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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): September 3, 1998,
(August 31, 1998)
CRIIMI MAE Inc.
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(Exact name of registrant as specified in its charter)
Maryland 1-10360 52-1622022
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
11200 Rockville Pike, Rockville, Maryland 20852
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(Address of principal executive office) (Zip code)
Registrant's telephone number including area code: (301) 816-2300
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(Former name or former address, if changed since last report)
Exhibit Index on Page 4
Item 5. Other Events.
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CRIIMI MAE Inc. (the "Company") issued its monthly report on origination,
acquisition, securitization, resecuritization and servicing activities for
August 1998. A copy of the report is attached hereto as Exhibit 99.1, and is
incorporated in its entirety by reference in response to this item.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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c) Exhibits
99.1 CRIIMI MAE Inc. Monthly Ticker - August 31, 1998.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CRIIMI MAE Inc.
Date: September 2, 1998 By: /s/ H. William Willoughby
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H. William Willoughby
President
INDEX TO EXHIBITS
FORM 8-K
Exhibit Page
99.1 CRIIMI MAE Inc. Monthly Ticker - August 31, 1998.
[CRIIMI MAE LOGO]
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CRIIMI MAE Inc. - MONTHLY TICKER - July 31, 1998
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....NYSE Close 8/31/98 $12 1/2....Common Shares Outstanding 48.43mil....
Market Cap. $605.4mil.... Dividend Yield 12.8%....
CRIIMI MAE in the News:
09/98 - CRIIMI MAE Opens the Gate to the no-lock loan (California Real Estate
Journal)
08/98 - No Locks Stay Put. (Standard & Poor's Structured Finance)
08/05/98 - CRIIMI MAE names Robert E. Woods to Board of Directors. (Corporate
Release)
08/04/98 - Prudential Ratings: Ups Cos. To Strong Buy from Buy. (Dow Jones
News Service)
08/04/98 - CRIIMI MAE Execs Buy shares: For $14.06-$14.44/Shr. (Dow Jones
News Service)
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07/98 - $496 million transaction is first CRIIMI MAE "No-Lock" mortgage.
(National Real Estate Investor)
07/28/98 - Md. REITs Flex Muscles; But Wall Street just yawns. (Daily Record
(Baltimore))
07/27/98 - CRIIMI Leads Special Servicers. (Commercial Mortgage Alert)
07/27/98 - Mortgage Firm CRIIMI MAE Reports Higher 2nd Quarter Earnings.
(Dow Jones News Service)
<TABLE>
<CAPTION>
Commercial Loan Originations
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...Houston office moved into permanent space with a staff of seven. Hired Tim
Leon to manage CRIIMI MAE's large loan program....
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Aug-98 3Q98 YTD98
<S> <C> <C> <C>
Loans under application at 8/31 $386m $n/a n/a
Volume Closed (incl. Mezz Ins. of
$5.8m ytd.) 55m 156m $610m
Number of Loans closed 14 49 150
</TABLE>
Loan Securitization Program
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To date accumulation for future securitizations (orig loan amt) $339m
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Closed CRIIMI MAE CMBS Corp 1998 C-1 Jun-98
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Securitization size (face) $496m
Bonds sold to public (face) $397m
Bonds retained (face) $ 99m
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<TABLE>
<CAPTION>
CMBS Acquisition Program
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....Acquired MCFI 1998-MC2 in August. As of August 24, approximately $15
billion of new CMBS deals were scheduled to be priced in September (Commercial
Mortgage Alert)....
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<S> <C> <C> <C>
Closed Transactions Aug-98 3Q1998 YTD98
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Purchase Price $ 66m $ 66m $ 853m
Face Amount $ 86m $ 86m $1,170m
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Announced Transactions
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No transactions announced in August.
</TABLE>
Resecuritization Program
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...CBO Objective: reduced interest rate exposure by replacing floating rate
debt with fixed rate debt, generate excess proceeds, fund portion of business
plan internally. Future transactions may include investments retained from
any prior securitization or resecuritizations.
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To date accumulation for next resecuritization (current face)
$745m
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Closed CRIIMI MAE Comm. Mtg Trust 1998 C1 May-98
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Resecuritization size (face) $ 1,772m
Bonds sold to public (face) $ 468m
Bonds Retained (face) $ 1,304m
Excess proceeds generated $ 160m
Realized Gain on Sale - Inv. Grade Securities. $ 29m
<TABLE>
<CAPTION>
Servicing Portfolio - (information is on 30 day delay)
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...Default rates remain well below national averages. Over $17m of loans are currently scheduled to be remove from Special
Servicing in the next 90 days...
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<S> <C> <C> <C>
CMBS Other Total
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Current Unpaid Principal Balance $29,797 $1,444 $31,241
Number of Loans 5,531 221 5,752
Currently in monentary or covenant
default (bps) 0.39 -- 0.37
</TABLE>
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<TABLE>
<CAPTION>
Total Loan Originations
(through 8/98)
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($ millions)
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<S> <C>
1st Quarter 1997 $ 0 (approx)
2nd Quarter 1997 18.2 (approx)
3rd Quarter 1997 9.0 (approx)
4th Quarter 1997 183.0 (approx)
1st Quarter 1998 168.1 (approx)
2nd Quarter 1998 287.2 (approx)
3rd Quarter 1998 (qtd) 155.6 (approx)
</TABLE>
<TABLE><CAPTION>
CMBS Acquisitions (through 8/98)
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Purchase Price ($ millions)
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<S> <C>
1st Quarter 1997 $ 0 (approx)
2nd Quarter 1997 81.0 (approx)
3rd Quarter 1997 129.5 (approx)
4th Quarter 1997 343.4 (approx)
1st Quarter 1998 337.0 (approx)
2nd Quarter 1998 449.9 (approx)
3rd Quarter 1998 (qtd) 65.7 (approx)
</TABLE>
<TABLE><CAPTION>
Servicing Portfolio (through 7/98
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($ billions)
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<S> <C>
1st Quarter 1997 $ 6.4 (approx)
2nd Quarter 1997 8.8 (approx)
3rd Quarter 1997 11.0 (approx)
4th Quarter 1997 16.5 (approx)
1st Quarter 1998 23.0 (approx)
2nd Quarter 1998 31.5 (approx)
3rd Quarter 1998 (qtd) 31.2
</TABLE>
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CRIIMI MAE Inc. Contacts
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For institutional investors:
Andrew P. Blocher (301) 231-0371 [email protected]
For shareholders and brokers:
Susan B. Railey (301)468-3120 [email protected]
For news media:
James T. Pastore (202)546-6451 [email protected]
On the Web:
www.criimimaeinc.com
The historical information contained herein is accurate only as of August 31,
1998 and should not be relied upon as it is subject to change. CRIIMI MAE is
under no obligation to update this information at any time. For complete
financial and risk factor information, see CRIIMI MAE's most recent quarterly
report on Form 10-Q, or its annual report on Form 10-K.
