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INVESTMENT IN UNCONSOLIDATED JOINT VENTURES - 10Q | 3 Months Ended
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Mar. 31, 2015
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | 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 $85,897,000 at March 31, 2015. 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. 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 March 31, 2015, the balance of the mortgage is approximately $4,556,000. 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. As of May 5, 2015, 7 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 may 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 balance on Hamilton Essex 81, LLC is approximately $8,076,000, at March 31, 2015, amortizing over 30 years at 5.79% due in August 2016. The mortgage on Essex Development, LLC, or the parking lot is approximately $1,975,000 with a variable interest rate of 2.25% over the daily Libor rate (0.171%) at March 31, 2015. In September 2013, this 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 $4,787,000 at March 31, 2015. This investment is referred to as Hamilton 1025, LLC. 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 Joint Venture 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 March 31, 2015, the balance of this mortgage is approximately $5,272,000. This investment is referred to as Hamilton Minuteman, 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. The Partnership sold 137 units as condominiums. The assets were combined with Hamilton on Main Apartments. 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. In August 2014, the property was refinanced with a 10 year mortgage in the amount of $16,900,000 at 4.34% interest only. The Joint Venture Partnership paid off the prior mortgage of approximately $15,205,000 with the proceeds of the new mortgage and distributed $850,000 to the Partnership. The costs associated with the refinancing were approximately $161,000. 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. At March 31, 2015, the balance of this mortgage is approximately $10,000,000. This investment is referred to as 345 Franklin, LLC. Summary financial information as of March 31, 2015
|  |  |  | 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 |  | $ | 8,636,396 |  | $ | 2,620,789 |  | $ | 7,040,787 |  | $ | 5,097,980 |  | $ | 802,055 |  | $ | 6,344,523 |  | $ | 6,483,432 |  | $ | 19,225,373 |  | $ | 96,374,735 |  | $ | 152,626,070 |
Cash & Cash Equivalents |  | 53,122 |  | 49,826 |  | 107,441 |  | 36,196 |  | 15,110 |  | 30,261 |  | 51,370 |  | 191,526 |  | 985,394 |  | 1,520,246 |
Rent Receivable |  | 30,694 |  | — |  | 5,470 |  | 3,077 |  | — |  | 8,531 |  | 287 |  | 8,901 |  | 71,152 |  | 128,112 |
Real Estate Tax Escrow |  | 114,280 |  | — |  | 41,532 |  | 73,919 |  | — |  | 51,749 |  | 39,769 |  | 78,483 |  | 260,698 |  | 660,430 |
Prepaid Expenses & Other Assets |  | 76,589 |  | 224 |  | 26,198 |  | 47,558 |  | 20,197 |  | 49,482 |  | 42,326 |  | 92,912 |  | 1,800,526 |  | 2,156,012 |
Financing & Leasing Fees |  | 25,978 |  | 3,524 |  | 88,225 |  | 8,337 |  | — |  | 11,929 |  | 7,020 |  | 151,150 |  | 266,643 |  | 562,806 |
Total Assets |  | $ | 8,937,059 |  | $ | 2,674,363 |  | $ | 7,309,653 |  | $ | 5,267,067 |  | $ | 837,362 |  | $ | 6,496,475 |  | $ | 6,624,204 |  | $ | 19,748,345 |  | $ | 99,759,148 |  | $ | 157,653,676 |
LIABILITIES AND PARTNERS’ CAPITAL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage Notes Payable |  | $ | 8,075,681 |  | $ | 1,974,501 |  | $ | 10,000,000 |  | $ | 4,787,315 |  | $ | — |  | $ | 4,556,075 |  | $ | 5,271,998 |  | $ | 16,900,000 |  | $ | 85,896,923 |  | $ | 137,462,493 |
Accounts Payable & Accrued Expense |  | 44,904 |  | 4,941 |  | 81,557 |  | 21,772 |  | 20,019 |  | 13,657 |  | 52,119 |  | 142,669 |  | 626,221 |  | 1,007,859 |
Advance Rental Pmts& Security Deposits |  | 174,416 |  | — |  | 203,975 |  | 95,932 |  | 11,114 |  | 93,589 |  | 96,246 |  | 316,025 |  | 2,480,438 |  | 3,471,735 |
Total Liabilities |  | 8,295,001 |  | 1,979,442 |  | 10,285,532 |  | 4,905,019 |  | 31,133 |  | 4,663,321 |  | 5,420,363 |  | 17,358,694 |  | 89,003,582 |  | 141,942,087 |
Partners’ Capital |  | 642,058 |  | 694,921 |  | (2,975,879 | ) | 362,048 |  | 806,229 |  | 1,833,154 |  | 1,203,841 |  | 2,389,651 |  | 10,755,566 |  | 15,711,589 |
Total Liabilities and Capital |  | $ | 8,937,059 |  | $ | 2,674,363 |  | $ | 7,309,653 |  | $ | 5,267,067 |  | $ | 837,362 |  | $ | 6,496,475 |  | $ | 6,624,204 |  | $ | 19,748,345 |  | $ | 99,759,148 |  | $ | 157,653,676 |
Partners’ Capital % - NERA |  | 50 | % | 50 | % | 50 | % | 50 | % | 50 | % | 50 | % | 50 | % | 50 | % | 40 | % |  |
Investment in Unconsolidated Joint Ventures |  | $ | 321,028 |  | $ | 347,460 |  | $ | — |  | $ | 181,023 |  | $ | 403,114 |  | $ | 916,577 |  | $ | 601,920 |  | $ | 1,194,825 |  | $ | 4,302,225 |  | 8,268,172 |
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures |  | $ | — |  | $ | — |  | $ | (1,487,939 | ) | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | (1,487,939 | )
Total Investment in Unconsolidated Joint Ventures (Net) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,780,233 |
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, 2015 |  | — |  | — |  | — |  | 127 |  | 113 |  | — |  | — |  | — |  | — |  | 240 |
Unsold units |  | — |  | — |  | — |  | — |  | 7 |  | — |  | — |  | — |  | — |  | 7 |
Unsold units with deposits for future sale as of May 1, 2015 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Financial information for the three months ended March 31, 2015
|  |  |  | 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 |  | $ | 358,551 |  | $ | 72,523 |  | $ | 335,475 |  | $ | 240,400 |  | $ | 29,295 |  | $ | 250,573 |  | $ | 233,897 |  | $ | 761,273 |  | $ | 3,488,805 |  | $ | 5,770,792 |
Laundry and Sundry Income |  | 3,842 |  | — |  | 323 |  | — |  | — |  | — |  | — |  | 10,641 |  | 19,245 |  | 34,051 |
|  | 362,393 |  | 72,523 |  | 335,798 |  | 240,400 |  | 29,295 |  | 250,573 |  | 233,897 |  | 771,914 |  | 3,508,050 |  | 5,804,843 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Administrative |  | 3,936 |  | 583 |  | 7,761 |  | 1,992 |  | 2,779 |  | 1,814 |  | 1,624 |  | 9,276 |  | 52,330 |  | 82,095 |
Depreciation and Amortization |  | 111,469 |  | 2,822 |  | 93,793 |  | 60,029 |  | 8,987 |  | 79,328 |  | 81,518 |  | 240,762 |  | 814,969 |  | 1,493,677 |
Management Fees |  | 15,345 |  | 2,901 |  | 14,108 |  | 9,439 |  | 1,274 |  | 9,495 |  | 9,825 |  | 30,080 |  | 74,951 |  | 167,418 |
Operating |  | 37,532 |  | — |  | 40,071 |  | 125 |  | 24 |  | 665 |  | 32,547 |  | 138,255 |  | 455,656 |  | 704,875 |
Renting |  | 500 |  | — |  | 6,345 |  | — |  | (459 | ) | 2,350 |  | 3,742 |  | 1,766 |  | 16,293 |  | 30,537 |
Repairs and Maintenance |  | 25,683 |  | — |  | 5,988 |  | 76,497 |  | 11,944 |  | 84,858 |  | 15,124 |  | 84,161 |  | 216,618 |  | 520,873 |
Taxes and Insurance |  | 53,418 |  | 13,421 |  | 29,937 |  | 43,051 |  | 5,881 |  | 37,830 |  | 30,958 |  | 83,506 |  | 361,255 |  | 659,257 |
|  | 247,883 |  | 19,727 |  | 198,003 |  | 191,133 |  | 30,430 |  | 216,340 |  | 175,338 |  | 587,806 |  | 1,992,072 |  | 3,658,732 |
Income Before Other Income |  | 114,510 |  | 52,796 |  | 137,795 |  | 49,267 |  | (1,135 | ) | 34,233 |  | 58,559 |  | 184,108 |  | 1,515,978 |  | 2,146,111 |
Other Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Expense |  | (118,233 | ) | (13,552 | ) | (97,936 | ) | (68,488 | ) | (110 | ) | (64,464 | ) | (75,491 | ) | (185,810 | ) | (1,210,300 | ) | (1,834,384 | )
Interest Income |  | — |  | — |  | — |  | 6 |  | — |  | — |  | — |  | — |  | — |  | 6 |
Gain on Sale of Real Estate |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Other Income (Expenses) |  | — |  | — |  | — |  | — |  | (125 | ) | — |  | — |  | — |  | — |  | (125 | )
|  | (118,233 | ) | (13,552 | ) | (97,936 | ) | (68,482 | ) | (235 | ) | (64,464 | ) | (75,491 | ) | (185,810 | ) | (1,210,300 | ) | (1,834,503 | )
Net Income (Loss) |  | $ | (3,723 | ) | $ | 39,244 |  | $ | 39,859 |  | $ | (19,215 | ) | $ | (1,370 | ) | $ | (30,231 | ) | $ | (16,932 | ) | $ | (1,702 | ) | $ | 305,678 |  | $ | 311,608 |
Net Income (Loss) - NERA 50% |  | $ | (1,862 | ) | $ | 19,622 |  | $ | 19,929 |  | $ | (9,608 | ) | $ | (685 | ) | $ | (15,116 | ) | $ | (8,466 | ) | $ | (851 | ) |  |  | 2,963 |
Net Income (Loss) - NERA 40% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 122,271 |  | 122,271 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 125,234 |
Future annual mortgage maturities at March 31, 2015 are as follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Hamilton |  |  |
|  |  |  | Hamilton |  |  |  |  |  |  |  |  |  |  |  | Park Towers |  |  |
|  | Hamilton |  | Essex 81 |  | 345 |  | Hamilton |  | Hamilton |  | Hamilton |  | Hamilton on |  | (Dexter |  |  |
Period End |  | Essex 81 |  | Development |  | Franklin |  | 1025 |  | Bay Apts |  | Minuteman |  | Main Apts |  | Park) |  | Total |
3/31/2016 |  | 145,622 |  | 1,974,501 |  | — |  | 73,013 |  | 75,910 |  | 79,962 |  | — |  | 1,439,081 |  | 3,788,089 |
3/31/2017 |  | 7,930,059 |  | — |  | 131,657 |  | 4,714,302 |  | 78,894 |  | 5,192,036 |  | — |  | 1,521,316 |  | 19,568,264 |
3/31/2018 |  | — |  | — |  | 185,410 |  | — |  | 4,401,271 |  | — |  | — |  | 1,608,251 |  | 6,194,932 |
3/31/2019 |  | — |  | — |  | 192,714 |  | — |  | — |  | — |  | — |  | 1,700,153 |  | 1,892,867 |
3/31/2020 |  | — |  | — |  | 200,305 |  | — |  | — |  | — |  | — |  | 79,628,122 |  | 79,828,427 |
Thereafter |  | — |  | — |  | 9,289,914 |  | — |  | — |  | — |  | 16,900,000 |  | — |  | 26,189,914 |
|  | $ | 8,075,681 |  | $ | 1,974,501 |  | $ | 10,000,000 |  | $ | 4,787,315 |  | $ | 4,556,075 |  | $ | 5,271,998 |  | $ | 16,900,000 |  | $ | 85,896,923 |  | $ | 137,462,493 |
At March 31, 2015 the weighted average interest rate on the above mortgages was 5.27%. The effective rate was 5.36% including the amortization expense of deferred financing costs. Summary financial information as of March 31, 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 |  | $ | 8,665,490 |  | $ | 2,623,618 |  | $ | 7,409,606 |  | $ | 5,331,142 |  | $ | 1,626,115 |  | $ | 6,604,500 |  | $ | 6,702,438 |  | $ | 20,026,347 |  | $ | 100,826,473 |  | $ | 159,815,729 |
Cash & Cash Equivalents |  | 31,408 |  | 61,603 |  | 26,136 |  | 23,018 |  | 124,765 |  | 25,766 |  | 80,847 |  | 118 |  | 1,027,202 |  | 1,400,862 |
Rent Receivable |  | 28,674 |  | — |  | 2,565 |  | 995 |  | 1,793 |  | 4,641 |  | 737 |  | 8,623 |  | 74,141 |  | 122,170 |
Real Estate Tax Escrow |  | 101,256 |  | — |  | 40,681 |  | 68,445 |  | — |  | 37,283 |  | 35,466 |  | 43,577 |  | 339,330 |  | 666,038 |
Prepaid Expenses & Other Assets |  | 71,795 |  | 222 |  | 32,078 |  | 37,561 |  | 206,859 |  | 35,603 |  | 42,400 |  | 712,377 |  | 1,607,358 |  | 2,746,253 |
Financing & Leasing Fees |  | 42,259 |  | 11,982 |  | 94,884 |  | 13,363 |  | — |  | 18,291 |  | 10,989 |  | 6,001 |  | 325,532 |  | 523,300 |
Total Assets |  | $ | 8,940,881 |  | $ | 2,697,426 |  | $ | 7,605,950 |  | $ | 5,474,523 |  | $ | 1,959,533 |  | $ | 6,726,084 |  | $ | 6,872,876 |  | $ | 20,797,043 |  | $ | 104,200,037 |  | $ | 165,274,352 |
LIABILITIES AND PARTNERS’ CAPITAL |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage Notes Payable |  | $ | 8,202,370 |  | $ | 2,027,817 |  | $ | 10,000,000 |  | $ | 4,856,961 |  | $ | — |  | $ | 4,622,842 |  | $ | 5,348,277 |  | $ | 15,263,225 |  | $ | 87,179,208 |  | $ | 137,500,700 |
Accounts Payable & Accrued Expense |  | 52,518 |  | 6,373 |  | 81,538 |  | 27,653 |  | 19,186 |  | 10,896 |  | 64,247 |  | 172,902 |  | 708,297 |  | 1,143,611 |
Advance Rental Pmts& Security Deposits |  | 163,668 |  | — |  | 190,001 |  | 91,568 |  | 20,483 |  | 95,060 |  | 80,327 |  | 291,564 |  | 2,294,713 |  | 3,227,383 |
Total Liabilities |  | 8,418,556 |  | 2,034,190 |  | 10,271,539 |  | 4,976,181 |  | 39,668 |  | 4,728,798 |  | 5,492,851 |  | 15,727,691 |  | 90,182,218 |  | 141,871,694 |
Partners’ Capital |  | 522,325 |  | 663,236 |  | (2,665,589 | ) | 498,342 |  | 1,919,864 |  | 1,997,286 |  | 1,380,025 |  | 5,069,351 |  | 14,017,818 |  | 23,402,658 |
Total Liabilities and Capital |  | $ | 8,940,881 |  | $ | 2,697,426 |  | $ | 7,605,950 |  | $ | 5,474,523 |  | $ | 1,959,533 |  | $ | 6,726,084 |  | $ | 6,872,876 |  | $ | 20,797,043 |  | $ | 104,200,037 |  | $ | 165,274,352 |
Partners’ Capital % - NERA |  | 50 | % | 50 | % | 50 | % | 50 | % | 50 | % | 50 | % | 50 | % | 50 | % | 40 | % |  |
Investment in Unconsolidated Joint Ventures |  | $ | 261,162 |  | $ | 331,618 |  | $ | — |  | $ | 249,171 |  | $ | 959,932 |  | $ | 998,643 |  | $ | 690,012 |  | $ | 2,534,676 |  | $ | 5,607,127 |  | 11,632,342 |
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures |  | $ | — |  | $ | — |  | $ | (1,332,795 | ) | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | (1,332,795 | )
Total Investment in Unconsolidated Joint Ventures (Net) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 10,299,547 |
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, 2014 |  | — |  | — |  | — |  | 127 |  | 106 |  | — |  | — |  | — |  | — |  | 233 |
Unsold units |  | — |  | — |  | — |  | — |  | 14 |  | — |  | — |  | — |  | — |  | 14 |
Unsold units with deposits for future sale as of May 1, 2014 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Financial information for the three months ended March 31, 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 |  | $ | 328,770 |  | $ | 73,236 |  | $ | 327,740 |  | $ | 231,187 |  | $ | 62,798 |  | $ | 238,891 |  | $ | 223,942 |  | $ | 717,680 |  | $ | 3,357,055 |  | $ | 5,561,299 |
Laundry and Sundry Income |  | 3,920 |  | — |  | (423 | ) | — |  | — |  | — |  | 169 |  | 9,456 |  | 25,380 |  | 38,501 |
|  | 332,690 |  | 73,236 |  | 327,317 |  | 231,187 |  | 62,798 |  | 238,891 |  | 224,111 |  | 727,136 |  | 3,382,434 |  | 5,599,800 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Administrative |  | 3,178 |  | 317 |  | 6,823 |  | 1,968 |  | 705 |  | 4,845 |  | 3,003 |  | 9,485 |  | 54,543 |  | 84,868 |
Depreciation and Amortization |  | 107,903 |  | 2,822 |  | 99,725 |  | 60,152 |  | 19,175 |  | 79,314 |  | 79,402 |  | 236,015 |  | 1,345,463 |  | 2,029,971 |
Management Fees |  | 13,275 |  | 2,929 |  | 13,666 |  | 9,231 |  | 2,384 |  | 9,460 |  | 9,310 |  | 28,263 |  | 71,898 |  | 160,417 |
Operating |  | 44,972 |  | — |  | 24,823 |  | 160 |  | 251 |  | 459 |  | 32,854 |  | 142,160 |  | 488,785 |  | 734,463 |
Renting |  | 117 |  | — |  | 3,443 |  | 5,753 |  | 753 |  | 3,492 |  | 2,466 |  | 6,829 |  | 18,590 |  | 41,441 |
Repairs and Maintenance |  | 32,278 |  | — |  | 12,337 |  | 80,443 |  | 23,824 |  | 73,437 |  | 16,887 |  | 90,518 |  | 196,494 |  | 526,219 |
Taxes and Insurance |  | 58,284 |  | 13,569 |  | 29,644 |  | 40,604 |  | 11,899 |  | 40,759 |  | 29,572 |  | 95,639 |  | 381,185 |  | 701,154 |
|  | 260,008 |  | 19,638 |  | 190,461 |  | 198,311 |  | 58,990 |  | 211,766 |  | 173,493 |  | 608,908 |  | 2,556,958 |  | 4,278,532 |
Income Before Other Income |  | 72,682 |  | 53,598 |  | 136,856 |  | 32,876 |  | 3,808 |  | 27,125 |  | 50,619 |  | 118,227 |  | 825,476 |  | 1,321,267 |
Other Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Expense |  | (119,368 | ) | (13,919 | ) | (97,753 | ) | (69,560 | ) | (195 | ) | (65,465 | ) | (76,500 | ) | (200,379 | ) | (1,227,695 | ) | (1,870,833 | )
Interest Income |  | — |  | — |  | — |  | 4 |  | — |  | — |  | — |  | — |  | — |  | 4 |
Interest Income from Note |  | — |  | — |  | — |  | — |  | 334 |  | — |  | — |  | — |  | — |  | 334 |
Gain on Sale of Real Estate |  | — |  | — |  | — |  | — |  | 52,283 |  | — |  | — |  | — |  | — |  | 52,283 |
Other Income (Expenses) |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
|  | (119,368 | ) | (13,919 | ) | (97,753 | ) | (69,555 | ) | 52,422 |  | (65,465 | ) | (76,500 | ) | (200,379 | ) | (1,227,695 | ) | (1,818,212 | )
Net Income (Loss) |  | $ | (46,687 | ) | $ | 39,679 |  | $ | 39,104 |  | $ | (36,679 | ) | $ | 56,230 |  | $ | (38,340 | ) | $ | (25,881 | ) | $ | (82,152 | ) | $ | (402,219 | ) | $ | (496,945 | )
Net Income (Loss) - NERA 50% |  | $ | (23,343 | ) | $ | 19,840 |  | $ | 19,552 |  | $ | (18,340 | ) | $ | 28,115 |  | $ | (19,170 | ) | $ | (12,941 | ) | $ | (41,076 | ) |  |  | (47,363 | )
Net Income (Loss) - NERA 40% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (160,888 | ) | (160,888 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (208,250 | )

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=35687916&loc=d3e32787-111569 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=35687916&loc=d3e32847-111569 + Details
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