8-K
1
f8k_march2007-amacpress.txt
AMAC MARCH 2007 PRESS RELEASE




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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


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                                    FORM 8-K


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                                 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): MAY 8, 2007


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                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
               (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)


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                                  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


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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))


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

On May 8, 2007,  American Mortgage  Acceptance Company ("AMAC" or the "Company")
(AMEX:  AMC) released a press release  announcing its financial  results for the
first  quarter ended March 31, 2007. 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 May 8, 2007,  "American  Mortgage  Acceptance  Company
Reports First Quarter Financial Results For 2007".






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                                   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/ Robert L. Levy
                                                         ------------------
                                                         Robert L. Levy
                                                         Chief Financial Officer


May 8, 2007






AT THE COMPANY
--------------
Brenda Abuaf, Corporate Communications
(800) 831-4826



                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
                REPORTS FIRST QUARTER FINANCIAL RESULTS FOR 2007



NEW YORK, NY - MAY 8, 2007 - American Mortgage Acceptance Company ("AMAC" or the
"Company") (AMEX:  AMC) today announced  financial results for the first quarter
ended March 31, 2007.

"AMAC had a strong  first  quarter  from  both an  operational  and a  financial
perspective," said J. Larry Duggins, Chief Executive Officer of the Company. "We
sold our  economic  interest in three  properties  that we  classified  as `real
estate  owned' on our balance  sheet,  enabling us to re-deploy the capital from
these non-core assets to fund our investment  pipeline.  Utilizing the strategic
relationships available to us through our advisor,  Centerline Capital Group, we
completed several high-quality, diverse transactions,  including a $32.5 million
mezzanine  transaction  for  the  development  of  Snowmass  Village  in  Aspen,
Colorado,  and a $10.1 million investment in bonds ranging from below investment
grade to investment  grade,  plus an equity component of a  Collateralized  Debt
Obligation  ("CDO")  issued by an affiliate of Nomura.  We are very pleased with
the progress we have made and our  investment  pipeline  continues to build.  We
believe that we are on track to meet our financial goals for the year."

FINANCIAL RESULTS

The table below summarizes  AMAC's revenues,  net income,  Funds from Operations
("FFO") and adjusted FFO for the three months ended March 31, 2007 and 2006. FFO
for the three months ended March 31, 2007 was impacted by the change in the fair
value of derivative instruments, net of certain associated costs. Therefore, the
Company is reporting FFO both  excluding  ("Adjusted  FFO") and including  these
changes and costs.

AMAC's net income in the first quarter was impacted by the sale of the Company's
economic interest in three properties, resulting in the recognition of a gain of
approximately $3.6 million or $0.43 per share.

THREE MONTHS ENDED MARCH 31, ------------------------------------- (In thousands, except per share data) 2007 2006 % CHANGE ------- ------- -------- Revenues $12,501 $ 5,671 120.4% Net Income $ 5,164 $ 2,169 138.1% FFO* $ 1,889 $ 2,619 (27.9%) Adjusted FFO* $ 1,920 $ 2,619 (26.7%) Per Share Data (diluted): Net Income $ 0.61 $ 0.26 134.6% FFO* $ 0.22 $ 0.32 (31.3%) Adjusted FFO* $ 0.23 $ 0.32 (28.1%)
* 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. INVESTMENT ACTIVITY In the first quarter of 2007, a wholly owned subsidiary of AMAC originated first mortgage, mezzanine and bridge loans and subordinated notes totaling approximately $113.2 million. These investments and loans are secured by multifamily, office, hotel, retail and mixed use properties and consisted of the following: o $54.4 million of first mortgage loans for retail and multifamily properties; o $45.7 million of mezzanine loans for mixed use and office properties; o $10.1 million investment in bonds ranging from below investment grade to investment grade, plus an equity component in a CDO issued by an affiliate of Nomura; and o $3.1 million in B-notes. MANAGEMENT CONFERENCE CALL Management will conduct a conference call today at 10:00 a.m. Eastern Time to review the Company's first quarter financial results for the period ended March 31, 2007. Investors, brokers, analysts, and shareholders wishing to participate should call (800) 946-0783. A webcast of the presentation will be available live and can be accessed through the Company's website, www.americanmortgageco.com. To listen to the presentation via webcast, please go to the website's "Investor Relations" section at least 15 minutes prior to the start of the presentation. For interested individuals unable to join the conference call, a replay of the call will be available through Saturday, May 12, 2007 at (888) 203-1112 (Passcode 2069340) or on our website, www.americanmortgageco.com, through Wednesday, August 8, 2007. SUPPLEMENTAL FINANCIAL INFORMATION For more detailed financial information, please access the Supplemental Financial Package, which is 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 multifamily and commercial real estate finance. AMAC originates and acquires first mortgage, mezzanine and bridge loans secured by properties throughout the United States. For more information, please visit our website at http://www.americanmortgageco.com or contact the Investor Relations Department directly at (800) 831-4826. AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES SELECTED FINANCIAL DATA (In thousands, except per share amounts)
=========== =========== March 31, December 31, 2007 2006 ----------- ----------- (Unaudited) Balance Sheet Highlights TOTAL ASSETS $775,088 $720,984 ======== ======== CDO notes payable $362,000 $362,000 ======== ======== Debt Facilities: Repurchase facilities $268,389 $163,576 ======== ======== Line of credit - related party $ 10,190 $ 15,000 ======== ======== Short-term notes payable-related party $ 4,968 $ -- ======== ======== Mortgages payable on real estate owned $ -- $ 39,944 ======== ======== Preferred shares of subsidiary (subject to mandatory repurchase) $ 25,000 $ 25,000 ======== ======== TOTAL LIABILITIES $688,376 $635,976 ======== ======== TOTAL SHAREHOLDERS' EQUITY $ 86,712 $ 85,008 ======== ========
Three Months Ended March 31, ------------------- 2007 2006 ------------------- (Unaudited) Income Statement Highlights Total revenues $12,501 $ 5,671 ======= ======= Income from continuing operations $ 1,633 $ 2,288 Income (loss) from discontinued operations $ 3,531 $ (119) ------- ------- Net income $ 5,164 $ 2,169 ======= ======= Per share amounts (basic and diluted): Net income from continuing operations $ 0.19 $ 0.27 Net income (loss) from discontinued operations $ 0.42 $ (0.01) ------- ------- Net income $ 0.61 $ 0.26 ======= ======= Weighted average shares outstanding Basic 8,402 8,304 ======= ======= Diluted 8,402 8,307 ======= =======
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 months ended March 31, 2007 and 2006, is summarized in the following table:
Three Months Ended March 31, ------------------------- 2007 2006 ------------------------- Net Income $ 5,164 $ 2,169 Depreciation of real property(2) 336 450 Gain on sale of real property(2) (3,611) -- -------- -------- FFO $ 1,889 $ 2,619 ======== ======== Adjusted FFO(3) $ 1,920 $ 2,619 ======== ======== Cash flows from operating activities $ 1,629 $ 1,654 ======== ======== Cash flows from investing activities $(84,328) $ 233 ======== ======== Cash flows from financing activities $ 89,654 $(12,423) ======== ======== FFO per share (basic and diluted) $ 0.22 $ 0.32 ======== ======== Adjusted FFO per share(3) (basic and diluted) $ 0.23 $ 0.32 ======== ======== Weighted average shares outstanding Basic 8,402 8,304 ======== ======== Diluted 8,402 8,307 ======== ========
(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 relating 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 our operating performance or as an alternative to cash flows as a measure of liquidity. Our 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. (2) Relates to properties sold in 2007 and 2006, which are included in discontinued operations in our consolidated statements of income. (3) Adjusted FFO excludes the change in fair value of derivative instruments, net of certain associated costs. ### 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 AND INCLUDE, AMONG OTHERS, RISKS OF INVESTING IN UNINSURED AND NON-INVESTMENT GRADE MORTGAGE ASSETS AND SUBORDINATED COMMERCIAL MORTGAGE-BACKED SECURITIES ("CMBS"); COMPETITION IN ACQUIRING DESIRABLE INVESTMENTS; INTEREST RATE FLUCTUATIONS; RISKS ASSOCIATED WITH HEDGING TRANSACTIONS, WHICH CAN LIMIT GAINS AND INCREASE EXPOSURE TO LOSS; RISKS ASSOCIATED WITH INVESTMENTS IN REAL ESTATE GENERALLY AND THE PROPERTIES WHICH SECURE MANY OF OUR INVESTMENTS; GENERAL ECONOMIC CONDITIONS, PARTICULARLY AS THEY AFFECT THE VALUE OF OUR ASSETS AND THE CREDIT STATUS OF OUR BORROWERS; DEPENDENCE ON OUR EXTERNAL ADVISOR FOR ALL SERVICES NECESSARY FOR OUR OPERATIONS; CONFLICTS WHICH MAY ARISE AMONG US AND OTHER ENTITIES AFFILIATED WITH OUR ADVISOR WHICH HAVE SIMILAR INVESTMENT POLICIES TO OURS; RISKS ASSOCIATED WITH THE REPURCHASE AGREEMENTS WE UTILIZE TO FINANCE OUR INVESTMENTS AND THE AVAILABILITY OF FINANCING GENERALLY; AND RISKS ASSOCIATED WITH OUR CONTEMPLATED CDO TRANSACTIONS, WHICH INCLUDE, BUT ARE NOT LIMITED TO, THE INABILITY TO ACQUIRE ELIGIBLE INVESTMENTS FOR A CDO ISSUANCE AND THE INABILITY TO FIND SUITABLE REPLACEMENT INVESTMENTS IN COLLATERALIZED DEBT OBLIGATIONS WITH REINVESTMENT PERIODS. 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, May 8, 2007 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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