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America First Tax Exempt Investors, L.P. Announces Recent Investment Activity

Stocks in this article: ATAX

OMAHA, Neb., Aug. 22, 2013 (GLOBE NEWSWIRE) -- America First Tax Exempt Investors, L.P. (Nasdaq:ATAX) (the "Company" or "ATAX") announced that it acquired at par six tax-exempt bonds secured by three properties located in San Antonio, Texas on June 27, 2013. The bond purchases are as follows: a $5.8 million par value Series A and a $2.5 million par value Series B tax-exempt mortgage revenue bond secured by the Dublin Apartments, a 156 unit multifamily apartment complex; a $3.1 million par value Series A and a $2.3 million par value Series B tax-exempt mortgage revenue bonds secured by the Kingswood Apartments, a 129 unit multifamily apartment complex; and a $5.5 million par value Series A and $1.7 million par value Series B tax-exempt mortgage revenue bonds secured by the Waterford Apartments, a 133 unit multifamily apartment complex. The three Series A tax-exempt senior mortgage revenue bonds each carry an annual interest rate of 6.0% and mature on August 1, 2050. The three Series B tax-exempt subordinate mortgage revenue bonds each carry an annual cash interest rate of 9% plus allow for an additional 3% of interest calculated on each related property's available cash flow after debt service and mature on September 1, 2050.

In June 2013, the Company redeemed its interest in the Iona Lakes tax-exempt mortgage revenue bond receiving cash proceeds of approximately $21.9 million. This redemption resulted in the realization of approximately $6.5 million in contingent tax-exempt interest income and an approximately $4.6 million realized loss on a taxable property loan. The net tax-exempt gain of approximately $1.9 million was Tier 2 income and 25% was distributed to the General Partner in July 2013.

The Company filed its Form 10-Q for the quarter ended June 30, 2013 with the Securities and Exchange Commission ("SEC") on August 9, 2013. The quarterly consolidated financial statements filed with the SEC as well as the Company's second quarter supplemental financial report are both accessible via the Company's website located on the World Wide Web at www.ataxfund.com

The quarterly supplemental financial report presented on our website serves two primary purposes which align to how management monitors the performance of the business. Management utilizes a calculation called cash available for distribution ("CAD"), a non-GAAP measure, to determine the Partnership's ability to make distributions to unitholders. This supplemental report highlights changes to CAD in the most recent quarter and overall trends in CAD performance, information which is also disclosed in the Company's previously filed Form 10-Q.

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