FORM 10-Q
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For Quarter Ended: June 30, 1995 Commission File Number: 1-9646
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ASR Investments Corporation
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(Exact name of Registrant as specified in its Charter)
Maryland
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(State or other jurisdiction of incorporation or organization)
86-0587826
------------------------------------
(I.R.S. Employer Identification No.)
335 N. Wilmot, Suite 250, Tucson, AZ 85711
------------------------------------------
(Address of principal executive offices)
(520) 748-2111
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(Registrant's telephone number, including area code)
(Not applicable)
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(Former Name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
X Yes No
-------- --------
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Common Stock (par value $.01) outstanding as of June 30, 1995: 3,149,827
shares(adjusted for the one-for-five reverse stock split on July 7, 1995.
<PAGE>
ASR INVESTMENTS CORPORATION
Consolidated Balance Sheets
June 30, 1995 and December 31. 1994
(Dollars in Thousands)
1995 1994
----------- -------
(Unaudited)
Assets
Real estate investments
Apartments, net of depreciation $72,177 $66,506
Investments in joint ventures 3,167 1,364
Land for future development 3,355
Other real estate 2,824 5,186
------- -------
Total real estate investments 81,523 73,056
Mortgage assets 14,734 18,965
Cash 756 4,129
Other assets 514 595
------- -------
Total assets $97,527 $96,745
======= =======
Liabilities
Real estate notes
Secured $51,800 $45,825
Unsecured 4,868
------- -------
Total real estate notes 51,800 50,693
Notes payable secured by mortgage assets, net of
funds held by trustee of $21,583 6,422
Reverse repurchase liability 3,008
Other liabilities 3,372 2,530
------- -------
Total liabilities 58,180 59,645
Stockholders' Equity
40,000,000 shares of $.01 Common Stock authorized;
3,308,590 and 3,248,729 shares issued with 148,731
held in Treasury 39,347 37,100
------- -------
Total liabilities and stockholders' equity $97,527 $96,745
======= =======
See Notes to Consolidated Financial Statements.
<PAGE>
ASR INVESTMENTS CORPORATION
Consolidated Statements of Net Income
For the Quarters and Six Months Ended June 30, 1995 and 1994
(In Thousands Except Per Share Amounts)
(Unaudited)
Quarters Six Months
--------------- --------------
1995 1994 1995 1994
------ ------ ------ ------
Real Estate Operations
Rental income and other income $3,551 $3,205 $7,074 $6,012
------ ------ ------ ------
Operating and maintenance expenses 1,235 1,128 2,413 1,954
Real estate taxes and insurance 400 346 750 655
Depreciation and amortization 767 473 1,274 935
------ ------ ------ ------
Total operating expenses 2,402 1,947 4,437 3,544
------ ------ ------ ------
Income from real estate 1,149 1,258 2,637 2,468
------ ------ ------ ------
Mortgage Assets
Interest income from mortgage assets 1,048 1,577 2,191 3,769
Gain on redemption of mortgage assets 1,296 2,554 4,454 2,554
------ ------ ------ ------
Income from mortgage assets 2,344 4,131 6,645 6,323
------ ------ ------ ------
Operating and administrative expenses (840) (982) (2,190) 1,592
------ ------ ------ ------
Total Operating Income 2,653 4,407 7,092 7,199
Interest expense and other income
Interest and other income 515 33 674 297
Interest on real estate notes (1,113) (1,064) (2,269) 2,109
Interest on borrowings secured by mortgage (40) (678) (123) 1,471
------ ------ ------ ------
Net Income $2,015 $2,698 $5,374 3,916
====== ====== ====== =====
Net Income Per Share of Common
Stock and Common Stock Equivalents $ 0.65 $ 0.87 $ 1.72 $ 1.26
====== ====== ====== =====
Average Shares of Common Stock and
Common Stock Equivalents 3,335 3,100 3,297 3,100
====== ====== ====== =====
Dividends Declared Per Share $ 0.50 -- $ 1.00 --
====== ====== ====== =====
See Notes to Consolidated Financial Statements.
<PAGE>
ASR INVESTMENTS CORPORATION
Consolidated Statements of Cash Flows
For the Quarters and Six Months Ended June 30, 1995 and 1994
(In Thousands Except Per Share Amounts)
(Unaudited)
Quarters Six Months
-------------------- --------------------
1995 1994 1995 1994
-------- -------- -------- --------
OPERATING ACTIVITIES
Net income $2,015 $2,698 $5,374 $3,916
Principal noncash charges (credits)
Gain on rede (2,420)
Depreciation 797 473 1,332 935
Increase in accrual 705
-------- -------- -------- --------
Cash Provided 2,812 3,171 4,991 4,851
INVESTING ACTIVITIES
Investment in apartments (532) (1,624) (7,003) (62,704)
Investment in joint ventures (1,423) (1,803)
Sale of real estate 2,228 2,228
Purchase of land for future
development (174) (3,355)
Other real estate assets 820 2,362
Reduction in mortgage assets 1,023 8,980 4,231 13,999
(Increase) decrease in other
assets 251 48 81 965
-------- -------- -------- --------
Cash (Used in) (35) 9,632 (5,487) (45,512)
-------- -------- -------- --------
FINANCING ACTIVITIES
Issuance of real estate notes
payable 6,440 50,363
Payment of loan costs (1,199)
Repayment of notes payable
Real estate notes (4,889) (5,333)
Notes secured by mortgage
assets (9,666) (4,002) (13,587)
Reverse repurchase liability 3,008 3,008
Exercise of stock options 23
Payment of dividends (1,575) (3,150)
Increase (decrease) in other
liabilities 459 592 137 1,591
-------- -------- -------- --------
Cash (Used) Provided By
Financing Activities (2,997) (9,074) (2,877) 37,168
-------- -------- -------- ---------
Cash
Decrease during the period (220) 3,729 (3,373) (3,493)
Balance - beginning of period 976 5,435 4,129 10,407
-------- -------- -------- --------
Balance - end of period $ 756 $9,164 $ 756 $6,914
======== ======== ======== ========
Supplemental Disclosure of
Cash Flow Information
Cash paid for Company's interest
expense $ 1,407 $2,029 $2,790 $3,163
======== ======== ======== ========
See Notes to Consolidated Financial Statements.
<PAGE>
ASR INVESTMENTS CORPORATION
Consolidated Statement of Stockholders' Equity
For the Six Months Ended June 30, 1995
(In Thousands)
(Unaudited)
<TABLE>
<CAPTION>
Common
Additional Stock in
Number of Par Paid-In Notes Treasury -
Shares Value Capital Deficit Receivable at Cost Total
--------- -------- ---------- --------- ---------- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance, January 1, 1995 16,244 $ 162 $154,996 ($115,747) ($ 2,311) $ 37,100
Reverse stock split (12,995) (130) 130 0
Stock issuance 50 1 644 ($ 622) 23
Net income 5,374 5,374
Dividends declared (3,150) (3,150)
-------- -------- -------- -------- ------- ------- --------
Balance, June 30, 1995 3,299 $ 33 $155,770 ($113,523) ($ 622) ($ 2,311) $ 39,347
</TABLE>
See Notes to Consolidated Financial Statements.
<PAGE>
ASR INVESTMENTS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Quarters and Six Months Ended June 30, 1995 and 1994
NOTE 1 - BASIS OF PRESENTATION
The accompanying interim consolidated financial statements do not
include all of the information and disclosures generally required for annual
financial statements. They include the accounts of the Company and its wholly
owned subsidiaries (collectively the "Company"). Investments in joint ventures
in which the Company does not own a controlling interest are accounted for under
the equity method. All significant inter-company balances and transactions have
been eliminated. In the opinion of management, all adjustments (consisting of
normal recurring adjustments) considered necessary for a fair presentation have
been included. These interim operating results are not necessarily indicative of
the results that may be expected for the entire year. These interim consolidated
financial statements should be read in conjunction with the December 31, 1994
audited consolidated financial statements and notes thereto.
Common Stock
On July 7, 1995, the Company effected a reverse stock split under which
one new share of common stock was issued in exchange for five shares of
outstanding stock. Accordingly, the consolidated financial statements reflect
the reverse stock split and the number of common stock issued and all the per
share amounts have been adjusted for the reverse stock split.
Reclassification
Certain reclassification has been made to conform the prior years with
the current year presentation.
NOTE 2 - REAL ESTATE INVESTMENTS
At June 30, 1995, the Company owned directly eighteen apartment
communities (2,683 units) located in Arizona, Texas, and New Mexico. In
addition, the Company owned six apartment communities (1,441 units) located in
Arizona through joint ventures with a pension plan affiliate of Citicorp.
In February 1995, the Company purchased a 222-unit community in Mesa,
Arizona for $6,356,000 ($28,631 per unit). The purchase was financed by a
$3,770,000 loan bearing a variable interest rate at 225 basis points over
three-month LIBOR.
In February 1995, the Company also acquired a 163-unit community
through a joint venture with a pension plan affiliate of Citicorp. The property
was purchased for $6,858,000 ($42,074 per unit) using a $4,445,000 loan bearing
a variable interest rate at 225 basis points over three-month LIBOR.
In June 1995, the Company acquired a 350-unit luxury apartment
community through a joint venture with a pension plan affiliate of Citicorp for
$23,500,000 ($67,143 per unit). The purchase was financed with a short-term bank
loan of $15,250,000, which will be replaced with a permanent fixed rate loan at
7.56%. As with all its other joint ventures, the Company is a 15% equity partner
and the managing member of the joint ventures. The Company will receive between
15% and 51% of the total profits and cash flows depending on the ultimate
financial performance of the property.
Apartment communities owned directly by the Company as of June 30, 1995
and December 31, 1994 consisted of the following (in thousands):
1995 1994
--------- ---------
Land $ 15,514 $ 13,681
Building and Improvements 56,322 50,583
Accumulated Depreciation (3,269) (1,995)
Restricted Cash and
Deferred Loan fees 3,610 4,237
--------- ---------
Apartments, net $ 72,177 $ 66,506
========= =========
The condensed combined financial statements for the Company's various
joint ventures are as follows (in thousands):
Condensed Combined Balance Sheet
As of June 30, 1995 and December 31, 1994
1995 1994
------- -------
Real estate, at cost net
of depreciation $54,799 $23,778
Cash and other assets 2,296 1,424
------- -------
Total Assets $57,095 $25,202
======= =======
Notes payable $35,227 $15,644
Other liabilities 747 424
------- -------
Total Liabilities 35,974 16,068
------- -------
Equity
The Company 3,167 1,364
Joint venture partner 17,954 7,770
------- -------
Total Equity 21,121 9,134
------- -------
Total Liabilities and Equity $57,095 $25,202
======= =======
Condensed Combined Statement of Operations
For the Quarter and Six Months Ended June 30, 1995
Quarter Six Months
------- ----------
Revenues $ 1,487 $ 2,738
Operating expenses (606) (1,145)
Depreciation (290) (512)
Interest expenses (491) (855)
------- -------
Net Income $ 100 $ 226
======= =======
Allocation of Net Income
The Company $ 15 $ 34
Joint Venture Partner $ 85 $ 192
NOTE 3 - MORTGAGE ASSETS
The mortgage interests entitle the Company to receive the excess of the
cash flow on pools of mortgage instruments over the required payments on a
series of structured financing which they secure. The Company also has the right
to cause the early redemption of the structured financing under specified
conditions. In such event, the mortgage instruments would be sold and the net
proceeds after the redemption of the structured financing would be remitted to
the Company. At June 30, 1995, the effective prospective yield of the mortgage
assets, based on the estimated future cash flows was approximately 26%.
During the first quarter of 1995, the Company exercised the redemption
rights associated with one mortgage asset, sold the underlying mortgage
instruments at a gain of $738,000 and received net proceeds of approximately
$2.8 million.
In the second quarter of 1995, the Company sold one of its mortgage
asset for a gain of $1,296,000 and net proceeds of $1,509,000.
In July 1995, the Company redeemed a mortgage asset that should produce
redemption income and net proceeds of approximately $600,000 in the second half
of 1995.
NOTE 4 - NOTES PAYABLE
In February 1995, as provided for by the terms of the loan agreement,
the Company prepaid the entire balance of the notes payable secured by mortgage
assets. The Company recorded a credit to income for the excess accrued
prepayment premium of $2,420,000; such credit has been included in the gain on
redemption of mortgage assets.
In April 1995, the Company prepaid the unsecured notes payable as
provided for by the terms of the note agreement at a discount of $311,000 which
was recorded as a credit to income in the quarter ending June 30, 1995. The
Company borrowed $3,000,000 under a reverse repurchase agreement that is secured
by certain mortgage assets with an aggregate book value of $4,055,000 at June
30, 1995.
In April 1995, the Company acquired the other 50% interest in a joint
venture to develop a 356-unit apartment community in Tempe, Arizona. The Company
issued a $2,186,000 note secured by the land which is due on September 15, 1995.
NOTE 5 - RELATED PARTY TRANSACTIONS
Subject to the supervision of the Company's Board of Directors, Pima
Mortgage Limited Partnership (the "Manager") manages the day-to-day operations
of the Company pursuant to a management agreement which has a current term
through December 31, 1995. The Management fees paid to the Manager for the
quarters and six months ended June 31, 1995 and 1994 were as follows:
Quarter Six Months
1995 1994 1995 1994
---- ---- ---- ----
Base management fee $ 92 $145 $186 $281
Administration fee $ 58 $ 64 $114 $129
The Company has a property management agreement with Pima Realty
Advisors, Inc. (the "Property Manager"), an affiliate of the Manager, for each
of its apartment communities. Under the property management agreements, the
Property Manager provides the customary property management services at its cost
without profit or distributions to its owners, subject to the limitation of the
prevailing management fee rates for similar properties in the market. The costs
are allocated to the Company monthly based on the ratio of the number of units
owned by the Company relative to the total apartment units managed by the
Property Manager. For the six months ended June 30, 1995 and 1994, the costs
allocated to the Company were $202,000 and $68,000 (net of an allocated credit
of $144,000 applicable only in 1994). The costs approximate 2.9% and 1.1% of
rental income for the six months ended June 30, 1995 and 1994.
General
ASR Investments Corporation (the Company) is a real estate investment
trust engaged primarily in the acquisition and operation of apartment
communities in the Southwestern United States. In January 1994, the Company
acquired its initial portfolio of seventeen apartment communities (2,461) units
located in Arizona, Texas and New Mexico. In the second half of 1994, the
Company acquired four communities (928 units) in Arizona through joint ventures
with a pension plan affiliate of Citicorp. In February 1995, the Company
acquired a 222-unit community in Arizona directly and a 163-unit community in
Arizona through a joint venture with a pension plan affiliate of Citicorp. In
June 1995, the Company acquired a 350-unit luxury apartment community located in
Arizona through a joint venture with a pension plan affiliate of Citicorp. The
Company is a 15% equity partner and the managing member of the joint ventures.
The Company will receive between 15% and 51% of the net profits and cash flow
depending on the ultimate performance of the joint ventures.
In addition to the apartment communities, the Company continues to own
mortgage assets. The Company uses cash flows from the mortgage assets for
apartment acquisition and other corporate purposes.
On July 7, 1995, the Company effected a reverse stock split under which
one new share of common stock was issued in exchange for five shares of
outstanding stock. Accordingly, the consolidated financial statements reflect
the reverse stock split and the number of common stock issued and all the per
share amounts have been adjusted for the reverse stock split.
Results of Operations
The Company had net income of $2,015,000 for the second quarter of 1995
and $5,374,000 for the first six months of 1995 compared to $2,698,000 and
$3,916,000 for the same periods in 1994. The income in 1995 results from
increases in income from both the apartments and mortgage assets.
In the first six months of 1995, operating income (before debt service
and depreciation) from the apartments was $3,877,000 which, after deducting
related interest expense, is a 10% increase from the first six months of 1994.
As a result of high demand, rental rates in the Company's apartment communities
June 30, 1995 increased by 7% over the quarter ended June 30, 1994 and by 5.2%
from December 31, 1994. While rental rates at June 30, 1995 increased 2% from
rates at March 31, 1995, vacancies were higher for the second quarter 1995 due
to seasonality. As a result, net operating income, "on same store basis", for
the second quarter 1995 compared to the first quarter 1995 was approximately 7%
lower. On a "same store" basis, net rental income for the first six months of
1995 was 4.2% higher than in 1994 and operating expenses were 5.3% higher
resulting in an increase in net operating income of 3.4%. The higher real estate
expenses in 1995 are due to the February acquistion of the 222-unit community
and also 1994 not reflecting a full period.
Interest income on mortgage assets for the second quarter and first six
months of 1995 decreased from the same periods in 1994 due to lower balances as
a result of amortization of the assets. The Company realized gains of $4,454,000
in the first six months of 1995. These gains consisted of $738,000 from the
redemption of one mortgage asset and the sale of the underlying mortgage
instruments, $2,420,000 from the reversal of the excess prepayment penalty
accrued in 1993, and $1,296,000 from the sale of a mortgage asset. The gains of
$2,544,000 realized in second quarter of 1994 resulted from the redemption and
sale of the related mortgage instrument of two mortgage assets.
Operating expenses for the six months 1995 increased due to an increase
of $402,000 in expenses relating to the stock appreciation rights and an
increase of $200,000 in expenses relating to dividend equivalent payments on the
options and stock appreciation rights. These increases were partially offset by
lower management fees ($94,000) and the Company's efforts to reduce operating
expenses. Operating expenses for the quarter ended June 30, 1995 compared to the
same quarter in 1994 were lower as no expenses related to the stock appreciation
rights were accrued in the second quarter 1995.
Interest and other income increased due to a gain of $311,000 realized
from the early payoff of the unsecured notes payable in April 1995. Real estate
interest expense increased because of the borrowing incurred in February 1995 in
connection with the acquisition of the 222-unit community located in Mesa,
Arizona. Interest expense related to mortgage assets decreased due to the payoff
of the notes in February 1995.
Liquidity, Capital Resources and Commitments
Cash provided by operations for the first six months of 1995 was higher
due to the redemption of one mortgage asset and the sale of the underlying
mortgage instruments during the first quarter of 1995 and to the sale of one of
its mortgage assets in the second quarter of 1995. Cash used in investing
activities was much lower for the first six months of 1995 as the Company
purchased its initial apartment portfolio in the first quarter of 1994. Cash
used in investing activities was higher for the quarter ended June 30, 1995
compared to the same period in 1994 as the Company received lower cash flow from
their amortizing mortgage assets. Additionally, cash provided by financing
activities was lower in the first six months of 1995 due to (1) the payoff of
both the note secured by mortgage assets and the unsecured note payable in 1995,
(2) the payment of dividends in first two quarters of 1995 and (3) the issuance
of notes related to the initial apartment portfolio acquired in the first
quarter of 1994.
The Company currently depends primarily on the cash flows generated
from its existing mortgage assets to fund its acquisition of apartment
communities. During the first six months ended June 30, 1995, the mortgage
assets generated cash flows of $8,456,000. Below are estimates of future cash
flows from the mortgage assets beginning with July 1995 using three interest
rate assumptions. Case 2 represents approximate interest rates and forecasts of
prepayments rates made by market participants at June 30, 1995. The assumed
mortgage prepayment rate represents the average of annual prepayment rate
assumed for the underlying mortgage instruments. These estimates assume that the
Company will hold the mortgage assets until the stated maturity. (Dollars are in
thousands):
Case 1 Case 2 Case 3
------- ------- -------
Assumed one month LIBOR 4% 6% 8%
Assumed prepayment rate 28% 16.6% 10%
Estimated cash flows (No redemptions)
1995 $ 3,974 $ 3,544 $ 3,114
1996 6,690 5,821 4,927
1997 4,647 4,494 4,492
1998 3,277 3,496 3,590
1999 2,354 2,686 3,098
2000-2018 14,716 28,841 46,731
-------- -------- --------
Total $ 35,658 $ 48,882 $ 65,624
======== ======== ========
Estimated "prospective yield" 26%
========
The Company has the right, under certain conditions, to cause the early
redemption of the structured financing (generally at par) underlying a majority
of the mortgage assets and sell the mortgage instruments. Such early redemptions
and sales of the mortgage instruments increase as well as accelerate the cash
flows from the mortgage assets. Of the $29,612,000 and $8,456,000 generated by
the mortgage assets during 1994 and the first six months of 1995, $11,227,000
and $4,385,000 were generated by early redemptions of mortgage assets. In July
1995, the Company redeemed a mortgage asset that generate net proceeds of
approximately $600,000 in the second half of 1995. Should current conditions
continue to prevail, the Company could continue to exercise early redemptions of
mortgage assets and substantially accelerate the cash flow. The following
estimated cash flow under Case 4 have been prepared using the same interest and
prepayment rate assumptions as Case 2 with the exception that the mortgage
assets would be redeemed at the earliest available date and the underlying
mortgage instruments would be sold at the average (105.75%) of the prices as of
July 27, 1995.
Case 4
-------
1995-2nd half $4,144
1996 15,215
1997 8,568
1998 1,359
1999 13,791
2000-2018 9,400
-------
Total $52,477
=======
Estimated "prospective yield" 69%
=======
There can be no assurance that the actual interest and prepayment rates
will be as assumed or that the prices of the mortgage instruments will remain at
the assumed levels. Proceeds from redemptions are highly dependant on mortgage
prices as well as the then outstanding balance of the mortgage instruments. As
an example, the average price assumed for mortgages sold under Case 4 was
105.75% of par (prices available on July 27, 1995). If the price premium
decreases by half (i.e., the mortgage prices decrease to 102.88%), the estimated
total cash flow would decline by $12,488,000 of which $2,416,000 relate to 1996,
and the estimated prospective yield would be 52%.
At June 30, 1995, the Company had cash of $756,000. The Company intends
to use such funds for acquisition of apartments, capital improvements on
existing properties and working capital.
In February 1995, the Company prepaid the entire balance of the notes
payable secured by mortgage assets. In April 1995, the Company prepaid the
unsecured notes payable. The Company borrowed $3,000,000 under a reverse
repurchase agreement that is secured by certain mortgage assets with an
aggregate book value of $4,055,000 at June 30, 1995. Mortgage assets having a
carrying value of $10,679,000 are available as collateral for additional
financing.
Inflation
The apartment leases generally are for terms of six to twelve months.
Management believes that such short-term leases lessen the impact of inflation
as a result of the ability to adjust rental rates to market levels as leases
expire. To the extent that the inflation rate influences federal monetary policy
and results in rising short-term interest rates or declines in mortgage interest
rates, the income and cash flows from the mortgage assets would be adversely
affected.
<PAGE>
PART II
OTHER INFORMATION
Item 1. Legal Proceedings - None
-----------------
Item 2. Changes in Securities - Not applicable
---------------------
Item 3. Defaults Upon Senior Securities - Not applicable
-------------------------------
Item 4. Submission of Matters to a Vote of Security Holders -
---------------------------------------------------
(a) The Annual Meeting of Stockholders of the Company was held
on Wednesday, May 17, 1995 at 9:00 a.m., at the Radisson Suite Hotel, 6555 East
Speedway Blvd., Tucson Arizona. There were 15,749,297 (3,149,827 shares
reflecting the reverse stock split) shares outstanding on the date of record for
the annual meeting.
(b) The Board of Directors as listed in the March 28, 1995
proxy statement was duly elected to serve until the next annual meeting or until
their successors are duly elected and ratified. The votes were as follows:
FOR WITHHELD
---------- --------
Earl Baldwin 14,222,174 509,406
Joseph C. Chan 14,210,764 520,816
John J. Gisi 14,222,155 509,425
Jon A. Grove 14,206,531 525,049
Raymond L. Horn 14,219,426 512,154
Frederick C. Moor 14,227,047 504,533
Frank S. Parise, Jr. 14,221,264 519,816
(c) The approval to amend the Amended & Restated Articles of
Incorporation to effect a one for five reverse stock split. The votes were as
follows:
FOR AGAINST ABSTAIN BROKER NON-VOTE
---------- --------- ------- ---------------
12,664,314 1,806,296 249,670 11,301
(d) The appointment of Deloitte & Touche as the Company's
independent accountants for the fiscal year ending December 31, 1995 was
ratified. The votes were as follows:
FOR AGAINST ABSTAIN
---------- ------- -------
14,356,025 181,153 194,402
Item 5. Other Information - Not applicable
-----------------
Item 6. Exhibits and Reports on Form 8-K - None
--------------------------------
********************
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ASR INVESTMENTS CORPORATION
Mary C. Swanton Joseph C. Chan
- ----------------------------- -------------------------------
Mary C. Swanton Joseph C. Chan
Controller Executive Vice President,
August 10, 1995 Chief Operating Officer,
Chief Financial and
Accounting Officer
August 10, 1995
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<EXCHANGE-RATE> 1
<CASH> 756
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 756
<PP&E> 75,446
<DEPRECIATION> 3,269
<TOTAL-ASSETS> 97,527
<CURRENT-LIABILITIES> 0
<BONDS> 0
<COMMON> 39,347
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 97,527
<SALES> 0
<TOTAL-REVENUES> 14,393
<CGS> 0
<TOTAL-COSTS> 6,627
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,392
<INCOME-PRETAX> 5,374
<INCOME-TAX> 0
<INCOME-CONTINUING> 5,374
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<CHANGES> 0
<NET-INCOME> 5,374
<EPS-PRIMARY> 1.72
<EPS-DILUTED> 1.72
</TABLE>
