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ATAX America First Multifamily Investors

Participants
Chad Daffer CEO
Craig Allen CFO
David Walrod JonesTrading
Call transcript
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Operator

At this time, I would like to welcome everyone to America Multifamily Investors, L.P.’s NASDAQ ticker symbol ATAX Third Quarter 2017 Earnings Conference Call.

During the presentation, all participants will be in a listen-only mode. After the speakers’ remarks, you will be invited to participate in a question-and-answer session.

As a reminder, this conference call is being recorded. At this time, I would like to turn the conference over to Craig Allen, Chief Financial Officer of the Company. begin. may you Sir,

Craig Allen

to quarter Welcome call. earnings ATAX’s you. XXXX third conference Thank

Litigation statements to Safe the call, cause differ not from pursuant which forward-looking conference of the made historical statements are these provisions are we are XXXX. During of Reform or this the materially ATAX, actual comments future course Act results that and Private risks uncertainties of make Harbor events regarding Securities facts statements. the and could forward-looking subject to to are Such

statements be like, et Forward-looking can use identified of may, cetera. by words the plan should, expect,

You those are conditions, of competitive, forward-looking or projections the expressed to cause statements speak economic today’s other and only results factors could implied today. by cautioned as that forward-looking these regulatory our or in from date. made materially Changes actual statements differ

For that information Exchange periodic from risks Securities with factors may review and and the impact time-to-time other more other the about please filed documents ATAX reports business, detailed these by Commission. our and

pass participation Executive the your encourage Regulations advantage your I Our we Thank Officer. interest ATAX full is if call. and we sure inform explained and the that in may be necessarily operating expectations under call to and to will want now discussion you not Daffer, we change, you which internal session. will base will for SEC the you beliefs do. Chad include you non-GAAP are but take Today’s during FD will measures projections make aware ATAX’s We and they of our question-and-answer ATAX. upon to the Chief

Chad Daffer

to this welcome highlight minutes financial then and will past the of present Craig. like significant Good Thank to few our of Partnership. afternoon to the call. performance Craig the quarter, transactions a you, take I’d

in owns on balance our sheet estimated on In $XX revenue of This fee quarter, and the properties six activity simple real our million. XX% increasing $XX.X to of on million adding $XXX third value Partnership market ATAX mortgage position basis bonds, million an total estate just million. increase multifamily is the just a a under portfolio $XXX over housing year-over-year. currently the of closed our portfolio, with bond to revenue First, year-to-date

sale stated the sale, for three all been about As and suites If the currently disclosed agreement is to way sale purchase for a buyers. of the expired have releases ATAX preferred in evaluated on September, property In properties by information when for is future contract, multiple Q, under was come. On reevaluated sale in the renewed. a months by not A listed offering. put press selected the being of listing stock are in for future XXXX. and and our additional will sale be will be buyer

for offered for the in non-convertible Year-to-date, stock marketplace the first in Partnership ATAX ATAX will Craig the XXXX. your reserve their was the quarterly the Allen, investors we service funded fully presentation will questions. taking past report. benefit I history time, At ratings trust A to affirmation come. This on The certificates. cited invested S&P A positive in be affirmed investors, the X a plus with our of redemptions rating the in institutional deal strong prior units to XXXX, we on time. XXXX, placed of days over with laddered and event the to have the to The fund for debt As a excuse CFO Proceeds tripe-B. double of privately position a placed million Trust past, and with public from months solid credit were & Poor’s me and the financials housing report back non-cumulative, call and credit would XXXX turn X, This instrument. structure, received like Standard minus, -- we importance in XX.X X, this our non-voting, and or report offering to discussed preferred a credit September, in to the

Craig Allen

Chad. Thank you,

transactions the in of of ATAX This until Trust convert line aggregate in during credit unsecured other bonds that the Term million. the we that A/B line in either will mortgage few about, Trust. there Chad the a or in we Trust TEBS quarter $XX.X we Freddie To addition of, transactions purchase the significant that the mortgage a and we to talked revenue approximately a In are this the past XXXX. financed spoke through of the to have Chad amount Mac revenue Bankers offering of as bonds acquisition occurred fund third Bankers utilized

million. the Secondly, $XX.X I TEBS extended MXX approximately for we

extended that have million also conjunction notional XXXX. a the At with acquired value with rate we $XX.X cost. of counterparty maturity interest an that, approximately $XX,XXX In approximately until with of of being for We cap a for September six Barclays Royal total of this caps, and do risk. Bank Bank, counterparties have we’ve diversify Bank counterparty tried to present Wells our utilized to and Markets. Barclays, SMBC Capital New We we rate Deutsche the York, interest Canada, Fargo, time, of of

debt previous have focal too. of of financing our structure main in we sheet balance quarters, points is refinement ATAX tuning our the one of as As of talked fine our well

On debt fully -- of end the was is quarter. our our moved XX% from rate in was have XX% we of debt XXth a to variable to fixed been the rate XX%, December have at we XXXX, of this So, September fixed. variable variable, year, XX% and again scenario moving

we XX at Properties $XX million. MF books we As mentioned, XX our time. revenue value net about million about $XXX of Chad on bonds present with We a hold in states five own and the of mortgage in we have about have bond states that

that on $X Our total the to XXXX. assets for XX, shy of about XXXX $XXX of just million exceeded compares quarter third and billion, December $X.X billion, we’re

further present bonds XX% of tuning last sheet one assets XXth, our $XXX amount about the demonstrate our end so look about were of increased XXXX, of revenue versus the Our than about our were about XX.X% statistic held have The in bonds is, revenue fine form million. December of million mortgage balance as On held more And total our of we doubling XX%. we mortgage in we at at bonds, bonds. to year, assets of form the of in this revenue the QX of revenue mortgage the of of total September that mortgage held year. $XXX

increased million. $XX year XX% to increasing a by total QX year-to-date from year-to-date exceeded to QX revenue of almost increasing basis, a for XX%, XXXX, XXXX ago. Our XXXX almost revenue $XX million approximately million has our of over almost $XX On

diluted July $X.XX for basic versus XXXX and $X.XX itself the Our differential QX and was of not Woodland that year to ago. $X.XX of a XXXX MF did net unit was of in repeat sale in income Property Park That XXXX. per related

$X.XX distribution On Another available for for relates a QX a was an difference cash per of the $X.XX months measure available by which XXXX. CAD. QX is Partnership distribution look QX XXXX $X.XX for between or XXXX, unit to of sale MF we XXXX. CAD versus the as and per was unit the of unit Property $X.XX cash The $X.XX $X.XX to at year-to-date in our unit the nine per compared basis, per the well. ago year first

may And activity share Finally, and open what and impacted the any may might to book net be times the we’d can this again, -- past, or about this while, a change to we’d X.X% increase $X.XX per described happy that And to the time, as an you over there on some assets the at too. be, which up look the that we’ve the of XXXX. side be it be unit and value of any carrying our questions we hold liabilities book like and at by value in our well QX underlying side take per lumpiness might Partnership. net value lumpiness value have. it is of answer that asset in At we is

Operator

Instructions] you. Thank question [Operator from David comes first with Walrod Our JonesTrading.

open. is now line Your

David Walrod

afternoon. questions. Couple of Good

My your discussed press bad. gain the in a of third -- million XXXX. that you was on release, quarter in sale First, of $X.X

makes Okay. That sense.

you or be event? that in more stages close of properties would to there year that next three a that mentioned sale. of had will expect You those be in quarter -- fourth Can we various were the

Chad Daffer

depends housing Decatur, and project student we’re presented the for evaluating currently that Indiana; us are think is bids Evansville, asset other how it IL to being is now, the on Weatherford, One in of -- XX+ Texas right Texas. XX those I in another three assets. IL properties

the are We’re bids buy side due the underwriting. as currently our and completing is diligence offered being and evaluating properties

is I the it in There’s of We’re folks received, few David. perform them, But, ability we remains hopeful a be on year will chasing, our And that as from indications positive my And think, indications and the close opinion, asset that’ll the you investors. capital know, select as lot received very by market our the strong right they’re be they now. if seen. advertised, very class, we’ve for end, when products. outcome by their that both to closed to on and a we’ve

David Walrod

anything And then, to helpful. just Was quick a of bit current to specific question That’s rate? operating your is estate real relative just a there costs, that there kind seem Okay. Thank you. XQ. the increased have on in or run they

Chad Daffer

our type that as just of markets, biggest as type I identify think, increase spikes across we in that’s labor different operating costs. think thing cost we I any the of seasonal see would

As cycles. the simplify operating out portfolio those investors, as the analysis make the always try to go to our it. in our that manage opportunities trying we’re tune the those when and estate balance present a benefit the in try we least of the monitor themselves sale capturing that sheet we’ve core going we’re in real to may going opportunities of from go owned to And and continue story. happen, and look before, events on our sure our to where from present assets deploy and back they take be aggressively premium would fine into proceeds our we’re the cycle the and marketplace as at talked And away discipline the costs, to we’ll for

David Walrod

appreciate it. a Okay. Thanks lot. night. Have good I a

Chad Daffer

David. you, Thank

Craig Allen

Thanks, David.

Operator

Daffer, [Operator the I’m not showing Chief now turn call further remarks. Chad ATAX’s to like Instructions] Officer, would further for to I Executive over any back questions.

Chad Daffer

you. Thank

to would of As for their Company. the like we everybody always, support thank

quarter positive please you into of any We sharing We for us that markets address We as and call, will of call closing fourth XXXX. needed. questions to happy your with these thank you anticipate the folks free end some at and strength speaking to information you of have time. be and to If the time time try them few with of post assets. feel about we’ll look at the forward the here

Operator

you thank program. conference. participating in gentlemen, today’s today’s and conclude Ladies for does This

disconnect. all a may You Everyone great have day.