INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

6 Months Ended

Jun. 30, 2013

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Summary of financial position relating to investment in unconsolidated joint ventures

Summary financial information as of June 30, 2013

			Hamilton								Hamilton	Hamilton
	Hamilton		Essex	345		Hamilton		Hamilton		Hamilton	Minuteman	on Main	Dexter
	Essex 81		Development	Franklin		1025		Bay Sales		Bay Apts	Apts	Apts	Park		Total
ASSETS
Rental Properties*	8,947,591		2,616,965	7,686,993		5,505,467		1,805,125		6,827,232	6,919,386	20,659,589	104,817,498		165,785,845
Cash & Cash Equivalents	3,147		29,108	231,329		9,023		23,732		10,077	25,303	174,000	659,245		1,164,964
Rent Receivable	51,080		—	8,863		6,872		4,062		4,887	9,600	10,730	104,164		200,257
Real Estate Tax Escrow	83,964		—	23,711		74,507		—		53,440	34,783	68,934	420,641		759,979
Due From Investment Properties	—		—	—		—		—		—	—	—	—		—
Investors Partner Loan Receivables	97,138		—	61,036		4,572		153,336		—	—	—	1,149,915		1,465,997
- Contra Investors Partner Loan	(97,138	)	—	(61,036	)	(4,572	)	(153,336	)	—	—	—	(1,149,915	)	(1,465,997	)
Prepaid Expenses & Other Assets***	75,717		1,153	27,615		42,202		123,516		24,192	51,529	228,073	1,464,682		2,038,677
Financing & Leasing Fees	55,373		1,081	99,877		17,132		4,000		23,062	13,965	11,150	370,020		595,661
Total Assets	9,216,871		2,648,307	8,078,388		5,655,204		1,960,434		6,942,889	7,054,565	21,152,475	107,836,250		170,545,384
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	8,292,287		2,067,378	10,000,000		4,901,467		1,668,000		4,670,319	5,397,023	15,462,916	87,999,131		140,458,521
Due to Investment Properties	—		—	—		—		—		—	—	—	—		—
Investors Partner Loan Payables	97,138		—	61,036		4,572		153,336		—	—	—	1,149,915		1,465,997
- Contra Investors Partner Loan	(97,138	)	—	(61,036	)	(4,572	)	(153,336	)	—	—	—	(1,149,915	)	(1,465,997	)
Accounts Payable& Accrued Exp***	50,228		5,461	19,140		51,107		18,669		8,192	71,192	196,455	1,019,021		1,439,465
Advance Rental Pymts& Security Dep	176,827		—	175,850		93,472		29,033		96,673	66,703	321,725	2,059,402		3,019,685
Total Liabilities	8,519,343		2,072,839	10,194,990		5,046,047		1,715,701		4,775,184	5,534,918	15,981,097	91,077,554		144,917,671
Partners’ Capital**	697,529		575,469	(2,116,602	)	609,157		244,733		2,167,705	1,519,648	5,171,379	16,758,697		25,627,712
Total Liabilities and Capital	9,216,871		2,648,307	8,078,388		5,655,204		1,960,434		6,942,889	7,054,565	21,152,475	107,836,250		170,545,384
Partners’ Capital - NERA 50%	348,764		287,734	(1,058,301	)	304,578		122,366		1,083,852	759,824	2,585,689			4,434,508
NERA 40%													6,703,479		6,703,479
															11,137,986

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 August 1, 2013	—	—	—	127	105	—	—	—	—	232
Unsold units	—	—	—	—	15	—	—	—	—	15
Unsold units with deposits for future sale as of August 1, 2013	—	—	—	—	—	—	—	—	—	—

Summary financial information as of June 30, 2012

	Hamilton Essex 81	Hamilton Essex Development	345 Franklin	Hamilton 1025	Hamilton Bay Sales	Hamilton Bay Apts	Hamilton Minuteman	Hamilton on Main  Apts	Dexter Park	Total
ASSETS
Rental Properties	9,261,771	2,611,819	8,049,593	5,744,197	1,882,240	7,118,237	7,152,206	21,534,347	110,257,477	173,611,888
Cash & Cash Equivalents	58,404	24,262	26,170	296	24,634	17,487	18,057	51,045	577,044	797,399
Rent Receivable	70,337	—	9,048	12,082	2,563	5,692	4,380	10,138	132,465	246,705
Real Estate Tax Escrow	49,442	—	21,015	69,257	—	93,063	42,103	107,470	483,938	866,288
Prepaid Expenses & Other Assets	85,426	1,110	91,415	97,825	161,820	104,087	76,573	273,435	1,306,813	2,198,503
Financing & Leasing Fees	65,493	1,747	12,247	22,159	4,037	29,424	17,934	18,012	429,336	600,388
Total Assets	9,590,873	2,638,938	8,209,487	5,945,816	2,075,295	7,367,990	7,311,253	21,994,446	113,187,073	178,321,171
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	8,406,631	2,118,990	6,936,102	4,964,768	1,668,000	4,730,815	5,466,352	15,748,668	89,166,547	139,206,873
Accounts Payable & Accrued Expense	61,165	5,811	118,416	49,520	18,661	54,146	85,621	211,249	884,807	1,489,395
Advance Rental Pmts & Security Dep	187,355	—	147,570	85,841	24,499	87,189	68,827	262,993	1,919,814	2,784,087
Total Liabilities	8,655,151	2,124,801	7,202,087	5,100,129	1,711,161	4,872,149	5,620,800	16,222,911	91,971,168	143,480,356
Partners’ Capital	935,722	514,137	1,007,400	845,687	364,134	2,495,641	1,690,453	5,771,535	21,215,906	34,840,816
Total Liabilities & Capital	9,590,873	2,638,938	8,209,487	5,945,816	2,075,295	7,367,990	7,311,253	21,994,446	113,187,073	178,321,171
Partners’ Capital — NERA 50%	467,861	257,068	503,700	422,844	182,067	1,247,920	845,227	2,885,768
NERA 40%									8,486,362	8,486,362
										15,298,817
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 August 1, 2012	—	—	—	127	105	—	—	—	—	232
Unsold units	—	—	—	—	15	—	—	—	—	15
Unsold units with deposits for future sale as of August 1, 2012	—	—	—	—	—	—	—	—	—	—

Summary of income statement relating to investment in unconsolidated joint ventures

Financial information for the six months ended June 30, 2013

			Hamilton										Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Hamilton		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Bay Sales		Bay Apts		Apts		Apts		Park		Total
Revenues
Rental Income	663,919		143,792		616,034		441,883		121,472		441,443		432,789		1,353,188		6,331,670		10,546,189
Laundry and Sundry Income	8,997		—		1,933		—		—		—		675		17,281		46,429		75,316
	672,916		143,792		617,968		441,883		121,472		441,443		433,464		1,370,469		6,378,099		10,621,505
Expenses
Administrative	9,928		703		14,431		3,805		3,586		7,551		2,465		18,408		113,724		174,601
Depreciation and Amortization**	212,066		4,488		215,739		120,215		41,098		153,638		157,933		488,767		2,878,479		4,272,422
Management Fees	26,015		5,752		25,782		18,186		4,987		17,887		17,076		57,339		133,507		306,530
Operating	63,549		—		40,044		712		1,962		617		41,947		191,181		564,660		904,672
Renting	9,550		—		1,788		3,925		1,425		7,250		4,042		3,305		26,654		57,939
Repairs and Maintenance	64,094		3,700		38,179		157,409		45,986		147,694		25,537		165,706		454,017		1,102,323
Taxes and Insurance	111,759		24,407		56,255		77,131		20,619		71,147		61,948		169,290		742,955		1,335,512
	496,961		39,051		392,218		381,383		119,663		405,784		310,947		1,093,996		4,913,995		8,153,999
Income Before Other Income	175,955		104,741		225,750		60,499		1,809		35,658		122,516		276,473		1,464,104		2,467,506
Other Income (Loss)
Interest Expense	(243,202	)	(29,266	)	(257,547	)	(141,481	)	(48,689	)	(132,973	)	(155,538	)	(409,587	)	(2,495,453	)	(3,913,736	)
Interest Income	—		—		26		2		86		—		—		—		57		171
Interest Income from Note	—		—		—		—		2,007		—		—		—		—		2,007
Gain on Sale of Real Estate	—		—		—		—		—		—		—		—		—		—
Other Income (Expenses)	—		—		(68,588	)	—		—		—		—		—		—		(68,588	)
	(243,202	)	(29,266	)	(326,109	)	(141,478	)	(46,596	)	(132,973	)	(155,538	)	(409,587	)	(2,495,396	)	(3,980,146	)
Net Income (Loss)	(67,247	)	75,475		(100,359	)	(80,979	)	(44,787	)	(97,315	)	(33,022	)	(133,114	)	(1,031,292	)	(1,512,639	)
Net Income (Loss) - NERA 50%	(33,623	)	37,737		(50,180	)	(40,489	)	(22,393	)	(48,657	)	(16,511	)	(66,557	)			(240,673	)
NERA 40%																	(412,517	)	(412,517	)
																			(653,190	)

Financial information for the three months ended June 30, 2013

			Hamilton										Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Hamilton		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Bay Sales		Bay Apts		Apts		Apts		Park		Total
Revenues
Rental Income	335,464		71,896		311,745		221,666		61,864		222,162		216,932		676,242		3,171,661		5,289,631
Laundry and Sundry Income	5,151		—		1,288		—		—		—		464		7,510		24,997		39,411
	340,615		71,896		313,033		221,666		61,864		222,162		217,396		683,752		3,196,658		5,329,041
Expenses
Administrative	6,074		386		8,699		2,124		2,813		3,669		2,042		9,769		66,845		102,422
Depreciation and Amortization**	106,494		2,245		110,055		60,128		20,035		76,840		79,225		244,233		1,440,022		2,139,276
Management Fees	13,762		2,876		12,707		9,227		2,649		9,422		8,538		28,298		68,497		155,978
Operating	28,483		—		14,190		452		382		195		18,737		77,185		235,835		375,460
Renting	200		—		23		3,220		1,425		6,845		1,703		1,994		15,098		30,508
Repairs and Maintenance	41,851		3,150		24,593		81,300		23,216		72,781		15,442		79,801		272,433		614,565
Taxes and Insurance	55,878		12,209		28,069		38,381		10,389		35,468		31,082		84,473		346,742		642,690
	252,742		20,865		198,337		194,832		60,909		205,220		156,769		525,753		2,445,472		4,060,899
Income Before Other Income	87,873		51,031		114,696		26,834		955		16,941		60,627		157,999		751,186		1,268,143
Other Income (Loss)
Interest Expense	(122,047	)	(14,668	)	(138,605	)	(70,998	)	(24,507	)	(66,707	)	(78,076	)	(205,633	)	(1,252,195	)	(1,973,436	)
Interest Income	—		—		13		2		41		—		—		—		57		113
Interest Income from Note	—		—		—		—		911		—		—		—		—		911
Gain on Sale of Real Estate	—		—		—		—		—		—		—		—		—		—
Other Income (Expenses)	—		—		(68,588	)	—		—		—		—		—		—		(68,588	)
	(122,047	)	(14,668	)	(207,180	)	(70,996	)	(23,555	)	(66,707	)	(78,076	)	(205,633	)	(1,252,138	)	(2,041,000	)
Net Income (Loss)	(34,174	)	36,362		(92,484	)	(44,162	)	(22,600	)	(49,765	)	(17,449	)	(47,633	)	(500,951	)	(772,857	)
Net Income (Loss) - NERA 50%	(17,087	)	18,181		(46,242	)	(22,081	)	(11,300	)	(24,883	)	(8,725	)	(23,817	)			(135,953	)
NERA 40%																	(200,380	)	(200,380	)
																			(336,333	)

Summary financial information for the six months ended June 30, 2012

	Hamilton Essex 81		Hamilton Essex Development		345 Franklin		Hamilton 1025		Hamilton Bay Sales		Hamilton Bay Apts		Hamilton Minuteman		Hamilton on Main Apts		Dexter Park		Total
Revenues
Rental Income	626,002		144,092		578,703		421,727		111,192		436,161		398,676		1,297,371		6,062,838		10,076,761
Laundry and Sundry Income	7,073		—		1,188		—		—		—		491		9,980		43,855		62,587
	633,075		144,092		579,891		421,727		111,192		436,161		399,167		1,307,350		6,106,693		10,139,348
Expenses
Administrative	7,606		1,114		15,366		2,480		4,103		23,711		2,931		26,098		109,434		192,842
Depreciation and Amortization	206,865		6,485		222,140		126,593		39,472		149,087		158,546		476,667		2,870,999		4,256,855
Management Fees	27,026		5,764		24,116		16,885		4,587		16,992		16,016		52,207		129,568		293,161
Operating	53,132		—		29,481		635		927		905		37,721		178,324		547,102		848,227
Renting	2,090		—		141		2,328		1,450		3,271		1,993		6,580		41,798		59,652
Repairs and Maintenance	54,878		4,525		44,319		146,192		32,177		133,219		29,497		197,892		429,952		1,072,650
Taxes and Insurance	100,878		25,186		50,561		73,592		23,560		81,677		50,868		168,309		744,643		1,319,275
	452,475		43,074		386,125		368,706		106,276		408,862		297,573		1,106,077		4,873,495		8,042,662
Income Before Other Income	180,601		101,018		193,766		53,021		4,916		27,299		101,594		201,274		1,233,197		2,096,686
Other Income (Loss)
Interest Expense	(248,551	)	(30,327	)	(245,913	)	(143,846	)	(48,871	)	(135,267	)	(158,370	)	(418,707	)	(2,540,630	)	(3,970,481	)
Interest Income	—		—		24		41		114		—		—		—		—		178
Interest Income from Note	—		—		—		—		3,442		—		—		—		—		3,442
	(248,551	)	(30,327	)	(245,889	)	(143,805	)	(45,315	)	(135,267	)	(158,370	)	(418,707	)	(2,540,630	)	(3,966,860	)
Net Income (loss)	(67,950	)	70,691		(52,123	)	(90,784	)	(40,398	)	(107,968	)	(56,776	)	(217,433	)	(1,307,433	)	(1,870,174	)
Net Income (loss) - NERA 50%	(33,975	)	35,345		(26,061	)	(45,392	)	(20,199	)	(53,984	)	(28,388	)	(108,717	)			(281,371	)
NERA 40%																	(522,973	)	(522,973	)
																			(804,344	)

Summary financial information for the three months ended June 30, 2012

	Hamilton Essex 81		Hamilton Essex Development		345 Franklin		Hamilton 1025		Hamilton Bay Sales		Hamilton Bay Apts		HamiltonMinuteman		Hamilton on Main Apts		Dexter Park		Total
Revenues
Rental Income	333,509		72,046		287,052		211,699		59,714		216,498		201,973		649,487		3,051,260		5,083,238
Laundry and Sundry Income	3,540		—		600		—		—		—		83		4,617		21,355		30,195
	337,049		72,046		287,652		211,699		59,714		216,498		202,056		654,104		3,072,615		5,113,433
Expenses
Administrative	4,330		547		8,864		2,189		1,895		15,351		1,982		12,303		66,572		114,031
Depreciation and Amortization	103,742		3,243		112,159		63,477		19,736		74,723		79,613		240,010		1,438,955		2,135,656
Management Fees	14,208		2,882		12,115		8,333		2,537		8,599		7,978		26,698		66,306		149,656
Operating	22,810		—		14,338		570		256		217		13,014		73,937		243,755		368,896
Renting	150		—		—		659		535		2,377		1,083		4,556		10,807		20,169
Repairs and Maintenance	32,326		4,150		28,474		76,398		15,410		68,837		17,521		103,533		285,183		631,833
Taxes and Insurance	50,693		12,844		25,296		36,671		11,918		40,902		25,458		83,186		364,513		651,482
	228,259		23,666		201,245		188,296		52,287		211,006		146,648		544,223		2,476,092		4,071,723
Income Before Other Income	108,790		48,380		86,406		23,403		7,426		5,492		55,408		109,981		596,522		1,041,709
Other Income (Loss)
Interest expense	(124,068	)	(15,034	)	(121,314	)	(71,826	)	(24,445	)	(67,577	)	(79,013	)	(208,988	)	(1,267,892	)	(1,980,156	)
Interest income	—		—		12		21		53		—		—		—		—		86
Interest income from Note	—		—		—		—		1,635		—		—		—		—		1,635
	(124,068	)	(15,034	)	(121,302	)	(71,805	)	(22,757	)	(67,577	)	(79,013	)	(208,988	)	(1,267,892	)	(1,978,435	)
Net Income (Loss)	(15,278	)	33,346		(34,895	)	(48,402	)	(15,331	)	(62,085	)	(23,605	)	(99,107	)	(671,370	)	(936,726	)
Net Loss - NERA 50%	(7,639	)	16,673		(17,448	)	(24,201	)	(7,665	)	(31,043	)	(11,802	)	(49,553	)			(132,678	)
NERA 40%																	(268,548	)	(268,548	)
																			(401,226	)

Schedule of future annual mortgage maturities

Future annual mortgage maturities at June 30, 2013 are as follows:

			Hamilton
	Hamilon		Essex 81		345		Hamilton		Hamilton		Hamilton		Hamilton		Hamilton on		Dexter
	Essex 81		Development		Franklin		1025		Bay Sales		Bay Apts		Minuteman		Main Apts		Park
	March		March		November		March		October		October		August		August		October
Period End	2005		2005		2001		2005		2005		2005		2004		2004		2009		Total
3/31/2014	129,342		2,067,378				67,037		1,668,000		68,027		73,421		300,942		1,311,782		5,685,930
3/31/2015	137,033						70,994				71,915		77,755		15,161,974		1,386,742		16,906,414
3/31/2016	145,181						74,427				76,024		81,510				1,465,987		1,843,129
3/31/2017	7,880,731				177,340		4,689,009				4,454,353		5,164,338				1,549,759		23,915,528
3/31/2018					187,209												1,638,319		1,825,528
Thereafter					9,635,451												80,646,542		90,281,993
	$	8,292,287	$	2,067,378	$	10,000,000	$	4,901,467	$	1,668,000	$	4,670,319	$	5,397,024	$	15,462,916	$	87,999,131	$	140,458,522