UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 4, 1997
ASR Investments Corporation
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(Exact name of Registrant as specified in its Charter)
Maryland 1-9646 86-0587826
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State or other (Commission File No.) (IRS Employer)
jurisdiction of
incorporation)
335 N. Wilmot Suite 250, Tucson, AZ 85711
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(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)
<PAGE>
ASR INVESTMENTS CORPORATION
Current Report on Form 8-K
ITEM 2.ACQUISITION OR DISPOSITION OF ASSETS.
On June 4, 1997, the Company sold all of its remaining mortgage assets
on the open market to an investment banking firm for approximately $13,350,000
and a gain of $10,950,000. The purchase price of the mortgage assets was
determined through arm's length negotiations between the Company and the buyer.
As a result of the sale, the Company no longer owns any mortgage assets and will
not realize any additional cash flow or income from mortgage assets. The Company
plans to use the proceeds to purchase additional apartment communities that are
under evaluation.
The Company expects net income for future periods will decrease
substantially because of the additional depreciation expense from the new
apartment communities and the absence of income from mortgage assets.
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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 hereunto duly authorized.
ASR INVESTMENTS CORPORATION
By: /s/ Joseph Chan
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Name: Joseph Chan
Its: Executive Vice President, Chief Operating Officer,
Secretary and Treasurer
June 17, 1997
