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AMERICAN INDUSTRIAL PROPERTIES REIT RECEIVES 80 PERCENT SUPERMAJORITY VOTE TO EXTEND LIFE

 DALLAS, Oct. 22 /PRNewswire/ -- American Industrial Properties REIT (NYSE: IND) (the trust) announced today at its annual meeting of shareholders that the proposal to amend the trust's declaration of trust and by-laws to remove the limited term restriction of the trust and to make the life of the trust perpetual has received 7,370,866 votes in favor of the proposal or approximately 81.2 percent of all outstanding shares.
 Shareholders voted overwhelmingly in favor of extending the life of the trust, with 92 percent of all votes actually cast voting in favor of the proposal. The trust's Declaration of Trust requires an 80 percent favorable vote of all outstanding shares to pass such a measure.
 Today's meeting was a reconvening of the Oct. 1, 1993, annual meeting of shareholders, which had been held open to allow for broader shareholder participation on the proposal to remove the limited term restriction.
 Charles W. Wolcott, president and chief executive officer of the trust, commented, "We are very pleased that an overwhelming majority of the trust's shareholders have come together to approve this important change. The trust is now well positioned to participate in the strong growth occurring in the real estate investment trust industry, and to otherwise address the many opportunities available in today's real estate and capital markets.
 "We believe the upcoming year will be particularly favorable for industrial property REITs. We are confident that the trust's strategy of investing in and operating warehouse distribution properties in the major Mid-American markets will result in favorable returns for the trust's shareholders. American Industrial Properties REIT has the largest percentage of its real estate assets in industrial properties of any publicly traded real estate investment trust."
 -0- 10/22/93
 /CONTACT: Terry L. Proveaux of American Industrial Properties REIT, 214-550-6053/
 (IND)


CO: American Industrial Properties REIT ST: Texas IN: FIN SU:

JS -- NY062 -- 5844 10/22/93 15:23 EDT
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Publication:PR Newswire
Date:Oct 22, 1993
Words:317
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