Real Estate Assets (Tables)

6 Months Ended

Jun. 30, 2012

Real Estate Assets [Abstract]

Schedule of Condensed Income Statement [Table Text Block]

Condensed Consolidating Statements of Operations for the three months ended June 30, 2012 and 2011:

	Partnership For the Three Months Ended June 30, 2012		Consolidated VIEs For the Three Months Ended June 30, 2012			Consolidation -Elimination For the Three Months Ended June 30, 2012			Total For the Three Months Ended June 30, 2012
Revenues:
Property revenues	$	2,946,188	$	1,199,745		$	—		$	4,145,933
Mortgage revenue bond investment income	2,669,348		—			(380,702		)	2,288,646
Gain on sale of bonds	667,821		—			—			667,821
Other income	43,427		—			—			43,427
Total revenues	6,326,784		1,199,745			(380,702		)	7,145,827
Expenses:
Real estate operating (exclusive of items shown below)	1,715,747		731,295			—			2,447,042
Provision for loss on receivables	238,175		—			—			238,175
Depreciation and amortization	1,180,646		357,661			(10,904		)	1,527,403
Interest	1,546,688		803,693			(803,693		)	1,546,688
General and administrative	1,048,366		—			—			1,048,366
Total expenses	5,729,622		1,892,649			(814,597		)	6,807,674
Income (loss) from operations	597,162		(692,904		)	433,895			338,153
Income from discontinued operations	90,113		—			—			90,113
Net income (loss)	687,275		(692,904		)	433,895			428,266
Net income attributable to noncontrolling interest	122,218		—			—			122,218
Net income (loss) - America First Tax Exempt Investors, L. P.	$	565,057	$	(692,904	)	$	433,895		$	306,048

	Partnership For the Three Months Ended June 30, 2011		Consolidated VIEs For the Three Months Ended June 30, 2011			Consolidation -Elimination For the Three Months Ended June 30, 2011			Total For the Three Months Ended June 30, 2011
Revenues:
Property revenues	$	2,370,614	$	1,660,565		$	—		$	4,031,179
Mortgage revenue bond investment income	2,975,786		—			(568,026		)	2,407,760
Other income	148,951		716,639			(716,640		)	148,950
Total revenues	5,495,351		2,377,204			(1,284,666		)	6,587,889
Expenses:
Real estate operating (exclusive of items shown below)	1,333,989		1,040,340			—			2,374,329
Provision for loss on receivables	710,690		—			—			710,690
Depreciation and amortization	846,992		474,333			(5,213		)	1,316,112
Interest	1,630,527		1,130,108			(1,130,108		)	1,630,527
General and administrative	677,422		—			—			677,422
Total expenses	5,199,620		2,644,781			(1,135,321		)	6,709,080
Income (loss) from operations	295,731		(267,577		)	(149,345		)	(121,191		)
Income from discontinued operations	379		—			—			379
Net income (loss)	296,110		(267,577		)	(149,345		)	(120,812		)
Net income attributable to noncontrolling interest	122,436		—			—			122,436
Net income (loss) - America First Tax Exempt Investors, L. P.	$	173,674	$	(267,577	)	$	(149,345	)	$	(243,248	)

Condensed Consolidating Statements of Operations for the six months ended June 30, 2012 and 2011:

	Partnership For the Six Months Ended June 30, 2012		Consolidated VIEs For the Six Months Ended June 30, 2012			Consolidation -Elimination For the Six Months Ended June 30, 2012			Total For the Three Six Ended June 30, 2012
Revenues:
Property revenues	$	5,990,208	$	2,394,654		$	—		$	8,384,862
Mortgage revenue bond investment income	5,422,425		—			(762,375		)	4,660,050
Gain on sale of bonds	667,821		—			—			667,821
Other income	82,772		—			—			82,772
Total Revenues	12,163,226		2,394,654			(762,375		)	13,795,505
Expenses:
Real estate operating (exclusive of items shown below)	3,287,640		1,439,336			—			4,726,976
Provision for loss on receivables	476,350		—			—			476,350
Depreciation and amortization	2,274,497		713,647			(21,836		)	2,966,308
Interest	2,865,223		1,602,835			(1,602,835		)	2,865,223
General and administrative	1,698,945		—			—			1,698,945
Total Expenses	10,602,655		3,755,818			(1,624,671		)	12,733,802
Income (loss) from continuing operations	1,560,571		(1,361,164		)	862,296			1,061,703
Income from discontinued operations	136,147		—			—			136,147
Net income (loss)	1,696,718		(1,361,164		)	862,296			1,197,850
Net income attributable to noncontrolling interest	261,370		—			—			261,370
Net income (loss) - America First Tax Exempt Investors, L. P.	$	1,435,348	$	(1,361,164	)	$	862,296		$	936,480

	Partnership For the Six Months Ended June 30, 2011		Consolidated VIEs For the Six Months Ended June 30, 2011		Consolidation -Elimination For the Six Months Ended June 30, 2011			Total For the Six Months Ended June 30, 2011
Revenues:
Property revenues	$	4,049,929	$	3,546,803	$	—		$	7,596,732
Mortgage revenue bond investment income	5,880,460		—		(1,251,787		)	4,628,673
Other income	295,324		4,133,477		(4,028,490		)	400,311
Total Revenues	10,225,713		7,680,280		(5,280,277		)	12,625,716
Expenses:
Real estate operating (exclusive of items shown below)	2,410,073		2,096,464		—			4,506,537
Proveision for Loss on Receivables	710,690		—		—			710,690
Depreciation and amortization	1,448,581		1,019,059		(18,469		)	2,449,171
Interest	2,404,261		2,454,406		(2,454,406		)	2,404,261
General and administrative	1,319,017		—		—			1,319,017
Total Expenses	8,292,622		5,569,929		(2,472,875		)	11,389,676
Income (loss) from continuing operations	1,933,091		2,110,351		(2,807,402		)	1,236,040
Income from discontinued operations	14,383		—		—			14,383
Net income (loss)	1,947,474		2,110,351		(2,807,402		)	1,250,423
Net income attributable to noncontrolling interest	304,497		—		—			304,497
Net income (loss) - America First Tax Exempt Investors, L. P.	$	1,642,977	$	2,110,351	$	(2,807,402	)	$	945,926

The table below shows the pro forma condensed consolidated results of operations of the Company as if the Eagle Village and Arboretum had been acquired at the beginning of the periods presented:

	For the Three Months Ended June 30, 2011			For Six Months Ended June 30, 2011		For the Year Ended December 31, 2011
Revenues	$	7,210,969		$	14,397,558	$	28,841,546
Net (loss) income	(272,199		)	1,037,256		(2,162,401		)
Net income allocated to unitholders	87,954			1,662,845		(1,025,221		)
Unitholders' interest in net income (loss) per unit (basic and diluted)	$	—		$	0.06	$	(0.03	)

Schedule of Variable Interest Entities [Table Text Block]

The Company consolidated the following properties owned by Consolidated VIEs in continuing operations as of June 30, 2012 and December 31, 2011:

Consolidated VIEs
Property Name	Location	Number of Units	Land		Buildings and Improvements		Carrying Value at June 30, 2012
Bent Tree Apartments	Columbia, SC	232	$	986,000	$	11,811,474	$	12,797,474
Fairmont Oaks Apartments	Gainsville, FL	178	850,400		8,648,045		9,498,445
Lake Forest Apartments	Daytona Beach, FL	240	1,396,800		11,310,982		12,707,782
							35,003,701
Less accumulated depreciation (depreciation expense of approximately $697,000 in 2012)							(13,028,974		)
							$	21,974,727
Consolidated VIEs
Property Name	Location	Number of Units	Land		Buildings and Improvements		Carrying Value at December 31, 2011
Bent Tree Apartments	Columbia, SC	232	$	986,000	$	11,758,519	$	12,744,519
Fairmont Oaks Apartments	Gainsville, FL	178	850,400		8,615,014		9,465,414
Lake Forest Apartments	Daytona Beach, FL	240	1,396,800		11,251,304		12,648,104
							34,858,037
Less accumulated depreciation (depreciation expense of approximately $1.7 million in 2011)							(12,332,334		)
Balance at December 31, 2011							$	22,525,703

Schedule of Condensed Balance Sheet [Table Text Block]

Condensed Consolidating Balance Sheets as of June 30, 2012 and December 31, 2011:

	Partnership as of June 30, 2012			Consolidated VIEs as of June 30, 2012			Consolidation -Elimination as of June 30, 2012			Total as of June 30, 2012
Assets
Cash and cash equivalents	$	81,738,675		$	52,195		$	—		$	81,790,870
Restricted cash	5,426,851			992,726			—			6,419,577
Interest receivable	12,104,935			—			(5,021,416		)	7,083,519
Tax-exempt mortgage revenue bonds held in trust, at fair value	123,353,050			—			(24,645,428		)	98,707,622
Tax-exempt mortgage revenue bonds, at fair value	38,138,997			—			—			38,138,997
Real estate assets:
Land	10,552,104			3,250,044			—			13,802,148
Buildings and improvements	82,601,481			31,753,657			—			114,355,138
Real estate assets before accumulated depreciation	93,153,585			35,003,701			—			128,157,286
Accumulated depreciation	(9,373,669		)	(13,028,974		)	—			(22,402,643		)
Net real estate assets	83,779,916			21,974,727			—			105,754,643
Other assets	18,121,728			794,620			(10,363,763		)	8,552,585
Assets of discontinued operations	6,698,871			—			—			6,698,871
Total Assets	$	369,363,023		$	23,814,268		$	(40,030,607	)	$	353,146,684
Liabilities
Accounts payable, accrued expenses and other liabilities	$	2,624,822		$	25,763,858		$	(24,791,759	)	$	3,596,921
Distribution payable	5,562,518			—			—			5,562,518
Debt financing	104,328,000			—			—			104,328,000
Mortgages payable	43,231,990			24,284,000			(24,284,000		)	43,231,990
Liabilities of discontinued operations	6,131,925			—			—			6,131,925
Total Liabilities	161,879,255			50,047,858			(49,075,759		)	162,851,354
Partners' Capital
General Partner	(364,091		)	—			—			(364,091		)
Beneficial Unit Certificate holders	207,037,667			—			6,823,392			213,861,059
Unallocated deficit of Consolidated VIEs	—			(26,233,590		)	2,221,760			(24,011,830		)
Total Partners' Capital	206,673,576			(26,233,590		)	9,045,152			189,485,138
Noncontrolling interest	810,192			—			—			810,192
Total Capital	207,483,768			(26,233,590		)	9,045,152			190,295,330
Total Liabilities and Partners' Capital	$	369,363,023		$	23,814,268		$	(40,030,607	)	$	353,146,684

	Partnership as of December 31, 2011			Consolidated VIEs as of December 31, 2011			Consolidation -Elimination as of December 31, 2011			Total as of December 31, 2011
Assets
Cash and cash equivalents	$	20,188,855		$	12,718		$	—		$	20,201,573
Restricted cash	12,915,700			937,053			—			13,852,753
Interest receivable	11,395,266			—			(4,410,288		)	6,984,978
Tax-exempt mortgage revenue bonds held in trust, at fair value	132,920,723			—			(23,767,936		)	109,152,787
Tax-exempt mortgage revenue bonds, at fair value	26,542,565			—			—			26,542,565
Real estate assets:
Land	9,180,390			3,250,044			—			12,430,434
Buildings and improvements	80,045,210			31,607,993			—			111,653,203
Real estate assets before accumulated depreciation	89,225,600			34,858,037			—			124,083,637
Accumulated depreciation	(7,485,664		)	(12,332,334		)	—			(19,817,998		)
Net real estate assets	81,739,936			22,525,703			—			104,265,639
Other assets	20,222,928			839,879			(10,851,419		)	10,211,388
Assets of discontinued operations	6,764,862			—			—			6,764,862
Total Assets	$	312,690,835		$	24,315,353		$	(39,029,643	)	$	297,976,545
Liabilities
Accounts payable, accrued expenses and other liabilities	$	2,516,851		$	24,780,781		$	(23,805,990	)	$	3,491,642
Distribution payable	3,911,340			—			—			3,911,340
Debt financing	112,673,000			—			—			112,673,000
Mortgages payable	40,092,455			24,407,000			(24,407,000		)	40,092,455
Liabilities of discontinued operations	6,219,063			—			—			6,219,063
Total Liabilities	165,412,709			49,187,781			(48,212,990		)	166,387,500
Partners' Capital
General Partner	(354,006		)	—			—			(354,006		)
Beneficial Unit Certificate holders	147,087,347			—			7,823,881			154,911,228
Unallocated deficit of Consolidated VIEs	—			(24,872,428		)	1,359,466			(23,512,962		)
Total Partners' Capital	146,733,341			(24,872,428		)	9,183,347			131,044,260
Noncontrolling interest	544,785			—			—			544,785
Total Capital	147,278,126			(24,872,428		)	9,183,347			131,589,045
Total Liabilities and Partners' Capital	$	312,690,835		$	24,315,353		$	(39,029,643	)	$	297,976,545

A condensed balance sheet at the date of acquisition is included below.

	Eagle Village 6/29/2011 (Date of acquisition)
Cash and cash equivalents	$	244,923
Restricted cash	589,493
Other current assets	46,380
In-place lease assets	96,829
Real estate assets	12,383,605
Finance costs	108,060
Total assets	$	13,469,290
Accounts payable, accrued expenses and other	$	278,230
Mortgage payable	8,925,000
Stockholders' equity	4,266,060
Total liabilities and stockholders' equity	$	13,469,290

Schedule of Real Estate Properties [Table Text Block]

The Company had the following investments in MF Properties as of June 30, 2012 and December 31, 2011:

MF Properties
Property Name	Location	Number of Units	Land		Buildings and Improvements		Carrying Value at June 30, 2012
Arboretum	Omaha, NE	145	$	1,720,740	$	18,862,136	$	20,582,876
Eagle Ridge	Erlanger, KY	64	290,763		2,495,328		2,786,091
Eagle Village	Evansville, IN	511	564,726		12,252,901		12,817,627
Meadowview	Highland Heights, KY	118	688,539		5,146,179		5,834,718
Glynn Place	Brunswick, GA	128	743,996		4,692,950		5,436,946
Greens of Pine Glen	Durham, NC	168	604,497		6,429,959		7,034,456
Residences of DeCordova	Granbury, TX	76	680,852		6,612,356		7,293,208
Residences of Weatherford	Weatherford, TX	76	533,000		7,056,428		7,589,428
							69,375,350
Less accumulated depreciation (depreciation expense of approximately $1.4 million in 2012)							(5,937,495		)
Balance at June 30, 2012							$	63,437,855
MF Properties Subject to Sales Agreement
Property Name	Location	Number of Units	Land		Buildings and Improvements		Carrying Value at June 30, 2012
Crescent Village	Cincinnati, OH	90	$	353,117	$	6,247,180	$	6,600,297
Willow Bend	Hilliard, OH	92	580,130		5,024,612		5,604,742
Postwoods	Reynoldsburg, OH	180	1,148,504		10,424,692		11,573,196
							23,778,235
Less accumulated depreciation (depreciation expense of approximately $478,000 in 2012)							(3,436,174		)
Balance at June 30, 2012							$	20,342,061

MF Properties
Property Name	Location	Number of Units	Land		Buildings and Improvements		Carrying Value at December 31, 2011
Arboretum	Omaha, NE	145	$	1,720,740	$	18,730,388	$	20,451,128
Eagle Ridge	Erlanger, KY	64	290,763		2,485,433		2,776,196
Eagle Village	Evansville, IN	511	564,726		12,230,322		12,795,048
Meadowview	Highland Heights, KY	118	688,539		5,082,090		5,770,629
Glynn Place	Brunswick, GA	128	743,996		4,677,793		5,421,789
Greens of Pine Glen	Durham, NC	168	1,744,761		5,256,692		7,001,453
Residences of DeCordova	Granbury, TX	76	679,495		4,960,461		5,639,956
Residences of Weatherford	Weatherford, TX	76	533,000		5,105,278		5,638,278
							65,494,477
Less accumulated depreciation (depreciation expense of approximately $2.3 million in 2011)							(4,527,400		)
Balance at December 31, 2011							$	60,967,077
MF Properties Subject to Sales Agreement
Property Name	Location	Number of Units	Land		Buildings and Improvements		Carrying Value at December 31, 2011
Crescent Village	Cincinnati, OH	90	$	353,117	$	6,238,827	$	6,591,944
Willow Bend	Hilliard, OH	92	580,130		5,008,793		5,588,923
Postwoods	Reynoldsburg, OH	180	1,148,504		10,401,752		11,550,256
							23,731,123
Less accumulated depreciation (depreciation expense of approximately $829,000 in 2011)							(2,958,263		)
Balance at December 31, 2011							$	20,772,860