INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of future annual mortgage maturities

	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
3/31/2024	$	—	$	233,032	$	—	$	—	$	—	$	233,032
3/31/2025		—		242,212		—		16,900,000		—		17,142,212
3/31/2026		10,000,000		251,753		—		—		—		10,251,753
3/31/2027		—		261,671		—		—		—		261,671
3/31/2028		—		271,979		—		—		—		271,979
Thereafter		—		7,396,055		6,000,000		—		125,000,000		138,396,055
		10,000,000		8,656,702		6,000,000		16,900,000		125,000,000		166,556,702
Less: unamortized deferred financing costs		(34,473)		(34,957)		(69,219)		(22,739)		(333,885)		(495,273)
	$	9,965,527	$	8,621,745	$	5,930,781	$	16,877,261	$	124,666,115	$	166,061,429

2023

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

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	5,721,864		$	2,585,058		$	4,727,451		$	77,475		$	4,402,156		$	13,223,620		$	75,278,758		$	106,016,382
Cash & Cash Equivalents		1,032,885			132,374			553,282			28,558			377,286			1,201,715			3,827,354			7,153,454
Rent Receivable		209,427			79,310			—			4,923			—			21,329			71,071			386,060
Real Estate Tax Escrow		70,066			—			62,888			—			39,192			135,371			—			307,517
Prepaid Expenses & Other Assets		301,295			50,371			70,323			229			22,867			213,731			2,283,781			2,942,597
Total Assets	$	7,335,537		$	2,847,113		$	5,413,944		$	111,185		$	4,841,501		$	14,795,766		$	81,460,964		$	116,806,010
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,965,527		$	—		$	8,621,745		$	—		$	5,930,781		$	16,877,261			124,666,115		$	166,061,429
Accounts Payable & Accrued Expense		141,973			43,750			337,102			22,181			266,363			785,701			2,161,658			3,758,728
Advance Rental Pmts & Security Deposits		335,457			19,866			283,654			—			178,024			455,924			3,002,957			4,275,882
Total Liabilities		10,442,957			63,616			9,242,501			22,181			6,375,168			18,118,886			129,830,730			174,096,039
Partners’ Capital		(3,107,420)			2,783,497			(3,828,557)			89,004			(1,533,667)			(3,323,120)			(48,369,766)			(57,290,029)
Total Liabilities and Capital	$	7,335,537		$	2,847,113		$	5,413,944		$	111,185		$	4,841,501		$	14,795,766		$	81,460,964		$	116,806,010
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,391,749		$	—		$	44,502		$	—		$	—		$	—			1,436,252
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,553,710)		$	—		$	(1,914,279)		$	—		$	(766,834)		$	(1,661,560)		$	(19,347,906)			(25,244,289)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(23,808,037)
Total units/condominiums
Apartments		48			—			40			—			42			148			409			687
Commercial		1			1			—			1			—			—			—			3
Total		49			1			40			1			42			148			409			690
Units to be retained		49			1			40			1			42			148			409			690
Units to be sold		—			—			—			—			—			—			—			—
Units sold through May 1, 2023		—			—			—			—			—			—			—			—
Unsold units		—			—			—			—			—			—			—			—

Summary of income statement relating to investment in unconsolidated joint ventures

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	438,988	$	60,471	$	411,890	$	24,867	$	313,502	$	924,814	$	3,997,298	$	6,171,830
Laundry and Sundry Income		2,703		—		—		—		—		13,167		36,000		51,870
		441,691		60,471		411,890		24,867		313,502		937,981		4,033,298		6,223,700
Expenses
Administrative		4,740		750		3,469		921		3,875		12,705		48,007		74,467
Depreciation and Amortization		116,987		2,927		86,306		816		83,717		264,509		905,747		1,461,009
Management Fees		19,092		3,179		16,137		994		12,806		37,196		81,609		171,013
Operating		83,347		—		25,379		67		37,516		128,942		376,999		652,250
Renting		3,175		—		8,256		—		1,367		11,946		40,623		65,367
Repairs and Maintenance		54,468		—		24,210		—		20,934		153,454		317,975		571,041
Taxes and Insurance		70,934		15,457		47,175		4,500		35,358		132,372		623,574		929,370
		352,743		22,313		210,932		7,298		195,573		741,124		2,394,534		3,924,517
Income Before Other Income		88,948		38,158		200,958		17,569		117,929		196,857		1,638,764		2,299,183
Other Income (Loss)
Interest Expense		(172,313)		—		(86,958)		—		(58,750)		(187,378)		(1,263,273)		(1,768,672)
		(172,313)		—		(86,958)		—		(58,750)		(187,378)		(1,263,273)		(1,768,672)
Net (Loss) Income	$	(83,365)	$	38,158	$	114,000	$	17,569	$	59,179	$	9,479	$	375,491	$	530,511
Net (Loss) Income —NERA 50%	$	(41,683)	$	19,078	$	56,999	$	8,785	$	29,590	$	4,740				77,508
Net Income —NERA 40%													$	150,196		150,196
															$	227,704

2022

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

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	6,158,533		$	2,587,547		$	4,984,470		$	80,739		$	4,623,273		$	14,069,945		$	78,062,415		$	110,566,922
Cash & Cash Equivalents		579,073			112,861			150,018			9,501			202,934			676,290			2,360,219			4,090,896
Rent Receivable		218,440			71,993			5,694			6,525			18,702			24,636			97,827			443,817
Real Estate Tax Escrow		74,171			—			68,049			—			32,369			88,464			—			263,053
Prepaid Expenses & Other Assets		297,060			59,537			104,028			207			17,181			190,308			2,057,455			2,725,776
Total Assets	$	7,327,277		$	2,831,938		$	5,312,259		$	96,972		$	4,894,459		$	15,049,643		$	82,577,916		$	118,090,464
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,951,738		$	—		$	8,839,286		$	—		$	5,922,598		$	16,861,209		$	124,601,492		$	166,176,323
Accounts Payable & Accrued Expense		72,582			3,750			94,711			3,901			75,931			186,788			792,148			1,229,811
Advance Rental Pmts& Security Deposits		210,186			—			235,125			—			158,851			432,060			2,655,212			3,691,434
Total Liabilities		10,234,506			3,750			9,169,122			3,901			6,157,380			17,480,057			128,048,852			171,097,568
Partners’ Capital		(2,907,229)			2,828,188			(3,856,863)			93,071			(1,262,921)			(2,430,414)			(45,470,936)			(53,007,104)
Total Liabilities and Capital	$	7,327,277		$	2,831,938		$	5,312,259		$	96,972			4,894,459		$	15,049,643		$	82,577,916		$	118,090,464
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,414,094		$	—		$	46,536		$			$			$			$	1,460,630
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,453,616)		$	—		$	(1,928,433)		$	—		$	(631,462)		$	(1,215,208)		$	(18,188,375)			(23,417,093)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(21,956,463)
Total units/condominiums
Apartments		48			—			40			0			42			148			409			687
Commercial		1			1			—			1			—			—			—			3
Total		49			1			40			176			42			148			409			690
Units to be retained		49			1			40			1			42			148			409			690
Units to be sold		—			—			—			—			—			—			—			—
Units sold through May 1, 2022		—			—			—			175			—			—			—			175
Unsold units		—			—			—			—			—			—			—			—

Summary of income statement relating to investment in unconsolidated joint ventures

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	441,716	$	86,103	$	346,820	$	24,369	$	293,738	$	890,382	$	3,470,717	$	5,553,845
Laundry and Sundry Income		5,526		—		—		—		—		10,551		27,055		43,132
		447,242		86,103		346,820		24,369		293,738		900,933		3,497,772		5,596,977
Expenses
Administrative		4,774		750		11,524		651		2,350		24,520		55,517		100,086
Depreciation and Amortization		119,185		2,927		86,413		816		83,960		268,464		929,135		1,490,900
Management Fees		18,485		3,317		13,803		958		11,393		37,373		76,371		161,700
Operating		52,973		—		21,893		1,172		55,585		108,690		347,529		587,842
Renting		5,627		—		10,160		—		3,802		14,989		57,861		92,439
Repairs and Maintenance		34,929		—		54,531		—		16,213		133,918		354,789		594,380
Taxes and Insurance		66,461		15,990		43,724		4,408		37,727		130,669		609,866		908,845
		302,434		22,984		242,048		8,005		211,030		718,623		2,431,068		3,936,192
Income Before Other Income		144,808		63,119		104,772		16,364		82,708		182,310		1,066,704		1,660,785
Other Income (Loss)
Interest Expense		(62,230)		—		(88,437)		—		(58,739)		(187,378)		(1,263,146)		(1,659,930)
Interest income				—		—		—		—		—				—
		(62,230)		—		(88,437)		—		(58,739)		(187,378)		(1,263,146)		(1,659,930)
Net Income (Loss)	$	82,578	$	63,119	$	16,335	$	16,365	$	23,969	$	(5,068)	$	(196,442)	$	855
Net Income (Loss)—NERA 50%	$	41,289	$	31,559	$	8,168	$	8,183	$	11,985	$	(2,535)				98,647
Net Income —NERA 40%													$	(78,578)		(78,578)
															$	20,069