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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, 2021  

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, 2021, the registrant had 65,930,903 Beneficial Unit Certificates representing assignments of limited partnership interests in America First Multifamily Investors, L.P. outstanding.

 

 


 

 

INDEX

PART I – FINANCIAL INFORMATION

 

Item 1

 

Financial Statements (Unaudited)

 

4

 

 

Condensed Consolidated Balance Sheets

 

4

 

 

Condensed Consolidated Statements of Operations

 

5

 

 

Condensed Consolidated Statements of Comprehensive Income

 

6

 

 

Condensed Consolidated Statements of Partners’ Capital

 

7

 

 

Condensed Consolidated Statements of Cash Flows

 

8

 

 

Notes to Condensed Consolidated Financial Statements

 

9

Item 2

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

45

Item 3

 

Quantitative and Qualitative Disclosures About Market Risk

 

72

Item 4

 

Controls and Procedures

 

74

 

 

 

 

 

PART II – OTHER INFORMATION

   Item 1A

 

Risk Factors

 

75

Item 6

 

Exhibits

 

75

 

SIGNATURES

 

76

 

 


 

 

Forward-Looking Statements

This Quarterly 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 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, 2020 and in this report.

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

 

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 access debt and equity capital to finance our assets;

 

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

 

potential exercising of redemption rights by the holders of the Series A Preferred Units;

 

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 and GIL 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 report 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, 2021

 

 

December 31, 2020

 

Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

91,542,566

 

 

$

44,495,538

 

Restricted cash

 

 

83,257,569

 

 

 

78,495,048

 

Interest receivable, net

 

 

9,718,518

 

 

 

8,212,076

 

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

 

 

727,826,133

 

 

 

768,468,644

 

Mortgage revenue bonds, at fair value (Note 6)

 

 

15,812,184

 

 

 

25,963,841

 

Governmental issuer loans (Note 7)

 

 

165,986,438

 

 

 

64,863,657

 

Real estate assets: (Note 8)

 

 

 

 

 

 

 

 

Land and improvements

 

 

7,991,156

 

 

 

4,875,265

 

Buildings and improvements

 

 

72,421,529

 

 

 

72,316,152

 

Real estate assets before accumulated depreciation

 

 

80,412,685

 

 

 

77,191,417

 

Accumulated depreciation

 

 

(20,181,951

)

 

 

(18,150,215

)

Net real estate assets

 

 

60,230,734

 

 

 

59,041,202

 

Investments in unconsolidated entities (Note 9)

 

 

89,644,649

 

 

 

106,878,570

 

Property loans, net of loan loss allowances (Note 10)

 

 

31,678,426

 

 

 

12,920,719

 

Other assets (Note 12)

 

 

8,804,302

 

 

 

5,908,584

 

Total Assets

 

$

1,284,501,519

 

 

$

1,175,247,879

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities (Note 13)

 

$

12,186,546

 

 

$

9,949,565

 

Distribution payable

 

 

7,831,176

 

 

 

3,686,283

 

Unsecured lines of credit (Note 14)

 

 

-

 

 

 

7,475,000

 

Secured lines of credit (Note 15)

 

 

6,500,000

 

 

 

-

 

Debt financing, net (Note 16)

 

 

760,632,414

 

 

 

673,957,640

 

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

 

 

25,429,450

 

 

 

25,984,872

 

Total Liabilities

 

 

812,579,586

 

 

 

721,053,360

 

 

 

 

 

 

 

 

 

 

Commitments and Contingencies (Note 19)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

   issued and outstanding, net (Note 20)

 

 

94,449,515

 

 

 

94,422,477

 

 

 

 

 

 

 

 

 

 

Partnersʼ Capital:

 

 

 

 

 

 

 

 

General Partner (Note 1)

 

 

813,097

 

 

 

934,892

 

Beneficial Unit Certificates ("BUCs," Note 1)

 

 

376,659,321

 

 

 

358,837,150

 

Total Partnersʼ Capital

 

 

377,472,418

 

 

 

359,772,042

 

Total Liabilities and Partnersʼ Capital

 

$

1,284,501,519

 

 

$

1,175,247,879

 

 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

13,619,994

 

 

$

12,043,313

 

 

$

40,305,861

 

 

$

35,988,555

 

Property revenues

 

 

1,811,778

 

 

 

1,548,931

 

 

 

5,294,475

 

 

 

5,358,132

 

Contingent interest income

 

 

1,848,825

 

 

 

-

 

 

 

1,848,825

 

 

 

12,043

 

Other interest income

 

 

401,304

 

 

 

238,185

 

 

 

1,026,724

 

 

 

686,253

 

Other income

 

 

-

 

 

 

9,518

 

 

 

-

 

 

 

9,518

 

Total revenues

 

 

17,681,901

 

 

 

13,839,947

 

 

 

48,475,885

 

 

 

42,054,501

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate operating (exclusive of items shown below)

 

 

1,239,614

 

 

 

1,454,985

 

 

 

3,007,979

 

 

 

3,484,783

 

Provision for credit loss (Note 6)

 

 

-

 

 

 

3,463,253

 

 

 

900,080

 

 

 

5,285,609

 

Provision for loan loss (Note 10)

 

 

-

 

 

 

811,706

 

 

 

330,116

 

 

 

811,706

 

Impairment charge on real estate assets