| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
444 |
| Accounts receivable |
776 |
| Prepaid expenses |
509 |
| Real estate tax escrow: self-controlled |
4,960 |
| Total Current Assets |
6,690 |
| Reserve Fund: (Note 4) |
10,855 |
| Total Current Assets and Reserve Fund |
17,545 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
11,499 |
| Building |
122,233 |
| Building improvements |
42,503 |
| Total |
176,235 |
| Less: Accumulated depreciation |
118,648 |
| Net Property and Improvements |
57,586 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
335 |
| Deferred mortgage closing costs (Note 5) |
243 |
| Total Other Assets and Deferred Charges |
577 |
| Total Assets |
75,709 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
190 |
| Accounts payable |
870 |
| Due to stockholders - real estate tax abatements |
2,113 |
| Advance maintenance |
243 |
| Wages and payroll taxes payable |
157 |
| Accrued real estate tax |
67 |
| Total Current Liabilities |
3,639 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
44,982 |
| Security deposits payable (contra) |
335 |
| Total Long-Term and Other Liabilities |
45,316 |
| Total Liabilities |
48,955 |
| 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 |
(97,205) |
| Total Stockholders' Equity |
26,753 |
| Total Liabilities and Stockholders' Equity |
75,709 |