Commercial Assets, Inc. declares 1996 first quarter dividend.DENVER--(BUSINESS WIRE)--March 7, 1996--Commercial Assets, Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. : CAX CAX The ISO 4217 currency code for Canadian Cent. ) today announced that its board of directors declared a first quarter dividend of $.17 per share payable on March 29, 1996 to shareowners of record on March 18, 1996. Since the company's inception in October October: see month. 1993, total dividends paid to Commercial Assets shareowners have been $14,621,000, or $1.45 per share. Separately, the company announced that effective December 31, 1995 it was changing the classification of its credit-support CMBS CMBS See: Commercial Mortgage Backed Securities bonds from held-to-maturity to available-for-sale. Spencer I. Browne, President and Chief Executive Officer, noted, "Carrying our bonds on our balance sheet at fair value rather than at historical amortized cost gives us added flexibility in managing our CMBS bond portfolio. In addition, the market will be able more easily to understand the market value of these complex instruments and of the company." The change to fair value resulted in the company recording a $4.2 million unrealized holding loss on its CMBS bonds at December 31, 1995, reducing the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of the company's bonds from $73.7 million (amortized cost) to $69.5 million (fair value). At year-end 1994, the fair value of the company's bonds, as reported in the footnotes to the company's financial statements, was $70 million. Browne noted, "The majority of our bonds increased in value during 1995, but the fair value of one bond declined. The decline in fair value of our largest bond is due primarily to its complicated structure which limits its marketability Marketability A negotiable security is said to have good marketability if there is an active secondary market in which it can easily be resold. marketability The ease with which an investment may be bought and sold in the secondary market. and is not a reflection of its income generating capabilities or its realizable value if held to maturity." Commercial Assets, Inc. is a real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) which manages debt interests in commercial mortgage loan securitizations of multi-family real estate. -0- NOTE: For Additional Information on Commercial Assets, Inc. by FAX at No Cost, Dial 1-800-PRO-INFO, Code #013. CONTACT: Commercial Assets, Inc., Denver Leslie B. Fox, 303/773-1221 (financial) or Financial Relations Board, Chicago Athan Demakos, 312/266-7800 (general information) Claire Baldikoski, 312/266-7800 (analyst contact) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion