American Mortgage Acceptance Company Announces Exercise of Over-Allotment Option.

Business Editors/Real Estate Writers

NEW YORK--(BUSINESS WIRE)--April 23, 2003

American Mortgage Acceptance Company ("AMAC") (AMEX:AMC) today announced that the underwriters of its follow-on public offering of 1,700,000 common shares of beneficial interest have exercised the entire over-allotment option to purchase an additional 255,000 common shares.

The initial offering was priced on April 3, 2003, at $15.00 per share, resulting in net proceeds of approximately $24 million at closing on April 9, 2003. Concurrent with the pricing, AMAC granted the underwriters, RBC Capital Markets and JMP Securities, a 30-day option to purchase up to an additional 255,000 common shares to cover over-allotments. Aggregate net proceeds, including the exercise of the over-allotment option, will be approximately $28 million. The closing of the over-allotment exercise occurred earlier today.

The net proceeds from the over-allotment will be used to fund future investment activity.

A final copy of the prospectus supplement and prospectus relating to this offering may be obtained from RBC Capital Markets, Dain Rauscher Plaza, 60 South Sixth Street, P15, Minneapolis, Minnesota, 55402, 612/371-2818 or from JMP Securities, One Embarcadero Center, Suite 2100, San Francisco, California, 94111, 415/835-8900.

About the Company

AMAC is a real estate investment trust that specializes in multifamily housing finance. AMAC originates and acquires mezzanine loans, bridge loans, and government-insured first mortgages secured by multifamily housing 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.

Certain statements in this press release 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 risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a discussion of such risks and uncertainties, see "Risk Factors" in the Company's prospectus supplement with respect to the offering described in this press release. Such forward-looking statements speak only as of the date of this press release. 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.