Real Estate Assets (Tables)

9 Months Ended

Sep. 30, 2013

Real Estate Assets [Abstract]

Schedule of Condensed Balance Sheet [Table Text Block]

Condensed Consolidating Balance Sheets as of September 30, 2013 and December 31, 2012:

	Partnership as of September 30, 2013			Consolidated VIEs as of September 30, 2013			Consolidation -Elimination as of September 30, 2013			Total as of September 30, 2013
Assets
Cash and cash equivalents	$	11,872,782		$	33,825		$	—		$	11,906,607
Restricted cash	6,444,613			1,253,126			—			7,697,739
Interest receivable	14,677,455			—			(6,665,032		)	8,012,423
Tax-exempt mortgage revenue bonds held in trust, at fair value	178,071,670			—			(23,157,533		)	154,914,137
Tax-exempt mortgage revenue bonds, at fair value	48,161,743			—			—			48,161,743
Public housing capital fund trusts, at fair value	61,793,516			—			—			61,793,516
Mortgage-backed securities, at fair value	38,880,996			—			—			38,880,996
Real estate assets:
Land	9,241,515			3,250,044			—			12,491,559
Buildings and improvements	83,656,608			32,324,747			—			115,981,355
Real estate assets before accumulated depreciation	92,898,123			35,574,791			—			128,472,914
Accumulated depreciation	(8,382,864		)	(14,755,919		)	—			(23,138,783		)
Net real estate assets	84,515,259			20,818,872			—			105,334,131
Other assets	22,418,827			597,081			(9,662,473		)	13,353,435
Total Assets	$	466,836,861		$	22,702,904		$	(39,485,038	)	$	450,054,727
Liabilities
Accounts payable, accrued expenses and other liabilities	$	4,413,261		$	28,761,746		$	(28,014,528	)	$	5,160,479
Distribution payable	5,400,622			—			—			5,400,622
Debt financing	226,569,000			—			—			226,569,000
Mortgages payable	51,802,031			23,960,000			(23,960,000		)	51,802,031
Bond purchase commitment - fair market value adjustment	4,865,536			—			—			4,865,536
Total Liabilities	293,050,450			52,721,746			(51,974,528		)	293,797,668
Partners' Capital
General Partner	84,551			—			—			84,551
Beneficial Unit Certificate holders	173,711,521			—			8,368,259			182,079,780
Unallocated deficit of Consolidated VIEs	—			(30,018,842		)	4,121,231			(25,897,611		)
Total Partners' Capital	173,796,072			(30,018,842		)	12,489,490			156,266,720
Noncontrolling interest	(9,661		)	—			—			(9,661		)
Total Capital	173,786,411			(30,018,842		)	12,489,490			156,257,059
Total Liabilities and Partners' Capital	$	466,836,861		$	22,702,904		$	(39,485,038	)	$	450,054,727

	Partnership as of December 31, 2012			Consolidated VIEs as of December 31, 2012			Consolidation -Elimination as of December 31, 2012			Total as of December 31, 2012
Assets
Cash and cash equivalents	$	30,123,447		$	49,326		$	—		$	30,172,773
Restricted cash	4,538,071			933,451			—			5,471,522
Interest receivable	14,131,063			—			(5,657,703		)	8,473,360
Tax-exempt mortgage revenue bonds held in trust, at fair value	124,149,600			—			(24,615,518		)	99,534,082
Tax-exempt mortgage revenue bonds, at fair value	45,703,294			—			—			45,703,294
Public housing capital fund trusts, at fair value	65,389,298			—			—			65,389,298
Mortgage-backed securities, at fair value	32,121,412			—			—			32,121,412
Real estate assets:
Land	6,798,407			4,404,469			—			11,202,876
Buildings and improvements	55,776,753			37,838,726			—			93,615,479
Real estate assets before accumulated depreciation	62,575,160			42,243,195			—			104,818,355
Accumulated depreciation	(5,458,961		)	(13,871,102		)	—			(19,330,063		)
Net real estate assets	57,116,199			28,372,093			—			85,488,292
Other assets	22,923,356			852,321			(15,559,382		)	8,216,295
Assets of discontinued operations	32,580,427			—			—			32,580,427
Total Assets	$	428,776,167		$	30,207,191		$	(45,832,603	)	$	413,150,755
Liabilities
Accounts payable, accrued expenses and other liabilities	$	2,330,852		$	28,529,405		$	(25,846,310	)	$	5,013,947
Distribution payable	5,566,908			—			—			5,566,908
Debt financing	177,948,000			—			—			177,948,000
Mortgages payable	39,119,507			24,158,000			(24,158,000		)	39,119,507
Liabilities of discontinued operations	1,531,462			—			—			1,531,462
Total Liabilities	226,496,729			52,687,405			(50,004,310		)	229,179,824
Partners' Capital
General Partner	(430,087		)	—			—			(430,087		)
Beneficial Unit Certificate holders	200,655,786			—			6,727,301			207,383,087
Unallocated deficit of Consolidated VIEs	—			(22,480,214		)	(2,555,594		)	(25,035,808		)
Total Partners' Capital	200,225,699			(22,480,214		)	4,171,707			181,917,192
Noncontrolling interest	2,053,739			—			—			2,053,739
Total Capital	202,279,438			(22,480,214		)	4,171,707			183,970,931
Total Liabilities and Partners' Capital	$	428,776,167		$	30,207,191		$	(45,832,603	)	$	413,150,755

The Woodland Park and Maples on 97th property purchase price allocation is disclosed pursuant to the accounting guidance on business combinations. A condensed balance sheet for each at the date of acquisitions is included below.

	Woodland Park 5/29/2013 (Date of Acquisition)
Other current assets	$	201,321
In-place lease assets	403,216
Real estate assets	15,258,784
Total Assets	$	15,863,321
Accounts payable, accrued expenses and other	$	192,345
Net assets	15,670,976
Total liabilities and net assets	$	15,863,321

	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
Net assets	5,475,414
Total liabilities and net assets	$	5,544,534

Schedule of Condensed Income Statement [Table Text Block]

Condensed Consolidating Statements of Operations for the three months ended September 30, 2013 and 2012:

	Partnership For the Three Months Ended September 30, 2013			Consolidated VIEs For the Three Months Ended September 30, 2013			Consolidation -Elimination For the Three Months Ended September 30, 2013			Total For the Three Months Ended September 30, 2013
Revenues:
Property revenues	$	3,074,115		$	1,225,261		$	—		$	4,299,376
Investment income	5,623,450			—			(375,642		)	5,247,808
Other interest income	216,993			—			—			216,993
Total revenues	8,914,558			1,225,261			(375,642		)	9,764,177
Expenses:
Real estate operating (exclusive of items shown below)	1,794,008			815,947			—			2,609,955
Provision for loan loss	72,000			—			—			72,000
Depreciation and amortization	1,409,847			363,137			(10,760		)	1,762,224
Interest	2,325,372			832,719			(832,719		)	2,325,372
General and administrative	985,778			—			—			985,778
Total expenses	6,587,005			2,011,803			(843,479		)	7,755,329
Income (loss) from continuing operations	2,327,553			(786,542		)	467,837			2,008,848
Income from discontinued operations (including gain on sale of MF Properties of $1,041,656)	1,342,498			—			—			1,342,498
Net income (loss)	3,670,051			(786,542		)	467,837			3,351,346
Net loss attributable to noncontrolling interest	(59,913		)	—			—			(59,913		)
Net income (loss) - America First Tax Exempt Investors, L. P.	$	3,729,964		$	(786,542	)	$	467,837		$	3,411,259

	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	$	1,983,077		$	1,203,887		$	—		$	3,186,964
Mortgage revenue bond investment income	3,490,431			—			(379,714		)	3,110,717
Other interest income	15,224			—			—			15,224
Total revenues	5,488,732			1,203,887			(379,714		)	6,312,905
Expenses:
Real estate operating (exclusive of items shown below)	1,175,585			959,870			—			2,135,455
Recovery of loss on receivables	(261,825		)	—			—			(261,825		)
Depreciation and amortization	854,252			388,353			(10,876		)	1,231,729
Interest	1,551,543			808,841			(808,841		)	1,551,543
General and administrative	834,301			—			—			834,301
Total expenses	4,153,856			2,157,064			(819,717		)	5,491,203
Income (loss) from continuing operations	1,334,876			(953,177		)	440,003			821,702
Income from discontinued operations (including gain on sale of MF Properties of $1,277,976)	1,526,964			—			—			1,526,964
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 Nine Months Ended September 30, 2013		Consolidated VIEs For the Nine Months Ended September 30, 2013			Consolidation -Elimination For the Nine Months Ended September 30, 2013			Total For the Nine Months Ended September 30, 2013
Revenues:
Property revenues	$	8,325,593	$	3,658,636		$	—		$	11,984,229
Mortgage revenue bond investment income	18,689,649		—			(1,130,027		)	17,559,622
Contingent tax-exempt interest income	6,497,160		—			—			6,497,160
Other interest income	1,558,158		—			—			1,558,158
Other income	250,000		—			—			250,000
Total revenues	35,320,560		3,658,636			(1,130,027		)	37,849,169
Expenses:
Real estate operating (exclusive of items shown below)	4,632,958		2,349,358			—			6,982,316
Realized loss on taxable property loan	4,557,741		—			—			4,557,741
Provision for loan loss	168,000		—			—			168,000
Provision for loss on receivables	241,698		—			—			241,698
Depreciation and amortization	3,963,628		1,073,423			(32,369		)	5,004,682
Interest	5,287,994		2,477,348			(2,477,348		)	5,287,994
General and administrative	3,097,713		—			—			3,097,713
Total expenses	21,949,732		5,900,129			(2,509,717		)	25,340,144
Income (loss) from continuing operations	13,370,828		(2,241,493		)	1,379,690			12,509,025
Income from discontinued operations (including gain on sale of MF Properties of $3,177,183)	3,442,404		—			—			3,442,404
Net income (loss)	16,813,232		(2,241,493		)	1,379,690			15,951,429
Net income attributable to noncontrolling interest	263,584		—			—			263,584
Net income (loss) - America First Tax Exempt Investors, L. P.	$	16,549,648	$	(2,241,493	)	$	1,379,690		$	15,687,845

	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	$	5,404,772	$	3,598,541		$	—		$	9,003,313
Investment income	8,912,856		—			(1,142,089		)	7,770,767
Other interest income	97,996		—			—			97,996
Gain on sale of tax-exempt mortgage revenue bonds	667,821		—			—			667,821
Total revenues	15,083,445		3,598,541			(1,142,089		)	17,539,897
Expenses:
Real estate operating (exclusive of items shown below)	3,096,677		2,399,206			—			5,495,883
Provision for loss on receivables	214,525		—			—			214,525
Depreciation and amortization	2,376,823		1,102,000			(32,712		)	3,446,111
Interest	4,317,329		2,411,676			(2,411,676		)	4,317,329
General and administrative	2,533,246		—			—			2,533,246
Total expenses	12,538,600		5,912,882			(2,444,388		)	16,007,094
Income (loss) from continuing operations	2,544,845		(2,314,341		)	1,302,299			1,532,803
Income from discontinued operations (including gain on sale of MF Properties of $1,277,976)	2,013,713		—			—			2,013,713
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

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

	For Three Months Ended September 30, 2013		For Three Months Ended September 30, 2012		For Nine Months Ended September 30, 2013		For Nine Months Ended September 30, 2012
Revenues	$	9,764,177	$	6,776,511	$	38,129,451	$	19,220,502
Net income	3,411,259		2,240,852		15,688,415		3,228,006
Net income allocated to unitholders	3,356,268		2,419,772		15,156,732		3,730,656
Unitholders' interest in net income per unit (basic and diluted)	$	0.08	$	0.06	$	0.35	$	0.10

Schedule of Variable Interest Entities [Table Text Block]

The Company consolidated the following properties owned by Consolidated VIEs in continuing operations as of September 30, 2013 and December 31, 2012:

Consolidated VIEs
Property Name	Location	Number of Units	Land		Buildings and Improvements		Carrying Value at September 30, 2013
Bent Tree Apartments	Columbia, SC	232	$	986,000	$	12,059,918	$	13,045,918
Fairmont Oaks Apartments	Gainsville, FL	178	850,400		8,806,104		9,656,504
Lake Forest Apartments	Daytona Beach, FL	240	1,396,800		11,475,569		12,872,369
							35,574,791
Less accumulated depreciation (depreciation expense of approximately $1.0 million in 2013)							(14,755,919		)
Balance at September 30, 2013							$	20,818,872
Consolidated VIEs
Property Name	Location	Number of Units	Land		Buildings and Improvements		Carrying Value at December 31, 2012
Bent Tree Apartments	Columbia, SC	232	$	986,000	$	11,877,333	$	12,863,333
Fairmont Oaks Apartments	Gainsville, FL	178	850,400		8,713,038		9,563,438
Lake Forest Apartments	Daytona Beach, FL	240	1,396,800		11,352,854		12,749,654
Maples on 97th	Omaha, NE	258	905,000		6,161,770		7,066,770
							42,243,195
Less accumulated depreciation (depreciation expense of approximately $1.5 million in 2012)							(13,871,102		)
Balance at December 31, 2012							$	28,372,093

Schedule of Real Estate Properties [Table Text Block]

The Company had the following investments in MF Properties as of September 30, 2013 and December 31, 2012:

MF Properties
Property Name	Location	Number of Units	Land		Buildings and Improvements		Carrying Value at September 30, 2013
Arboretum	Omaha, NE	145	$	1,720,740	$	19,095,681	$	20,816,421
Eagle Village	Evansville, IN	511	564,726		12,332,870		12,897,596
Glynn Place	Brunswick, GA	128	743,996		4,868,865		5,612,861
Maples on 97th	Omaha, NE	258	905,000		7,580,483		8,485,483
Meadowview	Highland Heights, KY	118	688,539		5,251,794		5,940,333
Residences of DeCordova	Granbury, TX	110	680,852		8,408,997		9,089,849
Residences of Weatherford	Weatherford, TX	76	533,000		7,087,500		7,620,500
Woodland Park	Topeka, KS	236	946,205		14,335,421		15,281,626
Construction work in process	Lincoln, NE	N/A	—		7,153,454		7,153,454
							92,898,123
Less accumulated depreciation (depreciation expense of approximately $2.8 million in 2013)							(8,382,864		)
Balance at September 30, 2013							$	84,515,259

MF Properties
Property Name	Location	Number of Units	Land		Buildings and Improvements		Carrying Value at December 31, 2012
Arboretum	Omaha, NE	145	$	1,720,740	$	18,997,550	$	20,718,290
Eagle Village	Evansville, IN	511	564,726		12,277,210		12,841,936
Glynn Place	Brunswick, GA	128	743,996		4,750,267		5,494,263
Meadowview	Highland Heights, KY	118	688,539		5,214,306		5,902,845
Residences of DeCordova	Granbury, TX	110	680,852		8,389,721		9,070,573
Residences of Weatherford	Weatherford, TX	76	533,000		7,077,420		7,610,420
Construction work in process	Lincoln, NE	N/A	—		936,833		936,833
							62,575,160
Less accumulated depreciation (depreciation expense of approximately $2.5 million in 2012)							(5,458,961		)
Balance at December 31, 2012							$	57,116,199