| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
217 |
| Accounts receivable |
379 |
| Prepaid expenses |
249 |
| Real estate tax escrow: self-controlled |
2,427 |
| Total Current Assets |
3,273 |
| Reserve Fund: (Note 4) |
5,310 |
| Total Current Assets and Reserve Fund |
8,583 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
5,625 |
| Building |
59,795 |
| Building improvements |
20,792 |
| Total |
86,212 |
| Less: Accumulated depreciation |
58,042 |
| Net Property and Improvements |
28,171 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
164 |
| Deferred mortgage closing costs (Note 5) |
119 |
| Total Other Assets and Deferred Charges |
282 |
| Total Assets |
37,036 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
93 |
| Accounts payable |
426 |
| Due to stockholders - real estate tax abatements |
1,033 |
| Advance maintenance |
119 |
| Wages and payroll taxes payable |
77 |
| Accrued real estate tax |
33 |
| Total Current Liabilities |
1,780 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
22,005 |
| Security deposits payable (contra) |
164 |
| Total Long-Term and Other Liabilities |
22,168 |
| Total Liabilities |
23,948 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
947 |
| Paid-in capital in excess of par value |
56,104 |
| Additional paid-in capital |
3,587 |
| Accumulated deficit |
(47,551) |
| Total Stockholders' Equity |
13,087 |
| Total Liabilities and Stockholders' Equity |
37,036 |