INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of future annual mortgage maturities

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.

2023

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

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

2022

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

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 of income statement relating to investment in unconsolidated joint ventures

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

2021

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

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 of income statement relating to investment in unconsolidated joint ventures

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)