INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of future annual mortgage maturities

Future annual mortgage maturities at September 30, 2019 are as follows:

	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
3//31/2020	$	—	$	203,556	$	—	$	—	$	—	$	203,556
3/31/2021		—		211,575		—		—		—		211,575
3/31/2022		—		219,910		—		—		—		219,910
3/31/2023		—		228,573		—		—		—		228,573
3/31/2024		—		237,577		—		—		—		237,577
Thereafter		10,000,000		8,303,734		6,000,000		16,900,000		125,000,000		166,203,734
		10,000,000		9,404,925		6,000,000		16,900,000		125,000,000		167,304,925
Less: unamortized deferred financing costs		(82,734)		(58,262)		(97,861)		(78,919)		(560,066)		(877,842)
	$	9,917,266	$	9,346,663	$	5,902,139	$	16,821,081	$	124,439,934	$	166,427,083

At September

2019

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

Summary financial information as of September 30, 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	$	6,966,539		$	2,593,771		$	5,748,520		$	86,850		$	—		$	5,413,076		$	16,075,655		$	84,722,545		$	121,606,956
Cash & Cash Equivalents		342,346			44,020			156,545			24,496			10,775			120,874			172,829			1,449,013			2,320,898
Rent Receivable		243,635			28,041			5,426			—			—			2,202			13,651			48,495			341,450
Real Estate Tax Escrow		72,146			—			53,249			—			—			28,147			92,138			—			245,680
Prepaid Expenses & Other Assets		309,502			102,546			86,574			1,761			2,951			26,661			174,851			1,435,797			2,140,643
Total Assets	$	7,934,168		$	2,768,378		$	6,050,314		$	113,107		$	13,726		$	5,590,960		$	16,529,124		$	87,655,850		$	126,655,627
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,917,266		$	—		$	9,346,663		$	—		$	—		$	5,902,139		$	16,821,081		$	124,439,934		$	166,427,083
Accounts Payable & Accrued Expense		85,115			1,964			103,905			7,976			4,411			57,338			181,510			818,027			1,260,246
Advance Rental Pmts & Security Deposits		286,274			—			293,858			1,310			101			141,128			443,274			2,519,816			3,685,761
Total Liabilities		10,288,655			1,964			9,744,426			9,286			4,512			6,100,605			17,445,865			127,777,777			171,373,090
Partners’ Capital		(2,354,487)			2,766,414			(3,694,112)			103,821			9,214			(509,645)			(916,741)			(40,121,927)			(44,717,463)
Total Liabilities and Capital	$	7,934,168		$	2,768,378		$	6,050,314		$	113,107		$	13,726		$	5,590,960		$	16,529,124		$	87,655,850		$	126,655,627
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures		—		$	1,383,207			—		$	51,910		$	4,607			—			—			—			1,439,724
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,177,243)		$	—		$	(1,847,056)		$	—		$	—		$	(254,823)		$	(458,371)		$	(16,048,771)			(19,786,262)
Total Investment in Unconsolidated Joint Ventures (Net)																									$	(18,346,539)
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, 2019		—			—			—			175			48			—			—			—			223
Unsold units		—			—			—			—			—			—			—			—			—
Unsold units with deposits for future sale as of  November 1, 2019		—			—			—			—			—			—			—			—			—

Summary of income statement relating to investment in unconsolidated joint ventures

Financial information for the nine months ended September 30, 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	$	1,339,583	$	161,712	$	1,207,094	$	72,558	$	3,541	$	850,523	$	2,553,301		12,164,375	$	18,352,687
Laundry and Sundry Income		10,680		—		2,390		—		—		2,560		30,517		79,398		125,545
		1,350,263		161,712		1,209,484		72,558		3,541		853,083		2,583,818		12,243,773		18,478,232
Expenses
Administrative		22,968		21,162		17,366		5,834		5,576		7,283		51,020		152,119		283,328
Depreciation and Amortization		360,417		15,223		258,722		9,580		5,420		267,546		781,400		2,720,532		4,418,840
Management Fees		51,454		6,494		46,506		2,786		145		33,995		98,381		253,132		492,893
Operating		53,817		8		54,291		925		(8)		70,695		284,679		834,181		1,298,588
Renting		32,092		—		21,210		64		—		2,674		39,532		306,092		401,664
Repairs and Maintenance		101,995		3,180		86,964		28,399		10,266		104,727		495,863		1,088,349		1,919,743
Taxes and Insurance		184,210		46,176		111,239		18,402		5,206		98,389		313,906		1,543,795		2,321,323
		806,953		92,243		596,298		65,990		26,605		585,309		2,064,781		6,898,200		11,136,379
Income Before Other Income		543,310		69,469		613,186		6,568		(23,064)		267,774		519,037		5,345,573		7,341,853
Other Income (Loss)
Interest Expense		(360,122)		—		(283,531)		—		(6)		(176,056)		(575,093)		(3,802,783)		(5,197,591)
Gain on Sale of Real Estate		—		—		—		306,075		432,908		—		—		—		738,983
		(360,122)		—		(283,531)		306,075		432,902		(176,056)		(575,093)		(3,802,783)		(4,458,608)
Net Income (Loss)	$	183,188	$	69,469	$	329,655	$	312,643	$	409,838	$	91,718	$	(56,056)	$	1,542,790	$	2,883,245
Net Income (Loss)—NERA 50%	$	91,593	$	34,734	$	164,827	$	156,321	$	204,918	$	45,859	$	(28,028)				670,223
Net Income —NERA 40%															$	617,116		617,116
																	$	1,287,339

Financial information for the three months ended September 30, 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	$	429,472	$	60,471	$	404,000	$	25,497	$	(88)	$	294,454	$	865,299	$	4,103,409	$	6,182,514
Laundry and Sundry Income		3,810		—		1,806		—		—		425		10,437		30,678		47,156
		433,282		60,471		405,806		25,497		(88)		294,879		875,736		4,134,087		6,229,670
Expenses
Administrative		7,713		11,488		7,324		1,432		1,291		1,533		16,108		56,202		103,091
Depreciation and Amortization		120,986		5,074		86,269		3,190		—		90,045		262,294		913,318		1,481,176
Management Fees		17,228		2,174		16,063		887		—		11,695		33,378		84,479		165,904
Operating		16,773		—		13,766		62		64		19,116		92,863		234,842		377,486
Renting		23,575		—		9,217		64		—		100		6,043		251,543		290,542
Repairs and Maintenance		37,324		—		44,687		—		—		22,406		178,777		524,406		807,600
Taxes and Insurance		60,904		15,316		35,630		3,957		—		33,620		106,568		508,026		764,021
		284,503		34,052		212,956		9,592		1,355		178,515		696,031		2,572,816		3,989,820
Income Before Other Income		148,779		26,419		192,850		15,905		(1,443)		116,364		179,705		1,561,271		2,239,850
Other Income (Loss)
Interest Expense		(117,103)		—		(94,449)		—		—		(59,451)		(194,554)		(1,265,048)		(1,730,605)
Interest Income		—		—		—		—		—		—		—		—		—
Gain on sale of real estate		—		—		—		—		—		—		—		—		—
		(117,103)		—		(94,449)		—		—		(59,451)		(194,554)		(1,265,048)		(1,730,605)
Net Income (Loss)	$	31,676	$	26,419	$	98,401	$	15,905	$	(1,443)	$	56,913	$	(14,849)	$	296,223	$	509,245
Net Income (Loss)—NERA 50%	$	15,837	$	13,209	$	49,200	$	7,952	$	(723)	$	28,456	$	(7,426)				106,504
Net Income (Loss)—NERA 40%															$	118,489		118,489
																	$	224,993

2018

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

Summary financial information at 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			—		—			33,038			104,618			—			257,730
Prepaid Expenses & Other Assets		268,973			118,872			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	$	258,125		$			$						$	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

Summary of income statement relating to investment in unconsolidated joint ventures

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		187018		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 (Loss)—NERA 50%	$	50,380	$	47,062	$	121,775	$	833,558	$	1,056,949	$	30,566	$	23,033				2,163,322
Net Income (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
		(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%	$	10,857	$	19,234	$	11,069	$	198,153	$	217,081	$	11,923	$	11,591				479,907
Net Income —NERA 40%															$	54,524		54,524
																	$	534,431