| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,644 |
| Receivables (Note 3) |
349 |
| Prepaid expenses (Note 4) |
247 |
| Total Current Assets |
2,240 |
| Reserve fund (Notes 2 and 5) |
10,551 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
22,011 |
| Building |
45,716 |
| Building improvements |
37,410 |
| Total |
105,136 |
| Less: accumulated depreciation |
(65,023) |
| Net Property and Improvements |
40,113 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
291 |
| Unamortized credit line finance costs |
127 |
| Utility deposit |
7 |
| Total Other Assets |
425 |
| Total Assets |
53,329 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
532 |
| Real estate tax abatements |
1,016 |
| Mortgage payable - current portion |
590 |
| Prepaid maintenance and laundry income |
246 |
| Building improvements payable |
93 |
| Accrued mortgage interest |
88 |
| Total Current Liabilities |
2,564 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
28,984 |
| Unamortized mortgage finance costs (Note 2) |
(705) |
| Total Long-Term Debt |
28,279 |
| Security deposits payable |
400 |
| Total Long-Term Liabilities |
28,680 |
| Total Liabilities |
31,244 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,083 |
| Additional paid-in capital |
62,437 |
| Accumulated deficit |
(41,434) |
| Total Stockholders’ Equity |
22,086 |
| Total Liabilities and Stockholders’ Equity |
53,329 |