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, student, senior citizen residential and commercial properties, 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 Urban Development Capital Fund Program; and |
• | changes in government regulations affecting our business. |
September 30, 2015 | December 31, 2014 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 33,111,749 | $ | 49,157,571 | ||||
Restricted cash | 9,780,383 | 11,141,496 | ||||||
Interest receivable | 5,551,354 | 4,121,486 | ||||||
Mortgage revenue bonds held in trust, at fair value (Notes 4 & 11) | 499,197,562 | 378,423,092 | ||||||
Mortgage revenue bonds, at fair value (Note 4) | 28,247,980 | 70,601,045 | ||||||
Public housing capital fund trusts, at fair value (Note 5) | 59,876,842 | 61,263,123 | ||||||
Mortgage-backed securities, at fair value (Note 6) | 14,681,587 | 14,841,558 | ||||||
Real estate assets: (Note 7) | ||||||||
Land and improvements | 15,277,733 | 13,753,493 | ||||||
Buildings and improvements | 139,167,496 | 110,706,173 | ||||||
Real estate assets before accumulated depreciation | 154,445,229 | 124,459,666 | ||||||
Accumulated depreciation | (14,490,131 | ) | (14,108,154 | ) | ||||
Net real estate assets | 139,955,098 | 110,351,512 | ||||||
Other assets (Note 8) | 34,817,296 | 31,134,319 | ||||||
Assets held for sale (Note 9) | 13,180,667 | 13,204,015 | ||||||
Total Assets | $ | 838,400,518 | $ | 744,239,217 | ||||
Liabilities | ||||||||
Accounts payable, accrued expenses, and other liabilities | $ | 6,468,124 | $ | 4,123,346 | ||||
Distribution payable | 7,895,646 | 7,617,390 | ||||||
Lines of Credit (Note 10) | 6,425,261 | — | ||||||
Debt financing (Note 11) | 447,606,493 | 345,359,000 | ||||||
Mortgages payable (Note 12) | 68,494,688 | 76,707,834 | ||||||
Derivative swap, at fair value (Note 14) | 1,539,781 | — | ||||||
Liabilities held for sale (Note 9) | 516,592 | 503,743 | ||||||
Total Liabilities | 538,946,585 | 434,311,313 | ||||||
Commitments and Contingencies (Note 16) | ||||||||
Partners' Capital | ||||||||
General Partner (Note 2) | 473,783 | 578,238 | ||||||
Beneficial Unit Certificate holders | 320,116,172 | 330,457,117 | ||||||
Unallocated deficit of Consolidated VIEs | (21,143,357 | ) | (21,091,456 | ) | ||||
Total Partners' Capital | 299,446,598 | 309,943,899 | ||||||
Noncontrolling interest (Note 7) | 7,335 | (15,995 | ) | |||||
Total Capital | 299,453,933 | 309,927,904 | ||||||
Total Liabilities and Partners' Capital | $ | 838,400,518 | $ | 744,239,217 |
For the Three Months Ended, | For the Nine Months Ended, | |||||||||||||||
September 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | |||||||||||||
Revenues: | ||||||||||||||||
Property revenues | $ | 4,124,413 | $ | 3,675,140 | $ | 12,512,775 | $ | 9,959,704 | ||||||||
Investment income | 8,485,518 | 6,958,323 | 25,853,963 | 19,405,356 | ||||||||||||
Gain on sale of MF Properties | 1,187,807 | — | 4,605,269 | — | ||||||||||||
Gain on mortgage revenue bond - sale and redemption | — | — | — | 3,684,898 | ||||||||||||
Other interest income | 287,134 | 222,074 | 739,057 | 672,974 | ||||||||||||
Other income | — | 188,000 | — | 188,000 | ||||||||||||
Total revenues | 14,084,872 | 11,043,537 | 43,711,064 | 33,910,932 | ||||||||||||
Expenses: | ||||||||||||||||
Real estate operating (exclusive of items shown below) | 2,933,278 | 2,091,706 | 7,679,583 | 5,549,397 | ||||||||||||
Provision for loan loss | — | 75,000 | — | 75,000 | ||||||||||||
Recovery of loss on receivables | (98,431 | ) | — | — | — | |||||||||||
Depreciation and amortization | 1,829,026 | 1,593,312 | 5,365,121 | 4,265,375 | ||||||||||||
Interest | 4,754,119 | 2,575,873 | 11,683,429 | 7,029,058 | ||||||||||||
General and administrative | 2,380,497 | 1,409,688 | 6,214,093 | 4,079,493 | ||||||||||||
Total expenses | 11,798,489 | 7,745,579 | 30,942,226 | 20,998,323 | ||||||||||||
Income from continuing operations | 2,286,383 | 3,297,958 | 12,768,838 | 12,912,609 | ||||||||||||
Income from discontinued operations | 253,894 | 6,722 | 516,609 | 96,880 | ||||||||||||
Net income | 2,540,277 | 3,304,680 | 13,285,447 | 13,009,489 | ||||||||||||
Net loss attributable to noncontrolling interest | (372 | ) | (3,149 | ) | (952 | ) | (3,626 | ) | ||||||||
Net income - America First Multifamily Investors, L.P. | $ | 2,540,649 | $ | 3,307,829 | $ | 13,286,399 | $ | 13,013,115 | ||||||||
Net income (loss) allocated to: | ||||||||||||||||
General Partner | $ | 310,217 | $ | 34,731 | $ | 1,238,647 | $ | 1,024,350 | ||||||||
Limited Partners - Unitholders | 2,204,121 | 3,438,330 | 12,099,653 | 12,408,450 | ||||||||||||
Unallocated gain (loss) of Consolidated Property VIEs | 26,311 | (165,232 | ) | (51,901 | ) | (419,685 | ) | |||||||||
Noncontrolling interest | (372 | ) | (3,149 | ) | (952 | ) | (3,626 | ) | ||||||||
$ | 2,540,277 | $ | 3,304,680 | $ | 13,285,447 | $ | 13,009,489 | |||||||||
Unitholders' interest in net income per unit (basic and diluted): | ||||||||||||||||
Income from continuing operations | $ | 0.04 | $ | 0.06 | $ | 0.19 | $ | 0.21 | ||||||||
Income from discontinued operations | — | — | 0.01 | — | ||||||||||||
Net income, basic and diluted, per unit | $ | 0.04 | $ | 0.06 | $ | 0.20 | $ | 0.21 | ||||||||
Distributions declared, per unit | $ | 0.125 | $ | 0.125 | $ | 0.375 | $ | 0.375 | ||||||||
Weighted average number of units outstanding, basic and diluted | 60,252,928 | 60,252,928 | 60,252,928 | 59,154,027 |
For the Three Months Ended, | For the Nine Months Ended, | |||||||||||||||
September 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | |||||||||||||
Net income | $ | 2,540,277 | $ | 3,304,680 | $ | 13,285,447 | $ | 13,009,489 | ||||||||
Unrealized gain on securities | 20,864,402 | 16,179,249 | 2,600,295 | 52,089,784 | ||||||||||||
Net realized loss on securities | — | — | — | (2,153,764 | ) | |||||||||||
Unrealized (loss) gain on bond purchase commitments | 2,451,927 | 2,634,574 | (2,444,487 | ) | 7,821,118 | |||||||||||
Comprehensive income - America First Multifamily Investors, L.P. | $ | 25,856,606 | $ | 22,118,503 | $ | 13,441,255 | $ | 70,766,627 | ||||||||
Comprehensive income (loss) allocated to: | ||||||||||||||||
General Partner | $ | 543,380 | $ | 222,869 | $ | 1,240,205 | $ | 1,601,921 | ||||||||
Limited Partners - Unitholders | 25,287,287 | 22,064,015 | 12,253,903 | 69,588,017 | ||||||||||||
Unallocated gain (loss) of Consolidated Property VIEs | 26,311 | (165,232 | ) | (51,901 | ) | (419,685 | ) | |||||||||
Noncontrolling interest | (372 | ) | (3,149 | ) | (952 | ) | (3,626 | ) | ||||||||
Comprehensive income - America First Multifamily Investors, L.P. | $ | 25,856,606 | $ | 22,118,503 | $ | 13,441,255 | $ | 70,766,627 |
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, 2015 | $ | 578,238 | 60,252,928 | $ | 330,457,117 | $ | (21,091,456 | ) | $ | (15,995 | ) | $ | 309,927,904 | $ | 51,698,418 | |||||||||||
Distributions paid or accrued | (1,344,660 | ) | (22,594,848 | ) | — | — | (23,939,508 | ) | — | |||||||||||||||||
Bond redemption related to MF Property acquisition | (6,309 | ) | (624,610 | ) | — | — | (630,919 | ) | (630,919 | ) | ||||||||||||||||
Sale of MF Property | — | — | — | 24,282 | 24,282 | — | ||||||||||||||||||||
Net income (loss) | 1,238,647 | 12,099,653 | (51,901 | ) | (952 | ) | 13,285,447 | — | ||||||||||||||||||
Unrealized gain on securities | 32,312 | 3,198,902 | — | — | 3,231,214 | 3,231,214 | ||||||||||||||||||||
Unrealized loss on bond purchase commitments | (24,445 | ) | (2,420,042 | ) | — | — | (2,444,487 | ) | (2,444,487 | ) | ||||||||||||||||
Balance at September 30, 2015 | $ | 473,783 | 60,252,928 | $ | 320,116,172 | $ | (21,143,357 | ) | $ | 7,335 | $ | 299,453,933 | $ | 51,854,226 | ||||||||||||
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, 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 | (1,127,243 | ) | (22,594,848 | ) | — | — | (23,722,091 | ) | — | |||||||||||||||||
Net income (loss) | 1,024,350 | 12,408,450 | (419,685 | ) | (3,626 | ) | 13,009,489 | — | ||||||||||||||||||
Unrealized gain on securities | 520,898 | 51,568,886 | — | — | 52,089,784 | 52,089,784 | ||||||||||||||||||||
Unrealized gain on bond purchase commitments | 78,211 | 7,742,907 | — | — | 7,821,118 | 7,821,118 | ||||||||||||||||||||
Balance at September 30, 2014 | $ | 491,349 | 60,252,928 | $ | 321,855,180 | $ | (20,875,581 | ) | $ | (14,948 | ) | $ | 301,456,000 | $ | 37,628,824 |
For Nine Months Ended, | ||||||||
September 30, 2015 | September 30, 2014 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 13,285,447 | $ | 13,009,489 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization expense | 5,665,869 | 4,967,428 | ||||||
Non-cash loss on derivatives | 1,955,694 | 766,105 | ||||||
Bond premium/discount amortization | 244,925 | (141,259 | ) | |||||
Provision for loan loss | — | 75,000 | ||||||
Gain on mortgage revenue bond - redemption | — | (3,684,898 | ) | |||||
Gain on the sale of an MF Properties | (4,605,269 | ) | — | |||||
Changes in operating assets and liabilities, net of effect of acquisitions | ||||||||
Increase in interest receivable | (2,782,579 | ) | (1,906,569 | ) | ||||
Increase in other assets | (1,133,317 | ) | (1,111,332 | ) | ||||
Decrease (increase) in accounts payable and accrued expenses | 1,642,909 | (1,035,286 | ) | |||||
Net cash provided by operating activities | 14,273,679 | 10,938,678 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (3,357,988 | ) | (17,371,032 | ) | ||||
Acquisition of mortgage revenue bonds | (137,805,000 | ) | (107,770,827 | ) | ||||
Restructure and acquisition of interest rate derivative | (562,088 | ) | (1,382,900 | ) | ||||
Proceeds from sale of MF Property | 16,196,510 | — | ||||||
Cash realized from the Bond exchange for the Suites on Paseo Property | 514,094 | — | ||||||
Proceeds from the mortgage revenue bond and MBS sale and redemption | — | 35,483,230 | ||||||
Restricted cash - debt collateral released | 1,010,000 | 1,999,973 | ||||||
Restricted cash - M24 and M31 TEBS financing facilities released | 5,537,477 | — | ||||||
Restricted cash - M33 and M31 TEBS financing facilities paid | (4,815,000 | ) | (6,252,000 | ) | ||||
Principal payments received on mortgage revenue bonds | 22,323,371 | 6,665,718 | ||||||
Increase in restricted cash | (106,709 | ) | (475,208 | ) | ||||
Net increase in notes receivable | (2,803,595 | ) | (138,693 | ) | ||||
Acquisition of taxable bonds | (500,000 | ) | — | |||||
Principal payments received on taxable loans | 71,979 | — | ||||||
Assets purchased - held for investment | (280,572 | ) | — | |||||
Net cash used in investing activities | (104,577,521 | ) | (89,241,739 | ) | ||||
Cash flows from financing activities: | ||||||||
Distributions paid | (23,661,252 | ) | (22,560,474 | ) | ||||
Proceeds from debt financing | 269,805,000 | 168,795,000 | ||||||
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 | ) | |||||
Principal payments on debt financing | (167,557,507 | ) | (79,112,000 | ) | ||||
Principal payments on mortgages payable | (8,213,146 | ) | (2,824,041 | ) | ||||
Principal borrowings on lines of credit | 61,764,261 | — | ||||||
Principal payments on lines of credit | (55,339,000 | ) | — | |||||
Principal borrowings on mortgages payable | — | 18,322,562 | ||||||
Increase in liabilities related to restricted cash | 106,709 | 475,208 | ||||||
Debt financing costs | (2,646,859 | ) | (2,888,232 | ) | ||||
Net cash provided by financing activities | 74,258,206 | 131,496,722 | ||||||
Net (decrease) increase in cash and cash equivalents | (16,045,636 | ) | 53,193,661 | |||||
Cash and cash equivalents at beginning of period, including cash and cash equivalents of discontinued operations of $35,772 and $25,976, respectively | 49,193,343 | 11,318,015 | ||||||
Cash and cash equivalents at end of period, including cash and cash equivalents of discontinued operations of $35,958 and $48,745, respectively | $ | 33,147,707 | $ | 64,511,676 |
For Nine months Ended, | ||||||||
September 30, 2015 | September 30, 2014 | |||||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid during the period for interest | $ | 9,707,113 | $ | 6,043,660 | ||||
Distributions declared but not paid | $ | 7,895,646 | $ | 7,607,693 | ||||
Supplemental disclosure of non cash activities: | ||||||||
Capital expenditures financed through accounts and notes payable | $ | 34,131 | $ | 3,005,210 | ||||
Exchange of Suites on Paseo assets held for the Suites on Paseo Property | $ | 42,665,912 | $ | — |
• | ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created in 2010 to hold mortgage revenue bonds in order to facilitate the Tax Exempt Bond Securitization (“TEBS”) Financing (“M24 TEBS Financing”) with Freddie Mac (see Note 11). |
• | ATAX TEBS II, LLC, a special purpose entity owned and controlled by the Partnership, created in 2014 to hold mortgage revenue bonds in order to facilitate the second TEBS Financing (“M31 TEBS Financing”) with Freddie Mac (see Note 11). |
• | ATAX TEBS III, LLC, a special purpose entity owned and controlled by the Partnership, created in 2015 to hold mortgage revenue bonds in order to facilitate the third TEBS Financing (“M33 TEBS Financing”) with Freddie Mac (see Note 11). |
• | Eight MF Properties which are either wholly or majority owned by the Partnership or subsidiaries of the Partnership. |
• | The risk profile of the Consolidated VIE segment was unique as the substance of the investment was the result of the operations of the underlying properties and not the mortgage revenue bonds (which is the form of the investment).The risk profile includes: |
• | The stated purpose of the Company was not to manage properties without having some type of ownership or ability to control the underlying property. |
• | Subsequent to the disposition of the Consolidated VIE properties by their owners, the Company does not plan to include this type of investment as part of its strategic direction. |
September 30, 2015 | |||||||||||||||
Balance Sheet Classification | Maximum Exposure to Loss | ||||||||||||||
Mortgage Revenue Bond | Property Loan | Mortgage Revenue Bond | Property Loan | ||||||||||||
Ashley Square Apartments | $ | 5,572,262 | $ | 1,482,000 | $ | 5,114,000 | $ | 7,839,749 | |||||||
Bruton Apartments | 19,648,516 | — | 18,145,000 | — | |||||||||||
Cross Creek | 8,903,193 | 3,619,116 | 6,095,463 | 3,619,116 | |||||||||||
Glenview Apartments | 6,850,865 | — | 6,723,000 | — | |||||||||||
Harden Ranch | 7,531,277 | — | 6,960,000 | — | |||||||||||
Montclair Apartments | 3,529,444 | — | 3,458,000 | — | |||||||||||
Santa Fe Apartments | 4,867,300 | — | 4,736,000 | — | |||||||||||
Seasons at Simi Valley | 6,539,709 | — | 6,320,000 | — | |||||||||||
Silver Moon Lodge Apartments | 9,060,239 | 2,819,183 | 7,995,983 | 2,819,183 | |||||||||||
Tyler Park Apartments | 6,478,195 | — | 6,075,000 | — | |||||||||||
Westside Village Market | 4,233,487 | — | 3,970,000 | — | |||||||||||
$ | 83,214,487 | $ | 7,920,299 | $ | 75,592,446 | $ | 14,278,048 |
Partnership on September 30, 2015 | Consolidated VIEs on September 30, 2015 | Consolidation -Elimination on September 30, 2015 | Total on September 30, 2015 | |||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 33,111,749 | $ | — | $ | — | $ | 33,111,749 | ||||||||
Restricted cash | 9,780,383 | — | — | 9,780,383 | ||||||||||||
Interest receivable | 5,551,354 | — | — | 5,551,354 | ||||||||||||
Mortgage revenue bonds held in trust, at fair value | 499,197,562 | — | — | 499,197,562 | ||||||||||||
Mortgage revenue bonds, at fair value | 28,247,980 | — | — | 28,247,980 | ||||||||||||
Public housing capital fund trusts, at fair value | 59,876,842 | — | — | 59,876,842 | ||||||||||||
Mortgage-backed securities, at fair value | 14,681,587 | — | — | 14,681,587 | ||||||||||||
Real estate assets: | ||||||||||||||||
Land and improvements | 15,277,733 | — | — | 15,277,733 | ||||||||||||
Buildings and improvements | 139,167,496 | — | — | 139,167,496 | ||||||||||||
Real estate assets before accumulated depreciation | 154,445,229 | — | — | 154,445,229 | ||||||||||||
Accumulated depreciation | (14,490,131 | ) | — | — | (14,490,131 | ) | ||||||||||
Net real estate assets | 139,955,098 | — | — | 139,955,098 | ||||||||||||
Other assets | 34,817,296 | — | — | 34,817,296 | ||||||||||||
Assets held for sale | 27,603,810 | 13,419,727 | (27,842,870 | ) | 13,180,667 | |||||||||||
Total Assets | $ | 852,823,661 | $ | 13,419,727 | $ | (27,842,870 | ) | $ | 838,400,518 | |||||||
Liabilities | ||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 6,468,124 | $ | — | $ | — | $ | 6,468,124 | ||||||||
Distribution payable | 7,895,646 | — | — | 7,895,646 | ||||||||||||
Lines of Credit | 6,425,261 | — | — | 6,425,261 | ||||||||||||
Debt financing | 447,606,493 | — | — | 447,606,493 | ||||||||||||
Mortgage payable | 68,494,688 | — | — | 68,494,688 | ||||||||||||
Derivative swap | 1,539,781 | — | — | 1,539,781 | ||||||||||||
Liabilities held for sale | — | 38,038,532 | (37,521,940 | ) | 516,592 | |||||||||||
Total Liabilities | 538,429,993 | 38,038,532 | (37,521,940 | ) | 538,946,585 | |||||||||||
Partners' Capital | ||||||||||||||||
General Partner | 473,783 | — | — | 473,783 | ||||||||||||
Beneficial Unit Certificate holders | 313,912,550 | — | 6,203,622 | 320,116,172 | ||||||||||||
Unallocated loss of Consolidated VIEs | — | (24,618,805 | ) | 3,475,448 | (21,143,357 | ) | ||||||||||
Total Partners' Capital | 314,386,333 | (24,618,805 | ) | 9,679,070 | 299,446,598 | |||||||||||
Noncontrolling interest | 7,335 | — | — | 7,335 | ||||||||||||
Total Capital | 314,393,668 | (24,618,805 | ) | 9,679,070 | 299,453,933 | |||||||||||
Total Liabilities and Partners' Capital | $ | 852,823,661 | $ | 13,419,727 | $ | (27,842,870 | ) | $ | 838,400,518 |
Partnership on December 31, 2014 | Consolidated VIEs on December 31, 2014 | Consolidation -Elimination on December 31, 2014 | Total on December 31, 2014 | |||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | $ | 49,157,571 | $ | — | $ | — | $ | 49,157,571 | ||||||||
Restricted cash | 11,141,496 | — | — | 11,141,496 | ||||||||||||
Interest receivable | 4,121,486 | — | — | 4,121,486 | ||||||||||||
Mortgage revenue bonds held in trust, at fair value | 378,423,092 | — | — | 378,423,092 | ||||||||||||
Mortgage revenue bonds, at fair value | 70,601,045 | — | — | 70,601,045 | ||||||||||||
Public housing capital fund trusts, at fair value | 61,263,123 | — | — | 61,263,123 | ||||||||||||
Mortgage-backed securities, at fair value | 14,841,558 | — | — | 14,841,558 | ||||||||||||
Real estate assets: | ||||||||||||||||
Land and improvements | 13,753,493 | — | — | 13,753,493 | ||||||||||||
Buildings and improvements | 110,706,173 | — | — | 110,706,173 | ||||||||||||
Real estate assets before accumulated depreciation | 124,459,666 | — | — | 124,459,666 | ||||||||||||
Accumulated depreciation | (14,108,154 | ) | — | — | (14,108,154 | ) | ||||||||||
Net real estate assets | 110,351,512 | — | — | 110,351,512 | ||||||||||||
Other assets | 31,134,319 | — | — | 31,134,319 | ||||||||||||
Assets held for sale | 27,640,053 | 13,456,861 | (27,892,899 | ) | 13,204,015 | |||||||||||
Total Assets | $ | 758,675,255 | $ | 13,456,861 | $ | (27,892,899 | ) | $ | 744,239,217 | |||||||
Liabilities | ||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 4,123,346 | $ | — | $ | — | $ | 4,123,346 | ||||||||
Distribution payable | 7,617,390 | — | — | 7,617,390 | ||||||||||||
Debt financing | 345,359,000 | — | — | 345,359,000 | ||||||||||||
Mortgages payable | 76,707,834 | — | — | 76,707,834 | ||||||||||||
Liabilities held for sale | — | 36,956,477 | (36,452,734 | ) | 503,743 | |||||||||||
Total Liabilities | 433,807,570 | 36,956,477 | (36,452,734 | ) | 434,311,313 | |||||||||||
Partners' Capital | ||||||||||||||||
General Partner | 578,238 | — | — | 578,238 | ||||||||||||
Beneficial Unit Certificate holders | 324,305,442 | — | 6,151,675 | 330,457,117 | ||||||||||||
Unallocated deficit of Consolidated VIEs | — | (23,499,616 | ) | 2,408,160 | (21,091,456 | ) | ||||||||||
Total Partners' Capital | 324,883,680 | (23,499,616 | ) | 8,559,835 | 309,943,899 | |||||||||||
Noncontrolling interest | (15,995 | ) | — | — | (15,995 | ) | ||||||||||
Total Capital | 324,867,685 | (23,499,616 | ) | 8,559,835 | 309,927,904 | |||||||||||
Total Liabilities and Partners' Capital | $ | 758,675,255 | $ | 13,456,861 | $ | (27,892,899 | ) | $ | 744,239,217 |
Partnership For the Three Months Ended September 30, 2015 | Consolidated VIEs For the Three Months Ended September 30, 2015 | Consolidation -Elimination For the Three Months Ended September 30, 2015 | Total For the Three Months Ended September 30, 2015 | ||||||||||||
Revenues: | |||||||||||||||
Property revenues | $ | 4,124,413 | $ | — | $ | — | $ | 4,124,413 | |||||||
Investment income | 8,485,518 | — | — | 8,485,518 | |||||||||||
Gain on sale of MF Property | 1,187,807 | — | — | 1,187,807 | |||||||||||
Other interest income | 287,134 | — | — | 287,134 | |||||||||||
Total revenues | 14,084,872 | — | — | 14,084,872 | |||||||||||
Expenses: | |||||||||||||||
Real estate operating (exclusive of items shown below) | 2,933,278 | — | — | 2,933,278 | |||||||||||
Recovery of loss on receivables | (98,431 | ) | — | — | (98,431 | ) | |||||||||
Depreciation and amortization | 1,829,026 | — | — | 1,829,026 | |||||||||||
Interest | 4,754,119 | — | — | 4,754,119 | |||||||||||
General and administrative | 2,380,497 | — | — | 2,380,497 | |||||||||||
Total expenses | 11,798,489 | — | — | 11,798,489 | |||||||||||
Income from continuing operations | 2,286,383 | — | — | 2,286,383 | |||||||||||
Income (loss) from discontinued operations | 227,583 | (334,164 | ) | 360,475 | 253,894 | ||||||||||
Net income (loss) | 2,513,966 | (334,164 | ) | 360,475 | 2,540,277 | ||||||||||
Net loss attributable to noncontrolling interest | (372 | ) | — | — | (372 | ) | |||||||||
Net income (loss) - America First Multifamily Investors, L. P. | $ | 2,514,338 | $ | (334,164 | ) | $ | 360,475 | $ | 2,540,649 |
Partnership For the Three Months Ended September 30, 2014 | Consolidated VIEs For the Three Months Ended September 30, 2014 | Consolidation -Elimination For the Three Months Ended September 30, 2014 | Total For the Three Months Ended September 30, 2014 | ||||||||||||
Revenues: | |||||||||||||||
Property revenues | $ | 3,675,140 | $ | — | $ | — | $ | 3,675,140 | |||||||
Investment income | 6,958,323 | — | — | 6,958,323 | |||||||||||
Other interest income | 222,074 | — | — | 222,074 | |||||||||||
Other Income | 188,000 | — | — | 188,000 | |||||||||||
Total revenues | 11,043,537 | — | — | 11,043,537 | |||||||||||
Expenses: | |||||||||||||||
Real estate operating (exclusive of items shown below) | 2,091,706 | — | — | 2,091,706 | |||||||||||
Provision for loan loss | 75,000 | — | — | 75,000 | |||||||||||
Depreciation and amortization | 1,593,312 | — | — | 1,593,312 | |||||||||||
Interest | 2,575,873 | — | — | 2,575,873 | |||||||||||
General and administrative | 1,409,688 | — | — | 1,409,688 | |||||||||||
Total expenses | 7,745,579 | — | — | 7,745,579 | |||||||||||
Income from continuing operations | 3,297,958 | — | — | 3,297,958 | |||||||||||
Income (loss) from discontinued operations | 171,954 | (505,338 | ) | 340,106 | 6,722 | ||||||||||
Net income (loss) | 3,469,912 | (505,338 | ) | 340,106 | 3,304,680 | ||||||||||
Net loss attributable to noncontrolling interest | (3,149 | ) | — | — | (3,149 | ) | |||||||||
Net income (loss) - America First Multifamily Investors, L. P. | $ | 3,473,061 | $ | (505,338 | ) | $ | 340,106 | $ | 3,307,829 |
Partnership For the Nine Months Ended September 30, 2015 | Consolidated VIEs For the Nine Months Ended September 30, 2015 | Consolidation -Elimination For the Nine Months Ended September 30, 2015 | Total For the Nine Months Ended September 30, 2015 | ||||||||||||
Revenues: | |||||||||||||||
Property revenues | $ | 12,512,775 | $ | — | $ | — | $ | 12,512,775 | |||||||
Investment income | 25,853,963 | — | — | 25,853,963 | |||||||||||
Gain on sale of MF Properties | 4,605,269 | — | — | 4,605,269 | |||||||||||
Other interest income | 739,057 | — | — | 739,057 | |||||||||||
Total revenues | 43,711,064 | — | — | 43,711,064 | |||||||||||
Expenses: | |||||||||||||||
Real estate operating (exclusive of items shown below) | 7,679,583 | — | — | 7,679,583 | |||||||||||
Depreciation and amortization | 5,365,121 | — | — | 5,365,121 | |||||||||||
Interest | 11,683,429 | — | — | 11,683,429 | |||||||||||
General and administrative | 6,214,093 | — | — | 6,214,093 | |||||||||||
Total expenses | 30,942,226 | — | — | 30,942,226 | |||||||||||
Income from continuing operations | 12,768,838 | — | — | 12,768,838 | |||||||||||
Income (loss) from discontinued operations | 568,510 | (1,119,191 | ) | 1,067,290 | 516,609 | ||||||||||
Net income (loss) | 13,337,348 | (1,119,191 | ) | 1,067,290 | 13,285,447 | ||||||||||
Net loss attributable to noncontrolling interest | (952 | ) | — | — | (952 | ) | |||||||||
Net income (loss) - America First Multifamily Investors, L. P. | $ | 13,338,300 | $ | (1,119,191 | ) | $ | 1,067,290 | $ | 13,286,399 |
Partnership For the Nine Months Ended September 30, 2014 | Consolidated VIEs For the Nine Months Ended September 30, 2014 | Consolidation -Elimination For the Nine Months Ended September 30, 2014 | Total For the Nine Months Ended September 30, 2014 | ||||||||||||
Revenues: | |||||||||||||||
Property revenues | $ | 9,959,704 | $ | — | $ | — | $ | 9,959,704 | |||||||
Investment income | 19,405,356 | — | — | 19,405,356 | |||||||||||
Gain on mortgage revenue bond redemption | 3,684,898 | 3,684,898 | |||||||||||||
Other interest income | 672,974 | — | — | 672,974 | |||||||||||
Other income | 188,000 | — | — | 188,000 | |||||||||||
Total revenues | 33,910,932 | — | — | 33,910,932 | |||||||||||
Expenses: | |||||||||||||||
Real estate operating (exclusive of items shown below) | 5,549,397 | — | — | 5,549,397 | |||||||||||
Provision for loan loss | 75,000 | — | — | 75,000 | |||||||||||
Depreciation and amortization | 4,265,375 | — | — | 4,265,375 | |||||||||||
Interest | 7,029,058 | — | — | 7,029,058 | |||||||||||
General and administrative | 4,079,493 | — | — | 4,079,493 | |||||||||||
Total expenses | 20,998,323 | — | — | 20,998,323 | |||||||||||
Income from continuing operations | 12,912,609 | — | — | 12,912,609 | |||||||||||
Income (loss) from discontinued operations | 516,565 | (1,426,463 | ) | 1,006,778 | 96,880 | ||||||||||
Net income (loss) | 13,429,174 | (1,426,463 | ) | 1,006,778 | 13,009,489 | ||||||||||
Net loss attributable to noncontrolling interest | (3,626 | ) | — | — | (3,626 | ) | |||||||||
Net income (loss) - America First Multifamily Investors, L. P. | $ | 13,432,800 | $ | (1,426,463 | ) | $ | 1,006,778 | $ | 13,013,115 | ||||||
September 30, 2015 | ||||||||||||||||
Description of Mortgage Revenue Bonds | Cost adjusted for pay-downs | Unrealized Gain | Unrealized Loss | Estimated Fair Value | ||||||||||||
Arbors at Hickory Ridge (3) | $ | 11,566,976 | $ | 1,537,005 | $ | — | $ | 13,103,981 | ||||||||
Ashley Square (1) | 5,114,000 | 458,262 | — | 5,572,262 | ||||||||||||
Avistar at Chase Hill A Bond (3) | 9,957,357 | 1,140,898 | — | 11,098,255 | ||||||||||||
Avistar at the Crest A Bond (3) | 9,658,636 | 1,106,671 | — | 10,765,307 | ||||||||||||
Avistar at the Oaks A Bond (3) | 7,794,525 | 954,785 | — | 8,749,310 | ||||||||||||
Avistar at the Parkway A Bond (4) | 13,300,000 | 81,808 | — | 13,381,808 | ||||||||||||
Avistar in 09 A Bond (3) | 6,730,273 | 730,354 | — | 7,460,627 | ||||||||||||
Avistar on the Boulevard A Bond (3) | 16,454,530 | 1,548,219 | — | 18,002,749 | ||||||||||||
Avistar on the Hills A Bond (3) | 5,385,217 | 584,391 | — | 5,969,608 | ||||||||||||
Bella Vista (1) | 6,430,000 | 614,644 | — | 7,044,644 | ||||||||||||
Bridle Ridge (1) | 7,595,000 | 645,575 | — | 8,240,575 | ||||||||||||
Brookstone (1) | 7,469,252 | 1,663,402 | — | 9,132,654 | ||||||||||||
Bruton Apartments (2) | 18,145,000 | 1,503,516 | — | 19,648,516 | ||||||||||||
Concord at Gulfgate A Bond (2) | 17,060,000 | 862,126 | — | 17,922,126 | ||||||||||||
Concord at Little York A Bond (2) | 12,480,000 | 630,743 | — | 13,110,743 | ||||||||||||
Concord at Williamcrest A Bond (2) | 18,020,000 | 910,663 | — | 18,930,663 | ||||||||||||
Copper Gate Apartments (3) | 5,220,000 | 544,237 | — | 5,764,237 | ||||||||||||
Cross Creek (1) | 6,095,463 | 2,807,730 | — | 8,903,193 | ||||||||||||
Decatur Angle (2) | 23,000,000 | 1,094,952 | — | 24,094,952 | ||||||||||||
Glenview Apartments A Bond (4) | 4,670,000 | 140,594 | — | 4,810,594 | ||||||||||||
Greens Property A Bond (3) | 8,312,000 | 983,623 | — | 9,295,623 | ||||||||||||
Harden Ranch A Bond (3) | 6,960,000 | 571,277 | — | 7,531,277 | ||||||||||||
Heritage Square A Bond (4) | 11,185,000 | 67,782 | — | 11,252,782 | ||||||||||||
Lake Forest (1) | 8,796,000 | 1,055,791 | — | 9,851,791 | ||||||||||||
Live 929 Apartments (2) | 40,822,598 | 4,262,624 | — | 45,085,222 | ||||||||||||
Montclair Apartments A Bond (4) | 2,530,000 | 76,168 | — | 2,606,168 | ||||||||||||
Pro Nova 2014-1 and 2014-2 (2) | 19,382,099 | 771,618 | — | 20,153,717 | ||||||||||||
Ohio Properties A Bonds (1) | 14,335,000 | 2,604,402 | — | 16,939,402 | ||||||||||||
Renaissance A Bond (4) | 11,475,663 | 1,007,469 | — | 12,483,132 | ||||||||||||
Runnymede (1) | 10,395,000 | 1,199,375 | — | 11,594,375 | ||||||||||||
Santa Fe Apartments A Bond (4) | 3,065,000 | 139,805 | — | 3,204,805 | ||||||||||||
Silver Moon A Bond (4) | 7,995,983 | 1,064,256 | — | 9,060,239 | ||||||||||||
Southpark (1) | 11,900,457 | 3,670,256 | — | 15,570,713 | ||||||||||||
The Palms at Premier Park Apartments (3) | 20,043,237 | 2,112,835 | — | 22,156,072 | ||||||||||||
Tyler Park Apartments A Bond (3) | 6,075,000 | 403,195 | — |