<PAGE>
As filed with the Securities and Exchange Commission on January 12, 1996
=====================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 28, 1995
DUKE REALTY INVESTMENTS, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Indiana 1-9044 35-1740409
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
8888 Keystone Crossing, Suite 1200
Indianapolis, Indiana 46240
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (317) 574-3531
NOT APPLICABLE
(Former name or former address changed since last report)
===========================================================================
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ITEM 5. OTHER EVENTS
On December 28, 1995, Duke Realty Investments, Inc. (the
"Company") and subsidiaries formed a joint venture with an
institutional real estate investor and purchased 25 industrial
buildings totaling approximately 2,250,000 square feet, primarily
located in Park 100 Business Park in Indianapolis, Indiana. In
addition, the Company purchased the joint venture interest of its
partner in Parkwood Crossing in Indianapolis, Indiana, a suburban
office development and announced certain other property
acquisitions and expansions. Further details regarding these
transactions are reflected in the press release which is attached
as an exhibit to this report and incorporated herein by reference.
ITEM 7(c). EXHIBITS
The following exhibit is filed with this report:
Exhibit
Number
--------
20 Press Release dated December 28, 1995
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Duke Realty Investments, Inc.
(Registrant)
Date: January 12, 1996 By: /s/ Dennis D. Oklak
---------------------------------------
Dennis D. Oklak
Vice President and Treasurer
<PAGE>
EXHIBIT 20
For Immediate Release For Investor Inquiries, contact:
December 28, 1995 Thomas K. Peck
95-15 317/574-3512
For Media Inquiries, contact:
Donna H. Coppinger
317/574-3518
DRE ANNOUNCES NEW ACQUISITIONS, EXPANSIONS AND PROPERTY SALE
INDIANAPOLIS - Duke Realty Investments, Inc. (DRE/NYSE) reported today that
it has formed a joint venture with an institutional real estate investor and
purchased 25 industrial buildings totaling approximately 2,250,000 square feet,
primarily in Park 100 Business Park in Indianapolis, Indiana. Additionally, the
Company announced two new expansion projects totaling 150,000 square feet and
that it has purchased (i) the joint venture interest of its partner in Parkwood
Crossing, a suburban office development in Indianapolis, Indiana; (ii) 50 acres
of land at Earth City in St. Louis, Missouri; and (iii) two industrial buildings
in Cincinnati, Ohio totaling approximately 116,000 square feet. Duke's total
investment in the above, excluding land, is $92.7 million on which it
anticipates earning a return of approximately 11 percent. The Company also
invested an additional $11.2 million in its land purchases at Earth City and
Parkwood Crossing.
The 25 Indianapolis industrial properties acquired contain approximately
2,250,000 square feet and are 97 percent leased. Twenty-two of the new
properties are located in Park 100 Business Park and three are in Hillsdale
TechneCenter. All of the properties acquired were initially built by Duke and
have been leased and managed by Duke since their construction. According to
Thomas L. Hefner, President and Chief Executive Officer; "The alliance that was
created to purchase these properties was a strategic move which allows us to
further enhance our dominant market position by gaining control of the highest
quality portfolio of Indianapolis industrial assets that we did not already own.
Having built the new properties initially and having managed them for several
years, we are very pleased with the synergy that will result from their addition
to our portfolio."
The Venture created to purchase the Indianapolis industrial properties was
formed by Duke contributing at fair market value approximately 1.4 million
square feet of recently developed or acquired industrial properties, 1.1 million
square feet of property under development, 113 acres of recently acquired land
and approximately $4.4 million of cash. The Company's joint venture partner, an
institutional investor with a 10 year business relationship with Duke,
contributed cash in the amount equal to the value of Duke's contribution. As a
result, the Venture owns more than 3.6 million square feet of industrial
properties encumbered by only $3.9 million of debt. Upon completion of the
properties under development, the Venture will own approximately 4,750,000
square feet of industrial properties and 113 acres of industrially zoned land
having a total value in excess of $170,000,000. Attached is a schedule showing
the properties involved together with an outline of the joint venture terms.
The new expansion projects announced today involve two distribution
facilities that are also at Park 100 Business Park. Shepard Poorman Graphics
has signed a 10 year lease for a 52,800 square foot expansion of Building 91.
Day Dream Publishing, Inc., has signed an eight year lease for a 97,080 square
foot expansion of the 98,000 square foot facility which was built for them by
Duke in 1994. Both Shepard Poorman Graphics and Day Dream Publishing are
affiliates of Shepard Poorman Communications Corporation.
<PAGE>
Duke's acquisition of the remaining partnership interest in Parkwood
Crossing involves two buildings and approximately 40 acres of land. The
buildings include One Parkwood, a 108,000 square foot suburban office property
which is 100 percent leased, and Two Parkwood a 93,000 square foot office
building which is in the final stages of development and is 83 percent pre-
leased. The acreage involved is zoned for approximately 650,000 square feet of
additional suburban office buildings.
The Cincinnati industrial acquisition includes two distribution buildings
totaling 116,000 square feet. The two buildings are 82 percent leased in the
aggregate and are located near Duke's World Park project in northern Cincinnati.
The St. Louis land acquisition consists of 50 acres at Earth City, a 1,200
acre multi-use business park which contains approximately 6 million square feet
of commercial properties. With this purchase, Duke now owns more than 150 acres
at Earth City including the only large, contiguous land parcels remaining at
this location on which it can construct more than 2.5 million square feet of
future industrial property.
The Company also announced today that it has sold Building 77, a 193,400
square foot warehouse facility located at Park 100 Business Park in
Indianapolis. The property was sold pursuant to a tenant's purchase option.
Duke will report a gain in the fourth quarter as a result of this sale.
Duke Realty Investments is a fully integrated real estate company which
owns interests in a diversified portfolio of 216 industrial, office and retail
properties encompassing approximately 23.6 million square feet including today's
announcements. These properties are primarily located in eight midwestern
states with 196 properties located in the metropolitan areas of Indianapolis,
Indiana; Columbus, Ohio; Cincinnati, Ohio; and St. Louis, Missouri. Duke Realty
also owns approximately 1,100 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 approximately 10 million square feet of
properties owned by third parties.
JOINT VENTURE SUMMARY
DUKE PROPERTIES CONTRIBUTED
<TABLE>
<CAPTION>
PROPERTY SQUARE FEET PERCENT LEASED METRO AREA
-------- ----------- -------------- ----------
<S> <C> <C> <C>
Thomson Consumer Electronics* 599,040 100 Indianapolis, IN
Dayco Products 282,539 100 Louisville, KY
Microage 304,000 100 Cincinnati, OH
Little Brown* 500,455 100 Indianapolis, IN
Park Fletcher (17 buildings) 809,384 89 Indianapolis, IN
Park Fletcher Land (113 acres) N/A N/A Indianapolis, IN
--------- -------
2,495,418 96
* Will be acquired by the Venture upon completion of development.
NEW PROPERTIES ACQUIRED:
PROPERTY SQUARE FEET PERCENT LEASED METRO AREA
-------- ----------- -------------- ----------
Park 100 (22 buildings) 2,007,520 97 Indianapolis, IN
Hillsdale TechneCenter (3 bldgs.) 241,086 99 Indianapolis, IN
--------- ----
2,248,606 97
Grand Total 4,744,024 96
</TABLE>
<PAGE>
VENTURE TERMS:
STRUCTURE: An Indiana limited liability company
OWNERSHIP: DRE - 50.1 percent, Institutional Investor - 49.9
percent
PROPERTY MGMT: Duke Realty Services Limited Partnership
LEASING AGENT: Duke Realty Services Limited Partnership
CONSTRUCTION SERVICES: Development and construction services provided on joint
venture land or buildings will be provided by Duke.
DEBT: Approximately $3.9 million secured by two Park Fletcher
buildings. The remaining 44 buildings are
unencumbered.
DECISION MAKING: Routine decisions handled by Duke. Non-routine or
material decisions agreed upon mutually.
BREAK-UP PROVISION: 50/50 division of assets upon request of either
venturer
