America First Apartment Investors, Inc Announces Quarterly Dividend.

Business Editors

OMAHA, Neb.--(BUSINESS WIRE)--Feb. 5, 2003

America First Apartment Investors, Inc. (Nasdaq:APRO) announced on Tuesday that its board of directors had declared a quarterly dividend of $0.25 per share payable on April 30, 2003, to shareholders of record on March 31, 2003.

America First Apartment Investors, Inc., a newly-formed Maryland company, operates as a real estate investment trust. The Company assumed all of the assets and operations of America First Apartment Investors, L.P. through a merger with that partnership on January 1, 2003. Under the Merger Agreement, the limited partners of the former partnership received one share of the Company's common stock for each limited partnership unit held on the effective date of the merger.

Lisa Roskens, President and CEO of America First Apartment Investors, Inc., said, "Since converting the former partnership into a REIT, it remains our objective to continue to improve profitability and increase Funds From Operations."

Information contained in this Press Release contains "forward-looking statements" relating to, without limitation, future performance, plans and objectives of management for future operations and projections of revenue and other financial items, which can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "estimate," or `continue," or the negative thereof or other variations thereon or comparable terminology. Several factors with respect to such forward-looking statements, including certain risks and uncertainties, could cause actual results to differ materially from those in such forward-looking statements.