America First Multifamily Investors (ATAX, yield 9.30%)
from Forbes/Lehmann Income Securities Investor
America First Multifamily Investors, L.P. (ATAX) was formed for the primary purpose of acquiring a portfolio of federally tax-exempt mortgage revenue bonds that are issued to provide construction and/or permanent financing of multifamily residential properties.
Its business objectives are to protect their capital and to provide regular cash distributions that the partnership believes is substantially exempt from federal income tax. It also invests in other securities, which are rated by at least one rating agency in the four highest categories and cannot be more than 25% of the Partnership’s total assets. The Partnership has also acquired interests in multifamily apartments in order to position itself for future investments in mortgage revenue bonds.
Its reported second quarter 2015 total revenue was $17.12 million, significantly above the $10.47 million reported for the same period last year. Net income was posted as $8.22 million; also well above the $3.66 million posted the previous year. This tax-advantaged security would be a good investment for medium or high-risk growth and income investor. Buy at or below $6.30..
Richard Lehmann, Forbes/Lehmann Income Securities Investor, www.isinewsletter.com, 305-557-1832, September 2015
