10-Q Filing

UNITED DEVELOPMENT FUNDING III, LP CIK: 1335732 Q2 2014

Filing Information

Form Type	10-Q
Accession Number	`0001144204-14-049898`
Period End Date	20140630
Filing Date	20140814
Fiscal Year	2014
Fiscal Period	Q2
XBRL Instance	udf-20140630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 50 Income Statement 63 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
Limited partners' capital account, units issued	`LimitedPartnersCapitalAccountUnitsIssued`	19.31M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$157.07K	USD	Point-in-time
Limited partners' capital account, units issued	`LimitedPartnersCapitalAccountUnitsIssued`	19.13M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.97M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$870.67K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.85M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$1.37M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$1.38M	USD	Point-in-time
Limited Partners' capital account, units outstanding	`LimitedPartnersCapitalAccountUnitsOutstanding`	19.13M	shares	Point-in-time
Limited Partners' capital account, units outstanding	`LimitedPartnersCapitalAccountUnitsOutstanding`	19.31M	shares	Point-in-time
Accrued interest receivable	`InterestReceivable`	$6.32M	USD	Point-in-time
Accrued interest receivable	`InterestReceivable`	$6.32M	USD	Point-in-time
Accrued interest receivable - related parties	`AccruedInterestReceivablesRelatedParty`	$1.25M	USD	Point-in-time
Accrued interest receivable - related parties	`AccruedInterestReceivablesRelatedParty`	$4.42M	USD	Point-in-time
Accounts receivable - related parties	`AccountsReceivableRelatedParties`	$297.79K	USD	Point-in-time
Accounts receivable - related parties	`AccountsReceivableRelatedParties`	$319.53K	USD	Point-in-time
Notes receivable, net	`NotesReceivableNet`	$268.20M	USD	Point-in-time
Notes receivable, net	`NotesReceivableNet`	$254.97M	USD	Point-in-time
Notes receivable - related parties, net	`NotesReceivableRelatedParties`	$22.43M	USD	Point-in-time
Notes receivable - related parties, net	`NotesReceivableRelatedParties`	$27.75M	USD	Point-in-time
Participation interest - related party, net	`ParticipationInterestRelatedPartyNet`	$70.84M	USD	Point-in-time
Participation interest - related party, net	`ParticipationInterestRelatedPartyNet`	$70.84M	USD	Point-in-time
Other assets	`OtherAssets`	$280.22K	USD	Point-in-time
Other assets	`OtherAssets`	$61.91K	USD	Point-in-time
Total assets	`Assets`	$374.34M	USD	Point-in-time
Total assets	`Assets`	$364.83M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentAndNoncurrent`	$168.86K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentAndNoncurrent`	$135.53K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrentAndNoncurrent`	$186.81K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrentAndNoncurrent`	$172.51K	USD	Point-in-time
Accrued liabilities - related parties	`DueToRelatedPartiesCurrentAndNoncurrent`	$1.83M	USD	Point-in-time
Accrued liabilities - related parties	`DueToRelatedPartiesCurrentAndNoncurrent`	$1.40M	USD	Point-in-time
Distributions payable	`DividendsPayableCurrentAndNoncurrent`	-	USD	Point-in-time
Distributions payable	`DividendsPayableCurrentAndNoncurrent`	$1.12M	USD	Point-in-time
Lines-of-credit	`LineOfCredit`	$12.00M	USD	Point-in-time
Lines-of-credit	`LineOfCredit`	$10.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$15.31M	USD	Point-in-time
Total liabilities	`Liabilities`	$11.71M	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; 19,305,772 units issued and outstanding at June 30, 2014 and 19,131,748 units issued and outstanding at December 31, 2013	`LimitedPartnersCapitalAccount`	$358.63M	USD	Point-in-time
Limited partners capital: 22,500,000 units authorized; 19,305,772 units issued and outstanding at June 30, 2014 and 19,131,748 units issued and outstanding at December 31, 2013	`LimitedPartnersCapitalAccount`	$353.12M	USD	Point-in-time
General partner's capital	`GeneralPartnersCapitalAccount`	$397.08K	USD	Point-in-time
General partner's capital	`GeneralPartnersCapitalAccount`	$109.00	USD	Point-in-time
Total partners' capital	`PartnersCapital`	$353.12M	USD	Point-in-time
Total partners' capital	`PartnersCapital`	$359.03M	USD	Point-in-time
Total liabilities and partners' capital	`LiabilitiesAndStockholdersEquity`	$374.34M	USD	Point-in-time
Total liabilities and partners' capital	`LiabilitiesAndStockholdersEquity`	$364.83M	USD	Point-in-time

Income Statement 63 line items

Line Item	Tag	Value	Unit	Period
Interest income	`InterestIncomeOperating`	$9.98M	USD	1 Quarter
Interest income	`InterestIncomeOperating`	$19.64M	USD	2 Qtrs
Interest income	`InterestIncomeOperating`	$9.19M	USD	1 Quarter
Interest income	`InterestIncomeOperating`	$18.17M	USD	2 Qtrs
Interest income - related parties	`InterestIncomeRelatedParty`	$2.48M	USD	1 Quarter
Interest income - related parties	`InterestIncomeRelatedParty`	$15.20M	USD	Annual
Interest income - related parties	`InterestIncomeRelatedParty`	$4.19M	USD	1 Quarter
Interest income - related parties	`InterestIncomeRelatedParty`	$8.40M	USD	2 Qtrs
Interest income - related parties	`InterestIncomeRelatedParty`	$5.03M	USD	2 Qtrs
Mortgage and transaction service revenues	`MortgageAndTransactionServiceRevenuesExcludingRelatedParty`	$334.28K	USD	2 Qtrs
Mortgage and transaction service revenues	`MortgageAndTransactionServiceRevenuesExcludingRelatedParty`	$256.88K	USD	2 Qtrs
Mortgage and transaction service revenues	`MortgageAndTransactionServiceRevenuesExcludingRelatedParty`	$227.98K	USD	1 Quarter
Mortgage and transaction service revenues	`MortgageAndTransactionServiceRevenuesExcludingRelatedParty`	$172.87K	USD	1 Quarter
Mortgage and transaction service revenues - related parties	`MortgageAndTransactionServiceRevenuesRelatedParty`	$210.53K	USD	2 Qtrs
Mortgage and transaction service revenues - related parties	`MortgageAndTransactionServiceRevenuesRelatedParty`	$74.29K	USD	1 Quarter
Mortgage and transaction service revenues - related parties	`MortgageAndTransactionServiceRevenuesRelatedParty`	$114.16K	USD	1 Quarter
Mortgage and transaction service revenues - related parties	`MortgageAndTransactionServiceRevenuesRelatedParty`	$155.28K	USD	2 Qtrs
Mortgage and transaction service revenues - related parties	`MortgageAndTransactionServiceRevenuesRelatedParty`	$246.00K	USD	Annual
Total revenues	`Revenues`	$27.06M	USD	2 Qtrs
Total revenues	`Revenues`	$12.75M	USD	1 Quarter
Total revenues	`Revenues`	$25.14M	USD	2 Qtrs
Total revenues	`Revenues`	$13.69M	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$206.04K	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$647.60K	USD	2 Qtrs
Interest expense	`InterestExpenseDebt`	$422.89K	USD	2 Qtrs
Interest expense	`InterestExpenseDebt`	$309.59K	USD	1 Quarter
Loan loss reserve expense	`ProvisionForLoanLossesExpensed`	$272.51K	USD	2 Qtrs
Loan loss reserve expense	`ProvisionForLoanLossesExpensed`	$145.42K	USD	1 Quarter
Loan loss reserve expense	`ProvisionForLoanLossesExpensed`	$287.99K	USD	2 Qtrs
Loan loss reserve expense	`ProvisionForLoanLossesExpensed`	$137.76K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpenseExcludingRelatedParty`	$275.54K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpenseExcludingRelatedParty`	$477.11K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpenseExcludingRelatedParty`	$553.73K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpenseExcludingRelatedParty`	$321.10K	USD	1 Quarter
General and administrative - related parties	`GeneralAndAdministrativeExpenseRelatedParty`	$1.39M	USD	2 Qtrs
General and administrative - related parties	`GeneralAndAdministrativeExpenseRelatedParty`	$5.40M	USD	Annual
General and administrative - related parties	`GeneralAndAdministrativeExpenseRelatedParty`	$694.31K	USD	1 Quarter
General and administrative - related parties	`GeneralAndAdministrativeExpenseRelatedParty`	$426.48K	USD	1 Quarter
General and administrative - related parties	`GeneralAndAdministrativeExpenseRelatedParty`	$822.64K	USD	2 Qtrs
Total expenses	`TotalExpenses`	$1.09M	USD	1 Quarter
Total expenses	`TotalExpenses`	$2.80M	USD	2 Qtrs
Total expenses	`TotalExpenses`	$2.07M	USD	2 Qtrs
Total expenses	`TotalExpenses`	$1.42M	USD	1 Quarter
Net income	`NetIncomeLoss`	$23.07M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$11.65M	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.26M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$12.26M	USD	1 Quarter
Earnings allocated to limited partners	`NetIncomeLossAllocatedToLimitedPartners`	$21.74M	USD	2 Qtrs
Earnings allocated to limited partners	`NetIncomeLossAllocatedToLimitedPartners`	$10.44M	USD	1 Quarter
Earnings allocated to limited partners	`NetIncomeLossAllocatedToLimitedPartners`	$20.68M	USD	2 Qtrs
Earnings allocated to limited partners	`NetIncomeLossAllocatedToLimitedPartners`	$10.99M	USD	1 Quarter
Earnings per weighted average limited partnership units outstanding, basic and diluted (in dollars per units)	`EarningsPerShareBasicAndDiluted`	$0.54	USD	1 Quarter
Earnings per weighted average limited partnership units outstanding, basic and diluted (in dollars per units)	`EarningsPerShareBasicAndDiluted`	$1.08	USD	2 Qtrs
Earnings per weighted average limited partnership units outstanding, basic and diluted (in dollars per units)	`EarningsPerShareBasicAndDiluted`	$1.15	USD	2 Qtrs
Earnings per weighted average limited partnership units outstanding, basic and diluted (in dollars per units)	`EarningsPerShareBasicAndDiluted`	$0.58	USD	1 Quarter
Weighted average limited partnership units outstanding (in shares)	`WeightedAverageLimitedPartnershipUnitsOutstandingBasicAndDiluted`	19.25M	shares	1 Quarter
Weighted average limited partnership units outstanding (in shares)	`WeightedAverageLimitedPartnershipUnitsOutstandingBasicAndDiluted`	18.93M	shares	1 Quarter
Weighted average limited partnership units outstanding (in shares)	`WeightedAverageLimitedPartnershipUnitsOutstandingBasicAndDiluted`	18.91M	shares	2 Qtrs
Weighted average limited partnership units outstanding (in shares)	`WeightedAverageLimitedPartnershipUnitsOutstandingBasicAndDiluted`	19.22M	shares	2 Qtrs
Distributions per weighted average limited partnership units outstanding (in dollars per units)	`DistributionsPerLimitedPartnershipUnitOutstanding`	$0.97	USD	2 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`	$0.97	USD	2 Qtrs
Distributions per weighted average limited partnership units outstanding (in dollars per units)	`DistributionsPerLimitedPartnershipUnitOutstanding`	$0.49	USD	1 Quarter

Cash Flow Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$23.07M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$11.65M	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.26M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$12.26M	USD	1 Quarter
Provision for loan losses	`ProvisionForLoanLossesExpensed`	$272.51K	USD	2 Qtrs
Provision for loan losses	`ProvisionForLoanLossesExpensed`	$145.42K	USD	1 Quarter
Provision for loan losses	`ProvisionForLoanLossesExpensed`	$287.99K	USD	2 Qtrs
Provision for loan losses	`ProvisionForLoanLossesExpensed`	$137.76K	USD	1 Quarter
Amortization	`AmortizationOfIntangibleAssets`	$99.51K	USD	2 Qtrs
Amortization	`AmortizationOfIntangibleAssets`	$39.27K	USD	2 Qtrs
Accrued interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$-6.91K	USD	2 Qtrs
Accrued interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$6.06M	USD	2 Qtrs
Accrued interest receivable - related parties	`IncreaseDecreaseInAccruedInterestReceivableRelatedParty`	$3.17M	USD	2 Qtrs
Accrued interest receivable - related parties	`IncreaseDecreaseInAccruedInterestReceivableRelatedParty`	$-2.16M	USD	2 Qtrs
Accounts receivable - related parties	`IncreaseDecreaseInAccountsReceivableRelatedParty`	$21.74K	USD	2 Qtrs
Accounts receivable - related parties	`IncreaseDecreaseInAccountsReceivableRelatedParty`	$-10.60K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$317.82K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-39.02K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$35.41K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$33.33K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-40.96K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$14.30K	USD	2 Qtrs
Accrued liabilities - related parties	`IncreaseDecreaseInDueToRelatedParties`	$435.14K	USD	2 Qtrs
Accrued liabilities - related parties	`IncreaseDecreaseInDueToRelatedParties`	$-182.34K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$263.90M	USD	36 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$20.55M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$20.42M	USD	2 Qtrs
Investments in notes receivable	`PaymentsToAcquireMortgageNotesReceivable`	$11.78M	USD	2 Qtrs
Investments in notes receivable	`PaymentsToAcquireMortgageNotesReceivable`	$17.64M	USD	2 Qtrs
Investments in notes receivable - related parties	`OriginationOfNotesReceivableFromRelatedParties`	$350.50K	USD	2 Qtrs
Investments in notes receivable - related parties	`OriginationOfNotesReceivableFromRelatedParties`	$102.70K	USD	2 Qtrs
Investments in participation interest - related party	`InvestmentsInParticipationInterestRelatedParty`	-	USD	2 Qtrs
Investments in participation interest - related party	`InvestmentsInParticipationInterestRelatedParty`	$2.60M	USD	2 Qtrs
Receipts from notes receivable	`ProceedsFromSaleAndCollectionOfMortgageNotesReceivable`	$5.25M	USD	2 Qtrs
Receipts from notes receivable	`ProceedsFromSaleAndCollectionOfMortgageNotesReceivable`	$4.13M	USD	2 Qtrs
Receipts from notes receivable - related parties	`RepaymentOfNotesReceivableFromRelatedParties`	$2.15M	USD	2 Qtrs
Receipts from notes receivable - related parties	`RepaymentOfNotesReceivableFromRelatedParties`	$5.67M	USD	2 Qtrs
Receipts from participation interest - related party	`RepaymentOfParticipationInterestRelatedParty`	$5.35M	USD	2 Qtrs
Receipts from participation interest - related party	`RepaymentOfParticipationInterestRelatedParty`	-	USD	2 Qtrs
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$4.44K	USD	2 Qtrs
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$7.92K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.74M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.19M	USD	2 Qtrs
Proceeds from line-of-credit	`ProceedsFromRepaymentsOfCommercialPaper`	$390.00	USD	2 Qtrs
Proceeds from line-of-credit	`ProceedsFromRepaymentsOfCommercialPaper`	$12.00M	USD	2 Qtrs
Payments on lines-of-credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-2.50M	USD	2 Qtrs
Payments on lines-of-credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-10.00M	USD	2 Qtrs
Limited partner distributions, net of limited partner distribution reinvestment	`DistributionReinvestment`	$68.10M	USD	36 Qtrs
Limited partner distributions, net of limited partner distribution reinvestment	`DistributionReinvestment`	$-13.34M	USD	2 Qtrs
Limited partner distributions, net of limited partner distribution reinvestment	`DistributionReinvestment`	$-13.83M	USD	2 Qtrs
Limited partner redemptions	`LimitedPartnerRedemption`	$-1.34M	USD	2 Qtrs
Limited partner redemptions	`LimitedPartnerRedemption`	$-3.86M	USD	2 Qtrs
General partner distributions	`GeneralPartnersCapitalAccountDistributionAmount`	$-2.10M	USD	2 Qtrs
General partner distributions	`GeneralPartnersCapitalAccountDistributionAmount`	$-876.17K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-21.80M	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-14.04M	USD	2 Qtrs
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.81M	USD	2 Qtrs
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.98M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$157.07K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.97M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$870.67K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.85M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$157.07K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.97M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$870.67K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.85M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$663.70K	USD	2 Qtrs
Cash paid for interest	`InterestPaid`	$390.74K	USD	2 Qtrs
Limited partner distribution reinvestment	`LimitedPartnerDistributionReinvestment`	$4.82M	USD	2 Qtrs
Limited partner distribution reinvestment	`LimitedPartnerDistributionReinvestment`	$5.04M	USD	2 Qtrs
Dividends accrued but not paid	`DividendsAccruedButNotPaid`	-	USD	2 Qtrs
Dividends accrued but not paid	`DividendsAccruedButNotPaid`	$1.12M	USD	2 Qtrs

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