OMAHA, Neb., May 05, 2017 (GLOBE NEWSWIRE) — On May 5, 2017, America First Multifamily Investors, L.P. (Nasdaq: ATAX) (the “Partnershipâ€) reported the following operating results:
For the quarter ended March 31, 2017
- Total revenue increased approximately 7.4% to $16.0 million in the first quarter 2017, compared to $14.9 million in the first quarter 2016,
- Net income per Unit, basic and diluted, increased approximately 150% to $0.10 in the first quarter 2017, compared to $0.04 per unit in the first quarter 2016, andÂ
- Cash Available for Distribution (“CADâ€) increased approximately 31.7% to $8.3 million ($0.14 per unit) in the first quarter 2017, as compared to $6.3 million ($0.10 per unit) in the first quarter 2016.
The Partnership reported the following notable transactions during the first quarter of 2017:
- Acquired six mortgage revenue bonds of approximately $59.6 million,
- Sold an MF Property for approximately $13.8 million,
- Contributed approximately $9.5 million to Investment in Unconsolidated Entities,
- Refinanced short-term Lines of Credit of approximately $60 million to longer term, fixed-rate financings, and
- Securitized 19 fixed-term, fixed-rate Term A/B Trust financings of approximately $106.8 million.
On March 3, 2017, the Partnership entered into a follow-on Subscription Agreement with an existing investor in the Preferred Units, to issue 613,100 Series A Preferred Units representing limited partnership interests in the Partnership (the “Preferred Unitsâ€), resulting in $6,131,000 in aggregate proceeds to the Partnership.In addition, on March 31, 2017, the Partnership entered into an additional follow-on Subscription Agreement with another existing investor in the Preferred Units, to issue 1,000,000 Series A Preferred Units representing limited partnership interests in the Partnership, resulting in $10 million in aggregate proceeds to the Partnership.Â
The Preferred Units (which are non-cumulative, non-convertible and non-voting) are a class of limited partnership interests in the Partnership and are being issued pursuant to a private placement of up to a maximum of $100 million. The Private Placement is directed solely to insured depository institutions chartered under the laws of any state or the District of Columbia, or of the United States. Â The Partnership will use the proceeds to acquire mortgage revenue bonds issued by state and local housing authorities to provide construction and/or permanent financing for affordable multifamily and student housing properties.At March 31, 2017, the Partnership has issued approximately 5.7 million Preferred Units with aggregate gross proceeds of approximately $57.0 million.
