NOTE 2. RENTAL PROPERTIES

As of June 30, 2015, the Partnership and its Subsidiary Partnerships owned 2,412 residential apartment units in 20 residential and mixed-use complexes (collectively, the “Apartment Complexes”). The Partnership also owns 19 condominium units in a residential condominium complex, all of which are leased to residential tenants (collectively referred to as the “Condominium Units”). The Apartment Complexes and Condominium Units are located primarily in the metropolitan Boston area of Massachusetts.

Additionally, as of June 30, 2015, the Partnership and Subsidiary Partnerships owned a commercial shopping center in Framingham, commercial buildings in Newton and Brookline and mixed-use properties in Boston, Brockton and Newton, all in Massachusetts. These properties are referred to collectively as the “Commercial Properties.”

The Partnership also owned a 40% to 50% ownership interest in nine residential and mixed use complexes (the “Investment Properties”) at June 30, 2015 with a total of 790 units, accounted for using the equity method of consolidation. See Note 14 for summary information on these investments.

Rental properties consist of the following:

	June 30, 2015			December 31, 2014			Useful Life
Land, improvements and parking lots	$	44,694,293		$	44,541,471		15—40 years
Buildings and improvements	153,905,317			153,059,430			15—40 years
Kitchen cabinets	7,406,845			6,865,348			5—10 years
Carpets	6,722,293			6,341,227			5—10 years
Air conditioning	721,937			705,116			5—10 years
Laundry equipment	236,283			147,721			5—7 years
Elevators	1,139,296			1,139,296			20—40 years
Swimming pools	444,629			444,629			10—30 years
Equipment	5,653,232			5,491,992			5—7 years
Motor vehicles	130,859			130,563			5 years
Fences	24,670			24,670			5—15 years
Furniture and fixtures	6,153,480			5,910,046			5—7 years
Smoke alarms	220,437			220,437			5—7 years

Total fixed assets	227,453,571			225,021,946
Less: Accumulated depreciation	(80,770,875		)	(75,905,862		)

	$	146,682,696		$	149,116,084