INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of future annual mortgage maturities

Future annual mortgage maturities at September 30, 2021 are as follows:

	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
9/30/2022	$	—	$	219,910	$	—	$	—	$	—	$	219,910
9/30/2023		—		228,573		—		—		—		228,573
9/30/2024		—		237,577		—		16,900,000		—		17,137,577
9/30/2025		10,000,000		246,936		—		—		—		10,246,936
9/30/2026		—		256,664		—		—		—		256,664
Thereafter		—		7,800,134		6,000,000		—		125,000,000		138,800,134
		10,000,000		8,989,794		6,000,000		16,900,000		125,000,000		166,889,794
Less: unamortized deferred financing costs		(55,156)		(44,945)		(81,494)		(46,816)		(430,820)		(659,231)
	$	9,944,844	$	8,944,849	$	5,918,506	$	16,853,184	$	124,569,180	$	166,230,563

At September 30, 2021 the weighted average interest rate on the above mortgages was 3.91%. The effective rate was 3.97% including the amortization expense of deferred financing costs.

2021

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

Summary financial information at September 30, 2021

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	6,376,891		$	2,588,792		$	5,139,866		$	82,371		$	4,766,334		$	14,522,033		$	79,175,187		$	112,651,474
Cash & Cash Equivalents		230,394			73,049			154,633			9,776			231,357			602,344			2,135,096			3,436,649
Rent Receivable		65,313			13,744			23,113			7,081			7,285			38,832			236,721			392,089
Real Estate Tax Escrow		77,685			—			62,506			—			40,025			117,318			—			297,534
Prepaid Expenses & Other Assets		311,513			67,410			123,115			685			30,592			195,099			1,956,585			2,684,999
Total Assets	$	7,061,796		$	2,742,995		$	5,503,233		$	99,913		$	5,075,593		$	15,475,626		$	83,503,589		$	119,462,745
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,944,844		$	—		$	8,944,849		$	—		$	5,918,506		$	16,853,184		$	124,569,180		$	166,230,563
Accounts Payable & Accrued Expense		82,137			2,250			99,583			2,711			67,629			169,515			804,862			1,228,687
Advance Rental Pmts & Security Deposits		189,746			—			247,951			—			154,400			474,463			2,427,394			3,493,954
Total Liabilities		10,216,727			2,250			9,292,383			2,711			6,140,535			17,497,162			127,801,436			170,953,204
Partners’ Capital		(3,154,931)			2,740,745			(3,789,150)			97,202			(1,064,942)			(2,021,536)			(44,297,847)			(51,490,459)
Total Liabilities and Capital	$	7,061,796		$	2,742,995		$	5,503,233		$	99,913		$	5,075,593		$	15,475,626		$	83,503,589		$	119,462,745
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,370,373		$	—		$	48,601		$	—		$	—		$	—			1,418,974
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,577,467)		$	—		$	(1,894,576)		$	—		$	(532,471)		$	(1,010,769)		$	(17,719,140)			(22,734,423)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(21,315,449)
Total units/condominiums
Apartments		48			—			40			175			42			148			409			862
Commercial		1			1			—			1			—			—			—			3
Total		49			1			40			176			42			148			409			865
Units to be retained		49			1			40			1			42			148			409			690
Units to be sold		—			—			—			175			—			—			—			175
Units sold through November 1, 2021		—			—			—			175			—			—			—			175

Financial information for the nine months ended September 30, 2021

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	856,569	$	168,431	$	1,019,465	$	75,148	$	865,196	$	2,491,414	$	9,513,069	$	14,989,292
Laundry and Sundry Income		9,194		—		112		—		4,548		27,837		73,067		114,758
		865,763		168,431		1,019,577		75,148		869,744		2,519,251		9,586,136		15,104,050
Expenses
Administrative		70,445		2,103		22,651		2,140		11,485		49,372		160,336		318,532
Depreciation and Amortization		358,788		15,223		257,314		2,448		253,180		813,435		2,795,700		4,496,088
Management Fees		29,181		6,187		40,288		2,843		34,592		97,262		202,975		413,328
Operating		129,400		—		42,137		231		78,038		315,638		761,854		1,327,298
Renting		81,149		—		46,108		—		1,095		71,772		415,221		615,345
Repairs and Maintenance		123,467		520		100,182		—		86,566		446,677		1,506,426		2,263,838
Taxes and Insurance		195,974		45,037		131,574		14,535		107,198		336,333		1,812,549		2,643,200
		988,404		69,070		640,254		22,197		572,154		2,130,489		7,655,061		12,077,629
Income Before Other Income		(122,641)		99,361		379,323		52,951		297,590		388,762		1,931,075		3,026,421
Other Income (Loss)
Interest Expense		(184,542)		—		(269,993)		—		(177,757)		(568,246)		(3,792,615)		(4,993,153)
Interest Income								—
Other Income		—		—		—		—		—		—		1,222		1,222
		(184,542)		—		(269,993)		—		(177,757)		(568,246)		(3,791,393)		(4,991,931)
Net Income (Loss)	$	(307,183)	$	99,361	$	109,330	$	52,951	$	119,833	$	(179,484)	$	(1,860,318)	$	(1,965,510)
Net Income (Loss)—NERA 50%	$	(153,593)	$	49,681	$	54,665	$	26,476	$	59,917	$	(89,742)				(52,597)
Net Income (Loss) —NERA 40%													$	(744,128)		(744,128)
															$	(796,725)

Financial information for the three months ended September 30, 2021

										Hamilton		Hamilton
	Hamilton		Hamilton Essex		345		Hamilton			Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025			Apts		Apts		Park		Total
Revenues
Rental Income	$	414,497	$	111,191	$	343,674	$	26,410	$	293,988	$	827,140	$	3,300,261	$	5,317,161
Laundry and Sundry Income		2,986		—				—		1,243		9,796		23,706		37,731
		417,483		111,191		343,674		26,410		295,231		836,936		3,323,967		5,354,892
Expenses
Administrative		16,576		750		7,129		651		3,824		14,592		65,606		109,128
Depreciation and Amortization		120,266		5,074		86,449		816		84,827		272,874		938,058		1,508,364
Management Fees		17,335		6,187		13,943		1,272		11,716		32,831		73,512		156,796
Operating		60,232		—		16,060		55		23,542		101,948		260,794		462,631
Renting		26,272		—		12,174		—		375		20,213		222,664		281,698
Repairs and Maintenance		41,335		—		35,687		—		30,184		177,652		599,156		884,014
Taxes and Insurance		64,799		15,228		44,194		4,634		36,986		115,028		614,622		895,491
		346,815		27,239		215,636		7,428		191,454		735,138		2,774,412		4,298,122
Income Before Other Income		70,668		83,952		128,038		18,982		103,777		101,798		549,555		1,056,770
Other Income (Loss)
Interest Expense		(61,827)		—		(89,248)		—		(59,880)		(191,453)		(1,263,383)		(1,665,791)
Other income		—		—		—		—		—		—				—
		(61,827)		—		(89,248)		—		(59,880)		(191,453)		(1,263,383)		(1,665,791)
Net Income (Loss)	$	8,841	$	83,952	$	38,790	$	18,982	$	43,897	$	(89,655)	$	(713,828)	$	(609,021)
Net Income (Loss)—NERA 50%	$	4,421	$	41,976	$	19,395	$	9,491	$	21,949	$	(44,829)				52,403
Net Income (Loss)—NERA 40%													$	(285,533)		(285,533)
															$	(233,130)

2020

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

Summary financial information at September 30, 2020

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	6,758,283		$	2,591,281		$	5,439,844		$	85,635		$	5,077,525		$	15,343,928		$	81,537,329		$	116,833,825
Cash & Cash Equivalents		281,585			70,894			183,638			12,305			210,705			610,816			2,870,227			4,240,170
Rent Receivable		220,578			48,878			11,367			811			—			46,780			501,843			830,257
Real Estate Tax Escrow		66,248			—			57,079			—			31,378			92,122			—			246,827
Prepaid Expenses & Other Assets		319,434			84,898			82,969			2,129			26,428			162,421			1,406,740			2,085,019
Total Assets	$	7,646,128		$	2,795,951		$	5,774,897		$	100,880		$	5,346,036		$	16,256,067		$	86,316,139		$	124,236,098
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,931,055		$	—		$	9,149,766		$	—		$	5,910,322		$	16,837,132		$	124,504,557		$	166,332,832
Accounts Payable & Accrued Expense		53,569			2,400			101,651			15,038			64,341			168,318			762,288			1,167,605
Advance Rental Pmts& Security Deposits		202,659			—			217,832			—			157,932			435,679			2,053,602			3,067,704
Total Liabilities		10,187,283			2,400			9,469,249			15,038			6,132,595			17,441,129			127,320,447			170,568,141
Partners’ Capital		(2,541,155)			2,793,551			(3,694,352)			85,842			(786,559)			(1,185,062)			(41,004,308)			(46,332,043)
Total Liabilities and Capital	$	7,646,128		$	2,795,951		$	5,774,897		$	100,880		$	5,346,036		$	16,256,067		$	86,316,139		$	124,236,098
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,396,776		$	—		$	42,921		$	—		$	—		$	—		$	1,439,697
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,270,579)		$	—		$	(1,847,175)		$	—		$	(393,280)		$	(592,531)		$	(16,401,724)			(20,505,288)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(19,065,591)
Total units/condominiums
Apartments		48			—			40			175			42			148			409			862
Commercial		1			1			—			1			—			—			—			3
Total		49			1			40			176			42			148			409			865
Units to be retained		49			1			40			1			42			148			409			690
Units to be sold		—			—			—			175			—			—			—			175
Units sold through November 1, 2020		—			—			—			175			—			—			—			175

Financial information for the nine months ended September 30, 2020

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	940,486	$	68,726	$	1,182,050	$	65,486	$	883,075	$	2,648,277	$	11,676,769	$	17,464,869
Laundry and Sundry Income		9,288		—		498		—		1,915		26,135		60,266		98,102
		949,774		68,726		1,182,548		65,486		884,990		2,674,412		11,737,035		17,562,971
Expenses
Administrative		15,451		3,044		23,860		11,769		10,281		43,466		136,437		244,308
Depreciation and Amortization		365,779		15,223		253,716		2,448		260,994		788,181		2,764,842		4,451,183
Management Fees		37,803		2,203		45,548		2,587		35,212		100,654		234,155		458,162
Operating		64,247		—		51,077		147		69,487		255,794		778,020		1,218,772
Renting		6,430		—		29,776		—		7,440		52,202		211,830		307,678
Repairs and Maintenance		94,415		3,180		79,254		—		71,112		388,818		1,094,213		1,730,992
Taxes and Insurance		192,490		45,784		120,056		12,701		108,214		346,997		1,716,234		2,542,476
		776,615		69,434		603,287		29,652		562,740		1,976,112		6,935,731		10,953,571
Income Before Other Income		173,159		(708)		579,261		35,834		322,250		698,300		4,801,304		6,609,400
Other Income (Loss)
Interest Expense		(236,053)		—		(278,456)		—		(178,402)		(574,239)		(3,804,746)		(5,071,896)
Interest Income		—		—		—				—		—		—		—
Gain on sale of Real Estate		—		—		—		—		—		—		—		—
		(236,053)		—		(278,456)		—		(178,402)		(574,239)		(3,804,746)		(5,071,896)
Net Income (Loss)	$	(62,894)	$	(708)	$	300,805	$	35,834	$	143,848	$	124,061	$	996,558	$	1,537,504
Net Income (Loss)—NERA 50%	$	(31,447)	$	(354)	$	150,403	$	17,917	$	71,924	$	62,031				270,473
Net Income (Loss)—NERA 40%													$	398,625		398,625
															$	669,098

Financial information for the three months ended September 30, 2020

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	120,398	$	2,864	$	334,431	$	24,369	$	301,865	$	844,963	$	3,446,320	$	5,075,210
Laundry and Sundry Income		2,605		—		—		—		1,289		8,780		14,559		27,233
		123,003		2,864		334,431		24,369		303,154		853,743		3,460,879		5,102,443
Expenses
Administrative		3,971		844		7,531		713		3,631		13,991		43,664		74,345
Depreciation and Amortization		122,210		5,074		84,680		816		87,214		264,047		925,922		1,489,963
Management Fees		9,751		—		13,253		942		12,209		32,925		67,909		136,989
Operating		17,948		—		22,313		51		18,832		78,199		248,176		385,519
Renting		3,026		—		20,094		—		1,690		36,709		180,947		242,466
Repairs and Maintenance		27,206		134		35,879		—		32,161		154,828		582,965		833,173
Taxes and Insurance		63,090		15,328		40,342		4,021		36,038		114,523		577,282		850,624
		247,202		21,380		224,092		6,543		191,775		695,222		2,626,865		4,013,079
Income Before Other Income		(124,199)		(18,516)		110,339		17,826		111,379		158,521		834,014		1,089,364
Other Income (Loss)
Interest Expense		(63,961)		—		(92,048)		—		(59,900)		(191,453)		(1,267,960)		(1,675,322)
Interest Income		—		—		—				—		—		—		—
Gain on sale of Real Estate		—		—		—		—		—		—		—		—
		(63,961)		—		(92,048)		—		(59,900)		(191,453)		(1,267,960)		(1,675,322)
Net Income (Loss)	$	(188,160)	$	(18,516)	$	18,291	$	17,826	$	51,479	$	(32,932)	$	(433,946)	$	(585,958)
Net Income (Loss)—NERA 50%	$	(94,080)	$	(9,257)	$	9,146	$	8,913	$	25,740	$	(16,466)				(76,005)
Net Income (Loss)—NERA 40%													$	(173,578)		(173,578)
															$	(249,583)