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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

|X | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ------------------------------------------------------------------------------------

For the fiscal year ended December 31, 2010

OR



|TRANSITION | REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|---------- | -----------------------------------------------------------------------------

For the transition period from  to
.

Commission File Number: 0-20625

DUKE REALTY LIMITED PARTNERSHIP

(Exact Name of Registrant as Specified in Its Charter)

|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|Indiana                                                        |  | 35-1898425                          
|(State or Other Jurisdiction of Incorporation or Organization) |  | (IRS Employer Identification Number)
|                                                               | 
|600 East 96thStreet, Suite 100 Indianapolis, Indiana           |  | 46240                               
|(Address of Principal Executive Offices)                       |  | (Zip Code)                          

Registrants
telephone number, including area code: (317) 808-6000

Securities registered pursuant to Section 12(b) of the Act:
None

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes  X     No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes       No   X

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  
X     No

Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter
period that the registrant was required to submit and post such files).    Yes      No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 Regulation S-K is not contained herein, and will not be contained, to
the best of Registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.
See definition of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer             Accelerated filer
            Non-accelerated filer X             Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).     Yes      No  X

The aggregate
market value of Limited Partner Units held by non-affiliates of the registrant is $65.8 million based on the last reported sale price of the common shares of Duke Realty Corporation on June 30, 2010 into which Limited Partner Units are
exchangeable.

The aggregate number of Common Units outstanding as of February 25, 2011 was 259,331,061.

DOCUMENTS INCORPORATED BY REFERENCE

Certain portions of the registrants General Partners Proxy Statement for its 2011 Annual Meeting of Shareholders (the Proxy Statement) to be filed pursuant to Rule 14a-6 of the
Securities Exchange Act of 1934, as amended, are incorporated by reference into this Form 10-K. Other than those portions of the Proxy Statement specifically incorporated by reference pursuant to Items 10 through 14 of Part III hereof, no other
portions of the Proxy Statement shall be deemed so incorporated.



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TABLE OF CONTENTS

Form 10-K



|           |  |         |  |                                                                                                                   |           |  |          | 
|---------- |  | ------- |  | ----------------------------------------------------------------------------------------------------------------- | --------- |  | -------- | 
|Item No.   |  | Page(s) | 
|           |  |         | 
|PART I     |  |         |  |                                                                                                                   |           |  |          | 
|           |  |         | 
|           |  | 1.      |  | Business                                                                                                          |           |  | 2 - 6    | 
|           |  | 1A.     |  | Risk Factors                                                                                                      |           |  | 6 - 14   | 
|           |  | 1B.     |  | Unresolved Staff Comments                                                                                         |           |  | 15       | 
|           |  | 2.      |  | Properties                                                                                                        |           |  | 15 - 17  | 
|           |  | 3.      |  | Legal Proceedings                                                                                                 |           |  | 18       | 
|           |  | 4.      |  | Reserved                                                                                                          |           |  | 18       | 
|PART II    |  |         |  |                                                                                                                   |           |  |          | 
|           |  | 5.      |  | Market for the Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
 Securities |           |  | 18 - 19  | 
|           |  | 6.      |  | Selected Financial Data                                                                                           |           |  | 20       | 
|           |  | 7.      |  | Managements Discussion and Analysis of Financial Condition and Results of
Operations                             |           |  | 21 - 48  | 
|           |  | 7A.     |  | Quantitative and Qualitative Disclosures About Market Risk                                                        |           |  | 48 - 49  | 
|           |  | 8.      |  | Financial Statements and Supplementary Data                                                                       |           |  | 49       | 
|           |  | 9.      |  | Changes In and Disagreements With Accountants on Accounting and Financial
Disclosure                              |           |  | 49       | 
|           |  | 9A.     |  | Controls and Procedures                                                                                           |           |  | 49 - 50  | 
|           |  | 9B.     |  | Other Information                                                                                                 |           |  | 50       | 
|PART III   |  |         |  |                                                                                                                   |           |  |          | 
|           |  | 10.     |  | Directors and Executive Officers of the Registrant                                                                |           |  | 50 - 51  | 
|           |  | 11.     |  | Executive Compensation                                                                                            |           |  | 51       | 
|           |  | 12.     |  | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters                    |           |  | 51       | 
|           |  | 13.     |  | Certain Relationships and Related Transactions, and Director Independence                                         |           |  | 51       | 
|           |  | 14.     |  | Principal Accountant Fees and Services                                                                            |           |  | 51       | 
|PART IV    |  |         |  |                                                                                                                   |           |  |          | 
|           |  | 15.     |  | Exhibits and Financial Statement Schedules                                                                        |           |  | 51 - 112 | 
|Signatures |  |         |  |                                                                                                                   | 113 - 114 | 



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IMPORTANT INFORMATION ABOUT THIS REPORT

In this Annual Report on Form 10-K (this Report), the words the Partnership, we, us and our
refer to Duke Realty Limited Partnership and its subsidiaries, as well as Duke Realty Limited Partnerships predecessors and their subsidiaries. The General Partner refers to our parent, Duke Realty Corporation.

Cautionary Notice Regarding Forward-Looking Statements

Certain statements contained in or incorporated by reference into this Report, including, without limitation, those related to our future operations, constitute forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words believe, estimate, expect,
anticipate, intend, plan, seek, may and similar expressions or statements regarding future periods are intended to identify forward-looking statements.

These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results,
performance or achievements, or industry results, to differ materially from any predictions of future results, performance or achievements that we express or imply in this Report or in the information incorporated by reference into this Report. Some
of the risks, uncertainties and other important factors that may affect future results include, among others:



| |  |  | Changes in general economic and business conditions, including, without limitation, the continuing impact of the economic down-turn, which is having
and may continue to have a negative effect on the fundamentals of our business, the financial condition of our tenants, and the value of our real estate assets;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The General Partners continued qualification as a real estate investment trust (REIT) for U.S. federal income tax purposes;
| | - |  | ------------------------------------------------------------------------------------------------------------------------------



| |  |  | Heightened competition for tenants and potential decreases in property occupancy;
| | - |  | ---------------------------------------------------------------------------------



| |  |  | Potential changes in the financial markets and interest rates;
| | - |  | --------------------------------------------------------------



| |  |  | Volatility in the General Partners stock price and trading volume;
| | - |  | -------------------------------------------------------------------



| |  |  | Our continuing ability to raise funds on favorable terms;
| | - |  | ---------------------------------------------------------



| |  |  | Our ability to successfully identify, acquire, develop and/or manage properties on terms that are favorable to us;
| | - |  | ------------------------------------------------------------------------------------------------------------------



| |  |  | Potential increases in real estate construction costs;
| | - |  | ------------------------------------------------------



| |  |  | Our ability to successfully dispose of properties on terms that are favorable to us;
| | - |  | ------------------------------------------------------------------------------------



| |  |  | Our ability to retain our current credit ratings;
| | - |  | -------------------------------------------------



| |  |  | Inherent risks in the real estate business, including, but not limited to, tenant defaults, potential liability relating to environmental matters and
liquidity of real estate investments; and
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in the Partnerships and the
General Partners other reports and other public filings with the Securities and Exchange Commission (SEC).
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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Although we presently believe that the plans, expectations and results expressed in or suggested by the
forward-looking statements are reasonable, all forward-looking statements are inherently subjective, uncertain and subject to change, as they involve substantial risks and uncertainties beyond our control. New factors emerge from time to time, and
it is not possible for us to predict the nature, or assess the potential impact, of each new factor on our business. Given these uncertainties, we caution you not to place undue reliance on these forward-looking statements. We undertake no
obligation to update or revise any of our forward-looking statements for events or circumstances that arise after the statement is made, except as otherwise may be required by law.

This list of risks and uncertainties, however, is only a summary of some of the most important factors and is not intended to be exhaustive. Additional information regarding risk factors that may affect
us is included under the caption Risk Factors in this Report, and is updated by us from time to time in Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings that we make with the SEC.

PART I

Item 1. Business

Background

The Partnership was formed on October 4, 1993, when Duke Realty Corporation (the General Partner) contributed all of its properties and
related assets and liabilities, together with the net proceeds of $309.2 million from an offering of an additional 14,000,833 shares of its common stock, to the Partnership. Simultaneously, the Partnership completed the acquisition of Duke
Associates, a full-service commercial real estate firm operating in the Midwest. The General Partner was formed in 1985 and we believe it qualifies as a REIT under provisions of the Internal Revenue Code of 1986, as amended (the Code).
The General Partner is the sole general partner of the Partnership, owning 98.0% of the common Partnership interest as of December 31, 2010 (General Partner Units). The remaining 2.0% of the Partnerships common interest is
owned by limited partners (Limited Partner Units and, together with the General Partner Units, the Common Units). Limited Partners have the right to redeem their Limited Partner Units, subject to certain restrictions.
Pursuant to the Partnership Agreement, the General Partner is obligated to redeem the Limited Partner Units in shares of its common stock, unless it determines in its reasonable discretion that the issuance of shares of its common stock could cause
it to fail to qualify as a REIT. Each Limited Partner Unit shall be redeemed for one share of the General Partners common stock, or, in the event that the issuance of shares could cause the General Partner to fail to qualify as a REIT, cash
equal to the fair market value of one share of the General Partners common stock at the time of redemption, in each case, subject to certain adjustments described in the Partnership Agreement. The Limited Partner Units are not required, per
the terms of the Partnership Agreement, to be redeemed in registered shares of the General Partner. The General Partner also owns preferred partnership interests in the Partnership (Preferred Units). As of December 31, 2010, our
diversified portfolio of 793 rental properties (including 114 jointly controlled in-service properties with approximately 22.7 million square feet, eight consolidated properties under development with approximately 2.9 million square feet
and two jointly controlled properties under development with approximately 866,000 square feet) encompasses approximately 140.5 million rentable square feet and is leased by a diverse base of approximately 3,600 tenants whose businesses include
government services, manufacturing, retailing, wholesale trade, distribution, healthcare and professional services. We also own, including through ownership interests in unconsolidated joint ventures, approximately 4,800 acres of land and control an
additional 1,650 acres through purchase options.



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Our headquarters and executive offices are located in Indianapolis, Indiana. In addition, we have 17
regional offices located in Alexandria, Virginia; Atlanta, Georgia; Baltimore, Maryland; Chicago, Illinois; Cincinnati, Ohio; Columbus, Ohio; Dallas, Texas; Houston, Texas; Minneapolis, Minnesota; Nashville, Tennessee; Orlando, Florida; Phoenix,
Arizona; Raleigh, North Carolina; St. Louis, Missouri; Savannah, Georgia; Tampa, Florida; and Weston, Florida. We had approximately 1,000 employees as of December 31, 2010.

See Item 7, Managements Discussion and Analysis of Financial Condition and Results of Operations for information related to our operations, asset and capital strategies.

Reportable Operating Segments

We have
three reportable operating segments, the first two of which consist of the ownership and rental of office and industrial real estate investments. The operations of our office and industrial properties, along with our medical office and retail
properties, are collectively referred to as Rental Operations. Our medical office and retail properties do not meet the quantitative thresholds for separate presentation as reportable segments.

The third reportable segment consists of providing various real estate services such as property management, asset management, maintenance, leasing,
development and construction management to third-party property owners and joint ventures, and is collectively referred to as Service Operations. Our reportable segments offer different products or services and are managed separately
because each segment requires different operating strategies and management expertise. Our Service Operations segment also includes our taxable REIT subsidiary, a legal entity through which certain of the segments operations are conducted.
Through our Service Operations reportable segment, we have historically developed or acquired properties with the intent to sell (hereafter referred to as Build-for-Sale properties). Build-for-Sale properties were generally identified as
such prior to construction commencement and were sold within a relatively short time after being placed in service. Build-for-Sale properties, which are no longer part of our operating strategy, did not represent a significant component of our
operations in 2010 or 2009.

We assess and measure our overall operating results based upon an industry performance measure referred to as
Funds From Operations (FFO), which management believes is a useful indicator of our consolidated operating performance. FFO is used by industry analysts and investors as a supplemental operating performance measure of an equity REIT like
our General Partner. The National Association of Real Estate Investment Trusts (NAREIT) created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from net income
determined in accordance with accounting principles generally accepted in the United States of America (GAAP). FFO is a non-GAAP financial measure. The most comparable GAAP measure is net income (loss) attributable to common unitholders.
Consolidated FFO attributable to common unitholders should not be considered as a substitute for net income (loss) attributable to common unitholders or any other measures derived in accordance with GAAP and may not be comparable to other similarly
titled measures of other companies. FFO is calculated in accordance with the definition that was adopted by the Board of Governors of NAREIT.

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 analysts and investors have considered presentation of operating results for real estate companies that use historical cost
accounting to be insufficient by themselves. FFO, as defined by NAREIT, represents GAAP net income (loss), excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated 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.



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Management believes that the use of consolidated FFO attributable to common unitholders, combined with net
income (which remains the primary measure of performance), improves the understanding of operating results of REITs among the investing public and makes comparisons of REIT operating results more meaningful. Management believes that, by excluding
gains or losses related to sales of previously depreciated real estate assets and excluding real estate asset depreciation and amortization, investors and analysts are able to readily identify the operating results of the long-term assets that form
the core of a REITs activity and assist in comparing these operating results between periods or as compared to different companies.

See
Item 7, Managements Discussion and Analysis of Financial Condition and Results of Operations and Item 8, Financial Statements and Supplementary Data for financial information related to our reportable
segments.

Competitive Conditions

As a fully integrated commercial real estate firm, we provide in-house leasing, management, development and construction services which, coupled with our significant base of commercially zoned and
unencumbered land in existing business parks, should give us a competitive advantage both as a real estate operator and in future development activities.

We believe that the management of real estate opportunities and risks can be done most effectively at regional or local levels. As a result, we intend to continue our emphasis on increasing our market
share and effective rents in the primary markets where we own properties. We believe that this regional focus will allow us to assess market supply and demand for real estate more effectively as well as to capitalize on the strong relationships with
our tenant base. In addition, we seek to further capitalize on strong customer relationships to provide third-party construction services across the United States. As a fully integrated real estate company, we are able to arrange for or provide to
our industrial, office and medical office customers not only well located and well maintained facilities, but also additional services such as build-to-suit construction, tenant finish construction, and expansion flexibility.

All of our properties are located in areas that include competitive properties. Institutional investors, REITs or local real estate operators generally
own such properties; however, no single competitor or small group of competitors is dominant in our current markets. The supply and demand of similar available rental properties may affect the rental rates we will receive on our properties. Other
competitive factors include the attractiveness of the property location, the quality of the property and tenant services provided, and the reputation of the owner and operator. In addition, our Service Operations face competition from a considerable
number of other real estate companies that provide comparable services, some of whom may have greater marketing and financial resources than are available to us.

Corporate Governance

As a limited partnership that has one general partner owning over
90% of the Partnerships common interest, the governance of the Partnership is necessarily linked to the corporate governance of the General Partner. Summarized below are the highlights of the General Partners Corporate Governance
initiatives.



|                  |  |                                                                                                                                                                                                                             
|----------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Board Composition |  |    The General Partners Board is controlled by supermajority (90.9%) of Independent
Directors, as such term is defined under the rules of the New York Stock Exchange (the NYSE) as of January 30, 2011 and thereafter
|                  | 
|Board Committees  |  |    The General Partners Board Committee members are all Independent
Directors                                                                                                                                             



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|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|-------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|               | 
|Lead Director  |  |    The Chairman of the General Partners Corporate Governance Committee serves as Lead Director of
the General Partners Independent Directors                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|               | 
|Board Policies |  |    No Shareholder Rights Plan (Poison Pill)
   Code of Conduct applies to all Directors and employees of the General Partner, including
the Chief Executive Officer and senior financial officers; waivers require the vote of a majority of the General Partners Board of Directors or the General Partners Corporate Governance Committee.
   Effective orientation program for new Directors of the General Partner
   Independence of Directors of the General Partner is reviewed annually
   Independent Directors of the General Partner meet at least quarterly in executive
sessions    Independent Directors of the General Partner receive no compensation
from the General Partner other than as Directors    Equity-based compensation
plans require the General Partners shareholder approval    Board
effectiveness and performance is reviewed annually by the General Partners Corporate Governance Committee    The General Partners Corporate Governance Committee conducts an annual review of the General Partners Chief Executive Officer succession plan
   Independent Directors and all Board Committees of the General Partner may retain outside
advisors, as they deem appropriate    Policy governing retirement age for
Directors of the General Partner    Prohibition on repricing of outstanding stock
options of the General Partner    Directors of the General Partner required to
offer resignation upon job change    Majority voting for election of Directors of
the General Partner    Shareholder Communications Policy
|               | 
|Ownership      |  | Minimum Stock Ownership Guidelines apply to all Directors and Executive Officers of the General Partner                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

The General Partners Code of Conduct (which applies to all Directors and employees of the General Partner, including the Chief Executive Officer
and senior financial officers) and the Corporate Governance Guidelines are available in the Investor Relations/Corporate Governance section of the General Partners website at www.dukerealty.com. A copy of these documents may also be obtained
without charge by writing to Duke Realty Corporation, 600 East 96th Street, Suite 100, Indianapolis, Indiana 46240, Attention: Investor Relations.

Additional Information

For additional information regarding our investments and
operations, see Item 7, Managements Discussion and Analysis of Financial Condition and Results of Operations, and Item 8, Financial Statements and Supplementary Data. For additional information about our
business segments, see Item 8, Financial Statements and Supplementary Data.



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Available Information and Exchange Certifications

In addition to this Report, we file quarterly and special reports, proxy statements and other information with the SEC. All documents that are filed with
the SEC are available free of charge on the General Partners corporate website, which is www.dukerealty.com. We are not incorporating the information on the General Partners website into this Report, and the General Partners
website and the information appearing on the General Partners website is not included in, and is not part of, this Report. You may also read and copy any document filed at the public reference facilities of the SEC at 100 F Street, N.E.,
Washington, D.C. 20549. Please call the SEC at (800) SEC-0330 for further information about the public reference facilities. These documents also may be accessed through the SECs Interactive Data Electronic Application (IDEA)
via the SECs home page on the Internet (http://www.sec.gov). In addition, since some of the General Partners securities are listed on the NYSE, you may read the General Partners SEC filings at the offices of the NYSE, 20 Broad
Street, New York, New York 10005.

The NYSE requires that the Chief Executive Officer of each listed company certify annually to the NYSE that
he or she is not aware of any violation by the company of NYSE corporate governance listing standards as of the date of such certification. The General Partner submitted the certification of its Chairman and Chief Executive Officer, Dennis D. Oklak,
with its 2010 Annual Written Affirmation to the NYSE on May 13, 2010.

The General Partner included the certifications of its Chief
Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act of 2002 and related rules, relating to the quality of the General Partners public disclosure, in this Report as Exhibits 31.1 and 31.2.

Item 1A. Risk Factors

In addition to the other information contained in this Report, you should carefully consider, in consultation with your legal, financial and other professional advisors, the risks described below, as well
as the risk factors and uncertainties discussed in our other public filings with the SEC under the caption Risk Factors in evaluating us and our business before making a decision regarding an investment in the General Partners
securities.

The risks contained in this Report are not the only risks that we face. Additional risks that are not presently known, or that we
presently deem to be immaterial, also could have a material adverse effect on our financial condition, results of operations, business and prospects. The trading price of the General Partners securities could decline due to the materialization
of any of these risks, and our unitholders may lose all or part of their investment.

This Report also contains forward-looking statements
that may not be realized as a result of certain factors, including, but not limited to, the risks described herein and in our other public filings with the SEC. Please refer to the section in this Report entitled Cautionary Notice Regarding
Forward-Looking Statements for additional information regarding forward-looking statements.

Risks Related to Our Business

Our use of debt financing could have a material adverse effect on our financial condition.

We are subject to the risks normally associated with debt financing, including the risk that our cash flow will be insufficient to meet required
principal and interest payments and the long-term risk that we will be unable to refinance our existing indebtedness, or that the terms of such refinancing will not be as favorable as the terms of existing indebtedness. Additionally, we may not be
able to refinance borrowings at our unconsolidated subsidiaries on favorable terms or at all. If our debt cannot be paid, refinanced or extended, we may not be able to make distributions to unitholders at expected levels. Further, if prevailing
interest rates or other factors at the time of a refinancing result in higher interest rates or other restrictive financial covenants upon the refinancing, then such refinancing would adversely affect our cash flow and funds available for operation,
development and distribution.



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We are also subject to financial covenants under our existing debt instruments. Should we fail to comply
with the covenants in our existing debt instruments, then we would not only be in breach under the applicable debt instruments but we would also likely be unable to borrow any further amounts under our other debt instruments, which could adversely
affect our ability to fund operations. We also have incurred, and may incur in the future, indebtedness that bears interest at variable rates. Thus, if market interest rates increase, so will our debt expense, which could reduce our cash flow and
our ability to make distributions to unitholders at expected levels.

Debt financing may not be available and equity issuances could be
dilutive to our unitholders.

Our ability to execute our business strategy depends on our access to an appropriate blend of debt
financing, including unsecured lines of credit and other forms of secured and unsecured debt, and equity financing, including common and preferred equity issued by the General Partner. Debt financing may not be available over a longer period of time
in sufficient amounts, on favorable terms or at all. If the General Partner issues additional equity securities, instead of debt, to manage capital needs, the interests of our existing unitholders could be diluted (if and when they convert their
Limited Partner Units to shares of the General Partners common stock).

Financial and other covenants under existing credit
agreements could limit our flexibility and adversely affect our financial condition.

The terms of our various credit agreements and other
indebtedness require that we comply with a number of customary financial and other covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage. These covenants may limit our flexibility in our
operations, and breaches of these covenants could result in defaults under the instruments governing the applicable indebtedness even if we have satisfied our payment obligations. If we are unable to refinance our indebtedness at maturity or
meet our payment obligations, the amount of our distributable cash flow would be adversely affected.

Downgrades in our credit ratings
could increase our borrowing costs or reduce our access to funding sources in the credit and capital markets.

We have a significant
amount of debt outstanding, consisting mostly of unsecured debt. We are currently assigned corporate credit ratings from Moodys Investors Service, Inc. and Standard and Poors Ratings Group (S&P) based on their evaluation
of our creditworthiness. These agencies ratings are based on a number of factors, some of which are not within our control. In addition to factors specific to our financial strength and performance, the rating agencies also consider conditions
affecting REITs generally. In January 2010, S&P downgraded our credit rating. All of our debt ratings remain investment grade, but in light of the difficulties continuing to confront the economy generally, including, among others, the weak
global economic conditions, credit market disruptions, and the severe stress on commercial real estate markets, there can be no assurance that we will not be further downgraded or that any of our ratings will remain investment grade. If our credit
ratings are further downgraded or other negative action is taken, we could be required, among other things, to pay additional interest and fees on outstanding borrowings under our revolving credit agreement.

Further credit rating reductions by one or more rating agencies could also adversely affect our access to funding sources, the cost and other terms of
obtaining funding as well as our overall financial condition, operating results and cash flow.



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If we are unable to generate sufficient capital and liquidity, then we may be unable to pursue future
development projects and other strategic initiatives.

To complete our ongoing and planned development projects, and to pursue our other
strategic initiatives, we must continue to generate sufficient capital and liquidity to fund those activities. To generate that capital and liquidity, we rely upon funds from our existing operations, as well as funds that we raise through our
capital raising activities. In the event that we are unable to generate sufficient capital and liquidity to meet our long-term needs, or if we are unable to generate capital and liquidity on terms that are favorable to us, then we may not be able to
pursue development projects, acquisitions, or our other long-term strategic initiatives.

The General Partners stock price and
trading volume may be volatile, which could result in substantial losses to our unitholders if and when they convert their Limited Partner Units to shares of the General Partners common stock.

The market price of the General Partners common and preferred stock could change in ways that may or may not be related to our business, our
industry or our operating performance and financial condition. In addition, the trading volume in the General Partners common stock may fluctuate and cause significant price variations to occur. Some of the factors that could negatively affect
the General Partners share price, or result in fluctuations in the price or trading volume of the General Partners common stock, include uncertainty in the markets, general market and economic conditions, as well as those factors
described in these Risk Factors and in other reports that we file with the SEC.

Many of these factors are beyond our control, and
we cannot predict their potential effects on the price of the General Partners common and preferred stock. If the market prices of the General Partners common and preferred stock decline, then our unitholders may be unable to resell or
exchange their securities upon terms that are attractive to them. We cannot assure that the market price of the General Partners common and preferred stock will not fluctuate or decline significantly in the future. In addition, the securities
markets in general may experience considerable unexpected price and volume fluctuations.

We, or our General Partner, may issue debt and
equity securities which are senior to our General Partners common stock and preferred stock as to distributions and in liquidation, which could negatively affect the value of our Units and the General Partners common and preferred stock.

In the future, we or our General Partner may attempt to increase our capital resources by entering into debt or debt-like financing that
is unsecured or secured by certain of our assets, or issuing debt or equity securities, which could include issuances of secured or unsecured commercial paper, medium-term notes, senior notes, subordinated notes, preferred stock or common stock. In
the event of our liquidation, our lenders and holders of our debt securities would receive a distribution of our available assets before distributions to the holders of our Common Units and Preferred Units. Our General Partners preferred stock
has a preference over our Common Units with respect to distributions and upon liquidation, which could further limit our ability to make distributions to our unitholders. Any additional preferred stock that our General Partner may issue may have a
preference over our Common Units and existing series of Preferred Units with respect to distributions and upon liquidation.

We may be
required to seek commercial credit and issue debt securities to manage our capital needs. Because our, or our General Partners, decision to incur debt and issue securities in our future offerings will depend on market conditions and other
factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings and debt financings. Further, market conditions could require us, or our General Partner, to accept less favorable terms for the issuance
of our securities in the



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future. Thus, our unitholders will bear the risk of our future offerings reducing the value of their Units and diluting their interest in us.

Our use of joint ventures may limit our flexibility with jointly owned investments.

We currently have joint ventures that are not consolidated with our financial statements. We may develop and acquire properties in joint ventures with other persons or entities when circumstances warrant
the use of these structures. Our participation in joint ventures is subject to the risks that:



| |  |  | We could become engaged in a dispute with any of our joint venture partners that might affect our ability to develop or operate a property;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Our joint venture partners may have different objectives than we have regarding the appropriate timing and terms of any sale or refinancing of
properties;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Our joint venture partners may have competing interests in our markets that could create conflict of interest issues; and
| | - |  | -------------------------------------------------------------------------------------------------------------------------



| |  |  | Maturities of debt encumbering our jointly owned investments may not be able to be refinanced at all or on terms that are as favorable as the current
terms.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------

Risks Related to the Real Estate Industry

Our net earnings available for investment or distribution to unitholders could decrease as a result of factors related to the ownership and operation of commercial real estate that are outside of our
control.

Our business is subject to the risks incident to the ownership and operation of commercial real estate, many of which involve
circumstances not within our control. Such risks include the following:



| |  |  | Changes in the general economic climate;
| | - |  | ----------------------------------------



| |  |  | The availability of capital on favorable terms, or at all;
| | - |  | ----------------------------------------------------------



| |  |  | Increases in interest rates;
| | - |  | ----------------------------



| |  |  | Local conditions such as oversupply of property or a reduction in demand;
| | - |  | -------------------------------------------------------------------------



| |  |  | Competition for tenants;
| | - |  | ------------------------



| |  |  | Changes in market rental rates;
| | - |  | -------------------------------



| |  |  | Oversupply or reduced demand for space in the areas where our properties are located;
| | - |  | -------------------------------------------------------------------------------------



| |  |  | Delay or inability to collect rent from tenants who are bankrupt, insolvent or otherwise unwilling or unable to pay;
| | - |  | --------------------------------------------------------------------------------------------------------------------



| |  |  | Difficulty in leasing or re-leasing space quickly or on favorable terms;
| | - |  | ------------------------------------------------------------------------



| |  |  | Costs associated with periodically renovating, repairing and reletting rental space;
| | - |  | ------------------------------------------------------------------------------------



| |  |  | Our ability to provide adequate maintenance and insurance on our properties;
| | - |  | ----------------------------------------------------------------------------



| |  |  | Our ability to control variable operating costs;
| | - |  | ------------------------------------------------



| |  |  | Changes in government regulations; and
| | - |  | --------------------------------------



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| |  |  | Potential liability under, and changes in, environmental, zoning, tax and other laws.
| | - |  | -------------------------------------------------------------------------------------

Further, a significant portion of our costs, such as real estate taxes, insurance and maintenance costs and our debt service payments, are generally not
reduced when circumstances cause a decrease in cash flow from our properties. Any one or more of these factors could result in a reduction in our net earnings available for investment or distribution to unitholders.

Many real estate costs are fixed, even if income from properties decreases.

Our financial results depend on leasing space in our real estate to tenants on terms favorable to us. Our income and funds available for distribution to our unitholders will decrease if a significant
number of our tenants cannot meet their lease obligations to us or we are unable to lease properties on favorable terms. In addition, if a tenant does not pay its rent, we may not be able to enforce our rights as landlord without delays and we may
incur substantial legal costs. Costs associated with real estate investment, such as real estate taxes and maintenance costs, generally are not reduced when circumstances cause a reduction in income from the investment.

Our real estate development activities are subject to risks particular to development.

We continue to selectively develop new pre-leased properties for rental operations in our existing markets when accretive returns are present. These development activities generally require various
government and other approvals, which we may not receive. In addition, we also are subject to the following risks associated with development activities:



| |  |  | Unsuccessful development opportunities could result in direct expenses to us;
| | - |  | -----------------------------------------------------------------------------



| |  |  | Construction costs of a project may exceed original estimates, possibly making the project less profitable than originally estimated, or possibly
unprofitable;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Time required to complete the construction of a project or to lease up the completed project may be greater than originally anticipated, thereby
adversely affecting our cash flow and liquidity;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Occupancy rates and rents of a completed project may not be sufficient to make the project profitable;
| | - |  | ------------------------------------------------------------------------------------------------------



| |  |  | Our ability to dispose of non-strategic properties we identify for sale could be impacted by the ability of prospective buyers to obtain financing
given the current state of the credit markets; and
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Favorable sources to fund our development activities may not be available.
| | - |  | --------------------------------------------------------------------------

We may be unsuccessful in operating completed real estate projects.

We face the risk that
the real estate projects we develop or acquire will not perform in accordance with our expectations. This risk exists because of factors such as the following:



| |  |  | Prices paid for acquired facilities are based upon a series of market judgments; and
| | - |  | ------------------------------------------------------------------------------------



| |  |  | Costs of any improvements required to bring an acquired facility up to standards to establish the market position intended for that facility might
exceed budgeted costs.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Further, we can give no assurance that acquisition targets meeting our guidelines for quality and
yield will continue to be available.



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We are exposed to the risks of defaults by tenants.

Any of our tenants may experience a downturn in their businesses that may weaken their financial condition. In the event of default or the insolvency of
a significant number of our tenants, we may experience a substantial loss of rental revenue and/or delays in collecting rent and incur substantial costs in enforcing our rights as landlord. If a tenant files for bankruptcy protection, a court could
allow the tenant to reject and terminate its lease with us. Our income and distributable cash flow would be adversely affected if a significant number of our tenants became unable to meet their obligations to us, became insolvent or declared
bankruptcy.

We may be unable to renew leases or relet space.

When our tenants decide not to renew their leases upon their expiration, we may not be able to relet the space. Even if our tenants do renew or we are able to relet the space, the terms of renewal or
reletting (including the cost of renovations, if necessary) may be less favorable than current lease terms. If we are unable to promptly renew the leases or relet the space, or if the rental rates upon such renewal or reletting are significantly
lower than current rates, then our income and distributable cash flow would be adversely affected, especially if we were unable to lease a significant amount of the space vacated by tenants in our properties.

Our insurance coverage on our properties may be inadequate.

We maintain comprehensive insurance on each of our facilities, including property, liability, fire, flood and extended coverage. We believe this coverage is of the type and amount customarily obtained for
real property. However, there are certain types of losses, generally of a catastrophic nature, such as earthquakes, hurricanes and floods or acts of war or terrorism that may be uninsurable or not economically insurable. We use our discretion when
determining amounts, coverage limits and deductibles for insurance. These terms are determined based on retaining an acceptable level of risk at a reasonable cost. This may result in insurance coverage that in the event of a substantial loss would
not be sufficient to pay the full current market value or current replacement cost of our lost investment. Inflation, changes in building codes and ordinances, environmental considerations and other factors also may make it unfeasible to use
insurance proceeds to replace a facility after it has been damaged or destroyed. Under such circumstances, the insurance proceeds we receive may not be adequate to restore our economic position in a property. If an insured loss occurred, we could
lose both our investment in and anticipated profits and cash flow from a property, and we would continue to be obligated on any mortgage indebtedness or other obligations related to the property. Although we believe our insurance is with highly
rated providers, we are also subject to the risk that such providers may be unwilling or unable to pay our claims when made.

Acquired
properties may expose us to unknown liability.

From time to time, we may acquire properties subject to liabilities and without any
recourse, or with only limited recourse, with respect to unknown liabilities. As a result, if a liability were asserted against us based upon ownership of those properties, we might have to pay substantial sums to settle or contest it, which
could adversely affect our results of operations and cash flow. Unknown liabilities with respect to acquired properties might include:



| |  |  | liabilities for clean-up of undisclosed environmental contamination;
| | - |  | --------------------------------------------------------------------



| |  |  | claims by tenants, vendors or other persons against the former owners of the properties;
| | - |  | ----------------------------------------------------------------------------------------



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##### Table of Contents

| |  |  | liabilities incurred in the ordinary course of business; and
| | - |  | ------------------------------------------------------------



| |  |  | claims for indemnification by general partners, directors, officers and others indemnified by the former owners of the properties.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------

We could be exposed to significant environmental liabilities as a result of conditions of which we currently are not
aware.

As an owner and operator of real property, we may be liable under various federal, state and local laws for the costs of removal
or remediation of certain hazardous substances released on or in our property. Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the release of the hazardous substances. In addition, we
could have greater difficulty in selling real estate on which hazardous substances were present or in obtaining borrowings using such real estate as collateral. It is our general policy to have Phase I environmental audits performed for all of our
properties and land by qualified environmental consultants. These Phase I environmental audits have not revealed any environmental liability that would have a material adverse effect on our business. However, a Phase I environmental audit does not
involve invasive procedures such as soil sampling or ground water analysis, and we cannot be sure that the Phase I environmental audits did not fail to reveal a significant environmental liability or that a prior owner did not create a material
environmental condition on our properties or land which has not yet been discovered. We could also incur environmental liability as a result of future uses or conditions of such real estate or changes in applicable environmental laws.

We are exposed to the potential impacts of future climate change and climate-change related risks.

We are exposed to potential physical risks from possible future changes in climate. Our properties may be exposed to rare catastrophic weather events,
such as severe storms and/or floods. If the frequency of extreme weather events increases due to climate change, our exposure to these events could increase.

We do not currently consider that we are exposed to regulatory risk related to climate change. However, we may be adversely impacted as a real estate developer in the future by stricter energy efficiency
standards for buildings.

Risks Related to Our Organization and Structure

If the General Partner were to cease to qualify as a REIT, the General Partner and its shareholders would lose significant tax benefits.

The General Partner intends to continue to operate so as to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the
Code). Qualification as a REIT provides significant tax advantages to the General Partner and its shareholders. However, in order for the General Partner to continue to qualify as a REIT, it must satisfy numerous requirements established
under highly technical and complex Code provisions for which there are only limited judicial and administrative interpretations. Satisfaction of these requirements also depends on various factual circumstances not entirely within the General
Partners control. The fact that the General Partner holds its assets through us further complicates the application of the REIT requirements. Even a technical or inadvertent mistake could jeopardize the General Partners REIT status.
Although the General Partner believes that it can continue to operate so as to qualify as a REIT, we cannot offer any assurance that it will continue to do so or that legislation, new regulations, administrative interpretations or court decisions
will not significantly change the qualification requirements or the federal income tax consequences of qualification. If the General Partner were to fail to qualify as a REIT in any taxable year, it would have the following effects:



| |  |  | The General Partner would not be allowed a deduction for distributions to shareholders and would be subject to federal income tax (including any
applicable alternative minimum tax) on our taxable income at regular corporate rates;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

| |  |  | Unless the General Partner were entitled to relief under certain statutory provisions, it would be disqualified from treatment as a REIT for the four
taxable years following the year during which it ceased to qualify as a REIT;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The General Partners and our net earnings available for investment or distribution would decrease due to the additional tax liability for the
year or years involved; and
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The General Partner would no longer be required to make any distributions to shareholders in order to qualify as a REIT.
| | - |  | ------------------------------------------------------------------------------------------------------------------------

As such, the General Partners failure to qualify as a REIT would likely have a significant adverse effect on the value of the General
Partners securities and, consequently, the Partnerships Units.

REIT distribution requirements limit the amount of cash we have
available for other business purposes, including amounts that we need to fund our future capital needs.

To maintain its qualification as
a REIT under the Code, the General Partner must annually distribute to its shareholders at least 90% of its ordinary taxable income, excluding net capital gains. The General Partner intends to continue to make distributions to its shareholders to
comply with the 90% distribution requirement. However, this requirement limits the General Partners and our ability to accumulate capital for use for other business purposes. If the General Partner does not have sufficient cash or other liquid
assets to meet the distribution requirements, it may have to borrow funds or sell properties on adverse terms in order to meet the distribution requirements. If the General Partner fails to make a required distribution, it would cease to qualify as
a REIT.

U.S. federal income tax treatment of REITs and investments in REITs may change, which may result in the loss of the General
Partners tax benefits of operating as a REIT.

The present U.S. federal income tax treatment of a REIT and an investment in a REIT
may be modified by legislative, judicial or administrative action at any time. Revisions in U.S. federal income tax laws and interpretations of these laws could adversely affect us and the General Partner and the tax consequences of an investment in
the General Partners common shares.

We are subject to certain provisions that could discourage change-of-control transactions, which
may reduce the likelihood of the General Partners shareholders receiving a control premium for their shares.

Indiana anti-takeover
legislation and certain provisions in our governing documents, as we discuss below, may discourage potential acquirers from pursuing a change-of-control transaction with us. As a result, the General Partners shareholders may be less likely to
receive a control premium for their shares.

Unissued Preferred Stock. The General Partners charter permits its board of
directors to classify unissued preferred stock by setting the rights and preferences of the shares at the time of issuance. This power enables the General Partners board to adopt a shareholder rights plan, also known as a poison pill. Although
the General Partner has repealed its previously existing poison pill and its current board of directors has adopted a policy not to issue preferred stock as an anti-takeover measure, the General Partners board can change this policy at any
time. The adoption of a poison pill would discourage a potential bidder from acquiring a significant position in the General Partner without the approval of its board.

Business-Combination Provisions of Indiana Law. The General Partner has not opted out of the business-combination provisions of the Indiana Business Corporation Law. As a result, potential
bidders may have to negotiate with the General Partners board of directors before acquiring 10% of its stock. Without securing board approval of the proposed business combination before crossing the 10% ownership



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##### Table of Contents

threshold, a bidder would not be permitted to complete a business combination for five years after becoming a 10% shareholder. Even after the five-year period, a business combination with the
significant shareholder would require a fair price as defined in the Indiana Business Corporation Law or the approval of a majority of the disinterested shareholders.

Control-Share-Acquisition Provisions of Indiana Law. The General Partner has not opted out of the provisions of the Indiana Business Corporation Law regarding acquisitions of control shares.
Therefore, those who acquire a significant block (at least 20%) of the General Partners shares may only vote a portion of their shares unless its other shareholders vote to accord full voting rights to the acquiring person. Moreover, if the
other shareholders vote to give full voting rights with respect to the control shares and the acquiring person has acquired a majority of the General Partners outstanding shares, the other shareholders would be entitled to special
dissenters rights.

Supermajority Voting Provisions. The General Partners charter prohibits business combinations or
significant disposition transactions with a holder of 10% of its shares unless:



| |  |  | The holders of 80% of the General Partners outstanding shares of capital stock approve the transaction;
| | - |  | --------------------------------------------------------------------------------------------------------



| |  |  | The transaction has been approved by three-fourths of those directors who served on the General Partners board before the shareholder became a
10% owner; or
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The significant shareholder complies with the fair price provisions of the General Partners charter.
| | - |  | -------------------------------------------------------------------------------------------------------

Among the transactions with large shareholders requiring the supermajority shareholder approval are dispositions of assets with a value greater than or
equal to $1,000,000 and business combinations.

Operating Partnership Provisions. The limited partnership agreement of the
Partnership contains provisions that could discourage change-of-control transactions, including a requirement that holders of at least 90% of the Common Units approve:



| |  |  | Any voluntary sale, exchange, merger, consolidation or other disposition of all or substantially all of the assets of the Partnership in one or more
transactions other than a disposition occurring upon a financing or refinancing of the Partnership;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The General Partners merger, consolidation or other business combination with another entity unless after the transaction substantially all of
the assets of the surviving entity are contributed to the Partnership in exchange for units;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The General Partners transfer of its interests in the Partnership other than to one of its wholly owned subsidiaries; and
| | - |  | --------------------------------------------------------------------------------------------------------------------------



| |  |  | Any reclassification or recapitalization or change of outstanding shares of the General Partners common stock other than certain changes in par
value, stock splits, stock dividends or combinations.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

We are dependent on key personnel.

The General Partners executive officers and other senior officers have a significant role in the success of the Partnership. Our ability to retain
our management group or to attract suitable replacements should any members of the management group leave the General Partner is dependent on the competitive nature of the employment market. The loss of services from key members of the management
group or a limitation in their availability could adversely impact our financial condition and cash flow. Further, such a loss could be negatively perceived in the capital markets.



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##### Table of Contents

Item 1B. Unresolved Staff Comments

The Partnership has no unresolved comments with the SEC staff regarding its periodic or current reports under the Exchange Act.

Item 2. Properties

Product Review

As of December 31, 2010, we own interests in a diversified
portfolio of 793 commercial properties encompassing approximately 140.5 million net rentable square feet (including 114 jointly controlled in-service properties with approximately 22.7 million square feet, eight consolidated properties
under development with approximately 2.9 million square feet and two jointly controlled properties under development with approximately 866,000 square feet).

Industrial Properties: We own interests in 467 industrial properties encompassing more than 101.5 million square feet (72% of total square feet). These properties primarily consist of
bulk warehouses (industrial warehouse/distribution centers with clear ceiling heights of 20 feet or more), but also include service center properties (also known as flex buildings or light industrial, having 12-18 foot clear ceiling heights and a
combination of drive-up and dock-height loading access). Of these properties, 397 buildings with more than 84.5 million square feet are consolidated and 70 buildings with more than 17.0 million square feet are jointly controlled.

Office Properties: We own interests in 290 office buildings totaling approximately 34.7 million square
feet (26% of total square feet). These properties include primarily suburban office properties. Of these properties, 248 buildings with approximately 29.3 million square feet are consolidated and 42 buildings with approximately 5.4 million
square feet are jointly controlled.

Other Properties: We own interests in 36 medical office and retail
buildings totaling approximately 4.3 million square feet (2% of total square feet). Of these properties, 32 buildings with approximately 3.2 million square feet are consolidated and four buildings with more than 1.1 million square
feet are jointly controlled.

Land: We own, including through ownership interests in unconsolidated joint
ventures, approximately 4,800 acres of land and control an additional 1,650 acres through purchase options.

Property Descriptions

The following tables represent the geographic highlights of consolidated and jointly controlled in-service properties in our primary
markets.



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##### Table of Contents

Consolidated Properties



|                |  |             |            |  |                             |  |            |                                   |  |  |           |  |  |                   |             |  |  |  |        |  |  |   |             |  |  |  |        | 
|--------------- |  | ----------- | ---------- |  | --------------------------- |  | ---------- | --------------------------------- |  |  | --------- |  |  | ----------------- | ----------- |  |  |  | ------ |  |  | - | ----------- |  |  |  | ------ | 
|                |  | Square Feet |            |  | Annual NetEffectiveRent (1) |  |            | Percent ofAnnual NetEffectiveRent | 
|                |  | Industrial  |            |  | Office                      |  |            | Other                             |  |  | Overall   |  |  | Percent ofOverall |             |  | 
|Primary Market  |  |             |            |  |                             |  |            |                                   |  |  |           |  |  |                   |             |  |  |  |        |  |  |   |             |  |  |  |        | 
|                |  |             |            |  |                             |  |           
|Indianapolis    |  |             | 16,001,378 |  |                             |  | 2,686,406  |                                   |  |  | 819,899   |  |  |                   | 19,507,683  |  |  |  | 17.1%  |  |  | $ | 97,392,192  |  |  |  | 14.3%  | 
|Cincinnati      |  |             | 10,461,024 |  |                             |  | 5,007,148  |                                   |  |  | 107,470   |  |  |                   | 15,575,642  |  |  |  | 13.7%  |  |  |   | 84,327,922  |  |  |  | 12.4%  | 
|Atlanta         |  |             | 8,320,351  |  |                             |  | 3,883,039  |                                   |  |  | 386,355   |  |  |                   | 12,589,745  |  |  |  | 11.0%  |  |  |   | 74,217,168  |  |  |  | 10.9%  | 
|Chicago         |  |             | 7,212,854  |  |                             |  | 2,685,963  |                                   |  |  | 56,531    |  |  |                   | 9,955,348   |  |  |  | 8.7%   |  |  |   | 62,412,686  |  |  |  | 9.2%   | 
|South Florida   |  |             | 3,602,978  |  |                             |  | 1,331,877  |                                   |  |  | 390,942   |  |  |                   | 5,325,797   |  |  |  | 4.7%   |  |  |   | 54,073,903  |  |  |  | 7.9%   | 
|Raleigh         |  |             | 2,101,449  |  |                             |  | 2,615,802  |                                   |  |  | 210,834   |  |  |                   | 4,928,085   |  |  |  | 4.3%   |  |  |   | 47,140,818  |  |  |  | 6.9%   | 
|Columbus        |  |             | 5,303,537  |  |                             |  | 2,791,482  |                                   |  |  | 73,238    |  |  |                   | 8,168,257   |  |  |  | 7.2%   |  |  |   | 45,775,822  |  |  |  | 6.7%   | 
|St. Louis       |  |             | 3,763,928  |  |                             |  | 2,681,290  |                                   |  |  | -         |  |  |                   | 6,445,218   |  |  |  | 5.6%   |  |  |   | 42,433,249  |  |  |  | 6.2%   | 
|Nashville       |  |             | 3,252,010  |  |                             |  | 1,368,513  |                                   |  |  | 120,658   |  |  |                   | 4,741,181   |  |  |  | 4.2%   |  |  |   | 34,345,441  |  |  |  | 5.0%   | 
|Central Florida |  |             | 3,360,479  |  |                             |  | 1,177,540  |                                   |  |  | 84,130    |  |  |                   | 4,622,149   |  |  |  | 4.0%   |  |  |   | 31,141,654  |  |  |  | 4.6%   | 
|Minneapolis     |  |             | 3,363,691  |  |                             |  | 1,028,803  |                                   |  |  | -         |  |  |                   | 4,392,494   |  |  |  | 3.8%   |  |  |   | 28,343,158  |  |  |  | 4.2%   | 
|Dallas          |  |             | 5,379,082  |  |                             |  | 463,283    |                                   |  |  | 279,127   |  |  |                   | 6,121,492   |  |  |  | 5.4%   |  |  |   | 23,363,015  |  |  |  | 3.4%   | 
|Savannah        |  |             | 6,784,550  |  |                             |  | -          |                                   |  |  | -         |  |  |                   | 6,784,550   |  |  |  | 5.9%   |  |  |   | 20,655,208  |  |  |  | 3.0%   | 
|Cleveland       |  |             | -          |  |                             |  | 1,324,451  |                                   |  |  | -         |  |  |                   | 1,324,451   |  |  |  | 1.2%   |  |  |   | 12,470,052  |  |  |  | 1.8%   | 
|Houston         |  |             | 1,418,380  |  |                             |  | -          |                                   |  |  | -         |  |  |                   | 1,418,380   |  |  |  | 1.2%   |  |  |   | 8,070,693   |  |  |  | 1.2%   | 
|Baltimore       |  |             | 462,070    |  |                             |  | -          |                                   |  |  | -         |  |  |                   | 462,070     |  |  |  | 0.4%   |  |  |   | 2,659,588   |  |  |  | 0.4%   | 
|Norfolk         |  |             | 466,000    |  |                             |  | -          |                                   |  |  | -         |  |  |                   | 466,000     |  |  |  | 0.4%   |  |  |   | 2,290,177   |  |  |  | 0.3%   | 
|Washington DC   |  |             | 78,560     |  |                             |  | 219,464    |                                   |  |  | -         |  |  |                   | 298,024     |  |  |  | 0.3%   |  |  |   | 1,551,605   |  |  |  | 0.2%   | 
|Phoenix         |  |             | 445,056    |  |                             |  | -          |                                   |  |  | -         |  |  |                   | 445,056     |  |  |  | 0.4%   |  |  |   | 1,503,398   |  |  |  | 0.2%   | 
|Austin          |  |             | -          |  |                             |  | -          |                                   |  |  | 96,829    |  |  |                   | 96,829      |  |  |  | 0.1%   |  |  |   | 865,940     |  |  |  | 0.1%   | 
|Other (2)       |  |             | 120,000    |  |                             |  | -          |                                   |  |  | 289,855   |  |  |                   | 409,855     |  |  |  | 0.4%   |  |  |   | 7,462,020   |  |  |  | 1.1%   | 
|                |  |             |            |  |                             |  |            |                                  
|Total           |  |             | 81,897,377 |  |                             |  | 29,265,061 |                                   |  |  | 2,915,868 |  |  |                   | 114,078,306 |  |  |  | 100.0% |  |  | $ | 682,495,709 |  |  |  | 100.0% | 
|                |  |             |            |  |                             |  |            |                                  
|                |  |             | 71.8%      |  |                             |  | 25.7%      |                                   |  |  | 2.5%      |  |  |                   | 100.0%      |  |  |  |        |  |  |   |             |  |  |  |        | 
|                |  |             |            |  |                             |  |            |                                   |  |  |           |  |  |                   |             | 



16



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##### Table of Contents

Jointly Controlled Properties



|                |  |             |            |  |                             |  |           |                                   |  |  |         |  |  |                   |            |  |  |  |        |  |  |   |            |  |  |  |        | 
|--------------- |  | ----------- | ---------- |  | --------------------------- |  | --------- | --------------------------------- |  |  | ------- |  |  | ----------------- | ---------- |  |  |  | ------ |  |  | - | ---------- |  |  |  | ------ | 
|                |  | Square Feet |            |  | Annual NetEffectiveRent (1) |  |           | Percent ofAnnual NetEffectiveRent | 
|                |  | Industrial  |            |  | Office                      |  |           | Other                             |  |  | Overall |  |  | Percent ofOverall |            |  | 
|Primary Market  |  |             |            |  |                             |  |           |                                   |  |  |         |  |  |                   |            |  |  |  |        |  |  |   |            |  |  |  |        | 
|                |  |             |            |  |                             |  |          
|Washington DC   |  |             | 658,322    |  |                             |  | 2,146,378 |                                   |  |  | -       |  |  |                   | 2,804,700  |  |  |  | 12.4%  |  |  | $ | 15,173,023 |  |  |  | 30.9%  | 
|Dallas          |  |             | 8,080,278  |  |                             |  | 182,700   |                                   |  |  | 62,390  |  |  |                   | 8,325,368  |  |  |  | 36.7%  |  |  |   | 12,174,115 |  |  |  | 24.8%  | 
|Central Florida |  |             | 908,422    |  |                             |  | 624,796   |                                   |  |  | -       |  |  |                   | 1,533,218  |  |  |  | 6.8%   |  |  |   | 3,806,761  |  |  |  | 7.7%   | 
|Minneapolis     |  |             | -          |  |                             |  | -         |                                   |  |  | 381,922 |  |  |                   | 381,922    |  |  |  | 1.7%   |  |  |   | 3,739,485  |  |  |  | 7.6%   | 
|Raleigh         |  |             | -          |  |                             |  | 687,549   |                                   |  |  | -       |  |  |                   | 687,549    |  |  |  | 3.0%   |  |  |   | 3,302,290  |  |  |  | 6.7%   | 
|Indianapolis    |  |             | 4,182,919  |  |                             |  | 89,178    |                                   |  |  | -       |  |  |                   | 4,272,097  |  |  |  | 18.9%  |  |  |   | 2,980,929  |  |  |  | 6.1%   | 
|Phoenix         |  |             | 1,425,062  |  |                             |  | -         |                                   |  |  | -       |  |  |                   | 1,425,062  |  |  |  | 6.3%   |  |  |   | 1,529,334  |  |  |  | 3.1%   | 
|Cincinnati      |  |             | 211,486    |  |                             |  | 190,733   |                                   |  |  | 206,315 |  |  |                   | 608,534    |  |  |  | 2.7%   |  |  |   | 1,190,723  |  |  |  | 2.4%   | 
|Atlanta         |  |             | -          |  |                             |  | 436,275   |                                   |  |  | -       |  |  |                   | 436,275    |  |  |  | 1.9%   |  |  |   | 1,148,881  |  |  |  | 2.3%   | 
|Columbus        |  |             | 1,142,400  |  |                             |  | 135,485   |                                   |  |  | -       |  |  |                   | 1,277,885  |  |  |  | 5.6%   |  |  |   | 1,044,676  |  |  |  | 2.1%   | 
|South Florida   |  |             | -          |  |                             |  | 222,600   |                                   |  |  | -       |  |  |                   | 222,600    |  |  |  | 1.0%   |  |  |   | 970,684    |  |  |  | 2.0%   | 
|St. Louis       |  |             | -          |  |                             |  | 252,378   |                                   |  |  | -       |  |  |                   | 252,378    |  |  |  | 1.1%   |  |  |   | 766,237    |  |  |  | 1.6%   | 
|Houston         |  |             | -          |  |                             |  | 248,925   |                                   |  |  | -       |  |  |                   | 248,925    |  |  |  | 1.1%   |  |  |   | 751,874    |  |  |  | 1.5%   | 
|Nashville       |  |             | -          |  |                             |  | 180,147   |                                   |  |  | -       |  |  |                   | 180,147    |  |  |  | 0.8%   |  |  |   | 597,195    |  |  |  | 1.2%   | 
|                |  |             |            |  |                             |  |           |                                  
|Total           |  |             | 16,608,889 |  |                             |  | 5,397,144 |                                   |  |  | 650,627 |  |  |                   | 22,656,660 |  |  |  | 100.0% |  |  | $ | 49,176,207 |  |  |  | 100.0% | 
|                |  |             |            |  |                             |  |           |                                  
|                |  |             | 73.3%      |  |                             |  | 23.8%     |                                   |  |  | 2.9%    |  |  |                   | 100.0%     |  |  |  |        |  |  |   |            |  |  |  |        | 
|                |  |             |            |  |                             |  |           |                                   |  |  |         |  |  |                   |            | 



|                |  |                         |        |  |                               |  |       |       |  |  |         |  |  |            |        |  |        |  |        |       |  |  |         |  |  |  |        |  |  |  |        | 
|--------------- |  | ----------------------- | ------ |  | ----------------------------- |  | ----- | ----- |  |  | ------- |  |  | ---------- | ------ |  | ------ |  | ------ | ----- |  |  | ------- |  |  |  | ------ |  |  |  | ------ | 
|                |  | Occupancy %             |       
|                |  | Consolidated Properties |        |  | Jointly Controlled Properties | 
|                |  | Industrial              |        |  | Office                        |  |       | Other |  |  | Overall |  |  | Industrial |        |  | Office |  |        | Other |  |  | Overall | 
|Primary Market  |  |                         |        |  |                               |  |       |       |  |  |         |  |  |            |        |  |        |  |        |       |  |  |         |  |  |  |        |  |  |  |        | 
|                |  |                         |        |  |                               |  |       |      
|Indianapolis    |  |                         | 95.5%  |  |                               |  | 88.0% |       |  |  | 85.3%   |  |  |            | 94.1%  |  |        |  | 96.6%  |       |  |  | 82.9%   |  |  |  | -      |  |  |  | 96.3%  | 
|Cincinnati      |  |                         | 85.2%  |  |                               |  | 84.6% |       |  |  | 91.1%   |  |  |            | 85.0%  |  |        |  | 100.0% |       |  |  | 97.6%   |  |  |  | 100.0% |  |  |  | 99.2%  | 
|Atlanta         |  |                         | 86.1%  |  |                               |  | 87.5% |       |  |  | 94.4%   |  |  |            | 86.8%  |  |        |  | -      |       |  |  | 26.9%   |  |  |  | -      |  |  |  | 26.9%  | 
|Chicago         |  |                         | 96.5%  |  |                               |  | 89.5% |       |  |  | 90.1%   |  |  |            | 94.6%  |  |        |  | -      |       |  |  | -       |  |  |  | -      |  |  |  | -      | 
|South Florida   |  |                         | 81.0%  |  |                               |  | 92.0% |       |  |  | 93.2%   |  |  |            | 84.7%  |  |        |  | -      |       |  |  | 100.0%  |  |  |  | -      |  |  |  | 100.0% | 
|Raleigh         |  |                         | 96.3%  |  |                               |  | 89.1% |       |  |  | 93.2%   |  |  |            | 92.3%  |  |        |  | -      |       |  |  | 83.0%   |  |  |  | -      |  |  |  | 83.0%  | 
|Columbus        |  |                         | 98.7%  |  |                               |  | 78.9% |       |  |  | 100.0%  |  |  |            | 92.0%  |  |        |  | 100.0% |       |  |  | 100.0%  |  |  |  | -      |  |  |  | 100.0% | 
|St. Louis       |  |                         | 89.1%  |  |                               |  | 79.9% |       |  |  | -       |  |  |            | 85.3%  |  |        |  | -      |       |  |  | 83.8%   |  |  |  | -      |  |  |  | 83.8%  | 
|Nashville       |  |                         | 81.9%  |  |                               |  | 89.9% |       |  |  | 95.6%   |  |  |            | 84.5%  |  |        |  | -      |       |  |  | 100.0%  |  |  |  | -      |  |  |  | 100.0% | 
|Central Florida |  |                         | 89.9%  |  |                               |  | 88.6% |       |  |  | 80.5%   |  |  |            | 89.4%  |  |        |  | 100.0% |       |  |  | 78.9%   |  |  |  | -      |  |  |  | 91.4%  | 
|Minneapolis     |  |                         | 89.0%  |  |                               |  | 97.4% |       |  |  | -       |  |  |            | 91.0%  |  |        |  | -      |       |  |  | -       |  |  |  | 70.5%  |  |  |  | 70.5%  | 
|Dallas          |  |                         | 83.6%  |  |                               |  | 74.5% |       |  |  | 62.8%   |  |  |            | 82.0%  |  |        |  | 81.5%  |       |  |  | 100.0%  |  |  |  | 100.0% |  |  |  | 82.1%  | 
|Savannah        |  |                         | 91.8%  |  |                               |  | -     |       |  |  | -       |  |  |            | 91.8%  |  |        |  | -      |       |  |  | -       |  |  |  | -      |  |  |  | -      | 
|Cleveland       |  |                         | -      |  |                               |  | 76.4% |       |  |  | -       |  |  |            | 76.4%  |  |        |  | -      |       |  |  | -       |  |  |  | -      |  |  |  | -      | 
|Houston         |  |                         | 98.0%  |  |                               |  | -     |       |  |  | -       |  |  |            | 98.0%  |  |        |  | -      |       |  |  | 100.0%  |  |  |  | -      |  |  |  | 100.0% | 
|Baltimore       |  |                         | 100.0% |  |                               |  | -     |       |  |  | -       |  |  |            | 100.0% |  |        |  | -      |       |  |  | -       |  |  |  | -      |  |  |  | -      | 
|Norfolk         |  |                         | 100.0% |  |                               |  | -     |       |  |  | -       |  |  |            | 100.0% |  |        |  | -      |       |  |  | -       |  |  |  | -      |  |  |  | -      | 
|Washington DC   |  |                         | 91.4%  |  |                               |  | 26.0% |       |  |  | -       |  |  |            | 43.2%  |  |        |  | 89.5%  |       |  |  | 97.6%   |  |  |  | -      |  |  |  | 95.7%  | 
|Phoenix         |  |                         | 87.8%  |  |                               |  | -     |       |  |  | -       |  |  |            | 87.8%  |  |        |  | 100.0% |       |  |  | -       |  |  |  | -      |  |  |  | 100.0% | 
|Austin          |  |                         | -      |  |                               |  | -     |       |  |  | 46.3%   |  |  |            | 46.3%  |  |        |  | -      |       |  |  | -       |  |  |  | -      |  |  |  | -      | 
|Other (2)       |  |                         | 100.0% |  |                               |  | -     |       |  |  | 86.0%   |  |  |            | 90.1%  |  |        |  | -      |       |  |  | -       |  |  |  | -      |  |  |  | -      | 
|                |  |                         |        |  |                               |  |       |      
|Total           |  |                         | 90.6%  |  |                               |  | 85.4% |       |  |  | 85.7%   |  |  |            | 89.1%  |  |        |  | 89.7%  |       |  |  | 87.4%   |  |  |  | 82.7%  |  |  |  | 89.0%  | 
|                |  |                         |        |  |                               |  |       |      



|(1) | Represents the average annual rental property revenue due from tenants in occupancy as of December 31, 2010, excluding additional rent due as operating expense
reimbursements, landlord allowances for operating expenses and percentage rents. Joint venture properties are shown at our ownership percentage.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(2) | Represents properties not located in our primary markets.
|--- | ---------------------------------------------------------



17



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##### Table of Contents

Item 3. Legal Proceedings

We are not subject to any material pending legal proceedings, other than routine litigation arising in the ordinary course of business. Our management
expects that these ordinary routine legal proceedings will be covered by insurance and does not expect these legal proceedings to have a material adverse effect on our financial condition, results of operations, or liquidity.

Item 4. Reserved

PART II

Item 5. Market for the Registrants Common
Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

There is no established trading market for the Common
Units. The following table sets forth the cash distributions paid during each quarter. As of February 25, 2011, there were 161 record holders of Common Units.



|              |  |                                   |      |  |                                   |   |      | 
|------------- |  | --------------------------------- | ---- |  | --------------------------------- | - | ---- | 
|Quarter Ended |  | 2010 DistributionsPer Common
Unit |      |  | 2009 DistributionsPer Common
Unit |  
|              |  |                                  
|December 31   |  | $                                 | .170 |  |                                   | $ | .170 | 
|September 30  |  |                                   | .170 |  |                                   |   | .170 | 
|June 30       |  |                                   | .170 |  |                                   |   | .170 | 
|March 31      |  |                                   | .170 |  |                                   |   | .250 | 

On January 26, 2011, the General
Partner declared a quarterly cash dividend of $0.17 per Common Unit, payable on February 28, 2011, to Common Unitholders of record on February 14, 2011.

Securities Authorized for Issuance Under Equity Compensation Plans

The information
required by this Item concerning securities authorized for issuance under the General Partners equity compensation plans is set forth in or incorporated herein by reference to Part III, Item 12 of this Report.

Sales of Unregistered Securities

The
General Partner did not sell any of its securities during the year ended December 31, 2010 that were not registered under the Securities Act.

Issuer Purchases of Equity Securities

From time to time, the General Partner repurchases
its securities under a repurchase program that initially was approved by the General Partners board of directors and publicly announced in October 2001 (the Repurchase Program). On April 28, 2010, the General Partners
board of directors adopted a resolution that amended and restated the Repurchase Program and delegated authority to management to repurchase a maximum of $75.0 million of the General Partners common shares, $250.0 million of debt securities
and $75.0 million of the General Partners preferred shares (the April 2010 Resolution). The April 2010 Resolution will expire on April 27, 2011. Under the Repurchase Program, the General Partner also executes share repurchases
on an ongoing basis associated with certain employee elections under its compensation and benefit programs.



18



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##### Table of Contents

The following table shows the share repurchase activity for each of the three months in the quarter ended
December 31, 2010:



|         |  |                                     |        |  |                              |   |       |                                                                               |  |  |        | 
|-------- |  | ----------------------------------- | ------ |  | ---------------------------- | - | ----- | ----------------------------------------------------------------------------- |  |  | ------ | 
|Month    |  | Total Number 
ofSharesPurchased (1) |        |  | Average PricePaid per 
Share |   |       | Total Number ofShares 
Purchased asPart of PubliclyAnnounced Plans orPrograms | 
|         |  |                                     |       
|October  |  |                                     | 5,258  |  |                              | $ | 11.90 |                                                                               |  |  | 5,258  | 
|November |  |                                     | 12,039 |  |                              | $ | 11.60 |                                                                               |  |  | 12,039 | 
|December |  |                                     | 4,695  |  |                              | $ | 11.54 |                                                                               |  |  | 4,695  | 
|         |  |                                     |        |  |                              |   |       |                                                                               |  |  |        | 
|Total    |  |                                     | 21,992 |  |                              | $ | 11.66 |                                                                               |  |  | 21,992 | 
|         |  |                                     |        |  |                              |   |       |                                                                               |  |  |        | 

(1) All 21,992 shares repurchased represent common shares of the General Partner repurchased under its Employee Stock
Purchase Plan.



19



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##### Table of Contents

Item 6. Selected Financial Data

The following sets forth selected financial and operating information on a historical basis for each of the years in the five-year period ended
December 31, 2010. The following information should be read in conjunction with Item 7, Managements Discussion and Analysis of Financial Condition and Results of Operations and Item 8, Financial Statements and
Supplementary Data included in this Form 10-K (in thousands, except per unit amounts):



|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  |  |      |           |  |  |   |           | 
|------------------------------------------------------------------------- |  | ---- | --------- | - | ---- | - | --------- | ---- |  | - | --------- |  |  | ---- | --------- |  |  | - | --------- | 
|                                                                          |  | 2010 |           |   | 2009 |   |           | 2008 |  |   | 2007      |  |  | 2006 |          
|Results of Operations:                                                    |  |      |           |   |      |   |           |      |  |   |           |  |  |      |           |  |  |   |           | 
|Revenues:                                                                 |  |      |           |   |      |   |           |      |  |   |           |  |  |      |           |  |  |   |           | 
|Rental and related revenue                                                |  | $    | 878,242   |   |      | $ | 842,232   |      |  | $ | 802,791   |  |  | $    | 761,751   |  |  | $ | 711,821   | 
|General contractor and service fee revenue                                |  |      | 515,361   |   |      |   | 449,509   |      |  |   | 434,624   |  |  |      | 311,548   |  |  |   | 330,195   | 
|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  |  |      |           |  |  |   |           | 
|Total Revenues from Continuing Operations                                 |  | $    | 1,393,603 |   |      | $ | 1,291,741 |      |  | $ | 1,237,415 |  |  | $    | 1,073,299 |  |  | $ | 1,042,016 | 
|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  |  |      |           |  |  |   |           | 
|                                                                          |  |      |           |   |     
|Income (loss) from continuing operations                                  |  | $    | 29,476    |   |      | $ | (254,225  | )    |  | $ | 86,167    |  |  | $    | 160,927   |  |  | $ | 157,913   | 
|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  |  |      |           |  |  |   |           | 
|                                                                          |  |      |           |   |     
|Net income (loss) attributable to common unitholders                      |  | $    | (14,459   | ) |      | $ | (344,700  | )    |  | $ | 53,665    |  |  | $    | 226,098   |  |  | $ | 159,303   | 
|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  |  |      |           |  |  |   |           | 
|                                                                          |  |      |           |   |     
|Per Unit Data:                                                            |  |      |           |   |      |   |           |      |  |   |           |  |  |      |           |  |  |   |           | 
|Basic income (loss) per Common Unit:                                      |  |      |           |   |      |   |           |      |  |   |           |  |  |      |           |  |  |   |           | 
|Continuing operations                                                     |  | $    | (0.22     | ) |      | $ | (1.59     | )    |  | $ | 0.18      |  |  | $    | 0.64      |  |  | $ | 0.66      | 
|Discontinued operations                                                   |  |      | 0.15      |   |      |   | (0.08     | )    |  |   | 0.16      |  |  |      | 0.88      |  |  |   | 0.41      | 
|Diluted income (loss) per Common Unit:                                    |  |      |           |   |      |   |           |      |  |   |           |  |  |      |           |  |  |   |           | 
|Continuing operations                                                     |  |      | (0.22     | ) |      |   | (1.59     | )    |  |   | 0.18      |  |  |      | 0.64      |  |  |   | 0.66      | 
|Discontinued operations                                                   |  |      | 0.15      |   |      |   | (0.08     | )    |  |   | 0.16      |  |  |      | 0.87      |  |  |   | 0.40      | 
|Distributions paid per Common Unit                                        |  |      | 0.68      |   |      |   | 0.76      |      |  |   | 1.93      |  |  |      | 1.91      |  |  |   | 1.89      | 
|Weighted average Common Units outstanding                                 |  |      | 244,870   |   |      |   | 207,893   |      |  |   | 154,534   |  |  |      | 148,459   |  |  |   | 148,069   | 
|Weighted average Common Units and potential dilutive securities           |  |      | 244,870   |   |      |   | 207,893   |      |  |   | 154,553   |  |  |      | 149,250   |  |  |   | 149,156   | 
|                                                                          |  |      |           |   |     
|Balance Sheet Data (at December 31):                                      |  |      |           |   |      |   |           |      |  |   |           |  |  |      |           |  |  |   |           | 
|Total Assets                                                              |  | $    | 7,644,124 |   |      | $ | 7,304,493 |      |  | $ | 7,690,442 |  |  | $    | 7,660,651 |  |  | $ | 7,238,204 | 
|Total Debt                                                                |  |      | 4,207,079 |   |      |   | 3,854,032 |      |  |   | 4,276,990 |  |  |      | 4,288,436 |  |  |   | 4,074,979 | 
|Total Preferred Equity                                                    |  |      | 904,540   |   |      |   | 1,016,625 |      |  |   | 1,016,625 |  |  |      | 744,000   |  |  |   | 876,250   | 
|Total Partners Equity                                                    |  |      | 2,984,619 |   |      |   | 2,960,516 |      |  |   | 2,895,810 |  |  |      | 2,858,921 |  |  |   | 2,693,462 | 
|Total Common Units Outstanding                                            |  |      | 257,426   |   |      |   | 230,638   |      |  |   | 155,199   |  |  |      | 154,055   |  |  |   | 146,328   | 
|Other Data:                                                               |  |      |           |   |      |   |           |      |  |   |           |  |  |      |           |  |  |   |           | 
|Consolidated Funds from Operations attributable to common unitholders (1) |  | $    | 305,375   |   |      | $ | 13,269    |      |  | $ | 388,865   |  |  | $    | 403,264   |  |  | $ | 371,074   | 

(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) like our General Partner. The National Association of Real Estate Investment
Trusts (NAREIT) created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from net income determined in accordance with accounting principles generally accepted in
the United States of America (GAAP). FFO is a non-GAAP financial measure. The most comparable GAAP measure is net income (loss) attributable to common unitholders. Consolidated FFO attributable to common unitholders should not be
considered as a substitute for net income (loss) attributable to common unitholders or any other measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other companies. FFO is calculated in
accordance with the definition that was adopted by the Board of Governors of NAREIT.

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 analysts and investors have
considered presentation of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. FFO, as defined by NAREIT, represents GAAP net income (loss), excluding extraordinary items as defined under
GAAP and gains or losses from sales of previously depreciated 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.

Management believes that the use of consolidated FFO attributable to common unitholders, combined with net income (which remains the primary
measure of performance), improves the understanding of operating results of REITs among the investing public and makes comparisons of REIT operating results more meaningful. Management believes that, by excluding gains or losses related to sales of
previously depreciated real estate assets and excluding real estate asset depreciation and amortization, investors and analysts are able to readily identify the operating results of the long-term assets that form the core of a REITs activity
and assist in comparing these operating results between periods or as compared to different companies.

See reconciliation of FFO to GAAP net
income (loss) attributable to common unitholders under the caption Year in Review under Item 7, Managements Discussion and Analysis of Financial Condition and Results of Operations.



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Item 7. Managements Discussion and Analysis of Financial Condition
and Results of Operations

Business Overview

As of December 31, 2010, we:



| |  |  | Owned or jointly controlled 793 industrial, office, medical office and other properties, of which 783 properties with more than 136.7 million
square feet are in service and ten properties with approximately 3.8 million square feet are under development. The 783 in-service properties are comprised of 669 consolidated properties with approximately 114.1 million square feet and 114
jointly controlled properties with approximately 22.7 million square feet. The ten properties under development consist of eight consolidated properties with approximately 2.9 million square feet and two jointly controlled properties with
approximately 866,000 square feet.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | Owned, including through ownership interests in unconsolidated joint ventures, approximately 4,800 acres of land and controlled an additional 1,650
acres through purchase options.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

We have three reportable operating segments, the first two of which consist of the
ownership and rental of office and industrial real estate investments. The operations of our office and industrial properties, along with our medical office and retail properties, are collectively referred to as Rental Operations. Our
medical office and retail properties do not meet the quantitative thresholds for separate presentation as reportable segments.

The third
reportable segment consists of providing various real estate services such as property management, asset management, maintenance, leasing, development and construction management to third-party property owners and joint ventures, and is collectively
referred to as Service Operations. Our reportable segments offer different products or services and are managed separately because each segment requires different operating strategies and management expertise. Our Service Operations
segment also includes our taxable REIT subsidiary, a legal entity through which certain of the segments operations are conducted.

Through our Service Operations reportable segment, we have historically developed or acquired properties with the intent to sell (hereafter referred to
as Build-for-Sale properties). Build-for-Sale properties were generally identified as such prior to construction commencement and were sold within a relatively short time after being placed in service. Build-for-Sale properties, which
are no longer part of our operating strategy, did not represent a significant component of our operations in 2010 or 2009.

Operations
Strategy

Our operational focus is to drive profitability, by maximizing cash from operations as well as Funds from Operations
(FFO) through (i) maintaining and increasing property occupancy and rental rates by effectively managing our portfolio of existing properties; (ii) selectively developing new pre-leased medical office and build-to-suit projects
at accretive returns; (iii) leveraging our construction expertise to act as a general contractor or construction manager on a fee basis; and (iv) providing a full line of real estate services to our tenants and to third parties.

Asset Strategy

Our
asset strategy is to reposition our investment among product types and further diversify our geographic presence. Our strategic objectives include (i) increasing our investment in quality industrial properties in both existing markets and
select new markets; (ii) expanding our medical office portfolio nationally to take advantage of demographic trends; (iii) increasing our asset investment in markets we believe provide the



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best potential for future growth; and (iv) reducing our investment in suburban office properties located primarily in the Midwest as well as reducing our investment in other non-strategic
assets. We are executing our asset strategy through our disciplined approach in identifying accretive acquisition opportunities and our focused development initiatives, which are financed primarily from our active asset disposition program.

Capital Strategy

Our
capital strategy is to maintain a strong balance sheet by actively managing the components of our capital structure, in coordination with the execution of our overall operating and asset strategy. We are focused on maintaining investment grade
ratings from our credit rating agencies with the ultimate goal of improving the key metrics that formulate our credit ratings.

In support of
our capital strategy, as well as our asset strategy, we employ an asset disposition program to sell non-strategic real estate assets, which generates proceeds that can be recycled primarily into new property investments that better fit our growth
objectives both within the industrial and medical office product types and in markets that provide the best future growth potential.

We
continue to focus on improving our balance sheet by maintaining a balanced and flexible capital structure which includes: (i) extending and sequencing the maturity dates of our outstanding debt obligations; (ii) borrowing primarily at
fixed rates by targeting a variable rate component of total debt less than 20%; (iii) issuing common equity from time-to-time to maintain appropriate leverage parameters or support significant strategic acquisitions; and (iv) generating
proceeds from the sale of non-strategic properties. With our successes to date and continued focus on strengthening our balance sheet, we believe we are well-positioned for future growth.

Year in Review

After the recessionary conditions of 2008 and most of 2009, the
economy and business fundamentals improved during 2010, although unemployment, tax legislation matters and related issues remained key areas of concern. There also continued to be an oversupply of leasable space in many markets and product types,
particularly in suburban office properties, as improvement in the commercial real estate industry lagged behind improvement in many other areas of the general economy. Many property owners continued to reduce rental rates and offer increased capital
expenditure allowances in order to compete for the available transactions in the marketplace. During 2010, however, we had a strong increase in leasing volume, which helped offset rental rate decreases that continued in many markets.

We also made significant progress during 2010 on our asset strategy of increasing our industrial and medical office portfolio while reducing our exposure
to suburban office properties, primarily through our disposition and acquisition activity. Overall, we believe 2010 was a successful year in all aspects of our strategic focus. The efforts in our operations, asset and capital strategies contributed
to our positive performance.

Net loss attributable to common unitholders for the year ended December 31, 2010, was $14.5 million, or
$.07 per Common Unit (diluted), compared to a net loss of $344.7 million, or $1.67 per Common Unit (diluted) for the year ended December 31, 2009. The significant reduction in net loss from 2009 was the result of a $292.7 million decrease in
non-cash impairment charges as well as a $53.6 million increase in gains on sales of properties. Partially offsetting the positive changes in impairment charges and property sales was a $28.1 million increase in interest expense that was primarily
driven by a decrease in interest



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costs capitalized to development projects. FFO attributable to common unitholders totaled $305.4 million for the year ended December 31, 2010, compared to $13.3 million for 2009, with the
increase resulting from the same factors, excluding gains on property sales, which improved the results attributable to common unitholders in 2010.

Industry analysts and investors use FFO as a supplemental operating performance measure of an equity REIT. The National Association of Real Estate Investment Trusts (NAREIT) created FFO as a
supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from net income determined in accordance with accounting principles generally accepted in the United States of America
(GAAP). FFO is a non-GAAP financial measure. The most comparable GAAP measure is net income (loss) attributable to common unitholders. Consolidated FFO attributable to common unitholders should not be considered as a substitute for net
income (loss) attributable to common unitholders or any other measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other companies. FFO is calculated in accordance with the definition that was
adopted by the Board of Governors of NAREIT.

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 analysts and investors have considered presentation of operating results
for real estate companies that use historical cost accounting to be insufficient by themselves. FFO, as defined by NAREIT, represents GAAP net income (loss), excluding extraordinary items as defined under GAAP and gains or losses from sales of
previously depreciated 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.

Management believes that the use of consolidated FFO attributable to common unitholders, combined with net income (which remains the primary measure of
performance), improves the understanding of operating results of REITs among the investing public and makes comparisons of REIT operating results more meaningful. Management believes that, by excluding gains or losses related to sales of previously
depreciated real estate assets and excluding real estate asset depreciation and amortization, investors and analysts are able to readily identify the operating results of the long-term assets that form the core of a REITs activity and assist
in comparing these operating results between periods or as compared to different companies. The following table shows a reconciliation of net income (loss) attributable to common unitholders to the calculation of consolidated FFO attributable to
common unitholders for the years ended December 31, 2010, 2009 and 2008, respectively (in thousands):



|                                                                  |  |      |         |   |      |   |          |      |  |   |         |  
|----------------------------------------------------------------- |  | ---- | ------- | - | ---- | - | -------- | ---- |  | - | ------- | -
|                                                                  |  | 2010 |         |   | 2009 |   |          | 2008 | 
|Net income (loss) attributable to common unitholders              |  | $    | (14,459 | ) |      | $ | (344,700 | )    |  | $ | 53,665  |  
|Adjustments:                                                      |  |      |         |   |      |   |          |      |  |   |         |  
|Depreciation and amortization                                     |  |      | 360,184 |   |      |   | 340,126  |      |  |   | 314,952 |  
|Share of joint venture depreciation and amortization              |  |      | 34,674  |   |      |   | 36,966   |      |  |   | 37,704  |  
|Earnings from depreciable property sales - wholly owned           |  |      | (72,716 | ) |      |   | (19,123  | )    |  |   | (16,961 | )
|Earnings from depreciable property sales - share of joint venture |  |      | (2,308  | ) |      |   | -        |      |  |   | (495    | )
|                                                                  |  |      |         |   |      |   |          |      |  |   |         |  
|Funds From Operations attributable to common unitholders          |  | $    | 305,375 |   |      | $ | 13,269   |      |  | $ | 388,865 |  
|                                                                  |  |      |         |   |      |   |          |      |  |   |         |  

As the economy improved in 2010, we executed in all areas of the operations, asset, and capital strategies that we
established in 2009. Of specific note was the significant progress made in our efforts to increase the concentration within our portfolio towards the industrial and medical office product types in stronger growth markets. Highlights of our 2010
strategic activities are as follows:



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| |  |  | On July 1, 2010, we acquired our joint venture partners 50% interest in Dugan Realty, L.L.C. (Dugan), a real estate joint
venture that we had previously accounted for using the equity method, for a net cash payment of $138.6 million. As the result of this transaction, we obtained 100% of Dugans membership interests. Dugan had secured debt, which, at the time of
acquisition, had a total face value of $283.0 million. Dugan owned 106 industrial buildings totaling 20.8 million square feet and 62.6 net acres of undeveloped land located in Midwest and Southeast markets.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | On December 30, 2010, we completed the acquisition of the first tranche of the Premier Realty Corporation South Florida property portfolio (the
Premier Portfolio) for $281.7 million, including the assumption of secured debt that had a face value of $155.7 million. The first tranche includes 39 buildings, totaling more than 3.4 million square feet, nearly all of which are
industrial properties. The Premier Portfolio, in its entirety, includes 51 industrial and five office buildings with over 4.9 million rentable square feet and four ground leases, for a total price of approximately $449.4 million. The remainder
of the acquisition is under contract and expected to close in early 2011, subject to the execution of certain debt assumptions and customary closing conditions.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | We generated $499.5 million of total net cash proceeds from the disposition of 36 wholly-owned buildings, either through outright sales or partial
sales to unconsolidated joint ventures, as well as 130 acres of wholly-owned undeveloped land. Included in the wholly-owned building dispositions in 2010 is the sale of seven suburban office buildings, totaling over 1.0 million square feet, to
a newly formed subsidiary of an existing 20% owned joint venture. These buildings were sold to the joint venture for an agreed value of $173.9 million, of which our 80% share of proceeds totaled $139.1 million. We expect to sell additional buildings
to this joint venture by the end of the second quarter 2011, subject to financing and other customary closing conditions. The total 2011 sale is under contract and expected to consist of 13 office buildings, totaling over 2.0 million square
feet, with an agreed upon value of $342.8 million, which is expected to generate proceeds of $274.2 million for the 80% portion that we sell.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | We have limited our new development starts to selected projects in markets or product types expected to have strong future rent growth and demand or
projects that have significant pre-leasing. The total estimated cost of our consolidated properties under construction was $151.5 million at December 31, 2010 with $47.2 million of such costs incurred through that date. Our total estimated cost
for jointly controlled properties under construction was $176.0 million at December 31, 2010 with $106.2 million of costs incurred through that date.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The occupancy level for our in-service portfolio of consolidated properties increased from 87.6% at December 31, 2009 to 89.1% at
December 31, 2010. The increase in occupancy was driven by a significant increase in total leasing volume as, during 2010, we had our highest total leasing volume since 2007. A significant portion of the leasing volume in 2010 was related to
buildings where development was started on a speculative basis between 2005 and 2008.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Despite the continued challenges presented by the overall economy, total leasing activity for our consolidated properties totaled 20.4 million
square feet in 2010 compared to 15.3 million square feet in 2009.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Total leasing activity for our consolidated properties in 2010 included 10.1 million square feet of renewals, which represented a 77.2% success
rate but resulted in a 4.9% reduction in net effective rents.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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We executed a number of significant transactions in support of our capital strategy during 2010 in order to
optimally sequence our unsecured debt maturities, manage our overall leverage profile, and support our acquisition strategy. Highlights of our key financing activities in 2010 are as follows:



| |  |  | In January 2010, we repaid $99.8 million of senior unsecured notes, which had an effective interest rate of 5.37%, on their scheduled maturity date.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | In April 2010, we issued $250.0 million of 10-year unsecured debt, which bears interest at an effective rate of 6.75%.
| | - |  | ----------------------------------------------------------------------------------------------------------------------



| |  |  | In June 2010, the General Partner issued 26.5 million shares of its common stock at $11.75 per share, which generated net proceeds of $298.1
million. The proceeds from this offering were contributed to us in exchange for an additional interest in the Partnership.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | During 2010, through a cash tender offer and open market transactions, we repurchased certain of our outstanding series of unsecured notes scheduled to
mature in 2011 and 2013, which had a weighted average stated interest rate of 4.48%. In total, we repurchased unsecured notes that had a face value of $279.9 million.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | During 2010, the General Partner also completed open market repurchases of approximately 4.5 million shares of its 8.375% Series O preferred
stock. The General Partner repurchased preferred shares that had a face value of $112.1 million. We then repurchased corresponding Preferred Units held by the General Partner at the same price at which it repurchased its shares on the open market.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Key Performance Indicators

Our operating results depend primarily upon rental income from our industrial, office, medical office and retail properties (collectively referred to as Rental Operations). The following
discussion highlights the areas of Rental Operations that we consider critical drivers of future revenues.

Occupancy Analysis:
As discussed above, our ability to maintain high occupancy rates is a principal driver of maintaining and increasing rental revenue from continuing operations. The following table sets forth occupancy information regarding our in-service portfolio
of consolidated rental properties as of December 31, 2010 and 2009, respectively (in thousands, except percentage data):



|                                  |  |                  |         |  |                             |  |        |                |  |  |       |   |  |      |       |   |      |  |      |   |  |  |      |  
|--------------------------------- |  | ---------------- | ------- |  | --------------------------- |  | ------ | -------------- |  |  | ----- | - |  | ---- | ----- | - | ---- |  | ---- | - |  |  | ---- | -
|                                  |  | TotalSquare Feet |         |  | Percent ofTotal Square Feet |  |        | Percent Leased | 
|Type                              |  | 2010             |         |  | 2009                        |  |        | 2010           |  |  | 2009  |   |  | 2010 |       |   | 2009 | 
|Industrial                        |  |                  | 81,897  |  |                             |  | 56,426 |                |  |  | 71.8  | % |  |      | 62.3  | % |      |  | 90.6 | % |  |  | 89.4 | %
|Office                            |  |                  | 29,265  |  |                             |  | 31,073 |                |  |  | 25.7  | % |  |      | 34.3  | % |      |  | 85.4 | % |  |  | 84.7 | %
|Other (Medical Office and Retail) |  |                  | 2,916   |  |                             |  | 3,082  |                |  |  | 2.5   | % |  |      | 3.4   | % |      |  | 85.7 | % |  |  | 82.9 | %
|                                  |  |                  |         |  |                             |  |        |                |  |  |       |   |  |      |       |   |      |  |      |   |  |  |      |  
|Total                             |  |                  | 114,078 |  |                             |  | 90,581 |                |  |  | 100.0 | % |  |      | 100.0 | % |      |  | 89.1 | % |  |  | 87.6 | %
|                                  |  |                  |         |  |                             |  |        |                |  |  |       |   |  |      |       |   |      |  |      |   |  |  |      |  

The increase in occupancy at December 31, 2010 compared to December 31, 2009 is primarily because we
achieved a volume of executed leases in 2010 that was the highest since 2007, with a significant portion of that volume related to buildings where development was started on a speculative basis between 2005 and 2008. Our ongoing ability to maintain
favorable occupancy levels may be adversely affected by the continued effects of the economic recession on current and prospective tenants and such a reduction in the level of occupancy may have an adverse impact on revenues from rental operations.

Lease Expiration and Renewals: Our ability to maintain and improve occupancy rates primarily depends upon our continuing
ability to re-lease expiring space. The following table reflects our consolidated in-service portfolio lease expiration schedule by property type as of December 31, 2010. The table indicates



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square footage and annualized net effective rents (based on December 2010 rental revenue) under expiring leases (in thousands, except percentage data):



|                            |  |                 |         |   |                  |   |         |             |  |  |            |   |  |                  |        |   |            |   |         |                  |  |  |            |   |  |                  |         |  |  |  |       |   |  |   |        | 
|--------------------------- |  | --------------- | ------- | - | ---------------- | - | ------- | ----------- |  |  | ---------- | - |  | ---------------- | ------ | - | ---------- | - | ------- | ---------------- |  |  | ---------- | - |  | ---------------- | ------- |  |  |  | ----- | - |  | - | ------ | 
|                            |  | Total Portfolio |         |   | Industrial       |   |         | Office      |  |  | Other      |  
|Year of Expiration          |  | SquareFeet      |         |   | Ann. RentRevenue |   |         | % ofRevenue |  |  | SquareFeet |   |  | Ann. RentRevenue |        |   | SquareFeet |   |         | Ann. RentRevenue |  |  | SquareFeet |   |  | Ann. RentRevenue |        
|2011                        |  |                 | 11,504  |   |                  | $ | 66,476  |             |  |  | 10         | % |  |                  | 8,875  |   |            | $ | 34,325  |                  |  |  | 2,585      |   |  | $                | 31,552  |  |  |  | 44    |   |  | $ | 599    | 
|2012                        |  |                 | 9,177   |   |                  |   | 65,612  |             |  |  | 9          | % |  |                  | 6,226  |   |            |   | 27,327  |                  |  |  | 2,890      |   |  |                  | 37,184  |  |  |  | 61    |   |  |   | 1,101  | 
|2013                        |  |                 | 14,713  |   |                  |   | 100,084 |             |  |  | 15         | % |  |                  | 10,626 |   |            |   | 43,031  |                  |  |  | 4,033      |   |  |                  | 55,980  |  |  |  | 54    |   |  |   | 1,073  | 
|2014                        |  |                 | 12,012  |   |                  |   | 72,919  |             |  |  | 11         | % |  |                  | 9,102  |   |            |   | 34,097  |                  |  |  | 2,747      |   |  |                  | 36,029  |  |  |  | 163   |   |  |   | 2,793  | 
|2015                        |  |                 | 12,389  |   |                  |   | 73,126  |             |  |  | 11         | % |  |                  | 9,557  |   |            |   | 36,249  |                  |  |  | 2,807      |   |  |                  | 36,327  |  |  |  | 25    |   |  |   | 550    | 
|2016                        |  |                 | 9,309   |   |                  |   | 52,548  |             |  |  | 8          | % |  |                  | 7,289  |   |            |   | 26,675  |                  |  |  | 1,937      |   |  |                  | 23,981  |  |  |  | 83    |   |  |   | 1,892  | 
|2017                        |  |                 | 7,069   |   |                  |   | 46,303  |             |  |  | 7          | % |  |                  | 5,381  |   |            |   | 20,586  |                  |  |  | 1,393      |   |  |                  | 19,410  |  |  |  | 295   |   |  |   | 6,307  | 
|2018                        |  |                 | 5,461   |   |                  |   | 49,951  |             |  |  | 7          | % |  |                  | 3,155  |   |            |   | 12,008  |                  |  |  | 1,766      |   |  |                  | 25,407  |  |  |  | 540   |   |  |   | 12,536 | 
|2019                        |  |                 | 3,670   |   |                  |   | 40,840  |             |  |  | 6          | % |  |                  | 1,603  |   |            |   | 7,067   |                  |  |  | 1,795      |   |  |                  | 27,001  |  |  |  | 272   |   |  |   | 6,772  | 
|2020                        |  |                 | 6,974   |   |                  |   | 48,653  |             |  |  | 7          | % |  |                  | 5,107  |   |            |   | 18,325  |                  |  |  | 1,469      |   |  |                  | 22,049  |  |  |  | 398   |   |  |   | 8,279  | 
|2021 and Thereafter         |  |                 | 9,381   |   |                  |   | 65,984  |             |  |  | 9          | % |  |                  | 7,244  |   |            |   | 30,523  |                  |  |  | 1,573      |   |  |                  | 22,081  |  |  |  | 564   |   |  |   | 13,380 | 
|                            |  |                 |         |   |                  |   |         |             |  |  |            |   |  |                  |        |   |            |   |         |                  |  |  |            |   |  |                  |         |  |  |  |       |   |  |   |        | 
|                            |  |                 | 101,659 |   |                  | $ | 682,496 |             |  |  | 100        | % |  |                  | 74,165 |   |            | $ | 290,213 |                  |  |  | 24,995     |   |  | $                | 337,001 |  |  |  | 2,499 |   |  | $ | 55,282 | 
|                            |  |                 |         |   |                  |   |         |             |  |  |            |   |  |                  |        |   |            |   |         |                  |  |  |            |   |  |                  |         |  |  |  |       |   |  |   |        | 
|                            |  |                 |         |   |                  |   |         |             | 
|Total Portfolio Square Feet |  |                 | 114,078 |   |                  |   |         |             |  |  |            |   |  |                  | 81,897 |   |            |   |         |                  |  |  | 29,265     |   |  |                  |         |  |  |  | 2,916 |   |  |   |        | 
|                            |  |                 |         |   |                  |   |         |             |  |  |            |   |  |                  |        |   |            |   |         |                  |  |  |            |   |  |                  |         |  |  |  |       |   |  |   |        | 
|                            |  |                 |         |   |                  |   |         |             | 
|Percent Leased              |  |                 | 89.1    | % |                  |   |         |             |  |  |            |   |  |                  | 90.6   | % |            |   |         |                  |  |  | 85.4       | % |  |                  |         |  |  |  | 85.7  | % |  |   |        | 
|                            |  |                 |         |   |                  |   |         |             |  |  |            |   |  |                  |        |   |            |   |         |                  |  |  |            |   |  |                  |         |  |  |  |       |   |  |   |        | 

We renewed 77.2% and 82.0% of our leases up for renewal totaling approximately 10.1 million and
8.8 million square feet in 2010 and 2009, respectively. There was a 4.9% decline in net effective rents on these renewals during 2010, compared to a 2.2% increase in 2009. Although general economic conditions have improved since 2009, there
continues to be an over-supply of rentable space in many markets that has necessitated a continuation of the 2009 trend toward a reduction in overall rental rates in order to maintain occupancy. Our lease renewal percentages over the past three
years have remained at a relatively consistent success rate. The effects of future economic conditions upon our base of existing tenants may adversely affect our ability to continue to achieve this renewal rate.

Acquisition and Disposition Activity:In 2010, we consolidated 106 industrial buildings as the result of acquiring Dugan. We also acquired
38 industrial buildings and one office building as a result of closing the first tranche of the Premier Portfolio. We expect to complete the purchase of the Premier Portfolio, which is under contract, in early 2011 and will continue to evaluate
other acquisition opportunities to the extent they support our overall strategy. In addition to these two transactions, we purchased an additional 10 industrial buildings, two office buildings and one medical office building in 2010. Including the
additional 50% ownership interest in Dugan, we acquired real estate and other assets totaling $901.5 million in 2010.

In 2009, we acquired
$32.1 million of income producing properties comprised of three industrial real estate properties in Savannah, Georgia.

Net cash proceeds
related to the dispositions of wholly owned undeveloped land and buildings totaled $499.5 million in 2010, compared to $288.2 million in 2009. Included in the wholly owned building dispositions in 2010 is the previously mentioned sale of seven
suburban office buildings, totaling over 1.0 million square feet, to a newly formed subsidiary of an existing 20% owned joint venture. Our share of proceeds from sales of properties from within unconsolidated joint ventures in which we have
less than a 100% interest totaled $15.0 million in 2010, and we had no such dispositions in 2009.

We intend to pursue additional disposition
opportunities for non-strategic properties and land in accordance with our strategy. We believe that the number of dispositions we execute in 2011 will be impacted by the ability of prospective buyers to obtain favorable financing or pay cash, given
the current state of the economy and credit markets in particular.

Future Development:Another source of our earnings growth is
our wholly owned and joint venture development activities. We expect to generate future earnings from Rental Operations as the development properties are placed in service and leased. During 2010, we directed a significant portion of our available



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resources toward acquisition activities as well as limited our development activities to pre-leased industrial and medical office product types. We believe these two product lines will be the
areas of greatest future growth.

We had 3.8 million square feet of consolidated or jointly controlled properties under development with
total estimated costs upon completion of $327.5 million at December 31, 2010, compared to 1.6 million square feet of property under development with total estimated costs of $440.6 million at December 31, 2009. The square footage and
estimated costs include both wholly owned and joint venture development activity at 100%.

The following table summarizes our properties under
development as of December 31, 2010 (in thousands, except percentage data):



| |                          |                |  |            |  |  |               |     |  |                            |   |         |                      |  |   |                            |  |  |   |         |  | 
| | ------------------------ | -------------- |  | ---------- |  |  | ------------- | --- |  | -------------------------- | - | ------- | -------------------- |  | - | -------------------------- |  |  | - | ------- |  | 
| |                          | Ownership Type |  | SquareFeet |  |  | PercentLeased |     |  | TotalEstimatedProjectCosts |   |         | TotalIncurredto Date |  |   | AmountRemainingto be Spent | 
| | Consolidated properties  |                |  | 2,895      |  |  |               | 90% |  |                            | $ | 151,502 |                      |  | $ | 47,181                     |  |  | $ | 104,321 | 
| | Joint venture properties |                |  | 866        |  |  |               | 96% |  |                            |   | 175,985 |                      |  |   | 106,150                    |  |  |   | 69,835  | 
| |                          |                |  |            |  |  |               |     |  |                            |   |         |                      |  |   |                            |  |  |   |         | 
| | Total                    |                |  | 3,761      |  |  |               | 92% |  |                            | $ | 327,487 |                      |  | $ | 153,331                    |  |  | $ | 174,156 | 
| |                          |                |  |            |  |  |               |     |  |                            |   |         |                      |  |   |                            |  |  |   |         | 

Results of Operations

A summary of our operating results and property statistics for each of the years in the three-year period ended December 31, 2010, is as follows (in thousands, except number of properties and per
unit data):



| |                                                                 |  |   |         |   |  |      |          |   |      |   |         |  | 
| | --------------------------------------------------------------- |  | - | ------- | - |  | ---- | -------- | - | ---- | - | ------- |  | 
| |                                                                 |  |   | 2010    |   |  | 2009 |          |   | 2008 |  
| | Rental and related revenue                                      |  | $ | 878,242 |   |  | $    | 842,232  |   |      | $ | 802,791 | 
| | General contractor and service fee revenue                      |  |   | 515,361 |   |  |      | 449,509  |   |      |   | 434,624 | 
| | Operating income (loss)                                         |  |   | 227,728 |   |  |      | (75,210  | ) |      |   | 259,758 | 
| | Net income (loss) attributable to common unitholders            |  |   | (14,459 | ) |  |      | (344,700 | ) |      |   | 53,665  | 
| | Weighted average Common Units outstanding                       |  |   | 244,870 |   |  |      | 207,893  |   |      |   | 154,534 | 
| | Weighted average Common Units and potential dilutive securities |  |   | 244,870 |   |  |      | 207,893  |   |      |   | 154,553 | 
| | Basic income (loss) per Common Unit:                            |  |   |         |   |  |      |          |   |      |   |         | 
| | Continuing operations                                           |  | $ | (0.22   | ) |  | $    | (1.59    | ) |      | $ | 0.18    | 
| | Discontinued operations                                         |  | $ | 0.15    |   |  | $    | (0.08    | ) |      | $ | 0.16    | 
| | Diluted income (loss) per Common Unit:                          |  |   |         |   |  |      |          |   |      |   |         | 
| | Continuing operations                                           |  | $ | (0.22   | ) |  | $    | (1.59    | ) |      | $ | 0.18    | 
| | Discontinued operations                                         |  | $ | 0.15    |   |  | $    | (0.08    | ) |      | $ | 0.16    | 
| | Number of in-service consolidated properties at end of year     |  |   | 669     |   |  |      | 543      |   |      |   | 537     | 
| | In-service consolidated square footage at end of year           |  |   | 114,078 |   |  |      | 90,581   |   |      |   | 90,101  | 
| | Number of in-service joint venture properties at end of year    |  |   | 114     |   |  |      | 211      |   |      |   | 204     | 
| | In-service joint venture square footage at end of year          |  |   | 22,657  |   |  |      | 43,248   |   |      |   | 40,948  | 

Comparison of Year Ended
December 31, 2010 to Year Ended December 31, 2009

Rental and Related Revenue

The following table sets forth rental and related revenue from continuing operations by reportable segment for the years ended December 31, 2010 and
2009, respectively (in thousands):



|                            |  |      |         |  |      |   |         | 
|--------------------------- |  | ---- | ------- |  | ---- | - | ------- | 
|                            |  | 2010 |         |  | 2009 |  
|Rental and Related Revenue: |  |      |         |  |      |   |         | 
|Office                      |  | $    | 504,812 |  |      | $ | 523,695 | 
|Industrial                  |  |      | 295,960 |  |      |   | 254,515 | 
|Non-reportable segments     |  |      | 77,470  |  |      |   | 64,022  | 
|                            |  |      |         |  |      |   |         | 
|Total                       |  | $    | 878,242 |  |      | $ | 842,232 | 
|                            |  |      |         |  |      |   |         | 

The primary reasons for the increase in rental revenue from continuing operations, with specific references to a particular
segment when applicable, are summarized below:



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##### Table of Contents

| |  |  | We consolidated 106 industrial buildings as a result of acquiring our joint venture partners 50% interest in Dugan on July 1, 2010. The
consolidation of these buildings resulted in an increase of $38.7 million in rental and related revenue for the year ended December 31, 2010, as compared to the same period in 2009.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Including the December 30, 2010 acquisition of the first tranche of the Premier Portfolio, we acquired or consolidated an additional 56 properties
and placed 18 developments in service from January 1, 2009 to December 31, 2010, which provided incremental revenues of $29.2 million in the year ended December 31, 2010.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | We contributed 15 properties to an unconsolidated joint venture in 2009 and 2010, resulting in a $9.2 million reduction in rental and related revenue
in 2010.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | We sold eight properties in 2009 and 2010 that were excluded from discontinued operations as a result of continuing involvement in the properties
through management agreements. These dispositions resulted in a decrease in rental and related revenue from continuing operations of $7.5 million in 2010.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Rental and related revenue includes lease termination fees, which relate to specific tenants who pay a fee to terminate their lease obligation before
the end of the contractual lease term. Lease termination fees included in continuing operations decreased from $12.3 million in 2009 to $6.7 million in 2010.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Average occupancy for the year ended December 31, 2010 decreased slightly for our office properties, while increasing for our industrial
properties, when compared to the year ended December 31, 2009. These changes in occupancy, as well as decreases in rental rates in certain of our 2010 lease renewals, resulted in a net decrease to rental and related revenues which partially
offset the increases generated from acquisitions and developments placed in service.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Rental Expenses and Real Estate
Taxes

The following table reconciles rental expenses and real estate taxes by reportable segment to our total reported amounts in the
statements of operations for the years ended December 31, 2010 and 2009, respectively (in thousands):



|                        |  |      |         |  |      |   |         | 
|----------------------- |  | ---- | ------- |  | ---- | - | ------- | 
|                        |  | 2010 |         |  | 2009 |  
|Rental Expenses:        |  |      |         |  |      |   |         | 
|Office                  |  | $    | 146,279 |  |      | $ | 147,774 | 
|Industrial              |  |      | 32,880  |  |      |   | 27,016  | 
|Non-reportable segments |  |      | 18,826  |  |      |   | 17,480  | 
|                        |  |      |         |  |      |   |         | 
|Total                   |  | $    | 197,985 |  |      | $ | 192,270 | 
|                        |  |      |         |  |      |   |         | 
|                        |  |     
|Real Estate Taxes:      |  |      |         |  |      |   |         | 
|Office                  |  | $    | 67,104  |  |      | $ | 68,055  | 
|Industrial              |  |      | 43,814  |  |      |   | 36,383  | 
|Non-reportable segments |  |      | 7,088   |  |      |   | 6,751   | 
|                        |  |      |         |  |      |   |         | 
|Total                   |  | $    | 118,006 |  |      | $ | 111,189 | 
|                        |  |      |         |  |      |   |         | 

Of the overall $5.7 million increase in rental expenses in 2010 compared to 2009, $4.4 million was attributable to the
consolidation of the 106 industrial buildings in Dugan. There were also incremental costs of $6.2 million associated with the additional 56 properties acquired or otherwise consolidated and 18 developments placed in service. These increases were
partially offset by a decrease in rental expenses of approximately $3.3 million related to 23 properties that were sold in 2009 and 2010, but did not meet the criteria for classification as discontinued operations.

Overall, real estate taxes increased by $6.8 million in 2010 compared to 2009. The primary reason for this increase is the consolidation of an additional
106 industrial buildings related to the acquisition of Dugan,



28



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##### Table of Contents

which resulted in incremental real estate taxes of $7.1 million. There were also incremental costs of $3.1 million associated with the additional 56 properties acquired or otherwise consolidated
and 18 developments placed in service. These increases were partially offset by a decrease in real estate taxes of approximately $2.7 million related to 23 properties that were sold in 2009 and 2010, but did not meet the criteria for classification
as discontinued operations.

Service Operations

The following table sets forth the components of the Service Operations reportable segment (excluding Build-for-Sale Properties) for the years ended December 31, 2010 and 2009, respectively (in
thousands):



|                                               |  |      |          |   |      |   |          |  
|---------------------------------------------- |  | ---- | -------- | - | ---- | - | -------- | -
|                                               |  | 2010 |          |   | 2009 |  
|Service Operations:                            |  |      |          |   |      |   |          |  
|General contractor and service fee revenue     |  | $    | 515,361  |   |      | $ | 449,509  |  
|General contractor and other services expenses |  |      | (486,865 | ) |      |   | (427,666 | )
|                                               |  |      |          |   |      |   |          |  
|Total                                          |  | $    | 28,496   |   |      | $ | 21,843   |  
|                                               |  |      |          |   |      |   |          |  

Service Operations primarily consist of the leasing, property management, asset management, development, construction
management and general contractor services for joint venture properties and properties owned by third parties. Service Operations are heavily influenced by the current state of the economy, as leasing and property management fees are dependent upon
occupancy while construction and development services rely on the expansion of business operations of third-party property owners and joint venture partners. The increase in earnings from Service Operations was largely the result of an overall
increase in third-party construction volume and fees.

Depreciation and Amortization Expense

Depreciation and amortization expense increased from $323.4 million in 2009 to $349.1 million in 2010 due to increases in our real estate asset base from
properties acquired or consolidated and developments placed in service during 2010 and 2009. The consolidation of 106 additional industrial properties related to the July 1, 2010 acquisition of our partners ownership interest in Dugan
resulted in $25.4 million of additional depreciation expense.

Equity in Earnings of Unconsolidated Companies

Equity in earnings represents our ownership share of net income or loss from investments in unconsolidated companies that generally own and operate
rental properties and develop properties for sale. Equity in earnings decreased from $9.9 million in 2009 to $8.0 million in 2010. The decrease was largely the result of the acquisition of Dugan, which was previously accounted for under the equity
method, which took place on July 1, 2010.

Gain on Sale of Properties

Gains on sales of properties classified in continuing operations increased from $12.3 million in 2009 to $39.7 million in 2010. We sold nine properties in 2009 compared to 17 properties in 2010. Because
the properties sold in 2009 and 2010 either had insignificant operations prior to sale or because we maintained varying forms of continuing involvement after sale, they are not classified within discontinued operations. Seven of the properties sold
in 2010, with a combined gain on sale of $31.9 million, were made to a newly formed subsidiary of an existing 20% owned joint venture to which we expect to sell additional properties during 2011.



29



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##### Table of Contents

Impairment Charges

Impairment charges classified in continuing operations include the impairment of undeveloped land and buildings, investments in unconsolidated subsidiaries and other real estate related assets. The
decrease from $275.6 million in 2009 to $9.8 million in 2010 is primarily due to the following activity:



| |  |  | In 2010, we sold approximately 60 acres of land, in two separate transactions, which resulted in impairment charges of $9.8 million. These sales were
opportunistic in nature and we had not identified or actively marketed this land for disposition, as it was previously intended to be held for development.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | A result of the refinement of our business strategy that took place in 2009 was the decision to dispose of approximately 1,800 acres of land, which had
a total cost basis of $385.3 million, rather than holding it for future development. Our change in strategy for this land triggered the requirement to conduct an impairment analysis, which resulted in a determination that a significant portion of
the land, representing over 35% of the lands carrying value, was impaired. We recognized impairment charges on land of $136.6 million in 2009, primarily as the result of writing down to fair value the land that was identified for
disposition and determined to be impaired.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Also in 2009, an impairment charge of $78.1 million was recognized for 28 office, industrial and retail buildings. Nine of these properties met the
criteria for discontinued operations at December 31, 2010, either as a result of being sold or classified as held-for-sale, and the $26.9 million of impairment charges related to these properties is accordingly reflected in discontinued
operations. The impairment analysis was triggered either as the result of changes in managements strategy, resulting in certain buildings being identified as non-strategic, or changes in market conditions.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | We hold a 50% ownership interest in an unconsolidated entity (the 3630 Peachtree joint venture) whose sole activity is the development and
operation of the office component of a multi-use office and residential high-rise building located in the Buckhead sub-market of Atlanta. We recognized an impairment charge in 2009 to write off our $14.4 million investment in the 3630 Peachtree
joint venture as the result of an other-than-temporary decline in value. As a result of the joint ventures obligations to the lender in its construction loan agreement, the likelihood that our partner will be unable to contribute their share
of the additional equity to fund the joint ventures future capital costs, and ultimately from our contingent obligation stemming from our joint and several guarantee of the joint ventures loan, we recorded an additional liability of
$36.3 million in 2009 for our probable future obligation to the lender.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | In 2009, we recognized a $5.8 million charge on our investment in an unconsolidated joint venture (the Park Creek joint venture).
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------



| |  |  | We recognized $31.5 million of impairment charges on other real estate related assets in 2009, which related primarily to reserving loans receivable
from other real estate entities, as well as writing off previously deferred development costs.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

General and Administrative Expense

General and administrative expense decreased from $47.9 million in 2009 to $41.3 million in 2010. General and administrative expenses consist of two components. The first component includes general
corporate expenses and the second component includes the indirect operating costs not allocated to the development or operations of our owned properties and Service Operations. The decrease in general and administrative expenses resulted from a $9.6
million reduction in our total overhead costs, which was largely a result of reduced severance charges when compared to 2009. The reduction in overall overhead expenses was partially offset by a $3.3 million decrease in overhead costs absorbed by an
allocation to leasing, construction and other areas, which was primarily a result of lower wholly owned construction and development activities than in 2009.

Interest Expense

Interest expense from continuing operations increased from $206.0
million in 2009 to $239.4 million in 2010. The increase was largely the result of a $15.4 million decrease in the capitalization of interest costs, due to properties previously undergoing significant development activities being placed in service or
otherwise not meeting the criteria for the capitalization of interest. The remaining increase in interest expense was largely the result of our 2010 acquisition activity which, in addition to other uses of capital, drove higher overall borrowings in
2010.

Gain (Loss) on Debt Transactions

During 2010, through a cash tender offer and open market transactions, we repurchased certain of our outstanding series of unsecured notes scheduled to mature in 2011 and 2013. In total, we paid $292.2
million for unsecured notes that had a face value of $279.9 million. We recognized a net loss on extinguishment of $16.3 million after considering the write-off of unamortized deferred financing costs, discounts and other accounting adjustments.

During 2009, we repurchased certain of our outstanding series of unsecured notes scheduled to mature in 2009 through 2011. The majority of
our debt repurchases during 2009 were of our 3.75% Exchangeable Senior Notes (Exchangeable Notes). In total, we paid $500.9 million for unsecured notes that had a face value of $542.9 million, recognizing a net gain on extinguishment of
$27.5 million after considering the write-off of unamortized deferred financing costs, discounts and other accounting adjustments. Partially offsetting these gains, we recognized $6.8 million of expense in 2009 for the write-off of fees paid for a
pending secured financing that we cancelled in the third quarter of 2009.

Income Taxes

We recognized an income tax benefit of $1.1 million and $6.1 million, respectively, in 2010 and 2009.

We recorded a net valuation allowance of $7.3 million against our deferred tax assets during 2009. The valuation allowance was recorded as the result of
changes to our projections for future taxable income within our taxable REIT subsidiary. The decreased projection of taxable income was the result of a revision in strategy, whereby we determined that we would indefinitely discontinue the
development of Build-for-Sale properties, necessitating the revision of our taxable income projections.

Discontinued Operations

The results of operations for properties sold during the year to unrelated parties or classified as held-for-sale at the end of the
period, and meet the applicable criteria, are required to be classified as discontinued operations. The property specific components of earnings that are classified as discontinued operations include rental revenues, rental expenses, real estate
taxes, allocated interest expense and depreciation expense, impairment charges as well as the net gain or loss on the disposition of properties.



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##### Table of Contents

The operations of 41 buildings are currently classified as discontinued operations. These 41 properties
consist of 12 industrial, 27 office, and two retail properties. As a result, we classified income, before gain on sales and impairment charges, of $2.7 million, $2.9 million and $8.5 million in discontinued operations for the years ended
December 31, 2010, 2009 and 2008, respectively.

Of these properties, 19 were sold during 2010, five properties were sold during 2009 and
eight properties were sold during 2008. The gains on disposal of these properties of $33.1 million, $6.8 million and $17.0 million for the years ended December 31, 2010, 2009 and 2008, respectively, are also reported in discontinued operations.
Discontinued operations also includes impairment charges of $26.9 million and $1.3 million for the years ended December 31, 2009 and 2008, respectively, recognized on properties that were subsequently sold. There are nine properties classified
as held-for-sale at December 31, 2010.

Comparison of Year Ended December 31, 2009 to Year Ended December 31, 2008

Rental and Related Revenue

The following table sets forth rental and related revenue from continuing operations by reportable segment for the years ended December 31, 2009 and 2008, respectively (in thousands):



|                            |  |      |         |  |      |   |         | 
|--------------------------- |  | ---- | ------- |  | ---- | - | ------- | 
|                            |  | 2009 |         |  | 2008 |  
|Rental and Related Revenue: |  |      |         |  |      |   |         | 
|Office                      |  | $    | 523,695 |  |      | $ | 509,203 | 
|Industrial                  |  |      | 254,515 |  |      |   | 245,663 | 
|Non-reportable segments     |  |      | 64,022  |  |      |   | 47,925  | 
|                            |  |      |         |  |      |   |         | 
|Total                       |  | $    | 842,232 |  |      | $ | 802,791 | 
|                            |  |      |         |  |      |   |         | 

The primary reasons for the increase in rental revenue from continuing operations, with specific references to a particular
segment when applicable, are summarized below:



| |  |  | In 2009, we acquired three properties, consolidated two retail properties in which we previously had a partial ownership interest, and placed 15
developments in service. The acquisitions and developments provided incremental revenues of $1.4 million and $7.2 million, respectively. The two retail properties that were consolidated in 2009 provided $16.3 million of incremental revenues. Of the
development properties placed in service in 2009, ten were medical office properties accounting for $4.1 million of the $7.2 million incremental revenues.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Acquisitions and developments that were placed in service in 2008 provided $422,000 and $31.9 million, respectively, of incremental revenue in 2009.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Lease termination fees included in rental and related revenue from continuing operations increased from $9.2 million in 2008 to $12.3 million in 2009.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | We contributed five properties to an unconsolidated joint venture in 2008, resulting in a $2.2 million reduction in revenues for the year ended
December 31, 2009, as compared to the same period in 2008.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The increase in rental revenues was partially offset by a $6.8 million increase in expense related to doubtful receivables, including both contractual
and straight-line receivables, as a result of economic conditions during 2009.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Decreases in rental rates and occupancy in certain of our existing properties, resulting from the economys impact on the leasing environment,
partially offset the above-mentioned items.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

Rental Expenses and Real Estate Taxes

The following table reconciles rental expenses and real estate taxes by reportable segment to our total reported amounts in the statements of operations for the years ended December 31, 2009 and
2008, respectively (in thousands):



|                        |  |      |         |  |      |   |         | 
|----------------------- |  | ---- | ------- |  | ---- | - | ------- | 
|                        |  | 2009 |         |  | 2008 |  
|Rental Expenses:        |  |      |         |  |      |   |         | 
|Office                  |  | $    | 147,774 |  |      | $ | 141,993 | 
|Industrial              |  |      | 27,016  |  |      |   | 27,154  | 
|Non-reportable segments |  |      | 17,480  |  |      |   | 10,226  | 
|                        |  |      |         |  |      |   |         | 
|Total                   |  | $    | 192,270 |  |      | $ | 179,373 | 
|                        |  |      |         |  |      |   |         | 
|                        |  |     
|Real Estate Taxes:      |  |      |         |  |      |   |         | 
|Office                  |  | $    | 68,055  |  |      | $ | 62,546  | 
|Industrial              |  |      | 36,383  |  |      |   | 29,992  | 
|Non-reportable segments |  |      | 6,751   |  |      |   | 3,334   | 
|                        |  |      |         |  |      |   |         | 
|Total                   |  | $    | 111,189 |  |      | $ | 95,872  | 
|                        |  |      |         |  |      |   |         | 

Of the overall $12.9 million increase in rental expenses in 2009 compared to 2008, $10.2 million was attributable to
properties acquired or consolidated and developments placed in service from January 1, 2008 through December 31, 2009.

Of the
overall $15.3 million increase in real estate taxes in 2009 compared to 2008, $9.8 million was attributable to properties acquired or consolidated and developments placed in service from January 1, 2008 through December 31, 2009. The
remaining increase in real estate taxes was driven by increases in tax rates and assessed values on our existing properties.

Service Operations

The
following table sets forth the components of the Service Operations reportable segment (excluding Build-for-Sale Properties) for the years ended December 31, 2009 and 2008, respectively (in thousands):



|                                               |  |      |          |   |      |   |          |  
|---------------------------------------------- |  | ---- | -------- | - | ---- | - | -------- | -
|                                               |  | 2009 |          |   | 2008 |  
|Service Operations:                            |  |      |          |   |      |   |          |  
|General contractor and service fee revenue     |  | $    | 449,509  |   |      | $ | 434,624  |  
|General contractor and other services expenses |  |      | (427,666 | ) |      |   | (418,743 | )
|                                               |  |      |          |   |      |   |          |  
|Total                                          |  | $    | 21,843   |   |      | $ | 15,881   |  
|                                               |  |      |          |   |      |   |          |  

The increase in earnings from Service Operations was primarily a result of general contractor expenses being higher than
usual in 2008 as a result of increases in our total cost estimates for two third-party fixed price construction contracts, which reduced the margins on the contracts.

Depreciation and Amortization Expense

Depreciation and amortization expense increased
from $293.0 million in 2008 to $323.4 million in 2009 due to increases in our real estate asset base from properties acquired or consolidated and developments placed in service during 2008 and 2009.

Equity in Earnings of Unconsolidated Companies

Equity in earnings decreased from $23.8 million in 2008 to $9.9 million in 2009. The decrease was primarily a result of our share of the gain on sale of five properties from unconsolidated subsidiaries in
2008 totaling $10.1 million, compared to no such sales in 2009. The decreased gains on property sales were partially offset as the result of consolidating two retail joint ventures in April 2009, for which our share of net loss was $3.5 million in
2008. The remaining decrease in equity in earnings is primarily due to a decrease in operating income within certain of our joint ventures due to decreased occupancy in the underlying rental properties.



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##### Table of Contents

Gain on Sale of Properties

Gains on sales of properties decreased from $39.1 million in 2008 to $12.3 million in 2009. We sold 14 properties in 2008 compared to nine properties in 2009. The properties sold in 2008 were part of our
Build-for-Sale program, which is no longer a significant part of our Service Operations. Because the properties sold in 2008 and 2009 either had insignificant operations prior to sale or because we maintained varying forms of continuing involvement
after sale, they are not classified within discontinued operations.

Earnings from Sales of Land

Earnings from sales of land decreased from $12.7 million in 2008 to $357,000 in 2009. The decrease in earnings was the result of the current state of the
real estate market, as fewer developers are willing to make speculative purchases of land for future development.

Impairment Charges

Impairment charges classified in continuing operations include the impairment of undeveloped land and buildings, investments in
unconsolidated subsidiaries and other real estate related assets. The increase from $10.2 million in 2008 to $275.6 million in 2009 is primarily due to a refinement of our business strategy coupled with decreases in real estate values and is
comprised of the following activity:



| |  |  | A result of the refinement of our business strategy that took place in 2009 was the decision to dispose of approximately 1,800 acres of land, which had
a total cost basis of $385.3 million, rather than holding it for future development. Our change in strategy for this land triggered the requirement to conduct an impairment analysis, which resulted in a determination that a significant portion of
the land, representing over 35% of the lands carrying value, was impaired. We recognized impairment charges on land of $136.6 million in 2009, primarily as the result of writing down to fair value the land that was identified for
disposition and determined to be impaired.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Also in 2009, an impairment charge of $78.1 million was recognized for 28 office, industrial and retail buildings. Nine of these properties met the
criteria for discontinued operations, either as a result of being sold or classified as held-for-sale, and the $26.9 million of impairment charges related to these properties is accordingly reflected in discontinued operations. The impairment
analysis was triggered either as the result of changes in managements strategy, resulting in certain buildings being identified as non-strategic, or changes in market conditions.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | We recognized an impairment charge in 2009 to write off our $14.4 million investment in the 3630 Peachtree joint venture as the result of an
other-than-temporary decline in value. As a result of the joint ventures obligations to the lender in its construction loan agreement, the likelihood that our partner will be unable to contribute their share of the additional equity to fund
the joint ventures future capital costs, and ultimately from our contingent obligation stemming from our joint and several guarantee of the joint ventures loan, we recorded an additional liability of $36.3 million in 2009 for our
probable future obligation to the lender.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | In 2009, we recognized a $5.8 million charge on our investment in the Park Creek joint venture.
| | - |  | -----------------------------------------------------------------------------------------------



| |  |  | We recognized $31.5 million of impairment charges on other real estate related assets in 2009, which related primarily to reserving loans receivable
from other real estate entities, as well as writing off previously deferred development costs.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

| |  |  | In 2008, as the result of a re-assessment of our intended use of some of our land holdings, we recognized non-cash impairment charges on seven of our
tracts of undeveloped land totaling $8.6 million. Also, as the result of the economys negative effect on real estate selling prices, we recognized $2.8 million of impairment charges on two of our Build-for-Sale properties that were under
construction at December 31, 2008, and were expected to sell in 2009. One of these properties met the criteria for discontinued operations upon sale and the $1.3 million impairment charge related to this property is accordingly reflected in
discontinued operations.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

General and Administrative Expense

General and administrative expense increased from $39.5 million in 2008 to $47.9 million in 2009. The increase in general and administrative expenses is
primarily the result of a $4.8 million increase in severance pay. Other than this expense item, we reduced our total overhead costs by $22.7 million to compensate for the reduction in the volume of leasing and construction activity. However, the
absorption of actual overhead costs by an allocation to leasing, construction and other areas decreased by $26.3 million, which, when netted with the $22.7 million reduction in costs, resulted in the remaining increase in general and administrative
expenses.

Interest Expense

Interest expense from continuing operations increased from $184.0 million in 2008 to $206.0 million in 2009, primarily as a result of a $26.6 million
decrease in capitalization of interest costs, due to properties previously undergoing significant development activities being placed in service or otherwise not meeting the criteria for the capitalization of interest. Additionally, as the result of
the conditions in the credit markets driving up interest rates on new borrowings in 2009, the weighted average interest rate on our total outstanding borrowings increased from 5.43% at December 31, 2008 to 6.36% at December 31, 2009.

Gain on Debt Transactions

During 2009, we repurchased certain of our outstanding series of unsecured notes scheduled to mature in 2009 through 2011. The majority of our debt
repurchases during 2009 were of our Exchangeable Notes. In total, we paid $500.9 million for unsecured notes that had a face value of $542.9 million, recognizing a net gain on extinguishment of approximately $27.5 million after considering the
write-off of unamortized deferred financing costs, discounts and other accounting adjustments. Partially offsetting these gains, we recognized $6.8 million of expense in 2009 for the write-off of fees paid for a pending secured financing that we
cancelled in the third quarter of 2009.

Income Taxes

We recognized an income tax benefit of $6.1 million and $7.0 million, respectively, in 2009 and 2008.

We recorded a net valuation allowance of $7.3 million against our deferred tax assets during 2009. The valuation allowance was recorded as the result of changes to our projections for future taxable
income within our taxable REIT subsidiary. The decreased projection of taxable income was the result of a revision in strategy, whereby we determined that we would indefinitely discontinue the development of Build-for-Sale properties, necessitating
the revision of our taxable income projections.

Notwithstanding the valuation allowance recorded during 2009, our taxable REIT subsidiary
recognized significantly higher taxable losses in 2009 than in 2008 as the result of the timing and profitability of land and building sales.



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Critical Accounting Policies

The preparation of our consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Our estimates, judgments and assumptions are inherently subjective and based on the existing
business and market conditions, and are therefore continually evaluated based upon available information and experience. Note 2 to the Consolidated Financial Statements includes further discussion of our significant accounting policies. Our
management has assessed the accounting policies used in the preparation of our financial statements and discussed them with the General Partners Audit Committee and independent auditors. The following accounting policies are considered
critical based upon materiality to the financial statements, degree of judgment involved in estimating reported amounts and sensitivity to changes in industry and economic conditions:

Accounting for Joint Ventures:We analyze our investments in joint ventures to determine if the joint venture is a variable interest entity (a VIE) and would require consolidation. We
(i) evaluate the sufficiency of the total equity at risk, (ii) review the voting rights and decision-making authority of the equity investment holders as a group, and whether there are any guaranteed returns, protection against losses, or
capping of residual returns within the group and (iii) establish whether activities within the venture are on behalf of an investor with disproportionately few voting rights in making this VIE determination. We would consolidate a venture that
is determined to be a VIE if we were the primary beneficiary. Beginning January 1, 2010, a new accounting standard became effective and changed the method by which the primary beneficiary of a VIE is determined to a primarily qualitative
approach whereby the variable interest holder, if any, that controls a VIEs most significant activities is the primary beneficiary. To the extent that our joint ventures do not qualify as VIEs, we further assess each partners substantive
participating rights to determine if the venture should be consolidated.

We have equity interests in unconsolidated joint ventures that own
and operate rental properties and hold land for development. To the extent applicable, we consolidate those joint ventures that are considered to be VIEs where we are the primary beneficiary. For non-variable interest entities, we consolidate
those joint ventures that we control through majority ownership interests or where we are the managing entity and our partner does not have substantive participating rights. Control is further demonstrated by the ability of the general partner to
manage day-to-day operations, refinance debt and sell the assets of the joint venture without the consent of the limited partner and inability of the limited partner to replace the general partner. We use the equity method of accounting for those
joint ventures where we do not have control over operating and financial policies. Under the equity method of accounting, our investment in each joint venture is included on our balance sheet; however, the assets and liabilities of the joint
ventures for which we use the equity method are not included on our balance sheet.

To the extent that we contribute assets to a joint
venture, our investment in the joint venture is recorded at our cost basis in the assets that were contributed to the joint venture. To the extent that our cost basis is different than the basis reflected at the joint venture level, the basis
difference is amortized over the life of the related asset and included in our share of equity in earnings of the joint venture. We recognize gains on the contribution or sale of real estate to joint ventures, relating solely to the outside
partners interest, to the extent the economic substance of the transaction is a sale.

Cost Capitalization: Direct and certain
indirect costs, including interest, clearly associated with the development, construction, leasing or expansion of real estate investments are capitalized as a cost of the property.



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We capitalize interest and direct and indirect project costs associated with the initial construction of a
property up to the time the property is substantially complete and ready for its intended use. We believe the completion of the building shell is the proper basis for determining substantial completion and that this basis is the most widely accepted
standard in the real estate industry. The interest rate used to capitalize interest is based upon our average borrowing rate on existing debt.

We also capitalize direct and indirect costs, including interest costs, on vacant space during extended lease-up periods after construction of the
building shell has been completed if costs are being incurred to ready the vacant space for its intended use. If costs and activities incurred to ready the vacant space cease, then cost capitalization is also discontinued until such activities are
resumed. Once necessary work has been completed on a vacant space, project costs are no longer capitalized. We cease capitalization of all project costs on extended lease-up periods after the shorter of a one-year period after the completion of the
building shell or when the property attains 90% occupancy. In addition, all leasing commissions paid to third parties for new leases or lease renewals are capitalized.

In assessing the amount of indirect costs to be capitalized, we first allocate payroll costs, on a department-by-department basis, among activities for which capitalization is warranted (i.e.,
construction, development and leasing) and those for which capitalization is not warranted (i.e., property management, maintenance, acquisitions and dispositions and general corporate functions). To the extent the employees of a department split
their time between capitalizable and non-capitalizable activities, the allocations are made based on estimates of the actual amount of time spent in each activity. Once the payroll costs are allocated, the non-payroll costs of each department are
allocated among the capitalizable and non-capitalizable activities in the same proportion as payroll costs.

To ensure that an appropriate
amount of costs are capitalized, the amount of capitalized costs that are allocated to a specific project are limited to amounts using standards we developed. These standards consist of a percentage of the total development costs of a project and a
percentage of the total gross lease amount payable under a specific lease. These standards are derived after considering the amounts that would be allocated if the personnel in the departments were working at full capacity. The use of these
standards ensures that overhead costs attributable to downtime or to unsuccessful projects or leasing activities are not capitalized.

Impairment of Real Estate Assets: We evaluate our real estate assets, with the exception of those that are classified as held-for-sale, for
impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If such an evaluation is considered necessary, we compare the carrying amount of that real estate asset, or asset group, with the
expected undiscounted cash flows that are directly associated with, and that are expected to arise as a direct result of, the use and eventual disposition of that asset, or asset group. Our estimate of the expected future cash flows used in testing
for impairment is based on, among other things, our estimates regarding future market conditions, rental rates, occupancy levels, costs of tenant improvements, leasing commissions and other tenant concessions, assumptions regarding the residual
value of our properties at the end of our anticipated holding period and the length of our anticipated holding period and is, therefore, subjective by nature. These assumptions could differ materially from actual results. If our strategy changes or
if market conditions otherwise dictate a reduction in the holding period and an earlier sale date, an impairment loss could be recognized and such loss could be material. To the extent the carrying amount of a real estate asset, or asset group,
exceeds the associated estimate of undiscounted cash flows, an impairment loss is recorded to reduce the carrying value of the asset to its fair value.



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The determination of the fair value of real estate assets is also highly subjective, especially in markets
where there is a lack of recent comparable transactions. We primarily utilize the income approach to estimate the fair value of our income producing real estate assets. To the extent that the assumptions used in testing long-lived assets for
impairment differ from those of a marketplace participant, the assumptions are modified in order to estimate the fair value of a real estate asset when an impairment charge is measured. In addition to determining future cash flows, which make the
estimation of a real estate assets undiscounted cash flows highly subjective, the selection of the discount rate and exit capitalization rate used in applying the income approach is also highly subjective.

To the extent applicable marketplace data is available, we generally use the market approach in estimating the fair value of undeveloped land that is
determined to be impaired.

Real estate assets that are classified as held-for-sale are reported at the lower of their carrying value or their
fair value, less estimated costs to sell.

Acquisition of Real Estate Property and Related Assets:We allocate the purchase price of
acquired properties to net tangible and identified intangible assets based on their respective fair values. Beginning January 1, 2009, we record assets acquired in step acquisitions at their full fair value and record a gain or loss for the
difference between the fair value and the carrying value of our existing equity interest. Additionally, beginning January 1, 2009, contingencies arising from a business combination are recorded at fair value if the acquisition date fair value
can be determined during the measurement period.

The allocation to tangible assets (buildings, tenant improvements and land) is based upon
managements determination of the value of the property as if it were vacant using discounted cash flow models similar to those used by independent appraisers. Factors considered by management include an estimate of carrying costs during the
expected lease-up periods considering current market conditions, and costs to execute similar leases. The purchase price of real estate assets is also allocated among three categories of intangible assets consisting of the above or below market
component of in-place leases, the value of in-place leases and the value of customer relationships.



| |  | The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using an interest
rate which reflects the risks associated with the lease) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term and (ii) managements estimate of the amounts that would be paid
using current fair market rates over the remaining term of the lease. The amounts allocated to above market leases are included in deferred leasing and other costs in the balance sheet and below market leases are included in other liabilities in the
balance sheet; both are amortized to rental income over the remaining terms of the respective leases.
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | The total amount of intangible assets is further allocated to in-place lease values and to customer relationship values, based upon managements
assessment of their respective values. These intangible assets are included in deferred leasing and other costs in the balance sheet and are amortized over the remaining term of the existing lease, or the anticipated life of the customer
relationship, as applicable.
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Valuation of Receivables: We are subject to tenant defaults and bankruptcies that could
affect the collection of rent due under leases or of outstanding receivables. In order to mitigate these risks, we perform credit reviews and analyses on major existing tenants and prospective tenants before leases are executed. We have established
the following procedures and policies to evaluate the collectability of outstanding receivables and record allowances:



| |  | We maintain a tenant watch list containing a list of significant tenants for which the payment of receivables and future rent may be at
risk. Various factors such as late rent payments, lease or debt
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | instrument defaults, and indications of a deteriorating financial position are considered when determining whether to include a tenant on the watch list.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | As a matter of policy, we reserve the entire receivable balance, including straight-line rent, of any tenant with an amount outstanding over 90 days.
|- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Straight-line rent receivables for any tenant on the watch list or any other tenant identified as a potential long-term risk, regardless of the status
of current rent receivables, are reviewed and reserved as necessary.
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Construction Contracts: We recognize income on
construction contracts where we serve as a general contractor on the percentage of completion method. Using this method, profits are recorded on the basis of our estimates of the overall profit and percentage of completion of individual contracts. A
portion of the estimated profits is accrued based upon our estimates of the percentage of completion of the construction contract. To the extent that a fixed-price contract is estimated to result in a loss, the loss is recorded immediately.
Cumulative revenues recognized may be less or greater than cumulative costs and profits billed at any point in time during a contracts term. This revenue recognition method involves inherent risks relating to profit and cost estimates with
those risks reduced through approval and monitoring processes.

With regard to critical accounting policies, management has discussed the
following with the Audit Committee of the General Partners board of directors:



| |  |  | Criteria for identifying and selecting our critical accounting policies;
| | - |  | ------------------------------------------------------------------------

| |  |  | Methodology in applying our critical accounting policies; and
| | - |  | -------------------------------------------------------------

| |  |  | Impact of the critical accounting policies on our financial statements.
| | - |  | -----------------------------------------------------------------------

The Audit Committee of the General Partner has reviewed the critical accounting policies identified by management.

Liquidity and Capital Resources

Sources of Liquidity

As the result of generating capital in excess of $1.0 billion through a common equity issuance of the General Partner, unsecured borrowings, and property
dispositions, we have more than sufficient capacity to meet our short-term liquidity requirements over the next twelve months.

In addition to
our existing sources of liquidity, we expect to meet long-term liquidity requirements, such as scheduled mortgage and unsecured debt maturities, property acquisitions, financing of development activities and other non-recurring capital improvements,
through multiple sources of capital including operating cash flow and accessing the public debt and equity markets.

Rental
Operations

Cash flows from Rental Operations is our primary source of liquidity and provides a stable cash flow to fund operational
expenses. We believe that this cash-based revenue stream is substantially aligned with revenue recognition (except for periodic straight-line rental income accruals and amortization of above or below market rents) as cash receipts from the leasing
of rental properties are generally received in advance of or in a short time following the actual revenue recognition.

We are subject to a
number of risks related to general economic conditions, including reduced occupancy, tenant defaults and bankruptcies, and potential reduction in rental rates upon renewal or re-letting of properties, each of which would result in reduced cash flow
from operations. In 2010, we recognized $5.9



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million of expense related to reserving doubtful receivables, including reserves on straight-line rent, compared to $12.0 million in 2009.

Unsecured Debt and Equity Securities

Our unsecured lines of credit as of December 31, 2010 are described as follows (in thousands):



|                                                   |  |                   |         |  |              |               |                                          |   |         | 
|-------------------------------------------------- |  | ----------------- | ------- |  | ------------ | ------------- | ---------------------------------------- | - | ------- | 
|Description                                        |  | BorrowingCapacity |         |  | MaturityDate |               | Outstanding Balanceat December 
31, 2010 |  
|Unsecured Line of Credit  Partnership             |  | $                 | 850,000 |  |              | February 2013 |                                          | $ | 175,000 | 
|Unsecured Line of Credit  Consolidated Subsidiary |  | $                 | 30,000  |  |              | July 2011     |                                          | $ | 18,046  | 

The Partnerships unsecured line
of credit has a borrowing capacity of $850.0 million with an interest rate on borrowings of LIBOR plus 2.75% (equal to 3.01% for borrowings as of December 31, 2010), and matures in February 2013. Subject to certain conditions, the terms also
include an option to increase the facility by up to an additional $200.0 million, for a total of up to $1.05 billion. This line of credit provides us with an option to obtain borrowings from financial institutions that participate in the line, at
rates that may be lower than the stated interest rate, subject to certain restrictions.

This line of credit contains financial covenants that
require us to meet certain financial ratios and defined levels of performance, including those related to fixed charge coverage and debt-to-asset value (with asset value being defined in the Partnerships unsecured line of credit agreement). As
of December 31, 2010, we were in compliance with all covenants under this line of credit.

At December 31, 2010, we and the General
Partner had on file with the SEC an automatic shelf registration statement on Form S-3, relating to the offer and sale, from time to time, of an indeterminate amount of debt and equity securities, as well as guarantees of our debt securities by the
General Partner. Equity securities are offered and sold by the General Partner and the net proceeds of such offerings are contributed to us in exchange for additional General Partner Units or Preferred Units. From time to time, we and the General
Partner expect to issue additional securities under this automatic shelf registration statement to fund the repayment of the credit facility and other long-term debt upon maturity.

Pursuant to its automatic shelf registration statement, at December 31, 2010 the General Partner had on file with the SEC a prospectus supplement that allows it to issue new shares of its common
stock, from time to time, with an aggregate offering price of up to $150.0 million. No new shares have been issued pursuant to this prospectus supplement as of December 31, 2010.

The indentures (and related supplemental indentures) governing our outstanding series of notes also require us to comply with financial ratios and other covenants regarding our operations. We were in
compliance with all such covenants as of December 31, 2010.

Sale of Real Estate Assets

We pursue opportunities to sell non-strategic real estate assets in order to generate additional liquidity. Our ability to dispose of such properties is
dependent on the availability of credit to potential buyers to purchase properties at prices that we consider acceptable. In light of current market and economic conditions, including, without limitation, the availability and cost of credit, the
U.S. mortgage market, and condition of the equity and real estate markets, we may be unable to dispose of such properties quickly, or on favorable terms.

Transactions with Unconsolidated Entities

Transactions with unconsolidated
partnerships and joint ventures also provide a source of liquidity. From time to time we will sell properties to an unconsolidated entity, while retaining a continuing interest in that entity, and receive proceeds commensurate to the interest that
we do not own.



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Additionally, unconsolidated entities will from time to time obtain debt financing and will distribute to
us, and our joint venture partners, all or a portion of the proceeds.

We have a 20% equity interest in an unconsolidated joint venture
(Duke/Hulfish, LLC) that may acquire up to $800.0 million of our newly developed build-to-suit projects over a three-year period from its formation in May 2008. Properties are sold to the joint venture upon completion, lease commencement
and satisfaction of other customary conditions. We have received cumulative net sale and financing proceeds, commensurate to our partners ownership interest, of approximately $380.4 million through December 31, 2010 related to the joint
ventures acquisition of 15 of our properties.

In December 2010, we formed a new joint venture (Duke/Princeton, LLC) which
is a wholly owned subsidiary of, and with the same membership composition and ownership percentages as, Duke/Hulfish, LLC. We made an initial sale of seven suburban office buildings, totaling over 1.0 million square feet, to Duke/Princeton,
LLC, for an agreed value of $173.9 million for which our 80% share of net proceeds totaled $138.3 million. We expect, and are under contract, to sell additional buildings to Duke/Princeton, LLC by the end of the second quarter 2011, subject to
financing and other customary closing conditions. The total 2011 sale is expected to consist of 13 office buildings, totaling over 2.0 million square feet, with an agreed upon value of $342.8 million, and is expected to generate proceeds of
$274.2 million for the 80% portion that we sell.

Uses of Liquidity

Our principal uses of liquidity include the following:



| |  | accretive property investment;
|- |  | ------------------------------

| |  | leasing/capital costs;
|- |  | ----------------------

| |  | distributions to unitholders;
|- |  | -----------------------------

| |  | long-term debt maturities;
|- |  | --------------------------

| |  | repurchases of outstanding debt and Preferred Units; and
|- |  | --------------------------------------------------------

| |  | other contractual obligations.
|- |  | ------------------------------

Property Investment

We evaluate development and acquisition opportunities based
upon market outlook, supply and long-term growth potential. Our ability to make future property investments is dependent upon our continued access to our longer-term sources of liquidity including the issuances of debt or equity securities as well
as generating cash flow by disposing of selected properties. In light of current economic conditions, management continues to evaluate our investment priorities and is focused on accretive growth.

We have continued to operate at a substantially reduced level of new development activity, as compared to recent years, and are focused on the core
operations of our existing base of properties.

Leasing/Capital Costs

Tenant improvements and leasing costs to re-let rental space that had been previously under lease to tenants are referred to as second generation expenditures. Building improvements that are not specific
to any tenant but serve to improve integral components of our real estate properties are also second generation expenditures.

One of our
principal uses of our liquidity is to fund the second generation leasing/capital expenditures of our real estate investments. The following is a summary of our second generation capital expenditures for the years ended December 31, 2010, 2009
and 2008, respectively (in thousands):



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|                                      |  |      |        |  |      |   |        |      |  |   |        | 
|------------------------------------- |  | ---- | ------ |  | ---- | - | ------ | ---- |  | - | ------ | 
|                                      |  | 2010 |        |  | 2009 |   |        | 2008 | 
|Second generation tenant improvements |  | $    | 36,676 |  |      | $ | 29,321 |      |  | $ | 36,885 | 
|Second generation leasing costs       |  |      | 39,090 |  |      |   | 40,412 |      |  |   | 28,205 | 
|Building improvements                 |  |      | 12,957 |  |      |   | 9,321  |      |  |   | 9,724  | 
|                                      |  |      |        |  |      |   |        |      |  |   |        | 
|Totals                                |  | $    | 88,723 |  |      | $ | 79,054 |      |  | $ | 74,814 | 
|                                      |  |      |        |  |      |   |        |      |  |   |        | 

Distributions

In order to qualify as a REIT for federal income tax purposes, the General Partner must currently distribute at least 90% of its taxable income to its shareholders. Because depreciation and impairments
are non-cash expenses, cash flow will typically be greater than operating income. We paid distributions per Common Unit of $0.68, $0.76 and $1.93 for the years ended December 31, 2010, 2009 and 2008, respectively. We expect to continue to
distribute at least an amount equal to our taxable earnings, to meet the requirements of the General Partner to maintain its REIT status, and additional amounts as determined by the General Partners board of directors. Distributions are
declared at the discretion of the General Partners board of directors and are subject to actual cash available for distribution, our financial condition, capital requirements and such other factors as the General Partners board of
directors deems relevant.

At December 31, 2010 the General Partner had six series of preferred shares outstanding. The annual
distribution rates on the General Partners preferred shares range between 6.5% and 8.375% and are paid in arrears quarterly.

Debt
Maturities

Debt outstanding at December 31, 2010 had a face value totaling $4.2 billion with a weighted average interest rate of
6.24% maturing at various dates through 2028. We had $3.0 billion of unsecured debt, $193.0 million outstanding on our unsecured lines of credit and $1.1 billion of secured debt outstanding at December 31, 2010. We made scheduled and
unscheduled principal payments of $587.3 million on outstanding debt during the year ended December 31, 2010.

The following is a summary
of the scheduled future amortization and maturities of our indebtedness at December 31, 2010 (in thousands, except percentage data):



|           |  |                       |         |  |                  |   |           |       |  |   |                                   |  |  |  |      |  
|---------- |  | --------------------- | ------- |  | ---------------- | - | --------- | ----- |  | - | --------------------------------- |  |  |  | ---- | -
|           |  | Future Repayments     |         |  | Weighted Average |  
|Year       |  | ScheduledAmortization |         |  | Maturities       |   |           | Total |  |   | Interest Rate
ofFuture Repayments | 
|2011       |  | $                     | 17,428  |  |                  | $ | 383,883   |       |  | $ | 401,311                           |  |  |  | 5.10 | %
|2012       |  |                       | 15,926  |  |                  |   | 304,854   |       |  |   | 320,780                           |  |  |  | 5.85 | %
|2013       |  |                       | 15,444  |  |                  |   | 686,893   |       |  |   | 702,337                           |  |  |  | 5.47 | %
|2014       |  |                       | 14,138  |  |                  |   | 305,012   |       |  |   | 319,150                           |  |  |  | 6.34 | %
|2015       |  |                       | 11,919  |  |                  |   | 309,335   |       |  |   | 321,254                           |  |  |  | 7.06 | %
|2016       |  |                       | 10,561  |  |                  |   | 492,560   |       |  |   | 503,121                           |  |  |  | 6.16 | %
|2017       |  |                       | 9,031   |  |                  |   | 469,324   |       |  |   | 478,355                           |  |  |  | 5.94 | %
|2018       |  |                       | 7,356   |  |                  |   | 300,000   |       |  |   | 307,356                           |  |  |  | 6.08 | %
|2019       |  |                       | 6,322   |  |                  |   | 518,438   |       |  |   | 524,760                           |  |  |  | 7.97 | %
|2020       |  |                       | 4,732   |  |                  |   | 250,000   |       |  |   | 254,732                           |  |  |  | 6.73 | %
|2021       |  |                       | 3,416   |  |                  |   | -         |       |  |   | 3,416                             |  |  |  | 5.57 | %
|Thereafter |  |                       | 17,789  |  |                  |   | 50,000    |       |  |   | 67,789                            |  |  |  | 6.86 | %
|           |  |                       |         |  |                  |   |           |       |  |   |                                   |  |  |  |      |  
|           |  | $                     | 134,062 |  |                  | $ | 4,070,299 |       |  | $ | 4,204,361                         |  |  |  | 6.24 | %
|           |  |                       |         |  |                  |   |           |       |  |   |                                   |  |  |  |      |  

We anticipate generating capital to fund our debt maturities by using undistributed cash generated from rental
operations and property dispositions, as well as by raising additional capital from future debt or equity transactions.

Repurchases of
Outstanding Debt and Preferred Units

To the extent that it supports our overall capital strategy, we may purchase additional amounts
of our outstanding unsecured debt prior to its stated maturity or redeem or repurchase certain of our Preferred Units held by the General Partner in conjunction with any redemption or repurchases it makes of the corresponding outstanding series of
its preferred stock.



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Guarantee Obligations

We are subject to various guarantee obligations in the normal course of business and, in most cases, do not anticipate these obligations to result in significant cash payments.

We are, however, subject to a joint and several guarantee of the construction loan agreement of the 3630 Peachtree joint venture. A contingent
liability in the amount of $36.3 million was established in 2009 based on the probability of us being required to pay this obligation to the lender.

Historical Cash Flows

Cash and cash equivalents were $18.4 million and $147.5 million at
December 31, 2010 and 2009, respectively. The following highlights significant changes in net cash associated with our operating, investing and financing activities (in thousands):



|                                          |  |                          |          |   |      |   |          |      |  |   |          |  
|----------------------------------------- |  | ------------------------ | -------- | - | ---- | - | -------- | ---- |  | - | -------- | -
|                                          |  | Years Ended December 31, |         
|                                          |  | 2010                     |          |   | 2009 |   |          | 2008 | 
|Net Cash Provided by Operating Activities |  | $                        | 390,776  |   |      | $ | 401,184  |      |  | $ | 643,800  |  
|Net Cash Used for Investing Activities    |  |                          | (288,790 | ) |      |   | (176,139 | )    |  |   | (522,764 | )
|Net Cash Used for Financing Activities    |  |                          | (231,106 | ) |      |   | (99,791  | )    |  |   | (145,797 | )

Operating Activities

Cash flows from operating activities provide the cash necessary to meet normal operational requirements of our Rental Operations and
Service Operations activities. The receipt of rental income from Rental Operations continues to provide the primary source of our revenues and operating cash flows. In addition, we have historically developed Build-for-Sale properties with the
intent to sell them at or soon after completion. As a result of the refinement to our strategy in 2009, we have ceased new Build-for-Sale development activity to focus on completion of existing projects. Highlights of operating cash changes are as
follows:



| |  |  | During the year ended December 31, 2010, we incurred no Build-for-Sale property development costs, compared to $16.9 million and $216.1 million
for the years ended December 31, 2009 and 2008, respectively. The decrease is a result of the planned elimination of our Build-for-Sale program.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | We sold no Build-for-Sale properties in 2010 compared to three in 2009 and 14 in 2008, receiving net proceeds of $31.9 million and $343.0 million,
respectively. The 2009 sales were nearly break-even, while the 2008 sales resulted in pre-tax gains of $39.1 million.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | Net cash flows from third-party construction contracts totaled a net outflow of $6.4 million for the year ended December 31, 2010, compared to a
net outflow of $4.6 million and a net inflow of $125.9 million for the years ended December 31, 2009 and 2008, respectively. The higher operating cash flows in 2008 from third-party construction contracts were driven by $105.1 million in cash
proceeds from the 2008 sale of a parcel of land that was completed in conjunction with a significant third-party construction project.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Investing Activities

Investing activities are one of the primary uses of our
liquidity. Development and acquisition activities typically generate additional rental revenues and provide cash flows for operational requirements. Highlights of significant cash sources and uses are as follows:

| |  |  | Development expenditures for our held-for-rental portfolio totaled $119.4 million for the year ended December 31, 2010, compared to $268.9 million
and $436.3 million for the years ended December 31, 2009 and 2008, respectively. The decrease is consistent with our planned reduction in new development activity.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| |  |  | During 2010, we paid cash of $488.5 million for real estate acquisitions, compared to $31.7 million in 2009 and $20.1 million in 2008. In addition, we
paid cash of $14.4 million for undeveloped land in 2010, compared to $5.5 million in 2009 and $40.9 million in 2008.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | Sales of land and depreciated property provided $499.5 million in net proceeds in 2010, compared to $256.3 million in 2009 and $116.6 million in 2008.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | During 2010, we contributed or advanced $53.2 million to fund development activities within unconsolidated companies, compared to $23.5 million in 2009
and $132.2 million in 2008.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | We received capital distributions (as a result of the sale of properties or refinancing) from unconsolidated subsidiaries of $22.1 million in 2010 and
$95.4 million in 2008. We received no such distributions from unconsolidated companies in 2009.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Financing
Activities

The following items highlight significant capital transactions:

| |  |  | In January 2010, we repaid $99.8 million of senior unsecured notes with an effective interest rate of 5.37% on their scheduled maturity date. This
compares to repayments of $124.0 million of corporate unsecured debt and $82.1 million of senior unsecured notes with effective interest rates of 6.83% and 7.86%, respectively, on their scheduled maturity dates in February 2009 and November 2009,
respectively. We also repaid $125.0 million and $100.0 million of senior unsecured notes with effective interest rates of 3.36% and 6.76%, respectively, on their scheduled maturity dates in January 2008 and May 2008, respectively.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | In April 2010, we issued $250.0 million of senior unsecured notes that bear interest at an effective rate of 6.75% and mature in March 2020. In August
2009, we issued $250.0 million of senior unsecured notes due in 2015 bearing interest at an effective rate of 7.50% and $250.0 million of senior unsecured notes due in 2019 bearing interest at an effective rate of 8.38%. We also issued $325.0
million of senior unsecured notes in May 2008 with an effective interest rate of 7.36% due in 2013.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | In June 2010, the General Partner issued 26.5 million shares of its common stock for net proceeds of $298.1 million. In April 2009, the General
Partner issued 75.2 million shares of its common stock for net proceeds of $551.4 million. The proceeds from both offerings were contributed to us in exchange for additional General Partner Units. The General Partner had no common stock
issuances in 2008.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | During 2010, through a cash tender offer and open market transactions, we repurchased certain of our outstanding series of unsecured notes scheduled to
mature in 2011 and 2013. In total, we paid $292.2 million for unsecured notes that had a face value of $279.9 million. Throughout 2009 and the fourth quarter of 2008, we repurchased certain of our outstanding series of unsecured notes maturing in
2009 through 2011. In 2009, cash payments of $500.9 million were made to repurchase notes with a face value of $542.9 million, compared to cash payments of $36.5 million made in the fourth quarter of 2008 for notes with a face value of $38.5
million.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | Throughout 2010, the General Partner completed open market repurchases of approximately 4.5 million shares of its 8.375% Series O preferred stock.
The General Partner paid $118.8 million to repurchase these shares, which had a face value of $112.1 million. During the fourth quarter of 2008, in order to take advantage of the significant discounts at which they were trading, the General Partner
opportunistically repurchased portions of all outstanding series of its preferred shares, which had a total redemption value of approximately $27.4 million, in the open market for $12.4 million. For all of these repurchases, we then repurchased
corresponding Preferred Units held by the General Partner at the same price at which it repurchased its shares on the open market.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | We increased net borrowings on the Partnerships $850.0 million line of credit by $175.0 million for the year ended December 31, 2010,
compared to a decrease of $474.0 million in 2009 and a decrease of $69.0 million in 2008.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | We paid cash distributions of $0.68 per Common Unit in 2010, compared to cash distributions of $0.76 per Common Unit in 2009 and $1.93 per Common Unit
in 2008. In order to retain
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | additional cash to help meet our capital needs, we reduced our quarterly distributions beginning in the first quarter of 2009.
| | ------------------------------------------------------------------------------------------------------------------------------

| |  |  | In February, March and July 2009, we received cash proceeds of $270.0 million from three 10-year secured debt financings that are secured by 32 rental
properties. The secured debt bears interest at a weighted average rate of 7.69% and matures at various points in 2019.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | In March 2008, we settled three forward-starting swaps and made a cash payment of $14.6 million to the counterparties.
| | - |  | ----------------------------------------------------------------------------------------------------------------------

| |  |  | In February 2008, we received net proceeds of approximately $290.0 million from the General Partners issuance of shares of its Series O
Cumulative Redeemable Preferred Stock; the General Partner had no new preferred equity issuances in 2009 or 2010.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Credit
Ratings

The General Partner and the Partnership are currently assigned investment grade corporate credit ratings on our senior unsecured
notes from Moodys Investors Service and Standard and Poors Ratings Group. Our senior unsecured notes have been assigned ratings of BBB- and Baa2 by Standard and Poors Ratings Group and Moodys Investors Service, respectively.

The General Partners preferred shares carry ratings of BB+ and Baa3 from Standard and Poors Ratings Group and Moodys
Investors Service, respectively.

The ratings of our senior unsecured notes and the General Partners preferred shares could change based
upon, among other things, the impact that prevailing economic conditions may have on our results of operations and financial condition.

Financial Instruments

We are exposed
to capital market risk, such as changes in interest rates. In order to reduce the volatility relating to interest rate risk, we may enter into interest rate hedging arrangements from time to time. We do not utilize derivative financial instruments
for trading or speculative purposes.

Off Balance Sheet Arrangements

Investments in Unconsolidated Companies

We have equity interests in unconsolidated
partnerships and joint ventures that own and operate rental properties and hold land for development. Our unconsolidated subsidiaries are primarily engaged in the operations and development of Industrial, Office and Medical Office real estate
properties. The equity method of accounting (see Critical Accounting Policies) is used for these investments in which we have the ability to exercise significant influence, but not control, over operating and financial policies. As a result, the
assets and liabilities of these joint ventures are not included on our balance sheet.

Our investments in and advances to unconsolidated
companies represent approximately 5% and 7% of our total assets as of December 31, 2010 and 2009, respectively. These investments provide several benefits to us, including increased market share, tenant and property diversification and an
additional source of capital to fund real estate projects.



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The following table presents summarized financial information for unconsolidated companies for the years
ended December 31, 2010 and 2009, respectively (in thousands, except percentage data):



|                                             |  |                |           |   |      |   |           |  
|-------------------------------------------- |  | -------------- | --------- | - | ---- | - | --------- | -
|                                             |  | Joint Ventures |          
|                                             |  | 2010           |           |   | 2009 |  
|Land, buildings and tenant improvements, net |  | $              | 1,687,228 |   |      | $ | 2,072,435 |  
|Construction in progress                     |  |                | 120,834   |   |      |   | 128,257   |  
|Undeveloped land                             |  |                | 177,473   |   |      |   | 176,356   |  
|Other assets                                 |  |                | 242,461   |   |      |   | 260,249   |  
|                                             |  |                |           |   |      |   |           |  
|                                             |  | $              | 2,227,996 |   |      | $ | 2,637,297 |  
|                                             |  |                |           |   |      |   |           |  
|                                             |  |               
|Indebtedness                                 |  | $              | 1,082,823 |   |      | $ | 1,319,696 |  
|Other liabilities                            |  |                | 66,471    |   |      |   | 75,393    |  
|                                             |  |                |           |   |      |   |           |  
|                                             |  |                | 1,149,294 |   |      |   | 1,395,089 |  
|Owners equity                               |  |                | 1,078,702 |   |      |   | 1,242,208 |  
|                                             |  |                |           |   |      |   |           |  
|                                             |  | $              | 2,227,996 |   |      | $ | 2,637,297 |  
|                                             |  |                |           |   |      |   |           |  
|                                             |  |               
|Rental revenue                               |  | $              | 228,378   |   |      | $ | 254,787   |  
|                                             |  |                |           |   |      |   |           |  
|Gain on sale of properties                   |  | $              | 4,517     |   |      | $ | -         |  
|                                             |  |                |           |   |      |   |           |  
|Net income                                   |  | $              | 19,202    |   |      | $ | 9,760     |  
|                                             |  |                |           |   |      |   |           |  
|                                             |  |               
|Total square feet                            |  |                | 23,522    |   |      |   | 44,207    |  
|Percent leased                               |  |                | 89.24     | % |      |   | 86.31     | %

Dugan generated $42.5 million in revenues
and $6.4 million of net income in the six months of 2010 prior to its July 1 consolidation. Dugan generated $85.7 million of revenues and $12.5 million of net income during 2009, and had total assets of $649.3 million as of December 31,
2009.

We do not have any relationships with unconsolidated entities or financial partnerships (special purpose entities) that
have been established solely for the purpose of facilitating off-balance sheet arrangements.

Contractual Obligations

At December 31, 2010, we were subject to certain contractual payment obligations as described in the table below:



|                                                   |  |                                       |           |  |      |   |           |      |  |   |         |  |  |      |         |  |      |   |         |            |  |   |         |  |  |   |           | 
|-------------------------------------------------- |  | ------------------------------------- | --------- |  | ---- | - | --------- | ---- |  | - | ------- |  |  | ---- | ------- |  | ---- | - | ------- | ---------- |  | - | ------- |  |  | - | --------- | 
|                                                   |  | Payments due by Period (in thousands) |          
|Contractual Obligations                            |  | Total                                 |           |  | 2011 |   |           | 2012 |  |   | 2013    |  |  | 2014 |         |  | 2015 |   |         | Thereafter | 
|Long-term debt (1)                                 |  | $                                     | 5,413,606 |  |      | $ | 629,781   |      |  | $ | 548,966 |  |  | $    | 725,060 |  |      | $ | 498,912 |            |  | $ | 473,417 |  |  | $ | 2,537,470 | 
|Lines of credit (2)                                |  |                                       | 214,225   |  |      |   | 28,046    |      |  |   | 9,604   |  |  |      | 176,575 |  |      |   | -       |            |  |   | -       |  |  |   | -         | 
|Share of debt of unconsolidated joint ventures (3) |  |                                       | 447,573   |  |      |   | 87,602    |      |  |   | 27,169  |  |  |      | 93,663  |  |      |   | 34,854  |            |  |   | 65,847  |  |  |   | 138,438   | 
|Ground leases                                      |  |                                       | 103,563   |  |      |   | 2,199     |      |  |   | 2,198   |  |  |      | 2,169   |  |      |   | 2,192   |            |  |   | 2,202   |  |  |   | 92,603    | 
|Operating leases                                   |  |                                       | 2,704     |  |      |   | 840       |      |  |   | 419     |  |  |      | 395     |  |      |   | 380     |            |  |   | 370     |  |  |   | 300       | 
|Development and construction backlog costs (4)     |  |                                       | 521,041   |  |      |   | 476,314   |      |  |   | 44,727  |  |  |      | -       |  |      |   | -       |            |  |   | -       |  |  |   | -         | 
|Other                                              |  |                                       | 1,967     |  |      |   | 1,015     |      |  |   | 398     |  |  |      | 229     |  |      |   | 90      |            |  |   | 54      |  |  |   | 181       | 
|                                                   |  |                                       |           |  |      |   |           |      |  |   |         |  |  |      |         |  |      |   |         |            |  |   |         |  |  |   |           | 
|Total Contractual Obligations                      |  | $                                     | 6,704,679 |  |      | $ | 1,225,797 |      |  | $ | 633,481 |  |  | $    | 998,091 |  |      | $ | 536,428 |            |  | $ | 541,890 |  |  | $ | 2,768,992 | 
|                                                   |  |                                       |           |  |      |   |           |      |  |   |         |  |  |      |         |  |      |   |         |            |  |   |         |  |  |   |           | 



|(1) | Our long-term debt consists of both secured and unsecured debt and includes both principal and interest. Interest expense for variable rate debt was calculated using
the interest rates as of December 31, 2010.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Our unsecured lines of credit consist of an operating line of credit that matures February 2013 and the line of credit of a consolidated subsidiary that matures July
2011. Interest expense for our unsecured lines of credit was calculated using the most recent stated interest rates that were in effect.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Our share of unconsolidated joint venture debt includes both principal and interest. Interest expense for variable rate debt was calculated using the interest rate at
December 31, 2010.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | Represents estimated remaining costs on the completion of owned development projects and third-party construction projects.
|--- | ---------------------------------------------------------------------------------------------------------------------------



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Related Party Transactions

We provide property and asset management, leasing, construction and other tenant related services to unconsolidated companies in which we have equity interests. For the years ended December 31, 2010,
2009 and 2008, respectively, we earned management fees of $7.6 million, $8.4 million and $7.8 million, leasing fees of $2.7 million, $4.2 million and $2.8 million and construction and development fees of $10.3 million, $10.2 million and $12.7
million from these companies. We recorded these fees based on contractual terms that approximate market rates for these types of services, and we have eliminated our ownership percentages of these fees in the consolidated financial statements.

Commitments and Contingencies

We have guaranteed the repayment of $95.4 million of economic development bonds issued by various municipalities in connection with certain commercial developments. We will be required to make payments
under our guarantees to the extent that incremental taxes from specified developments are not sufficient to pay the bond debt service. Management does not believe that it is probable that we will be required to make any significant payments in
satisfaction of these guarantees.

We also have guaranteed the repayment of secured and unsecured loans of six of our unconsolidated
subsidiaries. At December 31, 2010, the maximum guarantee exposure for these loans was approximately $245.4 million. With the exception of the guarantee of the debt of 3630 Peachtree joint venture, for which we recorded a contingent liability
in 2009 of $36.3 million, management believes it probable that we will not be required to satisfy these guarantees.

We lease certain land
positions with terms extending to December 2080, with a total obligation of $103.6 million. No payments on these ground leases are material in any individual year.

We are subject to various legal proceedings and claims that arise in the ordinary course of business. In the opinion of management, the amount of any ultimate liability with respect to these actions will
not materially affect our consolidated financial statements or results of operations.

Recent Accounting Pronouncements

On January 1, 2009, we adopted a newly effective accounting standard for convertible debt instruments that may be settled in
cash upon conversion. The new standard required separate accounting for the debt and equity components of certain convertible instruments. Our Exchangeable Notes issued in November 2006 have an exchange rate of 20.47 common shares per $1,000
principal amount of the notes, representing an exchange price of $48.85 per share of the General Partners common stock. The Exchangeable Notes were subject to the accounting changes required by the new standard, which required that the value
assigned to the debt component equal the estimated fair value of debt with similar contractual cash flows, but without the conversion feature, resulting in the debt being recorded at a discount. The resulting debt discount will be amortized over the
period from its issuance through November 2011, the first optional redemption date, as additional non-cash interest expense.

At
December 31, 2010, the Exchangeable Notes had $167.6 million of principal outstanding, with an unamortized discount of $2.1 million and a net carrying amount of $165.6 million. The carrying amount



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of the equity component was $34.7 million at December 31, 2010. Subsequent to the implementation of the new standard, interest expense is recognized on the Exchangeable Notes at an effective
rate of 5.6%. The increase to interest expense (in thousands) on the Exchangeable Notes, which led to a corresponding decrease to net income, for the years ended December 31, 2010, 2009 and 2008 is summarized as follows:



|                                                                                            |  |      |       |  |      |   |        |      |  |   |        | 
|------------------------------------------------------------------------------------------- |  | ---- | ----- |  | ---- | - | ------ | ---- |  | - | ------ | 
|                                                                                            |  | 2010 |       |  | 2009 |   |        | 2008 | 
|Interest expense on Exchangeable Notes, excluding effect of accounting for convertible debt |  | $    | 7,136 |  |      | $ | 14,850 |      |  | $ | 21,574 | 
|Effect of accounting for convertible debt                                                   |  |      | 2,474 |  |      |   | 5,024  |      |  |   | 6.536  | 
|                                                                                            |  |      |       |  |      |   |        |      |  |   |        | 
|Total interest expense on Exchangeable Notes                                                |  | $    | 9,610 |  |      | $ | 19,874 |      |  | $ | 28,110 | 
|                                                                                            |  |      |       |  |      |   |        |      |  |   |        | 

In June 2009, the Financial Accounting Standards Board (FASB) issued a new accounting standard that became
effective on January 1, 2010. This accounting standard is a revision to a previous FASB interpretation and changes how a reporting entity evaluates whether an entity is a VIE and which entity is considered the primary beneficiary of a VIE and
is therefore required to consolidate such VIE. This accounting standard also requires assessments at each reporting period of which party within the VIE is considered the primary beneficiary and requires a number of new disclosures related to
VIEs. This new accounting standard did not have a significant impact on our financial position and results of operations upon adoption.

Item 7A. Quantitative and Qualitative Disclosure About Market Risks

We are exposed to interest rate changes primarily as a result of our line of credit and long-term borrowings. Our interest rate risk management objective
is to limit the impact of interest rate changes on earnings and cash flows and to lower overall borrowing costs. To achieve our objectives, we borrow primarily at fixed rates. We do not enter into derivative or interest rate transactions for
speculative purposes. Our two outstanding swaps, which fixed the rates on two of our variable rate loans, were not significant to the Financial Statements in terms of notional amount or fair value at December 31, 2010.

Our interest rate risk is monitored using a variety of techniques. The table below presents the principal amounts (in thousands) of the expected annual
maturities, weighted average interest rates for the average debt outstanding in the specified period, fair values (in thousands) and other terms required to evaluate the expected cash flows and sensitivity to interest rate changes.



|                               |  |      |         |  |      |   |         |      |  |   |         |  |  |      |         |  |            |   |         |       |  |   |            |  |  |   |           |  |  |   |           | 
|------------------------------ |  | ---- | ------- |  | ---- | - | ------- | ---- |  | - | ------- |  |  | ---- | ------- |  | ---------- | - | ------- | ----- |  | - | ---------- |  |  | - | --------- |  |  | - | --------- | 
|                               |  | 2011 |         |  | 2012 |   |         | 2013 |  |   | 2014    |  |  | 2015 |         |  | Thereafter |   |         | Total |  |   | Fair Value | 
|Fixed rate secured debt        |  | $    | 27,048  |  |      | $ | 102,028 |      |  | $ | 99,492  |  |  | $    | 66,123  |  |            | $ | 68,728  |       |  | $ | 674,494    |  |  | $ | 1,037,913 |  |  | $ | 1,069,562 | 
|Weighted average interest rate |  |      | 6.95%   |  |      |   | 6.00%   |      |  |   | 5.86%   |  |  |      | 6.46%   |  |            |   | 5.50%   |       |  |   | 6.62%      |  |  |   |           |  |  |   |           | 
|Variable rate secured debt     |  | $    | 785     |  |      | $ | 16,906  |      |  | $ | 880     |  |  | $    | 935     |  |            | $ | 300     |       |  | $ | 3,101      |  |  | $ | 22,907    |  |  | $ | 22,906    | 
|Weighted average interest rate |  |      | 0.72%   |  |      |   | 4.79%   |      |  |   | 0.74%   |  |  |      | 0.75%   |  |            |   | 0.50%   |       |  |   | 0.50%      |  |  |   |           |  |  |   |           | 
|Fixed rate unsecured debt      |  | $    | 355,432 |  |      | $ | 201,846 |      |  | $ | 426,965 |  |  | $    | 252,092 |  |            | $ | 252,226 |       |  | $ | 1,461,934  |  |  | $ | 2,950,495 |  |  | $ | 3,164,651 | 
|Weighted average interest rate |  |      | 5.17%   |  |      |   | 5.87%   |      |  |   | 6.40%   |  |  |      | 6.33%   |  |            |   | 7.49%   |       |  |   | 6.66%      |  |  |   |           |  |  |   |           | 
|Unsecured lines of credit      |  | $    | 18,046  |  |      | $ | -       |      |  | $ | 175,000 |  |  | $    | -       |  |            | $ | -       |       |  | $ | -          |  |  | $ | 193,046   |  |  | $ | 193,224   | 
|Rate at December 31, 2010      |  |      | 1.11%   |  |      |   | N/A     |      |  |   | 3.01%   |  |  |      | N/A     |  |            |   | N/A     |       |  |   | N/A        |  |  |   |           |  |  |   |           | 

As the table incorporates only those exposures that exist as of December 31, 2010, it does not consider those
exposures or positions that could arise after that date. As a result, our ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period, our hedging strategies at that time to the
extent we are party to interest rate derivatives, and interest rates.



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Interest expense on our unsecured lines of credit will be affected by fluctuations in LIBOR indices as well as changes in our credit rating.

At December 31, 2010, the par value of our unsecured debt was $3.0 billion and we estimated the fair value of that unsecured debt to be $3.2
billion. At December 31, 2009, the par value of our unsecured notes was $3.1 billion and our estimate of the fair value of that debt was $3.0 billion.

Item 8. Financial Statements and Supplementary Data

The
financial statements and supplementary data are included under Item 15 of this Report.

Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

There was no change or disagreement with our
accountants related to our accounting and financial disclosures.

Item 9A. Controls and Procedures

We conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of
the end of the period covered by this Report. The controls evaluation was done under the supervision and with the participation of management, including the General Partners Chief Executive Officer and Chief Financial Officer.

Attached as exhibits to this Report are certifications of the General Partners Chief Executive Officer and Chief Financial Officer, which are
required in accordance with Rule 13a-14 of the Securities Exchange Act of 1934. This Controls and Procedures section includes the information concerning the controls evaluation referred to in the certifications and it should be read in conjunction
with the certifications for a more complete understanding of the topics presented.

Disclosure controls and procedures (as defined in Rule
13a-15 and 15d-15f under the Securities Exchange Act of 1934 (the Exchange Act) are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act, such as
this Report, is recorded, processed, summarized and reported within the time periods specified in the SECs rules and forms. Disclosure controls and procedures are also designed to ensure that such information is accumulated and communicated to
our management, including the General Partners principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure.

Based on the disclosure controls and procedures evaluation referenced above, the General Partners Chief Executive Officer and Chief Financial Officer have concluded that as of the end of the period
covered by this Report, our disclosure controls and procedures were effective.

Managements annual report on internal control over
financial reporting and the audit report of our registered public accounting firm are included in Item 15 of Part IV under the headings Managements Report on Internal Control and Report of Independent Registered Public
Accounting Firm, respectively, and are incorporated herein by reference.



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There were no changes in our internal controls over financial reporting during the quarter ended December 31, 2010, that have materially affected, or are reasonably likely to materially
affect, our internal controls over financial reporting.

Item 9B. Other Information

There was no information required to be disclosed in a report on Form 8-K during the fourth quarter of 2010 for which no Form 8-K was filed.

PART III

Item 10. Directors and Executive Officers of the Registrant

The Partnership does not
have any directors or executive officers. The following is a summary of the executive officers of the General Partner as of January 1, 2011:

Dennis D. Oklak, age 57. Mr. Oklak joined the General Partner in 1986. He held various senior executive positions within the General Partner and was promoted to Chief Executive
Officer of the General Partner and joined the General Partners Board of Directors in April 2004. In April 2005, Mr. Oklak was appointed Chairman of the General Partners Board of Directors. Mr. Oklak serves on the Board of
Governors of the National Association of Real Estate Investment Trusts, or NAREIT, and is a member of the Real Estate Roundtable and co-chair of the Roundtables Sustainability Policy Advisory Committee. From 2003 to 2009,
Mr. Oklak was a member of the board of directors of publicly-traded recreational vehicle manufacturer, Monaco Coach Corporation. He also is a member of the board of directors and the Executive Committee of the Central Indiana Corporate
Partnership and serves on the Deans Executive Advisory Board of Ball State Universitys Miller College of Business. Mr. Oklak has served as a director of the General Partner since 2004.

Christie B. Kelly, age 49. Ms. Kelly was appointed as Executive Vice President and Chief Financial Officer of the General Partner
effective February 27, 2009. Ms. Kelly has 25 years of experience ranging from financial planning and strategic development to senior leadership roles in financial management, mergers and acquisitions, information technology and investment
banking. Prior to joining the General Partner, Ms. Kelly served as Senior Vice President of the Global Real Estate Group at Lehman Brothers from 2007 to February 2009. Previously, Ms. Kelly was employed by General Electric Company from
1983 to 2007 and served in numerous finance and operational leadership roles, including Business Development Leader for Mergers and Acquisitions for GE Real Estate from 2003 to 2007.

Howard L. Feinsand, age 63. Mr. Feinsand has served as the General Partners Executive Vice President and General Counsel since 1999, and, since 2003, also has served as the
General Partners Corporate Secretary. Mr. Feinsand served on the General Partners Board of Directors from 1988 to January 2003. From 1996 until 1999, Mr. Feinsand was the founder and principal of Choir Capital Ltd. From 1995
until 1996, he was Managing Director of Citicorp North America, Inc. He was the Senior Vice President and Manager-Capital Markets, Pricing and Investor Programs of GE Capital Aviation Services, Inc. from 1989 to 1995. From 1971 through 1989,
Mr. Feinsand practiced law in New York City. Mr. Feinsand serves as Chair of the Board of Directors of The Alliance Theatre at the Woodruff Arts Center in Atlanta, Georgia and as Vice Chair of the Board of Trustees and member of the
Executive Committee of the Woodruff Arts Center. Mr. Feinsand is a trustee of the Jewish Federation of Greater Atlanta.

Steven R.
Kennedy, age54. Mr. Kennedy was named as the General Partners Executive Vice President, Construction on January 1, 2004. From 1986 until 2004, he served in various capacities in the construction group, most recently
as Senior Vice President.



50



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All other information required by this item will be contained in the General Partners 2011 Proxy
Statement and is incorporated herein by reference.

Item 11. Executive Compensation

The information required by Item 11 of this Report will be contained in the General Partners 2011 Proxy Statement, which information is
incorporated herein by this reference.

Item 12. Security Ownership of Certain Beneficial Owners and
Management and Related Stockholder Matters

The information required by Item 12 of this Report will be contained in the General
Partners 2011 Proxy Statement, which information is incorporated herein by this reference.

Item 13.
Certain Relationships and Related Transactions, and Director Independence

The information required to be furnished pursuant to
Item 13 of this Report will be contained in the General Partners 2011 Proxy Statement, which information is incorporated herein by this reference.

Item 14. Principal Accountant Fees and Services

The
information required to be furnished pursuant to Item 14 of this Report will be contained in the General Partners 2011 Proxy Statement, which information is incorporated herein by this reference.

PART IV

Item 15. Exhibits and Financial Statement Schedules



|(a) | The following documents are filed as part of this Annual Report:
|--- | ----------------------------------------------------------------



| | 1. | Consolidated Financial Statements
| | -- | ---------------------------------



| |  |                                                                                                                                                                                             
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The following Consolidated Financial Statements, together with the Managements Report on Internal Control and the Report of Independent Registered Public Accounting Firm are
listed below:
| | 
| |  | Managements Report on Internal Control                                                                                                                                                     
| |  | Report of Independent Registered Public Accounting Firm                                                                                                                                     
| |  | Consolidated Balance Sheets, December 31, 2010 and 2009                                                                                                                                     
| |  | Consolidated Statements of Operations, Years Ended December 31, 2010, 2009 and 2008                                                                                                         
| |  | Consolidated Statements of Cash Flows, Years Ended December 31, 2010, 2009 and 2008                                                                                                         
| |  | Consolidated Statements of Changes in Equity, Years Ended December 31, 2010, 2009 and 2008                                                                                                  
| |  | Notes to Consolidated Financial Statements                                                                                                                                                  



| | 2. | Consolidated Financial Statement Schedules
| | -- | ------------------------------------------

Schedule III  Real Estate and Accumulated Depreciation



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| | 3. | Exhibits
| | -- | --------

The following
exhibits are filed with this Form 10-K or incorporated herein by reference to the listed document previously filed with the SEC. Previously unfiled documents are noted with an asterisk (*).



|         |  |                                                                                                                                                                                                                                                                                                        
|-------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number   |  | Description                                                                                                                                                                                                                                                                                            
|         | 
|3.1      |  | Certificate of Limited Partnership of the Partnership, dated September 17, 1993 (filed as Exhibit 3.1(i) to the Partnerships Annual Report on Form 10-K for the year ended
December 31, 2006, filed with the SEC on March 13, 2007, and incorporated herein by this reference).                       
|         | 
|3.2      |  | Fourth Amended and Restated Agreement of Limited Partnership of the Partnership (filed as Exhibit 3.1 to the Partnerships Current Report on Form 8-K, filed with the SEC on
November 3, 2009, and incorporated herein by this reference).                                                             
|         | 
|4.1      |  | Fourth Amended and Restated Articles of Incorporation of the General Partner (filed as Exhibit 3.1 to the General Partners Current Report on Form 8-K, filed with the SEC on
July 30, 2009, and incorporated herein by this reference).                                                               
|         | 
|4.2      |  | Fourth Amended and Restated Bylaws of the General Partner (filed as Exhibit 3.2 to the General Partners Current Report on Form 8-K, filed with the SEC on July 30, 2009, and
incorporated herein by this reference).                                                                                  
|         | 
|4.3(i)   |  | Indenture, dated September 19, 1995, between the Partnership and The First National Bank of Chicago, Trustee (filed as Exhibit 4.1 to the General Partners Current Report on
Form 8-K, filed with the SEC on September 22, 1995, and incorporated herein by this reference).                          
|         | 
|4.3(ii)  |  | Fourth Supplemental Indenture, dated August 21, 1997, between the Partnership and The First National Bank of Chicago, Trustee (filed as Exhibit 4.8 to the General Partners
Registration Statement on Form S-4, filed with the SEC on May 4, 1999, and incorporated herein by this reference).        
|         | 
|4.3(iii) |  | Ninth Supplemental Indenture, dated March 5, 2001, between the Partnership and Bank One Trust Company, N.A., Trustee (filed as Exhibit 4 to the Partnerships Current Report on
Form 8-K, filed with the SEC on March 2, 2001, and incorporated herein by this reference).                             
|         | 
|4.3(iv)  |  | Eleventh Supplemental Indenture, dated August 26, 2002, between the Partnership and Bank One Trust Company, N.A., Trustee (filed as Exhibit 4 to the Partnerships Current
Report on Form 8-K, filed with the SEC on August 26, 2002, and incorporated herein by this reference).                      
|         | 
|4.3(v)   |  | Thirteenth Supplemental Indenture, dated May 22, 2003, between the Partnership and Bank One Trust Company, N.A., Trustee (filed as Exhibit 4 to the Partnerships Current Report
on Form 8-K, filed with the SEC on May 22, 2003, and incorporated herein by this reference).                          
|         | 
|4.3(vi)  |  | Seventeenth Supplemental Indenture, dated August 16, 2004, between the Partnership and J.P. Morgan Trust Company, National Association, Trustee (filed as Exhibit 4 to the
Partnerships Current Report on Form 8-K, filed with the SEC on August 18, 2004, and incorporated herein by this reference).
|         | 
|4.3(vii) |  | Nineteenth Supplemental Indenture, dated as of March 1, 2006, by and between the Partnership and J.P. Morgan Trust Company, National Association (successor
in                                                                                                                                         



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|          |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|--------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|          | 
|          |  | interest to Bank One Trust Company, N.A.), including the form of global note evidencing the 5.5% Senior Notes Due 2016 (filed as Exhibit 4.1 to the Partnerships Current Report
on Form 8-K, filed with the SEC on March 3, 2006, and incorporated herein by this reference).                                                                                                                                                                                                                                                                                      
|          | 
|4.3(viii) |  | Twentieth Supplemental Indenture, dated as of July 24, 2006, by and between the Partnership and J.P. Morgan Trust Company, National Association (successor in interest to The First
National Bank of Chicago), modifying certain financial covenants contained in Sections 1004 and 1005 of the Indenture, dated September 19, 1995, between the Partnership and The First National Bank of Chicago, Trustee (filed as Exhibit 4.1 to the
Partnerships Current Report on Form 8-K, filed with the SEC on July 28, 2006, and incorporated herein by this reference).
|          | 
|4.4(i)    |  | Indenture, dated as of July 28, 2006, by and between the Partnership and J.P. Morgan Trust Company, National Association (filed as Exhibit 4.1 to the General Partners
automatic shelf registration statement on Form S-3, filed with the SEC on July 31, 2006, and incorporated herein by this reference).                                                                                                                                                                                                                                                        
|          | 
|4.4(ii)   |  | First Supplemental Indenture, dated as of August 24, 2006, by and between the Partnership and J.P. Morgan Trust Company, National Association, including the form of global note
evidencing the 5.625% Senior Notes Due 2011 (filed as Exhibit 4.1 to the Partnerships Current Report onForm 8-K, filed with the SEC on August 30, 2006, and incorporated herein by this reference).                                                                                                                                                                               
|          | 
|4.4(iii)  |  | Second Supplemental Indenture, dated as of August 24, 2006, by and between the Partnership and J.P. Morgan Trust Company, National Association, including the form of global note
evidencing the 5.95% Senior Notes Due 2017 (filed as Exhibit 4.2 to the Partnerships Current Report onForm 8-K, filed with the SEC on August 30, 2006, and incorporated herein by this reference).                                                                                                                                                                               
|          | 
|4.4(iv)   |  | Third Supplemental Indenture, dated as of September 11, 2007, by and between the Partnership and The Bank of New York Trust Company, N.A. (as successor to J.P. Morgan Trust Company,
National Association), including the form of global note evidencing the 6.50% Senior Notes Due 2018 (filed as Exhibit 4.1 to the Partnerships Current Report on Form 8-K, filed with the SEC on September 12, 2007, and incorporated herein by this
reference).                                                                                                              
|          | 
|4.4(v)    |  | Fourth Supplemental Indenture, dated as of May 8, 2008, by and between the Partnership and The Bank of New York Trust Company, N.A. (as successor to J.P. Morgan Trust Company,
National Association), including the form of global note evidencing the 6.25% Senior Notes due 2013 (filed as Exhibit 4.1 to the Partnerships Current Report on Form 8-K, filed with the SEC on May 8, 2008, and incorporated herein by this
reference).                                                                                                                           
|          | 
|4.4(vi)   |  | Fifth Supplemental Indenture, dated as of August 11, 2009, by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust
Company, National Association), including the form of global note evidencing the 7.375% Senior Notes due 2015 (filed as Exhibit 4.1 to the                                                                                                                                                                                                                                         



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|          |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|--------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|          | 
|          |  | Partnerships Current Report on Form 8-K, filed with the SEC on August 12, 2009, and incorporated herein by this reference).                                                                                                                                                                                                                                                                                                                           
|          | 
|4.4(vii)  |  | Sixth Supplemental Indenture, dated as of August 11, 2009, by and between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust
Company, National Association), including the form of global note evidencing the 8.25% Senior Notes due 2019 (filed as Exhibit 4.2 to the Partnerships current Report on Form 8-K, filed with the SEC on August 12, 2009, and incorporated herein
by this reference).
|          | 
|4.4(viii) |  | Seventh Supplemental Indenture, dated as of April 1, 2010, by and between the Partnership and J.P. Morgan Trust Company, National Association, including the form of global note
evidencing the 6.75% Senior Notes Due 2020 (filed as Exhibit 4.1 to the Partnerships Current Report onForm 8-K, filed with the SEC on April 1, 2010, and incorporated herein by this reference).                                                                     
|          | 
|4.5       |  | Indenture, dated November 22, 2006, by and among the Partnership, the General Partner and The Bank of New York Trust Company, N.A., as trustee, including the form of 3.75%
Exchangeable Senior Note due 2011 (filed as Exhibit 4.1 to the Partnerships Current Report on Form 8-K,filed with the SEC on November 29, 2006, and incorporated herein by this reference).                                                                               
|          | 
|10.1      |  | Promissory Note of Duke Realty Services Limited Partnership (the Services Partnership) (filed as Exhibit 10.3 to the General Partners Registration Statement on
Form S-2, filed with the SEC on June 8, 1993, and incorporated herein by this reference).                                                                                                                                                                                           
|          | 
|10.2(i)   |  | The General Partners Amended and Restated 2005 Long-Term Incentive Plan (filed as Appendix A to the General Partners Definitive Proxy Statement on Schedule 14A, dated
March 18, 2009, filed with the SEC on March 18, 2009, and incorporated herein by this reference).#                                                                                                                                                                            
|          | 
|10.2(ii)  |  | 2009 Amendment to the General Partners Amended and Restated 2005 Long-Term Incentive Plan (filed as Exhibit 10.2 to the General Partners Quarterly Report on Form 10-Q,
filed with the SEC on May 6, 2010, and incorporated herein by this reference).#                                                                                                                                                                                              
|          | 
|10.2(iii) |  | 2010 Amendment to the General Partners Amended and Restated 2005 Long-Term Incentive Plan (filed as Exhibit 10.1 to the General Partners Current Report on Form 8-K,
filed with the SEC on May 4, 2010, and incorporated herein by this reference).#                                                                                                                                                                                                 
|          | 
|10.3      |  | The General Partners 2005 Shareholder Value Plan, a sub-plan of the 2005 Long-Term Incentive Plan (filed as Exhibit 99.2 to the General Partners Current Report on Form
8-K, filed with the SEC on May 3, 2005, and incorporated herein by this reference).#                                                                                                                                                                                         
|          | 
|10.4(i)   |  | The General Partners Non-Employee Directors Compensation Plan, a sub-plan of the 2005 Long-Term Incentive Plan (filed as Exhibit 99.3 to the General Partners Current
Report on Form 8-K, filed with the SEC on May 3, 2005, and incorporated herein by this reference).#                                                                                                                                                                            
|          | 
|10.4(ii)  |  | Amendment One to the General Partners 2005 Non-Employee Directors Compensation Plan (filed as Exhibit 99.1 to the General Partners Current Report
on                                                                                                                                                                                                                                                                                                 



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|           |  |                                                                                                                                                                                                                                                                                                      
|---------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|           | 
|           |  | Form 8-K, filed with the SEC on October 31, 2005, and incorporated herein by this reference).#                                                                                                                                                                                                       
|           | 
|10.4(iii)  |  | Amendment Two to the General Partners 2005 Non-Employee Directors Compensation Plan (filed as Exhibit 99.1 to the General Partners Current Report on Form 8-K, filed with
the SEC on February 7, 2006, and incorporated herein by this reference).#                                                
|           | 
|10.4(iv)   |  | Amendment Three to the General Partners 2005 Non-Employee Directors Compensation Plan (filed as Exhibit 10.5 to the General Partners Quarterly Report on Form 10-Q, filed
with the SEC on November 8, 2006, and incorporated herein by this reference).#                                           
|           | 
|10.5       |  | Form of 2005 Long-Term Incentive Plan Stock Option Award Certificate (filed as Exhibit 99.4 to the General Partners Current Report on Form 8-K, filed with the SEC on May 3,
2005, and incorporated herein by this reference).#                                                                     
|           | 
|10.6       |  | Form of 2005 Long-Term Incentive Plan Award Certificate for Restricted Stock Units and Shareholder Value Plan Awards (filed as Exhibit 99.5 to the General Partners Current
Report on Form 8-K, filed with the SEC on May 3, 2005, and incorporated herein by this reference).#                     
|           | 
|10.7       |  | Form of 2005 Long-Term Incentive Plan Restricted Stock Unit Award Certificate for Non-Employee Directors (filed as Exhibit 99.6 to the General Partners Current Report on Form
8-K, filed with the SEC on May 3, 2005, and incorporated herein by this reference).#                                 
|           | 
|10.8       |  | The General Partners 2005 Dividend Increase Unit Replacement Plan (filed as Exhibit 99.1 to the General Partners Current Report on Form 8-K, filed with the SEC on
December 9, 2005, and incorporated herein by this reference).#                                                                  
|           | 
|10.9       |  | Form of Forfeiture Agreement/Performance Unit Award Agreement (filed as Exhibit 99.2 to the General Partners Current Report on Form 8-K, filed with the SEC on December 9,
2005, and incorporated herein by this reference).#                                                                       
|           | 
|10.10(i)   |  | 1995 Key Employee Stock Option Plan of the General Partner (filed as Exhibit 10.13 to the General Partners Annual Report on Form 10-K for the year ended December 31, 1995, as
filed with the SEC on February 21, 1996, File No. 001-09044, and incorporated herein by this reference).#            
|           | 
|10.10(ii)  |  | Amendment One To The 1995 Key Employees Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.19 to the General Partners Annual Report on Form 10-K405
for the year ended December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).#  
|           | 
|10.10(iii) |  | Amendment Two to the 1995 Key Employees Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.20 to the General Partners Annual Report on Form 10-K405
for the year ended December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).#  
|           | 
|10.10(iv)  |  | Amendment Three to the 1995 Key Employees Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.21 to the General Partners Annual Report on Form
10-K405 for the year ended December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).#



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|            |  |                                                                                                                                                                                                                                                                                                     
|----------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|            | 
|10.10(v)    |  | Amendment Four to the 1995 Key Employees Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.22 to the General Partners Annual Report on Form 10-K405
for the year ended December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).#
|            | 
|10.10(vi)   |  | Amendment Five to the 1995 Key Employees Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.23 to the General Partners Annual Report on Form 10-K405
for the year ended December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).#
|            | 
|10.10(vii)  |  | Amendment Six to the 1995 Key Employees Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.24 to the General Partners Annual Report on Form 10-K405
for the year ended December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).# 
|            | 
|10.10(viii) |  | Amendment Seven to the 1995 Key Employees Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.1 to the General Partners Quarterly Report on Form
10-Q, filed with the SEC on November 13, 2002, and incorporated herein by this reference).#                                  
|            | 
|10.10(ix)   |  | Amendment Eight to the 1995 Key Employees Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.15(ix) to the General Partners Annual Report on Form
10-K, filed with the SEC on March 1, 2007, and incorporated herein by this reference).#                                    
|            | 
|10.10(x)    |  | Amendment Nine to the 1995 Key Employees Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.3 to the General Partners Quarterly Report on Form 10-Q,
filed with the SEC on October 9, 2005, and incorporated herein by this reference).#                                     
|            | 
|10.10(xi)   |  | Amendment Ten to the 1995 Key Employees Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.4 to the General Partners Quarterly Report on Form 10-Q,
filed with the SEC on November 8, 2006, and incorporated herein by this reference).#                                     
|            | 
|10.10(xii)  |  | Amendment Eleven to the Key Employees Stock Option Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.2 to the General Partners Current Report on Form 8-K, filed
with the SEC on May 4, 2010, and incorporated herein by this reference).                                                
|            | 
|10.11(i)    |  | Dividend Increase Unit Plan of the Services Partnership (filed as Exhibit 10.25 to the General Partners Annual Report on Form 10-K405 for the year ended December 31, 2001,
filed with the SEC on March 15, 2002, and incorporated herein by this reference).#                                     
|            | 
|10.11(ii)   |  | Amendment One to the Dividend Increase Unit Plan of the Services Partnership (filed as Exhibit 10.26 to the General Partners Annual Report on Form 10-K405 for the year ended
December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).#                



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|           |  |                                                                                                                                                                                                                                                                                                
|---------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|           | 
|10.11(iii) |  | Amendment Two to the Dividend Increase Unit Plan of the Services Partnership (filed as Exhibit 10.27 to the General Partners Annual Report on Form 10-K405 for the year ended
December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).#           
|           | 
|10.11(iv)  |  | Amendment Three to the Dividend Increase Unit Plan of the Services Partnership (filed as Exhibit 10.5 to the General Partners Quarterly Report on Form 10-Q, filed with the SEC
on November 13, 2002, and incorporated herein by this reference).#                                            
|           | 
|10.11 (v)  |  | Amendment Four to the Dividend Increase Unit Plan of the Services Partnership (filed as Exhibit 10.30 to the General Partners Annual Report on Form 10-K for the year ended
December 31, 2004, filed with the SEC on March 4, 2005, and incorporated herein by this reference).#              
|           | 
|10.12(i)   |  | 1995 Shareholder Value Plan of the Services Partnership (filed as Exhibit 10.15 to the General Partners Annual Report on Form 10-K for the year ended December 31, 1995, filed
with the SEC on February 21, 1996, and incorporated herein by this reference).#                                
|           | 
|10.12(ii)  |  | Amendment One to the 1995 Shareholder Value Plan of the Services Partnership (filed as Exhibit 10.29 to the General Partners Annual Report on Form 10-K405 for the year ended
December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).#           
|           | 
|10.12(iii) |  | Amendment Two to the 1995 Shareholder Value Plan of the Services Partnership (filed as Exhibit 10.30 to the General Partners Annual Report on Form 10-K405 for the year ended
December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).#           
|           | 
|10.12(iv)  |  | Amendment Three to the 1995 Shareholder Value Plan of the Services Partnership (filed as Exhibit 10.31 to the General Partners Annual Report on Form 10-K405 for the year ended
December 31, 2001, filed with the SEC on March 15, 2002, and incorporated herein by this reference).#         
|           | 
|10.12(v)   |  | Amendment Four to the 1995 Shareholder Value Plan of the Services Partnership (filed as Exhibit 10.2 to the General Partners Quarterly Report on Form 10-Q, filed with the SEC
on November 13, 2002, and incorporated herein by this reference).#                                             
|           | 
|10.12(vi)  |  | Amendment Five to the 1995 Shareholder Value Plan of the Services Partnership (filed as Exhibit 10.2 to the General Partners Quarterly Report on Form 10-Q, filed with the SEC
on October 9, 2005, and incorporated herein by this reference).#                                               
|           | 
|10.13(i)   |  | 1999 Directors Stock Option and Dividend Increase Unit Plan of Duke Realty Investments, Inc. (filed as Annex F to the prospectus in the General Partners Registration
Statement on Form S-4, filed with the SEC on May 4, 1999, and incorporated herein by this reference).#                 
|           | 
|10.13(ii)  |  | Amendment One to the 1999 Directors Stock Option and Dividend Increase Unit Plan of Duke Realty Investments, Inc. (filed as Appendix B of the General Partners Definitive
Proxy Statement on Schedule 14A, filed with the SEC on March 16, 2005, and incorporated herein by this reference).#



57



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|           |  |                                                                                                                                                                                                                                                                                                    
|---------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|           | 
|10.14(i)   |  | 1999 Salary Replacement Stock Option and Dividend Increase Unit Plan (filed as Annex G to the prospectus in the General Partners Registration Statement on Form S-4, filed with
the SEC on May 4, 1999, and incorporated herein by this reference).#                                              
|           | 
|10.14(ii)  |  | Amendment One to the 1999 Salary Replacement Stock Option and Dividend Increase Unit Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.3 to the General Partners
Quarterly Report on Form 10-Q, filed with the SEC on November 13, 2002, and incorporated herein by this reference).#    
|           | 
|10.14(iii) |  | Amendment Two to the 1999 Salary Replacement Stock Option and Dividend Increase Unit Plan of Duke Realty Investments, Inc. (filed as Exhibit 10.4 to the General Partners
Quarterly Report on Form 10-Q, filed with the SEC on November 13, 2002, and incorporated herein by this reference).#    
|           | 
|10.15(i)   |  | 2000 Performance Share Plan of Duke-Weeks Realty Corporation (filed as Exhibit A of the General Partners Definitive Proxy Statement on Schedule 14A, filed with the SEC on
March 15, 2001, and incorporated herein by this reference).#                                                           
|           | 
|10.15(ii)  |  | Amendment One to the 2000 Performance Share Plan of Duke-Weeks Realty Corporation (filed as Exhibit 10.6 to the General Partners Quarterly Report on Form 10-Q, filed with the
SEC on November 13, 2002, and incorporated herein by this reference).#                                             
|           | 
|10.15(iii) |  | Amendment Two to the 2000 Performance Share Plan of Duke-Weeks Realty Corporation (filed as Exhibit 10.42 to the General Partners Annual Report on Form 10-K for the year ended
December 31, 2003, filed with the SEC on March 5, 2004, and incorporated herein by this reference).#              
|           | 
|10.15(iv)  |  | Amendment Three to the 2000 Performance Share Plan of Duke-Weeks Realty Corporation, (filed as Exhibit 99.1 to the General Partners Current Report on Form 8-K, filed with the
SEC on May 2, 2006, and incorporated herein by this reference).#                                                   
|           | 
|10.16(i)   |  | Directors Deferred Compensation Plan of Duke-Weeks Realty Corporation (filed as Exhibit 99.2 to the General Partners Registration Statement on Form S-8, filed with the
SEC on March 24, 2004, and incorporated herein by this reference).#                                                      
|           | 
|10.16(ii)  |  | Amendment One to the Directors Deferred Compensation Plan of Duke-Weeks Realty Corporation (filed as Exhibit 10.21(II) to the General Partners Annual Report on Form 10-K
for the year ended December 31, 2006, filed with the SEC on March 1, 2007, and incorporated herein by this reference).#
|           | 
|10.16(iii) |  | Amendment Two to the Directors Deferred Compensation Plan of Duke-Weeks Realty Corporation (filed as Exhibit 10.4 to the General Partners Quarterly Report on Form 10-Q,
filed with the SEC on October 9, 2005, and incorporated herein by this reference).#                                     
|           | 
|10.16(iv)  |  | Amendment Three to the Directors Deferred Compensation Plan of Duke-Weeks Realty Corporation (filed as Exhibit 10.5 to the General Partners Quarterly Report on Form
10-Q, filed with the SEC on November 8, 2006, and incorporated herein by this reference).#                                  
|           | 
|10.17      |  | Term Loan Agreement, Dated May 31, 2005, by and between the Partnership, the General Partner, J.P. Morgan Securities, Inc., J.P. Morgan Chase Bank, N.A. and the several banks,
financial institutions and other entities from time to time parties thereto                                        



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|          |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|--------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|          |  | as lenders (filed as Exhibit 99.1 to the General Partners Current Report on Form 8-K, filed with theSEC on June 6, 2005, and incorporated herein by this
reference).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|          | 
|10.18(i)  |  | Form of Letter Agreement Regarding Executive Severance, dated December 13, 2007, between the General Partner and the following executive officers: Dennis D. Oklak, Howard L.
Feinsand and Steven R. Kennedy (filed as Exhibit 10.23 to the General Partners Annual Report on Form 10-K for the year ended December 31, 2007, filed with the SEC on February 29, 2008, and incorporated herein by this
reference).                                                                                                                                                                                                                                                                                                                                    
|          | 
|10.18(ii) |  | Form of Letter Agreement Regarding Executive Severance, dated May 7, 2009, between the General Partner and Christie B. Kelly (filed as Exhibit 10.1 to the General Partners
Quarterly Report on Form 10-Q, filed with the SEC on May 8, 2009, and incorporated herein by this reference).                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|          | 
|10.19     |  | Commercial Multi-Property Agreement of Purchase and Sale, dated January 24, 2006, by and among the Partnership, The Mark Winkler Company, and each of the other entities
controlled by or affiliated with The Mark Winkler Company named therein, as amended by the First Amendment to Commercial Multi-Property Agreement of Purchase and Sale dated February 28, 2006, the Second Amendment to Commercial Multi-Property
Agreement of Purchase and Sale dated March 10, 2006, and the Third Amendment to Commercial Multi-Property Agreement of Purchase and Sale dated April 21, 2006 (filed as Exhibit 10.1 to the General Partners Quarterly Report on Form
10-Q, filed with the SEC on May 10, 2006, and incorporated herein by this reference).
|          | 
|10.20     |  | Sixth Amended and Restated Revolving Credit Agreement dated November 20, 2009, among the Partnership, the General Partner, J.P. Morgan Securities, Inc., Wells Fargo Securities,
LLC, and J.P. Morgan Chase Bank, National Association (filed as Exhibit 99.1 to the General Partners Current Report on Form 8-K, filed with the SEC on November 25, 2009, and incorporated herein by this reference).                                                                                                                                                                                                                                                                                                                                                
|          | 
|10.21     |  | Term Loan Agreement, dated as of February 28, 2006, by and among the Partnership, as borrower, the General Partner, as Guarantor, certain of their respective subsidiaries, as
guarantors, Bank of America, N.A., individually and as Administrative Agent, Banc of America Securities LLC, as Lead Arranger and Sole Book Runner, and each of the other lenders named therein (filed as Exhibit 10.1 to the Partnerships Current
Report on Form 8-K, filed with the SEC on March 3, 2006, and incorporated herein by this reference).                                                                                                                                                                                                                
|          | 
|10.22     |  | Registration Rights Agreement, dated November 22, 2006, by and among the Partnership, the General Partner, Morgan Stanley & Co. Incorporated, Citigroup Global Markets Inc.
and UBS Securities LLC, as representatives of the initial purchasers of the Notes (incorporated by reference to Exhibit 10.1 to the Partnerships Current Report on Form 8-K, filed with the SEC on November 29, 2006, File No. 000-20625, and
incorporated herein by this reference).                                                                                                                                                                                                                                                                                     
|          | 
|10.23     |  | Common Stock Delivery Agreement, dated November 22, 2006, by and between Duke Realty Limited Partnership and the General Partner (filed as Exhibit 10.2 to
the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         





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|      |  |                                                                                                                                                                                                                                                                                                                                                                                              
|----- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |  | Partnerships Current Report on Form 8-K, filed with the SEC on November 29, 2006, andincorporated herein by this reference).                                                                                                                                                                                                                                                                
|      | 
|10.24 |  | Contribution Agreement, dated December 5, 2006, by and between the Partnership and Quantico and Belbrook Realty Corporation, an affiliate of an investment fund managed by Eaton
Vance (filed as Exhibit 10.30 to the General Partners Annual Report on Form 10-K for the year ended December 31, 2006, filed with the SEC on March 1, 2007, and incorporated herein by this reference).(1) 
|      | 
|10.25 |  | Contribution Agreement, dated December 5, 2006, by and between the Partnership and Lafayette and Belcrest Realty Corporation, an affiliate of an investment fund managed by Eaton
Vance (filed as Exhibit 10.31 to the General Partners Annual Report on Form 10-K for the year ended December 31, 2006, filed with the SEC on March 1, 2007, and incorporated herein by this reference).(1)
|      | 
|12.1  |  | Statement of Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Distributions.*                                                                                                                                                                                                                                                 
|      | 
|21.1  |  | List of the Partnerships Subsidiaries.*                                                                                                                                                                                                                                                                                                                                                     
|      | 
|23.1  |  | Consent of KPMG LLP.*                                                                                                                                                                                                                                                                                                                                                                        
|      | 
|24.1  |  | Executed Powers of Attorney of certain directors.*                                                                                                                                                                                                                                                                                                                                           
|      | 
|31.1  |  | Certification of the General Partners Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*                                                                                                                                                                                                                                                                   
|      | 
|31.2  |  | Certification of the General Partners Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*                                                                                                                                                                                                                                                                   
|      | 
|32.1  |  | Certification of the General Partners Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
**                                                                                                                                                                                                                         
|      | 
|32.2  |  | Certification of the General Partners Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
**                                                                                                                                                                                                                         
|      | 
|99.1  |  | Selected Quarterly Financial Information.*                                                                                                                                                                                                                                                                                                                                                   

# Represents management contract or compensatory plan or arrangement.

* Filed herewith.

** The certifications attached as Exhibits 32.1 and 32.2 accompany this Report and are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be
deemed filed by us for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

(1)
Confidential treatment of the agreement was requested.



|(b) | Exhibits
|--- | --------

The exhibits
required to be filed with this Report pursuant to Item 601 of Regulation S-K are listed under Exhibits in Part IV, Item 15(a)(3) of this Report and are incorporated herein by reference.



|(c) | Financial Statement Schedule
|--- | ----------------------------

The Financial Statement Schedule required to be filed with this Report is listed under Consolidated Financial Statement Schedules in Part IV, Item 15(a)(2) of this Report, and is
incorporated herein by reference.



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Managements Report on Internal Control

We, as management of Duke Realty Limited Partnership and its subsidiaries (the Partnership), are responsible for establishing and maintaining
adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended). Pursuant to the rules and regulations of the Securities and Exchange Commission, internal control over financial
reporting is a process designed by, or under the supervision of, the General Partners principal executive and principal financial officers, or persons performing similar functions, and effected by the General Partners board of directors,
management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the
United States of America and includes those policies and procedures that:



| |  |  | Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets of the
Partnership;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the Partnership are being made only in accordance with authorizations of management and directors of the General Partner; and
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Partnerships assets
that could have a material effect on the financial statements.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Management has evaluated the effectiveness of its internal
control over financial reporting as of December 31, 2010 based on the control criteria established in a report entitled Internal Control  Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway
Commission. Based on such evaluation, we have concluded that, as of December 31, 2010, our internal control over financial reporting is effective based on these criteria.

The independent registered public accounting firm of KPMG LLP, as auditors of the Partnerships consolidated financial statements, has also issued an audit report on the Partnerships internal
control over financial reporting.



|                       |  | 
|---------------------- |  | 
|/s/    Dennis D. Oklak |  | 
|Dennis D. Oklak        |  | 

Chairman and Chief Executive Officer

of the General Partner



|                          |  | 
|------------------------- |  | 
|/s/     Christie B. Kelly |  | 
|Christie B. Kelly         |  | 

Executive Vice President and Chief Financial Officer

of the General Partner



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Report of Independent Registered Public Accounting Firm

The Partners of

Duke Realty Limited
Partnership:

We have audited the accompanying consolidated balance sheets of Duke Realty Limited Partnership and Subsidiaries (the
Partnership) as of December 31, 2010 and 2009 and the related consolidated statements of operations, cash flows and changes in equity for each of the years in the three-year period ended December 31, 2010. In connection with
our audits of the consolidated financial statements, we also have audited the financial statement schedule III. We also have audited the Partnerships internal control over financial reporting as of December 31, 2010, based on criteria
established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Partnerships management is responsible for these consolidated financial statements and the
financial statement schedule, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying managements report on
internal control. Our responsibility is to express an opinion on these consolidated financial statements and the financial statement schedule and an opinion on the Partnerships internal control over financial reporting based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material
respects. Our audits of the consolidated financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made
by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe
that our audits provide a reasonable basis for our opinions.

A companys internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal control over
financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly



62



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reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Duke Realty
Limited Partnership and Subsidiaries as of December 31, 2010 and 2009, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2010, in conformity with U.S generally
accepted accounting principles. Also in our opinion, the related financial statement schedule III, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the
information set forth therein. Also, in our opinion, Duke Realty Limited Partnership and Subsidiaries maintained, in all material respects, effective internal control over financial reporting as of December 31, 2010, based on criteria
established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.

/s/ KPMG LLP

Indianapolis, Indiana

March 4, 2011



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DUKE REALTY LIMITED PARTNERSHIP AND SUBSIDIARIES

Consolidated Balance Sheets

As of December 31,

(in thousands)



|                                                                                               |  |      |            |   |      |   |            |  
|---------------------------------------------------------------------------------------------- |  | ---- | ---------- | - | ---- | - | ---------- | -
|                                                                                               |  | 2010 |            |   | 2009 |  
|ASSETS                                                                                         |  |      |            |   |      |   |            |  
|Real estate investments:                                                                       |  |      |            |   |      |   |            |  
|Land and improvements                                                                          |  | $    | 1,166,409  |   |      | $ | 1,106,016  |  
|Buildings and tenant improvements                                                              |  |      | 5,396,339  |   |      |   | 5,284,103  |  
|Construction in progress                                                                       |  |      | 61,205     |   |      |   | 103,298    |  
|Investments in and advances to unconsolidated companies                                        |  |      | 367,445    |   |      |   | 501,121    |  
|Undeveloped land                                                                               |  |      | 625,353    |   |      |   | 660,723    |  
|                                                                                               |  |      |            |   |      |   |            |  
|                                                                                               |  |      | 7,616,751  |   |      |   | 7,655,261  |  
|Accumulated depreciation                                                                       |  |      | (1,290,417 | ) |      |   | (1,311,733 | )
|                                                                                               |  |      |            |   |      |   |            |  
|                                                                                               |  |     
|Net real estate investments                                                                    |  |      | 6,326,334  |   |      |   | 6,343,528  |  
|                                                                                               |  |     
|Real estate investments and related assets held-for-sale                                       |  |      | 394,287    |   |      |   | -          |  
|                                                                                               |  |     
|Cash and cash equivalents                                                                      |  |      | 18,419     |   |      |   | 147,539    |  
|Accounts receivable, net of allowance of $2,945 and $3,198                                     |  |      | 22,588     |   |      |   | 20,604     |  
|Straight-line rent receivable, net of allowance of $7,260 and $6,929                           |  |      | 125,185    |   |      |   | 131,934    |  
|Receivables on construction contracts, including retentions                                    |  |      | 7,408      |   |      |   | 18,755     |  
|Deferred financing costs, net of accumulated amortization of $46,407 and $37,577               |  |      | 46,317     |   |      |   | 54,486     |  
|Deferred leasing and other costs, net of accumulated amortization of $269,000 and $240,151     |  |      | 517,934    |   |      |   | 371,286    |  
|Escrow deposits and other assets                                                               |  |      | 185,652    |   |      |   | 216,361    |  
|                                                                                               |  |      |            |   |      |   |            |  
|                                                                                               |  | $    | 7,644,124  |   |      | $ | 7,304,493  |  
|                                                                                               |  |      |            |   |      |   |            |  
|LIABILITIES AND EQUITY                                                                         |  |      |            |   |      |   |            |  
|Indebtedness:                                                                                  |  |      |            |   |      |   |            |  
|Secured debt                                                                                   |  | $    | 1,065,628  |   |      | $ | 785,797    |  
|Unsecured notes                                                                                |  |      | 2,948,405  |   |      |   | 3,052,465  |  
|Unsecured lines of credit                                                                      |  |      | 193,046    |   |      |   | 15,770     |  
|                                                                                               |  |      |            |   |      |   |            |  
|                                                                                               |  |      | 4,207,079  |   |      |   | 3,854,032  |  
|                                                                                               |  |     
|Liabilities related to real estate investments held-for-sale                                   |  |      | 14,732     |   |      |   | -          |  
|                                                                                               |  |     
|Construction payables and amounts due subcontractors, including retentions                     |  |      | 44,782     |   |      |   | 43,147     |  
|Accrued real estate taxes                                                                      |  |      | 83,615     |   |      |   | 84,347     |  
|Accrued interest                                                                               |  |      | 62,407     |   |      |   | 62,971     |  
|Other accrued expenses                                                                         |  |      | 61,354     |   |      |   | 49,166     |  
|Other liabilities                                                                              |  |      | 129,860    |   |      |   | 198,906    |  
|Tenant security deposits and prepaid rents                                                     |  |      | 50,450     |   |      |   | 44,258     |  
|                                                                                               |  |      |            |   |      |   |            |  
|Total liabilities                                                                              |  |      | 4,654,279  |   |      |   | 4,336,827  |  
|                                                                                               |  |      |            |   |      |   |            |  
|                                                                                               |  |     
|Partners equity:                                                                              |  |      |            |   |      |   |            |  
|General Partner:                                                                               |  |      |            |   |      |   |            |  
|Common equity (252,195 and 224,029 General Partner Units issued and outstanding)               |  |      | 2,046,617  |   |      |   | 1,918,329  |  
|Preferred equity (3,618 and 4,067 Preferred Units issued and outstanding)                      |  |      | 904,540    |   |      |   | 1,016,625  |  
|                                                                                               |  |      |            |   |      |   |            |  
|                                                                                               |  |      | 2,951,157  |   |      |   | 2,934,954  |  
|Limited Partners common equity (5,231 and 6,609 Limited Partner Units issued and outstanding) |  |      | 34,894     |   |      |   | 31,192     |  
|Accumulated other comprehensive loss                                                           |  |      | (1,432     | ) |      |   | (5,630     | )
|                                                                                               |  |      |            |   |      |   |            |  
|Total partners equity                                                                         |  |      | 2,984,619  |   |      |   | 2,960,516  |  
|Noncontrolling interests                                                                       |  |      | 5,226      |   |      |   | 7,150      |  
|                                                                                               |  |      |            |   |      |   |            |  
|Total equity                                                                                   |  |      | 2,989,845  |   |      |   | 2,967,666  |  
|                                                                                               |  |      |            |   |      |   |            |  
|                                                                                               |  | $    | 7,644,124  |   |      | $ | 7,304,493  |  
|                                                                                               |  |      |            |   |      |   |            |  

See accompanying Notes to Consolidated Financial Statements.



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DUKE REALTY LIMITED PARTNERSHIP AND SUBSIDIARIES

Consolidated Statements of Operations

For the Years Ended December 31,

(in thousands, except per unit
amounts)



|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  
|------------------------------------------------------------------------- |  | ---- | --------- | - | ---- | - | --------- | ---- |  | - | --------- | -
|                                                                          |  | 2010 |           |   | 2009 |   |           | 2008 | 
|Revenues:                                                                 |  |      |           |   |      |   |           |      |  |   |           |  
|Rental and related revenue                                                |  | $    | 878,242   |   |      | $ | 842,232   |      |  | $ | 802,791   |  
|General contractor and service fee revenue                                |  |      | 515,361   |   |      |   | 449,509   |      |  |   | 434,624   |  
|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  
|                                                                          |  |      | 1,393,603 |   |      |   | 1,291,741 |      |  |   | 1,237,415 |  
|                                                                          |  |      |          
|Expenses:                                                                 |  |      |           |   |      |   |           |      |  |   |           |  
|Rental expenses                                                           |  |      | 197,985   |   |      |   | 192,270   |      |  |   | 179,373   |  
|Real estate taxes                                                         |  |      | 118,006   |   |      |   | 111,189   |      |  |   | 95,872    |  
|General contractor and other services expenses                            |  |      | 486,865   |   |      |   | 427,666   |      |  |   | 418,743   |  
|Depreciation and amortization                                             |  |      | 349,064   |   |      |   | 323,429   |      |  |   | 293,019   |  
|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  
|                                                                          |  |      | 1,151,920 |   |      |   | 1,054,554 |      |  |   | 987,007   |  
|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  
|                                                                          |  |      |          
|Other operating activities:                                               |  |      |           |   |      |   |           |      |  |   |           |  
|Equity in earnings of unconsolidated companies                            |  |      | 7,980     |   |      |   | 9,896     |      |  |   | 23,817    |  
|Gain on sale of properties                                                |  |      | 39,662    |   |      |   | 12,337    |      |  |   | 39,057    |  
|Earnings from sales of land                                               |  |      | -         |   |      |   | 357       |      |  |   | 12,651    |  
|Undeveloped land carrying costs                                           |  |      | (9,203    | ) |      |   | (10,403   | )    |  |   | (8,204    | )
|Impairment charges                                                        |  |      | (9,834    | ) |      |   | (275,630  | )    |  |   | (10,165   | )
|Other operating expenses                                                  |  |      | (1,231    | ) |      |   | (1,017    | )    |  |   | (8,298    | )
|General and administrative expense                                        |  |      | (41,329   | ) |      |   | (47,937   | )    |  |   | (39,508   | )
|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  
|                                                                          |  |      | (13,955   | ) |      |   | (312,397  | )    |  |   | 9,350     |  
|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  
|                                                                          |  |      |          
|Operating income (loss)                                                   |  |      | 227,728   |   |      |   | (75,210   | )    |  |   | 259,758   |  
|                                                                          |  |      |          
|Other income (expenses):                                                  |  |      |           |   |      |   |           |      |  |   |           |  
|Interest and other income, net                                            |  |      | 534       |   |      |   | 1,229     |      |  |   | 1,451     |  
|Interest expense                                                          |  |      | (239,383  | ) |      |   | (205,952  | )    |  |   | (184,000  | )
|Gain (loss) on debt transactions                                          |  |      | (16,349   | ) |      |   | 20,700    |      |  |   | 1,953     |  
|Gain (loss) on acquisitions, net                                          |  |      | 55,820    |   |      |   | (1,062    | )    |  |   | -         |  
|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  
|Income (loss) from continuing operations before income taxes              |  |      | 28,350    |   |      |   | (260,295  | )    |  |   | 79,162    |  
|Income tax benefit (expense)                                              |  |      | 1,126     |   |      |   | 6,070     |      |  |   | 7,005     |  
|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  
|Income (loss) from continuing operations                                  |  |      | 29,476    |   |      |   | (254,225  | )    |  |   | 86,167    |  
|Discontinued operations:                                                  |  |      |           |   |      |   |           |      |  |   |           |  
|Income before impairment charges and gain on sales                        |  |      | 2,732     |   |      |   | 2,885     |      |  |   | 8,546     |  
|Impairment charges                                                        |  |      | -         |   |      |   | (26,936   | )    |  |   | (1,266    | )
|Gain on sale of depreciable properties                                    |  |      | 33,054    |   |      |   | 6,786     |      |  |   | 16,961    |  
|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  
|Income (loss) from discontinued operations                                |  |      | 35,786    |   |      |   | (17,265   | )    |  |   | 24,241    |  
|Net income (loss)                                                         |  |      | 65,262    |   |      |   | (271,490  | )    |  |   | 110,408   |  
|Distributions on Preferred Units                                          |  |      | (69,468   | ) |      |   | (73,451   | )    |  |   | (71,426   | )
|Adjustments for repurchase of Preferred Units                             |  |      | (10,438   | ) |      |   | -         |      |  |   | 14,046    |  
|Net loss attributable to noncontrolling interests                         |  |      | 185       |   |      |   | 241       |      |  |   | 637       |  
|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  
|Net income (loss) attributable to common unitholders                      |  | $    | (14,459   | ) |      | $ | (344,700  | )    |  | $ | 53,665    |  
|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  
|                                                                          |  |      |          
|Basic net income (loss) per Common Unit:                                  |  |      |           |   |      |   |           |      |  |   |           |  
|Continuing operations attributable to common unitholders                  |  | $    | (0.22     | ) |      | $ | (1.59     | )    |  | $ | 0.18      |  
|Discontinued operations attributable to common unitholders                |  |      | 0.15      |   |      |   | (0.08     | )    |  |   | 0.16      |  
|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  
|Total                                                                     |  | $    | (0.07     | ) |      | $ | (1.67     | )    |  | $ | 0.34      |  
|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  
|                                                                          |  |      |          
|Diluted net income (loss) per Common Unit:                                |  |      |           |   |      |   |           |      |  |   |           |  
|Continuing operations attributable to common unitholders                  |  | $    | (0.22     | ) |      | $ | (1.59     | )    |  | $ | 0.18      |  
|Discontinued operations attributable to common unitholders                |  |      | 0.15      |   |      |   | (0.08     | )    |  |   | 0.16      |  
|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  
|Total                                                                     |  | $    | (0.07     | ) |      | $ | (1.67     | )    |  | $ | 0.34      |  
|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  
|                                                                          |  |      |          
|Weighted average number of Common Units outstanding                       |  |      | 244,870   |   |      |   | 207,893   |      |  |   | 154,534   |  
|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  
|Weighted average number of Common Units and potential dilutive securities |  |      | 244,870   |   |      |   | 207,893   |      |  |   | 154,553   |  
|                                                                          |  |      |           |   |      |   |           |      |  |   |           |  

See accompanying Notes to Consolidated Financial Statements.



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DUKE REALTY LIMITED PARTNERSHIP AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For the Years Ended December 31,

(in thousands)



|                                                                                               |  |      |          |   |      |   |          |      |  |   |          |  
|---------------------------------------------------------------------------------------------- |  | ---- | -------- | - | ---- | - | -------- | ---- |  | - | -------- | -
|                                                                                               |  | 2010 |          |   | 2009 |   |          | 2008 | 
|Cash flows from operating activities:                                                          |  |      |          |   |      |   |          |      |  |   |          |  
|Net income (loss)                                                                              |  | $    | 65,262   |   |      | $ | (271,490 | )    |  | $ | 110,408  |  
|Adjustments to reconcile net income (loss) to net cash provided by operating activities:       |  |      |          |   |      |   |          |      |  |   |          |  
|Depreciation of buildings and tenant improvements                                              |  |      | 271,058  |   |      |   | 266,803  |      |  |   | 246,441  |  
|Amortization of deferred leasing and other costs                                               |  |      | 89,126   |   |      |   | 73,323   |      |  |   | 68,511   |  
|Amortization of deferred financing costs                                                       |  |      | 13,897   |   |      |   | 13,679   |      |  |   | 13,640   |  
|Straight-line rent adjustment                                                                  |  |      | (15,233  | ) |      |   | (18,832  | )    |  |   | (15,118  | )
|Impairment charges                                                                             |  |      | 9,834    |   |      |   | 302,566  |      |  |   | 11,431   |  
|(Gain) loss on debt extinguishment                                                             |  |      | 16,349   |   |      |   | (20,700  | )    |  |   | (1,953   | )
|(Gain) loss on acquisitions                                                                    |  |      | (57,715  | ) |      |   | 1,062    |      |  |   | -        |  
|Deferred tax asset valuation allowance                                                         |  |      | -        |   |      |   | 7,278    |      |  |   | -        |  
|Earnings from land and depreciated property sales                                              |  |      | (72,716  | ) |      |   | (19,480  | )    |  |   | (29,612  | )
|Build-for-Sale operations, net                                                                 |  |      | -        |   |      |   | 14,482   |      |  |   | 80,751   |  
|Third-party construction contracts, net                                                        |  |      | (6,449   | ) |      |   | (4,583   | )    |  |   | 125,855  |  
|Other accrued revenues and expenses, net                                                       |  |      | 68,512   |   |      |   | 48,543   |      |  |   | 27,828   |  
|Operating distributions received in excess of equity in earnings from unconsolidated companies |  |      | 8,851    |   |      |   | 8,533    |      |  |   | 5,618    |  
|                                                                                               |  |      |          |   |      |   |          |      |  |   |          |  
|Net cash provided by operating activities                                                      |  |      | 390,776  |   |      |   | 401,184  |      |  |   | 643,800  |  
|                                                                                               |  |      |          |   |      |   |          |      |  |   |          |  
|                                                                                               |  |      |         
|Cash flows from investing activities:                                                          |  |      |          |   |      |   |          |      |  |   |          |  
|Development of real estate investments                                                         |  |      | (119,404 | ) |      |   | (268,890 | )    |  |   | (436,256 | )
|Acquisition of real estate investments and related intangible assets, net of cash acquired     |  |      | (488,539 | ) |      |   | (31,658  | )    |  |   | (20,123  | )
|Acquisition of undeveloped land                                                                |  |      | (14,404  | ) |      |   | (5,474   | )    |  |   | (40,893  | )
|Second generation tenant improvements, leasing costs and building improvements                 |  |      | (88,723  | ) |      |   | (79,054  | )    |  |   | (74,814  | )
|Other deferred leasing costs                                                                   |  |      | (38,905  | ) |      |   | (23,329  | )    |  |   | (30,498  | )
|Other assets                                                                                   |  |      | (7,260   | ) |      |   | (583     | )    |  |   | 109      |  
|Proceeds from land and depreciated property sales, net                                         |  |      | 499,520  |   |      |   | 256,330  |      |  |   | 116,563  |  
|Capital distributions from unconsolidated companies                                            |  |      | 22,119   |   |      |   | -        |      |  |   | 95,392   |  
|Capital contributions and advances to unconsolidated companies, net                            |  |      | (53,194  | ) |      |   | (23,481  | )    |  |   | (132,244 | )
|                                                                                               |  |      |          |   |      |   |          |      |  |   |          |  
|Net cash used for investing activities                                                         |  |      | (288,790 | ) |      |   | (176,139 | )    |  |   | (522,764 | )
|                                                                                               |  |      |          |   |      |   |          |      |  |   |          |  
|                                                                                               |  |      |         
|Cash flows from financing activities:                                                          |  |      |          |   |      |   |          |      |  |   |          |  
|Contributions from the General Partner                                                         |  |      | 298,066  |   |      |   | 551,136  |      |  |   | 17,125   |  
|Proceeds from issuance of Preferred Units, net                                                 |  |      | -        |   |      |   | -        |      |  |   | 290,000  |  
|Payments for repurchases of Preferred Units                                                    |  |      | (118,787 | ) |      |   | -        |      |  |   | (12,405  | )
|Proceeds from unsecured debt issuance                                                          |  |      | 250,000  |   |      |   | 500,000  |      |  |   | 325,000  |  
|Payments on and repurchases of unsecured debt                                                  |  |      | (392,597 | ) |      |   | (707,016 | )    |  |   | (261,479 | )
|Proceeds from secured debt financings                                                          |  |      | 4,158    |   |      |   | 290,418  |      |  |   | -        |  
|Payments on secured indebtedness including principal amortization                              |  |      | (207,060 | ) |      |   | (11,396  | )    |  |   | (55,600  | )
|Borrowings (payments) on lines of credit, net                                                  |  |      | 177,276  |   |      |   | (467,889 | )    |  |   | (62,408  | )
|Distributions to common unitholders                                                            |  |      | (165,881 | ) |      |   | (156,357 | )    |  |   | (298,220 | )
|Distributions to preferred unitholders                                                         |  |      | (69,468  | ) |      |   | (73,451  | )    |  |   | (71,439  | )
|Contributions from (distributions to) noncontrolling interests, net                            |  |      | (1,739   | ) |      |   | 3,443    |      |  |   | 1,935    |  
|Cash settlement of interest rate swaps                                                         |  |      | -        |   |      |   | -        |      |  |   | (14,625  | )
|Deferred financing costs                                                                       |  |      | (5,074   | ) |      |   | (28,679  | )    |  |   | (3,681   | )
|                                                                                               |  |      |          |   |      |   |          |      |  |   |          |  
|Net cash used for financing activities                                                         |  |      | (231,106 | ) |      |   | (99,791  | )    |  |   | (145,797 | )
|                                                                                               |  |      |          |   |      |   |          |      |  |   |          |  
|Net increase (decrease) in cash and cash equivalents                                           |  |      | (129,120 | ) |      |   | 125,254  |      |  |   | (24,761  | )
|                                                                                               |  |      |         
|Cash and cash equivalents at beginning of year                                                 |  |      | 147,539  |   |      |   | 22,285   |      |  |   | 47,046   |  
|                                                                                               |  |      |          |   |      |   |          |      |  |   |          |  
|Cash and cash equivalents at end of year                                                       |  | $    | 18,419   |   |      | $ | 147,539  |      |  | $ | 22,285   |  
|                                                                                               |  |      |          |   |      |   |          |      |  |   |          |  
|Non-cash investing and financing activities:                                                   |  |      |          |   |      |   |          |      |  |   |          |  
|Assumption of indebtedness and other liabilities for real estate acquisitions                  |  | $    | 527,464  |   |      | $ | -        |      |  | $ | 39,480   |  
|                                                                                               |  |      |          |   |      |   |          |      |  |   |          |  
|Contribution of properties to, net of debt assumed by, unconsolidated companies                |  | $    | 41,609   |   |      | $ | 20,663   |      |  | $ | 133,312  |  
|                                                                                               |  |      |          |   |      |   |          |      |  |   |          |  
|Investments and advances related to acquisition of previously unconsolidated companies         |  | $    | 184,140  |   |      | $ | 206,852  |      |  | $ | -        |  
|                                                                                               |  |      |          |   |      |   |          |      |  |   |          |  
|Distribution of property from unconsolidated company                                           |  | $    | -        |   |      | $ | -        |      |  | $ | 76,449   |  
|                                                                                               |  |      |          |   |      |   |          |      |  |   |          |  
|Conversion of Limited Partner Units to common shares of the General Partner                    |  | $    | (8,055   | ) |      | $ | 592      |      |  | $ | 3,916    |  
|                                                                                               |  |      |          |   |      |   |          |      |  |   |          |  

See accompanying Notes to Consolidated Financial Statements.



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DUKE REALTY LIMITED PARTNERSHIP AND SUBSIDIARIES

Consolidated Statements of Changes in Equity

(in thousands, except per unit data)



|                                                                            |  |                    |           |   |           |   |           |         |  |   |               |   |  |           |        |   |                |   |           |        |  |   |        |   |  |   |           |  
|--------------------------------------------------------------------------- |  | ------------------ | --------- | - | --------- | - | --------- | ------- |  | - | ------------- | - |  | --------- | ------ | - | -------------- | - | --------- | ------ |  | - | ------ | - |  | - | --------- | -
|                                                                            |  | Common Unitholders |           |   |           |   |           |         | 
|                                                                            |  |                    |           |   |           |   |           | Limited |  |   | Accumulated   |   |  |           |        |   |                |   |           |        | 
|                                                                            |  | General Partner    |           |   | Partners |   |           | Other   |  |   | Total         |   |  |           |        |   |                |  
|                                                                            |  | Common             |           |   | Preferred |   |           | Common  |  |   | Comprehensive |   |  | Partners |        |   | Noncontrolling |   |           | Total  | 
|                                                                            |  | Equity             |           |   | Equity    |   |           | Equity  |  |   | Income (Loss) |   |  | Equity    |        |   | Interests      |   |           | Equity | 
|Balance at December 31, 2007                                                |  | $                  | 2,039,785 |   |           | $ | 744,000   |         |  | $ | 76,415        |   |  | $         | (1,279 | ) |                | $ | 2,858,921 |        |  | $ | 2,650  |   |  | $ | 2,861,571 |  
|Comprehensive income:                                                       |  |                    |           |   |           |   |           |         |  |   |               |   |  |           |        |   |                |   |           |        |  |   |        |   |  |   |           |  
|Net income                                                                  |  |                    | 36,362    |   |           |   | 71,426    |         |  |   | 3,257         |   |  |           | -      |   |                |   | 111,045   |        |  |   | (637   | ) |  |   | 110,408   |  
|Derivative instrument activity                                              |  |                    | -         |   |           |   | -         |         |  |   | -             |   |  |           | (7,373 | ) |                |   | (7,373    | )      |  |   | -      |   |  |   | (7,373    | )
|                                                                            |  |                    |           |   |           |   |           |         |  |   |               |   |  |           |        |   |                |   |           |        |  |   |        |   |  |   |           |  
|Comprehensive income                                                        |  |                    |           |   |           |   |           |         |  |   |               |   |  |           |        |   |                |   | 103,672   |        |  |   | (637   | ) |  |   | 103,035   |  
|Issuance of Series O Preferred Units                                        |  |                    | (10,000   | ) |           |   | 300,000   |         |  |   | -             |   |  |           | -      |   |                |   | 290,000   |        |  |   | -      |   |  |   | 290,000   |  
|Capital Contribution from the General Partner                               |  |                    | 15,516    |   |           |   | -         |         |  |   | -             |   |  |           | -      |   |                |   | 15,516    |        |  |   | -      |   |  |   | 15,516    |  
|Stock based compensation plan activity                                      |  |                    | 13,668    |   |           |   | -         |         |  |   | -             |   |  |           | -      |   |                |   | 13,668    |        |  |   | -      |   |  |   | 13,668    |  
|Conversion of Limited Partner Units to common shares of the General Partner |  |                    | 13,149    |   |           |   | -         |         |  |   | (17,065       | ) |  |           | -      |   |                |   | (3,916    | )      |  |   | -      |   |  |   | (3,916    | )
|Distributions to Preferred Unitholders                                      |  |                    | -         |   |           |   | (71,426   | )       |  |   | -             |   |  |           | -      |   |                |   | (71,426   | )      |  |   | -      |   |  |   | (71,426   | )
|Repurchase of Preferred Units                                               |  |                    | 14,970    |   |           |   | (27,375   | )       |  |   | -             |   |  |           | -      |   |                |   | (12,405   | )      |  |   | -      |   |  |   | (12,405   | )
|Distributions to Partners ($1.93 per Common Unit)                           |  |                    | (283,448  | ) |           |   | -         |         |  |   | (14,772       | ) |  |           | -      |   |                |   | (298,220  | )      |  |   | -      |   |  |   | (298,220  | )
|Contributions to noncontrolling interests, net                              |  |                    | -         |   |           |   | -         |         |  |   | -             |   |  |           | -      |   |                |   | -         |        |  |   | 1,935  |   |  |   | 1,935     |  
|                                                                            |  |                    |           |   |           |   |           |         |  |   |               |   |  |           |        |   |                |   |           |        |  |   |        |   |  |   |           |  
|Balance at December 31, 2008                                                |  | $                  | 1,840,002 |   |           | $ | 1,016,625 |         |  | $ | 47,835        |   |  | $         | (8,652 | ) |                | $ | 2,895,810 |        |  | $ | 3,948  |   |  | $ | 2,899,758 |  
|Comprehensive loss:                                                         |  |                    |           |   |           |   |           |         |  |   |               |   |  |           |        |   |                |   |           |        |  |   |        |   |  |   |           |  
|Net income (loss)                                                           |  |                    | (333,601  | ) |           |   | 73,451    |         |  |   | (11,099       | ) |  |           | -      |   |                |   | (271,249  | )      |  |   | (241   | ) |  |   | (271,490  | )
|Derivative instrument activity                                              |  |                    | -         |   |           |   | -         |         |  |   | -             |   |  |           | 3,022  |   |                |   | 3,022     |        |  |   | -      |   |  |   | 3,022     |  
|                                                                            |  |                    |           |   |           |   |           |         |  |   |               |   |  |           |        |   |                |   |           |        |  |   |        |   |  |   |           |  
|Comprehensive loss                                                          |  |                    |           |   |           |   |           |         |  |   |               |   |  |           |        |   |                |   | (268,227  | )      |  |   | (241   | ) |  |   | (268,468  | )
|Capital Contribution from the General Partner                               |  |                    | 551,404   |   |           |   | -         |         |  |   | -             |   |  |           | -      |   |                |   | 551,404   |        |  |   | -      |   |  |   | 551,404   |  
|Stock based compensation plan activity                                      |  |                    | 11,337    |   |           |   | -         |         |  |   | -             |   |  |           | -      |   |                |   | 11,337    |        |  |   | -      |   |  |   | 11,337    |  
|Conversion of Limited Partner Units to common shares of the General Partner |  |                    | 577       |   |           |   | -         |         |  |   | (577          | ) |  |           | -      |   |                |   | -         |        |  |   | -      |   |  |   | -         |  
|Distributions to Preferred Unitholders                                      |  |                    | -         |   |           |   | (73,451   | )       |  |   | -             |   |  |           | -      |   |                |   | (73,451   | )      |  |   | -      |   |  |   | (73,451   | )
|Distributions to Partners                                                   |  |                    |           |   |           |   |           |         |  |   |               |   |  |           |        |   |                |   |           |        |  |   |        |   |  |   |           |  
|($.76 per Common Unit)                                                      |  |                    | (151,390  | ) |           |   | -         |         |  |   | (4,967        | ) |  |           | -      |   |                |   | (156,357  | )      |  |   | -      |   |  |   | (156,357  | )
|Contributions to noncontrolling interests, net                              |  |                    | -         |   |           |   | -         |         |  |   | -             |   |  |           | -      |   |                |   | -         |        |  |   | 3,443  |   |  |   | 3,443     |  
|                                                                            |  |                    |           |   |           |   |           |         |  |   |               |   |  |           |        |   |                |   |           |        |  |   |        |   |  |   |           |  
|Balance at December 31, 2009                                                |  | $                  | 1,918,329 |   |           | $ | 1,016,625 |         |  | $ | 31,192        |   |  | $         | (5,630 | ) |                | $ | 2,960,516 |        |  | $ | 7,150  |   |  | $ | 2,967,666 |  
|Comprehensive income (loss):                                                |  |                    |           |   |           |   |           |         |  |   |               |   |  |           |        |   |                |   |           |        |  |   |        |   |  |   |           |  
|Net income (loss)                                                           |  |                    | (3,670    | ) |           |   | 69,468    |         |  |   | (351          | ) |  |           | -      |   |                |   | 65,447    |        |  |   | (185   | ) |  |   | 65,262    |  
|Derivative instrument activity                                              |  |                    | -         |   |           |   | -         |         |  |   | -             |   |  |           | 4,198  |   |                |   | 4,198     |        |  |   | -      |   |  |   | 4,198     |  
|                                                                            |  |                    |           |   |           |   |           |         |  |   |               |   |  |           |        |   |                |   |           |        |  |   |        |   |  |   |           |  
|Comprehensive income (loss)                                                 |  |                    |           |   |           |   |           |         |  |   |               |   |  |           |        |   |                |   | 69,645    |        |  |   | (185   | ) |  |   | 69,460    |  
|Capital Contribution from the General Partner                               |  |                    | 298,066   |   |           |   | -         |         |  |   | -             |   |  |           | -      |   |                |   | 298,066   |        |  |   | -      |   |  |   | 298,066   |  
|Stock based compensation plan activity                                      |  |                    | 10,528    |   |           |   | -         |         |  |   | -             |   |  |           | -      |   |                |   | 10,528    |        |  |   | -      |   |  |   | 10,528    |  
|Conversion of Limited Partner Units to common shares of the General Partner |  |                    | (8,055    | ) |           |   | -         |         |  |   | 8,055         |   |  |           | -      |   |                |   | -         |        |  |   | -      |   |  |   | -         |  
|Distributions to Preferred Unitholders                                      |  |                    | -         |   |           |   | (69,468   | )       |  |   | -             |   |  |           | -      |   |                |   | (69,468   | )      |  |   | -      |   |  |   | (69,468   | )
|Repurchase of Preferred Units                                               |  |                    | (6,702    | ) |           |   | (112,085  | )       |  |   |               |   |  |           |        |   |                |   | (118,787  | )      |  |   |        |   |  |   | (118,787  | )
|Distributions to Partners ($.68 per Common Unit)                            |  |                    | (161,879  | ) |           |   | -         |         |  |   | (4,002        | ) |  |           | -      |   |                |   | (165,881  | )      |  |   | -      |   |  |   | (165,881  | )
|Distributions to noncontrolling interests                                   |  |                    | -         |   |           |   | -         |         |  |   | -             |   |  |           | -      |   |                |   | -         |        |  |   | (1,739 | ) |  |   | (1,739    | )
|                                                                            |  |                    |           |   |           |   |           |         |  |   |               |   |  |           |        |   |                |   |           |        |  |   |        |   |  |   |           |  
|Balance at December 31, 2010                                                |  | $                  | 2,046,617 |   |           | $ | 904,540   |         |  | $ | 34,894        |   |  | $         | (1,432 | ) |                | $ | 2,984,619 |        |  | $ | 5,226  |   |  | $ | 2,989,845 |  
|                                                                            |  |                    |           |   |           |   |           |         |  |   |               |   |  |           |        |   |                |   |           |        |  |   |        |   |  |   |           |  
|Common Units outstanding at December 31, 2010                               |  |                    | 252,195   |   |           |   |           |         |  |   | 5,231         |   |  |           |        |   |                |   | 257,426   |        |  |   |        |   |  |   |           |  
|                                                                            |  |                    |           |   |           |   |           |         |  |   |               |   |  |           |        |   |                |   |           |        |  |   |        |   |  |   |           |  

See accompanying Notes to Consolidated Financial Statements.



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DUKE REALTY LIMITED PARTNERSHIP AND SUBSIDIARIES

Notes to Consolidated Financial Statements



|(1) | The Partnership
|--- | ---------------

Duke Realty Limited Partnership (the Partnership) was formed on October 4, 1993, when Duke Realty Corporation (the
General Partner) contributed all of its properties and related assets and liabilities, together with the net proceeds from an offering of additional shares of its common stock, to the Partnership. Simultaneously, the Partnership
completed the acquisition of Duke Associates, a full-service commercial real estate firm operating in the Midwest. The General Partner was formed in 1985 and we believe it qualifies as a Real Estate Investment Trust (REIT) under
provisions of the Internal Revenue Code of 1986, as amended. The General Partner is the sole general partner of the Partnership, owning 98.0% of the common Partnership interests as of December 31, 2010 (General Partner Units). The
remaining 2.0% of the Partnerships common interest is owned by limited partners (Limited Partner Units and, together with the General Partner Units, the Common Units). Limited Partners have the right to redeem their
Limited Partner Units, subject to certain restrictions. Pursuant to the Partnership Agreement, the General Partner is obligated to redeem the Limited Partner Units in shares of its common stock, unless it determines in its reasonable discretion that
the issuance of shares of its common stock could cause it to fail to qualify as a REIT. Each Limited Partner Unit shall be redeemed for one share of the General Partners common stock, or, in the event that the issuance of shares could cause
the General Partner to fail to qualify as a REIT, cash equal to the fair market value of one share of the General Partners common stock at the time of redemption, in each case, subject to certain adjustments described in the Partnership
Agreement. The Limited Partner Units are not required, per the terms of the Partnership Agreement, to be redeemed in registered shares of the General Partner. The General Partner also owns preferred partnership interests in the Partnership
(Preferred Units).

We own and operate a portfolio primarily consisting of industrial and office properties and
provide real estate services to third-party owners. We conduct our Service Operations (see Note 9) through Duke Realty Services, LLC, Duke Realty Services Limited Partnership and Duke Construction Limited Partnership (DCLP). DCLP is
owned through a taxable REIT subsidiary. The terms we, us and our refer to the Partnership and those entities owned or controlled by the Partnership.



|(2) | Summary of Significant Accounting Policies
|--- | ------------------------------------------

FASB Codification

On July 1, 2009, the Financial Accounting
Standards Board (FASB) issued the FASB Accounting Standards Codification (ASC or the Codification) that established the exclusive authoritative reference for accounting principles generally accepted in the United
States of America (GAAP) for use in financial statements, except for SEC rules and interpretive releases, which are also authoritative GAAP for SEC registrants. The Codification superseded all existing non-SEC accounting and reporting
standards but did not impact any of our existing accounting policies.

Principles of Consolidation

The consolidated financial statements include our accounts and the accounts of our majority-owned or controlled subsidiaries. The equity
interests in these controlled subsidiaries not owned by us are reflected as noncontrolling interests in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in the consolidated financial
statements. Investments in entities that we do not control, and variable interest entities (VIEs) in which we are not the primary beneficiary, are not consolidated and are reflected as investments in unconsolidated companies under the
equity method of reporting.



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DUKE REALTY LIMITED PARTNERSHIP AND SUBSIDIARIES

Notes to Consolidated Financial Statements



Reclassifications

Certain amounts in the accompanying consolidated financial statements for 2009 and 2008 have been reclassified to conform to the 2010
consolidated financial statement presentation.

Real Estate Investments

Rental real property, including land, land improvements, buildings and tenant improvements, are included in real estate investments and
are generally stated at cost. Construction in process and undeveloped land are included in real estate investments and are stated at cost. Real estate investments also include our equity interests in unconsolidated joint ventures that own and
operate rental properties and hold land for development.

Depreciation

Buildings and land improvements are depreciated on the straight-line method over their estimated lives not to exceed 40 and 15 years,
respectively, for properties that we develop, and not to exceed 30 and 10 years, respectively, for acquired properties. Tenant improvement costs are depreciated using the straight-line method over the term of the related lease.

Cost Capitalization

Direct and certain indirect costs clearly associated with the development, construction, leasing or expansion of real estate investments are capitalized as a cost of the property. In addition, all leasing
commissions paid to third parties for new leases or lease renewals are capitalized. We capitalize a portion of our indirect costs associated with our construction, development and leasing efforts. In assessing the amount of direct and indirect costs
to be capitalized, allocations are made based on estimates of the actual amount of time spent in each activity. We do not capitalize any costs attributable to downtime or to unsuccessful projects.

We capitalize direct and indirect project costs associated with the initial construction of a property up to the time the property is
substantially complete and ready for its intended use. In addition, we capitalize costs, including real estate taxes, insurance, and utilities, that have been allocated to vacant space based on the square footage of the portion of the building not
held available for immediate occupancy during the extended lease-up periods after construction of the building shell has been completed if costs are being incurred to ready the vacant space for its intended use. If costs and activities incurred to
ready the vacant space cease, then cost capitalization is also discontinued until such activities are resumed. Once necessary work has been completed on a vacant space, project costs are no longer capitalized.

We cease capitalization of all project costs on extended lease-up periods when significant activities have ceased, which does not exceed
the shorter of a one-year period after the completion of the building shell or when the property attains 90% occupancy.



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Impairment

We evaluate our real estate assets, with the exception of those that are classified as held-for-sale, for impairment whenever events or
changes in circumstances indicate that their carrying amounts may not be recoverable. If such an evaluation is considered necessary, we compare the carrying amount of that real estate asset, or asset group, with the expected undiscounted cash flows
that are directly associated with, and that are expected to arise as a direct result of, the use and eventual disposition of that asset, or asset group. Our estimate of the expected future cash flows used in testing for impairment is based on, among
other things, our estimates regarding future market conditions, rental rates, occupancy levels, costs of tenant improvements, leasing commissions and other tenant concessions, assumptions regarding the residual value of our properties at the end of
our anticipated holding period and the length of our anticipated holding period and is, therefore, subjective by nature. These assumptions could differ materially from actual results. If our strategy changes or if market conditions otherwise dictate
a reduction in the holding period and an earlier sale date, an impairment loss could be recognized and such loss could be material. To the extent the carrying amount of a real estate asset, or asset group, exceeds the associated estimate of
undiscounted cash flows, an impairment loss is recorded to reduce the carrying value of the asset to its fair value.

The
determination of the fair value of real estate assets is also highly subjective, especially in markets where there is a lack of recent comparable transactions. We primarily utilize the income approach to estimate the fair value of our income
producing real estate assets. To the extent that the assumptions used in testing long-lived assets for impairment differ from those of a marketplace participant, the assumptions are modified in order to estimate the fair value of a real estate asset
when an impairment charge is measured. In addition to determining future cash flows, which make the estimation of a real estate assets undiscounted cash flows highly subjective, the selection of the discount rate and exit capitalization rate
used in applying the income approach is also highly subjective.

Real estate assets classified as held-for-sale are reported
at the lower of their carrying value or their fair value, less estimated costs to sell. Once a property is designated as held-for-sale, no further depreciation expense is recorded.

Purchase Accounting

On January 1, 2009, we adopted the new accounting standard (FASB ASC 805) on purchase accounting, which required acquisition related costs to be expensed immediately as period costs. This new
standard also requires that (i) 100% of the assets and liabilities of an acquired entity, as opposed to the amount proportional to the portion acquired, must be recorded at fair value upon an acquisition and (ii) a gain or loss must be
recognized for the difference between the fair value and the carrying value of any existing ownership interests in acquired entities. Finally, this new standard requires that contingencies arising from a business combination be recorded at fair
value if the acquisition date fair value can be determined during the measurement period.



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We allocate the purchase price of acquired properties to net tangible and identified
intangible assets based on their respective fair values, using all pertinent information available at the date of acquisition. The allocation to tangible assets (buildings, tenant improvements and land) is based upon managements determination
of the value of the property as if it were vacant using discounted cash flow models similar to those used by independent appraisers. Factors considered by management include an estimate of carrying costs during the expected lease-up periods
considering current market conditions, and costs to execute similar leases. The purchase price of real estate assets is also allocated among three categories of intangible assets consisting of the above or below market component of in-place leases,
the value of in-place leases and the value of customer relationships.

The value allocable to the above or below market
component of an acquired in-place lease is determined based upon the present value (using a discount rate which reflects the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to
the lease over its remaining term and (ii) managements estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above market leases are included in deferred leasing
and other costs in the balance sheet and below market leases are included in other liabilities in the balance sheet; both are amortized to rental income over the remaining terms of the respective leases.

The total amount of intangible assets is further allocated to in-place lease values and to customer relationship values based upon
managements assessment of their respective values. These intangible assets are included in deferred leasing and other costs in the balance sheet and are depreciated over the remaining term of the existing lease, or the anticipated life of the
customer relationship, as applicable.

Joint Ventures

We have equity interests in unconsolidated joint ventures that own and operate rental properties and hold land for development. We
consolidate those joint ventures that are considered to be variable interest entities (VIEs) where we are the primary beneficiary. We analyze our investments in joint ventures to determine if the joint venture is considered a VIE and
would require consolidation. We (i) evaluate the sufficiency of the total equity investment at risk, (ii) review the voting rights and decision-making authority of the equity investment holders as a group, and whether there are any
guaranteed returns, protection against losses, or capping of residual returns within the group and (iii) establish whether activities within the venture are on behalf of an investor with disproportionately few voting rights in making this VIE
determination. We would consolidate a venture that is determined to be a VIE if we were the primary beneficiary.

On
January 1, 2010, we adopted a new accounting standard that eliminated the primarily quantitative model previously in effect to determine the primary beneficiary of a VIE and replaced it with a qualitative model that focuses on which entities
have the power to direct the activities of the VIE as well as the obligation or rights to absorb the VIEs losses or receive its benefits. This new standard requires assessments at each reporting period of which party within the VIE is
considered the primary beneficiary and also requires a number of new disclosures related to VIEs. The reconsideration of the initial determination of VIE status is still based on the occurrence of certain events. We were not the primary beneficiary
of any VIEs at January 1, 2010 and the implementation of this new accounting standard did not have a material impact on our results of operation or financial condition.



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During 2010, events took place within two of our unconsolidated joint ventures that
required us to re-evaluate our previous conclusions that these two joint ventures were not VIEs. Upon reconsideration, we determined that the fair values of the equity investments at risk were not sufficient, when considering their overall capital
requirements, and we therefore concluded that these two ventures now meet the applicable criteria to be considered VIEs.

These two joint ventures were formed with the sole purpose of developing, constructing, leasing, marketing and selling properties for a
profit. The majority of the business activities of these joint ventures are financed with third-party debt, with joint and several guarantees provided by the joint venture partners. All significant decisions for both joint ventures, including those
decisions that most significantly impact each ventures economic performance, require unanimous joint venture partner approval as well as, in certain cases, lender approval. In both joint ventures, unanimous joint venture partner approval
requirements include entering into new leases, setting annual operating budgets, selling an underlying property, and incurring additional indebtedness. Because no single variable interest holder exercises control over the decisions that most
significantly affect each ventures economic performance, we determined that the equity method of accounting is still appropriate for these joint ventures.

The following is a summary of the carrying value in our consolidated balance sheet, as well as our maximum loss exposure under guarantees, for entities we have determined to be VIEs as of
December 31, 2010:



|                                     |  |                |               |   |                       |   |               |  
|------------------------------------ |  | -------------- | ------------- | - | --------------------- | - | ------------- | -
|                                     |  | Carrying Value |               |   | Maximum Loss Exposure |  
|Investment in Unconsolidated Company |  | $              | 31.7 million  |   |                       | $ | 31.7 million  |  
|Guarantee Obligations (1)            |  | $              | (25.2 million | ) |                       | $ | (63.7 million | )



| | (1) | We are party to joint and several guarantees of the third-party debt of both of these joint ventures and our maximum loss exposure is equal to the maximum monetary
obligation pursuant to the guarantee agreements. In 2009, we recorded a liability for our probable future obligation under a guarantee to the lender of one of these ventures. Pursuant to an agreement with the lender, we may make member loans to this
joint venture that will reduce our maximum guarantee obligation on a dollar-for-dollar basis. The carrying value of our recorded guarantee obligations is included in other liabilities in our Consolidated Balance Sheets.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

To the extent that our joint ventures do not qualify as VIEs, we consolidate those joint ventures that we control through majority
ownership interests or where we are the managing member and our partner does not have substantive participating rights. Control is further demonstrated by the ability of the general partner to manage day-to-day operations, refinance debt and sell
the assets of the joint venture without the consent of the limited partner and inability of the limited partner to replace the general partner. We use the equity method of accounting for those joint ventures where we do not have control over
operating and financial policies. Under the equity method of accounting, our investment in each joint venture is included on our balance sheet; however, the assets and liabilities of the joint ventures for which we use the equity method are not
included on our balance sheet.

To the extent that we contribute assets to a joint venture, our investment in the joint
venture is recorded at our cost basis in the assets that were contributed to the joint venture. To the extent that our cost basis is different than the basis reflected at the joint venture level, the basis difference is amortized over the life of
the related asset and included in our share of equity in net income of the joint venture. We recognize gains on the contribution or sale of real estate to joint ventures, relating solely to the outside partners interest, to the extent the
economic substance of the transaction is a sale.

Cash Equivalents

Investments with an original maturity of three months or less are classified as cash equivalents.



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Valuation of Receivables

We reserve the entire receivable balance, including straight-line rent, of any tenant with an amount outstanding over 90 days. Additional
reserves are recorded for more current amounts, as applicable, where we have determined collectability to be doubtful. Straight-line rent receivables for any tenant with long-term risk, regardless of the status of current rent receivables, are
reviewed and reserved as necessary.

Deferred Costs

Costs incurred in connection with obtaining financing are amortized to interest expense over the term of the related loan. All direct and
indirect costs, including estimated internal costs, associated with the leasing of real estate investments owned by us are capitalized and amortized over the term of the related lease. We include lease incentive costs, which are payments made on
behalf of a tenant to sign a lease, in deferred leasing costs and amortize them on a straight-line basis over the respective lease terms as a reduction of rental revenues. We include as lease incentives amounts funded to construct tenant
improvements owned by the tenant. Unamortized costs are charged to expense upon the early termination of the lease or upon early payment of the financing.

Convertible Debt Accounting

On January 1, 2009, we adopted a
new accounting standard (FASB ASC 470) for convertible debt instruments that may be settled in cash upon conversion. This new standard required separate accounting for the debt and equity components of certain convertible instruments. Our 3.75%
Exchangeable Senior Notes (Exchangeable Notes), issued in November 2006, have an exchange rate of 20.47 common shares per $1,000 principal amount of the notes, representing an exchange price of $48.85 per share of the General
Partners common stock. The Exchangeable Notes were subject to the accounting changes required by this new standard, which required that the value assigned to the debt component equal the estimated fair value of debt with similar contractual
cash flows, but without the conversion feature, resulting in the debt being recorded at a discount. The resulting debt discount will be amortized over the period from its issuance through November 2011, the first optional redemption date, as
additional non-cash interest expense. We were required to apply this new accounting standard retrospectively to prior periods.

At December 31, 2010, the Exchangeable Notes had $167.6 million of principal outstanding, an unamortized discount of $2.1 million
and a net carrying amount of $165.6 million. The carrying amount of the equity component was $34.7 million at December 31, 2010. Subsequent to the implementation of the new standard, interest expense is recognized on the Exchangeable Notes at
an effective rate of 5.6%. The increase to interest expense (in thousands) on the Exchangeable Notes, which led to a corresponding decrease to net income, for the years ended December 31, 2010, 2009 and 2008 is summarized as follows:



|                                                                                            |  |      |       |  |      |   |        |      |  |   |        | 
|------------------------------------------------------------------------------------------- |  | ---- | ----- |  | ---- | - | ------ | ---- |  | - | ------ | 
|                                                                                            |  | 2010 |       |  | 2009 |   |        | 2008 | 
|Interest expense on Exchangeable Notes, excluding effect of accounting for convertible debt |  | $    | 7,136 |  |      | $ | 14,850 |      |  | $ | 21,574 | 
|Effect of accounting for convertible debt                                                   |  |      | 2,474 |  |      |   | 5,024  |      |  |   | 6,536  | 
|                                                                                            |  |      |       |  |      |   |        |      |  |   |        | 
|Total interest expense on Exchangeable Notes                                                |  | $    | 9,610 |  |      | $ | 19,874 |      |  | $ | 28,110 | 
|                                                                                            |  |      |       |  |      |   |        |      |  |   |        | 



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Noncontrolling Interests

On January 1, 2009, we adopted a new accounting standard (FASB ASC 810) on noncontrolling interests, which required noncontrolling
interests (previously referred to as minority interests) to be reported as a component of total equity, resulting in retroactive changes to the presentation of the noncontrolling interests in the consolidated balance sheets and statements of
operations. This new standard also modified the accounting for changes in the level of ownership in consolidated subsidiaries.

Noncontrolling interests relate to interests in consolidated property partnerships that are not wholly owned. Noncontrolling interests
are subsequently adjusted for additional contributions, distributions to noncontrolling holders and the noncontrolling holders proportionate share of the net earnings or losses of each respective entity.

Revenue Recognition

Rental and Related Revenue

The timing of revenue recognition under an
operating lease is determined based upon ownership of the tenant improvements. If we are the owner of the tenant improvements, revenue recognition commences after the improvements are completed and the tenant takes possession or control of the
space. In contrast, if we determine that the tenant allowances we are funding are lease incentives, then we commence revenue recognition when possession or control of the space is turned over to the tenant. Rental income from leases with free rental
periods or scheduled rental increases during their terms is recognized on a straight-line basis.

We record lease termination
fees when a tenant has executed a definitive termination agreement with us and the payment of the termination fee is not subject to any material conditions that must be met or waived before the fee is due to us.

General Contractor and Service Fee Revenue

Management fees are based on a percentage of rental receipts of properties managed and are recognized as the rental receipts are collected. Maintenance fees are based upon established hourly rates and are
recognized as the services are performed. Construction management and development fees represent fee-based third-party contracts and are recognized as earned based on the terms of the contract, which approximates the percentage of completion method.

We recognize income on construction contracts where we serve as a general contractor on the percentage of completion method.
Using this method, profits are recorded based on our estimates of the percentage of completion of individual contracts, commencing when the work performed under the contracts reaches a point where the final costs can be estimated with reasonable
accuracy. The percentage of completion estimates are based on a comparison of the contract expenditures incurred to the estimated final costs. Changes in job performance, job conditions and estimated profitability may result in revisions to costs
and income and are recognized in the period in which the revisions are determined.

Receivables on construction contracts were
in an over-billed position of $160,000 and $470,000 at December 31, 2010 and 2009.



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Property Sales

Gains on sales of all properties are recognized in accordance with FASB ASC 360-20.The specific timing of the sale of a building
is measured against various criteria in FASB ASC 360-20 related to the terms of the transactions and any continuing involvement in the form of management or financial assistance from the seller associated with the properties. We make judgments based
on the specific terms of each transaction as to the amount of the total profit from the transaction that we recognize considering factors such as continuing ownership interest we may have with the buyer (partial sales) and our level of
future involvement with the property or the buyer that acquires the assets. If the full accrual sales criteria are not met, we defer gain recognition and account for the continued operations of the property by applying the finance, installment or
cost recovery methods, as appropriate, until the full accrual sales criteria are met. Estimated future costs to be incurred after completion of each sale are included in the determination of the gain on sales.

To the extent that a property has had operations prior to sale, and that we do not have continuing involvement with the property, gains
from sales of depreciated property are included in discontinued operations and the proceeds from the sale of these held-for-rental properties are classified in the investing activities section of the Consolidated Statements of Cash Flows.

Gains or losses from our sale of properties that were developed or repositioned with the intent to sell and not for long-term
rental (Build-for-Sale properties) are classified as gain on sale of properties in the Consolidated Statements of Operations. Other rental properties that do not meet the criteria for presentation as discontinued operations are also
classified as gain on sale of properties in the Consolidated Statements of Operations.

Net Income (Loss) Per Common
Unit

Basic net income (loss) per Common Unit is computed by dividing net income (loss) attributable to common
unitholders, less distributions on share-based awards expected to vest, by the weighted average number of Common Units outstanding for the period. Diluted net income (loss) per Common Unit is computed by dividing basic net income (loss) attributable
to common unitholders by the sum of the weighted average number of Common Units outstanding and any potential dilutive securities for the period.

During the first quarter of 2009, we adopted a new accounting standard (FASB ASC 260-10) on participating securities, which we have applied retrospectively to prior period calculations of basic and
diluted earnings per Common Unit. Pursuant to this new standard, certain of the General Partners share-based awards are considered participating securities because they earn dividend equivalents that are not forfeited even if the underlying
award does not vest.

The following table reconciles the components of basic and diluted net income (loss) per Common Unit (in
thousands):



|                                                                          |  |      |         |   |      |   |          |      |  |   |         |  
|------------------------------------------------------------------------- |  | ---- | ------- | - | ---- | - | -------- | ---- |  | - | ------- | -
|                                                                          |  | 2010 |         |   | 2009 |   |          | 2008 | 
|Net income (loss) attributable to common unitholders                      |  | $    | (14,459 | ) |      | $ | (344,700 | )    |  | $ | 53,665  |  
|Less: Distributions on share-based awards expected to vest                |  |      | (2,513  | ) |      |   | (1,759   | )    |  |   | (1,631  | )
|                                                                          |  |      |         |   |      |   |          |      |  |   |         |  
|Basic and diluted net income (loss) attributable to common unitholders    |  | $    | (16,972 | ) |      | $ | (346,459 | )    |  | $ | 52,034  |  
|                                                                          |  |      |         |   |      |   |          |      |  |   |         |  
|                                                                          |  |      |        
|Weighted average number of Common Units outstanding                       |  |      | 244,870 |   |      |   | 207,893  |      |  |   | 154,534 |  
|Other potential dilutive units                                            |  |      | -       |   |      |   | -        |      |  |   | 19      |  
|                                                                          |  |      |         |   |      |   |          |      |  |   |         |  
|Weighted average number of Common Units and potential dilutive securities |  |      | 244,870 |   |      |   | 207,893  |      |  |   | 154,553 |  
|                                                                          |  |      |         |   |      |   |          |      |  |   |         |  



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Substantially all potential shares related to the General Partners stock-based
compensation plans as well as our 3.75% Exchangeable Senior Notes (Exchangeable Notes) are anti-dilutive for all years presented. The following table summarizes the data that is excluded from the computation of net income (loss) per
Common Unit as a result of being anti-dilutive (in thousands):



|                                                                   |  |      |       |  |      |  |       |      |  |  |        | 
|------------------------------------------------------------------ |  | ---- | ----- |  | ---- |  | ----- | ---- |  |  | ------ | 
|                                                                   |  | 2010 |       |  | 2009 |  |       | 2008 | 
|Anti-dilutive potential units under stock-based compensation plans |  |      | 4,713 |  |      |  | 7,872 |      |  |  | 8,219  | 
|Anti-dilutive potential units under the Exchangeable Notes         |  |      | 3,890 |  |      |  | 8,089 |      |  |  | 11,771 | 

Federal Income
Taxes

Our financial statements include the operations of our taxable REIT subsidiary that is subject to corporate,
federal, state and local income taxes. As a partnership, the allocated share of income and loss other than the operations of our taxable REIT subsidiary is included in the income tax returns of our partners; accordingly the only federal income taxes
included in the accompanying consolidated financial statements are in connection with our taxable REIT subsidiary.

Refinements to our operating strategy in 2009 caused us to reduce our projections of taxable income in our taxable REIT subsidiary. As
the result of these changes in our projections, we determined that it was more likely than not that the taxable REIT subsidiary would not generate sufficient taxable income to realize any of its deferred tax assets. Accordingly, a full valuation
allowance was established for our deferred tax assets in 2009, which we have continued to maintain through December 31, 2010. Income taxes are not material to our operating results or financial position.

We received income tax refunds, net of federal and state income tax payments, of $19.7 million in 2010. We paid federal and state income
taxes of $800,000 and $3.5 million in 2009 and 2008, respectively. The taxable REIT subsidiaries have no significant net deferred income tax or unrecognized tax benefit items.

Derivative Financial Instruments

We periodically enter into
certain interest rate protection agreements to effectively convert or cap floating rate debt to a fixed rate, and to hedge anticipated future financing transactions, both of which qualify for cash flow hedge accounting treatment. Net amounts paid or
received under these agreements are recognized as an adjustment to the interest expense of the corresponding debt. We do not utilize derivative financial instruments for trading or speculative purposes.

If a derivative qualifies as a cash flow hedge, the change in fair value of the derivative is recognized in other comprehensive income to
the extent the hedge is effective, while the ineffective portion of the derivatives change in fair value is recognized in earnings. Gains and losses on our interest rate protection agreements are subsequently included in earnings as an
adjustment to interest expense in the same periods in which the related interest payments being hedged are recognized in earnings.

We estimate the fair value of derivative instruments using standard market conventions and techniques such as discounted cash flow analysis, option pricing models and termination cost at each balance
sheet date. For all hedging relationships, we formally document the hedging relationship and its risk-management objective and strategy for undertaking the hedge, the hedging instrument, the hedged item, the nature of the risk being hedged, how the
hedging instruments effectiveness in offsetting the hedged risk will be assessed prospectively and retrospectively, and a description of the method of measuring ineffectiveness.



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Notes to Consolidated Financial Statements



Fair Value Measurements

On January 1, 2009, we adopted a new accounting standard (FASB ASC 820) that establishes a framework for measuring fair value of
non-financial assets and liabilities that are not required or permitted to be measured at fair value on a recurring basis but only in certain circumstances, such as a business combination.

Assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the inputs to the valuation
techniques as follows:

Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or
liabilities to which we have access.

Level 2 inputs are inputs other than quoted prices included in Level 1 that are
observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted
prices), such as interest rates and yield curves that are observable at commonly quoted intervals.

Level 3 inputs are
unobservable inputs for the asset or liability, which are typically based on an entitys own assumptions, as there is little, if any, related market activity.

In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair
value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment
and considers factors specific to the asset or liability.

Use of Estimates

The preparation of the financial statements requires management to make a number of estimates and assumptions that affect the reported
amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. The most significant estimates, as discussed within
our Summary of Significant Accounting Policies, pertain to the critical assumptions utilized in testing real estate assets for impairment as well as in estimating the fair value of real estate assets when an impairment event has taken place. Actual
results could differ from those estimates.



|(3) | Significant Acquisitions and Dispositions
|--- | -----------------------------------------

2010 Acquisition of Remaining Interest in Dugan Realty, L.L.C.

On
July 1, 2010, we acquired our joint venture partners 50% interest in Dugan Realty, L.L.C. (Dugan), a real estate joint venture that we had previously accounted for using the equity method, for a payment of $166.7 million.
Dugan held $28.1 million of cash at the time of acquisition, which resulted in a net cash outlay of $138.6 million. As the result of this transaction we obtained 100% of Dugans membership interests.



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At the date of acquisition, Dugan owned 106 industrial buildings totaling
20.8 million square feet and 63 net acres of undeveloped land located in Midwest and Southeast markets. Dugan had a secured loan with a face value of $195.4 million due in October 2010, which was repaid at its scheduled maturity date, and a
secured loan with a face value of $87.6 million due in October 2012 (see Note 8). The acquisition was completed in order to pursue our strategy to increase our overall allocation to industrial real estate assets.

The following table summarizes our allocation of the fair value of amounts recognized for each major class of assets and liabilities (in
thousands):



|                                                             |  |   |         | 
|------------------------------------------------------------ |  | - | ------- | 
|Real estate assets                                           |  | $ | 502,418 | 
|Lease related intangible assets                              |  |   | 107,155 | 
|Other assets                                                 |  |   | 28,658  | 
|                                                             |  |   |         | 
|Total acquired assets                                        |  | $ | 638,231 | 
|                                                             | 
|Secured debt                                                 |  | $ | 285,376 | 
|Other liabilities                                            |  |   | 20,243  | 
|                                                             |  |   |         | 
|Total assumed liabilities                                    |  | $ | 305,619 | 
|                                                             | 
|Fair value of acquired net assets (represents 100% interest) |  | $ | 332,612 | 

We previously
managed and performed other ancillary services for Dugans properties and, as a result, Dugan had no employees of its own and no separately recognizable brand identity. As such, we determined that the consideration paid to the seller, plus the
fair value of the incremental share of the assumed liabilities, represented the fair value of the additional interest in Dugan that we acquired, and that no goodwill or other non-real estate related intangible assets were required to be recognized
through the transaction. Accordingly, we also determined that the fair value of the acquired ownership interest in Dugan equaled the fair value of our existing ownership interest.

In conjunction with acquiring our partners ownership interest in Dugan, we derecognized a $50.0 million liability related to a put
option held by our partners. The put liability was originally recognized in October 2000, in connection with a sale of industrial properties and undeveloped land to Dugan, at which point our joint venture partner was given an option to put up to
$50.0 million of its interest in Dugan to us in exchange for our common stock or cash (at our option). Our gain on acquisition, considering the derecognition of the put liability, was calculated as follows (in thousands):



|                                                          |  |   |         |  
|--------------------------------------------------------- |  | - | ------- | -
|Fair value of existing interest (represents 50% interest) |  | $ | 166,306 |  
|Less:                                                     |  |   |         |  
|Carrying value of investment in Dugan                     |  |   | 158,591 |  
|Put option liability derecognized                         |  |   | (50,000 | )
|                                                          |  |   |         |  
|                                                          |  |   | 108,591 |  
|                                                          | 
|Gain on acquisition                                       |  | $ | 57,715  |  

Since the
acquisition date, Dugans results of operations have been included in continuing operations in our consolidated financial statements and have generated $38.7 million of incremental rental revenue, $4.4 million of incremental rental expenses,
and $7.1 million of incremental real estate tax expense. We additionally have recognized $5.2 million of interest expense, subsequent to the acquisition date, related to Dugans two secured loans.



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Notes to Consolidated Financial Statements



Other 2010 Acquisitions

We also acquired additional properties during the year ended December 31, 2010 as shown below:



|                          |  |                |  |                     |    | 
|------------------------- |  | -------------- |  | ------------------- | -- | 
|Location                  |  | Product Type   |  | Number of Buildings |   
|Phoenix, Arizona          |  | Industrial     |  |                     | 1  | 
|South Florida             |  | Industrial     |  |                     | 40 | 
|Houston, Texas            |  | Industrial     |  |                     | 3  | 
|Chicago, Illinois         |  | Industrial     |  |                     | 2  | 
|Nashville, Tennessee      |  | Industrial     |  |                     | 1  | 
|Columbus, Ohio            |  | Industrial     |  |                     | 1  | 
|Charlotte, North Carolina |  | Medical Office |  |                     | 1  | 
|South Florida             |  | Office         |  |                     | 3  | 

The following table
summarizes our preliminary allocation of the fair value of amounts recognized for each major class of assets and liabilities (in thousands):



|                                  |  |   |         | 
|--------------------------------- |  | - | ------- | 
|Real estate assets                |  | $ | 483,396 | 
|Lease related intangible assets   |  |   | 122,069 | 
|Other assets                      |  |   | 6,822   | 
|                                  |  |   |         | 
|Total acquired assets             |  | $ | 612,287 | 
|                                  | 
|Secured and unsecured debt        |  | $ | 221,696 | 
|Other liabilities                 |  |   | 9,194   | 
|                                  |  |   |         | 
|Total assumed liabilities         |  | $ | 230,890 | 
|                                  | 
|Fair value of acquired net assets |  | $ | 381,397 | 

The above
acquisitions include the first tranche of a portfolio of primarily industrial properties in South Florida (the Premier Portfolio), which we purchased on December 30, 2010 for $281.7 million, including the assumption of secured debt
that had a face value of $155.7 million. The first tranche included 39 buildings totaling more than 3.4 million square feet, comprised of 38 industrial properties and one office property. We intend, and are under contract, to acquire another 17
buildings to complete the acquisition of the Premier Portfolio in early 2011. The acquisition of the Premier Portfolio includes an earn-out provision where we have agreed to pay the sellers 25% of any increase in the fair value of the properties
over an agreed-upon value, less our additional capital investments in the buildings, at the end of the five year period subsequent to the acquisition. At the time of acquisition, we estimated the fair value of this contingent payment to be
inconsequential and, as such, have not recorded any liability as part of purchase accounting. Any subsequent changes to this estimate will be recognized through future earnings. Overall purchase accounting allocations for the first tranche of the
Premier Portfolio are preliminary as of December 31, 2010.

2009 Consolidation of Retail Joint Ventures

Through March 31, 2009, we were a member in two retail real estate joint ventures with a retail developer. Both entities
were jointly controlled by us and our partner, through equal voting interests, and were accounted for as unconsolidated subsidiaries under the equity method. As of April 1, 2009, we had made combined equity contributions of $37.9 million to the
two entities and we also had combined outstanding principal and accrued interest of $173.0 million on advances to the two entities.



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We advanced $2.0 million to the two entities, who then distributed the $2.0 million to
our partner in exchange for the redemption of our partners membership interests, effective April 1, 2009, at which time we obtained 100% control of the voting interests of both entities. We entered into these transactions to gain control
of these two entities because it allowed us to operate and potentially dispose of the entities in a manner that best serves our capital needs.

In conjunction with the redemption of our partners membership interests, we entered a profits interest agreement that entitles our former partner to additional payments should the combined sale of
the two acquired entities, as well as the sale of another retail real estate joint venture that we and our partner still jointly control, result in an aggregate profit. Aggregate profit on the sale of these three projects will be calculated by using
a formula defined in the profits interest agreement. We have estimated that the fair value of the potential additional payment to our partner is insignificant.

A summary of the fair value of amounts recognized for each major class of assets and liabilities acquired is as follows (in thousands):



|                                        |  |   |         |  
|--------------------------------------- |  | - | ------- | -
|Buildings, land and tenant improvements |  | $ | 176,038 |  
|Undeveloped land                        |  |   | 6,500   |  
|                                        |  |   |         |  
|Total real estate assets                |  |   | 182,538 |  
|Lease related intangible assets         |  |   | 24,350  |  
|Other assets                            |  |   | 3,987   |  
|                                        |  |   |         |  
|Total acquired assets                   |  |   | 210,875 |  
|Liabilities assumed                     |  |   | (4,023  | )
|                                        |  |   |         |  
|Fair value of acquired net assets       |  | $ | 206,852 |  
|                                        |  |   |         |  

The fair values recognized from the real estate and related assets acquired were primarily determined using
the income approach. The most significant assumptions in the fair value estimates were the discount rates and the exit capitalization rates. The estimates of fair value were determined to have primarily relied upon Level 3 inputs.

We recognized a loss of $1.1 million upon acquisition, which represents the difference between the fair value of the recognized assets
and the carrying value of our pre-existing equity interest. The acquisition date fair value of the net recognized assets as compared to the acquisition date carrying value of our outstanding advances and accrued interest, as well as the acquisition
date carrying value of our pre-existing equity interests, is shown as follows (in thousands):



|                                                                    |  |   |          |  
|------------------------------------------------------------------- |  | - | -------- | -
|Net fair value of acquired assets and liabilities                   |  | $ | 206,852  |  
|Less advances to acquired entities eliminated upon consolidation    |  |   | (173,006 | )
|Less acquisition date carrying value of equity in acquired entities |  |   | (34,908  | )
|                                                                    |  |   |          |  
|Loss on acquisition                                                 |  | $ | (1,062   | )
|                                                                    |  |   |          |  

Since April 1, 2009, the results of operations for both acquired entities have been included in
continuing operations in our consolidated financial statements. Due to our significant pre-existing ownership and financing positions in the two acquired entities, the inclusion of their results of operations did not have a material effect on our
operating income.



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Notes to Consolidated Financial Statements



Fair Value Measurements

The fair value estimates used in allocating the aggregate purchase price of each acquisition among the individual components of real
estate assets and liabilities were determined primarily through calculating the as-if vacant value of each building, using the income approach, and relied significantly upon internally determined assumptions. We have, thus, determined
these estimates to have been primarily based upon Level 3 inputs, which are unobservable inputs based on our own assumptions. The most significant assumptions utilized in these estimates, for our 2010 acquisitions, are summarized as follows:



|                                                 |  |  |                | 
|------------------------------------------------ |  |  | -------------- | 
|Discount rate                                    |  |  | 8.9% - 12.5%   | 
|Exit capitalization rate                         |  |  | 7.6% - 10.5%   | 
|Lease up period                                  |  |  | 12 - 36 months | 
|Net rental rate per square foot - Industrial     |  |  | $ 1.80 - $8.00 | 
|Net rental rate per square foot - Office         |  |  | $19.00         | 
|Net rental rate per square foot - Medical Office |  |  | $19.27         | 

Acquisition-Related Transaction Costs

The gain on acquisition, in our consolidated Statements of Operations, for the year ended December 31, 2010 is presented net of $1.9 million of transaction costs.

Dispositions

We disposed of undeveloped land and income producing real estate related assets and received net proceeds of $499.5 million, $288.2 million and $459.6 million in 2010, 2009 and 2008, respectively.
Included in the building dispositions in 2010 is the sale of seven suburban office buildings, totaling over 1.0 million square feet, to a newly formed subsidiary of an existing 20% owned joint venture. These buildings were sold to the new
entity for an agreed value of $173.9 million, of which our 80% share of proceeds totaled $139.1 million.

All other
dispositions were not individually material.



|(4) | Related Party Transactions
|--- | --------------------------

We provide property management, asset management, leasing, construction and other tenant related services to unconsolidated companies in which we have equity interests. We recorded the corresponding fees
based on contractual terms that approximate market rates for these types of services and we have eliminated our ownership percentage of these fees in the consolidated financial statements. The following table summarizes the fees earned from these
companies for the years ended December 31, 2010, 2009 and 2008, respectively (in millions):



|                                  |  |      |      |  |      |   |      |      |  |   |      | 
|--------------------------------- |  | ---- | ---- |  | ---- | - | ---- | ---- |  | - | ---- | 
|                                  |  | 2010 |      |  | 2009 |   |      | 2008 | 
|Management fees                   |  | $    | 7.6  |  |      | $ | 8.4  |      |  | $ | 7.8  | 
|Leasing fees                      |  |      | 2.7  |  |      |   | 4.2  |      |  |   | 2.8  | 
|Construction and development fees |  |      | 10.3 |  |      |   | 10.2 |      |  |   | 12.7 | 



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Notes to Consolidated Financial Statements



|(5) | Investments in Unconsolidated Companies
|--- | ---------------------------------------

We have equity interests in unconsolidated joint ventures that develop, own and operate rental properties and hold land for development.

Combined summarized financial information for the unconsolidated companies as of December 31, 2010 and 2009, and for the years ended
December 31, 2010, 2009 and 2008, are as follows (in thousands):



|                                             |  |      |           |  |      |   |           |      |  |   |         | 
|-------------------------------------------- |  | ---- | --------- |  | ---- | - | --------- | ---- |  | - | ------- | 
|                                             |  | 2010 |           |  | 2009 |   |           | 2008 | 
|Rental revenue                               |  | $    | 228,378   |  |      | $ | 254,787   |      |  | $ | 250,312 | 
|                                             |  |      |           |  |      |   |           |      |  |   |         | 
|Net income                                   |  | $    | 19,202    |  |      | $ | 9,760     |      |  | $ | 40,437  | 
|                                             |  |      |           |  |      |   |           |      |  |   |         | 
|                                             |  |      |          
|Land, buildings and tenant improvements, net |  | $    | 1,687,228 |  |      | $ | 2,072,435 |      |  |   |         | 
|Construction in progress                     |  |      | 120,834   |  |      |   | 128,257   |      |  |   |         | 
|Undeveloped land                             |  |      | 177,473   |  |      |   | 176,356   |      |  |   |         | 
|Other assets                                 |  |      | 242,461   |  |      |   | 260,249   |      |  |   |         | 
|                                             |  |      |           |  |      |   |           |      |  |   |         | 
|                                             |  | $    | 2,227,996 |  |      | $ | 2,637,297 |      |  |   |         | 
|                                             |  |      |           |  |      |   |           |      |  |   |         | 
|                                             |  |      |          
|Indebtedness                                 |  | $    | 1,082,823 |  |      | $ | 1,319,696 |      |  |   |         | 
|Other liabilities                            |  |      | 66,471    |  |      |   | 75,393    |      |  |   |         | 
|                                             |  |      |           |  |      |   |           |      |  |   |         | 
|                                             |  |      | 1,149,294 |  |      |   | 1,395,089 |      |  |   |         | 
|Owners equity                               |  |      | 1,078,702 |  |      |   | 1,242,208 |      |  |   |         | 
|                                             |  |      |           |  |      |   |           |      |  |   |         | 
|                                             |  | $    | 2,227,996 |  |      | $ | 2,637,297 |      |  |   |         | 
|                                             |  |      |           |  |      |   |           |      |  |   |         | 

Dugan generated $42.5 million in revenues and $6.4 million of net income in the six months of 2010
prior to its July 1 consolidation. Dugan generated $85.7 million and $90.3 million of revenues and $12.5 million and $16.8 million of net income during 2009 and 2008, respectively, and had total assets of $649.3 million as of December 31,
2009.

Our share of the scheduled principal payments of long term debt for the unconsolidated joint ventures for each of the
next five years and thereafter as of December 31, 2010 are as follows (in thousands):



|           |  |                   |         | 
|---------- |  | ----------------- | ------- | 
|Year       |  | Future Repayments |        
|2011       |  | $                 | 72,349  | 
|2012       |  |                   | 3,710   | 
|2013       |  |                   | 70,522  | 
|2014       |  |                   | 30,157  | 
|2015       |  |                   | 57,486  | 
|Thereafter |  |                   | 127,614 | 
|           |  |                   |         | 
|           |  | $                 | 361,838 | 
|           |  |                   |         | 



|(6) | Discontinued Operations and Assets Held for Sale
|--- | ------------------------------------------------

The following table illustrates the number of properties in discontinued operations:



|           |  |               |   |  |              |  |    |              |  |  |              |  |  |       |   |  |  |  |    | 
|---------- |  | ------------- | - |  | ------------ |  | -- | ------------ |  |  | ------------ |  |  | ----- | - |  |  |  | -- | 
|           |  | Held For Sale |   |  | Sold in 2010 |  |    | Sold in 2009 |  |  | Sold in 2008 |  |  | Total |  
|Office     |  |               | 7 |  |              |  | 11 |              |  |  | 5            |  |  |       | 4 |  |  |  | 27 | 
|Industrial |  |               | 2 |  |              |  | 6  |              |  |  | -            |  |  |       | 4 |  |  |  | 12 | 
|Retail     |  |               | - |  |              |  | 2  |              |  |  | -            |  |  |       | - |  |  |  | 2  | 
|           |  |               |   |  |              |  |    |              |  |  |              |  |  |       |   |  |  |  |    | 
|           |  |               | 9 |  |              |  | 19 |              |  |  | 5            |  |  |       | 8 |  |  |  | 41 | 



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Notes to Consolidated Financial Statements



We allocate interest expense to discontinued operations and have included such interest
expense in computing income from discontinued operations. Interest expense allocable to discontinued operations includes interest on any secured debt for properties included in discontinued operations and an allocable share of our consolidated
unsecured interest expense for unencumbered properties. The allocation of unsecured interest expense to discontinued operations was based upon the gross book value of the unencumbered real estate assets included in discontinued operations as it
related to the total gross book value of our unencumbered real estate assets.

The following table illustrates operations of
the buildings reflected in discontinued operations for the years ended December 31 (in thousands):



|                                                   |  |      |         |   |      |   |         |      |  |   |         |  
|-------------------------------------------------- |  | ---- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | -
|                                                   |  | 2010 |         |   | 2009 |   |         | 2008 | 
|Revenues                                           |  | $    | 39,325  |   |      | $ | 56,463  |      |  | $ | 76,593  |  
|Operating expenses                                 |  |      | (14,893 | ) |      |   | (21,008 | )    |  |   | (26,990 | )
|Depreciation and amortization                      |  |      | (11,120 | ) |      |   | (16,697 | )    |  |   | (21,933 | )
|                                                   |  |      |         |   |      |   |         |      |  |   |         |  
|Operating income                                   |  |      | 13,312  |   |      |   | 18,758  |      |  |   | 27,670  |  
|Interest expense                                   |  |      | (10,580 | ) |      |   | (15,873 | )    |  |   | (19,124 | )
|                                                   |  |      |         |   |      |   |         |      |  |   |         |  
|Income before impairment charges and gain on sales |  |      | 2,732   |   |      |   | 2,885   |      |  |   | 8,546   |  
|Impairment charges                                 |  |      | -       |   |      |   | (26,936 | )    |  |   | (1,266  | )
|Gain on sale of depreciable properties             |  |      | 33,054  |   |      |   | 6,786   |      |  |   | 16,961  |  
|                                                   |  |      |         |   |      |   |         |      |  |   |         |  
|Income (loss) from discontinued operations         |  | $    | 35,786  |   |      | $ | (17,265 | )    |  | $ | 24,241  |  
|                                                   |  |      |         |   |      |   |         |      |  |   |         |  

The income from discontinued operations for all periods presented is entirely attributable to the common
unitholders.

At December 31, 2010, we classified nine properties as held-for-sale, which were included in discontinued
operations. Additionally, we have classified 15 in-service properties as held-for-sale, but have included the results of operations of these properties in continuing operations, either based on our present intention to sell the properties to
entities in which we will retain a minority equity ownership interest or because of continuing involvement through a management agreement. The following table illustrates aggregate balance sheet information of the aforementioned nine properties
included in discontinued operations, as well as the 15 held-for-sale properties whose results are included in continuing operations at December 31, 2010 (in thousands):



|                                |  |                                             |        |  |                                           |   |         |                              |  |   |         | 
|------------------------------- |  | ------------------------------------------- | ------ |  | ----------------------------------------- | - | ------- | ---------------------------- |  | - | ------- | 
|                                |  | PropertiesIncluded inDiscontinuedOperations |        |  | PropertiesIncluded inContinuingOperations |   |         | TotalHeld-for-SaleProperties | 
|Balance Sheet:                  |  |                                             |        |  |                                           |   |         |                              |  |   |         | 
|Real estate investment, net     |  | $                                           | 89,643 |  |                                           | $ | 265,049 |                              |  | $ | 354,692 | 
|Other assets                    |  |                                             | 9,557  |  |                                           |   | 30,038  |                              |  |   | 39,595  | 
|                                |  |                                             |        |  |                                           |   |         |                              |  |   |         | 
|Total assets held-for-sale      |  | $                                           | 99,200 |  |                                           | $ | 295,087 |                              |  | $ | 394,287 | 
|                                |  |                                             |        |  |                                           |   |         |                              |  |   |         | 
|                                |  |                                             |       
|Accrued expenses                |  | $                                           | 2,936  |  |                                           | $ | 6,679   |                              |  | $ | 9,615   | 
|Other liabilities               |  |                                             | 1,789  |  |                                           |   | 3,328   |                              |  |   | 5,117   | 
|                                |  |                                             |        |  |                                           |   |         |                              |  |   |         | 
|Total liabilities held-for-sale |  | $                                           | 4,725  |  |                                           | $ | 10,007  |                              |  | $ | 14,732  | 
|                                |  |                                             |        |  |                                           |   |         |                              |  |   |         | 



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|(7) | Impairments and Other Charges
|--- | -----------------------------

The following table illustrates impairment and other charges recognized during the years ended December 31, 2010, 2009 and 2008, respectively (in thousands):



|                                                             |  |      |       |  |      |   |         |      |  |   |        |  
|------------------------------------------------------------ |  | ---- | ----- |  | ---- | - | ------- | ---- |  | - | ------ | -
|                                                             |  | 2010 |       |  | 2009 |   |         | 2008 | 
|Undeveloped land                                             |  | $    | 9,834 |  |      | $ | 136,581 |      |  | $ | 8,632  |  
|Buildings                                                    |  |      | -     |  |      |   | 78,087  |      |  |   | 2,799  |  
|Investments in unconsolidated companies                      |  |      | -     |  |      |   | 56,437  |      |  |   | -      |  
|Other real estate related assets                             |  |      | -     |  |      |   | 31,461  |      |  |   | -      |  
|                                                             |  |      |       |  |      |   |         |      |  |   |        |  
|Impairment charges                                           |  | $    | 9,834 |  |      | $ | 302,566 |      |  | $ | 11,431 |  
|Less: Impairment charges included in discontinued operations |  |      | -     |  |      |   | (26,936 | )    |  |   | (1,266 | )
|                                                             |  |      |       |  |      |   |         |      |  |   |        |  
|Impairment charges - continuing operations                   |  | $    | 9,834 |  |      | $ | 275,630 |      |  | $ | 10,165 |  
|                                                             |  |      |       |  |      |   |         |      |  |   |        |  

Land and Buildings

During 2009, we refined our operating strategy and one result of this change in strategy was the decision to dispose of approximately 1,800 acres of land, which had a total cost basis of $385.3 million,
rather than holding them for future development. Our change in strategy for this land triggered the requirement to conduct an impairment analysis, which resulted in a determination that a significant portion of the land was impaired.
We recognized impairment charges on land of $136.6 million in 2009, primarily as the result of writing down the land that was identified for disposition, and determined to be impaired, to fair value. As part of determining the fair value of the
non-strategic land in connection with the impairment analysis, we considered estimates made by national and local independent real estate brokers who were familiar both with the land parcels subject to evaluation as well as with conditions in the
specific markets where the land was located. There were few, if any, recent and representative transactions in many of the markets where our non-strategic land was, or is still, located upon which we could base our impairment analysis. In such
instances, we considered older comparable transactions, while adjusting estimated values downward to reflect the troubled condition of the overall economy at the time, constraints on available capital for potential buyers, and the resultant effect
of both of these factors on real estate prices. In all cases, members of our senior management that were responsible for the individual markets where the non-strategic land was located and members of our accounting and financial management team
reviewed the brokers estimates for factual accuracy and reasonableness. In almost all cases, our estimate of fair value was comparable to that estimated by the brokers; however, we were ultimately responsible for all valuation estimates made
in determining the extent of the impairment. Actual sales of our undeveloped land targeted for disposition could be at prices that differ significantly from our estimates and additional impairments may be necessary in the future in the event market
conditions deteriorate further. Our valuation estimates primarily relied upon Level 3 inputs, as defined earlier in this report.



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During 2009, we also reviewed our existing portfolio of buildings and determined that
several buildings, which had previously not been actively marketed for disposal, were not strategic and would not be held as long-term investments. Additionally, at various times throughout the year, we determined it appropriate to re-evaluate
certain other buildings that were in various stages of the disposition process for impairment because new information was available that triggered further analysis. Impairment charges of $78.1 million were recognized for 28 office, industrial and
retail buildings that were determined to be impaired, either as the result of a refinement in managements strategy or changes in market conditions. Of the 28 commercial buildings that were determined to be impaired during 2009, we utilized an
income approach in determining the fair value of 16 of the buildings and a market approach in determining the fair value of the other twelve buildings. The most significant assumptions, when using the income approach, included the discount rate as
well as future exit capitalization rates, occupancy levels, rental rates and capital expenditures. The twelve buildings to which the market approach was applied were in various stages of the selling process. Our estimates of fair value for these
twelve buildings were based upon asset-specific purchase and sales contracts, letters of intent or otherwise agreed upon offer prices, with third parties. These negotiated prices were based upon, and comparable to, income approach calculations we
completed as part of the selling process. Ten of these twelve properties were sold subsequent to the recognition of the impairment charge. There were no material differences in the ultimate selling price of the buildings compared to the selling
price used in measuring the initial impairment charge. Fair value measurements for the buildings that were determined to be impaired relied primarily upon Level 3 inputs, as defined earlier in this report.

Investments in Unconsolidated Subsidiaries

We have an investment in an unconsolidated entity (the 3630 Peachtree joint venture) whose sole activity is the development and operation of the office component of a multi-use office and
residential high-rise building located in the Buckhead sub-market of Atlanta. As the result of declines in rental rates and projected increases in capital costs, we analyzed our investment during the three-month period ended September 30, 2009
and recognized an impairment charge to write off our $14.4 million investment, as we determined that an other-than-temporary decline in value had taken place. As a result of the 3630 Peachtree joint ventures obligations to the lender in its
construction loan agreement, the likelihood that our partner will be unable to contribute its share of the additional equity to fund the 3630 Peachtree joint ventures future capital costs, and ultimately the obligation stemming from our joint
and several guarantee of the 3630 Peachtree joint venture loan, we recorded an additional liability of $36.3 million, and an equal charge to impairment expense, for our probable future obligations to the lender. The estimates of fair value utilized
in determining the aforementioned charges relied primarily on Level 3 inputs, as defined earlier in this report.

Due to
credit issues with its most significant tenant, an inability to renew third-party financing on acceptable terms and an increase to its projected capital expenditures, we analyzed an investment in an unconsolidated joint venture (the Park Creek
joint venture) during the three-month period ended June 30, 2009 to determine whether there was an other-than-temporary decline in value. As a result of that analysis, we determined that an other-than-temporary decline in value had taken
place and we wrote our investment in the Park Creek joint venture down to its fair value, thus recognizing a $5.8 million impairment charge. We estimated the fair value of the Park Creek joint venture using the income approach and the most
significant assumption in the estimate was the expected period of time in which we would hold our investment in the joint venture. We concluded that the estimate of fair value relied primarily upon Level 3 inputs, as defined earlier in this report.



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Other Real Estate Related Assets

We recognized $31.5 million of impairment charges on other real estate related assets during 2009. The impairment charges related
primarily to reserving loans receivable from other real estate entities as well as writing off previously deferred development costs.



|(8) | Indebtedness
|--- | ------------

Indebtedness at December 31, 2010 and 2009 consists of the following (in thousands):



|                                                                                                                                                                   |  |      |           |  |      |   |           | 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ---- | --------- |  | ---- | - | --------- | 
|                                                                                                                                                                   |  | 2010 |           |  | 2009 |  
|Fixed rate secured debt, weighted average interest rate of 6.41% at December 31, 2010, and 6.67% at December 31, 2009,
maturity dates ranging from 2011 to 2027    |  | $    | 1,042,722 |  |      | $ | 766,299   | 
|                                                                                                                                                                   |  |     
|Variable rate secured debt, weighted average interest rate of 3.69% at December 31, 2010, and 3.33% at December 31,
2009, maturity dates ranging from 2012 to 2025 |  |      | 22,906    |  |      |   | 19,498    | 
|                                                                                                                                                                   |  |     
|Fixed rate unsecured debt, weighted average interest rate of 6.43% at December 31, 2010, and 6.32% at December 31,
2009, maturity dates ranging from 2011 to 2028  |  |      | 2,948,405 |  |      |   | 3,052,465 | 
|                                                                                                                                                                   |  |     
|Unsecured lines of credit, weighted average interest rate of 2.83% at December 31, 2010, and 1.08% at December 31, 2009,
maturity dates ranging from 2011 to 2013  |  |      | 193,046   |  |      |   | 15,770    | 
|                                                                                                                                                                   |  |      |           |  |      |   |           | 
|                                                                                                                                                                   |  | $    | 4,207,079 |  |      | $ | 3,854,032 | 
|                                                                                                                                                                   |  |      |           |  |      |   |           | 

Fixed Rate Secured Debt

As of December 31, 2010, our secured debt was collateralized by rental properties with a carrying value of $1.8 billion and by letters of credit in the amount of $7.0 million.

The fair value of our fixed rate secured debt as of December 31, 2010 was $1.1 billion. Because our fixed rate secured debt is not
actively traded in any marketplace, we used a discounted cash flow methodology to determine its fair value. Accordingly, we calculated fair value by applying an estimate of the current market rate to discount the debts remaining contractual
cash flows. Our estimate of a current market rate, which is the most significant input in the discounted cash flow calculation, is intended to replicate debt of similar maturity and loan-to-value relationship. The estimated rates ranged from 4.80%
to 6.70%, depending on the attributes of the specific loans. The current market rates we utilized were internally estimated; therefore, we have concluded that our determination of fair value for our fixed rate secured debt was primarily based upon
Level 3 inputs, as defined earlier in this report.

On July 1, 2010, we assumed two non-recourse secured loans associated
with the acquisition of Dugan, which had acquisition-date fair values of $196.6 million and $88.8 million and face values of $195.4 million and $87.6 million. The $196.6 million loan, which bore interest at a rate of 7.52%, was repaid at its
maturity in October 2010 while the $88.8 million loan, which bears interest at 5.92%, matures in October 2012. Both loans were determined at acquisition to have a market interest rate of 5.25%.

In December 2010, we assumed 14 secured loans which had an acquisition date fair value of $158.2 million and a face value of $155.7
million, in conjunction with the acquisition of the Premier Portfolio. The loans carry a weighted average interest rate of 5.58% and a weighted remaining term of 3.4 years. The assumed loans were determined to have market interest rates of 5.00%.



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Notes to Consolidated Financial Statements



In conjunction with two other acquisitions, we assumed two loans, with a combined
acquisition date fair value of $36.4 million, in December 2010. These two loans had a combined face value of $35.8 million. The loans mature in May 2014 and October 2016 and were determined to have market interest rates of 5.25% and 5.12%.

In February, March and July 2009, we borrowed a total of $270.0 million from three 10-year fixed rate secured debt financings
that are secured by 32 rental properties. The secured debt bears interest at a weighted average rate of 7.69% and matures at various points in 2019. Additionally, in June 2009, we borrowed $8.5 million from two 6.50% 10-year fixed rate mortgages due
in 2019, which are secured by two properties.

Fixed Rate Unsecured Debt

Gains and losses on repurchase are shown after the write off of applicable issuance costs and other accounting adjustments.

We took the following actions during 2010 and 2009 as it pertains to our fixed rate unsecured indebtedness:



| |  |  | In January 2010, we repaid $99.8 million of corporate unsecured debt, which had an effective interest rate of 5.37%, at its scheduled maturity date.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | Throughout 2010, through a cash tender offer and open market transactions, we repurchased certain of our outstanding series of senior unsecured notes
scheduled to mature in 2011 and 2013 for $292.2 million. The total face value of these repurchases was $279.9 million. We recognized a loss of $16.3 million on the repurchases after writing off applicable issuance costs and other accounting
adjustments.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | On April 1, 2010, we issued $250.0 million of senior unsecured notes that bear interest at 6.75% and mature on March 15, 2020.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------

| |  |  | In conjunction with one of our acquisitions in 2010, we assumed a $22.4 million unsecured loan that matures in June 2020 and bears interest at an
effective rate of 6.26%. This loan was originated less than one year prior to the acquisition and we concluded that the loans fair value equaled its face value.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | In February 2009, we repaid $124.0 million of 6.83% corporate unsecured debt at its scheduled maturity date.
| | - |  | ------------------------------------------------------------------------------------------------------------

| |  |  | Throughout 2009, we repurchased portions of various series of our senior unsecured notes with various scheduled maturity dates through December 2011,
both on the open market and through cash tender offers, for $500.9 million. The total face value of these repurchases was $542.9 million. We recognized a gain of $27.5 million on the repurchases after writing off applicable issuance costs and other
accounting adjustments. The aforementioned gains on repurchase were partially offset by a $6.8 million charge to write off fees paid for a cancelled secured debt transaction.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | In August 2009, we issued $500.0 million of senior unsecured notes in two equal tranches. The first $250.0 million of the senior unsecured notes mature
in February 2015 and bear interest at an effective rate of 7.50%, while the other $250.0 million of the senior unsecured notes mature in August 2019 and bear interest at an effective rate of 8.38%.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  |  | In November 2009, we repaid $82.1 million of senior unsecured notes with an effective interest rate of 7.86% on their scheduled maturity date.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------



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Notes to Consolidated Financial Statements



The fair value of our fixed rate unsecured debt as of December 31, 2010 was
approximately $3.2 billion. We utilized broker estimates in estimating the fair value of our fixed rate unsecured debt. Our unsecured notes are thinly traded and, in many cases, the broker estimates were not based upon comparable transactions. The
broker estimates took into account any recent trades within the same series of our fixed rate unsecured debt, comparisons to recent trades of other series of our fixed rate unsecured debt, trades of fixed rate unsecured debt from companies with
profiles similar to ours, as well as overall economic conditions. We reviewed these broker estimates for reasonableness and accuracy, considering whether the estimates were based upon market participant assumptions within the principal and most
advantageous market and whether any observable inputs would be more preferable indicators of fair value to the broker estimates. We concluded that the broker estimates were representative of fair value. We have determined that our estimation of the
fair value of our fixed rate unsecured debt was primarily based upon Level 3 inputs. The estimated trading values of our fixed rate unsecured debt, depending on the maturity and coupon rates, ranged from 101.00% to 117.30% of face value.

The indentures (and related supplemental indentures) governing our outstanding series of notes also require us to comply with financial
ratios and other covenants regarding our operations. We were in compliance with all such covenants as of December 31, 2010.

Unsecured Lines of Credit

Our unsecured lines of credit as of
December 31, 2010 are described as follows (in thousands):



|                                                   |  |                   |         |  |               |  |               |                                  |  |   |         | 
|-------------------------------------------------- |  | ----------------- | ------- |  | ------------- |  | ------------- | -------------------------------- |  | - | ------- | 
|Description                                        |  | BorrowingCapacity |         |  | Maturity Date |  |               | Outstandingat December 31, 
2010 | 
|Unsecured Line of Credit  Partnership             |  | $                 | 850,000 |  |               |  | February 2013 |                                  |  | $ | 175,000 | 
|Unsecured Line of Credit  Consolidated Subsidiary |  | $                 | 30,000  |  |               |  | July 2011     |                                  |  | $ | 18,046  | 

The
Partnerships unsecured line of credit has a borrowing capacity of $850.0 million with an interest rate on borrowings of LIBOR plus 2.75% (equal to 3.01% for borrowings as of December 31, 2010), and matures in February 2013. Subject to
certain conditions, the terms also include an option to increase the facility by up to an additional $200.0 million, for a total of up to $1.05 billion. This line of credit provides us with an option to obtain borrowings from financial institutions
that participate in the line, at rates that may be lower than the stated interest rate, subject to certain restrictions.

This
line of credit contains financial covenants that require us to meet certain financial ratios and defined levels of performance, including those related to fixed charge coverage and debt-to-asset value (with asset value being defined in the
Partnerships unsecured line of credit agreement). As of December 31, 2010, we were in compliance with all covenants under this line of credit.

The consolidated subsidiarys unsecured line of credit allows for borrowings up to $30.0 million at a rate of LIBOR plus .85% (equal to 1.11% for outstanding borrowings as of December 31, 2010).
This unsecured line of credit is used to fund development activities within the consolidated subsidiary and matures in July 2011 with, at our option, a 12-month extension.



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To the extent that there are outstanding borrowings, we utilize a discounted cash flow
methodology in order to estimate the fair value of our unsecured lines of credit. The net present value of the difference between future contractual interest payments and future interest payments based on our estimate of a current market rate
represents the difference between the book value and the fair value. Our estimate of a current market rate is based upon the rate, considering current market conditions and our specific credit profile, at which we estimate we could obtain similar
borrowings. The current market rate of 2.91% that we utilized was internally estimated; therefore, we have concluded that our determination of fair value for our unsecured lines of credit was primarily based upon Level 3 inputs, as defined earlier
in this report.

Changes in Fair Value

As all of our fair value debt disclosures relied primarily on Level 3 inputs, the following table summarizes the book value and changes in the fair value of our debt for the year ended December 31,
2010 (in thousands):



|                           |  |                       |           |  |                       |   |           |                        |  |   |                               |  |  |                           |        |  |         |   |         |                          |  |   |                        |   |  |   |         |  |  |   |           | 
|-------------------------- |  | --------------------- | --------- |  | --------------------- | - | --------- | ---------------------- |  | - | ----------------------------- |  |  | ------------------------- | ------ |  | ------- | - | ------- | ------------------------ |  | - | ---------------------- | - |  | - | ------- |  |  | - | --------- | 
|                           |  | Book Valueat 12/31/09 |           |  | Book Valueat 12/31/10 |   |           | Fair Valueat 
12/31/09 |  |   | Total 
RealizedLosses/(Gains) |  |  | Issuances 
andAssumptions |        |  | Payoffs |   |         | Adjustmentsto Fair
Value |  |   | Fair Valueat 
12/31/10 |  
|Fixed rate secured debt    |  | $                     | 766,299   |  |                       | $ | 1,042,722 |                        |  | $ | 770,255                       |  |  | $                         | -      |  |         | $ | 479,038 |                          |  | $ | (207,061               | ) |  | $ | 27,330  |  |  | $ | 1,069,562 | 
|Variable rate secured debt |  |                       | 19,498    |  |                       |   | 22,906    |                        |  |   | 14,419                        |  |  |                           | -      |  |         |   | 4,158   |                          |  |   | -                      |   |  |   | 4,329   |  |  |   | 22,906    | 
|Fixed rate unsecured notes |  |                       | 3,052,465 |  |                       |   | 2,948,405 |                        |  |   | 3,042,230                     |  |  |                           | 12,317 |  |         |   | 272,352 |                          |  |   | (380,280               | ) |  |   | 218,032 |  |  |   | 3,164,651 | 
|Unsecured lines of credit  |  |                       | 15,770    |  |                       |   | 193,046   |                        |  |   | 14,714                        |  |  |                           | -      |  |         |   | 177,276 |                          |  |   | -                      |   |  |   | 1,234   |  |  |   | 193,224   | 
|                           |  |                       |           |  |                       |   |           |                        |  |   |                               |  |  |                           |        |  |         |   |         |                          |  |   |                        |   |  |   |         |  |  |   |           | 
|Total                      |  | $                     | 3,854,032 |  |                       | $ | 4,207,079 |                        |  | $ | 3,841,618                     |  |  | $                         | 12,317 |  |         | $ | 932,824 |                          |  | $ | (587,341               | ) |  | $ | 250,925 |  |  | $ | 4,450,343 | 
|                           |  |                       |           |  |                       |   |           |                        |  |   |                               |  |  |                           |        |  |         |   |         |                          |  |   |                        |   |  |   |         |  |  |   |           | 

Scheduled Maturities and Interest Paid

At December 31, 2010, the scheduled amortization and maturities of all indebtedness, excluding fair value and other accounting
adjustments, for the next five years and thereafter were as follows (in thousands):



| |            |      |   |           |  |  |  | 
| | ---------- | ---- | - | --------- |  |  |  | 
| |            | Year |   | Amount    |  |  | 
| | 2011       |      | $ | 401,311   |  | 
| | 2012       |      |   | 320,780   |  | 
| | 2013       |      |   | 702,337   |  | 
| | 2014       |      |   | 319,150   |  | 
| | 2015       |      |   | 321,254   |  | 
| | Thereafter |      |   | 2,139,529 |  | 
| |            |      |   |           |  | 
| |            |      | $ | 4,204,361 |  | 
| |            |      |   |           |  | 

The amount of interest paid in 2010, 2009 and 2008 was $246.5 million, $224.0 million
and $235.6 million, respectively. The amount of interest capitalized in 2010, 2009 and 2008 was $11.5 million, $26.9 million and $53.5 million, respectively.



|(9) | Segment Reporting
|--- | -----------------

We have three reportable operating segments, the first two of which consist of the ownership and rental of office and industrial real
estate investments. The operations of our office and industrial properties, along with our medical office and retail properties, are collectively referred to as Rental Operations. Our medical office and retail properties do not meet the
quantitative thresholds for separate presentation as reportable segments. The third reportable segment consists of providing various real estate services such as property management, asset management, maintenance, leasing, development and
construction management to third-party property owners and joint ventures, as well as our Build-for-Sale operations (defined below), and is collectively referred to as Service Operations. Our reportable segments offer different products
or services and are managed separately because each segment requires different operating strategies and management expertise.



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Notes to Consolidated Financial Statements



Gains on sale of properties developed or acquired with the intent to sell
(Build-for-Sale properties), and whose operations prior to sale are insignificant, are classified as part of the income of the Service Operations business segment. The periods of operation for Build-for-Sale properties prior to sale were
of short duration. Build-for-Sale properties, which are no longer part of our operating strategy, did not represent a significant component of our operations in 2010 or 2009.

Other revenue consists of other operating revenues not identified with one of our operating segments. Interest expense and other non-property specific revenues and expenses are not allocated to individual
segments in determining our performance measure.

We assess and measure our overall operating results based upon an industry
performance measure referred to as Funds From Operations (FFO), which management believes is a useful indicator of our consolidated operating performance. FFO is used by industry analysts and investors as a supplemental operating
performance measure of a REIT. The National Association of Real Estate Investment Trusts (NAREIT) created FFO as a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from net
income determined in accordance with GAAP. FFO is a non-GAAP financial measure. The most comparable GAAP measure is net income (loss) attributable to common unitholders. Consolidated FFO attributable to common unitholders should not be considered as
a substitute for net income (loss) attributable to common unitholders or any other measures derived in accordance with GAAP and may not be comparable to other similarly titled measures of other companies. FFO is calculated in accordance with the
definition that was adopted by the Board of Governors of NAREIT. We do not allocate certain income and expenses (Non-Segment Items as shown in the table below) to our operating segments. Thus, the operational performance measure
presented here on a segment-level basis represents net earnings excluding depreciation expense, as well as excluding the Non-Segment Items not allocated, and is not meant to present FFO as defined by NAREIT.

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 analysts and investors have considered presentation of operating results for real estate companies that use
historical cost accounting to be insufficient by themselves. FFO, as defined by NAREIT, represents GAAP net income (loss), excluding extraordinary items as defined under GAAP and gains or losses from sales of previously depreciated 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.

Management believes that the use of consolidated FFO attributable to common unitholders, combined with net income (which remains the primary measure of performance), improves the understanding of
operating results of REITs among the investing public and makes comparisons of REIT operating results more meaningful. Management believes that, by excluding gains or losses related to sales of previously depreciated real estate assets and excluding
real estate asset depreciation and amortization, investors and analysts are able to readily identify the operating results of the long-term assets that form the core of a REITs activity and assist in comparing these operating results between
periods or as compared to different companies.



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Notes to Consolidated Financial Statements



The following table shows (i) the revenues and FFO for each of the reportable
segments and (ii) a reconciliation of consolidated FFO attributable to common unitholders to net income (loss) attributable to common unitholders for the years ended December 31, 2010, 2009 and 2008 (in thousands):



|                                                                    |  |      |           |   |      |   |           |      |  |   |           |  
|------------------------------------------------------------------- |  | ---- | --------- | - | ---- | - | --------- | ---- |  | - | --------- | -
|                                                                    |  | 2010 |           |   | 2009 |   |           | 2008 | 
|Revenues                                                            |  |      |           |   |      |   |           |      |  |   |           |  
|Rental Operations:                                                  |  |      |           |   |      |   |           |      |  |   |           |  
|Office                                                              |  | $    | 504,812   |   |      | $ | 523,695   |      |  | $ | 509,203   |  
|Industrial                                                          |  |      | 295,960   |   |      |   | 254,515   |      |  |   | 245,663   |  
|Non-reportable Rental Operations segments                           |  |      | 66,376    |   |      |   | 51,645    |      |  |   | 28,023    |  
|General contractor and service fee revenue                          |  |      | 515,361   |   |      |   | 449,509   |      |  |   | 434,624   |  
|                                                                    |  |      |           |   |      |   |           |      |  |   |           |  
|Total Segment Revenues                                              |  |      | 1,382,509 |   |      |   | 1,279,364 |      |  |   | 1,217,513 |  
|Other Revenue                                                       |  |      | 11,094    |   |      |   | 12,377    |      |  |   | 19,902    |  
|                                                                    |  |      |           |   |      |   |           |      |  |   |           |  
|Consolidated Revenue from continuing operations                     |  |      | 1,393,603 |   |      |   | 1,291,741 |      |  |   | 1,237,415 |  
|Discontinued Operations                                             |  |      | 39,325    |   |      |   | 56,463    |      |  |   | 76,593    |  
|                                                                    |  |      |           |   |      |   |           |      |  |   |           |  
|Consolidated Revenue                                                |  | $    | 1,432,928 |   |      | $ | 1,348,204 |      |  | $ | 1,314,008 |  
|                                                                    |  |      |           |   |      |   |           |      |  |   |           |  
|                                                                    |  |      |          
|Reconciliation of Consolidated Funds From Operations                |  |      |           |   |      |   |           |      |  |   |           |  
|Net earnings excluding depreciation and Non-Segment Items           |  |      |           |   |      |   |           |      |  |   |           |  
|Office                                                              |  | $    | 291,429   |   |      | $ | 307,866   |      |  | $ | 304,664   |  
|Industrial                                                          |  |      | 219,266   |   |      |   | 191,116   |      |  |   | 188,517   |  
|Non-reportable Rental Operations segments                           |  |      | 43,424    |   |      |   | 33,886    |      |  |   | 17,033    |  
|Service Operations                                                  |  |      | 28,496    |   |      |   | 21,843    |      |  |   | 54,938    |  
|                                                                    |  |      |           |   |      |   |           |      |  |   |           |  
|                                                                    |  |      | 582,615   |   |      |   | 554,711   |      |  |   | 565,152   |  
|Non-Segment Items:                                                  |  |      |           |   |      |   |           |      |  |   |           |  
|Interest expense                                                    |  |      | (239,383  | ) |      |   | (205,952  | )    |  |   | (184,000  | )
|Impairment charges                                                  |  |      | (9,834    | ) |      |   | (275,630  | )    |  |   | (10,165   | )
|Interest and other income                                           |  |      | 534       |   |      |   | 1,229     |      |  |   | 1,451     |  
|Other operating expenses                                            |  |      | (1,231    | ) |      |   | (1,017    | )    |  |   | (8,298    | )
|General and administrative expenses                                 |  |      | (41,329   | ) |      |   | (47,937   | )    |  |   | (39,508   | )
|Gain on land sales                                                  |  |      | -         |   |      |   | 357       |      |  |   | 12,651    |  
|Undeveloped land carrying costs                                     |  |      | (9,203    | ) |      |   | (10,403   | )    |  |   | (8,204    | )
|Gain (loss) on debt transactions                                    |  |      | (16,349   | ) |      |   | 20,700    |      |  |   | 1,953     |  
|Gain (loss) on acquisitions, net                                    |  |      | 55,820    |   |      |   | (1,062    | )    |  |   | -         |  
|Income tax benefit (expense)                                        |  |      | 1,126     |   |      |   | 6,070     |      |  |   | 7,005     |  
|Other non-segment income                                            |  |      | 8,132     |   |      |   | 5,905     |      |  |   | 17,332    |  
|Net loss attributable to noncontrolling interests                   |  |      | 185       |   |      |   | 241       |      |  |   | 637       |  
|Joint venture items                                                 |  |      | 40,346    |   |      |   | 46,862    |      |  |   | 61,026    |  
|Distributions on Preferred Units                                    |  |      | (69,468   | ) |      |   | (73,451   | )    |  |   | (71,426   | )
|Adjustments for repurchase of Preferred Units                       |  |      | (10,438   | ) |      |   | -         |      |  |   | 14,046    |  
|Discontinued operations                                             |  |      | 13,852    |   |      |   | (7,354    | )    |  |   | 29,213    |  
|                                                                    |  |      |           |   |      |   |           |      |  |   |           |  
|Consolidated FFO attributable to common unitholders                 |  |      | 305,375   |   |      |   | 13,269    |      |  |   | 388,865   |  
|Depreciation and amortization on continuing operations              |  |      | (349,064  | ) |      |   | (323,429  | )    |  |   | (293,019  | )
|Depreciation and amortization on discontinued operations            |  |      | (11,120   | ) |      |   | (16,697   | )    |  |   | (21,933   | )
|Partnerships share of joint venture adjustments                    |  |      | (34,674   | ) |      |   | (36,966   | )    |  |   | (37,704   | )
|Earnings from depreciated property sales on continuing operations   |  |      | 39,662    |   |      |   | 12,337    |      |  |   | -         |  
|Earnings from depreciated property sales on discontinued operations |  |      | 33,054    |   |      |   | 6,786     |      |  |   | 16,961    |  
|Earnings from depreciated property sales - share of joint venture   |  |      | 2,308     |   |      |   | -         |      |  |   | 495       |  
|                                                                    |  |      |           |   |      |   |           |      |  |   |           |  
|Net income (loss) attributable to common unitholders                |  | $    | (14,459   | ) |      | $ | (344,700  | )    |  | $ | 53,665    |  
|                                                                    |  |      |           |   |      |   |           |      |  |   |           |  



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Notes to Consolidated Financial Statements



The assets for each of the reportable segments as of December 31, 2010 and 2009 are
as follows (in thousands):



|                                          |  |                  |           |  |                  |   |           | 
|----------------------------------------- |  | ---------------- | --------- |  | ---------------- | - | --------- | 
|                                          |  | December 31,2010 |           |  | December 31,2009 |  
|Assets                                    |  |                  |           |  |                  |   |           | 
|Rental Operations:                        |  |                  |           |  |                  |   |           | 
|Office                                    |  | $                | 3,122,565 |  |                  | $ | 3,394,229 | 
|Industrial                                |  |                  | 3,210,566 |  |                  |   | 2,233,607 | 
|Non-reportable Rental Operations segments |  |                  | 627,491   |  |                  |   | 605,102   | 
|Service Operations                        |  |                  | 231,662   |  |                  |   | 332,676   | 
|                                          |  |                  |           |  |                  |   |           | 
|Total Segment Assets                      |  |                  | 7,192,284 |  |                  |   | 6,565,614 | 
|Non-Segment Assets                        |  |                  | 451,840   |  |                  |   | 738,879   | 
|                                          |  |                  |           |  |                  |   |           | 
|Consolidated Assets                       |  | $                | 7,644,124 |  |                  | $ | 7,304,493 | 
|                                          |  |                  |           |  |                  |   |           | 

Tenant improvements and leasing costs to re-let rental space that had been previously under lease to tenants
are referred to as second generation expenditures. Building improvements that are not specific to any tenant but serve to improve integral components of our real estate properties are also second generation expenditures. In addition to revenues and
FFO, we also review our second generation capital expenditures in measuring the performance of our individual Rental Operations segments. We review these expenditures to determine the costs associated with re-leasing vacant space and maintaining the
condition of our properties. Our second generation capital expenditures by segment are summarized as follows for the years ended December 31, 2010, 2009 and 2008 (in thousands):



|                                          |  |      |        |  |      |   |        |      |  |   |        | 
|----------------------------------------- |  | ---- | ------ |  | ---- | - | ------ | ---- |  | - | ------ | 
|                                          |  | 2010 |        |  | 2009 |   |        | 2008 | 
|Second Generation Capital Expenditures    |  |      |        |  |      |   |        |      |  |   |        | 
|Office                                    |  | $    | 65,203 |  |      | $ | 64,281 |      |  | $ | 56,844 | 
|Industrial                                |  |      | 23,271 |  |      |   | 13,845 |      |  |   | 16,443 | 
|Non-reportable Rental Operations segments |  |      | 249    |  |      |   | 928    |      |  |   | 1,527  | 
|                                          |  |      |        |  |      |   |        |      |  |   |        | 
|Total                                     |  | $    | 88,723 |  |      | $ | 79,054 |      |  | $ | 74,814 | 
|                                          |  |      |        |  |      |   |        |      |  |   |        | 



|(10) | Leasing Activity
|---- | ----------------

Future minimum rents due to us under non-cancelable operating leases at December 31, 2010 are as follows (in thousands):



|           |  |        |           | 
|---------- |  | ------ | --------- | 
|Year       |  | Amount |          
|2011       |  | $      | 725,006   | 
|2012       |  |        | 685,716   | 
|2013       |  |        | 601,796   | 
|2014       |  |        | 499,821   | 
|2015       |  |        | 413,880   | 
|Thereafter |  |        | 1,302,113 | 
|           |  |        |           | 
|           |  | $      | 4,228,332 | 
|           |  |        |           | 

In addition to minimum rents, certain leases require reimbursements of specified operating expenses that
amounted to $190.0 million, $191.0 million and $183.2 million for the years ended December 31, 2010, 2009 and 2008, respectively.



|(11) | Employee Benefit Plans
|---- | ----------------------

We maintain a 401(k) plan for full-time employees. We have historically made matching contributions up to an amount equal to three percent of the employees salary and may also make annual
discretionary contributions. The General Partner temporarily suspended its matching program beginning in July 2009; however, a discretionary contribution was made at the end of 2010. The total expense recognized for this plan was $1.3 million, $1.6
million and $3.0 million for the years ended December 31, 2010, 2009 and 2008, respectively.



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We make contributions to a contributory health and welfare plan as necessary to fund
claims not covered by employee contributions. The total expense we recognized related to this plan was $10.4 million, $11.2 million and $9.6 million for 2010, 2009 and 2008, respectively. These expense amounts include estimates based upon the
historical experience of claims incurred but not reported as of year-end.



|(12) | Partners Equity
|---- | ----------------

The General Partner periodically uses the public equity markets to fund the development and acquisition of additional rental properties or to pay down debt. The proceeds of these offerings are contributed
to us in exchange for an additional interest in the Partnership.

In June 2010, the General Partner issued 26.5 million
shares of its common stock for net proceeds of approximately $298.1 million. The proceeds from this offering were used for acquisitions, general corporate purposes and repurchases of preferred shares and fixed rate unsecured debt.

Throughout 2010, pursuant to the share repurchase plan approved by the General Partners board of directors, the General Partner
repurchased 4.5 million shares of its 8.375% Series O Cumulative Redeemable Preferred Shares. The preferred shares that the General Partner repurchased had a total face value of approximately $112.1 million, and were repurchased for $118.8
million. We then repurchased corresponding Preferred Units held by the General Partner at the same price at which it repurchased its shares on the open market. An adjustment of approximately $10.4 million, which included a ratable portion of
issuance costs, increased the net loss attributable to common unitholders. All shares repurchased by the General Partner were retired prior to December 31, 2010.

In April 2009, the General Partner issued 75.2 million shares of its common stock for net proceeds of $551.4 million. The proceeds from the issuance were used to repay outstanding borrowings under
the Partnerships unsecured line of credit and for other general corporate purposes.

During the fourth quarter of 2008,
pursuant to the share repurchase plan approved by the General Partners board of directors, the General Partner repurchased 109,500 preferred shares from all of its outstanding series. The preferred shares repurchased had a total redemption
value of approximately $27.4 million, and were repurchased for $12.4 million. We then repurchased corresponding Preferred Units held by the General Partner at the same price at which it repurchased its shares on the open market. An adjustment of
approximately $14.0 million, net of a ratable portion of issuance costs, increased income attributable to common unitholders. All shares repurchased by the General Partner were retired prior to December 31, 2008.

The following series of Preferred Units were outstanding as of December 31, 2010 (in thousands, except percentage data):



|                   |  |                   |     |  |                   |  |       |                          |  |  |                        |  |  |   |         | 
|------------------ |  | ----------------- | --- |  | ----------------- |  | ----- | ------------------------ |  |  | ---------------------- |  |  | - | ------- | 
|Description        |  | Units Outstanding |     |  | Distribution Rate |  |       | Optional Redemption
Date |  |  | Liquidation Preference | 
|Series J Preferred |  |                   | 396 |  |                   |  | 6.625 | %                        |  |  | August 29, 2008        |  |  | $ | 99,058  | 
|Series K Preferred |  |                   | 598 |  |                   |  | 6.500 | %                        |  |  | February 13, 2009      |  |  | $ | 149,550 | 
|Series L Preferred |  |                   | 796 |  |                   |  | 6.600 | %                        |  |  | November 30, 2009      |  |  | $ | 199,075 | 
|Series M Preferred |  |                   | 673 |  |                   |  | 6.950 | %                        |  |  | January 31, 2011       |  |  | $ | 168,272 | 
|Series N Preferred |  |                   | 435 |  |                   |  | 7.250 | %                        |  |  | June 30, 2011          |  |  | $ | 108,630 | 
|Series O Preferred |  |                   | 720 |  |                   |  | 8.375 | %                        |  |  | February 22, 2013      |  |  | $ | 179,955 | 



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Notes to Consolidated Financial Statements



All series of Preferred Units require cumulative distributions and have no stated
maturity date (although the General Partner may redeem all such Preferred Units on or following their optional redemption dates at its option, in whole or in part).



|(13) | Stock Based Compensation
|---- | ------------------------

The General Partner is authorized to issue up to 12.4 million shares of its common stock under its stock based employee and non-employee compensation plans.

Cash flows resulting from tax deductions in excess of recognized compensation cost from the exercise of stock options (excess tax
benefits) were not significant in any period presented.

Fixed Stock Option Plans

The General Partner had options outstanding under five fixed stock option plans as of December 31, 2010. Additional grants may be
made under one of those plans. Stock option awards granted under the General Partners stock based employee and non-employee compensation plans generally vest over five years at 20% per year and have contractual lives of ten years. The
General Partners most recent annual grant of stock options was in February 2008. The exercise price for stock option grants is set at the fair value of the General Partners common stock on the day of grant.

On June 7, 2010, the General Partner completed a one-time stock option exchange program, which was approved by the General
Partners shareholders at its annual meeting, to allow the majority of its employees to surrender for cancellation their outstanding stock options in exchange for a lesser number of restricted stock units (RSUs) based on both the
fair value of the options and the RSUs at the time of the exchange. As a result of the program, 4.4 million options were surrendered and cancelled and 1.2 million RSUs were granted.

The total compensation cost for the new RSUs, which is equal to the unamortized compensation expense associated with the related eligible
unvested options surrendered, will be recognized over the applicable vesting period of the new RSUs. As the fair value of the RSUs granted was less than the fair value of the eligible options surrendered in exchange for the RSUs, each measured on
June 7, 2010, there was no incremental expense recognized through the exchange program. The most significant assumption used in estimating the fair value of the surrendered options was the assumption for expected volatility, which was 70%. The
volatility assumption was made based on both historical experience and our best estimate of future volatility. The assumption for dividend yield was 5% while the assumptions for expected term and risk-free rate varied based upon the remaining
contractual lives of the surrendered options.

The following table summarizes transactions under the General Partners
stock option plans as of December 31, 2010:



|                                 |  |        |            |   |                              |   |       |                                          |  |  |      |  |  |   |   | 
|-------------------------------- |  | ------ | ---------- | - | ---------------------------- | - | ----- | ---------------------------------------- |  |  | ---- |  |  | - | - | 
|                                 |  |        |            |   | 2010                         |   |       | AggregateIntrinsicValue (1)(in Millions) | 
|                                 |  | Shares |            |   | WeightedAverageExercisePrice |   |       | WeightedAverageRemainingLife             |  | 
|Outstanding, beginning of year   |  |        | 6,473,388  |   |                              | $ | 27.96 |                                          |  |  |      |  |  |   |   | 
|Surrendered for exchange         |  |        | (4,421,648 | ) |                              | $ | 27.97 |                                          |  |  |      |  |  |   |   | 
|Exercised                        |  |        | -          |   |                              | $ | -     |                                          |  |  |      |  |  |   |   | 
|Forfeited                        |  |        | (14,596    | ) |                              | $ | 27.88 |                                          |  |  |      |  |  |   |   | 
|Expired                          |  |        | (256,345   | ) |                              | $ | 21.77 |                                          |  |  |      |  |  |   |   | 
|                                 |  |        |            |   |                              |   |       |                                          |  |  |      |  |  |   |   | 
|Outstanding, end of year         |  |        | 1,780,799  |   |                              | $ | 28.82 |                                          |  |  | 4.71 |  |  | $ | - | 
|                                 |  |        |            |   |                              |   |       |                                          |  |  |      |  |  |   |   | 
|Options exercisable, end of year |  |        | 1,305,583  |   |                              | $ | 29.18 |                                          |  |  | 3.95 |  |  | $ | - | 
|                                 |  |        |            |   |                              |   |       |                                          |  |  |      |  |  |   |   | 



| | (1) | Although this amount changes continuously based upon the market prices of the General Partners stock, none of the exercisable options outstanding had any pre-tax
intrinsic value as of December 31, 2010.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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Notes to Consolidated Financial Statements



Options granted in the year ended December 31, 2008 had a weighted average fair
value per option of $1.76. As of December 31, 2010, there was $47,000 of total unrecognized compensation expense related to stock options granted under the plans, which is expected to be recognized over a weighted average remaining period of
1.8 years. The total intrinsic value of options exercised during the year ended December 31, 2008 was approximately $898,000. Compensation expense recognized for fixed stock option plans was $820,000, $2.6 million and $3.9 million for the years
ended December 31, 2010, 2009 and 2008, respectively. The weighted average grant date fair value of options vested during the years ended December 31, 2010, 2009 and 2008 was $2.6 million, $3.0 million and $2.6 million, respectively.

The fair values of the options were determined using the Black-Scholes option-pricing model with the following assumptions:



|                        |  |      |         |  
|----------------------- |  | ---- | ------- | -
|                        |  | 2008 |        
|Dividend yield          |  |      | 6.75    | %
|Volatility              |  |      | 20.0    | %
|Risk-free interest rate |  |      | 2.79    | %
|Expected life           |  |      | 5 years |  

The risk free
interest rate assumption is based upon observed interest rates appropriate for the term of the General Partners employee stock options. The dividend yield assumption is based on the history of and our present expectation of future dividend
payouts. Our computation of expected volatility for the valuation of stock options granted in the year ended December 31, 2008 is based on historic, and our present expectation of future volatility over a period of time equal to the expected
term. The expected life of employee stock options represents the weighted average period the stock options are expected to remain outstanding.

Restricted Stock Units

Under the General Partners 2005 Long-Term
Incentive Plan and its 2005 Non-Employee Directors Compensation Plan approved by its shareholders in April 2005, RSUs may be granted to non-employee directors, executive officers and selected management employees. An RSU is economically equivalent
to one share of the General Partners common stock. RSUs generally vest 20% per year over five years, have contractual lives of five years and are payable in shares of the General Partners common stock with a new share of such common
stock issued upon each RSUs vesting. However, RSUs granted to existing non-employee directors vest 100% over one year, and have contractual lives of one year. Also, RSUs granted on June 7, 2010 in exchange for stock options will vest,
depending on the original terms of the surrendered options, in either June 2012 or June 2013. We recognize the value of the granted RSUs over this vesting period as expense.

The following table summarizes transactions for our RSUs, excluding dividend equivalents, for 2010:



|                          |  |               |           |   |                                    |   |       | 
|------------------------- |  | ------------- | --------- | - | ---------------------------------- | - | ----- | 
|Restricted Stock Units    |  | Numberof RSUs |           |   | WeightedAverageGrantDate FairValue |  
|RSUs at December 31, 2009 |  |               | 1,683,606 |   |                                    | $ | 12.23 | 
|Granted                   |  |               | 2,203,063 |   |                                    | $ | 10.86 | 
|Vested                    |  |               | (455,765  | ) |                                    | $ | 13.75 | 
|Forfeited                 |  |               | (52,065   | ) |                                    | $ | 10.99 | 
|                          |  |               |           |   |                                    |   |       | 
|RSUs at December 31, 2010 |  |               | 3,378,839 |   |                                    | $ | 11.15 | 
|                          |  |               |           |   |                                    |   |       | 



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Notes to Consolidated Financial Statements



Compensation cost recognized for RSUs totaled $9.0 million, $7.3 million and $4.9
million for the years ended December 31, 2010, 2009 and 2008, respectively.

As of December 31, 2010, there was
$12.6 million of total unrecognized compensation expense related to nonvested RSUs granted under the Plan, which is expected to be recognized over a weighted average period of 3.5 years.



|(14) | Financial Instruments
|---- | ---------------------

We are exposed to capital market risk, such as changes in interest rates. In an effort to manage interest rate risk, we may enter into interest rate hedging arrangements from time to time. We do not
utilize derivative financial instruments for trading or speculative purposes.

In November 2007, we entered into forward
starting interest swaps with notional amounts appropriate to hedge interest rates on $300.0 million of anticipated debt offerings in 2009. The forward starting swaps were appropriately designated and tested for effectiveness as cash flow hedges. In
March 2008, we settled the forward starting swaps and made a cash payment of $14.6 million to the counterparties. An effectiveness test was performed as of the settlement date and it was concluded that a highly effective cash flow hedge was still in
place for the expected debt offering. Of the amount paid in settlement, approximately $700,000 was immediately reclassified to interest expense, as the result of partial ineffectiveness calculated at the settlement date. The net amount of $13.9
million was recorded in Other Comprehensive Income (OCI) and is being recognized through interest expense over the life of the hedged debt offering, which took place in May 2008. The remaining unamortized amount included as a reduction
to accumulated OCI as of December 31, 2010 is $5.5 million.

In August 2005, we entered into $300.0 million of cash flow
hedges through forward starting interest rate swaps to hedge interest rates on $300.0 million of anticipated debt offerings in 2007. The swaps qualified for hedge accounting, with any changes in fair value recorded in OCI. In conjunction with the
September 2007 issuance of $300.0 million of senior unsecured notes, we terminated these cash flow hedges as designated. The settlement amount received of $10.7 million is being recognized to earnings through a reduction of interest expense over the
term of the hedged cash flows. The remaining unamortized amount included as an increase to accumulated OCI as of December 31, 2010 is $7.2 million. The ineffective portion of the hedge was insignificant.

The effectiveness of our hedges is evaluated throughout their lives using the hypothetical derivative method under which the change in
fair value of the actual swap designated as the hedging instrument is compared to the change in fair value of a hypothetical swap. We had no material interest rate derivatives, when considering both fair value and notional amount, at
December 31, 2010.



|(15) | Commitments and Contingencies
|---- | -----------------------------

We have guaranteed the repayment of $95.4 million of economic development bonds issued by various municipalities in connection with certain commercial developments. We will be required to make payments
under our guarantees to the extent that incremental taxes from specified developments are not sufficient to pay the bond debt service. Management does not believe that it is probable that we will be required to make any significant payments in
satisfaction of these guarantees.



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Notes to Consolidated Financial Statements



We also have guaranteed the repayment of secured and unsecured loans of six of our
unconsolidated subsidiaries. At December 31, 2010, the maximum guarantee exposure for these loans was approximately $245.4 million. Included in our total guarantee exposure is a joint and several guarantee of the construction loan agreement of
the 3630 Peachtree joint venture. A contingent liability in the amount of $36.3 million was established in 2009 based on the probability of us being required to pay this obligation to the lender.

We lease certain land positions with terms extending to December 2080, with a total obligation of $103.6 million. No payments on
these ground leases are material in any individual year.

We are subject to various legal proceedings and claims that arise in
the ordinary course of business. In the opinion of management, the amount of any ultimate liability with respect to these actions will not materially affect our consolidated financial statements or results of operations.



|(16) | Subsequent Events
|---- | -----------------

Declaration of Distributions

The General Partners board of directors declared the following distributions at its regularly scheduled board meeting held on January 26, 2011:



|                                 |  |                      |          |  |             |  |                   |              |  |  |                   | 
|-------------------------------- |  | -------------------- | -------- |  | ----------- |  | ----------------- | ------------ |  |  | ----------------- | 
|Class                            |  | QuarterlyAmount/Unit |          |  | Record Date |  |                   | Payment Date | 
|Common                           |  | $                    | 0.17     |  |             |  | February 14, 2011 |              |  |  | February 28, 2011 | 
|Preferred (per depositary unit): |  |                      |          |  |             |  |                   |              |  |  |                   | 
|Series J                         |  | $                    | 0.414063 |  |             |  | February 14, 2011 |              |  |  | February 28, 2011 | 
|Series K                         |  | $                    | 0.406250 |  |             |  | February 14, 2011 |              |  |  | February 28, 2011 | 
|Series L                         |  | $                    | 0.412500 |  |             |  | February 14, 2011 |              |  |  | February 28, 2011 | 
|Series M                         |  | $                    | 0.434375 |  |             |  | March 17, 2011    |              |  |  | March 31, 2011    | 
|Series N                         |  | $                    | 0.453125 |  |             |  | March 17, 2011    |              |  |  | March 31, 2011    | 
|Series O                         |  | $                    | 0.523438 |  |             |  | March 17, 2011    |              |  |  | March 31, 2011    | 

In January and
February 2011, we acquired an additional twelve buildings pursuant to our planned acquisition of the Premier Portfolio. These additional buildings were acquired for $115.7 million, which included the assumption of secured loans with a total face
value of $90.8 million.



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|                                         |  |              |  | 
|---------------------------------------- |  | ------------ |  | 
|Duke Realty Limited Partnership          |  | Schedule III | 
|Real Estate and Accumulated Depreciation |  |              |  | 
|December 31, 2010                        |  |              |  | 
|(in thousands)                           |  |              |  | 



|                             |  |                                |  |              |               |  |              |  |        |                |  |  |                                         |  |  |                           |        |  |                             |  |        |                           |  |  |              |  |  |  |        |  |  |  |        |  |  |  |       |  |  |  |      |  |  |  |      | 
|---------------------------- |  | ------------------------------ |  | ------------ | ------------- |  | ------------ |  | ------ | -------------- |  |  | --------------------------------------- |  |  | ------------------------- | ------ |  | --------------------------- |  | ------ | ------------------------- |  |  | ------------ |  |  |  | ------ |  |  |  | ------ |  |  |  | ----- |  |  |  | ---- |  |  |  | ---- | 
|Development                  |  | Name                           |  | BuildingType |               |  | Encumbrances |  |        | Initial Cost   |  |  | CostCapitalizedSubsequent toDevelopment |  |  | Gross Book Value 12/31/10 |        |  | AccumulatedDepreciation (2) |  |        | YearConstructed/Renovated |  |  | YearAcquired | 
|                             |  |                                |  |              |               |  |              | 
|                             |  |                                |  | Land         |               |  | Buildings    |  |        | or Acquisition |  |  | Land/Land Imp                           |  |  | Bldgs/TI                  |        |  | Total (1)                   |  |        |                           | 
|                             |  |                                |  |              |               |  |              |  |        |                |  | 
|Acworth, Georgia             |  |                                |  |              |               |  |              |  |        |                |  |  |                                         |  |  |                           |        |  |                             |  |        |                           |  |  |              |  |  |  |        |  |  |  |        |  |  |  |       |  |  |  |      |  |  |  |      | 
|Northwest I75                |  | 240 Northpoint Parkway         |  |              | Industrial    |  |              |  | -      |                |  |  | 1,022                                   |  |  |                           | 1,886  |  |                             |  | -      |                           |  |  | 1,022        |  |  |  | 1,886  |  |  |  | 2,908  |  |  |  | 45    |  |  |  | 1997 |  |  |  | 2010 | 
|                             |  |                                |  |              |               |  |              |  |        |                |  | 
|Allen, Texas                 |  |                                |  |              |               |  |              |  |        |                |  |  |                                         |  |  |                           |        |  |                             |  |        |                           |  |  |              |  |  |  |        |  |  |  |        |  |  |  |       |  |  |  |      |  |  |  |      | 
|Allen Central Park           |  | One Allen Center               |  |              | Office        |  |              |  | -      |                |  |  | 1,966                                   |  |  |                           | 11,051 |  |                             |  | 5,066  |                           |  |  | 1,720        |  |  |  | 16,363 |  |  |  | 18,083 |  |  |  | 2,528 |  |  |  | 2007 |  |  |  | 2007 | 
|                             |  |                                |  |              |               |  |              |  |        |                |  | 
|Alpharetta, Georgia          |  |                                |  |              |               |  |              |  |        |                |  |  |                                         |  |  |                           |        |  |                             |  |        |                           |  |  |              |  |  |  |        |  |  |  |        |  |  |  |       |  |  |  |      |  |  |  |      | 
|Brookside Office Park        |  | Radiant I                      |  |              | Office        |  |              |  | -      |                |  |  | 1,269                                   |  |  |                           | 14,697 |  |                             |  | 143    |                           |  |  | 1,269        |  |  |  | 14,840 |  |  |  | 16,109 |  |  |  | 4,297 |  |  |  | 1998 |  |  |  | 1999 | 
|Brookside Office Park        |  | Brookside I                    |  |              | Office        |  |              |  | 8,559  |                |  |  | 1,625                                   |  |  |                           | 7,864  |  |                             |  | 4,513  |                           |  |  | 1,492        |  |  |  | 12,510 |  |  |  | 14,002 |  |  |  | 3,847 |  |  |  | 1999 |  |  |  | 1999 | 
|Brookside Office Park        |  | Radiant II                     |  |              | Office        |  |              |  | -      |                |  |  | 831                                     |  |  |                           | 6,755  |  |                             |  | 172    |                           |  |  | 831          |  |  |  | 6,927  |  |  |  | 7,758  |  |  |  | 1,785 |  |  |  | 2000 |  |  |  | 2000 | 
|Brookside Office Park        |  | Brookside II                   |  |              | Office        |  |              |  | 9,254  |                |  |  | 1,381                                   |  |  |                           | 9,988  |  |                             |  | 2,826  |                           |  |  | 1,248        |  |  |  | 12,947 |  |  |  | 14,195 |  |  |  | 3,717 |  |  |  | 2001 |  |  |  | 2001 | 
|NorthWinds Center            |  | Northwinds VII                 |  |              | Office        |  |              |  | -      |                |  |  | 2,271                                   |  |  |                           | 19,226 |  |                             |  | 2,216  |                           |  |  | 2,304        |  |  |  | 21,409 |  |  |  | 23,713 |  |  |  | 6,522 |  |  |  | 1998 |  |  |  | 1999 | 
|NorthWinds Center            |  | Northwinds I                   |  |              | Office        |  |              |  | -      |                |  |  | 1,879                                   |  |  |                           | 12,520 |  |                             |  | 2,648  |                           |  |  | 1,879        |  |  |  | 15,168 |  |  |  | 17,047 |  |  |  | 3,131 |  |  |  | 1997 |  |  |  | 2004 | 
|NorthWinds Center            |  | Northwinds II                  |  |              | Office        |  |              |  | -      |                |  |  | 1,796                                   |  |  |                           | 12,596 |  |                             |  | 853    |                           |  |  | 1,796        |  |  |  | 13,449 |  |  |  | 15,245 |  |  |  | 2,579 |  |  |  | 1997 |  |  |  | 2004 | 
|NorthWinds Center            |  | Northwinds III                 |  |              | Office        |  |              |  | 14,125 |                |  |  | 1,868                                   |  |  |                           | 12,599 |  |                             |  | 960    |                           |  |  | 1,499        |  |  |  | 13,928 |  |  |  | 15,427 |  |  |  | 2,575 |  |  |  | 1998 |  |  |  | 2004 | 
|NorthWinds Center            |  | Northwinds IV                  |  |              | Office        |  |              |  | 13,444 |                |  |  | 1,844                                   |  |  |                           | 12,407 |  |                             |  | 2,230  |                           |  |  | 1,844        |  |  |  | 14,637 |  |  |  | 16,481 |  |  |  | 3,306 |  |  |  | 1999 |  |  |  | 2004 | 
|NorthWinds Center            |  | Northwinds V                   |  |              | Office        |  |              |  | -      |                |  |  | 2,215                                   |  |  |                           | 12,428 |  |                             |  | 2,075  |                           |  |  | 2,215        |  |  |  | 14,503 |  |  |  | 16,718 |  |  |  | 3,130 |  |  |  | 1999 |  |  |  | 2004 | 
|NorthWinds Center            |  | Northwinds VI                  |  |              | Office        |  |              |  | -      |                |  |  | 2,662                                   |  |  |                           | 11,781 |  |                             |  | 1,319  |                           |  |  | 2,662        |  |  |  | 13,100 |  |  |  | 15,762 |  |  |  | 2,447 |  |  |  | 2000 |  |  |  | 2004 | 
|NorthWinds Center            |  | Northwinds Village             |  |              | Retail        |  |              |  | -      |                |  |  | 704                                     |  |  |                           | 4,221  |  |                             |  | 210    |                           |  |  | 710          |  |  |  | 4,425  |  |  |  | 5,135  |  |  |  | 863   |  |  |  | 2000 |  |  |  | 2004 | 
|NorthWinds Center            |  | Northwinds Restaurant          |  |              | Office        |  |              |  | -      |                |  |  | 202                                     |  |  |                           | 302    |  |                             |  | -      |                           |  |  | 202          |  |  |  | 302    |  |  |  | 504    |  |  |  | 62    |  |  |  | 1997 |  |  |  | 2004 | 
|Ridgeland                    |  | 1320 Ridgeland Parkway         |  |              | Industrial    |  |              |  | -      |                |  |  | 998                                     |  |  |                           | 6,001  |  |                             |  | 307    |                           |  |  | 998          |  |  |  | 6,308  |  |  |  | 7,306  |  |  |  | 1,831 |  |  |  | 1999 |  |  |  | 1999 | 
|Ridgeland                    |  | 1345 Ridgeland Parkway         |  |              | Industrial    |  |              |  | -      |                |  |  | 488                                     |  |  |                           | 1,611  |  |                             |  | 1,101  |                           |  |  | 488          |  |  |  | 2,712  |  |  |  | 3,200  |  |  |  | 708   |  |  |  | 1999 |  |  |  | 1999 | 
|Ridgeland                    |  | 1335 Ridgeland Pkwy            |  |              | Industrial    |  |              |  | -      |                |  |  | 579                                     |  |  |                           | 1,894  |  |                             |  | 828    |                           |  |  | 579          |  |  |  | 2,722  |  |  |  | 3,301  |  |  |  | 992   |  |  |  | 2000 |  |  |  | 2000 | 
|Preston Ridge                |  | Preston Ridge IV               |  |              | Office        |  |              |  | 8,371  |                |  |  | 2,777                                   |  |  |                           | 9,442  |  |                             |  | 952    |                           |  |  | 2,781        |  |  |  | 10,390 |  |  |  | 13,171 |  |  |  | 2,364 |  |  |  | 2000 |  |  |  | 2004 | 
|Windward                     |  | 800 North Point Parkway        |  |              | Office        |  |              |  | -      |                |  |  | 1,250                                   |  |  |                           | 18,443 |  |                             |  | -      |                           |  |  | 1,250        |  |  |  | 18,443 |  |  |  | 19,693 |  |  |  | 3,812 |  |  |  | 1991 |  |  |  | 2003 | 
|Windward                     |  | 900 North Point Parkway        |  |              | Office        |  |              |  | -      |                |  |  | 1,250                                   |  |  |                           | 13,945 |  |                             |  | -      |                           |  |  | 1,250        |  |  |  | 13,945 |  |  |  | 15,195 |  |  |  | 2,905 |  |  |  | 1991 |  |  |  | 2003 | 
|                             |  |                                |  |              |               |  |              |  |        |                |  | 
|Arlington, Texas             |  |                                |  |              |               |  |              |  |        |                |  |  |                                         |  |  |                           |        |  |                             |  |        |                           |  |  |              |  |  |  |        |  |  |  |        |  |  |  |       |  |  |  |      |  |  |  |      | 
|Not Applicable               |  | Baylor Ortho Hosp-Arlington    |  |              | MedicalOffice |  |              |  | 16,076 |                |  |  | 584                                     |  |  |                           | 9,623  |  |                             |  | 11,860 |                           |  |  | 1,816        |  |  |  | 20,251 |  |  |  | 22,067 |  |  |  | 773   |  |  |  | 2009 |  |  |  | 2009 | 
|                             |  |                                |  |              |               |  |              |  |        |                |  | 
|Arlington Heights, Illinois  |  |                                |  |              |               |  |              |  |        |                |  |  |                                         |  |  |                           |        |  |                             |  |        |                           |  |  |              |  |  |  |        |  |  |  |        |  |  |  |       |  |  |  |      |  |  |  |      | 
|Arlington Business Park      |  | Atrium II                      |  |              | Office        |  |              |  | -      |                |  |  | 776                                     |  |  |                           | 6,199  |  |                             |  | 2,787  |                           |  |  | 776          |  |  |  | 8,986  |  |  |  | 9,762  |  |  |  | 3,062 |  |  |  | 1986 |  |  |  | 1998 | 
|                             |  |                                |  |              |               |  |              |  |        |                |  | 
|Atlanta, Georgia             |  |                                |  |              |               |  |              |  |        |                |  |  |                                         |  |  |                           |        |  |                             |  |        |                           |  |  |              |  |  |  |        |  |  |  |        |  |  |  |       |  |  |  |      |  |  |  |      | 
|Druid Chase                  |  | 2801 Buford Highway            |  |              | Office        |  |              |  | -      |                |  |  | 794                                     |  |  |                           | 9,008  |  |                             |  | 869    |                           |  |  | 794          |  |  |  | 9,877  |  |  |  | 10,671 |  |  |  | 4,080 |  |  |  | 1977 |  |  |  | 1999 | 
|Druid Chase                  |  | 1190 West Druid Hills Drive    |  |              | Office        |  |              |  | -      |                |  |  | 689                                     |  |  |                           | 6,350  |  |                             |  | (509   | )                         |  |  | 689          |  |  |  | 5,841  |  |  |  | 6,530  |  |  |  | 2,554 |  |  |  | 1980 |  |  |  | 1999 | 
|                             |  |                                |  |              |               |  |              |  |        |                |  | 
|Aurora, Illinois             |  |                                |  |              |               |  |              |  |        |                |  |  |                                         |  |  |                           |        |  |                             |  |        |                           |  |  |              |  |  |  |        |  |  |  |        |  |  |  |       |  |  |  |      |  |  |  |      | 
|Meridian Business Campus     |  | 535 Exchange                   |  |              | Industrial    |  |              |  | -      |                |  |  | 386                                     |  |  |                           | 920    |  |                             |  | 269    |                           |  |  | 386          |  |  |  | 1,189  |  |  |  | 1,575  |  |  |  | 459   |  |  |  | 1984 |  |  |  | 1999 | 
|                             |  |                                |  |              |               |  |              |  |        |                |  | 
|Meridian Business Campus     |  | 525 North Enterprise Street    |  |              | Industrial    |  |              |  | -      |                |  |  | 342                                     |  |  |                           | 1,678  |  |                             |  | 110    |                           |  |  | 342          |  |  |  | 1,788  |  |  |  | 2,130  |  |  |  | 655   |  |  |  | 1984 |  |  |  | 1999 | 
|Meridian Business Campus     |  | 615 North Enterprise Street    |  |              | Industrial    |  |              |  | -      |                |  |  | 468                                     |  |  |                           | 2,408  |  |                             |  | 719    |                           |  |  | 468          |  |  |  | 3,127  |  |  |  | 3,595  |  |  |  | 1,098 |  |  |  | 1984 |  |  |  | 1999 | 
|Meridian Business Campus     |  | 4000 Sussex Avenue             |  |              | Industrial    |  |              |  | -      |                |  |  | 417                                     |  |  |                           | 1,684  |  |                             |  | 371    |                           |  |  | 417          |  |  |  | 2,055  |  |  |  | 2,472  |  |  |  | 739   |  |  |  | 1990 |  |  |  | 1999 | 
|Meridian Business Campus     |  | 3737 East Exchange             |  |              | Industrial    |  |              |  | -      |                |  |  | 598                                     |  |  |                           | 2,543  |  |                             |  | 504    |                           |  |  | 598          |  |  |  | 3,047  |  |  |  | 3,645  |  |  |  | 1,013 |  |  |  | 1985 |  |  |  | 1999 | 
|Meridian Business Campus     |  | 444 North Commerce Street      |  |              | Industrial    |  |              |  | -      |                |  |  | 722                                     |  |  |                           | 5,019  |  |                             |  | 597    |                           |  |  | 722          |  |  |  | 5,616  |  |  |  | 6,338  |  |  |  | 1,916 |  |  |  | 1985 |  |  |  | 1999 | 
|Meridian Business Campus     |  | 880 North Enterprise Street    |  |              | Industrial    |  |              |  | 4,705  |                |  |  | 1,150                                   |  |  |                           | 5,646  |  |                             |  | 815    |                           |  |  | 1,150        |  |  |  | 6,461  |  |  |  | 7,611  |  |  |  | 2,165 |  |  |  | 2000 |  |  |  | 2000 | 
|Meridian Business Campus     |  | Meridian Office Service Center |  |              | Industrial    |  |              |  | -      |                |  |  | 567                                     |  |  |                           | 1,083  |  |                             |  | 1,688  |                           |  |  | 567          |  |  |  | 2,771  |  |  |  | 3,338  |  |  |  | 1,015 |  |  |  | 2001 |  |  |  | 2001 | 
|Meridian Business Campus     |  | Genera Corporation             |  |              | Industrial    |  |              |  | 3,582  |                |  |  | 1,957                                   |  |  |                           | 3,827  |  |                             |  | -      |                           |  |  | 1,957        |  |  |  | 3,827  |  |  |  | 5,784  |  |  |  | 1,139 |  |  |  | 2004 |  |  |  | 2004 | 
|Butterfield East             |  | Butterfield 550                |  |              | Industrial    |  |              |  | -      |                |  |  | 9,185                                   |  |  |                           | 10,795 |  |                             |  | 1,562  |                           |  |  | 9,185        |  |  |  | 12,357 |  |  |  | 21,542 |  |  |  | 1,350 |  |  |  | 2008 |  |  |  | 2008 | 
|                             |  |                                |  |              |               |  |              |  |        |                |  | 
|Baltimore, Maryland          |  |                                |  |              |               |  |              |  |        |                |  |  |                                         |  |  |                           |        |  |                             |  |        |                           |  |  |              |  |  |  |        |  |  |  |        |  |  |  |       |  |  |  |      |  |  |  |      | 
|Chesapeake Commerce Center   |  | 5901 Holabird Ave              |  |              | Industrial    |  |              |  | -      |                |  |  | 3,345                                   |  |  |                           | 4,220  |  |                             |  | 3,307  |                           |  |  | 3,345        |  |  |  | 7,527  |  |  |  | 10,872 |  |  |  | 1,495 |  |  |  | 2008 |  |  |  | 2008 | 
|Chesapeake Commerce Center   |  | 5003 Holabird Ave              |  |              | Industrial    |  |              |  | -      |                |  |  | 6,488                                   |  |  |                           | 9,213  |  |                             |  | 1,577  |                           |  |  | 6,488        |  |  |  | 10,790 |  |  |  | 17,278 |  |  |  | 1,447 |  |  |  | 2008 |  |  |  | 2008 | 
|                             |  |                                |  |              |               |  |              |  |        |                |  | 
|Batavia, Ohio                |  |                                |  |              |               |  |              |  |        |                |  |  |                                         |  |  |                           |        |  |                             |  |        |                           |  |  |              |  |  |  |        |  |  |  |        |  |  |  |       |  |  |  |      |  |  |  |      | 
|Mercy Hospital Clermont MOB  |  | Mercy Hospital Clermont MOB    |  |              | MedicalOffice |  |              |  | -      |                |  |  | -                                       |  |  |                           | 8,249  |  |                             |  | 1,215  |                           |  |  | -            |  |  |  | 9,464  |  |  |  | 9,464  |  |  |  | 1,909 |  |  |  | 2006 |  |  |  | 2007 | 
|                             |  |                                |  |              |               |  |              |  |        |                |  | 
|Baytown, Texas               |  |                                |  |              |               |  |              |  |        |                |  |  |                                         |  |  |                           |        |  |                             |  |        |                           |  |  |              |  |  |  |        |  |  |  |        |  |  |  |       |  |  |  |      |  |  |  |      | 
|Cedar Crossing Business Park |  | Cedar Crossing                 |  |              | Industrial    |  |              |  | 11,170 |                |  |  | 9,323                                   |  |  |                           | 5,934  |  |                             |  | -      |                           |  |  | 9,323        |  |  |  | 5,934  |  |  |  | 15,257 |  |  |  | 1,235 |  |  |  | 2005 |  |  |  | 2007 | 
|                             |  |                                |  |              |               |  |              |  |        |                |  | 
|Bloomington, Minnesota       |  |                                |  |              |               |  |              |  |        |                |  |  |                                         |  |  |                           |        |  |                             |  |        |                           |  |  |              |  |  |  |        |  |  |  |        |  |  |  |       |  |  |  |      |  |  |  |      | 
|Hampshire Dist. Center       |  | Hampshire Dist Center North    |  |              | Industrial    |  |              |  | 371    |                |  |  | 779                                     |  |  |                           | 4,482  |  |                             |  | 640    |                           |  |  | 779          |  |  |  | 5,122  |  |  |  | 5,901  |  |  |  | 1,685 |  |  |  | 1979 |  |  |  | 1997 | 
|Hampshire Dist. Center       |  | Hampshire Dist Center South    |  |              | Industrial    |  |              |  | 404    |                |  |  | 901                                     |  |  |                           | 5,010  |  |                             |  | 472    |                           |  |  | 901          |  |  |  | 5,482  |  |  |  | 6,383  |  |  |  | 1,838 |  |  |  | 1979 |  |  |  | 1997 | 
|Norman Pointe Office Park    |  | Norman Pointe I                |  |              | Office        |  |              |  | -      |                |  |  | 3,650                                   |  |  |                           | 25,417 |  |                             |  | 2,430  |                           |  |  | 3,650        |  |  |  | 27,847 |  |  |  | 31,497 |  |  |  | 7,922 |  |  |  | 2000 |  |  |  | 2000 | 
|Norman Pointe Office Park    |  | Norman Pointe II               |  |              | Office        |  |              |  | -      |                |  |  | 5,885                                   |  |  |                           | 38,649 |  |                             |  | 6,954  |                           |  |  | 5,700        |  |  |  | 45,788 |  |  |  | 51,488 |  |  |  | 5,059 |  |  |  | 2007 |  |  |  | 2007 | 



98



---

##### Table of Contents

|                                         |  |  |              | 
|---------------------------------------- |  |  | ------------ | 
|Duke Realty Limited Partnership          |  |  | Schedule III | 
|Real Estate and Accumulated Depreciation |  |  |              | 
|December 31, 2010                        |  |  |              | 
|(in thousands)                           |  |  |              | 



|                            |  |                              |  |                |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |       |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|--------------------------- |  | ---------------------------- |  | -------------- |  | ------------ | ------ |  | ------------ |  | ----- | ------------------------------------------ |  |  | ------------------------- |  |  | ------------- | ----- |  | ----------------- |  | ----- | -------- |  |  | ---------------- |  |  | --------- | ------ |  | -------- |  | ----- |  |  |  | ---- |  |  |  | ---- | 
|                            |  |                              |  | Building       |  |              |        |  | Initial Cost |  |       | Cost Capitalized Subsequent to
Development |  |  | Gross Book Value 12/31/10 |  |  | Accumulated   |       |  | Year Constructed/ |  |       | Year     | 
|Development                 |  | Name                         |  | Type           |  | Encumbrances |        |  | Land         |  |       | Buildings                                  |  |  | or Acquisition            |  |  | Land/Land Imp |       |  | Bldgs/TI          |  |       | Total(1) |  |  | Depreciation (2) |  |  | Renovated |        |  | Acquired | 
|                            |  |                              |  |                |  |              |        |  |              |  |       |                                           
|Blue Ash, Ohio              |  |                              |  |                |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |       |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Huntington Bank Building    |  | Huntington Bank Building     |  | Office         |  |              | -      |  |              |  | 175   |                                            |  |  | 241                       |  |  |               | -     |  |                   |  | 175   |          |  |  | 241              |  |  |           | 416    |  |          |  | 93    |  |  |  | 1986 |  |  |  | 1996 | 
|Lake Forest/Westlake        |  | Lake Forest Place            |  | Office         |  |              | -      |  |              |  | 1,953 |                                            |  |  | 18,570                    |  |  |               | 4,765 |  |                   |  | 1,953 |          |  |  | 23,335           |  |  |           | 25,288 |  |          |  | 8,872 |  |  |  | 1985 |  |  |  | 1996 | 
|Northmark Office Park       |  | Northmark Building 1         |  | Office         |  |              | -      |  |              |  | 1,452 |                                            |  |  | 2,799                     |  |  |               | 887   |  |                   |  | 1,452 |          |  |  | 3,686            |  |  |           | 5,138  |  |          |  | 1,124 |  |  |  | 1987 |  |  |  | 2004 | 
|Lake Forest/Westlake        |  | Westlake Center              |  | Office         |  |              | -      |  |              |  | 2,459 |                                            |  |  | 14,514                    |  |  |               | 4,594 |  |                   |  | 2,459 |          |  |  | 19,108           |  |  |           | 21,567 |  |          |  | 7,400 |  |  |  | 1981 |  |  |  | 1996 | 
|Landings                    |  | Landings Building I          |  | Office         |  |              | -      |  |              |  | 4,302 |                                            |  |  | 17,512                    |  |  |               | 334   |  |                   |  | 4,302 |          |  |  | 17,846           |  |  |           | 22,148 |  |          |  | 3,829 |  |  |  | 2006 |  |  |  | 2006 | 
|Landings                    |  | Landings Building II         |  | Office         |  |              | -      |  |              |  | 4,817 |                                            |  |  | 9,377                     |  |  |               | 5,215 |  |                   |  | 4,817 |          |  |  | 14,592           |  |  |           | 19,409 |  |          |  | 2,690 |  |  |  | 2007 |  |  |  | 2007 | 
|                            |  |                              |  |                |  |              |        |  |              |  |       |                                           
|Bolingbrook, Illinois       |  |                              |  |                |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |       |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Joliet Road Business Park   |  | 555 Joliet Road              |  | Industrial     |  |              | 7,644  |  |              |  | 2,184 |                                            |  |  | 9,263                     |  |  |               | 799   |  |                   |  | 2,332 |          |  |  | 9,914            |  |  |           | 12,246 |  |          |  | 2,458 |  |  |  | 2002 |  |  |  | 2002 | 
|Joliet Road Business Park   |  | Dawes Transportation         |  | Industrial     |  |              | -      |  |              |  | 3,050 |                                            |  |  | 4,453                     |  |  |               | 16    |  |                   |  | 3,050 |          |  |  | 4,469            |  |  |           | 7,519  |  |          |  | 1,395 |  |  |  | 2005 |  |  |  | 2005 | 
|Crossroads Business Park    |  | Chapco Carton Company        |  | Industrial     |  |              | 3,330  |  |              |  | 917   |                                            |  |  | 4,527                     |  |  |               | 64    |  |                   |  | 917   |          |  |  | 4,591            |  |  |           | 5,508  |  |          |  | 1,044 |  |  |  | 1999 |  |  |  | 2002 | 
|Crossroads Business Park    |  | Crossroads 1                 |  | Industrial     |  |              | -      |  |              |  | 1,418 |                                            |  |  | 5,803                     |  |  |               | -     |  |                   |  | 1,418 |          |  |  | 5,803            |  |  |           | 7,221  |  |          |  | 113   |  |  |  | 1998 |  |  |  | 2010 | 
|Crossroads Business Park    |  | Crossroads 3                 |  | Industrial     |  |              | -      |  |              |  | 1,330 |                                            |  |  | 4,407                     |  |  |               | -     |  |                   |  | 1,330 |          |  |  | 4,407            |  |  |           | 5,737  |  |          |  | 91    |  |  |  | 2000 |  |  |  | 2010 | 
|                            |  |                              |  |                |  |              |        |  |              |  |       |                                           
|Boynton Beach, Florida      |  |                              |  |                |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |       |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Duke Realty Gateway         |  | Gateway Center 1             |  | Industrial     |  |              | 7,547  |  |              |  | 1,894 |                                            |  |  | 7,813                     |  |  |               | -     |  |                   |  | 1,894 |          |  |  | 7,813            |  |  |           | 9,707  |  |          |  | -     |  |  |  | 2002 |  |  |  | 2010 | 
|Duke Realty Gateway         |  | Gateway Center 2             |  | Industrial     |  |              | 4,693  |  |              |  | 1,224 |                                            |  |  | 5,048                     |  |  |               | -     |  |                   |  | 1,224 |          |  |  | 5,048            |  |  |           | 6,272  |  |          |  | -     |  |  |  | 2002 |  |  |  | 2010 | 
|Duke Realty Gateway         |  | Gateway Center 3             |  | Industrial     |  |              | 3,950  |  |              |  | 1,030 |                                            |  |  | 4,248                     |  |  |               | -     |  |                   |  | 1,030 |          |  |  | 4,248            |  |  |           | 5,278  |  |          |  | -     |  |  |  | 2002 |  |  |  | 2010 | 
|Duke Realty Gateway         |  | Gateway Center 4             |  | Industrial     |  |              | 3,587  |  |              |  | 900   |                                            |  |  | 3,714                     |  |  |               | -     |  |                   |  | 900   |          |  |  | 3,714            |  |  |           | 4,614  |  |          |  | -     |  |  |  | 2000 |  |  |  | 2010 | 
|Duke Realty Gateway         |  | Gateway Center 5             |  | Industrial     |  |              | 2,138  |  |              |  | 537   |                                            |  |  | 2,213                     |  |  |               | -     |  |                   |  | 537   |          |  |  | 2,213            |  |  |           | 2,750  |  |          |  | -     |  |  |  | 2000 |  |  |  | 2010 | 
|Duke Realty Gateway         |  | Gateway Center 6             |  | Industrial     |  |              | 2,022  |  |              |  | 507   |                                            |  |  | 2,093                     |  |  |               | -     |  |                   |  | 507   |          |  |  | 2,093            |  |  |           | 2,600  |  |          |  | -     |  |  |  | 2000 |  |  |  | 2010 | 
|Duke Realty Gateway         |  | Gateway Center 7             |  | Industrial     |  |              | 3,799  |  |              |  | 953   |                                            |  |  | 3,933                     |  |  |               | -     |  |                   |  | 953   |          |  |  | 3,933            |  |  |           | 4,886  |  |          |  | -     |  |  |  | 2000 |  |  |  | 2010 | 
|Duke Realty Gateway         |  | Gateway Center 8             |  | Industrial     |  |              | 10,359 |  |              |  | 2,416 |                                            |  |  | 9,965                     |  |  |               | -     |  |                   |  | 2,416 |          |  |  | 9,965            |  |  |           | 12,381 |  |          |  | -     |  |  |  | 2004 |  |  |  | 2010 | 
|                            |  |                              |  |                |  |              |        |  |              |  |       |                                           
|Braselton, Georgia          |  |                              |  |                |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |       |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Braselton Business Park     |  | Braselton II                 |  | Industrial     |  |              | -      |  |              |  | 1,365 |                                            |  |  | 8,720                     |  |  |               | 1,868 |  |                   |  | 1,884 |          |  |  | 10,069           |  |  |           | 11,953 |  |          |  | 2,874 |  |  |  | 2001 |  |  |  | 2001 | 
|Park 85 at Braselton        |  | 625 Braselton Pkwy           |  | Industrial     |  |              | 13,325 |  |              |  | 9,855 |                                            |  |  | 25,497                    |  |  |               | 1,671 |  |                   |  | 9,855 |          |  |  | 27,168           |  |  |           | 37,023 |  |          |  | 6,137 |  |  |  | 2006 |  |  |  | 2005 | 
|Park 85 at Braselton        |  | 1350 Braselton Parkway       |  | Industrial     |  |              | -      |  |              |  | 8,227 |                                            |  |  | 8,874                     |  |  |               | 5,178 |  |                   |  | 8,227 |          |  |  | 14,052           |  |  |           | 22,279 |  |          |  | 1,883 |  |  |  | 2008 |  |  |  | 2008 | 
|                            |  |                              |  |                |  |              |        |  |              |  |       |                                           
|Brentwood, Tennessee        |  |                              |  |                |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |       |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Brentwood South Bus. Center |  | Brentwood South Bus Ctr I    |  | Industrial     |  |              | -      |  |              |  | 1,065 |                                            |  |  | 5,293                     |  |  |               | 1,241 |  |                   |  | 1,065 |          |  |  | 6,534            |  |  |           | 7,599  |  |          |  | 1,992 |  |  |  | 1987 |  |  |  | 1999 | 
|Brentwood South Bus. Center |  | Brentwood South Bus Ctr II   |  | Industrial     |  |              | -      |  |              |  | 1,065 |                                            |  |  | 2,711                     |  |  |               | 1,333 |  |                   |  | 1,065 |          |  |  | 4,044            |  |  |           | 5,109  |  |          |  | 1,303 |  |  |  | 1987 |  |  |  | 1999 | 
|Brentwood South Bus. Center |  | Brentwood South Bus Ctr III  |  | Industrial     |  |              | -      |  |              |  | 848   |                                            |  |  | 3,605                     |  |  |               | 779   |  |                   |  | 848   |          |  |  | 4,384            |  |  |           | 5,232  |  |          |  | 1,305 |  |  |  | 1989 |  |  |  | 1999 | 
|Creekside Crossing          |  | Creekside Crossing I         |  | Office         |  |              | -      |  |              |  | 1,900 |                                            |  |  | 7,203                     |  |  |               | 1,377 |  |                   |  | 1,901 |          |  |  | 8,579            |  |  |           | 10,480 |  |          |  | 3,210 |  |  |  | 1998 |  |  |  | 1998 | 
|Creekside Crossing          |  | Creekside Crossing II        |  | Office         |  |              | -      |  |              |  | 2,087 |                                            |  |  | 7,327                     |  |  |               | 1,710 |  |                   |  | 2,087 |          |  |  | 9,037            |  |  |           | 11,124 |  |          |  | 3,333 |  |  |  | 2000 |  |  |  | 2000 | 
|Creekside Crossing          |  | Creekside Crossing III       |  | Office         |  |              | -      |  |              |  | 2,969 |                                            |  |  | 9,055                     |  |  |               | 2,443 |  |                   |  | 2,969 |          |  |  | 11,498           |  |  |           | 14,467 |  |          |  | 2,934 |  |  |  | 2006 |  |  |  | 2006 | 
|Creekside Crossing          |  | Creekside Crossing IV        |  | Office         |  |              | -      |  |              |  | 2,966 |                                            |  |  | 7,775                     |  |  |               | 4,735 |  |                   |  | 2,877 |          |  |  | 12,599           |  |  |           | 15,476 |  |          |  | 2,258 |  |  |  | 2007 |  |  |  | 2007 | 
|                            |  |                              |  |                |  |              |        |  |              |  |       |                                           
|Bridgeton, Missouri         |  |                              |  |                |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |       |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Dukeport                    |  | DukePort I                   |  | Industrial     |  |              | -      |  |              |  | 2,124 |                                            |  |  | 5,227                     |  |  |               | -     |  |                   |  | 2,124 |          |  |  | 5,227            |  |  |           | 7,351  |  |          |  | 106   |  |  |  | 1996 |  |  |  | 2010 | 
|Dukeport                    |  | DukePort II                  |  | Industrial     |  |              | -      |  |              |  | 1,470 |                                            |  |  | 2,747                     |  |  |               | -     |  |                   |  | 1,470 |          |  |  | 2,747            |  |  |           | 4,217  |  |          |  | 64    |  |  |  | 1997 |  |  |  | 2010 | 
|Dukeport                    |  | DukePort V                   |  | Industrial     |  |              | -      |  |              |  | 600   |                                            |  |  | 3,004                     |  |  |               | -     |  |                   |  | 600   |          |  |  | 3,004            |  |  |           | 3,604  |  |          |  | 78    |  |  |  | 1998 |  |  |  | 2010 | 
|Dukeport                    |  | DukePort VI                  |  | Industrial     |  |              | -      |  |              |  | 1,664 |                                            |  |  | 4,865                     |  |  |               | -     |  |                   |  | 1,664 |          |  |  | 4,865            |  |  |           | 6,529  |  |          |  | 95    |  |  |  | 1999 |  |  |  | 2010 | 
|Dukeport                    |  | DukePort VII                 |  | Industrial     |  |              | -      |  |              |  | 834   |                                            |  |  | 4,083                     |  |  |               | -     |  |                   |  | 834   |          |  |  | 4,083            |  |  |           | 4,917  |  |          |  | 93    |  |  |  | 1999 |  |  |  | 2010 | 
|Dukeport                    |  | DukePort IX                  |  | Industrial     |  |              | -      |  |              |  | 2,475 |                                            |  |  | 5,740                     |  |  |               | -     |  |                   |  | 2,475 |          |  |  | 5,740            |  |  |           | 8,215  |  |          |  | 117   |  |  |  | 2001 |  |  |  | 2010 | 
|                            |  |                              |  |                |  |              |        |  |              |  |       |                                           
|Brooklyn Park, Minneapolis  |  |                              |  |                |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |       |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|7300 Northland Drive        |  | 7300 Northland Drive         |  | Industrial     |  |              | -      |  |              |  | 700   |                                            |  |  | 5,655                     |  |  |               | 315   |  |                   |  | 703   |          |  |  | 5,967            |  |  |           | 6,670  |  |          |  | 1,890 |  |  |  | 1999 |  |  |  | 1998 | 
|Crosstown North Bus. Ctr.   |  | Crosstown North Bus. Ctr. 1  |  | Industrial     |  |              | -      |  |              |  | 835   |                                            |  |  | 4,852                     |  |  |               | 1,374 |  |                   |  | 1,286 |          |  |  | 5,775            |  |  |           | 7,061  |  |          |  | 1,853 |  |  |  | 1998 |  |  |  | 1999 | 
|Crosstown North Bus. Ctr.   |  | Crosstown North Bus. Ctr. 2  |  | Industrial     |  |              | -      |  |              |  | 449   |                                            |  |  | 2,553                     |  |  |               | 808   |  |                   |  | 599   |          |  |  | 3,211            |  |  |           | 3,810  |  |          |  | 1,039 |  |  |  | 1998 |  |  |  | 1999 | 
|Crosstown North Bus. Ctr.   |  | Crosstown North Bus. Ctr. 4  |  | Industrial     |  |              | -      |  |              |  | 2,079 |                                            |  |  | 6,153                     |  |  |               | 1,690 |  |                   |  | 2,397 |          |  |  | 7,525            |  |  |           | 9,922  |  |          |  | 2,479 |  |  |  | 1999 |  |  |  | 1999 | 
|Crosstown North Bus. Ctr.   |  | Crosstown North Bus. Ctr. 5  |  | Industrial     |  |              | -      |  |              |  | 1,079 |                                            |  |  | 4,422                     |  |  |               | 724   |  |                   |  | 1,354 |          |  |  | 4,871            |  |  |           | 6,225  |  |          |  | 1,652 |  |  |  | 2000 |  |  |  | 2000 | 
|Crosstown North Bus. Ctr.   |  | Crosstown North Bus. Ctr. 6  |  | Industrial     |  |              | -      |  |              |  | 788   |                                            |  |  | 2,266                     |  |  |               | 2,253 |  |                   |  | 1,031 |          |  |  | 4,276            |  |  |           | 5,307  |  |          |  | 1,811 |  |  |  | 2000 |  |  |  | 2000 | 
|Crosstown North Bus. Ctr.   |  | Crosstown North Bus. Ctr. 10 |  | Industrial     |  |              | -      |  |              |  | 2,757 |                                            |  |  | 4,423                     |  |  |               | 1,078 |  |                   |  | 2,723 |          |  |  | 5,535            |  |  |           | 8,258  |  |          |  | 1,915 |  |  |  | 2005 |  |  |  | 2005 | 
|Crosstown North Bus. Ctr.   |  | Crosstown North Bus. Ctr. 12 |  | Industrial     |  |              | -      |  |              |  | 4,564 |                                            |  |  | 8,494                     |  |  |               | 589   |  |                   |  | 4,564 |          |  |  | 9,083            |  |  |           | 13,647 |  |          |  | 2,095 |  |  |  | 2005 |  |  |  | 2005 | 
|                            |  |                              |  |                |  |              |        |  |              |  |       |                                           
|Brownsburg, Indiana         |  |                              |  |                |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |       |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Ortho Indy West-MOB         |  | Ortho Indy West-MOB          |  | Medical Office |  |              | -      |  |              |  | -     |                                            |  |  | 9,817                     |  |  |               | 1,598 |  |                   |  | 863   |          |  |  | 10,552           |  |  |           | 11,415 |  |          |  | 655   |  |  |  | 2008 |  |  |  | 2008 | 
|                            |  |                              |  |                |  |              |        |  |              |  |       |                                           
|Carmel, Indiana             |  |                              |  |                |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |       |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Hamilton Crossing           |  | Hamilton Crossing I          |  | Industrial     |  |              | -      |  |              |  | 833   |                                            |  |  | 2,712                     |  |  |               | 3,017 |  |                   |  | 845   |          |  |  | 5,717            |  |  |           | 6,562  |  |          |  | 2,309 |  |  |  | 2000 |  |  |  | 1993 | 
|Hamilton Crossing           |  | Hamilton Crossing II         |  | Office         |  |              | -      |  |              |  | 313   |                                            |  |  | 510                       |  |  |               | 1,668 |  |                   |  | 384   |          |  |  | 2,107            |  |  |           | 2,491  |  |          |  | 673   |  |  |  | 1997 |  |  |  | 1997 | 
|Hamilton Crossing           |  | Hamilton Crossing III        |  | Office         |  |              | -      |  |              |  | 890   |                                            |  |  | 7,525                     |  |  |               | 2,393 |  |                   |  | 890   |          |  |  | 9,918            |  |  |           | 10,808 |  |          |  | 3,069 |  |  |  | 2000 |  |  |  | 2000 | 
|Hamilton Crossing           |  | Hamilton Crossing IV         |  | Office         |  |              | -      |  |              |  | 515   |                                            |  |  | 4,978                     |  |  |               | 629   |  |                   |  | 598   |          |  |  | 5,524            |  |  |           | 6,122  |  |          |  | 1,825 |  |  |  | 1999 |  |  |  | 1999 | 
|Hamilton Crossing           |  | Hamilton Crossing VI         |  | Office         |  |              | -      |  |              |  | 1,044 |                                            |  |  | 13,229                    |  |  |               | 1,065 |  |                   |  | 1,068 |          |  |  | 14,270           |  |  |           | 15,338 |  |          |  | 3,621 |  |  |  | 2004 |  |  |  | 2004 | 



99



---

##### Table of Contents

|                                         |  |              |  | 
|---------------------------------------- |  | ------------ |  | 
|Duke Realty Limited Partnership          |  | Schedule III | 
|Real Estate and Accumulated Depreciation |  |              |  | 
|December 31, 2010                        |  |              |  | 
|(in thousands)                           |  |              |  | 



|                             |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |       |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|---------------------------- |  | ------------------------------ |  | ------------- |  | ------------ | ------ |  | ------------ |  | ----- | ------------------------------------------ |  |  | ------------------------- |  |  | ------------- | ----- |  | ----------------- |  | ----- | -------- |  |  | ---------------- |  |  | --------- | ------ |  | -------- |  | ------ |  |  |  | ---- |  |  |  | ---- | 
|                             |  |                                |  | Building      |  |              |        |  | Initial Cost |  |       | Cost Capitalized Subsequent to
Development |  |  | Gross Book Value 12/31/10 |  |  | Accumulated   |       |  | Year Constructed/ |  |       | Year     | 
|Development                  |  | Name                           |  | Type          |  | Encumbrances |        |  | Land         |  |       | Buildings                                  |  |  | or Acquisition            |  |  | Land/Land Imp |       |  | Bldgs/TI          |  |       | Total(1) |  |  | Depreciation (2) |  |  | Renovated |        |  | Acquired | 
|                             |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Carol Stream, Illinois       |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |       |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Carol Stream Business Park   |  | Carol Stream IV                |  | Industrial    |  |              | 11,977 |  |              |  | 3,204 |                                            |  |  | 14,869                    |  |  |               | 1,289 |  |                   |  | 3,204 |          |  |  | 16,158           |  |  |           | 19,362 |  |          |  | 4,288  |  |  |  | 2004 |  |  |  | 2003 | 
|Carol Stream Business Park   |  | Carol Stream I                 |  | Industrial    |  |              | -      |  |              |  | 1,095 |                                            |  |  | 3,438                     |  |  |               | -     |  |                   |  | 1,095 |          |  |  | 3,438            |  |  |           | 4,533  |  |          |  | 89     |  |  |  | 1998 |  |  |  | 2010 | 
|Carol Stream Business Park   |  | Carol Stream III               |  | Industrial    |  |              | -      |  |              |  | 1,556 |                                            |  |  | 6,256                     |  |  |               | -     |  |                   |  | 1,556 |          |  |  | 6,256            |  |  |           | 7,812  |  |          |  | 120    |  |  |  | 2002 |  |  |  | 2010 | 
|                             |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Cary, North Carolina         |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |       |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Regency Forest               |  | 200 Regency Forest Drive       |  | Office        |  |              | -      |  |              |  | 1,230 |                                            |  |  | 12,014                    |  |  |               | 2,460 |  |                   |  | 1,307 |          |  |  | 14,397           |  |  |           | 15,704 |  |          |  | 4,132  |  |  |  | 1999 |  |  |  | 1999 | 
|Regency Forest               |  | 100 Regency Forest Drive       |  | Office        |  |              | -      |  |              |  | 1,538 |                                            |  |  | 9,385                     |  |  |               | 2,438 |  |                   |  | 1,644 |          |  |  | 11,717           |  |  |           | 13,361 |  |          |  | 3,376  |  |  |  | 1997 |  |  |  | 1999 | 
|Weston Parkway               |  | 6501 Weston Parkway            |  | Office        |  |              | -      |  |              |  | 1,775 |                                            |  |  | 9,641                     |  |  |               | 1,724 |  |                   |  | 1,775 |          |  |  | 11,365           |  |  |           | 13,140 |  |          |  | 3,359  |  |  |  | 1996 |  |  |  | 1999 | 
|                             |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Celebration, Florida         |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |       |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Celebration Business Center  |  | Celebration Business Center I  |  | Office        |  |              | -      |  |              |  | 1,102 |                                            |  |  | 4,641                     |  |  |               | 573   |  |                   |  | 1,308 |          |  |  | 5,008            |  |  |           | 6,316  |  |          |  | 1,655  |  |  |  | 1997 |  |  |  | 1999 | 
|Celebration Business Center  |  | Celebration Business Center II |  | Office        |  |              | -      |  |              |  | 771   |                                            |  |  | 3,587                     |  |  |               | 345   |  |                   |  | 961   |          |  |  | 3,742            |  |  |           | 4,703  |  |          |  | 1,332  |  |  |  | 1997 |  |  |  | 1999 | 
|Celebration Office Center    |  | Celebration Office Center I    |  | Office        |  |              | -      |  |              |  | 1,382 |                                            |  |  | 5,762                     |  |  |               | 785   |  |                   |  | 1,382 |          |  |  | 6,547            |  |  |           | 7,929  |  |          |  | 2,112  |  |  |  | 2000 |  |  |  | 2000 | 
|Celebration Office Center    |  | Celebration Office Center II   |  | Office        |  |              | -      |  |              |  | 1,382 |                                            |  |  | 3,819                     |  |  |               | 2,866 |  |                   |  | 1,634 |          |  |  | 6,433            |  |  |           | 8,067  |  |          |  | 2,161  |  |  |  | 2001 |  |  |  | 2001 | 
|                             |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Chantilly, Virginia          |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |       |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Northridge at Westfields     |  | 15002 Northridge Dr.           |  | Office        |  |              | -      |  |              |  | 2,082 |                                            |  |  | 1,663                     |  |  |               | 1,427 |  |                   |  | 2,082 |          |  |  | 3,090            |  |  |           | 5,172  |  |          |  | 403    |  |  |  | 2007 |  |  |  | 2007 | 
|Northridge at Westfields     |  | 15004 Northridge Dr.           |  | Office        |  |              | -      |  |              |  | 2,366 |                                            |  |  | 1,920                     |  |  |               | 466   |  |                   |  | 2,366 |          |  |  | 2,386            |  |  |           | 4,752  |  |          |  | 401    |  |  |  | 2007 |  |  |  | 2007 | 
|Northridge at Westfields     |  | 15006 Northridge Dr.           |  | Office        |  |              | -      |  |              |  | 2,920 |                                            |  |  | 2,276                     |  |  |               | 1,059 |  |                   |  | 2,920 |          |  |  | 3,335            |  |  |           | 6,255  |  |          |  | 691    |  |  |  | 2007 |  |  |  | 2007 | 
|                             |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Charlotte, North Carolina    |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |       |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Not Applicable               |  | Morehead Medical Plaza I       |  | MedicalOffice |  |              | 33,237 |  |              |  | 191   |                                            |  |  | 39,040                    |  |  |               | -     |  |                   |  | 191   |          |  |  | 39,040           |  |  |           | 39,231 |  |          |  | -      |  |  |  | 2006 |  |  |  | 2010 | 
|                             |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Chillicothe, Ohio            |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |       |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Adena Health Pavilion        |  | Adena Health Pavilion          |  | MedicalOffice |  |              | -      |  |              |  | -     |                                            |  |  | 14,428                    |  |  |               | 61    |  |                   |  | -     |          |  |  | 14,489           |  |  |           | 14,489 |  |          |  | 3,006  |  |  |  | 2006 |  |  |  | 2007 | 
|                             |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Cincinnati, Ohio             |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |       |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|311 Elm                      |  | 311 Elm                        |  | Office        |  |              | -      |  |              |  | 339   |                                            |  |  | 5,702                     |  |  |               | 1,259 |  |                   |  | -     |          |  |  | 7,300            |  |  |           | 7,300  |  |          |  | 4,736  |  |  |  | 1986 |  |  |  | 1993 | 
|312 Elm                      |  | 312 Elm                        |  | Office        |  |              | -      |  |              |  | 4,750 |                                            |  |  | 46,172                    |  |  |               | 5,611 |  |                   |  | 5,428 |          |  |  | 51,105           |  |  |           | 56,533 |  |          |  | 23,332 |  |  |  | 1992 |  |  |  | 1993 | 
|312 Plum                     |  | 312 Plum                       |  | Office        |  |              | -      |  |              |  | 2,539 |                                            |  |  | 23,129                    |  |  |               | 4,621 |  |                   |  | 2,590 |          |  |  | 27,699           |  |  |           | 30,289 |  |          |  | 12,189 |  |  |  | 1987 |  |  |  | 1993 | 
|Blue Ash Office Center       |  | Blue Ash Office Center VI      |  | Office        |  |              | -      |  |              |  | 518   |                                            |  |  | 2,565                     |  |  |               | 680   |  |                   |  | 518   |          |  |  | 3,245            |  |  |           | 3,763  |  |          |  | 1,218  |  |  |  | 1989 |  |  |  | 1997 | 
|Towers of Kenwood            |  | Towers of Kenwood              |  | Office        |  |              | -      |  |              |  | 4,891 |                                            |  |  | 41,900                    |  |  |               | 3,413 |  |                   |  | 4,891 |          |  |  | 45,313           |  |  |           | 50,204 |  |          |  | 11,111 |  |  |  | 1989 |  |  |  | 2003 | 
|Governors Hill               |  | 8790 Governors Hill           |  | Office        |  |              | -      |  |              |  | 400   |                                            |  |  | 4,377                     |  |  |               | 1,348 |  |                   |  | 408   |          |  |  | 5,717            |  |  |           | 6,125  |  |          |  | 2,618  |  |  |  | 1985 |  |  |  | 1993 | 
|Governors Hill               |  | 8800 Governors Hill           |  | Office        |  |              | -      |  |              |  | 225   |                                            |  |  | 2,293                     |  |  |               | 641   |  |                   |  | 231   |          |  |  | 2,928            |  |  |           | 3,159  |  |          |  | 1,771  |  |  |  | 1985 |  |  |  | 1993 | 
|Governors Hill               |  | 8600/8650 Governors Hill Dr.  |  | Office        |  |              | -      |  |              |  | 1,220 |                                            |  |  | 17,577                    |  |  |               | 6,479 |  |                   |  | 1,245 |          |  |  | 24,031           |  |  |           | 25,276 |  |          |  | 11,478 |  |  |  | 1986 |  |  |  | 1993 | 
|Kenwood Executive Center     |  | Kenwood Executive Center       |  | Office        |  |              | -      |  |              |  | 606   |                                            |  |  | 3,677                     |  |  |               | 1,031 |  |                   |  | 664   |          |  |  | 4,650            |  |  |           | 5,314  |  |          |  | 1,745  |  |  |  | 1981 |  |  |  | 1997 | 
|Kenwood Commons              |  | 8230 Kenwood Commons           |  | Office        |  |              | 2,818  |  |              |  | 638   |                                            |  |  | 4,016                     |  |  |               | 1,017 |  |                   |  | 638   |          |  |  | 5,033            |  |  |           | 5,671  |  |          |  | 3,164  |  |  |  | 1986 |  |  |  | 1993 | 
|Kenwood Commons              |  | 8280 Kenwood Commons           |  | Office        |  |              | 1,782  |  |              |  | 638   |                                            |  |  | 2,782                     |  |  |               | 687   |  |                   |  | 638   |          |  |  | 3,469            |  |  |           | 4,107  |  |          |  | 1,846  |  |  |  | 1986 |  |  |  | 1993 | 
|Kenwood Medical Office Bldg. |  | Kenwood Medical Office Bldg.   |  | Office        |  |              | -      |  |              |  | -     |                                            |  |  | 7,663                     |  |  |               | 100   |  |                   |  | -     |          |  |  | 7,763            |  |  |           | 7,763  |  |          |  | 2,375  |  |  |  | 1999 |  |  |  | 1999 | 
|Pfeiffer Place               |  | Pfeiffer Place                 |  | Office        |  |              | -      |  |              |  | 3,608 |                                            |  |  | 11,455                    |  |  |               | 2,420 |  |                   |  | 3,608 |          |  |  | 13,875           |  |  |           | 17,483 |  |          |  | 3,748  |  |  |  | 2001 |  |  |  | 2001 | 
|Pfeiffer Woods               |  | Pfeiffer Woods                 |  | Office        |  |              | -      |  |              |  | 1,450 |                                            |  |  | 12,033                    |  |  |               | 1,817 |  |                   |  | 2,131 |          |  |  | 13,169           |  |  |           | 15,300 |  |          |  | 4,360  |  |  |  | 1998 |  |  |  | 1999 | 
|Remington Office Park        |  | Remington Park Building A      |  | Office        |  |              | -      |  |              |  | 560   |                                            |  |  | 1,442                     |  |  |               | 222   |  |                   |  | 560   |          |  |  | 1,664            |  |  |           | 2,224  |  |          |  | 998    |  |  |  | 1982 |  |  |  | 1997 | 
|Remington Office Park        |  | Remington Park Building B      |  | Office        |  |              | -      |  |              |  | 560   |                                            |  |  | 1,121                     |  |  |               | 393   |  |                   |  | 560   |          |  |  | 1,514            |  |  |           | 2,074  |  |          |  | 814    |  |  |  | 1982 |  |  |  | 1997 | 
|Triangle Office Park         |  | Triangle Office Park           |  | Office        |  |              | 2,230  |  |              |  | 1,018 |                                            |  |  | 10,326                    |  |  |               | 2,051 |  |                   |  | 1,018 |          |  |  | 12,377           |  |  |           | 13,395 |  |          |  | 7,506  |  |  |  | 1985 |  |  |  | 1993 | 
|World Park                   |  | World Park Bldg 8              |  | Industrial    |  |              | -      |  |              |  | 1,095 |                                            |  |  | 2,641                     |  |  |               | -     |  |                   |  | 1,095 |          |  |  | 2,641            |  |  |           | 3,736  |  |          |  | 64     |  |  |  | 1989 |  |  |  | 2010 | 
|World Park                   |  | World Park Bldg 9              |  | Industrial    |  |              | -      |  |              |  | 335   |                                            |  |  | 1,673                     |  |  |               | -     |  |                   |  | 335   |          |  |  | 1,673            |  |  |           | 2,008  |  |          |  | 41     |  |  |  | 1989 |  |  |  | 2010 | 
|World Park                   |  | World Park Building 11         |  | Industrial    |  |              | -      |  |              |  | 674   |                                            |  |  | 2,032                     |  |  |               | -     |  |                   |  | 674   |          |  |  | 2,032            |  |  |           | 2,706  |  |          |  | 44     |  |  |  | 1989 |  |  |  | 2010 | 
|World Park                   |  | World Park Building 14         |  | Industrial    |  |              | -      |  |              |  | 668   |                                            |  |  | 3,267                     |  |  |               | -     |  |                   |  | 668   |          |  |  | 3,267            |  |  |           | 3,935  |  |          |  | 121    |  |  |  | 1989 |  |  |  | 2010 | 
|World Park                   |  | World Park Building 15         |  | Industrial    |  |              | -      |  |              |  | 488   |                                            |  |  | 1,991                     |  |  |               | -     |  |                   |  | 488   |          |  |  | 1,991            |  |  |           | 2,479  |  |          |  | 72     |  |  |  | 1990 |  |  |  | 2010 | 
|World Park                   |  | World Park Building 16         |  | Industrial    |  |              | -      |  |              |  | 525   |                                            |  |  | 1,944                     |  |  |               | -     |  |                   |  | 525   |          |  |  | 1,944            |  |  |           | 2,469  |  |          |  | 43     |  |  |  | 1989 |  |  |  | 2010 | 
|World Park                   |  | World Park Bldg 17             |  | Industrial    |  |              | 6,870  |  |              |  | 1,133 |                                            |  |  | 5,668                     |  |  |               | -     |  |                   |  | 1,133 |          |  |  | 5,668            |  |  |           | 6,801  |  |          |  | 127    |  |  |  | 1994 |  |  |  | 2010 | 
|World Park                   |  | World Park Building 18         |  | Industrial    |  |              | -      |  |              |  | 1,268 |                                            |  |  | 5,200                     |  |  |               | -     |  |                   |  | 1,268 |          |  |  | 5,200            |  |  |           | 6,468  |  |          |  | 109    |  |  |  | 1997 |  |  |  | 2010 | 
|World Park                   |  | World Park Building 28         |  | Industrial    |  |              | -      |  |              |  | 870   |                                            |  |  | 5,316                     |  |  |               | -     |  |                   |  | 870   |          |  |  | 5,316            |  |  |           | 6,186  |  |          |  | 106    |  |  |  | 1998 |  |  |  | 2010 | 
|World Park                   |  | World Park Building 29         |  | Industrial    |  |              | 12,228 |  |              |  | 1,605 |                                            |  |  | 10,050                    |  |  |               | -     |  |                   |  | 1,605 |          |  |  | 10,050           |  |  |           | 11,655 |  |          |  | 193    |  |  |  | 1998 |  |  |  | 2010 | 
|World Park                   |  | World Park Bldg 30             |  | Industrial    |  |              | 14,113 |  |              |  | 2,492 |                                            |  |  | 11,628                    |  |  |               | -     |  |                   |  | 2,492 |          |  |  | 11,628           |  |  |           | 14,120 |  |          |  | 247    |  |  |  | 1999 |  |  |  | 2010 | 
|World Park                   |  | World Park Building 31         |  | Industrial    |  |              | -      |  |              |  | 533   |                                            |  |  | 2,511                     |  |  |               | -     |  |                   |  | 533   |          |  |  | 2,511            |  |  |           | 3,044  |  |          |  | 50     |  |  |  | 1998 |  |  |  | 2010 | 
|Good Samaritan W. Ridge MOB  |  | Western Ridge                  |  | MedicalOffice |  |              | -      |  |              |  | 1,894 |                                            |  |  | 7,985                     |  |  |               | -     |  |                   |  | 1,894 |          |  |  | 7,985            |  |  |           | 9,879  |  |          |  | 108    |  |  |  | 2010 |  |  |  | 2010 | 
|                             |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Clayton, Missouri            |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |       |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|101 South Hanley             |  | 101 South Hanley               |  | Office        |  |              | -      |  |              |  | 6,150 |                                            |  |  | 41,443                    |  |  |               | 3,710 |  |                   |  | 6,150 |          |  |  | 45,153           |  |  |           | 51,303 |  |          |  | 12,207 |  |  |  | 1986 |  |  |  | 2002 | 



100



---

##### Table of Contents

|                                         |  |              |  | 
|---------------------------------------- |  | ------------ |  | 
|Duke Realty Limited Partnership          |  | Schedule III | 
|Real Estate and Accumulated Depreciation |  |              |  | 
|December 31, 2010                        |  |              |  | 
|(in thousands)                           |  |              |  | 



|                            |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|--------------------------- |  | ------------------------------ |  | ------------- |  | ------------ | ------ |  | ------------ |  | ------ | ------------------------------------------ |  |  | ------------------------- |  |  | ------------- | ------ |  | ----------------- |  | ------ | -------- |  |  | ---------------- |  |  | --------- | ------ |  | -------- |  | ------ |  |  |  | ---- |  |  |  | ---- | 
|                            |  |                                |  | Building      |  |              |        |  | Initial Cost |  |        | Cost Capitalized
Subsequent to Development |  |  | Gross Book Value 12/31/10 |  |  | Accumulated   |        |  | Year Constructed/ |  |        | Year     | 
|Development                 |  | Name                           |  | Type          |  | Encumbrances |        |  | Land         |  |        | Buildings                                  |  |  | or Acquisition            |  |  | Land/Land Imp |        |  | Bldgs/TI          |  |        | Total(1) |  |  | Depreciation (2) |  |  | Renovated |        |  | Acquired | 
|                            |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Columbus, Ohio              |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Easton                      |  | One Easton Oval                |  | Office        |  |              | -      |  |              |  | 2,789  |                                            |  |  | 9,534                     |  |  |               | 1,146  |  |                   |  | 2,789  |          |  |  | 10,680           |  |  |           | 13,469 |  |          |  | 3,686  |  |  |  | 1999 |  |  |  | 1999 | 
|Easton                      |  | Two Easton Oval                |  | Office        |  |              | -      |  |              |  | 2,489  |                                            |  |  | 15,912                    |  |  |               | 2,804  |  |                   |  | 2,489  |          |  |  | 18,716           |  |  |           | 21,205 |  |          |  | 6,141  |  |  |  | 1996 |  |  |  | 1998 | 
|Easton                      |  | Easton Way One                 |  | Office        |  |              | -      |  |              |  | 1,874  |                                            |  |  | 8,791                     |  |  |               | 728    |  |                   |  | 1,874  |          |  |  | 9,519            |  |  |           | 11,393 |  |          |  | 3,497  |  |  |  | 2000 |  |  |  | 2000 | 
|Easton                      |  | Easton Way Two                 |  | Office        |  |              | -      |  |              |  | 2,005  |                                            |  |  | 6,808                     |  |  |               | 836    |  |                   |  | 2,005  |          |  |  | 7,644            |  |  |           | 9,649  |  |          |  | 1,843  |  |  |  | 2001 |  |  |  | 2001 | 
|Easton                      |  | Easton Way Three               |  | Office        |  |              | -      |  |              |  | 2,768  |                                            |  |  | 8,350                     |  |  |               | 172    |  |                   |  | 2,693  |          |  |  | 8,597            |  |  |           | 11,290 |  |          |  | 1,893  |  |  |  | 2003 |  |  |  | 2003 | 
|Easton                      |  | 4400 Easton Commons            |  | Office        |  |              | -      |  |              |  | 1,886  |                                            |  |  | 7,779                     |  |  |               | 1,350  |  |                   |  | 1,886  |          |  |  | 9,129            |  |  |           | 11,015 |  |          |  | 2,998  |  |  |  | 2006 |  |  |  | 2006 | 
|Easton                      |  | 4343 Easton Commons            |  | Office        |  |              | -      |  |              |  | 3,059  |                                            |  |  | 7,248                     |  |  |               | 3,462  |  |                   |  | 3,083  |          |  |  | 10,686           |  |  |           | 13,769 |  |          |  | 1,497  |  |  |  | 2007 |  |  |  | 2007 | 
|                            |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Coppell, Texas              |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Freeport North              |  | Freeport X                     |  | Industrial    |  |              | 17,718 |  |              |  | 8,198  |                                            |  |  | 16,900                    |  |  |               | 3,044  |  |                   |  | 8,198  |          |  |  | 19,944           |  |  |           | 28,142 |  |          |  | 7,421  |  |  |  | 2004 |  |  |  | 2004 | 
|Point West Industrial       |  | Point West VI                  |  | Industrial    |  |              | 11,209 |  |              |  | 10,181 |                                            |  |  | 17,905                    |  |  |               | 4,127  |  |                   |  | 10,181 |          |  |  | 22,032           |  |  |           | 32,213 |  |          |  | 3,466  |  |  |  | 2008 |  |  |  | 2008 | 
|Point West Industrial       |  | Point West VII                 |  | Industrial    |  |              | 9,938  |  |              |  | 6,785  |                                            |  |  | 13,668                    |  |  |               | 6,488  |  |                   |  | 7,201  |          |  |  | 19,740           |  |  |           | 26,941 |  |          |  | 2,835  |  |  |  | 2008 |  |  |  | 2008 | 
|Point West Industrial       |  | Samsung Pkg Lot-PWT7           |  | Grounds       |  |              | -      |  |              |  | 306    |                                            |  |  | -                         |  |  |               | 11     |  |                   |  | 317    |          |  |  | -                |  |  |           | 317    |  |          |  | 43     |  |  |  | n/a  |  |  |  | 2009 | 
|                            |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Dallas, Texas               |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Not Applicable              |  | Baylor Administration Building |  | MedicalOffice |  |              | -      |  |              |  | 50     |                                            |  |  | 14,435                    |  |  |               | 100    |  |                   |  | 150    |          |  |  | 14,435           |  |  |           | 14,585 |  |          |  | 810    |  |  |  | 2009 |  |  |  | 2009 | 
|                            |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Davenport, Florida          |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Park 27 Distribution Center |  | Park 27 Distribution Center I  |  | Industrial    |  |              | -      |  |              |  | 2,449  |                                            |  |  | 6,107                     |  |  |               | 33     |  |                   |  | 2,449  |          |  |  | 6,140            |  |  |           | 8,589  |  |          |  | 2,341  |  |  |  | 2003 |  |  |  | 2003 | 
|Park 27 Distribution Center |  | Park 27 Distribution Center II |  | Industrial    |  |              | -      |  |              |  | 4,374  |                                            |  |  | 8,218                     |  |  |               | 4,697  |  |                   |  | 4,415  |          |  |  | 12,874           |  |  |           | 17,289 |  |          |  | 2,316  |  |  |  | 2007 |  |  |  | 2007 | 
|                            |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Deerfield Township, Ohio    |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Deerfield Crossing          |  | Deerfield Crossing A           |  | Office        |  |              | -      |  |              |  | 1,493  |                                            |  |  | 11,168                    |  |  |               | 1,639  |  |                   |  | 1,493  |          |  |  | 12,807           |  |  |           | 14,300 |  |          |  | 3,985  |  |  |  | 1999 |  |  |  | 1999 | 
|Deerfield Crossing          |  | Deerfield Crossing B           |  | Office        |  |              | -      |  |              |  | 1,069  |                                            |  |  | 13,200                    |  |  |               | 534    |  |                   |  | 1,069  |          |  |  | 13,734           |  |  |           | 14,803 |  |          |  | 6,094  |  |  |  | 2001 |  |  |  | 2001 | 
|Governors Pointe            |  | Governors Pointe 4770         |  | Office        |  |              | -      |  |              |  | 586    |                                            |  |  | 7,516                     |  |  |               | 1,111  |  |                   |  | 596    |          |  |  | 8,617            |  |  |           | 9,213  |  |          |  | 4,738  |  |  |  | 1986 |  |  |  | 1993 | 
|Governors Pointe            |  | Governors Pointe 4705         |  | Office        |  |              | -      |  |              |  | 719    |                                            |  |  | 6,046                     |  |  |               | 3,847  |  |                   |  | 987    |          |  |  | 9,625            |  |  |           | 10,612 |  |          |  | 4,732  |  |  |  | 1988 |  |  |  | 1993 | 
|Governors Pointe            |  | Governors Pointe 4605         |  | Office        |  |              | -      |  |              |  | 630    |                                            |  |  | 16,600                    |  |  |               | 4,496  |  |                   |  | 909    |          |  |  | 20,817           |  |  |           | 21,726 |  |          |  | 9,730  |  |  |  | 1990 |  |  |  | 1993 | 
|Governors Pointe            |  | Governors Pointe 4660         |  | Office        |  |              | -      |  |              |  | 385    |                                            |  |  | 4,095                     |  |  |               | 417    |  |                   |  | 529    |          |  |  | 4,368            |  |  |           | 4,897  |  |          |  | 1,761  |  |  |  | 1997 |  |  |  | 1997 | 
|Governors Pointe            |  | Governors Pointe 4680         |  | Office        |  |              | -      |  |              |  | 1,115  |                                            |  |  | 6,299                     |  |  |               | 1,378  |  |                   |  | 1,115  |          |  |  | 7,677            |  |  |           | 8,792  |  |          |  | 2,756  |  |  |  | 1998 |  |  |  | 1998 | 
|                            |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Des Plaines, Illinois       |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|2180 South Wolf Road        |  | 2180 South Wolf Road           |  | Industrial    |  |              | -      |  |              |  | 179    |                                            |  |  | 1,515                     |  |  |               | 548    |  |                   |  | 179    |          |  |  | 2,063            |  |  |           | 2,242  |  |          |  | 740    |  |  |  | 1969 |  |  |  | 1998 | 
|                            |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Downers Grove, Illinois     |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Executive Towers            |  | Executive Towers I             |  | Office        |  |              | -      |  |              |  | 2,652  |                                            |  |  | 22,254                    |  |  |               | 7,721  |  |                   |  | 2,652  |          |  |  | 29,975           |  |  |           | 32,627 |  |          |  | 11,292 |  |  |  | 1983 |  |  |  | 1997 | 
|Executive Towers            |  | Executive Towers II            |  | Office        |  |              | -      |  |              |  | 3,386  |                                            |  |  | 26,745                    |  |  |               | 10,883 |  |                   |  | 3,386  |          |  |  | 37,628           |  |  |           | 41,014 |  |          |  | 13,606 |  |  |  | 1984 |  |  |  | 1997 | 
|Executive Towers            |  | Executive Towers III           |  | Office        |  |              | -      |  |              |  | 3,512  |                                            |  |  | 31,014                    |  |  |               | 7,211  |  |                   |  | 3,512  |          |  |  | 38,225           |  |  |           | 41,737 |  |          |  | 14,739 |  |  |  | 1987 |  |  |  | 1997 | 
|                            |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Dublin, Ohio                |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Scioto Corporate Center     |  | Scioto Corporate Center        |  | Office        |  |              | -      |  |              |  | 1,100  |                                            |  |  | 2,716                     |  |  |               | 1,628  |  |                   |  | 1,100  |          |  |  | 4,344            |  |  |           | 5,444  |  |          |  | 1,793  |  |  |  | 1987 |  |  |  | 1996 | 
|Tuttle Crossing             |  | Qwest                          |  | Office        |  |              | -      |  |              |  | 2,618  |                                            |  |  | 18,317                    |  |  |               | 1,953  |  |                   |  | 2,670  |          |  |  | 20,218           |  |  |           | 22,888 |  |          |  | 9,094  |  |  |  | 1990 |  |  |  | 1993 | 
|Tuttle Crossing             |  | 4700 Lakehurst Court           |  | Office        |  |              | -      |  |              |  | 717    |                                            |  |  | 2,318                     |  |  |               | 955    |  |                   |  | 717    |          |  |  | 3,273            |  |  |           | 3,990  |  |          |  | 1,583  |  |  |  | 1994 |  |  |  | 1994 | 
|Tuttle Crossing             |  | 5500 Glendon Court             |  | Office        |  |              | -      |  |              |  | 1,066  |                                            |  |  | 6,948                     |  |  |               | 1,347  |  |                   |  | 1,066  |          |  |  | 8,295            |  |  |           | 9,361  |  |          |  | 3,609  |  |  |  | 1995 |  |  |  | 1995 | 
|Tuttle Crossing             |  | 5555 Glendon Court             |  | Office        |  |              | -      |  |              |  | 1,600  |                                            |  |  | 6,752                     |  |  |               | 1,898  |  |                   |  | 1,789  |          |  |  | 8,461            |  |  |           | 10,250 |  |          |  | 3,826  |  |  |  | 1995 |  |  |  | 1995 | 
|Tuttle Crossing             |  | Compmanagement                 |  | Office        |  |              | -      |  |              |  | 867    |                                            |  |  | 4,388                     |  |  |               | 762    |  |                   |  | 867    |          |  |  | 5,150            |  |  |           | 6,017  |  |          |  | 2,362  |  |  |  | 1997 |  |  |  | 1997 | 
|Tuttle Crossing             |  | 5555 Parkcenter Circle         |  | Office        |  |              | -      |  |              |  | 1,580  |                                            |  |  | 8,908                     |  |  |               | 1,124  |  |                   |  | 1,580  |          |  |  | 10,032           |  |  |           | 11,612 |  |          |  | 4,422  |  |  |  | 1992 |  |  |  | 1994 | 
|Tuttle Crossing             |  | Parkwood Place                 |  | Office        |  |              | -      |  |              |  | 1,690  |                                            |  |  | 11,507                    |  |  |               | 1,097  |  |                   |  | 1,690  |          |  |  | 12,604           |  |  |           | 14,294 |  |          |  | 6,274  |  |  |  | 1997 |  |  |  | 1997 | 
|Tuttle Crossing             |  | Nationwide                     |  | Office        |  |              | -      |  |              |  | 4,815  |                                            |  |  | 15,345                    |  |  |               | 895    |  |                   |  | 4,815  |          |  |  | 16,240           |  |  |           | 21,055 |  |          |  | 6,488  |  |  |  | 1996 |  |  |  | 1996 | 
|Tuttle Crossing             |  | Emerald II                     |  | Office        |  |              | -      |  |              |  | 495    |                                            |  |  | 2,525                     |  |  |               | 252    |  |                   |  | 495    |          |  |  | 2,777            |  |  |           | 3,272  |  |          |  | 916    |  |  |  | 1998 |  |  |  | 1998 | 
|Tuttle Crossing             |  | Atrium II, South Tower         |  | Office        |  |              | -      |  |              |  | 1,649  |                                            |  |  | 8,707                     |  |  |               | 1,260  |  |                   |  | 1,649  |          |  |  | 9,967            |  |  |           | 11,616 |  |          |  | 3,331  |  |  |  | 1998 |  |  |  | 1998 | 
|Tuttle Crossing             |  | Atrium II, North Tower         |  | Office        |  |              | -      |  |              |  | 1,597  |                                            |  |  | 7,747                     |  |  |               | 1,599  |  |                   |  | 1,597  |          |  |  | 9,346            |  |  |           | 10,943 |  |          |  | 2,936  |  |  |  | 1999 |  |  |  | 1999 | 
|Tuttle Crossing             |  | Blazer I                       |  | Office        |  |              | -      |  |              |  | 904    |                                            |  |  | 3,887                     |  |  |               | 596    |  |                   |  | 904    |          |  |  | 4,483            |  |  |           | 5,387  |  |          |  | 1,308  |  |  |  | 1999 |  |  |  | 1999 | 
|Tuttle Crossing             |  | Parkwood II                    |  | Office        |  |              | -      |  |              |  | 1,848  |                                            |  |  | 11,389                    |  |  |               | 823    |  |                   |  | 2,400  |          |  |  | 11,660           |  |  |           | 14,060 |  |          |  | 3,446  |  |  |  | 2000 |  |  |  | 2000 | 
|Tuttle Crossing             |  | Blazer II                      |  | Office        |  |              | -      |  |              |  | 1,016  |                                            |  |  | 5,032                     |  |  |               | 1,190  |  |                   |  | 1,016  |          |  |  | 6,222            |  |  |           | 7,238  |  |          |  | 1,846  |  |  |  | 2000 |  |  |  | 2000 | 
|Tuttle Crossing             |  | Emerald III                    |  | Office        |  |              | -      |  |              |  | 1,685  |                                            |  |  | 7,130                     |  |  |               | 1,976  |  |                   |  | 1,694  |          |  |  | 9,097            |  |  |           | 10,791 |  |          |  | 2,995  |  |  |  | 2001 |  |  |  | 2001 | 
|                            |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Duluth, Georgia             |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Crestwood Pointe            |  | 3805 Crestwood Parkway         |  | Office        |  |              | -      |  |              |  | 877    |                                            |  |  | 14,158                    |  |  |               | 2,132  |  |                   |  | 877    |          |  |  | 16,290           |  |  |           | 17,167 |  |          |  | 4,775  |  |  |  | 1997 |  |  |  | 1999 | 
|Crestwood Pointe            |  | 3885 Crestwood Parkway         |  | Office        |  |              | -      |  |              |  | 878    |                                            |  |  | 13,484                    |  |  |               | 1,395  |  |                   |  | 878    |          |  |  | 14,879           |  |  |           | 15,757 |  |          |  | 4,338  |  |  |  | 1998 |  |  |  | 1999 | 
|Hampton Green               |  | Hampton Green Office I         |  | Office        |  |              | -      |  |              |  | 1,388  |                                            |  |  | 9,921                     |  |  |               | 840    |  |                   |  | 1,388  |          |  |  | 10,761           |  |  |           | 12,149 |  |          |  | 2,939  |  |  |  | 2000 |  |  |  | 2000 | 
|Business Park At Sugarloaf  |  | 2775 Premiere Parkway          |  | Industrial    |  |              | 6,663  |  |              |  | 560    |                                            |  |  | 4,522                     |  |  |               | 354    |  |                   |  | 565    |          |  |  | 4,871            |  |  |           | 5,436  |  |          |  | 1,434  |  |  |  | 1997 |  |  |  | 1999 | 
|Business Park At Sugarloaf  |  | 3079 Premiere Parkway          |  | Industrial    |  |              | 10,863 |  |              |  | 776    |                                            |  |  | 5,332                     |  |  |               | 2,258  |  |                   |  | 783    |          |  |  | 7,583            |  |  |           | 8,366  |  |          |  | 2,467  |  |  |  | 1998 |  |  |  | 1999 | 
|Business Park At Sugarloaf  |  | Sugarloaf Office I             |  | Office        |  |              | -      |  |              |  | 1,042  |                                            |  |  | 8,133                     |  |  |               | 769    |  |                   |  | 1,042  |          |  |  | 8,902            |  |  |           | 9,944  |  |          |  | 2,619  |  |  |  | 1998 |  |  |  | 1999 | 
|Business Park At Sugarloaf  |  | 2850 Premiere Parkway          |  | Office        |  |              | 8,179  |  |              |  | 621    |                                            |  |  | 4,621                     |  |  |               | 1,017  |  |                   |  | 627    |          |  |  | 5,632            |  |  |           | 6,259  |  |          |  | 1,181  |  |  |  | 1997 |  |  |  | 2002 | 
|Business Park At Sugarloaf  |  | Sugarloaf Office II (3039)     |  | Office        |  |              | -      |  |              |  | 972    |                                            |  |  | 3,784                     |  |  |               | 638    |  |                   |  | 1,006  |          |  |  | 4,388            |  |  |           | 5,394  |  |          |  | 1,083  |  |  |  | 1999 |  |  |  | 2002 | 
|Business Park At Sugarloaf  |  | Sugarloaf Office III (2810)    |  | Office        |  |              | -      |  |              |  | 696    |                                            |  |  | 3,565                     |  |  |               | 543    |  |                   |  | 696    |          |  |  | 4,108            |  |  |           | 4,804  |  |          |  | 973    |  |  |  | 1999 |  |  |  | 2002 | 
|Business Park At Sugarloaf  |  | 2855 Premiere Parkway          |  | Industrial    |  |              | 5,775  |  |              |  | 765    |                                            |  |  | 3,297                     |  |  |               | 601    |  |                   |  | 770    |          |  |  | 3,893            |  |  |           | 4,663  |  |          |  | 1,166  |  |  |  | 1999 |  |  |  | 1999 | 



101



---

##### Table of Contents

|                                         |  |              |  | 
|---------------------------------------- |  | ------------ |  | 
|Duke Realty Limited Partnership          |  | Schedule III | 
|Real Estate and Accumulated Depreciation |  |              |  | 
|December 31, 2010                        |  |              |  | 
|(in thousands)                           |  |              |  | 



|                             |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |        |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|---------------------------- |  | ------------------------------ |  | ------------- |  | ------------ | ------ |  | ------------ |  | ----- | ------------------------------------------ |  |  | ------------------------- |  |  | ------------- | ------ |  | ----------------- |  | ----- | -------- |  |  | ---------------- |  |  | --------- | ------ |  | -------- |  | ----- |  |  |  | ---- |  |  |  | ---- | 
|                             |  |                                |  | Building      |  |              |        |  | Initial Cost |  |       | Cost Capitalized Subsequent to
Development |  |  | Gross Book Value 12/31/10 |  |  | Accumulated   |        |  | Year Constructed/ |  |       | Year     | 
|Development                  |  | Name                           |  | Type          |  | Encumbrances |        |  | Land         |  |       | Buildings                                  |  |  | or Acquisition            |  |  | Land/Land Imp |        |  | Bldgs/TI          |  |       | Total(1) |  |  | Depreciation (2) |  |  | Renovated |        |  | Acquired | 
|Business Park At Sugarloaf   |  | 6655 Sugarloaf                 |  | Industrial    |  |              | 12,723 |  |              |  | 1,651 |                                            |  |  | 6,985                     |  |  |               | 972    |  |                   |  | 1,659 |          |  |  | 7,949            |  |  |           | 9,608  |  |          |  | 1,709 |  |  |  | 1998 |  |  |  | 2001 | 
|Business Park At Sugarloaf   |  | Sugarloaf Office IV            |  | Office        |  |              | -      |  |              |  | 623   |                                            |  |  | 2,336                     |  |  |               | 698    |  |                   |  | 623   |          |  |  | 3,034            |  |  |           | 3,657  |  |          |  | 863   |  |  |  | 2000 |  |  |  | 2000 | 
|Business Park At Sugarloaf   |  | Sugarloaf Office V             |  | Office        |  |              | -      |  |              |  | 744   |                                            |  |  | 1,968                     |  |  |               | 789    |  |                   |  | 744   |          |  |  | 2,757            |  |  |           | 3,501  |  |          |  | 763   |  |  |  | 2001 |  |  |  | 2001 | 
|Business Park At Sugarloaf   |  | Sugarloaf VI                   |  | Office        |  |              | -      |  |              |  | 1,589 |                                            |  |  | 5,437                     |  |  |               | 1,419  |  |                   |  | 1,589 |          |  |  | 6,856            |  |  |           | 8,445  |  |          |  | 2,152 |  |  |  | 2005 |  |  |  | 2005 | 
|Business Park At Sugarloaf   |  | Sugarloaf VII                  |  | Office        |  |              | -      |  |              |  | 1,722 |                                            |  |  | 5,055                     |  |  |               | 2,658  |  |                   |  | 1,726 |          |  |  | 7,709            |  |  |           | 9,435  |  |          |  | 1,660 |  |  |  | 2006 |  |  |  | 2006 | 
|Meadowbrook                  |  | 2450 Meadowbrook Parkway       |  | Industrial    |  |              | -      |  |              |  | 383   |                                            |  |  | 1,625                     |  |  |               | -      |  |                   |  | 383   |          |  |  | 1,625            |  |  |           | 2,008  |  |          |  | 36    |  |  |  | 1989 |  |  |  | 2010 | 
|Meadowbrook                  |  | 2500 Meadowbrook Parkway       |  | Industrial    |  |              | -      |  |              |  | 405   |                                            |  |  | 1,930                     |  |  |               | -      |  |                   |  | 405   |          |  |  | 1,930            |  |  |           | 2,335  |  |          |  | 50    |  |  |  | 1987 |  |  |  | 2010 | 
|Pinebrook                    |  | 2625 Pinemeadow Court          |  | Industrial    |  |              | -      |  |              |  | 861   |                                            |  |  | 4,021                     |  |  |               | -      |  |                   |  | 861   |          |  |  | 4,021            |  |  |           | 4,882  |  |          |  | 166   |  |  |  | 1994 |  |  |  | 2010 | 
|Pinebrook                    |  | 2660 Pinemeadow Court          |  | Industrial    |  |              | -      |  |              |  | 540   |                                            |  |  | 2,277                     |  |  |               | -      |  |                   |  | 540   |          |  |  | 2,277            |  |  |           | 2,817  |  |          |  | 64    |  |  |  | 1996 |  |  |  | 2010 | 
|Pinebrook                    |  | 2450 Satellite Boulevard       |  | Industrial    |  |              | -      |  |              |  | 556   |                                            |  |  | 2,422                     |  |  |               | -      |  |                   |  | 556   |          |  |  | 2,422            |  |  |           | 2,978  |  |          |  | 69    |  |  |  | 1994 |  |  |  | 2010 | 
|                             |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Eagan, Minnesota             |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |        |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Apollo Industrial Center     |  | Apollo Industrial Ctr I        |  | Industrial    |  |              | 3,977  |  |              |  | 866   |                                            |  |  | 4,300                     |  |  |               | 1,472  |  |                   |  | 882   |          |  |  | 5,756            |  |  |           | 6,638  |  |          |  | 2,160 |  |  |  | 1997 |  |  |  | 1997 | 
|Apollo Industrial Center     |  | Apollo Industrial Ctr II       |  | Industrial    |  |              | 1,881  |  |              |  | 474   |                                            |  |  | 2,455                     |  |  |               | 167    |  |                   |  | 474   |          |  |  | 2,622            |  |  |           | 3,096  |  |          |  | 810   |  |  |  | 2000 |  |  |  | 2000 | 
|Apollo Industrial Center     |  | Apollo Industrial Ctr III      |  | Industrial    |  |              | 5,054  |  |              |  | 1,432 |                                            |  |  | 6,316                     |  |  |               | 25     |  |                   |  | 1,432 |          |  |  | 6,341            |  |  |           | 7,773  |  |          |  | 1,896 |  |  |  | 2000 |  |  |  | 2000 | 
|Silver Bell Commons          |  | Silver Bell Commons            |  | Industrial    |  |              | -      |  |              |  | 1,807 |                                            |  |  | 5,757                     |  |  |               | 1,760  |  |                   |  | 1,908 |          |  |  | 7,416            |  |  |           | 9,324  |  |          |  | 2,690 |  |  |  | 1999 |  |  |  | 1999 | 
|Trapp Road Commerce Center   |  | Trapp Road Commerce Center I   |  | Industrial    |  |              | 2,689  |  |              |  | 671   |                                            |  |  | 3,847                     |  |  |               | 462    |  |                   |  | 700   |          |  |  | 4,280            |  |  |           | 4,980  |  |          |  | 1,450 |  |  |  | 1996 |  |  |  | 1998 | 
|Trapp Road Commerce Center   |  | Trapp Road Commerce Center II  |  | Industrial    |  |              | 4,697  |  |              |  | 1,250 |                                            |  |  | 6,444                     |  |  |               | 1,154  |  |                   |  | 1,266 |          |  |  | 7,582            |  |  |           | 8,848  |  |          |  | 2,659 |  |  |  | 1998 |  |  |  | 1998 | 
|                             |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Earth City, Missouri         |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |        |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Earth City                   |  | Rider Trail                    |  | Office        |  |              | -      |  |              |  | 2,615 |                                            |  |  | 9,807                     |  |  |               | 2,429  |  |                   |  | 2,615 |          |  |  | 12,236           |  |  |           | 14,851 |  |          |  | 4,496 |  |  |  | 1987 |  |  |  | 1997 | 
|Earth City                   |  | 3300 Pointe 70                 |  | Office        |  |              | -      |  |              |  | 1,186 |                                            |  |  | 6,055                     |  |  |               | 2,805  |  |                   |  | 1,186 |          |  |  | 8,860            |  |  |           | 10,046 |  |          |  | 3,270 |  |  |  | 1989 |  |  |  | 1997 | 
|Earth City                   |  | Corporate Center, Earth City   |  | Industrial    |  |              | -      |  |              |  | 783   |                                            |  |  | 2,161                     |  |  |               | 1,861  |  |                   |  | 783   |          |  |  | 4,022            |  |  |           | 4,805  |  |          |  | 1,774 |  |  |  | 2000 |  |  |  | 2000 | 
|Earth City                   |  | Corporate Trail Distribution   |  | Industrial    |  |              | -      |  |              |  | 2,850 |                                            |  |  | 6,163                     |  |  |               | 1,789  |  |                   |  | 2,875 |          |  |  | 7,927            |  |  |           | 10,802 |  |          |  | 1,709 |  |  |  | 2006 |  |  |  | 2006 | 
|                             |  |                                |  |               |  |              |        |  |              |  |       |                                           
|East Point, Georgia          |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |        |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Camp Creek                   |  | Camp Creek Bldg 1400           |  | Office        |  |              | 5,339  |  |              |  | 561   |                                            |  |  | 2,523                     |  |  |               | 1,209  |  |                   |  | 573   |          |  |  | 3,720            |  |  |           | 4,293  |  |          |  | 996   |  |  |  | 1988 |  |  |  | 2001 | 
|Camp Creek                   |  | Camp Creek Bldg 1800           |  | Office        |  |              | 4,400  |  |              |  | 462   |                                            |  |  | 2,536                     |  |  |               | 460    |  |                   |  | 471   |          |  |  | 2,987            |  |  |           | 3,458  |  |          |  | 789   |  |  |  | 1989 |  |  |  | 2001 | 
|Camp Creek                   |  | Camp Creek Bldg 2000           |  | Office        |  |              | 5,023  |  |              |  | 395   |                                            |  |  | 2,285                     |  |  |               | 1,098  |  |                   |  | 470   |          |  |  | 3,308            |  |  |           | 3,778  |  |          |  | 645   |  |  |  | 1989 |  |  |  | 2001 | 
|Camp Creek                   |  | Camp Creek Bldg 2400           |  | Industrial    |  |              | 3,133  |  |              |  | 296   |                                            |  |  | 1,513                     |  |  |               | 701    |  |                   |  | 308   |          |  |  | 2,202            |  |  |           | 2,510  |  |          |  | 639   |  |  |  | 1988 |  |  |  | 2001 | 
|Camp Creek                   |  | Camp Creek Bldg 2600           |  | Industrial    |  |              | 3,330  |  |              |  | 364   |                                            |  |  | 2,014                     |  |  |               | 236    |  |                   |  | 375   |          |  |  | 2,239            |  |  |           | 2,614  |  |          |  | 588   |  |  |  | 1990 |  |  |  | 2001 | 
|Camp Creek                   |  | 3201 Centre Parkway            |  | Industrial    |  |              | 19,254 |  |              |  | 4,406 |                                            |  |  | 9,512                     |  |  |               | 723    |  |                   |  | 4,944 |          |  |  | 9,697            |  |  |           | 14,641 |  |          |  | 2,835 |  |  |  | 2004 |  |  |  | 2004 | 
|Camp Creek                   |  | Camp Creek Building 1200       |  | Office        |  |              | -      |  |              |  | 1,334 |                                            |  |  | 2,246                     |  |  |               | 1,084  |  |                   |  | 1,344 |          |  |  | 3,320            |  |  |           | 4,664  |  |          |  | 1,963 |  |  |  | 2005 |  |  |  | 2005 | 
|Camp Creek                   |  | 3900 North Commerce            |  | Industrial    |  |              | 5,288  |  |              |  | 1,059 |                                            |  |  | 2,966                     |  |  |               | 22     |  |                   |  | 1,081 |          |  |  | 2,966            |  |  |           | 4,047  |  |          |  | 711   |  |  |  | 2005 |  |  |  | 2005 | 
|Camp Creek                   |  | 3909 North Commerce            |  | Industrial    |  |              | -      |  |              |  | 5,687 |                                            |  |  | 10,192                    |  |  |               | 12,465 |  |                   |  | 8,944 |          |  |  | 19,400           |  |  |           | 28,344 |  |          |  | 5,334 |  |  |  | 2006 |  |  |  | 2006 | 
|Camp Creek                   |  | 4200 N. Commerce-Hartsfield WH |  | Industrial    |  |              | 11,867 |  |              |  | 2,065 |                                            |  |  | 7,076                     |  |  |               | 122    |  |                   |  | 2,116 |          |  |  | 7,147            |  |  |           | 9,263  |  |          |  | 1,243 |  |  |  | 2006 |  |  |  | 2006 | 
|Camp Creek                   |  | Camp Creek Building 1000       |  | Office        |  |              | -      |  |              |  | 1,537 |                                            |  |  | 2,459                     |  |  |               | 1,135  |  |                   |  | 1,549 |          |  |  | 3,582            |  |  |           | 5,131  |  |          |  | 1,380 |  |  |  | 2006 |  |  |  | 2006 | 
|Camp Creek                   |  | 3000 Centre Parkway            |  | Industrial    |  |              | -      |  |              |  | 1,163 |                                            |  |  | 1,884                     |  |  |               | 1,127  |  |                   |  | 1,182 |          |  |  | 2,992            |  |  |           | 4,174  |  |          |  | 788   |  |  |  | 2007 |  |  |  | 2007 | 
|Camp Creek                   |  | 1500 Centre Parkway            |  | Office        |  |              | -      |  |              |  | 1,683 |                                            |  |  | 5,564                     |  |  |               | 3,338  |  |                   |  | 1,716 |          |  |  | 8,869            |  |  |           | 10,585 |  |          |  | 1,609 |  |  |  | 2008 |  |  |  | 2008 | 
|Camp Creek                   |  | 1100 Centre Parkway            |  | Office        |  |              | -      |  |              |  | 1,309 |                                            |  |  | 4,881                     |  |  |               | 318    |  |                   |  | 1,336 |          |  |  | 5,172            |  |  |           | 6,508  |  |          |  | 616   |  |  |  | 2008 |  |  |  | 2008 | 
|Camp Creek                   |  | 4800 N. Commerce Dr. (Site Q)  |  | Industrial    |  |              | -      |  |              |  | 2,476 |                                            |  |  | 4,650                     |  |  |               | 753    |  |                   |  | 2,512 |          |  |  | 5,367            |  |  |           | 7,879  |  |          |  | 546   |  |  |  | 2008 |  |  |  | 2008 | 
|                             |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Ellabell, Georgia            |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |        |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Crossroads (Savannah)        |  | 1086 Orafold Pkwy              |  | Industrial    |  |              | 10,525 |  |              |  | 2,042 |                                            |  |  | 13,104                    |  |  |               | 190    |  |                   |  | 2,046 |          |  |  | 13,290           |  |  |           | 15,336 |  |          |  | 1,538 |  |  |  | 2006 |  |  |  | 2008 | 
|                             |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Evansville, Indiana          |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |        |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|St. Marys Heart Institute   |  | St. Marys Heart Institute     |  | MedicalOffice |  |              | -      |  |              |  | -     |                                            |  |  | 20,946                    |  |  |               | 1,559  |  |                   |  | -     |          |  |  | 22,505           |  |  |           | 22,505 |  |          |  | 3,878 |  |  |  | 2006 |  |  |  | 2007 | 
|                             |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Fairfield, Ohio              |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |        |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Thunderbird Building 1       |  | Thunderbird Building 1         |  | Industrial    |  |              | -      |  |              |  | 248   |                                            |  |  | 1,617                     |  |  |               | 344    |  |                   |  | 248   |          |  |  | 1,961            |  |  |           | 2,209  |  |          |  | 855   |  |  |  | 1991 |  |  |  | 1995 | 
|Union Centre Industrial Park |  | Union Centre Industrial Park 2 |  | Industrial    |  |              | -      |  |              |  | 5,635 |                                            |  |  | 8,709                     |  |  |               | 819    |  |                   |  | 5,635 |          |  |  | 9,528            |  |  |           | 15,163 |  |          |  | 1,285 |  |  |  | 2008 |  |  |  | 2008 | 
|                             |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Fishers, Indiana             |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |        |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Exit 5                       |  | Exit 5 Building 1              |  | Industrial    |  |              | -      |  |              |  | 822   |                                            |  |  | 2,636                     |  |  |               | 443    |  |                   |  | 822   |          |  |  | 3,079            |  |  |           | 3,901  |  |          |  | 1,026 |  |  |  | 1999 |  |  |  | 1999 | 
|Exit 5                       |  | Exit 5 Building 2              |  | Industrial    |  |              | -      |  |              |  | 749   |                                            |  |  | 3,825                     |  |  |               | 442    |  |                   |  | 749   |          |  |  | 4,267            |  |  |           | 5,016  |  |          |  | 2,011 |  |  |  | 2000 |  |  |  | 2000 | 
|St. Vincent Northeast MOB    |  | St. Vincent Northeast MOB      |  | MedicalOffice |  |              | -      |  |              |  | -     |                                            |  |  | 23,101                    |  |  |               | 4,292  |  |                   |  | 4,235 |          |  |  | 23,158           |  |  |           | 27,393 |  |          |  | 3,727 |  |  |  | 2008 |  |  |  | 2008 | 
|                             |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Florence, Kentucky           |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |        |  |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Empire Commerce Center       |  | Empire Commerce Center         |  | Industrial    |  |              | -      |  |              |  | 813   |                                            |  |  | 878                       |  |  |               | -      |  |                   |  | 813   |          |  |  | 878              |  |  |           | 1,691  |  |          |  | 39    |  |  |  | 1980 |  |  |  | 2010 | 
|Kentucky Drive               |  | 7910 Kentucky Drive            |  | Industrial    |  |              | -      |  |              |  | 265   |                                            |  |  | 451                       |  |  |               | -      |  |                   |  | 265   |          |  |  | 451              |  |  |           | 716    |  |          |  | 19    |  |  |  | 1980 |  |  |  | 2010 | 
|Kentucky Drive               |  | 7920 Kentucky Drive            |  | Industrial    |  |              | -      |  |              |  | 653   |                                            |  |  | 850                       |  |  |               | -      |  |                   |  | 653   |          |  |  | 850              |  |  |           | 1,503  |  |          |  | 41    |  |  |  | 1974 |  |  |  | 2010 | 



102



---

##### Table of Contents

|                                         |  |              |  | 
|---------------------------------------- |  | ------------ |  | 
|Duke Realty Limited Partnership          |  | Schedule III | 
|Real Estate and Accumulated Depreciation |  |              |  | 
|December 31, 2010                        |  |              |  | 
|(in thousands)                           |  |              |  | 



|                               |  |                                |  |               |  |              |       |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|------------------------------ |  | ------------------------------ |  | ------------- |  | ------------ | ----- |  | ------------ |  | ------ | ------------------------------------------ |  |  | ------------------------- |  |  | ------------- | ----- |  | ----------------- |  | ------ | -------- |  |  | ---------------- |  |  | --------- | ------ |  | -------- |  | ----- |  |  |  | ---- |  |  |  | ---- | 
|                               |  |                                |  | Building      |  |              |       |  | Initial Cost |  |        | Cost Capitalized
Subsequent to Development |  |  | Gross Book Value 12/31/10 |  |  | Accumulated   |       |  | Year Constructed/ |  |        | Year     | 
|Development                    |  | Name                           |  | Type          |  | Encumbrances |       |  | Land         |  |        | Buildings                                  |  |  | or Acquisition            |  |  | Land/Land Imp |       |  | Bldgs/TI          |  |        | Total(1) |  |  | Depreciation (2) |  |  | Renovated |        |  | Acquired | 
|                               |  |                                |  |               |  |              |       |  |              |  |        |                                           
|Franklin, Tennessee            |  |                                |  |               |  |              |       |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Aspen Grove Industrial         |  | Aspen Grove Business Ctr I     |  | Industrial    |  |              | -     |  |              |  | 936    |                                            |  |  | 6,066                     |  |  |               | 2,993 |  |                   |  | 936    |          |  |  | 9,059            |  |  |           | 9,995  |  |          |  | 3,479 |  |  |  | 1996 |  |  |  | 1999 | 
|Aspen Grove Industrial         |  | Aspen Grove Business Ctr II    |  | Industrial    |  |              | -     |  |              |  | 1,151  |                                            |  |  | 6,410                     |  |  |               | 797   |  |                   |  | 1,151  |          |  |  | 7,207            |  |  |           | 8,358  |  |          |  | 2,201 |  |  |  | 1996 |  |  |  | 1999 | 
|Aspen Grove Industrial         |  | Aspen Grove Business Ctr III   |  | Industrial    |  |              | -     |  |              |  | 970    |                                            |  |  | 5,367                     |  |  |               | 490   |  |                   |  | 970    |          |  |  | 5,857            |  |  |           | 6,827  |  |          |  | 1,672 |  |  |  | 1998 |  |  |  | 1999 | 
|Aspen Grove Industrial         |  | Aspen Grove Business Center IV |  | Industrial    |  |              | -     |  |              |  | 492    |                                            |  |  | 2,249                     |  |  |               | 59    |  |                   |  | 492    |          |  |  | 2,308            |  |  |           | 2,800  |  |          |  | 499   |  |  |  | 2002 |  |  |  | 2002 | 
|Aspen Grove Industrial         |  | Aspen Grove Business Ctr V     |  | Industrial    |  |              | -     |  |              |  | 943    |                                            |  |  | 5,163                     |  |  |               | 2,556 |  |                   |  | 943    |          |  |  | 7,719            |  |  |           | 8,662  |  |          |  | 2,665 |  |  |  | 1996 |  |  |  | 1999 | 
|Aspen Grove Industrial         |  | Aspen Grove Flex Center II     |  | Industrial    |  |              | -     |  |              |  | 240    |                                            |  |  | 1,163                     |  |  |               | 450   |  |                   |  | 240    |          |  |  | 1,613            |  |  |           | 1,853  |  |          |  | 176   |  |  |  | 1999 |  |  |  | 1999 | 
|Aspen Grove Office             |  | Aspen Grove Office Center I    |  | Office        |  |              | -     |  |              |  | 950    |                                            |  |  | 5,709                     |  |  |               | 2,635 |  |                   |  | 950    |          |  |  | 8,344            |  |  |           | 9,294  |  |          |  | 2,459 |  |  |  | 1999 |  |  |  | 1999 | 
|Aspen Grove Industrial         |  | Aspen Grove Flex Center I      |  | Industrial    |  |              | -     |  |              |  | 301    |                                            |  |  | 1,061                     |  |  |               | 686   |  |                   |  | 301    |          |  |  | 1,747            |  |  |           | 2,048  |  |          |  | 479   |  |  |  | 1999 |  |  |  | 1999 | 
|Aspen Grove Industrial         |  | Aspen Grove Flex Center III    |  | Industrial    |  |              | -     |  |              |  | 327    |                                            |  |  | 1,121                     |  |  |               | 1,001 |  |                   |  | 327    |          |  |  | 2,122            |  |  |           | 2,449  |  |          |  | 643   |  |  |  | 2001 |  |  |  | 2001 | 
|Aspen Grove Industrial         |  | Aspen Grove Flex Center IV     |  | Industrial    |  |              | -     |  |              |  | 205    |                                            |  |  | 861                       |  |  |               | 210   |  |                   |  | 205    |          |  |  | 1,071            |  |  |           | 1,276  |  |          |  | 270   |  |  |  | 2001 |  |  |  | 2001 | 
|Aspen Grove Office             |  | Aspen Corporate Center 100     |  | Office        |  |              | -     |  |              |  | 723    |                                            |  |  | 2,904                     |  |  |               | 94    |  |                   |  | 723    |          |  |  | 2,998            |  |  |           | 3,721  |  |          |  | 875   |  |  |  | 2004 |  |  |  | 2004 | 
|Aspen Grove Office             |  | Aspen Corporate Center 200     |  | Office        |  |              | -     |  |              |  | 1,306  |                                            |  |  | 1,870                     |  |  |               | 1,655 |  |                   |  | 1,306  |          |  |  | 3,525            |  |  |           | 4,831  |  |          |  | 1,233 |  |  |  | 2006 |  |  |  | 2006 | 
|Aspen Grove Office             |  | Aspen Corporate Center 300     |  | Office        |  |              | -     |  |              |  | 1,451  |                                            |  |  | 2,050                     |  |  |               | 1,607 |  |                   |  | 1,460  |          |  |  | 3,648            |  |  |           | 5,108  |  |          |  | 384   |  |  |  | 2008 |  |  |  | 2008 | 
|Aspen Grove Office             |  | Aspen Corporate Center 400     |  | Office        |  |              | -     |  |              |  | 1,833  |                                            |  |  | 2,621                     |  |  |               | 2,514 |  |                   |  | 1,833  |          |  |  | 5,135            |  |  |           | 6,968  |  |          |  | 1,084 |  |  |  | 2007 |  |  |  | 2007 | 
|Aspen Grove Office             |  | Aspen Grove Office Center II   |  | Office        |  |              | -     |  |              |  | 2,320  |                                            |  |  | 8,177                     |  |  |               | 3,755 |  |                   |  | 2,320  |          |  |  | 11,932           |  |  |           | 14,252 |  |          |  | 2,886 |  |  |  | 2007 |  |  |  | 2007 | 
|Brentwood South Bus. Center    |  | Brentwood South Bus Ctr IV     |  | Industrial    |  |              | -     |  |              |  | 569    |                                            |  |  | 2,406                     |  |  |               | 1,122 |  |                   |  | 705    |          |  |  | 3,392            |  |  |           | 4,097  |  |          |  | 1,227 |  |  |  | 1990 |  |  |  | 1999 | 
|Brentwood South Bus. Center    |  | Brentwood South Bus Ctr V      |  | Industrial    |  |              | -     |  |              |  | 445    |                                            |  |  | 1,907                     |  |  |               | 161   |  |                   |  | 445    |          |  |  | 2,068            |  |  |           | 2,513  |  |          |  | 622   |  |  |  | 1990 |  |  |  | 1999 | 
|Brentwood South Bus. Center    |  | Brentwood South Bus Ctr VI     |  | Industrial    |  |              | 1,279 |  |              |  | 489    |                                            |  |  | 1,232                     |  |  |               | 631   |  |                   |  | 489    |          |  |  | 1,863            |  |  |           | 2,352  |  |          |  | 614   |  |  |  | 1990 |  |  |  | 1999 | 
|                               |  |                                |  |               |  |              |       |  |              |  |        |                                           
|Franklin Park, Illinois        |  |                                |  |               |  |              |       |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|OHare Distribution Center     |  | OHare Distribution Ctr        |  | Industrial    |  |              | -     |  |              |  | 3,900  |                                            |  |  | 3,013                     |  |  |               | 1,068 |  |                   |  | 3,900  |          |  |  | 4,081            |  |  |           | 7,981  |  |          |  | 553   |  |  |  | 2007 |  |  |  | 2007 | 
|                               |  |                                |  |               |  |              |       |  |              |  |        |                                           
|Frisco, Texas                  |  |                                |  |               |  |              |       |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Duke Bridges                   |  | Duke Bridges III               |  | Office        |  |              | -     |  |              |  | 4,647  |                                            |  |  | 7,546                     |  |  |               | 7,056 |  |                   |  | 4,647  |          |  |  | 14,602           |  |  |           | 19,249 |  |          |  | 2,166 |  |  |  | 2007 |  |  |  | 2007 | 
|                               |  |                                |  |               |  |              |       |  |              |  |        |                                           
|Ft. Wayne, Indiana             |  |                                |  |               |  |              |       |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Parkview Ambulatory Svcs - MOB |  | Parkview Ambulatory Svcs - MOB |  | MedicalOffice |  |              | -     |  |              |  | 937    |                                            |  |  | 10,661                    |  |  |               | 4,381 |  |                   |  | 937    |          |  |  | 15,042           |  |  |           | 15,979 |  |          |  | 1,642 |  |  |  | 2007 |  |  |  | 2007 | 
|                               |  |                                |  |               |  |              |       |  |              |  |        |                                           
|Garden City, Georgia           |  |                                |  |               |  |              |       |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Aviation Court                 |  | Aviation Court Land            |  | Grounds       |  |              | -     |  |              |  | 1,509  |                                            |  |  | -                         |  |  |               | -     |  |                   |  | 1,509  |          |  |  | -                |  |  |           | 1,509  |  |          |  | 94    |  |  |  | n/a  |  |  |  | 2006 | 
|                               |  |                                |  |               |  |              |       |  |              |  |        |                                           
|Goodyear, Arizona              |  |                                |  |               |  |              |       |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Goodyear Crossing Ind. Park    |  | Goodyear One                   |  | Industrial    |  |              | -     |  |              |  | 5,142  |                                            |  |  | 4,942                     |  |  |               | 1,873 |  |                   |  | 5,142  |          |  |  | 6,815            |  |  |           | 11,957 |  |          |  | 1,125 |  |  |  | 2008 |  |  |  | 2008 | 
|                               |  |                                |  |               |  |              |       |  |              |  |        |                                           
|Grand Prairie, Texas           |  |                                |  |               |  |              |       |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Grand Lakes                    |  | Grand Lakes I                  |  | Industrial    |  |              | -     |  |              |  | 8,106  |                                            |  |  | 12,021                    |  |  |               | 308   |  |                   |  | 8,040  |          |  |  | 12,395           |  |  |           | 20,435 |  |          |  | 3,070 |  |  |  | 2006 |  |  |  | 2006 | 
|Grand Lakes                    |  | Grand Lakes II                 |  | Industrial    |  |              | -     |  |              |  | 11,853 |                                            |  |  | 16,714                    |  |  |               | 8,302 |  |                   |  | 11,853 |          |  |  | 25,016           |  |  |           | 36,869 |  |          |  | 4,341 |  |  |  | 2008 |  |  |  | 2008 | 
|                               |  |                                |  |               |  |              |       |  |              |  |        |                                           
|Grove City, Ohio               |  |                                |  |               |  |              |       |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|SouthPointe Business Park      |  | SouthPointe Building A         |  | Industrial    |  |              | -     |  |              |  | 844    |                                            |  |  | 5,509                     |  |  |               | -     |  |                   |  | 844    |          |  |  | 5,509            |  |  |           | 6,353  |  |          |  | 128   |  |  |  | 1995 |  |  |  | 2010 | 
|SouthPointe Business Park      |  | SouthPointe Building B         |  | Industrial    |  |              | -     |  |              |  | 790    |                                            |  |  | 5,284                     |  |  |               | -     |  |                   |  | 790    |          |  |  | 5,284            |  |  |           | 6,074  |  |          |  | 128   |  |  |  | 1996 |  |  |  | 2010 | 
|SouthPointe Business Park      |  | SouthPointe Building C         |  | Industrial    |  |              | -     |  |              |  | 754    |                                            |  |  | 6,337                     |  |  |               | -     |  |                   |  | 754    |          |  |  | 6,337            |  |  |           | 7,091  |  |          |  | 122   |  |  |  | 1996 |  |  |  | 2010 | 
|                               |  |                                |  |               |  |              |       |  |              |  |        |                                           
|Groveport, Ohio                |  |                                |  |               |  |              |       |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|6600 Port Road                 |  | 6600 Port Road                 |  | Industrial    |  |              | -     |  |              |  | 2,725  |                                            |  |  | 23,104                    |  |  |               | 2,124 |  |                   |  | 3,213  |          |  |  | 24,740           |  |  |           | 27,953 |  |          |  | 9,107 |  |  |  | 1998 |  |  |  | 1997 | 
|Groveport Commerce Center      |  | Groveport Commerce Center #437 |  | Industrial    |  |              | 3,233 |  |              |  | 1,049  |                                            |  |  | 6,759                     |  |  |               | 1,305 |  |                   |  | 1,065  |          |  |  | 8,048            |  |  |           | 9,113  |  |          |  | 2,463 |  |  |  | 1999 |  |  |  | 1999 | 
|Groveport Commerce Center      |  | Groveport Commerce Center #168 |  | Industrial    |  |              | 1,782 |  |              |  | 510    |                                            |  |  | 3,137                     |  |  |               | 1,257 |  |                   |  | 510    |          |  |  | 4,394            |  |  |           | 4,904  |  |          |  | 1,405 |  |  |  | 2000 |  |  |  | 2000 | 
|Groveport Commerce Center      |  | Groveport Commerce Center #345 |  | Industrial    |  |              | 3,111 |  |              |  | 1,045  |                                            |  |  | 6,123                     |  |  |               | 1,216 |  |                   |  | 1,045  |          |  |  | 7,339            |  |  |           | 8,384  |  |          |  | 2,244 |  |  |  | 2000 |  |  |  | 2000 | 
|Groveport Commerce Center      |  | Groveport Commerce Center #667 |  | Industrial    |  |              | 6,848 |  |              |  | 4,420  |                                            |  |  | 14,172                    |  |  |               | 360   |  |                   |  | 4,420  |          |  |  | 14,532           |  |  |           | 18,952 |  |          |  | 4,729 |  |  |  | 2005 |  |  |  | 2005 | 
|Rickenbacker Park              |  | Rickenbacker 936               |  | Industrial    |  |              | -     |  |              |  | 5,680  |                                            |  |  | 23,616                    |  |  |               | -     |  |                   |  | 5,680  |          |  |  | 23,616           |  |  |           | 29,296 |  |          |  | 244   |  |  |  | 2008 |  |  |  | 2010 | 
|                               |  |                                |  |               |  |              |       |  |              |  |        |                                           
|Hazelwood, Missouri            |  |                                |  |               |  |              |       |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Hazelwood                      |  | Lindbergh Distribution Center  |  | Industrial    |  |              | -     |  |              |  | 8,200  |                                            |  |  | 10,305                    |  |  |               | 3,407 |  |                   |  | 8,491  |          |  |  | 13,421           |  |  |           | 21,912 |  |          |  | 2,105 |  |  |  | 2007 |  |  |  | 2007 | 
|                               |  |                                |  |               |  |              |       |  |              |  |        |                                           
|Hebron, Kentucky               |  |                                |  |               |  |              |       |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Southpark                      |  | Southpark Building 4           |  | Industrial    |  |              | -     |  |              |  | 779    |                                            |  |  | 3,189                     |  |  |               | 347   |  |                   |  | 779    |          |  |  | 3,536            |  |  |           | 4,315  |  |          |  | 1,568 |  |  |  | 1994 |  |  |  | 1994 | 
|Southpark                      |  | CR Services                    |  | Industrial    |  |              | -     |  |              |  | 1,085  |                                            |  |  | 4,119                     |  |  |               | 1,410 |  |                   |  | 1,085  |          |  |  | 5,529            |  |  |           | 6,614  |  |          |  | 2,358 |  |  |  | 1994 |  |  |  | 1994 | 
|Hebron Industrial Park         |  | Hebron Building 1              |  | Industrial    |  |              | -     |  |              |  | 8,855  |                                            |  |  | 11,527                    |  |  |               | 227   |  |                   |  | 8,855  |          |  |  | 11,754           |  |  |           | 20,609 |  |          |  | 3,397 |  |  |  | 2006 |  |  |  | 2006 | 
|Hebron Industrial Park         |  | Hebron Building 2              |  | Industrial    |  |              | -     |  |              |  | 6,790  |                                            |  |  | 9,039                     |  |  |               | 3,629 |  |                   |  | 6,812  |          |  |  | 12,646           |  |  |           | 19,458 |  |          |  | 1,842 |  |  |  | 2007 |  |  |  | 2007 | 
|Skyport                        |  | Skyport Building 1             |  | Industrial    |  |              | -     |  |              |  | 1,057  |                                            |  |  | 6,219                     |  |  |               | -     |  |                   |  | 1,057  |          |  |  | 6,219            |  |  |           | 7,276  |  |          |  | 167   |  |  |  | 1997 |  |  |  | 2010 | 
|Skyport                        |  | Skyport Building 2             |  | Industrial    |  |              | -     |  |              |  | 1,400  |                                            |  |  | 9,084                     |  |  |               | -     |  |                   |  | 1,400  |          |  |  | 9,084            |  |  |           | 10,484 |  |          |  | 208   |  |  |  | 1998 |  |  |  | 2010 | 
|Skyport                        |  | Skyport Building 3             |  | Industrial    |  |              | -     |  |              |  | 2,016  |                                            |  |  | 9,114                     |  |  |               | -     |  |                   |  | 2,016  |          |  |  | 9,114            |  |  |           | 11,130 |  |          |  | 251   |  |  |  | 2000 |  |  |  | 2010 | 
|Skyport                        |  | Skyport Building 4             |  | Industrial    |  |              | -     |  |              |  | 473    |                                            |  |  | 2,957                     |  |  |               | -     |  |                   |  | 473    |          |  |  | 2,957            |  |  |           | 3,430  |  |          |  | 120   |  |  |  | 1999 |  |  |  | 2010 | 
|Skyport                        |  | Skyport Building 5             |  | Industrial    |  |              | -     |  |              |  | 2,878  |                                            |  |  | 7,408                     |  |  |               | -     |  |                   |  | 2,878  |          |  |  | 7,408            |  |  |           | 10,286 |  |          |  | 266   |  |  |  | 2006 |  |  |  | 2010 | 
|Southpark                      |  | Southpark Building 1           |  | Industrial    |  |              | -     |  |              |  | 553    |                                            |  |  | 1,607                     |  |  |               | -     |  |                   |  | 553    |          |  |  | 1,607            |  |  |           | 2,160  |  |          |  | 55    |  |  |  | 1990 |  |  |  | 2010 | 
|Southpark                      |  | Southpark Building 3           |  | Industrial    |  |              | -     |  |              |  | 755    |                                            |  |  | 3,611                     |  |  |               | -     |  |                   |  | 755    |          |  |  | 3,611            |  |  |           | 4,366  |  |          |  | 80    |  |  |  | 1991 |  |  |  | 2010 | 



103



---

##### Table of Contents

|                                         |  |             
|---------------------------------------- |  | ------------
|Duke Realty Limited Partnership          |  | Schedule III
|Real Estate and Accumulated Depreciation |  |             
|December 31, 2010                        |  |             
|(in thousands)                           |  |             
|                                         |  |             

|                              |  |                                |  |          |               |  |              |  |       |              |  |  |                                            |  |  |                           |        |  |               |  |        |                   |  |  |          |  |  |                  |        |  |           |  |        |          |  |  |       |  |  |  |      |  |  |  |      | 
|----------------------------- |  | ------------------------------ |  | -------- | ------------- |  | ------------ |  | ----- | ------------ |  |  | ------------------------------------------ |  |  | ------------------------- | ------ |  | ------------- |  | ------ | ----------------- |  |  | -------- |  |  | ---------------- | ------ |  | --------- |  | ------ | -------- |  |  | ----- |  |  |  | ---- |  |  |  | ---- | 
|                              |  |                                |  | Building |               |  |              |  |       | Initial Cost |  |  | Cost Capitalized
Subsequent to Development |  |  | Gross Book Value 12/31/10 |        |  | Accumulated   |  |        | Year Constructed/ |  |  | Year     | 
|Development                   |  | Name                           |  | Type     |               |  | Encumbrances |  |       | Land         |  |  | Buildings                                  |  |  | or Acquisition            |        |  | Land/Land Imp |  |        | Bldgs/TI          |  |  | Total(1) |  |  | Depreciation (2) |        |  | Renovated |  |        | Acquired | 
|                              |  |                                |  |          |               |  |              |  |       |              |  | 
|Hopkins, Minnesota            |  |                                |  |          |               |  |              |  |       |              |  |  |                                            |  |  |                           |        |  |               |  |        |                   |  |  |          |  |  |                  |        |  |           |  |        |          |  |  |       |  |  |  |      |  |  |  |      | 
|Cornerstone BusinessCenter    |  | Cornerstone Business Center    |  |          | Industrial    |  |              |  | 3,413 |              |  |  | 1,469                                      |  |  |                           | 8,360  |  |               |  | 725    |                   |  |  | 1,543    |  |  |                  | 9,011  |  |           |  | 10,554 |          |  |  | 3,151 |  |  |  | 1996 |  |  |  | 1997 | 
|                              |  |                                |  |          |               |  |              |  |       |              |  | 
|Houston, Texas                |  |                                |  |          |               |  |              |  |       |              |  |  |                                            |  |  |                           |        |  |               |  |        |                   |  |  |          |  |  |                  |        |  |           |  |        |          |  |  |       |  |  |  |      |  |  |  |      | 
|Point North Cargo Park        |  | Point North One                |  |          | Industrial    |  |              |  | -     |              |  |  | 3,125                                      |  |  |                           | 3,420  |  |               |  | 2,168  |                   |  |  | 3,125    |  |  |                  | 5,588  |  |           |  | 8,713  |          |  |  | 971   |  |  |  | 2008 |  |  |  | 2008 | 
|Westland Business Park        |  | Westland I                     |  |          | Industrial    |  |              |  | -     |              |  |  | 4,183                                      |  |  |                           | 5,200  |  |               |  | 2,919  |                   |  |  | 4,233    |  |  |                  | 8,069  |  |           |  | 12,302 |          |  |  | 1,737 |  |  |  | 2008 |  |  |  | 2008 | 
|                              |  |                                |  |          |               |  |              |  |       |              |  | 
|Hutchins, Texas               |  |                                |  |          |               |  |              |  |       |              |  |  |                                            |  |  |                           |        |  |               |  |        |                   |  |  |          |  |  |                  |        |  |           |  |        |          |  |  |       |  |  |  |      |  |  |  |      | 
|Duke Intermodal Park          |  | Duke Intermodal I              |  |          | Industrial    |  |              |  | -     |              |  |  | 5,290                                      |  |  |                           | 9,242  |  |               |  | 2,416  |                   |  |  | 5,290    |  |  |                  | 11,658 |  |           |  | 16,948 |          |  |  | 1,972 |  |  |  | 2006 |  |  |  | 2006 | 
|                              |  |                                |  |          |               |  |              |  |       |              |  | 
|Independence, Ohio            |  |                                |  |          |               |  |              |  |       |              |  |  |                                            |  |  |                           |        |  |               |  |        |                   |  |  |          |  |  |                  |        |  |           |  |        |          |  |  |       |  |  |  |      |  |  |  |      | 
|Corporate Plaza               |  | Corporate Plaza I              |  |          | Office        |  |              |  | -     |              |  |  | 2,116                                      |  |  |                           | 13,453 |  |               |  | (1,913 | )                 |  |  | 2,116    |  |  |                  | 11,540 |  |           |  | 13,656 |          |  |  | 6,371 |  |  |  | 1989 |  |  |  | 1996 | 
|Corporate Plaza               |  | Corporate Plaza II             |  |          | Office        |  |              |  | -     |              |  |  | 1,841                                      |  |  |                           | 11,642 |  |               |  | 500    |                   |  |  | 1,841    |  |  |                  | 12,142 |  |           |  | 13,983 |          |  |  | 5,950 |  |  |  | 1991 |  |  |  | 1996 | 
|Freedom Square                |  | Freedom Square I               |  |          | Office        |  |              |  | -     |              |  |  | 595                                        |  |  |                           | 3,635  |  |               |  | (1,604 | )                 |  |  | 607      |  |  |                  | 2,019  |  |           |  | 2,626  |          |  |  | 1,810 |  |  |  | 1980 |  |  |  | 1996 | 
|Freedom Square                |  | Freedom Square II              |  |          | Office        |  |              |  | -     |              |  |  | 1,746                                      |  |  |                           | 11,403 |  |               |  | (1,522 | )                 |  |  | 1,746    |  |  |                  | 9,881  |  |           |  | 11,627 |          |  |  | 5,309 |  |  |  | 1987 |  |  |  | 1996 | 
|Freedom Square                |  | Freedom Square III             |  |          | Office        |  |              |  | -     |              |  |  | 701                                        |  |  |                           | 5,561  |  |               |  | (1,170 | )                 |  |  | 701      |  |  |                  | 4,391  |  |           |  | 5,092  |          |  |  | 2,212 |  |  |  | 1997 |  |  |  | 1997 | 
|Oak Tree Place                |  | Oak Tree Place                 |  |          | Office        |  |              |  | -     |              |  |  | 703                                        |  |  |                           | 4,501  |  |               |  | 978    |                   |  |  | 703      |  |  |                  | 5,479  |  |           |  | 6,182  |          |  |  | 2,065 |  |  |  | 1995 |  |  |  | 1997 | 
|Park Center Plaza             |  | Park Center Plaza I            |  |          | Office        |  |              |  | -     |              |  |  | 2,193                                      |  |  |                           | 10,882 |  |               |  | 2,542  |                   |  |  | 2,193    |  |  |                  | 13,424 |  |           |  | 15,617 |          |  |  | 4,574 |  |  |  | 1998 |  |  |  | 1998 | 
|Park Center Plaza             |  | Park Center Plaza II           |  |          | Office        |  |              |  | -     |              |  |  | 2,190                                      |  |  |                           | 10,898 |  |               |  | 1,737  |                   |  |  | 2,190    |  |  |                  | 12,635 |  |           |  | 14,825 |          |  |  | 4,068 |  |  |  | 1999 |  |  |  | 1999 | 
|Park Center Plaza             |  | Park Center Plaza III          |  |          | Office        |  |              |  | -     |              |  |  | 2,190                                      |  |  |                           | 10,623 |  |               |  | 3,390  |                   |  |  | 2,190    |  |  |                  | 14,013 |  |           |  | 16,203 |          |  |  | 4,584 |  |  |  | 2000 |  |  |  | 2000 | 
|                              |  |                                |  |          |               |  |              |  |       |              |  | 
|Indianapolis, Indiana         |  |                                |  |          |               |  |              |  |       |              |  |  |                                            |  |  |                           |        |  |               |  |        |                   |  |  |          |  |  |                  |        |  |           |  |        |          |  |  |       |  |  |  |      |  |  |  |      | 
|Park 100                      |  | Park 465                       |  |          | Industrial    |  |              |  | -     |              |  |  | 124                                        |  |  |                           | 759    |  |               |  | 177    |                   |  |  | 124      |  |  |                  | 936    |  |           |  | 1,060  |          |  |  | 158   |  |  |  | 1983 |  |  |  | 2005 | 
|Franklin Road Business Park   |  | Franklin Road Business Center  |  |          | Industrial    |  |              |  | -     |              |  |  | 594                                        |  |  |                           | 8,765  |  |               |  | 1,822  |                   |  |  | 594      |  |  |                  | 10,587 |  |           |  | 11,181 |          |  |  | 4,661 |  |  |  | 1998 |  |  |  | 1995 | 
|6061 Guion Road               |  | 6061 Guion Rd                  |  |          | Industrial    |  |              |  | -     |              |  |  | 274                                        |  |  |                           | 1,770  |  |               |  | 365    |                   |  |  | 274      |  |  |                  | 2,135  |  |           |  | 2,409  |          |  |  | 863   |  |  |  | 1974 |  |  |  | 1995 | 
|Hillsdale                     |  | Hillsdale Technecenter 4       |  |          | Industrial    |  |              |  | -     |              |  |  | 366                                        |  |  |                           | 4,724  |  |               |  | 1,654  |                   |  |  | 366      |  |  |                  | 6,378  |  |           |  | 6,744  |          |  |  | 2,905 |  |  |  | 1987 |  |  |  | 1993 | 
|Hillsdale                     |  | Hillsdale Technecenter 5       |  |          | Industrial    |  |              |  | -     |              |  |  | 251                                        |  |  |                           | 2,816  |  |               |  | 1,239  |                   |  |  | 251      |  |  |                  | 4,055  |  |           |  | 4,306  |          |  |  | 1,791 |  |  |  | 1987 |  |  |  | 1993 | 
|Hillsdale                     |  | Hillsdale Technecenter 6       |  |          | Industrial    |  |              |  | -     |              |  |  | 315                                        |  |  |                           | 2,962  |  |               |  | 2,313  |                   |  |  | 315      |  |  |                  | 5,275  |  |           |  | 5,590  |          |  |  | 2,373 |  |  |  | 1987 |  |  |  | 1993 | 
|8071 Township Line Road       |  | 8071 Township Line Road        |  |          | MedicalOffice |  |              |  | -     |              |  |  | -                                          |  |  |                           | 2,319  |  |               |  | 944    |                   |  |  | -        |  |  |                  | 3,263  |  |           |  | 3,263  |          |  |  | 373   |  |  |  | 2007 |  |  |  | 2007 | 
|St. Francis Franklin Township |  | Franklin Township POB          |  |          | MedicalOffice |  |              |  | -     |              |  |  | -                                          |  |  |                           | 3,197  |  |               |  | 55     |                   |  |  | 10       |  |  |                  | 3,242  |  |           |  | 3,252  |          |  |  | 219   |  |  |  | 2009 |  |  |  | 2009 | 
|St. Francis US31 & Southport  |  | St. Francis US31 &Southport Rd |  |          | MedicalOffice |  |              |  | -     |              |  |  | -                                          |  |  |                           | 3,547  |  |               |  | 37     |                   |  |  | 11       |  |  |                  | 3,573  |  |           |  | 3,584  |          |  |  | 251   |  |  |  | 2009 |  |  |  | 2009 | 
|Park 100                      |  | Park 100 Bldg 31               |  |          | Industrial    |  |              |  | -     |              |  |  | 64                                         |  |  |                           | 354    |  |               |  | 152    |                   |  |  | 64       |  |  |                  | 506    |  |           |  | 570    |          |  |  | 79    |  |  |  | 1978 |  |  |  | 2005 | 
|Park 100                      |  | Park 100 Building 96           |  |          | Industrial    |  |              |  | -     |              |  |  | 1,171                                      |  |  |                           | 13,804 |  |               |  | 113    |                   |  |  | 1,424    |  |  |                  | 13,664 |  |           |  | 15,088 |          |  |  | 5,640 |  |  |  | 1997 |  |  |  | 1995 | 
|Park 100                      |  | Park 100 Building 98           |  |          | Industrial    |  |              |  | -     |              |  |  | 273                                        |  |  |                           | 7,618  |  |               |  | 2,420  |                   |  |  | 273      |  |  |                  | 10,038 |  |           |  | 10,311 |          |  |  | 4,775 |  |  |  | 1995 |  |  |  | 1994 | 
|Park 100                      |  | Park 100 Building 100          |  |          | Industrial    |  |              |  | -     |              |  |  | 103                                        |  |  |                           | 1,931  |  |               |  | 823    |                   |  |  | 103      |  |  |                  | 2,754  |  |           |  | 2,857  |          |  |  | 1,140 |  |  |  | 1995 |  |  |  | 1995 | 
|Park 100                      |  | Park 100 Building 102          |  |          | Office        |  |              |  | -     |              |  |  | 182                                        |  |  |                           | 1,108  |  |               |  | 356    |                   |  |  | 182      |  |  |                  | 1,464  |  |           |  | 1,646  |          |  |  | 274   |  |  |  | 1982 |  |  |  | 2005 | 
|Park 100                      |  | Park 100 Building 107          |  |          | Industrial    |  |              |  | -     |              |  |  | 99                                         |  |  |                           | 1,698  |  |               |  | 379    |                   |  |  | 99       |  |  |                  | 2,077  |  |           |  | 2,176  |          |  |  | 931   |  |  |  | 1984 |  |  |  | 1995 | 
|Park 100                      |  | Park 100 Building 109          |  |          | Industrial    |  |              |  | -     |              |  |  | 240                                        |  |  |                           | 1,659  |  |               |  | 433    |                   |  |  | 246      |  |  |                  | 2,086  |  |           |  | 2,332  |          |  |  | 1,279 |  |  |  | 1985 |  |  |  | 1986 | 
|Park 100                      |  | Park 100 Building 116          |  |          | Office        |  |              |  | -     |              |  |  | 341                                        |  |  |                           | 2,871  |  |               |  | 555    |                   |  |  | 348      |  |  |                  | 3,419  |  |           |  | 3,767  |          |  |  | 1,859 |  |  |  | 1988 |  |  |  | 1988 | 
|Park 100                      |  | Park 100 Building 118          |  |          | Office        |  |              |  | -     |              |  |  | 226                                        |  |  |                           | 1,962  |  |               |  | 993    |                   |  |  | 230      |  |  |                  | 2,951  |  |           |  | 3,181  |          |  |  | 1,320 |  |  |  | 1988 |  |  |  | 1993 | 
|Park 100                      |  | Park 100 Building 119          |  |          | Office        |  |              |  | -     |              |  |  | 283                                        |  |  |                           | 2,601  |  |               |  | 1,576  |                   |  |  | 395      |  |  |                  | 4,065  |  |           |  | 4,460  |          |  |  | 1,785 |  |  |  | 1989 |  |  |  | 1993 | 
|Park 100                      |  | Park 100 Building 122          |  |          | Industrial    |  |              |  | -     |              |  |  | 284                                        |  |  |                           | 3,442  |  |               |  | 1,098  |                   |  |  | 290      |  |  |                  | 4,534  |  |           |  | 4,824  |          |  |  | 2,225 |  |  |  | 1990 |  |  |  | 1993 | 
|Park 100                      |  | Park 100 Building 124          |  |          | Office        |  |              |  | -     |              |  |  | 227                                        |  |  |                           | 2,496  |  |               |  | 444    |                   |  |  | 227      |  |  |                  | 2,940  |  |           |  | 3,167  |          |  |  | 815   |  |  |  | 1992 |  |  |  | 2002 | 
|Park 100                      |  | Park 100 Building 127          |  |          | Industrial    |  |              |  | -     |              |  |  | 96                                         |  |  |                           | 1,654  |  |               |  | 629    |                   |  |  | 96       |  |  |                  | 2,283  |  |           |  | 2,379  |          |  |  | 951   |  |  |  | 1995 |  |  |  | 1995 | 
|Park 100                      |  | Park 100 Building 141          |  |          | Industrial    |  |              |  | -     |              |  |  | 1,120                                      |  |  |                           | 2,939  |  |               |  | 101    |                   |  |  | 1,120    |  |  |                  | 3,040  |  |           |  | 4,160  |          |  |  | 847   |  |  |  | 2005 |  |  |  | 2005 | 
|Park 100                      |  | UPS Parking                    |  |          | Grounds       |  |              |  | -     |              |  |  | 270                                        |  |  |                           | -      |  |               |  | -      |                   |  |  | 270      |  |  |                  | -      |  |           |  | 270    |          |  |  | 123   |  |  |  | n/a  |  |  |  | 1997 | 
|Park 100                      |  | Bldg 111 Parking Lot           |  |          | Grounds       |  |              |  | -     |              |  |  | 114                                        |  |  |                           | -      |  |               |  | -      |                   |  |  | 114      |  |  |                  | -      |  |           |  | 114    |          |  |  | -     |  |  |  | n/a  |  |  |  | 1994 | 
|Park 100                      |  | 3.58 acres on Allison Avenue   |  |          | Grounds       |  |              |  | -     |              |  |  | 242                                        |  |  |                           | -      |  |               |  | -      |                   |  |  | 242      |  |  |                  | -      |  |           |  | 242    |          |  |  | 61    |  |  |  | n/a  |  |  |  | 2000 | 
|Park 100                      |  | Hewlett-Packard Land Lease     |  |          | Grounds       |  |              |  | -     |              |  |  | 252                                        |  |  |                           | -      |  |               |  | -      |                   |  |  | 252      |  |  |                  | -      |  |           |  | 252    |          |  |  | 49    |  |  |  | n/a  |  |  |  | 2003 | 
|Park 100                      |  | Park 100 Bldg 121 Land Lease   |  |          | Grounds       |  |              |  | -     |              |  |  | 5                                          |  |  |                           | -      |  |               |  | -      |                   |  |  | 5        |  |  |                  | -      |  |           |  | 5      |          |  |  | 1     |  |  |  | n/a  |  |  |  | 2003 | 
|Park 100                      |  | Hewlett Packard Land Lse-62    |  |          | Grounds       |  |              |  | -     |              |  |  | 45                                         |  |  |                           | -      |  |               |  | -      |                   |  |  | 45       |  |  |                  | -      |  |           |  | 45     |          |  |  | 9     |  |  |  | n/a  |  |  |  | 2003 | 
|Park 100                      |  | West 79th St. Parking Lot LL   |  |          | Grounds       |  |              |  | -     |              |  |  | 350                                        |  |  |                           | -      |  |               |  | 699    |                   |  |  | 1,049    |  |  |                  | -      |  |           |  | 1,049  |          |  |  | 192   |  |  |  | n/a  |  |  |  | 2006 | 
|Park Fletcher                 |  | Park Fletcher Building 33      |  |          | Industrial    |  |              |  | -     |              |  |  | 1,237                                      |  |  |                           | 5,264  |  |               |  | 17     |                   |  |  | 1,237    |  |  |                  | 5,281  |  |           |  | 6,518  |          |  |  | 998   |  |  |  | 1997 |  |  |  | 2006 | 
|Park Fletcher                 |  | Park Fletcher Building 34      |  |          | Industrial    |  |              |  | -     |              |  |  | 1,331                                      |  |  |                           | 5,427  |  |               |  | 519    |                   |  |  | 1,331    |  |  |                  | 5,946  |  |           |  | 7,277  |          |  |  | 1,088 |  |  |  | 1997 |  |  |  | 2006 | 
|Park Fletcher                 |  | Park Fletcher Building 35      |  |          | Industrial    |  |              |  | -     |              |  |  | 380                                        |  |  |                           | 1,464  |  |               |  | 38     |                   |  |  | 380      |  |  |                  | 1,502  |  |           |  | 1,882  |          |  |  | 326   |  |  |  | 1997 |  |  |  | 2006 | 
|Park Fletcher                 |  | Park Fletcher Building 36      |  |          | Industrial    |  |              |  | -     |              |  |  | 476                                        |  |  |                           | 2,355  |  |               |  | 59     |                   |  |  | 476      |  |  |                  | 2,414  |  |           |  | 2,890  |          |  |  | 449   |  |  |  | 1997 |  |  |  | 2006 | 
|Park Fletcher                 |  | Park Fletcher Building 37      |  |          | Industrial    |  |              |  | -     |              |  |  | 286                                        |  |  |                           | 653    |  |               |  | 9      |                   |  |  | 286      |  |  |                  | 662    |  |           |  | 948    |          |  |  | 150   |  |  |  | 1998 |  |  |  | 2006 | 
|Park Fletcher                 |  | Park Fletcher Building 38      |  |          | Industrial    |  |              |  | -     |              |  |  | 1,428                                      |  |  |                           | 5,957  |  |               |  | 68     |                   |  |  | 1,428    |  |  |                  | 6,025  |  |           |  | 7,453  |          |  |  | 1,079 |  |  |  | 1999 |  |  |  | 2006 | 
|Park Fletcher                 |  | Park Fletcher Building 39      |  |          | Industrial    |  |              |  | -     |              |  |  | 570                                        |  |  |                           | 2,130  |  |               |  | 249    |                   |  |  | 570      |  |  |                  | 2,379  |  |           |  | 2,949  |          |  |  | 478   |  |  |  | 1999 |  |  |  | 2006 | 
|Park Fletcher                 |  | Park Fletcher Building 40      |  |          | Industrial    |  |              |  | -     |              |  |  | 761                                        |  |  |                           | 3,363  |  |               |  | 408    |                   |  |  | 761      |  |  |                  | 3,771  |  |           |  | 4,532  |          |  |  | 835   |  |  |  | 1999 |  |  |  | 2006 | 
|Park Fletcher                 |  | Park Fletcher Building 41      |  |          | Industrial    |  |              |  | -     |              |  |  | 952                                        |  |  |                           | 4,290  |  |               |  | 78     |                   |  |  | 952      |  |  |                  | 4,368  |  |           |  | 5,320  |          |  |  | 786   |  |  |  | 2001 |  |  |  | 2006 | 
|Park Fletcher                 |  | Park Fletcher Building 42      |  |          | Industrial    |  |              |  | -     |              |  |  | 2,095                                      |  |  |                           | 8,273  |  |               |  | 49     |                   |  |  | 2,095    |  |  |                  | 8,322  |  |           |  | 10,417 |          |  |  | 1,280 |  |  |  | 2001 |  |  |  | 2006 | 
|Parkwood Crossing             |  | One Parkwood Crossing          |  |          | Office        |  |              |  | -     |              |  |  | 1,018                                      |  |  |                           | 9,273  |  |               |  | 1,723  |                   |  |  | 1,028    |  |  |                  | 10,986 |  |           |  | 12,014 |          |  |  | 4,256 |  |  |  | 1989 |  |  |  | 1995 | 
|Parkwood Crossing             |  | Three Parkwood Crossing        |  |          | Office        |  |              |  | -     |              |  |  | 1,377                                      |  |  |                           | 7,530  |  |               |  | 1,418  |                   |  |  | 1,387    |  |  |                  | 8,938  |  |           |  | 10,325 |          |  |  | 3,365 |  |  |  | 1997 |  |  |  | 1997 | 
|Parkwood Crossing             |  | Four Parkwood Crossing         |  |          | Office        |  |              |  | -     |              |  |  | 1,489                                      |  |  |                           | 10,887 |  |               |  | 1,018  |                   |  |  | 1,537    |  |  |                  | 11,857 |  |           |  | 13,394 |          |  |  | 4,216 |  |  |  | 1998 |  |  |  | 1998 | 
|Parkwood Crossing             |  | Five Parkwood Crossing         |  |          | Office        |  |              |  | -     |              |  |  | 1,485                                      |  |  |                           | 10,237 |  |               |  | 1,133  |                   |  |  | 1,528    |  |  |                  | 11,327 |  |           |  | 12,855 |          |  |  | 3,057 |  |  |  | 1999 |  |  |  | 1999 | 
|Parkwood Crossing             |  | Six Parkwood Crossing          |  |          | Office        |  |              |  | -     |              |  |  | 1,960                                      |  |  |                           | 13,843 |  |               |  | 1,290  |                   |  |  | 1,960    |  |  |                  | 15,133 |  |           |  | 17,093 |          |  |  | 4,811 |  |  |  | 2000 |  |  |  | 2000 | 
|Parkwood Crossing             |  | Eight Parkwood Crossing        |  |          | Office        |  |              |  | -     |              |  |  | 6,435                                      |  |  |                           | 15,399 |  |               |  | 741    |                   |  |  | 6,435    |  |  |                  | 16,140 |  |           |  | 22,575 |          |  |  | 5,399 |  |  |  | 2003 |  |  |  | 2003 | 



104



---

##### Table of Contents

|                                                                                                          |  |             
|--------------------------------------------------------------------------------------------------------- |  | ------------
|Duke Realty Limited Partnership Real Estate and Accumulated Depreciation December 31, 2010
(in thousands) |  | Schedule III



|                              |  |      |                               |  |          |  |                |              |  |  |              |  |  |                                            |       |  |                           |  |        |               |  |  |                   |  |  |          |       |  |                  |  |        |           |  |  |          |  |  |  |       |  |  |  |      |  |  |  |      | 
|----------------------------- |  | ---- | ----------------------------- |  | -------- |  | -------------- | ------------ |  |  | ------------ |  |  | ------------------------------------------ | ----- |  | ------------------------- |  | ------ | ------------- |  |  | ----------------- |  |  | -------- | ----- |  | ---------------- |  | ------ | --------- |  |  | -------- |  |  |  | ----- |  |  |  | ---- |  |  |  | ---- | 
|                              |  |      |                               |  | Building |  |                |              |  |  | Initial Cost |  |  | Cost Capitalized
Subsequent to Development |       |  | Gross Book Value 12/31/10 |  |        | Accumulated   |  |  | Year Constructed/ |  |  | Year     |      
|Development                   |  | Name |                               |  | Type     |  |                | Encumbrances |  |  | Land         |  |  | Buildings                                  |       |  | or Acquisition            |  |        | Land/Land Imp |  |  | Bldgs/TI          |  |  | Total(1) |       |  | Depreciation (2) |  |        | Renovated |  |  | Acquired | 
|Parkwood Crossing             |  |      | Nine Parkwood Crossing        |  |          |  | Office         |              |  |  | -            |  |  |                                            | 6,046 |  |                           |  | 15,991 |               |  |  | 1,210             |  |  |          | 6,047 |  |                  |  | 17,200 |           |  |  | 23,247   |  |  |  | 5,143 |  |  |  | 2005 |  |  |  | 2005 | 
|Parkwood West                 |  |      | One West                      |  |          |  | Office         |              |  |  | 14,730       |  |  |                                            | 5,361 |  |                           |  | 16,182 |               |  |  | 4,615             |  |  |          | 5,361 |  |                  |  | 20,797 |           |  |  | 26,158   |  |  |  | 2,414 |  |  |  | 2007 |  |  |  | 2007 | 
|Parkwood Crossing             |  |      | PWW Granite City Lease        |  |          |  | Grounds        |              |  |  | -            |  |  |                                            | 1,846 |  |                           |  | 856    |               |  |  | -                 |  |  |          | 1,846 |  |                  |  | 856    |           |  |  | 2,702    |  |  |  | 177   |  |  |  | 2008 |  |  |  | 2009 | 
|River Road - Indianapolis     |  |      | River Road Building I         |  |          |  | Office         |              |  |  | -            |  |  |                                            | 856   |  |                           |  | 6,789  |               |  |  | 2,029             |  |  |          | 856   |  |                  |  | 8,818  |           |  |  | 9,674    |  |  |  | 4,290 |  |  |  | 1998 |  |  |  | 1998 | 
|River Road - Indianapolis     |  |      | River Road Building II        |  |          |  | Office         |              |  |  | -            |  |  |                                            | 1,827 |  |                           |  | 8,416  |               |  |  | 2,499             |  |  |          | 1,886 |  |                  |  | 10,856 |           |  |  | 12,742   |  |  |  | 1,223 |  |  |  | 2008 |  |  |  | 2008 | 
|Woodland Corporate Park       |  |      | Woodland Corporate ParkI      |  |          |  | Office         |              |  |  | -            |  |  |                                            | 290   |  |                           |  | 3,422  |               |  |  | 928               |  |  |          | 320   |  |                  |  | 4,320  |           |  |  | 4,640    |  |  |  | 1,520 |  |  |  | 1998 |  |  |  | 1998 | 
|Woodland Corporate Park       |  |      | Woodland Corporate Park II    |  |          |  | Office         |              |  |  | -            |  |  |                                            | 271   |  |                           |  | 2,958  |               |  |  | 1,108             |  |  |          | 297   |  |                  |  | 4,040  |           |  |  | 4,337    |  |  |  | 1,222 |  |  |  | 1999 |  |  |  | 1999 | 
|Woodland Corporate Park       |  |      | Woodland Corporate ParkIII    |  |          |  | Office         |              |  |  | -            |  |  |                                            | 1,227 |  |                           |  | 3,559  |               |  |  | 358               |  |  |          | 1,227 |  |                  |  | 3,917  |           |  |  | 5,144    |  |  |  | 1,190 |  |  |  | 2000 |  |  |  | 2000 | 
|Woodland Corporate Park       |  |      | Woodland Corporate ParkV      |  |          |  | Office         |              |  |  | -            |  |  |                                            | 768   |  |                           |  | 10,000 |               |  |  | 332               |  |  |          | 768   |  |                  |  | 10,332 |           |  |  | 11,100   |  |  |  | 2,941 |  |  |  | 2003 |  |  |  | 2003 | 
|Woodland Corporate Park       |  |      | Woodland Corporate Park VI    |  |          |  | Office         |              |  |  | -            |  |  |                                            | 2,145 |  |                           |  | 10,165 |               |  |  | 4,064             |  |  |          | 2,145 |  |                  |  | 14,229 |           |  |  | 16,374   |  |  |  | 1,964 |  |  |  | 2008 |  |  |  | 2008 | 
|3200 North Elizabeth          |  |      | 3200 North Elizabeth          |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 360   |  |                           |  | 787    |               |  |  | -                 |  |  |          | 360   |  |                  |  | 787    |           |  |  | 1,147    |  |  |  | 20    |  |  |  | 1973 |  |  |  | 2010 | 
|Park 100                      |  |      | Georgetown Rd. Bldg 1         |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 468   |  |                           |  | 1,959  |               |  |  | -                 |  |  |          | 468   |  |                  |  | 1,959  |           |  |  | 2,427    |  |  |  | 43    |  |  |  | 1987 |  |  |  | 2010 | 
|Park 100                      |  |      | Georgetown Rd. Bldg 2         |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 465   |  |                           |  | 2,219  |               |  |  | -                 |  |  |          | 465   |  |                  |  | 2,219  |           |  |  | 2,684    |  |  |  | 52    |  |  |  | 1987 |  |  |  | 2010 | 
|Park 100                      |  |      | Georgetown Rd. Bldg 3         |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 408   |  |                           |  | 957    |               |  |  | -                 |  |  |          | 408   |  |                  |  | 957    |           |  |  | 1,365    |  |  |  | 34    |  |  |  | 1987 |  |  |  | 2010 | 
|Hillsdale                     |  |      | Hillsdale Technecenter 1      |  |          |  | Industrial     |              |  |  | 3,359        |  |  |                                            | 733   |  |                           |  | 2,679  |               |  |  | -                 |  |  |          | 733   |  |                  |  | 2,679  |           |  |  | 3,412    |  |  |  | 105   |  |  |  | 1986 |  |  |  | 2010 | 
|Hillsdale                     |  |      | Hillsdale Technecenter 2      |  |          |  | Industrial     |              |  |  | 2,408        |  |  |                                            | 440   |  |                           |  | 2,141  |               |  |  | -                 |  |  |          | 440   |  |                  |  | 2,141  |           |  |  | 2,581    |  |  |  | 50    |  |  |  | 1986 |  |  |  | 2010 | 
|Hillsdale                     |  |      | Hillsdale Technecenter 3      |  |          |  | Industrial     |              |  |  | 2,374        |  |  |                                            | 440   |  |                           |  | 2,134  |               |  |  | -                 |  |  |          | 440   |  |                  |  | 2,134  |           |  |  | 2,574    |  |  |  | 64    |  |  |  | 1987 |  |  |  | 2010 | 
|North Airport Park            |  |      | North Airport Park Bldg 2     |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 1,800 |  |                           |  | 4,953  |               |  |  | -                 |  |  |          | 1,800 |  |                  |  | 4,953  |           |  |  | 6,753    |  |  |  | 108   |  |  |  | 1997 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 39          |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 628   |  |                           |  | 2,284  |               |  |  | -                 |  |  |          | 628   |  |                  |  | 2,284  |           |  |  | 2,912    |  |  |  | 55    |  |  |  | 1987 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 48          |  |          |  | Industrial     |              |  |  | 2,113        |  |  |                                            | 690   |  |                           |  | 1,730  |               |  |  | -                 |  |  |          | 690   |  |                  |  | 1,730  |           |  |  | 2,420    |  |  |  | 33    |  |  |  | 1984 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 49          |  |          |  | Industrial     |              |  |  | 1,927        |  |  |                                            | 364   |  |                           |  | 1,644  |               |  |  | -                 |  |  |          | 364   |  |                  |  | 1,644  |           |  |  | 2,008    |  |  |  | 33    |  |  |  | 1982 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 50          |  |          |  | Industrial     |              |  |  | 1,045        |  |  |                                            | 327   |  |                           |  | 700    |               |  |  | -                 |  |  |          | 327   |  |                  |  | 700    |           |  |  | 1,027    |  |  |  | 18    |  |  |  | 1982 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 52          |  |          |  | Industrial     |              |  |  | 541          |  |  |                                            | 216   |  |                           |  | 189    |               |  |  | -                 |  |  |          | 216   |  |                  |  | 189    |           |  |  | 405      |  |  |  | 5     |  |  |  | 1983 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 53          |  |          |  | Industrial     |              |  |  | 1,865        |  |  |                                            | 338   |  |                           |  | 1,513  |               |  |  | -                 |  |  |          | 338   |  |                  |  | 1,513  |           |  |  | 1,851    |  |  |  | 34    |  |  |  | 1984 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 54          |  |          |  | Industrial     |              |  |  | 1,633        |  |  |                                            | 354   |  |                           |  | 1,413  |               |  |  | -                 |  |  |          | 354   |  |                  |  | 1,413  |           |  |  | 1,767    |  |  |  | 28    |  |  |  | 1984 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 56          |  |          |  | Industrial     |              |  |  | 3,397        |  |  |                                            | 1,275 |  |                           |  | 1,561  |               |  |  | -                 |  |  |          | 1,275 |  |                  |  | 1,561  |           |  |  | 2,836    |  |  |  | 32    |  |  |  | 1984 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 57          |  |          |  | Industrial     |              |  |  | 2,154        |  |  |                                            | 616   |  |                           |  | 1,319  |               |  |  | -                 |  |  |          | 616   |  |                  |  | 1,319  |           |  |  | 1,935    |  |  |  | 53    |  |  |  | 1984 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 58          |  |          |  | Industrial     |              |  |  | 2,214        |  |  |                                            | 642   |  |                           |  | 2,129  |               |  |  | -                 |  |  |          | 642   |  |                  |  | 2,129  |           |  |  | 2,771    |  |  |  | 43    |  |  |  | 1984 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 59          |  |          |  | Industrial     |              |  |  | 1,653        |  |  |                                            | 411   |  |                           |  | 1,539  |               |  |  | -                 |  |  |          | 411   |  |                  |  | 1,539  |           |  |  | 1,950    |  |  |  | 35    |  |  |  | 1985 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 60          |  |          |  | Industrial     |              |  |  | 1,861        |  |  |                                            | 382   |  |                           |  | 1,542  |               |  |  | -                 |  |  |          | 382   |  |                  |  | 1,542  |           |  |  | 1,924    |  |  |  | 45    |  |  |  | 1985 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 62          |  |          |  | Industrial     |              |  |  | 1,809        |  |  |                                            | 616   |  |                           |  | 707    |               |  |  | -                 |  |  |          | 616   |  |                  |  | 707    |           |  |  | 1,323    |  |  |  | 50    |  |  |  | 1986 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 63          |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 388   |  |                           |  | 967    |               |  |  | -                 |  |  |          | 388   |  |                  |  | 967    |           |  |  | 1,355    |  |  |  | 22    |  |  |  | 1987 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 64          |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 389   |  |                           |  | 978    |               |  |  | -                 |  |  |          | 389   |  |                  |  | 978    |           |  |  | 1,367    |  |  |  | 22    |  |  |  | 1987 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 66          |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 424   |  |                           |  | 1,324  |               |  |  | -                 |  |  |          | 424   |  |                  |  | 1,324  |           |  |  | 1,748    |  |  |  | 45    |  |  |  | 1987 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 67          |  |          |  | Industrial     |              |  |  | 919          |  |  |                                            | 338   |  |                           |  | 692    |               |  |  | -                 |  |  |          | 338   |  |                  |  | 692    |           |  |  | 1,030    |  |  |  | 15    |  |  |  | 1987 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 68          |  |          |  | Industrial     |              |  |  | 1,643        |  |  |                                            | 338   |  |                           |  | 1,200  |               |  |  | -                 |  |  |          | 338   |  |                  |  | 1,200  |           |  |  | 1,538    |  |  |  | 26    |  |  |  | 1987 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 79          |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 358   |  |                           |  | 1,768  |               |  |  | -                 |  |  |          | 358   |  |                  |  | 1,768  |           |  |  | 2,126    |  |  |  | 41    |  |  |  | 1988 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 80          |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 358   |  |                           |  | 1,919  |               |  |  | -                 |  |  |          | 358   |  |                  |  | 1,919  |           |  |  | 2,277    |  |  |  | 55    |  |  |  | 1988 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 83          |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 427   |  |                           |  | 1,122  |               |  |  | -                 |  |  |          | 427   |  |                  |  | 1,122  |           |  |  | 1,549    |  |  |  | 46    |  |  |  | 1989 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 84          |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 427   |  |                           |  | 1,874  |               |  |  | -                 |  |  |          | 427   |  |                  |  | 1,874  |           |  |  | 2,301    |  |  |  | 61    |  |  |  | 1989 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 87          |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 1,136 |  |                           |  | 6,374  |               |  |  | -                 |  |  |          | 1,136 |  |                  |  | 6,374  |           |  |  | 7,510    |  |  |  | 139   |  |  |  | 1989 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 97          |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 1,070 |  |                           |  | 4,994  |               |  |  | -                 |  |  |          | 1,070 |  |                  |  | 4,994  |           |  |  | 6,064    |  |  |  | 95    |  |  |  | 1994 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 110         |  |          |  | Office         |              |  |  | -            |  |  |                                            | 376   |  |                           |  | 1,653  |               |  |  | -                 |  |  |          | 376   |  |                  |  | 1,653  |           |  |  | 2,029    |  |  |  | 31    |  |  |  | 1987 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 111         |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 633   |  |                           |  | 3,122  |               |  |  | -                 |  |  |          | 633   |  |                  |  | 3,122  |           |  |  | 3,755    |  |  |  | 91    |  |  |  | 1987 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 112         |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 356   |  |                           |  | 831    |               |  |  | -                 |  |  |          | 356   |  |                  |  | 831    |           |  |  | 1,187    |  |  |  | 22    |  |  |  | 1987 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 128         |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 1,152 |  |                           |  | 16,380 |               |  |  | -                 |  |  |          | 1,152 |  |                  |  | 16,380 |           |  |  | 17,532   |  |  |  | 570   |  |  |  | 1996 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 129         |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 1,280 |  |                           |  | 9,447  |               |  |  | -                 |  |  |          | 1,280 |  |                  |  | 9,447  |           |  |  | 10,727   |  |  |  | 290   |  |  |  | 2000 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 131         |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 1,680 |  |                           |  | 10,874 |               |  |  | -                 |  |  |          | 1,680 |  |                  |  | 10,874 |           |  |  | 12,554   |  |  |  | 204   |  |  |  | 1997 |  |  |  | 2010 | 
|Park 100                      |  |      | Park 100 Building 133         |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 104   |  |                           |  | 1,157  |               |  |  | -                 |  |  |          | 104   |  |                  |  | 1,157  |           |  |  | 1,261    |  |  |  | 20    |  |  |  | 1997 |  |  |  | 2010 | 
|                              |  |      |                               |  |          |  |                |              |  |  |              | 
|Kyle, Texas                   |  |      |                               |  |          |  |                |              |  |  |              |  |  |                                            |       |  |                           |  |        |               |  |  |                   |  |  |          |       |  |                  |  |        |           |  |  |          |  |  |  |       |  |  |  |      |  |  |  |      | 
|Seton Hays                    |  |      | Seton Hays MOB I              |  |          |  | MedicalOffice  |              |  |  | -            |  |  |                                            | 165   |  |                           |  | 11,736 |               |  |  | 2,837             |  |  |          | 165   |  |                  |  | 14,573 |           |  |  | 14,738   |  |  |  | 418   |  |  |  | 2009 |  |  |  | 2009 | 
|                              |  |      |                               |  |          |  |                |              |  |  |              | 
|Lafayette, Indiana            |  |      |                               |  |          |  |                |              |  |  |              |  |  |                                            |       |  |                           |  |        |               |  |  |                   |  |  |          |       |  |                  |  |        |           |  |  |          |  |  |  |       |  |  |  |      |  |  |  |      | 
|St. Elizabeth Regional Health |  |      | St. Elizabeth 3920 Building A |  |          |  | MedicalOffice  |              |  |  | -            |  |  |                                            | 165   |  |                           |  | 8,968  |               |  |  | 394               |  |  |          | 165   |  |                  |  | 9,362  |           |  |  | 9,527    |  |  |  | 252   |  |  |  | 2009 |  |  |  | 2009 | 
|St. Elizabeth Regional Health |  |      | St. Elizabeth 3900 Building B |  |          |  | Medical Office |              |  |  | -            |  |  |                                            | 146   |  |                           |  | 10,070 |               |  |  | 1,161             |  |  |          | 146   |  |                  |  | 11,231 |           |  |  | 11,377   |  |  |  | 319   |  |  |  | 2009 |  |  |  | 2009 | 
|                              |  |      |                               |  |          |  |                |              |  |  |              | 
|Lake Forest, Illinois         |  |      |                               |  |          |  |                |              |  |  |              |  |  |                                            |       |  |                           |  |        |               |  |  |                   |  |  |          |       |  |                  |  |        |           |  |  |          |  |  |  |       |  |  |  |      |  |  |  |      | 
|Bradley Business Center       |  |      | 13825 West Laurel Drive       |  |          |  | Industrial     |              |  |  | -            |  |  |                                            | 750   |  |                           |  | 1,383  |               |  |  | 906               |  |  |          | 750   |  |                  |  | 2,289  |           |  |  | 3,039    |  |  |  | 1,002 |  |  |  | 1985 |  |  |  | 1999 | 
|Conway Park                   |  |      | One Conway Park               |  |          |  | Office         |              |  |  | -            |  |  |                                            | 1,901 |  |                           |  | 16,361 |               |  |  | 3,349             |  |  |          | 1,901 |  |                  |  | 19,710 |           |  |  | 21,611   |  |  |  | 6,580 |  |  |  | 1989 |  |  |  | 1998 | 
|Conway Park                   |  |      | West Lake at Conway           |  |          |  | Office         |              |  |  | -            |  |  |                                            | 4,218 |  |                           |  | 10,461 |               |  |  | 3,264             |  |  |          | 4,230 |  |                  |  | 13,713 |           |  |  | 17,943   |  |  |  | 1,360 |  |  |  | 2008 |  |  |  | 2008 | 
|                              |  |      |                               |  |          |  |                |              |  |  |              | 
|Lake Mary, Florida            |  |      |                               |  |          |  |                |              |  |  |              |  |  |                                            |       |  |                           |  |        |               |  |  |                   |  |  |          |       |  |                  |  |        |           |  |  |          |  |  |  |       |  |  |  |      |  |  |  |      | 
|Northpoint                    |  |      | Northpoint I                  |  |          |  | Office         |              |  |  | -            |  |  |                                            | 1,087 |  |                           |  | 9,750  |               |  |  | 1,969             |  |  |          | 1,087 |  |                  |  | 11,719 |           |  |  | 12,806   |  |  |  | 3,622 |  |  |  | 1998 |  |  |  | 2001 | 
|Northpoint                    |  |      | Northpoint II                 |  |          |  | Office         |              |  |  | -            |  |  |                                            | 1,202 |  |                           |  | 8,958  |               |  |  | 1,089             |  |  |          | 1,202 |  |                  |  | 10,047 |           |  |  | 11,249   |  |  |  | 3,051 |  |  |  | 1999 |  |  |  | 2001 | 
|Northpoint                    |  |      | Northpoint IV                 |  |          |  | Office         |              |  |  | -            |  |  |                                            | 1,605 |  |                           |  | 8,157  |               |  |  | 4,747             |  |  |          | 1,605 |  |                  |  | 12,904 |           |  |  | 14,509   |  |  |  | 4,697 |  |  |  | 2002 |  |  |  | 2002 | 
|                              |  |      |                               |  |          |  |                |              |  |  |              | 
|LaPorte, Texas                |  |      |                               |  |          |  |                |              |  |  |              |  |  |                                            |       |  |                           |  |        |               |  |  |                   |  |  |          |       |  |                  |  |        |           |  |  |          |  |  |  |       |  |  |  |      |  |  |  |      | 
|Bayport North Industrial Park |  |      | Bayport Container Lot         |  |          |  | Grounds        |              |  |  | -            |  |  |                                            | 3,334 |  |                           |  | -      |               |  |  | -                 |  |  |          | 3,334 |  |                  |  | -      |           |  |  | 3,334    |  |  |  | -     |  |  |  | n/a  |  |  |  | 2010 | 



105



---

##### Table of Contents

|                                         |  |              |  | 
|---------------------------------------- |  | ------------ |  | 
|Duke Realty Limited Partnership          |  | Schedule III | 
|Real Estate and Accumulated Depreciation |  |              |  | 
|December 31, 2010                        |  |              |  | 
|(in thousands)                           |  |              |  | 



|                               |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|------------------------------ |  | ------------------------------ |  | ------------- |  | ------------ | ------ |  | ------------ |  | ------ | ------------------------------------------ |  |  | ------------------------- |  |  | ------------- | ----- |  | ----------------- |  | ------ | -------- |  |  | ---------------- |  |  | --------- | ------ |  | -------- |  | ------ |  |  |  | ---- |  |  |  | ---- | 
|                               |  |                                |  | Building      |  |              |        |  | Initial Cost |  |        | Cost Capitalized
Subsequent to Development |  |  | Gross Book Value 12/31/10 |  |  | Accumulated   |       |  | Year Constructed/ |  |        | Year     | 
|Development                    |  | Name                           |  | Type          |  | Encumbrances |        |  | Land         |  |        | Buildings                                  |  |  | or Acquisition            |  |  | Land/Land Imp |       |  | Bldgs/TI          |  |        | Total(1) |  |  | Depreciation (2) |  |  | Renovated |        |  | Acquired | 
|                               |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Lawrenceville, Georgia         |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Hillside at Huntcrest          |  | Huntcrest I                    |  | Office        |  |              | -      |  |              |  | 1,193  |                                            |  |  | 10,788                    |  |  |               | 2,867 |  |                   |  | 1,193  |          |  |  | 13,655           |  |  |           | 14,848 |  |          |  | 4,616  |  |  |  | 2000 |  |  |  | 2001 | 
|Hillside at Huntcrest          |  | Huntcrest II                   |  | Office        |  |              | -      |  |              |  | 927    |                                            |  |  | 9,439                     |  |  |               | 1,269 |  |                   |  | 927    |          |  |  | 10,708           |  |  |           | 11,635 |  |          |  | 2,722  |  |  |  | 2000 |  |  |  | 2001 | 
|Hillside at Huntcrest          |  | Huntcrest III                  |  | Office        |  |              | -      |  |              |  | 1,358  |                                            |  |  | 12,160                    |  |  |               | 894   |  |                   |  | 1,358  |          |  |  | 13,054           |  |  |           | 14,412 |  |          |  | 3,838  |  |  |  | 2001 |  |  |  | 2002 | 
|Hillside at Huntcrest          |  | Huntcrest IV                   |  | Office        |  |              | -      |  |              |  | 1,295  |                                            |  |  | 5,742                     |  |  |               | 497   |  |                   |  | 1,306  |          |  |  | 6,228            |  |  |           | 7,534  |  |          |  | 1,457  |  |  |  | 2004 |  |  |  | 2004 | 
|Other Northeast I85 Properties |  | Weyerhaeuser BTS               |  | Industrial    |  |              | 9,188  |  |              |  | 3,974  |                                            |  |  | 3,101                     |  |  |               | 22    |  |                   |  | 3,982  |          |  |  | 3,115            |  |  |           | 7,097  |  |          |  | 1,556  |  |  |  | 2004 |  |  |  | 2004 | 
|                               |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Lebanon, Indiana               |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Lebanon Business Park          |  | Lebanon Building 4             |  | Industrial    |  |              | 11,486 |  |              |  | 305    |                                            |  |  | 9,012                     |  |  |               | 241   |  |                   |  | 305    |          |  |  | 9,253            |  |  |           | 9,558  |  |          |  | 3,081  |  |  |  | 2000 |  |  |  | 1997 | 
|Lebanon Business Park          |  | Lebanon Building 9             |  | Industrial    |  |              | 10,252 |  |              |  | 554    |                                            |  |  | 6,871                     |  |  |               | 770   |  |                   |  | 554    |          |  |  | 7,641            |  |  |           | 8,195  |  |          |  | 2,506  |  |  |  | 1999 |  |  |  | 1999 | 
|Lebanon Business Park          |  | Lebanon Building 12            |  | Industrial    |  |              | 24,418 |  |              |  | 5,163  |                                            |  |  | 12,851                    |  |  |               | 394   |  |                   |  | 5,163  |          |  |  | 13,245           |  |  |           | 18,408 |  |          |  | 4,787  |  |  |  | 2003 |  |  |  | 2003 | 
|Lebanon Business Park          |  | Lebanon Building 13            |  | Industrial    |  |              | 9,358  |  |              |  | 561    |                                            |  |  | 6,473                     |  |  |               | 83    |  |                   |  | 1,901  |          |  |  | 5,216            |  |  |           | 7,117  |  |          |  | 2,197  |  |  |  | 2003 |  |  |  | 2003 | 
|Lebanon Business Park          |  | Lebanon Building 14            |  | Industrial    |  |              | 19,178 |  |              |  | 2,813  |                                            |  |  | 11,496                    |  |  |               | 811   |  |                   |  | 2,813  |          |  |  | 12,307           |  |  |           | 15,120 |  |          |  | 2,599  |  |  |  | 2005 |  |  |  | 2005 | 
|Lebanon Business Park          |  | Lebanon Building 1(Amer Air)   |  | Industrial    |  |              | 3,495  |  |              |  | 312    |                                            |  |  | 3,526                     |  |  |               | -     |  |                   |  | 312    |          |  |  | 3,526            |  |  |           | 3,838  |  |          |  | 71     |  |  |  | 1996 |  |  |  | 2010 | 
|Lebanon Business Park          |  | Lebanon Building 2             |  | Industrial    |  |              | 18,922 |  |              |  | 948    |                                            |  |  | 19,093                    |  |  |               | -     |  |                   |  | 948    |          |  |  | 19,093           |  |  |           | 20,041 |  |          |  | 343    |  |  |  | 2007 |  |  |  | 2010 | 
|Lebanon Business Park          |  | Lebanon Building 6             |  | Industrial    |  |              | -      |  |              |  | 699    |                                            |  |  | 7,611                     |  |  |               | -     |  |                   |  | 699    |          |  |  | 7,611            |  |  |           | 8,310  |  |          |  | 179    |  |  |  | 1998 |  |  |  | 2010 | 
|                               |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Lebanon, Tennessee             |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Park 840 Logistics Center      |  | Pk 840 Logistics Cnt. Bldg 653 |  | Industrial    |  |              | -      |  |              |  | 6,776  |                                            |  |  | 10,954                    |  |  |               | 1,788 |  |                   |  | 6,776  |          |  |  | 12,742           |  |  |           | 19,518 |  |          |  | 2,561  |  |  |  | 2006 |  |  |  | 2006 | 
|                               |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Lisle, Illinois                |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Corporate Lakes Business Park  |  | 2275 Cabot Drive               |  | Office        |  |              | 6,390  |  |              |  | 3,355  |                                            |  |  | 6,971                     |  |  |               | 20    |  |                   |  | 3,355  |          |  |  | 6,991            |  |  |           | 10,346 |  |          |  | 1,667  |  |  |  | 1996 |  |  |  | 2004 | 
|                               |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Maryland Heights, Missouri     |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Riverport Business Park        |  | Riverport Tower                |  | Office        |  |              | -      |  |              |  | 3,549  |                                            |  |  | 27,727                    |  |  |               | 8,392 |  |                   |  | 3,954  |          |  |  | 35,714           |  |  |           | 39,668 |  |          |  | 13,962 |  |  |  | 1991 |  |  |  | 1997 | 
|Riverport Business Park        |  | Riverport Distribution         |  | Industrial    |  |              | -      |  |              |  | 242    |                                            |  |  | 2,217                     |  |  |               | 1,132 |  |                   |  | 242    |          |  |  | 3,349            |  |  |           | 3,591  |  |          |  | 1,210  |  |  |  | 1990 |  |  |  | 1997 | 
|Riverport Business Park        |  | Express Scripts Service Center |  | Industrial    |  |              | -      |  |              |  | 1,197  |                                            |  |  | 8,590                     |  |  |               | 427   |  |                   |  | 1,197  |          |  |  | 9,017            |  |  |           | 10,214 |  |          |  | 3,304  |  |  |  | 1992 |  |  |  | 1997 | 
|Riverport Business Park        |  | 13900 Riverport Drive          |  | Office        |  |              | -      |  |              |  | 2,285  |                                            |  |  | 9,473                     |  |  |               | 721   |  |                   |  | 2,285  |          |  |  | 10,194           |  |  |           | 12,479 |  |          |  | 3,446  |  |  |  | 1999 |  |  |  | 1999 | 
|Riverport Business Park        |  | Riverport 1                    |  | Industrial    |  |              | -      |  |              |  | 900    |                                            |  |  | 2,588                     |  |  |               | 396   |  |                   |  | 900    |          |  |  | 2,984            |  |  |           | 3,884  |  |          |  | 1,165  |  |  |  | 1999 |  |  |  | 1999 | 
|Riverport Business Park        |  | Riverport 2                    |  | Industrial    |  |              | -      |  |              |  | 1,238  |                                            |  |  | 4,152                     |  |  |               | 70    |  |                   |  | 1,238  |          |  |  | 4,222            |  |  |           | 5,460  |  |          |  | 1,539  |  |  |  | 2000 |  |  |  | 2000 | 
|Riverport Business Park        |  | Riverport III                  |  | Industrial    |  |              | -      |  |              |  | 1,269  |                                            |  |  | 1,982                     |  |  |               | 2,223 |  |                   |  | 1,269  |          |  |  | 4,205            |  |  |           | 5,474  |  |          |  | 1,392  |  |  |  | 2001 |  |  |  | 2001 | 
|Riverport Business Park        |  | Riverport IV                   |  | Industrial    |  |              | -      |  |              |  | 1,864  |                                            |  |  | 3,362                     |  |  |               | 1,586 |  |                   |  | 1,864  |          |  |  | 4,948            |  |  |           | 6,812  |  |          |  | 898    |  |  |  | 2007 |  |  |  | 2007 | 
|                               |  |                                |  |               |  |              |        |  |              |  |        |                                           
|McDonough, Georgia             |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Liberty Distribution Center    |  | 120 Declaration Drive          |  | Industrial    |  |              | -      |  |              |  | 615    |                                            |  |  | 8,377                     |  |  |               | 350   |  |                   |  | 615    |          |  |  | 8,727            |  |  |           | 9,342  |  |          |  | 2,513  |  |  |  | 1997 |  |  |  | 1999 | 
|Liberty Distribution Center    |  | 250 Declaration Drive          |  | Industrial    |  |              | 22,248 |  |              |  | 2,273  |                                            |  |  | 13,225                    |  |  |               | 2,438 |  |                   |  | 2,312  |          |  |  | 15,624           |  |  |           | 17,936 |  |          |  | 4,854  |  |  |  | 2001 |  |  |  | 2001 | 
|                               |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Melrose Park, Illinois         |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|OHare International Ctr       |  | Melrose Business Center        |  | Industrial    |  |              | -      |  |              |  | 5,907  |                                            |  |  | 17,398                    |  |  |               | -     |  |                   |  | 5,907  |          |  |  | 17,398           |  |  |           | 23,305 |  |          |  | 112    |  |  |  | 2000 |  |  |  | 2010 | 
|                               |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Mendota Heights, Minnesota     |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Enterprise Industrial Center   |  | Enterprise Industrial Center   |  | Industrial    |  |              | 337    |  |              |  | 864    |                                            |  |  | 4,924                     |  |  |               | 697   |  |                   |  | 888    |          |  |  | 5,597            |  |  |           | 6,485  |  |          |  | 1,961  |  |  |  | 1979 |  |  |  | 1997 | 
|                               |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Mishawaka, Indiana             |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|SJRMC Edison Lakes MOB         |  | SJRMC Edison Lakes MOB         |  | MedicalOffice |  |              | -      |  |              |  | -      |                                            |  |  | 31,955                    |  |  |               | 2,860 |  |                   |  | 42     |          |  |  | 34,773           |  |  |           | 34,815 |  |          |  | 1,428  |  |  |  | 2009 |  |  |  | 2009 | 
|                               |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Moosic, Pennsylvania           |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Not Applicable                 |  | Shoppes at Montage             |  | Retail        |  |              | -      |  |              |  | 21,347 |                                            |  |  | 39,006                    |  |  |               | 306   |  |                   |  | 21,347 |          |  |  | 39,312           |  |  |           | 60,659 |  |          |  | 7,398  |  |  |  | 2007 |  |  |  | 2009 | 
|                               |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Morgans Point, Texas           |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Not Applicable                 |  | Barbours Cut I                 |  | Industrial    |  |              | -      |  |              |  | 1,482  |                                            |  |  | 8,209                     |  |  |               | -     |  |                   |  | 1,482  |          |  |  | 8,209            |  |  |           | 9,691  |  |          |  | -      |  |  |  | 2004 |  |  |  | 2010 | 
|Not Applicable                 |  | Barbours Cut II                |  | Industrial    |  |              | -      |  |              |  | 1,447  |                                            |  |  | 8,471                     |  |  |               | -     |  |                   |  | 1,447  |          |  |  | 8,471            |  |  |           | 9,918  |  |          |  | -      |  |  |  | 2005 |  |  |  | 2010 | 
|                               |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Morrisville, North Carolina    |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Perimeter Park                 |  | 507 Airport Blvd               |  | Industrial    |  |              | -      |  |              |  | 1,327  |                                            |  |  | 7,353                     |  |  |               | 1,778 |  |                   |  | 1,351  |          |  |  | 9,107            |  |  |           | 10,458 |  |          |  | 2,751  |  |  |  | 1993 |  |  |  | 1999 | 
|Perimeter Park                 |  | 5151 McCrimmon Pkwy            |  | Office        |  |              | -      |  |              |  | 1,318  |                                            |  |  | 7,090                     |  |  |               | 2,065 |  |                   |  | 1,342  |          |  |  | 9,131            |  |  |           | 10,473 |  |          |  | 2,815  |  |  |  | 1995 |  |  |  | 1999 | 
|Perimeter Park                 |  | 2600 Perimeter Park Dr         |  | Industrial    |  |              | -      |  |              |  | 975    |                                            |  |  | 5,177                     |  |  |               | 1,143 |  |                   |  | 991    |          |  |  | 6,304            |  |  |           | 7,295  |  |          |  | 1,975  |  |  |  | 1997 |  |  |  | 1999 | 
|Perimeter Park                 |  | 5150 McCrimmon Pkwy            |  | Industrial    |  |              | -      |  |              |  | 1,739  |                                            |  |  | 12,130                    |  |  |               | 1,698 |  |                   |  | 1,773  |          |  |  | 13,794           |  |  |           | 15,567 |  |          |  | 4,070  |  |  |  | 1998 |  |  |  | 1999 | 
|Perimeter Park                 |  | 2400 Perimeter Park Drive      |  | Office        |  |              | -      |  |              |  | 760    |                                            |  |  | 5,512                     |  |  |               | 1,314 |  |                   |  | 778    |          |  |  | 6,808            |  |  |           | 7,586  |  |          |  | 2,046  |  |  |  | 1999 |  |  |  | 1999 | 
|Perimeter Park                 |  | 3000 Perimeter Park Dr (Met 1) |  | Industrial    |  |              | 205    |  |              |  | 482    |                                            |  |  | 2,466                     |  |  |               | 1,330 |  |                   |  | 491    |          |  |  | 3,787            |  |  |           | 4,278  |  |          |  | 1,163  |  |  |  | 1989 |  |  |  | 1999 | 
|Perimeter Park                 |  | 2900 Perimeter Park Dr (Met 2) |  | Industrial    |  |              | 163    |  |              |  | 235    |                                            |  |  | 1,882                     |  |  |               | 1,280 |  |                   |  | 264    |          |  |  | 3,133            |  |  |           | 3,397  |  |          |  | 1,017  |  |  |  | 1990 |  |  |  | 1999 | 
|Perimeter Park                 |  | 2800 Perimeter Park Dr (Met 3) |  | Industrial    |  |              | 316    |  |              |  | 777    |                                            |  |  | 4,720                     |  |  |               | 1,047 |  |                   |  | 843    |          |  |  | 5,701            |  |  |           | 6,544  |  |          |  | 1,789  |  |  |  | 1992 |  |  |  | 1999 | 
|Perimeter Park                 |  | 1100 Perimeter Park Drive      |  | Industrial    |  |              | -      |  |              |  | 777    |                                            |  |  | 5,581                     |  |  |               | 1,322 |  |                   |  | 794    |          |  |  | 6,886            |  |  |           | 7,680  |  |          |  | 2,073  |  |  |  | 1990 |  |  |  | 1999 | 
|Perimeter Park                 |  | 1500 Perimeter Park Drive      |  | Office        |  |              | -      |  |              |  | 1,148  |                                            |  |  | 10,086                    |  |  |               | 1,121 |  |                   |  | 1,177  |          |  |  | 11,178           |  |  |           | 12,355 |  |          |  | 3,101  |  |  |  | 1996 |  |  |  | 1999 | 
|Perimeter Park                 |  | 1600 Perimeter Park Drive      |  | Office        |  |              | -      |  |              |  | 1,463  |                                            |  |  | 9,463                     |  |  |               | 2,310 |  |                   |  | 1,513  |          |  |  | 11,723           |  |  |           | 13,236 |  |          |  | 3,858  |  |  |  | 1994 |  |  |  | 1999 | 
|Perimeter Park                 |  | 1800 Perimeter Park Drive      |  | Office        |  |              | -      |  |              |  | 907    |                                            |  |  | 5,513                     |  |  |               | 1,750 |  |                   |  | 993    |          |  |  | 7,177            |  |  |           | 8,170  |  |          |  | 2,321  |  |  |  | 1994 |  |  |  | 1999 | 
|Perimeter Park                 |  | 2000 Perimeter Park Drive      |  | Office        |  |              | -      |  |              |  | 788    |                                            |  |  | 5,293                     |  |  |               | 1,081 |  |                   |  | 842    |          |  |  | 6,320            |  |  |           | 7,162  |  |          |  | 2,186  |  |  |  | 1997 |  |  |  | 1999 | 
|Perimeter Park                 |  | 1700 Perimeter Park Drive      |  | Office        |  |              | -      |  |              |  | 1,230  |                                            |  |  | 10,754                    |  |  |               | 2,819 |  |                   |  | 1,260  |          |  |  | 13,543           |  |  |           | 14,803 |  |          |  | 4,642  |  |  |  | 1997 |  |  |  | 1999 | 



106



---

##### Table of Contents

|                                         |  |              |  | 
|---------------------------------------- |  | ------------ |  | 
|Duke Realty Limited Partnership          |  | Schedule III | 
|Real Estate and Accumulated Depreciation |  |              |  | 
|December 31, 2010                        |  |              |  | 
|(in thousands)                           |  |              |  | 



|                              |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |        |   |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|----------------------------- |  | ------------------------------ |  | ------------- |  | ------------ | ------ |  | ------------ |  | ----- | ------------------------------------------ |  |  | ------------------------- |  |  | ------------- | ------ | - | ----------------- |  | ----- | -------- |  |  | ---------------- |  |  | --------- | ------ |  | -------- |  | ------ |  |  |  | ---- |  |  |  | ---- | 
|                              |  |                                |  | Building      |  |              |        |  | Initial Cost |  |       | Cost Capitalized Subsequent to
Development |  |  | Gross Book Value 12/31/10 |  |  | Accumulated   |        |   | Year Constructed/ |  |       | Year     | 
|Development                   |  | Name                           |  | Type          |  | Encumbrances |        |  | Land         |  |       | Buildings                                  |  |  | or Acquisition            |  |  | Land/Land Imp |        |   | Bldgs/TI          |  |       | Total(1) |  |  | Depreciation (2) |  |  | Renovated |        |  | Acquired | 
|Perimeter Park                |  | 5200 East Paramount            |  | Office        |  |              | -      |  |              |  | 1,748 |                                            |  |  | 14,291                    |  |  |               | 1,320  |   |                   |  | 1,797 |          |  |  | 15,562           |  |  |           | 17,359 |  |          |  | 4,432  |  |  |  | 1999 |  |  |  | 1999 | 
|Perimeter Park                |  | 2700 Perimeter Park            |  | Industrial    |  |              | -      |  |              |  | 662   |                                            |  |  | 1,831                     |  |  |               | 1,894  |   |                   |  | 662   |          |  |  | 3,725            |  |  |           | 4,387  |  |          |  | 1,144  |  |  |  | 2001 |  |  |  | 2001 | 
|Perimeter Park                |  | 5200 West Paramount            |  | Office        |  |              | -      |  |              |  | 1,831 |                                            |  |  | 12,608                    |  |  |               | 1,503  |   |                   |  | 1,831 |          |  |  | 14,111           |  |  |           | 15,942 |  |          |  | 4,725  |  |  |  | 2001 |  |  |  | 2001 | 
|Perimeter Park                |  | 2450 Perimeter Park Drive      |  | Office        |  |              | -      |  |              |  | 669   |                                            |  |  | 2,259                     |  |  |               | 3      |   |                   |  | 669   |          |  |  | 2,262            |  |  |           | 2,931  |  |          |  | 514    |  |  |  | 2002 |  |  |  | 2002 | 
|Perimeter Park                |  | 3800 Paramount Parkway         |  | Office        |  |              | -      |  |              |  | 2,657 |                                            |  |  | 7,271                     |  |  |               | 3,240  |   |                   |  | 2,657 |          |  |  | 10,511           |  |  |           | 13,168 |  |          |  | 3,025  |  |  |  | 2006 |  |  |  | 2006 | 
|Perimeter Park                |  | Lenovo BTS I                   |  | Office        |  |              | -      |  |              |  | 1,439 |                                            |  |  | 16,961                    |  |  |               | 1,509  |   |                   |  | 1,439 |          |  |  | 18,470           |  |  |           | 19,909 |  |          |  | 3,612  |  |  |  | 2006 |  |  |  | 2006 | 
|Perimeter Park                |  | Lenovo BTS II                  |  | Office        |  |              | -      |  |              |  | 1,725 |                                            |  |  | 16,809                    |  |  |               | 1,989  |   |                   |  | 1,725 |          |  |  | 18,798           |  |  |           | 20,523 |  |          |  | 3,277  |  |  |  | 2007 |  |  |  | 2007 | 
|Perimeter Park                |  | 5221 Paramount Parkway         |  | Office        |  |              | -      |  |              |  | 1,661 |                                            |  |  | 14,086                    |  |  |               | 2,172  |   |                   |  | 1,661 |          |  |  | 16,258           |  |  |           | 17,919 |  |          |  | 1,503  |  |  |  | 2008 |  |  |  | 2008 | 
|Perimeter Park                |  | 2250 Perimeter Park            |  | Office        |  |              | -      |  |              |  | 2,290 |                                            |  |  | 6,981                     |  |  |               | 2,431  |   |                   |  | 2,290 |          |  |  | 9,412            |  |  |           | 11,702 |  |          |  | 1,532  |  |  |  | 2008 |  |  |  | 2008 | 
|Perimeter Park                |  | Perimeter One                  |  | Office        |  |              | -      |  |              |  | 5,880 |                                            |  |  | 13,605                    |  |  |               | 9,253  |   |                   |  | 5,880 |          |  |  | 22,858           |  |  |           | 28,738 |  |          |  | 4,883  |  |  |  | 2007 |  |  |  | 2007 | 
|Perimeter Park                |  | Market at Perimeter Park-Bld A |  | Retail        |  |              | -      |  |              |  | 1,149 |                                            |  |  | 1,708                     |  |  |               | 155    |   |                   |  | 1,149 |          |  |  | 1,863            |  |  |           | 3,012  |  |          |  | 155    |  |  |  | 2009 |  |  |  | 2009 | 
|Woodlake Center               |  | 100 Innovation Avenue (Woodlk) |  | Industrial    |  |              | -      |  |              |  | 633   |                                            |  |  | 3,748                     |  |  |               | 656    |   |                   |  | 633   |          |  |  | 4,404            |  |  |           | 5,037  |  |          |  | 1,322  |  |  |  | 1994 |  |  |  | 1999 | 
|Woodlake Center               |  | 101 Innovation Ave(Woodlk III) |  | Industrial    |  |              | -      |  |              |  | 615   |                                            |  |  | 3,971                     |  |  |               | 148    |   |                   |  | 615   |          |  |  | 4,119            |  |  |           | 4,734  |  |          |  | 1,187  |  |  |  | 1997 |  |  |  | 1999 | 
|Woodlake Center               |  | 200 Innovation Drive           |  | Industrial    |  |              | -      |  |              |  | 357   |                                            |  |  | 4,121                     |  |  |               | 146    |   |                   |  | 357   |          |  |  | 4,267            |  |  |           | 4,624  |  |          |  | 1,294  |  |  |  | 1999 |  |  |  | 1999 | 
|Woodlake Center               |  | 501 Innovation Ave.            |  | Industrial    |  |              | -      |  |              |  | 640   |                                            |  |  | 5,589                     |  |  |               | 176    |   |                   |  | 640   |          |  |  | 5,765            |  |  |           | 6,405  |  |          |  | 1,640  |  |  |  | 1999 |  |  |  | 1999 | 
|Woodlake Center               |  | 1000 Innovation (Woodlk 6)     |  | Industrial    |  |              | -      |  |              |  | 514   |                                            |  |  | 2,927                     |  |  |               | 174    |   |                   |  | 514   |          |  |  | 3,101            |  |  |           | 3,615  |  |          |  | 693    |  |  |  | 1996 |  |  |  | 2002 | 
|Woodlake Center               |  | 1200 Innovation (Woodlk 7)     |  | Industrial    |  |              | -      |  |              |  | 740   |                                            |  |  | 4,416                     |  |  |               | 265    |   |                   |  | 740   |          |  |  | 4,681            |  |  |           | 5,421  |  |          |  | 1,040  |  |  |  | 1996 |  |  |  | 2002 | 
|Woodlake Center               |  | Woodlake VIII                  |  | Industrial    |  |              | -      |  |              |  | 908   |                                            |  |  | 1,517                     |  |  |               | 339    |   |                   |  | 908   |          |  |  | 1,856            |  |  |           | 2,764  |  |          |  | 824    |  |  |  | 2004 |  |  |  | 2004 | 
|                              |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Murfreesboro, Tennessee       |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |        |   |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Middle Tenn Med Ctr - MOB     |  | Middle Tenn Med Ctr - MOB      |  | MedicalOffice |  |              | -      |  |              |  | -     |                                            |  |  | 20,564                    |  |  |               | 3,994  |   |                   |  | 7     |          |  |  | 24,551           |  |  |           | 24,558 |  |          |  | 1,947  |  |  |  | 2008 |  |  |  | 2008 | 
|                              |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Naperville, Illinois          |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |        |   |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Meridian Business Campus      |  | 1835 Jefferson                 |  | Industrial    |  |              | -      |  |              |  | 3,180 |                                            |  |  | 7,959                     |  |  |               | 5      |   |                   |  | 3,184 |          |  |  | 7,960            |  |  |           | 11,144 |  |          |  | 1,793  |  |  |  | 2005 |  |  |  | 2003 | 
|I-88 West Suburban            |  | 175 Ambassador Drive           |  | Industrial    |  |              | -      |  |              |  | 4,778 |                                            |  |  | 11,252                    |  |  |               | -      |   |                   |  | 4,778 |          |  |  | 11,252           |  |  |           | 16,030 |  |          |  | -      |  |  |  | 2006 |  |  |  | 2010 | 
|                              |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Nashville, Tennessee          |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |        |   |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Airpark East                  |  | Airpark East-800 Commerce Dr.  |  | Industrial    |  |              | 2,707  |  |              |  | 1,564 |                                            |  |  | 2,617                     |  |  |               | 947    |   |                   |  | 1,564 |          |  |  | 3,564            |  |  |           | 5,128  |  |          |  | 804    |  |  |  | 2002 |  |  |  | 2002 | 
|Lakeview Place                |  | Three Lakeview                 |  | Office        |  |              | -      |  |              |  | 2,126 |                                            |  |  | 11,248                    |  |  |               | 3,442  |   |                   |  | 2,126 |          |  |  | 14,690           |  |  |           | 16,816 |  |          |  | 4,652  |  |  |  | 1999 |  |  |  | 1999 | 
|Lakeview Place                |  | One Lakeview Place             |  | Office        |  |              | -      |  |              |  | 2,046 |                                            |  |  | 10,755                    |  |  |               | (3,048 | ) |                   |  | 2,123 |          |  |  | 7,630            |  |  |           | 9,753  |  |          |  | 4,022  |  |  |  | 1986 |  |  |  | 1998 | 
|Lakeview Place                |  | Two Lakeview Place             |  | Office        |  |              | -      |  |              |  | 2,046 |                                            |  |  | 11,375                    |  |  |               | (3,457 | ) |                   |  | 2,046 |          |  |  | 7,918            |  |  |           | 9,964  |  |          |  | 4,468  |  |  |  | 1988 |  |  |  | 1998 | 
|Riverview Business Center     |  | Riverview Office Building      |  | Office        |  |              | -      |  |              |  | 847   |                                            |  |  | 5,431                     |  |  |               | 1,712  |   |                   |  | 847   |          |  |  | 7,143            |  |  |           | 7,990  |  |          |  | 2,325  |  |  |  | 1983 |  |  |  | 1999 | 
|Nashville Business Center     |  | Nashville Business Center I    |  | Industrial    |  |              | -      |  |              |  | 936   |                                            |  |  | 5,943                     |  |  |               | 1,224  |   |                   |  | 936   |          |  |  | 7,167            |  |  |           | 8,103  |  |          |  | 2,096  |  |  |  | 1997 |  |  |  | 1999 | 
|Nashville Business Center     |  | Nashville Business Center II   |  | Industrial    |  |              | -      |  |              |  | 5,659 |                                            |  |  | 10,206                    |  |  |               | 845    |   |                   |  | 5,659 |          |  |  | 11,051           |  |  |           | 16,710 |  |          |  | 2,864  |  |  |  | 2005 |  |  |  | 2005 | 
|Four-Forty Business Center    |  | Four-Forty Business Center I   |  | Industrial    |  |              | -      |  |              |  | 938   |                                            |  |  | 6,454                     |  |  |               | 115    |   |                   |  | 938   |          |  |  | 6,569            |  |  |           | 7,507  |  |          |  | 1,894  |  |  |  | 1997 |  |  |  | 1999 | 
|Four-Forty Business Center    |  | Four-Forty Business Center III |  | Industrial    |  |              | -      |  |              |  | 1,812 |                                            |  |  | 7,325                     |  |  |               | 1,208  |   |                   |  | 1,812 |          |  |  | 8,533            |  |  |           | 10,345 |  |          |  | 2,405  |  |  |  | 1998 |  |  |  | 1999 | 
|Four-Forty Business Center    |  | Four-Forty Business Center IV  |  | Industrial    |  |              | -      |  |              |  | 1,522 |                                            |  |  | 5,365                     |  |  |               | 615    |   |                   |  | 1,522 |          |  |  | 5,980            |  |  |           | 7,502  |  |          |  | 1,770  |  |  |  | 1997 |  |  |  | 1999 | 
|Four-Forty Business Center    |  | Four-Forty Business Center V   |  | Industrial    |  |              | -      |  |              |  | 471   |                                            |  |  | 2,335                     |  |  |               | 699    |   |                   |  | 471   |          |  |  | 3,034            |  |  |           | 3,505  |  |          |  | 885    |  |  |  | 1999 |  |  |  | 1999 | 
|Four-Forty Business Center    |  | Four-Forty Business Center II  |  | Industrial    |  |              | 3,193  |  |              |  | 1,108 |                                            |  |  | 4,829                     |  |  |               | -      |   |                   |  | 1,108 |          |  |  | 4,829            |  |  |           | 5,937  |  |          |  | -      |  |  |  | 1996 |  |  |  | 2010 | 
|                              |  |                                |  |               |  |              |        |  |              |  |       |                                           
|New Albany, Ohio              |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |        |   |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|New Albany                    |  | 6525 West Campus Oval          |  | Office        |  |              | -      |  |              |  | 842   |                                            |  |  | 3,572                     |  |  |               | 2,460  |   |                   |  | 881   |          |  |  | 5,993            |  |  |           | 6,874  |  |          |  | 1,853  |  |  |  | 1999 |  |  |  | 1999 | 
|                              |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Niles, Illinois               |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |        |   |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Howard 220                    |  | Howard 220                     |  | Industrial    |  |              | 9,544  |  |              |  | 4,920 |                                            |  |  | 3,400                     |  |  |               | 9,616  |   |                   |  | 7,761 |          |  |  | 10,175           |  |  |           | 17,936 |  |          |  | 2,230  |  |  |  | 2008 |  |  |  | 2004 | 
|                              |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Norcross, Georgia             |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |        |   |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Gwinnett Park                 |  | 1835 Shackleford Court         |  | Office        |  |              | -      |  |              |  | 29    |                                            |  |  | 5,591                     |  |  |               | (1,708 | ) |                   |  | 29    |          |  |  | 3,883            |  |  |           | 3,912  |  |          |  | 1,901  |  |  |  | 1990 |  |  |  | 1999 | 
|                              |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Norfolk, Virginia             |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |        |   |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Norfolk Industrial Park       |  | 1400 Sewells Point Road        |  | Industrial    |  |              | 2,432  |  |              |  | 1,463 |                                            |  |  | 5,723                     |  |  |               | 417    |   |                   |  | 1,463 |          |  |  | 6,140            |  |  |           | 7,603  |  |          |  | 654    |  |  |  | 1983 |  |  |  | 2007 | 
|                              |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Northlake, Illinois           |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |        |   |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Northlake 1 Park              |  | Northlake I                    |  | Industrial    |  |              | 10,318 |  |              |  | 5,721 |                                            |  |  | 9,963                     |  |  |               | 835    |   |                   |  | 5,721 |          |  |  | 10,798           |  |  |           | 16,519 |  |          |  | 2,586  |  |  |  | 2002 |  |  |  | 2002 | 
|Northlake Distribution Park   |  | Northlake III-Grnd Whse        |  | Industrial    |  |              | 6,982  |  |              |  | 5,382 |                                            |  |  | 5,708                     |  |  |               | 253    |   |                   |  | 5,382 |          |  |  | 5,961            |  |  |           | 11,343 |  |          |  | 1,330  |  |  |  | 2006 |  |  |  | 2006 | 
|                              |  |                                |  |               |  |              |        |  |              |  |       |                                           
|North Olmsted, Ohio           |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |        |   |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Great Northern Corporate Ctr. |  | Great Northern Corp Center I   |  | Office        |  |              | -      |  |              |  | 1,048 |                                            |  |  | 6,457                     |  |  |               | 2,859  |   |                   |  | 1,040 |          |  |  | 9,324            |  |  |           | 10,364 |  |          |  | 3,470  |  |  |  | 1985 |  |  |  | 1996 | 
|Great Northern Corporate Ctr. |  | Great Northern Corp Center II  |  | Office        |  |              | -      |  |              |  | 1,048 |                                            |  |  | 6,447                     |  |  |               | 3,033  |   |                   |  | 1,048 |          |  |  | 9,480            |  |  |           | 10,528 |  |          |  | 3,529  |  |  |  | 1987 |  |  |  | 1996 | 
|Great Northern Corporate Ctr. |  | Great Northern Corp Center III |  | Office        |  |              | -      |  |              |  | 604   |                                            |  |  | 4,668                     |  |  |               | 822    |   |                   |  | 604   |          |  |  | 5,490            |  |  |           | 6,094  |  |          |  | 1,679  |  |  |  | 1999 |  |  |  | 1999 | 
|                              |  |                                |  |               |  |              |        |  |              |  |       |                                           
|Oak Brook, Illinois           |  |                                |  |               |  |              |        |  |              |  |       |                                            |  |  |                           |  |  |               |        |   |                   |  |       |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|2000 York Road                |  | 2000 York Road                 |  | Office        |  |              | -      |  |              |  | 2,625 |                                            |  |  | 15,825                    |  |  |               | 377    |   |                   |  | 2,625 |          |  |  | 16,202           |  |  |           | 18,827 |  |          |  | 11,783 |  |  |  | 1986 |  |  |  | 2005 | 



107



---

##### Table of Contents

|                                         |  |              |  | 
|---------------------------------------- |  | ------------ |  | 
|Duke Realty Limited Partnership          |  | Schedule III | 
|Real Estate and Accumulated Depreciation |  |              |  | 
|December 31, 2010                        |  |              |  | 
|(in thousands)                           |  |              |  | 



|                              |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |         |  |          |  |        |  |  |  |      |  |  |  |      | 
|----------------------------- |  | ------------------------------ |  | ------------- |  | ------------ | ------ |  | ------------ |  | ------ | ------------------------------------------ |  |  | ------------------------- |  |  | ------------- | ----- |  | ----------------- |  | ------ | -------- |  |  | ---------------- |  |  | --------- | ------- |  | -------- |  | ------ |  |  |  | ---- |  |  |  | ---- | 
|                              |  |                                |  | Building      |  |              |        |  | Initial Cost |  |        | Cost Capitalized Subsequent to
Development |  |  | Gross Book Value 12/31/10 |  |  | Accumulated   |       |  | Year Constructed/ |  |        | Year     | 
|Development                   |  | Name                           |  | Type          |  | Encumbrances |        |  | Land         |  |        | Buildings                                  |  |  | or Acquisition            |  |  | Land/Land Imp |       |  | Bldgs/TI          |  |        | Total(1) |  |  | Depreciation (2) |  |  | Renovated |         |  | Acquired | 
|                              |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Orlando, Florida              |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |         |  |          |  |        |  |  |  |      |  |  |  |      | 
|Liberty Park at Southcenter   |  | Southcenter I-Brede/Allied BTS |  | Industrial    |  |              | -      |  |              |  | 3,094  |                                            |  |  | 3,867                     |  |  |               | 29    |  |                   |  | 3,094  |          |  |  | 3,896            |  |  |           | 6,990   |  |          |  | 1,456  |  |  |  | 2003 |  |  |  | 2003 | 
|Parksouth Distribution Center |  | Parksouth Distribution Ctr. B  |  | Industrial    |  |              | -      |  |              |  | 565    |                                            |  |  | 4,871                     |  |  |               | 550   |  |                   |  | 570    |          |  |  | 5,416            |  |  |           | 5,986   |  |          |  | 1,803  |  |  |  | 1996 |  |  |  | 1999 | 
|Parksouth Distribution Center |  | Parksouth Distribution Ctr. A  |  | Industrial    |  |              | -      |  |              |  | 493    |                                            |  |  | 4,340                     |  |  |               | 275   |  |                   |  | 498    |          |  |  | 4,610            |  |  |           | 5,108   |  |          |  | 1,321  |  |  |  | 1997 |  |  |  | 1999 | 
|Parksouth Distribution Center |  | Parksouth Distribution Ctr. D  |  | Industrial    |  |              | -      |  |              |  | 593    |                                            |  |  | 4,075                     |  |  |               | 549   |  |                   |  | 597    |          |  |  | 4,620            |  |  |           | 5,217   |  |          |  | 1,343  |  |  |  | 1998 |  |  |  | 1999 | 
|Parksouth Distribution Center |  | Parksouth Distribution Ctr. E  |  | Industrial    |  |              | -      |  |              |  | 649    |                                            |  |  | 4,433                     |  |  |               | 623   |  |                   |  | 677    |          |  |  | 5,028            |  |  |           | 5,705   |  |          |  | 1,454  |  |  |  | 1997 |  |  |  | 1999 | 
|Parksouth Distribution Center |  | Parksouth Distribution Ctr. F  |  | Industrial    |  |              | -      |  |              |  | 1,030  |                                            |  |  | 4,767                     |  |  |               | 1,529 |  |                   |  | 1,232  |          |  |  | 6,094            |  |  |           | 7,326   |  |          |  | 1,865  |  |  |  | 1999 |  |  |  | 1999 | 
|Parksouth Distribution Center |  | Parksouth Distribution Ctr. H  |  | Industrial    |  |              | -      |  |              |  | 725    |                                            |  |  | 3,109                     |  |  |               | 225   |  |                   |  | 754    |          |  |  | 3,305            |  |  |           | 4,059   |  |          |  | 911    |  |  |  | 2000 |  |  |  | 2000 | 
|Parksouth Distribution Center |  | Parksouth Distribution Ctr. C  |  | Industrial    |  |              | -      |  |              |  | 598    |                                            |  |  | 1,769                     |  |  |               | 1,685 |  |                   |  | 674    |          |  |  | 3,378            |  |  |           | 4,052   |  |          |  | 778    |  |  |  | 2003 |  |  |  | 2001 | 
|Parksouth Distribution Center |  | Parksouth-Benjamin Moore BTS   |  | Industrial    |  |              | -      |  |              |  | 708    |                                            |  |  | 2,070                     |  |  |               | 27    |  |                   |  | 1,129  |          |  |  | 1,676            |  |  |           | 2,805   |  |          |  | 582    |  |  |  | 2003 |  |  |  | 2003 | 
|Crossroads Business Park      |  | Crossroads VII                 |  | Industrial    |  |              | -      |  |              |  | 2,803  |                                            |  |  | 5,891                     |  |  |               | 3,212 |  |                   |  | 2,803  |          |  |  | 9,103            |  |  |           | 11,906  |  |          |  | 2,236  |  |  |  | 2006 |  |  |  | 2006 | 
|Crossroads Business Park      |  | Crossroads VIII                |  | Industrial    |  |              | -      |  |              |  | 2,701  |                                            |  |  | 4,817                     |  |  |               | 1,423 |  |                   |  | 2,701  |          |  |  | 6,240            |  |  |           | 8,941   |  |          |  | 999    |  |  |  | 2007 |  |  |  | 2007 | 
|                              |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Otsego, Minnesota             |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |         |  |          |  |        |  |  |  |      |  |  |  |      | 
|Gateway North Business Center |  | Gateway North 1                |  | Industrial    |  |              | -      |  |              |  | 2,243  |                                            |  |  | 3,959                     |  |  |               | 1,244 |  |                   |  | 2,287  |          |  |  | 5,159            |  |  |           | 7,446   |  |          |  | 799    |  |  |  | 2007 |  |  |  | 2007 | 
|                              |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Pembroke Pines, Florida       |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |         |  |          |  |        |  |  |  |      |  |  |  |      | 
|Pembroke Pines                |  | Pembroke Gardens               |  | Retail        |  |              | -      |  |              |  | 26,067 |                                            |  |  | 88,640                    |  |  |               | 1,828 |  |                   |  | 24,858 |          |  |  | 91,677           |  |  |           | 116,535 |  |          |  | 11,944 |  |  |  | 2007 |  |  |  | 2009 | 
|                              |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Phoenix, Arizona              |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |         |  |          |  |        |  |  |  |      |  |  |  |      | 
|Not Applicable                |  | Estrella Buckeye               |  | Industrial    |  |              | 4,475  |  |              |  | 1,796  |                                            |  |  | 5,778                     |  |  |               | -     |  |                   |  | 1,796  |          |  |  | 5,778            |  |  |           | 7,574   |  |          |  | 291    |  |  |  | 1996 |  |  |  | 2010 | 
|                              |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Plainfield, Illinois          |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |         |  |          |  |        |  |  |  |      |  |  |  |      | 
|Edward Plainfield MOB I       |  | Edward Plainfield MOB I        |  | MedicalOffice |  |              | -      |  |              |  | -      |                                            |  |  | 9,483                     |  |  |               | 1,265 |  |                   |  | -      |          |  |  | 10,748           |  |  |           | 10,748  |  |          |  | 2,442  |  |  |  | 2006 |  |  |  | 2007 | 
|                              |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Plainfield, Indiana           |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |         |  |          |  |        |  |  |  |      |  |  |  |      | 
|Plainfield Business Park      |  | Plainfield Building 1          |  | Industrial    |  |              | 15,912 |  |              |  | 1,104  |                                            |  |  | 11,151                    |  |  |               | 425   |  |                   |  | 1,104  |          |  |  | 11,576           |  |  |           | 12,680  |  |          |  | 3,385  |  |  |  | 2000 |  |  |  | 2000 | 
|Plainfield Business Park      |  | Plainfield Building 2          |  | Industrial    |  |              | 17,522 |  |              |  | 1,387  |                                            |  |  | 8,874                     |  |  |               | 3,099 |  |                   |  | 2,868  |          |  |  | 10,492           |  |  |           | 13,360  |  |          |  | 4,461  |  |  |  | 2000 |  |  |  | 2000 | 
|Plainfield Business Park      |  | Plainfield Building 3          |  | Industrial    |  |              | 17,610 |  |              |  | 2,016  |                                            |  |  | 9,151                     |  |  |               | 2,560 |  |                   |  | 2,016  |          |  |  | 11,711           |  |  |           | 13,727  |  |          |  | 2,308  |  |  |  | 2002 |  |  |  | 2002 | 
|Plainfield Business Park      |  | Plainfield Building 5          |  | Industrial    |  |              | 11,794 |  |              |  | 2,726  |                                            |  |  | 6,488                     |  |  |               | 444   |  |                   |  | 2,726  |          |  |  | 6,932            |  |  |           | 9,658   |  |          |  | 1,714  |  |  |  | 2004 |  |  |  | 2004 | 
|Plainfield Business Park      |  | Plainfield Building 8          |  | Industrial    |  |              | 21,413 |  |              |  | 4,527  |                                            |  |  | 11,570                    |  |  |               | 1,016 |  |                   |  | 4,527  |          |  |  | 12,586           |  |  |           | 17,113  |  |          |  | 2,537  |  |  |  | 2006 |  |  |  | 2006 | 
|                              |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Plano, Texas                  |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |         |  |          |  |        |  |  |  |      |  |  |  |      | 
|5556 & 5560 Tennyson Parkway  |  | 5560 Tennyson Parkway          |  | Office        |  |              | -      |  |              |  | 1,527  |                                            |  |  | 5,408                     |  |  |               | 789   |  |                   |  | 1,527  |          |  |  | 6,197            |  |  |           | 7,724   |  |          |  | 1,760  |  |  |  | 1997 |  |  |  | 1999 | 
|5556 & 5560 Tennyson Parkway  |  | 5556 Tennyson Parkway          |  | Office        |  |              | -      |  |              |  | 1,181  |                                            |  |  | 9,654                     |  |  |               | 1,172 |  |                   |  | 1,181  |          |  |  | 10,826           |  |  |           | 12,007  |  |          |  | 2,869  |  |  |  | 1999 |  |  |  | 1999 | 
|Baylor Plano MOB              |  | Baylor Plano MOB               |  | MedicalOffice |  |              | -      |  |              |  | 16     |                                            |  |  | 28,375                    |  |  |               | 966   |  |                   |  | 49     |          |  |  | 29,308           |  |  |           | 29,357  |  |          |  | 1,218  |  |  |  | 2009 |  |  |  | 2009 | 
|                              |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Plantation, Florida           |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |         |  |          |  |        |  |  |  |      |  |  |  |      | 
|South Pointe - Broward        |  | Royal Palm I                   |  | Office        |  |              | -      |  |              |  | 10,209 |                                            |  |  | 30,034                    |  |  |               | -     |  |                   |  | 10,209 |          |  |  | 30,034           |  |  |           | 40,243  |  |          |  | 925    |  |  |  | 2001 |  |  |  | 2010 | 
|South Pointe - Broward        |  | Royal Palm II                  |  | Office        |  |              | -      |  |              |  | 8,935  |                                            |  |  | 29,368                    |  |  |               | -     |  |                   |  | 8,935  |          |  |  | 29,368           |  |  |           | 38,303  |  |          |  | 787    |  |  |  | 2007 |  |  |  | 2010 | 
|                              |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Plymouth, Minnesota           |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |         |  |          |  |        |  |  |  |      |  |  |  |      | 
|Medicine Lake Indust Ctr      |  | Medicine Lake Indus. Center    |  | Industrial    |  |              | 615    |  |              |  | 1,145  |                                            |  |  | 5,944                     |  |  |               | 1,827 |  |                   |  | 1,145  |          |  |  | 7,771            |  |  |           | 8,916   |  |          |  | 2,642  |  |  |  | 1970 |  |  |  | 1997 | 
|                              |  |                                |  |               |  |              |        |  |              |  |        |                                           
|Pompano Beach, Florida        |  |                                |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |       |  |                   |  |        |          |  |  |                  |  |  |           |         |  |          |  |        |  |  |  |      |  |  |  |      | 
|Atlantic Business Center      |  | Atlantic Business Center 1     |  | Industrial    |  |              | 6,806  |  |              |  | 2,181  |                                            |  |  | 8,997                     |  |  |               | -     |  |                   |  | 2,181  |          |  |  | 8,997            |  |  |           | 11,178  |  |          |  | -      |  |  |  | 2000 |  |  |  | 2010 | 
|Atlantic Business Center      |  | Atlantic Business Center 2     |  | Industrial    |  |              | 5,781  |  |              |  | 1,959  |                                            |  |  | 8,082                     |  |  |               | -     |  |                   |  | 1,959  |          |  |  | 8,082            |  |  |           | 10,041  |  |          |  | -      |  |  |  | 2001 |  |  |  | 2010 | 
|Atlantic Business Center      |  | Atlantic Business Center 3     |  | Industrial    |  |              | 6,125  |  |              |  | 2,076  |                                            |  |  | 8,563                     |  |  |               | -     |  |                   |  | 2,076  |          |  |  | 8,563            |  |  |           | 10,639  |  |          |  | -      |  |  |  | 2001 |  |  |  | 2010 | 
|Atlantic Business Center      |  | Atlantic Business Center 4A    |  | Industrial    |  |              | 4,113  |  |              |  | 1,325  |                                            |  |  | 5,464                     |  |  |               | -     |  |                   |  | 1,325  |          |  |  | 5,464            |  |  |           | 6,789   |  |          |  | -      |  |  |  | 2002 |  |  |  | 2010 | 
|Atlantic Business Center      |  | Atlantic Business Center 4B    |  | Industrial    |  |              | 4,696  |  |              |  | 1,356  |                                            |  |  | 5,595                     |  |  |               | -     |  |                   |  | 1,356  |          |  |  | 5,595            |  |  |           | 6,951   |  |          |  | -      |  |  |  | 2002 |  |  |  | 2010 | 
|Atlantic Business Center      |  | Atlantic Business Center 5A    |  | Industrial    |  |              | 4,623  |  |              |  | 1,489  |                                            |  |  | 6,141                     |  |  |               | -     |  |                   |  | 1,489  |          |  |  | 6,141            |  |  |           | 7,630   |  |          |  | -      |  |  |  | 2002 |  |  |  | 2010 | 
|Atlantic Business Center      |  | Atlantic Business Center 5B    |  | Industrial    |  |              | 4,821  |  |              |  | 1,552  |                                            |  |  | 6,404                     |  |  |               | -     |  |                   |  | 1,552  |          |  |  | 6,404            |  |  |           | 7,956   |  |          |  | -      |  |  |  | 2004 |  |  |  | 2010 | 
|Atlantic Business Center      |  | Atlantic Business Center 6A    |  | Industrial    |  |              | 4,672  |  |              |  | 1,505  |                                            |  |  | 6,206                     |  |  |               | -     |  |                   |  | 1,505  |          |  |  | 6,206            |  |  |           | 7,711   |  |          |  | -      |  |  |  | 2004 |  |  |  | 2010 | 
|Atlantic Business Center      |  | Atlantic Business Center 6B    |  | Industrial    |  |              | 4,730  |  |              |  | 1,523  |                                            |  |  | 6,283                     |  |  |               | -     |  |                   |  | 1,523  |          |  |  | 6,283            |  |  |           | 7,806   |  |          |  | -      |  |  |  | 2002 |  |  |  | 2010 | 
|Atlantic Business Center      |  | Atlantic Business Center 7A    |  | Industrial    |  |              | 3,541  |  |              |  | 1,200  |                                            |  |  | 4,950                     |  |  |               | -     |  |                   |  | 1,200  |          |  |  | 4,950            |  |  |           | 6,150   |  |          |  | -      |  |  |  | 2005 |  |  |  | 2010 | 
|Atlantic Business Center      |  | Atlantic Business Center 7B    |  | Industrial    |  |              | 4,582  |  |              |  | 1,553  |                                            |  |  | 6,406                     |  |  |               | -     |  |                   |  | 1,553  |          |  |  | 6,406            |  |  |           | 7,959   |  |          |  | -      |  |  |  | 2004 |  |  |  | 2010 | 
|Atlantic Business Center      |  | Atlantic Business Center 8     |  | Industrial    |  |              | 4,870  |  |              |  | 958    |                                            |  |  | 3,952                     |  |  |               | -     |  |                   |  | 958    |          |  |  | 3,952            |  |  |           | 4,910   |  |          |  | -      |  |  |  | 2005 |  |  |  | 2010 | 
|Atlantic Business Center      |  | Atlantic Business Center 9     |  | Industrial    |  |              | 3,183  |  |              |  | 627    |                                            |  |  | 2,585                     |  |  |               | -     |  |                   |  | 627    |          |  |  | 2,585            |  |  |           | 3,212   |  |          |  | -      |  |  |  | 2006 |  |  |  | 2010 | 
|Park Central Industrial       |  | Copans Business Park 3         |  | Industrial    |  |              | 4,786  |  |              |  | 1,072  |                                            |  |  | 4,499                     |  |  |               | -     |  |                   |  | 1,072  |          |  |  | 4,499            |  |  |           | 5,571   |  |          |  | -      |  |  |  | 1989 |  |  |  | 2010 | 
|Park Central Industrial       |  | Copans Business Park 4         |  | Industrial    |  |              | 4,115  |  |              |  | 933    |                                            |  |  | 3,847                     |  |  |               | -     |  |                   |  | 933    |          |  |  | 3,847            |  |  |           | 4,780   |  |          |  | -      |  |  |  | 1989 |  |  |  | 2010 | 
|Park Central Industrial       |  | Park Central Business Park 1   |  | Office        |  |              | 5,983  |  |              |  | 1,103  |                                            |  |  | 4,550                     |  |  |               | -     |  |                   |  | 1,103  |          |  |  | 4,550            |  |  |           | 5,653   |  |          |  | -      |  |  |  | 1985 |  |  |  | 2010 | 
|Park Central Industrial       |  | Park Central Business Park 2   |  | Industrial    |  |              | 1,258  |  |              |  | 229    |                                            |  |  | 963                       |  |  |               | -     |  |                   |  | 229    |          |  |  | 963              |  |  |           | 1,192   |  |          |  | -      |  |  |  | 1982 |  |  |  | 2010 | 
|Park Central Industrial       |  | Park Central Business Park 3   |  | Industrial    |  |              | 1,613  |  |              |  | 297    |                                            |  |  | 1,227                     |  |  |               | -     |  |                   |  | 297    |          |  |  | 1,227            |  |  |           | 1,524   |  |          |  | -      |  |  |  | 1982 |  |  |  | 2010 | 
|Park Central Industrial       |  | Park Central Business Park 4   |  | Industrial    |  |              | 1,940  |  |              |  | 358    |                                            |  |  | 1,475                     |  |  |               | -     |  |                   |  | 358    |          |  |  | 1,475            |  |  |           | 1,833   |  |          |  | -      |  |  |  | 1985 |  |  |  | 2010 | 
|Park Central Industrial       |  | Park Central Business Park 5   |  | Industrial    |  |              | 2,550  |  |              |  | 470    |                                            |  |  | 1,939                     |  |  |               | -     |  |                   |  | 470    |          |  |  | 1,939            |  |  |           | 2,409   |  |          |  | -      |  |  |  | 1986 |  |  |  | 2010 | 
|Park Central Industrial       |  | Park Central Business Park 6   |  | Industrial    |  |              | 2,175  |  |              |  | 401    |                                            |  |  | 1,654                     |  |  |               | -     |  |                   |  | 401    |          |  |  | 1,654            |  |  |           | 2,055   |  |          |  | -      |  |  |  | 1986 |  |  |  | 2010 | 
|Park Central Industrial       |  | Park Central Business Park 7   |  | Industrial    |  |              | 2,161  |  |              |  | 398    |                                            |  |  | 1,643                     |  |  |               | -     |  |                   |  | 398    |          |  |  | 1,643            |  |  |           | 2,041   |  |          |  | -      |  |  |  | 1986 |  |  |  | 2010 | 
|Park Central Industrial       |  | Park Central Business Park 10  |  | Industrial    |  |              | 3,544  |  |              |  | 673    |                                            |  |  | 2,776                     |  |  |               | -     |  |                   |  | 673    |          |  |  | 2,776            |  |  |           | 3,449   |  |          |  | -      |  |  |  | 1999 |  |  |  | 2010 | 



108



---

##### Table of Contents

|                                         |  |              |  | 
|---------------------------------------- |  | ------------ |  | 
|Duke Realty Limited Partnership          |  | Schedule III | 
|Real Estate and Accumulated Depreciation |  |              |  | 
|December 31, 2010                        |  |              |  | 
|(in thousands)                           |  |              |  | 



|                              |  |                               |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|----------------------------- |  | ----------------------------- |  | ------------- |  | ------------ | ------ |  | ------------ |  | ------ | ------------------------------------------ |  |  | ------------------------- |  |  | ------------- | ------ |  | ----------------- |  | ------ | -------- |  |  | ---------------- |  |  | --------- | ------ |  | -------- |  | ------ |  |  |  | ---- |  |  |  | ---- | 
|                              |  |                               |  | Building      |  |              |        |  | Initial Cost |  |        | Cost Capitalized Subsequent to
Development |  |  | Gross Book Value 12/31/10 |  |  | Accumulated   |        |  | Year Constructed/ |  |        | Year     | 
|Development                   |  | Name                          |  | Type          |  | Encumbrances |        |  | Land         |  |        | Buildings                                  |  |  | or Acquisition            |  |  | Land/Land Imp |        |  | Bldgs/TI          |  |        | Total(1) |  |  | Depreciation (2) |  |  | Renovated |        |  | Acquired | 
|Park Central Industrial       |  | Park Central Business Park 11 |  | Industrial    |  |              | 6,539  |  |              |  | 1,242  |                                            |  |  | 5,123                     |  |  |               | -      |  |                   |  | 1,242  |          |  |  | 5,123            |  |  |           | 6,365  |  |          |  | -      |  |  |  | 1995 |  |  |  | 2010 | 
|Pompano Commerce Center       |  | Pompano Commerce Ctr I        |  | Industrial    |  |              | -      |  |              |  | 3,250  |                                            |  |  | 4,384                     |  |  |               | -      |  |                   |  | 3,250  |          |  |  | 4,384            |  |  |           | 7,634  |  |          |  | 148    |  |  |  | 2010 |  |  |  | 2010 | 
|Pompano Commerce Center       |  | Pompano Commerce Ctr III      |  | Industrial    |  |              | -      |  |              |  | 3,250  |                                            |  |  | 4,384                     |  |  |               | -      |  |                   |  | 3,250  |          |  |  | 4,384            |  |  |           | 7,634  |  |          |  | 148    |  |  |  | 2010 |  |  |  | 2010 | 
|Sample 95                     |  | Sample 95 Business Park 1     |  | Industrial    |  |              | 7,458  |  |              |  | 1,811  |                                            |  |  | 7,472                     |  |  |               | -      |  |                   |  | 1,811  |          |  |  | 7,472            |  |  |           | 9,283  |  |          |  | -      |  |  |  | 1999 |  |  |  | 2010 | 
|Sample 95                     |  | Sample 95 Business Park 4     |  | Industrial    |  |              | -      |  |              |  | 1,198  |                                            |  |  | 4,940                     |  |  |               | -      |  |                   |  | 1,198  |          |  |  | 4,940            |  |  |           | 6,138  |  |          |  | -      |  |  |  | 1999 |  |  |  | 2010 | 
|Atlantic Business Center      |  | Atlantic Business Ctr. 10-KFC |  | Grounds       |  |              | -      |  |              |  | 772    |                                            |  |  | -                         |  |  |               | -      |  |                   |  | 772    |          |  |  | -                |  |  |           | 772    |  |          |  | -      |  |  |  | n/a  |  |  |  | 2010 | 
|                              |  |                               |  |               |  |              |        |  |              |  |        |                                           
|Port Wentworth, Georgia       |  |                               |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Grange Road                   |  | 318 Grange Road               |  | Industrial    |  |              | 2,059  |  |              |  | 957    |                                            |  |  | 4,231                     |  |  |               | 58     |  |                   |  | 957    |          |  |  | 4,289            |  |  |           | 5,246  |  |          |  | 635    |  |  |  | 2001 |  |  |  | 2006 | 
|Grange Road                   |  | 246 Grange Road               |  | Industrial    |  |              | 5,572  |  |              |  | 1,191  |                                            |  |  | 8,294                     |  |  |               | 7      |  |                   |  | 1,191  |          |  |  | 8,301            |  |  |           | 9,492  |  |          |  | 1,363  |  |  |  | 2006 |  |  |  | 2006 | 
|Crossroads (Savannah)         |  | 100 Ocean Link Way-Godley Rd  |  | Industrial    |  |              | 10,023 |  |              |  | 2,306  |                                            |  |  | 13,389                    |  |  |               | 81     |  |                   |  | 2,336  |          |  |  | 13,440           |  |  |           | 15,776 |  |          |  | 2,019  |  |  |  | 2006 |  |  |  | 2006 | 
|Crossroads (Savannah)         |  | 500 Expansion Blvd            |  | Industrial    |  |              | 4,266  |  |              |  | 649    |                                            |  |  | 6,282                     |  |  |               | 17     |  |                   |  | 649    |          |  |  | 6,299            |  |  |           | 6,948  |  |          |  | 558    |  |  |  | 2006 |  |  |  | 2008 | 
|Crossroads (Savannah)         |  | 400 Expansion Blvd            |  | Industrial    |  |              | 9,682  |  |              |  | 1,636  |                                            |  |  | 14,506                    |  |  |               | 9      |  |                   |  | 1,636  |          |  |  | 14,515           |  |  |           | 16,151 |  |          |  | 1,271  |  |  |  | 2007 |  |  |  | 2008 | 
|Crossroads (Savannah)         |  | 605 Expansion Blvd            |  | Industrial    |  |              | 5,705  |  |              |  | 1,615  |                                            |  |  | 7,456                     |  |  |               | 25     |  |                   |  | 1,615  |          |  |  | 7,481            |  |  |           | 9,096  |  |          |  | 679    |  |  |  | 2007 |  |  |  | 2008 | 
|Crossroads (Savannah)         |  | 405 Expansion Blvd            |  | Industrial    |  |              | 2,145  |  |              |  | 535    |                                            |  |  | 3,543                     |  |  |               | -      |  |                   |  | 535    |          |  |  | 3,543            |  |  |           | 4,078  |  |          |  | 286    |  |  |  | 2008 |  |  |  | 2009 | 
|Crossroads (Savannah)         |  | 600 Expansion Blvd            |  | Industrial    |  |              | 6,141  |  |              |  | 1,248  |                                            |  |  | 10,387                    |  |  |               | -      |  |                   |  | 1,248  |          |  |  | 10,387           |  |  |           | 11,635 |  |          |  | 817    |  |  |  | 2008 |  |  |  | 2009 | 
|Crossroads (Savannah)         |  | 602 Expansion Blvd            |  | Industrial    |  |              | -      |  |              |  | 1,840  |                                            |  |  | 12,181                    |  |  |               | 8      |  |                   |  | 1,840  |          |  |  | 12,189           |  |  |           | 14,029 |  |          |  | 733    |  |  |  | 2009 |  |  |  | 2009 | 
|                              |  |                               |  |               |  |              |        |  |              |  |        |                                           
|Raleigh, North Carolina       |  |                               |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Brook Forest                  |  | Brook Forest I                |  | Office        |  |              | -      |  |              |  | 1,242  |                                            |  |  | 4,644                     |  |  |               | 1,258  |  |                   |  | 1,242  |          |  |  | 5,902            |  |  |           | 7,144  |  |          |  | 1,633  |  |  |  | 2000 |  |  |  | 2000 | 
|Centerview                    |  | 5540 Centerview Drive         |  | Office        |  |              | -      |  |              |  | 773    |                                            |  |  | 5,909                     |  |  |               | 1,580  |  |                   |  | 773    |          |  |  | 7,489            |  |  |           | 8,262  |  |          |  | 1,987  |  |  |  | 1986 |  |  |  | 2003 | 
|Centerview                    |  | 5565 Centerview Drive         |  | Office        |  |              | -      |  |              |  | 513    |                                            |  |  | 4,610                     |  |  |               | 789    |  |                   |  | 513    |          |  |  | 5,399            |  |  |           | 5,912  |  |          |  | 1,342  |  |  |  | 1999 |  |  |  | 2003 | 
|Crabtree Overlook             |  | Crabtree Overlook             |  | Office        |  |              | -      |  |              |  | 2,164  |                                            |  |  | 15,288                    |  |  |               | 424    |  |                   |  | 2,164  |          |  |  | 15,712           |  |  |           | 17,876 |  |          |  | 3,774  |  |  |  | 2001 |  |  |  | 2001 | 
|Interchange Plaza             |  | 801 Jones Franklin Road       |  | Office        |  |              | -      |  |              |  | 1,351  |                                            |  |  | 7,477                     |  |  |               | 1,023  |  |                   |  | 1,351  |          |  |  | 8,500            |  |  |           | 9,851  |  |          |  | 2,723  |  |  |  | 1995 |  |  |  | 1999 | 
|Interchange Plaza             |  | 5520 Capital Center Drive     |  | Office        |  |              | -      |  |              |  | 842    |                                            |  |  | 3,824                     |  |  |               | 725    |  |                   |  | 842    |          |  |  | 4,549            |  |  |           | 5,391  |  |          |  | 1,314  |  |  |  | 1993 |  |  |  | 1999 | 
|Walnut Creek                  |  | Walnut Creek Business Park #1 |  | Industrial    |  |              | -      |  |              |  | 419    |                                            |  |  | 2,084                     |  |  |               | 582    |  |                   |  | 442    |          |  |  | 2,643            |  |  |           | 3,085  |  |          |  | 857    |  |  |  | 2001 |  |  |  | 2001 | 
|Walnut Creek                  |  | Walnut Creek Business Park #2 |  | Industrial    |  |              | -      |  |              |  | 456    |                                            |  |  | 3,143                     |  |  |               | 312    |  |                   |  | 487    |          |  |  | 3,424            |  |  |           | 3,911  |  |          |  | 1,403  |  |  |  | 2001 |  |  |  | 2001 | 
|Walnut Creek                  |  | Walnut Creek Business Park #3 |  | Industrial    |  |              | -      |  |              |  | 679    |                                            |  |  | 3,284                     |  |  |               | 1,244  |  |                   |  | 719    |          |  |  | 4,488            |  |  |           | 5,207  |  |          |  | 1,150  |  |  |  | 2001 |  |  |  | 2001 | 
|Walnut Creek                  |  | Walnut Creek IV               |  | Industrial    |  |              | -      |  |              |  | 2,038  |                                            |  |  | 2,152                     |  |  |               | 1,452  |  |                   |  | 2,083  |          |  |  | 3,559            |  |  |           | 5,642  |  |          |  | 1,431  |  |  |  | 2004 |  |  |  | 2004 | 
|Walnut Creek                  |  | Walnut Creek V                |  | Industrial    |  |              | -      |  |              |  | 1,718  |                                            |  |  | 3,302                     |  |  |               | 602    |  |                   |  | 1,718  |          |  |  | 3,904            |  |  |           | 5,622  |  |          |  | 642    |  |  |  | 2008 |  |  |  | 2008 | 
|                              |  |                               |  |               |  |              |        |  |              |  |        |                                           
|Romeoville, Illinois          |  |                               |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Park 55                       |  | Park 55 Bldg. 1               |  | Industrial    |  |              | 9,647  |  |              |  | 6,433  |                                            |  |  | 8,408                     |  |  |               | 949    |  |                   |  | 6,433  |          |  |  | 9,357            |  |  |           | 15,790 |  |          |  | 2,659  |  |  |  | 2005 |  |  |  | 2005 | 
|Crossroads Business Park      |  | Crossroads 2                  |  | Industrial    |  |              | -      |  |              |  | 2,938  |                                            |  |  | 9,578                     |  |  |               | -      |  |                   |  | 2,938  |          |  |  | 9,578            |  |  |           | 12,516 |  |          |  | 195    |  |  |  | 1999 |  |  |  | 2010 | 
|Crossroads Business Park      |  | Crossroads 5                  |  | Industrial    |  |              | -      |  |              |  | 5,296  |                                            |  |  | 6,403                     |  |  |               | -      |  |                   |  | 5,296  |          |  |  | 6,403            |  |  |           | 11,699 |  |          |  | 328    |  |  |  | 2009 |  |  |  | 2010 | 
|                              |  |                               |  |               |  |              |        |  |              |  |        |                                           
|Rosemont, Illinois            |  |                               |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|OHare International Ctr      |  | OHare International Ctr I    |  | Office        |  |              | -      |  |              |  | 7,700  |                                            |  |  | 23,672                    |  |  |               | 1,384  |  |                   |  | 7,700  |          |  |  | 25,056           |  |  |           | 32,756 |  |          |  | 4,818  |  |  |  | 1984 |  |  |  | 2005 | 
|OHare International Ctr      |  | OHare International Ctr II   |  | Office        |  |              | -      |  |              |  | 8,103  |                                            |  |  | 31,844                    |  |  |               | 4,134  |  |                   |  | 8,103  |          |  |  | 35,978           |  |  |           | 44,081 |  |          |  | 12,647 |  |  |  | 1987 |  |  |  | 2005 | 
|Riverway                      |  | Riverway East                 |  | Office        |  |              | 15,552 |  |              |  | 13,853 |                                            |  |  | 25,400                    |  |  |               | 2,689  |  |                   |  | 13,853 |          |  |  | 28,089           |  |  |           | 41,942 |  |          |  | 6,127  |  |  |  | 1987 |  |  |  | 2005 | 
|Riverway                      |  | Riverway West                 |  | Office        |  |              | 19,217 |  |              |  | 3,294  |                                            |  |  | 39,063                    |  |  |               | 5,800  |  |                   |  | 3,294  |          |  |  | 44,863           |  |  |           | 48,157 |  |          |  | 13,599 |  |  |  | 1989 |  |  |  | 2005 | 
|Riverway                      |  | Riverway Central              |  | Office        |  |              | 29,786 |  |              |  | 4,229  |                                            |  |  | 66,544                    |  |  |               | 8,979  |  |                   |  | 4,229  |          |  |  | 75,523           |  |  |           | 79,752 |  |          |  | 18,530 |  |  |  | 1989 |  |  |  | 2005 | 
|Riverway                      |  | Riverway MW II (Ground Lease) |  | Grounds       |  |              | -      |  |              |  | 586    |                                            |  |  | -                         |  |  |               | -      |  |                   |  | 586    |          |  |  | -                |  |  |           | 586    |  |          |  | -      |  |  |  | n/a  |  |  |  | 2007 | 
|                              |  |                               |  |               |  |              |        |  |              |  |        |                                           
|Sandy Springs, Georgia        |  |                               |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Center Pointe MedicalI and II |  | Center Pointe I and II        |  | MedicalOffice |  |              | -      |  |              |  | 9,697  |                                            |  |  | 29,098                    |  |  |               | 17,676 |  |                   |  | 9,697  |          |  |  | 46,774           |  |  |           | 56,471 |  |          |  | 13,921 |  |  |  | 2010 |  |  |  | 2007 | 
|                              |  |                               |  |               |  |              |        |  |              |  |        |                                           
|Savannah, Georgia             |  |                               |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Gulfstream Road               |  | 198 Gulfstream                |  | Industrial    |  |              | 5,559  |  |              |  | 549    |                                            |  |  | 3,805                     |  |  |               | 154    |  |                   |  | 549    |          |  |  | 3,959            |  |  |           | 4,508  |  |          |  | 514    |  |  |  | 1997 |  |  |  | 2006 | 
|Gulfstream Road               |  | 194 Gulfstream                |  | Industrial    |  |              | 522    |  |              |  | 412    |                                            |  |  | 2,514                     |  |  |               | 15     |  |                   |  | 412    |          |  |  | 2,529            |  |  |           | 2,941  |  |          |  | 335    |  |  |  | 1998 |  |  |  | 2006 | 
|Gulfstream Road               |  | 190 Gulfstream                |  | Industrial    |  |              | 1,355  |  |              |  | 689    |                                            |  |  | 4,916                     |  |  |               | -      |  |                   |  | 689    |          |  |  | 4,916            |  |  |           | 5,605  |  |          |  | 880    |  |  |  | 1999 |  |  |  | 2006 | 
|Grange Road                   |  | 250 Grange Road               |  | Industrial    |  |              | 3,533  |  |              |  | 928    |                                            |  |  | 8,648                     |  |  |               | 7      |  |                   |  | 928    |          |  |  | 8,655            |  |  |           | 9,583  |  |          |  | 1,386  |  |  |  | 2002 |  |  |  | 2006 | 
|Grange Road                   |  | 248 Grange Road               |  | Industrial    |  |              | 1,505  |  |              |  | 664    |                                            |  |  | 3,496                     |  |  |               | 8      |  |                   |  | 664    |          |  |  | 3,504            |  |  |           | 4,168  |  |          |  | 567    |  |  |  | 2002 |  |  |  | 2006 | 
|SPA Park                      |  | 80 Coleman Blvd.              |  | Industrial    |  |              | 1,526  |  |              |  | 782    |                                            |  |  | 2,962                     |  |  |               | -      |  |                   |  | 782    |          |  |  | 2,962            |  |  |           | 3,744  |  |          |  | 403    |  |  |  | 2002 |  |  |  | 2006 | 
|Crossroads (Savannah)         |  | 163 Portside Court            |  | Industrial    |  |              | 21,201 |  |              |  | 8,433  |                                            |  |  | 8,366                     |  |  |               | 20     |  |                   |  | 8,433  |          |  |  | 8,386            |  |  |           | 16,819 |  |          |  | 2,384  |  |  |  | 2004 |  |  |  | 2006 | 
|Crossroads (Savannah)         |  | 151 Portside Court            |  | Industrial    |  |              | 2,911  |  |              |  | 966    |                                            |  |  | 7,155                     |  |  |               | 35     |  |                   |  | 966    |          |  |  | 7,190            |  |  |           | 8,156  |  |          |  | 910    |  |  |  | 2003 |  |  |  | 2006 | 
|Crossroads (Savannah)         |  | 175 Portside Court            |  | Industrial    |  |              | 12,443 |  |              |  | 4,300  |                                            |  |  | 15,696                    |  |  |               | 61     |  |                   |  | 4,301  |          |  |  | 15,756           |  |  |           | 20,057 |  |          |  | 2,905  |  |  |  | 2005 |  |  |  | 2006 | 
|Crossroads (Savannah)         |  | 150 Portside Court            |  | Industrial    |  |              | 7,834  |  |              |  | 3,071  |                                            |  |  | 23,001                    |  |  |               | 788    |  |                   |  | 3,071  |          |  |  | 23,789           |  |  |           | 26,860 |  |          |  | 4,005  |  |  |  | 2001 |  |  |  | 2006 | 
|Crossroads (Savannah)         |  | 235 Jimmy Deloach Parkway     |  | Industrial    |  |              | 2,855  |  |              |  | 1,074  |                                            |  |  | 8,442                     |  |  |               | 37     |  |                   |  | 1,074  |          |  |  | 8,479            |  |  |           | 9,553  |  |          |  | 1,361  |  |  |  | 2001 |  |  |  | 2006 | 
|Crossroads (Savannah)         |  | 239 Jimmy Deloach Parkway     |  | Industrial    |  |              | 2,468  |  |              |  | 1,074  |                                            |  |  | 7,141                     |  |  |               | 37     |  |                   |  | 1,074  |          |  |  | 7,178            |  |  |           | 8,252  |  |          |  | 1,165  |  |  |  | 2001 |  |  |  | 2006 | 
|Crossroads (Savannah)         |  | 246 Jimmy Deloach Parkway     |  | Industrial    |  |              | 3,386  |  |              |  | 992    |                                            |  |  | 5,383                     |  |  |               | 14     |  |                   |  | 992    |          |  |  | 5,397            |  |  |           | 6,389  |  |          |  | 887    |  |  |  | 2006 |  |  |  | 2006 | 
|Port of Savannah              |  | 276 Jimmy Deloach Land        |  | Grounds       |  |              | -      |  |              |  | 2,267  |                                            |  |  | -                         |  |  |               | -      |  |                   |  | 2,267  |          |  |  | -                |  |  |           | 2,267  |  |          |  | 220    |  |  |  | n/a  |  |  |  | 2006 | 
|Crossroads (Savannah)         |  | 200 Ocean Link Way            |  | Industrial    |  |              | 6,453  |  |              |  | 878    |                                            |  |  | 10,021                    |  |  |               | 14     |  |                   |  | 883    |          |  |  | 10,030           |  |  |           | 10,913 |  |          |  | 1,018  |  |  |  | 2006 |  |  |  | 2008 | 
|                              |  |                               |  |               |  |              |        |  |              |  |        |                                           
|Sea Brook, Texas              |  |                               |  |               |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |  |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Not Applicable                |  | Bayport Logistics Center      |  | Industrial    |  |              | -      |  |              |  | 2,629  |                                            |  |  | 13,284                    |  |  |               | -      |  |                   |  | 2,629  |          |  |  | 13,284           |  |  |           | 15,913 |  |          |  | -      |  |  |  | 2009 |  |  |  | 2010 | 



109



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##### Table of Contents

|                                         |  |              |  | 
|---------------------------------------- |  | ------------ |  | 
|Duke Realty Limited Partnership          |  | Schedule III | 
|Real Estate and Accumulated Depreciation |  |              |  | 
|December 31, 2010                        |  |              |  | 
|(in thousands)                           |  |              |  | 



|                              |  |                                |  |            |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |   |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|----------------------------- |  | ------------------------------ |  | ---------- |  | ------------ | ------ |  | ------------ |  | ------ | ------------------------------------------ |  |  | ------------------------- |  |  | ------------- | ------ | - | ----------------- |  | ------ | -------- |  |  | ---------------- |  |  | --------- | ------ |  | -------- |  | ------ |  |  |  | ---- |  |  |  | ---- | 
|                              |  |                                |  | Building   |  |              |        |  | Initial Cost |  |        | Cost Capitalized Subsequent to
Development |  |  | Gross Book Value 12/31/10 |  |  | Accumulated   |        |   | Year Constructed/ |  |        | Year     | 
|Development                   |  | Name                           |  | Type       |  | Encumbrances |        |  | Land         |  |        | Buildings                                  |  |  | or Acquisition            |  |  | Land/Land Imp |        |   | Bldgs/TI          |  |        | Total(1) |  |  | Depreciation (2) |  |  | Renovated |        |  | Acquired | 
|                              |  |                                |  |            |  |              |        |  |              |  |        |                                           
|Seven Hills, Ohio             |  |                                |  |            |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |   |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Rock Run Business Campus      |  | Rock Run North                 |  | Office     |  |              | -      |  |              |  | 837    |                                            |  |  | 5,307                     |  |  |               | (2,192 | ) |                   |  | 960    |          |  |  | 2,992            |  |  |           | 3,952  |  |          |  | 2,345  |  |  |  | 1984 |  |  |  | 1996 | 
|Rock Run Business Campus      |  | Rock Run Center                |  | Office     |  |              | -      |  |              |  | 1,046  |                                            |  |  | 6,533                     |  |  |               | (2,955 | ) |                   |  | 1,169  |          |  |  | 3,455            |  |  |           | 4,624  |  |          |  | 2,913  |  |  |  | 1985 |  |  |  | 1996 | 
|                              |  |                                |  |            |  |              |        |  |              |  |        |                                           
|Sharonville, Ohio             |  |                                |  |            |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |   |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Mosteller Distribution Center |  | Mosteller Distribution Ctr. I  |  | Industrial |  |              | -      |  |              |  | 1,275  |                                            |  |  | 5,209                     |  |  |               | 3,550  |   |                   |  | 1,275  |          |  |  | 8,759            |  |  |           | 10,034 |  |          |  | 3,906  |  |  |  | 1996 |  |  |  | 1996 | 
|Mosteller Distribution Center |  | Mosteller Distribution Ctr. II |  | Industrial |  |              | -      |  |              |  | 828    |                                            |  |  | 4,060                     |  |  |               | 1,598  |   |                   |  | 828    |          |  |  | 5,658            |  |  |           | 6,486  |  |          |  | 2,602  |  |  |  | 1997 |  |  |  | 1997 | 
|                              |  |                                |  |            |  |              |        |  |              |  |        |                                           
|St. Louis Park, Minnesota     |  |                                |  |            |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |   |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|The West End                  |  | 1600 Tower                     |  | Office     |  |              | -      |  |              |  | 2,321  |                                            |  |  | 26,928                    |  |  |               | 6,867  |   |                   |  | 2,516  |          |  |  | 33,600           |  |  |           | 36,116 |  |          |  | 9,803  |  |  |  | 2000 |  |  |  | 2000 | 
|The West End                  |  | MoneyGram Tower                |  | Office     |  |              | -      |  |              |  | 3,039  |                                            |  |  | 34,757                    |  |  |               | 7,080  |   |                   |  | 3,033  |          |  |  | 41,843           |  |  |           | 44,876 |  |          |  | 13,035 |  |  |  | 1987 |  |  |  | 1999 | 
|Minneapolis West              |  | Chilies Ground Lease           |  | Grounds    |  |              | -      |  |              |  | 921    |                                            |  |  | -                         |  |  |               | 157    |   |                   |  | 1,078  |          |  |  | -                |  |  |           | 1,078  |  |          |  | 53     |  |  |  | n/a  |  |  |  | 1998 | 
|Minneapolis West              |  | Olive Garden Ground Lease      |  | Grounds    |  |              | -      |  |              |  | 921    |                                            |  |  | -                         |  |  |               | 114    |   |                   |  | 1,035  |          |  |  | -                |  |  |           | 1,035  |  |          |  | 61     |  |  |  | n/a  |  |  |  | 1998 | 
|                              |  |                                |  |            |  |              |        |  |              |  |        |                                           
|St. Louis, Missouri           |  |                                |  |            |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |   |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Lakeside Crossing             |  | Lakeside Crossing Building One |  | Industrial |  |              | -      |  |              |  | 596    |                                            |  |  | 1,572                     |  |  |               | 527    |   |                   |  | 480    |          |  |  | 2,215            |  |  |           | 2,695  |  |          |  | 915    |  |  |  | 2002 |  |  |  | 2002 | 
|Lakeside Crossing             |  | Lakeside Crossing Building II  |  | Industrial |  |              | -      |  |              |  | 783    |                                            |  |  | 1,964                     |  |  |               | 20     |   |                   |  | 782    |          |  |  | 1,985            |  |  |           | 2,767  |  |          |  | 1,019  |  |  |  | 2003 |  |  |  | 2003 | 
|Lakeside Crossing             |  | Lakeside Crossing Building III |  | Industrial |  |              | -      |  |              |  | 1,905  |                                            |  |  | 3,986                     |  |  |               | 360    |   |                   |  | 1,623  |          |  |  | 4,628            |  |  |           | 6,251  |  |          |  | 1,408  |  |  |  | 2002 |  |  |  | 2002 | 
|Lakeside Crossing             |  | Lakeside Crossing V            |  | Office     |  |              | -      |  |              |  | 750    |                                            |  |  | 1,130                     |  |  |               | 17     |   |                   |  | 750    |          |  |  | 1,147            |  |  |           | 1,897  |  |          |  | 351    |  |  |  | 2004 |  |  |  | 2004 | 
|Lakeside Crossing             |  | Lakeside Crossing Building VI  |  | Industrial |  |              | -      |  |              |  | 1,079  |                                            |  |  | 2,125                     |  |  |               | 2,298  |   |                   |  | 1,333  |          |  |  | 4,169            |  |  |           | 5,502  |  |          |  | 2,132  |  |  |  | 2002 |  |  |  | 2002 | 
|Laumeier Office Park          |  | Laumeier I                     |  | Office     |  |              | -      |  |              |  | 1,384  |                                            |  |  | 8,326                     |  |  |               | 4,603  |   |                   |  | 1,220  |          |  |  | 13,093           |  |  |           | 14,313 |  |          |  | 4,962  |  |  |  | 1987 |  |  |  | 1995 | 
|Laumeier Office Park          |  | Laumeier II                    |  | Office     |  |              | -      |  |              |  | 1,421  |                                            |  |  | 9,065                     |  |  |               | 2,506  |   |                   |  | 1,258  |          |  |  | 11,734           |  |  |           | 12,992 |  |          |  | 5,127  |  |  |  | 1988 |  |  |  | 1995 | 
|Laumeier Office Park          |  | Laumeier IV                    |  | Office     |  |              | -      |  |              |  | 1,029  |                                            |  |  | 6,493                     |  |  |               | 1,489  |   |                   |  | 1,029  |          |  |  | 7,982            |  |  |           | 9,011  |  |          |  | 2,832  |  |  |  | 1987 |  |  |  | 1998 | 
|Maryville Center              |  | 530 Maryville Centre           |  | Office     |  |              | -      |  |              |  | 2,219  |                                            |  |  | 14,214                    |  |  |               | 3,105  |   |                   |  | 2,219  |          |  |  | 17,319           |  |  |           | 19,538 |  |          |  | 6,069  |  |  |  | 1990 |  |  |  | 1997 | 
|Maryville Center              |  | 550 Maryville Centre           |  | Office     |  |              | -      |  |              |  | 1,996  |                                            |  |  | 12,447                    |  |  |               | 2,338  |   |                   |  | 1,996  |          |  |  | 14,785           |  |  |           | 16,781 |  |          |  | 5,627  |  |  |  | 1988 |  |  |  | 1997 | 
|Maryville Center              |  | 635-645 Maryville Centre       |  | Office     |  |              | -      |  |              |  | 3,048  |                                            |  |  | 17,522                    |  |  |               | 3,042  |   |                   |  | 3,048  |          |  |  | 20,564           |  |  |           | 23,612 |  |          |  | 7,348  |  |  |  | 1987 |  |  |  | 1997 | 
|Maryville Center              |  | 655 Maryville Centre           |  | Office     |  |              | -      |  |              |  | 1,860  |                                            |  |  | 13,067                    |  |  |               | 2,319  |   |                   |  | 1,860  |          |  |  | 15,386           |  |  |           | 17,246 |  |          |  | 5,265  |  |  |  | 1994 |  |  |  | 1997 | 
|Maryville Center              |  | 540 Maryville Centre           |  | Office     |  |              | -      |  |              |  | 2,219  |                                            |  |  | 13,842                    |  |  |               | 2,347  |   |                   |  | 2,219  |          |  |  | 16,189           |  |  |           | 18,408 |  |          |  | 6,003  |  |  |  | 1990 |  |  |  | 1997 | 
|Maryville Center              |  | 520 Maryville Centre           |  | Office     |  |              | -      |  |              |  | 2,404  |                                            |  |  | 14,004                    |  |  |               | 1,395  |   |                   |  | 2,404  |          |  |  | 15,399           |  |  |           | 17,803 |  |          |  | 4,872  |  |  |  | 1999 |  |  |  | 1999 | 
|Maryville Center              |  | 625 Maryville Centre           |  | Office     |  |              | -      |  |              |  | 2,509  |                                            |  |  | 10,956                    |  |  |               | 618    |   |                   |  | 2,509  |          |  |  | 11,574           |  |  |           | 14,083 |  |          |  | 3,370  |  |  |  | 1996 |  |  |  | 2002 | 
|Westport Place                |  | Westport Center I              |  | Industrial |  |              | -      |  |              |  | 1,707  |                                            |  |  | 5,040                     |  |  |               | 920    |   |                   |  | 1,707  |          |  |  | 5,960            |  |  |           | 7,667  |  |          |  | 2,618  |  |  |  | 1998 |  |  |  | 1998 | 
|Westport Place                |  | Westport Center II             |  | Industrial |  |              | -      |  |              |  | 914    |                                            |  |  | 1,924                     |  |  |               | 425    |   |                   |  | 914    |          |  |  | 2,349            |  |  |           | 3,263  |  |          |  | 967    |  |  |  | 1998 |  |  |  | 1998 | 
|Westport Place                |  | Westport Center III            |  | Industrial |  |              | -      |  |              |  | 1,206  |                                            |  |  | 2,651                     |  |  |               | 841    |   |                   |  | 1,206  |          |  |  | 3,492            |  |  |           | 4,698  |  |          |  | 1,248  |  |  |  | 1999 |  |  |  | 1999 | 
|Westport Place                |  | Westport Center V              |  | Industrial |  |              | -      |  |              |  | 493    |                                            |  |  | 1,274                     |  |  |               | 74     |   |                   |  | 493    |          |  |  | 1,348            |  |  |           | 1,841  |  |          |  | 456    |  |  |  | 2000 |  |  |  | 2000 | 
|Westport Place                |  | Westport Place                 |  | Office     |  |              | -      |  |              |  | 1,990  |                                            |  |  | 5,478                     |  |  |               | 2,138  |   |                   |  | 1,990  |          |  |  | 7,616            |  |  |           | 9,606  |  |          |  | 3,108  |  |  |  | 2000 |  |  |  | 2000 | 
|Westmark                      |  | Westmark                       |  | Office     |  |              | -      |  |              |  | 1,497  |                                            |  |  | 9,173                     |  |  |               | 2,409  |   |                   |  | 1,342  |          |  |  | 11,737           |  |  |           | 13,079 |  |          |  | 4,747  |  |  |  | 1987 |  |  |  | 1995 | 
|Westview Place                |  | Westview Place                 |  | Office     |  |              | -      |  |              |  | 669    |                                            |  |  | 7,544                     |  |  |               | 4,276  |   |                   |  | 669    |          |  |  | 11,820           |  |  |           | 12,489 |  |          |  | 5,073  |  |  |  | 1988 |  |  |  | 1995 | 
|Woodsmill Commons             |  | Woodsmill Commons II (400)     |  | Office     |  |              | -      |  |              |  | 1,718  |                                            |  |  | 7,663                     |  |  |               | 852    |   |                   |  | 1,718  |          |  |  | 8,515            |  |  |           | 10,233 |  |          |  | 2,256  |  |  |  | 1985 |  |  |  | 2003 | 
|Woodsmill Commons             |  | Woodsmill Commons I (424)      |  | Office     |  |              | -      |  |              |  | 1,836  |                                            |  |  | 7,109                     |  |  |               | 1,276  |   |                   |  | 1,836  |          |  |  | 8,385            |  |  |           | 10,221 |  |          |  | 2,096  |  |  |  | 1985 |  |  |  | 2003 | 
|                              |  |                                |  |            |  |              |        |  |              |  |        |                                           
|Stafford, Texas               |  |                                |  |            |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |   |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Stafford                      |  | Stafford Distribution Center   |  | Industrial |  |              | -      |  |              |  | 3,502  |                                            |  |  | 5,433                     |  |  |               | 2,954  |   |                   |  | 3,502  |          |  |  | 8,387            |  |  |           | 11,889 |  |          |  | 1,403  |  |  |  | 2008 |  |  |  | 2008 | 
|                              |  |                                |  |            |  |              |        |  |              |  |        |                                           
|Sterling, Virginia            |  |                                |  |            |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |   |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|TransDulles Centre            |  | 22800 Davis Drive              |  | Office     |  |              | -      |  |              |  | 2,550  |                                            |  |  | 11,250                    |  |  |               | 110    |   |                   |  | 2,550  |          |  |  | 11,360           |  |  |           | 13,910 |  |          |  | 1,574  |  |  |  | 1989 |  |  |  | 2006 | 
|TransDulles Centre            |  | 22714 Glenn Drive              |  | Industrial |  |              | -      |  |              |  | 3,973  |                                            |  |  | 4,422                     |  |  |               | 1,015  |   |                   |  | 3,973  |          |  |  | 5,437            |  |  |           | 9,410  |  |          |  | 976    |  |  |  | 2007 |  |  |  | 2007 | 
|                              |  |                                |  |            |  |              |        |  |              |  |        |                                           
|Suffolk, Virginia             |  |                                |  |            |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |   |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Northgate Commerce Park       |  | 101 Industrial Drive, Bldg. A  |  | Industrial |  |              | -      |  |              |  | 1,558  |                                            |  |  | 8,230                     |  |  |               | (21    | ) |                   |  | 1,558  |          |  |  | 8,209            |  |  |           | 9,767  |  |          |  | 713    |  |  |  | 2007 |  |  |  | 2007 | 
|Northgate Commerce Park       |  | 103 Industrial Drive           |  | Industrial |  |              | -      |  |              |  | 1,558  |                                            |  |  | 8,230                     |  |  |               | -      |   |                   |  | 1,558  |          |  |  | 8,230            |  |  |           | 9,788  |  |          |  | 714    |  |  |  | 2007 |  |  |  | 2007 | 
|                              |  |                                |  |            |  |              |        |  |              |  |        |                                           
|Sumner, Washington            |  |                                |  |            |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |   |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Not Applicable                |  | Sumner Transit                 |  | Industrial |  |              | 17,117 |  |              |  | 16,032 |                                            |  |  | 5,935                     |  |  |               | 276    |   |                   |  | 16,032 |          |  |  | 6,211            |  |  |           | 22,243 |  |          |  | 1,330  |  |  |  | 2005 |  |  |  | 2007 | 
|                              |  |                                |  |            |  |              |        |  |              |  |        |                                           
|Sunrise, Florida              |  |                                |  |            |  |              |        |  |              |  |        |                                            |  |  |                           |  |  |               |        |   |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |        |  |  |  |      |  |  |  |      | 
|Sawgrass Pointe               |  | Sawgrass - Building B          |  | Office     |  |              | -      |  |              |  | 1,211  |                                            |  |  | 4,693                     |  |  |               | 1,394  |   |                   |  | 1,211  |          |  |  | 6,087            |  |  |           | 7,298  |  |          |  | 1,947  |  |  |  | 1999 |  |  |  | 2001 | 
|Sawgrass Pointe               |  | Sawgrass - Building A          |  | Office     |  |              | -      |  |              |  | 1,147  |                                            |  |  | 3,875                     |  |  |               | 165    |   |                   |  | 1,147  |          |  |  | 4,040            |  |  |           | 5,187  |  |          |  | 1,027  |  |  |  | 2000 |  |  |  | 2001 | 
|Sawgrass Pointe               |  | Sawgrass Pointe I              |  | Office     |  |              | -      |  |              |  | 3,484  |                                            |  |  | 21,132                    |  |  |               | 8,479  |   |                   |  | 3,484  |          |  |  | 29,611           |  |  |           | 33,095 |  |          |  | 9,369  |  |  |  | 2002 |  |  |  | 2002 | 
|Sawgrass Pointe               |  | Sawgrass Pointe II             |  | Office     |  |              | -      |  |              |  | 3,481  |                                            |  |  | 11,973                    |  |  |               | (85    | ) |                   |  | 3,481  |          |  |  | 11,888           |  |  |           | 15,369 |  |          |  | 1,698  |  |  |  | 2009 |  |  |  | 2009 | 



110



---

##### Table of Contents

|                                         |  |              |  | 
|---------------------------------------- |  | ------------ |  | 
|Duke Realty Limited Partnership          |  | Schedule III | 
|Real Estate and Accumulated Depreciation |  |              |  | 
|December 31, 2010                        |  |              |  | 
|(in thousands)                           |  |              |  | 



|                              |  |                                |  |            |  |              |       |  |              |  |        |                                            |  |  |                           |  |  |               |        |   |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|----------------------------- |  | ------------------------------ |  | ---------- |  | ------------ | ----- |  | ------------ |  | ------ | ------------------------------------------ |  |  | ------------------------- |  |  | ------------- | ------ | - | ----------------- |  | ------ | -------- |  |  | ---------------- |  |  | --------- | ------ |  | -------- |  | ----- |  |  |  | ---- |  |  |  | ---- | 
|                              |  |                                |  | Building   |  |              |       |  | Initial Cost |  |        | Cost Capitalized Subsequent to
Development |  |  | Gross Book Value 12/31/10 |  |  | Accumulated   |        |   | Year Constructed/ |  |        | Year     | 
|Development                   |  | Name                           |  | Type       |  | Encumbrances |       |  | Land         |  |        | Buildings                                  |  |  | or Acquisition            |  |  | Land/Land Imp |        |   | Bldgs/TI          |  |        | Total(1) |  |  | Depreciation (2) |  |  | Renovated |        |  | Acquired | 
|                              |  |                                |  |            |  |              |       |  |              |  |        |                                           
|Suwanee, Georgia              |  |                                |  |            |  |              |       |  |              |  |        |                                            |  |  |                           |  |  |               |        |   |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Horizon Business Center       |  | 90 Horizon Drive               |  | Industrial |  |              | -     |  |              |  | 180    |                                            |  |  | 1,247                     |  |  |               | -      |   |                   |  | 180    |          |  |  | 1,247            |  |  |           | 1,427  |  |          |  | 24    |  |  |  | 2001 |  |  |  | 2010 | 
|Horizon Business Center       |  | 225 Horizon Drive              |  | Industrial |  |              | -     |  |              |  | 457    |                                            |  |  | 2,077                     |  |  |               | -      |   |                   |  | 457    |          |  |  | 2,077            |  |  |           | 2,534  |  |          |  | 43    |  |  |  | 1990 |  |  |  | 2010 | 
|Horizon Business Center       |  | 250 Horizon Drive              |  | Industrial |  |              | -     |  |              |  | 1,625  |                                            |  |  | 5,870                     |  |  |               | -      |   |                   |  | 1,625  |          |  |  | 5,870            |  |  |           | 7,495  |  |          |  | 161   |  |  |  | 1997 |  |  |  | 2010 | 
|Horizon Business Center       |  | 70 Crestridge Drive            |  | Industrial |  |              | -     |  |              |  | 956    |                                            |  |  | 3,600                     |  |  |               | -      |   |                   |  | 956    |          |  |  | 3,600            |  |  |           | 4,556  |  |          |  | 91    |  |  |  | 1998 |  |  |  | 2010 | 
|Horizon Business Center       |  | 2780 Horizon Ridge             |  | Industrial |  |              | -     |  |              |  | 1,143  |                                            |  |  | 5,723                     |  |  |               | -      |   |                   |  | 1,143  |          |  |  | 5,723            |  |  |           | 6,866  |  |          |  | 126   |  |  |  | 1997 |  |  |  | 2010 | 
|Horizon Business Center       |  | 2800 Vista Ridge Drive         |  | Industrial |  |              | -     |  |              |  | 1,557  |                                            |  |  | 2,625                     |  |  |               | -      |   |                   |  | 1,557  |          |  |  | 2,625            |  |  |           | 4,182  |  |          |  | 108   |  |  |  | 1995 |  |  |  | 2010 | 
|Horizon Business Center       |  | 25 Crestridge Drive            |  | Industrial |  |              | -     |  |              |  | 723    |                                            |  |  | 2,439                     |  |  |               | -      |   |                   |  | 723    |          |  |  | 2,439            |  |  |           | 3,162  |  |          |  | 52    |  |  |  | 1999 |  |  |  | 2010 | 
|Horizon Business Center       |  | Genera Corp. BTS               |  | Industrial |  |              | -     |  |              |  | 1,505  |                                            |  |  | 4,952                     |  |  |               | -      |   |                   |  | 1,505  |          |  |  | 4,952            |  |  |           | 6,457  |  |          |  | 121   |  |  |  | 2006 |  |  |  | 2010 | 
|Northbrook                    |  | 1000 Northbrook Parkway        |  | Industrial |  |              | -     |  |              |  | 756    |                                            |  |  | 3,322                     |  |  |               | -      |   |                   |  | 756    |          |  |  | 3,322            |  |  |           | 4,078  |  |          |  | 76    |  |  |  | 1986 |  |  |  | 2010 | 
|                              |  |                                |  |            |  |              |       |  |              |  |        |                                           
|Tampa, Florida                |  |                                |  |            |  |              |       |  |              |  |        |                                            |  |  |                           |  |  |               |        |   |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Fairfield Distribution Center |  | Fairfield Distribution Ctr I   |  | Industrial |  |              | -     |  |              |  | 483    |                                            |  |  | 2,621                     |  |  |               | 124    |   |                   |  | 487    |          |  |  | 2,741            |  |  |           | 3,228  |  |          |  | 834   |  |  |  | 1998 |  |  |  | 1999 | 
|Fairfield Distribution Center |  | Fairfield Distribution Ctr II  |  | Industrial |  |              | -     |  |              |  | 530    |                                            |  |  | 4,900                     |  |  |               | 124    |   |                   |  | 534    |          |  |  | 5,020            |  |  |           | 5,554  |  |          |  | 1,490 |  |  |  | 1998 |  |  |  | 1999 | 
|Fairfield Distribution Center |  | Fairfield Distribution Ctr III |  | Industrial |  |              | -     |  |              |  | 334    |                                            |  |  | 2,745                     |  |  |               | 134    |   |                   |  | 338    |          |  |  | 2,875            |  |  |           | 3,213  |  |          |  | 819   |  |  |  | 1999 |  |  |  | 1999 | 
|Fairfield Distribution Center |  | Fairfield Distribution Ctr IV  |  | Industrial |  |              | -     |  |              |  | 600    |                                            |  |  | 1,711                     |  |  |               | 1,274  |   |                   |  | 604    |          |  |  | 2,981            |  |  |           | 3,585  |  |          |  | 952   |  |  |  | 1999 |  |  |  | 1999 | 
|Fairfield Distribution Center |  | Fairfield Distribution Ctr V   |  | Industrial |  |              | -     |  |              |  | 488    |                                            |  |  | 2,635                     |  |  |               | 263    |   |                   |  | 488    |          |  |  | 2,898            |  |  |           | 3,386  |  |          |  | 792   |  |  |  | 2000 |  |  |  | 2000 | 
|Fairfield Distribution Center |  | Fairfield Distribution Ctr VI  |  | Industrial |  |              | -     |  |              |  | 555    |                                            |  |  | 3,762                     |  |  |               | 758    |   |                   |  | 555    |          |  |  | 4,520            |  |  |           | 5,075  |  |          |  | 1,160 |  |  |  | 2001 |  |  |  | 2001 | 
|Fairfield Distribution Center |  | Fairfield Distribution Ctr VII |  | Industrial |  |              | -     |  |              |  | 394    |                                            |  |  | 1,857                     |  |  |               | 758    |   |                   |  | 394    |          |  |  | 2,615            |  |  |           | 3,009  |  |          |  | 623   |  |  |  | 2001 |  |  |  | 2001 | 
|Fairfield Distribution Center |  | Fairfield Distrib. Ctr. VIII   |  | Industrial |  |              | -     |  |              |  | 1,082  |                                            |  |  | 2,071                     |  |  |               | 412    |   |                   |  | 1,082  |          |  |  | 2,483            |  |  |           | 3,565  |  |          |  | 636   |  |  |  | 2004 |  |  |  | 2004 | 
|Eagle Creek Business Center   |  | Eagle Creek Business Ctr. I    |  | Industrial |  |              | -     |  |              |  | 3,705  |                                            |  |  | 3,072                     |  |  |               | 1,034  |   |                   |  | 3,705  |          |  |  | 4,106            |  |  |           | 7,811  |  |          |  | 1,469 |  |  |  | 2006 |  |  |  | 2006 | 
|Eagle Creek Business Center   |  | Eagle Creek Business Ctr. II   |  | Industrial |  |              | -     |  |              |  | 2,354  |                                            |  |  | 2,272                     |  |  |               | 969    |   |                   |  | 2,354  |          |  |  | 3,241            |  |  |           | 5,595  |  |          |  | 988   |  |  |  | 2007 |  |  |  | 2007 | 
|Eagle Creek Business Center   |  | Eagle Creek Business Ctr. III  |  | Industrial |  |              | -     |  |              |  | 2,332  |                                            |  |  | 2,237                     |  |  |               | 1,430  |   |                   |  | 2,332  |          |  |  | 3,667            |  |  |           | 5,999  |  |          |  | 801   |  |  |  | 2007 |  |  |  | 2007 | 
|Highland Oaks                 |  | Highland Oaks I                |  | Office     |  |              | -     |  |              |  | 1,525  |                                            |  |  | 11,906                    |  |  |               | 1,886  |   |                   |  | 1,525  |          |  |  | 13,792           |  |  |           | 15,317 |  |          |  | 3,970 |  |  |  | 1999 |  |  |  | 1999 | 
|Highland Oaks                 |  | Highland Oaks II               |  | Office     |  |              | -     |  |              |  | 1,605  |                                            |  |  | 10,762                    |  |  |               | 3,847  |   |                   |  | 1,605  |          |  |  | 14,609           |  |  |           | 16,214 |  |          |  | 5,806 |  |  |  | 1999 |  |  |  | 1999 | 
|Highland Oaks                 |  | Highland Oaks III              |  | Office     |  |              | -     |  |              |  | 2,882  |                                            |  |  | 8,871                     |  |  |               | 689    |   |                   |  | 2,522  |          |  |  | 9,920            |  |  |           | 12,442 |  |          |  | 2,094 |  |  |  | 2007 |  |  |  | 2007 | 
|Highland Oaks                 |  | Highland Oaks IV               |  | Office     |  |              | -     |  |              |  | 3,068  |                                            |  |  | 9,962                     |  |  |               | 4,066  |   |                   |  | 3,068  |          |  |  | 14,028           |  |  |           | 17,096 |  |          |  | 1,286 |  |  |  | 2008 |  |  |  | 2008 | 
|Highland Oaks                 |  | Highland Oaks V                |  | Office     |  |              | -     |  |              |  | 2,412  |                                            |  |  | 6,524                     |  |  |               | 3,421  |   |                   |  | 2,412  |          |  |  | 9,945            |  |  |           | 12,357 |  |          |  | 2,437 |  |  |  | 2007 |  |  |  | 2007 | 
|                              |  |                                |  |            |  |              |       |  |              |  |        |                                           
|Titusville, Florida           |  |                                |  |            |  |              |       |  |              |  |        |                                            |  |  |                           |  |  |               |        |   |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Retail Development            |  | Crossroads Marketplace         |  | Retail     |  |              | -     |  |              |  | 12,678 |                                            |  |  | 4,451                     |  |  |               | (3,034 | ) |                   |  | 11,922 |          |  |  | 2,173            |  |  |           | 14,095 |  |          |  | 2,326 |  |  |  | 2007 |  |  |  | 2007 | 
|                              |  |                                |  |            |  |              |       |  |              |  |        |                                           
|West Chester, Ohio            |  |                                |  |            |  |              |       |  |              |  |        |                                            |  |  |                           |  |  |               |        |   |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Centre Pointe Office Park     |  | Centre Pointe I                |  | Office     |  |              | -     |  |              |  | 2,501  |                                            |  |  | 7,554                     |  |  |               | 725    |   |                   |  | 2,501  |          |  |  | 8,279            |  |  |           | 10,780 |  |          |  | 1,733 |  |  |  | 2000 |  |  |  | 2004 | 
|Centre Pointe Office Park     |  | Centre Pointe II               |  | Office     |  |              | -     |  |              |  | 2,056  |                                            |  |  | 8,186                     |  |  |               | 305    |   |                   |  | 2,056  |          |  |  | 8,491            |  |  |           | 10,547 |  |          |  | 1,718 |  |  |  | 2001 |  |  |  | 2004 | 
|Centre Pointe Office Park     |  | Centre Pointe III              |  | Office     |  |              | -     |  |              |  | 2,048  |                                            |  |  | 8,089                     |  |  |               | 1,247  |   |                   |  | 2,048  |          |  |  | 9,336            |  |  |           | 11,384 |  |          |  | 2,134 |  |  |  | 2002 |  |  |  | 2004 | 
|Centre Pointe Office Park     |  | Centre Pointe IV               |  | Office     |  |              | -     |  |              |  | 2,013  |                                            |  |  | 9,017                     |  |  |               | 1,540  |   |                   |  | 2,932  |          |  |  | 9,638            |  |  |           | 12,570 |  |          |  | 2,646 |  |  |  | 2005 |  |  |  | 2005 | 
|Centre Pointe Office Park     |  | Centre Pointe VI               |  | Office     |  |              | -     |  |              |  | 2,759  |                                            |  |  | 8,266                     |  |  |               | 3,179  |   |                   |  | 2,759  |          |  |  | 11,445           |  |  |           | 14,204 |  |          |  | 1,574 |  |  |  | 2008 |  |  |  | 2008 | 
|World Park at Union Centre    |  | World Park at Union Centre 10  |  | Industrial |  |              | -     |  |              |  | 2,150  |                                            |  |  | 5,503                     |  |  |               | 7,408  |   |                   |  | 2,151  |          |  |  | 12,910           |  |  |           | 15,061 |  |          |  | 3,290 |  |  |  | 2006 |  |  |  | 2006 | 
|World Park at Union Centre    |  | World Park at Union Centre 11  |  | Industrial |  |              | -     |  |              |  | 2,592  |                                            |  |  | 6,936                     |  |  |               | 27     |   |                   |  | 2,592  |          |  |  | 6,963            |  |  |           | 9,555  |  |          |  | 2,374 |  |  |  | 2004 |  |  |  | 2004 | 
|World Park at Union Centre    |  | World Park at Union Centre 1   |  | Industrial |  |              | -     |  |              |  | 300    |                                            |  |  | 2,902                     |  |  |               | -      |   |                   |  | 300    |          |  |  | 2,902            |  |  |           | 3,202  |  |          |  | 88    |  |  |  | 1998 |  |  |  | 2010 | 
|World Park at Union Centre    |  | World Park at Union Centre 2   |  | Industrial |  |              | -     |  |              |  | 287    |                                            |  |  | 2,394                     |  |  |               | -      |   |                   |  | 287    |          |  |  | 2,394            |  |  |           | 2,681  |  |          |  | 63    |  |  |  | 1999 |  |  |  | 2010 | 
|World Park at Union Centre    |  | World Park at Union Centre 3   |  | Industrial |  |              | -     |  |              |  | 1,125  |                                            |  |  | 6,042                     |  |  |               | -      |   |                   |  | 1,125  |          |  |  | 6,042            |  |  |           | 7,167  |  |          |  | 121   |  |  |  | 1998 |  |  |  | 2010 | 
|World Park at Union Centre    |  | World Park at Union Centre 4   |  | Industrial |  |              | -     |  |              |  | 335    |                                            |  |  | 2,085                     |  |  |               | -      |   |                   |  | 335    |          |  |  | 2,085            |  |  |           | 2,420  |  |          |  | 51    |  |  |  | 1999 |  |  |  | 2010 | 
|World Park at Union Centre    |  | World Park at Union Centre 5   |  | Industrial |  |              | -     |  |              |  | 482    |                                            |  |  | 2,415                     |  |  |               | -      |   |                   |  | 482    |          |  |  | 2,415            |  |  |           | 2,897  |  |          |  | 52    |  |  |  | 1999 |  |  |  | 2010 | 
|World Park at Union Centre    |  | World Park at Union Centre 6   |  | Industrial |  |              | -     |  |              |  | 1,219  |                                            |  |  | 6,268                     |  |  |               | -      |   |                   |  | 1,219  |          |  |  | 6,268            |  |  |           | 7,487  |  |          |  | 124   |  |  |  | 1999 |  |  |  | 2010 | 
|World Park at Union Centre    |  | World Park at Union Centre 7   |  | Industrial |  |              | -     |  |              |  | 1,918  |                                            |  |  | 5,208                     |  |  |               | -      |   |                   |  | 1,918  |          |  |  | 5,208            |  |  |           | 7,126  |  |          |  | 145   |  |  |  | 2005 |  |  |  | 2010 | 
|World Park at Union Centre    |  | World Park at Union Centre 8   |  | Industrial |  |              | -     |  |              |  | 1,160  |                                            |  |  | 6,111                     |  |  |               | -      |   |                   |  | 1,160  |          |  |  | 6,111            |  |  |           | 7,271  |  |          |  | 136   |  |  |  | 1999 |  |  |  | 2010 | 
|World Park at Union Centre    |  | World Park at Union Centre 9   |  | Industrial |  |              | -     |  |              |  | 1,189  |                                            |  |  | 5,924                     |  |  |               | -      |   |                   |  | 1,189  |          |  |  | 5,924            |  |  |           | 7,113  |  |          |  | 146   |  |  |  | 2001 |  |  |  | 2010 | 
|North Pointe at Union Centre  |  | North Pointe at Union Centre I |  | Office     |  |              | -     |  |              |  | 2,878  |                                            |  |  | 17,467                    |  |  |               | 426    |   |                   |  | 2,878  |          |  |  | 17,893           |  |  |           | 20,771 |  |          |  | 822   |  |  |  | 2010 |  |  |  | 2010 | 
|North Pointe at Union Centre  |  | North Pointe at Union Ctr II   |  | Office     |  |              | -     |  |              |  | 2,904  |                                            |  |  | 16,861                    |  |  |               | 286    |   |                   |  | 2,904  |          |  |  | 17,147           |  |  |           | 20,051 |  |          |  | 657   |  |  |  | 2010 |  |  |  | 2010 | 
|                              |  |                                |  |            |  |              |       |  |              |  |        |                                           
|West Jefferson, Ohio          |  |                                |  |            |  |              |       |  |              |  |        |                                            |  |  |                           |  |  |               |        |   |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Park 70 at West Jefferson     |  | Restoration Hardware BTS       |  | Industrial |  |              | -     |  |              |  | 6,454  |                                            |  |  | 24,812                    |  |  |               | 2,443  |   |                   |  | 6,510  |          |  |  | 27,199           |  |  |           | 33,709 |  |          |  | 2,922 |  |  |  | 2008 |  |  |  | 2008 | 
|                              |  |                                |  |            |  |              |       |  |              |  |        |                                           
|West Palm Beach, Florida      |  |                                |  |            |  |              |       |  |              |  |        |                                            |  |  |                           |  |  |               |        |   |                   |  |        |          |  |  |                  |  |  |           |        |  |          |  |       |  |  |  |      |  |  |  |      | 
|Duke Realty Park of Commerce  |  | Park of Commerce 1             |  | Industrial |  |              | -     |  |              |  | 626    |                                            |  |  | 2,583                     |  |  |               | -      |   |                   |  | 626    |          |  |  | 2,583            |  |  |           | 3,209  |  |          |  | -     |  |  |  | 2010 |  |  |  | 2010 | 
|Duke Realty Park of Commerce  |  | Park of Commerce 3             |  | Industrial |  |              | -     |  |              |  | 1,085  |                                            |  |  | 4,475                     |  |  |               | -      |   |                   |  | 1,085  |          |  |  | 4,475            |  |  |           | 5,560  |  |          |  | -     |  |  |  | 2010 |  |  |  | 2010 | 
|Duke Realty Airport Center    |  | Airport Center 1               |  | Industrial |  |              | 5,527 |  |              |  | 1,595  |                                            |  |  | 6,580                     |  |  |               | -      |   |                   |  | 1,595  |          |  |  | 6,580            |  |  |           | 8,175  |  |          |  | -     |  |  |  | 2002 |  |  |  | 2010 | 
|Duke Realty Airport Center    |  | Airport Center 2               |  | Industrial |  |              | 3,966 |  |              |  | 1,166  |                                            |  |  | 4,809                     |  |  |               | -      |   |                   |  | 1,166  |          |  |  | 4,809            |  |  |           | 5,975  |  |          |  | -     |  |  |  | 2002 |  |  |  | 2010 | 
|Duke Realty Airport Center    |  | Airport Center 3               |  | Industrial |  |              | 3,988 |  |              |  | 1,136  |                                            |  |  | 4,685                     |  |  |               | -      |   |                   |  | 1,136  |          |  |  | 4,685            |  |  |           | 5,821  |  |          |  | -     |  |  |  | 2002 |  |  |  | 2010 | 



111



---

##### Table of Contents

|                                         |  |              |  | 
|---------------------------------------- |  | ------------ |  | 
|Duke Realty Limited Partnership          |  | Schedule III | 
|Real Estate and Accumulated Depreciation |  |              |  | 
|December 31, 2010                        |  |              |  | 
|(in thousands)                           |  |              |  | 



|                         |  |                                                  |  |          |  |              |           |  |              |  |           |                                            |  |  |                           |  |  |               |         |  |                   |  |           |          |  |  |                  |   |  |           |           |  |          |  |           |   |  |  |      |  |  |  |      | 
|------------------------ |  | ------------------------------------------------ |  | -------- |  | ------------ | --------- |  | ------------ |  | --------- | ------------------------------------------ |  |  | ------------------------- |  |  | ------------- | ------- |  | ----------------- |  | --------- | -------- |  |  | ---------------- | - |  | --------- | --------- |  | -------- |  | --------- | - |  |  | ---- |  |  |  | ---- | 
|                         |  |                                                  |  | Building |  |              |           |  | Initial Cost |  |           | Cost Capitalized Subsequent to
Development |  |  | Gross Book Value 12/31/10 |  |  | Accumulated   |         |  | Year Constructed/ |  |           | Year     | 
|Development              |  | Name                                             |  | Type     |  | Encumbrances |           |  | Land         |  |           | Buildings                                  |  |  | or Acquisition            |  |  | Land/Land Imp |         |  | Bldgs/TI          |  |           | Total(1) |  |  | Depreciation (2) |   |  | Renovated |           |  | Acquired | 
|                         |  |                                                  |  |          |  |              |           |  |              |  |           |                                           
|Westmont, Illinois       |  |                                                  |  |          |  |              |           |  |              |  |           |                                            |  |  |                           |  |  |               |         |  |                   |  |           |          |  |  |                  |   |  |           |           |  |          |  |           |   |  |  |      |  |  |  |      | 
|Oakmont Corporate Center |  | Oakmont Tech Center                              |  | Office   |  |              | -         |  |              |  | 1,501     |                                            |  |  | 8,554                     |  |  |               | 2,535   |  |                   |  | 1,703     |          |  |  | 10,887           |   |  |           | 12,590    |  |          |  | 4,079     |   |  |  | 1989 |  |  |  | 1998 | 
|                         |  |                                                  |  |          |  |              |           |  |              |  |           |                                           
|Weston, Florida          |  |                                                  |  |          |  |              |           |  |              |  |           |                                            |  |  |                           |  |  |               |         |  |                   |  |           |          |  |  |                  |   |  |           |           |  |          |  |           |   |  |  |      |  |  |  |      | 
|Weston Pointe            |  | Weston Pointe I                                  |  | Office   |  |              | -         |  |              |  | 2,580     |                                            |  |  | 9,431                     |  |  |               | 2,058   |  |                   |  | 2,580     |          |  |  | 11,489           |   |  |           | 14,069    |  |          |  | 2,634     |   |  |  | 1999 |  |  |  | 2003 | 
|Weston Pointe            |  | Weston Pointe II                                 |  | Office   |  |              | -         |  |              |  | 2,183     |                                            |  |  | 10,752                    |  |  |               | 2,110   |  |                   |  | 2,183     |          |  |  | 12,862           |   |  |           | 15,045    |  |          |  | 3,111     |   |  |  | 2000 |  |  |  | 2003 | 
|Weston Pointe            |  | Weston Pointe III                                |  | Office   |  |              | -         |  |              |  | 2,183     |                                            |  |  | 11,531                    |  |  |               | 757     |  |                   |  | 2,183     |          |  |  | 12,288           |   |  |           | 14,471    |  |          |  | 2,715     |   |  |  | 2001 |  |  |  | 2003 | 
|Weston Pointe            |  | Weston Pointe IV                                 |  | Office   |  |              | -         |  |              |  | 3,349     |                                            |  |  | 10,686                    |  |  |               | 3,210   |  |                   |  | 3,349     |          |  |  | 13,896           |   |  |           | 17,245    |  |          |  | 3,951     |   |  |  | 2006 |  |  |  | 2006 | 
|                         |  |                                                  |  |          |  |              |           |  |              |  |           |                                           
|Zionsville, Indiana      |  |                                                  |  |          |  |              |           |  |              |  |           |                                            |  |  |                           |  |  |               |         |  |                   |  |           |          |  |  |                  |   |  |           |           |  |          |  |           |   |  |  |      |  |  |  |      | 
|Anson                    |  | Marketplace at Anson                             |  | Retail   |  |              | -         |  |              |  | 2,147     |                                            |  |  | 2,727                     |  |  |               | 2,078   |  |                   |  | 2,147     |          |  |  | 4,805            |   |  |           | 6,952     |  |          |  | 755       |   |  |  | 2007 |  |  |  | 2007 | 
|                         |  | Accum. Depr. on Improvements of Undeveloped Land |  |          |  |              |           |  |              |  |           |                                            |  |  |                           |  |  |               |         |  |                   |  |           |          |  |  |                  |   |  |           |           |  |          |  | 9,273     |   |  |  |      |  |  |  |      | 
|                         |  | Eliminations                                     |  |          |  |              |           |  |              |  |           |                                            |  |  |                           |  |  |               | 240     |  |                   |  | 1,009     |          |  |  | (769             | ) |  |           | 240       |  |          |  | (1,988    | ) |  |  |      |  |  |  |      | 
|                         |  |                                                  |  |          |  |              |           |  |              |  |           |                                            |  |  |                           |  |  |               |         |  |                   |  |           |          |  |  |                  |   |  |           |           |  |          |  |           |   |  |  |      |  |  |  |      | 
|                         |  |                                                  |  |          |  |              | 1,065,628 |  |              |  | 1,208,036 |                                            |  |  | 5,051,925                 |  |  |               | 772,928 |  |                   |  | 1,234,124 |          |  |  | 5,798,765        |   |  |           | 7,032,889 |  |          |  | 1,406,437 |   |  |  |      |  |  |  |      | 
|                         |  |                                                  |  |          |  |              |           |  |              |  |           |                                            |  |  |                           |  |  |               |         |  |                   |  |           |          |  |  |                  |   |  |           |           |  |          |  |           |   |  |  |      |  |  |  |      | 



|(1) | The tax basis (in thousands) of our real estate assets at 12/31/10 was approximately $7,208,536 for federal income tax purposes.
|--- | --------------------------------------------------------------------------------------------------------------------------------

|(2) | Depreciation of real estate is computed using the straight-line method over 40 years for buildings and 15 years for land improvements for properties that we develop, 30
years for buildings and 10 years for land improvements for properties that we acquire, and shorter periods based on lease terms (generally 3 to 10 years) for tenant improvements.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|                                                      |  |                    |           |   |                          |   |           |      |  |   |           |   |  |      |           |   |      |   |           |   |  |   |           |  
|----------------------------------------------------- |  | ------------------ | --------- | - | ------------------------ | - | --------- | ---- |  | - | --------- | - |  | ---- | --------- | - | ---- | - | --------- | - |  | - | --------- | -
|                                                      |  | Real Estate Assets |           |   | Accumulated Depreciation |  
|                                                      |  | 2010               |           |   | 2009                     |   |           | 2008 |  |   | 2010      |   |  | 2009 |           |   | 2008 |  
|Balance at beginning of year                          |  | $                  | 6,390,119 |   |                          | $ | 6,297,922 |      |  | $ | 5,765,747 |   |  | $    | 1,311,733 |   |      | $ | 1,167,113 |   |  | $ | 990,280   |  
|Acquisitions                                          |  |                    | 449,530   |   |                          |   | 29,726    |      |  |   | 56,304    |   |  |      | -         |   |      |   | -         |   |  |   | -         |  
|Construction costs and tenant improvements            |  |                    | 162,301   |   |                          |   | 307,157   |      |  |   | 812,084   |   |  |      | -         |   |      |   | -         |   |  |   | -         |  
|Depreciation expense                                  |  |                    | -         |   |                          |   | -         |      |  |   | -         |   |  |      | 271,058   |   |      |   | 266,803   |   |  |   | 246,440   |  
|Consolidation of previously unconsolidated properties |  |                    | 530,573   |   |                          |   | 176,038   |      |  |   | 85,201    |   |  |      | -         |   |      |   | -         |   |  |   | -         |  
|                                                      |  |                    |           |   |                          |   |           |      |  |   |           |   |  |      |           |   |      |   |           |   |  |   |           |  
|                                                      |  |                    | 7,532,523 |   |                          |   | 6,810,843 |      |  |   | 6,719,336 |   |  |      | 1,582,791 |   |      |   | 1,433,916 |   |  |   | 1,236,720 |  
|Deductions during year:                               |  |                    |           |   |                          |   |           |      |  |   |           |   |  |      |           |   |      |   |           |   |  |   |           |  
|Cost of real estate sold or contributed               |  |                    | (421,325  | ) |                          |   | (258,854  | )    |  |   | (367,922  | ) |  |      | (97,699   | ) |      |   | (32,087   | ) |  |   | (16,115   | )
|Impairment Allowance                                  |  |                    | -         |   |                          |   | (71,774   | )    |  |   | -         |   |  |      | -         |   |      |   | -         |   |  |   | -         |  
|Write-off of fully amortized assets                   |  |                    | (78,309   | ) |                          |   | (90,096   | )    |  |   | (53,492   | ) |  |      | (78,655   | ) |      |   | (90,096   | ) |  |   | (53,492   | )
|                                                      |  |                    |           |   |                          |   |           |      |  |   |           |   |  |      |           |   |      |   |           |   |  |   |           |  
|Balance at end of year                                |  | $                  | 7,032,889 |   |                          | $ | 6,390,119 |      |  | $ | 6,297,922 |   |  | $    | 1,406,437 |   |      | $ | 1,311,733 |   |  | $ | 1,167,113 |  
|                                                      |  |                    |           |   |                          |   |           |      |  |   |           |   |  |      |           |   |      |   |           |   |  |   |           |  



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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.



|              |  |                                 |  |                                                                            
|------------- |  | ------------------------------- |  | ---------------------------------------------------------------------------
|              |  | DUKE REALTY LIMITED PARTNERSHIP
|              |  |                                
|March 4, 2011 |  | By:                             |  | /s/    Dennis D. Oklak                                                     
|              |  |                                 |  | Dennis D. Oklak                                                            
|              |  |                                 |  | Chairman and Chief Executive Officer of the General Partner                
|              |  |                                
|              |  | By:                             |  | /s/    Christie B. Kelly                                                   
|              |  |                                 |  | Christie B. Kelly                                                          
|              |  |                                 |  | Executive Vice President and Chief Financial Officer of the General Partner
|              |  |                                
|              |  | By:                             |  | /s/    Mark A. Denien                                                      
|              |  |                                 |  | Mark A. Denien                                                             
|              |  |                                 |  | Senior Vice President and Chief Accounting Officer of the General Partner  

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.



|                              |  |         |  |                                
|----------------------------- |  | ------- |  | -------------------------------
|Signature                     |  | Date    |  | Title                          
|                              |  |        
|/s/ Thomas J. Baltimore, Jr.* |  | 1/26/11 |  | Director of the General Partner
|Thomas J. Baltimore, Jr.      |  |         |  |                                
|                              |  |        
|/s/ Barrington H. Branch*     |  | 1/26/11 |  | Director of the General Partner
|Barrington H. Branch          |  |         |  |                                
|                              |  |        
|/s/ Geoffrey Button *         |  | 1/26/11 |  | Director of the General Partner
|Geoffrey Button               |  |         |  |                                
|                              |  |        
|/s/ William Cavanaugh III*    |  | 1/26/11 |  | Director of the General Partner
|William Cavanaugh III         |  |         |  |                                
|                              |  |        
|/s/ Ngaire E. Cuneo *         |  | 1/26/11 |  | Director of the General Partner
|Ngaire E. Cuneo               |  |         |  |                                
|                              |  |        
|/s/ Charles R. Eitel*         |  | 1/26/11 |  | Director of the General Partner
|Charles R. Eitel              |  |         |  |                                
|                              |  |        
|/s/ Dr. Martin C. Jischke*    |  | 1/26/11 |  | Director of the General Partner
|Dr. Martin C. Jischke         |  |         |  |                                
|                              |  |        
|/s/ Jack R. Shaw *            |  | 1/26/11 |  | Director of the General Partner
|Jack R. Shaw                  |  |         |  |                                



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|                              |  |         |  |                                
|----------------------------- |  | ------- |  | -------------------------------
|                              |  |        
|/s/ Lynn C. Thurber *         |  | 1/26/11 |  | Director of the General Partner
|Lynn C. Thurber               |  |         |  |                                
|                              |  |        
|/s/ Robert J. Woodward, Jr. * |  | 1/26/11 |  | Director of the General Partner
|Robert J. Woodward, Jr.       |  |         |  |                                



|                                                           |  |  |  | 
|---------------------------------------------------------- |  |  |  | 
|* By Dennis D. Oklak, Attorney-in-Fact /s/ Dennis D. Oklak





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