Delaware
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47-0810385
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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|
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1004 Farnam Street, Suite 400
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Omaha, Nebraska 68102
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(Address of principal executive offices)
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(Zip Code)
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(402) 444-1630
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(Registrant's telephone number, including area code)
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Large accelerated filer
£
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Accelerated filer
Q
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Non- accelerated filer
£
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Smaller reporting company
£
|
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(do not check if a smaller reporting company)
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Financial Statements (Unaudited)
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|
|
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Condensed Consolidated Balance Sheets
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||
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Condensed Consolidated Statements of Operations
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Condensed Consolidated Statements of Comprehensive Income
|
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Condensed Consolidated Statements of Partners’ Capital
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Condensed Consolidated Statements of Cash Flows
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Notes to Condensed Consolidated Financial Statements
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Quantitative and Qualitative Disclosures About Market Risk
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Controls and Procedures
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•
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defaults on the mortgage loans securing our tax-exempt mortgage revenue bonds;
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•
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risks associated with investing in multifamily apartments, including changes in business conditions and the general economy;
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•
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changes in short-term interest rates;
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•
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our ability to use borrowings to finance our assets;
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•
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current negative economic and credit market conditions
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•
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changes in government regulations affecting our business; and
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•
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changes in the appropriation amounts received by the Public Housing Authorities from the United States Department of Housing and Development Capital Fund Program which are used by the Public Housing Authorities to make interest and principal payments for the Public Housing Capital Fund Trusts' Certificates.
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September 30,
2012 |
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December 31,
2011 |
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Assets
|
|
|
|
|
||||
Cash and cash equivalents
|
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$
|
55,514,460
|
|
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$
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20,176,906
|
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Restricted cash
|
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5,970,155
|
|
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13,691,088
|
|
||
Interest receivable
|
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9,124,124
|
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6,984,978
|
|
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Tax-exempt mortgage revenue bonds held in trust, at fair value (Notes 4 & 9)
|
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100,178,554
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109,152,787
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|
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Tax-exempt mortgage revenue bonds, at fair value (Note 4)
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38,623,510
|
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26,542,565
|
|
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Public housing capital fund trusts, at fair value (Note 5)
|
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66,163,969
|
|
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—
|
|
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Real estate assets: (Note 6)
|
|
|
|
|
||||
Land
|
|
12,895,622
|
|
|
10,394,910
|
|
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Buildings and improvements
|
|
112,488,768
|
|
|
103,911,079
|
|
||
Real estate assets before accumulated depreciation
|
|
125,384,390
|
|
|
114,305,989
|
|
||
Accumulated depreciation
|
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(21,813,339
|
)
|
|
(18,264,194
|
)
|
||
Net real estate assets
|
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103,571,051
|
|
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96,041,795
|
|
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Other assets (Note 7)
|
|
8,289,472
|
|
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10,069,314
|
|
||
Assets of discontinued operations (Note 8)
|
|
8,224,333
|
|
|
15,317,112
|
|
||
Total Assets
|
|
$
|
395,659,628
|
|
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$
|
297,976,545
|
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
||||
Accounts payable, accrued expenses and other liabilities
|
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$
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3,660,766
|
|
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$
|
3,231,360
|
|
Distribution payable
|
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5,705,283
|
|
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3,911,340
|
|
||
Debt financing (Note 9)
|
|
153,184,000
|
|
|
112,673,000
|
|
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Mortgages payable (Note 10)
|
|
39,178,128
|
|
|
35,464,455
|
|
||
Liabilities of discontinued operations (Note 8)
|
|
4,870,902
|
|
|
11,107,345
|
|
||
Total Liabilities
|
|
206,599,079
|
|
|
166,387,500
|
|
||
|
|
|
|
|
||||
Commitments and Contingencies (Note 15)
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Partners' Capital
|
|
|
|
|
||||
General Partner (Note 2)
|
|
(367,578
|
)
|
|
(354,006
|
)
|
||
Beneficial Unit Certificate holders
|
|
213,005,840
|
|
|
154,911,228
|
|
||
Unallocated deficit of Consolidated VIEs
|
|
(24,525,004
|
)
|
|
(23,512,962
|
)
|
||
Total Partners' Capital
|
|
188,113,258
|
|
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131,044,260
|
|
||
Noncontrolling interest (Note 6)
|
|
947,291
|
|
|
544,785
|
|
||
Total Capital
|
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189,060,549
|
|
|
131,589,045
|
|
||
Total Liabilities and Partners' Capital
|
|
$
|
395,659,628
|
|
|
$
|
297,976,545
|
|
|
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For the Three Months Ended,
|
|
For Nine Months Ended
|
||||||||||||
|
|
September 30, 2012
|
|
September 30, 2011
|
|
September 30, 2012
|
|
September 30, 2011
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
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||||||||
Property revenues
|
|
$
|
4,003,744
|
|
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$
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3,598,955
|
|
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$
|
11,441,606
|
|
|
$
|
10,289,790
|
|
Investment income
|
|
3,110,717
|
|
|
2,465,876
|
|
|
7,770,767
|
|
|
7,094,549
|
|
||||
Gain on sale of bonds
|
|
—
|
|
|
—
|
|
|
667,821
|
|
|
—
|
|
||||
Other income
|
|
15,224
|
|
|
359,167
|
|
|
97,996
|
|
|
759,478
|
|
||||
Total revenues
|
|
7,129,685
|
|
|
6,423,998
|
|
|
19,978,190
|
|
|
18,143,817
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
|
||||||||
Real estate operating (exclusive of items shown below)
|
|
2,572,957
|
|
|
2,088,085
|
|
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6,811,950
|
|
|
6,102,356
|
|
||||
Provision for (recovery of) loss on receivables
|
|
(261,825
|
)
|
|
14,525
|
|
|
214,525
|
|
|
725,215
|
|
||||
Depreciation and amortization
|
|
1,469,476
|
|
|
1,311,600
|
|
|
4,168,441
|
|
|
3,509,964
|
|
||||
Interest
|
|
1,551,543
|
|
|
2,036,470
|
|
|
4,317,329
|
|
|
4,421,608
|
|
||||
General and administrative
|
|
834,301
|
|
|
725,115
|
|
|
2,533,246
|
|
|
2,044,132
|
|
||||
Total expenses
|
|
6,166,452
|
|
|
6,175,795
|
|
|
18,045,491
|
|
|
16,803,275
|
|
||||
Income from continuing operations
|
|
963,233
|
|
|
248,203
|
|
|
1,932,699
|
|
|
1,340,542
|
|
||||
Income from discontinued operations (including gain on sale of MF Property of $1,277,976 in 2012)
|
|
1,385,433
|
|
|
29,218
|
|
|
1,613,817
|
|
|
187,302
|
|
||||
Net income
|
|
2,348,666
|
|
|
277,421
|
|
|
3,546,516
|
|
|
1,527,844
|
|
||||
Net income attributable to noncontrolling interest
|
|
137,099
|
|
|
145,369
|
|
|
398,469
|
|
|
449,866
|
|
||||
Net income - America First Tax Exempt Investors, L.P.
|
|
$
|
2,211,567
|
|
|
$
|
132,052
|
|
|
$
|
3,148,047
|
|
|
$
|
1,077,978
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) allocated to:
|
|
|
|
|
|
|
|
|
||||||||
General Partner
|
|
$
|
333,962
|
|
|
$
|
3,750
|
|
|
508,592
|
|
|
75,212
|
|
||
Limited Partners - Unitholders
|
|
2,390,779
|
|
|
371,285
|
|
|
3,651,497
|
|
|
1,942,800
|
|
||||
Unallocated loss of Consolidated Property VIEs
|
|
(513,174
|
)
|
|
(242,983
|
)
|
|
(1,012,042
|
)
|
|
(940,034
|
)
|
||||
Noncontrolling interest
|
|
137,099
|
|
|
145,369
|
|
|
398,469
|
|
|
449,866
|
|
||||
|
|
$
|
2,348,666
|
|
|
$
|
277,421
|
|
|
$
|
3,546,516
|
|
|
$
|
1,527,844
|
|
Unitholders' interest in net income per unit (basic and diluted):
|
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations
|
|
$
|
0.03
|
|
|
$
|
0.01
|
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
Income from discontinued operations
|
|
0.03
|
|
|
—
|
|
|
0.05
|
|
|
0.01
|
|
||||
Net income, basic and diluted, per unit
|
|
$
|
0.06
|
|
|
$
|
0.01
|
|
|
$
|
0.10
|
|
|
$
|
0.06
|
|
Weighted average number of units outstanding, basic and diluted
|
|
42,772,928
|
|
|
30,122,928
|
|
|
35,572,562
|
|
|
30,122,928
|
|
|
|
For Three Months Ended September 30,
|
|
For Nine Months Ended September 30,
|
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Net income
|
|
$
|
2,348,666
|
|
|
$
|
277,421
|
|
|
$
|
3,546,516
|
|
|
$
|
1,527,844
|
|
Deconsolidation of VIE
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(726,243
|
)
|
||||
Unrealized gain on securities
|
|
2,121,836
|
|
|
1,765,185
|
|
|
9,043,887
|
|
|
9,162,810
|
|
||||
Comprehensive income
|
|
4,470,502
|
|
|
2,042,606
|
|
|
12,590,403
|
|
|
9,964,411
|
|
||||
Comprehensive income attributable to noncontrolling interest
|
|
137,099
|
|
|
145,369
|
|
|
398,469
|
|
|
449,866
|
|
||||
Comprehensive income - America First Tax Exempt Investors, L.P.
|
|
$
|
4,333,403
|
|
|
$
|
1,897,237
|
|
|
$
|
12,191,934
|
|
|
$
|
9,514,545
|
|
|
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, 2012
|
$
|
(354,006
|
)
|
|
30,122,928
|
|
|
$
|
154,911,228
|
|
|
$
|
(23,512,962
|
)
|
|
$
|
544,785
|
|
|
$
|
131,589,045
|
|
|
$
|
95,894
|
|
Sale of Beneficial Unit Certificates
|
—
|
|
|
12,650,000
|
|
|
59,948,265
|
|
|
|
|
|
|
|
|
59,948,265
|
|
|
|
|
||||||
Noncontrolling interest contribution
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
4,037
|
|
|
4,037
|
|
|
|
||||||||
Distributions paid or accrued
|
(612,603
|
)
|
|
—
|
|
|
(14,458,598
|
)
|
|
—
|
|
|
—
|
|
|
(15,071,201
|
)
|
|
—
|
|
||||||
Net income (loss)
|
508,592
|
|
|
—
|
|
|
3,651,497
|
|
|
(1,012,042
|
)
|
|
398,469
|
|
|
3,546,516
|
|
|
—
|
|
||||||
Unrealized gain on securities
|
90,439
|
|
|
—
|
|
|
8,953,448
|
|
|
—
|
|
|
—
|
|
|
9,043,887
|
|
|
9,043,887
|
|
||||||
Balance at September 30, 2012
|
$
|
(367,578
|
)
|
|
42,772,928
|
|
|
$
|
213,005,840
|
|
|
$
|
(24,525,004
|
)
|
|
$
|
947,291
|
|
|
$
|
189,060,549
|
|
|
$
|
9,139,781
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
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, 2011
|
$
|
(280,629
|
)
|
|
30,122,928
|
|
|
$
|
161,389,189
|
|
|
$
|
(32,945,669
|
)
|
|
$
|
(141,326
|
)
|
|
$
|
128,021,565
|
|
|
$
|
(9,692,233
|
)
|
Deconsolidation of VIEs (Note 3)
|
(7,262
|
)
|
|
—
|
|
|
(718,981
|
)
|
|
10,722,246
|
|
|
|
|
9,996,003
|
|
|
(726,243
|
)
|
|||||||
Distributions paid or accrued
|
(177,643
|
)
|
|
|
|
(11,296,098
|
)
|
|
—
|
|
|
—
|
|
|
(11,473,741
|
)
|
|
|
||||||||
Net income (loss)
|
75,212
|
|
|
—
|
|
|
1,942,800
|
|
|
(940,034
|
)
|
|
449,866
|
|
|
1,527,844
|
|
|
—
|
|
||||||
Unrealized gain on securities
|
91,628
|
|
|
—
|
|
|
9,071,182
|
|
|
—
|
|
|
—
|
|
|
9,162,810
|
|
|
9,162,810
|
|
||||||
Balance at September 30, 2011
|
$
|
(298,694
|
)
|
|
30,122,928
|
|
|
$
|
160,388,092
|
|
|
$
|
(23,163,457
|
)
|
|
$
|
308,540
|
|
|
$
|
137,234,481
|
|
|
$
|
(1,255,666
|
)
|
|
|
For Nine Months Ended,
|
||||||
|
|
September 30, 2012
|
|
September 30, 2011
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
3,546,516
|
|
|
$
|
1,527,844
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization expense
|
|
4,618,505
|
|
|
4,171,142
|
|
||
Provision for loss from receivables
|
|
214,525
|
|
|
725,215
|
|
||
Non-cash loss on derivatives
|
|
1,055,311
|
|
|
1,962,016
|
|
||
Gain on sale of MF Property
|
|
(1,277,976
|
)
|
|
—
|
|
||
Bond discount and premium amortization and accretion
|
|
(315,580
|
)
|
|
(366,013
|
)
|
||
Gain on sale of bonds
|
|
(667,821
|
)
|
|
—
|
|
||
Gain on asset sold
|
|
—
|
|
|
(21,103
|
)
|
||
Gain on early extinguishment of debt
|
|
—
|
|
|
(104,988
|
)
|
||
Changes in operating assets and liabilities, net of effect of acquisitions
|
|
|
|
|
|
|
||
Increase in interest receivable
|
|
(2,834,210
|
)
|
|
(2,590,871
|
)
|
||
(Increase) decrease in other assets
|
|
(842,388
|
)
|
|
1,466,137
|
|
||
Increase (decrease) in accounts payable and accrued expenses
|
|
(115,371
|
)
|
|
302,403
|
|
||
Net cash provided operating activities
|
|
3,381,511
|
|
|
7,071,782
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
|
||
Capital expenditures
|
|
(4,750,312
|
)
|
|
(7,220,528
|
)
|
||
Acquisition of tax-exempt mortgage revenue bonds
|
|
(10,165,287
|
)
|
|
(20,117,500
|
)
|
||
Acquisition of public housing capital fund trust certificates
|
|
(65,985,913
|
)
|
|
—
|
|
||
Acquisition of partnerships, net of cash acquired
|
|
(5,500,000
|
)
|
|
(24,779,613
|
)
|
||
Proceeds from sale of discontinued operation
|
|
8,325,000
|
|
|
—
|
|
||
Proceeds from assets sold
|
|
—
|
|
|
36,500
|
|
||
Proceeds from the sale of bonds
|
|
16,829,960
|
|
|
—
|
|
||
Decrease (increase) in restricted cash
|
|
160,820
|
|
|
(154,371
|
)
|
||
Restricted cash - debt collateral released
|
|
7,895,236
|
|
|
230,046
|
|
||
Change in restricted cash - Ohio sale
|
|
—
|
|
|
2,684,876
|
|
||
Cash released upon foreclosure
|
|
—
|
|
|
2,235,335
|
|
||
Proceeds from bond retirement
|
|
—
|
|
|
6,119,573
|
|
||
Transfer of cash to unconsolidated VIE upon deconsolidation
|
|
—
|
|
|
(5,135
|
)
|
||
Principal payments received on taxable bonds
|
|
95,000
|
|
|
4,528,137
|
|
||
Principal payments received on tax-exempt mortgage revenue bonds
|
|
571,458
|
|
|
370,688
|
|
||
Net cash used by investing activities
|
|
(52,524,038
|
)
|
|
(36,071,992
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
|
||
Distributions paid
|
|
(13,277,258
|
)
|
|
(11,473,741
|
)
|
||
Net proceeds from sale of beneficial unit certificates
|
|
59,948,265
|
|
|
—
|
|
||
Proceeds from debt financing
|
|
52,764,044
|
|
|
48,233,354
|
|
||
Sale of LP Interests - Ohio Properties
|
|
4,037
|
|
|
—
|
|
||
Decrease in liabilities related to restricted cash
|
|
(160,820
|
)
|
|
154,371
|
|
||
Debt financing costs
|
|
(116,542
|
)
|
|
(222,307
|
)
|
||
Principal payments on debt financing
|
|
(8,484,000
|
)
|
|
(10,557,444
|
)
|
||
Principal payments on mortgages payable
|
|
(6,206,798
|
)
|
|
—
|
|
||
Net cash provided by financing activities
|
|
84,470,928
|
|
|
26,134,233
|
|
||
Net increase (decrease) in cash and cash equivalents
|
|
35,328,401
|
|
|
(2,865,977
|
)
|
||
Cash and cash equivalents at beginning of period, including cash and cash equivalents of discontinued operations of $36,507 and $28,365, respectively
|
|
20,213,413
|
|
|
13,277,048
|
|
||
Cash and cash equivalents at end of period, including cash and cash equivalents of discontinued operations of $27,354 and $57,994, respectively
|
|
$
|
55,541,814
|
|
|
$
|
10,411,071
|
|
|
|
|
|
|
||||
Supplemental cash flow information:
|
|
|
|
|
||||
Cash paid during the period for interest
|
|
3,086,659
|
|
|
2,607,888
|
|
||
Distributions declared but not paid
|
|
5,705,283
|
|
|
3,803,399
|
|
||
Capital expenditures financed through payables
|
|
58,304
|
|
|
9,000,099
|
|
•
|
ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold tax-exempt mortgage revenue bonds in order to facilitate the Tax Exempt Bond Securitization (“TEBS”) Financing with Freddie Mac (Note 9).
|
•
|
Nine
multifamily apartments ("MF Properties") of which
three
are reported as discontinued operations for all periods presented (Note 8). The MF Properties are owned by
five
limited partnerships in which a subsidiary of the Partnership holds a
99%
limited partner interestfive and
four
limited liability companies of which a subsidiary of the Partnership owns a
100%
member interest.
|
•
|
Three
apartment properties (the "Ohio Properties") which are subject to a sales agreement continue to be reported by the Partnership as MF Properties for the reasons described in Note 2.
|
|
Balance Sheet Classification
|
|
Carrying Value
|
|
Maximum Exposure to Loss
|
||||
Ashley Square Apartments
|
|
|
|
|
|
||||
Tax Exempt Mortgage Revenue Bond
|
Bond Investment
|
|
$
|
5,532,076
|
|
|
$
|
5,272,000
|
|
Property Loan
|
Other Asset
|
|
4,852,342
|
|
|
1,256,000
|
|
||
|
|
|
$
|
10,384,418
|
|
|
$
|
6,528,000
|
|
Cross Creek Apartments
|
|
|
|
|
|
||||
Tax Exempt Mortgage Revenue Bond
|
Bond Investment
|
|
$
|
8,031,125
|
|
|
$
|
5,994,150
|
|
Property Loans
|
Other Asset
|
|
3,383,615
|
|
|
3,383,615
|
|
||
|
|
|
$
|
11,414,740
|
|
|
$
|
9,377,765
|
|
|
|
Partnership as of September 30, 2012
|
|
Consolidated VIEs as of September 30, 2012
|
|
Consolidation -Elimination as of September 30, 2012
|
|
Total as of September 30, 2012
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
|
$
|
55,484,126
|
|
|
$
|
30,334
|
|
|
$
|
—
|
|
|
$
|
55,514,460
|
|
Restricted cash
|
|
4,693,511
|
|
|
1,276,644
|
|
|
—
|
|
|
5,970,155
|
|
||||
Interest receivable
|
|
14,460,415
|
|
|
—
|
|
|
(5,336,291
|
)
|
|
9,124,124
|
|
||||
Tax-exempt mortgage revenue bonds held in trust, at fair value
|
|
125,004,792
|
|
|
—
|
|
|
(24,826,238
|
)
|
|
100,178,554
|
|
||||
Tax-exempt mortgage revenue bonds, at fair value
|
|
38,623,510
|
|
|
—
|
|
|
—
|
|
|
38,623,510
|
|
||||
Public housing capital fund trusts, at fair value
|
|
66,163,969
|
|
|
—
|
|
|
—
|
|
|
66,163,969
|
|
||||
Real estate assets:
|
|
|
|
|
|
|
|
|
||||||||
Land
|
|
8,523,403
|
|
|
4,372,219
|
|
|
—
|
|
|
12,895,622
|
|
||||
Buildings and improvements
|
|
76,696,662
|
|
|
35,792,106
|
|
|
—
|
|
|
112,488,768
|
|
||||
Real estate assets before accumulated depreciation
|
|
85,220,065
|
|
|
40,164,325
|
|
|
—
|
|
|
125,384,390
|
|
||||
Accumulated depreciation
|
|
(8,404,483
|
)
|
|
(13,408,856
|
)
|
|
—
|
|
|
(21,813,339
|
)
|
||||
Net real estate assets
|
|
76,815,582
|
|
|
26,755,469
|
|
|
—
|
|
|
103,571,051
|
|
||||
Other assets
|
|
23,349,351
|
|
|
672,562
|
|
|
(15,732,441
|
)
|
|
8,289,472
|
|
||||
Assets of discontinued operations
|
|
8,224,333
|
|
|
—
|
|
|
—
|
|
|
8,224,333
|
|
||||
Total Assets
|
|
$
|
412,819,589
|
|
|
$
|
28,735,009
|
|
|
$
|
(45,894,970
|
)
|
|
$
|
395,659,628
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
|
||||||||
Accounts payable, accrued expenses and other liabilities
|
|
$
|
2,875,306
|
|
|
$
|
26,088,519
|
|
|
$
|
(25,303,059
|
)
|
|
$
|
3,660,766
|
|
Distribution payable
|
|
5,705,283
|
|
|
—
|
|
|
—
|
|
|
5,705,283
|
|
||||
Debt financing
|
|
153,184,000
|
|
|
—
|
|
|
—
|
|
|
153,184,000
|
|
||||
Mortgages payable
|
|
39,178,128
|
|
|
24,221,000
|
|
|
(24,221,000
|
)
|
|
39,178,128
|
|
||||
Liabilities of discontinued operations
|
|
4,870,902
|
|
|
—
|
|
|
—
|
|
|
4,870,902
|
|
||||
Total Liabilities
|
|
205,813,619
|
|
|
50,309,519
|
|
|
(49,524,059
|
)
|
|
206,599,079
|
|
||||
Partners' Capital
|
|
|
|
|
|
|
|
|
||||||||
General Partner
|
|
(367,578
|
)
|
|
—
|
|
|
—
|
|
|
(367,578
|
)
|
||||
Beneficial Unit Certificate holders
|
|
206,426,257
|
|
|
—
|
|
|
6,579,583
|
|
|
213,005,840
|
|
||||
Unallocated deficit of Consolidated VIEs
|
|
—
|
|
|
(21,574,510
|
)
|
|
(2,950,494
|
)
|
|
(24,525,004
|
)
|
||||
Total Partners' Capital
|
|
206,058,679
|
|
|
(21,574,510
|
)
|
|
3,629,089
|
|
|
188,113,258
|
|
||||
Noncontrolling interest
|
|
947,291
|
|
|
—
|
|
|
—
|
|
|
947,291
|
|
||||
Total Capital
|
|
207,005,970
|
|
|
(21,574,510
|
)
|
|
3,629,089
|
|
|
189,060,549
|
|
||||
Total Liabilities and Partners' Capital
|
|
$
|
412,819,589
|
|
|
$
|
28,735,009
|
|
|
$
|
(45,894,970
|
)
|
|
$
|
395,659,628
|
|
|
|
Partnership as of December 31, 2011
|
|
Consolidated VIEs as of December 31, 2011
|
|
Consolidation -Elimination as of December 31, 2011
|
|
Total as of December 31, 2011
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
|
$
|
20,164,188
|
|
|
$
|
12,718
|
|
|
$
|
—
|
|
|
$
|
20,176,906
|
|
Restricted cash
|
|
12,754,035
|
|
|
937,053
|
|
|
—
|
|
|
13,691,088
|
|
||||
Interest receivable
|
|
11,395,266
|
|
|
—
|
|
|
(4,410,288
|
)
|
|
6,984,978
|
|
||||
Tax-exempt mortgage revenue bonds held in trust, at fair value
|
|
132,920,723
|
|
|
—
|
|
|
(23,767,936
|
)
|
|
109,152,787
|
|
||||
Tax-exempt mortgage revenue bonds, at fair value
|
|
26,542,565
|
|
|
—
|
|
|
—
|
|
|
26,542,565
|
|
||||
Real estate assets:
|
|
|
|
|
|
|
|
|
||||||||
Land
|
|
7,144,866
|
|
|
3,250,044
|
|
|
—
|
|
|
10,394,910
|
|
||||
Buildings and improvements
|
|
72,303,086
|
|
|
31,607,993
|
|
|
—
|
|
|
103,911,079
|
|
||||
Real estate assets before accumulated depreciation
|
|
79,447,952
|
|
|
34,858,037
|
|
|
—
|
|
|
114,305,989
|
|
||||
Accumulated depreciation
|
|
(5,931,860
|
)
|
|
(12,332,334
|
)
|
|
—
|
|
|
(18,264,194
|
)
|
||||
Net real estate assets
|
|
73,516,092
|
|
|
22,525,703
|
|
|
—
|
|
|
96,041,795
|
|
||||
Other assets
|
|
20,080,854
|
|
|
839,879
|
|
|
(10,851,419
|
)
|
|
10,069,314
|
|
||||
Assets of discontinued operations
|
|
15,317,112
|
|
|
—
|
|
|
—
|
|
|
15,317,112
|
|
||||
Total Assets
|
|
$
|
312,690,835
|
|
|
$
|
24,315,353
|
|
|
$
|
(39,029,643
|
)
|
|
$
|
297,976,545
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
|
||||||||
Accounts payable, accrued expenses and other liabilities
|
|
$
|
2,256,569
|
|
|
$
|
24,780,781
|
|
|
$
|
(23,805,990
|
)
|
|
$
|
3,231,360
|
|
Distribution payable
|
|
3,911,340
|
|
|
—
|
|
|
—
|
|
|
3,911,340
|
|
||||
Debt financing
|
|
112,673,000
|
|
|
—
|
|
|
—
|
|
|
112,673,000
|
|
||||
Mortgages payable
|
|
35,464,455
|
|
|
24,407,000
|
|
|
(24,407,000
|
)
|
|
35,464,455
|
|
||||
Liabilities of discontinued operations
|
|
11,107,345
|
|
|
—
|
|
|
—
|
|
|
11,107,345
|
|
||||
Total Liabilities
|
|
165,412,709
|
|
|
49,187,781
|
|
|
(48,212,990
|
)
|
|
166,387,500
|
|
||||
Partners' Capital
|
|
|
|
|
|
|
|
|
||||||||
General Partner
|
|
(354,006
|
)
|
|
—
|
|
|
—
|
|
|
(354,006
|
)
|
||||
Beneficial Unit Certificate holders
|
|
147,087,347
|
|
|
—
|
|
|
7,823,881
|
|
|
154,911,228
|
|
||||
Unallocated deficit of Consolidated VIEs
|
|
—
|
|
|
(24,872,428
|
)
|
|
1,359,466
|
|
|
(23,512,962
|
)
|
||||
Total Partners' Capital
|
|
146,733,341
|
|
|
(24,872,428
|
)
|
|
9,183,347
|
|
|
131,044,260
|
|
||||
Noncontrolling interest
|
|
544,785
|
|
|
—
|
|
|
—
|
|
|
544,785
|
|
||||
Total Capital
|
|
147,278,126
|
|
|
(24,872,428
|
)
|
|
9,183,347
|
|
|
131,589,045
|
|
||||
Total Liabilities and Partners' Capital
|
|
$
|
312,690,835
|
|
|
$
|
24,315,353
|
|
|
$
|
(39,029,643
|
)
|
|
$
|
297,976,545
|
|
|
Partnership For the Three Months Ended September 30, 2012
|
|
Consolidated VIEs For the Three Months Ended September 30, 2012
|
|
Consolidation -Elimination For the Three Months Ended September 30, 2012
|
|
Total For the Three Months Ended September 30, 2012
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Property revenues
|
$
|
2,799,857
|
|
|
$
|
1,203,887
|
|
|
$
|
—
|
|
|
$
|
4,003,744
|
|
Investment income
|
3,490,431
|
|
|
—
|
|
|
(379,714
|
)
|
|
3,110,717
|
|
||||
Other income
|
15,224
|
|
|
—
|
|
|
—
|
|
|
15,224
|
|
||||
Total revenues
|
6,305,512
|
|
|
1,203,887
|
|
|
(379,714
|
)
|
|
7,129,685
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Real estate operating (exclusive of items shown below)
|
1,613,087
|
|
|
959,870
|
|
|
—
|
|
|
2,572,957
|
|
||||
Recovery of loss on receivables
|
(261,825
|
)
|
|
—
|
|
|
—
|
|
|
(261,825
|
)
|
||||
Depreciation and amortization
|
1,091,999
|
|
|
388,353
|
|
|
(10,876
|
)
|
|
1,469,476
|
|
||||
Interest
|
1,551,543
|
|
|
808,841
|
|
|
(808,841
|
)
|
|
1,551,543
|
|
||||
General and administrative
|
834,301
|
|
|
—
|
|
|
—
|
|
|
834,301
|
|
||||
Total expenses
|
4,829,105
|
|
|
2,157,064
|
|
|
(819,717
|
)
|
|
6,166,452
|
|
||||
Income (loss) from operations
|
1,476,407
|
|
|
(953,177
|
)
|
|
440,003
|
|
|
963,233
|
|
||||
Income from discontinued operations (including gain on sale of MF Property of $1,277,976)
|
1,385,433
|
|
|
—
|
|
|
—
|
|
|
1,385,433
|
|
||||
Net income (loss)
|
2,861,840
|
|
|
(953,177
|
)
|
|
440,003
|
|
|
2,348,666
|
|
||||
Net income attributable to noncontrolling interest
|
137,099
|
|
|
—
|
|
|
—
|
|
|
137,099
|
|
||||
Net income (loss) - America First Tax Exempt Investors, L. P.
|
$
|
2,724,741
|
|
|
$
|
(953,177
|
)
|
|
$
|
440,003
|
|
|
$
|
2,211,567
|
|
|
Partnership For the Three Months Ended September 30, 2011
|
|
Consolidated VIEs For the Three Months Ended September 30, 2011
|
|
Consolidation -Elimination For the Three Months Ended September 30, 2011
|
|
Total For the Three Months Ended September 30 , 2011
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Property revenues
|
$
|
2,390,421
|
|
|
$
|
1,208,534
|
|
|
$
|
—
|
|
|
$
|
3,598,955
|
|
Investment income
|
2,849,396
|
|
|
—
|
|
|
(383,520
|
)
|
|
2,465,876
|
|
||||
Other income
|
359,167
|
|
|
—
|
|
|
—
|
|
|
359,167
|
|
||||
Total revenues
|
5,598,984
|
|
|
1,208,534
|
|
|
(383,520
|
)
|
|
6,423,998
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Real estate operating (exclusive of items shown below)
|
1,358,372
|
|
|
729,713
|
|
|
—
|
|
|
2,088,085
|
|
||||
Provision for loss on receivables
|
14,525
|
|
|
—
|
|
|
—
|
|
|
14,525
|
|
||||
Depreciation and amortization
|
973,316
|
|
|
347,518
|
|
|
(9,234
|
)
|
|
1,311,600
|
|
||||
Interest
|
2,036,470
|
|
|
789,331
|
|
|
(789,331
|
)
|
|
2,036,470
|
|
||||
General and administrative
|
725,115
|
|
|
—
|
|
|
—
|
|
|
725,115
|
|
||||
Total expenses
|
5,107,798
|
|
|
1,866,562
|
|
|
(798,565
|
)
|
|
6,175,795
|
|
||||
Income (loss) from operations
|
491,186
|
|
|
(658,028
|
)
|
|
415,045
|
|
|
248,203
|
|
||||
Income from discontinued operations
|
29,218
|
|
|
—
|
|
|
—
|
|
|
29,218
|
|
||||
Net income (loss)
|
520,404
|
|
|
(658,028
|
)
|
|
415,045
|
|
|
277,421
|
|
||||
Net income attributable to noncontrolling interest
|
145,369
|
|
|
—
|
|
|
—
|
|
|
145,369
|
|
||||
Net income (loss) - America First Tax Exempt Investors, L. P.
|
$
|
375,035
|
|
|
$
|
(658,028
|
)
|
|
$
|
415,045
|
|
|
$
|
132,052
|
|
|
Partnership For the Nine Months Ended September 30, 2012
|
|
Consolidated VIEs For the Nine Months Ended September 30, 2012
|
|
Consolidation -Elimination For the Nine Months Ended September 30, 2012
|
|
Total For the Nine Months Ended September 30, 2012
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Property revenues
|
$
|
7,843,065
|
|
|
$
|
3,598,541
|
|
|
$
|
—
|
|
|
$
|
11,441,606
|
|
Investment income
|
8,912,856
|
|
|
—
|
|
|
(1,142,089
|
)
|
|
7,770,767
|
|
||||
Gain on sale of bonds
|
667,821
|
|
|
—
|
|
|
—
|
|
|
667,821
|
|
||||
Other income
|
97,996
|
|
|
—
|
|
|
—
|
|
|
97,996
|
|
||||
Total revenues
|
17,521,738
|
|
|
3,598,541
|
|
|
(1,142,089
|
)
|
|
19,978,190
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Real estate operating (exclusive of items shown below)
|
4,412,744
|
|
|
2,399,206
|
|
|
—
|
|
|
6,811,950
|
|
||||
Provision for loss on receivables
|
214,525
|
|
|
—
|
|
|
—
|
|
|
214,525
|
|
||||
Depreciation and amortization
|
3,099,153
|
|
|
1,102,000
|
|
|
(32,712
|
)
|
|
4,168,441
|
|
||||
Interest
|
4,317,329
|
|
|
2,411,676
|
|
|
(2,411,676
|
)
|
|
4,317,329
|
|
||||
General and administrative
|
2,533,246
|
|
|
—
|
|
|
—
|
|
|
2,533,246
|
|
||||
Total expenses
|
14,576,997
|
|
|
5,912,882
|
|
|
(2,444,388
|
)
|
|
18,045,491
|
|
||||
Income (loss) from continuing operations
|
2,944,741
|
|
|
(2,314,341
|
)
|
|
1,302,299
|
|
|
1,932,699
|
|
||||
Income from discontinued operations (including gain on sale of MF Property of $1,277,976)
|
1,613,817
|
|
|
—
|
|
|
—
|
|
|
1,613,817
|
|
||||
Net income (loss)
|
4,558,558
|
|
|
(2,314,341
|
)
|
|
1,302,299
|
|
|
3,546,516
|
|
||||
Net income attributable to noncontrolling interest
|
398,469
|
|
|
—
|
|
|
—
|
|
|
398,469
|
|
||||
Net income (loss) - America First Tax Exempt Investors, L. P.
|
$
|
4,160,089
|
|
|
$
|
(2,314,341
|
)
|
|
$
|
1,302,299
|
|
|
$
|
3,148,047
|
|
|
Partnership For the Nine Months Ended September 30, 2011
|
|
Consolidated VIEs For the Nine Months Ended September 30, 2011
|
|
Consolidation -Elimination For the Nine Months Ended September 30, 2011
|
|
Total For the Nine Months Ended September 30, 2011
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Property revenues
|
$
|
5,534,453
|
|
|
$
|
4,755,337
|
|
|
$
|
—
|
|
|
$
|
10,289,790
|
|
Investment income
|
8,729,857
|
|
|
—
|
|
|
(1,635,308
|
)
|
|
7,094,549
|
|
||||
Other income
|
654,490
|
|
|
4,133,477
|
|
|
(4,028,489
|
)
|
|
759,478
|
|
||||
Total revenues
|
14,918,800
|
|
|
8,888,814
|
|
|
(5,663,797
|
)
|
|
18,143,817
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Real estate operating (exclusive of items shown below)
|
3,276,179
|
|
|
2,826,177
|
|
|
—
|
|
|
6,102,356
|
|
||||
Provision for loss on receivables
|
725,215
|
|
|
—
|
|
|
—
|
|
|
725,215
|
|
||||
Depreciation and amortization
|
2,171,090
|
|
|
1,366,577
|
|
|
(27,703
|
)
|
|
3,509,964
|
|
||||
Interest
|
4,421,608
|
|
|
3,243,737
|
|
|
(3,243,737
|
)
|
|
4,421,608
|
|
||||
General and administrative
|
2,044,132
|
|
|
—
|
|
|
—
|
|
|
2,044,132
|
|
||||
Total expenses
|
12,638,224
|
|
|
7,436,491
|
|
|
(3,271,440
|
)
|
|
16,803,275
|
|
||||
Income (loss) from continuing operations
|
2,280,576
|
|
|
1,452,323
|
|
|
(2,392,357
|
)
|
|
1,340,542
|
|
||||
Income from discontinued operations
|
187,302
|
|
|
—
|
|
|
—
|
|
|
187,302
|
|
||||
Net income (loss)
|
2,467,878
|
|
|
1,452,323
|
|
|
(2,392,357
|
)
|
|
1,527,844
|
|
||||
Net income attributable to noncontrolling interest
|
449,866
|
|
|
—
|
|
|
—
|
|
|
449,866
|
|
||||
Net income (loss) - America First Tax Exempt Investors, L. P.
|
$
|
2,018,012
|
|
|
$
|
1,452,323
|
|
|
$
|
(2,392,357
|
)
|
|
$
|
1,077,978
|
|
|
|
September 30, 2012
|
||||||||||||||
Description of Tax-Exempt Mortgage Revenue Bonds
|
|
Cost adjusted for pay-downs
|
|
Unrealized Gain
|
|
Unrealized Loss
|
|
Estimated Fair Value
|
||||||||
Ashley Square
(1)
|
|
$
|
5,272,000
|
|
|
$
|
260,076
|
|
|
$
|
—
|
|
|
$
|
5,532,076
|
|
Autumn Pines
(2)
|
|
12,311,758
|
|
|
1,013,109
|
|
|
—
|
|
|
13,324,867
|
|
||||
Bella Vista
(1)
|
|
6,600,000
|
|
|
118,140
|
|
|
—
|
|
|
6,718,140
|
|
||||
Bridle Ridge
(1)
|
|
7,765,000
|
|
|
135,732
|
|
|
—
|
|
|
7,900,732
|
|
||||
Brookstone
(1)
|
|
7,449,870
|
|
|
1,499,825
|
|
|
—
|
|
|
8,949,695
|
|
||||
Cross Creek
(1)
|
|
5,994,150
|
|
|
2,036,975
|
|
|
—
|
|
|
8,031,125
|
|
||||
Lost Creek
(1)
|
|
15,957,472
|
|
|
3,567,600
|
|
|
—
|
|
|
19,525,072
|
|
||||
Runnymede
(1)
|
|
10,645,000
|
|
|
535,444
|
|
|
—
|
|
|
11,180,444
|
|
||||
Southpark
(1)
|
|
11,985,096
|
|
|
2,540,044
|
|
|
—
|
|
|
14,525,140
|
|
||||
Woodlynn Village
(1)
|
|
4,476,000
|
|
|
15,263
|
|
|
—
|
|
|
4,491,263
|
|
||||
Tax-exempt mortgage revenue bonds held in trust
|
|
$
|
88,456,346
|
|
|
$
|
11,722,208
|
|
|
$
|
—
|
|
|
$
|
100,178,554
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
September 30, 2012
|
||||||||||||||
Description of Tax-Exempt Mortgage Revenue Bonds
|
|
Cost adjusted for pay-downs
|
|
Unrealized Gain
|
|
Unrealized Loss
|
|
Estimated Fair Value
|
||||||||
Arbors at Hickory Ridge
|
|
$
|
10,165,287
|
|
|
568,513
|
|
|
—
|
|
|
$
|
10,733,800
|
|
||
Iona Lakes
|
|
15,630,000
|
|
|
858,087
|
|
|
—
|
|
|
16,488,087
|
|
||||
Woodland Park
|
|
15,662,000
|
|
|
—
|
|
|
(4,260,377
|
)
|
|
11,401,623
|
|
||||
Tax-exempt mortgage revenue bonds
|
|
$
|
41,457,287
|
|
|
$
|
1,426,600
|
|
|
$
|
(4,260,377
|
)
|
|
$
|
38,623,510
|
|
|
|
|
|
|
|
|
|
|
December 31, 2011
|
||||||||||||||
Description of Tax-Exempt Mortgage Revenue Bonds
|
|
Cost adjusted for pay-downs
|
|
Unrealized Gains
|
|
Unrealized Loss
|
|
Estimated Fair Value
|
||||||||
Ashley Square
(1)
|
|
$
|
5,308,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,308,000
|
|
Autumn Pines
(1)
|
|
12,280,776
|
|
|
—
|
|
|
(152,094
|
)
|
|
12,128,682
|
|
||||
Bella Vista
(1)
|
|
6,650,000
|
|
|
—
|
|
|
(405,184
|
)
|
|
6,244,816
|
|
||||
Bridle Ridge
(1)
|
|
7,815,000
|
|
|
—
|
|
|
(469,056
|
)
|
|
7,345,944
|
|
||||
Brookstone
(1)
|
|
7,437,947
|
|
|
1,116,538
|
|
|
—
|
|
|
8,554,485
|
|
||||
Cross Creek
(1)
|
|
5,961,478
|
|
|
1,824,167
|
|
|
—
|
|
|
7,785,645
|
|
||||
GMF-Madison Tower
(2)
|
|
3,810,000
|
|
|
51,130
|
|
|
—
|
|
|
3,861,130
|
|
||||
GMF-Warren/Tulane
(2)
|
|
11,815,000
|
|
|
321,722
|
|
|
—
|
|
|
12,136,722
|
|
||||
Lost Creek
(1)
|
|
16,051,048
|
|
|
1,962,587
|
|
|
—
|
|
|
18,013,635
|
|
||||
Runnymede
(1)
|
|
10,685,000
|
|
|
—
|
|
|
(434,452
|
)
|
|
10,250,548
|
|
||||
Southpark
(1)
|
|
11,925,483
|
|
|
1,431,637
|
|
|
—
|
|
|
13,357,120
|
|
||||
Woodlynn Village
(1)
|
|
4,492,000
|
|
|
—
|
|
|
(325,940
|
)
|
|
4,166,060
|
|
||||
Tax-exempt mortgage revenue bonds held in trust
|
|
$
|
104,231,732
|
|
|
$
|
6,707,781
|
|
|
$
|
(1,786,726
|
)
|
|
$
|
109,152,787
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31, 2011
|
||||||||||||||
Description of Tax-Exempt Mortgage Revenue Bonds
|
|
Cost adjusted for pay-downs
|
|
Unrealized Gain
|
|
Unrealized Loss
|
|
Estimated Fair Value
|
||||||||
Iona Lakes
|
|
$
|
15,720,000
|
|
|
$
|
160,658
|
|
|
$
|
—
|
|
|
$
|
15,880,658
|
|
Woodland Park
|
|
15,662,000
|
|
|
—
|
|
|
(5,000,093
|
)
|
|
10,661,907
|
|
||||
Tax-exempt mortgage revenue bonds
|
|
$
|
31,382,000
|
|
|
$
|
160,658
|
|
|
$
|
(5,000,093
|
)
|
|
$
|
26,542,565
|
|
Description of Public Housing Capital Fund Trust Certificates
|
|
Cost adjusted for amortization of premium and discounts
|
|
Unrealized Gain
|
|
Unrealized Loss
|
|
Estimated Fair Value
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Public Housing Capital Fund Trust Certificate I
|
|
$
|
28,154,088
|
|
|
$
|
400,908
|
|
|
$
|
—
|
|
|
$
|
28,554,996
|
|
Public Housing Capital Fund Trust Certificate II
|
|
17,431,891
|
|
|
—
|
|
|
(27,313
|
)
|
|
17,404,578
|
|
||||
Public Housing Capital Fund Trust Certificate III
|
|
20,385,784
|
|
|
—
|
|
|
(181,389
|
)
|
|
20,204,395
|
|
||||
|
|
$
|
65,971,763
|
|
|
$
|
400,908
|
|
|
$
|
(208,702
|
)
|
|
$
|
66,163,969
|
|
|
|
Weighted Average Lives (Years)
|
|
Investment Rating
|
|
Weighted Average Interest Rate over Life
|
|
Principal Outstanding September 30, 2012
|
|||
Public Housing Capital Fund Trust Certificate I
|
|
12.75
|
|
AA-
|
|
5.330
|
%
|
|
$
|
26,406,558
|
|
Public Housing Capital Fund Trust Certificate II
|
|
12.3
|
|
AA-
|
|
4.240
|
%
|
|
17,959,713
|
|
|
Public Housing Capital Fund Trust Certificate III
|
|
13.3
|
|
BBB
|
|
5.410
|
%
|
|
20,898,432
|
|
|
Total Public Housing Capital Fund Trust Certificates
|
|
|
|
|
|
|
|
$
|
65,264,703
|
|
|
|
Maples on 97th 8/29/2012 (Date of Acquisition)
|
||
Other current assets
|
|
$
|
44,534
|
|
In-place lease assets
|
|
428,865
|
|
|
Real estate assets
|
|
5,071,135
|
|
|
Total Assets
|
|
$
|
5,544,534
|
|
Accounts payable, accrued expenses and other
|
|
$
|
69,120
|
|
Stockholders' equity
|
|
5,475,414
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
5,544,534
|
|
|
For the Three Months Ended September 30, 2012
|
|
For the Three Months Ended September 30, 2011
|
|
For Nine Months Ended September 30, 2012
|
|
For Nine Months Ended September 30, 2011
|
|
For the Year Ended December 31, 2011
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
7,431,046
|
|
|
$
|
6,873,761
|
|
|
$
|
21,329,105
|
|
|
$
|
20,729,028
|
|
|
$
|
30,667,528
|
|
Net income (loss)
|
2,238,259
|
|
|
159,798
|
|
|
3,250,833
|
|
|
1,272,093
|
|
|
(2,075,272
|
)
|
|||||
Net income (loss) allocated to unitholders
|
2,417,204
|
|
|
398,754
|
|
|
3,753,255
|
|
|
2,135,887
|
|
|
(938,865
|
)
|
|||||
Unitholders' interest in net income (loss) per unit (basic and diluted)
|
$
|
0.06
|
|
|
$
|
0.01
|
|
|
$
|
0.10
|
|
|
$
|
0.07
|
|
|
$
|
(0.03
|
)
|
MF Properties
|
|||||||||||||||||
Property Name
|
|
Location
|
|
Number of Units
|
|
Land
|
|
Buildings and
Improvements
|
|
Carrying Value at December 31, 2011
|
|||||||
Arboretum
|
|
Omaha, NE
|
|
145
|
|
|
$
|
1,720,740
|
|
|
$
|
18,730,388
|
|
|
$
|
20,451,128
|
|
Eagle Ridge
|
|
Erlanger, KY
|
|
64
|
|
|
290,763
|
|
|
2,485,433
|
|
|
2,776,196
|
|
|||
Eagle Village
|
|
Evansville, IN
|
|
511
|
|
|
564,726
|
|
|
12,230,322
|
|
|
12,795,048
|
|
|||
Meadowview
|
|
Highland Heights, KY
|
|
118
|
|
|
688,539
|
|
|
5,082,090
|
|
|
5,770,629
|
|
|||
Glynn Place
|
|
Brunswick, GA
|
|
128
|
|
|
743,996
|
|
|
4,677,793
|
|
|
5,421,789
|
|
|||
Greens of Pine Glen
|
|
Durham, NC
|
|
168
|
|
|
1,744,761
|
|
|
5,256,692
|
|
|
7,001,453
|
|
|||
Residences of DeCordova
|
|
Granbury, TX
|
|
76
|
|
|
679,495
|
|
|
4,960,461
|
|
|
5,639,956
|
|
|||
Residences of Weatherford
|
|
Weatherford, TX
|
|
76
|
|
|
533,000
|
|
|
5,105,278
|
|
|
5,638,278
|
|
|||
|
|
|
|
|
|
|
|
|
|
65,494,477
|
|
||||||
Less accumulated depreciation (depreciation expense of approximately $2.3 million in 2011)
|
|
|
|
(4,527,400
|
)
|
||||||||||||
Balance at December 31, 2011
|
|
|
|
|
|
|
|
|
|
$
|
60,967,077
|
|
|||||
MF Properties Subject to Sales Agreement
|
|||||||||||||||||
Property Name
|
|
Location
|
|
Number of Units
|
|
Land
|
|
Buildings and Improvements
|
|
Carrying Value at December 31, 2011
|
|||||||
Crescent Village
|
|
Cincinnati, OH
|
|
90
|
|
|
$
|
353,117
|
|
|
$
|
6,238,827
|
|
|
$
|
6,591,944
|
|
Willow Bend
|
|
Hilliard, OH
|
|
92
|
|
|
580,130
|
|
|
5,008,793
|
|
|
5,588,923
|
|
|||
Postwoods
|
|
Reynoldsburg, OH
|
|
180
|
|
|
1,148,504
|
|
|
10,401,752
|
|
|
11,550,256
|
|
|||
|
|
|
|
|
|
|
|
|
|
23,731,123
|
|
||||||
Less accumulated depreciation (depreciation expense of approximately $829,000 in 2011)
|
|
|
|
(2,958,263
|
)
|
||||||||||||
Balance at December 31, 2011
|
|
|
|
|
|
|
|
|
|
$
|
20,772,860
|
|
Consolidated VIEs
|
|||||||||||||||||
Property Name
|
|
Location
|
|
Number of Units
|
|
Land
|
|
Buildings and Improvements
|
|
Carrying Value at September 30, 2012
|
|||||||
Bent Tree Apartments
|
|
Columbia, SC
|
|
232
|
|
|
$
|
986,000
|
|
|
$
|
11,843,206
|
|
|
$
|
12,829,206
|
|
Fairmont Oaks Apartments
|
|
Gainsville, FL
|
|
178
|
|
|
850,400
|
|
|
8,680,274
|
|
|
9,530,674
|
|
|||
Lake Forest Apartments
|
|
Daytona Beach, FL
|
|
240
|
|
|
1,396,800
|
|
|
11,336,509
|
|
|
12,733,309
|
|
|||
EAT (Maples on 97th)
|
|
Omaha, NE
|
|
258
|
|
|
905,000
|
|
|
4,166,136
|
|
|
5,071,136
|
|
|||
|
|
|
|
|
|
|
|
|
|
40,164,325
|
|
||||||
Less accumulated depreciation (depreciation expense of approximately $1.1 million in 2012)
|
|
(13,408,856
|
)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
$
|
26,755,469
|
|
|||||
Consolidated VIEs
|
|||||||||||||||||
Property Name
|
|
Location
|
|
Number of Units
|
|
Land
|
|
Buildings and Improvements
|
|
Carrying Value at December 31, 2011
|
|||||||
Bent Tree Apartments
|
|
Columbia, SC
|
|
232
|
|
|
$
|
986,000
|
|
|
$
|
11,758,519
|
|
|
$
|
12,744,519
|
|
Fairmont Oaks Apartments
|
|
Gainsville, FL
|
|
178
|
|
|
850,400
|
|
|
8,615,014
|
|
|
9,465,414
|
|
|||
Lake Forest Apartments
|
|
Daytona Beach, FL
|
|
240
|
|
|
1,396,800
|
|
|
11,251,304
|
|
|
12,648,104
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
34,858,037
|
|
|||
Less accumulated depreciation (depreciation expense of approximately $1.7 million in 2011)
|
|
|
|
(12,332,334
|
)
|
||||||||||||
Balance at December 31, 2011
|
|
|
|
|
|
|
|
|
|
$
|
22,525,703
|
|
|
|
September 30, 2012
|
|
December 31, 2011
|
||||
Property loans receivable
|
|
$
|
20,578,663
|
|
|
$
|
19,808,803
|
|
Less: Loan loss reserves
|
|
(18,397,512
|
)
|
|
(16,782,918
|
)
|
||
Deferred financing costs - net
|
|
3,670,897
|
|
|
3,810,438
|
|
||
Fair value of derivative contracts
|
|
267,959
|
|
|
1,323,270
|
|
||
Taxable bonds at fair market value
|
|
724,145
|
|
|
774,946
|
|
||
Other assets
|
|
1,445,320
|
|
|
1,134,775
|
|
||
Total Other assets
|
|
$
|
8,289,472
|
|
|
$
|
10,069,314
|
|
|
|
September 30, 2012
|
||||||||||||||
|
|
Outstanding Balance
|
|
Accrued Interest
|
|
Loan Loss Reserves
|
|
Net Taxable Loans
|
||||||||
Ashley Square
|
|
$
|
4,852,342
|
|
|
$
|
1,586,042
|
|
|
$
|
(5,182,384
|
)
|
|
$
|
1,256,000
|
|
Cross Creek
|
|
6,588,087
|
|
|
1,518,338
|
|
|
(4,722,810
|
)
|
|
3,383,615
|
|
||||
Iona Lakes
|
|
7,624,118
|
|
|
2,687,370
|
|
|
(6,688,992
|
)
|
|
3,622,496
|
|
||||
Arbors at Hickory Ridge
|
|
600,000
|
|
|
21,296
|
|
|
(621,296
|
)
|
|
—
|
|
||||
Woodland Park
|
|
914,116
|
|
|
267,914
|
|
|
(1,182,030
|
)
|
|
—
|
|
||||
|
|
$
|
20,578,663
|
|
|
$
|
6,080,960
|
|
|
$
|
(18,397,512
|
)
|
|
$
|
8,262,111
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 31, 2011
|
||||||||||||||
|
|
Outstanding Balance
|
|
Accrued Interest
|
|
Loan Loss Reserves
|
|
Net Taxable Loans
|
||||||||
Ashley Square
|
|
$
|
4,786,342
|
|
|
$
|
1,331,186
|
|
|
$
|
(4,927,528
|
)
|
|
$
|
1,190,000
|
|
Cross Creek
|
|
6,769,227
|
|
|
1,360,270
|
|
|
(4,564,742
|
)
|
|
3,564,755
|
|
||||
Iona Lakes
|
|
7,339,118
|
|
|
2,207,301
|
|
|
(6,208,923
|
)
|
|
3,337,496
|
|
||||
Woodland Park
|
|
914,116
|
|
|
167,609
|
|
|
(1,081,725
|
)
|
|
—
|
|
||||
|
|
$
|
19,808,803
|
|
|
$
|
5,066,366
|
|
|
$
|
(16,782,918
|
)
|
|
$
|
8,092,251
|
|
|
|
September 30, 2012
|
|
December 31, 2011
|
||||
Balance, beginning of year
|
|
$
|
16,782,918
|
|
|
$
|
9,899,719
|
|
Provision for loan loss
|
|
—
|
|
|
4,242,571
|
|
||
Allowance related to note - Arbors of Hickory Ridge
|
|
600,000
|
|
|
—
|
|
||
Deconsolidation of VIEs
|
|
—
|
|
|
1,861,051
|
|
||
Accrued interest not recognized
|
|
1,014,594
|
|
|
779,577
|
|
||
Balance, end of year
|
|
$
|
18,397,512
|
|
|
$
|
16,782,918
|
|
|
September 30, 2012
|
|
December 31, 2011
|
||||
Cash and cash equivalents
|
$
|
27,354
|
|
|
$
|
36,507
|
|
Restricted cash
|
200,555
|
|
|
214,278
|
|
||
Land
|
895,260
|
|
|
2,066,406
|
|
||
Buildings and improvements
|
8,941,987
|
|
|
15,271,589
|
|
||
Real estate assets before accumulated depreciation
|
9,837,247
|
|
|
17,337,995
|
|
||
Accumulated depreciation
|
(1,927,600
|
)
|
|
(2,576,000
|
)
|
||
Net real estate assets
|
7,909,647
|
|
|
14,761,995
|
|
||
Other assets
|
86,777
|
|
|
304,332
|
|
||
Total assets from discontinued operations
|
8,224,333
|
|
|
15,317,112
|
|
||
Accounts payable and accrued expenses
|
242,902
|
|
|
327,916
|
|
||
Mortgage payable
|
4,628,000
|
|
|
10,779,429
|
|
||
Total liabilities from discontinued operations
|
4,870,902
|
|
|
11,107,345
|
|
||
Net equity of discontinued operations
|
$
|
3,353,431
|
|
|
$
|
4,209,767
|
|
|
For Three Months Ended September 30,
|
For Nine Months Ended September 30,
|
||||||||||||
|
2012
|
|
2011
|
2012
|
|
2011
|
||||||||
Rental revenues
|
$
|
1,946,048
|
|
|
$
|
720,416
|
|
$
|
3,451,195
|
|
|
$
|
2,163,858
|
|
Expenses
|
560,615
|
|
|
691,198
|
|
1,837,378
|
|
|
1,976,556
|
|
||||
Income from discontinued operations
|
$
|
1,385,433
|
|
|
$
|
29,218
|
|
$
|
1,613,817
|
|
|
$
|
187,302
|
|
Description of Tax-Exempt
|
|
Outstanding Bond Par Amounts
|
|
|
||||||
Mortgage Revenue Bonds
|
|
September 30, 2012
|
|
December 31, 2011
|
|
Financial Statement Presentation
|
||||
Ashley Square
|
|
$
|
5,272,000
|
|
|
$
|
5,308,000
|
|
|
Tax-exempt mortgage revenue bond
|
Bella Vista
|
|
6,600,000
|
|
|
6,650,000
|
|
|
Tax-exempt mortgage revenue bond
|
||
Bent Tree
|
|
7,632,000
|
|
|
7,686,000
|
|
|
Consolidated VIE
|
||
Bridle Ridge
|
|
7,765,000
|
|
|
7,815,000
|
|
|
Tax-exempt mortgage revenue bond
|
||
Brookstone
|
|
9,435,680
|
|
|
9,490,809
|
|
|
Tax-exempt mortgage revenue bond
|
||
Cross Creek
|
|
8,585,363
|
|
|
8,634,693
|
|
|
Tax-exempt mortgage revenue bond
|
||
Fairmont Oaks
|
|
7,460,000
|
|
|
7,520,000
|
|
|
Consolidated VIE
|
||
Lake Forest
|
|
9,129,000
|
|
|
9,201,000
|
|
|
Consolidated VIE
|
||
Runnymede
|
|
10,645,000
|
|
|
10,685,000
|
|
|
Tax-exempt mortgage revenue bond
|
||
Southpark
|
|
14,000,000
|
|
|
14,000,000
|
|
|
Tax-exempt mortgage revenue bond
|
||
Woodlynn Village
|
|
4,476,000
|
|
|
4,492,000
|
|
|
Tax-exempt mortgage revenue bond
|
||
Ohio Series A Bond
(1)
|
|
14,603,000
|
|
|
14,666,000
|
|
|
Consolidated MF Property
|
||
Villages at Lost Creek
|
|
18,315,000
|
|
|
18,500,000
|
|
|
Tax-exempt mortgage revenue bond
|
||
Total
|
|
$
|
123,918,043
|
|
|
$
|
124,648,502
|
|
|
|
2012
|
|
$
|
10,201,000
|
|
2013
|
|
50,004,000
|
|
|
2014
|
|
1,083,000
|
|
|
2015
|
|
1,139,000
|
|
|
2016
|
|
1,192,000
|
|
|
Thereafter
|
|
89,565,000
|
|
|
Total
|
|
$
|
153,184,000
|
|
2012
|
|
$
|
12,999
|
|
2013
|
|
30,678,745
|
|
|
2014
|
|
—
|
|
|
2015
|
|
6,486,354
|
|
|
2016
|
|
—
|
|
|
Thereafter
|
|
2,000,030
|
|
|
Total
|
|
$
|
39,178,128
|
|
Date Purchased
|
|
Notional Amount
|
|
Effective Capped Rate
|
|
Maturity Date
|
|
Purchase Price
|
|
Counterparty
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
September 2, 2010
|
|
$
|
31,936,667
|
|
|
3.00
|
%
|
|
September 1, 2017
|
|
$
|
921,000
|
|
|
Bank of New York Mellon
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
September 2, 2010
|
|
$
|
31,936,667
|
|
|
3.00
|
%
|
|
September 1, 2017
|
|
$
|
845,600
|
|
|
Barclays Bank PLC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
September 2, 2010
|
|
$
|
31,936,667
|
|
|
3.00
|
%
|
|
September 1, 2017
|
|
$
|
928,000
|
|
|
Royal Bank of Canada
|
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||
|
|
September 30, 2012
|
|
September 30, 2011
|
|
September 30, 2012
|
|
September 30, 2011
|
||||||||
Total revenues
|
|
|
|
|
|
|
|
|
||||||||
Tax-Exempt Bond Investments
|
|
$
|
2,696,267
|
|
|
$
|
3,208,563
|
|
|
$
|
8,869,285
|
|
|
$
|
9,384,347
|
|
MF Properties
|
|
2,799,858
|
|
|
2,390,421
|
|
|
7,843,066
|
|
|
5,534,453
|
|
||||
Public Housing Capital Fund Trust Certificates
|
|
809,387
|
|
|
—
|
|
|
809,387
|
|
|
—
|
|
||||
Consolidated VIEs
|
|
1,203,887
|
|
|
1,208,534
|
|
|
3,598,541
|
|
|
8,888,814
|
|
||||
Consolidation/eliminations
|
|
(379,714
|
)
|
|
(383,520
|
)
|
|
(1,142,089
|
)
|
|
(5,663,797
|
)
|
||||
Total revenues
|
|
$
|
7,129,685
|
|
|
$
|
6,423,998
|
|
|
$
|
19,978,190
|
|
|
$
|
18,143,817
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
|
|
|
|
|
|
|
||||||||
Tax-Exempt Bond Investments
|
|
$
|
888,426
|
|
|
$
|
1,794,514
|
|
|
$
|
3,019,963
|
|
|
$
|
4,319,727
|
|
MF Properties
|
|
379,017
|
|
|
241,956
|
|
|
1,013,266
|
|
|
101,881
|
|
||||
Public Housing Capital Fund Trust Certificates
|
|
284,100
|
|
|
—
|
|
|
284,100
|
|
|
—
|
|
||||
Consolidated VIEs
|
|
808,841
|
|
|
789,331
|
|
|
2,411,676
|
|
|
3,243,737
|
|
||||
Consolidation/eliminations
|
|
(808,841
|
)
|
|
(789,331
|
)
|
|
(2,411,676
|
)
|
|
(3,243,737
|
)
|
||||
Total interest expense
|
|
$
|
1,551,543
|
|
|
$
|
2,036,470
|
|
|
$
|
4,317,329
|
|
|
$
|
4,421,608
|
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation expense
|
|
|
|
|
|
|
|
|
||||||||
Tax-Exempt Bond Investments
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
MF Properties
|
|
839,722
|
|
|
686,786
|
|
|
2,472,623
|
|
|
1,572,190
|
|
||||
Public Housing Capital Fund Trust Certificates
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Consolidated VIEs
|
|
379,881
|
|
|
340,289
|
|
|
1,076,522
|
|
|
1,338,188
|
|
||||
Consolidation/eliminations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total depreciation expense
|
|
$
|
1,219,603
|
|
|
$
|
1,027,075
|
|
|
$
|
3,549,145
|
|
|
$
|
2,910,378
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
|
|
|
|
|
|
|
|
||||||||
Tax-Exempt Bond Investments
|
|
$
|
1,097,703
|
|
|
$
|
527,901
|
|
|
$
|
2,680,910
|
|
|
$
|
1,896,807
|
|
MF Properties
|
|
(139,720
|
)
|
|
(36,715
|
)
|
|
(254,593
|
)
|
|
383,769
|
|
||||
Public Housing Capital Fund Trust Certificates
|
|
518,424
|
|
|
—
|
|
|
518,424
|
|
|
—
|
|
||||
Consolidated VIEs
|
|
(953,177
|
)
|
|
(658,028
|
)
|
|
(2,314,341
|
)
|
|
1,452,323
|
|
||||
Consolidation/eliminations
|
|
440,003
|
|
|
415,045
|
|
|
1,302,299
|
|
|
(2,392,357
|
)
|
||||
Income (loss) from continuing operations
|
|
$
|
963,233
|
|
|
$
|
248,203
|
|
|
$
|
1,932,699
|
|
|
$
|
1,340,542
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
|
|
|
|
|
|
|
|
||||||||
Tax-Exempt Bond Investments
|
|
$
|
1,097,703
|
|
|
$
|
527,901
|
|
|
$
|
2,680,910
|
|
|
$
|
1,896,807
|
|
MF Properties
|
|
1,108,614
|
|
|
(152,866
|
)
|
|
960,755
|
|
|
121,205
|
|
||||
Public Housing Capital Fund Trust Certificates
|
|
518,424
|
|
|
—
|
|
|
518,424
|
|
|
—
|
|
||||
Consolidated VIEs
|
|
(953,177
|
)
|
|
(658,028
|
)
|
|
(2,314,341
|
)
|
|
1,452,323
|
|
||||
Consolidation/eliminations
|
|
440,003
|
|
|
415,045
|
|
|
1,302,299
|
|
|
(2,392,357
|
)
|
||||
Net income (loss) - America First Tax Exempt Investors, L. P.
|
|
$
|
2,211,567
|
|
|
$
|
132,052
|
|
|
$
|
3,148,047
|
|
|
$
|
1,077,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2012
|
|
December 31, 2011
|
||||
Total assets
|
|
|
|
|
|
|
|
|
||||
Tax-Exempt Bond Investments
|
|
|
|
|
|
$
|
365,037,173
|
|
|
$
|
321,433,014
|
|
MF Properties
|
|
|
|
|
|
82,606,357
|
|
|
81,421,531
|
|
||
Public Housing Capital Fund Trust Certificates
|
|
|
|
|
|
66,163,969
|
|
|
—
|
|
||
Consolidated VIEs
|
|
|
|
|
|
28,735,009
|
|
|
24,315,353
|
|
||
Consolidation/eliminations
|
|
|
|
|
|
(146,882,880
|
)
|
|
(129,193,353
|
)
|
||
Total assets
|
|
|
|
|
|
$
|
395,659,628
|
|
|
$
|
297,976,545
|
|
|
|
|
|
|
|
|
|
|
||||
Total partners' capital
|
|
|
|
|
|
|
|
|
||||
Tax-Exempt Bond Investments
|
|
|
|
|
|
$
|
228,212,692
|
|
|
$
|
179,285,257
|
|
MF Properties
|
|
|
|
|
|
6,865,323
|
|
|
2,279,639
|
|
||
Public Housing Capital Fund Trust Certificates
|
|
|
|
|
|
17,603,980
|
|
|
—
|
|
||
Consolidated VIEs
|
|
|
|
|
|
(21,574,510
|
)
|
|
(24,872,428
|
)
|
||
Consolidation/eliminations
|
|
|
|
|
|
(42,994,227
|
)
|
|
(25,648,208
|
)
|
||
Total partners' capital
|
|
|
|
|
|
$
|
188,113,258
|
|
|
$
|
131,044,260
|
|
•
|
Defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date; and
|
•
|
Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date.
|
•
|
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
|
•
|
Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
|
•
|
Level 3 inputs are unobservable inputs for asset or liabilities.
|
|
|
|
|
Fair Value Measurements at September 30, 2012
|
||||||||||||
Description
|
|
Assets/Liabilities at Fair Value
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Tax-exempt Mortgage Revenue Bonds
|
|
$
|
138,802,064
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
138,802,064
|
|
Public Housing Capital Fund Trust Certificates
|
|
66,163,969
|
|
|
—
|
|
|
—
|
|
|
66,163,969
|
|
||||
Interest Rate Derivatives
|
|
267,959
|
|
|
—
|
|
|
—
|
|
|
267,959
|
|
||||
Total Assets at Fair Value
|
|
$
|
205,233,992
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
205,233,992
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
For Three Months Ended September 30, 2012
|
||||||||||||||
|
|
Fair Value Measurements Using Significant
|
||||||||||||||
|
|
Unobservable Inputs (Level 3)
|
||||||||||||||
|
|
Tax-exempt Mortgage Revenue Bonds
|
|
Public Housing Capital Fund Trust Certificates
|
|
Interest Rate Derivatives
|
|
Total
|
||||||||
Beginning Balance July 1, 2012
|
|
$
|
136,846,619
|
|
|
$
|
—
|
|
|
$
|
542,773
|
|
|
$
|
137,389,392
|
|
Total gains (losses) (realized/unrealized)
|
|
|
|
|
|
|
|
|
||||||||
Included in earnings
|
|
—
|
|
|
—
|
|
|
(274,814
|
)
|
|
(274,814
|
)
|
||||
Included in other comprehensive income
|
|
1,917,241
|
|
|
192,206
|
|
|
—
|
|
|
2,109,447
|
|
||||
Purchases
|
|
472
|
|
|
65,985,913
|
|
|
—
|
|
|
65,986,385
|
|
||||
Settlements
|
|
37,732
|
|
|
(14,150
|
)
|
|
—
|
|
|
23,582
|
|
||||
Ending Balance September 30, 2012
|
|
$
|
138,802,064
|
|
|
$
|
66,163,969
|
|
|
$
|
267,959
|
|
|
$
|
205,233,992
|
|
Total amount of losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of September 30, 2012
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(274,814
|
)
|
|
$
|
(274,814
|
)
|
|
|
For Nine Months Ended September 30, 2012
|
||||||||||||||
|
|
Fair Value Measurements Using Significant
|
||||||||||||||
|
|
Unobservable Inputs (Level 3)
|
||||||||||||||
|
|
Tax-exempt Mortgage Revenue Bonds
|
|
Public Housing Capital Fund Trust Certificates
|
|
Interest Rate Derivatives
|
|
Total
|
||||||||
Beginning Balance January 1, 2012
|
|
$
|
135,695,352
|
|
|
$
|
—
|
|
|
$
|
1,323,270
|
|
|
$
|
137,018,622
|
|
Total gains (losses) (realized/unrealized)
|
|
|
|
|
|
|
|
|
||||||||
Included in earnings
|
|
—
|
|
|
—
|
|
|
(1,055,311
|
)
|
|
(1,055,311
|
)
|
||||
Included in other comprehensive income
|
|
8,806,812
|
|
|
192,206
|
|
|
—
|
|
|
8,999,018
|
|
||||
Purchases
|
|
10,165,287
|
|
|
65,985,913
|
|
|
—
|
|
|
76,151,200
|
|
||||
Sale of tax-exempt revenue bonds
|
|
(15,625,000
|
)
|
|
—
|
|
|
—
|
|
|
(15,625,000
|
)
|
||||
Settlements
|
|
(240,387
|
)
|
|
(14,150
|
)
|
|
—
|
|
|
(254,537
|
)
|
||||
Ending Balance September 30, 2012
|
|
$
|
138,802,064
|
|
|
$
|
66,163,969
|
|
|
$
|
267,959
|
|
|
$
|
205,233,992
|
|
Total amount of losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of September 30, 2012
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,055,311
|
)
|
|
$
|
(1,055,311
|
)
|
|
|
|
|
Fair Value Measurements at December 31, 2011
|
||||||||||||
Description
|
|
Assets/Liabilities at Fair Value
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Tax-exempt Mortgage Revenue Bonds
|
|
$
|
135,695,352
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
135,695,352
|
|
Interest Rate Derivatives
|
|
1,323,270
|
|
|
—
|
|
|
—
|
|
|
1,323,270
|
|
||||
Total Assets at Fair Value
|
|
$
|
137,018,622
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
137,018,622
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
For Three Months Ended September 30, 2011
|
||||||||||||
|
|
|
|
Fair Value Measurements Using Significant
|
||||||||||||
|
|
|
|
Unobservable Inputs (Level 3)
|
||||||||||||
|
|
|
|
Tax-exempt Mortgage Revenue Bonds
|
|
Interest Rate Derivatives
|
|
Total
|
||||||||
Beginning Balance July 1, 2011
|
|
|
|
$
|
137,305,808
|
|
|
$
|
2,518,237
|
|
|
$
|
139,824,045
|
|
||
VIE deconsolidation
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total gains (losses) (realized/unrealized)
|
|
|
|
|
|
|
|
|
||||||||
Included in earnings
|
|
|
|
—
|
|
|
(1,073,462)
|
|
|
(1,073,462)
|
|
|||||
Included in other comprehensive income
|
|
|
|
1,729,709
|
|
|
—
|
|
|
1,729,709
|
|
|||||
Settlements
|
|
|
|
55,095
|
|
|
—
|
|
|
55,095
|
|
|||||
Ending Balance September 30, 2011
|
|
|
|
$
|
139,090,612
|
|
|
$
|
1,444,775
|
|
|
$
|
140,535,387
|
|
||
Total amount of losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of September 30, 2011
|
|
|
|
$
|
—
|
|
|
$
|
(1,073,462
|
)
|
|
$
|
(1,073,462
|
)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
For Nine Months Ended September 30, 2011
|
||||||||||
|
|
|
|
Fair Value Measurements Using Significant
|
||||||||||
|
|
|
|
Unobservable Inputs (Level 3)
|
||||||||||
|
|
|
|
Tax-exempt Mortgage Revenue Bonds
|
|
Interest Rate Derivatives
|
|
Total
|
||||||
Beginning Balance January 1, 2011
|
|
|
|
$
|
100,566,643
|
|
|
$
|
3,406,791
|
|
|
$
|
103,973,434
|
|
VIE deconsolidation
|
|
|
|
15,083,757
|
|
|
—
|
|
|
15,083,757
|
|
|||
Total gains (losses) (realized/unrealized)
|
|
|
|
|
|
|
|
|
||||||
Included in earnings
|
|
|
|
—
|
|
|
(1,962,016
|
)
|
|
(1,962,016
|
)
|
|||
Included in other comprehensive income
|
|
|
|
8,369,181
|
|
|
—
|
|
|
8,369,181
|
|
|||
Purchases
|
|
|
|
20,117,500
|
|
|
—
|
|
|
20,117,500
|
|
|||
Bond retirement
|
|
|
|
(5,047,208
|
)
|
|
—
|
|
|
(5,047,208
|
)
|
|||
Settlements
|
|
|
|
739
|
|
|
—
|
|
|
739
|
|
|||
Ending Balance September 30, 2011
|
|
|
|
$
|
139,090,612
|
|
|
$
|
1,444,775
|
|
|
$
|
140,535,387
|
|
Total amount of losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of September 30, 2011
|
|
|
|
$
|
—
|
|
|
$
|
(1,962,016
|
)
|
|
$
|
(1,962,016
|
)
|
|
September 30, 2012
|
|
December 31, 2011
|
||||||||||||
|
Carrying Amount
|
|
Fair Value
|
|
Carrying Amount
|
|
Fair Value
|
||||||||
|
|||||||||||||||
Financial Liabilities:
|
|
|
|
|
|
|
|
||||||||
Debt financing
|
$
|
153,184,000
|
|
|
$
|
153,759,135
|
|
|
$
|
112,673,000
|
|
|
$
|
115,106,332
|
|
Mortgages payable
|
$
|
39,178,128
|
|
|
$
|
40,077,900
|
|
|
$
|
46,243,883
|
|
|
$
|
46,932,670
|
|
•
|
ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold tax-exempt mortgage revenue bonds to facilitate the Tax Exempt Bond Securitization (“TEBS”) Financing with Freddie Mac - (see Note 9).
|
•
|
Nine multifamily apartments ("MF Properties") of which three are reported as discontinued operations for all periods presented (Note 8). The MF Properties are owned by five limited partnerships in which a subsidiary of the Partnership holds a 99% limited partner interest and four limited liability companies of which a subsidiary of the Partnership owns a 100% member interest .
|
•
|
Three apartment properties (the "Ohio Properties") which are subject to a sales agreement but continue to be reported by the Partnership as MF Properties for the reasons described in Note 2.
|
•
|
The duration and severity of the decline in fair value,
|
•
|
The Company's intent to hold and the likelihood of the Company being required to sell the security before its value recovers,
|
•
|
Downgrade in the security's rating by S&P,
|
•
|
Volatility of the fair value of the security,
|
•
|
A decrease in the ratio of annual appropriations received by the Public Housing Authority from the United States Department of Housing and Development ("HUD") Capital Fund Program compared to the required principal and interest payments due on the loans payable by the Public Housing Authority to the three PHC Trusts sponsored by Deutsche Bank ("DB").
|
|
|
|
|
Number of Units
|
|
Number of Units Occupied
|
|
Percentage of Occupied Units as of September 30,
|
|
Economic Occupancy
(1)
for the period ended September 30,
|
||||||||||
|
|
|
|
|
|
|
||||||||||||||
Property Name
|
|
Location
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Non-Consolidated Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Arbors of Hickory Ridge
(3)
|
|
Memphis, TN
|
|
348
|
|
|
320
|
|
|
92
|
%
|
|
n/a
|
|
|
83
|
%
|
|
n/a
|
|
Ashley Square Apartments
|
|
Des Moines, IA
|
|
144
|
|
|
138
|
|
|
96
|
%
|
|
98
|
%
|
|
95
|
%
|
|
95
|
%
|
Autumn Pines
|
|
Humble, TX
|
|
250
|
|
|
233
|
|
|
93
|
%
|
|
94
|
%
|
|
90
|
%
|
|
91
|
%
|
Bella Vista Apartments
|
|
Gainesville, TX
|
|
144
|
|
|
137
|
|
|
95
|
%
|
|
98
|
%
|
|
89
|
%
|
|
90
|
%
|
Bridle Ridge Apartments
|
|
Greer, SC
|
|
152
|
|
|
149
|
|
|
98
|
%
|
|
94
|
%
|
|
93
|
%
|
|
87
|
%
|
Brookstone Apartments
|
|
Waukegan, IL
|
|
168
|
|
|
164
|
|
|
98
|
%
|
|
99
|
%
|
|
91
|
%
|
|
90
|
%
|
Cross Creek Apartments
|
|
Beaufort, SC
|
|
144
|
|
|
128
|
|
|
89
|
%
|
|
79
|
%
|
|
80
|
%
|
|
85
|
%
|
Iona Lakes Apartments
|
|
Ft. Myers, FL
|
|
350
|
|
|
311
|
|
|
89
|
%
|
|
85
|
%
|
|
69
|
%
|
|
70
|
%
|
Runnymede Apartments
|
|
Austin, TX
|
|
252
|
|
|
241
|
|
|
96
|
%
|
|
95
|
%
|
|
92
|
%
|
|
88
|
%
|
South Park Ranch Apartments
|
|
Austin, TX
|
|
192
|
|
|
190
|
|
|
99
|
%
|
|
95
|
%
|
|
95
|
%
|
|
93
|
%
|
Villages at Lost Creek
|
|
San Antonio, TX
|
|
261
|
|
|
257
|
|
|
98
|
%
|
|
96
|
%
|
|
89
|
%
|
|
87
|
%
|
Woodland Park
|
|
Topeka, KS
|
|
236
|
|
|
202
|
|
|
86
|
%
|
|
92
|
%
|
|
83
|
%
|
|
83
|
%
|
Woodlynn Village
|
|
Maplewood, MN
|
|
59
|
|
|
57
|
|
|
97
|
%
|
|
97
|
%
|
|
98
|
%
|
|
96
|
%
|
|
|
|
|
2,700
|
|
|
2,527
|
|
|
94
|
%
|
|
94
|
%
|
|
86
|
%
|
|
88
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consolidated VIEs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Bent Tree Apartments
|
|
Columbia, SC
|
|
232
|
|
|
210
|
|
|
91
|
%
|
|
92
|
%
|
|
81
|
%
|
|
81
|
%
|
Fairmont Oaks Apartments
|
|
Gainesville, FL
|
|
178
|
|
|
155
|
|
|
87
|
%
|
|
91
|
%
|
|
79
|
%
|
|
78
|
%
|
Lake Forest Apartments
|
|
Daytona Beach, FL
|
|
240
|
|
|
224
|
|
|
93
|
%
|
|
92
|
%
|
|
77
|
%
|
|
76
|
%
|
|
|
|
|
650
|
|
|
589
|
|
|
91
|
%
|
|
92
|
%
|
|
79
|
%
|
|
79
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
MF Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Arboretum
|
|
Omaha, NE
|
|
145
|
|
|
115
|
|
|
79
|
%
|
|
75
|
%
|
|
70
|
%
|
|
71
|
%
|
Crescent Village
(4)
|
|
Cincinnati, OH
|
|
90
|
|
|
88
|
|
|
98
|
%
|
|
90
|
%
|
|
93
|
%
|
|
80
|
%
|
Eagle Village
(3)
|
|
Evansville, IN
|
|
511
|
|
|
393
|
|
|
77
|
%
|
|
76
|
%
|
|
73
|
%
|
|
n/a
|
|
Glynn Place
|
|
Brunswick, GA
|
|
128
|
|
|
99
|
|
|
77
|
%
|
|
77
|
%
|
|
68
|
%
|
|
69
|
%
|
Maples on 97th
(3)
|
|
Omaha, NE
|
|
258
|
|
|
231
|
|
|
90
|
%
|
|
n/a
|
|
|
91
|
%
|
|
n/a
|
|
Meadowview
|
|
Highland Heights, KY
|
|
118
|
|
|
115
|
|
|
97
|
%
|
|
95
|
%
|
|
89
|
%
|
|
88
|
%
|
Postwoods
(4)
|
|
Reynoldsburg, OH
|
|
180
|
|
|
175
|
|
|
97
|
%
|
|
97
|
%
|
|
96
|
%
|
|
88
|
%
|
Residences at DeCordova
|
|
Granbury, TX
|
|
110
|
|
|
81
|
|
|
74
|
%
|
|
100
|
%
|
|
81
|
%
|
|
85
|
%
|
Residences at Weatherford
(2)
|
|
Weatherford, TX
|
|
76
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
Willow Bend
(4)
|
|
Columbus (Hilliard), OH
|
|
92
|
|
|
87
|
|
|
95
|
%
|
|
87
|
%
|
|
88
|
%
|
|
82
|
%
|
|
|
|
|
1,708
|
|
|
1,384
|
|
|
87
|
%
|
|
87
|
%
|
|
80
|
%
|
|
78
|
%
|
(1)
|
Economic occupancy is presented for the
first nine months of 2012 and 2011
, and is defined as the net rental income received divided by the maximum amount of rental income to be derived from each property. This statistic is reflective of rental concessions, delinquent rents and non-revenue units such as model units and employee units. Actual occupancy is a point in time measure while economic occupancy is a measurement over the period presented, therefore, economic occupancy for a period may exceed the actual occupancy at any point in time.
|
(2)
|
This property finished construction during the first quarter of 2012; is in the lease-up stage, and occupancy data is not provided until property has reached stabilization.
|
(3)
|
Previous period occupancy numbers are not available, as this is a new investment.
|
(4)
|
The Partnership holds $18.3 million of tax-exempt mortgage revenue bonds secured by these properties and does not hold an ownership interest in these properties. The Company will continue to report these properties as MF Properties, and eliminate the tax-exempt mortgage revenue bonds in consolidation, until the properties meet the criteria for sale recognition discussed in Note 2.
|
|
|
Weighted Average Lives (Years)
|
|
Investment Rating
|
|
Weighted Average Interest Rate over Life
|
|
Principal Outstanding September 30, 2012
|
|||
Public Housing Capital Fund Trust Certificate I
|
|
12.75
|
|
AA-
|
|
5.330
|
%
|
|
$
|
26,406,558
|
|
Public Housing Capital Fund Trust Certificate II
|
|
12.3
|
|
AA-
|
|
4.240
|
%
|
|
17,959,713
|
|
|
Public Housing Capital Fund Trust Certificate III
|
|
13.3
|
|
BBB
|
|
5.410
|
%
|
|
20,898,432
|
|
|
Total Public Housing Capital Fund Trust Certificates
|
|
|
|
|
|
|
|
$
|
65,264,703
|
|
|
|
For Three Months Ended September 30, 2012
|
|
For Three Months Ended September 30, 2011
|
|
Dollar Change
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Property revenues
|
|
$
|
4,003,744
|
|
|
$
|
3,598,955
|
|
|
$
|
404,789
|
|
Investment income
|
|
3,110,717
|
|
|
2,465,876
|
|
|
644,841
|
|
|||
Other income
|
|
15,224
|
|
|
359,167
|
|
|
(343,943
|
)
|
|||
Total revenues
|
|
7,129,685
|
|
|
6,423,998
|
|
|
705,687
|
|
|||
|
|
|
|
|
|
|
||||||
Expenses:
|
|
|
|
|
|
|
||||||
Real estate operating (exclusive of items shown below)
|
|
2,572,957
|
|
|
2,088,085
|
|
|
484,872
|
|
|||
Provision for (recovery of) loss on receivables
|
|
(261,825
|
)
|
|
14,525
|
|
|
(276,350
|
)
|
|||
Depreciation and amortization
|
|
1,469,476
|
|
|
1,311,600
|
|
|
157,876
|
|
|||
Interest
|
|
1,551,543
|
|
|
2,036,470
|
|
|
(484,927
|
)
|
|||
General and administrative
|
|
834,301
|
|
|
725,115
|
|
|
109,186
|
|
|||
Total expenses
|
|
6,166,452
|
|
|
6,175,795
|
|
|
(9,343
|
)
|
|||
Income from continuing operations
|
|
963,233
|
|
|
248,203
|
|
|
715,030
|
|
|||
Income from discontinued operations (including gain on sale of MF Property of $1,277,976 in 2012)
|
|
1,385,433
|
|
|
29,218
|
|
|
1,356,215
|
|
|||
Net income
|
|
2,348,666
|
|
|
277,421
|
|
|
2,071,245
|
|
|||
Net income attributable to noncontrolling interest
|
|
137,099
|
|
|
145,369
|
|
|
(8,270
|
)
|
|||
Net income - America First Tax Exempt Investors, L. P.
|
|
$
|
2,211,567
|
|
|
$
|
132,052
|
|
|
$
|
2,079,515
|
|
|
|
|
|
|
|
|
|
|
For Nine Months Ended September 30, 2012
|
|
For Nine Months Ended September 30, 2011
|
|
Dollar Change
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Property revenues
|
|
$
|
11,441,606
|
|
|
$
|
10,289,790
|
|
|
$
|
1,151,816
|
|
Investment income
|
|
7,770,767
|
|
|
7,094,549
|
|
|
676,218
|
|
|||
Gain on sale of bonds
|
|
667,821
|
|
|
—
|
|
|
667,821
|
|
|||
Other income
|
|
97,996
|
|
|
759,478
|
|
|
(661,482
|
)
|
|||
Total revenues
|
|
19,978,190
|
|
|
18,143,817
|
|
|
1,834,373
|
|
|||
|
|
|
|
|
|
|
||||||
Expenses:
|
|
|
|
|
|
|
||||||
Real estate operating (exclusive of items shown below)
|
|
6,811,950
|
|
|
6,102,356
|
|
|
709,594
|
|
|||
Provision for loss on receivables
|
|
214,525
|
|
|
725,215
|
|
|
(510,690
|
)
|
|||
Depreciation and amortization
|
|
4,168,441
|
|
|
3,509,964
|
|
|
658,477
|
|
|||
Interest
|
|
4,317,329
|
|
|
4,421,608
|
|
|
(104,279
|
)
|
|||
General and administrative
|
|
2,533,246
|
|
|
2,044,132
|
|
|
489,114
|
|
|||
Total expenses
|
|
18,045,491
|
|
|
16,803,275
|
|
|
1,242,216
|
|
|||
Income from continuing operations
|
|
1,932,699
|
|
|
1,340,542
|
|
|
592,157
|
|
|||
Income from discontinued operations (including gain on sale of MF Property of $1,277,976 in 2012)
|
|
1,613,817
|
|
|
187,302
|
|
|
1,426,515
|
|
|||
Net income
|
|
3,546,516
|
|
|
1,527,844
|
|
|
2,018,672
|
|
|||
Net income attributable to noncontrolling interest
|
|
398,469
|
|
|
449,866
|
|
|
(51,397
|
)
|
|||
Net income - America First Tax Exempt Investors, L. P.
|
|
$
|
3,148,047
|
|
|
$
|
1,077,978
|
|
|
$
|
2,070,069
|
|
|
|
For Three Months Ended September 30, 2012
|
|
For Three Months Ended September 30, 2011
|
|
Dollar Change
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Property revenues
|
|
$
|
2,799,857
|
|
|
$
|
2,390,421
|
|
|
$
|
409,436
|
|
Investment income
|
|
3,490,431
|
|
|
2,849,397
|
|
|
641,034
|
|
|||
Other income
|
|
15,224
|
|
|
359,166
|
|
|
(343,942
|
)
|
|||
Total revenues
|
|
6,305,512
|
|
|
5,598,984
|
|
|
706,528
|
|
|||
Expenses:
|
|
|
|
|
|
|
||||||
Real estate operating (exclusive of items shown below)
|
|
1,613,087
|
|
|
1,358,372
|
|
|
254,715
|
|
|||
Provision for (recovery of) loss on receivables
|
|
(261,825
|
)
|
|
14,525
|
|
|
(276,350
|
)
|
|||
Depreciation and amortization
|
|
1,091,999
|
|
|
973,316
|
|
|
118,683
|
|
|||
Interest
|
|
1,551,543
|
|
|
2,036,470
|
|
|
(484,927
|
)
|
|||
General and administrative
|
|
834,301
|
|
|
725,115
|
|
|
109,186
|
|
|||
Total expenses
|
|
4,829,105
|
|
|
5,107,798
|
|
|
(278,693
|
)
|
|||
Income from continuing operations
|
|
1,476,407
|
|
|
491,186
|
|
|
985,221
|
|
|||
Income from discontinued operations (including gain on sale of MF Property of $1,277,976 in 2012)
|
|
1,385,433
|
|
|
29,218
|
|
|
1,356,215
|
|
|||
Net income
|
|
2,861,840
|
|
|
520,404
|
|
|
2,341,436
|
|
|||
Net income attributable to noncontrolling interest
|
|
137,099
|
|
|
145,369
|
|
|
(8,270
|
)
|
|||
Net income - America First Tax Exempt Investors, L. P.
|
|
$
|
2,724,741
|
|
|
$
|
375,035
|
|
|
$
|
2,349,706
|
|
|
|
For Nine Months Ended September 30, 2012
|
|
For Nine Months Ended September 30, 2011
|
|
Dollar Change
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Property revenues
|
|
$
|
7,843,065
|
|
|
$
|
5,534,453
|
|
|
$
|
2,308,612
|
|
Investment income
|
|
8,912,856
|
|
|
8,729,857
|
|
|
182,999
|
|
|||
Gain on sale of bonds
|
|
667,821
|
|
|
—
|
|
|
667,821
|
|
|||
Other income
|
|
97,996
|
|
|
654,490
|
|
|
(556,494
|
)
|
|||
Total revenues
|
|
17,521,738
|
|
|
14,918,800
|
|
|
2,602,938
|
|
|||
Expenses:
|
|
|
|
|
|
|
||||||
Real estate operating (exclusive of items shown below)
|
|
4,412,744
|
|
|
3,276,179
|
|
|
1,136,565
|
|
|||
Provision for loss on receivables
|
|
214,525
|
|
|
725,215
|
|
|
(510,690
|
)
|
|||
Depreciation and amortization
|
|
3,099,153
|
|
|
2,171,090
|
|
|
928,063
|
|
|||
Interest
|
|
4,317,329
|
|
|
4,421,608
|
|
|
(104,279
|
)
|
|||
General and administrative
|
|
2,533,246
|
|
|
2,044,132
|
|
|
489,114
|
|
|||
Total expenses
|
|
14,576,997
|
|
|
12,638,224
|
|
|
1,938,773
|
|
|||
Income from continuing operations
|
|
2,944,741
|
|
|
2,280,576
|
|
|
664,165
|
|
|||
Income from discontinued operations (including gain on sale of MF Property of $1,277,976 in 2012)
|
|
1,613,817
|
|
|
187,302
|
|
|
1,426,515
|
|
|||
Net income
|
|
4,558,558
|
|
|
2,467,878
|
|
|
2,090,680
|
|
|||
Net income attributable to noncontrolling interest
|
|
398,469
|
|
|
449,866
|
|
|
(51,397
|
)
|
|||
Net income - America First Tax Exempt Investors, L. P.
|
|
$
|
4,160,089
|
|
|
$
|
2,018,012
|
|
|
$
|
2,142,077
|
|
|
|
For Three Months Ended September 30, 2012
|
|
For Three Months Ended September 30, 2011
|
|
For Nine Months Ended September 30, 2012
|
|
For Nine Months Ended September 30, 2011
|
||||||||
Net income (loss) - America First Tax Exempt Investors L.P.
|
|
$
|
2,211,567
|
|
|
$
|
132,052
|
|
|
$
|
3,148,047
|
|
|
$
|
1,077,978
|
|
Net loss related to VIEs and eliminations due to consolidation
|
|
513,174
|
|
|
242,984
|
|
|
1,012,042
|
|
|
940,034
|
|
||||
Net income before impact of VIE consolidation
|
|
$
|
2,724,741
|
|
|
$
|
375,036
|
|
|
$
|
4,160,089
|
|
|
$
|
2,018,012
|
|
Change in fair value of derivatives and interest rate derivative amortization
|
|
274,814
|
|
|
1,073,462
|
|
|
1,055,311
|
|
|
1,962,016
|
|
||||
Depreciation and amortization expense (Partnership only)
|
|
649,939
|
|
|
749,288
|
|
|
2,376,823
|
|
|
1,568,315
|
|
||||
Provision for loss on receivables
|
|
(261,825
|
)
|
|
14,525
|
|
|
214,525
|
|
|
725,215
|
|
||||
Tier II income
|
|
(314,181
|
)
|
|
—
|
|
|
(481,136
|
)
|
|
(77,039
|
)
|
||||
Depreciation and amortization related to discontinued operations
|
|
297,162
|
|
|
224,991
|
|
|
450,066
|
|
|
661,178
|
|
||||
Bond purchase discount accretion (net of cash received)
|
|
(58,574
|
)
|
|
(70,505
|
)
|
|
4,546
|
|
|
(216,475
|
)
|
||||
Ohio deferred interest
|
|
345,567
|
|
|
347,514
|
|
|
1,037,959
|
|
|
1,042,542
|
|
||||
CAD
|
|
$
|
3,657,643
|
|
|
$
|
2,714,311
|
|
|
$
|
8,818,183
|
|
|
$
|
7,683,764
|
|
Weighted average number of units outstanding,
|
|
|
|
|
|
|
|
|
||||||||
basic and diluted
|
|
42,772,928
|
|
|
30,122,928
|
|
|
35,572,562
|
|
|
30,122,928
|
|
||||
Net income, basic and diluted, per unit
|
|
$
|
0.06
|
|
|
$
|
0.01
|
|
|
$
|
0.10
|
|
|
$
|
0.06
|
|
Total CAD per unit
|
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
$
|
0.25
|
|
|
$
|
0.26
|
|
Distributions per unit
|
|
$
|
0.1250
|
|
|
$
|
0.1250
|
|
|
$
|
0.375
|
|
|
$
|
0.375
|
|
|
Payments due by period
|
||||||||||||||
|
|
|
Less than
|
|
1-2
|
|
More than 2
|
||||||||
|
Total
|
|
1 year
|
|
years
|
|
years
|
||||||||
Debt financing
|
$
|
153,184,000
|
|
|
$
|
59,920,000
|
|
|
$
|
2,188,000
|
|
|
$
|
91,076,000
|
|
Mortgages payable
|
$
|
39,178,128
|
|
|
$
|
13,191,734
|
|
|
$
|
23,986,354
|
|
|
$
|
2,000,040
|
|
Effective interest rate(s)
(1)
|
|
|
3.18
|
%
|
|
2.49
|
%
|
|
2.16
|
%
|
|||||
Interest
(2)
|
$
|
15,533,257
|
|
|
$
|
5,566,435
|
|
|
$
|
5,542,428
|
|
|
$
|
4,424,394
|
|
(1)
|
Interest rates shown are the average effective rates as of
September 30, 2012
and include the impact of our interest rate derivatives.
|
(2)
|
Interest shown is estimated based upon current effective interest rates through maturity.
|
|
|
|
|
Effective
|
|
Maturity
|
|
Purchase
|
|
|
|||
Date Purchased
|
|
Notional Amount
|
|
Capped Rate
|
|
Date
|
|
Price
|
|
Counterparty
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||
September 2, 2010
|
|
31,936,667
|
|
|
3
|
%
|
|
September 1, 2017
|
|
921,000
|
|
|
Bank of New York Mellon
|
|
|
|
|
|
|
|
|
|
|
|
|||
September 2, 2010
|
|
31,936,667
|
|
|
3
|
%
|
|
September 1, 2017
|
|
845,600
|
|
|
Barclays Bank PLC
|
|
|
|
|
|
|
|
|
|
|
|
|||
September 2, 2010
|
|
31,936,667
|
|
|
3
|
%
|
|
September 1, 2017
|
|
928,000
|
|
|
Royal Bank of Canada
|
Date: November 8, 2012
|
By:
|
/s/ Mark Hiatt
|
|
|
Mark Hiatt
|
|
|
Chief Executive Officer
|
Date: November 8, 2012
|
By:
|
/s/ Timothy Francis
|
|
|
Timothy Francis
|
|
|
Chief Financial Officer
|
Description of Alternative Investment
|
Principal Amount
|
Placement Fee
|
Investment Grade Rated Public Housing Capital Fund Trusts' Certificates
|
Up to $75 million
|
1% of Par Value
|
|
|
|
|
|
|
1.
|
I have reviewed this quarterly report on Form 10-Q of America First Tax Exempt Investors, L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in the report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods represented in this report;
|
4.
|
The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the Company's most recent fiscal quarter (the Company's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.
|
By
|
/s/ Mark A. Hiatt
|
|
|
Mark A. Hiatt
|
|
|
Chief Executive Officer
|
|
1.
|
I have reviewed this quarterly report on Form 10-Q of America First Tax Exempt Investors, L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in the report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods represented in this report;
|
4.
|
The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the Company's most recent fiscal quarter (the Company's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and
|
5.
|
The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors(or persons performing equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.
|
By
|
/s/ Timothy Francis
|
|
|
Timothy Francis
|
|
|
Chief Financial Officer
|
|
(1)
|
The Quarterly Report on Form 10-Q of the Partnership for the year ended
September 30, 2012
(the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.
|
|
/s/ Mark A. Hiatt
|
|
|
Mark A. Hiatt
|
|
|
Chief Executive Officer
|
|
(1)
|
The Quarterly Report on Form 10-Q of the Partnership for the year ended
September 30, 2012
(the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.
|
|
/s/ Timothy Francis
|
|
|
Timothy Francis
|
|
|
Chief Financial Officer
|
|