INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

9 Months Ended

Sep. 30, 2016

Current Year [Member]

Summary of financial position relating to investment in unconsolidated joint ventures

Summary financial information as of September 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	$	8,129,487		$	2,616,545		$	6,521,385		$	4,074,383		$	124,752		$	5,956,617		$	6,206,120		$	17,972,191		$	92,473,236		$	144,074,716
Cash & Cash Equivalents		142,274			52,323			199,544			155,921			97,332			1,121			89,502			100,273			1,036,851			1,875,141
Rent Receivable		49,547			—			18,009			35,302			3,000			15,687			980			20,473			288,807			431,805
Real Estate Tax Escrow		81,827			—			45,014			659,841			171			44,049			37,762			135,659			216,881			1,221,204
Prepaid Expenses & Other Assets		172,746			982			54,156			—			—			78,234			67,687			94,299			1,978,426			2,446,530
Total Assets	$	8,575,881		$	2,669,850		$	6,838,108		$	4,925,447		$	225,255		$	6,095,708		$	6,402,051		$	18,322,895		$	95,994,201		$	150,049,396
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,875,898		$	—		$	9,892,225		$	—		$	—		$	4,447,269		$	5,877,338		$	16,772,927		$	83,686,335		$	130,551,992
Accounts Payable & Accrued Expense		59,117			1,275			78,095			51,206			3,947			9,809			42,713			140,981			693,424			1,080,567
Advance Rental Pmts & Security Deposits		225,843			—			245,904			79,732			2,380			93,716			112,168			361,929			2,493,486			3,615,158
Total Liabilities		10,160,858			1,275			10,216,224			130,938			6,327			4,550,794			6,032,219			17,275,837			86,873,245			135,247,717
Partners’ Capital		(1,584,977)			2,668,575			(3,378,116)			4,794,509			218,928			1,544,914			369,832			1,047,058			9,120,956			14,801,679
Total Liabilities and Capital	$	8,575,881		$	2,669,850		$	6,838,108		$	4,925,447		$	225,255		$	6,095,708		$	6,402,051		$	18,322,895		$	95,994,201		$	150,049,396
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,334,288		$	—		$	2,397,254		$	109,464		$	772,457		$	184,916		$	523,529		$	3,648,382			8,970,289
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(792,488)		$	—		$	(1,689,058)		$	—		$	—		$	—		$	—		$	—		$	—			(2,481,546)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	6,488,743
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			—			—			—			42			148			409			689
Units to be sold		—			—			—			176			120			48			—			—			—			344
Units sold through November 1, 2016		—			—			—			133			119			—			—			—			—			252
Unsold units		—			—			—			43			1			—			—			—			—			44
Unsold units with deposits for future sale as of  November 1, 2016		—			—			—			3			—			—			—			—			—			3

Summary of income statement relating to investment in unconsolidated joint ventures

Financial information for the nine months ended September 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	$	1,139,145	$	180,000	$	1,089,610	$	650,328	$	36,315	$	724,848	$	742,872	$	2,425,746	$	11,026,501	$	18,015,365
Laundry and Sundry Income		11,032		—		2,823		—		—		—		343		31,445		76,124		121,767
		1,150,177		180,000		1,092,433		650,328		36,315		724,848		743,215		2,457,191		11,102,625		18,137,132
Expenses
Administrative		25,757		1,314		23,269		8,429		5,312		8,257		5,225		31,677		137,958		247,198
Depreciation and Amortization		338,820		2,122		260,819		177,062		18,876		238,807		254,869		718,340		2,435,762		4,445,477
Management Fees		47,267		7,200		45,858		24,220		1,412		28,568		30,392		97,873		238,441		521,231
Operating		74,431		—		53,336		732		257		1,364		66,845		232,598		876,054		1,305,617
Renting		23,804		—		14,910		1,789		—		4,354		5,621		13,106		193,381		256,965
Repairs and Maintenance		120,332		3,150		48,832		232,398		18,756		305,491		65,358		407,989		1,113,528		2,315,834
Taxes and Insurance		171,345		44,664		94,429		121,614		8,371		124,296		90,496		365,969		1,136,580		2,157,764
		801,756		58,450		541,453		566,244		52,984		711,137		518,806		1,867,552		6,131,704		11,250,086
Income Before Other Income		348,421		121,550		550,980		84,084		(16,669)		13,711		224,409		589,639		4,970,921		6,887,046
Other Income (Loss)
Interest Expense		(214,415)		—		(298,442)		(149,327)		(65)		(196,329)		(226,672)		(577,942)		(3,657,249)		(5,320,441)
Interest Income		—		—		—		10		—		—		—		—		—		10
Gain on Sale of Real Estate		—		—		—		802,129		335,321		—		—		—		—		1,137,450
		(214,415)		—		(298,442)		652,812		335,256		(196,329)		(226,672)		(577,942)		(3,657,249)		(4,182,981)
Net Income (Loss)	$	134,006	$	121,550	$	252,538	$	736,896	$	318,587	$	(182,618)	$	(2,263)	$	11,697	$	1,313,672	$	2,704,065
Net Income (Loss)—NERA 50%	$	67,003	$	60,775	$	126,270	$	368,448	$	159,294	$	(91,309)	$	(1,132)	$	5,848				695,197
Net Income —NERA 40%																	$	525,469		525,469
																			$	1,220,666

Financial information for the three months ended September 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	$	371,228	$	60,000	$	364,649	$	177,852	$	8,625	$	230,491	$	251,118	$	820,748	$	3,614,525	$	5,899,236
Laundry and Sundry Income		2,675		—		725		—		—		—		44		10,811		21,478		35,733
		373,903		60,000		365,374		177,852		8,625		230,491		251,162		831,559		3,636,003		5,934,969
Expenses
Administrative		5,660		425		7,071		5,684		2,328		2,386		2,625		11,545		40,757		78,481
Depreciation and Amortization		113,626		707		86,988		58,998		6,292		79,953		85,288		241,279		817,710		1,490,841
Management Fees		17,216		2,400		15,033		6,293		336		8,964		10,469		33,611		73,108		167,430
Operating		24,073		—		16,670		147		58		356		20,614		81,583		267,793		411,294
Renting		16,965		—		4,369		—		—		3,400		819		3,590		137,786		166,929
Repairs and Maintenance		44,248		—		19,499		76,499		5,187		104,886		(45,582)		180,736		520,451		905,924
Taxes and Insurance		56,037		14,062		30,006		35,405		1,300		40,318		30,997		110,147		402,822		721,094
		277,825		17,594		179,636		183,026		15,501		240,263		105,230		662,491		2,260,427		3,941,993
Income Before Other Income		96,078		42,406		185,738		(5,174)		(6,876)		(9,772)		145,932		169,068		1,375,576		1,992,976
Other Income (Loss)
Interest Expense		(72,768)		—		(99,433)		(10,638)		(6)		(65,351)		(74,324)		(194,071)		(1,222,601)		(1,739,192)
Interest Income		—		—		—		1		—		—		—		—		—		1
Gain on sale of real estate		—		—		—		802,129		99,851				—		—		—		901,980
		(72,768)		—		(99,433)		791,492		99,845		(65,351)		(74,324)		(194,071)		(1,222,601)		(837,211)
Net Income (Loss)	$	23,310	$	42,406	$	86,305	$	786,318	$	92,969	$	(75,123)	$	71,608	$	(25,003)	$	152,975	$	1,155,765
Net Income (Loss)—NERA 50%	$	11,655	$	21,203	$	43,153	$	393,158	$	46,485	$	(37,562)	$	35,804	$	(12,502)				501,394
Net Income —NERA 40%																	$	61,190		61,190
																			$	562,584

Schedule of future annual mortgage maturities

Future annual mortgage maturities at September 30, 2016 are as follows:

	Hamilton		345		Hamilton		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Bay Apts		Minuteman		Main Apts		Park		Total
9/30/2017	$	—	$	181,277	$	4,449,655	$	—	$	—	$	1,564,180	$	6,195,112
9/30/2018		—		188,419		—		—		—		1,653,563		1,841,982
9/30/2019		—		195,841		—		—		—		1,748,055		1,943,896
9/30/2020		—		203,556		—		—		—		78,899,705		79,103,261
9/30/2021		—		211,575		—		—		—		—		211,575
Thereafter		10,000,000		8,989,794		—		6,000,000		16,900,000		—		41,889,794
		10,000,000		9,970,462		4,449,655		6,000,000		16,900,000		83,865,503		131,185,620
Less: unamortized deferred financing costs		(124,102)		(78,237)		(2,386)		(122,662)		(127,073)		(179,168)		(633,628)
	$	9,875,898	$	9,892,225	$	4,447,269	$	5,877,338	$	16,772,927	$	83,686,335	$	130,551,992

Prior Year [Member]

Summary of financial position relating to investment in unconsolidated joint ventures

Summary financial information as of September 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	$	8,511,004		$	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
Total Assets	$	8,851,216		$	2,701,513		$	7,035,167		$	5,134,854		$	892,706		$	6,334,977		$	6,512,023		$	19,191,286		$	98,121,782		$	154,775,524
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,862,109		$	—		$	9,915,104		$	4,746,249		$	—		$	4,512,848		$	5,228,371		$	16,756,876		$	85,010,224		$	136,031,781
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			2,349,097			3,348,213
Total Liabilities		10,108,310			1,133			10,202,236			4,863,903			28,750			4,606,679			5,395,604			17,279,125			88,113,755			140,599,495
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	$	8,851,216		$	2,701,513		$	7,035,167		$	5,134,854		$	892,706		$	6,334,977		$	6,512,023		$	19,191,286		$	98,121,782		$	154,775,524
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$			$	1,350,188		$	—		$	135,476		$	431,978		$	864,149		$	558,210		$	956,080		$	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			—			—			—			—			1

Summary of income statement relating to investment in unconsolidated joint ventures

Financial information for the nine months ended September 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	$	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		326,816		2,122		276,396		176,861		26,961		235,126		243,699		714,838		2,408,892		4,411,711
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
		753,716		51,973		560,869		572,453		88,446		661,882		497,019		1,692,424		5,934,211		10,812,993
Income Before Other Income		346,469		165,595		472,569		141,318		(9,898)		72,096		202,000		646,375		4,783,451		6,819,975
Other Income (Loss)
Interest Expense		(367,955)		(46,283)		(298,900)		(210,641)		(268)		(199,183)		(231,356)		(575,661)		(3,700,310)		(5,630,557)
Interest Income		—		—				11				—		—		96				107
Other Income ( Expense)		—		—						76,523				—				—		76,523
		(367,955)		(46,283)		(298,900)		(210,630)		76,255		(199,183)		(231,356)		(575,565)		(3,700,310)		(5,553,927)
Net Income (Loss)	$	(21,486)	$	119,312	$	173,669	$	(69,312)	$	66,357	$	(127,087)	$	(29,356)	$	70,810	$	1,083,141	$	1,266,048
Net Income (Loss)—NERA 50%	$	(10,743)	$	59,655	$	86,834	$	(34,656)	$	33,179	$	(63,544)	$	(14,678)	$	35,405				91,454
Net Income —NERA 40%																	$	433,256		433,256
																			$	524,710

Financial information for the three months ended September 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	$	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		110,629		708		92,140		59,312		8,988		79,016		82,190		239,747		806,277		1,479,007
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
		258,691		16,904		193,762		191,281		28,459		217,215		167,410		599,268		2,034,230		3,707,220
Income Before Other Income		117,094		55,619		161,078		45,062		(9,379)		29,677		64,135		192,956		1,578,074		2,234,316
Other Income (Loss)
Interest Expense		(122,433)		(14,882)		(99,632)		(70,688)		(55)		(66,763)		(77,815)		(193,932)		(1,241,719)		(1,887,919)
Interest Income		—		—		—		3		—		—		—		—		—		3
Gain on sale of Real Estate		—		—		—		—		76,648		—		—		—		—		76,648
		(122,433)		(14,882)		(99,632)		(70,685)		76,593		(66,763)		(77,815)		(193,932)		(1,241,719)		(1,811,268)
Net Income (Loss)	$	(5,339)	$	40,737	$	61,446	$	(25,623)	$	67,214	$	(37,086)	$	(13,680)	$	(976)	$	336,355	$	423,048
Net Income (Loss)—NERA 50%	$	(2,670)	$	20,369	$	30,723	$	(12,812)	$	33,607	$	(18,543)	$	(6,840)	$	(488)				43,347
Net Income —NERA 40%																	$	134,543		134,543
																			$	177,890