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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 2,981,757 $ 6,451,813  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 709,438 820,808  
Gain on sale of investment in securities (1,416,023)    
Provision for credit loss 1,357,681 0  
Contingent interest realized on investing activities (12,043) (3,012,102)  
(Gain) loss on derivatives, net of cash paid (25,201) 353,127  
Restricted unit compensation expense 39,068 184,184  
Bond premium/discount amortization (27,923) (52,456)  
Debt premium amortization (10,111)    
Amortization of deferred financing costs 358,908 361,305  
Deferred income tax expense & income tax payable/receivable 6,914 310,496  
Change in preferred return receivable from unconsolidated entities, net (1,391,572) (1,556,390)  
Changes in operating assets and liabilities      
Increase in interest receivable (473,070) (663,475)  
(Increase) decrease in other assets (105,961) 722,938  
Increase (decrease) in accounts payable and accrued expenses 352,242 (354,666)  
Net cash provided by operating activities 2,344,104 3,565,582  
Cash flows from investing activities:      
Capital expenditures (86,209) (54,337)  
Acquisition of mortgage revenue bonds   (6,050,000)  
Contributions to unconsolidated entities (10,270,291) (6,594,286)  
Principal payments received on taxable mortgage revenue bonds 2,138 1,954  
Principal payments received on property loans and contingent interest 12,043 11,379,737  
Net cash provided by investing activities 37,477,567 8,281,471  
Cash flows from financing activities:      
Distributions paid (8,316,733) (8,284,917)  
Repurchase of BUCs (2,106,673)    
Proceeds from debt financing   5,263,500  
Principal payments on debt financing (36,013,217) (2,976,289)  
Principal payments on mortgages payable (120,958) (104,685)  
Principal payments on unsecured lines of credit (660,000)    
Decrease in security deposit liability related to restricted cash (30,549) (10,455)  
Debt financing and other deferred costs (720)    
Net cash used in financing activities (47,248,850) (6,112,846)  
Net increase (decrease) in cash, cash equivalents and restricted cash (7,427,179) 5,734,207  
Cash, cash equivalents and restricted cash at beginning of period 43,185,981 33,268,611 $ 33,268,611
Cash, cash equivalents and restricted cash at end of period 35,758,802 39,002,818 $ 43,185,981
Supplemental disclosure of cash flow information:      
Cash paid during the period for interest 4,880,193 5,514,997  
Cash paid during the period for income taxes 4,500    
Supplemental disclosure of noncash investing and financing activities:      
Distributions declared but not paid for BUCs and General Partner 7,604,401 8,393,271  
Distributions declared but not paid for Series A Preferred Units 708,750 708,750  
Capital expenditures financed through accounts payable 3,959 850  
Deferred financing costs financed through accounts payable 103,300 4,843  
Public housing capital fund trusts [Member]      
Cash flows from investing activities:      
Principal payments received   2,767,166  
Proceeds from sale of PHC Certificates 43,349,357    
Mortgage Revenue Bonds [Member]      
Cash flows from investing activities:      
Principal payments received $ 4,470,529 $ 6,831,237