2013 Concentration
Indianapolis
Cincinnati
South Florida
Raleigh
Atlanta
Dallas
St. Louis
Nashville
Columbus
Central Florida
Minneapolis
Savannah
Washington DC
Houston
Northern
California
Phoenix
Chicago
Baltimore
Seattle
New Jersey
Pennsylvania
Southern
California
Increased the size of
industrial portfolio by
adding $2.4B of new
industrial investments
Improved the quality and
number of regions by
expanding to crucial high
growth markets, such as:
–
South Florida
–
Southern California
–
Northern California
–
New Jersey
–
Pennsylvania
Industrial Portfolio Transformation
12
INDUSTRIAL
©
2014 Duke Realty Corporation
Now 15% of
Industrial NOI
Note
1.
Does
not
account
for
“Other
East”
and
“Other
Midwest”
markets
< $100MM
$200MM
–
$300MM
$300MM
–
$450MM
$100MM
–
$150MM
$150MM
–
$200MM
> $450MM

Peer U.S. Industrial Exposure
(in millions of square feet¹)
Well Positioned for E-Commerce and Supply Chain Trends
(1) Estimates based on pro rata ownership % of domestic, industrial-only facilities.  Source: Q4 2013 company supplementals.
Source: Per CoStar database based on wtd avg RBA, bulk and flex categories, November 2013.  LPT
includes Cabot transaction, DRE internally calculated.
Source: Estimates based on domestic, industrial-only facilities per Q4 2013 company supplementals
Best in Class Domestic Industrial Portfolio
INDUSTRIAL
©
2014 Duke Realty Corporation
13
249
110
74
63
63
32
PLD
DRE
LPT
DCT
FR
EGP
89
110
148
153
166
249
FR
EGP
LPT
PLD
DCT
DRE
Average Building Size
(000’s square feet)
27
22
21
19
16
11
FR
EGP
PLD
DCT
LPT
DRE
Average Building Age
(in years)

14
Source:  CoStar and Duke Realty, as of 12/31/13
Industrial Portfolio Significantly Outperforms Market
Q4 2013 Same Property Growth of 3.2%
Q4 2013 Rental Rate Growth of 4.8% on renewal leases
INDUSTRIAL
©
2014 Duke Realty Corporation
Duke Realty Occupancy
Market Occupancy
96.1%
93.2%
98.9%
92.9%
98.7%
91.3%
97.5%
92.8%
100.0%
95.3%
92.0%
92.2%
Indianapolis
Chicago
Columbus
All DRE Markets
Cincinnati
Dallas

Strong Market Rent Growth Momentum
E-Commerce Sales Growth Very Strong
Market rent growth continues to
accelerate.  Projections are 3.3%
average annual growth through 2017
Big box continues to outperform
Duke Realty market rent growth
outperforming the PPR54
Duke Realty actual net effective rent
growth for industrial trending up: +4.8%
for Q4
E-commerce sales growth currently growing
at a double digit rate over conventional
retail
E-commerce currently 9% of all retail sales,
trending towards 20% by 2020
Duke Realty a leading national facility
operator/developer to major users of
modern bulk industrial space
Duke markets
Big Box
Duke markets
all sizes &
PPR Forecast
Duke markets
Small Box
Non-
Duke
markets Big Box
Big Box : Strong Rent Growth & E-Commerce Trends
15
INDUSTRIAL
E-commerce sales growth
Overall retail sales growth
98
100
102
104
106
108
110
11Q2
11Q4
12Q2
12Q4
13Q2
13Q4
14Q2
14Q4
(5%)
5%
15%
25%
35%
02
03
04
05
06
07
08
09
10
11
12
13
©
2014 Duke Realty Corporation
Graph
sources:
CoStar / PPR;
E-commerce
&
retail
sales
figures
are
4Q
rolling
avg,
total
retail
ex-autos,
gas
and
fuel;
*PPR54
minus
22
Duke
MSAs;
Big
Box
1990+
&
100K
SF+;
Small
Box <100K SF

Funded from Recycling of Asset Dispositions and Accretive to AFFO
Home Depot Deployment
Center
Central Valley, CA
660,000 SF, 100% leased
JoAnne Stores
Central Valley, CA
635,000 SF, 100% leased
Redlands Commerce
Center
Inland Empire East
575,000 SF, 100% leased
Interport Building I
Houston, TX
600,000 SF, 100% leased
1130 Commerce Blvd
Southern NJ
386,000 SF, 100% leased
Sears Distribution Center
Northeast PA
1,026,000 SF, 100% leased
Crate & Barrel Distribution
Central NJ
950,000 SF, 100% leased
Electrolux
Chicago, IL
965,000 SF, 100% leased
Dade Paper
Miami, FL
226,000 SF, 100% leased
16
Select 2013 Industrial Acquisitions
INDUSTRIAL
©
2014 Duke Realty Corporation

ASSET STRATEGY
OFFICE PORTFOLIO
17

Reached 25% target at year-end 2013 according to plan
Continue to sell older, non-strategic assets
Develop remaining office land bank primarily with build to
suit projects
Own highest quality assets in high growth office markets
Capitalize on improving economy and quality assets by
leasing up portfolio to historic levels
OFFICE
Office Strategy
18
©
2014 Duke Realty Corporation

19
Evolution of Office Geographic Concentration
Reduced the size of
office portfolio by
disposing of ~$2.2B of
investments
Reduced exposure to
markets such as:
Atlanta
Cincinnati
Chicago
Columbus
Minneapolis
2009 Concentration
2013 Concentration
< $100MM
$200MM
$300MM
> $450MM
Atlanta
Chicago
St. Louis
Cincinnati
Columbus
Indianapolis
Minneapolis
Nashville
Cleveland
Dallas
Houston
Raleigh
Washington DC
Central Florida
South Florida
Note:
Does not
account  for DRE
“Other
East”
markets.
Basis
at
owner
share
in
investment $ dollars  basis
Office Portfolio Transformation
OFFICE
©
2014 Duke Realty Corporation
–
$300MM
$450MM
–
$100MM
$150MM
–
$150MM
$200MM
–

ASSET STRATEGY
MEDICAL OFFICE PORTFOLIO
20

Growth industry, recession resistant asset class
Best in class development team able to produce consistent
development opportunities through economic cycles
Substantially all on-campus or aligned with major hospital
systems
Long term leases averaging over 12 years
Consistent NOI growth with typical leases including 2-3%
annual net rent escalations and expense increase pass-
throughs
MEDICAL OFFICE
Medical Office Platform Enhances Risk-adjusted Returns
21
©
2014 Duke Realty Corporation

Very
Well
Positioned
for
Strong
Industry
Demand
Trends
Annual Healthcare Expenditures
Source: U.S. Bureau of the Census
Affordable Care Act
People
insured
expected
to
increase
by
30
to
50
million
–
increased
demand
for
care
Number
of
physicians
expected
to
increase
–
growing
MOB
space
demand
Patient
care
shifting
to
more
cost-efficient
MOB
settings
with
higher
acuity
of
services
Reduced
reimbursements
should
make
real
estate
efficiency
a
priority
–
larger
deals
and
floor
plates
Healthcare
system
consolidation
and
physician
practice
acquisitions
by
hospitals
grew
25%
in
the
last
5
years
–
strong
MOB
demand
and
improving
credit
Inpatient and Outpatient Trends
Source: Avalere Health, American Hospital Association
Annual Survey, U.S. Census Bureau 
Outpatient Visits
22
MEDICAL OFFICE
2,500
2,000
1,500
1,000
500
0
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
Inpatient visits
©
2014 Duke Realty Corporation

In-Service
Under 
Development
Total
Properties
63
11
74
Investment $
$1.2 B
$204 M
$1.4 B
Square Feet
5.3 M
590 K
5.9 M
Leased Occupancy
94%
93%
94%
MOB
On-Campus
MOB 
Off-Campus
MOB Aligned w/ 
Health System
Investment by product type
As of 12/31/13 
Medical Office Portfolio
23
MEDICAL OFFICE
©
2014 Duke Realty Corporation
3%
25%
72%

As of 12/31/13
Lease Expirations
(% of MOB In-Service Sq. Ft.)
High Quality, Growing Cash Flow and Strong Development Opportunities
Health System
Credit
Rating
(Moody's)
Rentable
SF
% of Tot
Square Feet
Veterans
Administration
Aaa
224,000
3.5%
Ascension Health
Aa1
530,000
8.2%
Health & Hospital
Corp Marion County
Aa1
274,000
4.3%
Baylor Health Care
System
Aa2
452,000
7.0%
Catholic Health
Initiatives
Aa2
250,000
3.9%
Franciscan Alliance,
Inc.
Aa3
283,000
4.4%
Scott & White
Healthcare
A1
425,000
6.6%
Adventist Health
Aa3
201,000
3.1%
Overall 56% of space leased
to “A”
or better rated tenants
Top Health System Relationships
24
MEDICAL OFFICE
©
2014 Duke Realty Corporation

DRE
HCN
HCP
HR
HTA
VTR
Portfolio Size
Number of Properties
74
216
206
198
288
327
Square Feet
(in MM's)
5.9
14.1
14.1
13.9
14.1
18.0
Total Investment
(in $MM's)
$1,422
$3,496
$2,663
$3,062
$2,968
$3,768
Operating Statistics
Average Age
(1)
6 yrs
12 yrs
20 yrs
--
11 yrs
15 yrs
Square Feet / Property
80k SF
67k SF
68k SF
70k SF
49k SF
55k SF
Est'd Annualized NOI $ / SF
$17.4
$17.7
$15.1
$15.7
$15.9
$15.8
In-Service Occupancy
94%
95%
90%
85%
92%
92%
TTM Same Prop NOI Growth
3.3%
1.3%
2.3%
1.1%
3.0%
1.2%
% Leased to Health Systems
76%
--
--
80%
--
--
% of MOB’s On-Campus / Aligned
(2)
97.4%
89.2%
94.4%
87.4%
96.0%
96%
Peer Comparison
Sources:
Company filings as of Q4 2013
=
#1
in
metric
Bold    
Best in Class Medical Office Platform
25
MEDICAL OFFICE
©
2014 Duke Realty Corporation
Notes
1.
In service portfolio per disclosure or weighted on average investment basis per latest 10K filing
2.
On-Campus / Aligned refers to a property that is 1) located on or adjacent to a healthcare system, 2) off-campus and leased 50% or more to a healthcare system, or 3) an ASC / specialty hospital with a hospital partnership interest

ASSET STRATEGY
DEVELOPMENT CAPABILITIES
26

40 years of experience in development
Land bank in strategic locations that can support approximately 55
million square feet of development (85% bulk industrial)
$611 million pipeline that is 89% leased with 8.4% GAAP yield,
immediately accretive when complete.  2013 development starts
projected to generate 17-18% profit margins, creating over $100 million
in value
Strategic relationships with national customers, with 81% of
development starts since 2009 repeat business
Fully staffed internal team involved in all aspects of development,
including pre-construction and construction to deliver most cost effective
and profitable projects
Risk management policies in place to govern maximum development
pipeline size and speculative development starts
DEVELOPMENT
Development Strategic Advantages
27
©
2014 Duke Realty Corporation

Strong Relative Development Pipeline
28
DEVELOPMENT
Development Will Drive Value Creation and Immediately Accretive
©
2014 Duke Realty Corporation
PLD
DRE
LPT
DCT
FR
EGP
PLD
DRE
LPT
DCT
FR
EGP
$638
$611
$393
$222
$49
$56
64%
89%
69%
38%
29%
53%
Total US Pipeline Size
(in $ millions)
Pre-lease %
Note:  Pipeline size and pre-lease % only include domestic projects under development and exclude pre-stabilized in-service developments; however, pre-lease 
%
for PLD includes pre-stabilized developments already placed in-service due to no break-out in supplemental.  Source:  Q4 2013 company supplementals
 

Nashville Industrial
Dallas Office
Houston Industrial
Raleigh Office
Columbus Industrial
Baltimore Industrial
Indianapolis Industrial
New Jersey Industrial
Atlanta Industrial
Select 2013 Industrial & Suburban Office Development Starts
29
DEVELOPMENT
©
2014 Duke Realty Corporation
Two build-to-suits on Duke Realty land
1.7 million total SF in 50% owned JV
100% pre-leased
Build-to-suit on Duke Realty land for
Ace Hardware
534,000 SF
100% pre-leased; 10+ year lease term
Speculative development on Duke
Realty land
Newark airport submarket
494,000 SF
Build-to-suit on Duke Realty land
200,000 SF
100% pre-leased to major healthcare
services firm;  16 year lease term
Speculative development on
Duke Realty land
Airport submarket
240,000 SF
100% pre-leased to Amazon
Two build-to-suits on Duke Realty land
for HH Gregg and Fedex
480,000 total SF
100% pre-leased
Perimeter Two & Three on Duke Realty land
452,000 total SF
97% and 53% pre-leased, respectively
Regional distribution center build-to-suit for
Starbucks on Duke Realty land
680,000 SF;  8 year lease term
100% pre-leased
Build-to-suit on Duke Realty land at Port   
of Baltimore for Amazon
1 million SF
100% pre-leased, 15 year lease term
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•

Department of Veterans Affairs
Tampa, FL
117,000 SF, 100% pre-leased
Palisades Healthcare
North Bergen, NJ
57,000 SF, 70% pre-leased
Baylor Healthcare (5 Facilities)
Dallas, TX
168,000 total SF
100% pre-leased
Centerre Baptist Rehab Hospital
Germantown, TN
53,000 SF, 100% pre-leased
Centerre/Mercy
Springfield, MO
60,000 SF, 100% pre-leased
TriHealth West Chester MOB
Cincinnati, OH
49,000 SF, 100% pre-leased
St. Vincent’s Women’s MOB
Carmel, IN
86,000 SF, 72% pre-leased
Healthcare Development Pipeline
30
DEVELOPMENT
©
2014 Duke Realty Corporation

Original Pre-lease %: 
35%
87%
88%
97%
77%
86%
Current lease %: 
91%
94%
99%
96%
87%
91%
Stabilized Cash Yield: 
8.2%
8.6%
8.9%
7.8%
7.3%
7.7%
$373M
Total
$236M
Total
$130M
Total
$202M
Total
$520M
Total
$666M
Total
(in $ millions)
Historical Development Starts
31
DEVELOPMENT
©
2014 Duke Realty Corporation
84
16
74
19
302
372
188
220
56
120
194
179
101
63
23
114
2008
2009
2010
2011
2012
2013
Industrial
Medical
Office

Developable Square Feet
Industrial
Office
Primary Markets
Midwest
24.4
3.1
Indianapolis, Chicago, Cincinnati, Columbus, Minneapolis, & St. Louis
East
3.3
1.7
New Jersey, Baltimore, Raleigh and Washington D.C.
Southeast
9.5
1.9
Atlanta, Central Florida, South Florida and Nashville
Southwest
10.0
1.5
Phoenix, Dallas and Houston
Total
47.1 million SF
8.0 million SF
$562
million
HELD FOR
DEVELOPMENT
1)
Includes our share of JV land ($62MM)
and excludes held for sale ($90MM)
Strategically located in key distribution markets and
vibrant commercial corridors
Cost feasibility and development strategies
completed for all land investments; Land fully zoned
for intended use
2013 sales from non-strategic parcels of $52 million
at a 20% gain over book basis; also monetized $62
million for development in 2013
Monetized on average $97 million per year from
sales and development since 2000
Strategic Land Bank to Drive Growth
32
DEVELOPMENT
Industrial
68%
Office
32%
©
2014 Duke Realty Corporation
1

OPERATING STRATEGY
33

Completed
asset
repositioning
into
higher
quality,
higher
rental
rate
growth
assets with minimal FFO per share dilution and annual growth in AFFO
per share (6% CAGR)
Proven same property NOI outperformance, well positioned for continuing
same property growth through (a) occupancy upside, (b) embedded rent
escalations, and (c) improving rental rate growth (5.1% growth on Q4
renewal rents)
Ability to push industrial rents because of occupancy and asset quality
2014 expected AFFO payout ratio of 72%, and current AFFO multiple of
approximately
17.5x
at
the
low
end
of
sector
and
well
positioned
for
continued growth
OPERATIONS
Operational Success and Future Growth Opportunities
34
©
2014 Duke Realty Corporation

Historical Occupancy Supports Additional Upside
35
Dec ‘06
OPERATIONS
Note:  Peak occupancy represents Stabilized or In-Service properties greater than 1 year, to adjust for merchant
development program between 2005 and 2007.  Q4 2013 occupancy represents Total In-Service portfolio
©
2014 Duke Realty Corporation
Q4 2013 Occupancy
Peak Occupancy
Bulk Industrial
Medical Office
Suburban Office
Total Portfolio
95.3%
93.7%
87.8%
94.2%
96.7%
95.8%
92.6%
95.3%
June ‘07
June ‘06
June ‘07

Accelerating Rent Growth
(Represents growth in annual net effective rent on renewal leases)
Strong Cash Flow Growth and Payout Ratio
Steady Same Property NOI Growth
Improving Operating Performance
36
Source:
SNL,
2014
consensus,*
DRE
at
guidance
*
mid-point
Peer AFFO Payout Ratio Analysis
Industrial Average: 77%
Office Average: 83%
OPERATIONS
$0.76
$0.78
$0.82
$0.90
76%
74%
80%
86%
92%
0.70
0.76
0.82
0.88
2010
2011
2012
2013
AFFO/Share
AFFO Payout Ratio
73%
86%
90%
72%
42%
57%
82%
84%
85%
BDN
HIW
PKY
DRE
FR
PSB
DCT
EGP
PLD
+0.9%
+3.2%
+2.5%
+3.7%
2010
2011
2012
2013
-4.8%
-0.9%
1.5%
3.1%
-4.7%
-3.4%
1.8%
4.3%
2010
2011
2012
2013
Portfolio
Industrial Only
©
2014 Duke Realty Corporation
82%
89%
87%

CAPITAL STRATEGY
37

Achieved original leverage goals established in 2009
Continue to delever through assets sales and equity to fund highly pre-
leased development pipeline
Improved portfolio quality generating cash flow growth and improved
coverage metrics
Well balanced annual debt maturities
Significant liquidity with $850 million LOC with little to no borrowings and
low near-term maturities
Low percentage of secured and variable rate debt compared to peer group
Rated Baa2 by Moody’s and recent upgrade by S&P to BBB
CAPITAL STRATEGY
Balance Sheet Quality
38
©
2014 Duke Realty Corporation

Investment grade rated debt (Baa2/BBB) for over 16 years with proven
access to multiple capital sources
Recent actions demonstrate commitment to improved leverage profile
2010
Actual
2012
Actual
2013
Actual
Debt to
Gross Assets
46%
50%
46%
Debt + Preferred
to Gross Assets
55%
56%
50%
Fixed Charge
Coverage Ratio
1.8 : 1
1.8 : 1
2.3:1
(1)
Debt + Preferred /
EBITDA
8.9
9.3
7.7
(2)
(1)  Based on Q4 2013 annualized; (2) Proforma D+P
/ EBITDA based on Q4 2013 annualized EBITDA and
adjusted for asset repositioning on a full quarter basis.
Key Capital Metrics
39
CAPITAL STRATEGY
©
2014 Duke Realty Corporation

40
CAPITAL STRATEGY
Weighted Avg
Interest Rate
6.00%
5.70%
6.15%
5.90%
4.00%
5.50%
©
2014 Duke Realty Corporation
Balanced Debt Maturities
2014
2015
2016
2017
2018
Thereafter
JV Debt
Secured Debt
Unsecured Debt
($ in millions)
$1,990
$ 559
$ 670
$565
$601
$167
Only 29% of debt matures between
12/31/13 and 12/31/2016

Industrial Average: 12.0%
Office Average: 9.7%
Industrial Average: 44.1%
Office Average: 43.1%
Key: 
Office: BDN=Brandywine; HIW=Highwoods; PKY=Parkway
Industrial: DCT=DCT Industrial Trust; EGP=Eastgroup; FR=First Industrial; LPT=Liberty; PLD=Prologis; PSB= PS Business Parks; STAG= STAG Industrial
Data source: SNL Financial, 2/21/14
Duke Realty Peer Debt Metrics
41
Low level of secured and variable rate debt
CAPITAL STRATEGY
Secured Debt / Total Debt
Variable Rate Debt / Total Debt
©
2014 Duke Realty Corporation
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
3.9%
4.1%
21.2%
8.1%
0.0%
0.0%
10.0%
12.9%
18.2%
19.7%
23.5%
100.0%
80.0%
60.0%
40.0%
20.0%
0.0%
25.0%
25.8%
78.4%
25.9%
16.8%
20.0%
21.5%
40.6%
53.6%
55.9%
100.0%
creates flexibility and lowers volatility

WHY DUKE REALTY
42
RELIABLE. ANSWERS.
©
2014 Duke Realty Corporation

Capital Strategy
Key Metrics
2010
Q4
2013
Fixed Charge Coverage
1.8
2.3
Debt Plus Preferred to EBITDA
8.9
7.7
Debt Plus Preferred to Gross Assets
55%
50%
Asset Strategy
Asset
Concentration
2010
2013
Industrial
43%
60%
Office
50%
25%
Medical Office
5%
15%
Operations Strategy
Key Metrics
2010
2011
2012
2013
2014
Midpoint
Core FFO Per Share
$    1.15
1.15
1.02
1.10
1.15
Core AFFO Per Share
$    0.76
0.78
0.82
0.90
0.94
Successfully repositioned portfolio towards industrial concentration
Successfully improved all key leverage metrics
Achieved consistent growth in AFFO per share of nearly 6% per year
6% CAGR 
Duke Realty Score Card
43
Note: On a Q4 NOI basis.  2010 column excludes retail exposure of 2%
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©
2014 Duke Realty Corporation

KEY: Office: BDN=Brandywine; HIW=Highwoods; PKY=Parkway;  Industrial: DCT=DCT Industrial Trust; EGP=Eastgroup; FR=First Industrial; LPT=Liberty; PLD=Prologis; PSB= PS Business
Parks; STAG= STAG Industrial.  Data source: SNL Financial, 2/27/14;  (1) Based on Street Research from 2/11/14 and 2/10/14.  Implied Cap Rate methodology excludes non-earning assets.
Valuation Statistics –
Undervalued on Relative Basis
44
Price / 2014E FFO
Implied Cap Rate
Total Market Cap ($ in billions)
Price / 2014E AFFO
RELIABLE. ANSWERS.
©
2014 Duke Realty Corporation
13.6x
13.0x
10.0x
14.4x
23.1x
18.0x
16.7x
16.4x
16.3x
15.2x
14.7x
22.3x
18.9x
17.7x
17.6x
31.0x
23.9x
23.6x
23.4x
23.0x
19.7x
15.8x
$5.5
$5.3
$2.6
$10.4
$9.1
$4.1
$4.1
$3.5
$2.8
$1.9
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
7.2%
6.8%
6.6%
7.0%
7.1%
7.0%
6.7%
6.3%
5.8%
5.7%
5.4%
Industrial Average: 17.2x
Office Average: 12.2 x
Industrial Average: 22.9x
Industrial Average: 6.3%
Office Average: 19.6x
Office Average: 6.9%
$31.6
$32.0
Industrial Average: $8.2
Office Average: $4.5
Price / 2014E FFO
Implied Cap Rate
Total Market Cap ($ in billions)
Price / 2014E AFFO
Industrial Median:   $4.1

2014 Range of Estimates
$ in millions
45
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2014 Duke Realty Corporation
Metrics
2013
Actual
Pessimistic
Optimistic
Key Assumptions
Core FFO per share
$1.10
$1.11
$1.19
-
Continued improvement in operating fundamentals
-
Development projects
Core AFFO per share
$0.90
$0.91
$0.97
-
Continued benefits from asset repositioning strategy
Average Occupancy -
In-Service
93.3%
93.25%
94.75%
-
Positive momentum continued, although slower pace
-
Expirations only 8% of portfolio
Same Property NOI Growth
3.7%
2.0%
4.0%
-
Occupancy growth slowing
-
Improved rental rate assumptions
Building Acquisitions
$555
$150
$300
-
Remain highly selective in acquiring high quality industrial facilities
Building Dispositions
$877
$500
$700
-
Continue to prune remaining office and retail
Land Sale Proceeds
$52
$30
$50
-
Selling identified non-strategic parcels
-
Demand improving
Development Starts
$666
$350
$450
-
Comprised of industrial and medical office
-
Substantially pre-leased
Service Operations Income
$27
$16
$22
-
Consistent with fourth quarter 2013 levels
General & Administrative expense
$43
$44
$40
-
Continued efficiency gains

Talent and Leadership with Proven Ability to Execute
Superior Asset Quality
Strategically Located Land Bank and Experienced Development Capabilities
Proven Operational Success and Future Growth Opportunities
Balance Sheet Strength
Relative Value vs. Peers
Top Tier to Corporate Governance
*
Why Duke Realty?
46
*2013 ISS “Quickscore”
rank in top 10% of the average of S&P500 companies.  For REIT sector, one of the leading
REIT
research
firm’s
composite
corporate
governance
metric
ranks
DRE
in
the
97 
percentile
on
avg
2008
thru
2013.
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©
2014 Duke Realty Corporation
th

RELIABLE. ANSWERS.
Forward-Looking Statement
47
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.
Certain of the financial measures appearing in this slide presentation are or may be considered to be non-GAAP
financial measures. Management believes that these non-GAAP financial measures provide additional
appropriate measures of our operating results.  While we believe these non-GAAP financial measures are useful
in evaluating our company, the information should be considered supplemental in nature and not a substitute for
the information prepared in accordance with GAAP.  We have provided for your reference supplemental financial
disclosure for these measures, including the most directly comparable GAAP measure and an associated
reconciliation in our most recent quarter supplemental report, which is available on our website at
www.dukerealty.com.  Our most recent quarter supplemental report also includes the information necessary to
recalculate certain operational ratios and ratios of financial position.  The calculation of these non-GAAP
measures may differ from the methodology used by other REITs, and therefore, may not be comparable.
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2014 Duke Realty Corporation

DUKE REALTY CORP Reports