America First Multifamily Investors, L.P. Announces Regular Quarterly Cash Distribution and Supplemental BUCs Distribution
14 Septiembre 2022 - 7:30AM
On September 14, 2022, America First Multifamily Investors, L.P.
(NASDAQ: ATAX) (the “Partnership” or “ATAX”) announced that the
Board of Managers of Greystone AF Manager LLC (“Greystone Manager”)
declared a distribution to the Partnership’s Beneficial Unit
Certificate (“BUC”) holders of $0.57 per BUC. The distribution
consists of a regular quarterly cash distribution of $0.37 per BUC
plus a supplemental distribution payable in the form of additional
BUCs equal in value to $0.20 per BUC. The supplemental distribution
will be paid at a ratio of 0.01044 BUCs for each issued and
outstanding BUC as of the record date, which represents an amount
per BUC based on the closing price of the BUCs on the Nasdaq Stock
Market LLC on September 13, 2022 of $19.15 per BUC. No fractional
BUCs will be issued in connection with the supplemental
distribution, as all fractional BUCs resulting from the
distribution with a fraction equal to or above 0.5 will be rounded
up to the next higher BUC, and fractional BUCs with a fraction less
than 0.5 will receive cash for such fraction based on the market
value of the BUCs on the record date. The Partnership expects to
issue an aggregate of approximately 230,500 BUCs in the
supplemental distribution.
The cash distribution and supplemental
distribution will be paid on October 31, 2022 to all BUC holders of
record as of the close of trading on September 30, 2022. The BUCs
will trade ex-distribution as of September 29, 2022.
The supplemental distribution reflects the
Partnership’s continuing intent to distribute a portion of the
Partnership’s recent gains on the sale of its Vantage investments.
The payment of the supplemental distribution in the form of BUCs
allows ATAX to retain additional capital to fund future investment
opportunities at a low cost and is non-dilutive to current BUC
holders.
While the Board has not yet declared any
distributions for subsequent quarters, the Partnership currently
expects to continue to be in a position to make a supplemental
distribution, in addition to the regular quarterly distribution,
for the fourth quarter of 2022.
“The Board’s declaration of the ongoing regular
quarterly distribution plus a supplemental distribution
demonstrates its objective of distributing earnings to our
unitholders,” said Kenneth C. Rogozinski, Chief Executive Officer
of ATAX. “The payment of the supplemental distribution in the form
of additional BUCs will allow BUC holders to benefit from ATAX’s
deployment of the retained capital into accretive investments in a
cost efficient, non-dilutive manner.”
Greystone Manager is the general partner of
America First Capital Associates Limited Partnership Two, the
Partnership’s general partner. Distributions to the Partnership’s
BUC holders, including regular and any supplemental distributions,
are determined by Greystone Manager based on a disciplined
evaluation of the Partnership’s current and anticipated operating
results, financial condition and other factors it deems relevant.
Greystone Manager continually evaluates the factors that go into
BUC holder distribution decisions, consistent with the long-term
best interests of the BUC holders and the Partnership.
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 press release 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: general economic, geopolitical, and financial
conditions, including the current and future impact of changing
interest rates, inflation, international conflicts, and COVID-19 on
business operations, employment, and financial conditions; the
general condition of the real estate markets in the regions in
which we operate, which may be unfavorably impacted by increases in
mortgage interest rates, slowing economic growth, persistent
elevated inflation levels, and other factors; current maturities of
the Partnership’s financing arrangements and the Partnership’s
ability to renew or refinance such financing arrangements; defaults
on the mortgage loans securing the Partnership’s mortgage revenue
bonds; the competitive environment in which the Partnership
operates; risks associated with investing in multifamily and
student residential properties and commercial properties; changes
in interest rates; the Partnership’s ability to use borrowings or
obtain capital to finance its assets; local, regional, national and
international economic and credit market conditions; recapture of
previously issued Low Income Housing Tax Credits in accordance with
Section 42 of the Internal Revenue Code; geographic concentration
of properties related to our investments; changes in the U.S.
corporate tax code and other government regulations affecting our
business; 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.
If any of these risks or uncertainties
materializes or if any of the assumptions underlying such
forward-looking statements proves to be incorrect, the developments
and future events concerning the Partnership set forth in this
press release may differ materially from those expressed or implied
by these forward-looking statements. You are cautioned not to place
undue reliance on these statements, which speak only as of the date
of this document. We anticipate that subsequent events and
developments will cause our expectations and beliefs to change. The
Partnership assumes no obligation to update such forward-looking
statements to reflect events or circumstances after the date of
this document or to reflect the occurrence of unanticipated events,
unless obligated to do so under the federal securities laws.
MEDIA CONTACT: Karen
MarottaGreystone212-896-9149Karen.Marotta@greyco.com
INVESTOR CONTACT:
Andy GrierSenior Vice
President402-952-1235
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