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EXHIBIT 99.2
FOR IMMEDIATE RELEASE
AMERICAN INDUSTRIAL PROPERTIES REIT ANNOUNCES
SPECIAL CASH DISTRIBUTION OF $1.27 PER SHARE
RELATING TO SALE OF PROPERTIES
IRVING, TX, December 19, 2000 - American Industrial Properties REIT [NYSE: IND]
today announced that its Board of Trust Managers declared a special distribution
of $1.27 per share, payable on January 17, 2001, to shareholders of record as of
December 29, 2000. This special distribution is related to the taxable gain
recognized by the Trust on the sale of properties during calendar year 2000,
including the sale of its Manhattan Towers property in November 2000.
Pursuant to the previously announced agreement of merger with Developers
Diversified Realty Corporation that is expected to close in the first quarter of
2001, cash proceeds to shareholders (which had been projected at $13.74 per
share) will be reduced by the amount of this distribution.
American Industrial Properties REIT ("AIP") is focused on the light industrial
property sector, including office showroom, service center and flex properties,
low-rise office and small bay distribution buildings. AIP's portfolio of 70
properties comprises in excess of 7.2 million square feet in 11 states. AIP, a
self-administered equity real estate investment trust based in Irving, Texas,
has acquired, managed and improved industrial and other commercial properties
since 1985. For more information, visit the AIP Web site at www.aipreit.com.
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INVESTOR CONTACT: MEDIA CONTACT:
Charles W. Wolcott Melissa Berg
President & Chief Executive Officer C. Pharr & Co.
American Industrial Properties REIT (972) 931-7248
(972) 756-6000
