New England Realty Associates Limited Partnership (NEN) 10-Q8 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 08, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Securities Act 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, Postal Zip Code	02134
Entity Address, Address Line One	39 Brighton Avenue
Entity Address, City or Town	Allston
Entity Address, State or Province	MA
City Area Code	617
Local Phone Number	783-0039
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
Title of 12(b) Security	Class A
Trading Symbol	NEN
Security Exchange Name	NYSEAMER
Entity Central Index Key	0000746514
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		93,359
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		22,173

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Rental Properties	$ 272,850,065	$ 269,804,946
Cash and Cash Equivalents	15,069,693	18,230,463
Rents Receivable	954,442	953,761
Real Estate Tax Escrows	2,501,806	2,229,703
Investment in U.S. Treasury Bills	86,134,074	84,700,751
Prepaid Expenses and Other Assets	8,424,809	8,369,775
Investments in Unconsolidated Joint Ventures	1,421,651	1,441,291
Total Assets	387,356,540	385,730,690
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	406,846,877	408,660,292
Distribution and Loss in Excess of Investment in Unconsolidated Joint Venture	29,751,455	26,707,807
Accounts Payable and Accrued Expenses	6,397,947	5,720,088
Advance Rental Payments and Security Deposits	9,820,867	9,996,887
Total Liabilities	452,817,146	451,085,074
Commitments and Contingent Liabilities (Notes 3 and 9)
Partners' Capital 116,699 and 117,431 units outstanding in 2024 and 2023 respectively	(65,460,606)	(65,354,384)
Total Liabilities and Partners' Capital	$ 387,356,540	$ 385,730,690

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Partners' Capital, units outstanding	116,699	117,431	118,037	119,255

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Rental income	$ 20,021,133	$ 18,804,320	$ 59,573,125	$ 54,338,011
Laundry and sundry income	187,902	157,322	579,876	416,354
Total Revenues	20,209,035	18,961,642	60,153,001	54,754,365
Expenses
Administrative	679,674	642,907	2,093,671	2,247,729
Depreciation and amortization	4,224,211	4,426,701	12,729,275	12,234,394
Management fee	802,908	810,436	2,374,371	2,173,272
Operating	1,509,909	1,610,342	5,794,220	5,865,371
Renting	407,911	391,093	946,282	827,112
Repairs and maintenance	3,618,610	3,611,652	9,967,034	9,853,498
Taxes and insurance	2,495,136	2,569,250	7,487,535	7,463,651
Total Expenses	13,738,359	14,062,381	41,392,388	40,665,027
Income Before Other Income (Expense)	6,470,676	4,899,261	18,760,613	14,089,338
Other Income (Expense)
Interest income	1,123,084	1,083,423	3,413,620	3,350,423
Interest expense	(3,831,009)	(3,956,181)	(11,637,720)	(11,781,285)
Income from investments in unconsolidated joint ventures	146,647	148,723	909,207	496,092
Total Other Income (Expense)	(2,561,278)	(2,724,035)	(7,314,893)	(7,934,770)
Net Income	$ 3,909,398	$ 2,175,226	$ 11,445,720	$ 6,154,568
Income per Unit
Net Income per Unit	$ 33.44	$ 18.38	$ 97.72	$ 51.83
Weighted Average Number of Units Outstanding number of shares to be reviewed	116,905	118,326	117,132	118,754

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 3,909,398	$ 2,175,226	$ 11,445,720	$ 6,154,568
Other comprehensive income (loss):
Net unrealized (loss) gain on derivative instruments for interest rate swaps	(268,280)	263,232	(93,722)	265,347
Comprehensive income	$ 3,641,118	$ 2,438,458	$ 11,351,998	$ 6,419,915

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - USD ($)	Subtotal	Class A	Class B	General Partnership	Treasury Units	Accumulated Comprehensive Income	Total
Balance at Dec. 31, 2022		$ (48,160,462)	$ (11,403,635)	$ (600,191)		$ 294,931	$ (59,869,357)
Balance (in units) at Dec. 31, 2022	180,225	144,180	34,243	1,802	60,970		119,255
Increase (Decrease) in Partners' Capital
Distribution to Partners		$ (6,836,212)	$ (1,623,600)	$ (85,453)			$ (8,545,265)
Stock Buyback		(2,127,260)	(503,707)	(26,510)			$ (2,657,477)
Stock Buyback (in units)					1,218		(1,218)
Net Income (Loss)		4,923,654	1,169,368	61,546			$ 6,154,568
Net unrealized (loss) gain on derivative instruments for interest rate swaps						265,347	265,347
Balance at Sep. 30, 2023		$ (52,200,280)	$ (12,361,574)	$ (650,608)		560,278	$ (64,652,184)
Balance (in units) at Sep. 30, 2023	180,225	144,180	34,243	1,802	62,188		118,037
Balance at Dec. 31, 2023		$ (52,503,128)	$ (12,433,251)	$ (654,383)		236,377	$ (65,354,384)
Balance (in units) at Dec. 31, 2023	180,225	144,180	34,243	1,802	62,794		117,431
Increase (Decrease) in Partners' Capital
Distribution to Partners		$ (7,875,512)	$ (1,870,434)	$ (98,444)			$ (9,844,390)
Stock Buyback		(1,291,593)	$ (306,124)	$ (16,112)			$ (1,613,829)
Stock Buyback (in units)			(139.3)	(7.3)	732		(732)
Net Income (Loss)		9,156,576	$ 2,174,687	$ 114,457			$ 11,445,720
Net unrealized (loss) gain on derivative instruments for interest rate swaps						(93,722)	(93,722)
Balance at Sep. 30, 2024		$ (52,513,657)	$ (12,435,122)	$ (654,482)		$ 142,655	$ (65,460,606)
Balance (in units) at Sep. 30, 2024	180,225	144,180	34,243	1,802	63,526		116,699

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities
Net Income	$ 11,445,720	$ 6,154,568
Adjustments to reconcile net income to net cash provided by operating activities
Interest accrued on U.S. Treasury bills	(3,362,372)	(3,184,707)
Depreciation and amortization	12,729,275	12,234,394
Amortization of deferred finance costs	284,838	284,838
(Income) from investments in joint ventures	(909,207)	(496,092)
Change in operating assets and liabilities
Proceeds from unconsolidated joint ventures	102,500	114,000
(Increase) in rents receivable	(681)	(273,506)
Increase (Decrease) in accounts payable and accrued expense	677,850	(1,730,301)
(Increase) in real estate tax escrow	(272,103)	(259,056)
(Increase) in prepaid expenses and other assets	(553,922)	(218,994)
(Decrease) Increase in advance rental payments and security deposits	(176,020)	605,886
Total Adjustments	8,520,158	7,076,462
Net cash provided by operating activities	19,965,878	13,231,030
Cash Flows From Investing Activities
Distribution in excess of investment in unconsolidated joint ventures	3,870,000	2,919,500
Investment in U.S. Treasury bills	(138,877,950)	(146,851,429)
Proceeds from U.S. Treasury bills	140,807,000	155,000,000
Developing of rental property and other related costs	(7,961,579)
Purchase of rental property		(37,518,172)
Improvement of rental properties	(7,407,648)	(6,999,603)
Net cash (used in) investing activities	(9,570,177)	(33,449,704)
Cash Flows from Financing Activities
Principal payments of mortgage notes payable	(2,098,252)	(1,997,909)
Stock buyback	(1,613,829)	(2,657,477)
Distributions to partners	(9,844,390)	(8,545,265)
Net cash provided by (used in) financing activities	(13,556,471)	(13,200,651)
Net (Decrease) in Cash and Cash Equivalents	(3,160,770)	(33,419,325)
Cash and Cash Equivalents, at beginning of period	18,230,463	49,560,723
Cash and Cash Equivalents, at end of period	$ 15,069,693	$ 16,141,398

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2024
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 1. SIGNIFICANT ACCOUNTING POLICIES Line of Business Basis of Presentation: Principles of Consolidation : The consolidated financial statements include the accounts of NERA and its subsidiaries. NERA has a 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 15: 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. Costs directly related to the acquisition, development and construction of rental properties are capitalized. Capitalized development and construction costs include pre-construction costs, development and construction costs, regulatory fees, interest, property taxes, insurance, construction oversight fees, and other project costs incurred during the period of development. The Partnership considers a construction project as substantially completed and held available for occupancy upon the substantial completion of improvements, but no later than one year from cessation of major construction activity. 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 Derivative Instruments: The Partnership measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending upon the Partnership’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period. Income Taxes: Cash Equivalents: Investments in Treasury Bills: Segment Reporting: Other Comprehensive Income (Loss): and comprehensive income of approximately Income (Loss) Per Depositary Receipt: ( 1 / 30 ) 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 Concentration of Credit Risks and Financial Instruments: cash cash Advertising Expense: Rental Property Held or Sale: Interest Capitalized: Extinguishment of Debt: Reclassification:

RENTAL PROPERTIES

RENTAL PROPERTIES	9 Months Ended
RENTAL PROPERTIES	Sep. 30, 2024
RENTAL PROPERTIES.
RENTAL PROPERTIES	NOTE 2. RENTAL PROPERTIES As of September 30, 2024, the Partnership and its Subsidiary Partnerships owned 2,943 residential apartment units in 27 residential and mixed-use complexes (collectively, the “Apartment Complexes”). The Partnership also owns 19 condominium units in a residential condominium complex, all of which are leased to residential tenants (collectively referred to as the “Condominium Units”). The Apartment Complexes and Condominium Units are located primarily in the metropolitan Boston area of Massachusetts. Additionally, as of September 30, 2024, the Partnership and Subsidiary Partnerships owned two commercial shopping centers in Framingham, commercial buildings in Newton and Brookline and commercial space in mixed-use properties in Boston, Brockton and Newton, all in Massachusetts. These properties are referred to collectively as the “Commercial Properties.” The Partnership also owned a 40% to 50% ownership interest in seven residential and mixed use complexes (the “Investment Properties”) at September 30, 2024 with a total of 688 apartment units, accounted for using the equity method of consolidation. See Note 15 for summary information on these investments. The Partnership purchased a commercial retail property of approximately 20,700 square feet, located at 653 Worcester Road in Framingham, Massachusetts for the sum of approximately $10,151,000 on January 18, 2023. This acquisition was funded from the Partnership’s cash reserves and closing costs were approximately $59,000. From the purchase price, the Partnership allocated approximately $585,000 for in-place leases, and approximately $378,000 to the value of tenant relationships. These amounts are being amortized over 12 and 156 months respectively. On July 14, 2023, the Partnership purchased a 52 unit mixed use property in the South End neighborhood of Boston, Massachusetts comprised of three buildings at 26-30 Rutland Street, 105-117 West Concord Street and 475 Shawmut Avenue, and approximately 3,400 square feet of commercial space for a purchase price of approximately $27,500,000. This acquisition was funded from the Partnership’s cash reserves and closing costs were approximately $81,000. From the purchase price, the Partnership allocated approximately $525,000 for in-place leases, approximately $61,000 to the value of tenant relationships and $241,000 to the value of below-market leases. These amounts are being amortized over 12 and 36 months respectively. In December, 2023, the Partnership received approval from MassHousing to construct a 72 unit apartment building in accordance with Chapter 40B to include 17 affordable units on the Mill Street Development site. In order to initiate construction, the Partnership demolished the existing building structures and started construction in January 2024. In order to comply with the permanent financing requirements for a 40B project, Mill Street Development signed a term sheet for a loan of up to $15 million, to be funded upon completion of the development project. In addition, Mill Street Development deposited $75,000 into escrow to comply with the 40B project requirement of a cost certification of total development costs upon completion of the project. Total construction costs for the project are expected to be approximately $30,000,000, with construction completion anticipated during the fourth quarter of 2025 . Rental properties consist of the following: September 30, 2024 December 31, 2023 Useful Life Land, improvements and parking lots $ 99,400,825 $ 99,162,143 15 - 40 years Buildings and improvements 277,460,735 276,167,618 15 - 40 years Construction in Progress 12,494,420 1,818,716 N/A Kitchen cabinets 16,800,510 16,137,828 5 - 10 years Carpets 14,340,346 13,127,838 5 - 10 years Air conditioning 500,000 500,000 5 - 10 years Laundry equipment 619,895 568,716 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 21,946,705 21,348,556 5 - 30 years Motor vehicles 232,954 232,954 5 years Fences 101,505 91,620 5 - 15 years Furniture and fixtures 8,992,361 8,365,039 5 - 7 years Total fixed assets 455,866,125 440,496,897 Less: Accumulated depreciation (183,016,060) (170,691,951) $ 272,850,065 $ 269,804,946

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2024
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 3. RELATED PARTY TRANSACTIONS The Partnership’s properties are managed by The Hamilton Company, Inc. (the “Management Company”), an entity that is owned by the majority shareholders of NewReal, Inc., the general partner of the Partnership (the “General Partner”). The management fee is equal to 4% of gross receipts of rental revenue and laundry income on the majority of the Partnership’s properties and 3% on Linewt. Total fees paid were approximately $2,374,000 and $2,173,000 for the nine months ended September 30, 2024 and 2023, respectively. The Partnership Agreement permits the General Partner or the Management Company to charge the costs of professional services (such as counsel, accountants and contractors) to NERA. During the nine months ended September 30, 2024 and 2023, approximately $798,000 and $1,106,000 was charged to NERA for legal, accounting, construction, maintenance, brokerage fees, rental and architectural services and supervision of capital improvements. Of the 2024 expenses referred to above, approximately $91,000 consisted of repairs and maintenance, $229,000 of administrative expense, and approximately $58,000 for renting expense. Approximately $420,000 of expenses for construction, architectural services and supervision of capital projects were capitalized in rental properties. Additionally in 2024, the Hamilton Company received approximately $723,000 from the Investment Properties of which approximately $564,000 was the management fee, approximately $92,000 for construction, architectural services, and supervision of capital projects, approximately $49,000 for repairs and maintenance, and approximately $18,000 for legal expense. The management fee is equal to 4% of gross receipts of rental income on the majority of the investment properties and 2% on Dexter Park. The Partnership reimburses the Management Company for the payroll and related expenses of the employees who work at the properties. Total reimbursement was approximately $3,264,000 and $3,210,000 for the nine months ended September 30, 2024 and 2023, respectively. The Management Company maintains a 401K plan for all eligible employees whereby the employees may contribute the maximum allowed by law. The plan also provides for discretionary contributions by the employer. For the nine months ended September 30, 2024, the Partnership accrued . Bookkeeping and accounting functions are provided by the Management Company’s accounting staff, which consists of approximately 14 people. During the nine months ended September 30, 2024 and 2023, the Management Company charged the Partnership $93,750 ($125,000 per year) for bookkeeping and accounting services included in administrative expenses above. Sally Michael is a Director of New September 30, 2024 and 2023, respectively. David Reier is a Director of New The Partnership has invested in seven limited partnerships, which have invested in mixed use residential apartment complexes. The Partnership has a 40% to 50% ownership interest in each investment property. The other investors are the Brown family related entities, and five current and previous employees of the Management Company. The Brown Family related entities’ ownership interest was between 47.6% and 59%. See Note 15 for a description of the properties and their operations .

PREPAID EXPENSES and OTHER ASSE

PREPAID EXPENSES and OTHER ASSETS	9 Months Ended
PREPAID EXPENSES and OTHER ASSETS	Sep. 30, 2024
PREPAID EXPENSES and OTHER ASSETS
PREPAID EXPENSES and OTHER ASSETS	NOTE 4. PREPAID EXPENSES and OTHER ASSETS Approximately $3,453,000, and $3,601,000 of security deposits are included in prepaid expenses and other assets at September 30, 2024 and December 31, 2023, respectively. Also, included in prepaid expenses and other assets at September 30, 2024 and December 31, 2023 is approximately $2,141,000 and $1,784,000, respectively, held in escrow to fund future capital improvements. Intangible assets on the acquisition of rental properties are included in prepaid expenses and other assets. Intangible assets are approximately $347,000 and $677,000 net of accumulated amortization of approximately $1,202,000 and $872,000 at September 30, 2024, and at December 31, 2023, respectively. Financing fees in association with the line of credit of approximately $5,000 and $52,000 are net of accumulated amortization of approximately $177,000 and $130,000 at September 30, 2024 and December 31, 2023 respectively.

MORTGAGE NOTES PAYABLE

MORTGAGE NOTES PAYABLE	9 Months Ended
MORTGAGE NOTES PAYABLE	Sep. 30, 2024
MORTGAGE NOTES PAYABLE
MORTGAGE NOTES PAYABLE	NOTE 5. MORTGAGE NOTES PAYABLE At September 30, 2024 and December 31, 2023, the mortgages payable consisted of various loans, all of which were secured by first mortgages on properties referred to in Note 2. At September 30, 2024, the interest rates on these loans ranged from 2.97% to 4.95%, payable in monthly installments aggregating approximately $1,523,000 including principal, to various dates through 2035. The majority of the mortgages are subject to prepayment penalties. At September 30, 2024, the weighted average interest rate on the above mortgages was 3.68%. The effective rate of 3.77% 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 $2,494,000 and $2,779,000 are net of accumulated amortization of approximately $1,638,000 and $1,353,000 at September 30, 2024 and December 31, 2023, respectively, which offset the total mortgage notes payable. The Partnership has pledged tenant leases as additional collateral for certain of these loans. Approximate annual maturities at September 30, 2024 are as follows: 2025—current maturities $ 3,399,000 2026 25,217,000 2027 3,216,000 2028 52,323,000 2029 28,556,000 Thereafter 296,630,000 409,341,000 Less: unamortized deferred financing costs 2,494,000 $ 406,847,000 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 three years with a floating interest rate equal to a base rate of the greater of (a) the Prime Rate (b) the Federal Funds Rate plus one one On October 29, 2021, t The interest rate for the new term was LIBOR plus 300 basis points. The costs associated with the modification and renewal of the line of credit was approximately $179,000 . After September 30, 2023, the remaining tenors of U.S.-dollar LIBOR ceased publication, prompting the need for an alternative benchmark rate. On April 14, 2023, the partnership amended the line of credit to convert its base rate of interest from LIBOR to the Secured Overnight Financing Rate (SOFR) plus 10 basis points. 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	9 Months Ended
ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS	Sep. 30, 2024
ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS
ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS	NOTE 6. ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS The Partnership’s residential lease agreements may require tenants to maintain a one-month advance rental payment and/or a security deposit. At September 30, 2024, amounts received for prepaid rents of approximately $3,369,000 are included in cash and cash equivalents, and security deposits of approximately $3,453,000 are included in prepaid expenses and other assets and are restricted cash.

PARTNERS' CAPITAL

PARTNERS' CAPITAL	9 Months Ended
PARTNERS' CAPITAL	Sep. 30, 2024
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 March 2024, the Partnership approved a quarterly distribution of $12.00 per Unit ($0.40 per Receipt), payable on March 28, 2024. In addition to the quarterly distribution, there was a special distribution of $48.00 per Class A unit ($1.60 per Receipt) payable on March 28, 2024. In May 2024, the Partnership approved a quarterly distribution of $12.00 per Unit ($0.40 per Receipt), payable on June 28, 2024. In August 2024, the Partnership approved a quarterly distribution of $12.00 per Unit ($0.40 per Receipt), payable on September 28, 2024. In 2023 the Partnership paid a total distribution of an aggregate $84.00 per Unit ($2.80 per Receipt) for a total payment of $9,954,888. The Partnership has entered into a deposit agreement with an agent to facilitate public trading of limited partners’ interests in Class A Units. Under the terms of this agreement, the holders of Class A Units have the right to exchange each Class A Unit for 30 Depositary Receipts. The following is information per Depositary Receipt: Nine Months Ended September 30, 2024 2023 Net Income per Depositary Receipt $ 3.26 $ 1.73 Distributions per Depositary Receipt $ 2.80 $ 2.40

TREASURY UNITS

TREASURY UNITS	9 Months Ended
TREASURY UNITS	Sep. 30, 2024
TREASURY UNITS
TREASURY UNITS	NOTE 8. TREASURY UNITS Treasury Units at September 30, 2024 are as follows: Class A 50,821 Class B 12,070 General Partnership 635 63,526 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 From August 20, 2007 through September 30, 2024, the Partnership has repurchased 1,549,824 Depositary Receipts at an average price of $31.80 per receipt (or $954.00 per underlying Class A Unit), 4,533 Class B Units and 239 General Partnership Units, both at an average price of $1,288.00 per Unit, totaling approximately $56,035,000 including brokerage fees paid by the Partnership . During the nine months ended September 30, 2024, the Partnership purchased a total of 17,590 Depositary Receipts. The average price was $73.28 per receipt, or $2,198.40 per unit. The cost including commission was approximately $1,292,000. The Partnership was required to repurchase 139.3 Class B Units and 7.3 General Partnership units at a cost of $306,124 and $16,112 respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2024
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	NOTE 9. COMMITMENTS AND CONTINGENCIES The Partnership, the Subsidiary Partnerships, and the Investment Properties and their properties are not presently subject to any material litigation, and, to management’s knowledge, there is not any material litigation presently threatened against them. The properties are occasionally subject to ordinary routine legal and administrative proceedings incident to the ownership of residential and commercial real estate. Some of the legal and other expenses related to these proceedings are covered by insurance and none of these costs and expenses are expected to have a material adverse effect on the Consolidated Financial Statements of the Partnership. In addition, the Partnership has a contractual commitment of approximately $30,000,000 related to the ongoing construction project at the Mill Street Development.

RENTAL INCOME

RENTAL INCOME	9 Months Ended
RENTAL INCOME	Sep. 30, 2024
RENTAL INCOME.
RENTAL INCOME	NOTE 10. RENTAL INCOME During the nine months ended September 30, 2024, approximately 94% 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 6% was related to commercial properties, which have minimum future annual rental income on non-cancellable operating leases at September 30, 2024 as follows: Commercial Property Leases 2025 $ 3,324,692 2026 3,043,129 2027 2,646,809 2028 2,332,876 2029 1,852,297 Thereafter 9,073,091 $ 22,272,894 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 $580,000 and $515,000 for the nine months ended September 30, 2024 and 2023 respectively. Trader Joe’s and Blue Pearl, tenants at Staples Plaza and Walgreen’s, a tenant at 653 Worcester Road, Framingham, Massachusetts respectively, are approximately 30% of the total commercial rental income. The following information is provided for commercial leases: Annual base Percentage of rent for Total square feet Total number of annual base rent for Through September 30, expiring leases for expiring leases leases expiring expiring leases 2025 $ 136,081 22,038 22 4 % 2026 432,277 12,275 10 12 % 2027 423,964 15,825 9 12 % 2028 339,978 9,195 4 10 % 2029 637,570 21,410 8 18 % 2030 — — — 0 % 2031 — — — — % 2032 110,600 1,106 1 3 % 2033 — — — — % 2034 533,784 20,897 2 15 % Thereafter 947,721 27,140 3 26 % Totals $ 3,561,975 129,886 59 100 % Rents receivable are net of an allowance for doubtful accounts of approximately $1,093,000 and $1,195,000 at September 30, 2024 and December 31, 2023. Included in rents receivable at September 30, 2024 is approximately $561,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis.

CASH FLOW INFORMATION

CASH FLOW INFORMATION	9 Months Ended
CASH FLOW INFORMATION	Sep. 30, 2024
CASH FLOW INFORMATION
CASH FLOW INFORMATION	NOTE 11. CASH FLOW INFORMATION During the nine months ended September 30, 2024 and 2023, cash paid for interest was approximately $11,387,000, and $11,535,000 respectively. Cash paid for state income taxes was approximately $100,000 and $56,000 during the nine months ended September 30, 2024 and 2023, respectively. Interest capitalized amounted to approximately $89,000 for the nine months ended September 30,2024, with no capitalized interest recorded for the nine months ended September 30,2023.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 30, 2024
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 12. FAIR VALUE MEASUREMENTS Fair Value Measurements on a Recurring Basis At September 30, 2024 and December 31, 2023, we do not have any significant financial assets or financial liabilities that are measured at fair value on a recurring basis in our consolidated financial statements. Financial Assets and Liabilities not Measured at Fair Value At September 30, 2024 and December 31, 2023 the carrying amounts of certain of our financial instruments, including cash and cash equivalents, accounts receivable, 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. The Partnership has investments in U.S. Treasury bills, some of which mature over a period greater than 90 days and are classified as short-term investments. The U.S. Treasury bills are carried at amortized cost and classified as held to maturity as the Partnership has the intent and the ability to hold them until they mature. The carrying value of the U.S. Treasury bills are adjusted for accretion of discounts over the remaining life of the investment. Income related to the U.S. Treasury bills is recognized in interest income in the Partnership’s consolidated statement of income. The U.S. Treasury bills classified within Level I of the fair value hierarchy. At September 30, 2024 and December 31, 2023 we estimated the fair value of our mortgage payable, derivative financial instrument, and other notes based upon quoted market prices for the same (Level 1) or similar (Level 2) issues when current quoted market prices are available. We estimated the fair value of our secured mortgage debt that does not have current quoted market prices available by discounting the future cash flows using rates currently available to us for debt with similar terms and maturities (Level 3). The differences in the fair value of our debt from the carrying value are the result of differences in interest rates and/or borrowing spreads that were available to us at September 30, 2024 and December 31, 2023, 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. At September 30, 2024 and at December 31, 2023, the Partnership’s line of credit had an outstanding balance of zero. 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 and treasury bills: 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. September 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Assets Cash equivalents 15,069,693 15,069,693 18,230,463 18,230,463 Treasury bills 86,134,074 86,212,655 84,700,751 84,799,638 Total Assets 101,203,767 101,282,348 102,931,214 103,030,101 Liabilities Mortgage payable * - Partnership properties 406,846,877 365,473,182 408,660,292 359,092,343 - Investment properties 172,319,151 165,638,834 165,969,481 156,280,958 Total Liabilities 579,166,028 531,112,016 574,629,773 515,373,301 * Net of unamortized deferred financing costs Disclosure about fair value of financial instruments is based on pertinent information available to management as of September 30, 2024 and December 31, 2023. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since September 30, 2024 and current estimates of fair value may differ significantly from the amounts presented herein.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS	Sep. 30, 2024
DERIVATIVE FINANCIAL INSTRUMENTS
DERIVATIVE FINANCIAL INSTRUMENTS	NOTE 13. DERIVATIVE FINANCIAL INSTRUMENTS Cash Flow Hedges of Interest Rate Risk The Partnership’s objectives in using rate derivatives are to manage its exposure to interest rate movements. To accomplish this objective, the Partnership uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Partnership making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Partnership’s variable rate debt. During the next 12 months, the Partnership estimates $62,000 will be reclassified as a decrease to interest expense . As of September 30, 2024, the Partnership had one interest rate swap outstanding with a notional amount of approximately $143,000 designated as cash flow hedges of interest rate risk. As of September 30, 2024, the Partnership did not have any interest rate derivatives in a net liability position. The table below presents the fair value of the Partnership’s derivative financial instruments as well as their classification on the consolidated balance sheets as of September 30, 2024 and December 31, 2023. Fair Value Asset Derivatives designated September 30, December 31, as hedging instruments 2024 2023 Balance sheet location Interest rate swaps $ 142,655 $ 236,377 Prepaid Expenses and Other Assets The table below presents the effect the Partnership’s derivative financial instruments on the consolidated statements of income for the quarters ended September 30, 2024 and 2023. Location of Gain or (Loss) Amount of Gain Total Amount of Reclassified or (Loss) Location of Gain Interest Expense Amount of Gain from Reclassified or (Loss) Recognized presented in the Derivatives in Cash Flow or (Loss) Recognized Accumulated from Accumulated in Income on consolidated statements Hedging Relationships in OCI on Derivative OCI Into Income OCI into Income Derivative of operations Three Months Ended September 30, 2024 2023 2024 2023 2024 2023 Interest rate swaps $ (268,280) $ 263,232 Interest expense $ — $ — Interest and other investment income (loss) $ (3,831,009) $ (3,956,181) Nine Months Ended September 30, Interest rate swaps $ (93,722) $ 265,347 Interest expense $ — $ — Interest and other investment income (loss) $ (11,637,720) $ (11,781,285)

TAXABLE INCOME AND TAX BASIS

TAXABLE INCOME AND TAX BASIS	9 Months Ended
TAXABLE INCOME AND TAX BASIS	Sep. 30, 2024
TAXABLE INCOME AND TAX BASIS
TAXABLE INCOME AND TAX BASIS	NOTE 14. 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 $9,989,000 was approximately $1,535,000 more than statement income for the year ended December 31, 2023. The Federal cumulative tax basis of the Partnership’s real estate at December 31, 2023 is approximately $8,000,000 less than the statement basis. The primary reasons for the difference in tax basis are tax free exchanges, accelerated depreciation, bonus depreciation, and other timing differences. The Partnership’s Federal tax basis in its joint venture investments is approximately $6,000,000 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 consolidated financial statements. The Partnership adopted the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes. As a result of the implementation of the guidance, the Partnership recognized no material adjustment regarding its tax accounting treatment. The Partnership expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which would be included in general and administrative expense. In the normal course of business the Partnership or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates, where applicable. As of September 30, 2024, the tax years that generally remain subject to examination by the major tax jurisdictions under the statute of limitations is from the year 2020 forward.

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	9 Months Ended
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	Sep. 30, 2024
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES	NOTE 15. 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. At September 30, 2024, the balance on this mortgage before unamortized deferred financing costs is $125,000,000. This investment, Hamilton Park Towers, LLC is referred to as Dexter Park. 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 30, 2015, Hamilton Essex 81, LLC obtained a new 10 year mortgage in the amount of $10,000,000, interest only at 2.18% plus the one month Libor rate 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. 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 September 30 2024, the balance on this mortgage before unamortized deferred financing costs is $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 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 interest only. The Joint Venture paid off the prior mortgage of approximately . In 2018, the carrying value of the investment fell below 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 Summary financial information at September 30, 2024 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total ASSETS Rental Properties $ 5,156,533 $ 2,581,323 $ 4,234,113 $ 72,579 $ 3,977,260 $ 13,619,389 $ 71,377,601 $ 101,018,798 Cash & Cash Equivalents 1,325,418 62,274 103,930 17,234 81,885 2,796,390 1,621,908 6,009,039 Rent Receivable 189,026 74,223 2,057 2,482 7,656 36,654 42,643 354,741 Real Estate Tax Escrow 78,201 — 71,866 — 29,531 — — 179,598 Prepaid Expenses & Other Assets 335,724 38,022 100,024 769 67,481 280,877 2,672,293 3,495,190 Total Assets $ 7,084,902 $ 2,755,842 $ 4,511,990 $ 93,064 $ 4,163,813 $ 16,733,310 $ 75,714,445 $ 111,057,366 LIABILITIES AND PARTNERS’ CAPITAL Mortgage Notes Payable $ 9,986,211 $ — $ 8,278,765 $ — $ 5,943,056 $ 23,348,070 $ 124,763,049 $ 172,319,151 Accounts Payable & Accrued Expense 330,733 3,000 126,680 2,604 62,619 257,732 709,139 1,492,507 Advance Rental Pmts & Security Deposits 366,000 — 262,862 — 165,213 492,520 3,212,838 4,499,433 Total Liabilities 10,682,944 3,000 8,668,307 2,604 6,170,888 24,098,322 128,685,026 178,311,091 Partners’ Capital (3,598,042) 2,752,842 (4,156,317) 90,460 (2,007,075) (7,365,012) (52,970,581) (67,253,725) Total Liabilities and Capital $ 7,084,902 $ 2,755,842 $ 4,511,990 $ 93,064 $ 4,163,813 $ 16,733,310 $ 75,714,445 $ 111,057,366 Partners’ Capital %—NERA 50 % 50 % 50 % 50 % 50 % 50 % 40 % Investment in Unconsolidated Joint Ventures $ — $ 1,376,421 $ — $ 45,230 $ — $ — $ — 1,421,651 Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures $ (1,799,020) $ — $ (2,078,158) $ — $ (1,003,538) $ (3,682,506) $ (21,188,233) (29,751,455) Total Investment in Unconsolidated Joint Ventures (Net) $ (28,329,804) Total units/condominiums Apartments 48 — 40 — 42 148 409 687 Commercial 1 1 — 1 — — — 3 Total 49 1 40 1 42 148 409 690 Financial information for the nine months ended September 30, 2024 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total Revenues Rental Income $ 1,417,322 $ 181,413 $ 1,346,589 $ 77,243 $ 1,076,051 $ 3,094,579 $ 12,738,225 $ 19,931,422 Laundry and Sundry Income 9,399 — (236) — — 36,929 132,418 178,510 1,426,721 181,413 1,346,353 77,243 1,076,051 3,131,508 12,870,643 20,109,932 Expenses Administrative 16,359 4,000 22,547 2,101 14,383 57,765 148,131 265,286 Depreciation and Amortization 350,002 8,782 259,392 2,448 250,158 807,037 2,772,916 4,450,735 Management Fees 57,488 6,611 52,909 3,126 42,829 130,703 269,853 563,519 Operating 319,903 — 59,664 86 84,517 347,123 1,022,506 1,833,799 Renting 33,103 — 22,016 93 13,556 87,951 104,549 261,268 Repairs and Maintenance 168,259 — 99,452 1,650 103,900 530,985 1,618,100 2,522,346 Taxes and Insurance 213,584 51,471 149,378 14,677 118,953 330,930 1,977,123 2,856,116 1,158,698 70,864 665,358 24,181 628,296 2,292,494 7,913,178 12,753,069 Income Before Other Income 268,023 110,549 680,995 53,062 447,755 839,014 4,957,465 7,356,863 Other Income (Loss) Interest Expense (593,920) — (252,874) — (178,044) (633,432) (3,859,011) (5,517,281) Interest Income 32,532 1,480 7,035 629 7,454 44,590 77,327 171,047 Other income (Expense) — — 42,938 42,938 (561,388) 1,480 (245,839) 629 (170,590) (545,904) (3,781,684) (5,303,296) Net (Loss) Income $ (293,365) $ 112,029 $ 435,156 $ 53,691 $ 277,165 $ 293,110 $ 1,175,781 $ 2,053,567 Net (Loss) Income —NERA 50% $ (146,682) $ 56,015 $ 217,578 $ 26,846 $ 138,583 $ 146,555 438,894 Net Income —NERA 40% $ 470,313 470,313 $ 909,207 Financial information for the three months ended September 30, 2024 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total Revenues Rental Income $ 498,469 $ 60,471 $ 455,505 $ 25,610 $ 364,435 $ 1,037,278 $ 4,208,926 $ 6,650,694 Laundry and Sundry Income 3,054 — — — — 11,685 36,881 51,620 501,523 60,471 455,505 25,610 364,435 1,048,963 4,245,807 6,702,314 Expenses Administrative 5,816 1,000 7,568 700 4,065 35,429 47,983 102,561 Depreciation and Amortization 118,091 2,927 86,596 816 84,153 273,712 935,756 1,502,051 Management Fees 20,302 2,479 17,955 1,057 14,520 48,469 89,561 194,343 Operating 142,906 — 18,280 123 19,741 102,651 272,000 555,701 Renting 25,469 — 12,241 30 3,865 31,214 51,733 124,552 Repairs and Maintenance 73,640 — 54,569 — 42,734 200,707 734,698 1,106,348 Taxes and Insurance 49,619 16,279 49,898 4,503 40,197 123,938 692,982 977,416 435,843 22,685 247,107 7,229 209,275 816,120 2,824,713 4,562,972 Income Before Other Income 65,680 37,786 208,398 18,381 155,160 232,843 1,421,094 2,139,342 Other Income (Loss) Interest Expense (199,679) — (83,768) — (59,749) (248,334) (1,292,563) (1,884,093) Interest Income 11,282 290 2,406 211 1,991 21,940 32,037 70,157 (188,397) 290 (81,362) 211 (57,758) (226,394) (1,260,526) (1,813,936) Net Income (Loss) $ (122,717) $ 38,076 $ 127,036 $ 18,592 $ 97,402 $ 6,449 $ 160,568 $ 325,406 Net Income (Loss)—NERA 50% $ (61,359) $ 19,038 $ 63,518 $ 9,296 $ 48,701 $ 3,226 82,420 Net Income —NERA 40% $ 64,227 64,227 $ 146,647 Future annual mortgage maturities at September 30, 2024 are as follows: Hamilton 345 Hamilton Hamilton on Dexter Period End Essex 81 Franklin Minuteman Main Apts Park Total 9/30/2025 $ 10,000,000 $ 246,936 $ — $ — $ — $ 10,246,936 9/30/2026 — 256,664 — — — 256,664 9/30/2027 — 266,775 — — — 266,775 9/30/2028 — 7,533,359 — — 125,000,000 132,533,359 9/30/2029 — — — — — — Thereafter — — 6,000,000 23,589,000 — 29,589,000 10,000,000 8,303,734 6,000,000 23,589,000 125,000,000 172,892,734 Less: unamortized deferred financing costs (13,789) (24,969) (56,944) (240,930) (236,951) (573,583) $ 9,986,211 $ 8,278,765 $ 5,943,056 $ 23,348,070 $ 124,763,049 $ 172,319,151 At September 30, 2024, the weighted average interest rate on the above mortgages was 4.38%. The effective rate was 4.44% including the amortization expense of deferred financing costs. Summary financial information at September 30, 2023 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total ASSETS Rental Properties $ 5,517,486 $ 2,583,813 $ 4,567,358 $ 75,843 $ 4,261,249 $ 12,742,373 $ 73,786,757 $ 103,534,879 Cash & Cash Equivalents 1,044,888 73,383 112,129 16,328 404,742 902,251 1,593,551 4,147,272 Rent Receivable 197,549 80,264 3,272 4,526 1,890 22,244 114,086 423,831 Real Estate Tax Escrow 70,897 — 66,029 — 40,477 139,457 — 316,860 Prepaid Expenses & Other Assets 331,025 47,178 94,692 777 54,728 233,231 2,501,688 3,263,319 Total Assets $ 7,161,845 $ 2,784,638 $ 4,843,480 $ 97,474 $ 4,763,086 $ 14,039,556 $ 77,996,082 $ 111,686,161 LIABILITIES AND PARTNERS’ CAPITAL Mortgage Notes Payable $ 9,972,422 $ — $ 8,509,683 $ — $ 5,934,873 $ 16,885,286 $ 124,698,426 $ 166,000,690 Accounts Payable & Accrued Expense 162,273 2,250 111,162 2,739 103,267 192,429 801,974 1,376,094 Advance Rental Pmts& Security Deposits 354,788 — 277,672 612 183,421 492,006 2,975,056 4,283,555 Total Liabilities 10,489,483 2,250 8,898,517 3,351 6,221,561 17,569,721 128,475,456 171,660,339 Partners’ Capital (3,327,638) 2,782,388 (4,055,037) 94,123 (1,458,475) (3,530,165) (50,479,374) (59,974,178) Total Liabilities and Capital $ 7,161,845 $ 2,784,638 $ 4,843,480 $ 97,474 4,763,086 $ 14,039,556 $ 77,996,082 $ 111,686,161 Partners’ Capital %—NERA 50 % 50 % 50 % 50 % 50 % 50 % 40 % Investment in Unconsolidated Joint Ventures $ — $ 1,391,194 $ — $ 47,061 $ $ $ $ 1,438,255 Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures $ (1,663,819) $ — $ (2,027,519) $ — $ (729,238) $ (1,765,082) $ (20,191,749) (26,377,405) Total Investment in Unconsolidated Joint Ventures (Net) $ (24,939,150) Total units/condominiums Apartments 48 — 40 0 42 148 409 687 Commercial 1 1 — 1 — — — 3 Total 49 1 40 1 42 148 409 690 Financial information for the nine months ended September 30, 2023 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total Revenues Rental Income $ 1,305,180 $ 181,413 $ 1,265,519 $ 73,989 $ 977,459 $ 2,877,609 $ 12,087,700 $ 18,768,869 Laundry and Sundry Income 807 — 115 — — 11,298 92,735 104,955 1,305,987 181,413 1,265,634 73,989 977,459 2,888,907 12,180,435 18,873,824 Expenses Administrative 14,957 2,278 23,617 2,600 12,622 59,441 181,971 297,486 Depreciation and Amortization 352,019 8,782 259,744 2,448 253,492 796,968 2,748,175 4,421,628 Management Fees 52,475 7,183 49,489 3,000 39,269 113,643 248,873 513,932 Operating 228,886 — 70,775 218 93,771 329,701 963,365 1,686,716 Renting 55,933 — 34,840 — 5,596 38,553 98,487 233,409 Repairs and Maintenance 140,557 — 127,427 — 77,035 499,894 1,513,141 2,358,054 Taxes and Insurance 211,209 46,119 143,274 13,037 108,611 395,153 1,951,235 2,868,638 1,056,036 64,362 709,166 21,303 590,396 2,233,353 7,705,247 12,379,863 Income Before Other Income 249,951 117,051 556,468 52,686 387,063 655,554 4,475,188 6,493,961 Other Income (Loss) Interest Expense (553,535) — (258,949) — (177,694) (593,120) (3,779,306) (5,362,604) (553,535) — (258,949) — (177,694) (593,120) (3,779,306) (5,362,604) Net Income (Loss) $ (303,584) $ 117,051 $ 297,519 $ 52,686 $ 209,369 $ 62,434 $ 695,882 $ 1,131,357 Net Income (Loss)—NERA 50% $ (151,792) $ 58,527 $ 148,760 $ 26,343 $ 104,685 $ 31,217 217,739 Net Income —NERA 40% $ 278,353 278,353 $ 496,092 Financial information for the three months ended September 30, 2023 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total Revenues Rental Income $ 450,353 $ 60,471 $ 431,453 $ 24,255 $ 338,729 $ 986,514 $ 4,071,737 $ 6,363,512 Laundry and Sundry Income 2,418 — 168 — — 16,329 44,302 63,217 452,771 60,471 431,621 24,255 338,729 1,002,843 4,116,039 6,426,729 Expenses Administrative 4,426 778 10,574 729 3,140 20,469 68,852 108,968 Depreciation and Amortization 117,886 2,927 86,878 816 85,184 266,962 926,902 1,487,555 Management Fees 18,730 2,416 16,856 1,011 13,606 39,514 87,897 180,030 Operating 78,368 — 13,741 75 25,399 105,437 309,700 532,720 Renting 24,988 — 16,641 — 4,023 14,099 30,728 90,479 Repairs and Maintenance 44,602 — 64,889 — 32,802 163,163 618,245 923,701 Taxes and Insurance 69,964 15,438 48,988 4,333 38,211 132,214 680,016 989,164 358,964 21,559 258,567 6,964 202,365 741,858 2,722,340 4,312,617 Income Before Other Income 93,807 38,912 173,054 17,291 136,364 260,985 1,393,699 2,114,112 Other Income (Loss) Interest Expense (194,683) — (85,476) — (59,586) (192,376) (1,257,252) (1,789,373) (194,683) — (85,476) — (59,586) (192,376) (1,257,252) (1,789,373) Net Income (Loss) $ (100,876) $ 38,912 $ 87,578 $ 17,291 $ 76,778 $ 68,609 $ 136,447 $ 324,739 Net Income (Loss)—NERA 50% $ (50,439) $ 19,456 $ 43,789 $ 8,645 $ 38,390 $ 34,305 94,145 Net Income —NERA 40% $ 54,578 54,578 $ 148,723

EMPLOYEE BENEFIT 401(k) PLANS

EMPLOYEE BENEFIT 401(k) PLANS	9 Months Ended
EMPLOYEE BENEFIT 401(k) PLANS	Sep. 30, 2024
EMPLOYEE BENEFIT 401(k) PLANS
EMPLOYEE BENEFIT 401(k) PLANS	NOTE 16. EMPLOYEE BENEFIT 401(k) PLANS 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. The Partnership matches 50% up to 6% of compensation deferred by each employee in the 401(k) plan. The Partnership may make discretionary matching or profit-sharing contributions to the 401(k) Plan on behalf of eligible participants in any plan year. Participants are always 100 percent vested in their pre-tax contributions and will begin vesting in any matching or profit-sharing contributions made on their behalf after two years of service with the Partnership at a rate of 20 percent per year, becoming 100 percent vested after a total of six years of service with the Partnership. Total expense recognized by the Partnership for the 401(k) Plan for the nine months ended September 30, 2024 was $48,000.

IMPACT OF RECENTLY-ISSUED ACCOU

IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS	9 Months Ended
IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS	Sep. 30, 2024
IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS
IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS	NOTE 17. IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS In November 2023, the FASB issued ASU 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The guidance requires incremental disclosures related to a public entity’s reportable segments. ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Partnership is currently evaluating the impact of adopting ASU 2023-07 will have on the Partnership's consolidated financial statements.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 18. SUBSEQUENT EVENTS On November 7, 2024, the Partnership approved a quarterly distribution of $12.00 per Unit ($0.40 per Receipt), payable on December 31, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 3,909,398	$ 2,175,226	$ 11,445,720	$ 6,154,568

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2024
SIGNIFICANT ACCOUNTING POLICIES
Line of Business	Line of Business
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 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 15: 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. Costs directly related to the acquisition, development and construction of rental properties are capitalized. Capitalized development and construction costs include pre-construction costs, development and construction costs, regulatory fees, interest, property taxes, insurance, construction oversight fees, and other project costs incurred during the period of development. The Partnership considers a construction project as substantially completed and held available for occupancy upon the substantial completion of improvements, but no later than one year from cessation of major construction activity. 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
Derivative Instruments	Derivative Instruments: The Partnership measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending upon the Partnership’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period.
Income Taxes	Income Taxes:
Cash Equivalents	Cash Equivalents:
Investments in Treasury Bills	Investments in Treasury Bills:
Segment Reporting	Segment Reporting:
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss): and comprehensive income of approximately
Income (Loss) Per Depositary Receipt	Income (Loss) Per Depositary Receipt: ( 1 / 30 )
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
Concentration of Credit Risks and Financial Instruments	Concentration of Credit Risks and Financial Instruments: cash cash
Advertising Expense	Advertising Expense:
Rental Property Held for Sale	Rental Property Held or Sale:
Interest Capitalized	Interest Capitalized:
Extinguishment of Debt	Extinguishment of Debt:
Reclassification	Reclassification:

RENTAL PROPERTIES (Tables)

RENTAL PROPERTIES (Tables)	9 Months Ended
RENTAL PROPERTIES (Tables)	Sep. 30, 2024
RENTAL PROPERTIES.
Schedule of rental properties	September 30, 2024 December 31, 2023 Useful Life Land, improvements and parking lots $ 99,400,825 $ 99,162,143 15 - 40 years Buildings and improvements 277,460,735 276,167,618 15 - 40 years Construction in Progress 12,494,420 1,818,716 N/A Kitchen cabinets 16,800,510 16,137,828 5 - 10 years Carpets 14,340,346 13,127,838 5 - 10 years Air conditioning 500,000 500,000 5 - 10 years Laundry equipment 619,895 568,716 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 21,946,705 21,348,556 5 - 30 years Motor vehicles 232,954 232,954 5 years Fences 101,505 91,620 5 - 15 years Furniture and fixtures 8,992,361 8,365,039 5 - 7 years Total fixed assets 455,866,125 440,496,897 Less: Accumulated depreciation (183,016,060) (170,691,951) $ 272,850,065 $ 269,804,946

MORTGAGE NOTES PAYABLE (Tables)

MORTGAGE NOTES PAYABLE (Tables)	9 Months Ended
MORTGAGE NOTES PAYABLE (Tables)	Sep. 30, 2024
MORTGAGE NOTES PAYABLE
Schedule of approximate annual maturities	Approximate annual maturities at September 30, 2024 are as follows: 2025—current maturities $ 3,399,000 2026 25,217,000 2027 3,216,000 2028 52,323,000 2029 28,556,000 Thereafter 296,630,000 409,341,000 Less: unamortized deferred financing costs 2,494,000 $ 406,847,000

PARTNERS' CAPITAL (Tables)

PARTNERS' CAPITAL (Tables)	9 Months Ended
PARTNERS' CAPITAL (Tables)	Sep. 30, 2024
PARTNERS' CAPITAL.
Schedule of information per depositary receipt	Nine Months Ended September 30, 2024 2023 Net Income per Depositary Receipt $ 3.26 $ 1.73 Distributions per Depositary Receipt $ 2.80 $ 2.40

TREASURY UNITS (Tables)

TREASURY UNITS (Tables)	9 Months Ended
TREASURY UNITS (Tables)	Sep. 30, 2024
TREASURY UNITS
Schedule of treasury units	Treasury Units at September 30, 2024 are as follows: Class A 50,821 Class B 12,070 General Partnership 635 63,526

RENTAL INCOME (Tables)

RENTAL INCOME (Tables)	9 Months Ended
RENTAL INCOME (Tables)	Sep. 30, 2024
RENTAL INCOME.
Schedule of minimum future annual rental income on non-cancellable operating leases	Commercial Property Leases 2025 $ 3,324,692 2026 3,043,129 2027 2,646,809 2028 2,332,876 2029 1,852,297 Thereafter 9,073,091 $ 22,272,894
Schedule of information for commercial leases	Annual base Percentage of rent for Total square feet Total number of annual base rent for Through September 30, expiring leases for expiring leases leases expiring expiring leases 2025 $ 136,081 22,038 22 4 % 2026 432,277 12,275 10 12 % 2027 423,964 15,825 9 12 % 2028 339,978 9,195 4 10 % 2029 637,570 21,410 8 18 % 2030 — — — 0 % 2031 — — — — % 2032 110,600 1,106 1 3 % 2033 — — — — % 2034 533,784 20,897 2 15 % Thereafter 947,721 27,140 3 26 % Totals $ 3,561,975 129,886 59 100 %

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Sep. 30, 2024
FAIR VALUE MEASUREMENTS
Schedule of carrying amounts and estimated fair value of debt	September 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Assets Cash equivalents 15,069,693 15,069,693 18,230,463 18,230,463 Treasury bills 86,134,074 86,212,655 84,700,751 84,799,638 Total Assets 101,203,767 101,282,348 102,931,214 103,030,101 Liabilities Mortgage payable * - Partnership properties 406,846,877 365,473,182 408,660,292 359,092,343 - Investment properties 172,319,151 165,638,834 165,969,481 156,280,958 Total Liabilities 579,166,028 531,112,016 574,629,773 515,373,301 * Net of unamortized deferred financing costs

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	Sep. 30, 2024
DERIVATIVE FINANCIAL INSTRUMENTS
Schedule of fair value of derivatives	Fair Value Asset Derivatives designated September 30, December 31, as hedging instruments 2024 2023 Balance sheet location Interest rate swaps $ 142,655 $ 236,377 Prepaid Expenses and Other Assets
Schedule of effect the Company's derivative financial instruments on the consolidated statements of income	Location of Gain or (Loss) Amount of Gain Total Amount of Reclassified or (Loss) Location of Gain Interest Expense Amount of Gain from Reclassified or (Loss) Recognized presented in the Derivatives in Cash Flow or (Loss) Recognized Accumulated from Accumulated in Income on consolidated statements Hedging Relationships in OCI on Derivative OCI Into Income OCI into Income Derivative of operations Three Months Ended September 30, 2024 2023 2024 2023 2024 2023 Interest rate swaps $ (268,280) $ 263,232 Interest expense $ — $ — Interest and other investment income (loss) $ (3,831,009) $ (3,956,181) Nine Months Ended September 30, Interest rate swaps $ (93,722) $ 265,347 Interest expense $ — $ — Interest and other investment income (loss) $ (11,637,720) $ (11,781,285)

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	9 Months Ended
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Tables)	Sep. 30, 2024
Schedule of future annual mortgage maturities	Hamilton 345 Hamilton Hamilton on Dexter Period End Essex 81 Franklin Minuteman Main Apts Park Total 9/30/2025 $ 10,000,000 $ 246,936 $ — $ — $ — $ 10,246,936 9/30/2026 — 256,664 — — — 256,664 9/30/2027 — 266,775 — — — 266,775 9/30/2028 — 7,533,359 — — 125,000,000 132,533,359 9/30/2029 — — — — — — Thereafter — — 6,000,000 23,589,000 — 29,589,000 10,000,000 8,303,734 6,000,000 23,589,000 125,000,000 172,892,734 Less: unamortized deferred financing costs (13,789) (24,969) (56,944) (240,930) (236,951) (573,583) $ 9,986,211 $ 8,278,765 $ 5,943,056 $ 23,348,070 $ 124,763,049 $ 172,319,151
2024
Summary of financial position and income statements relating to investment in unconsolidated joint ventures	Summary financial information at September 30, 2024 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total ASSETS Rental Properties $ 5,156,533 $ 2,581,323 $ 4,234,113 $ 72,579 $ 3,977,260 $ 13,619,389 $ 71,377,601 $ 101,018,798 Cash & Cash Equivalents 1,325,418 62,274 103,930 17,234 81,885 2,796,390 1,621,908 6,009,039 Rent Receivable 189,026 74,223 2,057 2,482 7,656 36,654 42,643 354,741 Real Estate Tax Escrow 78,201 — 71,866 — 29,531 — — 179,598 Prepaid Expenses & Other Assets 335,724 38,022 100,024 769 67,481 280,877 2,672,293 3,495,190 Total Assets $ 7,084,902 $ 2,755,842 $ 4,511,990 $ 93,064 $ 4,163,813 $ 16,733,310 $ 75,714,445 $ 111,057,366 LIABILITIES AND PARTNERS’ CAPITAL Mortgage Notes Payable $ 9,986,211 $ — $ 8,278,765 $ — $ 5,943,056 $ 23,348,070 $ 124,763,049 $ 172,319,151 Accounts Payable & Accrued Expense 330,733 3,000 126,680 2,604 62,619 257,732 709,139 1,492,507 Advance Rental Pmts & Security Deposits 366,000 — 262,862 — 165,213 492,520 3,212,838 4,499,433 Total Liabilities 10,682,944 3,000 8,668,307 2,604 6,170,888 24,098,322 128,685,026 178,311,091 Partners’ Capital (3,598,042) 2,752,842 (4,156,317) 90,460 (2,007,075) (7,365,012) (52,970,581) (67,253,725) Total Liabilities and Capital $ 7,084,902 $ 2,755,842 $ 4,511,990 $ 93,064 $ 4,163,813 $ 16,733,310 $ 75,714,445 $ 111,057,366 Partners’ Capital %—NERA 50 % 50 % 50 % 50 % 50 % 50 % 40 % Investment in Unconsolidated Joint Ventures $ — $ 1,376,421 $ — $ 45,230 $ — $ — $ — 1,421,651 Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures $ (1,799,020) $ — $ (2,078,158) $ — $ (1,003,538) $ (3,682,506) $ (21,188,233) (29,751,455) Total Investment in Unconsolidated Joint Ventures (Net) $ (28,329,804) Total units/condominiums Apartments 48 — 40 — 42 148 409 687 Commercial 1 1 — 1 — — — 3 Total 49 1 40 1 42 148 409 690
Summary of income statement relating to investment in unconsolidated joint ventures	Financial information for the nine months ended September 30, 2024 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total Revenues Rental Income $ 1,417,322 $ 181,413 $ 1,346,589 $ 77,243 $ 1,076,051 $ 3,094,579 $ 12,738,225 $ 19,931,422 Laundry and Sundry Income 9,399 — (236) — — 36,929 132,418 178,510 1,426,721 181,413 1,346,353 77,243 1,076,051 3,131,508 12,870,643 20,109,932 Expenses Administrative 16,359 4,000 22,547 2,101 14,383 57,765 148,131 265,286 Depreciation and Amortization 350,002 8,782 259,392 2,448 250,158 807,037 2,772,916 4,450,735 Management Fees 57,488 6,611 52,909 3,126 42,829 130,703 269,853 563,519 Operating 319,903 — 59,664 86 84,517 347,123 1,022,506 1,833,799 Renting 33,103 — 22,016 93 13,556 87,951 104,549 261,268 Repairs and Maintenance 168,259 — 99,452 1,650 103,900 530,985 1,618,100 2,522,346 Taxes and Insurance 213,584 51,471 149,378 14,677 118,953 330,930 1,977,123 2,856,116 1,158,698 70,864 665,358 24,181 628,296 2,292,494 7,913,178 12,753,069 Income Before Other Income 268,023 110,549 680,995 53,062 447,755 839,014 4,957,465 7,356,863 Other Income (Loss) Interest Expense (593,920) — (252,874) — (178,044) (633,432) (3,859,011) (5,517,281) Interest Income 32,532 1,480 7,035 629 7,454 44,590 77,327 171,047 Other income (Expense) — — 42,938 42,938 (561,388) 1,480 (245,839) 629 (170,590) (545,904) (3,781,684) (5,303,296) Net (Loss) Income $ (293,365) $ 112,029 $ 435,156 $ 53,691 $ 277,165 $ 293,110 $ 1,175,781 $ 2,053,567 Net (Loss) Income —NERA 50% $ (146,682) $ 56,015 $ 217,578 $ 26,846 $ 138,583 $ 146,555 438,894 Net Income —NERA 40% $ 470,313 470,313 $ 909,207 Financial information for the three months ended September 30, 2024 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total Revenues Rental Income $ 498,469 $ 60,471 $ 455,505 $ 25,610 $ 364,435 $ 1,037,278 $ 4,208,926 $ 6,650,694 Laundry and Sundry Income 3,054 — — — — 11,685 36,881 51,620 501,523 60,471 455,505 25,610 364,435 1,048,963 4,245,807 6,702,314 Expenses Administrative 5,816 1,000 7,568 700 4,065 35,429 47,983 102,561 Depreciation and Amortization 118,091 2,927 86,596 816 84,153 273,712 935,756 1,502,051 Management Fees 20,302 2,479 17,955 1,057 14,520 48,469 89,561 194,343 Operating 142,906 — 18,280 123 19,741 102,651 272,000 555,701 Renting 25,469 — 12,241 30 3,865 31,214 51,733 124,552 Repairs and Maintenance 73,640 — 54,569 — 42,734 200,707 734,698 1,106,348 Taxes and Insurance 49,619 16,279 49,898 4,503 40,197 123,938 692,982 977,416 435,843 22,685 247,107 7,229 209,275 816,120 2,824,713 4,562,972 Income Before Other Income 65,680 37,786 208,398 18,381 155,160 232,843 1,421,094 2,139,342 Other Income (Loss) Interest Expense (199,679) — (83,768) — (59,749) (248,334) (1,292,563) (1,884,093) Interest Income 11,282 290 2,406 211 1,991 21,940 32,037 70,157 (188,397) 290 (81,362) 211 (57,758) (226,394) (1,260,526) (1,813,936) Net Income (Loss) $ (122,717) $ 38,076 $ 127,036 $ 18,592 $ 97,402 $ 6,449 $ 160,568 $ 325,406 Net Income (Loss)—NERA 50% $ (61,359) $ 19,038 $ 63,518 $ 9,296 $ 48,701 $ 3,226 82,420 Net Income —NERA 40% $ 64,227 64,227 $ 146,647
2023
Summary of financial position and income statements relating to investment in unconsolidated joint ventures	Summary financial information at September 30, 2023 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total ASSETS Rental Properties $ 5,517,486 $ 2,583,813 $ 4,567,358 $ 75,843 $ 4,261,249 $ 12,742,373 $ 73,786,757 $ 103,534,879 Cash & Cash Equivalents 1,044,888 73,383 112,129 16,328 404,742 902,251 1,593,551 4,147,272 Rent Receivable 197,549 80,264 3,272 4,526 1,890 22,244 114,086 423,831 Real Estate Tax Escrow 70,897 — 66,029 — 40,477 139,457 — 316,860 Prepaid Expenses & Other Assets 331,025 47,178 94,692 777 54,728 233,231 2,501,688 3,263,319 Total Assets $ 7,161,845 $ 2,784,638 $ 4,843,480 $ 97,474 $ 4,763,086 $ 14,039,556 $ 77,996,082 $ 111,686,161 LIABILITIES AND PARTNERS’ CAPITAL Mortgage Notes Payable $ 9,972,422 $ — $ 8,509,683 $ — $ 5,934,873 $ 16,885,286 $ 124,698,426 $ 166,000,690 Accounts Payable & Accrued Expense 162,273 2,250 111,162 2,739 103,267 192,429 801,974 1,376,094 Advance Rental Pmts& Security Deposits 354,788 — 277,672 612 183,421 492,006 2,975,056 4,283,555 Total Liabilities 10,489,483 2,250 8,898,517 3,351 6,221,561 17,569,721 128,475,456 171,660,339 Partners’ Capital (3,327,638) 2,782,388 (4,055,037) 94,123 (1,458,475) (3,530,165) (50,479,374) (59,974,178) Total Liabilities and Capital $ 7,161,845 $ 2,784,638 $ 4,843,480 $ 97,474 4,763,086 $ 14,039,556 $ 77,996,082 $ 111,686,161 Partners’ Capital %—NERA 50 % 50 % 50 % 50 % 50 % 50 % 40 % Investment in Unconsolidated Joint Ventures $ — $ 1,391,194 $ — $ 47,061 $ $ $ $ 1,438,255 Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures $ (1,663,819) $ — $ (2,027,519) $ — $ (729,238) $ (1,765,082) $ (20,191,749) (26,377,405) Total Investment in Unconsolidated Joint Ventures (Net) $ (24,939,150) Total units/condominiums Apartments 48 — 40 0 42 148 409 687 Commercial 1 1 — 1 — — — 3 Total 49 1 40 1 42 148 409 690
Summary of income statement relating to investment in unconsolidated joint ventures	Financial information for the nine months ended September 30, 2023 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total Revenues Rental Income $ 1,305,180 $ 181,413 $ 1,265,519 $ 73,989 $ 977,459 $ 2,877,609 $ 12,087,700 $ 18,768,869 Laundry and Sundry Income 807 — 115 — — 11,298 92,735 104,955 1,305,987 181,413 1,265,634 73,989 977,459 2,888,907 12,180,435 18,873,824 Expenses Administrative 14,957 2,278 23,617 2,600 12,622 59,441 181,971 297,486 Depreciation and Amortization 352,019 8,782 259,744 2,448 253,492 796,968 2,748,175 4,421,628 Management Fees 52,475 7,183 49,489 3,000 39,269 113,643 248,873 513,932 Operating 228,886 — 70,775 218 93,771 329,701 963,365 1,686,716 Renting 55,933 — 34,840 — 5,596 38,553 98,487 233,409 Repairs and Maintenance 140,557 — 127,427 — 77,035 499,894 1,513,141 2,358,054 Taxes and Insurance 211,209 46,119 143,274 13,037 108,611 395,153 1,951,235 2,868,638 1,056,036 64,362 709,166 21,303 590,396 2,233,353 7,705,247 12,379,863 Income Before Other Income 249,951 117,051 556,468 52,686 387,063 655,554 4,475,188 6,493,961 Other Income (Loss) Interest Expense (553,535) — (258,949) — (177,694) (593,120) (3,779,306) (5,362,604) (553,535) — (258,949) — (177,694) (593,120) (3,779,306) (5,362,604) Net Income (Loss) $ (303,584) $ 117,051 $ 297,519 $ 52,686 $ 209,369 $ 62,434 $ 695,882 $ 1,131,357 Net Income (Loss)—NERA 50% $ (151,792) $ 58,527 $ 148,760 $ 26,343 $ 104,685 $ 31,217 217,739 Net Income —NERA 40% $ 278,353 278,353 $ 496,092 Financial information for the three months ended September 30, 2023 Hamilton Hamilton Hamilton Hamilton Essex 345 Hamilton Minuteman on Main Dexter Essex 81 Development Franklin 1025 Apts Apts Park Total Revenues Rental Income $ 450,353 $ 60,471 $ 431,453 $ 24,255 $ 338,729 $ 986,514 $ 4,071,737 $ 6,363,512 Laundry and Sundry Income 2,418 — 168 — — 16,329 44,302 63,217 452,771 60,471 431,621 24,255 338,729 1,002,843 4,116,039 6,426,729 Expenses Administrative 4,426 778 10,574 729 3,140 20,469 68,852 108,968 Depreciation and Amortization 117,886 2,927 86,878 816 85,184 266,962 926,902 1,487,555 Management Fees 18,730 2,416 16,856 1,011 13,606 39,514 87,897 180,030 Operating 78,368 — 13,741 75 25,399 105,437 309,700 532,720 Renting 24,988 — 16,641 — 4,023 14,099 30,728 90,479 Repairs and Maintenance 44,602 — 64,889 — 32,802 163,163 618,245 923,701 Taxes and Insurance 69,964 15,438 48,988 4,333 38,211 132,214 680,016 989,164 358,964 21,559 258,567 6,964 202,365 741,858 2,722,340 4,312,617 Income Before Other Income 93,807 38,912 173,054 17,291 136,364 260,985 1,393,699 2,114,112 Other Income (Loss) Interest Expense (194,683) — (85,476) — (59,586) (192,376) (1,257,252) (1,789,373) (194,683) — (85,476) — (59,586) (192,376) (1,257,252) (1,789,373) Net Income (Loss) $ (100,876) $ 38,912 $ 87,578 $ 17,291 $ 76,778 $ 68,609 $ 136,447 $ 324,739 Net Income (Loss)—NERA 50% $ (50,439) $ 19,456 $ 43,789 $ 8,645 $ 38,390 $ 34,305 94,145 Net Income —NERA 40% $ 54,578 54,578 $ 148,723

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Business) (Details)	Sep. 30, 2024 ft² item property	Sep. 30, 2023
Commercial
Line of Business
Number of properties \| item	2
Partnership properties
Line of Business
Number of properties \| property	31
Partnership properties \| Residential and mixed-use properties
Line of Business
Number of properties \| property	27
Number of units \| item	2,943
Partnership properties \| Residential buildings
Line of Business
Number of properties \| property	22
Partnership properties \| Mixed use residential, retail and office buildings
Line of Business
Number of properties \| property	5
Partnership properties \| Commercial
Line of Business
Number of properties \| property	4
Area of property (in square feet) \| ft²	130,000
Partnership properties \| Condominium
Line of Business
Number of properties \| property	1
Number of units \| item	19
Investment properties \| Residential and mixed-use properties
Line of Business
Number of units \| item	688
Area of property (in square feet) \| ft²	12,500
Investment properties \| Car parking lot
Line of Business
Capacity of real estate property (in cars per lot) \| item	50
Limited Partnerships \| Investment properties \| Residential and mixed-use properties
Line of Business
Number of properties \| item	7
NERA 40%
Line of Business
Ownership interest (as a percent)	40%	40%
NERA 50%
Line of Business
Ownership interest (as a percent)	50%	50%

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details)		3 Months Ended		9 Months Ended		12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Details)	Jan. 03, 2012	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) item tenant shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) tenant	Aug. 20, 2007
Principles of Consolidation
Value at which partnership investments discontinue use of equity method		$ 0		$ 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				$ 285,000	$ 285,000
Income Taxes
Provision for income taxes				$ 0
Segment Reporting
Number of segments \| item				1
Other Comprehensive Income (Loss)
Comprehensive income (loss)		(268,280)	$ 263,232	$ (93,722)	265,347
Income Per Unit
Dilutive units \| shares				0
Concentration of Credit Risks and Financial Instruments
Single tenants \| tenant				0		0
Federally uninsured amounts of cash and cash equivalents, and security deposits included in prepaid expenses and other assets		$ 15,429,000		$ 15,429,000		$ 18,711,000
Advertising Expense
Advertising expense				280,000	281,000
Interest Capitalized
Capitalized interest				$ 89,000	$ 0
Minimum
Concentration of Credit Risks and Financial Instruments
Interest rate on interest bearing accounts (as a percent)		0.01%		0.01%
Investment, Type [Extensible Enumeration]		us-gaap:CashAndCashEquivalentsMember		us-gaap:CashAndCashEquivalentsMember
Interest Capitalized
Criteria of capitalization of interest on property based on specified period of construction				1 year
Maximum
Concentration of Credit Risks and Financial Instruments
Interest rate on interest bearing accounts (as a percent)		5.20%		5.20%
Investment, Type [Extensible Enumeration]		us-gaap:CashAndCashEquivalentsMember		us-gaap:CashAndCashEquivalentsMember
Less Than Wholly Owned Subsidiaries \| Minimum
Principles of Consolidation
Ownership interest in each subsidiary (as a percent)		99.67%		99.67%
Less Than Wholly Owned Subsidiaries \| Maximum
Principles of Consolidation
Ownership interest in each subsidiary (as a percent)		100%		100%
Investment Properties
Principles of Consolidation
Number of limited liability companies/partnerships \| item		7		7
Investment Properties \| Minimum
Principles of Consolidation
Percentage of ownership interest		40%		40%
Investment Properties \| Maximum
Principles of Consolidation
Percentage of ownership interest		50%		50%
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						0.10

RENTAL PROPERTIES (Details)

RENTAL PROPERTIES (Details)	9 Months Ended
RENTAL PROPERTIES (Details)	Sep. 30, 2024 USD ($) item property	Dec. 31, 2023 USD ($)	Sep. 30, 2023 property
Rental properties
Total fixed assets	$ 455,866,125	$ 440,496,897
Less: Accumulated depreciation	(183,016,060)	(170,691,951)
Total fixed assets, net	272,850,065	269,804,946
Land, improvements and parking lots
Rental properties
Total fixed assets	$ 99,400,825	99,162,143
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	$ 277,460,735	276,167,618
Buildings and improvements \| Minimum
Rental properties
Useful Life	15 years
Buildings and improvements \| Maximum
Rental properties
Useful Life	40 years
Construction in Progress
Rental properties
Total fixed assets	$ 12,494,420	1,818,716
Kitchen cabinets
Rental properties
Total fixed assets	$ 16,800,510	16,137,828
Kitchen cabinets \| Minimum
Rental properties
Useful Life	5 years
Kitchen cabinets \| Maximum
Rental properties
Useful Life	10 years
Carpets
Rental properties
Total fixed assets	$ 14,340,346	13,127,838
Carpets \| Minimum
Rental properties
Useful Life	5 years
Carpets \| Maximum
Rental properties
Useful Life	10 years
Air conditioning
Rental properties
Total fixed assets	$ 500,000	500,000
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	$ 619,895	568,716
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	$ 21,946,705	21,348,556
Equipment \| Minimum
Rental properties
Useful Life	5 years
Equipment \| Maximum
Rental properties
Useful Life	30 years
Motor vehicles
Rental properties
Total fixed assets	$ 232,954	232,954
Motor vehicles \| Maximum
Rental properties
Useful Life	5 years
Fences
Rental properties
Total fixed assets	$ 101,505	91,620
Fences \| Minimum
Rental properties
Useful Life	5 years
Fences \| Maximum
Rental properties
Useful Life	15 years
Furniture and fixtures
Rental properties
Total fixed assets	$ 8,992,361	$ 8,365,039
Furniture and fixtures \| Minimum
Rental properties
Useful Life	5 years
Furniture and fixtures \| Maximum
Rental properties
Useful Life	7 years
Partnership properties
RENTAL PROPERTIES
Number of properties \| property	31
Investment Properties
RENTAL PROPERTIES
Number of units \| property	690		690
NERA 40%
RENTAL PROPERTIES
Ownership interest (as a percent)	40%		40%
NERA 50%
RENTAL PROPERTIES
Ownership interest (as a percent)	50%		50%
Residential and mixed-use properties \| Partnership properties
RENTAL PROPERTIES
Number of units \| item	2,943
Number of properties \| property	27
Residential and mixed-use properties \| Investment properties
RENTAL PROPERTIES
Number of units \| item	688
Residential and mixed-use properties \| Investment Properties \| Investment properties
RENTAL PROPERTIES
Number of properties \| item	7
Residential and mixed-use properties \| NERA 40% \| Investment properties \| Minimum
RENTAL PROPERTIES
Ownership interest (as a percent)	40%
Residential and mixed-use properties \| NERA 50% \| Investment properties \| Maximum
RENTAL PROPERTIES
Ownership interest (as a percent)	50%
Condominium \| Partnership properties
RENTAL PROPERTIES
Number of units \| item	19
Number of properties \| property	1
Commercial
RENTAL PROPERTIES
Number of properties \| item	2
Commercial \| Partnership properties
RENTAL PROPERTIES
Number of properties \| property	4
Commercial \| Investment Properties
RENTAL PROPERTIES
Number of units \| property	3		3

RENTAL PROPERTIES - Worchester

RENTAL PROPERTIES - Worchester Road (Details) - 353 Worcester Rd	Jan. 18, 2023 USD ($) ft²
RENTAL PROPERTIES
Area of the property \| ft²	20,700
Purchase price of real estate properties	$ 10,151,000
Closing costs	59,000
Purchase price allocated to the value of the in-place leases	585,000
Purchase price allocated to the value of the tenant relationships	$ 378,000
Amortization period of value of the in-place leases	12 months
Amortization period of value of the tenant relationships	156 months

RENTAL PROPERTIES - South End n

RENTAL PROPERTIES - South End neighborhood (Details) - South End neighborhood of Boston, MA	Jul. 14, 2023 USD ($) ft² item
RENTAL PROPERTIES
Number of units \| item	52
Number of buildings \| item	3
Area of the property \| ft²	3,400
Purchase price of real estate properties	$ 27,500,000
Closing costs	81,000
Purchase price allocated to the value of the in-place leases	525,000
Purchase price allocated to the value of the tenant relationships	61,000
Purchase price allocated to the value of below market leases	$ 241,000
Amortization period of value of the in-place leases	12 months
Amortization period of value of the tenant relationships	36 months

RENTAL PROPERTIES - Mill Street

RENTAL PROPERTIES - Mill Street Development site (Details)	1 Months Ended	3 Months Ended
RENTAL PROPERTIES - Mill Street Development site (Details)	Dec. 31, 2023 USD ($) item	Dec. 31, 2025 USD ($)
Forecast
RENTAL PROPERTIES
Total expected construction costs		$ 30,000,000
Mill Street Development Woburn Massachusetts
RENTAL PROPERTIES
Number of units \| item	72
Number of affordable units \| item	17
Escrow deposit	$ 75,000
Mill Street Development Woburn Massachusetts \| Loan Term Sheet
RENTAL PROPERTIES
Loan amount	$ 15,000,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	3 Months Ended		9 Months Ended
RELATED PARTY TRANSACTIONS (Details)	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)
RELATED PARTY TRANSACTIONS
Management fee	$ 802,908	$ 810,436	$ 2,374,371	$ 2,173,272
Repairs and maintenance	3,618,610	3,611,652	9,967,034	9,853,498
Administrative expense	679,674	642,907	2,093,671	2,247,729
Renting	$ 407,911	$ 391,093	946,282	$ 827,112
Employer contributions in 401K plan			$ 48,000
Number of limited partnerships and limited liability companies in which the entity has invested \| item			7
Brown Family \| Minimum
RELATED PARTY TRANSACTIONS
Ownership interest (as a percent)	47.60%		47.60%
Brown Family \| Maximum
RELATED PARTY TRANSACTIONS
Ownership interest (as a percent)	59%		59%
Brown Family \| Related party \| Minimum
RELATED PARTY TRANSACTIONS
Ownership interest (as a percent)	47.60%		47.60%
Brown Family \| Related party \| Maximum
RELATED PARTY TRANSACTIONS
Ownership interest (as a percent)	59%		59%
NERA 40%
RELATED PARTY TRANSACTIONS
Ownership interest (as a percent)	40%	40%	40%	40%
NERA 50%
RELATED PARTY TRANSACTIONS
Ownership interest (as a percent)	50%	50%	50%	50%
Majority of Partnership Properties \| Related party
RELATED PARTY TRANSACTIONS
Management fee as percentage of gross receipts rental revenue			4%
Management fee (as a percent)			4%
Linewt \| Related party
RELATED PARTY TRANSACTIONS
Management fee as percentage of gross receipts rental revenue			3%
General Partner or Management Company \| Related party
RELATED PARTY TRANSACTIONS
Costs related to professional services			$ 798,000	$ 1,106,000
Repairs and maintenance			91,000
Administrative expense			229,000
Renting			58,000
Expenses for construction, architectural services and supervision of capital projects			420,000
Hamilton Company/Management Company \| Related party
RELATED PARTY TRANSACTIONS
Management fee			2,374,000	2,173,000
Costs related to professional services			93,750	125,000
Amount received for management fees			723,000
Payroll and related expenses			3,264,000	3,210,000
Employer contributions in 401K plan			$ 48,000	48,000
Number of accounting staff providing bookkeeping and accounting functions \| item	14		14
Hamilton Company/Management Company \| Management fee \| Related party
RELATED PARTY TRANSACTIONS
Amount received for management fees			$ 564,000
Hamilton Company/Management Company \| Construction, architectural services and supervision of capital projects \| Related party
RELATED PARTY TRANSACTIONS
Amount received for management fees			92,000
Hamilton Company/Management Company \| Repairs and maintenance \| Related party
RELATED PARTY TRANSACTIONS
Amount received for management fees			49,000
Hamilton Company/Management Company \| Legal expense \| Related party
RELATED PARTY TRANSACTIONS
Amount received for management fees			$ 18,000
Dexter Park \| Related party
RELATED PARTY TRANSACTIONS
Management fee (as a percent)			2%
Sally Michael \| Related party
RELATED PARTY TRANSACTIONS
Legal fees			$ 117,000	$ 80,000
David Reier \| Related party
RELATED PARTY TRANSACTIONS
Legal fees			$ 6,000
Current and previous management company employees \| Related party
RELATED PARTY TRANSACTIONS
Number of employees having ownership interest in the investment properties \| item			5

PREPAID EXPENSES and OTHER AS_2

PREPAID EXPENSES and OTHER ASSETS (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
PREPAID EXPENSES and OTHER ASSETS
Security deposits	$ 3,453,000	$ 3,601,000
Escrow deposits to fund future capital improvements	2,141,000	1,784,000
Intangible assets, net of accumulated amortization	347,000	677,000
Accumulated amortization on intangible assets	1,202,000	872,000
Financing fees, net	5,000	52,000
Financing fees accumulated amortization amount	$ 177,000	$ 130,000

MORTGAGE NOTES PAYABLE (Mortgag

MORTGAGE NOTES PAYABLE (Mortgages Payable) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
MORTGAGE NOTES PAYABLE
Effective interest rate (as a percent)	4.44%
Financing fees, net	$ 5,000	$ 52,000
Annual maturities of mortgage debt
2025-current maturities	3,399,000
2026	25,217,000
2027	3,216,000
2028	52,323,000
2029	28,556,000
Thereafter	296,630,000
Total	409,341,000
Less: unamortized deferred financing costs	2,494,000
Outstanding amount of mortgage	406,846,877	408,660,292
Mortgages payable
MORTGAGE NOTES PAYABLE
Amount of monthly installments including principal	$ 1,523,000
Weighted average interest rate (as a percent)	3.68%
Effective interest rate (as a percent)	3.77%
Financing fees, net	$ 2,494,000	2,779,000
Accumulated amortization on financing and leasing fees	$ 1,638,000	$ 1,353,000
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) - Line of Credit				9 Months Ended
	Apr. 14, 2023	Oct. 29, 2021 USD ($)	Jul. 31, 2014 USD ($)	Sep. 30, 2024 USD ($) property	Jul. 31, 2017 USD ($)
Line of Credit
Maximum borrowings		$ 25,000,000	$ 25,000,000
Term of debt		3 years	3 years
Line of credit extension period				1 year
Extension fees paid				$ 37,500	$ 128,000
Maximum borrowings during modification period		$ 17,000,000
Amount of refinancing costs		$ 179,000
Number of properties in which borrowing amount collateralized \| property				23
Current covenants
Line of Credit
Debt service coverage ratio		1.60
Tangible net worth		$ 200,000,000
Leverage ratio		65%
Debt yield		9.50%
Revised covenants in place until September 30, 2022
Line of Credit
Debt service coverage ratio		1.35
Tangible net worth		$ 175,000,000
Leverage ratio		70%
Debt yield		8.50%
Revised Covenants in place until December 31, 2022
Line of Credit
Debt yield		9%
Federal Funds Rate
Line of Credit
Variable interest rate spread			0.50%
SOFR
Line of Credit
Variable interest rate spread	0.10%
LIBOR
Line of Credit
Variable interest rate spread		3%	1%
Additional applicable margin rate			2.50%
Minimum
Line of Credit
Pledged interest ownership percentage				49%
Maximum
Line of Credit
Debt yield				9.50%
Pledged interest ownership percentage				100%

ADVANCE RENTAL PAYMENTS AND S_2

ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS (Details)	9 Months Ended
ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS (Details)	Sep. 30, 2024 USD ($)
ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS
Period for advance rental payment	1 month
Amount received for prepaid rent	$ 3,369,000
Security deposits	$ 3,453,000

PARTNERS' CAPITAL (Details)

PARTNERS' CAPITAL (Details)		9 Months Ended		12 Months Ended
PARTNERS' CAPITAL (Details)	Mar. 28, 2024 $ / shares	Sep. 30, 2024 item $ / item	Sep. 30, 2023 $ / item	Dec. 31, 2023 USD ($) $ / shares	Aug. 31, 2024 $ / shares	May 31, 2024 $ / shares	Mar. 31, 2024 $ / shares
Quarterly distribution per unit (in dollars per unit)					$ 12	$ 12	$ 12
Quarterly distributions per depositary receipt (in dollars per receipt)					$ 0.40	$ 0.40	$ 0.40
Special distribution per unit (in dollars per unit)	$ 48
Special distribution per depository receipt (in dollars per receipt)	$ 1.60
Total distribution per unit (in dollars per unit)				$ 84
Total distribution per depository receipt (in dollars per receipt)				$ 2.80
Total distributions \| $				$ 9,954,888
Depositary receipts exchange ratio for Class A units \| item		30
Earnings per depository receipt
Net Income per Depositary Receipt \| $ / item		3.26	1.73
Distributions per Depositary Receipt \| $ / item		2.80	2.40
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%
Class B
Fixed distribution percentage of unit holders		19%

TREASURY UNITS (Details)

TREASURY UNITS (Details)					1 Months Ended	3 Months Ended	9 Months Ended		205 Months Ended
TREASURY UNITS (Details)	Mar. 09, 2020	Mar. 10, 2015 shares	Aug. 31, 2007 shares	Aug. 20, 2007 shares	Sep. 30, 2007 shares	Dec. 31, 2007 shares	Sep. 30, 2024 USD ($) $ / item shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) $ / item shares	Mar. 09, 2015 shares	Jan. 03, 2012
Treasury units							63,526		63,526
Period for repurchase of depository receipts	5 years	5 years		12 months
Depository receipts authorized to be repurchased		2,000,000		300,000						1,500,000
Number of depository receipts repurchased									1,549,824
Repurchase price of depository receipts (in dollars per receipt) \| $ / item									31.80
Units required to be repurchased (in shares)							732	1,218
Total cost of repurchase \| $							$ 1,613,829	$ 2,657,477	$ 56,035,000
General Partnership
Treasury units							635		635
Fixed distribution percentage of unit holders							1%
Number of depository receipts repurchased			239		239	239	239
Units required to be repurchased (in shares)							7.3
Total cost of repurchase \| $							$ 16,112	26,510
Class A
Treasury units							50,821		50,821
Number of units in each depository receipt				0.10							0.03333
Fixed distribution percentage of unit holders							80%
Number of depository receipts repurchased							17,590
Repurchase price of depository receipts (in dollars per receipt) \| $ / item							73.28
Repurchase price of units (in dollars per unit) \| $ / item							2,198.40		954
Total cost of repurchase \| $							$ 1,291,593	2,127,260
Class B
Treasury units							12,070		12,070
Fixed distribution percentage of unit holders							19%
Number of depository receipts repurchased									4,533
Units required to be repurchased (in shares)							139.3
Total cost of repurchase \| $							$ 306,124	$ 503,707
Class B \| General Partnership
Repurchase price of units (in dollars per unit) \| $ / item									1,288

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Sep. 30, 2024 USD ($)
COMMITMENTS AND CONTINGENCIES.
Contractual commitment	$ 30,000,000

RENTAL INCOME (Details)

RENTAL INCOME (Details)	9 Months Ended
RENTAL INCOME (Details)	Sep. 30, 2024 USD ($)
RENTAL INCOME.
Percentage of rental income related to residential apartments and condominium units with leases of one year or less	94%
Maximum period of non-cancelable operating lease	1 year
Percentage of rental income related to commercial properties	6%
Minimum future rental income
2025	$ 3,324,692
2026	3,043,129
2027	2,646,809
2028	2,332,876
2029	1,852,297
Thereafter	9,073,091
Commercial Property Leases	$ 22,272,894

RENTAL INCOME (Concentration) (

RENTAL INCOME (Concentration) (Details) - USD ($)	9 Months Ended
RENTAL INCOME (Concentration) (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Concentration Risk
Aggregate contingent rentals	$ 580,000	$ 515,000
Commercial rental income \| Major tenant \| Staples and Trader Joes
Concentration Risk
Concentration risk percentage	30%

RENTAL INCOME (Commercial Lease

RENTAL INCOME (Commercial Leases) (Details)	9 Months Ended
RENTAL INCOME (Commercial Leases) (Details)	Sep. 30, 2024 USD ($) ft² item
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 3,561,975
Total square feet for expiring leases \| ft²	129,886
Total number of leases expiring \| item	59
Percentage of annual base rent for expiring leases	100%
2025
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 136,081
Total square feet for expiring leases \| ft²	22,038
Total number of leases expiring \| item	22
Percentage of annual base rent for expiring leases	4%
2026
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 432,277
Total square feet for expiring leases \| ft²	12,275
Total number of leases expiring \| item	10
Percentage of annual base rent for expiring leases	12%
2027
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 423,964
Total square feet for expiring leases \| ft²	15,825
Total number of leases expiring \| item	9
Percentage of annual base rent for expiring leases	12%
2028
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 339,978
Total square feet for expiring leases \| ft²	9,195
Total number of leases expiring \| item	4
Percentage of annual base rent for expiring leases	10%
2029
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 637,570
Total square feet for expiring leases \| ft²	21,410
Total number of leases expiring \| item	8
Percentage of annual base rent for expiring leases	18%
2030
RENTAL INCOME
Percentage of annual base rent for expiring leases	0%
2032
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 110,600
Total square feet for expiring leases \| ft²	1,106
Total number of leases expiring \| item	1
Percentage of annual base rent for expiring leases	3%
2034
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 533,784
Total square feet for expiring leases \| ft²	20,897
Total number of leases expiring \| item	2
Percentage of annual base rent for expiring leases	15%
Thereafter
RENTAL INCOME
Annual base rent for expiring leases \| $	$ 947,721
Total square feet for expiring leases \| ft²	27,140
Total number of leases expiring \| item	3
Percentage of annual base rent for expiring leases	26%

RENTAL INCOME (Rent Receivable)

RENTAL INCOME (Rent Receivable) (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
RENTAL INCOME.
Allowance for doubtful rent receivable	$ 1,093,000	$ 1,195,000
Recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis	$ 561,000

CASH FLOW INFORMATION (Details)

CASH FLOW INFORMATION (Details) - USD ($)	9 Months Ended
CASH FLOW INFORMATION (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
CASH FLOW INFORMATION
Cash paid for interest	$ 11,387,000	$ 11,535,000
Cash paid for state income taxes	100,000	56,000
Capitalized interest	$ 89,000	$ 0

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
FAIR VALUE MEASUREMENTS
Line of credit	$ 0	$ 0
Liabilities
Carrying Amount	406,846,877	408,660,292
Carrying Amount
Assets
Cash equivalents	15,069,693	18,230,463
Treasury bills	86,134,074	84,700,751
Total Assets	101,203,767	102,931,214
Liabilities
Estimated Fair Value	579,166,028	574,629,773
Estimated Fair Value
Assets
Cash equivalents	15,069,693	18,230,463
Treasury bills	86,212,655	84,799,638
Total Assets	101,282,348	103,030,101
Liabilities
Estimated Fair Value	531,112,016	515,373,301
Partnership properties \| Carrying Amount
Liabilities
Carrying Amount	406,846,877	408,660,292
Partnership properties \| Estimated Fair Value
Liabilities
Carrying Amount	365,473,182	359,092,343
Investment properties \| Carrying Amount
Liabilities
Carrying Amount	172,319,151	165,969,481
Investment properties \| Estimated Fair Value
Liabilities
Carrying Amount	$ 165,638,834	$ 156,280,958

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Details)	Sep. 30, 2024 USD ($) item
DERIVATIVE FINANCIAL INSTRUMENTS
Expected decrease to interest expense	$ 62,000
Interest Rate Cap \| Designated as Hedging Instrument \| Cash Flow Hedging
DERIVATIVE FINANCIAL INSTRUMENTS
Number of interest rate derivatives held \| item	1
Notional amount	$ 143,000

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Classification on the consolidated balance sheets (Details) - Interest Rate Swap - Designated as Hedging Instrument - Cash Flow Hedging - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
DERIVATIVE FINANCIAL INSTRUMENTS
Asset Derivatives designated as hedging instruments	$ 142,655	$ 236,377
DerivativeAssetStatementOfFinancialPositionExtensibleEnumeration	Prepaid Expense and Other Assets	Prepaid Expense and Other Assets

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Effect on statements of income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
DERIVATIVE FINANCIAL INSTRUMENTS
Net unrealized (loss) gain on derivative instruments for interest rate swaps	$ (268,280)	$ 263,232	$ (93,722)	$ 265,347
Interest Rate Swap \| Designated as Hedging Instrument \| Cash Flow Hedging
DERIVATIVE FINANCIAL INSTRUMENTS
Net unrealized (loss) gain on derivative instruments for interest rate swaps	$ (268,280)	$ 263,232	$ (93,722)	$ 265,347
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Investment Income, Interest	Investment Income, Interest	Investment Income, Interest	Investment Income, Interest
Total Amount of Interest Expense presented in the consolidated statements of operations	$ (3,831,009)	$ (3,956,181)	$ (11,637,720)	$ (11,781,285)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense, Nonoperating	Interest Expense, Nonoperating	Interest Expense, Nonoperating	Interest Expense, Nonoperating

TAXABLE INCOME AND TAX BASIS (D

TAXABLE INCOME AND TAX BASIS (Details)	12 Months Ended
TAXABLE INCOME AND TAX BASIS (Details)	Dec. 31, 2023 USD ($)
TAXABLE INCOME AND TAX BASIS
Taxable net income	$ 9,989,000
Excess amount of statement income over taxable income	1,535,000
Excess amount of cumulative statement basis over cumulative taxable basis	8,000,000
Excess amount of statement income from joint venture investments over taxable income	$ 6,000,000

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Details) - item	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of limited partnerships and limited liability companies in which the entity has invested	7
NERA 40%
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Ownership interest (as a percent)	40%	40%
NERA 50%
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Ownership interest (as a percent)	50%	50%
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
Minimum \| Brown Family
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Ownership interest (as a percent)	47.60%
Maximum \| Brown Family
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Ownership interest (as a percent)	59%

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Dexter) (Details)			9 Months Ended
	May 31, 2018 USD ($)	Oct. 28, 2009 USD ($) item	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 USD ($)	Mar. 02, 2005 USD ($)
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture			$ 1,421,651		$ 1,441,291	$ 2,352,000
Outstanding amount of mortgage			406,846,877		$ 408,660,292
Distribution to the Partnership			$ 9,844,390	$ 8,545,265
Dexter Park
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of units		409	409	409
Purchase price of real estate properties		$ 129,500,000
Outstanding amount of mortgage	$ 82,000,000		$ 124,763,049	$ 124,698,426
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%
General Partnership
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Distribution to the Partnership			$ 98,444	$ 85,453
General Partnership \| Dexter Park
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Distribution to the Partnership	$ 16,500,000
Carrying value	$ 0
Dexter Park
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture		$ 15,925,000
Ownership interest (as a percent)		40%

INVESTMENT IN UNCONSOLIDATED _5

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton Essex) (Details)				9 Months Ended
	Sep. 12, 2016 USD ($)	Sep. 30, 2015 USD ($)	Mar. 07, 2005 USD ($) item	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 USD ($)	Mar. 02, 2005 USD ($)
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture				$ 1,421,651		$ 1,441,291	$ 2,352,000
Repayment of loan	$ 5,158,000
Distribution to the Partnership				9,844,390	$ 8,545,265
Mortgage Notes Payable				$ 406,846,877		$ 408,660,292
Hamilton Essex 81
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of units			48	49	49
Number of properties in which borrowing amount collateralized \| item			1
Purchase price of real estate properties			$ 14,300,000
Capacity of real estate property (in cars per lot) \| item			50
Basis of interest rate		one month
Distribution to the Partnership		$ 978,193
Mortgage Notes Payable				$ 9,986,211	$ 9,972,422
Hamilton Essex 81 \| Maximum
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Carrying value		$ 0
Hamilton Essex Development
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of units \| property				1	1
Hamilton Essex 81
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture			$ 2,000,000
Ownership interest (as a percent)			50%
Mortgages payable \| Hamilton Essex 81
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Margin over basis of interest rate (as a percent)		2.18%
Mortgage amount		$ 10,000,000
Term of debt		10 years
Investment, Variable Interest Rate, Type [Extensible Enumeration]		LIBOR [Member]
Mortgage Notes Payable				$ 10,000,000
Borrowings			$ 10,750,000
Mortgages payable \| Hamilton Essex Development, LLC and Hamilton Essex 81, LLC
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Repayment of loan		$ 8,040,719

INVESTMENT IN UNCONSOLIDATED _6

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton 1025) (Details)	Jul. 08, 2016 USD ($)	Mar. 02, 2005 USD ($) item	Sep. 30, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Sep. 30, 2023 property
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture		$ 2,352,000	$ 1,421,651	$ 1,441,291
Hamilton 1025
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of units		176	1		1
Number of units sold \| item		127
Number of units retained for long-term investment \| item		49
Capital contributions	$ 2,359,500
Term of debt		10 years
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
Hamilton 1025
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Ownership interest (as a percent)		50%
Purchase price of investments		$ 23,750,000

INVESTMENT IN UNCONSOLIDATED _7

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton Minuteman) (Details)		1 Months Ended	9 Months Ended
	Sep. 12, 2016 USD ($)	Sep. 30, 2004 USD ($) item	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2018 USD ($)	Mar. 02, 2005 USD ($)
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture			$ 1,421,651		$ 1,441,291		$ 2,352,000
Distribution to the Partnership			9,844,390	$ 8,545,265
Amount of mortgage paid off	$ 5,158,000
Refinancing costs			$ 2,494,000
Hamilton Minuteman
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of units \| property			42	42
Purchase price of real estate properties		$ 10,100,000
Distribution to the Partnership	385,000
Mortgage amount	$ 6,000,000		$ 6,000,000
Term of debt	15 years
Refinancing costs	$ 123,000		$ 56,944
Interest rate (as a percent)	3.71%
Hamilton Minuteman
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture		$ 5,075,000
Ownership interest (as a percent)		50%
Number of units \| item		42
Maximum \| Hamilton Minuteman
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Carrying value						$ 0

INVESTMENT IN UNCONSOLIDATED _8

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Hamilton on Main) (Details)

1 Months Ended

9 Months Ended

Mar. 08, 2024 USD ($)

Sep. 12, 2016 USD ($)

Aug. 31, 2024 USD ($)

Aug. 31, 2014 USD ($)

Aug. 31, 2004 USD ($) item

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Apr. 18, 2024

Dec. 31, 2023 USD ($)

Aug. 23, 2023 USD ($)

Dec. 31, 2018 USD ($)

Mar. 02, 2005 USD ($)

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Investments in joint venture

$ 1,421,651

$ 1,441,291

$ 2,352,000

Outstanding amount of mortgage

406,846,877

$ 408,660,292

Repayment of loan

$ 5,158,000

Distribution to the Partnership

9,844,390

$ 8,545,265

Hamilton on Main Apts

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Debt Instrument, Cost of Transfer Of Interests In Borrower

$ 107,000

Debt Instrument, Courtesy Reduction As A Percentage Of Transfer Fee

50%

Hamilton on Main Apartments, LLC

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Investments in joint venture

$ 8,000,000

Ownership interest (as a percent)

50%

Purchase price of real estate properties

$ 56,000,000

Number of units | item

280

Number of units sold | item

137

Mortgage amount

$ 16,900,000

Outstanding amount of mortgage

$ 23,589,000

Distribution to the Partnership

$ 2,000,000

$ 850,000

Hamilton on Main Apartments, LLC | Mortgage, 5.18%, 2005

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Repayment of loan

$ 15,205,000

Hamilton on Main Apartments, LLC | Mortgage, 4.34%, August 2014

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Term of debt

10 years

Mortgage amount

$ 16,900,000

Interest rate (as a percent)

4.34%

Repayment of loan

$ 16,900,000

Closing Costs

$ 161,000

Hamilton on Main Apartments, LLC | Mortgage, 5.425%, August 2024

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Term of debt

10 years

Mortgage amount

$ 23,589,000

Interest rate (as a percent)

5.425%

Closing Costs

$ 243,000

Maximum | Hamilton on Main Apartments, LLC

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES

Carrying value

$ 0

INVESTMENT IN UNCONSOLIDATED _9

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (345 Franklin) (Details)		1 Months Ended	9 Months Ended
	Sep. 12, 2016 USD ($)	Jun. 30, 2013 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 USD ($)	Mar. 02, 2005 USD ($)	Nov. 30, 2001 USD ($) item
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture			$ 1,421,651		$ 1,441,291	$ 2,352,000
Repayment of loan	$ 5,158,000
Distribution to the Partnership			9,844,390	$ 8,545,265
Outstanding amount of mortgage			$ 406,846,877		$ 408,660,292
Maximum \| Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Interest rate (as a percent)			4.95%
345 Franklin
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Investments in joint venture							$ 1,533,000
Ownership interest (as a percent)							50%
Number of units \| item							40
Distribution to the Partnership		$ 1,610,000
345 Franklin \| Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Interest rate (as a percent)		3.87%
Borrowings		$ 10,000,000
345 Franklin \| Maximum
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Carrying value		$ 0
345 Franklin \| Mortgage, 3.87%, June 2013
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Term of debt		15 years
Outstanding amount of mortgage			$ 8,304,000
345 Franklin \| Mortgage, 3.87%, June 2013 \| Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Period for which the entity is required to make interest only payments		3 years
Amortization period of debt		30 years
345 Franklin \| Mortgage, Paid off June 2013 \| Mortgages payable
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Repayment of loan		$ 6,776,000
345 Franklin
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES
Number of units \| property			40	40
Outstanding amount of mortgage			$ 8,278,765	$ 8,509,683

INVESTMENT IN UNCONSOLIDATED_10

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Balance Sheet) (Details)	Sep. 30, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) property	Dec. 31, 2022 USD ($)	May 31, 2018 USD ($)	Oct. 28, 2009 item	Mar. 07, 2005 item	Mar. 02, 2005 item
ASSETS
Rental Properties	$ 272,850,065	$ 269,804,946
Cash & Cash Equivalents	15,069,693	18,230,463
Rent Receivable	954,442	953,761
Real Estate Tax Escrows	2,501,806	2,229,703
Prepaid Expenses & Other Assets	8,424,809	8,369,775
Total Assets	387,356,540	385,730,690
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	406,846,877	408,660,292
Accounts Payable & Accrued Expense	6,397,947	5,720,088
Advance Rental Pmts & Security Deposits	9,820,867	9,996,887
Total Liabilities	452,817,146	451,085,074
Partners' Capital	(65,460,606)	(65,354,384)	$ (64,652,184)	$ (59,869,357)
Total Liabilities and Partners' Capital	387,356,540	385,730,690
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	(29,751,455)	$ (26,707,807)
Investment Properties
ASSETS
Rental Properties	101,018,798		103,534,879
Cash & Cash Equivalents	6,009,039		4,147,272
Rent Receivable	354,741		423,831
Real Estate Tax Escrows	179,598		316,860
Prepaid Expenses & Other Assets	3,495,190		3,263,319
Total Assets	111,057,366		111,686,161
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	172,319,151		166,000,690
Accounts Payable & Accrued Expense	1,492,507		1,376,094
Advance Rental Pmts & Security Deposits	4,499,433		4,283,555
Total Liabilities	178,311,091		171,660,339
Partners' Capital	(67,253,725)		(59,974,178)
Total Liabilities and Partners' Capital	111,057,366		111,686,161
Investment in Unconsolidated Joint Ventures	1,421,651		1,438,255
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	(29,751,455)		(26,377,405)
Total Investment in Unconsolidated Joint Ventures (Net)	$ (28,329,804)		$ (24,939,150)
Total units/ condominiums
Total \| property	690		690
Investment Properties \| Residential buildings
Total units/ condominiums
Total \| property	687		687
Investment Properties \| Commercial
Total units/ condominiums
Total \| property	3		3
Hamilton Essex 81
ASSETS
Rental Properties	$ 5,156,533		$ 5,517,486
Cash & Cash Equivalents	1,325,418		1,044,888
Rent Receivable	189,026		197,549
Real Estate Tax Escrows	78,201		70,897
Prepaid Expenses & Other Assets	335,724		331,025
Total Assets	7,084,902		7,161,845
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	9,986,211		9,972,422
Accounts Payable & Accrued Expense	330,733		162,273
Advance Rental Pmts & Security Deposits	366,000		354,788
Total Liabilities	10,682,944		10,489,483
Partners' Capital	(3,598,042)		(3,327,638)
Total Liabilities and Partners' Capital	$ 7,084,902		$ 7,161,845
Partners' Capital %-NERA	50%		50%
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$ (1,799,020)		$ (1,663,819)
Total units/ condominiums
Total	49		49				48
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 LLC [Member]
ASSETS
Rental Properties	$ 2,581,323		$ 2,583,813
Cash & Cash Equivalents	62,274		73,383
Rent Receivable	74,223		80,264
Prepaid Expenses & Other Assets	38,022		47,178
Total Assets	2,755,842		2,784,638
LIABILITIES AND PARTNERS' CAPITAL
Accounts Payable & Accrued Expense	3,000		2,250
Total Liabilities	3,000		2,250
Partners' Capital	2,752,842		2,782,388
Total Liabilities and Partners' Capital	$ 2,755,842		$ 2,784,638
Partners' Capital %-NERA	50%		50%
Investment in Unconsolidated Joint Ventures	$ 1,376,421		$ 1,391,194
Total units/ condominiums
Total \| property	1		1
Hamilton Essex Development LLC [Member] \| Commercial
Total units/ condominiums
Total \| property	1		1
Franklin 345 LLC [Member]
ASSETS
Rental Properties	$ 4,234,113		$ 4,567,358
Cash & Cash Equivalents	103,930		112,129
Rent Receivable	2,057		3,272
Real Estate Tax Escrows	71,866		66,029
Prepaid Expenses & Other Assets	100,024		94,692
Total Assets	4,511,990		4,843,480
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	8,278,765		8,509,683
Accounts Payable & Accrued Expense	126,680		111,162
Advance Rental Pmts & Security Deposits	262,862		277,672
Total Liabilities	8,668,307		8,898,517
Partners' Capital	(4,156,317)		(4,055,037)
Total Liabilities and Partners' Capital	$ 4,511,990		$ 4,843,480
Partners' Capital %-NERA	50%		50%
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$ (2,078,158)		$ (2,027,519)
Total units/ condominiums
Total \| property	40		40
Franklin 345 LLC [Member] \| Residential buildings
Total units/ condominiums
Total \| property	40		40
Hamilton 1025
ASSETS
Rental Properties	$ 72,579		$ 75,843
Cash & Cash Equivalents	17,234		16,328
Rent Receivable	2,482		4,526
Prepaid Expenses & Other Assets	769		777
Total Assets	93,064		97,474
LIABILITIES AND PARTNERS' CAPITAL
Accounts Payable & Accrued Expense	2,604		2,739
Advance Rental Pmts & Security Deposits			612
Total Liabilities	2,604		3,351
Partners' Capital	90,460		94,123
Total Liabilities and Partners' Capital	$ 93,064		$ 97,474
Partners' Capital %-NERA	50%		50%
Investment in Unconsolidated Joint Ventures	$ 45,230		$ 47,061
Total units/ condominiums
Total	1		1					176
Hamilton 1025 \| Residential buildings
Total units/ condominiums
Total \| property			0
Hamilton 1025 \| Commercial
Total units/ condominiums
Total \| property	1		1
Hamilton Minuteman
ASSETS
Rental Properties	$ 3,977,260		$ 4,261,249
Cash & Cash Equivalents	81,885		404,742
Rent Receivable	7,656		1,890
Real Estate Tax Escrows	29,531		40,477
Prepaid Expenses & Other Assets	67,481		54,728
Total Assets	4,163,813		4,763,086
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	5,943,056		5,934,873
Accounts Payable & Accrued Expense	62,619		103,267
Advance Rental Pmts & Security Deposits	165,213		183,421
Total Liabilities	6,170,888		6,221,561
Partners' Capital	(2,007,075)		(1,458,475)
Total Liabilities and Partners' Capital	$ 4,163,813		$ 4,763,086
Partners' Capital %-NERA	50%		50%
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$ (1,003,538)		$ (729,238)
Total units/ condominiums
Total \| property	42		42
Hamilton Minuteman \| Residential buildings
Total units/ condominiums
Total \| property	42		42
Hamilton on Main Apts
ASSETS
Rental Properties	$ 13,619,389		$ 12,742,373
Cash & Cash Equivalents	2,796,390		902,251
Rent Receivable	36,654		22,244
Real Estate Tax Escrows			139,457
Prepaid Expenses & Other Assets	280,877		233,231
Total Assets	16,733,310		14,039,556
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	23,348,070		16,885,286
Accounts Payable & Accrued Expense	257,732		192,429
Advance Rental Pmts & Security Deposits	492,520		492,006
Total Liabilities	24,098,322		17,569,721
Partners' Capital	(7,365,012)		(3,530,165)
Total Liabilities and Partners' Capital	$ 16,733,310		$ 14,039,556
Partners' Capital %-NERA	50%		50%
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$ (3,682,506)		$ (1,765,082)
Total units/ condominiums
Total \| property	148		148
Hamilton on Main Apts \| Residential buildings
Total units/ condominiums
Total \| property	148		148
Dexter Park
ASSETS
Rental Properties	$ 71,377,601		$ 73,786,757
Cash & Cash Equivalents	1,621,908		1,593,551
Rent Receivable	42,643		114,086
Prepaid Expenses & Other Assets	2,672,293		2,501,688
Total Assets	75,714,445		77,996,082
LIABILITIES AND PARTNERS' CAPITAL
Mortgage Notes Payable	124,763,049		124,698,426		$ 82,000,000
Accounts Payable & Accrued Expense	709,139		801,974
Advance Rental Pmts & Security Deposits	3,212,838		2,975,056
Total Liabilities	128,685,026		128,475,456
Partners' Capital	(52,970,581)		(50,479,374)
Total Liabilities and Partners' Capital	$ 75,714,445		$ 77,996,082
Partners' Capital %-NERA	40%		40%
Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures	$ (21,188,233)		$ (20,191,749)
Total units/ condominiums
Total	409		409			409
Dexter Park \| Residential buildings
Total units/ condominiums
Total \| property	409		409

INVESTMENT IN UNCONSOLIDATED_11

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Income) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Rental Income	$ 20,021,133	$ 18,804,320	$ 59,573,125	$ 54,338,011
Laundry and Sundry Income	187,902	157,322	579,876	416,354
Total Revenues	20,209,035	18,961,642	60,153,001	54,754,365
Expenses
Administrative	679,674	642,907	2,093,671	2,247,729
Depreciation and Amortization	4,224,211	4,426,701	12,729,275	12,234,394
Management Fees	802,908	810,436	2,374,371	2,173,272
Renting	407,911	391,093	946,282	827,112
Repairs and Maintenance	3,618,610	3,611,652	9,967,034	9,853,498
Taxes and Insurance	2,495,136	2,569,250	7,487,535	7,463,651
Total Expenses	13,738,359	14,062,381	41,392,388	40,665,027
Income Before Other Income (Expense)	6,470,676	4,899,261	18,760,613	14,089,338
Other Income (Loss)
Interest income	1,123,084	1,083,423	3,413,620	3,350,423
Total Other Income (Expense)	(2,561,278)	(2,724,035)	(7,314,893)	(7,934,770)
Net Income	3,909,398	2,175,226	11,445,720	6,154,568
Investment Properties
Revenues
Rental Income	6,650,694	6,363,512	19,931,422	18,768,869
Laundry and Sundry Income	51,620	63,217	178,510	104,955
Total Revenues	6,702,314	6,426,729	20,109,932	18,873,824
Expenses
Administrative	102,561	108,968	265,286	297,486
Depreciation and Amortization	1,502,051	1,487,555	4,450,735	4,421,628
Management Fees	194,343	180,030	563,519	513,932
Operating	555,701	532,720	1,833,799	1,686,716
Renting	124,552	90,479	261,268	233,409
Repairs and Maintenance	1,106,348	923,701	2,522,346	2,358,054
Taxes and Insurance	977,416	989,164	2,856,116	2,868,638
Total Expenses	4,562,972	4,312,617	12,753,069	12,379,863
Income Before Other Income (Expense)	2,139,342	2,114,112	7,356,863	6,493,961
Other Income (Loss)
Interest Expense	(1,884,093)	(1,789,373)	(5,517,281)	(5,362,604)
Other Income (Expense)			42,938
Interest income	70,157		171,047
Total Other Income (Expense)	(1,813,936)	(1,789,373)	(5,303,296)	(5,362,604)
Net Income	325,406	324,739	2,053,567	1,131,357
Proportionate share of net income (loss)	146,647	148,723	909,207	496,092
Investment Properties \| NERA 50%
Other Income (Loss)
Proportionate share of net income (loss)	82,420	94,145	438,894	217,739
Investment Properties \| NERA 40%
Other Income (Loss)
Proportionate share of net income (loss)	64,227	54,578	470,313	278,353
Hamilton Essex 81
Revenues
Rental Income	498,469	450,353	1,417,322	1,305,180
Laundry and Sundry Income	3,054	2,418	9,399	807
Total Revenues	501,523	452,771	1,426,721	1,305,987
Expenses
Administrative	5,816	4,426	16,359	14,957
Depreciation and Amortization	118,091	117,886	350,002	352,019
Management Fees	20,302	18,730	57,488	52,475
Operating	142,906	78,368	319,903	228,886
Renting	25,469	24,988	33,103	55,933
Repairs and Maintenance	73,640	44,602	168,259	140,557
Taxes and Insurance	49,619	69,964	213,584	211,209
Total Expenses	435,843	358,964	1,158,698	1,056,036
Income Before Other Income (Expense)	65,680	93,807	268,023	249,951
Other Income (Loss)
Interest Expense	(199,679)	(194,683)	(593,920)	(553,535)
Interest income	11,282		32,532
Total Other Income (Expense)	(188,397)	(194,683)	(561,388)	(553,535)
Net Income	(122,717)	(100,876)	(293,365)	(303,584)
Hamilton Essex 81 \| NERA 50%
Other Income (Loss)
Proportionate share of net income (loss)	(61,359)	(50,439)	(146,682)	(151,792)
Hamilton Essex Development
Revenues
Rental Income	60,471	60,471	181,413	181,413
Total Revenues	60,471	60,471	181,413	181,413
Expenses
Administrative	1,000	778	4,000	2,278
Depreciation and Amortization	2,927	2,927	8,782	8,782
Management Fees	2,479	2,416	6,611	7,183
Taxes and Insurance	16,279	15,438	51,471	46,119
Total Expenses	22,685	21,559	70,864	64,362
Income Before Other Income (Expense)	37,786	38,912	110,549	117,051
Other Income (Loss)
Interest income	290		1,480
Total Other Income (Expense)	290		1,480
Net Income	38,076	38,912	112,029	117,051
Hamilton Essex Development \| NERA 50%
Other Income (Loss)
Proportionate share of net income (loss)	19,038	19,456	56,015	58,527
345 Franklin
Revenues
Rental Income	455,505	431,453	1,346,589	1,265,519
Laundry and Sundry Income		168	(236)	115
Total Revenues	455,505	431,621	1,346,353	1,265,634
Expenses
Administrative	7,568	10,574	22,547	23,617
Depreciation and Amortization	86,596	86,878	259,392	259,744
Management Fees	17,955	16,856	52,909	49,489
Operating	18,280	13,741	59,664	70,775
Renting	12,241	16,641	22,016	34,840
Repairs and Maintenance	54,569	64,889	99,452	127,427
Taxes and Insurance	49,898	48,988	149,378	143,274
Total Expenses	247,107	258,567	665,358	709,166
Income Before Other Income (Expense)	208,398	173,054	680,995	556,468
Other Income (Loss)
Interest Expense	(83,768)	(85,476)	(252,874)	(258,949)
Interest income	2,406		7,035
Total Other Income (Expense)	(81,362)	(85,476)	(245,839)	(258,949)
Net Income	127,036	87,578	435,156	297,519
345 Franklin \| NERA 50%
Other Income (Loss)
Proportionate share of net income (loss)	63,518	43,789	217,578	148,760
Hamilton 1025
Revenues
Rental Income	25,610	24,255	77,243	73,989
Total Revenues	25,610	24,255	77,243	73,989
Expenses
Administrative	700	729	2,101	2,600
Depreciation and Amortization	816	816	2,448	2,448
Management Fees	1,057	1,011	3,126	3,000
Operating	123	75	86	218
Renting	30		93
Repairs and Maintenance			1,650
Taxes and Insurance	4,503	4,333	14,677	13,037
Total Expenses	7,229	6,964	24,181	21,303
Income Before Other Income (Expense)	18,381	17,291	53,062	52,686
Other Income (Loss)
Interest income	211		629
Total Other Income (Expense)	211		629
Net Income	18,592	17,291	53,691	52,686
Hamilton 1025 \| NERA 50%
Other Income (Loss)
Proportionate share of net income (loss)	9,296	8,645	26,846	26,343
Hamilton Minuteman
Revenues
Rental Income	364,435	338,729	1,076,051	977,459
Total Revenues	364,435	338,729	1,076,051	977,459
Expenses
Administrative	4,065	3,140	14,383	12,622
Depreciation and Amortization	84,153	85,184	250,158	253,492
Management Fees	14,520	13,606	42,829	39,269
Operating	19,741	25,399	84,517	93,771
Renting	3,865	4,023	13,556	5,596
Repairs and Maintenance	42,734	32,802	103,900	77,035
Taxes and Insurance	40,197	38,211	118,953	108,611
Total Expenses	209,275	202,365	628,296	590,396
Income Before Other Income (Expense)	155,160	136,364	447,755	387,063
Other Income (Loss)
Interest Expense	(59,749)	(59,586)	(178,044)	(177,694)
Interest income	1,991		7,454
Total Other Income (Expense)	(57,758)	(59,586)	(170,590)	(177,694)
Net Income	97,402	76,778	277,165	209,369
Hamilton Minuteman \| NERA 50%
Other Income (Loss)
Proportionate share of net income (loss)	48,701	38,390	138,583	104,685
Hamilton on Main Apts
Revenues
Rental Income	1,037,278	986,514	3,094,579	2,877,609
Laundry and Sundry Income	11,685	16,329	36,929	11,298
Total Revenues	1,048,963	1,002,843	3,131,508	2,888,907
Expenses
Administrative	35,429	20,469	57,765	59,441
Depreciation and Amortization	273,712	266,962	807,037	796,968
Management Fees	48,469	39,514	130,703	113,643
Operating	102,651	105,437	347,123	329,701
Renting	31,214	14,099	87,951	38,553
Repairs and Maintenance	200,707	163,163	530,985	499,894
Taxes and Insurance	123,938	132,214	330,930	395,153
Total Expenses	816,120	741,858	2,292,494	2,233,353
Income Before Other Income (Expense)	232,843	260,985	839,014	655,554
Other Income (Loss)
Interest Expense	(248,334)	(192,376)	(633,432)	(593,120)
Other Income (Expense)			42,938
Interest income	21,940		44,590
Total Other Income (Expense)	(226,394)	(192,376)	(545,904)	(593,120)
Net Income	6,449	68,609	293,110	62,434
Hamilton on Main Apts \| NERA 50%
Other Income (Loss)
Proportionate share of net income (loss)	3,226	34,305	146,555	31,217
Dexter Park
Revenues
Rental Income	4,208,926	4,071,737	12,738,225	12,087,700
Laundry and Sundry Income	36,881	44,302	132,418	92,735
Total Revenues	4,245,807	4,116,039	12,870,643	12,180,435
Expenses
Administrative	47,983	68,852	148,131	181,971
Depreciation and Amortization	935,756	926,902	2,772,916	2,748,175
Management Fees	89,561	87,897	269,853	248,873
Operating	272,000	309,700	1,022,506	963,365
Renting	51,733	30,728	104,549	98,487
Repairs and Maintenance	734,698	618,245	1,618,100	1,513,141
Taxes and Insurance	692,982	680,016	1,977,123	1,951,235
Total Expenses	2,824,713	2,722,340	7,913,178	7,705,247
Income Before Other Income (Expense)	1,421,094	1,393,699	4,957,465	4,475,188
Other Income (Loss)
Interest Expense	(1,292,563)	(1,257,252)	(3,859,011)	(3,779,306)
Interest income	32,037		77,327
Total Other Income (Expense)	(1,260,526)	(1,257,252)	(3,781,684)	(3,779,306)
Net Income	160,568	136,447	1,175,781	695,882
Dexter Park \| NERA 40%
Other Income (Loss)
Proportionate share of net income (loss)	$ 64,227	$ 54,578	$ 470,313	$ 278,353
NERA 50%
Other Income (Loss)
Ownership interest (as a percent)	50%	50%	50%	50%
NERA 40%
Other Income (Loss)
Ownership interest (as a percent)	40%	40%	40%	40%

INVESTMENT IN UNCONSOLIDATED_12

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (Mortgage Maturities) (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	May 31, 2018	Sep. 12, 2016
Annual maturities of mortgage debt
2025	$ 3,399,000
2026	25,217,000
2027	3,216,000
2028	52,323,000
2029	28,556,000
Thereafter	296,630,000
Total	409,341,000
Less: unamortized deferred financing costs	(2,494,000)
Secured Debt	$ 406,846,877	$ 408,660,292
Weighted average interest rate (as a percent)	4.38%
Effective interest rate (as a percent)	4.44%
Investment Properties
Annual maturities of mortgage debt
2025	$ 10,246,936
2026	256,664
2027	266,775
2028	132,533,359
Thereafter	29,589,000
Total	172,892,734
Less: unamortized deferred financing costs	(573,583)
Secured Debt	172,319,151		$ 166,000,690
Hamilton Essex 81
Annual maturities of mortgage debt
2025	10,000,000
Total	10,000,000
Less: unamortized deferred financing costs	(13,789)
Secured Debt	9,986,211		9,972,422
345 Franklin
Annual maturities of mortgage debt
2025	246,936
2026	256,664
2027	266,775
2028	7,533,359
Total	8,303,734
Less: unamortized deferred financing costs	(24,969)
Secured Debt	8,278,765		8,509,683
Hamilton Minuteman
Annual maturities of mortgage debt
Thereafter	6,000,000
Total	6,000,000
Less: unamortized deferred financing costs	(56,944)				$ (123,000)
Secured Debt	5,943,056		5,934,873
Hamilton on Main Apts
Annual maturities of mortgage debt
Thereafter	23,589,000
Total	23,589,000
Less: unamortized deferred financing costs	(240,930)
Secured Debt	23,348,070		16,885,286
Dexter Park
Annual maturities of mortgage debt
2028	125,000,000
Total	125,000,000
Less: unamortized deferred financing costs	(236,951)
Secured Debt	$ 124,763,049		$ 124,698,426	$ 82,000,000

EMPLOYEE BENEFIT 401(k) PLANS (

EMPLOYEE BENEFIT 401(k) PLANS (Details)	9 Months Ended
EMPLOYEE BENEFIT 401(k) PLANS (Details)	Sep. 30, 2024 USD ($)
EMPLOYEE BENEFIT 401(k) PLANS
Maximum deferral percentage	90%
Matching contribution (as a percent)	50%
Percent of compensation	6%
Employee contribution vesting percentage	100%
Years of service required to vest in employer contributions	2 years
Annual vesting percentage	20%
Years of service required to vest 100% in employer contributions	6 years
Total plan expense	$ 48,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares	Nov. 07, 2024	Aug. 31, 2024	May 31, 2024	Mar. 31, 2024
Subsequent events
Quarterly distributions per depositary receipt (in dollars per receipt)		$ 0.40	$ 0.40	$ 0.40
Subsequent event
Subsequent events
Quarterly distribution (per unit)	$ 12
Quarterly distributions per depositary receipt (in dollars per receipt)	$ 0.40