| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,090 |
| Accounts receivable |
313 |
| Prepaid expenses |
256 |
| Real estate tax escrow: self-controlled |
1,862 |
| Total Current Assets |
3,521 |
| Reserve Fund: (Note 4) |
4,272 |
| Total Current Assets and Reserve Fund |
7,793 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
5,550 |
| Building |
59,002 |
| Building improvements |
20,293 |
| Total |
84,845 |
| Less: Accumulated depreciation |
55,263 |
| Net Property and Improvements |
29,582 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
253 |
| Deferred mortgage closing costs (Note 5) |
151 |
| Total Other Assets and Deferred Charges |
403 |
| Total Assets |
37,778 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
92 |
| Accounts payable |
362 |
| Due to stockholders - real estate tax abatements |
894 |
| Advance maintenance |
88 |
| Wages and payroll taxes payable |
93 |
| Accrued real estate tax |
41 |
| Total Current Liabilities |
1,570 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
21,713 |
| Security deposits payable (contra) |
253 |
| Total Long-Term and Other Liabilities |
21,966 |
| Total Liabilities |
23,535 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
935 |
| Paid-in capital in excess of par value |
55,360 |
| Additional paid-in capital |
3,540 |
| Accumulated deficit |
(45,592) |
| Total Stockholders' Equity |
14,243 |
| Total Liabilities and Stockholders' Equity |
37,778 |