FORM 4
[X] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Denien Mark A
2. Issuer Name and Ticker or Trading Symbol

DUKE REALTY CORP [ DRE ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
EVP & CFO
(Last)          (First)          (Middle)

8711 RIVER CROSSING BOULEVARD
3. Date of Earliest Transaction (MM/DD/YYYY)

10/3/2022
(Street)

INDIANAPOLIS, IN 46240
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
LTIP Units (1) (1)10/3/2022  D     4469   (2) (2)Common Stock 4469  (2)0 D  
LTIP Units (1) (1)10/3/2022  D     8188   (3) (3)Common Stock 8188  (3)0 D  
LTIP Units (1) (1)10/3/2022  D     10724   (4) (4)Common Stock 10724  (4)0 D  
LTIP Units (1) (1)10/3/2022  A   38418     (5) (5)Common Stock 38418  (5)101532 D  
LTIP Units (1) (1)10/3/2022  D     38418   (6) (6)Common Stock 38418 $51.88 (6)63114 D  
LTIP Units (1) (1)10/3/2022  D     63114   (7) (7)Common Stock 63114  (7)0 D  
Units (8) (8)10/3/2022  A   72828     (8) (8)Common Stock 72828  (9)152282 D  
Units (8) (8)10/3/2022  D     152282   (10) (10)Common Stock 152282  (10)0 D  

Explanation of Responses:
(1) Represents units of limited partnership interest (LTIP Unit) in Duke Realty Limited Partnership (DRLP), of which the Issuer is the general partner, issued as long term incentive compensation pursuant to the Issuer's equity based incentive programs. When both earned and vested, each LTIP Unit will automatically convert into a Common Unit of limited partnership interest in DRLP. Each Common Unit acquired upon the conversion of an LTIP Unit is redeemable by the holder for shares of common stock of the Issuer on a one-for-one basis. LTIP Units converted to Common Units are generally not redeemable until two years from the date of the grant.
(2) Disposed of pursuant to merger agreement between issuer and Prologis, Inc. in exchange for 2,122 OP common units of Prologis, L.P. having a market value of $101.60 per unit on the effective date of the merger.
(3) Disposed of pursuant to merger agreement between issuer and Prologis, Inc. in exchange for 3,889 OP common units of Prologis, L.P. having a market value of $101.60 per unit on the effective date of the merger.
(4) Disposed of pursuant to merger agreement between issuer and Prologis, Inc. in exchange for 5,093 OP common units of Prologis, L.P. having a market value of $101.60 per unit on the effective date of the merger.
(5) LTIP Units awarded in lieu of performance share plan units, upon meeting the change in control performance-based conditions and pursuant to Rule 16b-3(d) of Section 16b of the Securities Exchange Act of 1934. LTIP Units are awarded according to the terms described in footnote 1 and have no expiration date.
(6) This award was canceled in the merger in exchange for a cash payment of $1,993,059.
(7) Disposed of pursuant to merger agreement between issuer and Prologis, Inc. in exchange for 29,979 OP common units of Prologis, L.P. having a market value of $101.60 per unit on the effective date of the merger.
(8) Represents LTIP Units that have converted to Common Units of DRLP. Each Common Unit is redeemable by the holder for shares of common stock of the Issuer on a one-for-one basis. LTIP Units converted to Common Units are generally not redeemable until two years from the date of grant and have no expiration date.
(9) Represents Common Units of DRLP awarded in lieu of performance share plans units according to the terms described in footnote 8, upon meeting the change in control performance-based metrics, pursuant to Rule 16b-3(d) of Section 16b of the Securities Exchange Act of 1934.
(10) Disposed of pursuant to merger agreement between issuer and Prologis, Inc. in exchange for 72,333 OP common units of Prologis, L.P. having a market value of $101.60 per unit on the effective date of the merger.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
Denien Mark A
8711 RIVER CROSSING BOULEVARD
INDIANAPOLIS, IN 46240


EVP & CFO

Signatures
Neal A. Lewis for Mark A. Denien per POA prev. filed.10/5/2022
**Signature of Reporting PersonDate


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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