American Mortgage Acceptance Company Declares Special Dividend.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- American Mortgage Acceptance Company ("AMAC AMAC Adults Molested As Children AMAC Assistance to Mine-Affected Communities AMAC Aircraft Monitor And Control AMAC Approximate Message Authentication Code AMAC American Military Arms Corporation AMAC Asset Management Assistance Center " or the "Company") (AMEX AMEX See: American Stock Exchange :AMC (Advanced Mezzanine Card) See AdvancedTCA. ) today announced that its Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. declared a one-time special dividend of $0.30 per share in order to comply with REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). distribution requirements for 2005. The special dividend is payable on November 30, 2005, to shareholders of record as of October 31, 2005. "AMAC's Board of Trustees has declared this special dividend due to the repayment of a Ginnie Mae Certificate and Mezzanine Loan secured by Elmhurst Village Apartments," said Alan P. Hirmes, Chief Financial Officer of the Company. "In connection with the payoff, which totaled $24.3 million in principal, AMAC received a yield maintenance payment of $2.3 million and a loan participation fee of $3.0 million bringing total proceeds to $29.6 million. The Board felt that it was in the best interest of the shareholders and the Company to declare this special distribution, as it will enable AMAC to comply with the REIT distribution requirement." About the Company AMAC is a real estate investment trust that specializes in commercial real estate finance. AMAC originates and acquires 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. 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Annual Report on Form 10-K for the period ended December 31, 2004, and in its other filings with the Securities and Exchange Commission. 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. |
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