Criimi Mae Reports $64.2MM '02 Loss

Criimi Mae Inc., Rockville, Md., has reported a net loss of $64.2 million ($4.69 per share) for 2002, compared with a net loss of $24.2 million ($2.18 per share) for 2001.The commercial mortgage investor said the loss includes $70.2 million of impairment charges on commercial mortgage-backed securities investments. For the fourth quarter, the company reported a net loss of $34.6 million ($2.48 per share), compared with a loss of $27.2 million ($2.10 per share) a year earlier. Criimi Mae said the loss includes $35.2 million of CMBS impairment charges. The company recently increased its estimate of loss over the life of its 'B' piece CMBS investments to $503 million. Criimi Mae said the impairment charges for 2002 "are the result of lower estimates of values on certain properties in special servicing, higher defaults, and higher projected loss severities, which resulted in higher projected loan losses." Criimi Mae can be found on the Web at http://www.criimimaeinc.com.