THE NHP FOUNDATION AND ITS AFFILIATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED YEARS ENDED DECEMBER 31, 2019 and 2018
NOTE 9 - LAND, BUILDINGS, IMPROVEMENTS AND EQUIPMENT, NET As of December 31, 2019 and 2018, land, buildings, improvements and equipment consisted of the following:
2019
2018
Land
$
68,513,054
$
63,650,019
Buildings, improvements and equipment
707,497,785
521,216,194
776,010,839
584,866,213 (90,747,966)
Less: Accumulated depreciation
(107,125,110)
$
668,885,729
$
494,118,247
Depreciation expense for 2019 and 2018 amounted to $16,377,144 and $12,835,436, respectively. Construction in progress of $18,268,287 and $9,300,869 at December 31, 2019 and 2018, respectively, is included in buildings, improvements and equipment. Accumulated depreciation includes a one-time elimination adjustment related to intercompany gain on sales. Refer to Note 14 for the acquisition and disposition of properties during 2019 and 2018.
- 31 -
Powered by FlippingBook