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RENTAL PROPERTIES

3 Months Ended

Mar. 31, 2022

NOTE 2. RENTAL PROPERTIES

As of March 31, 2022, the Partnership and its Subsidiary Partnerships owned 2,892 residential apartment units in 25 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 March 31, 2022, 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 seven residential and mixed use complexes (the “Investment Properties”) at March 31, 2022 with a total of 688 apartment units, accounted for using the equity method of consolidation. See Note 14 for summary information on these investments.

Rental properties consist of the following:


	March 31, 2022		December 31, 2021		Useful Life
Land, improvements and parking lots	$	86,887,276	$	86,887,276	15	-	40	years
Buildings and improvements		254,297,847		253,952,680	15	-	40	years
Kitchen cabinets		17,061,510		16,946,916	5	-	10	years
Carpets		12,189,143		12,029,577	5	-	10	years
Air conditioning		501,697		501,697	5	-	10	years
Laundry equipment		608,271		608,271	5	-	7	years
Elevators		1,885,265		1,885,265	20	-	40	years
Swimming pools		1,090,604		1,090,604	10	-	30	years
Equipment		18,297,897		18,072,761	5	-	30	years
Motor vehicles		171,519		171,519			5	years
Fences		46,872		46,872	5	-	15	years
Furniture and fixtures		8,099,011		7,898,163	5	-	7	years
Smoke alarms		496,641		496,641	5	-	7	years
Total fixed assets		401,633,553		400,588,242
Less: Accumulated depreciation		(153,226,003)		(149,233,040)
	$	248,407,550	$	251,355,202