| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
407 |
| Accounts receivable |
711 |
| Prepaid expenses |
467 |
| Real estate tax escrow: self-controlled |
4,545 |
| Total Current Assets |
6,129 |
| Reserve Fund: (Note 4) |
9,946 |
| Total Current Assets and Reserve Fund |
16,075 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
10,535 |
| Building |
111,992 |
| Building improvements |
38,942 |
| Total |
161,469 |
| Less: Accumulated depreciation |
108,708 |
| Net Property and Improvements |
52,762 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
307 |
| Deferred mortgage closing costs (Note 5) |
222 |
| Total Other Assets and Deferred Charges |
529 |
| Total Assets |
69,366 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
174 |
| Accounts payable |
797 |
| Due to stockholders - real estate tax abatements |
1,936 |
| Advance maintenance |
223 |
| Wages and payroll taxes payable |
144 |
| Accrued real estate tax |
61 |
| Total Current Liabilities |
3,334 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
41,213 |
| Security deposits payable (contra) |
307 |
| Total Long-Term and Other Liabilities |
41,520 |
| Total Liabilities |
44,854 |
| 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 |
(89,060) |
| Total Stockholders' Equity |
24,512 |
| Total Liabilities and Stockholders' Equity |
69,366 |