| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
264 |
| Accounts receivable |
461 |
| Prepaid expenses |
303 |
| Real estate tax escrow: self-controlled |
2,949 |
| Total Current Assets |
3,978 |
| Reserve Fund: (Note 4) |
6,454 |
| Total Current Assets and Reserve Fund |
10,432 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
6,837 |
| Building |
72,679 |
| Building improvements |
25,272 |
| Total |
104,788 |
| Less: Accumulated depreciation |
70,548 |
| Net Property and Improvements |
34,241 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
199 |
| Deferred mortgage closing costs (Note 5) |
144 |
| Total Other Assets and Deferred Charges |
343 |
| Total Assets |
45,016 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
113 |
| Accounts payable |
517 |
| Due to stockholders - real estate tax abatements |
1,256 |
| Advance maintenance |
144 |
| Wages and payroll taxes payable |
93 |
| Accrued real estate tax |
40 |
| Total Current Liabilities |
2,164 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
26,746 |
| Security deposits payable (contra) |
199 |
| Total Long-Term and Other Liabilities |
26,945 |
| Total Liabilities |
29,109 |
| 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 |
(57,797) |
| Total Stockholders' Equity |
15,907 |
| Total Liabilities and Stockholders' Equity |
45,016 |