RENTAL PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2021

RENTAL PROPERTIES

Schedule of rental properties

	December 31, 2021		December 31, 2020		Useful Life
Land, improvements and parking lots	$	86,887,276	$	86,867,393	15	-	40	years
Buildings and improvements		253,952,680		253,322,865	15	-	40	years
Kitchen cabinets		16,946,916		17,157,121	5	-	10	years
Carpets		12,029,577		11,146,634	5	-	10	years
Air conditioning		501,697		501,697	5	-	10	years
Laundry equipment		608,271		608,271	5	-	7	years
Elevators		1,885,265		1,885,265	20	-	40	years
Swimming pools		1,090,604		1,092,194	10	-	30	years
Equipment		18,072,761		17,596,043	5	-	30	years
Motor vehicles		171,519		211,660			5	years
Fences		46,872		46,872	5	-	15	years
Furniture and fixtures		7,898,163		7,697,137	5	-	7	years
Smoke alarms		496,641		496,641	5	-	7	years
Total fixed assets		400,588,242		398,629,793
Less: Accumulated depreciation		(149,233,040)		(134,019,906)
	$	251,355,202	$	264,609,887

Schedule of real estate and accumulated depreciation

							Cost
			Initial Cost to				Capitalized		Gross Amount at Which								Years
Property Name	Encumbrances		Partnerships(1)				Subsequent to		Carried at Close of Period								Built/	Depreciable
Type	(First				Buildings		Acquisition(2)				Buildings				Accumulated		Redecorated	Lives
Location	Mortgages)		Land		Improvements		Improvements		Land		Improvements		Totals		Depreciation		Date Acquired	Years
Boylston Downtown L.P. Residential Apartments Boston, Massachusetts	$	35,877,479	$	2,112,000	$	8,593,109	$	10,320,968	$	2,268,528	$	18,914,077	$	21,182,605	$	15,426,451	July 1995	(3)
Brookside Associates LLC Residential Apartments Woburn, Massachusetts	$	6,175,000	$	684,000	$	3,116,000	$	411,502	$	684,000	$	3,527,502	$	4,211,502	$	2,688,358	Oct. 2000	(3)
Clovelly Apartments L.P. Residential Apartments Nashua, New Hampshire	$	11,214,000	$	177,610	$	1,478,359	$	1,590,269	$	177,610	$	3,068,628	$	3,246,238	$	2,444,383	Sept. 1977	(3)
Commonwealth 1137 L.P. Residential Apartments Boston, Massachusetts	$	5,440,000	$	342,000	$	1,367,669	$	973,511	$	342,000	$	2,341,180	$	2,683,180	$	1,991,634	July 1995	(3)
Commonwealth 1144 L.P. Residential Apartments Boston, Massachusetts	$	32,325,000	$	1,410,000	$	5,664,816	$	4,296,087	$	1,410,000	$	9,960,903	$	11,370,903	$	7,566,432	July 1995	(3)
Executive Apartments L.P. Residential Apartments Framingham, Massachusetts	$	8,190,000	$	91,400	$	740,360	$	1,451,297	$	91,400	$	2,191,657	$	2,283,057	$	1,542,613	Sept. 1977	(3)
Hamilton Battle Green LLC Residential Apartments Lexington, Massachusetts	$	4,020,965	$	1,341,737	$	8,457,497	$	130,841	$	1,341,737	$	8,588,338	$	9,930,075	$	3,656,897	Jun. 2011	(3)
Hamilton Cypress LLC Commercial- 1031 Exchange Brookline, Massachusetts	$	—	$	2,362,596	$	4,613,985	$	19,392	$	2,362,596	$	4,633,377	$	6,995,973	$	1,715,282	Oct. 2008	(3)
Hamilton Green Apartments, LLC Residential Apartments Andover, Massachusetts	$	33,783,041	$	16,054,336	$	44,794,438	$	(8,374,341)	$	16,054,336	$	36,420,097	$	52,474,433	$	13,687,188	Jul. 2013	(3)
Hamilton Highlands, LLC Residential Apartments Needham,Massachsetts	$	20,086,380	$	6,815,522	$	27,262,087		704,759		6,815,522	$	27,966,846	$	34,782,368		6,453,152	Mar. 2018	(3)
Hamilton Linewt LLC Commercial 1031 Exchange Newton,Massachusetts	$	—	$	884,042	$	2,652,127	$	134,614	$	884,042	$	2,786,741	$	3,670,783	$	987,705	Nov. 2007	(3)
Hamilton Oaks Associates LLC Residential Apartments Brockton, Massachusetts	$	26,666,000	$	2,175,000	$	12,325,000	$	3,935,300	$	2,175,000	$	16,260,300	$	18,435,300	$	12,488,092	Dec. 1999	(3)
Highland Street Apartments, L.P. Residential Apartments Lowell, Massachusetts	$	3,960,000	$	156,000	$	634,085	$	390,383	$	156,000	$	1,024,468	$	1,180,468	$	772,127	Dec. 1996	(3)
Linhart L.P. Residential / Commercial Newton, Massachusetts	$	—	$	385,000	$	1,540,000	$	1,817,632	$	385,000	$	3,357,632	$	3,742,632	$	2,752,397	Jan. 1995	(3)
Mill Street Gardens, LLC Residential Apartments Woburn, Massachusetts	$	31,000,000	$	9,798,478	$	43,568,912		2,702,946		9,798,478	$	46,271,858	$	56,070,336		5,828,719	Dec. 2019	(3)
Mill Street Development, Woburn, Massachusetts	$	—	$	1,375,000	$	1,125,000		17,280		1,375,000	$	1,142,280	$	2,517,280		83,090	Dec. 2019	(3)
NERA Dean St. Associates LLC Residential Apartments Norwood, Massachusetts	$	5,687,000	$	1,512,000	$	5,701,480	$	1,274,463	$	1,512,000	$	6,975,943	$	8,487,943	$	4,819,975	Jun. 2002	(3)
North Beacon 140 L.P. Residential Apartments Boston, Massachusetts	$	12,683,000	$	936,000	$	3,762,013	$	2,538,548	$	936,000	$	6,300,561	$	7,236,561	$	5,450,762	July 1995	(3)
Olde English Apartments L.P. Residential Apartments Lowell, Massachusetts	$	9,608,000	$	46,181	$	878,323	$	1,057,115	$	46,181	$	1,935,438	$	1,981,619	$	1,395,205	Sept. 1977	(3)
Redwood Hills L.P. Residential Apartments Worcester,Massachusetts	$	17,105,000	$	1,200,000	$	4,810,604	$	5,188,284	$	1,200,000	$	9,998,888	$	11,198,888	$	7,292,620	July 1995	(3)
Residences at Captain Parkers LLC Residential Apartments Lexington, Massachusetts	$	20,750,000	$	6,247,153	$	24,954,777	$	545,146	$	6,247,153	$	25,499,923	$	31,747,076	$	6,969,892	Sept. 2015	(3)
River Drive L.P Residential Apartments Danvers, Massachusetts	$	9,543,000	$	72,525	$	587,777	$	1,061,129	$	72,525	$	1,648,906	$	1,721,431	$	1,018,631	Sept. 1977	(3)
Riverside Apartments Condominium Units Watertown Massachustts	$	—	$	23,346	$	190,807	$	146,281	$	23,346	$	337,088	$	360,434	$	265,663	Sept. 1977	(3)
School St Assoc LLC Residential Apartments Framingham, Massachusetts	$	13,343,384	$	4,686,728	$	18,746,911	$	(327,390)	$	4,686,728	$	18,419,521	$	23,106,249	$	11,938,523	Apr. 2003	(3)
WRF Associates LLC Strip Mall Framingham, Massachusetts	$	6,017,073	$	3,280,000	$	4,920,000	$	81,477	$	3,280,000	$	5,001,477	$	8,281,477	$	3,737,621	May 1999	(3)
WCB Associates LLC Residential Apartments Brockton, Massachusetts	$	19,266,000	$	1,335,000	$	7,565,501	$	2,439,034	$	1,335,000	$	10,004,535	$	11,339,535	$	7,717,406	Dec. 1999	(3)
Wesgate Apartments Burlington LLC Residential Apartments Burlington, Massachusetts	$	2,500,000	$	44,965	$	4,478,687	$	289,967	$	44,965	$	4,768,654	$	4,813,619	$	3,042,020	Sept. 2004	(3)
Westgate Apartments LLC Residential Apartments Woburn, Massachusetts	$	15,700,000	$	461,300	$	2,424,636	$	6,523,940	$	461,300	$	8,948,576	$	9,409,876	$	6,059,988	Sept. 1977	(3)
Woodland Park Apartments LLC Residential Apartments Newton Massachusetts	$	22,250,000	$	9,114,334	$	35,874,994	$	1,137,070	$	9,114,334	$	37,012,064	$	46,126,398	$	9,440,214	July 2017	(3)
	$	373,190,322	$	75,124,253	$	282,829,954	$	42,477,504	$	75,280,781	$	325,307,458	$	400,588,242	$	149,233,040

(1) The initial cost to the Partnerships represents both the balance of mortgages assumed in September 1977, including subsequent adjustments to such amounts, and subsequent acquisitions at cost.

(2) Net of retirements.

(3) In 2021, rental properties were depreciated over the following estimated useful lives:

Assets	Life
Buildings and Improvements	10	-	40	years
Other Categories of Assets	5	-	15	years

Schedule of reconciliation of rental properties and accumulated depreciation

	December 31,
	2021		2020		2019
Rental Properties
Balance, Beginning	$	398,629,793	$	398,554,000	$	337,902,411
Additions:
Buildings, improvements and other assets		3,317,445		3,240,408		62,267,137
		401,947,238		401,794,408		400,169,548
Deduct:
Write-offs of retired or disposed assets		1,358,996		3,164,615		1,615,548
Rental properties held for sale and/or sold
Balance, Ending	$	400,588,242	$	398,629,793	$	398,554,000
Accumulated Depreciation
Balance, Beginning	$	134,019,906	$	120,190,012	$	107,391,148
Add:
Depreciation for the year		16,572,131		16,994,509		14,414,411
		150,592,037		137,184,521		121,805,559
Deduct
Accumulated depreciation of retired or disposed assets		1,358,997		3,164,615		1,615,547
Balance, Ending	$	149,233,040	$	134,019,906	$	120,190,012