INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)

3 Months Ended

Mar. 31, 2013

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Summary of financial position relating to investment in unconsolidated joint ventures

Summary financial information as of March 31, 2013

			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	$	9,015,547	$	2,609,952	$	7,788,886	$	5,563,140	$	1,824,421	$	6,900,646	$	6,965,331	$	20,884,885	$	106,099,815	$	167,652,622
Cash & Cash Equivalents	11,201		19,577		25,807		7,151		16,776		20,043		20,106		125,776		998,232		1,244,669
Rent Receivable	39,722		—		251		5,179		4,816		958		4,444		2,510		26,486		84,365
Real Estate Tax Escrow	49,793		—		45,617		74,350		—		47,332		39,197		72,665		392,816		721,770
Prepaid Expenses & Other Assets	70,830		202		102,039		36,541		135,511		16,689		48,597		202,059		1,429,338		2,041,805
Financing & Leasing Fees	59,745		2,703		21,122		18,389		4,239		24,652		14,958		12,865		384,849		543,522
Total Assets	$	9,246,838	$	2,632,434	$	7,983,722	$	5,704,750	$	1,985,762	$	7,010,321	$	7,092,631	$	21,300,760	$	109,331,535	$	172,288,753
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	8,321,852	$	2,080,281	$	6,806,096	$	4,917,835	$	1,668,000	$	4,685,952	$	5,414,951	$	15,536,345	$	88,300,726	$	137,732,039
Accounts Payable & Accrued Expense	39,583		6,605		139,062		50,520		24,837		25,610		70,985		200,054		868,482		1,425,738
Advance Rental Pmts& Security Deposits	160,144		—		162,681		83,076		25,592		81,290		69,598		275,348		1,977,679		2,835,409
Total Liabilities	8,521,579		2,086,886		7,107,839		5,051,431		1,718,430		4,792,851		5,555,535		16,011,748		91,146,887		141,993,186
Partners’ Capital	725,259		545,549		875,883		653,319		267,333		2,217,470		1,537,096		5,289,012		18,184,648		30,295,567
Total Liabilities and Capital	$	9,246,838	$	2,632,434	$	7,983,722	$	5,704,750	$	1,985,762	$	7,010,321	$	7,092,631	$	21,300,760	$	109,331,535	$	172,288,753
Partners’ Capital - NERA 50%	$	362,629	$	272,774	$	437,941	$	326,659	$	133,666	$	1,108,735	$	768,548	$	2,644,506			6,055,460
Partners’ Capital - NERA 40%																	$	7,273,859	7,273,859
																			$	13,329,319

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 April 30, 2013	—		—		—		127		105		—		—		—		—		232
Unsold units	—		—		—		—		15		—		—		—		—		15
Unsold units with deposits for future sale as of April 30, 2013	—		—		—		—		—		—		—		—		—		—

Summary financial information as of March 31, 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	9,356,056	2,612,441	8,130,633	5,803,255	1,900,710	7,187,774	7,226,200	21,732,865	111,614,723	175,564,657
Cash & Cash Equivalents	728	10,310	18	36	14,195	6,335	53,389	27,052	925,695	1,037,758
Rent Receivable	38,562		4,214	12,710	662	9,517	802	8,519	71,771	146,757
Real Estate Tax Escrow	97,575		37,805	66,735	—	91,144	42,984	104,274	532,983	973,500
Prepaid Expenses & Other Assets	79,815	197	85,712	91,752	168,599	98,145	74,321	256,429	1,240,741	2,095,713
Financing & Leasing Fees	68,301	4,367	14,288	23,415	5,303	31,014	18,926	19,727	444,166	629,507
Total Assets	9,641,037	2,627,315	8,272,669	5,997,904	2,089,470	7,423,929	7,416,622	22,148,866	114,830,078	180,447,892
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	8,434,538	2,131,893	6,977,967	4,980,237	1,668,000	4,745,604	5,483,296	15,818,388	89,451,858	139,691,783
Accounts Payable & Accrued Expense	48,138	5,459	74,832	49,511	23,664	31,671	138,907	210,546	935,504	1,518,234
Advance Rental Pmts & Security Deposits	144,534	—	127,574	76,067	18,342	88,727	65,361	249,290	1,855,441	2,625,336
Total Liabilities	8,627,211	2,137,352	7,180,373	5,105,816	1,710,006	4,866,003	5,687,565	16,278,224	92,242,803	143,835,352
Partners’ Capital	1,013,827	489,963	1,092,296	892,089	379,464	2,557,926	1,729,057	5.870,642	22,587,275	36,612,540
Total Liabilities & Capital	9,641,037	2,627,315	8,272,669	5,997,904	2,089,470	7,423,929	7,416,622	22,148,866	114,830,078	180,447,892
Partners’ Capital — NERA 50%	506,913	244,982	546,148	446,044	189,732	1,278,963	864,529	2,935,321		7,012,632
NERA 40%									9,034,910	9,034,910
										16,047,542
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 May 1, 2012	—	—	—	127	105	—	—	—	0	232
Unsold units	—	—	—	—	15	—	—	—	—	15
Unsold units with deposits for future sale as of May 1, 2012	—	—	—	—	0	—	—	—	—	—

Summary of income statement relating to investment in unconsolidated joint ventures

Three Months Ended March 31, 2013

				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	$	328,455		$	71,896		$	304,290		$	220,217		$	59,608		$	219,281		$	215,857		$	676,946		$	3,160,009		$	5,256,558
Laundry and Sundry Income	3,846			—			645			—			—			—			211			9,771			21,432			35,906
	332,301			71,896			304,935			220,217			59,608			219,281			216,068			686,717			3,181,441			5,292,464
Expenses
Administrative	3,854			317			5,732			1,681			773			3,881			423			8,639			46,878			72,180
Depreciation and Amortization	105,572			2,244			105,684			60,087			21,063			76,798			78,708			244,534			1,438,457			2,133,146
Management Fees	12,252			2,876			13,075			8,959			2,338			8,464			8,537			29,041			65,010			150,552
Operating	35,066			—			25,853			260			1,579			422			23,211			113,996			328,825			529,212
Renting	9,350			—			1,766			705			—			405			2,338			1,312			11,555			27,431
Repairs and Maintenance	22,243			550			13,586			76,109			22,770			74,913			10,096			85,905			181,585			487,758
Taxes and Insurance	55,882			12,199			28,186			38,750			10,230			35,679			30,866			84,817			396,213			692,822
	244,219			18,186			193,881			186,552			58,754			200,564			154,179			568,243			2,468,523			4,093,100
Income Before Other Income	88,082			53,710			111,054			33,666			854			18,717			61,889			118,474			712,917			1,199,364
Other Income (Loss)
Interest Expense	(121,155		)	(14,598		)	(118,942		)	(70,483		)	(24,182		)	(66,267		)	(77,462		)	(203,954		)	(1,243,258		)	(1,940,300		)
Interest Income	—			—			12			1			45			—			—			—			—			58
Interest Income from Note	—			—			—			—			1,096			—			—			—			—			1,096
	(121,155		)	(14,598		)	(118,929		)	(70,482		)	(23,041		)	(66,267		)	(77,462		)	(203,954		)	(1,243,258		)	(1,939,146		)
Net Income (Loss)	$	(33,073	)	$	39,112		$	(7,876	)	$	(36,816	)	$	(22,187	)	$	(47,549	)	$	(15,573	)	$	(85,480	)	$	(530,341	)	$	(739,782	)
Net Income (Loss) - NERA 50%	$	(16,536	)	$	19,556		$	(3,938	)	$	(18,408	)	$	(11,093	)	$	(23,775	)	$	(7,786	)	$	(42,740	)				(104,721		)
Net Income (Loss) - NERA 40%																									$	(212,136	)	(212,136		)
																												$	(316,857	)

Summary financial information for the three months ended March 31, 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	292,493		72,046		291,651		210,028		51,478		219,663		196,703		647,884		3,011,578		4,993,524
Laundry and Sundry Income	3,533		—		588		—		—		—		408		5,363		22,500		32,392
	296,026		72,046		292,239		210,028		51,478		219,663		197,111		653,246		3,034,078		5,025,915
Expenses
Administrative	3,275		567		6,505		291		2,207		8,360		950		13,795		42,862		78,811
Depreciation and Amortization	103,123		3,242		109,982		63,117		19,736		74,364		78,933		236,657		1,432,044		2,121,198
Management Fees	12,818		2,882		12,002		8,552		2,050		8,393		8,038		25,509		63,261		143,505
Operating	30,322				15,144		66		671		688		24,707		104,387		303,347		479,331
Renting	1,940				139		1,669		915		894		910		2,024		30,991		39,483
Repairs and Maintenance	22,552		375		15,845		69,794		16,767		64,381		11,976		94,359		144,769		440,817
Taxes and Insurance	50,186		12,342		25,265		36,921		11,642		40,775		25,410		85,124		380,130		667,794
	224,216		19,408		184,879		180,410		53,988		197,856		150,925		561,854		2,397,403		3,970,939
Income Before Other Income	71,810		52,638		107,360		29,618		(2,510	)	21,807		46,186		91,392		636,675		1,054,976
Other Income (Loss)
Interest Expense	(124,483	)	(15,293	)	(124,599	)	(72,020	)	(24,426	)	(67,690	)	(79,357	)	(209,719	)	(1,272,739	)	(1,990,325	)
Interest Income	—		—		12		20		61		—		—		—		—		92
Interest Income from Note	—		—		—		—		1,808		—		—		—		—		1,808
	(124,483	)	(15,293	)	(124,587	)	(72,000	)	(22,557	)	(67,690	)	(79,357	)	(209,719	)	(1,272,739	)	(1,988,425	)
Net Income (loss)	(52,672	)	37,345		(17,228	)	(42,382	)	(25,068	)	(45,882	)	(33,171	)	(118,326	)	(636,064	)	(933,448	)
Net Income (loss) - NERA 50%	(26,336	)	18,672		(8,614	)	(21,191	)	(12,534	)	(22,941	)	(16,586	)	(59,163	)			(148,692	)
NERA 40%																	(254,425	)	(254,425	)
																			(403,118	)

Schedule of future annual mortgage maturities

			Hamilton
	Hamilon		Essex 81		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
3/31/2014	127,488		2,080,281		6,806,096		66,085		1,668,000		67,089		72,379		297,036		1,293,683		13,736,369
3/31/2015	135,069						69,986				70,922		76,651		15,239,310		1,367,610		18,289,681
3/31/2016	143,100						73,370				74,975		80,353				1,445,761		3,223,701
3/31/2017	7,916,196						4,708,394				4,472,965		5,185,568				1,528,378		25,297,996
3/31/2018																	1,615,716		3,187,156
Thereafter																	81,049,579		162,888,262
	$	8,321,852	$	2,080,281	$	6,806,096	$	4,917,835	$	1,668,000	$	4,685,952	$	5,414,951	$	15,536,345	$	88,300,726	$	137,732,039