XML 42 R35.htm IDEA: XBRL DOCUMENT v3.24.3
Segments
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segments

24. Segments

As of September 30, 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 September 30, 2024, the Partnership reported 85 MRBs and eight GILs in this segment. As of September 30, 2024, the multifamily residential properties securing the MRBs and GILs contain a total of 11,266 and 1,339 multifamily rental units, respectively. 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 and a property loan associated with a lease of essential healthcare support buildings. Seniors housing consists of a combination of independent living, assisted living and memory care units. As of September 30, 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 September 30, 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 and nine months ended September 30, 2024 and 2023:

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Total revenues

 

 

 

 

 

 

 

 

 

 

 

 

Affordable Multifamily MRB Investments

 

$

22,201,479

 

 

$

22,635,813

 

 

$

62,194,258

 

 

$

67,026,288

 

Seniors and Skilled Nursing MRB Investments

 

 

1,080,818

 

 

 

604,040

 

 

 

2,648,673

 

 

 

1,037,082

 

Market-Rate Joint Venture Investments

 

 

1,063,253

 

 

 

2,035,391

 

 

 

3,842,444

 

 

 

8,119,809

 

MF Properties

 

 

-

 

 

 

1,198,892

 

 

 

-

 

 

 

3,532,868

 

Total revenues

 

$

24,345,550

 

 

$

26,474,136

 

 

$

68,685,375

 

 

$

79,716,047

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

Affordable Multifamily MRB Investments

 

$

13,931,091

 

 

$

17,072,302

 

 

$

40,553,471

 

 

$

50,714,905

 

Seniors and Skilled Nursing MRB Investments

 

 

665,656

 

 

 

427,182

 

 

 

1,729,922

 

 

 

514,773

 

Market-Rate Joint Venture Investments

 

 

892,440

 

 

 

345,104

 

 

 

1,907,994

 

 

 

905,502

 

MF Properties

 

 

-

 

 

 

82,198

 

 

 

-

 

 

 

82,198

 

Total interest expense

 

$

15,489,187

 

 

$

17,926,786

 

 

$

44,191,387

 

 

$

52,217,378

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net result from derivative transactions

 

 

 

 

 

 

 

 

 

 

 

 

Affordable Multifamily MRB Investments

 

$

6,671,863

 

 

$

(6,250,175

)

 

$

(379,097

)

 

$

(13,338,811

)

Seniors and Skilled Nursing MRB Investments

 

 

1,225,153

 

 

 

(974,059

)

 

 

123,515

 

 

 

(1,216,034

)

Market-Rate Joint Venture Investments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

MF Properties

 

 

-

 

 

 

14,849

 

 

 

-

 

 

 

14,849

 

Total net result from derivative transactions

 

$

7,897,016

 

 

$

(7,209,385

)

 

$

(255,582

)

 

$

(14,539,996

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

 

 

 

 

 

 

 

 

 

 

 

 

Affordable Multifamily MRB Investments

 

$

5,967

 

 

$

5,967

 

 

$

17,900

 

 

$

17,880

 

Seniors and Skilled Nursing MRB Investments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Market-Rate Joint Venture Investments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

MF Properties

 

 

-

 

 

 

407,466

 

 

 

-

 

 

 

1,205,942

 

Total depreciation expense

 

$

5,967

 

 

$

413,433

 

 

$

17,900

 

 

$

1,223,822

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Affordable Multifamily MRB Investments

 

$

(3,290,431

)

 

$

7,044,063

 

 

$

9,383,052

 

 

$

16,022,889

 

Seniors and Skilled Nursing MRB Investments

 

 

(811,992

)

 

 

1,150,917

 

 

 

578,235

 

 

 

1,727,343

 

Market-Rate Joint Venture Investments

 

 

(533,284

)

 

 

1,719,861

 

 

 

1,165,784

 

 

 

29,930,657

 

MF Properties

 

 

-

 

 

 

(185,463

)

 

 

63,739

 

 

 

126,883

 

Net income (loss)

 

$

(4,635,707

)

 

$

9,729,378

 

 

$

11,190,810

 

 

$

47,807,772

 

The following table details total assets for the Partnership’s reportable segments as of September 30, 2024 and December 31, 2023:

 

 

September 30, 2024

 

 

December 31, 2023

 

 

Total assets

 

 

 

 

 

 

 

Affordable Multifamily MRB Investments

 

$

1,409,719,916

 

 

$

1,413,596,701

 

 

Seniors and Skilled Nursing MRB Investments

 

 

66,322,302

 

 

 

43,532,926

 

 

Market-Rate Joint Venture Investments

 

 

172,679,043

 

 

 

140,791,041

 

 

MF Properties

 

 

7,897,578

 

 

 

7,034,690

 

 

Consolidation/eliminations

 

 

(107,369,654

)

 

 

(91,554,656

)

 

Total assets

 

$

1,549,249,185

 

 

$

1,513,400,702