Exhibit 99.1

 

 

 

 

 

 

 

 

 

Supplemental Financial Report for

Quarter Ended December 31, 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 our 2016 Annual Report on Form 10-K for the year ended December 31, 2016.  These forward-looking statements are subject to various risks and uncertainties and America First Multifamily Investors, L.P. expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Most, but not all, of the selected financial information furnished herein is derived from the America First Multifamily Investors, L.P.’s (“ATAX” or “Partnership”) consolidated financial statements and related notes prepared in accordance with GAAP and management’s discussion and analysis of financial condition and results of operations included in the Partnership’s reports on Form 10-K. The Partnership’s annual consolidated financial statements were subject to independent audit, dated March 3, 2017.

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

14-17

Occupancy Data

18-20

 

 

 

 

 

 


 

 

AMERICA FIRST MULTIFAMILY INVESTORS L.P.

SUPPLEMENTAL LETTER FROM THE CEO

 

2016 has been a very active, and rewarding year for our Unitholders and we are pleased by the results of our operations, the net income we have reported, and our Cash Available for Distribution (“CAD”) during 2016.  Highlights of the accomplishments in 2016 are as follows:

Throughout 2016, we have been successful in executing our strategy of repositioning the Balance Sheet of the Partnership.  We have continued our focus on the core investment of our business, Mortgage Revenue Bonds (“MRB’s”) and have evaluated the highest and best use of the remainder of the assets in our portfolio.  We have continued to enhance our relationships with our business partners and Unitholders and remain disciplined in our investment strategy.  In addition, throughout 2016, we were diligent in our pursuit of market opportunities that have enhanced the results of operations to our Unitholders.

The following represents some of the more noteworthy highlights that ATAX has been able to achieve during 2016:

 

Results of Performance

 

Ratio of debt to total assets at par and cost (“leverage ratio”) remained constant at 65%

 

CAD was approximately $30.2 million, or $0.50 per unit

 

Investment and MF Property Transactions

 

 

The remaining mortgage-backed securities (“MBS”) were sold in January 2016 and the MBS segment was eliminated

 

Gross proceeds of approximately $15.0 million

 

Purchased approximately $130.6 million of MRB’s

 

MF Properties were sold

 

The Arboretum

 

Gross sale price of approximately $30.2 million

 

A distressed 145-unit property that was ATAX actively managed, transformed and sold at a gain

 

Woodland Park

 

Gross sale price of approximately $15.7 million

 

A formerly troubled 236-unit property that ATAX actively managed, transformed and sold at a gain

 


 

4

 


 

 

 

Debt Financings

 

Long-term A/B Trust financings of approximately $142.7 million were secured

 

Fixed rate with 10 year maturities, and

 

No mark to market

 

Negotiated a $20 million secured Line of Credit

 

Series A Preferred

 

Issued approximately $40.9 million of 3% Series A Preferred Units as mezzanine capital

 

Accretive, non-cumulative, non-convertible and non-voting

 

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 being listed as a publicly traded company on the NASDAQ market in 1986.

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.   As we move into 2017, we are encouraged by the Partnership’s direction and look forward to discussing the progress we have made in the new year with you in the near future.

 

Chad Daffer, Chief Executive Officer

 

5

 


 

 

FOURTH 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 December 31, 2016)

 

Symbol (NASDAQ)

 

 

ATAX

 

Annual Distribution

 

$

0.50

 

Price

 

$

5.40

 

Yield

 

 

9.3%

 

 

 

 

 

 

Units Outstanding (including Restricted Units)

 

 

60,224,538

 

Market Capitalization

 

$

325,212,505

 

52-week Unit price range

 

 

$4.51 to $6.09

 

 

 

 

 

 

Partnership Financial Information for the Q4 2016

(amounts in thousands, except per Unit)

 

 

 

 

 

 

 

 

 

 

 

Total Revenue

 

$

15,904

 

Net Income – ATAX Partnership

 

$

5,623

 

Cash Available for Distribution (“CAD”)1

 

$

6,331

 

Total Assets

 

$

944,114

 

Ratio of Debt to Total Assets at Par and Cost

 

 

65%

 

 

 

 

 

 

CAD, per unit

 

$

0.11

 

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 January 30, 2017 for Unit holders of record as of December 31, 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 year-over-year 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 fourth quarter of 2016, we recognized contingent interest of approximately $1.7 million,

 

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 2016, we realized approximately $2.0 million of contingent interest, of which $505,000 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 $8.6 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.

 

 

 

 

8

 


 

 

LEVERAGE RATIOS

 

Our operating policy on leverage is:

     To maintain leverage of between 75% and 85% on the mortgage revenue bond portfolio.

     To maintain leverage of approximately 75% on the PHC certificates portfolio.

     For mortgages on MF Properties, we look at supportable loans given standard parameters of LTV and Debt Service Coverage.

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

 

 

 

 

 

 

 

 

 

 

Weighted Average Cost of Debt

 

Period End

Rate

 

 

Period End

Rate

 

 

 

Dec 31, 2016

 

 

Dec 31, 2015

 

 

 

 

 

 

 

 

TEBS Financing

 

2.35%

 

 

1.51%

 

 

 

 

 

 

 

 

TOB and Term A/B Secured Financing

 

3.76%

 

 

3.26%

 

 

 

 

 

 

 

 

Mortgages payable and other

   secured financing

 

3.83%

 

 

3.57%

 

 

 

 

 

 

 

 

 

1

Calculated as total outstanding debt divided by total Partnership assets using the carrying value of the mortgage revenue bonds, PHC Certificates, MBS Securities, initial finance costs, and the MF Properties at 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

K-1 Services:

855-4AT-AXK1

 

 

888-991-9902

Fax:

402-930-3047

 

Fax:

718-236-2641

Web Site:

www.ataxfund.com

 

 

 

K-1 Services Email:

k1s@ataxfund.com

 

 

 

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

 

 

 

12

 


 

 

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

PARTNERSHIP INCOME STATEMENTS

 

 

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:

 

 

 

14

 


 

 

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

MORTGAGE REVENUE BOND INVESTMENT SCHEDULE DECEMBER 31, 2016

 

 

 

 

 

 

 

Base

 

 

 

 

 

 

 

 

 

 

 

Maturity

 

Interest

 

 

 

Principal

 

 

 

Estimated

 

Property Name

 

Location

 

Date

 

Rate

 

 

Outstanding

 

 

Fair Value

 

15 West Apartments

 

Vancouver, WA

 

7/1/2054

 

 

6.25

%

 

$

      9,850,000

 

 

$

    11,434,281

 

Arbors at Hickory Ridge

 

Memphis, TN

 

1/1/2049

 

 

6.25

%

 

 

    11,351,321

 

 

 

    12,352,993

 

Ashley Square

 

Des Moines, IA

 

12/1/2025

 

 

6.25

%

 

 

      5,039,000

 

 

 

      5,377,556

 

Avistar on the Boulevard - Series A

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

    16,268,850

 

 

 

    17,552,122

 

Avistar at Chase Hill - Series A

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

      9,844,994

 

 

 

    10,434,017

 

Avistar at the Crest - Series A

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

      9,549,644

 

 

 

    10,302,911

 

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

 

San Antonio, TX

 

4/1/2050

 

 

9.00

%

 

 

      2,158,382

 

 

 

      2,302,595

 

Avistar at the Oak - Series A

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

      7,709,040

 

 

 

      8,272,178

 

Avistar in 09 - Series A

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

      6,656,458

 

 

 

      7,016,020

 

Avistar on the Hill - Series A

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

      5,326,157

 

 

 

      5,749,653

 

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

 

San Antonio, TX

 

9/1/2050

 

 

9.00

%

 

 

      1,005,226

 

 

 

      1,091,418

 

Avistar at the Parkway - Series A

 

San Antonio, TX

 

5/1/2052

 

 

6.00

%

 

 

    13,300,000

 

 

 

    13,221,251

 

Avistar at the Parkway - Series B

 

San Antonio, TX

 

6/1/2052

 

 

12.00

%

 

 

         125,000

 

 

 

         121,659

 

Bella Vista

 

Gainesville, TX

 

4/1/2046

 

 

6.15

%

 

 

      6,365,000

 

 

 

      6,865,162

 

Bridle Ridge

 

Greer, SC

 

1/1/2043

 

 

6.00

%

 

 

      7,535,000

 

 

 

      8,052,881

 

Brookstone

 

Waukegan, IL

 

5/1/2040

 

 

5.45

%

 

 

      9,076,558

 

 

 

      8,920,018

 

Bruton

 

Dallas, TX

 

8/1/2054

 

 

6.00

%

 

 

    18,145,000

 

 

 

    18,494,886

 

Columbia Gardens

 

Columbia, SC

 

12/1/2050

 

 

5.50

%

 

 

    15,000,000

 

 

 

    14,287,193

 

Companion at Thornhill Apartments

 

Lexington, SC

 

1/1/2052

 

 

5.80

%

 

 

    11,500,000

 

 

 

    12,145,552

 

Concord at Gulfgate - Series A

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

    19,185,000

 

 

 

    20,385,246

 

Concord at Little York - Series A

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

    13,440,000

 

 

 

    14,484,752

 

Concord at Williamcrest - Series A

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

    20,820,000

 

 

 

    22,122,534

 

Copper Gate Apartments

 

Lafayette, IN

 

12/1/2029

 

 

6.25

%

 

 

      5,145,000

 

 

 

      5,673,855

 

Courtyard Apartments - Series A

 

Fullerton, CA

 

12/1/2033

 

 

5.00

%

 

 

    10,230,000

 

 

 

    10,230,000

 

Courtyard Apartments - Series B

 

Fullerton, CA

 

12/1/2018

 

 

5.50

%

 

 

      6,228,000

 

 

 

      6,228,000

 

Cross Creek

 

Beaufort, SC

 

3/1/2049

 

 

6.15

%

 

 

      8,258,605

 

 

 

      8,778,042

 

Crossing at 1415 - Series A

 

San Antonio, TX

 

12/1/2052

 

 

6.00

%

 

 

      7,590,000

 

 

 

      7,544,445

 

Crossing at 1415 - Series B

 

San Antonio, TX

 

1/1/2053

 

 

12.00

%

 

 

         335,000

 

 

 

         332,386

 

Decatur Angle

 

Fort Worth, TX

 

1/1/2054

 

 

5.75

%

 

 

    22,950,214

 

 

 

    22,659,229

 

Glenview - Series A

 

Cameron Park, CA

 

12/1/2031

 

 

5.75

%

 

 

      4,670,000

 

 

 

      4,802,402

 

Greens of Pine Glen - Series A

 

Durham, NC

 

10/1/2047

 

 

6.50

%

 

 

      8,210,000

 

 

 

      9,054,585

 

Greens of Pine Glen - Series B

 

Durham, NC

 

10/1/2047

 

 

9.00

%

 

 

         940,479

 

 

 

      1,058,695

 

Harden Ranch - Series A

 

Salinas, CA

 

3/1/2030

 

 

5.75

%

 

 

      6,912,535

 

 

 

      7,282,273

 

Harmony Court Bakersfield - Series A

 

Bakersfield, CA

 

12/1/2033

 

 

5.00

%

 

 

      3,730,000

 

 

 

      3,735,159

 

Harmony Court Bakersfield - Series B

 

Bakersfield, CA

 

12/1/2018

 

 

5.50

%

 

 

      1,997,000

 

 

 

      2,021,093

 

Harmony Terrace - Series A

 

Simi Valley, CA

 

1/1/2034

 

 

5.00

%

 

 

      6,900,000

 

 

 

      6,900,000

 

Harmony Terrace - Series B

 

Simi Valley, CA

 

1/1/2019

 

 

5.50

%

 

 

      7,400,000

 

 

 

      7,400,000

 

Heights at 515 - Series A

 

San Antonio, TX

 

12/1/2052

 

 

6.00

%

 

 

      6,435,000

 

 

 

      6,396,377

 

Heights at 515 - Series B

 

San Antonio, TX

 

1/1/2053

 

 

12.00

%

 

 

         510,000

 

 

 

         506,023

 

Heritage Square - Series A

 

Edinburg, TX

 

9/1/2051

 

 

6.00

%

 

 

    11,161,330

 

 

 

    12,066,785

 

Lake Forest Apartments

 

Daytona Beach, FL

 

12/1/2031

 

 

6.25

%

 

 

      8,639,000

 

 

 

      9,538,694

 

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

 

 

 

      1,785,139

 

Live 929

 

Baltimore, MD

 

7/1/2049

 

 

5.78

%

 

 

    40,085,000

 

 

 

    44,275,418

 

Montclair - Series A

 

Lemoore, CA

 

12/1/2031

 

 

5.75

%

 

 

      2,530,000

 

 

 

      2,638,608

 

Oaks at Georgetown - Series A

 

Georgetown, TX

 

1/1/2034

 

 

5.00

%

 

 

    12,330,000

 

 

 

    12,330,000

 

Oaks at Georgetown - Series B

 

Georgetown, TX

 

1/1/2019

 

 

5.50

%

 

 

      5,512,000

 

 

 

      5,512,000

 

Ohio Bond - Series A

 

Ohio

 

6/1/2050

 

 

7.00

%

 

 

    14,215,000

 

 

 

    16,542,468

 

Ohio Bond - Series B

 

Ohio

 

6/1/2050

 

 

10.00

%

 

 

      3,549,780

 

 

 

      3,998,848

 

Pro Nova - 2014-1

 

Knoxville, TN

 

5/1/2034

 

 

6.00

%

 

 

    10,000,000

 

 

 

    10,727,500

 

Renaissance - Series A  

 

Baton Rouge, LA

 

6/1/2050

 

 

6.00

%

 

 

    11,348,364

 

 

 

    12,174,733

 

Runnymede

 

Austin, TX

 

10/1/2042

 

 

6.00

%

 

 

    10,250,000

 

 

 

    11,024,285

 

Santa Fe - Series A

 

Hesperia, CA

 

12/1/2031

 

 

5.75

%

 

 

      3,065,000

 

 

 

      3,242,093

 

San Vicente - Series A

 

Soledad, CA

 

11/1/2033

 

 

5.00

%

 

 

      3,495,000

 

 

 

      3,457,646

 

San Vicente - Series B

 

Soledad, CA

 

11/1/2018

 

 

5.50

%

 

 

      1,825,000

 

 

 

      1,832,334

 

Seasons at Simi Valley - Series A

 

Simi Valley, CA

 

9/1/2032

 

 

5.75

%

 

 

      4,376,000

 

 

 

      4,684,335

 

Seasons at Simi Valley - Series B

 

Simi Valley, CA

 

9/1/2017

 

 

8.00

%

 

 

      1,944,000

 

 

 

      1,971,727

 

Seasons Lakewood - Series A

 

Lakewood, CA

 

1/1/2034

 

 

5.00

%

 

 

      7,350,000

 

 

 

      7,350,000

 

Seasons Lakewood - Series B

 

Lakewood, CA

 

1/1/2019

 

 

5.50

%

 

 

      5,260,000

 

 

 

      5,260,000

 

Seasons San Juan Capistrano - Series A

 

San Juan Capistrano, CA

 

1/1/2034

 

 

5.00

%

 

 

    12,375,000

 

 

 

    12,375,000

 

Seasons San Juan Capistrano - Series B

 

San Juan Capistrano, CA

 

1/1/2019

 

 

5.50

%

 

 

      6,574,000

 

 

 

      6,574,000

 

Silver Moon - Series A

 

Albuquerque, NM

 

8/1/2055

 

 

6.00

%

 

 

      7,933,259

 

 

 

      8,398,641

 

Southpark  

 

Austin, TX

 

12/1/2049

 

 

6.13

%

 

 

    13,435,000

 

 

 

    15,038,064

 

Summerhill - Series A

 

Bakersfield, CA

 

12/1/2033

 

 

5.00

%

 

 

      6,423,000

 

 

 

      6,261,324

 

Summerhill - Series B

 

Bakersfield, CA

 

12/1/2018

 

 

5.50

%

 

 

      3,372,000

 

 

 

      3,358,695

 

Sycamore Walk - Series A

 

Bakersfield, CA

 

1/1/2033

 

 

5.25

%

 

 

      3,632,000

 

 

 

      3,762,431

 

Sycamore Walk - Series B

 

Bakersfield, CA

 

1/1/2018

 

 

5.50

%

 

 

      1,815,000

 

 

 

      1,750,568

 

The Palms at Premier Park

 

Columbia, SC

 

1/1/2050

 

 

6.25

%

 

 

    19,826,716

 

 

 

    21,611,102

 

 

15

 


 

 

Tyler Park Townhomes

 

Greenfield, CA

 

1/1/2030

 

 

5.75

%

 

 

      6,024,120

 

 

 

      6,261,702

 

Vantage at Judson  

 

San Antonio, TX

 

1/1/2053

 

 

6.00

%

 

 

    26,356,498

 

 

 

    28,015,005

 

Vantage at Harlingen  

 

San Antonio, TX

 

9/1/2053

 

 

6.00

%

 

 

    24,529,580

 

 

 

    25,447,299

 

The Village at Madera - Series A

 

Madera, CA

 

12/1/2033

 

 

5.00

%

 

 

      3,085,000

 

 

 

      3,007,346

 

The Village at Madera - Series B

 

Madera, CA

 

12/1/2018

 

 

5.50

%

 

 

      1,719,000

 

 

 

      1,712,217

 

Westside Village Market

 

Shafter, CA

 

1/1/2030

 

 

5.75

%

 

 

      3,936,750

 

 

 

      4,039,391

 

Willow Run

 

Columbia, SC

 

12/1/2050

 

 

5.50

%

 

 

    15,000,000

 

 

 

    14,296,235

 

Woodlynn Village

 

Maplewood, MN

 

11/1/2042

 

 

6.00

%

 

 

      4,310,000

 

 

 

      4,604,976

 

 

 

 

 

 

 

 

 

 

 

$

  648,439,860

 

 

$

  680,211,051

 

 

 

OTHER INVESTMENTS DECEMBER 31, 2016

 

 

 

Weighted

 

Weighted Avg.

 

 

Principal

 

 

Estimated

 

Name

 

Average Lives

 

Coupon Rate

 

 

Outstanding

 

 

Fair Value

 

Public Housing Capital Fund Trust Certificate I

 

8.31

 

 

5.36

%

 

$

24,923,137

 

 

$

26,749,255

 

Public Housing Capital Fund Trust Certificate II

 

7.65

 

 

4.31

%

 

 

10,938,848

 

 

 

10,685,723

 

Public Housing Capital Fund Trust Certificate III

 

8.79

 

 

5.42

%

 

 

20,468,767

 

 

 

19,723,090

 

 

 

 

 

 

 

 

 

$

56,330,752

 

 

$

57,158,068

 

 

 

 

 

16

 


 

 

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

 

1/1/2049

 

 

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

 

 

17

 


 

 

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

MORTGAGE BOND PROPERTIES PHYSICAL OCCUPANCY

 

 

18

 


 

 

 

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.

5

Mortgage bond was acquired in December 2016 and occupancy data is unavailable.

 

 

19

 


 

 

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

MF PROPERTIES PHYSICAL OCCUPANCY

 

 

 

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.

4

Jade Park was acquired on September 30, 2016.

 

20