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CRI LIQUIDATING REIT EXPECTS TO DISTRIBUTE MORTGAGE PROCEEDS IN TWO PAYMENTS

 CRI LIQUIDATING REIT EXPECTS TO DISTRIBUTE MORTGAGE PROCEEDS
 IN TWO PAYMENTS
 ROCKVILLE, Md., Feb. 5 /PRNewswire/ -- CRI Liquidating REIT, Inc. (NYSE: CFR), said it expects to distribute the proceeds from its previously announced disposition of the Doral Plaza Apartments mortgage in two payments during 1992.
 -- Distribution of 90 percent of the total anticipated tax basis gain of approximately 34 cents per share is expected to occur during early 1992.
 -- The principal distribution of approximately 98 cents per share, along with the remaining 10 percent tax gain, is expected during the second half of the year.
 This anticipated distribution schedule is one way to help ensure the Liquidating Company will meet key provisions of the tax code governing REITs. These provide that no more than 30 percent of a REIT's gross income in a year can be derived from gain from the disposition of certain assets. The distribution of principal in the second half of the year will increase the Liquidating Company's interest income as funds are invested in short-term investments thus helping to ensure that the Liquidating Company's income mix conforms to REIT rules.
 This announcement is not a declaration of a dividend. Dividends may only be declared by the board of directors.
 -0- 2/5/92
 /CONTACT: James T. Pastore, 301-231-0323, or Susan J. Bressler, 301-468-3120, of CRI Liquidating REIT/
 (CFR) CO: CRI Liquidating REIT, Inc. ST: Maryland IN: SU:


MH -- DC003 -- 7012 02/05/92 08:31 EST
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Publication:PR Newswire
Date:Feb 5, 1992
Words:240
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