DRE announces new developments, land purchase, and property sale.

INDIANAPOLIS--(BUSINESS WIRE)--May 24, 1996--Duke Realty Investments, Inc. (DRE/NYSE) reported today that it has commenced three new developments totaling 343,312 square feet. In the aggregate these properties are expected to produce a stabilized annual return of 12.4 percent on the Company's budgeted investment of $22.3 million. Duke also announced that it has purchased approximately 37 acres of undeveloped land in Columbus, Ohio and that it has sold its suburban office complex in Miami, Florida.

One of the Company's new development projects is a 154,678 square foot suburban office building located at The Corporate Park at Tuttle Crossing in Columbus, Ohio. Commencement of this facility has begun without pre-leasing. A second new development project is a 152,000 square foot bulk warehouse located at Park 100 Business Park in Indianapolis, Indiana. This project is 21 percent pre-leased to P-A-R Medical Inc., an existing client who is expanding its operations. Because of strong demand and low vacancy rates in both the Columbus suburban office market and the Indianapolis industrial market, the Company expects each of the aforementioned developments to be substantially leased prior to construction completion. Currently Duke's 1.1 million square feet of suburban office properties at Tuttle Crossing and 6.4 million square feet of bulk warehouses at Park 100 are 100 percent and 99.5 percent leased, respectively.

The third new development announced today is a 36,634 square foot medical office building located in suburban Cincinnati, Ohio. The project is 100% pre-leased for 16 years to The Franciscan Health System of The Ohio Valley, Inc. The new building will be known as The Franciscan Medicenter/Professional Center of Harrison.

The Company's 37-acre land acquisition announced today is at The Corporate Park at Tuttle Crossing in Columbus, Ohio. The land was purchased for approximately $5.9 million and is zoned for approximately 550,000 square feet of suburban office development. Since the Company's October, 1993 reorganization through today's announcement, Duke has developed 876,000 square feet of suburban office properties at Tuttle Crossing, utilizing 55 acres of land.

Duke also announced today that it has sold the 251,316 square foot corporate headquarters facility that it recently completed for John Alden Life Insurance Company in Miami, Florida. The project was sold for approximately $33 million pursuant to the purchase option contained in John Alden's lease agreement. The Company will recognize a gain of approximately $1.8 million on the sale.

Duke Realty Investments is a fully integrated real estate company which owns interests in a diversified portfolio of 231 industrial, office and retail properties encompassing approximately 25.8 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.

CONTACT: Duke Realty Investments, Inc., Indianapolis

Investor Inquiries:

Thomas K. Peck, 317/574-3512

or

Media Inquiries:

Donna H. Coppinger, 317/574-3518