America First Multifamily Investors, LP Announces Sale of
OMAHA, Neb., June 03, 2021 (GLOBE NEWSWIRE) – America First Multifamily Investors, LP (NASDAQ: ATAX) (the “Partnership”) today announced that on May 27, 2021, Vantage in Powdersville, a market of 288 units The discounted multi-family property located in Powdersville, SC has been sold under the direction of the Managing Member of Vantage at Powdersville, LLC (the “Property Owner”). The Partnership’s investment in the property was initiated in November 2017 and the Partnership has previously contributed equity capital totaling approximately $ 10.7 million. As a result of the sale, the limited partnership’s equity interest in the landowner was redeemed. Upon closing of the sale, the Partnership received net cash of approximately $ 19.4 million and:
- Obtain investment income of approximately $ 2.4 million,
- Recognize a gain on sale of approximately $ 4.8 million, before final settlements of products and expenses,
- Achieve net income of approximately $ 0.10 per True Unity Certificate (“BUC”), basic and diluted, from the second quarter sale, and
- Realize cash available for distribution of approximately $ 0.10 per BUC, basic and diluted, from the second quarter sale.
“The returns from our investment in the Vantage at Powdersville property demonstrate the value of this strategy to our unitholders,” said Kenneth C. Rogozinski, CEO of the Partnership. “As a result of successes like this, we will continue to work with Vantage to identify additional investment opportunities in this asset class. “
Disclosure of Non-GAAP Measures
This report refers to cash available for distribution (“CAD”), which is identified as a non-GAAP financial measure. We believe that CAD provides relevant information about the operations of the Partnership and is necessary, along with net income, to understand its results of operations. Net income is the most comparable GAAP measure to CAD. There is no generally accepted methodology for calculating CAD, and our CAD calculation may not be comparable to CAD reported by other companies. While we view CAD as a useful measure of our operating performance, CAD is a non-GAAP measure and should not be viewed as an alternative to net income calculated in accordance with GAAP or any other measure of financial performance presented. in accordance with with GAAP. For the amounts disclosed herein relating to this transaction, there is no reconciliation between net income per BUC, basic and diluted, and CAD per BUC, basic and diluted.
About America First Multifamily Investors, LP
America First Multifamily Investors, LP was incorporated on April 2, 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise managing a portfolio of mortgage income bonds which have issued to provide construction and / or permanent funding for affordable multi-family housing, student housing and commercial properties. The Partnership pursues a business strategy of acquiring additional mortgage income bonds and other investments on a leveraged basis. The Partnership expects and believes that interest earned on these Mortgage Income Bonds is excluded from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in Additional Mortgage Income Bonds and other investments as permitted by the Amended and Restated Limited Partnership Agreement of the Limited Partnership, dated of September 15, 2015, by taking advantage of the attractive financing structures available on the securities market, and subscribing to interest rate risk management instruments. America First Multifamily Investors, LP press releases are available at www.ataxfund.com.
SaFe Port stationthememt
Certain statements in this report are intended to be safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified by the use of statements that include, but are without limitation, expressions such as “believe”, “expect”, “the future”, “anticipate”, “intend”, “plan”, “foresee”, “may “,” Should “,” will “,” estimates, “” potential “,” continue “or other similar words or expressions. Likewise, statements that describe objectives, plans or goals are also forward-looking statements. These forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed, implied or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: risks involving the current maturities of financing agreements and our ability to renew or refinance those maturities, fluctuations in short-term interest rates, valuations of guarantees, ratings of mortgage income bond investments and overall economic and credit market conditions; and other risks detailed in documents filed with the SEC by the Partnership (including, but not limited to, the Partnership’s annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K). Readers are urged to carefully consider these factors when evaluating forward-looking statements.
Senior Vice President