Segment Reporting

6 Months Ended

Jun. 30, 2012

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

Segment Reporting

The Company consists of three reportable segments, Tax-Exempt Bond Investments, MF Properties, and Consolidated VIEs. In addition to the three reportable segments, the Company also separately reports its consolidation and elimination information because it does not allocate certain items to the segments.

Tax-Exempt Bond Investments Segment

The Tax-Exempt Bond Investments segment consists of the Company’s portfolio of federally tax-exempt mortgage revenue bonds which have been issued to provide construction and/or permanent financing of multifamily residential apartments.  Such tax-exempt bonds are held as long-term investments.  As of June 30, 2012, the Company held sixteen tax-exempt mortgage revenue bonds not associated with Consolidated VIEs and three tax-exempt mortgage revenue bonds associated with Consolidated VIEs which are bonds that are eliminated in consolidation on the Company's financial statements. Additionally, two of the sixteen tax-exempt mortgage revenue bonds are secured by the three Ohio Properties subject to a sales agreement (Note 2). These bonds are eliminated in consolidation and presented as MF Properties within the Company's financial statements. The multifamily apartment properties financed by the 19 tax-exempt mortgage revenue bonds contain a total of 3,712 rental units.

MF Properties Segment

The MF Properties segment consists of indirect equity interests in twelve multifamily apartment properties which are not currently financed by tax-exempt mortgage revenue bonds held by the Partnership but which the Partnership eventually intends to finance by such bonds through a restructuring.  In connection with any such restructuring, the Partnership will be required to dispose of any equity interest held in such MF Properties.   Other than the Churchland property, the Partnership's interests in its current MF Properties are not currently classified as assets held for sale because the Partnership is not actively marketing them for sale, there is no definitive purchase agreement in existence that, under current guidance, can be recognized as a sale of real estate assets and, therefore, no sale is expected in the next twelve months.  The Ohio Properties are subject to a sales agreement and will continue to be reported as MF Properties until they meet the criteria for recognition of their sale as discussed in Note 2. During the time the Partnership holds an interest in an MF Property, any net rental income generated by the MF Properties in excess of debt service will be available for distribution to the Partnership in accordance with its interest in the MF Property.  Any such cash distribution will contribute to the Partnership’s Cash Available for Distribution (“CAD”). As of June 30, 2012, the Company held an interest in nine MF Properties containing a total of 1,410 rental units (including the Chuchland property reported as an asset held for sale) and three MF Properties subject to a sales agreement containing a total of 362 rental units.

The Consolidated VIE Segment

The Consolidated VIE segment consists of multifamily apartment properties which are financed with tax-exempt mortgage revenue bonds held by the Partnership, the assets, liabilities and operating results of which are consolidated with those of the Partnership as a result of consolidation guidance.  The tax-exempt mortgage revenue bonds on these Consolidated VIE properties are eliminated from the Company’s financial statements as a result of such consolidation, however, such bonds are held as long-term investments by the Partnership which continues to be entitled to receive principal and interest payments on such bonds.  The Company does not actually own an equity position in the Consolidated VIEs or their underlying properties.  As of June 30, 2012, June 30, 2011, and December 31, 2011, the Company consolidated three VIEs containing a total of 650 rental units.

Management’s goals with respect to the properties constituting each of the Company’s reportable segments is to generate increasing amounts of net rental income from these properties that will allow them to (i) make all payments of base interest, and possibly pay contingent interest, on the properties included in the Tax-Exempt Bond Investments segment and the Consolidated VIE segment, and (ii) distribute net rental income to the Partnership from the MF Properties segment until such properties can be refinanced with additional tax-exempt mortgage revenue bonds meeting the Partnership’s investment criteria.  In order to achieve these goals, management of these multifamily apartment properties is focused on: (i) maintaining high economic occupancy and increasing rental rates through effective leasing, reduced turnover rates and providing quality maintenance and services to maximize resident satisfaction; (ii) managing operating expenses and achieving cost reductions through operating efficiencies and economies of scale generally inherent in the management of a portfolio of multiple properties; and (iii) emphasizing regular programs of repairs, maintenance and property improvements to enhance the competitive advantage and value of its properties in their respective market areas.  In that regard, management closely monitors and evaluates the operational and financial results of all properties financed by the Partnership’s Tax-Exempt Bond Investments and the MF Properties.

The following table details certain key financial information for the Company’s reportable segments for the three and six months ended June 30, 2012 and June 30, 2011 and as of December 31, 2011:

	For the Three Months Ended						For the Six Months Ended
	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Total revenues
Tax-Exempt Bond Investments	$	3,380,596		$	3,124,811		$	6,173,018		$	6,175,858
MF Properties	2,946,188			2,370,540			5,990,208			4,049,855
Consolidated VIEs	1,199,745			2,377,204			2,394,654			7,680,280
Consolidation/eliminations	(380,702		)	(1,284,666		)	(762,375		)	(5,280,277		)
Total revenues	$	7,145,827		$	6,587,889		$	13,795,505		$	12,625,716
Interest expense
Tax-Exempt Bond Investments	$	1,057,792		$	1,349,496		$	1,965,313		$	2,097,826
MF Properties	488,896			281,031			899,910			306,435
Consolidated VIEs	803,693			1,130,108			1,602,835			2,454,406
Consolidation/eliminations	$	(803,693	)	$	(1,130,108	)	(1,602,835		)	(2,454,406		)
Total interest expense	1,546,688			1,630,527			2,865,223			2,404,261
Depreciation expense
Tax-Exempt Bond Investments	$	—		$	—		$	—		$	—
MF Properties	990,069			682,268			1,888,005			1,134,108
Consolidated VIEs	$	349,169		$	464,424		696,641			997,899
Consolidation/eliminations	—			—			—			—
Total depreciation expense	1,339,238			1,146,692			2,584,646			2,132,007
Income (loss) from continuing operations
Tax-Exempt Bond Investments	$	896,430		$	282,449		$	1,749,431		$	1,796,292
MF Properties	(299,268		)	13,282			(188,860		)	136,799
Consolidated VIEs	(692,904		)	(267,577		)	(1,361,164		)	2,110,351
Consolidation/eliminations	433,895			(149,345		)	862,296			(2,807,402		)
Net income (loss) from continuing operations	338,153			(121,191		)	1,061,703			1,236,040
Net income (loss)
Tax-Exempt Bond Investments	$	896,430		$	261,345		$	1,749,431		$	1,796,292
MF Properties	(331,373		)	(87,671		)	(314,083		)	(153,315		)
Consolidated VIEs	(692,904		)	(267,577		)	(1,361,164		)	2,110,351
Consolidation/eliminations	433,895			(149,345		)	862,296			(2,807,402		)
Net income (loss) - America First Tax Exempt Investors, L. P.	$	306,048		$	(243,248	)	$	936,480		$	945,926
							June 30, 2012			December 31, 2011
Total assets
Tax-Exempt Bond Investments							$	369,314,798		$	321,433,014
MF Properties							82,247,442			81,421,531
Consolidated VIEs							23,814,268			24,315,353
Consolidation/eliminations							(122,229,824		)	(129,193,353		)
Total assets							$	353,146,684		$	297,976,545
Total partners' capital
Tax-Exempt Bond Investments							$	231,866,117		$	179,285,257
MF Properties							2,373,086			2,279,639
Consolidated VIEs							(26,233,590		)	(24,872,428		)
Consolidation/eliminations							(18,520,475		)	(25,648,208		)
Total partners' capital							$	189,485,138		$	131,044,260