MUNICIPAL MORTGAGE & EQUITY, LLC
SUPPLEMENTAL INFORMATION
QUARTER ENDED MARCH 31, 2002
TABLE OF CONTENTS
CAD Statement for the quarter ended March 31, 2002 Page 1
Variance Analysis for CAD Page 2
Rolling Five Quarters - CAD Page 3
GAAP Income Statement for the quarter ended March 31, 2002 Page 4
Variance Analysis for GAAP Page 5
Rolling Five Quarters - GAAP Page 6
Calculation of Diluted Earnings Per Share Page 7
CAD to GAAP reconciliation for the quarter ended March 31, 2002 Page 8
Condensed Balance Sheets and Book Value Per Share Page 9
Leverage at March 31, 2002 Page 10
Summary of 1st Quarter 2002 Investment Activity Page 11
Participating Portfolio Property Net Operating Income Trends Page 12
Units and Average Rents for Bond Portfolio Page 13
MUNICIPAL MORTGAGE & EQUITY, LLC
CALCULATION OF CASH AVAILABLE FOR DISTRIBUTION
(Unaudited)
(In thousands, except share and per share data)
For the three months ended
March 31,
---------------------------------
2002 2001
---------------- ---------------
SOURCES OF CASH:
Interest on bonds, other bond-related
investments, other notes and loans $ 22,963 $ 20,693
Interest on short-term investments 487 356
Loan servicing fees 1,908 1,632
Loan origination and brokerage fees 3,126 2,364
Other income 2,330 2,311
Net gain on sales 40 -
---------------- ---------------
TOTAL SOURCES OF CASH 30,854 27,356
---------------- ---------------
EXPENSES:
Salaries and benefits 4,827 4,445
Professional fees 172 691
Other operating expenses 2,191 1,523
Interest expense 8,290 7,668
Income taxes 414 39
---------------- ---------------
TOTAL EXPENSES 15,894 14,366
---------------- ---------------
CASH AVAILABLE FOR DISTRIBUTION 14,960 12,990
---------------- ---------------
LESS:
Cash allocable to preferred shares
and term growth shares, including
preferred shareholders in a
subsidiary company 3,147 3,049
--------------- ---------------
CASH AVAILABLE FOR DISTRIBUTION TO
COMMON SHARES $ 11,813 $ 9,941
=============== ===============
CAD PER COMMON SHARE $ 0.469 $ 0.462
=============== ===============
RECURRING CAD PER COMMON SHARE $ 0.469 $ 0.462
=============== ===============
CALCULATION OF CASH DISTRIBUTION:
CASH AVAILABLE FOR DISTRIBUTION
TO COMMON SHARES $ 11,813 $ 9,941
=============== ===============
ACTUAL AMOUNT PAID $ 10,968 $ 9,137
=============== ===============
PAYOUT RATIO 92.8% 91.9%
=============== ===============
COMMON SHARES OUTSTANDING 25,213,482 21,499,295
=============== ===============
CASH DISTRIBUTION PER COMMON SHARE $ 0.4350 $ 0.4250
=============== ===============
The primary differences between Net Income as calculated under generally
accepted accounting principles ("GAAP") and Cash Available For Distribution
("CAD") result from the timing of income and expense recognition and non-cash
events. These differences between CAD and GAAP income include the treatment of
loan origination fees, which for CAD purposes are recognized when received but
for GAAP purposes are amortized over the life of the associated loan. In
addition, there are differences related to non-cash gains and losses associated
with bond valuations and sales, non-cash gains and losses associated with
changes in market value of derivative financial instruments, amortization of
goodwill and intangibles and capitalization of mortgage servicing rights, net of
deferred taxes for GAAP purposes, which are not included in the calculation of
CAD.
The common shares outstanding reported for Cash Available for Distribution are
the actual shares outstanding at the end of the quarter. For GAAP, the weighted
average shares outstanding during the period are reported for the basic net
income per share calculation. The weighted average shares outstanding for
diluted net income per share include the potential dilutive effect from the
exercise of options, vesting of restricted shares, conversion of the preferred
shares and provision for shares to be awarded under the Midland acquisition earn
out provision.
VARIANCE ANALYSIS FOR CAD
1st Quarter 2002 Compared to 1st Quarter 2001:
Total income for the first quarter of 2002 increased $3.5 million over the
same period last year due primarily to: (1) an increase of $2.3 million in
interest income due to increase in interest collected on bond and other
bond-related investments, as well as an increase in interest earned on
construction lending activities; (2) an increase in loan servicing fees of $0.3
million; and (3) an increase in loan origination and brokerage fees of $0.8
million due primarily to an increase in fees associated with tax credit and
conventional equity transactions.
Total expenses for the first quarter increased $1.5 million over the same period
last year due primarily to: (1) an increase of $0.4 million in salary and
related benefits expense associated with 2001 new hires; (2) an increase of $0.7
million in other operating expenses primarily driven by completion and
deployment of accounting information systems and other upgrades in technology
infrastructure, as well as commissions earned on increased syndication
production, which was partially offset by a decrease of $0.5 million in
professional fees; (3) an increase of $0.6 million in interest expense primarily
associated with increased construction lending production and an increase in
financing costs associated with securitizations accounted for as borrowings; and
(4) an increase of $0.4 million in income taxes primarily due to an increase in
taxable fee income.
MUNICIPAL MORTGAGE & EQUITY, LLC
CALCULATION OF CASH AVAILABLE FOR DISTRIBUTION
(Unaudited)
(In thousands, except share and per share data)
Qtr Ended Qtr Ended Qtr Ended Qtr Ended Qtr Ended
03/31/02 12/31/01 09/30/01 06/30/01 03/31/01
-------------- -------------- -------------- -------------- --------------
SOURCES OF CASH:
Interest on bonds, other bond-related investments,
other notes and loans $ 22,963 $ 22,708 $ 21,263 $ 21,267 $ 20,693
Interest on short-term investments 487 539 237 247 356
Loan servicing fees 1,908 1,962 1,659 1,729 1,632
Loan origination and brokerage fees 3,126 4,131 4,701 4,573 2,364
Other income 2,330 1,345 1,827 1,679 2,311
Net gain on sales 40 251 - - -
Nonrecurring gain (loss), net - 130 (193) - -
-------------- -------------- -------------- -------------- --------------
TOTAL SOURCES OF CASH 30,854 31,066 29,494 29,495 27,356
-------------- -------------- -------------- -------------- --------------
EXPENSES:
Salaries and benefits 4,827 6,379 5,527 5,030 4,445
Professional fees 172 1,468 1,114 913 691
Other operating expenses 2,191 1,801 1,893 2,163 1,523
Interest expense 8,290 7,101 7,351 7,531 7,668
Income taxes 414 (61) 301 465 39
-------------- -------------- -------------- -------------- --------------
TOTAL EXPENSES 15,894 16,688 16,186 16,102 14,366
-------------- -------------- -------------- -------------- --------------
CASH AVAILABLE FOR DISTRIBUTION 14,960 14,378 13,308 13,393 12,990
LESS:
Cash allocable to preferred shares and term growth
shares, including preferred shareholders in a
subsidiary company 3,147 3,376 2,962 3,116 3,049
-------------- -------------- -------------- -------------- --------------
CASH AVAILABLE FOR DISTRIBUTION
TO COMMON SHARES $ 11,813 $ 11,002 $ 10,346 $ 10,277 $ 9,941
============== ============== ============== ============== ==============
CAD PER COMMON SHARE $ 0.47 $ 0.50 $ 0.48 $ 0.48 $ 0.46
============== ============== ============== ============== ==============
RECURRING CASH FLOW PER COMMON SHARE $ 0.47 $ 0.50 $ 0.49 $ 0.48 $ 0.46
============== ============== ============== ============== ==============
CALCULATION OF CASH DISTRIBUTION:
CASH AVAILABLE FOR DISTRIBUTION
TO COMMON SHARES $ 11,813 $ 11,002 $ 10,346 $ 10,277 $ 9,941
============== ============== ============== ============== ==============
ACTUAL AMOUNT PAID $ 10,968 $ 9,438 $ 9,296 $ 9,219 $ 9,137
============== ============== ============== ============== ==============
PAYOUT RATIO 92.8% 85.8% 89.9% 89.7% 91.9%
============== ============== ============== ============== ==============
COMMON SHARES OUTSTANDING 25,213,482 21,820,266 21,618,144 21,564,461 21,499,295
============== ============== ============== ============== ==============
CASH DISTRIBUTION PER COMMON SHARE $ 0.4350 $ 0.4325 $ 0.4300 $ 0.4275 $ 0.4250
============== ============== ============== ============== ==============
MUNICIPAL MORTGAGE & EQUITY, LLC
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except share and per share data)
For the three months ended
March 31,
---------------------------------
2002 2001
---------------------------------
INCOME:
Interest on bonds, other bond-related investments, other notes and loans $ 23,592 $ 19,951
Interest on short-term investments 487 1,002
Loan servicing fees 1,908 1,632
Loan origination and brokerage fees 2,707 2,064
Other income 1,689 4,813
Net gain on sales 2,166 166
--------------- ----------------
Total income 32,549 29,628
--------------- ----------------
EXPENSES:
Salaries and benefits 4,827 4,445
Professional fees 172 691
Operating expenses 2,191 1,531
Amortization 318 693
Interest expense 8,972 7,826
Other-than-temporary impairments related to investments in
bonds and other bond-related investments 110 3,256
--------------- ----------------
--------------- ----------------
Total expenses 16,590 18,442
--------------- ----------------
Net holding gains (losses) on trading securities 3,112 (4,865)
Income tax expense (1,031) (3)
Income allocable to preferred shareholders in a subsidiary company (2,994) (2,606)
Cumulative effect on prior years of change in
accounting for derivative financial instruments - (12,277)
--------------- ----------------
Net income (loss) $ 15,046 $ (8,565)
=============== ================
LESS:
Net income allocable to preferred shares
and term growth shares 153 499
--------------- ----------------
Net income (loss) allocated to common shares $ 14,893 $ (9,064)
=============== ================
OPERATING NET INCOME ALLOCATED TO COMMON SHARES (Note 1) $ 11,781 $ 8,078
=============== ================
NET INCOME (LOSS) PER COMMON SHARE:
Basic net income (loss) per common share:
Basic net income before cumulative effect of accounting change $ 0.63 $ 0.16
=============== ================
Basic net income (loss) per common share $ 0.63 $ (0.45)
=============== ================
Weighted average common shares outstanding 23,584,635 19,970,707
Diluted net income (loss) per common share:
Diluted net income before cumulative effect of accounting change $ 0.62 $ 0.16
=============== ================
Diluted net income (loss) per common share $ 0.62 $ (0.44)
=============== ================
Weighted average common shares outstanding 24,200,030 20,432,300
Operating net income per common share (Note 1) $ 0.50 $ 0.40
=============== ================
Note 1 - Operating Net Income is Net Income before the change in market value of
the Company's derivative financial instruments.
VARIANCE ANALYSIS FOR GAAP
1st Quarter 2002 compared to 1st Quarter 2001:
Total income for the first quarter of 2002 increased $2.9 million over the same
period last year due primarily to: (1) an increase of $3.6 million in interest
income due to increase in interest collected on bond and other bond-related
investments, as well as an increase in interest earned on construction lending
activities; (2) a $0.5 million decrease in interest on short-term investments
resulting from the use of equity offering proceeds to repurchase senior
interests in current securitization trusts and funding of other operations, as
well as a decrease in interest collected on margin call accounts; (3) a decrease
in other income of $3.1 million primarily due to other income associated with
the Dynex transaction in the first quarter of 2001; (4) a $2.0 million increase
in gain on sales associated with a $1.2 million gain on the sale of taxable
loans and a $1.0 million sale of an investment in RITES; and (5) an increase in
loan origination and brokerage fees of $0.6 million due primarily to an increase
in fees associated with tax credit and conventional equity transactions.
Total expenses for the first quarter of 2002 decreased $1.9 million over the
same period last year due primarily to: (1) an increase of $0.4 million in
salary and related benefits expense associated with 2001 new hires; (2) an
increase of $0.7 million in other operating expenses driven primarily by
completion and deployment of accounting information systems and other upgrades
in technology infrastructure, as well as commissions earned on increased
syndication production, which was partially offset by a decrease of $0.5 million
in professional fees; (3) an increase of $1.1 million in interest expense
primarily associated with increased construction lending production and an
increase in financing costs associated with securitizations accounted for as
borrowings; (4) a decrease of $0.4 million in amortization expense due to
changes in accounting guidelines relating to amortization of goodwill; and (5) a
$3.1 million impairment recorded in 2001 associated with the Dynex transaction.
The company recorded net holding gains for mark to market adjustments on
derivative financial instruments of $3.1 million for the first quarter of 2002.
Excluding this quarter's mark to market adjustment, earnings from net operating
income was $0.50 per common share.
MUNICIPAL MORTGAGE & EQUITY, LLC
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except share and per share data)
Qtr Ended Qtr Ended Qtr Ended Qtr Ended Qtr Ended
03/31/02 12/31/01 09/30/01 06/30/01 03/31/01
-------------- -------------- -------------- -------------- --------------
INCOME:
Interest on mortgage revenue bonds and
other bond-related investments $ 15,593 $ 17,311 $ 12,153 $ 12,209 $ 11,770
Interest on loans 7,999 7,930 8,461 8,768 8,181
Interest on short-term investments 487 899 487 693 1,002
Loan servicing fees 1,908 1,962 1,659 1,729 1,632
Loan origination and brokerage fees 2,707 3,820 3,381 3,363 2,064
Other income 1,689 216 1,395 1,643 4,813
Net gain on sales 2,166 1,334 4,753 1,969 166
-------------- -------------- -------------- -------------- --------------
TOTAL INCOME 32,549 33,472 32,289 30,374 29,628
-------------- -------------- -------------- -------------- --------------
EXPENSES:
Salaries and benefits 4,827 6,379 5,527 5,030 4,445
Professional fees 172 1,468 1,114 913 691
Operating expenses 2,191 2,280 1,881 2,150 1,531
Goodwill and other intangible amortization 318 494 694 628 693
Interest expense 8,972 7,228 7,873 7,769 7,826
Other-than-temporary impairments 110 - - - 3,256
-------------- -------------- -------------- -------------- --------------
TOTAL EXPENSES 16,590 17,849 17,089 16,490 18,442
-------------- -------------- -------------- -------------- --------------
Net holding gains (losses) on trading securities 3,112 2,691 (4,670) 1,272 (4,865)
Income tax expense (1,031) (351) (805) (224) (3)
Income allocable to preferred shareholders in a (2,994)
subsidiary company (2,961) (2,606) (2,606) (2,606)
Cumulative effect on prior years of change in
accounting for derivative financial instruments - - - - (12,277)
-------------- -------------- -------------- -------------- --------------
Net income (loss) $ 15,046 $ 15,002 $ 7,119 $ 12,326 $ (8,565)
============== ============== ============== ============== ==============
LESS:
Net income allocable to preferred shares
and term growth shares 153 418 605 513 499
-------------- -------------- -------------- -------------- --------------
Net income (loss) allocated to common shares $ 14,893 $ 14,584 $ 6,514 $ 11,813 $ (9,064)
============== ============== ============== ============== ==============
OPERATING NET INCOME ALLOCATED TO
COMMON SHARES $ 11,781 $ 11,893 $ 11,184 $ 10,541 $ 8,078
============== ============== ============== ============== ==============
EARNINGS PER COMMON SHARE:
Basic earnings before cumulative effect
of accounting change $ 0.63 $ 0.67 $ 0.30 $ 0.55 $ 0.16
============== ============== ============== ============== ==============
Basic net income (loss) per common share $ 0.63 $ 0.67 $ 0.30 $ 0.55 $ (0.45)
============== ============== ============== ============== ==============
Diluted earnings before cumulative effect
of accounting change $ 0.62 $ 0.65 $ 0.29 $ 0.54 $ 0.16
============== ============== ============== ============== ==============
Diluted net income (loss) per common share $ 0.62 $ 0.65 $ 0.29 $ 0.54 $ (0.44)
============== ============== ============== ============== ==============
Weighted average shares outstanding:
Basic 23,584,635 21,708,191 21,590,584 21,524,016 19,970,707
============== ============== ============== ============== ==============
Diluted 24,200,030 22,349,645 22,397,981 22,014,990 20,432,300
============== ============== ============== ============== ==============
Operating net income per common share $ 0.50 $ 0.55 $ 0.52 $ 0.49 $ 0.40
============== ============== ============== ============== ==============
Municipal Mortgage & Equity, LLC
Reconciliation of Basic and Diluted EPS
For the three months ended March 31, 2002 For the three months ended March 31, 2001
Income Shares Per Share Income Shares Per Share
(Numerator) (Denominator) Amount (Numerator) (Denominator) Amount
-------------- ---------------- ----------- -------------- ---------------- -----------
(In thousands, except share and per share data)
Basic EPS
Income allocable to common shares $ 14,893 23,584,635 $ 0.63 $ (9,064) 19,970,707 $ (0.45)
=========== ===========
Effect of Dilutive Securities
Options and deferred shares - 482,540 - 461,593
Earnings contingency - 132,855 - -
-------------- ---------------- -------------- ----------------
Diluted EPS
Income allocable to common shares
plus assumed conversions $ 14,893 24,200,030 $ 0.62 $ (9,064) 20,432,300 $ (0.44)
============== ================ =========== ============== ================ ===========
MUNICIPAL MORTGAGE & EQUITY, LLC
RECONCILIATION OF GAAP INCOME TO CASH AVAILABLE FOR DISTRIBUTION
(Unaudited)
(In thousands)
For the three months ended
March 31, 2002
------------------------
INCOME:
Interest on bonds, other bond-related investments, other notes and loans $ 23,592
Interest on short-term investments 487
Loan servicing fees 1,908
Loan origination and brokerage fees 2,707
Other income 1,689
Net gain on sales 2,166
------------------------
Total income 32,549
------------------------
EXPENSES:
Salaries and benefits 4,827
Professional fees 172
Operating expenses 2,191
Amortization 318
Interest expense 8,972
Other-than-temporary impairments related to investments in
bonds and other bond-related investments 110
------------------------
Total expenses 16,590
------------------------
Net holding gains on trading securities 3,112
Income tax expense (1,031)
Income allocable to preferred shareholders in a subsidiary company (2,994)
------------------------
Net income $ 15,046
========================
LESS:
Net income allocable to term growth shares 153
------------------------
Net income allocated to common shares $ 14,893
========================
Conversion to Cash Available for Distribution:
Amortization of intangibles and fees 370
Valuation allowances and impairments 110
Origination fees and other income 1,061
Net gain on sale (2,126)
Mark to market adjustments (3,112)
Deferred tax expense 617
------------------------
Cash Available for Distribution $ 11,813
========================
MUNICIPAL MORTGAGE & EQUITY, LLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
March 31, December 31,
2002 2001
---------------- ---------------
ASSETS:
Cash, cash equivalents and interest receivable $ 90,964 $ 113,232
Investment in bonds and other bond-related investments 650,940 629,755
Investment in derivative financial instruments 2,452 2,912
Loans receivable, net 381,998 440,031
Other assets 74,426 74,341
Goodwill and other intangible assets 29,005 29,005
---------------- ---------------
TOTAL $ 1,229,785 $ 1,289,276
================ ===============
LIABILITIES AND EQUITY:
Current liabilities $ 26,632 $ 31,974
Notes payable 333,757 420,063
Investment in other bond-related investments 5,630 7,979
Investment in derivative financial instruments 15,074 18,646
Short-term debt 53,500 78,560
Long-term debt 138,370 134,881
Preferred shareholders' equity in a subsidiary company 160,465 160,465
Shareholders' equity 496,357 436,708
---------------- ---------------
TOTAL $ 1,229,785 $ 1,289,276
================ ===============
BOOK VALUE PER COMMON SHARE $ 19.68 $ 19.31
================ ===============
MUNICIPAL MORTGAGE & EQUITY, LLC
ADJUSTED BALANCE SHEET
(In thousands)
(unaudited)
Adjusted
Mar 31, 2002 Adjustments Mar 31, 2002
----------------- --------------- -----------------
Cash and cash equivalents $ 75,775 $ - $ 75,775
Investment in bonds and loans, net 632,688 (435,131)(1) 197,557
Off balance sheet assets - 414,295 (2) 414,295
Other assets 500,618 (29,004)(3) 471,614
----------------- --------------- -----------------
Total net assets $ 1,209,081 $ (49,840) $ 1,159,241
================= =============== =================
Liabilities, including short-term debt $ 413,889 $ (384,733)(4) $ 29,156
Off balance sheet debt - 414,295 (2) 414,295
Long-term debt 138,370 - 138,370
----------------- --------------- -----------------
Total liabilities $ 552,259 $ 29,562 $ 581,821
================= =============== =================
Leverage Ratio 50.2%
(1) Adjustments to bonds and loans:
Remove Midland loans from assets and liabilities $ 348,717
Remove Oxford from assets and liabilities 5,420
Adjustment to reflect CAD sale of pari passu taxable loans
accounted for as borrowings 17,163
Adjustment to reflect effect of highly leveraged obligations 63,831
-----------------
TOTAL $ 435,131
=================
(2) Off-balance sheet assets includes the following:
FSA A Bonds $ 67,500
Other A Bonds 23,789
Demand Notes 16,247
P-Floats 306,759
-----------------
TOTAL $ 414,295
=================
(3) Remove goodwill $ 29,004
=================
(4) Adjustments to liabilities:
Remove other liabilities and normal accruals $ 26,632
Adjustment to reflect CAD sale of pari passu taxable loans
accounted for as borrowings 18,997
Remove Oxford from assets and liabilities 5,410
Remove Midland loans from assets and liabilities 333,694
-----------------
TOTAL $ 384,733
=================
MUNICIPAL MORTGAGE & EQUITY, LLC
2002 INVESTMENTS
FIRST QUARTER
(In thousands)
BOND PRODUCTION: QUARTER
PERMANENT BOND AMOUNT
INTEREST ---------------------------------------
PROPERTY CITY STATE RATE CONSTRUCTION PERMANENT
--------------------------------- ------------------- ----------- ------------------- -------------------- -----------------
The Chancellor II (1) Los Angeles CA 7.350% $ 5,208 $ 3,760
Walnut Village (1) Los Angeles CA 7.350% 6,227 4,860
Las Trojas (1) North Hills CA 7.350% 5,531 4,135
Monroe B (2) Monroe LA 7.200% 653
-------------------- -----------------
TOTAL $ 16,966 $ 13,408
==================== =================
(1) The Company's initial investment in these bonds was $51,000 per bond. The
remaining balance of each bond is estimated to be drawn in August, 2002.
The Company earned a 1.25% origination fee.
(2) The Company made an additional investment in two existing properties
located in Monroe, LA. The company earned a 7% origination fee.
CONSTRUCTION/PERMANENT LENDING AND SYNDICATION PRODUCTION: TOTAL FEES
RECOGNIZED
QUARTER THIS QUARTER
VOLUME FOR CAD
------------------- --------------------
Tax Credit Equity Syndications (Equity Raised) $ 31,810 $ 1,618
Tax Credit Lending Production $ 21,510 $ -
Conventional Equity Syndication (Equity Raised) $ 8,484 $ 267
Conventional Lending Production $ 8,484 $ -
Taxable Construction Loan Production (generating a weighted average spread of 1.12%) $ 69,493 $ 496
Taxable Permanent Loan Production $ 68,975 $ 720
Working Capital Loans $ 14,574 $ 252
OTHER INFORMATION:
Balance as of 3/31/02 of Midland Servicing Portfolio under Management $ 1,058,365 $ 950
Balance as of 3/31/02 of Midland Equity Syndication Portfolio under Management $ 676,985 $ 739
MUNICIPAL MORTGAGE & EQUITY, LLC
PARTICIPATING BOND PORTFOLIO
NET OPERATING INCOME - TREND
As of March 31, 2002
Q1 2001 Q4 2001 Q1 2002 (2) Q1 '02 / Q1 '02 /
Property Actual Actual Actual Q1 '01 Q4 '01/
-------- ----------- --------- --------- --------- ----------
Alban 255,263 238,545 275,263 7.8% 15.4%
(1) Arlington 0 0 0 N/A N/A
Barkley Place 376,725 379,015 427,224 13.4% 12.7%
Cobblestone 162,306 179,580 171,467 5.6% -4.5%
(1) Cool Springs 0 0 0 N/A N/A
Creekside 236,937 241,272 278,383 17.5% 15.4%
Crossings 223,004 192,690 172,282 -22.7% -10.6%
Gilman Meadows 177,968 178,290 197,869 11.2% 11.0%
Hamilton Grove 249,607 208,703 266,232 6.7% 27.6%
Jefferson Commons 558,561 376,176 551,513 -1.3% 46.6%
Lakeview 174,579 157,497 193,404 10.8% 22.8%
Mallard I 38,063 58,433 46,473 22.1% -20.5%
Mallard II 123,457 133,411 134,853 9.2% 1.1%
Montclair 440,570 305,474 425,197 -3.5% 39.2%
Newport Village 283,680 318,144 331,262 16.8% 4.1%
Nicollet Ridge 397,875 394,316 403,026 1.3% 2.2%
North Pointe 546,620 540,006 578,480 5.8% 7.1%
Palisades Park 190,014 226,929 224,810 18.3% -0.9%
Riverset I 417,320 408,873 367,083 -12.0% -10.2%
Riverset II 176,749 170,854 162,840 -7.9% -4.7%
Steeplechase Falls 347,592 370,708 412,440 18.7% 11.3%
Meadows 165,775 171,553 180,895 9.1% 5.4%
Timber Ridge 146,225 154,997 169,739 16.1% 9.5%
Villas at LaRiviera 193,084 249,233 225,414 16.7% -9.6%
Whispering Lake 331,086 302,653 345,122 4.2% 14.0%
Winter Oaks 272,870 184,575 249,654 -8.5% 35.3%
------------------------------------------- ---------------------------
Total 6,485,930 6,141,927 6,790,925 4.7% 10.6%
Same Store Growth 6,485,930 6,141,927 6,790,925 4.7% 10.6%
(1) Under construction
(2) Q1 2002 represents two months actual, one month budget
MUNICIPAL MORTGAGE & EQUITY, LLC
REAL ESTATE TABLE
Avg. Monthly Rent
Per Apartment Unit
-------------------------------------
Occupancy
---------------------------------------- Month Month Month
Month Ended Month Ended Month Ended Ended Ended Ended
Month/Year Apartment March 31, December 31, March 31, February 28, December 31, March 31,
Apartment Community Acquired Units 2002 2001 2001 2002 2001 2001
--------------------- ----------- ---------- --------------------------------------- --------------------------------------
Participating Mortgage
Bonds:
Alban Place Sep-86 194 94.3% 90.7% 92.8% $913 $895 $862
Cobblestone Aug-99 184 94.6% 94.0% 94.0% 562 568 551
Creekside Village Nov-87 296 99.7% 99.7% 99.7% 542 513 507
Crossings Jan-97 200 93.5% 95.5% 97.0% 745 742 721
Jefferson Commons Dec-00 173 93.8% 94.8% 97.7% 1,335 1,331 1,253
Lakeview Sep-87 180 97.8% 97.2% 98.4% 685 684 663
North Pointe Sep-86 540 96.9% 96.9% 93.9% 669 664 634
Timber Ridge Dec-00 168 94.6% 96.4% 95.5% 562 491 452
Villas at LaRiviera Jun-99 199 98.0% 96.5% 97.6% 660 653 601
----------
Subtotal Participating
Mortgage Bonds 2,134
----------
Mortgage Bonds:
Applewood (a.k.a. Paola) Jul-99 48 93.8% 91.7% 93.8% $507 $479 $482
Buchanan Bay Mar-01 228 73.0% 71.5% N/A 680 678 N/A
Cielo Vista Aug-99 378 97.1% 89.7% 87.8% 424 424 428
Charter House (2) Dec-96 - N/A N/A N/A N/A N/A N/A
Country Club Jul-99 101 94.1% 87.1% 85.7% 436 443 429
Delta Village Jun-99 80 98.8% 93.8% 96.5% 566 562 539
Elmbrooke Aug-00 54 100.0% 100.0% 80.1% 1,060 716 591
Florida A&M Feb-00 96 72.9% 69.8% 93.8% 1,384 1,384 1,352
Gannon (Broward) Feb-98 315 96.5% 97.5% 94.6% 660 651 634
Gannon (Dade) (3) Feb-98 1,252 95.4% 95.1% 97.2% 740 731 710
Gannon (St. Louis) Feb-98 336 92.3% 91.1% 92.0% 560 557 545
Gannon A Bond Feb-98 - N/A N/A N/A N/A N/A N/A
Hidden Valley Dec-96 82 90.2% 87.8% 97.6% 540 538 538
Honey Creek Mar-99 656 93.9% 91.6% 96.8% 534 563 504
Hunter's Glen Mar-01 383 91.1% 91.1% N/A 569 568 N/A
Lake Piedmont Apr-98 648 92.4% 85.0% 79.5% 473 472 462
Monroe (Oakmont, Towne Oak) Dec-98 364 98.6% 98.4% 99.5% 480 478 462
Mountain View (Willowgreen) Nov-86 241 95.4% 92.5% 98.2% 623 618 590
Northridge Park II Aug-87 128 99.2% 97.7% 97.0% 1,032 1,022 973
Oakbrook Dec-96 170 95.9% 95.9% 97.5% 426 446 446
Orangevale Apr-98 64 100.0% 100.0% 100.0% 957 957 896
Parkwood Jun-99 180 97.8% 97.2% 99.0% 459 455 445
Riverset II (1) Jan-96 - N/A N/A N/A N/A N/A N/A
Sahuarita Jun-99 52 78.8% 75.0% 100.0% 550 546 536
Santa Fe Springs Jun-00 310 81.9% 88.4% 92.5% 592 593 582
Shadowbrook Jun-99 193 97.9% 96.4% 98.0% 476 476 458
Torries Chase Dec-96 99 92.9% 99.0% 97.0% 492 488 488
Villa Hialeah Nov-87 245 97.6% 97.1% 98.0% 674 671 655
Village at Stone Mountain Oct-97 722 92.5% 93.1% 95.9% 727 722 706
Village Green Feb-00 200 88.5% 90.5% 93.8% 635 635 635
Western Hills Dec-98 80 97.5% 100.0% 94.8% 516 506 502
Willow Key Mar-99 384 98.7% 99.0% 99.2% 646 639 621
Woodmark Jun-99 173 97.7% 97.7% 96.4% 696 696 672
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Subtotal Mortgage Bonds 8,262
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Participating Subordinate
Mortgage Bonds:
Barkley Place May-87 156 91.7% 92.9% 93.5% $2,134 $2,097 $2,038
Gilman Meadows Mar-87 125 93.6% 94.4% 93.6% 1,034 1,032 988
Hamilton Chase Feb-87 300 97.7% 94.0% 92.8% 604 607 594
Mallard Cove I & II Feb-87 198 85.9% 87.4% 97.1% 763 762 713
Meadows Jan-88 200 93.0% 98.5% 92.8% 604 606 597
Montclair Oct-86 159 91.8% 90.6% 94.0% 1,802 1,841 1,802
Newport Village Dec-86 220 95.0% 95.9% 98.6% 831 824 782
Nicollet Ridge Dec-87 339 90.6% 90.0% 95.6% 939 939 892
Riverset II Jan-96 148 89.0% 88.2% 92.6% 716 705 705
Steeplechase Oct-88 450 98.7% 96.2% 93.8% 586 587 579
Whispering Lake Oct-87 384 93.8% 88.3% 88.3% 643 648 647
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Subtotal Participating
Subordinate Mortgage Bonds 2,679
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Avg. Monthly Rent
Per Apartment Unit
-------------------------------------
Occupancy
---------------------------------------- Month Month Month
Month Ended Month Ended Month Ended Ended Ended Ended
Month/Year Apartment March 31, December 31, March 31, February 28, December 31, March 31,
Apartment Community Acquired Units 2002 2001 2001 2002 2001 2001
--------------------- ----------- ---------- --------------------------------------- --------------------------------------
Subordinate Mortgage Bonds:
CAPREIT Sep-99 - N/A N/A N/A N/A N/A N/A
Cinnamon Ridge Jan-99 - N/A N/A N/A N/A N/A N/A
Farmington Meadows Aug-99 69 98.6% 100.0% 100.0% $814 $814 $814
Independence Ridge Aug-96 336 83.9% 83.9% 86.6% 549 550 532
Locarno Aug-96 110 92.7% 92.7% 93.6% 872 866 836
Olde English Manor Nov-99 - N/A N/A N/A N/A N/A N/A
Peaks of Conyer Sep-01 260 N/A N/A N/A N/A N/A N/A
Rillito Village Jul-00 - N/A N/A N/A N/A N/A N/A
Winter Oaks Nov-99 460 91.5% 86.1% 92.3% 553 547 526
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Subtotal Subordinate Mortgage
Bonds 1,235
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Other Bond-Related Investments:
Briarwood Dec-98 600 98.7% 97.3% 94.3% $594 $589 $573
Cinnamon Ridge Dec-97 264 97.0% 95.8% 95.4% 886 916 884
Golfside Villas (f.k.a.
Club West) Mar-99 194 100.0% 99.0% 98.5% 583 587 572
Park Center Oct-01 325 92.9% 92.9% N/A 1,435 1,429 N/A
Park at Landmark Sep-00 396 95.0% 94.7% 98.0% 1,064 1,046 968
Poplar Glen Jun-97 191 99.0% 98.4% 96.1% 923 919 872
RITES - Charter House Dec-96 280 89.6% 89.3% 93.2% 613 611 609
RITES - Indian Lakes Jul-97 296 87.8% 91.9% 88.2% 776 774 745
RITES - LaPaloma Apr-99 120 99.2% 100.0% 97.0% 624 620 593
RITES - LeMirador
(Coleman Senior) Apr-98 141 98.6% 96.5% 99.7% 817 814 832
RITES - Museum Towers Apr-01 286 88.5% 89.5% N/A 1,265 1,355 N/A
RITES - Oklahoma City (4) Aug-98 772 87.4% 88.1% 94.3% 474 472 487
RITES - Olde English Manor Jun-98 264 92.8% 91.3% 95.5% 474 473 468
RITES - Palisades Park Feb-98 304 98.4% 99.3% 98.5% 535 525 505
RITES - Pavillion Apr-99 132 99.2% 99.2% 99.5% 661 655 619
RITES - Queen Anne IV Jul-98 110 99.1% 99.1% 91.5% 1,089 1,085 965
RITES - Rancho/Villas May-00 417 92.8% 85.8% 93.5% 538 483 483
RITES - Rillito Village Aug-98 272 93.4% 86.8% 89.3% 442 447 453
RITES - Riverset (1) Aug-88 352 89.0% 88.2% 92.6% 692 699 693
RITES - Riverset II (1) Jan-96 - N/A N/A N/A N/A N/A N/A
RITES - Sienna (a.k.a.
Italian Gardens) Apr-98 140 97.1% 95.0% 100.0% 814 807 833
RITES - Sonterra May-98 156 80.8% 76.3% 77.4% 845 844 864
RITES - Southgate Crossings Jun-97 215 95.8% 100.0% 96.8% 953 943 892
RITES - Southwood Nov-97 1,286 84.0% 82.0% 82.6% 490 489 483
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Subtotal Other Bond-Related
Investments 7,513
----------
Total Units/Weighted Average
Investments 21,823 93.0% 91.9% 93.6% $675 $669 $609
==========
Total/Same Stores 20,341 93.3% 92.2% 93.6% $628 $622 $609
Construction/Substantial Rehab Properties and Other Investments:
Arlington Dec-00 176 N/A N/A N/A N/A N/A N/A
Barrington at Beach Street Oct-00 398 28.6% N/A N/A $841 N/A N/A
Bedford Park Oct-00 312 74.4% 41.0% 48.8% 521 526 460
CAPREIT (5) Mar-01 2,942 93.3% 93.7% 95.6% 629 638 622
Chancellor Nov-01 101 N/A N/A N/A N/A N/A N/A
Chancellor II Mar-02 46 N/A N/A N/A N/A N/A N/A
Cool Springs Aug-00 124 21.8% 17.7% N/A 1,955 1,958 N/A
Fort Branch Dec-00 250 N/A N/A N/A N/A N/A N/A
Hidden Brooks Sep-01 201 80.1% 87.1% N/A 1,066 1,050 N/A
Las Trojas Mar-02 49 N/A N/A N/A N/A N/A N/A
Lincoln Corner Dec-01 134 N/A N/A N/A N/A N/A N/A
Meridian at Bridgewater Nov-99 90 64.4% 52.2% 10.0% 3,515 3,100 3,150
North White Road Nov-01 157 N/A N/A N/A N/A N/A N/A
Oak Grove Commons Dec-01 168 N/A N/A N/A N/A N/A N/A
Penn Valley Dec-01 42 N/A N/A N/A N/A N/A N/A
Riverview Jun-00 224 51.3% 17.0% N/A 676 676 N/A
Silver Springs Dec-99 250 88.0% 86.4% 19.2% 783 783 780
Southwind Aug-00 88 85.5% 96.6% 69.0% 684 680 666
Village Apartments May-00 210 96.2% 84.8% 82.1% 492 474 479
Village at Sun Valley May-00 276 49.6% 32.6% N/A 641 643 643
Walnut Tree Mar-02 64 N/A N/A N/A N/A N/A N/A
Weatherstone Sep-00 100 54.0% 40.0% N/A 806 800 810
Woodglen Dec-99 250 93.2% 92.4% 79.6% 631 631 647
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Subtotal Construction/Rehab
Properties 6,652
-----------
Total Units 28,475
===========
(1) The Company owns a participating bond, a participating subordinate bond and
a RITES interest collateralized by the Riverset property.
(2) The Company owns a non-participating bond and a RITES interest
collateralized by the Charter House property.
(3) The Dade Gannon Portfolio represents eight properties.
(4) The Oklahoma City Portfolio represents three properties.
(5) The CAPREIT Portfolio represents eleven properties.
(6) Same Store includes properties reporting for each of past three quarters.