UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Hefner, Thomas L.
8888 Keystone Crossing, Suite 1200
Indianapolis, Indiana 46240
2. Issuer Name and Ticker or Trading Symbol
Duke Realty Investments, Inc.
(DRE and DRE/PRA)
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
October 1996
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
President and CEO
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock |10/4/9|C | |2,878 |A |34.00 | |I |(1) |
|6 | | | | | | | | |
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Common Stock |10/4/9|J(2)| |2,878 |D |34.00 | |I |(2) |
|6 | | | | | | | | |
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Common Stock |8/16/9|C | |139 |A |30.75 | |I |(1) |
|6 | | | | | | | | |
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Common Stock |8/16/9|G |V|139 |D |30.75 | |I |(4) |
|6 | | | | | | | | |
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<CAPTION>
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Units of Duke Realty L|Market |8/16/|C | |139 |D |10/4/|N/A |Common Stock|139 | | |I |(3) |
imited Partnership | |96 | | | | |94 | | | | | | | |
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Units of Duke Realty L|Market |10/4/|C | |2,878 |D |10/4/|N/A |Common Stock|2,878 | |219,746 |I |(3) |
imited Partnership | |96 | | | | |94 | | | | | | | |
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| | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
(1) Represents Reporting Person's share of stock received by DMI Partnership
from the conversion of Duke
Realty Limited Partnership
Units.
(2) Represents Reporting Person's interest in Common Stock owned by DMI
Partnership which were transferred
to employees as
compensation.
(3) Represents Reporting Person's interest in Units owned by DMI Partnership
which were converted to
Common Stock.
(4) Represents Reporting Person's interest in Common Stock owned by DMI
Partnership which were transferred
as a
gift.
SIGNATURE OF REPORTING PERSON
Thomas L. Hefner by Dennis D. Oklak per power of attorney
DATE
11/8/96
