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 September 30, 2009 and December 31,
2008
|
1
|
||
Condensed
Consolidated Statements of Operations for the three and nine months ended
September 30, 2009 and 2008
|
2
|
||
Condensed
Consolidated Statements of Partners’ Capital and Comprehensive Income
(Loss) for the nine months ended September 30, 2009 and
2008
|
3
|
||
Condensed
Statement of Cash Flows for the nine months ended September 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
|
September
30,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
Assets
|
||||||||
Cash
and cash equivalents
|
$ | 6,436,632 | $ | 7,196,274 | ||||
Restricted
cash
|
6,164,079 | 12,848,614 | ||||||
Interest
receivable
|
1,418,897 | 769,201 | ||||||
Tax-exempt
mortgage revenue bonds, at fair value
|
63,070,112 | 44,492,526 | ||||||
Real
estate assets:
|
||||||||
Land
|
13,403,655 | 10,774,790 | ||||||
Buildings
and improvements
|
99,739,426 | 86,903,743 | ||||||
Real
estate assets before accumulated depreciation
|
113,143,081 | 97,678,533 | ||||||
Accumulated
depreciation
|
(20,700,508 | ) | (17,499,670 | ) | ||||
Net
real estate assets
|
92,442,573 | 80,178,863 | ||||||
Other
assets
|
4,040,698 | 4,263,937 | ||||||
Assets
of discontinued operations
|
- | 8,113,861 | ||||||
Total
Assets
|
$ | 173,572,991 | $ | 157,863,276 | ||||
Liabilities
|
||||||||
Accounts
payable, accrued expenses and other liabilities
|
$ | 9,337,110 | $ | 3,380,666 | ||||
Distribution
payable
|
2,942,034 | 2,432,327 | ||||||
Debt
financing
|
50,000,000 | 56,981,577 | ||||||
Mortgages
payable
|
30,160,804 | 30,908,790 | ||||||
Liabilities
of discontinued operations
|
- | 23,264,589 | ||||||
Total
Liabilities
|
92,439,948 | 116,967,949 | ||||||
Commitments
and Contingencies (Note 12)
|
||||||||
Partners'
Capital
|
||||||||
General
partner
|
330,080 | 261,785 | ||||||
Beneficial
Unit Certificate holders
|
112,090,081 | 93,277,480 | ||||||
Unallocated
deficit of variable interest entities
|
(31,352,655 | ) | (52,711,654 | ) | ||||
Total
Partners' Capital
|
81,067,506 | 40,827,611 | ||||||
Noncontrolling
interest (Note 13)
|
65,537 | 67,716 | ||||||
Total
Capital
|
81,133,043 | 40,895,327 | ||||||
Total
Liabilities and Capital
|
$ | 173,572,991 | $ | 157,863,276 | ||||
The
accompanying notes are an integral part of the condensed consolidated
financial statements.
|
For
the Three Months Ended,
|
For
the Nine Months Ended,
|
||||||||||||||||
September
30, 2009
|
September
30, 2008
|
September
30, 2009
|
September
30, 2008
|
||||||||||||||
Revenues:
|
|||||||||||||||||
Property
revenues
|
$ | 3,872,079 | $ | 3,399,780 | $ | 11,526,594 | $ | 10,099,212 | |||||||||
Mortgage
revenue bond investment income
|
1,019,970 | 1,016,176 | 3,022,865 | 3,281,565 | |||||||||||||
Gain
on sale of assets held for sale
|
862,865 | - | 862,865 | - | |||||||||||||
Other
income
|
22,587 | 81,082 | 74,481 | 26,188 | |||||||||||||
Total
Revenues
|
5,777,501 | 4,497,038 | 15,486,805 | 13,406,965 | |||||||||||||
Expenses:
|
|||||||||||||||||
Real
estate operating (exclusive of items shown below)
|
2,615,013 | 2,196,626 | 7,555,922 | 6,265,613 | |||||||||||||
Depreciation
and amortization
|
1,387,032 | 1,281,671 | 4,646,940 | 3,501,793 | |||||||||||||
Interest
|
1,062,181 | 630,381 | 3,218,379 | 2,422,345 | |||||||||||||
General
and administrative
|
508,647 | 394,810 | 1,409,810 | 1,315,275 | |||||||||||||
Total
Expenses
|
5,572,873 | 4,503,488 | 16,831,051 | 13,505,026 | |||||||||||||
Income
(loss) from continuing operations
|
204,628 | (6,450 | ) | (1,344,246 | ) | (98,061 | ) | ||||||||||
Income
from discontinued operations (including gain on bond redemption of
$26,514,809 in 2009)
|
- | 167,468 | 26,734,754 | 541,172 | |||||||||||||
Net
income
|
204,628 | 161,018 | 25,390,508 | 443,111 | |||||||||||||
Less:
net loss attributable to noncontrolling interest
|
1,721 | 911 | 8,545 | 4,437 | |||||||||||||
Net
income - America First Tax Exempt Investors, L. P.
|
$ | 206,349 | $ | 161,929 | $ | 25,399,053 | $ | 447,548 | |||||||||
Net
income (loss) allocated to:
|
|||||||||||||||||
General
Partner
|
$ | 221,636 | $ | 11,676 | $ | 809,492 | $ | 42,921 | |||||||||
Limited
Partners - BUC holders
|
1,233,185 | 1,155,904 | 3,230,562 | 2,924,715 | |||||||||||||
Unallocated
gain (loss) of variable interest entities
|
(1,248,472 | ) | (1,005,651 | ) | 21,358,999 | (2,520,088 | ) | ||||||||||
Noncontrolling
interest
|
(1,721 | ) | (911 | ) | (8,545 | ) | (4,437 | ) | |||||||||
$ | 204,628 | $ | 161,018 | $ | 25,390,508 | $ | 443,111 | ||||||||||
Limited
partners' interest in net income per unit (basic and
diluted):
|
|||||||||||||||||
Income
from continuing operations
|
$ | 0.07 | $ | 0.09 | $ | 0.21 | $ | 0.22 | |||||||||
Income
from discontinued operations
|
- | - | - | - | |||||||||||||
Net
income, basic and diluted, per unit
|
$ | 0.07 | $ | 0.09 | $ | 0.21 | $ | 0.22 | |||||||||
Weighted
average number of units outstanding,
|
|||||||||||||||||
basic
and diluted
|
17,012,928 | 13,512,928 | 15,128,313 | 13,512,928 | |||||||||||||
The
accompanying notes are an integral part of the consolidated financial
statements.
|
Beneficial
Unit
|
Unallocated
|
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||
Certificate
holders
|
deficit
of
|
|||||||||||||||||||||||||||
General
|
variable
interest
|
Noncontrolling
|
||||||||||||||||||||||||||
Partner
|
# of
Units
|
Amount
|
entities
|
Interest
|
Total
|
|||||||||||||||||||||||
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 | 16,134,400 | 16,134,400 | |||||||||||||||||||||||||
Noncontrolling
interest contribution
|
- | - | - | - | 6,366 | 6,366 | - | |||||||||||||||||||||
Comprehensive
income (loss):
|
||||||||||||||||||||||||||||
Net
income (loss)
|
809,492 | - | 3,230,562 | 21,358,999 | (8,545 | ) | 25,390,508 | - | ||||||||||||||||||||
Unrealized
gain on securities
|
67,957 | - | 6,727,770 | - | 6,795,727 | 6,795,727 | ||||||||||||||||||||||
Total
comprehensive income (loss)
|
32,186,235 | |||||||||||||||||||||||||||
Distributions
paid or accrued
|
(1,416,355 | ) | - | (6,672,930 | ) | - | (8,089,285 | ) | - | |||||||||||||||||||
Reclassification
of Tier II income
|
607,201 | - | (607,201 | ) | - | - | - | |||||||||||||||||||||
Balance at September 30, 2009 | $ | 330,080 | 17,012,928 | $ | 112,090,081 | $ | (31,352,655 | ) | $ | 65,537 | $ | 81,133,043 | $ | (10,062,080 | ) | |||||||||||||
Beneficial
Unit
|
Unallocated
|
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||
Certificate
holders
|
deficit
of
|
|||||||||||||||||||||||||||
General
|
variable
interest
|
Noncontrolling
|
||||||||||||||||||||||||||
Partner
|
# of
Units
|
Amount
|
entities
|
Interest
|
Total
|
|||||||||||||||||||||||
Balance at January 1, 2008 | $ | 348,913 | 13,512,928 | $ | 112,880,314 | $ | (48,954,760 | ) | $ | 48,756 | $ | 64,323,223 | $ | (3,581,844 | ) | |||||||||||||
Sale
of Beneficial Unit Certificates
|
||||||||||||||||||||||||||||
Noncontrolling
interest contribution
|
13,804 | 13,804 | ||||||||||||||||||||||||||
Comprehensive
income (loss):
|
||||||||||||||||||||||||||||
Net
income (loss)
|
42,921 | - | 2,924,715 | (2,520,088 | ) | (4,437 | ) | 443,111 | - | |||||||||||||||||||
Unrealized
loss on securities
|
(48,916 | ) | - | (4,842,726 | ) | - | (4,891,642 | ) | (4,891,642 | ) | ||||||||||||||||||
Total
comprehensive income (loss)
|
(4,448,531 | ) | ||||||||||||||||||||||||||
Distributions
paid or accrued
|
(1,234,591 | ) | - | (5,472,736 | ) | - | (6,707,327 | ) | ||||||||||||||||||||
Reclassification
of Tier II income
|
1,216,164 | - | (1,216,164 | ) | - | - | - | |||||||||||||||||||||
Balance at September 30, 2008 | $ | 324,491 | 13,512,928 | $ | 104,273,403 | $ | (51,474,848 | ) | $ | 58,123 | $ | 53,181,169 | $ | (8,473,486 | ) |
For
the nine months ended
|
|||||||||
September
30, 2009
|
September
30, 2008
|
||||||||
Cash
flows from operating activities:
|
|||||||||
Net
income
|
$ | 25,390,508 | $ | 443,111 | |||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
|||||||||
Depreciation
and amortization expense
|
4,646,940 | 3,944,919 | |||||||
Non-cash
loss (gain) on derivatives
|
721,811 | (144,888 | ) | ||||||
Loss
on sale of securities
|
- | 18,524 | |||||||
Gain
on sale of assets held for sale
|
(862,865 | ) | - | ||||||
Gain
on sale of discontinued operations
|
(26,514,809 | ) | - | ||||||
Changes
in operating assets and liabilities, net of effect of
acquisitions
|
|||||||||
Increase in interest receivable | (649,696 | ) | (355,024 | ) | |||||
Decrease (increase) in other assets | (1,697,032 | ) | (67,709 | ) | |||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 4,443,786 | (1,015,573 | ) | ||||||
Net
cash provided by operating activities
|
5,478,643 | 2,823,360 | |||||||
Cash
flows from investing activities:
|
|||||||||
Proceeds
from the sale of tax-exempt mortgage revenue bonds
|
- | 14,846,363 | |||||||
Proceeds
from sale of discontinued operations
|
32,000,000 | - | |||||||
Acquisition
of tax-exempt mortgage revenue bonds
|
(11,919,859 | ) | (12,435,000 | ) | |||||
Increase
in restricted cash
|
(1,522,066 | ) | (1,906,188 | ) | |||||
Restricted
cash - debt collateral released
|
8,529,161 | (5,000,000 | ) | ||||||
Capital
expenditures
|
(1,472,674 | ) | (502,350 | ) | |||||
Acquisition
of asset held for sale
|
(2,649,991 | ) | - | ||||||
Proceeds
from assets held for sale
|
3,512,856 | - | |||||||
Acquisition
of partnerships, net of cash acquired
|
(7,886,852 | ) | (7,466,097 | ) | |||||
Principal
payments received on tax-exempt mortgage revenue bonds
|
138,000 | 63,334 | |||||||
Proceeds
from termination of derivatives
|
- | 54,000 | |||||||
Principal
payments received on taxable loans
|
- | 100,000 | |||||||
Net
cash provided (used) by investing activities
|
18,728,575 | (12,245,938 | ) | ||||||
Cash
flows from financing activities:
|
|||||||||
Distributions
paid
|
(7,579,578 | ) | (6,707,327 | ) | |||||
Derivative
settlements
|
(238,980 | ) | (25,341 | ) | |||||
(Decrease)
increase in liabilities related to restricted cash
|
1,522,066 | 1,906,188 | |||||||
Deferred
financing costs
|
(550,912 | ) | (1,487,161 | ) | |||||
Proceeds
from debt financing and mortgages payable
|
50,000,000 | 83,276,037 | |||||||
Principal
payments on debt financing and mortgage payable
|
(83,813,222 | ) | (71,395,000 | ) | |||||
Acquisition
of interest rate cap agreements
|
(605,500 | ) | (985,000 | ) | |||||
Sale
of Beneficial Unit Certificates
|
16,134,400 | - | |||||||
Net
cash (used) provided by financing activities
|
(25,131,726 | ) | 4,582,396 | ||||||
Net
decrease in cash and cash equivalents
|
(924,508 | ) | (4,840,182 | ) | |||||
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 $385,379 respectively
|
$ | 6,436,632 | $ | 9,981,764 | |||||
Supplemental
disclosure of cash flow information:
|
|||||||||
Cash
paid during the period for interest
|
$ | 3,453,076 | $ | 3,061,100 | |||||
Liabilites
assumed in the acquisition of partnerships
|
$ | 6,506,329 | $ | 49,921 | |||||
Distributions
declared but not paid
|
$ | 2,942,034 | $ | 2,432,327 | |||||
The
accompanying notes are an integral part of the condensed consolidated
financial statements.
|
September
30, 2009
|
September
30, 2008
|
|||||||
Net
income
|
$ | 25,390,508 | $ | 443,111 | ||||
Unrealized
gain (loss) on securities
|
6,795,727 | (4,891,642 | ) | |||||
Comprehensive income (loss) before noncontrolling interest | 32,186,235 | (4,448,531 | ) | |||||
Comprehensive income (loss) attributable to noncontrolling interest | 8,545 | 4,437 | ||||||
Comprehensive income (loss) attributable to the Partnership | $ | 32,194,780 | $ | (4,444,094 | ) |
Partnership
as of September 30, 2009
|
VIEs
as of September 30, 2009
|
Consolidation
-Elimination as of September 30, 2009
|
Total
as of September 30, 2009
|
|||||||||||||
Assets
|
||||||||||||||||
Cash
and cash equivalents
|
$ | 6,354,511 | $ | 82,121 | $ | - | $ | 6,436,632 | ||||||||
Restricted
cash
|
2,663,206 | 3,500,873 | - | 6,164,079 | ||||||||||||
Interest
receivable
|
6,554,173 | - | (5,135,276 | ) | 1,418,897 | |||||||||||
Tax-exempt
mortgage revenue bonds
|
118,588,914 | - | (55,518,802 | ) | 63,070,112 | |||||||||||
Real
estate assets:
|
||||||||||||||||
Land
|
6,736,351 | 6,667,304 | - | 13,403,655 | ||||||||||||
Buildings
and improvements
|
37,264,690 | 65,106,077 | (2,631,341 | ) | 99,739,426 | |||||||||||
Real
estate assets before accumulated depreciation
|
44,001,041 | 71,773,381 | (2,631,341 | ) | 113,143,081 | |||||||||||
Accumulated
depreciation
|
(2,851,623 | ) | (17,848,885 | ) | - | (20,700,508 | ) | |||||||||
Net
real estate assets
|
41,149,418 | 53,924,496 | (2,631,341 | ) | 92,442,573 | |||||||||||
Other
assets
|
18,158,669 | 1,222,167 | (15,340,138 | ) | 4,040,698 | |||||||||||
Total
Assets
|
$ | 193,468,891 | $ | 58,729,657 | $ | (78,625,557 | ) | $ | 173,572,991 | |||||||
Liabilities
|
||||||||||||||||
Accounts
payable, accrued expenses and other
|
$ | 6,937,378 | $ | 40,778,947 | $ | (38,379,215 | ) | $ | 9,337,110 | |||||||
Distribution
payable
|
2,942,034 | - | - | 2,942,034 | ||||||||||||
Debt
financing
|
50,000,000 | - | - | 50,000,000 | ||||||||||||
Mortgage
payable
|
30,160,805 | 57,864,629 | (57,864,630 | ) | 30,160,804 | |||||||||||
Total
Liabilities
|
90,040,217 | 98,643,576 | (96,243,845 | ) | 92,439,948 | |||||||||||
Partners'
Capital
|
||||||||||||||||
General
Partner
|
330,080 | - | - | 330,080 | ||||||||||||
Beneficial
Unit Certificate holders
|
103,033,057 | - | 9,057,024 | 112,090,081 | ||||||||||||
Unallocated
deficit of variable interest entities
|
- | (39,913,919 | ) | 8,561,264 | (31,352,655 | ) | ||||||||||
Total
Partners' Capital
|
103,363,137 | (39,913,919 | ) | 17,618,288 | 81,067,506 | |||||||||||
Noncontrolling
interest
|
65,537 | - | - | 65,537 | ||||||||||||
Total
Capital
|
103,428,674 | (39,913,919 | ) | 17,618,288 | 81,133,043 | |||||||||||
Total
Liabilities and Partners' Capital
|
$ | 193,468,891 | $ | 58,729,657 | $ | (78,625,557 | ) | $ | 173,572,991 |
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
|
VIEs
|
Consolidation-Elimination
|
Total
|
|||||||||||||
For
the Three
|
For
the Three
|
For
the Three
|
For
the Three
|
|||||||||||||
Months
Ended
|
Months
Ended
|
Months
Ended
|
Months
Ended
|
|||||||||||||
Sep.
30, 2009
|
Sep.
30, 2009
|
Sep.
30, 2009
|
Sep.
30, 2009
|
|||||||||||||
Revenues:
|
||||||||||||||||
Property
revenues
|
$ | 1,812,213 | $ | 2,059,866 | $ | - | $ | 3,872,079 | ||||||||
Mortgage
revenue bond investment income
|
2,051,262 | - | (1,031,292 | ) | 1,019,970 | |||||||||||
Gain
on sale of assets held for sale
|
862,865 | - | - | 862,865 | ||||||||||||
Other
income
|
22,587 | - | - | 22,587 | ||||||||||||
Total
Revenues
|
4,748,927 | 2,059,866 | (1,031,292 | ) | 5,777,501 | |||||||||||
Expenses:
|
||||||||||||||||
Real
estate operating (exclusive of items shown below)
|
1,015,334 | 1,599,679 | - | 2,615,013 | ||||||||||||
Depreciation
and amortization
|
709,665 | 691,101 | (13,734 | ) | 1,387,032 | |||||||||||
Interest
|
1,062,181 | 1,759,337 | (1,759,337 | ) | 1,062,181 | |||||||||||
General
and administrative
|
508,647 | - | - | 508,647 | ||||||||||||
Total
Expenses
|
3,295,827 | 4,050,117 | (1,773,071 | ) | 5,572,873 | |||||||||||
Net
income (loss)
|
1,453,100 | (1,990,251 | ) | 741,779 | 204,628 | |||||||||||
Less:
net loss attributable to noncontrolling interest
|
1,721 | - | - | 1,721 | ||||||||||||
Net
income (loss) - America First Tax Exempt Investors, L. P.
|
$ | 1,454,821 | $ | (1,990,251 | ) | $ | 741,779 | $ | 206,349 | |||||||
Partnership
|
VIEs
|
Consolidation-Elimination
|
Total
|
|||||||||||||
For
the Three
|
For
the Three
|
For
the Three
|
For
the Three
|
|||||||||||||
Months
Ended
|
Months
Ended
|
Months
Ended
|
Months
Ended
|
|||||||||||||
Sep.
30, 2008
|
Sep.
30, 2008
|
Sep.
30, 2008
|
Sep.
30, 2008
|
|||||||||||||
Revenues:
|
||||||||||||||||
Property
revenues
|
$ | 1,170,217 | $ | 2,229,635 | $ | (72 | ) | $ | 3,399,780 | |||||||
Mortgage
revenue bond investment income
|
2,450,512 | - | (1,434,336 | ) | 1,016,176 | |||||||||||
Other
income
|
81,082 | - | - | 81,082 | ||||||||||||
Total
Revenues
|
3,701,811 | 2,229,635 | (1,434,408 | ) | 4,497,038 | |||||||||||
Expenses:
|
||||||||||||||||
Real
estate operating (exclusive of items shown below)
|
589,481 | 1,607,145 | - | 2,196,626 | ||||||||||||
Depreciation
and amortization
|
715,469 | 581,015 | (14,813 | ) | 1,281,671 | |||||||||||
Interest
|
835,382 | 1,493,068 | (1,698,069 | ) | 630,381 | |||||||||||
General
and administrative
|
394,810 | - | - | 394,810 | ||||||||||||
Total
Expenses
|
2,535,142 | 3,681,228 | (1,712,882 | ) | 4,503,488 | |||||||||||
Income
(loss) from continuing operations
|
1,166,669 | (1,451,593 | ) | 278,474 | (6,450 | ) | ||||||||||
Income
(loss) from discontinued operations
|
- | (422,437 | ) | 589,905 | 167,468 | |||||||||||
Net
income (loss)
|
1,166,669 | (1,874,030 | ) | 868,379 | 161,018 | |||||||||||
Less:
net loss attributable to noncontrolling interest
|
911 | - | - | 911 | ||||||||||||
Net
income (loss) - America First Tax Exempt Investors, L. P.
|
$ | 1,167,580 | $ | (1,874,030 | ) | $ | 868,379 | $ | 161,929 |
Partnership
|
VIEs
|
Consolidation-Elimination
|
Total
|
|||||||||||||
For
the Nine
|
For
the Nine
|
For
the Nine
|
For
the Nine
|
|||||||||||||
Months
Ended
|
Months
Ended
|
Months
Ended
|
Months
Ended
|
|||||||||||||
Sep.
30, 2009
|
Sep.
30, 2009
|
Sep.
30, 2009
|
Sep.
30, 2009
|
|||||||||||||
Revenues:
|
||||||||||||||||
Property
revenues
|
$ | 5,283,154 | $ | 6,243,440 | $ | - | $ | 11,526,594 | ||||||||
Mortgage
revenue bond investment income
|
8,821,346 | - | (5,798,481 | ) | 3,022,865 | |||||||||||
Gain
on sale of assets held for sale
|
862,865 | - | - | 862,865 | ||||||||||||
Other
income (loss)
|
(53,014 | ) | - | 127,495 | 74,481 | |||||||||||
Total
Revenues
|
14,914,351 | 6,243,440 | (5,670,986 | ) | 15,486,805 | |||||||||||
Expenses:
|
||||||||||||||||
Real
estate operating (exclusive of items shown below)
|
3,092,047 | 4,463,875 | - | 7,555,922 | ||||||||||||
Loan
loss expense
|
294,999 | - | (294,999 | ) | - | |||||||||||
Depreciation
and amortization
|
2,786,053 | 1,902,810 | (41,923 | ) | 4,646,940 | |||||||||||
Interest
|
3,299,933 | 4,908,757 | (4,990,311 | ) | 3,218,379 | |||||||||||
General
and administrative
|
1,409,810 | - | - | 1,409,810 | ||||||||||||
Total
Expenses
|
10,882,842 | 11,275,442 | (5,327,233 | ) | 16,831,051 | |||||||||||
Income
(loss) from continuing operations
|
4,031,509 | (5,032,002 | ) | (343,753 | ) | (1,344,246 | ) | |||||||||
Income
(loss) from discontinued operations
|
- | 34,786,445 | (8,051,691 | ) | 26,734,754 | |||||||||||
Net
income (loss)
|
4,031,509 | 29,754,443 | (8,395,444 | ) | 25,390,508 | |||||||||||
Less:
net loss attributable to noncontrolling interest
|
8,545 | - | - | 8,545 | ||||||||||||
Net
income (loss) - America First Tax Exempt Investors, L. P.
|
$ | 4,040,054 | $ | 29,754,443 | $ | (8,395,444 | ) | $ | 25,399,053 | |||||||
Partnership
|
VIEs
|
Consolidation-Elimination
|
Total
|
|||||||||||||
For
the Nine
|
For
the Nine
|
For
the Nine
|
For
the Nine
|
|||||||||||||
Months
Ended
|
Months
Ended
|
Months
Ended
|
Months
Ended
|
|||||||||||||
Sep.
30, 2008
|
Sep.
30, 2008
|
Sep.
30, 2008
|
Sep.
30, 2008
|
|||||||||||||
Revenues:
|
||||||||||||||||
Property
revenues
|
$ | 3,355,015 | $ | 6,701,918 | $ | 42,279 | $ | 10,099,212 | ||||||||
Mortgage
revenue bond investment income
|
7,624,404 | - | (4,342,839 | ) | 3,281,565 | |||||||||||
Other
income
|
26,188 | - | - | 26,188 | ||||||||||||
Total
Revenues
|
11,005,607 | 6,701,918 | (4,300,560 | ) | 13,406,965 | |||||||||||
Expenses:
|
||||||||||||||||
Real
estate operating (exclusive of items shown below)
|
1,678,435 | 4,587,178 | - | 6,265,613 | ||||||||||||
Depreciation
and amortization
|
1,813,868 | 1,732,370 | (44,445 | ) | 3,501,793 | |||||||||||
Interest
|
3,234,830 | 4,438,653 | (5,251,138 | ) | 2,422,345 | |||||||||||
General
and administrative
|
1,315,275 | - | - | 1,315,275 | ||||||||||||
Total
Expenses
|
8,042,408 | 10,758,201 | (5,295,583 | ) | 13,505,026 | |||||||||||
Income
(loss) from continuing operations
|
2,963,199 | (4,056,283 | ) | 995,023 | (98,061 | ) | ||||||||||
Income
(loss) from discontinued operations
|
- | (1,008,970 | ) | 1,550,142 | 541,172 | |||||||||||
Net
income (loss)
|
2,963,199 | (5,065,253 | ) | 2,545,165 | 443,111 | |||||||||||
Less:
net loss attributable to noncontrolling interest
|
4,437 | - | - | 4,437 | ||||||||||||
Net
income (loss) - America First Tax Exempt Investors, L. P.
|
$ | 2,967,636 | $ | (5,065,253 | ) | $ | 2,545,165 | $ | 447,548 |
September
30, 2009
|
||||||||||||||||
Description of Tax-Exempt Mortgage Revenue Bonds |
Cost
adjusted
|
Unrealized Gain | Unrealized Loss | Estimated Fair Value | ||||||||||||
for
pay-downs
|
||||||||||||||||
Bella
Vista
|
$ | 6,740,000 | $ | - | $ | (984,310 | ) | $ | 5,755,690 | |||||||
Bridle
Ridge Apartments
|
7,885,000 | - | (1,275,793 | ) | 6,609,207 | |||||||||||
Clarkson
College
|
5,958,332 | - | (863,393 | ) | 5,094,939 | |||||||||||
Gardens
of DeCordova
|
4,853,000 | - | (960,166 | ) | 3,892,834 | |||||||||||
Gardens
of Weatherford
|
4,686,000 | - | (1,217,189 | ) | 3,468,811 | |||||||||||
Runnymede
Apartments
|
10,825,000 | - | (1,569,733 | ) | 9,255,267 | |||||||||||
Southpark
Apartments
|
11,919,860 | 342,223 | - | 12,262,083 | ||||||||||||
Woodland
Park
|
15,715,000 | - | (2,702,980 | ) | 13,012,020 | |||||||||||
Woodlynn
Village
|
4,550,000 | - | (830,739 | ) | 3,719,261 | |||||||||||
$ | 73,132,192 | $ | 342,223 | $ | (10,404,303 | ) | $ | 63,070,112 | ||||||||
December
31, 2008
|
||||||||||||||||
Description of Tax-Exempt Mortgage Revenue Bonds |
Cost
adjusted
|
Unrealized Gain | Unrealized Loss | Estimated Fair Value | ||||||||||||
for
pay-downs
|
||||||||||||||||
Bella
Vista
|
$ | 6,785,000 | $ | - | $ | (1,821,433 | ) | $ | 4,963,567 | |||||||
Bridle
Ridge Apartments
|
7,885,000 | - | (2,047,419 | ) | 5,837,581 | |||||||||||
Clarkson
College
|
6,018,333 | - | (1,241,441 | ) | 4,776,892 | |||||||||||
Gardens
of DeCordova
|
4,870,000 | - | (1,493,142 | ) | 3,376,858 | |||||||||||
Gardens
of Weatherford
|
4,702,000 | - | (1,566,989 | ) | 3,135,011 | |||||||||||
Runnymede
Apartments
|
10,825,000 | - | (2,902,074 | ) | 7,922,926 | |||||||||||
Woodland
Park
|
15,715,000 | - | (4,507,533 | ) | 11,207,467 | |||||||||||
Woodlynn
Village
|
4,550,000 | - | (1,277,776 | ) | 3,272,224 | |||||||||||
$ | 61,350,333 | $ | - | $ | (16,857,807 | ) | $ | 44,492,526 |
September
30, 2009
|
December
31, 2008
|
|||||||
Cash
and cash equivalents
|
$ | - | $ | 164,861 | ||||
Restricted
cash
|
- | 322,560 | ||||||
Land
|
- | 1,497,355 | ||||||
Buildings
and improvements
|
- | 23,696,355 |