Charter Municipal Mortgage Acceptance Company Announces 7.7% Increase in Dividend Per Share.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 9, 2003 The Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. of Charter Municipal Mortgage Acceptance Company ("CharterMac" or the "Company") (AMEX AMEX See: American Stock Exchange :CHC CHC Chicago Cubs CHC Community Health Center CHC Chestnut Hill College (Philadelphia, Pennsylvania) CHC Congressional Hispanic Caucus CHC Community Health Council (UK National Health Service) ) has declared a dividend of $0.35 per share for the third quarter of 2003, payable on November 14, 2003, to shareholders of record as of September 30, 2003. The 7.7% increase in per share dividend distribution represents CharterMac's tenth distribution increase since the Company's initial listing on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. in October 1997. "We are extremely pleased that CharterMac's solid financial performance has enabled the Company to provide increased shareholder value through an increase in our per share distribution," commented Stuart Boesky, CharterMac President and Chief Executive Officer. CharterMac's present quarterly dividend 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 is $1.40 per share, representing a 7.4% dividend yield on the $18.89 per share closing price on September 8, 2003. Assuming the Company's income during the year is approximately 96% exempt from Federal income tax, and assuming a shareholder is in the 35% tax bracket Tax Bracket The rate at which an individual is taxed due to a particular income level. Notes: Each income class is taxed at a different level. Generally, the more you make the more you are taxed. , the taxable equivalent yield Taxable equivalent yield The return from a higher-paying but taxable investment that would equal the return from a tax-free investment. This depends on the investor's tax bracket. would be approximately 11.2%. CharterMac also reported that the Board of Trustees of CharterMac Equity Issuer Trust, a wholly-owned subsidiary of CharterMac, has declared a dividend of $33,125 per share on its 6 5/8% Series A Cumulative Preferred Noun 1. cumulative preferred - preferred stock whose dividends if omitted accumulate until paid out cumulative preferred stock preference shares, preferred shares, preferred stock - stock whose holders are guaranteed priority in the payment of dividends but Shares ("Series A Preferred Shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. "). The liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy amount per share for the Series A Preferred Shares is $2,000,000, and there are 45 shares outstanding. The dividend, which represents the payment for the quarter ended September 30, 2003, will be paid on October 31, 2003. The Board of Trustees of CharterMac Equity Issuer Trust has also declared a dividend of $8,875 per share and $9,500 per share on its 7.10% Series A-1 Cumulative Preferred Shares ("Series A-1 Preferred Shares") and 7.60% Series B Subordinate Cumulative Preferred Shares ("Series B Subordinate Preferred Shares"), respectively. The liquidation amount per share for both the Series A-1 Preferred Shares and the Series B Subordinate Preferred Shares is $500,000, and there are 48 shares and 110 shares outstanding, respectively. The dividends, which represent the payment for the quarter ended September 30, 2003, will be paid on October 31, 2003. The Board of Trustees of CharterMac Equity Issuer Trust has also declared a dividend of $7,875 per share and $8,500 per share on its 6.30% Series A-2 Cumulative Preferred Shares ("Series A-2 Preferred Shares") and 6.80% Series B-1 Subordinate Cumulative Preferred Shares ("Series B-1 Subordinate Preferred Shares"), respectively. The liquidation amount per share for both the Series A-2 Preferred Shares and the Series B-1 Subordinate Preferred Shares is $500,000, and there are 62 shares and 37 shares outstanding, respectively. The dividends, which represent the payment for the quarter ended September 30, 2003, will be paid on October 31, 2003. The Board of Trustees of CharterMac Equity Issuer Trust has also declared a dividend of $8,500 per share and $9,000 per share on its 6.80% Series A-3 Cumulative Preferred Shares ("Series A-3 Preferred Shares") and 7.20% Series B-2 Subordinate Cumulative Preferred Shares ("Series B-2 Subordinate Preferred Shares"), respectively. The liquidation amount per share for both the Series A-3 Preferred Shares and the Series B-2 Subordinate Preferred Shares is $500,000, and there are 60 shares and 50 shares outstanding, respectively. The dividends, which represent the payment for the quarter ended September 30, 2003, will be paid on October 31, 2003. About the Company CharterMac is one of the nation's leading full-service multifamily finance companies, providing capital solutions to developers and owners of multifamily rental housing throughout the country. CharterMac's current revenue bond portfolio includes direct and indirect interests in revenue bonds secured by over 33,800 units of multifamily housing properties in 25 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . For more information, please visit CharterMac's website at http://www.chartermac.com or contact the Shareholder Services Department directly at (800) 831-4826. Certain statements in this press release may constitute forward-looking statements within the meaning of the "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. " provisions of 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. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such forward-looking statements speak only as of the date of this press release. CharterMac expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in CharterMac's expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based. |
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