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CRIIMI MAE REPORTS THIRD QUARTER RESULTS; REIT EXPECTS 1991 RESULTS TO MATCH 1990

 CRIIMI MAE REPORTS THIRD QUARTER RESULTS;
 REIT EXPECTS 1991 RESULTS TO MATCH 1990
 ROCKVILLE, Md., Dec. 11 /PRNewswire/ -- CRI Insured Mortgage Association, Inc. (CRIIMI MAE) (NYSE: CMM) today reported lower tax basis income for the third quarter and the nine months ended Sept. 30, 1991.
 Despite lower third quarter results, the company said it expects significant improvement in the fourth quarter. As a result, tax basis income for 1991 is expected to match 1990's level of $1.10 per share.
 CRIIMI MAE's board of directors earlier this week declared a fourth quarter dividend of 27 cents per share, resulting in dividend payments for the entire year of $1.08 per share. This is CRIIMI MAE's eighth consecutive 27 cents per share dividend. The two-year-old company began NYSE trading on Nov. 28, 1989.
 During the course of the year, CRIIMI MAE distributes at least 95 percent of its tax basis income as dividends to shareholders. This preserves CRIIMI MAE's status as a corporate REIT that is not taxed at the corporate level.
 The company said it had lower third quarter results mainly because a portion of its funds were held temporarily in low-yielding, short-term instruments until they could be used to fund CRIIMI MAE's planned third quarter investments. These included funding federally insured construction loans of approximately $17.4 million and CRIIMI MAE's investment on Sept. 6, 1991, of approximately $24.4 million in the AIM funds.
 Both of these investments are expected to earn above current mortgage market yields, though their full benefit will only be realized beginning in the fourth quarter.
 Tax basis income for the three months ended Sept. 30, 1991, was approximately $3.1 million (15 cents per share), compared with approximately $4.6 million (23 cents per share) for the same quarter last year.
 For the first nine months of 1991, tax basis income was approximately $17.0 million (84 cents per share), compared with approximately $17.9 million (89 cents per share) for the same period last year. Financial statement net income for 1991's third quarter was approximately $2.4 million (12 cents per share), compared with approximately $4.4 million (22 cents per share) for the same period last year. For the first nine months of 1991, net income was approximately $12.3 million (61 cents per share), compared with approximately $14.3 million (71 cents per share) for the first nine months last year.
 At the quarter's end, CRIIMI MAE was invested in 132 mortgage investments -- 52 were directly owned by CRIIMI MAE and 80 were held through a subsidiary. All of these investments are either insured or guaranteed by federal agencies.
 The market liquidation value of all assets at quarter end was estimated to be $10.94 per share.
 CRIIMI MAE's advisor 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 three months ended For nine months ended
 Sept. 30, Sept. 30,
 1991 1990 1991 1990
 (Unaudited) (Unaudited)
 Tax Basis Income
 Interest and other
 regular operating
 income $13,150,762 $14,349,520 $41,488,178 $41,441,449
 Net gains from
 mortgage
 dispositions 324,040 51,105 9,499,617 7,939,150
 Gross revenues 13,474,802 14,400,625 50,987,795 49,380,599
 Interest expense (6,625,486) (5,682,002) (19,147,437) (16,140,324)
 Other expenses (1,258,849) (1,225,078) (4,136,194) (3,896,532)
 Minority interests
 in net income of
 consolidated
 subsidiary(A) (2,468,493) (2,847,320) (10,723,304) (11,449,745)
 Tax basis income $ 3,121,974 $ 4,646,225 $16,980,860 $17,893,998
 Tax basis income
 per weighted
 average share
 outstanding $0.15 $0.23 $0.84 $0.89
 Dividends paid
 per weighted
 average share
 outstanding $0.27 $0.27 $0.81 $0.81
 Financial Statement Income
 Gross
 revenues(B) $12,604,244 $14,125,544 $44,250,288 $44,401,930
 Interest expense (6,625,486) (5,682,002) (19,147,437) (16,140,324)
 Other expenses (1,347,542) (1,335,413) (4,408,967) (4,247,145)
 Minority interests
 in net income of
 consolidated
 subsidiary(A) (2,192,243) (2,718,307) (8,441,399) (9,672,430)
 Net financial
 statement
 income $ 2,438,973 $ 4,389,822 $12,252,485 $14,342,031
 Net financial
 statement income
 per weighted
 average share
 outstanding $0.12 $0.22 $0.61 $0.71
 As of Sept. 30,
 1991 1990
 (Unaudited) (Unaudited)
 Total assets $577,385,088 $594,503,823
 (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.
 (B) Includes net gains from mortgage dispositions.
 -0- 12/11/91
 /CONTACT: James T. Pastore, 301-231-0323, or Susan J. Bressler, 301-468-3120, both of CRIIMI MAE/
 (CMM) CO: CRI Insured Mortgage Association, Inc. ST: Maryland IN: FIN SU:


SB-TW -- DC022 -- 1587 12/11/91 15:54 EST
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Date:Dec 11, 1991
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