atax-ex991

America First Multifamily Investors, L.P. Reports Total Revenues of $13.7 Million in First Quarter 2020

Omaha, Nebraska – On May 6, 2020, America First Multifamily Investors, L.P. (NASDAQ: ATAX) (the “Partnership” or “ATAX”) reported the following results:

The Partnership reported the following notable transactions during the first quarter of 2020:

In April 2020, the Partnership terminated its debt financing arrangements with Deutsche Bank AG (“Deutsche Bank”) and entered into replacement debt financing arrangements with Mizuho Capital Markets LLC (“Mizuho”). The Partnership also terminated its Master Trust Agreement with Deutsche Bank and is no longer subject to its financial and non-financial covenant provisions. In addition, the Partnership extended the maturity dates of its existing debt financing arrangements with Mizuho to mid-2021.

“The spread of COVID-19 has caused significant market volatility and operational disruptions across a variety of industries, including affordable and market rate multifamily housing,” said Chad L. Daffer, Chief Executive Officer of the Partnership. “As the impacts of COVID-19 are rapidly evolving, we are continually assessing the impacts on our operations, liquidity, and the performance of our investments as information becomes available. We continue to be fully operational and are focused on navigating these uncertain times in the best interest of our unitholders.”

This report refers to Cash Available for Distribution (“CAD”), which is identified as a non-GAAP financial measure. 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 that is calculated in accordance with GAAP, or any other measures of financial performance 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.

The Partnership will host a Webcast/Earnings Call for Unitholders on Thursday, May 7, 2020 at 4:30 p.m. Eastern Time to discuss the Partnership’s First Quarter 2020 results. Participants can access the First Quarter 2020 Earnings Conference Call in one of two ways:

Following completion of the earnings call, a recorded replay will be available on the Partnership’s Investor Relations website at www.ataxfund.com.

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.

Certain statements in this press release are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can

be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: general economic conditions, including the current and future impact of the novel coronavirus (COVID-19) on business operations, employment, and government-mandated mitigation measures; current maturities of the Partnership’s financing arrangements and the Partnership’s ability to renew or refinance such financing arrangements; defaults on the mortgage loans securing the Partnership’s mortgage revenue bonds; the competitive environment in which the Partnership operates; risks associated with investing in multifamily and student residential properties and commercial properties; changes in interest rates; the Partnership’s ability to use borrowings or obtain capital to finance its assets; recapture of previously issued Low Income Housing Tax Credits in accordance with Section 42 of the Internal Revenue Code; geographic concentration within the mortgage revenue bond portfolio held by the Partnership; appropriations risk related to the funding of federal housing programs; changes in the Internal Revenue Code and other government regulations affecting the Partnership’s business; and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K). Readers are urged to consider these factors carefully in evaluating the forward-looking statements.

If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.

The following table shows the calculation of CAD (and a reconciliation of the Partnership’s net income, as determined in accordance with GAAP, to CAD) for the three months ended March 31, 2020 and 2019.

(Unaudited)	For the Three Months Ended March 31,
	2020			2019
Net income	$	2,981,757		$	6,451,813
Change in fair value of derivatives and interest rate derivative amortization		(25,201	)		306,591
Depreciation and amortization expense		709,438			820,808
Reversal of impairment on securities ⁽¹⁾		(1,902,979	)		-
Provision for credit loss		1,357,681			-
Amortization of deferred financing costs		358,908			361,305
RUA compensation expense		39,068			184,184
Deferred income taxes		(30,921	)		(40,692	)
Redeemable Series A Preferred Unit distribution and accretion		(717,763	)		(717,763	)
Tier 2 Income distributable to the General Partner ⁽²⁾		80,501			(753,025	)
Bond purchase premium (discount) amortization (accretion), net of cash received		(13,806	)		(38,952	)
Total CAD	$	2,836,683		$	6,574,269

Weighted average number of BUCs outstanding, basic		60,754,179			60,426,177
Net income per BUC, basic	$	0.04		$	0.08
Total CAD per BUC, basic	$	0.05		$	0.11
Distributions declared, per BUC	$	0.125		$	0.125

For the three months ended March 31, 2020, Tier 2 income was due to the gain on sale of the PHC Certificates, net of prior impairments recorded. For the three months ended March 31, 2019, Tier 2 income consisted of $3.0 million of contingent interest realized on redemption of the Vantage at Brooks, LLC property loan.