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 Summary of EPS, FFO, and AFFO 6-7 Joint Venture Debt Maturities 22 Discontinued Operations Disclosure 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 Non-Core Buildings 26 Supplemental Information for NOI 12-14 Components of Net Asset Value 27 Largest Customers 15 Other Same Property Net Operating Income - Cash 16 Range of Estimates 28 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 533 logistics properties encompassing 157.6 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 5 non-core buildings totaling 422 thousand square feet that we intend to sell in the future. These properties are summarized on page 26.

Development Land: Duke Realty owns or has joint venture interests in approximately 1,200 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 24 million square feet of future logistics development. All of these amounts include joint ventures at ownership share.

Common Stock Data (NYSE:DRE): 2nd Quarter 2018 3rd Quarter 2018 4th Quarter 2018 1st Quarter 2019 2nd Quarter 2019 High price $29.24 $29.48 $28.91 $31.00 $32.59 Low price $25.29 $27.52 $24.67 $24.88 $29.48 Closing price $29.03 $28.37 $25.90 $30.58 $31.61 Dividends paid per share $0.20 $0.20 $0.215 $0.215 $0.215 Closing dividend yield 2.8% 2.8% 3.3% 2.8% 2.7%

Earnings Conference Call

Duke Realty Corporation will hold its quarterly conference call to discuss second quarter results on Thursday, August 1, 2019, 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”). In December 2018, NAREIT issued the "NAREIT Funds from Operations White Paper - 2018 Restatement" (the "2018 White Paper"), which reaffirmed, and in some cases refined, NAREIT's prior determinations concerning FFO. The guidance in the 2018 White Paper allows preparers an option as it pertains to whether gains or losses on sale, or impairment charges, on real estate assets incidental to a REIT's business are excluded from the calculation of FFO. We have made the election to exclude activity related to such real estate assets that are incidental to our business. The guidance in the 2018 White Paper is effective for annual periods beginning after December 15, 2018, with early adoption permitted. We early-adopted the guidance in the 2018 White Paper effective December 31, 2018 and have, accordingly, revised prior periods to reflect that guidance. FFO is calculated as net income or loss 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 or loss as defined by GAAP and that FFO should be examined in conjunction with net income 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 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 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 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.

Core EBITDA: Core EBITDA is defined by the Company as the EBITDAre, adjusted 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 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 - 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. Same property NOI excludes termination fees.

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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.

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 27) 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.

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Balance Sheets (unaudited and in thousands) June 30, March 31, December 31, 2019 2019 2018 Assets: Real estate assets $7,669,915 $7,428,408 $7,248,346 Accumulated depreciation (1,427,919) (1,380,313) (1,344,176) Construction in progress 423,460 482,326 477,162 Land held for development 353,727 360,103 341,104 Non-strategic land 14,894 19,736 19,712 Net real estate investments 7,034,077 6,910,260 6,742,148

Real estate investments and other assets held-for-sale 20,472 1,940 1,082

Cash and cash equivalents 8,664 15,295 17,901 Accounts receivable 21,229 14,496 14,254 Straight-line rents receivable 120,155 115,210 109,334 Receivables on construction contracts, including retentions 22,450 24,095 41,215 Investments in and advances to unconsolidated joint ventures 113,987 116,679 110,795 Deferred leasing and other costs, net 316,624 308,460 313,799 Notes receivable from property sales 142,550 237,550 272,550 Other escrow deposits and other assets 213,919 218,495 180,946 Total assets $8,014,127 $7,962,480 $7,804,024

Liabilities and Equity: Secured debt, net of deferred financing costs $36,053 $36,896 $79,563 Unsecured debt, net of deferred financing costs 2,550,922 2,549,928 2,548,938 Unsecured line of credit 252,000 240,000 30,000 2,838,975 2,826,824 2,658,501

Liabilities related to real estate investments held-for-sale 633 41 — Construction payables and amounts due subcontractors, including retentions 67,062 76,380 92,288 Accrued real estate taxes 76,085 67,460 73,358 Accrued interest 22,276 26,932 16,153 Other liabilities 263,839 238,246 205,433 Tenant security deposits and prepaid rents 43,136 45,426 45,048 Total liabilities 3,312,006 3,281,309 3,090,781

Common shares 3,606 3,594 3,589 Additional paid-in-capital 5,290,382 5,250,157 5,244,375 Accumulated other comprehensive loss (28,717) (14,018) (4,676) Distributions in excess of net income (624,674) (618,123) (585,087) Total shareholders' equity 4,640,597 4,621,610 4,658,201 Noncontrolling interest 61,524 59,561 55,042 Total liabilities and equity $8,014,127 $7,962,480 $7,804,024

4 Statements of Operations (unaudited and in thousands) Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Revenues: Rental and related revenue $213,107 $192,093 $423,072 $385,549 General contractor and service fee revenue 23,919 18,465 78,883 59,566 237,026 210,558 501,955 445,115 Expenses: Rental expenses 17,597 16,377 38,265 36,290 Real estate taxes 32,375 31,196 64,817 62,342 General contractor and other services expenses 23,189 15,253 75,775 55,662 Depreciation and amortization 83,004 75,832 158,996 153,361 156,165 138,658 337,853 307,655 Other Operating Activities: Equity in earnings of unconsolidated joint ventures 4,143 1,682 8,858 9,969 Gain on sale of properties 30,592 149,962 30,429 194,848 Gain on land sales 1,950 357 2,700 3,306 Other operating expenses (1,518) (1,529) (3,641) (2,798) Non-incremental costs related to successful leases (3,447) — (5,603) — General and administrative expenses (13,420) (13,459) (35,403) (34,482) 18,300 137,013 (2,660) 170,843 Operating income 99,161 208,913 161,442 308,303 Other Income (Expenses): Interest and other income, net 2,534 4,727 5,292 9,190 Interest expense (23,510) (20,675) (45,642) (40,675) Loss on debt extinguishment — (151) (13) (151) Gain on involuntary conversion — — 2,259 — Income tax expense (6,616) (63) (7,001) (10,392) Income from continuing operations 71,569 192,751 116,337 266,275 Discontinued operations: Income before gain on sales — 31 — 23 Gain on sale of properties 99 2,889 254 3,021 Income from discontinued operations 99 2,920 254 3,044 Net income 71,668 195,671 116,591 269,319 Net income attributable to noncontrolling interests (615) (1,826) (987) (2,511) Net income attributable to common shareholders $71,053 $193,845 $115,604 $266,808 Basic net income per common share: Continuing operations attributable to common shareholders $0.20 $0.53 $0.32 $0.74 Discontinued operations attributable to common shareholders — 0.01 — 0.01 Total $0.20 $0.54 $0.32 $0.75 Diluted net income per common share: Continuing operations attributable to common shareholders $0.20 $0.53 $0.32 $0.73 Discontinued operations attributable to common shareholders — 0.01 — 0.01 Total $0.20 $0.54 $0.32 $0.74 Weighted average number of common shares outstanding 359,681 357,054 359,412 356,898 Weighted average number of common shares and potential dilutive securities 362,926 362,741 362,615 362,551

5 Summary of EPS, FFO and AFFO (unaudited and in thousands) Three Months Ended June 30, 2019 2018 Wtd. Avg. Per Wtd. Avg. Per Amount Shares Share Amount Shares Share Net income attributable to common shareholders $ 71,053 $ 193,845 Less dividends on participating securities (388) (418) Net Income Per Common Share-Basic 70,665 359,681 $ 0.20 193,427 357,054 $ 0.54 Add back: Noncontrolling interest in earnings of unitholders 621 3,145 1,824 3,393 Other potentially dilutive securities — 100 418 2,294 Net Income Attributable to Common Shareholders-Diluted $ 71,286 362,926 $ 0.20 $ 195,669 362,741 $ 0.54 Reconciliation to FFO Net Income Attributable to Common Shareholders $ 71,053 359,681 $ 193,845 357,054 Adjustments: Depreciation and amortization 83,004 75,832 Depreciation, amortization and other - unconsolidated joint ventures 2,417 2,119 Gains on sales of properties (30,691) (152,851) Gains on land sales (1,950) (357) Income tax expense triggered by sales of real estate assets 6,616 63 Gains on sales of real estate assets - unconsolidated joint ventures (2,028) 38 Noncontrolling interest share of adjustments (496) 707 NAREIT FFO Attributable to Common Shareholders - Basic 127,925 359,681 $ 0.36 119,396 357,054 $ 0.33 Noncontrolling interest in income of unitholders 621 3,145 1,824 3,393 Noncontrolling interest share of adjustments 496 (707) Other potentially dilutive securities 1,763 2,294 NAREIT FFO Attributable to Common Shareholders - Diluted $ 129,042 364,589 $ 0.35 $ 120,513 362,741 $ 0.33 Loss on debt extinguishment — 151 Non-incremental costs related to successful leases 3,447 — Core FFO Attributable to Common Shareholders - Diluted $ 132,489 364,589 $ 0.36 $ 120,664 362,741 $ 0.33 AFFO Core FFO - Diluted $ 132,489 364,589 $ 0.36 $ 120,664 362,741 $ 0.33 Adjustments: Straight-line rental income and expense (4,852) (4,780) Amortization of above/below market rents and concessions (1,542) (460) Stock based compensation expense 4,242 3,568 Noncash interest expense 1,538 1,402 Second generation concessions (34) (135) Second generation tenant improvements (2,855) (5,692) Second generation leasing costs (5,304) (6,376) Building improvements (1,508) (1,165) AFFO - Diluted $ 122,174 364,589 $ 107,026 362,741 Dividends/Distributions paid on common shares and non-controlling units (excluding special dividends) (77,989) $ 0.215 (72,091) $ 0.20 Funds Available for Reinvestment $ 44,185 $ 34,935

6 Summary of EPS, FFO and AFFO (unaudited and in thousands) Six Months Ended June 30, 2019 2018 Wtd. Avg. Per Wtd. Avg. Per Amount Shares Share Amount Shares Share Net income attributable to common shareholders $ 115,604 $ 266,808 Less dividends on participating securities (777) (855) Net Income Per Common Share-Basic 114,827 359,412 $ 0.32 265,953 356,898 $ 0.75 Add back: Noncontrolling interest in earnings of unitholders 1,003 3,105 2,507 3,374 Other potentially dilutive securities — 98 855 2,279 Net Income Attributable to Common Shareholders-Diluted $ 115,830 362,615 $ 0.32 $ 269,315 362,551 $ 0.74 Reconciliation to FFO Net Income Attributable to Common Shareholders $ 115,604 359,412 $ 266,808 356,898 Adjustments: Depreciation and amortization 158,996 153,361 Depreciation, amortization and other - unconsolidated joint ventures 4,770 4,280 Gains on sales of properties (30,683) (197,869) Gains on land sales (2,700) (3,306) Income tax expense triggered by sales of real estate assets 7,001 10,392 Gains on sales of real estate assets - unconsolidated joint ventures (4,527) (6,179) Noncontrolling interest share of adjustments (1,138) 369 NAREIT FFO Attributable to Common Shareholders - Basic 247,323 359,412 $ 0.69 227,856 356,898 $ 0.64 Noncontrolling interest in income of unitholders 1,003 3,105 2,507 3,374 Noncontrolling interest share of adjustments 1,138 (369) Other potentially dilutive securities 1,753 2,279 NAREIT FFO Attributable to Common Shareholders - Diluted $ 249,464 364,270 $ 0.68 $ 229,994 362,551 $ 0.63 Gains on involuntary conversion - unconsolidated joint venture (2,259) — Loss on debt extinguishment 13 151 Non-incremental costs related to successful leases 5,603 — Core FFO Attributable to Common Shareholders - Diluted $ 252,821 364,270 $ 0.69 $ 230,145 362,551 $ 0.63 AFFO Core FFO - Diluted $ 252,821 364,270 $ 0.69 $ 230,145 362,551 $ 0.63 Adjustments: Straight-line rental income and expense (10,784) (11,314) Amortization of above/below market rents and concessions (2,804) (1,005) Stock based compensation expense 15,213 16,030 Noncash interest expense 3,064 2,801 Second generation concessions (34) (135) Second generation tenant improvements (5,079) (8,151) Second generation leasing costs (8,945) (11,792) Building improvements (2,544) (1,748) AFFO - Diluted $ 240,908 364,270 $ 214,831 362,551 Dividends/Distributions paid on common shares and non-controlling units (excluding special dividends) (155,903) $ 0.43 (144,169) $ 0.40 Funds Available for Reinvestment $ 85,005 $ 70,662

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

Three Months Ended Six Months Ended

June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Properties Comprising Discontinued Operations (1): Income Statement: Revenues $— $27 $— $32 Operating expenses — 4 — (9) Operating loss — 31 — 23 Gain on sale of properties 99 2,889 254 3,021 Income from discontinued operations $99 $2,920 $254 $3,044

(1) The amounts classified in discontinued operations for the periods ended June 30, 2019 and 2018 are comprised of 81 medical office properties that were sold during 2017. Activity during the periods ended June 30, 2019 and 2018 consisted of true-up activity related to the prior period sales for items such as post-closing capital obligations, expense recoveries and related real 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 Six Months Ended June Year Ended 30, 2019 December 31, 2018 Sold, or classified as held-for-sale, and classified in discontinued operations — — Sold, or classified as held-for-sale, and excluded from discontinued operations 3 15

3 15

Held-for-Sale Properties to be Disposed of at June 30, 2019 (in thousands)

Real Estate Investments and Other Assets Held for Sale Number of Properties Square Feet Percentage Leased Industrial Properties (Wholly Owned) 2 578 14.9% Undeveloped Land (Wholly Owned) 54 Acres

Total Net Book Basis of Held-for-Sale Properties (Joint Venture Properties Reflected at Our Share of Net Book Basis)) $20,472 Total Estimated Net Proceeds of Held-for-Sale Properties (Joint Venture Properties Reflected at Our Share of Proceeds) $34,297

8 Selected Financial Information (unaudited and in thousands) Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Revenues from continuing operations $237,026 $210,558 $501,955 $445,115 Revenues from discontinued operations — 27 — 32 Total revenues $237,026 $210,585 $501,955 $445,147 Calculation of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) Net income $71,668 $195,671 $116,591 $269,319 Add depreciation and amortization - continuing operations 83,004 75,832 158,996 153,361 Add non-real estate asset related depreciation 477 593 1,002 1,080 Add interest expense - continuing operations 23,510 20,675 45,642 40,675 Add income tax expense - continuing operations 6,616 63 7,001 10,392 EBITDA $185,275 $292,834 $329,232 $474,827 Gains on sale of properties (30,691) (152,851) (30,683) (197,869) Gains on land sales (1,950) (357) (2,700) (3,306) Equity in earnings of unconsolidated joint ventures (4,143) (1,682) (8,858) (9,969) Company's share of unconsolidated joint venture EBITDAre 5,388 4,692 10,793 9,703 EBITDAre, as Defined by NAREIT $153,879 $142,636 $297,784 $273,386 Gain on involuntary conversion — — (2,259) — Non-incremental costs related to successful leasing 3,447 — 5,603 — Loss on debt extinguishment — 151 13 151 Noncontrolling interest share of consolidated joint venture EBITDA (16) (26) (27) (51) Core EBITDA $157,310 $142,761 $301,114 $273,486 Components of Fixed Charges Interest expense - continuing operations $23,510 $20,675 $45,642 $40,675 Company's share of unconsolidated joint venture interest expense 874 829 1,733 1,615 Less noncontrolling interest share of consolidated joint venture interest expense (4) (3) (9) (6) Capitalized interest 6,155 7,183 12,895 15,277 Company's share of unconsolidated joint venture capitalized interest 83 140 170 271 Total Fixed Charges $30,618 $28,824 $60,431 $57,832 Common dividends paid $77,313 $71,410 $154,550 $142,808 Non-controlling unit distributions paid $676 $681 $1,353 $1,361 Common shares outstanding 360,625 357,166 360,625 357,166 Non-controlling Partnership units outstanding 3,143 3,302 3,143 3,302 Total common shares and units outstanding at end of period 363,768 360,468 363,768 360,468 Common Equity Market Capitalization (1) $11,498,706 $10,464,386 $11,498,706 $10,464,386 Total Market Capitalization (2) $14,361,948 $12,901,473 $14,361,948 $12,901,473 Non-controlling share in assets of consolidated real estate joint ventures (excluding operating partnership) $1,098 $1,286 $1,098 $1,286 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)

June 30, 2019 March 31, 2019 December 31, 2018 Effective Leverage: (Debt + Company's Share of Unconsolidated Joint Ventures Debt - Noncontrolling Interest Share of 31% 31% 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) 20% 20% 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 4.9 5.0 4.8 Current quarter annualized 4.7 5.1 4.5 Proforma current quarter annualized (*) 4.7

Fixed Charge Coverage Ratio (Core EBITDA, Including Share of Unconsolidated Joint Ventures/Total Fixed Charges, as calculated on page 8): Trailing twelve months 5.1 5.0 5.0 Most recent quarter 5.1 4.8 5.2

Three months Notes to Proforma Calculations: ended June 30, (*) Proforma Calculations - Core EBITDA and Net Debt 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 $ 157,310 quarter of actual operations for such properties. Proforma EBITDA adjustment for current quarter acquisitions and developments placed in service 2,032 (1) (2) Adjustment to current quarter properties sold to remove Remove EBITDA related to properties sold during the quarter (446) (2) the pre-sale operations of these properties from EBITDA for Proforma Core EBITDA, including share of unconsolidated joint ventures $ 158,896 the quarter. x4 Annualized proforma Core EBITDA, including share of unconsolidated joint ventures $ 635,584

Total debt, excluding deferred financing costs $ 2,863,242 Less cash (8,664) Less noncontrolling interest share of consolidated debt (550) Share of unconsolidated joint ventures debt 116,431 Proforma Net Debt $ 2,970,459 Proforma Net Debt to EBITDA 4.7

10 Property Occupancy as of June 30, 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 Building Feet Leased Buildings Feet Leased s Indianapolis 18,325 95.3% 95.3% 645 0.0% 0.0% 44 18,970 92.1% 92.1% 1 77 94.5% 45 19,047 92.1% Dallas 15,871 99.3% 99.3% 635 70.8% 70.8% 43 16,505 98.2% 98.2% 1 275 0.0% 44 16,780 96.6% Chicago 14,337 96.4% 96.4% 183 0.0% 0.0% 41 14,521 95.1% 95.1% 2 698 0.0% 43 15,219 90.8% Atlanta 11,776 98.7% 91.4% 783 12.4% 0.0% 47 12,559 93.3% 85.7% 1 499 100.0% 48 13,059 93.5% Southern California 10,110 99.4% 92.9% — — — 26 10,110 99.4% 92.9% 3 1,639 20.7% 29 11,748 88.5% Cincinnati 10,373 97.4% 97.3% 285 0.0% 0.0% 32 10,658 94.8% 94.7% — — — 32 10,658 94.8% South Florida 7,528 99.1% 98.9% 146 74.9% 74.9% 61 7,674 98.7% 98.5% 3 359 71.9% 64 8,033 97.5% Savannah 7,056 100.0% 100.0% — — — 23 7,056 100.0% 100.0% 1 194 100.0% 24 7,251 100.0% Columbus 7,215 100.0% 100.0% — — — 13 7,215 100.0% 100.0% — — — 13 7,215 100.0% Houston 6,241 99.3% 99.3% 338 0.0% 0.0% 23 6,579 94.2% 94.2% 1 433 0.0% 24 7,012 88.3% New Jersey 4,878 100.0% 100.0% 194 64.4% 0.0% 14 5,072 98.6% 96.2% 3 1,916 65.5% 17 6,988 89.5% St. Louis 5,347 100.0% 98.0% 375 0.0% 0.0% 16 5,722 93.4% 91.6% — — — 16 5,722 93.4% Pennsylvania 4,306 100.0% 100.0% 1,181 15.8% 15.8% 8 5,487 81.9% 81.9% — — — 8 5,487 81.9% Minneapolis-St. Paul 4,967 98.6% 98.6% 263 0.0% 0.0% 25 5,230 93.7% 93.7% 1 67 100.0% 26 5,297 93.8% Central Florida 3,782 95.7% 95.1% 443 54.9% 54.9% 26 4,225 91.4% 90.9% — — — 26 4,225 91.4% Nashville 3,645 93.8% 93.2% — — — 20 3,645 93.8% 93.2% — — — 20 3,645 93.8% DC-Baltimore 3,101 98.6% 97.1% — — — 19 3,101 98.6% 97.1% 1 182 100.0% 20 3,283 98.7% Raleigh 2,910 96.1% 96.1% — — — 24 2,910 96.1% 96.1% 1 83 100.0% 25 2,993 96.2% Northern California 2,046 100.0% 100.0% — — — 4 2,046 100.0% 100.0% — — — 4 2,046 100.0% Seattle 1,876 100.0% 100.0% — — — 5 1,876 100.0% 100.0% — — — 5 1,876 100.0% Total Portfolio 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% September 30, 2018 139,610 97.9% 96.6% 1,947 18.1% 0.0% 489 141,557 96.8% 95.2% 25 10,555 51.9% 514 152,112 93.7% June 30, 2018 136,662 98.2% 96.4% 1,378 17.5% 17.5% 483 138,040 97.4% 95.6% 26 12,337 55.2% 509 150,377 94.0%

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 non-core buildings which are summarized on page 26.

11 FFO and NOI Reconciliation (unaudited and in thousands)

Three Months Ended Six Months Ended June 30, 2019 June 30, 2019

Core Funds from Operations - Diluted (Page 6 - 7) $ 132,489 $ 252,821 Add back: Interest expense, continuing operations 23,510 45,642 Add back: non-real estate asset related depreciation 477 1,002 Less: FFO attributable to unconsolidated joint ventures (4,549) (9,133) Add: Company's share of unconsolidated joint venture EBITDAre (Page 9) 5,388 10,793 Adjustments related to noncontrolling interest share of consolidated joint ventures (5) (11) Core EBITDA (Page 9) $ 157,310 $ 301,114 General contractor and service fee revenue, net of related expenses (730) (3,108) General and administrative expenses 13,420 35,403 Non-real estate asset related depreciation (477) (1,002) Other operating expenses 1,518 3,641 Company's share of unconsolidated joint venture EBITDAre (5,388) (10,793) Noncontrolling interest share of consolidated joint venture EBITDA 16 27 Interest and other income (2,534) (5,292) Revenues not allocable to operating segments (625) (735) Rental expenses and real estate taxes not allocable to operating segments 37 72 Other adjustments (1) (6,364) (13,392) PNOI, continuing operations, before joint ventures 156,183 305,935 Less noncontrolling interest share of consolidated joint venture PNOI (18) (36) Plus share of unconsolidated joint venture PNOI 5,288 10,361 PNOI, continuing operations, including share of joint ventures 161,453 316,260 PNOI of sold assets not in discontinued operations (2) (387) (355) Proforma PNOI adjustments (3) 1,437 2,362 Proforma PNOI (Page 13) $ 162,503 $ 318,267

(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) 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 (in thousands)

Three Months Ended June 30, 2019 Wholly Owned and Joint Venture In-Service Logistics Portfolio: Rental revenues from continuing operations $ 211,004 (1) Rental and real estate tax expenses from continuing operations (49,410) (2) Less: Straight line rental income and expense (4,710) Other adjustments (1,570) (3) PNOI, continuing operations, before joint ventures 155,314 Share of unconsolidated joint venture PNOI 5,120 PNOI, adjusted for joint ventures 160,434 Less: PNOI from sold properties (not in discontinued operations) (380) Proforma property level NOI adjustments 1,437 (4) Proforma PNOI- Total In-Service Logistics Portfolio $ 161,491 PNOI- In-Service Non-Core assets (see page 27) 1,012 Total Proforma PNOI $ 162,503

Logistics PNOI in NAV Components (page 27): Proforma PNOI- Total In-Service (as shown above) $ 161,491 Adjustment to exclude PNOI from Held-for-Sale Properties (225) Adjustment to exclude negative PNOI related to "Stabilized Properties - Economic" 123 (5) Adjustment to exclude negative PNOI from "Stabilized Properties - Pre-Economic" 371 (6) Adjustment to exclude Unstabilized In-Service Properties (733) (7)

Total Stabilized Operating Portfolio Generating Positive NOI (market detail page 14; NAV page 27) $ 161,027

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 $625 for the three months ended June 30, 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 $37 for the three months ended June 30, 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 27 in the Real Estate Not Valued by Income Capitalization section. The total gross book basis of the properties is shown as of the current quarter ended.

(6) These properties are included in NAV Components on page 27 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 27 at an estimated stabilized PNOI amount in the Real Estate Properties Valued by Income Capitalization section.

13 Logistics Net Operating Income 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 $ 14,896 9.2% 14,235 97.5% 96.3% 96.3% South Florida 14,186 8.8% 7,108 99.2% 99.2% 99.4% Southern California 14,120 8.8% 9,709 92.9% 92.7% 99.4% Indianapolis 13,226 8.2% 15,510 98.3% 98.3% 98.3% Dallas 11,865 7.4% 12,847 99.6% 99.6% 99.6% Atlanta 11,401 7.1% 11,439 94.1% 94.1% 98.6% Cincinnati 9,200 5.7% 10,338 97.6% 97.3% 97.4% New Jersey 8,919 5.5% 4,878 100.0% 100.0% 100.0% Houston 8,205 5.1% 6,131 99.7% 99.2% 99.2% Savannah 6,839 4.2% 7,056 99.2% 100.0% 100.0% Minneapolis-St. Paul 6,024 3.8% 4,814 100.0% 100.0% 100.0% Columbus 5,668 3.5% 6,729 99.1% 100.0% 100.0% Pennsylvania 5,661 3.5% 4,306 100.0% 100.0% 100.0% St. Louis 5,306 3.3% 5,347 97.9% 98.0% 100.0% DC / Baltimore 5,134 3.2% 3,059 98.5% 98.5% 100.0% Central Florida 5,061 3.1% 3,782 95.5% 95.1% 95.7% Nashville 4,678 2.9% 3,645 93.3% 93.3% 93.8% Raleigh 4,334 2.7% 2,910 96.7% 94.0% 96.1% Seattle 3,351 2.1% 1,876 100.0% 100.0% 100.0% Northern California 2,953 1.8% 2,046 100.0% 100.0% 100.0% Logistics Total $ 161,027 100.0% 137,765 97.7% 97.6% 98.6%

Note: This schedule provides supplemental information for the stabilized logistics properties generating positive NOI for the three months ended June 30, 2019 as shown on page 13. Excludes two properties which are classified as held for sale as disclosed on page 8; these two properties are included in the NAV Components on page 27 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

% of Customer Rentable SF Leased SF Annualized NLV (1) % of ANLV Amazon.com 8,861,587 6.1% $44,665,886 6.8% UPS of America, Inc. 2,515,718 1.7% 15,337,661 2.3% Wayfair, Inc 3,387,308 2.3% 15,040,525 2.3% NFI Industries 1,973,267 1.4% 8,709,909 1.3% Floor & Decor Outlets 1,771,911 1.2% 8,490,295 1.3% Crate and Barrel 1,776,848 1.2% 8,236,164 1.2% Target Corporation 1,027,169 0.7% 7,581,168 1.1% Deckers Outdoor Corporation 1,530,944 1.1% 7,473,214 1.1% HD Supply Inc 1,583,574 1.1% 6,704,558 1.0% Home Depot 1,243,687 0.9% 6,544,841 1.0% Top 10 Customers 25,672,013 17.7% $128,784,220 19.4%

Note: Joint Venture annualized net lease value is included at the Company's economic ownership percentage. Note: Figures exclude non-core buildings which are summarized on page 26.

(1) Represents average annual net effective rents due from tenants in service as of June 30, 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 June 30 Year to Date June 30 % % 2019 2018 Change 2019 2018 Change

Number of properties 450 Total operating revenues (2) $ 176,116 $ 171,681 $ 354,099 $ 341,824 Square feet 120,896 Total operating expenses (2) 44,726 45,647 92,547 94,519 Same Property SF as a % SPNOI - Consolidated of total in service SF 83.5% Properties $ 131,390 $ 126,034 $ 261,552 $ 247,305 (at ownership share)

QTD SPNOI - Cash as a 83.4% Unconsolidated Joint Venture % of total Proforma PNOI share of SPNOI $ 4,256 $ 3,941 $ 8,415 $ 7,947 YTD SPNOI - Cash as a 84.8% % of total Proforma PNOI SPNOI - Total $ 135,646 $ 129,975 4.4% $ 269,968 $ 255,252 5.8% Average percentage occupied 98.5% 98.1% 0.4% 98.5% 97.9% 0.6%

Note: Statistical information for joint venture properties is presented at Duke's effective ownership percentage. Note: Figures exclude non-core buildings which are summarized on page 26.

(1) The same property population for the periods shown is derived from the 514 in-service properties that we own or jointly control, as of June 30, 2019, less (i) 12 in- service buildings that were acquired since January 1, 2018, (ii) 35 in-service buildings we developed and placed in-service since January 1, 2018, (iii) 17 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 $1,730 for the three months ended March 31, 2018, and $4,250 for the six months ended June 30, 2018, which had no impact on SPNOI.

16 Lease Expirations In-Service Properties as of June 30, 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) 2019 3,360 $15,126 311 $1,153 3,671 $16,279 2020 11,551 52,680 558 2,220 12,109 54,900 2021 13,701 61,822 629 2,212 14,330 64,034 2022 19,077 79,640 299 1,188 19,376 80,828 2023 13,086 65,406 534 2,139 13,620 67,545 2024 13,594 67,492 383 1,763 13,977 69,255 2025 11,806 57,831 116 399 11,922 58,230 2026 9,864 46,174 590 2,539 10,454 48,713 2027 6,380 27,964 171 867 6,551 28,831 2028 7,642 47,881 574 2,254 8,216 50,135 2029 and Thereafter 22,588 117,632 1,584 6,040 24,172 123,672 132,649 $639,648 5,749 $22,774 138,398 $662,422 Total Square Feet 138,504 6,297 144,801 Percent Leased 95.8% 91.3% 95.6% Average Remaining Lease Term (by SF) 5.7 6.3 5.8 Average Remaining Lease Term (by ANLV) 6.0 6.4 6.0

Note: Figures exclude non-core buildings which are summarized on page 26. 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 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

19% 17% 14% 12% 9% 10% 10% 10% 10% 10% 10% 9% 9% 8% 7% 7% 8% 5% 6% 3% 3% 4%

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Thereafter

17 Leasing Activity as of June 30, 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 Year to Date 2019 New leases 4,663,898 954,615 5.8 $ 5.28 $ 4.75 $ 0.81 5,618,513 Renewal leases — 4,649,388 4.5 6.00 2.17 0.48 4,649,388 Total 4,663,898 5,604,003 4.7 $ 5.88 $ 2.61 $ 0.55 26.7% 11.0% 10,267,901 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

93.8% 92.4% 84.9% 87.3% d e s

a 81.1% 82.7% 81.7% 82.0% e

l Leases Renewed (1) - e R Expiring Spaces Backfilled (2) %

2018 Q1 2019 Q2 2019 YTD 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

June 30, 2019 (in thousands)

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

2019 $ 2,013 $ — $ — $ — $ — $ 2,013 5.38% 2020 3,883 — — — — 3,883 5.67% 2021 3,416 9,047 — 250,000 — 262,463 3.99% 2022 3,611 — — 600,000 — 603,611 4.20% 2023 3,817 — — 250,000 252,000 505,817 3.52% 2024 4,036 — — 300,000 — 304,036 3.92% 2025 3,938 — — — — 3,938 5.63% 2026 2,029 — — 375,000 — 377,029 3.37% 2027 358 — — 300,000 — 300,358 3.40% 2028 — — — 500,000 — 500,000 4.45% 2029 — — — — — — — Thereafter — — — — — — —

$ 27,101 $ 9,047 $ — $ 2,575,000 $ 252,000 $ 2,863,148 3.89%

(1) Scheduled amortizations and maturities represent only Duke's consolidated debt. obligations. (2) Comprised of the following: Total Maturities (in thousands) $1,181,325

Commitment Balance O/S @ 6/30 Maturity * Rate @ 6/30

$1,200,000 $252,000 January 2023 L + .875% (3.29%)

*Date shown is final maturity date including extension options.

Fixed and Variable Rate Weighted Average Interest Weighted Average $603,611 Components of Debt Balance Rate Maturity (yrs) Fixed Rate Secured Debt $33,948 5.93% 2.7 $505,817 Fixed Rate Unsecured Debt 2,575,000 3.92% 5.7 Variable Rate Debt and LOC 254,200 3.27% 3.5 $304,036 $2,863,148 3.89% 5.5 $262,463 Deferred Financing Costs (24,267) Fair Value Adjustments 94 Total Debt per Balance Sheet $2,838,975 $2,013 $3,883

2019 2020 2021 2022 2023 2024 Thereafter

19 Unsecured Public Debt Covenants

Second First Fourth Third Debt Covenants Threshold Quarter 2019 Quarter 2019 Quarter 2018 Quarter 2018 Total Debt to Undepreciated Assets <60% 32% 32% 31% 30% Debt Service Coverage >1.5x 6.6 6.6 6.6 6.5 Secured Debt to Undepreciated Assets <40% 0.6% 0.4% 0.9% 0.9% Undepreciated Unencumbered Assets to Unsecured Debt >150% 305% 304% 317% 320%

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 June 30, 2019 June 30, 2018 Number of properties 467 (1) 392 Total square feet (in thousands) 136,505 (1) 107,940 Gross book value (in thousands) $8,086,062 (1) $6,558,595 Annual stabilized NOI (in thousands) $647,342 (1) $509,079

(1) Excludes 19 consolidated properties under development at June 30, 2019 which will be unencumbered upon completion. These properties totaled approximately 6.4 million square feet with total anticipated stabilized project costs of approximately $821.0 million and anticipated stabilized NOI of approximately $46.5 million.

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

20 Unconsolidated Joint Ventures June 30, 2019 Non-Core Logistics (1) Real Estate (2) Total Total in-service properties 41 2 43

Percentage leased 91.4% 55.1% 90.8% Square feet (in thousands): Total in-service properties 12,656 211 12,867 Company effective ownership percentage 33%-50% 30% Balance sheet information (in thousands) (A) Real estate assets $ 376,958 $ 28,552 $ 405,510 Construction in progress 1,401 — 1,401 Undeveloped land 29,283 — 29,283 Other assets 69,702 7,926 77,628 Total assets $ 477,344 $ 36,478 $ 513,822 Debt $ 225,099 $ 12,938 $ 238,037 Other liabilities 22,287 4,472 26,759 Equity 229,958 19,068 249,026 Total liabilities and equity $ 477,344 $ 36,478 $ 513,822 Selected QTD financial information (Dollars in Thousands) (B) QTD share of rental revenue $6,912 $288 $7,200 QTD share of in-service property unlevered NOI $5,120 $168 $5,288 QTD share of interest expense $818 $56 $874 QTD share of EBITDA $5,210 $178 $5,388 Company share of JV gross assets $296,876 $15,595 $312,471 Company share of debt $112,550 $3,881 $116,431

(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 four separate loans: i) $128,407 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 and iv) $22,442 at variable rate of LIBOR plus 1.40% maturing April 2021. (2) Includes one joint venture. The outstanding debt consists of a loan in an amount of $12,947 at a fixed rate of 5.6% maturing December 2019.

21 Joint Venture Debt Maturities June 30, 2019

(in thousands)

Scheduled Weighted Average Year Amortization Maturities Total Interest Rate 2019 $ 61 $ 3,824 $ 3,885 5.57% 2020 — — — — 2021 10 75,425 75,435 3.47% 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 — — — — Thereafter — — — —

$ 701 $ 115,734 $ 116,435 3.48%

Weighted Weighted Average Interest Average Maturity Balance Rate (yrs) Fixed Rate Secured Debt $41,009 3.52% 5.3 Fixed Rate Unsecured Debt — N/A N/A Variable Rate Debt and LOC's 75,426 3.47% 2.3 Total $116,435 3.48% 3.4

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

22 Development Projects Under Construction June 30, 2019 (in thousands)

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

Airport Logistics Center I Chicago 100% 544 0 % 276 Jimmy Deloach Parkway Savannah 100% 194 100 % 24975 Nandina Ave Southern California 100% 340 100 % Copans 95 1731 South Florida 100% 101 0 % Turnpike Crossing 6711 South Florida 100% 96 100 % Park 81 10750 Minneapolis-St. Paul 100% 67 100 % Projected In-Service 3rd Qtr. 2019 1,342 52 % $ 124,274

429 Delancy Street New Jersey 100% 662 0 % Estimated Value Creation Lakeside Ranch 350 Dallas 100% 275 0 % Low Mid High Projected In-Service 4th Qtr. 2019 937 0 % $ 179,169 Value Value Value

901 Chase Avenue Chicago 100% 155 0 % Annual Stabilized NOI $46,504 $46,504 $46,504 Chesapeake Commerce 6000 DC-Baltimore 100% 182 100 % Blended cap rate (1) 4.57% 4.32% 4.07% Clay 99 Building 3900 Houston 100% 433 0 % Implied value (Own %) $1,017,593 $1,076,481 $1,142,604 4375 N Perris Blvd Southern California 100% 1,009 0 % Value creation (Own %) $196,599 $255,487 $321,610 (J) 8711 North River Crossing Blvd Indianapolis 50% 77 95 % Margin 24% 31% 39% Projected In-Service 1st Qtr. 2020 1,856 14 % $ 167,814

Turnpike Crossing 6717 South Florida 100% 162 100 % 2929 Roosevelt Highway Atlanta 100% 499 100 % Greenfield North 1100 Raleigh 100% 83 100 % Steel Run Logistics Ctr Bldg 1 New Jersey 100% 333 100 % Steel Run Logistics Ctr Bldg 2 New Jersey 100% 921 100 % 13344 S Main Street Southern California 100% 290 0 % Projected In-Service 2nd Qtr. 2020 or thereafter 2,288 87 % $ 349,738

Company Total 6,423 46 % $ 820,995 $ 433,119 5.7% 6.2 %

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% $ 85,966 6.3% 7.0% — — — $ — — — 1,205 84% 100% 100% $ 85,966 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% 69% 239,191 5.7% 6.0% 400 100% 100% 9,568 7.0% 7.2% 3,801 57% 72% 72% 248,760 5.8% 6.0%

4th Quarter 2,716 44% 73% 182,064 6.3% 6.8% — — — — — — 2,716 44% 73% 55% 182,064 6.3% 6.8%

2018 Total 9,542 54% 81% $ 688,572 6.2% 6.6% 1,108 78% 100% $ 26,059 7.9% 8.2% 10,650 57% 83% 78% $ 714,631 6.3% 6.7%

2019:

1st Quarter 2,059 0% 48% $ 146,828 6.1% 6.8% 149 64% 100% $ 4,422 7.7% 8.3% 2,208 4% 52% 18% $ 151,250 6.2% 6.8%

2nd Quarter 2,916 75% 80% 230,675 6.5% 7.1% 1,617 60% 60% 41,651 7.2% 7.7% 4,533 70% 73% 70% 272,326 6.6% 7.2%

2019 Total YTD 4,975 44% 67% $ 377,503 6.3% 7.0% 1,766 60% 63% $ 46,073 7.3% 7.8% 6,742 48% 66% 53% $ 423,576 6.4% 7.1%

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: 27.0% Q2 2019 : 19.8% 2019 YTD : 23.2%

$53,995 $98,383 $192,690

$714,631 $272,326 $423,576

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% 2019 Total YTD 922 $ 103,915 5.5% 100.0% 687 76.4% $ 110,211 3.7% $ 111,929 4.8% 76.4%

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.

(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 Non-Core Buildings June 30, 2019

Property Information

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

Consolidated:

Various markets 3 211 77% 211 77% $844

Joint venture:

Washington DC 2 211 55% 63 55% 168

Total Non-core buildings 5 422 66% 274 72% $1,012

Lease Expirations

Sq. Feet (000s) Annual Revenue % of Annual Year of Expiration (2) (000s) (3) Revenue 2019 5 $61 1% 2020 35 649 14% 2021 1 16 0% 2022 15 184 4% 2023 16 221 5% 2024 5 62 1% 2025 — — — 2026 — — — 2027 2 38 1% 2028 119 3,487 74% 2029 or Thereafter — — —

198 $4,718 100%

(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. Joint venture properties are included at the Company's economic ownership percentage.

26 Components of Net Asset Value June 30, 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) $ 161,027 Mid-Point of 2019 Full Year Guidance $ 5,000

Stabilized Properties - Future Additional PNOI Other Assets Commenced Leases in Free Rent Period $ 2,645 Signed Leases Not Commenced for Entire Period 2,562 Cash (2) $ 8,664 Total Embedded PNOI $ 5,207 Restricted Cash Held for Like-Kind Exchange — Estimated PNOI from remaining lease-up of "Stabilized Properties - Pre-Economic" 571 Notes Receivable from Property Sales (2),(3) 142,550 Additional PNOI - Stabilized Properties (A) $ 5,778 Accounts Receivable and Construction Receivables (2) 43,679 Other Tangible Assets (4) 81,395 Total Stabilized PNOI - Sum of (A) above $ 166,805 Subtotal Other Assets $ 276,288

Unstabilized Properties - Estimated PNOI upon Stabilization $ 5,978 Liabilities Total Debt, excluding deferred financing costs (page 10) $2,863,242 Non-Core Real Estate NOI (page 26) $ 1,012 Share of JV Debt (page 21) 116,431 Other Tangible Liabilities (4) 347,992 Total Liabilities $3,327,665

Real Estate Not Valued Above by Income Capitalization Outstanding Shares and Share Equivalents Common Shares Outstanding (page 9) 360,625 Partnership Units Outstanding (page 9) 3,143 Gross book value of "Stabilized Properties - Economic" with negative NOI (page 13) $ 13,693 Other Potentially Dilutive Securities (page 7) 1,753 365,521 Estimated Proceeds from Assets Held for Sale (1) $ 34,297

Development and Land Notes Wholly Owned CIP (2) $ 423,460 (1) Comprised of 54 acres of land and two wholly owned buildings. Share of JV CIP 700 (2) As shown on Balance Sheets (page 4). (3) Includes $125 million of seller notes receivable received as part of the proceeds from the Estimated Development Value Creation at Own % (page 23) 255,487 medical office disposition, which bear interest at 4% and mature in various tranches with the Wholly Owned Development Land (2) 353,727 final maturity in January 2020. (4) Other tangible assets are comprised of amounts from the Balance Sheet (as presented on Wholly Owned Sale Land (2) 14,894 page 4) for escrow deposits and other assets (but excluding intangible assets of $89,314, deferred financing costs of $5,400 and lease related right-of-use asset of $37,810). Other Share of JV Land 14,642 tangible liabilities are comprised of the sum of construction payables, accrued real estate taxes, accrued interest, security deposits, prepaid rents and other liabilities (excluding non- $1,062,910 cash liabilities of $124,406, of which $43,912 is related to lease liabilities).

27 2019 Range of Estimates

(dollars in millions except per share amounts) 2018 2019 Range of Estimates Metrics Actual YTD Key Assumptions Pessimistic Optimistic

Net Income per Share Attributable to $1.07 $0.32 $1.10 $1.28 - Previous guidance of $0.92 to $1.16. Common Shareholders - Diluted (1) - Lower gains on property sales. - Negative impact of $0.02 to $0.04 per share in 2019 for new lease accounting standard. NAREIT FFO per Share Attributable to $1.34 $0.68 $1.38 $1.46 - Previous guidance of $1.36 to $1.46. Common Shareholders - Diluted (1) - Negative impact of $0.02 to $0.04 per share in 2019 for new lease accounting standard. Core FFO per Share Attributable to $1.33 $0.69 $1.41 $1.45 - Previous guidance of $1.39 to $1.45. Common Shareholders - Diluted - Lease up of new developments. - Strong rent growth. - No impact from new lease accounting standard. Growth in AFFO - Share Adjusted 7.3% 12.0% 8.5% 11.9% - Previous guidance of 5.9% to 11.0%. - Driven by same factors impacting Core FFO. - Lower capital expenditures. Average Percentage Leased 98.3% 98.3% 97.7% 98.3% - Previous guidance of 97.5% to 98.5% (stabilized portfolio) - Historical highs in 2018. - Speculative developments placed in service. Average Percentage Leased 95.8% 95.8% 94.9% 96.5% - Previous guidance of 94.5% to 96.5% (In-service portfolio) - Speculative developments placed in service. Same Property NOI - Cash 4.3% 5.8% 4.0% 5.0% - Previous guidance of 3.5% to 5.0%. - Continued solid rent growth expected, embedded lease escalators. - Net effective NOI 1.0% to 1.50% lower. Building Acquisitions $353 $110 $100 $200 - Previous guidance of $100 to $300. (Duke share) - Focused on high barrier markets. Building Dispositions $558 $104 $350 $550 - Primarily Midwest non-tier 1 assets (Duke share) Development Starts $862 $563 $900 $1,100 - Previous guidance of $600 to $800. (JVs at 100%) - Significant number of BTS projects. - Speculative starts in targeted growth markets. Service Operations Income $9 $3 $3 $7 - Joint venture development. - Less third party construction expected. General & Administrative Expense $56 $35 $61 $57 - Increased technology costs and ESG investments.

Effective Leverage (Gross Book Basis) 30% 31% 32% 30% - Previous guidance of 34% to 30%.

Fixed Charge Coverage (TTM) 5.0X 5.1X 4.8X 5.2X - Previous guidance of 4.7X to 5.1X. Net Debt to Core EBITDA (TTM) 4.8X 4.9X 5.1X 4.7X - Previous guidance of 5.3X to 4.9X. - Maintain Baa1/BBB+ ratings.

(1) If the new leasing standard (ASC 842) were effective during 2018, $12.3 million of capitalized leasing costs would have been expensed, which would have resulted in a $0.03 per share negative impact to net income and NAREIT FFO per diluted share.

28