According to MuniMae chairman and CEO Mark K. Joseph, MuniMae common shareholders received a total annual return of 30%. This doesn't consider the tax benefits from the firm's dividends. The fourth quarter dividend annualizes to $1.69 per share. Based on the Jan. 17 closing share price of $23.625, MuniMae common shares have an annualized dividend yield of 7.2%, which is approximately 85% tax-exempt.
The board of directors also declared the following per share dividend for the fourth quarter to the preferred shares: Preferred Series I, $13.00; Preferred Series II, $10.25; Preferred Capital Distribution Series I, $10.00; Preferred Capital Distribution Series II, $6.25.
MuniMae also paid off Southfork Village, a property secured by a bond. With this pay-off, the board is declaring a special distribution to preferred shareholders in the per share amount of their pro-rata portion of the principal and interest from the pay-off as follows: Preferred Series II, $127.13; Preferred Capital Distribution Series II, $127.16. The Record Date and Payment Date for the preferred dividends are the same as for the common shares' fourth quarter dividend.
MuniMae is a limited liability company. The firm and its subsidiaries originate, service and asset manage investments in multifamily debt and equity. At the end of the third quarter of 2000, those assets totaled $2.3 billion. For its proprietary accounts, MuniMae primarily holds tax-exempt multifamily housing bonds. Of these bonds, nearly one-half provide for MuniMae to participate in the appreciation of the underlying apartments.
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