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RENTAL PROPERTIES (Tables)
12 Months Ended
Dec. 31, 2025
RENTAL PROPERTIES.  
Schedule of rental properties

  ​ ​ ​

December 31, 2025

  ​ ​ ​

December 31, 2024

  ​ ​ ​

Useful Life

 

Land, improvements and parking lots

$

143,883,155

$

101,397,349

15

-

40

years

Buildings and improvements

 

386,494,391

 

279,272,215

15

-

40

years

Construction in Progress

37,705,285

16,758,245

Kitchen cabinets

 

22,554,829

 

14,187,702

5

-

10

years

Carpets

 

19,665,364

 

14,545,300

5

-

10

years

Air conditioning

 

500,000

 

500,000

5

-

10

years

Laundry equipment

 

129,450

 

475,931

5

-

7

years

Elevators

 

1,885,265

 

1,885,265

20

-

40

years

Swimming pools

 

1,090,604

 

1,090,604

10

-

30

years

Equipment

 

23,450,788

 

21,911,223

5

-

30

years

Motor vehicles

 

203,009

 

236,697

5

years

Fences

 

147,000

 

101,506

5

-

15

years

Furniture and fixtures

 

18,293,250

 

9,047,454

5

-

7

years

Total fixed assets *

 

656,002,390

 

461,409,491

Less: Accumulated depreciation

 

(194,614,338)

 

(182,892,842)

* Includes Real Estate Assets held for sale

$

461,388,052

$

278,516,649

Schedule of real estate and accumulated depreciation

Cost

Initial Cost to

Capitalized

Gross Amount at Which

Years

Property Name

Encumbrances

Partnerships(1)

Subsequent to

Carried at Close of Period

Built/

Depreciable

Type

(First

Buildings

Acquisition(2)

Buildings

Accumulated

Redecorated

Lives

Location

Mortgages)

Land

Improvements

Improvements

Land

Improvements

Totals

Depreciation

Date Acquired

Years

Boylston Downtown L.P. Residential Apartments Boston, Massachusetts

  ​

$

32,160,432

  ​

$

2,112,000

  ​

$

8,593,109

  ​

$

11,699,220

  ​

$

2,268,528

  ​

$

20,292,329

  ​

$

22,560,857

  ​

$

16,107,160

  ​

July 1995

  ​

(3)

Brighton 26 & Concord 90 NERA LLC Belmont,Massachusetts

1,119,253

1,489,273

1,119,253

1,489,273

2,608,526

June 2025

(3)

Brookside Associates LLC Residential Apartments Woburn, Massachusetts

$

6,175,000

$

684,000

$

3,116,000

$

1,128,124

$

684,000

$

4,244,124

$

4,928,124

$

3,230,369

Oct. 2000

(3)

Clovelly Apartments L.P. Residential Apartments Nashua, New Hampshire

$

10,704,080

$

177,610

$

1,478,359

$

2,572,805

$

177,610

$

4,051,164

$

4,228,774

$

2,676,852

Sept. 1977

(3)

Commonwealth 1137 L.P. Residential Apartments Boston, Massachusetts

$

9,608,410

$

342,000

$

1,367,669

$

2,890,790

$

342,000

$

4,258,459

$

4,600,459

$

2,052,793

July 1995

(3)

Commonwealth 1144 L.P. Residential Apartments Boston, Massachusetts

$

59,987,234

$

1,410,000

$

5,664,816

$

7,675,415

$

1,410,000

$

13,340,231

$

14,750,231

$

8,405,818

July 1995

(3)

Executive Apartments L.P. Residential Apartments Framingham, Massachusetts

$

7,616,967

$

91,400

$

740,360

$

4,063,277

$

91,400

$

4,803,637

$

4,895,037

$

2,002,586

Sept. 1977

(3)

Hamilton Battle Green LLC Residential Apartments Lexington, Massachusetts

$

3,485,948

$

1,341,737

$

8,457,497

$

587,958

$

1,341,737

$

9,045,455

$

10,387,192

$

5,085,821

Jun. 2011

(3)

Hamilton Cypress LLC Commercial- 1031 Exchange Brookline,Massachusetts

$

$

2,362,795

$

4,613,786

$

405,972

$

2,362,795

$

5,019,758

$

7,382,553

$

2,244,555

Oct. 2008

(3)

Hamilton Green Apartments, LLC Residential Apartments Andover, Massachusetts

$

30,442,405

$

15,413,457

$

45,435,317

$

(7,813,386)

$

15,413,457

$

37,621,931

$

53,035,387

$

20,053,644

Jul. 2013

(3)

Hamilton Highlands, LLC Residential Apartments Needham,Massachsetts

$

20,511,229

$

7,973,547

$

26,104,062

$

(3,300,544)

7,973,547

$

22,803,518

$

30,777,066

7,145,785

Mar. 2018

(3)

Hamilton Linewt LLC Commercial 1031 Exchange Newton,Massachusetts

$

$

984,522

$

2,551,647

$

218,097

$

984,522

$

2,769,744

$

3,754,266

$

1,274,466

Nov. 2007

(3)

Hamilton Oaks Associates LLC Residential Apartments Brockton, Massachusetts

$

28,712,824

$

2,245,236

$

12,254,764

$

7,991,814

$

2,245,236

$

20,246,578

$

22,491,814

$

15,856,402

Dec. 1999

(3)

Highland Street Apartments, L.P. Residential Apartments Lowell, Massachusetts

$

4,084,284

$

156,000

$

634,085

$

460,284

$

156,000

$

1,094,369

$

1,250,369

$

906,087

Dec. 1996

(3)

Hill Estates NERA, LLC , Belmont,Massachusetts

$

67,656,000

41,136,002

128,923,609

41,136,002

$

128,923,609

170,059,611

4,658,889

June 2025

(3)

Linhart L.P. Residential / Commercial, Newton, Massachusetts

$

$

385,000

$

1,540,000

$

1,572,005

$

385,000

$

3,112,005

$

3,497,005

$

2,568,076

Jan. 1995

(3)

Mill Street Gardens, LLC Residential Apartments Woburn, Massachusetts

$

30,463,392

$

12,689,705

$

40,677,685

$

(1,738,867)

12,689,705

$

38,938,818

$

51,628,522

11,564,674

Dec. 2019

(3)

Mill Street Heights,Woburn, Massachusetts

$

17,500,000

$

1,376,031

$

1,123,969

$

32,356,178

1,376,031

$

33,480,147

$

34,856,179

Dec. 2019

(3)

NERA Dean St. Associates LLC Residential Apartments Norwood, Massachusetts

$

9,732,984

$

1,516,015

$

5,697,465

$

2,063,495

$

1,516,015

$

7,760,960

$

9,276,975

$

6,136,579

Jun. 2002

(3)

North Beacon 140 L.P. Residential Apartments Boston, Massachusetts

$

16,628,581

$

1,200,620

$

3,497,393

$

2,599,330

$

1,200,620

$

6,096,723

$

7,297,343

$

5,569,122

July 1995

(3)

Olde English Apartments L.P. Residential Apartments Lowell, Massachusetts

$

10,254,456

$

77,454

$

847,050

$

1,307,232

$

77,454

$

2,154,282

$

2,231,737

$

1,630,457

Sept. 1977

(3)

Redwood Hills L.P. Residential Apartments Worcester,Massachusetts

$

19,558,674

$

1,278,412

$

4,732,192

$

7,055,666

$

1,278,412

$

11,787,858

$

13,066,270

$

8,989,442

July 1995

(3)

Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts

$

20,750,000

$

7,755,055

$

23,446,875

$

797,815

$

7,755,055

$

24,244,690

$

31,999,745

$

9,588,584

Sept. 2015

(3)

River Drive L.P Residential Apartments Danvers, Massachusetts

$

7,138,950

$

109,697

$

550,605

$

2,651,262

$

109,697

$

3,201,867

$

3,311,564

$

1,457,941

Sept. 1977

(3)

Riverside Apartments Condominium Units Watertown Massachustts

$

$

23,346

$

190,807

$

168,295

$

23,346

$

359,102

$

382,448

$

330,965

Sept. 1977

(3)

School St Assoc LLC Residential Apartments Framingham, Massachusetts

$

26,917,222

$

4,686,728

$

18,746,911

$

1,107,449

$

4,686,728

$

19,854,360

$

24,541,088

$

15,042,100

Apr. 2003

(3)

WRF Associates LLC
Strip Mall Framingham, Massachusetts

$

6,499,565

$

3,280,000

$

4,920,000

$

1,172,297

$

3,280,000

$

6,092,297

$

9,372,297

$

4,550,683

May 1999

(3)

WCB Associates LLC Residential Apartments Brockton, Massachusetts

$

17,151,791

$

1,719,517

$

7,180,984

$

4,008,498

$

1,719,517

$

11,189,482

$

12,908,998

$

9,418,754

Dec. 1999

(3)

Westgate Apartments Burlington LLC Residential Apartments Burlington, Massachusetts

$

5,446,485

$

191,275

$

4,332,377

$

366,132

$

191,275

$

4,698,509

$

4,889,784

$

3,763,851

Sept. 2004

(3)

Westgate Apartments LLC Residential Apartments Woburn, Massachusetts

$

40,893,829

$

521,495

$

2,364,441

$

7,726,426

$

521,495

$

10,090,867

$

10,612,362

$

7,077,944

Sept. 1977

(3)

Woodland Park Apartments LLC Residential Apartments Newton Massachusetts

$

20,949,816

$

11,754,450

$

33,234,878

$

(3,005,144)

$

11,754,450

$

30,229,734

$

41,984,185

$

10,869,761

July 2017

(3)

653 Worcester Rd, Framingham,Massachusetts

$

$

3,415,051

$

4,496,849

$

1,218,488

$

3,415,051

$

5,715,337

$

9,130,389

$

1,340,878

Jan.2023

(3)

Shawmut Place LLC Boston, Massachusetts

$

$

7,297,401

$

12,249,725

$

7,758,108

$

7,297,401

$

20,007,833

$

27,305,234

$

3,013,300

July.2023

(3)

$

531,030,558

$

136,826,811

$

419,765,286

$

99,253,764

$

136,983,339

$

519,019,050

$

656,002,391

$

194,614,338

(1)The initial cost to the Partnerships represents both the balance of mortgages assumed in September 1977, including subsequent adjustments to such amounts, and subsequent acquisitions at cost.
(2)Net of retirements.
(3) In 2025, rental properties were depreciated over the following estimated useful lives.

:

Assets

  ​ ​ ​

Life

  ​

Buildings and Improvements

10

-

40

years

Other Categories of Assets

5

-

15

years

Schedule of reconciliation of rental properties and accumulated depreciation

December 31,

  ​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

  ​

Rental Properties

Balance, Beginning

  ​ ​ ​

$

461,409,491

  ​ ​ ​

$

440,496,897

  ​ ​ ​

$

400,703,910

Additions:

Buildings, improvements and other assets

 

182,812,382

 

10,314,913

 

43,680,497

Construction in Progress

20,947,040

14,939,529

1,818,716

 

665,168,913

 

465,751,339

446,203,123

Deduct:

Write-offs of retired or disposed assets

 

8,766,522

 

4,341,848

 

4,580,382

Impairments

 

400,000

 

 

1,125,844

Balance, Ending

$

656,002,391

$

461,409,491

$

440,496,897

Accumulated Depreciation

Balance, Beginning

$

182,892,842

$

170,691,951

$

159,627,479

Add:

Depreciation for the year

 

20,488,018

 

16,542,739

 

15,799,589

 

203,380,860

 

187,234,690

175,427,068

Deduct

Accumulated depreciation of retired or disposed assets

 

8,766,522

 

4,341,848

 

4,580,382

Impairments

154,735

Balance, Ending

$

194,614,338

$

182,892,842

$

170,691,951