MuniMae Reports 2Q Profit Surge

Municipal Mortgage & Equity, Baltimore, has reported net income of $30.6 million ($1.05 per share) for the second quarter, compared with $2.9 million ($0.11 per share) for the comparable period of 2002.MuniMae, which invests in multifamily debt and equity, has structured $399 million in multifamily financing for the second quarter, and raised $38 million in tax credit equity. Commenting on the leap in income for the second quarter, Mark K. Joseph, MuniMae's chief executive officer, explained that "the company also experienced a significant increase in GAAP earnings due to the sale of a bond" in the second quarter. Mr. Joseph said MuniMae has completed the purchase of the Housing and Community Investing unit of Lend Lease Real Estate Investments. "HCI is a market leader in the syndication of low-income housing tax credits, and we expect their strong franchise to contribute meaningfully to our continuing efforts to increase our cash available for distribution and shareholder value," he said. MuniMae also reported the appointment of Fred N. Pratt Jr., co-founder of Boston Financial Group (which is now HCI), as a director of MuniMae. MuniMae can be found on the Web at http://www.munimaemidland.com.