Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2012

Variable Interest Entities [Abstract]

Variable Interest Entity, Classification of Carrying Amount, Assets [Table Text Block]

The following table presents information regarding the carrying value and classification of the assets held by the Partnership as of September 30, 2012, which constitute a variable interest in Ashley Square and Cross Creek.

	Balance Sheet Classification	Carrying Value		Maximum Exposure to Loss
Ashley Square Apartments
Tax Exempt Mortgage Revenue Bond	Bond Investment	$	5,532,076	$	5,272,000
Property Loan	Other Asset	4,852,342		1,256,000
		$	10,384,418	$	6,528,000
Cross Creek Apartments
Tax Exempt Mortgage Revenue Bond	Bond Investment	$	8,031,125	$	5,994,150
Property Loans	Other Asset	3,383,615		3,383,615
		$	11,414,740	$	9,377,765

Schedule of Condensed Income Statement [Table Text Block]

Condensed Consolidating Statements of Operations for the three months ended September 30, 2012 and 2011:

	Partnership For the Three Months Ended September 30, 2012			Consolidated VIEs For the Three Months Ended September 30, 2012			Consolidation -Elimination For the Three Months Ended September 30, 2012			Total For the Three Months Ended September 30, 2012
Revenues:
Property revenues	$	2,799,857		$	1,203,887		$	—		$	4,003,744
Investment income	3,490,431			—			(379,714		)	3,110,717
Other income	15,224			—			—			15,224
Total revenues	6,305,512			1,203,887			(379,714		)	7,129,685
Expenses:
Real estate operating (exclusive of items shown below)	1,613,087			959,870			—			2,572,957
Recovery of loss on receivables	(261,825		)	—			—			(261,825		)
Depreciation and amortization	1,091,999			388,353			(10,876		)	1,469,476
Interest	1,551,543			808,841			(808,841		)	1,551,543
General and administrative	834,301			—			—			834,301
Total expenses	4,829,105			2,157,064			(819,717		)	6,166,452
Income (loss) from operations	1,476,407			(953,177		)	440,003			963,233
Income from discontinued operations (including gain on sale of MF Property of $1,277,976)	1,385,433			—			—			1,385,433
Net income (loss)	2,861,840			(953,177		)	440,003			2,348,666
Net income attributable to noncontrolling interest	137,099			—			—			137,099
Net income (loss) - America First Tax Exempt Investors, L. P.	$	2,724,741		$	(953,177	)	$	440,003		$	2,211,567

	Partnership For the Three Months Ended September 30, 2011		Consolidated VIEs For the Three Months Ended September 30, 2011			Consolidation -Elimination For the Three Months Ended September 30, 2011			Total For the Three Months Ended September 30 , 2011
Revenues:
Property revenues	$	2,390,421	$	1,208,534		$	—		$	3,598,955
Investment income	2,849,396		—			(383,520		)	2,465,876
Other income	359,167		—			—			359,167
Total revenues	5,598,984		1,208,534			(383,520		)	6,423,998
Expenses:
Real estate operating (exclusive of items shown below)	1,358,372		729,713			—			2,088,085
Provision for loss on receivables	14,525		—			—			14,525
Depreciation and amortization	973,316		347,518			(9,234		)	1,311,600
Interest	2,036,470		789,331			(789,331		)	2,036,470
General and administrative	725,115		—			—			725,115
Total expenses	5,107,798		1,866,562			(798,565		)	6,175,795
Income (loss) from operations	491,186		(658,028		)	415,045			248,203
Income from discontinued operations	29,218		—			—			29,218
Net income (loss)	520,404		(658,028		)	415,045			277,421
Net income attributable to noncontrolling interest	145,369		—			—			145,369
Net income (loss) - America First Tax Exempt Investors, L. P.	$	375,035	$	(658,028	)	$	415,045		$	132,052

Condensed Consolidating Statements of Operations for the nine months ended September 30, 2012 and 2011:

	Partnership For the Nine Months Ended September 30, 2012		Consolidated VIEs For the Nine Months Ended September 30, 2012			Consolidation -Elimination For the Nine Months Ended September 30, 2012			Total For the Nine Months Ended September 30, 2012
Revenues:
Property revenues	$	7,843,065	$	3,598,541		$	—		$	11,441,606
Investment income	8,912,856		—			(1,142,089		)	7,770,767
Gain on sale of bonds	667,821		—			—			667,821
Other income	97,996		—			—			97,996
Total revenues	17,521,738		3,598,541			(1,142,089		)	19,978,190
Expenses:
Real estate operating (exclusive of items shown below)	4,412,744		2,399,206			—			6,811,950
Provision for loss on receivables	214,525		—			—			214,525
Depreciation and amortization	3,099,153		1,102,000			(32,712		)	4,168,441
Interest	4,317,329		2,411,676			(2,411,676		)	4,317,329
General and administrative	2,533,246		—			—			2,533,246
Total expenses	14,576,997		5,912,882			(2,444,388		)	18,045,491
Income (loss) from continuing operations	2,944,741		(2,314,341		)	1,302,299			1,932,699
Income from discontinued operations (including gain on sale of MF Property of $1,277,976)	1,613,817		—			—			1,613,817
Net income (loss)	4,558,558		(2,314,341		)	1,302,299			3,546,516
Net income attributable to noncontrolling interest	398,469		—			—			398,469
Net income (loss) - America First Tax Exempt Investors, L. P.	$	4,160,089	$	(2,314,341	)	$	1,302,299		$	3,148,047

	Partnership For the Nine Months Ended September 30, 2011		Consolidated VIEs For the Nine Months Ended September 30, 2011		Consolidation -Elimination For the Nine Months Ended September 30, 2011			Total For the Nine Months Ended September 30, 2011
Revenues:
Property revenues	$	5,534,453	$	4,755,337	$	—		$	10,289,790
Investment income	8,729,857		—		(1,635,308		)	7,094,549
Other income	654,490		4,133,477		(4,028,489		)	759,478
Total revenues	14,918,800		8,888,814		(5,663,797		)	18,143,817
Expenses:
Real estate operating (exclusive of items shown below)	3,276,179		2,826,177		—			6,102,356
Provision for loss on receivables	725,215		—		—			725,215
Depreciation and amortization	2,171,090		1,366,577		(27,703		)	3,509,964
Interest	4,421,608		3,243,737		(3,243,737		)	4,421,608
General and administrative	2,044,132		—		—			2,044,132
Total expenses	12,638,224		7,436,491		(3,271,440		)	16,803,275
Income (loss) from continuing operations	2,280,576		1,452,323		(2,392,357		)	1,340,542
Income from discontinued operations	187,302		—		—			187,302
Net income (loss)	2,467,878		1,452,323		(2,392,357		)	1,527,844
Net income attributable to noncontrolling interest	449,866		—		—			449,866
Net income (loss) - America First Tax Exempt Investors, L. P.	$	2,018,012	$	1,452,323	$	(2,392,357	)	$	1,077,978

The table below shows the pro forma condensed consolidated results of operations of the Company as if the Eagle Village, Arboretum, and Maples on 97th had been acquired at the beginning of the periods presented:

	For the Three Months Ended September 30, 2012		For the Three Months Ended September 30, 2011		For Nine Months Ended September 30, 2012		For Nine Months Ended September 30, 2011		For the Year Ended December 31, 2011
Revenues	$	7,431,046	$	6,873,761	$	21,329,105	$	20,729,028	$	30,667,528
Net income (loss)	2,238,259		159,798		3,250,833		1,272,093		(2,075,272		)
Net income (loss) allocated to unitholders	2,417,204		398,754		3,753,255		2,135,887		(938,865		)
Unitholders' interest in net income (loss) per unit (basic and diluted)	$	0.06	$	0.01	$	0.10	$	0.07	$	(0.03	)

Schedule of Condensed Balance Sheet [Table Text Block]

Condensed Consolidating Balance Sheets as of September 30, 2012 and December 31, 2011:

	Partnership as of September 30, 2012			Consolidated VIEs as of September 30, 2012			Consolidation -Elimination as of September 30, 2012			Total as of September 30, 2012
Assets
Cash and cash equivalents	$	55,484,126		$	30,334		$	—		$	55,514,460
Restricted cash	4,693,511			1,276,644			—			5,970,155
Interest receivable	14,460,415			—			(5,336,291		)	9,124,124
Tax-exempt mortgage revenue bonds held in trust, at fair value	125,004,792			—			(24,826,238		)	100,178,554
Tax-exempt mortgage revenue bonds, at fair value	38,623,510			—			—			38,623,510
Public housing capital fund trusts, at fair value	66,163,969			—			—			66,163,969
Real estate assets:
Land	8,523,403			4,372,219			—			12,895,622
Buildings and improvements	76,696,662			35,792,106			—			112,488,768
Real estate assets before accumulated depreciation	85,220,065			40,164,325			—			125,384,390
Accumulated depreciation	(8,404,483		)	(13,408,856		)	—			(21,813,339		)
Net real estate assets	76,815,582			26,755,469			—			103,571,051
Other assets	23,349,351			672,562			(15,732,441		)	8,289,472
Assets of discontinued operations	8,224,333			—			—			8,224,333
Total Assets	$	412,819,589		$	28,735,009		$	(45,894,970	)	$	395,659,628
Liabilities
Accounts payable, accrued expenses and other liabilities	$	2,875,306		$	26,088,519		$	(25,303,059	)	$	3,660,766
Distribution payable	5,705,283			—			—			5,705,283
Debt financing	153,184,000			—			—			153,184,000
Mortgages payable	39,178,128			24,221,000			(24,221,000		)	39,178,128
Liabilities of discontinued operations	4,870,902			—			—			4,870,902
Total Liabilities	205,813,619			50,309,519			(49,524,059		)	206,599,079
Partners' Capital
General Partner	(367,578		)	—			—			(367,578		)
Beneficial Unit Certificate holders	206,426,257			—			6,579,583			213,005,840
Unallocated deficit of Consolidated VIEs	—			(21,574,510		)	(2,950,494		)	(24,525,004		)
Total Partners' Capital	206,058,679			(21,574,510		)	3,629,089			188,113,258
Noncontrolling interest	947,291			—			—			947,291
Total Capital	207,005,970			(21,574,510		)	3,629,089			189,060,549
Total Liabilities and Partners' Capital	$	412,819,589		$	28,735,009		$	(45,894,970	)	$	395,659,628

	Partnership as of December 31, 2011			Consolidated VIEs as of December 31, 2011			Consolidation -Elimination as of December 31, 2011			Total as of December 31, 2011
Assets
Cash and cash equivalents	$	20,164,188		$	12,718		$	—		$	20,176,906
Restricted cash	12,754,035			937,053			—			13,691,088
Interest receivable	11,395,266			—			(4,410,288		)	6,984,978
Tax-exempt mortgage revenue bonds held in trust, at fair value	132,920,723			—			(23,767,936		)	109,152,787
Tax-exempt mortgage revenue bonds, at fair value	26,542,565			—			—			26,542,565
Real estate assets:
Land	7,144,866			3,250,044			—			10,394,910
Buildings and improvements	72,303,086			31,607,993			—			103,911,079
Real estate assets before accumulated depreciation	79,447,952			34,858,037			—			114,305,989
Accumulated depreciation	(5,931,860		)	(12,332,334		)	—			(18,264,194		)
Net real estate assets	73,516,092			22,525,703			—			96,041,795
Other assets	20,080,854			839,879			(10,851,419		)	10,069,314
Assets of discontinued operations	15,317,112			—			—			15,317,112
Total Assets	$	312,690,835		$	24,315,353		$	(39,029,643	)	$	297,976,545
Liabilities
Accounts payable, accrued expenses and other liabilities	$	2,256,569		$	24,780,781		$	(23,805,990	)	$	3,231,360
Distribution payable	3,911,340			—			—			3,911,340
Debt financing	112,673,000			—			—			112,673,000
Mortgages payable	35,464,455			24,407,000			(24,407,000		)	35,464,455
Liabilities of discontinued operations	11,107,345			—			—			11,107,345
Total Liabilities	165,412,709			49,187,781			(48,212,990		)	166,387,500
Partners' Capital
General Partner	(354,006		)	—			—			(354,006		)
Beneficial Unit Certificate holders	147,087,347			—			7,823,881			154,911,228
Unallocated deficit of Consolidated VIEs	—			(24,872,428		)	1,359,466			(23,512,962		)
Total Partners' Capital	146,733,341			(24,872,428		)	9,183,347			131,044,260
Noncontrolling interest	544,785			—			—			544,785
Total Capital	147,278,126			(24,872,428		)	9,183,347			131,589,045
Total Liabilities and Partners' Capital	$	312,690,835		$	24,315,353		$	(39,029,643	)	$	297,976,545

This acquisition is disclosed pursuant to the accounting guidance on business combinations. A condensed balance sheet at the date of acquisition is included below.

	Maples on 97th 8/29/2012 (Date of Acquisition)
Other current assets	$	44,534
In-place lease assets	428,865
Real estate assets	5,071,135
Total Assets	$	5,544,534
Accounts payable, accrued expenses and other	$	69,120
Stockholders' equity	5,475,414
Total liabilities and stockholders' equity	$	5,544,534