<PAGE> 1
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
AMERICAN INDUSTRIAL PROPERTIES REIT ANNOUNCES
SALE OF MANHATTAN TOWERS PROPERTY
IRVING, TEXAS, November 15, 2000 - American Industrial Properties REIT ("AIP")
[NYSE: IND] today announced the sale of the Manhattan Towers property located in
Manhattan Beach, Los Angeles County, California. The property, which consists of
twin six-story office buildings totaling 309,484 square feet, sold for gross
proceeds of approximately $55.3 million.
The sale of this property satisfies one of the conditions required under AIP's
previously announced merger agreement with Developers Diversified Realty
Corporation ("DDR") on November 2, 2000. It is expected that the sale of this
property will result in a taxable gain which could result in a significant
capital gain distribution to shareholders in January 2001. The amount of this
distribution, if any, will be determined by AIP's trust managers at a later date
and, pursuant to the terms of the merger agreement with DDR, will serve to
reduce the merger consideration payable to AIP's shareholders.
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 more than 7.2
million square feet in 11 states. The self-administered equity real estate
investment trust, based in Irving, Texas, has acquired, managed and improved
industrial and other commercial properties since 1985.
# # #
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
