INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of future annual mortgage maturities

Future annual mortgage maturities at June 30, 2022 are as follows:

	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
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
6/30/2027				264,211		—		—		—		264,211
Thereafter		—		7,601,021		6,000,000		—		125,000,000		138,601,021
		10,000,000		8,825,661		6,000,000		16,900,000		125,000,000		166,725,661
Less: unamortized deferred financing costs		(44,814)		(39,951)		(75,357)		(34,778)		(382,353)		(577,253)
	$	9,955,186	$	8,785,710	$	5,924,643	$	16,865,222	$	124,617,647	$	166,148,408

2022

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

Summary financial information at June 30, 2022

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	6,045,672		$	2,586,925		$	4,897,693		$	79,923		$	4,581,892		$	13,896,435		$	77,385,213		$	109,473,753
Cash & Cash Equivalents		709,651			113,595			217,415			13,122			252,822			808,436			1,890,452			4,005,493
Rent Receivable		208,605			75,159			3,531			4,898			16,493			29,724			136,897			475,307
Real Estate Tax Escrow		73,643			—			34,630			—			29,447			70,172			—			207,892
Prepaid Expenses & Other Assets		319,717			56,859			118,903			630			26,635			176,283			2,792,920			3,491,947
Total Assets	$	7,357,288		$	2,832,538		$	5,272,172		$	98,573		$	4,907,289		$	14,981,050		$	82,205,482		$	117,654,392
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,955,186		$	—		$	8,785,710		$	—		$	5,924,643		$	16,865,222		$	124,617,647		$	166,148,408
Accounts Payable & Accrued Expense		105,777			1,713			64,101			2,064			53,140			168,858			702,566			1,098,219
Advance Rental Pmts & Security Deposits		282,378			—			303,449			—			195,781			455,979			3,825,600			5,063,187
Total Liabilities		10,343,341			1,713			9,153,260			2,064			6,173,564			17,490,059			129,145,813			172,309,814
Partners’ Capital		(2,986,053)			2,830,825			(3,881,088)			96,509			(1,266,275)			(2,509,009)			(46,940,331)			(54,655,422)
Total Liabilities and Capital	$	7,357,288		$	2,832,538		$	5,272,172		$	98,573		$	4,907,289		$	14,981,050		$	82,205,482		$	117,654,392
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,415,411		$	—		$	48,254		$	—		$	—		$	—			1,463,665
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,493,027)		$	—		$	(1,940,544)		$	—		$	(633,138)		$	(1,254,505)		$	(18,776,132)			(24,097,346)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(22,633,681)
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 six months ended June 30, 2022

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	760,751	$	175,371	$	714,821	$	50,122	$	598,537	$	1,806,118	$	7,120,130	$	11,225,850
Laundry and Sundry Income		5,394		—		125		—		776		17,150		49,593		73,038
		766,145		175,371		714,946		50,122		599,313		1,823,268		7,169,723		11,298,888
Expenses
Administrative		8,873		1,548		19,992		1,349		5,755		35,579		109,732		182,828
Depreciation and Amortization		238,779		5,855		173,191		1,632		168,403		537,314		1,865,883		2,991,057
Management Fees		37,096		7,526		28,109		2,053		23,529		72,517		152,670		323,500
Operating		119,220		—		36,715		1,165		75,203		191,826		581,751		1,005,880
Renting		14,065		—		17,206		—		7,014		25,580		72,674		136,539
Repairs and Maintenance		69,868		3,180		83,758		—		44,990		305,954		797,670		1,305,420
Taxes and Insurance		133,102		31,508		87,467		9,120		75,678		261,364		1,220,611		1,818,850
		621,003		49,617		446,438		15,319		400,572		1,430,134		4,800,991		7,764,074
Income Before Other Income		145,142		125,754		268,508		34,803		198,741		393,134		2,368,732		3,534,814
Other Income (Loss)
Interest Expense		(141,388)		—		(176,400)		—		(118,129)		(376,798)		(2,534,570)		(3,347,285)
		(141,388)		—		(176,400)		—		(118,129)		(376,798)		(2,534,570)		(3,347,285)
Net (Loss) Income	$	3,754	$	125,754	$	92,108	$	34,803	$	80,612	$	16,336	$	(165,838)	$	187,529
Net (Loss) Income —NERA 50%	$	1,877	$	62,878	$	46,054	$	17,402	$	40,306	$	8,168				176,685
Net Income —NERA 40%													$	(66,334)		(66,334)
															$	110,351

Financial information for the three months ended June 30, 2022

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	318,903	$	89,269	$	368,001	$	25,752	$	304,499	$	915,736	$	3,649,413	$	5,671,573
Laundry and Sundry Income		—		—		125		—		1,076		6,599		22,538		30,338
		318,903		89,269		368,126		25,752		305,575		922,335		3,671,951		5,701,911
Expenses
Administrative		4,099		798		8,468		699		3,404		11,059		54,214		82,741
Depreciation and Amortization		119,593		2,928		86,777		816		84,443		268,850		936,748		1,500,155
Management Fees		18,611		4,208		14,306		1,095		12,136		35,145		76,298		161,799
Operating		66,248		—		14,822		(8)		19,617		83,136		234,223		418,038
Renting		8,437		—		7,046		—		3,212		10,591		14,812		44,098
Repairs and Maintenance		34,939		3,180		29,226		—		28,777		172,036		442,881		711,039
Taxes and Insurance		66,641		15,518		43,744		4,712		37,950		130,695		610,745		910,005
		318,568		26,632		204,389		7,314		189,539		711,512		2,369,921		3,827,875
Income Before Other Income		335		62,637		163,737		18,438		116,036		210,823		1,302,030		1,874,036
Other Income (Loss)
Interest Expense		(79,158)		—		(87,963)		—		(59,390)		(189,421)		(1,271,425)		(1,687,357)
		(79,158)		—		(87,963)		—		(59,390)		(189,421)		(1,271,425)		(1,687,357)
Net Income (Loss)	$	(78,823)	$	62,637	$	75,774	$	18,438	$	56,646	$	21,402	$	30,605	$	186,679
Net Income (Loss)—NERA 50%	$	(39,411)	$	31,319	$	37,888	$	9,219	$	28,324	$	10,702				78,041
Net Income —NERA 40%													$	12,242		12,242
															$	90,283

2021

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

				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		—			—			—			—			—			—			—			—
Units sold through August 1, 2021		—			—			—			175			—			—			—			175
Unsold units		—			—			—			—			—			—			—			—

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)
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 —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 —NERA 40%													$	(202,959)		(202,959)
															$	(238,424)