Exhibit 99.1
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Supplemental Financial Report for Quarter Ended September 30, 2016 |
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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.
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PARTNERSHIP FINANCIAL INFORMATION
TABLE OF CONTENTS
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Pages |
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Supplemental Letter from the CEO |
4-5 |
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Quarterly Fact Sheet |
6 |
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Financial Performance Trend Graphs |
7-9 |
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Other Partnership Information |
10 |
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Partnership Financial Statements |
11-13 |
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Partnership Financial Measures and Schedules |
14-16 |
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Occupancy Data |
17-18 |
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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:
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Total revenue increased approximately 2.3% to $13.2 million as compared to $12.9 million |
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Net Income per unit, basic and diluted, increased approximately 75% to $0.07 per unit as compared to $0.04 per unit |
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• |
Ratio of debt to total assets at par and cost (“leverage ratio”) decreased to 62% as compared to 64%, and |
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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:
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Sale of Woodland Park, an MF Property, for a gain of approximately $1.1 million (net of taxes), and |
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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.
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4 |
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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
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5 |
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PARTNERSHIP DETAILS |
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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. |
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(As of September 30, 2016) |
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Symbol (NASDAQ) |
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ATAX |
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Annual Distribution |
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$ |
0.50 |
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Price |
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$ |
5.90 |
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Yield |
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8.5% |
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Units Outstanding (including Restricted Units) |
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60,252,928 |
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Market Capitalization |
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$ |
355,492,275 |
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52 week range of stock price |
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$4.51 to $6.09 |
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Partnership Financial Information for the Quarter Ended September 30, 2016 |
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(amounts in thousands, except per unit) |
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Total Revenue |
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$ |
13,222 |
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Net Income – ATAX Partnership |
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$ |
4,624 |
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Cash Available for Distribution (“CAD”)1 |
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$ |
5,421 |
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Total Assets |
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$ |
913,325 |
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Ratio of Debt to Total Assets at Par and Cost |
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62% |
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CAD, per unit |
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$ |
0.09 |
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Distribution Declared per unit2 |
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$ |
0.125 |
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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. |
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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. |
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6 |
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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:
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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, |
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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, |
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During the first quarter of 2016, we recognized contingent interest income of approximately $174,000, |
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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, |
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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 |
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During the second quarter of 2015, we recognized a gain of approximately $3.4 million on the sale of The Colonial, an MF Property. |
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7 |
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In general, CAD1 has remained relatively consistent over the past eight quarters absent the contribution from highlighted transactional events.
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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. |
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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. |
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In 2014, we recognized Tier 2 income of approximately $873,000, of which approximately $218,000 was due the General Partner. |
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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. |
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8 |
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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%.
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Weighted Average Cost of Debt |
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Period End Rate |
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Period End Rate |
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30-Sept-16 |
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31-Dec-15 |
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TEBS Financing |
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1.96% |
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1.51% |
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TOB Secured Financing |
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3.19% |
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3.26% |
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Mortgages payable and other secured financing |
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3.82% |
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3.57% |
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1 |
Amounts shown are at par and cost. |
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9 |
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OTHER PARTNERSHIP INFORMATION |
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Corporate Office: |
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Transfer Agent:
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1004 Farnam Street |
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American Stock Transfer & Trust Company |
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Suite 400 |
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59 Maiden Lane |
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Omaha, NE 68102 |
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Plaza Level |
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Phone: |
402-444-1630 |
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New York, NY 10038 |
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Investor Services |
402-930-3098 |
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Phone: |
718-921-8124 |
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Fax: |
402-930-3047 |
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888-991-9902 |
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Web Site: |
www.ataxfund.com |
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Fax: |
718-236-2641 |
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Ticker Symbol: |
ATAX |
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Corporate Counsel: |
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Independent Accountants: |
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Barnes & Thornburg LLP |
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PwC |
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11 S. Meridian Street |
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1 North Wacker Drive |
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Indianapolis, IN 46204 |
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Chicago, Illinois 60606 |
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Burlington Capital LLC, General Partner of the General Partner for ATAX - Board of Managers |
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Michael B. Yanney |
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Chairman Emeritus of the Board |
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Lisa Y. Roskens |
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Chairman of the Board |
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Mariann Byerwalter |
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Manager |
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Dr. William S. Carter |
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Manager |
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Patrick J. Jung |
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Manager |
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George Krauss |
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Manager |
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Dr. Gail Yanney |
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Manager |
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Walter K. Griffith |
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Manager |
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Senator Michael Johanns |
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Manager |
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Corporate Officers |
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Chief Executive Officer – Chad Daffer |
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Chief Financial Officer – Craig S. Allen |
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10 |
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Partnership Financial Statements and Information Schedules |
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AMERICA FIRST MULTIFAMILY INVESTORS, L.P. BALANCE SHEETS
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September 30, 2016 |
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December 31, 2015 |
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Assets |
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Cash and cash equivalents |
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$ |
30,915,002 |
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$ |
17,035,782 |
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Restricted cash |
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7,545,878 |
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8,950,374 |
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Interest receivable |
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6,883,112 |
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5,220,859 |
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Mortgage revenue bonds, held in trust |
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605,595,756 |
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536,316,481 |
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Mortgage revenue bonds |
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22,770,532 |
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47,366,656 |
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Public housing capital fund trusts |
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60,859,254 |
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60,707,290 |
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Mortgage-backed securities |
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- |
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14,775,309 |
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Real estate assets: |
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Land and improvements |
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16,983,501 |
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16,622,345 |
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Buildings and improvements |
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113,425,121 |
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124,906,654 |
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Real estate assets before accumulated depreciation |
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130,408,622 |
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141,528,999 |
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Accumulated depreciation |
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(14,980,815 |
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(14,532,168 |
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Net real estate assets |
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115,427,807 |
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126,996,831 |
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Investment in equity interests |
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13,150,207 |
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- |
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Property loans |
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31,181,409 |
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22,775,709 |
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Assets held for sale |
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- |
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14,020,559 |
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Other assets |
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18,996,058 |
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12,944,633 |
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Total Assets |
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$ |
913,325,015 |
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$ |
867,110,483 |
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Liabilities |
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Accounts payable, accrued expenses and other liabilities |
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$ |
6,121,385 |
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$ |
5,667,948 |
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Distribution payable |
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7,890,161 |
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8,759,343 |
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Unsecured lines of credit |
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- |
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17,497,000 |
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Debt financing |
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457,282,760 |
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451,496,716 |
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Mortgages payable and other secured financing |
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51,826,458 |
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69,247,574 |
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Derivative swap |
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2,497,657 |
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1,317,075 |
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Total Liabilities |
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525,618,421 |
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553,985,656 |
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Redeemable preferred units |
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33,799,087 |
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- |
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Partners' Capital |
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General Partner |
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821,010 |
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399,077 |
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Beneficial Unit Certificate holders |
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353,081,792 |
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312,720,264 |
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Total Partners' Capital |
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353,902,802 |
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313,119,341 |
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Noncontrolling interest |
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4,705 |
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5,486 |
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Total Capital |
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353,907,507 |
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313,124,827 |
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Total Liabilities and Partners' Capital |
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$ |
913,325,015 |
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$ |
867,110,483 |
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12 |
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AMERICA FIRST MULTIFAMILY INVESTORS, L.P.
PARTNERSHIP INCOME STATEMENTS
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For The Three Months |
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For The Three Months |
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For The Nine Months |
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For The Nine Months |
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Ended September 30, |
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Ended September 30, |
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Ended September 30, |
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Ended September 30, |
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2016 |
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2015 |
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2016 |
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2015 |
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Revenues: |
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Investment income |
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$ |
9,071,460 |
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$ |
8,485,518 |
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$ |
27,238,601 |
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$ |
25,853,963 |
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Property revenues |
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3,414,788 |
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4,124,413 |
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13,483,760 |
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12,512,775 |
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Contingent interest income |
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90,000 |
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- |
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309,396 |
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- |
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Other interest income |
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645,691 |
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287,134 |
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2,043,162 |
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739,057 |
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Total Revenues |
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13,221,939 |
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12,897,065 |
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43,074,919 |
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39,105,795 |
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Expenses: |
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Real estate operating (exclusive of items shown below) |
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2,252,939 |
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2,933,278 |
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7,259,071 |
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7,679,583 |
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Recovery of loss on receivables |
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- |
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(98,431 |
) |
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- |
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- |
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Impairment expense |
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- |
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- |
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61,506 |
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- |
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Depreciation and amortization |
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1,361,259 |
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1,405,696 |
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|
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5,292,889 |
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|
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4,296,460 |
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Amortization of deferred financing costs |
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425,520 |
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|
423,330 |
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1,350,200 |
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1,068,661 |
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Interest expense |
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|
3,485,172 |
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4,754,119 |
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12,577,361 |
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11,683,429 |
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General and administrative |
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2,377,148 |
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2,380,497 |
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|
7,474,500 |
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|
|
6,214,093 |
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Total Expenses |
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|
9,902,038 |
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11,798,489 |
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34,015,527 |
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|
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30,942,226 |
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Other Income: |
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Gain on sale of MF Properties |
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1,633,973 |
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1,187,807 |
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14,076,902 |
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|
4,605,269 |
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Gain on sale of securities |
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- |
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- |
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8,097 |
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- |
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Income before income taxes |
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|
4,953,874 |
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|
|
2,286,383 |
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|
23,144,391 |
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|
|
12,768,838 |
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Income tax expense |
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|
331,000 |
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|
- |
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|
4,984,000 |
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|
- |
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Income from continuing operations |
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|
4,622,874 |
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|
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2,286,383 |
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|
18,160,391 |
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|
12,768,838 |
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Income from discontinued operations |
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|
- |
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|
253,894 |
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|
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- |
|
|
|
516,609 |
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Net income before noncontrolling interest |
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|
4,622,874 |
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|
|
2,540,277 |
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|
|
18,160,391 |
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|
13,285,447 |
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Loss attributable to noncontrolling interest |
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|
(668 |
) |
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|
(372 |
) |
|
|
(781 |
) |
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|
(952 |
) |
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Net income - ATAX Partnership |
|
$ |
4,623,542 |
|
|
$ |
2,540,649 |
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|
$ |
18,161,172 |
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$ |
13,286,399 |
|
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|
|
|
|
|
|
|
|
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 |
