| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
221 |
| Accounts receivable |
385 |
| Prepaid expenses |
253 |
| Real estate tax escrow: self-controlled |
2,464 |
| Total Current Assets |
3,323 |
| Reserve Fund: (Note 4) |
5,392 |
| Total Current Assets and Reserve Fund |
8,716 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
5,712 |
| Building |
60,720 |
| Building improvements |
21,114 |
| Total |
87,546 |
| Less: Accumulated depreciation |
58,939 |
| Net Property and Improvements |
28,606 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
166 |
| Deferred mortgage closing costs (Note 5) |
121 |
| Total Other Assets and Deferred Charges |
287 |
| Total Assets |
37,609 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
94 |
| Accounts payable |
432 |
| Due to stockholders - real estate tax abatements |
1,049 |
| Advance maintenance |
121 |
| Wages and payroll taxes payable |
78 |
| Accrued real estate tax |
33 |
| Total Current Liabilities |
1,808 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
22,345 |
| Security deposits payable (contra) |
166 |
| Total Long-Term and Other Liabilities |
22,511 |
| Total Liabilities |
24,319 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
962 |
| Paid-in capital in excess of par value |
56,972 |
| Additional paid-in capital |
3,643 |
| Accumulated deficit |
(48,287) |
| Total Stockholders' Equity |
13,290 |
| Total Liabilities and Stockholders' Equity |
37,609 |