INFORMATION FOR RELEASE
MuniMae Announces Appointment of New Board Member
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BALTIMORE (July 17, 2003) - Municipal Mortgage & Equity, LLC (NYSE: MMA), known
as MuniMae, announced today the appointment of Fred N. Pratt, Jr. as a director
of the Company effective immediately.
Mark K. Joseph, Chairman of the Board and CEO of MuniMae, commented, "We are
extremely pleased to have Fred Pratt join MuniMae's board. MuniMae has had a
long relationship with Fred Pratt, who was a founder and principal of Boston
Financial Group, which evolved and grew into the tax credit equity business
which we recently acquired from Lend Lease. Fred is an expert in the real estate
investment community and his knowledge will be a tremendous asset to MuniMae. We
are looking forward to his valued input."
Mr. Pratt is a co-founder of Boston Financial, a leading real estate investment
manager, operator and service provider which managed $5.8 billion in real estate
investments when acquired by Lend Lease in 1999. Mr. Pratt served Lend Lease as
Principal in charge of Specialized Business, President & COO and Chief Executive
Officer of Lend Lease Real Estate Investments (U.S.) through February 2003. Mr.
Pratt holds a B.S.E.E. from Tufts University and an M.B.A. from Amos Tuck School
of Business Administration at Dartmouth College. He is also a Member of Advisory
Committee of the MIT Center for Real Estate and a member of the Real Estate
Round Table, Washington, DC.
About Municipal Mortgage & Equity
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MuniMae and its subsidiaries originate, service and asset manage investments in
multifamily debt and equity for its own account and on behalf of others. As of
June 30, 2003, assets under management totaled $3.7 billion secured by 933
properties containing 96,168 units in 48 states and the U.S. Virgin Islands. As
of July 1, 2003, at the completion of the HCI acquisition, assets under
management totaled $7.5 billion representing approximately 2,044 properties
containing 218,144 units. For its proprietary accounts, MuniMae primarily holds
tax-exempt multifamily housing bonds. This on-balance sheet portfolio of
tax-exempt bonds is secured by 148 properties containing 35,204 units in 28
states. For a portion of these bonds, MuniMae participates in the performance of
the underlying properties.
MuniMae is organized as a limited liability company. This structure allows
MuniMae to combine the limited liability, governance and management
characteristics of a corporation with the pass-through income features of a
partnership. As a result, the tax-exempt income derived from certain investments
remains tax-exempt when passed through to shareholders. Distributions to
shareholders are declared quarterly and paid in February, May, August and
November.
This press release contains statements which are forward looking in nature and
reflect management's current views with respect to future events and financial
performance. These statements are subject to many uncertainties and risks and
should not be considered guarantees of future performance. This press release
does not constitute an offer to sell any securities of Municipal Mortgage &
Equity, LLC.
Actual results may vary materially from projected results based on a number of
factors, including the actual performance of the properties pledged as
collateral for the portfolio, general conditions in the local real estate
markets in which the properties are located and prevailing interest rates.
MUNIMAE: TAX-EXEMPT DISTRIBUTIONS AND GROWTH THROUGH REAL ESTATE
www.munimaemidland.com / www.mmafin.com
Contacts
Investor Relations:
Angela Richardson, 888/788-3863