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): MAY 9, 2006



                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
               (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)



                                  MASSACHUSETTS
                 (STATE OR OTHER JURISDICTION OF INCORPORATION)


        0-23972                                          13-6972380
(COMMISSION FILE NUMBER)                    (IRS EMPLOYER IDENTIFICATION NUMBER)


                     625 MADISON AVENUE, NEW YORK, NY 10022
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

       REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (212) 317-5700

                                 NOT APPLICABLE
          (FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT



Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

[]   Written  communications  pursuant to Rule 425 under the  Securities Act (17
     CFR 230.425)


[]   Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)


[]   Pre-commencement   communications  pursuant  to  Rule  14d-2(b)  under  the
     Exchange Act (17 CFR 240.14d-2(b))


[]   Pre-commencement   communications  pursuant  to  Rule  13e-4(c)  under  the
     Exchange Act (17 CFR 240.13e-4(c))


<PAGE>



ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
           ---------------------------------------------

On May 9, 2006,  American Mortgage  Acceptance Company ("AMAC" or the "Company")
(AMEX:  AMC) released a press release  announcing its financial  results for the
first  quarter ended March 31, 2006. A copy of this press release is attached to
this Current Report as Exhibit 99.1 and incorporated herein by reference.

The  information  included in this Current  Report,  including  the  information
included in Exhibit 99.1 attached hereto,  is intended to be furnished  pursuant
to "Item 2.02.  Disclosure of Results of Operations and Financial Condition" and
not deemed to be "filed" for purposes of Section 18 of the  Securities  Exchange
Act of 1934, as amended (the "Exchange  Act"),  or  incorporated by reference in
any filing under the  Securities Act of 1933, as amended  ("Securities  Act") or
the Exchange  Act, or otherwise  subject to the  liabilities  of that Section of
Sections 11 and 12 (a) (2) of the Securities Act.

ITEM 9.01. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
           ------------------------------------------------------------------

(a).  Financial Statements


Not Applicable

(b).  Pro Forma Financial Information


Not Applicable

(c).  Exhibits


99.1 Press  Release dated May 9, 2006,  "American  Mortgage  Acceptance  Company
Reports First Quarter Financial Results For 2006".


<PAGE>



                                   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/ Jeff T. Blau
                                                ----------------
                                                Jeff T. Blau
                                                Chief Executive Officer

May 9, 2006


<PAGE>



AT THE COMPANY
Brenda Abuaf, Director of Shareholder Services
(800) 831-4826


                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
                REPORTS FIRST QUARTER FINANCIAL RESULTS FOR 2006



NEW YORK, NY - MAY 9, 2006 - American Mortgage Acceptance Company ("AMAC" or the
"Company") (AMEX:  AMC) today announced  financial results for its first quarter
ended March 31, 2006.

FINANCIAL HIGHLIGHTS

AMAC reported total revenues of approximately  $8.1 million for the three months
ended March 31, 2006,  representing an increase of 20.3% as compared to revenues
of approximately $6.7 million for the three months ended March 31, 2005.

For  the  three  months  ended  March  31,  2006,  AMAC  earned  net  income  of
approximately $2.2 million,  representing a decrease of 23.3% as compared to net
income of approximately  $2.8 million for the three months ended March 31, 2005.
On a per share  basis  (basic and  diluted),  net income was $0.26 for the three
months ended March 31, 2006, representing a decrease of 23.5% as compared to net
income of $0.34 for the three  months  ended  March 31,  2005.  Net  income  was
impacted by increased  financing  costs as well as increase in certain  expenses
associated with a property in our real estate owned portfolio.

Funds from  Operations  ("FFO")  for the three  months  ended March 31, 2006 was
approximately $2.6 million,  representing a decrease of 18.0% as compared to FFO
of  approximately  $3.2 million for the three months ended March 31, 2005.  On a
per share basis  (basic and  diluted),  FFO was $0.32 for the three months ended
March 31, 2006, representing a decrease of 15.8% as compared to FFO of $0.38 for
the three  months  ended March 31,  2005.  FFO was  impacted by the same factors
listed above that affected net income.

AMAC's  present  quarterly  dividend on an annualized  basis is $1.60 per share,
representing an approximate 10.4% yield on the $15.36 per share closing price on
May 8, 2006.

Marc D.  Schnitzer,  President  of  AMAC  commented,  "As is  typical  with  our
business,  the first quarter  tends to be the slowest from a transaction  volume
perspective.  Our second quarter investment activity has begun to accelerate and
our pipeline  for  investments  is  building.  To date,  we have  originated  or
acquired  loans  totaling $108 million in the second  quarter,  including  first
mortgage,  mezzanine and bridge loans. In addition,  at the end of March, one of
AMAC's subsidiaries  entered into a new repurchase facility with Bank of America
Securities,  which  will  enable  us to borrow  up to $250  million  to fund new
investment  activity.  We continue  to believe  that we are well  positioned  to
execute our business plan and achieve our  financial  goals for the remainder of
the year."

MANAGEMENT CONFERENCE CALL

Management  will conduct a conference  call today to review the Company's  first
quarter  financial  results for the period ended March 31, 2006.  The conference
call is scheduled for 11:00 a.m.  Eastern  Time.  Callers will be invited to ask
questions. Investors, brokers, analysts, and shareholders wishing to participate
should call (800) 479-9001. A webcast of the presentation will be available live
and can be accessed through the Company's  website,  www.americanmortgageco.com.
To listen to the presentation via webcast,  please go to the website's "Investor
Relations"  section at least 15 minutes prior to the start of the  presentation.
For interested  individuals  unable to join the conference call, a replay of the
call  will be  available  through  Saturday,  May 13,  2006  at  (888)  203-1112
(Passcode  1871425)  or  on  our  website,  www.americanmortgageco.com,  through
Tuesday, May 23, 2006.


<PAGE>



SUPPLEMENTAL FINANCIAL INFORMATION

For  more  detailed  financial  information,   please  access  the  Supplemental
Financial  Package,  which is available in the Investor Relations section of the
AMAC website at www.americanmortgageco.com.

ABOUT THE COMPANY

AMAC is a real estate  investment  trust that  specializes  in  multifamily  and
commercial  real estate  finance.  AMAC  originates  and acquires first mortgage
loans,  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.


<PAGE>



              AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                             SELECTED FINANCIAL DATA
                    (In thousands, except per share amounts)

<TABLE>
<CAPTION>

                                                                       ===========  ===========
                                                                        March 31,   December 31,
                                                                          2006         2005
                                                                       -----------  -----------
                                                                       (Unaudited)
<S>                                                                     <C>          <C>
Financial Position

   Total assets                                                         $388,344     $400,723
                                                                        ========     ========

   Repurchase facilities payable                                        $205,650     $209,101
                                                                        ========     ========

   Warehouse facility payable                                           $     --     $  4,070
                                                                        ========     ========

   Mortgages payable on real estate owned                               $ 40,355     $ 40,487
                                                                        ========     ========

   Preferred shares of subsidiary (subject to mandatory repurchase)     $ 25,000     $ 25,000
                                                                        ========     ========

   Total liabilities                                                    $276,860     $286,540
                                                                        ========     ========

   Total shareholders' equity                                           $111,484     $114,183
                                                                        ========     ========

</TABLE>
<TABLE>
<CAPTION>
                                                        ===================
                                                        Three Months Ended
                                                             March 31,
                                                         2006         2005
                                                        ------       ------
                                                            (Unaudited)
<S>                                                     <C>          <C>
Operations

Total revenues                                          $8,064       $6,703
                                                        ======       ======

Net income                                              $2,169       $2,827
                                                        ======       ======

Net income per share (basic and diluted)                $ 0.26       $ 0.34
                                                        ======       ======

Weighted average shares outstanding

  Basic                                                  8,304        8,337
                                                        ======       ======
  Diluted                                                8,307        8,344
                                                        ======       ======

</TABLE>

Funds from Operations ("FFO")(1),  as calculated in accordance with the National
Association of Real Estate  Investment  Trusts  ("NAREIT")  definition,  for the
three  months  ended March 31, 2006 and 2005,  is  summarized  in the  following
table:

<TABLE>
<CAPTION>
                                                      =========================
                                                         Three Months Ended
                                                              March 31,
                                                        2006             2005
                                                      --------         --------
<S>                                                   <C>              <C>
Net income                                            $  2,169         $  2,827

Depreciation of real property                         $    450         $    366
                                                      --------         --------

FFO                                                   $  2,619         $  3,193
                                                      ========         ========

Cash flows from operating activities                  $  1,654         $  3,732
                                                      ========         ========
Cash flows from investing activities                  $    233         $(33,448)
                                                      ========         ========
Cash flows from financing activities                  $(12,423)        $ 37,170
                                                      ========         ========

FFO per share (basic and diluted)                     $   0.32         $   0.38
                                                      ========         ========

Weighted average shares outstanding
  Basic                                                  8,304            8,337
                                                      ========         ========
  Diluted                                                8,307            8,344
                                                      ========         ========

</TABLE>

<PAGE>



(1) FFO  represents  net income or loss  (computed in accordance  with generally
accepted accounting principles ("GAAP")), excluding gains (or losses) from sales
of property,  excluding  depreciation and amortization  related to real property
and including funds from operations for unconsolidated joint ventures calculated
on the same basis. AMAC calculates FFO in accordance with the NAREIT definition.
FFO does not represent cash  generated  from operating  activities in accordance
with  GAAP and is not  necessarily  indicative  of cash  available  to fund cash
needs.  FFO  should  not be  considered  as an  alternative  to net income as an
indicator of the Company's  operating  performance  or as an alternative to cash
flows as a measure of liquidity. Management considers FFO a supplemental measure
of operating performance,  and, along with cash flows from operating activities,
financing activities,  and investing  activities,  it provides investors with an
indication  of the  ability of the Company to incur and  service  debt,  to make
capital  expenditures,  and to fund other cash  needs.  Since not all  companies
calculate FFO in a similar fashion,  our calculation  presented above may not be
comparable to similarly titled measures reported by other companies.


CERTAIN  STATEMENTS IN THIS DOCUMENT 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 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  MOST  RECENT  ANNUAL  REPORT ON FORM 10-K AND IN ITS OTHER
FILINGS  WITH THE  SECURITIES  AND  EXCHANGE  COMMISSION.  SUCH  FORWARD-LOOKING
STATEMENTS SPEAK ONLY AS OF THE DATE OF THIS DOCUMENT.  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.

                                       ###
[{"type": "8-K", "sequence": "1", "filename": "f8k_march2006-amac.txt", "description": "AMAC MARCH 2006 PRESS RELEASE", "secsgml_size_bytes": 16353}]
{"company-data": {"conformed-name": "AMERICAN MORTGAGE ACCEPTANCE CO", "cik": "0000878774", "assigned-sic": "6798", "irs-number": "136972380", "state-of-incorporation": "MA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-14583", "film-number": "06818745"}, "business-address": {"street1": "625 MADISON AVE", "city": "NEW YORK", "state": "NY", "zip": "10022", "phone": "2124215333"}, "mail-address": {"street1": "625 MADISON AVENUE", "city": "NEW YORK", "state": "NY", "zip": "10022"}, "former-company": {"former-conformed-name": "AMERICAN MORTGAGE INVESTORS TRUST", "date-changed": "19931013"}}
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): MAY 9, 2006

                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
               (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)

                                  MASSACHUSETTS
                 (STATE OR OTHER JURISDICTION OF INCORPORATION)

        0-23972                                          13-6972380
(COMMISSION FILE NUMBER)                    (IRS EMPLOYER IDENTIFICATION NUMBER)

                     625 MADISON AVENUE, NEW YORK, NY 10022
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

       REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (212) 317-5700

                                 NOT APPLICABLE
          (FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

[]   Written  communications  pursuant to Rule 425 under the  Securities Act (17
     CFR 230.425)

[]   Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

[]   Pre-commencement   communications  pursuant  to  Rule  14d-2(b)  under  the
     Exchange Act (17 CFR 240.14d-2(b))

[]   Pre-commencement   communications  pursuant  to  Rule  13e-4(c)  under  the
     Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
           ---------------------------------------------

On May 9, 2006,  American Mortgage  Acceptance Company ("AMAC" or the "Company")
(AMEX:  AMC) released a press release  announcing its financial  results for the
first  quarter ended March 31, 2006. A copy of this press release is attached to
this Current Report as Exhibit 99.1 and incorporated herein by reference.

The  information  included in this Current  Report,  including  the  information
included in Exhibit 99.1 attached hereto,  is intended to be furnished  pursuant
to "Item 2.02.  Disclosure of Results of Operations and Financial Condition" and
not deemed to be "filed" for purposes of Section 18 of the  Securities  Exchange
Act of 1934, as amended (the "Exchange  Act"),  or  incorporated by reference in
any filing under the  Securities Act of 1933, as amended  ("Securities  Act") or
the Exchange  Act, or otherwise  subject to the  liabilities  of that Section of
Sections 11 and 12 (a) (2) of the Securities Act.

ITEM 9.01. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
           ------------------------------------------------------------------

(a).  Financial Statements

Not Applicable

(b).  Pro Forma Financial Information

Not Applicable

(c).  Exhibits

99.1 Press  Release dated May 9, 2006,  "American  Mortgage  Acceptance  Company
Reports First Quarter Financial Results For 2006".
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/ Jeff T. Blau
                                                ----------------
                                                Jeff T. Blau
                                                Chief Executive Officer

May 9, 2006
AT THE COMPANY
Brenda Abuaf, Director of Shareholder Services
(800) 831-4826

                      AMERICAN MORTGAGE ACCEPTANCE COMPANY
                REPORTS FIRST QUARTER FINANCIAL RESULTS FOR 2006

NEW YORK, NY - MAY 9, 2006 - American Mortgage Acceptance Company ("AMAC" or the
"Company") (AMEX:  AMC) today announced  financial results for its first quarter
ended March 31, 2006.

FINANCIAL HIGHLIGHTS

AMAC reported total revenues of approximately  $8.1 million for the three months
ended March 31, 2006,  representing an increase of 20.3% as compared to revenues
of approximately $6.7 million for the three months ended March 31, 2005.

For  the  three  months  ended  March  31,  2006,  AMAC  earned  net  income  of
approximately $2.2 million,  representing a decrease of 23.3% as compared to net
income of approximately  $2.8 million for the three months ended March 31, 2005.
On a per share  basis  (basic and  diluted),  net income was $0.26 for the three
months ended March 31, 2006, representing a decrease of 23.5% as compared to net
income of $0.34 for the three  months  ended  March 31,  2005.  Net  income  was
impacted by increased  financing  costs as well as increase in certain  expenses
associated with a property in our real estate owned portfolio.

Funds from  Operations  ("FFO")  for the three  months  ended March 31, 2006 was
approximately $2.6 million,  representing a decrease of 18.0% as compared to FFO
of  approximately  $3.2 million for the three months ended March 31, 2005.  On a
per share basis  (basic and  diluted),  FFO was $0.32 for the three months ended
March 31, 2006, representing a decrease of 15.8% as compared to FFO of $0.38 for
the three  months  ended March 31,  2005.  FFO was  impacted by the same factors
listed above that affected net income.

AMAC's  present  quarterly  dividend on an annualized  basis is $1.60 per share,
representing an approximate 10.4% yield on the $15.36 per share closing price on
May 8, 2006.

Marc D.  Schnitzer,  President  of  AMAC  commented,  "As is  typical  with  our
business,  the first quarter  tends to be the slowest from a transaction  volume
perspective.  Our second quarter investment activity has begun to accelerate and
our pipeline  for  investments  is  building.  To date,  we have  originated  or
acquired  loans  totaling $108 million in the second  quarter,  including  first
mortgage,  mezzanine and bridge loans. In addition,  at the end of March, one of
AMAC's subsidiaries  entered into a new repurchase facility with Bank of America
Securities,  which  will  enable  us to borrow  up to $250  million  to fund new
investment  activity.  We continue  to believe  that we are well  positioned  to
execute our business plan and achieve our  financial  goals for the remainder of
the year."

MANAGEMENT CONFERENCE CALL

Management  will conduct a conference  call today to review the Company's  first
quarter  financial  results for the period ended March 31, 2006.  The conference
call is scheduled for 11:00 a.m.  Eastern  Time.  Callers will be invited to ask
questions. Investors, brokers, analysts, and shareholders wishing to participate
should call (800) 479-9001. A webcast of the presentation will be available live
and can be accessed through the Company's  website,  www.americanmortgageco.com.
To listen to the presentation via webcast,  please go to the website's "Investor
Relations"  section at least 15 minutes prior to the start of the  presentation.
For interested  individuals  unable to join the conference call, a replay of the
call  will be  available  through  Saturday,  May 13,  2006  at  (888)  203-1112
(Passcode  1871425)  or  on  our  website,  www.americanmortgageco.com,  through
Tuesday, May 23, 2006.
SUPPLEMENTAL FINANCIAL INFORMATION

For  more  detailed  financial  information,   please  access  the  Supplemental
Financial  Package,  which is available in the Investor Relations section of the
AMAC website at www.americanmortgageco.com.

ABOUT THE COMPANY

AMAC is a real estate  investment  trust that  specializes  in  multifamily  and
commercial  real estate  finance.  AMAC  originates  and acquires first mortgage
loans,  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.
AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                             SELECTED FINANCIAL DATA
                    (In thousands, except per share amounts)
===========  ===========
                                                                        March 31,   December 31,
                                                                          2006         2005
                                                                       -----------  -----------
                                                                       (Unaudited)
Financial Position

   Total assets                                                         $388,344     $400,723
                                                                        ========     ========

   Repurchase facilities payable                                        $205,650     $209,101
                                                                        ========     ========

   Warehouse facility payable                                           $     --     $  4,070
                                                                        ========     ========

   Mortgages payable on real estate owned                               $ 40,355     $ 40,487
                                                                        ========     ========

   Preferred shares of subsidiary (subject to mandatory repurchase)     $ 25,000     $ 25,000
                                                                        ========     ========

   Total liabilities                                                    $276,860     $286,540
                                                                        ========     ========

   Total shareholders' equity                                           $111,484     $114,183
                                                                        ========     ========
===================
                                                        Three Months Ended
                                                             March 31,
                                                         2006         2005
                                                        ------       ------
                                                            (Unaudited)
Operations

Total revenues                                          $8,064       $6,703
                                                        ======       ======

Net income                                              $2,169       $2,827
                                                        ======       ======

Net income per share (basic and diluted)                $ 0.26       $ 0.34
                                                        ======       ======

Weighted average shares outstanding

  Basic                                                  8,304        8,337
                                                        ======       ======
  Diluted                                                8,307        8,344
                                                        ======       ======
Funds from Operations ("FFO")(1),  as calculated in accordance with the National
Association of Real Estate  Investment  Trusts  ("NAREIT")  definition,  for the
three  months  ended March 31, 2006 and 2005,  is  summarized  in the  following
table:
=========================
                                                         Three Months Ended
                                                              March 31,
                                                        2006             2005
                                                      --------         --------
Net income                                            $  2,169         $  2,827

Depreciation of real property                         $    450         $    366
                                                      --------         --------

FFO                                                   $  2,619         $  3,193
                                                      ========         ========

Cash flows from operating activities                  $  1,654         $  3,732
                                                      ========         ========
Cash flows from investing activities                  $    233         $(33,448)
                                                      ========         ========
Cash flows from financing activities                  $(12,423)        $ 37,170
                                                      ========         ========

FFO per share (basic and diluted)                     $   0.32         $   0.38
                                                      ========         ========

Weighted average shares outstanding
  Basic                                                  8,304            8,337
                                                      ========         ========
  Diluted                                                8,307            8,344
                                                      ========         ========
(1) FFO  represents  net income or loss  (computed in accordance  with generally
accepted accounting principles ("GAAP")), excluding gains (or losses) from sales
of property,  excluding  depreciation and amortization  related to real property
and including funds from operations for unconsolidated joint ventures calculated
on the same basis. AMAC calculates FFO in accordance with the NAREIT definition.
FFO does not represent cash  generated  from operating  activities in accordance
with  GAAP and is not  necessarily  indicative  of cash  available  to fund cash
needs.  FFO  should  not be  considered  as an  alternative  to net income as an
indicator of the Company's  operating  performance  or as an alternative to cash
flows as a measure of liquidity. Management considers FFO a supplemental measure
of operating performance,  and, along with cash flows from operating activities,
financing activities,  and investing  activities,  it provides investors with an
indication  of the  ability of the Company to incur and  service  debt,  to make
capital  expenditures,  and to fund other cash  needs.  Since not all  companies
calculate FFO in a similar fashion,  our calculation  presented above may not be
comparable to similarly titled measures reported by other companies.

CERTAIN  STATEMENTS IN THIS DOCUMENT 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 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  MOST  RECENT  ANNUAL  REPORT ON FORM 10-K AND IN ITS OTHER
FILINGS  WITH THE  SECURITIES  AND  EXCHANGE  COMMISSION.  SUCH  FORWARD-LOOKING
STATEMENTS SPEAK ONLY AS OF THE DATE OF THIS DOCUMENT.  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.

                                       ###