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Segments (Tables)
 6 Months Ended
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