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): MAY 9, 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 May 9, 2006, 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, 2006. 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 9, 2006, "American Mortgage Acceptance Company
Reports First Quarter Financial Results For 2006".
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
May 9, 2006
AT THE COMPANY
Brenda Abuaf, Director of Shareholder Services
(800) 831-4826
AMERICAN MORTGAGE ACCEPTANCE COMPANY
REPORTS FIRST QUARTER FINANCIAL RESULTS FOR 2006
NEW YORK, NY - MAY 9, 2006 - American Mortgage Acceptance Company ("AMAC" or the
"Company") (AMEX: AMC) today announced financial results for its first quarter
ended March 31, 2006.
FINANCIAL HIGHLIGHTS
AMAC reported total revenues of approximately $8.1 million for the three months
ended March 31, 2006, representing an increase of 20.3% as compared to revenues
of approximately $6.7 million for the three months ended March 31, 2005.
For the three months ended March 31, 2006, AMAC earned net income of
approximately $2.2 million, representing a decrease of 23.3% as compared to net
income of approximately $2.8 million for the three months ended March 31, 2005.
On a per share basis (basic and diluted), net income was $0.26 for the three
months ended March 31, 2006, representing a decrease of 23.5% as compared to net
income of $0.34 for the three months ended March 31, 2005. Net income was
impacted by increased financing costs as well as increase in certain expenses
associated with a property in our real estate owned portfolio.
Funds from Operations ("FFO") for the three months ended March 31, 2006 was
approximately $2.6 million, representing a decrease of 18.0% as compared to FFO
of approximately $3.2 million for the three months ended March 31, 2005. On a
per share basis (basic and diluted), FFO was $0.32 for the three months ended
March 31, 2006, representing a decrease of 15.8% as compared to FFO of $0.38 for
the three months ended March 31, 2005. FFO was impacted by the same factors
listed above that affected net income.
AMAC's present quarterly dividend on an annualized basis is $1.60 per share,
representing an approximate 10.4% yield on the $15.36 per share closing price on
May 8, 2006.
Marc D. Schnitzer, President of AMAC commented, "As is typical with our
business, the first quarter tends to be the slowest from a transaction volume
perspective. Our second quarter investment activity has begun to accelerate and
our pipeline for investments is building. To date, we have originated or
acquired loans totaling $108 million in the second quarter, including first
mortgage, mezzanine and bridge loans. In addition, at the end of March, one of
AMAC's subsidiaries entered into a new repurchase facility with Bank of America
Securities, which will enable us to borrow up to $250 million to fund new
investment activity. We continue to believe that we are well positioned to
execute our business plan and achieve our financial goals for the remainder of
the year."
MANAGEMENT CONFERENCE CALL
Management will conduct a conference call today to review the Company's first
quarter financial results for the period ended March 31, 2006. 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) 479-9001. 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 13, 2006 at (888) 203-1112
(Passcode 1871425) or on our website, www.americanmortgageco.com, through
Tuesday, May 23, 2006.
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
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)
=========== ===========
March 31, December 31,
2006 2005
----------- -----------
(Unaudited)
Financial Position
Total assets $388,344 $400,723
======== ========
Repurchase facilities payable $205,650 $209,101
======== ========
Warehouse facility payable $ -- $ 4,070
======== ========
Mortgages payable on real estate owned $ 40,355 $ 40,487
======== ========
Preferred shares of subsidiary (subject to mandatory repurchase) $ 25,000 $ 25,000
======== ========
Total liabilities $276,860 $286,540
======== ========
Total shareholders' equity $111,484 $114,183
======== ========
===================
Three Months Ended
March 31,
2006 2005
------ ------
(Unaudited)
Operations
Total revenues $8,064 $6,703
====== ======
Net income $2,169 $2,827
====== ======
Net income per share (basic and diluted) $ 0.26 $ 0.34
====== ======
Weighted average shares outstanding
Basic 8,304 8,337
====== ======
Diluted 8,307 8,344
====== ======
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, 2006 and 2005, is summarized in the following
table:
=========================
Three Months Ended
March 31,
2006 2005
-------- --------
Net income $ 2,169 $ 2,827
Depreciation of real property $ 450 $ 366
-------- --------
FFO $ 2,619 $ 3,193
======== ========
Cash flows from operating activities $ 1,654 $ 3,732
======== ========
Cash flows from investing activities $ 233 $(33,448)
======== ========
Cash flows from financing activities $(12,423) $ 37,170
======== ========
FFO per share (basic and diluted) $ 0.32 $ 0.38
======== ========
Weighted average shares outstanding
Basic 8,304 8,337
======== ========
Diluted 8,307 8,344
======== ========
(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.
###