Criimi Mae Reports 3Q Profits

Criimi Mae, a Rockville, Md.-based commercial mortgage real estate investment trust, has reported net income of $5.8 million ($0.36 per share) for the third quarter, compared with a net loss of $9.3 million ($0.60 per share) for the third quarter of 2004.The company said its special servicing portfolio decreased 41% during the third quarter, to $486 million. "The increase in liquidity to almost $72 million demonstrates the significant cash flow that has been generated by our seasoned portfolio of [commercial mortgage-backed securities], and the performance of the mortgages underlying our CMBS has continued to improve as evidenced by the decreasing special servicing portfolio," said Barry Blattman, chairman and chief executive officer of Criimi Mae. Criimi Mae is being acquired by CDP Capital Financing, a Canadian company. The commercial mortgage REIT can be found online at http://www.criimimaeinc.com.