Annaly Mortgage Management, Inc. Declares Second Quarter 2000 Dividend.Business Editors NEW YORK--(BUSINESS WIRE)--June 27, 2000 The Board of Directors of Annaly Mortgage Management, Inc. (NYSE NYSE See: New York Stock Exchange : NLY) declared the second quarter 2000 common stock dividend of $0.30 per share. The $0.30 per share dividend represents a 14% decrease from the first quarter 2000 dividend of $0.35. This dividend is payable on July 27, 2000, to common shareholders of record as of July 3, 2000. The dividend is paid from earnings and is not a return of stockholder equity. Timothy J. Guba, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. stated "Annaly's strong dividend validates our operating platform over our history. Over the past year, the Company's number one cost, interest expense, has risen by nearly 75%. This increase has returned our operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: to their historical average, down from 1999's exceptional earnings environment. The inverted yield curve Inverted Yield Curve Usually a chart showing long-term debt instruments that have lower yields than short-term debt instruments. It is sometimes referred to as a negative yield curve. , widening of mortgage spreads and a higher interest rate environment offers both challenges and opportunities. Annaly continues to provide to its shareholders a low to mid teen dividend yield, all paid from earnings. New capital, raised from internally generated funds, continues to be deployed into extremely attractive asset/liability spreads. As we navigate each new economic and interest rate cycle, we believe the Company is well positioned as we continue our focus on the highest quality assets available in the marketplace. We would like to remind our shareholders that dividends may be reinvested through Annaly's Dividend Reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. and Share Purchase Plan." Information regarding this plan may be obtained from the Plan Administrator, ChaseMellon Shareholder Services, by calling toll free 800-842-7629 or by contacting the Company. Annaly Mortgage Management, Inc., a Maryland corporation, owns and manages a portfolio of mortgage-backed assets. The Company's principal business objective is to generate net income for distribution to stockholders from the spread between the interest income on its assets and the costs of borrowing to finance its acquisition of these assets. The Company has elected to be taxed as a real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) and currently has 14,201,784 shares of common stock outstanding. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Statements in this press release regarding Annaly Mortgage Management, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward looking statement, see "Risk Factors" in the Company Registration Statement and 1999 Form 10K filed with the Securities and Exchange Commission. |
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