American Residential and American Mortgage Network Completing Phase Two of Expansion at San Diego Headquarters.

Business Editors

SAN DIEGO--(BUSINESS WIRE)--Dec. 10, 2002

American Residential Investment Trust, Inc. (NYSE: INV) and its mortgage banking subsidiary, American Mortgage Network (AmNet) are completing the second phase of their expansion at their headquarters in San Diego. In February 2002, the Company had moved to its current location from Del Mar. An additional 8,000 square feet of space has been leased and the Company now occupies a total of 32,000 square feet at 10421 Wateridge Circle, Suite 250, San Diego, California 92121.

The Company's headquarters will now be able to accommodate approximately 180 employees and allows the Company to build its infrastructure incrementally. At the present time, the extra square footage will primarily house the Information Technology Department. The Company's IT professionals are focused on increasing production efficiencies and enhancing responsiveness and accessibility for its broker customers. The headquarters currently houses approximately 120 people.

John M. Robbins, Jr., Chief Executive Officer, said, "We celebrated our first anniversary as a mortgage originator in November. We've grown from 25 employees to over 300 full-time employees. Our regional centers funded $2.9 billion in home loans during the first ten months of the year. We are implementing our strategy in stages to align our capital investment with increased loan volume and market penetration. We are proud that our expansion will provide more employment opportunities in the San Diego area and add to our city's success."

AmNet has regional centers in Ontario, California; Sacramento, California; San Diego, California; Denver, Colorado; New Haven, Connecticut; Atlanta, Georgia; Minneapolis, Minnesota; Cherry Hill, New Jersey; and Portland, Oregon as well as satellite offices in Mission Viejo, California; Tampa, Florida; and Kirkland, Washington. AmNet is currently approved to do business in 44 states either by license or exemption.

Significant progress has been made in the Company's transformation from a mortgage REIT to a mortgage banking company serving the wholesale channel. Termination of American Residential's REIT status should be completed in the first quarter of 2003.

About American Mortgage Network

Headquartered in San Diego, California, AmNet is a wholly owned, taxable subsidiary of American Residential Investment Trust, Inc., a real estate investment trust (REIT). AmNet originates loans for the national mortgage broker community through its network of regional centers and over the Internet. For more information, please visit www.amnetmortgage.com.

About American Residential Investment Trust

American Residential Investment Trust, Inc. is a real estate investment trust (REIT) that has, in the past, invested in subprime residential mortgage loans. The Company intends to terminate its status as a mortgage REIT in the first quarter of 2003. Prior to that time, the Company plans to move to another national equity market exchange. For more information, please visit www.amerreit.com.

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements regarding the ability to build infrastructure, the timing of terminating the Company's status as a REIT and plans to move to another national stock exchange. Actual results and the timing of certain events could differ materially from those projected in or contemplated by these forward-looking statements due to a number of factors, including but not limited to: the effects of terminating the Company's REIT status; the ability of the Company to qualify for listing on another exchange; and other risk factors outlined in American Residential Investment Trust's SEC reports.