Basic earnings per share and diluted earnings per share for the year were $1.67 and $1.62, respectively. The board of directors previously raised the quarterly distribution to common shares to $0.4225, the sixteenth consecutive increase in the quarterly distribution. For the year, MuniMae paid distributions totaling $1.6725, a 4% increase over 1999 total distribution of $1.6075.

"We originated $740 million of debt and equity financing for 8,570 units of multifamily housing. Of that amount, $207 million were tax-exempt housing bond transactions. Our tax-exempt bond portfolio is now secured by 23,567 multi-family housing units in 19 states and the District of Columbia," says MuniMae chairman and CEO Mark K. Joseph.

CAD was $43.5 million for the year. After payments to preferred shareholders, CAD to common shares was $32.6 million. Recurring CAD per common share was $1.82 for the year, which was in line with analysts' expectations. For the fourth quarter of 2000, CAD was $12.5 million and CAD to common shares was $9.1 million.

Fourth-quarter CAD per common share increased 16% to $0.51 from $0.44 for the same period in 1999. The 2000 fourth quarter per-share distribution to common shareholders of $0.4225 represents a payout of 82.3% of the CAD to common shares.

MuniMae and its subsidiaries originate, service and asset manage investments in multifamily debt and equity. At the end of the fourth quarter of 2000, those assets totaled $2.4 billion. For its proprietary accounts, MuniMae primarily holds tax-exempt multifamily housing bonds. Of these bonds, nearly one-half provide for MuniMae to participate in the appreciation of the underlying apartments.