10-Q Filing

UNITED DEVELOPMENT FUNDING III, LP CIK: 1335732 Q3 2013

Filing Information

Form Type	10-Q
Accession Number	`0001144204-13-061678`
Period End Date	20130930
Filing Date	20131114
Fiscal Year	2013
Fiscal Period	Q3
XBRL Instance	udf-20130930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 50 Income Statement 64 Cash Flow Statement 72

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`	$1.15M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.85M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$946.97K	USD	Point-in-time
Limited partners' capital account, units issued	`LimitedPartnersCapitalAccountUnitsIssued`	19.01M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.73M	USD	Point-in-time
Limited partners' capital account, units issued	`LimitedPartnersCapitalAccountUnitsIssued`	18.83M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$1.53M	USD	Point-in-time
Limited Partners' capital account, units outstanding	`LimitedPartnersCapitalAccountUnitsOutstanding`	18.83M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$1.55M	USD	Point-in-time
Limited Partners' capital account, units outstanding	`LimitedPartnersCapitalAccountUnitsOutstanding`	19.01M	shares	Point-in-time
Accrued interest receivable	`InterestReceivable`	$3.72M	USD	Point-in-time
Accrued interest receivable	`InterestReceivable`	$10.98M	USD	Point-in-time
Accrued interest receivable - related parties	`AccruedInterestReceivablesRelatedParty`	$2.67M	USD	Point-in-time
Accrued interest receivable - related parties	`AccruedInterestReceivablesRelatedParty`	$37.23K	USD	Point-in-time
Accounts receivable - related parties	`AccountsReceivableRelatedParties`	$299.00K	USD	Point-in-time
Accounts receivable - related parties	`AccountsReceivableRelatedParties`	$288.84K	USD	Point-in-time
Mortgage notes receivable, net	`NotesReceivableNet`	$237.80M	USD	Point-in-time
Mortgage notes receivable, net	`NotesReceivableNet`	$226.91M	USD	Point-in-time
Mortgage notes receivable - related parties, net	`NotesReceivableRelatedParties`	$44.80M	USD	Point-in-time
Mortgage notes receivable - related parties, net	`NotesReceivableRelatedParties`	$49.02M	USD	Point-in-time
Participation interest - related party, net	`ParticipationInterestRelatedPartyNet`	$72.21M	USD	Point-in-time
Participation interest - related party, net	`ParticipationInterestRelatedPartyNet`	$75.19M	USD	Point-in-time
Other assets	`OtherAssets`	$124.92K	USD	Point-in-time
Other assets	`OtherAssets`	$81.95K	USD	Point-in-time
Total assets	`Assets`	$363.33M	USD	Point-in-time
Total assets	`Assets`	$368.90M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentAndNoncurrent`	$118.54K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentAndNoncurrent`	$173.72K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrentAndNoncurrent`	$204.22K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrentAndNoncurrent`	$164.73K	USD	Point-in-time
Accrued liabilities - related parties	`DueToRelatedPartiesCurrentAndNoncurrent`	$2.22M	USD	Point-in-time
Accrued liabilities - related parties	`DueToRelatedPartiesCurrentAndNoncurrent`	$2.05M	USD	Point-in-time
Distributions payable	`DividendsPayableCurrentAndNoncurrent`	-	USD	Point-in-time
Distributions payable	`DividendsPayableCurrentAndNoncurrent`	$24.06K	USD	Point-in-time
Line-of-credit	`LineOfCredit`	$13.75M	USD	Point-in-time
Line-of-credit	`LineOfCredit`	$10.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$16.13M	USD	Point-in-time
Total liabilities	`Liabilities`	$12.59M	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; 19,012,294 units issued and outstanding at September 30, 2013 and 18,827,498 units issued and outstanding at December 31, 2012	`LimitedPartnersCapitalAccount`	$347.20M	USD	Point-in-time
Limited partners capital: 22,500,000 units authorized; 19,012,294 units issued and outstanding at September 30, 2013 and 18,827,498 units issued and outstanding at December 31, 2012	`LimitedPartnersCapitalAccount`	$355.90M	USD	Point-in-time
General partners capital	`GeneralPartnersCapitalAccount`	$109.00	USD	Point-in-time
General partners capital	`GeneralPartnersCapitalAccount`	$408.74K	USD	Point-in-time
Total partners capital	`PartnersCapital`	$347.20M	USD	Point-in-time
Total partners capital	`PartnersCapital`	$356.31M	USD	Point-in-time
Total liabilities and partners capital	`LiabilitiesAndStockholdersEquity`	$368.90M	USD	Point-in-time
Total liabilities and partners capital	`LiabilitiesAndStockholdersEquity`	$363.33M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Interest income	`InterestIncomeOperating`	$27.69M	USD	3 Qtrs
Interest income	`InterestIncomeOperating`	$26.63M	USD	3 Qtrs
Interest income	`InterestIncomeOperating`	$9.07M	USD	1 Quarter
Interest income	`InterestIncomeOperating`	$9.51M	USD	1 Quarter
Interest income - related parties	`InterestIncomeRelatedParty`	$4.07M	USD	1 Quarter
Interest income - related parties	`InterestIncomeRelatedParty`	$12.03M	USD	3 Qtrs
Interest income - related parties	`InterestIncomeRelatedParty`	$12.47M	USD	3 Qtrs
Interest income - related parties	`InterestIncomeRelatedParty`	$3.98M	USD	1 Quarter
Interest income - related parties	`InterestIncomeRelatedParty`	$16.40M	USD	Annual
Mortgage and transaction service revenues	`MortgageAndTransactionServiceRevenuesExcludingRelatedParty`	$18.22K	USD	1 Quarter
Mortgage and transaction service revenues	`MortgageAndTransactionServiceRevenuesExcludingRelatedParty`	$341.01K	USD	3 Qtrs
Mortgage and transaction service revenues	`MortgageAndTransactionServiceRevenuesExcludingRelatedParty`	$89.08K	USD	1 Quarter
Mortgage and transaction service revenues	`MortgageAndTransactionServiceRevenuesExcludingRelatedParty`	$352.50K	USD	3 Qtrs
Mortgage and transaction service revenues - related parties	`MortgageAndTransactionServiceRevenuesRelatedParty`	$39.10K	USD	1 Quarter
Mortgage and transaction service revenues - related parties	`MortgageAndTransactionServiceRevenuesRelatedParty`	$194.38K	USD	3 Qtrs
Mortgage and transaction service revenues - related parties	`MortgageAndTransactionServiceRevenuesRelatedParty`	$622.00K	USD	Annual
Mortgage and transaction service revenues - related parties	`MortgageAndTransactionServiceRevenuesRelatedParty`	$513.13K	USD	3 Qtrs
Mortgage and transaction service revenues - related parties	`MortgageAndTransactionServiceRevenuesRelatedParty`	$134.55K	USD	1 Quarter
Total revenues	`Revenues`	$39.51M	USD	3 Qtrs
Total revenues	`Revenues`	$13.64M	USD	1 Quarter
Total revenues	`Revenues`	$13.27M	USD	1 Quarter
Total revenues	`Revenues`	$40.70M	USD	3 Qtrs
Interest expense	`InterestExpenseDebt`	$281.85K	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$929.45K	USD	3 Qtrs
Interest expense	`InterestExpenseDebt`	$374.31K	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$1.12M	USD	3 Qtrs
Loan loss reserve expense	`ProvisionForLoanLossesExpensed`	$436.05K	USD	3 Qtrs
Loan loss reserve expense	`ProvisionForLoanLossesExpensed`	$148.07K	USD	1 Quarter
Loan loss reserve expense	`ProvisionForLoanLossesExpensed`	$422.33K	USD	3 Qtrs
Loan loss reserve expense	`ProvisionForLoanLossesExpensed`	$142.55K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpenseExcludingRelatedParty`	$793.30K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpenseExcludingRelatedParty`	$316.18K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpenseExcludingRelatedParty`	$233.49K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpenseExcludingRelatedParty`	$795.14K	USD	3 Qtrs
General and administrative - related parties	`GeneralAndAdministrativeExpenseRelatedParty`	$688.01K	USD	1 Quarter
General and administrative - related parties	`GeneralAndAdministrativeExpenseRelatedParty`	$2.06M	USD	3 Qtrs
General and administrative - related parties	`GeneralAndAdministrativeExpenseRelatedParty`	$695.89K	USD	1 Quarter
General and administrative - related parties	`GeneralAndAdministrativeExpenseRelatedParty`	$2.08M	USD	3 Qtrs
General and administrative - related parties	`GeneralAndAdministrativeExpenseRelatedParty`	$2.80M	USD	Annual
Total expenses	`TotalExpenses`	$1.44M	USD	1 Quarter
Total expenses	`TotalExpenses`	$1.44M	USD	1 Quarter
Total expenses	`TotalExpenses`	$4.24M	USD	3 Qtrs
Total expenses	`TotalExpenses`	$4.40M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$226.90M	USD	33 Qtrs
Net income	`NetIncomeLoss`	$36.46M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$12.19M	USD	1 Quarter
Net income	`NetIncomeLoss`	$35.11M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$11.83M	USD	1 Quarter
Earnings allocated to limited partners	`NetIncomeLossAllocatedToLimitedPartners`	$31.46M	USD	3 Qtrs
Earnings allocated to limited partners	`NetIncomeLossAllocatedToLimitedPartners`	$10.60M	USD	1 Quarter
Earnings allocated to limited partners	`NetIncomeLossAllocatedToLimitedPartners`	$10.93M	USD	1 Quarter
Earnings allocated to limited partners	`NetIncomeLossAllocatedToLimitedPartners`	$32.67M	USD	3 Qtrs
Earnings per weighted average limited partnership units outstanding, basic and diluted (in dollars per units)	`EarningsPerShareBasicAndDiluted`	$0.58	USD	1 Quarter
Earnings per weighted average limited partnership units outstanding, basic and diluted (in dollars per units)	`EarningsPerShareBasicAndDiluted`	$1.73	USD	3 Qtrs
Earnings per weighted average limited partnership units outstanding, basic and diluted (in dollars per units)	`EarningsPerShareBasicAndDiluted`	$1.70	USD	3 Qtrs
Earnings per weighted average limited partnership units outstanding, basic and diluted (in dollars per units)	`EarningsPerShareBasicAndDiluted`	$0.57	USD	1 Quarter
Weighted average limited partnership units outstanding (in shares)	`WeightedAverageLimitedPartnershipUnitsOutstandingBasicAndDiluted`	18.92M	shares	3 Qtrs
Weighted average limited partnership units outstanding (in shares)	`WeightedAverageLimitedPartnershipUnitsOutstandingBasicAndDiluted`	18.94M	shares	1 Quarter
Weighted average limited partnership units outstanding (in shares)	`WeightedAverageLimitedPartnershipUnitsOutstandingBasicAndDiluted`	18.50M	shares	3 Qtrs
Weighted average limited partnership units outstanding (in shares)	`WeightedAverageLimitedPartnershipUnitsOutstandingBasicAndDiluted`	18.62M	shares	1 Quarter
Distributions per weighted average limited partnership units outstanding (in dollars per units)	`DistributionsPerLimitedPartnershipUnitOutstanding`	$0.49	USD	1 Quarter
Distributions per weighted average limited partnership units outstanding (in dollars per units)	`DistributionsPerLimitedPartnershipUnitOutstanding`	$1.47	USD	3 Qtrs
Distributions per weighted average limited partnership units outstanding (in dollars per units)	`DistributionsPerLimitedPartnershipUnitOutstanding`	$0.49	USD	1 Quarter
Distributions per weighted average limited partnership units outstanding (in dollars per units)	`DistributionsPerLimitedPartnershipUnitOutstanding`	$1.46	USD	3 Qtrs

Cash Flow Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$226.90M	USD	33 Qtrs
Net income	`NetIncomeLoss`	$36.46M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$12.19M	USD	1 Quarter
Net income	`NetIncomeLoss`	$35.11M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$11.83M	USD	1 Quarter
Provision for loan losses	`ProvisionForLoanLossesExpensed`	$436.05K	USD	3 Qtrs
Provision for loan losses	`ProvisionForLoanLossesExpensed`	$148.07K	USD	1 Quarter
Provision for loan losses	`ProvisionForLoanLossesExpensed`	$422.33K	USD	3 Qtrs
Provision for loan losses	`ProvisionForLoanLossesExpensed`	$142.55K	USD	1 Quarter
Amortization	`AmortizationOfIntangibleAssets`	$108.77K	USD	3 Qtrs
Amortization	`AmortizationOfIntangibleAssets`	$59.51K	USD	3 Qtrs
Accrued interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$-1.57M	USD	3 Qtrs
Accrued interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$7.25M	USD	3 Qtrs
Accrued interest receivable - related parties	`IncreaseDecreaseInAccruedInterestReceivableRelatedParty`	$-1.36M	USD	3 Qtrs
Accrued interest receivable - related parties	`IncreaseDecreaseInAccruedInterestReceivableRelatedParty`	$-2.64M	USD	3 Qtrs
Accounts receivable - related parties	`IncreaseDecreaseInAccountsReceivableRelatedParty`	$-10.16K	USD	3 Qtrs
Accounts receivable - related parties	`IncreaseDecreaseInAccountsReceivableRelatedParty`	$125.28K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$146.31K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$16.55K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$55.18K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-67.37K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-61.06K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-39.49K	USD	3 Qtrs
Accrued liabilities - related parties	`IncreaseDecreaseInDueToRelatedParties`	$168.32K	USD	3 Qtrs
Accrued liabilities - related parties	`IncreaseDecreaseInDueToRelatedParties`	$-364.02K	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$232.30M	USD	33 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$37.80M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$32.51M	USD	3 Qtrs
Investments in mortgage notes receivable	`PaymentsToAcquireMortgageNotesReceivable`	$17.35M	USD	3 Qtrs
Investments in mortgage notes receivable	`PaymentsToAcquireMortgageNotesReceivable`	$20.21M	USD	3 Qtrs
Investments in mortgage notes receivable - related parties	`OriginationOfNotesReceivableFromRelatedParties`	$3.60M	USD	3 Qtrs
Investments in mortgage notes receivable - related parties	`OriginationOfNotesReceivableFromRelatedParties`	$1.02M	USD	3 Qtrs
Investments in participation interest - related party	`InvestmentsInParticipationInterestRelatedParty`	$9.20M	USD	3 Qtrs
Investments in participation interest - related party	`InvestmentsInParticipationInterestRelatedParty`	$2.99M	USD	3 Qtrs
Receipts from mortgage notes receivable	`ProceedsFromSaleAndCollectionOfMortgageNotesReceivable`	$12.89M	USD	3 Qtrs
Receipts from mortgage notes receivable	`ProceedsFromSaleAndCollectionOfMortgageNotesReceivable`	$6.02M	USD	3 Qtrs
Receipts from mortgage notes receivable - related parties	`RepaymentOfNotesReceivableFromRelatedParties`	$5.43M	USD	3 Qtrs
Receipts from mortgage notes receivable - related parties	`RepaymentOfNotesReceivableFromRelatedParties`	$5.24M	USD	3 Qtrs
Receipts from participation interest - related party	`RepaymentOfParticipationInterestRelatedParty`	$118.28K	USD	3 Qtrs
Receipts from participation interest - related party	`RepaymentOfParticipationInterestRelatedParty`	$5.96M	USD	3 Qtrs
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$11.97K	USD	3 Qtrs
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$12.10K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.14M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-14.57M	USD	3 Qtrs
Payments on line-of-credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-3.75M	USD	3 Qtrs
Payments on line-of-credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-1.25M	USD	3 Qtrs
Limited partners contributions	`LimitedPartnerContributions`	-	USD	3 Qtrs
Limited partners contributions	`LimitedPartnerContributions`	$390.00	USD	3 Qtrs
Limited partner distributions	`LimitedPartnersCapitalAccountDistributionAmount`	$-188.30M	USD	33 Qtrs
Limited partner distributions	`LimitedPartnersCapitalAccountDistributionAmount`	$-27.12M	USD	3 Qtrs
Limited partner distributions	`LimitedPartnersCapitalAccountDistributionAmount`	$-27.67M	USD	3 Qtrs
Limited partner distribution reinvestment	`DistributionReinvestment`	$7.83M	USD	3 Qtrs
Limited partner distribution reinvestment	`DistributionReinvestment`	$60.80M	USD	33 Qtrs
Limited partner distribution reinvestment	`DistributionReinvestment`	$7.56M	USD	3 Qtrs
Limited partner redemptions	`LimitedPartnerRedemption`	$-349.00K	USD	3 Qtrs
Limited partner redemptions	`LimitedPartnerRedemption`	$-3.86M	USD	3 Qtrs
General partner distributions	`GeneralPartnersCapitalAccountDistributionAmount`	$-3.35M	USD	3 Qtrs
General partner distributions	`GeneralPartnersCapitalAccountDistributionAmount`	$-4.13M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-31.07M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-25.02M	USD	3 Qtrs
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.70M	USD	3 Qtrs
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.79M	USD	3 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.15M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.85M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$946.97K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.73M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.15M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.85M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$946.97K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.73M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$1.13M	USD	3 Qtrs
Cash paid for interest	`InterestPaid`	$955.48K	USD	3 Qtrs

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