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Duke Realty Corporation: Duke Realty Corporation Generates $265 Million in Disposition Proceeds During Fourth Quarter

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^{Published in Business and Finance on Tuesday, January 13th 2009 at 8:04 GMT, Last Modified on 2009-01-13 08:05:08 by Market Wire}  

INDIANAPOLIS, IN--(Marketwire - January 13, 2009) - Duke Realty Corporation (NYSE: [ DRE ]) announced today that it received a total of $265.2 million of cash proceeds from property and land dispositions in the fourth quarter of 2008. The company intends to use the proceeds to pay down existing debt obligations, including $125 million of unsecured bonds that mature in February 2009.

"Liquidity is paramount in today's uncertain environment," said Denny Oklak, chairman and chief executive officer. "The sale of these assets is part of the company's ongoing plan to improve liquidity and meet future debt obligations."

Assets sold included:

 -- An 80% interest in two industrial properties aggregating 2.3 million square feet, which were contributed to the company's existing industrial joint venture with CB Realty Trust for proceeds of $86.7 million; -- Four office properties aggregating 343,000 square feet, for which $59.8 million in proceeds were received; and -- Nine parcels of undeveloped land for which the company received $118.7 million, including $105 million in proceeds from the previously announced land sale to the U.S. Army Corps of Engineers as part of the Base Realignment and Closure Act. 

About Duke Realty Corporation

Duke Realty Corporation specializes in the ownership, construction, development, leasing, and management of office, industrial, and healthcare real estate. It is the largest publicly traded, vertically integrated office/industrial real estate company in the United States. The company owns, manages, or has under development more than 144 million rentable square feet in 20 major U.S. cities. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is listed on the S&P MidCap 400 Index. More information about Duke is available on the Internet: [ www.dukerealty.com ].