INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

9 Months Ended

Sep. 30, 2013

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Summary of financial position relating to investment in unconsolidated joint ventures

Summary financial information as of September 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	$	8,855,213	$	2,617,557	$	7,596,004		$	5,448,764	$	1,785,933	$	6,752,521	$	6,851,307	$	20,455,309	$	103,516,956	$	163,879,565
Cash & Cash Equivalents	18,578		24,337		15,400			743		901		14,460		60,794		15,593		919,270		1,070,076
Rent Receivable	25,174		—		3,684			5,841		4,019		10,560		—		8,402		72,166		129,845
Real Estate Tax Escrow	92,679		—		39,519			77,637		—		51,134		38,025		70,460		417,391		786,845
Prepaid Expenses & Other Assets	89,720		889		43,130			46,234		113,082		28,815		51,583		306,657		1,532,522		2,212,631
Financing & Leasing Fees	51,002		9,067		98,213			15,876		—		21,472		12,973		9,435		355,191		573,227
Total Assets	$	9,132,365	$	2,651,850	$	7,795,948		$	5,595,095	$	1,903,935	$	6,878,962	$	7,014,682	$	20,865,856	$	106,813,495	$	168,652,189
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	8,263,635	$	2,054,475	$	10,000,000		$	4,885,643	$	1,318,000	$	4,655,194	$	5,379,695	$	15,390,766	$	87,707,013	$	139,654,420
Accounts Payable& Accrued Exp	50,122		5,642		76,207			52,855		21,118		8,792		77,740		188,156		1,037,568		1,518,200
Advance Rental Pymts& Security Dep	160,109		—		162,242			86,196		26,410		89,430		73,462		276,764		2,107,529		2,982,141
Total Liabilities	8,473,866		2,060,117		10,238,449			5,024,693		1,365,528		4,753,416		5,530,897		15,855,686		90,852,110		144,154,762
Partners’ Capital	658,500		591,733		(2,442,501		)	570,401		538,407		2,125,546		1,483,785		5,010,170		15,961,384		24,497,427
Total Liabilities and Capital	$	9,132,365	$	2,651,850	$	7,795,948		$	5,595,095	$	1,903,935	$	6,878,962	$	7,014,682	$	20,865,856	$	106,813,495	$	168,652,189
Partners’ Capital - NERA 50%	$	329,250	$	295,867	$	(1,221,250	)	$	285,201	$	269,204	$	1,062,773	$	741,893	$	2,505,085			$	4,268,021
NERA 40%																		$	6,384,554		6,384,554
																				$	10,652,575

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

Summary financial information as of September 30, 2012

			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	$	9,201,729	$	2,611,197	$	7,962,705	$	5,685,935	$	1,863,770	$	7,045,549	$	7,077,941	$	21,317,705	$	108,880,125	$	171,646,656
Cash & Cash Equivalents	3,682		12,525		57,974		66		14,203		98		42,880		159,507		782,730		1,073,665
Rent Receivable	45,283		—		905		7,924		654		2,929		4,791		5,055		50,229		117,770
Real Estate Tax Escrow	49,793		—		39,686		71,850		—		95,568		42,857		109,839		430,978		840,573
Prepaid Expenses & Other Assets	96,118		807		97,491		102,622		152,270		107,997		76,040		292,984		1,328,474		2,254,803
Financing & Leasing Fees	64,805		5,946		10,205		20,902		2,771		27,833		16,942		16,296		414,507		580,208
Total Assets	$	9,461,410	$	2,630,476	$	8,168,966	$	5,889,300	$	2,033,669	$	7,279,975	$	7,261,451	$	21,901,385	$	111,887,043	$	176,513,675
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	8,379,679	$	2,106,087	$	6,893,510	$	4,949,865	$	1,668,000	$	4,716,555	$	5,450,034	$	15,680,318	$	88,891,126	$	138,735,173
Due to Investment Properties	—		—		—		—		—		—		—		—		—		—
Accounts Payable& Accrued Exp	72,817		5,870		146,324		49,095		20,272		6,929		94,046		248,055		841,053		1,484,461
Advance Rental Pymts& Security Dep	148,662		—		140,048		86,764		23,802		84,376		68,652		267,641		1,837,442		2,657,387
Total Liabilities	8,601,158		2,111,957		7,179,881		5,085,724		1,712,074		4,807,860		5,612,731		16,196,014		91,569,622		142,877,021
Partners’ Capital	860,252		518,519		989,085		803,576		321,595		2,472,115		1,648,720		5,705,372		20,317,421		33,636,654
Total Liabilities and Capital	$	9,461,410	$	2,630,476	$	8,168,966	$	5,889,300	$	2,033,669	$	7,279,975	$	7,261,451	$	21,901,385	$	111,887,043	$	176,513,675
Partners’ Capital - NERA 50%	$	430,126	$	259,259	$	494,542	$	401,788	$	160,798	$	1,236,057	$	824,360	$	2,852,686			$	6,659,616
NERA 40%																	$	8,126,969		8,126,969
																			$	14,786,585

Summary of income statement relating to investment in unconsolidated joint ventures

Financial information for the nine months ended September 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	$	1,006,954		$	215,601		$	931,629		$	666,484		$	189,661		$	676,641		$	638,208		$	2,046,366		$	9,487,525		$	15,859,069
Laundry and Sundry Income	12,144			—			3,483			—			—			—			675			27,391			70,846			114,538
	1,019,097			215,601			935,112			666,484			189,661			676,641			638,883			2,073,756			9,558,371			15,973,608
Expenses
Administrative	15,037			1,021			18,796			7,968			9,502			14,367			4,253			26,848			191,418			289,209
Depreciation and Amortization	319,895			6,671			321,730			180,399			60,895			230,538			237,847			733,437			4,326,808			6,418,221
Management Fees	41,713			8,624			38,633			27,108			7,614			26,682			25,801			83,965			203,719			463,860
Operating	94,588			—			53,310			927			2,038			1,232			56,899			252,383			802,142			1,263,520
Renting	10,831			—			1,788			5,378			1,425			9,753			6,096			4,331			66,105			105,705
Repairs and Maintenance	93,194			4,400			62,553			239,752			70,217			224,156			50,840			278,025			843,069			1,866,206
Taxes and Insurance	164,374			37,050			85,152			114,730			31,912			109,188			91,893			257,239			1,170,929			2,062,466
	739,632			57,765			581,962			576,261			183,604			615,915			473,628			1,636,229			7,604,189			12,469,187
Income Before Other Income (Loss)	279,465			157,835			353,150			90,223			6,057			60,726			165,255			437,527			1,954,182			3,504,421
Other Income (Loss)
Interest Expense	(366,060		)	(43,776		)	(355,345		)	(212,962		)	(70,021		)	(200,200		)	(234,140		)	(616,349		)	(3,757,844		)	(5,856,697		)
Interest Income	—			—			26			5			122			—			—			—			57			210
Interest Income from Note	—			—			—			—			2,729			—			—			—			—			2,729
Gain on Sale of Real Estate	—			—			—			—			—			—			—			—			—			—
Other Income (Expenses)	—			—			(68,588		)	—			—			—			—			—			—			(68,588		)
	(366,060		)	(43,776		)	(423,908		)	(212,957		)	(67,170		)	(200,200		)	(234,140		)	(616,349		)	(3,757,786		)	(5,922,346		)
Net Income (Loss)	$	(86,594	)	$	114,059		$	(70,758	)	$	(122,734	)	$	(61,113	)	$	(139,474	)	$	(68,884	)	$	(178,822	)	$	(1,803,605	)	$	(2,417,925	)
Net Income (Loss) - NERA 50%	$	(43,297	)	$	57,029		$	(35,379	)	$	(61,367	)	$	(30,556	)	$	(69,737	)	$	(34,442	)	$	(89,411	)				$	(307,160	)
NERA 40%																									$	(721,442	)		(721,442	)
																												$	(1,028,602	)

Financial information for the three months ended September 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	$	343,035		$	71,809		$	315,594		$	224,602		$	68,189		$	235,198		$	205,420		$	693,178		$	3,155,855		$	5,312,880
Laundry and Sundry Income	3,146			—			1,550			—			—			—			—			10,109			24,417			39,222
	346,181			71,809			317,144			224,602			68,189			235,198			205,420			703,287			3,180,272			5,352,102
Expenses
Administrative	5,109			317			4,365			4,162			5,916			6,816			1,788			8,440			77,694			114,608
Depreciation and Amortization	107,829			2,182			105,992			60,185			19,797			76,900			79,914			244,670			1,448,329			2,145,798
Management Fees	15,699			2,872			12,851			8,922			2,627			8,795			8,725			26,626			70,212			157,330
Operating	31,039			—			13,266			215			77			615			14,951			61,202			237,482			358,848
Renting	1,281			—			—			1,453			—			2,503			2,054			1,026			39,451			47,766
Repairs and Maintenance	29,100			700			24,374			82,343			24,231			76,461			25,303			112,318			389,052			763,882
Taxes and Insurance	52,614			12,642			28,897			37,599			11,293			38,040			29,945			87,950			427,973			726,954
	242,671			18,715			189,745			194,878			63,942			210,131			162,681			542,233			2,690,194			4,315,188
Income Before Other Income (Loss)	103,510			53,095			127,399			29,724			4,248			25,068			42,739			161,054			490,078			1,036,914
Other Income (Loss)
Interest Expense	(122,858		)	(14,510		)	(97,798		)	(71,481		)	(21,332		)	(67,226		)	(78,601		)	(206,762		)	(1,262,391		)	(1,942,961		)
Interest Income	—			—			—			2			36			—			—			—			—			39
Interest Income from Note	—			—			—			—			722			—			—			—			—			722
Gain on Sale of Real Estate	—			—			—			—			—			—			—			—			—			—
Other Income (Expenses)	—			—			—			—			—			—			—			—			—			—
	(122,858		)	(14,510		)	(97,798		)	(71,479		)	(20,574		)	(67,226		)	(78,601		)	(206,762		)	(1,262,391		)	(1,942,200		)
Net Income (Loss)	$	(19,348	)	$	38,584		$	29,601		$	(41,755	)	$	(16,326	)	$	(42,159	)	$	(35,862	)	$	(45,708	)	$	(772,312	)	$	(905,286	)
Net Income (Loss) - NERA 50%	$	(9,674	)	$	19,292		$	14,801		$	(20,878	)	$	(8,163	)	$	(21,079	)	$	(17,931	)	$	(22,854	)				$	(66,487	)
NERA 40%																									$	(308,925	)		(308,925	)
																												$	(375,412	)

Summary financial information for the nine months ended September 30, 2012

				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	$	937,284		$	216,137		$	873,734		$	639,791		$	173,054		$	659,463		$	603,212		$	1,953,493		$	9,056,079		$	15,112,247
Laundry and Sundry Income	10,488			—			1,788			—			—			—			666			13,732			75,239			101,913
	947,772			216,137			875,522			639,791			173,054			659,463			603,878			1,967,225			9,131,318			15,214,160
Expenses
Administrative	10,430			1,432			23,211			4,079			6,617			29,996			6,755			37,307			169,223			289,048
Depreciation and Amortization	308,642			9,394			336,339			190,555			59,208			224,008			238,621			717,664			4,314,274			6,398,704
Management Fees	40,573			8,645			36,070			25,964			7,268			25,753			24,241			78,862			196,041			443,417
Operating	85,319			—			42,933			636			1,237			1,070			54,385			242,157			764,389			1,192,125
Renting	16,664			—			3,459			5,718			1,450			3,660			3,013			8,845			71,830			114,639
Repairs and Maintenance	94,156			5,475			61,720			235,472			53,379			205,125			45,315			283,251			707,486			1,691,378
Taxes and Insurance	149,722			37,211			75,919			109,871			34,890			121,571			77,022			253,782			1,115,971			1,975,959
	705,506			62,158			579,650			572,294			164,047			611,182			449,351			1,621,867			7,339,215			12,105,270
Income Before Other Income	242,266			153,980			295,872			67,497			9,007			48,281			154,527			345,358			1,792,103			3,108,891
Other Income (Loss)
Interest Expense	(373,357		)	(45,437		)	(366,348		)	(216,254		)	(73,609		)	(203,375		)	(238,036		)	(628,955		)	(3,818,020		)	(5,963,390		)
Interest Income	—			—			36			62			165			—			—			—			—			262
Interest Income from Note	—			—			—			—			4,901			—			—			—			—			4,901
Gain on Sale of Real Estate	—			—			—			—			—			—			—			—			—			—
Other Income (Expenses)	—			—			—			—			—			—			—			—			—			—
	(373,357		)	(45,437		)	(366,311		)	(216,193		)	(68,543		)	(203,375		)	(238,036		)	(628,955		)	(3,818,020		)	(5,958,227		)
Net Income (Loss)	$	(131,091	)	$	108,543		$	(70,439	)	$	(148,696	)	$	(59,537	)	$	(155,094	)	$	(83,509	)	$	(283,597	)	$	(2,025,917	)	$	(2,849,337	)
Net Income (Loss) - NERA 50%	$	(65,546	)	$	54,271		$	(35,220	)	$	(74,348	)	$	(29,768	)	$	(77,547	)	$	(41,754	)	$	(141,798	)				$	(411,710	)
NERA 40%																									$	(810,367	)		(810,367	)
																												$	(1,222,077	)

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

				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	$	311,281		$	72,046		$	295,031		$	218,064		$	61,862		$	223,301		$	204,535		$	656,122		$	2,993,242		$	5,035,486
Laundry and Sundry Income	3,415			—			600			—			—			—			175			3,752			31,384			39,327
	314,697			72,046			295,631			218,064			61,862			223,301			204,711			659,875			3,024,626			5,074,812
Expenses
Administrative	2,824			317			7,845			1,599			2,514			6,285			3,823			11,209			59,789			96,206
Depreciation and Amortization	101,777			2,909			114,199			63,962			19,736			74,920			80,075			240,997			1,443,275			2,141,849
Management Fees	13,547			2,882			11,953			9,079			2,681			8,761			8,225			26,655			66,474			150,256
Operating	32,187			—			13,451			1			310			165			16,664			63,833			217,288			343,898
Renting	14,574			—			3,318			3,389			—			389			1,019			2,265			30,033			54,987
Repairs and Maintenance	39,279			950			17,401			89,279			21,202			71,906			15,818			85,358			277,534			618,728
Taxes and Insurance	48,843			12,025			25,358			36,279			11,329			39,893			26,154			85,473			371,328			656,683
	253,031			19,084			193,525			203,588			57,772			202,319			151,778			515,790			2,465,720			4,062,608
Income Before Other Income	61,665			52,962			102,106			14,476			4,090			20,982			52,933			144,085			558,906			1,012,205
Other Income (Loss)
Interest Expense	(124,806		)	(15,110		)	(120,435		)	(72,408		)	(24,738		)	(68,108		)	(79,666		)	(210,248		)	(1,277,390		)	(1,992,910		)
Interest Income	—			—			12			21			51			—			—			—			—			84
Interest Income from Note	—			—			—			—			1,458			—			—			—			—			1,458
Gain on Sale of Real Estate	—			—			—			—			—			—			—			—			—			—
Other Income (Expenses)	—			—			—			—			—			—			—			—			—			—
	(124,806		)	(15,110		)	(120,423		)	(72,388		)	(23,229		)	(68,108		)	(79,666		)	(210,248		)	(1,277,390		)	(1,991,367		)
Net Income (Loss)	$	(63,141	)	$	37,852		$	(18,317	)	$	(57,912	)	$	(19,139	)	$	(47,126	)	$	(26,733	)	$	(66,164	)	$	(718,484	)	$	(979,163	)
Net Income (Loss) - NERA 50%	$	(31,571	)	$	18,926		$	(9,158	)	$	(28,956	)	$	(9,569	)	$	(23,563	)	$	(13,366	)	$	(33,082	)				$	(130,339	)
NERA 40%																									$	(287,394	)		(287,394	)
																												$	(417,733	)

Schedule of future annual mortgage maturities

Future annual mortgage maturities at September 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
9/31/2014	$	134,209	$	53,316	$		$	68,013	$	1,318,000	$	70,508	$	74,491	$	304,943	$	1,359,159	$	3,382,639
9/31/2015	139,026		2,001,159				72,028				72,921		78,887		15,085,823		1,406,142		18,855,987
9/31/2016	7,990,399				42,990		75,510				83,707		82,697				1,486,495		9,761,799
9/31/2017					180,476		4,670,091				4,428,058		5,143,620				1,571,440		15,993,686
9/31/2018					189,026												1,661,239		1,850,285
Thereafter					9,587,508												80,222,538		89,810,045
	$	8,263,635	$	2,054,475	$	10,000,000	$	4,885,642	$	1,318,000	$	4,655,194	$	5,379,695	$	15,390,766	$	87,707,013	$	139,654,419