SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Acto of 1934
Date of Report: January 20, 1995
TIS MORTGAGE INVESTMENT COMPANY
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(Exact name of Registrant as specified in its Charter)
Maryland 94-3067889
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
655 Montgomery Street
San Francisco, California 94111
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(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code (415) 393-8000
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Item 5. Other Events
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On December 29, 1994 the following news release was issued by TIS Mortgage
Investment Company.
TIS MORTGAGE INVESTMENT COMPANY REPORTS ACQUISITION OF MULTI-FAMILY HOUSING
PROPERTIES.
SAN FRANCISCO, CALIFORNIA - TIS MORTGAGE INVESTMENT COMPANY (NYSE
Symbol: TIS) today announced that it has entered into a definitive
agreement to acquire four multi-family housing properties in California's
Central Valley. Consisting of 539 units together with 9.75 acres of
unimproved land slated for development of an additional 126 units, the
properties will be purchased by TIS in a series of closings to occur
between mid-January and mid-September of 1995. The aggregate purchase
price for the properties will be $29,275,000, including existing debt to be
assumed by TIS.
In announcing the agreement, Lorraine O. Legg, president and chief
executive officer of TIS, noted that this was the San Francisco REIT's
first venture into equity ownership and stated that: "These properties will
provide good long term shareholder value because they are priced correctly,
they are superior properties located in a high growth area and currently
they have a modest rent structure." The units range from 850-1250 square
feet and are being purchased below replacement cost. Ms. Legg added:
"With the purchase of these properties, TIS is continuing to implement the
strategy it originally announced in June 1993 to shift the company's
investments into commercial mortgage securitizations and multi-family real
estate."
TIS Mortgage Investment Company is a San Francisco-based Real Estate
Investment Trust (REIT).
(END)
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
TIS Mortgage Investment Company
Date: January 20, 1995 BY: /s/ John E. Castello
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John E. Castello, Executive Vice
President and Chief Financial Officer
