RENTAL PROPERTIES

3 Months Ended

Mar. 31, 2023

RENTAL PROPERTIES

RENTAL PROPERTIES

NOTE 2. RENTAL PROPERTIES

As of March 31, 2023, 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, 2023, the Partnership and Subsidiary Partnerships owned two commercial shopping centers 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, 2023 with a total of 688 apartment units, accounted for using the equity method of consolidation. See Note 15 for summary information on these investments.

The Partnership purchased a commercial retail property of approximately 20,700 square feet, located at 653 Worcester Road in Framingham, Massachusetts for the sum of approximately $10,151,000 on January 18, 2023. This acquisition was funded from the Partnership’s cash reserves and closing costs were approximately $59,000. From the purchase price, the Partnership allocated approximately $585,000 to in- place leases, and approximately $378,000 to the value of tenant relationships. The value assigned to in-place leases is being amortized over a twelve-month period. The

value assigned to tenant relationships is being amortized over the individual tenant’s lease term, ranging from 20 months to 156 months.

Rental properties consist of the following:

	March 31, 2023		December 31, 2022		Useful Life
Land, improvements and parking lots	$	90,839,091	$	87,405,897	15	-	40	years
Buildings and improvements		261,724,341		256,035,191	15	-	40	years
Kitchen cabinets		14,744,566		14,347,212	5	-	10	years
Carpets		12,609,952		12,047,573	5	-	10	years
Air conditioning		501,697		501,697	5	-	10	years
Laundry equipment		553,140		553,140	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		19,215,896		18,716,758	5	-	30	years
Motor vehicles		232,954		171,519			5	years
Fences		46,872		46,872	5	-	15	years
Furniture and fixtures		8,406,539		7,902,182	5	-	7	years
Total fixed assets		411,850,917		400,703,910
Less: Accumulated depreciation		(163,321,577)		(159,627,479)
	$	248,529,340	$	241,076,431