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America First Multifamily Investors, L.P. (NASDAQ: ATAX) announced the sale of Vantage at Bulverde, a 288-unit multifamily property in Bulverde, TX, on August 26, 2021. The Partnership, which had invested approximately $8.6 million in the property since March 2018, received net cash of about $18.9 million from the sale. This transaction will result in an investment income of approximately $1.4 million and a gain on sale of approximately $6.9 million. The Partnership expects to realize approximately $0.13 of net income per Beneficial Unit Certificate (BUC) from this sale in Q3.
On August 23, 2021, America First Multifamily Investors, L.P. (NASDAQ: ATAX) amended its credit agreement with Bankers Trust Company, establishing a secured non-operating line of credit of up to $50 million. This agreement extends the maturity date to June 30, 2023, and grants first priority security on a custody account for investments made using this credit. CEO Kenneth C. Rogozinski highlighted the line of credit as a vital liquidity management tool for investment acquisitions.
On August 5, 2021, America First Multifamily Investors, L.P. (NASDAQ: ATAX) announced Q2 2021 results, reporting total revenues of $16.4 million for the three months and approximately $30.8 million for six months. Net income was $0.13 per Beneficial Unit Certificate (BUC) for Q2 and $0.22 for six months. The Partnership completed significant transactions including a $20.1 million sale and investments totaling $38.5 million. Cash Available for Distribution stood at $0.17 per BUC for Q2 and $0.28 for six months. Rental collections remain strong, with an average of 93% reported for May and June 2021.
America First Multifamily Investors, L.P. (NASDAQ: ATAX) has received an initial senior unsecured issuer rating of ‘BB+’ with a stable outlook from Kroll Bond Rating Agency (KBRA). KBRA highlighted the Partnership’s moderate leverage and strong characteristics of affordable housing properties backing its investments. CEO Kenneth C. Rogozinski expressed that this rating, being close to investment grade, signals a robust financial position to stakeholders and lenders.
America First Multifamily Investors, L.P. (NASDAQ: ATAX) has announced a conference call scheduled for August 5, 2021, at 4:30 p.m. Eastern Time, to discuss its Second Quarter 2021 results. Participants can register for the call or dial in to ask questions. The Partnership focuses on acquiring mortgage revenue bonds for financing affordable multifamily and student housing projects. They strategize investments based on current market conditions while seeking growth through leveraged acquisitions.
On June 17, 2021, America First Multifamily Investors, L.P. (NASDAQ: ATAX) announced a quarterly cash distribution of $0.11 per Beneficial Unit Certificate (BUC), marking a 22% increase from the previous quarter's $0.09. This distribution will be payable on July 30, 2021, for BUC holders of record as of June 30, 2021. The decision reflects Greystone Manager's confidence in the Partnership's financial health and robust performance in its multifamily mortgage revenue bond portfolio. The BUCs will trade ex-distribution starting June 29, 2021.
America First Multifamily Investors, L.P. (ATAX) announced the closing of a $40 million secured revolving Line of Credit (LOC) with BankUnited N.A. and Bankers Trust Company. Secured by equity investments in Vantage properties and a first mortgage on Suites on Paseo, the LOC's interest rate is based on 30-Day LIBOR plus 3.25%. The initial term is two years with potential one-year extensions. CEO Kenneth C. Rogozinski stated this enhances liquidity for investment opportunities beneficial to ATAX, marking a significant financial commitment from Greystone Select Holdings LLC.
America First Multifamily Investors, L.P. (NASDAQ: ATAX) announced the sale of Vantage at Powdersville, a 288-unit multifamily property in SC, on May 27, 2021. The Partnership's total equity investment was approximately $10.7 million, which was redeemed upon sale. The sale generated net cash of around $19.4 million, with recognized investment income of about $2.4 million and a gain on sale estimated at $4.8 million. The Partnership expects to realize approximately $0.10 net income and Cash Available for Distribution per Beneficial Unit Certificate in Q2 2021.
America First Multifamily Investors, L.P. (NASDAQ: ATAX) has authorized a new buyback program for up to 254,794 Beneficial Unit Certificates (BUCs). The repurchase aims to cover Restricted Unit Awards (RUAs) under the 2015 Equity Incentive Plan for employees and Board members. The buyback will occur at the Partnership's discretion in the open market, subject to conditions. This initiative is effective immediately and will remain active until further notice.
On May 5, 2021, America First Multifamily Investors, L.P. (NASDAQ: ATAX) reported financial results for Q1 2021. Key highlights include total revenues of $14.4 million and a net income of $0.09 per Beneficial Unit Certificate (BUC). Cash Available for Distribution was $0.11 per BUC, with total assets valued at $1.2 billion. The Partnership successfully sold Vantage at Germantown for $16.1 million and committed $94.6 million in GIL investments. Rental collections remained strong at 91% and 92% for March and April 2021.
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