| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
258 |
| Accounts receivable |
450 |
| Prepaid expenses |
295 |
| Real estate tax escrow: self-controlled |
2,877 |
| Total Current Assets |
3,880 |
| Reserve Fund: (Note 4) |
6,296 |
| Total Current Assets and Reserve Fund |
10,176 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
6,669 |
| Building |
70,895 |
| Building improvements |
24,652 |
| Total |
102,216 |
| Less: Accumulated depreciation |
68,816 |
| Net Property and Improvements |
33,400 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
194 |
| Deferred mortgage closing costs (Note 5) |
141 |
| Total Other Assets and Deferred Charges |
335 |
| Total Assets |
43,911 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
110 |
| Accounts payable |
505 |
| Due to stockholders - real estate tax abatements |
1,225 |
| Advance maintenance |
141 |
| Wages and payroll taxes payable |
91 |
| Accrued real estate tax |
39 |
| Total Current Liabilities |
2,111 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
26,089 |
| Security deposits payable (contra) |
194 |
| Total Long-Term and Other Liabilities |
26,283 |
| Total Liabilities |
28,394 |
| 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 |
(56,379) |
| Total Stockholders' Equity |
15,517 |
| Total Liabilities and Stockholders' Equity |
43,911 |