BALANCE SHEETS |
|
Assets |
|
Current Assets: |
|
Cash and cash equivalents |
1,583 |
Receivables (Note 3) |
2,770 |
Prepaid expenses (Note 4) |
475 |
Total Current Assets |
4,828 |
Reserve fund (Notes 2 and 5) |
6,439 |
Property and Improvements: (Notes 2 and 6) |
|
Land |
22,549 |
Building |
90,197 |
Building improvements and equipment |
20,888 |
Total |
133,635 |
Less: accumulated depreciation |
75,899 |
Net Property and Improvements |
57,735 |
Other Assets: |
|
Cash - security deposits |
760 |
Unamortized mortgage finance costs (Note 2) |
645 |
Deferred ieasing commissions (Note 2) |
255 |
Total Other Assets |
1,660 |
Total Assets |
70,663 |
Liabilities |
|
Current Liabilities: |
|
Accounts payable |
606 |
Real estate tax abatements |
788 |
Accrued mortgage interest |
242 |
Building improvements payable |
-0- |
Advance maintenance |
96 |
Total Current Liabilities |
1,731 |
Long-Term Liabilities: |
|
Mortgage payable (Note 7) |
49,399 |
Security deposits payable |
760 |
Total Long-Term Liabilities |
50,160 |
Total Liabilities |
51,891 |
Stockholders’ Equity |
|
Common stock - $4.00 par value, 50,000 shares authorized, 47,364 shares issued and outstanding |
360 |
Additional paid-in capital |
75,249 |
Accumulated deficit |
(56,837) |
Total Stackholders' Equity |
18,771 |
Total Liabilities and Stockholders' Equity |
70,663 |