Delaware
|
47-0810385
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
1004
Farnam Street, Suite 400
|
Omaha,
Nebraska 68102
|
(Address
of principal executive offices)
|
(Zip
Code)
|
(402)
444-1630
|
|
(Registrant's
telephone number, including area
code)
|
Large
accelerated filer o
|
Accelerated
filer x
|
Non-
accelerated filer o
|
Smaller
reporting company o
|
(do
not check if a smaller reporting company)
|
Item
1
|
|||
1
|
|||
2
|
|||
3
|
|||
4
|
|||
5
|
|||
Item
2
|
17
|
||
Item
3
|
32
|
||
Item
4
|
33
|
Item
1A
|
34
|
|
Item
6
|
34
|
|
35
|
June
30,
|
December
31,
|
|||||||
2008
|
2007
|
|||||||
Assets
|
||||||||
Cash
and cash equivalents
|
$ | 7,841,343 | $ | 14,821,946 | ||||
Restricted
cash
|
3,589,917 | 2,865,890 | ||||||
Interest
receivable
|
492,814 | 534,699 | ||||||
Tax-exempt
mortgage revenue bonds
|
60,849,952 | 66,167,116 | ||||||
Real
estate assets:
|
||||||||
Land
|
10,357,004 | 10,357,004 | ||||||
Buildings
and improvements
|
99,544,555 | 99,218,397 | ||||||
Real
estate assets before accumulated depreciation
|
109,901,559 | 109,575,401 | ||||||
Accumulated
depreciation
|
(33,390,460 | ) | (31,543,780 | ) | ||||
Net
real estate assets
|
76,511,099 | 78,031,621 | ||||||
Other
assets
|
2,145,481 | 2,457,736 | ||||||
Total
Assets
|
$ | 151,430,606 | $ | 164,879,008 | ||||
Liabilities
|
||||||||
Accounts
payable, accrued expenses and other liabilities
|
$ | 6,472,962 | $ | 6,808,458 | ||||
Distribution
payable
|
2,432,327 | 2,432,327 | ||||||
Debt
financing
|
65,091,372 | 71,395,000 | ||||||
Mortgage
payable
|
19,920,000 | 19,920,000 | ||||||
Total
Liabilities
|
93,916,661 | 100,555,785 | ||||||
Commitments
and Contingencies (Note 10)
|
||||||||
Minority
interest
|
45,230 | 48,756 | ||||||
Partners'
Capital
|
||||||||
General
partner
|
333,567 | 348,913 | ||||||
Beneficial
Unit Certificate holders
|
107,604,345 | 112,880,314 | ||||||
Unallocated
deficit of variable interest entities
|
(50,469,197 | ) | (48,954,760 | ) | ||||
Total
Partners' Capital
|
57,468,715 | 64,274,467 | ||||||
Total
Liabilities and Partners' Capital
|
$ | 151,430,606 | $ | 164,879,008 | ||||
The
accompanying notes are an integral part of the condensed consolidated
financial statements.
|
For
Three
|
For
Three
|
For
the Six
|
For
the Six
|
|||||||||||||
Months
Ended
|
Months
Ended
|
Months
Ended
|
Months
Ended
|
|||||||||||||
June
30, 2008
|
June
30, 2007
|
June
30, 2008
|
June
30, 2007
|
|||||||||||||
Income:
|
||||||||||||||||
Total
property revenue
|
$ | 4,676,501 | $ | 3,508,156 | $ | 9,311,841 | $ | 7,084,406 | ||||||||
Mortgage
revenue bond investment income
|
1,056,825 | 631,855 | 2,265,389 | 1,054,293 | ||||||||||||
Other
income (loss)
|
(83,028 | ) | 309,101 | (54,894 | ) | 517,875 | ||||||||||
5,650,298 | 4,449,112 | 11,522,336 | 8,656,574 | |||||||||||||
Expenses:
|
||||||||||||||||
Real
estate operating (exclusive of items shown below)
|
2,849,254 | 2,189,457 | 5,404,583 | 4,150,972 | ||||||||||||
Depreciation
and amortization
|
1,164,316 | 569,503 | 2,515,747 | 1,056,883 | ||||||||||||
Interest
|
875,893 | 526,099 | 2,399,448 | 1,054,897 | ||||||||||||
General
and administrative
|
489,399 | 402,115 | 920,465 | 693,107 | ||||||||||||
5,378,862 | 3,687,174 | 11,240,243 | 6,955,859 | |||||||||||||
Minority
interest in net loss of consolidated subsidiary
|
781 | - | 3,526 | - | ||||||||||||
Net
income
|
$ | 272,217 | $ | 761,938 | $ | 285,619 | $ | 1,700,715 | ||||||||
Net
income allocated to:
|
||||||||||||||||
General
Partner
|
$ | 24,583 | $ | 71,945 | $ | 31,245 | $ | 84,435 | ||||||||
BUC
holders
|
1,109,288 | 1,570,876 | 1,768,811 | 2,807,364 | ||||||||||||
Unallocated
deficit of variable interest entities
|
(861,654 | ) | (880,883 | ) | (1,514,437 | ) | (1,191,084 | ) | ||||||||
$ | 272,217 | $ | 761,938 | $ | 285,619 | $ | 1,700,715 | |||||||||
BUC
holders' interest in net income per unit
|
||||||||||||||||
(basic
and diluted):
|
||||||||||||||||
Net
income, basic and diluted, per unit
|
$ | 0.08 | $ | 0.12 | $ | 0.13 | $ | 0.25 | ||||||||
Weighted
average number of units
|
||||||||||||||||
outstanding,
basic and diluted
|
13,512,928 | 13,050,565 | 13,512,928 | 11,453,121 | ||||||||||||
The
accompanying notes are an integral part of the condensed
consolidated financial statements.
|
Unallocated
|
||||||||||||||||||||||||
Beneficial
Unit Certificate holders
|
deficit
of
|
Accumulated
|
||||||||||||||||||||||
variable
|
Other
|
|||||||||||||||||||||||
General
|
interest
|
Comprehensive
|
||||||||||||||||||||||
Partner
|
#
of Units
|
Amount
|
entities
|
Total
|
Income
(Loss)
|
|||||||||||||||||||
Balance
at January 1, 2008
|
$ | 348,913 | 13,512,928 | $ | 112,880,314 | $ | (48,954,760 | ) | $ | 64,274,467 | $ | (3,581,844 | ) | |||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||
Net
income
|
31,245 | - | 1,768,811 | (1,514,437 | ) | 285,619 | - | |||||||||||||||||
Unrealized
loss on securities
|
(28,164 | ) | - | (2,788,207 | ) | - | (2,816,371 | ) | (2,816,371 | ) | ||||||||||||||
Total
comprehensive income (loss)
|
(2,530,752 | ) | ||||||||||||||||||||||
Distributions
paid or accrued
|
(626,509 | ) | - | (3,648,491 | ) | - | (4,275,000 | ) | - | |||||||||||||||
Reclassification
of Tier II income
|
608,082 | - | (608,082 | ) | - | - | - | |||||||||||||||||
Balance
at June 30, 2008
|
$ | 333,567 | 13,512,928 | $ | 107,604,345 | $ | (50,469,197 | ) | $ | 57,468,715 | $ | (6,398,215 | ) | |||||||||||
Unallocated
|
||||||||||||||||||||||||
Beneficial
Unit Certificate holders
|
deficit of
|
Accumulated
|
||||||||||||||||||||||
variable
|
Other
|
|||||||||||||||||||||||
General
|
interest
|
Comprehensive
|
||||||||||||||||||||||
Partner
|
#
of Units
|
Amount
|
entities
|
Total
|
Loss
|
|||||||||||||||||||
Balance
at January 1, 2007
|
$ | 1,526,062 | 9,837,928 | $ | 90,722,467 | $ | (45,502,169 | ) | $ | 46,746,360 | $ | (722,435 | ) | |||||||||||
Sale
of Beneficial Unit Certificates
|
3,675,000 | 27,549,356 | 27,549,356 | |||||||||||||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||
Net
income
|
84,435 | - | 2,807,364 | (1,191,084 | ) | 1,700,715 | - | |||||||||||||||||
Unrealized
loss on securities
|
(499 | ) | - | (49,421 | ) | - | (49,920 | ) | (49,920 | ) | ||||||||||||||
Total
comprehensive income
|
1,650,795 | |||||||||||||||||||||||
Distributions
paid or accrued
|
(31,659 | ) | - | (3,134,124 | ) | - | (3,165,783 | ) | - | |||||||||||||||
Balance
at June 30, 2007
|
$ | 1,578,339 | 13,512,928 | $ | 117,895,642 | $ | (46,693,253 | ) | $ | 72,780,728 | $ | (772,355 | ) | |||||||||||
The
accompanying notes are an integral part of the condensed consolidated
financial statements.
|
For
the six months ended
|
||||||||
June
30, 2008
|
June
30, 2007
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 285,619 | $ | 1,700,715 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Depreciation
and amortization expense
|
2,515,747 | 1,056,883 | ||||||
Interest
rate cap expense (income)
|
38,328 | (117,886 | ) | |||||
Loss
on sale of securities
|
(68,748 | ) | - | |||||
Minority
interest in net loss of consolidated subsidiary
|
(3,526 | ) | - | |||||
Changes
in operating assets and liabilities, net of effect of
acquisitions
|
||||||||
(Increase)
decrease in interest receivable
|
41,885 | (181,468 | ) | |||||
Increase
in other assets
|
(398,615 | ) | (185,861 | ) | ||||
Decrease
in accounts payable, accrued expenses and other
liabilities
|
(1,123,589 | ) | (684,316 | ) | ||||
Net
cash provided by operating activities
|
1,287,101 | 1,588,067 | ||||||
Cash
flows from investing activities:
|
||||||||
Proceeds
from the sale of tax-exempt bonds
|
14,933,635 | 23,800,000 | ||||||
Acquisition
of tax-exempt mortgage revenue bonds
|
(12,435,000 | ) | (55,149,000 | ) | ||||
Increase
in restricted cash
|
(724,027 | ) | (1,100,175 | ) | ||||
Capital
expenditures
|
(293,495 | ) | (305,475 | ) | ||||
Acquisition
of partnerships
|
- | (9,220,390 | ) | |||||
Principal
payments received on tax-exempt mortgage revenue bonds
|
45,833 | 25,000 | ||||||
Principal
payments received on taxable loans
|
100,000 | - | ||||||
Net
cash provided by (used in) investing activities
|
1,626,946 | (41,950,040 | ) | |||||
Cash
flows from financing activities:
|
||||||||
Distributions
paid
|
(4,275,000 | ) | (2,887,430 | ) | ||||
Swap
payments
|
(40,049 | ) | - | |||||
Proceeds
from mortgage payable
|
- | 19,920,000 | ||||||
Increase
in liabilities related to restricted cash
|
724,027 | 1,100,175 | ||||||
Debt
financing costs paid
|
- | (1,271,266 | ) | |||||
Repayment
of liabilities assumed
|
- | (15,112,771 | ) | |||||
Proceeds
from debt financing
|
65,091,372 | 13,300,000 | ||||||
Principal
payments on debt financing and note payable
|
(71,395,000 | ) | (130,000 | ) | ||||
Acquisition
of interest rate cap agreements
|
- | (83,000 | ) | |||||
Sale
of Beneficial Unit Certificates
|
- | 27,549,356 | ||||||
Net
cash provided by (used in) financing activities
|
(9,894,650 | ) | 42,385,064 | |||||
Net
increase (decrease) in cash and cash equivalents
|
(6,980,603 | ) | 2,023,091 | |||||
Cash
and cash equivalents at beginning of period
|
14,821,946 | 8,476,928 | ||||||
Cash
and cash equivalents at end of period
|
$ | 7,841,343 | $ | 10,500,019 | ||||
Supplemental
disclosure of cash flow information:
|
||||||||
Cash
paid during the period for interest
|
$ | 2,755,228 | $ | 1,066,431 | ||||
Supplemental
disclosure of non-cash financing and investing activities:
|
||||||||
Liabilites
assumed in the acquisition of partnerships
|
$ | - | $ | 15,742,740 | ||||
Distributions
declared but not paid
|
$ | 2,432,327 | $ | 1,824,245 | ||||
The
accompanying notes are an integral part of the condensed consolidated
financial statements.
|
June
30, 2008
|
||||||||||||||||
Description
of Tax-Exempt
|
Unrealized
|
Unrealized
|
Estimated
|
|||||||||||||
Mortgage
Revenue Bonds
|
Cost
|
Gain
|
Loss
|
Fair
Value
|
||||||||||||
Clarkson
College
|
$ | 6,054,167 | $ | - | $ | (378,813 | ) | $ | 5,675,354 | |||||||
Bella
Vista
|
6,785,000 | - | (537,576 | ) | 6,247,424 | |||||||||||
Woodland
Park
|
15,715,000 | - | (1,419,575 | ) | 14,295,425 | |||||||||||
Prairiebrook
Village
|
5,862,000 | - | (614,048 | ) | 5,247,952 | |||||||||||
Gardens
of DeCordova
|
4,870,000 | - | (607,727 | ) | 4,262,273 | |||||||||||
Gardens
of Weatherford
|
4,702,000 | - | (586,763 | ) | 4,115,237 | |||||||||||
Runnymede
Apartments
|
10,825,000 | - | (987,240 | ) | 9,837,760 | |||||||||||
Bridle
Ridge Apartments
|
7,885,000 | - | (768,157 | ) | 7,116,843 | |||||||||||
Woodlynn
Village
|
4,550,000 | - | (498,316 | ) | 4,051,684 | |||||||||||
$ | 67,248,167 | $ | - | $ | (6,398,215 | ) | $ | 60,849,952 | ||||||||
December
31, 2007
|
||||||||||||||||
Description
of Tax-Exempt
|
Unrealized
|
Unrealized
|
Estimated
|
|||||||||||||
Mortgage
Revenue Bonds
|
Cost
|
Gain
|
Loss
|
Fair
Value
|
||||||||||||
Chandler
Creek Apartments
|
$ | 11,500,000 | $ | - | $ | (792,350 | ) | $ | 10,707,650 | |||||||
Clarkson
College
|
6,084,960 | - | (396,644 | ) | 5,688,316 | |||||||||||
Bella
Vista
|
6,800,000 | - | (380,800 | ) | 6,419,200 | |||||||||||
Deerfield
Apartments
|
3,390,000 | - | (77,614 | ) | 3,312,386 | |||||||||||
Woodland
Park
|
15,715,000 | - | (658,340 | ) | 15,056,660 | |||||||||||
Prairiebrook
Village
|
5,862,000 | - | (313,317 | ) | 5,548,683 | |||||||||||
Gardens
of DeCordova
|
4,870,000 | - | (408,108 | ) | 4,461,892 | |||||||||||
Gardens
of Weatherford
|
4,702,000 | - | (394,028 | ) | 4,307,972 | |||||||||||
Runnymede
Apartments
|
10,825,000 | - | (160,643 | ) | 10,664,357 | |||||||||||
$ | 69,748,960 | $ | - | $ | (3,581,844 | ) | $ | 66,167,116 |
Principal
of
|
Effective
|
Maturity
|
Purchase
|
|||||||
Date
Purchased
|
Debt
Financing
|
Capped
Rate
|
Date
|
Price
|
Counterparty
|
|||||
February
1, 2003
|
$15,000,000
|
2.95%
|
(1)
|
January
1, 2010
|
$608,000
|
Bank
of America
|
||||
July
7, 2006
|
$10,000,000
|
4.00%
|
(2)
|
July
1, 2011
|
$159,700
|
US
Bank
|
||||
May
1, 2007
|
$10,000,000
|
4.00%
|
(2)
|
May
1, 2012
|
$65,500
|
US
Bank
|
||||
June
29, 2007
|
$19,920,000
|
8.30%
|
July
1, 2009
|
$17,500
|
JP
Morgan
|
|||||
(1) The
counterparty has exercised the right to convert the cap into a fixed rate
swap effective
|
||||||||||
February
1, 2008. Under the terms of the swap arrangement, the Partnership will pay
a fixed rate of 2.95%.
|
||||||||||
(2) Effective
capped rate before remarketing, credit enhancement, liquidity and trustee
fees.
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
June
30, 2008
|
June
30, 2007
|
June
30, 2008
|
June
30, 2007
|
|||||||||||||
Total
revenue
|
||||||||||||||||
Tax-Exempt
Bond Financing
|
$ | 2,454,655 | $ | 2,572,009 | $ | 5,118,927 | $ | 4,653,118 | ||||||||
MF
Properties
|
1,091,834 | - | 2,184,870 | - | ||||||||||||
VIEs
|
3,542,387 | 3,508,156 | 7,084,691 | 7,084,406 | ||||||||||||
Consolidation/eliminations
|
(1,438,578 | ) | (1,631,053 | ) | (2,866,152 | ) | (3,080,950 | ) | ||||||||
Total
revenue
|
$ | 5,650,298 | $ | 4,449,112 | $ | 11,522,336 | $ | 8,656,574 | ||||||||
Interest
Expense
|
||||||||||||||||
Tax-Exempt
Bond Financing
|
$ | 666,740 | $ | 526,099 | $ | 1,939,885 | $ | 1,054,897 | ||||||||
MF
Properties
|
209,153 | - | 459,563 | - | ||||||||||||
VIEs
|
2,259,969 | 1,771,217 | 4,513,310 | 3,934,448 | ||||||||||||
Consolidation/eliminations
|
(2,259,969 | ) | (1,771,217 | ) | (4,513,310 | ) | (3,934,448 | ) | ||||||||
Total
interest expense
|
$ | 875,893 | $ | 526,099 | $ | 2,399,448 | $ | 1,054,897 | ||||||||
Depreciation
Expense
|
||||||||||||||||
Tax-Exempt
Bond Financing
|
$ | - | $ | - | $ | - | $ | - | ||||||||
MF
Properties
|
229,598 | - | 459,196 | - | ||||||||||||
VIEs
|
694,940 | 566,408 | 1,418,888 | 1,050,695 | ||||||||||||
Consolidation/eliminations
|
- | - | - | - | ||||||||||||
Total
depreciation expense
|
$ | 924,538 | $ | 566,408 | $ | 1,878,084 | $ | 1,050,695 | ||||||||
Net
income (loss)
|
||||||||||||||||
Tax-Exempt
Bond Financing
|
$ | 1,211,252 | $ | 1,637,138 | $ | 2,149,143 | $ | 2,891,799 | ||||||||
MF
Properties
|
(77,382 | ) | - | (349,088 | ) | - | ||||||||||
VIEs
|
(1,695,914 | ) | (1,456,747 | ) | (3,191,223 | ) | (2,503,573 | ) | ||||||||
Consolidation/eliminations
|
834,261 | 581,547 | 1,676,787 | 1,312,489 | ||||||||||||
Net
income
|
$ | 272,217 | $ | 761,938 | $ | 285,619 | $ | 1,700,715 | ||||||||
June
30, 2008
|
December
31, 2007
|
|||||||||||||||
Total
assets
|
||||||||||||||||
Tax-Exempt
Bond Financing
|
$ | 173,783,331 | $ | 182,498,714 | ||||||||||||
MF
Properties
|
25,164,424 | 25,774,045 | ||||||||||||||
VIEs
|
57,926,978 | 58,313,099 | ||||||||||||||
Consolidation/eliminations
|
(105,444,127 | ) | (101,706,850 | ) | ||||||||||||
Total
assets
|
$ | 151,430,606 | $ | 164,879,008 | ||||||||||||
Total
partners' capital
|
||||||||||||||||
Tax-Exempt
Bond Financing
|
$ | 105,638,787 | $ | 107,735,743 | ||||||||||||
MF
Properties
|
4,523,019 | 4,875,632 | ||||||||||||||
VIEs
|
(65,778,995 | ) | (62,587,772 | ) | ||||||||||||
Consolidation/eliminations
|
13,085,904 | 14,250,864 | ||||||||||||||
Total
partners' capital
|
$ | 57,468,715 | $ | 64,274,467 |
·
|
Defines
fair value as the exchange price that would be received for an asset or
paid to transfer a liability (an exit price) in the principal or most
advantageous market for the asset or liability in an orderly transaction
between market participants at the measurement date;
and
|
·
|
Establishes
a three-level hierarchy for fair value measurements based upon the
transparency of inputs to the valuation of an asset or liability as of the
measurement date.
|
·
|
Level
1 inputs are quoted prices (unadjusted) in active markets for identical
assets or liabilities.
|
·
|
Level
2 inputs are inputs other than quoted prices included within Level 1 that
are observable for the asset or liability, either directly or indirectly
for substantially the full term of the financial
instrument.
|
·
|
Level
3 inputs are unobservable inputs for asset or
liabilities.
|
Fair
Value Measurements at June 30, 2008 Using,
|
||||||||||||||||
Quoted
Prices
|
Significant
|
|||||||||||||||
in
Active Markets
|
Other
Observable
|
Significant
|
||||||||||||||
Assets/Liabilities
|
for
Identical Assets
|
Inputs
|
Unobservable
Inputs
|
|||||||||||||
Description
|
at Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Assets
|
||||||||||||||||
Tax-exempt
Mortgage Revenue Bonds
|
$ | 60,849,952 | - | - | $ | 60,849,952 | ||||||||||
Total
Assets at Fair Value
|
$ | 60,849,952 | - | - | $ | 60,849,952 | ||||||||||
Liabilities
|
||||||||||||||||
Interest
Rate Derivatives
|
$ | 25,889 | - | - | $ | 25,889 | ||||||||||
Total
Liabilities at Fair Value
|
$ | 25,889 | - | - | $ | 25,889 | ||||||||||
For
three months ended June 30, 2008
|
||||||||||||||||
Fair
Value Measurements Using Significant
|
||||||||||||||||
Unobservable
Inputs (Level 3)
|
||||||||||||||||
Tax-exempt
Mortgage
|
Interest
Rate
|
|||||||||||||||
Revenue Bonds
|
Derivatives
|
Total
|
||||||||||||||
Beginning
Balance April 1, 2008
|
$ | 69,984,090 | $ | (170,752 | ) | $ | 69,813,338 | |||||||||
Total
gains or losses (realized/unrealized)
|
||||||||||||||||
Included
in earnings
|
- | 144,863 | 144,863 | |||||||||||||
Included
in other comprehensive income
|
2,396,694 | - | 2,396,694 | |||||||||||||
Purchases,
issuances and settlements
|
(11,530,832 | ) | - | (11,530,832 | ) | |||||||||||
Ending
Balance June 30, 2008
|
$ | 60,849,952 | $ | (25,889 | ) | $ | 60,824,063 | |||||||||
Total
amount of gains or losses for the period included in earnings attributable
to the change in unrealized gains or losses relating to assets or
liabilities still held as of June 30, 2008
|
$ | - | $ | 144,863 | $ | 144,863 | ||||||||||
For
six months ended June 30, 2008
|
||||||||||||||||
Fair
Value Measurements Using Significant
|
||||||||||||||||
Unobservable
Inputs (Level 3)
|
||||||||||||||||
Tax-exempt
Mortgage
|
Interest
Rate
|
|||||||||||||||
Revenue Bonds
|
Derivatives
|
Total
|
||||||||||||||
Beginning
Balance January 1, 2008
|
$ | 66,167,116 | $ | 12,439 | $ | 66,179,555 | ||||||||||
Total
gains or losses (realized/unrealized)
|
||||||||||||||||
Included
in earnings
|
- | (38,328 | ) | (38,328 | ) | |||||||||||
Included
in other comprehensive income
|
(2,816,371 | ) | - | (2,816,371 | ) | |||||||||||
Purchases,
issuances and settlements
|
(2,500,793 | ) | - | (2,500,793 | ) | |||||||||||
Ending
Balance June 30, 2008
|
$ | 60,849,952 | $ | (25,889 | ) | $ | 60,824,063 | |||||||||
Total
amount of gains or losses for the period included in earnings attributable
to the change in unrealized gains or losses relating to assets or
liabilities still held as of June 30, 2008
|
$ | - | $ | (38,328 | ) | $ | (38,328 | ) |
|
Economic
|
|||||||||||||||||||
Occupancy
(1)
|
||||||||||||||||||||
Number
|
Percentage
of Occupied
|
for
the period ended
|
||||||||||||||||||
Number
|
of
Units
|
Units
as of June 30,
|
June
30,
|
|||||||||||||||||
Property
Name
|
Location
|
of
Units
|
Occupied
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Non-Consolidated Properties
|
||||||||||||||||||||
Clarkson
College
|
Omaha,
NE
|
142 | 82 | 58 | % | 68 | % | 79 | % | 84 | % | |||||||||
Bella
Vista Apartments
|
Gainesville,
TX
|
144 | 137 | 95 | % | 86 | % | 91 | % | 59 | % | |||||||||
Woodland
Park (2)
|
Topeka,
KS
|
236 | n/a | n/a | n/a | n/a | n/a | |||||||||||||
Prairiebrook
Village (4)
|
Gardner,
KS
|
72 | n/a | n/a | n/a | n/a | n/a | |||||||||||||
Runnymede
Apartments (3)
|
Austin,
TX
|
252 | 176 | 70 | % | n/a | 75 | % | n/a | |||||||||||
Gardens
of DeCordova (2)
|
Granbury,
TX
|
76 | n/a | n/a | n/a | n/a | n/a | |||||||||||||
Gardens
of Weatherford (2)
|
Weatherford,
TX
|
76 | n/a | n/a | n/a | n/a | n/a | |||||||||||||
Bridle
Ridge Apartments (3)
|
Greer,
SC
|
152 | 117 | 77 | % | n/a | 64 | % | n/a | |||||||||||
Woodlynn
Village (3)
|
Maplewood,
MN
|
59 | 52 | 88 | % | n/a | 99 | % | n/a | |||||||||||
1,209 | 564 | 75 | % | 83 | % | 79 | % | 70 | % | |||||||||||
VIEs
|
||||||||||||||||||||
Ashley
Pointe at Eagle Crest
|
Evansville,
IN
|
150 | 139 | 93 | % | 97 | % | 97 | % | 92 | % | |||||||||
Ashley
Square
|
Des
Moines, IA
|
144 | 139 | 97 | % | 94 | % | 86 | % | 80 | % | |||||||||
Bent
Tree Apartments
|
Columbia,
SC
|
232 | 222 | 96 | % | 88 | % | 86 | % | 82 | % | |||||||||
Fairmont
Oaks Apartments
|
Gainsville,
FL
|
178 | 171 | 96 | % | 99 | % | 90 | % | 90 | % | |||||||||
Iona
Lakes Apartments
|
Ft.
Myers, FL
|
350 | 279 | 80 | % | 74 | % | 66 | % | 75 | % | |||||||||
Lake
Forest Apartments
|
Daytona
Beach, FL
|
240 | 228 | 95 | % | 88 | % | 92 | % | 99 | % | |||||||||
Woodbridge
Apts. of Bloomington III
|
Bloomington,
IN
|
280 | 236 | 84 | % | 89 | % | 92 | % | 95 | % | |||||||||
Woodbridge
Apts. of Louisville II
|
Louisville,
KY
|
190 | 182 | 96 | % | 94 | % | 93 | % | 92 | % | |||||||||
1,764 | 1596 | 90 | % | 88 | % | 85 | % | 87 | % | |||||||||||
MF Properties
|
||||||||||||||||||||
Eagle
Ridge (3)
|
Erlanger,
KY
|
64 | 54 | 84 | % | 88 | % | 80 | % | n/a | ||||||||||
Meadowview (3)
|
Highland
Heights, KY
|
118 | 116 | 98 | % | 94 | % | 98 | % | n/a | ||||||||||
Crescent
Village (3)
|
Cincinnati,
OH
|
90 | 84 | 93 | % | 97 | % | 86 | % | n/a | ||||||||||
Willow
Bend (3)
|
Columbus
(Hilliard), OH
|
92 | 85 | 92 | % | 99 | % | 88 | % | n/a | ||||||||||
Postwoods
I (3)
|
Reynoldsburg,
OH
|
92 | 88 | 96 | % | 92 | % | 87 | % | n/a | ||||||||||
Postwoods
II (3)
|
Reynoldsburg,
OH
|
88 | 88 | 100 | % | 94 | % | 93 | % | n/a | ||||||||||
544 | 515 | 95 | % | 94 | % | 89 | % |
(1)
Economic occupancy is presented for six months ended June 30, 2008
and 2007, and is defined as the net rental income received divided by the
maximum amount of rental income to be derived from each
property. This statistic is reflective of rental concessions,
delinquent rents and non-revenue units such as model units and employee
units. Actual occupancy is a point in time measure while economic
occupancy is a measurement over the period presented, therefore, economic
occupancy for a period may exceed the actual occupancy at any point in
time.
|
|||||||||||||||||||||||||
(2) These
properties are still under construction as of June 30, 2008, and therefore
have no occupancy data.
|
|||||||||||||||||||||||||
(3)
Previous period occupancy numbers are not available, as this is a
new investment.
|
|||||||||||||||||||||||||
(4)
Foreclosure proceedings were commenced on these bonds in May,
2008.
|
For
the Three
|
For
the Three
|
|||||||||||
Months
Ended
|
Months
Ended
|
Dollar
|
||||||||||
June
30, 2008
|
June
30, 2007
|
Change
|
||||||||||
Revenues:
|
||||||||||||
Property
revenues
|
$ | 4,676,501 | $ | 3,508,156 | $ | 1,168,345 | ||||||
Mortgage
revenue bond investment income
|
1,056,825 | 631,855 | 424,970 | |||||||||
Other
income (loss)
|
(83,028 | ) | 309,101 | (392,129 | ) | |||||||
Total
Revenues
|
$ | 5,650,298 | $ | 4,449,112 | $ | 1,201,186 | ||||||
Expenses:
|
||||||||||||
Real
estate operating (exclusive of items shown below)
|
2,849,254 | 2,189,457 | 659,797 | |||||||||
Depreciation
and amortization
|
1,164,316 | 569,503 | 594,813 | |||||||||
Interest
|
875,893 | 526,099 | 349,794 | |||||||||
General
and administrative
|
489,399 | 402,115 | 87,284 | |||||||||
Total
Expenses
|
$ | 5,378,862 | $ | 3,687,174 | $ | 1,691,688 | ||||||
Minority
interest in net loss of consolidated subsidiary
|
781 | - | 781 | |||||||||
Net
income
|
$ | 272,217 | $ | 761,938 | $ | (489,721 | ) |
For
the Six
|
For
the Six
|
|||||||||||
Months
Ended
|
Months
Ended
|
Dollar
|
||||||||||
June
30, 2008
|
June
30, 2007
|
Change
|
||||||||||
Revenues:
|
||||||||||||
Property
revenues
|
$ | 9,311,841 | $ | 7,084,406 | $ | 2,227,435 | ||||||
Mortgage
revenue bond investment income
|
2,265,389 | 1,054,293 | 1,211,096 | |||||||||
Other
income (loss)
|
(54,894 | ) | 517,875 | (572,769 | ) | |||||||
Total
Revenues
|
$ | 11,522,336 | $ | 8,656,574 | $ | 2,865,762 | ||||||
Expenses:
|
||||||||||||
Real
estate operating (exclusive of items shown below)
|
5,404,583 | 4,150,972 | 1,253,611 | |||||||||
Depreciation
and amortization
|
2,515,747 | 1,056,883 |