INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of future annual mortgage maturities

	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
9/30/2025	$	10,000,000	$	246,936	$	—	$	—	$	—	$	10,246,936
9/30/2026		—		256,664		—		—		—		256,664
9/30/2027		—		266,775		—		—		—		266,775
9/30/2028		—		7,533,359		—		—		125,000,000		132,533,359
9/30/2029		—		—		—		—		—		—
Thereafter		—		—		6,000,000		23,589,000		—		29,589,000
		10,000,000		8,303,734		6,000,000		23,589,000		125,000,000		172,892,734
Less: unamortized deferred financing costs		(13,789)		(24,969)		(56,944)		(240,930)		(236,951)		(573,583)
	$	9,986,211	$	8,278,765	$	5,943,056	$	23,348,070	$	124,763,049	$	172,319,151

2024

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

Summary financial information at September 30, 2024

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	5,156,533		$	2,581,323		$	4,234,113		$	72,579		$	3,977,260		$	13,619,389		$	71,377,601		$	101,018,798
Cash & Cash Equivalents		1,325,418			62,274			103,930			17,234			81,885			2,796,390			1,621,908			6,009,039
Rent Receivable		189,026			74,223			2,057			2,482			7,656			36,654			42,643			354,741
Real Estate Tax Escrow		78,201			—			71,866			—			29,531			—			—			179,598
Prepaid Expenses & Other Assets		335,724			38,022			100,024			769			67,481			280,877			2,672,293			3,495,190
Total Assets	$	7,084,902		$	2,755,842		$	4,511,990		$	93,064		$	4,163,813		$	16,733,310		$	75,714,445		$	111,057,366
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,986,211		$	—		$	8,278,765		$	—		$	5,943,056		$	23,348,070		$	124,763,049		$	172,319,151
Accounts Payable & Accrued Expense		330,733			3,000			126,680			2,604			62,619			257,732			709,139			1,492,507
Advance Rental Pmts & Security Deposits		366,000			—			262,862			—			165,213			492,520			3,212,838			4,499,433
Total Liabilities		10,682,944			3,000			8,668,307			2,604			6,170,888			24,098,322			128,685,026			178,311,091
Partners’ Capital		(3,598,042)			2,752,842			(4,156,317)			90,460			(2,007,075)			(7,365,012)			(52,970,581)			(67,253,725)
Total Liabilities and Capital	$	7,084,902		$	2,755,842		$	4,511,990		$	93,064		$	4,163,813		$	16,733,310		$	75,714,445		$	111,057,366
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,376,421		$	—		$	45,230		$	—		$	—		$	—			1,421,651
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,799,020)		$	—		$	(2,078,158)		$	—		$	(1,003,538)		$	(3,682,506)		$	(21,188,233)			(29,751,455)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(28,329,804)
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 nine months ended September 30, 2024

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	1,417,322	$	181,413	$	1,346,589	$	77,243	$	1,076,051	$	3,094,579	$	12,738,225	$	19,931,422
Laundry and Sundry Income		9,399		—		(236)		—		—		36,929		132,418		178,510
		1,426,721		181,413		1,346,353		77,243		1,076,051		3,131,508		12,870,643		20,109,932
Expenses
Administrative		16,359		4,000		22,547		2,101		14,383		57,765		148,131		265,286
Depreciation and Amortization		350,002		8,782		259,392		2,448		250,158		807,037		2,772,916		4,450,735
Management Fees		57,488		6,611		52,909		3,126		42,829		130,703		269,853		563,519
Operating		319,903		—		59,664		86		84,517		347,123		1,022,506		1,833,799
Renting		33,103		—		22,016		93		13,556		87,951		104,549		261,268
Repairs and Maintenance		168,259		—		99,452		1,650		103,900		530,985		1,618,100		2,522,346
Taxes and Insurance		213,584		51,471		149,378		14,677		118,953		330,930		1,977,123		2,856,116
		1,158,698		70,864		665,358		24,181		628,296		2,292,494		7,913,178		12,753,069
Income Before Other Income		268,023		110,549		680,995		53,062		447,755		839,014		4,957,465		7,356,863
Other Income (Loss)
Interest Expense		(593,920)		—		(252,874)		—		(178,044)		(633,432)		(3,859,011)		(5,517,281)
Interest Income		32,532		1,480		7,035		629		7,454		44,590		77,327		171,047
Other income (Expense)				—				—				42,938				42,938
		(561,388)		1,480		(245,839)		629		(170,590)		(545,904)		(3,781,684)		(5,303,296)
Net (Loss) Income	$	(293,365)	$	112,029	$	435,156	$	53,691	$	277,165	$	293,110	$	1,175,781	$	2,053,567
Net (Loss) Income —NERA 50%	$	(146,682)	$	56,015	$	217,578	$	26,846	$	138,583	$	146,555				438,894
Net Income —NERA 40%													$	470,313		470,313
															$	909,207

Financial information for the three months ended September 30, 2024

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	498,469	$	60,471	$	455,505	$	25,610	$	364,435	$	1,037,278	$	4,208,926	$	6,650,694
Laundry and Sundry Income		3,054		—		—		—		—		11,685		36,881		51,620
		501,523		60,471		455,505		25,610		364,435		1,048,963		4,245,807		6,702,314
Expenses
Administrative		5,816		1,000		7,568		700		4,065		35,429		47,983		102,561
Depreciation and Amortization		118,091		2,927		86,596		816		84,153		273,712		935,756		1,502,051
Management Fees		20,302		2,479		17,955		1,057		14,520		48,469		89,561		194,343
Operating		142,906		—		18,280		123		19,741		102,651		272,000		555,701
Renting		25,469		—		12,241		30		3,865		31,214		51,733		124,552
Repairs and Maintenance		73,640		—		54,569		—		42,734		200,707		734,698		1,106,348
Taxes and Insurance		49,619		16,279		49,898		4,503		40,197		123,938		692,982		977,416
		435,843		22,685		247,107		7,229		209,275		816,120		2,824,713		4,562,972
Income Before Other Income		65,680		37,786		208,398		18,381		155,160		232,843		1,421,094		2,139,342
Other Income (Loss)
Interest Expense		(199,679)		—		(83,768)		—		(59,749)		(248,334)		(1,292,563)		(1,884,093)
Interest Income		11,282		290		2,406		211		1,991		21,940		32,037		70,157
		(188,397)		290		(81,362)		211		(57,758)		(226,394)		(1,260,526)		(1,813,936)
Net Income (Loss)	$	(122,717)	$	38,076	$	127,036	$	18,592	$	97,402	$	6,449	$	160,568	$	325,406
Net Income (Loss)—NERA 50%	$	(61,359)	$	19,038	$	63,518	$	9,296	$	48,701	$	3,226				82,420
Net Income —NERA 40%													$	64,227		64,227
															$	146,647

2023

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

Summary financial information at September 30, 2023

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	5,517,486		$	2,583,813		$	4,567,358		$	75,843		$	4,261,249		$	12,742,373		$	73,786,757		$	103,534,879
Cash & Cash Equivalents		1,044,888			73,383			112,129			16,328			404,742			902,251			1,593,551			4,147,272
Rent Receivable		197,549			80,264			3,272			4,526			1,890			22,244			114,086			423,831
Real Estate Tax Escrow		70,897			—			66,029			—			40,477			139,457			—			316,860
Prepaid Expenses & Other Assets		331,025			47,178			94,692			777			54,728			233,231			2,501,688			3,263,319
Total Assets	$	7,161,845		$	2,784,638		$	4,843,480		$	97,474		$	4,763,086		$	14,039,556		$	77,996,082		$	111,686,161
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,972,422		$	—		$	8,509,683		$	—		$	5,934,873		$	16,885,286		$	124,698,426		$	166,000,690
Accounts Payable & Accrued Expense		162,273			2,250			111,162			2,739			103,267			192,429			801,974			1,376,094
Advance Rental Pmts& Security Deposits		354,788			—			277,672			612			183,421			492,006			2,975,056			4,283,555
Total Liabilities		10,489,483			2,250			8,898,517			3,351			6,221,561			17,569,721			128,475,456			171,660,339
Partners’ Capital		(3,327,638)			2,782,388			(4,055,037)			94,123			(1,458,475)			(3,530,165)			(50,479,374)			(59,974,178)
Total Liabilities and Capital	$	7,161,845		$	2,784,638		$	4,843,480		$	97,474			4,763,086		$	14,039,556		$	77,996,082		$	111,686,161
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,391,194		$	—		$	47,061		$			$			$			$	1,438,255
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,663,819)		$	—		$	(2,027,519)		$	—		$	(729,238)		$	(1,765,082)		$	(20,191,749)			(26,377,405)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(24,939,150)
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 nine months ended September 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	$	1,305,180	$	181,413	$	1,265,519	$	73,989	$	977,459	$	2,877,609	$	12,087,700	$	18,768,869
Laundry and Sundry Income		807		—		115		—		—		11,298		92,735		104,955
		1,305,987		181,413		1,265,634		73,989		977,459		2,888,907		12,180,435		18,873,824
Expenses
Administrative		14,957		2,278		23,617		2,600		12,622		59,441		181,971		297,486
Depreciation and Amortization		352,019		8,782		259,744		2,448		253,492		796,968		2,748,175		4,421,628
Management Fees		52,475		7,183		49,489		3,000		39,269		113,643		248,873		513,932
Operating		228,886		—		70,775		218		93,771		329,701		963,365		1,686,716
Renting		55,933		—		34,840		—		5,596		38,553		98,487		233,409
Repairs and Maintenance		140,557		—		127,427		—		77,035		499,894		1,513,141		2,358,054
Taxes and Insurance		211,209		46,119		143,274		13,037		108,611		395,153		1,951,235		2,868,638
		1,056,036		64,362		709,166		21,303		590,396		2,233,353		7,705,247		12,379,863
Income Before Other Income		249,951		117,051		556,468		52,686		387,063		655,554		4,475,188		6,493,961
Other Income (Loss)
Interest Expense		(553,535)		—		(258,949)		—		(177,694)		(593,120)		(3,779,306)		(5,362,604)
		(553,535)		—		(258,949)		—		(177,694)		(593,120)		(3,779,306)		(5,362,604)
Net Income (Loss)	$	(303,584)	$	117,051	$	297,519	$	52,686	$	209,369	$	62,434	$	695,882	$	1,131,357
Net Income (Loss)—NERA 50%	$	(151,792)	$	58,527	$	148,760	$	26,343	$	104,685	$	31,217				217,739
Net Income —NERA 40%													$	278,353		278,353
															$	496,092

Financial information for the three months ended September 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	$	450,353	$	60,471	$	431,453	$	24,255	$	338,729	$	986,514	$	4,071,737	$	6,363,512
Laundry and Sundry Income		2,418		—		168		—		—		16,329		44,302		63,217
		452,771		60,471		431,621		24,255		338,729		1,002,843		4,116,039		6,426,729
Expenses
Administrative		4,426		778		10,574		729		3,140		20,469		68,852		108,968
Depreciation and Amortization		117,886		2,927		86,878		816		85,184		266,962		926,902		1,487,555
Management Fees		18,730		2,416		16,856		1,011		13,606		39,514		87,897		180,030
Operating		78,368		—		13,741		75		25,399		105,437		309,700		532,720
Renting		24,988		—		16,641		—		4,023		14,099		30,728		90,479
Repairs and Maintenance		44,602		—		64,889		—		32,802		163,163		618,245		923,701
Taxes and Insurance		69,964		15,438		48,988		4,333		38,211		132,214		680,016		989,164
		358,964		21,559		258,567		6,964		202,365		741,858		2,722,340		4,312,617
Income Before Other Income		93,807		38,912		173,054		17,291		136,364		260,985		1,393,699		2,114,112
Other Income (Loss)
Interest Expense		(194,683)		—		(85,476)		—		(59,586)		(192,376)		(1,257,252)		(1,789,373)
		(194,683)		—		(85,476)		—		(59,586)		(192,376)		(1,257,252)		(1,789,373)
Net Income (Loss)	$	(100,876)	$	38,912	$	87,578	$	17,291	$	76,778	$	68,609	$	136,447	$	324,739
Net Income (Loss)—NERA 50%	$	(50,439)	$	19,456	$	43,789	$	8,645	$	38,390	$	34,305				94,145
Net Income —NERA 40%													$	54,578		54,578
															$	148,723