| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,620 |
| Receivables (Note 3) |
344 |
| Prepaid expenses (Note 4) |
243 |
| Total Current Assets |
2,207 |
| Reserve fund (Notes 2 and 5) |
10,395 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
21,686 |
| Building |
45,040 |
| Building improvements |
36,856 |
| Total |
103,582 |
| Less: accumulated depreciation |
(64,062) |
| Net Property and Improvements |
39,520 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
286 |
| Unamortized credit line finance costs |
125 |
| Utility deposit |
7 |
| Total Other Assets |
419 |
| Total Assets |
52,541 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
524 |
| Real estate tax abatements |
1,001 |
| Mortgage payable - current portion |
581 |
| Prepaid maintenance and laundry income |
242 |
| Building improvements payable |
91 |
| Accrued mortgage interest |
87 |
| Total Current Liabilities |
2,526 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
28,556 |
| Unamortized mortgage finance costs (Note 2) |
(695) |
| Total Long-Term Debt |
27,861 |
| Security deposits payable |
394 |
| Total Long-Term Liabilities |
28,256 |
| Total Liabilities |
30,782 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,067 |
| Additional paid-in capital |
61,514 |
| Accumulated deficit |
(40,821) |
| Total Stockholders’ Equity |
21,759 |
| Total Liabilities and Stockholders’ Equity |
52,541 |