| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
244 |
| Accounts receivable |
426 |
| Prepaid expenses |
280 |
| Real estate tax escrow: self-controlled |
2,727 |
| Total Current Assets |
3,678 |
| Reserve Fund: (Note 4) |
5,967 |
| Total Current Assets and Reserve Fund |
9,645 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
6,321 |
| Building |
67,195 |
| Building improvements |
23,365 |
| Total |
96,881 |
| Less: Accumulated depreciation |
65,225 |
| Net Property and Improvements |
31,657 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
184 |
| Deferred mortgage closing costs (Note 5) |
133 |
| Total Other Assets and Deferred Charges |
317 |
| Total Assets |
41,619 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
104 |
| Accounts payable |
478 |
| Due to stockholders - real estate tax abatements |
1,161 |
| Advance maintenance |
134 |
| Wages and payroll taxes payable |
86 |
| Accrued real estate tax |
37 |
| Total Current Liabilities |
2,000 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
24,728 |
| Security deposits payable (contra) |
184 |
| Total Long-Term and Other Liabilities |
24,912 |
| Total Liabilities |
26,912 |
| 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 |
(53,436) |
| Total Stockholders' Equity |
14,707 |
| Total Liabilities and Stockholders' Equity |
41,619 |