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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

9 Months Ended

Sep. 30, 2012

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Summary of financial position relating to investment in unconsolidated joint ventures

Summary financial information as of September 30, 2012

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

ASSETS
Rental Properties		$	9,201,729		$	2,611,197		$	7,962,705		$	5,685,935		$	1,863,770		$	7,045,549		$	7,077,941		$	21,317,705		$	108,880,125		$	171,646,656
Cash & Cash Equivalents		3,682			12,525			57,974			66			14,203			98			42,880			159,507			782,730			1,073,665
Rent Receivable		45,283			—			905			7,924			654			2,929			4,791			5,055			50,229			117,770
Real Estate Tax Escrow		49,793			—			39,686			71,850			—			95,568			42,857			109,839			430,978			840,573
Prepaid Expenses & Other Assets		96,118			807			97,491			102,622			152,270			107,997			76,040			292,984			1,328,474			2,254,803
Financing & Leasing Fees		64,805			5,946			10,205			20,902			2,771			27,833			16,942			16,296			414,507			580,208
Total Assets		$	9,461,410		$	2,630,476		$	8,168,966		$	5,889,300		$	2,033,669		$	7,279,975		$	7,261,451		$	21,901,385		$	111,887,043		$	176,513,675
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable		$	8,379,679		$	2,106,087		$	6,893,510		$	4,949,865		$	1,668,000		$	4,716,555		$	5,450,034		$	15,680,318		$	88,891,126		$	138,735,173
Accounts Payable & Accrued Expense		72,817			5,870			146,324			49,095			20,272			6,929			94,046			248,055			841,053			1,484,461
Advance Rental Pmts& Security Deposits		148,662			—			140,048			86,764			23,802			84,376			68,652			267,641			1,837,442			2,657,387
Total Liabilities		8,601,158			2,111,957			7,179,881			5,085,724			1,712,074			4,807,860			5,612,731			16,196,014			91,569,622			142,877,021
Partners’ Capital		860,252			518,519			989,085			803,576			321,595			2,472,115			1,648,720			5,705,372			20,317,421			33,636,654
Total Liabilities and Capital		$	9,461,410		$	2,630,476		$	8,168,966		$	5,889,300		$	2,033,669		$	7,279,975		$	7,261,451		$	21,901,385		$	111,887,043		$	176,513,675
Partners’ Capital - NERA 50%		$	430,126		$	259,259		$	494,542		$	401,788		$	160,798		$	1,236,057		$	824,360		$	2,852,686					6,659,616
Partners’ Capital - NERA 40%																										$	8,126,969		8,126,969
																													$	14,786,585

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 November 1, 2012		—			—			—			127			105			—			—			—			—			232
Unsold units		—			—			—			—			15			—			—			—			—			15
Unsold units with deposits for future sale as of November 1, 2012.		—			—			—			—			—			—			—			—			—			—

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 Apts			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
Fin & 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		$	5,000,00		$	1,668,000		$	4,750,000		$	5,500,000		$	15,952,852		$	89,914,000		$	140,489,916
Due from 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 Pmt & 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 of income statement relating to investment in unconsolidated joint ventures

Summary financial information for the nine months ended September 30, 2012

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

Revenues
Rental Income		$	937,284		$	216,137		$	873,734		$	639,791		$	173,054		$	659,463		$	603,212		$	1,953,493		$	9,056,079		$	15,112,247
Laundry and Sundry Income		10,488			—			1,788			—			—			—			666			13,732			75,239			101,913
		947,772			216,137			875,522			639,791			173,054			659,463			603,878			1,967,225			9,131,318			15,214,160
Expenses
Administrative		10,430			1,432			23,211			4,079			6,617			29,996			6,755			37,307			169,223			289,048
Depreciation and Amortization		308,642			9,394			336,339			190,555			59,208			224,008			238,621			717,664			4,314,274			6,398,704
Management Fees		40,573			8,645			36,070			25,964			7,268			25,753			24,241			78,862			196,041			443,417
Operating		85,319			—			42,933			636			1,237			1,070			54,385			242,157			764,389			1,192,125
Renting		16,664			—			3,459			5,718			1,450			3,660			3,013			8,845			71,830			114,639
Repairs and Maintenance		94,156			5,475			61,720			235,472			53,379			205,125			45,315			283,251			707,486			1,691,378
Taxes and Insurance		149,722			37,211			75,919			109,871			34,890			121,571			77,022			253,782			1,115,971			1,975,959
		705,506			62,158			579,650			572,294			164,047			611,182			449,351			1,621,867			7,339,215			12,105,270
Income Before Other Income		242,266			153,980			295,872			67,497			9,007			48,281			154,527			345,358			1,792,103			3,108,891
Other Income (Loss)
Interest Expense		(373,357		)	(45,437		)	(366,348		)	(216,254		)	(73,609		)	(203,375		)	(238,036		)	(628,955		)	(3,818,020		)	(5,963,390		)
Interest Income		—			—			36			62			165			—			—			—			—			262
Interest Income from Note		—			—			—			—			4,901			—			—			—			—			4,901
		(373,357		)	(45,437		)	(366,311		)	(216,193		)	(68,543		)	(203,375		)	(238,036		)	(628,955		)	(3,818,020		)	(5,958,227		)
Net Income (Loss)		$	(131,091	)	$	108,543		$	(70,439	)	$	(148,696	)	$	(59,537	)	$	(155,094	)	$	(83,509	)	$	(283,597	)	$	(2,025,917	)	$	(2,849,337	)
Net Income (Loss) - NERA 50%		$	(65,546	)	$	54,271		$	(35,220	)	$	(74,348	)	$	(29,768	)	$	(77,547	)	$	(41,754	)	$	(141,798	)				(411,710		)
Net Income (Loss) - NERA 40%																										$	(810,367	)	(810,367		)
																													$	(1,222,077	)

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

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

Revenues
Rental Income		$	311,281		$	72,046		$	295,031		$	218,064		$	61,862		$	223,301		$	204,535		$	656,122		$	2,993,242		$	5,035,486
Laundry and Sundry Income		3,415			—			600			—			—			—			175			3,752			31,384			39,327
		314,697			72,046			295,631			218,064			61,862			223,301			204,711			659,875			3,024,626			5,074,812
Expenses
Administrative		2,824			317			7,845			1,599			2,514			6,285			3,823			11,209			59,789			96,206
Depreciation and Amortization		101,777			2,909			114,199			63,962			19,736			74,920			80,075			240,997			1,443,275			2,141,849
Management Fees		13,547			2,882			11,953			9,079			2,681			8,761			8,225			26,655			66,474			150,256
Operating		32,187			—			13,451			1			310			165			16,664			63,833			217,288			343,898
Renting		14,574			—			3,318			3,389			—			389			1,019			2,265			30,033			54,987
Repairs and Maintenance		39,279			950			17,401			89,279			21,202			71,906			15,818			85,358			277,534			618,728
Taxes and Insurance		48,843			12,025			25,358			36,279			11,329			39,893			26,154			85,473			371,328			656,683
		253,031			19,084			193,525			203,588			57,772			202,319			151,778			515,790			2,465,720			4,062,608
Income Before Other Income		61,665			52,962			102,106			14,476			4,090			20,982			52,933			144,085			558,906			1,012,205
Other Income (Loss)
Interest Expense		(124,806		)	(15,110		)	(120,435		)	(72,408		)	(24,738		)	(68,108		)	(79,666		)	(210,248		)	(1,277,390		)	(1,992,910		)
Interest Income		—			—			12			21			51			—			—			—			—			84
Interest Income from Note		—			—			—			—			1,458			—			—			—			—			1,458
		(124,806		)	(15,110		)	(120,423		)	(72,388		)	(23,229		)	(68,108		)	(79,666		)	(210,248		)	(1,277,390		)	(1,991,367		)
Net Income (Loss)		$	(63,141	)	$	37,852		$	(18,317	)	$	(57,912	)	$	(19,139	)	$	(47,126	)	$	(26,733	)	$	(66,164	)	$	(718,484	)	$	(979,163	)
Net Income (Loss) - NERA 50%		$	(31,571	)	$	18,926		$	(9,158	)	$	(28,956	)	$	(9,569	)	$	(23,563	)	$	(13,366	)	$	(33,082	)				(130,339		)
Net Income (Loss) - NERA 40%																										$	(287,394	)	(287,394		)
																													$	(417,733	)

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	)

Schedule of future annual mortgage maturities

					Hamilton
		Hamilon			Essex			345			Hamilton			Hamilton			Hamilton			Hamilton			Hamilton on			Dexter
		Essex 81			Development			Franklin			1025			Bay Sales			Bay Apts			Minuteman			Main Apts			Park
		March			March			November			March			October			October			August			August			October
Period End		2005			2005			2001			2005			2005			2005			2004			2004			2009			Total
9/30/2013		$	123,859		$	2,106,087		$	177,887		$	64,222		$	1,668,000		$	65,250		$	70,339		$	289,374		$	1,258,232		$	5,823,250
9/30/2014		131,223						6,715,623			68,013						68,979			74,491			305,121			1,330,133			8,693,582
9/30/2015		139,026									72,028						72,921			78,887			15,085,823			1,406,142			16,854,826
9/30/2016		7,985,570									75,510						77,088			82,697						1,486,495			9,707,361
9/30/2017											4,670,091						4,432,317			5,143,620						1,571,440			15,817,469
Thereafter																										81,838,683			81,838,683
		$	8,379,678		$	2,106,087		$	6,893,510		$	4,949,864		$	1,668,000		$	4,716,555		$	5,450,034		$	15,680,318		$	88,891,125		$	138,735,171