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AMERICAN INDUSTRIAL PROPERTIES REIT ANNOUNCES ANNUAL MEETING RESULTS

 DALLAS, Oct. 1 /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 6,771,097 votes in favor of the proposal or approximately 75 percent of all outstanding shares. The Trust's Declaration of Trust requires an 80 percent favorable vote to pass such a measure. Today's meeting was a reconvening of the Aug. 31, 1993 Annual Meeting of Shareholders, which was held open to allow for broader shareholder participation on the proposal to remove the limited term restriction. A proposal to continue to hold open the Annual Meeting of Shareholders, given the proximity of the vote to the required 80 percent and the apparent overwhelming Shareholder support, was introduced and passed at the meeting. The meeting has been scheduled to reconvene on Friday, Oct. 22, 1993 at 12:00 p.m., Central Daylight Time, at the Trust's offices at 6220 N. Beltline, Suite 205, Irving, Texas.
 Charles W. Wolcott, president and chief executive officer of the Trust, commented, "Clearly this vote demonstrates that the shareholders overwhelmingly support the Trust Manager's belief that the Trust has greater value as an ongoing operation in today's real estate market. With approximately 90 percent of the votes cast in favor of the proposal, we have been given the mandate to continue the voting process so that the remaining shareholders can participate. Continuing the meeting at this time will save the Trust additional time and expense than if this issue had to be readdressed at a later date. Given the fact that the votes in favor have risen dramatically from 64 percent to 75 percent since the Aug. 31, 1993 meeting, we strongly believe that our ability to obtain the requisite 80 percent majority is well within reach."
 -0- 10/01/93
 /CONTACT: Terry L. Proveaux, American Industrial Properties REIT, 214-550-6053/
 (IND)


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

LG -- NY045 -- 7765 10/01/93 11:46 EDT
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Publication:PR Newswire
Date:Oct 1, 1993
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