Consolidated Financial Statement

Assets

2014

2013

Assets

Cash and cash equivalents
$
68,789,000
$
72,886,000
Restricted cash and deposits
52,062,000
51,260,000
Accounts receivable - net
3,585,000
6,760,000
Notes receivable
16,334,000
4,543,000
Prepaid expenses, deposits and impounds
21,837,000
6,128,000
Property and equipment - net
1,424,583,000
1,180,267,000
Deferred costs - net
15,697,000
12,736,000
Land under lease and other investments
8,967,000
5,152,000
Total assets
1,611,854,000
1,339,732,000

LIABILITIES AND NET ASSETS

Liabilities

Accounts payable and accrued expenses
52,323,000
44,344,000
Notes and interest payable
1,099,542,000
888,725,000
Deferred revenues
33,449,000
51,010,000
Security and other deposits
4,421,000
4,499,000
Total liabilities
1,189,735,000
988,578,000

Net Assets:

Unrestricted:
Controlling interests
152,035,000
127,100,000
Non-controlling interests
265,266,000
218,951,000
Total unrestricted
417,301,000
346,051,000
Temporarily restricted:
3,158,000
3,443,000
Permanently restricted:
1,660,000
1,660,000
Total net assets
422,119,000
351,154,000
Total liabilities and net assets
$
1,611,854,000
$
1,339,732,000

*The above Financial Statements were consolidated adopting EITF 04-5 whereby entities which BRIDGE controls are consolidated. To obtain a copy of BRIDGE's audited financial statements, please contact the BRIDGE offices.

 

2014

2013

Support and Revenue

Rental income - net of vacancies and concessions
$
103,113,000
$
92,161,000
Developer Fees
12,006,000
11,574,000
Management revenue
3,628,000
4,794,000
Contributions
41,296,000
5,975,000
Interest income
909,000
1,654,000
Other
5,865,000
4,080,000
Total support and revenue
$
166,817,000
$
120,238,000

Expenses

Program services (1)
$
122,405,000
$
89,166,000
Supporting services
8,745,000
7,835,000
Fundraising
545,000
862,000
Total expenses
131,695,000
97,863,000
Cash Operating Income
$
35,122,000
$
22,375,000

(1) Expenses exclude $39,974,000 and $34,417,000 of non-cash Depreciation andAmortization Expense and $9,255,000 and $8,645,000 of non-cash Interest Expense on project related subordinate financing in 2014 and 2013 respectively.