America First Apartment Investors, Inc. Announces Second Quarter 2003 Dividend.

Business Editors

OMAHA, Neb.--(BUSINESS WIRE)--June 6, 2003

On June 5, 2003, the board of directors of America First Apartment Investors, Inc. (Nasdaq:APRO) approved a quarterly dividend of $0.25 per share of its common stock. The dividend will be paid on July 31, 2003 to record holders as of June 30, 2003.

America First Apartment Investors, Inc. is an equity real estate investment trust focused on the ownership and management of multifamily apartment properties located throughout the United States. America First Apartment Investors, Inc.'s portfolio currently includes 15 multifamily properties and one commercial property.

America First Apartment Investors, Inc. press releases are available on the World Wide Web at www.am1st.com.

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.