NOTE 14. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Since November 2001,the Partnership has invested in nine limited partnerships and limited liability companies, the majority of which have invested in residential apartment complexes, with three partnerships investing in commercial property. The Partnership has between a 40%-50% ownership interest in each investment. The other investors are Harold Brown, the President of the Management Company and five other employees of the Management Company. Harold Brown’s ownership interest is between 43.2% and 56%, with the balance owned by the others. A description of each investment is as follows:

On October 28, 2009 the Partnership invested approximately $15,925,000 in a joint venture to acquire a 40% interest in a residential property located in Brookline, Massachusetts. The property, Hamilton Park Towers LLC, referred to as Dexter Park, is a 409 unit residential complex. The purchase price was $129,500,000. The total mortgage was $89,914,000 with an interest rate of 5.57% and it matures in 2019. The mortgage calls for interest only payments for the first two years of the loan and amortized over 30 years thereafter. The balance of this mortgage before unamortized deferred financing costs is approximately $82,390,000 at September 30, 2017. This investment, Hamilton Park Towers, LLC is referred to as Dexter Park.

On October 3, 2005, the Partnership invested $2,500,000 for a 50% ownership interest in a 168-unit apartment complex in Quincy, Massachusetts. The purchase price was $30,875,000. The Joint Venture sold 120 units as condominiums and retained 48 units for long-term investment. In February 2007, the Joint Venture refinanced the 48 units with a new mortgage in the amount of $4,750,000 with an interest rate of 5.57%, interest only for five years. The loan was to be amortized over 30 years thereafter and matured in March, 2017. On March 1, 2017, the mortgage balance was paid in full, with the Partnership contributing its share of the mortgage balance of approximately $2,222,000. As of September 30, 2017, 18 units were sold with a gain on the sales of approximately $2,355,000. An additional 6 units are under purchase and sale agreements, and the Partnership still owns 26 units. This investment is referred to as Hamilton Bay Apartments, LLC.

In April 2008, a Joint Venture refinanced an additional 20 units and obtained a new mortgage in the amount of $2,368,000 with interest at 5.75%, interest only, which matured in 2013. On October 18, 2013, the Partnership and its joint venture partner each made capital contributions to the entity of $660,000. The capital was used to pay off the outstanding mortgage. During 2017, 1 unit was sold resulting in a gain of approximately $93,000. As of August 1, 2017, all units have been sold by this Joint Venture. This investment is referred to as Hamilton Bay, LLC.

On March 7, 2005, the Partnership invested $2,000,000 for a 50% ownership interest in a building comprising 48 apartments, one commercial space and a 50-car surface parking lot located in Boston, Massachusetts. The purchase price was $14,300,000, with a $10,750,000 mortgage. The Joint Venture planned to operate the building and initiate development of the parking lot. In June 2007, the Joint Venture separated the parcels, formed an additional limited liability company for the residential apartments and obtained a mortgage on the property. The new limited liability company formed for the residential apartments and commercial space is referred to as Hamilton Essex 81, LLC. In August 2008, the Joint Venture restructured the mortgages on both parcels at Essex 81. On September 28, 2015, Hamilton Essex Development, LLC paid off the outstanding mortgage balance of $1,952,286. The Partnership made a capital contribution of $978,193 to Hamilton Essex Development LLC for its share of the funds required for the transaction. Additionally, the Partnership made a capital contribution of $100,000 to Hamilton Essex 81, LLC. On September 30, 2015, Hamilton Essex 81, LLC obtained a new 10 year mortgage in the amount of $10,000,000, interest only at 2.18% plus the one month Libor rate. The proceeds of the note were used to pay off the existing mortgage of $8,040,719 and the Partnership received a distribution of $978,193 for its share of the excess proceeds. As a result of the distribution, the carrying value of the investment fell below zero. The Partnership will continue to account for this investment using the equity method of accounting. Although the Partnership has no legal obligation, the Partnership intends to fund its share of any future operating deficits if needed. The investment in the parking lot is referred to as Hamilton Essex Development, LLC; the investment in the apartments is referred to as Hamilton Essex 81, LLC. At September 30, 2017, the balance on this mortgage before unamortized deferred financing costs is approximately $10,000,000.

On March 2, 2005, the Partnership invested $2,352,000 for a 50% ownership interest in a 176‑unit apartment complex with an additional small commercial building located in Quincy, Massachusetts. The purchase price was $23,750,000. The Joint Venture sold 127 of the units as condominiums and retained 49 units for long‑term investment. The Joint Venture obtained a new 10‑year mortgage in the amount of $5,000,000 on the units to be retained by the Joint Venture. The interest on the new loan was 5.67% fixed for the 10 year term with interest only payments for five years and amortized over a 30 year period for the balance of the loan term. On July 8, 2016, Hamilton 1025 LLC paid off the outstanding balance of the mortgage balance. The Partnership made a capital contribution of $2,359,500 to Hamilton 1025, LLC for its share of the funds required for the transaction. Ten units were sold in the year ended December 31, 2016 with a gain on the sales of approximately $1,324,000. As of September 30, 2017, 15 units were sold in 2017 with a gain on the sales of approximately $1,788,000. 4 units are under purchase and sales agreements and the Partnership still owns 20 units. This investment is referred to as Hamilton 1025, LLC.

In September 2004, the Partnership invested approximately $5,075,000 for a 50% ownership interest in a 42‑unit apartment complex located in Lexington, Massachusetts. The purchase price was $10,100,000. In October 2004, the Joint Venture obtained a mortgage on the property in the amount of $8,025,000 and returned $3,775,000 to the Partnership. The Joint Venture obtained a new 10- year mortgage in the amount of $5,500,000 in January 2007. The interest on the new loan was 5.67% fixed for the ten year term with interest only payments for five years and amortized over a 30 year period for the balance of the loan. This loan required a cash contribution by the Partnership of $1,250,000 in December 2006. On September 12, 2016, the property was refinanced with a 15 year mortgage in the amount of $6,000,000, at 3.71%, interest only. The Joint Venture Partnership paid off the prior mortgage of approximately $5,158,000 with the proceeds of the new mortgage and made a distribution of $385,000 to the Partnership. The cost associated with the refinancing was approximately $123,000. This investment is referred to as Hamilton Minuteman, LLC. At September 30, 2017, the balance on this mortgage before unamortized deferred financing costs is approximately $6,000,000.This investment is referred to as Hamilton Minuteman, LLC.

In August 2004, the Partnership invested $8,000,000 for a 50% ownership interest in a 280‑unit apartment complex located in Watertown, Massachusetts. The total purchase price was $56,000,000. The Joint Venture sold 137 units as condominiums. The assets were combined with Hamilton on Main Apartments. Hamilton on Main, LLC is known as Hamilton Place. In 2005, Hamilton on Main Apartments, LLC obtained a ten year mortgage on the three buildings to be retained. The mortgage was $16,825,000, with interest only of 5.18% for three years and amortizing on a 30 year schedule for the remaining seven years when the balance is due. The net proceeds after funding escrow accounts and closing costs on the mortgage were approximately $16,700,000, which were used to reduce the existing mortgage. In August 2014, the property was refinanced with a 10 year mortgage in the amount of $16,900,000 at 4.34% interest only. The Joint Venture paid off the prior mortgage of approximately $15,205,000 with the proceeds of the new mortgage and distributed $850,000 to the Partnership. The costs associated with the refinancing were approximately $161,000. At September 30, 2017, the balance of the mortgage before unamortized deferred financing costs is approximately $16,900,000.

In November 2001, the Partnership invested approximately $1,533,000 for a 50% ownership interest in a 40-unit apartment building in Cambridge, Massachusetts. In June 2013, the property was refinanced with a 15 year mortgage in the amount of $10,000,000 at 3.87%, interest only for 3 years and is amortized on a 30-year schedule for the balance of the term. The Joint Venture paid off the prior mortgage of approximately $6,776,000 with the proceeds of the new mortgage. After the refinancing, the Joint Venture made a distribution of $1,610,000 to the Partnership. As a result of the distribution, the carrying value of the investment fell below zero. The Partnership will continue to account for this investment using the equity method of accounting. Although the Partnership has no legal obligation, the Partnership intends to fund its share of any future operating deficits if needed. At September 30, 2017, the balance of this mortgage before unamortized deferred financing costs is approximately $9,789,000. This investment is referred to as 345 Franklin, LLC.

Summary financial information as of September 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	$	7,704,425		$	2,622,401		$	6,408,017		$	2,155,441		$	0		$	3,438,875		$	5,953,334		$	17,776,990		$	90,176,965		$	136,236,448
Cash & Cash Equivalents		147,083			92,180			67,653			200,845			20,890			583,983			55,114			33,918			666,543			1,868,209
Rent Receivable		17,530			—			32,797			10,388			1,480			7,110			4,291			16,545			122,640			212,781
Real Estate Tax Escrow		103,996			—			47,566			—			—			0			22,865			220,804			297,259			692,490
Prepaid Expenses & Other Assets		120,823			1115			59,633			704,019			263			501,895			34,110			99,569			1,405,528			2,926,955
Total Assets	$	8,093,857		$	2,715,696		$	6,615,666		$	3,070,693		$	22,633		$	4,531,863		$	6,069,714		$	18,147,826		$	92,668,935		$	141,936,883
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,889,687		$	—		$	9,717,606		$	—		$	—		$	—		$	5,885,772		$	16,788,979		$	82,268,855		$	124,550,899
Accounts Payable & Accrued Expense		90,779			1,276			78,848			35,139			1,671			28,806			68,147			159,754			784,992			1,249,412
Advance Rental Pmts & Security Deposits		179,143			—			229,169			25,656			101			25,355			96,224			365,091			2,329,431			3,250,170
Total Liabilities		10,159,609			1,276			10,025,623			60,795			1,772			54,161			6,050,143			17,313,824			85,383,278			129,050,481
Partners’ Capital		(2,065,752)			2,714,420			(3,409,957)			3,009,898			20,861			4,477,702			19,571			834,002			7,285,657			12,886,402
Total Liabilities and Capital	$	8,093,857		$	2,715,696		$	6,615,666		$	3,070,693		$	22,633		$	4,531,863		$	6,069,714		$	18,147,826		$	92,668,935		$	141,936,883
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$			$	1,357,209		$	—		$	1,504,948		$	10,430		$	2,238,850		$	9,785		$	417,001		$	2,914,262			8,452,484
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,032,876)		$			$	(1,704,978)		$	—		$	—		$	—		$	—		$	—		$	—			(2,737,854)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	5,714,630
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 November 1, 2017		—			—			—			155			120			22			—			—			—			297
Unsold units		—			—			—			20			—			26			—			—			—			46
Unsold units with deposits for future sale as of November 1, 2017		—			—			—			4			—			6			—			—			—			10

Financial information for the nine months ended September 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	$	1,120,743	$	173,928	$	1,095,674	$	308,579	$	6,822	$	499,341	$	775,327	$	2,499,765		11,187,036	$	17,667,215
Laundry and Sundry Income		10,415		—		3,860		—		—		—		1,945		28,437		69,801		114,458
		1,131,158		173,928		1,099,534		308,579		6,822		499,341		777,272		2,528,202		11,256,837		17,781,673
Expenses
Administrative		20,400		1,275		21,302		3,150		3,706		7,142		3,871		25,920		141,477		228,243
Depreciation and Amortization		341,332		2,122		260,841		136,877		41,750		243,755		261,519		747,077		2,515,224		4,550,497
Management Fees		46,989		6,957		45,786		11,084		245		18,332		30,327		99,767		240,952		500,439
Operating		55,178		—		51,188		305		38		2,289		75,819		256,589		872,244		1,313,650
Renting		26,618		—		29,166		392		181		241		5,044		31,162		124,525		217,329
Repairs and Maintenance		136,821		3,180		89,973		177,987		3,326		253,489		59,922		486,489		1,108,085		2,319,272
Taxes and Insurance		180,881		44,059		97,973		80,038		1,850		117,587		95,737		327,807		1,290,936		2,236,868
		808,219		57,593		596,229		409,833		51,096		642,835		532,239		1,974,811		6,293,443		11,366,298
Income Before Other Income		322,939		116,335		503,305		(101,254)		(44,274)		(143,494)		245,033		553,391		4,963,394		6,415,375
Other Income (Loss)
Interest Expense		(256,232)		—		(295,670)		(967)		(2)		(41,876)		(177,821)		(577,041)		(3,583,723)		(4,933,332)
Gain on Sale of Real Estate		—		—		—		1,787,816		93,392		2,355,141		—		—		—		4,236,349
		(256,232)		—		(295,670)		1,786,849		93,390		2,313,265		(177,821)		(577,041)		(3,583,722)		(696,983)
Net Income (Loss)	$	66,707	$	116,335	$	207,635	$	1,685,595	$	49,116	$	2,169,771	$	67,212	$	(23,650)	$	1,379,672	$	5,718,392
Net Income (Loss)—NERA 50%	$	33,354	$	58,167	$	103,818	$	842,798	$	24,559	$	1,084,886	$	33,606	$	(11,824)				2,169,362
Net Income —NERA 40%																	$	551,869		551,869
																			$	2,721,231

Financial information for the three months ended September 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	$	397,458	$	53,928	$	368,508	$	71,380	$	1,540	$	101,378	$	258,529	$	844,532	$	3,641,073	$	5,738,326
Laundry and Sundry Income		2,825		—		1,723		—		—		—		675		10,069		20,863		36,155
		400,283		53,928		370,231		71,380		1,540		101,378		259,204		854,601		3,661,936		5,774,481
Expenses
Administrative		10,470		425		7,262		967		1,558		1,945		1,460		8,683		46,207		78,977
Depreciation and Amortization		114,334		707		87,406		45,626		80,190		41,157		87,709		256,859		846,501		1,560,489
Management Fees		15,011		2,157		16,322		2,281		37		3,463		9,858		33,685		65,484		148,298
Operating		15,471		—		14,768		205		—		915		23,816		73,397		254,581		383,153
Renting		17,102		—		16,918		60		—		60		941		9,764		73,767		118,612
Repairs and Maintenance		87,270		—		38,542		62,270		226		60,661		20,636		159,062		517,242		945,909
Taxes and Insurance		59,780		14,979		31,003		23,473		637		30,239		32,843		109,391		431,311		733,656
		319,438		18,268		212,221		134,882		82,648		138,440		177,263		650,841		2,235,093		3,969,094
Income Before Other Income		80,845		35,660		158,010		(63,502)		(81,108)		(37,062)		81,941		203,760		1,426,843		1,805,387
Other Income (Loss)
Interest Expense		(91,838)		—		(97,877)		(190)		—		(135)		(59,802)		(194,143)		(1,201,752)		(1,645,737)
Interest Income		—		—		—		—		—		—		—		—		—		—
Gain on sale of real estate		—		—		—		848,484				1,017,221		—		—		—		1,865,705
		(91,838)		—		(97,877)		848,294		—		1,017,086		(59,802)		(194,143)		(1,201,752)		219,968
Net Income (Loss)	$	(10,993)	$	35,660	$	60,133	$	784,792	$	(81,108)	$	980,024	$	22,139	$	9,617	$	225,091	$	2,025,355
Net Income (Loss)—NERA 50%	$	(5,497)	$	17,830	$	30,067	$	392,396	$	(40,554)	$	490,012	$	11,070	$	4,809				900,132
Net Income (Loss)—NERA 40%																	$	90,037		90,037
																			$	990,169

Future annual mortgage maturities at September 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
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		—		—		—		—		78,988,089		79,191,645
9/30/2021		—		211,575		—		—		—		—				211,575
9/30/2022		—		219,910		—		—		—		—		—		219,910
Thereafter		10,000,000		8,769,884		—		—		6,000,000		16,900,000		—		41,669,884
		10,000,000		9,789,185		—		—		6,000,000		16,900,000		82,389,707		125,078,892
Less: unamortized deferred financing costs		(110,313)		(71,579)		—		—		(114,228)		(111,021)		(120,852)		(527,993)
	$	9,889,687	$	9,717,606	$	—	$	—	$	5,885,772	$	16,788,979	$	82,268,855	$	124,550,899

At September 30, 2017 the weighted average interest rate on the above mortgages was 5.00%. The effective rate was 5.08% including the amortization expense of deferred financing costs.

Summary financial information as of September 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	$	8,129,487		$	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			0			0			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		$	0		$	—		$	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			0			—			0			42			148			409			689
Units to be sold		—			—			—			176			120			48			—			—			—			344
Units sold through May1, 2016		—			—			—			133			119			—			—			—			—			252
Unsold units		—			—			—			43			1			—			—			—			—			44
Unsold units with deposits for future sale as of November 1, 2016		—			—			—			3			—			—			—			—			—			3

Financial information for the nine months ended September 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	$	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	$	126,269	$	368,448	$	159,294	$	(91,309)	$	(1,132)	$	5,849				695,197
Net Income (Loss)—NERA 40%																	$	525,469		525,469
																			$	1,220,666

Financial information for the three months ended September 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	$	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	$	393,159	$	46,485	$	(37,562)	$	35,804	$	(12,502)				501,395
Net Income (Loss)—NERA 40%																	$	61,189		61,189
																			$	562,584