INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of future annual mortgage maturities

Future annual mortgage maturities at March 31, 2019 are as follows:

	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
3//31/2020	$	—	$	199,661	$		$	—	$		$	199,661
3/31/2021		—		207,527				—				207,527
3/31/2022		—		215,702		—		—				215,702
3/31/2023		—		224,199		—		—				224,199
3/31/2024		—		233,032		—		—				233,032
Thereafter		10,000,000		8,423,670		6,000,000		16,900,000		125,000,000		166,323,670
		10,000,000		9,503,791		6,000,000		16,900,000		125,000,000		167,403,791
Less: unamortized deferred financing costs		(89,629)		(61,591)		(101,953)		(86,944)		(592,377)		(932,494)
	$	9,910,371	$	9,442,200	$	5,898,047	$	16,813,056	$	124,407,623	$	166,471,297

At March

2019

Summary of financial position and income statements relating to investment in unconsolidated joint ventures

Summary financial information as of March 31, 2019

				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	$	7,117,613		$	2,595,015		$	5,919,727		$	103,238		$	0		$	5,556,929		$	16,490,749		$	86,186,211		$	123,969,482
Rental property held for sale		0			0			0			159,188			0			0			0			0			159,188
Cash & Cash Equivalents		192,441			169,930			213,656			51,285			359,291			132,903			163,789			1,853,435			3,136,730
Rent Receivable		222,191			49,619			4,437			2,441			0			1,487			17,049			136,962			434,186
Real Estate Tax Escrow		72,624			—			50,334			—			0			28,960			95,525			0			247,443
Prepaid Expenses & Other Assets		274,111			110,681			61,989			30,377			3,595			16,287			105,663			1,022,670			1,625,373
Total Assets	$	7,878,980		$	2,925,245		$	6,250,143		$	346,529		$	362,886		$	5,736,566		$	16,872,775		$	89,199,278		$	129,572,402
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,910,371		$	—		$	9,442,200		$	—		$	—		$	5,898,047		$	16,813,056		$	124,407,623		$	166,471,297
Accounts Payable & Accrued Expense		84,485			2,187			121,342			10,844			10,951			61,051			205,044			701,699			1,197,603
Advance Rental Pmts & Security Deposits		297,683			—			283,486			7,174			101			123,167			391,075			2,620,890			3,723,576
Total Liabilities		10,292,539			2,187			9,847,028			18,018			11,052			6,082,265			17,409,175			127,730,212			171,392,476
Partners’ Capital		(2,413,559)			2,923,058			(3,596,885)			328,511			351,834			(345,699)			(536,400)			(38,530,934)			(41,820,074)
Total Liabilities and Capital	$	7,878,980		$	2,925,245		$	6,250,143		$	346,529		$	362,886		$	5,736,566		$	16,872,775		$	89,199,278		$	129,572,402
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$			$	1,461,529		$			$	164,256		$	175,917		$			$			$				1,801,702
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,206,780)		$	—		$	(1,798,443)		$	—		$	—		$	(172,850)		$	(268,200)		$	(15,412,374)			(18,858,645)
Total Investment in Unconsolidated Joint Ventures (Net)																									$	(17,056,944)
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			690
Units to be sold		—			—			—			175			48			—			—			—			343
Units sold through May 1, 2019		—			—			—			173			48			—			—			—			221
Unsold units		—			—			—			3			—			—			—			—			3
Unsold units with deposits for future sale as of  May 1, 2019		—			—			—			1			—			—			—			—			1

Summary of income statement relating to investment in unconsolidated joint ventures

Financial information for the three months ended March 31, 2019

			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	$	459,573	$	75,290	$	385,243	$	23,594	$	3,629	$	274,837	$	822,668		4,028,259	$	6,073,093
Laundry and Sundry Income		3,005		—		1,389		—		—		1,907		10,062		24,025		40,388
		462,578		75,290		386,632		23,594		3,629		276,744		832,730		4,052,284		6,113,481
Expenses
Administrative		5,379		2,092		5,390		1,694		3,445		3,716		17,847		55,532		95,095
Depreciation and Amortization		119,544		5,074		86,226		3,196		5,420		88,595		258,438		900,101		1,466,594
Management Fees		17,206		2,160		14,056		965		145		11,067		31,868		86,149		163,616
Operating		21,450		8		22,603		775		(109)		23,755		107,289		381,644		557,415
Renting		3,330		—		3,520						2,032		16,112		19,663		44,657
Repairs and Maintenance		37,884		—		18,467		8,040		10,266		36,672		124,192		256,585		492,106
Taxes and Insurance		61,830		15,677		40,241		7,349		4,906		32,251		104,431		518,726		785,411
		266,623		25,011		190,503		22,019		24,073		198,088		660,177		2,218,400		3,604,894
Income Before Other Income		195,955		50,279		196,129		1,575		(20,444)		78,656		172,553		1,833,884		2,508,587
Other Income (Loss)
Interest Expense		(121,005)		—		(94,247)				(6)		(57,991)		(188,268)		(1,270,103)		(1,731,620)
Gain on Sale of Real Estate				—		—		754		432,908								433,662
		(121,005)		—		(94,247)		754		432,902		(57,991)		(188,268)		(1,270,103)		(1,297,958)
Net Income (Loss)	$	74,950	$	50,279	$	101,882	$	2,329	$	412,458	$	20,665	$	(15,715)	$	563,781	$	1,210,629
Net Income (Loss)—NERA 50%	$	37,475	$	25,140	$	50,941	$	1,165	$	206,229	$	10,333	$	(7,858)				323,424
Net Income —NERA 40%															$	225,515		225,515
																	$	548,939

2018

Summary of financial position and income statements relating to investment in unconsolidated joint ventures

Summary financial information as March 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	$	7,515,492		$	2,597,633		$	6,242,990		$	887,890		$	1,583,448		$	5,854,350		$	17,359,777		$	89,284,170		$	131,325,750
Cash & Cash Equivalents		148,701			50,004			123,091			136,822			122,350			107,268			102,710			861,790			1,652,736
Rent Receivable		133,580			—			19,937			6,902			2,463			5,206			21,196			221,175			410,459
Real Estate Tax Escrow		83,760			—			46,751			—			—			32,229			152,782			349,904			665,426
Prepaid Expenses & Other Assets		80,429			279			50,269			586,555			693,936			17,475			95,705			2,668,635			4,193,283
Total Assets	$	7,961,962		$	2,647,916		$	6,483,038		$	1,618,169		$	2,402,197		$	6,016,528		$	17,732,170		$	93,385,674		$	138,247,654
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,896,582		$	—		$	9,627,636		$	—		$	—		$	5,889,863		$	16,797,004		$	81,509,648		$	123,720,733
Accounts Payable & Accrued Expense		74,966			2,188			87,137			8,434			9,554			55,333			169,932			634,933			1,042,477
Advance Rental Pmts& Security Deposits		341,039			—			245,550			12,555			10,975			112,103			321,274			2,608,580			3,652,076
Total Liabilities		10,312,587			2,188			9,960,323			20,989			20,529			6,057,299			17,288,210			84,753,161			128,415,286
Partners’ Capital		(2,349,625)			2,645,728			(3,477,285)			1,597,180			2,381,668			(40,771)			443,960			8,630,513			9,831,368
Total Liabilities and Capital	$	7,962,962		$	2,647,916		$	6,483,038		$	1,618,169		$	2,402,197		$	6,016,528		$	17,732,170		$	93,383,674		$	138,246,654
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$			$	1,322,863		$	—		$	798,589		$	1,190,833		$			$	221,979		$	3,452,204		$	6,986,470
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,174,814)		$	—		$	(1,738,644)		$	—		$	—		$	(20,387)		$	—		$	—			(2,933,844)
Total Investment in Unconsolidated Joint Ventures (Net)																									$	4,052,626
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			0			0			42			148			409			690
Units to be sold		—			—			—			176			46			—			—			—			343
Units sold through May1, 2018		—			—			—			143			1			—			—			—			264
Unsold units		—			—			—			32			47			—			—			—			79
Unsold units with deposits for future sale as of May 1, 2018		—			—			—			4			10			—			—			—			14

Summary of income statement relating to investment in unconsolidated joint ventures

Financial information for the three months ended March 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	$	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