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)
|
Financial
Statements (Unaudited)
|
|||
Condensed
Consolidated Balance Sheets as of June 30, 2009 and December 31,
2008
|
1
|
||
Condensed
Consolidated Statements of Operations for the three and six months ended
June 30, 2009 and 2008
|
2
|
||
Condensed
Consolidated Statements of Partners’ Capital and Comprehensive Income
(Loss) for the six months ended June 30, 2009 and 2008
|
3
|
||
Condensed
Statement of Cash Flows for the six months ended June 30, 2009 and
2008
|
4
|
||
Notes
to Condensed Consolidated Financial Statements
|
5
|
||
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
21
|
||
Quantitative
and Qualitative Disclosures About Market Risk
|
35
|
||
Controls
and Procedures
|
35
|
37
|
June
30,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
Assets
|
||||||||
Cash
and cash equivalents
|
$ | 20,303,622 | $ | 7,196,274 | ||||
Restricted
cash
|
5,821,370 | 12,848,614 | ||||||
Interest
receivable
|
878,542 | 769,201 | ||||||
Tax-exempt
mortgage revenue bonds, at fair value
|
48,490,189 | 44,492,526 | ||||||
Real
estate assets:
|
||||||||
Land
|
13,403,655 | 10,774,790 | ||||||
Buildings
and improvements
|
98,732,938 | 86,903,743 | ||||||
Real
estate assets before accumulated depreciation
|
112,136,593 | 97,678,533 | ||||||
Accumulated
depreciation
|
(19,553,037 | ) | (17,499,670 | ) | ||||
Net
real estate assets
|
92,583,556 | 80,178,863 | ||||||
Other
assets
|
3,564,516 | 4,263,937 | ||||||
Assets
held for sale
|
3,024,991 | - | ||||||
Assets
of discontinued operations
|
- | 8,113,861 | ||||||
Total
Assets
|
$ | 174,666,786 | $ | 157,863,276 | ||||
Liabilities
|
||||||||
Accounts
payable, accrued expenses and other liabilities
|
$ | 3,412,056 | $ | 3,380,666 | ||||
Distribution
payable
|
2,714,924 | 2,432,327 | ||||||
Debt
financing
|
50,000,000 | 56,981,577 | ||||||
Mortgages
payable
|
37,330,255 | 30,908,790 | ||||||
Liabilities
of discontinued operations
|
- | 23,264,589 | ||||||
Total
Liabilities
|
93,457,235 | 116,967,949 | ||||||
Commitments
and Contingencies (Note 12)
|
||||||||
Partners'
Capital
|
||||||||
General
partner
|
301,610 | 261,785 | ||||||
Beneficial
Unit Certificate holders
|
110,944,866 | 93,277,480 | ||||||
Unallocated
deficit of variable interest entities
|
(30,104,183 | ) | (52,711,654 | ) | ||||
Total
Partners' Capital
|
81,142,293 | 40,827,611 | ||||||
Noncontrolling
interest (Note 13)
|
67,258 | 67,716 | ||||||
Total
Capital
|
81,209,551 | 40,895,327 | ||||||
Total
Liabilities and Capital
|
$ | 174,666,786 | $ | 157,863,276 | ||||
The
accompanying notes are an integral part of the condensed consolidated
financial statements.
|
For
the Three Months Ended,
|
For
the Six Months Ended,
|
||||||||||||||||
June
30, 2009
|
June
30, 2008
|
June
30, 2009
|
June
30, 2008
|
||||||||||||||
Revenues:
|
|||||||||||||||||
Property
revenues
|
$ | 3,903,272 | $ | 3,386,038 | $ | 7,654,515 | $ | 6,699,433 | |||||||||
Mortgage
revenue bond investment income
|
1,054,551 | 1,056,825 | 2,002,895 | 2,265,389 | |||||||||||||
Other
income (loss)
|
17,879 | (83,028 | ) | 51,894 | (54,894 | ) | |||||||||||
Total
Revenues
|
4,975,702 | 4,359,835 | 9,709,304 | 8,909,928 | |||||||||||||
Expenses:
|
|||||||||||||||||
Real
estate operating (exclusive of items shown below)
|
2,580,266 | 2,109,825 | 4,940,909 | 4,068,987 | |||||||||||||
Depreciation
and amortization
|
1,679,036 | 1,035,598 | 3,259,908 | 2,220,122 | |||||||||||||
Interest
|
965,329 | 633,523 | 2,156,198 | 1,791,964 | |||||||||||||
General
and administrative
|
324,401 | 489,399 | 901,163 | 920,465 | |||||||||||||
Total
Expenses
|
5,549,032 | 4,268,345 | 11,258,178 | 9,001,538 | |||||||||||||
Income
(loss) from continuing operations
|
(573,330 | ) | 91,490 | (1,548,874 | ) | (91,610 | ) | ||||||||||
Income
from discontinued operations (including gain on bond redemption of
$26,514,809 in 2009)
|
- | 179,946 | 26,734,754 | 373,703 | |||||||||||||
Net
income (loss)
|
(573,330 | ) | 271,436 | 25,185,880 | 282,093 | ||||||||||||
Less:
net loss attributable to noncontrolling interest
|
2,964 | 781 | 6,824 | 3,526 | |||||||||||||
Net
income (loss) - America First Tax Exempt Investors, L. P.
|
$ | (570,366 | ) | $ | 272,217 | $ | 25,192,704 | $ | 285,619 | ||||||||
Net
income (loss) allocated to:
|
|||||||||||||||||
General
Partner
|
$ | 13,766 | $ | 24,583 | $ | 587,856 | $ | 31,245 | |||||||||
Limited
Partners - BUC holders
|
351,927 | 1,109,288 | 1,997,377 | 1,768,811 | |||||||||||||
Unallocated
gain (loss) of variable interest entities
|
(936,059 | ) | (861,654 | ) | 22,607,471 | (1,514,437 | ) | ||||||||||
Noncontrolling
interest
|
(2,964 | ) | (781 | ) | (6,824 | ) | (3,526 | ) | |||||||||
$ | (573,330 | ) | $ | 271,436 | $ | 25,185,880 | $ | 282,093 | |||||||||
Limited
partners' interest in net income per unit (basic and
diluted):
|
|||||||||||||||||
Income
from continuing operations
|
$ | 0.02 | $ | 0.08 | $ | 0.14 | $ | 0.13 | |||||||||
Income
from discontinued operations
|
- | - | - | - | |||||||||||||
Net
income, basic and diluted, per unit
|
$ | 0.02 | $ | 0.08 | $ | 0.14 | $ | 0.13 | |||||||||
Weighted
average number of units outstanding,
|
|||||||||||||||||
basic
and diluted
|
14,820,620 | 13,512,928 | 14,170,387 | 13,512,928 | |||||||||||||
The
accompanying notes are an integral part of the consolidated financial
statements.
|
Beneficial
Unit Certificate
holders |
Unallocated deficit |
Accumulated
Other |
||||||||||||||||||||||||||
General
Partner
|
#
of Units
|
Amount
|
of variable
interest
entities
|
Noncontrolling
Interest
|
Total
|
Comprehensive
Income
(Loss)
|
||||||||||||||||||||||
Balance
at January 1, 2009
|
$ | 261,785 | 13,512,928 | $ | 93,277,480 | $ | (52,711,654 | ) | $ | 67,716 | $ | 40,895,327 | $ | (16,857,807 | ) | |||||||||||||
Sale
of Beneficial Unit Certificates
|
3,500,000 | 16,153,565 | 16,153,565 | |||||||||||||||||||||||||
Noncontrolling
interest contribution
|
- | - | - | - | 6,366 | 6,366 | - | |||||||||||||||||||||
Comprehensive
income (loss):
|
||||||||||||||||||||||||||||
Net
income (loss)
|
587,856 | - | 1,997,377 | 22,607,471 | (6,824 | ) | 25,185,880 | - | ||||||||||||||||||||
Unrealized
gain on securities
|
41,157 | - | 4,074,506 | - | - | 4,115,663 | 4,115,663 | |||||||||||||||||||||
Total
comprehensive income (loss)
|
29,301,543 | |||||||||||||||||||||||||||
Distributions
paid or accrued
|
(1,196,389 | ) | - | (3,950,861 | ) | - | - | (5,147,250 | ) | - | ||||||||||||||||||
Reclassification
of Tier II income
|
607,201 | - | (607,201 | ) | - | - | - | - | ||||||||||||||||||||
Balance
at June 30, 2009
|
$ | 301,610 | 17,012,928 | $ | 110,944,866 | $ | (30,104,183 | ) | $ | 67,258 | $ | 81,209,551 | $ | (12,742,144 | ) |
Beneficial
Unit Certificate
holders |
Unallocated deficit |
Accumulated Other |
||||||||||||||||||||||||||
General
Partner
|
#
of Units
|
Amount
|
of
variable
interest
entities
|
Noncontrolling
Interest
|
Total
|
Comprehensive
Income
(Loss)
|
||||||||||||||||||||||
Balance
at January 1, 2008
|
$ | 348,913 | 13,512,928 | $ | 112,880,314 | $ | (48,954,760 | ) | $ | 48,756 | $ | 64,323,223 | $ | (3,581,844 | ) | |||||||||||||
Comprehensive
income (loss):
|
||||||||||||||||||||||||||||
Net
income (loss)
|
31,245 | - | 1,768,811 | (1,514,437 | ) | (3,526 | ) | 282,093 | - | |||||||||||||||||||
Unrealized
loss on securities
|
(28,164 | ) | - | (2,788,207 | ) | - | - | (2,816,371 | ) | (2,816,371 | ) | |||||||||||||||||
Total
comprehensive income (loss)
|
(2,534,278 | ) | ||||||||||||||||||||||||||
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 | ) | $ | 45,230 | $ | 57,513,945 | $ | (6,398,215 | ) |
For
the six months ended
|
|||||||||
June
30, 2009
|
June
30, 2008
|
||||||||
Cash
flows from operating activities:
|
|||||||||
Net
income
|
$ | 25,185,880 | $ | 282,093 | |||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
|||||||||
Depreciation
and amortization expense
|
3,259,908 | 2,515,747 | |||||||
Non-cash
loss on derivatives
|
490,522 | 38,328 | |||||||
Loss
on sale of securities
|
- | (68,748 | ) | ||||||
Gain
on sale of discontinued operations
|
(26,514,809 | ) | - | ||||||
Changes
in operating assets and liabilities, net of effect of
acquisitions
|
|||||||||
(Increase) decrease in interest receivable | (109,341 | ) | 41,885 | ||||||
Increase in other assets | (833,864 | ) | (398,615 | ) | |||||
Decrease in accounts payable, accrued expenses and other liabilities | (1,481,267 | ) | (1,123,589 | ) | |||||
Net
cash (used) provided by operating activities
|
(2,971 | ) | 1,287,101 | ||||||
Cash
flows from investing activities:
|
|||||||||
Proceeds
from the sale of tax-exempt mortgage revenue bonds
|
- | 14,933,635 | |||||||
Proceeds
from sale of discontinued operations
|
32,000,000 | - | |||||||
Acquisition
of tax-exempt mortgage revenue bonds
|
- | (12,435,000 | ) | ||||||
Increase
in restricted cash
|
(1,501,917 | ) | (724,027 | ) | |||||
Restricted
cash - debt collateral released
|
8,529,235 | - | |||||||
Capital
expenditures
|
(466,187 | ) | (293,495 | ) | |||||
Acquisition
of asset held for sale
|
(2,649,991 | ) | - | ||||||
Acquisition
of partnerships, net of cash acquired
|
(7,886,852 | ) | - | ||||||
Principal
payments received on tax-exempt mortgage revenue bonds
|
118,000 | 45,833 | |||||||
Principal
payments received on taxable loans
|
- | 100,000 | |||||||
Net
cash provided by investing activities
|
28,142,288 | 1,626,946 | |||||||
Cash
flows from financing activities:
|
|||||||||
Distributions
paid
|
(4,864,653 | ) | (4,275,000 | ) | |||||
Derivative
settlements
|
(238,980 | ) | (40,049 | ) | |||||
Increase
in liabilities related to restricted cash
|
1,501,917 | 724,027 | |||||||
Deferred
financing costs
|
(550,912 | ) | - | ||||||
Proceeds
from debt financing
|
50,000,000 | 65,091,372 | |||||||
Principal
payments on debt financing and mortgage payable
|
(76,643,772 | ) | (71,395,000 | ) | |||||
Acquisition
of interest rate cap agreements
|
(554,000 | ) | - | ||||||
Sale
of Beneficial Unit Certificates
|
16,153,565 | - | |||||||
Net
cash used by financing activities
|
(15,196,835 | ) | (9,894,650 | ) | |||||
Net
increase (decrease) in cash and cash equivalents
|
12,942,482 | (6,980,603 | ) | ||||||
Cash
and cash equivalents at beginning of period, including cash and cash
equivalents of discontinued operations of $164,866 and $145,278
respectively
|
$ | 7,361,140 | $ | 14,821,946 | |||||
Cash
and cash equivalents at end of period, including cash and cash equivalents
of discontinued operations of $0 and $350,156 respectively
|
$ | 20,303,622 | $ | 7,841,343 | |||||
Supplemental
disclosure of cash flow information:
|
|||||||||
Cash
paid during the period for interest
|
$ | 2,453,284 | $ | 2,755,228 | |||||
Liabilites
assumed in the acquisition of partnerships
|
$ | 6,506,329 | $ | - | |||||
Distributions
declared but not paid
|
$ | 2,714,924 | $ | 2,432,327 | |||||
The
accompanying notes are an integral part of the condensed consolidated
financial statements.
|
Partnership
as of June 30, 2009
|
VIEs
as of June 30, 2009
|
Consolidation
-Elimination as of June 30, 2009
|
Total
as of June 30, 2009
|
|||||||||||||
Assets
|
||||||||||||||||
Cash
and cash equivalents
|
$ | 20,200,019 | $ | 103,603 | $ | - | $ | 20,303,622 | ||||||||
Restricted
cash
|
2,497,118 | 3,324,252 | - | 5,821,370 | ||||||||||||
Interest
receivable
|
4,968,905 | - | (4,090,363 | ) | 878,542 | |||||||||||
Tax-exempt
mortgage revenue bonds
|
101,013,346 | - | (52,523,157 | ) | 48,490,189 | |||||||||||
Real
estate assets:
|
||||||||||||||||
Land
|
6,736,351 | 6,667,304 | - | 13,403,655 | ||||||||||||
Buildings
and improvements
|
37,168,702 | 64,059,572 | (2,495,336 | ) | 98,732,938 | |||||||||||
Real
estate assets before accumulated depreciation
|
43,905,053 | 70,726,876 | (2,495,336 | ) | 112,136,593 | |||||||||||
Accumulated
depreciation
|
(2,384,003 | ) | (17,169,034 | ) | - | (19,553,037 | ) | |||||||||
Net
real estate assets
|
41,521,050 | 53,557,842 | (2,495,336 | ) | 92,583,556 | |||||||||||
Other
assets
|
17,324,434 | 1,313,783 | (15,073,701 | ) | 3,564,516 | |||||||||||
Assets
held for sale
|
3,024,991 | - | - | 3,024,991 | ||||||||||||
Assets
of discontinued operations
|
- | - | - | - | ||||||||||||
Total
Assets
|
$ | 190,549,863 | $ | 58,299,480 | $ | (74,182,557 | ) | $ | 174,666,786 | |||||||
Liabilities
|
||||||||||||||||
Accounts
payable, accrued expenses and other
|
$ | 1,243,622 | $ | 38,414,082 | $ | (36,245,648 | ) | $ | 3,412,056 | |||||||
Distribution
payable
|
2,714,924 | - | - | 2,714,924 | ||||||||||||
Debt
financing
|
50,000,000 | - | - | 50,000,000 | ||||||||||||
Mortgage
payable
|
37,330,255 | 57,809,068 | (57,809,068 | ) | 37,330,255 | |||||||||||
Liabilities
of discontinued operations
|
- | - | - | - | ||||||||||||
Total
Liabilities
|
91,288,801 | 96,223,150 | (94,054,716 | ) | 93,457,235 | |||||||||||
Partners'
Capital
|
||||||||||||||||
General
Partner
|
301,610 | - | - | 301,610 | ||||||||||||
Beneficial
Unit Certificate holders
|
98,892,194 | - | 12,052,672 | 110,944,866 | ||||||||||||
Unallocated
deficit of variable interest entities
|
- | (37,923,670 | ) | 7,819,487 | (30,104,183 | ) | ||||||||||
Total
Partners' Capital
|
99,193,804 | (37,923,670 | ) | 19,872,159 | 81,142,293 | |||||||||||
Noncontrolling
interest
|
67,258 | - | - | 67,258 | ||||||||||||
Total
Capital
|
99,261,062 | (37,923,670 | ) | 19,872,159 | 81,209,551 | |||||||||||
Total
Liabilities and Partners' Capital
|
$ | 190,549,863 | $ | 58,299,480 | $ | (74,182,557 | ) | $ | 174,666,786 |
Partnership
as of December 31, 2008
|
VIEs
as of December 31, 2008
|
Consolidation
-Elimination as of December 31, 2008
|
Total
as of December 31, 2008
|
|||||||||||||
Assets
|
||||||||||||||||
Cash
and cash equivalents
|
$ | 7,068,297 | $ | 127,977 | $ | - | $ | 7,196,274 | ||||||||
Restricted
cash
|
10,836,084 | 2,012,530 | - | 12,848,614 | ||||||||||||
Interest
receivable
|
4,249,760 | - | (3,480,559 | ) | 769,201 | |||||||||||
Tax-exempt
mortgage revenue bonds
|
112,991,268 | - | (68,498,742 | ) | 44,492,526 | |||||||||||
Real
estate assets:
|
||||||||||||||||
Land
|
4,991,590 | 5,783,200 | - | 10,774,790 | ||||||||||||
Buildings
and improvements
|
31,877,661 | 55,026,082 | - | 86,903,743 | ||||||||||||
Real
estate assets before accumulated depreciation
|
36,869,251 | 60,809,282 | - | 97,678,533 | ||||||||||||
Accumulated
depreciation
|
(1,519,845 | ) | (15,979,825 | ) | - | (17,499,670 | ) | |||||||||
Net
real estate assets
|
35,349,406 | 44,829,457 | - | 80,178,863 | ||||||||||||
Other
assets
|
16,332,459 | 1,383,674 | (13,452,196 | ) | 4,263,937 | |||||||||||
Assets
of discontinued operations
|
- | 8,113,861 | - | 8,113,861 | ||||||||||||
Total
Assets
|
$ | 186,827,274 | $ | 56,467,499 | $ | (85,431,497 | ) | $ | 157,863,276 | |||||||
Liabilities
and Owners' Equity
|
||||||||||||||||
Accounts
payable, accrued expenses and other
|
$ | 1,571,177 | $ | 31,565,556 | $ | (29,756,067 | ) | $ | 3,380,666 | |||||||
Distribution
Payable
|
2,432,327 | - | - | 2,432,327 | ||||||||||||
Debt
financing
|
76,565,237 | - | (19,583,660 | ) | 56,981,577 | |||||||||||
Mortgage
payable
|
30,908,790 | 51,670,000 | (51,670,000 | ) | 30,908,790 | |||||||||||
Liabilities
of discontinued operations
|
- | 42,900,305 | (19,635,716 | ) | 23,264,589 | |||||||||||
Total
Liabilities
|
111,477,531 | 126,135,861 | (120,645,443 | ) | 116,967,949 | |||||||||||
Partners'
Capital
|
||||||||||||||||
General
Partner
|
261,785 | - | - | 261,785 | ||||||||||||
Beneficial
Unit Certificate holders
|
75,020,242 | - | 18,257,238 | 93,277,480 | ||||||||||||
Unallocated
deficit of variable interest entities
|
- | (69,668,362 | ) | 16,956,708 | (52,711,654 | ) | ||||||||||
Total
Partners' Capital
|
75,282,027 | (69,668,362 | ) | 35,213,946 | 40,827,611 | |||||||||||
Noncontrolling
interest
|
67,716 | - | - | 67,716 | ||||||||||||
Total
Capital
|
75,349,743 | (69,668,362 | ) | 35,213,946 | 40,895,327 | |||||||||||
Total
Liabilities and Partners' Capital
|
$ | 186,827,274 | $ | 56,467,499 | $ | (85,431,497 | ) | $ | 157,863,276 |
Partnership For the Three Months Ended June 30, 2009 | VIEs For the Three Months Ended June 30, 2009 | Consolidation-Elimination For the Three Months Ended June 30, 2009 | Total For the Three Months Ended June 30, 2009 | |||||||||||||
Revenues:
|
||||||||||||||||
Property
revenues
|
$ | 1,839,243 | $ | 2,064,029 | $ | - | $ | 3,903,272 | ||||||||
Mortgage
revenue bond investment income
|
2,127,071 | - | (1,072,520 | ) | 1,054,551 | |||||||||||
Other
income
|
17,879 | - | - | 17,879 | ||||||||||||
Total
Revenues
|
3,984,193 | 2,064,029 | (1,072,520 | ) | 4,975,702 | |||||||||||
Expenses:
|
||||||||||||||||
Real
estate operating (exclusive of items shown below)
|
1,041,056 | 1,539,210 | - | 2,580,266 | ||||||||||||
Loan
loss expense
|
220,000 | - | (220,000 | ) | - | |||||||||||
Depreciation
and amortization
|
1,070,677 | 622,094 | (13,735 | ) | 1,679,036 | |||||||||||
Interest
|
965,330 | 1,638,576 | (1,638,577 | ) | 965,329 | |||||||||||
General
and administrative
|
324,401 | - | - | 324,401 | ||||||||||||
Total
Expenses
|
3,621,464 | 3,799,880 | (1,872,312 | ) | 5,549,032 | |||||||||||
Income
(loss) from continuing operations
|
362,729 | (1,735,851 | ) | 799,792 | (573,330 | ) | ||||||||||
Income
(loss) from discontinued operations
|
- | - | - | - | ||||||||||||
Net
income (loss)
|
362,729 | (1,735,851 | ) | 799,792 | (573,330 | ) | ||||||||||
Less:
net loss attributable to noncontrolling interest
|
2,964 | - | - | 2,964 | ||||||||||||
Net
income (loss) - America First Tax Exempt Investors, L. P.
|
$ | 365,693 | $ | (1,735,851 | ) | $ | 799,792 | $ | (570,366 | ) | ||||||
Partnership For the Three Months Ended Jun. 30, 2008 | VIEs For the Three Months Ended Jun. 30, 2008 | Consolidation-Elimination For the Three Months Ended Jun. 30, 2008 | Total For the Three Months Ended Jun. 30, 2008 | |||||||||||||
Revenues:
|
||||||||||||||||
Property
revenues
|
$ | 1,091,763 | $ | 2,251,925 | $ | 42,350 | $ | 3,386,038 | ||||||||
Mortgage
revenue bond investment income
|
2,537,754 | - | (1,480,929 | ) | 1,056,825 | |||||||||||
Other
loss
|
(83,028 | ) | - | - | (83,028 | ) | ||||||||||
Total
Revenues
|
3,546,489 | 2,251,925 | (1,438,579 | ) | 4,359,835 | |||||||||||
Expenses:
|
||||||||||||||||
Real
estate operating (exclusive of items shown below)
|
579,906 | 1,529,919 | - | 2,109,825 | ||||||||||||
Depreciation
and amortization
|
468,202 | 580,266 | (12,870 | ) | 1,035,598 | |||||||||||
Interest
|
875,893 | 1,477,724 | (1,720,094 | ) | 633,523 | |||||||||||
General
and administrative
|
489,399 | - | - | 489,399 | ||||||||||||
Total
Expenses
|
2,413,400 | 3,587,909 | (1,732,964 | ) | 4,268,345 | |||||||||||
Income
(loss) from continuing operations
|
1,133,089 | (1,335,984 | ) | 294,385 | 91,490 | |||||||||||
Income
(loss) from discontinued operations
|
- | (359,929 | ) | 539,875 | 179,946 | |||||||||||
Net
income (loss)
|
1,133,089 | (1,695,913 | ) | 834,260 | 271,436 | |||||||||||
Less:
net loss attributable to noncontrolling interest
|
781 | - | - | 781 | ||||||||||||
Net
income (loss) - America First Tax Exempt Investors, L. P.
|
$ | 1,133,870 | $ | (1,695,913 | ) | $ | 834,260 | $ | 272,217 |
Partnership For the Six Months Ended June 30, 2009 | VIEs For the Six Months Ended June 30, 2009 | Consolidation-Elimination For the Six Months Ended June 30, 2009 | Total For the Six Months Ended June 30, 2009 | |||||||||||||
Revenues:
|