DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2013

DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE

Summary of income from discontinued operations

	Year Ended December 31,
	2013		2012		2011
Total Revenues	$	193,480	$	462,031	$	799,813
Operating and other expenses		172,322		348,714		605,294
Depreciation and amortization		2,111		79,969		101,566
		174,433		428,683		706,860
Income from discontinued operations	$	19,047	$	33,348	$	92,953

Avon Street Apartments

DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE

Schedule of gain on the sale of real estate property

Gain on the sale of Avon Street in the second quarter of 2011:
Sale price	$	8,750,000
Net book value		(594,035	)
Expense of sale		(435,506	)
Gain on the sale of real estate	$	7,720,459

Nashoba Apartments in Acton, Massachusetts

DISCONTINUED OPERATIONS AND SALES OF REAL ESTATE

Schedule of gain on the sale of real estate property

Gain on the Sale of Nashoba in the second quarter of 2013:
Sale price	$	4,300,000
Net book value		(476,766	)
Expense of sale		(144,395	)
Gain on the sale of real estate	$	3,678,839