CRIIMI MAE INCREASES QUARTERLY DIVIDEND TO 23.5 CENTS PER SHARE; REIT Expects Annualized Dividend To Be 92 Cents Per Share For 1995.

ROCKVILLE, MD, Sept. 8, 1995--(BUSINESS WIRE)--(NYSE:CMM)--The board of directors of CRIIMI MAE Inc., a self-administered, self-managed multifamily mortgage real estate investment trust (REIT), today declared a third quarter dividend of 23.5 cents per share, an increase from the first two quarters dividends of 22.5 cents per share.

In announcing the increase, chairman William B. Dockser said, "We expect this increased dividend level will be sustainable in the fourth quarter, resulting in a total dividend for 1995 of 92 cents per share."

For 1996, Mr. Dockser said management expects higher tax basis income and dividends. He stated that the board declares each quarter s dividend based on conditions at the time, adding that next year's dividends would be based on the volume, timing and yield of subordinated securities and other investments CRIIMI MAE makes, the interest rates on the refinancing of approximately $380 million of corporate debt currently underway, and other factors. In explaining today's declaration, Mr. Dockser said, "The increase in the quarterly dividend includes, among other things, the higher income we have earned and expect to earn for the remainder of 1995 from CRIIMI MAE s investments in subordinated securities and new revenue streams resulting from the merger completed June 30."

The third quarter's 23.5 cents per share dividend will be paid on Sept. 29, 1995, to holders of record on Sept. 18, 1995. The ex-dividend date will be Sept. 14, 1995.

CRIIMI MAE Inc. is a self-managed, self-administered multifamily mortgage REIT. At June 30, 1995, total consolidated assets were approximately $977 million, of which approximately seven percent was investments in higher-yielding subordinated securities backed by uninsured mortgages on multifamily and other commercial properties and the remaining 93 percent was investments in government insured multifamily mortgages and other assets. During August, CRIIMI MAE invested an additional $49.7 million in three separate subordinated security transactions. With these closings, subordinated securities now represent approximately 11 percent of total consolidated assets. At August 1, 1995, CRIIMI MAE s mortgage servicing portfolio exceeded $850 million. It was comprised of more than 180 loans on multifamily housing communities and other commercial properties.

CONTACT: James Pastore

[phone]

Susan Railey

[phone]