Exhibit 99.1

 

 

 

 

 

 

 

 

 

Supplemental Financial Report for

Quarter Ended June 30, 2017

 

 

    

 


 

 

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 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2017.  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, 2017. The second quarter 2017 Form 10-Q materials are dated August 7, 2017 and the Partnership does not undertake to update the materials after that date.

Disclosure Regarding Non-GAAP Measures

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

Please see the consolidated financial statements we filed with the Securities and Exchange Commission on Forms 10-K and 10-Q.  Our GAAP consolidated financial statements can be located upon searching for the Partnership’s filings at www.sec.gov.

 

 

 

 


 

 

PARTNERSHIP FINANCIAL INFORMATION

TABLE OF CONTENTS

 

 

Pages

Supplemental Letter from the CEO

4

Quarterly Fact Sheet

5

Financial Performance Trend Graphs

6-11

Other Partnership Information

12

Partnership Financial Statements

13-15

Partnership Financial Measures and Schedules

16-20

 

 

 

 

 

 

 

 

 


 

 

AMERICA FIRST MULTIFAMILY INVESTORS L.P.

SUPPLEMENTAL LETTER FROM THE CEO

 

 

During Q2 2017, ATAX continued to focus its efforts on “fine tuning” its Balance Sheet.  To forward this effort we have successfully executed on the following transactions during the quarter:

 

Sold one parcel of Land held for development for $3.0 million,

 

Invested approximately $1.6 million in Investment in unconsolidated entities,

 

Increased the maximum amount of ATAX’s Line of Credit to $10 million and extended its maturity to May 2019,

 

Extended the maturity of ATAX’s $50 million Unsecured Line of Credit to May 2019, and

 

Extended the maturity of two MF Property mortgage loans of approximately $7.2 million to June 2019.

 

We also focused on reducing the impact of increases in interest rates on our variable rate debt financing.  In June 2017, ATAX “rolled down” its existing interest rate cap arrangements that hedge its TEBS II and TEBS III variable rate financing arrangements.  Two Corridor Cap Agreements with a 1.5% - 3% cap range were acquired with notional values of $92.6 million and $83.4 million and maturity dates of August 15, 2019 and August 15, 2020, respectively.  The recent movement in interest rates has allowed us to successfully execute the two Cap Agreements at favorable terms to ATAX and its Unitholders.    

In addition to the transactions above, the following results were realized in the second quarter of 2017:

 

Total revenue increased approximately 8.7% to $16.2 million, compared to $14.9 million in the second quarter of 2016, and

 

Total assets increased to $1.02 billion at June 30, 2017, compared to $944.1 million at December 31, 2016.

We continue to execute on our strategy of “fine tuning” our assets owned and remain focused on managing the Partnership for the benefit of our Unitholders.

We remain encouraged by ATAX’s direction and would like to thank all of our Unitholders for their continued support.

Chad Daffer

Chief Executive Officer

 

4

 


 

 

SECOND QUARTER 2017 FACT SHEET

 

PARTNERSHIP DETAILS

 

We were formed for the primary purpose of acquiring a portfolio of mortgage revenue bonds (“MRBs”) 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 MRBs is excludable from gross income for federal income tax purposes. We continue to pursue a business strategy of acquiring additional MRBs and other investments on a leveraged basis.  We also invest in other securities which, 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.  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.  In addition, we have invested in equity interests of multifamily, market rate, projects throughout the U.S.

(As of June 30, 2017)

 

Symbol (NASDAQ)

 

 

ATAX

 

Annual Distribution

 

$

0.50

 

Price

 

$

5.95

 

Yield

 

 

8.4%

 

 

 

 

 

 

Units Outstanding (including Restricted Units)

 

 

60,252,928

 

Market Capitalization

 

$

358,504,922

 

52-week Unit price range

 

 

$5.30 to $6.09

 

 

 

 

 

 

Partnership Financial Information for the Q2 2017

(amounts in thousands, except per Unit)

 

 

 

 

 

 

 

 

 

 

 

Total Revenue

 

$

16,234

 

Net Income – ATAX Partnership

 

$

4,109

 

Total Assets

 

$

1,024,827

 

Ratio of Debt to Total Assets at Par and Cost

 

 

66%

 

Cash Available for Distribution (“CAD”)1

 

$

5,886

 

Distribution Declared per unit2

 

$

0.125

 

 

 

1

Management utilizes a calculation of Cash Available for Distribution (“CAD”) to assess the Partnership’s operating performance. This is a non-GAAP financial measure and a reconciliation of our GAAP net income to its CAD is provided on page 16 of the Supplement herein.

2

The most recent distribution was paid on July 31, 2017 for Unitholders of record as of June 30, 2017. The distribution is payable to Unitholders 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.

 

 


 

5

 


 

 

ATAX ASSET PROFILE

 

 

 

 

Total mortgage revenue bonds, core assets of ATAX, have increased to 75% of Total Assets at June 30, 2017, from 35% of Total Assets at December 31, 2012.

 

 

6

 


 

 

ATAX FINANCING PROFILE

 

TOTAL DEBT ($ in 000’s)

 


 

7

 


 

 

ATAX ASSETS HELD - $ AND LEVERAGE %’s

 

 

 

1

Total outstanding debt divided by total assets using the carrying value of the MRBs, PHC Certificates, initial finance costs and the MF Properties at cost.

 

 

8

 


 

 

REVENUE AND OTHER INCOME TRENDS

Revenue and other income decreased year-over-year due to a large gain on sale in the second quarter of 2016.  

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

 

During the second quarter of 2017, we recognized contingent interest of approximately $87,000,

 

During the first quarter of 2017, we recognized a gain on the sale of Northern View (an MF Property) of approximately $3.2 million, net of income taxes and Tier 2 income paid to the general partner, and before direct and indirect expense, and contingent interest of approximately $133,000,

 

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, and

 

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

 

9

 


 

 

OPERATING EXPENSE TRENDS

 

 

 

 

 

 

Since September 30, 2015, the ratio of “Salaries and benefits” and “General and administrative” expenses has averaged approximately 0.47% of Total Assets.


 

10

 


 

 

PERFORMANCE TRENDS

 

 

In 2017, we realized approximately $219,000 of contingent interest, of which $55,000 was due to the General Partner.  In addition, we reported the sale of Northern View, which resulted in a gain of approximately $4.3 million, net of tax, of which approximately $1.1 million was due to the General Partner.  There was approximately $3.3 million that was allocated to the Unitholders.

 

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.

 

 

 

 

 

11

 


 

 

 

 


 

 

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 L. Daffer

Chief Financial Officer – Craig S. Allen

 

 

 

 

12

 


 

 

 

 

 

 

 

 

 

Partnership Financial

Statements and Information

Schedules

 

 

 

 

 


 

 

AMERICA FIRST MULTIFAMILY INVESTORS, L.P. BALANCE SHEETS

 

 

 

June 30, 2017

 

 

December 31, 2016

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

 

15,371,898

 

$

 

20,748,521

 

Restricted cash

 

 

6,641,289

 

 

 

6,757,699

 

Interest receivable

 

 

6,397,508

 

 

 

6,983,203

 

Mortgage revenue bonds, held in trust

 

 

741,181,807

 

 

 

590,194,179

 

Mortgage revenue bonds

 

 

26,947,851

 

 

 

90,016,872

 

Public housing capital fund trusts

 

 

55,791,371

 

 

 

57,158,068

 

Real estate assets:

 

 

 

 

 

 

 

 

Land and improvements

 

 

10,729,217

 

 

 

17,354,587

 

Buildings and improvements

 

 

105,178,529

 

 

 

113,089,041

 

Real estate assets before accumulated depreciation

 

 

115,907,746

 

 

 

130,443,628

 

Accumulated depreciation

 

 

(16,367,265

)

 

 

(16,217,028

)

Net real estate assets

 

 

99,540,481

 

 

 

114,226,600

 

Investment in equity interests

 

 

31,950,493

 

 

 

19,470,006

 

Property loans, net

 

 

31,603,970

 

 

 

29,763,334

 

Other assets

 

 

9,400,100

 

 

 

8,795,192

 

Total Assets

$

 

1,024,826,768

 

$

 

944,113,674

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

$

 

7,197,103

 

$

 

7,255,327

 

Distribution payable

 

 

7,623,425

 

 

 

8,017,950

 

Unsecured lines of credit

 

 

-

 

 

 

40,000,000

 

Secured line of credit, net

 

 

-

 

 

 

19,816,667

 

Debt financing, net

 

 

597,465,241

 

 

 

495,383,033

 

Mortgages payable and other secured financing, net

 

 

50,778,452

 

 

 

51,379,512

 

Derivative swaps

 

 

1,283,437

 

 

 

1,339,283

 

Total Liabilities

 

 

664,347,658

 

 

 

623,191,772

 

Redeemable preferred units

 

 

56,894,600

 

 

 

40,788,034

 

Partners' Capital

 

 

 

 

 

 

 

 

General Partner

 

 

351,751

 

 

 

102,536

 

Beneficial Unit Certificate holders

 

 

303,232,759

 

 

 

280,026,669

 

Total Partners' Capital

 

 

303,584,510

 

 

 

280,129,205

 

Noncontrolling interest

 

 

-

 

 

 

4,663

 

Total Capital

 

 

303,584,510

 

 

 

280,133,868

 

Total Liabilities and Partners' Capital

$

 

1,024,826,768

 

$

 

944,113,674

 

 

 

 

 

 

 

 

 

 

 

 

14

 


 

 

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

PARTNERSHIP INCOME STATEMENTS

 

 

For The Three Months Ended June 30, 2017

 

For The Three Months Ended June 30, 2016

 

For The Six Months Ended June 30, 2017

 

For The Six Months Ended June 30, 2016

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

$

12,174,215

 

$

9,009,907

 

$

23,644,401

 

$

18,167,141

 

Property revenues

 

3,306,722

 

 

4,994,868

 

 

7,036,500

 

 

10,068,972

 

Contingent interest income

 

86,567

 

 

45,000

 

 

219,217

 

 

219,396

 

Other interest income

 

666,796

 

 

883,346

 

 

1,311,933

 

 

1,397,471

 

Other Income

 

-

 

 

-

 

 

62,637

 

 

-

 

   Total Revenues

 

16,234,300

 

 

14,933,121

 

 

32,274,688

 

 

29,852,980

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Real estate operating (exclusive of items shown below)

 

1,621,084

 

 

2,369,455

 

 

4,105,300

 

 

5,006,132

 

Impairment charge

 

-

 

 

61,506

 

 

-

 

 

61,506

 

Depreciation and amortization

 

1,270,379

 

 

1,806,732

 

 

2,863,205

 

 

3,931,630

 

Amortization of deferred financing costs

 

562,585

 

 

392,493

 

 

1,302,823

 

 

924,680

 

Interest expense

 

5,841,327

 

 

4,322,054

 

 

11,283,580

 

 

9,092,189

 

General and administrative

 

2,876,450

 

 

2,764,981

 

 

6,007,330

 

 

5,097,352

 

   Total Expenses

 

12,171,825

 

 

11,717,221

 

 

25,562,238

 

 

24,113,489

 

Other Income:

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of MF Properties

 

(16,075

)

 

12,442,929

 

 

7,152,512

 

 

12,442,929

 

Gain on sale of securities

 

-

 

 

-

 

 

-

 

 

8,097

 

Income before income taxes

 

4,046,400

 

 

15,658,829

 

 

13,864,962

 

 

18,190,517

 

Income tax expense

 

(63,000

)

 

4,653,000

 

 

2,395,047

 

 

4,653,000

 

Net income before noncontrolling interest

 

4,109,400

 

 

11,005,829

 

 

11,469,915

 

 

13,537,517

 

Income (loss) attributable to noncontrolling interest

 

-

 

 

(101

)

 

71,653

 

 

(113

)

Net income - ATAX Partnership

$

4,109,400

 

$

11,005,930

 

$

11,398,262

 

$

13,537,630

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income - ATAX Partnership

 

4,109,400

 

 

11,005,930

 

 

11,398,262

 

 

13,537,630

 

   Redeemable preferred unit distributions and accretion

 

(432,550

)

 

(124,982

)

 

(757,192

)

 

(126,666

)

Net income available to Partners

$

3,676,850

 

$

10,880,948

 

$

10,641,070

 

$

13,410,964

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected Segment Data (Partnership):

 

 

 

 

 

 

 

 

 

 

 

 

Revenue and Other Income

 

 

 

 

 

 

 

 

 

 

 

 

   Mortgage Revenue Bond Investments

$

11,059,940

 

$

8,790,823

 

$

21,648,438

 

$

17,577,974

 

   MF Properties

 

3,290,647

 

 

17,437,797

 

 

14,251,649

 

 

22,511,901

 

   Public Housing Capital Fund Trusts

 

719,182

 

 

722,990

 

 

1,427,968

 

 

1,453,892

 

   MBS Securities Investments

 

-

 

 

-

 

 

-

 

 

48,755

 

Other Investments

 

1,148,456

 

 

424,440

 

 

2,099,145

 

 

711,484

 

Total  Revenue and Other Income

$

16,218,225

 

$

27,376,050

 

$

39,427,200

 

$

42,304,006

 

Total Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

   Mortgage Revenue Bond Investments

$

8,467,172

 

$

6,570,100

 

$

16,826,617

 

$

13,326,958

 

   MF Properties

 

3,272,600

 

 

9,465,475

 

 

10,488,057

 

 

14,807,382

 

   Public Housing Capital Fund Trusts

 

369,053

 

 

334,545

 

 

714,264

 

 

635,265

 

   MBS Securities Investments

 

-

 

 

-

 

 

-

 

 

(3,229

)

   Other Investments

 

-

 

 

-

 

 

-

 

 

-

 

Total

$

12,108,825

 

$

16,370,120

 

$

28,028,938

 

$

28,766,376

 

Net Income (loss) – ATAX Partnership:

 

 

 

 

 

 

 

 

 

 

 

 

   Mortgage Revenue Bond Investments

$

2,592,768

 

$

2,220,723

 

$

4,821,821

 

$

4,251,016

 

   MF Properties

 

18,047

 

 

7,972,322

 

 

3,763,592

 

 

7,704,519

 

   Public Housing Capital Fund Trusts

 

350,129

 

 

388,445

 

 

713,704

 

 

818,627

 

   MBS Securities Investments

 

-

 

 

-

 

 

-

 

 

51,984

 

Other Investments

 

1,148,456

 

 

424,440

 

 

2,099,145

 

 

711,484

 

Income from continuing operations

$

4,109,400

 

$

11,005,930

 

$

11,398,262

 

$

13,537,630

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15

 


 

 

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:

 

 

June 30, 2017

 

March 31, 2017

 

December 31, 2016

 

September 30, 2016

 

June 30, 2016

 

March 31, 2016

 

December 31, 2015

 

September 30, 2015

 

Partnership only net income

$

4,109,400

 

$

7,288,862

 

$

5,623,335

 

$

4,623,542

 

$

11,005,930

 

$

2,531,700

 

$

9,549,326

 

$

2,514,338

 

Change in fair value of derivatives and interest rate derivative amortization

 

181,420

 

 

121,349

 

 

(1,395,730

)

 

(263,684

)

 

531,389

 

 

1,110,407

 

 

(153,039

)

 

1,254,564

 

Depreciation and amortization expense (Partnership only)

 

1,270,379

 

 

1,592,826

 

 

1,569,641

 

 

1,361,259

 

 

1,806,732

 

 

2,124,898

 

 

2,208,551

 

 

1,405,696

 

Impairment charge

 

-

 

 

-

 

 

-

 

 

-

 

 

61,506

 

 

-

 

 

-

 

 

-

 

Amortization of deferred financing costs

 

562,585

 

 

740,238

 

 

512,309

 

 

425,520

 

 

392,493

 

 

532,187

 

 

554,128

 

 

423,330

 

Restricted units compensation expense

 

438,893

 

 

170,840

 

 

802,092

 

 

31,050

 

 

-

 

 

-

 

 

-

 

 

-

 

Deferred income taxes

 

(201,000

)

 

(164,000

)

 

(51,000

)

 

(136,000

)

 

553,000

 

 

-

 

 

-

 

 

-

 

Redeemable preferred unit distribution and accretion

 

(432,550

)

 

(324,642

)

 

(274,772

)

 

(181,969

)

 

(124,982

)

 

(1,684

)

 

-

 

 

-

 

Bond purchase discount accretion (net of cash received)

 

(26,741

)

 

(23,507

)

 

(27,770

)

 

(147,033

)

 

33,668

 

 

34,696

 

 

171,717

 

 

380,644

 

Tier 2 Income distributable to the General Partner

 

(16,224

)

 

(1,104,401

)

 

(426,774

)

 

(291,295

)

 

(2,096,982

)

 

(43,599

)

 

(1,187,639

)

 

(296,952

)

Provision for (recovery of) loss on receivable

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(98,431

)

Amortization related to discontinued operations

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

1,344

 

 

2,023

 

CAD

$

5,886,162

 

$

8,297,565

 

$

6,331,331

 

$

5,421,390

 

$

12,162,754

 

$

6,288,605

 

$

11,144,388

 

$

5,585,212

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of units outstanding, basic

 

59,862,969

 

 

60,037,687

 

 

59,995,789

 

 

60,176,937

 

 

60,252,928

 

 

60,252,928

 

 

60,252,928

 

 

60,252,928

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partnership Only:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income, basic and diluted, per unit

$

0.06

 

$

0.10

 

$

0.09

 

$

0.07

 

$

0.15

 

$

0.04

 

$

0.14

 

$

0.04

 

CAD per unit, basic

$

0.10

 

$

0.14

 

$

0.11

 

$

0.09

 

$

0.20

 

$

0.10

 

$

0.19

 

$

0.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions declared, per unit

$

0.125

 

$

0.125

 

$

0.125

 

$

0.125

 

$

0.125

 

$

0.125

 

$

0.125

 

$

0.125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16

 


 

 

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

MORTGAGE REVENUE BOND INVESTMENT SCHEDULE JUNE 30, 2017

 

 

 

 

 

 

 

Base

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maturity

 

Interest

 

 

 

Principal

 

 

Estimated

 

Property Name

 

Location

 

Date

 

Rate

 

 

 

Outstanding

 

 

Fair Value

 

15 West Apartments

 

Vancouver, WA

 

7/1/2054

 

 

6.25

%

 

 

$

9,826,657

 

 

$

11,408,877

 

Arbors at Hickory Ridge

 

Memphis, TN

 

1/1/2049

 

 

6.25

%

 

 

 

11,295,071

 

 

 

12,772,442

 

Ashley Square

 

Des Moines, IA

 

12/1/2025

 

 

6.25

%

 

 

 

5,009,000

 

 

 

5,036,602

 

Avistar on the Boulevard - Series A

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

 

16,190,599

 

 

 

17,822,192

 

Avistar at Chase Hill - Series A

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

 

9,797,642

 

 

 

10,211,947

 

Avistar at Copperfield - Series A

 

Houston, TX

 

5/1/2054

 

 

5.75

%

 

 

 

10,000,000

 

 

 

10,491,288

 

Avistar at Copperfield - Series B

 

Houston, TX

 

6/1/2054

 

 

12.00

%

 

 

 

4,000,000

 

 

 

4,024,939

 

Avistar at the Crest - Series A

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

 

9,503,712

 

 

 

10,505,833

 

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

 

San Antonio, TX

 

4/1/2050

 

 

9.00

%

 

 

 

2,153,135

 

 

 

2,167,329

 

Avistar at the Oak - Series A

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

 

7,673,015

 

 

 

8,537,680

 

Avistar in 09 - Series A

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

 

6,625,352

 

 

 

7,214,254

 

Avistar on the Hill - Series A

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

 

5,301,268

 

 

 

5,898,662

 

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

 

San Antonio, TX

 

9/1/2050

 

 

9.00

%

 

 

 

1,002,877

 

 

 

1,049,934

 

Avistar at the Parkway - Series A

 

San Antonio, TX

 

5/1/2052

 

 

6.00

%

 

 

 

13,290,665

 

 

 

14,205,816

 

Avistar at the Parkway - Series B

 

San Antonio, TX

 

6/1/2052

 

 

12.00

%

 

 

 

124,981

 

 

 

156,117

 

Avistar at Wilcrest - Series A

 

Houston, TX

 

5/1/2054

 

 

5.75

%

 

 

 

3,775,000

 

 

 

3,976,007

 

Avistar at Wilcrest - Series B

 

Houston, TX

 

6/1/2054

 

 

12.00

%

 

 

 

1,550,000

 

 

 

1,559,782

 

Avistar at Wood Hollow - Series A

 

Austin, TX

 

5/1/2054

 

 

5.75

%

 

 

 

31,850,000

 

 

 

33,414,751

 

Avistar at Wood Hollow - Series B

 

Austin, TX

 

6/1/2054

 

 

12.00

%

 

 

 

8,410,000

 

 

 

8,465,645

 

Bella Vista

 

Gainesville, TX

 

4/1/2046

 

 

6.15

%

 

 

 

6,295,000

 

 

 

6,326,115

 

Bridle Ridge

 

Greer, SC

 

1/1/2043

 

 

6.00

%

 

 

 

7,500,000

 

 

 

7,617,210

 

Brookstone

 

Waukegan, IL

 

5/1/2040

 

 

5.45

%

 

 

 

9,028,534

 

 

 

9,334,127

 

Bruton

 

Dallas, TX

 

8/1/2054

 

 

6.00

%

 

 

 

18,108,276

 

 

 

20,870,767

 

Columbia Gardens

 

Columbia, SC

 

12/1/2050

 

 

5.50

%

 

 

 

15,000,000

 

 

 

15,039,401

 

Companion at Thornhill Apartments

 

Lexington, SC

 

1/1/2052

 

 

5.80

%

 

 

 

11,457,334

 

 

 

12,593,684

 

Concord at Gulfgate - Series A

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

 

19,185,000

 

 

 

21,760,473

 

Concord at Little York - Series A

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

 

13,440,000

 

 

 

15,311,771

 

Concord at Williamcrest - Series A

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

 

20,820,000

 

 

 

23,614,962

 

Copper Gate Apartments

 

Lafayette, IN

 

12/1/2029

 

 

6.25

%

 

 

 

5,145,000

 

 

 

5,997,946

 

Courtyard Apartments - Series A

 

Fullerton, CA

 

12/1/2033

 

 

5.00

%

 

 

 

10,230,000

 

 

 

11,220,190

 

Courtyard Apartments - Series B

 

Fullerton, CA

 

12/1/2018

 

 

5.50

%

 

 

 

6,228,000

 

 

 

6,216,722

 

Cross Creek

 

Beaufort, SC

 

3/1/2049

 

 

6.15

%

 

 

 

8,214,257

 

 

 

9,212,225

 

Crossing at 1415 - Series A

 

San Antonio, TX

 

12/1/2052

 

 

6.00

%

 

 

 

7,590,000

 

 

 

7,548,255

 

Crossing at 1415 - Series B

 

San Antonio, TX

 

1/1/2053

 

 

12.00

%

 

 

 

335,000

 

 

 

337,191

 

Decatur Angle

 

Fort Worth, TX

 

1/1/2054

 

 

5.75

%

 

 

 

22,873,696

 

 

 

25,688,323

 

Glenview - Series A

 

Cameron Park, CA

 

12/1/2031

 

 

5.75

%

 

 

 

4,648,920

 

 

 

5,294,599

 

Greens of Pine Glen - Series A

 

Durham, NC

 

10/1/2047

 

 

6.50

%

 

 

 

8,168,000

 

 

 

9,452,012

 

Greens of Pine Glen - Series B

 

Durham, NC

 

10/1/2047

 

 

9.00

%

 

 

 

938,985

 

 

 

1,158,863

 

Harden Ranch - Series A

 

Salinas, CA

 

3/1/2030

 

 

5.75

%

 

 

 

6,879,738

 

 

 

7,985,721

 

Harmony Court Bakersfield - Series A

 

Bakersfield, CA

 

12/1/2033

 

 

5.00

%

 

 

 

3,730,000

 

 

 

4,052,268

 

Harmony Court Bakersfield - Series B

 

Bakersfield, CA

 

12/1/2018

 

 

5.50

%

 

 

 

1,997,000

 

 

 

1,993,232

 

Harmony Terrace - Series A

 

Simi Valley, CA

 

1/1/2034

 

 

5.00

%

 

 

 

6,900,000

 

 

 

7,607,627

 

Harmony Terrace - Series B

 

Simi Valley, CA

 

1/1/2019

 

 

5.50

%

 

 

 

7,400,000

 

 

 

7,399,539

 

Heights at 515 - Series A

 

San Antonio, TX

 

12/1/2052

 

 

6.00

%

 

 

 

6,435,000

 

 

 

6,657,833

 

Heights at 515 - Series B

 

San Antonio, TX

 

1/1/2053

 

 

12.00

%

 

 

 

510,000

 

 

 

513,686

 

Heritage Square - Series A

 

Edinburg, TX

 

9/1/2051

 

 

6.00

%

 

 

 

11,112,914

 

 

 

12,338,148

 

Lake Forest Apartments

 

Daytona Beach, FL

 

12/1/2031

 

 

6.25

%

 

 

 

8,573,000

 

 

 

10,099,928

 

Las Palmas II - Series A

 

Coachella, CA

 

11/1/2033

 

 

5.00

%

 

 

 

1,695,000

 

 

 

1,849,318

 

Las Palmas II - Series B

 

Coachella, CA

 

11/1/2018

 

 

5.50

%

 

 

 

1,770,000

 

 

 

1,768,274

 

 

17

 


 

 

 

 

Live 929

 

Baltimore, MD

 

7/1/2049

 

 

5.78

%

 

 

 

40,030,000

 

 

 

45,019,717

 

Montclair - Series A

 

Lemoore, CA

 

12/1/2031

 

 

5.75

%

 

 

 

2,518,580

 

 

 

2,923,723

 

Oaks at Georgetown - Series A

 

Georgetown, TX

 

1/1/2034

 

 

5.00

%

 

 

 

12,330,000

 

 

 

12,958,904

 

Oaks at Georgetown - Series B

 

Georgetown, TX

 

1/1/2019

 

 

5.50

%

 

 

 

5,512,000

 

 

 

5,500,346

 

Ohio Bond - Series A

 

Ohio

 

6/1/2050

 

 

7.00

%

 

 

 

14,166,998

 

 

 

15,255,477

 

Ohio Bond - Series B

 

Ohio

 

6/1/2050

 

 

10.00

%

 

 

 

3,543,079

 

 

 

3,757,098

 

Pro Nova - 2014-1

 

Knoxville, TN

 

5/1/2034

 

 

6.00

%

 

 

 

10,000,000

 

 

 

10,278,840

 

Renaissance - Series A

 

Baton Rouge, LA

 

6/1/2050

 

 

6.00

%

 

 

 

11,294,718

 

 

 

12,951,771

 

Runnymede

 

Austin, TX

 

10/1/2042

 

 

6.00

%

 

 

 

10,200,000

 

 

 

10,446,902

 

Santa Fe - Series A

 

Hesperia, CA

 

12/1/2031

 

 

5.75

%

 

 

 

3,051,165

 

 

 

3,582,962

 

San Vicente - Series A

 

Soledad, CA

 

11/1/2033

 

 

5.00

%

 

 

 

3,495,000

 

 

 

3,724,245

 

San Vicente - Series B

 

Soledad, CA

 

11/1/2018

 

 

5.50

%

 

 

 

1,825,000

 

 

 

1,820,311

 

Seasons at Simi Valley - Series A

 

Simi Valley, CA

 

9/1/2032

 

 

5.75

%

 

 

 

4,376,000

 

 

 

5,159,712

 

Seasons at Simi Valley - Series B

 

Simi Valley, CA

 

9/1/2017

 

 

8.00

%

 

 

 

1,944,000

 

 

 

1,944,175

 

Seasons Lakewood - Series A

 

Lakewood, CA

 

1/1/2034

 

 

5.00

%

 

 

 

7,350,000

 

 

 

8,065,034

 

Seasons Lakewood - Series B

 

Lakewood, CA

 

1/1/2019

 

 

5.50

%

 

 

 

5,260,000

 

 

 

5,250,076

 

Seasons San Juan Capistrano - Series A

 

San Juan Capistrano, CA

 

1/1/2034

 

 

5.00

%

 

 

 

12,375,000

 

 

 

13,321,779

 

Seasons San Juan Capistrano - Series B

 

San Juan Capistrano, CA

 

1/1/2019

 

 

5.50

%

 

 

 

6,574,000

 

 

 

6,558,105

 

Silver Moon - Series A

 

Albuquerque, NM

 

8/1/2055

 

 

6.00

%

 

 

 

7,906,826

 

 

 

8,775,380

 

Southpark

 

Austin, TX

 

12/1/2049

 

 

6.13

%

 

 

 

13,435,000

 

 

 

15,188,493

 

Summerhill - Series A

 

Bakersfield, CA

 

12/1/2033

 

 

5.00

%

 

 

 

6,423,000

 

 

 

7,011,222

 

Summerhill - Series B

 

Bakersfield, CA

 

12/1/2018

 

 

5.50

%

 

 

 

3,372,000

 

 

 

3,370,507

 

Sycamore Walk - Series A

 

Bakersfield, CA

 

1/1/2033

 

 

5.25

%

 

 

 

3,632,000

 

 

 

4,049,047

 

Sycamore Walk - Series B

 

Bakersfield, CA

 

1/1/2018

 

 

8.00

%

 

 

 

1,815,000

 

 

 

1,813,092

 

The Palms at Premier Park

 

Columbia, SC

 

1/1/2050

 

 

6.25

%

 

 

 

19,330,703

 

 

 

21,976,749

 

Tyler Park Townhomes

 

Greenfield, CA

 

1/1/2030

 

 

5.75

%

 

 

 

5,995,219

 

 

 

6,761,473

 

Vantage at Judson

 

San Antonio, TX

 

1/1/2053

 

 

9.00

%

 

 

 

26,241,102

 

 

 

29,239,454

 

Vantage at Harlingen

 

San Antonio, TX

 

9/1/2053

 

 

9.00

%

 

 

 

24,426,694

 

 

 

26,399,400

 

The Village at Madera - Series A

 

Madera, CA

 

12/1/2033

 

 

5.00

%

 

 

 

3,085,000

 

 

 

3,335,649

 

The Village at Madera - Series B

 

Madera, CA

 

12/1/2018

 

 

5.50

%

 

 

 

1,719,000

 

 

 

1,715,626

 

Westside Village Market

 

Shafter, CA

 

1/1/2030

 

 

5.75

%

 

 

 

3,917,864

 

 

 

4,528,479

 

Willow Run

 

Columbia, SC

 

12/1/2050

 

 

5.50

%

 

 

 

15,000,000

 

 

 

15,330,447

 

Woodlynn Village

 

Maplewood, MN

 

11/1/2042

 

 

6.00

%

 

 

 

4,289,000

 

 

 

4,334,956

 

 

 

 

 

 

 

 

 

 

 

 

$

706,021,576

 

 

$

768,129,658

 

 

OTHER INVESTMENTS JUNE 30, 2017

 

 

 

 

 

Weighted

 

Weighted Avg.

 

 

 

Principal

 

 

Estimated

 

Name

 

 

 

Average Lives

 

Coupon Rate

 

 

 

Outstanding

 

 

Fair Value

 

Public Housing Capital Fund Trust Certificate I

 

 

 

7.81

 

 

5.36

%

 

$

 

24,913,137

 

$

 

25,643,092

 

Public Housing Capital Fund Trust Certificate II

 

 

 

7.15

 

 

4.32

%

 

 

 

10,936,848

 

 

 

10,499,374

 

Public Housing Capital Fund Trust Certificate III

 

 

 

8.32

 

 

5.45

%

 

 

 

20,043,767

 

 

 

19,648,905

 

 

 

 

 

 

 

 

 

 

 

$

 

55,893,752

 

$

 

55,791,371

 

 

 

 

18

 


 

 

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

 

 

19

 


 

 

 

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

 

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

 

 

9.00

%

 

 

 

26,356,498

 

 

 

28,015,005

 

Vantage at Harlingen

 

San Antonio, TX

 

9/1/2053

 

 

9.00

%

 

 

 

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

 

Total Mortgage Revenue Bonds

 

 

 

 

 

 

 

 

 

$

 

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

 

 

 

20