INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

3 Months Ended

Mar. 31, 2014

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Summary of financial position relating to investment in unconsolidated joint ventures

Summary information as of March 31, 2014

				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	$	8,665,490		$	2,623,618		$	7,409,606		$	5,331,142		$	1,626,115		$	6,604,500		$	6,702,438		$	20,026,347		$	100,826,473		$	159,815,729
Cash & Cash Equivalents	31,408			61,603			26,136			23,018			124,765			25,766			80,847			118			1,027,202			1,400,862
Rent Receivable	28,674			—			2,565			995			1,793			4,641			737			8,623			74,141			122,170
Real Estate Tax Escrow	101,256			—			40,681			68,445			—			37,283			35,466			43,577			339,330			666,038
Prepaid Expenses & Other Assets	71,795			222			32,078			37,561			206,859			35,603			42,400			712,377			1,607,358			2,746,253
Financing & Leasing Fees	42,259			11,982			94,884			13,363			—			18,291			10,989			6,001			325,532			523,300
Total Assets	$	8,940,881		$	2,697,426		$	7,605,950		$	5,474,523		$	1,959,533		$	6,726,084		$	6,872,876		$	20,797,043		$	104,200,037		$	165,274,352
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	8,202,370		$	2,027,817		$	10,000,000		$	4,856,961		$	—		$	4,622,842		$	5,348,277		$	15,263,225		$	87,179,208		$	137,500,700
Accounts Payable & Accrued Expense	52,518			6,373			81,538			27,653			19,186			10,896			64,247			172,902			708,297			1,143,611
Advance Rental Pmts& Security Deposits	163,668			—			190,001			91,568			20,483			95,060			80,327			291,564			2,294,713			3,227,383
Total Liabilities	8,418,556			2,034,190			10,271,539			4,976,181			39,668			4,728,798			5,492,851			15,727,691			90,182,218			141,871,694
Partners’ Capital	522,325			663,236			(2,665,589		)	498,342			1,919,864			1,997,286			1,380,025			5,069,351			14,017,818			23,402,658
Total Liabilities and Capital	$	8,940,881		$	2,697,426		$	7,605,950		$	5,474,523		$	1,959,533		$	6,726,084		$	6,872,876		$	20,797,043		$	104,200,037		$	165,274,352
Partners’ Capital % - NERA	50		%	50		%	50		%	50		%	50		%	50		%	50		%	50		%	40		%
Investment in Unconsolidated Joint Ventures	$	261,162		$	331,618		$	—		$	249,171		$	959,932		$	998,643		$	690,012		$	2,534,676		$	5,607,127		11,632,342
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	—		$	—		$	(1,332,795	)	$	—		$	—		$	—		$	—		$	—		$	—		(1,332,795		)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	10,299,547
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 May 1, 2014	—			—			—			127			106			—			—			—			—			233
Unsold units	—			—			—			—			14			—			—			—			—			14
Unsold units with deposits for future sale as of May 1, 2014	—			—			—			—			—			—			—			—			—			—

Summary financial information as of March 31, 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	$	9,015,547		$	2,609,952		$	7,788,886		$	5,563,140		$	1,824,421		$	6,900,646		$	6,965,331		$	20,884,885		$	106,099,815		$	167,652,623
Cash & Cash Equivalents	11,201			19,577			25,807			7,151			16,776			20,043			20,106			125,776			998,232			1,244,669
Rent Receivable	39,722						251			5,179			4,816			958			4,444			2,510			26,486			84,366
Real Estate Tax Escrow	49,793						45,617			74,350						47,332			39,197			72,665			392,816			721,770
Prepaid Expenses & Other Assets	70,830			202			102,039			36,541			135,511			16,689			48,597			202,059			1,429,338			2,041,806
Financing & Leasing Fees	59,745			2,703			21,122			18,389			4,239			24,652			14,958			12,865			384,849			543,522
Total Assets	$	9,246,838		$	2,632,434		$	7,983,722		$	5,704,750		$	1,985,763		$	7,010,320		$	7,092,633		$	21,300,760		$	109,331,536		$	172,288,756
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	8,321,852		$	2,080,281		$	6,806,096		$	4,917,835		$	1,668,000		$	4,685,952		$	5,414,951		$	15,536,345		$	88,300,726		$	137,732,038
Accounts Payable & Accrued Expense	39,583			6,604			139,062			50,520			24,838			25,608			70,988			200,055			868,483			1,425,741
Advance Rental Pmts& Security Deposits	160,144						162,681			83,076			25,592			81,290			69,598			275,348			1,977,679			2,835,408
Total Liabilities	8,521,579			2,086,885			7,107,839			5,051,431			1,718,430			4,792,850			5,555,537			16,011,748			91,146,888			141,993,187
Partners’ Capital	725,259			545,549			875,883			653,319			267,333			2,217,470			1,537,096			5,289,012			18,184,648			30,295,569
Total Liabilities and Capital	$	9,246,838		$	2,632,434		$	7,983,722		$	5,704,750		$	1,985,763		$	7,010,320		$	7,092,633		$	21,300,760		$	109,331,536		$	172,288,756
Partners’ Capital % - NERA	50		%	50		%	50		%	50		%	50		%	50		%	50		%	50		%	40		%
Investment in Unconsolidated Joint Ventures	$	362,630		$	272,775		$	437,942		$	326,660		$	133,667		$	1,108,735		$	768,548		$	2,644,506		$	7,273,859		13,329,320
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		—
Total Investment in Unconsolidated Joint Ventures (Net)																												$	13,329,320
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 April 30, 2013	—			—			—			127			105			—			—			—			—			232
Unsold units	—			—			—			—			15			—			—			—			—			15
Unsold units with deposits for future sale as of April 30, 2013	—			—			—			—			—			—			—			—			—			—

Summary of income statement relating to investment in unconsolidated joint ventures

Three months Ended March 31, 2014

				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	$	328,770		$	73,236		$	327,740		$	231,187		$	62,798		$	238,891		$	223,942		$	717,680		$	3,357,055		$	5,561,299
Laundry and Sundry Income	3,920			—			(423		)	—			—			—			169			9,456			25,380			38,501
	332,690			73,236			327,317			231,187			62,798			238,891			224,111			727,136			3,382,434			5,599,800
Expenses
Administrative	3,178			317			6,823			1,968			705			4,845			3,003			9,485			54,543			84,868
Depreciation and Amortization	107,903			2,822			99,725			60,152			19,175			79,314			79,402			236,015			1,345,463			2,029,971
Management Fees	13,275			2,929			13,666			9,231			2,384			9,460			9,310			28,263			71,898			160,417
Operating	44,972			—			24,823			160			251			459			32,854			142,160			488,785			734,463
Renting	117			—			3,443			5,753			753			3,492			2,466			6,829			18,590			41,441
Repairs and Maintenance	32,278			—			12,337			80,443			23,824			73,437			16,887			90,518			196,494			526,219
Taxes and Insurance	58,284			13,569			29,644			40,604			11,899			40,759			29,572			95,639			381,185			701,154
	260,008			19,638			190,461			198,311			58,990			211,766			173,493			608,908			2,556,958			4,278,532
Income Before Other Income	72,682			53,598			136,856			32,876			3,808			27,125			50,619			118,227			825,476			1,321,267
Other Income (Loss)
Interest Expense	(119,368		)	(13,919		)	(97,753		)	(69,560		)	(195		)	(65,465		)	(76,500		)	(200,379		)	(1,227,695		)	(1,870,833		)
Interest Income	—			—			—			4			—			—			—			—			—			4
Interest Income from Note	—			—			—			—			334			—			—			—			—			334
Gain on Sale of Real Estate	—			—			—			—			52,283			—			—			—			—			52,283
	(119,368		)	(13,919		)	(97,753		)	(69,555		)	52,422			(65,465		)	(76,500		)	(200,379		)	(1,227,695		)	(1,818,212		)
Net Income (Loss)	$	(46,687	)	$	39,679		$	39,104		$	(36,679	)	$	56,230		$	(38,340	)	$	(25,881	)	$	(82,152	)	$	(402,219	)	$	(496,945	)
Net Income (Loss) - NERA 50%	$	(23,343	)	$	19,840		$	19,552		$	(18,340	)	$	28,115		$	(19,170	)	$	(12,941	)	$	(41,076	)				(47,363		)
Net Income (Loss) - NERA 40%																									$	(160,888	)	(160,888		)
																												$	(208,250	)

Three Months Ended March 31, 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	$	328,455		$	71,896		$	304,290		$	220,217		$	59,608		$	219,281		$	215,857		$	676,946		$	3,160,009		$	5,256,559
Laundry and Sundry Income	3,846			—			645			—			—			—			211			9,771			21,432			35,905
	332,301			71,896			304,935			220,217			59,608			219,281			216,068			686,717			3,181,441			5,292,464
Expenses
Administrative	3,854			317			5,732			1,681			773			3,881			423			8,639			46,878			72,178
Depreciation and Amortization	105,572			2,244			105,684			60,087			21,063			76,798			78,708			244,534			1,438,457			2,133,147
Management Fees	12,252			2,876			13,075			8,959			2,338			8,464			8,537			29,041			65,010			150,552
Operating	35,066			—			25,853			260			1,579			422			23,211			113,996			328,825			529,212
Renting	9,350			—			1,766			703			—			405			2,338			1,312			11,555			27,429
Repairs and Maintenance	22,243			550			13,586			76,109			22,770			74,913			10,096			85,905			181,585			487,757
Taxes and Insurance	55,882			12,199			28,186			38,750			10,230			35,679			30,866			84,817			396,213			692,822
	244,219			18,186			193,882			186,549			58,753			200,562			154,179			568,244			2,468,523			4,093,097
Income Before Other Income	88,082			53,710			111,053			33,668			855			18,719			61,889			118,473			712,918			1,199,367
Other Income (Loss)
Interest Expense	(121,155		)	(14,598		)	(118,942		)	(70,483		)	(24,182		)	(66,267		)	(77,462		)	(203,954		)	(1,243,258		)	(1,940,301		)
Interest Income	—			—			12			1			45			—			—			—			—			58
Interest Income from Note	—			—			—			—			1,096			—			—			—			—			1,096
	(121,155		)	(14,598		)	(118,930		)	(70,482		)	(23,041		)	(66,267		)	(77,462		)	(203,954		)	(1,243,258		)	(1,939,147		)
Net Income (Loss)	$	(33,073	)	$	39,112		$	(7,877	)	$	(36,814	)	$	(22,186	)	$	(47,548	)	$	(15,573	)	$	(85,481	)	$	(530,340	)	$	(739,780	)
Net Income (Loss) - NERA 50%	$	(16,537	)	$	19,556		$	(3,939	)	$	(18,407	)	$	(11,093	)	$	(23,774	)	$	(7,787	)	$	(42,741	)				(104,720		)
Net Income (Loss) - NERA 40%																									$	(212,136	)	(212,136		)
																												$	(316,856	)

Schedule of future annual mortgage maturities

Future annual mortgage maturities at March 31, 2014 are as follows:

			Hamilton
	Hamilon		Essex 81		345		Hamilton		Hamilton		Hamilton		Hamilton on		Dexter
	Essex 81		Development		Franklin		1025		Bay Apts		Minuteman		Main Apts		Park		Total
Period End
3/31/2015	129,898		53,316				69,646		74,111		76,279		15,263,225		1,361,291		17,027,766
3/31/2016	142,413		1,974,501				73,013		74,975		79,962				1,439,081		3,783,946
3/31/2017	7,930,059				131,657		4,714,301		4,473,756		5,192,035				1,521,316		23,963,125
3/31/2018					185,410										1,608,251		1,793,661
3/31/2019					192,714										1,700,153		1,892,867
Thereafter					9,490,220										79,549,116		89,039,336
	$	8,202,370	$	2,027,817	$	10,000,000	$	4,856,961	$	4,622,842	$	5,348,277	$	15,263,225	$	87,179,208	$	137,500,701