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Segments | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Segments | 24. Segments As of September 30, 2023, the Partnership had four reportable segments: (1) Affordable Multifamily MRB Investments, (2) Seniors and Skilled Nursing MRB Investments, (3) MF Properties, and (4) Market-Rate Joint Venture Investments. The Partnership separately reports its consolidation and elimination information because it does not allocate certain items to the segments. Affordable Multifamily MRB Investments Segment The Affordable Multifamily MRB Investments segment consists of the Partnership’s portfolio of MRBs, GILs, and related property loans that have been issued to provide construction and/or permanent financing for multifamily residential and commercial properties in their market areas. Such MRBs and GILs are held as investments and the related property loans, net of loan loss allowances, are reported as such in the Partnership's condensed consolidated balance sheets. As of September 30, 2023, the Partnership reported 82 MRBs and 10 GILs in this segment. As of September 30, 2023, the multifamily residential properties securing the MRBs and GILs contain a total of 11,325 and 1,927 multifamily rental units, respectively. In addition, one MRB (Provision Center 2014-1) was collateralized by commercial real estate prior to a sale of the underlying real estate in July 2022 (Note 6). All “General and administrative expenses” on the Partnership's condensed consolidated statements of operations are reported within this segment. Seniors and Skilled Nursing MRB Investments Segment The Seniors and Skilled Nursing MRB Investments segment consists of two MRBs and a property loan that have been issued to provide acquisition, construction and/or permanent financing for seniors housing and skilled nursing properties. The property loan was redeemed in September 2022. Seniors housing consists of a combination of independent living, assisted living and memory care units. As of September 30, 2023, the two properties securing the MRBs contain a total of 294 beds. Market-Rate Joint Venture Investments Segment The Market-Rate Joint Venture Investments segment consists of the operations of ATAX Vantage Holdings, LLC, ATAX Freestone Holdings, LLC, ATAX Senior Housing Holdings I, LLC, and ATAX Great Hill Holdings LLC, which make noncontrolling investments in unconsolidated entities for the construction, stabilization, and ultimate sale of market-rate multifamily and seniors housing properties (Note 9). The Market-Rate Joint Venture Investments segment also includes the consolidated VIE of Vantage at San Marcos (Note 5). MF Properties Segment The MF Properties segment consists primarily of a student housing residential property held by the Partnership (Note 10). During the time the Partnership holds an interest in an MF Property, any excess cash flow will be available for distribution to the Partnership. As of September 30, 2023, the Partnership owned one MF Property containing a total of 384 rental uni Income tax expense for the Greens Hold Co is reported within this segment. The following table details certain financial information for the Partnership’s reportable segments for the three and nine months ended September 30, 2023 and 2022:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Total revenues |  |  |  |  |  |  |  |  |  |  |  |
Affordable Multifamily MRB Investments |  | $ | 22,635,813 |  |  | $ | 18,423,127 |  |  | $ | 67,026,288 |  |  | $ | 45,443,505 |
Seniors and Skilled Nursing MRB Investments |  |  | 604,040 |  |  |  | 194,296 |  |  |  | 1,037,082 |  |  |  | 664,579 |
Market-Rate Joint Venture Investments |  |  | 2,035,391 |  |  |  | 2,072,781 |  |  |  | 8,119,809 |  |  |  | 7,149,916 |
MF Properties |  |  | 1,198,892 |  |  |  | 1,914,200 |  |  |  | 3,532,868 |  |  |  | 5,785,742 |
Total revenues |  | $ | 26,474,136 |  |  | $ | 22,604,404 |  |  | $ | 79,716,047 |  |  | $ | 59,043,742 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |
Affordable Multifamily MRB Investments |  | $ | 10,822,127 |  |  | $ | 7,530,723 |  |  | $ | 37,376,094 |  |  | $ | 17,309,510 |
Seniors and Skilled Nursing MRB Investments |  |  | (546,877 | ) |  |  | 5,750 |  |  |  | (701,261 | ) |  |  | 5,750 |
Market-Rate Joint Venture Investments |  |  | 345,104 |  |  |  | 226,247 |  |  |  | 905,502 |  |  |  | 619,928 |
MF Properties |  |  | 97,047 |  |  |  | 273,262 |  |  |  | 97,047 |  |  |  | 814,891 |
Total interest expense |  | $ | 10,717,401 |  |  | $ | 8,035,982 |  |  | $ | 37,677,382 |  |  | $ | 18,750,079 |
Depreciation expense |  |  |  |  |  |  |  |  |  |  |  |
Affordable Multifamily MRB Investments |  | $ | 5,967 |  |  | $ | 5,962 |  |  | $ | 17,880 |  |  | $ | 17,885 |
Seniors and Skilled Nursing MRB Investments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Market-Rate Joint Venture Investments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
MF Properties |  |  | 407,466 |  |  |  | 682,526 |  |  |  | 1,205,942 |  |  |  | 2,038,627 |
Total depreciation expense |  | $ | 413,433 |  |  | $ | 688,488 |  |  | $ | 1,223,822 |  |  | $ | 2,056,512 |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |
Affordable Multifamily MRB Investments |  | $ | 7,044,063 |  |  | $ | 6,375,471 |  |  | $ | 16,022,889 |  |  | $ | 16,099,041 |
Seniors and Skilled Nursing MRB Investments |  |  | 1,150,917 |  |  |  | 187,921 |  |  |  | 1,727,343 |  |  |  | 656,954 |
Market-Rate Joint Venture Investments |  |  | 1,719,861 |  |  |  | 12,423,255 |  |  |  | 29,930,657 |  |  |  | 46,185,380 |
MF Properties |  |  | (185,463 | ) |  |  | (470,054 | ) |  |  | 126,883 |  |  |  | (554,083 | )
Net income |  | $ | 9,729,378 |  |  | $ | 18,516,593 |  |  | $ | 47,807,772 |  |  | $ | 62,387,292 |
The following table details total assets for the Partnership’s reportable segments as of September 30, 2023 and December 31, 2022:
|  | September 30, 2023 |  |  | December 31, 2022 |
Total assets |  |  |  |  |  |
Affordable Multifamily MRB Investments |  | $ | 1,438,949,167 |  |  | $ | 1,520,609,550 |
Seniors and Skilled Nursing MRB Investments |  |  | 36,545,409 |  |  |  | 3,551,307 |
Market-Rate Joint Venture Investments |  |  | 122,758,900 |  |  |  | 120,089,351 |
MF Properties |  |  | 37,824,381 |  |  |  | 41,699,828 |
Consolidation/eliminations |  |  | (89,747,342 | ) |  |  | (118,820,471 | )
Total assets |  | $ | 1,546,330,515 |  |  | $ | 1,567,129,565 |

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