INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

12 Months Ended

Dec. 31, 2023

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

NOTE 15. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

The Partnership has invested in seven limited partnerships and limited liability companies, the majority of which have invested in residential apartment complexes, with three Joint Ventures investing in commercial property. The Partnership has between a 40%-50% ownership interests in each investment. The other investors are the Brown Family related entities and five current and former employees of the Hamilton Company. The Brown Family related entities ownership interest was between 47.6% and 59%, with the balance owned by the others. A description of each investment is as follows:

On October 28, 2009 the Partnership invested approximately $15,925,000 in a joint venture to acquire a 40% interest in a residential property located in Brookline, Massachusetts. The property, Hamilton Park Towers LLC, referred to as Dexter Park, is a 409 unit residential complex. The purchase price was $129,500,000. The original mortgage was $89,914,000 with an interest rate of 5.57% and it matured in 2019. The mortgage called for interest only payments for the first two years of the loan and amortized over 30 years thereafter.

On May 31, 2018, Hamilton Park Towers, LLC entered into a mortgage note with John Hancock Life Insurance Company (U.S.A.) in the principal amount of $125,000,000. Interest only payments on the note are payable on a monthly basis at a fixed interest rate of 3.99% per annum, and the principal amount of the note is due and payable on June 1, 2028. The Note is secured by a mortgage on the Dexter Park apartment complex located at 175 Freeman Street, Brookline, Massachusetts, pursuant to a Mortgage, Assignment of Leases and Rents and Security Agreement dated May 31, 2018. The Note is guaranteed by the Partnership and HBC Holdings, LLC pursuant to a Guaranty Agreement dated May 31, 2018.

Hamilton Park used the proceeds of the loan to pay off an outstanding loan of approximately $82,000,000 and distributed approximately $41,200,000 to its’ owners. The Partnership’s share of the distribution was approximately $16,500,000. As a result of the distribution, the carrying value of the investment fell below zero. The Partnership will continue to account for the investment using the equity method of accounting, although the Partnership has no legal obligation to fund its’ share of any future operating deficiencies as needed. At December 31, 2023, the balance on this mortgage before unamortized deferred financing costs is approximately $125,000,000. This investment, Hamilton Park Towers, LLC is referred to as Dexter Park.

On March 7, 2005, the Partnership invested $2,000,000 for a 50% ownership interest in a building comprising 48 apartments, one commercial space and a 50-car surface parking lot located in Boston, Massachusetts. The purchase price was $14,300,000, with a $10,750,000 mortgage. The Joint Venture planned to operate the building and initiate development of the parking lot. In June 2007, the Joint Venture separated the parcels, formed an additional limited liability company for the residential apartments and obtained a mortgage on the property. The new limited liability company formed for the residential apartments and commercial space is referred to as Hamilton Essex 81, LLC. In August 2008, the Joint Venture restructured the mortgages on both parcels at Essex 81. On September 28, 2015, Hamilton Essex Development, LLC paid off the outstanding mortgage balance of $1,952,286. The Partnership made a capital contribution of $978,193 to Hamilton Essex Development LLC for its share of the funds required for the transaction. Additionally, the Partnership made a capital contribution of $100,000 to Hamilton Essex 81, LLC. On September 30, 2015, Hamilton Essex 81, LLC obtained a new 10 year mortgage in the amount of $10,000,000, interest only at 2.18% plus the one month Libor rate. The proceeds of the note were used to pay off the existing mortgage of $8,040,719 and the Partnership received a distribution of $978,193 for its share of the excess proceeds. As a result of the distribution, the carrying value of the investment fell below zero. The Partnership will continue to account for this investment using the equity method of accounting. Although the Partnership has no legal obligation, the Partnership intends to fund its share of any future operating deficits if needed. At December 31, 2023, the balance on this mortgage before unamortized deferred financing costs is approximately $10,000,000. The investment in the parking lot is referred to as Hamilton Essex Development, LLC; the investment in the apartments is referred to as Hamilton Essex 81, LLC.

On March 2, 2005, the Partnership invested $2,352,000 for a 50% ownership interest in a 176-unit apartment complex with an additional small commercial building located in Quincy, Massachusetts. The purchase price was $23,750,000. The Partnership sold 127 of the units as condominiums and retained 49 units for long-term investment. The Partnership obtained a new 10-year mortgage in the amount of $5,000,000 on the units to be retained by the Partnership. The interest on the new loan was 5.67% fixed for the 10 year term with interest only payments for five years and amortized over a 30 year period for the balance of the loan term. On July 8, 2016, Hamilton 1025 LLC paid off the outstanding balance of the mortgage balance. The Partnership made a capital contribution of $2,359,500 to Hamilton 1025, LLC for its share of the funds required for the transaction. After paying off the mortgage, the Partnership began to sell off the individual units. All residential units have been sold. The Partnership still owns the commercial building. This investment is referred to as Hamilton 1025, LLC.

In September 2004, the Partnership invested approximately $5,075,000 for a 50% ownership interest in a 42-unit apartment complex located in Lexington, Massachusetts. The purchase price was $10,100,000. In October 2004, the Joint Venture obtained a mortgage on the property in the amount of $8,025,000 and returned $3,775,000 to the Partnership. The Joint Venture obtained a new 10-year mortgage in the amount of $5,500,000 in January 2007. The interest on the new loan was 5.67% fixed for the ten year term with interest only payments for five years and amortized over a 30 year period for the balance of the loan. This loan required a cash contribution by the Partnership of $1,250,000 in December 2006. On September 12, 2016, the property was refinanced with a 15 year mortgage in the amount of $6,000,000, at 3.71%, interest only. The Joint Venture Partnership paid off the prior mortgage of approximately $5,158,000 with the proceeds of the new mortgage and made a distribution of $385,000 to the Partnership. The cost associated with the refinancing was approximately $123,000. At December 31, 2023, the balance on this mortgage before unamortized deferred financing costs is approximately $6,000,000. In 2018, the carrying value of the investment fell below zero. The Partnership will continue to account for this investment using the equity method of accounting, although the Partnership has no legal obligation to fund its share of any future operating deficiencies, if needed. This investment is referred to as Hamilton Minuteman, LLC.

In August 2004, the Partnership invested $8,000,000 for a 50% ownership interest in a 280-unit apartment complex located in Watertown, Massachusetts. The total purchase price was $56,000,000. The Joint Venture sold 137 units as condominiums. The assets were combined with Hamilton on Main Apartments. Hamilton on Main Apartments, LLC is known as Hamilton Place. In 2005, Hamilton on Main Apartments, LLC obtained a ten year mortgage on the three buildings to be retained. The mortgage was $16,825,000, with interest only of 5.18% for three years and amortizing on a 30 year schedule for the remaining seven years when the balance was due. The net proceeds after funding escrow accounts and closing costs on the mortgage were approximately $16,700,000, which were used to reduce the existing mortgage. In August 2014, the property was refinanced with a 10 year mortgage in the amount of $16,900,000 at 4.34% interest only. The Joint Venture paid off the prior mortgage of approximately $15,205,000 with the proceeds of the new mortgage and distributed $850,000 to the Partnership. The costs associated with the refinancing were approximately $161,000. At December 31, 2023, the balance of the mortgage before unamortized deferred financing costs is approximately $16,900,000. In 2018, the carrying value of the investment fell below zero. The Partnership will continue to account for this investment using the equity method of accounting, although the Partnership has no legal obligation to fund its share of any future operating deficiencies, if needed. The investment is referred to as Hamilton On Main Apartments, LLC.

On August 23, 2023, Hamilton on Main Apartments, LLC (the “Borrower”), a 50% owned joint venture of the Partnership, received notice from KeyBank, as servicer for the lender of a $16,900,000 loan, indicating that the Borrower failed to comply with certain terms of the loan documents pertaining to the transfer of interests in the Borrower that occurred on the occasion of Harold Brown’s death, and that such transfer constitutes an event of default under the loan documents. While the Borrower has disputed that any events of default actually exist, it is working diligently with KeyBank to obtain KeyBank’s consent to the transfer. On March 8, 2024, the Borrower received notice from KeyBank that it was providing ex-post facto consent to the transfer of interest subject to certain conditions being met by the Borrower. The Partnership’s share of costs associated with the transfer of interests in the Borrower is approximately $107,000.

In November 2001, the Partnership invested approximately $1,533,000 for a 50% ownership interest in a 40-unit apartment building in Cambridge, Massachusetts. In June 2013, the property was refinanced with a 15 year mortgage in the amount of $10,000,000 at 3.87%, interest only for 3 years and is amortized on a 30-year schedule for the balance of the term. The Joint Venture paid off the prior mortgage of approximately $6,776,000 with the proceeds of the new mortgage. After the refinancing, the Joint Venture made a distribution of $1,610,000 to the Partnership. As a result of the distribution, the carrying value of the investment fell below zero. The Partnership will continue to account for this investment using the equity method of accounting. Although the Partnership has no legal obligation, the Partnership intends to fund its share of any future operating deficits if needed. At December 31, 2023, the balance of this mortgage before unamortized deferred financing costs is approximately $8,483,000. This investment is referred to as 345 Franklin, LLC.

INVESTMTENT IN UNCONSILIDATED JOINT VENTURES

Summary financial information as of December 31, 2023

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	5,403,706		$	2,583,190		$	4,481,606		$	75,027		$	4,190,275		$	12,493,492		$	73,179,575		$	102,406,871
Cash & Cash Equivalents		1,141,751			108,348			155,557			16,339			148,334			1,204,116			1,904,290			4,678,735
Rent Receivable		208,968			78,753			117			4,120			2,957			22,319			115,904			433,138
Real Estate Tax Escrow		75,475			—			29,290			—			34,998			136,711			—			276,474
Prepaid Expenses & Other Assets		320,627			44,182			73,604			505			50,327			227,421			2,494,734			3,211,400
Total Assets	$	7,150,527		$	2,814,473		$	4,740,174		$	95,991		$	4,426,891		$	14,084,059		$	77,694,503		$	111,006,618
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,975,869		$	—		$	8,452,812		$	—		$	5,936,919		$	16,889,299		$	124,714,582		$	165,969,481
Accounts Payable & Accrued Expense		141,743			3,000			64,335			3,486			50,990			352,780			742,749			1,359,083
Advance Rental Pmts & Security Deposits		337,593			20,660			304,499			735			173,222			500,103			3,033,534			4,370,346
Total Liabilities		10,455,205			23,660			8,821,646			4,221			6,161,131			17,742,182			128,490,865			171,698,910
Partners’ Capital		(3,304,678)			2,790,813			(4,081,472)			91,770			(1,734,240)			(3,658,123)			(50,796,362)			(60,692,292)
Total Liabilities and Capital	$	7,150,527		$	2,814,473		$	4,740,174		$	95,991		$	4,426,891		$	14,084,059		$	77,694,503		$	111,006,618
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,395,406		$	—		$	45,885		$	—		$	—		$	—			1,441,291
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,652,340)		$	—		$	(2,040,737)		$	—		$	(867,121)		$	(1,829,063)		$	(20,318,546)			(26,707,807)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(25,266,517)
Total units/condominiums
Apartments		48			—			40			175			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 February 1, 2024		—			—			—			175			—			—			—			175
Unsold units		—			—			—			—			—			—			—			—

Summary financial information for the year ended December 31, 2023

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	1,831,196	$	241,884	$	1,709,429	$	98,734	$	1,334,398	$	3,879,734	$	16,461,345	$	25,556,720
Laundry and Sundry Income		3,691		—		115		—		(148)		23,163		137,498		164,319
		1,834,887		241,884		1,709,544		98,734		1,334,250		3,902,897		16,598,843		25,721,039
Expenses
Administrative		20,455		3,020		30,349		3,300		20,021		92,589		262,394		432,128
Depreciation and Amortization		470,253		11,709		346,856		3,264		339,605		1,065,353		3,685,524		5,922,564
Management Fees		72,806		10,489		67,116		4,011		53,347		152,943		338,355		699,067
Operating		284,173		—		89,139		807		105,254		455,086		1,279,434		2,213,893
Renting		61,559		—		52,686		13		5,801		54,856		107,250		282,165
Repairs and Maintenance		178,816		—		150,845		—		94,262		625,687		1,902,110		2,951,720
Taxes and Insurance		281,346		61,557		193,215		17,165		147,197		527,665		2,630,668		3,858,813
		1,369,408		86,775		930,206		28,560		765,487		2,974,179		10,205,735		16,360,350
Income Before Other Income		465,479		155,109		779,338		70,174		568,763		928,718		6,393,108		9,360,689
Other Income (Loss)
Interest Expense		(752,933)		—		(344,847)		—		(237,749)		(788,376)		(5,026,076)		(7,149,981)
Other(Expense)		—		—		—		—		—		(213,240)		—		(213,240)
Interest income		6,830		375		1,593		161		2,592		7,376		11,861		30,788
		(746,103)		375		(343,254)		161		(235,157)		(994,240)		(5,014,215)		(7,332,433)
Net (Loss) Income	$	(280,624)	$	155,484	$	436,084	$	70,335	$	333,606	$	(65,522)	$	1,378,893	$	2,028,256
Net (Loss) Income —NERA 50%	$	(140,312)	$	77,741	$	218,041	$	35,167	$	166,802	$	(32,762)				324,677
Net Income —NERA 40%													$	551,556		551,556
															$	876,233

Future annual mortgage maturities at December 31, 2023 are as follows:

	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
12/31/2024	$	—	$	239,883	$	—	$	16,900,000	$	—	$	17,139,883
12/31/2025		10,000,000		249,333		—		—		—		10,249,333
12/31/2026		—		259,155		—		—		—		259,155
12/31/2027		—		269,365		—		—		—		269,365
12/31/2028		—		7,465,039		—		—		125,000,000		132,465,039
Thereafter		—		—		6,000,000		—		—		6,000,000
		10,000,000		8,482,775		6,000,000		16,900,000		125,000,000		166,382,775
Less: unamortized deferred financing costs		(24,131)		(29,963)		(63,081)		(10,701)		(285,418)		(413,294)
	$	9,975,869	$	8,452,812	$	5,936,919	$	16,889,299	$	124,714,582	$	165,969,481

At December 31, 2023 the weighted average interest rate on the above mortgages was 4.23%. The effective rate was 4.29% including the amortization expense of deferred financing costs.

Summary financial information as of December 31, 2022

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	5,829,640		$	2,585,680		$	4,810,934		$	78,291		$	4,467,772		$	13,456,133		$	75,907,107		$	107,135,557
Cash & Cash Equivalents		985,849			110,907			358,016			29,065			328,742			1,377,250			3,866,113			7,055,942
Rent Receivable		202,221			78,436			—			4,915			2,600			9,565			106,165			403,902
Real Estate Tax Escrow		74,423			—			27,771			—			34,842			130,911			—			267,947
Prepaid Expenses & Other Assets		321,912			53,316			111,018			493			26,238			186,990			2,288,330			2,988,297
Total Assets	$	7,414,045		$	2,828,339		$	5,307,739		$	112,764		$	4,860,194		$	15,160,849		$	82,167,715		$	117,851,645
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,962,080		$	—		$	8,676,945		$	—		$	5,928,736		$	16,873,248		$	124,649,959		$	166,090,968
Accounts Payable & Accrued Expense		165,576			43,000			84,025			23,329			162,623			556,239			2,012,851			3,047,643
Advance Rental Pmts& Security Deposits		310,443			—			269,326			—			171,680			463,963			2,950,161			4,165,573
Total Liabilities		10,438,099			43,000			9,030,296			23,329			6,263,039			17,893,450			129,612,971			173,304,184
Partners’ Capital		(3,024,054)			2,785,339			(3,722,557)			89,435			(1,402,845)			(2,732,601)			(47,445,256)			(55,452,539)
Total Liabilities and Capital	$	7,414,045		$	2,828,339		$	5,307,739		$	112,764			4,860,194		$	15,160,849		$	82,167,715		$	117,851,645
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,392,669		$	—		$	44,718		$			$			$			$	1,437,387
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,512,027)		$	—		$	(1,861,278)		$	—		$	(701,422)		$	(1,366,300)		$	(18,978,102)			(24,419,129)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(22,981,742)
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		—			—			—			—			—			—			—			—
Units sold through February 1, 2023		—			—			—			175			—			—			—			175
Unsold units		—			—			—			—			—			—			—			—

Summary financial information for the year ended December 31, 2022

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	1,640,480	$	296,313	$	1,516,329	$	102,802	$	1,212,854	$	3,644,802	$	15,136,724	$	23,550,304
Laundry and Sundry Income		17,652		—		245		—				77,589		135,607		231,093
		1,658,132		296,313		1,516,574		102,802		1,212,854		3,722,391		15,272,331		23,781,397
Expenses
Administrative		19,543		6,548		33,656		2,793		14,579		68,948		218,772		364,839
Depreciation and Amortization		478,538		11,709		346,793		3,264		338,919		1,081,096		3,768,367		6,028,686
Management Fees		75,216		11,468		59,715		4,160		48,548		146,115		316,813		662,035
Operating		229,528		—		76,108		1,344		129,232		400,489		1,167,733		2,004,434
Renting		25,926		—		32,332		—		9,873		51,327		91,041		210,499
Repairs and Maintenance		185,275		3,180		184,057		—		106,689		626,909		1,694,941		2,801,051
Taxes and Insurance		266,024		63,139		182,098		18,513		153,117		513,699		2,503,801		3,700,391
		1,280,050		96,044		914,759		30,074		800,957		2,888,583		9,761,468		15,771,935
Income Before Other Income		378,082		200,269		601,815		72,728		411,897		833,808		5,510,863		8,009,462
Other Income (Loss)
Interest Expense		(412,329)		—		(351,175)		—		(237,851)		(759,704)		(5,081,626)		(6,842,685)
Other Expenses				—		—		—		—		(81,360)				(81,360)
		(412,329)		—		(351,175)		—		(237,851)		(841,064)		(5,081,626)		(6,924,045)
Net Income (Loss)	$	(34,247)	$	200,269	$	250,640	$	72,729	$	174,046	$	(7,256)	$	429,237	$	1,085,417
Net Income (Loss)—NERA 50%	$	(17,124)	$	100,134	$	125,319	$	36,365	$	87,023	$	(3,629)				328,088
Net Income —NERA 40%													$	171,695		171,695
															$	499,783

Summary financial information for the year ended December 31, 2021

				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	6,263,331		$	2,588,169		$	5,062,602		$	81,555		$	4,697,616		$	14,334,539		$	78,755,698		$	111,783,510
Cash & Cash Equivalents		333,699			98,674			155,627			11,845			156,058			565,171			2,070,558			3,391,632
Rent Receivable		232,521			68,828			9,905			6,111			6,999			37,750			175,213			537,327
Real Estate Tax Escrow		76,651			—			29,999			—			36,451			109,588			—			252,689
Prepaid Expenses & Other Assets		301,043			62,399			117,197			446			24,009			181,941			2,102,717			2,789,752
Total Assets	$	7,207,245		$	2,818,070		$	5,375,330		$	99,957		$	4,921,133		$	15,228,989		$	83,104,186		$	118,754,910
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,948,291		$	—		$	8,892,331		$	—		$	5,920,552		$	16,857,197		$	124,585,336		$	166,203,707
Accounts Payable & Accrued Expense		68,265			3,000			52,392			3,251			48,145			188,012			670,624			1,033,689
Advance Rental Pmts& Security Deposits		180,497			—			228,803			—			159,324			434,126			2,522,719			3,525,469
Total Liabilities		10,197,053			3,000			9,173,526			3,251			6,128,021			17,479,335			127,778,679			170,762,865
Partners’ Capital		(2,989,808)			2,815,070			(3,798,196)			96,706			(1,206,888)			(2,250,346)			(44,674,493)			(52,007,955)
Total Liabilities and Capital	$	7,207,245		$	2,818,070		$	5,375,330		$	99,957		$	4,921,133		$	15,228,989		$	83,104,186		$	118,754,910
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$			$	1,407,535		$	—		$	48,353		$			$			$				1,455,888
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,494,905)		$	—		$	(1,899,098)		$	—		$	(603,445)		$	(1,125,174)		$	(17,869,797)			(22,992,420)
																						$	(21,536,532)
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		—			—			—			—			—			—			—
Units sold through February 1, 2022		—			—			—			—			—			—			—			—
Unsold units		—			—			—			175			—			—			—			—
		—			—			—			—			—			—			—			—

Summary financial information for the year ended December 31, 2021

			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	1,609,397	$	391,878	$	1,360,472	$	98,135	$	1,139,865	$	3,370,478	$	12,866,983	$	20,837,208
Laundry and Sundry Income		12,761		—		1,494		—		3,913		38,697		97,781		154,646
		1,622,158		391,878		1,361,966		98,135		1,143,778		3,409,175		12,964,764		20,991,854
Expenses
Administrative		76,338		2,875		31,566		2,812		16,450		68,008		205,460		403,509
Depreciation and Amortization		479,512		20,298		343,834		3,264		338,362		1,089,225		3,742,118		6,016,613
Management Fees		52,617		12,922		54,178		3,801		45,541		131,221		274,882		575,162
Operating		168,160		—		58,667		334		98,115		432,061		1,023,732		1,781,069
Renting		101,328		—		54,672		—		4,419		90,842		460,718		711,979
Repairs and Maintenance		159,593		520		129,548		—		120,626		624,475		1,814,342		2,849,104
Taxes and Insurance		261,145		60,764		175,183		19,467		144,533		451,937		2,426,021		3,539,050
		1,298,693		97,379		847,648		29,678		768,046		2,887,769		9,947,273		15,876,486
Income Before Other Income		323,465		294,499		514,318		68,457		375,732		521,406		3,017,491		5,115,368
Other Income (Loss)
Interest Expense		(246,339)		—		(359,036)		—		(237,845)		(759,698)		(5,055,677)		(6,658,595)
Interest Income		—		—		—		—		—		—		1,222		1,222
		(246,339)		—		(359,036)		—		(237,845)		(759,698)		(5,054,455)		(6,657,373)
Net Income (Loss)	$	77,126	$	294,499	$	155,282	$	68,458	$	137,887	$	(238,292)	$	(2,036,964)	$	(1,542,005)
Net Income (Loss)—NERA 50%	$	38,563	$	147,249	$	77,641	$	34,229	$	68,944	$	(119,147)				247,478
Net Income —NERA 40%													$	(814,786)		(814,786)
															$	(567,308)