Baltimore-based Municipal Mortgage and Equity LLC, more commonly known as MuniMae, said yesterday that its stock listing will move from the American Stock Exchange to the New York Stock Exchange.
Shares probably will begin trading on the NYSE Thursday. Its ticker symbol will remain MMA.
Chief Executive Officer Mark K. Joseph said the change "is a milestone in MuniMae's development as a public company that we expect will enhance [its] visibility within the investment community."
MuniMae is similar to a real estate investment trust, or REIT, in that it invests in real estate.
Unlike a REIT, MuniMae invests in tax-free bonds underwriting apartment complexes instead of in the apartment complexes themselves, as a REIT would do. MuniMae also recently began investing in housing for senior citizens.
The company originates, buys, bundles and sells tax-free municipal bonds. Because it invests in tax-free bonds, some of the interest it pays to shareholders is tax-free. Last year, about 85 percent of its dividends were tax-free.
Pub Date: 6/19/98