New England Realty Associates Limited Partnership (NEN) 10-Q8 Nov 212021 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Nov. 05, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Entity File Number	001-31568
Entity Registrant Name	New England Realty Associates Limited Partnership
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-2619298
Entity Address, Address Line One	39 Brighton Avenue
Entity Address, City or Town	Allston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02134
City Area Code	617
Local Phone Number	783-0039
Title of 12(b) Security	Class A
Trading Symbol	NEN
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000746514
Amendment Flag	false
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		97,405
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		23,134

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Rental Properties	$ 255,114,078	$ 264,609,887
Cash and Cash Equivalents	24,616,257	18,646,972
Rents Receivable	1,003,672	1,412,074
Real Estate Tax Escrows	567,911	534,941
Prepaid Expenses and Other Assets	6,170,342	5,054,959
Investments in Unconsolidated Joint Ventures	1,418,974	1,410,769
Total Assets	288,891,234	291,669,602
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	281,919,669	283,444,533
Notes Payable	17,000,000	17,000,000
Distribution and Loss in Excess of Investment in Unconsolidated Joint Venture	22,734,423	21,339,743
Accounts Payable and Accrued Expenses	4,301,420	3,888,237
Advance Rental Payments and Security Deposits	7,711,022	7,466,134
Total Liabilities	333,666,534	333,138,647
Partners' Capital 121,756 and 121,756 units outstanding in 2021 and 2020 respectively	(44,775,300)	(41,469,045)
Total Liabilities and Partners' Capital	$ 288,891,234	$ 291,669,602

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
CONSOLIDATED BALANCE SHEETS
Partners' Capital, units outstanding	121,756	121,756	121,756	121,978

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Rental income	$ 15,832,492	$ 15,046,646	$ 46,145,825	$ 46,946,889
Laundry and sundry income	114,180	95,620	336,980	330,066
Total Revenues	15,946,672	15,142,266	46,482,805	47,276,955
Expenses
Administrative	607,478	511,812	1,819,481	1,608,664
Depreciation and amortization	3,956,979	4,612,713	11,806,561	13,779,797
Management fee	646,059	598,111	1,867,798	1,862,645
Operating	1,338,718	1,228,750	4,792,332	4,188,934
Renting	458,040	332,157	941,281	657,636
Repairs and maintenance	3,128,369	2,524,050	7,432,860	6,659,443
Taxes and insurance	2,259,793	2,107,037	6,688,885	6,503,299
Total Expenses	12,395,436	11,914,630	35,349,198	35,260,418
Income Before Other Income (Expense)	3,551,236	3,227,636	11,133,607	12,016,537
Other Income (Expense)
Interest income	27	11	74	171
Interest expense	(3,393,518)	(3,417,348)	(10,136,630)	(10,291,255)
Income (Loss) from investments in unconsolidated joint ventures	(233,130)	(249,583)	(796,725)	669,098
Total Other Income (Expense)	(3,626,621)	(3,666,920)	(10,933,281)	(9,621,986)
Net Inocme (Loss)	$ (75,385)	$ (439,284)	$ 200,326	$ 2,394,551
Income per Unit
Net Inocme (Loss) per Unit (in dollars per unit)	$ (0.62)	$ (3.61)	$ 1.65	$ 19.66
Weighted Average Number of Units Outstanding (in units)	121,756	121,756	121,756	121,796

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNER'S CAPITAL - USD ($)	3 Months Ended		9 Months Ended		169 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021
Increase (Decrease) in Partners' Capital
Balance			$ (41,469,045)	$ (37,823,787)
Balance (in units)			121,756	121,978
Distribution to Partners			$ (3,506,581)	$ (3,506,894)
Stock Buyback				$ (394,031)	$ (44,718,000)
Stock Buyback (in units)				(222)
Net income	$ (75,385)	$ (439,284)	200,326	$ 2,394,551
Balance	$ (44,775,300)	$ (39,330,161)	$ (44,775,300)	$ (39,330,161)	$ (44,775,300)
Balance (in units)	121,756	121,756	121,756	121,756	121,756
Subtotal
Increase (Decrease) in Partners' Capital
Balance (in units)			180,225	180,225
Balance (in units)	180,225	180,225	180,225	180,225	180,225
General Partnership
Increase (Decrease) in Partners' Capital
Balance			$ (413,280)	$ (376,827)
Balance (in units)			1,802	1,802
Distribution to Partners			$ (35,065)	$ (35,069)
Stock Buyback				(3,941)
Net income			2,003	23,946
Balance	$ (446,342)	$ (391,891)	$ (446,342)	$ (391,891)	$ (446,342)
Balance (in units)	1,802	1,802	1,802	1,802	1,802
Treasury Units
Increase (Decrease) in Partners' Capital
Balance (in units)			(58,469)	(58,247)
Stock Buyback (in units)				(222)
Balance (in units)	(58,469)	(58,469)	(58,469)	(58,469)	(58,469)
Class A
Increase (Decrease) in Partners' Capital
Balance			$ (33,203,447)	$ (30,287,245)
Balance (in units)			144,180	144,180
Distribution to Partners			$ (2,805,265)	$ (2,805,515)
Stock Buyback				(315,220)
Net income			160,261	1,915,640
Balance	$ (35,848,451)	$ (31,492,340)	$ (35,848,451)	$ (31,492,340)	$ (35,848,451)
Balance (in units)	144,180	144,180	144,180	144,180	144,180
Class B
Increase (Decrease) in Partners' Capital
Balance			$ (7,852,318)	$ (7,159,715)
Balance (in units)			34,243	34,243
Distribution to Partners			$ (666,251)	$ (666,310)
Stock Buyback				(74,870)
Net income			38,062	454,965
Balance	$ (8,480,507)	$ (7,445,930)	$ (8,480,507)	$ (7,445,930)	$ (8,480,507)
Balance (in units)	34,243	34,243	34,243	34,243	34,243

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities
Net income	$ 200,326	$ 2,394,551
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	11,806,561	13,779,797
Amortization of deferred finance costs	179,879	179,795
(Income) from investments in joint venture	796,725	(669,098)
Allowance for doubtful accounts	906,986	1,094,588
Change in operating assets and liabilities
Proceeds from unconsolidated joint ventures	27,250	20,000
(Increase) in rents receivable	(498,584)	(1,734,831)
Increase (Decrease) in accounts payable and accrued expense	413,183	(508,534)
(Increase) in real estate tax escrow	(32,970)	(56,650)
(Increase) in prepaid expenses and other assets	(1,195,693)	(311,297)
Increase (Decrease) in advance rental payments and security deposits	244,888	(883,556)
Total Adjustments	12,648,225	10,910,214
Net cash provided by operating activities	12,848,551	13,304,765
Cash Flows From Investing Activities
Distribution in excess of investment in unconsolidated joint ventures	603,202	1,186,732
(Investment) in unconsolidated joint ventures	(40,702)	(11,732)
Improvement of rental properties	(2,230,442)	(2,254,130)
Net cash provided by (used in) investing activities	(1,667,942)	(1,079,130)
Cash Flows from Financing Activities
Payment of financing costs		(136,326)
Proceeds of mortgage notes payable		3,781,877
Payment of note payable		(1,000,000)
Principal payments of mortgage notes payable	(1,704,743)	(1,668,702)
Stock buyback		(394,031)
Distributions to partners	(3,506,581)	(3,506,894)
Net cash provided by (used in) provided by financing activities	(5,211,324)	(2,924,076)
Net Increase (Decrease) in Cash and Cash Equivalents	5,969,285	9,301,559
Cash and Cash Equivalents, at beginning of period	18,646,972	7,546,324
Cash and Cash Equivalents, at end of period	$ 24,616,257	$ 16,847,883

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2021
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 29 properties which include 21 residential buildings; 4 mixed use residential, retail and office buildings; 3 commercial buildings and individual units at one condominium complex. These properties total 50 Basis of Presentation: 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 seven 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: Investment 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 and beyond, the carrying values of some investments 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: Revenue Recognition: 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 Partnership evaluates the non-lease components (lease arrangements that include common area maintenance services) with related lease components (lease revenues). If both the timing and pattern of transfer are the same for the non-lease component and related lease component, the lease component is the predominant component. The Partnership elected an allowed practical expedient. For (i) operating lease arrangements involving real estate that include common area maintenance services and (ii) all real estate arrangements that include real estate taxes and insurance costs, we present these amounts within lease revenues in our consolidated statements of income. We record amounts reimbursed by the lessee in the period in which the applicable expenses are incurred. Rental Properties: 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. Leasing Fees: Deferred Financing Costs 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 2021 or 2020 other than net income as reported. Income (Loss) 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: Partner’s Capital). 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 2021 or 2020. The Partnership makes its temporary cash investments with high- credit quality financial institutions. At September 30, 2021, 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 0.02%. At September 30, 2021 and December 31, 2020, respectively approximately $26,151,000, and $18,830,000 of cash and cash equivalents, and security deposits included in prepaid expenses and other assets exceeded federally insured amounts. Advertising Expense: Rental Property Held or Sale: Interest Capitalized: 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	9 Months Ended
RENTAL PROPERTIES	Sep. 30, 2021
RENTAL PROPERTIES
RENTAL PROPERTIES	NOTE 2. RENTAL PROPERTIES As of September 30, 2021, the Partnership and its Subsidiary Partnerships owned 2,892 residential apartment units in 25 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 September 30, 2021, 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 seven residential and mixed use complexes (the “Investment Properties”) at September 30, 2021 with a total of 688 apartment units, accounted for using the equity method of consolidation. See Note 14 for summary information on these investments. Rental properties consist of the following: September 30, 2021 December 31, 2020 Useful Life Land, improvements and parking lots $ 86,880,374 $ 86,867,393 15 - 40 years Buildings and improvements 253,764,973 253,322,865 15 - 40 years Kitchen cabinets 17,501,660 17,157,121 5 - 10 years Carpets 11,791,250 11,146,634 5 - 10 years Air conditioning 501,697 501,697 5 - 10 years Laundry equipment 608,271 608,271 5 - 7 years Elevators 1,885,265 1,885,265 20 - 40 years Swimming pools 1,092,194 1,092,194 10 - 30 years Equipment 18,089,078 17,596,043 5 - 30 years Motor vehicles 211,660 211,660 5 years Fences 46,872 46,872 5 - 15 years Furniture and fixtures 7,990,300 7,697,137 5 - 7 years Smoke alarms 496,641 496,641 5 - 7 years Total fixed assets 400,860,235 398,629,793 Less: Accumulated depreciation (145,746,157) (134,019,906) $ 255,114,078 $ 264,609,887

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2021
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 of rental revenue and laundry income on the majority of the Partnership’s properties and 3% on Linewt. Total fees paid were approximately $1,868,000 and $1,863,000 for the nine months ended September 30, 2021 and 2020, 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 nine months ended September 30, 2021 and 2020, approximately $766,000 and $816,000, was charged to NERA for legal, accounting, construction, maintenance, brokerage fees, rental and architectural services and supervision of capital improvements. Of the 2021 expenses referred to above, approximately $177,000 consisted of repairs and maintenance, and $177,000 of administrative expense. Approximately $413,000 of expenses for construction, architectural services and supervision of capital projects were capitalized in rental properties. Additionally in 2021, the Hamilton Company received approximately $494,000 from the Investment Properties of which approximately $413,000 was the management fee, approximately $30,000 was for maintenance services, approximately $18,000 was for administrative services and approximately $33,000 for construction, architectural services and supervision of capital projects. The management fee is equal to 4% of gross receipts of 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 $2,759,000 and $2,571,000 for the nine months ended September 30, 2021 and 2020, respectively. The Management Company maintains a 401K plan for all eligible employees whereby the employees may contribute the maximum allowed by law. The plan also provides for discretionary contributions by the employer. For the nine months ended September 30, 2021, the Partnership accrued $33,000 for the employer’s match portion to the plan. For the nine months ended September 30, 2020, the Partnership contributed $33,000 for the employer’s match portion to the plan. Bookkeeping and accounting functions are provided by the Management Company’s accounting staff, which consists of approximately 14 people. During the nine months ended September 30, 2021 and 2020, the Management Company charged the Partnership $93,750 ($125,000 per year) for bookkeeping and accounting services included in administrative expenses above. The Partnership has invested in seven limited partnerships, which have invested in mixed use residential apartment complexes. The Partnership has a 40% to 50% ownership interest in each investment property. The other investors are the Brown family related entities, and five current and previous employees of the Management Company. The Brown Family related entities’ ownership interest was between 47.6% and 59%. See Note 14 for a description of the properties and their operations.

OTHER ASSETS

OTHER ASSETS	9 Months Ended
OTHER ASSETS	Sep. 30, 2021
OTHER ASSETS
OTHER ASSETS	NOTE 4. PREPAID EXPENSES and OTHER ASSETS Approximately $3,000,000, and $2,830,000 of security deposits are included in prepaid expenses and other assets at September 30, 2021 and December 31, 2020, respectively. The security deposits and escrow accounts are restricted cash. Also, included in prepaid expenses and other assets at September 30, 2021 and December 31, 2020 is approximately $1,530,000 and $1,073,000, respectively, held in escrow to fund future capital improvements. Intangible assets on the acquisition of Mill Street Apartments are included in prepaid expenses and other assets. Intangible assets are approximately $32,000 net of accumulated amortization of approximately $1,386,000 and approximately $51,000 net of accumulated amortization of approximately $1,367,000 at September 30, 2021 and December 31, 2020, respectively. Financing fees in association with the line of credit of approximately $28,000 and $42,000 are net of accumulated amortization of approximately $34,000 and $6,000 at September 30, 2021 and December 31, 2020 respectively.

MORTGAGE NOTES PAYABLE

MORTGAGE NOTES PAYABLE	9 Months Ended
MORTGAGE NOTES PAYABLE	Sep. 30, 2021
MORTGAGE NOTES PAYABLE
MORTGAGE NOTES PAYABLE	NOTE 5. MORTGAGE NOTES PAYABLE At September 30, 2021 and December 31, 2020, the mortgages payable consisted of various loans, all of which were secured by first mortgages on properties referred to in Note 2. At September 30, 2021, the interest rates on these loans ranged from 3.53% to 5.66%, payable in monthly installments aggregating approximately $1,257,000 including principal, to various dates through 2035.The majority of the mortgages are subject to prepayment penalties. At September 30, 2021, the weighted average interest rate on the above mortgages was 4.43%. The effective rate of 4.51% 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. Financing fees of approximately $1,165,000 and $1,345,000 are net of accumulated amortization of approximately $1,744,000 and $1,564,000 at September 30, 2021 and December 31, 2020, respectively, which offset the total mortgage notes payable. The Partnership has pledged tenant leases as additional collateral for certain of these loans. Approximate annual maturities at September 30, 2021 are as follows: 2022—current maturities $ 2,743,000 2023 102,672,000 2024 10,935,000 2025 3,260,000 2026 24,870,000 Thereafter 138,605,000 283,085,000 Less: unamortized deferred financing costs (1,165,000) $ 281,920,000 On March 31, 2020, Nera Brookside Associates, LLC (“Brookside Apartments”), entered into a Mortgage Note with KeyBank National Associates ( KeyBank) in the principal amount of $6,175,000. Interest only payments on the Note are payable on a monthly basis at a fixed interest rate of 3.53% per annum, and the principal amount of the Note is due and payable on April 1, 2035. The Note is secured by a mortgage on the Brookside apartment complex located at 5-12 Totman Drive, Woburn, Massachusetts pursuant to a Mortgage, Assignment of Leases and Rents and Security Agreement dated March 31, 2020. The Note is guaranteed by the Partnership pursuant to a Guaranty Agreement dated March 31, 2020. Brookside Apartments used the proceeds of the loan to pay off an outstanding loan of approximately $2,390,000, with the remaining portion of the proceeds added to cash reserves. In connection with this refinancing, there were closing costs of approximately $136,000. 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 was for one 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 distributions, 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 20 On December 19, 2019, the Partnership drew down on the line of credit in the amount of The line of credit agreement has several covenants, such as providing cash flow projections and compliance certificates, as well as other financial information. The covenants include, but are not limited to the following: maintain a leverage ratio that does not exceed 65%; aggregate increase in indebtedness of the subsidiaries and joint ventures should not exceed $15,000,000; maintain a tangible net worth (as defined in the agreement) of a minimum of $150,000,000; a minimum ratio of net operating income to total indebtedness of at least 9.5%; debt service coverage ratio of at least 1.6 to 1, as well as other items. As of September 30, 2021, the Partnership was not in compliance with the loan covenants required by the terms of the line of credit, eliminating any additional advances. The Partnership is currently in compliance with the loan covenants under the terms of the October 29, 2021 loan extension and modification. On October 29, 2021, t million during the modification period. The modification period covers the current period and phases out by December 31, 2022. During this period, the loan covenants are modified from a minimum consolidated debt service ratio of until December 31, 2022. Once the financial performance of the Partnership meets the original covenant tests for the trailing 12-month period, the commitment amount will return to .

ADVANCE RENTAL PAYMENTS AND SEC

ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS	9 Months Ended
ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS	Sep. 30, 2021
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 September 30, 2021, amounts received for prepaid rents of approximately $2,042,000 are included in cash and cash equivalents, and security deposits of approximately $3,000,000 are included in prepaid expenses and other assets and are restricted cash.

PARTNERS' CAPITAL

PARTNERS' CAPITAL	9 Months Ended
PARTNERS' CAPITAL	Sep. 30, 2021
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 distributions made to the total units outstanding. All classes have equal profit sharing and distribution rights, in proportion to their ownership interests. In January 2021, the Partnership approved a quarterly distribution of $9.60 per Unit ($0.32 per Receipt), payable on March 31, 2021. In April 2021, the Partnership approved a quarterly distribution of $9.60 per Unit ($0.32 per Receipt), payable on June 30, 2021. In July 2021, the Partnership approved a quarterly distribution of $9.60 per Unit ($0.32 per Receipt), payable on September 30, 2021. In 2020, regular quarterly distributions of $9.60 per unit ($0.32 per receipt), were paid in March, June, September and December. 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: Nine Months Ended September 30, 2021 2020 Net Income per Depositary Receipt $ 0.05 $ 0.66 Distributions per Depositary Receipt $ 0.96 $ 0.96

TREASURY UNITS

TREASURY UNITS	9 Months Ended
TREASURY UNITS	Sep. 30, 2021
TREASURY UNITS
TREASURY UNITS	NOTE 8. TREASURY UNITS Treasury Units at September 30, 2021 are as follows: Class A 46,775 Class B 11,109 General Partnership 585 58,469 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 . During the nine months ended September 30, 2021, the Partnership did not purchase any Depositary Receipts.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2021
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 its 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. The Massachusetts economy has opened significantly since the spring of 2021 with the lifting of COVID-19 restrictions and the state of emergency. Colleges and universities resumed on-campus learning in the fall. Vacancy rates at the Partnership’s properties are back in line with pre-COVID levels. However, the COVID-19 pandemic continues to spread as new variants emerge even as the percentage of the population who have been vaccinated increases. There is considerable uncertainty as to when the pandemic will end and what effects it will have on the economy as it continues. The COVID-19 pandemic may cause financial hardships to our residential and commercial tenants leading to their inability to pay rent. The pandemic may also cause reduced demand for our commercial space and residential units which would have a negative impact on the Partnership’s financial performance.

RENTAL INCOME

RENTAL INCOME	9 Months Ended
RENTAL INCOME	Sep. 30, 2021
RENTAL INCOME
RENTAL INCOME	NOTE 10. RENTAL INCOME During the nine months ended September 30, 2021, approximately 95% 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 5% was related to commercial properties, which have minimum future annual rental income on non-cancellable operating leases at September 30, 2021 as follows: Commercial Property Leases 2022 $ 2,119,000 2023 1,472,000 2024 935,000 2025 460,000 2026 241,000 Thereafter 410,000 $ 5,637,000 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 $417,000 and $383,000 for the nine months ended September 30, 2021 and 2020 respectively. Staples and Trader Joe’s, tenants at Staples Plaza, are approximately 32% of the total commercial rental income. The following information is provided for commercial leases: Annual base Percentage of rent for Total square feet Total number of annual base rent for Through September 30, expiring leases for expiring leases leases expiring expiring leases 2022 $ 975,407 61,058 21 38 % 2023 300,556 9,894 6 11 % 2024 778,079 26,033 12 30 % 2025 135,210 2,461 4 5 % 2026 247,084 4,858 5 10 % 2027 — — — — % 2028 — — — — % 2029 142,450 3,850 1 6 % 2030 — — — — % 2031 — — — — % Totals $ 2,578,786 108,154 49 100 % Rents receivable are net of an allowance for doubtful accounts of approximately $907,000 and $1,454,000 at September 30, 2021 and December 31, 2020. Included in rents receivable at September 30, 2021 is approximately $94,000 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 at 62 Boylston Street, Cypress Street, and 53 Lincoln Street in Massachusetts. Rents receivable at September 30, 2021 also includes approximately $368,000 representing the deferral of rental concession primarily related to the residential properties.

CASH FLOW INFORMATION

CASH FLOW INFORMATION	9 Months Ended
CASH FLOW INFORMATION	Sep. 30, 2021
CASH FLOW INFORMATION
CASH FLOW INFORMATION	NOTE 11. CASH FLOW INFORMATION During the nine months ended September 30, 2021 and 2020, cash paid for interest was approximately $9,985,000, and $9,973,000 respectively. Cash paid for state income taxes was approximately $70,000 and $82,000 during the nine months ended September 30, 2021 and 2020 respectively. Additionally, during the nine months ended September 30, 2020, the Partnership was involved in a non-cash financing activity of approximately $2,393,000 in connection with the refinancing of Brookside Apartments.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 30, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 12. FAIR VALUE MEASUREMENTS Fair Value Measurements on a Recurring Basis At September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020 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 September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020, 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 September 30, 2021 * $ 281,919,669 $ 299,593,793 At December 31, 2020 * $ 283,444,533 $ 303,993,142 Investment Properties At September 30, 2021 * $ 166,230,563 $ 177,911,510 At December 31, 2020 * $ 166,308,029 $ 179,647,759 * Net of unamortized deferred financing costs Disclosure about fair value of financial instruments is based on pertinent information available to management as of September 30, 2021 and December 31, 2020. 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 September 30, 2021 and current estimates of fair value may differ significantly from the amounts presented herein.

TAXABLE INCOME AND TAX BASIS

TAXABLE INCOME AND TAX BASIS	9 Months Ended
TAXABLE INCOME AND TAX BASIS	Sep. 30, 2021
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, different depreciation methods, different tax lives, other items with limited tax deductibility and timing differences related to prepaid rents, allowances and intangible assets at significant acquisitions. Federal taxable income of approximately $8,578,000 was approximately $7,153,000 more than statement income for the year ended December 31, 2020.The Federal cumulative tax basis of the Partnership’s real estate at December 31, 2020 is approximately $7,332,000 more than the statement basis. The primary reasons for the difference in tax basis are tax free exchanges, accelerated depreciation and bonus depreciation. The Partnership’s Federal tax basis in its joint venture investments is approximately $1,476,000 more than statement basis. State taxable income may be significantly different due to different tax treatments for certain items. 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. 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 September 30, 2021, the tax years that generally remain subject to examination by the major tax jurisdictions under the statute of limitations is from the year 2017 forward.

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	9 Months Ended
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	Sep. 30, 2021
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	NOTE 14. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES The Partnership has invested in seven limited partnerships and limited liability companies, the majority of which have invested in residential apartment complexes, with three Joint Ventures investing in commercial property. The Partnership has between a 40%-50% ownership interests in each investment. The other investors are the Brown Family related entities and five current and former employees of the Management Company. The Brown Family’s ownership interest was between 47.6% and 59%, 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, Hamilton Park Towers LLC, referred to as Dexter Park, or Hamilton Park, is a 409 unit residential complex. The purchase price was $129,500,000. The original mortgage was $89,914,000 with an interest rate of 5.57% and was to mature in 2019. The mortgage called for interest only payments for the first two years of the loan and amortized over 30 years thereafter. On May 31, 2018, Hamilton Park Towers, LLC , entered into a Mortgage Note with John Hancock Life Insurance Company (U.S.A.) in the principal amount of $125,000,000. Interest only payments on the Note are payable on a monthly basis at a fixed interest rate of 3.99% per annum, and the principal amount of the Note is due and payable on June 1, 2028. The Note is secured by a mortgage on the Dexter Park apartment complex located at 175 Freeman Street, Brookline, Massachusetts pursuant to a Mortgage, Assignment of Leases and Rents and Security Agreement dated May 31, 2018. The Note is guaranteed by the Partnership and HBC Holdings, LLC pursuant to a Guaranty Agreement dated May 31, 2018. Hamilton Park used the proceeds of the loan to pay off an outstanding loan of approximately $82,000,000 and distributed approximately $41,200,000 to its’ owners. The Partnership’s share of the distribution was approximately $16,500,000. As a result of the distribution, the carrying value of the investment fell below zero. The Partnership will continue to account for the investment using the equity method of accounting, although the Partnership has no legal obligation to fund its’ share of any future operating deficiencies as needed. In connection with this refinancing, the property incurred a defeasance charge of approximately $3,830,000. Based on its’ ownership in the property, the Partnership incurred 40% of this charge, an expense of approximately $1,532,000. At September 30, 2021, the balance on this mortgage before unamortized deferred financing costs is $125,000,000 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 Joint Venture planned to operate the building and initiate development of the parking lot. In June 2007, the Joint Venture 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 Joint Venture restructured the mortgages on both parcels at Essex 81. On September 28, 2015, Hamilton Essex Development, LLC paid off the outstanding mortgage balance of $1,952,286 . The Partnership made a capital contribution of to Hamilton Essex Development LLC for its share of the funds required for the transaction. Additionally, the Partnership made a capital contribution of to Hamilton Essex 81, LLC. On September 30, 2015, Hamilton Essex 81, LLC obtained a new 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 Joint Venture sold 127 of the units as condominiums and retained 49 units for long-term investment. The Joint Venture obtained a new 10-year mortgage in the amount of $5,000,000 on the units to be retained by the Joint Venture. The interest on the new loan was 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. On July 8, 2016, Hamilton 1025 LLC paid off the outstanding balance of the mortgage balance. The Partnership made a capital contribution of $2,359,500 to Hamilton 1025, LLC for its share of the funds required for the transaction. After paying off the mortgage, the Partnership began to sell off the individual units. In 2019, all residential units were sold. The Partnership still owns the commercial building. This investment is referred to as Hamilton 1025, LLC. In September 2004, the Partnership invested approximately $5,075,000 for a 50% ownership interest in a 42-unit apartment complex located in Lexington, Massachusetts. The purchase price was $10,100,000. In October 2004, the Joint Venture obtained a mortgage on the property in the amount of $8,025,000 and returned $3,775,000 to the Partnership. The Joint Venture obtained a new 10-year mortgage in the amount of $5,500,000 in January 2007. The interest on the new loan was 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. On September 12, 2016, the property was refinanced with a 15 year mortgage in the amount of $6,000,000, at 3.71%, interest only. The Joint Venture Partnership paid off the prior mortgage of approximately $5,158,000 with the proceeds of the new mortgage and made a distribution of $385,000 to the Partnership. The cost associated with the refinancing was approximately $123,000. At September 30, 2021, the balance on this mortgage before unamortized deferred financing costs is approximately $6,000,000. In 2018, 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 to fund its share of any future operating deficiencies, if needed. 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 Joint Venture 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 paid off the prior mortgage of approximately 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 Joint Venture paid off the prior mortgage of approximately $6,776,000 with the proceeds of the new mortgage. After the refinancing, the Joint Venture 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 Summary financial information at September 30, 2021 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total ASSETS Rental Properties $ 6,376,891 $ 2,588,792 $ 5,139,866 $ 82,371 $ 4,766,334 $ 14,522,033 $ 79,175,187 $ 112,651,474 Cash & Cash Equivalents 230,394 73,049 154,633 9,776 231,357 602,344 2,135,096 3,436,649 Rent Receivable 65,313 13,744 23,113 7,081 7,285 38,832 236,721 392,089 Real Estate Tax Escrow 77,685 — 62,506 — 40,025 117,318 — 297,534 Prepaid Expenses & Other Assets 311,513 67,410 123,115 685 30,592 195,099 1,956,585 2,684,999 Total Assets $ 7,061,796 $ 2,742,995 $ 5,503,233 $ 99,913 $ 5,075,593 $ 15,475,626 $ 83,503,589 $ 119,462,745 LIABILITIES AND PARTNERS’ CAPITAL Mortgage Notes Payable $ 9,944,844 $ — $ 8,944,849 $ — $ 5,918,506 $ 16,853,184 $ 124,569,180 $ 166,230,563 Accounts Payable & Accrued Expense 82,137 2,250 99,583 2,711 67,629 169,515 804,862 1,228,687 Advance Rental Pmts & Security Deposits 189,746 — 247,951 — 154,400 474,463 2,427,394 3,493,954 Total Liabilities 10,216,727 2,250 9,292,383 2,711 6,140,535 17,497,162 127,801,436 170,953,204 Partners’ Capital (3,154,931) 2,740,745 (3,789,150) 97,202 (1,064,942) (2,021,536) (44,297,847) (51,490,459) Total Liabilities and Capital $ 7,061,796 $ 2,742,995 $ 5,503,233 $ 99,913 $ 5,075,593 $ 15,475,626 $ 83,503,589 $ 119,462,745 Partners’ Capital %—NERA 50 % 50 % 50 % 50 % 50 % 50 % 40 % Investment in Unconsolidated Joint Ventures $ — $ 1,370,373 $ — $ 48,601 $ — $ — $ — 1,418,974 Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures $ (1,577,467) $ — $ (1,894,576) $ — $ (532,471) $ (1,010,769) $ (17,719,140) (22,734,423) Total Investment in Unconsolidated Joint Ventures (Net) $ (21,315,449) Total units/condominiums Apartments 48 — 40 175 42 148 409 862 Commercial 1 1 — 1 — — — 3 Total 49 1 40 176 42 148 409 865 Units to be retained 49 1 40 1 42 148 409 690 Units to be sold — — — 175 — — — 175 Units sold through November 1, 2021 — — — 175 — — — 175 Financial information for the nine months ended September 30, 2021 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total Revenues Rental Income $ 856,569 $ 168,431 $ 1,019,465 $ 75,148 $ 865,196 $ 2,491,414 $ 9,513,069 $ 14,989,292 Laundry and Sundry Income 9,194 — 112 — 4,548 27,837 73,067 114,758 865,763 168,431 1,019,577 75,148 869,744 2,519,251 9,586,136 15,104,050 Expenses Administrative 70,445 2,103 22,651 2,140 11,485 49,372 160,336 318,532 Depreciation and Amortization 358,788 15,223 257,314 2,448 253,180 813,435 2,795,700 4,496,088 Management Fees 29,181 6,187 40,288 2,843 34,592 97,262 202,975 413,328 Operating 129,400 — 42,137 231 78,038 315,638 761,854 1,327,298 Renting 81,149 — 46,108 — 1,095 71,772 415,221 615,345 Repairs and Maintenance 123,467 520 100,182 — 86,566 446,677 1,506,426 2,263,838 Taxes and Insurance 195,974 45,037 131,574 14,535 107,198 336,333 1,812,549 2,643,200 988,404 69,070 640,254 22,197 572,154 2,130,489 7,655,061 12,077,629 Income Before Other Income (122,641) 99,361 379,323 52,951 297,590 388,762 1,931,075 3,026,421 Other Income (Loss) Interest Expense (184,542) — (269,993) — (177,757) (568,246) (3,792,615) (4,993,153) Interest Income — Other Income — — — — — — 1,222 1,222 (184,542) — (269,993) — (177,757) (568,246) (3,791,393) (4,991,931) Net Income (Loss) $ (307,183) $ 99,361 $ 109,330 $ 52,951 $ 119,833 $ (179,484) $ (1,860,318) $ (1,965,510) Net Income (Loss)—NERA 50% $ (153,593) $ 49,681 $ 54,665 $ 26,476 $ 59,917 $ (89,742) (52,597) Net Income (Loss) —NERA 40% $ (744,128) (744,128) $ (796,725) Financial information for the three months ended September 30, 2021 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total Revenues Rental Income $ 414,497 $ 111,191 $ 343,674 $ 26,410 $ 293,988 $ 827,140 $ 3,300,261 $ 5,317,161 Laundry and Sundry Income 2,986 — — 1,243 9,796 23,706 37,731 417,483 111,191 343,674 26,410 295,231 836,936 3,323,967 5,354,892 Expenses Administrative 16,576 750 7,129 651 3,824 14,592 65,606 109,128 Depreciation and Amortization 120,266 5,074 86,449 816 84,827 272,874 938,058 1,508,364 Management Fees 17,335 6,187 13,943 1,272 11,716 32,831 73,512 156,796 Operating 60,232 — 16,060 55 23,542 101,948 260,794 462,631 Renting 26,272 — 12,174 — 375 20,213 222,664 281,698 Repairs and Maintenance 41,335 — 35,687 — 30,184 177,652 599,156 884,014 Taxes and Insurance 64,799 15,228 44,194 4,634 36,986 115,028 614,622 895,491 346,815 27,239 215,636 7,428 191,454 735,138 2,774,412 4,298,122 Income Before Other Income 70,668 83,952 128,038 18,982 103,777 101,798 549,555 1,056,770 Other Income (Loss) Interest Expense (61,827) — (89,248) — (59,880) (191,453) (1,263,383) (1,665,791) Other income — — — — — — — (61,827) — (89,248) — (59,880) (191,453) (1,263,383) (1,665,791) Net Income (Loss) $ 8,841 $ 83,952 $ 38,790 $ 18,982 $ 43,897 $ (89,655) $ (713,828) $ (609,021) Net Income (Loss)—NERA 50% $ 4,421 $ 41,976 $ 19,395 $ 9,491 $ 21,949 $ (44,829) 52,403 Net Income (Loss)—NERA 40% $ (285,533) (285,533) $ (233,130) Future annual mortgage maturities at September 30, 2021 are as follows: Hamilton 345 Hamilton Hamilton on Dexter Period End Essex 81 Franklin Minuteman Main Apts Park Total 9/30/2022 $ — $ 219,910 $ — $ — $ — $ 219,910 9/30/2023 — 228,573 — — — 228,573 9/30/2024 — 237,577 — 16,900,000 — 17,137,577 9/30/2025 10,000,000 246,936 — — — 10,246,936 9/30/2026 — 256,664 — — — 256,664 Thereafter — 7,800,134 6,000,000 — 125,000,000 138,800,134 10,000,000 8,989,794 6,000,000 16,900,000 125,000,000 166,889,794 Less: unamortized deferred financing costs (55,156) (44,945) (81,494) (46,816) (430,820) (659,231) $ 9,944,844 $ 8,944,849 $ 5,918,506 $ 16,853,184 $ 124,569,180 $ 166,230,563 At September 30, 2021 the weighted average interest rate on the above mortgages was 3.91%. The effective rate was 3.97% including the amortization expense of deferred financing costs. Summary financial information at September 30, 2020 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total ASSETS Rental Properties $ 6,758,283 $ 2,591,281 $ 5,439,844 $ 85,635 $ 5,077,525 $ 15,343,928 $ 81,537,329 $ 116,833,825 Cash & Cash Equivalents 281,585 70,894 183,638 12,305 210,705 610,816 2,870,227 4,240,170 Rent Receivable 220,578 48,878 11,367 811 — 46,780 501,843 830,257 Real Estate Tax Escrow 66,248 — 57,079 — 31,378 92,122 — 246,827 Prepaid Expenses & Other Assets 319,434 84,898 82,969 2,129 26,428 162,421 1,406,740 2,085,019 Total Assets $ 7,646,128 $ 2,795,951 $ 5,774,897 $ 100,880 $ 5,346,036 $ 16,256,067 $ 86,316,139 $ 124,236,098 LIABILITIES AND PARTNERS’ CAPITAL Mortgage Notes Payable $ 9,931,055 $ — $ 9,149,766 $ — $ 5,910,322 $ 16,837,132 $ 124,504,557 $ 166,332,832 Accounts Payable & Accrued Expense 53,569 2,400 101,651 15,038 64,341 168,318 762,288 1,167,605 Advance Rental Pmts& Security Deposits 202,659 — 217,832 — 157,932 435,679 2,053,602 3,067,704 Total Liabilities 10,187,283 2,400 9,469,249 15,038 6,132,595 17,441,129 127,320,447 170,568,141 Partners’ Capital (2,541,155) 2,793,551 (3,694,352) 85,842 (786,559) (1,185,062) (41,004,308) (46,332,043) Total Liabilities and Capital $ 7,646,128 $ 2,795,951 $ 5,774,897 $ 100,880 $ 5,346,036 $ 16,256,067 $ 86,316,139 $ 124,236,098 Partners’ Capital %—NERA 50 % 50 % 50 % 50 % 50 % 50 % 40 % Investment in Unconsolidated Joint Ventures $ — $ 1,396,776 $ — $ 42,921 $ — $ — $ — $ 1,439,697 Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures $ (1,270,579) $ — $ (1,847,175) $ — $ (393,280) $ (592,531) $ (16,401,724) (20,505,288) Total Investment in Unconsolidated Joint Ventures (Net) $ (19,065,591) Total units/condominiums Apartments 48 — 40 175 42 148 409 862 Commercial 1 1 — 1 — — — 3 Total 49 1 40 176 42 148 409 865 Units to be retained 49 1 40 1 42 148 409 690 Units to be sold — — — 175 — — — 175 Units sold through November 1, 2020 — — — 175 — — — 175 Financial information for the nine months ended September 30, 2020 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total Revenues Rental Income $ 940,486 $ 68,726 $ 1,182,050 $ 65,486 $ 883,075 $ 2,648,277 $ 11,676,769 $ 17,464,869 Laundry and Sundry Income 9,288 — 498 — 1,915 26,135 60,266 98,102 949,774 68,726 1,182,548 65,486 884,990 2,674,412 11,737,035 17,562,971 Expenses Administrative 15,451 3,044 23,860 11,769 10,281 43,466 136,437 244,308 Depreciation and Amortization 365,779 15,223 253,716 2,448 260,994 788,181 2,764,842 4,451,183 Management Fees 37,803 2,203 45,548 2,587 35,212 100,654 234,155 458,162 Operating 64,247 — 51,077 147 69,487 255,794 778,020 1,218,772 Renting 6,430 — 29,776 — 7,440 52,202 211,830 307,678 Repairs and Maintenance 94,415 3,180 79,254 — 71,112 388,818 1,094,213 1,730,992 Taxes and Insurance 192,490 45,784 120,056 12,701 108,214 346,997 1,716,234 2,542,476 776,615 69,434 603,287 29,652 562,740 1,976,112 6,935,731 10,953,571 Income Before Other Income 173,159 (708) 579,261 35,834 322,250 698,300 4,801,304 6,609,400 Other Income (Loss) Interest Expense (236,053) — (278,456) — (178,402) (574,239) (3,804,746) (5,071,896) Interest Income — — — — — — — Gain on sale of Real Estate — — — — — — — — (236,053) — (278,456) — (178,402) (574,239) (3,804,746) (5,071,896) Net Income (Loss) $ (62,894) $ (708) $ 300,805 $ 35,834 $ 143,848 $ 124,061 $ 996,558 $ 1,537,504 Net Income (Loss)—NERA 50% $ (31,447) $ (354) $ 150,403 $ 17,917 $ 71,924 $ 62,031 270,473 Net Income (Loss)—NERA 40% $ 398,625 398,625 $ 669,098 Financial information for the three months ended September 30, 2020 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total Revenues Rental Income $ 120,398 $ 2,864 $ 334,431 $ 24,369 $ 301,865 $ 844,963 $ 3,446,320 $ 5,075,210 Laundry and Sundry Income 2,605 — — — 1,289 8,780 14,559 27,233 123,003 2,864 334,431 24,369 303,154 853,743 3,460,879 5,102,443 Expenses Administrative 3,971 844 7,531 713 3,631 13,991 43,664 74,345 Depreciation and Amortization 122,210 5,074 84,680 816 87,214 264,047 925,922 1,489,963 Management Fees 9,751 — 13,253 942 12,209 32,925 67,909 136,989 Operating 17,948 — 22,313 51 18,832 78,199 248,176 385,519 Renting 3,026 — 20,094 — 1,690 36,709 180,947 242,466 Repairs and Maintenance 27,206 134 35,879 — 32,161 154,828 582,965 833,173 Taxes and Insurance 63,090 15,328 40,342 4,021 36,038 114,523 577,282 850,624 247,202 21,380 224,092 6,543 191,775 695,222 2,626,865 4,013,079 Income Before Other Income (124,199) (18,516) 110,339 17,826 111,379 158,521 834,014 1,089,364 Other Income (Loss) Interest Expense (63,961) — (92,048) — (59,900) (191,453) (1,267,960) (1,675,322) Interest Income — — — — — — — Gain on sale of Real Estate — — — — — — — — (63,961) — (92,048) — (59,900) (191,453) (1,267,960) (1,675,322) Net Income (Loss) $ (188,160) $ (18,516) $ 18,291 $ 17,826 $ 51,479 $ (32,932) $ (433,946) $ (585,958) Net Income (Loss)—NERA 50% $ (94,080) $ (9,257) $ 9,146 $ 8,913 $ 25,740 $ (16,466) (76,005) Net Income (Loss)—NERA 40% $ (173,578) (173,578) $ (249,583)

EMPLOYEE BENEFIT 401(k) PLANS

EMPLOYEE BENEFIT 401(k) PLANS	9 Months Ended
EMPLOYEE BENEFIT 401(k) PLANS	Sep. 30, 2021
EMPLOYEE BENEFIT 401(k) PLANS
EMPLOYEE BENEFIT 401(k) PLANS	NOTE 15. EMPLOYEE BENEFIT 401(k) PLANS Effective January 1, 2019, employees of the Partnership, who meet certain minimum age and service requirements, are eligible to participate in the Management Company’s 401(k) Plan (the “401(k) Plan”). Eligible employees may elect to defer up to 90 percent of their eligible compensation on a pre-tax basis to the 401(k) Plan, subject to certain limitations imposed by federal law. The amounts contributed by employees are immediately vested and non-forfeitable. Beginning January 1, 2019, the Partnership matched 50% up to 6% of compensation deferred by each employee in the 401(k) plan. The Partnership may make discretionary matching or profit-sharing contributions to the 401(k) Plan on behalf of eligible participants in any plan year. Participants are always 100 percent vested in their pre-tax contributions and will begin vesting in any matching or profit-sharing contributions made on their behalf after two years of service with the Partnership at a rate of 20 percent per year, becoming 100 percent vested after a total of six years of service with the Partnership. Total expense recognized by the Partnership for the 401(k) Plan for the nine months ended September 30, 2021 was $33,000.

IMPACT OF RECENTLY-ISSUED ACCOU

IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS	9 Months Ended
IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS	Sep. 30, 2021
IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS
IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS	NOTE 16. IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS In April 2020, the FASB issued a Staff Question & Answer (“Q&A”) which was intended to reduce the challenges of evaluating the enforceable rights and obligations of leases for concessions granted to lessees in response to the novel coronavirus disease (“COVID-19”), which was characterized on March 11, 2020 by the World Health Organization as a pandemic. Prior to this guidance, the Partnership was required to determine, on a lease by lease basis, if a lease concession should be accounted for as a lease modification, potentially resulting in any lease concessions granted being recorded as a reduction to revenue on a straight-line basis over the remaining terms of the leases. The Q&A allows both lessors and lessees to bypass this analysis and elect not to evaluate whether concessions provided in response to the COVID-19 pandemic are lease modifications. This relief is subject to certain conditions being met, including ensuring the total remaining lease payments are substantially the same or less as compared to the original lease payments prior to the concession being granted. The Partnership has elected to apply such relief and will therefore not evaluate if lease concessions that were granted in response to the COVID-19 pandemic meet the definition of a lease modification. Accordingly, the Partnership accounted for qualifying rent concessions as negative variable lease payments, which reduced revenue from such leases in the period the concessions were granted.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2021
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 29 properties which include 21 residential buildings; 4 mixed use residential, retail and office buildings; 3 commercial buildings and individual units at one condominium complex. These properties total 50
Basis of Presentation	Basis of Presentation:
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 seven 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: Investment 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 and beyond, the carrying values of some investments 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:
Revenue Recognition	Revenue Recognition: 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 Partnership evaluates the non-lease components (lease arrangements that include common area maintenance services) with related lease components (lease revenues). If both the timing and pattern of transfer are the same for the non-lease component and related lease component, the lease component is the predominant component. The Partnership elected an allowed practical expedient. For (i) operating lease arrangements involving real estate that include common area maintenance services and (ii) all real estate arrangements that include real estate taxes and insurance costs, we present these amounts within lease revenues in our consolidated statements of income. We record amounts reimbursed by the lessee in the period in which the applicable expenses are incurred.
Rental Properties	Rental Properties: 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.
Leasing Fees and Deferred Financing Costs	Leasing Fees: Deferred Financing Costs
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 2021 or 2020 other than net income as reported.
Income (Loss) Per Depositary Receipt	Income (Loss) 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: Partner’s Capital).
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 2021 or 2020. The Partnership makes its temporary cash investments with high- credit quality financial institutions. At September 30, 2021, 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 0.02%. At September 30, 2021 and December 31, 2020, respectively approximately $26,151,000, and $18,830,000 of cash and cash equivalents, and security deposits included in prepaid expenses and other assets exceeded federally insured amounts.
Advertising Expense	Advertising Expense: Rental Property Held or Sale:
Rental Property Held for Sale	Rental Property Held or Sale:
Interest Capitalized	Interest Capitalized:
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)	9 Months Ended
RENTAL PROPERTIES (Tables)	Sep. 30, 2021
RENTAL PROPERTIES
Schedule of rental properties	September 30, 2021 December 31, 2020 Useful Life Land, improvements and parking lots $ 86,880,374 $ 86,867,393 15 - 40 years Buildings and improvements 253,764,973 253,322,865 15 - 40 years Kitchen cabinets 17,501,660 17,157,121 5 - 10 years Carpets 11,791,250 11,146,634 5 - 10 years Air conditioning 501,697 501,697 5 - 10 years Laundry equipment 608,271 608,271 5 - 7 years Elevators 1,885,265 1,885,265 20 - 40 years Swimming pools 1,092,194 1,092,194 10 - 30 years Equipment 18,089,078 17,596,043 5 - 30 years Motor vehicles 211,660 211,660 5 years Fences 46,872 46,872 5 - 15 years Furniture and fixtures 7,990,300 7,697,137 5 - 7 years Smoke alarms 496,641 496,641 5 - 7 years Total fixed assets 400,860,235 398,629,793 Less: Accumulated depreciation (145,746,157) (134,019,906) $ 255,114,078 $ 264,609,887

MORTGAGE NOTES PAYABLE (Tables)

MORTGAGE NOTES PAYABLE (Tables)	9 Months Ended
MORTGAGE NOTES PAYABLE (Tables)	Sep. 30, 2021
MORTGAGE NOTES PAYABLE
Schedule of approximate annual maturities	Approximate annual maturities at September 30, 2021 are as follows: 2022—current maturities $ 2,743,000 2023 102,672,000 2024 10,935,000 2025 3,260,000 2026 24,870,000 Thereafter 138,605,000 283,085,000 Less: unamortized deferred financing costs (1,165,000) $ 281,920,000

PARTNERS' CAPITAL (Tables)

PARTNERS' CAPITAL (Tables)	9 Months Ended
PARTNERS' CAPITAL (Tables)	Sep. 30, 2021
PARTNERS' CAPITAL
Schedule of information per depositary receipt	Nine Months Ended September 30, 2021 2020 Net Income per Depositary Receipt $ 0.05 $ 0.66 Distributions per Depositary Receipt $ 0.96 $ 0.96

TREASURY UNITS (Tables)

TREASURY UNITS (Tables)	9 Months Ended
TREASURY UNITS (Tables)	Sep. 30, 2021
TREASURY UNITS
Schedule of treasury units	Treasury Units at September 30, 2021 are as follows: Class A 46,775 Class B 11,109 General Partnership 585 58,469

RENTAL INCOME (Tables)

RENTAL INCOME (Tables)	9 Months Ended
RENTAL INCOME (Tables)	Sep. 30, 2021
RENTAL INCOME
Schedule of minimum future annual rental income on non-cancellable operating leases	Commercial Property Leases 2022 $ 2,119,000 2023 1,472,000 2024 935,000 2025 460,000 2026 241,000 Thereafter 410,000 $ 5,637,000
Schedule of information for commercial leases	Annual base Percentage of rent for Total square feet Total number of annual base rent for Through September 30, expiring leases for expiring leases leases expiring expiring leases 2022 $ 975,407 61,058 21 38 % 2023 300,556 9,894 6 11 % 2024 778,079 26,033 12 30 % 2025 135,210 2,461 4 5 % 2026 247,084 4,858 5 10 % 2027 — — — — % 2028 — — — — % 2029 142,450 3,850 1 6 % 2030 — — — — % 2031 — — — — % Totals $ 2,578,786 108,154 49 100 %

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Sep. 30, 2021
FAIR VALUE MEASUREMENTS
Schedule of carrying amounts and estimated fair value of debt	Carrying Amount Estimated Fair Value Mortgage Notes Payable Partnership Properties At September 30, 2021 * $ 281,919,669 $ 299,593,793 At December 31, 2020 * $ 283,444,533 $ 303,993,142 Investment Properties At September 30, 2021 * $ 166,230,563 $ 177,911,510 At December 31, 2020 * $ 166,308,029 $ 179,647,759 * Net of unamortized deferred financing costs

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	9 Months Ended
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	Sep. 30, 2021
Schedule of future annual mortgage maturities	Future annual mortgage maturities at September 30, 2021 are as follows: Hamilton 345 Hamilton Hamilton on Dexter Period End Essex 81 Franklin Minuteman Main Apts Park Total 9/30/2022 $ — $ 219,910 $ — $ — $ — $ 219,910 9/30/2023 — 228,573 — — — 228,573 9/30/2024 — 237,577 — 16,900,000 — 17,137,577 9/30/2025 10,000,000 246,936 — — — 10,246,936 9/30/2026 — 256,664 — — — 256,664 Thereafter — 7,800,134 6,000,000 — 125,000,000 138,800,134 10,000,000 8,989,794 6,000,000 16,900,000 125,000,000 166,889,794 Less: unamortized deferred financing costs (55,156) (44,945) (81,494) (46,816) (430,820) (659,231) $ 9,944,844 $ 8,944,849 $ 5,918,506 $ 16,853,184 $ 124,569,180 $ 166,230,563 At September 30, 2021 the weighted average interest rate on the above mortgages was 3.91%. The effective rate was 3.97% including the amortization expense of deferred financing costs.
2021
Summary of financial position and income statements relating to investment in unconsolidated joint ventures	Summary financial information at September 30, 2021 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total ASSETS Rental Properties $ 6,376,891 $ 2,588,792 $ 5,139,866 $ 82,371 $ 4,766,334 $ 14,522,033 $ 79,175,187 $ 112,651,474 Cash & Cash Equivalents 230,394 73,049 154,633 9,776 231,357 602,344 2,135,096 3,436,649 Rent Receivable 65,313 13,744 23,113 7,081 7,285 38,832 236,721 392,089 Real Estate Tax Escrow 77,685 — 62,506 — 40,025 117,318 — 297,534 Prepaid Expenses & Other Assets 311,513 67,410 123,115 685 30,592 195,099 1,956,585 2,684,999 Total Assets $ 7,061,796 $ 2,742,995 $ 5,503,233 $ 99,913 $ 5,075,593 $ 15,475,626 $ 83,503,589 $ 119,462,745 LIABILITIES AND PARTNERS’ CAPITAL Mortgage Notes Payable $ 9,944,844 $ — $ 8,944,849 $ — $ 5,918,506 $ 16,853,184 $ 124,569,180 $ 166,230,563 Accounts Payable & Accrued Expense 82,137 2,250 99,583 2,711 67,629 169,515 804,862 1,228,687 Advance Rental Pmts & Security Deposits 189,746 — 247,951 — 154,400 474,463 2,427,394 3,493,954 Total Liabilities 10,216,727 2,250 9,292,383 2,711 6,140,535 17,497,162 127,801,436 170,953,204 Partners’ Capital (3,154,931) 2,740,745 (3,789,150) 97,202 (1,064,942) (2,021,536) (44,297,847) (51,490,459) Total Liabilities and Capital $ 7,061,796 $ 2,742,995 $ 5,503,233 $ 99,913 $ 5,075,593 $ 15,475,626 $ 83,503,589 $ 119,462,745 Partners’ Capital %—NERA 50 % 50 % 50 % 50 % 50 % 50 % 40 % Investment in Unconsolidated Joint Ventures $ — $ 1,370,373 $ — $ 48,601 $ — $ — $ — 1,418,974 Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures $ (1,577,467) $ — $ (1,894,576) $ — $ (532,471) $ (1,010,769) $ (17,719,140) (22,734,423) Total Investment in Unconsolidated Joint Ventures (Net) $ (21,315,449) Total units/condominiums Apartments 48 — 40 175 42 148 409 862 Commercial 1 1 — 1 — — — 3 Total 49 1 40 176 42 148 409 865 Units to be retained 49 1 40 1 42 148 409 690 Units to be sold — — — 175 — — — 175 Units sold through November 1, 2021 — — — 175 — — — 175 Financial information for the nine months ended September 30, 2021 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total Revenues Rental Income $ 856,569 $ 168,431 $ 1,019,465 $ 75,148 $ 865,196 $ 2,491,414 $ 9,513,069 $ 14,989,292 Laundry and Sundry Income 9,194 — 112 — 4,548 27,837 73,067 114,758 865,763 168,431 1,019,577 75,148 869,744 2,519,251 9,586,136 15,104,050 Expenses Administrative 70,445 2,103 22,651 2,140 11,485 49,372 160,336 318,532 Depreciation and Amortization 358,788 15,223 257,314 2,448 253,180 813,435 2,795,700 4,496,088 Management Fees 29,181 6,187 40,288 2,843 34,592 97,262 202,975 413,328 Operating 129,400 — 42,137 231 78,038 315,638 761,854 1,327,298 Renting 81,149 — 46,108 — 1,095 71,772 415,221 615,345 Repairs and Maintenance 123,467 520 100,182 — 86,566 446,677 1,506,426 2,263,838 Taxes and Insurance 195,974 45,037 131,574 14,535 107,198 336,333 1,812,549 2,643,200 988,404 69,070 640,254 22,197 572,154 2,130,489 7,655,061 12,077,629 Income Before Other Income (122,641) 99,361 379,323 52,951 297,590 388,762 1,931,075 3,026,421 Other Income (Loss) Interest Expense (184,542) — (269,993) — (177,757) (568,246) (3,792,615) (4,993,153) Interest Income — Other Income — — — — — — 1,222 1,222 (184,542) — (269,993) — (177,757) (568,246) (3,791,393) (4,991,931) Net Income (Loss) $ (307,183) $ 99,361 $ 109,330 $ 52,951 $ 119,833 $ (179,484) $ (1,860,318) $ (1,965,510) Net Income (Loss)—NERA 50% $ (153,593) $ 49,681 $ 54,665 $ 26,476 $ 59,917 $ (89,742) (52,597) Net Income (Loss) —NERA 40% $ (744,128) (744,128) $ (796,725) Financial information for the three months ended September 30, 2021 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total Revenues Rental Income $ 414,497 $ 111,191 $ 343,674 $ 26,410 $ 293,988 $ 827,140 $ 3,300,261 $ 5,317,161 Laundry and Sundry Income 2,986 — — 1,243 9,796 23,706 37,731 417,483 111,191 343,674 26,410 295,231 836,936 3,323,967 5,354,892 Expenses Administrative 16,576 750 7,129 651 3,824 14,592 65,606 109,128 Depreciation and Amortization 120,266 5,074 86,449 816 84,827 272,874 938,058 1,508,364 Management Fees 17,335 6,187 13,943 1,272 11,716 32,831 73,512 156,796 Operating 60,232 — 16,060 55 23,542 101,948 260,794 462,631 Renting 26,272 — 12,174 — 375 20,213 222,664 281,698 Repairs and Maintenance 41,335 — 35,687 — 30,184 177,652 599,156 884,014 Taxes and Insurance 64,799 15,228 44,194 4,634 36,986 115,028 614,622 895,491 346,815 27,239 215,636 7,428 191,454 735,138 2,774,412 4,298,122 Income Before Other Income 70,668 83,952 128,038 18,982 103,777 101,798 549,555 1,056,770 Other Income (Loss) Interest Expense (61,827) — (89,248) — (59,880) (191,453) (1,263,383) (1,665,791) Other income — — — — — — — (61,827) — (89,248) — (59,880) (191,453) (1,263,383) (1,665,791) Net Income (Loss) $ 8,841 $ 83,952 $ 38,790 $ 18,982 $ 43,897 $ (89,655) $ (713,828) $ (609,021) Net Income (Loss)—NERA 50% $ 4,421 $ 41,976 $ 19,395 $ 9,491 $ 21,949 $ (44,829) 52,403 Net Income (Loss)—NERA 40% $ (285,533) (285,533) $ (233,130)
2020
Summary of financial position and income statements relating to investment in unconsolidated joint ventures	Summary financial information at September 30, 2020 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total ASSETS Rental Properties $ 6,758,283 $ 2,591,281 $ 5,439,844 $ 85,635 $ 5,077,525 $ 15,343,928 $ 81,537,329 $ 116,833,825 Cash & Cash Equivalents 281,585 70,894 183,638 12,305 210,705 610,816 2,870,227 4,240,170 Rent Receivable 220,578 48,878 11,367 811 — 46,780 501,843 830,257 Real Estate Tax Escrow 66,248 — 57,079 — 31,378 92,122 — 246,827 Prepaid Expenses & Other Assets 319,434 84,898 82,969 2,129 26,428 162,421 1,406,740 2,085,019 Total Assets $ 7,646,128 $ 2,795,951 $ 5,774,897 $ 100,880 $ 5,346,036 $ 16,256,067 $ 86,316,139 $ 124,236,098 LIABILITIES AND PARTNERS’ CAPITAL Mortgage Notes Payable $ 9,931,055 $ — $ 9,149,766 $ — $ 5,910,322 $ 16,837,132 $ 124,504,557 $ 166,332,832 Accounts Payable & Accrued Expense 53,569 2,400 101,651 15,038 64,341 168,318 762,288 1,167,605 Advance Rental Pmts& Security Deposits 202,659 — 217,832 — 157,932 435,679 2,053,602 3,067,704 Total Liabilities 10,187,283 2,400 9,469,249 15,038 6,132,595 17,441,129 127,320,447 170,568,141 Partners’ Capital (2,541,155) 2,793,551 (3,694,352) 85,842 (786,559) (1,185,062) (41,004,308) (46,332,043) Total Liabilities and Capital $ 7,646,128 $ 2,795,951 $ 5,774,897 $ 100,880 $ 5,346,036 $ 16,256,067 $ 86,316,139 $ 124,236,098 Partners’ Capital %—NERA 50 % 50 % 50 % 50 % 50 % 50 % 40 % Investment in Unconsolidated Joint Ventures $ — $ 1,396,776 $ — $ 42,921 $ — $ — $ — $ 1,439,697 Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures $ (1,270,579) $ — $ (1,847,175) $ — $ (393,280) $ (592,531) $ (16,401,724) (20,505,288) Total Investment in Unconsolidated Joint Ventures (Net) $ (19,065,591) Total units/condominiums Apartments 48 — 40 175 42 148 409 862 Commercial 1 1 — 1 — — — 3 Total 49 1 40 176 42 148 409 865 Units to be retained 49 1 40 1 42 148 409 690 Units to be sold — — — 175 — — — 175 Units sold through November 1, 2020 — — — 175 — — — 175 Financial information for the nine months ended September 30, 2020 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total Revenues Rental Income $ 940,486 $ 68,726 $ 1,182,050 $ 65,486 $ 883,075 $ 2,648,277 $ 11,676,769 $ 17,464,869 Laundry and Sundry Income 9,288 — 498 — 1,915 26,135 60,266 98,102 949,774 68,726 1,182,548 65,486 884,990 2,674,412 11,737,035 17,562,971 Expenses Administrative 15,451 3,044 23,860 11,769 10,281 43,466 136,437 244,308 Depreciation and Amortization 365,779 15,223 253,716 2,448 260,994 788,181 2,764,842 4,451,183 Management Fees 37,803 2,203 45,548 2,587 35,212 100,654 234,155 458,162 Operating 64,247 — 51,077 147 69,487 255,794 778,020 1,218,772 Renting 6,430 — 29,776 — 7,440 52,202 211,830 307,678 Repairs and Maintenance 94,415 3,180 79,254 — 71,112 388,818 1,094,213 1,730,992 Taxes and Insurance 192,490 45,784 120,056 12,701 108,214 346,997 1,716,234 2,542,476 776,615 69,434 603,287 29,652 562,740 1,976,112 6,935,731 10,953,571 Income Before Other Income 173,159 (708) 579,261 35,834 322,250 698,300 4,801,304 6,609,400 Other Income (Loss) Interest Expense (236,053) — (278,456) — (178,402) (574,239) (3,804,746) (5,071,896) Interest Income — — — — — — — Gain on sale of Real Estate — — — — — — — — (236,053) — (278,456) — (178,402) (574,239) (3,804,746) (5,071,896) Net Income (Loss) $ (62,894) $ (708) $ 300,805 $ 35,834 $ 143,848 $ 124,061 $ 996,558 $ 1,537,504 Net Income (Loss)—NERA 50% $ (31,447) $ (354) $ 150,403 $ 17,917 $ 71,924 $ 62,031 270,473 Net Income (Loss)—NERA 40% $ 398,625 398,625 $ 669,098 Financial information for the three months ended September 30, 2020 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total Revenues Rental Income $ 120,398 $ 2,864 $ 334,431 $ 24,369 $ 301,865 $ 844,963 $ 3,446,320 $ 5,075,210 Laundry and Sundry Income 2,605 — — — 1,289 8,780 14,559 27,233 123,003 2,864 334,431 24,369 303,154 853,743 3,460,879 5,102,443 Expenses Administrative 3,971 844 7,531 713 3,631 13,991 43,664 74,345 Depreciation and Amortization 122,210 5,074 84,680 816 87,214 264,047 925,922 1,489,963 Management Fees 9,751 — 13,253 942 12,209 32,925 67,909 136,989 Operating 17,948 — 22,313 51 18,832 78,199 248,176 385,519 Renting 3,026 — 20,094 — 1,690 36,709 180,947 242,466 Repairs and Maintenance 27,206 134 35,879 — 32,161 154,828 582,965 833,173 Taxes and Insurance 63,090 15,328 40,342 4,021 36,038 114,523 577,282 850,624 247,202 21,380 224,092 6,543 191,775 695,222 2,626,865 4,013,079 Income Before Other Income (124,199) (18,516) 110,339 17,826 111,379 158,521 834,014 1,089,364 Other Income (Loss) Interest Expense (63,961) — (92,048) — (59,900) (191,453) (1,267,960) (1,675,322) Interest Income — — — — — — — Gain on sale of Real Estate — — — — — — — — (63,961) — (92,048) — (59,900) (191,453) (1,267,960) (1,675,322) Net Income (Loss) $ (188,160) $ (18,516) $ 18,291 $ 17,826 $ 51,479 $ (32,932) $ (433,946) $ (585,958) Net Income (Loss)—NERA 50% $ (94,080) $ (9,257) $ 9,146 $ 8,913 $ 25,740 $ (16,466) (76,005) Net Income (Loss)—NERA 40% $ (173,578) (173,578) $ (249,583)

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Business) (Details)	Sep. 30, 2021ft²itemproperty	Sep. 30, 2020property
Residential and mixed-use properties
Line of Business
Number of Real Estate Properties	25
Number of units	2,892
Condominium
Line of Business
Number of units	19
Wholly owned properties
Line of Business
Number of Real Estate Properties	29
Wholly owned properties \| Residential buildings
Line of Business
Number of Real Estate Properties	21
Number of units	2,892
Wholly owned properties \| Mixed use residential, retail and office buildings
Line of Business
Number of Real Estate Properties	4
Wholly owned properties \| Commercial
Line of Business
Number of Real Estate Properties	3
Area of property (in square feet) \| ft²	108,043
Wholly owned properties \| Condominium
Line of Business
Number of Real Estate Properties	1
Number of units	19
Partially owned properties \| Residential and mixed-use properties
Line of Business
Number of Real Estate Properties	7
Number of units	688
Area of property (in square feet) \| ft²	12,500
Partially owned properties \| Residential and mixed-use properties \| Minimum
Line of Business
Ownership interest (as a percent)	40.00%
Partially owned properties \| Residential and mixed-use properties \| Maximum
Line of Business
Ownership interest (as a percent)	50.00%
Partially owned properties \| Car parking lot
Line of Business
Capacity of real estate property (in cars per lot)	50
Investment Properties
Line of Business
Number of units \| property	865	865
Investment Properties \| Minimum
Line of Business
Ownership interest (as a percent)	40.00%
Investment Properties \| Maximum
Line of Business
Ownership interest (as a percent)	50.00%
Investment Properties \| Residential buildings
Line of Business
Number of units \| property	862	862
Investment Properties \| Commercial
Line of Business
Number of units \| property	3	3
Investment Properties \| Partially owned properties \| Residential and mixed-use properties
Line of Business
Number of units \| property	688

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details)	Jan. 03, 2012	Sep. 30, 2021USD ($)itemshares	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Aug. 20, 2007
Principles of Consolidation
Value at which partnership investments discontinue use of equity method		$ 0
Amount of legal obligations related to investments no longer classified as equity method		$ 0
Revenue Recognition
Period for which arrears are charged against income		60 days
Deferred Financing Costs
Amortization of deferred financing costs		$ 180,000	$ 180,000
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
Single tenants		5	5
Federally uninsured amounts of cash and cash equivalents, and security deposits included in prepaid expenses and other assets		$ 26,151,000		$ 18,830,000
Advertising Expense
Advertising expense		240,814	$ 257,433
Interest Capitalized
Capitalized interest		$ 0	$ 0
Minimum
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)		0.0001%
Maximum \| Cash and cash equivalents
Concentration of Credit Risks and Financial Instruments
Interest rate on interest bearing accounts (as a percent)		0.0002%
Less Than Wholly Owned Subsidiaries [Member] \| Minimum
Principles of Consolidation
Ownership interest in each subsidiary (as a percent)		99.67%
Less Than Wholly Owned Subsidiaries [Member] \| Maximum
Principles of Consolidation
Ownership interest in each subsidiary (as a percent)		100.00%
Investment Properties
Principles of Consolidation
Number of limited liability companies/partnerships \| item		7
Investment Properties \| Minimum
Principles of Consolidation
Percentage of ownership interest		40.00%
Investment Properties \| Maximum
Principles of Consolidation
Percentage of ownership interest		50.00%
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

RENTAL PROPERTIES (Details)

RENTAL PROPERTIES (Details)	9 Months Ended
RENTAL PROPERTIES (Details)	Sep. 30, 2021USD ($)itemproperty	Dec. 31, 2020USD ($)	Sep. 30, 2020property
Rental properties
Total fixed assets	$ 400,860,235	$ 398,629,793
Less: Accumulated depreciation	(145,746,157)	(134,019,906)
Total fixed assets, net	255,114,078	264,609,887
Land, improvements and parking lots
Rental properties
Total fixed assets	$ 86,880,374	86,867,393
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	$ 253,764,973	253,322,865
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	$ 17,501,660	17,157,121
Kitchen cabinets \| Minimum
Rental properties
Useful Life	5 years
Kitchen cabinets \| Maximum
Rental properties
Useful Life	10 years
Carpets
Rental properties
Total fixed assets	$ 11,791,250	11,146,634
Carpets \| Minimum
Rental properties
Useful Life	5 years
Carpets \| Maximum
Rental properties
Useful Life	10 years
Air conditioning
Rental properties
Total fixed assets	$ 501,697	501,697
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	$ 608,271	608,271
Laundry equipment \| Minimum
Rental properties
Useful Life	5 years
Laundry equipment \| Maximum
Rental properties
Useful Life	7 years
Elevators
Rental properties
Total fixed assets	$ 1,885,265	1,885,265
Elevators \| Minimum
Rental properties
Useful Life	20 years
Elevators \| Maximum
Rental properties
Useful Life	40 years
Swimming pools
Rental properties
Total fixed assets	$ 1,092,194	1,092,194
Swimming pools \| Minimum
Rental properties
Useful Life	10 years
Swimming pools \| Maximum
Rental properties
Useful Life	30 years
Equipment
Rental properties
Total fixed assets	$ 18,089,078	17,596,043
Equipment \| Minimum
Rental properties
Useful Life	5 years
Equipment \| Maximum
Rental properties
Useful Life	30 years
Motor vehicles
Rental properties
Total fixed assets	$ 211,660	211,660
Motor vehicles \| Maximum
Rental properties
Useful Life	5 years
Fences
Rental properties
Total fixed assets	$ 46,872	46,872
Fences \| Minimum
Rental properties
Useful Life	5 years
Fences \| Maximum
Rental properties
Useful Life	15 years
Furniture and fixtures
Rental properties
Total fixed assets	$ 7,990,300	7,697,137
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	$ 496,641	$ 496,641
Smoke alarms \| Minimum
Rental properties
Useful Life	5 years
Smoke alarms \| Maximum
Rental properties
Useful Life	7 years
Wholly owned properties
RENTAL PROPERTIES
Number of properties \| item	29
Investment Properties
RENTAL PROPERTIES
Number of units \| property	865		865
Investment Properties \| Minimum
RENTAL PROPERTIES
Ownership interest (as a percent)	40.00%
Investment Properties \| Maximum
RENTAL PROPERTIES
Ownership interest (as a percent)	50.00%
Residential and mixed-use properties
RENTAL PROPERTIES
Number of units \| item	2,892
Number of properties \| item	25
Residential and mixed-use properties \| Partially owned properties
RENTAL PROPERTIES
Number of units \| item	688
Number of properties \| item	7
Residential and mixed-use properties \| Partially owned properties \| Minimum
RENTAL PROPERTIES
Ownership interest (as a percent)	40.00%
Residential and mixed-use properties \| Partially owned properties \| Maximum
RENTAL PROPERTIES
Ownership interest (as a percent)	50.00%
Residential and mixed-use properties \| Investment Properties \| Partially owned properties
RENTAL PROPERTIES
Number of units \| property	688
Condominium
RENTAL PROPERTIES
Number of units \| item	19
Condominium \| Wholly owned properties
RENTAL PROPERTIES
Number of units \| item	19
Number of properties \| item	1

RENTAL PROPERTIES (Captain Park

RENTAL PROPERTIES (Captain Parker) (Details)	Sep. 30, 2021USD ($)
RENTAL PROPERTIES
Loan balance	$ 283,085,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	3 Months Ended		9 Months Ended		12 Months Ended
RELATED PARTY TRANSACTIONS (Details)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)item	Sep. 30, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
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			$ 1,868,000	$ 1,863,000
Management fee	$ 646,059	$ 598,111	1,867,798	1,862,645
Repairs and maintenance	3,128,369	2,524,050	7,432,860	6,659,443
Administrative expense	607,478	511,812	1,819,481	1,608,664
Employer contributions in 401K plan			$ 33,000
Number of limited partnerships and limited liability companies in which the entity has invested \| item			7
Interest expense	3,393,518	3,417,348	$ 10,136,630	10,291,255
Investment Properties
RELATED PARTY TRANSACTIONS
Management fee	156,796	136,989	413,328	458,162
Repairs and maintenance	884,014	833,173	2,263,838	1,730,992
Administrative expense	109,128	74,345	$ 318,532	244,308
Number of limited partnerships and limited liability companies in which the entity has invested \| item			7
Interest expense	$ 1,665,791	$ 1,675,322	$ 4,993,153	5,071,896
Investment Properties \| Minimum
RELATED PARTY TRANSACTIONS
Ownership interest (as a percent)	40.00%		40.00%
Investment Properties \| Maximum
RELATED PARTY TRANSACTIONS
Ownership interest (as a percent)	50.00%		50.00%
Hamilton Company/Management Company
RELATED PARTY TRANSACTIONS
Number of employees having ownership interest in the investment properties \| item			5
Dexter Park
RELATED PARTY TRANSACTIONS
Management fee as percentage of gross receipts rental revenue			2.00%
Harold Brown \| Minimum
RELATED PARTY TRANSACTIONS
Ownership interest (as a percent)	47.60%		47.60%
Harold Brown \| Maximum
RELATED PARTY TRANSACTIONS
Ownership interest (as a percent)	59.00%		59.00%
General Partner or Management Company [Member]
RELATED PARTY TRANSACTIONS
Repairs and maintenance			$ 177,000
Administrative expense			177,000
Expenses for construction, architectural services and supervision of capital projects			413,000
Costs related to professional services			766,000	816,000
Management Company [Member]
RELATED PARTY TRANSACTIONS
Reimbursement to related party for payroll transfers			2,759,000	2,571,000
Employer contributions in 401K plan			$ 33,000	33,000
Number of accounting staff of related party providing bookkeeping and accounting functions \| item			14
Fees for accounting and bookkeeping services			$ 93,750	$ 93,750	$ 125,000	$ 125,000
Number of employees having ownership interest in the investment properties \| item			5
Partially owned properties
RELATED PARTY TRANSACTIONS
Management fee as percentage of gross receipts rental revenue			4.00%
Management fee			$ 413,000
Repairs and maintenance			30,000
Administrative expense			18,000
Construction, architectural services and supervision of capital projects			33,000
Amount paid to related party			$ 494,000
Residential and mixed-use properties \| Partially owned properties \| Minimum
RELATED PARTY TRANSACTIONS
Ownership interest (as a percent)	40.00%		40.00%
Residential and mixed-use properties \| Partially owned properties \| Maximum
RELATED PARTY TRANSACTIONS
Ownership interest (as a percent)	50.00%		50.00%

PREPAID EXPENSES and OTHER ASSE

PREPAID EXPENSES and OTHER ASSETS (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
OTHER ASSETS
Security deposits	$ 3,000,000	$ 2,830,000
Escrow deposits to fund future capital improvements	1,530,000	1,073,000
Deposits and escrows held for acquisitions	567,911	534,941
Intangible assets, net of accumulated amortization	32,000	51,000
Accumulated amortization on intangible assets	1,386,000	1,367,000
Financing fees, net	$ 28,000	$ 42,000

MORTGAGE NOTES PAYABLE (Mortgag

MORTGAGE NOTES PAYABLE (Mortgages Payable) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
MORTGAGE NOTES PAYABLE
Effective interest rate (as a percent)	3.97%
Financing fees, net	$ 28,000	$ 42,000
Accumulated amortization on financing and leasing fees	34,000	6,000
Annual maturities of mortgage debt
2021-current maturities	2,743,000
2022	102,672,000
2023	10,935,000
2024	3,260,000
2025	24,870,000
Thereafter	138,605,000
Total	283,085,000
Less: unamortized deferred financing costs	(1,165,000)
Secured Debt	281,919,669	283,444,533
Mortgages payable
MORTGAGE NOTES PAYABLE
Amount of monthly installments including principal	$ 1,257,000
Weighted average interest rate (as a percent)	4.43%
Effective interest rate (as a percent)	4.51%
Financing fees, net	$ 1,165,000	1,345,000
Accumulated amortization on financing and leasing fees	$ 1,744,000	$ 1,564,000
Mortgages payable \| Minimum
MORTGAGE NOTES PAYABLE
Interest rate (as a percent)	3.53%
Mortgages payable \| Maximum
MORTGAGE NOTES PAYABLE
Interest rate (as a percent)	5.66%

MORTGAGE NOTES PAYABLE (Mortg_2

MORTGAGE NOTES PAYABLE (Mortgage by property) (Details)	Mar. 31, 2020USD ($)	Sep. 30, 2020USD ($)property	Sep. 30, 2021USD ($)property	Aug. 31, 2014	Dec. 31, 2005	Mar. 07, 2005item
MORTGAGE NOTES PAYABLE
Repayment of loan		$ 1,000,000
Loan balance			$ 283,085,000
Hamilton Essex 81
MORTGAGE NOTES PAYABLE
Number of units		49	49			48
Loan balance			$ 10,000,000
Brookside Associates LLC Residential Apartments Woburn, Massachusetts
MORTGAGE NOTES PAYABLE
Loan amount	$ 6,175,000
Repayment of loan	2,390,000
Closing Costs	$ 136,000
Interest rate (as a percent)	3.53%
Mortgages payable \| Hamilton on Main Apartments, LLC
MORTGAGE NOTES PAYABLE
Interest rate (as a percent)				4.34%	5.18%
Amortization period of debt					30 years
Debt Instrument, Amortization Term					30 years
Mortgages payable \| Minimum
MORTGAGE NOTES PAYABLE
Interest rate (as a percent)			3.53%
Mortgages payable \| Maximum
MORTGAGE NOTES PAYABLE
Interest rate (as a percent)			5.66%

MORTGAGE NOTES PAYABLE (Line of

MORTGAGE NOTES PAYABLE (Line of Credit) (Details)

Oct. 29, 2021USD ($)

Oct. 28, 2021

Oct. 29, 2020USD ($)

Jan. 22, 2020USD ($)

Dec. 20, 2019USD ($)

Sep. 30, 2015

Jul. 31, 2014USD ($)item

Aug. 31, 2014

Sep. 30, 2021USD ($)

Sep. 30, 2020USD ($)

Sep. 30, 2021USD ($)

Sep. 30, 2020USD ($)

Dec. 31, 2005

Dec. 19, 2019USD ($)

Aug. 31, 2017USD ($)

Mar. 07, 2005item

Line of Credit

Interest expense

$ 3,393,518

$ 3,417,348

$ 10,136,630

$ 10,291,255

Line Of Credit Facility Unused Capacity Commitment Fee

9,000

Hamilton Essex 81

Line of Credit

Interest expense

61,827

$ 63,961

184,542

$ 236,053

Number of properties in which borrowing amount collateralized | item

Minimum

Line of Credit

Tangible net worth

150,000,000

$ 150,000,000

Operating income to indebtedness ratio

9.50%

Debt service coverage ratio

1.6

Maximum

Line of Credit

Leverage ratio

65.00%

Aggregate increase in indebtedness

$ 15,000,000

Mortgages payable | Hamilton Essex 81

Line of Credit

Term of debt

10 years

Mortgages payable | Hamilton on Main Apartments, LLC

Line of Credit

Term of debt

10 years

Mortgages payable | LIBOR | Hamilton Essex 81

Line of Credit

Variable interest rate spread

2.18%

Line of Credit

Maximum borrowings

$ 25,000,000

Term of debt

3 years

Loan amount

$ 20,000,000

Payment on line of credit

$ 1,000,000

$ 2,000,000

Amount of refinancing costs

$ 37,500

$ 128,000

Line of credit extension period

1 year

Credit line balance

$ 17,000,000

Number of properties in which borrowing amount collateralized | item

Line of Credit | Subsequent event

Line of Credit

Maximum borrowings

$ 25,000,000

Maximum borrowings during modification period

17,000,000

Amount of refinancing costs

$ 125,000

Line of credit extension period

3 years

Line of Credit | Current covenants | Subsequent event

Line of Credit

Leverage ratio

65.00%

Tangible net worth

$ 200,000,000

Debt yield

9.50%

Debt service coverage ratio

1.60

Line of Credit | Revised covenants inplace until September 30, 2022 | Subsequent event

Line of Credit

Leverage ratio

70.00%

Tangible net worth

$ 175,000,000

Debt yield

8.50%

Debt service coverage ratio

1.35

Line of Credit | Revised Covenants in place until December 31, 2022 | Subsequent event

Line of Credit

Debt yield

9.00%

Line of Credit | Federal Funds Rate

Line of Credit

Variable interest rate spread

0.50%

Line of Credit | LIBOR

Line of Credit

Additional applicable margin rate

2.50%

Variable interest rate spread

1.00%

Line of Credit | LIBOR | Subsequent event

Line of Credit

Variable interest rate spread

300.00%

350.00%

Line of Credit | Minimum

Line of Credit

Pledged interest ownership percentage

49.00%

Commitment fee for unused amount (as a percent)

0.15%

Line of Credit | Maximum

Line of Credit

Pledged interest ownership percentage

100.00%

Commitment fee for unused amount (as a percent)

0.20%

ADVANCE RENTAL PAYMENTS AND S_2

ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS (Details)	9 Months Ended
ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS (Details)	Sep. 30, 2021USD ($)
ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS
Period for advance rental payment	1 month
Amount received for prepaid rent	$ 2,042,000
Security deposits	$ 3,000,000

PARTNERS' CAPITAL (Details)

PARTNERS' CAPITAL (Details)	Jun. 30, 2021$ / item	Jan. 03, 2012	Apr. 30, 2021$ / item	Jan. 31, 2021$ / item	Sep. 30, 2021item$ / item	Sep. 30, 2020$ / item	Dec. 31, 2020$ / item	Jun. 30, 2020$ / item	Mar. 31, 2020$ / item	Aug. 20, 2007
Depositary receipts exchange ratio for Class A units \| item					30
Quarterly distribution per unit approved (in dollars per unit)	9.60		9.60	9.60
Quarterly distributions per depositary receipt (in dollars per receipt)						9.60	9.60	9.60	9.60
Quarterly distribution per unit (in dollars per unit)	0.32		0.32	0.32			0.32
Earnings per depository receipt
Net Income per Depositary Receipt (in dollars per receipt)					0.05	0.66
Distributions per Depositary Receipt (in dollars per share)					0.96	0.96
Limited Partner
Number of classes of partners \| item					2
General Partnership
Number of classes of partners \| item					1
Fixed distribution percentage of unit holders					1.00%
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%

TREASURY UNITS (Details)

TREASURY UNITS (Details)	Mar. 09, 2020	Mar. 10, 2015shares	Aug. 31, 2007$ / itemshares	Aug. 20, 2007shares	Sep. 30, 2007$ / itemshares	Dec. 31, 2007$ / itemshares	Sep. 30, 2021$ / itemshares	Sep. 30, 2020USD ($)shares	Dec. 31, 2020$ / itemshares	Sep. 30, 2021USD ($)$ / itemshares	Mar. 06, 2008shares
Treasury units							58,469			58,469
Period for repurchase of depository receipts	5 years	5 years		12 months
Depository receipts authorized to be repurchased		2,000,000		300,000							1,500,000
Number of depository receipts repurchased			1,428,437		1,428,437	1,428,437	1,428,437		1,428,437
Repurchase price of depository receipts (in dollars per receipt) \| $ / item										28.43
Units required to be repurchased (in shares)								222
Total cost of repurchase \| $								$ 394,031		$ 44,718,000
General Partnership
Treasury units							585			585
Fixed distribution percentage of unit holders							1.00%
Number of depository receipts repurchased			188		188	188	188		188
Total cost of repurchase \| $								$ 3,941
Treasury Units
Units required to be repurchased (in shares)								222
Class A
Treasury units							46,775			46,775
Fixed distribution percentage of unit holders							80.00%
Repurchase price of units (in dollars per unit) \| $ / item			852.90		852.90	852.90	852.90		852.90
Total cost of repurchase \| $								$ 315,220
Class B
Treasury units							11,109			11,109
Fixed distribution percentage of unit holders							19.00%
Number of depository receipts repurchased			3,572		3,572	3,572	3,572		3,572
Total cost of repurchase \| $								$ 74,870
Class B \| General Partnership
Repurchase price of units (in dollars per unit) \| $ / item			1,033		1,033	1,033	1,033		1,033

RENTAL INCOME (Details)

RENTAL INCOME (Details) - USD ($)	9 Months Ended
RENTAL INCOME (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020
RENTAL INCOME
Percentage of rental income related to residential apartments and condominium units with leases of one year or less	95.00%
Maximum period of non-cancelable operating lease	1 year
Percentage of rental income related to commercial properties	5.00%
Minimum future rental income
2022	$ 2,119,000
2023	1,472,000
2024	935,000
2025	460,000
2026	241,000
Thereafter	410,000
Commercial Property Leases	5,637,000
Aggregate contingent rentals from continuing operations	$ 417,000	$ 383,000

RENTAL INCOME (Concentration) (

RENTAL INCOME (Concentration) (Details)	9 Months Ended
RENTAL INCOME (Concentration) (Details)	Sep. 30, 2021
Commercial rental income \| Major tenant \| Staples and Trader Joes
Concentration Risk
Concentration risk percentage	32.00%

RENTAL INCOME (Commercial Lease

RENTAL INCOME (Commercial Leases) (Details)	9 Months Ended
RENTAL INCOME (Commercial Leases) (Details)	Sep. 30, 2021USD ($)ft²item
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 2,578,786
Total square feet for expiring leases \| ft²	108,154
Total number of leases expiring \| item	49
Percentage of annual base rent for expiring leases	100.00%
2022
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 975,407
Total square feet for expiring leases \| ft²	61,058
Total number of leases expiring \| item	21
Percentage of annual base rent for expiring leases	38.00%
2023
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 300,556
Total square feet for expiring leases \| ft²	9,894
Total number of leases expiring \| item	6
Percentage of annual base rent for expiring leases	11.00%
2024
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 778,079
Total square feet for expiring leases \| ft²	26,033
Total number of leases expiring \| item	12
Percentage of annual base rent for expiring leases	30.00%
2025
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 135,210
Total square feet for expiring leases \| ft²	2,461
Total number of leases expiring \| item	4
Percentage of annual base rent for expiring leases	5.00%
2026
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 247,084
Total square feet for expiring leases \| ft²	4,858
Total number of leases expiring \| item	5
Percentage of annual base rent for expiring leases	10.00%
2029
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 142,450
Total square feet for expiring leases \| ft²	3,850
Total number of leases expiring \| item	1
Percentage of annual base rent for expiring leases	6.00%

RENTAL INCOME (Rent Receivable)

RENTAL INCOME (Rent Receivable) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
RENTAL INCOME
Allowance for doubtful rent receivable	$ 907,000	$ 1,454,000
Recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis	94,000
Deferred rental concession	$ 368,000

CASH FLOW INFORMATION (Details)

CASH FLOW INFORMATION (Details) - USD ($)	9 Months Ended
CASH FLOW INFORMATION (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020
CASH FLOW INFORMATION
Cash paid for interest	$ 9,985,000	$ 9,973,000
Cash paid for state income taxes	70,000	$ 82,000
Non-cash financing activities in connection with acquisition	$ 2,393,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Mortgage Notes Payable
Carrying Amount	$ 281,919,669	$ 283,444,533
Estimated Fair Value	299,593,793	303,993,142
Partially owned properties
Mortgage Notes Payable
Carrying Amount	166,230,563	166,308,029
Estimated Fair Value	$ 177,911,510	$ 179,647,759

TAXABLE INCOME AND TAX BASIS (D

TAXABLE INCOME AND TAX BASIS (Details)	12 Months Ended
TAXABLE INCOME AND TAX BASIS (Details)	Dec. 31, 2020USD ($)
TAXABLE INCOME AND TAX BASIS
Taxable net income	$ 8,578,000
Excess amount of statement income over taxable income	7,153,000
Excess amount of cumulative statement basis over cumulative taxable basis	7,332,000
Excess amount of statement income from joint venture investments over taxable income	$ 1,476,000

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details)	9 Months Ended
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details)	Sep. 30, 2021item
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of limited partnerships and limited liability companies in which the entity has invested	7
Investment Properties
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of limited partnerships and limited liability companies in which the entity has invested	7
Number of partnerships investing in commercial property	3
Hamilton Company/Management Company
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of employees having ownership interest in the investment properties	5
Management Company [Member]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of employees having ownership interest in the investment properties	5
Minimum \| Investment Properties
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Ownership interest (as a percent)	40.00%
Minimum \| Limited Partnerships
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Ownership interest (as a percent)	40.00%
Minimum \| Harold Brown
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Ownership interest (as a percent)	47.60%
Maximum \| Investment Properties
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Ownership interest (as a percent)	50.00%
Maximum \| Limited Partnerships
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Ownership interest (as a percent)	50.00%
Maximum \| Harold Brown
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Ownership interest (as a percent)	59.00%

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Dexter) (Details)	May 31, 2018USD ($)	Oct. 28, 2009USD ($)item	Sep. 30, 2018USD ($)	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)property	Dec. 31, 2020USD ($)
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture				$ 1,418,974		$ 1,410,769
Outstanding amount of mortgage				281,919,669		$ 283,444,533
Distribution to the Partnership				$ 3,506,581	$ 3,506,894
Dexter Park
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture		$ 15,925,000
Ownership interest (as a percent)		40.00%			40.00%
Number of units		409		409	409
Purchase price of investments		$ 129,500,000
Outstanding amount of mortgage	$ 82,000,000			$ 124,569,180	$ 124,504,557
Distribution to the Partnership	41,200,000
Dexter Park \| Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Loan amount		$ 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
John Hancock \| Dexter Park
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Loan amount	$ 125,000,000
Interest rate (as a percent)	3.99%
Defeasance cost			$ 3,830,000
Defeasance cost (as a percent)			40.00%
General Partnership
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Distribution to the Partnership				$ 35,065	$ 35,069
General Partnership \| Dexter Park
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Distribution to the Partnership	$ 16,500,000
General Partnership \| John Hancock \| Dexter Park
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Defeasance cost			$ 1,532,000
Residential buildings \| Dexter Park
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of units \| property				409	409

INVESTMENT IN UNCONSOLIDATED _5

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton Bay Apts and Sales) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture	$ 1,418,974	$ 1,410,769
Outstanding amount of mortgage	$ 281,919,669	$ 283,444,533
Mortgages payable \| Minimum
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Interest rate (as a percent)	3.53%
Mortgages payable \| Maximum
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Interest rate (as a percent)	5.66%

INVESTMENT IN UNCONSOLIDATED _6

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton Essex) (Details)	Oct. 12, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 28, 2015USD ($)	Mar. 07, 2005USD ($)item	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)property	Dec. 31, 2020USD ($)
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture					$ 1,418,974		$ 1,410,769
Repayment of loan	$ 5,158,000
Distribution to the Partnership					3,506,581	$ 3,506,894
Mortgage Notes Payable					$ 281,919,669		$ 283,444,533
Hamilton Essex Development, LLC and Hamilton Essex 81, LLC
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture				$ 2,000,000
Ownership interest (as a percent)				50.00%
Purchase price of investments				$ 14,300,000
Hamilton Essex 81
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Ownership interest (as a percent)						50.00%
Number of units				48	49	49
Number of properties in which borrowing amount collateralized \| item				1
Capital contributions			$ 100,000
Distribution to the Partnership		$ 978,193
Mortgage Notes Payable					$ 9,944,844	$ 9,931,055
Hamilton Essex Development
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture					$ 1,370,373	$ 1,396,776
Ownership interest (as a percent)						50.00%
Number of units \| property					1	1
Capacity of real estate property (in cars per lot) \| item				50
Capital contributions			978,193
Residential buildings \| Hamilton Essex 81
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of units \| property					48	48
Commercial \| Hamilton Essex 81
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of units \| property					1	1
Commercial \| Hamilton Essex Development
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of units \| property					1	1
Mortgages payable \| Maximum
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Interest rate (as a percent)					5.66%
Mortgages payable \| Hamilton Essex Development, LLC and Hamilton Essex 81, LLC
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Borrowings				$ 10,750,000
Mortgages payable \| Hamilton Essex 81
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Amount of loan proceeds utilized for pay off the existing mortgage		$ 8,040,719
Term of debt		10 years
Mortgage Notes Payable					$ 10,000,000
Borrowings		$ 10,000,000
Mortgages payable \| Hamilton Essex 81 \| LIBOR
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Margin over basis of interest rate (as a percent)		2.18%
Mortgages payable \| Hamilton Essex Development
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Repayment of loan			$ 1,952,286

INVESTMENT IN UNCONSOLIDATED _7

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton 1025) (Details)	Jul. 08, 2016USD ($)	Mar. 02, 2005USD ($)item	Sep. 30, 2021USD ($)property	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)property
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture			$ 1,418,974	$ 1,410,769
Outstanding amount of mortgage			281,919,669	$ 283,444,533
Hamilton 1025
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture		$ 2,352,000	$ 48,601		$ 42,921
Ownership interest (as a percent)		50.00%			50.00%
Number of units		176	176		176
Number of units sold \| item		127
Number of units retained for long-term investment		49	(1)		(1)
Capital contributions	$ 2,359,500
Purchase price of investments		$ 23,750,000
Hamilton 1025 \| Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Term of debt		10 years
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
Borrowings		$ 5,000,000
Residential buildings \| Hamilton 1025
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of units \| property			175		175

INVESTMENT IN UNCONSOLIDATED _8

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton Minuteman) (Details)	Oct. 13, 2016USD ($)	Oct. 12, 2016USD ($)	Jan. 31, 2007USD ($)	Oct. 31, 2004USD ($)	Sep. 30, 2004USD ($)item	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)property	Dec. 31, 2020USD ($)
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture						$ 1,418,974		$ 1,410,769
Distribution to the Partnership						3,506,581	$ 3,506,894
Amount of mortgage paid off		$ 5,158,000
Refinancing costs						1,165,000
Outstanding amount of mortgage						$ 281,919,669		$ 283,444,533
Hamilton Minuteman
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture					$ 5,075,000
Ownership interest (as a percent)					50.00%		50.00%
Number of units					42	42	42
Purchase price of real estate properties					$ 10,100,000
Distribution to the Partnership	$ 385,000			$ 3,775,000
Mortgage amount		$ 6,000,000	$ 5,500,000	$ 8,025,000		$ 6,000,000
Term of debt		15 years	10 years	10 years
Refinancing costs	$ 123,000					81,494
Interest rate (as a percent)		3.71%	5.67%
Period for which the entity is required to make interest only payments			5 years
Amortization period of debt			30 years
Cash contribution by the entity towards loan			$ 1,250,000
Outstanding amount of mortgage						$ 5,918,506	$ 5,910,322
Residential buildings \| Hamilton Minuteman
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of units \| property						42	42

INVESTMENT IN UNCONSOLIDATED _9

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton on Main) (Details)	Oct. 12, 2016USD ($)	Aug. 31, 2014USD ($)	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)property	Dec. 31, 2005USD ($)item	Dec. 31, 2020USD ($)	Aug. 31, 2004USD ($)item
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture			$ 1,418,974			$ 1,410,769
Outstanding amount of mortgage			281,919,669			$ 283,444,533
Repayment of loan	$ 5,158,000
Distribution to the Partnership			$ 3,506,581	$ 3,506,894
Hamilton on Main Apts
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture							$ 8,000,000
Ownership interest (as a percent)				50.00%			50.00%
Number of units			148	148			280
Number of units sold \| item							137
Outstanding amount of mortgage			$ 16,853,184	$ 16,837,132
Purchase price of investments							$ 56,000,000
Residential buildings \| Hamilton on Main Apts
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of units \| property			148	148
Mortgages payable \| Hamilton on Main Apartments, LLC
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Term of debt		10 years			10 years
Number of buildings \| item					3
Outstanding amount of mortgage			$ 16,900,000
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
Debt Instrument, Loan Proceeds distributed to the Partnership		$ 850,000
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
Repayment of loan		15,205,000
Cost associated with loan extension		161,000
Borrowings		$ 16,900,000			$ 16,825,000

INVESTMENT IN UNCONSOLIDATED_10

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (345 Franklin) (Details)	Oct. 12, 2016USD ($)	Jun. 30, 2013USD ($)	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)property	Dec. 31, 2020USD ($)	Nov. 30, 2001USD ($)item
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture			$ 1,418,974		$ 1,410,769
Repayment of loan	$ 5,158,000
Distribution to the Partnership			3,506,581	$ 3,506,894
Outstanding amount of mortgage			$ 281,919,669		$ 283,444,533
Maximum \| Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Interest rate (as a percent)			5.66%
345 Franklin \| Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Outstanding amount of mortgage			$ 8,990,000
345 Franklin
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture						$ 1,533,000
Ownership interest (as a percent)				50.00%		50.00%
Number of units			40	40		40
Distribution to the Partnership		$ 1,610,000
Outstanding amount of mortgage			$ 8,944,849	$ 9,149,766
Legal obligation to fund operating results			$ 0
345 Franklin \| Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Term of debt		15 years
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
Repayment of loan		$ 6,776,000
Borrowings		$ 10,000,000
345 Franklin \| Residential buildings
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of units \| property			40	40

INVESTMENT IN UNCONSOLIDATED_11

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Balance Sheet) (Details)	Sep. 30, 2021USD ($)property	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)property	Dec. 31, 2019USD ($)	May 31, 2018USD ($)	Oct. 28, 2009USD ($)item	Mar. 07, 2005item	Mar. 02, 2005USD ($)item	Sep. 30, 2004USD ($)item	Aug. 31, 2004USD ($)item	Nov. 30, 2001USD ($)item
ASSETS
Rental Properties	$ 255,114,078	$ 264,609,887
Cash and Cash Equivalents	24,616,257	18,646,972
Rents Receivable	1,003,672	1,412,074
Real Estate Tax Escrows	567,911	534,941
Prepaid Expenses and Other Assets	6,170,342	5,054,959
Total Assets	288,891,234	291,669,602
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	281,919,669	283,444,533
Accounts Payable and Accrued Expenses	4,301,420	3,888,237
Advance Rental Payments and Security Deposits	7,711,022	7,466,134
Total Liabilities	333,666,534	333,138,647
Partners' Capital	(44,775,300)	(41,469,045)	$ (39,330,161)	$ (37,823,787)
Total Liabilities and Partners' Capital	288,891,234	291,669,602
Investment in Unconsolidated Joint Ventures	1,418,974	1,410,769
Distribution and Loss in Excess of investments in Unconsolidated Joint Venture	$ (22,734,423)	$ (21,339,743)
NERA 50%
LIABILITIES AND PARTNERS' CAPITAL
Partners' Capital % - NERA	50.00%		50.00%
NERA 40%
LIABILITIES AND PARTNERS' CAPITAL
Partners' Capital % - NERA	40.00%		40.00%
Investment Properties
ASSETS
Rental Properties	$ 112,651,474		$ 116,833,825
Cash and Cash Equivalents	3,436,649		4,240,170
Rents Receivable	392,089		830,257
Real Estate Tax Escrows	297,534		246,827
Prepaid Expenses and Other Assets	2,684,999		2,085,019
Total Assets	119,462,745		124,236,098
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	166,230,563		166,332,832
Accounts Payable and Accrued Expenses	1,228,687		1,167,605
Advance Rental Payments and Security Deposits	3,493,954		3,067,704
Total Liabilities	170,953,204		170,568,141
Partners' Capital	(51,490,459)		(46,332,043)
Total Liabilities and Partners' Capital	119,462,745		124,236,098
Investment in Unconsolidated Joint Ventures	1,418,974		1,439,697
Distribution and Loss in Excess of investments in Unconsolidated Joint Venture	(22,734,423)		(20,505,288)
Total Investment in Unconsolidated Joint Ventures (Net)	$ (21,315,449)		$ (19,065,591)
Total units/ condominiums
Total \| property	865		865
Units to be retained \| property	690		690
Units to be sold \| property	175		175
Total number of units sold \| property	175		175
Investment Properties \| Residential buildings
Total units/ condominiums
Total \| property	862		862
Investment Properties \| Commercial
Total units/ condominiums
Total \| property	3		3
Hamilton Essex 81
ASSETS
Rental Properties	$ 6,376,891		$ 6,758,283
Cash and Cash Equivalents	230,394		281,585
Rents Receivable	65,313		220,578
Real Estate Tax Escrows	77,685		66,248
Prepaid Expenses and Other Assets	311,513		319,434
Total Assets	7,061,796		7,646,128
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	9,944,844		9,931,055
Accounts Payable and Accrued Expenses	82,137		53,569
Advance Rental Payments and Security Deposits	189,746		202,659
Total Liabilities	10,216,727		10,187,283
Partners' Capital	(3,154,931)		(2,541,155)
Total Liabilities and Partners' Capital	7,061,796		$ 7,646,128
Partners' Capital % - NERA			50.00%
Distribution and Loss in Excess of investments in Unconsolidated Joint Venture	$ (1,577,467)		$ (1,270,579)
Total units/ condominiums
Total	49		49				48
Units to be retained \| property	49		49
Hamilton Essex 81 \| NERA 50%
LIABILITIES AND PARTNERS' CAPITAL
Partners' Capital % - NERA	50.00%
Hamilton Essex 81 \| Residential buildings
Total units/ condominiums
Total \| property	48		48
Hamilton Essex 81 \| Commercial
Total units/ condominiums
Total \| property	1		1
Hamilton Essex Development
ASSETS
Rental Properties	$ 2,588,792		$ 2,591,281
Cash and Cash Equivalents	73,049		70,894
Rents Receivable	13,744		48,878
Prepaid Expenses and Other Assets	67,410		84,898
Total Assets	2,742,995		2,795,951
LIABILITIES AND PARTNERS' CAPITAL
Accounts Payable and Accrued Expenses	2,250		2,400
Total Liabilities	2,250		2,400
Partners' Capital	2,740,745		2,793,551
Total Liabilities and Partners' Capital	2,742,995		$ 2,795,951
Partners' Capital % - NERA			50.00%
Investment in Unconsolidated Joint Ventures	$ 1,370,373		$ 1,396,776
Total units/ condominiums
Total \| property	1		1
Units to be retained \| property	1		1
Hamilton Essex Development \| NERA 50%
LIABILITIES AND PARTNERS' CAPITAL
Partners' Capital % - NERA	50.00%
Hamilton Essex Development \| Commercial
Total units/ condominiums
Total \| property	1		1
345 Franklin
ASSETS
Rental Properties	$ 5,139,866		$ 5,439,844
Cash and Cash Equivalents	154,633		183,638
Rents Receivable	23,113		11,367
Real Estate Tax Escrows	62,506		57,079
Prepaid Expenses and Other Assets	123,115		82,969
Total Assets	5,503,233		5,774,897
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	8,944,849		9,149,766
Accounts Payable and Accrued Expenses	99,583		101,651
Advance Rental Payments and Security Deposits	247,951		217,832
Total Liabilities	9,292,383		9,469,249
Partners' Capital	(3,789,150)		(3,694,352)
Total Liabilities and Partners' Capital	5,503,233		$ 5,774,897
Partners' Capital % - NERA			50.00%								50.00%
Investment in Unconsolidated Joint Ventures											$ 1,533,000
Distribution and Loss in Excess of investments in Unconsolidated Joint Venture	$ (1,894,576)		$ (1,847,175)
Total units/ condominiums
Total	40		40								40
Units to be retained \| property	40		40
345 Franklin \| NERA 50%
LIABILITIES AND PARTNERS' CAPITAL
Partners' Capital % - NERA	50.00%
345 Franklin \| Residential buildings
Total units/ condominiums
Total \| property	40		40
Hamilton 1025
ASSETS
Rental Properties	$ 82,371		$ 85,635
Cash and Cash Equivalents	9,776		12,305
Rents Receivable	7,081		811
Prepaid Expenses and Other Assets	685		2,129
Total Assets	99,913		100,880
LIABILITIES AND PARTNERS' CAPITAL
Accounts Payable and Accrued Expenses	2,711		15,038
Total Liabilities	2,711		15,038
Partners' Capital	97,202		85,842
Total Liabilities and Partners' Capital	99,913		$ 100,880
Partners' Capital % - NERA			50.00%					50.00%
Investment in Unconsolidated Joint Ventures	$ 48,601		$ 42,921					$ 2,352,000
Total units/ condominiums
Total	176		176					176
Units to be retained	1		1					(49)
Units to be sold \| property	175		175
Total number of units sold \| property	175		175
Hamilton 1025 \| NERA 50%
LIABILITIES AND PARTNERS' CAPITAL
Partners' Capital % - NERA	50.00%
Hamilton 1025 \| Residential buildings
Total units/ condominiums
Total \| property	175		175
Hamilton 1025 \| Commercial
Total units/ condominiums
Total \| property	1		1
Hamilton Minuteman
ASSETS
Rental Properties	$ 4,766,334		$ 5,077,525
Cash and Cash Equivalents	231,357		210,705
Rents Receivable	7,285
Real Estate Tax Escrows	40,025		31,378
Prepaid Expenses and Other Assets	30,592		26,428
Total Assets	5,075,593		5,346,036
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	5,918,506		5,910,322
Accounts Payable and Accrued Expenses	67,629		64,341
Advance Rental Payments and Security Deposits	154,400		157,932
Total Liabilities	6,140,535		6,132,595
Partners' Capital	(1,064,942)		(786,559)
Total Liabilities and Partners' Capital	5,075,593		$ 5,346,036
Partners' Capital % - NERA			50.00%						50.00%
Investment in Unconsolidated Joint Ventures									$ 5,075,000
Distribution and Loss in Excess of investments in Unconsolidated Joint Venture	$ (532,471)		$ (393,280)
Total units/ condominiums
Total	42		42						42
Units to be retained \| property	42		42
Hamilton Minuteman \| NERA 50%
LIABILITIES AND PARTNERS' CAPITAL
Partners' Capital % - NERA	50.00%
Hamilton Minuteman \| Residential buildings
Total units/ condominiums
Total \| property	42		42
Hamilton on Main Apts
ASSETS
Rental Properties	$ 14,522,033		$ 15,343,928
Cash and Cash Equivalents	602,344		610,816
Rents Receivable	38,832		46,780
Real Estate Tax Escrows	117,318		92,122
Prepaid Expenses and Other Assets	195,099		162,421
Total Assets	15,475,626		16,256,067
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	16,853,184		16,837,132
Accounts Payable and Accrued Expenses	169,515		168,318
Advance Rental Payments and Security Deposits	474,463		435,679
Total Liabilities	17,497,162		17,441,129
Partners' Capital	(2,021,536)		(1,185,062)
Total Liabilities and Partners' Capital	15,475,626		$ 16,256,067
Partners' Capital % - NERA			50.00%							50.00%
Investment in Unconsolidated Joint Ventures										$ 8,000,000
Distribution and Loss in Excess of investments in Unconsolidated Joint Venture	$ (1,010,769)		$ (592,531)
Total units/ condominiums
Total	148		148							280
Units to be retained \| property	148		148
Hamilton on Main Apts \| NERA 50%
LIABILITIES AND PARTNERS' CAPITAL
Partners' Capital % - NERA	50.00%
Hamilton on Main Apts \| Residential buildings
Total units/ condominiums
Total \| property	148		148
Dexter Park
ASSETS
Rental Properties	$ 79,175,187		$ 81,537,329
Cash and Cash Equivalents	2,135,096		2,870,227
Rents Receivable	236,721		501,843
Prepaid Expenses and Other Assets	1,956,585		1,406,740
Total Assets	83,503,589		86,316,139
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	124,569,180		124,504,557		$ 82,000,000
Accounts Payable and Accrued Expenses	804,862		762,288
Advance Rental Payments and Security Deposits	2,427,394		2,053,602
Total Liabilities	127,801,436		127,320,447
Partners' Capital	(44,297,847)		(41,004,308)
Total Liabilities and Partners' Capital	83,503,589		$ 86,316,139
Partners' Capital % - NERA			40.00%			40.00%
Investment in Unconsolidated Joint Ventures						$ 15,925,000
Distribution and Loss in Excess of investments in Unconsolidated Joint Venture	$ (17,719,140)		$ (16,401,724)
Total units/ condominiums
Total	409		409			409
Units to be retained \| property	409		409
Dexter Park \| NERA 40%
LIABILITIES AND PARTNERS' CAPITAL
Partners' Capital % - NERA	40.00%
Dexter Park \| Residential buildings
Total units/ condominiums
Total \| property	409		409

INVESTMENT IN UNCONSOLIDATED_12

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Income) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Oct. 28, 2009	Mar. 02, 2005	Sep. 30, 2004	Aug. 31, 2004	Nov. 30, 2001
Revenues
Rental income	$ 15,832,492	$ 15,046,646	$ 46,145,825	$ 46,946,889
Laundry and sundry income	114,180	95,620	336,980	330,066
Total Revenues	15,946,672	15,142,266	46,482,805	47,276,955
Expenses
Administrative	607,478	511,812	1,819,481	1,608,664
Depreciation and amortization	3,956,979	4,612,713	11,806,561	13,779,797
Management fee	646,059	598,111	1,867,798	1,862,645
Operating	1,338,718	1,228,750	4,792,332	4,188,934
Renting	458,040	332,157	941,281	657,636
Repairs and maintenance	3,128,369	2,524,050	7,432,860	6,659,443
Taxes and insurance	2,259,793	2,107,037	6,688,885	6,503,299
Total Expenses	12,395,436	11,914,630	35,349,198	35,260,418
Income Before Other Income (Expense)	3,551,236	3,227,636	11,133,607	12,016,537
Other Income (Expense)
Interest expense	(3,393,518)	(3,417,348)	(10,136,630)	(10,291,255)
Interest income	27	11	74	171
Total Other Income (Expense)	(3,626,621)	(3,666,920)	(10,933,281)	(9,621,986)
Net Inocme (Loss)	$ (75,385)	$ (439,284)	$ 200,326	$ 2,394,551
NERA 50%
Other Income (Expense)
Ownership interest (as a percent)	50.00%	50.00%	50.00%	50.00%
NERA 40%
Other Income (Expense)
Ownership interest (as a percent)	40.00%	40.00%	40.00%	40.00%
Investment Properties
Revenues
Rental income	$ 5,317,161	$ 5,075,210	$ 14,989,292	$ 17,464,869
Laundry and sundry income	37,731	27,233	114,758	98,102
Total Revenues	5,354,892	5,102,443	15,104,050	17,562,971
Expenses
Administrative	109,128	74,345	318,532	244,308
Depreciation and amortization	1,508,364	1,489,963	4,496,088	4,451,183
Management fee	156,796	136,989	413,328	458,162
Operating	462,631	385,519	1,327,298	1,218,772
Renting	281,698	242,466	615,345	307,678
Repairs and maintenance	884,014	833,173	2,263,838	1,730,992
Taxes and insurance	895,491	850,624	2,643,200	2,542,476
Total Expenses	4,298,122	4,013,079	12,077,629	10,953,571
Income Before Other Income (Expense)	1,056,770	1,089,364	3,026,421	6,609,400
Other Income (Expense)
Interest expense	(1,665,791)	(1,675,322)	(4,993,153)	(5,071,896)
Other Income			1,222
Total Other Income (Expense)	(1,665,791)	(1,675,322)	(4,991,931)	(5,071,896)
Net Inocme (Loss)	(609,021)	(585,958)	(1,965,510)	1,537,504
Proportionate share of net income (loss)	(233,130)	(249,583)	(796,725)	669,098
Investment Properties \| NERA 50%
Other Income (Expense)
Net Inocme (Loss)	52,403	(76,005)		270,473
Proportionate share of net income (loss)			(52,597)
Investment Properties \| NERA 40%
Other Income (Expense)
Net Inocme (Loss)	(285,533)	(173,578)		398,625
Proportionate share of net income (loss)			(744,128)
Hamilton Essex 81
Revenues
Rental income	414,497	120,398	856,569	940,486
Laundry and sundry income	2,986	2,605	9,194	9,288
Total Revenues	417,483	123,003	865,763	949,774
Expenses
Administrative	16,576	3,971	70,445	15,451
Depreciation and amortization	120,266	122,210	358,788	365,779
Management fee	17,335	9,751	29,181	37,803
Operating	60,232	17,948	129,400	64,247
Renting	26,272	3,026	81,149	6,430
Repairs and maintenance	41,335	27,206	123,467	94,415
Taxes and insurance	64,799	63,090	195,974	192,490
Total Expenses	346,815	247,202	988,404	776,615
Income Before Other Income (Expense)	70,668	(124,199)	(122,641)	173,159
Other Income (Expense)
Interest expense	(61,827)	(63,961)	(184,542)	(236,053)
Total Other Income (Expense)	(61,827)	(63,961)	(184,542)	(236,053)
Net Inocme (Loss)	8,841	$ (188,160)	(307,183)	$ (62,894)
Ownership interest (as a percent)		50.00%		50.00%
Hamilton Essex 81 \| NERA 50%
Other Income (Expense)
Net Inocme (Loss)	$ 4,421	$ (94,080)		$ (31,447)
Proportionate share of net income (loss)			$ (153,593)
Ownership interest (as a percent)	50.00%		50.00%
Hamilton Essex Development
Revenues
Rental income	$ 111,191	2,864	$ 168,431	68,726
Total Revenues	111,191	2,864	168,431	68,726
Expenses
Administrative	750	844	2,103	3,044
Depreciation and amortization	5,074	5,074	15,223	15,223
Management fee	6,187		6,187	2,203
Repairs and maintenance		134	520	3,180
Taxes and insurance	15,228	15,328	45,037	45,784
Total Expenses	27,239	21,380	69,070	69,434
Income Before Other Income (Expense)	83,952	(18,516)	99,361	(708)
Other Income (Expense)
Net Inocme (Loss)	83,952	$ (18,516)	99,361	$ (708)
Ownership interest (as a percent)		50.00%		50.00%
Hamilton Essex Development \| NERA 50%
Other Income (Expense)
Net Inocme (Loss)	$ 41,976	$ (9,257)		$ (354)
Proportionate share of net income (loss)			$ 49,681
Ownership interest (as a percent)	50.00%		50.00%
345 Franklin
Revenues
Rental income	$ 343,674	334,431	$ 1,019,465	1,182,050
Laundry and sundry income			112	498
Total Revenues	343,674	334,431	1,019,577	1,182,548
Expenses
Administrative	7,129	7,531	22,651	23,860
Depreciation and amortization	86,449	84,680	257,314	253,716
Management fee	13,943	13,253	40,288	45,548
Operating	16,060	22,313	42,137	51,077
Renting	12,174	20,094	46,108	29,776
Repairs and maintenance	35,687	35,879	100,182	79,254
Taxes and insurance	44,194	40,342	131,574	120,056
Total Expenses	215,636	224,092	640,254	603,287
Income Before Other Income (Expense)	128,038	110,339	379,323	579,261
Other Income (Expense)
Interest expense	(89,248)	(92,048)	(269,993)	(278,456)
Total Other Income (Expense)	(89,248)	(92,048)	(269,993)	(278,456)
Net Inocme (Loss)	38,790	$ 18,291	109,330	$ 300,805
Ownership interest (as a percent)		50.00%		50.00%					50.00%
345 Franklin \| NERA 50%
Other Income (Expense)
Net Inocme (Loss)	$ 19,395	$ 9,146		$ 150,403
Proportionate share of net income (loss)			$ 54,665
Ownership interest (as a percent)	50.00%		50.00%
Hamilton 1025
Revenues
Rental income	$ 26,410	24,369	$ 75,148	65,486
Total Revenues	26,410	24,369	75,148	65,486
Expenses
Administrative	651	713	2,140	11,769
Depreciation and amortization	816	816	2,448	2,448
Management fee	1,272	942	2,843	2,587
Operating	55	51	231	147
Taxes and insurance	4,634	4,021	14,535	12,701
Total Expenses	7,428	6,543	22,197	29,652
Income Before Other Income (Expense)	18,982	17,826	52,951	35,834
Other Income (Expense)
Net Inocme (Loss)	18,982	$ 17,826	52,951	$ 35,834
Ownership interest (as a percent)		50.00%		50.00%		50.00%
Hamilton 1025 \| NERA 50%
Other Income (Expense)
Net Inocme (Loss)	$ 9,491	$ 8,913		$ 17,917
Proportionate share of net income (loss)			$ 26,476
Ownership interest (as a percent)	50.00%		50.00%
Hamilton Minuteman
Revenues
Rental income	$ 293,988	301,865	$ 865,196	883,075
Laundry and sundry income	1,243	1,289	4,548	1,915
Total Revenues	295,231	303,154	869,744	884,990
Expenses
Administrative	3,824	3,631	11,485	10,281
Depreciation and amortization	84,827	87,214	253,180	260,994
Management fee	11,716	12,209	34,592	35,212
Operating	23,542	18,832	78,038	69,487
Renting	375	1,690	1,095	7,440
Repairs and maintenance	30,184	32,161	86,566	71,112
Taxes and insurance	36,986	36,038	107,198	108,214
Total Expenses	191,454	191,775	572,154	562,740
Income Before Other Income (Expense)	103,777	111,379	297,590	322,250
Other Income (Expense)
Interest expense	(59,880)	(59,900)	(177,757)	(178,402)
Total Other Income (Expense)	(59,880)	(59,900)	(177,757)	(178,402)
Net Inocme (Loss)	43,897	$ 51,479	119,833	$ 143,848
Ownership interest (as a percent)		50.00%		50.00%			50.00%
Hamilton Minuteman \| NERA 50%
Other Income (Expense)
Net Inocme (Loss)	$ 21,949	$ 25,740		$ 71,924
Proportionate share of net income (loss)			$ 59,917
Ownership interest (as a percent)	50.00%		50.00%
Hamilton on Main Apts
Revenues
Rental income	$ 827,140	844,963	$ 2,491,414	2,648,277
Laundry and sundry income	9,796	8,780	27,837	26,135
Total Revenues	836,936	853,743	2,519,251	2,674,412
Expenses
Administrative	14,592	13,991	49,372	43,466
Depreciation and amortization	272,874	264,047	813,435	788,181
Management fee	32,831	32,925	97,262	100,654
Operating	101,948	78,199	315,638	255,794
Renting	20,213	36,709	71,772	52,202
Repairs and maintenance	177,652	154,828	446,677	388,818
Taxes and insurance	115,028	114,523	336,333	346,997
Total Expenses	735,138	695,222	2,130,489	1,976,112
Income Before Other Income (Expense)	101,798	158,521	388,762	698,300
Other Income (Expense)
Interest expense	(191,453)	(191,453)	(568,246)	(574,239)
Total Other Income (Expense)	(191,453)	(191,453)	(568,246)	(574,239)
Net Inocme (Loss)	(89,655)	$ (32,932)	(179,484)	$ 124,061
Ownership interest (as a percent)		50.00%		50.00%				50.00%
Hamilton on Main Apts \| NERA 50%
Other Income (Expense)
Net Inocme (Loss)	$ (44,829)	$ (16,466)		$ 62,031
Proportionate share of net income (loss)			$ (89,742)
Ownership interest (as a percent)	50.00%		50.00%
Dexter Park
Revenues
Rental income	$ 3,300,261	3,446,320	$ 9,513,069	11,676,769
Laundry and sundry income	23,706	14,559	73,067	60,266
Total Revenues	3,323,967	3,460,879	9,586,136	11,737,035
Expenses
Administrative	65,606	43,664	160,336	136,437
Depreciation and amortization	938,058	925,922	2,795,700	2,764,842
Management fee	73,512	67,909	202,975	234,155
Operating	260,794	248,176	761,854	778,020
Renting	222,664	180,947	415,221	211,830
Repairs and maintenance	599,156	582,965	1,506,426	1,094,213
Taxes and insurance	614,622	577,282	1,812,549	1,716,234
Total Expenses	2,774,412	2,626,865	7,655,061	6,935,731
Income Before Other Income (Expense)	549,555	834,014	1,931,075	4,801,304
Other Income (Expense)
Interest expense	(1,263,383)	(1,267,960)	(3,792,615)	(3,804,746)
Other Income			1,222
Total Other Income (Expense)	(1,263,383)	(1,267,960)	(3,791,393)	(3,804,746)
Net Inocme (Loss)	(713,828)	$ (433,946)	(1,860,318)	$ 996,558
Ownership interest (as a percent)		40.00%		40.00%	40.00%
Dexter Park \| NERA 40%
Other Income (Expense)
Net Inocme (Loss)	$ (285,533)	$ (173,578)		$ 398,625
Proportionate share of net income (loss)			$ (744,128)
Ownership interest (as a percent)	40.00%		40.00%

INVESTMENT IN UNCONSOLIDATED_13

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Mortgage Maturities) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	May 31, 2018	Oct. 13, 2016
Annual maturities of mortgage debt
2021-current maturities	$ 2,743,000
2022	102,672,000
2023	10,935,000
2024	3,260,000
2025	24,870,000
Thereafter	138,605,000
Total	283,085,000
Less: unamortized deferred financing costs	(1,165,000)
Secured Debt	$ 281,919,669	$ 283,444,533
Weighted average interest rate (as a percent)	3.91%
Effective interest rate (as a percent)	3.97%
Investment Properties
Annual maturities of mortgage debt
2021-current maturities	$ 219,910
2022	228,573
2023	17,137,577
2024	10,246,936
2025	256,664
Thereafter	138,800,134
Total	166,889,794
Less: unamortized deferred financing costs	(659,231)
Secured Debt	166,230,563		$ 166,332,832
Hamilton Essex 81
Annual maturities of mortgage debt
2024	10,000,000
Total	10,000,000
Less: unamortized deferred financing costs	(55,156)
Secured Debt	9,944,844		9,931,055
345 Franklin
Annual maturities of mortgage debt
2021-current maturities	219,910
2022	228,573
2023	237,577
2024	246,936
2025	256,664
Thereafter	7,800,134
Total	8,989,794
Less: unamortized deferred financing costs	(44,945)
Secured Debt	8,944,849		9,149,766
Hamilton Minuteman
Annual maturities of mortgage debt
Thereafter	6,000,000
Total	6,000,000
Less: unamortized deferred financing costs	(81,494)				$ (123,000)
Secured Debt	5,918,506		5,910,322
Hamilton on Main Apts
Annual maturities of mortgage debt
2023	16,900,000
Total	16,900,000
Less: unamortized deferred financing costs	(46,816)
Secured Debt	16,853,184		16,837,132
Dexter Park
Annual maturities of mortgage debt
Thereafter	125,000,000
Total	125,000,000
Less: unamortized deferred financing costs	(430,820)
Secured Debt	$ 124,569,180		$ 124,504,557	$ 82,000,000

EMPLOYEE BENEFIT 401(k) PLANS (

EMPLOYEE BENEFIT 401(k) PLANS (Details)	9 Months Ended
EMPLOYEE BENEFIT 401(k) PLANS (Details)	Sep. 30, 2021USD ($)
EMPLOYEE BENEFIT 401(k) PLANS
Maximum deferral percentage	90.00%
Matching contribution (as a percent)	50.00%
Percent of compensation	6.00%
Employee contribution vesting percentage	100.00%
Years of service required to vest in employer contributions	2 years
Years of service required to vest 100% in employer contributions	6 years
Annual vesting percentage	20.00%
Total plan expense	$ 33,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Oct. 29, 2021USD ($)	Oct. 28, 2021	Oct. 29, 2020USD ($)	Jul. 31, 2014USD ($)item	Oct. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Aug. 31, 2017USD ($)
Subsequent events
Payment of debt						$ 1,704,743	$ 1,668,702
Minimum
Subsequent events
Debt service coverage ratio						1.6
Tangible Net Worth						$ 150,000,000
Maximum
Subsequent events
Leverage ratio						65.00%
Line of Credit
Subsequent events
Term of debt				3 years
Line of Credit Facility, Extension Period			1 year
Maximum borrowings				$ 25,000,000
Amount of refinancing costs			$ 37,500					$ 128,000
Number of properties in which borrowing amount collateralized \| item				23
Credit line balance						$ 17,000,000
Line of Credit \| Subsequent event
Subsequent events
Line of Credit Facility, Extension Period	3 years
Line of credit extension term	3 years
Maximum borrowings	$ 25,000,000
Maximum borrowings during modification period	17,000,000
Amount of refinancing costs	$ 125,000
Line of Credit \| Federal Funds Rate
Subsequent events
Variable interest rate spread				0.50%
Line of Credit \| LIBOR
Subsequent events
Additional applicable margin rate				2.50%
Variable interest rate spread				1.00%
Line of Credit \| LIBOR \| Subsequent event
Subsequent events
Variable interest rate spread	300.00%	350.00%
Master Credit Facility [Member] \| Subsequent event
Subsequent events
Maximum borrowings					$ 149,000,000
Amount of refinancing costs					270,000
Payment of debt					$ 65,000,000
Number of properties in which borrowing amount collateralized					11
Mortgage prepayment penalties					$ 5,000,000
Credit line balance					$ 79,000,000
Current covenants \| Line of Credit \| Subsequent event
Subsequent events
Debt service coverage ratio	1.60
Tangible Net Worth	$ 200,000,000
Leverage ratio	65.00%
Debt yield	9.50%
Revised covenants inplace until September 30, 2022 \| Line of Credit \| Subsequent event
Subsequent events
Debt service coverage ratio	1.35
Tangible Net Worth	$ 175,000,000
Leverage ratio	70.00%
Debt yield	8.50%
Revised Covenants in place until December 31, 2022 \| Line of Credit \| Subsequent event
Subsequent events
Debt yield	9.00%