ASR Investments Corp. announces apartment acquisition and maintenance of dividend level.TUCSON, Ariz.--(BUSINESS WIRE)--April 15, 1997--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 that it has completed the acquisition of Ivystone and Woods Edge Apartments, a 266 unit community in northwest Houston. The acquisition was for $4.45 million ($16,729 per unit), and the company anticipates additional expenditures of $760,000 ($2,857 per unit) in improvements to the community in order to increase net revenues. The acquisition was financed by a new mortgage loan of $3.7 million with a fixed rate of 8.4 percent and the balance in cash. This acquisition, along with the company's previously announced acquisition of a portfolio consisting of 13 communities with 2,260 units located in Dallas and Houston and Pullman Pullman. 1 Former town, since 1889 part of Chicago, Ill. It was founded in 1880 by George M. Pullman as a model community for workers of his sleeping-car company; all property was company owned, and administration policies were paternalistic. , Wash. (which is subject to shareholder approval), will increase the company's apartment portfolio to 5,565 units located in 33 communities. Jon A. Grove, chairman and chief executive officer of the company, stated, "We are very excited about the acquisition of Ivystone/Woods Edge and the proposed acquisition of the 13 apartment communities. "These acquisitions and the completion of our Finisterra Apartments development in late 1997 should result in a substantial increase in the company's Funds From Operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. . As a result, we intend to maintain the current $.50 per quarter dividend level for 1997 and may consider a possible increase in 1998." This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , including statements regarding the company's estimated future financial results and funds from operations. These forward-looking statements are based primarily on the company's expectations and are subject to a number of risks and uncertainties, some of which are beyond the company's control. Actual results could differ materially from the forward-looking statements as a result of many factors, including those set forth under "Special Considerations" in the company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. Report. ASR Investments Corp. is a real estate investment trust that owns and operates apartment communities. With announced acquisitions, the company's portfolio will include 5,565 units in 33 communities located in Phoenix and Tucson; Albuquerque, N.M.; Dallas and Houston; and Pullman. ASR's common stock is listed on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. and trades under the symbol ASR. CONTACT: ASR Investments Corp., Tucson Joseph C. Chan, 520/748-2111 fax: 520/750-8865 |
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