
											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	$	411,222	$	53,928	$	403,837	$	38,221	$	22,203	$	263,051	$	858,213	$	3,894,603	$	5,945,278
Laundry and Sundry Income		3,005		—		1,217		—		—		675		9,126		24,688		38,711
		414,227		53,928		405,054		38,221		22,203		263,726		867,339		3,919,291		5,983,989
Expenses
Administrative		9,680		488		6,455		1,499		3,066		1,824		13,127		65,429		101,568
Depreciation and Amortization		114,285		665		86,251		—		10,000		87,722		255,506		874,142		1,428,571
Management Fees		13,204		2,157		16,126		1,508		1,022		10,368		32,443		83,012		159,840
Operating		24,131		—		20,580		156		825		33,850		120,393		379,875		579,810
Renting		3,291		—		497		—		—		3,378		8,652		29,782		45,600
Repairs and Maintenance		54,501		4,163		21,497		40,207		34,224		19,617		182,374		318,666		675,249
Taxes and Insurance		62,527		16,723		41,631		18,171		16,459		31,046		104,551		419,289		710,397
		281,619		24,196		193,037		61,541		65,596		187,805		717,046		2,170,195		3,701,035
Income Before Other Income		132,608		29,732		212,017		(23,320)		(43,393)		75,921		150,293		1,749,096		2,282,954
Other Income (Loss)
Interest Expense		(99,313)		—		(96,961)		(26)		(49)		(58,519)		(188,239)		(1,166,238)		(1,609,345)
Interest Income				—		—						—		—		—		—
Gain on sale of real estate				—		—		817,006		827,757		—		—		—		1,644,763
		(99,313)		—		(96,961)		816,980		827,708		(58,519)		(188,239)		(1,166,238)		35,418
Net Income (Loss)	$	33,295	$	29,732	$	115,056	$	793,660	$	784,315	$	17,402	$	(37,946)	$	582,858	$	2,318,372
Net Income (Loss)—NERA 50%	$	16,648	$	14,866	$	57,528	$	396,830	$	392,158	$	8,701	$	(18,973)				867,757
Net Income (Loss)—NERA 40%															$	233,143		233,143
																	$	1,100,900

NOTE 15. EMPLOYEE BENEFIT 401(k) PLANS

Effective January 1, 2019, employees of the Partnership, who meet certain minimum age and service requirements, are eligible to participate in the Management Company’s 401(k) Plan (the “401(k) Plan”). Eligible employees may elect to defer up to 90 percent of their eligible compensation on a pre-tax basis to the 401(k) Plan, subject to certain limitations imposed by federal law.

The amounts contributed by employees are immediately vested and non-forfeitable. Beginning January 1, 2019, the Partnership matched 50% up to the 6% of compensation deferred by each employee in the 401(k) plan. The Partnership may make discretionary matching or profit-sharing contributions to the 401(k) Plan on behalf of eligible participants in any plan year. Participants are always 100 percent vested in their pre-tax contributions and will begin vesting in any matching or profit-sharing contributions made on their behalf after two years of service with the Partnership at a rate of 20 percent per year, becoming 100 percent vested after a total of six years of service with the Partnership. Total expense recognized by the Partnership for the 401(k) Plan for the three months ended March 31, 2019 was $12,000.