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CRIIMI MAE ANNOUNCES SECOND QUARTER TAX BASIS INCOME OF 20 CENTS PER SHARE

 CRIIMI MAE ANNOUNCES SECOND QUARTER TAX BASIS INCOME
 OF 20 CENTS PER SHARE
 ROCKVILLE, Md., July 29 /PRNewswire/ -- CRI Insured Mortgage Association, Inc. (CRIIMI MAE) (NYSE: CMM) reported tax basis income for the three months ended June 30, 1992 of approximately $4.0 million (20 cents per share) vs. last year's second quarter total of approximately $4.3 million (21 cents per share).
 For the first half of 1992, tax basis income was approximately $13.4 million (66 cents per share) compared with approximately $13.9 million (69 cents per share) for the same period last year.
 The real estate investment trust (REIT) said first half 1992 results indicate CRIIMI MAE remains on track to pay dividends this year ranging from $1.04 to $1.12 per share. Last year's dividends totaled $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.
 Compared to last year's second quarter, mortgage investment income decreased during the same period in 1992 primarily due to the net reduction in the mortgage base of CRIIMI MAE's subsidiary, CRI Liquidating REIT, Inc. This was partly offset by income from new mortgage investments made by CRIIMI MAE during the past twelve months and lower interest expense on a portion of CRIIMI MAE's corporate debt.
 Assets decreased since the end of last year's second quarter primarily because principal returned to CRIIMI MAE as a result of CRI Liquidating REIT's mortgage dispositions was used to retire long term debt.
 CRIIMI MAE paid its 10th consecutive 27 cents per share quarterly dividend on June 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 second quarter 1992 net income of approximately $2.9 million (14 cents per share), compared with approximately $3.4 million (17 cents per share) for last year's second quarter.
 As of June 30, 1992, CRIIMI MAE was invested in 133 mortgage investments -- 60 were directly owned by CRIIMI MAE and 73 are were held through its subsidiary, CRI Liquidating REIT.
 All of these investments are either insured or guaranteed by federal agencies.
 Management estimates that the net liquidation value of all assets at quarter's end was approximately $10.19 per share.
 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)
 For the three months ended
 June 30,
 (Unaudited)
 1992 1991
 Tax Basis Income
 Interest and other regular
 operating income $ 12,683,237 $ 14,104,072
 Net gains from mortgage
 dispositions 1,045,111 735,351
 Gross revenues 13,728,348 14,839,423
 Interest expense (6,067,994) (6,432,847)
 Other expenses (1,365,343) (1,434,611)
 Minority interests in net income
 of consolidated subsidiary(A) (2,341,725) (2,706,679)
 Tax basis income $ 3,953,286 $ 4,265,286
 Tax basis income per weighted
 average share outstanding $ .20 $ .21
 Dividends paid per weighted
 average share outstanding $ .27 $ .27
 For the six months ended
 June 30,
 (Unaudited)
 1992 1991
 Tax Basis Income
 Interest and other regular
 operating income $ 25,458,116 $ 28,337,416
 Net gains from mortgage
 dispositions 10,054,999 9,175,577
 Gross revenues 35,513,115 37,512,993
 Interest expense (11,843,198) (12,640,473)
 Other expenses (2,813,419) (2,758,823)
 Minority interests in net income
 of consolidated subsidiary(A) (7,490,839) (8,254,811)
 Tax basis income $ 13,365,659 $ 13,858,886
 Tax basis income per weighted
 average share outstanding $ .66 $ .69
 Dividends paid per weighted
 average share outstanding $ .54 $ .54
 CRI INSURED MORTGAGE ASSOCIATION, INC.
 (CRIIMI MAE)
 For the three months
 ended June 30,
 (Unaudited)
 1992 1991
 Gross revenues, including net
 gains (losses) on mortgage
 dispositions $ 12,158,949 $ 13,652,646
 Interest expense (6,037,073) (6,432,847)
 Other expenses (1,438,143) (1,521,535)
 Minority interests in net income
 of consolidated subsidiary(A) (1,796,823) (2,294,262)
 Net financial statement income $ 2,886,910 $ 3,404,002
 Net financial statement income
 per weighted average share
 outstanding $ .14 $ .17
 For the six months
 ended June 30,
 (Unaudited)
 1992 1991
 Gross revenues, including net
 gains (losses) on mortgage
 dispositions $ 30,072,250 $ 31,646,044
 Interest expense (11,773,837) (12,640,473)
 Other expenses (2,965,757) (2,962,903)
 Minority interests in net income
 of consolidated subsidiary(A) (5,648,608) (6,249,156)
 Net financial statement income $ 9,684,048 $ 9,813,512
 Net financial statement income
 per weighted average share
 outstanding $ .48 $ .49
 As of June 30,
 1992 1991
 (Unaudited) (Unaudited)
 Total assets $551,794,370 $591,440,914
 (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.
 /CONTACT: James T. Pastore, 301-231-0323, or Susan Bressler- Railey, 301-468-3120, both of CRI Insured Mortgage Association, Inc./
 (CMM) CO: CRI Insured Mortgage Association, Inc. ST: Maryland IN: SU:


KD -- DC005 -- 4709 07/29/92 15:01 EDT
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Date:Jul 29, 1992
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