Charter Municipal Mortgage Acceptance Company Declares Third Quarter Dividend Per Share for 2002; 3.2% Increase Over Last Quarter.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 13, 2002 Revenue bond acquisitions since beginning of third quarter total approximately $63 million 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 $0.32 per share for the third quarter of 2002, payable on November 14, 2002, to shareholders of record as of September 30, 2002. The dividend represents a 3.2% increase over the $0.31 second quarter dividend per share and is CharterMac's eighth dividend per share increase since the Company's inception in 1997. 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 $1.28 per share, representing a 7.35% dividend yield on the $17.42 per share closing price on September 12, 2002. Assuming the Company's income during the year is approximately 95% exempt from Federal income tax, and assuming a shareholder is in the 38.6% 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 11.74%. 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, 2002, will be paid on October 31, 2002. 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, 2002, will be paid on October 31, 2002. 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, 2002, will be paid on October 31, 2002. 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, 2002, will be paid on October 31, 2002. Revenue Bond Acquisitions Since July 1, 2002, CharterMac has acquired nine additional tax-exempt revenue bonds and two taxable revenue bonds totaling $62.9 million. The acquisitions bring CharterMac's year-to-date investment total for revenue bonds and other investments to $264.6 million. -- On August 8, 2002, CharterMac acquired three tax-exempt multifamily housing revenue bonds totaling $4,175,000 secured by Briarwood, a 128-unit multifamily housing complex to be rehabilitated in Fort Smith, Arkansas. -- On August 13, 2002, CharterMac acquired two tax-exempt multifamily housing revenue bonds totaling $7,260,000 secured by Community Arms, a 133-unit multifamily housing complex to be rehabilitated in Pasadena, California. -- On August 29, 2002, CharterMac acquired a $10,000,000 tax-exempt multifamily housing revenue bond and a $3,370,000 taxable revenue bond secured by Inverness Centre, a 192-unit multifamily housing complex to be constructed in Fort Wayne, Indiana. -- On August 30, 2002, CharterMac acquired a $15,000,000 tax-exempt multifamily housing revenue bond and a $1,470,000 taxable revenue bond secured by Pleasant Valley, a 280-unit multifamily housing complex to be constructed in Austin, Texas. -- On September 6, 2002, CharterMac acquired a $14,600,000 tax-exempt multifamily housing revenue bond secured by Clarkridge Villas, a 153-unit multifamily housing complex to be constructed in Dallas, Texas. -- On September 11, 2002, CharterMac acquired a $7,000,000 tax-exempt multifamily housing revenue bond secured by Chapel Ridge of Yukon, a 148-unit multifamily housing complex to be constructed in Oklahoma City, Oklahoma. 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 securing over 28,500 units of multifamily housing properties in 23 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. The enclosed en·close also in·close tr.v. en·closed, en·clos·ing, en·clos·es 1. To surround on all sides; close in. 2. To fence in so as to prevent common use: enclosed the pasture. materials contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. You should review the risk factors contained in the prospectus supplement issued in connection with the offering described in this press release for a discussion of the risks related to the ownership of CharterMac's common shares. 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 there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. or change in events, conditions or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or on which any such statement is based. |
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