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RENTAL PROPERTIES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2012
RENTAL PROPERTIES |
Schedule of rental properties |
|  | December 31, 2012 |  | December 31, 2011 |  | Useful Life |
--- | --- | --- | --- | --- | --- | --- | ---
Land, improvements and parking lots |  | $ | 27,849,721 |  | $ | 27,614,537 |  |  | 15–40 years |
Buildings and improvements |  |  | 119,579,923 |  |  | 119,097,186 |  |  | 15–40 years |
Kitchen cabinets |  |  | 3,620,196 |  |  | 3,542,249 |  |  | 5–10 years |
Carpets |  |  | 3,354,593 |  |  | 3,307,499 |  |  | 5–10 years |
Air conditioning |  |  | 764,671 |  |  | 788,146 |  |  | 7–10 years |
Laundry equipment |  |  | 378,806 |  |  | 368,955 |  |  | 5–7 years |
Elevators |  |  | 1,139,296 |  |  | 1,139,296 |  |  | 20 years |
Swimming pools |  |  | 235,242 |  |  | 235,242 |  |  | 10 years |
Equipment |  |  | 1,586,591 |  |  | 1,744,006 |  |  | 5–7 years |
Motor vehicles |  |  | 101,657 |  |  | 107,788 |  |  | 5 years |
Fences |  |  | 22,445 |  |  | 22,974 |  |  | 5–10 years |
Furniture and fixtures |  |  | 1,038,136 |  |  | 1,039,439 |  |  | 5–7 years |
Smoke alarms |  |  | 205,091 |  |  | 116,482 |  |  | 5–7 years |
Total fixed assets |  |  | 159,876,368 |  |  | 159,123,799 |  |  |  |
Less: Accumulated depreciation |  |  | (64,440,518 | ) |  | (60,199,265 | ) |  |  |
|  | $ | 95,435,850 |  | $ | 98,924,534 |  |  |  |
Schedule of real estate and accumulated depreciation |
|  |  |  | Initial Cost to Partnerships(1) |  | Cost Capitalized Subsequent to Acquisition(2) |  | Gross Amount at Which Carried at Close of Period |  |  |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  | Encumbrances (First Mortgages) |  |  |  | Buildings Improvements |  |  |  | Buildings Improvements |  |  |  | Accumulated Depreciation(3) |  |  |
|  | Land |  | Improvements |  | Land |  | Totals |  | Date Acquired |
Boylston Downtown L.P. Residential Apartments Boston, Massachusetts |  | $ | 19,500,000 |  | $ | 2,112,000 |  | $ | 8,593,111 |  | $ | 7,116,107 |  | $ | 2,112,000 |  | $ | 15,709,218 |  | $ | 17,821,218 |  | $ | 9,086,787 |  |  | July 1995 |
Brookside Associates LLC Residential Apartments Woburn, Massachusetts |  | $ | 2,723,830 |  | $ | 684,000 |  | $ | 3,116,000 |  | $ | 492,070 |  | $ | 684,000 |  | $ | 3,608,070 |  | $ | 4,292,070 |  | $ | 1,621,108 |  |  | Oct. 2000 |
Courtyard @ Westgate Residential Units Burlington, Massachusetts |  | $ | 2,000,000 |  | $ | 44,965 |  | $ | 4,478,687 |  | $ | 253,696 |  | $ | 44,965 |  | $ | 4,732,383 |  | $ | 4,777,348 |  | $ | 1,465,723 |  |  | Sep. 2004 |
Clovelly Apartments L.P. Residential Apartments Nashua, New Hampshire |  | $ | 4,160,000 |  | $ | 177,610 |  | $ | 1,478,359 |  | $ | 1,268,279 |  | $ | 177,610 |  | $ | 2,746,638 |  | $ | 2,924,248 |  | $ | 1,981,658 |  |  | Sept. 1977 |
Commonwealth 1137 L.P. Residential Apartments Boston, Massachusetts |  | $ | 3,750,000 |  | $ | 342,000 |  | $ | 1,367,669 |  | $ | 933,759 |  | $ | 342,000 |  | $ | 2,301,428 |  | $ | 2,643,428 |  | $ | 1,251,632 |  |  | July 1995 |
Commonwealth 1144 L.P. Residential Apartments Boston, Massachusetts |  | $ | 14,780,000 |  | $ | 1,410,000 |  | $ | 5,664,816 |  | $ | 1,616,613 |  | $ | 1,410,000 |  | $ | 7,281,429 |  | $ | 8,691,429 |  | $ | 4,373,285 |  |  | July 1995 |
Condominium Units—Riverside Residential Units Massachusetts |  | $ | — |  | $ | 23,346 |  | $ | 190,807 |  | $ | 22,428 |  | $ | 23,346 |  | $ | 213,235 |  | $ | 236,581 |  | $ | 205,326 |  |  | Sept. 1977 |
Executive Apartments L.P. Residential Apartments Framingham, Massachusetts |  | $ | 2,415,000 |  | $ | 91,400 |  | $ | 740,360 |  | $ | 758,449 |  | $ | 91,400 |  | $ | 1,498,809 |  | $ | 1,590,209 |  | $ | 1,128,556 |  |  | Sept. 1977 |
Hamilton Battle Green LLC Residential Apartments Lexington, Massachusetts |  | $ | 4,893,448 |  | $ | 1,341,737 |  | $ | 8,457,497 |  | $ | 31,849 |  | $ | 1,341,737 |  | $ | 8,489,346 |  | $ | 9,831,083 |  | $ | 612,568 |  |  | Jun. 2011 |
Hamilton Cypress LLC Commercial—1031Exchange Brookline, Massachusetts |  | $ | 3,686,380 |  | $ | 2,362,596 |  | $ | 4,613,985 |  | $ | 51,823 |  | $ | 2,362,596 |  | $ | 4,665,808 |  | $ | 7,028,404 |  | $ | 696,283 |  |  | Oct. 2008 |
Hamilton Linewt LLC Commercial—1031Exchange Newton, Massachusetts |  | $ | 1,528,429 |  | $ | 884,042 |  | $ | 2,652,127 |  | $ | 50,608 |  | $ | 884,042 |  | $ | 2,702,735 |  | $ | 3,586,777 |  | $ | 353,574 |  |  | Nov. 2007 |
Hamilton Oaks Associates LLC Residential Apartments Brockton, Massachusetts |  | $ | 11,925,000 |  | $ | 2,175,000 |  | $ | 12,325,000 |  | $ | 1,726,607 |  | $ | 2,175,000 |  | $ | 14,051,607 |  | $ | 16,226,607 |  | $ | 7,256,645 |  |  | Dec. 1999 |
Highland Street Apartments, L.P. Residential Apartments Lowell, Massachusetts |  | $ | 1,050,000 |  | $ | 156,000 |  | $ | 634,085 |  | $ | 400,178 |  | $ | 156,000 |  | $ | 1,034,263 |  | $ | 1,190,263 |  | $ | 569,822 |  |  | Dec. 1996 |
Linhart L.P. Residential/Commercial Newton, Massachusetts |  | $ | 1,964,119 |  | $ | 385,000 |  | $ | 1,540,000 |  | $ | 1,157,151 |  | $ | 385,000 |  | $ | 2,697,151 |  | $ | 3,082,151 |  | $ | 1,769,651 |  |  | Jan. 1995 |
Nashoba Apartments L.P. Residential Apartments Acton, Massachusetts |  | $ | 2,000,000 |  | $ | 79,650 |  | $ | 284,548 |  | $ | 887,277 |  | $ | 79,650 |  | $ | 1,171,825 |  | $ | 1,251,475 |  | $ | 789,226 |  |  | Sept. 1977 |
NERA Dean St. Associates LLC Residential Apartments Norwood, Massachusetts |  | $ | 5,213,958 |  | $ | 1,512,000 |  | $ | 5,701,480 |  | $ | 426,220 |  | $ | 1,512,000 |  | $ | 6,127,700 |  | $ | 7,639,700 |  | $ | 2,477,008 |  |  | Jun. 2002 |
North Beacon 140 L.P. Residential Units Boston, Massachusetts |  | $ | 6,937,000 |  | $ | 936,000 |  | $ | 3,762,013 |  | $ | 1,490,223 |  | $ | 936,000 |  | $ | 5,252,236 |  | $ | 6,188,236 |  | $ | 3,120,665 |  |  | July 1995 |
Olde English Apartments L.P. Residential Apartments Lowell, Massachusetts |  | $ | 3,080,000 |  | $ | 46,181 |  | $ | 878,323 |  | $ | 1,161,011 |  | $ | 46,181 |  | $ | 2,039,334 |  | $ | 2,085,515 |  | $ | 1,345,108 |  |  | Sept. 1977 |
River Drive L.P. Residential Apartments Danvers, Massachusetts |  | $ | 3,465,000 |  | $ | 72,525 |  | $ | 587,777 |  | $ | 1,426,304 |  | $ | 72,525 |  | $ | 2,014,081 |  | $ | 2,086,606 |  | $ | 1,601,231 |  |  | Sept. 1977 |
Redwood Hills L.P. Residential Units Worcester, Massachusetts |  | $ | 6,743,000 |  | $ | 1,200,000 |  | $ | 4,810,604 |  | $ | 2,117,589 |  | $ | 1,200,000 |  | $ | 6,928,193 |  | $ | 8,128,193 |  | $ | 4,055,659 |  |  | July 1995 |
School St Assoc LLC Residential Apartments Framingham, Massachusetts |  | $ | 15,308,474 |  | $ | 4,686,728 |  | $ | 18,746,911 |  | $ | (1,928,307 | ) | $ | 4,686,728 |  | $ | 16,818,604 |  | $ | 21,505,332 |  | $ | 6,112,019 |  |  | Apr. 2003 |
Staples Plaza Strip Mall Framingham, Massachusetts |  | $ | 6,000,000 |  | $ | 3,280,000 |  | $ | 4,920,000 |  | $ | 36,724 |  | $ | 3,280,000 |  | $ | 4,956,724 |  | $ | 8,236,724 |  | $ | 2,235,613 |  |  | May 1999 |
WCB Associates LLC Residential Apartments Brockton, Massachusetts |  | $ | 7,000,000 |  | $ | 1,335,000 |  | $ | 7,565,501 |  | $ | 1,083,048 |  | $ | 1,335,000 |  | $ | 8,648,549 |  | $ | 9,983,549 |  | $ | 4,552,121 |  |  | Dec. 1999 |
Westgate Apartments LLC Residential Apartments Woburn, Massachusetts |  | $ | 7,931,885 |  | $ | 461,300 |  | $ | 2,424,636 |  | $ | 6,007,478 |  | $ | 417,107 |  | $ | 8,432,114 |  | $ | 8,849,221 |  | $ | 5,779,250 |  |  | Sept. 1977 |
|  | $ | 138,055,522 |  | $ | 25,799,080 |  | $ | 105,534,296 |  | $ | 28,587,184 |  | $ | 25,754,887 |  | $ | 134,121,480 |  | $ | 159,876,368 |  | $ | 64,440,518 |  |  |  |
(1) The initial cost to the Partnerships represents both the balance of mortgages assumed in September 1977, including subsequent adjustments to such amounts, and subsequent acquisitions at cost. (2) Net of retirements, which are not significant. (3) In 2012, rental properties were depreciated over the following estimated useful lives:
Schedule of estimated useful lives of rental properties |
Assets |  | Life |
--- | --- | --- | ---
Buildings and Improvements |  |  | 15–40 years |
Other Categories of Assets |  |  | 5–20 years |
Schedule of reconciliation of rental properties and accumulated depreciation |
|  | December 31, |
--- | --- | --- | ---
|  | 2012 |  | 2011 |  | 2010 |
Rental Properties |  |  |  |  |  |  |  |  |  |
Balance, Beginning |  | $ | 159,123,799 |  | $ | 150,818,648 |  | $ | 150,411,555 |
Additions: |  |  |  |  |  |  |  |  |  |
Buildings, improvements and other assets |  |  | 2,360,399 |  |  | 12,444,604 |  |  | 2,268,039 |
|  |  | 161,484,198 |  |  | 163,263,252 |  |  | 152,679,594 |
Deduct: |  |  |  |  |  |  |  |  |  |
Write-off of retired or disposed assets |  |  | 1,607,830 |  |  | 2,437,555 |  |  | 1,860,946 |
Rental properties held for sale and/or sold |  |  | — |  |  | 1,701,898 |  |  | — |
Balance, Ending |  | $ | 159,876,368 |  | $ | 159,123,799 |  | $ | 150,818,648 |
Accumulated Depreciation |  |  |  |  |  |  |  |  |  |
Balance, Beginning |  | $ | 60,199,265 |  | $ | 58,074,391 |  | $ | 54,439,618 |
Add: |  |  |  |  |  |  |  |  |  |
Depreciation for the year |  |  | 5,849,083 |  |  | 5,750,989 |  |  | 5,495,719 |
|  |  | 66,048,348 |  |  | 63,825,380 |  |  | 59,935,337 |
Deduct: |  |  |  |  |  |  |  |  |  |
Accumulated depreciation of retired or disposed assets |  |  | 1,607,830 |  |  | 2,437,555 |  |  | 1,860,946 |
Accumulated depreciation of rental properties held for sale and/or sold |  |  | — |  |  | 1,188,560 |  |  | — |
Balance, Ending |  | $ | 64,440,518 |  | $ | 60,199,265 |  | $ | 58,074,391 |

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