<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
- --- SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended MARCH 31, 1995
--------------
or
___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to ___________.
________________________________________________________________________
Commission File Number: 1-9044
------
DUKE REALTY INVESTMENTS, INC.
State of Incorporation: IRS Employer ID Number:
INDIANA 35-1740409
- ------------------------- --------------------
Address of principal executive offices:
8888 KEYSTONE CROSSING, SUITE 1200
----------------------------------
INDIANAPOLIS, INDIANA 46240
---------------------------
TELEPHONE: (317) 846-4700
--------------------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
---------- ---------
The number of shares outstanding as of April 28, 1995 was 20,407,095 Common
Shares ($.01 par value).
<PAGE>
DUKE REALTY INVESTMENTS, INC.
INDEX
PART I - FINANCIAL INFORMATION PAGE
- ------------------------------ ----
ITEM 1. FINANCIAL STATEMENTS
Consolidated Balance Sheets as of March 31, 1995
(Unaudited) and December 31, 1994 2
Consolidated Statements of Operations for the three months
ended March 31, 1995 and 1994 (Unaudited) 3
Consolidated Statements of Cash Flows for the three months
ended March 31, 1995 and 1994 (Unaudited) 4
Consolidated Statement of Shareholders' Equity for the three
months ended March 31, 1995 (Unaudited) 5
Notes to Consolidated Financial Statements (Unaudited) 6-7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS 7-12
PART II - OTHER INFORMATION
- ---------------------------
Item 1. Legal Proceedings 13
Item 2. Changes in Securities 13
Item 3. Defaults Upon Senior Securities 13
Item 4. Submission of Matters to a Vote of Security Holders 13
Item 5. Other Information 13
Item 6. Exhibits and Reports of Form 8-K 13
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
DUKE REALTY INVESTMENTS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
----------- ------------
(Unaudited)
<S> <C> <C>
ASSETS
------
Real estate investments:
Land and improvements $ 76,817 $ 72,758
Buildings and tenant improvements 600,893 580,794
Construction in progress 36,749 22,967
Land held for development 43,936 47,194
-------- --------
758,395 723,713
Accumulated depreciation (42,699) (38,058)
Net real estate investments 715,696 685,655
Cash and cash equivalents 7,805 40,433
Accounts receivable, net of allowance of $456 and $450 4,303 4,257
Accrued straight-line rents, net of allowance of $841 5,717 5,030
Receivables on construction contracts 6,132 7,478
Investments in unconsolidated companies 9,465 8,418
Deferred financing costs, net of accumulated
amortization of $2,216 and $1,755 6,069 6,390
Deferred leasing and other costs, net of accumulated
amortization of $3,261 and $2,702 13,222 11,856
Escrow deposits and other assets 4,590 5,384
-------- --------
$772,999 $774,901
-------- --------
-------- --------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Property indebtedness:
Mortgage loans $298,497 $298,640
Construction payables and amounts due subcontractors 10,446 9,464
Accounts payable 801 869
Accrued real estate taxes 8,476 8,983
Other accrued expenses 2,443 3,191
Other liabilities 3,794 3,564
Tenant security deposits and prepaid rents 4,135 3,472
-------- --------
Total liabilities 328,592 328,183
-------- --------
Minority interest 1,165 1,334
-------- --------
Common shares ($.01 par value); 45,000 authorized;
20,392 and 20,391 issued and outstanding 204 204
Additional paid-in capital 481,128 481,101
Distributions in excess of net income (38,090) (35,921)
-------- --------
Total shareholders' equity 443,242 445,384
-------- --------
$772,999 $774,901
-------- --------
-------- --------
</TABLE>
See accompanying Notes to Consolidated Financial Statements
- 2 -
<PAGE>
DUKE REALTY INVESTMENTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<CAPTION>
For the three For the three
months ended months ended
March 31, 1995 March 31, 1994
-------------- --------------
<S> <C> <C>
RENTAL OPERATIONS
Revenues:
Rental income $24,929 $20,334
Interest and other income 657 230
------- -------
25,586 20,564
------- -------
Operating expenses:
Rental expenses 4,997 4,375
Real estate taxes 1,925 1,942
Interest expense 5,145 4,231
Depreciation and amortization 5,592 4,019
General and administrative 527 440
------- -------
18,186 15,007
------- -------
Earnings from rental operations 7,400 5,557
------- -------
SERVICE OPERATIONS
Revenues:
Property management, maintenance and leasing fees 2,476 2,452
Construction management and development fees 1,155 1,639
Interest and other income 204 317
------- -------
3,835 4,408
------- -------
Operating expenses:
Payroll 1,898 2,123
Maintenance 236 225
Office and other 473 597
------- -------
2,607 2,945
------- -------
Earnings from service operations 1,228 1,463
------- -------
Operating income 8,628 7,020
------- -------
Earnings from property sales -- 181
Equity in earnings of unconsolidated companies 439 561
Minority interest in earnings of subsidiaries (1,651) (2,163)
------- -------
Net income $ 7,416 $ 5,599
------- -------
------- -------
Net income per share $ .36 $ .35
------- -------
------- -------
Weighted average number of shares outstanding 20,392 16,046
------- -------
------- -------
</TABLE>
See accompanying Notes to Consolidated Financial Statements
- 3 -
<PAGE>
DUKE REALTY INVESTMENTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
For the three For the three
months ended months ended
March 31, 1995 March 31, 1994
-------------- --------------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 7,416 $ 5,599
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation of buildings and tenant improvements 4,641 3,502
Amortization of deferred financing fees 378 141
Amortization of deferred leasing and other costs 573 376
Minority interest in earnings of subsidiaries 1,651 2,163
Straight-line rent adjustment (687) (688)
Allowance for straight-line rents receivable -- 748
Earnings from property sales, net -- (181)
Construction contracts, net 2,328 (845)
Other accrued revenues and expenses, net (366) (841)
Equity in earnings of unconsolidated companies (42) (91)
-------- --------
NET CASH PROVIDED BY OPERATING ACTIVITIES 15,892 9,883
-------- --------
Cash flows from investing activities:
Proceeds from property sales -- 895
Building, development and acquisition costs (31,871) (8,230)
Tenant improvements (1,923) (788)
Deferred costs and other assets (1,131) (1,778)
Net repayment of advances to unconsolidated companies (40) --
-------- --------
NET CASH USED BY INVESTING ACTIVITIES (34,965) (9,901)
-------- --------
Cash flows from financing activities:
Proceeds from property indebtedness 52 19,099
Payments on property indebtedness (1,755) (11,270)
Distributions to shareholders and unitholders (11,461) (9,216)
Distributions to minority interest (251) (262)
Deferred financing costs (140) (360)
-------- --------
NET CASH USED BY FINANCING ACTIVITIES (13,555) (2,009)
-------- --------
NET DECREASE IN CASH AND CASH EQUIVALENTS (32,628) (2,027)
-------- --------
Cash and cash equivalents at beginning of period 40,433 10,065
-------- --------
Cash and cash equivalents at end of period $ 7,805 $ 8,038
-------- --------
-------- --------
</TABLE>
See accompanying Notes to Consolidated Financial Statements
- 4 -
<PAGE>
DUKE REALTY INVESTMENTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 1995
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
Additional Distributions
Common Paid-in in Excess of
Shares Capital Net Income
------ ---------- ------------
<S> <C> <C> <C>
Balance at December 31, 1994 $204 $481,101 $(35,921)
Issuance of common shares -- 27 --
Net income -- -- 7,416
Distributions to shareholders ($.47 per share) -- -- (9,585)
---- -------- --------
Balance at March 31, 1995 $204 $481,128 $(38,090)
---- -------- --------
---- -------- --------
</TABLE>
See accompanying Notes to Consolidated Financial Statements
- 5 -
<PAGE>
DUKE REALTY INVESTMENTS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. FINANCIAL STATEMENTS
The interim condensed consolidated financial statements included herein have
been prepared by Duke Realty Investments, Inc. (the "Company") without
audit. The statements have been prepared in accordance with generally
accepted accounting principles for interim financial information and with
the instructions for Form 10-Q and Rule 10-01 of Regulation S-X.
Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete financial
statements. In the opinion of management, all adjustments (consisting of
normal recurring adjustments) considered necessary for a fair presentation
have been included. These financial statements should be read in
conjunction with the financial statements and notes thereto included in the
Company's Annual Report to Shareholders.
THE COMPANY
On October 4, 1993, the Company acquired substantially all of the properties
and businesses of Duke Associates, a full-service commercial real estate
firm operating primarily in the Midwest. In connection with the
acquisition, the Company effected a 1 for 4.2 reverse stock split of its
existing shares and issued an additional 14,000,833 shares of Common Stock
through an offering (the "1993 Offering").
On September 29, 1994, the Company issued an additional 3,887,300 shares
of Common Stock through an additional offering (the "1994 Offering") and
received net proceeds of approximately $92.1 million. The proceeds of the
1994 Offering were used to pay down the Company's revolving line of credit
and to fund current development and acquisition costs.
2. PROPERTY INDEBTEDNESS
The Company has a $100 million unsecured revolving credit facility which is
available to fund current development costs and provide working capital.
The revolving line of credit matures in April 1998 and bears interest
payable monthly at the 30-day London Interbank Offered Rate ("LIBOR")
plus 2%.
3. RELATED PARTY TRANSACTIONS
The Company provides management, leasing, construction, and other tenant
related services to properties in which certain executive officers have
continuing ownership
- 6 -
<PAGE>
interests. The Company was paid fees totaling $457,000 and $633,000 for
such services for the three months ended March 31, 1995 and 1994.
Management believes the terms for such services are equivalent to those
available in the market. The Company has an option to purchase the
executive officers' interest in each of the properties.
4. SUBSEQUENT EVENTS
On April 27, 1995, the Board of Directors declared a dividend of
$.47 per share of Common Stock payable on May 31, 1995, to shareholders
of record on May 15, 1995.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
THE COMPANY
The Company was formed in 1985 and qualifies as a real estate investment
trust ("REIT") under the provisions of the Internal Revenue Code. The
Company is an open-ended, perpetual-life REIT which owns and operates a
portfolio of commercial properties primarily in the Midwest.
REORGANIZATION AND OFFERINGS
In October 1993, the Company acquired substantially all of the properties
and businesses of Duke Associates, a related full-service commercial real
estate firm operating primarily in the Midwest (the "Reorganization"). In
connection with the Reorganization, the Company effected a 1 for 4.2
reverse stock split relating to its existing shares of Common Stock and
subsequently issued additional shares of Common Stock through the 1993
Offering. Substantially all of the $309.3 million of net proceeds of the
1993 Offering were used to repay indebtedness of the reorganized company. As
a result of the Reorganization, the Company's properties are owned through
Duke Realty Limited Partnership, an Indiana limited partnership ("DRLP"), of
which the Company is the sole general partner and was the owner of 78% of
the partnership interests ("Units") as of October 1993.
In September 1994, the Company completed the 1994 Offering and received
net proceeds of approximately $92.1 million. The proceeds of the 1994
Offering were contributed to DRLP in exchange for additional Units and
were used by DRLP to fund current development and acquisition costs.
In 1994, as a result of Unitholders exchanging their Units for shares of
Common Stock of the Company pursuant to the DRLP Partnership Agreement,
the Company also acquired an additional interest in DRLP through the
issuance of 456,375 shares of Common Stock
- 7 -
<PAGE>
for a like number of Units. The acquired additional interest in DRLP
was recorded at the fair market value of the Company's common stock on the
date of acquisition. The acquisition amount of $11.5 million was allocated
to rental property, undeveloped land and investments in unconsolidated
companies based on their estimated fair values. As a result of these
transactions, the Company owns an approximate 83.6% interest in DRLP as of
March 31, 1995.
RESULTS OF OPERATIONS - THREE MONTHS ENDED MARCH 31, 1995 COMPARED TO THREE
MONTHS ENDED MARCH 31, 1994
Revenues from rental operations increased from $20.6 million for the three
months ended March 31, 1994 to $25.6 million for the three months ended
March 31, 1995. This $5.0 million increase is attributable to the expansion
of the in-service rental property portfolio through the acquisition and
development of 19 properties totaling approximately 2.9 million square
feet since March 31, 1994. The increase is also due to the one-time
establishment of a $750,000 allowance for accrued straight-line rents
receivable during the three months ended March 31, 1994.
Operating expenses related to rental operations increased from $15.0 million
for the three months ended March 31, 1994 to $18.2 million for the three
months ended March 31, 1995. The main components of this increase include
(i) $600,000 of additional rental expenses related to the 19
additional in-service properties; (ii) $900,000 increase in interest expense
on borrowings used to fund the acquisition and development costs of the
additional in-service properties; and (iii) $1.6 million of additional
depreciation and amortization related to the additional in-service
properties.
Revenues from Service Operations decreased from $4.4 million for the three
months ended March 31, 1994 to $3.8 million for the three months ended March
31, 1995. This decrease was due to decreased construction management and
development fees resulting from decreased third-party construction and
development activity.
Operating expenses related to Service Operations decreased from $2.9 million
for the three months ended March 31, 1994 to $2.6 million for the three
months ended March 31, 1995. This decrease was due to the significant growth
and development of Company-owned properties which resulted in increased
allocation of operating costs to such properties, thereby reducing the
proportionate amount of such costs attributable to third party fee services.
Primarily as a result of the fluctuations discussed above, net income and
net income per weighted average share increased from $5.6 million and $0.35
per share, respectively, for the three months ended March 31, 1994 to $7.4
million and $0.36 per share for the three months ended March 31, 1995,
respectively.
- 8 -
<PAGE>
The occupancy at March 31, 1995 for all of the in-service properties in
which the Company owns a whole or partial interest was 94.5% for the
industrial properties (94.7% at March 31, 1994), 90.5% for the office
properties (91.9% at March 31, 1994), and 96.8% for the retail properties
(89.7% at March 31, 1994), for an overall occupancy rate of 93.6% (93.4%
at March 31, 1994). The decrease in office occupancy is the result of
one tenant which exercised an option to terminate a lease of 114,000
square feet in order to relocate to a new 200,000 square foot facility
developed on a third-party fee basis by the Company.
The following table sets forth information regarding the Company's portfolio
of rental properties as of March 31, 1995 (in thousands, except
percentages):
<TABLE>
<CAPTION>
IN-SERVICE PROPERTIES UNDER DEVELOPMENT
--------------------------- ----------------------------
Total Percent Total Percent
Percent Square of Percent Square of
Type Leased Feet Total Leased Feet Total
---- ------- ------ ------- ------- ------ -------
<S> <C> <C> <C> <C> <C> <C>
Industrial 94.5% 9,089 63% 61.9% 1,752 59%
Office 90.5% 3,987 28 84.9% 982 32
Retail 96.8% 1,366 9 96.1% 256 9
----- ------ ---- ----- ----- ----
Total 93.6% 14,442 100% 72.5% 2,990 100%
----- ------ ---- ----- ----- ----
----- ------ ---- ----- ----- ----
</TABLE>
Management expects occupancy to remain stable because (i) only 5.3% and
10.9% of the Company's total leased square footage is subject to leases
expiring in the remainder of 1995 and 1996, respectively, and (ii) the
Company's renewal percentage averaged 73% and 65% in 1994 and 1993,
respectively. This stable occupancy, along with increasing rental rates
in the Company's markets, should allow the in-service portfolio to continue
to provide a comparable level of earnings from rental operations in the
future. The Company expects to also realize growth in earnings from rental
operations as the 3.0 million square feet of properties under development at
March 31, 1995 are placed in service.
FUNDS FROM OPERATIONS
Management believes that Funds From Operations ("FFO"), which is defined by
the National Association of Real Estate Investment Trusts as net income or
loss excluding gains or losses from debt restructuring and sales of property
plus depreciation and amortization, and after adjustments for unconsolidated
partnerships and joint ventures (adjustments for unconsolidated partnerships
and joint ventures are calculated to reflect FFO on the same basis), is the
industry standard for reporting the operations of real estate investment
trusts. In March 1995, NAREIT issued a clarification of its definition
of FFO. The clarification provides that amortization of deferred financing
costs and depreciation of non-rental real estate assets are no longer to be
added back to net income in arriving at FFO.
- 9 -
<PAGE>
Although the Company has not yet adopted the new method, the following table
presents the Company's FFO under both methods of calculation for
illustrative purposes:
<TABLE>
<CAPTION>
CURRENT METHOD NEW METHOD
------------------ ------------------
THREE MONTHS ENDED THREE MONTHS ENDED
MARCH 31, MARCH 31,
------------------ ------------------
1995 1994 1995 1994
---- ---- ---- ----
(in thousands, except per share
amounts and percentages)
<S> <C> <C> <C> <C>
Net Income $ 7,416 $ 5,599 $ 7,416 $ 5,599
Add back:
Depreciation and amortization 5,213 3,878 5,213 3,878
Amortization of deferred financing costs and
depreciation of non-rental real estate assets 444 182 -- --
Depreciation and amortization of joint ventures 73 125 73 125
Gain on property sales -- (181) -- (181)
Minority interest of unitholders 1,458 1,807 1,458 1,807
------- ------- ------- -------
FUNDS FROM OPERATIONS $14,604 $11,410 $14,160 $11,228
------- ------- ------- -------
------- ------- ------- -------
Weighted average shares/units 24,388 20,478 24,388 20,478
------- ------- ------- -------
------- ------- ------- -------
FFO per weighted average share/unit $ .60 $ .56 $ .58 $ .55
------- ------- ------- -------
------- ------- ------- -------
Dividends paid per share/unit $ .47 $ .45 $ .47 $ .45
------- ------- ------- -------
------- ------- ------- -------
FFO payout ratio (1) 78.3% 80.4% 81.0% 81.8%
------- ------- ------- -------
------- ------- ------- -------
- --------------------------------------------------------------------------------------------
<FN>
(1) Calculated as the dividends paid per share/unit divided by FFO per
weighted average share/unit.
</TABLE>
Management anticipates continued growth in FFO through (i) maintaining
and increasing property occupancy and rental rates through aggressive
management of the Company's existing portfolio of properties; (ii) expanding
existing properties; (iii) developing and acquiring new properties; and (iv)
providing a full line of real estate services to the Company's tenants and
to third parties. The following table indicates the components of the
Company's FFO by primary business segments:
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
--------------------
1995 1994
---- ----
<S> <C> <C>
(in thousands, except per share amounts)
Rental operations:
Original portfolio (1) $14,916 $14,029
Development (2) 1,757 196
Acquisitions (3) 1,568 --
Investments in unconsolidated companies 511 685
Interest expense (5,145) (4,231)
Net rental operations 13,607 10,679
Service operations, net of minority interest 1,021 1,107
Other, net (24) (376)
------- -------
FUNDS FROM OPERATIONS $14,604 $11,410
------- -------
------- -------
- ---------------------------------------------------------------------------------
<FN>
(1) Consists of the component of FFO from the portfolio of properties in-service
at the date of the Reorganization.
(2) Consists of the component of FFO from all properties developed and placed
in-service subsequent to the date ofthe Reorganization.
(3) Consists of the component of FFO from all properties acquired subsequent to
the date of the Reorganization.
</TABLE>
- 10 -
<PAGE>
While management believes that FFO is the most relevant and widely used
measure of the Company's operating performance, such amount does not
represent cash flow from operations as defined by generally accepted
accounting principles, should not be considered as an alternative to net
income as an indicator of the Company's operating performance, and is not
indicative of cash available to fund all cash flow needs.
LIQUIDITY AND CAPITAL RESOURCES
The Company pays regular quarterly dividends with a policy of
distributing no more than 90% of FFO. The dividend declared on April 27,
1995 represented 78.3% of first quarter FFO. Rental and Service Operation
revenue have been the principal sources of capital available to fund the
Company's operating expenses, debt service and recurring capital
expenditures. Net cash provided by operating activities, totaling $15.9
million for the three months ended March 31, 1995, represents the primary
source of liquidity to fund distributions to shareholders, unitholders and
the minority interests and to fund recurring costs associated with the
renovation and re-letting of the Company's properties. Recurring capital
expenditures for the three months ended March 31, 1995 were $1.2 million.
Funds Available for Distribution (Funds From Operations adjusted for
straight-line rent and recurring capital expenditures) for the three months
ended March 31, 1995 were $12.7 million, resulting in a payout ratio for the
dividends for such period of 90.4% of Funds Available for Distribution.
The investing activities of the Company for the three months ended March 31,
1995 of $35.0 million were primarily the result of costs incurred for the
development and acquisition of eight properties placed in service during the
three months and 19 properties under development as of March 31, 1995.
The estimated remaining development costs for these 19 properties as
of March 31, 1995 is $119.4 million. These investing activities for new
property development and acquisitions are funded through a combination of
debt and equity proceeds. The Company has a $100 million unsecured
revolving credit facility which bears interest at LIBOR plus 200 basis
points and matures in April 1998. The line of credit is available to fund
these investing activities. Also, during 1994, DRLP obtained implied
investment grade ratings for its senior unsecured debt from Standard &
Poor's, Moody's and Duff & Phelps. These ratings should provide DRLP with
access to the public unsecured debt market to fund future investing
activities.
The Company intends to limit its debt to no more than 50% of its total
market capitalization (defined as the total market value of all shares and
units outstanding plus the outstanding property indebtedness). The
Company's debt to total market
- 11 -
<PAGE>
capitalization ratio at March 31, 1995 was 31.6% compared to 30.2% at
December 31, 1994. As of March 31, 1995, the Company could incur up to
$348.0 million of additional debt and remain within its 50% of debt to total
market capitalization guideline.
The mortgage debt outstanding at March 31, 1995 consists of notes totaling
$298.5 million with a weighted average interest rate of 7.31% maturing at
various dates through 2018 of which only 1.5% is currently floating rate
debt. Scheduled principal amortization of mortgage debt totaled $354,000
for the three months ended March 31, 1995.
Following is a summary of the scheduled future amortization and maturities
of the Company's mortgage debt (in thousands, except percentages):
<TABLE>
<CAPTION>
Future
Scheduled Future
Year Amortization Maturities Total
---- ------------ ---------- -------
<S> <C> <C> <C>
1995 $ 1,438 $ -- $ 1,438
1996 3,091 62,327 65,418
1997 3,856 -- 3,856
1998 2,223 81,205 83,428
1999 2,423 -- 2,423
2000 2,637 246 2,883
2001 2,291 59,954 62,245
2002 2,494 -- 2,494
2003 251 69,389 69,640
Thereafter 4,672 -- 4,672
------- -------- --------
Total $25,376 $273,121 $298,497
------- -------- --------
------- -------- --------
</TABLE>
The Company currently has on file a Form S-3 Registration Statement with the
Securities and Exchange Commission which has remaining availability as of
March 31, 1995 of approximately $222 million to issue additional common
stock, preferred stock or senior unsecured debt. The Company currently
expects to issue an additional 2.5 million shares of common stock (2,875,000
shares if the underwriters' overallotment option is exercised in full) in an
underwritten public offering under this registration statement during the
second quarter of 1995 in order to raise approximately $63.6 million of net
proceeds which will be used to retire outstanding interim financing used to
fund development and acquisition costs and to fund remaining development and
acquisition costs to be incurred in the second quarter of 1995.
- 12 -
<PAGE>
PART II -- OTHER INFORMATION
Item 1. Legal Proceedings
--------------------------
None
Item 2. Changes in Securities
------------------------------
None
Item 3. Defaults upon Senior Securities
----------------------------------------
None
Item 4. Submission of Matters to a Vote of Security Holders
------------------------------------------------------------
None
Item 5. Other Information
--------------------------
None
Item 6. Exhibits and Reports on Form 8-K
-----------------------------------------
Exhibit 27. Financial Data Schedule (EDGAR filing only)
- 13 -
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
DUKE REALTY INVESTMENTS, INC.
-----------------------------
Registrant
Date: APRIL 28, 1995 /s/ Thomas L. Hefner
------------------------- ------------------------------------
President and
Chief Executive Officer
/s/ Darell E. Zink, Jr.
------------------------------------
Executive Vice President and
Chief Financial Officer
/s/ Dennis D. Oklak
------------------------------------
Vice President and Treasurer
(Chief Accounting Officer)
- 14 -
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<CIK> 0000783280
<NAME> DUKE
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 7,805
<SECURITIES> 0
<RECEIVABLES> 17,449
<ALLOWANCES> (1,297)
<INVENTORY> 0
<CURRENT-ASSETS> 22,830
<PP&E> 758,395
<DEPRECIATION> (42,699)
<TOTAL-ASSETS> 772,999
<CURRENT-LIABILITIES> 30,095
<BONDS> 298,497
<COMMON> 204
0
0
<OTHER-SE> 443,038
<TOTAL-LIABILITY-AND-EQUITY> 772,999
<SALES> 0
<TOTAL-REVENUES> 29,860
<CGS> 15,648
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 1,651
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5,145
<INCOME-PRETAX> 7,416
<INCOME-TAX> 0
<INCOME-CONTINUING> 7,416
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7,416
<EPS-PRIMARY> .36
<EPS-DILUTED> .36
</TABLE>
