INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of future annual mortgage maturities

Future annual mortgage maturities at June 30, 2021 are as follows:

	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
6//30/2022	$	—	$	217,796	$	—	$	—	$	—	$	217,796
6/30/2023		—		226,376		—		—		—		226,376
6/30/2024		—		235,293		—		—		—		235,293
6/30/2025		—		244,563		—		16,900,000		—		17,144,563
6/30/2026		10,000,000		254,197		—		—		—		10,254,197
Thereafter		—		7,865,231		6,000,000		—		125,000,000		138,865,231
		10,000,000		9,043,456		6,000,000		16,900,000		125,000,000		166,943,456
Less: unamortized deferred financing costs		(58,604)		(46,609)		(83,540)		(50,829)		(446,976)		(686,558)
	$	9,941,396	$	8,996,847	$	5,916,460	$	16,849,171	$	124,553,024	$	166,256,898

At June 30, 2021 the weighted average interest rate on the above mortgages was 3.91%. The effective rate was 3.97% including the amortization expense of deferred financing costs.

2021

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

Summary financial information at June 30, 2021

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	6,476,479		$	2,589,414		$	5,224,951		$	83,187		$	4,847,230		$	14,739,183		$	79,408,476		$	113,368,920
Cash & Cash Equivalents		22,648			20,622			203,017			9,049			132,985			640,754			3,846,947			4,876,022
Rent Receivable		81,081			57,240			31,630			4,627			5,580			63,123			451,301			694,582
Real Estate Tax Escrow		77,015			—			23,088			—			41,918			121,206			—			263,227
Prepaid Expenses & Other Assets		296,522			72,420			99,238			342			19,670			186,140			1,397,029			2,071,361
Total Assets	$	6,953,745		$	2,739,696		$	5,581,924		$	97,205		$	5,047,383		$	15,750,406		$	85,103,753		$	121,274,112
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,941,396		$	—		$	8,996,847		$	—		$	5,916,460		$	16,849,171		$	124,553,024		$	166,256,898
Accounts Payable & Accrued Expense		95,536			1,500			103,668			1,485			49,723			207,351			843,393			1,302,656
Advance Rental Pmts & Security Deposits		161,990			—			234,348			—			140,039			425,766			3,291,355			4,253,498
Total Liabilities		10,198,922			1,500			9,334,863			1,485			6,106,222			17,482,288			128,687,772			171,813,052
Partners’ Capital		(3,245,177)			2,738,196			(3,752,939)			95,720			(1,058,839)			(1,731,882)			(43,584,019)			(50,538,940)
Total Liabilities and Capital	$	6,953,745		$	2,739,696		$	5,581,924		$	97,205		$	5,047,383		$	15,750,406		$	85,103,753		$	121,274,112
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,369,098		$	—		$	47,860		$	—		$	—		$	—			1,416,958
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,622,589)		$	—		$	(1,876,470)		$	—		$	(529,420)		$	(865,941)		$	(17,433,608)			(22,328,026)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(20,911,068)
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			1			42			148			409			690
Units to be sold		—			—			—			175			—			—			—			175
Units sold through August 1, 2021		—			—			—			175			—			—			—			175

Financial information for the six months ended June 30, 2021

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	442,072	$	57,240	$	675,791	$	48,739	$	571,208	$	1,664,274	$	6,212,808	$	9,672,132
Laundry and Sundry Income		6,208		—		112		—		3,305		18,041		49,361		77,027
		448,280		57,240		675,903		48,739		574,513		1,682,315		6,262,169		9,749,159
Expenses
Administrative		53,869		1,353		15,522		1,490		7,660		34,780		94,730		209,404
Depreciation and Amortization		238,522		10,149		170,865		1,632		168,353		540,561		1,857,642		2,987,724
Management Fees		11,846		—		26,345		1,571		22,875		64,431		129,462		256,530
Operating		69,168		—		26,077		176		54,496		213,689		501,060		864,666
Renting		54,877		—		33,934		—		720		51,559		192,557		333,647
Repairs and Maintenance		82,132		520		64,496		—		56,381		269,025		907,270		1,379,824
Taxes and Insurance		131,175		29,811		87,380		9,901		70,212		221,305		1,197,927		1,747,711
		641,589		41,833		424,619		14,770		380,697		1,395,350		4,880,648		7,779,506
Income Before Other Income		(193,309)		15,407		251,284		33,969		193,816		286,965		1,381,521		1,969,653
Other Income (Loss)
Interest Expense		(122,715)		—		(180,745)		—		(117,877)		(376,793)		(2,529,233)		(3,327,363)
Interest Income								—
Other Income		—		—		—		—		—		—		1,222		1,222
		(122,715)		—		(180,745)		—		(117,877)		(376,793)		(2,528,011)		(3,326,141)
Net Income (Loss)	$	(316,024)	$	15,407	$	70,539	$	33,969	$	75,939	$	(89,828)	$	(1,146,490)	$	(1,356,488)
Net Income (Loss)—NERA 50%	$	(158,012)	$	7,704	$	35,270	$	16,985	$	37,969	$	(44,914)				(105,000)
Net Income (Loss) —NERA 40%													$	(458,595)		(458,595)
															$	(563,595)

Financial information for the three months ended June 30, 2021

										Hamilton		Hamilton
	Hamilton		Hamilton Essex		345		Hamilton			Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025			Apts		Apts		Park		Total
Revenues
Rental Income	$	211,855	$	57,240	$	342,698	$	24,369	$	286,684	$	847,462	$	3,142,925	$	4,913,233
Laundry and Sundry Income		3,195		—				—		2,029		9,264		23,209		37,697
		215,050		57,240		342,698		24,369		288,713		856,726		3,166,134		4,950,930
Expenses
Administrative		39,313		500		10,719		775		4,077		14,561		47,878		117,823
Depreciation and Amortization		119,580		5,075		85,520		816		84,328		270,646		933,082		1,499,047
Management Fees		6,586		—		13,933		942		11,579		32,055		64,184		129,279
Operating		39,736		—		12,556		85		19,900		88,756		202,967		364,000
Renting		22,093		—		19,606		—		360		20,798		107,602		170,459
Repairs and Maintenance		29,585		520		41,218		—		36,977		146,578		454,376		709,254
Taxes and Insurance		65,636		14,925		43,709		5,104		35,237		111,171		600,141		875,923
		322,529		21,020		227,261		7,722		192,458		684,565		2,410,230		3,865,785
Income Before Other Income		(107,479)		36,220		115,437		16,647		96,255		172,161		755,904		1,085,145
Other Income (Loss)
Interest Expense		(61,402)		—		(90,102)		—		(59,252)		(189,415)		(1,264,525)		(1,664,696)
Other income		—		—		—		—		—		—		1,222		1,222
		(61,402)		—		(90,102)		—		(59,252)		(189,415)		(1,263,303)		(1,663,474)
Net Income (Loss)	$	(168,881)	$	36,220	$	25,335	$	16,647	$	37,003	$	(17,254)	$	(507,399)	$	(578,329)
Net Income (Loss)—NERA 50%	$	(84,441)	$	18,110	$	12,668	$	8,324	$	18,502	$	(8,627)				(35,465)
Net Income (Loss)—NERA 40%													$	(202,959)		(202,959)
															$	(238,424)

2020

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

Summary financial information at June 30, 2020

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	6,866,502		$	2,591,904		$	5,513,615		$	86,451		$	5,160,011		$	15,570,896		$	82,374,300		$	118,163,679
Cash & Cash Equivalents		368,053			85,827			243,868			20,661			162,471			553,842			3,049,217			4,483,939
Rent Receivable		343,831			43,854			6,827			—			1,407			56,713			283,270			735,902
Real Estate Tax Escrow		62,383			—			21,487			—			25,341			72,097			—			181,308
Prepaid Expenses & Other Assets		308,350			89,788			99,498			2,341			33,062			175,465			1,857,159			2,565,663
Total Assets	$	7,949,119		$	2,811,373		$	5,885,295		$	109,453		$	5,382,292		$	16,429,013		$	87,563,946		$	126,130,491
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,927,607		$	—		$	9,199,730		$	—		$	5,908,276		$	16,833,120		$	124,488,401		$	166,357,134
Accounts Payable & Accrued Expense		72,016			1,599			89,688			11,438			64,549			157,567			963,724			1,360,581
Advance Rental Pmts& Security Deposits		300,200			—			308,520			—			147,506			440,458			2,682,182			3,878,866
Total Liabilities		10,299,823			1,599			9,597,938			11,438			6,120,331			17,431,145			128,134,307			171,596,581
Partners’ Capital		(2,350,704)			2,809,774			(3,712,643)			98,015			(738,039)			(1,002,132)			(40,570,361)			(45,466,090)
Total Liabilities and Capital	$	7,949,119		$	2,811,373		$	5,885,295		$	109,453		$	5,382,292		$	16,429,013		$	87,563,946		$	126,130,491
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,404,887		$	—		$	49,008		$	—		$	—		$	—		$	1,453,895
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,175,352)		$	—		$	(1,856,321)		$	—		$	(369,020)		$	(501,066)		$	(16,228,145)			(20,129,903)
Total Investment in Unconsolidated Joint Ventures (Net)																							(18,676,009)
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			1			42			148			409			690
Units to be sold		—			—			—			175			—			—			—			175
Units sold through August1, 2020		—			—			—			175			—			—			—			175

Financial information for the six months ended June 30, 2020

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	820,088	$	65,862	$	847,492	$	41,117	$	581,210	$	1,803,314	$	8,230,449	$	12,389,532
Laundry and Sundry Income		6,683		—		625		—		626		17,355		45,708		70,997
		826,771		65,862		848,117		41,117		581,836		1,820,669		8,276,157		12,460,529
Expenses
Administrative		11,480		2,200		16,328		11,056		6,650		29,475		92,773		169,962
Depreciation and Amortization		243,569		10,149		169,036		1,632		173,780		524,133		1,838,920		2,961,219
Management Fees		28,052		2,203		32,296		1,645		23,004		67,729		166,246		321,175
Operating		46,299		—		28,764		96		50,654		177,595		529,844		833,252
Renting		3,404		—		9,682		—		5,750		15,493		30,883		65,212
Repairs and Maintenance		67,209		3,046		43,375		—		38,950		233,991		511,248		897,819
Taxes and Insurance		129,401		30,457		79,714		8,680		72,176		232,474		1,138,952		1,691,854
		529,414		48,055		379,195		23,109		370,964		1,280,890		4,308,866		6,940,493
Income Before Other Income		297,357		17,807		468,922		18,008		210,872		539,779		3,967,291		5,520,036
Other Income (Loss)
Interest Expense		(172,091)		—		(186,408)		—		(118,502)		(382,787)		(2,536,786)		(3,396,574)
Interest Income		—		—		—				—		—		—		—
Gain on sale of Real Estate		—		—		—		—		—		—		—		—
		(172,091)		—		(186,408)		—		(118,502)		(382,787)		(2,536,786)		(3,396,574)
Net Income (Loss)	$	125,266	$	17,807	$	282,514	$	18,008	$	92,370	$	156,992	$	1,430,505	$	2,123,462
Net Income (Loss)—NERA 50%	$	62,633	$	8,904	$	141,257	$	9,004	$	46,185	$	78,496				346,478
Net Income (Loss)—NERA 40%													$	572,202		572,202
															$	918,680

Financial information for the three months ended June 30, 2020

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	380,708	$	5,391	$	419,342	$	20,558	$	290,517	$	897,613	$	4,023,946	$	6,038,075
Laundry and Sundry Income		3,298		—		171		—		626		8,606		19,966		32,667
		384,006		5,391		419,513		20,558		291,143		906,219		4,043,912		6,070,742
Expenses
Administrative		5,293		1,550		8,572		931		4,168		13,627		45,721		79,862
Depreciation and Amortization		121,927		5,075		84,541		816		86,954		263,086		921,932		1,484,331
Management Fees		10,316		—		15,829		822		11,472		32,745		79,163		150,347
Operating		20,776		—		15,776		51		28,428		83,750		219,463		368,244
Renting		629		—		929		—		2,750		7,773		14,080		26,161
Repairs and Maintenance		40,200		3,046		21,797		—		28,056		99,155		224,236		416,490
Taxes and Insurance		64,724		15,238		39,808		4,492		36,125		109,712		562,731		832,830
		263,865		24,909		187,252		7,112		197,953		609,848		2,067,326		3,358,265
Income Before Other Income		120,141		(19,518)		232,261		13,446		93,190		296,371		1,976,586		2,712,477
Other Income (Loss)
Interest Expense		(71,358)		—		(92,983)		—		(59,242)		(190,404)		(1,268,682)		(1,682,669)
Interest Income		—		—		—				—		—		—		—
Gain on sale of Real Estate		—		—		—		—		—		—		—		—
		(71,358)		—		(92,983)		—		(59,242)		(190,404)		(1,268,682)		(1,682,669)
Net Income (Loss)	$	48,783	$	(19,518)	$	139,278	$	13,446	$	33,948	$	105,967	$	707,904	$	1,029,808
Net Income (Loss)—NERA 50%	$	24,392	$	(9,759)	$	69,638	$	6,723	$	16,974	$	52,984				160,951
Net Income (Loss)—NERA 40%													$	283,162		283,162
															$	444,113