New England Realty Associates Limited Partnership (NEN) 10-Q6 May 222022 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	May 05, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
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	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000746514
Amendment Flag	false
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		96,433
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		22,903

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Rental Properties	$ 248,407,550	$ 251,355,202
Cash and Cash Equivalents	92,265,466	96,083,508
Rents Receivable	625,819	935,303
Real Estate Tax Escrows	1,169,877	861,697
Prepaid Expenses and Other Assets	6,273,580	6,183,981
Investments in Unconsolidated Joint Ventures	1,460,630	1,455,888
Total Assets	350,202,922	356,875,579
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	369,970,778	370,481,390
Distribution and Loss in Excess of Investment in Unconsolidated Joint Venture	23,417,093	22,992,420
Accounts Payable and Accrued Expenses	4,606,387	4,324,879
Advance Rental Payments and Security Deposits	8,317,801	8,369,497
Total Liabilities	406,312,059	406,168,186
Partners' Capital 121,516 and 121,756 units outstanding in 2021 and 2020 respectively	(56,109,137)	(49,292,607)	$ (42,932,085)	$ (41,469,045)
Total Liabilities and Partners' Capital	$ 350,202,922	$ 356,875,579

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Partners' Capital, units outstanding	120,927	121,516	121,756	121,756

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($)	3 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Revenues
Rental income	$ 16,460,006	$ 14,980,116
Laundry and sundry income	120,403	108,673
Total Revenues	16,580,409	15,088,789
Expenses
Administrative	707,786	652,186
Depreciation and amortization	4,020,768	3,905,918
Management fee	673,084	605,391
Operating	2,676,208	2,045,968
Renting	169,389	261,966
Repairs and maintenance	2,279,651	1,970,087
Taxes and insurance	2,276,573	2,252,134
Total Expenses	12,803,459	11,693,650
Income Before Other Income (Expense)	3,776,950	3,395,139
Other Income (Expense)
Interest income	34	21
Interest expense	(3,454,635)	(3,364,170)
Income from investments in unconsolidated joint ventures	20,069	(325,170)
Total Other Income (Expense)	(3,434,532)	(3,689,319)
Net (Loss) Income	$ 342,418	$ (294,180)
Income per Unit
Net (Loss) Income per Unit (in dollars per unit)	$ 2.82	$ (2.42)
Weighted Average Number of Units Outstanding (in units)	121,247	121,756

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNER'S CAPITAL - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) in Partners' Capital
Balance	$ (49,292,607)	$ (41,469,045)
Balance (in units)	121,516	121,756
Distribution to Partners	$ (5,821,134)	$ (1,168,860)
Stock Buyback	$ (1,337,814)
Stock Buyback (in units)	(589)
Net income	$ 342,418	(294,180)
Balance	$ (56,109,137)	$ (42,932,085)
Balance (in units)	120,927	121,756
Subtotal
Increase (Decrease) in Partners' Capital
Balance (in units)	180,225	180,225
Balance (in units)	180,225	180,225
General Partnership
Increase (Decrease) in Partners' Capital
Balance	$ (491,512)	$ (413,280)
Balance (in units)	1,802	1,802
Distribution to Partners	$ (58,211)	$ (11,689)
Stock Buyback	(13,375)
Net income	3,424	(2,942)
Balance	$ (559,674)	$ (427,911)
Balance (in units)	1,802	1,802
Treasury Units
Increase (Decrease) in Partners' Capital
Balance (in units)	(58,709)	(58,469)
Stock Buyback (in units)	(589)
Balance (in units)	(59,298)	58,469
Class A
Increase (Decrease) in Partners' Capital
Balance	$ (39,462,357)	$ (33,203,447)
Balance (in units)	144,180	144,180
Distribution to Partners	$ (4,656,907)	$ (935,088)
Stock Buyback	(1,070,321)
Net income	273,934	(235,344)
Balance	$ (44,915,651)	$ (34,373,879)
Balance (in units)	144,180	144,180
Class B
Increase (Decrease) in Partners' Capital
Balance	$ (9,338,738)	$ (7,852,318)
Balance (in units)	34,243	34,243
Distribution to Partners	$ (1,106,016)	$ (222,083)
Stock Buyback	(254,118)
Net income	65,059	(55,894)
Balance	$ (10,633,813)	$ (8,130,295)
Balance (in units)	34,243	34,243

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Cash Flows from Operating Activities
Net (Loss) income	$ 342,418	$ (294,180)
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	4,020,768	3,905,918
Amortization of deferred finance costs	89,578	59,960
Loss (Income) from investments in joint ventures	(20,069)	325,170
Allowance for doubtful accounts		1,271,051
Change in operating assets and liabilities
Proceeds from unconsolidated joint ventures	35,000	8,500
Decrease (Increase) in rents receivable	309,484	(1,083,925)
Increase (Decrease) in accounts payable and accrued expense	281,508	186,928
(Increase) Decrease in real estate tax escrow	(308,180)	(11,485)
(Increase) in prepaid expenses and other assets	(117,404)	254,378
Increase (Decrease) in advance rental payments and security deposits	(51,696)	(278,905)
Total Adjustments	4,238,989	4,637,590
Net cash provided by operating activities	4,581,407	4,343,410
Cash Flows From Investing Activities
Distribution in excess of investment in unconsolidated joint ventures	405,000	187,500
Improvement of rental properties	(1,045,311)	(634,103)
Net cash (used in) investing activities	(640,311)	(446,603)
Cash Flows from Financing Activities
Principal payments of mortgage notes payable	(600,190)	(552,575)
Stock buyback	(1,337,814)
Distributions to partners	(5,821,134)	(1,168,860)
Net cash (used in) provided by financing activities	(7,759,138)	(1,721,435)
Net Increase (Decrease) in Cash and Cash Equivalents	(3,818,042)	2,175,372
Cash and Cash Equivalents, at beginning of period	96,083,508	18,646,972
Cash and Cash Equivalents, at end of period	$ 92,265,466	$ 20,822,344

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 1. SIGNIFICANT ACCOUNTING POLICIES Line of Business 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: no Cash Equivalents: Segment Reporting: Comprehensive Income: 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: credit quality financial institutions. At March 31, 2022, 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 March 31, 2022 and December 31, 2021, respectively approximately $92,421,000, and $96,166,000 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: Reclassifications

RENTAL PROPERTIES

RENTAL PROPERTIES	3 Months Ended
RENTAL PROPERTIES	Mar. 31, 2022
RENTAL PROPERTIES
RENTAL PROPERTIES	NOTE 2. RENTAL PROPERTIES As of March 31, 2022, 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 March 31, 2022, 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 March 31, 2022 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: March 31, 2022 December 31, 2021 Useful Life Land, improvements and parking lots $ 86,887,276 $ 86,887,276 15 - 40 years Buildings and improvements 254,297,847 253,952,680 15 - 40 years Kitchen cabinets 17,061,510 16,946,916 5 - 10 years Carpets 12,189,143 12,029,577 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 1,090,604 1,090,604 10 - 30 years Equipment 18,297,897 18,072,761 5 - 30 years Motor vehicles 171,519 171,519 5 years Fences 46,872 46,872 5 - 15 years Furniture and fixtures 8,099,011 7,898,163 5 - 7 years Smoke alarms 496,641 496,641 5 - 7 years Total fixed assets 401,633,553 400,588,242 Less: Accumulated depreciation (153,226,003) (149,233,040) $ 248,407,550 $ 251,355,202

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2022
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 $673,000 and $605,000 for the three months ended March 31, 2022 and 2021, 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 three months ended March 31, 2022 and 2021, approximately $195,000 and $256,000, was charged to NERA for legal, accounting, construction, maintenance, brokerage fees, rental and architectural services and supervision of capital improvements. Of the 2022 expenses referred to above, approximately $73,000 consisted of repairs and maintenance, and $85,000 of administrative expense. Approximately $37,000 of expenses for construction, architectural services and supervision of capital projects were capitalized in rental properties. Additionally in 2022, the Hamilton Company received approximately $199,000 from the Investment Properties of which approximately $162,000 was the management fee, approximately $26,000 was for maintenance services, approximately $4,000 was for administrative services and approximately $7,000 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 $1,039,000 and $843,000 for the three months ended March 31, 2022 and 2021, 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 three months ended March 31, 2022, the Partnership accrued $37,000 for the employer’s match portion to the plan. For the three months ended March 31, 2021, the Partnership contributed $11,000 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 three months ended March 31, 2022 and 2021, the Management Company charged the Partnership $31,250 ($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	3 Months Ended
OTHER ASSETS	Mar. 31, 2022
OTHER ASSETS
OTHER ASSETS	NOTE 4. PREPAID EXPENSES and OTHER ASSETS Approximately $3,091,000, and $3,067,000 of security deposits are included in prepaid expenses and other assets at March 31, 2022 and December 31, 2021, respectively. The security deposits and escrow accounts are restricted cash. Also, included in prepaid expenses and other assets at March 31, 2022 and December 31, 2021 is approximately $1,971,000 and $1,819,000, 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 $19,000 net of accumulated amortization of approximately $1,399,000 and approximately $26,000 net of accumulated amortization of approximately $1,392,000 at March 31, 2022 and December 31, 2021, respectively. Financing fees in association with the line of credit of approximately $154,000 and $169,000 are net of accumulated amortization of approximately $25,000 and $10,000 at March 31, 2022 and December 31, 2021 respectively.

MORTGAGE NOTES PAYABLE

MORTGAGE NOTES PAYABLE	3 Months Ended
MORTGAGE NOTES PAYABLE	Mar. 31, 2022
MORTGAGE NOTES PAYABLE
MORTGAGE NOTES PAYABLE	NOTE 5. MORTGAGE NOTES PAYABLE At March 31, 2022 and December 31, 2021, the mortgages payable consisted of various loans, all of which were secured by first mortgages on properties referred to in Note 2. At March 31, 2022, the interest rates on these loans ranged from 2.97% to 4.95%, payable in monthly installments aggregating approximately $1,431,000 including principal, to various dates through 2035.The majority of the mortgages are subject to prepayment penalties. At March 31, 2022, the weighted average interest rate on the above mortgages was 3.61%. The effective rate of 3.71% 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 $2,619,000 and $2,709,000 are net of accumulated amortization of approximately $1,229,000 and $1,139,000 at March 31, 2022 and December 31, 2021, 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 March 31, 2022 are as follows: 2023—current maturities $ 8,719,000 2024 31,306,000 2025 11,094,000 2026 21,904,000 2027 6,507,000 Thereafter 293,060,000 372,590,000 Less: unamortized deferred financing costs (2,619,000) $ 369,971,000 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 per annum, plus the applicable margin of one 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 1.60 to a ratio of 1.35 until September 30, 2022; from a minimum tangible net worth requirement of $200 million to a net worth of $175 million until September 30, 2022; from a maximum consolidated leverage ratio of 65% to a ratio of 70% until September 30, 2022 and from a minimum debt yield of 9.5% to a yield of 8.5% until September 30, 2022 and a yield of 9.0% 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 $25 The interest rate for the new term is LIBOR plus 300 basis points. The costs associated with the modification and renewal of the line of credit is approximately $179,000 . The line of credit may be used for acquisition, refinancing, improvements, working capital and other needs of the Partnership. The line may not be used to pay dividends, make distributions or acquire equity interests of the Partnership. The line of credit is collateralized by varying percentages of the Partnership’s ownership interest in 23 of its subsidiary properties and joint ventures. Pledged interests range from 49% to 100% of the Partnership’s ownership interest in the respective entities.

ADVANCE RENTAL PAYMENTS AND SEC

ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS	3 Months Ended
ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS	Mar. 31, 2022
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 March 31, 2022, amounts received for prepaid rents of approximately $2,287,000 are included in cash and cash equivalents, and security deposits of approximately $3,091,000 are included in prepaid expenses and other assets and are restricted cash.

PARTNERS' CAPITAL

PARTNERS' CAPITAL	3 Months Ended
PARTNERS' CAPITAL	Mar. 31, 2022
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 2022, the Partnership approved a quarterly distribution of $9.60 per Unit ($0.32 per Receipt), payable on March 31, 2022. In addition to the quarterly distribution, there was a special distribution of $38.40 per Class A unit ($1.28 per Receipt) payable on March 31, 2022. In 2021, 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: Three Months Ended March 31, 2022 2021 Net Income (Loss) per Depositary Receipt $ 0.09 $ (0.08) Distributions per Depositary Receipt $ 1.60 $ 0.32

TREASURY UNITS

TREASURY UNITS	3 Months Ended
TREASURY UNITS	Mar. 31, 2022
TREASURY UNITS
TREASURY UNITS	NOTE 8. TREASURY UNITS Treasury Units at March 31, 2022 are as follows: Class A 47,438 Class B 11,267 General Partnership 593 59,298 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 three months ended March 31, 2022, the Partnership purchased a total of 14,132 Depositary Receipts. The average price was $75.71 per receipt or $2,271.30 per unit. The cost including commission was $1,070,321. The Partnership was required to repurchase 111.88 Class B Units and 5.89 General Partnership units at a cost of $254,118 and $13,375 respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2022
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.

RENTAL INCOME

RENTAL INCOME	3 Months Ended
RENTAL INCOME	Mar. 31, 2022
RENTAL INCOME
RENTAL INCOME	NOTE 10. RENTAL INCOME During the three months ended March 31, 2022, 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 March 31, 2022 as follows: Commercial Property Leases 2023 $ 2,104,837 2024 1,563,302 2025 934,703 2026 695,022 2027 408,280 Thereafter 414,114 $ 6,120,258 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 $175,000 and $150,000 for the three months ended March 31, 2022 and 2021 respectively. Staples and Trader Joe’s, tenants at Staples Plaza, are approximately 31% 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 March 31, expiring leases for expiring leases leases expiring expiring leases 2023 $ 939,617 50,247 20 35 % 2024 611,637 18,170 8 22 % 2025 426,122 15,998 9 15 % 2026 223,001 3,473 4 8 % 2027 395,326 15,162 8 14 % 2028 38,874 1,254 1 1 % 2029 — — — — % 2030 142,450 3,850 1 5 % 2031 — — — — % 2032 — — — — % Totals $ 2,777,027 108,154 51 100 % Rents receivable are net of an allowance for doubtful accounts of approximately $805,000 and $832,000 at March 31, 2022 and December 31, 2021. Included in rents receivable at March 31, 2022 is approximately $44,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis. Rents receivable at March 31, 2022 also includes approximately $183,000 representing the deferral of rental concession primarily related to the residential properties.

CASH FLOW INFORMATION

CASH FLOW INFORMATION	3 Months Ended
CASH FLOW INFORMATION	Mar. 31, 2022
CASH FLOW INFORMATION
CASH FLOW INFORMATION	NOTE 11. CASH FLOW INFORMATION During the three months ended March 31, 2022 and 2021, cash paid for interest was approximately $3,370,000, and $3,306,000 respectively. Cash paid for state income taxes was approximately $2,000 and $56,000 during the three months ended March 31, 2022 and 2021 respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2022
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 12. FAIR VALUE MEASUREMENTS Fair Value Measurements on a Recurring Basis At March 31, 2022 and December 31, 2021, 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 March 31, 2022 and December 31, 2021 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 March 31, 2022 and December 31, 2021 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 March 31, 2022 and December 31, 2021, 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 March 31, 2022 * $ 369,970,778 $ 360,778,648 At December 31, 2021 * $ 370,481,390 $ 383,244,134 Investment Properties At March 31, 2022 * $ 166,176,322 $ 166,565,137 At December 31, 2021 * $ 166,203,705 $ 175,881,762 * Net of unamortized deferred financing costs Disclosure about fair value of financial instruments is based on pertinent information available to management as of March 31, 2022 and December 31, 2021. 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 March 31, 2022 and current estimates of fair value may differ significantly from the amounts presented herein.

TAXABLE INCOME AND TAX BASIS

TAXABLE INCOME AND TAX BASIS	3 Months Ended
TAXABLE INCOME AND TAX BASIS	Mar. 31, 2022
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 carryovers and timing differences related to prepaid rents, allowances and intangible assets at significant acquisitions. Federal taxable income of approximately $4,056,000 was approximately $6,756,000 more than statement income for the year ended December 31, 2021.The Federal cumulative tax basis of the Partnership’s real estate at December 31, 2021 is approximately $10,946,000 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 $1,066,000 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 March 31, 2022, the tax years that generally remain subject to examination by the major tax jurisdictions under the statute of limitations is from the year 2018 forward.

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	3 Months Ended
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	Mar. 31, 2022
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 March 31, 2022, 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. 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. At March 31, 2022, the balance on this mortgage before unamortized deferred financing costs is approximately $6,000,000. This investment is referred to as Hamilton Minuteman, LLC. In August 2004, the Partnership invested $8,000,000 for a 50% ownership interest in a 280-unit apartment complex located in Watertown, Massachusetts. The total purchase price was $56,000,000. The 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 March 31, 2022 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total ASSETS Rental Properties $ 6,158,533 $ 2,587,547 $ 4,984,470 $ 80,739 $ 4,623,273 $ 14,069,945 $ 78,062,415 $ 110,566,922 Assets Held for Sale 0 Cash & Cash Equivalents 579,073 112,861 150,018 9,501 202,934 676,290 2,360,219 4,090,896 Rent Receivable 218,440 71,993 5,694 6,525 18,702 24,636 97,827 443,817 Real Estate Tax Escrow 74,171 — 68,049 — 32,369 88,464 — 263,053 Prepaid Expenses & Other Assets 297,060 59,537 104,028 207 17,181 190,308 2,057,455 2,725,776 Financing & Leasing Fees — — — — — — — — Total Assets $ 7,327,277 $ 2,831,938 $ 5,312,259 $ 96,972 $ 4,894,459 $ 15,049,643 $ 82,577,916 $ 118,090,464 LIABILITIES AND PARTNERS’ CAPITAL Mortgage Notes Payable $ 9,951,738 $ — $ 8,839,286 $ — $ 5,922,598 $ 16,861,209 $ 124,601,492 $ 166,176,323 Accounts Payable & Accrued Expense 72,582 3,750 94,711 3,901 75,931 186,788 792,148 1,229,811 Advance Rental Pmts & Security Deposits 210,186 — 235,125 — 158,851 432,060 2,655,212 3,691,434 Total Liabilities 10,234,506 3,750 9,169,122 3,901 6,157,380 17,480,057 128,048,852 171,097,568 Partners’ Capital (2,907,229) 2,828,188 (3,856,863) 93,071 (1,262,921) (2,430,414) (45,470,936) (53,007,104) Total Liabilities and Capital $ 7,327,277 $ 2,831,938 $ 5,312,259 $ 96,972 $ 4,894,459 $ 15,049,643 $ 82,577,916 $ 118,090,464 Partners’ Capital %—NERA 50 % 50 % 50 % 50 % 50 % 50 % 40 % Investment in Unconsolidated Joint Ventures $ — $ 1,414,094 $ — $ 46,536 $ — $ — $ — 1,460,630 Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures $ (1,453,616) $ — $ (1,928,433) $ — $ (631,462) $ (1,215,208) $ (18,188,375) (23,417,093) Total Investment in Unconsolidated Joint Ventures (Net) $ (21,956,463) Total units/condominiums Apartments 48 — 40 175 42 148 409 687 Commercial 1 1 — 1 — — — 3 Total 49 1 40 176 42 148 409 690 Units to be retained 49 1 40 1 42 148 409 690 Units to be sold — — — — — — — — Units sold through May 1, 2022 — — — 175 — — — 175 Unsold units — — — — — — — — Financial information for the three months ended March 31, 2022 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total Revenues Rental Income $ 441,716 $ 86,103 $ 346,820 $ 24,369 $ 293,738 $ 890,382 $ 3,470,717 $ 5,553,845 Laundry and Sundry Income 5,526 — — — — 10,551 27,055 43,132 447,242 86,103 346,820 24,369 293,738 900,933 3,497,772 5,596,977 Expenses Administrative 4,774 750 11,524 651 2,350 24,520 55,517 100,086 Depreciation and Amortization 119,185 2,927 86,413 816 83,960 268,464 929,135 1,490,900 Management Fees 18,485 3,317 13,803 958 11,393 37,373 76,371 161,700 Operating 52,973 — 21,893 1,172 55,585 108,690 347,529 587,842 Renting 5,627 — 10,160 — 3,802 14,989 57,861 92,439 Repairs and Maintenance 34,929 — 54,531 — 16,213 133,918 354,789 594,380 Taxes and Insurance 66,461 15,990 43,724 4,408 37,727 130,669 609,866 908,845 302,434 22,984 242,048 8,005 211,030 718,623 2,431,068 3,936,192 Income Before Other Income 144,808 63,119 104,772 16,364 82,708 182,310 1,066,704 1,660,785 Other Income (Loss) Interest Expense (62,230) — (88,437) — (58,739) (187,378) (1,263,146) (1,659,930) Interest Income — — — — — — — (62,230) — (88,437) — (58,739) (187,378) (1,263,146) (1,659,930) Net (Loss) Income $ 82,578 $ 63,119 $ 16,335 $ 16,364 $ 23,969 $ (5,068) $ (196,442) $ 855 Net (Loss) Income —NERA 50% $ 41,289 $ 31,559 $ 8,168 $ 8,182 $ 11,985 $ (2,535) 98,647 Net Income —NERA 40% $ (78,578) (78,578) $ 20,069 Future annual mortgage maturities at March 31, 2022 are as follows: Hamilton 345 Hamilton Hamilton on Dexter Period End Essex 81 Franklin Minuteman Main Apts Park Total 3/31/2023 $ — $ 224,199 $ — $ — $ — $ 224,199 3/31/2024 — 233,032 — — — 233,032 3/31/2025 — 242,212 — 16,900,000 — 17,142,212 3/31/2026 10,000,000 251,753 — — 10,251,753 3/31/2027 261,671 — — — 261,671 Thereafter — 7,668,034 6,000,000 — 125,000,000 138,668,034 10,000,000 8,880,901 6,000,000 16,900,000 125,000,000 166,780,901 Less: unamortized deferred financing costs (48,262) (41,615) (77,402) (38,791) (398,508) (604,578) $ 9,951,738 $ 8,839,286 $ 5,922,598 $ 16,861,209 $ 124,601,492 $ 166,176,323 At March 31, 2022 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 March 31, 2021 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total ASSETS Rental Properties $ 6,583,704 $ 2,590,036 $ 5,289,712 $ 84,003 $ 4,914,411 $ 14,982,149 $ 80,053,070 $ 114,497,085 Assets Held for Sale 0 Cash & Cash Equivalents 66,579 40,821 139,721 6,435 132,455 574,605 2,564,784 3,525,400 Rent Receivable 31,379 — 35,916 11,669 9,749 49,425 447,666 585,804 Real Estate Tax Escrow 74,083 — 54,505 — 38,883 113,702 — 281,173 Prepaid Expenses & Other Assets 274,840 75,119 85,816 191 15,187 177,044 1,400,615 2,028,812 Total Assets $ 7,030,585 $ 2,705,976 $ 5,605,670 $ 102,298 $ 5,110,685 $ 15,896,925 $ 84,466,135 $ 120,918,274 LIABILITIES AND PARTNERS’ CAPITAL Mortgage Notes Payable $ 9,937,949 $ — $ 9,048,329 $ — $ 5,914,414 $ 16,845,158 $ 124,536,869 $ 166,282,719 Accounts Payable & Accrued Expense 66,760 4,000 106,469 3,225 75,274 172,092 722,157 1,149,977 Advance Rental Pmts& Security Deposits 102,170 — 214,146 — 136,840 424,300 2,083,729 2,961,185 Total Liabilities 10,106,879 4,000 9,368,944 3,225 6,126,528 17,441,550 127,342,755 170,393,881 Partners’ Capital (3,076,294) 2,701,976 (3,763,274) 99,073 (1,015,843) (1,544,625) (42,876,620) (49,475,607) Total Liabilities and Capital $ 7,030,585 $ 2,705,976 $ 5,605,670 $ 102,298 5,110,685 $ 15,896,925 $ 84,466,135 $ 120,918,274 Partners’ Capital %—NERA 50 % 50 % 50 % 50 % 50 % 50 % 40 % Investment in Unconsolidated Joint Ventures $ — $ 1,350,988 $ — $ 49,536 $ $ $ $ 1,400,524 Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures $ (1,538,147) $ — $ (1,881,637) $ — $ (507,922) $ (772,313) $ (17,150,648) (21,850,666) Total Investment in Unconsolidated Joint Ventures (Net) $ (20,450,142) Total units/condominiums Apartments 48 — 40 175 42 148 409 862 Commercial 1 1 — 1 — — — 3 Total 49 1 40 176 42 148 409 865 Units to be retained 49 1 40 1 42 148 409 690 Units to be sold — — — — — — — — Units sold through February 1, 2021 — — — 175 — — — 175 Unsold units — — — — — — — — Financial information for the three months ended March 31, 2021 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total Revenues Rental Income $ 230,217 $ — $ 333,093 $ 24,369 $ 284,524 $ 816,812 $ 3,069,883 $ 4,758,898 Laundry and Sundry Income 3,013 — 112 — 1,276 8,777 26,152 39,330 233,230 — 333,205 24,369 285,800 825,589 3,096,035 4,798,228 Expenses Administrative 14,556 853 4,803 714 3,583 20,219 46,851 91,579 Depreciation and Amortization 118,942 5,074 85,345 816 84,025 269,915 924,560 1,488,677 Management Fees 5,260 — 12,412 628 11,296 32,375 65,278 127,249 Operating 29,432 — 13,521 91 34,596 124,933 298,094 500,667 Renting 32,784 — 14,328 — 360 30,760 84,955 163,187 Repairs and Maintenance 52,547 — 23,278 — 19,405 122,446 452,895 670,571 Taxes and Insurance 65,539 14,885 43,670 4,797 34,976 110,134 597,786 871,787 319,060 20,812 197,357 7,046 188,241 710,782 2,470,419 3,913,717 Income Before Other Income (85,830) (20,812) 135,848 17,323 97,559 114,807 625,616 884,511 Other Income (Loss) Interest Expense (61,312) — (90,643) — (58,625) (187,378) (1,264,708) (1,662,666) (61,312) — (90,643) — (58,625) (187,378) (1,264,708) (1,662,666) Net Income (Loss) $ (147,142) $ (20,812) $ 45,205 $ 17,324 $ 38,934 $ (72,571) $ (639,092) $ (778,155) Net Income (Loss)—NERA 50% $ (73,571) $ (10,406) $ 22,602 $ 8,661 $ 19,466 $ (36,286) (69,534) Net Income —NERA 40% $ (255,636) (255,636) $ (325,170)

EMPLOYEE BENEFIT 401(k) PLANS

EMPLOYEE BENEFIT 401(k) PLANS	3 Months Ended
EMPLOYEE BENEFIT 401(k) PLANS	Mar. 31, 2022
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 three months ended March 31, 2022 was $37,000.

IMPACT OF RECENTLY-ISSUED ACCOU

IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS	3 Months Ended
IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS	Mar. 31, 2022
IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS
IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS	NOTE 16. IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS There have been no new accounting pronouncements applicable to the Partnership that would have a material impact on the Partnership’s consolidated financial statements.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 17. SUBSEQUENT EVENTS From April 1, 2022 through May 5, 2022, the Partnership has purchased 9,276 Depository Receipts . In May 2022, the Partnership approved a quarterly distribution of $9.60 per Unit ($0.32 per Receipt), payable on June 30, 2022. In addition to the quarterly distribution, there was a special distribution of $38.40 per Class A unit ($1.28 per Receipt) payable on March 31,2022. On April 25, 2022, Martina N. Alibrandi was appointed to the Board of Directors of NewReal, Inc. and as a member of the Audit Committee of the NewReal, Inc. Board. On April 25, 2022, New England Realty Associates Limited Partnership (the “Partnership”) and certain affiliates of the Partnership entered into an addition to the Rate Lock Authorization Agreement (the “Agreement”) with KeyBank National Associates (“KeyBank”) dated as of November 10, 2021, and paid the requisite deposit of $1,599,100. The agreement calls for a loan of approximately $79,955,000 at a fixed interest rate of 4.33%. The Partnership intends to use the proceeds to pay down approximately $37,147,000 of existing debt secured by 4 properties, along with approximately $1,895,000 in prepayment penalties. The remaining balance of the loan proceeds of approximately $40,913,000 will be used for general partnership purposes.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Line of Business	Line of Business 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: no
Cash Equivalents	Cash Equivalents:
Segment Reporting	Segment Reporting:
Comprehensive Income	Comprehensive Income:
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: credit quality financial institutions. At March 31, 2022, 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 March 31, 2022 and December 31, 2021, respectively approximately $92,421,000, and $96,166,000 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:
Reclassifications	Reclassifications

RENTAL PROPERTIES (Tables)

RENTAL PROPERTIES (Tables)	3 Months Ended
RENTAL PROPERTIES (Tables)	Mar. 31, 2022
RENTAL PROPERTIES
Schedule of rental properties	March 31, 2022 December 31, 2021 Useful Life Land, improvements and parking lots $ 86,887,276 $ 86,887,276 15 - 40 years Buildings and improvements 254,297,847 253,952,680 15 - 40 years Kitchen cabinets 17,061,510 16,946,916 5 - 10 years Carpets 12,189,143 12,029,577 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 1,090,604 1,090,604 10 - 30 years Equipment 18,297,897 18,072,761 5 - 30 years Motor vehicles 171,519 171,519 5 years Fences 46,872 46,872 5 - 15 years Furniture and fixtures 8,099,011 7,898,163 5 - 7 years Smoke alarms 496,641 496,641 5 - 7 years Total fixed assets 401,633,553 400,588,242 Less: Accumulated depreciation (153,226,003) (149,233,040) $ 248,407,550 $ 251,355,202

MORTGAGE NOTES PAYABLE (Tables)

MORTGAGE NOTES PAYABLE (Tables)	3 Months Ended
MORTGAGE NOTES PAYABLE (Tables)	Mar. 31, 2022
MORTGAGE NOTES PAYABLE
Schedule of approximate annual maturities	Approximate annual maturities at March 31, 2022 are as follows: 2023—current maturities $ 8,719,000 2024 31,306,000 2025 11,094,000 2026 21,904,000 2027 6,507,000 Thereafter 293,060,000 372,590,000 Less: unamortized deferred financing costs (2,619,000) $ 369,971,000

PARTNERS' CAPITAL (Tables)

PARTNERS' CAPITAL (Tables)	3 Months Ended
PARTNERS' CAPITAL (Tables)	Mar. 31, 2022
PARTNERS' CAPITAL
Schedule of information per depositary receipt	Three Months Ended March 31, 2022 2021 Net Income (Loss) per Depositary Receipt $ 0.09 $ (0.08) Distributions per Depositary Receipt $ 1.60 $ 0.32

TREASURY UNITS (Tables)

TREASURY UNITS (Tables)	3 Months Ended
TREASURY UNITS (Tables)	Mar. 31, 2022
TREASURY UNITS
Schedule of treasury units	Treasury Units at March 31, 2022 are as follows: Class A 47,438 Class B 11,267 General Partnership 593 59,298

RENTAL INCOME (Tables)

RENTAL INCOME (Tables)	3 Months Ended
RENTAL INCOME (Tables)	Mar. 31, 2022
RENTAL INCOME
Schedule of minimum future annual rental income on non-cancellable operating leases	Commercial Property Leases 2023 $ 2,104,837 2024 1,563,302 2025 934,703 2026 695,022 2027 408,280 Thereafter 414,114 $ 6,120,258
Schedule of information for commercial leases	Annual base Percentage of rent for Total square feet Total number of annual base rent for Through March 31, expiring leases for expiring leases leases expiring expiring leases 2023 $ 939,617 50,247 20 35 % 2024 611,637 18,170 8 22 % 2025 426,122 15,998 9 15 % 2026 223,001 3,473 4 8 % 2027 395,326 15,162 8 14 % 2028 38,874 1,254 1 1 % 2029 — — — — % 2030 142,450 3,850 1 5 % 2031 — — — — % 2032 — — — — % Totals $ 2,777,027 108,154 51 100 %

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Mar. 31, 2022
FAIR VALUE MEASUREMENTS
Schedule of carrying amounts and estimated fair value of debt	Carrying Amount Estimated Fair Value Mortgage Notes Payable Partnership Properties At March 31, 2022 * $ 369,970,778 $ 360,778,648 At December 31, 2021 * $ 370,481,390 $ 383,244,134 Investment Properties At March 31, 2022 * $ 166,176,322 $ 166,565,137 At December 31, 2021 * $ 166,203,705 $ 175,881,762 * Net of unamortized deferred financing costs

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	3 Months Ended
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	Mar. 31, 2022
Schedule of future annual mortgage maturities	Future annual mortgage maturities at March 31, 2022 are as follows: Hamilton 345 Hamilton Hamilton on Dexter Period End Essex 81 Franklin Minuteman Main Apts Park Total 3/31/2023 $ — $ 224,199 $ — $ — $ — $ 224,199 3/31/2024 — 233,032 — — — 233,032 3/31/2025 — 242,212 — 16,900,000 — 17,142,212 3/31/2026 10,000,000 251,753 — — 10,251,753 3/31/2027 261,671 — — — 261,671 Thereafter — 7,668,034 6,000,000 — 125,000,000 138,668,034 10,000,000 8,880,901 6,000,000 16,900,000 125,000,000 166,780,901 Less: unamortized deferred financing costs (48,262) (41,615) (77,402) (38,791) (398,508) (604,578) $ 9,951,738 $ 8,839,286 $ 5,922,598 $ 16,861,209 $ 124,601,492 $ 166,176,323
2022
Summary of financial position and income statements relating to investment in unconsolidated joint ventures	Summary financial information at March 31, 2022 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total ASSETS Rental Properties $ 6,158,533 $ 2,587,547 $ 4,984,470 $ 80,739 $ 4,623,273 $ 14,069,945 $ 78,062,415 $ 110,566,922 Assets Held for Sale 0 Cash & Cash Equivalents 579,073 112,861 150,018 9,501 202,934 676,290 2,360,219 4,090,896 Rent Receivable 218,440 71,993 5,694 6,525 18,702 24,636 97,827 443,817 Real Estate Tax Escrow 74,171 — 68,049 — 32,369 88,464 — 263,053 Prepaid Expenses & Other Assets 297,060 59,537 104,028 207 17,181 190,308 2,057,455 2,725,776 Financing & Leasing Fees — — — — — — — — Total Assets $ 7,327,277 $ 2,831,938 $ 5,312,259 $ 96,972 $ 4,894,459 $ 15,049,643 $ 82,577,916 $ 118,090,464 LIABILITIES AND PARTNERS’ CAPITAL Mortgage Notes Payable $ 9,951,738 $ — $ 8,839,286 $ — $ 5,922,598 $ 16,861,209 $ 124,601,492 $ 166,176,323 Accounts Payable & Accrued Expense 72,582 3,750 94,711 3,901 75,931 186,788 792,148 1,229,811 Advance Rental Pmts & Security Deposits 210,186 — 235,125 — 158,851 432,060 2,655,212 3,691,434 Total Liabilities 10,234,506 3,750 9,169,122 3,901 6,157,380 17,480,057 128,048,852 171,097,568 Partners’ Capital (2,907,229) 2,828,188 (3,856,863) 93,071 (1,262,921) (2,430,414) (45,470,936) (53,007,104) Total Liabilities and Capital $ 7,327,277 $ 2,831,938 $ 5,312,259 $ 96,972 $ 4,894,459 $ 15,049,643 $ 82,577,916 $ 118,090,464 Partners’ Capital %—NERA 50 % 50 % 50 % 50 % 50 % 50 % 40 % Investment in Unconsolidated Joint Ventures $ — $ 1,414,094 $ — $ 46,536 $ — $ — $ — 1,460,630 Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures $ (1,453,616) $ — $ (1,928,433) $ — $ (631,462) $ (1,215,208) $ (18,188,375) (23,417,093) Total Investment in Unconsolidated Joint Ventures (Net) $ (21,956,463) Total units/condominiums Apartments 48 — 40 175 42 148 409 687 Commercial 1 1 — 1 — — — 3 Total 49 1 40 176 42 148 409 690 Units to be retained 49 1 40 1 42 148 409 690 Units to be sold — — — — — — — — Units sold through May 1, 2022 — — — 175 — — — 175 Unsold units — — — — — — — — Financial information for the three months ended March 31, 2022 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total Revenues Rental Income $ 441,716 $ 86,103 $ 346,820 $ 24,369 $ 293,738 $ 890,382 $ 3,470,717 $ 5,553,845 Laundry and Sundry Income 5,526 — — — — 10,551 27,055 43,132 447,242 86,103 346,820 24,369 293,738 900,933 3,497,772 5,596,977 Expenses Administrative 4,774 750 11,524 651 2,350 24,520 55,517 100,086 Depreciation and Amortization 119,185 2,927 86,413 816 83,960 268,464 929,135 1,490,900 Management Fees 18,485 3,317 13,803 958 11,393 37,373 76,371 161,700 Operating 52,973 — 21,893 1,172 55,585 108,690 347,529 587,842 Renting 5,627 — 10,160 — 3,802 14,989 57,861 92,439 Repairs and Maintenance 34,929 — 54,531 — 16,213 133,918 354,789 594,380 Taxes and Insurance 66,461 15,990 43,724 4,408 37,727 130,669 609,866 908,845 302,434 22,984 242,048 8,005 211,030 718,623 2,431,068 3,936,192 Income Before Other Income 144,808 63,119 104,772 16,364 82,708 182,310 1,066,704 1,660,785 Other Income (Loss) Interest Expense (62,230) — (88,437) — (58,739) (187,378) (1,263,146) (1,659,930) Interest Income — — — — — — — (62,230) — (88,437) — (58,739) (187,378) (1,263,146) (1,659,930) Net (Loss) Income $ 82,578 $ 63,119 $ 16,335 $ 16,364 $ 23,969 $ (5,068) $ (196,442) $ 855 Net (Loss) Income —NERA 50% $ 41,289 $ 31,559 $ 8,168 $ 8,182 $ 11,985 $ (2,535) 98,647 Net Income —NERA 40% $ (78,578) (78,578) $ 20,069
2021
Summary of financial position and income statements relating to investment in unconsolidated joint ventures	Summary financial information at March 31, 2021 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total ASSETS Rental Properties $ 6,583,704 $ 2,590,036 $ 5,289,712 $ 84,003 $ 4,914,411 $ 14,982,149 $ 80,053,070 $ 114,497,085 Assets Held for Sale 0 Cash & Cash Equivalents 66,579 40,821 139,721 6,435 132,455 574,605 2,564,784 3,525,400 Rent Receivable 31,379 — 35,916 11,669 9,749 49,425 447,666 585,804 Real Estate Tax Escrow 74,083 — 54,505 — 38,883 113,702 — 281,173 Prepaid Expenses & Other Assets 274,840 75,119 85,816 191 15,187 177,044 1,400,615 2,028,812 Total Assets $ 7,030,585 $ 2,705,976 $ 5,605,670 $ 102,298 $ 5,110,685 $ 15,896,925 $ 84,466,135 $ 120,918,274 LIABILITIES AND PARTNERS’ CAPITAL Mortgage Notes Payable $ 9,937,949 $ — $ 9,048,329 $ — $ 5,914,414 $ 16,845,158 $ 124,536,869 $ 166,282,719 Accounts Payable & Accrued Expense 66,760 4,000 106,469 3,225 75,274 172,092 722,157 1,149,977 Advance Rental Pmts& Security Deposits 102,170 — 214,146 — 136,840 424,300 2,083,729 2,961,185 Total Liabilities 10,106,879 4,000 9,368,944 3,225 6,126,528 17,441,550 127,342,755 170,393,881 Partners’ Capital (3,076,294) 2,701,976 (3,763,274) 99,073 (1,015,843) (1,544,625) (42,876,620) (49,475,607) Total Liabilities and Capital $ 7,030,585 $ 2,705,976 $ 5,605,670 $ 102,298 5,110,685 $ 15,896,925 $ 84,466,135 $ 120,918,274 Partners’ Capital %—NERA 50 % 50 % 50 % 50 % 50 % 50 % 40 % Investment in Unconsolidated Joint Ventures $ — $ 1,350,988 $ — $ 49,536 $ $ $ $ 1,400,524 Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures $ (1,538,147) $ — $ (1,881,637) $ — $ (507,922) $ (772,313) $ (17,150,648) (21,850,666) Total Investment in Unconsolidated Joint Ventures (Net) $ (20,450,142) Total units/condominiums Apartments 48 — 40 175 42 148 409 862 Commercial 1 1 — 1 — — — 3 Total 49 1 40 176 42 148 409 865 Units to be retained 49 1 40 1 42 148 409 690 Units to be sold — — — — — — — — Units sold through February 1, 2021 — — — 175 — — — 175 Unsold units — — — — — — — — Financial information for the three months ended March 31, 2021 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total Revenues Rental Income $ 230,217 $ — $ 333,093 $ 24,369 $ 284,524 $ 816,812 $ 3,069,883 $ 4,758,898 Laundry and Sundry Income 3,013 — 112 — 1,276 8,777 26,152 39,330 233,230 — 333,205 24,369 285,800 825,589 3,096,035 4,798,228 Expenses Administrative 14,556 853 4,803 714 3,583 20,219 46,851 91,579 Depreciation and Amortization 118,942 5,074 85,345 816 84,025 269,915 924,560 1,488,677 Management Fees 5,260 — 12,412 628 11,296 32,375 65,278 127,249 Operating 29,432 — 13,521 91 34,596 124,933 298,094 500,667 Renting 32,784 — 14,328 — 360 30,760 84,955 163,187 Repairs and Maintenance 52,547 — 23,278 — 19,405 122,446 452,895 670,571 Taxes and Insurance 65,539 14,885 43,670 4,797 34,976 110,134 597,786 871,787 319,060 20,812 197,357 7,046 188,241 710,782 2,470,419 3,913,717 Income Before Other Income (85,830) (20,812) 135,848 17,323 97,559 114,807 625,616 884,511 Other Income (Loss) Interest Expense (61,312) — (90,643) — (58,625) (187,378) (1,264,708) (1,662,666) (61,312) — (90,643) — (58,625) (187,378) (1,264,708) (1,662,666) Net Income (Loss) $ (147,142) $ (20,812) $ 45,205 $ 17,324 $ 38,934 $ (72,571) $ (639,092) $ (778,155) Net Income (Loss)—NERA 50% $ (73,571) $ (10,406) $ 22,602 $ 8,661 $ 19,466 $ (36,286) (69,534) Net Income —NERA 40% $ (255,636) (255,636) $ (325,170)

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Business) (Details)	Mar. 31, 2022ft²itemproperty	Mar. 31, 2021property
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	690	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	687	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	Mar. 31, 2022USD ($)itemshares	Mar. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2021USD ($)	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		$ 90,000	$ 60,000
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		$ 92,421,000				$ 96,166,000
Advertising Expense
Advertising expense		$ 73,291	$ 89,350
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)	3 Months Ended
RENTAL PROPERTIES (Details)	Mar. 31, 2022USD ($)itemproperty	Dec. 31, 2021USD ($)	Mar. 31, 2021property
Rental properties
Total fixed assets	$ 401,633,553	$ 400,588,242
Less: Accumulated depreciation	(153,226,003)	(149,233,040)
Total fixed assets, net	248,407,550	251,355,202
Land, improvements and parking lots
Rental properties
Total fixed assets	$ 86,887,276	86,887,276
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	$ 254,297,847	253,952,680
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	$ 17,061,510	16,946,916
Kitchen cabinets \| Minimum
Rental properties
Useful Life	5 years
Kitchen cabinets \| Maximum
Rental properties
Useful Life	10 years
Carpets
Rental properties
Total fixed assets	$ 12,189,143	12,029,577
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	$ 1,090,604	1,090,604
Swimming pools \| Minimum
Rental properties
Useful Life	10 years
Swimming pools \| Maximum
Rental properties
Useful Life	30 years
Equipment
Rental properties
Total fixed assets	$ 18,297,897	18,072,761
Equipment \| Minimum
Rental properties
Useful Life	5 years
Equipment \| Maximum
Rental properties
Useful Life	30 years
Motor vehicles
Rental properties
Total fixed assets	$ 171,519	171,519
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	$ 8,099,011	7,898,163
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	690		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

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	3 Months Ended		12 Months Ended
RELATED PARTY TRANSACTIONS (Details)	Mar. 31, 2022USD ($)item	Mar. 31, 2021USD ($)	Dec. 31, 2022USD ($)	Dec. 31, 2021USD ($)
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	$ 673,000	$ 605,000
Management fee	673,084	605,391
Repairs and maintenance	2,279,651	1,970,087
Administrative expense	707,786	652,186
Employer contributions in 401K plan	$ 37,000
Number of limited partnerships and limited liability companies in which the entity has invested \| item	7
Interest expense	$ 3,454,635	3,364,170
Investment Properties
RELATED PARTY TRANSACTIONS
Management fee	161,700	127,249
Repairs and maintenance	594,380	670,571
Administrative expense	$ 100,086	91,579
Number of limited partnerships and limited liability companies in which the entity has invested \| item	7
Interest expense	$ 1,659,930	1,662,666
Investment Properties \| Minimum
RELATED PARTY TRANSACTIONS
Ownership interest (as a percent)	40.00%
Investment Properties \| Maximum
RELATED PARTY TRANSACTIONS
Ownership interest (as a percent)	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%
Harold Brown \| Maximum
RELATED PARTY TRANSACTIONS
Ownership interest (as a percent)	59.00%
General Partner or Management Company [Member]
RELATED PARTY TRANSACTIONS
Repairs and maintenance	$ 73,000
Administrative expense	85,000
Expenses for construction, architectural services and supervision of capital projects	37,000
Costs related to professional services	195,000	256,000
Management Company [Member]
RELATED PARTY TRANSACTIONS
Reimbursement to related party for payroll transfers	1,039,000	843,000
Employer contributions in 401K plan	$ 37,000	11,000
Number of accounting staff of related party providing bookkeeping and accounting functions \| item	14
Fees for accounting and bookkeeping services	$ 31,250	$ 31,250	$ 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	$ 162,000
Repairs and maintenance	26,000
Administrative expense	4,000
Construction, architectural services and supervision of capital projects	7,000
Amount paid to related party	$ 199,000
Residential and mixed-use properties \| Partially owned properties \| Minimum
RELATED PARTY TRANSACTIONS
Ownership interest (as a percent)	40.00%
Residential and mixed-use properties \| Partially owned properties \| Maximum
RELATED PARTY TRANSACTIONS
Ownership interest (as a percent)	50.00%

PREPAID EXPENSES and OTHER ASSE

PREPAID EXPENSES and OTHER ASSETS (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
OTHER ASSETS
Security deposits	$ 3,091,000	$ 3,067,000
Escrow deposits to fund future capital improvements	1,971,000	1,819,000
Deposits and escrows held for acquisitions	1,169,877	861,697
Intangible assets, net of accumulated amortization	19,000	26,000
Accumulated amortization on intangible assets	1,399,000	1,392,000
Financing fees, net	$ 154,000	$ 169,000

MORTGAGE NOTES PAYABLE (Mortgag

MORTGAGE NOTES PAYABLE (Mortgages Payable) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
MORTGAGE NOTES PAYABLE
Effective interest rate (as a percent)	3.97%
Financing fees, net	$ 154,000	$ 169,000
Accumulated amortization on financing and leasing fees	25,000	10,000
Annual maturities of mortgage debt
2023-current maturities	8,719,000
2024	31,306,000
2025	11,094,000
2026	21,904,000
2027	6,507,000
Thereafter	293,060,000
Total	372,590,000
Less: unamortized deferred financing costs	(2,619,000)
Secured Debt	369,970,778	370,481,390
Mortgages payable
MORTGAGE NOTES PAYABLE
Amount of monthly installments including principal	$ 1,431,000
Weighted average interest rate (as a percent)	3.61%
Effective interest rate (as a percent)	3.71%
Financing fees, net	$ 2,619,000	2,709,000
Accumulated amortization on financing and leasing fees	$ 1,229,000	$ 1,139,000
Mortgages payable \| Minimum
MORTGAGE NOTES PAYABLE
Interest rate (as a percent)	2.97%
Mortgages payable \| Maximum
MORTGAGE NOTES PAYABLE
Interest rate (as a percent)	4.95%

MORTGAGE NOTES PAYABLE (Line of

MORTGAGE NOTES PAYABLE (Line of Credit) (Details)	Dec. 03, 2021USD ($)	Oct. 29, 2021USD ($)	Sep. 30, 2015	Jul. 31, 2014USD ($)	Aug. 31, 2014	Mar. 31, 2022USD ($)property	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2005	Jul. 31, 2017USD ($)	Mar. 07, 2005item
Line of Credit
Interest expense						$ 3,454,635	$ 3,364,170
Hamilton Essex 81
Line of Credit
Interest expense						$ 62,230	$ 61,312
Number of properties in which borrowing amount collateralized \| item											1
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				10 years
Mortgages payable \| LIBOR \| Hamilton Essex 81
Line of Credit
Variable interest rate spread			2.18%
Line of Credit
Line of Credit
Maximum borrowings		$ 25,000,000		$ 25,000,000
Maximum borrowings during modification period		$ 17,000,000
Term of debt		3 years		3 years
Payment on line of credit	$ 17,000,000
Additional applicable margin rate				2.50%
Amount of refinancing costs		$ 179,000
Line of credit extension period								1 year
Extension fees paid								$ 37,500		$ 128,000
Number of properties in which borrowing amount collateralized \| property						23
Debt yield						8.04%
Line of Credit \| Current covenants
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
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
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
Variable interest rate spread		3.00%		1.00%
Line of Credit \| Minimum
Line of Credit
Pledged interest ownership percentage						49.00%
Line of Credit \| Maximum
Line of Credit
Pledged interest ownership percentage						100.00%

ADVANCE RENTAL PAYMENTS AND S_2

ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS (Details)	3 Months Ended
ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS (Details)	Mar. 31, 2022USD ($)
ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS
Period for advance rental payment	1 month
Amount received for prepaid rent	$ 2,287,000
Security deposits	$ 3,091,000

PARTNERS' CAPITAL (Details)

PARTNERS' CAPITAL (Details)	Jan. 03, 2012	May 31, 2022$ / item	Mar. 31, 2022item$ / item	Mar. 31, 2021$ / item	Dec. 31, 2021$ / item	Sep. 30, 2021$ / item	Jun. 30, 2021$ / 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
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	0.32
Special distribution per unit (in dollars per unit)			38.40
Special distribution per depository receipt (in dollars per receipt)			1.28
Earnings per depository receipt
Net Income (loss) per Depositary Receipt (in dollars per receipt)			0.09	(0.08)
Distributions per Depositary Receipt (in dollars per share)			1.60	0.32
Subsequent event
Quarterly distribution per unit approved (in dollars per unit)		9.60
Quarterly distribution per unit (in dollars per unit)		0.32
Special distribution per unit (in dollars per unit)		1.28
Special distribution per depository receipt (in dollars per receipt)		38.40
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. 20, 2007shares	May 06, 2022USD ($)$ / itemshares	Mar. 31, 2022USD ($)$ / itemshares	Mar. 06, 2008shares
Treasury units					59,298
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
Units required to be repurchased (in shares)					589
Total cost of repurchase \| $					$ 1,337,814
Subsequent event
Number of depository receipts repurchased				9,276
Repurchase price of depository receipts (in dollars per receipt) \| $ / item				82.09
Total cost of repurchase \| $				$ 762,172
Cumulative amount from August 20, 2007 through the current period.
Number of depository receipts repurchased					1,448,321
Repurchase price of depository receipts (in dollars per receipt) \| $ / item					29.189
Total cost of repurchase \| $					$ 46,506,000
General Partnership
Treasury units					593
Fixed distribution percentage of unit holders					1.00%
Total cost of repurchase \| $					$ 13,375
Value of units required to be repurchased \| $					$ 13,375
Repurchases required (in units)					5.89
General Partnership \| Subsequent event
Units required to be repurchased (in shares)				4
Value of units required to be repurchased \| $				$ 9,518
General Partnership \| Cumulative amount from August 20, 2007 through the current period.
Number of depository receipts repurchased					196
Treasury Units
Units required to be repurchased (in shares)					589
Class A
Treasury units					47,438
Fixed distribution percentage of unit holders					80.00%
Number of depository receipts repurchased					14,132
Repurchase price of depository receipts (in dollars per receipt) \| $ / item					75.71
Repurchase price of units (in dollars per unit) \| $ / item					2,271.30
Total cost of repurchase \| $					$ 1,070,321
Class A \| Cumulative amount from August 20, 2007 through the current period.
Repurchase price of units (in dollars per unit) \| $ / item					875.4
Class B
Treasury units					11,267
Fixed distribution percentage of unit holders					19.00%
Total cost of repurchase \| $					$ 254,118
Value of units required to be repurchased \| $					$ 254,118
Repurchases required (in units)					111.88
Class B \| Subsequent event
Units required to be repurchased (in shares)				73
Value of units required to be repurchased \| $				$ 180,838
Class B \| Cumulative amount from August 20, 2007 through the current period.
Number of depository receipts repurchased					3,729
Class B \| General Partnership \| Cumulative amount from August 20, 2007 through the current period.
Repurchase price of units (in dollars per unit) \| $ / item					1,080

RENTAL INCOME (Details)

RENTAL INCOME (Details)	3 Months Ended
RENTAL INCOME (Details)	Mar. 31, 2022USD ($)
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
2023	$ 2,104,837
2024	1,563,302
2025	934,703
2026	695,022
2027	408,280
Thereafter	414,114
Commercial Property Leases	$ 6,120,258

RENTAL INCOME (Concentration) (

RENTAL INCOME (Concentration) (Details) - USD ($)	3 Months Ended
RENTAL INCOME (Concentration) (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Concentration Risk
Aggregate contingent rentals	$ 175,000	$ 150,000
Commercial rental income \| Major tenant \| Staples and Trader Joes
Concentration Risk
Concentration risk percentage	31.00%

RENTAL INCOME (Commercial Lease

RENTAL INCOME (Commercial Leases) (Details)	3 Months Ended
RENTAL INCOME (Commercial Leases) (Details)	Mar. 31, 2022USD ($)ft²item
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 2,777,027
Total square feet for expiring leases \| ft²	108,154
Total number of leases expiring \| item	51
Percentage of annual base rent for expiring leases	100.00%
2023
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 939,617
Total square feet for expiring leases \| ft²	50,247
Total number of leases expiring \| item	20
Percentage of annual base rent for expiring leases	35.00%
2024
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 611,637
Total square feet for expiring leases \| ft²	18,170
Total number of leases expiring \| item	8
Percentage of annual base rent for expiring leases	22.00%
2025
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 426,122
Total square feet for expiring leases \| ft²	15,998
Total number of leases expiring \| item	9
Percentage of annual base rent for expiring leases	15.00%
2026
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 223,001
Total square feet for expiring leases \| ft²	3,473
Total number of leases expiring \| item	4
Percentage of annual base rent for expiring leases	8.00%
2027
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 395,326
Total square feet for expiring leases \| ft²	15,162
Total number of leases expiring \| item	8
Percentage of annual base rent for expiring leases	14.00%
2028
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 38,874
Total square feet for expiring leases \| ft²	1,254
Total number of leases expiring \| item	1
Percentage of annual base rent for expiring leases	1.00%
2030
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	5.00%

RENTAL INCOME (Rent Receivable)

RENTAL INCOME (Rent Receivable) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
RENTAL INCOME
Allowance for doubtful rent receivable	$ 805,000	$ 832,000
Recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis	44,000
Deferred rental concession	$ 183,000

CASH FLOW INFORMATION (Details)

CASH FLOW INFORMATION (Details) - USD ($)	3 Months Ended
CASH FLOW INFORMATION (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
CASH FLOW INFORMATION
Interest Paid	$ 3,370,000	$ 3,306,000
Cash paid for state income taxes	$ 2,000	$ 56,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Mortgage Notes Payable
Carrying Amount	$ 369,970,778	$ 370,481,390
Estimated Fair Value	360,778,648	383,244,134
Partially owned properties
Mortgage Notes Payable
Carrying Amount	166,176,322	166,203,705
Estimated Fair Value	$ 166,565,137	$ 175,881,762

TAXABLE INCOME AND TAX BASIS (D

TAXABLE INCOME AND TAX BASIS (Details)	12 Months Ended
TAXABLE INCOME AND TAX BASIS (Details)	Dec. 31, 2021USD ($)
TAXABLE INCOME AND TAX BASIS
Taxable net income	$ 4,056,000
Excess amount of statement income over taxable income	6,756,000
Excess amount of cumulative statement basis over cumulative taxable basis	10,946,000
Excess amount of statement income from joint venture investments over taxable income	$ 1,066,000

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details)	3 Months Ended
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details)	Mar. 31, 2022item
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	Mar. 31, 2022USD ($)property	Mar. 31, 2021USD ($)property	Sep. 30, 2018USD ($)	Dec. 31, 2021USD ($)
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture			$ 1,460,630			$ 1,455,888
Outstanding amount of mortgage			369,970,778			$ 370,481,390
Distribution to the Partnership			$ 5,821,134	$ 1,168,860
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		$ 124,601,492	$ 124,536,869
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			$ 58,211	$ 11,689
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 ($)	Mar. 31, 2022	Dec. 31, 2021
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture	$ 1,460,630	$ 1,455,888
Outstanding amount of mortgage	$ 369,970,778	$ 370,481,390
Mortgages payable \| Minimum
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Interest rate (as a percent)	2.97%
Mortgages payable \| Maximum
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Interest rate (as a percent)	4.95%

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	Mar. 31, 2022USD ($)property	Mar. 31, 2021USD ($)property	Dec. 31, 2021USD ($)
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture					$ 1,460,630		$ 1,455,888
Repayment of loan	$ 5,158,000
Distribution to the Partnership					5,821,134	$ 1,168,860
Mortgage Notes Payable					$ 369,970,778		$ 370,481,390
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					$ 9,951,738	$ 9,937,949
Hamilton Essex Development
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture					$ 1,414,094	$ 1,350,988
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)					4.95%
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	Mar. 31, 2022USD ($)property	Dec. 31, 2021USD ($)	Mar. 31, 2021USD ($)property
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture			$ 1,460,630	$ 1,455,888
Outstanding amount of mortgage			369,970,778	$ 370,481,390
Hamilton 1025
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture		$ 2,352,000	$ 46,536		$ 49,536
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 ($)item	Mar. 31, 2022USD ($)property	Mar. 31, 2021USD ($)property	Dec. 31, 2021USD ($)
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture						$ 1,460,630		$ 1,455,888
Distribution to the Partnership						5,821,134	$ 1,168,860
Amount of mortgage paid off		$ 5,158,000
Refinancing costs						2,619,000
Outstanding amount of mortgage						$ 369,970,778		$ 370,481,390
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					77,402
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						$ 5,922,598	$ 5,914,414
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 ($)	Aug. 31, 2014USD ($)	Mar. 31, 2022USD ($)property	Mar. 31, 2021USD ($)property	Dec. 31, 2005USD ($)item	Dec. 31, 2021USD ($)	Aug. 31, 2004USD ($)item
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture			$ 1,460,630			$ 1,455,888
Outstanding amount of mortgage			369,970,778			$ 370,481,390
Repayment of loan	$ 5,158,000
Distribution to the Partnership			$ 5,821,134	$ 1,168,860
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			$ 16,861,209	$ 16,845,158
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 ($)	Jun. 30, 2013USD ($)	Mar. 31, 2022USD ($)property	Mar. 31, 2021USD ($)property	Dec. 31, 2021USD ($)	Nov. 30, 2001USD ($)item
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture			$ 1,460,630		$ 1,455,888
Repayment of loan	$ 5,158,000
Distribution to the Partnership			5,821,134	$ 1,168,860
Outstanding amount of mortgage			$ 369,970,778		$ 370,481,390
Maximum \| Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Interest rate (as a percent)			4.95%
345 Franklin \| Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Outstanding amount of mortgage			$ 8,881,000
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			$ 8,839,286	$ 9,048,329
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)	Mar. 31, 2022USD ($)property	Dec. 31, 2021USD ($)	Mar. 31, 2021USD ($)property	Dec. 31, 2020USD ($)	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	$ 248,407,550	$ 251,355,202
Cash and Cash Equivalents	92,265,466	96,083,508
Rents Receivable	625,819	935,303
Real Estate Tax Escrows	1,169,877	861,697
Prepaid Expenses and Other Assets	6,273,580	6,183,981
Total Assets	350,202,922	356,875,579
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	369,970,778	370,481,390
Accounts Payable and Accrued Expenses	4,606,387	4,324,879
Advance Rental Payments and Security Deposits	8,317,801	8,369,497
Total Liabilities	406,312,059	406,168,186
Partners' Capital	(56,109,137)	(49,292,607)	$ (42,932,085)	$ (41,469,045)
Total Liabilities and Partners' Capital	350,202,922	356,875,579
Investment in Unconsolidated Joint Ventures	1,460,630	1,455,888
Distribution and Loss in Excess of investments in Unconsolidated Joint Venture	$ (23,417,093)	$ (22,992,420)
NERA 50%
LIABILITIES AND PARTNERS' CAPITAL
Partners' Capital % - NERA	50.00%
NERA 40%
LIABILITIES AND PARTNERS' CAPITAL
Partners' Capital % - NERA	40.00%
Investment Properties
ASSETS
Rental Properties	$ 110,566,922		114,497,085
Assets held for sale	0		0
Cash and Cash Equivalents	4,090,896		3,525,400
Rents Receivable	443,817		585,804
Real Estate Tax Escrows	263,053		281,173
Prepaid Expenses and Other Assets	2,725,776		2,028,812
Total Assets	118,090,464		120,918,274
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	166,176,323		166,282,719
Accounts Payable and Accrued Expenses	1,229,811		1,149,977
Advance Rental Payments and Security Deposits	3,691,434		2,961,185
Total Liabilities	171,097,568		170,393,881
Partners' Capital	(53,007,104)		(49,475,607)
Total Liabilities and Partners' Capital	118,090,464		120,918,274
Investment in Unconsolidated Joint Ventures	1,460,630		1,400,524
Distribution and Loss in Excess of investments in Unconsolidated Joint Venture	(23,417,093)		(21,850,666)
Total Investment in Unconsolidated Joint Ventures (Net)	$ (21,956,463)		$ (20,450,142)
Total units/ condominiums
Total \| property	690		865
Units to be retained \| property	690		690
Total number of units sold \| property	175		175
Investment Properties \| Residential buildings
Total units/ condominiums
Total \| property	687		862
Investment Properties \| Commercial
Total units/ condominiums
Total \| property	3		3
Hamilton Essex 81
ASSETS
Rental Properties	$ 6,158,533		$ 6,583,704
Cash and Cash Equivalents	579,073		66,579
Rents Receivable	218,440		31,379
Real Estate Tax Escrows	74,171		74,083
Prepaid Expenses and Other Assets	297,060		274,840
Total Assets	7,327,277		7,030,585
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	9,951,738		9,937,949
Accounts Payable and Accrued Expenses	72,582		66,760
Advance Rental Payments and Security Deposits	210,186		102,170
Total Liabilities	10,234,506		10,106,879
Partners' Capital	(2,907,229)		(3,076,294)
Total Liabilities and Partners' Capital	7,327,277		$ 7,030,585
Partners' Capital % - NERA			50.00%
Distribution and Loss in Excess of investments in Unconsolidated Joint Venture	$ (1,453,616)		$ (1,538,147)
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	$ 2,587,547		$ 2,590,036
Cash and Cash Equivalents	112,861		40,821
Rents Receivable	71,993
Prepaid Expenses and Other Assets	59,537		75,119
Total Assets	2,831,938		2,705,976
LIABILITIES AND PARTNERS' CAPITAL
Accounts Payable and Accrued Expenses	3,750		4,000
Total Liabilities	3,750		4,000
Partners' Capital	2,828,188		2,701,976
Total Liabilities and Partners' Capital	2,831,938		$ 2,705,976
Partners' Capital % - NERA			50.00%
Investment in Unconsolidated Joint Ventures	$ 1,414,094		$ 1,350,988
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	$ 4,984,470		$ 5,289,712
Cash and Cash Equivalents	150,018		139,721
Rents Receivable	5,694		35,916
Real Estate Tax Escrows	68,049		54,505
Prepaid Expenses and Other Assets	104,028		85,816
Total Assets	5,312,259		5,605,670
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	8,839,286		9,048,329
Accounts Payable and Accrued Expenses	94,711		106,469
Advance Rental Payments and Security Deposits	235,125		214,146
Total Liabilities	9,169,122		9,368,944
Partners' Capital	(3,856,863)		(3,763,274)
Total Liabilities and Partners' Capital	5,312,259		$ 5,605,670
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	$ (1,928,433)		$ (1,881,637)
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	$ 80,739		$ 84,003
Cash and Cash Equivalents	9,501		6,435
Rents Receivable	6,525		11,669
Prepaid Expenses and Other Assets	207		191
Total Assets	96,972		102,298
LIABILITIES AND PARTNERS' CAPITAL
Accounts Payable and Accrued Expenses	3,901		3,225
Total Liabilities	3,901		3,225
Partners' Capital	93,071		99,073
Total Liabilities and Partners' Capital	96,972		$ 102,298
Partners' Capital % - NERA			50.00%					50.00%
Investment in Unconsolidated Joint Ventures	$ 46,536		$ 49,536					$ 2,352,000
Total units/ condominiums
Total	176		176					176
Units to be retained	1		1					(49)
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	$ 4,623,273		$ 4,914,411
Cash and Cash Equivalents	202,934		132,455
Rents Receivable	18,702		9,749
Real Estate Tax Escrows	32,369		38,883
Prepaid Expenses and Other Assets	17,181		15,187
Total Assets	4,894,459		5,110,685
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	5,922,598		5,914,414
Accounts Payable and Accrued Expenses	75,931		75,274
Advance Rental Payments and Security Deposits	158,851		136,840
Total Liabilities	6,157,380		6,126,528
Partners' Capital	(1,262,921)		(1,015,843)
Total Liabilities and Partners' Capital	4,894,459		$ 5,110,685
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	$ (631,462)		$ (507,922)
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	$ 14,069,945		$ 14,982,149
Cash and Cash Equivalents	676,290		574,605
Rents Receivable	24,636		49,425
Real Estate Tax Escrows	88,464		113,702
Prepaid Expenses and Other Assets	190,308		177,044
Total Assets	15,049,643		15,896,925
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	16,861,209		16,845,158
Accounts Payable and Accrued Expenses	186,788		172,092
Advance Rental Payments and Security Deposits	432,060		424,300
Total Liabilities	17,480,057		17,441,550
Partners' Capital	(2,430,414)		(1,544,625)
Total Liabilities and Partners' Capital	15,049,643		$ 15,896,925
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	$ (1,215,208)		$ (772,313)
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	$ 78,062,415		$ 80,053,070
Cash and Cash Equivalents	2,360,219		2,564,784
Rents Receivable	97,827		447,666
Prepaid Expenses and Other Assets	2,057,455		1,400,615
Total Assets	82,577,916		84,466,135
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	124,601,492		124,536,869		$ 82,000,000
Accounts Payable and Accrued Expenses	792,148		722,157
Advance Rental Payments and Security Deposits	2,655,212		2,083,729
Total Liabilities	128,048,852		127,342,755
Partners' Capital	(45,470,936)		(42,876,620)
Total Liabilities and Partners' Capital	82,577,916		$ 84,466,135
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	$ (18,188,375)		$ (17,150,648)
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
	Mar. 31, 2022	Mar. 31, 2021	Oct. 28, 2009	Mar. 02, 2005	Sep. 30, 2004	Aug. 31, 2004	Nov. 30, 2001
Revenues
Rental income	$ 16,460,006	$ 14,980,116
Laundry and sundry income	120,403	108,673
Total Revenues	16,580,409	15,088,789
Expenses
Administrative	707,786	652,186
Depreciation and amortization	4,020,768	3,905,918
Management fee	673,084	605,391
Operating	2,676,208	2,045,968
Renting	169,389	261,966
Repairs and maintenance	2,279,651	1,970,087
Taxes and insurance	2,276,573	2,252,134
Total Expenses	12,803,459	11,693,650
Income Before Other Income (Expense)	3,776,950	3,395,139
Other Income (Expense)
Interest expense	(3,454,635)	(3,364,170)
Interest income	34	21
Total Other Income (Expense)	(3,434,532)	(3,689,319)
Net (Loss) Income	$ 342,418	(294,180)
NERA 50%
Other Income (Expense)
Ownership interest (as a percent)	50.00%
NERA 40%
Other Income (Expense)
Ownership interest (as a percent)	40.00%
Investment Properties
Revenues
Rental income	$ 5,553,845	4,758,898
Laundry and sundry income	43,132	39,330
Total Revenues	5,596,977	4,798,228
Expenses
Administrative	100,086	91,579
Depreciation and amortization	1,490,900	1,488,677
Management fee	161,700	127,249
Operating	587,842	500,667
Renting	92,439	163,187
Repairs and maintenance	594,380	670,571
Taxes and insurance	908,845	871,787
Total Expenses	3,936,192	3,913,717
Income Before Other Income (Expense)	1,660,785	884,511
Other Income (Expense)
Interest expense	(1,659,930)	(1,662,666)
Total Other Income (Expense)	(1,659,930)	(1,662,666)
Net (Loss) Income	855	(778,155)
Proportionate share of net income (loss)	20,069	(325,170)
Investment Properties \| NERA 50%
Other Income (Expense)
Proportionate share of net income (loss)	98,647	(69,534)
Investment Properties \| NERA 40%
Other Income (Expense)
Proportionate share of net income (loss)	(78,578)	(255,636)
Hamilton Essex 81
Revenues
Rental income	441,716	230,217
Laundry and sundry income	5,526	3,013
Total Revenues	447,242	233,230
Expenses
Administrative	4,774	14,556
Depreciation and amortization	119,185	118,942
Management fee	18,485	5,260
Operating	52,973	29,432
Renting	5,627	32,784
Repairs and maintenance	34,929	52,547
Taxes and insurance	66,461	65,539
Total Expenses	302,434	319,060
Income Before Other Income (Expense)	144,808	(85,830)
Other Income (Expense)
Interest expense	(62,230)	(61,312)
Total Other Income (Expense)	(62,230)	(61,312)
Net (Loss) Income	82,578	$ (147,142)
Ownership interest (as a percent)		50.00%
Hamilton Essex 81 \| NERA 50%
Other Income (Expense)
Proportionate share of net income (loss)	$ 41,289	$ (73,571)
Ownership interest (as a percent)	50.00%
Hamilton Essex Development
Revenues
Rental income	$ 86,103
Total Revenues	86,103
Expenses
Administrative	750	853
Depreciation and amortization	2,927	5,074
Management fee	3,317
Taxes and insurance	15,990	14,885
Total Expenses	22,984	20,812
Income Before Other Income (Expense)	63,119	(20,812)
Other Income (Expense)
Net (Loss) Income	63,119	$ (20,812)
Ownership interest (as a percent)		50.00%
Hamilton Essex Development \| NERA 50%
Other Income (Expense)
Proportionate share of net income (loss)	$ 31,559	$ (10,406)
Ownership interest (as a percent)	50.00%
345 Franklin
Revenues
Rental income	$ 346,820	333,093
Laundry and sundry income		112
Total Revenues	346,820	333,205
Expenses
Administrative	11,524	4,803
Depreciation and amortization	86,413	85,345
Management fee	13,803	12,412
Operating	21,893	13,521
Renting	10,160	14,328
Repairs and maintenance	54,531	23,278
Taxes and insurance	43,724	43,670
Total Expenses	242,048	197,357
Income Before Other Income (Expense)	104,772	135,848
Other Income (Expense)
Interest expense	(88,437)	(90,643)
Total Other Income (Expense)	(88,437)	(90,643)
Net (Loss) Income	16,335	$ 45,205
Ownership interest (as a percent)		50.00%					50.00%
345 Franklin \| NERA 50%
Other Income (Expense)
Proportionate share of net income (loss)	$ 8,168	$ 22,602
Ownership interest (as a percent)	50.00%
Hamilton 1025
Revenues
Rental income	$ 24,369	24,369
Total Revenues	24,369	24,369
Expenses
Administrative	651	714
Depreciation and amortization	816	816
Management fee	958	628
Operating	1,172	91
Taxes and insurance	4,408	4,797
Total Expenses	8,005	7,046
Income Before Other Income (Expense)	16,364	17,323
Other Income (Expense)
Net (Loss) Income	16,364	$ 17,324
Ownership interest (as a percent)		50.00%		50.00%
Hamilton 1025 \| NERA 50%
Other Income (Expense)
Proportionate share of net income (loss)	$ 8,182	$ 8,661
Ownership interest (as a percent)	50.00%
Hamilton Minuteman
Revenues
Rental income	$ 293,738	284,524
Laundry and sundry income		1,276
Total Revenues	293,738	285,800
Expenses
Administrative	2,350	3,583
Depreciation and amortization	83,960	84,025
Management fee	11,393	11,296
Operating	55,585	34,596
Renting	3,802	360
Repairs and maintenance	16,213	19,405
Taxes and insurance	37,727	34,976
Total Expenses	211,030	188,241
Income Before Other Income (Expense)	82,708	97,559
Other Income (Expense)
Interest expense	(58,739)	(58,625)
Total Other Income (Expense)	(58,739)	(58,625)
Net (Loss) Income	23,969	$ 38,934
Ownership interest (as a percent)		50.00%			50.00%
Hamilton Minuteman \| NERA 50%
Other Income (Expense)
Proportionate share of net income (loss)	$ 11,985	$ 19,466
Ownership interest (as a percent)	50.00%
Hamilton on Main Apts
Revenues
Rental income	$ 890,382	816,812
Laundry and sundry income	10,551	8,777
Total Revenues	900,933	825,589
Expenses
Administrative	24,520	20,219
Depreciation and amortization	268,464	269,915
Management fee	37,373	32,375
Operating	108,690	124,933
Renting	14,989	30,760
Repairs and maintenance	133,918	122,446
Taxes and insurance	130,669	110,134
Total Expenses	718,623	710,782
Income Before Other Income (Expense)	182,310	114,807
Other Income (Expense)
Interest expense	(187,378)	(187,378)
Total Other Income (Expense)	(187,378)	(187,378)
Net (Loss) Income	(5,068)	$ (72,571)
Ownership interest (as a percent)		50.00%				50.00%
Hamilton on Main Apts \| NERA 50%
Other Income (Expense)
Proportionate share of net income (loss)	$ (2,535)	$ (36,286)
Ownership interest (as a percent)	50.00%
Dexter Park
Revenues
Rental income	$ 3,470,717	3,069,883
Laundry and sundry income	27,055	26,152
Total Revenues	3,497,772	3,096,035
Expenses
Administrative	55,517	46,851
Depreciation and amortization	929,135	924,560
Management fee	76,371	65,278
Operating	347,529	298,094
Renting	57,861	84,955
Repairs and maintenance	354,789	452,895
Taxes and insurance	609,866	597,786
Total Expenses	2,431,068	2,470,419
Income Before Other Income (Expense)	1,066,704	625,616
Other Income (Expense)
Interest expense	(1,263,146)	(1,264,708)
Total Other Income (Expense)	(1,263,146)	(1,264,708)
Net (Loss) Income	(196,442)	$ (639,092)
Ownership interest (as a percent)		40.00%	40.00%
Dexter Park \| NERA 40%
Other Income (Expense)
Proportionate share of net income (loss)	$ (78,578)	$ (255,636)
Ownership interest (as a percent)	40.00%

INVESTMENT IN UNCONSOLIDATED_13

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Mortgage Maturities) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	May 31, 2018	Oct. 13, 2016
Annual maturities of mortgage debt
2023-current maturities	$ 8,719,000
2024	31,306,000
2025	11,094,000
2026	21,904,000
2027	6,507,000
Thereafter	293,060,000
Total	372,590,000
Less: unamortized deferred financing costs	(2,619,000)
Secured Debt	$ 369,970,778	$ 370,481,390
Weighted average interest rate (as a percent)	3.91%
Effective interest rate (as a percent)	3.97%
Investment Properties
Annual maturities of mortgage debt
2023-current maturities	$ 224,199
2024	233,032
2025	17,142,212
2026	10,251,753
2027	261,671
Thereafter	138,668,034
Total	166,780,901
Less: unamortized deferred financing costs	(604,578)
Secured Debt	166,176,323		$ 166,282,719
Hamilton Essex 81
Annual maturities of mortgage debt
2026	10,000,000
Total	10,000,000
Less: unamortized deferred financing costs	(48,262)
Secured Debt	9,951,738		9,937,949
345 Franklin
Annual maturities of mortgage debt
2023-current maturities	224,199
2024	233,032
2025	242,212
2026	251,753
2027	261,671
Thereafter	7,668,034
Total	8,880,901
Less: unamortized deferred financing costs	(41,615)
Secured Debt	8,839,286		9,048,329
Hamilton Minuteman
Annual maturities of mortgage debt
Thereafter	6,000,000
Total	6,000,000
Less: unamortized deferred financing costs	(77,402)				$ (123,000)
Secured Debt	5,922,598		5,914,414
Hamilton on Main Apts
Annual maturities of mortgage debt
2025	16,900,000
Total	16,900,000
Less: unamortized deferred financing costs	(38,791)
Secured Debt	16,861,209		16,845,158
Dexter Park
Annual maturities of mortgage debt
Thereafter	125,000,000
Total	125,000,000
Less: unamortized deferred financing costs	(398,508)
Secured Debt	$ 124,601,492		$ 124,536,869	$ 82,000,000

EMPLOYEE BENEFIT 401(k) PLANS (

EMPLOYEE BENEFIT 401(k) PLANS (Details)	3 Months Ended
EMPLOYEE BENEFIT 401(k) PLANS (Details)	Mar. 31, 2022USD ($)
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	$ 37,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Apr. 25, 2022USD ($)property	May 31, 2022$ / item	May 06, 2022USD ($)$ / itemshares	Mar. 31, 2022USD ($)$ / itemshares	Mar. 31, 2021USD ($)$ / item	Dec. 31, 2021$ / item	Sep. 30, 2021$ / item	Jun. 30, 2021$ / item
Subsequent events
Total cost of repurchase				$ 1,337,814
Units required to be repurchased (in shares) \| shares				589
Quarterly distribution per unit approved (in dollars per unit) \| $ / item				9.60
Quarterly distribution per unit (in dollars per unit) \| $ / item				0.32	0.32	0.32	0.32	0.32
Special distribution per depository receipt (in dollars per receipt) \| $ / item				1.28
Special distribution per unit (in dollars per unit) \| $ / item				38.40
Payment of debt				$ 600,190	$ 552,575
Remaining loan balance				372,590,000
Subsequent event
Subsequent events
Number of depository receipts repurchased \| shares			9,276
Repurchase price of depository receipts (in dollars per receipt) \| $ / item			82.09
Price per unit of depository receipts \| $ / item			2,462.70
Total cost of repurchase			$ 762,172
Quarterly distribution per unit approved (in dollars per unit) \| $ / item		9.60
Quarterly distribution per unit (in dollars per unit) \| $ / item		0.32
Special distribution per depository receipt (in dollars per receipt) \| $ / item		38.40
Special distribution per unit (in dollars per unit) \| $ / item		1.28
Subsequent event \| Rate Lock Agreement [Member]
Subsequent events
Interest rate lock deposit	$ 1,599,100
Loan amount	$ 79,955,000
Interest rate (as a percent)	4.33%
Payment of debt	$ 37,147,000
Number of properties \| property	4
Mortgage prepayment penalties	$ 1,895,000
Remaining loan balance	$ 40,913,000
Class B
Subsequent events
Total cost of repurchase				254,118
Value of units required to be repurchased				254,118
Class B \| Subsequent event
Subsequent events
Units required to be repurchased (in shares) \| shares			73
Value of units required to be repurchased			$ 180,838
General Partnership
Subsequent events
Total cost of repurchase				13,375
Value of units required to be repurchased				$ 13,375
General Partnership \| Subsequent event
Subsequent events
Units required to be repurchased (in shares) \| shares			4
Value of units required to be repurchased			$ 9,518
Class A
Subsequent events
Number of depository receipts repurchased \| shares				14,132
Repurchase price of depository receipts (in dollars per receipt) \| $ / item				75.71
Total cost of repurchase				$ 1,070,321