Exhibit 99.1

 

 

 

 

 

 

 

 

 

Supplemental Financial Report for

Quarter Ended September 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 Reports on Form 10-Q for the quarters ended March 31, 2016; June 30, 2016; and September 30, 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 third quarter 2016 Form 10-Q materials are dated November 7, 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.  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

Other Partnership Information

10

Partnership Financial Statements

11-13

Partnership Financial Measures and Schedules

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 third quarter of 2016.

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

 

Total revenue increased approximately 2.3% to $13.2 million as compared to $12.9 million

 

Net Income per unit, basic and diluted, increased approximately 75% to $0.07 per unit as compared to $0.04 per unit

 

Ratio of debt to total assets at par and cost (“leverage ratio”) decreased to 62% as compared to 64%, and

 

CAD remained relatively constant at $5.4 million ($0.09 per unit), compared to $5.6 million ($0.09 per unit)

Additional notable transactions which occurred during the third quarter of 2016 and contributed to the $0.09 CAD per unit were:

 

Sale of Woodland Park, an MF Property, for a gain of approximately $1.1 million (net of taxes), and

 

Additional $10 million capital from the sale of the Redeemable Series A 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 third 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 fourth quarter of 2016 results in the near future.

 

Chad Daffer, Chief Executive Officer

 

5

 


 

 

 

THIRD QUARTER 2016 FACT SHEET

 

PARTNERSHIP DETAILS

 

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.

(As of September 30, 2016)

 

Symbol (NASDAQ)

 

 

ATAX

 

Annual Distribution

 

$

0.50

 

Price

 

$

5.90

 

Yield

 

 

8.5%

 

 

 

 

 

 

Units Outstanding  (including Restricted Units)

 

 

60,252,928

 

Market Capitalization

 

$

355,492,275

 

52 week range of stock price

 

 

$4.51  to  $6.09

 

 

 

 

 

 

Partnership Financial Information for the Quarter Ended

September 30, 2016

 

(amounts in thousands, except per unit)

 

 

 

 

 

 

 

 

 

Total Revenue

 

$

13,222

 

Net Income – ATAX Partnership

 

$

4,624

 

Cash Available for Distribution (“CAD”)1

 

$

5,421

 

Total Assets

 

$

913,325

 

Ratio of Debt to Total Assets at Par and Cost

 

 

62%

 

 

 

 

 

 

CAD, per unit

 

$

0.09

 

Distribution Declared per unit2

 

$

0.125

 

 

 

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 October 31, 2016 for Unit holders of record as of September 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 third quarter of 2016, we recognized a gain of approximately $1.1 million, net of tax, on the sale of Woodland Park, an MF Property, and contingent interest of $90,000,

 

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, and

 

During the second quarter of 2015, we recognized a gain of approximately $3.4 million on the sale of The Colonial, an MF 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 $309,000 of contingent interest, of which $77,000 was due the General Partner. In addition, we reported the sale of the Arboretum and Woodland Park which resulted in gains of approximately $8.3 million and $1.1 million, respectively, net of tax, of which approximately $2.4 million was due the General Partner.  There was approximately $7.3 million that was allocated to the Unitholders.

 

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.

 

 

 

LEVERAGE RATIOS

 

8

 


 

 

 

 

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, Term A/B, 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 75% 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-Sept-16

 

 

31-Dec-15

 

 

 

 

 

 

 

 

TEBS Financing

 

1.96%

 

 

1.51%

 

 

 

 

 

 

 

 

TOB Secured Financing

 

3.19%

 

 

3.26%

 

 

 

 

 

 

 

 

Mortgages payable and other

   secured financing

 

3.82%

 

 

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

 

 

 

September 30, 2016

 

 

December 31, 2015

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

30,915,002

 

 

$

17,035,782

 

Restricted cash

 

 

7,545,878

 

 

 

8,950,374

 

Interest receivable

 

 

6,883,112

 

 

 

5,220,859

 

Mortgage revenue bonds, held in trust

 

 

605,595,756

 

 

 

536,316,481

 

Mortgage revenue bonds

 

 

22,770,532

 

 

 

47,366,656

 

Public housing capital fund trusts

 

 

60,859,254

 

 

 

60,707,290

 

Mortgage-backed securities

 

 

-

 

 

 

14,775,309

 

Real estate assets:

 

 

 

 

 

 

 

 

Land and improvements

 

 

16,983,501

 

 

 

16,622,345

 

Buildings and improvements

 

 

113,425,121

 

 

 

124,906,654

 

Real estate assets before accumulated depreciation

 

 

130,408,622

 

 

 

141,528,999

 

Accumulated depreciation

 

 

(14,980,815

)

 

 

(14,532,168

)

Net real estate assets

 

 

115,427,807

 

 

 

126,996,831

 

Investment in equity interests

 

 

13,150,207

 

 

 

-

 

Property loans

 

 

31,181,409

 

 

 

22,775,709

 

Assets held for sale

 

 

-

 

 

 

14,020,559

 

Other assets

 

 

18,996,058

 

 

 

12,944,633

 

Total Assets

 

$

913,325,015

 

 

$

867,110,483

 

Liabilities

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

 

$

6,121,385

 

 

$

5,667,948

 

Distribution payable

 

 

7,890,161

 

 

 

8,759,343

 

Unsecured lines of credit

 

 

-

 

 

 

17,497,000

 

Debt financing

 

 

457,282,760

 

 

 

451,496,716

 

Mortgages payable and other secured financing

 

 

51,826,458

 

 

 

69,247,574

 

Derivative swap

 

 

2,497,657

 

 

 

1,317,075

 

Total Liabilities

 

 

525,618,421

 

 

 

553,985,656

 

Redeemable preferred units

 

 

33,799,087

 

 

 

-

 

Partners' Capital

 

 

 

 

 

 

 

 

General Partner

 

 

821,010

 

 

 

399,077

 

Beneficial Unit Certificate holders

 

 

353,081,792

 

 

 

312,720,264

 

Total Partners' Capital

 

 

353,902,802

 

 

 

313,119,341

 

Noncontrolling interest

 

 

4,705

 

 

 

5,486

 

Total Capital

 

 

353,907,507

 

 

 

313,124,827

 

Total Liabilities and Partners' Capital

 

$

913,325,015

 

 

$

867,110,483

 

 

 

 

12

 


 

 

 

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

PARTNERSHIP INCOME STATEMENTS

 

 

 

For The Three Months

 

 

For The Three Months

 

 

For The Nine Months

 

 

For The Nine Months

 

 

 

Ended September 30,

 

 

Ended September 30,

 

 

Ended September 30,

 

 

Ended September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

9,071,460

 

 

$

8,485,518

 

 

$

27,238,601

 

 

$

25,853,963

 

Property revenues

 

 

3,414,788

 

 

 

4,124,413

 

 

 

13,483,760

 

 

 

12,512,775

 

Contingent interest income

 

 

90,000

 

 

 

-

 

 

 

309,396

 

 

 

-

 

Other interest income

 

 

645,691

 

 

 

287,134

 

 

 

2,043,162

 

 

 

739,057

 

Total Revenues

 

 

13,221,939

 

 

 

12,897,065

 

 

 

43,074,919

 

 

 

39,105,795

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate operating (exclusive of items shown below)

 

 

2,252,939

 

 

 

2,933,278

 

 

 

7,259,071

 

 

 

7,679,583

 

Recovery of loss on receivables

 

 

-

 

 

 

(98,431

)

 

 

-

 

 

 

-

 

Impairment expense

 

 

-

 

 

 

-

 

 

 

61,506

 

 

 

-

 

Depreciation and amortization

 

 

1,361,259

 

 

 

1,405,696

 

 

 

5,292,889

 

 

 

4,296,460

 

Amortization of deferred financing costs

 

 

425,520

 

 

 

423,330

 

 

 

1,350,200

 

 

 

1,068,661

 

Interest expense

 

 

3,485,172

 

 

 

4,754,119

 

 

 

12,577,361

 

 

 

11,683,429

 

General and administrative

 

 

2,377,148

 

 

 

2,380,497

 

 

 

7,474,500

 

 

 

6,214,093

 

Total Expenses

 

 

9,902,038

 

 

 

11,798,489

 

 

 

34,015,527

 

 

 

30,942,226

 

Other Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of MF Properties

 

 

1,633,973

 

 

 

1,187,807

 

 

 

14,076,902

 

 

 

4,605,269

 

Gain on sale of securities

 

 

-

 

 

 

-

 

 

 

8,097

 

 

 

-

 

Income before income taxes

 

 

4,953,874

 

 

 

2,286,383

 

 

 

23,144,391

 

 

 

12,768,838

 

Income tax expense

 

 

331,000

 

 

 

-

 

 

 

4,984,000

 

 

 

-

 

Income from continuing operations

 

 

4,622,874

 

 

 

2,286,383

 

 

 

18,160,391

 

 

 

12,768,838

 

Income from discontinued operations

 

 

-

 

 

 

253,894

 

 

 

-

 

 

 

516,609

 

Net income before noncontrolling interest

 

 

4,622,874

 

 

 

2,540,277

 

 

 

18,160,391

 

 

 

13,285,447

 

Loss attributable to noncontrolling interest

 

 

(668

)

 

 

(372

)

 

 

(781

)

 

 

(952

)

Net income - ATAX Partnership

 

$

4,623,542

 

 

$

2,540,649

 

 

$

18,161,172

 

 

$

13,286,399

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

4,623,542

 

 

 

2,540,649

 

 

 

18,161,172

 

 

 

13,286,399

 

Redeemable preferred unit distribution and accretion

 

 

(181,969

)

 

 

-

 

 

 

(308,635

)

 

 

-

 

Net income available to Partners and noncontrolling interest

 

$

4,441,573

 

 

$

2,540,649

 

 

$

17,852,537

 

 

$

13,286,399

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Segment Data (Partnership):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue and Other Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Revenue Bond Investments

 

$

8,504,675

 

 

$

8,238,652

 

 

$

26,082,649

 

 

$

24,235,550

 

MF Properties

 

 

5,048,761

 

 

 

5,312,220

 

 

 

27,560,662

 

 

 

17,118,044

 

Public Housing Capital Fund Trusts

 

 

724,735

 

 

 

736,699

 

 

 

2,178,627

 

 

 

2,254,448

 

MBS Securities Investments

 

 

-

 

 

 

(202,699

)

 

 

48,755

 

 

 

103,022

 

Other Investments

 

 

577,741

 

 

 

-

 

 

 

1,289,225

 

 

 

-

 

Total Revenue and Other Income

 

$

14,855,912

 

 

$

14,084,872

 

 

$

57,159,918

 

 

$

43,711,064

 

Total Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Revenue Bond Investments

 

$

5,586,175

 

 

$

6,420,379

 

 

$

18,913,133

 

 

$

15,810,988

 

MF Properties

 

 

4,294,320

 

 

 

5,029,127

 

 

 

19,101,702

 

 

 

14,090,849

 

Public Housing Capital Fund Trusts

 

 

351,875

 

 

 

308,889

 

 

 

987,140

 

 

 

920,677

 

MBS Securities Investments

 

 

-

 

 

 

39,722

 

 

 

(3,229

)

 

 

118,760

 

Total

 

$

10,232,370

 

 

$

11,798,117

 

 

$

38,998,746

 

 

$

30,941,274

 

Net Income (loss) from continuing operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Revenue Bond Investments

 

$

2,918,500

 

 

$

1,818,273

 

 

$

7,169,516

 

 

$

8,424,562

 

MF Properties

 

 

754,441

 

 

 

283,093

 

 

 

8,458,960

 

 

 

3,027,195

 

Public Housing Capital Fund Trusts

 

 

372,860

 

 

 

427,810

 

 

 

1,191,487

 

 

 

1,333,771

 

MBS Securities Investments

 

 

-

 

 

 

(242,421

)

 

 

51,984

 

 

 

(15,738

)

Other Investments

 

 

577,741

 

 

 

-

 

 

 

1,289,225

 

 

 

-

 

Income from continuing operations

 

$

4,623,542

 

 

$

2,286,755

 

 

$

18,161,172

 

 

$

12,769,790

 

 

 

 

13

 


 

 

 

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

PARTNERSHIP CASH AVAILABLE FOR DISTRIBUTION AND OTHER PERFORMANCE MEASURES

FOR THE THREE MONTHS ENDED

The following table contains reconciliations of the Partnership’s GAAP net income to its CAD:

 

 

 

December 31, 2014

 

 

March 31, 2015

 

 

June 30, 2015

 

 

September 30, 2015

 

 

December 31, 2015

 

 

March 31, 2016

 

 

June 30, 2016

 

 

September 30, 2016

 

Partnership only net income

 

$

2,236,621

 

 

$

2,670,645

 

 

$

8,153,317

 

 

$

2,514,338

 

 

$

9,549,326

 

 

$

2,531,700

 

 

$

11,005,930

 

 

$

4,623,542

 

Change in fair value of derivatives and interest rate derivative amortization

 

 

1,239,632

 

 

 

899,873

 

 

 

(198,743

)

 

 

1,254,564

 

 

 

(153,039

)

 

 

1,110,407

 

 

 

531,389

 

 

 

(263,684

)

Depreciation and amortization expense (Partnership only)

 

 

1,818,169

 

 

 

1,794,814

 

 

 

1,743,317

 

 

 

1,829,026

 

 

 

2,760,643

 

 

 

2,124,898

 

 

 

1,806,732

 

 

 

1,361,259

 

Impairment expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

61,506

 

 

 

-

 

Amortization of deferred financing costs

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

532,187

 

 

 

392,493

 

 

 

425,520

 

Restricted units compensation expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

31,050

 

Deferred income taxes

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

553,000

 

 

 

(136,000

)

Redeemable preferred unit distribution and accretion

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,684

)

 

 

(124,982

)

 

 

(181,969

)

Bond purchase discount accretion (net of cash received)

 

 

140,296

 

 

 

18,899

 

 

 

729,672

 

 

 

380,644

 

 

 

171,717

 

 

 

34,696

 

 

 

33,668

 

 

 

(147,033

)

Developer income

 

 

-

 

 

 

-

 

 

 

18,159

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Tier 2 Income distributable to the General Partner

 

 

(10,000

)

 

 

-

 

 

 

(854,365

)

 

 

(296,952

)

 

 

(1,187,639

)

 

 

(43,599

)

 

 

(2,096,982

)

 

 

(291,295

)

Provision for (recovery of) loss on receivable

 

 

-

 

 

 

-

 

 

 

98,431

 

 

 

(98,431

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Amortization related to discontinued operations

 

 

-

 

 

 

-

 

 

 

2,029

 

 

 

2,023

 

 

 

3,380

 

 

 

-

 

 

 

-

 

 

 

-

 

CAD

 

$

5,424,718

 

 

$

5,384,231

 

 

$

9,691,817

 

 

$

5,585,212

 

 

$

11,144,388

 

 

$

6,288,605

 

 

$

12,162,754

 

 

$

5,421,390

 

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

 

 

 

60,176,937

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partnership Only:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income, basic and diluted, per unit

 

$

0.04

 

 

$

0.04

 

 

$

0.12

 

 

$

0.04

 

 

$

0.14

 

 

$

0.04

 

 

$

0.15

 

 

$

0.07

 

CAD per unit

 

$

0.09

 

 

$

0.09

 

 

$

0.16

 

 

$

0.09

 

 

$

0.19

 

 

$

0.10

 

 

$

0.20

 

 

$

0.09

 

Distributions declared, per unit

 

$

0.125

 

 

$

0.125

 

 

$

0.125

 

 

$

0.125

 

 

$

0.125

 

 

$

0.125

 

 

$

0.125

 

 

$

0.125

 

 

 

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 SEPTEMBER 30, 2016

 

 

 

 

 

 

 

Base

 

 

 

 

 

 

 

 

 

 

 

Maturity

 

Interest

 

 

 

Principal

 

 

 

Estimated

 

Property Name

 

Location

 

Date

 

Rate

 

 

Outstanding

 

 

Fair Value

 

Arbors at Hickory Ridge

 

Memphis, TN

 

12/1/2049

 

 

6.25

%

 

$

11,378,794

 

 

$

13,966,058

 

Ashley Square

 

Des Moines, IA

 

12/1/2025

 

 

6.25

%

 

 

5,054,000

 

 

 

5,757,436

 

Avistar on the Boulevard - Series A

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

16,307,106

 

 

 

19,546,092

 

Avistar at Chase Hill - Series A

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

9,868,144

 

 

 

11,606,204

 

Avistar at the Crest - Series A

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

9,572,100

 

 

 

11,473,350

 

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

 

San Antonio, TX

 

4/1/2050

 

 

9.00

%

 

 

2,160,919

 

 

 

2,512,685

 

Avistar at the Oaks - Series A

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

7,726,653

 

 

 

9,215,739

 

Avistar in 09 - Series A

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

6,671,666

 

 

 

7,957,433

 

Avistar on the Hills - Series A

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

5,338,325

 

 

 

6,407,953

 

Avistar (June 2013 Acquisition) - Series B (2 Bonds)

 

San Antonio, TX

 

9/1/2050

 

 

9.00

%

 

 

1,006,362

 

 

 

1,192,814

 

Avistar at the Parkway - Series A

 

San Antonio, TX

 

5/1/2052

 

 

6.00

%

 

 

13,300,000

 

 

 

14,677,287

 

Avistar at the Parkway - Series B

 

San Antonio, TX

 

6/1/2052

 

 

12.00

%

 

 

125,000

 

 

 

130,085

 

Bella Vista

 

Gainesville, TX

 

4/1/2046

 

 

6.15

%

 

 

6,365,000

 

 

 

7,771,347

 

Bridle Ridge

 

Greer, SC

 

1/1/2043

 

 

6.00

%

 

 

7,535,000

 

 

 

9,067,393

 

Brookstone

 

Waukegan, IL

 

5/1/2040

 

 

5.45

%

 

 

9,100,081

 

 

 

9,860,922

 

Bruton Apartments

 

Dallas, TX

 

8/1/2054

 

 

6.00

%

 

 

18,145,000

 

 

 

20,713,560

 

Columbia Gardens

 

Columbia, SC

 

12/1/2050

 

 

5.50

%

 

 

15,000,000

 

 

 

15,693,647

 

Companion at Thornhill Apartments

 

Lexington, SC

 

1/1/2052

 

 

5.80

%

 

 

11,500,000

 

 

 

13,816,803

 

Concord at Gulfgate - Series A

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

19,185,000

 

 

 

21,660,998

 

Concord at Little York - Series A

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

13,440,000

 

 

 

15,401,962

 

Concord at Williamcrest - Series A

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

20,820,000

 

 

 

23,507,010

 

Copper Gate Apartments

 

Lafayette, IN

 

12/1/2029

 

 

6.25

%

 

 

5,185,000

 

 

 

6,251,295

 

Cross Creek

 

Beaufort, SC

 

3/1/2049

 

 

6.15

%

 

 

8,280,274

 

 

 

9,720,182

 

Crossing at 1415 - Series A

 

San Antonio, TX

 

12/1/2052

 

 

6.00

%

 

 

7,590,000

 

 

 

8,387,366

 

Crossing at 1415 - Series B

 

San Antonio, TX

 

1/1/2053

 

 

12.00

%

 

 

335,000

 

 

 

355,910

 

Decatur Angle

 

Fort Worth, TX

 

1/1/2054

 

 

5.75

%

 

 

22,987,644

 

 

 

25,388,370

 

Glenview - Series A

 

Cameron Park, CA

 

12/1/2031

 

 

5.75

%

 

 

4,670,000

 

 

 

5,162,351

 

Greens of Pine Glen - Series A

 

North Carolina

 

10/1/2047

 

 

6.50

%

 

 

8,231,000

 

 

 

10,138,554

 

Greens of Pine Glen - Series B

 

North Carolina

 

10/1/2047

 

 

9.00

%

 

 

941,194

 

 

 

1,149,256

 

Harden Ranch - Series A

 

Salinas, CA

 

3/1/2030

 

 

5.75

%

 

 

6,928,584

 

 

 

7,881,763

 

Heights at 515 - Series A

 

San Antonio, TX

 

12/1/2052

 

 

6.00

%

 

 

6,435,000

 

 

 

7,111,028

 

Heights at 515 - Series B

 

San Antonio, TX

 

1/1/2053

 

 

12.00

%

 

 

510,000

 

 

 

541,833

 

Heritage Square - Series A

 

Edinburg, TX

 

9/1/2051

 

 

6.00

%

 

 

11,185,000

 

 

 

13,475,924

 

Lake Forest Apartments

 

Daytona Beach, FL

 

12/1/2031

 

 

6.25

%

 

 

8,672,000

 

 

 

10,346,112

 

Las Palmas II - Series A

 

Coachella, CA

 

11/1/2033

 

 

5.00

%

 

 

1,695,000

 

 

 

1,695,000

 

Las Palmas II - Series B

 

Coachella, CA

 

11/1/2018

 

 

5.50

%

 

 

1,770,000

 

 

 

1,770,000

 

Live 929

 

Baltimore, MD

 

7/1/2049

 

 

5.78

%

 

 

40,100,000

 

 

 

49,834,202

 

Montclair - Series A

 

Lemoore, CA

 

12/1/2031

 

 

5.75

%

 

 

2,530,000

 

 

 

2,837,815

 

Ohio Bond - Series A

 

Ohio

 

6/1/2050

 

 

7.00

%

 

 

14,239,000

 

 

 

18,386,067

 

Ohio Bond - Series B

 

Ohio

 

6/1/2050

 

 

10.00

%

 

 

3,552,990

 

 

 

4,354,449

 

Pro Nova - 2014A

 

Knoxville, TN

 

5/1/2034

 

 

6.00

%

 

 

10,000,000

 

 

 

11,741,600

 

Renaissance - Series A

 

Baton Rouge, LA

 

6/1/2050

 

 

6.00

%

 

 

11,374,592

 

 

 

13,388,367

 

Runnymede

 

Austin, TX

 

10/1/2042

 

 

6.00

%

 

 

10,300,000

 

 

 

12,473,918

 

San Vicente - Series A

 

Coachella, CA

 

11/1/2033

 

 

5.00

%

 

 

3,495,000

 

 

 

3,495,000

 

San Vicente - Series B

 

Coachella, CA

 

11/1/2018

 

 

5.50

%

 

 

1,825,000

 

 

 

1,825,000

 

Santa Fe - Series A

 

Hesperia, CA

 

12/1/2031

 

 

5.75

%

 

 

3,065,000

 

 

 

3,488,634

 

Seasons at Simi Valley - Series A-1

 

Simi Valley, CA

 

9/1/2032

 

 

5.75

%

 

 

4,376,000

 

 

 

5,055,926

 

Seasons at Simi Valley - Series A-2

 

Simi Valley, CA

 

9/1/2017

 

 

5.50

%

 

 

1,944,000

 

 

 

1,995,012

 

Silver Moon - Series A

 

Albuquerque, NM

 

8/1/2055

 

 

6.00

%

 

 

7,946,182

 

 

 

9,298,515

 

Southpark

 

Austin, TX

 

12/1/2049

 

 

6.13

%

 

 

13,560,000

 

 

 

17,336,460

 

Sycamore Walk - Series B-1

 

Bakersfield, CA

 

1/1/2033

 

 

5.25

%

 

 

3,632,000

 

 

 

4,068,757

 

Sycamore Walk - Series B-2

 

Bakersfield, CA

 

1/1/2018

 

 

5.50

%

 

 

1,815,000

 

 

 

1,753,490

 

The Palms at Premier Park

 

Columbia, SC

 

1/1/2050

 

 

6.25

%

 

 

19,871,381

 

 

 

24,031,422

 

Tyler Park Townhomes

 

Greenfield, CA

 

1/1/2030

 

 

5.75

%

 

 

6,038,263

 

 

 

6,709,781

 

Vantage at Judson

 

San Antonio, TX

 

2/1/2053

 

 

9.00

%

 

 

26,407,546

 

 

 

31,323,290

 

Vantage at Harlingen

 

San Antonio, TX

 

9/1/2053

 

 

9.00

%

 

 

24,575,000

 

 

 

28,436,168

 

Westside Village Market

 

Shafter, CA

 

1/1/2030

 

 

5.75

%

 

 

3,945,993

 

 

 

4,326,652

 

Willow Run

 

Columbia, SC

 

12/1/2050

 

 

5.50

%

 

 

15,000,000

 

 

 

15,684,974

 

Woodlynn Village

 

Maplewood, MN

 

11/1/2042

 

 

6.00

%

 

 

4,331,000

 

 

 

5,209,067

 

 

 

 

 

 

 

 

 

 

 

$

538,938,793

 

 

$

628,366,288

 

OTHER INVESTMENTS SEPTEMBER 30, 2016

 

 

 

Weighted

 

Weighted Avg.

 

 

Principal

 

 

Estimated

 

Name

 

Average Lives

 

Coupon Rate

 

 

Outstanding

 

 

Fair Value

 

Public Housing Capital Fund Trust Certificate I

 

8.56

 

 

5.32

%

 

$

24,923,137

 

 

$

28,292,496

 

Public Housing Capital Fund Trust Certificate II

 

7.90

 

 

4.31

%

 

 

10,938,848

 

 

 

11,345,445

 

Public Housing Capital Fund Trust Certificate III

 

9.06

 

 

5.42

%

 

 

20,898,432

 

 

 

21,221,313

 

 

 

 

 

 

 

 

 

$

56,760,417

 

 

$

60,859,254

 

 

 

 

 

15

 


 

 

 

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

MORTGAGE REVENUE BOND INVESTMENT SCHEDULE DECEMBER 31, 2015

 

Property Name

 

Location

 

Maturity

Date

 

Base

Interest Rate

 

 

Principal

Outstanding

 

 

Estimated

Fair Value

 

Arbors at Hickory Ridge

 

Memphis, TN

 

12/1/2049

 

 

6.25

%

 

$

11,450,000

 

 

$

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

 

Name

 

Weighted

Average Lives

 

 

Weighted Avg.

Coupon Rate

 

 

Principal

Outstanding

 

 

Estimated

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

 

Mortgage-backed Securities (Agency Rating)

 

Weighted Avg.

Maturity Date

 

 

Weighted Avg.

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

 

 

December 31,

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

Property Name

 

of Units

 

 

2014

 

 

2015

 

 

2015

 

 

2015

 

 

2015

 

 

2016

 

 

2016

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Bond Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arbors at Hickory Ridge

 

348

 

 

 

93

%

 

 

96

%

 

 

93

%

 

 

88

%

 

 

87

%

 

 

90

%

 

 

94

%

 

 

87

%

Ashley Square Apartments

 

144

 

 

 

94

%

 

 

92

%

 

 

98

%

 

 

94

%

 

 

95

%

 

 

95

%

 

 

97

%

 

 

96

%

Avistar at Chase Hill 1

 

232

 

 

 

90

%

 

 

94

%

 

 

97

%

 

 

91

%

 

 

89

%

 

 

88

%

 

 

87

%

 

 

81

%

Avistar at the Crest 1

 

200

 

 

 

92

%

 

 

97

%

 

 

98

%

 

 

98

%

 

 

96

%

 

 

97

%

 

 

95

%

 

 

99

%

Avistar at the Oaks 1

 

156

 

 

 

91

%

 

 

94

%

 

 

96

%

 

 

93

%

 

 

91

%

 

 

96

%

 

 

93

%

 

 

93

%

Avistar at the Parkway 4

 

236

 

 

n/a

 

 

n/a

 

 

 

76

%

 

 

63

%

 

 

47

%

 

 

44

%

 

 

70

%

 

 

90

%

Avistar in 09 1

 

133

 

 

 

96

%

 

 

96

%

 

 

95

%

 

 

95

%

 

 

95

%

 

 

95

%

 

 

98

%

 

 

92

%

Avistar on the Boulevard 1

 

344

 

 

 

95

%

 

 

92

%

 

 

92

%

 

 

95

%

 

 

92

%

 

 

92

%

 

 

94

%

 

 

94

%

Avistar on the Hills 1

 

129

 

 

 

95

%

 

 

96

%

 

 

98

%

 

 

95

%

 

 

95

%

 

 

97

%

 

 

97

%

 

 

98

%

Bella Vista Apartments

 

144

 

 

 

98

%

 

 

99

%

 

 

97

%

 

 

95

%

 

 

96

%

 

 

94

%

 

 

99

%

 

 

95

%

Bridle Ridge Apartments

 

152

 

 

 

98

%

 

 

100

%

 

 

98

%

 

 

97

%

 

 

99

%

 

 

99

%

 

 

99

%

 

 

100

%

Brookstone Apartments

 

168

 

 

 

98

%

 

 

99

%

 

 

99

%

 

 

99

%

 

 

99

%

 

 

100

%

 

 

98

%

 

 

99

%

Bruton Apartments 3

 

264

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

14

%

 

 

27

%

 

 

99

%

Columbia Gardens 3

 

188

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

86

%

 

 

83

%

 

 

78

%

 

 

74

%

Concord at Gulfgate 3

 

288

 

 

n/a

 

 

 

89

%

 

 

83

%

 

 

78

%

 

 

75

%

 

 

84

%

 

 

92

%

 

 

97

%

Concord at Little York 3

 

276

 

 

n/a

 

 

 

85

%

 

 

76

%

 

 

72

%

 

 

67

%

 

 

77

%

 

 

90

%

 

 

97

%

Concord at Williamcrest 3

 

288

 

 

n/a

 

 

 

86

%

 

 

77

%

 

 

74

%

 

 

73

%

 

 

86

%

 

 

95

%

 

 

94

%

Copper Gate 1

 

128

 

 

 

95

%

 

 

95

%

 

 

93

%

 

 

95

%

 

 

96

%

 

 

96

%

 

 

98

%

 

 

95

%

Cross Creek Apartments

 

144

 

 

 

94

%

 

 

92

%

 

 

94

%

 

 

96

%

 

 

94

%

 

 

94

%

 

 

98

%

 

 

98

%

Crossing at 1415 3

 

112

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

73

%

 

 

51

%

 

 

37

%

 

 

49

%

Decatur Angle

 

302

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

57

%

 

 

97

%

 

 

95

%

Glenview Apartments 3

 

88

 

 

 

97

%

 

 

99

%

 

 

97

%

 

 

98

%

 

 

100

%

 

 

98

%

 

 

100

%

 

 

100

%

Greens of Pine Glen

 

168

 

 

 

93

%

 

 

93

%

 

 

93

%

 

 

95

%

 

 

96

%

 

 

96

%

 

 

96

%

 

 

95

%

Harden Ranch 3

 

100

 

 

 

99

%

 

 

99

%

 

 

99

%

 

 

97

%

 

 

96

%

 

 

98

%

 

 

100

%

 

 

99

%

Heights at 515 3

 

96

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

82

%

 

 

65

%

 

 

63

%

 

 

73

%

Heritage Square 3

 

204

 

 

 

81

%

 

 

67

%

 

 

66

%

 

 

73

%

 

 

91

%

 

 

96

%

 

 

96

%

 

 

97

%

Lake Forest Apartments

 

240

 

 

 

95

%

 

 

96

%

 

 

88

%

 

 

95

%

 

 

97

%

 

 

88

%

 

 

90

%

 

 

95

%

Las Palmas II 3

 

81

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

100

%

Live 929 Apartments 2 & 3

 

575

 

 

 

97

%

 

 

92

%

 

 

89

%

 

 

91

%

 

 

92

%

 

 

91

%

 

 

81

%

 

 

85

%

Montclair Apartments 3

 

80

 

 

 

96

%

 

 

98

%

 

 

96

%

 

 

100

%

 

 

96

%

 

 

99

%

 

 

100

%

 

 

96

%

Ohio Properties

 

362

 

 

 

96

%

 

 

95

%

 

 

96

%

 

 

97

%

 

 

96

%

 

 

98

%

 

 

95

%

 

 

93

%

Palms at Premier Park 3

 

240

 

 

 

95

%

 

 

90

%

 

 

95

%

 

 

91

%

 

 

93

%

 

 

94

%

 

 

98

%

 

 

95

%

Renaissance Gateway

 

208

 

 

 

93

%

 

 

100

%

 

 

96

%

 

 

93

%

 

 

96

%

 

 

96

%

 

 

98

%

 

 

99

%

Runnymede Apartments

 

252

 

 

 

97

%

 

 

98

%

 

 

97

%

 

 

96

%

 

 

98

%

 

 

99

%

 

 

99

%

 

 

98

%

San Vicente 3

 

50

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

98

%

Santa Fe Apartments 3

 

89

 

 

 

99

%

 

 

100

%

 

 

100

%

 

 

97

%

 

 

99

%

 

 

98

%

 

 

97

%

 

 

100

%

Seasons at Simi Valley 3

 

69

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

100

%

 

 

100

%

 

 

99

%

 

 

100

%

 

 

100

%

Silver Moon 3

 

151

 

 

n/a

 

 

n/a

 

 

 

83

%

 

 

97

%

 

 

95

%

 

 

88

%

 

 

91

%

 

 

89

%

South Park Ranch Apartments

 

192

 

 

 

99

%

 

 

100

%

 

 

99

%

 

 

100

%

 

 

100

%

 

 

100

%

 

 

98

%

 

 

98

%

Sycamore Walk 3

 

112

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

98

%

 

 

100

%

 

 

98

%

 

 

98

%

Thornhill 3

 

178

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

98

%

 

 

99

%

 

 

98

%

Tyler Park Apartments 3

 

88

 

 

 

99

%

 

 

98

%

 

 

100

%

 

 

100

%

 

 

98

%

 

 

99

%

 

 

100

%

 

 

99

%

Vantage at Harlingen 4

 

288

 

 

n/a

 

 

n/a

 

 

 

70

%

 

 

81

%

 

 

82

%

 

 

78

%

 

 

86

%

 

 

94

%

Vantage at Judson

 

288

 

 

 

90

%

 

 

91

%

 

 

92

%

 

 

92

%

 

 

89

%

 

 

91

%

 

 

93

%

 

 

95

%

Westside Village 3

 

81

 

 

 

96

%

 

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%

 

 

99

%

 

 

99

%

 

 

100

%

Willow Run 3

 

200

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

 

92

%

 

 

88

%

 

 

88

%

 

 

81

%

Woodlynn Village

 

59

 

 

 

86

%

 

 

93

%

 

 

98

%

 

 

98

%

 

 

100

%

 

 

97

%

 

 

100

%

 

 

100

%

 

 

 

8,915

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

December 31,

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

Property Name

 

of Units

 

 

2014

 

 

2015

 

 

2015

 

 

2015

 

 

2015

 

 

2016

 

 

2016

 

 

2016

 

MF Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eagle Village 1

 

 

511

 

 

 

68

%

 

 

68

%

 

 

62

%

 

 

97

%

 

 

90

%

 

 

90

%

 

 

77

%

 

 

81

%

Northern View (f/k/a Meadowview) 2

 

 

294

 

 

 

85

%

 

 

77

%

 

 

57

%

 

 

91

%

 

 

90

%

 

 

90

%

 

 

78

%

 

 

99

%

Residences at DeCordova

 

 

110

 

 

 

94

%

 

 

95

%

 

 

96

%

 

 

98

%

 

 

96

%

 

 

96

%

 

 

95

%

 

 

97

%

Residences at Weatherford

 

 

76

 

 

 

97

%

 

 

100

%

 

 

99

%

 

 

97

%

 

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%

Suites at Paseo 1 & 3

 

 

394

 

 

 

90

%

 

 

78

%

 

 

62

%

 

 

98

%

 

 

89

%

 

 

89

%

 

 

84

%

 

 

95

%

The 50/50 MF Property 1

 

 

475

 

 

 

96

%

 

 

99

%

 

 

97

%

 

 

100

%

 

 

99

%

 

 

99

%

 

 

97

%

 

 

76

%

 

 

 

1,860

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 during 2015.

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