INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of future annual mortgage maturities

	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
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
6/30/2028		—		274,619		—		—		—		274,619
Thereafter		—		7,326,402		6,000,000		—		125,000,000		138,326,402
		10,000,000		8,599,285		6,000,000		16,900,000		125,000,000		166,499,285
Less: unamortized deferred financing costs		(31,025)		(33,292)		(67,173)		(18,726)		(317,730)		(467,946)
	$	9,968,975	$	8,565,993	$	5,932,827	$	16,881,274	$	124,682,270	$	166,031,339

2023

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	$	5,614,141		$	2,584,435		$	4,650,472		$	76,659		$	4,324,746		$	12,985,301		$	74,525,027		$	104,760,781
Cash & Cash Equivalents		997,622			60,182			374,750			16,853			251,310			611,236			2,088,673			4,400,626
Rent Receivable		211,562			80,184			—			4,931			2,589			9,044			140,146			448,456
Real Estate Tax Escrow		67,281			—			23,412			—			43,542			139,831			—			274,066
Prepaid Expenses & Other Assets		326,548			50,175			104,393			1,049			42,306			248,929			2,635,666			3,409,066
Total Assets	$	7,217,154		$	2,774,976		$	5,153,027		$	99,492		$	4,664,493		$	13,994,341		$	79,389,512		$	113,292,995
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,968,975		$	—		$	8,565,993		$	—		$	5,932,827		$	16,881,274		$	124,682,270		$	166,031,339
Accounts Payable & Accrued Expense		165,149			1,500			124,185			2,660			74,550			196,773			816,401			1,381,218
Advance Rental Pmts & Security Deposits		309,790			—			335,465			—			192,370			515,070			3,506,661			4,859,356
Total Liabilities		10,443,914			1,500			9,025,643			2,660			6,199,747			17,593,117			129,005,332			172,271,913
Partners’ Capital		(3,226,760)			2,773,476			(3,872,616)			96,832			(1,535,254)			(3,598,776)			(49,615,820)			(58,978,918)
Total Liabilities and Capital	$	7,217,154		$	2,774,976		$	5,153,027		$	99,492		$	4,664,493		$	13,994,341		$	79,389,512		$	113,292,995
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,386,738		$	—		$	48,416		$	—		$	—		$	—			1,435,154
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,613,380)		$	—		$	(1,936,308)		$	—		$	(767,627)		$	(1,799,388)		$	(19,846,328)			(25,963,031)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(24,527,877)
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 August 1, 2023		—			—			—			175			—			—			—			175
Unsold units		—			—			—			—			—			—			—			—

Summary of income statement relating to investment in unconsolidated joint ventures

Financial information for the six months ended June 30, 2023

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	850,177	$	120,942	$	834,013	$	49,735	$	638,730	$	1,886,063	$	8,015,963	$	12,395,623
Laundry and Sundry Income		3,040		—		—		—		—		—		48,433		51,473
		853,217		120,942		834,013		49,735		638,730		1,886,063		8,064,396		12,447,096
Expenses
Administrative		10,531		1,500		13,043		1,871		9,482		38,973		113,118		188,518
Depreciation and Amortization		234,133		5,855		172,866		1,632		168,308		530,006		1,821,273		2,934,073
Management Fees		33,744		4,768		32,632		1,989		25,663		74,129		160,975		333,900
Operating		150,518		—		57,035		142		68,372		224,264		653,665		1,153,996
Renting		30,945		—		18,200		—		1,573		24,455		67,759		142,932
Repairs and Maintenance		95,955		—		62,538		—		44,233		336,730		894,898		1,434,354
Taxes and Insurance		141,245		30,681		94,286		8,704		70,400		262,939		1,271,219		1,879,474
		697,071		42,804		450,600		14,338		388,031		1,491,496		4,982,907		8,067,247
Income Before Other Income		156,146		78,138		383,413		35,397		250,699		394,567		3,081,489		4,379,849
Other Income (Loss)
Interest Expense		(358,852)		—		(173,474)		—		(118,108)		(400,743)		(2,522,054)		(3,573,231)
		(358,852)		—		(173,474)		—		(118,108)		(400,743)		(2,522,054)		(3,573,231)
Net (Loss) Income	$	(202,706)	$	78,138	$	209,939	$	35,397	$	132,591	$	(6,176)	$	559,435	$	806,618
Net (Loss) Income —NERA 50%	$	(101,353)	$	39,070	$	104,970	$	17,699	$	66,296	$	(3,088)				123,593
Net Income —NERA 40%													$	223,774		223,774
															$	347,368

Financial information for the three months ended June 30, 2023

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	411,189	$	60,471	$	422,123	$	24,867	$	325,228	$	963,511	$	4,018,665	$	6,226,054
Laundry and Sundry Income		337		—		—		—		—		(15,429)		12,433		(2,659)
		411,526		60,471		422,123		24,867		325,228		948,082		4,031,098		6,223,395
Expenses
Administrative		5,791		750		9,574		951		5,607		26,269		65,111		114,053
Depreciation and Amortization		117,146		2,928		86,560		816		84,591		265,496		915,526		1,473,063
Management Fees		14,652		1,589		16,495		994		12,857		36,933		79,366		162,886
Operating		67,170		—		31,655		75		30,856		95,322		276,666		501,744
Renting		27,770		—		9,943		—		205		12,509		27,136		77,563
Repairs and Maintenance		41,487		—		38,327		—		23,299		183,276		576,924		863,313
Taxes and Insurance		70,311		15,224		47,111		4,203		35,042		130,566		647,645		950,102
		344,327		20,491		239,665		7,039		192,457		750,371		2,588,374		4,142,724
Income Before Other Income		67,199		39,980		182,458		17,828		132,771		197,711		1,442,724		2,080,671
Other Income (Loss)
Interest Expense		(186,539)		—		(86,515)		—		(59,358)		(213,366)		(1,258,781)		(1,804,559)
		(186,539)		—		(86,515)		—		(59,358)		(213,366)		(1,258,781)		(1,804,559)
Net Income (Loss)	$	(119,340)	$	39,980	$	95,943	$	17,828	$	73,413	$	(15,655)	$	183,943	$	276,112
Net Income (Loss)—NERA 50%	$	(59,670)	$	19,990	$	47,972	$	8,914	$	36,708	$	(7,827)				46,087
Net Income —NERA 40%													$	73,577		73,577
															$	119,664

2022

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	$	6,045,672		$	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			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, 2022		—			—			—			175			—			—			—			175
Unsold units		—			—			—			—			—			—			—			—

Summary of income statement relating to investment in unconsolidated joint ventures

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)
Other Income		—		—		—		—		—		—		—		—
		(141,388)		—		(176,400)		—		(118,129)		(376,798)		(2,534,570)		(3,347,285)
Net Income (Loss)	$	3,754	$	125,754	$	92,108	$	34,803	$	80,612	$	16,336	$	(165,838)	$	187,529
Net Income (Loss)—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)
Other Income		—		—		—		—		—		—		—		—
		(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