Exhibit 99.1

 

PRESS RELEASEFOR IMMEDIATE RELEASE

Omaha, Nebraska

 

 

May 3, 2019

 

CONTACT:   Craig Allen

                          Chief Financial Officer

                           (800) 283-2357

 

America First Multifamily Investors, L.P. Reports 7.3% Increase in Total Revenue to $17.7 million in First Quarter 2019

 

Omaha, Nebraska – On May 3, 2019, America First Multifamily Investors, L.P. (NASDAQ: ATAX) (the “Partnership”) reported the following results for the first quarter ended March 31, 2019, as compared to the first quarter 2018:

 

 

Total revenue increased approximately $1.2 million, or 7.3%, to $17.7 million in the first quarter 2019;

 

Net income, basic and diluted, decreased by $0.01 per Beneficial Unit Certificate (“BUC”), or 11.1%, to $0.08 per BUC in the first quarter 2019; and

 

Cash Available for Distribution increased approximately $0.01 per BUC, or 10.0%, to $0.11 per BUC in the first quarter 2019.

 

The Partnership reported the following notable transactions during the first quarter of 2019:

 

 

Acquired two Mortgage Revenue Bonds for approximately $6.1 million;

 

Additional Investment in unconsolidated entities of approximately $6.6 million;

 

Redemption of one Mortgage Revenue Bond for approximately $5.6 million;

 

Redemption of one Property Loan for approximately $8.4 million; and

 

Executed two new Term A/B Trusts for approximately $5.3 million.

 

In January 2019, one multifamily project was sold by its managing member and ATAX’s loan investment was repaid. The details of the sale transaction are as follows:

 

 

Vantage at Brooks – ATAX invested in the Vantage at Brooks multifamily, market-rate project as a loan investment in the fourth quarter 2015.  The sale of the 288-unit project resulted in:

 

 

o

Repayment, in full, of ATAX’s loan investment principal and accrued interest, and

 

o

Recognition of approximately $3.0 million of contingent interest income in the first quarter 2019.  

 

“The sale of Vantage at Brooks has continued to provide us with a “proof of concept” that initially attracted us to the Vantage investments,” said Chad Daffer, Chief Executive Officer of ATAX.  “We have partnered with a developer that continues to construct high quality, multifamily projects in geographic areas of the country that have been attractive to tenants and prospective buyers.”

 

 


The following information was filed by America First Multifamily Investors, L.P. (ATAX) on Friday, May 3, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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