| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
1,070 |
| Accounts receivable |
308 |
| Prepaid expenses |
252 |
| Real estate tax escrow: self-controlled |
1,828 |
| Total Current Assets |
3,458 |
| Reserve Fund: (Note 4) |
4,195 |
| Total Current Assets and Reserve Fund |
7,654 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
5,451 |
| Building |
57,945 |
| Building improvements |
19,929 |
| Total |
83,325 |
| Less: Accumulated depreciation |
54,273 |
| Net Property and Improvements |
29,052 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
248 |
| Deferred mortgage closing costs (Note 5) |
148 |
| Total Other Assets and Deferred Charges |
396 |
| Total Assets |
37,102 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
90 |
| Accounts payable |
356 |
| Due to stockholders - real estate tax abatements |
878 |
| Advance maintenance |
86 |
| Wages and payroll taxes payable |
91 |
| Accrued real estate tax |
40 |
| Total Current Liabilities |
1,542 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
21,324 |
| Security deposits payable (contra) |
248 |
| Total Long-Term and Other Liabilities |
21,572 |
| Total Liabilities |
23,114 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
918 |
| Paid-in capital in excess of par value |
54,369 |
| Additional paid-in capital |
3,476 |
| Accumulated deficit |
(44,775) |
| Total Stockholders' Equity |
13,988 |
| Total Liabilities and Stockholders' Equity |
37,102 |