United Development Funding III, LP

CIK:0001335732|SEC Filings

STATEMENTS OF INCOME - USD ($)	3 Months Ended		9 Months Ended
STATEMENTS OF INCOME - USD ($)	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Interest income	$ 10,936,312	$ 10,383,913	$ 32,234,725	$ 30,025,917
Interest income - related parties	2,290,651	2,402,798	6,840,397	7,436,738
Mortgage and transaction service revenues	2,549	20,062	137,198	276,940
Mortgage and transaction service revenues - related parties	182,381	174,367	571,680	384,891
Total revenues	13,411,893	12,981,140	39,784,000	38,124,486
Expenses:
Interest expense	153,333	134,833	478,244	557,724
(Recapture) provision for loan loss	5,490,869	(73,316)	5,490,869	199,191
General and administrative	408,035	356,853	1,355,766	910,587
General and administrative - related parties	433,455	430,030	1,301,328	1,252,672
Total expenses	6,485,692	848,400	8,626,207	2,920,174
Net income	6,926,201	12,132,740	31,157,793	35,204,312
Earnings allocated to limited partners	$ 6,207,237	$ 10,873,318	$ 27,923,504	$ 31,549,981
Earnings per weighted average limited partnership units outstanding, basic and diluted (in dollars per units)	$ 0.31	$ 0.56	$ 1.42	$ 1.64
Weighted average limited partnership units outstanding (in shares)	19,830,555	19,355,841	19,714,903	19,262,962
Distributions per weighted average limited partnership units outstanding (in dollars per units)	$ 0.49	$ 0.49	$ 1.46	$ 1.46

STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2015	Sep. 30, 2014
Operating Activities
Net income	$ 31,157,793	$ 35,204,312
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan loss	5,490,869	199,191
Amortization	117,680	158,202
Changes in operating assets and liabilities:
Accrued interest receivable	(4,530,026)	(3,868,868)
Accrued interest receivable - related parties	(1,907,961)	622,055
Accounts receivable - related parties	(1,962)	(98,413)
Other assets	(22,492)	(337,782)
Accounts payable	(41,312)	191,749
Accrued liabilities	(33,901)	(21,639)
Accrued liabilities - related parties	602,010	661,032
Net cash provided by operating activities	30,830,698	32,709,839
Investing Activities
Investments in notes receivable	(21,553,084)	(22,702,602)
Investments in notes receivable - related parties	(16,712)	(437,948)
Investments in participation interest - related party	(997,762)	(5,287,415)
Receipts from notes receivable	11,139,599	7,757,328
Receipts from notes receivable - related parties	3,167	8,675,244
Receipts from participation interest - related party	4,477,747	49,249
Restricted cash	(6,221)	(6,527)
Net cash used in investing activities	(6,953,266)	(11,952,671)
Financing Activities
Proceeds from line-of-credit	0	12,000,000
Payments on lines-of-credit	(1,250,000)	(11,250,000)
Limited partner distributions, net of limited partner distribution reinvestment	(21,648,129)	(20,866,947)
Limited partner redemptions	(96,700)	(1,385,800)
General partner distributions	(1,537,071)	(876,173)
Net cash used in financing activities	(24,531,900)	(22,378,920)
Net decrease in cash and cash equivalents	(654,468)	(1,621,752)
Cash and cash equivalents at beginning of period	790,956	1,966,735
Cash and cash equivalents at end of period	136,488	344,983
Supplemental Cash Flow Information
Cash paid for interest	470,000	569,197
Supplemental Cash Flow Information - non-cash activity
Limited partner distribution reinvestment	7,153,576	7,275,056
Distributions accrued but not paid	2,313,770	2,356,909
Assignment of loans	$ 518,440	$ 0

BALANCE SHEETS - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Assets:
Cash and cash equivalents	$ 136,488	$ 790,956
Restricted cash	1,389,503	1,383,282
Accrued interest receivable	13,556,411	9,544,825
Accrued interest receivable - related parties	2,257,618	349,657
Accounts receivable - related parties	349,021	347,060
Notes receivable, net	286,171,227	280,730,172
Notes receivable - related parties, net	16,416,706	16,403,160
Participation interest - related party, net	71,206,633	74,686,618
Other assets	89,689	184,876
Total assets	391,573,296	384,420,606
Liabilities:
Accounts payable	206,574	247,886
Accrued liabilities	289,830	323,731
Accrued liabilities - related parties	3,072,060	2,470,050
Distributions payable	5,501,575	3,187,805
Lines-of-credit	10,000,000	11,250,000
Total liabilities	$ 19,070,039	$ 17,479,472
Commitments and contingencies
Partners’ Capital:
Limited partners’ capital: 22,500,000 units authorized; 19,898,766 units issued and outstanding at September 30, 2015 and 19,545,922 units issued and outstanding at December 31, 2014	$ 372,651,513	$ 366,472,837
General partner’s capital	(148,256)	468,297
Total partners’ capital	372,503,257	366,941,134
Total liabilities and partners’ capital	$ 391,573,296	$ 384,420,606