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America First Multifamily Investors, L.P. (NASDAQ: ATAX) announced a Second Amendment to its Amended and Restated Credit Agreement with Bankers Trust on July 29, 2022. This amendment extends the maturity date of a $50 million secured line of credit to June 30, 2024, with options for two one-year extensions, subject to conditions. It also modifies financial covenants and events of default to align with other financing arrangements. The new revolving credit note has an interest rate based on 1-Month CME Term SOFR plus 2.50%.
America First Multifamily Investors, L.P. (NASDAQ: ATAX) has announced the sale of Vantage at Westover Hills, a 288-unit multifamily property in San Antonio, TX, for approximately $19.4 million. The Partnership's equity investment of $7.4 million, made in October 2019, was redeemed as a result of this sale. The Partnership will report a gain on the sale of approximately $10.6 million in Q3 2022, translating to net income and cash available for distribution of around $0.48 per Beneficial Unit Certificate (BUC) for shareholders.
America First Multifamily Investors, L.P. (NASDAQ: ATAX) will hold a conference call on August 4, 2022, at 4:30 p.m. ET to discuss its Q2 2022 results. Interested participants are required to register for the call to obtain the dial-in number and PIN. The call will also be available via live webcast. A recorded replay will be accessible on the Partnership's Investor Relations website following the call. Established in 1998, ATAX focuses on acquiring mortgage revenue bonds for affordable housing.
On June 15, 2022, America First Multifamily Investors, L.P. (NASDAQ: ATAX) announced a cash distribution to Beneficial Unit Certificate (BUC) holders of $0.57 per BUC. This includes a regular quarterly distribution of $0.37 (up 12% from $0.33) and a supplemental distribution of $0.20 due to gains from Vantage investments. The distribution is payable on July 29, 2022, to holders on record by June 30, 2022. ATAX expects to continue supplemental distributions for the remainder of 2022, reflecting confidence in its investment strategy.
On May 11, 2022, America First Multifamily Investors, L.P. (ATAX) sold Vantage at Westover Hills, a 288-unit multifamily property in San Antonio, TX. The Partnership's original investment of approximately $7.3 million resulted in a net cash return of about $20.9 million at closing. The sale will yield a gain of approximately $12.7 million, translating to a net income of approximately $0.57 per Beneficial Unit Certificate (BUC) for the second quarter of 2022. CEO Kenneth C. Rogozinski emphasized the substantial return on investment for unitholders and the commitment to further opportunities in multifamily assets.
On May 5, 2022, America First Multifamily Investors (NASDAQ: ATAX) reported financial results for Q1 2022, with revenues of $19.2 million and net income of $1.03 per Beneficial Unit Certificate (BUC). The Partnership executed a one-for-three Reverse Unit Split, enhancing potential investor interest. Significant transactions included a $29.3 million sale of Vantage at Murfreesboro yielding a $17.0 million gain. Cash Available for Distribution (CAD) was $0.98 per BUC. The Partnership remains focused on investments in affordable multifamily properties and has advanced $16.9 million in GIL commitments, among other activities.
On April 26, 2022, America First Multifamily Investors, L.P. (NASDAQ: ATAX) announced the execution of an Exchange Agreement to issue 2,000,000 Series A-1 Preferred Units valued at $20 million in exchange for 2,000,000 existing Series A Preferred Units. This transaction allows the Partnership to retain low-cost capital and extends the earliest redemption date to April 2028. The Series A-1 units are non-cumulative, non-convertible, and non-voting and were issued under the existing shelf registration for up to 9,450,000 units.
America First Multifamily Investors, L.P. (NASDAQ: ATAX) will host a conference call on May 5, 2022, at 4:30 p.m. ET to discuss its First Quarter 2022 results. Investors can join via registration or by calling directly. The Partnership, formed in 1998, focuses on acquiring mortgage revenue bonds to finance affordable housing projects. The earnings call will provide insights into financial performance and future strategies. A recorded replay will be available on the Partnership's Investor Relations website.
America First Multifamily Investors, L.P. (ATAX) has completed a 1-for-3 reverse unit split effective after market close on April 1, 2022. The split reduces the number of beneficial unit certificates (BUCs) from approximately 66 million to around 22 million, commencing trading on a split-adjusted basis from April 4, 2022. The reverse split aims to increase the attractiveness of BUCs by elevating their price in the Nasdaq Global Select Market. There are no expected direct economic consequences for unitholders, and fractional BUCs have been adjusted accordingly.
America First Multifamily Investors, L.P. (NASDAQ: ATAX) announced the sale of Vantage at Murfreesboro, a 288-unit property in Tennessee, which resulted in a net cash inflow of approximately $29.4 million. The Partnership's investment totaled around $12.2 million. For Q1 2022, the Partnership expects to recognize approximately $658,000 in investment income and a gain on sale of about $16.5 million. Cash Available for Distribution (CAD) will be approximately $0.20 per Beneficial Unit Certificate (BUC).
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