| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,523 |
| Receivables (Note 3) |
323 |
| Prepaid expenses (Note 4) |
228 |
| Total Current Assets |
2,075 |
| Reserve fund (Notes 2 and 5) |
9,771 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
20,384 |
| Building |
42,336 |
| Building improvements |
34,644 |
| Total |
97,363 |
| Less: accumulated depreciation |
(60,216) |
| Net Property and Improvements |
37,147 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
269 |
| Unamortized credit line finance costs |
118 |
| Utility deposit |
7 |
| Total Other Assets |
394 |
| Total Assets |
49,386 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
493 |
| Real estate tax abatements |
940 |
| Mortgage payable - current portion |
546 |
| Prepaid maintenance and laundry income |
227 |
| Building improvements payable |
86 |
| Accrued mortgage interest |
82 |
| Total Current Liabilities |
2,375 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
26,841 |
| Unamortized mortgage finance costs (Note 2) |
(653) |
| Total Long-Term Debt |
26,188 |
| Security deposits payable |
371 |
| Total Long-Term Liabilities |
26,559 |
| Total Liabilities |
28,934 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,002 |
| Additional paid-in capital |
57,820 |
| Accumulated deficit |
(38,370) |
| Total Stockholders’ Equity |
20,453 |
| Total Liabilities and Stockholders’ Equity |
49,386 |