INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of future annual mortgage maturities

Future annual mortgage maturities at March 31, 2016 are as follows:

	Hamilton		345		Hamilton		Hamilton		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		1025		Bay Apts		Minuteman		Main Apts		Park		Total
3/31/2017	$	—	$	131,657	$	4,714,301	$	4,486,138	$	5,192,035	$	—	$	1,521,316	$	16,045,447
3/31/2018		—		185,410		—		—		—		—		1,608,251		1,793,661
3/31/2019		—		192,714		—		—		—		—		1,700,153		1,892,867
3/31/2020		—		200,305		—		—		—		—		79,723,703		79,924,008
3/31/2021		—		208,196		—		—		—		—		—		208,196
Thereafter		10,000,000		9,081,718		—		—		—		16,900,000		—		35,981,718
		10,000,000		10,000,000		4,714,301		4,486,138		5,192,035		16,900,000		84,553,423		135,845,897
Less: unamortized deferred financing costs		(130,996)		(81,567)		(3,311)		(5,567)		(3,033)		(135,098)		(208,327)		(567,899)
	$	9,869,004	$	9,918,433	$	4,710,990	$	4,480,571	$	5,189,002	$	16,764,902	$	84,345,096	$	135,277,998

Current Year [Member]

Summary of financial position relating to investment in unconsolidated joint ventures

Summary financial information as of March 31, 2016

				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	$	8,334,464		$	2,617,959		$	6,693,104		$	4,882,565		$	357,803		$	6,095,119		$	6,273,766		$	18,357,260		$	93,796,573		$	147,408,613
Cash & Cash Equivalents		99,760			49,336			125,764			14,124			126,576			11,116			60,710			129,070			970,021			1,586,477
Rent Receivable		64,319			—			2,253			4,274			1,520			3,612			75			14,814			37,681			128,548
Real Estate Tax Escrow		33,350			—			40,392			81,742			—			44,499			43,381			37,745			216,139			497,248
Prepaid Expenses & Other Assets		154,594			226			31,233			58,033			18,370			66,580			39,366			96,529			1,998,839			2,463,770
Total Assets	$	8,686,487		$	2,667,521		$	6,892,746		$	5,040,738		$	504,269		$	6,220,926		$	6,417,298		$	18,635,418		$	97,019,253		$	152,084,656
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,869,004		$	—		$	9,918,433		$	4,710,990		$	—		$	4,480,571		$	5,189,002		$	16,764,902		$	84,345,096		$	135,277,998
Accounts Payable & Accrued Expense		56,759			426			77,758			24,052			13,187			9,900			63,090			151,830			673,458			1,070,460
Advance Rental Pmts & Security Deposits		210,924			—			215,976			102,088			2,362			99,093			117,749			335,850			2,675,818			3,759,860
Total Liabilities		10,136,687			426			10,212,167			4,837,130			15,549			4,589,564			5,369,841			17,252,582			87,694,372			140,108,318
Partners’ Capital		(1,450,200)			2,667,095			(3,319,421)			203,608			488,720			1,631,362			1,047,457			1,382,836			9,324,881			11,976,338
Total Liabilities and Capital	$	8,686,487		$	2,667,521		$	6,892,746		$	5,040,738		$	504,269		$	6,220,926		$	6,417,298		$	18,635,418		$	97,019,253		$	152,084,656
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,333,547		$	—		$	101,803		$	244,359		$	815,680		$	523,728		$	691,418		$	3,729,952			7,440,487
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(725,100)		$	—		$	(1,659,711)		$	—		$	—		$	—		$	—		$	—		$	—			(2,384,811)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	5,055,676
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 May 1, 2016		—			—			—			127			117			—			—			—			—			244
Unsold units		—			—			—			—			3			—			—			—			—			3
Unsold units with deposits for future sale as of  May 1, 2016		—			—			—			—			—			—			—			—			—			—

Summary of income statement relating to investment in unconsolidated joint ventures

Financial information for the three months ended March 31, 2016

			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	$	398,797	$	60,000	$	366,918	$	235,321	$	16,665	$	248,827	$	248,561	$	798,328	$	3,717,306	$	6,090,723
Laundry and Sundry Income		3,982		—		1,590		—		—		—		245		10,583		25,533		41,933
		402,779		60,000		368,508		235,321		16,665		248,827		248,806		808,911		3,742,839		6,132,656
Expenses
Administrative		15,552		425		9,987		1,427		1,899		1,980		1,307		11,508		49,271		93,356
Depreciation and Amortization		111,964		707		86,915		59,065		6,292		79,392		84,684		237,896		805,006		1,471,921
Management Fees		14,685		2,400		14,837		9,525		670		10,241		10,335		31,925		81,096		175,714
Operating		30,503		—		20,123		365		152		294		23,663		69,090		359,869		504,059
Renting		540		—		185		—		—		477		3,855		5,503		28,489		39,049
Repairs and Maintenance		33,934		—		16,708		77,481		8,017		99,792		53,661		96,020		263,631		649,244
Taxes and Insurance		57,435		15,172		34,016		42,949		4,217		41,909		29,424		127,811		368,159		721,092
		264,613		18,704		182,771		190,812		21,247		234,085		206,929		579,753		1,955,521		3,654,435
Income Before Other Income		138,166		41,296		185,737		44,509		(4,582)		14,742		41,877		229,158		1,787,318		2,478,221
Other Income (Loss)
Interest Expense		(70,608)		—		(99,504)		(69,516)		(47)		(65,912)		(76,316)		(191,883)		(1,219,720)		(1,793,506)
Interest Income		—		—		—		3		—		—		—		—		—		3
Other Income		—		—		—		—		—		—		—				—		—
Gain on Sale of Real Estate		—		—		—		—		168,008		—		—		—		—		168,008
		(70,608)		—		(99,504)		(69,513)		167,961		(65,912)		(76,316)		(191,883)		(1,219,720)		(1,625,495)
Net Income (Loss)	$	67,558	$	41,296	$	86,233	$	(25,004)	$	163,379	$	(51,170)	$	(34,439)	$	37,275	$	567,598	$	852,726
Net Income (Loss)—NERA 50%	$	33,779	$	20,648	$	43,117	$	(12,502)	$	81,690	$	(25,585)	$	(17,220)	$	18,638				142,564
Net Income —NERA 40%																	$	227,040		227,040
																			$	369,604

Prior Year [Member]

Summary of financial position relating to investment in unconsolidated joint ventures

Summary financial information as of March 31, 2015

Financial information has been restated to conform to the current period reporting.

				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	$	8,636,396		$	2,620,789		$	7,040,787		$	5,097,980		$	802,055		$	6,344,523		$	6,483,432		$	19,225,373		$	96,374,735		$	152,626,070
Cash & Cash Equivalents		53,122			49,826			107,441			36,196			15,110			30,261			51,370			191,526			985,394			1,520,246
Rent Receivable		30,694			—			5,470			3,077			0			8,531			287			8,901			71,152			128,112
Real Estate Tax Escrow		114,280			—			41,532			73,919			—			51,749			39,769			78,483			260,698			660,430
Prepaid Expenses & Other Assets		76,589			224			26,198			47,558			20,197			49,482			42,326			92,912			1,800,526			2,156,012
Total Assets	$	8,911,081		$	2,670,839		$	7,221,428		$	5,258,730		$	837,362		$	6,484,546		$	6,617,184		$	19,597,195		$	99,492,505		$	157,090,870
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	8,049,703		$	1,970,977		$	9,911,775		$	4,778,978		$	—		$	4,544,146		$	5,264,978		$	16,748,850		$	85,630,280		$	136,899,687
Accounts Payable & Accrued Expense		44,904			4,941			81,557			21,772			20,019			13,657			52,119			142,669			626,221			1,007,859
Advance Rental Pmts& Security Deposits		174,416			—			203,975			95,932			11,114			93,589			96,246			316,025			2,480,438			3,471,735
Total Liabilities		8,269,023			1,975,918			10,197,307			4,896,682			31,133			4,651,392			5,413,343			17,207,544			88,736,939			141,379,281
Partners’ Capital		642,058			694,921			(2,975,879)			362,048			806,229			1,833,154			1,203,841			2,389,651			10,755,566			15,711,589
Total Liabilities and Capital	$	8,911,081		$	2,670,839		$	7,221,428		$	5,258,730		$	837,362		$	6,484,546		$	6,617,184		$	19,597,195		$	99,492,505		$	157,090,870
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	321,028		$	347,460		$	—		$	181,023		$	403,114		$	916,577		$	601,920		$	1,194,825		$	4,302,225		$	8,268,172
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	—		$	—		$	(1,487,939)		$	—		$	—		$	—		$	—		$	—		$	—			(1,487,939)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	6,780,233
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 May 1, 2015		—			—			—			127			113			—			—			—			—			240
Unsold units		—			—			—			—			7			—			—			—			—			7
Unsold units with deposits for future sale as of May 1, 2015		—			—			—			—			—			—			—			—			—			—

Summary of income statement relating to investment in unconsolidated joint ventures

Financial information for the three months ended March 31, 2015

Financial information has been restated to conform to the current period reporting.

													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	$	358,551	$	72,523	$	335,475	$	240,400	$	29,295	$	250,573	$	233,897	$	761,273	$	3,488,805	$	5,770,792
Laundry and Sundry Income		3,842		—		323		—		—		—		—		10,641		19,245		34,051
		362,393		72,523		335,798		240,400		29,295		250,573		233,897		771,914		3,508,050		5,804,843
Expenses
Administrative		3,936		583		7,761		1,992		2,779		1,814		1,624		9,276		52,330		82,095
Depreciation and Amortization		107,339		708		92,128		58,772		8,987		77,737		80,526		236,749		800,390		1,463,336
Management Fees		15,345		2,901		14,108		9,439		1,274		9,495		9,825		30,080		74,951		167,418
Operating		37,532		—		40,071		125		24		665		32,547		138,255		455,656		704,875
Renting		500		—		6,345		—		(459)		2,350		3,742		1,766		16,293		30,537
Repairs and Maintenance		25,683		—		5,988		76,497		11,944		84,858		15,124		84,161		216,618		520,873
Taxes and Insurance		53,418		13,421		29,937		43,051		5,881		37,830		30,958		83,506		361,255		659,257
		243,753		17,613		196,338		189,876		30,430		214,749		174,346		583,793		1,977,493		3,628,391
Income Before Other Income		118,640		54,910		139,460		50,524		(1,135)		35,824		59,551		188,121		1,530,557		2,176,452
Other Income (Loss)
Interest Expense		(122,363)		(15,667)		(99,601)		(69,744)		(110)		(66,054)		(76,483)		(189,823)		(1,224,879)		(1,864,724)
Interest Income		—		—		—		6				—		—		—		—		6
Gain on sale of real estate		—		—		—		—		(125)		—		—		—		—		(125)
		(122,363)		(15,667)		(99,601)		(69,738)		(235)		(66,054)		(76,483)		(189,823)		(1,224,879)		(1,864,843)
Net Income (Loss)	$	(3,723)	$	39,243	$	39,859	$	(19,214)	$	(1,370)	$	(30,230)	$	(16,932)	$	(1,702)	$	305,678	$	311,609
Net Income (Loss)—NERA 50%	$	(1,862)	$	19,622	$	19,929	$	(9,608)	$	(685)	$	(15,116)	$	(8,466)	$	(851)				2,963
Net Income (Loss)—NERA 40%																	$	122,271		122,271
																			$	125,234