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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): July 1, 1999
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American Mortgage Acceptance Company f/k/a American Mortgage Investors Trust.
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(Exact Name of Registrant as Specified in Charter)
Massachusetts
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(State or other Jurisdiction of Incorporation or Organization)
0-23972 13-6972380
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(Commission File Number) (IRS Employer Identification Number)
625 Madison Avenue, New York, NY 10022
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(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (212) 421-5333
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report
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ITEM 5. OTHER EVENTS
On July 1, 1999, American Mortgage Acceptance Company ("AMAC")
commenced trading on the American Stock Exchange under the symbol "AMC".
Currently, there are 3,838,630 shares of beneficial interest outstanding.
AMAC, formerly known as American Mortgage Investors Trust, received the
necessary consent from its shareholders on April 6, 1999 to approve proposals to
restructure AMAC from a closed-ended, finite-life real estate investment trust
("REIT") to a publicly traded, open-ended, infinite-life operating REIT. AMAC's
business plan going forward will focus on utilizing modest levels of leverage to
originate and acquire FHA insured participating mortgage loans, multifamily
mortgage loans for low-income housing tax credit properties and subordinated
interests in commercial mortgage backed securities. The business plan is further
outlined in the proxy statement that was filed with the Securities and Exchange
Commission on February 12, 1999, and is hereby incorporated by reference.
AMAC's Board of Trustees approved a resolution to change the name to
AMAC from American Mortgage Investors Trust on April 26, 1999. The name
change was effective as of April 26, 1999.
AMAC is governed by a three member Board of Trustees (the "Board"). The
Board has delegated day-to-day management to Related AMI Associates, Inc. (the
"Advisor"), pursuant to an advisory agreement that is renewable annually by the
Board. One Trustee of the Board is an affiliate of the Advisor while the other
two Trustees are unaffiliated.
AMAC is designed to provide quarterly distributions to shareholders
based upon the amount of cash available for distribution. The initial level of
distribution has not yet been determined.
As of March 31, 1999, AMAC's assets total approximately $62.6 million
and are comprised primarily of $23.6 million of cash and cash equivalents, $28.4
million of investments in FHA insured mortgages and $10.1 million of investments
in GNMA Certificates.
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Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a). FINANCIAL STATEMENTS
Not Applicable
(b). PRO FORMA FINANCIAL INFORMATION
Not Applicable
(c). EXHIBITS
99.1 July 1, 1999 Press Release "Related Capital Lists Public REIT to
Focus on Financing Multifamily Housing"
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
American Mortgage Acceptance Company
(Registrant)
BY: /s/ Stuart J. Boesky
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Stuart J. Boesky
President
July 9, 1999
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EXHIBIT 99.1
AT THE COMPANY AT THE FINANCIAL RELATIONS BOARD
Brenda Abuaf General Info: Paul Henning or Michael Lawson
Director of Shareholder Services Analyst Info: Pamela King
(800) 831-4826 Media Info: Judith Sylk-Siegel
(212) 661-8030
RELATED CAPITAL LISTS PUBLIC REIT TO FOCUS ON
FINANCING MULTIFAMILY HOUSING
NEW YORK, NY- JULY 1, 1999- Related Capital Company, a leading national real
estate financial services firm, today announced the listing of American Mortgage
Acceptance Company ("AMAC"), a multifamily real estate investment trust ("REIT")
specializing in the origination and acquisition of mortgages. AMAC's shares will
be listed on the American Stock Exchange ("AMEX") under the stock symbol "AMC".
AMAC (the "Company") previously existed as a finite-life REIT known as American
Mortgage Investors Trust, and was originally sponsored and continues to be
managed by affiliates of Related Capital Company. Now a mortgage REIT, the
Company will focus much of its efforts on multifamily housing debt origination
and acquisition. The Company will initially seek to originate and acquire
participating government insured or agency guaranteed multifamily mortgages,
Fannie Mae multifamily mortgages for low-income housing tax credit properties
and subordinated interests in commercial mortgage-backed securities ("CMBS").
J. Michael Fried, President of Related Capital Company, comments "the
shareholder approved restructuring and AMEX listing of AMAC breathes new
vitality into the Company. AMAC now has the ability to grow by acquiring new
mortgage assets through the use of low levels of leverage and the proceeds of
future equity offerings. At the same time, the AMEX listing provides
shareholders with an ability to sell their shares on a nationally recognized
exchange."
The Company's portfolio is currently comprised of cash, three FHA insured
mortgage loans and four GNMA Certificates. AMAC has a net asset value of
approximately $58 million, and has approximately 3.8 million shares of
beneficial interest outstanding. Principals and affiliates of Related Capital
own approximately 1.26% of the Company's outstanding shares.
AMAC provides quarterly distributions to shareholders, based upon the amount of
cash available for distribution ("CAD") generated each quarter from operations
after giving adequate consideration to the working capital needs of AMAC and
industry norms for REITs. Pursuant to federal income tax
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regulations, REITs are generally required to distribute to shareholders at least
95% of the Company's annual taxable income, excluding net capital gains.
The Company is managed by a three-member Board of Trustees, who have delegated
day to day management to Related AMI Associates, Inc., an affiliate of Related
Capital Company, pursuant to the management agreement. Related Capital Company
is a nationwide, fully integrated real estate financial services firm. Since
1972, Related and its affiliates have raised more than $3.8 billion in equity
from more than 106,000 investors to acquire a portfolio of more than 900
properties, bonds and mortgages with a value, at cost, of approximately $9
billion.
CERTAIN ITEMS IN THIS PRESS RELEASE MAY CONSTITUTE FORWARD-LOOKING STATEMENTS
WITHIN THE MEANING OF THE PRIVATE LITIGATION REFORM ACT OF 1995 AND AS SUCH MAY
INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE
THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY
DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESS OR
IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS, INCLUDING WITHOUT LIMITATION THOSE
SET FORTH IN AMAC'S SOLICITATION STATEMENT DATED FEBRUARY 11, 1999. SUCH
FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE OF THIS PRESS RELEASE. THE
COMPANY EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO RELEASE PUBLICLY
ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENTS CONTAINED HEREIN TO
REFLECT ANY CHANGES IN THE COMPANY'S EXPECTATIONS WITH REGARD THERETO OR CHANGE
IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED.
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