FINANCIAL RESULTS
Albanese Cormier Holdings, LLC and Subsidiaries NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Years ended December 31, 2025 and 2024
10.
Accrued Liabilities Accrued liabilities consisted of the following:
2025
2024
Accrued interest
1,709,137 853,957 223,275
1,522,908 858,569
Accrued property taxes Accrued state income tax
64,418 125,043 22,863 283,074 131,756
Accrued utilities Insurance payable
87,648
-
Other accrued liabilities Other transportation Payroll taxes payable Lease prepayments
2,006,590 157,669
1,010
2,897
2,696,488
1,713,031
Sales tax payable
1,384
6,223
Commissions
681,278 8,677,752
-
Tenant improvement allowances
751,542
$ 17,096,188
$ 5,482,324
11.
Interest Rate Swap Derivative In November 2019, the Company entered into an interest rate swap derivatives (the “Swap”) with a notional amount of $4,800,000 with a maturity date of August 2029. The Swap involves agreements to pay a fixed rate of 4.33% and receive a floating rate, calculated on the agreed-upon notional amount. The debt and amounts that the Company hedges are determined based on its current business plan, prevailing market conditions and the current shape of the yield curve. This swap is secured by property known as Elk Grove Plaza. In December 2020, the Company entered into an interest rate swap derivatives (the “Swap”) with a notional amount of $14,797,743. The Swap is effective December 10, 2022 and has a maturity date of December 2027. The Swap involves agreements to pay a fixed rate of 3.75% and receive a floating rate, calculated on the agreed-upon notional amount. The debt and amounts that the Company hedges are determined based on its current business plan, prevailing market conditions and the current shape of the yield curve. This swap is secured by property known as Town Square Shopping Center.
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89 AlbaneseCormier® | 2025 Annual Report
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