XML 49 R37.htm IDEA: XBRL DOCUMENT v3.4.0.3
Debt Financing (Tables)
 3 Months Ended
Mar. 31, 2016
Debt Financing [Abstract]  
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]

Tender Option Bond Financings

 

TOB Trusts Securitization

 

Outstanding TOB

Trust Financing at

March 31, 2016

 

 

Year

Acquired

 

Stated Maturity

 

Variable /

Fixed

 

Reset

Frequency

 

SIFMA

Based Rate

 

 

Facility Fees

 

 

Period End

Rate

 

PHC Certificates (1)

 

$

43,145,000

 

 

2012

 

June-16

 

Variable

 

Weekly

 

 

0.95

%

 

 

1.62

%

 

 

2.57

%

Decatur Angle

 

 

22,848,215

 

 

2014

 

October-16

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

4.26

%

Live 929

 

 

37,911,261

 

 

2014

 

July-19

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

4.39

%

Bruton Apartments

 

 

17,247,389

 

 

2014

 

July-17

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

4.51

%

Pro Nova 2014-1

 

 

9,007,389

 

 

2014

 

July-17

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

4.01

%

Concord at Gulfgate

 

 

14,937,068

 

 

2015

 

February-18

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

2.76

%

Concord at Little York

 

 

11,232,068

 

 

2015

 

February-18

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

2.76

%

Concord at Williamcrest

 

 

15,607,068

 

 

2015

 

February-18

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

2.76

%

Columbia Gardens

 

 

11,684,439

 

 

2015

 

December-17

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

2.76

%

Willow Run

 

 

11,684,022

 

 

2015

 

December-17

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

2.76

%

Total TOB Trust

   Financing\Period End Rate

 

$

195,303,919

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.42

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Comprised of three TOB Trusts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOB Trusts Securitization

 

Outstanding TOB

Trust Financing at

December 31, 2015

 

 

Year

Acquired

 

Stated Maturity

 

Variable /

Fixed

 

Reset

Frequency

 

SIFMA

Based Rate

 

 

Facility Fees

 

 

Period End

Rate

 

PHC Certificates (1)

 

$

43,985,000

 

 

2012

 

June-16

 

Variable

 

Weekly

 

 

0.68

%

 

 

1.62

%

 

 

2.30

%

MBS Securities - 1

 

 

2,585,000

 

 

2012

 

April-16

 

Variable

 

Weekly

 

 

0.16

%

 

 

0.94

%

 

 

1.10

%

MBS Securities - 2

 

 

4,090,000

 

 

2012

 

April-16

 

Variable

 

Weekly

 

 

0.16

%

 

 

0.94

%

 

 

1.10

%

MBS Securities - 3

 

 

5,270,000

 

 

2012

 

April-16

 

Variable

 

Weekly

 

 

0.16

%

 

 

0.94

%

 

 

1.10

%

Decatur Angle

 

 

22,847,450

 

 

2014

 

October-16

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

4.26

%

Live 929

 

 

37,935,981

 

 

2014

 

July-19

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

4.39

%

Bruton Apartments

 

 

17,246,899

 

 

2014

 

July-17

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

4.51

%

Pro Nova 2014-1

 

 

9,006,899

 

 

2014

 

July-17

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

4.01

%

Pro Nova 2014-2

 

 

8,371,899

 

 

2014

 

July-17

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

4.01

%

Concord at Gulfgate

 

 

14,936,685

 

 

2015

 

February-18

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

2.76

%

Concord at Little York

 

 

11,231,685

 

 

2015

 

February-18

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

2.76

%

Concord at Williamcrest

 

 

15,606,685

 

 

2015

 

February-18

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

2.76

%

Columbia Gardens

 

 

11,699,209

 

 

2015

 

December-17

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

2.76

%

Willow Run

 

 

11,698,732

 

 

2015

 

December-17

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

2.76

%

Total TOB Trust

   Financing\Period End Rate

 

$

216,512,124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.26

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Comprised of three TOB Trusts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Summary of Tax Exempt Bonds Securitization [Table Text Block]

The following tables provide the detail related to the outstanding TEBS Financing, year acquired, stated maturity, and annual interest rates at March 31, 2016 and December 31, 2015.

 

 

 

Outstanding TEBS

Financing at

March 31, 2016

 

 

Year

Acquired

 

 

Stated

Maturity

 

Variable /

Fixed

 

Reset

Frequency

 

SIFMA

Based Rate

 

 

Facility

Fees

 

 

Period End

Rate

 

M24 TEBS Financing

 

$

60,787,787

 

 

 

2010

 

 

September-17

 

Variable

 

Weekly

 

 

0.46

%

 

 

1.91

%

 

 

2.37

%

M31 TEBS Financing (1)

 

 

92,191,475

 

 

 

2014

 

 

July-19

 

Variable

 

Weekly

 

 

0.44

%

 

 

1.42

%

 

 

1.86

%

M33 TEBS Financing (1)

 

 

82,024,241

 

 

 

2015

 

 

July-20

 

Variable

 

Weekly

 

 

0.44

%

 

 

1.26

%

 

 

1.70

%

Total TEBS Financing\Period End

   Rate

 

$

235,003,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.94

%

(1) Facility fees are variable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding TEBS

Financing at

December 31, 2015

 

 

Year

Acquired

 

 

Stated

Maturity

 

Variable /

Fixed

 

Reset

Frequency

 

SIFMA

Based Rate

 

 

Facility

Fees

 

 

Period End

Rate

 

M24 TEBS Financing

 

$

60,735,743

 

 

 

2010

 

 

September-17

 

Variable

 

Weekly

 

 

0.04

%

 

 

1.91

%

 

 

1.95

%

M31 TEBS Financing (1)

 

 

92,280,069

 

 

 

2014

 

 

July-19

 

Variable

 

Weekly

 

 

0.02

%

 

 

1.42

%

 

 

1.44

%

M33 TEBS Financing (1)

 

 

81,968,780

 

 

 

2015

 

 

July-20

 

Variable

 

Weekly

 

 

0.02

%

 

 

1.26

%

 

 

1.28

%

Total TEBS Financing\Period End

   Rate

 

$

234,984,592

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.51

%

(1) Facility fees are variable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Summary of Pre-adoption and Post-adoption Condensed Financial Statements [Table Text Block]

The following tables provide summaries of the pre-adoption and post-adoption effects of this change on the Partnership’s condensed consolidated financial statements on March 31, 2016 and December 31, 2015:

 

Pre-adoption balance sheet

 

March 31, 2016

 

 

December 31, 2015

 

Assets:

 

 

 

 

 

 

 

 

Other assets

 

$

47,944,524

 

 

$

41,124,454

 

Liabilities:

 

 

 

 

 

 

 

 

Debt financing

 

$

434,830,925

 

 

$

456,431,288

 

Mortgages payable and other secured financing

 

$

69,482,362

 

 

$

69,717,114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Post-adoption balance sheet

 

March 31, 2016

 

 

December 31, 2015

 

Assets:

 

 

 

 

 

 

 

 

Other assets

 

$

42,992,145

 

 

$

35,720,342

 

Liabilities:

 

 

 

 

 

 

 

 

Debt financing 1

 

$

430,307,422

 

 

$

451,496,716

 

Mortgages payable and other secured financing 2

 

$

69,053,487

 

 

$

69,247,574

 

 

 

 

 

 

 

 

 

 

1 Reflects a reduction of $4.5 million and $4.9 million as of March 31, 2016 and December 31, 2015, respectively.

 

2 Reflects a reduction of $0.4 million and $0.5 million as of March 31, 2016 and December 31, 2015, respectively.

 

 
Schedule of Maturities of Long-term Debt [Table Text Block]

The Partnership’s aggregate borrowings on March 31, 2016 contractually mature over the next five years and thereafter as follows: 

 

2016

 

$

68,468,998

 

2017

 

 

154,181,206

 

2018

 

 

2,287,714

 

2019

 

 

129,045,308

 

2020

 

 

80,847,700

 

Total

 

$

434,830,926