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OTHER ASSETS | 3 Months Ended
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Mar. 31, 2022
OTHER ASSETS |
OTHER ASSETS | NOTE 4. PREPAID EXPENSES and OTHER ASSETS ​ Approximately $3,091,000, and $3,067,000 of security deposits are included in prepaid expenses and other assets at March 31, 2022 and December 31, 2021, respectively. The security deposits and escrow accounts are restricted cash. ​ Also, included in prepaid expenses and other assets at March 31, 2022 and December 31, 2021 is approximately $1,971,000 and $1,819,000, respectively, held in escrow to fund future capital improvements. ​ Intangible assets on the acquisition of Mill Street Apartments are included in prepaid expenses and other assets. Intangible assets are approximately $19,000 net of accumulated amortization of approximately $1,399,000 and approximately $26,000 net of accumulated amortization of approximately $1,392,000 at March 31, 2022 and December 31, 2021, respectively. Financing fees in association with the line of credit of approximately $154,000 and $169,000 are net of accumulated amortization of approximately $25,000 and $10,000 at March 31, 2022 and December 31, 2021 respectively. ​

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