Criimi Mae Reports 2Q Loss

Criimi Mae, Rockville, Md., has reported a net loss of $3.6 million ($0.24 per share) for the second quarter, compared with net income of $2.3 million ($0.16 per share) a year earlier.The commercial mortgage real estate investment trust attributed the loss primarily to $8.9 million in impairment charges recognized during the period. The company also announced that Mark R. Jarrell has been named president and chief operating officer, effective Sept. 15. Mr. Jarrell has been on the Criimi Mae board since last January. Criimi Mae has also increased the overall expected loss estimate on its subordinated commercial mortgage-backed securities portfolio from $503 million to $559 million. "While our subordinated CMBS continue to generate significant cash and we've made positive progress in resolving loans in special servicing, our ongoing loan review process identified a number of continuing challenges related to our CMBS," said Barry Blattman, Criimi Mae's chairman and chief executive officer. Criimi Mae can be found on the Web at http://www.criimimaeinc.com.