AT THE COMPANY
Hilary Ginsberg, Managing Director of Corporate Communications
(800) 831-4826




NEW YORK, NY – May 9, 2008
- American Mortgage Acceptance Company (“AMAC” or the “Company”) (AMEX: AMC) today announced financial results for the first quarter ended March 31, 2008.

Financial Results

The table below summarizes AMAC’s revenues, net (loss) income, funds from operations (“FFO”) and adjusted FFO for the three months ended March 31, 2008 and 2007.
 
   
Three Months Ended March 31,
 
 
(In thousands, except per share data)
 
2008
   
2007
 
 
Revenues
  $ 10,685     $ 12,501  
Net (Loss) Income
  $ (28,974 )   $ 5,164  
Net (Loss) Income Available to
  Common Shareholders
  $ (29,282 )   $ 5,164  
FFO (1)
  $ (28,974 )   $ 1,889  
Adjusted FFO (1) (2)
  $ (28,974 )   $ 1,920  
                 
                 
Per Share Data (diluted):
               
  Net (Loss) Income
  $ (3.44 )   $ 0.61  
  Net (Loss) Income Available to
               
    Common Shareholders
  $ (3.47 )   $ 0.61  
  FFO (1)
  $ (3.44 )   $ 0.22  
  Adjusted FFO (1) (2)
  $ (3.44 )   $ 0.23  
 
(1) See footnotes (1) and (3) to the Selected Financial Data for a discussion of FFO and adjusted FFO and a reconciliation from GAAP net income.
(2) Adjusted to exclude the change in fair value of derivative instruments, net of certain associated costs.


AMAC’s net loss, FFO and adjusted FFO for the three months ended March 31, 2008 were impacted by impairments recorded for certain of our mortgage loans and the declines in the fair value of our Commercial Mortgage-Backed Securities (“CMBS”) investments totaling $26.5 million, as well as losses incurred upon the termination of certain interest rate swaps totaling $2.6 million.

 Declines in the fair values of AMAC’s CMBS investments and interest rate derivatives reduced shareholders’ equity, whether the declines resulted in realized losses or not.  As the fair values have continued to decline beyond the December 31, 2007 levels, total shareholders’ equity was brought to a negative balance as of March 31, 2008.

“With the continued market volatility, AMAC incurred further losses from mark-to-market adjustments of certain investments this quarter,” said J. Larry Duggins, Chief Executive Officer and President of AMAC.  “We continue to focus on stabilizing AMAC's balance sheet, de-leveraging and exploring all strategic options to preserve the value of our Company.”
 

###
About AMAC
 
AMAC is a real estate investment trust that specializes in originating and acquiring mortgage loans and other debt instruments secured by multifamily and commercial properties throughout the United States.  AMAC invests in mezzanine, construction and first mortgage loans, subordinated interests in first mortgage loans, bridge loans, subordinate commercial mortgage backed securities, and other real estate assets. For more information, please visit our website at http://www.americanmortgageco.com or contact the Corporate Communications Department directly at (800) 831-4826.
 
###


 

The following information was filed by American Mortgage Acceptance Co on Friday, May 9, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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