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 interest 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 $85,248,000 at September 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 September 30, 2015, the balance of the mortgage is approximately $4,522,000. 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 November 1, 2015, 6 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 planned 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. On September 28, 2015, Hamilton Essex Development, LLC paid off the outstanding mortgage balance of $1,952,286. The Partnership made a capital contribution of $978,193 to Hamilton Essex Development LLC for its share of the funds required for the transaction. Additionally, the Partnership made a capital contribution of $100,000 to Hamilton Essex 81, LLC. On September 30, 2015, Hamilton Essex 81, LLC obtained a new 10 year mortgage in the amount of $10,000,000, interest only at 2.18% plus the one month Libor rate. The proceeds of the note were used to pay off the existing mortgage of $8,040,719 and the Partnership received a distribution of $978,193 for its share of the excess proceeds. 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. 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.

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 $4,752,000 at September 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 September 30, 2015, the balance of this mortgage is approximately $5,233,000. 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 September 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	$	8,511,004		$	2,619,374		$	6,859,314		$	4,997,692		$	672,579		$	6,212,058		$	6,371,641		$	18,785,662		$	94,934,158		$	149,963,482
Cash & Cash Equivalents		73,595			81,236			79,265			1,029			8,171			3,998			60,545			216,613			1,023,237			1,547,689
Rent Receivable		40,921			—			8,582			4,272			100			2,820			692			12,320			70,167			139,874
Real Estate Tax Escrow		104,165			—			42,400			75,984			—			55,215			39,403			91,842			242,660			651,669
Prepaid Expenses & Other Assets		121,531			903			45,606			55,877			211,856			60,886			39,742			84,849			1,851,560			2,472,810
Financing & Leasing Fees		137,891			—			84,896			5,824			—			8,748			5,036			143,124			237,485			623,004
Total Assets	$	8,989,107		$	2,701,513		$	7,120,063		$	5,140,678		$	892,706		$	6,343,725		$	6,517,059		$	19,334,410		$	98,359,267		$	155,398,528
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	10,000,000		$	0		$	10,000,000		$	4,752,073		$	—		$	4,521,596		$	5,233,407		$	16,900,000		$	85,247,708		$	136,654,784
Accounts Payable & Accrued Expense		60,815			1,133			83,754			21,998			23,055			6,934			59,805			207,573			754,434			1,219,501
Advance Rental Pmts & Security Deposits		185,386			—			203,378			95,656			5,695			86,897			107,428			314,676			2,349,098			3,348,214
Total Liabilities		10,246,201			1,133			10,287,132			4,869,727			28,750			4,615,427			5,400,640			17,422,249			88,351,240			141,222,499
Partners’ Capital		(1,257,094)			2,700,380			(3,167,069)			270,951			863,956			1,728,298			1,116,419			1,912,161			10,008,027			14,176,029
Total Liabilities and Capital	$	8,989,107		$	2,701,513		$	7,120,063		$	5,140,678		$	892,706		$	6,343,725		$	6,517,059		$	19,334,410		$	98,359,267		$	155,398,528
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,350,190		$	—		$	135,475		$	431,978		$	864,149		$	558,209		$	956,081		$	4,003,209			8,299,289
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(628,547)		$	—		$	(1,583,534)		$	—		$	—		$	—		$	—		$	—		$	—			(2,212,081)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	6,087,208
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 November 1, 2015		—			—			—			127			114			—			—			—			—			241
Unsold units		—			—			—			—			6			—			—			—			—			6
Unsold units with deposits for future sale as of November 1, 2015		—			—			—			—			1			—			—			—			—			—

Financial information for the nine months ended September 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	$	1,090,071	$	217,568	$	1,033,115	$	713,771	$	78,548	$	733,978	$	699,019	$	2,305,464	$	10,650,223	$	17,521,757
Laundry and Sundry Income		10,114		—		323		—		—		—		—		33,335		67,439		111,211
		1,100,185		217,568		1,033,438		713,771		78,548		733,978		699,019		2,338,799		10,717,662		17,632,968
Expenses
Administrative		17,087		1,434		25,912		5,500		6,537		5,507		3,724		32,349		181,425		279,475
Depreciation and Amortization		356,925		7,761		281,390		180,630		26,961		239,898		246,675		726,876		2,452,629		4,519,745
Management Fees		46,666		8,714		42,971		28,273		3,143		28,914		28,974		91,870		227,847		507,372
Operating		81,724		—		67,241		531		476		917		64,428		296,685		971,545		1,483,547
Renting		8,906		—		12,649		—		—		2,350		6,623		5,701		72,373		108,602
Repairs and Maintenance		110,815		200		45,950		235,033		34,914		273,982		56,628		297,165		930,398		1,985,085
Taxes and Insurance		161,702		39,503		89,750		126,255		16,415		115,086		92,943		253,816		1,141,731		2,037,201
		783,825		57,612		565,863		576,222		88,446		666,654		499,995		1,704,462		5,977,948		10,921,027
Income Before Other Income		316,360		159,956		467,575		137,549		(9,898)		67,324		199,024		634,337		4,739,714		6,711,941
Other Income (Loss)
Interest Expense		(337,847)		(40,644)		(293,906)		(206,872)		(268)		(194,411)		(228,380)		(563,622)		(3,656,573)		(5,522,523)
Interest Income		—		—		—		11		—		—		—		—		—		11
Interest Income from Note		—		—		—		—		—		—		—		96		—		96
Gain on Sale of Real Estate		—		—		—		—		76,523		—		—		—		—		76,523
		(337,847)		(40,644)		(293,906)		(206,861)		76,255		(194,411)		(228,380)		(563,526)		(3,656,573)		(5,445,893)
Net Income (Loss)	$	(21,487)	$	119,312	$	173,669	$	(69,312)	$	66,357	$	(127,087)	$	(29,356)	$	70,811	$	1,083,141	$	1,266,048
Net Income (Loss)—NERA 50%	$	(10,744)	$	59,656	$	86,835	$	(34,656)	$	33,179	$	(63,544)	$	(14,678)	$	35,406				91,454
Net Income (Loss)—NERA 40%																	$	433,256		433,256
																			$	524,710

Financial information for the three months ended September 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	$	368,163	$	72,523	$	354,840	$	236,343	$	19,080	$	246,892	$	231,545	$	781,336	$	3,588,943	$	5,899,665
Laundry and Sundry Income		7,622		—		—		—		—		—		—		10,888		23,361		41,871
		375,785		72,523		354,840		236,343		19,080		246,892		231,545		792,224		3,612,304		5,941,536
Expenses
Administrative		8,781		425		11,531		2,338		1,863		1,883		1,032		12,414		76,791		117,058
Depreciation and Amortization		132,477		2,117		93,804		60,569		8,988		80,607		83,182		243,760		820,856		1,526,360
Management Fees		14,929		2,912		13,731		9,442		820		9,482		9,529		30,816		72,222		163,883
Operating		22,961		—		16,055		183		271		208		17,946		111,793		241,740		411,157
Renting		2,185		—		3,544		—		159		—		1,877		2,300		39,160		49,225
Repairs and Maintenance		44,380		200		26,888		79,646		10,879		87,765		23,864		114,683		390,221		778,526
Taxes and Insurance		54,826		12,659		29,873		40,360		5,479		38,861		30,972		87,515		407,819		708,364
		280,539		18,313		195,426		192,538		28,459		218,806		168,402		603,281		2,048,809		3,754,573
Income Before Other Income		95,246		54,210		159,414		43,805		(9,379)		28,086		63,143		188,943		1,563,495		2,186,963
Other Income (Loss)
Interest Expense		(100,585)		(13,472)		(97,968)		(69,431)		(55)		(65,172)		(76,823)		(189,919)		(1,227,139)		(1,840,564)
Interest Income		—		—		—		3		—		—		—		—		—		3
Gain on sale of real estate		—		—		—		—		76,648		—		—		—		—		76,648
		(100,585)		(13,472)		(97,968)		(69,428)		76,593		(65,172)		(76,823)		(189,919)		(1,227,139)		(1,763,913)
Net Income (Loss)	$	(5,339)	$	40,738	$	61,446	$	(25,623)	$	67,214	$	(37,086)	$	(13,680)	$	(976)	$	336,356	$	423,050
Net Income (Loss)—NERA 50%	$	(2,670)	$	20,369	$	30,723	$	(12,812)	$	33,607	$	(18,543)	$	(6,840)	$	(488)				43,347
Net Income (Loss)—NERA 40%																	$	134,543		134,543
																			$	177,890

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



	Hamilon		345		Hamilton		Hamilton		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		1025		Bay Apts		Minuteman		Main Apts		Park		Total
9/30/2016	$	—	$	42,990	$	75,155	$	80,330	$	82,308	$	—	$	1,479,627	$	1,760,410
9/30/2017		—		180,476		4,676,918		4,441,266		5,151,099		—		1,564,180		16,013,939
9/30/2018		—		189,026		—		—		—		—		1,653,563		1,842,589
9/30/2019		—		196,473		—		—		—		—		1,748,055		1,944,528
9/30/2020		—		204,213		—		—		—		—		78,802,283		79,006,496
Thereafter		10,000,000		9,186,822		—		—		—		16,900,000		—		36,086,822
	$	10,000,000	$	10,000,000	$	4,752,073	$	4,521,596	$	5,233,407	$	16,900,000	$	85,247,708	$	136,654,784

At September 30, 2015 the weighted average interest rate on the above mortgages was 5.07%. The effective rate was 5.16% including the amortization expense of deferred financing costs.

Summary financial information as of September 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	$	8,619,846		$	2,622,203		$	7,230,839		$	5,215,054		$	1,011,453		$	6,473,921		$	6,628,931		$	19,644,258		$	98,343,487		$	155,789,992
Cash & Cash Equivalents		28,937			149,705			203,001			7,697			741,509			4,188			111,378			2,404,047			1,231,163			4,881,625
Rent Receivable		17,700			—			1,703			14,718			3,049			1,102			2,326			9,845			149,200			199,643
Real Estate Tax Escrow		98,555			—			41,934			71,690			—			43,591			40,212			52,130			356,155			704,267
Prepaid Expenses & Other Assets		95,311			895			50,550			44,962			27,327			44,461			44,558			96,377			1,657,149			2,061,590
Financing & Leasing Fees		33,515			7,753			91,554			10,849			—			15,110			9,005			159,175			295,874			622,835
Total Assets	$	8,893,864		$	2,780,556		$	7,619,581		$	5,364,970		$	1,783,338		$	6,582,373		$	6,836,410		$	22,365,832		$	102,033,028		$	164,259,952
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	8,140,592		$	2,001,159		$	10,000,000		$	4,823,762		$	—		$	4,590,276		$	5,311,923		$	16,900,000		$	86,566,934		$	138,334,646
Accounts Payable & Accrued Expense		150,481			55,616			172,833			27,905			724,100			16,076			123,765			2,142,549			931,507			4,344,832
Advance Rental Pmts& Security Deposits		174,103			—			197,412			103,182			13,487			88,756			95,052			301,976			2,205,078			3,179,046
Total Liabilities		8,465,176			2,056,775			10,370,245			4,954,849			737,587			4,695,108			5,530,740			19,344,525			89,703,519			145,858,524
Partners’ Capital		428,688			723,781			(2,750,664)			410,121			1,045,751			1,887,265			1,305,670			3,021,307			12,329,509			18,401,428
Total Liabilities and Capital	$	8,893,864		$	2,780,556		$	7,619,581		$	5,364,970		$	1,783,338		$	6,582,373		$	6,836,410		$	22,365,832		$	102,033,028		$	164,259,952
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	214,344		$	361,891		$	—		$	205,061		$	522,876		$	943,633		$	652,833		$	1,510,654		$	4,931,804		$	9,343,093
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	—		$	—		$	(1,375,332)		$	—		$	—		$	—		$	—		$	—		$	—			(1,375,332)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	7,967,761
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			0			48			42			148			409			786
Units to be sold		—			—			—			127			120			—			—			—			—			247
Units sold through November 1, 2014		—			—			—			127			111			—			—			—			—			238
Unsold units		—			—			—			—			9			—			—			—			—			9
Unsold units with deposits for future sale as of November 1, 2014		—			—			—			—			—			—			—			—			—			—

Financial information for the nine months ended September 30, 2014


			Hamilton						Hamilton				Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Bay		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Sales		Bay Apts		Apts		Apts		Park		Total
Revenues
Rental Income	$	1,043,460	$	218,995	$	994,331	$	698,401	$	151,937	$	704,397	$	683,025	$	2,177,950	$	10,143,620	$	16,816,116
Laundry and Sundry Income		12,425		—		—		—		—		—		844		29,213		75,213		117,695
		1,055,885		218,995		994,331		698,401		151,937		704,397		683,869		2,207,163		10,218,833		16,933,811
Expenses
Administrative		23,376		1,180		32,580		6,784		3,388		14,493		8,104		42,799		181,661		314,365
Depreciation and Amortization		324,833		8,466		300,816		180,524		57,524		238,744		240,486		716,092		4,048,679		6,116,164
Management Fees		43,937		8,760		41,823		27,973		5,888		28,206		28,489		86,429		217,031		488,536
Operating		96,904		—		45,984		523		1,028		1,683		60,631		288,912		960,938		1,456,603
Renting		11,875		—		11,368		5,918		753		5,042		7,571		21,131		156,856		220,514
Repairs and Maintenance		125,411		3,150		56,421		246,576		74,719		223,566		58,132		292,004		927,771		2,007,750
Taxes and Insurance		172,802		40,498		87,842		119,861		30,025		120,392		89,496		279,034		1,155,775		2,095,725
		799,138		62,054		576,834		588,159		173,325		632,126		492,909		1,726,401		7,648,711		12,699,657
Income Before Other Income		256,747		156,941		417,497		110,242		(21,388)		72,271		190,960		480,762		2,570,122		4,234,154
Other Income (Loss)
Interest Expense		(361,857)		(41,932)		(293,469)		(210,158)		(485)		(197,633)		(231,196)		(610,958)		(3,710,651)		(5,658,339)
Interest Income		—		—		—		15		468		—		—		—		—		483
Gain on sale of real estate		—		—		—		—		350,523		—		—		—		—		350,523
		(361,857)		(41,932)		(293,469)		(210,143)		350,506		(197,633)		(231,196)		(610,958)		(3,710,651)		(5,307,333)
Net Income (Loss)	$	(105,110)	$	115,009	$	124,028	$	(99,901)	$	329,118	$	(125,362)	$	(40,236)	$	(130,196)	$	(1,140,529)	$	(1,073,179)
Net Income (Loss)—NERA 50%	$	(52,555)	$	57,505	$	62,014	$	(49,951)	$	164,559	$	(62,681)	$	(20,118)	$	(65,098)				33,677
Net Income (Loss)—NERA 40%																	$	(456,212)		(456,212)
																			$	(422,535)

Financial information for the three months ended September 30, 2014


			Hamilton						Hamilton				Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Bay		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Sales		Bay Apts		Apts		Apts		Park		Total
Revenues
Rental Income	$	373,304	$	72,523	$	335,607	$	250,921	$	45,216	$	242,294	$	226,213	$	737,588	$	3,433,856	$	5,717,522
Laundry and Sundry Income		4,306		—		—		—		—		—		676		10,065		26,620		41,667
		377,610		72,523		335,607		250,921		45,216		242,294		226,889		747,653		3,460,476		5,759,189
Expenses
Administrative		6,235		350		12,719		2,624		715		3,916		2,661		12,037		64,668		105,925
Depreciation and Amortization		108,663		2,822		100,712		60,204		19,174		80,047		81,233		242,960		1,354,577		2,050,392
Management Fees		14,832		2,901		13,319		9,330		1,613		9,606		9,536		28,609		68,588		158,334
Operating		27,938		—		13,390		171		423		643		16,528		82,442		224,085		365,620
Renting		908		—		7,745		—		—		—		1,482		3,034		99,320		112,489
Repairs and Maintenance		51,584		—		25,489		81,607		27,069		79,825		19,697		101,601		413,587		800,459
Taxes and Insurance		55,807		12,859		29,643		38,487		7,360		38,387		30,264		87,450		398,451		698,708
		265,967		18,932		203,017		192,423		56,354		212,424		161,401		558,133		2,623,276		4,291,927
Income Before Other Income		111,643		53,591		132,590		58,498		(11,138)		29,870		65,488		189,520		837,200		1,467,262
Other Income (Loss)
Interest Expense		(121,659)		(14,036)		(97,895)		(70,528)		(86)		(66,300)		(77,635)		(208,944)		(1,245,694)		(1,902,777)
Interest Income		—		—		—		6		—		—		—		—		—		6
Gain on sale of Real Estate		—		—		—		—		50,001		—		—		—		—		50,001
		(121,659)		(14,036)		(97,895)		(70,522)		49,915		(66,300)		(77,635)		(208,944)		(1,245,694)		(1,852,770)
Net Income (Loss)	$	(10,016)	$	39,555	$	34,695	$	(12,024)	$	38,777	$	(36,430)	$	(12,147)	$	(19,424)	$	(408,494)	$	(385,508)
Net Income (Loss)—NERA 50%	$	(5,008)	$	19,778	$	17,348	$	(6,012)	$	19,389	$	(18,215)	$	(6,074)	$	(9,712)				11,493
Net Income (Loss)—NERA 40%																	$	(163,395)		(163,395)
																			$	(151,902)