INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables) - 10Q

3 Months Ended

Mar. 31, 2015

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Summary of financial position relating to investment in unconsolidated joint ventures

Summary financial information as of March 31, 2015

				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	$	8,636,396		$	2,620,789		$	7,040,787		$	5,097,980		$	802,055		$	6,344,523		$	6,483,432		$	19,225,373		$	96,374,735		$	152,626,070
Cash & Cash Equivalents	53,122			49,826			107,441			36,196			15,110			30,261			51,370			191,526			985,394			1,520,246
Rent Receivable	30,694			—			5,470			3,077			—			8,531			287			8,901			71,152			128,112
Real Estate Tax Escrow	114,280			—			41,532			73,919			—			51,749			39,769			78,483			260,698			660,430
Prepaid Expenses & Other Assets	76,589			224			26,198			47,558			20,197			49,482			42,326			92,912			1,800,526			2,156,012
Financing & Leasing Fees	25,978			3,524			88,225			8,337			—			11,929			7,020			151,150			266,643			562,806
Total Assets	$	8,937,059		$	2,674,363		$	7,309,653		$	5,267,067		$	837,362		$	6,496,475		$	6,624,204		$	19,748,345		$	99,759,148		$	157,653,676
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	8,075,681		$	1,974,501		$	10,000,000		$	4,787,315		$	—		$	4,556,075		$	5,271,998		$	16,900,000		$	85,896,923		$	137,462,493
Accounts Payable & Accrued Expense	44,904			4,941			81,557			21,772			20,019			13,657			52,119			142,669			626,221			1,007,859
Advance Rental Pmts& Security Deposits	174,416			—			203,975			95,932			11,114			93,589			96,246			316,025			2,480,438			3,471,735
Total Liabilities	8,295,001			1,979,442			10,285,532			4,905,019			31,133			4,663,321			5,420,363			17,358,694			89,003,582			141,942,087
Partners’ Capital	642,058			694,921			(2,975,879		)	362,048			806,229			1,833,154			1,203,841			2,389,651			10,755,566			15,711,589
Total Liabilities and Capital	$	8,937,059		$	2,674,363		$	7,309,653		$	5,267,067		$	837,362		$	6,496,475		$	6,624,204		$	19,748,345		$	99,759,148		$	157,653,676
Partners’ Capital % - NERA	50		%	50		%	50		%	50		%	50		%	50		%	50		%	50		%	40		%
Investment in Unconsolidated Joint Ventures	$	321,028		$	347,460		$	—		$	181,023		$	403,114		$	916,577		$	601,920		$	1,194,825		$	4,302,225		8,268,172
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	—		$	—		$	(1,487,939	)	$	—		$	—		$	—		$	—		$	—		$	—		(1,487,939		)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	6,780,233
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, 2015	—			—			—			127			113			—			—			—			—			240
Unsold units	—			—			—			—			7			—			—			—			—			7
Unsold units with deposits for future sale as of May 1, 2015	—			—			—			—			—			—			—			—			—			—

Summary financial 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 of income statement relating to investment in unconsolidated joint ventures

Financial information for the three months ended March 31, 2015

				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	$	358,551		$	72,523		$	335,475		$	240,400		$	29,295		$	250,573		$	233,897		$	761,273		$	3,488,805		$	5,770,792
Laundry and Sundry Income	3,842			—			323			—			—			—			—			10,641			19,245			34,051
	362,393			72,523			335,798			240,400			29,295			250,573			233,897			771,914			3,508,050			5,804,843
Expenses
Administrative	3,936			583			7,761			1,992			2,779			1,814			1,624			9,276			52,330			82,095
Depreciation and Amortization	111,469			2,822			93,793			60,029			8,987			79,328			81,518			240,762			814,969			1,493,677
Management Fees	15,345			2,901			14,108			9,439			1,274			9,495			9,825			30,080			74,951			167,418
Operating	37,532			—			40,071			125			24			665			32,547			138,255			455,656			704,875
Renting	500			—			6,345			—			(459		)	2,350			3,742			1,766			16,293			30,537
Repairs and Maintenance	25,683			—			5,988			76,497			11,944			84,858			15,124			84,161			216,618			520,873
Taxes and Insurance	53,418			13,421			29,937			43,051			5,881			37,830			30,958			83,506			361,255			659,257
	247,883			19,727			198,003			191,133			30,430			216,340			175,338			587,806			1,992,072			3,658,732
Income Before Other Income	114,510			52,796			137,795			49,267			(1,135		)	34,233			58,559			184,108			1,515,978			2,146,111
Other Income (Loss)
Interest Expense	(118,233		)	(13,552		)	(97,936		)	(68,488		)	(110		)	(64,464		)	(75,491		)	(185,810		)	(1,210,300		)	(1,834,384		)
Interest Income	—			—			—			6			—			—			—			—			—			6
Gain on Sale of Real Estate	—			—			—			—			—			—			—			—			—			—
Other Income (Expenses)	—			—			—			—			(125		)	—			—			—			—			(125		)
	(118,233		)	(13,552		)	(97,936		)	(68,482		)	(235		)	(64,464		)	(75,491		)	(185,810		)	(1,210,300		)	(1,834,503		)
Net Income (Loss)	$	(3,723	)	$	39,244		$	39,859		$	(19,215	)	$	(1,370	)	$	(30,231	)	$	(16,932	)	$	(1,702	)	$	305,678		$	311,608
Net Income (Loss) - NERA 50%	$	(1,862	)	$	19,622		$	19,929		$	(9,608	)	$	(685	)	$	(15,116	)	$	(8,466	)	$	(851	)				2,963
Net Income (Loss) - NERA 40%																									$	122,271		122,271
																												$	125,234

Financial information for the 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
Other Income (Expenses)	—			—			—			—			—			—			—			—			—			—
	(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	)

Schedule of future annual mortgage maturities

Future annual mortgage maturities at March 31, 2015 are as follows:

															Hamilton
			Hamilton												Park Towers
	Hamilton		Essex 81		345		Hamilton		Hamilton		Hamilton		Hamilton on		(Dexter
Period End	Essex 81		Development		Franklin		1025		Bay Apts		Minuteman		Main Apts		Park)		Total
3/31/2016	145,622		1,974,501		—		73,013		75,910		79,962		—		1,439,081		3,788,089
3/31/2017	7,930,059		—		131,657		4,714,302		78,894		5,192,036		—		1,521,316		19,568,264
3/31/2018	—		—		185,410		—		4,401,271		—		—		1,608,251		6,194,932
3/31/2019	—		—		192,714		—		—		—		—		1,700,153		1,892,867
3/31/2020	—		—		200,305		—		—		—		—		79,628,122		79,828,427
Thereafter	—		—		9,289,914		—		—		—		16,900,000		—		26,189,914
	$	8,075,681	$	1,974,501	$	10,000,000	$	4,787,315	$	4,556,075	$	5,271,998	$	16,900,000	$	85,896,923	$	137,462,493