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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

6 Months Ended

Jun. 30, 2012

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Summary of financial position relating to investment in unconsolidated joint ventures

Summary financial information as of June 30, 2012

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

ASSETS
Rental Properties		9,261,771		2,611,819		8,049,593		5,744,197		1,882,240		7,118,237		7,152,206		21,534,347		110,257,477		173,611,888
Cash & Cash Equivalents		58,404		24,262		26,170		296		24,634		17,487		18,057		51,045		577,044		797,399
Rent Receivable		70,337		—		9,048		12,082		2,563		5,692		4,380		10,138		132,465		246,705
Real Estate Tax Escrow		49,442		—		21,015		69,257		—		93,063		42,103		107,470		483,938		866,288
Prepaid Expenses & Other Assets		85,426		1,110		91,415		97,825		161,820		104,087		76,573		273,435		1,306,813		2,198,503
Financing & Leasing Fees		65,493		1,747		12,247		22,159		4,037		29,424		17,934		18,012		429,336		600,388
Total Assets		9,590,873		2,638,938		8,209,487		5,945,816		2,075,295		7,367,990		7,311,253		21,994,446		113,187,073		178,321,171
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable		8,406,631		2,118,990		6,936,102		4,964,768		1,668,000		4,730,815		5,466,352		15,748,668		89,166,547		139,206,873
Accounts Payable & Accrued Expense		61,165		5,811		118,416		49,520		18,661		54,146		85,621		211,249		884,807		1,489,395
Advance Rental Pmts & Security Dep		187,355		—		147,570		85,841		24,499		87,189		68,827		262,993		1,919,814		2,784,087
Total Liabilities		8,655,151		2,124,801		7,202,087		5,100,129		1,711,161		4,872,149		5,620,800		16,222,911		91,971,168		143,480,356
Partners’ Capital		935,722		514,137		1,007,400		845,687		364,134		2,495,641		1,690,453		5,771,535		21,215,906		34,840,816
Total Liabilities & Capital		9,590,873		2,638,938		8,209,487		5,945,816		2,075,295		7,367,990		7,311,253		21,994,446		113,187,073		178,321,171
Partners’ Capital — NERA 50%		467,861		257,068		503,700		422,844		182,067		1,247,920		845,227		2,885,768
NERA 40%																		8,486,362		8,486,362
																				15,298,817
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 August 1, 2012		—		—		—		127		105		—		—		—		—		232
Unsold units		—		—		—		—		15		—		—		—		—		15
Unsold units with deposits for future sale as of August 1, 2012		—		—		—		—		—		—		—		—		—		—

Summary financial information as of June 30, 2011

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

ASSETS
Rental Properties		9,643,573		2,596,416		8,437,172		5,966,525		1,968,516		7,425,418		7,464,615		22,387,877		115,685,885		181,575,997
Cash & Cash Equivalents		27,239		41,041		58,927		473		33,372		10,741		39,368		17,165		810,444		1,038,770
Rent Receivable		19,130		3,050		8,086		11,165		539		5,972		5,591		12,813		249,184		315,528
Real Estate Tax Escrow		88,832				18,847		56,360		—		83,396		43,720		99,613		604,893		995,661
Prepaid Expenses & Other Assets		88,029		1,085		80,137		83,316		199,773		89,568		77,126		494,172		1,179,042		2,292,248
Financing & Leasing Fees		84,509		1,048		20,413		27,185		9,102		35,786		21,903		24,873		488,737		713,555
Total Assets		9,951,313		2,642,641		8,623,582		6,145,023		2,211,300		7,650,881		7,652,322		23,036,512		119,018,186		186,931,759
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable		8,513,163		2,162,000		7,099,329		5,000,000		1,668,000		4,750,000		5,500,000		16,017,627		89,914,000		140,624,120
Accounts Payable & Accrued Expense		67,948		5,495		50,219		48,582		16,738		10,972		80,605		225,151		778,220		1,283,930
Advance Rental Pmts & Security Dep		183,278				128,680		69,315		20,231		84,842		73,317		258,529		1,819,871		2,638,062
Total Liabilities		8,764,390		2,167,495		7,278,229		5,117,897		1,704,969		4,845,814		5,653,922		16,501,306		92,512,091		144,546,112
Partners’ Capital		1,186,923		475,146		1,345,353		1,027,126		506,331		2,805,067		1,998,400		6,535,206		26,506,095		42,385,648
Total Liabilities & Capital		9,951,313		2,642,641		8,623,582		6,145,023		2,211,300		7,650,881		7,652,322		23,036,512		119,018,186		186,931,759
Partners’ Capital — NERA 50%		593,462		237,573		672,677		513,563		253,166		1,402,534		999,200		3,267,603				7,939,776
NERA 40%																		10,602,438		10,602,438
																				18,542,214

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 July 25, 2011		—		—		—		127		105		—		—		—		0		232
Unsold units		—		—		—		—		15		—		—		—		—		15
Unsold units with deposits for future sale as of July 25 , 2011		—		—		—		—		0		—		—		—		—		—

Summary of income statement relating to investment in unconsolidated joint ventures

Summary financial information for the six months ended June 30, 2012

		Hamilton Essex 81		Hamilton Essex Development		345 Franklin		Hamilton 1025		Hamilton Bay Sales		Hamilton Bay Apts		Hamilton Minuteman		Hamilton on Main Apts		Dexter Park		Total
Revenues
Rental Income		626,002		144,092		578,703		421,727		111,192		436,161		398,676		1,297,371		6,062,838		10,076,761
Laundry and Sundry Income		7,073		—		1,188		—		—		—		491		9,980		43,855		62,587
		633,075		144,092		579,891		421,727		111,192		436,161		399,167		1,307,350		6,106,693		10,139,348
Expenses
Administrative		7,606		1,114		15,366		2,480		4,103		23,711		2,931		26,098		109,434		192,842
Depreciation and Amortization		206,865		6,485		222,140		126,593		39,472		149,087		158,546		476,667		2,870,999		4,256,855
Management Fees		27,026		5,764		24,116		16,885		4,587		16,992		16,016		52,207		129,568		293,161
Operating		53,132		—		29,481		635		927		905		37,721		178,324		547,102		848,227
Renting		2,090		—		141		2,328		1,450		3,271		1,993		6,580		41,798		59,652
Repairs and Maintenance		54,878		4,525		44,319		146,192		32,177		133,219		29,497		197,892		429,952		1,072,650
Taxes and Insurance		100,878		25,186		50,561		73,592		23,560		81,677		50,868		168,309		744,643		1,319,275
		452,475		43,074		386,125		368,706		106,276		408,862		297,573		1,106,077		4,873,495		8,042,662
Income Before Other Income		180,601		101,018		193,766		53,021		4,916		27,299		101,594		201,274		1,233,197		2,096,686
Other Income (Loss)
Interest Expense		(248,551	)	(30,327	)	(245,913	)	(143,846	)	(48,871	)	(135,267	)	(158,370	)	(418,707	)	(2,540,630	)	(3,970,481	)
Interest Income		—		—		24		41		114		—		—		—		—		178
Interest Income from Note		—		—		—		—		3,442		—		—		—		—		3,442
		(248,551	)	(30,327	)	(245,889	)	(143,805	)	(45,315	)	(135,267	)	(158,370	)	(418,707	)	(2,540,630	)	(3,966,860	)
Net Income (loss)		(67,950	)	70,691		(52,123	)	(90,784	)	(40,398	)	(107,968	)	(56,776	)	(217,433	)	(1,307,433	)	(1,870,174	)
Net Income (loss) - NERA 50%		(33,975	)	35,345		(26,061	)	(45,392	)	(20,199	)	(53,984	)	(28,388	)	(108,717	)			(281,371	)
NERA 40%																		(522,973	)	(522,973	)
																				(804,344	)

Summary financial information for the three months ended June 30, 2012

		Hamilton Essex 81		Hamilton Essex Development		345 Franklin		Hamilton 1025		Hamilton Bay Sales		Hamilton Bay Apts		Hamilton Minuteman		Hamilton on Main Apts		Dexter Park		Total
Revenues
Rental Income		333,509		72,046		287,052		211,699		59,714		216,498		201,973		649,487		3,051,260		5,083,238
Laundry and Sundry Income		3,540		—		600		—		—		—		83		4,617		21,355		30,195
		337,049		72,046		287,652		211,699		59,714		216,498		202,056		654,104		3,072,615		5,113,433
Expenses
Administrative		4,330		547		8,864		2,189		1,895		15,351		1,982		12,303		66,572		114,031
Depreciation and Amortization		103,742		3,243		112,159		63,477		19,736		74,723		79,613		240,010		1,438,955		2,135,656
Management Fees		14,208		2,882		12,115		8,333		2,537		8,599		7,978		26,698		66,306		149,656
Operating		22,810		—		14,338		570		256		217		13,014		73,937		243,755		368,896
Renting		150		—		—		659		535		2,377		1,083		4,556		10,807		20,169
Repairs and Maintenance		32,326		4,150		28,474		76,398		15,410		68,837		17,521		103,533		285,183		631,833
Taxes and Insurance		50,693		12,844		25,296		36,671		11,918		40,902		25,458		83,186		364,513		651,482
		228,259		23,666		201,245		188,296		52,287		211,006		146,648		544,223		2,476,092		4,071,723
Income Before Other Income		108,790		48,380		86,406		23,403		7,426		5,492		55,408		109,881		596,522		1,041,709

Other Income (Loss)
Interest expense		(124,068	)	(15,034	)	(121,314	)	(71,826	)	(24,445	)	(67,577	)	(79,013	)	(208,988	)	(1,267,892	)	(1,980,156	)
Interest income		—		—		12		21		53		—		—		—		—		86
Interest income from Note		—		—		—		—		1,635		—		—		—		—		1,635
		(124,068	)	(15,034	)	(121,302	)	(71,805	)	(22,757	)	(67,577	)	(79,013	)	(208,988	)	(1,267,892	)	(1,978,435	)

Net Income (Loss)		(15,278	)	33,346		(34,895	)	(48,402	)	(15,331	)	(62,085	)	(23,605	)	(99,107	)	(671,370	)	(936,726	)

Net Loss - NERA 50%		(7,639	)	16,673		(17,448	)	(24,201	)	(7,665	)	(31,043	)	(11,802	)	(49,553	)			(132,678	)
NERA 40%																		(268,548	)	(268,548	)
																				(401,226	)

Summary financial information for the six months ended June 30, 2011

		Hamilton Essex 81		Hamilton Essex Development		345 Franklin		Hamilton 1025		Hamilton Bay Sales		Hamilton Bay Apts		Hamilton Minuteman		Hamilton on Main Apts		Dexter Park		Total
Revenues
Rental Income		566,447		141,050		560,462		401,308		119,139		426,205		393,025		1,230,819		5,739,961		9,578,416
Laundry and Sundry Income		7,202		—		1,228		—								10,788		49,813		69,031
		573,649		141,050		561,690		401,308		119,139		426,205		393,025		1,241,608		5,789,775		9,647,447
Expenses
Administrative		11,270		829		8,981		4,878		1,801		7,584		8,045		15,685		66,499		125,571
Depreciation and Amortization		211,570		3,127		221,293		129,404		44,832		157,214		162,659		481,690		2,847,426		4,259,214
Management Fees		25,101		5,520		22,640		15,907		4,903		16,752		15,904		50,522		123,272		280,521
Operating		65,071				36,031		868		95		219		20,571		210,067		494,144		827,066
Renting		7,180				10,407		7,128		1,075		4,589		1,777		7,051		98,387		137,595
Repairs and Maintenance		55,879		3,050		36,138		149,527		37,908		155,110		44,073		167,241		444,075		1,093,000
Taxes and Insurance		94,238		23,818		47,268		73,559		22,779		78,513		43,552		160,236		606,241		1,150,205
		470,308		36,344		382,758		381,271		113,394		419,981		296,581		1,092,492		4,680,044		7,873,173
Income Before Other Income		103,341		104,706		178,932		20,036		5,744		6,224		96,444		149,116		1,109,730		1,774,274

Other Income (Loss)
Interest Income						25		45		269								3,219		3,558
Interest Expense		(250,249	)	(30,688	)	(248,522	)	(143,397	)	(48,582	)	(134,521	)	(157,575	)	(422,124	)	(2,536,073	)	(3,971,730	)
Interest income from Note										4,781										4,781
		(250,249	)	(30,688	)	(248,497	)	(143,352	)	(43,532	)	(134,520	)	(157,575	)	(422,124	)	(2,532,854	)	(3,963,391	)

Net Income (Loss)		(146,907	)	74,018		(69,565	)	(123,316	)	(37,788	)	(128,296	)	(61,030	)	(273,008	)	(1,423,124	)	(2,189,117	)

Net Loss - NERA 50%		(73,454	)	37,009		(34,783	)	(61,658	)	(18,894	)	(64,148	)	(30,515	)	(136,504	)			(382,997	)
NERA 40%																		(569,250	)	(569,250	)
																				(952,246	)

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

		Hamilton Essex 81		Hamilton Essex Parking		345 Franklin		Hamilton 1025		Hamilton Bay Sales		Hamilton Bay Apts		Hamilton Minuteman		Hamilton on MainApts		Dexter Park		Total
Revenues
Rental Income		277,595		72,050		278,692		203,017		61,849		211,266		200,020		617,257		2,847,881		4,769,626
Laundry and Sundry Income		3,264				600										4,698		24,223		32,785
		280,859		72,050		279,292		203,017		61,849		211,266		200,020		621,955		2,872,104		4,802,410
Expenses
Administrative		6,472		448		4,608		2,837		893		4,512		1,522		4,979		34,143		60,413
Depreciation and Amortization		105,872		1,563		110,706		65,193		22,416		79,079		82,205		241,739		1,424,349		2,133,121
Management Fees		12,603		2,760		11,541		8,028		2,471		8,507		8,009		24,965		60,459		139,344
Operating		26,655				12,955		250		51		169		(1,904	)	85,909		210,837		334,922
Renting		2,080				4,407		3,669		1,075		3,663		524		3,833		43,661		62,913
Repairs and Maintenance		29,217		3,050		22,350		72,274		23,078		91,589		23,074		95,414		279,864		639,909
Taxes and Insurance		47,052		11,910		23,609		36,963		11,414		39,411		21,718		79,355		319,801		591,233
		229,952		19,731		190,176		189,214		61,398		226,930		135,147		536,193		2,373,114		3,961,855
Income Before Other Income		50,907		52,319		89,115		13,803		451		(15,664	)	64,873		85,762		498,990		840,556

Other Income (Loss)
Interest Income						13		23		128										164
Interest Expense		(125,645	)	(15,242	)	(123,947	)	(72,124	)	(24,432	)	(67,642	)	(79,285	)	(211,960	)	(1,274,191	)	(1,994,467	)
Interest income from Note										2,310										2,310
		(125,645	)	(15,242	)	(123,934	)	(72,101	)	(21,994	)	(67,642	)	(79,285	)	(211,960	)	(1,274,191	)	(1,991,994	)

Net Income (Loss)		(74,738	)	37,077		(34,819	)	(58,298	)	(21,543	)	(83,306	)	(14,412	)	(126,198	)	(775,201	)	(1,151,438	)

Net Loss - NERA 50%		(37,369	)	18,538		(17,409	)	(29,149	)	(10,772	)	(41,653	)	(7,206	)	(63,099	)			(188,119	)
NERA 40%																		(310,080	)	(310,080	)
																				(498,199	)

Schedule of future annual mortgage maturities

		Hamilton Essex 81		Hamilton Essex Development		345 Franklin		Hamilton 1025		Hamilton Bay Sales		Hamilton Bay		Hamilton Minuteman		Hamilton on Main Apts		Dexter Park
Period End		March 2005		March 2005		November 2001		March 2005		October 2005		October 2005		August 2004		August 2004		October 2009		Total
June 30, 2013		132,241		2,118,990		174,853		63,301		1,668,000		65,832		69,329		285,577		1,283,176		5,861,300
June 30, 2014		129,342				6,761,248		67,037				68,027		73,421		301,117		1,311,782		8,711,975
June 30, 2015		137,033						70,994				71,915		77,755		15,161,974		1,386,742		16,906,414
June 30, 2016		8,008,015						74,427				76,024		81,510				1,465,987		9,705,962
June 30, 2017								4,689,009				4,449,016		5,164,336				1,549,759		15,852,121
Thereafter																		82,169,101		82,169,101
		8,406,631		2,118,990		6,936,102		4,964,766		1,668,000		4,730,815		5,466,352		15,748,668		89,166,547		139,206,873