8-K
1
f8k_dec2005-amac.txt
AMAC 8-K DECEMBER 2005




                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                    FORM 8-K



                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15 (d) OF THE
                       SECURITIES AND EXCHANGE ACT OF 1934

       Date of Report (Date of Earliest Event Reported): February 28, 2006
                                                         -----------------



                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
               --------------------------------------------------
               (Exact Name of Registrant as Specified in Charter)



                                  Massachusetts
                 ----------------------------------------------
                 (State or other Jurisdiction of Incorporation)



        0-23972                                          13-6972380
------------------------                    ------------------------------------
(Commission File Number)                    (IRS Employer Identification Number)


                     625 Madison Avenue, New York, NY 10022
                    ----------------------------------------
                    (Address of Principal Executive Offices)

       Registrant's telephone number, including area code: (212) 317-5700
                                                           --------------

                                 Not Applicable
          (Former Name or Former Address, if Changed Since Last Report)



Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

[ ]  Written  communications  pursuant to Rule 425 under the  Securities Act (17
     CFR 230.425)


[ ]  Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)


[ ]  Pre-commencement   communications  pursuant  to  Rule  14d-2(b)  under  the
     Exchange Act (17 CFR 240.14d-2(b))


[ ]  Pre-commencement   communications  pursuant  to  Rule  13e-4(c)  under  the
     Exchange Act (17 CFR 240.13e-4(c))






ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
           ---------------------------------------------

On February  28,  2006,  American  Mortgage  Acceptance  Company  ("AMAC" or the
"Company") (AMEX: AMC) released a press release announcing its financial results
for the fourth  quarter and the twelve months ended December 31, 2005. A copy of
this press  release  is  attached  to this  Current  Report as Exhibit  99.1 and
incorporated herein by reference.

The  information  included in this Current  Report,  including  the  information
included in Exhibit 99.1 attached hereto,  is intended to be furnished  pursuant
to "Item 2.02.  Disclosure of Results of Operations and Financial Condition" and
not deemed to be "filed" for purposes of Section 18 of the  Securities  Exchange
Act of 1934, as amended (the "Exchange  Act"),  or  incorporated by reference in
any filing under the  Securities Act of 1933, as amended  ("Securities  Act") or
the Exchange  Act, or otherwise  subject to the  liabilities  of that Section of
Sections 11 and 12 (a) (2) of the Securities Act.

ITEM 9.01. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
           ------------------------------------------------------------------

(a).  Financial Statements
      --------------------


Not Applicable

(b).  Pro Forma Financial Information
      -------------------------------


Not Applicable

(c).  Exhibits
      --------


99.1 Press  Release  dated  February 28,  2006,  "American  Mortgage  Acceptance
Company Reports Fourth Quarter and Year-End Results for 2005".






                                   SIGNATURES

Pursuant to the  requirements  of the  Securities  and Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                                            American Mortgage Acceptance Company
                                            (Registrant)

                                            BY:   /s/ Jeff T. Blau
                                                  ----------------
                                                  Jeff T. Blau
                                                  Chief Executive Officer


February 28, 2006






AT THE COMPANY
--------------
Brenda Abuaf, Director of Shareholder Services
(800) 831-4826


                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
              REPORTS FOURTH QUARTER AND YEAR-END RESULTS FOR 2005



NEW YORK, NY - FEBRUARY 28, 2006 - American Mortgage  Acceptance Company ("AMAC"
or the "Company") (AMEX:  AMC) today announced  financial results for its fourth
quarter and year ended December 31, 2005.

"AMAC performed very well in 2005,  demonstrating  the strength and viability of
the Company's  business model," commented Marc D. Schnitzer,  President of AMAC.
"Even in a rising rate  environment,  AMAC was able to maintain  healthy spreads
between  the  Company's  cost of  capital  and the  rates  that we earned on our
investment  portfolio.  The 2005 results were bolstered by our solid origination
volume,  which increased 56.2% over our origination  volume in 2004. We are well
positioned to achieve our expansion plans for 2006."

FINANCIAL HIGHLIGHTS

AMAC reported total revenues of approximately  $8.2 million for the three months
ended  December 31, 2005,  representing  an increase of  approximately  54.6% as
compared to revenues of  approximately  $5.3  million for the three months ended
December 31, 2004.  AMAC's total  revenues for the twelve months ended  December
31, 2005 was approximately  $36.1 million,  representing an increase of 64.2% as
compared to revenues of approximately  $22.0 million for the twelve months ended
December 31, 2004.

As previously reported during September 2005, a Ginnie Mae Certificate  ("GNMA")
and a mezzanine  loan were prepaid.  In  connection  with the  prepayment,  AMAC
received fees related to the prepayment of approximately $5.6 million. As AMAC's
2005  financial  results  include  the  incremental   impact  of  this  one-time
prepayment,  the  Company  is  reporting  revenues,  net  income  and Funds from
Operations both including and excluding  ("adjusted") the incremental  impact of
the prepayment.

AMAC's total adjusted revenues were  approximately  $30.6 million for the twelve
months ended December 31, 2005,  representing an increase of approximately 38.8%
as compared to revenues of  approximately  $22.0  million for the twelve  months
ended December 31, 2004. The  substantial  growth in our annual revenues in 2005
(exclusive  of  the  prepayment  fees)  resulted  primarily  from  increases  in
investment activity and the recognition of rental revenue for real estate owned.

For the three  months  ended  December  31,  2005,  AMAC  earned  net  income of
approximately $2.0 million, representing an increase of 50.4% as compared to net
income of  approximately  $1.3 million for the three  months ended  December 31,
2004.  On a per share basis  (basic and  diluted),  net income was $0.24 for the
three months  ended  December  31,  2005,  representing  an increase of 50.0% as
compared to net income of $0.16 for the three  months  ended  December 31, 2004.
For the  twelve  months  ended  December  31,  2005,  AMAC  earned net income of
approximately  $15.2 million,  representing  an increase of 35.1% as compared to
net income of  approximately  $11.3 million for the twelve months ended December
31, 2004. On a per share basis (basic and diluted), net income was $1.83 for the
twelve  months ended  December 31,  2005,  representing  an increase of 35.6% as
compared to $1.35 for the twelve months ended December 31, 2004.

AMAC earned  adjusted net income of  approximately  $10.9 million for the twelve
months ended December 31, 2005, representing a decrease of approximately 3.2% as
compared to net income of  approximately  $11.3  million  for the twelve  months
ended December 31, 2004. On a per share basis (basic and diluted),  adjusted net
income was $1.31 for the twelve months ended  December 31, 2005,  representing a
decrease of 3.0% as compared to net income of $1.35 for the twelve  months ended
December  31,  2004.  Adjusted  net  income  was  impacted  by  financing  costs
(particularly  due to higher  interest  rates),  and Advisory fees due to higher
profits and an increased  asset base.  In  addition,  the net amount of earnings






from real  estate  owned  declined  due to the  refinancing  of a portion of the
portfolio, leading to a decline in AMAC's economic interests in the real estate.

Funds from  Operations  ("FFO") for the three months ended December 31, 2005 was
approximately  $3.4 million,  representing an increase of approximately  8.1% as
compared  to FFO of  approximately  $3.1  million  for the  three  months  ended
December 31, 2004. On a per share basis (basic and  diluted),  FFO was $0.41 for
the three months ended December 31, 2005,  representing  an increase of 10.8% as
compared to FFO of $0.37 for the three months ended  December 31, 2004.  FFO for
the twelve  months ended  December  31, 2005 was  approximately  $17.6  million,
representing  an  increase  of  approximately   31.4%  as  compared  to  FFO  of
approximately  $13.4 million for the twelve months ended December 31, 2004. On a
per share basis (basic and  diluted),  FFO was $2.12 for the twelve months ended
December 31, 2005, representing an increase of 31.7% as compared to FFO of $1.61
for the twelve months ended December 31, 2004.

Adjusted  FFO for the twelve  months ended  December 31, 2005 was  approximately
$13.3 million,  representing a decrease of approximately 0.9% as compared to FFO
of approximately $13.4 million for the twelve months ended December 31, 2004. On
a per share basis  (basic and  diluted),  adjusted  FFO was $1.60 for the twelve
months ended  December 31, 2005,  representing a decrease of 0.6% as compared to
FFO of $1.61 for the twelve  months ended  December  31, 2004.  The adjusted FFO
results were impacted by the same cost factors that affected adjusted net income
results.

AMAC's  present  quarterly  dividend on an annualized  basis is $1.60 per share,
representing an approximate 10.5% yield on the $15.25 per share closing price on
February 27, 2006.

INVESTMENT ACTIVITY

During the fourth  quarter of 2005,  AMAC acquired four Fannie Mae  certificates
with principal  amounts  totaling  approximately  $23.5 million and originated a
$5.0 million subordinated interest in a first mortgage loan.

Overall,  for the twelve  months  ended  December 31,  2005,  AMAC's  investment
activity included:

     o    Approximately  $24.4 million of floating rate mezzanine  loans,  $21.9
          million of which has been funded through December 31, 2005;
     o    Approximately  $10.6  million  of fixed  rate  mezzanine  loans,  $7.5
          million of which has been funded through December 31, 2005;
     o    Approximately $7.5 million of first mortgage loans;
     o    A $5.0 million subordinated interest in a first mortgage loan; and
     o    $61.7 million of Fannie Mae certificates.






MANAGEMENT CONFERENCE CALL

Management will conduct a conference  call today to review the Company's  fourth
quarter and year-end  financial  results for the period ended December 31, 2005.
The conference  call is scheduled for 11:00 a.m.  Eastern Time.  Callers will be
invited to ask questions. Investors, brokers, analysts, and shareholders wishing
to participate should call (800) 946-0720.  For interested individuals unable to
join the  conference  call,  a  replay  of the call  will be  available  through
Saturday, March 4, 2006, at (888) 203-1112 (Passcode 7412150) or on our website,
www.americanmortgageco.com, through Tuesday, March 14, 2006.

SUPPLEMENTAL FINANCIAL INFORMATION

For  more  detailed  financial  information,   please  access  the  Supplemental
Financial Package,  which will be available in the Investor Relations section of
the AMAC website at www.americanmortgageco.com.

ABOUT THE COMPANY

AMAC is a real estate  investment  trust that  specializes  in  commercial  real
estate finance.  AMAC  originates and acquires first mortgage  loans,  mezzanine
loans,  bridge  loans,  and   government-insured   first  mortgages  secured  by
properties throughout the United States. For more information,  please visit our
website at http://www.americanmortgageco.com or contact the Shareholder Services
Department directly at (800) 831-4826.






              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                             SELECTED FINANCIAL DATA
                    (In thousands, except per share amounts)

------------ ------------ December 31, December 31, 2005 2004 ------------ ------------ Financial Position Total assets $400,723 $349,033 ======== ======== Repurchase facilities payable $209,101 $157,633 ======== ======== Warehouse facility payable $ 4,070 $ 3,827 ======== ======== Line of credit - related party $ -- $ 4,600 ======== ======== Mortgages payable on real estate owned $ 40,487 $ 56,993 ======== ======== Preferred shares of subsidiary (subject to mandatory repurchase) $ 25,000 $ -- ======== ======== Total liabilities $286,540 $228,501 ======== ======== Total shareholders' equity $114,183 $120,532 ======== ========
---------------------- ----------------------- Three months ended Twelve months ended December 31, December 31, ---------------------- ----------------------- 2005 2004 2005 2004 -------- -------- -------- -------- Operations Total revenues $8,237 $5,328 $36,143 $22,011 ====== ====== ======= ======= Adjusted total revenues* $8,237 $5,328 $30,562 $22,011 ====== ====== ======= ======= Net income $2,027 $1,348 $15,235 $11,273 ====== ====== ======= ======= Adjusted net income* $2,027 $1,348 $10,909 $11,273 ====== ====== ======= ======= Net income per share (basic and diluted) $ 0.24 $ 0.16 $ 1.83 $ 1.35 ====== ====== ======= ======= Adjusted net income per share (basic and diluted)* $ 0.24 $ 0.16 $ 1.31 $ 1.35 ====== ====== ======= ======= Weighted average shares outstanding Basic 8,307 8,336 8,316 8,336 ====== ====== ======= ======= Diluted 8,307 8,336 8,317 8,343 ====== ====== ======= =======
* Excludes incremental earnings in 2005 from the prepayment of GNMA and related mezzanine investments. AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES SELECTED FINANCIAL DATA (In thousands, except per share amounts) Funds from Operations ("FFO")(1), as calculated in accordance with the National Association of Real Estate Investment Trusts ("NAREIT") definition, for the three and twelve months ended December 31, 2005 and 2004, is summarized in the following table:
----------------------- ----------------------- Three months ended Twelve months ended December 31, December 31, ----------------------- ----------------------- 2005 2004 2005 2004 -------- -------- -------- -------- Net Income $ 2,027 $ 1,348 $ 15,235 $ 11,273 Depreciation of real property 1,351 1,776 2,389 2,143 -------- -------- -------- -------- FFO $ 3,378 $ 3,124 $ 17,624 $ 13,416 ======== ======== ======== ======== Adjusted FFO* $ 3,378 $ 3,124 $ 13,298 $ 13,416 ======== ======== ======== ======== Cash flows from operating activities $ 2,985 $ 3,683 $ 18,036 $ 14,032 ======== ======== ======== ======== Cash flows from investing activities $ 2,745 $(34,388) $(64,512) $(22,592) ======== ======== ======== ======== Cash flows from financing activities $(11,475) $ 20,944 $ 55,016 $ 9,206 ======== ======== ======== ======== FFO per share (basic and diluted) $ 0.41 $ 0.37 $ 2.12 $ 1.61 ======== ======== ======== ======== Adjusted FFO per share (basic and diluted)* $ 0.41 $ 0.37 $ 1.60 $ 1.61 ======== ======== ======== ======== Weighted average shares outstanding Basic 8,307 8,336 8,316 8,336 ======== ======== ======== ======== Diluted 8,307 8,336 8,317 8,343 ======== ======== ======== ========
* Excludes incremental earnings in 2005 from the prepayment of GNMA and related mezzanine investments. (1) FFO represents net income or loss (computed in accordance with generally accepted accounting principles ("GAAP")), excluding gains (or losses) from sales of property, excluding depreciation and amortization related to real property and including funds from operations for unconsolidated joint ventures calculated on the same basis. AMAC calculates FFO in accordance with the NAREIT definition. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of cash available to fund cash needs. FFO should not be considered as an alternative to net income as an indicator of the Company's operating performance or as an alternative to cash flows as a measure of liquidity. Management considers FFO a supplemental measure of operating performance, and, along with cash flows from operating activities, financing activities, and investing activities, it provides investors with an indication of the ability of the Company to incur and service debt, to make capital expenditures, and to fund other cash needs. Since not all companies calculate FFO in a similar fashion, our calculation presented above may not be comparable to similarly titled measures reported by other companies. 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 AMAC'S MOST RECENT ANNUAL REPORT ON FORM 10-K AND IN ITS OTHER FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. SUCH FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE OF THIS DOCUMENT. AMAC 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 AMAC'S EXPECTATIONS WITH REGARD THERETO OR CHANGE IN EVENTS, CONDITIONS, OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED. ###

The following information was filed by American Mortgage Acceptance Co on Tuesday, February 28, 2006 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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