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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
January 27, 1995
CRI LIQUIDATING REIT, INC.
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(Exact name of registrant as specified in charter)
Maryland
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(State or other jurisdiction of incorporation)
1-10359 52-1647537
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(Commission File Number) (IRS Employer Identification No.)
11200 Rockville Pike, Rockville, Maryland 20852
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(Address of principal executive offices) (Zip Code)
(301) 468-9200
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(Registrant's telephone number, including area code)<PAGE>
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On January 20, 1995, CRI Liquidating REIT, Inc. received
aggregate net proceeds of approximately $49.7 million from the
sale to unaffiliated third parties of 21 government insured
multifamily mortgages. The sale of these government insured
multifamily mortgages resulted in an aggregate financial
statement gain of approximately $1.6 million and an aggregate tax
basis gain of approximately $9.5 million, as described in the
attached press release.<PAGE>
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Contact: James T. Pastore
301-231-0323
Susan B. Railey
301-468-3120
Suzie C.Kostelnik
301-468-3130 FOR IMMEDIATE RELEASE
CRI LIQUIDATING REIT SELLS MORTGAGES
ROCKVILLE, MD January 25, 1995 -- (NYSE:CFR) -- CRI
Liquidating REIT, Inc. recently sold 21 federally insured
multifamily mortgage investments, generating net proceeds of
approximately $49.7 million ($1.63 per share), including long-
term capital gains on a tax basis of approximately $9.5 million
(31 cents per share).
The sale of these 21 mortgages represents all of the
voluntary mortgage dispositions the company plans to undertake
during 1995. CRI Liquidating REIT's business plan calls for
disposing of approximately one-third of its mortgages each year
until the portfolio is liquidated by the end of 1997. The recent
21-mortgage sale represents approximately 33 percent of the
portfolio at December 1994.
The company will distribute the disposition proceeds to
shareholders as part of the first quarter dividend. As a REIT,
the company distributes virtually all of its taxable income to
shareholders each year. As a liquidating company, the REIT
returns capital to shareholders upon disposal of mortgages.
For tax purposes, the $1.63 per share of net proceeds breaks
down as approximately $1.32 per share as return of capital and
approximately 31 cents per share as long-term capital gains.
CRI Liquidating REIT, Inc. is a real estate investment trust
specializing in federally insured multifamily mortgages. Total
assets at December 31, 1994 were approximately $159 million. Its
adviser is an affiliate of CRI, Inc., a national real estate
investment firm, which through affiliates, is the adviser for or
general partner of two REITs and seven partnerships which trade
on the New York or American Stock Exchanges.
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
CRI Liquidating REIT, Inc.
(Registrant)
By:
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Date Cynthia O. Azzara
Vice President and Chief
Financial Officer<PAGE>
