10-Q Filing

UNITED DEVELOPMENT FUNDING III, LP CIK: 1335732 Q3 2014

Filing Information

Form Type	10-Q
Accession Number	`0001144204-14-068688`
Period End Date	20140930
Filing Date	20141114
Fiscal Year	2014
Fiscal Period	Q3
XBRL Instance	cik0001335732-20140930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 50 Income Statement 63 Cash Flow Statement 73

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`	$1.97M	USD	Point-in-time
Limited partners' capital account, units issued	`LimitedPartnersCapitalAccountUnitsIssued`	19.13M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$344.98K	USD	Point-in-time
Limited partners' capital account, units issued	`LimitedPartnersCapitalAccountUnitsIssued`	19.43M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$1.37M	USD	Point-in-time
Limited Partners' capital account, units outstanding	`LimitedPartnersCapitalAccountUnitsOutstanding`	19.43M	shares	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
Accrued interest receivable	`InterestReceivable`	$6.32M	USD	Point-in-time
Accrued interest receivable	`InterestReceivable`	$10.19M	USD	Point-in-time
Accrued interest receivable - related parties	`AccruedInterestReceivablesRelatedParty`	$625.77K	USD	Point-in-time
Accrued interest receivable - related parties	`AccruedInterestReceivablesRelatedParty`	$1.25M	USD	Point-in-time
Accounts receivable - related parties	`AccountsReceivableRelatedParties`	$396.21K	USD	Point-in-time
Accounts receivable - related parties	`AccountsReceivableRelatedParties`	$297.79K	USD	Point-in-time
Notes receivable, net	`NotesReceivableNet`	$269.71M	USD	Point-in-time
Notes receivable, net	`NotesReceivableNet`	$254.97M	USD	Point-in-time
Notes receivable - related parties, net	`NotesReceivableRelatedParties`	$27.75M	USD	Point-in-time
Notes receivable - related parties, net	`NotesReceivableRelatedParties`	$19.51M	USD	Point-in-time
Participation interest - related party, net	`ParticipationInterestRelatedPartyNet`	$70.84M	USD	Point-in-time
Participation interest - related party, net	`ParticipationInterestRelatedPartyNet`	$76.07M	USD	Point-in-time
Other assets	`OtherAssets`	$241.49K	USD	Point-in-time
Other assets	`OtherAssets`	$61.91K	USD	Point-in-time
Total assets	`Assets`	$364.83M	USD	Point-in-time
Total assets	`Assets`	$378.48M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentAndNoncurrent`	$327.28K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentAndNoncurrent`	$135.53K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrentAndNoncurrent`	$150.88K	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrentAndNoncurrent`	$172.51K	USD	Point-in-time
Accrued liabilities - related parties	`DueToRelatedPartiesCurrentAndNoncurrent`	$2.06M	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`	$2.36M	USD	Point-in-time
Lines-of-credit	`LineOfCredit`	$10.75M	USD	Point-in-time
Lines-of-credit	`LineOfCredit`	$10.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$15.64M	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; 19,426,211 units issued and outstanding at September 30, 2014 and 19,131,748 units issued and outstanding at December 31, 2013	`LimitedPartnersCapitalAccount`	$362.42M	USD	Point-in-time
Limited partners capital: 22,500,000 units authorized; 19,426,211 units issued and outstanding at September 30, 2014 and 19,131,748 units issued and outstanding at December 31, 2013	`LimitedPartnersCapitalAccount`	$353.12M	USD	Point-in-time
General partners capital	`GeneralPartnersCapitalAccount`	$421.36K	USD	Point-in-time
General partners capital	`GeneralPartnersCapitalAccount`	$109.00	USD	Point-in-time
Total partners capital	`PartnersCapital`	$362.84M	USD	Point-in-time
Total partners capital	`PartnersCapital`	$353.12M	USD	Point-in-time
Total liabilities and partners capital	`LiabilitiesAndStockholdersEquity`	$364.83M	USD	Point-in-time
Total liabilities and partners capital	`LiabilitiesAndStockholdersEquity`	$378.48M	USD	Point-in-time

Income Statement 63 line items

Line Item	Tag	Value	Unit	Period
Interest income	`InterestIncomeOperating`	$10.38M	USD	1 Quarter
Interest income	`InterestIncomeOperating`	$30.03M	USD	3 Qtrs
Interest income	`InterestIncomeOperating`	$9.51M	USD	1 Quarter
Interest income	`InterestIncomeOperating`	$27.69M	USD	3 Qtrs
Interest income - related parties	`InterestIncomeRelatedParty`	$4.07M	USD	1 Quarter
Interest income - related parties	`InterestIncomeRelatedParty`	$7.44M	USD	3 Qtrs
Interest income - related parties	`InterestIncomeRelatedParty`	$12.47M	USD	3 Qtrs
Interest income - related parties	`InterestIncomeRelatedParty`	$15.20M	USD	Annual
Interest income - related parties	`InterestIncomeRelatedParty`	$2.40M	USD	1 Quarter
Mortgage and transaction service revenues	`MortgageAndTransactionServiceRevenuesExcludingRelatedParty`	$18.22K	USD	1 Quarter
Mortgage and transaction service revenues	`MortgageAndTransactionServiceRevenuesExcludingRelatedParty`	$352.50K	USD	3 Qtrs
Mortgage and transaction service revenues	`MortgageAndTransactionServiceRevenuesExcludingRelatedParty`	$276.94K	USD	3 Qtrs
Mortgage and transaction service revenues	`MortgageAndTransactionServiceRevenuesExcludingRelatedParty`	$20.06K	USD	1 Quarter
Mortgage and transaction service revenues - related parties	`MortgageAndTransactionServiceRevenuesRelatedParty`	$174.37K	USD	1 Quarter
Mortgage and transaction service revenues - related parties	`MortgageAndTransactionServiceRevenuesRelatedParty`	$194.38K	USD	3 Qtrs
Mortgage and transaction service revenues - related parties	`MortgageAndTransactionServiceRevenuesRelatedParty`	$39.10K	USD	1 Quarter
Mortgage and transaction service revenues - related parties	`MortgageAndTransactionServiceRevenuesRelatedParty`	$246.00K	USD	Annual
Mortgage and transaction service revenues - related parties	`MortgageAndTransactionServiceRevenuesRelatedParty`	$384.89K	USD	3 Qtrs
Total revenues	`Revenues`	$12.98M	USD	1 Quarter
Total revenues	`Revenues`	$13.64M	USD	1 Quarter
Total revenues	`Revenues`	$40.70M	USD	3 Qtrs
Total revenues	`Revenues`	$38.12M	USD	3 Qtrs
Interest expense	`InterestExpenseDebt`	$134.83K	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$281.85K	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$929.45K	USD	3 Qtrs
Interest expense	`InterestExpenseDebt`	$557.72K	USD	3 Qtrs
(Recapture) provision for loan loss	`ProvisionForLoanLossesExpensed`	$436.05K	USD	3 Qtrs
(Recapture) provision for loan loss	`ProvisionForLoanLossesExpensed`	$148.07K	USD	1 Quarter
(Recapture) provision for loan loss	`ProvisionForLoanLossesExpensed`	$-73.32K	USD	1 Quarter
(Recapture) provision for loan loss	`ProvisionForLoanLossesExpensed`	$199.19K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpenseExcludingRelatedParty`	$793.30K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpenseExcludingRelatedParty`	$910.59K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpenseExcludingRelatedParty`	$356.85K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpenseExcludingRelatedParty`	$316.18K	USD	1 Quarter
General and administrative - related parties	`GeneralAndAdministrativeExpenseRelatedParty`	$2.08M	USD	3 Qtrs
General and administrative - related parties	`GeneralAndAdministrativeExpenseRelatedParty`	$430.03K	USD	1 Quarter
General and administrative - related parties	`GeneralAndAdministrativeExpenseRelatedParty`	$695.89K	USD	1 Quarter
General and administrative - related parties	`GeneralAndAdministrativeExpenseRelatedParty`	$5.40M	USD	Annual
General and administrative - related parties	`GeneralAndAdministrativeExpenseRelatedParty`	$1.25M	USD	3 Qtrs
Total expenses	`TotalExpenses`	$2.92M	USD	3 Qtrs
Total expenses	`TotalExpenses`	$1.44M	USD	1 Quarter
Total expenses	`TotalExpenses`	$4.24M	USD	3 Qtrs
Total expenses	`TotalExpenses`	$848.40K	USD	1 Quarter
Net income	`NetIncomeLoss`	$12.19M	USD	1 Quarter
Net income	`NetIncomeLoss`	$36.46M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$35.20M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$12.13M	USD	1 Quarter
Earnings allocated to limited partners	`NetIncomeLossAllocatedToLimitedPartners`	$31.55M	USD	3 Qtrs
Earnings allocated to limited partners	`NetIncomeLossAllocatedToLimitedPartners`	$10.87M	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	`EarningsPerShareBasicAndDiluted`	$0.56	USD	1 Quarter
Earnings per weighted average limited partnership units outstanding, basic and diluted	`EarningsPerShareBasicAndDiluted`	$1.73	USD	3 Qtrs
Earnings per weighted average limited partnership units outstanding, basic and diluted	`EarningsPerShareBasicAndDiluted`	$0.58	USD	1 Quarter
Earnings per weighted average limited partnership units outstanding, basic and diluted	`EarningsPerShareBasicAndDiluted`	$1.64	USD	3 Qtrs
Weighted average limited partnership units outstanding (in shares)	`WeightedAverageLimitedPartnershipUnitsOutstandingBasicAndDiluted`	19.36M	shares	1 Quarter
Weighted average limited partnership units outstanding (in shares)	`WeightedAverageLimitedPartnershipUnitsOutstandingBasicAndDiluted`	18.94M	shares	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`	19.26M	shares	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
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 73 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$12.19M	USD	1 Quarter
Net income	`NetIncomeLoss`	$36.46M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$35.20M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$12.13M	USD	1 Quarter
Provision for loan loss	`ProvisionForLoanLossesExpensed`	$436.05K	USD	3 Qtrs
Provision for loan loss	`ProvisionForLoanLossesExpensed`	$148.07K	USD	1 Quarter
Provision for loan loss	`ProvisionForLoanLossesExpensed`	$-73.32K	USD	1 Quarter
Provision for loan loss	`ProvisionForLoanLossesExpensed`	$199.19K	USD	3 Qtrs
Amortization	`AmortizationOfIntangibleAssets`	$158.20K	USD	3 Qtrs
Amortization	`AmortizationOfIntangibleAssets`	$59.51K	USD	3 Qtrs
Accrued interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$7.25M	USD	3 Qtrs
Accrued interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$3.87M	USD	3 Qtrs
Accrued interest receivable - related parties	`IncreaseDecreaseInAccruedInterestReceivableRelatedParty`	$-622.05K	USD	3 Qtrs
Accrued interest receivable - related parties	`IncreaseDecreaseInAccruedInterestReceivableRelatedParty`	$-2.64M	USD	3 Qtrs
Accounts receivable - related parties	`IncreaseDecreaseInAccountsReceivableRelatedParty`	$98.41K	USD	3 Qtrs
Accounts receivable - related parties	`IncreaseDecreaseInAccountsReceivableRelatedParty`	$-10.16K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$337.78K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$16.55K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$55.18K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$191.75K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-39.49K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-21.64K	USD	3 Qtrs
Accrued liabilities - related parties	`IncreaseDecreaseInDueToRelatedParties`	$168.32K	USD	3 Qtrs
Accrued liabilities - related parties	`IncreaseDecreaseInDueToRelatedParties`	$661.03K	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$276.20M	USD	37 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$32.51M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$32.71M	USD	3 Qtrs
Investments in notes receivable	`PaymentsToAcquireMortgageNotesReceivable`	$22.70M	USD	3 Qtrs
Investments in notes receivable	`PaymentsToAcquireMortgageNotesReceivable`	$17.35M	USD	3 Qtrs
Investments in notes receivable - related parties	`OriginationOfNotesReceivableFromRelatedParties`	$437.95K	USD	3 Qtrs
Investments in notes receivable - related parties	`OriginationOfNotesReceivableFromRelatedParties`	$1.02M	USD	3 Qtrs
Investments in participation interest - related party	`InvestmentsInParticipationInterestRelatedParty`	$5.29M	USD	3 Qtrs
Investments in participation interest - related party	`InvestmentsInParticipationInterestRelatedParty`	$2.99M	USD	3 Qtrs
Receipts from notes receivable	`ProceedsFromSaleAndCollectionOfMortgageNotesReceivable`	$6.02M	USD	3 Qtrs
Receipts from notes receivable	`ProceedsFromSaleAndCollectionOfMortgageNotesReceivable`	$7.76M	USD	3 Qtrs
Receipts from notes receivable - related parties	`RepaymentOfNotesReceivableFromRelatedParties`	$8.68M	USD	3 Qtrs
Receipts from notes receivable - related parties	`RepaymentOfNotesReceivableFromRelatedParties`	$5.24M	USD	3 Qtrs
Receipts from participation interest - related party	`RepaymentOfParticipationInterestRelatedParty`	$5.96M	USD	3 Qtrs
Receipts from participation interest - related party	`RepaymentOfParticipationInterestRelatedParty`	$49.25K	USD	3 Qtrs
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$6.53K	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`	$-11.95M	USD	3 Qtrs
Proceeds from lines-of-credit	`ProceedsFromRepaymentsOfCommercialPaper`	$12.00M	USD	3 Qtrs
Proceeds from lines-of-credit	`ProceedsFromRepaymentsOfCommercialPaper`	-	USD	3 Qtrs
Payments on lines-of-credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-11.25M	USD	3 Qtrs
Payments on lines-of-credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-3.75M	USD	3 Qtrs
Limited partner contributions	`LimitedPartnerContributions`	$390.00	USD	3 Qtrs
Limited partner contributions	`LimitedPartnerContributions`	-	USD	3 Qtrs
Limited partner distributions, net of limited partner distribution reinvestment	`DistributionReinvestment`	$-20.11M	USD	3 Qtrs
Limited partner distributions, net of limited partner distribution reinvestment	`DistributionReinvestment`	$-20.87M	USD	3 Qtrs
Limited partner redemptions	`LimitedPartnerRedemption`	$-1.39M	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`	$-876.17K	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-31.07M	USD	3 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-22.38M	USD	3 Qtrs
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.62M	USD	3 Qtrs
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.70M	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`	$1.97M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$344.98K	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`	$1.97M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$344.98K	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$569.20K	USD	3 Qtrs
Cash paid for interest	`InterestPaid`	$955.48K	USD	3 Qtrs
Limited partner distribution reinvestment	`LimitedPartnerDistributionReinvestment`	$7.28M	USD	3 Qtrs
Limited partner distribution reinvestment	`LimitedPartnerDistributionReinvestment`	$7.56M	USD	3 Qtrs
Dividends accrued but not paid	`DividendsAccruedButNotPaid`	-	USD	3 Qtrs
Dividends accrued but not paid	`DividendsAccruedButNotPaid`	$2.36M	USD	3 Qtrs

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