1175167--3/15/2006--AMERICA_FIRST_APARTMENT_INVESTORS

related topics

{loan, real, estate}

{tax, income, asset}

{stock, price, share}

{loss, insurance, financial}

{cost, regulation, environmental}

{acquisition, growth, future}

{provision, law, control}

Fluctuating interest rates may affect earnings. The use of derivatives to mitigate interest rate risks may not be effective. Multifamily apartment properties are illiquid and their value may decrease. The Company is subject to risks associated with investments in agency securities that differ from those involved with owning multifamily apartment properties. There are risks associated with making mezzanine investments that differ from those involved with owning multifamily apartment properties. The Company may not be able to successfully implement its business plan. Because of competition, the Company may not be able to acquire investment assets. Company policies may be changed without stockholder approval. The Company has not established a minimum dividend payment level. The concentration of real estate in a geographical area may make the Company vulnerable to adverse changes in local economic conditions. Owning real estate may subject the Company to liability for environmental contamination. Compliance with the requirements of Governmental Laws and Regulations could be costly. The issuance of additional shares of stock could cause the price of the Company s stock to decline. There are a number of risks associated with being taxed as a REIT. Failure to qualify as a REIT would have adverse tax consequences. If the Company fails to qualify as a REIT, the dividends will not be deductible, and the Company s income will be subject to taxation.

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1175167--3/15/2006--AMERICA_FIRST_APARTMENT_INVESTORS_INC