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                                                                    EXHIBIT 12.2

        CALCULATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
                          PREFERRED SHARE DIVIDENDS
                            (DOLLARS IN THOUSANDS)

                     AMERICAN INDUSTRIAL PROPERTIES REIT



                                       Nine Months Ended
                                         September 30                      Year ended December 31,
                                       -----------------      --------------------------------------------------
                                        1997        1996       1996        1995       1994       1993       1992
                                        ----        ----       ----        ----       ----       ----       ----
                                                                                   
      Income before gain (loss) on
        sales of real estate,
        extraordinary gain (loss)
        and minority interest          $(2,414)   $(3,069)   $(4,732)   $(4,338)   $(4,311)  $(5,121)   $ (18,719)
      Fixed charges:
        Interest expense                 4,015      4,566      5,901      6,485      4,851     4,664        5,394

        Capitalized interest                 -          -          -          -          -         -            -
        Interest component of
          capitalized lease
          obligations                        -          -          -          -          -         -            -
        Interest related to rental
          expense

        Preferred share dividends            -          -          -          -          -         -            -
                                       -------     ------     ------    -------    -------   -------    ---------
            Total combined fixed
               charges (A)               4,015      4,556      5,901      6,485      4,851     4,664        5,394
                                       -------     ------     ------    -------    -------   -------    ---------
      Earnings before combined fixed                                               
      charges (1)(B)                   $ 1,601    $ 1,497    $ 1,169    $ 2,147    $   540   $  (457)   $ (13,325)
                                       -------     ------     ------    -------    -------   -------    ---------
      Ratio of earnings to combined
        fixed charges and preferred
        share dividends (B divided                                                                               
        by A)                               (2)        (2)        (3)        (3)        (3)       (3)          (3)
                                       =======     ======     ======    =======    =======   =======    =========



(1)  Earnings before fixed charges excludes capitalized interest and preferred
     share dividends.

(2)  Earnings for the nine months ended September 30, 1997 and 1996 were
     inadequate to cover combined fixed charges.  The deficiencies for the
     periods were $2,414 and $3,069, respectively.

(3)  Earnings for the years ended December 31, 1996, 1995, 1994, 1993 and 1992
     were inadequate to cover combined fixed charges.  The deficiencies for the
     periods were $4,732, $4,338, $4,311, $5,121, and $18,719, respectively.