| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,596 |
| Receivables (Note 3) |
339 |
| Prepaid expenses (Note 4) |
239 |
| Total Current Assets |
2,174 |
| Reserve fund (Notes 2 and 5) |
10,239 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
21,360 |
| Building |
44,364 |
| Building improvements |
36,303 |
| Total |
102,027 |
| Less: accumulated depreciation |
(63,100) |
| Net Property and Improvements |
38,927 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
282 |
| Unamortized credit line finance costs |
123 |
| Utility deposit |
7 |
| Total Other Assets |
412 |
| Total Assets |
51,752 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
517 |
| Real estate tax abatements |
986 |
| Mortgage payable - current portion |
572 |
| Prepaid maintenance and laundry income |
238 |
| Building improvements payable |
90 |
| Accrued mortgage interest |
86 |
| Total Current Liabilities |
2,488 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
28,127 |
| Unamortized mortgage finance costs (Note 2) |
(684) |
| Total Long-Term Debt |
27,443 |
| Security deposits payable |
389 |
| Total Long-Term Liabilities |
27,831 |
| Total Liabilities |
30,320 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,051 |
| Additional paid-in capital |
60,590 |
| Accumulated deficit |
(40,208) |
| Total Stockholders’ Equity |
21,433 |
| Total Liabilities and Stockholders’ Equity |
51,752 |