Charter raises dividend

Real Estate Weekly, Jan 9, 2002

The Board of Trustees of Charter Municipal Mortgage Acceptance Company announced that the company has raised its quarterly cash dividend 3.4% to $0.30 per share, from $0.29 per share, for the fourth quarter of 2001, payable on Feb. 14, 2002, to shareholders of record on Dec. 31, 2001. This is CharterMac's second dividend increase in 2001, and the sixth since its inception in 1997.

CharterMac's present quarterly dividend on an annualized basis is $1.20 per share, representing a 7.6% yield on the $15.75 per share closing price on Dec. 12, 2001. Assuming the company's income during the year continues to be approximately 96% exempt from federal income tax and a shareholder is in a 39.1% tax bracket, the taxable equivalent yield would be approximately 12.3%.

In addition, CharterMac 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 and $8,875 per share on its 6 5/8% Series A Cumulative Preferred Shares and 7.10% Series A-1 Cumulative Preferred Shares, respectively. The Board of Trustees of CharterMac Equity Issuer Trust also declared a dividend of $9,500 per share on its 7.60% Series B Subordinate Cumulative Preferred Shares. The dividends, which represent the payments for the quarter ended Dec. 31, 2001, will be paid Jan. 31, 2002.