Annaly Mortgage Management, Inc. Maintains Third Quarter 1999 Dividend.NEW YORK--(BUSINESS WIRE)--Sept. 27, 1999-- The Board of Directors of Annaly Mortgage Management, Inc. (NYSE NYSE See: New York Stock Exchange :NLY) declared the third quarter 1999 dividend of $0.35 per share of common stock. The dividend is consistent with the prior quarter and is a 30% increase from the third quarter 1998 dividend of $0.27. This dividend is payable on October 27, 1999, to common shareholders of record as of October 12, 1999. The dividend is paid from earnings and is not a return of stockholder equity. "Annaly Mortgage Management, Inc. continues to pay a strong, consistent dividend to its shareholders, that at current pricing, offers upwards of a 12% dividend yield on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis. Our investment strategy and portfolio continue to perform well despite the Federal Reserves recent tightening of interest rates. Our dividend and earnings history along with our fundamental investment plan has rewarded our shareholders with a dividend yield history unsurpassed in the mortgage real estate investment trust sector. We continue to explore investment opportunities in the marketplace that provide opportunities to increase shareholder value," stated 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. . Annaly Mortgage Management, Inc. a Maryland corporation owns and manages a portfolio of Mortgage-Backed Securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. . The Company's principal business objective is to generate net income for distribution to stockholders from the spread between the interest income on its Mortgage-Backed Securities and the costs of borrowing to finance its acquisition of Mortgage-Backed Securities. 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 12,898,082 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 statements, see "Risk Factors" in the Company Registration Statement and 1998 Form 10-K filed with the Securities and Exchange Commission. |
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