INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables) - 10Q

9 Months Ended

Sep. 30, 2014

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Summary of financial position relating to investment in unconsolidated joint ventures

Summary financial information as of September 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	$	8,619,846		$	2,622,203		$	7,230,839		$	5,215,054		$	1,011,453		$	6,473,921		$	6,628,931		$	19,644,258		$	98,343,487		$	155,789,992
Cash & Cash Equivalents	28,937			149,705			203,001			7,697			741,509			4,188			111,378			2,404,047			1,231,163			4,881,625
Rent Receivable	17,700			—			1,703			14,718			3,049			1,102			2,326			9,845			149,200			199,643
Real Estate Tax Escrow	98,555			—			41,934			71,690			—			43,591			40,212			52,130			356,155			704,267
Prepaid Expenses & Other Assets	95,311			895			50,550			44,962			27,327			44,461			44,558			96,377			1,657,149			2,061,590
Financing & Leasing Fees	33,515			7,753			91,554			10,849			—			15,110			9,005			159,175			295,874			622,835
Total Assets	$	8,893,864		$	2,780,556		$	7,619,581		$	5,364,970		$	1,783,338		$	6,582,373		$	6,836,410		$	22,365,832		$	102,033,028		$	164,259,952
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	8,140,592		$	2,001,159		$	10,000,000		$	4,823,762		$	—		$	4,590,276		$	5,311,923		$	16,900,000		$	86,566,934		$	138,334,646
Accounts Payable & Accrued Expense	150,481			55,616			172,833			27,905			724,100			16,076			123,765			2,142,549			931,507			4,344,832
Advance Rental Pmts & Security Deposits	174,103			—			197,412			103,182			13,487			88,756			95,052			301,976			2,205,078			3,179,046
Total Liabilities	8,465,176			2,056,775			10,370,245			4,954,849			737,587			4,695,108			5,530,740			19,344,525			89,703,519			145,858,524
Partners’ Capital	428,688			723,781			(2,750,664		)	410,121			1,045,751			1,887,265			1,305,670			3,021,307			12,329,509			18,401,428
Total Liabilities and Capital	$	8,893,864		$	2,780,556		$	7,619,581		$	5,364,970		$	1,783,338		$	6,582,373		$	6,836,410		$	22,365,832		$	102,033,028		$	164,259,952

Partners’ Capital % - NERA	50		%	50		%	50		%	50		%	50		%	50		%	50		%	50		%	40		%
Investment in Unconsolidated Joint Ventures	$	214,344		$	361,891		$	—		$	205,061		$	522,876		$	943,633		$	652,833		$	1,510,654		$	4,931,804		9,343,093
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	—		$	—		$	(1,375,332	)	$	—		$	—		$	—		$	—		$	—		$	—		(1,375,332		)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	7,967,761

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, 2014	—			—			—			127			111			—			—			—			—			238
Unsold units	—			—			—			—			9			—			—			—			—			9
Unsold units with deposits for future sale as of November 1, 2014	—			—			—			—			—			—			—			—			—			—

Summary financial information as of September 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	$	8,855,213		$	2,617,557		$	7,596,004		$	5,448,764		$	1,785,933		$	6,752,521		$	6,851,307		$	20,455,309		$	103,516,956		$	163,879,564
Cash & Cash Equivalents	18,578			24,337			15,400			743			901			14,460			60,794			15,593			919,270			1,070,076
Rent Receivable	25,174			—			3,684			5,841			4,019			10,560			—			8,402			72,166			129,846
Real Estate Tax Escrow	92,679			—			39,518			77,637			—			51,134			38,025			70,460			417,391			786,844
Prepaid Expenses & Other Assets	89,720			889			43,130			46,234			113,082			28,815			51,583			306,657			1,532,522			2,212,632
Financing & Leasing Fees	51,002			9,067			98,212			15,876			—			21,472			12,973			9,435			355,190			573,227
Total Assets	$	9,132,366		$	2,651,850		$	7,795,948		$	5,595,095		$	1,903,935		$	6,878,962		$	7,014,682		$	20,865,856		$	106,813,495		$	168,652,189
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	8,263,635		$	2,054,475		$	10,000,000		$	4,885,643		$	1,318,000		$	4,655,194		$	5,379,695		$	15,390,766		$	87,707,013		$	139,654,421
Accounts Payable & Accrued Expense	50,122			5,642			76,207			52,855			21,118			8,792			77,740			188,156			1,037,568			1,518,200
Advance Rental Pmts & Security Deposits	160,109			—			162,242			86,196			26,410			89,430			73,462			276,764			2,107,529			2,982,142
Total Liabilities	8,473,866			2,060,117			10,238,449			5,024,694			1,365,528			4,753,416			5,530,897			15,855,686			90,852,110			144,154,763
Partners’ Capital	658,500			591,733			(2,442,501		)	570,401			538,407			2,125,546			1,483,785			5,010,170			15,961,385			24,497,426
Total Liabilities and Capital	$	9,132,366		$	2,651,850		$	7,795,948		$	5,595,095		$	1,903,935		$	6,878,962		$	7,014,682		$	20,865,856		$	106,813,495		$	168,652,189

Partners’ Capital % - NERA	50		%	50		%	50		%	50		%	50		%	50		%	50		%	50		%	40		%
Investment in Unconsolidated Joint Ventures	$	329,250		$	295,867		$	—		$	285,201		$	269,204		$	1,062,773		$	741,893		$	2,505,085		$	6,384,554		11,873,825
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	—		$	—		$	(1,221,250	)	$	—		$	—		$	—		$	—		$	—		$	—		(1,221,250		)
Total Investment in Unconsolidated Joint Ventures (Net)																												$	10,652,575

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

Summary of income statement relating to investment in unconsolidated joint ventures

Financial information for the nine months ended September 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	$	1,043,460		$	218,995		$	994,756		$	698,401		$	151,937		$	704,397		$	683,025		$	2,177,950		$	10,143,620		$	16,816,541
Laundry and Sundry Income	12,425			—			(425		)	—			—			—			844			29,213			75,213			117,270
	1,055,885			218,995			994,331			698,401			151,937			704,397			683,869			2,207,163			10,218,833			16,933,811
Expenses
Administrative	23,376			1,180			32,580			6,784			3,388			14,493			8,104			42,799			181,661			314,365
Depreciation and Amortization	324,833			8,466			300,816			180,524			57,524			238,744			240,486			716,092			4,048,679			6,116,164
Management Fees	43,937			8,760			41,823			27,973			5,888			28,206			28,489			86,429			217,031			488,536
Operating	96,904			—			45,984			523			1,028			1,683			60,631			288,912			960,938			1,456,603
Renting	11,875			—			11,368			5,918			753			5,042			7,571			21,131			156,856			220,514
Repairs and Maintenance	125,411			3,150			56,421			246,576			74,719			223,566			58,132			292,004			927,771			2,007,750
Taxes and Insurance	172,802			40,498			87,842			119,861			30,025			120,392			89,496			279,034			1,155,775			2,095,725
	799,138			62,054			576,834			588,159			173,325			632,126			492,909			1,726,401			7,648,711			12,699,657
Income Before Other Income	256,747			156,941			417,497			110,242			(21,388		)	72,271			190,960			480,762			2,570,122			4,234,154
Other Income (Loss)
Interest Expense	(361,857		)	(41,932		)	(293,469		)	(210,158		)	(485		)	(197,633		)	(231,196		)	(610,958		)	(3,710,651		)	(5,658,339		)
Interest Income	—			—			—			15			—			—			—			—			—			—
Interest Income from Note	—			—			—			—			468			—			—			—			—			—
Gain on Sale of Real Estate	—			—			—			—			350,523			—			—			—			—			—
	(361,857		)	(41,932		)	(293,469		)	(210,143		)	350,506			(197,633		)	(231,196		)	(610,958		)	(3,710,651		)	(5,658,339		)
Net Income (Loss)	$	(105,110	)	$	115,009		$	124,028		$	(99,901	)	$	329,118		$	(125,362	)	$	(40,236	)	$	(130,196	)	$	(1,140,529	)	$	(1,424,185	)
Net Income (Loss) - NERA 50%	$	(52,555	)	$	57,505		$	62,014		$	(49,951	)	$	164,560		$	(62,681	)	$	(20,118	)	$	(65,097	)				33,677
Net Income (Loss) - NERA 40%																									$	(456,212	)	(456,212		)
																												$	(422,535	)

Financial information for the three months ended September 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	$	373,304		$	72,523		$	336,267		$	250,921		$	45,216		$	242,294		$	226,213		$	737,588		$	3,433,856		$	5,718,182
Laundry and Sundry Income	4,306			—			(660		)	—			—			—			676			10,065			26,620			41,007
	377,610			72,523			335,607			250,921			45,216			242,294			226,889			747,653			3,460,476			5,759,189
Expenses
Administrative	6,235			350			12,719			2,624			715			3,916			2,661			12,037			64,668			105,925
Depreciation and Amortization	108,663			2,822			100,712			60,204			19,174			80,047			81,233			242,960			1,354,577			2,050,392
Management Fees	14,832			2,901			13,319			9,330			1,613			9,606			9,536			28,609			68,588			158,334
Operating	27,938			—			13,390			171			423			643			16,528			82,442			224,085			365,620
Renting	908			—			7,745			(459		)	—			—			1,482			3,034			99,320			112,030
Repairs and Maintenance	51,584			—			25,489			82,066			27,069			79,825			19,697			101,601			413,587			800,918
Taxes and Insurance	55,807			12,859			29,643			38,487			7,360			38,387			30,264			87,450			398,451			698,708
	265,967			18,932			203,017			192,423			56,354			212,424			161,401			558,133			2,623,276			4,291,927
Income Before Other Income	111,643			53,591			132,590			58,498			(11,138		)	29,870			65,488			189,520			837,200			1,467,262
Other Income (Loss)
Interest Expense	(121,659		)	(14,036		)	(97,895		)	(70,528		)	(86		)	(66,300		)	(77,635		)	(208,944		)	(1,245,694		)	(1,902,777		)
Interest Income	—			—			—			6			—			—			—			—			—			6
Interest Income from Note	—			—			—			—			—			—			—			—			—			—
Gain on Sale of Real Estate	—			—			—			—			50,001			—			—			—			—			50,001
	(121,659		)	(14,036		)	(97,895		)	(70,522		)	49,915			(66,300		)	(77,635		)	(208,944		)	(1,245,694		)	(1,852,770		)
Net Income (Loss)	$	(10,016	)	$	39,555		$	34,695		$	(12,024	)	$	38,777		$	(36,430	)	$	(12,147	)	$	(19,424	)	$	(408,494	)	$	(385,508	)
Net Income (Loss) - NERA 50%	$	(5,007	)	$	19,778		$	17,348		$	(6,011	)	$	19,389		$	(18,215	)	$	(6,074	)	$	(9,711	)				11,496
Net Income (Loss) - NERA 40%																									$	(163,398	)	(163,398		)
																												$	(151,902	)

Financial information for the nine months ended September 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	$	1,006,954		$	215,601		$	931,629		$	666,484		$	189,661		$	676,641		$	638,208		$	2,046,366		$	9,487,525		$	15,859,069
Laundry and Sundry Income	12,144			—			3,483			—			—			—			675			27,391			70,846			114,538
	1,019,097			215,601			935,112			666,484			189,661			676,641			638,883			2,073,756			9,558,371			15,973,608

Expenses
Administrative	15,037			1,021			18,796			7,968			9,502			14,367			4,253			26,848			191,418			289,209
Depreciation and Amortization	319,895			6,671			321,730			180,399			60,895			230,538			237,847			733,437			4,326,808			6,418,221
Management Fees	41,713			8,624			38,633			27,108			7,614			26,682			25,801			83,965			203,719			463,860
Operating	94,588			—			53,310			927			2,038			1,232			56,899			252,383			802,142			1,263,520
Renting	10,831			—			1,788			5,378			1,425			9,753			6,096			4,331			66,105			105,705
Repairs and Maintenance	93,194			4,400			62,553			239,752			70,217			224,156			50,840			278,025			843,069			1,866,206
Taxes and Insurance	164,374			37,050			85,152			114,730			31,912			109,188			91,893			257,239			1,170,929			2,062,466
	739,632			57,765			581,962			576,261			183,604			615,915			473,628			1,636,229			7,604,189			12,469,187
Income Before Other Income (Loss)	279,465			157,835			353,150			90,223			6,057			60,726			165,255			437,527			1,954,182			3,504,421

Other Income (Loss)
Interest Expense	(366,060		)	(43,776		)	(355,345		)	(212,962		)	(70,021		)	(200,200		)	(234,140		)	(616,349		)	(3,757,844		)	(5,856,697		)
Interest Income	—			—			26			5			122			—			—			—			57			210
Interest Income from Note	—			—			—			—			2,729			—			—			—			—			2,729
Gain on Sale of Real Estate	—			—			—			—			—			—			—			—			—			—
Other Income (Expenses)	—			—			(68,588		)	—			—			—			—			—			—			(68,588		)
	(366,060		)	(43,776		)	(423,908		)	(212,957		)	(67,170		)	(200,200		)	(234,140		)	(616,349		)	(3,757,786		)	(5,922,346		)

Net Income (Loss)	$	(86,594	)	$	114,059		$	(70,758	)	$	(122,734	)	$	(61,113	)	$	(139,474	)	$	(68,884	)	$	(178,822	)	$	(1,803,605	)	$	(2,417,925	)

Net Income (Loss) - NERA 50%	$	(43,297	)	$	57,029		$	(35,379	)	$	(61,367	)	$	(30,556	)	$	(69,737	)	$	(34,442	)	$	(89,411	)				$	(307,160	)
NERA 40%																									$	(721,442	)	(721,442		)
																												$	(1,028,602	)

Financial information for the three months ended September 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	$	343,035		$	71,809		$	315,594		$	224,602		$	68,189		$	235,198		$	205,420		$	693,178		$	3,155,855		$	5,312,880
Laundry and Sundry Income	3,146			—			1,550			—			—			—			—			10,109			24,417			39,222
	346,181			71,809			317,144			224,602			68,189			235,198			205,420			703,287			3,180,272			5,352,102

Expenses
Administrative	5,109			317			4,365			4,162			5,916			6,816			1,788			8,440			77,694			114,608
Depreciation and Amortization	107,829			2,182			105,992			60,185			19,797			76,900			79,914			244,670			1,448,329			2,145,798
Management Fees	15,699			2,872			12,851			8,922			2,627			8,795			8,725			26,626			70,212			157,330
Operating	31,039			—			13,266			215			77			615			14,951			61,202			237,482			358,848
Renting	1,281			—			—			1,453			—			2,503			2,054			1,026			39,451			47,766
Repairs and Maintenance	29,100			700			24,374			82,343			24,231			76,461			25,303			112,318			389,052			763,882
Taxes and Insurance	52,614			12,642			28,897			37,599			11,293			38,040			29,945			87,950			427,973			726,954
	242,671			18,715			189,745			194,878			63,942			210,131			162,681			542,233			2,690,194			4,315,188
Income Before Other Income (Loss)	103,510			53,095			127,399			29,724			4,248			25,068			42,739			161,054			490,078			1,036,914

Other Income (Loss)
Interest Expense	(122,858		)	(14,510		)	(97,798		)	(71,481		)	(21,332		)	(67,226		)	(78,601		)	(206,762		)	(1,262,391		)	(1,942,961		)
Interest Income	—			—			—			2			36			—			—			—			—			39
Interest Income from Note	—			—			—			—			722			—			—			—			—			722
Gain on Sale of Real Estate	—			—			—			—			—			—			—			—			—			—
Other Income (Expenses)	—			—			—			—			—			—			—			—			—			—
	(122,858		)	(14,510		)	(97,798		)	(71,479		)	(20,574		)	(67,226		)	(78,601		)	(206,762		)	(1,262,391		)	(1,942,200		)

Net Income (Loss)	$	(19,348	)	$	38,584		$	29,601		$	(41,755	)	$	(16,326	)	$	(42,159	)	$	(35,862	)	$	(45,708	)	$	(772,312	)	$	(905,286	)

Net Income (Loss) - NERA 50%	$	(9,674	)	$	19,292		$	14,801		$	(20,878	)	$	(8,163	)	$	(21,079	)	$	(17,931	)	$	(22,854	)				$	(66,487	)
NERA 40%																									$	(308,925	)	(308,925		)
																												$	(375,412	)

Schedule of future annual mortgage maturities

			Hamilton
	Hamilton		Essex 81		345		Hamilton		Hamilton		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Development		Franklin		1025		Bay Apts		Minuteman		Main Apts		Park		Total
9/30/2015	$	138,298	$	2,001,159	$	—	$	71,689	$	72,279	$	78,516	$	—	$	1,620,796	$	3,982,737
9/30/2016	8,002,294		—		42,990		75,155		76,732		82,308		—		1,479,627		9,759,106
9/30/2017	—		—		180,476		4,676,918		4,441,265		5,151,099		—		1,564,180		16,013,938
9/30/2018	—		—		189,025		—		—		—		—		1,653,563		1,842,588
9/30/2019	—		—		196,473		—		—		—		—		1,748,055		1,944,528
Thereafter	—		—		9,391,036		—		—		—		16,900,000		78,500,713		104,791,749
	$	8,140,592	$	2,001,159	$	10,000,000	$	4,823,762	$	4,590,276	$	5,311,923	$	16,900,000	$	86,566,934	$	138,334,646