XML 20 R19.htm IDEA: XBRL DOCUMENT

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

9 Months Ended

Sep. 30, 2011

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

NOTE 14. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Since November 2001, the Partnership has invested in nine limited partnerships and limited liability companies, the majority of which have invested in residential apartment complexes, with three partnerships investing in commercial property. The Partnership has a 40%-50% ownership interests in each investment. The other investors are Harold Brown, the President of the Management Company and five other employees of the Management Company. Harold Brown’s ownership interest is between 43.2% and 57%, 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, referred to as Dexter Park, is a 409 unit residential complex. The purchase price was $129,500,000. The total mortgage is $89,914,000 with an interest rate of 5.57% and it matures in 2019. The mortgage calls for interest only payments for the first two years of the loan and amortized over 30 years thereafter. In order to fund this investment, the Partnership used approximately $8,757,000 of its cash reserves and borrowed approximately $7,168,000 with an interest rate of 6% from HBC Holdings, LLC, an entity owned by Harold Brown and his affiliates (“HBC”). The term of the loan is four years with a provision requiring payment in whole or in part upon demand by HBC with six months notice. On August 17, 2010, HBC gave six months written notice to the Partnership requesting a principal pay down of $2,500,000. During the fourth quarter of 2010, the Partnership paid HBC $2,500,000 as requested. On August 1, 2011 the Partnership elected to pay an additional $1,000,000 on the $7,168,000 Note to reduce the outstanding loan balance to $3,668,600. The balance of the loan, $3,668,600, will remain subject to the original terms of the Note, including HBC’s right to demand payment of the balance of the loan in whole or in part upon six months notice. The interest paid during the nine months ended September 30, 2011 and 2010 was approximately $202,000 and $326,000, respectively. This loan is collateralized by the Partnership’s 99% ownership interest in 62 Boylston Street. A majority of the apartments were leased at the time of the acquisition. As a result, the Partnership amortized the intangible assets associated with the “in place” leases over a 12 month period which began in November 2009. The total monthly amortization was approximately $407,000 which at 40% reduced the Partnership’s income by approximately $163,000 per month. For the year ended December 31, 2010 the total amortization in connection with these leases was approximately $4,073,000, of which the Partnership’s share was approximately $1,629,000. The intangible asset was fully amortized effective November 2010. This investment, Hamilton Park Towers, LLC is referred to as Dexter Park.

On October 3, 2005, the Partnership invested $2,500,000 for a 50% ownership interest in a 168-unit apartment complex in Quincy, Massachusetts. The purchase price was $30,875,000. The Partnership plans to sell the majority of units as condominiums and retain 48 units for long-term investment. Gains from the sales of units will be taxed at ordinary income rates (approximately $47,000 per unit). In February 2007, the Partnership refinanced the 48 units which will be retained with a new mortgage in the amount of $4,750,000 with an interest rate of 5.57%, interest only for five years. This investment is referred to as Hamilton Bay Apartments, LLC. The loan will be amortized over 30 years thereafter and matures in March 2017. In April 2008, the Partnership refinanced an additional 20 units and obtained a new mortgage in the amount of $2,368,000 with interest at 5.75%, interest only, which matures in 2013. As of October 24, 2011, 105 units have been sold, the proceeds of which went to pay down the mortgage on the property. The balance on the new mortgage is approximately $1,668,000 at September 30, 2011. This investment is referred to as Hamilton Bay, LLC.

On March 7, 2005, the Partnership invested $2,000,000 for a 50% ownership interest in a building comprising 49 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 Partnership plans to operate the building and initiate development of the parking lot. In June 2007, the Partnership 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 Partnership restructured the mortgages on both parcels at Essex 81 and transferred the residential apartments to Hamilton Essex 81, LLC. The mortgage on Hamilton Essex 81, LLC is $8,600,000 with interest only at 5.79% due in August 2015. The mortgage on Essex Development, LLC, or the parking lot is approximately $2,158,000 with a variable interest rate of 2.25% over the daily Libor rate (0.24% at September 30, 2011). This loan was extended to August 2012 with the same conditions except for the addition of fixed principal payments in the amount of $4,301 per month. The cost associated with the extension was approximately $10,000. Harold Brown has issued a personal guaranty up to $1,000,000 of this mortgage. In the event that he is obligated to make payments to the lender as a result of this guaranty, the Partnership and other investors have, in turn, agreed to indemnify him for their proportionate share of any such payments. 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. In November 2006, 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 is 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. 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 Partnership obtained a mortgage on the property in the amount of $8,025,000 and returned $3,775,000 to the Partnership. The Partnership obtained a new 10-year mortgage in the amount of $5,500,000 in January 2007. The interest on the new loan is 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. 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.

In 2005, Hamilton on Main Apartments, LLC obtained a ten year mortgage on the three buildings to be retained. The mortgage is $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 is 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. Hamilton on Main LLC paid a fee of approximately $400,000 in connection with this early extinguishment of debt. At September 30, 2011, the remaining balance on the mortgage is approximately $15,953,000.

In November 2001, the Partnership invested approximately $1,533,000 for a 50% ownership interest in a 40-unit apartment building in Cambridge, Massachusetts. This property has a 12-year mortgage, with a remaining balance at September 30, 2011 of approximately $7,060,000 at 6.9% which is amortized on a 30-year schedule, with a final payment of approximately $6,000,000 in 2014. This investment is referred to as 345 Franklin, LLC.

As required by the lender, the Treasurer of the General Partner has provided a limited repayment guaranty equal to fifty percent (50%) of the outstanding balance for the loan on the for sale units at Hamilton Bay and a limited guaranty of $1,000,000 for the loan on Hamilton Essex Development. In the event that he is obligated to make payments to the lenders as a result of these guaranties, the Partnership and other investors have, in turn, agreed to indemnify him for their proportionate share of any such payments.

Summary financial information as of September 30, 2011

		Hamilton Essex 81			Hamilton Essex Development			345 Franklin			Hamilton 1025			Hamilton Bay Sales			Hamilton Bay Apts			Hamilton Minuteman			Hamilton on Main			Dexter Park			Total

ASSETS
Rental Properties		$	9,546,059		$	2,597,309		$	8,336,008		$	5,906,387		$	1,951,075		$	7,347,113		$	7,387,465		$	22,162,035		$	114,310,012		$	179,543,463
Cash & Cash Equivalents		117			12,916			10,019			33			24,382			12,951			14,118			281			815,551			890,367
Rent Receivable		92,005			19,146			879			9,278			904			1,819			2,222			12,054			172,623			310,930
Due from Investment Properties		15,000			15,000
Real Estate Tax Escrow		93,721			—			38,291			60,411			86,578			44,193			102,117			620,090			1,045,402
Prepaid Expenses & Other Assets		98,142			789			91,158			86,663			189,773			93,298			81,180			526,254			1,178,633			2,345,890
Financing & Leasing Fees		78,711			9,607			18,371			25,928			7,836			34,195			20,911			23,158			473,908			692,624
Total Assets		$	9,923,756		$	2,639,767		$	8,494,727		$	6,088,700		$	2,173,969		$	7,575,954		$	7,550,088		$	22,825,899		$	117,570,816		$	184,843,676
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable		$	8,487,795		$	2,157,699		$	7,059,569		$	5,000,000		$	1,668,000		$	4,750,000		$	5,500,000		$	15,952,852		$	89,914,000		$	140,489,916
Due to Investment Properties		15,000			15,000
Accts Pay & Acc Exp		50,338			5,826			71,853			48,147			17,514			6,661			83,378			200,478			750,820			1,235,011
Adv Rent Pmts & Sec Dep		149,104			—			111,782			70,319			21,446			83,709			63,134			244,407			1,764,347			2,508,248
Total Liabilities		8,687,238			2,178,525			7,243,205			5,118,466			1,706,960			4,840,370			5,646,512			16,397,734			92,429,166			144,248,175
Partners’ Capital		1,236,518			461,242			1,251,523			970,234			467,010			2,735,584			1,903,576			6,428,164			25,141,650			40,595,500
Total Liabilities & Capital		$	9,923,756		$	2,639,767		$	8,494,727		$	6,088,700		$	2,173,969		$	7,575,954		$	7,550,088		$	22,825,899		$	117,570,816		$	184,843,676
Partners’ Capital — NERA 50%		$	618,259		$	230,621		$	625,761		$	485,117		$	233,505		$	1,367,792		$	951,788		$	3,214,082					7,726,925
NERA 40%																										$	10,056,660		10,056,660
																													$	17,783,585

Total units/ condominiums
Apartments		48			—			40			175			120			48			42			148			409			1,030
Commercial		1			1			—			1			—			—			—			—			—			3
Total		49			1			40			176			120			48			42			148			409			1,033
Units to be retained		49			1			40			49			—			48			42			148			409			786
Units to be sold		—			—			—			127			120			—			—			—			—			247
Units sold through October 24, 2011		—			—			—			127			105			—			—			—			0			232
Unsold units		—			—			—			—			15			—			—			—			—			15
Unsold units with deposits for future sale as of October 24, 2011		—			—			—			—			0			—			—			—			—			—

Summary financial information for the nine months ended September 30, 2011

		Hamilton Essex 81			Hamilton Essex Development			345 Franklin			Hamilton 1025			Hamilton Bay Sales			Hamilton Bay Apts			Hamilton Minuteman			Hamilton on Main			Dexter Park			Total
Revenues
Rental Income		$	940,881		$	214,196		$	848,631		$	607,752		$	178,514		$	643,284		$	589,360		$	1,856,189		$	8,588,891		$	14,467,697
Laundry and Sundry Income		11,870			—			921			—			—			—			579			15,698			74,713			103,782
		952,750			214,196			849,552			607,752			178,514			643,284			589,939			1,871,887			8,663,605			14,571,479
Expenses
Administrative		12,818			1,084			20,368			7,812			3,529			14,587			9,431			25,019			122,470			217,119
Depreciation and Amortization		317,669			5,048			333,321			194,986			67,248			235,595			244,550			724,597			4,276,964			6,399,978
Management Fees		36,596			8,280			34,012			24,089			7,320			25,268			23,493			74,867			188,088			422,011
Operating		91,167			—			53,705			1,148			170			378			30,360			285,510			699,466			1,161,904
Renting		7,667			—			14,979			9,338			1,750			6,755			2,676			12,791			133,066			189,022
Repairs and Maintenance		103,137			3,050			57,642			224,152			55,285			221,000			76,312			267,194			750,306			1,758,077
Taxes and Insurance		139,499			36,014			71,706			108,471			34,328			117,288			68,306			242,777			959,720			1,778,109
		708,553			53,476			585,734			569,995			169,630			620,870			455,128			1,632,755			7,130,079			11,926,220
Income Before Other Income		244,197			160,720			263,818			37,757			8,884			22,414			134,812			239,132			1,533,525			2,645,259

Other Income (Loss)
Interest Income								37			66			378												3,219			3,701
Interest Expense		(376,847		)	(46,036		)	(371,875		)	(216,310		)	(73,297		)	(202,923		)	(237,765		)	(636,029		)	(3,824,313		)	(5,985,397		)
Gain on Sale of Real Estate
Interest income from Note														6,926															6,926
Other Income (Expenses)		(2,331		)	—			(5,375		)	(3,621		)				(2,271		)				(1,152		)				(14,751		)
		(379,178		)	(46,036		)	(377,213		)	(219,865		)	(65,993		)	(205,194		)	(237,765		)	(637,181		)	(3,821,094		)	(5,989,521		)

Net Income (Loss)		$	(134,981	)	$	114,684		$	(113,395	)	$	(182,108	)	$	(57,110	)	$	(182,781	)	$	(102,953	)	$	(398,049	)	$	(2,287,569	)	$	(3,344,262	)

Net Loss - NERA 50%		$	(67,491	)	$	57,342		$	(56,697	)	$	(91,054	)	$	(28,555	)	$	(91,390	)	$	(51,476	)	$	(199,024	)				(528,346		)
NERA 40%																										$	(915,028	)	(915,028		)
																													$	(1,443,374	)

Summary financial information for the three months ended September 30, 2011

		Hamilton Essex 81			Hamilton Essex Development			345 Franklin			Hamilton 1025			Hamilton Bay Sales			Hamilton Bay Apts			Hamilton Minuteman			Hamilton on Main			Dexter Park			Total
Revenues
Rental Income		$	374,433		$	73,146		$	288,169		$	206,445		$	59,375		$	217,079		$	196,335		$	625,370		$	2,848,930		$	4,889,281
Laundry and Sundry Income		4,668						(307		)										579			4,910			24,900			34,750
		379,102			73,146			287,862			206,445			59,375			217,079			196,914			630,280			2,873,830			4,924,031
Expenses
Administrative		1,548			255			11,388			2,934			1,728			7,003			1,387			9,334			55,971			91,548
Depreciation and Amortization		106,099			1,922			112,028			65,582			22,416			78,381			81,891			242,907			1,429,538			2,140,763
Management Fees		11,495			2,760			11,372			8,182			2,416			8,516			7,589			24,345			64,815			141,490
Operating		26,096						17,674			280			75			159			9,789			75,443			205,322			334,838
Renting		487						4,572			2,209			675			2,166			899			5,740			34,679			51,427
Repairs and Maintenance		47,258						21,504			74,625			17,377			65,890			32,238			99,953			306,231			665,076
Taxes and Insurance		45,262			12,195			24,438			34,912			11,548			38,775			24,754			82,541			353,478			627,903
		238,245			17,132			202,976			188,724			56,235			200,889			158,546			540,263			2,450,035			4,053,046
Income Before Other Income		140,856			56,014			84,886			17,721			3,140			16,190			38,368			90,016			423,795			870,985

Other Income (Loss)
Interest Income								12			22			108															142
Interest Expense		(126,599		)	(15,349		)	(123,353		)	(72,913		)	(24,715		)	(68,403		)	(80,190		)	(213,905		)	(1,288,240		)	(2,013,666		)
Gain on Sale of Real Estate
Interest income from Note														2,145															2,145
Other Income (Expenses)		(2,331		)				(5,375		)	(3,621		)				(2,271		)				(1,152		)				(14,751		)
		(128,930		)	(15,349		)	(128,716		)	(76,513		)	(22,462		)	(70,674		)	(80,190		)	(215,057		)	(1,288,240		)	(2,026,130		)

Net Income (Loss)		$	11,926		$	40,665		$	(43,830	)	$	(58,792	)	$	(19,322	)	$	(54,484	)	$	(41,822	)	$	(125,040	)	$	(864,445	)	$	(1,155,144	)

Net Loss - NERA 50%		$	5,963		$	20,333		$	(21,915	)	$	(29,396	)	$	(9,661	)	$	(27,242	)	$	(20,911	)	$	(62,520	)				(145,350		)
NERA 40%																										$	(345,778	)	(345,778		)
																													$	(491,128	)

Summary financial information as of September 30, 2010

		Hamilton Essex 81			Hamilton Essex Development			345 Franklin			Hamilton 1025			Hamilton Bay Sales			Hamilton Bay Apts			Hamilton Minuteman			Hamilton on Main			Dexter Park			Total

ASSETS
Rental Properties		$	9,923,795		$	2,592,854		$	8,740,174		$	6,141,924		$	2,027,793		$	7,657,273		$	7,632,705		$	23,058,216		$	119,788,836		$	187,563,571
Cash & Cash Equivalents		471			5,759			3,894			4,527			32,165			38,884			90,609			84,990			723,378			984,677
Rent Receivable		37,056			—			3,815			6,422			3,604			2,333			1,693			10,154			252,374			317,450
Real Estate Tax Escrow		80,093			—			37,691			24,754			—			80,659			33,905			97,895			433,243			788,240
Prepaid Expenses & Other Assets		88,057			768			94,723			107,925			229,161			91,780			70,758			415,367			1,420,411			2,518,951
Financing & Leasing Fees		101,903			5,738			26,537			30,955			12,900			40,557			24,879			30,019			533,224			806,713

Total Assets		$	10,231,375		$	2,605,120		$	8,906,835		$	6,316,507		$	2,305,623		$	7,911,486		$	7,854,549		$	23,696,641		$	123,151,467		$	192,979,603

LIABILITIES AND PARTNERS’ CAPITAL

Mortgage Notes Payable		$	8,591,089		$	2,162,000		$	7,214,588		$	5,000,000		$	1,668,000		$	4,750,000		$	5,500,000		$	16,213,706		$	89,914,000		$	141,013,383
Accounts Payable& Accrued Exp		52,813			6,285			96,086			80,185			15,555			8,678			86,385			203,577			751,422			1,300,986
Advance Rental Payments & Security Deposits		126,925			—			111,349			64,193			20,224			79,018			62,199			228,928			1,632,665			2,325,500
Total Liabilities		8,770,827			2,168,285			7,422,022			5,144,378			1,703,779			4,837,696			5,648,584			16,646,211			92,298,087			144,639,869
Partners’ Capital		1,460,548			436,835			1,484,813			1,172,129			601,844			3,073,790			2,205,965			7,050,430			30,853,380			48,339,734
Total Liabilities and Capital		$	10,231,375		$	2,605,120		$	8,906,835		$	6,316,507		$	2,305,623		$	7,911,486		$	7,854,549		$	23,696,641		$	123,151,467		$	192,979,603
Partners’ Capital NERA 50%		$	730,274		$	218,418		$	742,407		$	586,065		$	300,922		$	1,536,895		$	1,102,982		$	3,525,215					8,743,177
NERA 40%																										$	12,341,352		12,341,352
																													$	21,084,529

Total units/condominiums
Apartments		48		—		40		175		120		48		42		148		409		1,030
Commercial		1		1		—		1		—		—		—		—		—		3
Total		49		1		40		176		120		48		42		148		409		1,033
Units to be retained		49		1		40		49		—		48		42		148		409		786
Units to be sold		—		—		—		127		120		—		—		—		—		247
Units sold through Oct. 26, 2010		—		—		—		127		105		—		—		—		—		232
Unsold units		—		—		—		—		15		—		—		—				15
Unsold units with deposits for future sale as of Oct. 26, 2010		—		—		—		—		—		—		—		—		—		—

Summary financial information for the nine months ended September 30, 2010

		Hamilton Essex 81			Hamilton Essex Development			345 Franklin			Hamilton 1025			Hamilton Bay Sales			Hamilton Bay Apts			Hamilton Minuteman			Hamilton on Main			Dexter Park			Total
Revenues
Rental Income		$	845,971		$	207,000		$	816,136		$	590,388		$	165,092		$	628,658		$	574,388		$	1,834,731		$	8,213,675		$	13,876,041
Laundry and Sundry Income		11,664			—			1,751			—			—			—			265			15,040			71,488			100,207
		857,636			207,000			817,888			590,388			165,092			628,658			574,652			1,849,771			8,285,163			13,976,248
Expenses
Administrative		10,305			(643		)	27,851			7,718			4,319			11,714			7,003			30,175			120,222			218,483
Depreciation and Amortization		319,980			4,690			330,567			202,510			72,096			268,819			241,303			737,678			7,650,129			9,827,772
Management Fees		34,660			8,280			33,579			23,751			6,940			24,914			23,784			73,507			181,549			410,964
Operating		102,208			(137		)	46,470			1,207			(138		)	313			46,963			259,188			682,040			1,138,114
Renting		23,007			—			41,425			3,104			200			3,698			3,185			14,166			214,696			303,482
Repairs and Maintenance		109,000			—			61,470			255,649			63,716			281,938			67,484			253,745			675,397			1,768,399
Taxes and Insurance		137,142			35,711			73,680			95,499			32,000			94,888			76,238			238,815			1,108,115			1,890,088
		736,302			47,901			614,843			589,436			179,132			686,284			465,960			1,607,274			10,630,148			15,557,280
Income (Loss)Before Other Income		121,334			159,099			203,045			953			(14,040		)	(57,626		)	108,692			242,497			(2,344,985		)	(1,581,033		)

Other Income (Loss)
Interest Income		2			1			35			68			9,239			—			2			5			5			9,358
Interest Expense		(329,724		)	(46,879		)	(379,392		)	(216,150		)	(73,224		)	(203,035		)	(237,346		)	(644,832		)	(3,827,225		)	(6,007,808		)
Gain on Sale of Real Estate		—			—			—			—			195			9,478			—			—			—			9,673
Other Income (Expenses)		—			—			—			—			7,526			—			—			2,168			(17,720		)	(8,026		)
		(379,722		)	(46,877		)	(379,357		)	(216,082		)	(56,264		)	(193,556		)	(237,346		)	(642,659		)	(3,844,940		)	(5,996,803		)

Net Income (Loss)		$	(258,388	)	$	112,222		$	(176,313	)	$	(215,129	)	$	(70,305	)	$	(251,182	)	$	(128,654	)	$	(400,162	)	$	(6,189,926	)	$	(7,577,838	)

Net Loss - NERA 50%		$	(129,194	)	$	56,111		$	(88,157	)	$	(107,565	)	$	(35,152	)	$	(125,591	)	$	(64,326	)	$	(200,081	)				(693,955		)
NERA 40%																										$	(2,475,970	)	(2,475,970		)
																													$	(3,169,925	)

Summary financial information for the three months ended September 30, 2010

		Hamilton			Hamilton Essex			345			Hamilton			Hamilton			Hamilton			Hamilton			Hamilton			Dexter
		Essex 81			Development			Franklin			1,025			Bay Sales			Bay Apts			Minuteman			on Main			Park			Total

Revenues
Rental Income		$	278,486		$	69,000		$	264,268		$	192,019		$	58,152		$	210,543		$	193,368		$	611,382		$	2,591,295		$	4,468,513
Laundry and Sundry Income		3,838						1,050															4,383			22,704			31,974
		282,323			69,000			265,318			192,019			58,152			210,543			193,368			615,766			2,613,999			4,500,488

Expenses
Administrative		2,583			(477		)	8,879			4,032			1,739			3,638			1,641			8,385			44,138			74,557
Depreciation and Amortization		106,978			1,563			110,916			67,670			24,032			89,752			81,044			246,762			2,558,400			3,287,118
Management Fees		10,485			2,760			10,158			8,016			2,258			8,355			7,840			24,459			61,045			135,374
Operating		30,766						15,839			260									10,867			78,033			191,189			326,954
Renting		12,594						6,325			136						1,655			1,293			5,199			91,410			118,612
Repairs and Maintenance		40,964						32,297			128,982			13,587			62,668			28,065			81,201			295,524			683,288
Taxes and Insurance		42,780			11,467			23,114			32,076			10,476			19,623			25,737			79,282			339,298			583,854
		247,151			15,313			207,528			241,172			52,091			185,691			156,488			523,321			3,581,003			5,209,758
Income Before Other Income		35,172			53,687			57,790			(49,153		)	6,061			24,852			36,880			92,445			(967,004		)	(709,270		)

Other Income (Loss)
Interest Income								12			22			2,929						1			1						2,965
Interest Expense		(127,875		)	(15,936		)	(125,815		)	(72,833		)	(24,686		)	(68,408		)	(79,974		)	(216,444		)	(1,304,571		)	(2,036,541		)
Gain on Sale of Real Estate											—			195															195
Other Income (Expenses)														(195		)										(17,720		)	(17,915		)
		(127,875		)	(15,936		)	(125,804		)	(72,810		)	(21,757		)	(68,408		)	(79,973		)	(216,443		)	(1,322,291		)	(2,051,295		)

Net Income (Loss)		$	(93,703	)	$	37,751		$	(68,014	)	$	(121,963	)	$	(15,697	)	$	(43,555	)	$	(43,093	)	$	(123,998	)	$	(2,289,296	)	$	(2,760,565	)

P&L- NERA 50%		$	(46,351	)	$	18,875		$	(34,007	)	$	(60,982	)	$	(7,848	)	$	(21,778	)	$	(21,546	)	$	(61,998	)				(235,635		)
P&L- NERA 40%																										$	(915,718	)	(915,718		)
																													$	(1,151,353	)

Future annual mortgage maturities at September 30, 2011 are as follows:

		Hamilton Essex 81		Hamilton Essex Development		345 Franklin		Hamilton 1025		Hamilton Bay Sales		Hamilton Bay Apts		Hamilton Minuteman		Hamilton on Main		Dexter Park
Period End		March 2005		March 2005		November 2001		March 2005		October 2005		October 2005		August 2004		August 2004		October 2009		Total
September 30, 2012		121,185		2,157,699		166,060		50,135				36,421		49,966		272,366		1,093,540		1,789,674
September 30, 2013		123,859				177,887		64,222		1,668,000		65,250		70,339		289,543		1,258,232		5,875,031
September 30, 2014		131,223				6,715,623		68,013				68,979		74,491		305,121		1,330,133		8,693,582
September 30, 2015		8,111,528						72,028				72,921		78,887		15,085,823		1,406,143		24,827,329
September 30, 2016								75,510				77,088		82,697				1,486,495		1,721,790
Thereafter								4,670,091				4,429,341		5,143,620				83,339,458		97,582,509
		8,487,795		2,157,699		7,059,570		5,000,000		1,668,000		4,750,000		5,500,000		15,952,852		89,914,000		140,489,916

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

+ References+ Details