ASR Investments Corp. announces 1996 first quarter earnings.

TUCSON, Ariz.--(BUSINESS WIRE)--April 25, 1996--ASR Investments Corp. (AMEX:ASR), an apartment REIT, reported net income of $2,340,000 ($0.74 per share) for the first quarter of 1996 compared with $3,359,000 ($1.08 per share) for the first quarter of 1995.

Cash provided by operations was $3,123,000 ($0.99 per share) for the first quarter of 1996 compared with $2,212,000 ($0.71 per share) for the first quarter of 1995.

Income from the company's apartment communities (after related interest expense and before depreciation) was $1,017,000 for the first quarter of 1996 compared with $958,000 for the like period in 1995. Income from mortgage assets (after related interest expense) was $2,672,000 for the first quarter of 1996 compared with $4,216,000 for the like period in 1995.

The 1996 amount included income of $1,977,000 from the sale of a 40 percent interest of a mortgage asset in March for $2.4 million. The mortgage asset is being redeemed in the second quarter and will provide additional income of $3 million and cash flow of $3.6 million. The 1995 amount included a non-cash credit of $2.42 million from the prepayment of notes payable in February 1995.

The company expects that net income and cash provided by operations for 1996 to exceed the 1995 level as well as the current $2.00 dividend level due to higher income from both the apartment communities and mortgage assets.

ASR Investments Corp. is a real estate investment trust that owns and operates apartment communities. It owns 24 apartment communities containing 4,124 units located in Phoenix and Tucson, Albuquerque, N.M., and Houston, including six communities (1,441 units) owned through joint ventures. -0-

                         ASR Investments Corp.
                         Financial Highlights

                                     March 31           March 31
                                       1996               1995

Total Income                        $6,429,000         $7,983,000
Net Income                          $2,340,000         $3,359,000
SHR Earns
 Net Income                              $0.74              $1.08
Average Shares Outstanding           3,154,000          3,109,000
Cash Provided by Operations          3,123,000          2,212,000
 Per Share                               $0.99              $0.71

CONTACT: ASR Investments Corp., Tucson

Joseph C. Chan, 520/748-2111; fax: [phone]