INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2015

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Summary of financial position relating to investment in unconsolidated joint ventures

Note:  The following tables are included here in order to complete the Level 3 (Table Text Block) tagging.  The tables are linked to the linking file and are updated when the linking file is updated.  The headers for the tables are entered manually and need to have the dates updated each period.

Summary financial information as of December 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	$	8,419,054		$	2,618,666		$	6,780,019		$	4,939,620		$	573,138		$	6,174,512		$	6,352,363		$	18,574,474		$	94,250,027		$	148,681,873
Cash & Cash Equivalents		200,185			16,036			160,086			27,721			7,728			545			39,184			235,748			1,186,144			1,873,377
Rent Receivable		9,058			—			3,738			4,164			0			241			668			11,684			66,818			96,371
Real Estate Tax Escrow		33,643			—			15,322			80,196			—			51,218			40,499			81,815			210,446			513,139
Prepaid Expenses & Other Assets		104,975			565			37,087			56,047			12,879			63,345			41,201			67,497			1,898,655			2,282,251
Financing & Leasing Fees		134,443			—			83,231			4,567			—			7,157			4,044			139,111			222,906			595,459
Total Assets	$	8,901,358		$	2,635,267		$	7,079,483		$	5,112,315		$	593,745		$	6,297,018		$	6,477,959		$	19,110,329		$	97,834,996		$	154,042,470
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	10,000,000		$	0		$	10,000,000		$	4,733,318		$	—		$	4,504,340		$	5,212,864		$	16,900,000		$	84,902,925		$	136,253,447
Accounts Payable & Accrued Expense		69,414			1,700			63,268			28,736			12,605			14,593			55,116			216,091			792,706			1,254,229
Advance Rental Pmts & Security Deposits		202,470			—			221,871			91,649			5,799			95,552			113,084			328,676			2,482,080			3,541,181
Total Liabilities		10,271,884			1,700			10,285,139			4,853,703			18,404			4,614,485			5,381,064			17,444,767			88,177,711			141,048,857
Partners’ Capital		(1,370,525)			2,633,567			(3,205,655)			258,613			575,341			1,682,532			1,096,895			1,665,562			9,657,284			12,993,614
Total Liabilities and Capital	$	8,901,358		$	2,635,267		$	7,079,483		$	5,112,315		$	593,745		$	6,297,018		$	6,477,959		$	19,110,329		$	97,834,996		$	154,042,470
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,316,783		$	—		$	129,307		$	287,671		$	841,266		$	548,448		$	832,781		$	3,862,914			7,819,168
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(685,263)		$	—		$	(1,602,827)		$	—		$	—		$	—		$	—		$	—		$	—			(2,288,089)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	5,531,078
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			48			—			48			42			148			409			786
Units to be sold		—			—			—			127			120			—			—			—			—			247
Units sold through February 1, 2016		—			—			—			127			115			—			—			—			—			241
Unsold units		—			—			—			—			5			—			—			—			—			6
Unsold units with deposits for future sale as of  February 1, 2016		—			—			—			—			2			—			—			—			—			2

Summary financial information as of December 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	$	8,732,134		$	2,621,495		$	7,132,916		$	5,156,752		$	811,043		$	6,416,511		$	6,551,038		$	19,408,575		$	97,142,777		$	153,973,241
Cash & Cash Equivalents		759			4,216			111,875			23,008			28,636			32,379			66,705			158,515			1,128,780			1,554,873
Rent Receivable		44,399			—			2,116			2,111			1,770			945			—			7,495			94,857			153,693
Real Estate Tax Escrow		105,474			—			17,731			75,027			—			46,978			40,532			62,290			294,748			642,780
Prepaid Expenses & Other Assets		83,881			559			36,911			45,704			198,603			46,290			44,736			71,703			1,917,136			2,445,523
Financing & Leasing Fees		30,109			5,639			89,890			9,594			—			13,519			8,012			155,162			281,222			593,147
Total Assets	$	8,996,756		$	2,631,909		$	7,391,439		$	5,312,196		$	1,040,052		$	6,556,622		$	6,711,023		$	19,863,740		$	100,859,520		$	159,363,257
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	8,109,676		$	1,987,830		$	10,000,000		$	4,806,039		$	—		$	4,574,002		$	5,292,511		$	16,900,000		$	86,240,813		$	137,910,871
Accounts Payable & Accrued Expense		49,426			6,088			51,122			28,751			21,454			10,193			52,095			156,578			793,995			1,169,702
Advance Rental Pmts& Security Deposits		174,186			—			191,054			96,142			10,999			99,043			95,642			305,809			2,224,824			3,197,699
Total Liabilities		8,333,288			1,993,918			10,242,176			4,930,932			32,453			4,683,238			5,440,248			17,362,387			89,259,632			142,278,272
Partners’ Capital		663,468			637,991			(2,850,737)			381,264			1,007,599			1,873,384			1,270,775			2,501,353			11,599,888			17,084,985
Total Liabilities and Capital	$	8,996,756		$	2,631,909		$	7,391,439		$	5,312,196		$	1,040,052		$	6,556,622		$	6,711,023		$	19,863,740		$	100,859,520		$	159,363,257
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	331,734		$	318,995		$	—		$	190,632		$	503,800		$	936,692		$	635,388		$	1,250,676		$	4,639,953		$	8,807,868
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	—		$	—		$	(1,425,369)		$	—		$	—		$	—		$	—		$	—		$	—			(1,425,369)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	7,382,500
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 February 1, 2015		—			—			—			127			113			—			—			—			—			240
Unsold units		—			—			—			—			7			—			—			—			—			7
Unsold units with deposits for future sale as of February 1, 2015		—			—			—			—			—			—			—			—			—			—

Summary financial information as of December 31, 2013

				Hamilton															Hamilton
	Hamilton			Essex			345			Hamilton			Hamilton			Hamilton			Minuteman			Hamilton on			Dexter
	Essex 81			Development			Franklin			1025			Bay Sales			Bay Apts			Apts			Main Apts			Park			Total
ASSETS
Rental Properties	$	8,764,215		$	2,624,325		$	7,494,954		$	5,389,763		$	1,766,132		$	6,680,834		$	6,778,029		$	20,253,587		$	102,120,964		$	161,872,803
Cash & Cash Equivalents		30,360			35,644			78,691			9,085			36,423			17,861			33,921			189,004			961,622			1,392,611
Rent Receivable		31,426			—			1,512			7,970			1,251			2,766			—			5,697			91,701			142,323
Real Estate Tax Escrow		101,395			—			16,970			80,767			—			45,679			41,268			72,308			427,084			785,471
Prepaid Expenses & Other Assets		77,141			555			36,979			44,737			101,507			31,435			50,721			322,667			1,529,591			2,195,333
Financing & Leasing Fees		46,630			14,097			96,548			14,619			—			19,881			11,981			7,716			340,362			551,834
Total Assets	$	9,051,167	—	$	2,674,621	—	$	7,725,654	—	$	5,546,941	—	$	1,905,313	—	$	6,798,456	—	$	6,915,920	—	$	20,850,979	—	$	105,471,324	—	$	166,940,375
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	8,234,548		$	2,041,146		$	10,000,000		$	4,869,583		$	—		$	4,639,848		$	5,362,109		$	15,317,643		$	87,410,638		$	137,875,515
Accounts Payable & Accrued Expense		44,299			6,084			60,638			50,279			16,993			7,570			73,289			290,008			944,140			1,493,300
Advance Rental Pmts & Security Deposits		167,143			—			169,709			92,057			24,687			85,413			74,615			291,825			2,121,509			3,026,958
Total Liabilities		8,445,990	—		2,047,230	—		10,230,347	—		5,011,919	—		41,680	—		4,732,831	—		5,510,013	—		15,899,476	—		90,476,287	—		142,395,773
Partners’ Capital		605,177			627,391			(2,504,692)			535,022			1,863,634			2,065,625			1,405,906			4,951,504			14,995,037			24,544,604
Total Liabilities and Capital	$	9,051,167	—	$	2,674,621	—	$	7,725,655	—	$	5,546,941	—	$	1,905,314	—	$	6,798,456	—	$	6,915,919	—	$	20,850,980		$	105,471,324	—	$	166,940,377
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	302,589	—	$	313,695	—	$	—	—	$	267,511	—	$	931,817	—	$	1,032,812	—	$	702,953	—	$	2,475,752		$	5,998,015			12,025,142
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	—		$	—		$	(1,252,346)		$	—		$	—		$	—		$	—		$	—		$	—			(1,252,346)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	10,772,796
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 February 1, 2014		—			—			—			127			105			—			—			—			—			232
Unsold units		—			—			—			—			15			—			—			—			—			15
Unsold units with deposits for future sale as of February 1, 2014		—			—			—			—			—			—			—			—			—			—

Summary of income statement relating to investment in unconsolidated joint ventures

Summary financial information for the year ended December 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	$	1,464,871	$	277,568	$	1,396,428	$	962,511	$	99,413	$	973,559	$	942,539	$	3,093,045	$	14,316,846	$	23,526,780
Laundry and Sundry Income		13,319		—		656		—		—		—		—		44,911		93,064		151,950
		1,478,190		277,568		1,397,084		962,511		99,413		973,559		942,539		3,137,956		14,409,910		23,678,730
Expenses
Administrative		28,849		2,000		35,071		6,262		8,105		8,592		5,402		48,818		225,509		368,608
Depreciation and Amortization		472,602		8,468		375,433		241,539		25,418		301,538		333,119		971,320		3,277,656		6,007,093
Management Fees		63,226		11,114		57,604		37,736		3,987		38,640		38,683		122,405		304,868		678,263
Operating		102,872		—		80,873		1,050		911		1,173		93,492		432,352		1,234,505		1,947,228
Renting		11,246		—		15,815		270		(300)		2,986		8,807		9,765		122,378		170,967
Repairs and Maintenance		153,329		200		61,183		314,409		43,859		362,861		82,769		393,665		1,134,751		2,547,026
Taxes and Insurance		216,602		52,846		124,266		166,842		20,461		154,348		124,393		341,990		1,548,439		2,750,187
		1,048,726		74,628		750,245		768,108		102,441		870,138		686,665		2,320,315		7,848,106		14,469,372
Income Before Other Income		429,464		202,940		646,839		194,403		(3,028)		103,421		255,874		817,641		6,561,804		9,209,358
Other Income (Loss)
Interest Expense		(399,176)		(40,644)		(391,756)		(276,066)		(322)		(259,274)		(304,757)		(753,528)		(4,879,409)		(7,304,932)
Interest Income		—		—		—		14		—		—		—		—		—		14
Other Income		—		—		—		—		—		—		—		96		—		96
Gain on Sale of Real Estate		—		—		—		—		169,093		—		—		—		—		169,093
		(399,176)		(40,644)		(391,756)		(276,052)		168,771		(259,274)		(304,757)		(753,432)		(4,879,409)		(7,135,729)
Net Income (Loss)	$	30,288	$	162,296	$	255,083	$	(81,649)	$	165,743	$	(155,853)	$	(48,883)	$	64,209	$	1,682,395	$	2,073,629
Net Income (Loss)—NERA 50%	$	15,144	$	81,148	$	127,542	$	(40,825)	$	82,872	$	(77,927)	$	(24,442)	$	32,105				195,617
Net Income (Loss)—NERA 40%																	$	672,958		672,958
																			$	868,575

Summary financial information for the year ended December 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	$	1,409,443	$	291,517	$	1,347,653	$	933,315	$	187,228	$	943,525	$	919,874	$	2,931,793	$	13,658,064	$	22,622,412
Laundry and Sundry Income		17,634				1,547		—		—		—		1,731		38,668		100,935		160,515
		1,427,077		291,517		1,349,200		933,315		187,228		943,525		921,605		2,970,461		13,758,999		22,782,927
Expenses
Administrative		32,908		1,530		41,319		8,550		4,361		18,053		8,823		54,694		226,551		396,789
Depreciation and Amortization		434,834		11,287		401,813		240,808		36,183		300,634		322,642		958,081		5,406,157		8,112,439
Management Fees		57,914		11,661		55,776		37,388		7,545		38,392		37,869		116,157		289,170		651,872
Operating		121,354		—		60,695		1,023		1,058		1,801		81,659		399,600		1,233,796		1,900,986
Renting		11,900		—		13,870		9,701		1,238		6,563		8,475		23,311		177,251		252,309
Repairs and Maintenance		156,321		3,810		67,219		326,111		84,460		294,811		79,215		395,608		1,181,497		2,589,052
Taxes and Insurance		228,556		53,556		118,103		158,129		36,624		158,858		119,406		367,278		1,462,398		2,702,908
		1,043,787		81,844		758,795		781,710		171,469		819,112		658,089		2,314,729		9,976,820		16,606,355
Income Before Other Income		383,290		209,673		590,405		151,605		15,759		124,413		263,516		655,732		3,782,179		6,176,572
Other Income (Loss)
Interest Expense		(483,197)		(55,877)		(391,451)		(280,385)		(596)		(263,656)		(308,646)		(800,881)		(4,952,328)		(7,537,017)
Interest Income		—		—		—		21		468		—		—		—		—		489
Gain on sale of real estate		—		—		—		—		475,335		—		—		—		—		475,335
		(483,197)		(55,877)		(391,451)		(280,364)		475,207		(263,656)		(308,646)		(800,881)		(4,952,328)		(7,061,193)
Net Income (Loss)	$	(99,907)	$	153,796	$	198,954	$	(128,759)	$	490,966	$	(139,243)	$	(45,130)	$	(145,149)	$	(1,170,149)	$	(884,621)
Net Income (Loss)—NERA 50%	$	(49,954)	$	76,898	$	99,477	$	(64,380)	$	245,483	$	(69,622)	$	(22,565)	$	(72,575)				142,764
Net Income (Loss)—NERA 40%																	$	(468,059)		(468,059)
																			$	(325,295)

Summary financial information for the year ended December 31, 2013

			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	$	1,362,012	$	287,410	$	1,258,313	$	896,256	$	261,949	$	911,845	$	858,492	$	2,753,120	$	12,851,259	$	21,440,656
Laundry and Sundry Income		17,549		—		2,683		—		—		—		675		37,192		94,715		152,814
		1,379,561		287,410		1,260,996		896,256		261,949		911,845		859,167		2,790,312		12,945,974		21,593,470
Expenses
Administrative		18,330		1,370		23,813		9,552		10,134		16,291		6,206		38,144		245,444		369,284
Depreciation and Amortization		428,609		9,803		428,003		240,658		80,697		307,546		318,095		948,478		5,778,427		8,540,316
Management Fees		55,813		11,496		51,706		36,066		10,538		35,831		34,129		112,749		271,505		619,833
Operating		114,778		—		68,364		1,150		2,234		1,343		83,143		347,382		1,056,919		1,675,313
Renting		11,106		—		3,788		5,378		1,425		10,986		6,350		6,273		105,593		150,899
Repairs and Maintenance		123,702		4,950		86,844		320,348		94,640		295,144		69,057		389,671		1,051,832		2,436,188
Taxes and Insurance		216,560		49,192		114,669		151,971		42,765		146,870		121,442		342,995		1,529,605		2,716,069
		968,898		76,811		777,187		765,123		242,433		814,011		638,422		2,185,692		10,039,325		16,507,902
Income Before Other Income		410,663		210,599		483,809		131,133		19,516		97,834		220,745		604,620		2,906,649		5,085,568
Other Income (Loss)
Interest Expense		(488,369)		(58,093)		(453,197)		(284,257)		(73,819)		(267,228)		(312,507)		(822,109)		(5,016,659)		(7,776,238)
Interest Income		—		—		26		8		159		—		—		—		57		250
Interest Income from Note		—		—		—		—		3,258		—		—		—		—		3,258
Other Income ( Expense)		—		—		(68,588)		—				—		—		—		—		(68,588)
		(488,369)		(58,093)		(521,759)		(284,249)		(70,402)		(267,228)		(312,507)		(822,109)		(5,016,602)		(7,841,318)
Net Income (Loss)	$	(77,706)	$	152,506	$	(37,950)	$	(153,116)	$	(50,886)	$	(169,394)	$	(91,762)	$	(217,489)	$	(2,109,953)	$	(2,755,750)
Net Income (Loss)—NERA 50%	$	(38,853)	$	76,253	$	(18,975)	$	(76,558)	$	(25,443)	$	(84,697)	$	(45,881)	$	(108,745)				(322,897)
Net Income (Loss)—NERA 40%																	$	(843,981)		(843,981)
																			$	(1,166,878)

Schedule of future annual mortgage maturities

Future annual mortgage maturities at December 31, 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
12/31/2016	$	—	$	86,413	$	4,733,318	$	77,805	$	83,493	$	—	$	1,507,291	$	6,488,320
12/13/2017		—		183,627		—		4,426,535		5,129,371		—		1,593,424		11,332,957
12/31/2018		—		190,861		—		—		—		—		1,684,479		1,875,340
12/31/2019		—		198,380		—		—		—		—		80,117,731		80,316,111
12/31/2020		—		206,195		—		—		—		—		—		206,195
Thereafter		10,000,000		9,134,524		—		—		—		16,900,000		—		36,034,524
	$	10,000,000	$	10,000,000	$	4,733,318	$	4,504,340	$	5,212,864	$	16,900,000	$	84,902,925	$	136,253,447