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 between 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 was $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. The balance of this mortgage is approximately $85,575,000 at June 30, 2015. 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 sold 120 units as condominiums and retained 48 units for long-term investment.. In February 2007, the Partnership refinanced the 48 units with a new mortgage in the amount of $4,750,000 with an interest rate of 5.57%, interest only for five years. The loan will be amortized over 30 years thereafter and matures in March 2017. As of June 30, 2015, the balance of the mortgage is approximately $4,539,000. This investment is referred to as Hamilton Bay Apartments, LLC. 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 matured in 2013. On October 18, 2013, the Partnership and its joint venture partner each made capital contributions to the entity of $660,000. The capital was used to pay off the outstanding mortgage. As of August 1, 2015, 7 units are still owned by the Partnership. 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 48 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 balance on Hamilton Essex 81, LLC is approximately $8,042,000, at June 30, 2015, amortizing over 30 years at 5.79% due in August 2016. The mortgage on Essex Development, LLC, or the parking lot is approximately $1,961,000 with a variable interest rate of 2.25% over the daily Libor rate (0.1865%) at June 30, 2015. In September 2013, this loan was extended for an additional two years to August 2015 with the same conditions except for the increased principal payments of $4,443 per month. The costs associated with the extension were approximately $9,000. 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. The Partnership is in the process of refinancing both loans.

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. 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. The balance of this mortgage is approximately $4,770,000 at June 30, 2015. 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. At June 30, 2015, the balance of this mortgage is approximately $5,253,000. 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. The total purchase price was $56,000,000. The Partnership sold 137 units as condominiums. The assets were combined with Hamilton on Main Apartments. Hamilton on Main, LLC is known as Hamilton Place.

In 2005, Hamilton on Main Apartments, LLC obtained a ten year mortgage on the three buildings to be retained. The mortgage was $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. In August 2014, the property was refinanced with a 10 year mortgage in the amount of $16,900,000 at 4.34% interest only. The Joint Venture Partnership paid off the prior mortgage of approximately $15,205,000 with the proceeds of the new mortgage and distributed $850,000 to the Partnership. The costs associated with the refinancing were approximately $161,000.

In November 2001, the Partnership invested approximately $1,533,000 for a 50% ownership interest in a 40-unit apartment building in Cambridge, Massachusetts. In June 2013, the property was refinanced with a 15 year mortgage in the amount of $10,000,000 at 3.87%, interest only for 3 years and is amortized on a 30-year schedule for the balance of the term. The Partnership paid off the prior mortgage of approximately $6,776,000 with the proceeds of the new mortgage. After the refinancing, the property made a distribution of $1,610,000 to the Partnership. As a result of the distribution, the carrying value of the investment fell below zero. The Partnership will continue to account for this investment using the equity method of accounting. Although the Partnership has no legal obligation, the Partnership intends to fund its share of any future operating deficits if needed. This investment is referred to as 345 Franklin, LLC.

Summary financial information as of June 30, 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	$	8,564,474		$	2,620,081		$	6,951,074		$	5,039,485		$	793,069		$	6,288,296		$	6,421,497		$	19,007,097		$	95,631,639		$	151,316,712
Cash & Cash Equivalents	29,625			33,530			116,046			6,348			8,106			829			42,200			208,411			1,274,043			1,719,138
Rent Receivable	25,517			—			4,123			5,178			1,605			2,221			152			15,289			133,921			188,006
Real Estate Tax Escrow	123,085			—			17,330			72,812			—			56,520			39,006			94,677			264,746			668,176
Prepaid Expenses & Other Assets	92,967			—			51,470			54,129			19,977			55,989			43,472			82,262			1,940,068			2,340,334
Financing & Leasing Fees	21,848			1,409			86,561			7,080			—			10,338			6,028			147,136			252,066			532,466

Total Assets	$	8,857,516		$	2,655,020		$	7,226,604		$	5,185,032		$	822,757		$	6,414,193		$	6,552,355		$	19,554,872		$	99,496,483		$	156,764,832

LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	8,042,496		$	1,961,172		$	10,000,000		$	4,769,824		$	—		$	4,538,605		$	5,252,844		$	16,900,000		$	85,574,660		$	137,039,601
Accounts Payable & Accrued Expense	59,786			5,308			64,628			27,358			20,207			14,768			47,865			154,122			724,526			1,118,568
Advance Rental Pmts & Security Deposits	199,886			—			230,492			97,276			5,810			95,435			96,548			337,614			2,800,624			3,863,685

Total Liabilities	8,302,168			1,966,480			10,295,120			4,894,458			26,017			4,648,808			5,397,257			17,391,736			89,099,810			142,021,854
Partners’ Capital	555,348			688,540			(3,068,516		)	290,574			796,740			1,765,385			1,155,098			2,163,136			10,396,673			14,742,978

Total Liabilities and Capital	$	8,857,516		$	2,655,020		$	7,226,604		$	5,185,032		$	822,757		$	6,414,193		$	6,552,355		$	19,554,872		$	99,496,483		$	156,764,832


Partners’ Capital % - NERA	50		%	50		%	50		%	50		%	50		%	50		%	50		%	50		%	40		%
Investment in Unconsolidated Joint Ventures	$	277,674		$	344,270		$	—		$	145,287		$	398,370		$	882,693		$	577,549		$	1,081,568		$	4,158,667		7,866,077

Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	—		$	—		$	(1,534,258	)	$	—		$	—		$	—		$	—		$	—		$	—		(1,534,258		)

Total Investment in Unconsolidated Joint Ventures (Net)																												$	6,331,819


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, 2015	—			—			—			127			113			—			—			—			—			240

Unsold units	—			—			—			—			7			—			—			—			—			7
Unsold units with deposits for future sale as of August 1, 2015	—			—			—			—			—			—			—			—			—			—

Financial information for the six months ended June 30, 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	$	721,908		$	145,045		$	678,276		$	477,428		$	59,468		$	487,086		$	467,474		$	1,524,128		$	7,061,280		$	11,622,093
Laundry and Sundry Income	2,492			—			323			—			—			—			—			22,446			44,078			69,339

	724,400			145,045			678,599			477,428			59,468			487,086			467,474			1,546,574			7,105,358			11,691,432

Expenses
Administrative	8,306			1,008			14,381			3,162			4,674			3,624			2,693			19,935			104,634			162,417
Depreciation and Amortization	224,448			5,644			187,586			120,062			17,974			159,291			163,494			483,116			1,631,773			2,993,388
Management Fees	31,737			5,802			29,240			18,831			2,323			19,432			19,445			61,054			155,624			343,488
Operating	58,763			—			51,186			348			205			708			46,482			184,893			729,806			1,072,391
Renting	6,721			—			9,105			—			—			2,350			4,746			3,401			33,213			59,536
Repairs and Maintenance	66,434			—			19,062			155,388			23,876			186,217			32,764			182,482			540,177			1,206,400
Taxes and Insurance	106,875			26,844			59,877			85,895			10,936			76,225			61,971			166,301			733,913			1,328,837

	503,284			39,298			370,437			383,686			59,988			447,847			331,595			1,101,182			3,929,140			7,166,457

Income Before Other Income	221,116			105,747			308,162			93,742			(520		)	39,239			135,879			445,392			3,176,218			4,524,975

Other Income (Loss)
Interest Expense	(237,262		)	(27,172		)	(195,938		)	(137,440		)	(214		)	(129,239		)	(151,557		)	(373,703		)	(2,429,434		)	(3,681,959		)
Interest Income	—			—			—			8			—			—			—			—			—			8
Other Income (Expenses)	—			—			—			—			(125		)	—			—			97			—			(28		)

	(237,262		)	(27,172		)	(195,938		)	(137,432		)	(339		)	(129,239		)	(151,557		)	(373,606		)	(2,429,434		)	(3,681,979		)

Net Income (Loss)	$	(16,146	)	$	78,575		$	112,224		$	(43,690	)	$	(859	)	$	(90,000	)	$	(15,678	)	$	71,786		$	746,784		$	842,996

Net Income (Loss) - NERA 50%	$	(8,073	)	$	39,288		$	56,112		$	(21,845	)	$	(430	)	$	(45,000	)	$	(7,839	)	$	35,893					48,106

Net Income (Loss) - NERA 40%																									$	298,714		298,714

																												$	346,820

Financial information for the three months ended June 30, 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	$	362,007		$	72,523		$	342,800		$	237,028		$	30,173		$	236,513		$	233,578		$	762,855		$	3,572,475		$	5,849,952
Laundry and Sundry Income	—																					11,805			24,833			36,638

	362,007			72,523			342,800			237,028			30,173			236,513			233,578			774,660			3,597,308			5,886,590

Expenses
Administrative	4,369			425			6,620			1,170			1,895			1,809			1,069			10,660			52,304			80,321
Depreciation and Amortization	112,979			2,821			93,793			60,033			8,987			79,963			81,976			242,355			816,804			1,499,711
Management Fees	16,392			2,901			15,131			9,391			1,049			9,937			9,620			30,974			80,673			176,068
Operating	21,230			—			11,114			223			181			44			13,935			46,638			274,150			367,515
Renting	6,221			—			2,760			—			—			—			1,003			1,636			16,920			28,540
Repairs and Maintenance	40,751			—			13,075			78,891			12,390			101,359			17,640			98,321			323,559			685,986
Taxes and Insurance	53,458			13,423			29,941			42,844			5,056			38,394			31,013			82,793			372,658			669,580

	255,400			19,570			172,434			192,552			29,558			231,506			156,256			513,377			1,937,068			3,507,721

Income Before Other Income	106,607			52,953			170,366			44,476			615			5,007			77,322			261,283			1,660,240			2,378,869

Other Income (Loss)
Interest Expense	(119,029		)	(13,620		)	(98,002		)	(68,953		)	(105		)	(64,775		)	(76,066		)	(187,893		)	(1,219,133		)	(1,847,576		)
Interest Income										1																		1
Interest Income from Note																												—
Gain on Sale of Real Estate																						96						96

	(119,029		)	(13,620		)	(98,002		)	(68,952		)	(105		)	(64,775		)	(76,066		)	(187,797		)	(1,219,133		)	(1,847,479		)

Net Income (Loss)	$	(12,422	)	$	39,333		$	72,364		$	(24,476	)	$	510		$	(59,768	)	$	1,256		$	73,486		$	441,107		$	531,390

Net Income (Loss) - NERA 50%	$	(6,211	)	$	19,667		$	36,182		$	(12,238	)	$	255		$	(29,884	)	$	628		$	36,743					45,142

Net Income (Loss) - NERA 40%																									$	176,445		176,445

																												$	221,586

Future annual mortgage maturities at June 30, 2015 are as follows:

Period End	Hamilon Essex 81		Hamilton Essex 81 Development		345 Franklin		Hamilton 1025		Hamilton Bay Apts		Hamilton Minuteman		Hamilton on Main Apts		Dexter Park		Total
6/30/2016	149,344		1,961,172		—		74,077		77,754		81,127				1,459,214		3,802,688
6/30/2017	7,893,152				177,340		4,695,747		4,460,851		5,171,717				1,542,599		23,941,406
6/30/2018					187,209		—								1,630,749		1,817,958
6/30/2019					194,584		—								1,723,938		1,918,522
6/30/2020					202,250		—								79,218,160		79,420,410
Thereafter					9,238,617		—						16,900,000		—		26,138,617

	$	8,042,496	$	1,961,172	$	10,000,000	$	4,769,824	$	4,538,605	$	5,252,844	$	16,900,000	$	85,574,660	$	137,039,601

At June 30, 2015 the weighted average interest rate on the above mortgages was 5.27%. The effective rate was 5.36% including the amortization expense of deferred financing costs.

Summary financial information as of June 30, 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	$	8,575,457		$	2,622,910		$	7,320,301		$	5,272,805		$	1,148,912		$	6,533,725		$	6,684,183		$	19,873,809		$	99,637,389		$	157,669,491
Cash & Cash Equivalents	76,955			104,102			107,038			6,968			57,296			1,878			66,660			23,626			968,685			1,413,208
Rent Receivable	32,918			—			15,494			2,327			3,666			6,965			5,798			11,991			141,005			220,164
Real Estate Tax Escrow	101,117			—			18,132			68,872			—			28,886			39,093			45,741			369,900			671,741
Prepaid Expenses & Other Assets	83,547			1,230			38,090			43,044			548,734			41,408			42,658			748,027			1,728,976			3,275,714
Financing & Leasing Fees	37,887			9,868			93,219			12,106			—			16,700			9,997			4,287			310,703			494,767

Total Assets	$	8,907,881		$	2,738,110		$	7,592,274		$	5,406,122		$	1,758,608		$	6,629,562		$	6,848,389		$	20,707,481		$	103,156,658		$	163,745,085

LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	8,171,048		$	2,014,488		$	10,000,000		$	4,840,484		$	—		$	4,606,316		$	5,330,234		$	15,188,407		$	86,875,284		$	137,026,261
Accounts Payable & Accrued Expense	59,005			5,297			57,752			30,368			18,811			12,526			47,027			155,825			698,090			1,084,701
Advance Rental Pmts & Security Deposits	223,226			—			229,882			108,125			22,824			97,026			93,313			322,519			2,645,283			3,742,198

Total Liabilities	8,453,279			2,019,785			10,287,634			4,978,977			41,635			4,715,868			5,470,574			15,666,751			90,218,657			141,853,160
Partners’ Capital	454,602			718,325			(2,695,360		)	427,145			1,716,973			1,913,694			1,377,815			5,040,730			12,938,001			21,891,925

Total Liabilities and Capital	$	8,907,881		$	2,738,110		$	7,592,274		$	5,406,122		$	1,758,608		$	6,629,562		$	6,848,389		$	20,707,481		$	103,156,658		$	163,745,085


Partners’ Capital % - NERA	50		%	50		%	50		%	50		%	50		%	50		%	50		%	50		%	40		%
Investment in Unconsolidated Joint Ventures	$	227,301		$	359,163		$	—		$	213,573		$	858,487		$	956,847		$	688,907		$	2,520,365		$	5,175,200		10,999,842

Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	—		$	—		$	(1,347,680	)	$	—		$	—		$	—		$	—		$	—		$	—		(1,347,680		)

Total Investment in Unconsolidated Joint Ventures (Net)																												$	9,652,162


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, 2014	—			—			—			127			110			—			—			—			—			237

Unsold units	—			—			—			—			10			—			—			—			—			10
Unsold units with deposits for future sale as of August 1, 2014	—			—			—			—			—			—			—			—			—			—

Financial information for the six months ended June 30, 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	$	670,157		$	146,472		$	658,488		$	447,481		$	106,721		$	462,103		$	456,812		$	1,440,362		$	6,709,764		$	11,098,360
Laundry and Sundry Income	8,120			—			235			—			—			—			168			19,148			48,593			76,264

	678,277			146,472			658,723			447,481			106,721			462,103			456,980			1,459,510			6,758,357			11,174,624

Expenses
Administrative	17,141			830			19,861			4,161			2,674			10,577			5,443			30,762			116,993			208,442
Depreciation and Amortization	216,170			5,644			200,104			120,320			38,350			158,697			159,254			473,132			2,694,103			4,065,774
Management Fees	29,105			5,859			28,505			18,643			4,275			18,600			18,953			57,820			148,442			330,202
Operating	68,967			—			32,593			353			605			1,039			44,102			206,470			736,853			1,090,982
Renting	10,967			—			3,623			6,376			753			5,042			6,088			18,097			57,536			108,482
Repairs and Maintenance	73,827			3,150			30,932			164,511			47,651			143,741			38,434			190,403			514,184			1,206,833
Taxes and Insurance	116,996			27,640			58,200			81,374			22,665			82,005			59,235			191,586			757,325			1,397,026

	533,173			43,123			373,818			395,738			116,973			419,701			331,509			1,168,270			5,025,436			8,407,741

Income Before Other Income	145,104			103,349			284,905			51,743			(10,252		)	42,402			125,471			291,240			1,732,921			2,766,883

Other Income (Loss)
Interest Expense	(240,198		)	(27,896		)	(195,574		)	(139,629		)	(399		)	(131,333		)	(153,561		)	(402,014		)	(2,464,957		)	(3,755,561		)
Interest Income	—			—			—			10			—			—			—			—			—			10
Interest Income from Note	—			—			—			—			468			—			—			—			—			468
Gain on Sale of Real Estate	—			—			—			—			300,522			—			—			—			—			300,522

	(240,198		)	(27,896		)	(195,574		)	(139,619		)	300,591			(131,333		)	(153,561		)	(402,014		)	(2,464,957		)	(3,454,561		)

Net Income (Loss)	$	(95,094	)	$	75,453		$	89,331		$	(87,876	)	$	290,339		$	(88,931	)	$	(28,090	)	$	(110,774	)	$	(732,036	)	$	(687,678	)

Net Income (Loss) - NERA 50%	$	(47,547	)	$	37,727		$	44,666		$	(43,938	)	$	145,171		$	(44,466	)	$	(14,045	)	$	(55,386	)				22,181

Net Income (Loss) - NERA 40%																									$	(292,814	)	(292,814		)

																												$	(270,633	)

Financial information for the three months ended June 30, 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	$	341,387		$	73,236		$	330,748		$	216,294		$	43,923		$	223,212		$	232,870		$	722,682		$	3,352,710		$	5,537,062
Laundry and Sundry Income	4,200			—			657			—			—			—			(1		)	9,692			23,213			37,761

	345,587			73,236			331,405			216,294			43,923			223,212			232,869			732,374			3,375,923			5,574,823

Expenses
Administrative	13,963			513			13,038			2,193			1,969			5,732			2,440			21,277			62,450			123,575
Depreciation and Amortization	108,267			2,823			100,379			60,167			19,175			79,383			79,852			237,117			1,348,640			2,035,803
Management Fees	15,829			2,929			14,839			9,412			1,891			9,140			9,643			29,557			76,544			169,784
Operating	23,995			—			7,770			193			355			580			11,248			64,310			248,068			356,519
Renting	10,850			—			180			624			—			1,550			3,622			11,268			38,946			67,040
Repairs and Maintenance	41,549			3,150			18,595			84,068			23,827			70,304			21,547			99,885			317,690			680,615
Taxes and Insurance	58,712			14,070			28,555			40,770			10,767			41,247			29,665			95,947			376,140			695,873

	273,165			23,485			183,356			197,427			57,984			207,936			158,017			559,361			2,468,478			4,129,209

Income Before Other Income	72,422			49,751			148,049			18,867			(14,061		)	15,276			74,852			173,013			907,445			1,445,614

Other Income (Loss)
Interest Expense	(120,829		)	(13,977		)	(97,821		)	(70,070		)	(205		)	(65,868		)	(77,061		)	(201,634		)	(1,237,262		)	(1,884,727		)
Interest Income	—			—			—			5			—			—			—			—			—			5
Interest Income from Note	—			—			—			—			135			—			—			—			—			135
Gain on Sale of Real Estate	—			—			—			—			248,239			—			—			—			—			248,239

	(120,829		)	(13,977		)	(97,821		)	(70,065		)	248,169			(65,868		)	(77,061		)	(201,634		)	(1,237,262		)	(1,636,348		)

Net Income (Loss)	$	(48,407	)	$	35,774		$	50,228		$	(51,198	)	$	234,108		$	(50,592	)	$	(2,209	)	$	(28,621	)	$	(329,817	)	$	(190,734	)

Net Income (Loss) - NERA 50%	$	(24,203	)	$	17,887		$	25,114		$	(25,598	)	$	117,054		$	(25,296	)	$	(1,105	)	$	(14,310	)				69,545

Net Income (Loss) - NERA 40%																									$	(131,927	)	(131,927		)

																												$	(62,382	)