Third Quarter 2018 Supplemental

Table of Contents Page Page Company, Common Stock, and Earnings Call Information 1 Debt Information Definitions 2 - 3 Debt Maturities 20 Financial Information Unsecured Public Debt Covenants 21 Balance Sheets 4 Joint Venture Information Condensed Statements of Operations 5 Joint Ventures 22 Summary of EPS, FFO, and AFFO 6-7 Joint Venture Debt Maturities 23 Discontinued Operations Disclosure 8 Real Estate Investment Information Selected Financial Information 9 Development Projects Under Construction 24 Leverage Metrics 10 Development Project Deliveries 25 Property Information Dispositions and Acquisitions 26 Occupancy 11 Non-Core Buildings 27 Supplemental Information for NOI 12-15 Components of Net Asset Value 28 Largest Customers 16 Other Same Property Performance 17 Range of Estimates 29 Lease Expirations 18 Leasing Activity 19

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 16, 2018 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 514 logistics properties encompassing 152.1 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 7 non-core buildings totaling 760 thousand square feet that we intend to sell in the future. These properties are summarized on page 27.

Development Land: Duke Realty owns or has joint venture interests in approximately 1,250 acres of development land and controls an additional 550 development acres through purchase options. The land, primarily in the Company's existing business parks, is ready for immediate use and is primarily unencumbered by debt. The development acres owned and controlled through purchase options can support 30 million square feet of future logistics development. All of these amounts include joint ventures at ownership share.

Common Stock Data (NYSE:DRE): 3rd Quarter 2017 4th Quarter 2017 1st Quarter 2018 2nd Quarter 2018 3rd Quarter 2018 High price $30.14 $29.58 $27.40 $29.24 $29.48 Low price $27.23 $26.65 $24.30 $25.29 $27.52 Closing price $28.82 $27.21 $26.48 $29.03 $28.37 Dividends paid per share $0.19 $0.20 * $0.20 $0.20 $0.20 Closing dividend yield 2.6% 2.9%* 3.0% 2.8% 2.8%

*A $0.85 per share special dividend was also paid during the quarter.

Earnings Conference Call

Duke Realty Corporation will hold its quarterly conference call to discuss third quarter results on Thursday, October 25, 2018, 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

Supplemental Performance Measures

Funds from Operations (“FFO”): FFO is computed in accordance with standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as net income (loss) excluding gains (losses) on sales of depreciable property and impairment charges related to depreciable real estate assets; plus real estate related depreciation and amortization, and after similar adjustments for unconsolidated joint ventures. We believe FFO to be most directly comparable to net income as defined by generally accepted accounting principles (“GAAP"). We believe that FFO should be examined in conjunction with net income (as defined by GAAP) as presented in the financial statements accompanying this release. 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 materially distort the comparative measurement of company performance over time. The adjustments include gains on sale of undeveloped land, impairment charges not related to depreciable real estate assets, 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 (losses) on debt transactions, gains (losses) on and related costs of business combinations, gains on the sale of merchant buildings, gains (losses) from involuntary conversion related to weather events or natural disasters, promote income and severance charges related to major overhead restructuring 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 and stock compensation expense, and after similar adjustments for unconsolidated partnerships and joint ventures.

EBITDA for Real Estate ("EBITDAre"): EBITDAre is defined by NAREIT as earnings, before interest, taxes, depreciation and amortization ("EBITDA") adjusted to exclude gains (losses) on sales of depreciable property, gains (losses) on change of control, impairment charges related to depreciable real estate assets and to include share of EBITDAre of unconsolidated joint ventures.

Core EBITDA: Core EBITDA is defined by the Company as the EBITDAre, adjusted to exclude gains (losses) on land sales, impairment charges related to land, gains (losses) on and related costs of business combinations, capital transactions, promote income and severance charges related to major overhead restructuring activities. Core EBITDA is also adjusted from EBITDAre to include non-real estate asset related depreciation expense.

Property Level Net Operating Income - Cash Basis ("PNOI"): PNOI is comprised of rental revenues from continuing operations 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 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"): 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. Same property NOI excludes termination fees.

. 2 . Definitions, continued

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.

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.

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 where leases have been executed, 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% occupancy (on a percentage leased basis) or have been in-service for at least one year since development completion or acquisition date.

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

3 Balance Sheets (unaudited and in thousands) September 30, June 30, December 31, 2018 2018 2017

Assets: Real estate assets $6,943,629 $6,785,491 $6,593,567 Accumulated depreciation (1,294,370) (1,251,610) (1,193,905) Construction in progress 515,324 496,496 401,407 Land held for development 291,498 204,463 199,292 Non-strategic land 22,577 22,468 27,695 Net real estate investments 6,478,658 6,257,308 6,028,056

Real estate investments and other assets held-for-sale 53,653 — 17,550

Cash and cash equivalents 133,405 86,339 67,562 Restricted cash held in escrows for like-kind exchange 127,597 146,110 116,405 Accounts receivable, net 19,494 19,728 19,427 Straight-line rents receivable, net 102,480 96,749 93,005 Receivables on construction contracts, including retentions 33,699 13,442 13,480 Investments in and advances to unconsolidated joint ventures 107,811 108,768 126,487 Deferred leasing and other costs, net 305,143 313,061 292,682 Notes receivable from property sales 276,744 276,766 426,657 Other escrow deposits and other assets 186,126 184,547 186,885 Total assets $7,824,810 $7,502,818 $7,388,196

Liabilities and Equity: Secured debt, net of deferred financing costs $80,716 $305,923 $311,349 Unsecured debt, net of deferred financing costs 2,553,460 2,111,506 2,111,542 2,634,176 2,417,429 2,422,891

Liabilities related to real estate investments held-for-sale 606 — 1,163 Construction payables and amounts due subcontractors, including retentions 100,323 93,515 54,545 Accrued real estate taxes 89,671 75,768 67,374 Accrued interest 27,463 17,774 17,911 Other liabilities 208,874 147,800 210,825 Tenant security deposits and prepaid rents 38,773 41,562 39,109 Total liabilities 3,099,886 2,793,848 2,813,818

Common shares 3,583 3,572 3,564 Additional paid-in-capital 5,240,495 5,209,605 5,205,316 Distributions in excess of net income (571,617) (552,685) (676,036) Total shareholders' equity 4,672,461 4,660,492 4,532,844

Noncontrolling interest 52,463 48,478 41,534 Total liabilities and equity $7,824,810 $7,502,818 $7,388,196

4 Statements of Operations (unaudited and in thousands) Three Months Ended Nine Months Ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Revenues: Rental and related revenue $196,912 $169,611 $582,461 $507,123 General contractor and service fee revenue 34,986 25,217 94,552 58,192 231,898 194,828 677,013 565,315 Expenses: Rental expenses 17,704 16,224 54,869 46,967 Real estate taxes 31,515 28,157 93,857 81,569 General contractor and other services expenses 33,730 24,079 89,392 54,077 Depreciation and amortization 78,855 67,992 232,216 197,028 161,804 136,452 470,334 379,641 Other Operating Activities: Equity in earnings of unconsolidated joint ventures 5,552 1,841 15,521 58,523 Promote income — — — 20,007 Gain on sale of properties (107) 21,952 194,741 93,339 Gain on land sales 3,915 5,665 7,221 8,449 Other operating expenses (668) (770) (2,591) (2,226) Impairment charges — (3,622) — (4,481) General and administrative expenses (8,959) (10,075) (43,441) (41,165) (267) 14,991 171,451 132,446 Operating income 69,827 73,367 378,130 318,120 Other Income (Expenses): Interest and other income, net 4,129 6,404 13,319 9,197 Interest expense (21,462) (20,835) (62,137) (65,401) Loss on debt extinguishment (89) (16,568) (240) (26,104) Income tax benefit (expense) 897 (359) (9,495) (7,918) Income from continuing operations 53,302 42,009 319,577 227,894 Discontinued operations: Income before gain on sales and income taxes 85 2,563 108 17,747 Gain on sale of depreciable properties 136 120,179 3,157 1,229,270 Income tax benefit (expense) — 876 — (10,736) Income from discontinued operations 221 123,618 3,265 1,236,281 Net income 53,523 165,627 322,842 1,464,175 Net income attributable to noncontrolling interests (498) (358) (3,009) (18,163) Net income attributable to common shareholders $53,025 $165,269 $319,833 $1,446,012 Basic net income per common share: Continuing operations attributable to common shareholders $0.15 $0.12 $0.88 $0.63 Discontinued operations attributable to common shareholders — 0.34 0.01 3.43 Total $0.15 $0.46 $0.89 $4.06 Diluted net income per common share: Continuing operations attributable to common shareholders $0.15 $0.12 $0.88 $0.63 Discontinued operations attributable to common shareholders — 0.34 0.01 3.40 Total $0.15 $0.46 $0.89 $4.03 Weighted average number of common shares outstanding 357,898 355,905 357,235 355,614 Weighted average number of common shares and potential dilutive securities 361,410 362,102 362,745 361,947

5 Summary of EPS, FFO and AFFO (unaudited and in thousands) Three Months Ended September 30, 2018 2017 Wtd. Avg. Per Wtd. Avg. Per Amount Shares Share Amount Shares Share Net income attributable to common shareholders $ 53,025 $ 165,269 Less dividends on participating securities (394) (444) Net Income Per Common Share-Basic 52,631 357,898 $ 0.15 164,825 355,905 $ 0.46 Add back: Noncontrolling interest in earnings of unitholders 495 3,302 1,535 3,301 Other potentially dilutive securities — 210 444 2,896 Net Income Attributable to Common Shareholders-Diluted $ 53,126 361,410 $ 0.15 $ 166,804 362,102 $ 0.46 Reconciliation to FFO Net Income Attributable to Common Shareholders $ 53,025 357,898 $ 165,269 355,905 Adjustments: Depreciation and amortization 78,855 68,029 Company share of joint venture depreciation, amortization and other 2,367 2,171 Gains on depreciable property sales - discontinued operations (136) (121,348) Gains on depreciable property sales - continuing operations 107 (21,952) Income tax benefit triggered by depreciable property sales (897) (516) Gains (losses) on depreciable property sales - unconsolidated joint ventures (2,008) 37 Noncontrolling interest share of adjustments (718) 677 NAREIT FFO Attributable to Common Shareholders - Basic 130,595 357,898 $ 0.36 92,367 355,905 $ 0.26 Noncontrolling interest in income of unitholders 495 3,302 1,535 3,301 Noncontrolling interest share of adjustments 718 (677) Other potentially dilutive securities 2,117 2,896 NAREIT FFO Attributable to Common Shareholders - Diluted $ 131,808 363,317 $ 0.36 $ 93,225 362,102 $ 0.26 Gains on land sales (3,915) (5,665) Gains on involuntary conversion - unconsolidated joint venture (1,397) — Loss on debt extinguishment 89 16,568 Land impairment charges — 3,622 Core FFO Attributable to Common Shareholders - Diluted $ 126,585 363,317 $ 0.35 $ 107,750 362,102 $ 0.30 AFFO Core FFO - Diluted $ 126,585 363,317 $ 0.35 $ 107,750 362,102 $ 0.30 Adjustments: Straight-line rental income and expense (6,445) (4,292) Amortization of above/below market rents and concessions (593) 1,232 Stock based compensation expense 2,208 1,943 Noncash interest expense 1,443 1,244 Second generation concessions — (19) Second generation tenant improvements (4,043) (3,700) Second generation leasing costs (4,440) (4,983) Building improvements (1,417) (5,184) AFFO - Diluted $ 113,298 363,317 $ 93,991 362,102 Dividends Declared Per Common Share $ 0.20 $ 0.19

6 Summary of EPS, FFO and AFFO (unaudited and in thousands) Nine Months Ended September 30, 2018 2017 Wtd. Avg. Per Wtd. Avg. Per Amount Shares Share Amount Shares Share Net income attributable to common shareholders $ 319,833 $ 1,446,012 Less dividends on participating securities (1,249) (1,527) Net Income Per Common Share-Basic 318,584 357,235 $ 0.89 1,444,485 355,614 $ 4.06 Add back: Noncontrolling interest in earnings of unitholders 3,002 3,350 13,427 3,307 Other potentially dilutive securities 1,249 2,160 1,527 3,026 Net Income Attributable to Common Shareholders-Diluted $ 322,835 362,745 $ 0.89 $ 1,459,439 361,947 $ 4.03 Reconciliation to FFO Net Income Attributable to Common Shareholders $ 319,833 357,235 $ 1,446,012 355,614 Adjustments: Depreciation and amortization 232,216 222,914 Company share of joint venture depreciation, amortization and other 6,647 7,266 Impairment charges - depreciable property — 859 Gains on depreciable property sales - discontinued operations (3,157) (1,224,422) Gains on depreciable property sales - continuing operations (194,741) (93,339) Income tax expense triggered by depreciable property sales 9,495 19,142 Gains on depreciable property sales - unconsolidated joint ventures (8,186) (50,694) Noncontrolling interest share of adjustments (395) 10,307 NAREIT FFO Attributable to Common Shareholders - Basic 361,712 357,235 $ 1.01 338,045 355,614 $ 0.95 Noncontrolling interest in income of unitholders 3,002 3,350 13,427 3,307 Noncontrolling interest share of adjustments 395 (10,307) Other potentially dilutive securities 2,160 3,026 NAREIT FFO Attributable to Common Shareholders - Diluted $ 365,109 362,745 $ 1.01 $ 341,165 361,947 $ 0.94 Gains on land sales (7,221) (8,449) Gains on involuntary conversion - unconsolidated joint venture (1,397) — Loss on debt extinguishment 240 26,104 Gain on non-depreciable property sale - unconsolidated joint ventures — (119) Land impairment charges — 3,622 Promote income — (20,007) Other income tax items — (2,619) Core FFO Attributable to Common Shareholders - Diluted $ 356,731 362,745 $ 0.98 $ 339,697 361,947 $ 0.94 AFFO Core FFO - Diluted $ 356,731 362,745 $ 0.98 $ 339,697 361,947 $ 0.94 Adjustments: Straight-line rental income and expense (17,759) (12,336) Amortization of above/below market rents and concessions (1,598) 1,895 Stock based compensation expense 18,238 16,023 Noncash interest expense 4,244 4,448 Second generation concessions (135) (94) Second generation tenant improvements (12,194) (11,197) Second generation leasing costs (16,232) (15,260) Building improvements (3,165) (8,115) AFFO - Diluted $ 328,130 362,745 $ 315,061 361,947 Dividends Declared Per Common Share $ 0.60 $ 0.57

7 Discontinued Operations Disclosure and Held-for-Sale Properties (unaudited and in thousands)

Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2018 2017 2018 2017 Properties Comprising Discontinued Operations (1):

Income Statement:

Revenues $85 $4,622 $117 $86,026

Operating expenses — (1,613) (9) (27,780)

Depreciation and amortization — (37) — (25,886)

Operating income 85 2,972 108 32,360

Interest expense — (409) — (14,613)

Gain on sale of depreciable properties 136 120,179 3,157 1,229,270 Income from discontinued operations before income taxes 221 122,742 3,265 1,247,017 Income tax benefit (expense) — 876 — (10,736)

Income from discontinued operations $221 $123,618 $3,265 $1,236,281

(1) The amounts classified in discontinued operations for the periods ended September 30, 2018 and 2017 are comprised of 81 medical office properties that were sold during 2017. Activity during the nine months ended September 30, 2018 consisted of true-up activity related to the prior period sales for items such as post-closing capital obligations, expense recoveries and related estate tax true-ups or refunds. The number of consolidated buildings that we sold (or that are classified as held for sale), as well as their discontinued operations classification, is shown as follows:

Consolidated Properties Nine Months Ended Year Ended September 30, 2018 December 31, 2017 Sold, or classified as held-for-sale, and classified in discontinued operations — 81 Sold, or classified as held-for-sale, and excluded from discontinued operations 14 17

14 98

Held-for-Sale Properties to be Disposed of at September 30, 2018 (in thousands)

Real Estate Investments and Other Assets Held for Sale Number of Properties Square Feet Percentage Leased Industrial Property (Wholly Owned) 1 1,026 100.0% Industrial Property (in 50%-owned Joint Venture) 1 243 100.0% Undeveloped Land (Wholly Owned) 18 Acres

Total Net Book Basis of Held-for-Sale Properties (Joint Venture Properties Reflected at Our Share of Net Book Basis)) $58,134 Total Estimated Net Proceeds of Held-for-Sale Properties (Joint Venture Properties Reflected at Our Share of Proceeds) $71,104

8 Selected Financial Information (unaudited and in thousands) Three Months Ended Nine Months Ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Revenues from continuing operations $231,898 $194,828 $677,013 $565,315 Revenues from discontinued operations 85 4,622 117 86,026 Total revenues $231,983 $199,450 $677,130 $651,341 Lease termination fees - wholly owned (included above in revenues from continuing operations) $— $407 $23 $10,007 Income tax expense triggered by lease termination fee (only applicable to 2017) — — — (2,132) Lease termination fees - wholly owned, net of tax $— $407 $23 $7,875 Calculation of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) Net income $53,523 $165,627 $322,842 $1,464,175 Add depreciation and amortization - continuing operations 78,855 67,992 232,216 197,028 Add depreciation and amortization - discontinued operations — 37 — 25,886 Add non-real estate asset related depreciation 783 723 1,863 1,779 Add interest expense - continuing operations 21,462 20,835 62,137 65,401 Add interest expense - discontinued operations — 409 — 14,613 Add income tax (benefit) expense - continuing operations (897) 359 9,495 7,918 Add income tax (benefit) expense - discontinued operations — (876) — 10,736 EBITDA $153,726 $255,106 $628,553 $1,787,536 Pre-tax gains on depreciable property sales (29) (142,131) (197,898) (1,322,609) Equity in earnings of unconsolidated joint ventures (5,552) (1,841) (15,521) (58,523) Company's share of unconsolidated joint venture EBITDAre 5,380 4,720 15,083 16,833 Impairment charges - depreciable property — — — 859 EBITDAre, as Defined by NAREIT $153,525 $115,854 $430,217 $424,096 Non-real estate asset related depreciation (783) (723) (1,863) (1,779) Gains on land sales (3,915) (5,665) (7,221) (8,449) Land impairment charges — 3,622 — 3,622 Promote income — — — (20,007) Loss on debt extinguishment 89 16,568 240 26,104 Noncontrolling interest share of consolidated joint venture EBITDA (23) (6) (74) (180) Core EBITDA $148,893 $129,650 $421,299 $423,407 Components of Fixed Charges Interest expense, including discontinued operations $21,462 $21,244 $62,137 $80,014 Company's share of unconsolidated joint venture interest expense 1,014 766 2,629 2,137 Less noncontrolling interest share of consolidated joint venture interest expense (3) (4) (6) (12) Capitalized interest 6,546 4,950 21,823 14,453 Company's share of unconsolidated joint venture capitalized interest 29 32 300 119 Total Fixed Charges $29,048 $26,988 $86,883 $96,711 Common dividends paid $71,657 $67,638 $214,463 $202,770 Non-controlling unit distributions paid $659 $627 $2,021 $1,884 Common shares outstanding 358,307 356,130 358,307 356,130 Non-controlling Partnership units outstanding 3,302 3,288 3,302 3,288 Total common shares and units outstanding at end of period 361,609 359,418 361,609 359,418 Common Equity Market Capitalization (1) $10,258,847 $10,358,427 $10,258,847 $10,358,427 Total Market Capitalization (2) $12,919,876 $12,509,589 $12,919,876 $12,509,589 Non-controlling share in assets of consolidated real estate joint ventures (excluding operating partnership) $1,232 $1,301 $1,232 $1,301 Non-controlling share in debt of consolidated real estate joint ventures (excluding operating partnership) $550 $625 $550 $625 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, 2018 June 30, 2018 December 31, 2017 Effective Leverage: (Debt + Company's Share of Unconsolidated Joint Ventures Debt - Noncontrolling Interest Share of Consolidated Debt) / (Total 30% 28% 29% 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) 21% 19% 20%

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 4.8 4.6 4.5 Current quarter annualized 4.4 4.3 4.7 Proforma current quarter annualized (*) 4.4

Fixed Charge Coverage Ratio (Core EBITDA, Including Unconsolidated Joint Ventures/Total Fixed Charges, as calculated on page 9): Trailing twelve months 4.9 4.8 4.5 Most recent quarter 5.1 4.9 4.9

Three months Notes to Proforma Calculations: ended September (*) Proforma Calculations - Core EBITDA and Net Debt 30, 2018 (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 $ 148,893 quarter of actual operations for such properties. Proforma EBITDA adjustment for current quarter acquisitions and developments placed in service 196 (1) (2) Adjustment to current quarter properties sold to Remove EBITDA related to properties sold during the quarter (95) (2) remove the pre-sale operations of these properties Proforma Core EBITDA, including share of unconsolidated joint ventures $ 148,994 from EBITDA for the quarter. x4 Annualized proforma Core EBITDA, including share of unconsolidated joint ventures $ 595,976

Total debt, excluding deferred financing costs $ 2,661,029 Less cash (133,405) Less noncontrolling interest share of consolidated debt (550) Share of unconsolidated joint ventures debt 106,286 Proforma Net Debt $ 2,633,360 Proforma Net Debt to EBITDA 4.4

10 Property Occupancy as of September 30, 2018 (Square feet in thousands)

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

Indianapolis 42 18,412 98.2% — — — 42 18,412 98.2% 5 1,007 35.4% 47 19,419 94.9% Dallas 41 15,681 98.7% 1 189 0.0% 42 15,871 97.5% 1 635 70.8% 43 16,505 96.5% Chicago 39 14,184 96.2% — — — 39 14,184 96.2% 1 183 0.0% 40 14,368 95.0% Atlanta 43 10,941 98.4% 1 337 0.0% 44 11,278 95.5% 3 1,282 0.0% 47 12,559 85.8% Cincinnati 30 9,755 99.2% — — — 30 9,755 99.2% 2 903 68.4% 32 10,658 96.6% Southern California 23 8,926 95.5% — — — 23 8,926 95.5% 4 1,523 56.9% 27 10,450 89.9% South Florida 59 7,319 95.7% 1 146 74.9% 60 7,466 95.2% — — — 60 7,466 95.2% Columbus 11 5,038 100.0% — — — 11 5,038 100.0% 2 2,060 100.0% 13 7,098 100.0% Savannah 23 7,056 100.0% — — — 23 7,056 100.0% — — — 23 7,056 100.0% Houston 22 6,241 100.0% — — — 22 6,241 100.0% 1 338 0.0% 23 6,579 94.9% Pennsylvania 7 5,332 100.0% 1 832 0.0% 8 6,164 86.5% — — — 8 6,164 86.5% New Jersey 13 4,878 100.0% — — — 13 4,878 100.0% 2 856 0.0% 15 5,734 85.1% St. Louis 14 4,492 97.1% — — — 14 4,492 97.1% 2 1,230 69.5% 16 5,722 91.2% Minneapolis-St. Paul 23 4,690 99.5% — — — 23 4,690 99.5% 2 540 51.3% 25 5,230 94.5% Central Florida 25 3,782 93.4% 1 443 54.9% 26 4,225 89.3% — — — 26 4,225 89.3% Nashville 20 3,645 96.2% — — — 20 3,645 96.2% — — — 20 3,645 96.2% DC-Baltimore 19 3,101 94.2% — — — 19 3,101 94.2% — — — 19 3,101 94.2% Raleigh 24 2,909 96.0% — — — 24 2,909 96.0% — — — 24 2,909 96.0% Northern California 3 1,936 100.0% — — — 3 1,936 100.0% — — — 3 1,936 100.0% Seattle 2 1,136 100.0% — — — 2 1,136 100.0% — — — 2 1,136 100.0% Other 1 153 100.0% — — — 1 153 100.0% — — — 1 153 100.0% Total Portfolio 484 139,610 97.9% 5 1,947 18.1% 489 141,557 96.8% 25 10,555 51.9% 514 152,112 93.7%

June 30, 2018 478 136,662 98.2% 5 1,378 17.5% 483 138,040 97.4% 26 12,337 55.2% 509 150,377 94.0% March 31, 2018 467 135,449 98.5% 14 3,521 38.4% 481 138,969 97.0% 18 9,586 57.4% 499 148,555 94.4% December 31, 2017 460 132,725 98.5% 17 4,860 21.5% 477 137,585 95.7% 15 8,537 62.7% 492 146,122 93.8% September 30, 2017 452 128,856 98.0% 13 4,520 29.0% 465 133,376 95.7% 21 11,097 62.9% 486 144,473 93.2%

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

Note: Joint Ventures are included at 100%.

Note: Excludes non-core buildings which are summarized on page 27.

Note: 2017 historical figures exclude assets which were GAAP Held for Sale.

11 FFO and NOI Reconciliation (unaudited and in thousands)

Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018

Core Funds from Operations - Diluted (Page 6 - 7) $ 126,585 $ 356,731 Add back: Interest expense, continuing operations 21,462 62,137 Less: FFO attributable to unconsolidated joint ventures (4,525) (12,635) Add: Company's share of unconsolidated joint venture EBITDAre (Page 9) 5,380 15,083 Adjustments related to noncontrolling interest share of consolidated joint ventures (9) (17) Core EBITDA (Page 9) $ 148,893 $ 421,299 General contractor and service fee revenue, net of related expenses (1,256) (5,160) General and administrative expenses 8,959 43,441 Other operating expenses 668 2,591 Company's share of unconsolidated joint venture EBITDAre (5,380) (15,083) Noncontrolling interest share of consolidated joint venture EBITDA 23 74 Interest and other income (4,129) (13,319) Revenues not allocable to operating segments (509) (1,295) Rental expenses and real estate taxes not allocable to operating segments 2,167 5,182 Revenues from discontinued operations (1) (85) (117) Rental expenses and real estate taxes from discontinued operations (1) — 9 Other adjustments (2) (6,473) (18,591) PNOI, continuing operations, before joint ventures (Page 13) 142,878 419,031 Less noncontrolling interest share of consolidated joint venture PNOI (24) (70) Plus share of unconsolidated joint venture PNOI 4,665 13,692 PNOI, including share of joint ventures (Page 13) 147,519 432,653 PNOI of sold assets not in discontinued operations (3) 131 (7,825) Proforma PNOI adjustments (4) 130 1,724 Proforma PNOI (Page 13) $ 147,780 $ 426,552

(1) Includes true up activity from the 81 properties in the medical office portfolio that were disposed of during 2017.

(2) 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.

(3) Represents all other sold properties that did not meet the criteria to be included in discontinued operations.

(4) NOI is adjusted to reflect a full quarter of operations for properties that were placed in service or acquired during the quarter.

12 Net Operating Income (dollars and SF in thousands)

Logistics Non-Core Real Total Estate Total Wholly Owned and Joint Venture In-Service Portfolio Rental revenues from continuing operations $ 194,922 $ 1,481 $ 196,403 (1) Rental and real estate tax expenses from continuing operations (46,373) (679) (47,052) (2) Less straight line rental income and expense (5,760) (72) (5,832) Other adjustments (640) (1) (641) (3) PNOI, continuing operations, before joint ventures 142,149 729 142,878 Plus share of unconsolidated joint venture PNOI 4,318 347 4,665 (4) Less noncontrolling interest share of consolidated joint venture PNOI — (24) (24) PNOI, adjusted for joint ventures 146,467 1,052 147,519 Less PNOI from sold properties (not in discontinued operations) 98 33 131 Proforma property level NOI adjustments 130 — 130 (5) Proforma PNOI $ 146,695 $ 1,085 $ 147,780

Number of properties 489 7 496 Total square footage (JV's at economic ownership %) 135,959 444 136,403 Avg. % occupied for the three months ended 9/30/18 (JV's included at economic ownership %) 95.5% 56.4 % 95.4% Ending percentage leased at 9/30/18 (JV's included at economic ownership %) 96.9% 56.4 % 96.8% Embedded Future PNOI in Recently Stabilized Properties (Signed Leases not yet Commenced or Free Rent Expiration): Stabilized Properties In-Service Less than One Year $ 4,465 $ — $ 4,465 Stabilized Properties with Negative NOI In-Service Less than One Year 767 — 767 Total Embedded Future PNOI in Stabilized properties from Signed Leases (A) $ 5,232 $ — $ 5,232 Future PNOI in Unstabilized In-Service Properties: Embedded Future PNOI from Signed Leases in Unstabilized Properties $ 454 $ — $ 454 Estimated PNOI from Future Lease Up of Unstabilized Properties 1,659 — 1,659 Total Future PNOI in Unstabilized in-service properties (B) $ 2,113 $ — $ 2,113

Total Additional Future PNOI (A+B) $ 7,345 $ — $ 7,345

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.

Note: See page 14 and 15 for further detail regarding the composition of our in-service portfolio. (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 $509 for the three months ended September 30, 2018. (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 $2,167 for the three months ended September 30, 2018. (3) Represents adjustments for amortization of above and below market rents, amortization of lease concessions, intercompany rents and lease termination fees. (4) NOI for unconsolidated joint venture properties is presented at Duke's effective ownership percentage. (5) NOI is adjusted to reflect a full quarter of operations for properties that were placed in service or acquired during the quarter.

13 Net Operating Income (dollars and SF in thousands)

Logistics Non-Core Real Total Estate Stabilized Properties Generating Positive NOI (1) Wholly owned pro-forma property level NOI-cash basis, included in total from page 13 $ 142,941 $ 852 $ 143,793 Joint venture pro-forma property level NOI-cash basis, included in total from page 13 $ 4,353 $ 347 $ 4,700 Subtotal WO & JV stabilized properties generating positive NOI, as shown on page 15 $ 147,294 $ 1,199 $ 148,493 Gross book value (4) $ 7,324,623 $ 83,530 $ 7,408,153 Number of properties 475 6 481 Average age 11.5 15.6 11.5 Total square footage (JV's at economic ownership %) 131,725 346 132,071 Avg. % occupied for the three months ended 9/30/18 (JV's included at economic ownership %) 97.6% 72.4% 97.5% Ending percentage leased at 9/30/18 (JV's included at economic ownership %) 98.8% 72.4% 98.7% Stabilized Properties with Negative NOI (2) Wholly owned pro-forma property level NOI-cash basis, included in total from page 13 $ (573) $ (114) $ (687) Joint venture pro-forma property level NOI-cash basis, included in total from page 13 $ (35) $ — $ (35) Gross book value (4) $ 227,273 $ 8,287 $ 235,560 Number of properties 9 1 10 Average age 1.3 10.4 1.6 Total square footage (JV's at economic ownership %) 2,286 98 2,384 Avg. % occupied for the three months ended 9/30/18 (JV's included at economic ownership %) 40.6% 0.0% 38.9% Ending percentage leased at 9/30/18 (JV's included at economic ownership %) 56.0% 0.0% 53.7% Unstabilized Properties (3) Wholly owned pro-forma property level NOI-cash basis, included in total from page 13 $ 9 $ — $ 9 Joint venture pro-forma property level NOI-cash basis, included in total from page 13 $ — $ — $ — Gross book value (4) $ 113,407 $ — $ 113,407 Number of properties 5 — 5 Average age 0.3 N/A 0.3 Total square footage (JV's at economic ownership %) 1,947 — 1,947 Avg. % occupied for the three months ended 9/30/18 (JV's included at economic ownership %) 0.0% N/A 0.0% Ending percentage leased at 9/30/18 (JV's included at economic ownership %) 18.1% N/A 18.1%

Note: This schedule provides supplemental information for the same population of properties presented on page 12 and 13. (1) Represents buildings that have become 90% leased and/or been in service for at least one year and that have positive NOI for the current reporting period. Figures exclude $4,465 of embedded future PNOI from signed leases in recently placed in-service properties as shown on page 13.

(2) Represents buildings that have become 90% leased and/or been in service for at least one year and that have negative NOI for the current reporting period. Figures exclude $767 of embedded future PNOI from signed leases in recently placed in-service properties as shown on page 13.

(3) Represents buildings that have been in service for less than one year and have not become 90% leased. Figures exclude $454 of embedded future PNOI from signed leases in recently placed in-service properties as shown on page 13.

(4) Joint ventures are included at ownership percentage.

14 Net Operating Income and Square Feet by Market (dollars and SF in thousands and shown at economic ownership %)

Square Feet at 3-Month Avg. NOI at Economic Economic Percentage Market Ownership % % of NOI Ownership % Occupied Chicago $ 14,406 9.7% 14,184 96.6% Indianapolis 13,195 8.9% 15,421 100.0% Southern California 11,772 7.9% 8,095 100.0% Atlanta 11,089 7.5% 10,941 98.3% South Florida 11,085 7.5% 6,782 95.3% Dallas 11,066 7.5% 12,658 99.0% Cincinnati 8,728 5.9% 9,720 99.7% Houston 8,130 5.5% 6,241 96.7% New Jersey 8,123 5.5% 4,878 100.0% Savannah 6,790 4.6% 7,056 98.5% Minneapolis-St. Paul 5,971 4.0% 4,690 97.8% Pennsylvania 5,471 3.7% 5,332 80.9% Columbus 4,878 3.3% 5,038 100.0% DC / Baltimore 4,826 3.2% 2,890 97.9% Nashville 4,743 3.2% 3,645 97.9% Central Florida 4,718 3.2% 3,782 93.2% Raleigh 4,142 2.8% 2,757 98.2% St. Louis 3,762 2.5% 4,492 96.7% Northern California 2,464 1.7% 1,936 100.0% Seattle 1,887 1.3% 1,136 100.0% Other 48 0.0% 51 100.0% Logistics total $ 147,294 99.2% 131,725 97.6%

Non-Core Real Estate 1,199 0.8% 346 72.4%

Total $ 148,493 100.0% 132,071 97.5%

Note: NOI information is for the three months ended September 30, 2018 and includes only wholly owned and joint venture stabilized in-service properties generating positive NOI as of September 30, 2018. Joint venture property NOI is shown at economic ownership percentage.

Note: Schedule does not include an additional $4,465 of quarterly unreported NOI from signed leases in recently placed in-service properties which are stabilized from a lease-up perspective (>= 90% leased) and generating positive NOI, but are unstabilized from an economic perspective due to rent concessions or the leases have not yet commenced.

Note: This schedule provides supplemental information for the stabilized properties generating positive NOI shown on page 14.

Note: Percentage occupied represents the percentage of total square feet where the leases have commenced. JV's are included at economic ownership %.

15 Largest Customers

% of Customer Rentable SF Leased SF Annualized GLV (1) % of AGLV Amazon.com 8,006,587 5.8% $38,914,866 6.3% UPS of America, Inc. 2,515,718 1.8% 15,337,661 2.5% Wayfair, Inc 3,387,308 2.5% 14,943,700 2.4% NFI Industries 1,973,267 1.4% 8,709,909 1.4% Floor & Decor Outlets 1,771,911 1.3% 8,490,295 1.4% Crate and Barrel 1,776,848 1.3% 8,236,164 1.3% Target Corporation 1,027,169 0.7% 7,581,168 1.2% Deckers Outdoor Corporation 1,530,944 1.1% 7,473,214 1.2% Home Depot 1,243,687 0.9% 6,988,220 1.1% HD Supply Inc 1,583,574 1.2% 6,069,147 1.0% 24,817,013 18.1% $122,744,344 20.0%

Note: Joint Venture annualized gross lease value is included at the Company's economic ownership percentage. Note: Figures exclude non-core buildings which are summarized on page 27.

(1) Represents average annual gross effective rents due from tenants in service as of September 30, 2018. Average annual gross effective rent equals the average annual rental property revenue over the terms of the respective leases including landlord operating expense allowance and excluding additional rent due as operating expense reimbursements and percentage rents.

16 Same Property Operating Performance

Property Performance Population Summary Quarter Ended September 30 Year to Date September 30 2018 2017 % Change 2018 2017 % Change

Number of properties 418 Total operating revenues $ 160,575,914 $ 151,916,402 5.7% $ 477,255,404 $ 455,635,703 4.7%

Square feet 108,249,196 Total operating expenses 42,325,216 40,655,097 4.1% 128,106,567 121,689,414 5.3% Same Property SF as a % of total in service SF 79.6% Net Operating Income $ 118,250,699 $ 111,261,305 6.3% $ 349,148,838 $ 333,946,289 4.6% (at ownership share) Average percentage occupied 98.7% 97.2% 1.5% 98.2% 97.6% 0.6%

QTD Same Property NOI as a % of total NOI 80.0%

YTD Same Property NOI as a % of total NOI 81.9%

Note: All information for joint venture properties is presented at Duke's effective ownership percentage. Note: Figures exclude non-core buildings which are summarized on page 27.

The same property population for the periods shown is derived from the 489 in-service properties that we own or jointly control, as of September 30, 2018, less (i) 33 in- service buildings that were acquired since January 1, 2017, (ii) 34 in-service buildings we developed and placed in-service since January 1, 2017, (iii) 4 additional in- service buildings that were unstabilized as of January 1, 2017.

17 Lease Expirations In-Service Properties as of September 30, 2018 (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) 2018 1,850 $7,540 — $0 1,850 $7,540 2019 10,156 41,700 533 2,081 10,689 43,781 2020 14,456 65,134 514 1,998 14,970 67,132 2021 14,177 63,682 629 2,212 14,806 65,894 2022 17,417 72,398 281 976 17,698 73,374 2023 11,320 55,142 602 2,432 11,922 57,574 2024 12,507 58,286 150 721 12,657 59,007 2025 9,459 43,470 116 399 9,575 43,869 2026 8,863 40,282 72 378 8,935 40,660 2027 6,549 28,486 171 867 6,720 29,353 2028 and Thereafter 19,740 111,134 2,195 8,398 21,935 119,532 126,494 $587,254 5,263 $20,462 131,757 $607,716 Total Square Feet 130,424 5,535 135,959 Percent Leased 97.0% 95.1% 96.9% Average Remaining Lease Term (by SF) 5.5 6.8 5.6 Average Remaining Lease Term (by ANLV) 5.8 6.9 5.8

Note: Figures exclude non-core buildings which are summarized on page 27. Note: Joint Venture square feet and dollars shown at the Company's economic ownership percentage. (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 additional amounts paid by tenants as reimbursement for operating expenses and real estate taxes, as well as percentage rents. % of Expiring Leases: Total In-Service Portfolio

% of Leased Square Feet % of Annualized Rental Revenue

20% 17% 13% 11% 11% 11% 11% 12% 9% 9% 10% 10% 8% 7% 7% 7% 7% 7% 5% 5% 1% 1%

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Thereafter

18 Leasing Activity as of September 30, 2018

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 2017 New leases 8,415,920 5,288,853 5.9 $ 4.40 $ 3.79 $ 0.65 13,704,773 Renewal leases — 9,969,667 5.6 4.36 1.93 0.34 9,969,667 Total 8,415,920 15,258,520 5.7 $ 4.37 $ 2.57 $ 0.45 19.2% 6.5% 23,674,440 1st Quarter 2018 New leases 2,650,749 2,760,768 7.3 $ 4.18 $ 3.74 $ 0.51 5,411,517 Renewal leases — 1,538,142 4.6 5.62 2.55 0.55 1,538,142 Total 2,650,749 4,298,910 6.4 $ 4.70 $ 3.30 $ 0.52 25.6% 12.0% 6,949,659 2nd Quarter 2018 New leases 4,964,333 739,400 4.1 $ 4.87 $ 2.71 $ 0.66 5,703,733 Renewal leases — 2,084,919 4.4 4.57 2.10 0.48 2,084,919 Total 4,964,333 2,824,319 4.3 $ 4.64 $ 2.26 $ 0.52 22.1% 9.2% 7,788,652 3rd Quarter 2018 New leases 1,654,052 593,826 5.2 $ 5.15 $ 3.81 $ 0.73 2,247,878 Renewal leases — 2,920,505 4.4 4.90 1.56 0.36 2,920,505 Total 1,654,052 3,514,331 4.5 $ 4.94 $ 1.94 $ 0.43 27.9% 11.2% 5,168,383 Year to Date 2018 New leases 9,269,134 4,093,994 6.4 $ 4.45 $ 3.56 $ 0.55 13,363,128 Renewal leases — 6,543,566 4.5 4.96 1.96 0.44 6,543,566 Total 9,269,134 10,637,560 5.2 $ 4.76 $ 2.57 $ 0.49 25.4% 11.0% 19,906,694 Note: Activity is based on leases signed during the period and excludes temporary leases of space. Note: Joint ventures are shown at 100%

Percent Renewed and Effective Percentage Re-Leased

100 90.4% 94.3% 92.2% 94.4% 93.7%

d 80 e 80.5% 82.7% s 74.7% 76.2% a 60 68.0% e

l Leases Renewed (1) -

e 40 R Expiring Spaces Backfilled (2) % 20 0 2017 1st Qtr 2018 2nd Qtr 2018 3rd Qtr 2018 YTD 2018

(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. 19 Debt Maturities

September 30, 2018 (in thousands)

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

2018 $ 1,165 $ — $ 687 $ — $ — $ 1,852 6.42% 2019 4,077 41,438 2,858 — — 48,373 7.51% 2020 3,883 — 1,498 — — 5,381 5.82% 2021 3,416 9,047 — 250,000 — 262,463 3.99% 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 5.61% 2026 2,029 — — 375,000 — 377,029 3.37% 2027 358 — — 300,000 — 300,358 3.40% 2028 — — — 500,000 — 500,000 4.45% Thereafter — — — — — — —

$ 30,330 $ 50,485 $ 5,043 $ 2,575,000 $ — $ 2,660,858 4.01%

(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 @ 9/30 Maturity * Rate @ 9/30 $1,485,361 $1,200,000 $— January 2023 L + .875% (3.14%)

*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 $78,615 6.91% 1.8 Fixed Rate Unsecured Debt 2,580,043 3.93% 6.4 $603,611 Variable Rate Debt and LOC 2,200 2 1.75% 4.1 . $2,660,858 4.01% 6.3 Deferred Financing Costs (26,852) $262,463 $253,817 Fair Value Adjustments 170 Total Debt per Balance Sheet $2,634,176 $48,373 $1,852 $5,381

2018 2019 2020 2021 2022 2023 Thereafter

20 Unsecured Public Debt Covenants

Third Second First Fourth Debt Covenants Threshold Quarter 2018 Quarter 2018 Quarter 2018 Quarter 2017 Total Debt to Undepreciated Assets <60% 30% 29% 30% 30% Debt Service Coverage >1.5x 6.5 6.3 5.7 5.3 Secured Debt to Undepreciated Assets <40% 1% 4% 4% 4% Undepreciated Unencumbered Assets to Unsecured Debt >150% 305% 343% 330% 337%

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 trust indenture.

Three Months Ended

Unencumbered Consolidated Assets September 30, 2018 September 30, 2017 Number of properties 435 (1) 377 Total square feet (in thousands) 124,744 (1) 104,080 Gross book value (in thousands) $7,245,419 (1) $5,899,821 Annual stabilized NOI (in thousands) $575,454 (1) $476,736

(1) Excludes 21 consolidated properties under development at September 30, 2018 which will be unencumbered upon completion. These properties totaled approximately 9.6 million square feet with total anticipated stabilized project costs of approximately $826.5 million and anticipated stabilized NOI of approximately $49.3 million.

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

21 Unconsolidated Joint Ventures September 30, 2018 Non-Core Logistics (1) Real Estate (2) Total Total in-service properties 38 3 41 Total properties under development 4 — 4 Percentage leased 90.1% 59.4% 89.0% Square feet (in thousands): Total in-service properties 11,132 451 11,583 Total properties under development 929 — 929 Total square feet 12,061 451 12,512 Company effective ownership percentage 33%-50% 30% Balance sheet information (in thousands) (A) Real estate assets $ 309,266 $ 79,885 $ 389,151 Construction in progress 14,809 — 14,809 Undeveloped land 27,804 — 27,804 Other assets 70,231 7,680 77,911 Total assets $ 422,110 $ 87,565 $ 509,675 Debt $ 185,183 $ 45,649 $ 230,832 Other liabilities 26,359 6,411 32,770 Equity 210,568 35,505 246,073 Total liabilities and equity $ 422,110 $ 87,565 $ 509,675 Selected QTD financial information (Dollars in Thousands) (B) QTD share of rental revenue $6,926 $636 $7,562 QTD share of in-service property unlevered NOI $4,318 $347 $4,665 QTD share of interest expense $817 $197 $1,014 QTD share of EBITDA $5,018 $362 $5,380 Company share of JV gross assets $264,228 $35,466 $299,694 Company share of debt $92,591 $13,695 $106,286

(A) Balance sheet information is reported at 100% of joint venture. (B) Reported at Duke's share of joint venture. (1) Includes seven separate joint ventures. The outstanding debt consists of three separate loans: i) $110,933 at a variable rate of LIBOR plus .98% maturing November 2021 ii) $61,500 at a fixed rate of 3.3% maturing July 2025 and iii) $12,750 at a fixed rate of 3.6% maturing November 2026. One property was classified as held-for-sale at September 30, 2018. Our share of revenues, EBITDA and NOI are included in the totals.

(2) Includes one joint venture. The outstanding debt consists of two separate loans: i) $13,301 at a fixed rate of 5.6% maturing December 2019 and ii) $32,317 at a fixed rate of 5.9% maturing January 2020.

22 Joint Venture Debt Maturities September 30, 2018

(in thousands)

Scheduled Weighted Average Year Amortization Maturities Total Interest Rate 2018 $ 35 $ — $ 35 5.57% 2019 294 3,824 4,118 5.58% 2020 — 9,533 9,533 5.89% 2021 10 55,466 55,476 3.09% 2022 122 — 122 3.55% 2023 126 — 126 3.55% 2024 130 — 130 3.55% 2025 135 30,750 30,885 3.25% 2026 116 5,735 5,851 3.55% 2027 — — — — 2028 — — — — Thereafter — — — —

$ 968 $ 105,308 $ 106,276 3.51%

Weighted Weighted Average Interest Average Maturity Balance Rate (yrs) Fixed Rate Secured Debt $50,810 3.97% 4.8 Fixed Rate Unsecured Debt — N/A N/A Variable Rate Debt and LOC's 55,466 3.09% 3.1 Total $106,276 3.51% 3.9

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

23 Development Projects Under Construction September 30, 2018 (in thousands)

Property Information (1) Square % Stabilized Development Market Own % feet Leased Costs Financial Information Summary (2)

16171 Santa Ana Ave Southern California 100% 282 100 % Fairfield Logistics Ctr 7940 Cincinnati 100% 285 0 % Arbor Lakes 10500 Minneapolis-St. Paul 100% 263 0 % RGLP Intermodal S 9789 Columbus 100% 1,205 100 % Projected Initial 990 North Avenue Chicago 100% 183 0 % Stabilized Costs Stabilized Stabilized 240 The Bluffs Atlanta 100% 498 0 % Costs Remaining Cash GAAP Camp Creek 4900 Atlanta 100% 193 0 % (Own %) (Own %) Yield Yield Projected In-Service Fourth Quarter 2018 2,909 51 % $ 195,175 $ 853,896 $ 356,413 6.0% 6.5% (J) AllPoints Anson Building 2 Indianapolis 50% 149 100 % Premier 370 Bus Park 1001 St. Louis 100% 375 0 % 24960 San Michele Southern California 100% 244 100 % Estimated Value Creation 4323 Indian Ave Southern California 100% 657 0 % Low Mid High 1380 Jesse Cronic Rd Atlanta 100% 590 0 % value value value (J) AllPoints Anson Building 4 Indianapolis 50% 149 0 % 5 Ethel Boulevard New Jersey 100% 194 0 % Projected In-Service First Quarter 2019 2,358 17 % $ 189,094 Stabilized NOI $51,426 $51,426 $51,426 Blended cap rate (3) 5.30% 5.05% 4.80% Point North Three Houston 100% 338 0 % Implied value (Own %) $970,302 $1,018,337 $1,071,375 Arbor Lakes 10501 Minneapolis-St. Paul 100% 277 100 % Value creation (Own %) $116,406 $164,441 $217,479 Premier 370 Bus Park 4000 St. Louis 100% 855 100 % Margin 14% 19% 25% Lakeside Ranch 1130 Dallas 100% 635 71 % (J) AllPoints Anson Building 17 Indianapolis 50% 135 100 % S Afton Industrial Park 3001 Cincinnati 100% 618 100 % Park 70 at West Jefferson 1550 Columbus 100% 855 100 % (J) AllPoints Midwest Bldg. 10 Indianapolis 50% 496 0 % Projected In-Service Second Quarter 2019 4,208 76 % $ 270,568 (J) Designates a joint venture property. Square feet shown at 100%; Stabilized costs 429 Delancy Street New Jersey 100% 662 0 % included at ownership share. 24921 Nandina Ave Southern California 100% 340 100 % (1) Square feet and percentage leased included at 100% for all properties while stabilized (J) 8711 North River Crossing Blvd Indianapolis 50% 78 94 % costs are included at ownership share. Projected In-Service Third Quarter 2019 or beyond 1,080 38 % $ 199,059 (2) All Financial figures included at ownership share. (3) Midpoint cap rate represents weighted average estimated cap rates. High and low Company Total 10,555 52 % $ 853,896 represent sensitivity analysis of +/- 25 basis points.

24 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

2017:

1st Quarter 965 100% 100% $ 56,346 6.4% 6.9% 708 0% 52% $ 15,150 7.4% 7.9% 1,674 58% 80% 80% $ 71,496 6.6% 7.1%

2nd Quarter 1,883 65% 87% 142,064 6.1% 6.5% — — — — — — 1,883 65% 87% 83% 142,064 6.1% 6.5%

3rd Quarter 3,116 44% 87% 223,065 6.8% 7.3% — — — — — — 3,116 44% 87% 87% 223,065 6.8% 7.3%

4th Quarter 2,815 57% 88% 172,572 6.9% 7.2% — — — — — — 2,815 57% 88% 88% 172,572 6.9% 7.2%

2017 Total 8,779 59% 89% $ 594,048 6.6% 7.1% 708 0% 52% $ 15,150 7.4% 7.9% 9,488 55% 86% 85% $ 609,197 6.6% 7.1%

2018:

1st Quarter 1,205 84% 84% $ 85,966 6.4% 7.0% — — — — — — 1,205 84% 84% 84% $ 85,966 6.4% 7.0%

2nd Quarter 2,220 54% 100% 181,910 6.8% 7.2% 708 65% 100% 17,284 8.1% 8.3% 2,928 57% 100% 65% 199,194 7.0% 7.3%

3rd Quarter 3,401 52% 69% 237,228 5.8% 6.0% 400 100% 100% 9,647 6.9% 7.2% 3,801 57% 72% 57% 246,874 5.8% 6.0%

2018 Total YTD 6,826 59% 82% $ 505,103 6.3% 6.6% 1,108 78% 100% $ 26,931 7.7% 7.9% 7,934 61% 84% 64% $ 532,034 6.3% 6.7%

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 2017 Total: 23.8% Q3 2018 : 15.0% 2018 YTD: 28.7%

$36,895 $144,856 $152,420

$609,197 $246,874 $532,034

Initial Stabilized Project Costs (000s) Estimated Value Creation (000s)

25 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)

2017 1st Quarter 1,122 $ 90,244 8.9% 95.0% 1,060 82.7% $ 115,423 3.7% $ 116,635 4.8% 100.0% 2nd Quarter 5,529 2,456,841 4.6% 94.7% 1,179 42.6% 124,280 0.4% 133,275 5.0% 80.3% 3rd Quarter 909 300,582 4.8% 87.3% 3,131 74.7% 390,908 2.9% 401,557 4.6% 95.7% 4th Quarter 1,527 247,650 5.2% 90.4% 2,606 67.8% 366,549 2.5% 377,421 4.6% 100.0% 2017 Total 9,087 $ 3,095,317 4.8% 93.3% 7,977 68.8% $ 997,160 2.5% $ 1,028,888 4.6% 95.4%

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% 100.0% 3rd Quarter 142 8,600 5.5% 100.0% — — — — — — — 2018 Total YTD 6,448 $ 479,633 5.3% 91.9% 1,234 100.0% $ 209,927 4.3% $ 210,559 4.4% 100.0%

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.

(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.

26 Non-Core Buildings

September 30, 2018

Property Information

At 100% At Economic Ownership % Square Feet Square Feet Quarterly NOI $ # of buildings (000s) % Leased (000s) % Leased (000s) (1)

Consolidated:

Various markets 4 309 55% 309 55% $738

Joint venture:

Washington DC 3 451 59% 135 59% 347

Total Non-core buildings 7 760 58% 444 56% $1,085

(1) Per NOI report (page 13).

Lease Expirations

Sq. Feet (000s) Annual Revenue % of Annual Year of Expiration (2) (000s) (3) Revenue 2018 3 $33 1% 2019 12 149 3% 2020 35 660 12% 2021 1 16 0% 2022 15 184 3% 2023 59 969 17% 2024 5 62 1% 2025 — — — 2026 — — — 2027 2 38 1% 2028 or Thereafter 119 3,486 62%

251 $5,597 100%

(2) Joint venture properties are included at the Company's economic ownership percentage. (3) 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 additional amounts paid by tenants as reimbursement for operating expenses and real estate taxes, as well as percentage rents. Joint venture properties are included at the Company's economic ownership percentage.

27 Components of Net Asset Value September 30, 2018 (unaudited and in thousands) Real Estate Services Operations Net Income

Stabilized Operating Portfolio Generating Positive NOI - Current Quarter (Page 14) Mid-Point of 2018 Full Year Guidance $ 6,000 Wholly Owned Logistics Properties Proforma NOI $ 142,941 Share of JV Logistics Properties Proforma NOI 4,353 Other Assets Adjustment to exclude PNOI (included above) from Held-for-Sale Properties (1,063) Total Logistics Properties $ 146,231 Cash (2) $ 133,405 Restricted Cash Held for Like-Kind Exchange (2) 127,597 Wholly Owned Non-Core Real Estate Proforma NOI $ 852 Notes Receivable from Property Sales (3) 276,744 Share of Non-Core Real Estate JV Proforma NOI 347 Accounts Receivable and Construction Receivables (2) 53,193 Total Non-Core Real Estate $ 1,199 Other Tangible Assets (4) 89,885 Subtotal Other Assets $ 680,824 Embedded Future PNOI from Signed Leases in Recently Stabilized Properties (Page 13) Stabilized properties in service less than one year generating positive PNOI $ 4,465 Liabilities Total Debt, excluding deferred financing costs (page 10) $2,661,029 PNOI from Unstabilized In-Service Properties Share of JV Debt (page 22) 106,286 In-place PNOI - Logistics Properties (Page 14) $ 9 Other Tangible Liabilities (4) 401,102 Embedded Future PNOI from Signed Leases - Logistics Properties (Page 13) $ 454 Total Liabilities $3,168,417 Estimated PNOI from Future Lease Up - Logistics Properties (Page 13) $ 1,659

Real Estate Not Valued Above by Income Capitalization Outstanding Shares and Share Equivalents Gross Book Value of Stabilized Portfolio Generating Negative NOI (page 14) $ 235,560 Common Shares Outstanding (page 9) 358,307 As noted on page 13, leases in recently stabilized properties currently generating Partnership Units Outstanding (page 9) 3,302 negative PNOI will result in an additional $767 of PNOI on a quarterly basis in future Other Potentially Dilutive Securities (page 7) 2,160 periods when such leases commence and all periods of free rent have expired. 363,769 Estimated Proceeds from Assets Held for Sale (1) $ 71,104

Development and Land Notes (1) Comprised of one wholly owned property, one joint venture property and one parcel of Wholly Owned CIP (2) $ 515,324 land. Share of JV CIP 7,404 (2) As shown on the Balance Sheets (page 4). Estimated Development Value Creation at Own % (page 24) 164,441 (3) Includes $255 million of seller notes receivable received as part of the proceeds from the medical office disposition, which bear interest at 4% and mature in various tranches with the Wholly Owned Development Land (2) 291,498 final maturity in January 2020. Wholly Owned Sale Land (2) 22,577 (4) Other tangible assets are comprised of amounts from the Balance Sheets (as presented on page 4) for escrow deposits and other assets (but excluding intangible assets of $89,314 Share of JV Land 13,902 and deferred financing costs of $6,927). Other tangible liabilities are comprised of the sum of construction payables, accrued real estate taxes, accrued interest, other accrued expenses, $1,015,146 other liabilities (excluding non-cash liabilities of $64,002).

28 2018 Range of Estimates

(dollars in millions except per share amounts) 2017 2018 Range of Estimates Metrics Actual YTD Key Assumptions Pessimistic Optimistic

Net Income per Share Attributable to $4.56 $0.89 $1.02 $1.10 - Previous guidance of $0.97 to $1.12. Common Shareholders - Diluted - Lower gains on property sales compared to 2017. NAREIT FFO per Share Attributable to $1.27 $1.01 $1.33 $1.39 - Previous guidance of $1.29 to $1.37. Common Shareholders - Diluted - Includes net gains on land sales.

Core FFO per Share Attributable to $1.24 $0.98 $1.31 $1.35 - Previous guidance of $1.29 to $1.35. Common Shareholders - Diluted - Lease up of new development and acquisitions. - Strong rent growth. - Minimal downtime on expirations. Growth in AFFO - Share Adjusted 3.8% 3.4% 5.5% 9.1% - Previous guidance of 4.5% to 10.0%. - Driven by same factors impacting Core FFO.

Average Percentage Leased 98.1% 98.2% 97.9% 98.7% - Immediate backflills on many terminations. (stabilized portfolio) - Lease up of new development and acquisitions. Average Percentage Leased 96.3% 96.9% 96.5% 97.3% - Lease up of speculative development and acquisitions sooner than expected. (In-service portfolio) Same Property NOI Growth (1) 3.2% 4.6% 4.2% 4.8% - Previous guidance of 3.5% to 4.5%. - Continued solid rent growth expected, embedded lease escalators. Building Acquisitions $997 $210 $200 $300 - Previous guidance of $100 to $400. (Duke share) - Focused on high barrier markets.

Building Dispositions $3,095 $480 $500 $600 - Previous guidance of $470 to $600. (Duke share) - Data centers and Midwest non-strategic industrial. Land Sale Proceeds $58 $7 $10 $20 - Non-strategic inventory is shrinking. Development Starts $866 $758 $750 $950 - Significant number of BTS projects. (JVs at 100%) - Speculative starts in targeted growth markets. Service Operations Income $5 $5 $5 $7 - Previous guidance of $2 to $5. - Joint venture development. General & Administrative Expense $55 $43 $57 $53 - Stable overhead levels. Effective Leverage (Gross Book Basis) 29% 30% 33% 29% - Reflects short-term impact of medical office properties disposition.

Fixed Charge Coverage (TTM) 4.5X 4.9X 4.5x 5.0x - Reflects impact of unstabilized development and acquisitions. Net Debt to Core EBITDA (TTM) 4.5X 4.8X 5.3X 4.8X - Reflects short-term impact of medical office properties disposition. - Increase to fund development. - Maintain Baa1/BBB+ ratings.

Note: Bolded estimates represent current quarter changes. (1) 2017 actual Same Property NOI Growth was revised to reflect current methodology agreed to by DRE and other industrial REITs.