INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2012

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Summary of financial position relating to investment in unconsolidated joint ventures

Summary financial information for the year ended December 31, 2012

	Hamilton Essex 81		Hamilton Essex Development		345 Franklin		Hamilton 1025		Hamilton Bay Sales		Hamilton Bay Apts		Hamilton Minuteman Apts		Hamilton on Main Apts		Dexter Park		Total

ASSETS
Rental Properties	$	9,103,858	$	2,610,574	$	7,885,745	$	5,621,970	$	1,844,219	$	6,975,854	$	7,020,471	$	21,148,813	$	107,496,918	$	169,708,422
Cash & Cash Equivalents		27,848		20,214		3,533		2,706		20,695		62,473		44,170		103,990		941,391		1,227,018
Rent Receivable		44,005		—		600		7,283		2,200		2,686		2,626		11,108		35,250		105,758
Real Estate Tax Escrow		49,793		—		20,242		74,443		—		41,225		43,612		70,364		424,159		723,838
Prepaid Expenses & Other Assets		61,895		505		75,222		33,659		127,530		14,345		48,715		154,396		1,367,274		1,883,541
Financing & Leasing Fees		64,116		4,325		8,164		19,645		5,505		26,243		15,950		14,581		399,678		558,206

Total Assets	$	9,351,515	$	2,635,617	$	7,993,505	$	5,759,706	$	2,000,148	$	7,122,825	$	7,175,545	$	21,503,252	$	110,664,670	$	174,206,783

LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	$	8,352,317	$	2,093,184	$	6,850,179	$	4,934,741	$	1,668,000	$	4,702,087	$	5,433,472	$	15,611,045	$	88,611,686	$	138,256,711
Accounts Payable & Accrued Expense		34,673		6,319		93,810		49,566		7,481		49,690		58,378		204,413		843,422		1,347,752
Advance Rental Pmts& Security Deposits		175,871		—		140,759		80,264		25,147		86,028		71,025		273,302		1,919,573		2,771,968

Total Liabilities		8,562,861		2,099,503		7,084,748		5,064,570		1,700,628		4,837,806		5,562,875		16,088,760		91,374,681		142,376,432
Partners' Capital		788,654		536,114		908,757		695,135		299,520		2,285,019		1,612,669		5,414,492		19,289,989		31,830,352

Total Liabilities and Capital	$	9,351,515	$	2,635,617	$	7,993,505	$	5,759,706	$	2,000,148	$	7,122,825	$	7,175,545	$	21,503,252	$	110,664,670	$	174,206,783

Partners' Capital—NERA 50%	$	394,327	$	268,057	$	454,379	$	347,568	$	149,760	$	1,142,510	$	806,335	$	2,707,246				6,270,181

Partners' Capital—NERA 40%																	$	7,715,996		7,715,996

																			$	13,986,177

Total units/condominiums
Apartments		48		—		40		175		120		48		42		148		409		1,030
Commercial		1		1		—		1		—		—		—		—		—		3

Total		49		1		40		176		120		48		42		148		409		1,033
Units to be retained		49		1		40		49		—		48		42		148		409		786

Units to be sold		—		—		—		127		120		—		—		—		—		247

Units sold through March 1, 2013		—		—		—		127		105		—		—		—		—		232

Unsold units		—		—		—		—		15		—		—		—		—		15
Unsold units with deposits for future sale as of March 1, 2013		—		—		—		—		—		—		—		—		—		—

Summary financial information for the year ended December 31, 2011



ASSETS
Rental Properties	9,454,959	2,613,064	8,229,651	5,863,176	1,916,445	7,257,981	7,256,528	21,939,796	112,921,940	177,453,541
Cash & Cash Equivalents	47,526	1,529	17,027	1,848	19,416	5,026	31,125	90,940	836,347	1,050,783
Rent Receivable	73,459	—	—	15,682	—	2,512	7,457	8,593	86,722	194,425
Real Estate Tax Escrow	98,610	—	18,360	64,464	—	89,760	43,864	104,505	582,028	1,001,592
Prepaid Expenses & Other Assets	59,508	493	54,276	88,524	167,811	95,190	54,023	180,899	1,216,214	1,916,937
Financing & Leasing Fees	71,108	6,987	16,330	24,672	6,570	32,605	19,918	21,442	458,995	658,626

Total Assets	9,805,169	2,622,073	8,335,644	6,058,364	2,110,241	7,483,074	7,412,916	22,346,175	116,102,247	182,275,903

LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	8,462,041	2,144,796	7,019,119	4,995,487	1,668,000	4,750,000	5,500,000	15,887,203	89,733,192	140,159,839
Accounts Payable & Accrued Expense	32,238	6,309	15,323	48,236	12,682	28,690	58,596	212,224	820,603	1,234,900
Advance Rental Pmts & Security Dep	152,940	—	114,179	69,970	20,027	85,575	69,592	257,780	1,800,113	2,570,176

Total Liabilities	8,647,219	2,151,105	7,148,621	5,113,694	1,700,709	4,864,265	5,628,188	16,357,207	92,353,908	143,964,915

Partners' Capital	1,157,950	470,968	1,187,023	944,670	409,532	2,618,809	1,784,728	5,988,968	23,748,339	38,310,988

Total Liabilities & Capital	9,805,169	2,622,073	8,335,644	6,058,364	2,110,241	7,483,074	7,412,916	22,346,175	116,102,247	182,275,903

Partners' Capital—NERA 50%	578,975	235,484	593,512	472,335	204,766	1,309,404	892,364	2,994,484		7,281,325

NERA 40%									9,499,335	9,499,335

										16,780,660

Total units/ condominiums
Apartments	48	—	40	175	120	48	42	148	409	1,030
Commercial	1	1	—	1	—	—	—	—	—	3

Total	49	1	40	176	120	48	42	148	409	1,033
Units to be retained	49	1	40	49	—	48	42	148	409	786

Units to be sold	—	—	—	127	120	—	—	—	—	247

Units sold through January 25, 2012	—	—	—	127	105	—	—	—	—	232

Unsold units	—	—	—	—	15	—	—	—	—	15
Unsold units with deposits for future sale as of February 1, 2012	—	—	—	—	—	—	—	—	—	—

Summary financial information for the year ended December 31, 2010



ASSETS
Rental Properties	9,827,917	2,595,266	8,648,591	6,078,526	2,006,989	7,569,060	7,582,687	22,822,785	118,468,247	185,600,068
Cash & Cash Equivalents	2,833	29,596	25,617	736	48,053	57,956	51,637	19,325	754,066	989,818
Rent Receivable	24,062	—	8,887	10,088	2,224	2,295	683	10,686	125,475	184,400
Real Estate Tax Escrow	85,348	—	18,649	58,089	—	82,370	34,331	98,036	484,566	861,390
Prepaid Expenses & Other Assets	49,518	480	50,720	76,810	209,610	94,181	43,655	418,289	1,089,897	2,033,161
Financing & Leasing Fees	96,105	4,175	24,496	29,698	11,634	38,966	23,887	28,304	518,395	775,660

Total Assets	10,085,783	2,629,517	8,776,960	6,253,948	2,278,510	7,844,829	7,736,879	23,397,425	121,440,647	190,444,498

LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	8,566,871	2,162,000	7,176,827	5,000,000	1,668,000	4,750,000	5,500,000	16,151,526	89,914,000	140,889,224
Accounts Payable & Accrued Expense	33,190	6,239	36,027	43,541	6,346	5,693	65,588	206,997	787,584	1,191,205
Advance Rental Pmts & Security Dep	132,044	—	129,188	63,965	20,044	80,772	61,762	226,689	1,684,843	2,399,308

Total Liabilities	8,732,105	2,168,239	7,342,042	5,107,506	1,694,390	4,836,465	5,627,350	16,585,212	92,386,428	144,479,737

Partners' Capital	1,353,679	461,278	1,434,918	1,146,442	584,119	3,008,364	2,109,529	6,812,213	29,054,219	45,964,761

Total Liabilities & Capital	10,085,783	2,629,517	8,776,960	6,253,948	2,278,510	7,844,829	7,736,879	23,397,425	121,440,647	190,444,498

Partners' Capital—NERA 50%	676,839	230,639	717,459	573,221	292,060	1,504,182	1,054,765	3,406,107		8,455,271

NERA 40%									11,621,688	11,621,688

										20,076,959

Total units/ condominiums
Apartments	48	—	40	175	120	48	42	148	409	1,030
Commercial	1	1	—	1	—	—	—	—	—	3

Total	49	1	40	176	120	48	42	148	409	1,033
Units to be retained	49	1	40	49	—	48	42	148	409	786

Units to be sold	—	—	—	127	120	—	—	—	—	247

Units sold through January 25, 2010	—	—	—	127	105	—	—	—	—	232

Unsold units	—	—	—	—	15	—	—	—	—	15
Unsold units with deposits for future sale as of February 1, 2011	—	—	—	—	0	—	—	—	—	—

Summary of income statement relating to investment in unconsolidated joint ventures

Year ended December 31, 2012

	Hamilton Essex 81			Hamilton Essex Development			345 Franklin			Hamilton 1025			Hamilton Bay Sales			Hamilton Bay Apts			Hamilton Minuteman Apts			Hamilton on Main Apts			Dexter Park			Total

Revenues
Rental Income	$	1,270,141		$	287,537		$	1,178,712		$	861,998		$	235,061		$	886,122		$	809,707		$	2,623,994		$	12,202,615		$	20,355,887
Laundry and Sundry Income		15,363			—			1,206			—			—			—			2,435			20,952			98,042			137,999

		1,285,504			287,537			1,179,918			861,998			235,061			886,122			812,142			2,644,946			12,300,657			20,493,885

Expenses
Administrative		15,237			1,749			27,942			5,142			7,553			34,600			7,825			46,400			219,218			365,666
Depreciation and Amortization		409,488			11,638			441,704			256,696			82,287			297,737			317,231			957,452			5,733,920			8,508,153
Management Fees		55,308			11,502			48,596			34,517			9,894			34,659			32,615			104,807			261,355			593,253
Operating		112,172			—			62,277			816			1,251			1,190			73,092			341,054			1,006,570			1,598,421
Renting		18,350			—			5,326			6,815			1,894			4,053			3,538			10,974			74,705			125,655
Repairs and Maintenance		118,786			5,475			82,052			320,997			70,812			273,652			57,448			380,605			880,103			2,189,930
Taxes and Insurance		197,566			49,237			106,785			145,755			46,017			161,137			102,505			337,256			1,485,297			2,631,555

		926,908			79,600			774,681			770,738			219,707			807,027			594,254			2,178,549			9,661,169			16,012,632

Income Before Other Income		358,596			207,937			405,237			91,260			15,354			79,095			217,888			466,397			2,639,488			4,481,253

Other Income (Loss)
Interest Expense		(497,631	)		(60,451	)		(486,051	)		(288,470	)		(98,361	)		(271,283	)		(317,448	)		(840,874	)		(5,092,838	)		(7,953,407	)
Interest Income		—			—			48			74			215			—			—			—			—			337
Interest Income from Note		—			—			—			—			6,180			—			—			—			—			6,180

		(497,631	)		(60,451	)		(486,003	)		(288,395	)		(91,966	)		(271,283	)		(317,448	)		(840,874	)		(5,092,838	)		(7,946,890	)

Net Income (Loss)	$	(139,035	)	$	147,486		$	(80,766	)	$	(197,135	)	$	(76,612	)	$	(192,188	)	$	(99,560	)	$	(374,477	)	$	(2,453,350	)	$	(3,465,636	)

Net Income (Loss)—NERA 50%	$	(69,517	)	$	73,743		$	(40,383	)	$	(98,567	)	$	(38,306	)	$	(96,094	)	$	(49,780	)	$	(187,239	)					(506,143	)

Net Income (Loss)—NERA 40%																									$	(981,340	)		(981,340	)

																												$	(1,487,483	)

Year ended December 31, 2011



Revenues
Rental Income	1,244,322		255,050		1,136,831		816,015		232,938		863,657		789,897		2,491,957		11,559,414		19,390,080
Laundry and Sundry Income	16,589		—		2,367		—		—		—		1,362		20,599		97,275		138,193

	1,260,911		255,050		1,139,198		816,015		232,938		863,657		791,258		2,512,556		11,656,690		19,528,273

Expenses
Administrative	20,839		1,339		24,424		11,258		5,396		18,625		10,249		36,155		163,511		291,796
Depreciation and Amortization	424,695		8,498		443,055		257,961		103,536		329,930		322,216		965,324		5,698,657		8,553,872
Management Fees	49,677		11,040		45,829		32,120		9,486		33,916		31,666		100,581		251,071		565,386
Operating	121,521		—		66,278		1,733		239		732		54,650		371,687		929,543		1,546,382
Renting	8,058		—		19,206		13,322		1,750		8,927		3,559		15,140		144,149		214,111
Repairs and Maintenance	127,528		3,050		71,479		300,534		78,167		316,782		98,904		371,109		935,839		2,303,393
Taxes and Insurance	184,119		47,709		97,028		143,002		45,303		155,681		92,300		325,868		1,300,995		2,392,005

	936,438		71,636		767,299		759,930		243,877		864,593		613,544		2,185,864		9,423,765		15,866,945

Income Before Other Income	324,473		183,414		371,899		56,085		(10,939	)	(936	)	177,714		326,693		2,232,924		3,661,328

Other Income (Loss)
Interest Expense	(503,102	)	(61,593	)	(494,468	)	(289,222	)	(98,010	)	(271,348	)	(317,927	)	(848,786	)	(5,113,523	)	(7,997,979	)
Interest Income	—		—		49		88		457		—		—		—		3,219		3,814
Interest Income from Note	—		—		—		—		8,904		—		—		—		—		8,904
Gain on Sale of Real Estate	—		—		—		—		—		—		—		—		—		—
Other Income (Expenses)	(2,331	)	—		(5,375	)	(3,621	)	—		(2,271	)	(61,589	)	(1,152	)	(3,500	)	(79,839	)

	(505,433	)	(61,593	)	(499,793	)	(292,756	)	(88,649	)	(273,619	)	(379,515	)	(849,938	)	(5,113,804	)	(8,065,100	)

Net Income (loss)	(180,960	)	121,821		(127,894	)	(236,671	)	(99,588	)	(274,555	)	(201,801	)	(523,245	)	(2,880,880	)	(4,403,772	)

Net Income (loss)—NERA 50%	(90,480	)	60,911		(63,947	)	(118,335	)	(49,794	)	(137,277	)	(100,900	)	(261,622	)			(761,446	)

NERA 40%																	(1,152,352	)	(1,152,352	)

																			(1,913,798	)

Year ended December 31, 2010



Revenues
Rental Income	1,122,915		275,950		1,097,957		794,993		221,191		839,361		765,509		2,455,222		11,019,862		18,592,960
Laundry and Sundry Income	16,184		—		2,436		—		—		—		762		19,780		97,902		137,063

	1,139,099		275,950		1,100,393		794,993		221,191		839,361		766,271		2,475,002		11,117,764		18,730,023

Expenses
Administrative	13,709				30,904		13,038		7,073		17,324		10,288		39,289		148,097		279,724
Depreciation and Amortization	425,450		6,254		439,666		269,475		98,678		359,727		320,553		981,881		9,428,284		12,329,966
Management Fees	46,734		11,040		45,559		31,795		9,245		33,345		31,563		97,239		244,178		550,698
Operating	134,016				62,994		1,777				411		63,841		358,827		960,328		1,582,193
Renting	24,785		—		49,517		8,576		375		6,213		3,770		15,361		281,545		390,142
Repairs and Maintenance	134,941		—		80,190		376,560		76,510		344,852		99,553		342,310		859,088		2,314,005
Taxes and Insurance	179,939		46,658		98,151		127,637		42,465		132,188		96,213		318,150		1,451,017		2,492,417

	959,574		63,952		806,981		828,857		234,346		894,061		625,780		2,153,057		13,372,537		19,939,145

Income Before Other Income	179,525		211,998		293,412		(33,864	)	(13,155	)	(54,700	)	140,491		321,944		(2,254,773	)	(1,209,122	)

Other Income (Loss)
Interest Expense	(507,425	)	(62,694	)	(504,667	)	(289,042	)	(97,909	)	(271,389	)	(317,360	)	(860,500	)	(5,116,598	)	(8,027,583	)
Interest Income	3		2		47		90		569		2		1,780		8		5		2,505
Interest Income from Note	—		—		—		—		11,445		—		—		—		—		11,445
Gain on Sale of Real Estate	—		—		—		—						—		—		—
Other Income (Expenses)	—		—		—		—		11,021		9,478		—		2,168		(17,720	)	4,947

	(507,422	)	(62,692	)	(504,619	)	(288,952	)	(74,874	)	(261,909	)	(315,581	)	(858,323	)	(5,134,313	)	(8,008,686	)

Net Income (loss)	(327,897	)	149,305		(211,208	)	(322,816	)	(88,029	)	(316,608	)	(175,090	)	(536,379	)	(7,389,086	)	(9,217,808	)

Net Income (loss)—NERA 50%	(163,948	)	74,653		(105,604	)	(161,408	)	(44,015	)	(158,304	)	(87,545	)	(268,189	)			(914,361	)

NERA 40%																	(2,955,635	)	(2,955,635	)

																			(3,869,995	)

Schedule of future annual mortgage maturities

	Hamilon Essex 81		Hamilton Essex 81 Development		345 Franklin		Hamilton 1025		Hamilton Bay Sales		Hamilton Bay Apts		Hamilton Minuteman		Hamilton on Main Apts		Dexter Park

Period End	March 2005		March 2005		November 2001		March 2005		October 2005		October 2005		August 2004		August 2004		October 2009		Total
12/31/2013		125,660		2,093,184		165,412		65,157		1,668,000		66,163		71,363		293,222		1,275,835		7,082,229
12/31/2014		133,132				6,684,767		69,003				69,944		75,575		309,178		1,348,741		10,020,473
12/31/2015		141,048						73,077				73,941		80,036		15,008,646		1,425,814		18,208,704
12/31/2016		7,952,477						4,727,503				78,166		77,128				1,507,291		15,829,060
12/31/2017												4,413,873		5,129,371				1,593,424		12,708,108
Thereafter																		81,460,581		163,299,264

	$	8,352,317	$	2,093,184	$	6,850,179	$	4,934,741	$	1,668,000	$	4,702,087	$	5,433,472	$	15,611,045	$	88,611,686	$	138,256,711