American Mortgage Acceptance Co. has lowered its adjusted funds from operations per share guidance for 2006 to a range of $1.08 to $1.13 from a range of $3 to $3.20, citing loan performance issues.“The reduction in AMAC’s expected 2006 AFFO per share is primarily due to writedowns of $12 million in principal and the reversal of $908,000 in accrued interest relating to three nonperforming mezzanine loans in the company’s investment portfolio,” said J. Larry Duggins, AMAC’s chief executive officer. “While we continue to pursue our rights and make efforts to collect on these loans, we determined that these writedowns were necessary,” he said. The company plans to release 2006 earnings results on March 20. The AFFO guidance it has released excludes the changes in fair value of derivative instruments, net of certain associated costs. The company can be found on the Web at http://www.americanmortgageco.com.

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