BALANCE SHEETS |
|
Assets |
|
Current Assets: |
|
Cash and cash equivalents |
1,658 |
Receivables (Note 3) |
2,521 |
Prepaid expenses (Note 4) |
387 |
Total Current Assets |
4,566 |
Reserve fund (Notes 2 and 5) |
5,118 |
Property and Improvements: (Notes 2 and 6) |
|
Land |
20,169 |
Building |
80,677 |
Building improvements and equipment |
19,175 |
Total |
120,021 |
Less: accumulated depreciation |
70,893 |
Net Property and Improvements |
49,128 |
Other Assets: |
|
Cash - security deposits |
610 |
Unamortized mortgage finance costs (Note 2) |
530 |
Deferred ieasing commissions (Note 2) |
169 |
Total Other Assets |
1,309 |
Total Assets |
60,122 |
Liabilities |
|
Current Liabilities: |
|
Accounts payable |
580 |
Real estate tax abatements |
706 |
Accrued mortgage interest |
216 |
Building improvements payable |
152 |
Advance maintenance |
64 |
Total Current Liabilities |
1,719 |
Long-Term Liabilities: |
|
Mortgage payable (Note 7) |
44,185 |
Security deposits payable |
528 |
Total Long-Term Liabilities |
44,714 |
Total Liabilities |
46,432 |
Stockholders’ Equity |
|
Common stock - $4.00 par value, 50,000 shares authorized, 47,364 shares issued and outstanding |
322 |
Additional paid-in capital |
67,306 |
Accumulated deficit |
(53,938) |
Total Stackholders' Equity |
13,690 |
Total Liabilities and Stockholders' Equity |
60,122 |