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Recent News
updated 5/19/11
Note: Instead of EPS, partnership earnings are expressed as EPU (earnings per
unit). Also, payouts are termed 'distributions' instead of 'dividends.'
CAD is "cash available for distribution. "
Div/CF ratio is the next 12 month's forecast
distributions divided by this fiscal year's forecast cash flow per unit.
Div/EPU ratio is the next 12 month's forecast
distributions divided by this fiscal year's forecast earnings per unit.
America First Tax Exempt Investors, L.P.
5/10: America
reported March quarter earnings of $0.05 per unit, $0.05 below analysts'
forecasts and even with the year-ago quarter. Revenues rose 24% to $6.30
million. Cash available for distribution rose totaled $2.46 million
($0.08/unit) vs. year-ago $1.82 million($0.08/unit).
In December, Burlington Capital Group
said it planned to expand its
ownership of ATAX. Burlington owned 319,710 Beneficial Unit
Certificates ("BUCs") representing assigned limited partnership
interests, and said it would acquire up to $500,000 of additional BUCs. Burlington
is the general partner of the general partner of America First.
Forecast FY 12/2011 EPU Growth: 63%
Div/EPS:
88%
Background
America First, a Delaware limited
partnership, acquires, holds and sells federally tax-exempt mortgage
revenue bonds issued by state and local housing authorities to finance
construction and/or purchase of multifamily residential properties. The
trust also owns debt on one student housing property. The interest paid on
the debt is passed through to unit holders and is federally tax-exempt.
America First may also hold equity interests in multifamily properties
that it intends to finance via mortgage revenue bonds. The trust's general
partner is a unit of, and is managed by, "The Burlington Capital Group
L.L.C." The trust itself does not have any employees, nor does it incur
any charges for Burlington Capital employees' efforts on behalf of the
trust.
Previous Quarterly Reports
December'10: EPU $0.03 vs. year-ago -$0.06
loss. Operating cash flow $2.63 million ($.10/unit) vs. year-ago loss.
Cash available for distribution (CAD) for 2010 $0.35 per unit vs. 0.52
in 2009. America distributed $0.50 per unit. Revenues for the
quarter totaled $5.73 million. Revenues for the year
totaled $22.47 million, down 3%. vs. year-ago.
September'10: EPU loss -$0.04
vs. +$0.07 profit. Non-cash asset write-down triggered loss. Revenues up 1% to $5.82 million. CAD $2.62 million ($0.09/unit) vs. year-ago $2.18 million
($0.13/unit). Cash actually distributed
$0.125/unit. New Freddie Mac low interest loan arrangement (see below)
did not kick in until September 1, so didn't
affect September quarter results much. Entered into $95.8
million long-term secured debt financing deal with Freddie Mac utilizing
its Tax-Exempt Bond Securitization or "TEBS" program. New
facility replaces $49.5 million Bank of America financing facility.
Change reduces ATAX effective interest rate by almost
half, from 4.25% with Bank of America down to 2.15% with Freddie Mac.
June'10: EPU $0.05 vs. $0.02. Revenues
up 17% to $5.82 million. CAD up 27% vs. to $0.14 per unit vs. $0.125 actually distributed. Acquired
tax-exempt mortgage revenue bond for a 261 unit multi-family apartment
complex in San Antonio for $16.4 million. Bond pays 6.25% and matures in
2041. Acquired $18.3 million of tax-exempt mortgage revenue bonds maturing
in 2050 that were issued by the Ohio Housing Finance Agency. One issue,
with a $3.6 million par value pays 10.0%. The balance pays 7.0%.
March'10: EPU $0.05 vs.
$0.12. Revenues up 8% to $5.099 million. CAD
$1.822 million ($0.08/unit) vs. year-ago $3.306 million ($0.24/unit).
December'09: EPU $0.15 vs. $0.20.
Excluding property sale gain, EPU $0.10. Property revenues (2009 year) up
14% vs. to $15.7 million. Investment income flat at $4.3
million. CAD (2009) $0.52 per unit, up 39%
vs. 2008. Raised $19.95 million by selling 4.2
million new units at $5.05. Sale increased units outstanding by 24% to
21.0 million. America's general partner, Burlington Capital Group,
appointed Burlington employee
Mark Hiatt as CEO of America First, replacing Lisa Roskens, who is also
CEO and Board chair of Burlington. Hiatt already oversaw Burlington's
other real estate operations. As was the case with Roskens, Hiatt is an employee of Burlington and America First
does not pay his salary or any other compensation.
September'09: EPU $0.07 vs. $0.09.
Revenues down 13% to $5.78 million. Property revenues up 14% vs. to $3.87 million. Mortgage investment income flat at $1.02
million. Revenues included $863,000 gain on asset sale, otherwise revenues
up 9% to $4.92 million. Interest expenses up 68% to $1.06 million. Real
estate operating expenses up 19% to $2.62 million. Year-to-date operating
cash flows up 94% to $5.48 million. Sold property for $3.75 million. Acquired
same property via foreclosure in June after buying delinquent revenue
bonds in April for $2.6 million. After expenses, expects
$800,000 ($0.05 per unit) profit on deal.
June '09: EPU $0.02 vs. $0.08.
Property revenues up 15% to $3.90 million. Mortgage investment revenues
flat at $1.05 million. Total revenues up 14% to $4.98 million. Increased
operating and interest expenses cut earnings. CAD $0.11 per unit, even with year-ago, but below $0.125
distributed. Borrowed $50 million from Bank of
America to replace existing B of A $76.4 million facility.
Interest one-month LIBOR plus 3.9%. Raised $16.5 million by
selling 3.5 million
shares (units?) at $5.00. In May, distribution down 7% to $0.125.
March '09: EPU $0.12 vs. $0.05.
Operating cash flow loss $910,000 vs. $343,000 year-ago gain. Revenues up
5% to $4.734 million.
December '08: EPU $0.02 loss, vs. $0.04 profit. Attributed shortfall to "adjustments to the fair
value of interest rate derivative contracts that are reported as expenses
on the Company's statement of operations." CAD $0.11 vs. $0.135 distributed. CAD shortfall "due mainly to increased real estate operating expenses
realized at the multi-family apartment properties owned by subsidiaries."
For 2008, CAD $0.46 per unit vs. $0.54 distributed.
September '08: EPU
$0.09 vs. $0.07. Excluding
non-cash charges, CAD $0.13 vs. $0.14. Higher interest costs accounted for the shortfall.
June '08: CAD $0.11 per unit, even, but
below $0.135 distributed. Shortfall due to higher borrowing
costs. Expected to maintain current $0.54 per unit annual
dividend.
Capital Product Partners, L.P.
5/5: Capital
reported March quarter earnings of $0.06 per unit, $0.02 below analysts'
forecasts and below the year-ago $0.25 number. Revenues fell 17% to
$27.65 million. Operating cash flow fell 1% to $11.25 million
($0.29/unit approx). This year's lower numbers reflect lower charter
rates vs. year-ago.
5/5: Capital
agreed to acquire Crude Carriers Corporation for stock valued at $281
million. Crude Carriers owns a fleet of five relatively new crude oil
tankers.
In March, Capital said that, in terms of revenue days,
its fleet was 75% chartered for 2011 and 49% chartered for 2012.
Current Market Conditions
Capital charters its ships on long-term (one to three year) contracts.
Charter rates peaked in the 2006 to early-2008 timeframe and then fell
when the global economy crashed in late 2008. Rates bottomed in 2009,
and picked up in 2010, but are still below peak levels. Thus, when
contracts signed in 2006/2008 expire, the new contract rates are
generally below the expired contract rates. Due to the resulting drop in
cash flows, Capital cut its quarterly distribution by 45% to $0.225/unit
in April 2010, but raised it by 4% to $0.233 in September 2010. Analysts
expect the damage caused by earthquakes and tsunami in Japan to increase
demand for shipping refined petroleum products.
Forecast FY 12/2011 EPU Growth: -29%
Div/CF: 69%
Background
Formed in 2007 and based in
Greece, Capital owns a fleet of 20 small- to medium-sized double-hull
tankers primarily used to transport refined petroleum products such as
gasoline. Capital also owns one large (Suezmax) crude oil tanker.
Capital's policy is to distribute all of its cash flow not needed to
fund expansion to unitholders. Capital has elected to be
treated as a 'C' Corporation for U.S. tax purposes (investors receive a
Form 1099-DIV and not a Schedule K-1). Capital said that 100% of
2010 distributions should qualify has return of capital for tax
purposes.
Previous Quarterly Reports
December'10: EPU $0.06 vs. year-ago
$0.21. Revenues down 11% to $29.0 million. For the year 2010, operating
cash flow down 31% to $50.1 million. Distributions paid to unit holders
(2010) $33.7 million (67% of cash flow).
September'10: EPU $0.10 vs.$0.28.
Revenues down 10% to $30.3 million. Year-to-date operating cash flow down
-37% to $34.8 million. Raised $54 million by selling 6.33 million
new units at $8.63/unit.
Navios Maritime Partners, L.P.
5/19: Navios
agreed to purchase two tankers from its Master Partner, Navios Maritime
Holdings. One is a mid-size tanker (Panamax) built in 2004, and the
other is a larger ship (Capesize) built in 2010. Both are chartered
under long-term contracts.
Navios
reported March quarter earnings of $0.35 per unit, even with analysts'
forecasts, but down $0.04 vs. year-ago. Net income rose 32%, but the
number of common units (shares) out rose 56%. Operating cash flow rose
31% vs. year-ago to $31.27 million. Revenues rose 46% to $42.8 million.
Navios
sold 4.0 million new units for $19.68/unit.
In January, Navios raised its quarterly distribution by 2%
to $0.43/unit.
Forecast FY 12/2011 EPU Growth: -10%
Div/CF: 73%
Background
Navios Maritime Partners, based
in Piraeus, Greece, owns 14, and operates two additional dry bulk
oceangoing vessels. Navios Maritime Partners was formed in November 2007
by Navios Maritime Holdings, itself a 55-year-old
dry bulk shipping
company. Navios Holdings
controls about 31% of Navios Partners. Dry bulk ships typically carry
coal, grain, iron ore, and fertilizer. Navios charters its ships under
long-term contracts and 100% of its fleet is under contract for 2011 and
94% is contracted for 2012. Navios has entered into long-term time
charter-out agreements for all of its vessels with a remaining average
term of 4.6 years. The contracts are insured by an AA+ rated European
Union governmental agency. Common unitholders are entitled to a
$0.35/unit minimum quarterly distribution. Navios has elected to be
treated as a 'C' Corporation for U.S. tax purposes (investors receive a
Form 1099-DIV and not a Schedule K-1).
Previous Quarterly Reports
December'10: EPU $0.38, down $0.01 vs.
year-ago. Higher depreciation charges accounted for the drop in EPS.
Operating cash flow up 106% to $30.71 million. Revenues up 66% to $42.5
million. Purchased two dry bulk vessels from Navios Holdings for $98.2
million. Raised $112 million
by selling 6.3 million new units at $17.65/unit.
September'10: EPU $0.47 up 7%. Revenues $38.07 million, up 61%. Operating cash flow $14.88
million, up 18%. In July, distribution up 1% to $0.42.
June'10: EPU $0.40 up 82%. Revenues
$32.26 million, up 46%. Operating cash flow $26.64 million, up 91%.
Purchased another dry bulk ship from Navios Holdings for $110 million.
Raised $92 million by selling 5.2 million new units at $17.84/unit.
Och-Ziff Capital Management
Och-Ziff reported a March quarter loss of -$0.99 per unit vs.
year-ago -$1.07. The losses reflect non-cash charges.
Distributable cash flow was $0.16/unit, $0.02 above analyst forecasts
and up 33% vs. year-ago. Revenues rose 27% vs. year-ago to $138.4
million. Assets under management totaled $29.0 billion, up 17% vs.
year-ago.
Och-Ziff declared a $0.13/share May distribution, up 44% over May 2010.
Och-Ziff said assets under management at April
1 totaled $29.0 billion, up 15% vs. year-ago and up 1% from $28.7
billion at March 1.
In February, Och-Ziff declared a $0.71/unit distribution, up
22% vs. year-ago.
Recent distribution history:
May 2011 $0.13,
Feb 2011 $0.71, November 2011 $0.10, August 2011 $0.11, May 2010 $0.09,
February 2010 $0.58.
Forecast FY 12/2011 EPU Growth: 27%
Div/CF: 25%
Background
Och-Ziff was founded in 1994 by
Daniel Och in partnership with Ziff Brothers Investments. Managed by
Daniel Och, Och-Ziff is an investment manager that runs four
multi-strategy hedge funds targeted to institutional and high net worth
individuals. Och employs a low-risk strategy focusing on capital
preservation. Och-Ziff went public, structured as a Limited Liability
Corporation (LLC), in November 2007. As an LLC, Och-Ziff has no master
partner. Its policy to to distribute virtually all of distributable cash
flow to unit holders. Quarterly distributions are uneven with the
largest payouts in February.
Previous Quarterly Reports
December'10: EPU -$0.24 loss vs.
year-ago -$0.58 loss. The losses reflect non-cash charges.
Distributable cash flow was $0.74/unit, up 22%. Revenues up 27% vs.
year-ago to $568.7 million. Assets under management totaled $27.6 billion,
up 17% vs. year-ago.
September'10: EPU -$1.05 loss vs.
year-ago -$1.06 loss. The losses reflect non-cash charges.
Distributable cash flow was $0.13/unit, up 63%. Revenues up 20% vs.
year-ago to $122.5 million.
Assets under management totaled $26.3
billion, up 19%.
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