Duke Announces $186 Million of New Developments and Acquisitions at a Stabilized Return of 11.6 Percent; Dispositions Totaling $20 Million Also Announced.

INDIANAPOLIS--(BUSINESS WIRE)--June 8, 1999--

Duke Realty Investments, Inc. (NYSE:DRE) announced today that it has commenced eighteen new developments and has completed three new acquisitions totaling more than 3.0 million square feet in the aggregate. The Company expects to achieve a stabilized return of 11.6 percent on its combined investment of $186 million in these new properties. Additionally, Duke sold two medical office properties totaling approximately $20 million resulting in a gain of $3.9 million. This brings Duke's year to date announcements of new developments and acquisitions to $384 million with an expected stabilized return of 11.5 percent. Duke's total development pipeline now stands at 8.8 million square feet representing an investment of $544 million with an 11.3 percent stabilized return.

Two of the Company's new developments announced today are located in Duke's premier Parkwood Crossing business park in Indianapolis, Indiana. Six Parkwood Crossing is a 198,000 square foot suburban office project that is currently 40 percent pre-leased. Seven Parkwood Crossing is an 85,000 square foot suburban office building that is 53 percent pre-leased to CSO Architects and Heaton & Eadie P.S.C. for ten years. CSO Architects and Heaton & Eadie will be a 50 percent partner with Duke in this new development.

One of Duke's most significant investments announced today includes both an acquisition and a new development located at Minneapolis West Business Center, a premier suburban office park, in Minneapolis, Minnesota. In June of last year, the Company purchased the Minneapolis assets of MEPC American Properties. This included a 30 percent interest in the Travelers Express Tower, a 238,000 square foot office building at Minneapolis West Business Center that is 99 percent leased. Today, Duke announced that it has purchased the remaining 70 percent interest in the Travelers Express Tower and it has commenced construction of the 1600 Tower, a 245,000 square foot office tower located on adjacent land included in the Travelers Express Tower acquisition.

Two additional developments that the Company announced today are industrial buildings located in the Westbelt West submarket in northwest Columbus, Ohio. The buildings total 317,000 square feet and are situated on 75 acres of undeveloped land that Duke recently purchased. In addition to these developments, Duke's remaining land at Westbelt West can support approximately 875,000 square feet of future development.

Duke also announced today a new 97,500 square foot retail development located in Cincinnati, Ohio to be anchored by a 62,500 square foot Kroger grocery store. The Kroger Company will lease the land for its new store from Duke for an initial term of 20 years.

Duke's remaining new developments announced today include i) a 40,000 square foot industrial building in Cleveland, Ohio that is 100 percent pre-leased to Ameritech; ii) an 85,000 square foot industrial building located in Duke's Park 82 business park in Cleveland, Ohio; iii) a 123,000 square foot industrial building at the Company's Earth City business park in St. Louis, Missouri; iv) a 66,000 square foot suburban office building in Columbus, Ohio that is 30 percent pre-leased and 50 percent owned by Duke via a joint venture; v) a 73,000 square foot industrial building located in Duke's Skyport 275 industrial park in Cincinnati; vi) a 188,000 square foot industrial building in Chicago; vii) a 107,000 square foot suburban office building located at Duke's Easton development in Columbus; viii) a 168,000 square foot industrial building located at the Company's Groveport Commerce Center in Columbus; ix) a 120,000 square foot industrial building in Indianapolis, Indiana; x) an 86,000 square foot industrial building that is 43 percent pre-leased at Duke's World Park business park in Cincinnati; xi) a 138,000 square foot fully pre-leased expansion of an existing industrial building at Duke's premier Park 100 business Park in Indianapolis, and xii) an 80,000 square foot industrial building in Cincinnati that is 100 percent pre-leased to Cincinnati Bell.

Another acquisition that the Company announced is a 14 building industrial portfolio totaling 458,000 square feet in Minneapolis, Minnesota. The buildings are located in four separate business parks and are 90 percent leased in the aggregate.

Duke's remaining acquisition announced today is an 180,000 square foot bulk warehouse building located two miles north of the O'Hare International Airport in Chicago, Illinois. This property is 100 percent leased to Universal Coach Parts, a subsidiary of Motor Coach Industries International, Inc.

Duke's dispositions announced today include a 96,000 square foot medical office property located in Indianapolis, Indiana and an 118,000 square foot medical office property in Columbus, Ohio. The aggregate sale price of these properties was approximately $20 million and they were sold at an average yield of 9.5 percent.

Duke Realty Investments is a fully integrated real estate company that owns interests in a diversified portfolio of primarily industrial and office properties located in eight Midwestern cities. This portfolio includes 538 properties encompassing approximately 65 million square feet including today's announcements. Duke Realty also owns more than 2,200 acres of land that can support approximately 35 million square feet of future developments.