America First Multifamily Investors, L.P. Reports Third Quarter 2016 Earnings

OMAHA, Nebraska, Nov. 07, 2016 (GLOBE NEWSWIRE) -- On November 7, 2016, America First Multifamily Investors, L.P. (NASDAQ:ATAX) (the "Partnership") reported the following operating results:

For the quarter ended September 30, 2016
  • Total revenue increased 2.3% to $13.2 million in the third quarter 2016, compared to $12.9 million in the third quarter 2015
  • Net income, basic and diluted, increased 75% to $0.07 in the third quarter 2016, compared to $0.04 per unit in the third quarter 2015, and
  • Cash Available for Distribution remained constant at $0.09 per unit in the third quarter 2016 and $0.09 per unit in the third quarter 2015

For the nine months ended September 30, 2016
  • Total revenue increased 10.2% to $43.1 million, year to date September 30, 2016, compared to $39.1 million, year to date September 30, 2015
  • Net income, basic and diluted, increased 25% to $0.25 per unit, year to date September 30, 2016, compared to $0.20 per unit, year to date September 30, 2015, and
  • Cash Available for Distribution increased 17.6% to $0.40 per unit, year to date September 30, 2016, compared to $0.34 per unit, year to date September 30, 2015

The Partnership reported the following notable transactions during the third quarter of 2016:
  • Invested approximately $9.5 million as the only limited equity investor in three entities and reported its investment by the equity method of accounting,
  • Sold an MF Property for approximately $15.7 million,
  • Restructured three Series B Mortgage Revenue Bonds for approximately $5.9 million,
  • Acquired one MF Property for approximately $9.9 million,
  • Modified and extended, existing seven Term A/B Trusts and entered into five new Trusts for approximately $134.4 million,
  • Reduced the Mortgages payable and other secured financings by approximately $7.5 million from the net proceeds of the MF Property sale.

The Partnership reported the following notable transactions, year to date, September 30, 2016:
  • Purchased five mortgage revenue bonds for approximately $20.3 million par value which are collateralized by multifamily residential properties,
  • Invested approximately $12.8 million as the only limited equity investor in three entities and reported its investment by the equity method of accounting,
  • Sold one mortgage revenue bond for approximately $9.5 million, which approximated its carrying value plus accrued interest,
  • Redeemed four Series B Mortgage Revenue Bonds for approximately $5.2 million and the proceeds were reinvested into the operations of the Partnership,
  • Sold two MF Properties for approximately $45.9 million,
  • Acquired one MF Property for approximately $9.9 million,
  • In conjunction with the sale of the remaining three MBS Securities, the related $11.0 million derivative hedging of the MBS Tender Option Bond ("TOB") financing facility was terminated for its fair value, resulting in no gain or loss,
  • Modified and extended, existing seven Term A/B Trusts and entered into five new Trusts for approximately $134.4 million,
  • Paid in full, and collapsed, four TOB financings with Deutsche Bank for a total of $20.3 million, and
  • Reduced the Mortgages payable and other secured financings by approximately $24.0 million from the net proceeds of the MF Property sale.

In July 2016, the Partnership sold Woodland Park, a 236-unit MF Property, for $15.7 million and realized a gain of approximately $1.0 million, after income taxes and other costs associated with the sale.  The wholly owned subsidiary of the Partnership which owned Woodland Park reported a current tax liability of approximately $559,000 related to this sale.  ATAX had originally invested in Woodland Park through its ownership of mortgage revenue bonds issued by the property.  In 2013, ATAX foreclosed, and took ownership of the property, due to the default on the bonds.      

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