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IRVING, TX-It’s a give and take situation between American Industrial Properties and its stockholders, who will be getting a year-end bonus of $1.27 per share. But, the holiday present will be deducted from shareholder takes of a pending merger.

The extra dividend will be paid Jan. 17, 2001, to shareholders of record as of Dec. 29. AIP says it’s on track with a first-quarter closing of its merger with Ohio-based Developers Diversified Realty Corp. Shareholders had been ticketed to get $13.74 per share when the deal closes, but the special cash distribution is now being deducted.The advance payment is a direct result of taxable gain that had been realized from this quarter’s portfolio sale by the Irving-based REIT. The November sale of the Manhattan Towers had significantly bolstered the REIT’s gain from the property sales.

The current portfolio consists of 70 properties, totaling more than 7.2 million sf, in 11 states. The properties primarily represent the full gamut of building types in the light-industrial sector.

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