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CRIIMI MAE REPORTS HIGHER INCOME FROM ORDINARY OPERATIONS

 ROCKVILLE, Md., Feb. 24 /PRNewswire/ -- CRI Insured Mortgage Association, Inc. (CRIIMI MAE) (NYSE: CMM) reported that tax basis income from ordinary operations increased from 68 cents per share in 1991 to 74 cents per share in 1992.
 Chairman William B. Dockser said, "We are pleased that ordinary income covered a greater portion of dividends this year. We increased ordinary income from operations principally by undertaking a major refinancing of corporate debt in 1991 which reduced CRIIMI MAE's interest expense in 1992."
 Fewer mortgage dispositions during 1992 reduced tax basis income from capital gains from 41 cents per share in 1991 to 33 cents per share in 1992.
 Tax basis income for the year ended Dec. 31, 1992, was approximately $21.6 million ($1.07 per share), slightly lower than approximately $22.0 million ($1.09 per share) last year.
 CRIIMI MAE paid dividends for 1992 of $1.08 per share. That total includes 1 cent per share carried forward from tax basis income earned in the prior year.
 Dockser said CRIIMI MAE's portfolio has a built-in stream of capital gains totaling approximately $2 per share, which during the next several years is expected to continue to supplement income from ordinary operations and be paid as part of CRIIMI MAE's dividend.
 Dockser said the company continues to enhance ordinary income from operations. During January 1993, for instance, the company obtained an additional $15 million from two of its banks, and has committed to invest those funds in federally insured mortgages. Those investments are currently expected to earn a net positive interest rate spread of more than 250 basis points.
 The federal tax code requires CRIIMI MAE to pay at least 95 percent of tax basis income as dividends to shareholders to preserve CRIIMI MAE's status as a corporate REIT.
 CRIIMI MAE reports both tax basis income and net income in its financial statements, but only tax basis income has a direct bearing on the level of dividends paid to shareholders.
 For financial reporting purposes, CRIIMI MAE reported net income for 1992 of approximately $16.0 million (79 cents per share), slightly higher than last year's total before an extraordinary loss of approximately $15.6 million (78 cents per share).
 Last year's fourth quarter extraordinary loss for financial reporting purposes resulted from the refinancing of $117 million of CRIIMI MAE's debt. For tax purposes, the refinancing costs were capitalized and amortized over the term of the new financing, which extends through March 1996.
 During 1992, CRIIMI MAE invested in federally insured or guaranteed mortgages totaling approximately $9.3 million. The company also funded federally insured construction loans during 1992 in the amount of approximately $22.5 million.
 As of Dec. 31, 1992, CRIIMI MAE was invested in 133 mortgage investments -- 60 were directly owned by CRIIMI MAE, and 73 were held through a subsidiary. All of these investments are either insured or guaranteed by federal agencies.
 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 year
 ended Dec. 31,
 1992 1991
 Tax Basis Income:
 Ordinary income:
 Interest and other regular
 operating income $43,727,778 $44,407,641
 Interest expense (24,135,891) (25,790,597)
 Other expenses (4,594,994) (4,767,003)
 Total ordinary income 14,996,893 13,850,041
 Capital gains 6,628,837 8,187,416
 Total tax basis income $21,625,730 $22,037,457
 Tax basis income per share:
 Ordinary income $ 0.74 $ 0.68
 Capital gains 0.33 0.41
 Total tax basis income per share $ 1.07 $ 1.09
 Dividends paid per share:
 Ordinary income $ 0.75 $ 0.67
 Capital gains 0.33 0.41
 Total dividends paid per share $ 1.08(A) $ 1.08
 (A) Dividends paid for 1992 include 1 cent per share carried forward from prior year.
 For the year
 ended Dec. 31,
 1992 1991
 Financial Statement Net Income:
 Gross income, including net gains
 on mortgage dispositions $56,434,903 $58,365,885
 Interest expense (24,391,901) (25,790,597)
 Other expenses (6,474,472) (6,077,753)
 Minority interests in net income
 of consolidated subsidiary(A) (9,527,299) (10,854,526)
 Financial statement income before
 extraordinary item 16,041,231 15,643,009
 Extraordinary item - loss on early
 extinguishment of debt -- (6,642,450)
 Net financial statement income $16,041,231 $ 9,000,559
 Net financial statement income
 before extraordinary item per
 weighted average share outstanding $ 0.79 $ 0.78
 Extraordinary loss per weighted
 average share outstanding -- (0.33)
 Net financial statement income
 per weighted average share
 outstanding $ 0.79 $ 0.45
 As of Dec. 31,
 1992 1991
 Total assets $526,667,058 $546,054,435
 (A) Represents the ownership interests of the minority shareholders in the net income of a subsidiary -- CRI Liquidating REIT, Inc. -- which is 67 percent owned by CRIIMI MAE.
 -0- 2/24/93
 /CONTACT: James T. Pastore, 301-231-0323, or Susan B. Railey, 301-468-3120, both for CRI Insured Mortgage Association/
 (CMM)


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

KD-DC -- DC011 -- 7647 02/24/93 11:11 EST
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Date:Feb 24, 1993
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