American Mortgage Acceptance Company Announces Fourth Quarter and 2000 Year-End Financial Results

Apr 02, 2001, 01:00 ET from American Mortgage Acceptance Company

    NEW YORK, April 2 /PRNewswire/ -- American Mortgage Acceptance Company
 ("AMAC", or the "Company") (Amex:   AMC) announced today financial results for
 its fourth quarter and year-end 2000.
 
     Financial Highlights
     For the three and twelve months ended December 31, 2000, AMAC had net
 income of $941,000, and $3,318,000, respectively, versus net income of
 $1,074,000 and $6,260,000 for the three and twelve months ended
 December 31, 1999.  On a common share basis, earnings were $0.25 and $0.86 for
 the three and twelve months ended December 31, 2000, respectively, compared to
 $.28 and $1.63 for the three and twelve months ended December 31, 1999.
     The 1999 year-end results included gains on the repayment of mortgage
 loans of $3,272,000, which occurred in March 1999.  The results also reflect
 reorganization costs of $365,000, which were incurred as a result of the
 issuance of the proxy to investors soliciting their consent to restructure the
 Company to a publicly-traded REIT.  General and administrative costs also
 increased as a result of the restructuring of the Company.
     AMAC's present quarterly dividend annualized is $1.45 per share, a portion
 of which is return of capital, representing a 13.6% yield on the closing stock
 price of March 28, 2001 of $10.65 per share.
     Regarding the outlook for the Company for 2001, Steven Wendel, Senior Vice
 President, stated, "In 2000, we made significant progress in each of our three
 business lines.  We closed or committed nearly $75 million of new investments,
 and repositioned our CMBS investment to more closely match our business
 objectives.  We expect to expand the scope of our investments in 2001."
 
     Significant Events in 2000
     During 2000, AMAC acquired three Federal Housing Association-("FHA")
 insured mortgage loans.  The loans, totaling approximately $47 million, are
 secured by Hollows Apartments, located in Greenville, North Carolina, Elmhurst
 Village Apartment, located in Oveido, Florida, and The Reserve at Autumn
 Creek, located in Friendswood, Texas.  The Company also made additional
 mezzanine loans in the amount of $6.4 million in connection with the costs of
 construction of these properties.  These acquisitions bring the number of
 FHA-insured mortgage loans in AMAC's portfolio to five.
     In connection with AMAC's joint venture with Fannie MAE (NYSE:   FNM), the
 Company originated approximately $5 million of permanent loan obligations
 during 2000.  Under the terms of the venture, Fannie Mae provides up to
 $250 million of DUS loans for apartment properties that qualify for Low Income
 Housing Tax Credits ("LIHTC") under Section 42 of the Tax Code.  AMAC
 originates and contracts for these individual loans of up to $6 million each,
 and works with American Property Financing, which underwrites and services the
 loans for Fannie Mae.  The loans are secured by LIHTC properties located in
 Louisiana, Iowa and Michigan.  AMAC received origination fees for the
 transactions.
     Additionally, the Company originated approximately $15.4 million of
 mezzanine and bridge loans during 2000, secured by five multifamily apartment
 complexes in Florida, California and Michigan.
     Under the terms of AMAC's 1999 acquisition of BB+-rated commercial
 mortgage-backed securities ("CMBS") from a Chase Manhattan-First Union
 National Bank Commercial Mortgage Trust, the Company had the right to exchange
 these CMBS for a preferred equity interest in ARCap Investors L.L.C.
 ("ARCap").  AMAC exercised this option during 2000, acquiring $20 million of
 Series A Preferred Membership Interests.  ARCap currently owns 32 bonds rated
 BB or lower, primarily for the purpose of income and potential capital
 appreciation.
 
     About the Company
     AMAC is a Real Estate Investment Trust that invests in three types of
 mortgage products: 1) the acquisition of participating FHA-insured mortgages
 secured by market-rate multifamily apartment complexes; 2) the origination of
 construction and permanent mortgage financing for affordable multifamily
 housing pursuant to a venture with Fannie Mae; and 3) direct and indirect
 investments in subordinated interests in CMBS.
     As of March 29, 2001, the Company's portfolio is comprised of five
 FHA-insured mortgage loans, three GNMA certificates and $20 million of
 indirect ownership of CMBS as described above.
     AMAC is managed by a three-member Board of Trustees, which has delegated
 daily management to Related AMI Associates, Inc., an affiliate of Related
 Capital Company, a nationwide, fully integrated real estate financial services
 firm.  Since 1972, Related and its affiliates have raised over $4.3 billion in
 equity from over 106,000 investors to acquire a portfolio of over 1,100
 properties, bonds and mortgages with a value, at cost, of approximately
 $10 billion.
                        American Mortgage Acceptance Company
                                    (Unaudited)
 
     Period Ended                      December 31, 2000   December 31, 1999
 
     Total Revenues                           $8,311,139          $5,507,582
     Interest                                 (3,371,906)           (906,581)
     General and Administrative               (1,309,398)         (1,029,840)
     Amortization                                (84,537)                  0
     Organization Costs                                0            (364,872)
     Net Loss on Subordinated
       Commercial Mortgage-Backed Security
        And Government Security Sold Short      (299,555)           (217,699)
     Gain on Repayment of Mortgage Loans
       and GNMA Certificates                      72,014           3,271,710
     Net Income                                3,317,757           6,260,300
     Net Income Per Share                           0.86                1.63
 
     Certain items in this press release may constitute forward-looking
 statements within the meaning of the Private Litigation Reform Act of 1995 and
 as such may involve known and unknown risks, uncertainties and other factors
 which may cause the actual results, performance or achievements of the Company
 to be materially different from any future results, performance or
 achievements expressed or implied by such forward-looking statements,
 including without limitation those set forth in AMAC's 2000 Midyear Report.
 Such forward-looking statements speak only as of the date of this press
 release.  The Company expressly disclaims any obligation or undertaking to
 release publicly any updates or revisions to any forward-looking statements
 contained herein to reflect any changes in the Company's expectations with
 regard thereto or change in events, conditions or circumstances on which any
 such statement is based.
 
 

SOURCE American Mortgage Acceptance Company
    NEW YORK, April 2 /PRNewswire/ -- American Mortgage Acceptance Company
 ("AMAC", or the "Company") (Amex:   AMC) announced today financial results for
 its fourth quarter and year-end 2000.
 
     Financial Highlights
     For the three and twelve months ended December 31, 2000, AMAC had net
 income of $941,000, and $3,318,000, respectively, versus net income of
 $1,074,000 and $6,260,000 for the three and twelve months ended
 December 31, 1999.  On a common share basis, earnings were $0.25 and $0.86 for
 the three and twelve months ended December 31, 2000, respectively, compared to
 $.28 and $1.63 for the three and twelve months ended December 31, 1999.
     The 1999 year-end results included gains on the repayment of mortgage
 loans of $3,272,000, which occurred in March 1999.  The results also reflect
 reorganization costs of $365,000, which were incurred as a result of the
 issuance of the proxy to investors soliciting their consent to restructure the
 Company to a publicly-traded REIT.  General and administrative costs also
 increased as a result of the restructuring of the Company.
     AMAC's present quarterly dividend annualized is $1.45 per share, a portion
 of which is return of capital, representing a 13.6% yield on the closing stock
 price of March 28, 2001 of $10.65 per share.
     Regarding the outlook for the Company for 2001, Steven Wendel, Senior Vice
 President, stated, "In 2000, we made significant progress in each of our three
 business lines.  We closed or committed nearly $75 million of new investments,
 and repositioned our CMBS investment to more closely match our business
 objectives.  We expect to expand the scope of our investments in 2001."
 
     Significant Events in 2000
     During 2000, AMAC acquired three Federal Housing Association-("FHA")
 insured mortgage loans.  The loans, totaling approximately $47 million, are
 secured by Hollows Apartments, located in Greenville, North Carolina, Elmhurst
 Village Apartment, located in Oveido, Florida, and The Reserve at Autumn
 Creek, located in Friendswood, Texas.  The Company also made additional
 mezzanine loans in the amount of $6.4 million in connection with the costs of
 construction of these properties.  These acquisitions bring the number of
 FHA-insured mortgage loans in AMAC's portfolio to five.
     In connection with AMAC's joint venture with Fannie MAE (NYSE:   FNM), the
 Company originated approximately $5 million of permanent loan obligations
 during 2000.  Under the terms of the venture, Fannie Mae provides up to
 $250 million of DUS loans for apartment properties that qualify for Low Income
 Housing Tax Credits ("LIHTC") under Section 42 of the Tax Code.  AMAC
 originates and contracts for these individual loans of up to $6 million each,
 and works with American Property Financing, which underwrites and services the
 loans for Fannie Mae.  The loans are secured by LIHTC properties located in
 Louisiana, Iowa and Michigan.  AMAC received origination fees for the
 transactions.
     Additionally, the Company originated approximately $15.4 million of
 mezzanine and bridge loans during 2000, secured by five multifamily apartment
 complexes in Florida, California and Michigan.
     Under the terms of AMAC's 1999 acquisition of BB+-rated commercial
 mortgage-backed securities ("CMBS") from a Chase Manhattan-First Union
 National Bank Commercial Mortgage Trust, the Company had the right to exchange
 these CMBS for a preferred equity interest in ARCap Investors L.L.C.
 ("ARCap").  AMAC exercised this option during 2000, acquiring $20 million of
 Series A Preferred Membership Interests.  ARCap currently owns 32 bonds rated
 BB or lower, primarily for the purpose of income and potential capital
 appreciation.
 
     About the Company
     AMAC is a Real Estate Investment Trust that invests in three types of
 mortgage products: 1) the acquisition of participating FHA-insured mortgages
 secured by market-rate multifamily apartment complexes; 2) the origination of
 construction and permanent mortgage financing for affordable multifamily
 housing pursuant to a venture with Fannie Mae; and 3) direct and indirect
 investments in subordinated interests in CMBS.
     As of March 29, 2001, the Company's portfolio is comprised of five
 FHA-insured mortgage loans, three GNMA certificates and $20 million of
 indirect ownership of CMBS as described above.
     AMAC is managed by a three-member Board of Trustees, which has delegated
 daily management to Related AMI Associates, Inc., an affiliate of Related
 Capital Company, a nationwide, fully integrated real estate financial services
 firm.  Since 1972, Related and its affiliates have raised over $4.3 billion in
 equity from over 106,000 investors to acquire a portfolio of over 1,100
 properties, bonds and mortgages with a value, at cost, of approximately
 $10 billion.
                        American Mortgage Acceptance Company
                                    (Unaudited)
 
     Period Ended                      December 31, 2000   December 31, 1999
 
     Total Revenues                           $8,311,139          $5,507,582
     Interest                                 (3,371,906)           (906,581)
     General and Administrative               (1,309,398)         (1,029,840)
     Amortization                                (84,537)                  0
     Organization Costs                                0            (364,872)
     Net Loss on Subordinated
       Commercial Mortgage-Backed Security
        And Government Security Sold Short      (299,555)           (217,699)
     Gain on Repayment of Mortgage Loans
       and GNMA Certificates                      72,014           3,271,710
     Net Income                                3,317,757           6,260,300
     Net Income Per Share                           0.86                1.63
 
     Certain items in this press release may constitute forward-looking
 statements within the meaning of the Private Litigation Reform Act of 1995 and
 as such may involve known and unknown risks, uncertainties and other factors
 which may cause the actual results, performance or achievements of the Company
 to be materially different from any future results, performance or
 achievements expressed or implied by such forward-looking statements,
 including without limitation those set forth in AMAC's 2000 Midyear Report.
 Such forward-looking statements speak only as of the date of this press
 release.  The Company expressly disclaims any obligation or undertaking to
 release publicly any updates or revisions to any forward-looking statements
 contained herein to reflect any changes in the Company's expectations with
 regard thereto or change in events, conditions or circumstances on which any
 such statement is based.
 
 SOURCE  American Mortgage Acceptance Company