MUNICIPAL MORTGAGE & EQUITY, LLC
SUPPLEMENTAL INFORMATION
QUARTER ENDED JUNE 30, 2002
TABLE OF CONTENTS
CAD Statement for the three and six months
ended June 30, 2002 Page 1
Variance Analysis for CAD Page 2
Rolling Five Quarters - CAD Page 3
GAAP Income Statement for the three and six
months ended June 30, 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 three and
six months ended June 30, 2002 Page 8
Condensed Balance Sheets and Book Value Per Share Page 9
Leverage at June 30, 2002 Page 10
Summary of 2nd 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
(in thousands, except share and per share data)
(unaudited)
For the three months ended For the six months ended
June 30, June 30,
---------------------------- ---------------------------
2002 2001 2002 2001
------------- ------------ ------------- ------------
Interest on bonds, other bond-related investments,
other notes and loans $ 23,377 $ 21,267 $ 46,340 $ 41,960
Interest on short-term investments 244 247 731 603
Loan servicing fees 1,660 1,729 3,568 3,361
Loan origination and brokerage fees 5,385 4,573 8,511 6,937
Other income 2,451 1,679 4,781 3,990
Net gain on sales 102 - 142 -
------------- ------------ ------------- ------------
TOTAL SOURCES OF CASH 33,219 29,495 64,073 56,851
------------- ------------ ------------- ------------
EXPENSES:
Salaries and benefits 5,930 5,030 10,757 9,475
Professional fees 1,437 913 1,609 1,604
Other operating expenses 2,227 2,163 4,418 3,686
Interest expense 7,900 7,531 16,190 15,199
Income taxes 345 465 759 504
------------- ------------ ------------- ------------
TOTAL EXPENSES: 17,839 16,102 33,733 30,468
------------- ------------ ------------- ------------
CASH AVAILABLE FOR DISTRIBUTION 15,380 13,393 30,340 26,383
------------- ------------ ------------- ------------
LESS:
Cash allocable to preferred shareholders and term growth shares,
including preferred shareholders in a subsidiary company 2,995 3,116 6,142 6,165
------------- ------------ ------------- ------------
CASH AVAILABLE FOR DISTRIBUTION TO COMMON SHARES $ 12,385 $ 10,277 $ 24,198 $ 20,218
============= ============ ============= ============
CAD PER COMMON SHARE $ 0.49 $ 0.48 $ 0.96 $ 0.94
============= ============ ============= ============
CALCULATION OF CASH DISTRIBUTION:
CASH AVAILABLE FOR DISTRIBUTION
TO COMMON SHARES $ 12,385 $ 10,277 $ 24,198 $ 20,218
============= ============ ============= ============
ACTUAL AMOUNT PAID $ 11,072 $ 9,219 $ 22,040 $ 18,356
============= ============ ============= ============
PAYOUT RATIO 89.4% 89.7% 91.1% 90.8%
============= ============ ============= ============
COMMON SHARES OUTSTANDING 25,308,022 21,564,461
CASH DISTRIBUTION PER COMMON SHARE $ 0.4375 $ 0.4275 $ 0.8725 $ 0.8525
============= ============ ============= ============
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
2nd Quarter 2002 Compared to 2nd Quarter 2001:
Total income for the second quarter of 2002 increased $3.7 million over the same
period last year due primarily to: (1) a $2.1 million increase in collections of
interest on bonds, other bond-related investments, other notes and loans; (2) a
$0.8 million increase in loan origination and brokerage fees due primarily to an
increase in origination fees, which included a $0.8 million fee related to the
CAPREIT investment, partially offset by a decrease in fees related to tax credit
and conventional equity transactions; and (3) a $0.8 million increase in other
income due to an increase in asset management fees, advisory fees and
cancellation fees.
Total expenses for the second quarter increased $1.7 million over the same
period last year due primarily to: (1) a $0.9 million increase in salary and
related benefits expense associated with 2001 new hires; (2) a $0.5 million
increase in professional fees due to an increase in consulting and legal
expenses related to new information system initiatives and other corporate
initiatives; and (3) a $0.4 million increase in interest expense primarily
associated with increased construction lending production and an increase in
financing costs associated with on-balance sheet securitizations.
Year-to-Date 2002 Compared to Year-to-Date 2001:
Total income for the six months ended June 30, 2002 increased $7.2 million over
the same period last year due primarily to: (1) a $4.4 million increase in
collections of interest on bonds, other bond-related investments, other notes
and loans; (2) a $1.6 million increase in loan origination and brokerage fees
due primarily to an increase in origination fees, including a $0.8 million fee
related to the CAPREIT investment; and (3) a $0.8 million increase in other
income due to increased asset management fees, advisory fees and cancellation
fees.
Total expenses for the six months ended June 30, 2002 increased $3.3 million
over the same period last year due primarily to: (1) a $1.3 million increase in
salary and related benefits expense associated with 2001 new hires; (2) a $0.7
million increase in other operating expenses primarily driven by deployment of
accounting information systems and other upgrades in technology infrastructure;
(3) a $1.0 million increase in interest expense, primarily associated with
increased construction lending production and an increase in financing costs
associated with on-balance sheet securitizations; and (4) a $0.3 million
increase in income taxes, primarily due to an increase in taxable fee income.
MUNICIPAL MORTGAGE & EQUITY, LLC
CALCULATION OF CASH AVAILABLE FOR DISTRIBUTION
(in thousands, except share and per share data)
(unaudited)
Qtr Ended Qtr Ended Qtr Ended Qtr Ended Qtr Ended
06/30/02 03/31/02 12/31/01 09/30/01 06/30/01
-------------- -------------- --------------- -------------- --------------
SOURCES OF CASH:
Interest on bonds, other bond-related investments,
other notes and loans $ 23,377 $ 22,963 $ 22,708 $ 21,263 $ 21,267
Interest on short-term investments 244 487 539 237 247
Loan servicing fees 1,660 1,908 1,962 1,659 1,729
Loan origination and brokerage fees 5,385 3,126 4,131 4,701 4,573
Other income 2,451 2,330 1,345 1,827 1,679
Net gain on sales 102 40 251 - -
Nonrecurring gain (loss), net - - 130 (193) -
-------------- -------------- --------------- -------------- --------------
TOTAL SOURCES OF CASH 33,219 30,854 31,066 29,494 29,495
-------------- -------------- --------------- -------------- --------------
EXPENSES:
Salaries and benefits 5,930 4,827 6,379 5,527 5,030
Professional fees 1,437 172 1,468 1,114 913
Other operating expenses 2,227 2,191 1,801 1,893 2,163
Interest expense 7,900 8,290 7,101 7,351 7,531
Income taxes 345 414 (61) 301 465
-------------- -------------- --------------- -------------- --------------
TOTAL EXPENSES 17,839 15,894 16,688 16,186 16,102
-------------- -------------- --------------- -------------- --------------
CASH AVAILABLE FOR DISTRIBUTION 15,380 14,960 14,378 13,308 13,393
LESS:
Cash allocable to preferred shareholders and term growth
shares, including preferred shareholders in a subsidiary
company 2,995 3,147 3,376 2,962 3,116
-------------- -------------- --------------- -------------- --------------
CASH AVAILABLE FOR DISTRIBUTION
TO COMMON SHARES $ 12,385 $ 11,813 $ 11,002 $ 10,346 $ 10,277
============== ============== =============== ============== ==============
CAD PER COMMON SHARE $ 0.49 $ 0.47 $ 0.50 $ 0.48 $ 0.48
============== ============== =============== ============== ==============
CALCULATION OF CASH DISTRIBUTION:
CASH AVAILABLE FOR DISTRIBUTION
TO COMMON SHARES $ 12,385 $ 11,813 $ 11,002 $ 10,346 $ 10,277
============== ============== =============== ============== ==============
ACTUAL AMOUNT PAID $ 11,072 $ 10,968 $ 9,438 $ 9,296 $ 9,219
============== ============== =============== ============== ==============
PAYOUT RATIO 89.4% 92.8% 85.8% 89.9% 89.7%
============== ============== =============== ============== ==============
COMMON SHARES OUTSTANDING 25,308,022 25,213,482 21,820,266 21,618,144 21,564,461
============== ============== =============== ============== ==============
CASH DISTRIBUTION PER COMMON SHARE $ 0.4375 $ 0.4350 $ 0.4325 $ 0.4300 $ 0.4275
============== ============== =============== ============== ==============
MUNICIPAL MORTGAGE & EQUITY, LLC
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
(unaudited)
For the three months ended For the six months ended
June 30, June 30,
---------------------------- --------------------------
2002 2001 2002 2001
---------------------------- --------------------------
INCOME:
Interest on bonds, other bond-related investments,
other notes and loans $ 23,993 $ 20,977 $ 47,585 $ 40,928
Interest on short-term investments 244 693 731 1,695
Loan servicing fees 1,660 1,729 3,568 3,361
Loan origination and brokerage fees 3,885 3,363 6,592 5,427
Other income 2,393 1,643 4,082 6,456
Net gain on sales 703 1,969 2,869 2,135
------------- ------------- ------------ ------------
Total income 32,878 30,374 65,427 60,002
------------- ------------- ------------ ------------
EXPENSES:
Salaries and benefits 5,930 5,030 10,757 9,475
Professional fees 1,437 913 1,609 1,604
Operating expenses 2,227 2,150 4,418 3,681
Amortization 333 628 651 1,321
Interest expense 8,487 7,769 17,459 15,595
Other-than-temporary impairments related to investments in
bonds and other bond-related investments - - 110 3,256
------------- ------------- ------------ ------------
Total expenses 18,414 16,490 35,004 34,932
------------- ------------- ------------ ------------
Net holding gains (losses) on trading securities (7,721) 1,272 (4,609) (3,593)
Income tax expense (828) (224) (1,859) (227)
Income allocable to preferred shareholders in a subsidiary
company (2,995) (2,606) (5,989) (5,212)
Cumulative effect on prior years of change in
accounting for derivative financial instruments - - - (12,277)
------------- ------------- ------------ ------------
Net income $ 2,920 $ 12,326 $ 17,966 $ 3,761
============= ============= ============ ============
LESS:
Net income allocable to preferred shares
and term growth shares - 513 153 1,012
------------- ------------- ------------ ------------
Net income allocated to common shares $ 2,920 $ 11,813 $ 17,813 $ 2,749
============= ============= ============ ============
OPERATING NET INCOME ALLOCATED TO COMMON SHARES (Note 1) $ 10,641 $ 10,541 $ 22,422 $ 18,619
============= ============= ============ ============
NET INCOME PER COMMON SHARE:
Basic net income per common share:
Basic net income before cumulative effect of accounting
change $ 0.12 $ 0.55 $ 0.73 $ 0.72
============= ============= ============ ============
Basic net income per common share $ 0.12 $ 0.55 $ 0.73 $ 0.13
============= ============= ============ ============
Weighted average common shares outstanding 25,252,124 21,524,016 24,423,091 20,747,361
Diluted net income per common share:
Diluted net income before cumulative effect of accounting
change $ 0.11 $ 0.54 $ 0.71 $ 0.71
============= ============= ============ ============
Diluted net income per common share $ 0.11 $ 0.54 $ 0.71 $ 0.13
============= ============= ============ ============
Weighted average common shares outstanding 25,835,808 22,014,990 25,022,631 21,222,890
Operating net income per common share (Note 1) $ 0.42 $ 0.49 $ 0.92 $ 0.90
============= ============= ============ ============
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
2nd Quarter 2002 compared to 2nd Quarter 2001:
Total income for the second quarter of 2002 increased $2.5 million over the same
period last year due primarily to: (1) a $3.0 million increase in collections of
interest on bonds, other bond-related investments, other notes and loans; (2) a
$0.4 million decrease in interest on short-term investments resulting from the
use of equity offering proceeds to repurchase senior interests in certain
securitization trusts and funding of other operations, as well as a decrease in
interest collected on margin call collateral accounts; (3) a $0.4 million
increase in loan origination and brokerage fees due primarily to an increase in
origination fees on taxable permanent lending; and (4) a $0.8 million increase
in other income due to an increase in asset management fees, advisory fees and
cancellation fees; and (5)a $1.3 million decrease in gain on sales as a result
of a one-time gain of $1.1 million on a tax credit equity re-syndication in the
second quarter of 2001.
Total expenses for the second quarter of 2002 increased $1.9 million over the
same period last year due primarily to: (1) a $0.9 million increase in salary
and related benefits expense associated with 2001 new hires; (2) a $0.5 million
increase in professional fees due to an increase in consulting and legal
expenses related to new information system initiatives and other corporate
initiatives; (3) a $0.3 million decrease in amortization expense due to changes
in accounting guidelines relating to discontinued amortization of goodwill; and
(4) a $0.7 million increase in interest expense primarily associated with
increased construction lending production and an increase in financing costs
associated with on-balance sheet securitizations.
The Company recorded net holding losses for the change in market value of the
Company's derivative financial instruments of $7.7 million for the second
quarter of 2002. Excluding the change in market value, earnings from net
operating income was $0.42 per common share.
Year-to-Date 2002 Compared to Year-to-Date 2001:
Total income for the six months ended June 30, 2002 increased $5.4 million over
the same period last year due primarily to: (1) a $6.7 million increase in
collections of interest on bonds, other bond-related investments, other notes
and loans; (2) a $1.0 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 collateral accounts; (3)
a $2.4 million decrease in other income primarily due to other income associated
with income earned on the assumption of a purchase obligation with respect to
the Hunter's Glen and Buchanan Bay bonds in the first quarter of 2001; (4) a
$0.9 million increase in syndication fees due primarily to an increase in the
volume of tax credit and conventional equity transactions; and (5) a $0.7
million increase in gain on sales associated with gains on the sale of loans.
Total expenses for the six months ended June 30, 2002 increased $0.1 million
over the same period last year due primarily to: (1) a $1.3 million increase in
salary and related benefits expense associated with 2001 new hires; (2) a $0.7
million increase in other operating expenses driven primarily by deployment of
accounting information systems and other upgrades in technology infrastructure;
(3) a $0.7 million decrease in amortization expense due to changes in accounting
guidelines relating to amortization of goodwill; (4) a $1.9 million increase in
interest expense primarily associated with increased construction lending
production and an increase in financing costs associated with on-balance sheet
securitizations; and (5) a $0.1 million impairment recorded in 2002 associated
with a subordinate bond investment compared to a $3.3 million impairment
recorded in 2001 on two investments (Hunter's Glen and Buchanan Bay).
The Company recorded net holding losses for the change in market value of the
Company's derivative financial instruments of $4.6 million for the six months
ended June 30, 2002. Excluding the change in market value, earnings from net
operating income was $0.92 per common share.
MUNICIPAL MORTGAGE & EQUITY, LLC
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
(unaudited)
Qtr Ended Qtr Ended Qtr Ended Qtr Ended Qtr Ended
06/30/02 03/31/02 12/31/01 09/30/01 06/30/01
-------------- -------------- -------------- -------------- --------------
INCOME:
Interest on mortgage revenue bonds and
other bond-related investments $ 15,723 $ 15,593 $ 17,311 $ 12,153 $ 12,209
Interest on loans 8,270 7,999 7,930 8,461 8,768
Interest on short-term investments 244 487 899 487 693
Loan servicing fees 1,660 1,908 1,962 1,659 1,729
Loan origination and brokerage fees 3,885 2,707 3,820 3,381 3,363
Other income 2,393 1,689 216 1,395 1,643
Net gain on sales 703 2,166 1,334 4,753 1,969
-------------- -------------- -------------- -------------- --------------
TOTAL INCOME 32,878 32,549 33,472 32,289 30,374
-------------- -------------- -------------- -------------- --------------
EXPENSES:
Salaries and benefits 5,930 4,827 6,379 5,527 5,030
Professional fees 1,437 172 1,468 1,114 913
Operating expenses 2,227 2,191 2,280 1,881 2,150
Goodwill and other intangible amortization 333 318 494 694 628
Interest expense 8,487 8,972 7,228 7,873 7,769
Other-than-temporary impairments - 110 - - -
-------------- -------------- -------------- -------------- --------------
TOTAL EXPENSES 18,414 16,590 17,849 17,089 16,490
-------------- -------------- -------------- -------------- --------------
Net holding gains (losses) on trading securities (7,721) 3,112 2,691 (4,670) 1,272
Income tax expense (828) (1,031) (351) (805) (224)
Income allocable to preferred shareholders in a
subsidiary company (2,995) (2,994) (2,961) (2,606) (2,606)
-------------- -------------- -------------- -------------- --------------
Net income $ 2,920 $ 15,046 $ 15,002 $ 7,119 $ 12,326
============== ============== ============== ============== ==============
LESS:
Net income allocable to preferred shares
and term growth shares - 153 418 605 513
-------------- -------------- -------------- -------------- --------------
Net income allocated to common shares $ 2,920 $ 14,893 $ 14,584 $ 6,514 $ 11,813
============== ============== ============== ============== ==============
OPERATING NET INCOME ALLOCATED TO
COMMON SHARES $ 10,641 $ 11,781 $ 11,893 $ 11,184 $ 10,541
============== ============== ============== ============== ==============
EARNINGS PER COMMON SHARE:
Basic earnings before cumulative effect
of accounting change $ 0.12 $ 0.63 $ 0.67 $ 0.30 $ 0.55
============== ============== ============== ============== ==============
Basic net income per common share $ 0.12 $ 0.63 $ 0.67 $ 0.30 $ 0.55
============== ============== ============== ============== ==============
Diluted earnings before cumulative effect
of accounting change $ 0.11 $ 0.62 $ 0.65 $ 0.29 $ 0.54
============== ============== ============== ============== ==============
Diluted net income per common share $ 0.11 $ 0.62 $ 0.65 $ 0.29 $ 0.54
============== ============== ============== ============== ==============
Weighted average shares outstanding:
Basic 25,252,124 23,584,635 21,708,191 21,590,584 21,524,016
============== ============== ============== ============== ==============
Diluted 25,835,808 24,200,030 22,349,645 22,397,981 22,014,990
============== ============== ============== ============== ==============
Operating net income per common share $ 0.42 $ 0.50 $ 0.55 $ 0.52 $ 0.49
============== ============== ============== ============== ==============
Municipal Mortgage & Equity, LLC
Reconciliation of Basic and Diluted EPS
For the three months ended June 30, 2002 For the three months ended June 30, 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 $ 2,920 25,252,124 $ 0.12 $ 11,813 21,524,016 $ 0.55
============ ==========
Effect of Dilutive Securities
Options and deferred shares - 450,829 - 490,974
Earnings contingency - 132,855 - -
-------------- --------------- ------------- ----------------
Diluted EPS
Income allocable to common shares
plus assumed conversions $ 2,920 25,835,808 $ 0.11 $ 11,813 22,014,990 $ 0.54
============== =============== ============ ============= ================ ==========
For the six month ended June 30, 2002 For the six months ended June 30,2001
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 $ 17,813 24,423,091 $ 0.73 $ 2,749 20,747,361 $ 0.13
============ ==========
Effect of Dilutive Securities
Options and deferred shares - 466,685 - 475,529
Earnings contingency - 132,855 - -
-------------- --------------- ------------- ----------------
Diluted EPS
Income allocable to common shares
plus assumed conversions $ 17,813 25,022,631 $ 0.71 $ 2,749 21,222,890 $ 0.13
============== =============== ============ ============= ================ ==========
MUNICIPAL MORTGAGE & EQUITY, LLC
RECONCILIATION OF GAAP INCOME TO CASH AVAILABLE FOR DISTRIBUTION
(in thousands)
(unaudited)
For the three months For the six months
ended ended
June 30, 2002 June 30, 2002
------------------------ ------------------------
INCOME:
Interest on bonds, other bond-related investments, other notes and loans $ 23,993 $ 47,585
Interest on short-term investments 244 731
Loan servicing fees 1,660 3,568
Loan origination and brokerage fees 3,885 6,592
Other income 2,393 4,082
Net gain on sales 703 2,869
------------------------ ------------------------
Total income 32,878 65,427
------------------------ ------------------------
EXPENSES:
Salaries and benefits 5,930 10,757
Professional fees 1,437 1,609
Operating expenses 2,227 4,418
Amortization 333 651
Interest expense 8,487 17,459
Other-than-temporary impairments related to investments in
bonds and other bond-related investments - 110
------------------------ ------------------------
Total expenses 18,414 35,004
------------------------ ------------------------
Net holding gains on trading securities (7,721) (4,609)
Income tax expense (828) (1,859)
Income allocable to preferred shareholders in a subsidiary company (2,995) (5,989)
------------------------ ------------------------
Net income $ 2,920 $ 17,966
======================== ========================
LESS:
Net income allocable to term growth shares - 153
------------------------ ------------------------
Net income allocated to common shares $ 2,920 $ 17,813
======================== ========================
Conversion to Cash Available for Distribution:
Amortization of intangibles and fees 305 675
Valuation allowances and impairments - 110
Origination fees and other income 1,557 2,618
Net gain on sale (601) (2,727)
Mark to market adjustments 7,721 4,609
Deferred tax expense 483 1,100
------------------------ ------------------------
Cash Available for Distribution $ 12,385 $ 24,198
======================== ========================
MUNICIPAL MORTGAGE & EQUITY, LLC
ADJUSTED BALANCE SHEET
(in thousands)
(unaudited)
Adjusted
June 30, 2002 Adjustments June 30, 2002
------------------ ---------------- -----------------
Cash and cash equivalents $ 33,210 $ - $ 33,210
Investment in bonds and loans, net 1,038,532 (512,456)(1) 526,076
Off balance sheet assets - 411,867 (2) 411,867
Other assets 210,876 (29,005)(3) 181,871
------------------ ---------------- -----------------
Total net assets $ 1,282,618 $ (129,594) $ 1,153,024
================== ================ =================
Liabilities, including short-term debt $ 490,590 $ (432,670)(4) $ 57,920
Off balance sheet debt - 411,867 (2) 411,867
Long-term debt 138,157 - 138,157
------------------ ---------------- -----------------
Total liabilities $ 628,747 $ (20,803) $ 607,944
================== ================ =================
Leverage Ratio 52.7%
(1) Adjustments to bonds and loans:
Remove Midland loans from assets and liabilities $ 368,840
Remove Oxford from assets and liabilities 5,420
Adjustment to reflect CAD sale of pari passu taxable loans
accounted for as borrowings 16,870
Adjustment to reflect effect of highly leveraged obligations 121,326
------------------
TOTAL $ 512,456
==================
(2) Off balance sheet assets includes the following:
FSA A Bonds $ 67,500
Other A Bonds 21,388
Demand Notes 16,247
P-Floats 306,732
------------------
TOTAL $ 411,867
==================
(3) Remove goodwill $ 29,005
==================
(4) Adjustments to liabilities:
Remove other liabilities and normal accruals $ 29,112
Adjustment to reflect CAD sale of pari passu taxable loans
accounted for as borrowings 18,785
Remove Oxford from assets and liabilities 5,410
Remove Midland loans from assets and liabilities 379,363
------------------
TOTAL $ 432,670
==================
MUNICIPAL MORTGAGE & EQUITY, LLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
June 30, December 31,
2002 2001
-------------- --------------
ASSETS:
Cash, cash equivalents and interest receivable $ 49,920 $ 113,232
Investment in bonds and other bond-related investments 664,144 629,755
Investment in derivative financial instruments 9,254 2,912
Loans receivable, net 401,570 440,031
Investment in partnerships 82,231 5,393
Other assets 82,930 68,948
Goodwill and other intangible assets 29,005 29,005
-------------- --------------
TOTAL $ 1,319,054 $1,289,276
============== ==============
LIABILITIES AND EQUITY:
Current liabilities $ 29,112 $ 31,974
Notes payable 379,363 420,063
Investment in other bond-related investments 6,840 7,979
Investment in derivative financial instruments 29,596 18,646
Short-term debt 82,115 78,560
Long-term debt 138,157 134,881
Preferred shareholders' equity in a subsidiary company 160,465 160,465
Shareholders' equity 493,406 436,708
-------------- --------------
TOTAL $ 1,319,054 $1,289,276
============== ==============
BOOK VALUE PER COMMON SHARE $ 19.50 $ 19.31
============== ==============
MUNICIPAL MORTGAGE & EQUITY, LLC
2002 INVESTMENTS
SECOND QUARTER
(In thousands)
BOND PRODUCTION:
QUARTER YTD
PERMANENT BOND AMOUNT PRODUCTION
INTEREST ----------------------------- --------------------------
PROPERTY CITY STATE RATE CONSTRUCTION PERMANENT CONSTRUCTION PERMANENT
------------------------------------ -------------- ------ ------------ ---------------- ------------ ------------- ------------
Coronel Village (1) Los Angeles CA 7.350% $ 4,100 $ 1,712
Mountainview Village (1) Sylmar CA Various 15,250 15,250
Sycamore Senior Village (1) Oxnard CA Various 24,850 24,850
Lakeside/Golf Villas (2) Various FL Various 8,000
Park Center Alexandria VA 6.375% 9,600
---------------- ------------ ------------- ------------
TOTAL $ 44,200 $ 59,412 $ 61,166 $ 72,820
================ ============ ============= ============
(1) The Company's initial investment in these bonds was $51,000 per bond. The
remaining balance of Coronel is estimated to be drawn in the third quarter.
Mountainview and Sycamore are estimated to be drawn down in the fourth quarter.
The Company earned a 1.25% origination fee on these deals.
(2) The Company earned a 0.50% origination fee from this transaction.
CONSTRUCTION/PERMANENT LENDING, SYNDICATION AND OTHER PRODUCTION:
TOTAL FEES TOTAL FEES
RECOGNIZED RECOGNIZED
QUARTER THIS QUARTER YTD YTD
VOLUME FOR CAD VOLUME FOR CAD
------------ ---------------- --------------------------
Tax Credit Equity Syndications (Equity Raised) $ 47,387 $ 2,380 $ 79,197 $ 3,998
Tax Credit Lending Production $ 48,345 $ - $ 69,855 $ -
Conventional Equity Production $ 8,331 $ 292 $ 16,815 $ 559
Taxable Construction Loan Production
(generating weighted average spread of .80%) $ 59,943 $ 400 $ 129,436 $ 896
Taxable Permanent Loan Production $ 81,731 $ 1,147 $ 150,706 $ 1,867
Working Capital Loans $ 16,944 $ 223 $ 31,518 $ 475
Equity Investment in CAPREIT Three M Venture (1) $ 75,000 $ 750 $ 75,000 $ 750
OTHER INFORMATION:
Balance as of 6/30/02 of Midland Servicing Portfolio
under Management $997,539 $ 948
Balance as of 6/30/02 of Midland Equity Syndication
Portfolio under Management $732,701 $ 737
(1) The Company has initially invested $64 million to acquire equity interests
in 18 CAPREIT property partnerships and has committed an additional $11 million
over the next six to twelve months.
MUNICIPAL MORTGAGE & EQUITY, LLC
PARTICIPATING BOND PORTFOLIO
NET OPERATING INCOME - TREND
As of June 30, 2002
Q2 2001 Q1 2002 Q2 2002 (2) Q2 '02 / Q2 '02 /
Property Actual Actual Actual Q2 '01 Q1 '02 /
--------------------------- ---------- ---------- ------------ ---------- -----------
Alban 255,263 275,263 283,573 11.1% 3.0%
(1) Arlington 0 0 0 N/A N/A
Barkley Place 370,472 416,448 292,596 -21.0% -29.7%
(1) Barrington at Beach Street 0 0 0 N/A N/A
Cobblestone 175,888 171,316 186,131 5.8% 8.6%
(1) Cool Springs 0 0 0 N/A N/A
Creekside 257,546 290,387 267,643 3.9% -7.8%
Crossings 220,493 166,016 202,842 -8.0% 22.2%
Gilman Meadows 178,325 197,038 180,464 1.2% -8.4%
Hamilton Grove 197,741 259,875 236,518 19.6% -9.0%
Jefferson Commons 533,208 515,102 507,391 -4.8% -1.5%
Lakeview 176,040 207,168 184,888 5.0% -10.8%
Mallard I 41,024 38,206 42,174 2.8% 10.4%
Mallard II 125,902 114,533 122,473 -2.7% 6.9%
Montclair 439,567 416,074 309,035 -29.7% -25.7%
Newport Village 298,807 294,807 298,450 -0.1% 1.2%
Nicollet Ridge 401,903 357,237 445,921 11.0% 24.8%
North Pointe 516,296 582,135 641,568 24.3% 10.2%
Palisades Park 246,677 242,262 252,537 2.4% 4.2%
Riverset I 418,554 365,203 216,089 -48.4% -40.8%
Riverset II 177,314 160,726 95,383 -46.2% -40.7%
Steeplechase Falls 339,143 413,045 387,206 14.2% -6.3%
Meadows 161,264 180,734 145,900 -9.5% -19.3%
Timber Ridge 146,226 159,811 147,136 0.6% -7.9%
Villas at LaRiviera 182,209 238,385 216,267 18.7% -9.3%
Whispering Lake 308,634 308,437 398,065 29.0% 29.1%
Winter Oaks 259,430 231,860 274,904 6.0% 18.6%
-------------------------------------------- ----------------------
Total 6,427,926 6,602,066 6,335,153 -1.4% -4.0%
Same Store Growth 6,427,926 6,602,066 6,335,153 -1.4% -4.0%
(1) Under construction
(2) Q2 2002 represents two months actual, one month budget
MUNICIPAL MORTGAGE & EQUITY, LLC
REAL ESTATE TABLE
Occupancy
-----------------------------------------------
Month Ended Month Ended Month Ended
Month/Year Apartment June 30, March 31, June 30,
Apartment Community Acquired Units 2002 2002 2001
------------------- ------------ ------------ -----------------------------------------------
Participating Mortgage Bonds:
Alban Place Sep-86 194 93.8% 94.3% 96.4%
Cobblestone Aug-99 184 95.1% 94.6% 94.0%
Creekside Village Nov-87 296 99.0% 99.7% 99.3%
Crossings Jan-97 200 95.5% 93.5% 98.5%
Jefferson Commons Dec-00 173 92.5% 93.1% 96.0%
Lakeview Sep-87 180 96.1% 97.8% 98.9%
North Pointe Sep-86 540 92.4% 96.9% 95.9%
Timber Ridge Dec-00 168 97.6% 94.6% 91.7%
Villas at LaRiviera Jun-99 199 81.5% 98.0% 93.0%
------------
Subtotal Participating Mortgage Bonds 2,134
------------
Mortgage Bonds
Applewood (a.k.a. Paola) Jul-99 48 91.7% 93.8% 89.6%
Buchanan Bay Mar-01 228 81.6% 72.8% 90.3%
Cielo Vista Aug-99 378 95.0% 97.1% 90.5%
Charter House (2) Dec-96 ---- N/A N/A N/A
Country Club Jul-99 101 90.1% 94.1% 86.1%
Delta Village Jun-99 80 100.0% 98.8% 96.3%
Elmbrooke Aug-00 54 100.0% 100.0% 100.0%
Florida A&M Feb-00 96 69.8% 72.9% 91.1%
Gannon (Broward) Feb-98 315 96.2% 96.5% 96.2%
Gannon (Dade) (3) Feb-98 1,252 95.5% 95.4% 95.9%
Gannon (St. Louis) Feb-98 336 92.9% 92.3% 94.9%
Gannon A Bond Feb-98 ---- N/A N/A N/A
Hidden Valley Dec-96 82 90.2% 90.2% 92.7%
Honey Creek Mar-99 656 95.1% 93.9% 97.0%
Hunter's Glen Mar-01 383 85.9% 89.6% 88.9%
Lake Piedmont Apr-98 648 95.2% 92.4% 83.8%
Monroe (Oakmont, Towne Oak) Dec-98 364 98.1% 98.6% 98.6%
Mountain View (Willowgreen) Nov-86 241 98.3% 95.4% 94.6%
Northridge Park II Aug-87 128 96.9% 99.2% 98.4%
Oakbrook Dec-96 170 95.9% 95.9% 97.1%
Orangevale Apr-98 64 100.0% 100.0% 100.0%
Parkwood Jun-99 180 97.8% 97.8% 97.2%
Riverset II (1) Jan-96 ---- N/A N/A N/A
Sahuarita Jun-99 52 100.0% 78.8% 90.4%
Santa Fe Springs Jun-00 310 91.9% 81.9% 90.6%
Shadowbrook Jun-99 193 99.0% 99.0% 94.8%
Torries Chase Dec-96 99 93.9% 92.9% 94.9%
Villa Hialeah Nov-87 245 98.0% 99.2% 94.7%
Village at Stone Mountain Oct-97 722 91.6% 92.5% 92.7%
Village Green Feb-00 200 86.5% 88.5% 91.5%
Western Hills Dec-98 80 91.2% 97.5% 97.5%
Willow Key Mar-99 384 99.0% 98.7% 100.0%
Woodmark Jun-99 173 98.9% 97.7% 96.0%
------------
Subtotal Mortgage Bonds 8,262
------------
Participating Subordinate Mortgage Bonds:
Barkley Place May-87 156 89.7% 91.7% 92.9%
Gilman Meadows Mar-87 125 90.4% 93.6% 90.4%
Hamilton Chase Feb-87 300 93.7% 97.7% 96.0%
Mallard Cove I & II Feb-87 198 90.4% 85.9% 97.5%
Meadows Jan-88 200 94.0% 93.0% 94.5%
Montclair Oct-86 159 97.5% 91.8% 97.5%
Newport Village Dec-86 220 94.1% 95.0% 98.2%
Nicollet Ridge Dec-87 339 92.0% 90.6% 98.2%
Riverset II Jan-96 148 86.8% 89.0% 85.6%
Steeplechase Oct-88 450 92.9% 98.7% 92.2%
Whispering Lake Oct-87 384 93.5% 93.8% 90.4%
------------
Subtotal Participating Subordinate Mortgage Bonds 2,679
------------
Monthly Rent
Apartment Unit
-----------------------------------------------
Month Ended Month Ended Month Ended
Month/Year Apartment May March June
Apartment Community Acquired Units 2002 2002 2001
------------------- ------------ ------------ -----------------------------------------------
Participating Mortgage Bonds:
Alban Place Sep-86 194 $923 $920 $885
Cobblestone Aug-99 184 569 568 561
Creekside Village Nov-87 296 552 543 510
Crossings Jan-97 200 741 745 730
Jefferson Commons Dec-00 173 1,469 1,362 1,312
Lakeview Sep-87 180 692 687 662
North Pointe Sep-86 540 680 674 648
Timber Ridge Dec-00 168 464 496 458
Villas at LaRiviera Jun-99 199 674 669 626
------------
Subtotal Participating Mortgage Bonds 2,134
------------
Mortgage Bonds
Applewood (a.k.a. Paola) Jul-99 48 $499 $499 $474
Buchanan Bay Mar-01 228 688 682 675
Cielo Vista Aug-99 378 423 423 428
Charter House (2) Dec-96 ---- N/A N/A N/A
Country Club Jul-99 101 438 443 442
Delta Village Jun-99 80 572 570 565
Elmbrooke Aug-00 54 1,035 1,021 716
Florida A&M Feb-00 96 1,386 1,390 1,352
Gannon (Broward) Feb-98 315 663 662 639
Gannon (Dade) (3) Feb-98 1,252 743 739 716
Gannon (St. Louis) Feb-98 336 565 562 550
Gannon A Bond Feb-98 ---- N/A N/A N/A
Hidden Valley Dec-96 82 550 543 538
Honey Creek Mar-99 656 544 561 543
Hunter's Glen Mar-01 383 584 569 560
Lake Piedmont Apr-98 648 474 473 460
Monroe (Oakmont, Towne Oak) Dec-98 364 481 480 469
Mountain View (Willowgreen) Nov-86 241 628 625 603
Northridge Park II Aug-87 128 1,049 1,040 1,010
Oakbrook Dec-96 170 427 427 446
Orangevale Apr-98 64 957 957 915
Parkwood Jun-99 180 460 460 445
Riverset II (1) Jan-96 ---- N/A N/A N/A
Sahuarita Jun-99 52 553 553 540
Santa Fe Springs Jun-00 310 586 594 589
Shadowbrook Jun-99 193 480 477 474
Torries Chase Dec-96 99 496 494 488
Villa Hialeah Nov-87 245 681 675 662
Village at Stone Mountain Oct-97 722 733 725 710
Village Green Feb-00 200 628 637 629
Western Hills Dec-98 80 502 502 497
Willow Key Mar-99 384 653 646 627
Woodmark Jun-99 173 697 697 676
------------
Subtotal Mortgage Bonds 8,262
------------
Participating Subordinate Mortgage Bonds:
Barkley Place May-87 156 $2,068 $2,111 $2,088
Gilman Meadows Mar-87 125 1,018 1,020 1,017
Hamilton Chase Feb-87 300 611 611 601
Mallard Cove I & II Feb-87 198 760 761 728
Meadows Jan-88 200 607 606 599
Montclair Oct-86 159 1,816 1,803 1,834
Newport Village Dec-86 220 836 832 804
Nicollet Ridge Dec-87 339 942 942 914
Riverset II Jan-96 148 706 700 710
Steeplechase Oct-88 450 590 591 586
Whispering Lake Oct-87 384 649 643 649
------------
Subtotal Participating Subordinate Mortgage Bonds 2,679
------------
Occupancy
-----------------------------------------------
Month Ended Month Ended Month Ended
Month/Year Apartment June 30, March 31, June 30,
Apartment Community Acquired Units 2002 2002 2001
------------------- ------------ ------------ ----------------------------------------------- -
Subordinate Mortgage Bonds:
CAPREIT Sep-99 ---- N/A N/A N/A
Cinnamon Ridge Jan-99 ---- N/A N/A N/A
Farmington Meadows Aug-99 69 100.0% 98.6% 100.0%
Independence Ridge Aug-96 336 83.6% 83.6% 83.9%
Locarno Aug-96 110 93.6% 93.6% 90.0%
Olde English Manor Nov-99 ---- N/A N/A N/A
Peaks of Conyer Sep-01 260 89.2% 89.2% N/A
Rillito Village Jul-00 ---- N/A N/A N/A
Winter Oaks Nov-99 460 92.0% 91.5% 91.5%
------------
Subtotal Subordinate Mortgage Bonds 1,235
------------
Other Bond-Related Investments:
Briarwood Dec-98 600 97.5% 98.7% 97.8%
Cinnamon Ridge Dec-97 264 98.1% 97.0% 92.4%
Golfside Villas (f.k.a. Club West) Mar-99 194 100.0% 100.0% 100.0%
Park Center Oct-01 325 94.2% 92.9% N/A
Park at Landmark Sep-00 396 95.0% 97.0% 99.0%
Poplar Glen Jun-97 191 95.8% 99.0% 97.9%
RITES - Charter House Dec-96 280 98.2% 91.1% 98.6%
RITES - Indian Lakes Jul-97 296 86.1% 84.5% 91.2%
RITES - LaPaloma Apr-99 120 98.3% 98.3% 91.7%
RITES - LeMirador (Coleman Senior) Apr-98 141 92.9% 98.6% 97.9%
RITES - Museum Towers Apr-01 286 87.8% 88.5% 98.3%
RITES - Oklahoma City (4) Aug-98 772 86.8% 86.8% 91.9%
RITES - Olde English Manor Jun-98 264 90.2% 92.8% 95.1%
RITES - Palisades Park Feb-98 304 97.4% 98.4% 98.4%
RITES - Pavillion Apr-99 132 100.0% 99.2% 100.0%
RITES - Queen Anne IV Jul-98 110 96.4% 99.1% 98.2%
RITES - Rancho/Villas May-00 417 92.1% 94.5% 91.8%
RITES - Rillito Village Aug-98 272 93.4% 93.4% 88.2%
RITES - Riverset (1) Aug-88 352 86.8% 89.2% 85.6%
RITES - Riverset II (1) Jan-96 ---- N/A N/A N/A
RITES - Sienna (a.k.a. Italian Gardens) Apr-98 140 83.6% 97.1% 97.9%
RITES - Sonterra May-98 156 94.2% 80.8% 90.4%
RITES - Southgate Crossings Jun-97 215 97.2% 95.8% 98.6%
RITES - Southwood Nov-97 1,286 85.6% 84.0% 85.1%
------------
Subtotal Other Bond-Related Investments 7,513
------------
Total Units/Weighted Average Investments 21,823 92.8% 93.0% 93.6%
============
Total/Same Stores (5) 21,238 92.8% 93.0% 93.6%
Construction/Substantial Rehab Properties and Other Investments
Arlington Dec-00 176 N/A N/A N/A
Barrington at Beach Street Oct-00 398 39.2% 28.6% N/A
Bedford Park Oct-00 312 75.6% 74.4% 36.9%
CAPREIT (6) Mar-01 2,942 93.3% 93.3% N/A
CAPREIT Investment Venture (7) Jun-02 5,185 N/A N/A N/A
Chancellor Nov-01 101 N/A N/A N/A
Chancellor II Mar-02 46 N/A N/A N/A
Cool Springs Aug-00 124 28.2% 21.8% N/A
Coronel Village Apr-02 48 N/A N/A N/A
Fort Branch Dec-00 250 19.6% 1.6% N/A
Hidden Brooks Sep-01 201 80.6% 80.1% N/A
Las Trojas Mar-02 49 N/A N/A N/A
Lincoln Corner Dec-01 134 N/A N/A N/A
Meridian at Bridgewater Nov-99 90 71.1% 64.4% 21.0%
Mountain View Village Jun-02 220 N/A N/A N/A
North White Road Nov-01 157 N/A N/A N/A
Oak Grove Commons Dec-01 168 N/A N/A N/A
Penn Valley Dec-01 42 N/A N/A N/A
Riverview Jun-00 224 75.0% 51.3% N/A
Silver Springs Dec-99 250 72.4% 88.0% 44.8%
Southwind Aug-00 88 100.0% 95.5% 79.8%
Sycamore Senior Village Jun-02 300 N/A N/A N/A
Village Apartments May-00 210 96.2% 96.2% 81.9%
Village at Sun Valley May-00 276 60.1% 49.6% N/A
Walnut Tree Mar-02 64 N/A N/A N/A
Weatherstone Sep-00 100 91.0% 54.0% N/A
Woodglen Dec-99 250 90.8% 93.2% 85.2%
------------
Subtotal Construction/Rehab Properties 12,405
------------
Total Units 34,228
============
Avg. Monthly Rent
Per Apartment Unit
------------------------------------------------
Month Ended Month Ended Month Ended
Month/Year Apartment May March June
Apartment Community Acquired Units 2002 2002 2001
------------------- ------------ ------------ -----------------------------------------------
Subordinate Mortgage Bonds:
CAPREIT Sep-99 ---- N/A N/A N/A
Cinnamon Ridge Jan-99 ---- N/A N/A N/A
Farmington Meadows Aug-99 69 $814 $814 $814
Independence Ridge Aug-96 336 550 550 541
Locarno Aug-96 110 874 874 851
Olde English Manor Nov-99 ---- N/A N/A N/A
Peaks of Conyer Sep-01 260 740 740 N/A
Rillito Village Jul-00 ---- N/A N/A N/A
Winter Oaks Nov-99 460 556 549 541
------------
Subtotal Subordinate Mortgage Bonds 1,235
------------
Other Bond-Related Investments:
Briarwood Dec-98 600 $599 $595 $584
Cinnamon Ridge Dec-97 264 912 882 907
Golfside Villas (f.k.a. Club West) Mar-99 194 583 583 571
Park Center Oct-01 325 1,460 1,440 N/A
Park at Landmark Sep-00 396 1,079 1,070 984
Poplar Glen Jun-97 191 932 925 901
RITES - Charter House Dec-96 280 625 618 607
RITES - Indian Lakes Jul-97 296 794 768 755
RITES - LaPaloma Apr-99 120 630 630 609
RITES - LeMirador (Coleman Senior) Apr-98 141 838 816 772
RITES - Museum Towers Apr-01 286 1,363 1,350 1,322
RITES - Oklahoma City (4) Aug-98 772 478 478 461
RITES - Olde English Manor Jun-98 264 478 476 469
RITES - Palisades Park Feb-98 304 541 537 515
RITES - Pavillion Apr-99 132 665 665 653
RITES - Queen Anne IV Jul-98 110 1,091 1,091 1,039
RITES - Rancho/Villas May-00 417 799 883 543
RITES - Rillito Village Aug-98 272 442 440 453
RITES - Riverset (1) Aug-88 352 714 693 688
RITES - Riverset II (1) Jan-96 ---- N/A N/A N/A
RITES - Sienna (a.k.a. Italian Gardens) Apr-98 140 828 817 743
RITES - Sonterra May-98 156 846 845 864
RITES - Southgate Crossings Jun-97 215 956 951 912
RITES - Southwood Nov-97 1,286 492 490 484
------------
Subtotal Other Bond-Related Investments 7,513
------------
Total Units/Weighted Average Investments 21,823 $709 $707 $661
============
Total/Same Stores (5) 21,238 $686 $684 $661
Construction/Substantial Rehab Properties and Other Investments
Arlington Dec-00 176 N/A N/A N/A
Barrington at Beach Street Oct-00 398 $847 $842 N/A
Bedford Park Oct-00 312 512 507 460
CAPREIT (6) Mar-01 2,942 623 638 N/A
CAPREIT Investment Venture (7) Jun-02 5,185 N/A N/A N/A
Chancellor Nov-01 101 N/A N/A N/A
Chancellor II Mar-02 46 N/A N/A N/A
Cool Springs Aug-00 124 1,947 1,947 N/A
Coronel Village Apr-02 48 N/A N/A N/A
Fort Branch Dec-00 250 836 836 N/A
Hidden Brooks Sep-01 201 1,063 1,069 N/A
Las Trojas Mar-02 49 N/A N/A N/A
Lincoln Corner Dec-01 134 N/A N/A N/A
Meridian at Bridgewater Nov-99 90 3,515 3,515 3,150
Mountain View Village Jun-02 220 N/A N/A N/A
North White Road Nov-01 157 N/A N/A N/A
Oak Grove Commons Dec-01 168 N/A N/A N/A
Penn Valley Dec-01 42 N/A N/A N/A
Riverview Jun-00 224 666 661 N/A
Silver Springs Dec-99 250 783 783 780
Southwind Aug-00 88 709 685 666
Sycamore Senior Village Jun-02 300 N/A N/A N/A
Village Apartments May-00 210 492 492 479
Village at Sun Valley May-00 276 641 641 643
Walnut Tree Mar-02 64 N/A N/A N/A
Weatherstone Sep-00 100 812 812 810
Woodglen Dec-99 250 685 635 647
------------
Subtotal Construction/Rehab Properties 12,405
------------
Total Units 34,228
============
(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) Same Store includes only properties reporting for all three quarters.
(6) The CAPREIT Portfolio represents eleven properties.
(7) CAPREIT Investment Venture represents seventeen properties (not included
previously in CAPREIT Portfolio).