INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

6 Months Ended

Jun. 30, 2017

2017

Summary of financial position relating to investment in unconsolidated joint ventures

Summary financial information as of June 30, 2017

				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
ASSETS
Rental Properties	$	7,798,556		$	2,622,021		$	6,494,266		$	2,812,552		$	0		$	4,484,449		$	6,012,338		$	17,871,657		$	90,669,576		$	138,765,415
Cash & Cash Equivalents		95,520			108,751			45,291			684			212,237			58,078			27,620			541			975,232			1,523,954
Rent Receivable		5,529			—			9,470			10,842			825			18,180			10,991			20,212			150,399			226,448
Real Estate Tax Escrow		111,718			—			18,889			—			—			0			19,216			238,391			273,553			661,767
Prepaid Expenses & Other Assets		105,580			1533			42,394			770,237			0			487,987			23,196			108,507			1,667,709			3,207,143
Total Assets	$	8,116,903		$	2,732,305		$	6,610,310		$	3,594,315		$	213,062		$	5,048,694		$	6,093,361		$	18,239,308		$	93,736,469		$	144,384,727
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,886,240		$	—		$	9,761,919		$	—		$	—		$	—		$	5,883,726		$	16,784,966		$	82,621,527		$	124,938,378
Accounts Payable & Accrued Expense		62,932			850			63,851			10,978			1,182			35,122			48,956			140,046			642,256			1,006,173
Advance Rental Pmts & Security Deposits		251,183			—			210,629			42,231			101			65,705			119,247			377,911			3,412,120			4,479,127
Total Liabilities		10,200,355			850			10,036,399			53,209			1,283			100,827			6,051,929			17,302,923			86,675,903			130,423,678
Partners’ Capital		(2,083,452)			2,731,455			(3,426,089)			3,541,106			211,779			4,947,867			41,432			936,385			7,060,566			13,961,049
Total Liabilities and Capital	$	8,116,903		$	2,732,305		$	6,610,310		$	3,594,315		$	213,062		$	5,048,694		$	6,093,361		$	18,239,308		$	93,736,469		$	144,384,727
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$			$	1,365,727		$	—		$	1,770,552		$	105,889		$	2,473,933		$	20,716		$	468,192		$	2,824,225			9,029,232
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,041,726)		$	—		$	(1,713,045)		$	—		$	—		$	—		$	—		$	—		$	—			(2,754,771)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	6,274,462
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			1			—			—			42			148			409			690
Units to be sold		—			—			—			175			120			48			—			—			—			343
Units sold through August 1, 2017		—			—			—			148			120			10			—			—			—			278
Unsold units		—			—			—			27			—			38			—			—			—			65
Unsold units with deposits for future sale as of  August 1, 2017		—			—			—			4			—			9			—			—			—			13

Summary of income statement relating to investment in unconsolidated joint ventures

Financial information for the six months ended June 30, 2017

			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	$	723,284	$	120,000	$	727,167	$	237,200	$	5,282	$	397,962	$	516,798	$	1,655,234		7,545,962	$	11,928,889
Laundry and Sundry Income		7,590		—		2,136		—		—		—		1,270		18,368		48,939		78,303
		730,874		120,000		729,303		237,200		5,282		397,962		518,068		1,673,602		7,594,901		12,007,192
Expenses
Administrative		9,929		850		14,039		2,184		2,148		5,197		2,411		17,237		95,269		149,264
Depreciation and Amortization		226,998		1,415		173,435		91,251		(38,440)		202,598		173,810		490,218		1,668,723		2,990,008
Management Fees		31,978		4,800		29,464		8,803		207		14,869		20,466		66,082		175,469		352,138
Operating		39,707		—		36,420		100		38		1,374		52,003		183,191		617,663		930,496
Renting		9,516		—		12,248		332		181		181		4,104		21,398		50,757		98,717
Repairs and Maintenance		49,551		3,180		51,430		115,717		3,100		192,826		39,286		327,427		590,844		1,373,361
Taxes and Insurance		121,101		29,080		66,970		56,565		1,213		87,349		62,894		218,416		859,625		1,503,213
		488,780		39,325		384,006		274,952		(31,553)		504,394		354,974		1,323,969		4,058,350		7,397,197
Income Before Other Income		242,094		80,675		345,297		(37,752)		36,835		(106,432)		163,094		349,633		3,536,551		4,609,995
Other Income (Loss)
Interest Expense		(164,394)		—		(197,793)		(777)		(2)		(41,741)		(118,019)		(382,898)		(2,381,971)		(3,287,595)
Gain on Sale of Real Estate		—		—		—		939,332		93,392		1,337,920		—		—		—		2,370,644
		(164,394)		—		(197,793)		938,555		93,390		1,296,179		(118,019)		(382,898)		(2,381,970)		(916,951)
Net Income (Loss)	$	77,700	$	80,675	$	147,504	$	900,803	$	130,225	$	1,189,747	$	45,075	$	(33,265)	$	1,154,581	$	3,693,044
Net Income (Loss)—NERA 50%	$	38,851	$	40,338	$	73,751	$	450,401	$	65,113	$	594,874	$	22,538	$	(16,633)				1,269,232
Net Income —NERA 40%																	$	461,830		461,830
																			$	1,731,062

Financial information for the three months ended June 30, 2017

			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	$	322,090	$	60,000	$	354,750	$	106,802	$	2,415	$	175,926	$	260,009	$	828,931	$	3,735,167	$	5,846,090
Laundry and Sundry Income		4,059		—		1,192		—		—		—		595		9,421		24,606		39,873
		326,149		60,000		355,942		106,802		2,415		175,926		260,604		838,352		3,759,773		5,885,963
Expenses
Administrative		4,729		425		7,649		1,220		1,325		2,131		1,206		6,219		45,082		69,986
Depreciation and Amortization		113,698		707		87,013		45,625		(39,670)		121,346		87,136		247,902		837,036		1,500,793
Management Fees		14,598		2,400		13,506		4,039		73		6,219		9,326		31,979		90,917		173,057
Operating		16,070		—		13,275		138		19		721		24,128		79,032		264,809		398,192
Renting		5,794		—		10,112		270		119		119		2,783		11,372		29,431		60,000
Repairs and Maintenance		28,820		3,180		32,130		60,214		1,118		86,223		18,432		163,301		359,211		752,629
Taxes and Insurance		60,634		14,549		30,253		27,188		351		41,255		31,450		108,603		428,167		742,450
		244,343		21,261		193,938		138,694		(36,665)		258,014		174,461		648,408		2,054,653		3,697,107
Income Before Other Income		81,806		38,739		162,004		(31,892)		39,080		(82,088)		86,143		189,944		1,705,120		2,188,856
Other Income (Loss)
Interest Expense		(85,403)		—		(98,390)		(274)		—		(216)		(58,928)		(192,214)		(1,194,800)		(1,630,225)
Interest Income		—		—		—		—		—		—		—		—		—		—
Gain on sale of real estate		—		—		—		228,573		93,392		1,337,920		—		—		—		1,659,885
		(85,403)		—		(98,390)		228,299		93,392		1,337,704		(58,928)		(192,214)		(1,194,800)		29,660
Net Income (Loss)	$	(3,597)	$	38,739	$	63,614	$	196,407	$	132,472	$	1,255,616	$	27,215	$	(2,270)	$	510,320	$	2,218,516
Net Income (Loss)—NERA 50%	$	(1,798)	$	19,370	$	31,806	$	98,204	$	66,236	$	627,807	$	13,607	$	(1,135)				854,096
Net Income (Loss)—NERA 40%																	$	204,129		204,129
																			$	1,058,225

Schedule of future annual mortgage maturities

Future annual mortgage maturities at June 30, 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
6//30/2018	$	—	$	186,608	$	—	$	—	$	—	$	—	$	1,630,749	$	1,817,357
6/30/2019		—		193,959		—		—		—		—		1,723,938		1,917,897
6/30/2020		—		201,599		—		—		—		—		79,402,271		79,603,870
6/30/2021		—		209,541		—		—		—		—		—		209,541
6/30/2022		—		217,796		—		—		—		—		—		217,796
Thereafter		10,000,000		8,825,660		—		—		6,000,000		16,900,000		—		41,725,660
		10,000,000		9,835,163		—		—		6,000,000		16,900,000		82,756,958		125,492,121
Less: unamortized deferred financing costs		(113,760)		(73,244)		—		—		(116,274)		(115,034)		(135,431)		(553,743)
	$	9,886,240	$	9,761,919	$	—	$	—	$	5,883,726	$	16,784,966	$	82,621,527	$	124,938,378

2016

Summary of financial position relating to investment in unconsolidated joint ventures

Summary financial information as of June 30, 2016

				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
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			1351			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		$	—		$	94,595		$	135,479		$	787,518		$	534,111		$	611,031		$	3,587,193		$	7,079,963
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(771,097)		$	—		$	(1,697,211)		$	—		$	—		$	—		$	—		$	—		$	—			(2,468,308)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	4,611,654
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			118			—			—			—			—			245
Unsold units		—			—			—			—			2			—			—			—			—			2
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 six months ended June 30, 2016

			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	$	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%	$	55,350	$	39,572	$	83,116	$	(24,710)	$	112,809	$	(53,749)	$	(36,936)	$	18,350				193,802
Net Income (Loss)—NERA 40%																	$	464,280		464,280
																			$	658,082

Financial information for the three months ended June 30, 2016

			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	$	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 (Loss)—NERA 40%																	$	237,240		237,240
																			$	288,478