| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
238 |
| Accounts receivable |
415 |
| Prepaid expenses |
272 |
| Real estate tax escrow: self-controlled |
2,652 |
| Total Current Assets |
3,576 |
| Reserve Fund: (Note 4) |
5,803 |
| Total Current Assets and Reserve Fund |
9,379 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
6,147 |
| Building |
65,345 |
| Building improvements |
22,722 |
| Total |
94,214 |
| Less: Accumulated depreciation |
63,429 |
| Net Property and Improvements |
30,785 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
179 |
| Deferred mortgage closing costs (Note 5) |
130 |
| Total Other Assets and Deferred Charges |
309 |
| Total Assets |
40,473 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
101 |
| Accounts payable |
465 |
| Due to stockholders - real estate tax abatements |
1,129 |
| Advance maintenance |
130 |
| Wages and payroll taxes payable |
84 |
| Accrued real estate tax |
36 |
| Total Current Liabilities |
1,945 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
24,047 |
| Security deposits payable (contra) |
179 |
| Total Long-Term and Other Liabilities |
24,226 |
| Total Liabilities |
26,171 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
1,035 |
| Paid-in capital in excess of par value |
61,312 |
| Additional paid-in capital |
3,920 |
| Accumulated deficit |
(51,965) |
| Total Stockholders' Equity |
14,302 |
| Total Liabilities and Stockholders' Equity |
40,473 |