Thank you, Ken. I'll start by highlighting some key metrics from ATAX' balance sheet.
As of March 31, 2020, ATAX reported approximately 978 million in total assets, which is down slightly from approximately 1.03 billion as of December 31, 2019, but consistent with total assets reported as of December 31, 2018.
As of March 31, 2020, ATAX' mortgage revenue bonds totaled approximately 774 million or 78% of total assets. This percentage is up from approximately 75% as of December 31, 2019. ATAX currently own 75 mortgage revenue bonds across 13 states ranging from California and Washington on the west coast to North Carolina and South Carolina on the East Coast.
It holds significant amounts of mortgage revenue bonds related to properties located in Texas, California and South Carolina. On a fair value basis, approximately 44% of our mortgage revenue bonds are related to properties in Texas, California and South Carolina representing approximately 18% and 17% respectively.
ATAX works primarily with developers to acquire mortgage revenue bonds and the current portfolio consists of transactions with 18 different developers.
As Chad mentioned previously, as of March 31, 2020, all of ATAX' mortgage revenue bonds were current on contractual debt service payments.
At March 31, we own two MF properties, consisting of 859 rental units, and a total net carrying value of approximately $61 million. Both MF properties serve primarily college students, the Suite on Paseo in San Diego, California being adjacent to San Diego State University and the 50-50 in Lincoln, Nebraska being adjacent to the University of Nebraska, Lincoln.
As of March 31, we had investments and unconsolidated entities, commonly referred to as our Vantage equity investments related to 10 multifamily market rate projects. ATAX' carrying value of these investments was approximately $98.6 million at March 31. These projects represent in the aggregate approximately 2,900 rental units.
Of the 10 projects five are located in Texas, two in Nebraska, two in Tennessee and one in South Carolina. This list includes ATAX' newest investment that closed in January 2020 for the construction of Vantage at West Over Hills, a 288 unit project in San Antonio, Texas. This project represents ATAX' fifteenth Vantage investment since 2015.
During the first quarter of 2020, ATAX made direct equity investments in three Vantage projects totaling approximately $10.3 million.
For each Vantage project ATAX commits to fund a certain amount of equity during the construction phase.
As of March 31, 2020, ATAX had remaining equity funding commitments totaling approximately $2.5 million.
As a reminder, to date, five of ATAX' Vantage investments have been sold or redeemed, resulting in total gains on sale and contingent interest of approximately $27 million, providing the proof of concept of the Vantage investment strategy initiated in 2015.
In January 2020, ATAX sold three Public Housing Capital Fund Trusts' Certificates, commonly referred to as PHC Certificates in our filings. The PHC Certificates were rated tax exempt investments acquired by ATAX in 2012. The PHC Certificates were sold for a par value, which approximated $43.3 million. Upon sale, the debt financing facilities associated with the PHC Certificate were collapsed and paid in full.
Switching to the liability side of ATAX' balance sheet, ATAX' debt financing associated with its mortgage revenue bonds totaled of approximately $503 million as of March 31. Of this amount, approximately 71% have fixed interest rates and 29% have variable interest rates.
For comparison, as of December 31, 2015, ATAX' debt financing was only 32% fixed versus 68% variable, so the ratio has almost flipped, insulating ATAX from potentially rising interest rates.
There are few subsequent events I would like to point out related to debt financing facilities. In April 2020, ATAX terminated all its debt financing arrangements with Deutsche Bank, totaling approximately $51.8 million. These debt financing had fixed interest rates ranging from 4% to 4.5%. In conjunction with this termination ATAX terminated its master trust agreement with Deutsche Bank and is no longer subject to the related financial and non-financial covenants, giving ATAX more flexibility in managing its liquidity and overall debt portfolio.
Concurrently with the Deutsche Bank terminations, and as Ken previously mentioned, ATAX entered into five new Tender Option Bond or TOB trust financing arrangements with Mizuho Capital Markets. These TOB trusts have initial principal totaling $55.4 million and variable interest rates that at closing were approximately 2.1% or approximately 190 to 240 basis points lower than the previous Deutsche Bank debt financings.
These replacement TOB trust provided some additional liquidity to ATAX and offer a lower cost of leverage. The ability of ATAX to close these transactions in the face of current market uncertainty due to COVID-19 is a strong indicator of ATAX' ability to access capital markets.
During the first quarter of 2020, ATAX refinanced both of its mortgages associated with the 50-50 MF property, with principal totaling approximately $26.7 million. The mortgage loan which has the majority of the balance had its maturity date extended for seven years to 2027 and the interest rate was lowered from a variable rate of 4.75% to a fixed rate of 4.35%.
The TEBS loan maturity was extended five years to 2025, and the fixed interest rate was reduced from 4.65% to 4.4%. Both refinancing are positive events for ATAX, and that they provide long-term fixed rate financing at a lower cost of debt than in past periods.
We regularly monitor our exposure to potential increases in interest rates through our interest rate sensitivity analysis, which we report quarterly and is included on Page 53 of our Q1 2020 Form 10-Q. The interest rate sensitivity table shows the impact to ATAX' net interest income, given various scenarios of changes in market interest rates. These scenarios assume that there is an immediate rise in interest rates and that ATAX does nothing in response for 12 months.
The analysis shows that an immediate 200 basis point increase in rates that is sustained for a 12 month period will result in a decrease of approximately $3.1 million in ATAX' net interest income, and cash available for distribution, commonly referred to as CAD. This decrease is approximately $0.51 per beneficial unit certificate or BUC.
For the first quarter of 2020, ATAX reported total revenues of approximately $13.7 million, net income per beneficial unit certificate or BUC, basic and diluted, of $0.04 per BUC and cash available for distribution of $0.05 per BUC.
Lastly, we regularly provide our net book value per beneficial unit certificate, which as of March 31, was $5.38 per BUC.
This is down approximately 4% from our net book value per BUC of $5.61 at December 31, 2019 are $5.38 net book value per BUC as of March 31, was slightly above the closing market price of our BUCs on the NASDAQ on March 31, which was $5.24 per BUC.
With that, Chad, Ken and I are happy to take questions from the audience.