America First Multifamily Investors (ATAX) Announces Authorization of Unit Buyback Plan
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America First Multifamily Investors, L.P. (Nasdaq: ATAX) announced that the Board of Managers (the “Board”) of Burlington Capital LLC, which is the general partner of the Partnership’s general partner, authorized a program for the repurchase of up to 272,307 of the Partnership’s outstanding beneficial unit certificates representing assigned limited partnership interests (“BUCs”).
“This unit repurchase program reflects the Board’s and management’s commitment to increasing unitholder value,” said Chad L. Daffer, Chief Executive Officer of ATAX. “Given our strong balance sheet, we believe we can implement this program and continue to retain sufficient liquidity to execute upon our business strategy.”
Among other purposes of the program, repurchases are intended to cover awards of restricted BUCs under the Partnership’s 2015 Equity Incentive Plan to employees of the Partnership, or affiliates of the Partnership, or Board members. Under the terms of the repurchase program, BUCs may be repurchased from time to time at the Partnership’s discretion on the open market, through block trades, or otherwise, subject to market conditions, applicable legal requirements, and other considerations. The authorization is effective immediately, and the program will continue until otherwise modified or terminated by the Board in its sole discretion and without notice. The repurchase program does not obligate the Partnership to repurchase any specific dollar amount or number of BUCs and may be suspended or discontinued at any time.
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