THE NHP FOUNDATION AND ITS AFFILIATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED YEARS ENDED DECEMBER 31, 2019 and 2018
For the years ended December 31, 2019 and 2018, total interest costs of $3,401,974 and $2,949,669, respectively, were incurred and expensed. For the years ended December 31, 2019 and 2018, amortization of debt issuance costs were $858,031 and $28,138, respectively, of which $65,997 and $0, respectively, were capitalized and $792,034 and $28,138, respectively were expensed and were included in total interest costs expensed. Debt issuance costs, net of accumulated amortization, as of December 31, 2019 and 2018, totaled $598,187 and $1,720,894, respectively, and are related to the notes and construction loans payable. Amortization of the debt issuance costs is based on imputed rates ranging from 5.08% to 6.60%.
Total minimum principal payments for the next five years and thereafter on notes payable are due as follows:
Total
Year ending December 31,
2020 2021 2022 2023 2024
$
9,417,409
- -
3,785,661 2,310,392 84,189,505 99,702,967
Thereafter
Unamortized debt issuance costs
(598,187)
$
99,104,780
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