| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,696 |
| Accounts receivable |
488 |
| Prepaid expenses |
399 |
| Real estate tax escrow: self-controlled |
2,898 |
| Total Current Assets |
5,481 |
| Reserve Fund: (Note 4) |
6,649 |
| Total Current Assets and Reserve Fund |
12,130 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
8,639 |
| Building |
91,840 |
| Building improvements |
31,587 |
| Total |
132,066 |
| Less: Accumulated depreciation |
86,020 |
| Net Property and Improvements |
46,046 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
393 |
| Deferred mortgage closing costs (Note 5) |
235 |
| Total Other Assets and Deferred Charges |
628 |
| Total Assets |
58,804 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
143 |
| Accounts payable |
564 |
| Due to stockholders - real estate tax abatements |
1,392 |
| Advance maintenance |
137 |
| Wages and payroll taxes payable |
144 |
| Accrued real estate tax |
64 |
| Total Current Liabilities |
2,444 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
33,797 |
| Security deposits payable (contra) |
393 |
| Total Long-Term and Other Liabilities |
34,190 |
| Total Liabilities |
36,634 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
1,455 |
| Paid-in capital in excess of par value |
86,171 |
| Additional paid-in capital |
5,510 |
| Accumulated deficit |
(70,966) |
| Total Stockholders' Equity |
22,170 |
| Total Liabilities and Stockholders' Equity |
58,804 |