| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
251 |
| Accounts receivable |
438 |
| Prepaid expenses |
288 |
| Real estate tax escrow: self-controlled |
2,802 |
| Total Current Assets |
3,779 |
| Reserve Fund: (Note 4) |
6,132 |
| Total Current Assets and Reserve Fund |
9,911 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
6,495 |
| Building |
69,045 |
| Building improvements |
24,009 |
| Total |
99,549 |
| Less: Accumulated depreciation |
67,020 |
| Net Property and Improvements |
32,528 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
189 |
| Deferred mortgage closing costs (Note 5) |
137 |
| Total Other Assets and Deferred Charges |
326 |
| Total Assets |
42,765 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
107 |
| Accounts payable |
491 |
| Due to stockholders - real estate tax abatements |
1,193 |
| Advance maintenance |
137 |
| Wages and payroll taxes payable |
89 |
| Accrued real estate tax |
38 |
| Total Current Liabilities |
2,056 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
25,409 |
| Security deposits payable (contra) |
189 |
| Total Long-Term and Other Liabilities |
25,598 |
| Total Liabilities |
27,653 |
| 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 |
(54,907) |
| Total Stockholders' Equity |
15,112 |
| Total Liabilities and Stockholders' Equity |
42,765 |