Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 10-Q

x      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2015

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to
Commission File Number:  000-24843

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.
(Exact name of registrant as specified in its charter)

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)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES  x NO o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES  x NO o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o
Accelerated filer  x
Non- accelerated filer o
Smaller reporting company o
 
 
(do not check if a smaller reporting company)
 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES  o  NO x



Table of Contents

INDEX

PART I – FINANCIAL INFORMATION

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

PART II – OTHER INFORMATION

Risk Factors
 
Exhibits
 


 
 



Table of Contents

Forward-Looking Statements

This report (including, but not limited to, the information contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”) contains forward-looking statements.  All statements other than statements of historical facts contained in this report, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements.  When used, statements which are not historical in nature, including those containing words such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions, are intended to identify forward-looking statements.  We have based forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations.  This report also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other industry data.  This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates.  We have not independently verified the statistical and other industry data generated by independent parties which are contained in this report and, accordingly, we cannot guarantee their accuracy or completeness.  

These forward-looking statements are subject to various risks and uncertainties, including those relating to:

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.

Other risks, uncertainties and factors could cause our actual results to differ materially from those projected in any forward-looking statements we make. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, projections, assumptions and estimates of our future performance and the future performance of the industries in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described under the headings “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and in Item 1A of Part II of this document.



Table of Contents


PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 
 
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

The accompanying notes are an integral part of the condensed consolidated financial statements.


2

Table of Contents


AMERICA FIRST MULTIFAMILY INVESTORS, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

 
 
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


The accompanying notes are an integral part of the condensed consolidated financial statements.

3

Table of Contents


AMERICA FIRST MULTIFAMILY INVESTORS, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)


 
 
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


The accompanying notes are an integral part of the condensed consolidated financial statements.



4

Table of Contents


AMERICA FIRST MULTIFAMILY INVESTORS, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 and 2014
(UNAUDITED)

 
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

 
The accompanying notes are an integral part of the condensed consolidated financial statements.


5

Table of Contents


AMERICA FIRST MULTIFAMILY INVESTORS, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 
 
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


6

Table of Contents


AMERICA FIRST MULTIFAMILY INVESTORS, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED - continued)

 
 
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

 
$


The accompanying notes are an integral part of the condensed consolidated financial statements.


7

Table of Contents

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2015
(UNAUDITED)

1.  Basis of Presentation

General
 
America First Multifamily Investors, L.P. (the “Partnership”) was formed on April 2, 1998, under the Delaware Revised Uniform Limited Partnership Act. The Partnership’s general partner is America First Capital Associates Limited Partnership Two (“AFCA 2” or “General Partner”).  The general partner of AFCA2 is The Burlington Capital Group LLC (“Burlington”). The Partnership has issued Beneficial Unit Certificates (“BUCs”) representing assigned limited partner interests to investors. The affairs of the Partnership and the conduct of its business are governed by the America First Multifamily Investors, L.P. First Amended and Restated Agreement of Limited Partnership dated September 15, 2015 (the “Amended and Restated LP Agreement”).
 
The Partnership’s primary purpose is to acquire, hold, sell and otherwise deal with a portfolio of mortgage revenue bonds which were issued to provide construction and/or permanent financing for affordable multifamily, student housing, and senior citizen residential properties (collectively “Residential Properties”) and commercial properties. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. 

The Partnership has also invested in other types of securities that may or may not be secured by real estate and may make property loans secured by multifamily residential properties which are financed by mortgage revenue bonds held by the Partnership.  The Partnership generally has not sought to acquire direct interests in real property as long term or permanent investments.  The Partnership has, however, acquired real estate securing its mortgage revenue bonds or property loans through foreclosure in the event of a default.  In addition, the Partnership has acquired interests in multifamily, student, and senior citizen residential properties (“MF Properties”) in order to position itself for future investments in mortgage revenue bonds issued to finance these properties. The Partnership expects to sell its interest in these MF Properties in connection with the future syndication of low income housing tax credits under Section 42 of the Internal Revenue Code (“LIHTCs”) or to a tax-exempt organization and to acquire mortgage revenue bonds on these properties to provide debt financing to the new owners.
 
The “Company” refers to the Partnership and the Consolidated VIEs (defined below). The Company’s condensed consolidated financial statements reported in this Form 10-Q include the financial position and results of operations of the Partnership, the MF Properties which are owned by the Partnership and owned by various limited partnerships in which one of the Partnership’s wholly-owned subsidiaries holds a 99% limited partner interest, and two entities in which the Partnership does not hold an ownership interest but which own multifamily residential properties financed with mortgage revenue bonds held by the Partnership and which are treated as variable interest entities (“VIEs”) of which the Partnership has been determined to be the primary beneficiary (the “Consolidated VIEs”). The Consolidated VIEs are reported as discontinued operations in the Company’s condensed consolidated financial statements for all periods presented. On September 30, 2015, the consolidated subsidiaries of the Partnership (the “Consolidated Subsidiaries”) consist of:

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.

Stand-alone financial information of the Partnership reported in this Form 10-Q includes only the assets, liabilities, and results of operations of the Partnership and the MF Properties (hereafter the “Partnership”) without the Consolidated VIEs.  In the Company’s condensed consolidated financial statements, all transactions and accounts between the Partnership, the MF Properties and the Consolidated VIEs have been eliminated in consolidation.  The General Partner does not believe that the consolidation of VIEs for reporting under accounting principles generally accepted in the United States of America (“GAAP”) impacts the Partnership’s status as a partnership for federal income tax purposes or the status of Unitholders as partners of the Partnership, the treatment of the mortgage revenue bonds on the properties owned by Consolidated VIEs as debt, the nature of the interest payments, which it believes to be tax-exempt, received on the mortgage revenue bonds secured by the properties owned by Consolidated VIEs or the manner in which the Partnership’s income is reported to Unitholders on IRS Form K-1.

8

Table of Contents


The unallocated deficit of the Consolidated VIEs is primarily comprised of the accumulated historical net losses of the Consolidated VIEs since the applicable consolidation date. The unallocated deficit of the VIEs and the VIEs’ net losses subsequent to that date are not allocated to the General Partner and Unitholders as such activity is not contemplated by, or addressed in, the Amended and Restated LP Agreement. The purpose of the Partnership is to acquire, hold, sell and otherwise deal with investments which have been issued to provide construction and/or permanent financing for Residential Properties and other commercial properties. The Mortgage Revenue Bonds, the Public Housing Capital Fund Trust, and the Mortgage-Backed Securities segments fulfill this purpose, are long-term investments, and the properties which collateralize the mortgage revenue bonds are not owned or managed by the Partnership. The MF Property segment is comprised of indirectly owned, actively managed, and controlled multifamily properties. The MF Properties included in this segment are typically financed with third party mortgages.

Effective during the three months ended June 30, 2015, the Company changed its reportable segments due to the classification of the Company’s Consolidated VIEs as discontinued operations. The Consolidated VIE segment was comprised of the results of operations of the underlying collateral for the related mortgage revenue bonds. The Company concluded its investment in the Consolidated VIE segment was not consistent with the Company’s portfolio of assets, as described above. As such, the Company decided to implement a strategic shift in direction by discontinuing its Consolidated VIE segment. This decision was made for the following reasons:
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 underlying properties thin capitalization,
Related party ownership groups, and
The lack of ultimate decision-making authority.
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.

As such, in April 2015, the Partnership entered into brokerage contracts to sell the Consolidated VIEs. As a result, these entities met the criteria for discontinued operations presentation and have been classified as such in the Company’s condensed consolidated financial statements for all periods presented (see Notes 3, 7, 9, and 19).  

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.  The accompanying interim unaudited Company’s condensed consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. The Company’s condensed consolidated financial statements should be read in conjunction with the Company’s condensed consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. These condensed consolidated financial statements and notes have been prepared consistently with the 2014 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring adjustments) necessary to present fairly the financial position on September 30, 2015, and the results of operations for the interim periods presented have been made. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year.

2.  Partnership Income, Expenses and Cash Distributions
 
The Amended and Restated LP Agreement contains provisions for the distribution of Net Interest Income, Net Residual Proceeds and Liquidation Proceeds, for the allocation of income or loss from operations and for the allocation of income and loss arising from a repayment, sale, or liquidation of investments.  Income and losses will be allocated to each unitholder on a periodic basis, as determined by the General Partner, based on the number of BUCs held by each unitholder on the last day of the period for which such allocation is to be made. Distributions of Net Interest Income and Net Residual Proceeds will be made to each unitholder of record on the last day of each distribution period based on the number of BUCs held by each unitholder on such date. For purposes of the Amended and Restated LP Agreement, cash distributions, if any, received by the Partnership from its investment in MF Properties (see Note 7) will be included in the Partnership’s Interest Income and cash distributions received by the Partnership from the sale of such properties will be included in the Partnership’s Residual Proceeds.


9

Table of Contents

Cash distributions are currently made on a quarterly basis but may be made on a monthly or semiannual basis at the election of AFCA 2.  On each distribution date, Net Interest Income is distributed 99% to the Unitholders and 1% to AFCA 2 and Net Residual Proceeds are distributed 100% to Unitholders except that Net Interest Income and Net Residual Proceeds representing contingent interest in an amount equal to 0.9% per annum of the principal amount of the mortgage revenue bonds on a cumulative basis (defined as Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2), respectively) are distributed 75% to the Unitholders and 25% to AFCA 2.

3.  Variable Interest Entities

The Partnership invests in mortgage revenue bonds which have been issued to provide construction and/or permanent financing for Residential Properties and commercial properties in their market areas.  The Partnership owns 100% of these mortgage revenue bonds and each bond is secured by a first mortgage on the property.  In certain cases, the Partnership has also made property loans to the property owners which are secured by second mortgages on these properties.  Although Residential Properties financed with mortgage revenue bonds held by the Partnership are owned by a separate entity in which the Partnership has no equity ownership interest, the debt financing provided by the Partnership creates a variable interest in these ownership entities that may require the Partnership to report the assets, liabilities, and results of operations of these entities on a consolidated basis under GAAP.  Under consolidation guidance, the Partnership must make an evaluation of these entities to determine if they meet the definition of a VIE.

On September 30, 2015 and December 31, 2014, the Partnership determined that thirteen of the entities financed by mortgage revenue bonds owned by the Partnership were held by VIEs.  The Partnership then determined that it is the primary beneficiary of two of these VIEs: Bent Tree and Fairmont Oaks and has consolidated these entities. The primary purpose of the Company is to acquire, hold, sell and otherwise deal with mortgage revenue bonds and other instruments which have been issued to provide construction and/or permanent financing for Residential Properties and other commercial properties. The Mortgage Revenue Bonds, the Public Housing Capital Fund Trust, and the Mortgage-Backed Securities segments fulfill this purpose, are long-term investments, and the properties which collateralize the mortgage revenue bonds are not owned or managed by the Company. The MF Property segment is comprised of indirectly owned, actively managed, and controlled multifamily properties. The MF Properties included in this segment are typically financed with third party mortgages.

In April 2015, the Partnership entered into separate brokerage contracts to sell Bent Tree and Fairmont Oaks. As a result, these entities met the criteria for discontinued operations presentation and have been classified as such in the Company’s condensed consolidated financial statements for all periods presented. The Company has also eliminated the Consolidated VIE segment as a reportable segment (see Notes 1, 7, 9, and 19).

The Partnership does not hold an equity interest in these VIEs. Therefore, the assets of the VIEs cannot be used to settle the general commitments of the Partnership and the Partnership is not responsible for the commitments and liabilities of the VIEs.  The primary risks to the Partnership associated with these VIEs include the entities’ ability to meet debt service obligations to the Partnership and the valuation of the underlying Residential Properties which serves as bond collateral.

The following is a discussion of the significant judgments and assumptions made by the Partnership in determining the primary beneficiary of the VIE and, therefore, whether the Partnership must consolidate the VIE.

Consolidated VIEs

In determining the primary beneficiary of these VIEs, the Partnership considers the activities of the VIE which most significantly impact the VIEs’ economic performance, who has the power to control such activities, the risks which the entities were designed to create, the variability associated with those risks and the interests which absorb such variability.  The Partnership also considers the related party relationship of the entities involved in the VIEs.  On September 30, 2015 and December 31, 2014, the Partnership determined it is the primary beneficiary of the Bent Tree and Fairmont Oaks VIEs, which are classified as discontinued operations in the Company’s condensed consolidated financial statements.

The capital structure of Bent Tree and Fairmont Oaks VIEs consists of senior debt, subordinated debt, and equity capital. The senior debt is in the form of a mortgage revenue bond and accounts for the majority of the VIEs’ total capital. As the bondholder, the Partnership is entitled to principal and interest payments and has certain protective rights as established by the bond documents.

The equity ownership of the consolidated VIEs is ultimately held by corporations which are owned by three individuals, one of which is a related party.  Additionally, each of these properties is managed by an affiliate of the Partnership, America First Properties Management Company, LLC (“Properties Management”) which is an affiliate of Burlington.


10

Table of Contents

Non-Consolidated VIEs

The Company did not consolidate eleven VIE entities on September 30, 2015 based on its determination of the primary beneficiary of these eleven VIE entities. As discussed below, while the capital structures of these VIEs resulted in the Partnership holding a majority of the variable interests in these VIEs, the Partnership determined it does not have the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance and, as a result, is not the primary beneficiary of these VIEs. 

The following table presents information regarding the non-consolidated VIEs held by the Company on September 30, 2015:

 
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


The mortgage revenue bonds are classified on the balance sheet as available for sale investments and are carried at fair value. Property loans are presented on the balance sheet as Other Assets and are carried at the unpaid principal less any loan loss reserves.  Note 4 includes additional information regarding the mortgage revenue bonds and Note 8 includes additional information regarding the property loans.  The maximum exposure to loss for the mortgage revenue bonds is equal to the unpaid principal balance on September 30, 2015.  The difference between the mortgage revenue bond’s carrying value and the maximum exposure to loss is a function of the fair value of the bond.  The difference between the property loan’s carrying value and the maximum exposure is the value of loan loss reserves that have been previously recorded against the outstanding property loan balances.


11

Table of Contents

The following tables present the effects of the consolidation of the Consolidated VIEs on the Company’s Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations on September 30, 2015 and December 31, 2014:

Condensed Consolidating Balance Sheets
 
 
 
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

 


12

Table of Contents

 
 
 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





13

Table of Contents

Condensed Consolidating Statements of Operations for the three and nine months ended September 30, 2015 and 2014:

 
 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


14

Table of Contents

 
 
 
 
 
 
 
 
 
 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

 
 
 
 
 
 
 
 


15

Table of Contents

4.  Investments in Mortgage Revenue Bonds

The mortgage revenue bonds owned by the Company have been issued to provide construction and/or permanent financing for Residential Properties and commercial properties and do not include the mortgage revenue bonds issued with respect to properties owned by Consolidated VIEs, which are classified as discontinued operations, on September 30, 2015 and December 31, 2014. Mortgage revenue bonds are either held directly by the Partnership or are held in trusts created in connection with debt financing transactions (see Note 11). The Partnership’s investments in mortgage revenue bonds on the dates shown are as follows:
 
 
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