FILED PURSUANT TO
RULE 424(b)(7)
SEC FILE NO. 333-140796

PROSPECTUS SUPPLEMENT No. 5
(To Prospectus dated February 20, 2007)
DATED: August 31, 2007

 

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.

Name

 

 

 

Number of
Shares
Beneficially
Owned Prior to
the Offering(1)

 

Percentage of
Shares
Beneficially
Owned Prior to
the Offering(2)

 

Number of
Shares Offered
Hereby

 

Number of
Shares
Beneficially
Owned Following
the Offering(3)

 

Percentage of
Shares
Beneficially
Owned Following
the Offering(2)(3)

 

Admiral Flagship Master Fund, Ltd.

 

51,074

 

*

 

51,074

 

—

 

—

 

Arctos Partners Inc.

 

204,298

 

*

 

204,298

 

—

 

—

 

Aristeia International Limited

 

564,271

 

*

 

564,271

 

—

 

—

 

Aristeia Partners LP

 

191,631

 

*

 

191,631

 

—

 

—

 

BBT Fund, L.P.

 

210,937

 

*

 

210,937

 

—

 

—

 

Bank of America Pension Plan

 

102,149

 

*

 

102,149

 

—

 

—

 

Barnet Partners Ltd.

 

20,429

 

*

 

20,429

 

—

 

—

 

Beamtenversicherungskasse Des Kantons Zurich

 

136,879

 

*

 

136,879

 

—

 

—

 

Bernische Lehreruersicherungskasse

 

34,730

 

*

 

34,730

 

—

 

—

 

Black Diamond Offshore Ltd.

 

14,729

 

*

 

14,729

 

—

 

—

 

 



 

Name

 

 

 

Number of
Shares
Beneficially
Owned Prior to
the Offering(1)

 

Percentage of
Shares
Beneficially
Owned Prior to
the Offering(2)

 

Number of
Shares Offered
Hereby

 

Number of
Shares
Beneficially
Owned Following
the Offering(3)

 

Percentage of
Shares
Beneficially
Owned Following
the Offering(2)(3)

 

Black Diamond Convertible Offshore LLC

 

32,687

 

*

 

32,687

 

—

 

—

 

BNP Paribas Arbitrage

 

51,074

 

*

 

51,074

 

—

 

—

 

CAP Fund, L.P.

 

96,530

 

*

 

96,530

 

—

 

—

 

Canyon Capital Arbitrage Master Fund, Ltd.

 

679,290

 

*

 

679,290

 

—

 

—

 

The Canyon Value Realization Fund (Cayman), Ltd.

 

763,053

 

*

 

763,053

 

—

 

—

 

Canyon Value Realization MAC 18 Ltd.

 

58,224

 

*

 

58,224

 

—

 

—

 

Canyon Value Realization Fund, L.P.

 

297,253

 

*

 

297,253

 

—

 

—

 

Capital Ventures International

 

102,149

 

*

 

102,149

 

—

 

—

 

Citigroup Global Markets Inc.

 

967,351

 

*

 

967,351

 

—

 

—

 

CMH Strategies

 

1,389

 

*

 

1,389

 

—

 

—

 

Credit Suisse Europe Ltd.

 

423,918

 

*

 

423,918

 

—

 

—

 

Credit Suisse Securities LLC

 

153,223

 

*

 

153,223

 

—

 

—

 

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

 

—

 

—

 

Empyrean Capital Overseas Fund, Ltd.

 

217,679

 

*

 

217,679

 

—

 

—

 

Florida Fruit & Vegetable Association

 

1,797

 

*

 

1,797

 

—

 

—

 

Fore Convertible Master Fund, Ltd.

 

46,110

 

*

 

46,110

 

—

 

—

 

Fore ERISA Fund, Ltd.

 

4,964

 

*

 

4,964

 

—

 

—

 

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

 

10,214

 

*

 

10,214

 

—

 

—

 

Highbridge International LLC

 

91,934

 

*

 

91,934

 

—

 

—

 

Jefferies Umbrella Fund Global Convertible Bond

 

157,309

 

*

 

157,309

 

—

 

—

 

IIU Convertible Arbitrage Fund Limited

 

3,207

 

*

 

3,207

 

—

 

—

 

IIU Convertible Fund, plc

 

46,477

 

*

 

46,477

 

—

 

—

 

Institutional Benchmark Series (Master Feeder) Limited in respect of Electra Series c/o Quattro Fund

 

14,300

 

*

 

14,300

 

—

 

—

 

Ionic Capital Master Fund Ltd.

 

61,289

 

*

 

61,289

 

—

 

—

 

John Deere Pension Trust

 

20,429

 

*

 

20,429

 

—

 

—

 

JP Morgan Securities Inc.

 

122,578

 

*

 

122,578

 

—

 

—

 

LDG Limited

 

3,779

 

*

 

3,779

 

—

 

—

 

Lydian Global Opportunities Master Fund Ltd.

 

61,289

 

*

 

61,289

 

—

 

—

 

Lydian Overseas Partners Master Fund, L.T.D.

 

245,157

 

*

 

245,157

 

—

 

—

 

Lyxor/Canyon Value Realization Fund Ltd.

 

51,074

 

*

 

51,074

 

—

 

—

 

Lyxor/Canyon Capital Arbitrage Fund Ltd.

 

143,008

 

*

 

143,008

 

—

 

—

 

 

2



 

Name

 

 

 

Number of
Shares
Beneficially
Owned Prior to
the Offering(1)

 

Percentage of
Shares
Beneficially
Owned Prior to
the Offering(2)

 

Number of
Shares Offered
Hereby

 

Number of
Shares
Beneficially
Owned Following
the Offering(3)

 

Percentage of
Shares
Beneficially
Owned Following
the Offering(2)(3)

 

Old Lane HMA Master Fund LP

 

158,739

 

*

 

158,739

 

—

 

—

 

Old Lane Cayman Master Fund LP

 

672,487

 

*

 

672,487

 

—

 

—

 

Old Lane US Master Fund LP

 

241,337

 

*

 

241,337

 

—

 

—

 

Partners Group Alternative Strategies PCC Limited, Red Delta Cell c/o Quattro Fund

 

20,429

 

*

 

20,429

 

—

 

—

 

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

 

—

 

—

 

Plexus Fund Limited

 

510,745

 

*

 

510,745

 

—

 

—

 

Polygon Global Opportunities Master Fund

 

204,298

 

*

 

204,298

 

—

 

—

 

PV Promea

 

9,602

 

*

 

9,602

 

—

 

—

 

Quattro Fund Ltd.

 

155,266

 

*

 

155,266

 

—

 

—

 

Quattro Multistrategy Masterfund LP

 

14,300

 

*

 

14,300

 

—

 

—

 

Redbourn Partners Ltd.

 

245,157

 

*

 

245,157

 

—

 

—

 

Redbrick Capital MasterFund LTD

 

153,223

 

*

 

153,223

 

—

 

—

 

Royal Bank of Canada

 

91,934

 

*

 

91,934

 

—

 

—

 

SRI Fund, L.P.

 

50,053

 

*

 

50,053

 

—

 

—

 

Tamalpais Asset Management L.P.

 

204,298

 

*

 

204,298

 

—

 

—

 

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

 

 

 

 

 

UBS O’Connor LLC F/B/O: O’Connor Global Convertible Arbitrage II Master Limited

 

11,644

 

*

 

11,645

 

 

 

 

 

UBS Securities LLC

 

81,719

 

*

 

81,719

 

—

 

—

 

Universal Investment Gesellschaft MBH Ref Aventis

 

102,149

 

*

 

102,149

 

—

 

—

 

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. c/o TQA Investors, LLC

 

9,213

 

*

 

9,213

 

—

 

—

 

Zurich Institutional Funds, Wandelanleihen

 

53,117

 

*

 

53,117

 

—

 

—

 

 

3



 

Name

 

 

 

Number of
Shares
Beneficially
Owned Prior to
the Offering(1)

 

Percentage of
Shares
Beneficially
Owned Prior to
the Offering(2)

 

Number of
Shares Offered
Hereby

 

Number of
Shares
Beneficially
Owned Following
the Offering(3)

 

Percentage of
Shares
Beneficially
Owned Following
the Offering(2)(3)

 

Any other holder of common stock issuable upon exchange of notes or future transferee, pledgee, donee or successor of any holder

 

1,419,924

 

*

 

1,419,924

 

—

 

—

 

TOTAL(4)

 

11,747,135

(5)

8.58

%

11,747,135

(5)

—

 

—

 

*                    Less than 1%.

(1)             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.

(2)             Based on a total of 136,945,089 shares of our common stock outstanding as of August 1, 2007.

(3)             We do not know when or in what amounts a selling shareholder 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

(4)             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. 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.

(5)             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.

4