| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,571 |
| Receivables (Note 3) |
334 |
| Prepaid expenses (Note 4) |
236 |
| Total Current Assets |
2,141 |
| Reserve fund (Notes 2 and 5) |
10,083 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
21,035 |
| Building |
43,688 |
| Building improvements |
35,750 |
| Total |
100,472 |
| Less: accumulated depreciation |
(62,139) |
| Net Property and Improvements |
38,334 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
278 |
| Unamortized credit line finance costs |
121 |
| Utility deposit |
7 |
| Total Other Assets |
406 |
| Total Assets |
50,964 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
509 |
| Real estate tax abatements |
971 |
| Mortgage payable - current portion |
564 |
| Prepaid maintenance and laundry income |
235 |
| Building improvements payable |
88 |
| Accrued mortgage interest |
84 |
| Total Current Liabilities |
2,450 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
27,699 |
| Unamortized mortgage finance costs (Note 2) |
(674) |
| Total Long-Term Debt |
27,025 |
| Security deposits payable |
383 |
| Total Long-Term Liabilities |
27,407 |
| Total Liabilities |
29,858 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,035 |
| Additional paid-in capital |
59,667 |
| Accumulated deficit |
(39,596) |
| Total Stockholders’ Equity |
21,106 |
| Total Liabilities and Stockholders’ Equity |
50,964 |