XML 43 R29.htm IDEA: XBRL DOCUMENT v2.4.1.9
Real Estate Assets (Tables)
3 Months Ended
Mar. 31, 2015
Real Estate Assets [Abstract]  
Condensed Financial Statements [Table Text Block]
The Colonial property’s material financial statement components are reported in the condensed consolidated financial statements as follows:

Financial Statement Descriptions
 
Amount
Material Balance Sheet Components
 
 
Net real estate assets
 
$
7,126,604

Mortgage payable
 
$
7,476,799

 
 
 
Material Statement of Operations Components
 
 
Property revenues
 
$
449,100

Real estate operating expenses
 
$
256,988

Depreciation and amortization expenses
 
$
214,519

Net loss
 
$
(98,156
)
Schedule of Condensed Balance Sheet [Table Text Block]
Condensed Consolidating Balance Sheets as of March 31, 2015 and December 31, 2014:
 
 
 
Partnership as of March 31, 2015
 
 Consolidated VIEs as of March 31, 2015
 
 Consolidation -Elimination as of March 31, 2015
 
 Total as of March 31, 2015
Assets
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
24,180,224

 
$
25,023

 
$

 
$
24,205,247

Restricted cash
 
7,350,135

 
486,707

 

 
7,836,842

Interest receivable
 
6,476,392

 

 
(670,102
)
 
5,806,290

Mortgage revenue bonds held in trust, at fair value
 
442,029,721

 

 
(16,006,874
)
 
426,022,847

Mortgage revenue bonds, at fair value
 
81,875,851

 

 

 
81,875,851

Public housing capital fund trusts, at fair value
 
60,272,941

 

 

 
60,272,941

Mortgage-backed securities, at fair value
 
14,884,339

 

 

 
14,884,339

Real estate assets:
 
 
 
 
 
 
 
 
Land and improvements
 
13,754,093

 
1,836,400

 

 
15,590,493

Buildings and improvements
 
110,742,966

 
21,257,476

 

 
132,000,442

Real estate assets before accumulated depreciation
 
124,497,059

 
23,093,876

 

 
147,590,935

Accumulated depreciation
 
(15,513,016
)
 
(10,814,129
)
 

 
(26,327,145
)
Net real estate assets
 
108,984,043

 
12,279,747

 

 
121,263,790

Other assets
 
41,298,994

 
377,523

 
(11,112,296
)
 
30,564,221

Total Assets
 
$
787,352,640

 
$
13,169,000

 
$
(27,789,272
)
 
$
772,732,368

 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Accounts payable, accrued expenses and other liabilities
 
$
4,623,103

 
$
22,479,786

 
$
(22,107,352
)
 
$
4,995,537

Distribution payable
 
7,607,693

 

 

 
7,607,693

Debt financing
 
379,307,493

 

 

 
379,307,493

Mortgage payable
 
76,445,451

 
14,686,000

 
(14,686,000
)
 
76,445,451

Derivative swap
 
1,165,855

 

 

 
1,165,855

Total Liabilities
 
469,149,595

 
37,165,786

 
(36,793,352
)
 
469,522,029

Partners' Capital
 
 
 
 
 
 
 
 
General Partner
 
512,533

 

 

 
512,533

Beneficial Unit Certificate holders
 
317,707,398

 

 
6,244,916

 
323,952,314

Unallocated loss of Consolidated VIEs
 

 
(23,996,786
)
 
2,759,164

 
(21,237,622
)
Total Partners' Capital
 
318,219,931

 
(23,996,786
)
 
9,004,080

 
303,227,225

Noncontrolling interest
 
(16,886
)
 

 

 
(16,886
)
Total Capital
 
318,203,045

 
(23,996,786
)
 
9,004,080

 
303,210,339

Total Liabilities and Partners' Capital
 
$
787,352,640

 
$
13,169,000

 
$
(27,789,272
)
 
$
772,732,368

 

 
 
 Partnership as of December 31, 2014
 
 Consolidated VIEs as of December 31, 2014
 
 Consolidation -Elimination as of December 31, 2014
 
 Total as of December 31, 2014
Assets
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
49,157,571

 
$
35,772

 
$

 
$
49,193,343

Restricted cash
 
11,141,496

 
544,233

 

 
11,685,729

Interest receivable
 
4,791,828

 

 
(670,342
)
 
4,121,486

Mortgage revenue bonds held in trust, at fair value
 
394,568,208

 

 
(16,145,116
)
 
378,423,092

Mortgage revenue bonds, at fair value
 
70,601,045

 

 

 
70,601,045

Public housing capital fund trusts, at fair value
 
61,263,123

 

 

 
61,263,123

Mortgage-backed securities, at fair value
 
14,841,558

 

 

 
14,841,558

Real estate assets:
 
 
 
 
 
 
 
 
Land and improvements
 
13,753,493

 
1,836,400

 

 
15,589,893

Buildings and improvements
 
110,706,173

 
21,204,048

 

 
131,910,221

Real estate assets before accumulated depreciation
 
124,459,666

 
23,040,448

 

 
147,500,114

Accumulated depreciation
 
(14,108,154
)
 
(10,583,646
)
 

 
(24,691,800
)
Net real estate assets
 
110,351,512

 
12,456,802

 

 
122,808,314

Other assets
 
41,958,914

 
420,054

 
(11,077,441
)
 
31,301,527

Total Assets
 
$
758,675,255

 
$
13,456,861

 
$
(27,892,899
)
 
$
744,239,217

 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
Accounts payable, accrued expenses and other liabilities
 
$
4,123,346

 
$
22,225,477

 
$
(21,721,734
)
 
$
4,627,089

Distribution payable
 
7,617,390

 

 

 
7,617,390

Debt financing
 
345,359,000

 

 

 
345,359,000

Mortgages payable
 
76,707,834

 
14,731,000

 
(14,731,000
)
 
76,707,834

Total Liabilities
 
433,807,570

 
36,956,477

 
(36,452,734
)
 
434,311,313

Partners' Capital
 
 
 
 
 
 
 
 
General Partner
 
578,238

 

 

 
578,238

Beneficial Unit Certificate holders
 
324,305,442

 

 
6,151,675

 
330,457,117

Unallocated deficit of Consolidated VIEs
 

 
(23,499,616
)
 
2,408,160

 
(21,091,456
)
Total Partners' Capital
 
324,883,680

 
(23,499,616
)
 
8,559,835

 
309,943,899

Noncontrolling interest
 
(15,995
)
 

 

 
(15,995
)
Total Capital
 
324,867,685

 
(23,499,616
)
 
8,559,835

 
309,927,904

Total Liabilities and Partners' Capital
 
$
758,675,255

 
$
13,456,861

 
$
(27,892,899
)
 
$
744,239,217

Schedule of Condensed Income Statement [Table Text Block]
Condensed Consolidating Statements of Operations for the three months ended March 31, 2015 and 2014:

 
 Partnership For the Three Months Ended March 31, 2015
 
 Consolidated VIEs For the Three Months Ended March 31, 2015
 
 Consolidation -Elimination For the Three Months Ended March 31, 2015
 
 Total For the Three Months Ended March 31, 2015
Revenues:
 
 
 
 
 
 
 
Property revenues
$
4,302,301

 
$
804,068

 
$

 
$
5,106,369

Investment income
8,210,394

 

 
(230,610
)
 
7,979,784

Other interest income
224,540

 

 

 
224,540

Total revenues
12,737,235

 
804,068

 
(230,610
)
 
13,310,693

Expenses:
 
 
 
 
 
 
 
Real estate operating (exclusive of items shown below)
2,471,030

 
487,575

 

 
2,958,605

Depreciation and amortization
1,794,814

 
243,729

 
(6,645
)
 
2,031,898

Interest
3,994,156

 
569,934

 
(574,969
)
 
3,989,121

General and administrative
1,807,481

 

 

 
1,807,481

Total expenses
10,067,481

 
1,301,238

 
(581,614
)
 
10,787,105

Net income (loss)
2,669,754

 
(497,170
)
 
351,004

 
2,523,588

Net loss attributable to noncontrolling interest
(891
)
 

 

 
(891
)
Net income (loss) - America First Multifamily Investors, L. P.
$
2,670,645

 
$
(497,170
)
 
$
351,004

 
$
2,524,479

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Partnership For the Three Months Ended March 31, 2014
 
 Consolidated VIEs For the Three Months Ended March 31, 2014
 
 Consolidation -Elimination For the Three Months Ended March 31, 2014
 
 Total For the Three Months Ended March 31, 2014
Revenues:
 
 
 
 
 
 
 
Property revenues
$
3,150,344

 
$
800,872

 
$

 
$
3,951,216

Investment income
6,438,835

 

 
(233,277
)
 
6,205,558

Gain on mortgage revenue bond - redemption
2,835,243

 

 

 
2,835,243

Other interest income
208,823

 

 

 
208,823

Total revenues
12,633,245

 
800,872

 
(233,277
)
 
13,200,840

Expenses:
 
 
 
 
 
 
 
Real estate operating (exclusive of items shown below)
1,650,647

 
449,646

 

 
2,100,293

Depreciation and amortization
1,382,626

 
237,440

 
(6,720
)
 
1,613,346

Interest
2,169,549

 
557,884

 
(557,884
)
 
2,169,549

   General and administrative
1,270,926

 

 

 
1,270,926

Total expenses
6,473,748

 
1,244,970

 
(564,604
)
 
7,154,114

Net income (loss)
6,159,497

 
(444,098
)
 
331,327

 
6,046,726

  Net loss attributable to noncontrolling interest
(103
)
 

 

 
(103
)
Net income (loss) - America First Multifamily Investors, L. P.
$
6,159,600

 
$
(444,098
)
 
$
331,327

 
$
6,046,829

 
 
 
 
 
 
 
 


Schedule of Variable Interest Entities [Table Text Block]
The Company consolidated the following properties owned by Consolidated VIEs in continuing operations as of March 31, 2015 and December 31, 2014:
Consolidated VIEs
Property Name
 
Location
 
Number of Units
 
Land and Improvements
 
Buildings and Improvements
 
 Carrying Value at March 31, 2015
Bent Tree Apartments
 
Columbia, SC
 
232

 
$
986,000

 
$
12,348,139

 
$
13,334,139

Fairmont Oaks Apartments
 
Gainesville, FL
 
178

 
850,400

 
8,909,337

 
9,759,737

 
 
 
 
 
 
 
 
 
 
23,093,876

Less accumulated depreciation (depreciation expense of approximately $239,000 in 2015)
 
(10,814,129
)
Balance at March 31, 2015
 
 
 
 
 
 
 
 
 
$
12,279,747

Consolidated VIEs
Property Name
 
Location
 
Number of Units
 
Land and Improvements
 
Buildings and Improvements
 
 Carrying Value at December 31, 2014
Bent Tree Apartments
 
Columbia, SC
 
232

 
$
986,000

 
$
12,303,982

 
$
13,289,982

Fairmont Oaks Apartments
 
Gainesville, FL
 
178

 
850,400

 
8,900,066

 
9,750,466

 
 
 
 
 
 
 
 
 
 
23,040,448

Less accumulated depreciation (depreciation expense of approximately $940,000 in 2014)
 
 
 
(10,583,646
)
Balance at December 31, 2014
 
 
 
 
 
 
 
 
$
12,456,802

Schedule of Real Estate Properties [Table Text Block]
The Company had the following investments in MF Properties as of March 31, 2015 and December 31, 2014:
MF Properties
Property Name
 
Location
 
Number of Units
 
Land and Land Improvements
 
Buildings and
Improvements
 
 Carrying Value at March 31, 2015
Arboretum
 
Omaha, NE
 
145

 
$
1,748,502

 
$
19,228,701

 
$
20,977,203

Eagle Village
 
Evansville, IN
 
511

 
567,880

 
12,479,357

 
13,047,237

Glynn Place
 
Brunswick, GA
 
128

 
743,996

 
4,945,091

 
5,689,087

Meadowview
 
Highland Heights, KY
 
230

 
688,539

 
5,482,068

 
6,170,607

Residences of DeCordova
 
Granbury, TX
 
110

 
1,137,832

 
8,015,812

 
9,153,644

Residences of Weatherford
 
Weatherford, TX
 
76

 
1,942,229

 
5,728,977

 
7,671,206

The 50/50
 
Lincoln, NE
 
475

 

 
32,820,776

 
32,820,776

The Colonial
 
Omaha, NE
 
258

 
1,180,058

 
7,855,899

 
9,035,957

Woodland Park
 
Topeka, KS
 
236

 
1,265,160

 
14,186,285

 
15,451,445

 
 
 
 
 
 
 
 
 
 
120,017,162

Less accumulated depreciation (depreciation expense of approximately $1.5 million in 2015)
 
(15,513,016
)
Balance at March 31, 2015
 
 
 
 
 
 
 
 
 
$
104,504,146

MF Properties
Property Name
 
Location
 
Number of Units
 
Land and Land Improvements
 
Buildings and
Improvements
 
Carrying Value at December 31, 2014
Arboretum
 
Omaha, NE
 
145

 
$
1,748,502

 
$
19,216,623

 
$
20,965,125

Eagle Village
 
Evansville, IN
 
511

 
567,880

 
12,472,151

 
13,040,031

Glynn Place
 
Brunswick, GA
 
128

 
743,996

 
4,995,658

 
5,739,654

Meadowview
 
Highland Heights, KY
 
224

 
688,539

 
5,479,342

 
6,167,881

Residences of DeCordova
 
Granbury, TX
 
110

 
1,137,832

 
8,007,390

 
9,145,222

Residences of Weatherford
 
Weatherford, TX
 
76

 
1,942,229

 
5,724,456

 
7,666,685

The 50/50
 
Lincoln, NE
 
475

 

 
32,820,776

 
32,820,776

The Colonial
 
Omaha, NE
 
258

 
1,180,058

 
7,822,681

 
9,002,739

Woodland Park
 
Topeka, KS
 
236

 
1,265,160

 
14,167,096

 
15,432,256

 
 
 
 
 
 
 
 
 
 
119,980,369

Less accumulated depreciation (depreciation expense of approximately $4.8 million in 2014)
 
 
 
(14,108,154
)
Balance at December 31, 2014
 
 
 
 
 
 
 
 
 
$
105,872,215