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Segments (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Summary of Partnership Reportable Segment Information | The following table details certain financial information for the Partnership’s reportable segments for the three and six months ended June 30, 2024 and 2023:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Total revenues |  |  |  |  |  |  |  |  |  |  |  |
Affordable Multifamily MRB Investments |  | $ | 19,993,802 |  |  | $ | 22,952,542 |  |  | $ | 39,992,779 |  |  | $ | 44,390,475 |
Seniors and Skilled Nursing MRB Investments |  |  | 820,347 |  |  |  | 336,487 |  |  |  | 1,567,855 |  |  |  | 433,042 |
Market-Rate Joint Venture Investments |  |  | 1,155,022 |  |  |  | 3,906,556 |  |  |  | 2,779,191 |  |  |  | 6,084,418 |
MF Properties |  |  | - |  |  |  | 1,108,356 |  |  |  | - |  |  |  | 2,333,976 |
Total revenues |  | $ | 21,969,171 |  |  | $ | 28,303,941 |  |  | $ | 44,339,825 |  |  | $ | 53,241,911 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |
Affordable Multifamily MRB Investments |  | $ | 13,853,241 |  |  | $ | 17,216,048 |  |  | $ | 26,622,380 |  |  | $ | 33,642,603 |
Seniors and Skilled Nursing MRB Investments |  |  | 567,096 |  |  |  | 87,591 |  |  |  | 1,064,266 |  |  |  | 87,591 |
Market-Rate Joint Venture Investments |  |  | 477,928 |  |  |  | 298,591 |  |  |  | 1,015,554 |  |  |  | 560,398 |
MF Properties |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total interest expense |  | $ | 14,898,265 |  |  | $ | 17,602,230 |  |  | $ | 28,702,200 |  |  | $ | 34,290,592 |
Net result from derivative transactions |  |  |  |  |  |  |  |  |  |  |  |
Affordable Multifamily MRB Investments |  | $ | (1,615,398 | ) |  | $ | (8,371,772 | ) |  | $ | (7,050,960 | ) |  | $ | (7,088,636 | )
Seniors and Skilled Nursing MRB Investments |  |  | (269,536 | ) |  |  | (241,975 | ) |  |  | (1,101,638 | ) |  |  | (241,975 | )
Market-Rate Joint Venture Investments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
MF Properties |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total net result from derivative transactions |  | $ | (1,884,934 | ) |  | $ | (8,613,747 | ) |  | $ | (8,152,598 | ) |  | $ | (7,330,611 | )
Depreciation expense |  |  |  |  |  |  |  |  |  |  |  |
Affordable Multifamily MRB Investments |  | $ | 5,966 |  |  | $ | 5,967 |  |  | $ | 11,933 |  |  | $ | 11,913 |
Seniors and Skilled Nursing MRB Investments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Market-Rate Joint Venture Investments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
MF Properties |  |  | - |  |  |  | 399,441 |  |  |  | - |  |  |  | 798,476 |
Total depreciation expense |  | $ | 5,966 |  |  | $ | 405,408 |  |  | $ | 11,933 |  |  | $ | 810,389 |
Net income |  |  |  |  |  |  |  |  |  |  |  |
Affordable Multifamily MRB Investments |  | $ | 4,137,240 |  |  | $ | 9,780,399 |  |  | $ | 12,673,483 |  |  | $ | 8,978,826 |
Seniors and Skilled Nursing MRB Investments |  |  | 307,787 |  |  |  | 479,871 |  |  |  | 1,390,227 |  |  |  | 576,426 |
Market-Rate Joint Venture Investments |  |  | 669,370 |  |  |  | 10,931,529 |  |  |  | 1,699,068 |  |  |  | 28,210,796 |
MF Properties |  |  | 63,739 |  |  |  | 95,373 |  |  |  | 63,739 |  |  |  | 312,346 |
Net income |  | $ | 5,178,136 |  |  | $ | 21,287,172 |  |  | $ | 15,826,517 |  |  | $ | 38,078,394 |
The following table details total assets for the Partnership’s reportable segments as of June 30, 2024 and December 31, 2023:
|  | June 30, 2024 |  |  | December 31, 2023 |  |
Total assets |  |  |  |  |  |  |
Affordable Multifamily MRB Investments |  | $ | 1,402,754,579 |  |  | $ | 1,413,596,701 |  |
Seniors and Skilled Nursing MRB Investments |  |  | 58,420,535 |  |  |  | 43,532,926 |  |
Market-Rate Joint Venture Investments |  |  | 162,038,096 |  |  |  | 140,791,041 |  |
MF Properties |  |  | 7,991,397 |  |  |  | 7,034,690 |  |
Consolidation/eliminations |  |  | (102,562,887 | ) |  |  | (91,554,656 | ) |
Total assets |  | $ | 1,528,641,720 |  |  | $ | 1,513,400,702 |  |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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