| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
2,069 |
| Accounts receivable |
595 |
| Prepaid expenses |
487 |
| Real estate tax escrow: self-controlled |
3,534 |
| Total Current Assets |
6,684 |
| Reserve Fund: (Note 4) |
8,108 |
| Total Current Assets and Reserve Fund |
14,792 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
10,535 |
| Building |
111,992 |
| Building improvements |
38,518 |
| Total |
161,045 |
| Less: Accumulated depreciation |
104,895 |
| Net Property and Improvements |
56,149 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
480 |
| Deferred mortgage closing costs (Note 5) |
286 |
| Total Other Assets and Deferred Charges |
766 |
| Total Assets |
71,707 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
174 |
| Accounts payable |
688 |
| Due to stockholders - real estate tax abatements |
1,698 |
| Advance maintenance |
167 |
| Wages and payroll taxes payable |
176 |
| Accrued real estate tax |
78 |
| Total Current Liabilities |
2,980 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
41,213 |
| Security deposits payable (contra) |
480 |
| Total Long-Term and Other Liabilities |
41,693 |
| Total Liabilities |
44,672 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
1,774 |
| Paid-in capital in excess of par value |
105,079 |
| Additional paid-in capital |
6,719 |
| Accumulated deficit |
(86,537) |
| Total Stockholders' Equity |
27,035 |
| Total Liabilities and Stockholders' Equity |
71,707 |