New England Realty Associates Limited Partnership (NEN) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 05, 2015
Entity Registrant Name	NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP
Entity Central Index Key	746,514
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Class A
Entity Common Stock, Shares Outstanding		100,978
Class B
Entity Common Stock, Shares Outstanding		24,016

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Rental Properties	$ 146,682,696	$ 149,116,084
Cash and Cash Equivalents	15,406,249	14,015,898
Rents Receivable	526,229	474,225
Insurance Recovery Receivable	952,084
Real Estate Tax Escrows	338,094	340,341
Prepaid Expenses and Other Assets	3,776,461	3,287,005
Investments in Unconsolidated Joint Ventures	7,866,077	8,807,868
Financing Fees	1,625,748	1,735,652
Total Assets	177,173,638	177,777,073
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	196,005,736	196,071,540
Distribution and Loss in Excess of Investment in Unconsolidated Joint Venture	1,534,258	1,425,369
Accounts Payable and Accrued Expenses	4,298,542	3,099,117
Advance Rental Payments and Security Deposits	4,975,554	4,548,729
Total Liabilities	$ 206,814,090	$ 205,144,755
Commitments and Contingent Liabilities (Notes 3 and 9)
Partners' Capital 126,400 and 127,653 units outstanding in 2015 and 2014 respectively	$ (29,640,452)	$ (27,367,682)
Total Liabilities and Partners' Capital	$ 177,173,638	$ 177,777,073

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
CONSOLIDATED BALANCE SHEETS
Partners' Capital, units outstanding	126,400	127,653	128,823	129,487

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Rental income	$ 10,948,498	$ 10,439,568	$ 21,921,289	$ 20,954,287
Laundry and sundry income	112,920	120,967	215,649	224,177
Total Revenues	11,061,418	10,560,535	22,136,938	21,178,464
Expenses
Administrative	487,233	568,915	1,020,310	1,099,482
Depreciation and amortization	2,520,264	2,747,467	5,004,557	5,471,646
Management fee	465,716	438,068	916,419	865,461
Operating	908,112	1,020,323	2,994,297	2,702,257
Renting	155,274	108,612	221,201	145,469
Repairs and maintenance	1,822,707	1,601,307	3,169,921	2,812,456
Taxes and insurance	1,450,928	1,351,043	2,913,904	2,792,153
Total Expenses	7,810,234	7,835,735	16,240,609	15,888,924
Income Before Other Income (Expense)	3,251,184	2,724,800	5,896,329	5,289,540
Other Income (Expense)
Interest income	168	199	362	382
Interest expense	(2,376,481)	(2,380,896)	(4,737,395)	(4,767,062)
Income (Loss) from investments in unconsolidated joint ventures	221,586	(62,382)	346,820	(270,633)
Total Other Income (loss)	(2,154,727)	(2,443,079)	(4,390,213)	(5,037,313)
Net Income	$ 1,096,457	$ 281,721	$ 1,506,116	$ 252,227
Income (loss) per Unit
Net income per unit	$ 8.66	$ 2.18	$ 11.87	$ 1.95
Weighted Average Number of Units Outstanding (in units)	126,646	128,988	126,859	129,149

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - USD ($)	Subtotal	Class A	Class B	General Partnership	Treasury Units	Total
Balance at Dec. 31, 2013		$ (17,485,327)	$ (4,145,076)	$ (218,160)		$ (21,848,563)
Balance (in units) at Dec. 31, 2013	180,225	144,180	34,243	1,802	50,738	129,487
Increase (Decrease) in Partners' Capital
Distribution to Partners		$ (1,548,307)	$ (367,723)	$ (19,354)		$ (1,935,384)
Stock Buyback		(757,246)	(175,019)	(9,212)		$ (941,477)
Stock Buyback (in units)					664	664
Net income		201,782	47,923	2,522		$ 252,227
Balance at Jun. 30, 2014		$ (19,589,098)	$ (4,639,895)	$ (244,204)		$ (24,473,197)
Balance (in units) at Jun. 30, 2014	180,225	144,180	34,243	1,802	51,402	128,823
Balance at Dec. 31, 2014		$ (21,910,488)	$ (5,184,335)	$ (272,859)		$ (27,367,682)
Balance (in units) at Dec. 31, 2014	180,225	144,180	34,243	1,802	52,572	127,653
Increase (Decrease) in Partners' Capital
Distribution to Partners		$ (1,519,908)	$ (360,978)	$ (18,999)		$ (1,899,885)
Stock Buyback		(1,505,645)	$ (354,688)	$ (18,668)		$ (1,879,001)
Stock Buyback (in units)			238	13	1,253	1,253
Net income		1,204,893	$ 286,162	$ 15,061		$ 1,506,116
Balance at Jun. 30, 2015		$ (23,731,148)	$ (5,613,839)	$ (295,465)		$ (29,640,452)
Balance (in units) at Jun. 30, 2015	180,225	144,180	34,243	1,802	53,825	126,400

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows from Operating Activities
Net income	$ 1,506,116	$ 252,227
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	5,004,557	5,471,646
(Income) Loss from investments in joint venture	(346,820)	270,633
Change in operating assets and liabilities
(Increase) in rents receivable	(52,004)	(60,704)
Increase (Decrease) in accounts payable and accrued expense	1,199,425	(556,289)
(Increase) in insurance recovery receivable	(952,084)
Decrease in real estate tax escrow	2,247	81,194
(Increase) in prepaid expenses and other assets	(519,096)	(434,134)
Increase in advance rental payments and security deposits	426,825	333,065
Total Adjustments	4,763,050	5,105,411
Net cash provided by operating activities	6,269,166	5,357,638
Cash Flows From Investing Activities
Proceeds from unconsolidated joint ventures	1,254,487	867,741
Distribution in excess of investment in unconsolidated joint ventures	165,000	100,000
(Investment in) unconsolidated joint ventures	(21,987)	(117,741)
Improvement of rental properties	(2,431,625)	(1,642,788)
Net cash (used in) investing activities	(1,034,125)	(792,788)
Cash Flows from Financing Activities
Payment of financing costs		(201,917)
Proceeds of mortgage notes payable		609,555
Principal payments and payoffs of mortgage notes payable	(65,804)	(3,495,661)
Stock buyback	(1,879,001)	(941,477)
Distributions to partners	(1,899,885)	(1,935,384)
Net cash (used in) financing activities	(3,844,690)	(5,964,884)
Net Increase (Decrease) in Cash and Cash Equivalents	1,390,351	(1,400,034)
Cash and Cash Equivalents, at beginning of period	14,015,898	14,013,380
Cash and Cash Equivalents, at end of period	$ 15,406,249	$ 12,613,346

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2015
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 1. SIGNIFICANT ACCOUNTING POLICIES Line of Business: New England Realty Associates Limited Partnership (“NERA” or the “Partnership”) was organized in Massachusetts in 1977. NERA and its subsidiaries own 24 properties which include 16 residential buildings; 4 mixed use residential, retail and office buildings; 3 commercial buildings and individual units at one condominium complex. These properties total 2,412 apartment units, 19 condominium units and 108,043 square feet of commercial space. Additionally, the Partnership also owns a 40-50% interest in 9 residential and mixed use properties consisting of 790 apartment units, 12,500 square feet of commercial space and a 50 car parking lot. The properties are located in Eastern Massachusetts and Southern New Hampshire. Basis of Presentation: The preparation of the financial statements, in conformity with accounting principles generally accepted in the United State of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Accordingly, actual results could differ from those estimates. Principles of Consolidation: The consolidated financial statements include the accounts of NERA and its subsidiaries. NERA has a 99.67% to 100% ownership interest in each subsidiary except for the nine limited liability companies (the “Investment Properties” or “Joint Ventures”) in which the Partnership has a 40 - 50% ownership interest. The consolidated group is referred to as the “Partnership.” Minority interests are not recorded, since they are insignificant. All significant intercompany accounts and transactions are eliminated in consolidation. The Partnership accounts for its investment in the above-mentioned Investment Properties using the equity method of consolidation. (See Note 14: Investments in Unconsolidated Joint Ventures). The Partnership accounts for its investments in joint ventures using the equity method of accounting. These investments are recorded initially at cost, as Investments in Unconsolidated Joint Ventures, and subsequently adjusted for equity in earnings and cash contributions and distributions. Generally, the Partnership would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Partnership has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Partnership only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. In 2013, the carrying value of an investment fell below zero. We intend to fund our share of the investments’ future operating deficits should the need arise. However, we have no legal obligation to pay for any of the liabilities of such investments nor do we have any legal obligation to fund operating deficits. (See Note 14: Investment in Unconsolidated Joint Ventures.) The authoritative guidance on consolidation provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIE (the “primary beneficiary”). Generally, the consideration of whether an entity is a VIE applies when either (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest, (2) the equity investment at risk is insufficient to finance that equity’s activities without additional subordinated financial support or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance; and (2) the obligation to absorb losses and rights to receive the returns from VIE that would be significant to the VIE. Impairment: On an annual basis management assesses whether there are any indicators that the value of the Partnership’s rental properties or investments in unconsolidated subsidiaries may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near term lease expirations, recently acquired properties, current and historical operating and/or cash flow losses, near term mortgage debt maturities or other factors that might impact the Partnership’s intent and ability to hold property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Partnership’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved. Revenue Recognition: Rental income from residential and commercial properties is recognized over the term of the related lease. For residential tenants, amounts 60 days in arrears are charged against income. The commercial tenants are evaluated on a case by case basis. Certain leases of the commercial properties provide for increasing stepped minimum rents, which are accounted for on a straight-line basis over the term of the lease. Contingent rent for commercial properties are received from tenants for certain costs as provided in the lease agreement. The costs generally include real estate taxes, utilities, insurance, common area maintenance and recoverable costs. Rental concessions are also accounted for on the straight-line basis. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the differences between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed-rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of base rental revenue over the remaining term of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed-rate renewal options of the respective leases. Rental Properties: Rental properties are stated at cost less accumulated depreciation. Maintenance and repairs are charged to expense as incurred; improvements and additions which improve or extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost of the asset and related accumulated depreciation is eliminated from the accounts, and any gain or loss on such disposition is included in income. Fully depreciated assets are removed from the accounts. Rental properties are depreciated by both straight-line and accelerated methods over their estimated useful lives. Upon acquisition of rental property, the Partnership estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases, (ii) in-place leases and (iii) tenant relationships. The Partnership allocated the purchase price to the assets acquired and liabilities assumed based on their fair values. The Partnership records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed exceed the purchase consideration of a transaction. In estimating the fair value of the tangible and intangible assets acquired, the Partnership considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Partnership’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Partnership’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The value of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships. In the event that facts and circumstances indicate that the carrying value of a rental property may be impaired, an analysis of the value is prepared. The estimated future undiscounted cash flows are compared to the asset’s carrying value to determine if a write-down to fair value is required. Financing and Leasing Fees: Financing fees are capitalized and amortized, using the interest method, over the life of the related mortgages. Leasing fees are capitalized and amortized on a straight-line basis over the life of the related lease. Unamortized balances are expensed when the corresponding fee is no longer applicable. Income Taxes: The financial statements have been prepared on the basis that NERA and its subsidiaries are entitled to tax treatment as partnerships. Accordingly, no provision for income taxes have been recorded (See Note 13). Cash Equivalents: The Partnership considers cash equivalents to be all highly liquid instruments purchased with a maturity of three months or less. Segment Reporting: Operating segments are revenue producing components of the Partnership for which separate financial information is produced internally for management. Under the definition, NERA operated, for all periods presented, as one segment. Comprehensive Income: Comprehensive income is defined as changes in partners’ equity, exclusive of transactions with owners (such as capital contributions and dividends). NERA did not have any comprehensive income items in 2015 or 2014 other than net income as reported. Income Per Depositary Receipt: Effective January 3, 2012, the Partnership authorized a 3-for-1 forward split of its Depositary Receipts listed on the NYSE Amex and a concurrent adjustment of the exchange ratio of Depositary Receipts for Class A Units of the Partnership from 10-to-1 to 30-to-1, such that each Depositary Receipt represents one-thirtieth ( 1 / 30 ) of a Class A Unit of the Partnership. All references to Depositary Receipts in the report are reflective of the 3- for-1 forward split. Income Per Unit: Net income per unit has been calculated based upon the weighted average number of units outstanding during each period presented. The Partnership has no dilutive units and, therefore, basic net income is the same as diluted net income per unit (see Note 7). Concentration of Credit Risks and Financial Instruments: The Partnership’s properties are located in New England, and the Partnership is subject to the general economic risks related thereto. No single tenant accounted for more than 5% of the Partnership’s revenues in 2015 or 2014. The Partnership makes its temporary cash investments with high-credit quality financial institutions. At June 30, 2015, substantially all of the Partnership’s cash and cash equivalents were held in interest-bearing accounts at financial institutions, earning interest at rates from 0.01% to 0.35%. At June 30, 2015 and December 31, 2014, respectively approximately $16,572,000 and $15,118,000 of cash and cash equivalents, and security deposits included in prepaid expenses and other assets exceeded federally insured amounts. Advertising Expense: Advertising is expensed as incurred. Advertising expense was $73,961 and $56,662 for the six months ended June 30, 2015 and 2014, respectively. Discontinued Operations and Rental Property Held for Sale: In April 2014, the FASB issued guidance related to the reporting of discontinued operations and disclosures of disposals of components of an entity. This guidance defines a discontinued operation as a component or group of components disposed or classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and final result; the guidance states that a strategic shift could include a disposal of a major geographical area of operations, a major line of business, a major equity method investment or other major parts of an entity. The guidance also provides for additional disclosure requirements in connection with both discontinued operations and other dispositions not qualifying as discontinued operations. The guidance will be effective for all companies for annual and interim periods beginning on or after December 15, 2014. The guidance applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. All entities may early adopt the guidance for new disposals (or new classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Partnership has elected to early adopt this standard effective with the interim period beginning January 1, 2014. Prior to January 1, 2014, properties identified as held for sale and/or disposed of were presented in discontinued operations for all periods presented. Interest Capitalized: The Partnership follows the policy of capitalizing interest as a component of the cost of rental property when the time of construction exceeds one year. During the six months ended June 30, 2015 and 2014 there was no capitalized interest. Extinguishment of Debt: When existing mortgages are refinanced with the same lender and it is determined that the refinancing is substantially different, then they are recorded as an extinguishment of debt. However if it is determined that the refinancing is substantially the same, then they are recorded as an exchange of debt. All refinancing qualify as extinguishment of debt. Reclassifications: Certain reclassifications have been made to prior period amounts in order to conform to current period presentation.

RENTAL PROPERTIES

RENTAL PROPERTIES	6 Months Ended
	Jun. 30, 2015
RENTAL PROPERTIES
RENTAL PROPERTIES	NOTE 2. RENTAL PROPERTIES As of June 30, 2015, the Partnership and its Subsidiary Partnerships owned 2,412 residential apartment units in 20 residential and mixed-use complexes (collectively, the “Apartment Complexes”). The Partnership also owns 19 condominium units in a residential condominium complex, all of which are leased to residential tenants (collectively referred to as the “Condominium Units”). The Apartment Complexes and Condominium Units are located primarily in the metropolitan Boston area of Massachusetts. Additionally, as of June 30, 2015, the Partnership and Subsidiary Partnerships owned a commercial shopping center in Framingham, commercial buildings in Newton and Brookline and mixed-use properties in Boston, Brockton and Newton, all in Massachusetts. These properties are referred to collectively as the “Commercial Properties.” The Partnership also owned a 40% to 50% ownership interest in nine residential and mixed use complexes (the “Investment Properties”) at June 30, 2015 with a total of 790 units, accounted for using the equity method of consolidation. See Note 14 for summary information on these investments. Rental properties consist of the following: June 30, 2015 December 31, 2014 Useful Life Land, improvements and parking lots $ $ 15—40 years Buildings and improvements 15—40 years Kitchen cabinets 5—10 years Carpets 5—10 years Air conditioning 5—10 years Laundry equipment 5—7 years Elevators 20—40 years Swimming pools 10—30 years Equipment 5—7 years Motor vehicles 5 years Fences 5—15 years Furniture and fixtures 5—7 years Smoke alarms 5—7 years Total fixed assets Less: Accumulated depreciation ) ) $ $

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2015
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 3. RELATED PARTY TRANSACTIONS The Partnership’s properties are managed by an entity that is owned by the majority shareholder of the General Partner. The management fee is equal to 4% of gross receipts rental revenue and laundry income on the majority of the Partnership’s properties and 3% on Linewt. Total fees paid were approximately $916,000 and $865,000 for the six months ended June 30, 2015 and 2014, respectively. The Partnership Agreement permits the General Partner or Management Company to charge the costs of professional services (such as counsel, accountants and contractors) to NERA. During the six months ended June 30, 2015 and 2014, approximately $441,000 and $372,000, was charged to NERA for legal, accounting, construction, maintenance, rental and architectural services and supervision of capital improvements. Of the 2015 expenses referred to above, approximately $207,000 consisted of repairs and maintenance, and $172,000 of administrative expense. Approximately $62,000 of expenses for construction, architectural services and supervision of capital projects were capitalized in rental properties. Additionally in 2015, the Hamilton Company received approximately $426,000 from the Investment Properties of which approximately $343,000 was the management fee, approximately $63,000 was for maintenance services and approximately $13,000 was for administrative services. The management fee is equal to 4% of gross receipts rental income on the majority of 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 $1,383,000 and $1,565,000 for the six months ended June 30, 2015 and 2014, 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. There were no employer contributions during 2015 and 2014. Bookkeeping and accounting functions are provided by the Management Company’s accounting staff, which consists of approximately 14 people. During the six months ended June 30, 2015 and 2014, the Management Company charged the Partnership $62,500 ($125,000 per year) for bookkeeping and accounting services included in administrative expenses above. The President of the Management Company performs asset management consulting services and receives an asset management fee from the Partnership. The Partnership does not have a written agreement with this individual. During the six months ended June 30, 2015 and 2014 this individual received fees of $37,500. The Partnership has invested in nine 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 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%. See Note 14 for a description of the properties and their operations. See Note 8 for information regarding the repurchase of Class B and General Partnership Units.

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Jun. 30, 2015
OTHER ASSETS
OTHER ASSETS	NOTE 4. OTHER ASSETS Approximately $2,225,000 and $2,090,000 of security deposits are included in prepaid expenses and other assets at June 30, 2015 and December 31, 2014, respectively. The security deposits and escrow accounts are restricted cash. Included in prepaid expenses and other assets at June 30, 2015 and December 31, 2014 is approximately $292,000 and $253,000, respectively, held in escrow to fund future capital improvements. Intangible assets on the acquisition of Hamilton Green are included in prepaid expenses and other assets. Intangible assets are approximately $33,000 net of accumulated amortization of approximately $1,719,000 and approximately $49,000 net of accumulated amortization of approximately $1,703,000 at June 30, 2015 and December 31, 2014, respectively. Financing fees of approximately $1,626,000 and $1,736,000 are net of accumulated amortization of approximately $723,000 and $613,000 at June 30, 2015 and December 31, 2014 respectively.

MORTGAGE NOTES PAYABLE

MORTGAGE NOTES PAYABLE	6 Months Ended
	Jun. 30, 2015
MORTGAGE NOTES PAYABLE
MORTGAGE NOTES PAYABLE	NOTE 5. MORTGAGE NOTES PAYABLE At June 30, 2015 and December 31, 2014, the mortgages payable consisted of various loans, all of which were secured by first mortgages on properties referred to in Note 2. At June 30, 2015, the interest rates on these loans ranged from 3.76% to 5.97%, payable in monthly installments aggregating approximately $808,000 including principal, to various dates through 2029. The majority of the mortgages are subject to prepayment penalties. At June 30, 2015, the weighted average interest rate on the above mortgages was 4.81%. The effective rate of 4.93% includes the amortization expense of deferred financing costs. See Note 12 for fair value information. The Partnership’s mortgage debt and the mortgage debt of its unconsolidated joint ventures generally is non-recourse except for customary exceptions pertaining to misuse of funds and material misrepresentations. The Partnership has pledged tenant leases as additional collateral for certain of these loans. Approximate annual maturities at June 30, 2015 are as follows: 2016—current maturities $ 2017 2018 2019 2020 Thereafter $ In February 2014, the Partnership paid off the mortgages on Linewt in the amount of approximately $1,466,000 and Linhart in the amount of approximately $1,926,000. There were no prepayment penalties. The Partnership’s cash reserves were used to pay off these mortgages. On June 11, 2014, the Partnership refinanced the property owned by NERA Dean Street Associates, LLC. The new mortgage is $5,687,000; the interest rate is 4.22%, interest only payable in 10 years. Approximately $5,077,000 of the loan proceeds were used to pay off the existing mortgage. The mortgage matures in June 2024. The costs associated with the refinancing were approximately $89,000. On July 11, 2014, the Partnership refinanced the property owned by Westgate Apartments Burlington, LLC. The new mortgage is $2,500,000; the interest rate is 4.31%; interest only, payable in 10 years. Approximately $2,010,000 of loan proceeds were used to pay off the existing mortgage. The mortgage matures in August, 2024. The costs associated with the refinancing were approximately $75,000. Line of Credit On July 31, 2014, the Partnership entered into an agreement for a $25,000,000 revolving line of credit. The term of the line is three years with a floating interest rate equal to a base rate of the greater of (a) the Prime Rate (b) the Federal Funds Rate plus one-half of one percent per annum, or (c) the LIBOR Rate for a period of one month plus 1% per annum, plus an applicable margin of 2.5% to 3.5%. The costs associated with the line of credit were approximately $125,000. As of June 30, 2015, no funds have been drawn on this credit line. The line of credit may be used for acquisition, refinancing, improvements, working capital and other needs of the Partnership. The line may not be used to pay dividends, make distributions or acquire equity interests of the Partnership. The line of credit is collateralized by varying percentages of the Partnership’s ownership interest in 23 of its subsidiary properties and joint ventures. Pledged interests range from 49% to 100% of the Partnership’s ownership interest in the respective entities. The Partnership paid fees to secure the line of credit. Any unused balance of the line of credit is subject to a fee ranging from 15 to 20 basis points per annum. The Partnership paid approximately $25,000 for the six months ended June 30, 2015. The line of credit agreement contains several covenants including, but not limited to, providing cash flow projections and compliance certificates, as well as other financial information. Additional covenants include certain restrictions on additional encumbrances of Partnership assets, limitations on debt, maintenance of leverage ratios, minimum tangible net worth, limitations on total aggregate indebtedness, minimum ratio of net operating income to total indebtedness debt service, disposition of properties, and other items.

ADVANCE RENTAL PAYMENTS AND SEC

ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS	6 Months Ended
	Jun. 30, 2015
ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS
ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS	NOTE 6. ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS The Partnership’s residential lease agreements may require tenants to maintain a one-month advance rental payment and/or a security deposit. At June 30, 2015, amounts received for prepaid rents of approximately $1,773,000 are included in cash and cash equivalents, and security deposits of approximately $2,225,000 are included in prepaid expenses and other assets and are restricted cash.

PARTNERS' CAPITAL

PARTNERS' CAPITAL	6 Months Ended
	Jun. 30, 2015
PARTNERS' CAPITAL
PARTNERS' CAPITAL	NOTE 7. PARTNERS’ CAPITAL The Partnership has two classes of Limited Partners (Class A and B) and one category of General Partner. Under the terms of the Partnership Agreement, distributions to holders of Class B Units and General Partnership Units must represent 19% and 1%, respectively, of the total units outstanding. All classes have equal profit sharing and distribution rights, in proportion to their ownership interests. In 2015, the Partnership paid quarterly distributions of $7.50 per unit ($0.25 per receipt) on March 31 and June 30, 2015. In 2014, the Partnership paid quarterly distributions of $7.50 per unit ($0.25 per receipt) in March, June, September, and December for a total distribution of $30.00 per unit ($1.00 per receipt) each year. The Partnership has entered into a deposit agreement with an agent to facilitate public trading of limited partners’ interests in Class A Units. Under the terms of this agreement, the holders of Class A Units have the right to exchange each Class A Unit for 30 Depositary Receipts. The following is information per Depositary Receipt: Six Months Ended June 30, 2015 2014 Net Income per Depositary Receipt $ $ Distributions per Depositary Receipt $ $

TREASURY UNITS

TREASURY UNITS	6 Months Ended
	Jun. 30, 2015
TREASURY UNITS
TREASURY UNITS	NOTE 8. TREASURY UNITS Treasury Units at June 30, 2015 are as follows: Class A Class B General Partnership On August 20, 2007, NewReal, Inc., the General Partner authorized an equity repurchase program (“Repurchase Program”) under which the Partnership was permitted to purchase, over a period of twelve months, up to 300,000 Depositary Receipts (each of which is one-tenth of a Class A Unit). On January 15, 2008, the General Partner authorized an increase in the Repurchase Program from 300,000 to 600,000 Depositary Receipts. On January 30, 2008 the General Partner authorized an increase the Repurchase Program from 600,000 to 900,000 Depositary Receipts. On March 6, 2008, the General Partner authorized the increase in the total number of Depositary Receipts that could be repurchased pursuant to the Repurchase Program from 900,000 to1,500,000. On August 8, 2008, the General Partner re- authorized and renewed the Repurchase Program for an additional 12-month period ended August 19, 2009. On March 22, 2010, the General Partner re-authorized and renewed the Repurchase Program that expired on August 19, 2009. Under the terms of the renewed Repurchase Program, the Partnership may purchase up to 1,500,000 Depositary Receipts from the start of the program in 2007 through March 31, 2015. On March 10, 2015, the General Partner authorized an increase in the Repurchase Program from 1,500,000 to 2,000,000 Depository Receipts and extended the Program for an additional five years from March 31, 2015 until March 31, 2020. The Repurchase Program requires the Partnership to repurchase a proportionate number of Class B Units and General Partner Units in connection with any repurchases of any Depositary Receipts by the Partnership based upon the 80%, 19% and 1% fixed distribution percentages of the holders of the Class A, Class B and General Partner Units under the Partnership’s Second Amended and Restate Contract of Limited Partnership. Repurchases of Depositary Receipts or Partnership Units pursuant to the Repurchase Program may be made by the Partnership from time to time in its sole discretion in open market transactions or in privately negotiated transactions. From August 20, 2007 through June 30, 2015, the Partnership has repurchased 1,316,996 Depositary Receipts at an average price of $26.20 per receipt (or $786.00 per underlying Class A Unit), 2,690 Class B Units and 142 General Partnership Units, both at an average price of $833.09 per Unit, totaling approximately $37,046,000 including brokerage fees paid by the Partnership. During the six months ended June 30, 2015, the Partnership purchased a total of 30,080 Depositary Receipts. The average price was $49.63 per receipt or $1,488.90 per unit. The total cost including commission was $1,505,645. The Partnership was required to repurchase 238 Class B Units and 13 General Partnership units at a cost of $354,688 and $18,668 respectively. From July 1, 2015 through August 5, 2015, the Partnership purchased a total of 4,241 Depositary Receipts. The average price was $49.23 per receipt or $1,476.99 per unit. The total cost was $215,102. The Partnership is required to repurchase 33.6 Class B Units and 1.8 General Partnership Units at a cost of $49,589 and $2,610 respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2015
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 9. COMMITMENTS AND CONTINGENCIES From time to time, the Partnership is involved in various ordinary routine litigation incidental to their business. The Partnership either has insurance coverage or provides for any uninsured claims when appropriate. The Partnership is not involved in any material pending legal proceedings. On June 9, 2015, a fire broke out at 12 Westgate Drive apartment complex in Woburn,Ma., resulting in approximately 10 apartments being damaged which will remain unoccupied for an extended period. The Partnership has insurance coverage on both repairs and rental loss for the extended period until the apartments are available for rent. An estimated insurance recovery receivable of approximately $952,000 has been recorded at June 30, 2015.

RENTAL INCOME

RENTAL INCOME	6 Months Ended
	Jun. 30, 2015
RENTAL INCOME
RENTAL INCOME	NOTE 10. RENTAL INCOME During the six months ended June 30, 2015, approximately 92% of rental income was related to residential apartments and condominium units with leases of one year or less. The majority of these leases expire in June, July and August. Approximately 8% was related to commercial properties, which have minimum future annual rental income on non-cancellable operating leases at June 30, 2015 as follows: Commercial Property Leases 2016 $ 2017 2018 2019 2020 Thereafter $ The aggregate minimum future rental income does not include contingent rentals that may be received under various leases in connection with common area charges and real estate taxes. Aggregate contingent rentals from continuing operations were approximately $345,000 and $315,000 for the six months ended June 30, 2015 and 2014 respectively. Staples and Trader Joes, tenants at Staples Plaza, are approximately 30% of the total commercial rental income. The following information is provided for commercial leases: Annual base rent for expiring leases Total square feet for expiring leases Total number of leases expiring Percentage of annual base rent for expiring leases Through June 30, 2016 $ % 2017 % 2018 % 2019 % 2020 % 2021 % 2022 % 2023 % 2024 % 2025 % Totals $ % Rents receivable are net of an allowance for doubtful accounts of approximately $452,000 and $366,000 at June 30, 2015 and December 31, 2014. Included in rents receivable at June 30, 2015 is approximately $168,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis. The majority of this amount is for long-term leases with Staples and Trader Joe’s at Staples Plaza in Framingham, Massachusetts. Rents receivable at June 30, 2015 also includes approximately $109,000 representing the deferral of rental concession primarily related to the residential properties. For the six months ended June 30, 2015 rent at the commercial properties includes approximately $1,100 of amortization of deferred rents arising from the fair values assigned to in-place leases upon the purchase of Cypress Street in Brookline, Massachusetts.

CASH FLOW INFORMATION

CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2015
CASH FLOW INFORMATION
CASH FLOW INFORMATION	NOTE 11. CASH FLOW INFORMATION During the six months ended June 30, 2015 and 2014, cash paid for interest was approximately $4,753,000, and $4,074,000 respectively. Cash paid for state income taxes was approximately $18,000 and $49,000 during the six months ended June 30, 2015 and 2014 respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2015
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 12. FAIR VALUE MEASUREMENTS Fair Value Measurements on a Recurring Basis At June 30, 2015 and December 31, 2014, we do not have any significant financial assets or financial liabilities that are measured at fair value on a recurring basis in our consolidated financial statements. Financial Assets and Liabilities not Measured at Fair Value At June 30, 2015 and December 31, 2014 the carrying amounts of certain of our financial instruments, including cash and cash equivalents, accounts receivable, and note payable, accounts payable and accrued expenses were representative of their fair values due to the short-term nature of these instruments or, the recent acquisition of these items. At June 30, 2015 and December 31, 2014, we estimated the fair value of our mortgages payable and other notes based upon quoted market prices for the same (Level 1) or similar (Level 2) issues when current quoted market prices are available. We estimated the fair value of our secured mortgage debt that does not have current quoted market prices available by discounting the future cash flows using rates currently available to us for debt with similar terms and maturities (Level 3). The differences in the fair value of our debt from the carrying value are the result of differences in interest rates and/or borrowing spreads that were available to us at June 30, 2015 and December 31, 2014, as compared with those in effect when the debt was issued or acquired. The secured mortgage debt contain pre-payment penalties or yield maintenance provisions that could make the cost of refinancing the debt at lower rates exceed the benefit that would be derived from doing so. The following methods and assumptions were used by the Partnership in estimating the fair value of its financial instruments: · For cash and cash equivalents, accounts receivable, other assets, investment in partnerships, accounts payable, advance rents and security deposits: fair value approximates the carrying value of such assets and liabilities. · For mortgage notes payable: fair value is generally based on estimated future cash flows, which are discounted using the quoted market rate from an independent source for similar obligations. Refer to the table below for the carrying amount and estimated fair value of such instruments. The following table reflects the carrying amounts and estimated fair value of our debt. Carrying Amount Estimated Fair Value Mortgage Notes Payable Partnership Properties At June 30, 2015 $ $ At December 31, 2014 $ $ Investment Properties At June 30, 2015 $ $ At December 31, 2014 $ $ Disclosure about fair value of financial instruments is based on pertinent information available to management as of June 30, 2015 and December 31, 2014. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since June 30, 2015 and current estimates of fair value may differ significantly from the amounts presented herein.

TAXABLE INCOME AND TAX BASIS

TAXABLE INCOME AND TAX BASIS	6 Months Ended
	Jun. 30, 2015
TAXABLE INCOME AND TAX BASIS
TAXABLE INCOME AND TAX BASIS	NOTE 13. TAXABLE INCOME AND TAX BASIS Taxable income reportable by the Partnership and includable in its partners’ tax returns is different than financial statement income because of tax free exchanges, accelerated depreciation, different tax lives, and timing differences related to prepaid rents, allowances and intangible assets at significant acquisitions. Taxable loss of approximately $2,100,000 was approximately $3,100,000 less than statement income for the year ended December 31, 2014. The primary reason for the decrease is due to accelerated depreciation, tax free exchange and other differences in the treatment of certain expenditures. The cumulative tax basis of the Partnership’s real estate at December 31, 2014 is approximately $5,000,000 less than the statement basis. The primary reasons for the lower tax basis are tax free exchanges, and accelerated depreciation. The Partnership’s tax basis in its joint venture investments is approximately $1,300,000 less than statement basis because of accelerated depreciation. Certain entities included in the Partnership’s consolidated financial statements are subject to certain state taxes. These taxes are not significant and are recorded as operating expenses in the accompanying consolidates financial statements. Allowable accelerated depreciation deductions expired in 2014. This may result in higher taxable income in future years. Future tax law changes may significantly affect taxable income. The Partnership adopted the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes. As a result of the implementation of the guidance, The Partnership recognized no material adjustment regarding its’ tax accounting treatment. The Partnership expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which would be included in general and administrative expense. In the normal course of business the Partnership or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates, where applicable. As of June 30, 2015, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2009 forward.

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	6 Months Ended
	Jun. 30, 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 $85,575,000 at June 30, 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 June 30, 2015, the balance of the mortgage is approximately $4,539,000. 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 August 1, 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 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 $8,042,000, at June 30, 2015, amortizing over 30 years at 5.79% due in August 2016. The mortgage on Essex Development, LLC, or the parking lot is approximately $1,961,000 with a variable interest rate of 2.25% over the daily Libor rate (0.1865%) at June 30, 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. The Partnership is in the process of refinancing both loans. 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 $4,770,000 at June 30, 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 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 June 30, 2015, the balance of this mortgage is approximately $5,253,000. 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. This investment is referred to as 345 Franklin, LLC. Summary financial information as of June 30, 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 $ $ $ $ $ $ $ $ $ $ Cash & Cash Equivalents Rent Receivable — Real Estate Tax Escrow — — Prepaid Expenses & Other Assets — Financing & Leasing Fees — Total Assets $ $ $ $ $ $ $ $ $ $ LIABILITIES AND PARTNERS’ CAPITAL Mortgage Notes Payable $ $ $ $ $ — $ $ $ $ $ Accounts Payable & Accrued Expense Advance Rental Pmts & Security Deposits — Total Liabilities Partners’ Capital ) Total Liabilities and Capital $ $ $ $ $ $ $ $ $ $ Partners’ Capital % - NERA % % % % % % % % % Investment in Unconsolidated Joint Ventures $ $ $ — $ $ $ $ $ $ Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures $ — $ — $ ) $ — $ — $ — $ — $ — $ — ) Total Investment in Unconsolidated Joint Ventures (Net) $ Total units/condominiums Apartments — Commercial — — — — — — Total Units to be retained — Units to be sold — — — — — — — Units sold through August 1, 2015 — — — — — — — Unsold units — — — — — — — — Unsold units with deposits for future sale as of August 1, 2015 — — — — — — — — — — Financial information for the six months ended June 30, 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 $ $ $ $ $ $ $ $ $ $ Laundry and Sundry Income — — — — — Expenses Administrative Depreciation and Amortization Management Fees Operating — Renting — — — Repairs and Maintenance — Taxes and Insurance Income Before Other Income ) Other Income (Loss) Interest Expense ) ) ) ) ) ) ) ) ) ) Interest Income — — — — — — — — Other Income (Expenses) — — — — ) — — — ) ) ) ) ) ) ) ) ) ) ) Net Income (Loss) $ ) $ $ $ ) $ ) $ ) $ ) $ $ $ Net Income (Loss) - NERA 50% $ ) $ $ $ ) $ ) $ ) $ ) $ Net Income (Loss) - NERA 40% $ $ Financial information for the three months ended June 30, 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 $ $ $ $ $ $ $ $ $ $ Laundry and Sundry Income — Expenses Administrative Depreciation and Amortization Management Fees Operating — Renting — — — — Repairs and Maintenance — Taxes and Insurance Income Before Other Income Other Income (Loss) Interest Expense ) ) ) ) ) ) ) ) ) ) Interest Income Interest Income from Note — Gain on Sale of Real Estate ) ) ) ) ) ) ) ) ) ) Net Income (Loss) $ ) $ $ $ ) $ $ ) $ $ $ $ Net Income (Loss) - NERA 50% $ ) $ $ $ ) $ $ ) $ $ Net Income (Loss) - NERA 40% $ $ Future annual mortgage maturities at June 30, 2015 are as follows: Period End Hamilon Essex 81 Hamilton Essex 81 Development 345 Franklin Hamilton 1025 Hamilton Bay Apts Hamilton Minuteman Hamilton on Main Apts Dexter Park Total 6/30/2016 — 6/30/2017 6/30/2018 — 6/30/2019 — 6/30/2020 — Thereafter — — $ $ $ $ $ $ $ $ $ At June 30, 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 June 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 $ $ $ $ $ $ $ $ $ $ Cash & Cash Equivalents Rent Receivable — Real Estate Tax Escrow — — Prepaid Expenses & Other Assets Financing & Leasing Fees — Total Assets $ $ $ $ $ $ $ $ $ $ LIABILITIES AND PARTNERS’ CAPITAL Mortgage Notes Payable $ $ $ $ $ — $ $ $ $ $ Accounts Payable & Accrued Expense Advance Rental Pmts & Security Deposits — Total Liabilities Partners’ Capital ) Total Liabilities and Capital $ $ $ $ $ $ $ $ $ $ Partners’ Capital % - NERA % % % % % % % % % Investment in Unconsolidated Joint Ventures $ $ $ — $ $ $ $ $ $ Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures $ — $ — $ ) $ — $ — $ — $ — $ — $ — ) Total Investment in Unconsolidated Joint Ventures (Net) $ Total units/condominiums Apartments — Commercial — — — — — — Total Units to be retained — Units to be sold — — — — — — — Units sold through August 1, 2014 — — — — — — — Unsold units — — — — — — — — Unsold units with deposits for future sale as of August 1, 2014 — — — — — — — — — — Financial information for the six months ended June 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 $ $ $ $ $ $ $ $ $ $ Laundry and Sundry Income — — — — Expenses Administrative Depreciation and Amortization Management Fees Operating — Renting — Repairs and Maintenance Taxes and Insurance Income Before Other Income ) Other Income (Loss) Interest Expense ) ) ) ) ) ) ) ) ) ) Interest Income — — — — — — — — Interest Income from Note — — — — — — — — Gain on Sale of Real Estate — — — — — — — — ) ) ) ) ) ) ) ) ) Net Income (Loss) $ ) $ $ $ ) $ $ ) $ ) $ ) $ ) $ ) Net Income (Loss) - NERA 50% $ ) $ $ $ ) $ $ ) $ ) $ ) Net Income (Loss) - NERA 40% $ ) ) $ ) Financial information for the three months ended June 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 $ $ $ $ $ $ $ $ $ $ Laundry and Sundry Income — — — — ) Expenses Administrative Depreciation and Amortization Management Fees Operating — Renting — — Repairs and Maintenance Taxes and Insurance Income Before Other Income ) Other Income (Loss) Interest Expense ) ) ) ) ) ) ) ) ) ) Interest Income — — — — — — — — Interest Income from Note — — — — — — — — Gain on Sale of Real Estate — — — — — — — — ) ) ) ) ) ) ) ) ) Net Income (Loss) $ ) $ $ $ ) $ $ ) $ ) $ ) $ ) $ ) Net Income (Loss) - NERA 50% $ ) $ $ $ ) $ $ ) $ ) $ ) Net Income (Loss) - NERA 40% $ ) ) $ )

IMPACT OF RECENTLY-ISSUED ACCOU

IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS	6 Months Ended
	Jun. 30, 2015
IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS
IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS	NOTE 15. IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS In 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue From Contracts With Customers (“ASU 2014-09”), which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. ASU 2014-09 is effective for us beginning January 1, 2017, although on April 1, 2015, the FASB proposed a one-year deferral of the effective date for ASU 2014-09. We are continuing to evaluate this guidance; however, we do not expect its adoption to have a significant impact on our consolidated financial statements, as a substantial portion of our revenue consists of rental income from leasing arrangements, which are specifically excluded from ASU 2014-09. In August 2014, the FASB issued ASU 2014-15, which requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The adoption of ASU 2014-15 is not expected to materially impact the Partnership’s consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”), which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU 2015-02 is effective for us beginning January 1, 2016. We are continuing to evaluate this guidance; however, we do not expect its adoption to have a significant impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. Upon adoption, we will apply the new guidance on a retrospective basis and adjust the balance sheet of each individual period presented to reflect the period-specific effects of applying the new guidance. This guidance is effective for us beginning January 1, 2016. We are continuing to evaluate this guidance; however, we do not expect its adoption to have a significant impact on our consolidated financial statements.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2015
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 16—SUBSEQUENT EVENTS From July 1, 2015 through August 5, 2015, the Partnership purchased a total of 4,241 Depositary Receipts. The average price was $49.23 per receipt or $1,476.99 per unit. The total cost was $215,102. The Partnership is required to repurchase 33.6 Class B Units and 1.8 General Partnership Units at a cost of $49,589 and $2,610 respectively.

SIGNIFICANT ACCOUNTING POLICI23

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
SIGNIFICANT ACCOUNTING POLICIES
Line of Business	Line of Business: New England Realty Associates Limited Partnership (“NERA” or the “Partnership”) was organized in Massachusetts in 1977. NERA and its subsidiaries own 24 properties which include 16 residential buildings; 4 mixed use residential, retail and office buildings; 3 commercial buildings and individual units at one condominium complex. These properties total 2,412 apartment units, 19 condominium units and 108,043 square feet of commercial space. Additionally, the Partnership also owns a 40-50% interest in 9 residential and mixed use properties consisting of 790 apartment units, 12,500 square feet of commercial space and a 50 car parking lot. The properties are located in Eastern Massachusetts and Southern New Hampshire.
Basis of Presentation	Basis of Presentation: The preparation of the financial statements, in conformity with accounting principles generally accepted in the United State of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Accordingly, actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation: The consolidated financial statements include the accounts of NERA and its subsidiaries. NERA has a 99.67% to 100% ownership interest in each subsidiary except for the nine limited liability companies (the “Investment Properties” or “Joint Ventures”) in which the Partnership has a 40 - 50% ownership interest. The consolidated group is referred to as the “Partnership.” Minority interests are not recorded, since they are insignificant. All significant intercompany accounts and transactions are eliminated in consolidation. The Partnership accounts for its investment in the above-mentioned Investment Properties using the equity method of consolidation. (See Note 14: Investments in Unconsolidated Joint Ventures). The Partnership accounts for its investments in joint ventures using the equity method of accounting. These investments are recorded initially at cost, as Investments in Unconsolidated Joint Ventures, and subsequently adjusted for equity in earnings and cash contributions and distributions. Generally, the Partnership would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Partnership has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Partnership only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. In 2013, the carrying value of an investment fell below zero. We intend to fund our share of the investments’ future operating deficits should the need arise. However, we have no legal obligation to pay for any of the liabilities of such investments nor do we have any legal obligation to fund operating deficits. (See Note 14: Investment in Unconsolidated Joint Ventures.) The authoritative guidance on consolidation provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIE (the “primary beneficiary”). Generally, the consideration of whether an entity is a VIE applies when either (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest, (2) the equity investment at risk is insufficient to finance that equity’s activities without additional subordinated financial support or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance; and (2) the obligation to absorb losses and rights to receive the returns from VIE that would be significant to the VIE.
Impairment	Impairment: On an annual basis management assesses whether there are any indicators that the value of the Partnership’s rental properties or investments in unconsolidated subsidiaries may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near term lease expirations, recently acquired properties, current and historical operating and/or cash flow losses, near term mortgage debt maturities or other factors that might impact the Partnership’s intent and ability to hold property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Partnership’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved.
Revenue Recognition	Revenue Recognition: Rental income from residential and commercial properties is recognized over the term of the related lease. For residential tenants, amounts 60 days in arrears are charged against income. The commercial tenants are evaluated on a case by case basis. Certain leases of the commercial properties provide for increasing stepped minimum rents, which are accounted for on a straight-line basis over the term of the lease. Contingent rent for commercial properties are received from tenants for certain costs as provided in the lease agreement. The costs generally include real estate taxes, utilities, insurance, common area maintenance and recoverable costs. Rental concessions are also accounted for on the straight-line basis. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the differences between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed-rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of base rental revenue over the remaining term of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed-rate renewal options of the respective leases.
Rental Properties	Rental Properties: Rental properties are stated at cost less accumulated depreciation. Maintenance and repairs are charged to expense as incurred; improvements and additions which improve or extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost of the asset and related accumulated depreciation is eliminated from the accounts, and any gain or loss on such disposition is included in income. Fully depreciated assets are removed from the accounts. Rental properties are depreciated by both straight-line and accelerated methods over their estimated useful lives. Upon acquisition of rental property, the Partnership estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases, (ii) in-place leases and (iii) tenant relationships. The Partnership allocated the purchase price to the assets acquired and liabilities assumed based on their fair values. The Partnership records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed exceed the purchase consideration of a transaction. In estimating the fair value of the tangible and intangible assets acquired, the Partnership considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Partnership’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Partnership’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The value of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships. In the event that facts and circumstances indicate that the carrying value of a rental property may be impaired, an analysis of the value is prepared. The estimated future undiscounted cash flows are compared to the asset’s carrying value to determine if a write-down to fair value is required.
Financing and Leasing Fees	Financing and Leasing Fees: Financing fees are capitalized and amortized, using the interest method, over the life of the related mortgages. Leasing fees are capitalized and amortized on a straight-line basis over the life of the related lease. Unamortized balances are expensed when the corresponding fee is no longer applicable.
Income Taxes	Income Taxes: The financial statements have been prepared on the basis that NERA and its subsidiaries are entitled to tax treatment as partnerships. Accordingly, no provision for income taxes have been recorded (See Note 13).
Cash Equivalents	Cash Equivalents: The Partnership considers cash equivalents to be all highly liquid instruments purchased with a maturity of three months or less.
Segment Reporting	Segment Reporting: Operating segments are revenue producing components of the Partnership for which separate financial information is produced internally for management. Under the definition, NERA operated, for all periods presented, as one segment.
Comprehensive Income	Comprehensive Income: Comprehensive income is defined as changes in partners’ equity, exclusive of transactions with owners (such as capital contributions and dividends). NERA did not have any comprehensive income items in 2015 or 2014 other than net income as reported.
Income Per Depositary Receipt	Income Per Depositary Receipt: Effective January 3, 2012, the Partnership authorized a 3-for-1 forward split of its Depositary Receipts listed on the NYSE Amex and a concurrent adjustment of the exchange ratio of Depositary Receipts for Class A Units of the Partnership from 10-to-1 to 30-to-1, such that each Depositary Receipt represents one-thirtieth ( 1 / 30 ) of a Class A Unit of the Partnership. All references to Depositary Receipts in the report are reflective of the 3- for-1 forward split.
Income Per Unit	Income Per Unit: Net income per unit has been calculated based upon the weighted average number of units outstanding during each period presented. The Partnership has no dilutive units and, therefore, basic net income is the same as diluted net income per unit (see Note 7).
Concentration of Credit Risks and Financial Instruments	Concentration of Credit Risks and Financial Instruments: The Partnership’s properties are located in New England, and the Partnership is subject to the general economic risks related thereto. No single tenant accounted for more than 5% of the Partnership’s revenues in 2015 or 2014. The Partnership makes its temporary cash investments with high-credit quality financial institutions. At June 30, 2015, substantially all of the Partnership’s cash and cash equivalents were held in interest-bearing accounts at financial institutions, earning interest at rates from 0.01% to 0.35%. At June 30, 2015 and December 31, 2014, respectively approximately $16,572,000 and $15,118,000 of cash and cash equivalents, and security deposits included in prepaid expenses and other assets exceeded federally insured amounts.
Advertising Expense	Advertising Expense: Advertising is expensed as incurred. Advertising expense was $73,961 and $56,662 for the six months ended June 30, 2015 and 2014, respectively.
Discontinued Operations and Rental Property Held for Sale	Discontinued Operations and Rental Property Held for Sale: In April 2014, the FASB issued guidance related to the reporting of discontinued operations and disclosures of disposals of components of an entity. This guidance defines a discontinued operation as a component or group of components disposed or classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and final result; the guidance states that a strategic shift could include a disposal of a major geographical area of operations, a major line of business, a major equity method investment or other major parts of an entity. The guidance also provides for additional disclosure requirements in connection with both discontinued operations and other dispositions not qualifying as discontinued operations. The guidance will be effective for all companies for annual and interim periods beginning on or after December 15, 2014. The guidance applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. All entities may early adopt the guidance for new disposals (or new classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Partnership has elected to early adopt this standard effective with the interim period beginning January 1, 2014. Prior to January 1, 2014, properties identified as held for sale and/or disposed of were presented in discontinued operations for all periods presented.
Interest Capitalized	Interest Capitalized: The Partnership follows the policy of capitalizing interest as a component of the cost of rental property when the time of construction exceeds one year. During the six months ended June 30, 2015 and 2014 there was no capitalized interest.
Extinguishment of Debt	Extinguishment of Debt: When existing mortgages are refinanced with the same lender and it is determined that the refinancing is substantially different, then they are recorded as an extinguishment of debt. However if it is determined that the refinancing is substantially the same, then they are recorded as an exchange of debt. All refinancing qualify as extinguishment of debt.
Reclassifications	Reclassifications: Certain reclassifications have been made to prior period amounts in order to conform to current period presentation.

RENTAL PROPERTIES (Tables)

RENTAL PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2015
RENTAL PROPERTIES
Schedule of rental properties	June 30, 2015 December 31, 2014 Useful Life Land, improvements and parking lots $ $ 15—40 years Buildings and improvements 15—40 years Kitchen cabinets 5—10 years Carpets 5—10 years Air conditioning 5—10 years Laundry equipment 5—7 years Elevators 20—40 years Swimming pools 10—30 years Equipment 5—7 years Motor vehicles 5 years Fences 5—15 years Furniture and fixtures 5—7 years Smoke alarms 5—7 years Total fixed assets Less: Accumulated depreciation ) ) $ $

MORTGAGE NOTES PAYABLE (Tables)

MORTGAGE NOTES PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2015
MORTGAGE NOTES PAYABLE
Schedule of approximate annual maturities	Approximate annual maturities at June 30, 2015 are as follows: 2016—current maturities $ 2017 2018 2019 2020 Thereafter $

PARTNERS' CAPITAL (Tables)

PARTNERS' CAPITAL (Tables)	6 Months Ended
	Jun. 30, 2015
PARTNERS' CAPITAL
Schedule of information per depositary receipt	Six Months Ended June 30, 2015 2014 Net Income per Depositary Receipt $ $ Distributions per Depositary Receipt $ $

TREASURY UNITS (Tables)

TREASURY UNITS (Tables)	6 Months Ended
	Jun. 30, 2015
TREASURY UNITS
Schedule of treasury units	Treasury Units at June 30, 2015 are as follows: Class A Class B General Partnership

RENTAL INCOME (Tables)

RENTAL INCOME (Tables)	6 Months Ended
	Jun. 30, 2015
RENTAL INCOME
Schedule of minimum future annual rental income on non-cancellable operating leases	Approximately 8% was related to commercial properties, which have minimum future annual rental income on non-cancellable operating leases at June 30, 2015 as follows: Commercial Property Leases 2016 $ 2017 2018 2019 2020 Thereafter $
Schedule of information for commercial leases	Annual base rent for expiring leases Total square feet for expiring leases Total number of leases expiring Percentage of annual base rent for expiring leases Through June 30, 2016 $ % 2017 % 2018 % 2019 % 2020 % 2021 % 2022 % 2023 % 2024 % 2025 % Totals $ %

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
FAIR VALUE MEASUREMENTS
Schedule of carrying amounts and estimated fair value of debt	Carrying Amount Estimated Fair Value Mortgage Notes Payable Partnership Properties At June 30, 2015 $ $ At December 31, 2014 $ $ Investment Properties At June 30, 2015 $ $ At December 31, 2014 $ $

INVESTMENT IN UNCONSOLIDATED 30

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	6 Months Ended
	Jun. 30, 2015
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Summary of financial position relating to investment in unconsolidated joint ventures	Summary financial information as of June 30, 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 $ $ $ $ $ $ $ $ $ $ Cash & Cash Equivalents Rent Receivable — Real Estate Tax Escrow — — Prepaid Expenses & Other Assets — Financing & Leasing Fees — Total Assets $ $ $ $ $ $ $ $ $ $ LIABILITIES AND PARTNERS’ CAPITAL Mortgage Notes Payable $ $ $ $ $ — $ $ $ $ $ Accounts Payable & Accrued Expense Advance Rental Pmts & Security Deposits — Total Liabilities Partners’ Capital ) Total Liabilities and Capital $ $ $ $ $ $ $ $ $ $ Partners’ Capital % - NERA % % % % % % % % % Investment in Unconsolidated Joint Ventures $ $ $ — $ $ $ $ $ $ Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures $ — $ — $ ) $ — $ — $ — $ — $ — $ — ) Total Investment in Unconsolidated Joint Ventures (Net) $ Total units/condominiums Apartments — Commercial — — — — — — Total Units to be retained — Units to be sold — — — — — — — Units sold through August 1, 2015 — — — — — — — Unsold units — — — — — — — — Unsold units with deposits for future sale as of August 1, 2015 — — — — — — — — — — Summary financial information as of June 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 $ $ $ $ $ $ $ $ $ $ Cash & Cash Equivalents Rent Receivable — Real Estate Tax Escrow — — Prepaid Expenses & Other Assets Financing & Leasing Fees — Total Assets $ $ $ $ $ $ $ $ $ $ LIABILITIES AND PARTNERS’ CAPITAL Mortgage Notes Payable $ $ $ $ $ — $ $ $ $ $ Accounts Payable & Accrued Expense Advance Rental Pmts & Security Deposits — Total Liabilities Partners’ Capital ) Total Liabilities and Capital $ $ $ $ $ $ $ $ $ $ Partners’ Capital % - NERA % % % % % % % % % Investment in Unconsolidated Joint Ventures $ $ $ — $ $ $ $ $ $ Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures $ — $ — $ ) $ — $ — $ — $ — $ — $ — ) Total Investment in Unconsolidated Joint Ventures (Net) $ Total units/condominiums Apartments — Commercial — — — — — — Total Units to be retained — Units to be sold — — — — — — — Units sold through August 1, 2014 — — — — — — — Unsold units — — — — — — — — Unsold units with deposits for future sale as of August 1, 2014 — — — — — — — — — —
Summary of income statement relating to investment in unconsolidated joint ventures	Financial information for the six months ended June 30, 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 $ $ $ $ $ $ $ $ $ $ Laundry and Sundry Income — — — — — Expenses Administrative Depreciation and Amortization Management Fees Operating — Renting — — — Repairs and Maintenance — Taxes and Insurance Income Before Other Income ) Other Income (Loss) Interest Expense ) ) ) ) ) ) ) ) ) ) Interest Income — — — — — — — — Other Income (Expenses) — — — — ) — — — ) ) ) ) ) ) ) ) ) ) ) Net Income (Loss) $ ) $ $ $ ) $ ) $ ) $ ) $ $ $ Net Income (Loss) - NERA 50% $ ) $ $ $ ) $ ) $ ) $ ) $ Net Income (Loss) - NERA 40% $ $ Financial information for the three months ended June 30, 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 $ $ $ $ $ $ $ $ $ $ Laundry and Sundry Income — Expenses Administrative Depreciation and Amortization Management Fees Operating — Renting — — — — Repairs and Maintenance — Taxes and Insurance Income Before Other Income Other Income (Loss) Interest Expense ) ) ) ) ) ) ) ) ) ) Interest Income Interest Income from Note — Gain on Sale of Real Estate ) ) ) ) ) ) ) ) ) ) Net Income (Loss) $ ) $ $ $ ) $ $ ) $ $ $ $ Net Income (Loss) - NERA 50% $ ) $ $ $ ) $ $ ) $ $ Net Income (Loss) - NERA 40% $ $ Financial information for the six months ended June 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 $ $ $ $ $ $ $ $ $ $ Laundry and Sundry Income — — — — Expenses Administrative Depreciation and Amortization Management Fees Operating — Renting — Repairs and Maintenance Taxes and Insurance Income Before Other Income ) Other Income (Loss) Interest Expense ) ) ) ) ) ) ) ) ) ) Interest Income — — — — — — — — Interest Income from Note — — — — — — — — Gain on Sale of Real Estate — — — — — — — — ) ) ) ) ) ) ) ) ) Net Income (Loss) $ ) $ $ $ ) $ $ ) $ ) $ ) $ ) $ ) Net Income (Loss) - NERA 50% $ ) $ $ $ ) $ $ ) $ ) $ ) Net Income (Loss) - NERA 40% $ ) ) $ ) Financial information for the three months ended June 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 $ $ $ $ $ $ $ $ $ $ Laundry and Sundry Income — — — — ) Expenses Administrative Depreciation and Amortization Management Fees Operating — Renting — — Repairs and Maintenance Taxes and Insurance Income Before Other Income ) Other Income (Loss) Interest Expense ) ) ) ) ) ) ) ) ) ) Interest Income — — — — — — — — Interest Income from Note — — — — — — — — Gain on Sale of Real Estate — — — — — — — — ) ) ) ) ) ) ) ) ) Net Income (Loss) $ ) $ $ $ ) $ $ ) $ ) $ ) $ ) $ ) Net Income (Loss) - NERA 50% $ ) $ $ $ ) $ $ ) $ ) $ ) Net Income (Loss) - NERA 40% $ ) ) $ )
Schedule of future annual mortgage maturities	Future annual mortgage maturities at June 30, 2015 are as follows: Period End Hamilon Essex 81 Hamilton Essex 81 Development 345 Franklin Hamilton 1025 Hamilton Bay Apts Hamilton Minuteman Hamilton on Main Apts Dexter Park Total 6/30/2016 — 6/30/2017 6/30/2018 — 6/30/2019 — 6/30/2020 — Thereafter — — $ $ $ $ $ $ $ $ $

SIGNIFICANT ACCOUNTING POLICI31

SIGNIFICANT ACCOUNTING POLICIES (Details) - Jun. 30, 2015	ft²item
Residential and mixed-use properties
Line of Business
Number of properties	20
Total	2,412
Condominium
Line of Business
Total	19
Wholly owned properties
Line of Business
Number of properties	24
Wholly owned properties | Residential buildings
Line of Business
Number of properties	16
Total	2,412
Wholly owned properties | Mixed use residential, retail and office buildings
Line of Business
Number of properties	4
Wholly owned properties | Commercial
Line of Business
Number of properties	3
Area of property (in square feet) | ft²	108,043
Wholly owned properties | Condominium
Line of Business
Number of properties	1
Total	19
Partially owned properties | Residential and mixed-use properties
Line of Business
Number of properties	9
Total	790
Area of property (in square feet) | ft²	12,500
Partially owned properties | Residential and mixed-use properties | Minimum
Line of Business
Percentage of ownership interest	40.00%
Partially owned properties | Residential and mixed-use properties | Maximum
Line of Business
Percentage of ownership interest	50.00%
Partially owned properties | Car parking lot
Line of Business
Capacity of real estate property (in cars per lot)	50

SIGNIFICANT ACCOUNTING POLICI32

SIGNIFICANT ACCOUNTING POLICIES (Details 2)	Jan. 03, 2012	Jun. 30, 2015USD ($)itemshares	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Aug. 20, 2007
Principles of Consolidation
Value of equity method investment to discontinued partnership		$ 0
Revenue Recognition
Period for which arrears are charged against income		60 days
Income Taxes
Provision for income taxes		$ 0
Segment Reporting
Number of segments | item		1
Income Per Unit
Dilutive units | shares		0
Concentration of Credit Risks and Financial Instruments
Federally uninsured amounts of cash and cash equivalents, and security deposits included in prepaid expenses and other assets		$ 16,572,000		$ 15,118,000
Advertising Expense
Advertising expense		73,961	$ 56,662
Interest Capitalized
Capitalized interest		$ 0	$ 0
Class A
Income (Loss) Per Depositary Receipt
Forward split of depositary receipts	3
Exchange ratio of depositary receipts for partnership units before adjustment	10
Exchange ratio of depositary receipts for partnership units after adjustment	30
Number of units in each depository receipt	0.03333				0.1
Minimum
Principles of Consolidation
Ownership interest in each subsidiary (as a percent)		99.67%
Interest Capitalized
Criteria of capitalization of interest on property based on specified period of construction		1 year
Minimum | Cash and cash equivalents
Concentration of Credit Risks and Financial Instruments
Interest rate on interest bearing accounts (as a percent)		0.01%
Maximum
Principles of Consolidation
Ownership interest in each subsidiary (as a percent)		100.00%
Maximum | Cash and cash equivalents
Concentration of Credit Risks and Financial Instruments
Interest rate on interest bearing accounts (as a percent)		0.35%
Total
Principles of Consolidation
Number of limited liability companies | item		9
Total | Minimum
Principles of Consolidation
Percentage of ownership in Joint Ventures		40.00%
Total | Maximum
Principles of Consolidation
Percentage of ownership in Joint Ventures		50.00%

RENTAL PROPERTIES (Details)

RENTAL PROPERTIES (Details)	6 Months Ended
	Jun. 30, 2015USD ($)item	Dec. 31, 2014USD ($)
Rental properties
Total fixed assets	$ 227,453,571	$ 225,021,946
Less: Accumulated depreciation	(80,770,875)	(75,905,862)
Total fixed assets, net	146,682,696	149,116,084
Land, improvements and parking lots
Rental properties
Total fixed assets, net	$ 44,694,293	44,541,471
Land, improvements and parking lots | Minimum
Rental properties
Useful Life	15 years
Land, improvements and parking lots | Maximum
Rental properties
Useful Life	40 years
Buildings and Improvements
Rental properties
Total fixed assets, net	$ 153,905,317	153,059,430
Buildings and Improvements | Minimum
Rental properties
Useful Life	15 years
Buildings and Improvements | Maximum
Rental properties
Useful Life	40 years
Kitchen cabinets
Rental properties
Total fixed assets, net	$ 7,406,845	6,865,348
Kitchen cabinets | Minimum
Rental properties
Useful Life	5 years
Kitchen cabinets | Maximum
Rental properties
Useful Life	10 years
Carpets
Rental properties
Total fixed assets, net	$ 6,722,293	6,341,227
Carpets | Minimum
Rental properties
Useful Life	5 years
Carpets | Maximum
Rental properties
Useful Life	10 years
Air conditioning
Rental properties
Total fixed assets, net	$ 721,937	705,116
Air conditioning | Minimum
Rental properties
Useful Life	5 years
Air conditioning | Maximum
Rental properties
Useful Life	10 years
Laundry equipment
Rental properties
Total fixed assets, net	$ 236,283	147,721
Laundry equipment | Minimum
Rental properties
Useful Life	5 years
Laundry equipment | Maximum
Rental properties
Useful Life	7 years
Elevators
Rental properties
Total fixed assets, net	$ 1,139,296	1,139,296
Elevators | Minimum
Rental properties
Useful Life	20 years
Elevators | Maximum
Rental properties
Useful Life	40 years
Swimming pools
Rental properties
Total fixed assets, net	$ 444,629	444,629
Swimming pools | Minimum
Rental properties
Useful Life	10 years
Swimming pools | Maximum
Rental properties
Useful Life	30 years
Equipment
Rental properties
Total fixed assets, net	$ 5,653,232	5,491,992
Equipment | Minimum
Rental properties
Useful Life	5 years
Equipment | Maximum
Rental properties
Useful Life	7 years
Motor vehicles
Rental properties
Total fixed assets, net	$ 130,859	130,563
Motor vehicles | Maximum
Rental properties
Useful Life	5 years
Fences
Rental properties
Total fixed assets, net	$ 24,670	24,670
Fences | Minimum
Rental properties
Useful Life	5 years
Fences | Maximum
Rental properties
Useful Life	15 years
Furniture and fixtures
Rental properties
Total fixed assets, net	$ 6,153,480	5,910,046
Furniture and fixtures | Minimum
Rental properties
Useful Life	5 years
Furniture and fixtures | Maximum
Rental properties
Useful Life	7 years
Smoke alarms
Rental properties
Total fixed assets, net	$ 220,437	$ 220,437
Smoke alarms | Minimum
Rental properties
Useful Life	5 years
Smoke alarms | Maximum
Rental properties
Useful Life	7 years
Residential and mixed-use properties
RENTAL PROPERTIES
Total | item	2,412
Number of properties | item	20
Residential and mixed-use properties | Partially owned properties
RENTAL PROPERTIES
Total | item	790
Number of properties | item	9
Residential and mixed-use properties | Partially owned properties | Minimum
RENTAL PROPERTIES
Percentage of ownership interest	40.00%
Residential and mixed-use properties | Partially owned properties | Maximum
RENTAL PROPERTIES
Percentage of ownership interest	50.00%
Condominium
RENTAL PROPERTIES
Total | item	19

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)
RELATED PARTY TRANSACTIONS
Management fee as percentage of gross receipts rental revenue			4.00%
Management fee as a percentage of gross receipts rental revenue of Linewt, LLC			3.00%
Management fees of related party			$ 916,000	$ 865,000
Repairs and maintenance	$ 1,822,707	$ 1,601,307	3,169,921	2,812,456
Administrative expense	487,233	568,915	1,020,310	1,099,482
Management fee	$ 465,716	$ 438,068	$ 916,419	865,461
Number of limited partnerships and limited liability companies in which the entity has invested | item			9
Limited Partnerships | Minimum
RELATED PARTY TRANSACTIONS
Percentage of ownership interest	40.00%		40.00%
Limited Partnerships | Maximum
RELATED PARTY TRANSACTIONS
Percentage of ownership interest	50.00%		50.00%
General Partner or Management Company
RELATED PARTY TRANSACTIONS
Costs related to professional services			$ 441,000	372,000
Repairs and maintenance			207,000
Administrative expense			172,000
Expenses for construction, architectural services and supervision of capital projects			62,000
Management Company
RELATED PARTY TRANSACTIONS
Reimbursement to related party for payroll transfers			1,383,000	1,565,000
Employer contributions in 401K plan			$ 0	0
Number of accounting staff of related party providing bookkeeping and accounting functions | item			14
Fees for accounting and bookkeeping services			$ 62,500	62,500
Fees for accounting and bookkeeping services per year			$ 125,000
Number of employees having ownership interest in the investment properties | item			6
Dexter Park
RELATED PARTY TRANSACTIONS
Management fee as percentage of gross receipts rental revenue			2.00%
President of Management Company
RELATED PARTY TRANSACTIONS
Quarterly fee for asset management consulting services			$ 37,500	$ 37,500
Harold Brown | Minimum
RELATED PARTY TRANSACTIONS
Percentage of ownership interest	43.20%		43.20%
Harold Brown | Maximum
RELATED PARTY TRANSACTIONS
Percentage of ownership interest	57.00%		57.00%
Partially owned properties
RELATED PARTY TRANSACTIONS
Management fee as percentage of gross receipts rental revenue			4.00%
Repairs and maintenance			$ 63,000
Administrative expense			13,000
Amount paid to related party			426,000
Management fee			$ 343,000

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
OTHER ASSETS
Security deposits	$ 2,225,000	$ 2,090,000
Escrow deposits to fund future capital improvements	292,000	253,000
Intangible assets, net of accumulated amortization	33,000	49,000
Accumulated amortization on intangible assets in connection with the acquisition of Windsor Green	1,719,000	1,703,000
Financing fees, net	1,626,000	1,736,000
Accumulated amortization on financing and leasing fees	$ 723,000	$ 613,000

MORTGAGE NOTES PAYABLE AND LINE

MORTGAGE NOTES PAYABLE AND LINE OF CREDIT (Details)	Jul. 31, 2014USD ($)item	Jul. 11, 2014USD ($)	Jun. 11, 2014USD ($)	Feb. 28, 2014USD ($)	Jun. 30, 2015USD ($)shares	Jun. 30, 2014shares
MORTGAGE NOTES PAYABLE
Effective interest rate (as a percent)					5.36%
Annual maturities of mortgage debt
2016-current maturities					$ 504,000
2,017					1,629,000
2,018					1,821,000
2,019					7,900,000
2,020					4,330,000
Thereafter					179,822,000
Total					196,006,000
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months					504,000
Additional disclosures related to mortgages
Amount of new loan					8,042,000
Repurchase of depository receipts					$ 1,505,645
Repurchase of units | shares					1,253	664
Commitment fee for unused line of credit					$ 25,000
Line of Credit
Additional disclosures related to mortgages
Term of debt	3 years
Maximum borrowings	$ 25,000,000
Funds drawn by the company					0
Number of properties in which borrowing amount collateralized | item	23
Amount of refinancing costs	$ 125,000
Base Rate [Member] | Line of Credit
Additional disclosures related to mortgages
Reference rate used in calculation of Base Rate	base
Prime Rate [Member] | Line of Credit
Additional disclosures related to mortgages
Reference rate used in calculation of Base Rate	Prime
Federal Funds Rate [Member] | Line of Credit
Additional disclosures related to mortgages
Basis of effective interest rate used in calculation of Base Rate (as a percent)	0.50%
Reference rate used in calculation of Base Rate	Federal Funds
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit
Additional disclosures related to mortgages
Basis of effective interest rate used in calculation of Base Rate (as a percent)	1.00%
Reference rate used in calculation of Base Rate	one month LIBOR
Minimum | Line of Credit
Additional disclosures related to mortgages
Commitment fee for unused amount (as a percent)	0.15%
Pledged interests rate of the Partnership's ownership interest (as a percent)	49.00%
Minimum | Base Rate [Member] | Line of Credit
Additional disclosures related to mortgages
Debt Instrument, Basis Spread on Variable Rate	2.50%
Maximum | Line of Credit
Additional disclosures related to mortgages
Commitment fee for unused amount (as a percent)	0.20%
Pledged interests rate of the Partnership's ownership interest (as a percent)	100.00%
Maximum | Base Rate [Member] | Line of Credit
Additional disclosures related to mortgages
Debt Instrument, Basis Spread on Variable Rate	3.50%
Mortgages payable
MORTGAGE NOTES PAYABLE
Amount of monthly installments including principal					$ 808,000
Weighted average interest rate (as a percent)					4.81%
Effective interest rate (as a percent)					4.93%
Additional disclosures related to mortgages
Mortgage prepayment penalties				$ 0
Mortgages payable | NERA Dean Street Associates, LLC
MORTGAGE NOTES PAYABLE
Interest rate (as a percent)			4.22%
Additional disclosures related to mortgages
Amount of new loan			$ 5,687,000
Period of interest only payments on loans			10 years
Amount of loan proceeds utilized for pay off the existing mortgage			$ 5,077,000
Refinancing cost			$ 89,000
Mortgages payable | Hamilton Linewt LLC Commercial-1031Exchange Newton, Massachusetts
Additional disclosures related to mortgages
Amount of mortgage paid off				1,466,000
Mortgages payable | Linhart L.P. Residential/Commercial Newton, Massachusetts
Additional disclosures related to mortgages
Amount of mortgage paid off				$ 1,926,000
Mortgages payable | Courtyard At Westgate Residential Units Burlington Massachusetts Member
MORTGAGE NOTES PAYABLE
Interest rate (as a percent)		4.31%
Additional disclosures related to mortgages
Period of interest only payments on loans		10 years
Amount of loan proceeds utilized for pay off the existing mortgage		$ 2,010,000
Amount of new loan		2,500,000
Amount of refinancing costs		$ 75,000
Mortgages payable | Minimum
MORTGAGE NOTES PAYABLE
Interest rate (as a percent)					3.76%
Mortgages payable | Maximum
MORTGAGE NOTES PAYABLE
Interest rate (as a percent)					5.97%

ADVANCE RENTAL PAYMENTS AND S37

ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS (Details) - Jun. 30, 2015 - USD ($)	Total
ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS
Period for advance rental payment	1 month
Amount received for prepaid rent	$ 1,773,000
Security deposits	$ 2,225,000

PARTNERS' CAPITAL (Details)

PARTNERS' CAPITAL (Details)	Jan. 03, 2012	Jun. 30, 2015item$ / shares$ / item	Jun. 30, 2014$ / shares$ / item	Mar. 31, 2015$ / shares$ / item	Dec. 31, 2014$ / shares$ / item	Sep. 30, 2014$ / shares$ / item	Mar. 31, 2014$ / shares$ / item	Aug. 20, 2007
Quarterly distribution per unit (in dollars per unit)		7.50	7.50	7.50	7.50	7.50	7.50
Quarterly distributions per depositary receipt (in dollars per share) | $ / shares		$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25
Distribution per unit (in dollars per unit) | $ / shares					$ 30
Earnings per depository receipt
Net Income per Depositary Receipt after Discontinued Operations		0.40	0.07
Distributions per Depositary Receipt (in dollars per share)		0.50	0.50		1
Limited Partner
Number of classes of partners | item		2
Class A
Fixed distribution percentage of unit holders		80.00%
Forward split of depositary receipts	3
Exchange ratio of depositary receipts for partnership units before adjustment	10
Exchange ratio of depositary receipts for partnership units after adjustment	30
Number of units in each depository receipt	0.03333							0.1
Class B
Fixed distribution percentage of unit holders		19.00%
General Partnership
Number of classes of partners | item		1
Fixed distribution percentage of unit holders		1.00%

TREASURY UNITS (Details)

TREASURY UNITS (Details)	Mar. 10, 2015shares	Aug. 08, 2008	Aug. 20, 2007shares	Aug. 05, 2015USD ($)$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)shares	Jun. 30, 2015USD ($)$ / sharesshares	Jan. 03, 2012	Mar. 06, 2008shares	Jan. 30, 2008shares	Jan. 15, 2008shares
Treasury units					53,825		53,825
Period for repurchase of depository receipts	5 years	12 months	12 months
Depository receipts authorized to be repurchased	2,000,000		300,000						1,500,000	900,000	600,000
Repurchase of depository receipts					30,080		1,316,996
Repurchase price of depository receipts | $ / shares					$ 49.63		$ 26.20
Repurchase price of units | $ / shares					$ 1,488.90
Stock Buyback (in units)					1,253	664
Total cost of repurchase | $					$ 1,879,001	$ 941,477	$ 37,046,000
Repurchase of depository receipts | $					$ 1,505,645
Subsequent event
Repurchase of depository receipts				4,241
Repurchase price of depository receipts | $ / shares				$ 49.23
Repurchase price of units | $ / shares				$ 1,476.99
Repurchase of depository receipts | $				$ 215,102
Class A
Treasury units					43,060		43,060
Number of units in each depository receipt			0.1					0.03333
Fixed distribution percentage of unit holders					80.00%
Repurchase price of units | $ / shares							$ 786
Total cost of repurchase | $					$ 1,505,645	757,246
Class B
Treasury units					10,227		10,227
Fixed distribution percentage of unit holders					19.00%
Repurchase of depository receipts							2,690
Repurchase price of units | $ / shares							$ 833.09
Stock Buyback (in units)					238
Total cost of repurchase | $					$ 354,688	175,019
Class B | Subsequent event
Stock Buyback (in units)				33.6
Total cost of repurchase | $				$ 49,589
General Partnership
Treasury units					538		538
Fixed distribution percentage of unit holders					1.00%
Repurchase of depository receipts							142
Stock Buyback (in units)					13
Total cost of repurchase | $					$ 18,668	$ 9,212
General Partnership | Subsequent event
Stock Buyback (in units)				1.8
Total cost of repurchase | $				$ 2,610

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 30, 2015USD ($)	Jun. 09, 2015property
Loss Contingencies [Line Items]
Insurance recovery receivable | $	$ 952,084
Westgate Apartments LLC
Loss Contingencies [Line Items]
Number of properties		12
Number of apartments damaged		10
Insurance recovery receivable | $	$ 952,000

RENTAL INCOME (Details)

RENTAL INCOME (Details)	6 Months Ended
	Jun. 30, 2015USD ($)ft²item	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Minimum future rental income
2,016	$ 2,639,000
2,017	1,877,000
2,018	1,444,000
2,019	1,062,000
2,020	475,000
Thereafter	603,000
Commercial Property Leases	8,100,000
Annual base rent for expiring leases	$ 2,986,703
Total square feet for expiring leases | ft²	108,043
Total number of leases expiring | item	44
Percentage of annual base rent for expiring leases	100.00%
Allowance for doubtful rent receivable	$ 452,000		$ 366,000
Recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis	168,000
Deferred rental concession	109,000
Amortization of deferred rents	$ 1,100
Percentage of rental income related to residential apartments and condominium units with leases of one year or less	92.00%
Maximum period of non-cancelable operating lease	1 year
Percentage of rental income related to commercial properties	8.00%
Aggregate contingent rentals from continuing operations	$ 345,000	$ 315,000
Through March 31, 2016
Minimum future rental income
Annual base rent for expiring leases	$ 864,371
Total square feet for expiring leases | ft²	38,641
Total number of leases expiring | item	11
Percentage of annual base rent for expiring leases	29.00%
Through March 31, 2017
Minimum future rental income
Annual base rent for expiring leases	$ 525,725
Total square feet for expiring leases | ft²	18,157
Total number of leases expiring | item	7
Percentage of annual base rent for expiring leases	18.00%
Through March 31, 2018
Minimum future rental income
Annual base rent for expiring leases	$ 408,902
Total square feet for expiring leases | ft²	13,175
Total number of leases expiring | item	9
Percentage of annual base rent for expiring leases	14.00%
Through March 31, 2019
Minimum future rental income
Annual base rent for expiring leases	$ 211,965
Total square feet for expiring leases | ft²	6,626
Total number of leases expiring | item	5
Percentage of annual base rent for expiring leases	7.00%
Through March 31, 2020
Minimum future rental income
Annual base rent for expiring leases	$ 753,497
Total square feet for expiring leases | ft²	24,873
Total number of leases expiring | item	10
Percentage of annual base rent for expiring leases	25.00%
Through March 31, 2021
Minimum future rental income
Annual base rent for expiring leases	$ 64,800
Total square feet for expiring leases | ft²	1,800
Total number of leases expiring | item	1
Percentage of annual base rent for expiring leases	2.00%
Through March 31, 2024
Minimum future rental income
Annual base rent for expiring leases	$ 157,443
Total square feet for expiring leases | ft²	4,771
Total number of leases expiring | item	1
Percentage of annual base rent for expiring leases	5.00%

RENTAL INCOME (Details 2)

RENTAL INCOME (Details 2)	6 Months Ended
	Jun. 30, 2015
Commercial rental income | Staples and Trader Joes
Concentration Risk [Line Items]
Concentration risk percentage	30.00%

CASH FLOW INFORMATION (Details)

CASH FLOW INFORMATION (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOW INFORMATION
Cash paid for interest	$ 4,753,000	$ 4,074,000
Cash paid for state income taxes	$ 18,000	$ 49,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Mortgage Notes Payable
Carrying Amount	$ 196,005,736	$ 196,071,540
Wholly owned properties
Mortgage Notes Payable
Carrying Amount	196,005,736	196,071,540
Estimated Fair Value	209,943,632	210,691,170
Partially owned properties
Mortgage Notes Payable
Carrying Amount	137,039,601	137,910,870
Estimated Fair Value	$ 146,494,182	$ 147,843,221

TAXABLE INCOME AND TAX BASIS (D

TAXABLE INCOME AND TAX BASIS (Details) - Dec. 31, 2014 - USD ($)	Total
TAXABLE INCOME AND TAX BASIS
Excess amount of statement income over taxable income	$ 3,100,000
Excess amount of cumulative statement basis over cumulative taxable basis	5,000,000
Excess amount of statement income from joint venture investments over taxable income	1,300,000
Reconciliation of GAAP net income to taxable income
Taxable loss	$ 2,100,000

INVESTMENT IN UNCONSOLIDATED 46

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details)	Oct. 18, 2013USD ($)	Oct. 28, 2009USD ($)item	Mar. 07, 2005USD ($)item	Mar. 02, 2005USD ($)item	Aug. 31, 2014USD ($)	Sep. 30, 2013USD ($)	Jun. 30, 2013USD ($)	Apr. 30, 2008USD ($)item	Feb. 28, 2007USD ($)	Jan. 31, 2007USD ($)	Oct. 31, 2004USD ($)	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)item	Dec. 31, 2005USD ($)item	Aug. 01, 2015item	Dec. 31, 2014USD ($)	May. 31, 2008item	Dec. 31, 2006USD ($)	Oct. 03, 2005USD ($)item	Sep. 30, 2004USD ($)item	Aug. 31, 2004USD ($)item	Nov. 30, 2001USD ($)item
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of limited partnerships and limited liability companies in which the entity has invested | item												9
Number of partnerships investing in commercial property | item												3
Investments in joint venture												$ 7,866,077				$ 8,807,868
Borrowings												8,042,000
Outstanding amount of mortgage loan												196,005,736				$ 196,071,540
Interest paid												4,753,000	$ 4,074,000
Distribution to the Partnership												1,899,885	$ 1,935,384
Carrying value of investment to discontinue applying the equity method												$ 0
Limited Partnerships
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Capital contributions	$ 660,000
Dexter Park
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Percentage of ownership interest		40.00%										40.00%	40.00%
Investments in joint venture		$ 15,925,000										$ 4,158,667	$ 5,175,200
Total | item		409										409	409
Purchase price of investments		$ 129,500,000
Number of units retained for long-term investment | item												409	409
Dexter Park | Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Borrowings		$ 89,914,000
Interest rate (as a percent)		5.57%
Period for which the entity is required to make interest only payments		2 years
Amortization period of debt		30 years
Outstanding amount of mortgage loan												$ 85,575,000
Hamilton Bay Apartments
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Percentage of ownership interest												50.00%	50.00%						50.00%
Investments in joint venture												$ 882,693	$ 956,847						$ 2,500,000
Total | item												48	48		7				168
Purchase price of investments																			$ 30,875,000
Borrowings									$ 4,750,000
Interest rate (as a percent)									5.57%
Period for which the entity is required to make interest only payments									5 years
Amortization period of debt									30 years
Number of units retained for long-term investment | item												48	48						48
Number of units sold | item																			120
Hamilton Bay Apartments | Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Outstanding amount of mortgage loan												$ 4,539,000
Hamilton Bay Sales
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Percentage of ownership interest												50.00%	50.00%
Investments in joint venture												$ 398,370	$ 858,487
Total | item												120	120
Capital contributions	$ 660,000
Number of units sold | item												113	110
Number of Units in Real Estate Property to be Sold | item												120	120
Hamilton Bay Sales | Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Total | item								20
Borrowings								$ 2,368,000
Interest rate (as a percent)								5.75%
Hamilton Essex Development, LLC and Hamilton Essex 81, LLC
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Percentage of ownership interest			50.00%
Investments in joint venture			$ 2,000,000
Purchase price of investments			14,300,000
Hamilton Essex Development, LLC and Hamilton Essex 81, LLC | Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Borrowings			$ 10,750,000
Hamilton Essex 81
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Percentage of ownership interest												50.00%	50.00%
Investments in joint venture												$ 277,674	$ 227,301
Total | item			48									49	49
Number of properties | item			1
Number of units retained for long-term investment | item												49	49
Hamilton Essex 81 | Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Borrowings												$ 8,042,000
Interest rate (as a percent)												5.79%
Amortization period of debt												30 years
Hamilton Essex Development
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Percentage of ownership interest												50.00%	50.00%
Investments in joint venture												$ 344,270	$ 359,163
Total | item												1	1
Number of units retained for long-term investment | item												1	1
Capacity of real estate property (in cars per lot) | item			50
Hamilton Essex Development | Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Borrowings												$ 1,961,000
Contractual principal payments to be made						$ 4,443
Margin over basis of interest rate (as a percent)												2.25%
Basis of interest rate												Libor
Notional margin over basis of interest rate (as a percent)												0.1865%
Cost associated with loan extension						$ 9,000
Extended term of debt						2 years
Maximum personal guaranty on mortgage						$ 1,000,000
Debt Instrument, Basis Spread on Variable Rate												2.25%
Hamilton 1,025
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Percentage of ownership interest				50.00%								50.00%	50.00%
Investments in joint venture				$ 2,352,000								$ 145,287	$ 213,573
Total | item				176								176	176
Purchase price of investments				$ 23,750,000
Number of units retained for long-term investment | item				49								49	49
Number of units sold | item				127								127	127
Number of Units in Real Estate Property to be Sold | item												127	127
Hamilton 1025 | Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Borrowings				$ 5,000,000
Interest rate (as a percent)				5.67%
Period for which the entity is required to make interest only payments				5 years
Amortization period of debt				30 years
Outstanding amount of mortgage loan												$ 4,770,000
Term of debt				10 years
Hamilton Minuteman
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Percentage of ownership interest												50.00%	50.00%							50.00%
Investments in joint venture												$ 577,549	$ 688,907							$ 5,075,000
Total | item												42	42							42
Purchase price of investments																				$ 10,100,000
Number of units retained for long-term investment | item												42	42
Amount returned to partnership											$ 3,775,000
Cash contribution by the entity towards loan																		$ 1,250,000
Hamilton Minuteman | Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Borrowings										$ 5,500,000	$ 8,025,000
Interest rate (as a percent)										5.67%
Period for which the entity is required to make interest only payments										5 years
Amortization period of debt										30 years
Outstanding amount of mortgage loan												$ 5,253,000
Term of debt										10 years
Hamilton on Main Apts
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Percentage of ownership interest												50.00%	50.00%								50.00%
Investments in joint venture												$ 1,081,568	$ 2,520,365								$ 8,000,000
Total | item												148	148								280
Purchase price of investments																					$ 56,000,000
Number of units retained for long-term investment | item												148	148
Number of units sold | item																	137
Hamilton on Main Apartments, LLC | Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of properties | item														3
Borrowings					$ 16,900,000									$ 16,825,000
Interest rate (as a percent)					4.34%									5.18%
Period for which the entity is required to make interest only payments														3 years
Amortization period of debt														30 years
Term of debt					10 years									10 years
Cost associated with loan extension					$ 161,000
Term excluding period for which interest only payments to be made														7 years
Net proceeds after funding escrow accounts and closing costs														$ 16,700,000
Debt Instrument, Loan Proceeds Utilized to Pay Off Existing Mortgage					15,205,000
Debt Instrument, Loan Proceeds distributed to the Partnership					$ 850,000
345 Franklin
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Percentage of ownership interest												50.00%	50.00%									50.00%
Investments in joint venture																						$ 1,533,000
Total | item												40	40									40
Number of units retained for long-term investment | item												40	40
Distribution to the Partnership							$ 1,610,000
Carrying value of investment to discontinue applying the equity method							0
345 Franklin | Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Borrowings							$ 10,000,000
Interest rate (as a percent)							3.87%
Period for which the entity is required to make interest only payments							3 years
Amortization period of debt							30 years
Term of debt							15 years
Repayment of loan							$ 6,776,000
Residential buildings | Dexter Park
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Total | item												409	409
Residential buildings | Hamilton Bay Apartments
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Total | item												48	48
Residential buildings | Hamilton Bay Sales
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Total | item												120	120
Residential buildings | Hamilton Essex 81
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Total | item												48	48
Residential buildings | Hamilton 1025
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Total | item												175	175
Residential buildings | Hamilton Minuteman
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Total | item												42	42
Residential buildings | Hamilton on Main Apts
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Total | item												148	148
Residential buildings | 345 Franklin
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Total | item												40	40
Commercial | Hamilton Essex 81
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Total | item												1	1
Commercial | Hamilton Essex Development
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Total | item												1	1
Commercial | Hamilton 1025
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Total | item												1	1
Management Company
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of employees having ownership interest in the investment properties | item												6
Minimum | Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Interest rate (as a percent)												3.76%
Minimum | Limited Partnerships
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Percentage of ownership interest												40.00%
Minimum | Harold Brown
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Percentage of ownership interest												43.20%
Maximum | Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Interest rate (as a percent)												5.97%
Maximum | Limited Partnerships
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Percentage of ownership interest												50.00%
Maximum | Harold Brown
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Percentage of ownership interest												57.00%

INVESTMENT IN UNCONSOLIDATED 47

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details 2)	Aug. 01, 2015item	Jun. 30, 2015USD ($)item	Dec. 31, 2014USD ($)	Jun. 30, 2014USD ($)item	Oct. 28, 2009USD ($)item	May. 31, 2008item	Oct. 03, 2005USD ($)item	Mar. 07, 2005item	Mar. 02, 2005USD ($)item	Sep. 30, 2004USD ($)item	Aug. 31, 2004USD ($)item	Nov. 30, 2001USD ($)item
LIABILITIES AND PARTNERS' CAPITAL
Equity Method Investments		$ 7,866,077	$ 8,807,868
Distribution and Loss in Excess of Investment in Unconsolidated Joint Venture		(1,534,258)	$ (1,425,369)
Hamilton Essex 81
ASSETS
Rental Properties		8,564,474		$ 8,575,457
Cash & Cash Equivalents		29,625		76,955
Rent Receivable		25,517		32,918
Real Estate Tax Escrow		123,085		101,117
Prepaid Expenses & Other Assets		92,967		83,547
Financing & Leasing Fees		21,848		37,887
Total Assets		8,857,516		8,907,881
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable		8,042,496		8,171,048
Accounts Payable and Accrued Expenses		59,786		59,005
Advance Rental Payments and Security Deposits		199,886		223,226
Total Liabilities		8,302,168		8,453,279
Partners' Capital		555,348		454,602
Total Liabilities and Partners' Capital		$ 8,857,516		$ 8,907,881
Percentage of ownership interest		50.00%		50.00%
Equity Method Investments		$ 277,674		$ 227,301
Total units/ condominiums
Units to be retained | item		49		49
Total | item		49		49				48
Hamilton Essex 81 | Residential buildings
Total units/ condominiums
Total | item		48		48
Hamilton Essex 81 | Commercial
Total units/ condominiums
Total | item		1		1
Hamilton Essex Development
ASSETS
Rental Properties		$ 2,620,081		$ 2,622,910
Cash & Cash Equivalents		33,530		104,102
Prepaid Expenses & Other Assets				1,230
Financing & Leasing Fees		1,409		9,868
Total Assets		2,655,020		2,738,110
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable		1,961,172		2,014,488
Accounts Payable and Accrued Expenses		5,308		5,297
Total Liabilities		1,966,480		2,019,785
Partners' Capital		688,540		718,325
Total Liabilities and Partners' Capital		$ 2,655,020		$ 2,738,110
Percentage of ownership interest		50.00%		50.00%
Equity Method Investments		$ 344,270		$ 359,163
Total units/ condominiums
Units to be retained | item		1		1
Total | item		1		1
Hamilton Essex Development | Commercial
Total units/ condominiums
Total | item		1		1
345 Franklin
ASSETS
Rental Properties		$ 6,951,074		$ 7,320,301
Cash & Cash Equivalents		116,046		107,038
Rent Receivable		4,123		15,494
Real Estate Tax Escrow		17,330		18,132
Prepaid Expenses & Other Assets		51,470		38,090
Financing & Leasing Fees		86,561		93,219
Total Assets		7,226,604		7,592,274
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable		10,000,000		10,000,000
Accounts Payable and Accrued Expenses		64,628		57,752
Advance Rental Payments and Security Deposits		230,492		229,882
Total Liabilities		10,295,120		10,287,634
Partners' Capital		(3,068,516)		(2,695,360)
Total Liabilities and Partners' Capital		$ 7,226,604		$ 7,592,274
Percentage of ownership interest		50.00%		50.00%								50.00%
Equity Method Investments												$ 1,533,000
Distribution and Loss in Excess of Investment in Unconsolidated Joint Venture		$ (1,534,258)		$ (1,347,680)
Total units/ condominiums
Units to be retained | item		40		40
Total | item		40		40								40
345 Franklin | Residential buildings
Total units/ condominiums
Total | item		40		40
Hamilton 1,025
ASSETS
Rental Properties		$ 5,039,485		$ 5,272,805
Cash & Cash Equivalents		6,348		6,968
Rent Receivable		5,178		2,327
Real Estate Tax Escrow		72,812		68,872
Prepaid Expenses & Other Assets		54,129		43,044
Financing & Leasing Fees		7,080		12,106
Total Assets		5,185,032		5,406,122
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable		4,769,824		4,840,484
Accounts Payable and Accrued Expenses		27,358		30,368
Advance Rental Payments and Security Deposits		97,276		108,125
Total Liabilities		4,894,458		4,978,977
Partners' Capital		290,574		427,145
Total Liabilities and Partners' Capital		$ 5,185,032		$ 5,406,122
Percentage of ownership interest		50.00%		50.00%					50.00%
Equity Method Investments		$ 145,287		$ 213,573					$ 2,352,000
Total units/ condominiums
Units to be retained | item		49		49					49
Number of Units in Real Estate Property to be Sold | item		127		127
Units sold | item		127		127					127
Total | item		176		176					176
Hamilton 1025 | Residential buildings
Total units/ condominiums
Total | item		175		175
Hamilton 1025 | Commercial
Total units/ condominiums
Total | item		1		1
Hamilton Bay Sales
ASSETS
Rental Properties		$ 793,069		$ 1,148,912
Cash & Cash Equivalents		8,106		57,296
Rent Receivable		1,605		3,666
Prepaid Expenses & Other Assets		19,977		548,734
Total Assets		822,757		1,758,608
LIABILITIES AND PARTNERS' CAPITAL
Accounts Payable and Accrued Expenses		20,207		18,811
Advance Rental Payments and Security Deposits		5,810		22,824
Total Liabilities		26,017		41,635
Partners' Capital		796,740		1,716,973
Total Liabilities and Partners' Capital		$ 822,757		$ 1,758,608
Percentage of ownership interest		50.00%		50.00%
Equity Method Investments		$ 398,370		$ 858,487
Total units/ condominiums
Number of Units in Real Estate Property to be Sold | item		120		120
Units sold | item		113		110
Unsold units | item		7		10
Total | item		120		120
Hamilton Bay Sales | Residential buildings
Total units/ condominiums
Total | item		120		120
Hamilton Bay Apartments
ASSETS
Rental Properties		$ 6,288,296		$ 6,533,725
Cash & Cash Equivalents		829		1,878
Rent Receivable		2,221		6,965
Real Estate Tax Escrow		56,520		28,886
Prepaid Expenses & Other Assets		55,989		41,408
Financing & Leasing Fees		10,338		16,700
Total Assets		6,414,193		6,629,562
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable		4,538,605		4,606,316
Accounts Payable and Accrued Expenses		14,768		12,526
Advance Rental Payments and Security Deposits		95,435		97,026
Total Liabilities		4,648,808		4,715,868
Partners' Capital		1,765,385		1,913,694
Total Liabilities and Partners' Capital		$ 6,414,193		$ 6,629,562
Percentage of ownership interest		50.00%		50.00%			50.00%
Equity Method Investments		$ 882,693		$ 956,847			$ 2,500,000
Total units/ condominiums
Units to be retained | item		48		48			48
Units sold | item							120
Total | item	7	48		48			168
Hamilton Bay Apartments | Residential buildings
Total units/ condominiums
Total | item		48		48
Hamilton Minuteman
ASSETS
Rental Properties		$ 6,421,497		$ 6,684,183
Cash & Cash Equivalents		42,200		66,660
Rent Receivable		152		5,798
Real Estate Tax Escrow		39,006		39,093
Prepaid Expenses & Other Assets		43,472		42,658
Financing & Leasing Fees		6,028		9,997
Total Assets		6,552,355		6,848,389
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable		5,252,844		5,330,234
Accounts Payable and Accrued Expenses		47,865		47,027
Advance Rental Payments and Security Deposits		96,548		93,313
Total Liabilities		5,397,257		5,470,574
Partners' Capital		1,155,098		1,377,815
Total Liabilities and Partners' Capital		$ 6,552,355		$ 6,848,389
Percentage of ownership interest		50.00%		50.00%						50.00%
Equity Method Investments		$ 577,549		$ 688,907						$ 5,075,000
Total units/ condominiums
Units to be retained | item		42		42
Total | item		42		42						42
Hamilton Minuteman | Residential buildings
Total units/ condominiums
Total | item		42		42
Hamilton on Main Apts
ASSETS
Rental Properties		$ 19,007,097		$ 19,873,809
Cash & Cash Equivalents		208,411		23,626
Rent Receivable		15,289		11,991
Real Estate Tax Escrow		94,677		45,741
Prepaid Expenses & Other Assets		82,262		748,027
Financing & Leasing Fees		147,136		4,287
Total Assets		19,554,872		20,707,481
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable		16,900,000		15,188,407
Accounts Payable and Accrued Expenses		154,122		155,825
Advance Rental Payments and Security Deposits		337,614		322,519
Total Liabilities		17,391,736		15,666,751
Partners' Capital		2,163,136		5,040,730
Total Liabilities and Partners' Capital		$ 19,554,872		$ 20,707,481
Percentage of ownership interest		50.00%		50.00%							50.00%
Equity Method Investments		$ 1,081,568		$ 2,520,365							$ 8,000,000
Total units/ condominiums
Units to be retained | item		148		148
Units sold | item						137
Total | item		148		148							280
Hamilton on Main Apts | Residential buildings
Total units/ condominiums
Total | item		148		148
Dexter Park
ASSETS
Rental Properties		$ 95,631,639		$ 99,637,389
Cash & Cash Equivalents		1,274,043		968,685
Rent Receivable		133,921		141,005
Real Estate Tax Escrow		264,746		369,900
Prepaid Expenses & Other Assets		1,940,068		1,728,976
Financing & Leasing Fees		252,066		310,703
Total Assets		99,496,483		103,156,658
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable		85,574,660		86,875,284
Accounts Payable and Accrued Expenses		724,526		698,090
Advance Rental Payments and Security Deposits		2,800,624		2,645,283
Total Liabilities		89,099,810		90,218,657
Partners' Capital		10,396,673		12,938,001
Total Liabilities and Partners' Capital		$ 99,496,483		$ 103,156,658
Percentage of ownership interest		40.00%		40.00%	40.00%
Equity Method Investments		$ 4,158,667		$ 5,175,200	$ 15,925,000
Total units/ condominiums
Units to be retained | item		409		409
Total | item		409		409	409
Dexter Park | Residential buildings
Total units/ condominiums
Total | item		409		409
Total
ASSETS
Rental Properties		$ 151,316,712		$ 157,669,491
Cash & Cash Equivalents		1,719,138		1,413,208
Rent Receivable		188,006		220,164
Real Estate Tax Escrow		668,176		671,741
Prepaid Expenses & Other Assets		2,340,334		3,275,714
Financing & Leasing Fees		532,466		494,767
Total Assets		156,764,832		163,745,085
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable		137,039,601		137,026,261
Accounts Payable and Accrued Expenses		1,118,568		1,084,701
Advance Rental Payments and Security Deposits		3,863,685		3,742,198
Total Liabilities		142,021,854		141,853,160
Partners' Capital		14,742,978		21,891,925
Total Liabilities and Partners' Capital		156,764,832		163,745,085
Equity Method Investments		7,866,077		10,999,842
Distribution and Loss in Excess of Investment in Unconsolidated Joint Venture		(1,534,258)		(1,347,680)
Total Investment in Unconsolidated Joint Ventures (Net)		$ 6,331,819		$ 9,652,162
Total units/ condominiums
Units to be retained | item		786		786
Number of Units in Real Estate Property to be Sold | item		247		247
Units sold | item		240		237
Unsold units | item		7		10
Total | item		1,033		1,033
Total | Residential buildings
Total units/ condominiums
Total | item		1,030		1,030
Total | Commercial
Total units/ condominiums
Total | item		3		3

INVESTMENT IN UNCONSOLIDATED 48

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details 3) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Oct. 28, 2009	Oct. 03, 2005	Mar. 02, 2005	Sep. 30, 2004	Aug. 31, 2004	Nov. 30, 2001
Hamilton Essex 81
Revenues
Rental income	$ 362,007	$ 341,387	$ 721,908	$ 670,157
Laundry and sundry income		4,200	2,492	8,120
Total Revenues	362,007	345,587	724,400	678,277
Expenses
Administrative	4,369	13,963	8,306	17,141
Depreciation and amortization	112,979	108,267	224,448	216,170
Management fee	16,392	15,829	31,737	29,105
Operating	21,230	23,995	58,763	68,967
Renting	6,221	10,850	6,721	10,967
Repairs and maintenance	40,751	41,549	66,434	73,827
Taxes and insurance	53,458	58,712	106,875	116,996
Total Expenses	255,400	273,165	503,284	533,173
Income Before Other Income	106,607	72,422	221,116	145,104
Other Income (loss)
Interest expense	(119,029)	(120,829)	(237,262)	(240,198)
Total Other Income (loss)	(119,029)	(120,829)	(237,262)	(240,198)
Net Income (Loss)	(12,422)	(48,407)	(16,146)	(95,094)
Proportionate share of net income (loss)	$ (6,211)	$ (24,203)	$ (8,073)	$ (47,547)
Percentage of ownership interest	50.00%	50.00%	50.00%	50.00%
Hamilton Essex Development
Revenues
Rental income	$ 72,523	$ 73,236	$ 145,045	$ 146,472
Total Revenues	72,523	73,236	145,045	146,472
Expenses
Administrative	425	513	1,008	830
Depreciation and amortization	2,821	2,823	5,644	5,644
Management fee	2,901	2,929	5,802	5,859
Repairs and maintenance		3,150		3,150
Taxes and insurance	13,423	14,070	26,844	27,640
Total Expenses	19,570	23,485	39,298	43,123
Income Before Other Income	52,953	49,751	105,747	103,349
Other Income (loss)
Interest expense	(13,620)	(13,977)	(27,172)	(27,896)
Total Other Income (loss)	(13,620)	(13,977)	(27,172)	(27,896)
Net Income (Loss)	39,333	35,774	78,575	75,453
Proportionate share of net income (loss)	$ 19,667	$ 17,887	$ 39,288	$ 37,727
Percentage of ownership interest	50.00%	50.00%	50.00%	50.00%
345 Franklin
Revenues
Rental income	$ 342,800	$ 330,748	$ 678,276	$ 658,488
Laundry and sundry income		657	323	235
Total Revenues	342,800	331,405	678,599	658,723
Expenses
Administrative	6,620	13,038	14,381	19,861
Depreciation and amortization	93,793	100,379	187,586	200,104
Management fee	15,131	14,839	29,240	28,505
Operating	11,114	7,770	51,186	32,593
Renting	2,760	180	9,105	3,623
Repairs and maintenance	13,075	18,595	19,062	30,932
Taxes and insurance	29,941	28,555	59,877	58,200
Total Expenses	172,434	183,356	370,437	373,818
Income Before Other Income	170,366	148,049	308,162	284,905
Other Income (loss)
Interest expense	(98,002)	(97,821)	(195,938)	(195,574)
Total Other Income (loss)	(98,002)	(97,821)	(195,938)	(195,574)
Net Income (Loss)	72,364	50,228	112,224	89,331
Proportionate share of net income (loss)	$ 36,182	$ 25,114	$ 56,112	$ 44,666
Percentage of ownership interest	50.00%	50.00%	50.00%	50.00%						50.00%
Hamilton 1,025
Revenues
Rental income	$ 237,028	$ 216,294	$ 477,428	$ 447,481
Total Revenues	237,028	216,294	477,428	447,481
Expenses
Administrative	1,170	2,193	3,162	4,161
Depreciation and amortization	60,033	60,167	120,062	120,320
Management fee	9,391	9,412	18,831	18,643
Operating	223	193	348	353
Renting		624		6,376
Repairs and maintenance	78,891	84,068	155,388	164,511
Taxes and insurance	42,844	40,770	85,895	81,374
Total Expenses	192,552	197,427	383,686	395,738
Income Before Other Income	44,476	18,867	93,742	51,743
Other Income (loss)
Interest expense	(68,953)	(70,070)	(137,440)	(139,629)
Interest Income	1	5	8	10
Total Other Income (loss)	(68,952)	(70,065)	(137,432)	(139,619)
Net Income (Loss)	(24,476)	(51,198)	(43,690)	(87,876)
Proportionate share of net income (loss)	$ (12,238)	$ (25,598)	$ (21,845)	$ (43,938)
Percentage of ownership interest	50.00%	50.00%	50.00%	50.00%			50.00%
Hamilton Bay Sales
Revenues
Rental income	$ 30,173	$ 43,923	$ 59,468	$ 106,721
Total Revenues	30,173	43,923	59,468	106,721
Expenses
Administrative	1,895	1,969	4,674	2,674
Depreciation and amortization	8,987	19,175	17,974	38,350
Management fee	1,049	1,891	2,323	4,275
Operating	181	355	205	605
Renting				753
Repairs and maintenance	12,390	23,827	23,876	47,651
Taxes and insurance	5,056	10,767	10,936	22,665
Total Expenses	29,558	57,984	59,988	116,973
Income Before Other Income	615	(14,061)	(520)	(10,252)
Other Income (loss)
Interest expense	(105)	(205)	(214)	(399)
Interest Income from Note		135		468
Gain on Sale of Real Estate		248,239		300,522
Other Income (Expenses)			(125)
Total Other Income (loss)	(105)	248,169	(339)	300,591
Net Income (Loss)	510	234,108	(859)	290,339
Proportionate share of net income (loss)	$ 255	$ 117,054	$ (430)	$ 145,171
Percentage of ownership interest	50.00%	50.00%	50.00%	50.00%
Hamilton Bay Apartments
Revenues
Rental income	$ 236,513	$ 223,212	$ 487,086	$ 462,103
Total Revenues	236,513	223,212	487,086	462,103
Expenses
Administrative	1,809	5,732	3,624	10,577
Depreciation and amortization	79,963	79,383	159,291	158,697
Management fee	9,937	9,140	19,432	18,600
Operating	44	580	708	1,039
Renting		1,550	2,350	5,042
Repairs and maintenance	101,359	70,304	186,217	143,741
Taxes and insurance	38,394	41,247	76,225	82,005
Total Expenses	231,506	207,936	447,847	419,701
Income Before Other Income	5,007	15,276	39,239	42,402
Other Income (loss)
Interest expense	(64,775)	(65,868)	(129,239)	(131,333)
Total Other Income (loss)	(64,775)	(65,868)	(129,239)	(131,333)
Net Income (Loss)	(59,768)	(50,592)	(90,000)	(88,931)
Proportionate share of net income (loss)	$ (29,884)	$ (25,296)	$ (45,000)	$ (44,466)
Percentage of ownership interest	50.00%	50.00%	50.00%	50.00%		50.00%
Hamilton Minuteman
Revenues
Rental income	$ 233,578	$ 232,870	$ 467,474	$ 456,812
Laundry and sundry income		(1)		168
Total Revenues	233,578	232,869	467,474	456,980
Expenses
Administrative	1,069	2,440	2,693	5,443
Depreciation and amortization	81,976	79,852	163,494	159,254
Management fee	9,620	9,643	19,445	18,953
Operating	13,935	11,248	46,482	44,102
Renting	1,003	3,622	4,746	6,088
Repairs and maintenance	17,640	21,547	32,764	38,434
Taxes and insurance	31,013	29,665	61,971	59,235
Total Expenses	156,256	158,017	331,595	331,509
Income Before Other Income	77,322	74,852	135,879	125,471
Other Income (loss)
Interest expense	(76,066)	(77,061)	(151,557)	(153,561)
Total Other Income (loss)	(76,066)	(77,061)	(151,557)	(153,561)
Net Income (Loss)	1,256	(2,209)	(15,678)	(28,090)
Proportionate share of net income (loss)	$ 628	$ (1,105)	$ (7,839)	$ (14,045)
Percentage of ownership interest	50.00%	50.00%	50.00%	50.00%				50.00%
Hamilton on Main Apts
Revenues
Rental income	$ 762,855	$ 722,682	$ 1,524,128	$ 1,440,362
Laundry and sundry income	11,805	9,692	22,446	19,148
Total Revenues	774,660	732,374	1,546,574	1,459,510
Expenses
Administrative	10,660	21,277	19,935	30,762
Depreciation and amortization	242,355	237,117	483,116	473,132
Management fee	30,974	29,557	61,054	57,820
Operating	46,638	64,310	184,893	206,470
Renting	1,636	11,268	3,401	18,097
Repairs and maintenance	98,321	99,885	182,482	190,403
Taxes and insurance	82,793	95,947	166,301	191,586
Total Expenses	513,377	559,361	1,101,182	1,168,270
Income Before Other Income	261,283	173,013	445,392	291,240
Other Income (loss)
Interest expense	(187,893)	(201,634)	(373,703)	(402,014)
Gain on Sale of Real Estate	96
Other Income (Expenses)			97
Total Other Income (loss)	(187,797)	(201,634)	(373,606)	(402,014)
Net Income (Loss)	73,486	(28,621)	71,786	(110,774)
Proportionate share of net income (loss)	$ 36,743	$ (14,310)	$ 35,893	$ (55,386)
Percentage of ownership interest	50.00%	50.00%	50.00%	50.00%					50.00%
Dexter Park
Revenues
Rental income	$ 3,572,475	$ 3,352,710	$ 7,061,280	$ 6,709,764
Laundry and sundry income	24,833	23,213	44,078	48,593
Total Revenues	3,597,308	3,375,923	7,105,358	6,758,357
Expenses
Administrative	52,304	62,450	104,634	116,993
Depreciation and amortization	816,804	1,348,640	1,631,773	2,694,103
Management fee	80,673	76,544	155,624	148,442
Operating	274,150	248,068	729,806	736,853
Renting	16,920	38,946	33,213	57,536
Repairs and maintenance	323,559	317,690	540,177	514,184
Taxes and insurance	372,658	376,140	733,913	757,325
Total Expenses	1,937,068	2,468,478	3,929,140	5,025,436
Income Before Other Income	1,660,240	907,445	3,176,218	1,732,921
Other Income (loss)
Interest expense	(1,219,133)	(1,237,262)	(2,429,434)	(2,464,957)
Total Other Income (loss)	(1,219,133)	(1,237,262)	(2,429,434)	(2,464,957)
Net Income (Loss)	441,107	(329,817)	746,784	(732,036)
Proportionate share of net income (loss)	$ 176,445	$ (131,927)	$ 298,714	$ (292,814)
Percentage of ownership interest	40.00%	40.00%	40.00%	40.00%	40.00%
Total
Revenues
Rental income	$ 5,849,952	$ 5,537,062	$ 11,622,093	$ 11,098,360
Laundry and sundry income	36,638	37,761	69,339	76,264
Total Revenues	5,886,590	5,574,823	11,691,432	11,174,624
Expenses
Administrative	80,321	123,575	162,417	208,442
Depreciation and amortization	1,499,711	2,035,803	2,993,388	4,065,774
Management fee	176,068	169,784	343,488	330,202
Operating	367,515	356,519	1,072,391	1,090,982
Renting	28,540	67,040	59,536	108,482
Repairs and maintenance	685,986	680,615	1,206,400	1,206,833
Taxes and insurance	669,580	695,873	1,328,837	1,397,026
Total Expenses	3,507,721	4,129,209	7,166,457	8,407,741
Income Before Other Income	2,378,869	1,445,614	4,524,975	2,766,883
Other Income (loss)
Interest expense	(1,847,576)	(1,884,727)	(3,681,959)	(3,755,561)
Interest Income	1	5	8	10
Interest Income from Note		135		468
Gain on Sale of Real Estate	96	248,239		300,522
Other Income (Expenses)			(28)
Total Other Income (loss)	(1,847,479)	(1,636,348)	(3,681,979)	(3,454,561)
Net Income (Loss)	531,390	(190,734)	842,996	(687,678)
Proportionate share of net income (loss)	221,586	(62,382)	346,820	(270,633)
Total | NERA 50%
Other Income (loss)
Proportionate share of net income (loss)	45,142	69,545	48,106	22,181
Total | NERA 40%
Other Income (loss)
Proportionate share of net income (loss)	$ 176,445	$ (131,927)	$ 298,714	$ (292,814)

INVESTMENT IN UNCONSOLIDATED 49

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details 4) - Jun. 30, 2015 - USD ($)	Total
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
06/30/2016	$ 504,000
06/30/2017	1,629,000
06/30/2018	1,821,000
06/30/2019	7,900,000
06/30/2020	4,330,000
Thereafter	179,822,000
Total	$ 196,006,000
Weighted average interest rate (as a percent)	5.27%
Effective interest rate (as a percent)	5.36%
Hamilton Essex 81
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
06/30/2016	$ 149,344
06/30/2017	7,893,152
Total	8,042,496
Hamilton Essex 81 Development
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
06/30/2016	1,961,172
Total	1,961,172
345 Franklin
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
06/30/2017	177,340
06/30/2018	187,209
06/30/2019	194,584
06/30/2020	202,250
Thereafter	9,238,617
Total	10,000,000
Hamilton 1,025
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
06/30/2016	74,077
06/30/2017	4,695,747
Total	4,769,824
Hamilton Bay Apartments
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
06/30/2016	77,754
06/30/2017	4,460,851
Total	4,538,605
Hamilton Minuteman
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
06/30/2016	81,127
06/30/2017	5,171,717
Total	5,252,844
Hamilton on Main Apts
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Thereafter	16,900,000
Total	16,900,000
Dexter Park
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
06/30/2016	1,459,214
06/30/2017	1,542,599
06/30/2018	1,630,749
06/30/2019	1,723,938
06/30/2020	79,218,160
Total	85,574,660
Total
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
06/30/2016	3,802,688
06/30/2017	23,941,406
06/30/2018	1,817,958
06/30/2019	1,918,522
06/30/2020	79,420,410
Thereafter	26,138,617
Total	$ 137,039,601

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	1 Months Ended	6 Months Ended		94 Months Ended
	Aug. 05, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015
Subsequent events
Repurchase of depository receipts		30,080		1,316,996
Repurchase price of depository receipts		$ 49.63		$ 26.20
Repurchase price of units		$ 1,488.90
Repurchase of depository receipts		$ 1,505,645
Stock Buyback (in units)		1,253	664
Total cost of repurchase		$ 1,879,001	$ 941,477	$ 37,046,000
Class B
Subsequent events
Repurchase of depository receipts				2,690
Repurchase price of units				$ 833.09
Stock Buyback (in units)		238
Total cost of repurchase		$ 354,688	175,019
General Partnership
Subsequent events
Repurchase of depository receipts				142
Stock Buyback (in units)		13
Total cost of repurchase		$ 18,668	$ 9,212
Subsequent event
Subsequent events
Repurchase of depository receipts	4,241
Repurchase price of depository receipts	$ 49.23
Repurchase price of units	$ 1,476.99
Repurchase of depository receipts	$ 215,102
Subsequent event | Class B
Subsequent events
Stock Buyback (in units)	33.6
Total cost of repurchase	$ 49,589
Subsequent event | General Partnership
Subsequent events
Stock Buyback (in units)	1.8
Total cost of repurchase	$ 2,610