INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

6 Months Ended

Jun. 30, 2011

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

NOTE 14. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Since November 2001, the Partnership has invested in nine limited partnerships and limited liability companies, the majority of which have invested in residential apartment complexes, with three partnerships investing in commercial property. The Partnership has a 40%-50% ownership interests in each investment. The other investors are Harold Brown, the President of the Management Company and five other employees of the Management Company. Harold Brown’s ownership interest is between 43.2% and 57%, with the balance owned by the others. A description of each investment is as follows:

On October 28, 2009 the Partnership invested approximately $15,925,000 in a joint venture to acquire a 40% interest in a residential property located in Brookline, Massachusetts.  The property, referred to as Dexter Park, is a 409 unit residential complex. The purchase price was $129,500,000.  The total mortgage is $89,914,000 with an interest rate of 5.57% and it matures in 2019.  The mortgage calls for interest only payments for the first two years of the loan and amortized over 30 years thereafter.  In order to fund this investment, the Partnership used approximately $8,757,000 of its cash reserves and borrowed approximately $7,168,000 with an interest rate of 6% from HBC Holdings, LLC, an entity owned by Harold Brown and his affiliates (“HBC”).  The term of the loan is four years with a provision requiring payment in whole or in part upon demand by HBC with six months notice.  On August 17, 2010, HBC gave six months written notice to the Partnership requesting a principal pay down of $2,500,000. During the fourth quarter of 2010, the Partnership paid HBC $2,500,000 as requested. The balance of the loan, $4,668,600, will remain subject to the original terms of the Note, including HBC’s right to demand payment of the balance of the loan in whole or in part upon six months notice. The interest paid during the six months ended June 30, 2011 and 2010 was approximately $141,000 and $216,000, respectively. This loan is collateralized by the Partnership’s 99% ownership interest in 62 Boylston Street.  A majority of the apartments were leased at the time of the acquisition.  As a result, the Partnership amortized the intangible assets associated with the “in place” leases over a 12 month period which began in November 2009.  The total monthly amortization was approximately $407,000 which at 40% reduced the Partnership’s income by approximately $163,000 per month.  For the year ended December 31, 2010 the total amortization in connection with these leases was approximately $4,073,000, of which the Partnership’s share was approximately $1,629,000.  The intangible asset was fully amortized effective November 2010.  See Note 16 — Subsequent Events regarding the additional payment of $1,000,000 in August 2011 in connection with the loan from HBC Holdings.  This investment, Hamilton Park Towers, LLC is referred to as Dexter Park.

On October 3, 2005, the Partnership invested $2,500,000 for a 50% ownership interest in a 168-unit apartment complex in Quincy, Massachusetts. The purchase price was $30,875,000. The Partnership plans to sell the majority of units as condominium and retain 48 units for long-term investment. Gains from the sales of units will be taxed at ordinary income rates (approximately $47,000 per unit). In February 2007, the Partnership refinanced the 48 units which will be retained with a new mortgage in the amount of $4,750,000 with an interest rate of 5.57%, interest only for five years. This investment is referred to as Hamilton Bay Apartments, LLC. The loan will be amortized over 30 years thereafter and matures in March 2017. In April 2008, the Partnership refinanced an additional 20 units and obtained a new mortgage in the amount of $2,368,000 with interest at 5.75%, interest only, which matures in 2013.  As of July 25, 2011, 105 units have been sold, the proceeds of which went to pay down the mortgage on the property.  The balance on the new mortgage is approximately $1,668,000 at June 30, 2011. This investment is referred to as Hamilton Bay, LLC.

On March 7, 2005, the Partnership invested $2,000,000 for a 50% ownership interest in a building comprising 49 apartments, one commercial space and a 50-car surface parking lot located in Boston, Massachusetts. The purchase price was $14,300,000, with a $10,750,000 mortgage. The Partnership plans to operate the building and initiate development of the parking lot.  In June 2007, the Partnership separated the parcels, formed an additional limited liability company for the residential apartments and obtained a mortgage on the property. The new limited liability company formed for the residential apartments and commercial space is referred to as Hamilton Essex 81, LLC.  In August 2008, the Partnership restructured the mortgages on both parcels at Essex 81 and transferred the residential apartments to Hamilton Essex 81, LLC.  The mortgage on Hamilton Essex 81, LLC is $8,600,000 with interest only at 5.79% due in August 2015.  The mortgage on Essex Development, LLC, or the parking lot is $2,162,000 with a variable interest rate of 2.25% over the daily Libor rate (0.186% at June 30, 2011) and is due in August 2011.  Harold Brown has issued a personal guaranty up to $1,000,000 of this mortgage. In the event that he is obligated to make payments to the lender as a result of this guaranty, the Partnership and other investors have, in turn, agreed to indemnify him for their proportionate share of any such payments.  The investment in the parking lot is referred to as Hamilton Essex Development, LLC; the investment in the apartments is referred to as Hamilton Essex 81, LLC.

On March 2, 2005, the Partnership invested $2,352,000 for a 50% ownership interest in a 176-unit apartment complex with an additional small commercial building located in Quincy, Massachusetts. The purchase price was $23,750,000. The Partnership sold 127 of the units as condominiums and retained 49 units for long-term investment. In November 2006, the Partnership obtained a new 10-year mortgage in the amount of $5,000,000 on the units to be retained by the Partnership. The interest on the new loan is 5.67% fixed for the 10 year term with interest only payments for five years and amortized over a 30 year period for the balance of the loan term.  This investment is referred to as Hamilton 1025, LLC.

In September 2004, the Partnership invested approximately $5,075,000 for a 50% ownership interest in a 42-unit apartment complex located in Lexington, Massachusetts. The purchase price was $10,100,000. In October 2004, the Partnership obtained a mortgage on the property in the amount of $8,025,000 and returned $3,775,000 to the Partnership. The Partnership obtained a new 10-year mortgage in the amount of $5,500,000 in January 2007. The interest on the new loan is 5.67% fixed for the ten year term with interest only payments for five years and amortized over a 30 year period for the balance of the loan. This loan required a cash contribution by the Partnership of $1,250,000 in December 2006. This investment is referred to as Hamilton Minuteman, LLC.

In August 2004, the Partnership invested $8,000,000 for a 50% ownership interest in a 280-unit apartment complex located in Watertown, Massachusetts.  This investment is referred to as Hamilton on Main, LLC.

In 2005, Hamilton on Main Apartments, LLC obtained a ten year mortgage on the three buildings to be retained. The mortgage is $16,825,000, with interest only of 5.18% for three years and amortizing on a 30 year schedule for the remaining seven years when the balance is due. The net proceeds after funding escrow accounts and closing costs on the mortgage were approximately $16,700,000, which were used to reduce the existing mortgage. Hamilton on Main LLC paid a fee of approximately $400,000 in connection with this early extinguishment of debt.  At June 30, 2011, the remaining balance on the mortgage is approximately $16,018,000.

In November 2001, the Partnership invested approximately $1,533,000 for a 50% ownership interest in a 40-unit apartment building in Cambridge, Massachusetts. This property has a 12-year mortgage, with a remaining balance at June 30, 2011 of approximately $7,099,000 at 6.9% which is amortized on a 30-year schedule, with a final payment of approximately $6,000,000 in 2014. This investment is referred to as 345 Franklin, LLC.

As required by the lender, the Treasurer of the General Partner has provided a limited repayment guaranty equal to fifty percent (50%) of the outstanding balance for the loan on the for sale units at Hamilton Bay and a limited guaranty of $1,000,000 for the loan on Hamilton Essex Development.  In the event that he is obligated to make payments to the lenders as a result of these guaranties, the Partnership and other investors have, in turn, agreed to indemnify him for their proportionate share of any such payments.

Summary financial information as of June 30, 2011

	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	$	9,643,573	$	2,596,416	$	8,437,172	$	5,966,525	$	1,968,516	$	7,425,418	$	7,464,615	$	22,387,877	$	115,685,885	$	181,575,997
Cash & Cash Equivalents	27,239		41,041		58,927		473		33,372		10,741		39,368		17,165		810,444		1,038,770
Rent Receivable	19,130		3,050		8,086		11,165		539		5,972		5,591		12,813		249,184		315,528
Real Estate Tax Escrow	88,832				18,847		56,360		—		83,396		43,720		99,613		604,893		995,661
Prepaid Expenses & Other Assets	88,029		1,085		80,137		83,316		199,773		89,568		77,126		494,172		1,179,042		2,292,248
Financing & Leasing Fees	84,509		1,048		20,413		27,185		9,102		35,786		21,903		24,873		488,737		713,555
Total Assets	$	9,951,313	$	2,642,641	$	8,623,582	$	6,145,023	$	2,211,300	$	7,650,881	$	7,652,322	$	23,036,512	$	119,018,186	$	186,931,759
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	8,513,163	$	2,162,000	$	7,099,329	$	5,000,000	$	1,668,000	$	4,750,000	$	5,500,000	$	16,017,627	$	89,914,000		140,624,120
Accounts Payable & Accrued Expense	67,948		5,495		50,219		48,582		16,738		10,972		80,605		225,151		778,220		1,283,930
Advance Rental Pmts & Security Dep	183,278				128,680		69,315		20,231		84,842		73,317		258,529		1,819,871		2,638,062
Total Liabilities	8,764,390		2,167,495		7,278,229		5,117,897		1,704,969		4,845,814		5,653,922		16,501,306		92,512,091		144,546,112
Partners’ Capital	1,186,923		475,146		1,345,353		1,027,126		506,331		2,805,067		1,998,400		6,535,206		26,506,095		42,385,648
Total Liabilities & Capital	$	9,951,313	$	2,642,641	$	8,623,582	$	6,145,023	$	2,211,300	$	7,650,881	$	7,652,322	$	23,036,512	$	119,018,186	186,931,759
Partners’ Capital — NERA 50%	$	593,462	$	237,573	$	672,677	$	513,563	$	253,166	$	1,402,534	$	999,200	$	3,267,603			7,939,776
NERA 40%																	$	10,602,438	10,602,438
																			$	18,542,214
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 July 25, 2011	—		—		—		127		105		—		—		—		0		232
Unsold units	—		—		—		—		15		—		—		—		—		15
Unsold units with deposits for future sale as of July 25 , 2011	—		—		—		—		0		—		—		—		—		—

Summary financial information for the six months ended June 30, 2011

	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	$	566,447		$	141,050		$	560,462		$	401,308		$	119,139		$	426,205		$	393,025		$	1,230,819		$	5,739,961		$	9,578,416
Laundry and Sundry Income	7,202			—			1,228			—												10,788			49,813			69,013
	573,649			141,050			561,690			401,308			119,139			426,205			393,025			1,241,608			5,789,775			9,647,447
Expenses
Administrative	11,270			829			8,981			4,878			1,801			7,584			8,045			15,685			66,499			125,571
Depreciation and Amortization	211,570			3,127			221,293			129,404			44,832			157,214			162,659			481,690			2,847,426			4,259,214
Management Fees	25,101			5,520			22,640			15,907			4,903			16,752			15,904			50,522			123,272			280,521
Operating	65,071						36,031			868			95			219			20,571			210,067			494,144			827,066
Renting	7,180						10,407			7,128			1,075			4,589			1,777			7,051			98,387			137,595
Repairs and Maintenance	55,879			3,050			36,138			149,527			37,908			155,110			44,073			167,241			444,075			1,093,000
Taxes and Insurance	94,238			23,818			47,268			73,559			22,779			78,513			43,552			160,236			606,241			1,150,205
	470,308			36,344			382,758			381,271			113,394			419,981			296,581			1,092,492			4,680,044			7,873,173
Income Before Other Income	103,341			104,706			178,932			20,036			5,744			6,224			96,444			149,116			1,109,730			1,774,274
Other Income (Loss)
Interest Income							25			45			269												3,219			3,558
Interest Expense	(250,249		)	(30,688		)	(248,522		)	(143,397		)	(48,582		)	(134,521		)	(157,575		)	(422,124		)	(2,536,073		)	(3,971,730		)
Gain on Sale of Real Estate
Interest income from Note													4,781															4,781
Other Income (Expenses)
	(250,249		)	(30,688		)	(248,497		)	(143,352		)	(43,532		)	(134,520		)	(157,575		)	(422,124		)	(2,532,854		)	(3,963,391		)
Net Income (Loss)	$	(146,907	)	$	74,018		$	(69,565	)	$	(123,316	)	$	(37,788	)	$	(128,296	)	$	(61,030	)	$	(273,008	)	$	(1,423,124	)	(2,189,117		)
Net Loss - NERA 50%	$	(73,454	)	$	37,009		$	(34,783	)	$	(61,658	)	$	(18,894	)	$	(64,148	)	$	(30,565	)	$	(136,504	)				(382,997		)
NERA 40%																									$	(569,250	)	(569,250		)
																												$	(952,246	)

Summary financial information for the three months ended June 30, 2011

	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	$	277,595		$	72,050		$	278,692		$	203,017		$	61,849		$	211,266		$	200,020		$	617,257		$	2,847,881		$	4,769,626
Laundry and Sundry Income	3,264						600															4,698			24,223			32,785
	280,859			72,050			279,292			203,017			61,849			211,266			200,020			621,955			2,872,104			4,802,410
Expenses
Administrative	6,472			448			4,608			2,837			893			4,512			1,522			4,979			34,143			60,413
Depreciation and Amortization	105,872			1,563			110,706			65,193			22,416			79,079			82,205			241,739			1,424,349			2,133,121
Management Fees	12,603			2,760			11,541			8,028			2,471			8,507			8,009			24,965			60,459			139,344
Operating	26,655						12,955			250			51			169			(1,904		)	85,909			210,837			334,922
Renting	2,080						4,407			3,669			1,075			3,663			524			3,833			43,661			62,913
Repairs and Maintenance	29,217			3,050			22,350			72,274			23,078			91,589			23,074			95,414			279,864			639,909
Taxes and Insurance	47,052			11,910			23,609			36,963			11,414			39,411			21,718			79,355			319,801			591,233
	229,952			19,731			190,176			189,214			61,398			226,930			135,147			536,193			2,373,114			3,961,855
Income Before Other Income	50,907			52,319			89,115			13,803			451			(15,664		)	64,873			85,762			498,990			840,556
Other Income (Loss)
Interest Income							13			23			128															164
Interest Expense	(125,645		)	(15,242		)	(123,947		)	(72,124		)	(24,432		)	(67,642		)	(79,286		)	(211,960		)	(1,274,191		)	(1,994,467		)
Gain on Sale of Real Estate
Interest income from Note													2,310															2,310
Other Income (Expenses)
	(125,645		)	(15,242		)	(123,934		)	(72,101		)	(21,994		)	(67,642		)	(79,285		)	(211,906		)	(1,274,191		)	(1,991,994		)
Net Income (Loss)	$	(74,738	)	$	37,077		$	(34,819	)	$	(58,298	)	$	(21,543	)	$	(83,306	)	$	(14,412	)	$	(126,198	)	$	(775,201	)	(1,151,438		)
Net Loss - NERA 50%	$	(37,369	)	$	18,538		$	(17,409	)	$	(29,149	)	$	(10,772	)	$	(41,653	)	$	(7,206	)	$	(63,099	)				(188,119		)
NERA 40%																									$	(310,080	)	(310,080		)
																												$	498,199

Summary financial information as of June 30, 2010

	Hamilton Essex 81		Hamilton Essex Parking	345 Franklin	Hamilton 1025	Hamilton Bay Sales	Hamilton Bay Apts	Hamilton Minuteman Apts	Hamilton on Main Apts	Dexter Park	Total
ASSETS
Rental Properties	$	10,021,631	2,576,552	8,841,772	6,206,631	2,048,679	7,743,968	7,706,619	23,294,573	121,100,206	189,540,630
Cash & Cash Equivalents	2,630		40,037	1,433	5,676	23,381	1,016	50,165	100,765	649,943	875,046
Rent Receivable	30,748		—	14,371	9,232	1,731	3,664	3,792	14,223	154,871	232,633
Real Estate Tax Escrow	67,262		—	18,929	50,556	—	78,948	33,480	97,753	381,920	728,847
Prepaid Expenses & Other Assets	85,714		—	91,827	96,763	233,502	86,797	68,650	387,322	2,637,834	3,688,408
Financing & Leasing Fees	107,701		7,302	28,579	32,211	14,167	42,147	25,871	31,734	548,053	837,766
Total Assets	$	10,315,687	2,623,891	8,996,909	6,401,069	2,321,459	7,956,541	7,888,577	23,926,371	125,472,827	195,903,331
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	8,600,000	2,162,000	7,251,704	5,000,000	1,668,000	4,750,000	5,500,000	16,275,058	89,914,000	141,120,762
Accounts Payable& Accrued Exp	54,748		5,853	73,038	44,985	15,775	9,437	73,758	204,957	762,024	1,244,574
Advance Rental Payments & Security Deposits	164,643		—	149,341	61,992	20,143	79,758	65,760	241,928	1,504,128	2,287,693
Total Liabilities	8,819,391		2,167,853	7,474,083	5,106,977	1,703,918	4,839,196	5,639,517	16,721,944	92,180,152	144,653,029
Partners’ Capital	1,496,296		456,039	1,522,826	1,294,093	617,541	3,117,345	2,249,060	7,204,427	33,292,675	51,250,301
Total Liabilities and Capital	$	10,315,687	2,623,891	8,996,909	6,401,069	2,321,459	7,956,541	7,888,577	23,926,371	125,472,827	195,903,331
Partners’ Capital NERA 50%	$	748,148	228,020	761,413	647,047	308,771	1,558,673	1,124,530	3,602,214		8,978,815
NERA 40%										13,317,070	13,317,070
											22,295,886
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 July 26, 2010	—		—	—	127	105	—	—	—	—	232
Unsold units	—		—	—	—	15	—	—	—		15
Unsold units with deposits for future sale as of July 26, 2010	—		—	—	—	—	—	—	—	—	—

Summary financial information for the six months ended June 30, 2010

	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	567,486		138,000		551,869		398,369		106,940		418,116		381,019		1,223,349		5,622,380		9,407,527
Laundry and Sundry Income	7,827		—		702		—		—		—		265		10,656		48,784		68,233
	575,312		138,000		552,570		398,369		106,940		418,116		381,284		1,234,005		5,671,164		9,475,760
Expenses
Administrative	7,723		(166	)	18,772		3,685		2,580		8,076		5,362		21,790		76,085		143,906
Depreciation and Amortization	213,002		3,127		219,651		134,840		48,064		179,067		160,258		490,917		5,091,729		6,540,654
Management Fees	24,175		5,520		23,422		15,735		4,682		16,560		15,944		49,048		120,505		275,589
Operating	71,442		(137	)	30,631		947		(138	)	313		36,097		181,155		490,850		811,160
Renting	10,413		—		35,100		2,968		200		2,043		1,892		8,967		123,286		184,869
Repairs and Maintenance	68,035		—		29,173		126,667		50,129		219,270		39,419		172,544		379,873		1,085,110
Taxes and Insurance	94,361		24,244		50,567		63,423		21,524		75,265		50,500		159,532		766,817		1,306,233
	489,152		32,587		407,316		348,264		127,041		500,593		309,472		1,083,953		7,049,145		10,347,522
Income Before Other Income	86,161		105,413		145,255		50,106		(20,101	)	(82,477	)	71,812		150,052		(1,137,981	)	(871,762	)
Other Income (Loss)
Interest Income	2		1		23		45		6,310		—		2		4		5		6,396
Interest Expense	(251,848	)	(30,943	)	(253,576	)	(143,317	)	(48,538	)	(134,628	)	(157,375	)	(428,388	)	(2,522,654	)	(3,971,267	)
Gain on Sale of Real Estate	—		—		—		—		—		9,478		—		—		—		9,478
Other Income (Expenses)	—		—		—		—		7,721		—		—		2,168		—		9,889
	(251,846	)	(30,942	)	(253,554	)	(143,272	)	(34,507	)	(125,150	)	(157,373	)	(426,216	)	(2,522,649	)	(3,945,507	)
Net Income (Loss)	(165,686	)	74,471		(108,299	)	(93,166	)	(54,608	)	(207,627	)	(85,561	)	(276,164	)	(3,900,630	)	(4,817,270	)
Net Loss - NERA 50%	(82,843	)	37,236		(54,149	)	(46,583	)	(27,304	)	(103,813	)	(42,781	)	(138,082	)			(458,320	)
NERA 40%																	(1,560,252	)	(1,560,252	)
																			(2,018,572	)

Summary financial information for the three months ended June 30, 2010

	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	286,638		69,000		282,484		201,108		56,173		210,849		193,792		605,336		2,759,204		4,664,584
Laundry and Sundry Income	3,777		—		238		—		—		—		—		5,296		25,139		34,451
	290,415		69,000		282,722		201,108		56,173		210,849		193,792		610,632		2,784,344		4,699,035
Expenses
Administrative	5,286		1,007		9,447		2,224		1,646		3,539		2,607		10,254		30,577		66,586
Depreciation and Amortization	106,823		1,563		109,826		67,564		24,032		89,473		80,213		246,095		2,551,371		3,276,959
Management Fees	12,497		2,760		12,303		7,773		2,448		8,272		7,863		24,614		58,987		137,517
Operating	30,769		—		13,527		843		35		30		14,326		72,654		192,751		324,934
Renting	10,413		—		29,100		2,833		200		1,439		794		5,564		74,578		124,920
Repairs and Maintenance	27,177		—		16,224		62,855		13,188		110,703		14,885		92,776		219,866		557,675
Taxes and Insurance	46,034		12,370		23,085		31,464		10,999		37,502		25,507		82,146		384,783		653,890
	238,999		17,701		213,512		175,555		52,548		250,958		146,195		534,102		3,512,912		5,142,482
Income Before Other Income	51,416		51,299		69,210		25,553		3,625		(40,109	)	47,597		76,530		(728,568	)	(443,447	)
Other Income (Loss)
Interest Income	1		1		12		22		3,080		—		1		1		—		3,119
Interest Expense	(126,604	)	(15,809	)	(126,482	)	(72,051	)	(24,404	)	(67,693	)	(79,127	)	(214,934	)	(1,270,537	)	(1,997,642	)
Gain on Sale of Real Estate	—		—		—		—		—		—		—		—		—		—
Other Income (Expenses)	—		—		—		—		—		—		—		—		—		—
	(126,603	)	(15,808	)	(126,470	)	(72,029	)	(21,324	)	(67,693	)	(79,127	)	(214,932	)	(1,270,537	)	(1,994,523	)
Net Income (Loss)	(75,187	)	35,491		(57,260	)	(46,476	)	(17,699	)	(107,802	)	(31,529	)	(138,402	)	(1,999,106	)	(2,437,970	)
P&L- NERA 50%	(37,594	)	17,746		(28,630	)	(23,238	)	(8,849	)	(53,901	)	(15,765	)	(69,201	)			(219,432	)
P&L- NERA 40%																	(799,642	)	(799,642	)
																			(1,019,075	)

Future annual mortgage maturities at June 30, 2011 are as follows:

	Hamilton Essex 81	Hamilton Essex Development	Franklin Street	1025 Hamilton	Hamilton Bay Sales	Hamilton Bay Apts	Hamilton Minuteman	Hamilton on Main	Dexter Park Towers
Period End	March 2005	March 2005	November 2001	March 2005	October 2005	October 2005	August 2004	August 2004	October 2009	Total
June 30, 2012	116,690	2,162,000	163,228	35,232		20,668	33,648	268,792	789,756	3,590,014
June 30, 2013	122,083		174,853	63,301	1,668,000	64,350	69,329	285,743	1,240,873	3,688,532
June 30, 2014	129,342		6,761,248	67,037		68,027	73,421	301,117	1,311,782	8,711,975
June 30, 2015	137,033			70,994		71,915	77,755	15,161,974	1,386,742	16,906,414
June 30, 2016	8,008,015			74,427		76,024	81,510		1,465,987	9,705,962
Thereafter				4,689,009		4,449,016	5,164,336		83,718,860	98,021,222
	8,513,163	2,162,000	7,099,329	5,000,000	1,668,000	4,750,000	5,500,000	16,017,627	89,914,000	140,624,120