| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
334 |
| Accounts receivable |
583 |
| Prepaid expenses |
383 |
| Real estate tax escrow: self-controlled |
3,727 |
| Total Current Assets |
5,026 |
| Reserve Fund: (Note 4) |
8,156 |
| Total Current Assets and Reserve Fund |
13,182 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
8,639 |
| Building |
91,840 |
| Building improvements |
31,935 |
| Total |
132,414 |
| Less: Accumulated depreciation |
89,147 |
| Net Property and Improvements |
43,268 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
251 |
| Deferred mortgage closing costs (Note 5) |
182 |
| Total Other Assets and Deferred Charges |
434 |
| Total Assets |
56,884 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
143 |
| Accounts payable |
654 |
| Due to stockholders - real estate tax abatements |
1,587 |
| Advance maintenance |
183 |
| Wages and payroll taxes payable |
118 |
| Accrued real estate tax |
50 |
| Total Current Liabilities |
2,734 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
33,797 |
| Security deposits payable (contra) |
251 |
| Total Long-Term and Other Liabilities |
34,048 |
| Total Liabilities |
36,783 |
| 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 |
(73,035) |
| Total Stockholders' Equity |
20,101 |
| Total Liabilities and Stockholders' Equity |
56,884 |