As filed with the Securities and Exchange Commission on June 25, 1998
=====================================================================
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, 1997
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 401(k) 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 401(k) PLAN
Financial Statements with
Supplemental Schedules
December 31, 1997 and 1996
(With Independent Auditors' Report Thereon)
<PAGE>
DUKE REALTY 401(k) PLAN
December 31, 1997 and 1996
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 4-9
Schedule
--------
Item 27a - Schedule of Assets Held for Investment
Purposes 1
Item 27d - Schedule of Reportable Transactions 2
<PAGE>
INDEPENDENT AUDITORS' REPORT
- ----------------------------
The Employee Benefits Committee
DUKE REALTY 401(K) PLAN:
We have audited the accompanying statements of net assets available for
plan benefits of Duke Realty 401(k) Plan as of December 31, 1997 and 1996,
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 401(k) Plan as of December 31, 1997 and 1996, 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
May 22, 1998
-1-
<PAGE>
DUKE REALTY 401(k) PLAN
Statements of Net Assets Available for Plan Benefits
December 31, 1997 and 1996
<TABLE>
<CAPTION>
1997 1996
---- ----
<S> <C> <C>
Assets held by Trustee:
Investments, at fair value:
Collective trust $ 785,048 $ 797,095
Mutual funds 9,321,045 7,828,543
Common stock 5,510,086 3,604,986
Loans to participants 380,033 316,614
Cash held for investment 8,921 5,442
Contributions receivable:
Participants 57,847 54,616
Employer 18,160 15,204
---------- ----------
NET ASSETS AVAILABLE FOR
PLAN BENEFITS $16,081,140 $12,622,500
========== ==========
</TABLE>
See accompanying notes to financial statements.
-2-
<PAGE>
DUKE REALTY 401(k) PLAN
Statements of Changes in Net Assets Available for Plan Benefits
Years ended December 31, 1997 and 1996
<TABLE>
<CAPTION>
1997 1996
---- ----
<S> <C> <C>
Additions to net assets:
Contributions:
Participants' salary deferral $ 1,168,846 $ 984,986
Employer matching of salary
deferral 382,026 327,528
Participants' rollover 342,847 335,061
---------- ----------
1,893,719 1,647,575
---------- ----------
Investment income:
Net appreciation in fair
value of investments 1,645,286 1,119,217
Interest and dividends 1,070,957 833,903
---------- ----------
2,716,243 1,953,120
---------- ----------
Total additions 4,609,962 3,600,695
---------- ----------
Deductions from net assets:
Benefits paid to participants 1,151,322 794,655
---------- ----------
Net increase 3,458,640 2,806,040
Net assets available for
plan benefits:
Beginning of year 12,622,500 9,816,460
---------- ----------
End of year $16,081,140 $12,622,500
========== ==========
<\TABLE)
See accompanying notes to financial statements.
-3-
<PAGE>
DUKE REALTY 401(k) PLAN
Notes to Financial Statements
(1) DESCRIPTION OF PLAN
-------------------
The following description of the Duke Realty 401(k) 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 (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 3% of total
compensation (2% prior to January 1998, with a $500 minimum). The
Employer matching contribution is limited to the participant's first
$160,000 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 no profit sharing
contributions in 1997 and 1996.
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 401(k) 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.
Effective January 1998, Employer matching contributions, profit
sharing contributions and forfeitures are vested 20% per year and a
participant is 100% vested after five 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
------------------------------------------
Use of Estimates
----------------
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions that
affect the reported amounts of net assets available for plan benefits
and disclosure of commitments at the date of financial statements and
the changes in net assets available for plan benefits during the
reporting period. Actual results could differ from those estimates.
Continued
-5-
<PAGE>
DUKE REALTY 401(k) PLAN
Notes to Financial Statements
Investment Valuation
--------------------
Mutual fund and common stock investments are stated at fair market
value as determined by quoted market prices. The collective trust
investments are stated at fair market value as reported by the
trustee. The amount recorded as loans is stated at the loaned amount
and approximates fair value because the interest rates charged
approximate current market rates.
Administrative Expenses
-----------------------
Trustee fees and other expenses of the Plan are paid directly by the
Employer.
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 provisions of Section 501(a).
(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
-----------
Merrill Lynch Trust Company serves as trustee of the Plan. The
following individual investments comprise at least five percent of the
fair market value of net assets available for plan benefits as of
December 31:
</TABLE>
<TABLE>
<CAPTION>
1997 1996
---- ----
<S> <C> <C>
Merrill Lynch Retirement Preservation Trust $ 663,762 $ 797,095
AIM Constellation Fund 1,691,366 1,365,596
Merrill Lynch Capital Fund, Inc. Class D
Shares 4,265,251 4,052,836
Merrill Lynch Growth Fund Class D Shares 2,047,196 1,516,451
Templeton Foreign Fund 941,742 788,353
Duke Realty Investments, Inc. 5,510,086 3,604,986
</TABLE>
Continued
-6-
<PAGE>
DUKE REALTY 401(k) PLAN
Notes to Financial Statements
(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
-----
Participant loans are limited to the lesser of $50,000 or 50% of the
participant's contributed account balance (vested account balance
prior to August 1997). Under terms of the loan agreements, loans must
be repaid in not more than five years, unless used to acquire a
principal residence. Interest rates are fixed at the commercial
lending rates.
(7) BENEFITS PAYABLE
----------------
At December 31, 1996, benefits payable to participants amounted to
$1,770.
(8) RECONCILIATION BETWEEN FINANCIAL STATEMENTS AND FORM 5500
---------------------------------------------------------
At December 31, 1996, net assets available for plan benefits reported
in the financial statements were greater than reported on Form 5500
because Form 5500 included a liability for benefits payable of $1,770,
which also resulted in differences in changes in net assets during
1997 and 1996.
(9) PARTY-IN-INTEREST TRANSACTIONS
------------------------------
The following investment funds are sponsored by the Trustee:
Retirement Preservation Trust, Equity Index Trust, Capital Fund, Inc.
Class D Shares, and Growth Fund Class D Shares. In addition,
investments are made in Duke Realty Investments, Inc. common stock
which is the parent of the general partner of the Employer.
Continued
-7-
<PAGE>
DUKE REALTY 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
(10) Net Assets by Fund
------------------
Net assets of the Plan by fund as of December 31, 1997 follow:
Participant - Directed
---------------------------------------------------------------
AIM AIM Oppenheimer Capital Fund,Inc.
Constellation Limited Strategic Inc. Class D
Fund Maturity Fund Fund Shares
------------- -------------- -------------- -----------------
<S> <C> <C> <C> <C>
Investments held
by Trustee
Collective
trust $ - - - -
Mutual funds 1,691,366 - 266,228 4,265,251
Common stock - - - -
Loans - - - -
Cash held for
investment - - - -
--------- ------- ------- ---------
1,691,366 - 266,228 4,265,251
Contributions
receivable 13,517 - 2,226 8,138
--------- ------- ------- ---------
Net assets
available for
plan benefits $1,704,883 - 268,454 4,273,389
========= ======= ======= =========
Net assets of the Plan by fund as of December 31, 1996 follow:
Participant - Directed
---------------------------------------------------------------
AIM AIM Oppenheimer Capital Fund,Inc.
Constellation Limited Strategic Inc. Class D
Fund Maturity Fund Fund Shares
------------- ------------- -------------- -----------------
Investments held
by Trustee
Collective
trust $ - - - -
Mutual funds 1,365,596 105,307 - 4,052,836
Common stock - - - -
Loans - - - -
Cash held for
investment - - - -
--------- ------- ------- ---------
1,365,596 105,307 - 4,052,836
Contributions
receivable 14,633 2,653 - 9,129
--------- ------- ------- ---------
Net assets
available for
plan benefits $1,380,229 107,960 - 4,061,965
========= ======= ======= =========
Net assets of the Plan by fund as of December 31, 1997 follow:
Participant - Directed
-------------------------------------------------------------
Growth Templeton Retirement
Fund Class Foreign Stock Preservation
D Shares Fund Fund Trust
----------- --------- --------- ------------
Investments held
by Trustee
Collective trust - - - 663,762
Mutual funds 2,047,196 941,742 - -
Common stock - - 1,906,021 -
Loans - - - -
Cash held for
investment - - - 8,921
--------- ------- --------- ---------
2,047,196 941,742 1,906,021 672,683
Contributions
receivable 11,774 6,577 11,170 2,193
--------- ------- --------- ---------
Net assets
available for
plan benefits 2,058,970 948,319 1,917,191 674,876
========= ======= ========= =========
Net assets of the Plan by fund as of December 31, 1996 follow:
Participant - Directed
----------------------------------------------------------
Growth Templeton Retirement
Fund Class Foreign Stock Preservation
D Shares Fund Fund Trust
----------- --------- --------- ------------
Investments held
by Trustee
Collective trust - - - 797,095
Mutual funds 1,516,451 788,353 - -
Common stock - - 1,047,114 -
Loans - - - -
Cash held for
investment - - - 5,442
--------- ------- --------- ---------
1,516,451 788,353 1,047,114 802,537
Contributions
receivable 10,984 7,751 7,179 2,287
--------- ------- --------- ---------
Net assets
available for
plan benefits 1,527,435 796,104 1,054,293 804,824
========= ======= ========= =========
</TABLE>
Net assets of the Plan by fund as of December 31, 1997 follow:
<TABLE>
<CAPTION>
Participant - Directed
----------------------------------------------------
Munder
Equity Index Small Co. Loan
Trust Growth Fund Fund
------------- ----------- -----------
<S> <C> <C> <C>
Investments held by Trustee
Collective trust 121,286 - -
Mutual funds - 109,262 -
Common stock - - -
Loans - - 380,033
Cash held for investment - - -
--------- --------- -------
121,286 109,262 380,033
Contributions receivable 1,391 861 -
--------- --------- -------
Net assets available for
plan benefits 122,677 110,123 380,033
========= ========= =======
Net assets of the Plan by fund as of December 31, 1996 follow:
Participant - Directed
-------------------------------------------------
Munder
Equity Index Small Co. Loan
Trust Growth Fund Fund
------------- ----------- ----------
Investments held by Trustee
Collective trust - - -
Mutual funds - - -
Common stock - - -
Loans - - 316,614
Cash held for investment - - -
--------- --------- -------
- - 316,614
Contributions receivable - - -
--------- --------- -------
Net assets available for
plan benefits - - 316,614
========= ========= =======
</TABLE>
Net assets of the Plan by fund as of December 31, 1997 follow:
<TABLE>
<CAPTION>
Non-Participant
Directed
---------------
Stock
Fund Total
--------------- ---------
<S> <C> <C>
Investments held by Trustee
Collective trust - 785,048
Mutual funds - 9,321,045
Common stock 3,604,065 5,510,086
Loans - 380,033
Cash held for investment - 8,921
--------- ----------
3,604,065 16,005,133
Contributions receivable 18,160 76,007
--------- ----------
Net assets available for
plan benefits 3,622,225 16,081,140
========= ==========
Net assets of the Plan by fund as of December 31, 1996 follow:
Non-Participant
Directed
---------------
Stock
Fund Total
--------------- ----------
Investments held by Trustee
Collective trust - 797,095
Mutual funds - 7,828,543
Common stock 2,557,872 3,604,986
Loans - 316,614
Cash held for investment - 5,442
--------- ----------
2,557,872 12,552,680
Contributions receivable 15,204 69,820
--------- ----------
Net assets available for
plan benefits 2,573,076 12,622,500
========= ==========
</TABLE>
DUKE REALTY 401(K) PLAN
NOTES TO FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
(11) INVESTMENT FUND CHANGES
-----------------------
A summary of changes in plan assets by fund for the year ended December
31, 1997 follows:
Participant - Directed
-----------------------------------------------------------------
AIM AIM Oppenheimer Capital Fund,Inc.
Constellation Limited Strategic Inc. Class D
Fund Maturity Fund Fund Shares
------------- ------------- -------------- -----------------
<S> <C> <C> <C> <C>
Plan assets at
December 31,
1996 $1,380,229 107,960 - 4,061,965
Additions:
Participants'
salary
deferrals 298,436 14,866 23,156 173,449
Employer
matching - - - -
Participants'
rollover 35,360 - 197 19,519
Loan
repayments 16,225 959 1,698 17,406
Interest and
dividends 121,968 1,862 11,470 360,298
Net appreciation
(depreciation )
in fair value of
investments 70,174 (491) 341 439,628
--------- ------- ------- ---------
Total
additions 542,163 17,196 36,862 1,010,300
--------- ------- ------- ---------
Deductions:
Benefits paid to
participants (74,485) (19,006) (438) (453,133)
Loans (29,364) - (2,458) (57,718)
--------- ------- ------- ---------
Total
deductions (103,849) (19,006) (2,896) (510,851)
Transfers
between
funds (113,660) (106,150) 234,488 (288,025)
--------- ------- ------- ---------
Plan assets at
December 31,
1997 $1,704,883 - 268,454 4,273,389
========= ======= ======= =========
Participant - Directed
----------------------------------------------------------------
Growth Templeton Retirement
Fund Class Foreign Stock Preservation
D Shares Fund Fund Trust
----------- --------- ------------ ------------
Plan assets at
December 31,
1996 1,527,435 796,104 1,054,293 804,824
Additions:
Participants'
salary
deferrals 256,568 166,952 179,173 36,263
Employer
matching - - - -
Participants'
rollover 72,369 22,372 147,569 29,466
Loan
repayments 24,246 14,343 21,577 9,289
Interest and
dividends 157,815 101,168 72,173 40,349
Net appreciation
(depreciation)
in fair value
of investments 134,570 (46,371) 338,471 -
--------- ------- --------- -------
Total
additions 645,568 258,464 758,963 115,367
--------- ------- --------- -------
Deductions:
Benefits paid to
participants (59,871) (72,348) (116,808) (110,030)
Loans (26,689) (11,630) (37,626) (15,504)
--------- ------- --------- -------
Total
deductions (86,560) (83,978) (154,434) (125,534)
Transfers
between
funds (27,473) (22,271) 258,369 (119,781)
--------- ------- --------- -------
Plan assets at
December 31,
1997 2,058,970 948,319 1,917,191 674,876
========= ======= ========= =======
</TABLE>
<TABLE>
<CAPTION>
Participant - Directed
----------------------------------------------------
Munder
Equity Index Small Co. Loan
Trust Growth Fund Fund
------------- ----------- --------
<S> <C> <C> <C>
Plan assets at December
31, 1996 - - 316,614
Additions:
Participants' salary
deferrals 12,978 7,005 -
Employer matching - - -
Participants' rollover 6,549 9,446 -
Loan repayments - - (126,624)
Interest and dividends - 17,466 30,225
Net appreciation
(depreciation)
in fair value
of investments 7,493 (12,640) -
--------- --------- -------
Total additions 27,020 21,277 (96,399)
--------- --------- -------
Deductions:
Benefits paid to
participants - - (21,171)
Loans - - 180,989
--------- --------- -------
Total deductions - - 159,818
Transfers between funds 95,657 88,846 -
--------- --------- -------
Plan assets at December
31, 1997 122,677 110,123 380,033
========= ========= =======
</TABLE>
<TABLE>
<CAPTION>
Non-Participant
Directed
---------------
Stock
Fund Total
----------- ---------
<S> <C> <C>
Plan assets at December 31, 1996 2,573,076 12,622,500
Additions:
Participants' salary deferrals - 1,168,846
Employer matching 382,026 382,026
Participants' rollover - 342,847
Loan repayments 20,881 -
Interest and dividends 156,163 1,070,957
Net appreciation (depreciation)
in fair value of investments 714,111 1,645,286
--------- ----------
Total additions 1,273,181 4,609,962
--------- ----------
Deductions:
Benefits paid to participants (224,032) (1,151,322)
Loans - -
--------- ----------
Total deductions (224,032) (1,151,322)
Transfers between funds - -
--------- ----------
Plan assets at December 31, 1997 3,622,225 16,081,140
========= ==========
</TABLE>
<PAGE>
Schedule 1
- ----------
DUKE REALTY 401(k) PLAN
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1997
<TABLE>
<CAPTION>
Identity Description of Investment Shares Cost Current Value
- -------- ------------------------- ------ ----------- -------------
<S> <C> <C> <C> <C>
Collective
trusts:
* Merrill Lynch Retirement Preservation
Trust 663,762 $ 663,762 $ 663,762
* Merrill Lynch Equity Index Trust 1,855 113,793 121,286
------- --------- ---------
665,617 777,555 785,048
======= ========= =========
Mutual funds:
* Merrill Lynch Capital Fund, Inc.
Class D Shares 123,774 3,511,595 4,265,251
* Merrill Lynch Growth Fund
Class D Shares 71,681 1,729,701 2,047,196
Oppenheimer Oppenheimer Strategic
Family of Funds Inc. Fund 54,332 265,993 266,228
AIM Family AIM Equity
of Funds Constellation Fund 64,115 1,519,343 1,691,366
Templeton Family
of Funds Templeton Foreign Fund 94,648 953,565 941,742
Munder Family Munder Small Company
of Funds Growth Fund 5,374 121,903 109,262
------- --------- ---------
413,924 $8,102,100 $9,321,045
======= ========= =========
Common stock:
* Duke Realty
Investments,
Inc. Common stock 227,220 $3,727,305 $5,510,086
======= ========= =========
Loans to participants:
* N/A Participant Loans - $ 380,033 $ 380,033
======= ========= =========
* Denotes a party-in-interest
</TABLE>
<PAGE>
Schedule 2
DUKE REALTY 401(k) PLAN
Item 27d- Schedule of Reportable Transactions
Year ended December 31, 1997
<TABLE>
<CAPTION>
Identity of Description of Purchase Selling Lease
Issue Asset Fund Price Price Rental
- ------------ -------------- ---------------- -------- -------- ------
<S> <C> <C> <C> <C> <C>
Series of Transactions of the
Same Issue:
- -----------------------------
Merrill Lynch Common Stocks Stock Fund $1,304,533 - -
Merrill Lynch Common Stocks Capital Fund,Inc.
and Bonds Class D Shares - 697,538 -
</TABLE>
<TABLE>
<CAPTION>
Current
Value on
Identity of Description Expense Cost of Transaction Gain/
Issue of Asset Fund Incurred Asset Date (Loss)
- ----------- ----------- ------------- -------- ------- ---------- ------
<S> <C> <C> <C> <C> <C> <C>
Series of Transactions of the
Same Issue:
- -----------------------------
Merrill Common
Lynch Stocks Stock Fund - $1,304,533 - -
Merrill Common Stocks Capital Fund,
Lynch and Bonds Inc. Class
D Shares - 637,304 697,538 60,234
</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 401(k) PLAN
Date: June 25, 1998 /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
May 22, 1998, relating to the statements of net assets available for plan
benefits of Duke Realty 401(k) Plan as of December 31, 1997 and 1996, 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, 1997, annual report on Form 11-K of Duke Realty
401(k) Plan.
KPMG Peat Marwick LLP
Indianapolis, Indiana
June 25, 1998
