Exhibit 99.2

Supplemental Financial Information Fourth Quarter 2004

Table of Contents

MuniMae

Supplementary Financial Information Fourth Quarter 2004

Introduction 2 Appendix Financial Highlights 3-4 Supplemental Information on Bond Portfolio 17-19 Coverage Ratios 5- Bond Portfolio Distribution 17 Distribution Growth, CAD Growth, and Payout — Cash Flow Hedging 18-19 Ratios 6 Analysis of Balance Sheet Components 20-21 Market Capitalization and Leverage 7-8 Contact Information 22 Consolidated Financials Balance Sheet 9 Income Statement 10-11 GAAP to CAD Reconciliation 12 Business Segments 13 Production Summary 14 Equity Research Coverage 15

Introduction

MuniMae

Supplementary Financial Information Fourth Quarter 2004

MuniMae provides debt and equity financing to developers and owners of multifamily housing and other real estate investments. We rely on our in-depth industry knowledge and expertise to successfully structure and manage investments both for our own account and for others.

MuniMae is organized as a limited liability company, which allows it to combine the limited liability, governance and management characteristics of a corporation with the pass-through income features of a partnership. As a result, the tax-exempt income derived from certain investments remains tax-exempt when passed through to shareholders.

Financial Highlights

MuniMae

Supplementary Financial Information Fourth Quarter 2004

(in thousands, except for share and per share data) Three Months Ended            Twelve Months Ended December            December 31, 31, Summary Financial Results 2004 2003 % Change 2004 2003 % Change GAAP Income $ 63,127 $ 58,410 8% $ 218,406 $ 171,485 27% Net Income 5,600 9,313 -40% 27,037 72,495 -63% Basic Net Income per Common Share 0.16 0.29 -45% 0.78 2.47 -68% Diluted Net Income per Common Share 0.16 0.28 -43% 0.78 2.44 -68% Adjusted GAAP (1) Income $ 71,546 $ 57,272 25% $ 228,241 $ 169,241 35% Net Income 21,843 14,086 55% 61,144 73,642 -17% Basic Net Income per Common Share 0.64 0.43 49% 1.77 2.51 -29% Diluted Net Income per Common Share 0.62 0.43 44% 1.76 2.47 -29% GAAP Wtd Avg Common Shares Outstanding 34,052,83632,496,904 34,521,842 29,397,521 GAAP Diluted Shares Outstanding 35,420,91032,894,390 34,783,888 29,766,032 CAD (2) Sources of Cash $ 68,274 $ 60,996 12% $ 253,487 $ 179,706 41% CAD 22,199 19,021 17% 81,718 63,849 28% CAD per Common Share 0.63 0.58 9% 2.33 2.13 9% CAD Common Shares Outstanding 35,182,57932,576,380

Financial Highlights

MuniMae

Supplementary Financial Information Fourth Quarter 2004

Note 1 — We adopted FASB Interpretation No. 46R, “Consolidation of Variable Interest Entities” effective March 31, 2004, which required us to consolidate certain tax credit equity funds and real estate operating partnerships in which we have a 1% or less general partnership interest. As a result of consolidating the funds, syndication and other fees earned on these funds have been eliminated in consolidation.

These changes, coupled with the finance accounting required for the guaranteed tax credit equity funds under FAS 66, make the year over year comparisons difficult. Accordingly, we have presented adjusted amounts for comparability purposes to prior years. These amounts are not in accordance with generally accepted accounting principles.

Note 2 — We provide investors with a non-GAAP performance measurement, Cash Available for Distribution (“CAD”), to report our operating results. We believe this measure, in addition to net income, provides investors with the information necessary to assess our operating results. This concept is similar to Funds From Operations (“FFO”) for REITs. We define CAD as net income, adjusted for:

(1) cash received for origination, syndication and guarantee fees and other revenue but deferred for GAAP purposes;

(2) non-cash items, which include primarily fair market value adjustments related to derivatives, amortization of intangible assets, non-cash gains and losses associated with the sale of servicing rights, valuation allowances and impairment losses related to our investments in loans, bonds and bond-related investments, changes in accounting principle and deferred compensation and deferred tax expenses;

(3) cash received from our investments in certain partnerships rather than our allocable share of GAAP-based net income (which includes depreciation and amortization);

(4) syndication and other fees eliminated due to the consolidation of certain tax credit equity funds and the requirements surrounding the guaranteed tax credit equity funds; and

(5) the different carrying bases for GAAP and CAD on properties sold.

Our calculation of CAD may not be comparable to similarly titled measures reported by other companies because there is no generally accepted methodology for computing CAD and all companies do not calculate CAD in the same manner. It should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance. CAD is reconciled to net income on page 12 of this supplemental financial information package.

Notes 1 and 2 are referenced throughout the remainder of the presentation.

Coverage Ratios

MuniMae

Supplementary Financial Information Fourth Quarter 2004

Three Months Ended Twelve Months Ended December 31, December 31, 2004 2003 2004 2003 Fixed Charge Coverage

GAAP (3) 1.48x 1.97x 1.49x 2.44x

CAD (4) 2.04x 2.47x 2.06x 2.21x

Dividend Summary

Distributions per Common Share $ 0.4725 $ 0.4525 $ 1.8600 $ 1.7950 Dividend Yield 6.9% 7.3% 6.8% 7.3% CAD Payout Ratio 74.9% 77.5% 79.7% 86.3%

Notes:

(3) GAAP Fixed Charge Coverage equals net income plus depreciation and amortization, net gains (losses) on derivatives, income tax expense, interest expense, interest expense on preferred shares and subordinate debentures, and dividends on perpetual preferred shares, divided by interest expense plus interest expense on preferred shares and subordinate debentures and dividends on perpetual preferred shares.

(4) CAD Fixed Charge Coverage equals total CAD to common shares plus depreciation and amortization, income tax expense, interest expense, interest expense on preferred shares and subordinate debentures and dividends on perpetual preferred shares, divided by interest expense plus interest expense on preferred shares and subordinate debentures and dividends on perpetual preferred shares.

Distribution Growth, CAD Growth, and Payout Ratio

MuniMae

Supplementary Financial Information Fourth Quarter 2004

100% $2.33

$2.25 $2.13 $2.00 $1.92 95% $1.86 $1.86 $1.76 $1.80 $1.72 $1.67

$1.50 90%

90%

89%

88%

86% 85% $0.75

80%

80%

$0.00 75%

2000 2001 2002 2003 2004

Distribution Per Share            CAD Per Share CAD Payout Ratio

Market Capitalization and Leverage

MuniMae

Supplementary Financial Information Fourth Quarter 2004

(in thousands, except for share data) December 31, 2004 December 31, 2003 GAAP            Adj. GAAP (1) GAAP            Adj. GAAP (1) Total Market Capitalization (5 ) Senior Debt $ 1,589,632 $ 1,265,308 $ 1,208,067 $ 1,208,067 Subordinate Debentures (Trust Preferred) 84,000 84,000 — - Preferred Shares (liquidation preference) 241,000 241,000 168,000 168,000 Equity at Market Value 957,245 957,245 806,654 806,654 Total Market Capitalization $ 2,871,877 $ 2,547,553 $ 2,182,721 $ 2,182,721 Total Assets $ 3,310,330 $ 2,385,366 $ 2,249,619 $ 2,093,361 Leverage Ratios Senior Debt to Total Assets 48.0% 53.0% 53.7% 57.7% Senior Debt to Total Market Capitalization 55.4% 49.7% 55.3% 55.3% Common Shares Outstanding Total Shares Outstanding at            Period-End 35,179,884 35,179,884 32,592,093 32,592,093 Closing Common Share Price at Period-End $ 27.21 $ 27.21 $ 24.75 $ 24.75 (5) Senior Debt includes notes payable, short-term debt, and long-term debt

Market Capitalization

MuniMae

Supplementary Financial Information Fourth Quarter 2004

Total Market Capitalization Adjusted GAAP (1) as of December 31, 2004

Preferred Shares

Equity Market Cap 9% 39% Subordinate Debentures 3% Long-term debt 6%

Short-term debt

Notes payable 16% 27%

Consolidated Balance Sheet

MuniMae

Supplementary Financial Information Fourth Quarter 2004

(in thousands) Balance Sheet as of            Balance Sheet as of December 31, 2004 December 31, 2003 GAAP            Adj. GAAP(1) GAAP            Adj. GAAP(1) ASSETS Tax-exempt bonds $1,275,748 $ 1,275,748 $ 1,043,973 $ 1,043,973 Loans receivable, net 630,939 630,939 552,376 552,376 Cash, cash equivalents and interest receivable 111,249 111,249 67,669 67,669 Investments in partnerships 827,273 114,884 282,492 171,899 Restricted and other assets 153,296 118,191 163,016 117,351 Land, building, and equipment 182,773 5,303 5,429 5,429 Goodwill and intangibles 129,052 129,052 134,664 134,664 Total assets $3,310,330 $ 2,385,366 $ 2,249,619 $ 2,093,361 LIABILITIES AND SHAREHOLDERS’ EQUITY Notes payable $1,012,461 $ 688,137 $ 663,544 $ 663,544 Short-term debt 413,157 413,157 371,881 371,881 Long-term debt 164,014 164,014 172,642 172,642 Subordinate Debentures 84,000 84,000 — - Preferred Shares 168,000 168,000 168,000 168,000 Accounts payable and other liabilities 320,146 96,691 231,686 74,072 Total liabilities $2,161,778 $ 1,613,999 $ 1,607,753 $ 1,450,139 Minority interest in subsidiary companies 404,586 — 31 - Preferred shareholders’ equity in a subsidiary company 71,031 71,031 — - Total shareholders’ equity 672,935 700,336 641,835 643,222 Total liabilities and shareholders’ equity $3,310,330 $ 2,385,366 $ 2,249,619 $ 2,093,361

Consolidated Income Statements –Quarters Ended December 31, 2004 and 2003

MuniMae

Supplementary Financial Information Fourth Quarter 2004

(in thousands) For the three            For the three months ended            months ended December 31, 2004 December 31, 2003 Adj. Adj. INCOME: GAAP            GAAP(1) GAAP            GAAP(1) Interest income $ 33,804 $ 34,074 $ 28,516 $ 28,454 Fee income 22,380 37,472 29,894 28,818 Net rental income 6,943 — — - Total Income $ 63,127 $ 71,546 $ 58,410 $ 57,272 Expenses: Interest expense $ 20,207 $ 15,396 $ 12,333 $ 12,259 Interest expense on debentures and preferred shares 5,499 5,499 3,195 3,195 Salaries and benefits 15,672 14,585 15,034 15,034 General and administrative 8,818 4,672 4,223 4,303 Professional fees 4,415 4,057 1,218 1,218 Depreciation and amortization 4,459 2,045 3,300 3,249 Total expenses $ 59,070 $ 46,254 $ 39,303 $ 39,258 Net gains (losses) on sales and derivatives, impairments and valuation allowances, income tax (expense) benefit, net income (expense) allocable to minority interest and net losses from equity investments in partnerships 1,328 (3,664) (8,566) (2,700) Net income from continuing operations 5,385 21,628 10,541 15,314 Discontinued operations 215 215 — - Cumulative effect of a change in accounting principle — — (1,228) (1,228) Net income $ 5,600 $ 21,843 $ 9,313 $ 14,086

Consolidated Income Statements –

Years Ended December 31, 2004 and 2003

MuniMae

Supplementary Financial Information Fourth Quarter 2004

(in thousands) For the twelve            For the twelve months ended            months ended December 31, 2004 December 31, 2003 Adj. Adj. INCOME: GAAP            GAAP(1) GAAP            GAAP(1) 134,399 111,005 Interest income $ $ 134,498 $ $110,912 Fee income 66,048 93,743 60,480 58,329 Net rental income 17,959 — — - 218,406 171,485 Total income $ $ 228,241 $ $169,241 EXPENSES: Interest expense $ 69,884 $ 58,132 $ 44,528 $ 44,442 Interest expense on debentures and preferred shares 17,318 17,318 6,189 6,189 Salaries and benefits 69,540 66,933 41,736 41,736 General and administrative 26,445 15,185 11,152 10,775 Professional fees 11,118 10,293 4,188 4,188 Depreciation and amortization 14,159 7,668 7,492 7,389 208,464 115,285 Total expenses $ $ 175,529 $ $114,719 Net gains (losses) on sales and derivatives, impairments and valuation allowances, income tax (expense) benefit, net income (expense) allocable to minority interest and net losses from equity investments in partnerships 5,495 (2,648) (8,225) (5,400) Net income from continuing operations 15,437 50,064 47,975 49,122 Discontinued operations 11,080 11,080 25,748 25,748 Cumulative effect of a change in accounting principle 520 — (1,228) (1,228) Net income $ 27,037 $ 61,144 $ 72,495 $ 73,642

Net Income to CAD Reconciliation

MuniMae

Supplementary Financial Information Fourth Quarter 2004

(in thousands) For the            For the three            twelve months            months ended            ended December            December 31, 2004 31, 2004 Net income $ 5,600 $ 27,037 Fees deferred for GAAP purposes (526) 15,507 Non-cash items 361 7,014 Adjustments for investments in partnerships 736 7,400 Adjustments to income due to consolidation of tax credit funds 16,243 34,107 Different carrying bases (215) (9,347) (2) Cash Available for Distribution (CAD) $ 22,199 $ 81,718

Business Segments

MuniMae

Supplementary Financial Information Fourth Quarter 2004

MuniMae

Investing            Tax Credit Syndication            Real Estate Finance

(6)

$1.3 billion tax-exempt bonds $6.0 billion tax credit equity $2.1 billion loans serviced $89 million taxable equity investments assets under management

Interest Income            Syndication Fees Mortgage Servicing Fees Distribution Income            Asset Management Fees Origination Fees Occasional Gains on Sale            Guarantee Fees Interest Spread Income

(6) Includes $33 million of taxable loans associated with tax-exempt bond originations.

Production Summary

MuniMae

Supplementary Financial Information Fourth Quarter 2004

(in thousands) 2004 Business Segment Production            Q1 Q2 Q3 Q4 Total Investing Tax Exempt Bonds $ 49,280 $ 121,620 $ 85,314 $ 145,405 $ 401,619 Equity Investments (CAPREIT) — 5,476 6,600 — 12,076 Tax Credit Syndication Tax Credit Equity Syndications $ 91,331 $ 243,989 $ 280,885 $ 487,904 $ 1,104,109 Real Estate Finance Permanent Loans $ 61,964 $ 162,765 $ 76,505 $ 157,849 $ 459,083 Construction Loans 129,691 89,731 52,375 83,876 355,673 Agency Bonds (7) — 26,800 38,315 81,900 147,015 Supplemental Loans 11,744 10,447 12,705 19,631 54,527 Conventional Equity 3,815 13,094 4,808 4,890 26,607 Total Production $ 347,825 $ 673,922 $ 557,507 $ 981,455 $ 2,560,709

(7) Bonds originated for FannieMae, Freddie Mac and FHA/HUD programs.

Equity Research Coverage

MuniMae

Supplementary Financial Information Fourth Quarter 2004

Firm Analyst            Telephone A.G. Edwards Matthew Park 314-955-6049 Legg Mason Wood Walker Rod Petrik 410-454-4131 Merrill Lynch Brian Legg 212-449-1153 RBC Capital Jay Leupp 415-633-8588 Wachovia Securities Christopher Haley 443-263-6773

Appendix

MuniMae

Supplementary Financial Information Fourth Quarter 2004

Supplemental Information on Bond Portfolio 17-19 — Bond Portfolio Distribution 17 — Cash Flow Hedging 18-19 Analysis of Balance Sheet Components 20-21 Contact Information 22

Bond Portfolio Distribution

MuniMae

Supplementary Financial Information Fourth Quarter 2004

By State

VA

5% CA 12% Other 31%

FL 12%

GA 10%

TX            TN 2 6 % 4 %

Definitions:

LIHTC – Low income housing tax credit CDD – Community development district 501(c)(3) – Non-profit entity

80/20 – Properties where generally 20-40% of the units must be set aside for those at 50-60% of the median income.

By Property Status

Under Construction 18%

CDD (N/A) 6%

Rehabilitation Stabilized 5% 6 0 % Lease up 11%

By Bond Type

501(c)(3) Bond 19%

LIHTC

47%

80 / 2 0

28 %

CDD

6%

Cash Flow Hedging

MuniMae

Supplementary Financial Information Fourth Quarter 2004

(in thousands) Total Amount      % Total Average Term in (in thousands) Securitizations Years Fixed Rate Securitizations $ 148,621 26% 2 Floating Rate Securitizations 413,157 74% 5 Total Securitizations $ 561,778 100% 4 Total Amount      % Total Average Term in (in thousands) Securitizations Years Floating Rate Securitizations $ 413,157 74% 5 Interest Rate Swaps (286,015) -51% 3 Net Floating Rate Securitizations $ 127,142 23%

Securitization Portfolio

Fixed Rate 26%

Floating Rate 74%

Securitization Portfolio with Swaps

Fixed Rate

2 6 %

Synthetic Fixed 51%

Floating R a t e 23%

Cash Flow Hedging

MuniMae

Supplementary Financial Information Fourth Quarter 2004

“We use a laddered hedging strategy to minimize roll-over risk in any one year”

Interest Rate Swap Maturities

As of December 31, 2004

$100,000,000 $75,000,000 $50,000,000 $25,000,000

$0

2005 2006 2007 2008 2009 2010 2011

(Weighted Average Swap Rate of 3.33%)

Analysis of GAAP Balance	MuniMae
Sheet Components	Supplementary Financial Information
	Fourth Quarter 2004

(in thousands)																						Consolidated
	Bond									CAPREIT						Preferred						Balance Sheet			Off Balance
	Securitizations and			Taxable			Tax Credit			Equity						Equity in			Tax Credit			December 31,			Sheet Bond
	Derivatives (8)			Lending (9)			Operations (10)			Investments (11)			Other			TE Bond Sub (12)			Funds (13)			2004			Financings
ASSETS
Investment in loans/bonds, net	$	1,311,247		$	593,208		$	—		$	2,232		$	—		$	—		$	—		$	1,906,687		$	156,006
Investments in partnerships		—			—			44,536			70,351			(3	)		—			712,389			827,273			—
Cash and cash equivalents		—			—			—			—			92,881			—			—			92,881			—
Other assets		22,834			15,052			46,061			—			50,657			7,258			212,575			354,437			—
Goodwill (14)		—			15,855			88,874			—			1,880			—			—			106,609			—
Other intangibles		—			—			22,443			—			—			—			—			22,443			—
Total assets	$	1,334,081		$	624,115		$	201,914		$	72,583		$	145,415		$	7,258		$	924,964		$	3,310,330		$	156,006
LIABILITIES AND SHAREHOLDERS’ EQUITY
Senior debt	$	674,668		$	527,618		$	63,022		$	—		$	—		$	—		$	324,324		$	1,589,632		$	156,006
Preferred securities		—			—			84,000			—			—			168,000			—			252,000			—
Tax credit equity syndication guarantee liability		—			—			—			—			—			—			186,778			186,778			—
Other liabilities		7,929			40,311			21,447			—			20,462			6,542			36,677			133,368			—
Total liabilities		682,597			567,929			168,469			—			20,462			174,542			547,779			2,161,778			156,006
Minority interest in subsidiary companies		—			—			—			—			—			—			404,586			404,586			—
Preferred shareholders’ equity in subsidiary companies		—			—			—			—			—		$	71,031			—			71,031			—
Liabilities / Assets		51%	(16)		91	%		83	%		0	%		14	%		2405	%		59%			65%	(17)		100	%
Total shareholders’ equity (15)		651,484			56,186			33,445			72,583			124,953			(238,315	)		(27,401	)		672,935			—
Total liabilities and shareholders’ equity	$	1,334,081		$	624,115		$	201,914		$	72,583		$	145,415		$	7,258		$	924,964			$3,310,330		$	156,006

Analysis of GAAP Balance	MuniMae Supplementary Financial Information
Sheet Components	Fourth Quarter 2004

NOTES

(8)	Bond securitizations and derivatives includes the Company’s investments in tax-exempt bonds, bond related investments and derivatives and the related on-balance sheet debt and cash collateral.
(9)	Taxable lending includes the Company’s construction and permanent loans and the related borrowings from the Midland Affordable Housing Group Trust, pension funds and lines of credit.
(10)	Tax credit operations includes the Company’s investment in properties and advances to tax credit equity funds and the related borrowings under lines of credit.
(11)	CAPREIT equity investments includes the taxable equity investments in the CAPREIT joint ventures and the related cash collateral.
(12)	Due to Statement of Financial Accounting Standards No. 150, “Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity,” the mandatorily redeemable preferred shares issued by TE Bond Subsidiary have been reclassified to debt.
(13)	Tax credit funds reflects the consolidation of assets and liabilities of certain tax credit equity funds under two GAAP rules: Financial Interpretation No. 46, “Consolidation of Variable Interest Entities (Revised)” (FIN46R), which requires consolidation of certain funds which are considered “variable interest entities” and Statement of Financial Accounting Standards No. 66, “Accounting for Sales of Real Estate”, which requires consolidation of funds where the Company has provided investors a guarantee or has continuing involvement with the assets of the funds. The great majority of assets, and all of the minority interest in subsidiary companies, shown in this column relates to funds consolidated as of December 31, 2004 pursuant to FIN46R.
(14)	Goodwill of $31.7 million related to the 1999 purchase of the Midland Companies has been allocated equally between taxable lending and tax credit operations.
(15)	Shareholders’ equity was calculated by taking assets minus liabilities and minority interest for each column, and therefore, these amounts do not accurately represent the actual or notional amount of equity attributable to each column.
(16)	Including the assets and liabilities from off balance sheet bond securitizations, the percentage relating to bond securitizations and derivatives would be 56%.
(17)	Adjusted to include minority interest as a liability, the percentage would be 78%. Adjusted to exclude the assets and liabilities of the tax credit funds, the percentage would be 68%.

Contact Information

MuniMae

Supplementary Financial Information Fourth Quarter 2004

MuniMae

621 East Pratt Street, Suite 300 Baltimore, Maryland 21202-3140 Phone: 877-461-4895 Fax: 410-727-5387

Investor Contacts:

Mike Rulf

Principal, Investor Relations

443-263-2921

Angela Richardson

Investor Relations Representative

443-263-2924