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Centerline Holding Company Declares Common and Preferred Dividends Per Share for the Second Quarter of 2008
Tuesday June 17, 8:30 am ET


NEW YORK--(BUSINESS WIRE)--The Board of Trustees of Centerline Holding Company (NYSE:CHC - News) (the “Company”), the parent company of Centerline Capital Group (“Centerline”), has declared a dividend of $0.075 per common share for the second quarter of 2008, payable on August 15, 2008, to common shareholders of record as of June 30, 2008.
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“The importance of the dividend to our long-term common shareholders is an important factor in our decision-making process. Although we expect to generate positive cash flow sufficient to cover dividends in 2008, given current volatile market conditions, the Board believes the quarterly dividend we are now declaring reflects market conditions and our strategy to preserve capital,” said Marc D. Schnitzer, Chief Executive Officer and President of Centerline.

The Company's common dividend level will continue to be determined by the Board of Trustees based on a number of factors, including operating results, economic conditions, capital requirements, taxable income, available tax losses, liquidity, retention of capital and other operating trends.

The Company's Board of Trustees also declared a dividend distribution of $0.321 per share for Centerline’s 11.0% Cumulative Convertible Preferred Shares, Series A-1 (“Preferred Shares”), for the second quarter of 2008. The Preferred Shares dividend will be payable on July 31, 2008, to shareholders of record as of June 30, 2008 (as adjusted in accordance with the pro ration terms sets forth in the Rights Offering prospectus date March 7, 2008, as applicable).

About the Company

Centerline Capital Group, a subsidiary of Centerline Holding Company (NYSE:CHC - News), is an alternative asset manager focused on real estate funds and financing. As of March 31, 2008, Centerline had more than $12 billion of assets under management. Centerline is headquartered in New York, New York and has nearly 475 employees in nine offices throughout the United States. For more information, please visit Centerline's website at http://www.centerline.com or contact the Corporate Communications Department directly at [phone].

Certain statements in this document may constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are detailed in Centerline Holding Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, and include, among others, adverse changes in real estate markets, general economic and business conditions; adverse changes in credit markets and risks related to the form and structure of our financing arrangements; our ability to generate new income sources, raise capital for investment funds and maintain business relationships with providers and users of capital; changes in applicable laws and regulations; our tax treatment, the tax treatment of our subsidiaries and the tax treatment of our investments; competition with other companies; risk of loss from direct and indirect investments in commercial mortgage-backed securities and collateralized debt obligations; risk of loss under mortgage banking loss sharing agreements; and risks associated with providing credit intermediation. Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements speak only as of the date of this document. Centerline Holding Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Centerline Holding Company's expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.



Contact:
Centerline Holding Company
Investor Relations:
Hande Tuney, 800-831-4826

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Source: Centerline Holding Company