American Mortgage Acceptance Company Reports 2002 Second Quarter Financial Results.

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 13, 2002

American Mortgage Acceptance Company ("AMAC" or the "Company") (AMEX:AMC) today announced financial results for the second quarter ended June 30, 2002.

Financial Highlights

For the three months ended June 30, 2002, AMAC had net income of approximately $2.5 million, or $0.39 per share (basic and diluted), representing an increase in net income per share of 4.1% as compared to net income of approximately $1.4 million, or $0.37 per share, for the three months ended June 30, 2001. AMAC had total revenues of approximately $3.3 million for the three months ended June 30, 2002, as compared to $2.1 million for the three months ended June 30, 2001, representing an increase of 58.4%.

AMAC's present quarterly dividend on an annualized basis is $1.50 per share, representing an 11.6% dividend yield on the $12.90 per share closing price on August 12, 2002. In the second quarter of 2002, AMAC increased its dividend per share 3.4% from $0.3625 to $0.3750.

Loan Originations

In May 2002, AMAC originated a $3,500,000 bridge loan for Concord at Gulfgate, a 228-unit multifamily apartment complex located in Houston, Texas. The loan has a term of 24 months and bears interest at 12%.

Also in May 2002, AMAC purchased a forward GNMA Construction Loan Certificate (CLC) secured by Ellington Plaza Apartments, a 186-unit multifamily apartment complex to be constructed in Washington, DC. The CLC purchase will total approximately $37.6 million, and the first draw of approximately $7.7 million was funded in July, with subsequent draws projected over the next 19 months. The CLC yields 6.81% to AMAC. The term of the loan will cover the construction and permanent phases and has been set at 42 years. The loan is locked out for prepayments for five years, with 5%, 4%, 3%, 2%, and 1% prepayment protection for the following five years, respectively.

Construction Loan Guarantee

In April 2002, AMAC guaranteed a construction loan of approximately $7.5 million for Creekside Apartments, a proposed 144-unit affordable multifamily apartment complex located in Colorado Springs, Colorado, in exchange for a 0.375% fee, which will be received at construction completion. The construction loan guarantee will provide credit support for the period beginning with construction completion until property stabilization. It is anticipated that construction will be completed in February 2003 and that the property will reach stabilization in October 2003.

Forward Commitments

In June 2002, AMAC issued a standby bridge loan commitment of $1.4 million for the construction of Willow Creek Apartments, a 104-unit multifamily apartment complex located in North Port, Florida. The loan, if funded, will bear interest at a rate of 12%. Funding, should it be needed, is not anticipated to occur before December 2003, at the earliest. AMAC received a fee of 3.57% for issuing the commitment.

Also in June 2002, AMAC issued a standby bridge loan commitment of $400,000 for the rehabilitation of McMullen Square Apartments, a 100-unit complex featuring 18 two-story buildings and two one-story buildings, located in San Antonio, Texas. The loan, if funded, will bear interest at a rate of 12%. Funding, should it be needed, is not anticipated to occur before February 2003. AMAC received a fee of 2.5% for issuing the commitment.

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 [phone].

                 American Mortgage Acceptance Company
                             (Unaudited)
             (Dollars in thousands except per share amount)



                                Three Months          Three Months
                              Ended 6/30/2002        Ended 6/30/2001
                              ---------------        ---------------

Total Revenues                 $    3,303             $    2,086
Interest                             (307)                  (361)
General and Administrative           (164)                  (112)
Fees to Advisor                      (371)                  (178)
FNMA Loan Program                      (3)                  ----
Amortization                         ----                    (11)
                              ---------------        ---------------
Net Income                     $    2,458             $    1,424
                              ===============        ===============
Net Income Per Share           $     0.39             $     0.37
                              ===============        ===============
Weighted Average Shares Outstanding
   (Basic and Diluted)          6,363,630              3,838,630
                              ===============        ===============

Certain items in this press release may constitute forward-looking statements within the meaning 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 trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.