0001564590-20-050025.txt : 20201103 0001564590-20-050025.hdr.sgml : 20201103 20201103164655 ACCESSION NUMBER: 0001564590-20-050025 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 146 CONFORMED PERIOD OF REPORT: 20200930 FILED AS OF DATE: 20201103 DATE AS OF CHANGE: 20201103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICA FIRST MULTIFAMILY INVESTORS, L.P. CENTRAL INDEX KEY: 0001059142 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] IRS NUMBER: 470810385 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-24843 FILM NUMBER: 201284106 BUSINESS ADDRESS: STREET 1: 14301 FNB PARKWAY STREET 2: SUITE 211 CITY: OMAHA STATE: NE ZIP: 68154 BUSINESS PHONE: (402) 444-1630 MAIL ADDRESS: STREET 1: 14301 FNB PARKWAY STREET 2: SUITE 211 CITY: OMAHA STATE: NE ZIP: 68154 FORMER COMPANY: FORMER CONFORMED NAME: AMERICA FIRST TAX EXEMPT INVESTORS LP DATE OF NAME CHANGE: 19980403 10-Q 1 atax-10q_20200930.htm 10-Q atax-10q_20200930.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020 

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to            

Commission File Number:  000-24843

 

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

47-0810385

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

14301 FNB Parkway, Suite 211, Omaha, Nebraska

 

68154

(Address of principal executive offices)

 

(Zip Code)

 

 

 

(402) 952-1235

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Beneficial Unit Certificates representing assignments of limited partnership interests in America First Multifamily Investors, L.P.

ATAX

The NASDAQ Stock Market, LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  NO 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  NO 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non- accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  YES  NO 

As of September 30, 2020, the registrant had 60,545,204 Beneficial Unit Certificates representing assignments of limited partnership interests in America First Multifamily Investors, L.P. outstanding.

 

 


 

INDEX

PART I – FINANCIAL INFORMATION

 

 

 


 

Forward-Looking Statements

This report (including, but not limited to, the information contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”) contains forward-looking statements. All statements other than statements of historical facts contained in this report, 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 report also contains 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 several 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 and contained in this report, 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 heading “Risk Factors” in Item 1A of America First Multifamily Investors, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2019 and in this report.

These forward-looking statements are subject, but not limited, to various risks and uncertainties, including those relating to:

 

current maturities of our financing arrangements and our ability to renew or refinance such financing arrangements;

 

defaults on the mortgage loans securing our mortgage revenue bonds (“MRBs”) and governmental issuer loans (“GILs”);

 

the competitive environment in which we operate;

 

risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties;

 

changes in business conditions and the general economy, including the current and future impact of the novel coronavirus (“COVID-19”) on business operations, employment and government-mandated relief and mitigation measures;

 

changes in interest rates;

 

our ability to use borrowings or obtain capital to finance our assets;

 

local, regional, national and international economic and credit market conditions;

 

recapture of previously issued Low Income Housing Tax Credits (“LIHTCs”) in accordance with Section 42 of the Internal Revenue Code (“IRC”);

 

geographic concentration within the MRB portfolio held by the Partnership; and

 

changes in the U.S. corporate tax code and other government regulations affecting our business.

Other risks, uncertainties and factors could cause our actual results to differ materially from those projected in any forward-looking statements we make. We are not obligated to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.

All references to “we,” “us,” “our” and the “Partnership” in this document mean America First Multifamily Investors, L.P. (“ATAX”), its wholly owned subsidiaries and its consolidated variable interest entities. See Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of this report for additional details.

 

 

 

 


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

 

September 30, 2020

 

 

December 31, 2019

 

Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

51,160,770

 

 

$

42,308,153

 

Restricted cash

 

 

79,302,009

 

 

 

877,828

 

Interest receivable, net

 

 

8,355,119

 

 

 

7,432,433

 

Mortgage revenue bonds held in trust, at fair value (Note 6)

 

 

759,487,301

 

 

 

743,587,715

 

Mortgage revenue bonds, at fair value (Note 6)

 

 

37,049,300

 

 

 

30,009,750

 

Governmental issuer loans held in trust (Note 7)

 

 

62,085,000

 

 

 

-

 

Public housing capital fund trust certificates, at fair value (Note 8)

 

 

-

 

 

 

43,349,357

 

Real estate assets: (Note 9)

 

 

 

 

 

 

 

 

Land and improvements

 

 

4,875,265

 

 

 

4,906,130

 

Buildings and improvements

 

 

72,290,734

 

 

 

72,011,533

 

Real estate assets before accumulated depreciation

 

 

77,165,999

 

 

 

76,917,663

 

Accumulated depreciation

 

 

(17,486,887

)

 

 

(15,357,700

)

Net real estate assets

 

 

59,679,112

 

 

 

61,559,963

 

Investments in unconsolidated entities (Note 10)

 

 

99,176,922

 

 

 

86,981,864

 

Property loans, net of loan loss allowance (Note 11)

 

 

12,920,719

 

 

 

7,999,094

 

Other assets (Note 13)

 

 

5,408,616

 

 

 

5,062,351

 

Total Assets

 

$

1,174,624,868

 

 

$

1,029,168,508

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities (Note 14)

 

$

9,997,214

 

 

$

9,036,167

 

Distribution payable

 

 

3,686,982

 

 

 

7,607,984

 

Unsecured lines of credit (Note 15)

 

 

11,843,000

 

 

 

13,200,000

 

Debt financing, net (Note 16)

 

 

667,248,701

 

 

 

536,197,421

 

Mortgages payable and other secured financing, net (Note 17)

 

 

26,275,890

 

 

 

26,802,246

 

Total Liabilities

 

 

719,051,787

 

 

 

592,843,818

 

 

 

 

 

 

 

 

 

 

Commitments and Contingencies (Note 19)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable Series A Preferred Units, approximately $94.5 million redemption value, 9.5 million

   issued and outstanding, net (Note 20)

 

 

94,413,465

 

 

 

94,386,427

 

 

 

 

 

 

 

 

 

 

Partnersʼ Capital:

 

 

 

 

 

 

 

 

General Partner (Note 1)

 

 

948,408

 

 

 

735,128

 

Beneficial Unit Certificates ("BUCs," Note 1)

 

 

360,211,208

 

 

 

341,203,135

 

Total Partnersʼ Capital

 

 

361,159,616

 

 

 

341,938,263

 

Total Liabilities and Partnersʼ Capital

 

$

1,174,624,868

 

 

$

1,029,168,508

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

4


 

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

12,043,313

 

 

$

12,589,743

 

 

$

35,988,555

 

 

$

37,072,288

 

Property revenues

 

 

1,548,931

 

 

 

1,974,546

 

 

 

5,358,132

 

 

 

6,002,971

 

Contingent interest income

 

 

-

 

 

 

3,360

 

 

 

12,043

 

 

 

3,045,462

 

Other interest income

 

 

238,185

 

 

 

206,625

 

 

 

686,253

 

 

 

635,732

 

Other income

 

 

9,518

 

 

 

91,428

 

 

 

9,518

 

 

 

120,181

 

Total revenues

 

 

13,839,947

 

 

 

14,865,702

 

 

 

42,054,501

 

 

 

46,876,634

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate operating (exclusive of items shown below)

 

 

1,454,985

 

 

 

1,381,909

 

 

 

3,484,783

 

 

 

3,477,983

 

Provision for credit loss (Note 6)

 

 

3,463,253

 

 

 

-

 

 

 

5,285,609

 

 

 

-

 

Provision for loan loss (Note 11)

 

 

811,706

 

 

 

-

 

 

 

811,706

 

 

 

-

 

Impairment charge on real estate assets

 

 

-

 

 

 

75,000

 

 

 

25,200

 

 

 

75,000

 

Depreciation and amortization

 

 

719,783

 

 

 

743,503

 

 

 

2,141,302

 

 

 

2,384,115

 

Interest expense

 

 

5,105,432

 

 

 

6,509,021

 

 

 

16,012,716

 

 

 

19,110,876

 

General and administrative

 

 

3,513,024

 

 

 

6,992,528

 

 

 

9,257,921

 

 

 

12,267,917

 

Total expenses

 

 

15,068,183

 

 

 

15,701,961

 

 

 

37,019,237

 

 

 

37,315,891

 

Other Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of securities

 

 

-

 

 

 

-

 

 

 

1,416,023

 

 

 

-

 

Gain on sale of investments in unconsolidated entities

 

 

-

 

 

 

10,475,927

 

 

 

-

 

 

 

10,475,927

 

Income (loss) before income taxes

 

 

(1,228,236

)

 

 

9,639,668

 

 

 

6,451,287

 

 

 

20,036,670

 

Income tax expense (benefit)

 

 

(68,219

)

 

 

(68,235

)

 

 

41,199

 

 

 

(9,236

)

Net income (loss)

 

 

(1,160,017

)

 

 

9,707,903

 

 

 

6,410,088

 

 

 

20,045,906

 

Redeemable Series A Preferred Unit distributions and accretion

 

 

(717,763

)

 

 

(717,762

)

 

 

(2,153,288

)

 

 

(2,153,288

)

Net income (loss) available to Partners

 

$

(1,877,780

)

 

$

8,990,141

 

 

$

4,256,800

 

 

$

17,892,618

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) available to Partners allocated to: