Edgar Filing: DUKE REALTY CORP

Ownership Submission

FORM 4

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

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:

3235-0287

Expires:

January 31, 2005

Estimated average burden hours per response...

0.5

(Print or Type Responses)

1. Name and Address of Reporting Person ^*

HUNTER DONALD J JR

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)
Regional EVP, Indianapolis

(Last)

(First)

(Middle)

5600 BLAZER PARKWAY, SUITE 100

3. Date of Earliest Transaction (Month/Day/Year)
11/21/2006

(Street)

DUBLIN, OH 43017

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction 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)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	11/21/2006		F		270 ⁽¹⁾	D	$ 40.6	26,922 ⁽²⁾	D
Common Stock								80	I	By Spouse
Common Stock								662	I	By 401(k) Plan

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	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.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(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)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Units of Duke Realty Limited Partnership

⁽³⁾

10/04/1994

⁽³⁾

Common Stock

8,020

Employee Stock Options - Right to Buy

$ 18.8797

08/09/2006

5,981

⁽⁴⁾

01/29/2007

Common Stock

5,981

$ 0

8,623

Employee Stock Options - Right to Buy

$ 18.8797

08/10/2006

8,623

⁽⁴⁾

01/29/2007

Common Stock

8,623

$ 0

Employee Stock Options - Right to Buy

$ 20.9437

08/09/2006

9,028

⁽⁵⁾

07/23/2007

Common Stock

9,028

$ 0

6,407

Employee Stock Options - Right to Buy

$ 20.9437

08/10/2006

6,407

⁽⁵⁾

07/23/2007

Common Stock

6,407

$ 0

Employee Stock Options - Right to Buy

$ 23.5541

⁽⁶⁾

01/28/2008

Common Stock

14,633

Employee Stock Options - Right to Buy

$ 22.4007

⁽⁷⁾

01/26/2009

Common Stock

17,950

Employee Stock Options - Right to Buy

$ 19.4261

⁽⁸⁾

01/31/2010

Common Stock

17,741

Employee Stock Options - Right to Buy

$ 24.2632

⁽⁹⁾

01/31/2011

Common Stock

17,992

Employee Stock Options - Right to Buy

$ 22.6799

⁽¹⁰⁾

01/30/2012

Common Stock

14,183

Employee Stock Options - Right to Buy

$ 24.6905

⁽¹¹⁾

02/19/2003

Common Stock

12,098

Employee Stock Options - Right to Buy

$ 31.5771

⁽¹²⁾

01/28/2014

Common Stock

9,459

Employee Stock Options - Right to Buy

$ 31.4022

⁽¹³⁾

02/10/2015

Common Stock

14,703

Employee Stock Options - Right to Buy

$ 34.13

⁽¹⁴⁾

02/10/2016

Common Stock

22,784

Phantom Stock Units

⁽¹⁵⁾

Common Stock

3,177

3,177 ⁽¹⁵⁾

Phantom Stock Units

⁽¹⁶⁾

Common Stock

287

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
HUNTER DONALD J JR 5600 BLAZER PARKWAY SUITE 100 DUBLIN, OH 43017			Regional EVP, Indianapolis

Signatures

Tracy D. Swearingen for Donald J. Hunter, Jr. per POA		11/22/2006
^**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	Represents shares withheld for taxes upon the vesting of restricted stock units granted pursuant to Rule 16b-3 of Section 16b of the Securities Exchange Act of 1934.
(2)	Between August 10, 2006 and November 22, 2006, the Reporting Person acquired 98 shares of the Company's common stock through dividend reinvestment.
(3)	Units of Duke Realty Limited Partnership are convertible on a one to one basis to the Company's common stock and have no expiration date.
(4)	The Stock Options vested annually at a rate of 20% per year and were fully vested on 1/29/2002.
(5)	The Stock Options vested annually at a rate of 20% per year and were fully vested on 7/23/2002.
(6)	The Stock Options vested annually at a rate of 20% per year and were fully vested on 1/28/2003.
(7)	The Stock Options vested annually at a rate of 20% per year and were fully vested on 1/26/2004.
(8)	The Stock Options vested annually at a rate of 20% per year and were fully vested on 1/25/2005.
(9)	The Stock Options vested annually at a rate of 20% per year and were fully vested on 1/31/2006.
(10)	The Stock Options vest annually at a rate of 20% per year and will be fully vested on 1/30/2007.
(11)	The Stock Options vest annually at a rate of 20% per year and will be fully vested on 2/19/2008.
(12)	The Stock Options vest annually at a rate of 20% per year and will be fully vested on 1/28/2009.
(13)	The Stock Options vest annually at a rate of 20% per year and will be fully vested on 2/10/2010.
(14)	The Stock Options vest annually at a rate of 20% per year and will be fully vested on 2/10/11.
(15)	Represents phantom stock units vested under the 2000 Performance Share Plan of Duke Realty Corporation. Between August 11, 2006 and November 22, 2006, the Reporting Person acquired 79 phantom stock units through dividend reinvestment. The units are valued on a one to one basis to the Company's common stock and are to be settled in cash upon the Reporting Person's termination of employment.
(16)	Represents phantom stock units accrued under the Executives' Deferred Compensation Plan of Duke Realty Services Limited Partnership. The units are valued on a one to one basis to the Company's common stock and are to be settled in cash upon the Reporting Person's termination of employment.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.