Duke Realty Announces Results of Tender Offer for 5.95% Senior Notes Due 2017

INDIANAPOLIS, IN--(Marketwired - June 23, 2016) - Duke Realty Corporation (NYSE: DRE), a leading industrial and medical office property REIT, announced today the closing of the previously announced offer by Duke Realty Limited Partnership ("Duke Realty"), its operating partnership, to purchase for cash (the "Tender Offer") any and all of the outstanding 5.95% Senior Notes due 2017 (the "Notes") issued by Duke Realty, which expired at 5:00 p.m., New York City time, on June 22, 2016 (the "Expiration Time").

As of the Expiration Time, $72,048,000 aggregate principal amount of Notes had been validly tendered and not validly withdrawn. The complete terms and conditions of the Tender Offer were set forth in an Offer to Purchase, dated June 16, 2016 (the "Offer to Purchase"), and the related Letter of Transmittal.

Duke Realty has accepted for payment all the Notes validly tendered and not validly withdrawn prior to the Expiration Time and, in accordance with the terms of the Offer to Purchase, has paid all holders of such Notes $1,033.80 per $1,000 principal amount of Notes tendered plus accrued and unpaid interest from the last interest payment date to, but not including, today, June 23, 2016 (the "Payment Date"). Duke Realty funded the payment for tendered and accepted notes with the net proceeds from its previously announced issuance and sale of $375 million aggregate principal amount of its 3.25% Senior Notes due 2026. Wells Fargo Securities, LLC acted as dealer managers for the Tender Offer. D.F. King & Co., Inc. was the information agent and tender agent for the Tender Offer.

As contemplated by the Offer to Purchase, Duke Realty has provided a redemption notice for all Notes not validly tendered and accepted in the Tender Offer for redemption on July 23, 2016 in accordance with the redemption provisions under the indenture governing the Notes. The payment date for all such redeemed Notes is July 25, 2016. Duke Realty intends to fund payment for the redeemed Notes with the remaining net proceeds from the offering of its 3.25% Senior Notes due 2026. This news release shall not constitute a notice of redemption or an offer to purchase any such Notes.