Greystone Housing Impact Investors Lp Beneficial · NYSE:GHI
Greystone Housing Impact Investors Lp Beneficial — America First Multifamily Investors — Q1 2016 Earnings Presentation
27 slides from Greystone Housing Impact Investors Lp Beneficial's earnings presentation, May 3, 2016
Slide 1: Q1 2016 Investor Presentation
Q1 2016 Investor Presentation May 3, 2016
Slide 2: Safe Harbor
SAFE HARBOR This presentation may contain projections or other forward-looking statements regarding future events or our future financial performance or estimates regarding third parties. These statements are only estimates or predictions and reflect our current beliefs and expectations. Actual even
Slide 3: Basis for Presentation
BASIS FOR PRESENTATION All financial information in our Annual Report on Form 10-K and Quarterly Report on Form 10-Q presented on the basis of Generally Accepted Accounting Principles in the United States of America (“GAAP”) is that of the Partnership and Variable Interest Entities (“VIEs”) on a con
Slide 4: Agenda
Agenda Safe Harbor & Basis For Presentation Craig Allen (Chief Financial Officer) COMPANY OVERIEW & EXECUTION OF STRATEGY - 1ST QUARTER 2016 Chad Daffer (Chief Executive Officer) HIGHLIGHTS OF 1ST QUARTER 2016 FINANCIAL RESULTS Craig Allen CLOSING REMARKS Chad Daffer Q & A
Slide 5: Company Overview & Execution of Strategy - First Quarter 2016
COMPANY OVERVIEW & EXECUTION OF STRATEGY - FIRST QUARTER 2016 Chad Daffer Chief Executive Officer
Slide 6: ATAX – Years on the Nasdaq
ATAX – 30 years on the Nasdaq Began Trading on Nasdaq – May 6, 1986 America First Tax Exempt Mortgage Fund Ticker Symbol AFTXZ Total Assets$185.5 million America First Tax Exempt Investors, L.P. February 1, 1999 Ticker Symbol ATAXZ America First Multifamily Investors, L.P. November 12, 2013 Ticker S
Slide 7: Company Overview
Company Overview ATAX formed for the primary purpose of acquiring, holding, selling and dealing with a portfolio of mortgage revenue bonds Construction and/or permanent financing Affordable multifamily Student Housing Senior Independent Living Business objectives Preserve and protect capital Provide
Slide 8: Management Team
Chad Daffer CEO of ATAX Fund Manager Over 26 years experience in credit analysis, Structuring and underwriting of high yield investments Andy Grier, CFA Senior Vice President Burlington Capital Real Estate 29 years experience in securities analysis and portfolio management Neil Bø Senior Vice Presid
Slide 9: Strategy
Strategy Step II: Market Opportunity Step II: Market Opportunity Step IV: Results CAD > $0.50 per unit Freddie Mac TEBS I, II & III Low Cost, Fixed Rate Financing Ongoing evaluation of “highest and best use” of assets Consolidated VIE and MBS Securities business segments eliminated Continued leverag
Slide 10: Execution of Strategy – Series A Preferred Units Issued
Execution of Strategy – 1st Quarter 2016 Series A Preferred Units Issued Significant liquidity event Private Placement Maximum to be issued - $100 million $10 million Non-cumulative, non-voting & non-convertible Benefits of Issuance Non-dilutive to common BUC holders Low cost of capital Attract new
Slide 11: Series A Preferred Units Issued (cont.) – Use of Proceeds
Execution of Strategy – 1st Quarter 2016 Series A Preferred Units Issued (cont.) Use of proceeds Acquire multifamily housing revenue bonds Issued by state and local housing authorities Construction and/or permanent financing Fixed rate, long-term first mortgage multifamily housing revenue bonds
Slide 12: Execution of Strategy – Investment to Provide Equity
Execution of Strategy – 1st Quarter 2016 Investment to provide equity $9.6 million investment Used to build a 288 unit multifamily residential property Corpus Christi, TX Aligns with ATAX’s investment strategy Contributes to growth in CAD Leverage ATAX’s “full service” platform Design Construction m
Slide 13: Execution of Strategy – Analyze Highest and Best Use of Assets
Execution of Strategy – 1st Quarter 2016 Analyze “highest and best use” of assets MF Properties Asset review completed Restructure vs. Sale
Slide 14: Highlights of First Quarter 2016 Financial Results
HIGHLIGHTS OF FIRST QUARTER 2016 FINANCIAL RESULTS Craig Allen Chief Financial Officer
Slide 15: Significant Transactions – 1st Quarter 2016
Significant Transactions – 1st Quarter 2016 Mortgage Revenue Bond Activity $11.5 million purchase $9.5 million sale Sold three MBS securities $15.1 million MBS Securities segment eliminated Terminated MBS Tender Option Bond (“TOB”) Derivate Hedging $11.0 million Paid in full, and collapsed, TOB fina
Slide 16: Significant Transactions – Expanded Unsecured Line of Credit
Significant Transactions – 1st Quarter 2016 Expanded unsecured line of credit facility Increased access to liquidity for core assets Enhanced operating liquidity Paid in full, and closed, $5 million operating LOC
Slide 17: Revenue Trends
Se Revenue Trends $25,000,000 $20,000,000 $15,000,000 ‘$10,000,000 6/30/2014 9/30/2014 12/31/2014 3/31/20: 6/30/2015 9/30/2015 12/31/2015 3/31/2016 FOR THREE MONTHS ENDED. ATAX MULTICAMLY INVESTORS, LP Pe
Slide 18: Mortgage Revenue Bonds – March 31, 2016
Mortgage Revenue Bonds – March 31, 2016 14 States - $596.4 million
Slide 19: MRB Growth – Total $ and % of Total Assets
MRB Growth – Total $ and % of Total Assets Total Assets and Mortgage Revenue Bonds (“MRBs”) % MRBs to Total Assets 3/31/1668.2% 12/31/1566.9% 12/31/1460.3% 12/31/1353.4% 12/31/1235.1%
Slide 20: Cash Available for Distribution (CAD)
Cash Available for Distribution (“CAD”) 11.1% increase in CAD $0.10 per unit Q1 2016 $0.09 per unitQ2 2015 Positive effects realized Enhanced availability of low-cost financing TEBS III financing facility Fully invested and fully levered Mortgage revenue bond portfolio $596.4 million March 31, 2016
Slide 21: Closing Remarks
Se CLOSING REMARKS Chad Daffer
Slide 22: Closing Remarks
Closing Remarks 2016 Pipeline strong Complete $90 million Series A Preferred Unit Private Placement Continue to evaluate “highest and best” use of assets Prudently leverage assets for positive CAD impact
Slide 23: Q&A
V Q&A
Slide 24: Appendix
Se APPENDIX
Slide 25: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet March 31, 2016 December 31, 2015 Assets Cash and cash equivalents $ 17,822,453 $ 17,035,782 Restricted cash 8,753,563 8,950,374 Interest receivable 6,014,520 5,220,859 Mortgage revenue bonds held in trust, at fair value (Note 4) 535,399,114 536,316,481 Mortgage r
Slide 26: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations Three Months Ended March 31, 2016 2015 Revenues: Property revenues $ 5,074,104 $ 4,302,301 Investment income 9,157,234 7,979,784 Contingent interest income 174,396 - Other interest income 514,125 224,540 Gain on sale of securities 8,097 - Total revenues
Slide 27: Reconciliation of GAAP Net Income to CAD
Reconciliation of GAAP Net Income to CAD For the Three Months Ended March 31, 2016 2015 Net income - America First Multifamily Investors L.P. $ 2,531,700 $ 2,524,479 Net loss related to VIEs and eliminations due to consolidation - 146,166 Net income before impact of VIE consolidation 2,531,700 2,670
America First Multifamily Investors — Q1 2016 Earnings Presentation on 6ix