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PREPAID EXPENSES and OTHER ASSETS | 6 Months Ended
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Jun. 30, 2020
PREPAID EXPENSES and OTHER ASSETS |
OTHER ASSETS | NOTE 4. PREPAID EXPENSES and OTHER ASSETS ​ Approximately $2,906,000, and $2,936,000 of security deposits are included in prepaid expenses and other assets at June 30, 2020 and December 31, 2019, respectively. The security deposits and escrow accounts are restricted cash. ​ Also, included in prepaid expenses and other assets at June 30, 2020 and December 31, 2019 is approximately $769,000 and $501,000, respectively, held in escrow to fund future capital improvements. ​ Intangible assets on the acquisitions of Mill Street Apartments and Webster Green Apartments are included in prepaid expenses and other assets. Intanbible assets are approximately $715,000 net of accumulated amortization of approximately $845,000 and approximately $1,382,000 net of accumulated amortization of approximately $178,000 at June 30, 2020 and December 31, 2019, respectively. Financing fees in association with the line of credit of approximately $15,000 and $36,000 are net of accumulated amortization of approximately $114,000 and $93,000 at June 30, 2020 and December 31, 2019 respectively. ​

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