| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,190 |
| Accounts receivable |
342 |
| Prepaid expenses |
280 |
| Real estate tax escrow: self-controlled |
2,033 |
| Total Current Assets |
3,845 |
| Reserve Fund: (Note 4) |
4,664 |
| Total Current Assets and Reserve Fund |
8,509 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
6,060 |
| Building |
64,420 |
| Building improvements |
22,156 |
| Total |
92,636 |
| Less: Accumulated depreciation |
60,338 |
| Net Property and Improvements |
32,298 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
276 |
| Deferred mortgage closing costs (Note 5) |
165 |
| Total Other Assets and Deferred Charges |
440 |
| Total Assets |
41,248 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
100 |
| Accounts payable |
396 |
| Due to stockholders - real estate tax abatements |
976 |
| Advance maintenance |
96 |
| Wages and payroll taxes payable |
101 |
| Accrued real estate tax |
45 |
| Total Current Liabilities |
1,714 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
23,707 |
| Security deposits payable (contra) |
276 |
| Total Long-Term and Other Liabilities |
23,982 |
| Total Liabilities |
25,696 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
1,021 |
| Paid-in capital in excess of par value |
60,444 |
| Additional paid-in capital |
3,865 |
| Accumulated deficit |
(49,778) |
| Total Stockholders' Equity |
15,551 |
| Total Liabilities and Stockholders' Equity |
41,248 |