| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
2,258 |
| Accounts receivable |
649 |
| Prepaid expenses |
531 |
| Real estate tax escrow: self-controlled |
3,857 |
| Total Current Assets |
7,295 |
| Reserve Fund: (Note 4) |
8,850 |
| Total Current Assets and Reserve Fund |
16,145 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
11,499 |
| Building |
122,233 |
| Building improvements |
42,040 |
| Total |
175,771 |
| Less: Accumulated depreciation |
114,487 |
| Net Property and Improvements |
61,284 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
524 |
| Deferred mortgage closing costs (Note 5) |
312 |
| Total Other Assets and Deferred Charges |
836 |
| Total Assets |
78,265 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
190 |
| Accounts payable |
751 |
| Due to stockholders - real estate tax abatements |
1,853 |
| Advance maintenance |
182 |
| Wages and payroll taxes payable |
192 |
| Accrued real estate tax |
85 |
| Total Current Liabilities |
3,252 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
44,982 |
| Security deposits payable (contra) |
524 |
| Total Long-Term and Other Liabilities |
45,505 |
| Total Liabilities |
48,757 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
1,936 |
| Paid-in capital in excess of par value |
114,688 |
| Additional paid-in capital |
7,333 |
| Accumulated deficit |
(94,451) |
| Total Stockholders' Equity |
29,507 |
| Total Liabilities and Stockholders' Equity |
78,265 |