DRE announces first quarter earnings, dividend, new developments, acquisitions, and third party construction contracts.

INDIANAPOLIS--(BUSINESS WIRE)--April 25, 1996--Duke Realty Investments Inc. (DRE/NYSE) reported today that funds from operations ("FFO") prepared in accordance with the revised NAREIT definition were $15.8 million for the first quarter of 1996 versus $11.8 million for the same period last year. On a per share basis, FFO increased 12.1 percent to $.65 per share in the first quarter 1996 from $.58 per share for the first quarter 1995. For the ten quarters since the Company's October 4, 1993 reorganization, this is the tenth consecutive per share increase over the comparable quarter in the previous year. Net income for the first quarter 1996 increased to $9.6 million on revenues of $40.9 million up from $7.4 million and $29.4 million, respectively, for the same period last year.

The Company's Board of Directors declared a regular quarterly dividend of $.49 per share, payable on May 31, 1996, to shareholders of record on May 17, 1996. This represents a payout ratio of 75.4 percent of first quarter FFO and amounts to $1.96 per share on an annualized basis.

The Company also announced today that it has commenced three new developments totaling approximately 550,000 square feet and made two new acquisitions totaling approximately 430,000 square feet. In the aggregate, these properties are expected to produce a stabilized annual return of 11.6 percent on the Company's budgeted investment of $30.3 million.

One of the Company's new development projects is a 129,500 square foot light manufacturing and distribution facility for Tri-Clover Inc., a subsidiary of Alfa-Laval Inc. The project is located at the Missouri Research Park in St. Louis, Missouri and is 100 percent pre-leased for 10 years. This is the second industrial project which the Company has developed for Alfa-Laval. The first is located at Duke's South Park Business Center in Indianapolis, Indiana.

The other new development projects announced today include a 320,000 square foot bulk warehouse at Park 100 Business Park in Indianapolis, Indiana and a 96,000 square foot bulk warehouse at Park Fletcher Business Park, also in Indianapolis. These properties are being developed without pre-leasing on Company-owned land in established business parks under Company control. The Park Fletcher project is being developed in a joint venture where the Company owns a 50 percent interest. Because of strong demand and low market vacancy rates which continue in the Indianapolis industrial market, the Company expects both of these new projects to be substantially leased prior to construction completion. At March 31, 1996, the Company owned approximately 7 million square feet of bulk warehouses in Park 100 and Park Fletcher which were 99 percent leased.

One of the Company's new acquisitions announced today is a 73,757 square foot suburban office building located in Columbus, Ohio. Prior to closing, Duke leased approximately 41,000 square feet of the building to LCI International and, as such, the property is 89 percent leased. LCI currently occupies more than 165,000 square feet of office space at the Company's Corporate Park at Tuttle Crossing, also in Columbus.

The other acquisition announced today is a 357,796 square foot distribution facility located near the Company's World Park development in Cincinnati, Ohio. Included in this acquisition was enough land to accommodate approximately 330,000 square feet of additional construction. Currently, this new acquisition is 100 percent leased on a short-term basis.

In addition to its new acquisitions and developments, Duke also announced today six new third party construction projects totaling approximately $21 million. These projects include new facilities for American Trans Air, Mount Carmel Health System, Rohn Manufacturing, Copper and Brass Sales, and Goodwill Industries. Both American Trans Air and Goodwill Industries are repeat customers of Duke's third party construction services.

Property information as of March 31, 1996 was as follows:

o The Company's 215 in-service properties totaling 22.3 million

square feet were 93.6 percent leased.

o The Company had 2.9 million square feet under development that

were 92.2 percent pre-leased.

o The combined portfolio at the end of the first quarter consisted

of 226 properties totaling approximately 25.2 million square feet

that were 93.4 percent leased.

The Company also disclosed the following information relating to the first quarter of 1996:

o The Company signed 211,789 square feet of second generation new

leases at an average net effective rent of $9.42 per square foot.

o The Company renewed 72 percent of leases up for renewal totaling

240,127 square feet on which it attained an 8.5 percent growth in

net effective rents. This renewal activity was completed at an

average cost of $1.91 per square foot.

o FFO calculated in accordance with the previous NAREIT FFO

definition was $16.2 million ($.67 per share) for the first quarter

of 1996 and $12.2 million ($.60 per share) for the first quarter of

1995, an 11.7 percent per share increase.

o Earnings from Service Operations were $1.2 million

o The Company completed a 4.4 million share add-on stock offering at

a price of $30.125 per share.

o As previously announced, Duke entered the Cleveland, Ohio market

in February with its $76 million acquisition of the assets and

operations of Ross Farro Enterprises Inc.; a Cleveland based real

estate company. Included in this acquisition were eight Class A

suburban office buildings totaling 782,000 gross square feet.

o L. Ben Lytle, the President and Chief Executive Officer of

Associated Insurance Company Inc. was elected to the Company's

Board of Directors to replace retiring board member Lee Stanfield.

The statements contained herein which are not historical facts are forward-looking statements based on economic forecasts, budgets and other factors which, by their nature, involve risk and uncertainties. In particular, among the factors that could cause actual results to differ materially are the following: business conditions and the general economy; competitive factors; interest rates and other risks inherent in the real estate business. For further information on factors which could impact the Company and the statements contained herein, reference is made to the Company's filings with the Securities and Exchange Commission.

Duke Realty Investments is a fully integrated real estate company which owns interests in a diversified portfolio of 229 industrial, office and retail properties encompassing approximately 25.7 million square feet including today's announcements. These properties are primarily located in eight midwestern states, principally Indiana, Ohio and Missouri. Duke Realty also owns more than 1,150 acres of land for future development.

The Company is a self-administered real estate investment trust which provides leasing, management, development, construction and other tenant-related services for its own properties and for approximately 9.6 million square feet of properties owned by third parties.

A copy of the Company's first quarter 1996 supplemental materials fact book is available to interested parties upon written request to: Thomas K. Peck 

Vice President-Investor Relations

Duke Realty Investments Inc.

8888 Keystone Crossing, Suite 1200

Indianapolis, IN 46240 -0-

                                DUKE
                         Realty Investments

                        Financial Highlights
                (in thousands, except per share data)

                                            Three Months Ended
                                            __________________
                                                 March 31
                                                 ________
Operating Results                            1996        1995
_________________                           ______      ______

Rental revenues                           $ 36,537    $ 25,551
Earnings from rental operations             11,172       8,005
Earnings from service operations             1,183       1,419
Net income                                   9,648       7,416
Funds from operations - New Method          15,823      11,848

Per Share:
Funds from operations - New Method           $0.65       $0.58
Net income                                   $0.40       $0.36
Dividend payout ratio                         75.4%       81.0%
Weighted average shares outstanding         24,284      20,392

                                         March 31,   December 31,
Balance Sheet Data                         1996         1995
__________________                        ______       ______

Net real estate investments             $1,019,195    $907,164
Total assets                             1,162,901   1,045,588
Total debt                                 450,354     454,820
Shareholders' equity                       646,476     534,789
Shares outstanding at end of period         28,153      24,152

CONTACT: Duke Realty Investments, Indianapolis

Investor Inquires: Thomas K. Peck, 317/574-3512

Media Inquires: Donna H. Coppinger, 317/574-3518