SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
DUKE REALTY INVESTMENTS, INC.
(Name of Issuer)
COMMON STOCK, PAR VALUE $.01
(Title of Class of Securities)
264411 50 5
(CUSIP Number)
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CUSIP NO.: 264411 50 5
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(1) Names of reporting persons ........... Thomas L. Hefner
S.S. or I.R.S. Identification Nos. of
above persons ....................... ###-##-####
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(2) Check the appropriate box if a member
of a group (a)
------------
(b) x
------------
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(3) SEC use only ..................................
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(4) Citizenship or place of organization .......... United
States
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Number of shares beneficially owned by each reporting
person with:
(5) Sole voting power ............... 674,833
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(6) Shared voting power .................. 1,447,686
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(7) Sole dispositive power ............... 674,833
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(8) Shared dispositive power ............. 1,447,686
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(9) Aggregate amount beneficially owned by each
reporting person ..................... 2,122,519
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(10) Check if the aggregate amount in Row (9) excludes
certain shares (see instructions) .............
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(11) Percent of class represented by amount in Row (9) 6.8%
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(12) Type of reporting person (see instructions) .. IN
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ITEM 1(a) Name of issuer: Duke Realty Investments,
Inc.
ITEM 1(b) Address of issuer's principal
executive offices: 8888 Keystone Crossing, Suite 1200
Indianapolis, Indiana 46240
ITEM 2(a) Name of person filing: Thomas L. Hefner
ITEM 2(b) Address of principal business
office or, if none, residence:
8888 Keystone Crossing, Suite 1200
Indianapolis, Indiana 46240
ITEM 2(c) Citizenship: United States
ITEM 2(d) Title of class of securities: Common stock,
par value $.01
ITEM 2(e) CUSIP No.: 264411 50 5
ITEM 3 If this statement is filed pursuant to Rules 13d-
1(b), or 13d-2(b), check whether the person filing is a:
(a) / / Broker or dealer registered under Section 15 of the
Act.
(b) / / Bank as defined in section 3(a)(6) of the Act.
(c) / / Insurance company as defined in section 3(a)(19) of
the Act.
(d) / / Investment company registered under section 8 of
the Investment Company Act.
(e) / / Investment adviser registered under section 203 of
the Investment Advisers Act of 1940.
(f) / / Employee benefit plan, pension fund which is
subject to the provisions of the Employee Retirement
Income Security Act of 1974 or endowment fund; see
section 240.13d-1(b)(1)(ii)(F).
(g) / / Parent holding company, in accordance with
section 240.13d-1(b)(ii)(G).
(h) / / Group, in accordance with section 240.13d-
1(b)(ii)(H).
Not applicable.
ITEM 4 OWNERSHIP
(a) Amount beneficially owned: 2,122,519
(b) Percent of class: 6.8%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote:
674,833
(ii) Shared power to vote or direct the vote:
1,447,686*
(iii) Sole power to dispose or to direct the disposition
of: 674,833
(iv) Shared power to dispose or to direct the
disposition of: 1,447,686*
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*Consists of Convertible securities owned by DMI Partnership
and Park 100 Investors, Inc.
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ITEM 5 OWNERSHIP OF 5 PERCENT OR LESS OF A CLASS. If this
statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the
beneficial owner of more than 5% of the class of securities,
check the following / / .
ITEM 6 OWNERSHIP OF MORE THAN 5 PERCENT ON BEHALF OF
ANOTHER PERSON.
Not applicable.
ITEM 7 IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY
WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT
HOLDING COMPANY.
Not applicable.
ITEM 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE
GROUP.
Not applicable.
ITEM 9 NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10 CERTIFICATION
Not applicable.
SIGNATURE.
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
Dated: February 12, 1997 /s/ Thomas L. Hefner
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Thomas L. Hefner
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