ASR Investments Corp. announces 1996 fourth quarter dividend.TUCSON, Ariz.--(BUSINESS WIRE)--Dec. 3, 1996--ASR Investments Corp. (AMEX AMEX See: American Stock Exchange :ASR (Automatic Speech Recognition) Using voice recognition to replace keypad entry for telephone voice menus. Typically used to speak the digits 0 through 9 insted of keying them, ASR systems may be able to recognize a limited vocabulary. See voice recognition and AVSR. ), an apartment REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). , announced a regular quarterly dividend of $0.50 per share payable on Dec. 30, 1996, to stockholders of record as of Dec. 16, 1996. The company expects the 1996 net income and cash provided by operations to exceed the 1995 amounts as well as the current $2.00 per share dividend. The company plans to reinvest re·in·vest tr.v. re·in·vest·ed, re·in·vest·ing, re·in·vests To invest (capital or earnings) again, especially to invest (income from securities or funds) in additional shares. the excess earnings in additional apartments. 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. It is also constructing a 356-unit luxury apartment community in Phoenix that will soon be available for occupancy. CONTACT: ASR Investments Corp., Tucson Joseph C. Chan, 520/748-2111; fax: 520/750-8865 |
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