Summary financial information as of December 31, 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	$	7,222,446		$	2,595,638		$	6,005,953		$	—		$	—		$	5,639,497		$	16,718,616		$	86,988,709		$	125,170,859
Assets Held for Sale		—			—			—			265,622			379,515			—			—			—			645,137
Cash & Cash Equivalents		131,634			118,093			94,349			125,611			258,487			99,701			160,310			1,972,138			2,960,323
Rent Receivable		199,425			28,329			6,872			2,977			—			3,711			23,845			269,345			534,504
Real Estate Tax Escrow		71,579			—			19,863			—			—			30,801			96,761			—			219,004
Prepaid Expenses & Other Assets		267,028			115,491			64,930			22,439			113,164			19,476			64,371			1,043,892			1,710,791
Total Assets	$	7,892,112		$	2,857,551		$	6,191,967		$	416,649		$	751,166		$	5,793,186		$	17,063,903		$	90,274,084		$	131,240,618
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,906,924		$	—		$	9,489,257		$	—		$	—		$	5,896,001		$	16,809,043		$	124,391,467		$	166,492,692
Accounts Payable & Accrued Expense		196,896			1,750			51,932			33,282			9,498			48,866			186,461			867,773			1,396,458
Advance Rental Pmts & Security Deposits		259,821			—			249,546			7,187			2,291			124,684			389,084			2,559,561			3,592,174
Total Liabilities		10,363,641			1,750			9,790,735			40,469			11,789			6,069,551			17,384,588			127,818,801			171,481,324
Partners’ Capital		(2,471,529)			2,855,801			(3,598,768)			376,180			739,377			(276,365)			(320,685)			(37,544,717)			(40,240,706)
Total Liabilities and Capital	$	7,892,112		$	2,857,551		$	6,191,967		$	416,649		$	751,166		$	5,793,186		$	17,063,903		$	90,274,084		$	131,240,618
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,427,901		$	—		$	188,090		$	369,689		$	—		$	—		$	—			1,985,680
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,235,765)		$	—		$	(1,799,384)		$	—		$	—		$	(138,183)		$	(160,343)		$	(15,017,887)			(18,351,562)
Total Investment in Unconsolidated Joint Ventures (Net)																									$	(16,365,882)
Total units/condominiums
Apartments		48			—			40			175			48			42			148			409			1,030
Commercial		1			1			—			1			—			—			—			—			3
Total		49			1			40			176			48			42			148			409			1,033
Units to be retained		49			1			40			—			—			42			148			409			689
Units to be sold		—			—			—			176			48			—			—			—			344
Units sold through February 1, 2019		—			—			—			174			47			—			—			—			341
Unsold units		—			—			—			2			1			—			—			—			3
Unsold units with deposits for future sale as of February 1, 2019		—			—			—			1			—			—			—			—			1

Summary financial information for the year ended December 31, 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	$	1,654,459	$	244,137	$	1,567,718	$	112,785	$	74,812	$	1,077,105	$	3,419,218	$	15,769,019	$	23,919,253
Laundry and Sundry Income		14,595		—		5,410		—		—		(364)		38,080		106,237		163,958
		1,669,054		244,137		1,573,128		112,785		74,812		1,076,741		3,457,298		15,875,256		24,083,211
Expenses
Administrative		21,146		9,280		27,601		5,939		12,566		5,449		56,339		222,472		360,792
Depreciation and Amortization		475,646		8,706		347,547		—		30,000		355,463		1,032,394		3,582,439		5,832,195
Management Fees		59,246		8,632		65,058		4,503		3,091		42,852		131,500		337,318		652,200
Operating		78,979		—		76,512		1,606		1,435		93,795		388,387		1,302,164		1,942,878
Renting		41,946		37,353		44,869		108		—		5,940		25,947		489,727		645,890
Repairs and Maintenance		159,486		8,643		130,926		94,680		92,268		121,222		663,314		1,395,609		2,666,148
Taxes and Insurance		247,729		64,529		147,217		46,164		36,094		127,505		426,665		1,731,155		2,827,058
		1,084,178		137,143		839,730		153,000		175,454		752,226		2,724,546		9,060,884		14,927,161
Income Before Other Income		584,876		106,994		733,398		(40,215)		(100,642)		324,515		732,752		6,814,372		9,156,050
Other Income (Loss)
Interest Expense		(440,676)		—		(384,824)		(50)		(101)		(237,707)		(770,342)		(5,032,626)		(6,866,326)
Interest Income		—		—		—		—		—		—		—		—		—
Other Income (Expense)		—		—		—		—		—		—				(3,829,950)		(3,829,950)
Gain on Sale of Real Estate		—		—		—		1,972,926		2,437,766		—		—		—		4,410,692
		(440,676)		—		(384,824)		1,972,876		2,437,665		(237,707)		(770,342)		(8,862,576)		(6,285,584)
Net Income (Loss)	$	144,200	$	106,994	$	348,574	$	1,932,661	$	2,337,023	$	86,808	$	(37,590)	$	(2,048,204)	$	2,870,466
Net Income (Loss)—NERA 50%	$	72,100	$	53,497	$	174,287	$	966,331	$	1,168,512	$	43,404	$	(18,795)				2,459,336
Net Income —NERA 40%															$	(819,282)		(819,282)
																	$	1,640,054

Future annual mortgage maturities at December 31, 2018 are as follows:


	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
12/31/2019	$	—	$	197,742	$	—	$	—	$		$	197,742
12/31/2020		—		205,532		—		—				205,532
12/31/2021		—		213,629		—		—				213,629
12/31/2022		—		222,044		—		—				222,044
12/31/2023		—		230,791		—		—				230,791
Thereafter		10,000,000		8,482,775		6,000,000		16,900,000		125,000,000		166,382,775
		10,000,000		9,552,513		6,000,000		16,900,000		125,000,000		167,452,513
Less: unamortized deferred financing costs		(93,076)		(63,256)		(103,999)		(90,957)		(608,533)		(959,821)
	$	9,906,924	$	9,489,257	$	5,896,001	$	16,809,043	$	124,391,467	$	166,492,692

At December 31, 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 of December 31, 2017


				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	$	7,615,554		$	2,598,297		$	6,325,676		$	—		$	—		$	5,870,833		$	17,568,730		$	89,746,236		$	129,725,326
Assets Held for Sale		—			—			—			1,670,652			2,365,620			—			—			—			4,036,272
Cash & Cash Equivalents		293,801			46,076			105,074			86,495			448,952			88,436			145,149			969,064			2,183,047
Rent Receivable		21,478			—			9,057			7,129			9,199			2,121			14,879			152,759			216,622
Real Estate Tax Escrow		95,544			—			18,171			—			—			28,519			183,649			316,132			642,015
Prepaid Expenses & Other Assets		77,490			697			53,813			362,044			315,996			25,703			71,449			1,291,561			2,198,753
Total Assets	$	8,103,867		$	2,645,070		$	6,511,791		$	2,126,320		$	3,139,767		$	6,015,612		$	17,983,856		$	92,475,752		$	139,002,035
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,893,135		$	—		$	9,672,846		$	—		$	—		$	5,887,818		$	16,792,991		$	81,898,222		$	124,145,012
Accounts Payable & Accrued Expense		57,811			1,700			56,417			11,151			23,049			49,540			137,282			750,666			1,087,616
Advance Rental Pmts& Security Deposits		313,218			—			234,870			11,649			19,365			76,426			361,677			2,469,208			3,486,413
Total Liabilities		10,264,164			1,700			9,964,133			22,800			42,414			6,013,784			17,291,950			85,118,096			128,719,041
Partners’ Capital		(2,160,297)			2,643,370			(3,452,342)			2,103,520			3,097,353			1,828			691,906			7,357,656			10,282,994
Total Liabilities and Capital	$	8,103,867		$	2,645,070		$	6,511,791		$	2,126,320		$	3,139,767		$	6,015,612		$	17,983,856		$	92,475,752		$	139,002,035
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,321,684		$	—		$	1,051,759		$	1,548,676		$	913		$	345,952		$	2,943,060		$	7,212,044
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,080,148)		$	—		$	(1,726,171)		$	—		$	—		$	—		$	—		$	—			(2,806,319)
Total Investment in Unconsolidated Joint Ventures (Net)																									$	4,405,725
Total units/condominiums
Apartments		48			—			40			175			48			42			148			409			1,030
Commercial		1			1			—			1			—			—			—			—			3
Total		49			1			40			176			48			42			148			409			1,033
Units to be retained		49			1			40			—			—			42			148			409			689
Units to be sold		—			—			—			176			48			—			—			—			344
Units sold through February 1, 2018		—			—			—			159			31			—			—			—			310
Unsold units		—			—			—			17			17			—			—			—			34
Unsold units with deposits for future sale as of February 1, 2018		—			—			—			7			4			—			—			—			11

Summary financial information for the year ended December 31, 2017


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	$	1,404,006	$	227,856	$	1,473,098	$	352,888	$	5,557	$	544,482	$	1,024,570	$	3,359,971	$	14,983,834	$	23,376,262
Laundry and Sundry Income		15,424		—		5,380		—		—		—		2,620		37,968		101,131		162,523
		1,419,430		227,856		1,478,478		352,888		5,557		544,482		1,027,190		3,397,939		15,084,965		23,538,785
Expenses
Administrative		26,760		26,065		25,686		4,142		6,326		8,617		5,671		33,688		179,614		316,569
Depreciation and Amortization		456,728		2,830		348,502		82,383		81,655		181,152		349,910		1,005,595		3,376,142		5,884,897
Management Fees		59,873		9,114		61,513		13,056		253		19,947		39,976		133,138		323,136		660,006
Operating		70,847		—		70,599		458		38		4,239		87,284		360,706		1,146,768		1,740,939
Renting		37,474		—		36,194		392		181		241		7,992		36,767		282,022		401,263
Repairs and Maintenance		188,763		3,668		109,039		227,346		3,326		303,174		81,647		606,570		1,435,579		2,959,112
Taxes and Insurance		239,875		58,538		138,503		99,646		1,850		140,904		127,947		436,266		1,719,536		2,963,065
		1,080,320		100,215		790,036		427,423		93,629		658,274		700,427		2,612,730		8,462,797		14,925,851
Income Before Other Income		339,110		127,641		688,442		(74,535)		(88,072)		(113,792)		326,763		785,209		6,622,168		8,612,934
Other Income (Loss)
Interest Expense		(349,303)		—		(393,193)		(1,010)		(2)		(41,957)		(237,293)		(770,953)		(4,780,498)		(6,574,209)
Interest Income		—		—		—		—		—		—		—		—		—		—
Other Income		—		—		—		—		—		—		—				—		—
Gain on sale of real estate		—		—		—		2,379,763		133,297		3,628,205		—		—		—		6,141,265
		(349,303)		—		(393,193)		2,378,753		133,295		3,586,248		(237,293)		(770,953)		(4,780,498)		(432,944)
Net Income (Loss)	$	(10,193)	$	127,641	$	295,249	$	2,304,219	$	45,223	$	3,472,456	$	89,470	$	14,256	$	1,841,670	$	8,179,990
Net Income (Loss)—NERA 50%	$	(5,097)	$	63,821	$	147,625	$	1,152,109	$	22,612	$	1,736,228	$	44,735	$	7,127				3,169,159
Net Income —NERA 40%																	$	736,668		736,668
																			$	3,905,827

Summary financial information for the year ended December 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	$	8,011,942		$	2,622,011		$	6,587,662		$	3,706,705		$	140,635		$	5,929,749		$	6,165,266		$	17,773,858		$	91,943,516		$	142,881,344
Cash & Cash Equivalents		167,953			52,321			57,635			144,831			18,576			923			47,795			95,294			1,496,250			2,081,578
Rent Receivable		25,604			—			9,840			10,568			2,452			5,520			—			6,133			204,956			265,073
Real Estate Tax Escrow		127,728			—			18,570			—			0			47,308			18,198			189,239			211,494			612,537
Prepaid Expenses & Other Assets		96,307			615			50,553			403,514			1,540			79,474			26,473			75,324			1,627,342			2,361,142
Total Assets	$	8,429,534		$	2,674,947		$	6,724,260		$	4,265,618		$	163,203		$	6,062,974		$	6,257,732		$	18,139,848		$	95,483,558		$	148,201,674
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,879,346		$	—		$	9,849,225		$	—		$	—		$	4,430,574		$	5,879,634		$	16,776,940		$	83,336,579		$	130,152,298
Accounts Payable & Accrued Expense		59,227			1,700			65,948			9,432			3,137			12,277			50,643			157,812			673,585			1,033,761
Advance Rental Pmts& Security Deposits		218,582			—			236,679			61,883			1,822			82,693			120,096			347,446			2,667,408			3,736,609
Total Liabilities		10,157,155			1,700			10,151,852			71,315			4,959			4,525,544			6,050,373			17,282,198			86,677,572			134,922,668
Partners’ Capital		(1,727,621)			2,673,247			(3,427,592)			4,194,303			158,244			1,537,430			207,359			857,650			8,805,986			13,279,006
Total Liabilities and Capital	$	8,429,534		$	2,674,947		$	6,724,260		$	4,265,618		$	163,203		$	6,062,974		$	6,257,732		$	18,139,848		$	95,483,558		$	148,201,674
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$			$	1,336,623		$	—		$	2,097,151		$	79,122		$	768,714		$	103,679		$	428,824		$	3,522,393			8,336,505
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(863,810)		$	—		$	(1,713,796)		$	—		$	—		$	—		$	—		$	—		$	—			(2,577,606)
																												$	5,758,899
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			689
Units to be sold		—			—			—			176			120			48			—			—			—			344
Units sold through February 1, 2017		—			—			—			139			119			—			—			—			—			258
Unsold units		—			—			—			37			1			—			—			—			—			38
Unsold units with deposits for future sale as of February 1, 2017		—			—			—			5			1			—			—			—			—			6

Summary financial information for the year ended December 31, 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	$	1,534,910	$	240,000	$	1,471,455	$	798,710	$	40,290	$	969,220	$	992,980	$	3,236,490	$	14,731,240	$	24,015,295
Laundry and Sundry Income		15,263		—		4,707		—		—		—		1,326		40,720		108,711		170,727
		1,550,173		240,000		1,476,162		798,710		40,290		969,220		994,306		3,277,210		14,839,951		24,186,022
Expenses
Administrative		31,400		1,740		34,512		9,636		6,295		10,768		6,557		48,753		187,176		336,837
Depreciation and Amortization		452,186		2,830		348,169		184,898		4,921		298,503		341,645		961,390		3,261,594		5,856,136
Management Fees		63,880		9,600		60,545		30,493		1,745		38,258		40,648		129,134		317,947		692,250
Operating		103,761		—		72,280		919		315		2,358		96,690		328,915		1,165,589		1,770,827
Renting		26,731		—		22,395		1,789		—		4,354		6,202		19,354		250,675		331,500
Repairs and Maintenance		157,398		3,150		66,606		296,423		22,054		413,972		84,307		558,988		1,391,171		2,994,069
Taxes and Insurance		227,148		58,725		130,867		161,984		9,236		164,667		121,365		476,185		1,541,959		2,892,136
		1,062,504		76,045		735,374		686,142		44,566		932,880		697,414		2,522,719		8,116,111		14,873,755
Income Before Other Income		487,669		163,955		740,788		112,568		(4,276)		36,340		296,892		754,491		6,723,840		9,312,267
Other Income (Loss)
Interest Expense		(289,041)				(397,726)		(150,061)		(71)		(261,440)		(286,628)		(772,201)		(4,875,137)		(7,032,305)
Interest Income		—		—		—		10		—		—		—		—		—		10
Other Income		—		—		—		—		—		—		—		—		—		—
Gain on sale of real estate		—		—		—		1,324,174		337,251		—		—		—		—		1,661,425
		(289,041)		—		(397,726)		1,174,123		337,180		(261,440)		(286,628)		(772,201)		(4,875,137)		(5,370,870)
Net Income (Loss)	$	198,628	$	163,955	$	343,062	$	1,286,692	$	332,904	$	(225,100)	$	10,263	$	(17,710)	$	1,848,705	$	3,941,397
Net Income (Loss)—NERA 50%	$	99,314	$	81,978	$	171,530	$	643,347	$	166,451	$	(112,549)	$	5,132	$	(8,855)				1,046,345
Net Income —NERA 40%																	$	739,482		739,482
																			$	1,785,827