8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  August 9, 2005

DUKE REALTY CORPORATION

(Exact name of registrant as specified in its charter)

Indiana	1-9044	35-1740409
(State or Other Jurisdiction	(Commission	(IRS Employer
of Incorporation)	File Number)	Identification No.)
600 East 96th Street, Suite 100, Indianapolis, Indiana		46240
(Address of Principal Executive Offices)		(Zip Code)
Registrant’s telephone number, including area code: (317) 808-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01.Regulation FD Disclosure.

On August 9 and August 10, 2005, members of Duke Realty Corporation’s (the “Company”) management provided to an analyst and certain investors presentation materials (the “Presentation Materials”) regarding the Company.  Pursuant to General Instruction F to Form 8-K, a copy of the Presentation Materials is attached hereto as Exhibit 99.1 and is incorporated into this Item 7.01 by this reference.

Cautionary Notice Regarding Forward-Looking Statements

Certain statements and information contained in the Presentation Materials constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  The words “believe,” “estimate,” “expect,” “anticipate,” “intend,” “plan,” “seek” and similar expressions or statements regarding future periods, as well as information and projections provided in respect of future periods, are intended to identify these forward-looking statements and forward-looking information.  These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the Company’s actual results, performance or achievements, or industry results, to differ materially from any predictions of future results, performance or achievements that the Company expresses or implies in this report.  These risks, uncertainties and other important factors may include general factors that affect the Company’s industry and business, as well as factors specific to the particular properties and transactions discussed in the Presentation Materials. Although the Company presently believes that the plans, expectations and results expressed in or suggested by the forward-looking statements are reasonable, all forward-looking statements are inherently uncertain as they involve substantial risks and uncertainties beyond the Company’s control, as well as subjective, and inherently uncertain, analysis by the Company’s management. New factors emerge from time to time, and it is not possible for the Company to predict the nature or assess the potential impact of each new factor on the Company’s business. Given these uncertainties, the Company cautions readers not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement or information for events or circumstances that arise after the statement is made.

The information contained in this Item 7.01, including the information set forth in the Presentation Materials attached hereto and incorporated by reference herein, is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise.  The information in this Item 7.01 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Securities Exchange Act of 1934, as amended, except as otherwise expressly stated in any such filing.

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Item 9.01.Financial Statements and Exhibits.

(c)   Exhibits

Exhibit Number	Description
99.1	Presentation Materials.

*The Presentation Materials to this Report as Exhibit 99.1 are “furnished” and not “filed,” as described above in Item 7.01 of this Current Report on Form 8-K.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	DUKE REALTY CORPORATION
	By:	/s/ Howard L. Feinsand
		Howard L. Feinsand
		Executive Vice President, General Counsel and
		Corporate Secretary
Dated: August 22, 2005

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EX-99.1

Exhibit 99.1

Searchable text section of graphics shown above

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August 2005

Duke Realty Corporation Snapshot [LOGO]

NYSE Symbol:	DRE
Average Daily Volume:	500,000 shares
Size:	114 million square feet
	$8.5 billion total market cap
	$5.6 billion equity market cap
	1.7% of Morgan Stanley
	REIT Index (14th largest company)
Property Focus:	Office (55%) Industrial (44%)
	Retail (1%)
Geographic Focus:	Midwest (65%) & Southeast (35%) U.S.

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Duke Business Model

•Key land positions

•Value creation through development

•Vertical integration

•Local market focus

•Midwest/Southeast concentration expanding nationally through new market investments and national development platform

•Capital recycling to upgrade and reposition portfolio

•Utilize joint ventures to increase return on equity, expand operating platforms and market share and generate higher management fees

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Second Quarter 2005 Highlights

•FFO per share remained unchanged at $0.61

•In-service occupancy increased to 90.7% from 89.7% at June 30, 2004

•Value creation pipeline increased 65.8% to $572 million from $345 million at June 30, 2004

•Interest and fixed-charge coverage ratios of 4.0 and 2.8, respectively

•Acquisitions of $289 million at an 8.3% cap rate

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2005 Major Transactions & Initiatives

•Riverway/O’Hare acquisition

•Sale of Light Industrial/Flex Portfolio

•Expansion of National Development and Construction Platform

• Medical office

• Retail

•Anson – Mixed use development in Indianapolis

•Market Expansion

• South Florida

• Dallas office

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O’Hare Office Portfolio Acquisition

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•Five buildings

•1.4 million square feet

•$257 million acquisition price

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Light Industrial Portfolio Sale

•14.4 million square feet of service center and light industrial assets

•Expected proceeds of about $1 billion

•Average age of 15 years

•Average occupancy of 85 percent

•Potential special dividend of $0.50 to $1.00 per share without changing regular quarterly dividend

•Total of 216 buildings

•Average office build-out of 52 percent

•Average office build-out of 74 percent for flex property

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Pre/Post Sale Portfolio Analysis

				Flex			Remaining Portfolio
	Total Portflio			Portfolio			Industrial			Office			Total
Total SF	110,421			14,425			66,585			29,411			95,996
# of Bldgs	872			216			400			256			656
Avg Bldg Age	10.76			14.52			9.58			11.56			10.19
Avg Bldg Size	126,629			66,783			166,463			114,885			146,335
Avg Tenant Size	23,226			14,114			48,913			11,953			25,578
Number of Tenants	4,305			868			1,267			2,170			3,437
Rollover Avg Term (yrs)	4.69			3.78			4.77			4.92			4.82
2006 Capex Budget	$	116,837		$	20,632		$	27,107		$	69,098		$	96,205
Capex per Ft	$	1.06		$	1.43		$	0.41		$	2.35		$	1.00
Occupancy % 6/30/05	90.71		%	84.93		%	93.07		%	88.19		%	91.58		%

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Regional Square Footage/Building Age Analysis

	Total Portfolio		Remaining Portfolio
City	SF	Avg Age	SF	Avg Age
Atlanta	14,422	10.12	10,264	8.22
Dallas	7,271	8.33	7,271	8.33
Orlando	2,679	5.78	2,056	5.47
Raleigh	5,032	9.66	4,250	7.89
South Florida	678	4.56	678	4.56
Tampa	1,504	4.50	1,504	4.50
Atlanta Region	31,585	8.88	26,024	7.67
Chicago	9,256	13.89	9,256	13.89
Minneapolis	6,628	16.10	4,412	15.64
Nashville	5,452	11.10	2,833	10.01
St. Louis	7,508	11.13	7,508	11.13
Chicago Region	28,845	13.15	24,009	12.83
Cincinnati	13,969	11.19	12,729	10.67
Cleveland	5,921	12.22	4,147	10.83
Columbus	7,804	7.37	6,790	6.90
Indianapolis	21,860	10.85	21,860	10.85
Other	436	10.24	436	10.24
Indianapolis Region	49,990	10.56	45,962	10.21
Report Total	110,421	10.76	95,996	10.19

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Anson Master Plan

•Industrial

•Residential

•Retail

•Office, medical, civic

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Anson Future Development

Overall Product Type by SF/Units

	Gross Acres	Units
Single Family (Gross Acres)	259	680

	Net Acres	Units
Townhomes	14	220
Multi Family	100	1,500

	Net Acres	Sq. Ft.
Retail (Outlots)	50	217,400
Hotel Site	4	30,500
Retail (In-Line / Big Box)	121	1,114,200
Retail (Destination)	20	120,100
MOB	21	178,600
Traditional Office	61	931,000
Professional Office / Technology	93	812,000
Flex Industrial	25	326,700
Type II Industrial Warehouse	64	975,700
Bulk Warehouse	484	7,385,700
	943	12,091,900

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Anson Phase I - ’05 and ‘06

Master infrastructure start third quarter 2005

• North (industrial)

• South (retail, residential, medical)

•     Retail – Marketplace at Anson

• 25 net acre grocery-anchored center

• Start Infrastructure third quarter 2005

•     Medical and Industrial

• Good activity – expect 2006 development in both medical and industrial products

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•Residential

• Single-family

• Working with residential land development partner on fee basis; sell improved lots to builders

• Lot sales beginning second quarter 2006

• Town Homes

• Same development partner/fee structure

• Lot sales beginning second quarter 2006

• Apartments

• Unimproved land sales beginning fourth quarter 2005

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Institutional - Quality Portfolio

Atlanta

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Indianapolis

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Columbus

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Orlando

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Raleigh

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•Controlled business parks

•Average age of 10 years

•Average lease term of 7 years

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Historical Land Usage Analysis
(In thousands)

	New		Third-Party
	Development		Construction		Sales		TOTAL
2000	$	66,116	$	8,293	$	13,813	$	88,222
2001	$	37,486	$	16,181	$	27,662	$	81,329
2002	$	26,846	$	7,414	$	9,962	$	44,222
2003	$	12,267	$	23,846	$	17,894	$	54,007
2004	$	29,306	$	9,516	$	20,214	$	59,036
2005	$	80,621	$	19,658	$	46,000	$	146,279

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Value Creation Pipeline Analysis

	Projects Held				Projects Held				Third Party				Total
	For Rental				For Sale				Construction				Pipeline
			Stabilized				Stabilized				Profit
	Cost		Return		Cost		Return		$ Backlog		Margin		$ Volume
12/93	$	46,578	11.0	%	—		—		$	16,969	9.4	%	$	63,547
12/94	$	110,975	11.9	%	—		—		$	12,680	15.5	%	$	123,655
12/95	$	167,171	11.3	%	—		—		$	61,617	6.9	%	$	228,788
12/96	$	140,352	11.6	%	—		—		$	46,197	6.8	%	$	186,549
12/97	$	257,311	11.3	%	—		—		$	35,226	7.7	%	$	292,537
12/98	$	381,795	11.5	%	$	76,242	10.7	%	$	99,498	13.3	%	$	557,535
12/99	$	571,421	11.4	%	$	124,598	10.9	%	$	37,688	11.0	%	$	733,707
12/00	$	241,158	11.6	%	$	287,872	11.6	%	$	80,937	17.3	%	$	609,967
12/01	$	183,106	10.9	%	$	224,303	11.8	%	$	80,369	9.2	%	$	487,778
12/02	$	141,889	10.4	%	$	80,273	10.8	%	$	113,967	11.1	%	$	336,128
12/03	$	94,467	10.1	%	$	71,381	9.7	%	$	175,559	7.8	%	$	341,407
3/04	$	66,160	9.5	%	$	68,875	9.8	%	$	178,184	6.8	%	$	313,219
6/04	$	88,839	10.0	%	$	84,816	9.2	%	$	171,069	8.0	%	$	344,724
9/04	$	114,955	10.0	%	$	86,448	9.3	%	$	186,677	8.5	%	$	388,080
12/04	$	155,627	10.2	%	$	65,738	8.6	%	$	183,152	9.3	%	$	404,518
3/05	$	171,571	10.2	%	$	66,653	9.0	%	$	262,318	10.7	%	$	500,542
6/05	$	189,877	10.2	%	$	171,136	8.8	%	$	210,520	10.8	%	$	571,533

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Development Starts

	Current	Total Project				Stabilized
	Square Feet	Costs		Occupancy		Yield
Held for Rental
2001	6,070,000	$	289,580,000	93	%	9.7	%
2002	3,352,000	169,363,000		98	%	10.1	%
2003	2,117,000	77,385,000		97	%	10.6	%
2004	4,970,000	211,427,000		77	%	9.9	%
2005 YTD	2,022,000	113,889,000		27	%	10.0	%
Held for Sale
2001	1,485,000	$	59,038,000	89	%	11.5	%
2002	444,000	46,087,000		100	%	10.3	%
2003	545,000	50,142,000		100	%	10.3	%
2004	1,007,000	43,275,000		98	%	8.6	%
2005 YTD	799,000	150,781,000		91	%	8.7	%
Total	22,811,000	$	1,210,967,000	85	%	9.9	%

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Value Creation Significant Development Strength

Focus on Highly Profitable Growth Through Development

	9/30/93 to 6/30/05 Development Completions
Duke Realty Total	$	3,656,000,000
Average Stabilized Yield	11.2		%
Value Created at 8.5% Cap Rate	$	1,144,000,000
Value Creation Margin	31.3		%

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Management of Development Risk
$3.6 billion of completed developments since 1993

•443 total projects

•Average size of $8.3 million

•11.2% average unleveraged initial return on costs

• Highest return 20.9%

• Lowest return 6.2%

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Held for Rental Developments - Placed in Service

	Square	Current %		Project		Stabilized
	Feet	Leased		Costs		Return
Total 2003	2,576,111	99	%	$	123,983,210	10.53	%
2004:
1st Quarter	1,486,625	100	%	59,800,593		9.71	%
2nd Quarter	688,650	100	%	26,768,830		8.78	%
3rd Quarter	762,905	84	%	27,688,653		9.74	%
4th Quarter	894,494	100	%	34,238,493		10.06	%
Total 2004	3,832,674	97	%	$	148,496,569	9.63	%
2005:
1st Quarter	1,566,681	69	%	40,559,822		9.99	%
2nd Quarter	1,177,700	78	%	47,131,330		9.79	%
Total 2005 YTD	2,744,381	73	%	$	87,691,152	9.88	%

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Held for Sale Dispositions

	Square	Gross		Cap		Profit
	Feet	Proceeds		Rate		Margin
2001	1,950,000	$	103,304,000	9.3	%	17.8	%
2002	3,030,000	211,143,000		8.6	%	16.7	%
2003	320,000	50,920,000		7.8	%	43.5	%
2004	565,000	75,006,000		7.5	%	37.2	%
Q1-05	255,000	33,750,000		6.9	%	29.1	%
Q2-05	793,000	46,100,000		6.8	%	34.7	%
Total	6,658,000	$	486,473,000	8.3	%	23.2	%

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Capital Structure

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Components and Cost of Capital

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Weighted Average Rates
Outstanding Balances

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