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On September 30, 2020, America First Multifamily Investors announced the issuance of $103.5 million in Taxable Secured Notes 2020 Series A, secured by residual certificates from Freddie Mac. The notes feature a variable interest rate plus 9.00% and mature on September 1, 2025. The partnership aims to use the proceeds for investments and general business purposes. Notably, the partnership has entered into Total Return Swap transactions with Mizuho, which reduce their net interest costs significantly. The CEO emphasized the positive impact of this financing on returns for unitholders.
On September 16, 2020, America First Multifamily Investors, L.P. (NASDAQ: ATAX) announced a quarterly cash distribution of $0.06 per Beneficial Unit Certificate (BUC). This distribution will be payable on October 30, 2020, to BUC holders recorded by September 30, 2020. The BUCs will trade ex-distribution starting September 28, 2020. The General Partner will continue to evaluate the Partnership’s distribution policy, with future distributions dependent on their determination. America First Multifamily focuses on acquiring mortgage revenue bonds for affordable housing financing.
America First Multifamily Investors, L.P. (NASDAQ: ATAX) reports stable performance through September 11, 2020. The Partnership has not received any notices of delinquencies related to its mortgage revenue bonds. Average rental collection rates for properties stood at 91% for August 2020. There have been no forbearance requests from borrowers. Vantage properties have seen increased occupancy, while properties under construction remain unaffected by supply chain issues. Notably, occupancy for the Partnership’s properties adjacent to universities varies, with 88% for University of Nebraska-Lincoln and 62% for San Diego State University.
On August 4, 2020, America First Multifamily Investors, L.P. (NASDAQ: ATAX) reported its financial results for Q2 2020. Total revenues for the quarter were approximately $14.5 million, with a net income of $0.06 per Beneficial Unit Certificate (BUC). For the six months ended June 30, 2020, revenues totaled $28.2 million, yielding a net income of $0.10 per BUC. The Partnership also acquired significant assets, including a $40 million Governmental Issuer Loan. Properties linked to its mortgage revenue bond portfolio maintained a 93% rental collection rate in July 2020.
On July 28, 2020, America First Multifamily Investors, L.P. (NASDAQ: ATAX) announced a Seventh Amendment to its Credit Agreement with Bankers Trust Company. This amendment extends the maturity date of a $50 million unsecured non-operating line of credit to June 30, 2022. Additionally, Bankers Trust has extended the maturity date of a $10 million unsecured operating line of credit to the same date. CEO Chad Daffer emphasized that this extension strengthens liquidity and reinforces the partnership with Bankers Trust.
America First Multifamily Investors, L.P. (NASDAQ: ATAX) will host a conference call on August 5, 2020, at 4:30 p.m. Eastern Time to discuss its Second Quarter 2020 results. Investors can access the call in listen-only mode or submit questions by calling in. The Partnership focuses on acquiring mortgage revenue bonds aimed at financing affordable housing and commercial properties. It aims for growth through investments in leveraged mortgage bonds, with interest earned expected to be tax-exempt at the federal level.
On May 22, 2020, America First Multifamily Investors, L.P. (NASDAQ: ATAX) announced a quarterly cash distribution of $0.06 per Beneficial Unit Certificate (BUC), payable on July 31, 2020, to holders of record by June 30, 2020. The partnership is focusing on maintaining financial flexibility amid the COVID-19 pandemic and is poised to pursue attractive investment opportunities. The General Partner will continually review the distribution policy, with future declaration, timing, and amounts subject to its discretion.
On May 6, 2020, America First Multifamily Investors, L.P. (NASDAQ: ATAX) reported its Q1 2020 financial results. The Partnership achieved total revenues of $13.7 million and net income of $0.04 per Beneficial Unit Certificate (BUC). Cash Available for Distribution (CAD) was $0.05 per BUC. Total assets reached $977.5 million, with Mortgage Revenue Bond (MRB) investments of $761.1 million. Notable transactions included the sale of PHC Certificates for $43.3 million and refinancing of mortgages totaling $26.7 million. In April 2020, ATAX moved to new debt financing arrangements with Mizuho Capital Markets.
America First Multifamily Investors (NASDAQ: ATAX) announced the termination of its debt financing with Deutsche Bank, repaying approximately $51.8 million. The Partnership entered into new variable rate Tender Option Bond Trust financings with Mizuho totaling about $55.4 million, benefiting from an initial interest rate of 2.08%. The termination of covenants allows greater flexibility in managing liquidity. Despite reporting a 94% rental collection rate for April 2020, the Partnership warned of potential declines due to COVID-19's ongoing impact.