| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,668 |
| Receivables (Note 3) |
354 |
| Prepaid expenses (Note 4) |
250 |
| Total Current Assets |
2,273 |
| Reserve fund (Notes 2 and 5) |
10,707 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
22,337 |
| Building |
46,392 |
| Building improvements |
37,963 |
| Total |
106,691 |
| Less: accumulated depreciation |
(65,985) |
| Net Property and Improvements |
40,706 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
295 |
| Unamortized credit line finance costs |
129 |
| Utility deposit |
8 |
| Total Other Assets |
431 |
| Total Assets |
54,118 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
540 |
| Real estate tax abatements |
1,031 |
| Mortgage payable - current portion |
599 |
| Prepaid maintenance and laundry income |
249 |
| Building improvements payable |
94 |
| Accrued mortgage interest |
90 |
| Total Current Liabilities |
2,602 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
29,413 |
| Unamortized mortgage finance costs (Note 2) |
(716) |
| Total Long-Term Debt |
28,697 |
| Security deposits payable |
406 |
| Total Long-Term Liabilities |
29,104 |
| Total Liabilities |
31,706 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,099 |
| Additional paid-in capital |
63,360 |
| Accumulated deficit |
(42,046) |
| Total Stockholders’ Equity |
22,412 |
| Total Liabilities and Stockholders’ Equity |
54,118 |