Criimi Mae's Earnings Rise
Criimi Mae has reported fourth-quarter net income of $5.4 million ($0.34 per share), a 108% increase from net income of $2.6 million ($0.17 per share) for the fourth quarter of 2003.
And for the year ended Dec. 31, 2004, the commercial mortgage real estate investment trust reports net income of $16.7 million ($1.06 per share), compared to a net loss of $4.1 million (loss per share of $0.27) for 2003.
The REIT attributes the increase in fourth-quarter net income primarily to a $1.8 million gain on the "extinguishment of debt" and a $1.2 million decrease in some other expenses.
Mark Jarrell, president and COO, Criimi Mae, said, "As a result of our June 2004 refinancing, the percentage of our debt that is recourse to the company is the lowest ever. The principal balance of loans in special servicing has declined for the fourth quarter in a row."
The REIT recently hired Citigroup to help it explore its strategic alternatives, which could include a sale of the company.
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