| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,275 |
| Accounts receivable |
367 |
| Prepaid expenses |
300 |
| Real estate tax escrow: self-controlled |
2,179 |
| Total Current Assets |
4,121 |
| Reserve Fund: (Note 4) |
4,999 |
| Total Current Assets and Reserve Fund |
9,120 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
6,495 |
| Building |
69,045 |
| Building improvements |
23,747 |
| Total |
99,287 |
| Less: Accumulated depreciation |
64,670 |
| Net Property and Improvements |
34,617 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
296 |
| Deferred mortgage closing costs (Note 5) |
176 |
| Total Other Assets and Deferred Charges |
472 |
| Total Assets |
44,209 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
107 |
| Accounts payable |
424 |
| Due to stockholders - real estate tax abatements |
1,047 |
| Advance maintenance |
103 |
| Wages and payroll taxes payable |
109 |
| Accrued real estate tax |
48 |
| Total Current Liabilities |
1,837 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
25,409 |
| Security deposits payable (contra) |
296 |
| Total Long-Term and Other Liabilities |
25,704 |
| Total Liabilities |
27,541 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
1,094 |
| Paid-in capital in excess of par value |
64,783 |
| Additional paid-in capital |
4,142 |
| Accumulated deficit |
(53,352) |
| Total Stockholders' Equity |
16,668 |
| Total Liabilities and Stockholders' Equity |
44,209 |