Feb 13, 2004 -- Duke Realty Corporation announced today that it has called for redemption all of its outstanding 7.375% Series D Convertible Cumulative Redeemable Preferred Shares, par value $.01 per share, and all of the Depositary Shares representing such Series D Preferred Shares (NYSE:DREPRD) (CUSIP No.: 264411877). The redemption date is March 16, 2004. The cash redemption price for the Series D Preferred Shares is $250.00 per share, which is equivalent to a cash redemption price of $25.00 per Series D Depositary Share. Holders of the Series D Depositary Shares as of the redemption date will also receive $0.38924 in accrued dividends, for an aggregate redemption price of $25.38924 per Series D Depositary Share. Dividends on the Series D Preferred Shares represented by the Series D Depositary Shares will cease to accrue on and after the redemption date, and holders will have no rights other than the right to receive the redemption price, without interest, upon surrender of their shares.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  Duke Realty Investments Inc., Depositary Shares each representing 1/10 of a 7.375% Series D Convertible Cumulative Redeemable Preferred Share, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 12/31/2003 at $25 per depositary share plus accrued and unpaid dividends, with no stated maturity, and with distributions of 7.375% ($1.84375) per annum paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the date fixed by the board, not more than 30 days or less than 10 days prior to the payment date. The preferred shares are convertible any time at the holder's option into 0.93677 common shares of Duke Realty Investments Inc. (NYSE: DRE), an initial conversion price of $26.6875 per common share. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the convertible preferred stock and the conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Conv Shrs Conv Price	Distribution Dates	15% Tax Rate
NYSE Chart	7.38% $1.84375	$25.00 $25.00	Called for 3/16/2004 None	Baa2 BBB+ 1/18/2004	0.93677 $26.6875	3/31, 6/30, 9/30 & 12/31 Click for MW ExDiv Date Click for Yahoo ExDiv Date	No

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HOME PAGE:     http://www.dukerealty.com/
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Inv Rel Email Address	ir@dukerealty.com
General Email Address	shona.bedwell@dukerealty.com
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Address and Phone Numbers

Address:   600 East 96th Street, Suite 100, Indianapolis, IN 46240
Main Phone Number	317-808-6000
Fax Number	317-808-6770
Investor Relations   Shona L. Bedwell	317-808-6169
Toll Free Phone Number	800-875-3366

CEO - Dennis D. Oklak

CFO - Matthew A. Cohoat