INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

3 Months Ended

Mar. 31, 2017

2017

Summary of financial position relating to investment in unconsolidated joint ventures

Summary financial information as of March 31, 2017

				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	$	7,907,838		$	2,622,729		$	6,542,738		$	3,029,735		$	145,134		$	5,848,498		$	6,095,634		$	17,593,862		$	91,280,303		$	141,066,471
Cash & Cash Equivalents		158,945			50,621			70,277			490,522			88			17,718			60,393			214,895			1,359,961			2,423,420
Rent Receivable		17,373			—			3,496			12,438			225			5,844			1,152			11,479			151,499			203,506
Real Estate Tax Escrow		119,722			—			45,948			—			—			17,849			19,048			213,815			240,494			656,876
Prepaid Expenses & Other Assets		96,193			246			45,250			131,148			16,480			103,595			31,844			107,642			1,558,399			2,090,797
Total Assets	$	8,300,071		$	2,673,596		$	6,707,709		$	3,663,843		$	161,927		$	5,993,504		$	6,208,071		$	18,141,693		$	94,590,656		$	146,441,070
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,882,793		$	—		$	9,805,791		$	—		$	—		$	—		$	5,881,680		$	16,780,953		$	82,968,942		$	125,320,159
Accounts Payable & Accrued Expense		48,972			623			84,711			15,600			2,330			5,782			61,455			153,499			607,357			980,329
Advance Rental Pmts & Security Deposits		232,421			—			225,911			49,544			101			75,660			124,719			380,586			2,764,112			3,853,054
Total Liabilities		10,164,186			623			10,116,413			65,144			2,431			81,442			6,067,854			17,315,038			86,340,411			130,153,542
Partners’ Capital		(1,864,115)			2,672,973			(3,408,704)			3,598,699			159,496			5,912,062			140,217			826,655			8,250,245			16,287,528
Total Liabilities and Capital	$	8,300,071		$	2,673,596		$	6,707,709		$	3,663,843		$	161,927		$	5,993,504		$	6,208,071		$	18,141,693		$	94,590,656		$	146,441,070
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$			$	1,336,486		$	—		$	1,799,349		$	79,748		$	2,956,030		$	70,108		$	413,327		$	3,300,097			9,955,145
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(932,058)		$	—		$	(1,704,352)		$	—		$	—		$	—		$	—		$	—		$	—			(2,636,410)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	7,318,735
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			690
Units to be sold		—			—			—			175			120			48			—			—			—			343
Units sold through May 1, 2017		—			—			—			143			120			1			—			—			—			264
Unsold units		—			—			—			32			—			47			—			—			—			79
Unsold units with deposits for future sale as of  May 1, 2017		—			—			—			4			—			10			—			—			—			14

Summary of income statement relating to investment in unconsolidated joint ventures

Financial information for the three months ended March 31, 2017

			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	$	401,194	$	60,000	$	372,417	$	130,398	$	2,867	$	222,036	$	256,788	$	826,303		3,810,796	$	6,082,799
Laundry and Sundry Income		3,531		—		945		—		—		—		675		8,947		24,333		38,431
		404,725		60,000		373,362		130,398		2,867		222,036		257,463		835,250		3,835,129		6,121,230
Expenses
Administrative		5,201		425		6,390		964		824		3,065		1,205		11,018		50,187		79,279
Depreciation and Amortization		113,299		707		86,422		45,626		1,230		81,252		86,675		242,316		831,687		1,489,214
Management Fees		17,380		2,400		15,958		4,763		135		8,650		11,141		34,103		84,552		179,082
Operating		23,637		—		23,145		(37)		19		652		27,875		104,159		352,854		532,304
Renting		3,722		—		2,136		62		62		62		1,321		10,026		21,327		38,718
Repairs and Maintenance		20,731		—		19,300		55,502		1,980		106,605		20,854		164,126		231,633		620,731
Taxes and Insurance		60,469		14,532		36,718		29,378		863		46,095		31,445		109,815		431,459		760,774
		244,439		18,064		190,069		136,258		5,113		246,381		180,516		675,563		2,003,699		3,700,102
Income Before Other Income		160,286		41,936		183,293		(5,860)		(2,246)		(24,345)		76,947		159,687		1,831,430		2,421,128
Other Income (Loss)
Interest Expense		(78,991)		—		(99,404)		(503)		(2)		(41,525)		(59,091)		(190,684)		(1,187,172)		(1,657,372)
Gain on Sale of Real Estate		—		—		—		710,759		—		—		—		—		—		710,759
		(78,991)		—		(99,404)		710,256		(2)		(41,525)		(59,091)		(190,684)		(1,187,171)		(946,613)
Net Income (Loss)	$	81,295	$	41,936	$	83,889	$	704,396	$	(2,248)	$	(65,870)	$	17,856	$	(30,997)	$	644,259	$	1,474,516
Net Income (Loss)—NERA 50%	$	40,648	$	20,968	$	41,945	$	352,199	$	(1,124)	$	(32,935)	$	8,929	$	(15,498)				415,132
Net Income —NERA 40%																	$	257,705		257,705
																			$	672,837

Schedule of future annual mortgage maturities

Future annual mortgage maturities at March 31, 2017 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//31/2018	$	—	$	184,814	$		$		$		$	—	$	1,608,251	$	1,793,065
3/31/2019		—		192,094		—						—		1,700,153		1,892,247
3/31/2020		—		199,661		—		—		—		—		79,810,548		80,010,209
3/31/2021		—		207,527		—		—		—		—		—		207,527
3/31/2022		—		215,702		—		—		—		—		—		215,702
Thereafter		10,000,000		8,880,901		0		0		6,000,000		16,900,000		—		41,780,901
		10,000,000		9,880,699		—		—		6,000,000		16,900,000		83,118,952		125,899,651
Less: unamortized deferred financing costs		(117,207)		(74,908)						(118,320)		(119,047)		(150,010)		(579,492)
	$	9,882,793	$	9,805,791	$	—	$	—	$	5,881,680	$	16,780,953	$	82,968,942	$	125,320,159

2016

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		$	0		$	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 May1, 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
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 (Loss)—NERA 40%																	$	227,040		227,040
																			$	369,604