| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
322 |
| Accounts receivable |
562 |
| Prepaid expenses |
369 |
| Real estate tax escrow: self-controlled |
3,593 |
| Total Current Assets |
4,846 |
| Reserve Fund: (Note 4) |
7,863 |
| Total Current Assets and Reserve Fund |
12,708 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
8,329 |
| Building |
88,536 |
| Building improvements |
30,786 |
| Total |
127,651 |
| Less: Accumulated depreciation |
85,940 |
| Net Property and Improvements |
41,711 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
242 |
| Deferred mortgage closing costs (Note 5) |
176 |
| Total Other Assets and Deferred Charges |
418 |
| Total Assets |
54,838 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
137 |
| Accounts payable |
630 |
| Due to stockholders - real estate tax abatements |
1,530 |
| Advance maintenance |
176 |
| Wages and payroll taxes payable |
114 |
| Accrued real estate tax |
48 |
| Total Current Liabilities |
2,636 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
32,581 |
| Security deposits payable (contra) |
242 |
| Total Long-Term and Other Liabilities |
32,824 |
| Total Liabilities |
35,460 |
| 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 |
(70,408) |
| Total Stockholders' Equity |
19,378 |
| Total Liabilities and Stockholders' Equity |
54,838 |