Exhibit 99.1
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AMAC [GRAPHIC OMITTED] Capital Solutions
First Quarter 2003
Supplemental Financial Package
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AMAC [GRAPHIC OMITTED] Capital Solutions First Quarter 2003
Supplemental Financial Package
American Mortgage Acceptance Company ("AMAC") Table of Contents
625 Madison Avenue
New York, NY 10022 Financial Highlights 3
Phone: 212-588-1765
Fax: 212-751-3550 Consolidated Balance Sheets 4
Web Site: www.americanmortgageco.com
AMEX Symbol: AMC Consolidated Statements of Income 5
Investor Contacts: Capitalization as of Quarter-End 6
Stuart Rothstein
Chief Financial Officer Dividend Yield 7
212-421-5333 Portfolio Summary 8
Brenda Abuaf
Director of Shareholder Services Portfolio Distribution 9
800-831-4826
Contingent Obligations 10 - 11
Certain items in this document may Acquisition Activity 12
constitute forward-looking statements
within the meaning of the "safe harbor" Disposition/Payoff Activity 13
provisions of the Private Securities
Litigation Reform Act of 1995 and as
such may involve known and unknown
risks, uncertainties and other factors
which may cause the actual results,
performances or achievements of AMAC to
be materially different from any future
results, performances or achievements
expressed or implied by such
forward-looking statements. 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.
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AMAC [GRAPHIC OMITTED] Capital Solutions First Quarter 2003
Supplemental Financial Package
Financial Highlights
Quarter Ended March 31,
------------------------------------
(Numbers in thousands, except per share data) 2003 2002 % change
--------------- ----------------- -----------------
Operating Data
Revenues $ 4,233 $ 2,043 107.2%
Net Income 3,192 2,139 49.2%
Per Share data:
Net income per diluted Share $ 0.5000 $ 0.4300 16.3%
Dividends per Common Share $ 0.4000 $ 0.3625 10.3%
Weighted Average diluted Common Shares 6,364 4,961
Ratios
Interest Coverage 8.8x 8.9x
Net Income Payout Ratio (per share basis) 80.0% 84.3%
Total Dividends Paid $ 2,545 $ 1,392
March 31, March 31,
2003 2002
----------- ---------
Capitalization
(based on market value as of period-end)
Debt
Working Capital Repurchase Facility $ 93,565 $ 54,860
Warehouse Credit Facility 16,997 -
---------- ---------
Total Debt 110,562 54,860
Common Equity 100,100 82,409
---------- ---------
Total Capitalization $ 210,662 $ 137,269
========== =========
Total Assets $ 212,806 $ 145,522
Debt
Working Capital Debt to Total Asset 44.0% 37.7%
Warehouse Credit Facility debt to
Total Asset 8.0% -
---------- ---------
Total Debt to Total Assets 52.0% 37.7%
Total Debt to Total Market Capitalization 52.5% 40.0%
Total Common Shares Outstanding 6,364 6,364
Share Price at Period-End $ 15.73 $ 12.95
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AMAC [GRAPHIC OMITTED] Capital Solutions First Quarter 2003
Supplemental Financial Package
Consolidated Balance Sheets
(Dollars in thousands)
March 31, 2003 December 31, 2002 March 31, 2002
------------------ --------------------- ---------------------
Assets
Investments in mortgage loans, net $ 12,367 $ 22,384 $ 22,044
Investments in GNMA certificates 115,773 114,034 72,911
Investment in ARCap 20,240 20,240 20,233
Real estate owned 7,920 - -
Cash, cash equivalents 3,645 10,404 836
Restricted cash 8,282 - -
Notes receivable 42,442 25,997 18,727
Other assets 2,137 2,004 10,771
------------------ --------------------- ---------------------
Total assets $ 212,806 $ 195,063 $ 145,522
================== ===================== =====================
Liabilities
Repurchase facility payable $ 93,565 $ 87,880 $ 54,860
Warehouse facility payable 16,997 8,788 -
Interest rate derivatives 393 - -
Accrued interest payable 187 60 50
Accounts payable and accrued expenses 350 762 1,366
Due to Advisor and affiliates 611 690 403
Distributions payable 2,545 2,545 2,307
------------------ --------------------- ---------------------
Total liabilities 114,648 100,725 58,986
------------------ --------------------- ---------------------
Shareholders' Equity
Shares of beneficial interest 674 674 674
Treasury shares of beneficial interest (38) (38) (38)
Additional paid-in capital 99,470 99,470 99,555
Distributions in excess of net income (13,824) (14,471) (14,673)
Accumulated other comprehensive income 11,876 8,703 1,018
------------------ --------------------- ---------------------
Total shareholders' equity 98,158 94,338 86,536
------------------ --------------------- ---------------------
Total liabilities and shareholders' equity $ 212,806 $ 195,063 $ 145,522
================== ===================== =====================
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AMAC [GRAPHIC OMITTED] Capital Solutions First Quarter 2003
Supplemental Financial Package
Consolidated Statements of Income
(Dollars in thousands, except per share data)
Quarter Ended March 31,
--------------------------------------------------
2003 2002
------------------------ ----------------------
Revenues:
Interest Income:
Mortgage loans $ 1,407 $ 401
GNMA certificates 1,872 1,084
Notes receivable 918 487
Temporary investments 8 11
Other income 28 60
------------------------ ----------------------
Total revenues 4,233 2,043
------------------------ ----------------------
Expenses:
Interest 407 272
General and administrative 243 120
Fees to advisor 443 357
Amortization 77 6
Fannie Mae loan program - 355
Other 80 -
------------------------ ----------------------
Total expenses 1,250 1,110
------------------------ ----------------------
Other gain:
Equity in earnings of ARCap 600 592
Net gain (loss) on repayments and sales of
GNMA certificates (391) 614
------------------------ ----------------------
Net income $ 3,192 $ 2,139
======================== ======================
Net income per share (basic and diluted) $ 0.50 $ 0.43
======================== ======================
Weighted average shares outstanding
(basic and diluted) 6,363,630 4,960,852
======================== ======================
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AMAC [GRAPHIC OMITTED] Capital Solutions First Quarter 2003
Supplemental Financial Package
Capitalization as of March 31, 2003
(Dollars in thousands, except per share data)
- --------------------------------------------------------------------------------
Equity
- --------------------------------------------------------------------------------
Description Shares Outstanding Quarter-End Price Market Value
- ---------------------------------------------------------------------------------------------------------------
Common Stock 6,363,630 $15.73 $ 100,100
(Dollars in thousands)
- --------------------------------------------------------------------------------
Debt
- --------------------------------------------------------------------------------
Interest Rate(1) Outstanding
Description Program (Annualized) Balance
- ---------------------------------------------------------------------------------------------------------------
Repurchase Facility Payable Repo(2) 1.4% (3) $ 93,565
Warehouse Facility Payable Fleet Credit Facility 3.4% (4) 16,997
------------------------ --------------------
Total 1.7% $ 110,562
======================== ====================
Total Market Capitalization
Balance % of Total
------------------------------------------------
Equity
Common $ 100,100 47.5%
Debt
Working Capital Repurchase Facility 93,565 44.4%
Warehouse Credit Facility 16,997 8.1%
------------------------ --------------------
Total Debt 110,562 52.5%
------------------------ --------------------
Total Market Capitalization $ 210,662 100.0%
======================== ====================
Notes:
1. Calculated based on the cost of borrowings divided by the weighted average
outstanding borrowings at March 31, 2003.
2. On March 25, 2003, the Company entered into a five-year interest rate swap.
The Company is required to pay Fleet National Bank a fixed rate of 3.48% on
a notional amount of $30 million and, in return, will receive a floating
rate equivalent to 30-day LIBOR.
3. Interest rate on the repurchase facility is based on a five basis point
spread above 30-day LIBOR for GNMA collateral and LIBOR for Fannie Mae
collateral.
4. Interest rate on the Fleet Credit Facility is based on a 200 basis point
spread above one-to-six-month LIBOR, at the Company's option.
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AMAC [GRAPHIC OMITTED] Capital Solutions First Quarter 2003
Supplemental Financial Package
Dividend Yield
End of Period Yield on Period-
For Quarter Annualized Share Price End Share Price
---------------------------------------------------------------------------
1999 Dividend - $1.45 $8.88 16.3%
2000 Dividend - $1.45 $7.94 18.3%
2001 Dividend - $1.45 $14.55 10.0%
2002 Dividend - $1.51 $14.09 10.7%
1Q 2003 Dividend $0.4000 $1.60 $15.73 10.2%
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AMAC [GRAPHIC OMITTED] Capital Solutions First Quarter 2003
Supplemental Financial Package
Portfolio Summary
Weighted
Outstanding Fully-Funded Average
Principal at Principal Fair Value/ Stated Interest Weighted Average
03/31/2003 Balance Carrying Amount(1) Rate(2) Expected Maturity(3)
Investments/Asset Type (in years)
- -----------------------------------------------------------------------------------------------------------------------------------
(Dollars in thousands)
First Mortgage Loans $ 1,793 $ 1,842 $ 1,784 11.4% 0.5
Participating Mezzanine Loans 9,872 9,872 9,042 10.2%(4) 9.4
Fleet/AMAC Mezzanine Loans 1,541 1,541 1,541 6.0%(5) 1.4
Bridge Loans 21,301 23,977 21,105 11.8% 1.3
Fleet/AMAC Bridge Loans 21,495 24,392 21,337 5.7% 5 1.6
Ginnie Mae Certificates 101,556 130,894 115,773 7.2% 10.4
ARCap Preferred Shares 20,000(6) 20,000(6) 20,240 12.0% N/A
---------- ---------- ---------- ---------- ---------
Total / Weighted Average - All investments $ 177,558 $ 212,518 $ 190,822 8.2% 7.9
=========== ========== ==========
Notes:
- -----
1. First mortgages, mezzanine and bridge loans are carried at cost, net of
unamortized loan origination costs and fees. GNMA certificates are carried
at fair value, which is based on market prices obtained from independent
sources. ARCap is carried at cost plus any declared, unpaid dividend.
2. Weighted average stated interest rate is calculated based on the fully
funded amount of each individual loan within each investment/asset type as
of 03/31/03.
3. Weighted average expected maturity is calculated based on the earlier of
the maturity date of a loan or the earliest date that a loan can be repaid
without penalty.
4. Weighted average yield on mezzanine loan, not including participation.
Interest rate is based on a fixed percentage on the first mortgage loan.
5. The Fleet/AMAC bridge and mezzanine loans are variable rate debt
obligations with the interest rate calculated based on a spread over 30-day
LIBOR.
6. 800,000 shares at original per share price of $25.00 (not including
additional cost of acquisition).
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AMAC [GRAPHIC OMITTED] Capital Solutions First Quarter 2003
Supplemental Financial Package
Portfolio Distribution
By Investment Type(1) Geographic Diversification by State(2)
--------------------- --------------------------------------
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ARCAP Preferred Shares 10.6% California 12.5%
First Mortgage Loans 1.0% District of Columbia 8.5%
Mezzanine Loans (incl. Fleet/AMAC mezz.) 5.5% Florida 15.9%
Bridge Loans (incl. Fleet/AMAC bridge) 22.2% Illinois 0.8%
Ginnie Mae Certificates 60.7% Massachussets 14.9%
Michigan 0.2%
Minnesota 4.2%
North Carolina 2.3%
Texas 40.7%
Note:
1. Percentage is calculated based on fair value/carrying amount of each loan
type as of March 31, 2003.
2. Percentage is calculated based on the carrying amount of loans; investments
in ARCap and real estate are not included.
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AMAC [GRAPHIC OMITTED] Capital Solutions First Quarter 2003
Supplemental Financial Package
Contingent Obligations
Standby Loan Commitments
- ------------------------
The company issues standby bridge loan and permanent loan commitments for the
construction or rehabilitation of multi family apartment complexes. In return,
the company receives a fee for issuing these commitments. The following provides
information relating to these standby bridge and permanent loan commitments.
Bridge Loan
No. of Apt. Bridge Loan Commitment
Issue Date Project Location Units Amount Commitment Fee Expiration
- --------------------------- -------------- ---------------- ----------- ------------- --------------- ---------------
February-02 Valley View/
Summertree Little Rock, AK 240 $ 400,000 2.50% 4/1/2003(1)
----------- -------------
Total Standby Bridge Loan
Commitments 240 $ 400,000
=========== =============
Permanent Loan
Loan Loan Commitment
No. of Apt. Commitment Origination Expiration
Issue Date Project Location Units Amount Fee Fee
- --------------------------- -------------- ---------------- ----------- ----------- ---------- ------------ ----------
March-02 Sunset Gardens Eagle Pass, TX 60 $ 717,000 3.49% N/A September-03
August-02 Highland Park Topeka, KS 200 4,250,000 2.00% 1.00%, if December-03
funded
----------- -----------
Total Standby Permanent Loan
Commitments 260 $ 4,967,000
=========== ===========
Note:
1. Commitment expected to be funded in May 2003. Loan will bear interest at a
rate of 12% per annum.
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AMAC [GRAPHIC OMITTED] Capital Solutions First Quarter 2003
Supplemental Financial Package
Contingent Obligations (continued)
Guaranteed Construction Loans
- -----------------------------
The Company provides credit support for the following projects after
construction completion, up until the date in which permanent financing takes
place.
Loan
Administration
Loan Fee Construction
No. of Administration (annualized Guarantee
Date Closed Project Location Units Amount rate)(1) Fee(2)
- ---------------- ---------------------- ----------------------- ---------- ---------------- -------------- ------------
September-02 Creekside Apts. Colorado Springs, CO 144 $ 7,500,000 0.375% -
July-02 Clark's Crossing Laredo, TX 160 4,790,000 0.500% 0.625%
October-02 Village at Meadowbend Temple,TX 138 3,675,000 0.500% 0.750%
November-02 Mapleview Apartments Saginaw, MI 104 3,240,000 0.625% 0.247%
---------- ----------------
Total Guaranteed Construction Loans 546 $ 19,205,000
========== ================
Forward Commitments
- -------------------
The company guarantees construction loans for which it has issued a forward
commitment to originate a loan under the Fannie Mae program, with respect to
which it guarantees repayment of 100% of such construction loans. The following
provides information relating to the forward commitments made on Fannie Mae's
behalf.
Letter of Credit Loss Sharing/ Commitment
Issue Date Project Provider Amount Guarantee Fee Location Type Expiration
- ------------ -------------- ---------------- ---------- ------------- ---------- ------------ -----------
April-01 Desert View First Union $1,011,000 0.520% Coolidge, AZ Construction 4/1/2003 (3)
----------
Total Forward Commitments under
Fannie Mae Program $1,011,000
==========
Notes:
1. Loan Administration Fee is paid monthly based on the annualized rate
divided by twelve during the guarantee period.
2. Construction Guarantee Fee is an up-front fee - paid at closing.
3. Purchased in April 2003. The loan bears interest at a rate of 4% per annum
above prime rate (currently 8.25%).
Page 11 of 13
AMAC [GRAPHIC OMITTED] Capital Solutions First Quarter 2003
Supplemental Financial Package
Acquisition Activity
Date Originated/ Face Amount of
Loans Acquisitions Location Units Acquired Loan
- ---------------------------------------------------------------------------------------------------------------------
Bridge Loans
- ------------
Noble Tower Oakland, CA 195 2/19/2003 $ 6,872,228
Concord at Gessner Houston, TX 288 3/11/2003 1,700,000
---------- --------------
Total Bridge Loans 483 8,572,228
---------- --------------
Acquisition/Bridge Loans (Fleet Program)
- ----------------------------------------
Baywoods Antioch, CA 128 3/7/2003 10,990,000
---------- --------------
Total Acquisition/Bridge Loans (Fleet Program) 128 10,990,000
---------- --------------
--------------
Total Q1 2003 Acquisitions 19,562,228
--------------
--------------
Total YTD Acquisitions $ 19,562,228
==============
Amount Funded Permanent Final
Loans Acquisitions at Close Interest Rate Maturity Prepayment
- -----------------------------------------------------------------------------------------------------------------
Bridge Loans
- ------------
Noble Tower $ 6,872,228 12.00% 7/31/2005 N/A
Concord at Gessner 1,496,000 12.00% 3/11/2005 N/A
---------------
Total Bridge Loans 8,368,228
---------------
Acquisition/Bridge Loans (Fleet Program)
- ----------------------------------------
Baywoods 10,490,000(1) 1 month LIBOR + 4.00% 3/4/2005 N/A
---------------
Total Acquisition/Bridge Loans (Fleet Program) 10,490,000
---------------
---------------
Total Q1 2003 Acquisitions 18,858,228
---------------
---------------
Total YTD Acquisitions $18,858,228
===============
Note:
- -----
N/A = Loan can be prepaid without
penalty.
1. The portion AMAC and Fleet funded at close was $2,490,000 and $8,000,000,
respectively.
Page 12 of 13
AMAC [GRAPHIC OMITTED] Capital Solutions First Quarter 2003
Supplemental Financial Package
Disposition/Payoff Activity
Face Amount of Permanent Realized
Loans Dispositions Location Units Type Loan at Payoff Interest Rate Gains/(Losses)
- ------------------------------------------------------------------------------------------------------------------------------
First Mortgage Loan
- -------------------
Stony Brook II East Haven, CT 125 Payoff $ 8,285,490 7.63% $ -
Mezzanine Loan
- --------------
Stony Brook II East Haven, CT 125 Payoff 763,909 15.33% (1) -
Bridge Loans
- ------------
Concorde at Palm Houston, TX 360 Payoff 3,850,000 12.50% -
Ginnie Mae Certificates
- -----------------------
Casitas at Montecito N/A N/A Payoff 5,787,000 7.30% (391,078)
------------ ----------
Total Q1 2003 Disposition/
Payoff 18,686,399 (391,078)
------------ ----------
------------ ----------
Total YTD Disposition/Payoff $ 18,686,399 $ (391,078)
============ ==========
Note:
1. Interest rate shown is the effective rate earned on the mezzanine loan, as
interest is based on a fixed rate on the outstanding balance of the first
mortgage loan.
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