INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2013

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Summary of financial position relating to investment in unconsolidated joint ventures

Summary financial information for the year ended December 31, 2013

	Hamilton Essex 81			Hamilton Essex Development			345 Franklin			Hamilton 1025			Hamilton Bay Sales			Hamilton Bay Apts			Hamilton Minuteman Apts			Hamilton on Main Apts			Dexter Park			Total
ASSETS
Rental Properties	$	8,764,215		$	2,624,325		$	7,494,954		$	5,389,763		$	1,766,132		$	6,680,834		$	6,778,029		$	20,253,587		$	102,120,964		$	161,872,803
Cash & Cash Equivalents		30,360			35,644			78,691			9,085			36,423			17,861			33,921			189,004			961,622			1,392,611
Rent Receivable		31,426			—			1,512			7,970			1,251			2,766			—			5,697			91,701			142,324
Real Estate Tax Escrow		101,395			—			16,970			80,767			—			45,679			41,268			72,308			427,084			785,470
Prepaid Expenses & Other Assets		77,141			555			36,979			44,737			101,507			31,435			50,721			322,667			1,529,591			2,195,335
Financing & Leasing Fees		46,630			14,097			96,548			14,619			—			19,881			11,981			7,716			340,362			551,834
Total Assets	$	9,051,167		$	2,674,621		$	7,725,654		$	5,546,941		$	1,905,314		$	6,798,456		$	6,915,919		$	20,850,980		$	105,471,324		$	166,940,376
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	$	8,234,548		$	2,041,146		$	10,000,000		$	4,869,583		$	—		$	4,639,848		$	5,362,109		$	15,317,643		$	87,410,638		$	137,875,517
Accounts Payable & Accrued Expense		44,299			6,084			60,638			50,279			16,993			7,570			73,289			290,008			944,140			1,493,299
Advance Rental Pmts& Security Deposits		167,143			—			169,709			92,057			24,687			85,413			74,615			291,825			2,121,509			3,026,957
Total Liabilities		8,445,990			2,047,230			10,230,346			5,011,919			41,680			4,732,831			5,510,013			15,899,477			90,476,287			142,395,772
Partners' Capital		605,177			627,391			(2,504,692	)		535,022			1,863,634			2,065,625			1,405,906			4,951,504			14,995,037			24,544,604
Total Liabilities and Capital	$	9,051,167		$	2,674,621		$	7,725,654		$	5,546,941		$	1,905,314		$	6,798,456		$	6,915,919		$	20,850,980		$	105,471,324		$	166,940,376
Partners' Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	302,589		$	313,695		$	—		$	267,511		$	931,817		$	1,032,812		$	702,953		$	2,475,752		$	5,998,015			12,025,144
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	—		$	—		$	(1,252,346	)	$	—		$	—		$	—		$	—		$	—		$	—			(1,252,346	)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	10,772,798
Total units/condominiums
Apartments		48			—			40			175			120			48			42			148			409			1,030
Commercial		1			1			—			1			—			—			—			—			—			3
Total		49			1			40			176			120			48			42			148			409			1,033
Units to be retained		49			1			40			49			—			48			42			148			409			786
Units to be sold		—			—			—			127			120			—			—			—			—			247
Units sold through February 1, 2014		—			—			—			127			105			—			—			—			—			232
Unsold units		—			—			—			—			15			—			—			—			—			15
Unsold units with deposits for future sale as of February 1, 2014		—			—			—			—			—			—			—			—			—			—

Summary financial information for the year ended December 31, 2012

	Hamilton Essex 81			Hamilton Essex Development			345 Franklin			Hamilton 1025			Hamilton Bay Sales			Hamilton Bay Apts			Hamilton Minuteman Apts			Hamilton on Main Apts			Dexter Park			Total
ASSETS
Rental Properties	$	9,103,858		$	2,610,574		$	7,885,745		$	5,621,970		$	1,844,219		$	6,975,854		$	7,020,471		$	21,148,813		$	107,496,918		$	169,708,422
Cash & Cash Equivalents		27,848			20,214			3,533			2,706			20,695			62,473			44,170			103,990			941,391			1,227,018
Rent Receivable		44,005			—			600			7,283			2,200			2,686			2,626			11,108			35,250			105,758
Real Estate Tax Escrow		49,793			—			20,242			74,443			—			41,225			43,612			70,364			424,159			723,838
Prepaid Expenses & Other Assets		61,895			505			75,222			33,659			127,530			14,345			48,715			154,396			1,367,274			1,883,541
Financing & Leasing Fees		64,116			4,325			8,164			19,645			5,505			26,243			15,950			14,581			399,678			558,206
Total Assets	$	9,351,515		$	2,635,617		$	7,993,505		$	5,759,706		$	2,000,148		$	7,122,825		$	7,175,545		$	21,503,252		$	110,664,670		$	174,206,783
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	$	8,352,317		$	2,093,184		$	6,850,179		$	4,934,741		$	1,668,000		$	4,702,087		$	5,433,472		$	15,611,045		$	88,611,686		$	138,256,711
Accounts Payable & Accrued Expense		34,673			6,319			93,810			49,566			7,481			49,690			58,378			204,413			843,422			1,347,752
Advance Rental Pmts& Security Deposits		175,871			—			140,759			80,264			25,147			86,028			71,025			273,302			1,919,573			2,771,968
Total Liabilities		8,562,861			2,099,503			7,084,748			5,064,570			1,700,628			4,837,806			5,562,875			16,088,760			91,374,681			142,376,432
Partners' Capital		788,654			536,114			908,757			695,135			299,520			2,285,019			1,612,669			5,414,492			19,289,989			31,830,352
Total Liabilities and Capital	$	9,351,515		$	2,635,617		$	7,993,505		$	5,759,706		$	2,000,148		$	7,122,825		$	7,175,545		$	21,503,252		$	110,664,670		$	174,206,783
Partners' Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	394,327		$	268,057		$	454,379		$	347,568		$	149,760		$	1,142,510		$	806,335		$	2,707,246		$	7,715,996			13,986,177
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—			—
Total Investment in Unconsolidated Joint Ventures (Net)																												$	13,986,177

	Hamilton Essex 81		Hamilton Essex Development		345 Franklin		Hamilton 1025		Hamilton Bay Sales		Hamilton Bay Apts		Hamilton Minuteman Apts		Hamilton on Main Apts		Dexter Park		Total
Total units/condominiums
Apartments		48		—		40		175		120		48		42		148		409		1,030
Commercial		1		1		—		1		—		—		—		—		—		3
Total		49		1		40		176		120		48		42		148		409		1,033
Units to be retained		49		1		40		49		—		48		42		148		409		786
Units to be sold		—		—		—		127		120		—		—		—		—		247
Units sold through March 1, 2013		—		—		—		127		105		—		—		—		—		232
Unsold units		—		—		—		—		15		—		—		—		—		15
Unsold units with deposits for future sale as of March 1, 2013		—		—		—		—		—		—		—		—		—		—

Summary financial information for the year ended December 31, 2011

	Hamilton Essex 81			Hamilton Essex Development			345 Franklin			Hamilton 1025			Hamilton Bay Sales			Hamilton Bay Apts			Hamilton Minuteman Apts			Hamilton on Main Apts			Dexter Park			Total
ASSETS
Rental Properties	$	9,454,959		$	2,613,064		$	8,229,651		$	5,863,176		$	1,916,445		$	7,257,981		$	7,256,528		$	21,939,796		$	112,921,940		$	177,453,541
Cash & Cash Equivalents		47,526			1,529			17,027			1,848			19,416			5,026			31,125			90,940			836,347			1,050,783
Rent Receivable		73,459			—			—			15,682			—			2,512			7,457			8,593			86,722			194,425
Real Estate Tax Escrow		98,610			—			18,360			64,464			—			89,760			43,864			104,505			582,028			1,001,592
Prepaid Expenses & Other Assets		59,508			493			54,276			88,524			167,811			95,190			54,023			180,899			1,216,214			1,916,937
Financing & Leasing Fees		71,108			6,987			16,330			24,672			6,570			32,605			19,918			21,442			458,995			658,626
Total Assets	$	9,805,169		$	2,622,073		$	8,335,644		$	6,058,364		$	2,110,241		$	7,483,074		$	7,412,916		$	22,346,175		$	116,102,247		$	182,275,903
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	$	8,462,041		$	2,144,796		$	7,019,119		$	4,995,487		$	1,668,000		$	4,750,000		$	5,500,000		$	15,887,203		$	89,733,192		$	140,159,839
Accounts Payable & Accrued Expense		32,238			6,309			15,323			48,236			12,682			28,690			58,596			212,224			820,603			1,234,900
Advance Rental Pmts & Security Deposits		152,940			—			114,179			69,970			20,027			85,575			69,592			257,780			1,800,113			2,570,176
Total Liabilities		8,647,219			2,151,105			7,148,621			5,113,694			1,700,709			4,864,265			5,628,188			16,357,207			92,353,908			143,964,915
Partners' Capital		1,157,950			470,968			1,187,023			944,670			409,532			2,618,809			1,784,728			5,988,968			23,748,339			38,310,988
Total Liabilities and Capital	$	9,805,169		$	2,622,073		$	8,335,644		$	6,058,364		$	2,110,241		$	7,483,074		$	7,412,916		$	22,346,175		$	116,102,247		$	182,275,903
Partners' Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	578,975		$	235,484		$	593,512		$	472,335		$	204,766		$	1,309,404		$	892,364		$	2,994,484		$	9,499,335			16,780,660
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—			—
Total Investment in Unconsolidated Joint Ventures (Net)																												$	16,780,660
Total units/condominiums
Apartments		48			—			40			175			120			48			42			148			409			1,030
Commercial		1			1			—			1			—			—			—			—			—			3
Total		49			1			40			176			120			48			42			148			409			1,033
Units to be retained		49			1			40			49			—			48			42			148			409			786
Units to be sold		—			—			—			127			120			—			—			—			—			247
Units sold through January 25, 2012		—			—			—			127			105			—			—			—			—			232
Unsold units		—			—			—			—			15			—			—			—			—			15
Unsold units with deposits for future sale as of February 1, 2012		—			—			—			—			—			—			—			—			—			—

Summary of income statement relating to investment in unconsolidated joint ventures

Year ended December 31, 2013

	Hamilton Essex 81			Hamilton Essex Development			345 Franklin			Hamilton 1025			Hamilton Bay Sales			Hamilton Bay Apts			Hamilton Minuteman Apts			Hamilton on Main Apts			Dexter Park			Total
Revenues
Rental Income	$	1,362,012		$	287,410		$	1,258,313		$	896,256		$	261,949		$	911,845		$	858,492		$	2,753,120		$	12,851,259		$	21,440,655
Laundry and Sundry Income		17,549			—			2,683			—			—			—			675			37,192			94,715			152,814
		1,379,562			287,410			1,260,996			896,256			261,949			911,845			859,167			2,790,312			12,945,974			21,593,469
Expenses
Administrative		18,330			1,370			23,813			9,552			10,134			16,291			6,206			38,144			245,444			369,284
Depreciation and Amortization		428,609			9,803			428,003			240,658			80,697			307,546			318,095			948,478			5,778,427			8,540,316
Management Fees		55,813			11,496			51,706			36,066			10,538			35,831			34,129			112,749			271,505			619,833
Operating		114,778			—			68,364			1,150			2,234			1,343			83,143			347,382			1,056,919			1,675,312
Renting		11,106			—			3,788			5,378			1,425			10,986			6,350			6,273			105,593			150,898
Repairs and Maintenance		123,702			4,950			86,844			320,348			94,640			295,144			69,057			389,671			1,051,832			2,436,188
Taxes and Insurance		216,560			49,192			114,669			151,971			42,765			146,870			121,442			342,995			1,529,605			2,716,069
		968,897			76,812			777,187			765,121			242,433			814,012			638,423			2,185,692			10,039,324			16,507,900
Income Before Other Income		410,665			210,598			483,809			131,134			19,516			97,833			220,744			604,620			2,906,650			5,085,569
Other Income (Loss)
Interest Expense		(488,369	)		(58,093	)		(453,197	)		(284,257	)		(73,819	)		(267,228	)		(312,507	)		(822,109	)		(5,016,659	)		(7,776,238	)
Interest Income		—			—			26			8			159			—			—			—			57			250
Interest Income from Note		—			—			—			—			3,258			—			—			—			—			3,258
Other Income (Expenses)		—			—			(68,588	)		—			—			—			—			—			—			(68,588	)
		(488,369	)		(58,093	)		(521,759	)		(284,249	)		(70,402	)		(267,228	)		(312,507	)		(822,109	)		(5,016,602	)		(7,841,318	)
Net Income (Loss)	$	(77,704	)	$	152,505		$	(37,950	)	$	(153,114	)	$	(50,886	)	$	(169,395	)	$	(91,763	)	$	(217,489	)	$	(2,109,952	)	$	(2,755,749	)
Net Income (Loss)—NERA 50%	$	(38,852	)	$	76,252		$	(18,975	)	$	(76,557	)	$	(25,443	)	$	(84,697	)	$	(45,882	)	$	(108,744	)					(322,898	)
Net Income (Loss)—NERA 40%																									$	(843,981	)		(843,981	)
																												$	(1,166,879	)

Year ended December 31, 2012

	Hamilton Essex 81			Hamilton Essex Development			345 Franklin			Hamilton 1025			Hamilton Bay Sales			Hamilton Bay Apts			Hamilton Minuteman Apts			Hamilton on Main Apts			Dexter Park			Total
Revenues
Rental Income	$	1,270,141		$	287,537		$	1,178,712		$	861,998		$	235,061		$	886,122		$	809,707		$	2,623,994		$	12,202,615		$	20,355,887
Laundry and Sundry Income		15,363			—			1,206			—			—			—			2,435			20,952			98,042			137,999
		1,285,504			287,537			1,179,918			861,998			235,061			886,122			812,142			2,644,946			12,300,657			20,493,885
Expenses
Administrative		15,237			1,749			27,942			5,142			7,553			34,600			7,825			46,400			219,218			365,666
Depreciation and Amortization		409,488			11,638			441,704			256,696			82,287			297,737			317,231			957,452			5,733,920			8,508,153
Management Fees		55,308			11,502			48,596			34,517			9,894			34,659			32,615			104,807			261,355			593,253
Operating		112,172			—			62,277			816			1,251			1,190			73,092			341,054			1,006,570			1,598,421
Renting		18,350			—			5,326			6,815			1,894			4,053			3,538			10,974			74,705			125,655
Repairs and Maintenance		118,786			5,475			82,052			320,997			70,812			273,652			57,448			380,605			880,103			2,189,930
Taxes and Insurance		197,566			49,237			106,785			145,755			46,017			161,137			102,505			337,256			1,485,297			2,631,555
		926,908			79,600			774,681			770,738			219,707			807,027			594,254			2,178,549			9,661,169			16,012,632
Income Before Other Income		358,596			207,937			405,237			91,260			15,354			79,095			217,888			466,397			2,639,488			4,481,253
Other Income (Loss)
Interest Expense		(497,631	)		(60,451	)		(486,051	)		(288,470	)		(98,361	)		(271,283	)		(317,448	)		(840,874	)		(5,092,838	)		(7,953,407	)
Interest Income		—			—			48			74			215			—			—			—			—			337
Interest Income from Note		—			—			—			—			6,180			—			—			—			—			6,180
		(497,631	)		(60,451	)		(486,003	)		(288,395	)		(91,966	)		(271,283	)		(317,448	)		(840,874	)		(5,092,838	)		(7,946,890	)
Net Income (Loss)	$	(139,035	)	$	147,486		$	(80,766	)	$	(197,135	)	$	(76,612	)	$	(192,188	)	$	(99,560	)	$	(374,477	)	$	(2,453,350	)	$	(3,465,636	)
Net Income (Loss)—NERA 50%	$	(69,517	)	$	73,743		$	(40,383	)	$	(98,567	)	$	(38,306	)	$	(96,094	)	$	(49,780	)	$	(187,239	)					(506,143	)
Net Income (Loss)—NERA 40%																									$	(981,340	)		(981,340	)
																												$	(1,487,483	)

Year ended December 31, 2011

	Hamilton Essex 81			Hamilton Essex Development			345 Franklin			Hamilton 1025			Hamilton Bay Sales			Hamilton Bay Apts			Hamilton Minuteman Apts			Hamilton on Main Apts			Dexter Park			Total
Revenues
Rental Income	$	1,244,322		$	255,050		$	1,136,831		$	816,015		$	232,938		$	863,657		$	789,897		$	2,491,957		$	11,559,414		$	19,390,080
Laundry and Sundry Income		16,589			—			2,367			—			—			—			1,362			20,599			97,275			138,193
		1,260,911			255,050			1,139,198			816,015			232,938			863,657			791,258			2,512,556			11,656,690			19,528,273
Expenses
Administrative		20,839			1,339			24,424			11,258			5,396			18,625			10,249			36,155			163,511			291,796
Depreciation and Amortization		424,695			8,498			443,055			257,961			103,536			329,930			322,216			965,324			5,698,657			8,553,872
Management Fees		49,677			11,040			45,829			32,120			9,486			33,916			31,666			100,581			251,071			565,386
Operating		121,521			—			66,278			1,733			239			732			54,650			371,687			929,543			1,546,382
Renting		8,058			—			19,206			13,322			1,750			8,927			3,559			15,140			144,149			214,111
Repairs and Maintenance		127,528			3,050			71,479			300,534			78,167			316,782			98,904			371,109			935,839			2,303,393
Taxes and Insurance		184,119			47,709			97,028			143,002			45,303			155,681			92,300			325,868			1,300,995			2,392,005
		936,438			71,636			767,299			759,930			243,877			864,593			613,544			2,185,864			9,423,765			15,866,945
Income Before Other Income		324,473			183,414			371,899			56,085			(10,939	)		(936	)		177,714			326,693			2,232,924			3,661,328
Other Income (Loss)
Interest Expense		(503,102	)		(61,593	)		(494,468	)		(289,222	)		(98,010	)		(271,348	)		(317,927	)		(848,786	)		(5,113,523	)		(7,997,979	)
Interest Income		0			0			49			88			457			0			0			—			3,219			3,814
Interest Income from Note		—			—			—			—			8,904			—			—			—			—			8,904
Other Income (Expenses)		(2,331	)		—			(5,375	)		(3,621	)		—			(2,271	)		(61,589	)		(1,152	)		(3,500	)		(79,839	)
		(505,433	)		(61,593	)		(499,793	)		(292,756	)		(88,649	)		(273,619	)		(379,515	)		(849,938	)		(5,113,804	)		(8,065,100	)
Net Income (Loss)	$	(180,960	)	$	121,821		$	(127,894	)	$	(236,671	)	$	(99,588	)	$	(274,555	)	$	(201,801	)	$	(523,245	)	$	(2,880,880	)	$	(4,403,772	)
Net Income (Loss)—NERA 50%	$	(90,480	)	$	60,911		$	(63,947	)	$	(118,335	)	$	(49,794	)	$	(137,277	)	$	(100,900	)	$	(261,622	)					(761,446	)
Net Income (Loss)—NERA 40%																									$	(1,152,352	)		(1,152,352	)
																												$	(1,913,798	)

Schedule of future annual mortgage maturities

Future annual mortgage maturities at December 31, 2013 are as follows:

Period End	Hamilon Essex 81		Hamilton Essex 81 Development		345 Franklin		Hamilton 1025		Hamilton Bay Apts		Hamilton Minuteman		Hamilton on Main Apts		Dexter Park		Total
12/31/2014	$	139,130	$	53,316	$	—	$	69,003	$	73,015	$	75,575	$	308,998	$	1,348,742	$	2,067,779
12/31/2015		141,048		1,987,830				73,077		73,941		80,036		15,008,646		1,425,814		18,790,391
12/31/2016		7,954,370				86,413		4,727,503		78,166		77,128				1,507,291		14,430,870
12/31/2017						183,627				4,414,727		5,129,371				1,593,424		11,321,149
12/31/2018						190,861										1,684,479		1,875,340
Thereafter						9,539,099										79,850,888		89,389,987
	$	8,234,548	$	2,041,146	$	10,000,000	$	4,869,583	$	4,639,848	$	5,362,109	$	15,317,643	$	87,410,638	$	137,875,516