NOTE 14. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Since November 2001, the Partnership has invested in nine limited partnerships and limited liability companies, the majority of which have invested in residential apartment complexes, with three partnerships investing in commercial property. The Partnership has between a 40%-50% ownership interests in each investment. The other investors are Harold Brown, the President of the Management Company and five other employees of the Management Company. Harold Brown’s ownership interest is between 43.2% and 57%, with the balance owned by the others. A description of each investment is as follows:

On October 28, 2009 the Partnership invested approximately $15,925,000 in a joint venture to acquire a 40% interest in a residential property located in Brookline, Massachusetts. The property, referred to as Dexter Park, is a 409 unit residential complex. The purchase price was $129,500,000. The total mortgage was $89,914,000 with an interest rate of 5.57% and it matures in 2019. The mortgage calls for interest only payments for the first two years of the loan and amortized over 30 years thereafter. In order to fund this investment, the Partnership used approximately $8,757,000 of its cash reserves and borrowed approximately $7,168,000 with an interest rate of 6% from HBC Holdings, LLC, an entity owned by Harold Brown and his affiliates (“HBC”). The term of the loan was four years with a provision requiring payment in whole or in part upon demand by HBC with six months notice. On August 17, 2010, HBC gave six months written notice to the Partnership requesting a principal pay down of $2,500,000. During the fourth quarter of 2010, the Partnership paid HBC $2,500,000 as requested. During 2011, the Partnership elected to make principal payments of $1,000,000 on August 1, 2011, $1,000,000 on October 1, 2011, and an additional $1,000,000 on December 15, 2011 reducing the loan balance to $1,668,600 at December 31, 2011. In February 2012, the Partnership elected to make an additional principal payment of $750,000 to HBC Holdings and the balance of $918,600 was paid in April 2012. The interest paid during the three months ended March 31, 2012 was $18,807. There was no interest paid on this loan in 2013. A majority of the apartments were leased at the time of the acquisition. As a result, the Partnership amortized the intangible assets associated with the “in place” leases over a 12 month period which began in November 2009. The balance of the mortgage at June 30, 2013 is approximately $88,000,000. This investment, Hamilton Park Towers, LLC is referred to as Dexter Park.

On October 3, 2005, the Partnership invested $2,500,000 for a 50% ownership interest in a 168-unit apartment complex in Quincy, Massachusetts. The purchase price was $30,875,000. The Partnership plans to sell the majority of units as condominiums and retain 48 units for long-term investment. Gains from the sales of units were taxed at ordinary income rates. In February 2007, the Partnership refinanced the 48 units with a new mortgage in the amount of $4,750,000 with an interest rate of 5.57%, interest only for five years. The loan will be amortized over 30 years thereafter and matures in March 2017. As of June 30, 2013, the balance of the mortgage is approximately $ 4,670,000. This investment is referred to as Hamilton Bay Apartments, LLC. In April 2008, the Partnership refinanced an additional 20 units and obtained a new mortgage in the amount of $2,368,000 with interest at 5.75%, interest only, which matures in 2013. At June 30, 2013, 15 of the 20 units are still owned by the Partnership. As of August 1, 2013, 105 units have been sold, the proceeds of which went to pay down the mortgage on the property. No unit was sold during the six months ended June 30, 2013. The balance on the new mortgage is approximately $1,668,000 at June 30, 2013. On August 1, 2013, Hamilton Bay Unit Sales paid down $350,000 of its outstanding mortgage. This investment is referred to as Hamilton Bay, LLC.

On March 7, 2005, the Partnership invested $2,000,000 for a 50% ownership interest in a building comprising 49 apartments, one commercial space and a 50-car surface parking lot located in Boston, Massachusetts. The purchase price was $14,300,000, with a $10,750,000 mortgage. The Partnership plans to operate the building and initiate development of the parking lot. In June 2007, the Partnership separated the parcels, formed an additional limited liability company for the residential apartments and obtained a mortgage on the property. The new limited liability company formed for the residential apartments and commercial space is referred to as Hamilton Essex 81, LLC. In August 2008, the Partnership restructured the mortgages on both parcels at Essex 81 and transferred the residential apartments to Hamilton Essex 81, LLC. The mortgage balance on Hamilton Essex 81, LLC on June 30, 2013 is approximately $8,292,000 amortizing over 30 years at 5.79% due in August 2016. The mortgage balance on Essex Development, LLC, at June 30, 2013 and the parking lot is approximately $2,067,000 with a variable interest rate of 2.25% over the daily Libor rate (0.1947% at June 30, 2013). This loan was extended to August 2014 with the same conditions except for the addition of fixed principal payments in the amount of $4,301 per month. The cost associated with the extension was approximately $6,000. Harold Brown has issued a personal guaranty up to $1,000,000 of this mortgage. In the event that he is obligated to make payments to the lender as a result of this guaranty, the Partnership and other investors have, in turn, agreed to indemnify him for their proportionate share of any such payments. The investment in the parking lot is referred to as Hamilton Essex Development, LLC; the investment in the apartments is referred to as Hamilton Essex 81, LLC.

On March 2, 2005, the Partnership invested $2,352,000 for a 50% ownership interest in a 176-unit apartment complex with an additional small commercial building located in Quincy, Massachusetts. The purchase price was $23,750,000. The Partnership sold 127 of the units as condominiums and retained 49 units for long-term investment. The Partnership obtained a new 10-year mortgage in the amount of $5,000,000 on the units to be retained by the Partnership. The interest on the new loan is 5.67% fixed for the 10 year term with interest only payments for five years and amortized over a 30 year period for the balance of the loan term. The balance of this mortgage is approximately $4,901,000 at June 30, 2013. This investment is referred to as Hamilton 1025, LLC.

In September 2004, the Partnership invested approximately $5,075,000 for a 50% ownership interest in a 42-unit apartment complex located in Lexington, Massachusetts. The purchase price was $10,100,000. In October 2004, the Partnership obtained a mortgage on the property in the amount of $8,025,000 and returned $3,775,000 to the Partnership. The Partnership obtained a new 10-year mortgage in the amount of $5,500,000 in January 2007. The interest on the new loan is 5.67% fixed for the ten year term with interest only payments for five years and amortized over a 30 year period for the balance of the loan. This loan required a cash contribution by the Partnership of $1,250,000 in December 2006. At June 30, 2013, the balance of this mortgage is approximately $5,397,000. This investment is referred to as Hamilton Minuteman, LLC.

In August 2004, the Partnership invested $8,000,000 for a 50% ownership interest in a 280-unit apartment complex located in Watertown, Massachusetts. The total purchase price was $56,000,000. As of May 2008, the Partnership sold 137 units as condominiums. Gains from these sales were taxed as ordinary income. The majority of the sales proceeds were applied to reduce the mortgage with the final payment made during the second quarter of 2007. With the sale of the units and the payments of the liabilities, the assets were combined with Hamilton on Main Apartments, LLC. An entity partially owned by the majority shareholder of the General Partner and the President of the management company, 31% and 5%, respectively, was the sales agent and received a variable commission on each sale of 3% to 5%. Hamilton on Main, LLC is known as Hamilton Place.

In 2005, Hamilton on Main Apartments, LLC obtained a ten year mortgage on the three buildings to be retained. The mortgage was $16,825,000, with interest only of 5.18% for three years and amortizing on a 30 year schedule for the remaining seven years when the balance is due. The net proceeds after funding escrow accounts and closing costs on the mortgage were approximately $16,700,000, which were used to reduce the existing mortgage. Hamilton on Main LLC paid a fee of approximately $400,000 in connection with this early extinguishment of debt. At June 30, 2013, the remaining balance on the mortgage is approximately $15,463,000.

In November 2001, the Partnership invested approximately $1,533,000 for a 50% ownership interest in a 40-unit apartment building in Cambridge, Massachusetts. In June 2013, the property was refinanced with a 15 year mortgage in the amount of $10,000,000 at 3.87%, interest only for 3 years and is amortized on a 30-year schedule for the balance of the term. At June 30, 2013, the mortgage balance is $10,000,000. This investment is referred to as 345 Franklin, LLC.

Summary financial information as of June 30, 2013

			Hamilton								Hamilton	Hamilton
	Hamilton		Essex	345		Hamilton		Hamilton		Hamilton	Minuteman	on Main	Dexter
	Essex 81		Development	Franklin		1025		Bay Sales		Bay Apts	Apts	Apts	Park		Total

ASSETS
Rental Properties*	8,947,591		2,616,965	7,686,993		5,505,467		1,805,125		6,827,232	6,919,386	20,659,589	104,817,498		165,785,845
Cash & Cash Equivalents	3,147		29,108	231,329		9,023		23,732		10,077	25,303	174,000	659,245		1,164,964
Rent Receivable	51,080		—	8,863		6,872		4,062		4,887	9,600	10,730	104,164		200,257
Real Estate Tax Escrow	83,964		—	23,711		74,507		—		53,440	34,783	68,934	420,641		759,979
Due From Investment Properties	—		—	—		—		—		—	—	—	—		—
Investors Partner Loan Receivables	97,138		—	61,036		4,572		153,336		—	—	—	1,149,915		1,465,997
- Contra Investors Partner Loan	(97,138	)	—	(61,036	)	(4,572	)	(153,336	)	—	—	—	(1,149,915	)	(1,465,997	)
Prepaid Expenses & Other Assets***	75,717		1,153	27,615		42,202		123,516		24,192	51,529	228,073	1,464,682		2,038,677
Financing & Leasing Fees	55,373		1,081	99,877		17,132		4,000		23,062	13,965	11,150	370,020		595,661

Total Assets	9,216,871		2,648,307	8,078,388		5,655,204		1,960,434		6,942,889	7,054,565	21,152,475	107,836,250		170,545,384

LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	8,292,287		2,067,378	10,000,000		4,901,467		1,668,000		4,670,319	5,397,023	15,462,916	87,999,131		140,458,521
Due to Investment Properties	—		—	—		—		—		—	—	—	—		—
Investors Partner Loan Payables	97,138		—	61,036		4,572		153,336		—	—	—	1,149,915		1,465,997
- Contra Investors Partner Loan	(97,138	)	—	(61,036	)	(4,572	)	(153,336	)	—	—	—	(1,149,915	)	(1,465,997	)
Accounts Payable& Accrued Exp***	50,228		5,461	19,140		51,107		18,669		8,192	71,192	196,455	1,019,021		1,439,465
Advance Rental Pymts& Security Dep	176,827		—	175,850		93,472		29,033		96,673	66,703	321,725	2,059,402		3,019,685

Total Liabilities	8,519,343		2,072,839	10,194,990		5,046,047		1,715,701		4,775,184	5,534,918	15,981,097	91,077,554		144,917,671

Partners’ Capital**	697,529		575,469	(2,116,602	)	609,157		244,733		2,167,705	1,519,648	5,171,379	16,758,697		25,627,712
Total Liabilities and Capital	9,216,871		2,648,307	8,078,388		5,655,204		1,960,434		6,942,889	7,054,565	21,152,475	107,836,250		170,545,384

Partners’ Capital - NERA 50%	348,764		287,734	(1,058,301	)	304,578		122,366		1,083,852	759,824	2,585,689			4,434,508
NERA 40%													6,703,479		6,703,479
															11,137,986

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 August 1, 2013	—	—	—	127	105	—	—	—	—	232
Unsold units	—	—	—	—	15	—	—	—	—	15
Unsold units with deposits for future sale as of August 1, 2013	—	—	—	—	—	—	—	—	—	—

Financial information for the six months ended June 30, 2013

			Hamilton										Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Hamilton		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Bay Sales		Bay Apts		Apts		Apts		Park		Total

Revenues
Rental Income	663,919		143,792		616,034		441,883		121,472		441,443		432,789		1,353,188		6,331,670		10,546,189
Laundry and Sundry Income	8,997		—		1,933		—		—		—		675		17,281		46,429		75,316
	672,916		143,792		617,968		441,883		121,472		441,443		433,464		1,370,469		6,378,099		10,621,505

Expenses
Administrative	9,928		703		14,431		3,805		3,586		7,551		2,465		18,408		113,724		174,601
Depreciation and Amortization**	212,066		4,488		215,739		120,215		41,098		153,638		157,933		488,767		2,878,479		4,272,422
Management Fees	26,015		5,752		25,782		18,186		4,987		17,887		17,076		57,339		133,507		306,530
Operating	63,549		—		40,044		712		1,962		617		41,947		191,181		564,660		904,672
Renting	9,550		—		1,788		3,925		1,425		7,250		4,042		3,305		26,654		57,939
Repairs and Maintenance	64,094		3,700		38,179		157,409		45,986		147,694		25,537		165,706		454,017		1,102,323
Taxes and Insurance	111,759		24,407		56,255		77,131		20,619		71,147		61,948		169,290		742,955		1,335,512
	496,961		39,051		392,218		381,383		119,663		405,784		310,947		1,093,996		4,913,995		8,153,999
Income Before Other Income	175,955		104,741		225,750		60,499		1,809		35,658		122,516		276,473		1,464,104		2,467,506

Other Income (Loss)
Interest Expense	(243,202	)	(29,266	)	(257,547	)	(141,481	)	(48,689	)	(132,973	)	(155,538	)	(409,587	)	(2,495,453	)	(3,913,736	)
Interest Income	—		—		26		2		86		—		—		—		57		171
Interest Income from Note	—		—		—		—		2,007		—		—		—		—		2,007
Gain on Sale of Real Estate	—		—		—		—		—		—		—		—		—		—
Other Income (Expenses)	—		—		(68,588	)	—		—		—		—		—		—		(68,588	)
	(243,202	)	(29,266	)	(326,109	)	(141,478	)	(46,596	)	(132,973	)	(155,538	)	(409,587	)	(2,495,396	)	(3,980,146	)

Net Income (Loss)	(67,247	)	75,475		(100,359	)	(80,979	)	(44,787	)	(97,315	)	(33,022	)	(133,114	)	(1,031,292	)	(1,512,639	)

Net Income (Loss) - NERA 50%	(33,623	)	37,737		(50,180	)	(40,489	)	(22,393	)	(48,657	)	(16,511	)	(66,557	)			(240,673	)
NERA 40%																	(412,517	)	(412,517	)
																			(653,190	)

Financial information for the three months ended June 30, 2013

			Hamilton										Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Hamilton		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Bay Sales		Bay Apts		Apts		Apts		Park		Total

Revenues
Rental Income	335,464		71,896		311,745		221,666		61,864		222,162		216,932		676,242		3,171,661		5,289,631
Laundry and Sundry Income	5,151		—		1,288		—		—		—		464		7,510		24,997		39,411
	340,615		71,896		313,033		221,666		61,864		222,162		217,396		683,752		3,196,658		5,329,041

Expenses
Administrative	6,074		386		8,699		2,124		2,813		3,669		2,042		9,769		66,845		102,422
Depreciation and Amortization**	106,494		2,245		110,055		60,128		20,035		76,840		79,225		244,233		1,440,022		2,139,276
Management Fees	13,762		2,876		12,707		9,227		2,649		9,422		8,538		28,298		68,497		155,978
Operating	28,483		—		14,190		452		382		195		18,737		77,185		235,835		375,460
Renting	200		—		23		3,220		1,425		6,845		1,703		1,994		15,098		30,508
Repairs and Maintenance	41,851		3,150		24,593		81,300		23,216		72,781		15,442		79,801		272,433		614,565
Taxes and Insurance	55,878		12,209		28,069		38,381		10,389		35,468		31,082		84,473		346,742		642,690
	252,742		20,865		198,337		194,832		60,909		205,220		156,769		525,753		2,445,472		4,060,899
Income Before Other Income	87,873		51,031		114,696		26,834		955		16,941		60,627		157,999		751,186		1,268,143

Other Income (Loss)
Interest Expense	(122,047	)	(14,668	)	(138,605	)	(70,998	)	(24,507	)	(66,707	)	(78,076	)	(205,633	)	(1,252,195	)	(1,973,436	)
Interest Income	—		—		13		2		41		—		—		—		57		113
Interest Income from Note	—		—		—		—		911		—		—		—		—		911
Gain on Sale of Real Estate	—		—		—		—		—		—		—		—		—		—
Other Income (Expenses)	—		—		(68,588	)	—		—		—		—		—		—		(68,588	)
	(122,047	)	(14,668	)	(207,180	)	(70,996	)	(23,555	)	(66,707	)	(78,076	)	(205,633	)	(1,252,138	)	(2,041,000	)

Net Income (Loss)	(34,174	)	36,362		(92,484	)	(44,162	)	(22,600	)	(49,765	)	(17,449	)	(47,633	)	(500,951	)	(772,857	)

Net Income (Loss) - NERA 50%	(17,087	)	18,181		(46,242	)	(22,081	)	(11,300	)	(24,883	)	(8,725	)	(23,817	)			(135,953	)
NERA 40%																	(200,380	)	(200,380	)
																			(336,333	)

Future annual mortgage maturities at June 30, 2013 are as follows:


			Hamilton
	Hamilon		Essex 81		345		Hamilton		Hamilton		Hamilton		Hamilton		Hamilton on		Dexter
	Essex 81		Development		Franklin		1025		Bay Sales		Bay Apts		Minuteman		Main Apts		Park
	March		March		November		March		October		October		August		August		October
Period End	2005		2005		2001		2005		2005		2005		2004		2004		2009		Total

3/31/2014	129,342		2,067,378				67,037		1,668,000		68,027		73,421		300,942		1,311,782		5,685,930
3/31/2015	137,033						70,994				71,915		77,755		15,161,974		1,386,742		16,906,414
3/31/2016	145,181						74,427				76,024		81,510				1,465,987		1,843,129
3/31/2017	7,880,731				177,340		4,689,009				4,454,353		5,164,338				1,549,759		23,915,528
3/31/2018					187,209												1,638,319		1,825,528
Thereafter					9,635,451												80,646,542		90,281,993
	$	8,292,287	$	2,067,378	$	10,000,000	$	4,901,467	$	1,668,000	$	4,670,319	$	5,397,024	$	15,462,916	$	87,999,131	$	140,458,522

At June 30, 2013 the weighted average interest rate on the above mortgages was 5.39%. The effective rate was 5.47% including the amortization expense of deferred financing costs.

Summary financial information as of June 30, 2012

	Hamilton Essex 81	Hamilton Essex Development	345 Franklin	Hamilton 1025	Hamilton Bay Sales	Hamilton Bay Apts	Hamilton Minuteman	Hamilton on Main Apts	Dexter Park	Total

ASSETS
Rental Properties	9,261,771	2,611,819	8,049,593	5,744,197	1,882,240	7,118,237	7,152,206	21,534,347	110,257,477	173,611,888
Cash & Cash Equivalents	58,404	24,262	26,170	296	24,634	17,487	18,057	51,045	577,044	797,399
Rent Receivable	70,337	—	9,048	12,082	2,563	5,692	4,380	10,138	132,465	246,705
Real Estate Tax Escrow	49,442	—	21,015	69,257	—	93,063	42,103	107,470	483,938	866,288
Prepaid Expenses & Other Assets	85,426	1,110	91,415	97,825	161,820	104,087	76,573	273,435	1,306,813	2,198,503
Financing & Leasing Fees	65,493	1,747	12,247	22,159	4,037	29,424	17,934	18,012	429,336	600,388
Total Assets	9,590,873	2,638,938	8,209,487	5,945,816	2,075,295	7,367,990	7,311,253	21,994,446	113,187,073	178,321,171
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	8,406,631	2,118,990	6,936,102	4,964,768	1,668,000	4,730,815	5,466,352	15,748,668	89,166,547	139,206,873
Accounts Payable & Accrued Expense	61,165	5,811	118,416	49,520	18,661	54,146	85,621	211,249	884,807	1,489,395
Advance Rental Pmts & Security Dep	187,355	—	147,570	85,841	24,499	87,189	68,827	262,993	1,919,814	2,784,087
Total Liabilities	8,655,151	2,124,801	7,202,087	5,100,129	1,711,161	4,872,149	5,620,800	16,222,911	91,971,168	143,480,356
Partners’ Capital	935,722	514,137	1,007,400	845,687	364,134	2,495,641	1,690,453	5,771,535	21,215,906	34,840,816
Total Liabilities & Capital	9,590,873	2,638,938	8,209,487	5,945,816	2,075,295	7,367,990	7,311,253	21,994,446	113,187,073	178,321,171
Partners’ Capital — NERA 50%	467,861	257,068	503,700	422,844	182,067	1,247,920	845,227	2,885,768
NERA 40%									8,486,362	8,486,362
										15,298,817
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 August 1, 2012	—	—	—	127	105	—	—	—	—	232
Unsold units	—	—	—	—	15	—	—	—	—	15
Unsold units with deposits for future sale as of August 1, 2012	—	—	—	—	—	—	—	—	—	—

Summary financial information for the six months ended June 30, 2012

	Hamilton Essex 81		Hamilton Essex Development		345 Franklin		Hamilton 1025		Hamilton Bay Sales		Hamilton Bay Apts		Hamilton Minuteman		Hamilton on Main Apts		Dexter Park		Total
Revenues
Rental Income	626,002		144,092		578,703		421,727		111,192		436,161		398,676		1,297,371		6,062,838		10,076,761
Laundry and Sundry Income	7,073		—		1,188		—		—		—		491		9,980		43,855		62,587
	633,075		144,092		579,891		421,727		111,192		436,161		399,167		1,307,350		6,106,693		10,139,348
Expenses
Administrative	7,606		1,114		15,366		2,480		4,103		23,711		2,931		26,098		109,434		192,842
Depreciation and Amortization	206,865		6,485		222,140		126,593		39,472		149,087		158,546		476,667		2,870,999		4,256,855
Management Fees	27,026		5,764		24,116		16,885		4,587		16,992		16,016		52,207		129,568		293,161
Operating	53,132		—		29,481		635		927		905		37,721		178,324		547,102		848,227
Renting	2,090		—		141		2,328		1,450		3,271		1,993		6,580		41,798		59,652
Repairs and Maintenance	54,878		4,525		44,319		146,192		32,177		133,219		29,497		197,892		429,952		1,072,650
Taxes and Insurance	100,878		25,186		50,561		73,592		23,560		81,677		50,868		168,309		744,643		1,319,275
	452,475		43,074		386,125		368,706		106,276		408,862		297,573		1,106,077		4,873,495		8,042,662
Income Before Other Income	180,601		101,018		193,766		53,021		4,916		27,299		101,594		201,274		1,233,197		2,096,686
Other Income (Loss)
Interest Expense	(248,551	)	(30,327	)	(245,913	)	(143,846	)	(48,871	)	(135,267	)	(158,370	)	(418,707	)	(2,540,630	)	(3,970,481	)
Interest Income	—		—		24		41		114		—		—		—		—		178
Interest Income from Note	—		—		—		—		3,442		—		—		—		—		3,442
	(248,551	)	(30,327	)	(245,889	)	(143,805	)	(45,315	)	(135,267	)	(158,370	)	(418,707	)	(2,540,630	)	(3,966,860	)
Net Income (loss)	(67,950	)	70,691		(52,123	)	(90,784	)	(40,398	)	(107,968	)	(56,776	)	(217,433	)	(1,307,433	)	(1,870,174	)
Net Income (loss) - NERA 50%	(33,975	)	35,345		(26,061	)	(45,392	)	(20,199	)	(53,984	)	(28,388	)	(108,717	)			(281,371	)
NERA 40%																	(522,973	)	(522,973	)
																			(804,344	)

Summary financial information for the three months ended June 30, 2012

	Hamilton Essex 81		Hamilton Essex Development		345 Franklin		Hamilton 1025		Hamilton Bay Sales		Hamilton Bay Apts		Hamilton Minuteman		Hamilton on Main Apts		Dexter Park		Total
Revenues
Rental Income	333,509		72,046		287,052		211,699		59,714		216,498		201,973		649,487		3,051,260		5,083,238
Laundry and Sundry Income	3,540		—		600		—		—		—		83		4,617		21,355		30,195
	337,049		72,046		287,652		211,699		59,714		216,498		202,056		654,104		3,072,615		5,113,433
Expenses
Administrative	4,330		547		8,864		2,189		1,895		15,351		1,982		12,303		66,572		114,031
Depreciation and Amortization	103,742		3,243		112,159		63,477		19,736		74,723		79,613		240,010		1,438,955		2,135,656
Management Fees	14,208		2,882		12,115		8,333		2,537		8,599		7,978		26,698		66,306		149,656
Operating	22,810		—		14,338		570		256		217		13,014		73,937		243,755		368,896
Renting	150		—		—		659		535		2,377		1,083		4,556		10,807		20,169
Repairs and Maintenance	32,326		4,150		28,474		76,398		15,410		68,837		17,521		103,533		285,183		631,833
Taxes and Insurance	50,693		12,844		25,296		36,671		11,918		40,902		25,458		83,186		364,513		651,482
	228,259		23,666		201,245		188,296		52,287		211,006		146,648		544,223		2,476,092		4,071,723
Income Before Other Income	108,790		48,380		86,406		23,403		7,426		5,492		55,408		109,981		596,522		1,041,709

Other Income (Loss)
Interest expense	(124,068	)	(15,034	)	(121,314	)	(71,826	)	(24,445	)	(67,577	)	(79,013	)	(208,988	)	(1,267,892	)	(1,980,156	)
Interest income	—		—		12		21		53		—		—		—		—		86
Interest income from Note	—		—		—		—		1,635		—		—		—		—		1,635
	(124,068	)	(15,034	)	(121,302	)	(71,805	)	(22,757	)	(67,577	)	(79,013	)	(208,988	)	(1,267,892	)	(1,978,435	)

Net Income (Loss)	(15,278	)	33,346		(34,895	)	(48,402	)	(15,331	)	(62,085	)	(23,605	)	(99,107	)	(671,370	)	(936,726	)

Net Loss - NERA 50%	(7,639	)	16,673		(17,448	)	(24,201	)	(7,665	)	(31,043	)	(11,802	)	(49,553	)			(132,678	)
NERA 40%																	(268,548	)	(268,548	)
																			(401,226	)