| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,241 |
| Accounts receivable |
357 |
| Prepaid expenses |
292 |
| Real estate tax escrow: self-controlled |
2,120 |
| Total Current Assets |
4,010 |
| Reserve Fund: (Note 4) |
4,865 |
| Total Current Assets and Reserve Fund |
8,875 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
6,321 |
| Building |
67,195 |
| Building improvements |
23,111 |
| Total |
96,627 |
| Less: Accumulated depreciation |
62,937 |
| Net Property and Improvements |
33,690 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
288 |
| Deferred mortgage closing costs (Note 5) |
172 |
| Total Other Assets and Deferred Charges |
459 |
| Total Assets |
43,024 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
104 |
| Accounts payable |
413 |
| Due to stockholders - real estate tax abatements |
1,019 |
| Advance maintenance |
100 |
| Wages and payroll taxes payable |
106 |
| Accrued real estate tax |
47 |
| Total Current Liabilities |
1,788 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
24,728 |
| Security deposits payable (contra) |
288 |
| Total Long-Term and Other Liabilities |
25,016 |
| Total Liabilities |
26,803 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
1,064 |
| Paid-in capital in excess of par value |
63,048 |
| Additional paid-in capital |
4,031 |
| Accumulated deficit |
(51,922) |
| Total Stockholders' Equity |
16,221 |
| Total Liabilities and Stockholders' Equity |
43,024 |