| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,008 |
| Accounts receivable |
290 |
| Prepaid expenses |
237 |
| Real estate tax escrow: self-controlled |
1,722 |
| Total Current Assets |
3,257 |
| Reserve Fund: (Note 4) |
3,951 |
| Total Current Assets and Reserve Fund |
7,208 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
5,134 |
| Building |
54,575 |
| Building improvements |
18,770 |
| Total |
78,480 |
| Less: Accumulated depreciation |
51,117 |
| Net Property and Improvements |
27,362 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
234 |
| Deferred mortgage closing costs (Note 5) |
139 |
| Total Other Assets and Deferred Charges |
373 |
| Total Assets |
34,944 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
85 |
| Accounts payable |
335 |
| Due to stockholders - real estate tax abatements |
827 |
| Advance maintenance |
81 |
| Wages and payroll taxes payable |
86 |
| Accrued real estate tax |
38 |
| Total Current Liabilities |
1,452 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
20,084 |
| Security deposits payable (contra) |
234 |
| Total Long-Term and Other Liabilities |
20,317 |
| Total Liabilities |
21,770 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
865 |
| Paid-in capital in excess of par value |
51,207 |
| Additional paid-in capital |
3,274 |
| Accumulated deficit |
(42,171) |
| Total Stockholders' Equity |
13,175 |
| Total Liabilities and Stockholders' Equity |
34,944 |