| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,310 |
| Accounts receivable |
376 |
| Prepaid expenses |
308 |
| Real estate tax escrow: self-controlled |
2,237 |
| Total Current Assets |
4,231 |
| Reserve Fund: (Note 4) |
5,133 |
| Total Current Assets and Reserve Fund |
9,364 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
6,669 |
| Building |
70,895 |
| Building improvements |
24,383 |
| Total |
101,947 |
| Less: Accumulated depreciation |
66,403 |
| Net Property and Improvements |
35,545 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
304 |
| Deferred mortgage closing costs (Note 5) |
181 |
| Total Other Assets and Deferred Charges |
485 |
| Total Assets |
45,393 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
110 |
| Accounts payable |
435 |
| Due to stockholders - real estate tax abatements |
1,075 |
| Advance maintenance |
106 |
| Wages and payroll taxes payable |
112 |
| Accrued real estate tax |
49 |
| Total Current Liabilities |
1,886 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
26,089 |
| Security deposits payable (contra) |
304 |
| Total Long-Term and Other Liabilities |
26,393 |
| Total Liabilities |
28,279 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
1,123 |
| Paid-in capital in excess of par value |
66,519 |
| Additional paid-in capital |
4,253 |
| Accumulated deficit |
(54,781) |
| Total Stockholders' Equity |
17,114 |
| Total Liabilities and Stockholders' Equity |
45,393 |