INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of future annual mortgage maturities

Future annual mortgage maturities at March 31, 2020  are as follows:

	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
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
3/31/2025		—		242,212		—		—				242,212
Thereafter		10,000,000		8,181,458		6,000,000		16,900,000		125,000,000		166,081,458
		10,000,000		9,304,130		6,000,000		16,900,000		125,000,000		167,204,130
Less: unamortized deferred financing costs		(75,840)		(54,932)		(93,770)		(70,893)		(527,754)		(823,189)
	$	9,924,160	$	9,249,198	$	5,906,230	$	16,829,107	$	124,472,246	$	166,380,941

At March

2020

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

Summary financial information as of March 31, 2020

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	6,977,869		$	2,592,526		$	5,597,090		$	87,267		$	5,240,627		$	15,722,824		$	83,230,537		$	119,448,740
Cash & Cash Equivalents		336,900			105,620			387,085			11,568			234,919			514,145			3,510,840			5,101,077
Rent Receivable		215,143			38,463			—			—			205			12,553			27,015			293,379
Real Estate Tax Escrow		62,924			—			52,215			—			27,345			77,969			—			220,453
Prepaid Expenses & Other Assets		311,711			92,886			76,295			1,682			19,098			185,332			1,559,233			2,246,237
Total Assets	$	7,904,547		$	2,829,495		$	6,112,685		$	100,517		$	5,522,194		$	16,512,823		$	88,327,625		$	127,309,886
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,924,160		$	—		$	9,249,198		$	—		$	5,906,230		$	16,829,107		$	124,472,246		$	166,380,941
Accounts Payable & Accrued Expense		82,063			3,250			103,274			5,948			50,102			152,433			639,480			1,036,550
Advance Rental Pmts & Security Deposits		294,765			—			312,134			—			137,848			439,382			2,744,163			3,928,292
Total Liabilities		10,300,988			3,250			9,664,606			5,948			6,094,180			17,420,922			127,855,889			171,345,783
Partners’ Capital		(2,396,441)			2,826,245			(3,551,921)			94,569			(571,986)			(908,099)			(39,528,264)			(44,035,897)
Total Liabilities and Capital	$	7,904,547		$	2,829,495		$	6,112,685		$	100,517		$	5,522,194		$	16,512,823		$	88,327,625		$	127,309,886
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$			$	1,413,123		$			$	47,284		$			$			$				1,460,406
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,198,220)		$	—		$	(1,775,961)		$	—		$	(285,993)		$	(454,050)		$	(15,811,306)			(19,525,528)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(18,065,122)
Total units/condominiums
Apartments		48			—			40			175			42			148			409			862
Commercial		1			1			—			1			—			—			—			3
Total		49			1			40			176			42			148			409			865
Units to be retained		49			1			40			—			42			148			409			689
Units to be sold		—			—			—			175			—			—			—			175
Units sold through May 1, 2020		—			—			—			175			—			—			—			175
Unsold units		—			—			—			—			—			—			—			—
Unsold units with deposits for future sale as of  May 1, 2020		—			—			—			—			—			—			—			—

Financial information for the three months ended March 31, 2020

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	439,380	$	60,471	$	428,150	$	20,558	$	290,693	$	905,700		4,206,503	$	6,351,455
Laundry and Sundry Income		3,385		—		454		—		—		8,749		25,742		38,330
		442,765		60,471		428,604		20,558		290,693		914,449		4,232,245		6,389,785
Expenses
Administrative		6,188		650		7,757		10,125		2,481		15,848		47,052		90,101
Depreciation and Amortization		121,642		5,074		84,494		816		86,826		261,047		916,987		1,476,886
Management Fees		17,736		2,203		16,466		822		11,532		34,984		87,082		170,825
Operating		25,524		—		12,988		45		22,226		93,845		310,381		465,009
Renting		2,775		—		8,753		—		3,000		7,720		16,804		39,052
Repairs and Maintenance		27,009		—		21,578		—		10,895		134,837		287,012		481,331
Taxes and Insurance		64,677		15,218		39,906		4,189		36,051		122,762		576,221		859,024
		265,551		23,145		191,942		15,997		173,011		671,043		2,241,539		3,582,228
Income Before Other Income		177,214		37,326		236,662		4,561		117,682		243,406		1,990,706		2,807,557
Other Income (Loss)
Interest Expense		(100,733)		—		(93,426)				(59,259)		(192,382)		(1,268,104)		(1,713,904)
Gain on Sale of Real Estate				—		—										#REF!
		(100,733)		—		(93,426)		—		(59,259)		(192,382)		(1,268,104)		#REF!
Net Income (Loss)	$	76,481	$	37,326	$	143,236	$	4,561	$	58,423	$	51,024	$	722,602	$	#REF!
Net Income (Loss)—NERA 50%	$	38,241	$	18,663	$	71,618	$	2,281	$	29,211	$	25,512				185,525
Net Income —NERA 40%													$	289,042		289,042
															$	474,567

2009

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

Summary financial information at 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		$	—		$	5,556,929		$	16,490,749		$	86,186,211		$	123,969,482
Rental property held for sale		—			—			—			159,188			—			—			—			—			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			—			1,487			17,049			136,962			434,186
Real Estate Tax Escrow		72,624			—			50,334			—			—			28,960			95,525			—			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
																										0
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			1			0			42			148			409			690
Units to be sold		—			—			—			175			48			—			—			—			223
Units sold through May1, 2018		—			—			—			173			48			—			—			—			221
Unsold units		—			—			—			3			—			—			—			—			3
Unsold units with deposits for future sale as of May 1, 2018		—			—			—			1			—			—			—			—			1
Units sold through February 1, 2014		—			—			—			127			—			—			—			232
Unsold units		—			—			—			—			—			—			—			—
Unsold units with deposits for future sale as of February 1, 2014		—			—			—			—			—			—			—			—

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 (Loss)—NERA 40%															$	225,515		225,515
																	$	548,939