Criimi Mae Sees 3rd Qtr Loss
Criimi Mae Inc. here saw a net loss of $7.4 million, or ($0.49) per share, for the third quarter, compared with a net loss of $25.1 million, or ($1.80) per share, a year earlier.
The results include $4.7 million of impairment charges on subordinated commercial mortgage-backed securities, the real estate investment trust said.
"The credit performance of the mortgage loans underlying Criimi Mae's CMBS continues to be impacted by the lagging weakness in the hotel, retail, and certain other commercial property sectors contributing to the company's recognition of impairment during the second and third quarters of this year," said Barry Blattman, chairman and chief executive officer of the REIT.
"However, a 16% decrease in the total specially serviced loans since the second quarter is a positive development for Criimi Mae."
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