FORM 424B7
FILED PURSUANT TO
RULE 424(b)(7)
SEC FILE NO. 333-140796
PROSPECTUS SUPPLEMENT No. 14
(To Prospectus dated February 20, 2007)
DATED: October 9, 2008
(Duke Realty Logo)
11,747,135 Common Shares
 
     Our operating partnership, Duke Realty Limited Partnership, issued and sold $575 million aggregate principal amount of its 3.75% Exchangeable Senior Notes due 2011, or the “notes,” in a private transaction on November 22, 2006. Under certain circumstances, we may issue shares of our common stock upon the exchange or redemption of the notes. In such circumstances, the recipients of such common stock, whom we refer to as the “selling shareholders,” may use this prospectus supplement, together with the prospectus to which it relates, to resell from time to time the shares of our common stock that we may issue to them upon the exchange or redemption of the notes. Additional selling shareholders may be named by future prospectus supplements.
     This prospectus supplement amends and supplements, and should be read in conjunction with, the prospectus dated February 20, 2007, and future prospectus supplements.
     The selling shareholder table, appearing under the heading “Selling Shareholders” in the accompanying prospectus, is amended and supplemented by the information in the following table.
                             
    Number of   Percentage of           Number of   Percentage of
    Shares   Shares           Shares   Shares
    Beneficially   Beneficially       Beneficially   Beneficially
    Owned Prior to   Owned Prior to   Number of Shares   Owned Following   Owned Following
Name (1)   the Offering (2)(3)   the Offering (4)   Offered Hereby (3)(5)   the Offering (5)   the Offering (5)
Admiral Flagship Master Fund, Ltd.
    51,074     *     51,074      
ARC Revocable Trust
    1,021     *     1,021      
Arctos Partners Inc.
    598,593     *     598,593      
Aristeia International Limited
    564,271     *     564,271      
Aristeia Partners LP
    191,631     *     191,631      
BBT Fund, L.P.
    210,937     *     210,937      
Baldwin Enterprises, Inc.
    4,086     *     4,086      
Bank of America Pension Plan
    102,149     *     102,149      
Barnet Partners Ltd.
    20,429     *     20,429      
Bayerische Hypo- and Vereinsbank AG
    919,341     *     919,341      
Beamtenversicherungskasse Des Kantons
Zurich
    136,879     *     136,879      
Bernische Lehreruersicherungskasse
    34,730     *     34,730      

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    Number of   Percentage of           Number of   Percentage of
    Shares   Shares           Shares   Shares
    Beneficially   Beneficially       Beneficially   Beneficially
    Owned Prior to   Owned Prior to   Number of Shares   Owned Following   Owned Following
Name (1)   the Offering (2)(3)   the Offering (4)   Offered Hereby (3)(5)   the Offering (5)   the Offering (5)
Black Diamond Offshore Ltd.
    14,729     *     14,729      
Black Diamond Convertible Offshore LLC
    32,687     *     32,687      
BNP Paribas Arbitrage
    51,074     *     51,074      
CAP Fund, L.P.
    96,530     *     96,530      
Capital Ventures International
    102,149     *     102,149      
Citadel Equity Fund, Ltd.
    153,224     *     153,224      
Citigroup Global Markets Inc.
    946,921     *     946,921      
CMH Strategies
    1,389     *     1,389      
CQS Convertible and Quantitative Strategies Master Fund Limited
    458,853     *     458,853      
Credit Suisse International
    102,145     *     102,145      
Credit Suisse Europe Ltd.
    423,918     *     423,918      
Credit Suisse Securities (USA) LLC
    1,411,086     *     1,411,086      
Dekalb County Employers Pension Plan
    5,925     *     5,925      
Double Black Diamond Offshore LDC
    116,020     *     116,020      
Empyrean Capital Fund, LP
    115,305     *     115,305      
Empyrean Capital Overseas Benefit Plan, Ltd.
    24,536     *     24,536      
Esurance Insurance Company
    1,021     *     1,021      
Ferox Master Fund Limited
    103,476     *     103,476      
Florida Fruit & Vegetable Association
    1,083     *     1,083      
Folksamerica Reinsurance Company
    4,086     *     4,086      
Fore Convertible Master Fund, Ltd.
    46,110     *     46,110      
Fore ERISA Fund, Ltd.
    4,964     *     4,964      
Fund American Reinsurance Company, Ltd.
    4,086     *     4,086      
FXMC Limited
    28,294     *     28,294      
Gemini Sammelstiftung Zur
Forderling Der Personaluorsorge
    14,913     *
*
    14,913    
 
Georgia Municipal Employee Benefit System
    27,416     *     27,416      
Highbridge Convertible Arbitrage Master Fund LP
    51,075     *     51,075      
Highbridge International LLC
    265,587     *     265,587      
Homeland Insurance Company of New York
    3,575     *     3,575      
Jefferies Umbrella Fund Global
Convertible Bond
    157,309     *     157,309      
ICM Business Trust
    20,429     *     20,429      
Ionic Capital Master Fund Ltd.
    561,819     *     561,819      
John Deere Pension Trust
    20,429     *     20,429      
JP Morgan Securities Inc.
    122,578     *     122,578      
Lancashire Insurance Company, Ltd.
    3,575     *     3,575      
LDG Limited
    3,779     *     3,779      
Lehman Brothers Inc.
    81,719     *     81,719      
Lydian Global Opportunities Master Fund Ltd.
    132,841     *     132,841      
Lydian Overseas Partners Master Fund, L.T.D.
    408,740     *     408,740      

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    Number of   Percentage of           Number of   Percentage of
    Shares   Shares           Shares   Shares
    Beneficially   Beneficially       Beneficially   Beneficially
    Owned Prior to   Owned Prior to   Number of Shares   Owned Following   Owned Following
Name (1)   the Offering (2)(3)   the Offering (4)   Offered Hereby (3)(5)   the Offering (5)   the Offering (5)
Lyxor/Canyon Value Realization Fund Ltd.
    51,074     *     51,074      
Lyxor/Canyon Capital Arbitrage Fund Ltd.
    143,008     *     143,008      
Metropolitan Atlanta Rapid Transit Authority
    2,063     *     2,063      
Montpelier Re Holdings, Ltd.
    5,618     *     5,618      
Morgan Stanley & Co. Incorporated
    102,182     *     102,182      
The Northern Assurance Co. of America
    2,043     *     2,043      
Old Lane GMA Master Fund LP
    124,887     *     124,887      
Old Lane HMA Master Fund LP
    90,807     *     90,807      
Old Lane Cayman Master Fund LP
    302,431     *     302,431      
Old Lane US Master Fund LP
    229,847     *     229,847      
OneBeacon Insurance Savings Plan
    6,129     *     6,129      
OneBeacon America Insurance Co.
    8,683     *     8,683      
OneBeacon Insurance Co.
    15,833     *     15,833      
OneBeacon Pension Plan
    7,661     *     7,661      
Pearl Assurance LTD
    20,429     *     20,429      
Pennsylvania General Insurance Company
    4,597     *     4,597      
Pensionskasse Der Antalis Ag
    2,247     *     2,247      
Pensionskasse Der Lonza Ag
    6,128     *     6,128      
Pensionskasse Huntsman
    4,290     *     4,290      
Pensionskasse Huntsman II
    5,516     *     5,516      
Pensionskasse Der Rockwell Automation Ag
    4,290     *     4,290      
Peoples Benefit Life Insurance Company
Teamsters
    81,719     *     81,719      
Prospector Summit Fund, L.P.
    2,043     *     2,043      
PV Promea
    9,602     *     9,602      
Redbourn Partners Ltd.
    245,157     *     245,157      
Redbrick Capital Master Fat Tail Fund
    153,223     *     153,223      
Redbrick Capital MasterFund LTD
    102,149     *     102,149      
Royal Bank of Canada
    91,934     *     91,934      
Salar Fund PLC
    10,215     *     10,215      
SilverCreek II Ltd.
    51,090     *     51,090      
SilverCreek Limited Partnership
    122,618     *     122,618      
SRI Fund, L.P.
    50,053     *     50,053      
Stark Master Fund Ltd.
    102,182     *     102,182      
Sunrise Partners Limited Partnership
    122,574     *     122,574      
Symetra Financial Corp.
    2,553     *     2,553      
Symetra Life Insurance Company
    4,086     *     4,086      
Tamalpais Asset Management L.P.
    204,298     *     204,298      
Thrivent Financial for Lutherans
    71,504     *     71,504      
TQA Master Fund, Ltd.
    24,209     *     24,209      
TQA Master Plus Fund, Ltd.
    13,871     *     13,871      
UBS O’Connor LLC F/B/O:
          *            
O’Connor Global Convertible Arbitrage Master Limited
    192,653     *     192,653      
O’Connor Global Convertible Arbitrage II Master Limited
    11,644     *     11,644      
UBS Securities LLC
    81,719     *     81,719      
Universal Investment Gesellschaft
MBH Ref Aventis
    102,149     *     102,149      
Wachovia Capital Markets, LLC
    50,053     *     50,053      

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    Number of   Percentage of           Number of   Percentage of
    Shares   Shares           Shares   Shares
    Beneficially   Beneficially       Beneficially   Beneficially
    Owned Prior to   Owned Prior to   Number of Shares   Owned Following   Owned Following
Name (1)   the Offering (2)(3)   the Offering (4)   Offered Hereby (3)(5)   the Offering (5)   the Offering (5)
Waterstone Market Neutral Master Fund, Ltd.
    132,589     *     132,589      
Waterstone Market Neutral MAC51 Fund, Ltd.
    71,708     *     71,708      
Yield Strategies Fund I, L.P.
    40,859     *     40,859      
Zurich Institutional Benchmarks
          *            
Master Fund, Ltd. do TQA Investors, LLC
    9,213     *     9,213      
Zurich Institutional Funds, Wandelanleihen
    53,117     *     53,117      
 
*   Less than 1%
 
(1)   Additional selling shareholders not named in the prospectus will not be able to use the prospectus for resales until they are named in the selling shareholder table by prospectus supplement or post-effective amendment. Likewise, transferees, successors and donees of identified selling shareholders will not be able to use this prospectus for resales until they are named in the selling shareholders table by prospectus supplement or post-effective amendment. If required, we will add transferees, successors and donees by additional prospectus supplement in instances where the transferee, successor or donee has acquired its shares from holders named in the prospectus or prospectus supplement after the effective date of this prospectus.
 
(2)   Assumes conversion of the notes into shares of common stock at a conversion rate of 20.4298 shares of common stock per each $1,000 principal amount of notes. We will issue cash for all fractional shares of our common stock based on the closing sale price of our common stock on the trading day immediately preceding the exchange date.
 
(3)   The information included with respect to each selling shareholder included in this table, and the aggregate number of shares of common stock into which their notes are exchangeable, has been included in reliance on information provided to us by such selling shareholders. We have received questionnaires from selling shareholders representing an aggregate number of shares in excess of the number of shares that were registered. We cannot verify whether any questionnaires were received from selling shareholders who have subsequently sold their notes; therefore, the table may contain information with respect to persons that no longer hold notes. If and to the extent we receive new questionnaires, we will update the table in future prospectus supplements.
 
(4)   Based on a total of 147,109,869 shares of our common stock outstanding as of September 30, 2008.
 
(5)   We do not know when or in what amounts selling shareholders may offer shares of our common stock for sale. The selling shareholders might not sell any or all of the shares of our common stock offered by this prospectus. Because the selling shareholders may offer all or some of the shares of our common stock pursuant to this prospectus, and because there are currently no agreements, arrangements or understandings with respect to the sale of any of the shares of our common stock, we cannot estimate the number of shares of our common stock that will be held by the selling shareholders after completion of this offering. However, for purposes of this table, we have assumed that, after completion of the offering pursuant to this prospectus, none of the shares of our common stock covered by this prospectus will be held by the selling shareholders.

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