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CRIIMI MAE ANNOUNCES 40 PERCENT INCREASE IN THIRD QUARTER TAX BASIS INCOME

 ROCKVILLE, Md., Nov. 18 ~PRNewswire~ -- CRI Insured Mortgage Association, Inc. (CRIIMI MAE) (NYSE: CMM), reported tax basis income for the three months ended Sept. 30, 1992, of approximately $4.4 million (22 cents per share), up approximately 40 percent from last year's third quarter total of approximately $3.1 million (15 cents per share).
 For the first nine months of 1992, tax basis income was approximately $17.7 million (88 cents per share) compared with approximately $17.0 million (84 cents per share) for the same period last year.
 The real estate investment trust (REIT) said results for the first nine months of 1992 indicate that CRIIMI MAE remains on track to pay dividends again this year of $1.08 per share.
 During the course of the year, CRIIMI MAE distributes at least 95 percent of its tax basis income as dividends to shareholders. This helps to preserve the company's status as a corporate REIT which is not taxed at the corporate level.
 Tax basis income for this year's third quarter increased compared to the same period last year primarily due to the growth of income generated by new investments made by CRIIMI MAE during the past 12 months and lower interest expense on a portion of CRIIMI MAE's corporate debt.
 CRIIMI MAE paid its 11th consecutive 27 cents per share dividend on Sept. 30, 1992.
 CRIIMI MAE reports net income in its financial statements, but only tax basis income has a direct bearing on the amount of dividends paid to shareholders.
 For financial reporting purposes, CRIIMI MAE reported third quarter 1992 net income of approximately $3.5 million (17 cents per share), up approximately 45 percent from approximately $2.4 million (12 cents per share) for last year's third quarter.
 For the first nine months of 1992, financial statement income was approximately $13.2 million (65 cents per share), up approximately 8 percent from approximately $12.3 million (61 cents per share) for the same period last year.
 As of Sept. 30, 1992, CRIIMI MAE was invested in 133 mortgage investments -- 60 were directly owned by CRIIMI MAE, and 73 were held through its subsidiary, CRI Liquidating REIT. All of these investments are either insured or guaranteed by federal agencies.
 CRIIMI MAE is the largest REIT specializing in high-quality multifamily mortgage investments. CRIIMI MAE's adviser is an affiliate of CRI, Inc., the real estate investment management firm based in the Washington area.
 CRI INSURED MORTGAGE ASSOCIATION, INC.
 (CRIIMI MAE)
 (Unaudited)
 For three months ended For nine months ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Tax Basis Income
 Interest and other
 regular operating
 income $13,757,096 $13,150,762 $39,215,212 $41,488,178
 Net gains from
 mortgage
 dispositions 1,039,357 324,040 11,094,356 9,499,617
 Gross revenues 14,796,453 13,474,802 50,309,568 50,987,795
 Interest expense (6,411,017) (6,506,964)(18,254,215)(19,147,437)
 Other expenses (1,388,344) (1,377,371) (4,201,763) (4,136,194)
 Minority interests
 in net income of
 consolidated
 subsidiary(A) (2,626,207) (2,468,493) (10,117,046)(10,723,304)
 Tax basis income $ 4,370,885 $ 3,121,974 $17,736,544 $16,980,860
 Tax basis income
 per weighted
 average share
 outstanding $0.22 $0.15 $0.88 $0.84
 Dividends paid
 per weighted
 average share
 outstanding $0.27 $0.27 $0.81 $0.81
 Financial Statement Income
 Gross revenues,
 including net
 gains (losses)
 on mortgage
 dispositions $13,611,402 $12,604,244 $43,683,652 $44,250,288
 Interest expense (6,401,931) (6,506,964)(18,175,768)(19,147,437)
 Other expenses (1,461,807) (1,466,064) (4,427,564) (4,408,967)
 Minority interests
 in net income of
 consolidated
 subsidiary(A) (2,221,549) (2,192,243) (7,870,157) (8,441,399)
 Net financial
 statement
 income $ 3,526,115 $ 2,438,973 $13,210,163 $12,252,485
 Net financial
 statement income
 per weighted
 average share
 outstanding $0.17 $0.12 $0.65 $0.61
 As of Sept. 30,
 1992 1991
 (Unaudited) (Unaudited)
 Total assets $610,549,960 $577,385,088
 (A) Represents the ownership interests of the minority shareholders in the net income of a subsidiary -- CRI Liquidating REIT, Inc. -- which is approximately 67 percent owned by CRIIMI MAE.
 -0- 11~18~92
 ~CONTACT: James T. Pastore, 301-231-0323, or Susan B. Railey, 301-468-3120, both of CRIIMI MAE~
 (CMM)


CO: CRI Insured Mortgage Association, Inc. ST: Maryland IN: FIN SU: ERN

MH -- DC001 -- 2191 11~18~92 09:04 EST
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Date:Nov 18, 1992
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