10-K Filing

UNITED DEVELOPMENT FUNDING III, LP CIK: 1335732 FY 2011

Filing Information

Form Type	10-K
Accession Number	`0001144204-12-018240`
Period End Date	20111231
Filing Date	20120330
Fiscal Year	2011
Fiscal Period	FY
XBRL Instance	udf-20111231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 50 Income Statement 45 Cash Flow Statement 98 Stockholders Equity 24

Balance Sheet 50 line items

Line Item	Tag	Value	Unit	Period
Limited partners' capital account, units authorized	`LimitedPartnersCapitalAccountUnitsAuthorized`	22.50M	shares	Point-in-time
Limited partners' capital account, units authorized	`LimitedPartnersCapitalAccountUnitsAuthorized`	22.50M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.51M	USD	Point-in-time
Limited partners' capital account, units issued	`LimitedPartnersCapitalAccountUnitsIssued`	18.33M	shares	Point-in-time
Limited partners' capital account, units issued	`LimitedPartnersCapitalAccountUnitsIssued`	17.78M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.73M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.56M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$815.19K	USD	Point-in-time
Limited Partners' capital account, units outstanding	`LimitedPartnersCapitalAccountUnitsOutstanding`	18.33M	shares	Point-in-time
Limited Partners' capital account, units outstanding	`LimitedPartnersCapitalAccountUnitsOutstanding`	17.78M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$1.52M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$1.50M	USD	Point-in-time
Accrued interest receivable	`InterestReceivable`	$5.83M	USD	Point-in-time
Accrued interest receivable	`InterestReceivable`	$6.21M	USD	Point-in-time
Accrued interest receivable - related party	`AccruedInterestReceivablesRelatedParty`	$2.33M	USD	Point-in-time
Accrued interest receivable - related party	`AccruedInterestReceivablesRelatedParty`	$2.78M	USD	Point-in-time
Mortgage notes receivable, net	`NotesReceivableNet`	$220.80M	USD	Point-in-time
Mortgage notes receivable, net	`NotesReceivableNet`	$224.47M	USD	Point-in-time
Mortgage notes receivable - related party, net	`NotesReceivableRelatedParties`	$52.03M	USD	Point-in-time
Mortgage notes receivable - related party, net	`NotesReceivableRelatedParties`	$54.62M	USD	Point-in-time
Participation interest - related party, net	`InterestOnParticipationRelatedParty`	$66.15M	USD	Point-in-time
Participation interest - related party, net	`InterestOnParticipationRelatedParty`	$57.85M	USD	Point-in-time
Other assets	`OtherAssets`	$245.35K	USD	Point-in-time
Other assets	`OtherAssets`	$83.70K	USD	Point-in-time
Total assets	`Assets`	$344.00M	USD	Point-in-time
Total assets	`Assets`	$355.98M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentAndNoncurrent`	$193.29K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentAndNoncurrent`	$175.78K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrentAndNoncurrent`	$164.94K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrentAndNoncurrent`	$205.47K	USD	Point-in-time
Accrued liabilities - related party	`DueToRelatedPartiesCurrentAndNoncurrent`	$3.68M	USD	Point-in-time
Accrued liabilities - related party	`DueToRelatedPartiesCurrentAndNoncurrent`	$3.51M	USD	Point-in-time
Distributions payable	`DividendsPayableCurrentAndNoncurrent`	$2.98M	USD	Point-in-time
Distributions payable	`DividendsPayableCurrentAndNoncurrent`	$1.55M	USD	Point-in-time
Line-of-credit	`LineOfCredit`	$15.00M	USD	Point-in-time
Line-of-credit	`LineOfCredit`	$15.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$20.46M	USD	Point-in-time
Total liabilities	`Liabilities`	$22.00M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Limited partners' capital: 22,500,000 units authorized; 18,326,511 units issued and outstanding at December 31, 2011 and 17,782,903 units issued and outstanding at December 31, 2010	`LimitedPartnersCapitalAccount`	$335.49M	USD	Point-in-time
Limited partners' capital: 22,500,000 units authorized; 18,326,511 units issued and outstanding at December 31, 2011 and 17,782,903 units issued and outstanding at December 31, 2010	`LimitedPartnersCapitalAccount`	$321.92M	USD	Point-in-time
General partner's capital	`GeneralPartnersCapitalAccount`	$34.36K	USD	Point-in-time
General partner's capital	`GeneralPartnersCapitalAccount`	$79.85K	USD	Point-in-time
Total partners' capital	`PartnersCapital`	$309.04M	USD	Point-in-time
Total partners' capital	`PartnersCapital`	$322.00M	USD	Point-in-time
Total partners' capital	`PartnersCapital`	$335.52M	USD	Point-in-time
Total partners' capital	`PartnersCapital`	$268.44M	USD	Point-in-time
Total liabilities and partners' capital	`LiabilitiesAndStockholdersEquity`	$355.98M	USD	Point-in-time
Total liabilities and partners' capital	`LiabilitiesAndStockholdersEquity`	$344.00M	USD	Point-in-time

Income Statement 45 line items

Line Item	Tag	Value	Unit	Period
Interest income	`InterestIncomeOperating`	$27.72M	USD	Annual
Interest income	`InterestIncomeOperating`	$34.10M	USD	Annual
Interest income	`InterestIncomeOperating`	$32.14M	USD	Annual
Interest income - related party	`InterestIncomeRelatedParty`	$13.86M	USD	Annual
Interest income - related party	`InterestIncomeRelatedParty`	$15.24M	USD	Annual
Interest income - related party	`InterestIncomeRelatedParty`	$14.66M	USD	Annual
Mortgage and transaction service revenues	`MortgageAndTransactionServiceRevenuesExcludingRelatedParty`	$1.88M	USD	Annual
Mortgage and transaction service revenues	`MortgageAndTransactionServiceRevenuesExcludingRelatedParty`	$1.39M	USD	Annual
Mortgage and transaction service revenues	`MortgageAndTransactionServiceRevenuesExcludingRelatedParty`	$1.06M	USD	Annual
Mortgage and transaction service revenues - related party	`MortgageAndTransactionServiceRevenuesRelatedParty`	$539.37K	USD	Annual
Mortgage and transaction service revenues - related party	`MortgageAndTransactionServiceRevenuesRelatedParty`	$829.02K	USD	Annual
Mortgage and transaction service revenues - related party	`MortgageAndTransactionServiceRevenuesRelatedParty`	$1.02M	USD	Annual
Total revenues	`Revenues`	$49.02M	USD	Annual
Total revenues	`Revenues`	$44.00M	USD	Annual
Total revenues	`Revenues`	$51.43M	USD	Annual
Interest expense	`InterestExpenseDebt`	$1.50M	USD	Annual
Interest expense	`InterestExpenseDebt`	$1.50M	USD	Annual
Interest expense	`InterestExpenseDebt`	$410.96K	USD	Annual
Loan loss reserve expense	`ProvisionForLoanLossesExpensed`	$4.02M	USD	Annual
Loan loss reserve expense	`ProvisionForLoanLossesExpensed`	$3.42M	USD	Annual
Loan loss reserve expense	`ProvisionForLoanLossesExpensed`	$3.48M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpenseExcludingRelatedParty`	$737.03K	USD	Annual
General and administrative	`GeneralAndAdministrativeExpenseExcludingRelatedParty`	$1.17M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpenseExcludingRelatedParty`	$1.04M	USD	Annual
General and administrative - related party	`GeneralAndAdministrativeExpenseRelatedParty`	$2.71M	USD	Annual
General and administrative - related party	`GeneralAndAdministrativeExpenseRelatedParty`	$2.70M	USD	Annual
General and administrative - related party	`GeneralAndAdministrativeExpenseRelatedParty`	$2.79M	USD	Annual
Total expenses	`TotalExpenses`	$9.25M	USD	Annual
Total expenses	`TotalExpenses`	$7.27M	USD	Annual
Total expenses	`TotalExpenses`	$8.93M	USD	Annual
Net income	`NetIncomeLoss`	$36.72M	USD	Annual
Net income	`NetIncomeLoss`	$40.09M	USD	Annual
Net income	`NetIncomeLoss`	$42.17M	USD	Annual
Earnings allocated to limited partners	`NetIncomeLossAllocatedToLimitedPartners`	$37.80M	USD	Annual
Earnings allocated to limited partners	`NetIncomeLossAllocatedToLimitedPartners`	$32.91M	USD	Annual
Earnings allocated to limited partners	`NetIncomeLossAllocatedToLimitedPartners`	$35.93M	USD	Annual
Earnings per limited partnership unit, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$2.09	USD	Annual
Earnings per limited partnership unit, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$2.05	USD	Annual
Earnings per limited partnership unit, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$1.96	USD	Annual
Weighted average limited partnership units outstanding (in shares)	`WeightedAverageLimitedPartnershipUnitsOutstandingBasicAndDiluted`	16.75M	shares	Annual
Weighted average limited partnership units outstanding (in shares)	`WeightedAverageLimitedPartnershipUnitsOutstandingBasicAndDiluted`	18.05M	shares	Annual
Weighted average limited partnership units outstanding (in shares)	`WeightedAverageLimitedPartnershipUnitsOutstandingBasicAndDiluted`	17.49M	shares	Annual
Distributions per weighted average limited partnership units outstanding (in dollars per share)	`DistributionsPerLimitedPartnershipUnitOutstanding`	$1.94	USD	Annual
Distributions per weighted average limited partnership units outstanding (in dollars per share)	`DistributionsPerLimitedPartnershipUnitOutstanding`	$1.92	USD	Annual
Distributions per weighted average limited partnership units outstanding (in dollars per share)	`DistributionsPerLimitedPartnershipUnitOutstanding`	$1.94	USD	Annual

Cash Flow Statement 98 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$36.72M	USD	Annual
Net income	`NetIncomeLoss`	$40.09M	USD	Annual
Net income	`NetIncomeLoss`	$42.17M	USD	Annual
Provision for loan losses	`ProvisionForLoanLossesExpensed`	$4.02M	USD	Annual
Provision for loan losses	`ProvisionForLoanLossesExpensed`	$3.42M	USD	Annual
Provision for loan losses	`ProvisionForLoanLossesExpensed`	$3.48M	USD	Annual
Amortization	`OtherDeferredCostAmortizationExpense`	$164.25K	USD	Annual
Amortization	`OtherDeferredCostAmortizationExpense`	$303.93K	USD	Annual
Amortization	`OtherDeferredCostAmortizationExpense`	$161.16K	USD	Annual
Accrued interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$379.68K	USD	Annual
Accrued interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$5.51M	USD	Annual
Accrued interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$-1.98M	USD	Annual
Accrued interest receivable - related party	`IncreaseDecreaseInDueFromRelatedParties`	$158.37K	USD	Annual
Accrued interest receivable - related party	`IncreaseDecreaseInDueFromRelatedParties`	$456.85K	USD	Annual
Accrued interest receivable - related party	`IncreaseDecreaseInDueFromRelatedParties`	$1.48M	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$522.91K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-479.00	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$173.91K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$48.38K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$127.40K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$17.51K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$40.53K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$61.78K	USD	Annual
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-313.81K	USD	Annual
Accrued liabilities - related party	`IncreaseDecreaseInDueToRelatedParties`	$-171.65K	USD	Annual
Accrued liabilities - related party	`IncreaseDecreaseInDueToRelatedParties`	$674.97K	USD	Annual
Accrued liabilities - related party	`IncreaseDecreaseInDueToRelatedParties`	$-342.42K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$45.40M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$46.30M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$32.26M	USD	Annual
Investments in mortgage notes receivable	`PaymentsToAcquireMortgageNotesReceivable`	$72.62M	USD	Annual
Investments in mortgage notes receivable	`PaymentsToAcquireMortgageNotesReceivable`	$41.49M	USD	Annual
Investments in mortgage notes receivable	`PaymentsToAcquireMortgageNotesReceivable`	$25.34M	USD	Annual
Investments in mortgage notes receivable - related party	`OriginationOfNotesReceivableFromRelatedParties`	$5.86M	USD	Annual
Investments in mortgage notes receivable - related party	`OriginationOfNotesReceivableFromRelatedParties`	$38.54M	USD	Annual
Investments in mortgage notes receivable - related party	`OriginationOfNotesReceivableFromRelatedParties`	$6.18M	USD	Annual
Investments in participation interest - related party	`InvestmentInParticipationInterestRelatedParty`	$8.45M	USD	Annual
Investments in participation interest - related party	`InvestmentInParticipationInterestRelatedParty`	$15.47M	USD	Annual
Investments in participation interest - related party	`InvestmentInParticipationInterestRelatedParty`	$7.90M	USD	Annual
Receipts from mortgage notes receivable	`ProceedsFromSaleAndCollectionOfMortgageNotesReceivable`	$29.47M	USD	Annual
Receipts from mortgage notes receivable	`ProceedsFromSaleAndCollectionOfMortgageNotesReceivable`	$17.66M	USD	Annual
Receipts from mortgage notes receivable	`ProceedsFromSaleAndCollectionOfMortgageNotesReceivable`	$19.65M	USD	Annual
Receipts from mortgage notes receivable - related party	`RepaymentOfNotesReceivableFromRelatedParties`	$8.78M	USD	Annual
Receipts from mortgage notes receivable - related party	`RepaymentOfNotesReceivableFromRelatedParties`	$3.21M	USD	Annual
Receipts from mortgage notes receivable - related party	`RepaymentOfNotesReceivableFromRelatedParties`	$37.00M	USD	Annual
Receipts from participation interest - related party	`RepaymentOfParticipationInterestRelatedParty`	$4.78M	USD	Annual
Receipts from participation interest - related party	`RepaymentOfParticipationInterestRelatedParty`	$153.66K	USD	Annual
Receipts from participation interest - related party	`RepaymentOfParticipationInterestRelatedParty`	-	USD	Annual
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$1.02M	USD	Annual
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$-717.49K	USD	Annual
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$15.81K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-13.40M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-26.90M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-61.18M	USD	Annual
Net proceeds from (payments on) line-of-credit	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	Annual
Net proceeds from (payments on) line-of-credit	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	Annual
Net proceeds from (payments on) line-of-credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$15.00M	USD	Annual
Limited partner contributions	`LimitedPartnerContributions`	$6.34K	USD	Annual
Limited partner contributions	`LimitedPartnerContributions`	-	USD	Annual
Limited partner contributions	`LimitedPartnerContributions`	$35.37M	USD	Annual
Limited partner distributions	`LimitedPartnersCapitalAccountDistributionAmount`	$-35.10M	USD	Annual
Limited partner distributions	`LimitedPartnersCapitalAccountDistributionAmount`	$-32.24M	USD	Annual
Limited partner distributions	`LimitedPartnersCapitalAccountDistributionAmount`	$-34.02M	USD	Annual
Limited partner distribution reinvestment	`DistributionReinvestment`	$10.87M	USD	Annual
Limited partner distribution reinvestment	`DistributionReinvestment`	$12.22M	USD	Annual
Limited partner distribution reinvestment	`DistributionReinvestment`	$11.49M	USD	Annual
Limited partner redemptions	`LimitedPartnerRedemption`	$-3.17M	USD	Annual
Limited partner redemptions	`LimitedPartnerRedemption`	$-481.35K	USD	Annual
Limited partner redemptions	`LimitedPartnerRedemption`	-	USD	Annual
General partner distributions	`GeneralPartnersCapitalAccountDistributionAmount`	$-5.85M	USD	Annual
General partner distributions	`GeneralPartnersCapitalAccountDistributionAmount`	$-1.15M	USD	Annual
General partner distributions	`GeneralPartnersCapitalAccountDistributionAmount`	$-4.03M	USD	Annual
Escrow payable	`IncreaseDecreaseInvestmentEscrowPayable`	-	USD	Annual
Escrow payable	`IncreaseDecreaseInvestmentEscrowPayable`	$517.19K	USD	Annual
Escrow payable	`IncreaseDecreaseInvestmentEscrowPayable`	-	USD	Annual
Payments of offering costs	`PaymentsOfStockIssuanceCosts`	-	USD	Annual
Payments of offering costs	`PaymentsOfStockIssuanceCosts`	-	USD	Annual
Payments of offering costs	`PaymentsOfStockIssuanceCosts`	$4.28M	USD	Annual
Deferred offering costs	`IncreaseDecreaseInDeferredOfferingCosts`	-	USD	Annual
Deferred offering costs	`IncreaseDecreaseInDeferredOfferingCosts`	$-612.29K	USD	Annual
Deferred offering costs	`IncreaseDecreaseInDeferredOfferingCosts`	-	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-30.08M	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-24.15M	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$18.98M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-9.94M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-4.75M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.92M	USD	Annual
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$15.51M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.73M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.56M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$815.19K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$15.51M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.73M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.56M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$815.19K	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$1.50M	USD	Annual
Cash paid for interest	`InterestPaid`	$283.56K	USD	Annual
Cash paid for interest	`InterestPaid`	$1.50M	USD	Annual

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Offering Costs	`OfferingCosts`	$4.28M	USD	Annual
Balance	`PartnersCapital`	$309.04M	USD	Point-in-time
Balance	`PartnersCapital`	$322.00M	USD	Point-in-time
Balance	`PartnersCapital`	$335.52M	USD	Point-in-time
Balance	`PartnersCapital`	$268.44M	USD	Point-in-time
Contributions	`PartnersCapitalAccountContributions`	$31.09M	USD	Annual
Contributions	`PartnersCapitalAccountContributions`	$6.34K	USD	Annual
Distributions paid	`PartnersCapitalAccountDistributions`	$-35.17M	USD	Annual
Distributions paid	`PartnersCapitalAccountDistributions`	$-36.26M	USD	Annual
Distributions paid	`PartnersCapitalAccountDistributions`	$-37.97M	USD	Annual
Distribution reinvestment	`PartnersCapitalAccountDistributionsReinvestment`	$11.49M	USD	Annual
Distribution reinvestment	`PartnersCapitalAccountDistributionsReinvestment`	$12.22M	USD	Annual
Distribution reinvestment	`PartnersCapitalAccountDistributionsReinvestment`	$10.87M	USD	Annual
Distributions declared, but not paid	`DistributionMadeToMemberOrLimitedPartnerCashDistributionsDeclared`	$-1.55M	USD	Annual
Distributions declared, but not paid	`DistributionMadeToMemberOrLimitedPartnerCashDistributionsDeclared`	$-2.98M	USD	Annual
Redemption of limited partners' interest	`PartnersCapitalAccountRedemptions`	$-481.35K	USD	Annual
Redemption of limited partners' interest	`PartnersCapitalAccountRedemptions`	$-3.17M	USD	Annual
Net income	`NetIncomeLoss`	$36.72M	USD	Annual
Net income	`NetIncomeLoss`	$40.09M	USD	Annual
Net income	`NetIncomeLoss`	$42.17M	USD	Annual
Balance	`PartnersCapital`	$309.04M	USD	Point-in-time
Balance	`PartnersCapital`	$322.00M	USD	Point-in-time
Balance	`PartnersCapital`	$335.52M	USD	Point-in-time
Balance	`PartnersCapital`	$268.44M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.