Municipal Mortgage Reports Earnings

Municipal Mortgage & Equity has reported earnings per share of $1.16 for 2002, up from earnings per share of $1.12 per share for 2001.The Baltimore-based company, which originates, services and invests in multifamily debt and equity on its own account and for others, saw its net income for the year rise to $28.949 million, up from $25.882 million for 2001. For the fourth quarter of 2002 MuniMae's net income was $10.746 million. For its portfolio investments, MuniMae is primarily interested in tax-exempt multifamily housing bonds. The company has also reported that it has structured about $1.4 billion in financing for multifamily housing last year, representing a 25% rise over 2001 production levels. Mark. K. Joseph, chairman and CEO of the Baltimore-based Munimae, said that the company had completed a $76 million common equity offering earlier this month, "which will support our 2003 business plan." The company plans to grow further by expanding its investment portfolio and sources of fee income, Mr. Joseph added.