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

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  ​ ​ ​

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

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​

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​

​

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​

​

Cost

​

​

​

​

​

​

​

​

​

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​

​

​

​

​

​

​

​

​

​

​

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

​