MortgageIT Holdings, Inc. Declares Initial Common Stock Dividend of $0.44 per Share
December 16 2004 - 9:00AM
PR Newswire (US)
MortgageIT Holdings, Inc. Declares Initial Common Stock Dividend of
$0.44 per Share -- Initial Dividend Covering 3rd and 4th Quarters
at Top of Company's Guidance; NEW YORK, Dec. 16
/PRNewswire-FirstCall/ -- MortgageIT Holdings, Inc. (NYSE:MHL), a
residential mortgage company organized as a real estate investment
trust (REIT), today announced that its Board of Directors has
declared a cash dividend of $0.44 per common share for the period
from its IPO on August 4, 2004, to year-end. The dividend is
payable on January 14, 2005, to shareholders of record as of
December 31, 2004. The ex-dividend date is December 29, 2004;
therefore, new shareholders interested in receiving the fourth
quarter dividend must purchase common stock on or before December
28, 2004. The initial dividend represents the distribution of more
than 90% of the estimated taxable earnings for the period from the
Company's reorganization and initial public offering on August 4,
2004 through year-end, exclusive of any net income earned by its
taxable REIT subsidiary, MortgageIT, Inc., during the period, and
therefore is not expected to be a return of capital. "Our initial
dividend covering the period from our IPO to year-end is at the top
of our original expectation, and is the result of the continued
success of our mortgage banking subsidiary as well as the solid
margins on the loans selected for our REIT portfolio," said Doug
Naidus, MortgageIT Holdings' Chairman and CEO. "It does not,
however, reflect the full earnings power of our investment
portfolio, or our full run-rate dividend, because we are continuing
to ramp our portfolio through year-end." The Company expects to
declare its first full regular quarterly dividend in the first
quarter of 2005. About MortgageIT Holdings, Inc. MortgageIT
Holdings, Inc. (NYSE:MHL) was formed to act as the holding company
of MortgageIT, Inc. (MortgageIT), its wholly owned residential
mortgage lending subsidiary. MortgageIT is a full-service
residential mortgage banking company that is licensed to originate
loans throughout the United States. MortgageIT originates
single-family residential mortgage loans of all types, with
particular focus on prime adjustable-rate (ARM) and fixed- rate,
first-lien residential mortgage loans. MortgageIT Holdings is
organized and conducts its operations to qualify as a real estate
investment trust (REIT) for federal income tax purposes. MortgageIT
is organized and operates as MortgageIT Holdings' taxable REIT
subsidiary. Certain items in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
relating to our ability to fund a fully- leveraged, self-originated
loan portfolio, our anticipated loan funding volume and our ability
to pay dividends. These statements are based on management's
current expectations and beliefs and are subject to a number of
trends and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
MortgageIT Holdings can give no assurance that its expectations
will be attained. Factors that could cause actual results to differ
materially from MortgageIT Holdings' expectations include, but are
not limited to, MortgageIT's continued ability to originate new
loans, including loans that we deem suitable for our securitization
portfolio; changes in the capital markets, including changes in
interest rates and/or credit spreads; and other risks detailed in
MortgageIT Holdings' Registration Statement on Form S-11 that was
declared effective by the Securities and Exchange Commission (SEC)
on July 29, 2004 and from time to time in MortgageIT Holdings' SEC
Reports. Such forward-looking statements speak only as of the date
of this press release. MortgageIT Holdings expressly disclaims any
obligation to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Company's expectations with regard thereto or change in
events, conditions or circumstances on which any statement is
based. DATASOURCE: MortgageIT Holdings, Inc. CONTACT: Investors,
Sean McGrath, MortgageIT Holdings, Inc., +1-646-346-8700; Media,
Joe LoBello, Brainerd Communicators, Inc., +1-212-986-6667 Web
site: http://www.mortgageitholdings.com/
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