Duke Realty Limited PARTNERSHIP 8-K Report of Independent Registered Public Accounting Firm

Exhibit 99.2

DUKE REALTY LIMITED PARTNERSHIP AND SUBSIDIARIES

Consolidated Statements of Operations

For the Years Ended December 31,

(in thousands, except per unit amounts)

	2003			2002			2001
RENTAL OPERATIONS:
Revenues:
Rental income from continuing operations	$	691,998		$	655,401		$	653,213
Equity in earnings of unconsolidated companies	23,688			27,180			31,391
	715,686			682,581			684,604
Operating Expenses:
Rental expenses	141,847			122,934			116,860
Real estate taxes	77,545			70,143			66,980
Interest expense	126,039			111,730			106,575
Depreciation and amortization	188,624			166,670			149,972
	534,055			471,477			440,387
Earnings from continuing rental operations	181,631			211,104			244,217
SERVICE OPERATIONS:
Revenues:
General contractor gross revenue	286,689			194,439			264,455
General contractor costs	(259,930		)	(172,559		)	(229,845		)
Net general contractor revenue	26,759			21,880			34,610
Property management, maintenance and leasing fees	14,731			14,301			22,824
Construction management and development activity income	15,486			29,428			19,142
Other income	1,520			2,251			3,883
Total revenue	58,496			67,860			80,459
Operating expenses	37,378			38,340			45,344
Earnings from service operations	21,118			29,520			35,115
General and administrative expense	(21,328		)	(24,676		)	(15,509		)
Operating income	181,421			215,948			263,823

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OTHER INCOME (EXPENSE):
Interest income	3,613			3,860			5,092
Earnings from sale of land and depreciable property dispositions, net of impairment adjustment	15,752			7,292			45,708
Other revenue (expense)	(734		)	182			(2,582		)
Other minority interest in earnings of subsidiaries	(586		)	(1,093		)	(2,411		)
Income from continuing operations	199,466			226,189			309,630
Discontinued operations:
Net income from discontinued operations	6,322			11,139			13,650
Gain (loss) on sale of discontinued operations, net of impairment adjustments	13,024			(4,969		)	—
Income from discontinued operations	19,346			6,170			13,650
Net income	218,812			232,359			323,280
Dividends on preferred units	(39,225		)	(52,613		)	(60,850		)
Adjustment for redemption of preferred units	—			(8,145		)	(2,538		)
Net income available for common unitholders	$	179,587		$	171,601		$	259,892
Basic net income per common unit:
Continuing operations	$	1.07		$	1.11		$	1.67
Discontinued operations	$	0.13		$	0.04		$	0.09
Total	$	1.20		$	1.15		$	1.76
Diluted net income per common unit:
Continuing operations	$	1.06		$	1.10		$	1.65
Discontinued operations	$	0.13		$	0.04		$	0.09
Total	$	1.19		$	1.14		$	1.74
Weighted average number of common units outstanding	150,280			149,423			147,961
Weighted average number of common and dilutive potential common units	151,141			150,839			151,710

See accompanying Notes to Consolidated Financial Statements.

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DUKE REALTY LIMITED PARTNERSHIP AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(15)  Discontinued Operations

During the period January 1, 2004 through September 30, 2004, we sold or held for sale thirty-six properties owned by us and not classified as assets held for sale as of December 31, 2003.  The results of operations from such properties have been reclassified as income from discontinued operations for the years ended December 31, 2003, 2002, and 2001 in the consolidated statements of operations.  The effect of these reclassifications resulted in an increase to income from discontinued operations for the year ended December 31, 2003 of $3.4 million  For the year ended December 31, 2002, these reclassifications resulted in an increase of $489,000, which included a $4.4 million reclass of an impairment charge.  For 2001, these reclassifications resulted in an increase of $6.6 million.

In addition, the reclassifications of the operations of these additional thirty-nine properties to discontinued operations resulted in the following restated Statement of Operations:

	2003		2002			2001
Statement of Operations:
Revenues	$	27,246	$	35,161		$	38,745
Expenses:
Operating	7,811		8,457			8,264
Interest	5,467		6,553			7,255
Depreciation and Amortization	7,610		8,951			9,742
General and Administrative	38		60			50
Operating Income	6,320		11,140			13,434
Other Income	2		(1		)	216
Income from discontinued operations, before gain on sale	6,322		11,139			13,650
Gain (loss) on sale of property, net of impairment adjustment	13,024		(4,969		)	—
Income from discontinued operations	$	19,346	$	6,170		$	13,650

Further, the reclassifications of the operations of these additional thirty-six properties to discontinued operations resulted in the following restated segment disclosures:

	2003		2002		2001
Revenues
Rental Operations:
Office	$	420,481	$	394,345	$	373,698
Industrial	261,871		252,395		259,628
Retail	5,863		4,733		16,125
Service Operations	58,496		67,860		80,459
Total Segment Revenues	746,711		719,333		729,910
Non-Segment Revenue	27,471		31,108		35,153
Consolidated Revenue from continuing operations	774,182		750,441		765,063
Discontinued Operations	27,246		36,436		38,745
Consolidated Revenue	$	801,428	$	786,877	$	803,808

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	2003			2002			2001
Funds From Operations
Rental Operations:
Office	$	273,083		$	263,276		$	252,982
Industrial	196,626			195,432			204,413
Retail	4,929			4,128			13,293
Services Operations	21,118			29,520			35,115
Total Segment FFO	495,756			492,356			505,803
Non-Segment FFO:
Interest expense	(126,039		)	(111,730		)	(106,575		)
Interest income	3,613			3,860			5,092
General and administrative expense	(21,328		)	(24,676		)	(15,509		)
Gain on land sales	7,135			4,478			5,080
Impairment charges on depreciable property	(500		)	(9,379		)	(4,800		)
Other expenses	(2,765		)	(330		)	(3,899		)
Minority interest in earnings of subsidiaries	(586		)	(1,093		)	(2,411		)
Joint Venture FFO	42,526			44,778			45,570
Dividends on preferred units	(39,225		)	(52,613		)	(60,850		)
Adjustment for redemption of preferred units	—			(8,145		)	(2,538		)
Discontinued operations	13,932			21,365			23,392
Consolidated FFO	372,519			358,871			388,355
Depreciation and amortization on continuing operations	(188,624		)	(166,670		)	(149,972		)
Depreciation and amortization on discontinued operations	(7,610		)	(8,951		)	(9,742		)
Share of joint venture adjustments	(18,839		)	(17,598		)	(14,177		)
Earnings from sale of depreciated property and ownership interests in unconsolidated companies in continuing operations	9,117			12,193			45,428
Earnings (loss) from sale of depreciated property in discontinued operations	13,024			(6,244		)	—
Net income available for common unitholders	$	179,587		$	171,601		$	259,892

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