BALANCE SHEETS |
|
Assets |
|
Current Assets: |
|
Cash and cash equivalents |
1,293 |
Receivables (Note 3) |
2,262 |
Prepaid expenses (Note 4) |
388 |
Total Current Assets |
3,943 |
Reserve fund (Notes 2 and 5) |
5,259 |
Property and Improvements: (Notes 2 and 6) |
|
Land |
18,415 |
Building |
73,661 |
Building improvements and equipment |
17,058 |
Total |
109,135 |
Less: accumulated depreciation |
61,984 |
Net Property and Improvements |
47,150 |
Other Assets: |
|
Cash - security deposits |
621 |
Unamortized mortgage finance costs (Note 2) |
527 |
Deferred ieasing commissions (Note 2) |
208 |
Total Other Assets |
1,356 |
Total Assets |
57,708 |
Liabilities |
|
Current Liabilities: |
|
Accounts payable |
495 |
Real estate tax abatements |
644 |
Accrued mortgage interest |
197 |
Building improvements payable |
-0- |
Advance maintenance |
78 |
Total Current Liabilities |
1,414 |
Long-Term Liabilities: |
|
Mortgage payable (Note 7) |
40,343 |
Security deposits payable |
621 |
Total Long-Term Liabilities |
40,964 |
Total Liabilities |
42,378 |
Stockholders’ Equity |
|
Common stock - $4.00 par value, 50,000 shares authorized, 47,364 shares issued and outstanding |
294 |
Additional paid-in capital |
61,453 |
Accumulated deficit |
(46,417) |
Total Stackholders' Equity |
15,330 |
Total Liabilities and Stockholders' Equity |
57,708 |