MuniMae Announces 40th Consecutive Increase in Quarterly Distribution
01 Febbraio 2007 - 1:00AM
Business Wire
Municipal Mortgage & Equity, LLC (�MuniMae,� NYSE:MMA)
announced today that its Board of Directors declared a distribution
of $0.5125 per common share payable on February 20, 2007 to
shareholders of record as of February 7, 2007. This represents a 4%
increase over the distribution for the comparable period last year.
On an annualized basis, the distribution equates to $2.05 per
common share and represents a 6.5% yield based on the January 30,
2007 closing price of $31.44 per share. Because a portion of income
allocated to shareholders may qualify for exemption from Federal
income taxes, the stated yield does not reflect potentially higher
net returns investors may realize as compared with other
investments. MuniMae also provided a review of the Company�s
business performance for the year ended December�31, 2006 as well
as that of its significant operating subsidiaries and certain other
activities. Michael L. Falcone, Chief Executive Officer, stated,
�The past year was a good one for MuniMae. We are pleased with our
production volume during the year, particularly commercial real
estate financings.� Mr. Falcone continued, �We are very pleased
with the value created for shareholders in 2006 - generating a
total return of better than 30%. However, this good news is
mitigated by our inability to file our consolidated financial
statements in a timely manner. We remain strongly committed to
completing our restatement efforts and are working hard to do so.�
The 2006 total return is based on cash distributions paid to
shareholders and share price appreciation during the year. The
restatement effort is not expected to impact the Company�s cash
flow. The information in this release is based on preliminary
results and is subject to change as the Company completes its
closing process and its independent registered public accounting
firm completes its audit of the Company�s consolidated financial
statements. 2006 Highlights Increased cash distributions paid to
shareholders during the year ended December 31, 2006 to $2.00 per
share, a 4.2% increase from the $1.92 paid during the year ended
December 31, 2005, Originated $3.5 billion of new investments, and
at December 31, 2006, managed a portfolio of more than $18 billion
in assets, Completed a strategic reorganization effort early in the
year which positions MuniMae to better serve its clients and offer
additional services and investment opportunities, Sponsored $1.2
billion of tax credit equity investments in affordable housing
projects, including a single fund with commitments for more than
$500 million which represents the largest affordable housing tax
credit equity fund ever syndicated in the United States, Expanded
MuniMae�s core competency of tax-advantaged investing and its
offering of socially responsible investment opportunities with the
acquisition of Renewable Ventures LLC, which arranges debt and
equity financing for developers and owners of clean energy
generation facilities, Originated $1.8 billion of investments in
commercial real estate financings, and Completed a $192 million
fixed rate bond securitization with the private placement, by a
MuniMae subsidiary, of certificates that bear interest at 4.26% per
annum and have an initial term of seven years. MMA Financial MMA
Financial is responsible for all the Company�s affordable housing
activities, and is widely recognized as a leader in U.S. affordable
housing finance. During 2006, MMA Financial originated $1.7 billion
of debt and equity investments in affordable housing projects
nationwide. MMA Financial continues to be one of the nation�s
leading sponsors of tax credit equity investments in affordable
housing projects, sponsoring approximately $1.2 billion of such
investments during 2006. Among other accomplishments, the Company
closed two particularly significant tax credit equity funds. One of
these funds received gross equity investment commitments from 14
institutional investors for more than $500 million in the
aggregate, making it the largest tax credit equity affordable
housing fund ever syndicated in the United States. Another fund
sponsored in 2006 contains commitments in excess of $350 million.
These two funds demonstrate continued interest in tax-advantaged
affordable housing investments, as well as the leadership position
of MMA Financial in sponsoring and managing such investments. MMA
Financial also acquired approximately $270 million of tax exempt
bonds in 2006, and arranged $125 million of taxable debt financing
in affordable housing projects. Also in 2006, MMA Financial became
a Freddie Mac (NYSE: FRE) Delegated Underwriter for affordable
housing financings. MMA Financial is one of only seven
correspondent lenders approved to participate in Freddie Mac�s
initiative, which was launched in September 2004. This designation
gives MMA Financial the ability to offer its clients expedited
processing and increased flexibility when underwriting mortgages
secured by affordable housing properties with low-income housing
tax credits. MMA Realty Capital MMA Realty Capital is responsible
for the Company�s market rate multifamily and commercial finance
activities, as well as real estate investment management services.
During 2006, MMA Realty Capital originated $1.8 billion of
commercial real estate financings. Production in 2006 included more
than $800 million of agency originations, nearly $600 million of
proprietary financings and approximately $400 million of
investments in funds managed by MMA Realty Capital for its own
account and on behalf of institutional investors. MMA Renewable
Ventures On May 16, 2006, MuniMae announced the acquisition of
Renewable Ventures, LLC, which arranges debt and equity financing
for developers and owners of renewable energy generation
facilities. As part of MuniMae, the business, now renamed MMA
Renewable Ventures, expanded rapidly during 2006. During the fourth
quarter of the year, MMA Renewable Ventures financed development of
approximately $39 million of solar energy facilities. These
financings included $13 million of tax credit equity syndications,
the first such syndications in solar energy project finance in the
United States. MMA Renewable Ventures is well-positioned to
accelerate the pace of debt and equity financings in renewable
energy generation facilities in 2007 and beyond. New Business
Through its affiliate, International Housing Solutions (IHS), the
Company built its platforms for arranging debt and equity financing
for affordable housing projects overseas. IHS was formed in 2005,
and is pursuing debt and equity financings, primarily in Europe,
the Middle East and Africa. Other Matters The Company continues its
efforts to complete the restatement of its previously filed
consolidated financial statements. In addition to the matters
previously disclosed that required the restatements, the Company
has concluded, among other things, that it will be required to
consolidate substantially all of the low income housing tax credit
equity funds it has interests in. The Company currently has nearly
$8 billion of low income housing tax credit equity investments
under management. The Company does not expect to file its annual
report on Form 10-K by March 31, 2007. The Company also announced
that the Securities and Exchange Commission (SEC) has commenced a
non-public, informal inquiry. The SEC requested the Company�s
voluntary assistance in providing certain documentation related
primarily to the identification of accounting issues resulting in
the need to restate its previously filed consolidated financial
statements. The Company is cooperating fully with the SEC and will
continue to do so. As a result of the dedication of significant
resources related to the restatement effort, the Company expects to
commence mailing of Schedules K-1 for the 2006 tax year on or about
April 1, 2007. Shareholders will be able to obtain their Schedule
K-1 through the Company�s website on March 28, 2007
(www.munimae.com/investorrelations/taxinformation). Alternatively,
at that time shareholders can contact MuniMae�s K-1 support center
toll free at (800) 575-9948 and instruct them to email or fax the
Schedule K-1 to the shareholder or their tax advisor. Historically,
Schedules K-1 have been mailed at the end of February or early
March, and the Company expects the mailing of the Schedule K-1 for
the 2007 tax year to be consistent with that timing. About MuniMae
MuniMae and its subsidiaries arrange debt and equity financing for
developers and owners of real estate and clean energy projects. The
Company also provides investment management and advisory services
for institutional investors. Assets under management exceed $18
billion including investments in over 3,000 multifamily properties,
containing more than 320,000 units in 49 states, the District of
Columbia, Puerto Rico and the U.S. Virgin Islands. MuniMae is
organized as a limited liability company, which allows it to
combine the limited liability, governance and management
characteristics of a corporation with the pass-through features of
a partnership. As a result, the tax-exempt income derived from
certain investments remains tax-exempt when passed through to
shareholders. MuniMae also conducts activities through wholly owned
taxable corporate subsidiaries. Distributions to shareholders are
normally declared quarterly. Statements in this press release that
are not historical fact may be deemed forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Examples of such statements in this press release include
our expectations regarding the Company�s sources and uses of cash,
our 2006 performance expectations, our expectations regarding the
results of our reorganization efforts, our expectations for
increased financings of renewable energy generation facilities and
our expectations related to mailing Schedules K-1. Although the
Company believes the expectations reflected in any forward-looking
statements are based on reasonable assumptions, the Company can
give no assurance that its expectations will be attained. Factors
that could cause actual results to differ materially from the
Company�s expectations include completion of the audit of our
financial statements, completion of pending investments, continued
ability to originate new investments, the mix of business between
tax-exempt and taxable activities, the availability and cost of
capital for future investments, competition within the finance and
real estate industries, economic conditions, loss experience and
other risks detailed from time to time in the Company�s SEC
reports. This press release does not constitute an offer to sell
any securities of the Company or any other entity. MUNIMAE:
INTEGRITY. INNOVATION. SERVICE. www.MuniMae.com
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