| Balance Sheets |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,693 |
| Receivables (Note 3) |
360 |
| Prepaid expenses (Note 4) |
254 |
| Total Current Assets |
2,306 |
| Reserve fund (Notes 2 and 5) |
10,863 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
22,662 |
| Building |
47,068 |
| Building improvements |
38,516 |
| Total |
108,246 |
| Less: accumulated depreciation |
(66,946) |
| Net Property and Improvements |
41,299 |
| Other Assets: |
|
| Investment in NCB stock (Note 2) |
299 |
| Unamortized credit line finance costs |
131 |
| Utility deposit |
8 |
| Total Other Assets |
438 |
| Total Assets |
54,907 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable and accrued expenses |
548 |
| Real estate tax abatements |
1,046 |
| Mortgage payable - current portion |
607 |
| Prepaid maintenance and laundry income |
253 |
| Building improvements payable |
95 |
| Accrued mortgage interest |
91 |
| Total Current Liabilities |
2,640 |
| Long-Term Liabilities: |
|
| Mortgage payable - net of current portion (Note 7) |
29,842 |
| Unamortized mortgage finance costs (Note 2) |
(726) |
| Total Long-Term Debt |
29,116 |
| Security deposits payable |
412 |
| Total Long-Term Liabilities |
29,528 |
| Total Liabilities |
32,168 |
| Stockholders’ Equity |
|
| Common stock - $1.00 par value, 71,711 shares issued and outstanding |
1,115 |
| Additional paid-in capital |
64,283 |
| Accumulated deficit |
(42,659) |
| Total Stockholders’ Equity |
22,739 |
| Total Liabilities and Stockholders’ Equity |
54,907 |