| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,547 |
| Receivables (Note 3) |
329 |
| Prepaid expenses (Note 4) |
232 |
| Total Current Assets |
2,108 |
| Reserve fund (Notes 2 and 5) |
9,927 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
20,709 |
| Building |
43,012 |
| Building improvements |
35,197 |
| Total |
98,918 |
| Less: accumulated depreciation |
(61,177) |
| Net Property and Improvements |
37,740 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
273 |
| Unamortized credit line finance costs |
119 |
| Utility deposit |
7 |
| Total Other Assets |
400 |
| Total Assets |
50,175 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
501 |
| Real estate tax abatements |
955 |
| Mortgage payable - current portion |
555 |
| Prepaid maintenance and laundry income |
231 |
| Building improvements payable |
87 |
| Accrued mortgage interest |
83 |
| Total Current Liabilities |
2,412 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
27,270 |
| Unamortized mortgage finance costs (Note 2) |
(663) |
| Total Long-Term Debt |
26,607 |
| Security deposits payable |
377 |
| Total Long-Term Liabilities |
26,983 |
| Total Liabilities |
29,396 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,018 |
| Additional paid-in capital |
58,744 |
| Accumulated deficit |
(38,983) |
| Total Stockholders’ Equity |
20,779 |
| Total Liabilities and Stockholders’ Equity |
50,175 |