<PAGE>
As filed with the Securities and Exchange Commission on June 28, 1996
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE,
SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
[x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED]
For the transition period from _________________ to __________________
Commission file number: 1-9044
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
DUKE REALTY PROFIT SHARING AND SALARY DEFERRAL PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
DUKE REALTY INVESTMENTS, INC.
8888 KEYSTONE CROSSING, SUITE 1200
INDIANAPOLIS, INDIANA 46240
<PAGE>
DUKE REALTY PROFIT SHARING
AND SALARY DEFERRAL PLAN
Financial Statements with
Supplemental Schedules
December 31, 1995 and 1994
(With Independent Auditors' Report Thereon)
<PAGE>
DUKE REALTY PROFIT SHARING
AND SALARY DEFERRAL PLAN
December 31, 1995 and 1994
Index
Page
----
Independent Auditors' Report 1
Financial Statements:
Statements of Net Assets Available for Plan Benefits 2
Statements of Changes in Net Assets Available for Plan Benefits 3
Notes to Financial Statements 4-10
Schedule
--------
Schedule of Assets Held for Investments Purposes 1
Schedule of Reportable Transactions 2
<PAGE>
INDEPENDENT AUDITORS' REPORT
- - - - ----------------------------
The Employee Benefits Committee
DUKE REALTY PROFIT SHARING AND SALARY DEFERRAL PLAN:
We have audited the accompanying statements of net assets available for plan
benefits of Duke Realty Profit Sharing and Salary Deferral Plan as of
December 31, 1995 and 1994, and the related statements of changes in net
assets available for plan benefits for the years then ended. These financial
statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of Duke
Realty Profit Sharing and Salary Deferral Plan as of December 31, 1995 and
1994, and the changes in net assets available for plan benefits for the years
then ended, in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
held for investment purposes and reportable transactions are presented for
the purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974. The supplemental
schedules have been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, are fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
KPMG Peat Marwick LLP
Indianapolis, Indiana
June 28, 1996
-1-
<PAGE>
DUKE REALTY PROFIT SHARING AND SALARY DEFERRAL PLAN
Statements of Net Assets Available for Plan Benefits
December 31, 1995 and 1994
1995 1994
---- ----
Assets held by Trustee:
Investments, at market value:
Collective trust $ 902,492 $1,411,464
Mutual funds 6,256,990 3,837,336
Common stock 2,395,518 1,318,356
Loans 161,010 -
Insurance cash surrender value - 77,064
Cash held for investment 519 208,949
Contributions receivable:
Participants 65,538 63,421
Employer 34,393 224,184
--------- ---------
NET ASSETS AVAILABLE FOR PLAN BENEFITS $9,816,460 $7,140,774
--------- ---------
--------- ---------
See accompanying notes to financial statements.
-2-
<PAGE>
DUKE REALTY PROFIT SHARING AND SALARY DEFERRAL PLAN
Statements of Changes in Net Assets Available for Plan Benefits
Years Ended December 31, 1995 and 1994
1995 1994
---- ----
Additions to net assets:
Contributions:
Participants' salary deferral $ 712,307 $ 554,741
Employer matching of salary deferral 236,752 119,708
Participants' rollover 71,531 57,723
Contributions receivable 99,931 287,605
--------- ---------
1,120,521 1,019,777
--------- ---------
Investment income:
Net appreciation in fair value of
investments 1,066,047 97,796
Interest and dividends 754,102 254,520
Increase in insurance cash
surrender value 12,156 20,916
--------- ---------
1,832,305 373,232
--------- ---------
Total additions 2,952,826 1,393,009
--------- ---------
Deductions from net assets:
Benefits paid to participants 256,292 556,615
Life insurance premium payments 12,838 24,377
Administrative expenses 8,010 9,295
--------- ---------
Total deductions 277,140 590,287
--------- ---------
Net increase 2,675,686 802,722
Net assets available for plan benefits:
Beginning of year 7,140,774 6,338,052
--------- ---------
End of year $9,816,460 $7,140,774
--------- ---------
--------- ---------
See accompanying notes to financial statements.
-3-
<PAGE>
DUKE REALTY PROFIT SHARING AND SALARY DEFERRAL PLAN
Notes to Financial Statements
(1) DESCRIPTION OF PLAN
The following description of the Duke Realty Profit Sharing and Salary
Deferral Plan (the Plan) provides only general information. Participants
should refer to the Plan agreement for a more complete description of the
Plan's provisions.
GENERAL
The Plan is a defined contribution plan sponsored by Duke Realty Services
Limited Partnership and predecessor companies (the Employer) covering all
full-time employees who have completed one-half year of service as defined
by the Plan and are age 21 years or older. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
CONTRIBUTIONS
Eligible participants may elect to defer a percentage of their compensation
to be contributed to their Employee Deferral Account. Each year the
Employee Benefits Committee (the Committee) fixes the minimum and maximum
percent that may be contributed, not to exceed 15% of the participants'
compensation for each plan year subject to limitations imposed by the
Internal Revenue Service. The Employer matches participant contributions
annually up to a maximum of the greater of $500 or 2% of total
compensation. The Employer matching contribution is limited to the
participant's first $150,000 of compensation, and the contribution is
invested in the common stock of Duke Realty Investments, Inc., the parent
of the general partner of the Employer.
The Employer may also make discretionary contributions of a portion of its
profits to the Plan to be invested in the common stock of Duke Realty
Investments, Inc. The Employer made a profit sharing contribution of
$120,000 in 1994.
PARTICIPANTS ACCOUNTS
Each participant's account is credited with the participant's contribution,
the Employer matching contribution, allocations of the Employer's profit
sharing contribution (when applicable), Plan earnings, and forfeitures of
terminated participants' non-vested accounts upon the distribution of the
vested portion of their accounts. The benefit to which a participant is
entitled is the benefit that can be provided from the participant's
account.
Continued
-4-
<PAGE>
DUKE REALTY PROFIT SHARING AND SALARY DEFERRAL PLAN
Notes to Financial Statements
VESTING
Participants are immediately vested in elective salary reduction
contributions, Employer matching contributions and the actual earnings
thereon. Vesting in both the profit sharing contribution and forfeiture
allocation and the earnings thereon is based upon the years of service of
the participant. A year of service means a plan year in which the
participant completes at least 1,000 hours of service. A participant
becomes 20% vested after three years of service and vests an additional
20% for each year of service thereafter and is 100% vested after seven
years of service.
BENEFITS
When a distribution is made upon termination of service or retirement, a
participant's vested account balance is to be distributed in a lump-sum
payment within 60 days after completion of the Plan valuation date for the
period in which the event giving rise to the distribution occurred.
FORFEITURES
Participants who terminate employment and receive distribution of the
vested portion of their profit sharing account forfeit any non-vested
portion of their account. These forfeitures are allocated to other
participants in the same manner as the profit sharing contributions.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
INVESTMENT VALUATION
Mutual fund and common stock investments are stated at fair market value as
determined by quoted market prices. The collective trust investment is
stated at fair market value as reported by the trustee. The amount
recorded as loans approximates fair value because the interest rates
charged approximate current market rates.
ADMINISTRATIVE EXPENSES
Trustee fees are paid by the Plan as incurred. Other expenses of the Plan
are paid directly by the Employer.
Continued
-5-
<PAGE>
DUKE REALTY PROFIT SHARING AND SALARY DEFERRAL PLAN
Notes to Financial Statements
TAX STATUS
The Plan has received a favorable determination letter from the Internal
Revenue Service that the Plan qualifies under Section 401(a) of the
Internal Revenue Code and is exempt from federal income taxes under the
provision of Section 501(a).
As a general rule, participant salary reduction contributions and employer
contributions are not taxable to a participant until distributed from the
Plan.
RECLASSIFICATION
Certain 1994 amounts have been reclassified in order to confirm with the
current year presentation.
(3) PLAN TERMINATION
Although it has not expressed any intent to do so, the Employer has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of ERISA. In the event of
Plan termination, participants will become 100% vested in their accounts.
(4) INVESTMENTS
The Employee Benefit Committee of Duke Realty Services Limited Partnership
served as trustee during 1994, and on January 1, 1995, Merrill Lynch Trust
Company was established as the new trustee. Investments at fair market
value at December 31, 1995 and 1994, include the following:
Continued
-6-
<PAGE>
DUKE REALTY PROFIT SHARING AND SALARY DEFERRAL PLAN
Notes to Financial Statements
(4) INVESTMENTS (continued)
<TABLE>
<CAPTION>
1995 1994
---------- ----------
<S> <C> <C>
Collective trust:
Merrill Lynch Retirement Preservation Trust $ 902,492 $1,411,464
---------- ----------
---------- ----------
Mutual funds:
AIM Constellation Fund 599,745 22,622
AIM Limited Maturity Treasury Shares Fund 42,981 -
Merrill Lynch Capital Fund, Inc. Class B Shares - 3,748,834
Merrill Lynch Capital Fund, Inc. Class D Shares 4,551,280 -
Merrill Lynch Growth Fund Class B Shares - 29,617
Merrill Lynch Growth Fund Class D Shares 703,175 -
The Bond Fund of America - 4,568
EuroPacific Growth Fund - 31,695
Templeton Foreign Fund 359,809 -
--------- ---------
6,256,990 3,837,336
--------- ---------
--------- ---------
Common stock:
Duke Realty Investments, Inc. 2,395,518 1,318,356
--------- ---------
--------- ---------
</TABLE>
(5) CASH HELD FOR INVESTMENT
Cash held for investment primarily represents contributions received by
Merrill Lynch, but not yet invested in the respective funds. The cash held
for investment is maintained in an interest bearing account until it is
transferred into the appropriate directed fund.
(6) LOANS
Beginning in March of 1995 the Committee authorized the Trustee to make
loans to participants. Participant loan withdrawals are limited to the
lesser of $50,000 or 50% of the participants vested account balance. Under
terms of the loan agreement loans must be payable in not more than five
years, unless used to acquire a principal residence. Interest rates are
fixed at the commercial lending rates.
Continued
-7-
<PAGE>
DUKE REALTY PROFIT SHARING AND SALARY DEFERRAL PLAN
Notes to Financial Statements
(7) BENEFITS PAYABLE
At December 31, 1995, benefits payable to participants amounted to $50,441.
(8) RECONCILIATION BETWEEN FINANCIAL STATEMENTS AND FORM 5500
At December 31, 1995, net assets available for plan benefits reported in the
financial statements were greater than reported on Form 5500 by $50,441
which resulted from Form 5500 including a liability for benefits payable.
Continued
-8-
<PAGE>
DUKE REALTY PROFIT SHARING AND SALARY DEFERRAL PLAN
Notes to Financial Statements
(9) NET ASSETS BY FUND
Net assets of the Plan by fund as of December 31, 1995 follow:
<TABLE>
<CAPTION>
AIM AIM Capital Fund, Capital Fund, Growth Growth The Bond
Constellation Limited Inc. Class Inc. Class Fund Class Fund Class Fund of
Fund Maturity Fund B Shares D Shares B Shares D Shares America
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments held by Trustee
Collective trust $ - - - - - - -
Mutual funds 599,745 42,981 - 4,551,280 - 703,175 -
Common stock - - - - - - -
Loans - - - - - - -
Cash held for investment - - - - - - -
-------------------------------------------------------------------------------------------------------
599,745 42,981 - 4,551,280 - 703,175 -
Contributions receivable 14,406 1,963 - 10,747 - 15,043 -
-------------------------------------------------------------------------------------------------------
Net assets available for
plan benefits $ 614,151 44,944 - 4,562,027 - 718,218 -
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
<CAPTION>
Euro Pacific Templeton Insurance Retirement
Growth Foreign Stock Cash Surrender Preservation Loan
Fund Fund Fund Value Trust Fund Total
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments held by Trustee
Collective trust - - - - 902,492 - 902,492
Mutual funds - 359,809 - - - - 6,256,990
Common stock - - 2,395,518 - - - 2,395,518
Loans - - - - - 161,010 161,010
Cash held for investment - - - - 519 - 519
-------------------------------------------------------------------------------------------------------
- 359,809 2,395,518 - 903,011 161,010 9,716,529
Contributions receivable - 9,511 44,481 - 3,780 - 99,931
-------------------------------------------------------------------------------------------------------
Net assets available for
plan benefits - 369,320 2,439,999 - 906,791 161,010 9,816,460
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
</TABLE>
NET ASSETS OF THE PLAN BY FUND AS OF DECEMBER 31, 1994 FOLLOW:
<TABLE>
<CAPTION>
AIM AIM Capital Fund, Capital Fund, Growth Growth The Bond
Constellation Limited Inc. Class Inc. Class Fund Class Fund Class Fund of
Fund Maturity Fund B Shares D Shares B Shares D Shares America
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments held by Trustee
Collective trust $ - - - - - - -
Mutual funds 22,622 - 3,748,834 - 29,617 - 4,568
Common stock - - - - - - -
Insurance cash
surrender value - - - - - - -
Cash held for investment 12,174 - 162,422 - 9,095 - 1,651
-------------------------------------------------------------------------------------------------------
34,796 - 3,911,256 - 38,712 - 6,219
Contributions receivable 13,616 - 7,835 - 12,077 - 2,005
-------------------------------------------------------------------------------------------------------
Net assets available for
plan benefits $ 48,412 - 3,919,091 - 50,789 - 8,224
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
<CAPTION>
Euro Pacific Templeton Insurance Retirement
Growth Foreign Stock Cash Surrender Preservation Loan
Fund Fund Fund Value Trust Fund Total
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments held by Trustee
Collective trust - - - - 1,411,464 - 1,411,464
Mutual funds 31,695 - - - - - 3,837,336
Common stock - - 1,318,356 - - - 1,318,356
Insurance cash
surrender value - - - 77,064 - - 77,064
Cash held for investment 18,464 - 5,143 - - - 208,949
-------------------------------------------------------------------------------------------------------
50,159 - 1,323,499 77,064 1,411,464 - 6,853,169
Contributions receivable 16,838 - 230,283 - 4,951 - 287,605
-------------------------------------------------------------------------------------------------------
Net assets available for
plan benefits 66,997 - 1,553,782 77,064 1,416,415 - 7,140,774
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
</TABLE>
-9-
<PAGE>
DUKE REALTY PROFIT SHARING AND SALARY DEFERRAL PLAN
Notes to Financial Statements
(10) INVESTMENT FUND CHANGES
A summary of changes in plan assets by fund for the year ended December 31,
1995 follows:
<TABLE>
<CAPTION>
AIM AIM Capital Fund, Capital Fund, Growth Growth The Bond
Constellation Limited Inc. Class Inc. Class Fund Class Fund Class Fund of
Fund Maturity Fund B Shares D Shares B Shares D Shares America
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Plan assets at
December 31, 1994 $ 48,412 - 3,919,091 - 50,789 - 8,224
Additions:
Participants' salary
deferrals 151,126 4,751 76,684 27,328 113,492 36,192 15,215
Employer matching - - - - - - -
Participants' rollover 20,957 1,265 1,290 2,337 9,742 4,656 1,480
Loan repayments 1,004 - 785 - 1,420 - 293
Insurance cash
surrender value - - - - - - -
Interest and dividends 13,615 213 113,725 359,257 166 60,951 688
Net appreciation
(depreciation) in fair
value of investments 94,140 240 433,409 337,020 10,268 2,195 559
Contribution receivable 14,406 1,963 - 10,747 - 15,043 -
-------------------------------------------------------------------------------------------------------
Total additions 295,248 8,432 625,893 736,689 135,088 119,037 18,235
-------------------------------------------------------------------------------------------------------
Deductions:
Benefits paid
to participants (3,471) - (131,357) (29,132) (3,442) (96) (1,078)
Administrative expenses - - - (1,946) - - (177)
Loans (1,832) - (79,981) - (4,408) - (409)
Life insurance premiums - - - - - - -
-------------------------------------------------------------------------------------------------------
Total deductions (5,303) - (211,338) (31,078) (7,850) (96) (1,664)
Transfers between funds 275,794 36,512 (4,333,646) 3,856,416 (178,027) 599,277 (24,795)
-------------------------------------------------------------------------------------------------------
Plan assets at
December 31, 1995 $ 614,151 44,944 - 4,562,027 - 718,218 -
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
<CAPTION>
Euro Pacific Templeton Insurance Retirement
Growth Foreign Stock Cash Surrender Preservation Loan
Fund Fund Fund Value Trust Fund Total
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Plan assets at
December 31, 1994 66,997 - 1,553,782 77,064 1,416,415 - 7,140,774
Additions:
Participants' salary
deferrals 111,287 23,894 88,653 12,838 50,847 - 712,307
Employer matching - - 236,752 - - - 236,752
Participants' rollover 3,585 304 23,438 - 2,477 - 71,531
Loan repayments 568 - 1,132 - 461 (5,663) -
Insurance cash
surrender value - - - 12,156 - - 12,156
Interest and dividends 610 14,601 126,289 - 61,814 2,173 754,102
Net appreciation
(depreciation) in fair
value of investments 12,980 (19,243) 194,479 - - - 1,066,047
Contribution receivable - 9,511 44,481 - 3,780 - 99,931
-------------------------------------------------------------------------------------------------------
Total additions 129,030 29,067 715,224 24,994 119,379 (3,490) 2,952,826
-------------------------------------------------------------------------------------------------------
Deductions:
Benefits paid
to participants (3,292) (167) (62,003) - (22,254) - (256,292)
Administrative expenses (1,605) - (4,282) - - - (8,010)
Loans (1,662) - (51,246) - (24,962) 164,500 -
Life insurance premiums - - - (12,838) - - (12,838)
-------------------------------------------------------------------------------------------------------
Total deductions (6,559) (167) (117,531) (12,838) (47,216) 164,500 (277,140)
Transfers between funds (189,468) 340,420 288,524 (89,220) (581,787) - -
-------------------------------------------------------------------------------------------------------
Plan assets at
December 31, 1995 - 369,320 2,439,999 - 906,791 161,010 9,816,460
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
</TABLE>
-10-
<PAGE>
Schedule 1
----------
DUKE REALTY PROFIT SHARING AND SALARY DEFERRAL PLAN
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1995
<TABLE>
<CAPTION>
Identity Description of Investment Shares Cost Current Value
- - - - -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Collective trust:
* Merrill Lynch Retirement Preservation Trust 902,492 $ 902,492 $ 902,492
------- ---------- ----------
------- ---------- ----------
Mutual funds:
* Merrill Lynch Capital Fund, Inc. Class D Shares 149,076 4,261,624 4,551,280
* Merrill Lynch Growth Fund Class D Shares 32,315 701,000 703,175
AIM Family of Funds AIM Limited Maturity Fund 4,260 42,744 42,981
AIM Family of Funds AIM Equity Constellation Fund 26,644 575,538 599,745
Templeton Family of Funds Templeton Foreign Fund 39,195 379,062 359,809
------- --------- ---------
251,490 5,959,968 6,256,990
------- --------- ---------
------- --------- ---------
Common stock:
* Duke Realty
Investments, Inc. Common stock 76,351 2,004,943 2,395,518
------- --------- ---------
------- --------- ---------
Loans:
* N/A Participant Loans - 161,010 161,010
------- --------- ---------
------- --------- ---------
</TABLE>
<PAGE>
Schedule 2
----------
DUKE REALTY PROFIT SHARING AND SALARY DEFERRAL PLAN
Item 27d- Schedule of Reportable Transactions
Year Ended December 31, 1995
<TABLE>
<CAPTION>
Current
Description Value on
of Purchase Selling Lease Expense Cost of Transaction Gain/
Identity of Issue Asset Fund Price Price Rental Incurred Asset Date (Loss)
- - - - -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Merrill Lynch Common Stocks Capital Fund, $ - $4,728,755 - - $4,511,790 $4,728,755 $216,965
and Bonds Inc. Class
B Shares
Merrill Lynch Common Stocks Capital Fund, 4,728,755 - - - 4,728,755 - -
and Bonds Inc. Class
D Shares
Merrill Lynch Common Stocks Capital Fund, 360,186 - - - 360,186 - -
and Bonds Inc. Class
D Shares
Series of
- - - - ---------
Transactions
- - - - -------------
of the Same
- - - - ------------
Issue:
- - - - -------
AIM Family Common Stocks AIM 430,229 - - - 430,229 - -
of Funds and Bonds Constellation
Merrill Lynch Common Stocks Capital Fund, 587,532 - - - 587,532 - -
and Bonds Inc. Class
B Shares
Merrill Lynch Common Stocks Capital Fund, - 811,151 - - 843,604 811,151 32,453
and Bonds Inc. Class
D Shares
Merrill Lynch Common Stocks Growth Fund 582,658 - - - 582,658 - -
and Bonds Class D
Shares
Merrill Lynch Common Stocks Stock Fund 1,014,996 - - - 1,014,996 - -
</TABLE>
<PAGE>
SIGNATURES
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
DUKE REALTY PROFIT SHARING AND SALARY DEFERRAL PLAN
Date: June 28, 1996 /s/ Dennis D. Oklak
---------------------
Dennis D. Oklak
Plan Administrator
<PAGE>
The Board of Directors
DUKE REALTY INVESTMENTS, INC.:
We consent to incorporation by reference in the registration statement (No.
33-55727) on Form S-8 of Duke Realty Investments, Inc. of our report dated
June 28, 1996, relating to the statements of net assets available for plan
benefits of Duke Realty Profit Sharing and Salary Deferral Plan as of
December 31, 1995 and 1994, and the related statements of changes in net
assets available for plan benefits for the years then ended, and the related
supplemental schedules of assets held for investment purposes and reportable
transactions, which report appears in the December 31, 1995, annual report on
Form 11-K of Duke Realty Profit Sharing and Salary Deferral Plan.
KPMG Peat Marwick LLP
Indianapolis, Indiana
June 28, 1996
