Duke Realty (DRE) 10-K 2005 FY Annual report

Exhibit 99.1

SELECTED QUARTERLY FINANCIAL INFORMATION

(Unaudited)

Selected quarterly information for the years ended December 31, 2005 and 2004 is as follows (in thousands, except per share amounts):

	Quarter Ended
2005	December 31		September 30		June 30		March 31
Revenues from continuing Rental Operations	$	185,509	$	177,141	$	176,930	$	166,603
Revenues from continuing Service Operations		13,914		22,584		23,748		21,695
Net income available for common shareholders		30,055		213,348		40,299		25,481
Basic income per common share	$	0.22	$	1.50	$	0.28	$	0.18
Diluted income per common share	$	0.22	$	1.48	$	0.28	$	0.18
Weighted average common shares		136,855		142,663		143,480		143,089
Weighted average common and dilutive  potential common shares		151,145		158,468		157,696		157,720
Funds From Operations (1)	$	84,548	$	87,175	$	87,841	$	81,625

2004	December 31		September 30		June 30		March 31
Revenues from continuing Rental Operations	$	165,982	$	163,486	$	156,328	$	155,359
Revenues from continuing Service Operations		27,195		17,434		14,739		11,435
Net income available for common shareholders		41,150		42,527		34,716		32,886
Basic income per common share	$	0.29	$	0.30	$	0.24	$	0.24
Diluted income per common share	$	0.29	$	0.30	$	0.24	$	0.23
Weighted average common shares		142,716		142,273		142,104		138,398
Weighted average common and dilutive  potential common shares		157,350		157,105		156,828		156,913
Funds From Operations (1)	$	95,487	$	89,277	$	86,724	$	80,981

(1)  Funds From Operations (“FFO”) is used by industry analysts and investors as a supplemental operating  performance measure of an equity real estate investment trust (“REIT”). FFO is calculated in accordance with the definition that was adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). FFO, as defined by NAREIT, represents net income (loss) determined in accordance with generally accepted accounting principles (“GAAP”), excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated operating real estate assets, plus certain non-cash items such as real estate asset depreciation and amortization, and after similar adjustments for unconsolidated partnerships and joint ventures.

Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors and analysts have considered the presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. Thus, NAREIT created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from GAAP net income. Management believes that the use of FFO, combined with the required primary GAAP presentations, has improved the understanding of operating results of REITs among the investing public and made comparisons of REIT operating results more meaningful. Management considers FFO to be a useful measure for reviewing comparative operating and financial performance (although FFO should be reviewed in conjunction with net income which remains the primary measure of performance) because by excluding gains or losses related to sales of previously depreciated operating real estate assets and excluding real estate asset depreciation and amortization, FFO assists in comparing the operating performance of a company’s real estate between periods or as compared to different companies.