Correcting share earnings figures in ASR Investments Corp. release issued Oct. 28.

--(BUSINESS WIRE)--Oct. 30, 1996--In BW1070-10/28, (ASR-INVESTMENTS) reports higher 1996 third quarter earnings, in the table, for the quarter ended Sept. 30, 1996, the net income per share and cash provided by operations per share figures should read xxx $.66 (sted $1.05) and $1.09 (sted $1.31) respectively.

A corrected table follows. -0-

                         ASR Investments Corp.
                         Financial Highlights

Quarter:                             Sept. 30           Sept. 30
                                       1996               1995

Total Income                        $7,129,000         $4,798,000
Net Income                          $2,092,000           $570,000
SHR earns
 Net Income                              $0.66              $0.65
Average Shares Outstanding           3,155,000          3,151,000
Cash Provided by Operations          3,440,000          1,286,000
 Per Share                               $1.09              $0.91


Nine Months:                         Sept. 30           Sept. 30
                                       1996               1995

Total Income                       $21,088,000        $19,191,000
Net Income                          $7,758,000         $5,944,000
SHR earns
 Net Income                              $2.46              $1.90
Average Shares Outstanding           3,155,000          3,137,000
Cash Provided by Operations         10,680,000          6,277,000
 Per Share                               $3.39              $2.01

CONTACT: ASR Investments Corp., Tucson

Joseph C. Chan, 520/748-2111

fax: [phone]