Criimi Mae officials said there is no timeframe in place for a deal, but beyond that, they were not talking. However, in a statement, the REIT indicates that interest is ramping up. "The company has received nonbinding indications of interest from a number of potential counterparties, including an affiliate of BREF One, LLC, Series A, the company's largest shareholder" the statement reveals. "The independent members of the board of directors will review and consider, among other things, all proposals made by third parties and will make recommendations regarding such proposals to the board of directors, all with the objective of maximizing shareholder value."
The company, which boasts assets totaling approximately $1.1 billion, reported a net loss to common shareholders in Q3 2004, the last quarter posted on their website, of $9.3 million. However, shareholder equity and adjusted book value increased to $23.24 and $16.57 (respectively) per diluted share.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
