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Exhibit 99.2

DUKE REALTY CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
For the Year Ended December 31,
(in thousands, except per share amounts)

				Year Ended
				December 2002			December 2001			December 2000
RENTAL OPERATIONS:
	Revenues:
		Rental income		$	682,397		$	681,461		$	691,397
		Equity in earnings of unconsolidated companies			27,180			31,391			14,556
					709,577			712,852		$	705,953
	Operating Expenses:
		Rental expenses			126,820			120,609			117,682
		Real estate taxes			73,295			70,312			70,786
		Interest expense			116,570			111,419			131,048
		Depreciation and amortization			174,250			157,116			161,259
					490,935			459,456			480,775
			Earnings from rental operations		218,642			253,396			225,178
SERVICE OPERATIONS:
	Revenues:
		General contractor gross revenue			194,439			264,455			292,661
		General contractor costs			(172,559	)		(229,845	)		(253,763	)
			Net general contractor revenue		21,880			34,610			38,898
		Property management, maintenance, & leasing fees			14,301			22,824			25,477
		Construction management and development activity income			29,428			19,142			16,965
		Other income			2,971			3,883			1,459
			Total revenue		68,580			80,459			82,799
	Operating expenses				38,310			45,344			50,039
			Earnings from service operations		30,270			35,115			32,760
	General and administrative expense				(25,353	)		(15,553	)		(21,128	)
			Operating income		223,559			272,958			236,810
OTHER INCOME (EXPENSE):
	Interest income				3,849			5,091			6,836
	Earnings from sale of land and depreciable property dispositions, net of impairment adjustment				2,340			45,708			60,692
	Other revenue (expense)				182			(2,582	)		(963	)
	Other minority interest in earnings of subsidiaries				(1,093	)		(2,411	)		(2,145	)
	Minority interest in earnings of common unitholders				(18,196	)		(31,904	)		(31,916	)
	Minority interest in earnings of preferred unitholders				(7,560	)		(8,408	)		(8,408	)
			Income from continuing operations		203,081			278,452			260,906
Discontinued operations:
	Net income from discontinued operations, net of minority interest				3,259			3,957			1,033
	Loss on sale of discontinued operations, net of impairment adjustments and minority interest				(15	)		—			—
			Income from discontinued operations		3,244			3,957			1,033
Net income					206,325			282,409			261,939
Dividends on preferred shares					(45,053	)		(52,442	)		(48,981	)
			Net income available for common shareholders	$	161,272		$	229,967		$	212,958
Basic net income per common share:
	Continuing operations			$	1.18		$	1.74		$	1.67
	Discontinued operations				0.02			0.03			0.01
	Total			$	1.20		$	1.77		$	1.68
Diluted net income per common share:
	Continuing operations			$	1.17		$	1.72		$	1.65
	Discontinued operations				0.02			0.03			0.01
	Total			$	1.19		$	1.75		$	1.66
Weighted average number of common shares outstanding					133,981			129,660			126,836
Weighted average number of common and dilutive potential common shares					150,839			151,710			147,441

See accompanying Notes to Consolidated Financial Statements.

DUKE REALTY CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements—(Continued)

(14) Discontinued Operations

        During the period January 1, 2003 through June 30, 2003 the Company sold or held for sale four properties owned by the Company and not classified as assets held for sale as of December 31, 2002. The results of operations from such properties have been reclassified as income from discontinued operations for the years ended December 31, 2002, 2001, and 2000 in the consolidated statements of operations. The effect of these reclassifications resulted in a decrease to income from discontinued operations for the year ended December 31, 2002 of $2.1 million, which included a $2.5 million reclass of an impairment charge, net of minority interest. For 2001 and 2000, these reclassifications resulted in an increase of $809,000 and $23,000, respectively.

        In addition, the reclassifications of the operations of these four properties to discontinued operations result in the following restated segment disclosures:

				2002			2001			2000
Revenues
	Rental Operations:
		Office		$	397,975		$	378,955		$	331,885
		Industrial			274,633			284,517			327,283
		Retail			6,933			18,213			28,467
	Service Operations				68,580			80,459			82,799
			Total Segment Revenues		748,121			762,144			770,434
	Non-Segment Revenue				30,036			31,167			18,318
			Consolidated Revenue from continuing operations		778,157			793,311			788,752
	Discontinued Operations				9,405			10,497			5,873
			Consolidated Revenue	$	787,562		$	803,808		$	794,625
Funds From Operations
	Rental Operations:
		Office		$	265,745		$	255,128		$	225,252
		Industrial			211,097			221,691			256,010
		Retail			5,990			15,036			23,008
	Services Operations				30,270			35,115			32,760
			Total Segment FFO		513,102			526,970			537,030
	Non-Segment FFO:
		Interest expense			(116,570	)		(111,419	)		(131,048	)
		Interest income			3,849			5,091			6,836
		General and administrative expense			(25,353	)		(15,553	)		(21,128	)
		Gain on land sales			4,478			5,080			9,165
		Other expenses			(368	)		(3,899	)		(2,826	)
		Minority interest in earnings of common unitholders			(18,196	)		(31,904	)		(31,916	)
		Minority interest in earnings of preferred unitholders			(7,560	)		(8,408	)		(8,408	)
		Other minority interest in earnings of subsidiaries			(1,093	)		(2,411	)		(2,145	)
		Minority interest share of FFO adjustments			(20,329	)		(16,483	)		(15,698	)
		Joint Venture FFO			44,837			45,570			24,182
		Dividends on preferred shares			(45,053	)		(52,442	)		(48,981	)
		Discontinued operations, net of minority interest			5,907			6,555			2,297
			Consolidated FFO		337,651			346,747			317,360
		Depreciation and amortization on continuing operations			(174,250	)		(157,116	)		(161,259	)
		Depreciation and amortization on discontinued operations			(1,371	)		(2,598	)		(1,264	)
		Share of joint venture adjustments			(17,657	)		(14,177	)		(9,104	)
		Earnings (loss) from depreciated property sales on continuing operations			(2,138	)		40,628			51,527
		Earnings (loss) from depreciated property sales on discontinued operations			(1,292	)		—			—
		Minority interest share of adjustments			20,329			16,483			15,698
			Net income available for common shareholders	$	161,272		$	229,967		$	212,958
Assets
	Rental Operations
		Office		$	2,677,427		$	2,625,015
		Industrial			2,144,686			2,184,234
		Retail			71,072			64,946
	Service Operations				91,399			99,554
			Total Segment Assets		4,984,584			4,973,749
	Non-Segment Assets				364,239			356,284
			Consolidated Assets	$	5,348,823		$	5,330,033

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DUKE REALTY CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations For the Year Ended December 31, (in thousands, except per share amounts)
Notes to Consolidated Financial Statements—(Continued)