The group's principal activities are carried on through following segments: multifamily apartment properties, commercial property and investment in agency securities. Through multifamily apartment properties and commercial property the group acquires, holds, operates and sells multifamily apartments and commercial properties. Through investment in agency securities, the group invests in mortgage-backed securities. The group merged with America first apartment investors, l.p. On 01-Jan-2003 and with America first real estate investment partners, l.p on 03-Jun-2004. The group is a real estate investment trust. As of 30-Jun-2004, the group owned 29 multifamily apartment complexes containing a total of 6,118 rental units and one commercial property.
