Duke Announces $165 Million of New Developments and Acquisitions; Development Pipeline Totals $340 Million; $26 Million of Third-Party Developments Also Announced.

INDIANAPOLIS--(BUSINESS WIRE)--June 12, 1998--Duke Realty Investments, Inc. (NYSE:DRE) announced today that it has commenced five new developments and completed five acquisitions totaling more than 2,700,000 square feet in the aggregate. The Company expects to achieve a stabilized return of 10.4 percent on its combined investment of $165.5 million in these new properties. This brings Duke's year to date announcements of new developments and acquisitions to $451 million with an expected stabilized return of 10.6 percent.

The Company's most significant announcement today is its acquisition of the Minneapolis division of MEPC American Properties. This transaction encompasses 354,000 square feet of wholly-owned suburban office properties, 635,000 square feet of wholly-owned industrial properties, a 238,000 square foot office tower in which the Company will own a thirty percent interest, and 23 acres of undeveloped land that can support approximately 575,000 square feet of future developments. The existing properties are 97.0 percent leased. Duke has also committed to purchase from MEPC an additional 400,000 square feet of industrial properties that are currently under development. The MEPC development properties are expected to be acquired in September and are not included in the investment totals announced today.

As part of the MEPC transaction, Duke has retained approximately 20 employees from MEPC's Minneapolis division. This group is headed by Dave Jellison who will become Vice President and General Manager of Duke's Minneapolis office group. Dave brings to Duke 8 years of experience with MEPC and 22 years of overall experience in the Minneapolis real estate market. According to Thomas L. Hefner, Chairman and Chief Executive Officer of Duke, "Coming into 1998, the Company's top priority was to create a significant office presence in Minneapolis to complement the industrial presence that we gained with last year's acquisition of the R.L. Johnson Company. This transaction not only gives us a strong office presence in premiere locations in the strongest submarkets of Minneapolis, it also gives us over 600,000 square feet of high quality industrial assets, undeveloped land, and a first rate team of people headed by Dave Jellison that will spearhead our future growth in Minneapolis office properties. Consistent with our strategy of market dominance, Duke has gone from no assets in Minneapolis on November 1, 1997 to one of the largest real estate owner/operators with over 4.8 million square feet in the market."

Duke's other acquisitions announced today include three suburban office buildings in Chicago totaling 308,000 square feet that are 97.0 percent leased, a 99,000 square foot industrial building in Columbus, Ohio that is currently unleased, a 76,000 square foot industrial building in St. Louis, Missouri that is fully leased and includes over 8 acres of undeveloped land, and a 129,000 square foot suburban office building in Columbus, Ohio that is 97.5 percent leased. This latter building is located at Columbus' premier Easton development in the northeast submarket where Duke is currently building a 127,000 square foot office project and controls 40 acres of land for future office development.

Duke's new developments announced today include a pre-leased retail development in Cincinnati, Ohio. This project is a 142,000 square foot retail center that is located on Duke-owned land near Eastgate Mall on the southeast side of Cincinnati and is 86 percent pre-leased for 20 years.

The Company also announced today four new industrial developments totaling more than 750,000 square feet. Two of these projects are in Cincinnati including a 454,000 square foot building located at Duke's Skyport Business Park in the northern Kentucky corridor. The other Cincinnati industrial development announced today is a 65,000 square foot project located in Duke's World Park development in the Tri-County submarket. This project is in the immediate vicinity of a new interchange from I-75 that leads directly into World Park on Cincinnati's north side.

One of the Company's remaining new industrial developments announced today is an 80,000 square foot facility in the Eagandale submarket of Minneapolis. This project is Duke's first new development in Minneapolis since its entry into the market last November.

Duke's final new development announced today is a 152,000 square foot bulk warehouse located at the Company's Park 100 Business Park in Indianapolis, Indiana. This project is 58 percent pre-leased to Major Video Concepts, Inc. for 10 years.

This 892,000 square feet of newly announced development brings Duke's development pipeline to 340.0 million square feet. The pipeline is 55.0 percent pre-leased and will generate average stabilized returns of 11.1 percent as the properties come into service.

The Company also announced today that is has commenced two new build-to-suit developments that amount to $26 million of third-party construction activity. One of these projects is a 295,000 square foot industrial building that will be owned by Forest Pharmaceuticals, Inc. at Duke's Earth City Business Park in St. Louis, Missouri. This project involves the 140,000 square foot expansion of a 155,000 square foot building that Duke previously had under development and available for lease.

The Company's second third-party construction project announced today will serve as the Broadcast Division headquarters of the Harris Corporation. This 162,000 square foot office and manufacturing facility is located at Duke's Governor's Pointe development off I-71 in the northern suburbs of Cincinnati.

Duke Realty Investments is a fully integrated real estate company that owns interests in a diversified portfolio of 437 industrial, office and retail properties encompassing approximately 52 million square feet including today's announcements. These properties are primarily located in eight Midwestern cities. Duke Realty also owns approximately 1,700 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 7.8 million square feet of properties owned by third parties.

CONTACT: Duke Realty Investments, Inc.

For Investor Inquiries, contact:

Thomas K. Peck, 317/574-3512

or

For Media Inquiries, contact:

Donna H. Coppinger, 317/574-3518