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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 March 31, 2022

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 April 30, 2022, the registrant had approximately 22,017,914 Beneficial Unit Certificates representing assignments of limited partnership interests 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 (Loss)

 

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

 

44

Item 3

 

Quantitative and Qualitative Disclosures About Market Risk

 

67

Item 4

 

Controls and Procedures

 

70

 

 

 

 

 

PART II – OTHER INFORMATION

Item 1A

 

Risk Factors

 

71

Item 6

 

Exhibits

 

71

SIGNATURES

 

72

 

 


 

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, 2021 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;
general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, international conflicts, and the novel coronavirus (“COVID-19”) on business operations, employment, and financial conditions;
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 of properties related to our investments; 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)

 

 

 

March 31, 2022

 

 

December 31, 2021

 

Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

118,330,462

 

 

$

68,285,501

 

Restricted cash

 

 

44,125,301

 

 

 

83,646,969

 

Interest receivable, net

 

 

7,001,608

 

 

 

9,234,412

 

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

 

 

714,524,298

 

 

 

750,934,848

 

Mortgage revenue bonds, at fair value (Note 6)

 

 

20,431,600

 

 

 

42,574,996

 

Governmental issuer loans (Note 7)

 

 

201,649,588

 

 

 

184,767,450

 

Real estate assets: (Note 8)

 

 

 

 

 

 

Land and improvements

 

 

7,411,079

 

 

 

7,411,079

 

Buildings and improvements

 

 

73,062,928

 

 

 

72,998,475

 

Real estate assets before accumulated depreciation

 

 

80,474,007

 

 

 

80,409,554

 

Accumulated depreciation

 

 

(21,379,622

)

 

 

(20,701,922

)

Net real estate assets

 

 

59,094,385

 

 

 

59,707,632

 

Investments in unconsolidated entities (Note 9)

 

 

107,679,013

 

 

 

107,793,522

 

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

 

 

104,350,527

 

 

 

68,101,268

 

Other assets (Note 12)

 

 

18,715,506

 

 

 

10,862,885

 

Total Assets

 

$

1,395,902,288

 

 

$

1,385,909,483

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

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

 

$

12,537,279

 

 

$

13,664,212

 

Distribution payable

 

 

9,721,430

 

 

 

12,757,459

 

Secured lines of credit (Note 14)

 

 

30,199,000

 

 

 

45,714,000

 

Debt financing, net (Note 15)

 

 

882,453,664

 

 

 

820,078,714

 

Mortgages payable and other secured financing, net (Note 16)

 

 

26,683,361

 

 

 

26,824,543

 

Total Liabilities

 

 

961,594,734

 

 

 

919,038,928

 

 

 

 

 

 

 

 

Commitments and Contingencies (Note 18)

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable Preferred Units, $94.5 million redemption value, 9.5 million
   issued and outstanding, net (Note 19)

 

 

94,467,522

 

 

 

94,458,528

 

 

 

 

 

 

 

 

Partnersʼ Capital:

 

 

 

 

 

 

General Partner (Note 1)

 

 

588,267

 

 

 

765,550

 

Beneficial Unit Certificates ("BUCs," Note 1)

 

 

339,251,765

 

 

 

371,646,477

 

Total Partnersʼ Capital

 

 

339,840,032

 

 

 

372,412,027

 

Total Liabilities and Partnersʼ Capital

 

$

1,395,902,288

 

 

$

1,385,909,483

 

 

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 March 31,

 

 

2022

 

 

2021

 

 

Revenues:

 

 

 

 

 

 

 

Investment income

 

$

14,403,403

 

 

$

12,388,241

 

 

Property revenues

 

 

1,927,001

 

 

 

1,694,524

 

 

Other interest income

 

 

2,875,967

 

 

 

304,723

 

 

Total revenues

 

 

19,206,371

 

 

 

14,387,488

 

 

Expenses:

 

 

 

 

 

 

 

Real estate operating (exclusive of items shown below)

 

 

1,064,562

 

 

 

1,007,840

 

 

Depreciation and amortization

 

 

683,662

 

 

 

683,460

 

 

Interest expense

 

 

3,937,131

 

 

 

5,226,475

 

 

General and administrative

 

 

3,681,838

 

 

 

3,285,708

 

 

Total expenses

 

 

9,367,193

 

 

 

10,203,483

 

 

Other Income:

 

 

 

 

 

 

 

Gain on sale of investments in unconsolidated entities

 

 

16,439,750

 

 

 

2,809,106

 

 

Income before income taxes

 

 

26,278,928

 

 

 

6,993,111

 

 

Income tax expense

 

 

14,910

 

 

 

257

 

 

Net income

 

 

26,264,018

 

 

 

6,992,854

 

 

Redeemable Preferred Unit distributions and accretion

 

 

(717,744

)

 

 

(717,763

)

 

Net income available to Partners

 

$

25,546,274

 

 

$

6,275,091

 

 

 

 

 

 

 

 

 

 

Net income available to Partners allocated to:

 

 

 

 

 

 

 

General Partner

 

$

2,737,044

 

 

$

736,936

 

 

Limited Partners - BUCs

 

 

22,729,198

 

 

 

5,526,202

 

 

Limited Partners - Restricted units

 

 

80,032

 

 

 

11,953

 

 

 

 

$

25,546,274

 

 

$

6,275,091

 

 

BUC holders' interest in net income per BUC, basic and diluted

 

$

1.03

 

*

$

0.27

 

*

Weighted average number of BUCs outstanding, basic

 

 

22,016,636

 

*

 

20,230,287

 

*

Weighted average number of BUCs outstanding, diluted

 

 

22,016,636

 

*

 

20,230,287

 

*

* On April 1, 2022, the Partnership effected a one-for-three reverse unit split of its outstanding BUCs. The amounts indicated in the Condensed Consolidated Statements of Operations have been adjusted to reflect the one-for-three reverse unit split on a retroactive basis.

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

 

5


 

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

 

 

 

For the Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Net income

 

$

26,264,018

 

 

$

6,992,854

 

Unrealized loss on securities

 

 

(47,751,656

)

 

 

(16,298,797

)

Unrealized loss on bond purchase commitments

 

 

(819,081

)

 

 

(120,970

)

Comprehensive income (loss)

 

$

(22,306,719

)

 

$

(9,426,913

)

 

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

 

6


 

AMERICA FIRST MULTIFAMILY INVESTORS, L.P.

CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

(UNAUDITED)

 

 

 

General Partner

 

 

# of BUCs -
Restricted and
Unrestricted

 

 

BUCs
- Restricted and
Unrestricted

 

 

Total

 

 

Accumulated Other
Comprehensive
Income (Loss)

 

Balance as of December 31, 2021

 

$

765,550

 

 

 

22,094,159

 

 

$

371,646,477

 

 

$

372,412,027

 

 

$

114,040,260

 

Distributions paid or accrued ($0.33 per BUC):*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution of Tier 2 income (Note 3)

 

 

(2,430,358

)

 

 

-

 

 

 

(7,291,072

)

 

 

(9,721,430

)

 

 

-

 

Net income allocable to Partners

 

 

2,737,044

 

 

 

-

 

 

 

22,809,230

 

 

 

25,546,274

 

 

 

-

 

Restricted unit compensation expense

 

 

1,739

 

 

 

-

 

 

 

172,159

 

 

 

173,898

 

 

 

-

 

Unrealized loss on securities

 

 

(477,517

)

 

 

-

 

 

 

(47,274,139

)

 

 

(47,751,656

)

 

 

(47,751,656

)

Unrealized loss on bond purchase commitments

 

 

(