| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,342 |
| Accounts receivable |
386 |
| Prepaid expenses |
316 |
| Real estate tax escrow: self-controlled |
2,293 |
| Total Current Assets |
4,337 |
| Reserve Fund: (Note 4) |
5,262 |
| Total Current Assets and Reserve Fund |
9,600 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
6,837 |
| Building |
72,679 |
| Building improvements |
24,997 |
| Total |
104,513 |
| Less: Accumulated depreciation |
68,074 |
| Net Property and Improvements |
36,439 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
311 |
| Deferred mortgage closing costs (Note 5) |
186 |
| Total Other Assets and Deferred Charges |
497 |
| Total Assets |
46,536 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
113 |
| Accounts payable |
446 |
| Due to stockholders - real estate tax abatements |
1,102 |
| Advance maintenance |
108 |
| Wages and payroll taxes payable |
114 |
| Accrued real estate tax |
50 |
| Total Current Liabilities |
1,934 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
26,746 |
| Security deposits payable (contra) |
311 |
| Total Long-Term and Other Liabilities |
27,057 |
| Total Liabilities |
28,991 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
1,151 |
| Paid-in capital in excess of par value |
68,193 |
| Additional paid-in capital |
4,360 |
| Accumulated deficit |
(56,160) |
| Total Stockholders' Equity |
17,545 |
| Total Liabilities and Stockholders' Equity |
46,536 |