THE NHP FOUNDATION AND ITS AFFILIATED ENTITIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31, 2019 and 2018 _________
2019
2018
Cash flows from operating activities: (Deficit) of revenue over expenses
$
(13,102,279)
$
(12,636,092)
Adjustments to reconcile (deficit) of revenue over expenses to cash provided by operating activities: Depreciation and amortization
16,590,791 1,789,065 1,737,683
13,035,576 1,160,606 1,359,779
Bad debt expense
Amortization of debt issuance costs
Unrealized loss (gain) on swap
359,016
(366,243) (486,205) (388,834)
Gain on sale of properties
(10,313)
Other loss (gain) in housing funds
(129,633)
Increase (decrease) in operating assets: Accrued interest on notes receivable
(95,589)
(60,037)
Prepaid expenses and other assets
(3,329,247) (4,531,189)
2,027,127
Due from affiliates
(2,304,795)
Grant receivable
6,582
(4,094)
(Increase) decrease in operating liabilities: Accounts payable and accrued expenses
(8,515,508)
7,018,212 1,857,698
Other liabilities
8,058,079
Tenants’ security deposits
191,041
194,227 228,520
Accrued interest on mortgage, notes and construction loan payable
1,010,393
Net cash provided by operating activities
28,892
10,635,445
Cash flows from investing activities: Repayment (issuance) of notes receivable
705,704
(1,250,678)
Purchase of land, buildings, improvements and equipment
(185,821,196)
(104,511,948)
Purchase of other assets
(1,283,961)
(343,175) (627,395)
Net advances of working capital
(450,439)
Net deferred development costs (additions) reimbursements
(2,890,770)
34,338
Proceeds from sale of rental property
-
23,000,000
Net proceeds from (purchase of) investment in housing funds
381,732 226,494
(411,636)
Net sales of investments
615,055
Net cash used in investing activities
(189,132,436)
(83,495,439)
Cash flows from financing activities: Capital contributions received from noncontrolling interests
52,066,015
26,951,609
Net payment of advances from affiliates
153,506
3,197,004
Proceeds from mortgages, notes and construction loans payable
226,894,325 (58,427,047)
121,914,263 (63,540,961)
Principal payments on mortgages, notes and construction loans payable
Payments for debt issuance costs
(8,081,255)
(3,634,039)
Net cash provided by financing activities
212,605,544
84,887,876
Net increase in cash, restricted cash, and cash equivalents
23,502,000
12,027,882
Cash, restricted cash, and cash equivalents, beginning
93,670,703
81,642,821
Cash, restricted cash, and cash equivalents, ending
$
117,172,703
$
93,670,703
See notes to consolidated financial statements
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