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American Home Mortgage Investment Corp. Announces Commencement of a Proposed Offering of 9 Million Shares of Common Stock

Posted on: Thursday, 28 July 2005, 18:01 CDT

MELVILLE, N.Y., July 28 /PRNewswire-FirstCall/ -- American Home Mortgage Investment Corp. announced today that it is commencing a proposed offering of 9 million shares of its common stock pursuant to its shelf registration statement. In addition, the Company has granted the underwriters an option to purchase up to 1.35 million additional shares to cover over- allotments, if any.

The Company is also announcing today that, due to the offering, its Board of Directors has declared two separate common stock dividends in lieu of one regular dividend for the third quarter of 2005. The first dividend of $0.43 per share is payable on October 27, 2005, to stockholders of record as of August 8, 2005. The second dividend of $0.43 per share is payable on October 27, 2005 to stockholders of record as of October 7, 2005. Stockholders who own American Home common shares through both record dates will, accordingly, be paid $0.86 per share on October 27.

The Company is also announcing that its Board of Directors has declared a dividend of $0.609375 per share on its 9.75% Cumulative Redeemable Series A Preferred Stock and a dividend of $0.578125 per share on its 9.25% Cumulative Redeemable Series B Preferred Stock. The dividends for both the Series A and Series B Preferred Stock are payable on October 31, 2005 to stockholders of record as of October 7, 2005.

When available, copies of the preliminary prospectus supplement for the offering may be obtained by contacting one of the underwriters. A registration statement relating to these securities has been filed with the Securities and Exchange Commission and has been declared effective.

The shares are being offered pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer will be made, if at all, only by the means of the prospectus, including the prospectus supplement, which forms a part of the effective registration statement.

American Home Mortgage Investment Corp. is a mortgage real estate investment trust ("REIT") focused on earning net interest income from self- originated mortgage-backed securities, and through its taxable subsidiaries, from originating and servicing mortgage loans for institutional investors. Mortgages are originated through a network of loan production offices as well as through mortgage brokers and correspondents and are serviced at the Company's Irving, Texas servicing center. For additional information, please visit the Company's website at http://www.americanhm.com/.

This news release contains "forward-looking statements" that are based upon expectations, estimates, forecasts, projections and assumptions. Any statement in this news release that is not a statement of historical fact, including, but not limited to, earnings guidance and forecasts, projections of financial results and loan origination volume, expected future financial position, dividend plans or business strategy, and any other statements of plans, expectations, objectives, estimates and beliefs, is a forward looking statement. Words such as "look forward,""will,""anticipate,""may,""expect,""plan,""believe,""intend,""opportunity,""potential," and similar words, or the negatives of those words, are intended to identify forward- looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that are difficult to predict, and are not guarantees of future performance. As a result, actual future events may differ materially from any future results, performance or achievements expressed in or implied by this news release. Specific factors that might cause such a difference include, but are not limited to: American Home's limited operating history with respect to its portfolio strategy; the potential fluctuations in American Home's operating results; American Home's potential need for additional capital; the direction of interest rates and their subsequent effect on the business of American Home and its subsidiaries; risks associated with the use of leverage; changes in federal and state tax laws affecting REITs; federal and state regulation of mortgage banking; and those risks and uncertainties discussed in filings made by American Home with the Securities and Exchange Commission. Such forward-looking statements are inherently uncertain, and stockholders must recognize that actual results may differ from expectations. American Home does not assume any responsibility, and expressly disclaims any responsibility, to issue updates to any forward- looking statements discussed in this news release, whether as a result of new information, future events or otherwise.

American Home Mortgage Investment Corp.

CONTACT: Mary M. Feder, Vice President, Investor Relations, +1-631-622-6469, mary.feder@americanhm.com

Web site: http://www.americanhm.com/

Source: PRNewswire-FirstCall

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