POSITION

2015

2014

Assets

Cash and cash equivalents
$
73,520,000
$
68,789,000
Restricted cash and deposits
64,204,000
52,062,000
Accounts receivable - net
8,070,000
3,585,000
Notes receivable
24,229,000
16,334,000
Prepaid expenses, deposits and impounds
44,562,000
21,837,000
Property and equipment - net
1,617,208,000
1,424,583,000
Deferred costs - net
15,507,000
15,697,000
Land under lease and other investments
7,815,000
8,967,000
Total assets
1,855,115,000
1,611,854,000

LIABILITIES AND NET ASSETS

Liabilities

Accounts payable and accrued expenses
57,316,000
52,323,000
Notes and interest payable
1,268,602,000
1,099,542,000
Deferred revenues
33,050,000
33,449,000
Security and other deposits
6,407,000
4,421,000
Total liabilities
1,365,375,000
1,189,735,000

Net Assets:

Unrestricted:
Controlling interests
165,888,000
152,035,000
Non-controlling interests
318,656,000
265,266,000
Total unrestricted
484,544,000
417,301,000
Temporarily restricted:
3,536,000
3,158,000
Permanently restricted:
1,660,000
1,660,000
Total net assets
489,740,000
422,119,000
Total liabilities and net assets
$
1,855,115,000
$
1,611,854,000

*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.

 

2015

2014

Support and Revenue

Rental income - net of vacancies and concessions
$
112,571,000
$
103,113,000
Developer Fees
11,083,000
12,006,000
Management revenue
3,206,000
3,628,000
Contributions
23,760,000
41,296,000
Interest income
1,462,000
909,000
Other
6,706,000
5,865,000
Total support and revenue
$
158,788,000
$
166,817,000

Expenses

Program services (1)
$
120,611,000
$
123,015,000
Supporting services
7,930,000
8,745,000
Fundraising
408,000
545,000
Total expenses
128,949,000
132,305,000
Cash Operating Income
$
29,839,000
$
34,512,000

(1) Expenses exclude $47,093,000 and $39,974,000 of non-cash Depreciation andAmortization Expense and $9,640,000 and $9,255,000 of non-cash Interest Expense on project related subordinate financing in 2015 and 2014 respectively.