Exhibit 99.1

 

 

 

 

 

 

 

 

 

Supplemental Financial Report for

Quarter Ended June 30, 2018

 

 

    

 


 

 

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 2017 Annual Report on Form 10-K for the year ended December 31, 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 an independent audit, dated February 28, 2018. The second quarter 2018 Form 10-Q materials are dated August 6, 2018 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

6-13

Other Partnership Information

14

Partnership Financial Statements

15-17

Partnership Financial Measures and Schedules

18-24

 

 

 

 

 

 

 

 

 


 

 

AMERICA FIRST MULTIFAMILY INVESTORS L.P.

SUPPLEMENTAL LETTER FROM THE CEO

 

 

During Q2 2018, ATAX continued to focus its efforts to “fine tune” the Balance Sheet.  To forward this effort, the highlights for Q2 2018 are:

 

 

Total assets of $1.02 billion;

 

Total Mortgage Revenue Bond (“MRB”) investments of $767.6 million;

 

Total revenues of $15.8 million;

 

Net income, basic and diluted, of 0.04 per Unit;

 

Acquisition of one Mortgage Revenue Bond for $19.5 million;

 

Increased Investment in unconsolidated entities by $6.8 million;

 

Redemptions of four Mortgage Revenue Bonds for $11.0 million;

 

Entered into a Commercial Purchase and Sale Agreement to sell its Jade Park MF Property; and

 

Cash Available for Distribution of $0.09 per Unit.

 

We are pleased with the performance of our investments and the increase of our MRB investments as a percentage of total assets to 75%.  

We continue to remain focused on the execution of our strategy to “fine tune” the Balance Sheet.  Thank you for your continued support!

 

 

Chad Daffer

Chief Executive Officer

 

4

 


 

 

SECOND QUARTER 2018 FACT SHEET

 

PARTNERSHIP DETAILS

 

ATAX was formed for the primary purpose of acquiring a portfolio of 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 to be 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 multifamily 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 projects (“MF Properties”) to position ourselves for future investments in MRBs 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, 2018)

 

Symbol (NASDAQ)

 

 

ATAX

 

Annual Distribution

 

$

0.50

 

Price

 

$

6.35

 

Yield

 

 

7.9%

 

 

 

 

 

 

Units Outstanding (including Restricted Units)

 

 

60,452,928

 

Market Capitalization

 

$

383,876,093

 

52-week Unit price range

 

 

$5.85 to $6.45

 

 

 

 

 

 

Partnership Financial Information for the Q2 2018

(amounts in thousands, except per Unit)

 

 

 

 

 

 

 

 

 

 

 

Total Revenue

 

$

15,785

 

Net Income – ATAX Partnership

 

$

3,338

 

Total Assets

 

$

1,023,531

 

Leverage Ratio3

 

 

64%

 

Cash Available for Distribution (“CAD”)1

 

$

5,337

 

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 CAD is provided on page 18 of the Supplement herein.

2

The most recent distribution was paid on July 31, 2018 for Unitholders of record as of June 29, 2018. 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.

3

Our overall leverage ratio is calculated as total outstanding debt divided by total partnership assets using the carrying value of the MRBs, PHC Certificates, initial finance costs, and the MF Properties at cost.

 

 


 

5

 


 

 

ATAX ASSET PROFILE

 

 

At June 30, 2018

 

 

 

6

 


 

 

ATAX MORTGAGE REVENUE BOND PROFILE

 

 

 

Total mortgage revenue bonds, core assets of ATAX, have increased to 75% of Total Assets at June 30, 2018, from 35% of Total Assets at December 31, 2012.

 

 


 

7

 


 

 

ATAX FINANCING PROFILE

At June 30, 2018

 

 


 

8

 


 

 

DEBT FINANCING, NET ($ in 000’s)

 

 

 

 

INTEREST RATE SENSITIVITY ANALYSIS1

 

Description

 

- 25 basis points

 

+ 50 basis points

 

+ 100 basis points

 

+ 150 basis points

 

+ 200 basis points

TOB & Term A/B Debt

Financings

 

$(1,699)

 

$(602)

 

$(9,691)

 

$(10,922)

 

$(11,749)

TEBS Debt Financings

 

101,599

 

(99,065)

 

(174,379)

 

(279,330)

 

(387,764)

Other Investment Financings

 

79,470

 

(160,196)

 

(324,081)

 

(484,548)

 

(644,245)

Total

 

$179,370

 

$(259,863)

 

$(508,151)

 

$(774,800)

 

$(1,043,758)

 

 

1

Represents the change over the next 12 months assuming an immediate shift in rates and management does not adjust its strategy in response.

 

9

 


 

 

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.

 

 

10

 


 

 

REVENUE AND OTHER INCOME TRENDS

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

 

During the fourth quarter of 2017, we recognized gains on the sale of approximately $6.7 million, net of income taxes and before direct and indirect expense, from the sale of three MF Properties and contingent interest of approximately $2.9 million. Tier 2 income paid to the General Partner for these items was approximately $874,000.

 

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, and

 

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.

 

 

11

 


 

 

OPERATING EXPENSE TRENDS

 

 

 

 

 

 

Since July 1, 2016, the ratio of “Salaries and benefits” and “General and administrative” expenses has averaged approximately 0.41% of Total Assets.

 

12

 


 

 

PERFORMANCE TRENDS

 

 

In 2017, we realized approximately $3.1 million of contingent interest and gains on sale of real estate assets of approximately $10.9 million, net of tax. Approximately $2.0 million was allocated to the General Partner and approximately $12.0 million 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.

 

 

 

 

 

13

 


 

 

 

 


 

 

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

 

 

 

 

14

 


 

 

 

 

 

 

 

 

 

Partnership Financial

Statements and Information

Schedules

 

 

 

 

 


 

 

AMERICA FIRST MULTIFAMILY INVESTORS, L.P. BALANCE SHEETS

 

 

 

June 30, 2018

 

 

December 31, 2017

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

 

26,328,497

 

$

 

69,597,699

 

Restricted cash

 

 

1,493,295

 

 

 

1,985,630

 

Interest receivable, net

 

 

7,682,580

 

 

 

6,541,132

 

Mortgage revenue bonds held in trust, at fair value

 

 

673,152,217

 

 

 

710,867,447

 

Mortgage revenue bonds, at fair value

 

 

94,477,120

 

 

 

77,971,208

 

Public housing capital fund trusts, at fair value

 

 

49,070,710

 

 

 

49,641,588

 

Real estate assets:

 

 

 

 

 

 

 

 

Land and improvements

 

 

7,518,727

 

 

 

7,319,235

 

Buildings and improvements

 

 

79,378,136

 

 

 

78,953,488

 

Real estate assets before accumulated depreciation

 

 

86,896,863

 

 

 

86,272,723

 

Accumulated depreciation

 

 

(11,403,940

)

 

 

(9,580,531

)

Net real estate assets

 

 

75,492,923

 

 

 

76,692,192

 

Investment in equity interests

 

 

60,494,767

 

 

 

39,608,927

 

Property loans, net

 

 

28,930,525

 

 

 

29,513,874

 

Other assets

 

 

6,408,246

 

 

 

7,348,302

 

Total Assets

$

 

1,023,530,880

 

$

 

1,069,767,999

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

$

 

7,837,981

 

$

 

8,494,227

 

Distribution payable

 

 

7,632,945

 

 

 

8,423,803

 

Unsecured lines of credit

 

 

49,540,000

 

 

 

50,000,000

 

Debt financing, net

 

 

542,172,329

 

 

 

558,328,347

 

Mortgages payable and other secured financing, net

 

 

35,212,789

 

 

 

35,540,174

 

Derivative swaps, at fair value

 

 

129,018

 

 

 

826,852

 

Total Liabilities

 

 

642,525,062

 

 

 

661,613,403

 

Redeemable preferred units

 

 

94,332,351

 

 

 

94,314,326

 

Partners' Capital

 

 

 

 

 

 

 

 

General Partner

 

 

180,641

 

 

 

437,256

 

Beneficial Unit Certificate holders

 

 

286,492,826

 

 

 

313,403,014

 

Total Partners' Capital

 

 

286,673,467

 

 

 

313,840,270

 

Total Liabilities and Partners' Capital

$

 

1,023,530,880

 

$

 

1,069,767,999

 

 

 

 

 

 

 

 

 

 

 

 

16

 


 

 

AMERICA FIRST MULTIFAMILY INVESTORS, L.P. INCOME STATEMENTS

 

 

 

For The Three Months Ended June 30, 2018

 

 

For The Three Months Ended June 30, 2017

 

 

For The Six Months Ended June 30, 2018

 

 

For The Six Months Ended June 30, 2017

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Investment income

$

12,249,035

 

$

12,174,215

 

$

25,627,521

 

$

23,644,401

Property revenues

 

2,403,142

 

 

3,306,722

 

 

4,739,654

 

 

7,036,500

Contingent interest income

 

-

 

 

86,567

 

 

-

 

 

219,217

Other interest income

 

1,058,688

 

 

666,796

 

 

1,801,724

 

 

1,311,933

Other income

 

74,300

 

 

-

 

 

74,300

 

 

62,637

   Total Revenues

 

15,785,165

 

 

16,234,300

 

 

32,243,199

 

 

32,274,688

Expenses:

 

 

 

 

 

 

 

 

 

 

 

Real estate operating (exclusive of items shown below)

 

1,290,487

 

 

1,621,084

 

 

2,685,980

 

 

4,105,300

Impairment of securities

 

831,062

 

 

-

 

 

831,062

 

 

-

Depreciation and amortization

 

921,816

 

 

1,270,379

 

 

1,828,131

 

 

2,863,205

Amortization of deferred financing costs

 

430,687

 

 

562,585

 

 

895,459

 

 

1,302,823

Interest expense

 

5,918,867

 

 

5,841,327

 

 

10,801,172

 

 

11,283,580

General and administrative

 

3,041,125

 

 

2,876,450

 

 

5,852,970

 

 

6,007,330

   Total Expenses

 

12,434,044

 

 

12,171,825

 

 

22,894,774

 

 

25,562,238

Other Income:

 

 

 

 

 

 

 

 

 

 

 

Gain (loss) on sale of real estate assets, net

 

-

 

 

(16,075)

 

 

-

 

 

7,152,512

Income before income taxes

 

3,351,121

 

 

4,046,400

 

 

9,348,425

 

 

13,864,962

Income tax expense (benefit)

 

13,000

 

 

(63,000)

 

 

6,000

 

 

2,395,047

Net income before noncontrolling interest

 

3,338,121

 

 

4,109,400

 

 

9,342,425

 

 

11,469,915

Income attributable to noncontrolling interest

 

-

 

 

-

 

 

-

 

 

71,653

Net income - ATAX Partnership

$

3,338,121

 

$

4,109,400

 

$

9,342,425

 

$

11,398,262

 

 

 

 

 

 

 

 

 

 

 

 

Net income - ATAX Partnership

 

3,338,121

 

 

4,109,400

 

 

9,342,425

 

 

11,398,262

   Redeemable preferred unit distributions and accretion

 

(717,762)

 

 

(432,550)

 

 

(1,435,525)

 

 

(757,192)

Net income available to Partners

$

2,620,359

 

$

3,676,850

 

$

7,906,900

 

$

10,641,070

 

 

 

 

 

 

 

 

 

 

 

 

Selected Segment Data (Partnership):

 

 

 

 

 

 

 

 

 

 

 

Revenue and Other Income

 

 

 

 

 

 

 

 

 

 

 

   Mortgage Revenue Bond Investments

$

11,098,140

 

$

11,059,940

 

$

23,168,696

 

$

21,648,438

   MF Properties

 

2,477,442

 

 

3,290,647

 

 

4,813,954

 

 

14,251,649

   Public Housing Capital Fund Trusts

 

622,961

 

 

719,182

 

 

1,243,067

 

 

1,427,968

Other Investments

 

1,586,622

 

 

1,148,456

 

 

3,017,482

 

 

2,099,145

Total Revenue and Other Income

$

15,785,165

 

$

16,218,225

 

$

32,243,199

 

$

39,427,200

Total Expenses:

 

 

 

 

 

 

 

 

 

 

 

   Mortgage Revenue Bond Investments

$

8,789,850

 

$

8,467,172

 

$

16,560,811

 

$

16,826,617

   MF Properties

 

2,572,867

 

 

3,272,600

 

 

5,272,109

 

 

10,488,057

   Public Housing Capital Fund Trusts

 

1,076,658

 

 

369,053

 

 

1,050,642

 

 

714,264

Other Investments

 

7,669

 

 

-

 

 

17,212

 

 

-

Total

$

12,447,044

 

$

12,108,825

 

$

22,900,774

 

$

28,028,938

Net Income (loss) - ATAX Partnership

 

 

 

 

 

 

 

 

 

 

 

   Mortgage Revenue Bond Investments

$

2,308,290

 

$

2,592,768

 

$

6,607,885

 

$

4,821,821

   MF Properties

 

(95,425)

 

 

18,047

 

 

(458,155)

 

 

3,763,592

   Public Housing Capital Fund Trusts

 

(453,697)

 

 

350,129

 

 

192,425

 

 

713,704

Other Investments

 

1,578,953

 

 

1,148,456

 

 

3,000,270

 

 

2,099,145

Income from continuing operations

$

3,338,121

 

$

4,109,400

 

$

9,342,425

 

$

11,398,262

 

 

 

 

 

 

 

 

 

 

 

 

 

17

 


 

 

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

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, 2018

 

March 31, 2018

 

December 31, 2017

 

September 30, 2017

 

June 30, 2017

 

March 31, 2017

 

December 31, 2016

 

September 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partnership net income

$

3,338,121

 

$

6,004,304

 

$

15,647,453

 

$

3,545,483

 

$

4,109,400

 

$

7,288,862

 

$

5,623,335

 

$

4,623,542

 

Change in fair value of derivatives and interest

   rate derivative amortization

 

(6,386

)

 

(989,995

)

 

(129,595

)

 

66,917

 

 

181,420

 

 

121,349

 

 

(1,395,730

)

 

(263,684

)

Depreciation and amortization expense

 

921,816

 

 

906,315

 

 

1,090,599

 

 

1,259,055

 

 

1,270,379

 

 

1,592,826

 

 

1,569,641

 

 

1,361,259

 

Impairment of securities

 

831,062

 

 

-

 

 

761,960

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Impairment charge on real estate assets

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Amortization of deferred financing costs

 

430,687

 

 

464,772

 

 

444,299

 

 

577,413

 

 

562,585

 

 

740,238

 

 

512,309

 

 

425,520

 

Restricted units compensation expense

 

543,521

 

 

206,636

 

 

455,119

 

 

550,390

 

 

438,893

 

 

170,840

 

 

802,092

 

 

31,050

 

Deferred income taxes

 

-

 

 

34,000

 

 

(26,000

)

 

(9,000

)

 

(201,000

)

 

(164,000

)

 

(51,000

)

 

(136,000

)

Redeemable Series A Preferred Unit distribution

   and accretion

 

(717,762

)

 

(717,763

)

 

(701,664

)

 

(523,682

)

 

(432,550

)

 

(324,642

)

 

(274,772

)

 

(181,969

)

Bond purchase premium (discount) amortization

   (accretion), net of cash received

 

(3,808

)

 

(4,098

)

 

(193,530

)

 

(26,270

)

 

(26,741

)

 

(23,507

)

 

(27,770

)

 

(147,033

)

Tier 2 Income distributable to the General Partner

 

-

 

 

-

 

 

(873,893

)

 

-

 

 

(16,224

)

 

(1,104,401

)

 

(426,774

)

 

(291,295

)

CAD

$

5,337,251

 

$

5,904,171

 

$

16,474,748

 

$

5,440,306

 

$

5,886,162

 

$

8,297,565

 

$

6,331,331

 

$

5,421,390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of units outstanding, basic

 

59,937,300

 

 

60,124,333

 

 

59,895,229

 

 

59,811,578

 

 

59,862,969

 

 

60,037,687

 

 

59,995,789

 

 

60,176,937

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partnership Only:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income, basic and diluted, per unit

$

0.04

 

$

0.09

 

$

0.23

 

$

0.05

 

$

0.06

 

$

0.10

 

$

0.09

 

$

0.07

 

CAD per unit, basic

$

0.09

 

$

0.10

 

$

0.27

 

$

0.09

 

$

0.10

 

$

0.14

 

$

0.11

 

$

0.09

 

Distributions declared, per unit

$

0.125

 

$

0.125

 

$

0.125

 

$

0.125

 

$

0.125

 

$

0.125

 

$

0.125

 

$

0.125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18

 


 

 

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

MORTGAGE REVENUE BOND INVESTMENT SCHEDULE JUNE 30, 2018

 

 

 

 

 

 

 

Base

 

 

 

 

 

 

 

 

 

 

 

 

 

Maturity

 

Interest

 

 

Principal

 

 

Estimated

 

Property Name

 

Location

 

Date

 

Rate

 

 

Outstanding

 

 

Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15 West Apartments

 

Vancouver, WA

 

7/1/2054

 

 

6.25

%

 

$

9,768,096

 

 

$

11,173,904

 

Arbors at Hickory Ridge

 

Memphis, TN

 

1/1/2049

 

 

6.25

%

 

 

11,177,175

 

 

 

12,251,402

 

Avistar on the Boulevard - Series A

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

16,026,896

 

 

 

17,314,241

 

Avistar at the Crest - Series A

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

9,407,620

 

 

 

10,285,659

 

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

 

San Antonio, TX

 

4/1/2050

 

 

9.00

%

 

 

1,191,590

 

 

 

1,243,624

 

Avistar at the Oak - Series A

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

7,597,649

 

 

 

8,290,790

 

Avistar in 09 - Series A

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

6,560,275

 

 

 

7,129,562

 

Avistar on the Hill - Series A

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

5,249,199

 

 

 

5,728,088

 

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

 

San Antonio, TX

 

9/1/2050

 

 

9.00

%

 

 

997,850

 

 

 

1,038,291

 

Avistar at Copperfield - Series A

 

Houston, TX

 

5/1/2054

 

 

5.75

%

 

 

10,000,000

 

 

 

10,281,641

 

Avistar at Copperfield - Series B

 

Houston, TX

 

6/1/2054

 

 

12.00

%

 

 

4,000,000

 

 

 

4,012,310

 

Avistar at the Parkway - Series A

 

San Antonio, TX

 

5/1/2052

 

 

6.00

%

 

 

13,174,934

 

 

 

14,251,211

 

Avistar at the Parkway - Series B

 

San Antonio, TX

 

6/1/2052

 

 

12.00

%

 

 

124,734

 

 

 

156,164

 

Avistar at Wilcrest - Series A

 

Houston, TX

 

5/1/2054

 

 

5.75

%

 

 

3,775,000

 

 

 

3,851,010

 

Avistar at Wilcrest - Series B

 

Houston, TX

 

6/1/2054

 

 

12.00

%

 

 

1,550,000

 

 

 

1,554,839

 

Avistar at Wood Hollow - Series A

 

Austin, TX

 

5/1/2054

 

 

5.75

%

 

 

31,850,000

 

 

 

32,369,528

 

Avistar at Wood Hollow - Series B

 

Austin, TX

 

6/1/2054

 

 

12.00

%

 

 

8,410,000

 

 

 

8,437,743

 

Bella Vista

 

Gainesville, TX

 

4/1/2046

 

 

6.15

%

 

 

6,225,000

 

 

 

6,261,768

 

Bridle Ridge

 

Greer, SC

 

1/1/2043

 

 

6.00

%

 

 

7,430,000

 

 

 

7,527,044

 

Brookstone

 

Waukegan, IL

 

5/1/2040

 

 

5.45

%

 

 

8,928,442

 

 

 

8,999,913

 

Bruton

 

Dallas, TX

 

8/1/2054

 

 

6.00

%

 

 

17,993,528

 

 

 

19,977,210

 

Columbia Gardens

 

Columbia, SC

 

12/1/2050

 

 

5.50

%

 

 

13,127,999

 

 

 

14,599,938

 

Companion at Thornhill Apartments

 

Lexington, SC

 

1/1/2052

 

 

5.80

%

 

 

11,350,638

 

 

 

12,294,978

 

Concord at Gulfgate - Series A

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

19,185,000

 

 

 

21,297,142

 

Concord at Little York - Series A

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

13,440,000

 

 

 

15,043,710

 

Concord at Williamcrest - Series A

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

20,820,000

 

 

 

23,207,983

 

Copper Gate Apartments

 

Lafayette, IN

 

12/1/2029

 

 

6.25

%

 

 

5,100,000

 

 

 

5,706,607

 

Courtyard Apartments - Series A

 

Fullerton, CA

 

12/1/2033

 

 

5.00

%

 

 

10,230,000

 

 

 

11,080,109

 

Courtyard Apartments - Series B

 

Fullerton, CA

 

12/1/2018

 

 

8.00

%

 

 

6,228,000

 

 

 

6,220,785

 

Cross Creek

 

Beaufort, SC

 

3/1/2049

 

 

6.15

%

 

 

8,121,376

 

 

 

8,783,033

 

Crossing at 1415 - Series A

 

San Antonio, TX

 

12/1/2052

 

 

6.00

%

 

 

7,507,847

 

 

 

8,043,269

 

Decatur Angle

 

Fort Worth, TX

 

1/1/2054

 

 

5.75

%

 

 

22,713,795

 

 

 

24,749,671

 

Esperanza at Palo Alto

 

San Antonio, TX

 

7/1/2058

 

 

5.80

%

 

 

19,540,000

 

 

 

21,679,382

 

Glenview - Series A

 

Cameron Park, CA

 

12/1/2031

 

 

5.75

%

 

 

4,604,904

 

 

 

4,991,648

 

Greens of Pine Glen - Series A

 

Durham, NC

 

10/1/2047

 

 

6.50

%

 

 

8,080,000

 

 

 

9,005,182

 

Greens of Pine Glen - Series B

 

Durham, NC

 

10/1/2047

 

 

9.00

%

 

 

935,715

 

 

 

1,103,283

 

Harden Ranch - Series A

 

Salinas, CA

 

3/1/2030

 

 

5.75

%

 

 

6,811,252

 

 

 

7,680,126

 

Harmony Court Bakersfield - Series A

 

Bakersfield, CA

 

12/1/2033

 

 

5.00

%

 

 

3,730,000

 

 

 

4,003,992

 

Harmony Terrace - Series A

 

Simi Valley, CA

 

1/1/2034

 

 

5.00

%

 

 

6,900,000

 

 

 

7,476,592

 

Harmony Terrace - Series B

 

Simi Valley, CA

 

1/1/2019

 

 

8.00

%

 

 

7,400,000

 

 

 

7,395,349

 

Heights at 515 - Series A

 

San Antonio, TX

 

12/1/2052

 

 

6.00

%

 

 

6,873,563

 

 

 

7,481,229

 

Heritage Square - Series A

 

Edinburg, TX

 

9/1/2051

 

 

6.00

%

 

 

11,011,625

 

 

 

11,879,866

 

Lake Forest Apartments

 

Daytona Beach, FL

 

12/1/2031

 

 

6.25

%

 

 

8,433,000

 

 

 

9,617,869

 

Las Palmas II - Series A

 

Coachella, CA

 

11/1/2033

 

 

5.00

%

 

 

1,695,000

 

 

 

1,818,705

 

Las Palmas II - Series B

 

Coachella, CA

 

11/1/2018

 

 

8.00

%

 

 

1,770,000

 

 

 

1,767,793

 

 

19

 


 

 

 

 

 

 

 

 

 

 

Base

 

 

 

 

 

 

 

 

 

 

 

 

 

Maturity

 

Interest

 

 

Principal

 

 

Estimated

 

Property Name

 

Location

 

Date

 

Rate

 

 

Outstanding

 

 

Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Live 929

 

Baltimore, MD

 

7/1/2049

 

 

5.78

%

 

 

39,935,000

 

 

 

43,427,682

 

Montclair - Series A

 

Lemoore, CA

 

12/1/2031

 

 

5.75

%

 

 

2,494,734

 

 

 

2,811,023

 

Montecito at Williams Ranch Apartments - Series A

 

Salinas, CA

 

10/1/2034

 

 

5.50

%

 

 

7,690,000

 

 

 

8,543,197

 

Montecito at Williams Ranch Apartments - Series B

 

Salinas, CA

 

10/1/2019

 

 

5.50

%

 

 

4,781,000

 

 

 

4,771,666

 

Oaks at Georgetown - Series A

 

Georgetown, TX

 

1/1/2034

 

 

5.00

%

 

 

12,330,000

 

 

 

12,718,294

 

Ohio Bond - Series A

 

Ohio

 

6/1/2050

 

 

7.00

%

 

 

14,052,997

 

 

 

14,569,688

 

Ohio Bond - Series B

 

Ohio

 

6/1/2050

 

 

10.00

%

 

 

3,528,660

 

 

 

3,635,764

 

Pro Nova - 2014-1

 

Knoxville, TN

 

5/1/2034

 

 

6.00

%

 

 

10,000,000

 

 

 

9,969,884

 

Renaissance - Series A

 

Baton Rouge, LA

 

6/1/2050

 

 

6.00

%

 

 

11,182,486

 

 

 

12,681,186

 

Rosewood Townhomes - Series A

 

Goose Creek, SC

 

7/1/2055

 

 

5.75

%

 

 

9,280,000

 

 

 

8,802,910

 

Rosewood Townhomes - Series B

 

Goose Creek, SC

 

8/1/2055

 

 

12.00

%

 

 

470,000

 

 

 

471,467

 

Runnymede

 

Austin, TX

 

10/1/2042

 

 

6.00

%

 

 

10,095,000

 

 

 

10,166,494

 

San Vicente - Series A

 

Soledad, CA

 

11/1/2033

 

 

5.00

%

 

 

3,495,000

 

 

 

3,733,471

 

Santa Fe - Series A

 

Hesperia, CA

 

12/1/2031

 

 

5.75

%

 

 

3,022,276

 

 

 

3,429,622

 

Seasons at Simi Valley - Series A

 

Simi Valley, CA

 

9/1/2032

 

 

5.75

%

 

 

4,346,157

 

 

 

4,986,071

 

Seasons Lakewood - Series A

 

Lakewood, CA

 

1/1/2034

 

 

5.00

%

 

 

7,350,000

 

 

 

7,928,452

 

Seasons San Juan Capistrano - Series A

 

San Juan Capistrano, CA

 

1/1/2034

 

 

5.00

%

 

 

12,375,000

 

 

 

13,289,074

 

Seasons San Juan Capistrano - Series B

 

San Juan Capistrano, CA

 

1/1/2019

 

 

8.00

%

 

 

6,574,000

 

 

 

6,566,094

 

Silver Moon - Series A

 

Albuquerque, NM

 

8/1/2055

 

 

6.00

%

 

 

7,851,526

 

 

 

8,544,848

 

South Pointe - Series A

 

Hanahan, SC

 

7/1/2055

 

 

5.75

%

 

 

21,600,000

 

 

 

20,583,907

 

South Pointe - Series B

 

Hanahan, SC

 

8/1/2055

 

 

12.00

%

 

 

1,100,000

 

 

 

1,103,483

 

Southpark

 

Austin, TX

 

12/1/2049

 

 

6.13

%

 

 

13,300,000

 

 

 

14,412,365

 

Summerhill - Series A

 

Bakersfield, CA

 

12/1/2033

 

 

5.00

%

 

 

6,423,000

 

 

 

6,833,548

 

Sycamore Walk - Series A

 

Bakersfield, CA

 

1/1/2033

 

 

5.25

%

 

 

3,616,750

 

 

 

3,933,186

 

The Palms at Premier Park

 

Columbia, SC

 

1/1/2050

 

 

6.25

%

 

 

19,142,966

 

 

 

21,046,327

 

The Village at Madera - Series A

 

Madera, CA

 

12/1/2033

 

 

5.00

%

 

 

3,085,000

 

 

 

3,311,613

 

Tyler Park Townhomes

 

Greenfield, CA

 

1/1/2030

 

 

5.75

%

 

 

5,934,866

 

 

 

6,562,093

 

Vantage at Judson

 

San Antonio, TX

 

1/1/2053

 

 

6.00

%

 

 

26,022,746

 

 

 

28,093,433

 

Village at River's Edge

 

Columbia, SC

 

6/1/2033

 

 

6.00

%

 

 

9,969,493

 

 

 

11,297,035

 

Vineyard Gardens - Series A

 

Oxnard, CA

 

1/1/2035

 

 

5.50

%

 

 

3,995,000

 

 

 

4,495,383

 

Vineyard Gardens - Series B

 

Oxnard, CA

 

1/1/2020

 

 

5.50

%

 

 

2,846,000

 

 

 

2,843,708

 

Westside Village Market

 

Shafter, CA

 

1/1/2030

 

 

5.75

%

 

 

3,878,423

 

 

 

4,322,526

 

Willow Run

 

Columbia, SC

 

12/1/2050

 

 

5.50

%

 

 

12,945,000

 

 

 

14,396,406

 

Woodlynn Village

 

Maplewood, MN

 

11/1/2042

 

 

6.00

%

 

 

4,244,000

 

 

 

4,283,254

 

 

 

 

 

 

 

 

 

 

 

$

716,004,782

 

 

$

767,629,337

 

 

20

 


 

 

 

OTHER INVESTMENTS JUNE 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Name

 

 

Weighted Average Lives

 

 

Weighted Avg. Coupon Rate

 

 

Principal Outstanding

 

 

Estimated Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Public Housing Capital Fund Trust Certificate I

 

 

7

 

 

 

5.33

%

 

$

24,913,137

 

 

$

24,815,777

 

Public Housing Capital Fund Trust Certificate II

 

 

 

6.07

 

 

 

4.34

%

 

 

9,536,832

 

 

 

9,123,954

 

Public Housing Capital Fund Trust Certificate III

 

 

7.31

 

 

 

5.29

%

 

 

15,674,330

 

 

 

15,130,979

 

 

 

 

 

 

 

 

 

 

 

 

$

50,124,299

 

 

$

49,070,710

 

 

 

21

 


 

 

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

MORTGAGE REVENUE BOND INVESTMENT SCHEDULE DECEMBER 31, 2017

 

 

 

 

 

 

 

Base

 

 

 

 

 

 

 

 

 

 

 

 

 

Maturity

 

Interest

 

 

Principal

 

 

Estimated

 

Property Name

 

Location

 

Date

 

Rate

 

 

Outstanding

 

 

Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15 West Apartments

 

Vancouver, WA

 

7/1/2054

 

 

6.25

%

 

$

9,797,833

 

 

$

11,637,481

 

Arbors at Hickory Ridge

 

Memphis, TN

 

1/1/2049

 

 

6.25

%

 

 

11,237,041

 

 

 

13,035,860

 

Avistar on the Boulevard - Series A

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

16,109,972

 

 

 

18,057,437

 

Avistar at the Crest - Series A

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

9,456,384

 

 

 

10,643,526

 

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

 

San Antonio, TX

 

4/1/2050

 

 

9.00

%

 

 

1,194,783

 

 

 

1,286,887

 

Avistar at the Oak - Series A

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

7,635,895

 

 

 

8,574,360

 

Avistar in 09 - Series A

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

6,593,300

 

 

 

7,310,244

 

Avistar on the Hill - Series A

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

5,275,623

 

 

 

5,924,006

 

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

 

San Antonio, TX

 

9/1/2050

 

 

9.00

%

 

 

1,000,419

 

 

 

1,070,380

 

Avistar at Copperfield - Series A

 

Houston, TX

 

5/1/2054

 

 

5.75

%

 

 

10,000,000

 

 

 

10,628,644

 

Avistar at Copperfield - Series B

 

Houston, TX

 

6/1/2054

 

 

12.00

%

 

 

4,000,000

 

 

 

4,013,514

 

Avistar at the Parkway - Series A

 

San Antonio, TX

 

5/1/2052

 

 

6.00

%

 

 

13,233,665

 

 

 

14,166,418

 

Avistar at the Parkway - Series B

 

San Antonio, TX

 

6/1/2052

 

 

12.00

%

 

 

124,861

 

 

 

155,576

 

Avistar at Wilcrest - Series A

 

Houston, TX

 

5/1/2054

 

 

5.75

%

 

 

3,775,000

 

 

 

3,900,170

 

Avistar at Wilcrest - Series B

 

Houston, TX

 

6/1/2054

 

 

12.00

%

 

 

1,550,000

 

 

 

1,555,306

 

Avistar at Wood Hollow - Series A

 

Austin, TX

 

5/1/2054

 

 

5.75

%

 

 

31,850,000

 

 

 

33,715,826

 

Avistar at Wood Hollow - Series B

 

Austin, TX

 

6/1/2054

 

 

12.00

%

 

 

8,410,000

 

 

 

8,440,276

 

Bella Vista

 

Gainesville, TX

 

4/1/2046

 

 

6.15

%

 

 

6,295,000

 

 

 

6,337,718

 

Bridle Ridge

 

Greer, SC

 

1/1/2043

 

 

6.00

%

 

 

7,465,000

 

 

 

7,466,199

 

Brookstone

 

Waukegan, IL

 

5/1/2040

 

 

5.45

%

 

 

8,979,174

 

 

 

9,467,614

 

Bruton

 

Dallas, TX

 

8/1/2054

 

 

6.00

%

 

 

18,051,775

 

 

 

21,094,714

 

Columbia Gardens

 

Columbia, SC

 

12/1/2050

 

 

5.50

%

 

 

13,193,000

 

 

 

14,810,687

 

Companion at Thornhill Apartments

 

Lexington, SC

 

1/1/2052

 

 

5.80

%

 

 

11,404,758

 

 

 

12,689,199

 

Concord at Gulfgate - Series A

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

19,185,000

 

 

 

21,944,654

 

Concord at Little York - Series A

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

13,440,000

 

 

 

15,439,572

 

Concord at Williamcrest - Series A

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

20,820,000

 

 

 

23,814,839

 

Copper Gate Apartments

 

Lafayette, IN

 

12/1/2029

 

 

6.25

%

 

 

5,100,000

 

 

 

5,878,339

 

Courtyard Apartments - Series A

 

Fullerton, CA

 

12/1/2033

 

 

5.00

%

 

 

10,230,000

 

 

 

11,464,286

 

Courtyard Apartments - Series B

 

Fullerton, CA

 

12/1/2018

 

 

8.00

%

 

 

6,228,000

 

 

 

6,219,905

 

Cross Creek

 

Beaufort, SC

 

3/1/2049

 

 

6.15

%

 

 

8,168,529

 

 

 

8,986,897

 

Crossing at 1415 - Series A

 

San Antonio, TX

 

12/1/2052

 

 

6.00

%

 

 

7,540,000

 

 

 

8,174,091

 

Decatur Angle

 

Fort Worth, TX

 

1/1/2054

 

 

5.75

%

 

 

22,794,912

 

 

 

25,780,867

 

Glenview - Series A

 

Cameron Park, CA

 

12/1/2031

 

 

5.75

%

 

 

4,627,228

 

 

 

5,150,692

 

Greens of Pine Glen - Series A

 

Durham, NC

 

10/1/2047

 

 

6.50

%

 

 

8,126,000

 

 

 

9,239,852

 

Greens of Pine Glen - Series B

 

Durham, NC

 

10/1/2047

 

 

9.00

%

 

 

937,399

 

 

 

1,131,390

 

Harden Ranch - Series A

 

Salinas, CA

 

3/1/2030

 

 

5.75

%

 

 

6,845,985

 

 

 

8,028,899

 

Harmony Court Bakersfield - Series A

 

Bakersfield, CA

 

12/1/2033

 

 

5.00

%

 

 

3,730,000

 

 

 

4,160,637

 

Harmony Terrace - Series A

 

Simi Valley, CA

 

1/1/2034

 

 

5.00

%

 

 

6,900,000

 

 

 

7,773,321

 

Harmony Terrace - Series B

 

Simi Valley, CA

 

1/1/2019

 

 

5.50

%

 

 

7,400,000

 

 

 

7,397,900

 

Heights at 515 - Series A

 

San Antonio, TX

 

12/1/2052

 

 

6.00

%

 

 

6,903,000

 

 

 

7,483,522

 

Heritage Square - Series A

 

Edinburg, TX

 

9/1/2051

 

 

6.00

%

 

 

11,063,027

 

 

 

12,056,636

 

Lake Forest Apartments

 

Daytona Beach, FL

 

12/1/2031

 

 

6.25

%

 

 

8,505,000

 

 

 

10,084,885

 

Las Palmas II - Series A

 

Coachella, CA

 

11/1/2033

 

 

5.00

%

 

 

1,695,000

 

 

 

1,889,468

 

Las Palmas II - Series B

 

Coachella, CA

 

11/1/2018

 

 

8.00

%

 

 

1,770,000

 

 

 

1,768,950

 

 

22

 


 

 

 

 

 

 

 

 

 

Base

 

 

 

 

 

 

 

 

 

 

 

 

 

Maturity

 

Interest

 

 

Principal

 

 

Estimated

 

Property Name

 

Location

 

Date

 

Rate

 

 

Outstanding

 

 

Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Live 929

 

Baltimore, MD

 

7/1/2049

 

 

5.78

%

 

 

39,995,000

 

 

 

44,284,289

 

Montclair - Series A

 

Lemoore, CA

 

12/1/2031

 

 

5.75

%

 

 

2,506,828

 

 

 

2,905,668

 

Montecito at Williams Ranch Apartments - Series A

 

Salinas, CA

 

10/1/2034

 

 

5.50

%

 

 

7,690,000

 

 

 

8,809,710

 

Montecito at Williams Ranch Apartments - Series B

 

Salinas, CA

 

10/1/2019

 

 

5.50

%

 

 

4,781,000

 

 

 

4,773,097

 

Oaks at Georgetown - Series A

 

Georgetown, TX

 

1/1/2034

 

 

5.00

%

 

 

12,330,000

 

 

 

13,254,328

 

Oaks at Georgetown - Series B

 

Georgetown, TX

 

1/1/2019

 

 

5.50

%

 

 

5,512,000

 

 

 

5,503,377

 

Ohio Bond - Series A

 

Ohio

 

6/1/2050

 

 

7.00

%

 

 

14,113,000

 

 

 

14,901,199

 

Ohio Bond - Series B

 

Ohio

 

6/1/2050

 

 

10.00

%

 

 

3,536,060

 

 

 

3,685,690

 

Pro Nova - 2014-1

 

Knoxville, TN

 

5/1/2034

 

 

6.00

%

 

 

10,000,000

 

 

 

10,172,767

 

Renaissance - Series A

 

Baton Rouge, LA

 

6/1/2050

 

 

6.00

%

 

 

11,239,441

 

 

 

13,335,769

 

Rosewood Townhomes - Series A

 

Goose Creek, SC

 

7/1/2055

 

 

5.75

%

 

 

9,280,000

 

 

 

9,280,000

 

Rosewood Townhomes - Series B

 

Goose Creek, SC

 

8/1/2055

 

 

12.00

%

 

 

470,000

 

 

 

470,000

 

Runnymede

 

Austin, TX

 

10/1/2042

 

 

6.00

%

 

 

10,150,000

 

 

 

10,229,514

 

San Vicente - Series A

 

Soledad, CA

 

11/1/2033

 

 

5.00

%

 

 

3,495,000

 

 

 

3,807,215

 

San Vicente - Series B

 

Soledad, CA

 

11/1/2018

 

 

8.00

%

 

 

1,825,000

 

 

 

1,821,823

 

Santa Fe - Series A

 

Hesperia, CA

 

12/1/2031

 

 

5.75

%

 

 

3,036,928

 

 

 

3,572,601

 

Seasons at Simi Valley - Series A

 

Simi Valley, CA

 

9/1/2032

 

 

5.75

%

 

 

4,366,195

 

 

 

5,174,059

 

Seasons at Simi Valley - Series B

 

Simi Valley, CA

 

9/1/2018

 

 

8.00

%

 

 

1,944,000

 

 

 

1,943,534

 

Seasons Lakewood - Series A

 

Lakewood, CA

 

1/1/2034

 

 

5.00

%

 

 

7,350,000

 

 

 

8,241,605

 

Seasons Lakewood - Series B

 

Lakewood, CA

 

1/1/2019

 

 

5.50

%

 

 

5,260,000

 

 

 

5,252,932

 

Seasons San Juan Capistrano - Series A

 

San Juan Capistrano, CA

 

1/1/2034

 

 

5.00

%

 

 

12,375,000

 

 

 

13,619,434

 

Seasons San Juan Capistrano - Series B

 

San Juan Capistrano, CA

 

1/1/2019

 

 

5.50

%

 

 

6,574,000

 

 

 

6,563,136

 

Silver Moon - Series A

 

Albuquerque, NM

 

8/1/2055

 

 

6.00

%

 

 

7,879,590

 

 

 

9,020,038

 

South Pointe - Series A

 

Hanahan, SC

 

7/1/2055

 

 

5.75

%

 

 

21,600,000

 

 

 

21,600,000

 

South Pointe - Series B

 

Hanahan, SC

 

8/1/2055

 

 

12.00

%

 

 

1,100,000

 

 

 

1,100,000

 

Southpark

 

Austin, TX

 

12/1/2049

 

 

6.13

%

 

 

13,300,000

 

 

 

14,653,432

 

Summerhill - Series A

 

Bakersfield, CA

 

12/1/2033

 

 

5.00

%

 

 

6,423,000

 

 

 

7,164,551

 

Summerhill - Series B

 

Bakersfield, CA

 

12/1/2018

 

 

8.00

%

 

 

3,372,000

 

 

 

3,369,255

 

Sycamore Walk - Series A

 

Bakersfield, CA

 

1/1/2033

 

 

5.25

%

 

 

3,632,000

 

 

 

4,122,314

 

Sycamore Walk - Series B

 

Bakersfield, CA

 

1/1/2018

 

 

8.00

%

 

 

1,815,000

 

 

 

1,814,849

 

The Palms at Premier Park

 

Columbia, SC

 

1/1/2050

 

 

6.25

%

 

 

19,238,297

 

 

 

21,950,726

 

The Village at Madera - Series A

 

Madera, CA

 

12/1/2033

 

 

5.00

%

 

 

3,085,000

 

 

 

3,441,171

 

The Village at Madera - Series B

 

Madera, CA

 

12/1/2018

 

 

8.00

%

 

 

1,719,000

 

 

 

1,718,132

 

Tyler Park Townhomes

 

Greenfield, CA

 

1/1/2030

 

 

5.75

%

 

 

5,965,475

 

 

 

6,773,163

 

Vantage at Judson

 

San Antonio, TX

 

1/1/2053

 

 

6.00

%

 

 

26,133,557

 

 

 

29,251,526

 

Village at River's Edge

 

Columbia, SC

 

6/1/2033

 

 

6.00

%

 

 

10,000,000

 

 

 

11,182,706

 

Vineyard Gardens - Series A

 

Oxnard, CA

 

1/1/2035

 

 

5.50

%

 

 

3,995,000

 

 

 

3,995,000

 

Vineyard Gardens - Series B

 

Oxnard, CA

 

1/1/2020

 

 

5.50

%

 

 

2,846,000

 

 

 

2,846,000

 

Westside Village Market

 

Shafter, CA

 

1/1/2030

 

 

5.75

%

 

 

3,898,427

 

 

 

4,466,850

 

Willow Run

 

Columbia, SC

 

12/1/2050

 

 

5.50

%

 

 

13,009,000

 

 

 

14,604,123

 

Woodlynn Village

 

Maplewood, MN

 

11/1/2042

 

 

6.00

%

 

 

4,267,000

 

 

 

4,311,428

 

Total Mortgage Revenue Bonds

 

 

 

 

 

 

 

 

 

$

719,750,361

 

 

$

788,838,655

 

 

23

 


 

 

 

 

OTHER INVESTMENTS DECEMBER 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Name

 

 

Weighted Average Lives

 

Weighted Avg. Coupon Rate

 

 

Principal Outstanding

 

 

Estimated Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Public Housing Capital Fund Trust Certificate I

 

 

 

7.31

 

 

5.39

%

 

$

24,913,137

 

 

$

25,109,305

 

Public Housing Capital Fund Trust Certificate II

 

 

 

6.37

 

 

4.32

%

 

 

9,763,546

 

 

 

9,358,291

 

Public Housing Capital Fund Trust Certificate III

 

 

 

7.61

 

 

5.23

%

 

 

15,674,330

 

 

 

15,173,992

 

 

 

 

 

 

 

 

 

 

 

$

50,351,013

 

 

$

49,641,588

 

 

 

24