Schedule of future annual mortgage maturities

Future annual mortgage maturities at September 30, 2020 are as follows:


	Hamilton		345		Hamilton		Hamilton on		Dexter
Period End	Essex 81		Franklin		Minuteman		Main Apts		Park		Total
9/30/2021	$	—	$	211,575	$	—	$	—	$	—	$	211,575
9/30/2022		—		219,910		—		—		—		219,910
9/30/2023		—		228,573		—		—		—		228,573
9/30/2024		—		237,577		—		16,900,000		—		17,137,577
9/30/2025		10,000,000		246,936		—		—		—		10,246,936
Thereafter		—		8,056,797		6,000,000		—		125,000,000		139,056,797
		10,000,000		9,201,368		6,000,000		16,900,000		125,000,000		167,101,368
Less: unamortized deferred financing costs		(68,945)		(51,602)		(89,678)		(62,868)		(495,443)		(768,536)
	$	9,931,055	$	9,149,766	$	5,910,322	$	16,837,132	$	124,504,557	$	166,332,832

At September 30, 2020 the weighted average interest rate on the above mortgages was 3.91%. The effective rate was 3.98% including the amortization expense of deferred financing costs.

Summary of financial position and income statements relating to investment in unconsolidated joint ventures

Summary financial information as of September 30, 2020


				Hamilton									Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	6,758,283		$	2,591,281		$	5,439,844		$	85,635		$	5,077,525		$	15,343,928		$	81,537,329		$	116,833,825
Cash & Cash Equivalents		281,585			70,894			183,638			12,305			210,705			610,816			2,870,227			4,240,170
Rent Receivable		220,578			48,878			11,367			811			—			46,780			501,843			830,257
Real Estate Tax Escrow		66,248			—			57,079			—			31,378			92,122			—			246,827
Prepaid Expenses & Other Assets		319,434			84,898			82,969			2,129			26,428			162,421			1,406,740			2,085,019
Total Assets	$	7,646,128		$	2,795,951		$	5,774,897		$	100,880		$	5,346,036		$	16,256,067		$	86,316,139		$	124,236,098
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,931,055		$	—		$	9,149,766		$	—		$	5,910,322		$	16,837,132		$	124,504,557		$	166,332,832
Accounts Payable & Accrued Expense		53,569			2,400			101,651			15,038			64,341			168,318			762,288			1,167,605
Advance Rental Pmts & Security Deposits		202,659			—			217,832			—			157,932			435,679			2,053,602			3,067,704
Total Liabilities		10,187,283			2,400			9,469,249			15,038			6,132,595			17,441,129			127,320,447			170,568,141
Partners’ Capital		(2,541,155)			2,793,551			(3,694,352)			85,842			(786,559)			(1,185,062)			(41,004,308)			(46,332,043)
Total Liabilities and Capital	$	7,646,128		$	2,795,951		$	5,774,897		$	100,880		$	5,346,036		$	16,256,067		$	86,316,139		$	124,236,098
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures				$	1,396,776					$	42,921												1,439,697
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,270,578)		$	—		$	(1,847,175)		$	—		$	(393,280)		$	(592,531)		$	(16,401,724)			(20,505,288)
Total Investment in Unconsolidated Joint Ventures (Net)																						$	(19,065,591)
Total units/condominiums
Apartments		48			—			40			175			42			148			409			862
Commercial		1			1			—			1			—			—			—			3
Total		49			1			40			176			42			148			409			865
Units to be retained		49			1			40			1			42			148			409			690
Units to be sold		—			—			—			—			—			—			—			—
Units sold through November 1, 2020		—			—			—			175			—			—			—			175
Unsold units		—			—			—			—			—			—			—			—
Unsold units with deposits for future sale as of November 1, 2020		—			—			—			—			—			—			—			—

Financial information for the nine months ended September 30, 2020


			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	940,486	$	68,726	$	1,182,050	$	65,486	$	883,075	$	2,648,277		11,676,769	$	17,464,869
Laundry and Sundry Income		9,288		—		498		—		1,915		26,135		60,266		98,102
		949,774		68,726		1,182,548		65,486		884,990		2,674,412		11,737,035		17,562,971
Expenses
Administrative		15,451		3,044		23,860		11,769		10,281		43,466		136,437		244,308
Depreciation and Amortization		365,779		15,223		253,716		2,448		260,994		788,181		2,764,842		4,451,183
Management Fees		37,803		2,203		45,548		2,587		35,212		100,654		234,155		458,162
Operating		64,247		—		51,077		147		69,487		255,794		778,020		1,218,772
Renting		6,430		—		29,776		—		7,440		52,202		211,830		307,678
Repairs and Maintenance		94,415		3,180		79,254		—		71,112		388,818		1,094,213		1,730,992
Taxes and Insurance		192,490		45,784		120,056		12,701		108,214		346,997		1,716,234		2,542,476
		776,615		69,434		603,287		29,652		562,740		1,976,112		6,935,731		10,953,571
Income Before Other Income		173,159		(708)		579,261		35,834		322,250		698,300		4,801,304		6,609,400
Other Income (Loss)
Interest Expense		(236,053)		—		(278,456)		—		(178,402)		(574,239)		(3,804,746)		(5,071,896)
		(236,053)		—		(278,456)		—		(178,402)		(574,239)		(3,804,746)		(5,071,896)
Net Income (Loss)	$	(62,894)	$	(708)	$	300,805	$	35,834	$	143,848	$	124,061	$	996,558	$	1,537,504
Net Income (Loss)—NERA 50%	$	(31,447)	$	(354)	$	150,403	$	17,917	$	71,924	$	62,031				270,473
Net Income —NERA 40%													$	398,625		398,625
															$	669,098

Financial information for the three months ended September 30, 2020


			Hamilton						Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Apts		Apts		Park		Total
Revenues
Rental Income	$	120,398	$	2,864	$	334,431	$	24,369	$	301,865	$	844,963	$	3,446,320	$	5,075,210
Laundry and Sundry Income		2,605		—		—		—		1,289		8,780		14,559		27,233
		123,003		2,864		334,431		24,369		303,154		853,743		3,460,879		5,102,443
Expenses
Administrative		3,971		844		7,531		713		3,631		13,991		43,664		74,345
Depreciation and Amortization		122,210		5,074		84,680		816		87,214		264,047		925,922		1,489,963
Management Fees		9,751		—		13,253		942		12,209		32,925		67,909		136,989
Operating		17,948		—		22,313		51		18,832		78,199		248,176		385,519
Renting		3,026		—		20,094		—		1,690		36,709		180,947		242,466
Repairs and Maintenance		27,206		134		35,879		—		32,161		154,828		582,965		833,173
Taxes and Insurance		63,090		15,328		40,342		4,021		36,038		114,523		577,282		850,624
		247,202		21,380		224,092		6,543		191,775		695,222		2,626,865		4,013,079
Income Before Other Income		(124,199)		(18,516)		110,339		17,826		111,379		158,521		834,014		1,089,364
Other Income (Loss)
Interest Expense		(63,961)		—		(92,048)		—		(59,900)		(191,453)		(1,267,960)		(1,675,322)
Interest Income		—		—		—		—		—		—		—		—
Gain on sale of real estate		—		—		—		—		—		—		—		—
		(63,961)		—		(92,048)		—		(59,900)		(191,453)		(1,267,960)		(1,675,322)
Net Income (Loss)	$	(188,160)	$	(18,516)	$	18,291	$	17,826	$	51,479	$	(32,932)	$	(433,946)	$	(585,958)
Net Income (Loss)—NERA 50%	$	(94,080)	$	(9,257)	$	9,146	$	8,913	$	25,740	$	(16,466)				(76,005)
Net Income (Loss)—NERA 40%													$	(173,578)		(173,578)
															$	(249,583)

Summary of financial position and income statements relating to investment in unconsolidated joint ventures

Summary financial information at September 30, 2019


				Hamilton												Hamilton			Hamilton
	Hamilton			Essex			345			Hamilton			Hamilton			Minuteman			on Main			Dexter
	Essex 81			Development			Franklin			1025			Bay Apts			Apts			Apts			Park			Total
ASSETS
Rental Properties	$	6,966,539		$	2,593,771		$	5,748,520		$	86,850		$	—		$	5,413,076		$	16,075,655		$	84,722,545		$	121,606,956
Cash & Cash Equivalents		342,346			44,020			156,545			24,496			10,775			120,874			172,829			1,449,013			2,320,898
Rent Receivable		243,635			28,041			5,426			—			—			2,202			13,651			48,495			341,450
Real Estate Tax Escrow		72,146			—			53,249			—			—			28,147			92,138			—			245,680
Prepaid Expenses & Other Assets		309,502			102,546			86,574			1,761			2,951			26,661			174,851			1,435,797			2,140,643
Total Assets	$	7,934,168		$	2,768,378		$	6,050,314		$	113,107		$	13,726		$	5,590,960		$	16,529,124		$	87,655,850		$	126,655,627
LIABILITIES AND PARTNERS’ CAPITAL
Mortgage Notes Payable	$	9,917,266		$	—		$	9,346,663		$	—		$	—		$	5,902,139		$	16,821,081		$	124,439,934		$	166,427,083
Accounts Payable & Accrued Expense		85,115			1,964			103,905			7,976			4,411			57,338			181,510			818,027			1,260,246
Advance Rental Pmts& Security Deposits		286,274			—			293,858			1,310			101			141,128			443,274			2,519,816			3,685,761
Total Liabilities		10,288,655			1,964			9,744,426			9,286			4,512			6,100,605			17,445,865			127,777,777			171,373,090
Partners’ Capital		(2,354,487)			2,766,414			(3,694,112)			103,821			9,214			(509,645)			(916,741)			(40,121,927)			(44,717,463)
Total Liabilities and Capital	$	7,934,168		$	2,768,378		$	6,050,314		$	113,107		$	13,726		$	5,590,960		$	16,529,124		$	87,655,850		$	126,655,627
Partners’ Capital %—NERA		50	%		50	%		50	%		50	%		50	%		50	%		50	%		40	%
Investment in Unconsolidated Joint Ventures	$	—		$	1,383,207		$	—		$	51,910		$	4,607		$	—		$	—		$	—			1,439,724
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$	(1,177,243)		$	—		$	(1,847,056)		$	—		$	—		$	(254,823)		$	(458,371)		$	(16,048,771)			(19,786,262)
Total Investment in Unconsolidated Joint Ventures (Net)																									$	(18,346,539)
Total units/condominiums
Apartments		48			—			40			175			48			42			148			409			910
Commercial		1			1			—			1			—			—			—			—			3
Total		49			1			40			176			48			42			148			409			913
Units to be retained		49			1			40			1			—			42			148			409			690
Units to be sold		—			—			—			175			48			—			—			—			223
Units sold through November 1, 2019		—			—			—			175			48			—			—			—			223
Unsold units		—			—			—			—			—			—			—			—			—
Unsold units with deposits for future sale as of November 1, 2019		—			—			—			—			—			—			—			—			—

Financial information for the nine months ended September 30, 2019


			Hamilton								Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Bay Apts		Apts		Apts		Park		Total
Revenues
Rental Income	$	1,339,583	$	161,712	$	1,207,094	$	72,558	$	3,541	$	850,523	$	2,553,301	$	12,164,375	$	18,352,687
Laundry and Sundry Income		10,680		—		2,390		—		—		2,560		30,517		79,398		125,545
		1,350,263		161,712		1,209,484		72,558		3,541		853,083		2,583,818		12,243,773		18,478,232
Expenses
Administrative		22,968		21,162		17,366		5,834		5,576		7,283		51,020		152,119		283,328
Depreciation and Amortization		360,417		15,223		258,722		9,580		5,420		267,546		781,400		2,720,532		4,418,840
Management Fees		51,454		6,494		46,506		2,786		145		33,995		98,381		253,132		492,893
Operating		53,817		8		54,291		925		(8)		70,695		284,679		834,181		1,298,588
Renting		32,092		—		21,210		64		—		2,674		39,532		306,092		401,664
Repairs and Maintenance		101,995		3,180		86,964		28,399		10,266		104,727		495,863		1,088,349		1,919,743
Taxes and Insurance		184,210		46,176		111,239		18,402		5,206		98,389		313,906		1,543,795		2,321,323
		806,953		92,243		596,298		65,990		26,605		585,309		2,064,781		6,898,200		11,136,379
Income Before Other Income		543,310		69,469		613,186		6,568		(23,064)		267,774		519,037		5,345,573		7,341,853
Other Income (Loss)
Interest Expense		(360,122)		—		(283,531)		—		(6)		(176,056)		(575,093)		(3,802,783)		(5,197,591)
Gain on Sale of Real Estate		—		—		—		306,075		432,908		—		—		—		738,983
		(360,122)		—		(283,531)		306,075		432,902		(176,056)		(575,093)		(3,802,783)		(4,458,608)
Net Income (Loss)	$	183,188	$	69,469	$	329,655	$	312,643	$	409,838	$	91,718	$	(56,056)	$	1,542,790	$	2,883,245
Net Income (Loss)—NERA 50%	$	91,593	$	34,734	$	164,827	$	156,321	$	204,918	$	45,859	$	(28,028)				670,223
Net Income (Loss)—NERA 40%															$	617,116		617,116
																	$	1,287,339

Financial information for the three months ended September 30, 2019


			Hamilton								Hamilton		Hamilton
	Hamilton		Essex		345		Hamilton		Hamilton		Minuteman		on Main		Dexter
	Essex 81		Development		Franklin		1025		Bay Apts		Apts		Apts		Park		Total
Revenues
Rental Income	$	429,472	$	60,471	$	404,000	$	25,497	$	(88)	$	294,454	$	865,299	$	4,103,409	$	6,182,514
Laundry and Sundry Income		3,810		—		1,806		—		—		425		10,437		30,678		47,156
		433,282		60,471		405,806		25,497		(88)		294,879		875,736		4,134,087		6,229,670
Expenses
Administrative		7,713		11,488		7,324		1,432		1,291		1,533		16,108		56,202		103,091
Depreciation and Amortization		120,986		5,074		86,269		3,190		—		90,045		262,294		913,318		1,481,176
Management Fees		17,228		2,174		16,063		887		—		11,695		33,378		84,479		165,904
Operating		16,773		—		13,766		62		64		19,116		92,863		234,842		377,486
Renting		23,575		—		9,217		64		—		100		6,043		251,543		290,542
Repairs and Maintenance		37,324		—		44,687		—		—		22,406		178,777		524,406		807,600
Taxes and Insurance		60,904		15,316		35,630		3,957		—		33,620		106,568		508,026		764,021
		284,503		34,052		212,956		9,592		1,355		178,515		696,031		2,572,816		3,989,820
Income Before Other Income		148,779		26,419		192,850		15,905		(1,443)		116,364		179,705		1,561,271		2,239,850
Other Income (Loss)
Interest Expense		(117,103)		—		(94,449)		—		—		(59,451)		(194,554)		(1,265,048)		(1,730,605)
Interest Income		—		—		—		—		—		—		—		—		—
		(117,103)		—		(94,449)		—		—		(59,451)		(194,554)		(1,265,048)		(1,730,605)
Net Income (Loss)	$	31,676	$	26,419	$	98,401	$	15,905	$	(1,443)	$	56,913	$	(14,849)	$	296,222	$	509,245
Net Income (Loss)—NERA 50%	$	15,837	$	13,209	$	49,200	$	7,952	$	(723)	$	28,456	$	(7,426)				106,504
Net Income (Loss)—NERA 40%															$	118,489		118,489
																	$	224,993