| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
231 |
| Accounts receivable |
403 |
| Prepaid expenses |
265 |
| Real estate tax escrow: self-controlled |
2,577 |
| Total Current Assets |
3,475 |
| Reserve Fund: (Note 4) |
5,639 |
| Total Current Assets and Reserve Fund |
9,114 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
5,973 |
| Building |
63,495 |
| Building improvements |
22,079 |
| Total |
91,547 |
| Less: Accumulated depreciation |
61,633 |
| Net Property and Improvements |
29,914 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
174 |
| Deferred mortgage closing costs (Note 5) |
126 |
| Total Other Assets and Deferred Charges |
300 |
| Total Assets |
39,328 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
99 |
| Accounts payable |
452 |
| Due to stockholders - real estate tax abatements |
1,097 |
| Advance maintenance |
126 |
| Wages and payroll taxes payable |
81 |
| Accrued real estate tax |
35 |
| Total Current Liabilities |
1,890 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
23,366 |
| Security deposits payable (contra) |
174 |
| Total Long-Term and Other Liabilities |
23,540 |
| Total Liabilities |
25,430 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
1,006 |
| Paid-in capital in excess of par value |
59,576 |
| Additional paid-in capital |
3,809 |
| Accumulated deficit |
(50,494) |
| Total Stockholders' Equity |
13,897 |
| Total Liabilities and Stockholders' Equity |
39,328 |