| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
305 |
| Accounts receivable |
532 |
| Prepaid expenses |
349 |
| Real estate tax escrow: self-controlled |
3,403 |
| Total Current Assets |
4,589 |
| Reserve Fund: (Note 4) |
7,446 |
| Total Current Assets and Reserve Fund |
12,035 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
7,887 |
| Building |
83,845 |
| Building improvements |
29,155 |
| Total |
120,887 |
| Less: Accumulated depreciation |
81,386 |
| Net Property and Improvements |
39,501 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
230 |
| Deferred mortgage closing costs (Note 5) |
167 |
| Total Other Assets and Deferred Charges |
396 |
| Total Assets |
51,932 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
130 |
| Accounts payable |
597 |
| Due to stockholders - real estate tax abatements |
1,449 |
| Advance maintenance |
167 |
| Wages and payroll taxes payable |
108 |
| Accrued real estate tax |
46 |
| Total Current Liabilities |
2,496 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
30,855 |
| Security deposits payable (contra) |
230 |
| Total Long-Term and Other Liabilities |
31,085 |
| Total Liabilities |
33,581 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
1,328 |
| Paid-in capital in excess of par value |
78,670 |
| Additional paid-in capital |
5,030 |
| Accumulated deficit |
(66,677) |
| Total Stockholders' Equity |
18,351 |
| Total Liabilities and Stockholders' Equity |
51,932 |