XML 41 R34.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Segments | 3 Months Ended
--- | ---
Mar. 31, 2024
Segment Reporting [Abstract] |
Segments | 24. Segments As of March 31, 2024, 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 on the Partnership's condensed consolidated balance sheets. As of March 31, 2024, the Partnership reported 84 MRBs and nine GILs in this segment. As of March 31, 2024, the multifamily residential properties securing the MRBs and GILs contain a total of 11,525 and 1,539 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 4). 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 that have been issued to provide acquisition, construction and/or permanent financing for seniors housing and skilled nursing properties. Seniors housing consists of a combination of independent living, assisted living and memory care units. As of March 31, 2024, 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 7). The Market-Rate Joint Venture Investments segment also includes the consolidated VIE of Vantage at San Marcos (Note 3). MF Properties Segment The MF Properties segment consists primarily of student housing residential properties that were previously owned by the Partnership. As of March 31, 2024 and December 31, 2023, the Partnership did not own any MF Properties. The Partnership previously owned the Suites on Paseo MF Property until the property was sold in December 2023 and there is no continuing involvement with the property. The Partnership previously sold The 50/50 MF Property to an unrelated non-profit organization in December 2022 in exchange for a seller financing property loan which is included in the MF Properties Segment. 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 months ended March 31, 2024 and 2023:
|  | For the Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Total revenues |  |  |  |  |  |
Affordable Multifamily MRB Investments |  | $ | 19,998,977 |  |  | $ | 21,437,933 |
Seniors and Skilled Nursing MRB Investments |  |  | 747,508 |  |  |  | 96,555 |
Market-Rate Joint Venture Investments |  |  | 1,624,169 |  |  |  | 2,177,862 |
MF Properties |  |  | - |  |  |  | 1,225,620 |
Total revenues |  | $ | 22,370,654 |  |  | $ | 24,937,970 |
Interest expense |  |  |  |  |  |
Affordable Multifamily MRB Investments |  | $ | 12,769,139 |  |  | $ | 16,426,555 |
Seniors and Skilled Nursing MRB Investments |  |  | 497,170 |  |  |  | - |
Market-Rate Joint Venture Investments |  |  | 537,626 |  |  |  | 261,807 |
MF Properties |  |  | - |  |  |  | - |
Total interest expense |  | $ | 13,803,935 |  |  | $ | 16,688,362 |
Net result from derivative transactions |  |  |  |  |  |
Affordable Multifamily MRB Investments |  | $ | (5,435,562 | ) |  | $ | 1,283,136 |
Seniors and Skilled Nursing MRB Investments |  |  | (832,102 | ) |  |  | - |
Market-Rate Joint Venture Investments |  |  | - |  |  |  |
MF Properties |  |  | - |  |  |  | - |
Total net result from derivative transactions |  | $ | (6,267,664 | ) |  | $ | 1,283,136 |
Depreciation expense |  |  |  |  |  |
Affordable Multifamily MRB Investments |  | $ | 5,967 |  |  | $ | 5,946 |
Seniors and Skilled Nursing MRB Investments |  |  | - |  |  |  | - |
Market-Rate Joint Venture Investments |  |  | - |  |  |  | - |
MF Properties |  |  | - |  |  |  | 399,035 |
Total depreciation expense |  | $ | 5,967 |  |  | $ | 404,981 |
Net income (loss) |  |  |  |  |  |
Affordable Multifamily MRB Investments |  | $ | 8,536,243 |  |  | $ | (801,573 | )
Seniors and Skilled Nursing MRB Investments |  |  | 1,082,440 |  |  |  | 96,555 |
Market-Rate Joint Venture Investments |  |  | 1,029,698 |  |  |  | 17,279,267 |
MF Properties |  |  | - |  |  |  | 216,973 |
Net income |  | $ | 10,648,381 |  |  | $ | 16,791,222 |
The following table details total assets for the Partnership’s reportable segments as of March 31, 2024 and December 31, 2023:
|  | March 31, 2024 |  |  | December 31, 2023 |
Total assets |  |  |  |  |  |
Affordable Multifamily MRB Investments |  | $ | 1,346,410,727 |  |  | $ | 1,413,596,701 |
Seniors and Skilled Nursing MRB Investments |  |  | 47,696,156 |  |  |  | 43,532,926 |
Market-Rate Joint Venture Investments |  |  | 149,294,984 |  |  |  | 140,791,041 |
MF Properties |  |  | 6,964,933 |  |  |  | 7,034,690 |
Consolidation/eliminations |  |  | (96,947,303 | ) |  |  | (91,554,656 | )
Total assets |  | $ | 1,453,419,497 |  |  | $ | 1,513,400,702 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration