THE NHP FOUNDATION AND ITS AFFILIATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED YEARS ENDED DECEMBER 31, 2018 and 2017
For the years ended December 31, 2018 and 2017, total interest costs of $2,949,669 and $1,780,366, respectively, were incurred and expensed. For the years ended December 31, 2018 and 2017, amortization of debt issuance costs of $28,138 and $118,963, respectively, were included in total interest costs expensed. Debt issuance costs, net of accumulated amortization, as of December 31, 2018 and 2017, totaled $1,720,894 and $1,749,032, 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:
Real Estate Entities
Tax Credit Entities
NHPF
Other Entities
Eliminations
Total
December 31, 2019
$
325,000
$
801,091
$
8,199,874
$
- - - - -
$
(815,891)
$
8,510,074
2020 2021 2022 2023
-
18,087,505
- - - -
- - -
18,087,505
1,628,000
- -
1,628,000
-
-
4,041,714
4,028,004
(328,004)
7,741,714
Thereafter
-
31,484,171 54,400,771
102,264,260 110,464,134
4,711,343 4,711,343
(72,576,589) (73,720,484)
65,883,185
5,994,714
101,850,478
Unamortized debt issuance costs
-
(857,713)
(863,181)
-
-
(1,720,894)
$
5,994,714
$
53,543,058
$
109,600,953
$
4,711,343
$
(73,720,484)
$
100,129,584
- 31 -
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