BALTIMORE, May 10, 2016 /PRNewswire/ -- MMA Capital
Management, LLC (NASDAQ: MMAC) ("MMA Capital" or
"the Company") today reported financial results for the
quarter ended March 31, 2016,
including common shareholders' equity of $121.5 million, or $18.62 per diluted common share. The
Company filed its Quarterly Report on Form 10-Q for the quarter
ended March 31, 2016 (the "First
Quarter 2016 Report") with the Securities and Exchange
Commission ("SEC") earlier today and will hold an investor
call on Wednesday, May 11, 2016 at
5:00 p.m. ET.
Common shareholders' equity increased $5.3 million for the quarter to $121.5 million at March
31, 2016 from $116.2 million
at December 31, 2015. The
Company reported a 6.8% increase in diluted common shareholders'
equity per share representing an increase of $1.19 to $18.62 at
March 31, 2016 from $17.43 at December
31, 2015. The majority of the Company's reported
growth per share, or $1.14 per share,
in the quarter resulted from equity in income from unconsolidated
funds and ventures, net gains on assets and derivatives and a net
increase in the fair value of the bond portfolio. The balance
of such growth, $0.05 per share, was
due to common share repurchases completed during the quarter at
prices below book value per share.
Michael Falcone, MMA Capital's
Chief Executive Officer stated, "So far, 2016 is off to a good
start. We continue to see opportunities for growth in our solar
lending business and good market conditions and strong asset
management continue to allow us to realize value in our affordable
housing portfolio. To that end, we were able to underwrite and
close over $83 million of additional
loans through our energy lending joint venture during the first
quarter and we have underwritten an additional construction loan
for just under $24 million which we
plan to hold directly on our books. As part of our efforts to
maximize asset values, we sold an apartment community held through
a joint venture resulting in a gain of $2.7
million in the quarter, increasing both our cash balance and
creating additional equity value for shareholders. In
addition, we continued to execute on our stock buyback plan during
the quarter, buying back approximately 121,000 shares at a discount
to book value per share and resulting in immediate accretion for
our shareholders. Lastly, the Board has authorized us to
amend our repurchase plan to increase the maximum price at which we
may buy back stock to our newly reported GAAP diluted common equity
per share of $18.62."
Conference Call Information
The Company plans to host a conference call on Wednesday, May 11, 2016 at 5:00 p.m.
ET to provide a business update and review financial results
for the three months ended March 31,
2016. The conference call with investors will be
webcast. All interested parties are welcome to join the live
webcast, which can be accessed through the Company's web site at
www.mmacapitalmanagement.com, under Investor Relations.
Participants may also join the conference call by dialing
toll free 1-888-346-6987 or 1-412-902-4268 for international
participants and 1-866-605-3851 for Canadian participants.
For purposes of the conference call, the Company will reference
select tables from Item 2 of the First Quarter 2016 Report
(Management's Discussion & Analysis).
An archived replay of the event will be available one hour after
the event through 5:00 p.m. on
May 18, 2016, toll free at
1-877-344-7529, or 1-412-317-0088 for international participants
and 1-855-669-9658 for Canadian participants (Passcode:
10086081).
The First Quarter 2016 Report is posted to MMA Capital's web
site at www.mmacapitalmanagement.com, under Investor
Relations, and is also available at the SEC's web site at
www.sec.gov.
Cautionary Statement Regarding
Forward-Looking Statements
This Release contains forward-looking statements intended to
qualify for the safe harbor contained in Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements often include words such as "may," "will," "should,"
"anticipate," "estimate," "expect," "project," "intend," "plan,"
"believe," "seek," "would," "could," and similar words or are made
in connection with discussions of future operating or financial
performance.
Forward-looking statements reflect our management's
expectations at the date of this Release regarding future
conditions, events or results. They are not guarantees of future
performance. By their nature, forward-looking statements are
subject to risks and uncertainties. Our actual results and
financial condition may differ materially from what is anticipated
in the forward-looking statements. There are many factors that
could cause actual conditions, events or results to differ from
those anticipated by the forward-looking statements contained in
this Release. These factors include changes in market conditions
that affect the willingness of potential investors or lenders to
provide us with debt or equity, changes in market conditions that
affect the value or marketability of assets we own, changes in
market conditions or other factors that affect our access to cash
that we may need to meet our commitments to other persons, changes
in interest rates or other conditions that affect the value of
mortgage loans we have made, changes in interest rates that affect
our cost of funds, tax laws, environmental laws or other conditions
that affect the value of the real estate underlying mortgage loans
we own, and changes in tax laws or other things beyond our control
that affect the tax benefits available to us and our investors.
Readers are cautioned not to place undue reliance on
forward-looking statements. We have not undertaken to update any
forward-looking statements in this Release.
MMA CAPITAL MANAGEMENT: INTEGRITY. INNOVATION.
SERVICE.
www.mmacapitalmanagement.com
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SOURCE MMA Capital Management, LLC