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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 5/10

vs
industry
vs
history
Cash-to-Debt 1.29
ATAX's Cash-to-Debt is ranked lower than
58% of the 1592 Companies
in the Global Specialty Finance industry.

( Industry Median: 2.23 vs. ATAX: 1.29 )
Ranked among companies with meaningful Cash-to-Debt only.
ATAX' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.06  Med: 1.27 Max: No Debt
Current: 1.29
Equity-to-Asset 0.29
ATAX's Equity-to-Asset is ranked higher than
94% of the 1591 Companies
in the Global Specialty Finance industry.

( Industry Median: 0.10 vs. ATAX: 0.29 )
Ranked among companies with meaningful Equity-to-Asset only.
ATAX' s Equity-to-Asset Range Over the Past 10 Years
Min: 0.22  Med: 0.54 Max: 0.99
Current: 0.29
0.22
0.99
Interest Coverage 0.92
ATAX's Interest Coverage is ranked lower than
66% of the 1515 Companies
in the Global Specialty Finance industry.

( Industry Median: 1.69 vs. ATAX: 0.92 )
Ranked among companies with meaningful Interest Coverage only.
ATAX' s Interest Coverage Range Over the Past 10 Years
Min: 0.04  Med: 0.98 Max: 4.13
Current: 0.92
0.04
4.13
Piotroski F-Score: 5
Altman Z-Score: 1.50
Beneish M-Score: -2.28
WACC vs ROIC
3.55%
10.00%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 7/10

vs
industry
vs
history
Operating Margin % 24.61
ATAX's Operating Margin % is ranked lower than
66% of the 1606 Companies
in the Global Specialty Finance industry.

( Industry Median: 31.37 vs. ATAX: 24.61 )
Ranked among companies with meaningful Operating Margin % only.
ATAX' s Operating Margin % Range Over the Past 10 Years
Min: -9.33  Med: 19.38 Max: 83.05
Current: 24.61
-9.33
83.05
Net Margin % 45.98
ATAX's Net Margin % is ranked higher than
84% of the 1605 Companies
in the Global Specialty Finance industry.

( Industry Median: 22.70 vs. ATAX: 45.98 )
Ranked among companies with meaningful Net Margin % only.
ATAX' s Net Margin % Range Over the Past 10 Years
Min: -20.68  Med: 26.78 Max: 114.12
Current: 45.98
-20.68
114.12
ROE % 3.32
ATAX's ROE % is ranked lower than
79% of the 1603 Companies
in the Global Specialty Finance industry.

( Industry Median: 8.58 vs. ATAX: 3.32 )
Ranked among companies with meaningful ROE % only.
ATAX' s ROE % Range Over the Past 10 Years
Min: -1.96  Med: 2.05 Max: 8.54
Current: 3.32
-1.96
8.54
ROA % 2.94
ATAX's ROA % is ranked higher than
90% of the 1612 Companies
in the Global Specialty Finance industry.

( Industry Median: 0.90 vs. ATAX: 2.94 )
Ranked among companies with meaningful ROA % only.
ATAX' s ROA % Range Over the Past 10 Years
Min: -1.66  Med: 1.8 Max: 13.68
Current: 2.94
-1.66
13.68
ROC (Joel Greenblatt) % 44.83
ATAX's ROC (Joel Greenblatt) % is ranked higher than
61% of the 101 Companies
in the Global Specialty Finance industry.

( Industry Median: 12.67 vs. ATAX: 44.83 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
ATAX' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -2.13  Med: 9.22 Max: 44.83
Current: 44.83
-2.13
44.83
3-Year Revenue Growth Rate -1.30
ATAX's 3-Year Revenue Growth Rate is ranked lower than
81% of the 1354 Companies
in the Global Specialty Finance industry.

( Industry Median: 4.20 vs. ATAX: -1.30 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
ATAX' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: 0  Med: -7.05 Max: 20.1
Current: -1.3
0
20.1
3-Year EBITDA Growth Rate 9.10
ATAX's 3-Year EBITDA Growth Rate is ranked higher than
58% of the 1256 Companies
in the Global Specialty Finance industry.

( Industry Median: 6.40 vs. ATAX: 9.10 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
ATAX' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: 0  Med: -10.9 Max: 106
Current: 9.1
0
106
3-Year EPS without NRI Growth Rate 2.00
ATAX's 3-Year EPS without NRI Growth Rate is ranked lower than
66% of the 1226 Companies
in the Global Specialty Finance industry.

( Industry Median: 7.40 vs. ATAX: 2.00 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
ATAX' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: -46  Med: -2.15 Max: 102.4
Current: 2
-46
102.4
GuruFocus has detected 5 Warning Signs with America First Multifamily Investors LP $ATAX.
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» ATAX's 30-Y Financials

Financials (Next Earnings Date: 2017-08-08 Est.)


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Cash & Debt
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

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Guru Trades

Q2 2016

ATAX Guru Trades in Q2 2016

Jim Simons 184,737 sh (+235.28%)
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ATAX Guru Trades in Q3 2016

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Q4 2016

ATAX Guru Trades in Q4 2016

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ATAX Guru Trades in Q1 2017

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Business Description

Industry: Banks » Specialty Finance    NAICS: 522390    SIC: 6162
Compare:NYSE:AI, NYSE:OCN, AMEX:IMH, NAS:MRLN, NYSE:PFSI, NAS:MRCC, OTCPK:HMCBF, OTCPK:MAMTF, OTCPK:FCMGF, OTCPK:BEVFF, NYSE:SGM, OTCPK:FCBK, NYSE:EFC, NAS:MMAC, NYSE:WAC, OTCPK:STXMF, OTCPK:GRVFF, OTCPK:KWFLF, NYSE:PHH, NYSE:GSBD » details
Traded in other countries:FTX.Germany,
Headquarter Location:USA
America First Multifamily Investors LP is engaged in acquiring a portfolio of mortgage revenue bonds that are issued by state and local housing authorities to provide construction and permanent financing for affordable multifamily and student housing.

America First Multifamily Investors LP was formed on April 2, 1998, under the Delaware Revised Uniform Limited Partnership Act. The Company is engaged in acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing of multifamily residential apartments. Its general partner is America First Capital Associates Limited Partnership Two. It provides construction and/or permanent financing of 32 multifamily residential apartments containing a total of 5,409 rental units located in the states of California, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, North Carolina, Ohio, South Carolina, Tennessee, and Texas. In each case the Company owns, either directly or indirectly, 100% of the bonds issued for these properties. Each bond is secured by a mortgage or deed of trust on the financed apartment property. The Company currently operates in four reportable business segments; Mortgage Revenue Bond Investments; MF Properties; Public Housing Capital Fund Trusts, and MBS Investments. The Mortgage Revenue Bond Investments segment consists of the Partnership's portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for the Residential Properties and a commercial property. The MF Properties segment consists of indirect equity interests in multifamily, student housing, and senior citizen residential properties which are not currently financed by mortgage revenue bonds held by the Partnership but which the Partnership eventually intends to finance by such bonds through a restructuring. The PHC Trusts segment consists of the assets, liabilities, and related income and expenses of the PHC Trusts. The MBS Securities segment consists of the assets, liabilities, and related income and expenses of the MBS TOB Trusts that the Partnership consolidated due to its ownership of the LIFERs issued by the MBS TOB Trusts. These MBS TOB Trusts are securitizations of state-issued mortgage-backed securities which are backed by residential mortgage loans. The Company competes with private investors, lending institutions, trust funds, investment partnerships, and other entities with objectives similar to the Company for the acquisition of mortgage revenue bonds and other investments. The Company believes that each of the MF Properties and the properties collateralizing its mortgage revenue bonds are in compliance, in all material respects, with federal, state and local regulations regarding hazardous waste and other environmental matters and is not aware of any environmental contamination at any of such properties that would require any material capital expenditure by the underlying properties, and therefore the Company, for the remediation thereof.

Top Ranked Articles about America First Multifamily Investors LP

America First Multifamily Investors, L.P. Extends Maturity of $50 Million Unsecured Line of Credit Commitment With Lead Participant, Bankers Trust Company
America First Multifamily Investors, L.P. Reports First Quarter 2017 Earnings
America First Multifamily Investors, L.P. Increases Unsecured Line of Credit Commitment With Lead Participant, Bankers Trust Company, to $50 Million
America First Multifamily Investors, L.P. Schedules First Quarter 2017 Conference Call for Monday, May 8, 2017 at 4:30 p.m. Eastern Daylight Time
America First Multifamily Investors, L.P. Receives Proceeds of $10 million From Issuance of Series A Preferred Units
America First Multifamily Investors, L.P. Announces the Sale of Northern View, an MF Property

OMAHA, Neb., March 17, 2017 (GLOBE NEWSWIRE) -- America First Multifamily Investors, L.P. (NASDAQ:ATAX) (the “Partnership”) announced today that on March 13, 2017, it sold Northern View, a student housing project, held in its MF Property portfolio, located in Highland Heights, Kentucky for approximately $13.8 million.  ATAX will realize a gain of approximately $3.2 million, before direct and indirect expenses to be recognized, in the first quarter 2017. 
The Partnership acquired Northern View in June 2007, as a 118-unit affordable housing multifamily project.  ATAX actively utilized and managed the resources of Burlington Capital’s full service Real Estate Platform (the “Platform”) to transform the demographics and economics of Northern View.  The Platform consists of property management, construction management and monitoring and marketing.  As Northern View is located near Northern Kentucky University, it was converted to student housing and managed as such. “We acquired Northern View in 2007 and have worked diligently with Burlington Capital’s Platform to transform this property into a successful student housing project,” said Chad Daffer, Chief Executive Officer of ATAX.  “Upon evaluation of Northern View, we determined its highest and best use was to sell it, maximize the return to our Unitholders and continue to fine tune the portfolio.” 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 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 and student housing properties and commercial properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis in order to (i) increase the amount of interest available for distribution to our unitholders; (ii) reduce risk through asset diversification and interest rate hedging; and (iii) achieve economies of scale.  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 Information contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2016. The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT:   
Craig Allen
800-283-2357



Read more...
America First Multifamily Investors, L.P. Announces Unit Repurchase Program

OMAHA, Neb., March 08, 2017 (GLOBE NEWSWIRE) -- On March 8, 2017, America First Multifamily Investors, L.P. (NASDAQ:ATAX) (“ATAX” or the “Partnership”), announced that the Board of Managers (the “Board”) of Burlington Capital LLC, which is the general partner of ATAX’s general partner, authorized a program for the repurchase of up to 254,656 of the Partnership’s outstanding beneficial unit certificates representing assigned limited partnership interests (“BUCs”).
“This unit repurchase program reflects the Board’s and management’s continued commitment to increasing unitholder value,” said Chad L. Daffer, Chief Executive Officer of ATAX.  “Given our strong balance sheet, we believe we will continue to retain sufficient liquidity to execute upon the business strategy we have been executing on.” Among other purposes of the program, repurchases are intended to cover awards of restricted BUCs under the Partnership’s 2015 Equity Incentive Plan to employees of the Partnership, or affiliates of the Partnership, or Board members.  Under the terms of the repurchase program, BUCs may be repurchased from time to time at the Partnership’s discretion on the open market, through block trades, or otherwise, subject to market conditions, applicable legal requirements, and other considerations.  The authorization is effective immediately, and the program will continue until otherwise modified or terminated by the Board in its sole discretion and without notice.  The repurchase program does not obligate the Partnership to repurchase any specific dollar amount or number of BUCs and may be suspended or discontinued at any time. 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, senior citizen residential properties, and commercial properties.  The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis in order to (i) increase the amount of interest available for distribution to our unitholders; (ii) reduce risk through asset diversification and interest rate hedging; and (iii) achieve economies of scale.  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 Information contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially.  These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, bond investment valuations, and overall economic and credit market conditions.  For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2016. The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. 
CONTACT:
Craig Allen
800-283-2357

Read more...
America First Multifamily Investors, L.P. Receives Proceeds of $6,131,000 From Issuance of Series A Preferred Units

OMAHA, Neb., 06, 2017 (GLOBE NEWSWIRE) -- On March 3, 2017, America First Multifamily Investors, L.P. (NASDAQ:ATAX) (“the Partnership”) entered into a Subscription Agreement to issue 613,100 Series A Preferred Units representing limited partnership interests in the Partnership (the “Preferred Units”) resulting in $6,131,000 in aggregate proceeds to the Partnership.   The Preferred Units (which are non-cumulative, non-convertible and non-voting) are a class of limited partnership interests in the Partnership and are being issued pursuant to a private placement of up to a maximum of $100 million. The Private Placement is directed solely to insured depository institutions chartered under the laws of any state or the District of Columbia, or of the United States.   The Partnership will use the proceeds received in the Private Placement, including the closing of the subscription agreement described above, to acquire mortgage revenue bonds that are issued by state and local housing authorities to provide construction and/or permanent financing for affordable multifamily and student housing and commercial properties.  In addition, the Partnership will use the proceeds to acquire other allowable investments as provided for in the Partnership’s Limited Partnership agreement. “This represents the fifth subscription agreement we have entered into to issue Preferred Units,” said Chad Daffer, CEO of America First Multifamily Investors, L.P. “We have now raised approximately $47 million of non-dilutive, fixed-rate and low cost sources of institutional capital that will enable us to continue to invest in core assets and to execute on our overall strategy for the benefit of our unitholders.” 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 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 and student housing properties and commercial properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis in order to (i) increase the amount of interest available for distribution to our unitholders; (ii) reduce risk through asset diversification and interest rate hedging; and (iii) achieve economies of scale.  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 Information contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2015 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2016. The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACTS:
Craig Allen
(800) 283-2357

Read more...
America First Multifamily Investors, L.P. Reports Fourth Quarter 2016 Earnings
OMAHA, Neb., March 03, 2017 (GLOBE NEWSWIRE) -- On March 3, 2017, America First Multifamily Investors, L.P. (NASDAQ:ATAX) (the “Partnership”) reported the following operating results:
For the quarter ended December 31, 2016Total revenue was $15.9 million in the fourth quarter 2016, compared to $20.8 million in the fourth quarter 2015, andNet income, basic and diluted, was $0.09 in the fourth quarter 2016, compared to $0.14 per unit in the fourth quarter 2015.For the year ended December 31, 2016Total revenue was $59.0 million for 2016, compared to $60.0 million for 2015,Net income, basic and diluted, was $0.34 per unit, for 2016, compared to $0.34 per unit for 2015, andCash Available for Distribution was $0.50 per unit for 2016, compared to $0.53 per unit for 2015.The Partnership reported the following notable transactions during the fourth quarter of 2016:Invested approximately $5.9 million as the only limited equity investor in three entities and reported its investment by the equity method of accounting,Acquired 17 mortgage revenue bonds for approximately $110.3 million,Utilized $40 million from the unsecured lines of credit to finance the acquisition of mortgage revenue bonds,Executed on a new $20 million secured term line of credit to finance the acquisition of mortgage revenue bonds, andExecuted four short-term and one long-term fixed rate, fixed term Term A/B Trusts for approximately $38.9 million.The Partnership reported the following notable transactions for the year ended December 31, 2016:Purchased 22 mortgage revenue bonds for approximately $130.6 million par value which are collateralized by multifamily residential properties,Invested approximately $19.5 million as the only limited equity investor in three entities and reported its investment by the equity method of accounting,Sold two MF Properties for approximately $45.9 million,Acquired one MF Property for approximately $9.9 million,In conjunction with the sale of the remaining three MBS Securities, the related $11.0 million derivative hedging of the MBS Tender Option Bond (“TOB”) financing facility was terminated for its fair value, resulting in no gain or loss,Modified and extended, existing seven Term A/B Trusts and entered into ten new Trusts for approximately $173.3 million,Paid in full, and collapsed, four TOB financings with Deutsche Bank for a total of $20.3 million, andReduced the Mortgages payable and other secured financings by approximately $17.8 million from the net proceeds of the MF Property sale.Additionally, in December 2016, the Partnership issued, in a private placement, 700,000 non-cumulative, non-voting and non-convertible Series A Preferred Units (“Preferred Units”) pursuant to a subscription agreement with a financial institution resulting in $7 million in aggregate proceeds.  The Partnership will use the proceeds to acquire mortgage revenue bonds issued by state and local housing authorities to provide construction and/or permanent financing for affordable multifamily and student housing properties.  At December 31, 2016, the Partnership has issued approximately 4.1 million Preferred Units with aggregate gross proceeds of approximately $40.9 million.
“We continue to be encouraged by the investment in our Preferred Units,” said Chad Daffer, Chief Executive Officer of ATAX.  “This provides us with non-dilutive liquidity for the Partnership that will benefit our unitholders.”On August 24, 2016, the Partnership announced the Board of Managers of Burlington Capital, LLC (“Board”), which is the general partner of the Partnership’s general partner, authorized a unit repurchase program for up to 272,307 of the Partnership’s outstanding Beneficial Unit Certificates (“BUCs”).  At December 31, 2016, the Partnership had repurchased all 272,307 of the BUCs authorized under the program, and, as such, this program has now been terminated.The Partnership’s 2015 Equity Incentive Plan, as approved by the Unitholders, permits the grant of Restricted Units and other awards to the employees and Board of Managers.  Restricted Unit Awards (“RUAs”) are generally granted subject to vesting schedules and provide for the payment of distributions during the restriction period.  In September 2016, the Board granted RUAs in the amount of 238,936 BUCs that vest from three months to approximately three years.  In addition, the Board granted an additional 33,371 RUAs that vest in the same manner as those previously issued in September 2016.  The Partnership recognizes compensation expense for the RUAs on a straight-line basis over their respective vesting periods. In December 2016, the Partnership was able to secure one additional short-term line of credit with Bankers Trust and entered into a total of five short-term and long-term A/B warehouse financing facilities with Deutsche Bank AG (“DB”).  The line of credit and the Trust Facility provide the Partnership with secured financing at a fixed cost of borrowing.“This allows the Partnership a source of financing which permits us to continue to execute on our strategies of investing in core assets for the benefit of our Unitholders,” said Daffer. Disclosure Regarding Non-GAAP MeasuresThis report refers to Cash Available for Distribution (“CAD”), which is identified as a non-GAAP financial measure.  The Partnership utilizes CAD as a means to determine our ability to make distributions to unitholders.  We believe CAD provides relevant information about our operations and is necessary along with net income for understanding our 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 or net cash flows from operating activities which are calculated in accordance with GAAP, or any other measures of financial performance or liquidity presented in accordance with GAAP.  See the table at the end of this press release for a reconciliation of our net income as determined in accordance with GAAP and our CAD for the periods set forth.Earnings Webcast/ Conference Call
The Partnership will host a webcast/earnings call for investors on Monday, March 6, 2017, at 4:30 p.m. Eastern Standard Time, to discuss its Fourth Quarter 2016 results.  Participants can access the Fourth Quarter 2016 Earnings Presentation in one of two ways:The Webcast link: http://edge.media-server.com/m/p/3j6ivc9z will be available for registration on Monday, March 6, 2017, approximately 30 minutes prior to the start of the call, or

Participants may dial 1-855-854-0934, (direct 720-634-2907), Conference ID #72957614, ten minutes before the call is scheduled to begin, to listen to the audio portion only.Following completion of the call, a recorded replay will be available on the Partnership’s Investor Relations website.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 StatementInformation contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2016.  The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.GAAP to Non-GAAP Reconciliation of Partnership Net IncomeThe following table shows the calculation of CAD (and a reconciliation of our net income (loss) as determined in accordance with GAAP to our CAD) for the years ended December 31, 2016, 2015 and 2014.  For the Years Ended December 31,   2016  2015  2014 Partnership net income $23,784,507  $26,609,023  $15,033,861 Net (income) loss related to VIEs and eliminations due to            consolidation  -   (3,721,397)  635,560 Net income before impact of Consolidated VIE  23,784,507   22,887,626   15,669,421 Change in fair value of derivatives and interest rate            derivative amortization  (17,618)  1,802,655   2,003,350 Depreciation and amortization expense  6,862,530   6,505,011   4,897,916 Provision for loan loss  -   -   75,000 Impairment expense  61,506   -   - Amortization of deferred financing costs  1,862,509   1,622,789   1,183,584 Restricted units compensation            expense  833,142   -   - Deferred income taxes  366,000   -   - Redeemable Series A preferred unit distribution and            accretion  (583,407)  -   - Tier 2 Income distributable to the General Partner (1)  (2,858,650)  (2,338,956)  (937,106)Developer income (2)  -   18,159   619,948 Bond purchase premium (discount) amortization            (accretion), net of cash received  (106,439)  1,300,932   116,329 Provision for loss on receivables  -   -   - Depreciation and amortization related to discontinued            operations  -   7,432   8,208 Total CAD $30,204,080  $31,805,648  $23,636,650              Weighted average number of units outstanding, basic  60,182,264   60,252,928   59,431,010 Net income per unit, basic $0.34  $0.34  $0.25 Total CAD per unit, basic $0.50  $0.53  $0.40 Distributions per unit $0.50  $0.50  $0.50              (1) As described in Note 3 to the Company’s consolidated financial statements, Net Interest Income representing contingent interest and Net Residual Proceeds representing contingent interest (Tier 2 income) will be distributed 75% to the Unitholders and 25% to the General Partner. This adjustment represents the 25% of Tier 2 income due to the General Partner.For the year ended December 31, 2016, we realized contingent interest of approximately $642,000 from excess cash flow on the Ashley Square and Lake Forest mortgage revenue bonds and approximately $1.4 million on settlement of the Foundation for Affordable Housing property loan, which resulted in Tier 2 income allocable to the general partner of approximately $505,000. In addition, we realized gross gains of approximately $12.4 million and $1.7 million from the sales of the Arboretum and Woodland Park, respectively. After consideration of income taxes, the gain on these sales resulted in approximately $2.4 million allocable to the general partner.For the year ended December 31, 2015, the Consolidated VIEs were sold and we realized approximately $4.8 million of contingent interest and 25% of Tier 2 income due to the General Partner of approximately $1.2 million.  In addition, we reported the sale of Glynn Place and The Colonial which resulted in an approximately $1.2 million and $3.4 million gain, respectively, and 25% of Tier 2 income due to the General Partner is approximately $297,000 and $854,000, respectively.For the year ended December 31, 2014, we realized the sale of the Autumn Pines bond which resulted in an approximate $873,000 gain and Tier 2 income due to the General Partner of approximately $218,000, realized the redemption of the Lost Creek bond which resulted in an approximate $2.8 million gain and Tier 2 income due to the General Partner of approximately $709,000, and received contingent interest from Ashley Square generating $10,000 of Tier 2 income due to the General Partner.(2) The developer income amount represents cash received by us for developer and construction management services performed on The 50/50 Student Housing at UNL mixed-use project in Lincoln, Nebraska.  The development at the University of Nebraska - Lincoln is accounted for as an MF property and the cash received for these fees has been eliminated within the consolidated financial statements.  For purposes of CAD, we treat these fees as if received from an unconsolidated entity.
CONTACT: Craig Allen
Chief Financial Officer
(800) 283-2357

Read more...

Ratios

vs
industry
vs
history
PE Ratio 16.57
ATAX's PE Ratio is ranked lower than
57% of the 1510 Companies
in the Global Specialty Finance industry.

( Industry Median: 14.59 vs. ATAX: 16.57 )
Ranked among companies with meaningful PE Ratio only.
ATAX' s PE Ratio Range Over the Past 10 Years
Min: 3.47  Med: 21.46 Max: 99999999.99
Current: 16.57
3.47
99999999.99
Forward PE Ratio 24.15
ATAX's Forward PE Ratio is ranked lower than
95% of the 839 Companies
in the Global Specialty Finance industry.

( Industry Median: 13.93 vs. ATAX: 24.15 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 16.57
ATAX's PE Ratio without NRI is ranked lower than
57% of the 1477 Companies
in the Global Specialty Finance industry.

( Industry Median: 14.63 vs. ATAX: 16.57 )
Ranked among companies with meaningful PE Ratio without NRI only.
ATAX' s PE Ratio without NRI Range Over the Past 10 Years
Min: 2.83  Med: 19.31 Max: 240
Current: 16.57
2.83
240
Price-to-Owner-Earnings 12.83
ATAX's Price-to-Owner-Earnings is ranked lower than
64% of the 882 Companies
in the Global Specialty Finance industry.

( Industry Median: 14.21 vs. ATAX: 12.83 )
Ranked among companies with meaningful Price-to-Owner-Earnings only.
ATAX' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 2.12  Med: 23.5 Max: 112.5
Current: 12.83
2.12
112.5
PB Ratio 1.46
ATAX's PB Ratio is ranked higher than
51% of the 1611 Companies
in the Global Specialty Finance industry.

( Industry Median: 1.20 vs. ATAX: 1.46 )
Ranked among companies with meaningful PB Ratio only.
ATAX' s PB Ratio Range Over the Past 10 Years
Min: 0.89  Med: 1.28 Max: 2.23
Current: 1.46
0.89
2.23
PS Ratio 5.81
ATAX's PS Ratio is ranked lower than
82% of the 1586 Companies
in the Global Specialty Finance industry.

( Industry Median: 3.40 vs. ATAX: 5.81 )
Ranked among companies with meaningful PS Ratio only.
ATAX' s PS Ratio Range Over the Past 10 Years
Min: 3.34  Med: 5.82 Max: 11.13
Current: 5.81
3.34
11.13
Price-to-Free-Cash-Flow 23.87
ATAX's Price-to-Free-Cash-Flow is ranked lower than
84% of the 870 Companies
in the Global Specialty Finance industry.

( Industry Median: 12.33 vs. ATAX: 23.87 )
Ranked among companies with meaningful Price-to-Free-Cash-Flow only.
ATAX' s Price-to-Free-Cash-Flow Range Over the Past 10 Years
Min: 14.84  Med: 30.16 Max: 797.14
Current: 23.87
14.84
797.14
Price-to-Operating-Cash-Flow 22.92
ATAX's Price-to-Operating-Cash-Flow is ranked lower than
86% of the 940 Companies
in the Global Specialty Finance industry.

( Industry Median: 10.82 vs. ATAX: 22.92 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
ATAX' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 12.18  Med: 20.17 Max: 151.35
Current: 22.92
12.18
151.35
EV-to-EBIT 4.18
ATAX's EV-to-EBIT is ranked higher than
88% of the 1668 Companies
in the Global Specialty Finance industry.

( Industry Median: 12.52 vs. ATAX: 4.18 )
Ranked among companies with meaningful EV-to-EBIT only.
ATAX' s EV-to-EBIT Range Over the Past 10 Years
Min: -108.9  Med: 9.6 Max: 138.5
Current: 4.18
-108.9
138.5
EV-to-EBITDA 3.73
ATAX's EV-to-EBITDA is ranked higher than
89% of the 1685 Companies
in the Global Specialty Finance industry.

( Industry Median: 11.29 vs. ATAX: 3.73 )
Ranked among companies with meaningful EV-to-EBITDA only.
ATAX' s EV-to-EBITDA Range Over the Past 10 Years
Min: 1.9  Med: 16.35 Max: 57.7
Current: 3.73
1.9
57.7
PEG Ratio 0.83
ATAX's PEG Ratio is ranked higher than
72% of the 811 Companies
in the Global Specialty Finance industry.

( Industry Median: 1.43 vs. ATAX: 0.83 )
Ranked among companies with meaningful PEG Ratio only.
ATAX' s PEG Ratio Range Over the Past 10 Years
Min: 0.3  Med: 1.57 Max: 69.77
Current: 0.83
0.3
69.77
Shiller PE Ratio 25.15
ATAX's Shiller PE Ratio is ranked lower than
59% of the 479 Companies
in the Global Specialty Finance industry.

( Industry Median: 20.93 vs. ATAX: 25.15 )
Ranked among companies with meaningful Shiller PE Ratio only.
ATAX' s Shiller PE Ratio Range Over the Past 10 Years
Min: 6.06  Med: 10.61 Max: 27.68
Current: 25.15
6.06
27.68
Current Ratio 44.42
ATAX's Current Ratio is ranked higher than
85% of the 68 Companies
in the Global Specialty Finance industry.

( Industry Median: 1.50 vs. ATAX: 44.42 )
Ranked among companies with meaningful Current Ratio only.
ATAX' s Current Ratio Range Over the Past 10 Years
Min: 1.44  Med: 22.59 Max: 52.42
Current: 44.42
1.44
52.42
Quick Ratio 44.42
ATAX's Quick Ratio is ranked higher than
85% of the 68 Companies
in the Global Specialty Finance industry.

( Industry Median: 1.50 vs. ATAX: 44.42 )
Ranked among companies with meaningful Quick Ratio only.
ATAX' s Quick Ratio Range Over the Past 10 Years
Min: 1.44  Med: 22.59 Max: 52.42
Current: 44.42
1.44
52.42
Days Sales Outstanding 44.18
ATAX's Days Sales Outstanding is ranked lower than
67% of the 52 Companies
in the Global Specialty Finance industry.

( Industry Median: 13.93 vs. ATAX: 44.18 )
Ranked among companies with meaningful Days Sales Outstanding only.
ATAX' s Days Sales Outstanding Range Over the Past 10 Years
Min: 12.86  Med: 33.83 Max: 123.11
Current: 44.18
12.86
123.11

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield % 8.62
ATAX's Dividend Yield % is ranked higher than
98% of the 2319 Companies
in the Global Specialty Finance industry.

( Industry Median: 2.69 vs. ATAX: 8.62 )
Ranked among companies with meaningful Dividend Yield % only.
ATAX' s Dividend Yield % Range Over the Past 10 Years
Min: 6.36  Med: 8.71 Max: 12.56
Current: 8.62
6.36
12.56
Dividend Payout Ratio 1.25
ATAX's Dividend Payout Ratio is ranked lower than
96% of the 1315 Companies
in the Global Specialty Finance industry.

( Industry Median: 0.33 vs. ATAX: 1.25 )
Ranked among companies with meaningful Dividend Payout Ratio only.
ATAX' s Dividend Payout Ratio Range Over the Past 10 Years
Min: 1.47  Med: 1.79 Max: 12.2
Current: 1.25
1.47
12.2
Forward Dividend Yield % 8.62
ATAX's Forward Dividend Yield % is ranked higher than
98% of the 2248 Companies
in the Global Specialty Finance industry.

( Industry Median: 2.73 vs. ATAX: 8.62 )
Ranked among companies with meaningful Forward Dividend Yield % only.
N/A
5-Year Yield-on-Cost % 8.62
ATAX's 5-Year Yield-on-Cost % is ranked higher than
86% of the 2649 Companies
in the Global Specialty Finance industry.

( Industry Median: 3.31 vs. ATAX: 8.62 )
Ranked among companies with meaningful 5-Year Yield-on-Cost % only.
ATAX' s 5-Year Yield-on-Cost % Range Over the Past 10 Years
Min: 6.36  Med: 8.71 Max: 12.56
Current: 8.62
6.36
12.56
3-Year Average Share Buyback Ratio -5.70
ATAX's 3-Year Average Share Buyback Ratio is ranked lower than
67% of the 1042 Companies
in the Global Specialty Finance industry.

( Industry Median: -1.80 vs. ATAX: -5.70 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
ATAX' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -30.6  Med: 0 Max: 0.6
Current: -5.7
-30.6
0.6

Valuation & Return

vs
industry
vs
history
Price-to-Net-Cash 3.15
ATAX's Price-to-Net-Cash is ranked higher than
78% of the 9 Companies
in the Global Specialty Finance industry.

( Industry Median: 7.00 vs. ATAX: 3.15 )
Ranked among companies with meaningful Price-to-Net-Cash only.
ATAX' s Price-to-Net-Cash Range Over the Past 10 Years
Min: 0.87  Med: 3.25 Max: 524
Current: 3.15
0.87
524
Price-to-Net-Current-Asset-Value 5.18
ATAX's Price-to-Net-Current-Asset-Value is ranked lower than
56% of the 32 Companies
in the Global Specialty Finance industry.

( Industry Median: 2.00 vs. ATAX: 5.18 )
Ranked among companies with meaningful Price-to-Net-Current-Asset-Value only.
ATAX' s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 1.72  Med: 3.67 Max: 199.33
Current: 5.18
1.72
199.33
Price-to-Tangible-Book 1.46
ATAX's Price-to-Tangible-Book is ranked higher than
54% of the 1576 Companies
in the Global Specialty Finance industry.

( Industry Median: 1.27 vs. ATAX: 1.46 )
Ranked among companies with meaningful Price-to-Tangible-Book only.
ATAX' s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 0.38  Med: 1.04 Max: 2.94
Current: 1.46
0.38
2.94
Price-to-Intrinsic-Value-Projected-FCF 1.15
ATAX's Price-to-Intrinsic-Value-Projected-FCF is ranked lower than
83% of the 869 Companies
in the Global Specialty Finance industry.

( Industry Median: 0.78 vs. ATAX: 1.15 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
ATAX' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 0.45  Med: 0.92 Max: 2.25
Current: 1.15
0.45
2.25
Price-to-Median-PS-Value 0.99
ATAX's Price-to-Median-PS-Value is ranked higher than
65% of the 1462 Companies
in the Global Specialty Finance industry.

( Industry Median: 1.14 vs. ATAX: 0.99 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
ATAX' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.52  Med: 1.1 Max: 368
Current: 0.99
0.52
368
Price-to-Peter-Lynch-Fair-Value 1.07
ATAX's Price-to-Peter-Lynch-Fair-Value is ranked higher than
68% of the 426 Companies
in the Global Specialty Finance industry.

( Industry Median: 1.17 vs. ATAX: 1.07 )
Ranked among companies with meaningful Price-to-Peter-Lynch-Fair-Value only.
ATAX' s Price-to-Peter-Lynch-Fair-Value Range Over the Past 10 Years
Min: 0.31  Med: 1.04 Max: 30.32
Current: 1.07
0.31
30.32
Price-to-Graham-Number 1.10
ATAX's Price-to-Graham-Number is ranked higher than
52% of the 1364 Companies
in the Global Specialty Finance industry.

( Industry Median: 0.96 vs. ATAX: 1.10 )
Ranked among companies with meaningful Price-to-Graham-Number only.
ATAX' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.39  Med: 0.75 Max: 3.95
Current: 1.1
0.39
3.95
Earnings Yield (Greenblatt) % 23.92
ATAX's Earnings Yield (Greenblatt) % is ranked higher than
91% of the 2207 Companies
in the Global Specialty Finance industry.

( Industry Median: 5.95 vs. ATAX: 23.92 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
ATAX' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: 0.7  Med: 4.8 Max: 45.2
Current: 23.92
0.7
45.2
Forward Rate of Return (Yacktman) % 19.19
ATAX's Forward Rate of Return (Yacktman) % is ranked higher than
71% of the 890 Companies
in the Global Specialty Finance industry.

( Industry Median: 11.45 vs. ATAX: 19.19 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) % only.
ATAX' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: -18.3  Med: 2.55 Max: 21
Current: 19.19
-18.3
21

More Statistics

Revenue (TTM) (Mil) $60.10
EPS (TTM) $ 0.35
Beta0.41
Short Percentage of Float0.03%
52-Week Range $5.10 - 6.11
Shares Outstanding (Mil)60.25

Analyst Estimate

Dec17 Dec18
Revenue (Mil $) 74 76
EPS ($) 0.24 0.25
EPS without NRI ($) 0.24 0.25
EPS Growth Rate
(Future 3Y To 5Y Estimate)
N/A
Dividends per Share ($) 0.50 0.50
» More Articles for ATAX

Headlines

Articles On GuruFocus.com
America First Multifamily Investors, L.P. Extends Maturity of $50 Million Unsecured Line of Credit C May 25 2017 
America First Multifamily Investors, L.P. Reports First Quarter 2017 Earnings May 05 2017 
America First Multifamily Investors, L.P. Increases Unsecured Line of Credit Commitment With Lead Pa Apr 24 2017 
America First Multifamily Investors, L.P. Schedules First Quarter 2017 Conference Call for Monday, M Apr 11 2017 
America First Multifamily Investors, L.P. Receives Proceeds of $10 million From Issuance of Series A Apr 03 2017 
America First Multifamily Investors, L.P. Announces the Sale of Northern View, an MF Property Mar 17 2017 
America First Multifamily Investors, L.P. Announces Unit Repurchase Program Mar 08 2017 
America First Multifamily Investors, L.P. Receives Proceeds of $6,131,000 From Issuance of Series A Mar 06 2017 
America First Multifamily Investors, L.P. Reports Fourth Quarter 2016 Earnings Mar 03 2017 
America First Tax Exempt Investors L.P. Reports Operating Results (10-K) Mar 14 2011 

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