| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,635 |
| Accounts receivable |
470 |
| Prepaid expenses |
385 |
| Real estate tax escrow: self-controlled |
2,794 |
| Total Current Assets |
5,284 |
| Reserve Fund: (Note 4) |
6,410 |
| Total Current Assets and Reserve Fund |
11,694 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
8,329 |
| Building |
88,536 |
| Building improvements |
30,451 |
| Total |
127,315 |
| Less: Accumulated depreciation |
82,926 |
| Net Property and Improvements |
44,390 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
379 |
| Deferred mortgage closing costs (Note 5) |
226 |
| Total Other Assets and Deferred Charges |
605 |
| Total Assets |
56,689 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
137 |
| Accounts payable |
544 |
| Due to stockholders - real estate tax abatements |
1,342 |
| Advance maintenance |
132 |
| Wages and payroll taxes payable |
139 |
| Accrued real estate tax |
61 |
| Total Current Liabilities |
2,356 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
32,581 |
| Security deposits payable (contra) |
379 |
| Total Long-Term and Other Liabilities |
32,961 |
| Total Liabilities |
35,316 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
1,403 |
| Paid-in capital in excess of par value |
83,072 |
| Additional paid-in capital |
5,312 |
| Accumulated deficit |
(68,413) |
| Total Stockholders' Equity |
21,373 |
| Total Liabilities and Stockholders' Equity |
56,689 |