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RELATED PARTY TRANSACTIONS | 9 Months Ended
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Sep. 30, 2025
RELATED PARTY TRANSACTIONS |
RELATED PARTY TRANSACTIONS | NOTE 3. RELATED PARTY TRANSACTIONS The Partnership’s properties are managed by The Hamilton Company, Inc. (the “Management Company”), an entity that is owned by the majority shareholders of NewReal, Inc., the general partner of the Partnership (the “General Partner”). The management fee is equal to 4% of gross receipts of rental revenue and laundry income on the majority of the Partnership’s properties and 3% on Linewt and Hill Estates. Total fees paid were approximately $2,561,000 and $2,374,000 for the nine months ended September 30, 2025 and 2024, respectively. The Partnership Agreement permits the General Partner or the Management Company to charge the costs of professional services (such as counsel, accountants and contractors) to NERA. During the nine months ended September 30, 2025 and 2024, approximately $1,422,000 and $798,000 respectively, was charged to NERA for legal, accounting, construction, maintenance, brokerage fees, rental and architectural services and supervision of capital improvements. Of the 2025 expenses referred to above, approximately $165,000 consisted of repairs and maintenance, and $178,000 for administrative expense. Approximately $1,075,000 of expenses for construction, architectural services and supervision of capital projects were capitalized in rental properties, and approximately $4,000 for brokerage fees. Additionally in 2025, the Hamilton Company received approximately $710,000 from the Investment Properties of which approximately $580,000 was the management fee, approximately $93,000 for construction, architectural services, and supervision of capital projects, approximately $27,000 for repairs and maintenance, and approximately $10,000 for legal expense. The management fee is equal to 4% of gross receipts of rental income on the majority of the investment properties, and 2% on Dexter Park. The Partnership reimburses the Management Company for the payroll and related expenses of the employees who work at the properties. Total reimbursement was approximately $3,519,000 and $3,264,000 for the nine months ended September 30, 2025 and 2024, respectively. The Management Company maintains a 401K plan for all eligible employees whereby the employees may contribute the maximum allowed by law. The plan also provides for discretionary contributions by the employer. For each of the nine months ended September 30, 2025 and 2024, the Partnership incurred $48,000 for the employer’s match portion to the plan. Bookkeeping and accounting functions are provided by the Management Company’s accounting staff, which consists of approximately 14 people. During the nine months ended September 30, 2025 and 2024 the Management Company charged the Partnership $93,750 ($125,000 per year) for bookkeeping and accounting services included in administrative expenses above. Sally Michael is a Director of New Real, Inc., and she is a Partner at Saul Ewing Arnstein & Lear LLP. Saul Ewing billed the Partnership for legal fees totaling approximately $323,000 and $117,000 for the nine months ended September 30, 2025 and 2024, respectively. David Reier is a Director of New Real, Inc., who billed the Partnership approximately $7,400 for legal fees for the nine month period ending September 30, 2025. The Partnership has invested in seven limited partnerships, which have invested in mixed use residential apartment complexes. The Partnership has a 40% to 50% ownership interest in each investment property. The other investors are the Brown family related entities, and five current and previous employees of the Management Company. The Brown Family related entities’ ownership interest was between 47.6% and 59%. See Note 15 for a description of the properties and their operations.

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