FORM 8-K/A
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
September 18, 1998
AMERICA FIRST APARTMENT INVESTORS, L.P.
(Exact name of registrant as specified in its charter)
Delaware 0-20737
(State of Formation) (Commission File Number)
47-0797793
(IRS Employer Identification Number)
Suite 400, 1004 Farnam Street,
Omaha, Nebraska 68102
(Address of principal executive offices) (Zip Code)
(402) 444-1630
(Registrants' telephone number, including area code)
<PAGE> - i -
Item 2. Acquisition or Disposition of Assets. On September 18, 1998,
America First Apartment Investors, L.P. (the Partnership), a Delaware Limited
Partnership, acquired a 259-unit multifamily housing property located in
Orlando, Florida and known as St. Andrews at Westwood Apartments (the
"Property") from USF & G/Legg Mason Realty Partners Limited Partnership (the
"Seller"). The Partnership paid a total of $15,792,113 for the Property,
including acquisition costs of $242,113. The purchase price was determined in
arm's-length negotiations. The acquisition of the Property was financed with
cash on hand. The Partnership knows of no material relationship between the
Seller and the Partnership or any of its affiliates, directors or officers or
any associate of any of its directors or officers. The Partnership intends to
continue renting the Property as multifamily housing.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired.
Attached as exhibits are historical statements of operating income
for the Property for the six months ended June 30, 1998, and the year
ended December 31, 1997.
(b) Pro Forma Financial Information.
Pro forma financial statements for the Partnership, prepared as if
the Partnership had acquired the Property on January 1, 1997, are
attached hereto as an exhibit.
(c) Exhibits.
The following exhibits are filed with this amendment. Each exhibit
number refers to the numbers in Item 601 of Regulation S-K of
exhibits applicable to Form 10-K.
(99) Additional Exhibits
99.01 Statements of Operating Income for the Property
99.02 Pro Forma financial information for the Partnership
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMERICA FIRST APARTMENT INVESTORS, L.P.
By America First Capital
Associates Limited Partnership
Four, General Partner of the Registrant
By America First Companies L.L.C, General
Partner of America First Capital Associates
Limited Partnership Four
By /s/ Michael Thesing
Michael Thesing, Vice President and
Principal Financial Officer
December 2, 1998
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Exhibit 99.01
Statements of Operating Income for the Property
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St. Andrews at Westwood Apartments
Statement of Operating Income
For the Six Months Ended June 30, 1998
(Unaudited)
<TABLE>
<S> <C>
Revenues
Rental income $ 1,052,888
Other income 58,309
------------
1,111,197
------------
Direct Operating Expenses
Utilities 38,197
Repairs and maintenance 143,773
Property improvements 48,096
Property taxes and insurance 13,544
Management fees 37,084
General and administrative 132,178
------------
412,872
------------
Operating income $ 698,325
============
</TABLE>
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St. Andrews at Westwood Apartments
Statement of Operating Income
For the Year Ended December 31, 1997
(Unaudited)
Revenues
Rental income $ 1,946,144
Other income 153,118
------------
2,099,262
------------
Direct Operating Expenses
Salaries 183,067
Utilities 108,797
Repairs and maintenance 234,022
Property improvements 84,805
Property taxes and insurance 227,241
Management fees 61,797
General and administrative 348,497
------------
1,248,226
------------
Operating income $ 851,036
============
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Exhibit 99.02
Pro Forma financial information for the Partnership
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America First Apartment Investors, L.P.
Pro Forma Balance Sheet
June 30, 1998
(Unaudited)
<TABLE>
Pro Forma
Historical Adjustments Pro Forma
--------------- --------------- ---------------
<S> <C> <C> <C>
Assets
Cash and temporary cash investments, at cost
which approximates market value $ 40,364,313 $ (15,442,204)(a) $ 24,922,109
Investment in real estate, net of accumulated
depreciation 63,035,490 15,792,113 (b) 78,827,603
Interest receivable 113,349 - 113,349
Other assets 2,097,842 - 2,097,842
--------------- --------------- ---------------
$ 105,610,994 $ 349,909 $ 105,960,903
=============== =============== ===============
Liabilities and Partners' Capital
Liabilities
Accounts payable $ 2,048,234 $ 349,909 (c) $ 2,398,143
Bonds payable 39,951,583 - 39,951,583
Due to Jefferson Place L.P. 2,400,000 - 2,400,000
Distribution payable 329,051 - 329,051
--------------- --------------- ---------------
44,728,868 349,909 45,078,777
--------------- --------------- ---------------
Partners' Capital
General Partner 15,676 - 15,676
Beneficial Unit Certificate Holders 60,866,450 - 60,866,450
--------------- --------------- ---------------
60,882,126 - 60,882,126
--------------- --------------- ---------------
$ 105,610,994 $ 349,909 $ 105,960,903
=============== =============== ===============
</TABLE>
See accompanying notes to pro forma financial statements.
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America First Apartment Investors, L.P.
Pro Forma Statement of Income
For the Six Months Ended June 30, 1998
(Unaudited)
<TABLE>
Pro Forma
Historical Adjustments Pro Forma
--------------- --------------- ---------------
<S> <C> <C> <C>
Income
Rental income $ 6,346,936 $ 1,085,254 (d) $ 7,432,190
Mortgage bond investment income 839,201 - 839,201
Contingent interest income - - -
Interest income temporary cash investments 387,905 - 387,905
--------------- --------------- ---------------
7,574,042 1,085,254 8,659,296
--------------- --------------- ---------------
Expenses
Real estate operating expenses 3,000,547 505,776 (e) 3,506,323
Depreciation 1,228,547 257,275 (f) 1,485,822
Interest expense 1,041,889 - 1,041,889
General and administrative expenses 693,411 - 693,411
--------------- --------------- ---------------
5,964,394 763,050 6,727,445
--------------- --------------- ---------------
Net income $ 1,609,648 $ 322,203 $ 1,931,851
=============== =============== ===============
Net income per Beneficial Unit Certificate $ 0.30 $ 0.06 $ 0.36
Weighted average number of shares outstanding 5,212,167 5,212,167 5,212,167
</TABLE>
See accompanying notes to pro forma financial statements.
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America First Apartment Investors, L.P.
Pro Forma Statement of Income
For the Year Ended December 31, 1997
(Unaudited)
<TABLE>
Pro Forma
Historical Adjustments Pro Forma
--------------- --------------- ---------------
<S> <C> <C> <C>
Income
Rental income $ 9,511,041 $ 2,006,947 (d) $ 11,517,988
Mortgage bond investment income 1,611,956 - 1,611,956
Contingent interest income 290,520 - 290,520
Interest income temporary cash investments 35,532 - 35,532
--------------- --------------- ---------------
11,449,049 2,006,947 13,455,996
--------------- --------------- ---------------
Expenses
Real estate operating expenses 4,514,450 1,015,979 (e) 5,530,429
Depreciation 1,897,586 514,550 (f) 2,412,136
Interest expense 1,132,494 - 1,132,494
General and administrative expenses 1,263,054 - 1,263,054
Realized loss on disposition of mortgage bond 3,000,000 - 3,000,000
--------------- --------------- ---------------
11,807,584 1,530,529 13,338,113
--------------- --------------- ---------------
Net income $ (358,535) $ 476,418 $ 117,883
=============== =============== ===============
Net income per Beneficial Unit Certificate $ (0.08) $ 0.09 $ 0.01
Weighted average number of shares outstanding 5,212,167 5,212,167 5,212,167
</TABLE>
See accompanying notes to pro forma financial statements.
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America First Apartment Investors, L.P.
Notes to Pro Forma Financial Statements
(Unaudited)
(a) Reflects cash paid by the Partnership to acquire the property (including
acquisition costs).
(b) Reflects the acquisition of the property at cost (including acquisition
expenses).
(c) Reflects liabilities assumed in conjunction with the acquisition of the
property.
(d) Reflects additional rental income resulting from the acquisition.
(e) Reflects additional real estate operating expenses resulting from the
acquisition. The adjustment reflects the management fees that will be
paid to the new property manager and the Registrant's estimate of property
taxes and insurance.
(f) Reflects depreciation expense on the buildings and improvements.
Buildings and improvements will be depreciated on a straight-line basis
over a period of 27.5 years.
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