Table of Contents Page Page Company, Common Stock, and Earnings Call Information 1 Debt Information Definitions 2 - 3 Debt Maturities 19 Financial Information Unsecured Public Debt Covenants 20 Balance Sheets 4 Joint Venture Information Condensed Statements of Operations 5 Joint Ventures 21 Non-GAAP Reconciliations - FFO, Core FFO and AFFO 6-7 Joint Venture Debt Maturities 22 Real Estate Assets - Balance Sheet Information 8 Real Estate Investment Information Selected Financial Information 9 Development Projects Under Construction 23 Leverage Metrics 10 Development Project Deliveries 24 Property Information Dispositions and Acquisitions 25 Occupancy 11 Components of Net Asset Value 26 Property Net Operating Income 12-14 Other Largest Customers 15 Range of Estimates 27 Same Property Net Operating Income - Cash 16 Lease Expirations 17 Leasing Activity 18

When used in this supplemental information package and the conference call to be held in connection herewith, the word “believes,” “expects,” “estimates” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially. In particular, among the factors that could cause actual results to differ materially are continued qualification as a real estate investment trust, general business and economic conditions, competition, increases in real estate construction costs, interest rates, accessibility of debt and equity capital markets and other risks inherent in the real estate business including tenant defaults, potential liability relating to environmental matters and liquidity of real estate investments. Readers are advised to refer to Duke Realty's Form 10-K Report as filed with the Securities and Exchange Commission on February 22, 2019 for additional information concerning these risks. Duke Realty Corporation

Duke Realty Corporation (“Duke Realty”), the largest pure-play, domestic only, logistics REIT in the United States, specializes in the ownership, management and development of high quality, modern logistics real estate. Duke Realty is publicly traded on the NYSE under the symbol DRE and is listed on the S&P 500 Index. The Company maintains a Baa1 rating from Moody’s Investor Service and a BBB+ rating from Standard & Poor’s Financial Services.

Product Review

Logistics Properties: Duke Realty owns interests in 516 logistics properties encompassing 155.1 million square feet in 20 major logistics markets. These properties are primarily warehouse facilities with clear ceiling heights of 28 feet or more.

Non-core Properties: Duke Realty owns interests in 3 non-core buildings totaling 211 thousand square feet that are intended to be sold in the future.

Development Land: Duke Realty owns or has joint venture interests in approximately 960 acres of development land and controls an additional 440 acres through purchase options. The land, primarily in Tier 1 logistics distribution markets in which the Company has targeted for growth, is primarily unencumbered by debt. The development acres owned and controlled through purchase options can support over 21 million square feet of future logistics development. All of these amounts include joint ventures at ownership share.

Common Stock Data (NYSE:DRE): 4th Quarter 2018 1st Quarter 2019 2nd Quarter 2019 3rd Quarter 2019 4th Quarter 2019 High price $28.91 $31.00 $32.59 $34.24 $36.04 Low price $24.67 $24.88 $29.48 $31.17 $33.18 Closing price $25.90 $30.58 $31.61 $33.97 $34.67 Dividends paid per share $0.215 $0.215 $0.215 $0.215 $0.235 Closing dividend yield 3.3% 2.8% 2.7% 2.5% 2.7%

Earnings Conference Call

Duke Realty Corporation will hold its quarterly conference call to discuss fourth quarter results on Thursday, January 30, 2020, at 3:00 p.m. Eastern Time. The public may access the conference through a live audio webcast available on the investor relations section of Duke Realty's website at www.dukerealty.com. Institutional investors can also access the conference via Thomson Reuters' password- protected event management site, StreetEvents (www.streetevents.com). Shortly after the conclusion of the conference call, investors can access a replay of the webcast on the Company's website.

1 Definitions

Non-GAAP Supplemental Performance Measures

Funds from Operations (“FFO”): FFO is a non-GAAP performance measure computed in accordance with standards established by the National Association of Real Estate Investment Trusts (“NAREIT”) Funds from Operations White Paper - 2018 Restatement. It is calculated as net income attributable to common shareholders computed in accordance with generally accepted accounting principles (“GAAP") , excluding depreciation and amortization related to real estate, gains and losses on sales of real estate assets (including real estate assets incidental to our business) and related taxes, gains and losses from change in control, impairment charges related to real estate assets (including real estate assets incidental to our business) and similar adjustments for unconsolidated joint ventures and partially owned consolidated entities. We believe FFO to be most directly comparable to net income attributable to common shareholders as defined by GAAP. FFO does not represent a measure of liquidity, nor is it indicative of funds available for our cash needs, including our ability to make cash distributions to shareholders.

Core Funds from Operations (“Core FFO”): Core FFO is computed as FFO adjusted for certain items that are generally non-cash in nature and that can create significant earnings volatility and do not directly relate to our core business operations. The adjustments include tax expenses or benefits related to (i) changes in deferred tax asset valuation allowances, (ii) changes in tax exposure accruals that were established as the result of the previous adoption of new accounting principles, or (iii) taxable income (loss) related to other items excluded from FFO or Core FFO (collectively referred to as “other income tax items”), gains or losses on debt transactions, gains or losses from involuntary conversion from weather events or natural disasters, promote income, severance and other charges related to major overhead restructuring activities and the expense impact of costs attributable to successful leasing activities. Although our calculation of Core FFO differs from NAREIT’s definition of FFO and may not be comparable to that of other REITs and real estate companies, we believe it provides a meaningful supplemental measure of our operating performance.

Adjusted Funds from Operations (“AFFO”): AFFO is defined by the Company as the Core FFO (as defined above), less recurring building improvements and total second generation capital expenditures (the leasing of vacant space that had previously been under lease by the Company is referred to as second generation lease activity) related to leases commencing during the reporting period, and adjusted for certain non-cash items including straight line rental income and expense, non-cash components of interest expense including interest rate hedge amortization, stock compensation expense and after similar adjustments for unconsolidated partnerships and joint ventures.

EBITDA for Real Estate ("EBITDAre"): EBITDAre is a non-GAAP supplemental performance measure, which is defined by NAREIT as net income (computed in accordance with GAAP), before interest, taxes, depreciation and amortization ("EBITDA") adjusted to exclude gains and losses on sales of real estate assets (including real estate assets incidental to our business), gains and losses from change of control, impairment charges related to real estate assets (including real estate assets incidental to our business) and to include share of EBITDAre of unconsolidated joint ventures. We believe EBITDAre to be most directly comparable to net income computed in accordance with GAAP and consider it to be a useful supplemental performance measure for investors to evaluate our operating performance and ability to meet interest payment obligations.

Core EBITDA: Core EBITDA is defined by the Company as the EBITDAre, adjusted for the same reasons as Core FFO, to exclude gains or losses on debt transactions, gains or losses from involuntary conversion from weather events or natural disasters, the expense impact of costs attributable to successful leasing activities, promote income and severance charges related to major overhead restructuring activities.

Property Level Net Operating Income - Cash Basis ("PNOI"): PNOI is a non-GAAP performance measure, which is comprised of rental revenues from continuing operations (computed in accordance with GAAP) less rental expenses and real estate taxes from continuing operations, along with adjustments to exclude the straight line rental income and expense, amortization of above and below market rents, amortization of lease concessions and lease termination fees as well as an adjustment to add back intercompany rent. PNOI, as we calculate it, may not be directly comparable to similarly titled, but differently calculated, measures for other REITs. We believe that PNOI to be most directly comparable to income from continuing operations defined by GAAP and that PNOI is another useful supplemental performance measure, as it is an input in many REIT valuation models and it provides a means by which to evaluate the performance of the properties within our Rental Operations segments.

Same Property Net Operating Income ("SPNOI - Cash"): We evaluate the performance of our properties, including our share of properties we jointly control, on a "same property" basis, using PNOI with certain minor adjustments. The same property pool of properties is defined once a year at the beginning of the current calendar year, and includes buildings that were in the stabilized portfolio throughout both the current and prior calendar years in both periods. The same property pool is adjusted for dispositions subsequent to its initial establishment. SPNOI also excludes termination fees. SPNOI is a non-GAAP supplemental performance measure that we believe is useful because it improves comparability between periods by eliminating the effects of changes in the composition of our portfolio.

. 2

. Other Terms

Average Net Effective Rent Growth: Represents the percentage change in net effective rent between the original leases and the current leases. Net effective rent represents average annual base rental payments, on a straight-line basis for the term of each lease excluding operating expense reimbursements. The calculation excludes leases with an initial term of less than 12 months and is weighted by the square footage of leases executed.

Cash Rent Growth: Represents the change in starting rental rates per the lease agreement on new and renewed leases signed during the period as compared with the previous ending rental rates in that same space. The calculation excludes leases with an initial term of less than 12 months and excludes any free rent periods. The calculation is weighted by the square footage of leases executed.

Funds Available for Reinvestment: Represents AFFO less regular dividends and distributions.

GAAP Yield (Developments): Stabilized GAAP yield measures the average annualized net operating income expected to be generated over the life of the lease term(s) divided by the average annual investment in the development project over the same period. In the instances where a project is not yet fully leased, the GAAP yield is equal to the five year average, using lease-up projections, and computed for years 2-6, allowing the development project a twelve month stabilization period.

In-Place Cash Yield (Acquisitions): In-place yields of acquisitions are calculated as annualized net operating income, from space leased to tenants at the date of purchase on a lease- up basis, including full rent from all executed leases, even if currently in a free rent period, divided by the acquisition cost. Annualized net operating income is comprised of base rental payments, excluding reimbursement of operating expenses, less current annualized operating expenses not recovered through tenant reimbursements. To the extent an acquired property is under short-term leaseback to the seller, the income from such leaseback, net of operating expenses, is also included in the in-place cash yield.

In-Place Cap Rate (Dispositions): In-place cap rates of dispositions are calculated as annualized net operating income from space leased to tenants at the date of sale on a lease-up basis, including full rent from all executed leases, even if currently in a free rent period, divided by the sales proceeds. Annualized net operating income is comprised of base rental payments, excluding reimbursement of operating expenses, less current annualized operating expenses not recovered through tenant reimbursements.

Percentage Leased: Percentage leased represents the percentage of total square feet under lease, without regard to whether the leases have commenced.

Percentage Occupied: Percentage occupied represents the percentage of total square feet where the leases have commenced.

Stabilized Cash Yield (Acquisitions): Stabilized cash yield measures the net operating income expected to be generated upon stabilization divided by the total stabilized cost of the acquisition project(s) inclusive of costs to complete lease-up and anticipated capitalized improvements.

Stabilized Cash Yield (Developments): Stabilized cash yield measures the net operating income expected to be generated upon stabilization divided by the total cost of the development project. The development cost includes estimated carry costs during the lease-up period.

Stabilized Properties: Represents buildings that have reached 90% leased, or have been in-service for at least one year since development completion or acquisition date. Stabilized properties are subdivided into two additional categories for PNOI and NAV reporting (pages 13, 14 and 26) using the following criteria:

Stabilized Properties - Economic: Stabilized properties that have been 90% occupied, with all initial periods of free rent completed, for at least one full quarterly reporting period.

Stabilized Properties - Pre-Economic: Stabilized properties that have not yet been 90% occupied or with initial periods of free rent not completed for at least one full quarterly reporting period.

Unstabilized Properties: Represents buildings that have not yet reached 90% leased and have been in-service for less than one year since development completion or acquisition date.

Value Creation: Estimated value creation is computed by applying a market cap rate at the time a development project is started to the initial net operating income expected to be generated upon stabilization to calculate an implied value. The value creation represents the amount by which the implied value exceeds the estimated stabilized costs of the project.

3 Balance Sheets (unaudited and in thousands) December 31, September 30, December 31, 2019 2019 2018 Assets: Real estate assets $7,993,377 $7,691,643 $7,248,346 Accumulated depreciation (1,480,461) (1,427,180) (1,344,176) Construction in progress 550,926 469,218 477,162 Land held for development 244,629 297,961 341,104 Non-strategic land 9,908 10,012 19,712 Net real estate investments 7,318,379 7,041,654 6,742,148

Real estate investments and other assets held-for-sale 18,463 23,739 1,082

Cash and cash equivalents 110,891 121,233 17,901 Accounts receivable 20,349 20,449 14,254 Straight-line rents receivable 129,344 123,689 109,334 Receivables on construction contracts, including retentions 25,607 24,186 41,215 Investments in and advances to unconsolidated joint ventures 133,074 110,815 110,795 Deferred leasing and other costs, net 320,444 315,579 313,799 Restricted cash held in escrow for like-kind exchange 1,673 119,240 — Notes receivable from property sales 110,000 127,550 272,550 Other escrow deposits and other assets 232,338 234,820 180,946 Total assets $8,420,562 $8,262,954 $7,804,024

Liabilities and Equity: Secured debt, net of deferred financing costs $34,023 $34,896 $79,563 Unsecured debt, net of deferred financing costs 2,880,742 2,732,686 2,548,938 Unsecured line of credit — — 30,000 2,914,765 2,767,582 2,658,501

Liabilities related to real estate investments held-for-sale 887 2,515 — Construction payables and amounts due subcontractors, including retentions 68,840 70,310 92,288 Accrued real estate taxes 69,042 85,684 73,358 Accrued interest 14,181 28,680 16,153 Other liabilities 223,680 242,744 205,433 Tenant security deposits and prepaid rents 48,907 44,167 45,048 Total liabilities 3,340,302 3,241,682 3,090,781

Common shares 3,680 3,663 3,589 Additional paid-in-capital 5,525,463 5,472,510 5,244,375 Accumulated other comprehensive loss (35,036) (42,104) (4,676) Distributions in excess of net income (475,992) (476,136) (585,087) Total shareholders' equity 5,018,115 4,957,933 4,658,201 Noncontrolling interest 62,145 63,339 55,042 Total liabilities and equity $8,420,562 $8,262,954 $7,804,024

4 Statements of Operations (unaudited and in thousands) Three Months Ended Twelve Months Ended December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Revenues: Rental and related revenue $217,387 $202,858 $855,833 $785,319 General contractor and service fee revenue 13,088 67,999 117,926 162,551 230,475 270,857 973,759 947,870 Expenses: Rental expenses 18,161 17,878 75,584 71,436 Real estate taxes 32,964 31,412 129,520 125,269 General contractor and other services expenses 12,151 64,517 111,566 153,909 Depreciation and amortization 84,303 80,001 327,223 312,217 147,579 193,808 643,893 662,831 Other Operating Activities: Equity in earnings of unconsolidated joint ventures 18,812 5,923 31,406 21,444 Gain on sale of properties 30,578 10,247 234,653 204,988 Gain on land sales 876 3,113 7,445 10,334 Other operating expenses (803) (1,329) (5,318) (5,231) Non-incremental costs related to successful leases (5,676) — (12,402) — General and administrative expenses (11,766) (12,777) (60,889) (56,218) 32,021 5,177 194,895 175,317 Operating income 114,917 82,226 524,761 460,356 Other Income (Expenses): Interest and other income, net 2,564 3,915 9,941 17,234 Interest expense (21,510) (22,869) (89,756) (85,006) Loss on debt extinguishment (6,307) (148) (6,320) (388) Gain on involuntary conversion — — 2,259 — Income from continuing operations before income taxes 89,664 63,124 440,885 392,196 Income tax (expense) benefit (2,221) 667 (8,686) (8,828) Income from continuing operations 87,443 63,791 432,199 383,368 Discontinued operations: Income before gain on sales — — — 108 Gain on sale of properties 79 635 445 3,792 Income from discontinued operations 79 635 445 3,900 Net income 87,522 64,426 432,644 387,268 Net income attributable to noncontrolling interests (720) (530) (3,672) (3,539) Net income attributable to common shareholders $86,802 $63,896 $428,972 $383,729 Basic net income per common share: Continuing operations attributable to common shareholders $0.24 $0.18 $1.18 $1.06 Discontinued operations attributable to common shareholders — — — 0.01 Total $0.24 $0.18 $1.18 $1.07 Diluted net income per common share: Continuing operations attributable to common shareholders $0.23 $0.18 $1.18 $1.06 Discontinued operations attributable to common shareholders — — — 0.01 Total $0.23 $0.18 $1.18 $1.07 Weighted average number of common shares outstanding 367,603 358,561 362,234 357,569 Weighted average number of common shares and potential dilutive securities 372,464 362,536 367,339 363,297

5 Non- GAAP Reconciliations - FFO, Core FFO and AFFO (unaudited and in thousands) Three Months Ended December 31, 2019 2018 Wtd. Avg. Per Wtd. Avg. Per Amount Shares Share Amount Shares Share Net income attributable to common shareholders $ 86,802 $ 63,896 Less dividends on participating securities (360) (425) Net Income Per Common Share-Basic 86,442 367,603 $ 0.24 63,471 358,561 $ 0.18 Add back: Noncontrolling interest in earnings of unitholders 707 3,122 526 3,111 Other potentially dilutive securities 213 1,739 — 864 Net Income Attributable to Common Shareholders-Diluted $ 87,362 372,464 $ 0.23 $ 63,997 362,536 $ 0.18 Reconciliation to FFO Net Income Attributable to Common Shareholders $ 86,802 367,603 $ 63,896 358,561 Adjustments: Depreciation and amortization 84,303 80,001 Depreciation, amortization and other - unconsolidated joint ventures 2,455 2,499 Gains on sales of properties (30,657) (10,882) Gains on land sales (876) (3,113) Income tax expense (benefit) triggered by sales of real estate assets 2,221 (667) Gains on sales of real estate assets - unconsolidated joint ventures (16,380) (3,908) Impairment charges - unconsolidated joint ventures — 2,214 Noncontrolling interest share of adjustments (346) (568) NAREIT FFO Attributable to Common Shareholders - Basic 127,522 367,603 $ 0.35 129,472 358,561 $ 0.36 Noncontrolling interest in income of unitholders 707 3,122 526 3,111 Noncontrolling interest share of adjustments 346 568 Other potentially dilutive securities 2,342 2,811 NAREIT FFO Attributable to Common Shareholders - Diluted $ 128,575 373,067 $ 0.34 $ 130,566 364,483 $ 0.36 Gains on involuntary conversion - including share of unconsolidated joint venture — (2,500) Loss on debt extinguishment 6,307 148 Non-incremental costs related to successful leases 5,676 — Core FFO Attributable to Common Shareholders - Diluted $ 140,558 373,067 $ 0.38 $ 128,214 364,483 $ 0.35 AFFO Core FFO - Diluted $ 140,558 373,067 $ 0.38 $ 128,214 364,483 $ 0.35 Adjustments: Straight-line rental income and expense (4,658) (8,278) Amortization of above/below market rents and concessions (3,020) (734) Stock based compensation expense 2,543 1,960 Noncash interest expense 1,327 1,544 Second generation concessions (665) (29) Second generation tenant improvements (6,877) (6,242) Second generation leasing costs (7,980) (9,703) Building improvements (5,938) (6,782) AFFO - Diluted $ 115,290 373,067 $ 99,950 364,483 Dividends/Distributions paid on common shares and non-controlling units (excluding special dividends) (87,118) $ 0.235 (77,749) $ 0.215 Funds Available for Reinvestment $ 28,172 $ 22,201

6 Non- GAAP Reconciliations - FFO, Core FFO and AFFO (unaudited and in thousands) Twelve Months Ended December 31, 2019 2018 Wtd. Avg. Per Wtd. Avg. Per Amount Shares Share Amount Shares Share Net income attributable to common shareholders $ 428,972 $ 383,729 Less dividends on participating securities (1,487) (1,675) Net Income Per Common Share-Basic 427,485 362,234 $ 1.18 382,054 357,569 $ 1.07 Add back: Noncontrolling interest in earnings of unitholders 3,678 3,118 3,528 3,290 Other potentially dilutive securities 1,487 1,987 1,675 2,438 Net Income Attributable to Common Shareholders-Diluted $ 432,650 367,339 $ 1.18 $ 387,257 363,297 $ 1.07 Reconciliation to FFO Net Income Attributable to Common Shareholders $ 428,972 362,234 $ 383,729 357,569 Adjustments: Depreciation and amortization 327,223 312,217 Depreciation, amortization and other - unconsolidated joint ventures 10,083 9,146 Gains on sales of properties (235,098) (208,780) Gains on land sales (7,445) (10,334) Income tax expense triggered by sales of real estate assets 8,686 8,828 Gains on sales of real estate assets - unconsolidated joint ventures (21,239) (12,094) Impairment charges - unconsolidated joint ventures — 2,214 Noncontrolling interest share of adjustments (702) (923) NAREIT FFO Attributable to Common Shareholders - Basic 510,480 362,234 $ 1.41 484,003 357,569 $ 1.35 Noncontrolling interest in income of unitholders 3,678 3,118 3,528 3,290 Noncontrolling interest share of adjustments 702 923 Other potentially dilutive securities 1,987 2,438 NAREIT FFO Attributable to Common Shareholders - Diluted $ 514,860 367,339 $ 1.40 $ 488,454 363,297 $ 1.34 Gains on involuntary conversion - including share of unconsolidated joint venture (3,559) (3,897) Loss on debt extinguishment 6,320 388 Non-incremental costs related to successful leases 12,402 — Core FFO Attributable to Common Shareholders - Diluted $ 530,023 367,339 $ 1.44 $ 484,945 363,297 $ 1.33 AFFO Core FFO - Diluted $ 530,023 367,339 $ 1.44 $ 484,945 363,297 $ 1.33 Adjustments: Straight-line rental income and expense (20,724) (26,037) Amortization of above/below market rents and concessions (7,566) (2,332) Stock based compensation expense 19,801 20,198 Noncash interest expense 5,904 5,788 Second generation concessions (999) (164) Second generation tenant improvements (15,183) (18,436) Second generation leasing costs (22,178) (25,935) Building improvements (12,685) (9,947) AFFO - Diluted $ 476,393 367,339 $ 428,080 363,297 Dividends/Distributions paid on common shares and non-controlling units (excluding special dividends) (321,469) $ 0.880 (294,233) $ 0.815 Funds Available for Reinvestment $ 154,924 $ 133,847

7 Real Estate Assets - Balance Sheet Information (unaudited and in thousands) Composition of Real Estate Assets December 31, 2019 December 31, 2018 Buildings and tenant improvements $ 5,295,336 $ 4,313,337 Land and improvements 2,532,541 2,268,343 Other real estate investments (1) 165,500 — Real estate assets per consolidated balance sheets $ 7,993,377 $ 6,581,680 (1) Includes real estate assets that we intend to redevelop within a relatively short time frame that are under leaseback to the seller and generating income.

Held-for-Sale Properties to be Disposed of at December 31, 2019 (in thousands)

Real Estate Investments and Other Assets Held for Sale Number of Properties Square Feet Percentage Leased Industrial Property (Wholly Owned) 1 540 100.0%

Total Net Book Basis of Held-for-Sale Properties (Joint Venture Properties Reflected at Our Share of Net Book Basis)) $18,427 Total Estimated Net Proceeds of Held-for-Sale Properties (Joint Venture Properties Reflected at Our Share of Proceeds) $27,052

8 Selected Financial Information (unaudited and in thousands) Three Months Ended Twelve Months Ended December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Revenues from continuing operations $230,475 $270,857 $973,759 $947,870 Revenues from discontinued operations — — — 117 Total revenues $230,475 $270,857 $973,759 $947,987

Lease termination fees - wholly owned (included above in revenues from continuing operations) $146 $— $1,235 $23

Non-GAAP Reconciliation - EBITDAre and Core EBITDA Net income $87,522 $64,426 $432,644 $387,268 Add depreciation and amortization - continuing operations 84,303 80,001 327,223 312,217 Add non-real estate asset related depreciation 631 555 2,217 2,418 Add interest expense - continuing operations 21,510 22,869 89,756 85,006 Add income tax expense (benefit) - continuing operations 2,221 (667) 8,686 8,828 EBITDA $196,187 $167,184 $860,526 $795,737 Gains on sale of properties (30,657) (10,882) (235,098) (208,780) Gains on land sales (876) (3,113) (7,445) (10,334) Equity in earnings of unconsolidated joint ventures (18,812) (5,923) (31,406) (21,444) Company's share of unconsolidated joint venture EBITDAre 5,383 5,129 22,078 20,212 EBITDAre, as Defined by NAREIT $151,225 $152,395 $608,655 $575,391 Gain on involuntary conversion — — (2,259) — Non-incremental costs related to successful leases 5,676 — 12,402 — Loss on debt extinguishment 6,307 148 6,320 388 Noncontrolling interest share of consolidated joint venture EBITDA (49) (26) (92) (100) Core EBITDA $163,159 $152,517 $625,026 $575,679 Components of Fixed Charges Interest expense - continuing operations $21,510 $22,869 $89,756 $85,006 Company's share of unconsolidated joint venture interest expense 575 980 3,066 3,609 Less noncontrolling interest share of consolidated joint venture interest expense (17) (4) (29) (13) Capitalized interest 7,453 5,351 26,525 27,174 Company's share of unconsolidated joint venture capitalized interest 99 67 366 367 Total Fixed Charges $29,620 $29,263 $119,684 $116,143 Common dividends paid $86,379 $77,039 $318,702 $291,502 Non-controlling unit distributions paid $739 $710 $2,767 $2,731 Common shares outstanding 367,950 358,851 367,950 358,851 Non-controlling Partnership units outstanding 3,029 2,920 3,029 2,920 Total common shares and units outstanding at end of period 370,979 361,771 370,979 361,771 Common Equity Market Capitalization (1) $12,861,842 $9,369,869 $12,861,842 $9,369,869 Total Market Capitalization (2) $15,796,029 $12,054,670 $15,796,029 $12,054,670 Non-controlling share in assets of consolidated real estate joint ventures (excluding operating partnership) $4,801 $1,260 $4,801 $1,260 Non-controlling share in debt of consolidated real estate joint ventures (excluding operating partnership) $475 $550 $475 $550 Note: Amounts shown represent continuing and discontinued operations except where noted. (1) Number of common shares and partnership units outstanding multiplied by the Company's closing share price at the end of each reporting period. (2) Common Equity Market Capitalization plus face/redemption value of outstanding debt.

9 Leverage Metrics (dollars in thousands)

September 30, December 31, 2019 2019 December 31, 2018 Effective Leverage: (Debt + Company's Share of Unconsolidated Joint Ventures Debt - Noncontrolling Interest Share of 30% 29% 30% Consolidated Debt) / (Total Assets + Accumulated Depreciation + Company's Share of Unconsolidated Joint Venture Gross Assets - Noncontrolling Interest Share of Consolidated Gross Assets - Investments in and Advances to Unconsolidated Joint Ventures)

Debt to Total Market Capitalization: (Debt / Total Market Capitalization as defined on page 9) 19% 18% 22%

Net Debt (Debt - Cash + Share of Joint Ventures Debt - Noncontrolling Interest Share of Consolidated Debt) to Core EBITDA, Including Share of Unconsolidated Joint Ventures: Trailing twelve months 4.6 4.5 4.8 Current quarter annualized 4.4 4.3 4.5 Proforma current quarter annualized (*) 4.4

Fixed Charge Coverage Ratio (Core EBITDA, Including Share of Unconsolidated Joint Ventures/Total Fixed Charges, as calculated on page 8): Trailing twelve months 5.2 5.1 5.0 Most recent quarter 5.5 5.4 5.2

Three months Notes to Proforma Calculations: ended December (*) Proforma Calculations - Core EBITDA and Net Debt 31, 2019 (1) Adjustment to current quarter acquisitions and developments placed in service in order to reflect a full Core EBITDA, including share of unconsolidated joint ventures $ 163,159 quarter of actual operations for such properties. Proforma EBITDA adjustment for current quarter acquisitions and developments placed in service 287 (1) (2) Adjustment to current quarter properties sold to remove Remove EBITDA related to properties sold during the quarter (247) (2) the pre-sale operations of these properties from EBITDA for Proforma Core EBITDA, including share of unconsolidated joint ventures $ 163,199 the quarter. x4 Annualized proforma Core EBITDA, including share of unconsolidated joint ventures $ 652,796

Total debt, excluding deferred financing costs $ 2,934,187 Less cash (110,891) Less noncontrolling interest share of consolidated debt (475) Share of unconsolidated joint ventures debt 64,850 Proforma Net Debt $ 2,887,671 Proforma Net Debt to EBITDA 4.4

10 Property Occupancy as of December 31, 2019 (Square feet in thousands)

Stabilized In-Service Unstabilized In-Service Total In-Service Under Development Total Portfolio Number Number Number Square Percent Percent Square Percent Percent of Square Percent Percent of Square Percent of Square Percent Feet Leased Occupied Feet Leased Occupied Buildings Feet Leased Occupied Buildings Feet Leased Buildings Feet Leased

Dallas 15,871 100.0% 99.7% 910 49.4% 49.4% 44 16,780 97.3% 97.0% — — — 44 16,780 97.3% Indianapolis 14,970 97.7% 94.4% 149 0.0% 0.0% 33 15,119 96.7% 93.4% 2 211 100.0% 35 15,330 96.8% Chicago 15,064 99.0% 94.2% — — — 42 15,064 99.0% 94.2% 1 155 0.0% 43 15,219 98.0% Atlanta 11,478 99.2% 99.1% 783 12.4% 12.4% 41 12,261 93.6% 93.5% 3 1,373 100.0% 44 13,634 94.3% Southern California 10,450 98.1% 98.1% — — — 27 10,450 98.1% 98.1% 4 3,178 31.7% 31 13,628 82.6% Cincinnati 9,172 91.2% 90.6% — — — 24 9,172 91.2% 90.6% — — — 24 9,172 91.2% South Florida 8,263 99.6% 98.0% 101 59.8% 0.0% 65 8,364 99.2% 96.8% 1 162 100.0% 66 8,526 99.2% New Jersey 5,734 100.0% 87.3% — — — 15 5,734 100.0% 87.3% 3 1,876 66.8% 18 7,610 91.8% Savannah 6,999 100.0% 100.0% — — — 23 6,999 100.0% 100.0% 1 106 0.0% 24 7,105 98.5% Houston 6,241 99.3% 99.3% 338 6.5% 6.5% 23 6,579 94.5% 94.5% 1 433 0.0% 24 7,012 88.7% Pennsylvania 5,138 83.8% 83.8% 349 53.5% 53.5% 8 5,487 81.9% 81.9% 1 616 100.0% 9 6,102 83.7% St. Louis 5,722 100.0% 93.4% — — — 16 5,722 100.0% 93.4% — — — 16 5,722 100.0% Columbus 5,320 100.0% 100.0% — — — 9 5,320 100.0% 100.0% — — — 9 5,320 100% Minneapolis-St. Paul 5,143 97.1% 94.7% — — — 25 5,143 97.1% 94.7% — — — 25 5,143 97.1% Central Florida 4,225 95.9% 91.2% — — — 26 4,225 95.9% 91.2% 1 107 50.0% 27 4,332 94.8% Nashville 3,645 93.1% 93.1% — — — 20 3,645 93.1% 93.1% — — — 20 3,645 93.1% DC-Baltimore 3,101 100.0% 98.6% — — — 19 3,101 100.0% 98.6% 1 182 100.0% 20 3,283 100.0% Raleigh 2,910 99.7% 99.7% — — — 24 2,910 99.7% 99.7% 2 249 33.3% 26 3,159 94.4% Northern California 2,265 100.0% 100.0% — — — 5 2,265 100.0% 100.0% 1 209 0.0% 6 2,474 91.5% Seattle 1,876 100.0% 100.0% — — — 5 1,876 100.0% 100.0% — — — 5 1,876 100.0% Total Portfolio 143,586 97.8% 95.8% 2,629 31.0% 28.7% 494 146,216 96.6% 94.6% 22 8,857 55.8% 516 155,073 94.3%

September 30, 2019 144,281 97.9% 95.9% 3,471 27.0% 21.9% 494 147,752 96.2% 94.2% 19 7,156 45.6% 513 154,908 93.9% June 30, 2019 145,690 98.2% 97.0% 5,470 22.1% 18.1% 514 151,161 95.4% 94.1% 19 6,423 45.9% 533 157,583 93.4% March 31, 2019 141,697 98.4% 97.3% 4,815 11.2% 11.2% 504 146,512 95.5% 94.5% 20 9,169 51.9% 524 155,681 93.0% December 31, 2018 140,886 98.0% 97.4% 2,840 12.4% 12.4% 496 143,726 96.3% 95.7% 22 9,548 55.4% 518 153,274 93.8%

Note: Percentage leased represents the percentage of total square feet where leases have been executed, without regard to whether the leases have commenced. Note: Percentage occupied represents the percentage of total square feet where the leases have commenced. Note: Joint Ventures are included at 100%. Note: Excludes remaining non-core properties referenced on page 1.

11 Non-GAAP Reconciliations - PNOI and SPNOI (unaudited and in thousands)

Three Months Ended Twelve Months Ended December 31, 2019 December 31, 2019 Non-GAAP Reconciliation of PNOI Net Income Attributable to Common Shareholders (Page 5) $ 86,802 $ 428,972 Adjustments related to NAREIT FFO Attributable to Common Shareholders - Diluted 41,773 85,888 NAREIT FFO Attributable to Common Shareholders - Diluted (Page 6- 7) $ 128,575 $ 514,860 Adjustments related to Core FFO Attributable to Common Shareholders - Diluted 11,983 15,163 Core FFO Attributable to Common Shareholders - Diluted (Page 6 - 7) $ 140,558 $ 530,023 Add back: Interest expense, continuing operations 21,510 89,756 Add back: non-real estate asset related depreciation 631 2,217 Less: FFO attributable to unconsolidated joint ventures (4,901) (19,013) Add: Company's share of unconsolidated joint venture EBITDAre (Page 9) 5,383 22,078 Adjustments related to noncontrolling interest share of consolidated joint ventures (22) (35) Core EBITDA (Page 9) $ 163,159 $ 625,026 General contractor and service fee revenue, net of related expenses (937) (6,360) General and administrative expenses 11,766 60,889 Non-real estate asset related depreciation (631) (2,217) Other operating expenses 803 5,318 Company's share of unconsolidated joint venture EBITDAre (5,383) (22,078) Noncontrolling interest share of consolidated joint venture EBITDA 49 92 Interest and other income (2,564) (9,941) Revenues not allocable to operating segments (414) (1,233) Rental expenses and real estate taxes not allocable to operating segments 216 247 Other adjustments (1) (9,062) (31,622) PNOI, continuing operations, before joint ventures 157,002 618,121 Less noncontrolling interest share of consolidated joint venture PNOI (41) (96) Plus share of unconsolidated joint venture PNOI 5,195 21,169 PNOI, continuing operations, including share of joint ventures 162,156 639,194 PNOI of sold assets not in discontinued operations (2) (49) (14,894) Proforma PNOI adjustments (3) 157 3,484 Proforma PNOI (Page 13) $ 162,264 $ 627,784

Non-GAAP Reconciliation of SPNOI - Cash Income from continuing operations before income taxes (Page 5) $ 89,664 $ 440,885 Share of SPNOI from unconsolidated joint ventures 4,368 17,066 PNOI excluded from the "same property" population (29,160) (98,562) Earnings from Service Operations (937) (6,360) Rental Operations revenues and expenses excluded from PNOI (9,111) (46,516) Non-Segment Items 77,337 215,218 SPNOI - Cash (Page 16) $ 132,161 $ 521,731

(1) Represents adjustments for straight line rental income and expense, amortization of above and below market rents, amortization of lease concessions, intercompany rents and termination fees. (2) Represents all other sold properties that did not meet the criteria to be included in discontinued operations. (3) PNOI is adjusted to reflect a full quarter of operations for properties that were placed in service or acquired during the quarter.

12 Non-GAAP Reconciliation - Logistics PNOI (unaudited and in thousands)

Three Months Ended December 31, 2019 Wholly Owned and Joint Venture In-Service Logistics Portfolio: Rental revenues from continuing operations $ 215,580 (1) Rental and real estate tax expenses from continuing operations (50,600) (2) Less: Straight line rental income and expense (5,526) Other adjustments (3,650) (3) PNOI, continuing operations, before joint ventures 155,804 Share of unconsolidated joint venture PNOI 5,195 PNOI, adjusted for joint ventures 160,999 Less: PNOI from sold properties (not in discontinued operations) (40) Proforma property level NOI adjustments 157 (4) Proforma PNOI- Total In-Service Logistics Portfolio $ 161,116

PNOI- In-Service Non-Core assets 974 PNOI- Other real estate investments not valued by income capitalization (pages 8 and 26) 174 Total Proforma PNOI $ 162,264

Logistics PNOI in NAV Components (page 26): Proforma PNOI- Total In-Service (as shown above) $ 161,116 Adjustment to exclude PNOI from Held-for-Sale Properties (696) Adjustment to exclude negative PNOI related to "Stabilized Properties - Economic" 287 (5) Adjustment to exclude negative PNOI from "Stabilized Properties - Pre-Economic" 608 (6) Adjustment to exclude Unstabilized In-Service Properties (611) (7) Total Stabilized Operating Portfolio Generating Positive NOI (market detail page 14; NAV page 26) $ 160,704 Note: NOI information is for the most recently completed three month period and includes only wholly owned and joint venture in-service properties at the end of the reporting period. Joint venture property NOI is shown at economic ownership percentage. (1) Rental revenues from continuing operations as included in the segment reporting disclosures in the notes to our consolidated financial statements. Revenues not allocated to reportable segments, which are not included above, totaled $414 for the three months ended December 31, 2019. (2) Rental and real estate taxes as used in the computation of PNOI from the segment reporting disclosures in the notes to our consolidated financial statements. Rental expenses and real estate taxes not allocated to reportable segments, which are not included above totaled $216 for the three months ended December 31, 2019. (3) Represents adjustments for amortization of above and below market rents, amortization of lease concessions, intercompany rents and lease termination fees. (4) NOI is adjusted to reflect a full quarter of operations for properties that were placed in service or acquired during the quarter. (5) These properties are included in NAV Components on page 26 in the Real Estate Not Valued by Income Capitalization section at their total gross book basis of $62,175 as of the current quarter ended. (6) These properties are included in NAV Components on page 26 at an estimated stabilized PNOI amount in the Real Estate Properties Valued by Income Capitalization section. (7) These unstabilized in-service properties which have been in-service less than one year are included in NAV Components on page 26 at an estimated stabilized PNOI amount in the Real Estate Properties Valued by Income Capitalization section.

13 Logistics PNOI and Occupancy Metrics (dollars and SF in thousands and shown at economic ownership %)

Square Feet at 3-Month Avg. Ending Ending NOI at Economic Economic Percentage Percentage Percentage Market Ownership % % of NOI Ownership % Occupied Occupied Leased Chicago $ 15,594 9.7% 13,987 100.0% 100.0% 100.0% South Florida 15,120 9.4% 8,263 97.9% 98.0% 99.6% Southern California 15,058 9.4% 10,394 99.4% 98.1% 98.1% Dallas 12,766 7.9% 12,847 99.9% 99.8% 100.0% Atlanta 10,936 6.8% 11,253 99.0% 99.0% 99.1% Indianapolis 10,773 6.7% 12,438 98.9% 98.2% 98.2% New Jersey 9,367 5.8% 5,734 94.5% 87.3% 100.0% Houston 8,403 5.2% 6,241 99.3% 99.3% 99.3% Cincinnati 7,550 4.7% 8,516 93.3% 93.6% 94.3% Savannah 6,885 4.3% 6,704 99.1% 100.0% 100.0% Minneapolis-St. Paul 6,728 4.2% 4,880 99.4% 99.1% 99.1% Pennsylvania 5,834 3.6% 4,306 100.0% 100.0% 100.0% DC / Baltimore 5,393 3.4% 3,059 100.0% 100.0% 100.0% St. Louis 5,007 3.1% 5,722 93.4% 93.4% 100.0% Central Florida 4,888 3.0% 4,225 92.0% 91.2% 95.9% Columbus 4,685 2.9% 5,320 100.0% 100.0% 100.0% Nashville 4,675 2.9% 3,645 92.9% 93.2% 93.2% Raleigh 4,514 2.8% 2,910 97.9% 99.7% 99.7% Seattle 3,447 2.1% 1,876 100.0% 100.0% 100.0% Northern California 3,081 2.0% 2,265 100.0% 100.0% 100.0% Total $ 160,704 100.0% 134,585 98.1% 97.7% 98.8%

Note: This schedule provides supplemental information for the stabilized logistics properties generating positive NOI for the three months ended December 31, 2019 as shown on page 13. Excludes one property which is classified as held for sale as disclosed on page 8; this property is included in the NAV Components on page 26 in the Real Estate Not Valued by Income Capitalization section.

Note: Percentage occupied represents the percentage of total square feet where the leases have commenced.

Note: Percentage leased represents the percentage of total square feet where the leases have been executed, without regard to whether the leases have commenced.

14 Largest Customers Properties in-service as of December 31, 2019

% of Customer Rentable SF Leased SF Annualized NLV (1) % of ANLV Amazon.com 9,741,250 6.9% $56,439,421 8.3% UPS of America, Inc. 2,515,718 1.8% 15,337,611 2.3% Wayfair, Inc 3,387,308 2.4% 15,040,466 2.2% NFI Industries 1,973,267 1.4% 8,709,924 1.3% Floor & Decor Outlets 1,771,911 1.3% 8,490,272 1.3% Target Corporation 1,027,169 0.7% 7,581,150 1.1% Deckers Outdoor Corporation 1,530,944 1.1% 7,473,193 1.1% Home Depot 1,243,687 0.9% 6,544,838 1.0% HD Supply Inc 1,376,572 1.0% 6,476,158 1.0% Samsung Electronics Co. LTD 1,457,663 1.0% 6,117,930 0.9% Sonepar USA 650,123 0.5% 5,659,179 0.8% Roadrunner Transportation Svcs 1,456,164 1.0% 5,538,920 0.8% Clorox 1,190,337 0.8% 5,369,648 0.8% Wal Mart 1,495,168 1.1% 5,331,083 0.8% Armada Warehouse Solutions LLC 908,406 0.6% 5,023,906 0.7% Crate and Barrel 1,127,047 0.8% 5,018,903 0.7% XPO Logistics 800,973 0.6% 4,741,471 0.7% Kraft Foods, Inc. 1,001,716 0.7% 4,680,066 0.7% Goodyear Tire and Rubber Co. 1,204,580 0.9% 4,652,835 0.7% Ferrara Candy Company 1,250,155 0.9% 4,622,329 0.7% Top 20 Customers 37,110,158 26.4% $188,849,303 27.9%

Note: Joint Venture annualized net lease value is included at the Company's economic ownership percentage. (1) Represents average annual net effective rents due from tenants in service as of December 31, 2019. Average annual net effective rent equals the average annual rental property revenue over the terms of the respective leases excluding landlord operating expense allowance and additional rent due as operating expense reimbursements.

15 Same Property Net Operating Income - Cash (dollars and SF in thousands and shown at economic ownership %)

Property Performance Population Summary (1) Quarter Ended December 31 Year Ended December 31 % % 2019 2018 Change 2019 2018 Change

Number of properties 422 Total operating revenues (2) $ 170,837 $ 165,525 $ 678,419 $ 651,743 Square feet 114,640 Total operating expenses (2) 43,045 42,222 173,753 169,383 Same Property SF as a % SPNOI - Consolidated of total in service SF 81.5% Properties $ 127,792 $ 123,303 $ 504,666 $ 482,360 (at ownership share)

4th Qtr SPNOI - Cash as a 81.5% Unconsolidated Joint Venture % of total Proforma PNOI share of SPNOI $ 4,369 $ 4,171 $ 17,065 $ 16,186 2019 FY SPNOI - Cash as 83.1% a % of total Proforma PNOI SPNOI - Total $ 132,161 $ 127,474 3.7% $ 521,731 $ 498,546 4.7% Average percentage occupied 98.2% 98.6% (0.4%) 98.5% 98.3% 0.2%

Note: Statistical information for joint venture properties is presented at Duke's effective ownership percentage.

Note: Excludes remaining non-core properties referenced on page 1.

(1) The same property population for the periods shown is derived from the 494 in-service properties that we own or jointly control, as of December 31, 2019, less (i) 14 in-service buildings that were acquired since January 1, 2018, (ii) 42 in-service buildings we developed and placed in-service since January 1, 2018, (iii) 16 additional in- service buildings that were unstabilized as of January 1, 2018.

(2) Beginning January 1, 2019, the FASB’s new lease accounting standard (ASC 842) requires that revenues and expenses related to real estate taxes paid directly by tenants be reported on a net basis. For comparability purposes, we have excluded revenues and real estate expense related to these amounts, totaling $2,300 for the three months ended December 31, 2018, and $9,200 for the twelve months ended December 31, 2018, which had no impact on SPNOI.

16 Lease Expirations In-Service Properties as of December 31, 2019 (dollars and square feet in thousands)

Wholly Owned Joint Venture Total In-Service Portfolio

Avg. Annual Rental Avg. Annual Rental Avg. Annual Rental Year of Expiration Square Feet Revenue (1) Square Feet Revenue (1) Square Feet Revenue (1) 2020 7,165 $34,351 371 $1,697 7,536 $36,048 2021 12,419 58,114 629 2,212 13,048 60,326 2022 19,029 80,986 299 1,185 19,328 82,171 2023 13,162 65,731 383 1,726 13,545 67,457 2024 15,060 76,202 612 2,907 15,672 79,109 2025 12,897 64,801 205 798 13,102 65,599 2026 9,608 44,608 104 521 9,712 45,129 2027 7,385 34,046 419 1,783 7,804 35,829 2028 7,832 48,867 374 1,551 8,206 50,418 2029 8,434 45,475 1,000 3,566 9,434 49,041 2030 and Thereafter 17,751 101,142 859 3,800 18,610 104,942 130,742 $654,323 5,255 $21,746 135,997 $676,069 Total Square Feet 135,240 5,457 140,697 Percent Leased 96.7% 96.3% 96.7% Average Remaining Lease Term (by SF) 5.8 6.5 5.8 Average Remaining Lease Term (by ANLV) 6.1 6.5 6.1

Note: Joint Venture square feet and dollars shown at the Company's economic ownership percentage. Note: Excludes remaining non-core properties referenced on page 1. (1) Annualized rental revenue represents average annual base rental payments, on a straight-line basis for the term of each lease, from space leased to tenants at the end of the most recent reporting period. Annualized rental revenue excludes amounts paid by tenants as reimbursement for operating expenses and real estate taxes.

% of Expiring Leases: Total In-Service Portfolio

% of Leased Square Feet % of Annualized Rental Revenue

16% 14% 14% 12% 12% 11% 10% 10% 10% 10% 10% 9% 7% 7% 7% 7% 7% 6% 6% 5% 5% 5%

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Thereafter

17 Leasing Activity as of December 31, 2019

Second Generation Average Average Average Average Net Capital Capital Average Total First Generation Term in Effective Expenditures Expenditures NER Cash Rent Leasing Square Feet Square Feet Years Rent per SF per SF per Year Growth Growth Square Feet Year Ended 2018 New leases 10,862,909 5,252,967 6.6 $ 4.51 $ 3.94 $ 0.60 16,115,876 Renewal leases — 11,926,555 5.3 4.66 1.92 0.36 11,926,555 Total 10,862,909 17,179,522 5.7 $ 4.61 $ 2.54 $ 0.44 25.4% 9.5% 28,042,431 1st Quarter 2019 New leases 957,044 332,950 7.0 $ 6.16 $ 8.02 $ 1.14 1,289,994 Renewal leases — 1,498,609 3.7 5.83 1.66 0.45 1,498,609 Total 957,044 1,831,559 4.3 $ 5.89 $ 2.82 $ 0.65 23.4% 9.0% 2,788,603 2nd Quarter 2019 New leases 3,706,854 621,665 5.2 $ 4.81 $ 3.00 $ 0.58 4,328,519 Renewal leases — 3,150,779 4.9 6.09 2.41 0.50 3,150,779 Total 3,706,854 3,772,444 4.9 $ 5.88 $ 2.51 $ 0.51 28.3% 12.0% 7,479,298 3rd Quarter 2019 New leases 2,924,384 1,033,762 5.8 $ 4.72 $ 4.49 $ 0.78 3,958,146 Renewal leases — 3,050,534 4.3 5.36 2.00 0.46 3,050,534 Total 2,924,384 4,084,296 4.7 $ 5.20 $ 2.63 $ 0.56 26.8% 13.7% 7,008,680 4th Quarter 2019 New leases 3,004,047 1,866,025 8.7 $ 6.23 $ 9.37 $ 1.08 4,870,072 Renewal leases — 3,471,852 6.6 5.03 2.64 0.40 3,471,852 Total 3,004,047 5,337,877 7.3 $ 5.45 $ 4.99 $ 0.68 32.1% 11.9% 8,341,924 Year Ended 2019 New leases 10,592,329 3,854,402 7.2 $ 5.59 $ 6.91 $ 0.96 14,446,731 Renewal leases — 11,171,774 5.1 5.53 2.27 0.44 11,171,774 Total 10,592,329 15,026,176 5.6 $ 5.54 $ 3.46 $ 0.61 28.6% 12.0% 25,618,505 Note: Activity is based on leases signed during the period and excludes temporary leases of space. Note: Excludes remaining non-core properties referenced on page 1. Note: Joint ventures are shown at 100% Percent Renewed and Effective Percentage Re-Leased

93.8% 92.4%

d 84.9% 82.8% 84.9% 85.3% e s

a 81.1% 82.7% 81.7% 80.4% e 77.1% l Leases Renewed (1) - 69.2% e R Expiring Spaces Backfilled (2) %

2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 2019 (1) Percentage renewed is calculated by dividing the square feet of leases renewed by the square feet of leases up for renewal. The square feet of leases up for renewal is defined as the square feet of leases renewed plus the square feet of space vacated due to lease expirations. (2) Represents the additional percentage of expiring spaces which were re-leased during the same quarter the prior lease expired. 18 Debt Maturities

December 31, 2019 (in thousands)

Mortgages (1) Unsecured (1) Weighted Average Effective Interest Year Amortization Maturities Amortization Maturities Credit Facility (2) Total Rates

2020 $ 3,883 $ — $ — $ — $ — $ 3,883 5.62% 2021 3,416 9,047 — — — 12,463 5.62% 2022 3,611 — — 600,000 — 603,611 4.20% 2023 3,817 — — 250,000 — 253,817 3.75% 2024 4,036 — — 300,000 — 304,036 3.92% 2025 3,938 — — — — 3,938 5.57% 2026 2,029 — — 375,000 — 377,029 3.37% 2027 358 — — 475,000 — 475,358 3.18% 2028 — — — 500,000 — 500,000 4.45% 2029 — — — 400,000 — 400,000 3.96% 2030 — — — — — — — Thereafter — — — — — — —

$ 25,088 $ 9,047 $ — $ 2,900,000 $ — $ 2,934,135 3.88%

(1) Scheduled amortizations and maturities represent only Duke's consolidated debt obligations.

(2) Comprised of the following: Total Maturities (in thousands) Commitment Balance O/S @ 12/31 Maturity * Rate @ 12/31

$1,200,000 $— January 2023 L + .875% (NA) $1,752,387 *Date shown is final maturity date including extension options.

Fixed and Variable Rate Weighted Average Interest Weighted Average Components of Debt Balance Rate Maturity (yrs) Fixed Rate Secured Debt $32,235 5.93% 2.4 Fixed Rate Unsecured Debt 2,900,000 3.86% 6.3 Variable Rate Debt and LOC 1,900 1.39% 3.3 $603,611 $2,934,135 3.88% 6.3 $304,036 Deferred Financing Costs (19,422) $253,817 Fair Value Adjustments 52 Total Debt per Balance Sheet $2,914,765 $3,883 $12,463 $3,938

2020 2021 2022 2023 2024 2025 Thereafter

19 Unsecured Public Debt Covenants

Fourth Third Second First Debt Covenants Threshold Quarter 2019 Quarter 2019 Quarter 2019 Quarter 2019 Total Debt to Undepreciated Assets <60% 31% 30% 32% 32% Debt Service Coverage >1.5x 6.8 6.6 6.6 6.6 Secured Debt to Undepreciated Assets <40% 0.3% 0.7% 0.6% 0.4% Undepreciated Unencumbered Assets to Unsecured Debt >150% 314% 320% 305% 304%

Note: The ratios are based upon the results of Duke Realty Limited Partnership, the partnership through which Duke Realty conducts its operations, using calculations that are defined in the indenture and applicable supplemental indentures governing such indebtedness.

Three Months Ended

Unencumbered Consolidated Assets December 31, 2019 December 31, 2018 Number of properties 450 (1) 443 Total square feet (in thousands) 133,241 (1) 127,995 Gross book value (in thousands) $8,254,683 (1) $7,536,509 Annual stabilized NOI (in thousands) $645,790 (1) $590,072

(1) Excludes 20 consolidated properties under development at December 31, 2019 which will be unencumbered upon completion. These properties totaled approximately 8.6 million square feet with total anticipated stabilized project costs of approximately $1,018.9 million and anticipated stabilized NOI of approximately $57.2 million.

Senior Unsecured Debt Ratings: Standard & Poor's BBB+, Stable Outlook Moody's Baa1, Stable Outlook

Note: A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time by the rating organization.

20 Unconsolidated Joint Ventures December 31, 2019

Total properties 39

Percentage leased (A) 96.3% Square feet (in thousands) (A): Total in-service properties 10,976 Total properties under development 133 Total square feet 11,109 Company effective ownership percentage 33% - 50% Balance sheet information (in thousands) (A) Real estate assets $ 306,028 Construction in progress 7,607 Undeveloped land 29,518 Other assets 75,909 Total assets $ 419,062 Debt $ 129,700 Other liabilities 21,164 Equity 268,198 Total liabilities and equity $ 419,062 Selected QTD financial information (Dollars in Thousands) (B) QTD share of rental revenue $7,038 QTD share of in-service property unlevered NOI $5,195 QTD share of interest expense $575 QTD share of EBITDA $5,383 Company share of JV gross assets $269,604 Company share of debt (1) $64,850

(A) Balance sheet and property information is reported at 100% of joint venture. (B) Reported at Duke's share of joint venture. (1) Includes nine separate unconsolidated joint ventures. The outstanding debt consists of three separate loans: i) $55,450 at a variable rate of LIBOR plus .98% maturing November 2021 ii) $61,500 at a fixed rate of 3.3% maturing July 2025 iii) $12,750 at a fixed rate of 3.6% maturing November 2026.

21 Joint Venture Debt Maturities December 31, 2019

(in thousands)

Scheduled Weighted Average Year Amortization Maturities Total Interest Rate 2020 $ — $ — $ — — 2021 10 27,725 27,735 2.67% 2022 122 — 122 3.55% 2023 126 — 126 3.55% 2024 131 — 131 3.55% 2025 135 30,750 30,885 3.25% 2026 116 5,735 5,851 3.55% 2027 — — — — 2028 — — — — 2029 — — — — 2030 — — — — Thereafter — — — —

$ 640 $ 64,210 $ 64,850 3.03%

Weighted Weighted Average Interest Average Maturity Balance Rate (yrs) Fixed Rate Secured Debt $37,125 3.30% 5.7 Fixed Rate Unsecured Debt — N/A N/A Variable Rate Debt and LOC's 27,725 2.67% 1.9 Total $64,850 3.03% 4.1

Note: Scheduled amortization and maturities reported at Duke's share.

22 Development Projects Under Construction December 31, 2019 (in thousands)

Initial Projected Initial Stabilized Costs Stabilized Stabilized Square % Costs Remaining Cash GAAP Development Market Own % Feet Leased (Own %) (Own %) Yield Yield

901 Chase Avenue Chicago 100% 155 0% Chesapeake Commerce 6000 DC-Baltimore 100% 182 100% (J) 8711 North River Crossing Blvd Indianapolis 50% 78 100% Clay 99 Building 3900 Houston 100% 433 0% (J) AllPoints Anson Bldg 7B Expansion Indianapolis 50% 133 100% Projected In-Service 1st Qtr. 2020 981 40% $ 83,593

Turnpike Crossing 6717 South Florida 100% 162 100% Central Logistics Park 100 Pennsylvania 100% 616 100% 4375 N Perris Blvd Southern California 100% 1,009 100% Pinebrooke Business Center 10350 Central Florida 100% 107 50% 2929 Roosevelt Highway Atlanta 100% 499 100% 605 Expansion Blvd. - Expansion Savannah 100% 106 0% Estimated Value Creation Camp Creek 4850 Atlanta 100% 210 100% Low Mid High Projected In-Service 2nd Qtr. 2020 2,709 94% $ 220,815 Value Value Value

Greenfield North 1100 Raleigh 100% 83 100% Annual Stabilized NOI $58,586 $58,586 $58,586 Greenfield North 1201 Raleigh 100% 166 0% Blended cap rate (1) 4.51% 4.26% 4.01% Steel Run Logistics Ctr Bldg 1 New Jersey 100% 333 100% Implied value (Own %) $1,299,024 $1,375,258 $1,460,998 4501 Patterson Avenue Southern California 100% 800 0% Value creation (Own %) $262,032 $338,266 $424,006 13344 S Main Street Southern California 100% 290 0% Margin 25% 33% 41% Projected In-Service 3rd Qtr. 2020 1,672 25% $ 224,417

48401 Fremont Blvd Northern California 100% 209 0% Steel Run Logistics Ctr Bldg 2 New Jersey 100% 921 100% Old New Brunswick Road 150 New Jersey 100% 622 0% 1000 Logistics Way Atlanta 100% 664 100% Palmetto & Alabama Southern California 100% 1,079 0% Projected In-Service 4th Qtr. 2020 or thereafter 3,495 45% $ 508,167

Company Total 8,857 56% $ 1,036,992 $ 511,463 5.6% 6.4%

Joint venture projects are noted with a (J). Square feet and percentage leased are included at 100%. Stabilized costs, stabilized NOI, yields, and values are included at the Company's ownership percentage. (1) Midpoint cap rate represents weighted average estimated cap rates. High and low represent sensitivity analysis of +/- 25 basis points.

23 Development Project Deliveries (in thousands)

Wholly Owned Joint Venture Total

Initial Stabilized Initial Stabilized Initial Stabilized % % % % % % % Square Leased Leased Project Cash GAAP Square Leased Leased Project Cash GAAP Square Leased Leased Occupied Project Cash GAAP Feet at Start Current Costs Yield Yield Feet at Start Current Costs Yield Yield Feet at Start Current Current Costs Yield Yield

2018:

1st Quarter 1,205 84% 100% $ 86,007 6.3% 7.0% — — — $ — — — 1,205 84% 100% 100% $ 86,007 6.3% 7.0%

2nd Quarter 2,220 54% 100% 181,352 6.9% 7.2% 708 65% 100% 16,490 8.4% 8.8% 2,928 57% 100% 100% 197,842 7.0% 7.3%

3rd Quarter 3,401 52% 76% 240,444 5.7% 6.0% 400 100% 100% 9,568 7.0% 7.2% 3,801 57% 78% 72% 250,012 5.7% 6.0%

4th Quarter 2,716 44% 86% 185,782 6.2% 6.8% — — — — — — 2,716 44% 86% 74% 185,782 6.2% 6.8%

2018 Total 9,542 54% 87% $ 693,584 6.2% 6.6% 1,108 78% 100% $ 26,059 7.9% 8.2% 10,650 57% 89% 84% $ 719,642 6.3% 6.7%

2019:

1st Quarter 2,059 0% 67% $ 149,366 5.9% 6.8% 149 64% 100% $ 4,422 7.7% 8.3% 2,208 4% 69% 52% $ 153,788 6.0% 6.8%

2nd Quarter 2,916 75% 83% 232,586 6.5% 7.1% 645 0% 77% 17,254 7.1% 7.6% 3,561 62% 82% 66% 249,840 6.6% 7.1%

3rd Quarter 1,342 27% 97% 128,087 5.9% 6.6% — — — — — — 1,342 27% 97% 52% 128,087 5.9% 6.6%

4th Quarter 937 0% 71% 183,698 5.1% 5.8% — — — — — — 937 0% 71% 0% 183,698 5.1% 5.8%

2019 Total 7,255 35% 79% $ 693,737 5.9% 6.6% 794 12% 81% $ 21,676 7.2% 7.7% 8,049 33% 79% 52% $ 715,413 5.9% 6.6%

Note: Square feet for Joint Venture projects is shown at 100%; Project costs & returns included at ownership share. Note: Excludes development projects that have subsequently been sold. Estimated Value Creation of Deliveries

2018 Total: 26.4% Q4 2019 : 28.2% 2019 Total : 24.0%

$190,087 $51,871 $171,602

$719,642 $183,698 $715,413

Estimated Value Creation (000s) Initial Stabilized Project Costs (000s) 24 Dispositions and Acquisitions (in thousands)

Dispositions Acquisitions Sales In-Place In-Place In-Place Acquisition In-Place Stabilized Stabilized Current Square Square Feet Proceeds Cap Rate % Leased Feet % Leased Cost Cash Yield Investment Yield % Leased (1) (2) (3) (3) (4) (5) (6) (6) (3)

2018 1st Quarter 1,325 $ 169,696 4.7% 71.6% 119 100.0% $ 22,862 4.4% $ 22,862 4.4% 100.0% 2nd Quarter 4,981 301,337 5.7% 97.1% 1,115 100.0% 187,065 4.3% 187,697 4.4% 95.0% 3rd Quarter 142 8,600 5.5% 100.0% — — — — — — — 4th Quarter 1,245 77,923 5.1% 92.1% 720 100.0% 143,011 4.0% 145,455 4.0% 100.0% 2018 Total 7,693 $ 557,556 5.3% 92.0% 1,954 100.0% $ 352,938 4.2% $ 356,014 4.2% 97.1%

2019 1st Quarter 67 $ 8,415 7.0% 100.0% (7) 577 71.9% $ 77,693 3.0% $ 79,386 4.5% 71.9% 2nd Quarter 855 95,500 5.3% 100.0% 110 100.0% 32,518 5.3% 32,543 5.4% 100.0% 3rd Quarter 5,039 280,391 5.7% 87.7% 252 100.0% 39,150 4.4% 39,221 4.4% 100.0% 4th Quarter 1,868 109,750 5.5% 95.9% 460 100.0% 67,547 4.8% 69,852 4.8% 100.0% 2019 Total 7,829 $ 494,056 5.6% 91.1% 1,399 88.4% $ 216,908 4.1% $ 221,002 4.7% 88.4%

Note: Joint venture properties are included at ownership share for all figures for both Dispositions and Acquisitions.

(1) Joint venture sales included at our ownership share and include any applicable preferred returns.

(2) In-place cap rates of dispositions are calculated as annualized net operating income from space leased to tenants at the date of sale on a lease-up basis, including full rent from all executed leases, even if currently in a free rent period, divided by the sales proceeds. Annualized net operating income is comprised of base rental payments, excluding reimbursement of operating expenses, less current annualized operating expenses not recovered through tenant reimbursements.

(3) Percentage leased represents the percentage of square feet where leases have been executed, without regard to whether the leases have commenced. In-Place figures for dispositions are as of the date of sale and as of the date of acquisition for acquisitions. Current figures represent the percent leased as of the current period ended.

(4) Includes real estate assets and net acquired lease-related intangible assets but excludes other acquired working capital assets and liabilities.

(5) In-place yields are calculated as annualized net operating income, from space leased to tenants at the date of purchase on a lease-up basis, including full rent from all executed leases, even if currently in a free rent period, divided by the acquisition cost. Annualized net operating income is comprised of base rental payments, excluding reimbursement of operating expenses, less current annualized operating expenses not recovered through tenant reimbursements. To the extent an acquired property is under short-term leaseback to the seller, the income from such leaseback, net of operating expenses, is also included in the in-place cash yield.

(6) Represents projected stabilized investment and expected return on real estate assets acquired after stabilization costs such as costs to complete lease-up and anticipated capitalized improvements.

(7) Property was sold pursuant to a tenant purchase option which was exercised upon substantial construction completion.

25 Components of Net Asset Value December 31, 2019 (unaudited and in thousands) Real Estate Properties Valued by Income Capitalization - Current Quarter Services Operations Net Income

Total stabilized properties generating positive NOI (page 13), (A) $ 160,704 Mid-Point of 2020 Full Year Guidance $ 4,000

Stabilized Properties - Future Additional PNOI Other Assets Commenced Leases in Free Rent Period $ 3,572 Signed Leases Not Commenced for Entire Period 4,064 Cash (2) $ 110,891 Total Embedded PNOI $ 7,636 Restricted Cash Held for Like-Kind Exchange (2) 1,673 Estimated PNOI from remaining lease-up of "Stabilized Properties - Pre-Economic" 1,389 Notes Receivable from Property Sales (2),(4) 110,000 Additional PNOI - Stabilized Properties (A) $ 9,025 Accounts Receivable and Construction Receivables (2) 45,956 Other Tangible Assets (5) 101,032 Total Stabilized PNOI - Sum of (A) above $ 169,729 Subtotal Other Assets $ 369,552

Unstabilized Properties - Estimated PNOI upon Stabilization $ 2,792 Liabilities Total Debt, excluding deferred financing costs (page 10) $2,934,187 Non-Core Real Estate NOI $ 974 Share of JV Debt (page 21) 64,850 Other Tangible Liabilities (5) 304,490 Total Liabilities $3,303,527

Real Estate Not Valued Above by Income Capitalization Outstanding Shares and Share Equivalents Common Shares Outstanding (page 9) 367,950 Partnership Units Outstanding (page 9) 3,029 Gross book value of "Stabilized Properties - Economic" with negative NOI (page 13) $ 62,175 Other Potentially Dilutive Securities (page 7) 1,987 372,966 Estimated Proceeds from Assets Held for Sale (1) $ 27,052

Development and Land Notes Wholly Owned CIP (2) $ 550,926 (1) Comprised of one wholly owned building . Share of JV CIP 3,804 (2) As shown on Balance Sheets (page 4). Estimated Development Value Creation at Own % (page 23) 338,266 (3) Book value of real estate assets not valued by capitalization that we intend to redevelop within a relatively short time frame that are under leaseback to the seller and generating Other Real Estate Assets (3) 165,500 income, as presented on page 8. Wholly Owned Development Land (2) 244,629 (4) Notes related to the 2017 medical office disposition, which were repaid in January 2020. (5) Other tangible assets are comprised of amounts from the Balance Sheet (as presented on Wholly Owned Sale Land (2) 9,908 page 4) for escrow deposits and other assets (but excluding intangible assets of $89,314, deferred financing costs of $4,424 and lease related right-of-use asset of $37,568). Other Share of JV Land 14,759 tangible liabilities are comprised of the sum of construction payables, accrued real estate $1,327,792 taxes, accrued interest, security deposits, prepaid rents and other liabilities (excluding non- cash liabilities of $120,160, of which $41,291 is related to lease liabilities).

26 2020 Range of Estimates

(dollars in millions except per share amounts) 2019 Range of Estimates Metrics Actual Key Assumptions (Unaudited) Pessimistic Optimistic

Net Income per Share Attributable to $1.18 $0.92 $1.14 - Lower gains on property sales and higher depreciation expense. Common Shareholders - Diluted

NAREIT FFO per Share Attributable to $1.40 $1.42 $1.52 - Lease up of new developments. Common Shareholders - Diluted - Strong rent growth. - Expense impact of internal leasing costs, $0.02 to $0.04. Core FFO per Share Attributable to $1.44 $1.48 $1.54 - Lease up of new developments. Common Shareholders - Diluted - Strong rent growth.

Growth in AFFO - Share Adjusted 10.2% 3.1% 7.7% - Driven by same factors impacting Core FFO.

Average Percentage Leased 98.1% 96.0% 98.0% - Historical highs in 2019. (stabilized portfolio) - Pushing rents at expense of some occupancy. Average Percentage Leased 96.0% 95.1% 97.1% - Strong leasing offset by speculative development placed in service. (In-service portfolio) Same Property NOI - Cash 4.7% 3.6% 4.4% - Continued solid rent growth expected, embedded lease escalators. - Slight decrease in occupancy. - Net effective NOI 1.5% to 2.0% lower.

Building Acquisitions $217 $100 $300 - Focused on Coastal Tier 1 markets. (Duke share) Building Dispositions $494 $300 $500 - Primarily Midwest (Duke share) Development Starts $1,086 $675 $875 - Speculative starts in targeted growth markets. (JVs at 100%) - Maintain occupancy in pipeline near 50%.

Service Operations Income $6 $2 $6 - Less third party construction expected.

General & Administrative Expense $61 $59 $55 - 2019 included one-time technology costs.

Effective Leverage (Gross Book Basis) 30% 33% 29% - Modest increase to fund development.

Fixed Charge Coverage (TTM) 5.2X 5.0X 5.4X Net Debt to Core EBITDA (TTM) 4.6X 5.2X 4.8X - Maintain Baa1/BBB+ ratings.

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