America First Multifamily Investors, L.P. Announces Sale of Vantage at O’Connor
20 Julio 2022 - 3:15PM
America First Multifamily Investors, L.P. (NASDAQ: ATAX) (the
“Partnership”) announced today that on July 18, 2022, Vantage at
Westover Hills, a 288-unit market rate multifamily property located
in San Antonio, TX, was sold at the direction of the managing
member of Vantage at O’Connor LLC (the “Property Owner”). The
Partnership’s investment in the property was originated in October
2019 and the Partnership contributed equity totaling $7.4 million
during construction. As a result of the sale, the Partnership’s
equity investment in the Property Owner was redeemed. At closing of
the sale, the Partnership received net cash of approximately $19.4
million, inclusive of the return of its contributed equity. The
Partnership will recognize the following in the third quarter of
2022:
- Gain on sale of approximately $10.6 million, before settlement
of final proceeds and expenses,
- Net income of approximately $0.48 per Beneficial Unit
Certificate (“BUC”), basic and diluted, based on the number of BUCs
outstanding on the date of sale, and
- Cash Available for Distribution of approximately $0.48 per BUC,
basic and diluted, based on the number of BUCs outstanding on the
date of sale.
“The redemption of our investment in the Vantage
at O’Connor property has resulted in another significant return
from our joint venture equity investment strategy for the benefit
of our unitholders,” said Kenneth C. Rogozinski, Chief Executive
Officer of the Partnership. “We will continue to evaluate
opportunities in this asset class for both the reinvestment of our
previously deployed capital and an expansion of the strategy.”
Disclosure Regarding Non-GAAP Measures
This report refers to Cash Available for
Distribution (“CAD”), which is identified as a non-GAAP financial
measure. We believe CAD provides relevant information about the
Partnership’s operations and is necessary, along with net income,
for understanding its operating results. Net income is the GAAP
measure most comparable to CAD. There is no generally accepted
methodology for computing CAD, and our computation of CAD may not
be comparable to CAD reported by other companies. Although we
consider CAD to be a useful measure of our operating performance,
CAD is a non-GAAP measure and should not be considered as an
alternative to net income that is calculated in accordance with
GAAP, or any other measures of financial performance presented in
accordance with GAAP. For the amounts disclosed herein related to
this transaction, there are no reconciling items between net income
per BUC, basic and diluted, and CAD per BUC, basic and diluted.
About America First Multifamily Investors,
L.P.
America First Multifamily Investors, L.P. was
formed on April 2, 1998 under the Delaware Revised Uniform Limited
Partnership Act for the primary purpose of acquiring, holding,
selling and otherwise dealing with a portfolio of mortgage revenue
bonds which have been issued to provide construction and/or
permanent financing for affordable multifamily, student housing and
commercial properties. The Partnership is pursuing a business
strategy of acquiring additional mortgage revenue bonds and other
investments on a leveraged basis. The Partnership expects and
believes the interest earned on these mortgage revenue bonds is
excludable from gross income for federal income tax purposes. The
Partnership seeks to achieve its investment growth strategy by
investing in additional mortgage revenue bonds and other
investments as permitted by the Partnership’s Amended and Restated
Limited Partnership Agreement, dated September 15, 2015, taking
advantage of attractive financing structures available in the
securities market, and entering into interest rate risk management
instruments. America First Multifamily Investors, L.P. press
releases are available at www.ataxfund.com.
Safe Harbor Statement
Certain statements in this report are intended
to be covered by the safe harbor for “forward-looking statements”
provided by the Private Securities Litigation Reform Act of 1995.
These forward-looking statements generally can be identified by use
of statements that include, but are not limited to, phrases such as
“believe,” “expect,” “future,” “anticipate,” “intend,” “plan,”
“foresee,” “may,” “should,” “will,” “estimates,” “potential,”
“continue,” or other similar words or phrases. Similarly,
statements that describe objectives, plans, or goals also are
forward-looking statements. Such 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 in, implied, or projected by such forward-looking
statements. Risks and uncertainties include, but are not limited
to: risks involving current maturities of financing arrangements
and our ability to renew or refinance such maturities, fluctuations
in short-term interest rates, collateral valuations, mortgage
revenue bond investment valuations and overall economic and credit
market conditions; and the other risks detailed in the
Partnership’s SEC filings (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
consider these factors carefully in evaluating the forward-looking
statements.
MEDIA
CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com
INVESTOR CONTACT:
Andy Grier
Senior Vice President
402-952-1235
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