Exhibit 99.1

For Immediate Release	For Investor Inquiries, contact:
July 25, 2007	Shona L. Bedwell	Randy A. Henry
2007-09	317.808.6169	317.808.6060
	For Media Inquiries, contact:
	Joel Reuter
	317.808.6137

Duke Realty Announces Second Quarter Earnings

_____________________________________________________

Common Stock Dividend Increase Announced

Indianapolis - Duke Realty Corporation (DRE: NYSE) reported today results for the second quarter 2007.  Funds from Operations available to common shareholders (diluted) (“FFO”) was $0.63 per share for the second quarter of 2007, as compared to $0.58 per share for the same quarter in 2006, an increase of 8.6 percent.

Net income available for common shareholders (diluted) (“EPS”) was $0.27 per share for the second quarter of 2007, as compared to $0.16 for the same quarter in 2006.  The increase for the quarter was primarily the result of a $0.13 per share increase in gains on the disposition of depreciable properties as compared to the second quarter of 2006.

Denny Oklak, Chairman and Chief Executive Officer, commenting on Duke’s second quarter performance, stated,

“We had an excellent second quarter from an operational standpoint.  Our leasing for the quarter reached the second highest level in our history at 9.6 million square feet.  Occupancy of our stabilized in-service properties continues to be strong at 95.3 percent and our overall in-service occupancy reached its highest level since 2000 at 93.7 percent.  In addition, our value creation pipeline remains at an all-time high level of $1.6 billion, as we started more than $335 million of projects this quarter.

Given this continued strengthening of our operational performance, we are very positive about the remainder of 2007.  Therefore, we are increasing our annual FFO per share guidance to $2.69 to $2.77 for 2007.  This represents a $0.04 increase to the midpoint of our previous guidance.  Additionally, we anticipate FFO per share will be between $0.65 to $0.67 for the third quarter.”

- more -

Dividends

Duke also announced today that its Board of Directors increased its quarterly common stock dividend to $0.48 per share, payable on August 31, 2007, to shareholders of record on August 14, 2007.  Equal to $1.92 per share on an annualized basis, the new dividend provides a 1.1 percent increase over the previous amount and represents the fourteenth consecutive annual increase since the Company’s October 1993 public offering.

The Board also declared today the following dividends on the Company’s outstanding preferred stock:

Class	NYSE Symbol	Quarterly Amount/Share	Record Date	Payment Date
Series B	Not Listed	$.998750	September 14, 2007	September 28, 2007
Series J	DREPRJ	$.414063	August 17, 2007	August 31, 2007
Series K	DREPRK	$.406250	August 17, 2007	August 31, 2007
Series L	DREPRL	$.412500	August 17, 2007	August 31, 2007
Series M	DREPRM	$.434375	September 14, 2007	September 28, 2007
Series N	DREPRN	$.453125	September 14, 2007	September 28, 2007

Second Quarter Operating Statistics

·The Company’s 692 in-service properties totaling 108.6 million square feet were 93.7 percent leased compared to 92.4 percent and 92.5 percent leased at March 31, 2007 and June 30, 2006, respectively.

·The Company’s value creation pipeline totaled $1.6 billion, including $622 million of developments with an expected stabilized return of 9.4 percent that Duke plans to own indefinitely after completion; $828 million of developments with an expected stabilized return of 8.5 percent that the Company plans to sell within approximately one year of completion; and a $141 million backlog of third-party construction volume with a 19.2 percent fee.

·Including 8.3 million square feet of projects under development that were 17.4 percent pre-leased, the Company’s total portfolio at the end of the second quarter consisted of 726 properties totaling approximately 117 million square feet that were 88.3 percent leased.

·Duke renewed 85 percent of leases up for renewal, totaling 3.7 million square feet, on which net effective rents increased 3.7 percent.

·Same property net operating income increased 3.2 percent for the three months ended June 30, 2007.

·Property sales in the second quarter totaled $124.6 million at an average stabilized capitalization rate of 7.6 percent.

- more -

·Acquisitions in the second quarter totaled $70.4 million at an average stabilized capitalization rate of 8.1 percent.

·The Company’s interest and fixed-charge coverage ratios in the second quarter were 3.6 and 2.2, respectively, and its debt-to-total market capitalization ratio was 40.2 percent at June 30, 2007.

When used in this press release, the word “believes,” “expects,” “estimates” and similar expressions are intended to identify forward-looking statements.  Such statements are subject to certain risks and uncertainties that 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’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 6, 2007 for additional information concerning these risks.

About Duke Realty Corporation

Duke Realty Corporation specializes in the ownership, construction, development, leasing and management of office, industrial, healthcare and retail real estate.  It is the largest publicly-traded, vertically integrated office/industrial real estate company in the United States.  Duke’s properties encompass approximately 117 million rentable square feet that are leased by approximately 3,500 tenants, and approximately 7,500 acres of undeveloped land that can support over 111 million square feet of additional development.  Duke provides a full range of services in-house, backs them with more than 30 years experience, and delivers valuable real estate solutions to satisfied customers across the nation.  Duke common stock is listed on the New York Stock Exchange under the symbol: DRE.  Visit Duke on the web at www.dukerealty.com.

A copy of the Company’s supplemental information fact book will be available after 6:00 p.m. EDT today in the Investor Relations section of the Company’s web site at www.dukerealty.com.  Duke is also hosting a conference call tomorrow at 3:00 p.m. New York time to discuss its second quarter operating results.  All investors are invited to listen to this call, which can be accessed through the Investor Relations section of the Company’s web site.

- more -

Financial Highlights

(in thousands, except per share data)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
Operating Results	2007			2006			2007			2006
Revenues from continuing operations	$	219,693		$	204,990		$	440,417		$	398,497
Earnings from rental operations	27,320			30,598			53,076			61,780
Earnings from service operations	12,018			3,476			18,952			7,926
Net income available for common shareholders - Basic	37,076			21,717			105,639			33,165
Net income available for common shareholders - Diluted	39,694			23,881			113,167			36,478
Funds from operations available for common shareholders - Basic	87,282			78,756			173,609			146,433
Funds from operations available for common shareholders - Diluted	93,479			86,542			185,979			160,956
Per Share:
Funds from operations available for common shareholders - Basic	$	0.64		$	0.58		$	1.27		$	1.09
Funds from operations available for common shareholders - Diluted	$	0.63		$	0.58		$	1.26		$	1.08
Net income available for common shareholders - Basic	$	0.27		$	0.16		$	0.77		$	0.25
Net income available for common shareholders - Diluted	$	0.27		$	0.16		$	0.76		$	0.24
Dividend payout ratio of funds from operations	76.2		%	81.9		%	75.8		%	87.5		%
Weighted average shares outstanding
Basic - Net income and Funds From Operations	136,921			134,969			136,873			134,876
Diluted - Net income and Funds From Operations	148,129			149,364			148,170			149,273
							June 30,			December 31,
Balance Sheet Data							2007			2006
Net real estate investments							$	5,892,265		$	5,781,272
Total assets							7,302,898			7,238,595
Total debt							4,104,747			4,109,154
Shareholders’ equity							2,614,743			2,503,583
Common shares outstanding at end of period							136,942			133,921

- more -

 Reconciliation of Net Income to Funds From Operations

(in thousands, except per share data)

	Three Months Ended
	June 30,
	(Unaudited)
	2007						2006
				Wtd.						Wtd.
				Avg.	Per					Avg.	Per
	Amount			Shares	Share		Amount			Shares	Share
Net Income Available for Common Shares	$	37,076		136,921	$	0.27	$	21,717		134,969	$	0.16
Add back:
Minority interest in earnings of unitholders	2,618			9,782			2,164			13,304
Other common stock equivalents				1,426						1,091
Diluted Net Income Available for Common Shares	$	39,694		148,129	$	0.27	$	23,881		149,364	$	0.16
Reconciliation to Funds From Operations (“FFO”)
Net Income Available for Common Shares	$	37,076		136,921	$	0.27	$	21,717		134,969	$	0.16
Adjustments:
Depreciation and Amortization	68,407						65,167
Company Share of Joint Venture Depreciation and amortization	5,610						4,425
Earnings from depreciable property sales-wholly owned	(20,361		)				(1,531		)
Earnings from depreciable property sales-JV	129						(5,400		)
Minority interest share of adjustments	(3,579		)				(5,622		)
Basic Funds From Operations	87,282			136,921	$	0.64	78,756			134,969	$	0.58
Minority interest in earnings of unitholders	2,618			9,782			2,164			13,304
Minority interest share of adjustments	3,579						5,622
Other common stock equivalents				1,426						1,091
Diluted Funds From Operations	$	93,479		148,129	$	0.63	$	86,542		149,364	$	0.58

	Six Months Ended
	June 30,
	(Unaudited)
	2007						2006
				Wtd.						Wtd.
				Avg.	Per					Avg.	Per
	Amount			Shares	Share		Amount			Shares	Share
Net Income Available for Common Shares	$	105,639		136,873	$	0.77	$	33,165		134,876	$	0.25
Add back:
Minority interest in earnings of unitholders	7,528			9,755			3,313			13,348
Other common stock equivalents				1,542						1,049
Diluted Net Income Available for Common Shares	$	113,167		148,170	$	0.76	$	36,478		149,273	$	0.24
Reconciliation to Funds From Operations (“FFO”)
Net Income Available for Common Shares	$	105,639		136,873	$	0.77	$	33,165		134,876	$	0.25
Adjustments:
Depreciation and Amortization	136,146						125,749
Company Share of Joint Venture Depreciation and amortization	10,578						9,127
Earnings from depreciable property sales-wholly owned	(72,081		)				(2,036		)
Earnings from depreciable property sales-share of joint venture	(1,831		)				(8,362		)
Minority interest share of adjustments	(4,842		)				(11,210		)
Basic Funds From Operations	173,609			136,873	$	1.27	146,433			134,876	$	1.09
Minority interest in earnings of unitholders	7,528			9,755			3,313			13,348
Minority interest share of adjustments	4,842						11,210
Other common stock equivalents				1,542						1,049
Diluted Funds From Operations	$	185,979		148,170	$	1.26	$	160,956		149,273	$	1.08