| BALANCE SHEETS |
|
| Assets |
|
| Current Assets: |
|
| Cash and cash equivalents |
774 |
| Receivables (Note 3) |
1,354 |
| Prepaid expenses (Note 4) |
232 |
| Total Current Assets |
2,360 |
| Reserve fund (Notes 2 and 5) |
3,148 |
| Property and Improvements: (Notes 2 and 6) |
|
| Land |
11,024 |
| Building |
44,097 |
| Building improvements and equipment |
10,212 |
| Total |
65,332 |
| Less: accumulated depreciation |
37,106 |
| Net Property and Improvements |
28,226 |
| Other Assets: |
|
| Cash - security deposits |
372 |
| Unamortized mortgage finance costs (Note 2) |
315 |
| Deferred ieasing commissions (Note 2) |
125 |
| Total Other Assets |
812 |
| Total Assets |
34,546 |
| Liabilities |
|
| Current Liabilities: |
|
| Accounts payable |
296 |
| Real estate tax abatements |
385 |
| Accrued mortgage interest |
118 |
| Building improvements payable |
-0- |
| Advance maintenance |
47 |
| Total Current Liabilities |
846 |
| Long-Term Liabilities: |
|
| Mortgage payable (Note 7) |
24,151 |
| Security deposits payable |
372 |
| Total Long-Term Liabilities |
24,523 |
| Total Liabilities |
25,369 |
| Stockholders’ Equity |
|
| Common stock - $4.00 par value, 50,000 shares authorized, 47,364 shares issued and outstanding |
176 |
| Additional paid-in capital |
36,788 |
| Accumulated deficit |
(27,787) |
| Total Stackholders' Equity |
9,177 |
| Total Liabilities and Stockholders' Equity |
34,546 |