Exhibit 99.1

 

 

 

 

 

 

Supplemental Financial Report for

Quarter Ended June 30, 2016

 

 

 

 

 

 


AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

All statements in this document other than statements of historical facts, 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 document may also contain 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 contained in this supplement and, accordingly, we cannot guarantee their accuracy or completeness. 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 “Item 1A Risk Factors” in each of our 2015 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the quarter ended March 31, 2016.  These forward-looking statements are subject to various risks and uncertainties and America First Multifamily Investors, L.P. expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Most, but not all, of the selected financial information furnished herein is derived from the America First Multifamily Investors, L.P.’s (“ATAX” or “Partnership”) consolidated financial statements and related notes prepared in accordance with GAAP and management’s discussion and analysis of financial condition and results of operations included in the Partnership’s reports on Forms 10-K and 10-Q. The Partnership’s annual consolidated financial statements were subject to independent audit, dated March 3, 2016. The second quarter 2016 Form 10-Q materials are dated August 5, 2016 and the Partnership does not undertake to update the materials after that date.

Disclosure Regarding Non-GAAP Measures

This document refers to certain financial measures that are identified as non-GAAP. We believe these non-GAAP measures are helpful to investors because they are the key information used by management to analyze our operations. This supplemental information should not be considered in isolation or as a substitute for the related GAAP measures.

Please see the consolidated financial statements we filed with the Securities and Exchange Commission on Forms 10-K and 10-Q which include a reconciliation of the Partnership to consolidated financial statements in the capital and liquidity section.  Our GAAP consolidated financial statements can be located upon searching for the Partnership’s filings at www.sec.gov.


PARTNERSHIP FINANCIAL INFORMATION

 

TABLE OF CONTENTS

 

 

 

 

 

Pages

 

Supplemental Letter from the CEO

 

4-5

 

Quarterly Fact Sheet

 

6

 

Financial Performance Trend Graphs

 

7-9

 

Key Facts about America First Multifamily Investors, LP

 

10

 

Partnership Financial Statements

 

11-13

 

Partnership Financial Measures

 

14-16

 

Occupancy Data

 

17-18

 

 

 


AMERICA FIRST MULTIFAMILY INVESTORS L.P.

SUPPLEMENTAL LETTER FROM THE CEO

We are pleased by the results of our operations, the net income we have reported, and our Cash Available for Distribution (“CAD”) for the second quarter of 2016.

Highlights of our second quarter of 2016 results, compared to the second quarter of 2015, are as follows:

 

·

Total revenue increased approximately 9.0% to $14.9 million as compared to $13.7 million

 

·

Net Income, basic and diluted, increased approximately 25% to $0.15 per unit as compared to $0.12 per unit

 

·

Ratio of debt to total assets at par and cost (“leverage ratio”) increased to 62% as compared to 61%, and

 

·

CAD increased to approximately 25% to $12.2 million ($0.20 per unit), compared to $9.7 million ($0.16 per unit)

Additional notable transactions which occurred during the second quarter of 2016 and contributed to the $0.20 CAD per unit were:

 

·

Sale of Arboretum, an MF Property, for a gain of approximately $8.3 million (net of taxes) and

 

·

Additional $13.9 million capital from the sale of the Series A Redeemable Preferred Units.

We continue to execute on our strategy of “fine tuning” our assets owned and continue to enhance our relationships with our business partners and Unitholders. This has allowed us to report positive results in net income, basic and diluted, and CAD for the second quarter of 2016.

We are very proud of our history of paying distributions to our Unitholders. For over 30 years, the general partner of the general partner of ATAX has remained committed to paying distributions to the Unitholders of our Partnership.  We have not missed a regularly scheduled distribution since we have been listed as a publicly traded company on the NASDAQ market, in 1986.

 

4

 


As a management team, we remain disciplined in our investment strategy and diligent in our pursuit of market opportunities as they present themselves.

It has been a privilege to work with the many skilled and dedicated members of our Partnership team and an experienced team that comprise our Board of Managers.   We are encouraged by the Partnership’s direction and look forward to discussing our third quarter of 2016 results in the near future.

Chad Daffer, Chief Executive Officer

 

5

 


SECOND QUARTER 2016 FACT SHEET

 

 

 

PARTNERSHIP  DETAILS

(As of June 30, 2016)

Symbol (NASDAQ)

 

ATAX

Annual Distribution

 

$

0.50

Price

 

$

5.48

Yield

 

 

9.1%

Units Outstanding

 

 

60,252,928

Market Capitalization

 

$

330,186,045

52 week range of stock price

 

$4.51 to $5.66

Partnership Financial Information for the Quarter
Ended June 30, 2016

(amounts in thousands, except per unit)

 

Total Revenue

 

$

14,933

Net Income - ATAX

 

$

11,006

Cash Available for Distribution
(“CAD”)1

 

$

12,163

Total Assets

 

$

945,689

Ratio of Debt to Total Assets
at Par and Cost

 

 

62%

CAD, per unit

 

$

0.20

Distribution Declared per unit2

 

$

0.125

 

We were formed for the primary purpose of acquiring a portfolio of mortgage revenue bonds that are issued to provide construction and/or permanent financing of multifamily residential properties.  We continue to expect most of the interest paid on these bonds is excludable from gross income for federal income tax purposes. Our business objectives are to (i) preserve and protect our capital (ii) provide regular cash distributions, and (iii) generate additional returns from appreciation of real estate or the opportunistic sale of the asset investments to our Unitholders. We also invest in other securities which 1) if not secured by a direct or indirect interest in a property must be rated in one of the four highest rating categories by at least one nationally recognized securities rating agency and 2) cannot be more than 25% of our total assets at acquisition. We have also acquired interests in multifamily apartments (“MF Properties”) in order to position ourselves for future investments in mortgage revenue bonds issued to finance these properties.

 

 

 

 

1

Management utilizes a calculation of Cash Available for Distribution (“CAD”) as a means to determine our ability to make distributions to Unitholders. This is a non-GAAP financial measure and reconciliation of our GAAP net income to its CAD is provided on page 14 of the Supplement herein.

2

The most recent distribution was paid on July 28, 2016 for Unit holders of record as of June 30, 2016. The distribution is payable to Unit holders of record as of the last business day of the quarter end and ATAX trades ex-dividend two days prior to the record date, with a payable date of the last business day of the subsequent month.

 

6

 


REVENUE and OTHER INCOME TRENDS

Revenue and other income increased due to our acquisition of mortgage revenue bonds and the sale of MF Properties.

Highlighted transactions recorded during the past eight quarters include the following:

 

·

During the second quarter of 2016, we recognized a gain of approximately $8.3 million, net of tax, on the sale of the Arboretum, an MF Property, and contingent interest income of approximately $45,000,

 

·

During the first quarter of 2016, we recognized contingent interest income of approximately $174,000,

 

·

During the fourth quarter of 2015, we recognized contingent interest and note interest income of approximately $6.2 million from the sale of the Consolidated VIEs,

 

·

During the third quarter of 2015, we recognized a gain of approximately $1.2 million on the sale of Glynn Place, an MF Property,

 

·

During the second quarter of 2015, we recognized a gain of approximately $3.4 million on the sale of The Colonial, an MF Property, and

 

·

During the third quarter of 2014, we recognized approximately $188,000 of guarantee fee income related to the Greens Property.

 

 

 

7

 


PERFORMANCE TRENDS

 

In general, CAD1 has remained relatively consistent over the past eight quarters absent the contribution from highlighted transactional events.

 

·

In 2016, we realized approximately $219,000 of contingent interest, of which $55,000 was due the General Partner. In addition, we realized a gain of approximately $8.3 million, net of tax, from the sale of the Arboretum, of which approximately $2.1 million was due the General Partner.

 

·

In 2015, we realized approximately $4.8 million of contingent interest, of which approximately $1.2 million was due the General Partner. In addition, we reported the sale of Glynn Place and The Colonial which resulted in gains of approximately $1.2 million and $3.4 million, respectively, of which approximately $297,000 and $854,000, respectively, was due the General Partner. There was approximately $7.0 million that was allocated to the Unitholders.

 

·

In 2014, we recognized Tier 2 income of approximately $873,000, of which approximately $218,000 was due the General Partner.

 

1

Management utilizes a calculation of Cash Available for Distribution (“CAD”) as a means to determine our ability to make distributions to Unitholders. This is a non-GAAP financial measure and reconciliation of our GAAP net income to its CAD is provided on page 14 of the Supplement herein.

 


 

8

 


LEVERAGE RATIOS

 

Our operating policy on
leverage is:

·   To maintain leverage of between 75% and 85% of the mortgage revenue bonds’ par value due to longer term TOB and TEBS facilities and credit enhancements.

·   For investment grade rated assets, which are the PHC certificates, the policy allows for more consistent leverage percentages since those asset classes are rated. Our policy is to have leverage on average at 80% of the par value for these investment classes.

·   Our policy regarding mortgages on MF Properties is to look at a supportable loan given standard parameters of LTV and Debt Service Coverage. Mortgages are utilized as interim leverage while consideration is given to the use of longer term debt financing.

 

·

The overall target leverage ratio of the Partnership is 65%.

 

Weighted Average Cost of Debt

 

Period End

Rate

 

Period End

Rate

 

 

30-Jun-16

 

31-Dec-15

TEBS Financing

 

 

1.81%

 

 

1.51%

TOB Secured Financing

 

 

3.59%

 

 

3.26%

Mortgages payable and other secured financing

 

 

3.72%

 

 

3.57%

 

 

 

 

1

Amounts shown are at par and cost.

 

9

 


OTHER PARTNERSHIP INFORMATION

 

Corporate Office:

 

 

Transfer Agent:

 

 

 

 

1004 Farnam Street

 

 

American Stock Transfer & Trust Company

Suite 400

 

 

59 Maiden Lane

Omaha, NE  68102

 

 

Plaza Level

Phone:

402-444-1630

 

New York, NY 10038

Investor Services

402-930-3098

 

Phone:   718-921-8124

Fax:

402-930-3047

 

              888-991-9902

Web Site:

www.ataxfund.com

 

Fax:       718-236-2641

Ticker Symbol:

ATAX

 

 

 

Corporate Counsel:

Independent Accountants:

Barnes & Thornburg LLP

PwC

11 S. Meridian Street

1 North Wacker Drive

Indianapolis, IN 46204

Chicago, Illinois 60606

Burlington Capital LLC, General Partner of the General Partner for

ATAX - Board of Managers

Michael B. Yanney

Chairman Emeritus of the Board

Lisa Y. Roskens

Chairman of the Board

Mariann  Byerwalter

Manager

Dr. William S. Carter

Manager

Patrick J. Jung

Manager

George  Krauss

Manager

Dr. Gail Yanney

Manager

Walter K. Griffith

Manager

Senator Michael Johanns

Manager

Corporate Officers

Chief Executive Officer – Chad Daffer

Chief Financial Officer – Craig S. Allen

 

 

 

 

10

 


 

 

 

 

 

Partnership Financial

Statements and Information

Schedules

 

 

 

 

 

 

 


AMERICA FIRST MULTIFAMILY INVESTORS, L.P. BALANCE SHEETS

 

 

 

June 30, 2016

 

 

December 31, 2015

 

 

 

 

Unaudited

 

 

 

Audited

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

43,013,538

 

 

$

17,035,782

 

Restricted cash

 

 

9,563,167

 

 

 

8,950,374

 

Interest receivable

 

 

5,781,748

 

 

 

5,220,859

 

Mortgage revenue bonds, held in trust

 

 

587,291,915

 

 

 

536,316,481

 

Mortgage revenue bonds

 

 

61,105,457

 

 

 

47,366,656

 

Public housing capital fund trusts

 

 

62,180,059

 

 

 

60,707,290

 

Mortgage-backed Securities

 

 

-

 

 

 

14,775,309

 

Real estate assets:

 

 

 

 

 

 

 

 

Land and improvements

 

 

14,946,348

 

 

 

16,622,345

 

Buildings and improvements

 

 

105,768,345

 

 

 

124,906,654

 

Real estate assets before accumulated depreciation

 

 

120,714,693

 

 

 

141,528,999

 

Accumulated depreciation

 

 

(13,682,124

)

 

 

(14,532,168

)

Net real estate assets

 

 

107,032,569

 

 

 

126,996,831

 

Investment in equity interest

 

 

3,463,215

 

 

 

-

 

Property loans

 

 

28,603,951

 

 

 

22,775,709

 

Assets held for sale

 

 

13,745,698

 

 

 

14,020,559

 

Other assets

 

 

23,907,596

 

 

 

12,944,633

 

Total Assets

 

$

945,688,913

 

 

$

867,110,483

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

 

$

6,546,162

 

 

$

5,667,948

 

Income taxes payable

 

 

4,100,000

 

 

 

-

 

Distribution payable

 

 

9,683,408

 

 

 

8,759,343

 

Unsecured lines of credit

 

 

23,997,000

 

 

 

17,497,000

 

Debt financing

 

 

430,063,339

 

 

 

451,496,716

 

Mortgages payable and other secured financing

 

 

52,067,325

 

 

 

69,247,574

 

Derivative swap, at fair value

 

 

2,647,457

 

 

 

1,317,075

 

Total Liabilities

 

 

529,104,691

 

 

 

553,985,656

 

Redeemable preferred units

 

 

23,819,869

 

 

 

-

 

Partners' Capital

 

 

 

 

 

 

 

 

General Partner

 

 

1,195,475

 

 

 

399,077

 

Beneficial Unit Certificate holders

 

 

391,563,505

 

 

 

312,720,264

 

Total Partners' Capital

 

 

392,758,980

 

 

 

313,119,341

 

Noncontrolling interest

 

 

5,373

 

 

 

5,486

 

Total Capital

 

 

392,764,353

 

 

 

313,124,827

 

Total Liabilities and Partners' Capital

 

$

945,688,913

 

 

$

867,110,483

 

 

 

12

 


AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

PARTNERSHIP INCOME STATEMENTS

(unaudited)

 

 

 

For The Three Months

 

 

For The Three Months

 

 

For The Six Months

 

 

For The Six Months

 

 

 

Ended June 30, 2016

 

 

Ended June 30, 2015

 

 

Ended June 30, 2016

 

 

Ended June 30, 2015

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

9,009,907

 

 

$

9,388,661

 

 

$

18,167,141

 

 

$

17,368,445

 

Property revenues

 

 

4,994,868

 

 

 

4,086,061

 

 

 

10,068,972

 

 

 

8,388,362

 

Contingent interest income

 

 

45,000

 

 

-

 

 

 

219,396

 

 

-

 

Other interest income

 

 

883,346

 

 

 

227,383

 

 

 

1,397,471

 

 

 

451,923

 

Total Revenues

 

 

14,933,121

 

 

 

13,702,105

 

 

 

29,852,980

 

 

 

26,208,730

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate operating (exclusive of items shown below)

 

 

2,369,455

 

 

 

2,275,275

 

 

 

5,006,132

 

 

 

4,746,305

 

Provision for loss on receivables

 

-

 

 

 

98,431

 

 

-

 

 

 

98,431

 

Impairment expense

 

 

61,506

 

 

-

 

 

 

61,506

 

 

-

 

Depreciation and amortization

 

 

1,806,732

 

 

 

1,436,585

 

 

 

3,931,630

 

 

 

2,890,764

 

Amortization of deferred financing costs

 

 

392,493

 

 

 

306,732

 

 

 

924,680

 

 

 

645,331

 

Interest

 

 

4,322,054

 

 

 

2,993,134

 

 

 

9,092,189

 

 

 

6,929,310

 

General and administrative

 

 

2,764,981

 

 

 

2,026,115

 

 

 

5,097,352

 

 

 

3,833,596

 

Total Expenses

 

 

11,717,221

 

 

 

9,136,272

 

 

 

24,113,489

 

 

 

19,143,737

 

Other Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of MF Properties

 

 

12,442,929

 

 

 

3,417,462

 

 

 

12,442,929

 

 

 

3,417,462

 

Gain on sale of securities

 

-

 

 

-

 

 

 

8,097

 

 

-

 

Income before income taxes

 

 

15,658,829

 

 

 

7,983,295

 

 

 

18,190,517

 

 

 

10,482,455

 

Income tax expense

 

 

4,653,000

 

 

-

 

 

 

4,653,000

 

 

-

 

Income from continuing operations

 

 

11,005,829

 

 

 

7,983,295

 

 

 

13,537,517

 

 

 

10,482,455

 

Income from discontinued operations

 

-

 

 

 

238,287

 

 

-

 

 

 

262,715

 

Net income before noncontrolling interest

 

 

11,005,829

 

 

 

8,221,582

 

 

 

13,537,517

 

 

 

10,745,170

 

Loss attributable to noncontrolling interest

 

 

(101

)

 

 

311

 

 

 

(113

)

 

 

(580

)

Net income - ATAX Partnership

 

$

11,005,930

 

 

$

8,221,271

 

 

$

13,537,630

 

 

$

10,745,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

11,005,930

 

 

 

8,221,271

 

 

 

13,537,630

 

 

 

10,745,750

 

Redeemable preferred unit distribution and accretion

 

 

(124,982

)

 

-

 

 

 

(126,666

)

 

-

 

Net income available to Partners and noncontrolling interest

 

$

10,880,948

 

 

$

8,221,271

 

 

$

13,410,964

 

 

$

10,745,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Segment Data (Partnership):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue and Other Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Revenue Bond Investments

 

$

8,790,823

 

 

$

8,678,337

 

 

$

17,577,974

 

 

$

15,996,898

 

MF Properties

 

 

17,437,797

 

 

 

4,086,061

 

 

 

22,511,901

 

 

 

8,388,362

 

Public Housing Capital Fund Trusts

 

 

722,990

 

 

 

784,846

 

 

 

1,453,892

 

 

 

1,517,749

 

MBS Securities Investments

 

-

 

 

 

152,861

 

 

 

48,755

 

 

 

305,721

 

Other Investments

 

 

424,440

 

 

-

 

 

 

711,484

 

 

-

 

Total Revenue and Other Income

 

$

27,376,050

 

 

$

13,702,105

 

 

$

42,304,006

 

 

$

26,208,730

 

Total Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Revenue Bond Investments

 

$

6,570,100

 

 

$

4,421,570

 

 

$

13,326,958

 

 

$

9,390,609

 

MF Properties

 

 

9,465,475

 

 

 

948,318

 

 

 

14,807,382

 

 

 

5,644,260

 

Public Housing Capital Fund Trusts

 

 

334,545

 

 

 

308,033

 

 

 

635,265

 

 

 

611,788

 

MBS Securities Investments

 

-

 

 

 

41,200

 

 

 

(3,229

)

 

 

79,038

 

Other Investments

 

-

 

 

-

 

 

-

 

 

-

 

Total

 

$

16,370,120

 

 

$

5,719,121

 

 

$

28,766,376

 

 

$

15,725,695

 

Net Income (loss) from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Revenue Bond Investments

 

$

2,220,723

 

 

$

4,256,767

 

 

$

4,251,016

 

 

$

6,606,289

 

MF Properties

 

 

7,972,322

 

 

 

3,137,743

 

 

 

7,704,519

 

 

 

2,744,102

 

Public Housing Capital Fund Trusts

 

 

388,445

 

 

 

476,813

 

 

 

818,627

 

 

 

905,961

 

MBS Securities Investments

 

-

 

 

 

111,661

 

 

 

51,984

 

 

 

226,683

 

Other Investments

 

 

424,440

 

 

-

 

 

 

711,484

 

 

-

 

Income from continuing operations

 

$

11,005,930

 

 

$

7,982,984

 

 

$

13,537,630

 

 

$

10,483,035

 

 

 

13

 


AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

PARTNERSHIP CASH AVAILABLE FOR DISTRIBUTION AND OTHER PERFORMANCE MEASURES

FOR THE THREE MONTHS ENDED

The following table, a reconciliation of the Partnership’s GAAP net income to its CAD:

 

 

 

September 30, 2014

 

 

December 31, 2014

 

 

March 31, 2015

 

 

June 30, 2015

 

 

September 30, 2015

 

 

December 31, 2015

 

 

March 31, 2016

 

 

June 30, 2016

 

Partnership Only net income

 

$

3,473,061

 

 

$

2,236,621

 

 

$

2,670,645

 

 

$

8,153,317

 

 

$

2,514,338

 

 

$

9,549,326

 

 

$

2,531,700

 

 

$

11,005,930

 

Change in fair value of derivatives and interest rate derivative amortization

 

 

153,810

 

 

 

1,239,632

 

 

 

899,873

 

 

 

(198,743

)

 

 

1,254,564

 

 

 

(153,039

)

 

 

1,110,407

 

 

 

531,389

 

Depreciation and amortization
expense (Part

 

 

1,595,360

 

 

 

1,818,169

 

 

 

1,794,814

 

 

 

1,743,317

 

 

 

1,829,026

 

 

 

2,760,643

 

 

 

2,124,898

 

 

 

1,806,732

 

Impairment expense

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

61,506

 

Amortization of deferred financing costs

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

532,187

 

 

 

392,493

 

Deferred income taxes

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

553,000

 

Redeemable preferred unit distribution and a

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

(1,684

)

 

 

(124,982

)

Bond purchase discount accretion (net of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

cash received)

 

 

1,902

 

 

 

140,296

 

 

 

18,899

 

 

 

729,672

 

 

 

380,644

 

 

 

171,717

 

 

 

34,696

 

 

 

33,668

 

Developer income

 

 

487,948

 

 

-

 

 

-

 

 

 

18,159

 

 

-

 

 

-

 

 

-

 

 

-

 

Tier 2 Income distributable to the General

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partner

 

-

 

 

 

(10,000

)

 

-

 

 

 

(854,365

)

 

 

(296,952

)

 

 

(1,187,639

)

 

 

(43,599

)

 

 

(2,096,982

)

Provision for loan loss

 

 

75,000

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Provision for loss on receivable

 

-

 

 

-

 

 

-

 

 

 

98,431

 

 

 

(98,431

)

 

-

 

 

-

 

 

-

 

Amortization related to discontinued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

operations

 

-

 

 

-

 

 

-

 

 

 

2,029

 

 

 

2,023

 

 

 

3,380

 

 

-

 

 

-

 

CAD

 

$

5,787,081

 

 

$

5,424,718

 

 

$

5,384,231

 

 

$

9,691,817

 

 

$

5,585,212

 

 

$

11,144,388

 

 

$

6,288,605

 

 

$

12,162,754

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of units outstanding, basic and diluted

 

 

60,252,928

 

 

 

60,252,928

 

 

 

60,252,928

 

 

 

60,252,928

 

 

 

60,252,928

 

 

 

60,252,928

 

 

 

60,252,928

 

 

 

60,252,928

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partnership Only:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income, basic and diluted, per unit

 

$

0.06

 

 

$

0.04

 

 

$

0.04

 

 

$

0.12

 

 

$

0.04

 

 

$

0.14

 

 

$

0.04

 

 

$

0.15

 

CAD per unit

 

$

0.10

 

 

$

0.09

 

 

$

0.09

 

 

$

0.16

 

 

$

0.09

 

 

$

0.19

 

 

$

0.10

 

 

$

0.20

 

Distributions declared, per unit

 

$

0.125

 

 

$

0.125

 

 

$

0.125

 

 

$

0.125

 

 

$

0.125

 

 

$

0.125

 

 

$

0.125

 

 

$

0.125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: For the year ended   December 31, 2015, taxable income was approximately 6% of the total of taxable and tax-exempt interest income on the Partnership’s tax return. In addition, income subject to Alternative Minimum Tax was approximately 11% of the tax-exempt income.   A Unitholder of ATAX   who   had ownership for the full 2015 year would have seen a similar   break   out   of their   income on their   2015 tax form K-1.

 

14

 


AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

MORTGAGE REVENUE BOND INVESTMENT SCHEDULE JUNE 30, 2016

 

Property Name

 

Location

 

Maturity

Date

 

Base

Interest

Rate

 

 

Principal

Outstanding

 

 

Estimated

Fair Value

 

Arbors at Hickory Ridge

 

Memphis, TN

 

12/1/2049

 

 

6.25

%

 

$

11,405,844

 

 

$

14,644,974

 

Ashley Square

 

Des Moines, IA

 

12/1/2025

 

 

6.25

%

 

 

5,069,000

 

 

 

5,931,753

 

Avistar on the Boulevard - Series A

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

16,344,793

 

 

 

20,514,761

 

Avistar at Chase Hill - Series A

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

9,890,950

 

 

 

12,174,706

 

Avistar at the Crest - Series A

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

9,594,222

 

 

 

12,041,948

 

Avistar (February 2013 Acquisition) - Series B (3 Bonds)

 

San Antonio, TX

 

4/1/2050

 

 

9.00

%

 

 

2,163,399

 

 

 

2,648,345

 

Avistar at the Oaks - Series A

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

7,744,004

 

 

 

9,673,744

 

Avistar in 09 - Series A

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

6,686,648

 

 

 

8,352,903

 

Avistar on the Hills - Series A

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

5,350,313

 

 

 

6,727,670

 

Avistar (June 2013 Acquisition) - Series B (3 Bonds)

 

San Antonio, TX

 

9/1/2050

 

 

9.00

%

 

 

1,007,473

 

 

 

1,240,643

 

Avistar at the Parkway - Series A

 

San Antonio, TX

 

5/1/2052

 

 

6.00

%

 

 

13,300,000

 

 

 

15,364,647

 

Avistar at the Parkway - Series B

 

San Antonio, TX

 

6/1/2052

 

 

12.00

%

 

 

125,000

 

 

 

133,892

 

Bella Vista

 

Gainesville, TX

 

4/1/2046

 

 

6.15

%

 

 

6,365,000

 

 

 

8,202,512

 

Bridle Ridge

 

Greer, SC

 

1/1/2043

 

 

6.00

%

 

 

7,565,000

 

 

 

9,801,819

 

Brookstone

 

Waukegan, IL

 

5/1/2040

 

 

5.45

%

 

 

9,123,283

 

 

 

10,313,552

 

Bruton Apartments

 

Dallas, TX

 

8/1/2054

 

 

6.00

%

 

 

18,145,000

 

 

 

21,770,651

 

Columbia Gardens

 

Columbia, SC

 

12/1/2050

 

 

5.50

%

 

 

15,000,000

 

 

 

16,358,918

 

Companion at Thornhill Apartments

 

Lexington, SC

 

1/1/2052

 

 

5.80

%

 

 

11,500,000

 

 

 

14,505,857

 

Concord at Gulfgate - Series A

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

17,060,000

 

 

 

20,226,706

 

Concord at Gulfgate - Series B

 

Houston, TX

 

3/1/2032

 

 

12.00

%

 

 

2,125,000

 

 

 

2,401,129

 

Concord at Little York - Series A

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

12,480,000

 

 

 

14,796,547

 

Concord at Little York - Series B

 

Houston, TX

 

3/1/2032

 

 

12.00

%

 

 

960,000

 

 

 

1,084,741

 

Concord at Williamcrest - Series A

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

18,020,000

 

 

 

21,688,443

 

Concord at Williamcrest - Series B

 

Houston, TX

 

3/1/2032

 

 

12.00

%

 

 

2,800,000

 

 

 

3,163,838

 

Copper Gate Apartments

 

Lafayette, IN

 

12/1/2029

 

 

6.25

%

 

 

5,185,000

 

 

 

6,479,228

 

Cross Creek

 

Beaufort, SC

 

3/1/2049

 

 

6.15

%

 

 

8,301,613

 

 

 

10,177,513

 

Crossing at 1415 - Series A

 

San Antonio, TX

 

12/1/2052

 

 

6.00

%

 

 

7,590,000

 

 

 

8,785,547

 

Crossing at 1415 - Series B

 

San Antonio, TX

 

1/1/2053

 

 

12.00

%

 

 

335,000

 

 

 

366,561

 

Decatur Angle

 

Fort Worth, TX

 

1/1/2054

 

 

5.75

%

 

 

23,000,000

 

 

 

26,680,548

 

Glenview - Series A

 

Cameron Park, CA

 

12/1/2031

 

 

5.75

%

 

 

4,670,000

 

 

 

5,168,774

 

Greens of Pine Glen - Series A

 

North Carolina

 

10/1/2047

 

 

6.50

%

 

 

8,252,000

 

 

 

10,616,424

 

Greens of Pine Glen - Series B

 

North Carolina

 

10/1/2047

 

 

9.00

%

 

 

941,887

 

 

 

1,187,170

 

Harden Ranch - Series A

 

Salinas, CA

 

3/1/2030

 

 

5.75

%

 

 

6,944,405

 

 

 

8,171,651

 

Heights at 515 - Series A

 

San Antonio, TX

 

12/1/2052

 

 

6.00

%

 

 

6,435,000

 

 

 

7,448,616

 

Heights at 515 - Series B

 

San Antonio, TX

 

1/1/2053

 

 

12.00

%

 

 

510,000

 

 

 

558,048

 

Heritage Square - Series A

 

Edinburg, TX

 

9/1/2051

 

 

6.00

%

 

 

11,185,000

 

 

 

13,947,703

 

Lake Forest Apartments

 

Daytona Beach, FL

 

12/1/2031

 

 

6.25

%

 

 

8,705,000

 

 

 

10,747,441

 

Live 929

 

Baltimore, MD

 

7/1/2049

 

 

5.78

%

 

 

40,120,000

 

 

 

53,283,085

 

Montclair - Series A

 

Lemoore, CA

 

12/1/2031

 

 

5.75

%

 

 

2,530,000

 

 

 

2,870,097

 

Ohio Bond - Series A

 

Ohio

 

6/1/2050

 

 

7.00

%

 

 

14,263,000

 

 

 

19,277,838

 

Ohio Bond - Series B

 

Ohio

 

6/1/2050

 

 

10.00

%

 

 

3,556,140

 

 

 

4,521,370

 

Pro Nova - 2014A

 

Knoxville, TN

 

5/1/2034

 

 

6.00

%

 

 

10,000,000

 

 

 

11,825,200

 

Renaissance - Series A

 

Baton Rouge, LA

 

6/1/2050

 

 

6.00

%

 

 

11,400,429

 

 

 

14,231,208

 

Runnymede

 

Austin, TX

 

10/1/2042

 

 

6.00

%

 

 

10,300,000

 

 

 

12,664,880

 

Santa Fe - Series A

 

Hesperia, CA

 

12/1/2031

 

 

5.75

%

 

 

3,065,000

 

 

 

3,529,138

 

Seasons at Simi Valley - Series A-1

 

Simi Valley, CA

 

9/1/2032

 

 

5.75

%

 

 

4,376,000

 

 

 

5,197,220

 

Seasons at Simi Valley - Series A-2

 

Simi Valley, CA

 

9/1/2017

 

 

5.50

%

 

 

1,944,000

 

 

 

2,003,675

 

Silver Moon - Series A

 

Albuquerque, NM

 

8/1/2055

 

 

6.00

%

 

 

7,958,913

 

 

 

9,785,750

 

Southpark

 

Austin, TX

 

12/1/2049

 

 

6.13

%

 

 

13,560,000

 

 

 

18,377,054

 

Sycamore Walk - Series B-1

 

Bakersfield, CA

 

1/1/2033

 

 

5.25

%

 

 

3,632,000

 

 

 

4,117,784

 

Sycamore Walk - Series B-2

 

Bakersfield, CA

 

1/1/2018

 

 

5.50

%

 

 

1,815,000

 

 

 

1,741,021

 

The Palms at Premier Park

 

Columbia, SC

 

1/1/2050

 

 

6.25

%

 

 

19,915,355

 

 

 

25,205,401

 

Tyler Park Townhomes

 

Greenfield, CA

 

1/1/2030

 

 

5.75

%

 

 

6,052,204

 

 

 

6,613,842

 

Vantage at Judson

 

San Antonio, TX

 

2/1/2053

 

 

9.00

%

 

 

26,457,837

 

 

 

32,926,118

 

Vantage at Harlingen

 

San Antonio, TX

 

9/1/2053

 

 

9.00

%

 

 

24,575,000

 

 

 

29,836,111

 

Westside Village Market

 

Shafter, CA

 

1/1/2030

 

 

5.75

%

 

 

3,955,103

 

 

 

4,341,617

 

Willow Run

 

Columbia, SC

 

12/1/2050

 

 

5.50

%

 

 

15,000,000

 

 

 

16,342,214

 

Woodlynn Village

 

Maplewood, MN

 

11/1/2042

 

 

6.00

%

 

 

4,331,000

 

 

 

5,606,826

 

 

 

 

 

 

 

 

 

 

 

$

530,686,815

 

 

$

648,397,372

 

 

OTHER INVESTMENTS JUNE 30, 2016

 

 

 

Weighted

 

Weighted Avg.

 

 

Principal

 

 

Estimated

 

Name

 

Average Lives

 

Coupon Rate

 

 

Outstanding

 

 

Fair Value

 

Public Housing Capital Fund Trust Certificate I

 

8.81

 

 

5.37

%

 

$

24,923,137

 

 

$

28,754,322

 

Public Housing Capital Fund Trust Certificate II

 

8.17

 

 

4.30

%

 

 

11,465,660

 

 

 

11,934,835

 

Public Housing Capital Fund Trust Certificate III

 

9.31

 

 

5.42

%

 

 

20,898,432

 

 

 

21,490,902

 

 

 

 

 

 

 

 

 

$

57,287,229

 

 

$

62,180,059

 

 

 

15

 


AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

MORTGAGE REVENUE BOND INVESTMENT SCHEDULE DECEMBER 31, 2015

 

 

 

 

 

Maturity

 

Base

Interest

 

 

Principal

 

 

Estimated

 

Arbors at Hickory Ridge

 

Memphis, TN

 

12/1/2049

 

 

6.25

%

 

$

11,450,000

 

 

$

13,333,165

 

Ashley Square

 

Des Moines, IA

 

12/1/2025

 

 

6.25

%

 

 

5,099,000

 

 

 

5,607,163

 

Avistar at Chase Hill - Series A

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

9,935,552

 

 

 

11,068,576

 

Avistar at the Crest - Series A

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

9,637,485

 

 

 

10,938,709

 

Avistar at the Oak - Series A

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

7,777,936

 

 

 

8,618,095

 

Avistar at the Parkway - Series A

 

San Antonio, TX

 

5/1/2052

 

 

6.00

%

 

 

13,300,000

 

 

 

13,630,251

 

Avistar in 09 - Series A

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

6,715,948

 

 

 

7,441,393

 

Avistar on the Boulevard - Series A

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

16,418,497

 

 

 

18,290,820

 

Avistar on the Hill - Series A

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

5,373,756

 

 

 

6,066,852

 

Bella Vista

 

Gainesville, TX

 

4/1/2046

 

 

6.15

%

 

 

6,430,000

 

 

 

7,196,135

 

Bridle Ridge

 

Greer, SC

 

1/1/2043

 

 

6.00

%

 

 

7,595,000

 

 

 

8,412,222

 

Brookstone

 

Waukegan, IL

 

5/1/2040

 

 

5.45

%

 

 

9,168,742

 

 

 

8,904,871

 

Bruton Apartments

 

Dallas, TX

 

8/1/2054

 

 

6.00

%

 

 

18,145,000

 

 

 

20,046,839

 

Columbia Gardens

 

Columbia, SC

 

12/1/2050

 

 

5.50

%

 

 

15,000,000

 

 

 

15,224,597

 

Concord at Gulfgate - Series A

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

17,060,000

 

 

 

17,912,612

 

Concord at Little York - Series A

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

12,480,000

 

 

 

13,168,441

 

Concord at Williamcrest - Series A

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

18,020,000

 

 

 

19,202,543

 

Copper Gate

 

Layfayette, IN

 

12/1/2029

 

 

6.25

%

 

 

5,185,000

 

 

 

5,801,341

 

Cross Creek Apartments

 

Beaufort, SC

 

3/1/2049

 

 

6.15

%

 

 

8,343,321

 

 

 

9,034,294

 

Crossing at 1415 - Series A

 

San Antonio, TX

 

12/1/2052

 

 

6.00

%

 

 

7,590,000

 

 

 

7,798,523

 

Decatur-Angle

 

Forth Worth, TX

 

1/1/2054

 

 

5.75

%

 

 

23,000,000

 

 

 

24,582,083

 

Glenview - Series A

 

Cameron Park, CA

 

12/1/2031

 

 

5.75

%

 

 

4,670,000

 

 

 

4,880,572

 

Greens of Pine Glen - Series A

 

North Carolina

 

5/1/2042

 

 

6.50

%

 

 

8,294,000

 

 

 

9,432,270

 

Harden Ranch - Series A

 

Salinas, California

 

3/1/2030

 

 

5.75

%

 

 

6,960,000

 

 

 

7,628,981

 

Heights at 515 - Series A

 

San Antonio, TX

 

12/1/2052

 

 

6.00

%

 

 

6,435,000

 

 

 

6,611,791

 

Heritage Square - Series A

 

Edinberg. TX

 

9/1/2051

 

 

6.00

%

 

 

11,185,000

 

 

 

11,458,488

 

Lake Forest Apartments

 

Daytona Beach, FL

 

12/1/2031

 

 

6.25

%

 

 

8,766,000

 

 

 

9,943,745

 

Live 929 Apartments

 

Baltimore, MD

 

7/1/2049

 

 

5.78

%

 

 

40,175,000

 

 

 

46,631,412

 

Montclair - Series A

 

Lemoore, CA

 

12/1/2031

 

 

5.75

%

 

 

2,530,000

 

 

 

2,644,079

 

Ohio Bond - Series A

 

Ohio

 

6/1/2050

 

 

7.00

%

 

 

14,311,000

 

 

 

17,001,867

 

Pro Nova - 2014-1

 

Knoxville. TN

 

5/1/2034

 

 

6.00

%

 

 

10,000,000

 

 

 

10,813,700

 

Pro Nova - 2014-2

 

Knoxville. TN

 

5/1/2025

 

 

5.25

%

 

 

9,295,000

 

 

 

9,748,689

 

Renaissance - Series A

 

Baton Rouge, LA

 

6/1/2050

 

 

6.00

%

 

 

11,450,959

 

 

 

12,684,036

 

Runnymede

 

Austin, TX

 

10/1/2042

 

 

6.00

%

 

 

10,350,000

 

 

 

11,950,938

 

Santa Fe - Series A

 

Hesperia, CA

 

12/1/2031

 

 

5.75

%

 

 

3,065,000

 

 

 

3,219,067

 

Seasons at Simi Valley - Series A-1

 

Simi Valley, CA

 

9/1/2032

 

 

5.75

%

 

 

4,376,000

 

 

 

4,723,263

 

Silver Moon - Series A

 

Alburqueque, NM

 

8/1/2055

 

 

6.00

%

 

 

7,983,811

 

 

 

9,230,160

 

Southpark

 

Austin, TX

 

12/1/2049

 

 

6.13

%

 

 

13,560,000

 

 

 

15,790,756

 

Sycamore Walk - Series B-1

 

Bakersfield, CA

 

1/1/2033

 

 

5.25

%

 

 

3,632,000

 

 

 

3,632,000

 

The Palms at Premier Park

 

Columbia, SC

 

1/1/2050

 

 

6.25

%

 

 

20,001,272

 

 

 

22,506,363

 

Tyler Park Townhomes - Series A

 

Greenfield, CA

 

1/1/2030

 

 

5.75

%

 

 

6,075,000

 

 

 

6,562,209

 

Vantage at Harlingen

 

San Antonio, TX

 

9/1/2053

 

 

9.00

%

 

 

24,575,000

 

 

 

26,340,139

 

Vantage at Judson

 

San Antonio, TX

 

2/1/2053

 

 

9.00

%

 

 

26,540,000

 

 

 

29,153,606

 

Westside Village - Series A

 

Shafter, CA

 

1/1/2030

 

 

5.75

%

 

 

3,970,000

 

 

 

4,172,340

 

Willow Run

 

Columbia, SC

 

12/1/2050

 

 

5.50

%

 

 

15,000,000

 

 

 

15,224,591

 

Woodlynn Village

 

Maplewood, MN

 

11/1/2042

 

 

6.00

%

 

 

4,351,000

 

 

 

4,817,471

 

Other Series B Bonds

 

Multiple

 

Multiple

 

Multiple

 

 

 

23,469,221

 

 

 

24,601,079

 

Total Mortgage Revenue Bonds

 

 

 

 

 

 

 

 

 

$

534,745,500

 

 

$

583,683,137

 

 

OTHER INVESTMENTS DECEMBER 31, 2015

 

 

 

Weighted

 

 

Weighted Avg.

 

 

Principal

 

 

Estimated

 

Name

 

Average Lives

 

 

Coupon Rate

 

 

Outstanding

 

 

Fair Value

 

Public Housing Capital Fund Trust Certificate I

 

 

9.25

 

 

 

5.33

%

 

$

25,980,780

 

 

$

28,756,827

 

Public Housing Capital Fund Trust Certificate II

 

 

8.67

 

 

 

4.29

%

 

 

11,465,660

 

 

 

11,447,430

 

Public Housing Capital Fund Trust Certificate III

 

 

9.81

 

 

 

5.42

%

 

 

20,898,432

 

 

 

20,503,033

 

 

 

 

 

 

 

 

 

 

 

$

58,344,872

 

 

$

60,707,290

 

 

 

 

Weighted Avg.

 

Weighted Avg.

 

 

 

 

 

 

 

 

 

Mortgage-backed Securities (Agency Rating)

 

Maturity Date

 

Coupon Rate

 

 

 

 

 

 

 

 

 

"AAA"

 

7/1/2032

 

 

4.60

%

 

$

5,000,000

 

 

$

5,017,700

 

"AA"

 

7/9/2036

 

 

4.20

%

 

 

9,765,000

 

 

 

9,757,609

 

 

 

 

 

 

 

 

 

$

14,765,000

 

 

$

14,775,309

 

 

 

16

 


AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

MORTGAGE BOND PROPERTIES PHYSICAL OCCUPANCY

 

 

 

Total

 

 

Percentage of Occupied Units by Quarter

 

 

 

Number

 

 

September

 

 

December

 

 

March

 

 

June

 

 

September

 

 

December

 

 

March

 

 

June

 

Property Name

 

of Units

 

 

30, 2014

 

 

31, 2014

 

 

31, 2015

 

 

30, 2015

 

 

30, 2015

 

 

31, 2015

 

 

31, 2016

 

 

30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Bond Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arbors at Hickory Ridge

 

 

348

 

 

 

93

%

 

 

93

%

 

 

96

%

 

 

93

%

 

 

88

%

 

 

87

%

 

 

90

%

 

 

94

%

Ashley Square Apartments

 

 

144

 

 

 

94

%

 

 

94

%

 

 

92

%

 

 

98

%

 

 

94

%

 

 

95

%

 

 

95

%

 

 

97

%

Avistar at Chase Hill 1

 

 

232

 

 

 

92

%

 

 

90

%

 

 

94

%

 

 

97

%

 

 

91

%

 

 

89

%

 

 

88

%

 

 

87

%

Avistar at the Crest 1

 

 

200

 

 

 

98

%

 

 

92

%

 

 

97

%

 

 

98

%

 

 

98

%

 

 

96

%

 

 

97

%

 

 

95

%

Avistar at the Oaks 1

 

 

156

 

 

 

87

%

 

 

91

%

 

 

94

%

 

 

96

%

 

 

93

%

 

 

91

%

 

 

96

%

 

 

93

%

Avistar at the Parkway 4

 

 

236

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

76

%

 

 

63

%

 

 

47

%

 

 

44

%

 

 

70

%

Avistar in 09 1

 

 

133

 

 

 

96

%

 

 

96

%

 

 

96

%

 

 

95

%

 

 

95

%

 

 

95

%

 

 

95

%

 

 

98

%

Avistar on the Boulevard 1

 

 

344

 

 

 

97

%

 

 

95

%

 

 

92

%

 

 

92

%

 

 

95

%

 

 

92

%

 

 

92

%

 

 

94

%

Avistar on the Hills 1

 

 

129

 

 

 

95

%

 

 

95

%

 

 

96

%

 

 

98

%

 

 

95

%

 

 

95

%

 

 

97

%

 

 

97

%

Bella Vista Apartments

 

 

144

 

 

 

96

%

 

 

98

%

 

 

99

%

 

 

97

%

 

 

95

%

 

 

96

%

 

 

94

%

 

 

99

%

Bridle Ridge Apartments

 

 

152

 

 

 

98

%

 

 

98

%

 

 

100

%

 

 

98

%

 

 

97

%

 

 

99

%

 

 

99

%

 

 

99

%

Brookstone Apartments

 

 

168

 

 

 

95

%

 

 

98

%

 

 

99

%

 

 

99

%

 

 

99

%

 

 

99

%

 

 

100

%

 

 

98

%

Bruton Apartments 3

 

 

264

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

14

%

 

 

27

%

Columbia Gardens 3

 

 

188

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

86

%

 

 

83

%

 

 

78

%

Concord at Gulfgate 3

 

 

288

 

 

n/a

 

 

n/a

 

 

 

89

%

 

 

83

%

 

 

78

%

 

 

75

%

 

 

84

%

 

 

92

%

Concord at Little York 3

 

 

276

 

 

n/a

 

 

n/a

 

 

 

85

%

 

 

76

%

 

 

72

%

 

 

67

%

 

 

77

%

 

 

90

%

Concord at Williamcrest 3

 

 

288

 

 

n/a

 

 

n/a

 

 

 

86

%

 

 

77

%

 

 

74

%

 

 

73

%

 

 

86

%

 

 

95

%

Copper Gate 1

 

 

128

 

 

 

96

%

 

 

95

%

 

 

95

%

 

 

93

%

 

 

95

%

 

 

96

%

 

 

96

%

 

 

98

%

Cross Creek Apartments

 

 

144

 

 

 

96

%

 

 

94

%

 

 

92

%

 

 

94

%

 

 

96

%

 

 

94

%

 

 

94

%

 

 

98

%

Crossing at 1415 3

 

 

112

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

73

%

 

 

51

%

 

 

37

%

Decatur Angle 4

 

 

302

 

 

na

 

 

na

 

 

na

 

 

na

 

 

na

 

 

na

 

 

 

57

%

 

 

97

%

Glenview Apartments 3

 

 

88

 

 

n/a

 

 

 

97

%

 

 

99

%

 

 

97

%

 

 

98

%

 

 

100

%

 

 

98

%

 

 

100

%

Greens of Pine Glen

 

 

168

 

 

 

87

%

 

 

93

%

 

 

93

%

 

 

93

%

 

 

95

%

 

 

96

%

 

 

96

%

 

 

96

%

Harden Ranch 3

 

 

100

 

 

 

95

%

 

 

99

%

 

 

99

%

 

 

99

%

 

 

97

%

 

 

96

%

 

 

98

%

 

 

100

%

Heights at 515 3

 

 

96

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

82

%

 

 

65

%

 

 

63

%

Heritage Square 3

 

 

204

 

 

 

85

%

 

 

81

%

 

 

67

%

 

 

66

%

 

 

73

%

 

 

91

%

 

 

96

%

 

 

96

%

Lake Forest Apartments

 

 

240

 

 

 

94

%

 

 

95

%

 

 

96

%

 

 

88

%

 

 

95

%

 

 

97

%

 

 

88

%

 

 

90

%

Live 929 Apartments 2 & 3

 

 

575

 

 

 

96

%

 

 

97

%

 

 

92

%

 

 

89

%

 

 

91

%

 

 

92

%

 

 

91

%

 

 

81

%

Montclair Apartments 3

 

 

80

 

 

n/a

 

 

 

96

%

 

 

98

%

 

 

96

%

 

 

100

%

 

 

96

%

 

 

99

%

 

 

100

%

Ohio Properties

 

 

362

 

 

 

97

%

 

 

96

%

 

 

95

%

 

 

96

%

 

 

97

%

 

 

96

%

 

 

98

%

 

 

95

%

Palms at Premier Park 3

 

 

240

 

 

 

92

%

 

 

95

%

 

 

90

%

 

 

95

%

 

 

91

%

 

 

93

%

 

 

94

%

 

 

98

%

Renaissance Gateway

 

 

208

 

 

 

94

%

 

 

93

%

 

 

100

%

 

 

96

%

 

 

93

%

 

 

96

%

 

 

96

%

 

 

98

%

Runnymede Apartments

 

 

252

 

 

 

96

%

 

 

97

%

 

 

98

%

 

 

97

%

 

 

96

%

 

 

98

%

 

 

99

%

 

 

99

%

Santa Fe Apartments 3

 

 

89

 

 

n/a

 

 

 

99

%

 

 

100

%

 

 

100

%

 

 

97

%

 

 

99

%

 

 

98

%

 

 

97

%

Seasons at Simi Valley 3

 

 

69

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

100

%

 

 

100

%

 

 

99

%

 

 

100

%

Silver Moon 3

 

 

151

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

83

%

 

 

97

%

 

 

95

%

 

 

88

%

 

 

91

%

South Park Ranch Apartments

 

 

192

 

 

 

99

%

 

 

99

%

 

 

100

%

 

 

99

%

 

 

100

%

 

 

100

%

 

 

100

%

 

 

98

%

Sycamore Walk 3

 

 

112

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

98

%

 

 

100

%

 

 

98

%

Thornhill

 

 

178

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

98

%

 

 

99

%

Tyler Park Apartments 3

 

 

88

 

 

 

99

%

 

 

99

%

 

 

98

%

 

 

100

%

 

 

100

%

 

 

98

%

 

 

99

%

 

 

100

%

Vantage at Harlingen 4

 

 

288

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

70

%

 

 

81

%

 

 

82

%

 

 

78

%

 

 

86

%

Vantage at Judson

 

 

288

 

 

 

91

%

 

 

90

%

 

 

91

%

 

 

92

%

 

 

92

%

 

 

89

%

 

 

91

%

 

 

93

%

Westside Village 3

 

 

81

 

 

 

96

%

 

 

96

%

 

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%

 

 

99

%

 

 

99

%

Willow Run 3

 

 

200

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

92

%

 

 

88

%

 

 

88

%

Woodlynn Village

 

 

59

 

 

 

86

%

 

 

86

%

 

 

93

%

 

 

98

%

 

 

98

%

 

 

100

%

 

 

97

%

 

 

100

%

 

 

 

8,784

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

Mortgage bond secured by this property was acquired in 2013. The rehabilitation construction was completed in the third quarter of 2014.

2

Student housing facility - number of units equals number of beds.  Occupancy is lower in the summer months.

3

Mortgage bonds were acquired in the quarter the occupancy began to be reported.

4

The Property’s construction is complete and is in the stabilization stage and lease-up.

 

17

 


AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

MF PROPERTIES PHYSICAL OCCUPANCY

 

 

 

Total

 

 

Percentage of Occupied Units

 

 

 

Number

 

 

September 30,

 

 

December 31,

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

 

March 31,

 

 

June 30,

 

Property Name

 

of Units

 

 

2014

 

 

2014

 

 

2015

 

 

2015

 

 

2015

 

 

2015

 

 

2016

 

 

2016

 

MF Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eagle Village 1

 

 

511

 

 

 

69

%

 

 

68

%

 

 

68

%

 

 

62

%

 

 

97

%

 

 

90

%

 

 

90

%

 

 

77

%

Northern View (f/k/a Meadow view)  2

 

 

281

 

 

 

98

%

 

 

85

%

 

 

77

%

 

 

57

%

 

 

91

%

 

 

90

%

 

 

90

%

 

 

78

%

Residences at DeCordova

 

 

110

 

 

 

95

%

 

 

94

%

 

 

95

%

 

 

96

%

 

 

98

%

 

 

96

%

 

 

96

%

 

 

95

%

Residences at Weatherford

 

 

76

 

 

 

100

%

 

 

97

%

 

 

100

%

 

 

99

%

 

 

97

%

 

 

100

%

 

 

100

%

 

 

100

%

Suites at Paseo 1 & 3

 

 

394

 

 

 

89

%

 

 

90

%

 

 

78

%

 

 

62

%

 

 

98

%

 

 

89

%

 

 

89

%

 

 

84

%

The 50/50 MF Property 1

 

 

475

 

 

 

99

%

 

 

96

%

 

 

99

%

 

 

97

%

 

 

100

%

 

 

99

%

 

 

99

%

 

 

97

%

 

 

 

1,847

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

Student housing facility - number of units equals number of beds. Occupancy is lower in the summer months.

2

Northern View transitioned from a multifamily housing facility to a student housing facility

3

In September 2015, the owner of the Suites on Paseo property and the Partnership mutually agreed to exchange the deed for the Suites on Paseo property, a California property, in exchange for the par value Series A and B mortgage revenue bonds plus accrued interest.

 

18