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): November 8, 2005
                                                         ----------------



                      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  November  8,  2005,  American  Mortgage  Acceptance  Company  ("AMAC" or the
"Company") (AMEX: AMC) released a press release announcing its financial results
for the third  quarter and the nine months ended  September  30, 2005. 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 November 8, 2005, "American Mortgage Acceptance Company
Reports Third Quarter Financial Results".


<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/ Stuart J. Boesky
      --------------------
      Stuart J. Boesky
      President & Chief Executive Officer


November 8, 2005


<PAGE>


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



                  AMERICAN MORTGAGE ACCEPTANCE COMPANY REPORTS
                 FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2005


NEW YORK, NY - NOVEMBER 8, 2005 - American Mortgage  Acceptance  Company ("AMAC"
or the "Company")  (AMEX:  AMC) today announced  financial results for the third
quarter and the nine months ended September 30, 2005.

"AMAC  performed very well from an operational  perspective in the third quarter
of 2005.  Our loan  origination  momentum has  continued,  and as a result,  the
Company's originations total for first mortgages, mezzanine and bridge loans for
the first nine months of 2005 was approximately $42.5 million, which has tripled
from the same period last year," said John A. Garth,  Chief Operating Officer of
AMAC.  "We are  particularly  proud of our  performance,  given the rising  rate
environment and the difficulty  that some of our  competitors  have had over the
last  quarter,  leading to many of them  having to cut their  dividends.  We are
still experiencing healthy spreads between our cost of funds and our origination
rates on our new mezzanine  loans and our pipeline for the remainder of the year
is solid. In addition,  we have begun to explore several new financing  programs
that  should  enable the  Company to lower its cost of capital  and become  more
competitive in the mezzanine lending industry."

FINANCIAL HIGHLIGHTS

During  September 2005, a Ginnie Mae  Certificate  ("GNMA") and a mezzanine loan
totaling  approximately  $24.3 million in principal  was prepaid.  In connection
with  the   prepayment,   AMAC  received  fees  related  to  the  prepayment  of
approximately  $5.3 million bringing the total proceeds to  approximately  $29.6
million.  While we received the fees in September,  the principal balance on the
GNMA  certificate,  approximately  $21.4  million,  was  retained by GNMA and we
received it in October  2005,  GNMA's normal  clearing  date.  AMAC's  financial
results include the incremental impact of this one-time  prepayment.  Therefore,
we are reporting  revenues,  net income and Funds from Operations both including
and excluding the incremental impact of this prepayment.

AMAC reported total revenues of approximately $12.8 million for the three months
ended September 30, 2005,  representing an increase of  approximately  121.4% as
compared to revenues of  approximately  $5.8  million for the three months ended
September 30, 2004.  AMAC's total  revenues for the nine months ended  September
30, 2005 was approximately  $26.4 million,  representing an increase of 58.0% as
compared to revenues of  approximately  $16.7  million for the nine months ended
September 30, 2004.

Adjusted  revenues of  approximately  $7.4  million for the three  months  ended
September 30, 2005,  represented an increase of 27.8% as compared to revenues of
approximately $5.8 million for the three months ended September 30, 2004. AMAC's
total  adjusted  revenues  for the nine  months  ended  September  30,  2005 was
approximately  $21.0 million,  representing  an increase of 25.7% as compared to
revenues of approximately  $16.7 million for the nine months ended September 30,
2004. The increase in adjusted  revenues  compared to the third quarter and nine
months of 2004 was primarily due to additional  investments  in debt  securities
and mortgage loans.

For the three  months  ended  September  30,  2005,  AMAC  earned  net income of
approximately  $7.3 million,  representing  an increase of 125.1% as compared to
net income of  approximately  $3.2 million for the three months ended  September
30, 2004. On a per share basis (basic and diluted), net income was $0.88 for the
three months ended  September  30, 2005,  representing  an increase of 125.6% as
compared to net income of $0.39 for the three months ended  September  30, 2004.
For the nine  months  ended  September  30,  2005,  AMAC  earned  net  income of
approximately  $13.2 million,  representing  an increase of 33.1% as compared to
net income of approximately $9.9 million for the nine months ended September 30,
2004.  On a per share basis  (basic and  diluted),  net income was $1.59 for the
nine months  ended  September  30,  2005,  representing  an increase of 33.6% as
compared to $1.19 for the nine months ended September 30, 2004.


<PAGE>



AMAC earned  adjusted  net income of  approximately  $2.9  million for the three
months ended September 30, 2005, representing a decrease of 10.2% as compared to
net income of  approximately  $3.2 million for the three months ended  September
30,  2004.  On a per share basis  (basic and  diluted),  adjusted net income was
$0.35 for the three months ended September 30, 2005,  representing a decrease of
10.3% as compared to net income of $0.39 for the three  months  ended  September
30, 2004. For the nine months ended September 30, 2005, AMAC earned adjusted net
income of  approximately  $8.8  million,  representing  a  decrease  of 11.2% as
compared to net income of  approximately  $9.9 million for the nine months ended
September  30,  2004.  On a per share basis  (basic and  diluted),  adjusted net
income was $1.06 for the nine months ended  September 30, 2005,  representing  a
decrease of 10.9% as  compared to net income of $1.19 for the nine months  ended
September  30,  2004.  Adjusted  net income for the three and nine months  ended
September 30, 2005,  was impacted by  property-level  interest and  depreciation
recorded on real estate owned in 2005, while  significantly  less was recognized
in the 2004 periods, as well as accounting,  administrative and financing costs,
which outpaced the income from additional investments.

Funds from Operations  ("FFO") for the three months ended September 30, 2005 was
approximately  $7.6 million,  representing  an increase of 131.2% as compared to
FFO of approximately $3.3 million for the three months ended September 30, 2004.
On a per share basis  (basic and  diluted),  FFO was $0.92 for the three  months
ended September 30, 2005,  representing an increase of 130.0% as compared to FFO
of $0.40 for the three months ended  September 30, 2004. FFO for the nine months
ended  September  30, 2005 was  approximately  $14.2  million,  representing  an
increase of 38.4% as compared to FFO of approximately $10.3 million for the nine
months ended  September 30, 2004. On a per share basis (basic and diluted),  FFO
was $1.71 for the nine months ended September 30, 2005, representing an increase
of 39.0% as  compared to FFO of $1.23 for the nine months  ended  September  30,
2004.

Adjusted  FFO for the three months ended  September  30, 2005 was  approximately
$3.3  million,   representing   a  decrease  of  1.6%  as  compared  to  FFO  of
approximately  $3.3 million for the three months ended  September 30, 2004. On a
per share basis (basic and diluted), adjusted FFO was $0.39 for the three months
ended September 30, 2005,  representing a decrease of 2.5% as compared to FFO of
$0.40 for the three months ended  September 30, 2004.  Adjusted FFO for the nine
months ended September 30, 2005 was approximately  $9.9 million,  representing a
decrease of 4.3% as compared to FFO of approximately  $10.3 million for the nine
months  ended  September  30, 2004.  On a per share basis  (basic and  diluted),
adjusted  FFO  was  $1.18  for  the  nine  months  ended   September  30,  2005,
representing a decrease of 4.1% as compared to FFO of $1.23 for the three months
ended  September  30, 2004.  The adjusted FFO results were  impacted by the same
cost  factors  that  affected   adjusted  net  income   results,   exclusive  of
depreciation.

AMAC's  present  quarterly  dividend on an annualized  basis is $1.60 per share,
representing an approximate 11.9% yield on the $13.46 per share closing price on
November 7, 2005.

INVESTMENT ACTIVITY

AMAC's investment  activity in the third quarter included the partial funding of
approximately  $16.1 million of floating rate mezzanine loans,  $13.8 million of
which has been funded to date.  For the nine months  ended  September  30, 2005,
AMAC has originated approximately $42.5 million of first mortgages and mezzanine
loans, $36.5 million of which has been funded to date. In addition, for the same
time period,  the Company has acquired  Fannie Mae  Certificates  with principal
amounts totaling approximately $38.2 million.

SPECIAL DIVIDEND

On October 6, 2005, AMAC Board of Trustees  declared a one-time special dividend
of $0.30 per share,  which is payable on November 30, 2005, to  shareholders  of
record as of October 31, 2005.  This special  dividend is in connection with the
prepayment of the GNMA certificate and mezzanine loan mentioned above. 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.


<PAGE>



MANAGEMENT CONFERENCE CALL

Management  will conduct a conference  call today to review the Company's  third
quarter  financial  results  for  the  period  ended  September  30,  2005.  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) 967-7135.  For interested individuals unable to
join the  conference  call,  a  replay  of the call  will be  available  through
Saturday,  November 12, 2005,  at (888)  203-1112  (Passcode  9491133) or on our
website, www.americanmortgageco.com, through Tuesday, November 22, 2005.

SUPPLEMENTAL FINANCIAL INFORMATION

For  more  detailed  financial  information,   please  access  the  Supplemental
Financial Package,  which will be 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  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
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>

                                                                  -------------    -----------
                                                                   September 30,   December 31,
                                                                       2005           2004
                                                                  -------------    -----------
                                                                   (Unaudited)

Financial Position
<S>                                                                  <C>             <C>
Total assets                                                         $412,061        $349,033
                                                                     ========        ========

Repurchase facilities payable                                        $214,645        $157,633
                                                                     ========        ========

Warehouse facility payable                                           $  4,070        $  3,827
                                                                     ========        ========

Line of credit - due to related party                                $     --        $  4,600
                                                                     ========        ========

Mortgages payable on real estate owned                               $ 40,618        $ 56,993
                                                                     ========        ========

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

Total liabilities                                                    $291,708        $228,501
                                                                     ========        ========

Total shareholders' equity                                           $120,353        $120,532
                                                                     ========        ========

</TABLE>
<TABLE>
<CAPTION>

                                              ----------------------      ----------------------
                                                Three months ended          Nine months ended
                                                   September 30,               September 30,
                                              ----------------------      ----------------------
                                                2005          2004          2005          2004
                                              --------      --------      --------      --------
                                                                  (Unaudited)
Operations
<S>                                            <C>           <C>           <C>           <C>
Total revenues                                 $12,766       $ 5,765       $26,367       $16,683
                                               =======       =======       =======       =======

Total adjusted revenues*                       $ 7,368       $ 5,765       $20,969       $16,683
                                               =======       =======       =======       =======

Net income                                     $ 7,312       $ 3,249       $13,208       $ 9,924
                                               =======       =======       =======       =======

Adjusted net income*                           $ 2,919       $ 3,249       $ 8,815       $ 9,924
                                               =======       =======       =======       =======

Net income per share (basic and diluted)       $  0.88       $  0.39       $  1.59       $  1.19
                                               =======       =======       =======       =======

Adjusted net income per share
                (basic and diluted)*           $  0.35       $  0.39       $  1.06       $  1.19
                                               =======       =======       =======       =======

Weighted average shares outstanding
  Basic                                          8,311         8,336         8,320         8,337
                                               =======       =======       =======       =======
  Diluted                                        8,314         8,336         8,323         8,341
                                               =======       =======       =======       =======

</TABLE>

* Excludes  incremental impact of GNMA Certificate and Mezzanine Loan investment
prepayments.


<PAGE>



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


Funds from Operations ("FFO")(1),  as calculated in accordance with the National
Association of Real Estate  Investment  Trusts  ("NAREIT")  definition,  for the
three and nine months ended  September  30, 2005 and 2004,  is summarized in the
following table:

<TABLE>
<CAPTION>

                                             ------------------------       -----------------------
                                                Three months ended             Nine months ended
                                                   September 30,                 September 30,
                                             ------------------------       -----------------------
                                               2005            2004           2005           2004
                                             --------        --------       --------       --------
<S>                                          <C>             <C>            <C>            <C>
Net Income                                   $  7,312        $  3,249       $ 13,208       $  9,924

Depreciation of real property                     336              59          1,038            367
                                             --------        --------       --------       --------

FFO                                          $  7,648        $  3,308       $ 14,246       $ 10,291
                                             ========        ========       ========       ========
Adjusted FFO*                                $  3,255        $  3,308       $  9,853       $ 10,291
                                             ========        ========       ========       ========

Cash flows from operating activities         $  8,547        $  3,765       $ 15,051       $ 10,349
                                             ========        ========       ========       ========
Cash flows from investing activities         $(10,619)       $  3,113       $(67,257)      $ 11,796
                                             ========        ========       ========       ========
Cash flows from financing activities         $ 10,182        $  3,101       $ 66,491       $(11,738)
                                             ========        ========       ========       ========

FFO per share (basic and diluted)            $   0.92        $   0.40       $   1.71       $   1.23
                                             ========        ========       ========       ========
Adjusted FFO per share
                  (basic and diluted)*       $   0.39        $   0.40       $   1.18       $   1.23
                                             ========        ========       ========       ========

Weighted average shares outstanding
  Basic                                         8,311           8,336          8,320          8,337
                                             ========        ========       ========       ========
  Diluted                                       8,314           8,336          8,323          8,341
                                             ========        ========       ========       ========

</TABLE>

* Excludes  incremental impact of GNMA Certificate and Mezzanine Loan investment
prepayments.

(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  PRESS  RELEASE  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  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.

                                       ###
[{"type": "8-K", "sequence": "1", "filename": "f8k_sept2005-amac.txt", "description": "AMAC PRESS RELEASE SEPTEMBER 2005", "secsgml_size_bytes": 25214}]
{"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": "051184781"}, "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): November 8, 2005
                                                         ----------------

                      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  November  8,  2005,  American  Mortgage  Acceptance  Company  ("AMAC" or the
"Company") (AMEX: AMC) released a press release announcing its financial results
for the third  quarter and the nine months ended  September  30, 2005. 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 November 8, 2005, "American Mortgage Acceptance Company
Reports Third Quarter Financial Results".
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
      --------------------
      Stuart J. Boesky
      President & Chief Executive Officer

November 8, 2005
AT THE COMPANY
--------------
Brenda Abuaf, Director of Shareholder Services
(800) 831-4826

                  AMERICAN MORTGAGE ACCEPTANCE COMPANY REPORTS
                 FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2005

NEW YORK, NY - NOVEMBER 8, 2005 - American Mortgage  Acceptance  Company ("AMAC"
or the "Company")  (AMEX:  AMC) today announced  financial results for the third
quarter and the nine months ended September 30, 2005.

"AMAC  performed very well from an operational  perspective in the third quarter
of 2005.  Our loan  origination  momentum has  continued,  and as a result,  the
Company's originations total for first mortgages, mezzanine and bridge loans for
the first nine months of 2005 was approximately $42.5 million, which has tripled
from the same period last year," said John A. Garth,  Chief Operating Officer of
AMAC.  "We are  particularly  proud of our  performance,  given the rising  rate
environment and the difficulty  that some of our  competitors  have had over the
last  quarter,  leading to many of them  having to cut their  dividends.  We are
still experiencing healthy spreads between our cost of funds and our origination
rates on our new mezzanine  loans and our pipeline for the remainder of the year
is solid. In addition,  we have begun to explore several new financing  programs
that  should  enable the  Company to lower its cost of capital  and become  more
competitive in the mezzanine lending industry."

FINANCIAL HIGHLIGHTS

During  September 2005, a Ginnie Mae  Certificate  ("GNMA") and a mezzanine loan
totaling  approximately  $24.3 million in principal  was prepaid.  In connection
with  the   prepayment,   AMAC  received  fees  related  to  the  prepayment  of
approximately  $5.3 million bringing the total proceeds to  approximately  $29.6
million.  While we received the fees in September,  the principal balance on the
GNMA  certificate,  approximately  $21.4  million,  was  retained by GNMA and we
received it in October  2005,  GNMA's normal  clearing  date.  AMAC's  financial
results include the incremental impact of this one-time  prepayment.  Therefore,
we are reporting  revenues,  net income and Funds from Operations both including
and excluding the incremental impact of this prepayment.

AMAC reported total revenues of approximately $12.8 million for the three months
ended September 30, 2005,  representing an increase of  approximately  121.4% as
compared to revenues of  approximately  $5.8  million for the three months ended
September 30, 2004.  AMAC's total  revenues for the nine months ended  September
30, 2005 was approximately  $26.4 million,  representing an increase of 58.0% as
compared to revenues of  approximately  $16.7  million for the nine months ended
September 30, 2004.

Adjusted  revenues of  approximately  $7.4  million for the three  months  ended
September 30, 2005,  represented an increase of 27.8% as compared to revenues of
approximately $5.8 million for the three months ended September 30, 2004. AMAC's
total  adjusted  revenues  for the nine  months  ended  September  30,  2005 was
approximately  $21.0 million,  representing  an increase of 25.7% as compared to
revenues of approximately  $16.7 million for the nine months ended September 30,
2004. The increase in adjusted  revenues  compared to the third quarter and nine
months of 2004 was primarily due to additional  investments  in debt  securities
and mortgage loans.

For the three  months  ended  September  30,  2005,  AMAC  earned  net income of
approximately  $7.3 million,  representing  an increase of 125.1% as compared to
net income of  approximately  $3.2 million for the three months ended  September
30, 2004. On a per share basis (basic and diluted), net income was $0.88 for the
three months ended  September  30, 2005,  representing  an increase of 125.6% as
compared to net income of $0.39 for the three months ended  September  30, 2004.
For the nine  months  ended  September  30,  2005,  AMAC  earned  net  income of
approximately  $13.2 million,  representing  an increase of 33.1% as compared to
net income of approximately $9.9 million for the nine months ended September 30,
2004.  On a per share basis  (basic and  diluted),  net income was $1.59 for the
nine months  ended  September  30,  2005,  representing  an increase of 33.6% as
compared to $1.19 for the nine months ended September 30, 2004.
AMAC earned  adjusted  net income of  approximately  $2.9  million for the three
months ended September 30, 2005, representing a decrease of 10.2% as compared to
net income of  approximately  $3.2 million for the three months ended  September
30,  2004.  On a per share basis  (basic and  diluted),  adjusted net income was
$0.35 for the three months ended September 30, 2005,  representing a decrease of
10.3% as compared to net income of $0.39 for the three  months  ended  September
30, 2004. For the nine months ended September 30, 2005, AMAC earned adjusted net
income of  approximately  $8.8  million,  representing  a  decrease  of 11.2% as
compared to net income of  approximately  $9.9 million for the nine months ended
September  30,  2004.  On a per share basis  (basic and  diluted),  adjusted net
income was $1.06 for the nine months ended  September 30, 2005,  representing  a
decrease of 10.9% as  compared to net income of $1.19 for the nine months  ended
September  30,  2004.  Adjusted  net income for the three and nine months  ended
September 30, 2005,  was impacted by  property-level  interest and  depreciation
recorded on real estate owned in 2005, while  significantly  less was recognized
in the 2004 periods, as well as accounting,  administrative and financing costs,
which outpaced the income from additional investments.

Funds from Operations  ("FFO") for the three months ended September 30, 2005 was
approximately  $7.6 million,  representing  an increase of 131.2% as compared to
FFO of approximately $3.3 million for the three months ended September 30, 2004.
On a per share basis  (basic and  diluted),  FFO was $0.92 for the three  months
ended September 30, 2005,  representing an increase of 130.0% as compared to FFO
of $0.40 for the three months ended  September 30, 2004. FFO for the nine months
ended  September  30, 2005 was  approximately  $14.2  million,  representing  an
increase of 38.4% as compared to FFO of approximately $10.3 million for the nine
months ended  September 30, 2004. On a per share basis (basic and diluted),  FFO
was $1.71 for the nine months ended September 30, 2005, representing an increase
of 39.0% as  compared to FFO of $1.23 for the nine months  ended  September  30,
2004.

Adjusted  FFO for the three months ended  September  30, 2005 was  approximately
$3.3  million,   representing   a  decrease  of  1.6%  as  compared  to  FFO  of
approximately  $3.3 million for the three months ended  September 30, 2004. On a
per share basis (basic and diluted), adjusted FFO was $0.39 for the three months
ended September 30, 2005,  representing a decrease of 2.5% as compared to FFO of
$0.40 for the three months ended  September 30, 2004.  Adjusted FFO for the nine
months ended September 30, 2005 was approximately  $9.9 million,  representing a
decrease of 4.3% as compared to FFO of approximately  $10.3 million for the nine
months  ended  September  30, 2004.  On a per share basis  (basic and  diluted),
adjusted  FFO  was  $1.18  for  the  nine  months  ended   September  30,  2005,
representing a decrease of 4.1% as compared to FFO of $1.23 for the three months
ended  September  30, 2004.  The adjusted FFO results were  impacted by the same
cost  factors  that  affected   adjusted  net  income   results,   exclusive  of
depreciation.

AMAC's  present  quarterly  dividend on an annualized  basis is $1.60 per share,
representing an approximate 11.9% yield on the $13.46 per share closing price on
November 7, 2005.

INVESTMENT ACTIVITY

AMAC's investment  activity in the third quarter included the partial funding of
approximately  $16.1 million of floating rate mezzanine loans,  $13.8 million of
which has been funded to date.  For the nine months  ended  September  30, 2005,
AMAC has originated approximately $42.5 million of first mortgages and mezzanine
loans, $36.5 million of which has been funded to date. In addition, for the same
time period,  the Company has acquired  Fannie Mae  Certificates  with principal
amounts totaling approximately $38.2 million.

SPECIAL DIVIDEND

On October 6, 2005, AMAC Board of Trustees  declared a one-time special dividend
of $0.30 per share,  which is payable on November 30, 2005, to  shareholders  of
record as of October 31, 2005.  This special  dividend is in connection with the
prepayment of the GNMA certificate and mezzanine loan mentioned above. 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.
MANAGEMENT CONFERENCE CALL

Management  will conduct a conference  call today to review the Company's  third
quarter  financial  results  for  the  period  ended  September  30,  2005.  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) 967-7135.  For interested individuals unable to
join the  conference  call,  a  replay  of the call  will be  available  through
Saturday,  November 12, 2005,  at (888)  203-1112  (Passcode  9491133) or on our
website, www.americanmortgageco.com, through Tuesday, November 22, 2005.

SUPPLEMENTAL FINANCIAL INFORMATION

For  more  detailed  financial  information,   please  access  the  Supplemental
Financial Package,  which will be 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  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
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)
-------------    -----------
                                                                   September 30,   December 31,
                                                                       2005           2004
                                                                  -------------    -----------
                                                                   (Unaudited)

Financial Position
Total assets                                                         $412,061        $349,033
                                                                     ========        ========

Repurchase facilities payable                                        $214,645        $157,633
                                                                     ========        ========

Warehouse facility payable                                           $  4,070        $  3,827
                                                                     ========        ========

Line of credit - due to related party                                $     --        $  4,600
                                                                     ========        ========

Mortgages payable on real estate owned                               $ 40,618        $ 56,993
                                                                     ========        ========

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

Total liabilities                                                    $291,708        $228,501
                                                                     ========        ========

Total shareholders' equity                                           $120,353        $120,532
                                                                     ========        ========
----------------------      ----------------------
                                                Three months ended          Nine months ended
                                                   September 30,               September 30,
                                              ----------------------      ----------------------
                                                2005          2004          2005          2004
                                              --------      --------      --------      --------
                                                                  (Unaudited)
Operations
Total revenues                                 $12,766       $ 5,765       $26,367       $16,683
                                               =======       =======       =======       =======

Total adjusted revenues*                       $ 7,368       $ 5,765       $20,969       $16,683
                                               =======       =======       =======       =======

Net income                                     $ 7,312       $ 3,249       $13,208       $ 9,924
                                               =======       =======       =======       =======

Adjusted net income*                           $ 2,919       $ 3,249       $ 8,815       $ 9,924
                                               =======       =======       =======       =======

Net income per share (basic and diluted)       $  0.88       $  0.39       $  1.59       $  1.19
                                               =======       =======       =======       =======

Adjusted net income per share
                (basic and diluted)*           $  0.35       $  0.39       $  1.06       $  1.19
                                               =======       =======       =======       =======

Weighted average shares outstanding
  Basic                                          8,311         8,336         8,320         8,337
                                               =======       =======       =======       =======
  Diluted                                        8,314         8,336         8,323         8,341
                                               =======       =======       =======       =======
* Excludes  incremental impact of GNMA Certificate and Mezzanine Loan investment
prepayments.
AMERICAN MORTGAGE ACCEPTANCE COMPANY AND SUBSIDIARIES
                             SELECTED FINANCIAL DATA
                    (In thousands, except per share amounts)

Funds from Operations ("FFO")(1),  as calculated in accordance with the National
Association of Real Estate  Investment  Trusts  ("NAREIT")  definition,  for the
three and nine months ended  September  30, 2005 and 2004,  is summarized in the
following table:
------------------------       -----------------------
                                                Three months ended             Nine months ended
                                                   September 30,                 September 30,
                                             ------------------------       -----------------------
                                               2005            2004           2005           2004
                                             --------        --------       --------       --------
Net Income                                   $  7,312        $  3,249       $ 13,208       $  9,924

Depreciation of real property                     336              59          1,038            367
                                             --------        --------       --------       --------

FFO                                          $  7,648        $  3,308       $ 14,246       $ 10,291
                                             ========        ========       ========       ========
Adjusted FFO*                                $  3,255        $  3,308       $  9,853       $ 10,291
                                             ========        ========       ========       ========

Cash flows from operating activities         $  8,547        $  3,765       $ 15,051       $ 10,349
                                             ========        ========       ========       ========
Cash flows from investing activities         $(10,619)       $  3,113       $(67,257)      $ 11,796
                                             ========        ========       ========       ========
Cash flows from financing activities         $ 10,182        $  3,101       $ 66,491       $(11,738)
                                             ========        ========       ========       ========

FFO per share (basic and diluted)            $   0.92        $   0.40       $   1.71       $   1.23
                                             ========        ========       ========       ========
Adjusted FFO per share
                  (basic and diluted)*       $   0.39        $   0.40       $   1.18       $   1.23
                                             ========        ========       ========       ========

Weighted average shares outstanding
  Basic                                         8,311           8,336          8,320          8,337
                                             ========        ========       ========       ========
  Diluted                                       8,314           8,336          8,323          8,341
                                             ========        ========       ========       ========
* Excludes  incremental impact of GNMA Certificate and Mezzanine Loan investment
prepayments.

(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  PRESS  RELEASE  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  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.

                                       ###