NOTE 14. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Since November 2001, the Partnership has invested in nine limited partnerships and limited liability companies, the majority of which have invested in residential apartment complexes, with three partnerships investing in commercial property. The Partnership has between a 40%-50% ownership interests in each investment. The other investors are Harold Brown, the President of the Management Company and five other employees of the Management Company. Harold Brown’s ownership interest is between 43.2% and 57%, with the balance owned by the others. A description of each investment is as follows:

On October 28, 2009 the Partnership invested approximately $15,925,000 in a joint venture to acquire a 40% interest in a residential property located in Brookline, Massachusetts. The property, referred to as Dexter Park, is a 409 unit residential complex. The purchase price was $129,500,000. The total mortgage was $89,914,000 with an interest rate of 5.57% and it matures in 2019. The mortgage calls for interest only payments for the first two years of the loan and amortized over 30 years thereafter. The balance of this mortgage is approximately $86,875,000 at June 30, 2014. In order to fund this investment, the Partnership used approximately $8,757,000 of its cash reserves and borrowed approximately $7,168,000 with an interest rate of 6% from HBC Holdings, LLC, an entity owned by Harold Brown and his affiliates (“HBC”). The term of the loan was four years with a provision requiring payment in whole or in part upon demand by HBC with six months notice. The loan was paid in full in April 2012. A majority of the apartments were leased at the time of the acquisition. As a result, the Partnership amortized the intangible assets associated with the “in place” leases over a 12 month period which began in November 2009. This investment, Hamilton Park Towers, LLC is referred to as Dexter Park.

On October 3, 2005, the Partnership invested $2,500,000 for a 50% ownership interest in a 168-unit apartment complex in Quincy, Massachusetts. The purchase price was $30,875,000. The Partnership sold 120 units as condominiums and retained 48 units for long-term investment. Gains from the sales of units were taxed at ordinary income rates. In February 2007, the Partnership refinanced the 48 units with a new mortgage in the amount of $4,750,000 with an interest rate of 5.57%, interest only for five years. The loan will be amortized over 30 years thereafter and matures in March 2017. As of June 30, 2014, the balance of the mortgage is approximately $4,606,000. This investment is referred to as Hamilton Bay Apartments, LLC. In April 2008, the Partnership refinanced an additional 20 units and obtained a new mortgage in the amount of $2,368,000 with interest at 5.75%, interest only, which matured in 2013. On October 18, 2013, the Partnership and its joint venture partner each made capital contributions to the entity of $660,000. The capital was used to pay off the outstanding mortgage. Five units have been sold during the first six months of 2014 with a gain of approximately $301,000. As of August 5, 2014, 10 units are still owned by the Partnership. This investment is referred to as Hamilton Bay, LLC.

On March 7, 2005, the Partnership invested $2,000,000 for a 50% ownership interest in a building comprising 48 apartments, one commercial space and a 50-car surface parking lot located in Boston, Massachusetts. The purchase price was $14,300,000, with a $10,750,000 mortgage. The Partnership plans to operate the building and initiate development of the parking lot. In June 2007, the Partnership separated the parcels, formed an additional limited liability company for the residential apartments and obtained a mortgage on the property. The new limited liability company formed for the residential apartments and commercial space is referred to as Hamilton Essex 81, LLC. In August 2008, the Partnership restructured the mortgages on both parcels at Essex 81 and transferred the residential apartments to Hamilton Essex 81, LLC. The mortgage on Hamilton Essex 81, LLC is approximately $8,171,000, at June 30, 2014, amortizing over 30 years at 5.79% due in August 2016. The mortgage on Essex Development, LLC, or the parking lot is approximately $2,014,000 with a variable interest rate of 2.25% over the daily Libor rate (0.155%) at June 30, 2014. This loan was extended to August 2013 with the same conditions except for the addition of fixed principal payments in the amount of $4,301 per month. The cost associated with the extension was approximately $6,000. In September 2013, the loan was extended for an additional two years to August 2015 with the same conditions except for the increased principal payments of $4,443 per month. The costs associated with the extension were approximately $9,000. Harold Brown has issued a personal guaranty up to $1,000,000 of this mortgage. In the event that he is obligated to make payments to the lender as a result of this guaranty, the Partnership and other investors have, in turn, agreed to indemnify him for their proportionate share of any such payments. The investment in the parking lot is referred to as Hamilton Essex Development, LLC; the investment in the apartments is referred to as Hamilton Essex 81, LLC.

On March 2, 2005, the Partnership invested $2,352,000 for a 50% ownership interest in a 176-unit apartment complex with an additional small commercial building located in Quincy, Massachusetts. The purchase price was $23,750,000. The Partnership sold 127 of the units as condominiums and retained 49 units for long-term investment. The Partnership obtained a new 10-year mortgage in the amount of $5,000,000 on the units to be retained by the Partnership. The interest on the new loan is 5.67% fixed for the 10 year term with interest only payments for five years and amortized over a 30 year period for the balance of the loan term. The balance of this mortgage is approximately $4,840,000 at June 30, 2014. This investment is referred to as Hamilton 1025, LLC.

In August 2004, the Partnership invested $8,000,000 for a 50% ownership interest in a 280-unit apartment complex located in Watertown, Massachusetts. The total purchase price was $56,000,000. As of May 2008, the Partnership sold 137 units as condominiums. Gains from these sales were taxed as ordinary income. The majority of the sales proceeds were applied to reduce the mortgage with the final payment made during the second quarter of 2007. With the sale of the units and the payments of the liabilities, the assets were combined with Hamilton on Main Apartments, LLC. An entity partially owned by the majority shareholder of the General Partner and the President of the management company, 31% and 5%, respectively, was the sales agent and received a variable commission on each sale of 3% to 5%. Hamilton on Main, LLC is known as Hamilton Place.

In 2005, Hamilton on Main Apartments, LLC obtained a ten year mortgage on the three buildings to be retained. The mortgage was $16,825,000, with interest only of 5.18% for three years and amortizing on a 30 year schedule for the remaining seven years when the balance is due. The net proceeds after funding escrow accounts and closing costs on the mortgage were approximately $16,700,000, which were used to reduce the existing mortgage. At June 30, 2014, the remaining balance on the mortgage is approximately $15,188,000. Hamilton on Main, LLC is in the process of refinancing its mortgage and has paid approximately $357,000 in deposits for the refinancing. These deposits are included in prepaid expenses and other assets on the unconsolidated joint ventures’ balance sheets. The Partnership expects the refinancing will be completed in the fourth quarter of 2014.

In September 2004, the Partnership invested approximately $5,075,000 for a 50% ownership interest in a 42-unit apartment complex located in Lexington, Massachusetts. The purchase price was $10,100,000. In October 2004, the Partnership obtained a mortgage on the property in the amount of $8,025,000 and returned $3,775,000 to the Partnership. The Partnership obtained a new 10- year mortgage in the amount of $5,500,000 in January 2007. The interest on the new loan is 5.67% fixed for the ten year term with interest only payments for five years and amortized over a 30 year period for the balance of the loan. This loan required a cash contribution by the Partnership of $1,250,000 in December 2006. At June 30, 2014, the balance of this mortgage is approximately $5,330,000. This investment is referred to as Hamilton Minuteman, LLC.

In November 2001, the Partnership invested approximately $1,533,000 for a 50% ownership interest in a 40-unit apartment building in Cambridge, Massachusetts. In June 2013, the property was refinanced with a 15 year mortgage in the amount of $10,000,000 at 3.87%, interest only for 3 years and is amortized on a 30-year schedule for the balance of the term. The Partnership paid off the prior mortgage of approximately $6,776,000 with the proceeds of the new mortgage. After the refinancing, the property made a distribution of $1,610,000 to the Partnership. As a result of the distribution, the carrying value of the investment fell below zero. The Partnership will continue to account for this investment using the equity method of accounting. Although the Partnership has no legal obligation, the Partnership intends to fund its share of any future operating deficits if needed. This investment is referred to as 345 Franklin, LLC.

Summary financial information as of June 30, 2014

				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	$	8,575,457		$	2,622,910		$	7,320,301		$	5,272,805		$	1,148,912		$	6,533,725		$	6,684,183		$	19,873,809		$	99,637,389		$	157,669,491
Cash & Cash Equivalents	76,955			104,102			107,038			6,968			57,296			1,878			66,660			23,626			968,685			1,413,209
Rent Receivable	32,918			—			15,494			2,327			3,666			6,965			5,798			11,991			141,005			220,164
Real Estate Tax Escrow	101,117			—			18,132			68,872			—			28,886			39,093			45,741			369,900			671,741
Prepaid Expenses & Other Assets	83,547			1,230			38,090			43,044			548,734			41,408			42,658			748,027			1,728,976			3,275,714
Financing & Leasing Fees	37,887			9,868			93,219			12,106			—			16,700			9,997			4,286			310,703			494,766
Total Assets	$	8,907,881		$	2,738,111		$	7,592,274		$	5,406,122		$	1,758,607		$	6,629,562		$	6,848,389		$	20,707,480		$	103,156,658		$	163,745,085
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	8,171,048		$	2,014,488		$	10,000,000		$	4,840,484		$	—		$	4,606,316		$	5,330,234		$	15,188,407		$	86,875,284		$	137,026,261
Accounts Payable & Accrued Expense	59,005			5,297			57,752			30,368			18,811			12,526			47,027			155,825			698,090			1,084,701
Advance Rental Pmts& Security Deposits	223,226			—			229,882			108,125			22,824			97,026			93,312			322,519			2,645,283			3,742,197
Total Liabilities	8,453,279			2,019,785			10,287,634			4,978,977			41,635			4,715,869			5,470,574			15,666,750			90,218,657			141,853,159
Partners’ Capital	454,602			718,325			(2,695,360		)	427,145			1,716,973			1,913,694			1,377,815			5,040,730			12,938,001			21,891,926
Total Liabilities and Capital	$	8,907,881		$	2,738,111		$	7,592,274		$	5,406,122		$	1,758,607		$	6,629,562		$	6,848,389		$	20,707,480		$	103,156,658		$	163,745,085

Partners’ Capital % - NERA	50		%	50		%	50		%	50		%	50		%	50		%	50		%	50		%	40		%
Investment in Unconsolidated Joint Ventures	$	227,301		$	359,163		$	—		$	213,573		$	858,486		$	956,847		$	688,907		$	2,520,365		$	5,175,200		10,999,842
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	—		$	—		$	(1,347,680	)	$	—		$	—		$	—		$	—		$	—		$	—		(1,347,680		)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	9,652,162


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, 2014	—			—			—			127			110			—			—			—			—			237
Unsold units	—			—			—			—			10			—			—			—			—			10
Unsold units with deposits for future sale as of August 1, 2014	—			—			—			—			—			—			—			—			—			—

Financial information for the six months ended June 30, 2014

				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	$	670,157		$	146,472		$	658,488		$	447,481		$	106,721		$	462,103		$	456,812		$	1,440,362		$	6,709,764		$	11,098,360
Laundry and Sundry Income	8,120			—			235			—			—			—			168			19,148			48,593			76,262
	678,277			146,472			658,723			447,481			106,721			462,103			456,980			1,459,510			6,758,357			11,174,622
Expenses
Administrative	17,141			830			19,861			4,161			2,674			10,577			5,443			30,762			116,993			208,441
Depreciation and Amortization	216,170			5,644			200,104			120,320			38,350			158,697			159,254			473,132			2,694,103			4,065,772
Management Fees	29,105			5,859			28,505			18,643			4,275			18,600			18,953			57,820			148,442			330,201
Operating	68,967			—			32,593			353			605			1,039			44,102			206,470			736,853			1,090,983
Renting	10,967			—			3,623			6,376			753			5,042			6,088			18,097			57,536			108,481
Repairs and Maintenance	73,827			3,150			30,932			164,511			47,651			143,741			38,434			190,403			514,184			1,206,833
Taxes and Insurance	116,996			27,640			58,200			81,375			22,666			82,006			59,236			191,586			757,325			1,397,028
	533,173			43,123			373,817			395,737			116,973			419,702			331,509			1,168,270			5,025,436			8,407,740
Income Before Other Income	145,104			103,349			284,906			51,743			(10,252		)	42,401			125,471			291,240			1,732,921			2,766,883
Other Income (Loss)
Interest Expense	(240,198		)	(27,896		)	(195,574		)	(139,629		)	(399		)	(131,333		)	(153,561		)	(402,014		)	(2,464,957		)	(3,755,560		)
Interest Income	—			—			—			10			—			—			—			—			—			10
Interest Income from Note	—			—			—			—			468			—			—			—			—			468
Gain on Sale of Real Estate	—			—			—			—			300,522			—			—			—			—			300,522
	(240,198		)	(27,896		)	(195,574		)	(139,620		)	300,591			(131,333		)	(153,561		)	(402,014		)	(2,464,957		)	(3,454,561		)
Net Income (Loss)	$	(95,094	)	$	75,453		$	89,332		$	(87,877	)	$	290,339		$	(88,932	)	$	(28,090	)	$	(110,774	)	$	(732,036	)	$	(687,678	)
Net Income (Loss) - NERA 50%	$	(47,547	)	$	37,727		$	44,666		$	(43,938	)	$	145,170		$	(44,466	)	$	(14,045	)	$	(55,386	)				22,181
Net Income (Loss) - NERA 40%																									$	(292,814	)	(292,814		)
																												$	(270,633	)

Financial information for the three months ended June 30, 2014

				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	$	341,387		$	73,236		$	330,748		$	216,294		$	43,923		$	223,212		$	232,870		$	722,682		$	3,352,710		$	5,537,062
Laundry and Sundry Income	4,200			—			657			—			—			—			(2		)	9,692			23,213			37,761
	345,587			73,236			331,406			216,294			43,923			223,212			232,869			732,375			3,375,923			5,574,823
Expenses
Administrative	13,963			513			13,038			2,193			1,969			5,732			2,440			21,277			62,450			123,574
Depreciation and Amortization	108,267			2,823			100,379			60,167			19,175			79,383			79,852			237,117			1,348,640			2,035,802
Management Fees	15,829			2,929			14,839			9,412			1,891			9,140			9,643			29,557			76,544			169,784
Operating	23,995			—			7,770			193			355			580			11,248			64,310			248,068			356,520
Renting	10,850			—			180			624			—			1,550			3,623			11,268			38,946			67,040
Repairs and Maintenance	41,549			3,150			18,595			84,068			23,827			70,304			21,547			99,885			317,690			680,615
Taxes and Insurance	58,712			14,070			28,555			40,771			10,768			41,247			29,664			95,947			376,140			695,874
	273,165			23,485			183,356			197,427			57,984			207,936			158,017			559,361			2,468,477			4,129,208
Income Before Other Income	72,422			49,751			148,049			18,867			(14,061		)	15,276			74,852			173,013			907,445			1,445,615
Other Income (Loss)
Interest Expense	(120,829		)	(13,977		)	(97,821		)	(70,070		)	(205		)	(65,868		)	(77,061		)	(201,634		)	(1,237,262		)	(1,884,727		)
Interest Income	—			—			—			5			—			—			—			—			—			5
Interest Income from Note	—			—			—			—			135			—			—			—			—			135
Gain on Sale of Real Estate	—			—			—			—			248,239			—			—			—			—			248,239
	(120,829		)	(13,977		)	(97,821		)	(70,065		)	248,169			(65,868		)	(77,061		)	(201,634		)	(1,237,262		)	(1,636,348		)
Net Income (Loss)	$	(48,407	)	$	35,774		$	50,228		$	(51,198	)	$	234,108		$	(50,592	)	$	(2,209	)	$	(28,621	)	$	(329,817	)	$	(190,733	)
Net Income (Loss) - NERA 50%	$	(24,203	)	$	17,887		$	25,114		$	(25,598	)	$	117,054		$	(25,296	)	$	(1,104	)	$	(14,310	)				69,545
Net Income (Loss) - NERA 40%																									$	(131,927	)	(131,927		)
																												$	(62,382	)

Future annual mortgage maturities at June 30, 2014 are as follows:

			Hamilton
	Hamilon		Essex 81		345		Hamilton		Hamilton		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Development		Franklin		1025		Bay Apts		Minuteman		Main Apts		Park		Total
6/30/2015	133,411		53,316				70,660		75,940		77,390		15,188,407		1,571,909		17,171,033
6/30/2016	144,484		1,961,172				80,814		76,024		81,127				1,459,214		3,802,835
6/30/2017	7,893,152				177,340		4,689,009		4,454,353		5,171,718				1,542,599		23,928,170
6/30/2018					187,209										1,630,749		1,817,958
6/30/2019					194,584										1,723,938		1,918,522
Thereafter					9,440,867										78,946,875		88,387,742
	$	8,171,048	$	2,014,488	$	10,000,000	$	4,840,484	$	4,606,316	$	5,330,234	$	15,188,407	$	86,875,284	$	137,026,261

At June 30, 2014 the weighted average interest rate on the above mortgages was 5.38%. The effective rate was 5.46% including the amortization expense of deferred financing costs.

Summary financial information as of June 30, 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	$	8,947,591		$	2,616,965		$	7,686,993		$	5,505,467		$	1,805,125		$	6,827,232		$	6,919,386		$	20,659,589		$	104,817,498		$	165,785,846
Cash & Cash Equivalents	3,147			29,108			231,329			9,023			23,732			10,077			25,303			174,000			659,245			1,164,964
Rent Receivable	51,079			—			8,863			6,873			4,061			4,886			9,599			10,729			104,164			200,255
Real Estate Tax Escrow	83,964			—			23,711			74,507			—			53,440			34,783			68,934			420,641			759,980
Prepaid Expenses & Other Assets	75,717			1,153			27,615			42,202			123,516			24,192			51,529			228,073			1,464,682			2,038,679
Financing & Leasing Fees	55,373			1,081			99,877			17,132			4,000			23,062			13,965			11,150			370,020			595,660
Total Assets	$	9,216,871		$	2,648,307		$	8,078,388		$	5,655,204		$	1,960,434		$	6,942,889		$	7,054,565		$	21,152,475		$	107,836,250		$	170,545,384
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	8,292,287		$	2,067,378		$	10,000,000		$	4,901,467		$	1,668,000		$	4,670,319		$	5,397,023		$	15,462,916		$	87,999,131		$	140,458,521
Accounts Payable & Accrued Expense	50,228			5,461			19,140			51,107			18,669			8,192			71,192			196,455			1,019,021			1,439,465
Advance Rental Pmts& Security Deposits	176,827			—			175,850			93,473			29,033			96,673			66,703			321,725			2,059,401			3,019,685
Total Liabilities	8,519,342			2,072,839			10,194,990			5,046,047			1,715,702			4,775,184			5,534,918			15,981,096			91,077,553			144,917,671
Partners’ Capital	697,529			575,469			(2,116,602		)	609,157			244,732			2,167,705			1,519,647			5,171,379			16,758,697			25,627,713
Total Liabilities and Capital	$	9,216,871		$	2,648,307		$	8,078,388		$	5,655,204		$	1,960,434		$	6,942,889		$	7,054,565		$	21,152,475		$	107,836,250		$	170,545,384

Partners’ Capital % - NERA	50		%	50		%	50		%	50		%	50		%	50		%	50		%	50		%	40		%
Investment in Unconsolidated Joint Ventures	$	348,764		$	287,734		$	—		$	304,578		$	122,366		$	1,083,852		$	759,824		$	2,585,689		$	6,703,479		12,196,283
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	—		$	—		$	(1,058,301	)	$	—		$	—		$	—		$	—		$	—		$	—		(1,058,301		)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	11,137,982

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, 2013	—			—			—			127			105			—			—			—			—			232
Unsold units	—			—			—			—			15			—			—			—			—			15
Unsold units with deposits for future sale as of August 1 , 2013	—			—			—			—			—			—			—			—			—			—

Financial information for the six months ended June 30, 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	$	663,919		$	143,792		$	616,034		$	441,883		$	121,472		$	441,443		$	432,789		$	1,353,188		$	6,331,670		$	10,546,190
Laundry and Sundry Income	8,997			—			1,933			—			—			—			675			17,281			46,429			75,315
	672,916			143,792			617,967			441,883			121,472			441,443			433,464			1,370,469			6,378,099			10,621,505
Expenses
Administrative	9,928			703			14,431			3,805			3,586			7,551			2,465			18,408			113,724			174,601
Depreciation and Amortization	212,066			4,488			215,739			120,215			41,098			153,638			157,933			488,767			2,878,479			4,272,423
Management Fees	26,015			5,752			25,782			18,186			4,987			17,887			17,076			57,339			133,507			306,531
Operating	63,549			—			40,044			712			1,962			617			41,947			191,181			564,660			904,672
Renting	9,550			—			1,788			3,925			1,425			7,250			4,042			3,305			26,654			57,939
Repairs and Maintenance	64,094			3,700			38,179			157,409			45,986			147,694			25,537			165,706			454,017			1,102,322
Taxes and Insurance	111,759			24,407			56,255			77,131			20,619			71,147			61,948			169,290			742,955			1,335,511
	496,961			39,050			392,218			381,383			119,663			405,784			310,948			1,093,996			4,913,996			8,153,999
Income Before Other Income	175,955			104,742			225,749			60,500			1,809			35,659			122,516			276,473			1,464,103			2,467,506
Other Income (Loss)
Interest Expense	(243,202		)	(29,266		)	(257,547		)	(141,481		)	(48,689		)	(132,973		)	(155,538		)	(409,587		)	(2,495,453		)	(3,913,736		)
Interest Income	—						30			2			86												57			175
Interest Income from Note	—												2,007															2,007
Other Income (Expenses)	—			—			(68,588		)	—			—			—			—			—			—			(68,588		)
	(243,202		)	(29,266		)	(326,105		)	(141,479		)	(46,596		)	(132,973		)	(155,538		)	(409,587		)	(2,495,396		)	(3,980,142		)
Net Income (Loss)	$	(67,247	)	$	75,476		$	(100,356	)	$	(80,979	)	$	(44,787	)	$	(97,314	)	$	(33,022	)	$	(133,114	)	$	(1,031,293	)	$	(1,512,636	)
Net Income (Loss) - NERA 50%	$	(33,624	)	$	37,738		$	(50,178	)	$	(40,490	)	$	(22,394	)	$	(48,657	)	$	(16,511	)	$	(66,557	)				(240,672		)
Net Income (Loss) - NERA 40%																									$	(412,517	)	(412,517		)
																												$	(653,189	)

Financial information for the three months ended June 30, 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	$	335,464		$	71,896		$	311,745		$	221,666		$	61,864		$	222,162		$	216,932		$	676,242		$	3,171,661		$	5,289,632
Laundry and Sundry Income	5,151			—			1,288			—			—			—			464			7,510			24,997			39,410
	340,615			71,896			313,033			221,666			61,864			222,162			217,396			683,752			3,196,658			5,329,042
Expenses
Administrative	6,074			386			8,699			2,124			2,813			3,669			2,042			9,769			66,845			102,421
Depreciation and Amortization	106,494			2,245			110,055			60,128			20,035			76,840			79,225			244,233			1,440,022			2,139,277
Management Fees	13,762			2,876			12,707			9,227			2,649			9,422			8,538			28,298			68,497			155,976
Operating	28,483			—			14,190			452			382			195			18,737			77,185			235,835			375,459
Renting	200			—			23			3,220			1,425			6,845			1,703			1,994			15,098			30,508
Repairs and Maintenance	41,851			3,150			24,593			81,300			23,216			72,781			15,442			79,801			272,433			614,567
Taxes and Insurance	55,878			12,209			28,069			38,381			10,389			35,468			31,082			84,473			346,742			642,691
	252,742			20,866			198,336			194,832			60,909			205,220			156,769			525,753			2,445,472			4,060,899
Income Before Other Income	87,873			51,030			114,697			26,834			955			16,942			60,627			157,999			751,186			1,268,143
Other Income (Loss)
Interest Expense	(122,047		)	(14,668		)	(138,605		)	(70,998		)	(24,507		)	(66,707		)	(78,076		)	(205,633		)	(1,252,195		)	(1,973,436		)
Interest Income	—			—			15			2			41			—			—			—			57			115
Interest Income from Note	—			—			—			—			911			—			—			—			—			911
Other Income (Expenses)	—			—			(68,588		)	—			—			—			—			—			—			(68,588		)
	(122,047		)	(14,668		)	(207,178		)	(70,996		)	(23,555		)	(66,707		)	(78,076		)	(205,633		)	(1,252,138		)	(2,040,998		)
Net Income (Loss)	$	(34,174	)	$	36,362		$	(92,481	)	$	(44,162	)	$	(22,600	)	$	(49,765	)	$	(17,449	)	$	(47,634	)	$	(500,952	)	$	(772,855	)
Net Income (Loss) - NERA 50%	$	(17,087	)	$	18,181		$	(46,241	)	$	(22,081	)	$	(11,300	)	$	(24,883	)	$	(8,725	)	$	(23,817	)				(135,952		)
Net Income (Loss) - NERA 40%																									$	(200,381	)	(200,381		)
																												$	(336,332	)