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 | |||
Condensed Consolidated Statements of Operations | |||
Condensed Consolidated Statements of Comprehensive Income (Loss) | |||
Condensed Consolidated Statements of Partners’ Capital | |||
Condensed Consolidated Statements of Cash Flows | |||
Notes to Condensed Consolidated Financial Statements | |||
Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||
Quantitative and Qualitative Disclosures About Market Risk | |||
Controls and Procedures |
• | current maturities of our financing arrangements and our ability to renew or refinance such financing arrangements; |
• | defaults on the mortgage loans securing our mortgage revenue bonds and mortgage-backed securities; |
• | risks associated with investing in multifamily apartments, including changes in business conditions and the general economy; |
• | changes in short-term interest rates; |
• | our ability to use borrowings to finance our assets; |
• | current uncertain economic and credit market conditions |
• | changes in the United States Department of Housing and Development Capital Fund Program; and |
• | changes in government regulations affecting our business; |
June 30, 2014 | December 31, 2013 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 43,266,484 | $ | 11,318,015 | ||||
Restricted cash | 5,119,621 | 6,845,543 | ||||||
Interest receivable | 3,759,641 | 3,342,038 | ||||||
Mortgage revenue bonds held in trust, at fair value (Notes 4 & 10) | 232,306,334 | 216,371,801 | ||||||
Mortgage revenue bonds, at fair value (Note 4) | 124,006,732 | 68,946,370 | ||||||
Public housing capital fund trusts, at fair value (Note 5) | 64,997,717 | 62,056,379 | ||||||
Mortgage-backed securities, at fair value (Note 6) | 37,878,708 | 37,845,661 | ||||||
Real estate assets: (Note 7) | ||||||||
Land and improvements | 11,081,992 | 11,081,992 | ||||||
Buildings and improvements | 127,458,737 | 111,195,695 | ||||||
Real estate assets before accumulated depreciation | 138,540,729 | 122,277,687 | ||||||
Accumulated depreciation | (21,584,793 | ) | (19,128,753 | ) | ||||
Net real estate assets | 116,955,936 | 103,148,934 | ||||||
Other assets (Note 8) | 25,054,159 | 24,358,291 | ||||||
Total Assets | $ | 653,345,332 | $ | 534,233,032 | ||||
Liabilities | ||||||||
Accounts payable, accrued expenses and other liabilities | $ | 11,718,809 | $ | 5,450,694 | ||||
Distribution payable | 7,819,372 | 6,446,076 | ||||||
Due upon settlement of Live 929 Apartments (Note 4) | 35,000,000 | — | ||||||
Debt financing (Note 10) | 244,468,000 | 257,274,000 | ||||||
Mortgages payable (Note 11) | 69,547,725 | 57,087,320 | ||||||
Bond purchase commitment - fair value adjustment (Notes 4 & 16) | — | 4,852,177 | ||||||
Total Liabilities | 368,553,906 | 331,110,267 | ||||||
Commitments and Contingencies (Note 16) | ||||||||
Partners' Capital | ||||||||
General Partner (Note 2) | 323,019 | 16,671 | ||||||
Beneficial Unit Certificate holders | 305,190,555 | 223,573,312 | ||||||
Unallocated deficit of Consolidated VIEs | (20,710,349 | ) | (20,455,896 | ) | ||||
Total Partners' Capital | 284,803,225 | 203,134,087 | ||||||
Noncontrolling interest (Note 7) | (11,799 | ) | (11,322 | ) | ||||
Total Capital | 284,791,426 | 203,122,765 | ||||||
Total Liabilities and Partners' Capital | $ | 653,345,332 | $ | 534,233,032 |
For the Three Months Ended, | For the Six Months Ended, | |||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||||
Revenues: | ||||||||||||||||
Property revenues | $ | 3,919,772 | $ | 3,952,046 | $ | 7,870,988 | $ | 7,684,853 | ||||||||
Investment income | 6,241,475 | 4,595,197 | 12,447,033 | 12,311,814 | ||||||||||||
Gain on mortgage revenue bonds - sale and redemption | 849,655 | — | 3,684,898 | — | ||||||||||||
Contingent interest income | — | 6,497,160 | — | 6,497,160 | ||||||||||||
Other interest income | 242,077 | 96,180 | 450,900 | 1,341,165 | ||||||||||||
Other income | — | — | — | 250,000 | ||||||||||||
Total revenues | 11,252,979 | 15,140,583 | 24,453,819 | 28,084,992 | ||||||||||||
Expenses: | ||||||||||||||||
Real estate operating (exclusive of items shown below) | 2,270,170 | 2,315,325 | 4,370,463 | 4,372,361 | ||||||||||||
Realized loss on taxable property loan | — | 4,557,741 | — | 4,557,741 | ||||||||||||
Provision for loan loss | — | 96,000 | — | 96,000 | ||||||||||||
Provision for loss on receivables | — | 3,523 | — | 241,698 | ||||||||||||
Depreciation and amortization | 1,524,996 | 1,661,082 | 3,138,342 | 3,242,458 | ||||||||||||
Interest | 2,400,851 | 1,426,349 | 4,570,400 | 2,962,622 | ||||||||||||
General and administrative | 1,398,879 | 1,141,444 | 2,669,805 | 2,111,935 | ||||||||||||
Total expenses | 7,594,896 | 11,201,464 | 14,749,010 | 17,584,815 | ||||||||||||
Income from continuing operations | 3,658,083 | 3,939,119 | 9,704,809 | 10,500,177 | ||||||||||||
Income from discontinued operations (including gain on sale of MF Properties of $1,775,527 in 2013) | — | 166,887 | — | 2,099,906 | ||||||||||||
Net income | 3,658,083 | 4,106,006 | 9,704,809 | 12,600,083 | ||||||||||||
Net (loss) income attributable to noncontrolling interest | (374 | ) | 150,846 | (477 | ) | 323,497 | ||||||||||
Net income - America First Mulitfamily Investors, L.P. | $ | 3,658,457 | $ | 3,955,160 | $ | 9,705,286 | $ | 12,276,586 | ||||||||
Net income (loss) allocated to: | ||||||||||||||||
General Partner | $ | 247,564 | $ | 508,033 | $ | 989,619 | $ | 1,019,784 | ||||||||
Limited Partners - Unitholders | 3,552,575 | 3,749,266 | 8,970,120 | 11,799,900 | ||||||||||||
Unallocated loss of Consolidated Property VIEs | (141,682 | ) | (302,139 | ) | (254,453 | ) | (543,098 | ) | ||||||||
Noncontrolling interest | (374 | ) | 150,846 | (477 | ) | 323,497 | ||||||||||
$ | 3,658,083 | $ | 4,106,006 | $ | 9,704,809 | $ | 12,600,083 | |||||||||
Unitholders' interest in net income per unit (basic and diluted): | ||||||||||||||||
Income from continuing operations | $ | 0.05 | $ | 0.09 | $ | 0.15 | $ | 0.23 | ||||||||
Income from discontinued operations | — | — | — | 0.05 | ||||||||||||
Net income, basic and diluted, per unit | $ | 0.05 | $ | 0.09 | $ | 0.15 | $ | 0.28 | ||||||||
Distributions declared, per unit | $ | 0.125 | $ | 0.125 | $ | 0.25 | $ | 0.25 | ||||||||
Weighted average number of units outstanding, basic and diluted | 60,252,928 | 42,772,928 | 58,595,469 | 42,772,928 |
For the Three Months Ended, | For the Six Months Ended, | |||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||||
Net income | $ | 3,658,083 | $ | 4,106,006 | $ | 9,704,809 | $ | 12,600,083 | ||||||||
Unrealized gain (loss) on securities | 15,715,046 | (8,276,828 | ) | 33,756,771 | (5,476,209 | ) | ||||||||||
Unrealized gain on bond purchase commitments | 1,697,307 | — | 5,186,544 | — | ||||||||||||
Comprehensive income (loss) - America First Multifamily Investors, L.P. | $ | 21,070,436 | $ | (4,170,822 | ) | $ | 48,648,124 | $ | 7,123,874 | |||||||
Comprehensive (loss) income allocated to: | ||||||||||||||||
General Partner | $ | 421,688 | $ | 425,265 | $ | 1,379,052 | $ | 965,022 | ||||||||
Limited Partners - Unitholders | 20,790,804 | (4,444,794 | ) | 47,524,002 | 6,378,453 | |||||||||||
Unallocated loss of Consolidated Property VIEs | (141,682 | ) | (302,139 | ) | (254,453 | ) | (543,098 | ) | ||||||||
Noncontrolling interest | (374 | ) | 150,846 | (477 | ) | 323,497 | ||||||||||
Comprehensive income (loss) - America First Multifamily Investors, L.P. | $ | 21,070,436 | $ | (4,170,822 | ) | $ | 48,648,124 | $ | 7,123,874 |
General Partner | # of Units | Beneficial Unit Certificate Holders | Unallocated Deficit of Consolidated VIEs | Non- controlling Interest | Total | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
Balance at January 1, 2014 | $ | 16,671 | 51,052,928 | $ | 223,573,312 | $ | (20,455,896 | ) | $ | (11,322 | ) | $ | 203,122,765 | $ | (20,128,314 | ) | ||||||||||
Sale of beneficial unit certificates | 9,200,000 | 51,288,699 | 51,288,699 | |||||||||||||||||||||||
Redemption and sale of mortgage revenue bonds | (24,137 | ) | (2,389,576 | ) | — | — | (2,413,713 | ) | (2,413,713 | ) | ||||||||||||||||
Sale of MBS | 2,599 | 257,350 | — | — | 259,949 | 259,949 | ||||||||||||||||||||
Distributions paid or accrued | (1,051,166 | ) | (15,063,232 | ) | — | — | (16,114,398 | ) | — | |||||||||||||||||
Net income (loss) | 989,619 | 8,970,120 | (254,453 | ) | (477 | ) | 9,704,809 | — | ||||||||||||||||||
Unrealized gain on securities | 337,568 | 33,419,203 | — | — | 33,756,771 | 33,756,771 | ||||||||||||||||||||
Unrealized gain on bond purchase commitment | 51,865 | 5,134,679 | — | — | 5,186,544 | 5,186,544 | ||||||||||||||||||||
Balance at June 30, 2014 | $ | 323,019 | 60,252,928 | $ | 305,190,555 | $ | (20,710,349 | ) | $ | (11,799 | ) | $ | 284,791,426 | $ | 16,661,237 | |||||||||||
General Partner | # of Units | Beneficial Unit Certificate Holders | Unallocated Deficit of Consolidated VIEs | Non- controlling Interest | Total | Accumulated Other Comprehensive Income | ||||||||||||||||||||
Balance at January 1, 2013 | $ | (430,087 | ) | 42,772,928 | $ | 207,383,087 | $ | (25,035,808 | ) | $ | 2,053,739 | $ | 183,970,931 | $ | 7,161,381 | |||||||||||
Deconsolidation of Ohio Properties | 14,064 | 1,392,303 | — | (1,012,966 | ) | 393,401 | 1,406,367 | |||||||||||||||||||
Redemption of mortgage revenue bond | (6,518 | ) | (645,331 | ) | — | — | (651,849 | ) | (651,849 | ) | ||||||||||||||||
Bond foreclosure | 40,807 | 4,039,927 | — | — | 4,080,734 | 4,080,734 | ||||||||||||||||||||
Distributions paid or accrued | (578,174 | ) | (10,693,232 | ) | — | — | (11,271,406 | ) | — | |||||||||||||||||
Net income (loss) | 1,019,784 | 11,799,900 | (543,098 | ) | 323,497 | 12,600,083 | — | |||||||||||||||||||
Unrealized loss on securities | (54,762 | ) | (5,421,447 | ) | — | — | (5,476,209 | ) | (5,476,209 | ) | ||||||||||||||||
Balance at June 30, 2013 | $ | 5,114 | 42,772,928 | $ | 207,855,207 | $ | (25,578,906 | ) | $ | 1,364,270 | $ | 183,645,685 | $ | 6,520,424 |
For Six Months Ended, | ||||||||
June 30, 2014 | June 30, 2013 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 9,704,809 | $ | 12,600,083 | ||||
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | ||||||||
Depreciation and amortization expense | 3,138,342 | 3,250,911 | ||||||
Provision for loss from receivables | — | 241,698 | ||||||
Non-cash loss (gain) on derivatives | 456,813 | (136,246 | ) | |||||
Bond premium/discount amortization | (103,519 | ) | (166,811 | ) | ||||
Gain on mortgage revenue bonds - sale and redemption | (3,684,898 | ) | — | |||||
Gain on the sale of discontinued operations | — | (1,775,527 | ) | |||||
Contingent interest income | — | (6,497,160 | ) | |||||
Realized loss on taxable property loan | — | 4,557,741 | ||||||
Changes in operating assets and liabilities, net of effect of acquisitions | ||||||||
Increase in interest receivable | (490,040 | ) | (638,417 | ) | ||||
Increase (decrease) in other assets | (463,950 | ) | (2,942,459 | ) | ||||
Decrease in accounts payable and accrued expenses | (2,082,745 | ) | (2,585,429 | ) | ||||
Net cash provided by operating activities | 6,474,812 | 5,908,384 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (13,219,624 | ) | (4,723,977 | ) | ||||
Acquisition of mortgage revenue bonds | (36,385,127 | ) | (62,210,000 | ) | ||||
Acqusition of interest rate derivative | (391,500 | ) | — | |||||
Proceeds from mortgage revenue bonds and MBS - sale and redemptions | 35,483,230 | 21,935,343 | ||||||
Increase (decrease) in cash collateral deposits | 1,999,973 | (2,321,608 | ) | |||||
Principal payments received on mortgage revenue bonds | 2,369,132 | 1,402,947 | ||||||
(Increase) decrease in restricted cash | (83,717 | ) | 26,811 | |||||
Proceeds from the sale of discontinued operations | — | 16,195,000 | ||||||
Investment in bonds due to the sale recognition of discontinued operations | — | (18,313,000 | ) | |||||
Cash received from taxable property loans receivable - Ohio Properties | — | 4,064,089 | ||||||
Change in restricted cash - Greens Property sale | — | 2,546,362 | ||||||
Acquisition of mortgage-backed securities | — | (12,629,888 | ) | |||||
Acquisition of taxable bonds | — | (1,635,000 | ) | |||||
Net cash used in investing activities | (10,227,633 | ) | (55,662,921 | ) | ||||
Cash flows from financing activities: | ||||||||
Distributions paid | (14,741,101 | ) | (10,967,531 | ) | ||||
Proceeds from the sale of beneficial unit certificates | 54,740,000 | — | ||||||
Payment of offering costs related to the sale of beneficial unit certificates | (3,451,301 | ) | — | |||||
Proceeds from debt financing | 17,250,000 | 42,530,000 | ||||||
Principal borrowings on mortgages payable | 14,652,293 | 7,500,000 | ||||||
Principal payments on debt financing | (30,056,000 | ) | 1,151,000 | |||||
Principal payments on mortgages payable | (2,191,887 | ) | (133,044 | ) | ||||
Net change in line of credit | — | 6,000,000 | ||||||
Increase (decrease) in liabilities related to restricted cash | 83,717 | (26,811 | ) | |||||
Debt financing costs | (584,431 | ) | (334,308 | ) | ||||
Net cash provided by financing activities | 35,701,290 | 43,417,306 | ||||||
Net increase (decrease) in cash and cash equivalents | 31,948,469 | (6,337,231 | ) | |||||
Cash and cash equivalents at beginning of period, including cash and cash equivalents of discontinued operations of $0 and $158,727, respectively | 11,318,015 | 30,331,500 | ||||||
Cash and cash equivalents at end of period, including cash and cash equivalents of discontinued operations of $0 and $8,544, respectively | $ | 43,266,484 | $ | 23,994,269 |
For Six Months Ended, | ||||||||
June 30, 2014 | June 30, 2013 | |||||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid during the period for interest | $ | 4,015,785 | $ | 2,913,874 | ||||
Distributions declared but not paid | 7,819,373 | 5,870,784 | ||||||
Supplemental disclosure of non cash activities: | ||||||||
Capital expenditures financed through accounts and notes payable | 3,100,135 | 1,460,185 | ||||||
Commitment obligation for Live 929 Apartments | 40,270,000 | — | ||||||
Conversion of Woodland Park mortgage revenue bond to MF Property | — | 15,662,000 | ||||||
Deconsolidation of the discontinued operations - noncontrolling interest | — | 1,012,966 | ||||||
Recognition of taxable property loans receivable - discontinued operations | — | 1,236,236 |
• | ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold mortgage revenue bonds in order to facilitate the Tax Exempt Bond Securitization (“TEBS”) Financing with Freddie Mac (Note 10). |
• | Nine multifamily apartments (“MF Properties”) which are either wholly or majority owned by subsidiaries of the Partnership. |
Balance Sheet Classification | Carrying Value | Maximum Exposure to Loss | |||||||
Ashley Square Apartments | |||||||||
Mortgage Revenue Bond | Bond Investment | $ | 5,496,609 | $ | 5,188,000 | ||||
Taxable Property Loan | Other Asset | 1,482,000 | 7,292,126 | ||||||
$ | 6,978,609 | $ | 12,480,126 | ||||||
Cross Creek Apartments | |||||||||
Mortgage Revenue Bond | Bond Investment | $ | 8,133,565 | $ | 6,059,256 | ||||
Taxable Property Loans | Other Asset | 3,515,615 | 3,515,615 | ||||||
$ | 11,649,180 | $ | 9,574,871 |
Partnership as of June 30, 2014 | Consolidated VIEs as of June 30, 2014 | Consolidation -Elimination as of June 30, 2014 | Total as of June 30, 2014 | |||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 43,206,550 | $ | 59,934 | $ | — | $ | 43,266,484 | ||||||||
Restricted cash | 4,553,239 | 566,382 | — | 5,119,621 | ||||||||||||
Interest receivable | 4,757,988 | — | (998,347 | ) | 3,759,641 | |||||||||||
Mortgage revenue bonds held in trust, at fair value | 247,995,145 | — | (15,688,811 | ) | 232,306,334 | |||||||||||
Mortgage revenue bonds, at fair value | 124,006,732 | — | — | 124,006,732 | ||||||||||||
Public housing capital fund trusts, at fair value | 64,997,717 | — | — | 64,997,717 | ||||||||||||
Mortgage-backed securities, at fair value | 37,878,708 | — | — | 37,878,708 | ||||||||||||
Real estate assets: | ||||||||||||||||
Land and improvements | 9,245,592 | 1,836,400 | — | 11,081,992 | ||||||||||||
Buildings and improvements | 106,420,002 | 21,038,735 | — | 127,458,737 | ||||||||||||
Real estate assets before accumulated depreciation | 115,665,594 | 22,875,135 | — | 138,540,729 | ||||||||||||
Accumulated depreciation | (11,404,346 | ) | (10,180,447 | ) | — | (21,584,793 | ) | |||||||||
Net real estate assets | 104,261,248 | 12,694,688 | — | 116,955,936 | ||||||||||||
Other assets | 35,288,634 | 355,921 | (10,590,396 | ) | 25,054,159 | |||||||||||
Total Assets | $ | 666,945,961 | $ | 13,676,925 | $ | (27,277,554 | ) | $ | 653,345,332 | |||||||
Liabilities | ||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 11,305,071 | $ | 21,290,825 | $ | (20,877,087 | ) | $ | 11,718,809 | |||||||
Distribution payable | 7,819,372 | — | — | 7,819,372 | ||||||||||||
Due upon settlement of Live 929 Apartments | 35,000,000 | — | — | 35,000,000 | ||||||||||||
Debt financing | 244,468,000 | — | — | 244,468,000 | ||||||||||||
Mortgages payable | 69,547,725 | 14,819,000 | (14,819,000 | ) | 69,547,725 | |||||||||||
Total Liabilities | 368,140,168 | 36,109,825 | (35,696,087 | ) | 368,553,906 | |||||||||||
Partners' Capital | ||||||||||||||||
General Partner | 323,019 | — | — | 323,019 | ||||||||||||
Beneficial Unit Certificate holders | 298,494,573 | — | 6,695,982 | 305,190,555 | ||||||||||||
Unallocated deficit of Consolidated VIEs | — | (22,432,900 | ) | 1,722,551 | (20,710,349 | ) | ||||||||||
Total Partners' Capital | 298,817,592 | (22,432,900 | ) | 8,418,533 | 284,803,225 | |||||||||||
Noncontrolling interest | (11,799 | ) | — | — | (11,799 | ) | ||||||||||
Total Capital | 298,805,793 | (22,432,900 | ) | 8,418,533 | 284,791,426 | |||||||||||
Total Liabilities and Partners' Capital | $ | 666,945,961 | $ | 13,676,925 | $ | (27,277,554 | ) | $ | 653,345,332 |
Partnership as of December 31, 2013 | Consolidated VIEs as of December 31, 2013 | Consolidation -Elimination as of December 31, 2013 | Total as of December 31, 2013 | |||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 11,292,039 | $ | 25,976 | $ | — | $ | 11,318,015 | ||||||||
Restricted cash | 6,344,666 | 500,877 | — | 6,845,543 | ||||||||||||
Interest receivable | 5,281,398 | — | (1,939,360 | ) | 3,342,038 | |||||||||||
Mortgage revenue bonds held in trust, at fair value | 230,885,864 | — | (14,514,063 | ) | 216,371,801 | |||||||||||
Mortgage revenue bonds, at fair value | 68,946,370 | — | — | 68,946,370 | ||||||||||||
Public housing capital fund trusts, at fair value | 62,056,379 | — | — | 62,056,379 | ||||||||||||
Mortgage-backed securities, at fair value | 37,845,661 | — | — | 37,845,661 | ||||||||||||
Real estate assets: | ||||||||||||||||
Land and improvements | 9,245,592 | 1,836,400 | — | 11,081,992 | ||||||||||||
Buildings and improvements | 90,253,256 | 20,942,439 | — | 111,195,695 | ||||||||||||
Real estate assets before accumulated depreciation | 99,498,848 | 22,778,839 | — | 122,277,687 | ||||||||||||
Accumulated depreciation | (9,386,811 | ) | (9,741,942 | ) | — | (19,128,753 | ) | |||||||||
Net real estate assets | 90,112,037 | 13,036,897 | — | 103,148,934 | ||||||||||||
Other assets | 33,488,744 | 456,087 | (9,586,540 | ) | 24,358,291 | |||||||||||
Total Assets | $ | 546,253,158 | $ | 14,019,837 | $ | (26,039,963 | ) | $ | 534,233,032 | |||||||
Liabilities | ||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 4,963,653 | $ | 20,634,613 | $ | (20,147,572 | ) | $ | 5,450,694 | |||||||
Distribution payable | 6,446,076 | — | — | 6,446,076 | ||||||||||||
Debt financing | 257,274,000 | — | — | 257,274,000 | ||||||||||||
Mortgages payable | 57,087,320 | 14,897,000 | (14,897,000 | ) | 57,087,320 | |||||||||||
Bond purchase commitment at fair value | 4,852,177 | — | — | 4,852,177 | ||||||||||||
Total Liabilities | 330,623,226 | 35,531,613 | (35,044,572 | ) | 331,110,267 | |||||||||||
Partners' Capital | ||||||||||||||||
General Partner | 16,671 | — | — | 16,671 | ||||||||||||
Beneficial Unit Certificate holders | 215,624,583 | — | 7,948,729 | 223,573,312 | ||||||||||||
Unallocated deficit of Consolidated VIEs | — | (21,511,776 | ) | 1,055,880 | (20,455,896 | ) | ||||||||||
Total Partners' Capital | 215,641,254 | (21,511,776 | ) | 9,004,609 | 203,134,087 | |||||||||||
Noncontrolling interest | (11,322 | ) | — | — | (11,322 | ) | ||||||||||
Total Capital | 215,629,932 | (21,511,776 | ) | 9,004,609 | 203,122,765 | |||||||||||
Total Liabilities and Partners' Capital | $ | 546,253,158 | $ | 14,019,837 | $ | (26,039,963 | ) | $ | 534,233,032 |
Partnership For the Three Months Ended June 30, 2014 | Consolidated VIEs For the Three Months Ended June 30, 2014 | Consolidation -Elimination For the Three Months Ended June 30, 2014 | Total For the Three Months Ended June 30, 2014 | ||||||||||||
Revenues: | |||||||||||||||
Property revenues | $ | 3,134,220 | $ | 785,552 | $ | — | $ | 3,919,772 | |||||||
Investment income | 6,474,140 | — | (232,665 | ) | 6,241,475 | ||||||||||
Gain on mortgage revenue bond sale | 849,655 | — | — | 849,655 | |||||||||||
Other interest income | 242,077 | — | — | 242,077 | |||||||||||
Total revenues | 10,700,092 | 785,552 | (232,665 | ) | 11,252,979 | ||||||||||
Expenses: | |||||||||||||||
Real estate operating (exclusive of items shown below) | 1,807,044 | 463,126 | — | 2,270,170 | |||||||||||
Depreciation and amortization | 1,293,553 | 238,145 | (6,702 | ) | 1,524,996 | ||||||||||
Interest | 2,400,851 | 561,308 | (561,308 | ) | 2,400,851 | ||||||||||
General and administrative | 1,398,879 | — | — | 1,398,879 | |||||||||||
Total expenses | 6,900,327 | 1,262,579 | (568,010 | ) | 7,594,896 | ||||||||||
Net income (loss) | 3,799,765 | (477,027 | ) | 335,345 | 3,658,083 | ||||||||||
Net loss attributable to noncontrolling interest | (374 | ) | — | — | (374 | ) | |||||||||
Net income (loss) - America First Multifamily Investors, L. P. | $ | 3,800,139 | $ | (477,027 | ) | $ | 335,345 | $ | 3,658,457 |
Partnership For the Three Months Ended June 30, 2013 | Consolidated VIEs For the Three Months Ended June 30, 2013 | Consolidation -Elimination For the Three Months Ended June 30, 2013 | Total For the Three Months Ended June 30, 2013 | ||||||||||||
Revenues: | |||||||||||||||
Property revenues | $ | 2,731,740 | $ | 1,220,306 | $ | — | $ | 3,952,046 | |||||||
Investment income | 4,971,873 | — | (376,676 | ) | 4,595,197 | ||||||||||
Contingent interest income | 6,497,160 | — | — | 6,497,160 | |||||||||||
Other interest income | 96,180 | — | — | 96,180 | |||||||||||
Total revenues | 14,296,953 | 1,220,306 | (376,676 | ) | 15,140,583 | ||||||||||
Expenses: | |||||||||||||||
Real estate operating (exclusive of items shown below) | 1,515,316 | 800,009 | — | 2,315,325 | |||||||||||
Realized loss on taxable property loan | 4,557,741 | — | — | 4,557,741 | |||||||||||
Provision for loan loss | 96,000 | — | — | 96,000 | |||||||||||
Provision for loss on receivables | 3,523 | — | — | 3,523 | |||||||||||
Depreciation and amortization | 1,315,322 | 356,550 | (10,790 | ) | 1,661,082 | ||||||||||
Interest | 1,426,349 | 825,466 | (825,466 | ) | 1,426,349 | ||||||||||
General and administrative | 1,141,444 | — | — | 1,141,444 | |||||||||||
Total expenses | 10,055,695 | 1,982,025 | (836,256 | ) | 11,201,464 | ||||||||||
Income (loss) from continuing operations | 4,241,258 | (761,719 | ) | 459,580 | 3,939,119 | ||||||||||
Income (loss) from discontinued operations | 166,887 | — | — | 166,887 | |||||||||||
Net income (loss) | 4,408,145 | (761,719 | ) | 459,580 | 4,106,006 | ||||||||||
Net income attributable to noncontrolling interest | 150,846 | — | — | 150,846 | |||||||||||
Net income (loss) - America First Multifamily Investors, L. P. | $ | 4,257,299 | $ | (761,719 | ) | $ | 459,580 | $ | 3,955,160 |
Partnership For the Six Months Ended June 30, 2014 | Consolidated VIEs For the Six Months Ended June 30, 2014 | Consolidation -Elimination For the Six Months Ended June 30, 2014 | Total For the Six Months Ended June 30, 2014 | ||||||||||||
Revenues: | |||||||||||||||
Property revenues | $ | 6,284,564 | $ | 1,586,424 | $ | — | $ | 7,870,988 | |||||||
Mortgage revenue bond investment income | 12,912,975 | — | (465,942 | ) | 12,447,033 | ||||||||||
Gain on mortgage revenue bonds - sale and redemption | 3,684,898 | — | — | 3,684,898 | |||||||||||
Other interest income | 450,900 | — | — | 450,900 | |||||||||||
Total revenues | 23,333,337 | 1,586,424 | (465,942 | ) | 24,453,819 | ||||||||||
Expenses: | |||||||||||||||
Real estate operating (exclusive of items shown below) | 3,457,691 | 912,772 | — | 4,370,463 | |||||||||||
Depreciation and amortization | 2,676,179 | 475,585 | (13,422 | ) | 3,138,342 | ||||||||||
Interest | 4,570,400 | 1,119,192 | (1,119,192 | ) | 4,570,400 | ||||||||||
General and administrative | 2,669,805 | — | — | 2,669,805 | |||||||||||
Total expenses | 13,374,075 | 2,507,549 | (1,132,614 | ) | 14,749,010 | ||||||||||
Net income (loss) | 9,959,262 | (921,125 | ) | 666,672 | 9,704,809 | ||||||||||
Net income attributable to noncontrolling interest | (477 | ) | — | — | (477 | ) | |||||||||
Net income (loss) - America First Multifamily Investors, L. P. | $ | 9,959,739 | $ | (921,125 | ) | $ | 666,672 | $ | 9,705,286 |
Partnership For the Six Months Ended June 30, 2013 | Consolidated VIEs For the Six Months Ended June 30, 2013 | Consolidation -Elimination For the Six Months Ended June 30, 2013 | Total For the Six Months Ended June 30, 2013 | ||||||||||||
Revenues: | |||||||||||||||
Property revenues | $ | 5,251,478 | $ | 2,433,375 | $ | — | $ | 7,684,853 | |||||||
Investment income | 13,066,199 | — | (754,385 | ) | 12,311,814 | ||||||||||
Contingent tax-exempt interest income | 6,497,160 | — | — | 6,497,160 | |||||||||||
Other interest income | 1,341,165 | — | — | 1,341,165 | |||||||||||
Other income | 250,000 | — | — | 250,000 | |||||||||||
Total revenues | 26,406,002 | 2,433,375 | (754,385 | ) | 28,084,992 | ||||||||||
Expenses: | |||||||||||||||
Real estate operating (exclusive of items shown below) | 2,838,950 | 1,533,411 | — | 4,372,361 | |||||||||||
Realized loss on taxable property loan | 4,557,741 | — | — | 4,557,741 | |||||||||||
Provision for loan loss | 96,000 | — | — | 96,000 | |||||||||||
Provision for loss on receivables | 241,698 | — | — | 241,698 | |||||||||||
Depreciation and amortization | 2,553,781 | 710,286 | (21,609 | ) | 3,242,458 | ||||||||||
Interest | 2,962,622 | 1,644,629 | (1,644,629 | ) | 2,962,622 | ||||||||||
General and administrative | 2,111,935 | — | — | 2,111,935 | |||||||||||
Total expenses | 15,362,727 | 3,888,326 | (1,666,238 | ) | 17,584,815 | ||||||||||
Income (loss) from continuing operations | 11,043,275 | (1,454,951 | ) | 911,853 | 10,500,177 | ||||||||||
Income from discontinued operations (including gain on sale of MF Properties of $1,775.527 in first quarter 2013) | 2,099,906 | — | — | 2,099,906 | |||||||||||
Net income (loss) | 13,143,181 | (1,454,951 | ) | 911,853 | 12,600,083 | ||||||||||
Net income attributable to noncontrolling interest | 323,497 | — | — | 323,497 | |||||||||||
Net income (loss) - America First Multifamily Investors, L. P. | $ | 12,819,684 | $ | (1,454,951 | ) | $ | 911,853 | $ | 12,276,586 |
June 30, 2014 | ||||||||||||||||
Description of Mortgage Revenue Bonds | Cost adjusted for pay-downs | Unrealized Gain | Unrealized Loss | Estimated Fair Value | ||||||||||||
Arbors at Hickory Ridge (2) | $ | 11,573,571 | $ | 1,198,224 | $ | — | $ | 12,771,795 | ||||||||
Ashley Square (1) | 5,188,000 | 308,609 | — | 5,496,609 | ||||||||||||
Avistar at Chase Hill A Bond (2) | 10,000,000 | 72,700 | — | 10,072,700 | ||||||||||||
Avistar at the Crest A Bond (2) | 9,700,000 | 290,030 | — | 9,990,030 | ||||||||||||
Avistar at the Oaks (2) | 8,354,000 | — | (3,526 | ) | 8,350,474 | |||||||||||
Avistar in 09 (2) | 7,192,000 | 148,206 | — | 7,340,206 | ||||||||||||
Avistar on the Boulevard A Bond (2) | 16,525,000 | 881,774 | — | 17,406,774 | ||||||||||||
Avistar on the Hills (2) | 5,389,000 | 246,008 | — | 5,635,008 | ||||||||||||
Bella Vista (1) | 6,490,000 | 183,537 | — | 6,673,537 | ||||||||||||
Bridle Ridge (1) | 7,685,000 | 158,926 | — | 7,843,926 | ||||||||||||
Brookstone (1) | 7,466,934 | 952,394 | — | 8,419,328 | ||||||||||||
Cross Creek (1) | 6,059,256 | 2,074,309 | — | 8,133,565 | ||||||||||||
Decatur-Angle (2) | 23,000,000 | — | (352,820 | ) | 22,647,180 | |||||||||||
Greens Property A Bonds (2) | 8,401,470 | 538,100 | — | 8,939,570 | ||||||||||||
Lake Forest (1) | 8,943,000 | 607,386 | — | 9,550,386 | ||||||||||||
Ohio Properties A Bonds (1) | 14,455,000 | 1,294,812 | — | 15,749,812 | ||||||||||||
Runnymede (1) | 10,485,000 | 667,999 | — | 11,152,999 | ||||||||||||
Southpark (1) | 11,918,045 | 2,764,111 | — | 14,682,156 | ||||||||||||
The Suites on Paseo (2) | 35,750,000 | 1,292,720 | — | 37,042,720 | ||||||||||||
Woodlynn Village (1) | 4,408,000 | — | (441 | ) | 4,407,559 | |||||||||||
Mortgage revenue bonds held in trust | $ | 218,983,276 | $ | 13,679,845 | $ | (356,787 | ) | $ | 232,306,334 |
June 30, 2014 | ||||||||||||||||
Description of Mortgage Revenue Bonds | Cost adjusted for pay-downs | Unrealized Gain | Unrealized Loss | Estimated Fair Value | ||||||||||||
Avistar at Chase Hill B Bond | $ | 965,000 | $ | — | $ | (5,346 | ) | $ | 959,654 | |||||||
Avistar at the Crest B Bond | 759,000 | 46,663 | — | 805,663 | ||||||||||||
Avistar on the Boulevard B Bond | 451,000 | 35,855 | — | 486,855 | ||||||||||||
Copper Gate Apartments | 5,220,000 | 182,961 | — | 5,402,961 | ||||||||||||
Greens Property B Bond | 947,277 | 309,453 | — | 1,256,730 | ||||||||||||
Harden Ranch | 9,300,000 | 152,953 | — | 9,452,953 | ||||||||||||
Live 929 Apartments | 40,270,000 | — | — | 40,270,000 | ||||||||||||
Ohio Properties B Bonds | 3,578,640 | 425,912 | — | 4,004,552 | ||||||||||||
Renaissance | 12,060,127 | 445,694 | — | 12,505,821 | ||||||||||||
The Palms at Premier Park Apartments | 20,152,000 | 1,843,908 | — | 21,995,908 | ||||||||||||
Tyler Park Apartments | 8,100,000 | — | (38,353 | ) | 8,061,647 | |||||||||||
Vantage at Harlingen | 6,692,000 | 337,478 | — | 7,029,478 | ||||||||||||
Vantage at Judson | 6,049,000 | 304,991 | — | 6,353,991 | ||||||||||||
Westside Village Market | 5,400,000 | 20,519 | — | 5,420,519 | ||||||||||||
Mortgage revenue bonds | $ | 119,944,044 | $ | 4,106,387 | $ | (43,699 | ) | $ | 124,006,732 |
December 31, 2013 | ||||||||||||||||
Description of Mortgage Revenue Bonds | Cost adjusted for pay-downs | Unrealized Gains | Unrealized Loss | Estimated Fair Value | ||||||||||||
Arbors at Hickory Ridge (2) | $ | 11,576,209 | $ | 225,690 | $ | — | $ | 11,801,899 | ||||||||
Ashley Square (1) | 5,212,000 | — | — | 5,212,000 | ||||||||||||
Autumn Pines (2) | 12,147,873 | — | (195,355 | ) | 11,952,518 | |||||||||||
Avistar at Chase Hill A Bond (2) | 8,960,000 | — | (850,752 | ) | 8,109,248 | |||||||||||
Avistar at the Crest A Bond (2) | 8,759,000 | — | (1,298,785 | ) | 7,460,215 | |||||||||||
Avistar at the Oaks (2) | 8,354,000 | — | (1,103,115 | ) | 7,250,885 | |||||||||||
Avistar in 09 (2) | 7,192,000 | — | (588,254 | ) | 6,603,746 | |||||||||||
Avistar on the Boulevard A Bond (2) | 13,760,000 | — | (1,306,512 | ) | 12,453,488 | |||||||||||
Avistar on the Hills (2) | 5,389,000 |