| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
215 |
| Accounts receivable |
374 |
| Prepaid expenses |
246 |
| Real estate tax escrow: self-controlled |
2,394 |
| Total Current Assets |
3,229 |
| Reserve Fund: (Note 4) |
5,240 |
| Total Current Assets and Reserve Fund |
8,469 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
5,550 |
| Building |
59,002 |
| Building improvements |
20,516 |
| Total |
85,069 |
| Less: Accumulated depreciation |
57,272 |
| Net Property and Improvements |
27,797 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
162 |
| Deferred mortgage closing costs (Note 5) |
117 |
| Total Other Assets and Deferred Charges |
279 |
| Total Assets |
36,545 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
92 |
| Accounts payable |
420 |
| Due to stockholders - real estate tax abatements |
1,020 |
| Advance maintenance |
117 |
| Wages and payroll taxes payable |
76 |
| Accrued real estate tax |
32 |
| Total Current Liabilities |
1,757 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
21,713 |
| Security deposits payable (contra) |
162 |
| Total Long-Term and Other Liabilities |
21,874 |
| Total Liabilities |
23,631 |
| 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 |
(46,921) |
| Total Stockholders' Equity |
12,914 |
| Total Liabilities and Stockholders' Equity |
36,545 |