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 DENVER, Oct. 13 /PRNewswire/ -- Asset Investors Corp. (NYSE: AIC) today announced that it completed its distribution of 70 percent of the shares of Commercial Assets, Inc. On Sept. 24, 1993, Asset Investors announced that the registration statement relating to Commercial Assets had been declared effective by the Securities and Exchange Commission.
 Stockholders of Asset Investors, as of Oct. 1, 1993, the record date, received one share of Commercial Assets for every two shares of Asset Investors owned. Cash will be distributed in lieu of fractional shares. The value of Commercial Assets common stock is estimated to be $7.46 per share (based on the distribution of one share of Commercial Assets common stock for every two shares of Asset Investors common stock owned).
 Asset Investors stock will continue to trade on the New York Stock Exchange under the symbol AIC. Commencing with the opening of trading today, buyers of Asset Investors shares will not receive the distribution of Commercial Assets shares. Commercial Assets stock will commence trading today on the American Stock Exchange under the symbol CAX.
 Asset Investors will retain a 30 percent ownership in Commercial Assets. In addition, Asset Investors will continue to manage its portfolio of nearly 100 ownership interests in issuances of collateralized mortgage obligations (CMOs).
 The book value (computed in accordance with generally accepted accounting principles) of Asset Investors at June 30, 1993, as adjusted for the distribution of Commercial Assets shares, was $86,393,000, or $6.14 per share. As set forth in Note M of the Asset Investors Form 10-Q for the quarterly period ended June 30, 1993, the present value of projected cash flow from the company's portfolio assets, at that date, was $39,511,000 less than its book value. On this basis, management of Asset Investors estimates that the value of Asset Investors on June 30, 1993, as adjusted for the distribution, was approximately $46 million, or $3.27 per share.
 The actual amount of the projected cash flow that will be received by Asset Investors from its portfolio assets is uncertain, and subject to wide variation, depending upon, among other things, future prepayment speeds and interest rates. This may affect adversely management's estimate of the value of Asset Investors. There can be no assurances as to the future trading prices of Asset Investors common stock or Commercial Assets common stock.
 Asset Investors Corp. is a real estate investment trust which generates income from a portfolio of ownership interests in the issuance of CMOs and other mortgage-related assets.
 NOTE: For additional information on Asset Investors Corp. by fax at no cost, dial 1-800-PRO-INFO, Code No. 016.
 -0- 10/13/93
 /CONTACT: Spencer I. Browne, president and CEO of Asset Investors, 303-793-2703; Gary Strong of FRB Chicago, 312-266-7800; or Regina Ryan of FRB New York, 212-661-8030/
 (AIC CAX) CO: Asset Investors Corp.; Commercial Assets, Inc. ST: Colorado IN: FIN SU:

TW -- NY068 -- 1713 10/13/93 13:08 EDT
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Publication:PR Newswire
Date:Oct 13, 1993

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