NOTE 2. RENTAL PROPERTIES

As of March 31, 2017, the Partnership and its Subsidiary Partnerships owned 2,506 residential apartment units in 21 residential and mixed-use complexes (collectively, the “Apartment Complexes”). The Partnership also owns 19 condominium units in a residential condominium complex, all of which are leased to residential tenants (collectively referred to as the “Condominium Units”). The Apartment Complexes and Condominium Units are located primarily in the metropolitan Boston area of Massachusetts.

Additionally, as of March 31, 2017, the Partnership and Subsidiary Partnerships owned a commercial shopping center in Framingham, commercial buildings in Newton and Brookline and mixed-use properties in Boston, Brockton and Newton, all in Massachusetts. These properties are referred to collectively as the “Commercial Properties.”

The Partnership also owned a 40% to 50% ownership interest in nine residential and mixed use complexes (the “Investment Properties”) at March 31, 2017 with a total of 767 units, accounted for using the equity method of consolidation. See Note 14 for summary information on these investments.

Rental properties consist of the following:


	March 31, 2017		December 31, 2016		Useful Life
Land, improvements and parking lots	$	52,775,844	$	52,612,929	15	-	40	years
Buildings and improvements		173,898,949		173,536,288	15	-	40	years
Kitchen cabinets		8,815,433		8,738,323	5	-	10	years
Carpets		7,731,372		7,621,292	5	-	10	years
Air conditioning		690,535		690,535	5	-	10	years
Laundry equipment		274,389		269,784	5	-	7	years
Elevators		1,139,296		1,139,296	20	-	40	years
Swimming pools		444,629		444,629	10	-	30	years
Equipment		10,322,912		10,029,639	5	-	30	years
Motor vehicles		237,954		237,954			5	years
Fences		37,465		37,465	5	-	15	years
Furniture and fixtures		8,257,999		8,127,100	5	-	7	years
Smoke alarms		174,059		174,059	5	-	7	years
Total fixed assets		264,800,836		263,659,293
Less: Accumulated depreciation		(97,143,764)		(94,196,482)
	$	167,657,072	$	169,462,811