OTHER ASSETS & DEPOSIT AND ESCROW HELD FOR ACQUISITION OF REAL ESTATE

6 Months Ended

Jun. 30, 2013

OTHER ASSETS & DEPOSIT AND ESCROW HELD FOR ACQUISITION OF REAL ESTATE

OTHER ASSETS & DEPOSIT AND ESCROW HELD FOR ACQUISITION OF REAL ESTATE

NOTE 4. OTHER ASSETS & DEPOSIT AND ESCROW HELD FOR ACQUISITION OF REAL ESTATE

Approximately $1,962,000 and $1,919,000 of security deposits are included in prepaid expenses and other assets at June 30, 2013 and December 31, 2012, respectively. The security deposits and escrow accounts are restricted cash.

Included in prepaid expenses and other assets at June 30, 2013 and December 31, 2012 is approximately $132,000 and $420,000, respectively, held in escrow to fund future capital improvements.

Financing fees of approximately $1,771,000 and $1,136,000 are net of accumulated amortization of approximately $739,000 and $772,000 at June 30, 2013 and December 31, 2012, respectively.

Included in deposit and escrow held for acquisition of real estate  is approximately $2,100,000 held by an intermediary in connection with the sale of Nashoba Apartments as well as a deposit of approximately $2,000,000 in connection with the purchase of Windsor Green Apartments in Andover, Massachusetts.  See Note 16 — Subsequent Events.