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 former 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, or Hamilton 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 matured in 2019. The mortgage called for interest only payments for the first two years of the loan and amortized over 30 years thereafter.

On May 31, 2018, Hamilton Park Towers, LLC (“Hamilton Park”), entered into a Mortgage Note with John Hancock Life Insurance Company (U.S.A.) in the principal amount of $125,000,000. Interest only payments on the Note is payable on a monthly basis at a fixed interest rate of 3.99% per annum, and the principal amount of the Note is due and payable on June 1, 2028. The Note is secured by a mortgage on the Dexter Park apartment complex located at 175 Freeman Street, Brookline, Massachusetts pursuant to a Mortgage, Assignment of Leases and Rents and Security Agreement dated May 31, 2018. The Note is guaranteed by the Partnership and HBC Holdings, LLC pursuant to a Guaranty Agreement dated May 31, 2018.

Hamilton Park used the proceeds of the loan to pay off an outstanding loan of approximately $82,000,000 and distributed approximately $41,200,000 to its’ owners. The Partnership’s share of the distribution was approximately $16,500,000. As a result of the distribution, the carrying value of the investment fell below zero. The Partnership will continue to account for the investment using the equity method of accounting, although the Partnership has no legal obligation to fund its’ share of any future operating deficiencies as needed. In connection with this refinancing, the property incurred a defeasance charge of approximately $3,830,000. Based on its’ ownership in the property, the Partnership incurred 40% of this charge, an expense of approximately $1,532,000. This charge had a material effect on the 2018 net income.

At September 30, 2018, the balance on this mortgage before unamortized deferred financing costs is approximately $125,000,000.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 December 31, 2017, 29 units had been sold with a gain on the sales of approximately $3,628,000. As of September 30, 2018, 3 additional units were under purchase and sale agreement, and the Partnership owned 4 units. 15 units were sold in the first nine months of 2018, resulting in a gain of approximately $2,198,000. This investment is referred to as Hamilton Bay Apartments, 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, 2018, 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. 20 units were sold in the year ended December 31, 2017 with a gain on the sales of approximately $2,380,000. As of September 30, 2018, 1 unit was under purchase and sales agreement and the Partnership owned 3 units. 15 units were sold in the first nine months of 2018, resulting in a gain of approximately $1,715,000. 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, 2018, 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 2018, 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 to fund its share of any future operating deficiencies, if needed.

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, 2018, the balance of the mortgage before unamortized deferred financing costs is approximately $16,900,000.The investment is referred to as Hamilton on Main LLC. In 2018, 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 to fund its share of any future operating deficiencies, if needed.

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, 2018, the balance of this mortgage before unamortized deferred financing costs is approximately $9,601,000. This investment is referred to as 345 Franklin, LLC.

Summary financial information as of September 30, 2018


				Hamilton												Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Bay Apts			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	7,333,163		$	2,596,303		$	6,092,507		$	231,176		$	459,036		$	5,718,041		$	16,896,745		$	87,878,971		$	127,205,942
Cash & Cash Equivalents		116,301			101,948			56,599			57,985			52,371			89,079			275,344			1,391,714			2,141,341
Rent Receivable		129,551			6,800			13,680			6,105			3,295			6,254			28,594			243,078			437,357
Real Estate Tax Escrow		69,794			—			50,280			—			0			33,038			104,618			0			257,730
Prepaid Expenses & Other Assets		268,973			118872			73,892			38,080			42,375			23,617			77,662			1,075,075			1,718,546
Total Assets	$	7,917,782		$	2,823,923		$	6,286,958		$	333,346		$	557,077		$	5,870,029		$	17,382,963		$	90,588,838		$	131,760,916
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,903,476		$	—		$	9,535,846		$	—		$	—		$	5,893,955		$	16,805,030		$	124,375,311		$	166,513,618
Accounts Payable & Accrued Expense		219,371			1,316			100,067			54,270			38,861			74,553			202,350			964,087			1,654,875
Advance Rental Pmts & Security Deposits		289,586			—			239,839			8,440			1,965			118,562			402,612			2,345,031			3,406,035
Total Liabilities		10,412,433			1,316			9,875,752			62,710			40,826			6,087,070			17,409,992			127,684,429			171,574,528
Partners’ Capital		(2,494,651)			2,822,607			(3,588,794)			270,636			516,251			(217,041)			(27,029)			(37,095,591)			(39,813,612)
Total Liabilities and Capital	$	7,917,782		$	2,823,923		$	6,286,958		$	333,346		$	557,077		$	5,870,029		$	17,382,963		$	90,588,838		$	131,760,916
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,411,304		$	—		$	135,318		$	258,126		$	—		$	—		$	—			1,804,747
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,247,327)		$	—		$	(1,794,398)		$	—		$	—		$	(108,522)		$	(13,515)		$	(14,838,237)			(18,001,998)
Total Investment in Unconsolidated Joint Ventures (Net)																									$	(16,197,251)
Total units/condominiums
Apartments		48			—			40			175			48			42			148			409			910
Commercial		1			1			—			1			—			—			—			—			3
Total		49			1			40			176			48			42			148			409			913
Units to be retained		49			1			40			1			—			42			148			409			690
Units to be sold		—			—			—			175			48			—			—			—			223
Units sold through November 1, 2018		—			—			—			173			44			—			—			—			217
Unsold units		—			—			—			2			4			—			—			—			6
Unsold units with deposits for future sale as of November 1, 2018		—			—			—			—			3			—			—			—			3

Financial information for the nine months ended September 30, 2018


			Hamilton								Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Bay Apts		Apts		Apts		Park		Total
Revenues
Rental Income	$	1,221,779	$	168,608	$	1,171,913	$	91,719	$	63,968	$	804,611	$	2,589,262		11,694,039	$	17,805,899
Laundry and Sundry Income		10,570		—		3,547		—		—		(364)		28,614		76,562		118,929
		1,232,349		168,608		1,175,460		91,719		63,968		804,247		2,617,876		11,770,601		17,924,828
Expenses
Administrative		17,850		6,452		22,582		4,606		10,553		5,505		37,978		189,513		295,039
Depreciation and Amortization		354,218		5,018		259,925		—		28,000		265,272		771,230		2,672,490		4,356,153
Management Fees		45,452		6,472		48,417		3,562		2,443		31,914		99,274		255,285		492,819
Operating		57,734		—		54,623		584		1,377		79,375		262,071		969,588		1,425,352
Renting		25,613		—		41,335		108		—		5,481		20,563		333,992		427,092
Repairs and Maintenance		121,920		7,928		107,766		91,461		74,821		83,902		490,189		1,195,282		2,173,269
Taxes and Insurance		187,018		48,614		107,916		39,169		31,275		94,751		317,227		1,284,804		2,110,774
		809,805		74,484		642,564		139,490		148,469		566,200		1,998,532		6,900,954		11,280,498
Income Before Other Income		422,544		94,124		532,896		(47,771)		(84,501)		238,047		619,344		4,869,647		6,644,330
Other Income (Loss)
Interest Expense		(321,785)		—		(289,348)		(49)		(95)		(176,916)		(573,278)		(3,763,772)		(5,125,243)
Interest Income																		—


Gain on Sale of Real Estate		—		—		—		1,714,935		2,198,492		—		—		—		3,913,427
Other income (Expense)		—		—		—		—		—		—		—		(3,829,950)		(3,829,950)
		(321,785)		—		(289,348)		1,714,886		2,198,397		(176,916)		(573,278)		(7,593,722)		(5,041,766)
Net Income (Loss)	$	100,759	$	94,124	$	243,548	$	1,667,115	$	2,113,896	$	61,131	$	46,066	$	(2,724,075)	$	1,602,564
Net Income —NERA 50%	$	50,380	$	47,062	$	121,775	$	833,558	$	1,056,949	$	30,566	$	23,033				2,163,322
Net (Loss) —NERA 40%															$	(1,089,630)		(1,089,630)
																	$	1,073,692

Financial information for the three months ended September 30, 2018


											Hamilton		Hamilton
	Hamilton		Hamilton Essex		345		Hamilton		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Bay Apts		Apts		Apts		Park		Total
Revenues
Rental Income	$	403,744	$	60,752	$	379,821	$	21,357	$	18,525	$	275,672	$	847,723	$	3,933,247	$	5,940,841
Laundry and Sundry Income		3,186		—		786		—		—		39		9,583		23,477		37,071
		406,930		60,752		380,607		21,357		18,525		275,711		857,306		3,956,724		5,977,912
Expenses
Administrative		4,541		437		9,388		2,036		2,128		1,125		10,789		55,275		85,719
Depreciation and Amortization		120,236		3,689		87,166		—		6,000		89,430		258,280		906,870		1,471,671
Management Fees		16,743		2,158		15,618		948		522		11,052		33,222		82,944		163,207
Operating		17,701		—		17,704		397		187		19,000		58,789		276,238		390,016
Renting		14,563		—		36,118		—		—		1,173		6,054		224,050		281,958
Repairs and Maintenance		35,741		586		60,855		22,888		16,987		38,478		164,150		548,996		888,681
Taxes and Insurance		61,829		15,417		35,747		8,301		5,703		32,100		109,202		450,311		718,610
		271,354		22,287		262,596		34,570		31,527		192,358		640,486		2,544,684		3,999,862
Income Before Other Income		135,576		38,465		118,011		(13,213)		(13,002)		83,353		216,820		1,412,040		1,978,050
Other Income (Loss)
Interest Expense		(113,864)		—		(95,873)		(2)		(20)		(59,507)		(193,638)		(1,275,730)		(1,738,634)
Interest Income		—		—		—		—		—		—		—		—		—
Gain on Sale of Real estate		—		—		—		409,521		447,183		—		—		—		856,704
Other Income (Expense)		—		—		—		—		—		—		—				—
		(113,864)		—		(95,873)		409,519		447,163		(59,507)		(193,638)		(1,275,730)		(881,930)

Net Income	$	21,712	$	38,465	$	22,138	$	396,306	$	434,161	$	23,846	$	23,182	$	136,309	$	1,096,120
Net Income —NERA 50%	$	10,856	$	19,233	$	11,069	$	198,153	$	217,080	$	11,923	$	11,591				479,905
Net Income —NERA 40%															$	54,524		54,524
																	$	534,429

Future annual mortgage maturities at September 30, 2018 are as follows:


	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
6/30/2019	$	—	$	195,841	$	—	$	—	$	—	$	195,841
6/30/2020		—		203,556		—		—		—		203,556
6/30/2021		—		211,575		—		—		—		211,575
6/30/2022		—		219,910		—		—		—		219,910
6/30/2023		—		228,573		—		—		—		228,573
Thereafter		10,000,000		8,541,311		6,000,000		16,900,000		125,000,000		166,441,311
		10,000,000		9,600,766		6,000,000		16,900,000		125,000,000		167,500,766
Less: unamortized deferred financing costs		(96,523)		(64,921)		(106,045)		(94,970)		(624,689)		(987,148)
	$	9,903,477	$	9,535,845	$	5,893,955	$	16,805,030	$	124,375,311	$	166,513,618

At September 30, 2018 the weighted average interest rate on the above mortgages was 3.87%. The effective rate was 3.98% including the amortization expense of deferred financing costs.

Summary financial information as September 30, 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	$	7,704,425		$	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			—			—			—			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		$	10,431		$	2,238,850		$	9,786		$	417,000		$	2,914,262		$	8,452,484
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,032,876)		$	—		$	(1,704,979)		$	—		$	—		$	—		$	—		$	—		$	—			(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		—			—			—			176			120			48			—			—			—			343
Units sold through November 1, 2017		—			—			—			155			120			22			—			—			—			297
Unsold units		—			—			—			20			0			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
Interest Income from Note		—		—				—			—		—		—		—		—
Other Income ( Expense)		—		—				—			—		—		—		—		—
		(256,232)		—		(295,670)		1,786,849	93,390		2,313,265		(177,821)		(577,041)		(3,583,723)		(696,983)
Net Income (Loss)	$	66,707	$	116,335	$	207,635	$	1,685,595	49,116	$	2,169,771	$	67,212	$	(23,650)	$	1,379,671	$	5,718,392
Net Income (Loss)—NERA 50%	$	33,354	$	58,168	$	103,818	$	842,798	24,558	$	1,084,886	$	33,606	$	(11,825)				2,169,361
Net Income —NERA 40%																$	551,868		551,868
																			$ 2,721,229

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	$	30,066	$	392,396	(40,554)	$	490,011	$	11,070	$	4,809				900,130
Net Income —NERA 40%																$	90,037		90,037
																		$	990,167