INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of future annual mortgage maturities

Future annual mortgage maturities at March 31, 2022 are as follows:

	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
3/31/2023	$	—	$	224,199	$	—	$	—	$	—	$	224,199
3/31/2024		—		233,032		—		—		—		233,032
3/31/2025		—		242,212		—		16,900,000		—		17,142,212
3/31/2026		10,000,000		251,753		—				—		10,251,753
3/31/2027				261,671		—		—		—		261,671
Thereafter		—		7,668,034		6,000,000		—		125,000,000		138,668,034
		10,000,000		8,880,901		6,000,000		16,900,000		125,000,000		166,780,901
Less: unamortized deferred financing costs		(48,262)		(41,615)		(77,402)		(38,791)		(398,508)		(604,578)
	$	9,951,738	$	8,839,286	$	5,922,598	$	16,861,209	$	124,601,492	$	166,176,323

2022

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

Summary financial information at March 31, 2022

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	6,158,533		$	2,587,547		$	4,984,470		$	80,739		$	4,623,273		$	14,069,945		$	78,062,415		$	110,566,922
Assets Held for Sale																							0
Cash & Cash Equivalents		579,073			112,861			150,018			9,501			202,934			676,290			2,360,219			4,090,896
Rent Receivable		218,440			71,993			5,694			6,525			18,702			24,636			97,827			443,817
Real Estate Tax Escrow		74,171			—			68,049			—			32,369			88,464			—			263,053
Prepaid Expenses & Other Assets		297,060			59,537			104,028			207			17,181			190,308			2,057,455			2,725,776
Financing & Leasing Fees		—			—			—			—			—			—			—			—
Total Assets	$	7,327,277		$	2,831,938		$	5,312,259		$	96,972		$	4,894,459		$	15,049,643		$	82,577,916		$	118,090,464
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,951,738		$	—		$	8,839,286		$	—		$	5,922,598		$	16,861,209		$	124,601,492		$	166,176,323
Accounts Payable & Accrued Expense		72,582			3,750			94,711			3,901			75,931			186,788			792,148			1,229,811
Advance Rental Pmts & Security Deposits		210,186			—			235,125			—			158,851			432,060			2,655,212			3,691,434
Total Liabilities		10,234,506			3,750			9,169,122			3,901			6,157,380			17,480,057			128,048,852			171,097,568
Partners’ Capital		(2,907,229)			2,828,188			(3,856,863)			93,071			(1,262,921)			(2,430,414)			(45,470,936)			(53,007,104)
Total Liabilities and Capital	$	7,327,277		$	2,831,938		$	5,312,259		$	96,972		$	4,894,459		$	15,049,643		$	82,577,916		$	118,090,464
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,414,094		$	—		$	46,536		$	—		$	—		$	—			1,460,630
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,453,616)		$	—		$	(1,928,433)		$	—		$	(631,462)		$	(1,215,208)		$	(18,188,375)			(23,417,093)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(21,956,463)
Total units/condominiums
Apartments		48			—			40			175			42			148			409			687
Commercial		1			1			—			1			—			—			—			3
Total		49			1			40			176			42			148			409			690
Units to be retained		49			1			40			1			42			148			409			690
Units to be sold		—			—			—			—			—			—			—			—
Units sold through May 1, 2022		—			—			—			175			—			—			—			175
Unsold units		—			—			—			—			—			—			—			—

Financial information for the three months ended March 31, 2022

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	441,716	$	86,103	$	346,820	$	24,369	$	293,738	$	890,382	$	3,470,717	$	5,553,845
Laundry and Sundry Income		5,526		—		—		—		—		10,551		27,055		43,132
		447,242		86,103		346,820		24,369		293,738		900,933		3,497,772		5,596,977
Expenses
Administrative		4,774		750		11,524		651		2,350		24,520		55,517		100,086
Depreciation and Amortization		119,185		2,927		86,413		816		83,960		268,464		929,135		1,490,900
Management Fees		18,485		3,317		13,803		958		11,393		37,373		76,371		161,700
Operating		52,973		—		21,893		1,172		55,585		108,690		347,529		587,842
Renting		5,627		—		10,160		—		3,802		14,989		57,861		92,439
Repairs and Maintenance		34,929		—		54,531		—		16,213		133,918		354,789		594,380
Taxes and Insurance		66,461		15,990		43,724		4,408		37,727		130,669		609,866		908,845
		302,434		22,984		242,048		8,005		211,030		718,623		2,431,068		3,936,192
Income Before Other Income		144,808		63,119		104,772		16,364		82,708		182,310		1,066,704		1,660,785
Other Income (Loss)
Interest Expense		(62,230)		—		(88,437)		—		(58,739)		(187,378)		(1,263,146)		(1,659,930)
Interest Income		—		—		—		—		—		—				—
		(62,230)		—		(88,437)		—		(58,739)		(187,378)		(1,263,146)		(1,659,930)
Net (Loss) Income	$	82,578	$	63,119	$	16,335	$	16,364	$	23,969	$	(5,068)	$	(196,442)	$	855
Net (Loss) Income —NERA 50%	$	41,289	$	31,559	$	8,168	$	8,182	$	11,985	$	(2,535)				98,647
Net Income —NERA 40%													$	(78,578)		(78,578)
															$	20,069

2021

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

Summary financial information at March 31, 2021

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	6,583,704		$	2,590,036		$	5,289,712		$	84,003		$	4,914,411		$	14,982,149		$	80,053,070		$	114,497,085
Assets Held for Sale																							0
Cash & Cash Equivalents		66,579			40,821			139,721			6,435			132,455			574,605			2,564,784			3,525,400
Rent Receivable		31,379			—			35,916			11,669			9,749			49,425			447,666			585,804
Real Estate Tax Escrow		74,083			—			54,505			—			38,883			113,702			—			281,173
Prepaid Expenses & Other Assets		274,840			75,119			85,816			191			15,187			177,044			1,400,615			2,028,812
Total Assets	$	7,030,585		$	2,705,976		$	5,605,670		$	102,298		$	5,110,685		$	15,896,925		$	84,466,135		$	120,918,274
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,937,949		$	—		$	9,048,329		$	—		$	5,914,414		$	16,845,158		$	124,536,869		$	166,282,719
Accounts Payable & Accrued Expense		66,760			4,000			106,469			3,225			75,274			172,092			722,157			1,149,977
Advance Rental Pmts& Security Deposits		102,170			—			214,146			—			136,840			424,300			2,083,729			2,961,185
Total Liabilities		10,106,879			4,000			9,368,944			3,225			6,126,528			17,441,550			127,342,755			170,393,881
Partners’ Capital		(3,076,294)			2,701,976			(3,763,274)			99,073			(1,015,843)			(1,544,625)			(42,876,620)			(49,475,607)
Total Liabilities and Capital	$	7,030,585		$	2,705,976		$	5,605,670		$	102,298			5,110,685		$	15,896,925		$	84,466,135		$	120,918,274
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,350,988		$	—		$	49,536		$			$			$			$	1,400,524
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,538,147)		$	—		$	(1,881,637)		$	—		$	(507,922)		$	(772,313)		$	(17,150,648)			(21,850,666)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(20,450,142)
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		—			—			—			—			—			—			—			—
Units sold through February 1, 2021		—			—			—			175			—			—			—			175
Unsold units		—			—			—			—			—			—			—			—

Financial information for the three months ended March 31, 2021

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	230,217	$	—	$	333,093	$	24,369	$	284,524	$	816,812	$	3,069,883	$	4,758,898
Laundry and Sundry Income		3,013		—		112		—		1,276		8,777		26,152		39,330
		233,230		—		333,205		24,369		285,800		825,589		3,096,035		4,798,228
Expenses
Administrative		14,556		853		4,803		714		3,583		20,219		46,851		91,579
Depreciation and Amortization		118,942		5,074		85,345		816		84,025		269,915		924,560		1,488,677
Management Fees		5,260		—		12,412		628		11,296		32,375		65,278		127,249
Operating		29,432		—		13,521		91		34,596		124,933		298,094		500,667
Renting		32,784		—		14,328		—		360		30,760		84,955		163,187
Repairs and Maintenance		52,547		—		23,278		—		19,405		122,446		452,895		670,571
Taxes and Insurance		65,539		14,885		43,670		4,797		34,976		110,134		597,786		871,787
		319,060		20,812		197,357		7,046		188,241		710,782		2,470,419		3,913,717
Income Before Other Income		(85,830)		(20,812)		135,848		17,323		97,559		114,807		625,616		884,511
Other Income (Loss)
Interest Expense		(61,312)		—		(90,643)		—		(58,625)		(187,378)		(1,264,708)		(1,662,666)
		(61,312)		—		(90,643)		—		(58,625)		(187,378)		(1,264,708)		(1,662,666)
Net Income (Loss)	$	(147,142)	$	(20,812)	$	45,205	$	17,324	$	38,934	$	(72,571)	$	(639,092)	$	(778,155)
Net Income (Loss)—NERA 50%	$	(73,571)	$	(10,406)	$	22,602	$	8,661	$	19,466	$	(36,286)				(69,534)
Net Income —NERA 40%													$	(255,636)		(255,636)
															$	(325,170)