INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of future annual mortgage maturities

	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
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
6/30/2029		—		7,326,403		—		—		125,000,000		132,326,403
6/30/2030		—		—		—		—		—		—
Thereafter		—		—		6,000,000		23,589,000		—		29,589,000
		10,000,000		8,119,430		6,000,000		23,589,000		125,000,000		172,708,430
Less: unamortized deferred financing costs		(3,447)		(19,975)		(50,806)		(222,708)		(188,485)		(485,421)
	$	9,996,553	$	8,099,455	$	5,949,194	$	23,366,292	$	124,811,515	$	172,223,009

2025

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

Summary financial information at June 30, 2025

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	5,065,184		$	2,579,456		$	4,010,711		$	70,131		$	3,847,684		$	13,180,990		$	69,605,017		$	98,359,173
Cash & Cash Equivalents		1,364,311			67,004			65,073			14,483			479,150			588,855			5,210,740			7,789,616
Rent Receivable		197,025			65,560			15,696			—			3,888			36,070			149,279			467,518
Real Estate Tax Escrow		68,876			—			43,268			—			32,079			—			—			144,223
Prepaid Expenses & Other Assets		306,479			29,207			61,802			7			54,603			299,310			2,941,014			3,692,422
Total Assets	$	7,001,875		$	2,741,227		$	4,196,550		$	84,621		$	4,417,404		$	14,105,225		$	77,906,050		$	110,452,952
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,996,553		$	—		$	8,099,455		$	—		$	5,949,194		$	23,366,292		$	124,811,515		$	172,223,009
Accounts Payable & Accrued Expense		282,111			6,311			64,117			1,977			55,030			240,187			793,185			1,442,918
Advance Rental Pmts & Security Deposits		369,428			—			258,189			—			179,124			483,952			4,055,646			5,346,339
Total Liabilities		10,648,092			6,311			8,421,761			1,977			6,183,348			24,090,431			129,660,346			179,012,266
Partners’ Capital		(3,646,217)			2,734,916			(4,225,211)			82,644			(1,765,944)			(9,985,206)			(51,754,296)			(68,559,314)
Total Liabilities and Capital	$	7,001,875		$	2,741,227		$	4,196,550		$	84,621		$	4,417,404		$	14,105,225		$	77,906,050		$	110,452,952
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,367,458		$	—		$	41,322		$	—		$	—		$	—			1,408,780
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,823,109)		$	—		$	(2,112,606)		$	—		$	(882,972)		$	(4,992,603)		$	(20,701,718)			(30,513,007)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(29,104,227)
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 six months ended June 30, 2025

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	998,349	$	120,942	$	960,298	$	49,835	$	743,084	$	2,176,046	$	8,932,174	$	13,980,728
Laundry and Sundry Income		5,091						—		—		29,211		93,984		128,286
		1,003,440		120,942		960,298		49,835		743,084		2,205,257		9,026,158		14,109,014
Expenses
Administrative		15,191		2,011		21,560		2,876		16,369		48,363		143,595		249,965
Depreciation and Amortization		231,944		5,855		174,660		1,632		170,946		573,175		1,823,872		2,982,084
Management Fees		39,691		5,058		36,692		2,060		29,578		86,031		186,390		385,500
Operating		172,413		—		67,248		59		80,485		290,502		734,048		1,344,755
Renting		10,217		—		36,277		68		9,267		54,477		47,216		157,522
Repairs and Maintenance		84,844		—		68,790		—		61,422		295,861		737,244		1,248,161
Taxes and Insurance		148,755		34,773		95,999		9,737		80,492		240,454		1,429,725		2,039,935
		703,055		47,697		501,226		16,432		448,559		1,588,863		5,102,090		8,407,922
Income Before Other Income		300,385		73,245		459,072		33,403		294,525		616,394		3,924,068		5,701,092
Other Income (Loss)
Interest Expense		(344,358)		—		(164,862)		—		(117,222)		(660,946)		(2,539,706)		(3,827,094)
Interest Income		19,472		682		3,897		288		4,960		8,821		75,139		113,259
		(324,886)		682		(160,965)		288		(112,262)		(652,125)		(2,464,567)		(3,713,835)
Net (Loss) Income	$	(24,501)	$	73,927	$	298,107	$	33,691	$	182,263	$	(35,731)	$	1,459,503	$	1,987,257
Net (Loss) Income —NERA 50%	$	(12,250)	$	36,964	$	149,053	$	16,845	$	91,132	$	(17,866)				263,878
Net Income —NERA 40%													$	583,801		583,801
															$	847,679

2024

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

Summary financial information at June 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	$	5,246,865		$	2,581,946		$	4,308,810		$	73,395		$	4,054,581		$	12,884,525		$	71,900,948		$	101,051,070
Cash & Cash Equivalents		1,141,309			38,045			160,348			17,673			123,723			795,809			1,601,735			3,878,642
Rent Receivable		197,191			75,733			1,293			3,309			2,211			19,042			147,332			446,111
Real Estate Tax Escrow		81,453			—			31,596			—			29,661			191,490			—			334,200
Prepaid Expenses & Other Assets		351,532			41,042			110,132			1,038			71,628			363,109			3,413,479			4,351,960
Total Assets	$	7,018,350		$	2,736,766		$	4,612,179		$	95,415		$	4,281,804		$	14,253,975		$	77,063,494		$	110,061,983
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,982,764		$	—		$	8,337,358		$	—		$	5,941,010		$	16,897,325		$	124,746,893		$	165,905,350
Accounts Payable & Accrued Expense		136,741			2,000			70,945			3,545			68,813			190,892			722,878			1,195,814
Advance Rental Pmts& Security Deposits		374,170			—			307,229			—			176,456			537,218			4,124,873			5,519,946
Total Liabilities		10,493,675			2,000			8,715,532			3,545			6,186,279			17,625,435			129,594,644			172,621,110
Partners’ Capital		(3,475,325)			2,734,766			(4,103,353)			91,870			(1,904,475)			(3,371,460)			(52,531,150)			(62,559,127)
Total Liabilities and Capital	$	7,018,350		$	2,736,766		$	4,612,179		$	95,415			4,281,804		$	14,253,975		$	77,063,494		$	110,061,983
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,367,383		$	—		$	45,935		$			$			$			$	1,413,318
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,737,662)		$	—		$	(2,051,676)		$	—		$	(952,238)		$	(1,685,730)		$	(21,012,460)			(27,439,764)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(26,026,446)
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 six months ended June 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	$	918,853	$	120,942	$	891,084	$	51,633	$	711,617	$	2,057,301	$	8,529,299	$	13,280,729
Laundry and Sundry Income		6,344		—		(236)		—		—		25,244		95,538		126,890
		925,197		120,942		890,848		51,633		711,617		2,082,545		8,624,837		13,407,619
Expenses
Administrative		10,543		3,000		14,979		1,401		10,318		43,143		100,148		183,532
Depreciation and Amortization		231,911		5,855		172,796		1,632		166,005		533,325		1,837,161		2,948,685
Management Fees		37,186		4,132		34,954		2,068		28,309		82,234		180,292		369,175
Operating		176,997		—		41,384		(38)		64,776		244,472		750,508		1,278,099
Renting		7,634		—		9,776		63		9,691		56,737		52,816		136,717
Repairs and Maintenance		94,619		—		44,882		1,650		61,165		330,278		883,402		1,415,996
Taxes and Insurance		163,965		35,192		99,480		10,174		78,756		206,992		1,284,141		1,878,700
		722,855		48,179		418,251		16,950		419,020		1,497,181		5,088,468		8,210,904
Income Before Other Income		202,342		72,763		472,597		34,683		292,597		585,364		3,536,369		5,196,715
Other Income (Loss)
Interest Expense		(394,241)		—		(169,105)		—		(118,295)		(385,098)		(2,566,448)		(3,633,187)
Interest Income		21,250		1,190		4,629		418		5,463		22,651		45,289		100,890
Other income (Expense)		—		—		—		—		—		63,745		—		63,745
		(372,991)		1,190		(164,476)		418		(112,832)		(298,702)		(2,521,159)		(3,468,552)
Net Income (Loss)	$	(170,649)	$	73,953	$	308,121	$	35,101	$	179,765	$	286,662	$	1,015,210	$	1,728,163
Net Income (Loss)—NERA 50%	$	(85,324)	$	36,976	$	154,060	$	17,550	$	89,883	$	143,331				356,475
Net Income —NERA 40%													$	406,085		406,085
															$	762,560