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Segments

9 Months Ended

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 uniIncome 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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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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