NOTE 14. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

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 $84,018,000 at June 30, 2016. 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 is amortized over 30 years thereafter and matures in March 2017. As of June 30, 2016, the balance of the mortgage is approximately $4,464,000. 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. One unit was sold in the quarter ended June 30, 2016, with a gain on the sale of approximately $67,000. As of August 1, 2016, 2 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. As of June 30, 2016, the balance of the mortgage is approximately $9,872,000. 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 $4,694,000 at June 30, 2016. This investment is referred to as Hamilton 1025, LLC.

On July 8, 2016, Hamilton 1025 LLC paid off the outstanding balance of the mortgage balance. The Partnership made a capital contribution of $2,359,500 to Hamilton 1025, LLC for its share of the funds required for the transaction.

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 June 30, 2016, the balance of this mortgage is approximately $5,170,000. 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. As of June 30, 2016, the balance of the mortgage is approximately $16,769,000.

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. As of June 30, 2016, the balance of the mortgage is approximately $9,920,000. This investment is referred to as 345 Franklin, LLC.

Summary financial information as of June 30, 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	$	8,233,823		$	2,617,251		$	6,607,281		$	4,829,662		$	241,741		$	6,017,735		$	6,200,372		$	18,146,220		$	93,105,409		$	145,999,494
Cash & Cash Equivalents		111,271			42,323			183,078			288			28,695			4,943			170			172,519			1,096,874			1,640,161
Rent Receivable		46,713			—			8,347			18,732			2,400			12,257			—			13,230			81,431			183,110
Real Estate Tax Escrow		83,814			—			16,713			83,537			—			37,780			46,263			37,745			233,654			539,506
Prepaid Expenses & Other Assets		105,562			1,351			37,218			68,884			1,891			74,021			159,492			109,424			2,132,688			2,690,531
Total Assets	$	8,581,183		$	2,660,925		$	6,852,637		$	5,001,103		$	274,727		$	6,146,736		$	6,406,297		$	18,479,138		$	96,650,056		$	151,052,802
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,872,451		$	—		$	9,920,098		$	4,693,693		$	—		$	4,463,701		$	5,169,696		$	16,768,914		$	84,018,197		$	134,906,750
Accounts Payable & Accrued Expense		54,553			850			67,207			28,749			1,395			9,232			57,401			130,506			636,852			986,745
Advance Rental Pmts & Security Deposits		196,372			—			259,754			89,470			2,373			98,765			110,976			357,657			3,027,025			4,142,392
Total Liabilities		10,123,376			850			10,247,059			4,811,912			3,768			4,571,698			5,338,073			17,257,077			87,682,074			140,035,887
Partners’ Capital		(1,542,193)			2,660,075			(3,394,422)			189,191			270,959			1,575,038			1,068,224			1,222,061			8,967,982			11,016,915
Total Liabilities and Capital	$	8,581,183		$	2,660,925		$	6,852,637		$	5,001,103		$	274,727		$	6,146,736		$	6,406,297		$	18,479,138		$	96,650,056		$	151,052,802
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,330,037		$	—		$	94,594		$	135,479		$	787,518		$	534,111		$	611,030		$	3,587,193			7,079,962
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(771,097)		$	—		$	(1,697,210)		$	—		$	—		$	—		$	—		$	—		$	—			(2,468,307)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	4,611,655
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 August 1, 2016		—			—			—			127			118			—			—			—			—			245
Unsold units		—			—			—			—			2			—			—			—			—			2
Unsold units with deposits for future sale as of August 1, 2016		—			—			—			—			—			—			—			—			—			—

Financial information for the six months ended June 30, 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	$	767,917	$	120,000	$	724,962	$	472,476	$	27,690	$	494,357	$	491,754	$	1,604,997	$	7,411,976	$	12,116,129
Laundry and Sundry Income		8,357		—		2,097		—		—		—		299		20,634		54,646		86,033
		776,274		120,000		727,059		472,476		27,690		494,357		492,053		1,625,631		7,466,622		12,202,162
Expenses
Administrative		20,096		889		16,198		2,745		2,984		5,870		2,600		20,131		97,201		168,714
Depreciation and Amortization		225,194		1,415		173,831		118,064		12,584		158,855		169,581		477,061		1,618,053		2,954,638
Management Fees		30,050		4,800		30,825		17,927		1,076		19,604		19,922		64,262		165,333		353,799
Operating		50,358		—		36,666		585		200		1,008		46,231		151,015		608,261		894,324
Renting		6,839		—		10,540		1,789		—		954		4,802		9,516		55,595		90,035
Repairs and Maintenance		76,084		3,150		29,334		155,898		13,569		200,605		110,941		227,253		593,075		1,409,909
Taxes and Insurance		115,308		30,602		64,423		86,209		7,071		83,979		59,499		255,822		733,758		1,436,671
		523,929		40,856		361,817		383,217		37,484		470,875		413,576		1,205,060		3,871,276		7,308,090
Income Before Other Income		252,345		79,144		365,242		89,259		(9,794)		23,482		78,477		420,571		3,595,346		4,894,072
Other Income (Loss)
Interest Expense		(141,647)		—		(199,009)		(138,688)		(59)		(130,978)		(152,347)		(383,871)		(2,434,648)		(3,581,247)
Interest Income		—		—		—		9		—		—		—		—		—		9
Gain on Sale of Real Estate		—		—		—		—		235,470		—		—		—		—		235,470
		(141,647)		—		(199,009)		(138,679)		235,411		(130,978)		(152,347)		(383,871)		(2,434,648)		(3,345,768)
Net Income (Loss)	$	110,698	$	79,144	$	166,233	$	(49,420)	$	225,617	$	(107,496)	$	(73,870)	$	36,700	$	1,160,698	$	1,548,304
Net Income (Loss)—NERA 50%	$	55,349	$	39,572	$	83,117	$	(24,710)	$	112,809	$	(53,748)	$	(36,935)	$	18,350				193,802
Net Income —NERA 40%																	$	464,280		464,280
																			$	658,082

Financial information for the three months ended June 30, 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	$	369,120	$	60,000	$	358,043	$	237,156	$	11,025	$	245,530	$	243,193	$	806,669	$	3,694,670	$	6,025,406
Laundry and Sundry Income		4,375		—		507		—		—		—		53		10,051		29,114		44,100
		373,495		60,000		358,550		237,156		11,025		245,530		243,246		816,720		3,723,784		6,069,506
Expenses
Administrative		4,545		464		6,211		1,319		1,085		3,890		1,293		8,623		47,931		75,361
Depreciation and Amortization		113,230		707		86,915		58,999		6,291		79,462		84,896		239,165		813,046		1,482,711
Management Fees		15,366		2,400		15,988		8,402		406		9,362		9,588		32,337		84,237		178,086
Operating		19,855		—		16,542		220		48		714		22,568		81,925		248,392		390,264
Renting		6,299		—		10,355		1,789		—		477		947		4,013		27,106		50,986
Repairs and Maintenance		42,149		3,150		12,627		78,417		5,551		100,814		57,281		131,233		329,444		760,666
Taxes and Insurance		57,873		15,431		30,407		43,260		2,855		42,070		30,075		128,012		365,599		715,582
		259,317		22,152		179,045		192,406		16,236		236,789		206,648		625,308		1,915,755		3,653,656
Income Before Other Income		114,178		37,848		179,505		44,750		(5,211)		8,741		36,598		191,412		1,808,029		2,415,850
Other Income (Loss)
Interest Expense		(71,039)		—		(99,505)		(69,173)		(11)		(65,065)		(76,031)		(191,988)		(1,214,929)		(1,787,741)
Interest Income		—		—		—		5				—		—		—		—		5
Gain on sale of real estate		—		—		—		—		67,462		—		—		—		—		67,462
		(71,039)		—		(99,505)		(69,168)		67,451		(65,065)		(76,031)		(191,988)		(1,214,929)		(1,720,274)
Net Income (Loss)	$	43,139	$	37,848	$	80,000	$	(24,418)	$	62,240	$	(56,324)	$	(39,433)	$	(576)	$	593,100	$	695,576
Net Income (Loss)—NERA 50%	$	21,570	$	18,924	$	40,000	$	(12,209)	$	31,120	$	(28,162)	$	(19,717)	$	(288)				51,238
Net Income —NERA 40%																	$	237,240		237,240
																			$	288,478

Future annual mortgage maturities at June 30, 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	$	—	$	162,063	$	4,695,747	$	4,467,678	$	5,171,718	$	—	$	1,542,599	$	16,039,805
3/31/2018		—		186,607		—		—		—		—		1,630,749		1,817,356
3/31/2019		—		193,959		—		—		—		—		1,723,938		1,917,897
3/31/2020		—		201,599		—		—		—		—		79,314,659		79,516,258
3/31/2021		—		209,541		—		—		—		—		—		209,541
Thereafter		10,000,000		9,046,231		—		—		—		16,900,000		—		35,946,231
		10,000,000		10,000,000		4,695,747		4,467,678		5,171,718		16,900,000		84,211,945		135,447,088
Less: unamortized deferred financing costs		(127,549)		(79,902)		(2,054)		(3,977)		(2,022)		(131,086)		(193,748)		(540,338)
	$	9,872,451	$	9,920,098	$	4,693,693	$	4,463,701	$	5,169,696	$	16,768,914	$	84,018,197	$	134,906,750

At June 30, 2016 the weighted average interest rate on the above mortgages was 5.08%. The effective rate was 5.16% including the amortization expense of deferred financing costs.

Summary financial information as of June 30, 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	$	8,564,474		$	2,620,081		$	6,951,074		$	5,039,485		$	793,069		$	6,288,296		$	6,421,497		$	19,007,097		$	95,631,639		$	151,316,712
Cash & Cash Equivalents		29,625			33,530			116,046			6,348			8,106			829			42,200			208,411			1,274,043			1,719,138
Rent Receivable		25,517			—			4,123			5,178			1,605			2,221			152			15,289			133,921			188,006
Real Estate Tax Escrow		123,085			—			17,330			72,812			—			56,520			39,006			94,677			264,746			668,176
Prepaid Expenses & Other Assets		92,967			—			51,470			54,129			19,977			55,989			43,472			82,262			1,940,068			2,340,334
Total Assets	$	8,835,668		$	2,653,611		$	7,140,043		$	5,177,952		$	822,757		$	6,403,855		$	6,546,327		$	19,407,736		$	99,244,417		$	156,232,366
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	8,020,648		$	1,959,763		$	9,913,439		$	4,762,744		$	—		$	4,528,267		$	5,246,816		$	16,752,864		$	85,322,594		$	136,507,135
Accounts Payable & Accrued Expense		59,786			5,308			64,628			27,358			20,207			14,768			47,865			154,122			724,526			1,118,568
Advance Rental Pmts& Security Deposits		199,886			—			230,492			97,276			5,810			95,435			96,548			337,614			2,800,624			3,863,685
Total Liabilities		8,280,320			1,965,071			10,208,559			4,887,378			26,017			4,638,470			5,391,229			17,244,600			88,847,744			141,489,388
Partners’ Capital		555,348			688,540			(3,068,516)			290,574			796,740			1,765,385			1,155,098			2,163,136			10,396,673			14,742,978
Total Liabilities and Capital	$	8,835,668		$	2,653,611		$	7,140,043		$	5,177,952		$	822,757		$	6,403,855		$	6,546,327		$	19,407,736		$	99,244,417		$	156,232,366
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	277,674		$	344,270		$	—		$	145,287		$	398,370		$	882,693		$	577,549		$	1,081,568		$	4,158,667		$	7,866,077
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	—		$	—		$	(1,534,258)		$	—		$	—		$	—		$	—		$	—		$	—			(1,534,258)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	6,331,819
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		—			—			—			—			—			—			—			—			—			—

Financial information for the six months ended June 30, 2015

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


			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	$	721,908	$	145,045	$	678,276	$	477,428	$	59,468	$	487,086	$	467,474	$	1,524,128	$	7,061,280	$	11,622,093
Laundry and Sundry Income		2,492		—		323		—		—		—		—		22,446		44,078		69,339
		724,400		145,045		678,599		477,428		59,468		487,086		467,474		1,546,574		7,105,358		11,691,432
Expenses
Administrative		8,306		1,008		14,381		3,162		4,674		3,624		2,693		19,935		104,634		162,417
Depreciation and Amortization		216,187		1,415		184,256		117,548		17,974		156,110		161,510		475,090		1,602,615		2,932,705
Management Fees		31,737		5,802		29,240		18,831		2,323		19,432		19,445		61,054		155,624		343,488
Operating		58,763		—		51,186		348		205		708		46,482		184,893		729,806		1,072,391
Renting		6,721		—		9,105		—		—		2,350		4,746		3,401		33,213		59,536
Repairs and Maintenance		66,434		—		19,062		155,388		23,876		186,217		32,764		182,482		540,177		1,206,400
Taxes and Insurance		106,875		26,844		59,877		85,895		10,936		76,225		61,971		166,301		733,913		1,328,837
		495,023		35,069		367,107		381,172		59,988		444,666		329,611		1,093,156		3,899,982		7,105,774
Income Before Other Income		229,377		109,976		311,492		96,256		(520)		42,420		137,863		453,418		3,205,376		4,585,658
Other Income (Loss)
Interest Expense		(245,523)		(31,401)		(199,268)		(139,954)		(214)		(132,420)		(153,541)		(381,729)		(2,458,592)		(3,742,642)
Interest Income		—		—				8				—		—		—				8
Other Income ( Expense)		—		—				—		(125)		—		—		97		—		(28)
		(245,523)		(31,401)		(199,268)		(139,946)		(339)		(132,420)		(153,541)		(381,632)		(2,458,592)		(3,742,662)
Net Income (Loss)	$	(16,146)	$	78,575	$	112,224	$	(43,690)	$	(859)	$	(90,000)	$	(15,678)	$	71,786	$	746,784	$	842,996
Net Income (Loss)—NERA 50%	$	(8,073)	$	39,287	$	56,111	$	(21,845)	$	(430)	$	(45,000)	$	(7,839)	$	35,893				48,106
Net Income —NERA 40%																	$	298,714		298,714
																			$	346,820

Financial information for the three months ended June 30, 2015

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


			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	$	362,007	$	72,523	$	342,800	$	237,028	$	30,173	$	236,513	$	233,578	$	762,855	$	3,572,475	$	5,849,952
Laundry and Sundry Income		—		—		—		—		—		—		—		11,805		24,833		36,638
		362,007		72,523		342,800		237,028		30,173		236,513		233,578		774,660		3,597,308		5,886,590
Expenses
Administrative		4,369		425		6,620		1,170		1,895		1,809		1,069		10,660		52,304		80,321
Depreciation and Amortization		108,848		707		92,128		58,777		8,988		78,372		80,984		238,342		802,224		1,469,370
Management Fees		16,392		2,901		15,131		9,391		1,049		9,937		9,620		30,974		80,673		176,068
Operating		21,230		—		11,114		223		181		44		13,935		46,638		274,150		367,515
Renting		6,221		—		2,760		—		—		—		1,003		1,636		16,920		28,540
Repairs and Maintenance		40,751		—		13,075		78,891		12,390		101,359		17,640		98,321		323,559		685,986
Taxes and Insurance		53,458		13,423		29,941		42,844		5,056		38,394		31,013		82,793		372,658		669,580
		251,269		17,456		170,769		191,296		29,559		229,915		155,264		509,364		1,922,488		3,477,380
Income Before Other Income		110,738		55,067		172,031		45,732		614		6,598		78,314		265,296		1,674,820		2,409,210
Other Income (Loss)
Interest Expense		(123,160)		(15,734)		(99,667)		(70,209)		(104)		(66,366)		(77,058)		(191,906)		(1,233,713)		(1,877,917)
Interest Income		—		—		—		1		—		—		—		—		—		1
Gain on sale of Real Estate		—		—		—		—				—		—		96		—		96
		(123,160)		(15,734)		(99,667)		(70,208)		(104)		(66,366)		(77,058)		(191,810)		(1,233,713)		(1,877,820)
Net Income (Loss)	$	(12,422)	$	39,333	$	72,364	$	(24,476)	$	510	$	(59,768)	$	1,256	$	73,486	$	441,107	$	531,390
Net Income (Loss)—NERA 50%	$	(6,211)	$	19,667	$	36,182	$	(12,238)	$	255	$	(29,884)	$	628	$	36,743				45,142
Net Income —NERA 40%																	$	176,445		176,445
																			$	221,586