INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2016

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Summary of financial position relating to investment in unconsolidated joint ventures

Summary financial information as of December 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	$	8,011,942		$	2,622,011		$	6,587,662		$	3,706,705		$	140,635		$	5,929,749		$	6,165,266		$	17,773,858		$	91,943,516		$	142,881,344
Cash & Cash Equivalents		167,953			52,321			57,635			144,831			18,576			923			47,795			95,294			1,496,250			2,081,578
Rent Receivable		25,604			—			9,840			10,568			2,452			5,520			—			6,133			204,956			265,073
Real Estate Tax Escrow		127,728			—			18,570			—			0			47,308			18,198			189,239			211,494			612,537
Prepaid Expenses & Other Assets		96,307			615			50,553			403,514			1,540			79,474			26,473			75,324			1,627,342			2,361,142
Total Assets	$	8,429,534		$	2,674,947		$	6,724,260		$	4,265,618		$	163,203		$	6,062,974		$	6,257,732		$	18,139,848		$	95,483,558		$	148,201,674
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,879,346		$	—		$	9,849,225		$	—		$	—		$	4,430,574		$	5,879,634		$	16,776,940		$	83,336,579		$	130,152,298
Accounts Payable & Accrued Expense		59,227			1,700			65,948			9,432			3,137			12,277			50,643			157,812			673,585			1,033,761
Advance Rental Pmts & Security Deposits		218,582			—			236,679			61,883			1,822			82,693			120,096			347,446			2,667,408			3,736,609
Total Liabilities		10,157,155			1,700			10,151,852			71,315			4,959			4,525,544			6,050,373			17,282,198			86,677,572			134,922,668
Partners’ Capital		(1,727,621)			2,673,247			(3,427,592)			4,194,303			158,244			1,537,430			207,359			857,650			8,805,986			13,279,006
Total Liabilities and Capital	$	8,429,534		$	2,674,947		$	6,724,260		$	4,265,618		$	163,203		$	6,062,974		$	6,257,732		$	18,139,848		$	95,483,558		$	148,201,674
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,336,623		$	—		$	2,097,151		$	79,122		$	768,714		$	103,679		$	428,824		$	3,522,393			8,336,505
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(863,810)		$	—		$	(1,713,796)		$	—		$	—		$	—		$	—		$	—		$	—			(2,577,606)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	5,758,899
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 February 1, 2017		—			—			—			139			119			—			—			—			—			258
Unsold units		—			—			—			37			1			—			—			—			—			38
Unsold units with deposits for future sale as of  February 1, 2017		—			—			—			5			1			—			—			—			—			6

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			—			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			37,088			56,048			12,879			63,345			41,201			67,496			1,898,655			2,282,252
Total Assets	$	8,766,915		$	2,635,267		$	6,996,253		$	5,107,749		$	593,745		$	6,289,861		$	6,473,915		$	18,971,217		$	97,612,090		$	153,447,012
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,865,557		$	—		$	9,916,769		$	4,728,751		$	—		$	4,497,183		$	5,208,820		$	16,760,889		$	84,680,020		$	135,657,989
Accounts Payable & Accrued Expense		69,413			1,700			63,268			28,736			12,605			14,594			55,116			216,091			792,707			1,254,230
Advance Rental Pmts& Security Deposits		202,470			—			221,871			91,649			5,799			95,552			113,084			328,675			2,482,079			3,541,179
Total Liabilities		10,137,440			1,700			10,201,908			4,849,136			18,404			4,607,329			5,377,020			17,305,655			87,954,806			140,453,398
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	$	8,766,915		$	2,635,267		$	6,996,253		$	5,107,749		$	593,745		$	6,289,861		$	6,473,915		$	18,971,217		$	97,612,090		$	153,447,012
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,316,782		$	—		$	129,305		$	287,670		$	841,265		$	548,446		$	832,780		$	3,862,914		$	7,819,162
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(685,263)		$	—		$	(1,602,828)		$	—		$	—		$	—		$	—		$	—		$	—			(2,288,090)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	5,531,072
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			—			—			—			—			242
Unsold units		—			—			—			—			5			—			—			—			—			5
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			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	$	8,732,134		$	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			45,705			198,603			46,290			44,736			71,703			1,917,136			2,445,524
Total Assets	$	8,966,647		$	2,626,270		$	7,301,549		$	5,302,603		$	1,040,052		$	6,543,103		$	6,703,011		$	19,708,578		$	100,578,298		$	158,770,111
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	8,079,567		$	1,982,191		$	9,910,110		$	4,796,446		$	—		$	4,560,483		$	5,284,499		$	16,744,838		$	85,959,590		$	137,317,724
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			2,224,825			3,197,700
Total Liabilities		8,303,179			1,988,279			10,152,286			4,921,339			32,453			4,669,719			5,432,236			17,207,225			88,978,410			141,685,126
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	$	8,966,647		$	2,626,270		$	7,301,549		$	5,302,603		$	1,040,052		$	6,543,103		$	6,703,011		$	19,708,578		$	100,578,298		$	158,770,111
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)
																												$	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			—			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 of income statement relating to investment in unconsolidated joint ventures

Summary financial information for the year ended December 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	$	1,534,910	$	240,000	$	1,471,455	$	798,710	$	40,290	$	969,220	$	992,980	$	3,236,490	$	14,731,240	$	24,015,295
Laundry and Sundry Income		15,263		—		4,707		—		—		—		1,326		40,720		108,711		170,727
		1,550,173		240,000		1,476,162		798,710		40,290		969,220		994,306		3,277,210		14,839,951		24,186,022
Expenses
Administrative		31,400		1,740		34,512		9,636		6,295		10,768		6,557		48,753		187,176		336,837
Depreciation and Amortization		452,186		2,830		348,169		184,898		4,921		298,503		341,645		961,390		3,261,594		5,856,136
Management Fees		63,880		9,600		60,545		30,493		1,745		38,258		40,648		129,134		317,947		692,250
Operating		103,761		—		72,280		919		315		2,358		96,690		328,915		1,165,589		1,770,827
Renting		26,731		—		22,395		1,789		—		4,354		6,202		19,354		250,675		331,500
Repairs and Maintenance		157,398		3,150		66,606		296,423		22,054		413,972		84,307		558,988		1,391,171		2,994,069
Taxes and Insurance		227,148		58,725		130,867		161,984		9,236		164,667		121,365		476,185		1,541,959		2,892,136
		1,062,504		76,045		735,374		686,142		44,566		932,880		697,414		2,522,719		8,116,111		14,873,755
Income Before Other Income		487,669		163,955		740,788		112,568		(4,276)		36,340		296,892		754,491		6,723,840		9,312,267
Other Income (Loss)
Interest Expense		(289,041)		—		(397,726)		(150,061)		(71)		(261,440)		(286,628)		(772,201)		(4,875,137)		(7,032,305)
Interest Income		—		—		—		10		—		—		—		—		—		10
Gain on Sale of Real Estate		—		—		—		1,324,174		337,251		—		—		—		—		1,661,425
		(289,041)		—		(397,726)		1,174,123		337,180		(261,440)		(286,628)		(772,201)		(4,875,137)		(5,370,870)
Net Income (Loss)	$	198,628	$	163,955	$	343,062	$	1,286,691	$	332,904	$	(225,100)	$	10,264	$	(17,710)	$	1,848,703	$	3,941,397
Net Income (Loss)—NERA 50%	$	99,314	$	81,978	$	171,531	$	643,346	$	166,452	$	(112,550)	$	5,132	$	(8,856)				1,046,346
Net Income —NERA 40%																	$	739,481		739,481
																			$	1,785,827

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		439,046		2,829		368,775		236,513		25,418		295,176		329,150		955,269		3,219,340		5,871,516
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		—		2,986		8,807		9,765		122,378		171,267
Repairs and Maintenance		153,329		200		61,183		314,409		43,559		362,861		82,769		393,665		1,134,751		2,546,726
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
		1,015,170		68,989		743,587		763,082		102,441		863,776		682,696		2,304,264		7,789,790		14,333,795
Income Before Other Income		463,020		208,579		653,497		199,429		(3,028)		109,783		259,843		833,692		6,620,120		9,344,935
Other Income (Loss)
Interest Expense		(432,732)		(46,283)		(398,414)		(281,093)		(322)		(265,636)		(308,725)		(769,579)		(4,937,726)		(7,440,510)
Interest Income		—		—		—		14		—		—		—		—		—		14
Other Inome		—		—		—		—		—		—		—		96				96
Gain on sale of real estate		—		—		—				169,093				—		—		—		169,093
		(432,732)		(46,283)		(398,414)		(281,079)		168,771		(265,636)		(308,725)		(769,483)		(4,937,726)		(7,271,307)
Net Income (Loss)	$	30,288	$	162,296	$	255,083	$	(81,649)	$	165,743	$	(155,853)	$	(48,883)	$	64,209	$	1,682,396	$	2,073,628
Net Income (Loss)—NERA 50%	$	15,144	$	81,148	$	127,542	$	(40,825)	$	82,871	$	(77,927)	$	(24,442)	$	32,105				195,616
Net Income —NERA 40%																	$	672,958		672,958
																			$	868,574

Summary financial information for the year ended December 31, 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	$	1,409,443	$	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		418,313		2,829		395,155		235,782		36,183		294,272		318,673		945,014		5,347,841		7,994,062
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
		1,027,266		73,386		752,137		776,684		171,469		812,750		654,120		2,301,662		9,918,504		16,487,978
Income Before Other Income		399,811		218,131		597,063		156,631		15,759		130,775		267,485		668,799		3,840,495		6,294,949
Other Income (Loss)
Interest Expense		(499,718)		(64,335)		(398,109)		(285,410)		(596)		(270,017)		(312,614)		(813,948)		(5,010,644)		(7,655,391)
Interest Income		—		—				21		468		—		—						489
Other Income ( Expense)		—		—						475,335				—				—		475,335
		(499,718)		(64,335)		(398,109)		(285,389)		475,207		(270,017)		(312,614)		(813,948)		(5,010,644)		(7,179,567)
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 —NERA 40%																	$	(468,061)		(468,061)
																			$	(325,297)

Schedule of future annual mortgage maturities

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

	Hamilton		345		Hamilton		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Bay Apts		Minuteman		Main Apts		Park		Total
12/31/2017	$	—	$	183,037	$	4,431,370	$	—	$	—	$	1,593,424	$	6,207,831
12/31/2018		—		190,248		—		—		—		1,684,479		1,874,727
12/31/2019		—		197,742		—		—		—		80,223,265		80,421,007
12/31/2020		—		205,532		—		—		—				205,532
12/31/2021		—		213,629		—		—		—				213,629
Thereafter		10,000,000		8,935,610		—		6,000,000		16,900,000		—		41,835,610
		10,000,000		9,925,798		4,431,370		6,000,000		16,900,000		83,501,168		130,758,336
Less: unamortized deferred financing costs		(120,654)		(76,573)		(796)		(120,366)		(123,060)		(164,589)		(606,038)
	$	9,879,346	$	9,849,225	$	4,430,574	$	5,879,634	$	16,776,940	$	83,336,579	$	130,152,298

At December 31, 2016 the weighted average interest rate on the above mortgages was 4.99%. The effective rate was 5.07% including the amortization expense of deferred financing costs.