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TIS MORTGAGE INVESTMENT ANNOUNCES SECOND QUARTER 1992 DIVIDEND

 TIS MORTGAGE INVESTMENT ANNOUNCES SECOND QUARTER 1992 DIVIDEND
 SAN FRANCISCO, June 4 /PRNewswire/ -- TIS Mortgage Investment Co. (NYSE: TIS), declared a dividend of 23 cents per share for the quarter ended June 30, 1992, payable July 15, 1992 to stockholders of record as of June 30, 1992. This compares to a 34 cent dividend for the second quarter of 1991. This is the company's 15th consecutive quarterly dividend since it commenced operations on Aug. 26, 1988.
 The lower dividend level is a result of lower interest rates which have caused mortgage prepayments to increase. As a result of the increased prepayments a greater portion of the company's monthly cash flows, which have not declined, are considered a return of the company's investment and a smaller portion is considered income for paying expenses and dividends. Therefore, the company has additional cash available for reinvestments which it believes will help maintain a premium dividend spread over the 10-year Treasury rate.
 As a real estate investment trust ("REIT"), TIS Mortgage Investment Co.'s dividends are based on taxable income calculated under the Internal Revenue Code and not on financial statement income which is computed in accordance with generally accepted accounting principles. The company is a San Francisco-based REIT which invests in various mortgage assets, including Residual Interests in Collateralized Mortgage Obligation (CMO) Bonds.
 -0- 6/4/92
 /CONTACT: John E. Castello of TIS Mortgage Investment, 415-393-8000; or Maury Healy of Healy & Co., 415-546-6166, for TIS Mortgage Investment/
 (TIS) CO: TIS Mortgage Investment Co. ST: California IN: SU: DIV


MC-MM -- SF008 -- 7192 06/04/92 16:39 EDT
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Publication:PR Newswire
Date:Jun 4, 1992
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