Duke Realty Limited PARTNERSHIP 8-K Duke Realty Corporation Announces Second Quarter Earnings

Exhibit 99.1

	News Release
Investor Relations Contacts: Shona L. Bedwell 317.808.6169 shona.bedwell@dukerealty.com	News Media Contact: Joel Reuter 317.808.6137 joel.reuter@dukerealty.com

Randy A. Henry
317.808.6060
randy.henry@dukerealty.com

Duke Realty Corporation Announces Second Quarter Earnings

Common Stock Dividend Increase Announced

Lynn Thurber Elected to the Board of Directors

     (Indianapolis, Indiana — July 30, 2008) — Duke Realty Corporation (NYSE: DRE) reported today results for the second quarter 2008. Funds from Operations available to common shareholders (diluted) (“FFO”) was $0.60 per share for the second quarter of 2008 compared to $0.63 per share for the same quarter of 2007. The decrease is primarily attributable to the timing of recognition of gains on build-for-sale dispositions and other transactions of a non-recurring nature. Net income available for common shareholders (diluted) (“EPS”) was $0.12 per share for the second quarter of 2008, compared to $0.27 for the same quarter in 2007. In addition to the variances noted above, the majority of the remaining decrease in EPS is attributable to reduced held-for-rental property sale gains in 2008 compared to 2007.

     Duke also announced today that its Board of Directors increased its quarterly common stock dividend to $0.485 per share, payable on August 29, 2008 to shareholders of record on August 14, 2008. Equal to $1.94 per share on an annualized basis, the new dividend provides a 1.0 percent increase over the previous amount and represents the fifteenth consecutive annual increase since the Company’s October 1993 public offering.

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     Denny Oklak, Chairman and Chief Executive Officer, commenting on Duke’s second quarter performance, stated:

“Even though the economic environment is challenging, our stabilized in-service portfolio increased to 93.1 percent leased and we were able to improve our overall portfolio occupancy by 1.2 percent to 87.2 percent during the quarter. We are also pleased with our fifteenth consecutive annual dividend increase.”

Looking forward for the remainder of 2008, Mr. Oklak stated,

“Our 2008 annual guidance for FFO per share is $2.60 to $2.90. Based on our current expectations of economic conditions for the remainder of the year, we anticipate that FFO per share will be at the lower end of our guidance.”

     The Company also announced the election of Ms. Lynn C. Thurber to its Board of Directors, effective immediately. Ms. Thurber is the non-Executive Chairman of LaSalle Investment Management, a global real estate money management firm investing in private real estate as well as publicly-traded real estate companies on behalf of institutional and individual investors, which is a part of Jones Lang LaSalle Inc. Prior to becoming Chairman, Ms. Thurber was the Chief Executive Officer of LaSalle Investment Management from March 2000 to December 2006 and Co-President from December 1994 to March 2000. Ms. Thurber holds an A.B. degree from Wellesley College and an M.B.A. from Harvard Business School.

“We are extremely pleased to have Lynn Thurber join our Board of Directors,” Mr. Oklak said. “Lynn has outstanding experience in the real estate industry through her tenure at LaSalle Investment Management, ABKB Realty Advisors and Morgan Stanley. Her expertise in the fund management business and international investment experience will be of great value as we execute on our strategic plan.”

     The Board also declared today the following dividends on the Company’s outstanding preferred stock:

	NYSE	Quarterly
Class	Symbol	Amount/Share		Record Date	Payment Date
Series J	DREPRJ	$	.414063	August 15, 2008	August 29, 2008
Series K	DREPRK	$	.406250	August 15, 2008	August 29, 2008
Series L	DREPRL	$	.412500	August 15, 2008	August 29, 2008
Series M	DREPRM	$	.434375	September 16, 2008	September 30, 2008
Series N	DREPRN	$	.453125	September 16, 2008	September 30, 2008
Series O	DREPRO	$	.523438	September 16, 2008	September 30, 2008

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Second Quarter Operating Statistics

• At the end of the second quarter, the Company’s 673 stabilized in-service properties, totaling 109.2 million square feet, were 93.1 percent leased compared to 92.9 percent at March 31, 2008.

• The Company’s value creation pipeline totaled $1.7 billion, including $377 million of developments with an expected stabilized return of 8.9 percent that Duke plans to own indefinitely after completion; $1.3 billion of developments with an expected stabilized return of 8.2 percent that the Company plans to sell within approximately one year of completion; and a $106 million backlog of third-party construction contracts with an average overall profit margin of 16.1 percent.

• In addition to its 673 stabilized in-service properties, the Company owns 32 recently completed development properties, with a total 9.7 million square feet, that are 34.1 percent leased. The company owns 18 properties under development, with a total of 3.1 million square feet, that are 42.4 percent pre-leased.

• The Company renewed 76 percent of all leases expiring in the second quarter, for a total of 1.8 million square feet, with average net effective rent increases of 3.4 percent.

• Same property net operating income increased 2.2 percent for the three months ended June 30, 2008.

• Property sales in the second quarter totaled $102.4 million, at an average stabilized capitalization rate of 7.1 percent.

• The Company completed acquisitions of properties totaling $7.4 million, with an overall stabilized yield of 7.6 percent.

     When used in this press release, the word “believes,” “expects,” “estimates” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially. In particular, among the factors that could cause actual results to differ materially are continued qualification as a real estate investment trust, general business and economic conditions, competition, increases in real estate construction costs, interest rates, accessibility of debt and equity capital markets and other risks inherent in the real estate business including tenant defaults, potential liability relating to environmental matters and liquidity of real estate investments. Readers are advised to refer to Duke’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on February 29, 2008 for additional information concerning these risks.

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About Duke Realty Corporation

     Duke Realty Corporation specializes in the ownership, construction, development, leasing and management of office, industrial, medical office and retail 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 131 million rentable square feet in 24 major U.S. cities. Duke, which controls over 7,400 acres of land for more than 110 million square feet of future development, also provides nationwide real estate solutions through its national development division.

     A copy of the Company’s supplemental information fact book will be available after 6:00 p.m. EDT today in theInvestor Relationssection of the Company’s web site atwww.dukerealty.com. Duke is also hosting a conference call on Thursday, July 31 at 3:00 p.m. New York time to discuss its second quarter operating results. All investors are invited to listen to this call, which can be accessed through theInvestor Relationssection of the Company’s web site.

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Financial Highlights

(in thousands, except per share data)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
Operating Results	2008			2007			2008			2007
Revenues from continuing operations	$	242,232		$	222,719		$	479,131		$	446,120
Earnings from rental operations		21,945			26,734			41,223			51,476
Earnings from service operations		10,390			12,018			14,803			18,952
Net income available for common shareholders — Basic		17,797			37,076			21,845			105,639
Net income available for common shareholders — Diluted		18,751			39,694			23,019			113,167
Funds from operations available for common shareholders — Basic		88,094			87,282			172,736			173,609
Funds from operations available for common shareholders — Diluted		92,710			93,479			181,898			185,979
Per Share:
Funds from operations available for common shareholders — Basic	$	0.60		$	0.64		$	1.18		$	1.27
Funds from operations available for common shareholders — Diluted	$	0.60		$	0.63		$	1.17		$	1.26
Net income available for common shareholders — Basic	$	0.12		$	0.27		$	0.15		$	0.77
Net income available for common shareholders — Diluted	$	0.12		$	0.27		$	0.15		$	0.76
Dividend payout ratio of funds from operations		80.8	%		76.2	%		82.5	%		75.8	%
Weighted average shares outstanding
Basic — Net income and Funds From Operations		146,741			136,921			146,536			136,873
Diluted- Net income and Funds From Operations		155,064			148,129			154,894			148,170

	June 30,		December 31
Balance Sheet Data	2008		2007
Net real estate investments	$	6,237,870	$	6,101,332
Total assets		7,833,069		7,661,981
Total debt		4,346,822		4,316,460
Shareholders’ equity		2,935,021		2,750,033
Common shares outstanding at end of period		146,869		146,175

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Reconciliation of Net Income to Funds From Operations

(in thousands, except per share data)

						Three Months Ended
						June 30,
	(Unaudited)
	2008							2007
				Wtd.							Wtd.
				Avg.		Per					Avg.		Per
	Amount			Shares		Share		Amount			Shares		Share
Net Income Available for Common Shares	$	17,797			146,741	$	0.12	$	37,076			136,921	$	0.27
Add back:
Minority interest in earnings of unitholders		954			7,684				2,618			9,782
Other common stock equivalents					639							1,426
Diluted Net Income Available for Common Shares	$	18,751			155,064	$	0.12	$	39,694			148,129	$	0.27
Reconciliation to Funds From Operations (“FFO”)
Net Income Available for Common Shares	$	17,797			146,741	$	0.12	$	37,076			136,921	$	0.27
Adjustments:
Depreciation and Amortization		76,575							68,407
Company Share of Joint Venture Depreciation and amortization		7,391							5,610
Earnings from depreciable property sales-wholly owned		(9,531	)						(20,361	)
Earnings from depreciable property sales-JV		(476	)						129
Minority interest share of adjustments		(3,662	)						(3,579	)
Basic Funds From Operations		88,094			146,741	$	0.60		87,282			136,921	$	0.64
Minority interest in earnings of unitholders		954			7,684				2,618			9,782
Minority interest share of adjustments		3,662							3,579
Other common stock equivalents					639							1,426
Diluted Funds From Operations	$	92,710			155,064	$	0.60	$	93,479			148,129	$	0.63

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						Six Months Ended
						June 30,
	(Unaudited)
	2008							2007
				Wtd.							Wtd.
				Avg.		Per					Avg.		Per
	Amount			Shares		Share		Amount			Shares		Share
Net Income Available for Common Shares	$	21,845			146,536	$	0.15	$	105,639			136,873	$	0.77
Add back:
Minority interest in earnings of unitholders		1,174			7,771				7,528			9,755
Other common stock equivalents					587							1,542
Diluted Net Income Available for Common Shares	$	23,019			154,894	$	0.15	$	113,167			148,170	$	0.76
Reconciliation to Funds From Operations (“FFO”)
Net Income Available for Common Shares	$	21,845			146,536	$	0.15	$	105,639			136,873	$	0.77
Adjustments:
Depreciation and Amortization		155,696							136,146
Company Share of Joint Venture Depreciation and amortization		14,319							10,578
Earnings from depreciable property sales-wholly owned		(10,641	)						(72,081	)
Earnings from depreciable property sales-share of joint venture		(495	)						(1,831	)
Minority interest share of adjustments		(7,988	)						(4,842	)
Basic Funds From Operations		172,736			146,536	$	1.18		173,609			136,873	$	1.27
Minority interest in earnings of unitholders		1,174			7,771				7,528			9,755
Minority interest share of adjustments		7,988							4,842
Other common stock equivalents					587							1,542
Diluted Funds From Operations	$	181,898			154,894	$	1.17	$	185,979			148,170	$	1.26

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