-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BzafmWfAA7y94jEVTzcB+mLCFaxX1EqSUaR4T5AmayQdPhdoNqW9VjywdwYvBsOO Cn4yc0fz9+mfzOV2mTnG7g== 0001116679-03-001400.txt : 20030513 0001116679-03-001400.hdr.sgml : 20030513 20030513171156 ACCESSION NUMBER: 0001116679-03-001400 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030513 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN MORTGAGE ACCEPTANCE CO CENTRAL INDEX KEY: 0000878774 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 136972380 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14583 FILM NUMBER: 03696286 BUSINESS ADDRESS: STREET 1: 625 MADISON AVE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2124215333 MAIL ADDRESS: STREET 1: 625 MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN MORTGAGE INVESTORS TRUST DATE OF NAME CHANGE: 19931013 8-K 1 amac8k.txt 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 13, 2003 ------------ 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) 421-5333 -------------- Not Applicable ------------------------------------------------------------------ (Former Name or Former Address, if Changed Since Last Report Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (a). Financial Statements Not Applicable (b). Pro Forma Financial Information Not Applicable (c). Exhibits 99.1 First quarter ended March 31, 2003 Unaudited Supplemental Operating and Financial Data Item 9. Regulation FD Disclosure For the quarter ended March 31, 2003, American Mortgage Acceptance Company ("AMAC") hereby makes available unaudited supplemental data regarding its operations, a copy of which is attached to this Current Report on Form 8-K as Exhibit 99.1. The information included in this Current Report is intended to be furnished under "Item 12. Disclosure of Results of Operations and Financial Condition" and is included under this Item 9 in accordance with SEC Release No. 34-47583. Accordingly, the information included in this Current Report shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. This Current Report on Form 8-K and the exhibit hereto contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and also includes a cautionary statement identifying important factors that could cause actual results to differ materially from those anticipated. 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/ Stuart J. Boesky --------------------- Stuart J. Boesky Chief Executive Officer May 13, 2003 EX-99 3 supfinpack2003.txt EX. 99.1 - 1ST QTR. 2003 SUPPLEMENTAL FINANCIALS Exhibit 99.1 [GRAPHIC OMITTED] [GRAPHIC OMITTED] AMAC [GRAPHIC OMITTED] Capital Solutions First Quarter 2003 Supplemental Financial Package [GRAPHIC OMITTED] [GRAPHIC OMITTED] 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.
Page 2 of 13 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
Page 3 of 13 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 ================== ===================== =====================
Page 4 of 13 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 ======================== ======================
Page 5 of 13 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. Page 6 of 13 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%
Page 7 of 13 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). Page 8 of 13 AMAC [GRAPHIC OMITTED] Capital Solutions First Quarter 2003 Supplemental Financial Package Portfolio Distribution By Investment Type(1) Geographic Diversification by State(2) --------------------- -------------------------------------- [GRAPHIC OMITTED] [GRAPHIC OMITTED] 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. Page 9 of 13 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. Page 10 of 13 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. Page 13 of 13 -----END PRIVACY-ENHANCED MESSAGE-----