INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of future annual mortgage maturities

	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
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
3/31/2028		—		271,979		—		—		—		271,979
3/31/2029		—		7,396,056		—		—		125,000,000		132,396,056
Thereafter		—		—		6,000,000		—		—		6,000,000
		10,000,000		8,423,671		6,000,000		16,900,000		125,000,000		166,323,671
Less: unamortized deferred financing costs		(20,684)		(28,298)		(61,035)		(6,688)		(269,263)		(385,968)
	$	9,979,316	$	8,395,373	$	5,938,965	$	16,893,312	$	124,730,737	$	165,937,703

2024

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

Summary financial information at March 31,2024

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	5,314,109		$	2,582,568		$	4,395,208		$	74,211		$	4,118,836		$	12,594,324		$	72,539,709		$	101,618,965
Cash & Cash Equivalents		1,226,034			58,242			118,521			19,844			267,322			1,218,033			2,566,642			5,474,638
Rent Receivable		170,515			77,243			537			3,715			254			20,744			121,564			394,572
Real Estate Tax Escrow		81,278			0			69,765			—			29,481			168,242			—			348,766
Prepaid Expenses & Other Assets		315,092			41,185			74,126			233			42,429			222,756			2,449,104			3,144,925
Total Assets	$	7,107,028		$	2,759,238		$	4,658,157		$	98,003		$	4,458,322		$	14,224,099		$	77,677,019		$	110,981,866
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,979,316		$	—		$	8,395,372		$	—		$	5,938,965		$	16,893,312			124,730,738		$	165,937,703
Accounts Payable & Accrued Expense		132,826			1,521			112,431			1,201			67,581			331,127			840,958			1,487,645
Advance Rental Pmts & Security Deposits		348,654			20,660			275,597			—			174,690			474,036			3,309,073			4,602,710
Total Liabilities		10,460,796			22,181			8,783,400			1,201			6,181,236			17,698,475			128,880,769			172,028,058
Partners’ Capital		(3,353,768)			2,737,057			(4,125,243)			96,802			(1,722,914)			(3,474,376)			(51,203,750)			(61,046,192)
Total Liabilities and Capital	$	7,107,028		$	2,759,238		$	4,658,157		$	98,003		$	4,458,322		$	14,224,099		$	77,677,019		$	110,981,866
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,368,529		$	—		$	48,401		$	—		$	—		$	—			1,416,930
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,676,884)		$	—		$	(2,062,622)		$	—		$	(861,457)		$	(1,737,188)		$	(20,481,500)			(26,819,651)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(25,402,721)
Total units/condominiums
Apartments		48			—			40			—			42			148			409			687
Commercial		1			1			—			1			—			—			—			3
Total		49			1			40			1			42			148			409			690

Summary of income statement relating to investment in unconsolidated joint ventures

Financial information for the three months ended March 31, 2024

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	468,478	$	60,471	$	443,756	$	26,889	$	351,447	$	1,008,232	$	4,348,009	$	6,707,282
Laundry and Sundry Income		2,776		—		6		—		—		12,664		45,430		60,876
		471,254		60,471		443,762		26,889		351,447		1,020,896		4,393,439		6,768,158
Expenses
Administrative		5,218		2,000		8,920		700		6,934		9,324		52,039		85,135
Depreciation and Amortization		115,844		2,927		86,398		816		82,733		261,252		913,751		1,463,721
Management Fees		20,426		2,479		17,417		1,062		14,230		40,191		91,881		187,686
Operating		83,040		—		25,865		(212)		45,574		134,402		438,302		726,971
Renting		1,239		—		4,095		18		5,529		27,586		32,392		70,859
Repairs and Maintenance		38,457		—		23,046		—		29,285		146,331		354,190		591,309
Taxes and Insurance		69,343		17,592		49,285		4,676		39,168		101,542		642,138		923,744
		333,567		24,998		215,026		7,060		223,453		720,628		2,524,693		4,049,425
Income Before Other Income		137,687		35,473		228,736		19,829		127,994		300,268		1,868,746		2,718,733
Other Income (Loss)
Interest Expense		(197,199)		—		(84,867)		—		(59,151)		(193,115)		(1,296,807)		(1,831,139)
Interest Income		10,421		772		2,361		205		2,483		12,850		20,674		49,766
Other Income		—		—		—		—		—		63,745		—		63,745
		(186,778)		772		(82,506)		205		(56,668)		(116,520)		(1,276,133)		(1,717,628)
Net (Loss) Income	$	(49,091)	$	36,245	$	146,230	$	20,034	$	71,326	$	183,748	$	592,613	$	1,001,105
Net (Loss) Income —NERA 50%	$	(24,546)	$	18,123	$	73,115	$	10,017	$	35,663	$	91,874				204,246
Net Income —NERA 40%													$	237,045		237,045
															$	441,291

2023

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

Summary financial information at March 31, 2023

				Hamilton								Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton		Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025		Apts			Apts			Park			Total
ASSETS
Rental Properties	$	5,721,864		$	2,585,058		$	4,727,451		$	77,475	$	4,402,156		$	13,223,620		$	75,278,758		$	106,016,382
Cash & Cash Equivalents		1,032,885			132,374			553,282			28,558		377,286			1,201,715			3,827,354			7,153,454
Rent Receivable		209,427			79,310			—			4,923		—			21,329			71,071			386,060
Real Estate Tax Escrow		70,066			—			62,888			—		39,192			135,371			—			307,517
Prepaid Expenses & Other Assets		301,295			50,371			70,323			229		22,867			213,731			2,283,781			2,942,597
Total Assets	$	7,335,537		$	2,847,113		$	5,413,944		$	111,185	$	4,841,501		$	14,795,766		$	81,460,964		$	116,806,010
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,965,527		$	—		$	8,621,745		$	—	$	5,930,781		$	16,877,261		$	124,666,115		$	166,061,429
Accounts Payable & Accrued Expense		141,973			43,750			337,102			22,181		266,363			785,701			2,161,658			3,758,728
Advance Rental Pmts& Security Deposits		335,457			19,866			283,654			—		178,024			455,924			3,002,957			4,275,882
Total Liabilities		10,442,957			63,616			9,242,501			22,181		6,375,168			18,118,886			129,830,730			174,096,039
Partners’ Capital		(3,107,420)			2,783,497			(3,828,557)			89,004		(1,533,667)			(3,323,120)			(48,369,766)			(57,290,029)
Total Liabilities and Capital	$	7,335,537		$	2,847,113		$	5,413,944		$	111,185		4,841,501		$	14,795,766		$	81,460,964		$	116,806,010
Partners’ Capital %—NERA		50	%		50	%		50	%		50		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,391,750		$	—		$	44,502	$	—		$	—		$	—		$	1,436,252
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,553,710)		$	—		$	(1,914,279)		$	—	$	(766,834)		$	(1,661,560)		$	(19,347,906)			(25,244,289)
Total Investment in Unconsolidated Joint Ventures (Net)																					$	(23,808,037)
Total units/condominiums
Apartments		48			—			40			0		42			148			409			687
Commercial		1			1			—			1		—			—			—			3
Total		49			1			40			1		42			148			409			690

Summary of income statement relating to investment in unconsolidated joint ventures

Financial information for the three months ended March 31, 2023

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	438,988	$	60,471	$	411,890	$	24,867	$	313,502	$	924,814	$	3,997,298	$	6,171,830
Laundry and Sundry Income		2,703		—		—		—		—		13,167		36,000		51,870
		441,691		60,471		411,890		24,867		313,502		937,981		4,033,298		6,223,700
Expenses
Administrative		4,740		750		3,469		921		3,875		12,705		48,007		74,467
Depreciation and Amortization		116,987		2,927		86,306		816		83,717		264,509		905,747		1,461,009
Management Fees		19,092		3,179		16,137		994		12,806		37,196		81,609		171,013
Operating		83,347		—		25,379		67		37,516		128,942		376,999		652,250
Renting		3,175		—		8,256		—		1,367		11,946		40,623		65,367
Repairs and Maintenance		54,468		—		24,210		—		20,934		153,454		317,975		571,041
Taxes and Insurance		70,934		15,457		47,175		4,500		35,358		132,372		623,574		929,370
		352,743		22,313		210,932		7,298		195,573		741,124		2,394,534		3,924,517
Income Before Other Income		88,948		38,158		200,958		17,569		117,929		196,857		1,638,764		2,299,183
Other Income (Loss)
Interest Expense		(172,313)		—		(86,958)		—		(58,750)		(187,378)		(1,263,273)		(1,768,672)
		(172,313)		—		(86,958)		—		(58,750)		(187,378)		(1,263,273)		(1,768,672)
Net Income (Loss)	$	(83,365)	$	38,158	$	114,000	$	17,569	$	59,179	$	9,479	$	375,491	$	530,511
																—
Net Income (Loss)—NERA 50%	$	(41,683)	$	19,078	$	56,999	$	8,785	$	29,590	$	4,740				77,508
Net Income —NERA 40%													$	150,196		150,196
															$	227,704