FFO equaled $1.7 million or 34 cents per unit, compared with $1.6 million or 30 cents per unit for the fourth quarter of 1999, the company says in a prepared statement. For all of 2000, FFO increased by 14.4% per unit to $6.9 million or $1.35 per unit, from $6.2 million or $1.18 per unit for 1999.

The fund is currently paying distributions to its limited partners at an annualized rate of 95 cents per unit, representing a yield of about 9.2% per annum based on a unit price of $10.30.

America First focuses on real estate development, asset management, property management, acquisition, and financing. Its portfolio includes mortgages or equity positions in more than 120 real estate projects in 36 states.