| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
3,051 |
| Accounts receivable |
877 |
| Prepaid expenses |
718 |
| Real estate tax escrow: self-controlled |
5,212 |
| Total Current Assets |
9,858 |
| Reserve Fund: (Note 4) |
11,959 |
| Total Current Assets and Reserve Fund |
21,817 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
15,539 |
| Building |
165,180 |
| Building improvements |
56,811 |
| Total |
237,529 |
| Less: Accumulated depreciation |
154,713 |
| Net Property and Improvements |
82,816 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
707 |
| Deferred mortgage closing costs (Note 5) |
422 |
| Total Other Assets and Deferred Charges |
1,129 |
| Total Assets |
105,763 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
256 |
| Accounts payable |
1,014 |
| Due to stockholders - real estate tax abatements |
2,504 |
| Advance maintenance |
246 |
| Wages and payroll taxes payable |
260 |
| Accrued real estate tax |
115 |
| Total Current Liabilities |
4,395 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
60,786 |
| Security deposits payable (contra) |
707 |
| Total Long-Term and Other Liabilities |
61,494 |
| Total Liabilities |
65,888 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
2,617 |
| Paid-in capital in excess of par value |
154,984 |
| Additional paid-in capital |
9,910 |
| Accumulated deficit |
(127,636) |
| Total Stockholders' Equity |
39,874 |
| Total Liabilities and Stockholders' Equity |
105,763 |