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TIS MORTGAGE INVESTMENT CO. ANNOUNCES THIRD QUARTER 1992 DISTRIBUTION

TIS MORTGAGE INVESTMENT CO. ANNOUNCES THIRD QUARTER 1992 DISTRIBUTION
 SAN FRANCISCO, Sept. 3 /PRNewswire/ -- TIS Mortgage Co. (NYSE: TIS) declared a distribution of 5 cents per share for the quarter ended Sept. 30, 1992, payable Oct. 15, 1992, to stockholders of record as of Sept. 30, 1992. This compares to a 28 cent distribution for the first quarter and a 23 cent distribution for the second quarter of 1992, bringing cumulative payments for the year to 56 cents per share.
 Mortgage rate declines have exceeded expectations since the last distribution was declared. This caused both actual and anticipated future mortgage prepayment rates to increase substantially, severely impacting the second quarter results. The company estimates that based on current expected high levels of mortgage prepayments, it will have a tax loss for the year. Therefore, most of the 1992 distributions to shareholders are expected to be a nontaxable return of capital.
 As a Real Estate Investment Trust (REIT), the taxability of the company's distributions are based on the company's taxable income or loss calculated under the Internal Revenue Code, and not on financial statement income or loss, which is computed in accordance with generally accepted accounting principles. The company is a San Francisco-based REIT which invests in various mortgage-related assets, including Residual Interests in Collateralized Mortgage Obligation (CMO) Bonds.
 -0- 9/3/92
 /CONTACT: John E. Castello of TIS Mortgage Investment Co., 415-393-8000, or Maury Healy of Healy-Wiliams, 415-546-6166, for TIS Mortgage Investment Co./
 (TIS) CO: TIS Mortgage Investment Co. ST: California IN: FIN SU: DIV


GT-RM -- SF010 -- 6686 09/03/92 17:34 EDT
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Publication:PR Newswire
Date:Sep 3, 1992
Words:264
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