| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
3,215 |
| Accounts receivable |
924 |
| Prepaid expenses |
756 |
| Real estate tax escrow: self-controlled |
5,491 |
| Total Current Assets |
10,386 |
| Reserve Fund: (Note 4) |
12,600 |
| Total Current Assets and Reserve Fund |
22,987 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
16,371 |
| Building |
174,033 |
| Building improvements |
59,856 |
| Total |
250,260 |
| Less: Accumulated depreciation |
163,005 |
| Net Property and Improvements |
87,255 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
745 |
| Deferred mortgage closing costs (Note 5) |
444 |
| Total Other Assets and Deferred Charges |
1,190 |
| Total Assets |
111,432 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
270 |
| Accounts payable |
1,069 |
| Due to stockholders - real estate tax abatements |
2,638 |
| Advance maintenance |
259 |
| Wages and payroll taxes payable |
274 |
| Accrued real estate tax |
121 |
| Total Current Liabilities |
4,630 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
64,044 |
| Security deposits payable (contra) |
745 |
| Total Long-Term and Other Liabilities |
64,790 |
| Total Liabilities |
69,420 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
2,757 |
| Paid-in capital in excess of par value |
163,292 |
| Additional paid-in capital |
10,441 |
| Accumulated deficit |
(134,478) |
| Total Stockholders' Equity |
42,012 |
| Total Liabilities and Stockholders' Equity |
111,432 |