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RENTAL PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2013

RENTAL PROPERTIES

Schedule of rental properties

		December 31, 2013			December 31, 2012			Useful Life
Land, improvements and parking lots		$	43,919,728		$	27,743,726			15–40 years
Buildings and improvements			152,130,635			118,739,283			15–40 years
Kitchen cabinets			5,956,078			3,544,868			5–10 years
Carpets			5,820,516			3,218,975			5–10 years
Air conditioning			707,928			746,043			5–10 years
Laundry equipment			404,775			378,806			5–7 years
Elevators			1,139,296			1,139,296			20–40 years
Swimming pools			444,629			235,242			10–30 years
Equipment			5,038,530			1,529,904			5–7 years
Motor vehicles			86,657			101,657			5 years
Fences			24,670			22,445			5–15 years
Furniture and fixtures			5,564,621			1,031,348			5–7 years
Smoke alarms			216,223			193,298			5–7 years
​	​	​	​	​	​	​	​	​	​	​
Total fixed assets			221,454,286			158,624,893
Less: Accumulated depreciation			(68,549,625	)		(63,651,293	)
​	​	​	​	​	​	​	​	​	​	​
		$	152,904,661		$	94,973,600
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

Schedule of real estate and accumulated depreciation

Real estate and accumulated depreciation as of December 31, 2013 is:

					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		$	40,000,000		$	2,112,000		$	8,593,111		$	7,329,225		$	2,112,000		$	15,922,336		$	18,034,336		$	9,643,251			July 1995
Brookside Associates LLC Residential Apartments Woburn, Massachusetts		$	2,684,432		$	684,000		$	3,116,000		$	489,922		$	684,000		$	3,605,922		$	4,289,922		$	1,755,296			Oct. 2000
Courtyard @ Westgate Residential Units Burlington, Massachusetts		$	2,000,000		$	44,965		$	4,478,687		$	249,954		$	44,965		$	4,728,641		$	4,773,606		$	1,643,418			Sep. 2004
Clovelly Apartments L.P. Residential Apartments Nashua, New Hampshire		$	4,160,000		$	177,610		$	1,478,359		$	1,503,424		$	177,610		$	2,981,783		$	3,159,393		$	2,067,556			Sept. 1977
Commonwealth 1137 L.P. Residential Apartments Boston, Massachusetts		$	3,750,000		$	342,000		$	1,367,669		$	983,064		$	342,000		$	2,350,733		$	2,692,733		$	1,346,509			July 1995
Commonwealth 1144 L.P. Residential Apartments Boston, Massachusetts		$	14,780,000		$	1,410,000		$	5,664,816		$	1,764,516		$	1,410,000		$	7,429,332		$	8,839,332		$	4,550,902			July 1995
Condominium Units—Riverside Residential Units Massachusetts		$	—		$	23,346		$	190,807		$	19,564		$	23,346		$	210,371		$	233,717		$	204,818			Sept. 1977
Executive Apartments L.P. Residential Apartments Framingham, Massachusetts		$	2,415,000		$	91,400		$	740,360		$	700,459		$	91,400		$	1,440,819		$	1,532,219		$	1,093,190			Sept. 1977
Hamilton Battle Green LLC Residential Apartments Lexington, Massachusetts		$	4,813,616		$	1,341,737		$	8,457,497		$	80,805		$	1,341,737		$	8,538,302		$	9,880,039		$	1,009,136			Jun. 2011
Hamilton Cypress LLC Commercial—1031Exchange Brookline, Massachusetts		$	—		$	2,362,596		$	4,613,985		$	348,345		$	2,362,596		$	4,962,330		$	7,324,926		$	876,537			Oct. 2008
Hamilton Green Apartments Residential Apartments Andover, Massachusetts		$	38,500,000		$	16,054,336		$	44,794,438		$	125,362		$	16,054,336		$	44,919,800		$	60,974,136		$	1,534,867			Jul. 2013
Hamilton Linewt LLC Commercial—1031Exchange Newton, Massachusetts		$	1,474,947		$	884,042		$	2,652,127		$	50,608		$	884,042		$	2,702,735		$	3,586,777		$	422,799			Nov. 2007
Hamilton Oaks Associates LLC Residential Apartments Brockton, Massachusetts		$	11,925,000		$	2,175,000		$	12,325,000		$	1,898,324		$	2,175,000		$	14,223,324		$	16,398,324		$	7,684,626			Dec. 1999
Highland Street Apartments, L.P. Residential Apartments Lowell, Massachusetts		$	1,050,000		$	156,000		$	634,085		$	387,455		$	156,000		$	1,021,540		$	1,177,540		$	592,810			Dec. 1996
Linhart L.P. Residential/Commercial Newton, Massachusetts		$	1,929,123		$	385,000		$	1,540,000		$	1,239,887		$	385,000		$	2,779,887		$	3,164,887		$	1,845,936			Jan. 1995
Nashoba Apartments L.P. Residential Apartments Acton, Massachusetts		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—			Sold May13 Sept. 1977
NERA Dean St. Associates LLC Residential Apartments Norwood, Massachusetts		$	5,113,360		$	1,512,000		$	5,701,480		$	561,752		$	1,512,000		$	6,263,232		$	7,775,232		$	2,685,523			Jun. 2002
North Beacon 140 L.P. Residential Units Boston, Massachusetts		$	6,937,000		$	936,000		$	3,762,013		$	1,588,914		$	936,000		$	5,350,927		$	6,286,927		$	3,295,988			July 1995
Olde English Apartments L.P. Residential Apartments Lowell, Massachusetts		$	3,080,000		$	46,181		$	878,323		$	1,252,182		$	46,181		$	2,130,505		$	2,176,686		$	1,374,075			Sept. 1977
River Drive L.P. Residential Apartments Danvers, Massachusetts		$	3,465,000		$	72,525		$	587,777		$	729,271		$	72,525		$	1,317,048		$	1,389,573		$	926,978			Sept. 1977
Redwood Hills L.P. Residential Units Worcester, Massachusetts		$	6,743,000		$	1,200,000		$	4,810,604		$	2,285,268		$	1,200,000		$	7,095,872		$	8,295,872		$	4,190,382			July 1995
School St Assoc LLC Residential Apartments Framingham, Massachusetts		$	15,000,000		$	4,686,728		$	18,746,911		$	(1,997,252	)	$	4,686,728		$	16,749,659		$	21,436,387		$	6,647,588			Apr. 2003
Staples Plaza Strip Mall Framingham, Massachusetts		$	6,000,000		$	3,280,000		$	4,920,000		$	46,847		$	3,280,000		$	4,966,847		$	8,246,847		$	2,403,966			May 1999
WCB Associates LLC Residential Apartments Brockton, Massachusetts		$	7,000,000		$	1,335,000		$	7,565,501		$	1,017,996		$	1,335,000		$	8,583,497		$	9,918,497		$	4,756,907			Dec. 1999
Westgate Apartments LLC Residential Apartments Woburn, Massachusetts		$	15,700,000		$	461,300		$	2,424,636		$	7,024,635		$	417,107		$	9,449,271		$	9,866,378		$	5,996,569			Sept. 1977
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
		$	198,520,478		$	41,773,766		$	150,044,186		$	29,680,527		$	41,729,573		$	179,724,713		$	221,454,286		$	68,549,627
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

(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 2013, rental properties were depreciated over the following estimated useful lives:

Assets		Life
Buildings and Improvements			10-39 years
Other Categories of Assets			5-10 years

Schedule of reconciliation of rental properties and accumulated depreciation

		December 31,
		2013			2012			2011
Rental Properties
Balance, Beginning		$	158,624,893		$	159,123,799		$	150,818,648
Additions:
Buildings, improvements and other assets			65,349,698			2,360,399			12,444,604
​	​	​	​	​	​	​	​	​	​	​
			223,974,591			161,484,198			163,263,252
Deduct:
Write-off of retired or disposed assets			2,505,787			1,607,830			2,437,555
Rental properties held for sale and/or sold			14,518			1,251,475			1,701,898
​	​	​	​	​	​	​	​	​	​	​
Balance, Ending		$	221,454,286		$	158,624,893		$	159,123,799
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Accumulated Depreciation
Balance, Beginning		$	63,651,293		$	60,199,265		$	58,074,391
Add:
Depreciation for the year			7,404,120			5,849,083			5,750,989
​	​	​	​	​	​	​	​	​	​	​
			71,844,630			66,048,348			63,825,380
Deduct:
Accumulated depreciation of retired or disposed assets			2,505,787			1,607,830			2,437,555
Accumulated depreciation of rental properties held for sale and/or sold			—			789,225			1,188,560
​	​	​	​	​	​	​	​	​	​	​
Balance, Ending		$	68,549,625		$	63,651,293		$	60,199,265
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

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Tabular disclosure of all real estate that is held for investment and the accumulated depreciation for each property.

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Tabular disclosure of reconciliation of real estate and accumulated depreciation.

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- Definition

Tabular disclosure of lessor's property under leasing agreements and property available for lease (not currently under lease) by property class, the gross amount, accumulated depreciation and net amount of as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 840

-SubTopic 20

-Section 50

-Paragraph 4

-Subparagraph (a)

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