XML 35 R24.htm IDEA: XBRL DOCUMENT
v3.22.0.1

SUBSEQUENT EVENTS | 12 Months Ended
--- | ---
Dec. 31, 2021
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | NOTE 18—SUBSEQUENT EVENTS From January 1, 2022 through March 9, 2022, the Partnership has purchased 5,832 Depository Receipts.The average price was $69.94 per receipt, or $2,098.20 per unit. The total cost was $408,024.The Partnership is required to purchase 46 Class B units and 2 General Partnership units at a cost of $96,264 and $4,344 respectively. ​ In January 2022, the Partnership approved a quarterly distribution of $9.60 per Unit ($0.32 per Receipt), payable on March 31, 2022. In addition to the quarterly distribution, there will be a special distribution of $38.40 per Class A unit ($1.28 per Receipt) payable on March 31,2022. Almost two years have passed since we became aware of the current outbreak of COVID- 19, a novel strain of coronavirus. The World Health Organization declared a global pandemic on March 11, 2020. On March 10, 2020 the governor of Massachusetts, Charlie Baker, declared a state of emergency and ordered all non-essential businesses closed and prohibited the gathering of 10 or more people. Additionally, March of 2020 saw the closure of local colleges and universities for the balance of the academic year. Colleges in the City of Boston and the surrounding communities conducted classes in the 2020/2021 academic year remotely, or using a hybrid model of remote and limited in class learning. These educational models caused a large decrease in the student population and resulted in significant vacancies in the Partnership’s apartment portfolio. ​ With the roll out of Covid vaccines in the spring of 2021, the economy made great strides towards returning to a new normal. The Governor of Massachusetts rescinded the State’s Covid-19 restrictions on May 29 and terminated the State of Emergency on June 15. The local colleges and universities returned to campus in September 2021 and the rental market improved significantly as students returned to the area. ​ During the prior state of emergency, The Hamilton Company, the Partnership’s property manager, had taken steps to maintain the safety of its employees and tenants. Hamilton continued to provide essential services to ensure all properties were kept open, fully functioning, and safe. Hamilton implemented a work from home policy with a skeleton staff present at all site offices to provide for property management, maintenance, leasing and construction services. Leasing was limited to unoccupied units unless permission was granted by the current tenant and a web-based video technology was being used to remotely show apartments. Hamilton and the Partnership will continue to adjust their business practices to comply with Federal and State mandates for workplace and rental property operations. ​ On February 15, 2022, Eunice M. Harps, a Director of NewReal,Inc. ,submitted her resignation as a Director of NewReal,Inc. effective March 14, 2022. On February 24, 2022, Russia began an invasion into Ukraine. In response, nations from around the world have placed sanctions of Russia in an attempt to cripple its economy. There is no way to predict how this conflict and the Russian sanctions will effect both the global and local economies. If there is a downturn in the economy and significant inflation to the cost of energy, goods and service, there may be material adverse effects to our business, results of operations, cash flows, and financial condition. ​ ​

X
- References No definition available. + Details
Name: | us-gaap_SubsequentEventsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration