NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP 10-Q

Item 1. Financial Statements The accompanying unaudited consolidated balance sheets, statements of income, statements of comprehensive income, changes in partners’ capital, and cash flows and related notes thereto, have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. The financial statements reflect all adjustments consisting only of normal, recurring adjustments, which are, in the opinion of management, necessary for a fair presentation for the interim periods. The consolidated balance sheet as of December 31, 2024, has been derived from the audited consolidated balance sheet at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. The aforementioned financial statements should be read in conjunction with the notes to the aforementioned financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and notes thereto included in New England Realty Associates L.P.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The results of operations for the three and six month periods ended June 30, 2025 are not necessarily indicative of the results to be expected for the entire fiscal year or any other period. ​ 3 Table of Contents NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP AND SUBSIDIARIES ​ CONSOLIDATED BALANCE SHEETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ ​ 2025 2024 ASSETS ​ ​ (Unaudited) ​ ​ ​ ​ ​ Rental Properties ​ $ 456,339,814 ​ $ 278,516,649 ​ ​ Real Estate Assets Held for Sale ​ ​ 3,003,310 ​ ​ — ​ ​ Cash and Cash Equivalents ​ 16,677,504 ​ 17,615,940 ​ ​ Rents Receivable ​ 1,295,709 ​ 1,220,761 ​ ​ Real Estate Tax Escrows ​ 2,534,266 ​ 2,598,073 ​ ​ Investment in U.S. Treasury Bills ​ ​ — ​ ​ 83,586,405 ​ ​ Prepaid Expenses and Other Assets ​ 13,516,193 ​ 8,553,360 ​ ​ Investments in Unconsolidated Joint Ventures ​ 1,408,780 ​ 1,417,470 ​ ​ Total Assets ​ $ 494,775,576 ​ $ 393,508,658 ​ ​ LIABILITIES AND PARTNERS’ CAPITAL ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Notes Payable ​ ​ 511,175,005 ​ ​ 406,205,910 ​ ​ Distribution and Loss in Excess of Investment in Unconsolidated Joint Venture ​ 30,513,007 ​ 30,531,881 ​ ​ Accounts Payable and Accrued Expenses ​ 9,640,987 ​ 9,004,962 ​ ​ Advance Rental Payments and Security Deposits ​ 12,419,915 ​ 10,199,807 ​ ​ Total Liabilities ​ 563,748,914 ​ 455,942,560 ​ ​ Commitments and Contingent Liabilities (Notes 3 and 9) ​ — ​ — ​ ​ Partners’ Capital 116,551 and 116,676 units outstanding in 2025 and 2024 respectively ​ ( 68,973,338 ) ​ ( 62,433,902 ) ​ ​ Total Liabilities and Partners’ Capital ​ $ 494,775,576 ​ $ 393,508,658 ​ ​ ​ See notes to consolidated financial statements. ​ 4 Table of Contents NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP AND SUBSIDIARIES ​ CONSOLIDATED STATEMENTS OF INCOME ​ (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2025 2024 2025 2024 Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental income ​ $ 21,037,991 ​ $ 19,841,559 $ 41,534,111 $ 39,551,991 ​ Laundry and sundry income ​ 202,117 ​ 209,007 ​ 394,891 ​ 391,974 ​ ​ ​ ​ 21,240,108 ​ 20,050,566 ​ 41,929,002 ​ 39,943,965 ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative ​ 667,913 ​ 651,978 ​ 1,289,179 ​ 1,413,997 ​ ​ Depreciation and amortization ​ 4,474,748 ​ 4,277,482 ​ 8,379,730 ​ 8,505,064 ​ ​ Management fee ​ 834,431 ​ 782,856 ​ 1,652,840 ​ 1,571,463 ​ ​ Operating ​ 1,704,150 ​ 1,638,816 ​ 4,982,524 ​ 4,284,310 ​ ​ Renting ​ 256,198 ​ 150,772 ​ 534,527 ​ 538,371 ​ ​ Repairs and maintenance ​ 3,481,815 ​ 3,500,467 ​ 6,340,084 ​ 6,348,424 ​ ​ Taxes and insurance ​ 2,757,280 ​ 2,510,031 ​ 5,453,097 ​ 4,992,399 ​ ​ ​ ​ 14,176,535 ​ 13,512,402 ​ 28,631,981 ​ 27,654,028 ​ ​ Income Before Other Income (Expense) ​ 7,063,573 ​ 6,538,164 ​ 13,297,021 ​ 12,289,937 ​ ​ Other Income (Expense) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ 737,413 ​ ​ 1,112,988 ​ 1,728,487 ​ 2,290,536 ​ ​ Interest expense ​ ​ ( 4,136,156 ) ​ ​ ( 3,899,695 ) ​ ( 7,927,588 ) ​ ( 7,806,711 ) ​ ​ Income from investments in unconsolidated joint ventures ​ ​ 485,051 ​ ​ 321,269 ​ 847,679 ​ 762,560 ​ ​ ​ ​ ( 2,913,692 ) ​ ( 2,465,438 ) ​ ( 5,351,422 ) ​ ( 4,753,615 ) ​ ​ Net Income ​ $ 4,149,881 ​ $ 4,072,726 ​ $ 7,945,599 ​ $ 7,536,322 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income per Unit ​ $ 35.59 ​ $ 34.77 ​ $ 68.12 ​ $ 64.28 ​ ​ Weighted Average Number of Units Outstanding ​ 116,608 ​ 117,139 ​ 116,641 ​ 117,247 ​ ​ ​ See notes to consolidated financial statements. ​ ​ 5 Table of Contents NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ ​ June 30, ​ June 30, ​ 2025 2024 2025 2024 Net income ​ $ 4,149,881 ​ $ 4,072,726 ​ $ 7,945,599 ​ $ 7,536,322 Net unrealized (loss) gain on derivative instruments for interest rate swaps ​ ( 64,024 ) ​ 32,524 ​ ( 193,914 ) ​ 174,558 Comprehensive income ​ $ 4,085,857 ​ $ 4,105,250 ​ $ 7,751,685 ​ $ 7,710,880 ​ ​ ​ See notes to consolidated financial statements. 6 Table of Contents NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP AND SUBSIDIARIES ​ CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL ​ (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Units ​ Partner’s Capital ​ ​ Limited ​ General ​ ​ ​ Treasury ​ ​ ​ Limited ​ General Accumulated ​ ​ ​ ​ Class A Class B Partnership Subtotal Units Total Class A Class B Partnership Comprehensive Income Total Balance January 1, 2024 144,180 34,243 1,802 180,225 62,794 117,431 ​ $ ( 52,503,128 ) ​ ​ ( 12,433,251 ) ​ ​ ( 654,383 ) 236,377 ​ $ ( 65,354,385 ) ​ Distribution to Partners — — — — — — ​ ( 6,754,507 ) ​ ​ ( 1,604,196 ) ​ ​ ( 84,431 ) — ​ ( 8,443,134 ) ​ Stock Buyback ​ — — — ​ — 421 ( 421 ) ​ ( 721,259 ) ​ ​ ( 170,872 ) ​ ​ ( 8,993 ) — ​ ( 901,124 ) ​ Net Income — — — — — — ​ 6,029,058 ​ ​ 1,431,901 ​ ​ 75,363 — ​ 7,536,322 ​ Net unrealized gain on derivative instruments for interest rate swaps ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ — ​ ​ — ​ ​ — 174,558 ​ ​ 174,558 ​ Balance June 30 , 2024 144,180 34,243 1,802 180,225 63,215 117,010 ​ $ ( 53,949,836 ) ​ $ ( 12,776,418 ) ​ $ ( 672,444 ) 410,935 ​ $ ( 66,987,763 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ Balance January 1, 2025 144,180 34,243 1,802 180,225 63,549 ​ 116,676 ​ $ ( 50,305,360 ) ​ ​ ( 11,910,628 ) ​ ​ ( 626,877 ) 408,962 ​ ​ ( 62,433,902 ) ​ Distribution to Partners — — — — — — ​ ​ ( 11,199,922 ) ​ ​ ( 2,659,981 ) ​ ​ ( 139,999 ) — ​ ( 13,999,902 ) ​ Stock Buyback — — — — 125 ( 125 ) ​ ​ ( 233,167 ) ​ ​ ( 55,080 ) ​ ​ ( 2,971 ) — ​ ( 291,218 ) ​ Net Income — — — — — — ​ ​ 6,356,479 ​ ​ 1,509,664 ​ ​ 79,456 — ​ 7,945,599 ​ Net unrealized (loss) on derivative instruments for interest rate swaps ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ( 193,914 ) ​ ​ ( 193,914 ) ​ Balance June 30, 2025 144,180 34,243 1,802 180,225 63,674 116,551 ​ $ ( 55,381,970 ) ​ ​ ( 13,116,025 ) ​ ​ ( 690,391 ) 215,048 ​ ​ ( 68,973,338 ) ​ ​ See notes to consolidated financial statements. ​ ​ 7 Table of Contents NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP AND SUBSIDIARIES ​ CONSOLIDATED STATEMENTS OF CASH FLOWS ​ (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2025 2024 Cash Flows from Operating Activities ​ ​ ​ ​ ​ ​ ​ ​ Net Income $ 7,945,599 $ 7,536,322 ​ Adjustments to reconcile net income to net cash provided by operating activities ​ ​ ​ ​ ​ ​ ​ ​ Interest accrued on U.S. Treasury bills ​ ​ — ​ ​ ( 2,259,599 ) ​ ​ Depreciation and amortization ​ 8,379,730 ​ 8,505,064 ​ ​ Amortization of deferred finance costs ​ ​ 211,434 ​ ​ 189,892 ​ ​ (Income) from investments in joint ventures ​ ( 847,679 ) ​ ( 762,560 ) ​ ​ Change in operating assets and liabilities ​ ​ ​ ​ ​ ​ ​ ​ Proceeds from unconsolidated joint ventures ​ 62,500 ​ 82,500 ​ ​ (Increase) in rents receivable ​ ( 74,947 ) ​ ( 74,677 ) ​ ​ (Decrease) in accounts payable and accrued expense ​ ( 1,462,963 ) ​ ( 624,234 ) ​ ​ Decrease (Increase) in real estate tax escrow ​ 63,807 ​ ( 155,753 ) ​ ​ Decrease (Increase) in prepaid expenses and other assets ​ 1,510,783 ​ ( 1,349,617 ) ​ ​ Increase in advance rental payments and security deposits ​ 2,220,108 ​ 399,764 ​ ​ Total Adjustments ​ 10,062,773 ​ 3,950,780 ​ ​ Net cash provided by operating activities ​ 18,008,372 ​ 11,487,102 ​ ​ Cash Flows From Investing Activities ​ ​ ​ ​ ​ ​ ​ ​ Distribution in excess of investment in unconsolidated joint ventures ​ 775,000 ​ 1,440,000 ​ ​ Investment in U.S. Treasury bills ​ ​ ( 31,060,131 ) ​ ​ ( 83,635,733 ) ​ ​ Proceeds from U.S. Treasury bills ​ ​ 113,708,456 ​ ​ 85,807,000 ​ ​ Developing of rental property and other related costs ​ ​ ( 10,247,195 ) ​ ​ ( 4,185,791 ) ​ ​ Purchase of rental property ​ ​ ( 108,885,341 ) ​ ​ — ​ ​ Improvement of rental properties ​ ( 5,210,753 ) ​ ( 4,942,577 ) ​ ​ Net cash (used in) provided by investing activities ​ ( 40,919,964 ) ​ ( 5,517,101 ) ​ ​ Cash Flows from Financing Activities ​ ​ ​ ​ ​ ​ ​ ​ Principal payments of mortgage notes payable ​ ( 20,482,614 ) ​ ( 1,392,912 ) ​ ​ Proceeds from Mortgage Notes Payable ​ ​ 56,746,890 ​ ​ — ​ ​ Stock buyback ​ ( 291,218 ) ​ ( 901,124 ) ​ ​ Distributions to partners ​ ( 13,999,902 ) ​ ( 8,443,134 ) ​ ​ Net cash provided by (used in) financing activities ​ 21,973,156 ​ ( 10,737,170 ) ​ ​ Net (Decrease) Increase in Cash and Cash Equivalents ​ ( 938,436 ) ​ ( 4,767,169 ) ​ ​ Cash and Cash Equivalents, at beginning of period ​ 17,615,940 ​ 18,230,463 ​ ​ Cash and Cash Equivalents, at end of period ​ $ 16,677,504 ​ $ 13,463,294 ​ ​ ​ See notes to consolidated financial statements. ​ 8 Table of Contents NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP AND SUBSIDIARIES ​ NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ​ June 30, 2025 ​ (Unaudited) ​ NOTE 1. SIGNIFICANT ACCOUNTING POLICIES Line of Business : New England Realty Associates Limited Partnership (“NERA”, the “Company” or the “Partnership”) was organized in Massachusetts in 1977. NERA and its subsidiaries own 34 properties which include 22 residential buildings; 6 mixed use residential, retail and office buildings; 6 commercial buildings and individual units at one condominium complex. These properties total 3,339 apartment units, 19 condominium units and approximately 159,000 square feet of commercial space. Additionally, the Partnership also owns a 40 - 50 % interest in 7 residential and mixed use properties consisting of 688 apartment units, 12,500 square feet of commercial space and a 50 car parking lot. The properties are located in Eastern Massachusetts and Southern New Hampshire. Basis of Presentation: The financial statements have been prepared in conformity with GAAP. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. These estimates and assumptions are based on management’s historical experience that are believed to be reasonable at the time. However, because future events and their effects cannot be determined with certainty, the determination of estimates requires the exercise of judgement. The Partnership’s critical accounting policies are those which require assumptions to be made about matters that are highly uncertain. Different estimates could have a material effect on the Partnership’s financial results. Judgments and uncertainties affecting the application of these policies and estimates may result in materially different amounts being reported under different conditions and circumstances. Principles of Consolidation : The consolidated financial statements include the accounts of NERA and its subsidiaries. NERA has a 99.67 % to 100 % ownership interest in each subsidiary except for the seven limited liability companies (the “Investment Properties” or “Joint Ventures”) in which the Partnership has a 40 - 50 % ownership interest. The consolidated group is referred to as the “Partnership”. Minority interests are not recorded, since they are insignificant. All significant intercompany accounts and transactions are eliminated in consolidation. The Partnership accounts for its investment in the above-mentioned Investment Properties using the equity method of consolidation. (See Note 15: Investment in Unconsolidated Joint Ventures.) The Partnership accounts for its investments in joint ventures using the equity method of accounting. These investments are recorded initially at cost, as Investments in Unconsolidated Joint Ventures, and subsequently adjusted for equity in earnings and cash contributions and distributions. Generally, the Partnership would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Partnership has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Partnership only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. In 2013 and beyond, the carrying values of some investments fell below zero. We intend to fund our share of the investments’ future operating deficits should the need arise. However, we have no legal obligation to pay for any of the liabilities of such investments, nor do we have any legal obligation to fund operating deficits. (See Note 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 9 Table of Contents variable interest entity’s performance; and (2) the obligation to absorb losses and rights to receive the returns from VIE that would be significant to the VIE. Impairment: On an annual basis management assesses whether there are any indicators that the value of the Partnership’s rental properties or investments in unconsolidated subsidiaries may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near term lease expirations, recently acquired properties, current and historical operating and/or cash flow losses, near term mortgage debt maturities or other factors that might impact the Partnership’s intent and ability to hold property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Partnership’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved. Revenue Recognition: Rental income from residential and commercial properties is recognized over the term of the related lease. For residential tenants, amounts 60 days in arrears are charged against income. The commercial tenants are evaluated on a case by case basis. Certain leases of the commercial properties provide for increasing stepped minimum rents, which are accounted for on a straight-line basis over the term of the lease. Revenue from commercial leases also include reimbursements and recoveries received from tenants for certain costs as provided in the lease agreement. The costs generally include real estate taxes, utilities, insurance, common area maintenance and recoverable costs. Rental concessions are also accounted for on the straight-line basis. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the differences between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed-rate renewal options for below-market leases . The capitalized above-market lease amounts are accounted for as a reduction of base rental revenue over the remaining term of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed-rate renewal options of the respective leases. Under this standard, 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 are stated at cost less accumulated depreciation. Maintenance and repairs are charged to expense as incurred; improvements and additions which improve or extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost of the asset and related accumulated depreciation is eliminated from the accounts, and any gain or loss on such disposition is included in income. Fully depreciated assets are removed from the accounts. Rental properties are depreciated by both straight-line and accelerated methods over their estimated useful lives. Upon acquisition of rental property, the Partnership estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases, (ii) in-place leases and (iii) tenant relationships. The Partnership allocated the purchase price to the assets acquired and liabilities assumed based on their fair values. The Partnership records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed exceed the purchase consideration of a transaction. In estimating the fair value of the tangible and intangible assets acquired, the Partnership considers information obtained about each property as a result of its due diligence and marketing and leasing 10 Table of Contents 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: Leasing fees are capitalized and amortized on a straight-line basis over the life of the related lease. Unamortized balances are expensed when the corresponding fee is no longer applicable. Deferred Financing Costs : Costs incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Deferred financing costs are presented in the balance sheet as a direct deduction from the carrying value of the debt liability to which they relate, except deferred financing costs related to the revolving credit facility, which are presented in prepaid expenses and other assets. In all cases, amortization of such costs is included in interest expense and was approximately $ 211,000 and $ 190,000 for the six months ended June 30, 2025 and 2024, respectively. 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: The financial statements have been prepared on the basis that NERA and its subsidiaries are entitled to tax treatment as partnerships. Accordingly, no provision for income taxes has been recorded (See Note 14). Cash Equivalents: The Partnership considers cash equivalents to be all highly liquid instruments purchased with a maturity of three months or less. Investments in Treasury Bills: Investments in U.S. Treasury bills had been recorded at amortized cost and classified as held to maturity as the Partnership had the intent and the ability to hold them until they mature. The carrying value of the Treasury bills were adjusted for accretion of discounts over the remaining life of the investment. Income related to the Treasury bills is recognized in interest income in the Partnership’s consolidated statement of income. 11 Table of Contents Segment Reporting: Operating segments are revenue producing components of the Partnership for which separate financial information is produced internally for management. Under the definition, NERA operated, for all periods presented, as one segment. Other Comprehensive Income (Loss): Other comprehensive income (loss) includes items that are recorded in equity, such as effective portions of derivatives designated as cash flow hedges or unrealized holding gains or losses on marketable securities available for sale. NERA had a comprehensive loss of approximately $194,000 and comprehensive income of approximately $175,000 for the six months ended June 30, 2025 and 2024, respectively. Income (Loss) Per Depositary Receipt: Effective January 3, 2012, the Partnership authorized a 3 -for-1 forward split of its Depositary Receipts listed on the NYSE Amex and a concurrent adjustment of the exchange ratio of Depositary Receipts for Class A Units of the Partnership from 10 -to-1 to 30 -to-1, such that each Depositary Receipt represents one-thirtieth ( 1 / 30 ) of a Class A Unit of the Partnership. All references to Depositary Receipts in the report are reflective of the 3 -for-1 forward split. Income Per Unit: Net income per unit has been calculated based upon the weighted average number of units outstanding during each period presented. The Partnership has no dilutive units and, therefore, basic net income is the same as diluted net income per unit (see Note 7: Partners’ Capital). Concentration of Credit Risks and Financial Instruments: The Partnership’s properties are located in New England, and the Partnership is subject to the general economic risks related thereto. No single tenant accounted for more than 5% of the Partnership’s revenues in 2025 or 2024. The Partnership makes its temporary cash investments with high-credit quality financial institutions. At June 30, 2025, substantially all of the Partnership’s cash and cash equivalents were held in interest-bearing accounts at financial institutions, earning interest at rates from 0.01 % to 3.55 %. At June 30, 2025 and December 31, 2024, respectively, approximately $ 18,542,000 , and $ 16,551,000 of cash and cash equivalents, and security deposits included in prepaid expenses and other assets exceeded federally insured amounts. Advertising Expense: Advertising is expensed as incurred. Advertising expense was approximately $ 160,000 and $ 177,000 for the six months ended June 30, 2025, and 2024, respectively . Rental Property Held f or Sale: When assets are identified by management as held for sale, the Partnership discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. The Partnership generally considers assets to be held for sale when the transaction has received appropriate corporate authority, and there are no significant contingencies relating to the sale. If, in management’s opinion, the estimated net sales price, net of selling costs, of the assets which have been identified as held for sale is less than the carrying value of the assets, a valuation allowance is established. As of June 30,2025,the Partnership has designated two properties, located at 26 Brighton Avenue, and 90 Concord Avenue, in Belmont, Massachusetts with a value of approximately $3,000,000 as properties held for sale. Interest Capitalized: The Partnership follows the policy of capitalizing interest as a component of the cost of rental property when the time of construction exceeds one year . During the six months ended June 30, 2025 there was capitalized interest of approximately $ 360,000 . Extinguishment of Debt: When existing mortgages are refinanced with the same lender and it is determined that the refinancing is substantially different, then they are recorded as an extinguishment of debt. However, if it is determined that the refinancing is substantially the same, then they are recorded as an exchange of debt. All refinancings qualify as extinguishment of debt. Reclassification: Certain reclassifications have been made to prior period amounts in order to conform to current period presentation. ​ 12 Table of Contents NOTE 2. RENTAL PROPERTIES As of June 30, 2025, the Partnership and its Subsidiary Partnerships owned 3,339 residential apartment units in 28 residential and mixed-use complexes (collectively, the “Apartment Complexes”). The Partnership also owns 19 condominium units in a residential condominium complex, all of which are leased to residential tenants (collectively referred to as the “Condominium Units”). The Apartment Complexes and Condominium Units are located primarily in the metropolitan Boston area of Massachusetts. Additionally, as of June 30, 2025, the Partnership and Subsidiary Partnerships owned two commercial shopping centers in Framingham, commercial buildings in Newton and Brookline, commercial space in mixed-use properties in Boston, Brockton, Belmont and Newton, and two commercial office buildings in Belmont, 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 June 30, 2025 with a total of 688 apartment units, accounted for using the equity method of consolidation. See Note 15 for summary information on these investments. On June 18, 2025, the Partnership, through its subsidiaries, purchased a mixed-use property comprising 396 residential units and 3 commercial units in Belmont, Massachusetts for $ 172,000,000 . Closing costs were approximately $ 218,000 . Additionally, the Partnership, through its subsidiaries, purchased two commercial properties for $ 3,000,000 in Belmont, Massachusetts. The property acquisitions were financed through proceeds from the sale of U.S. Treasury bills, additional borrowings on the Master Credit Facility of $ 40,000,000 , and proceeds of an interim mortgage loan of $ 67,500,000 . From the purchase price, the Partnership allocated approximately $ 4,714,000 for in-place leases, approximately $ 305,000 to the value of tenant relationships and $ 1,165,000 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 . On December 29, 2023, the Partnership signed a contract with a general contractor, NEI General Contracting, Inc., for the construction of the Mill Street Development project for approximately $ 29,700,000 . The current contract value including change orders is approximately $ 30.7 million. As of June 30, 2025, the property, located at 57 Mill Street in Woburn, MA, and which will include 72 residential units comprising approximately 93,000 square feet, is estimated to be completed during the fourth quarter of 2025. Total investment to date is approximately $ 28,101,000 , and the total investment upon completion is anticipated to be approximately $ 33 million, including soft costs, imputed interest, and taxes. Project costs will initially be funded from Partnership reserves, but upon completion, the Partnership anticipates closing on a permanent loan, as required by MassHousing under the Chapter 40B program. In connection with these requirements, the Partnership received a term sheet from Brookline Bank for a $ 15,000,000 loan to be funded upon completion of the project. ​ 13 Table of Contents Rental properties consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2025 December 31, 2024 Useful Life Land, improvements and parking lots ​ $ 143,699,001 ​ $ 101,397,349 ​ 15 - 40 years ​ Buildings and improvements ​ 384,616,677 ​ 279,272,215 ​ 15 - 40 years ​ Construction in Progress ​ ​ 30,812,730 ​ ​ 16,758,245 ​ ​ N/A ​ ​ ​ Kitchen cabinets ​ 24,437,570 ​ 14,187,702 ​ 5 - 10 years ​ Carpets ​ 21,307,633 ​ 14,545,300 ​ 5 - 10 years ​ Air conditioning ​ 500,000 ​ 500,000 ​ 5 - 10 years ​ Laundry equipment ​ 497,107 ​ 475,931 ​ 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 ​ 23,387,908 ​ 21,911,223 ​ 5 - 30 years ​ Motor vehicles ​ 236,697 ​ 236,697 ​ ​ ​ 5 years ​ Fences ​ 130,005 ​ 101,506 ​ 5 - 15 years ​ Furniture and fixtures ​ 17,731,603 ​ 9,047,454 ​ 5 - 7 years ​ Total fixed assets ​ 650,332,800 ​ 461,409,491 ​ ​ ​ ​ ​ ​ Less: Accumulated depreciation ​ ( 190,989,676 ) ​ ( 182,892,842 ) ​ ​ ​ ​ ​ ​ ​ ​ $ 459,343,124 ​ $ 278,516,649 ​ ​ ​ ​ ​ ​ ​ ​ NOTE 3. RELATED PARTY TRANSACTIONS The Partnership’s properties are managed by The Hamilton Company, Inc. (the “Management Company”), an entity that is owned by the majority shareholders of NewReal, Inc., the general partner of the Partnership (the “General Partner”). The management fee is equal to 4 % of gross receipts of rental revenue and laundry income on the majority of the Partnership’s properties and 3 % on Linewt and Hill Estates. Total fees paid were approximately $ 1,653,000 and $ 1,571,000 for the six months ended June 30, 2025 and 2024, respectively. The Partnership Agreement permits the General Partner or the Management Company to charge the costs of professional services (such as counsel, accountants and contractors) to NERA. During the six months ended June 30, 2025 and 2024, approximately $ 417,000 and $ 568,000 respectively, was charged to NERA for legal, accounting, construction, maintenance, brokerage fees, rental and architectural services and supervision of capital improvements. Of the 2025 expenses referred to above, approximately $ 78,000 consisted of repairs and maintenance, and $ 110,000 for administrative expense. Approximately $ 225,000 of expenses for construction, architectural services and supervision of capital projects were capitalized in rental properties, and approximately $ 4,000 for brokerage fees. Additionally in 2025, the Hamilton Company received approximately $ 444,000 from the Investment Properties of which approximately $ 385,000 was the management fee, approximately $ 35,000 for construction, architectural services, and supervision of capital projects, approximately $ 21,000 for repairs and maintenance, and approximately $ 3,000 for legal expense. The management fee is equal to 4 % of gross receipts of rental income on the majority of the investment properties, 3 % on Hill Estates, and 2 % on Dexter Park. The Partnership reimburses the Management Company for the payroll and related expenses of the employees who work at the properties. Total reimbursement was approximately $ 2,255,000 and $ 2,086,000 for the six months ended June 30, 2025 and 2024, respectively. The Management Company maintains a 401K plan for all eligible employees whereby the employees may contribute the maximum allowed by law. The plan also provides for discretionary contributions by the employer. For the six months ended June 30, 2025, the Partnership incurred $ 32,000 for the employer’s match portion to the plan. For the six months ended June 30, 2024, the Partnership incurred $ 32,000 for the employer’s match portion to the plan . Bookkeeping and accounting functions are provided by the Management Company’s accounting staff, which consists of approximately 14 people. During the three months ended June 30, 2025 and 2024 the Management Company charged the Partnership $ 62,500 ($ 125,000 per year) for bookkeeping and accounting services included in administrative expenses above. Sally Michael is a Director of New Real, Inc., and she is a Partner at Saul Ewing Arnstein & Lear LLP. Saul Ewing billed the Partnership for legal fees totaling approximately $ 275,000 and $ 70,000 for the six months ended June 14 Table of Contents 30, 2025 and 2024, respectively. David Reier is a Director of New Real, Inc., who billed the Partnership approximately $ 6,000 for legal fees for the period ending June 30, 2025. The Partnership has invested in seven limited partnerships, which have invested in mixed use residential apartment complexes. The Partnership has a 40 % to 50 % ownership interest in each investment property. The other investors are the Brown family related entities, and five current and previous employees of the Management Company. The Brown Family related entities’ ownership interest was between 47.6 % and 59 %. See Note 15 for a description of the properties and their operations . ​ NOTE 4. PREPAID EXPENSES and OTHER ASSETS Approximately $ 3,658,000 , and $ 3,463,000 of security deposits are included in prepaid expenses and other assets at June 30, 2025 and December 31, 2024, respectively. Also, included in prepaid expenses and other assets at June 30, 2025 and December 31, 2024 is approximately $ 1,784,000 and $ 2,260,000 , respectively, held in escrow to fund future capital improvements. In addition, included in prepaid expenses and other assets at June 30, 2025 is approximately $ 895,000 of mortgage insurance escrows. Intangible assets on the acquisition of rental properties are included in prepaid expenses and other assets. Intangible assets are approximately $ 5,128,000 and $ 334,000 net of accumulated amortization of approximately $ 1,441,000 and $ 1,215,000 at June 30, 2025, and at December 31, 2024, respectively. Financing fees in association with the line of credit of approximately $ 180,000 and $ 217,000 are net of accumulated amortization of approximately $ 46,000 and $ 8,000 at June 30, 2025 and December 31, 2024 respectively. ​ NOTE 5. MORTGAGE NOTES PAYABLE At June 30, 2025 and December 31, 2024, the mortgages payable consisted of various loans, all of which were secured by first mortgages on properties referred to in Note 2. At June 30, 2025, the interest rates on these loans ranged from 2.97 % to 5.99 %, payable in monthly installments aggregating approximately $ 2,101,000 including principal, to various dates through 2035. The majority of the mortgages are subject to prepayment penalties. At June 30, 2025, the weighted average interest rate on the above mortgages was 4.21 %. The effective rate of 4.29 % 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 $ 3,112,000 and $ 2,399,000 are net of accumulated amortization of approximately $ 1,869,000 and $ 1,733,000 at June 30, 2025 and December 31, 2024, respectively, which offset the total mortgage notes payable. The Partnership has pledged tenant leases as additional collateral for certain of these loans. On May 30, 2025, the Partnership borrowed $ 18,664,000 at a fixed interest rate of 5.84 %. Proceeds were used to refinance the existing mortgage on Hamilton Highlands. Also on May 30, 2025, the Partnership borrowed an additional $ 40,000,000 at a fixed rate of 5.99 %. Proceeds were subsequently used for the purchase of Hill Estates. Both advances were made from the existing Master Credit Facility as amended with KeyBank. On June 18, 2025, the Partnership entered into an interim loan agreement with KeyBank for $ 67,500,000 at a floating interest rate of the SOFR rate plus 150 basis points. The note is due on December 17, 2025. Proceeds of the loan were used for the purchase of Hill Estates. The loan is secured by a mortgage on the property and is limited guaranteed by the Partnership. The Loan is prepayable, without prepayment penalty, upon not less than seven ( 7 ) days prior written notice to KeyBank as the Lender. 15 Table of Contents Approximate annual maturities at June 30, 2025 are as follows: ​ ​ ​ ​ ​ ​ 2026—current maturities $ 70,705,000 2027 ​ 6,595,000 ​ 2028 ​ 23,155,000 ​ 2029 ​ 58,327,000 ​ 2030 ​ 21,571,000 ​ Thereafter ​ 333,934,000 ​ ​ ​ ​ 514,287,000 ​ Less: unamortized deferred financing costs ​ ​ 3,112,000 ​ ​ ​ $ 511,175,000 ​ ​ Line of Credit On November 21, 2024, the Partnership entered into an agreement with Brookline Bank for a new $ 25,000,000 revolving line of credit. The term of the line is three years with a floating interest rate equal to a base rate of the SOFR Rate for a period of one month plus the applicable margin of 2.5 %. The loan covenants include a leverage ratio not to exceed 65 %, a debt service coverage ratio of not less than 1.5 to 1.0 , maximum usage of 1.5 times trailing 12 months EBITDA, minimum liquidity of $ 15 million, and a minimum debt yield of 8.5 %. The Partnership incurred a commitment fee of $ 125,000 . The Partnership will be charged annually an unused line fee, equal to seventy-five basis points ( 0.75 %) between the difference of the maximum availability and the outstanding principal of the line of credit. This fee is waived for any period in which the Partnership maintains aggregate deposits of twenty million dollars with the Lender. As of June 30, 2025, the Partnership was in compliance with the financial covenants and did not incur an unused line fee. 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 29 of its Subsidiary Partnerships and Joint Ventures. Pledged interests are 49 % of the Partnership’s ownership interest in the respective entities. ​ ​ 16 Table of Contents NOTE 6. ADVANCE RENTAL PAYMENTS AND SECURITY DEPOSITS The Partnership’s residential lease agreements may require tenants to maintain a one-month advance rental payment and/or a security deposit. At June 30, 2025, amounts received for prepaid rents of approximately $ 4,363,000 are included in cash and cash equivalents, and security deposits of approximately $ 3,658,000 are included in prepaid expenses and other assets and are restricted cash. ​ 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 2025, the Partnership approved a quarterly distribution of $ 12.00 per Unit ($ 0.40 per Receipt), payable on March 31, 2025. In addition to the quarterly distribution, there was a special distribution of $ 96.00 per Class A unit ($ 3.20 per Receipt) payable on March 31, 2025 . In May 2025, the Partnership approved a quarterly distribution of $ 12.00 per Unit ($ 0.40 per Receipt), payable on May 30, 2025. In 2024, the Partnership paid a total distribution of an aggregate $ 96.00 per Unit ($ 3.20 per Receipt) for a total payment of $ 11,244,559 . The Partnership has entered into a deposit agreement with an agent to facilitate public trading of limited partners’ interests in Class A Units. Under the terms of this agreement, the holders of Class A Units have the right to exchange each Class A Unit for 30 Depositary Receipts. The following is information per Depositary Receipt: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, ​ 2025 2024 Net Income per Depositary Receipt $ 2.27 $ 2.14 ​ Distributions per Depositary Receipt ​ $ 4.00 ​ $ 2.40 ​ ​ ​ NOTE 8. TREASURY UNITS Treasury Units at June 30, 2025 are as follows: ​ ​ ​ ​ ​ Class A 50,940 Class B 12,098 ​ General Partnership 636 ​ ​ 63,674 ​ ​ On August 20, 2007, NewReal, Inc., the General Partner authorized an equity repurchase program (“Repurchase Program”) under which the Partnership was permitted to purchase, over a period of twelve months , up to 300,000 Depositary Receipts (each of which is one-tenth of a Class A Unit). Over time, the General Partner has authorized increases in the equity repurchase program. On March 10, 2015, the General Partner authorized an increase in the Repurchase Program from 1,500,000 to 2,000,000 Depository Receipts and extended the Program for an additional five years from March 31, 2015 until March 31, 2020. On March 9, 2020, the General Partner extended the program for an additional five years from March 31, 2020 to March 31, 2025. The Repurchase Program required the Partnership to repurchase a proportionate number of Class B Units and General Partner Units in connection with any repurchases of any Depositary Receipts by the Partnership based upon the 80 %, 19 % and 1 % fixed distribution percentages of the holders of the Class A, Class B and General Partner Units under the Partnership’s Second Amended and Restated Contract of Limited Partnership. Repurchases of Depositary Receipts or Partnership Units pursuant to the Repurchase Program may be made by the Partnership from time to time in its sole discretion in open market transactions or in privately negotiated transactions. On March 12, 2025, the General Partner authorized the President and Treasurer to cause the Partnership to repurchase, on the open market or otherwise, including through individually negotiated purchases and through a written 17 Table of Contents trading plan that complies with the requirements of Rule 10b5-1, Depositary Receipts and Partnership Units in such quantities, at such prices, in such manner and on such terms and conditions as the Authorized Persons determine are in the best interests of the Partnership; provided, however, that (i) the aggregate cost of Depositary Receipts and Partnership Units repurchased shall not exceed $ 5 million, (ii) no Depositary Receipts or Partnership Units shall be repurchased after the date that is 12 months after the effective date of the plan, (iii) no Depositary Receipt shall be repurchased in excess of $ 95 per depositary receipt ( the “Repurchase Plan”). The Repurchase Plan requires the Partnership to repurchase a proportionate number of Class B Units and General Partner Units in connection with any repurchases of any Depositary Receipts by the Partnership based upon the 80 %, 19 % and 1 % fixed distribution percentages of the holders of the Class A, Class B and General Partner Units under the Partnership Agreement. The Repurchase Plan shall be made in accordance with the terms of Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and shall be made in accordance with all applicable laws and regulations in effect from time to time. From August 20, 2007 through June 30, 2025, the Partnership has repurchased 1,553,365 Depositary Receipts at an average price of $ 32.30 per receipt (or $ 969 per underlying Class A Unit), 4,561 Class B Units and 240 General Partnership Units, both at an average price of $ 1,294 per Unit, totaling approximately $ 56,381,000 including brokerage fees paid by the Partnership . During the six months ended June 30, 2025, the Partnership purchased a total of 3,007 Depositary Receipts. The average price was $ 77.13 per receipt, or $ 2,313.90 per unit. The cost including commission was approximately $ 233,168 . The Partnership was required to repurchase 23.8 Class B Units and 1.3 General Partnership units at a cost of $ 55,080 and $ 2,971 respectively. ​ 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 $ 30,700,000 related to the ongoing construction project at the Mill Street Development. ​ NOTE 10. RENTAL INCOME During the six months ended June 30, 2025, 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 June 30 2025 as follows: ​ ​ ​ ​ ​ ​ ​ Commercial ​ ​ Property Leases 2026 ​ $ 3,862,564 ​ 2027 ​ 3,264,636 ​ 2028 ​ 2,781,752 ​ 2029 ​ 2,279,685 ​ 2030 ​ 1,681,497 ​ Thereafter ​ 8,972,847 ​ ​ ​ $ 22,842,981 ​ ​ 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 $ 466,000 and $ 398,000 for the six months ended June 30, 2025 and 2024 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 34 % of the total commercial rental income. ​ 18 Table of Contents 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 June 30, ​ expiring leases ​ for expiring leases ​ leases expiring ​ expiring leases 2026 ​ $ 459,785 ​ 26,520 ​ 26 ​ 11 % 2027 ​ 639,314 ​ 19,926 ​ 11 ​ 16 % 2028 ​ 436,121 ​ 12,454 ​ 7 ​ 11 % 2029 ​ 402,289 ​ 10,033 ​ 6 ​ 10 % 2030 ​ 541,212 ​ 18,405 ​ 8 ​ 13 % 2031 ​ — ​ — ​ — ​ — % 2032 ​ 110,600 ​ 1,106 ​ 1 ​ 3 % 2033 ​ — ​ — ​ — ​ — % 2034 ​ ​ 533,784 ​ 20,897 ​ 2 ​ 13 % 2035 ​ ​ — ​ — ​ — ​ — % Thereafter ​ ​ 947,721 ​ 27,140 ​ 3 ​ 23 % Totals ​ $ 4,070,826 136,481 64 100 % ​ Rents receivable are net of an allowance for doubtful accounts of approximately $ 958,000 and $ 1,085,000 at June 30, 2025 and December 31, 2024. Included in rents receivable at June 30, 2025 is approximately $ 258,000 resulting from recognizing rental income from non-cancelable commercial leases with future rental increases on a straight-line basis. ​ NOTE 11. CASH FLOW INFORMATION During the six months ended June 30, 2025 and 2024, cash paid for interest was approximately $ 7,323,000 , and $ 7,649,000 respectively. Cash paid for state income taxes was approximately $ 127,000 and $ 100,000 during the six months ended June 30, 2025 and 2024, respectively. In 2025, the Partnership acquired construction in progress through accounts payable and accruals, which represented a non-cash investing activity of approximately $ 2,309,000 . Interest capitalized amounted to approximately $ 360,000 for the six months ended June 30, 2025. The Partnership purchased the Hill Estates property partially through a mortgage payable which represents noncash Investing and Financing activities of $ 67,500,000 . ​ NOTE 12. FAIR VALUE MEASUREMENTS Fair Value Measurements on a Recurring Basis At June 30, 2025 and December 31, 2024, we do not have any significant financial assets or financial liabilities that are measured at fair value on a recurring basis in our consolidated financial statements. Financial Assets and Liabilities not Measured at Fair Value At June 30, 2025 and December 31, 2024 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 had investments in U.S. Treasury bills, some of which matured over a period greater than 90 days and were classified as short-term investments. The U.S. Treasury bills were 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 were 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 June 30, 2025 and December 31, 2024 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 19 Table of Contents debt with similar terms and maturities (Level 3). The differences in the fair value of our debt from the carrying value are the result of differences in interest rates and/or borrowing spreads that were available to us at June 30, 2025 and December 31, 2024, 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 June 30, 2025 and at December 31, 2024, 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2025 Dec 31, 2024 ​ ​ Carrying Value Fair Value ​ Carrying Value Fair Value Assets ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ 16,677,504 16,677,504 ​ 17,615,940 ​ 17,615,940 Treasury bills ​ — — ​ 83,586,405 ​ 83,638,670 Total Assets ​ 16,677,504 16,677,504 ​ 101,202,345 ​ 101,254,610 ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ Mortgage payable * ​ ​ ​ ​ ​ ​ ​ - Partnership properties ​ 511,175,005 467,475,654 ​ 406,205,910 ​ 351,384,919 - Investment properties ​ 172,223,009 165,637,202 ​ 172,287,696 ​ 161,536,968 Total Liabilities ​ 683,398,014 633,112,856 ​ 578,493,606 ​ 512,921,887 * Net of unamortized deferred financing costs Disclosure about fair value of financial instruments is based on pertinent information available to management as of June 30, 2025 and December 31, 2024. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since June 30, 2025 and current estimates of fair value may differ significantly from the amounts presented herein. 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 $ 57,000 will be reclassified as a decrease to interest expense . 20 Table of Contents As of June 30, 2025, the Partnership had one interest rate swap outstanding with a notional amount of approximately $ 215,000 designated as cash flow hedges of interest rate risk. As of June 30, 2025, 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 June 30, 2025 and December 31, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Asset Derivatives designated ​ June 30, ​ December 31, ​ as hedging instruments 2025 2024 Balance sheet location Interest rate swaps ​ $ 215,048 ​ $ 408,962 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 June 30, 2025 and 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 June 30, 2025 2024 ​ 2025 2024 ​ 2025 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ ( 64,024 ) ​ $ 32,524 Interest expense ​ $ — ​ $ — Interest and other investment income (loss) ​ $ ( 4,136,156 ) ​ $ ( 3,899,695 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ ( 193,914 ) ​ $ 174,558 ​ Interest expense ​ $ — ​ $ — ​ Interest and other investment income (loss) ​ $ ( 7,927,588 ) ​ $ ( 7,806,711 ) ​ ​ 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 $ 21,102,000 was approximately $ 5,440,000 more than statement income for the year ended December 31, 2024. The Federal cumulative tax basis of the Partnership’s real estate at December 31, 2024 is approximately $ 10,000,000 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 $ 1,000,000 more than statement basis. State taxable income may be significantly different due to different tax treatments for certain items. Substantial acquisitions placed in service could significantly change federal taxable income. 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 June 30, 2025, the tax years that generally remain subject to examination by the major tax jurisdictions under the statute of limitations is from the year 2021 forward. ​ 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 21 Table of Contents 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 June 30, 2025, 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 . The proceeds of the note were used to pay off the existing mortgage of $ 8,040,719 and the Partnership received a distribution of $ 978,193 for its share of the excess proceeds. As a result of the distribution, the carrying value of the investment fell below zero . The Partnership will continue to account for this investment using the equity method of accounting. Although the Partnership has no legal obligation, the Partnership intends to fund its share of any future operating deficits if needed. At June 30, 2025, the balance on this mortgage before unamortized deferred financing costs is $ 10,000,000 . The investment in the parking lot is referred to as Hamilton Essex Development, LLC; the investment in the apartments is referred to as Hamilton Essex 81, LLC. The Partnership is currently in the process of refinancing the Hamilton Essex 81, LLC mortgage. See Note 19, SUBSEQUENT EVENTS. 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, 22 Table of Contents 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 June 30 2025, 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 $ 15,205,000 with the proceeds of the new mortgage and distributed $ 850,000 to the Partnership. The costs associated with the refinancing were approximately $ 161,000 . On April 18, 2024 the Borrower and KeyBank executed amended loan documents reflecting the transfer of interest in the Borrower. In conjunction with the execution of the amended loan documents, KeyBank provided a courtesy reduction equal to 50 % of the transfer fee. In August 2024, the property was refinanced with a 10 year mortgage in the amount of $ 23,589,000 at 5.425 % interest only. The Joint Venture paid off the prior mortgage of approximately $ 16,900,000 with the proceeds of the new mortgage and distributed $ 2,000,000 to the Partnership. The costs associated with the refinancing were approximately $ 243,000 . 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 June 30, 2025, the balance of the mortgage before unamortized deferred finance is $ 23,589,000 . The investment is referred to as Hamilton on Main LLC. In November 2001, the Partnership invested approximately $ 1,533,000 for a 50 % ownership interest in a 40 -unit apartment building in Cambridge, Massachusetts. In June 2013, the property was refinanced with a 15 year mortgage in the amount of $ 10,000,000 at 3.87 %, interest only for 3 years and is amortized on a 30-year schedule for the balance of the term. The Joint Venture paid off the prior mortgage of approximately $ 6,776,000 with the proceeds of the new mortgage. After the refinancing, the Joint Venture made a distribution of $ 1,610,000 to the Partnership. As a result of the distribution, the carrying value of the investment fell below zero . The Partnership will continue to account for this investment using the equity method of accounting. Although the Partnership has no legal obligation, the Partnership intends to fund its share of any future operating deficits if needed. At June 30, 2025, the balance of this mortgage before unamortized deferred financing costs is approximately $ 8,119,000 . This investment is referred to as 345 Franklin, LLC. Summary financial information at June 30, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hamilton ​ ​ ​ ​ Hamilton Hamilton ​ ​ ​ ​ ​ ​ Hamilton ​ Essex ​ 345 ​ Hamilton ​ Minuteman ​ on Main ​ Dexter ​ ​ ​ ​ Essex 81 Development Franklin 1025 Apts Apts Park Total ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental Properties ​ $ 5,065,184 ​ $ 2,579,456 ​ $ 4,010,711 ​ $ 70,131 ​ $ 3,847,684 ​ $ 13,180,990 ​ $ 69,605,017 ​ $ 98,359,173 Cash & Cash Equivalents ​ 1,364,311 ​ ​ 67,004 ​ ​ 65,073 ​ ​ 14,483 ​ ​ 479,150 ​ ​ 588,855 ​ ​ 5,210,740 ​ 7,789,616 Rent Receivable ​ 197,025 ​ ​ 65,560 ​ ​ 15,696 ​ ​ — ​ ​ 3,888 ​ ​ 36,070 ​ ​ 149,279 ​ 467,518 Real Estate Tax Escrow ​ 68,876 ​ ​ — ​ ​ 43,268 ​ ​ — ​ ​ 32,079 ​ ​ — ​ ​ — ​ 144,223 Prepaid Expenses & Other Assets ​ 306,479 ​ ​ 29,207 ​ ​ 61,802 ​ ​ 7 ​ ​ 54,603 ​ ​ 299,310 ​ ​ 2,941,014 ​ 3,692,422 Total Assets ​ $ 7,001,875 ​ $ 2,741,227 ​ $ 4,196,550 ​ $ 84,621 ​ $ 4,417,404 ​ $ 14,105,225 ​ $ 77,906,050 ​ $ 110,452,952 LIABILITIES AND PARTNERS’ CAPITAL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Notes Payable ​ $ 9,996,553 ​ $ — ​ $ 8,099,455 ​ $ — ​ $ 5,949,194 ​ $ 23,366,292 ​ $ 124,811,515 ​ $ 172,223,009 Accounts Payable & Accrued Expense ​ 282,111 ​ ​ 6,311 ​ ​ 64,117 ​ ​ 1,977 ​ ​ 55,030 ​ ​ 240,187 ​ ​ 793,185 ​ 1,442,918 Advance Rental Pmts & Security Deposits ​ 369,428 ​ ​ — ​ ​ 258,189 ​ ​ — ​ ​ 179,124 ​ ​ 483,952 ​ ​ 4,055,646 ​ 5,346,339 Total Liabilities ​ 10,648,092 ​ ​ 6,311 ​ ​ 8,421,761 ​ ​ 1,977 ​ ​ 6,183,348 ​ ​ 24,090,431 ​ ​ 129,660,346 ​ ​ 179,012,266 Partners’ Capital ​ ( 3,646,217 ) ​ ​ 2,734,916 ​ ​ ( 4,225,211 ) ​ ​ 82,644 ​ ​ ( 1,765,944 ) ​ ​ ( 9,985,206 ) ​ ​ ( 51,754,296 ) ​ ( 68,559,314 ) Total Liabilities and Capital ​ $ 7,001,875 ​ $ 2,741,227 ​ $ 4,196,550 ​ $ 84,621 ​ $ 4,417,404 ​ $ 14,105,225 ​ $ 77,906,050 ​ $ 110,452,952 Partners’ Capital %—NERA ​ 50 % 50 % 50 % 50 % 50 % 50 % 40 % ​ ​ Investment in Unconsolidated Joint Ventures ​ $ — ​ $ 1,367,458 ​ $ — ​ $ 41,322 ​ $ — ​ $ — ​ $ — ​ ​ 1,408,780 Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures ​ $ ( 1,823,109 ) ​ $ — ​ $ ( 2,112,606 ) ​ $ — ​ $ ( 882,972 ) ​ $ ( 4,992,603 ) ​ $ ( 20,701,718 ) ​ ​ ( 30,513,007 ) Total Investment in Unconsolidated Joint Ventures (Net) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ( 29,104,227 ) Total units/condominiums ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Apartments ​ 48 ​ — ​ 40 ​ — ​ 42 ​ 148 ​ 409 ​ 687 Commercial ​ 1 ​ 1 ​ — ​ 1 ​ — ​ — ​ — ​ 3 Total ​ 49 ​ 1 ​ 40 ​ 1 ​ 42 ​ 148 ​ 409 ​ 690 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 23 Table of Contents Financial information for the six months ended June 30, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hamilton ​ ​ ​ ​ Hamilton Hamilton ​ ​ ​ ​ ​ ​ Hamilton ​ Essex ​ 345 ​ Hamilton ​ Minuteman ​ on Main ​ Dexter ​ ​ ​ ​ ​ Essex 81 ​ Development ​ Franklin ​ 1025 ​ Apts ​ Apts ​ Park ​ Total Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental Income ​ $ 998,349 ​ $ 120,942 ​ $ 960,298 ​ $ 49,835 ​ $ 743,084 ​ $ 2,176,046 ​ $ 8,932,174 ​ $ 13,980,728 Laundry and Sundry Income ​ 5,091 ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ ​ 29,211 ​ ​ 93,984 ​ ​ 128,286 ​ ​ ​ 1,003,440 ​ ​ 120,942 ​ ​ 960,298 ​ ​ 49,835 ​ ​ 743,084 ​ ​ 2,205,257 ​ ​ 9,026,158 ​ ​ 14,109,014 Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative ​ ​ 15,191 ​ ​ 2,011 ​ ​ 21,560 ​ ​ 2,876 ​ ​ 16,369 ​ ​ 48,363 ​ ​ 143,595 ​ ​ 249,965 Depreciation and Amortization ​ ​ 231,944 ​ ​ 5,855 ​ ​ 174,660 ​ ​ 1,632 ​ ​ 170,946 ​ ​ 573,175 ​ ​ 1,823,872 ​ ​ 2,982,084 Management Fees ​ ​ 39,691 ​ ​ 5,058 ​ ​ 36,692 ​ ​ 2,060 ​ ​ 29,578 ​ ​ 86,031 ​ ​ 186,390 ​ ​ 385,500 Operating ​ ​ 172,413 ​ ​ — ​ ​ 67,248 ​ ​ 59 ​ ​ 80,485 ​ ​ 290,502 ​ ​ 734,048 ​ ​ 1,344,755 Renting ​ ​ 10,217 ​ ​ — ​ ​ 36,277 ​ ​ 68 ​ ​ 9,267 ​ ​ 54,477 ​ ​ 47,216 ​ ​ 157,522 Repairs and Maintenance ​ ​ 84,844 ​ ​ — ​ ​ 68,790 ​ ​ — ​ ​ 61,422 ​ ​ 295,861 ​ ​ 737,244 ​ ​ 1,248,161 Taxes and Insurance ​ ​ 148,755 ​ ​ 34,773 ​ ​ 95,999 ​ ​ 9,737 ​ ​ 80,492 ​ ​ 240,454 ​ ​ 1,429,725 ​ ​ 2,039,935 ​ ​ 703,055 ​ ​ 47,697 ​ ​ 501,226 ​ ​ 16,432 ​ ​ 448,559 ​ ​ 1,588,863 ​ ​ 5,102,090 ​ ​ 8,407,922 Income Before Other Income ​ 300,385 ​ ​ 73,245 ​ ​ 459,072 ​ ​ 33,403 ​ ​ 294,525 ​ ​ 616,394 ​ ​ 3,924,068 ​ ​ 5,701,092 Other Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Expense ​ ( 344,358 ) ​ ​ — ​ ​ ( 164,862 ) ​ ​ — ​ ​ ( 117,222 ) ​ ​ ( 660,946 ) ​ ​ ( 2,539,706 ) ​ ​ ( 3,827,094 ) Interest Income ​ 19,472 ​ ​ 682 ​ ​ 3,897 ​ ​ 288 ​ ​ 4,960 ​ ​ 8,821 ​ ​ 75,139 ​ ​ 113,259 ​ ​ ( 324,886 ) ​ ​ 682 ​ ​ ( 160,965 ) ​ ​ 288 ​ ​ ( 112,262 ) ​ ​ ( 652,125 ) ​ ​ ( 2,464,567 ) ​ ​ ( 3,713,835 ) Net (Loss) Income ​ $ ( 24,501 ) ​ $ 73,927 ​ $ 298,107 ​ $ 33,691 ​ $ 182,263 ​ $ ( 35,731 ) ​ $ 1,459,503 ​ $ 1,987,257 Net (Loss) Income —NERA 50 % $ ( 12,250 ) ​ $ 36,964 ​ $ 149,053 ​ $ 16,845 ​ $ 91,132 ​ $ ( 17,866 ) ​ ​ ​ ​ ​ 263,878 Net Income —NERA 40 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 583,801 ​ ​ 583,801 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 847,679 ​ Financial information for the three months ended June 30, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hamilton ​ ​ ​ ​ ​ Hamilton Hamilton ​ ​ ​ ​ ​ ​ Hamilton ​ Essex ​ 345 ​ Hamilton ​ Minuteman ​ on Main ​ Dexter ​ ​ ​ ​ Essex 81 ​ Development ​ Franklin ​ 1025 ​ Apts ​ Apts ​ Park ​ Total Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental Income ​ $ 493,808 ​ $ 60,471 ​ $ 457,180 ​ $ 24,918 ​ $ 375,471 ​ $ 1,070,467 ​ $ 4,484,108 ​ $ 6,966,423 Laundry and Sundry Income ​ 2,734 ​ ​ — ​ ​ ​ ​ ​ — ​ ​ — ​ ​ 14,146 ​ ​ 53,836 ​ ​ 70,716 ​ ​ 496,542 ​ ​ 60,471 ​ ​ 457,180 ​ ​ 24,918 ​ ​ 375,471 ​ ​ 1,084,613 ​ ​ 4,537,944 ​ ​ 7,037,139 Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative ​ 6,235 ​ ​ 1,005 ​ ​ 7,594 ​ ​ 2,050 ​ ​ 5,014 ​ ​ 8,170 ​ ​ 57,263 ​ ​ 87,331 Depreciation and Amortization ​ 116,036 ​ ​ 2,928 ​ ​ 87,631 ​ ​ 816 ​ ​ 86,129 ​ ​ 287,273 ​ ​ 918,654 ​ ​ 1,499,467 Management Fees ​ 19,403 ​ ​ 2,529 ​ ​ 17,629 ​ ​ 1,030 ​ ​ 15,298 ​ ​ 43,065 ​ ​ 93,045 ​ ​ 191,999 Operating ​ 74,151 ​ ​ — ​ ​ 28,420 ​ ​ 59 ​ ​ 23,121 ​ ​ 102,489 ​ ​ 294,692 ​ ​ 522,932 Renting ​ 9,998 ​ ​ — ​ ​ 5,537 ​ ​ 48 ​ ​ 3,801 ​ ​ 22,273 ​ ​ 22,669 ​ ​ 64,326 Repairs and Maintenance ​ 42,911 ​ ​ — ​ ​ 33,958 ​ ​ — ​ ​ 38,645 ​ ​ 149,182 ​ ​ 395,626 ​ ​ 660,322 Taxes and Insurance ​ 74,563 ​ ​ 17,423 ​ ​ 47,993 ​ ​ 5,024 ​ ​ 40,525 ​ ​ 120,874 ​ ​ 713,322 ​ ​ 1,019,724 ​ ​ 343,297 ​ ​ 23,885 ​ ​ 228,762 ​ ​ 9,027 ​ ​ 212,533 ​ ​ 733,326 ​ ​ 2,495,271 ​ ​ 4,046,101 Income Before Other Income ​ 153,245 ​ ​ 36,586 ​ ​ 228,418 ​ ​ 15,891 ​ ​ 162,938 ​ ​ 351,287 ​ ​ 2,042,673 ​ ​ 2,991,038 Other Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Expense ​ ( 173,048 ) ​ ​ — ​ ​ ( 82,376 ) ​ ​ — ​ ​ ( 58,927 ) ​ ​ ( 332,246 ) ​ ​ ( 1,273,633 ) ​ ​ ( 1,920,230 ) Interest Income ​ ​ 9,620 ​ ​ 341 ​ ​ 1,867 ​ ​ 133 ​ ​ 2,775 ​ ​ 3,693 ​ ​ 43,337 ​ ​ 61,766 ​ ​ ( 163,428 ) ​ ​ 341 ​ ​ ( 80,509 ) ​ ​ 133 ​ ​ ( 56,152 ) ​ ​ ( 328,553 ) ​ ​ ( 1,230,296 ) ​ ​ ( 1,858,464 ) Net Income (Loss) ​ $ ( 10,183 ) ​ $ 36,927 ​ $ 147,909 ​ $ 16,024 ​ $ 106,786 ​ $ 22,734 ​ $ 812,377 ​ $ 1,132,574 Net Income (Loss)—NERA 50 % $ ( 5,092 ) ​ $ 18,464 ​ $ 73,955 ​ $ 8,012 ​ $ 53,393 ​ $ 11,368 ​ ​ ​ ​ ​ 160,100 Net Income —NERA 40 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 324,952 ​ ​ 324,952 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 485,051 ​ ​ ​ ​ Future annual mortgage maturities at June 30, 2025 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hamilton ​ 345 ​ Hamilton ​ Hamilton on ​ Dexter ​ ​ ​ Period End Essex 81 Franklin Minuteman Main Apts Park Total 6/30/2026 ​ $ 10,000,000 ​ $ 254,197 ​ $ — ​ $ ​ ​ $ — ​ $ 10,254,197 ​ 6/30/2027 ​ — ​ ​ 264,211 ​ ​ — ​ ​ — ​ ​ — ​ ​ 264,211 ​ 6/30/2028 ​ — ​ ​ 274,619 ​ ​ — ​ ​ — ​ ​ — ​ ​ 274,619 ​ 6/30/2029 ​ ​ — ​ ​ 7,326,403 ​ ​ — ​ ​ — ​ ​ 125,000,000 ​ ​ 132,326,403 ​ 6/30/2030 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Thereafter ​ ​ — ​ ​ — ​ ​ 6,000,000 ​ ​ 23,589,000 ​ ​ — ​ ​ 29,589,000 ​ ​ ​ ​ 10,000,000 ​ ​ 8,119,430 ​ ​ 6,000,000 ​ ​ 23,589,000 ​ ​ 125,000,000 ​ ​ 172,708,430 ​ Less: unamortized deferred financing costs ​ ​ ( 3,447 ) ​ ​ ( 19,975 ) ​ ​ ( 50,806 ) ​ ​ ( 222,708 ) ​ ​ ( 188,485 ) ​ ​ ( 485,421 ) ​ ​ ​ $ 9,996,553 ​ $ 8,099,455 ​ $ 5,949,194 ​ $ 23,366,292 ​ $ 124,811,515 ​ $ 172,223,009 ​ ​ At June 30, 2025, the weighted average interest rate on the above mortgages was 4.32 %. The effective rate was 4.39 % including the amortization expense of deferred financing costs. 24 Table of Contents ​ Summary financial information at June 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 ​ $ 5,246,865 ​ $ 2,581,946 ​ $ 4,308,810 ​ $ 73,395 ​ $ 4,054,581 ​ $ 12,884,525 ​ $ 71,900,948 ​ $ 101,051,070 Cash & Cash Equivalents ​ 1,141,309 ​ 38,045 ​ 160,348 ​ 17,673 ​ 123,723 ​ 795,809 ​ 1,601,735 ​ 3,878,642 Rent Receivable ​ 197,191 ​ 75,733 ​ 1,293 ​ 3,309 ​ 2,211 ​ 19,042 ​ 147,332 ​ 446,111 Real Estate Tax Escrow ​ 81,453 ​ — ​ 31,596 ​ — ​ 29,661 ​ 191,490 ​ — ​ 334,200 Prepaid Expenses & Other Assets ​ 351,532 ​ 41,042 ​ 110,132 ​ 1,038 ​ 71,628 ​ 363,109 ​ 3,413,479 ​ 4,351,960 Total Assets ​ $ 7,018,350 ​ $ 2,736,766 ​ $ 4,612,179 ​ $ 95,415 ​ $ 4,281,804 ​ $ 14,253,975 ​ $ 77,063,494 ​ $ 110,061,983 LIABILITIES AND PARTNERS’ CAPITAL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Notes Payable ​ $ 9,982,764 ​ $ — ​ $ 8,337,358 ​ $ — ​ $ 5,941,010 ​ $ 16,897,325 ​ $ 124,746,893 ​ $ 165,905,350 Accounts Payable & Accrued Expense ​ 136,741 ​ 2,000 ​ 70,945 ​ 3,545 ​ 68,813 ​ 190,892 ​ 722,878 ​ 1,195,814 Advance Rental Pmts& Security Deposits ​ 374,170 ​ — ​ 307,229 ​ — ​ 176,456 ​ 537,218 ​ 4,124,873 ​ 5,519,946 Total Liabilities ​ 10,493,675 ​ ​ 2,000 ​ ​ 8,715,532 ​ ​ 3,545 ​ ​ 6,186,279 ​ ​ 17,625,435 ​ ​ 129,594,644 ​ ​ 172,621,110 Partners’ Capital ​ ( 3,475,325 ) ​ 2,734,766 ​ ( 4,103,353 ) ​ 91,870 ​ ( 1,904,475 ) ​ ( 3,371,460 ) ​ ( 52,531,150 ) ​ ( 62,559,127 ) Total Liabilities and Capital ​ $ 7,018,350 ​ $ 2,736,766 ​ $ 4,612,179 ​ $ 95,415 ​ ​ 4,281,804 ​ $ 14,253,975 ​ $ 77,063,494 ​ $ 110,061,983 Partners’ Capital %—NERA ​ 50 % ​ 50 % 50 % 50 % 50 % 50 % 40 % ​ ​ Investment in Unconsolidated Joint Ventures ​ $ — ​ $ 1,367,383 ​ $ — ​ $ 45,935 ​ $ ​ ​ $ ​ ​ $ ​ ​ $ 1,413,318 Distribution and Loss in Excess of investments in Unconsolidated Joint Ventures ​ $ ( 1,737,662 ) ​ $ — ​ $ ( 2,051,676 ) ​ $ — ​ $ ( 952,238 ) ​ $ ( 1,685,730 ) ​ $ ( 21,012,460 ) ​ ( 27,439,764 ) Total Investment in Unconsolidated Joint Ventures (Net) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ( 26,026,446 ) 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 six months ended June 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 ​ $ 918,853 ​ $ 120,942 ​ $ 891,084 ​ $ 51,633 ​ $ 711,617 ​ $ 2,057,301 ​ $ 8,529,299 ​ $ 13,280,729 Laundry and Sundry Income ​ 6,344 ​ — ​ ( 236 ) ​ — ​ — ​ 25,244 ​ 95,538 ​ 126,890 ​ ​ 925,197 ​ ​ 120,942 ​ ​ 890,848 ​ ​ 51,633 ​ ​ 711,617 ​ ​ 2,082,545 ​ ​ 8,624,837 ​ ​ 13,407,619 Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative ​ 10,543 ​ 3,000 ​ ​ 14,979 ​ ​ 1,401 ​ ​ 10,318 ​ ​ 43,143 ​ ​ 100,148 ​ 183,532 Depreciation and Amortization ​ 231,911 ​ 5,855 ​ ​ 172,796 ​ ​ 1,632 ​ ​ 166,005 ​ ​ 533,325 ​ ​ 1,837,161 ​ 2,948,685 Management Fees ​ 37,186 ​ 4,132 ​ ​ 34,954 ​ ​ 2,068 ​ ​ 28,309 ​ ​ 82,234 ​ ​ 180,292 ​ 369,175 Operating ​ 176,997 ​ — ​ ​ 41,384 ​ ​ ( 38 ) ​ ​ 64,776 ​ ​ 244,472 ​ ​ 750,508 ​ 1,278,099 Renting ​ 7,634 ​ — ​ ​ 9,776 ​ ​ 63 ​ ​ 9,691 ​ ​ 56,737 ​ ​ 52,816 ​ 136,717 Repairs and Maintenance ​ 94,619 ​ — ​ ​ 44,882 ​ ​ 1,650 ​ ​ 61,165 ​ ​ 330,278 ​ ​ 883,402 ​ 1,415,996 Taxes and Insurance ​ 163,965 ​ 35,192 ​ 99,480 ​ 10,174 ​ 78,756 ​ 206,992 ​ 1,284,141 ​ 1,878,700 ​ ​ 722,855 ​ 48,179 ​ 418,251 ​ 16,950 ​ 419,020 ​ 1,497,181 ​ 5,088,468 ​ 8,210,904 Income Before Other Income ​ 202,342 ​ 72,763 ​ 472,597 ​ 34,683 ​ 292,597 ​ 585,364 ​ 3,536,369 ​ 5,196,715 Other Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Expense ​ ( 394,241 ) ​ ​ — ​ ​ ( 169,105 ) ​ ​ — ​ ​ ( 118,295 ) ​ ​ ( 385,098 ) ​ ​ ( 2,566,448 ) ​ ​ ( 3,633,187 ) Interest Income ​ 21,250 ​ ​ 1,190 ​ ​ 4,629 ​ ​ 418 ​ ​ 5,463 ​ ​ 22,651 ​ ​ 45,289 ​ ​ 100,890 Other income (Expense) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 63,745 ​ ​ — ​ ​ 63,745 ​ ​ ( 372,991 ) ​ ​ 1,190 ​ ​ ( 164,476 ) ​ ​ 418 ​ ​ ( 112,832 ) ​ ​ ( 298,702 ) ​ ​ ( 2,521,159 ) ​ ​ ( 3,468,552 ) Net Income (Loss) ​ $ ( 170,649 ) ​ $ 73,953 ​ $ 308,121 ​ $ 35,101 ​ $ 179,765 ​ $ 286,662 ​ $ 1,015,210 ​ $ 1,728,163 Net Income (Loss)—NERA 50 % $ ( 85,324 ) ​ $ 36,976 ​ $ 154,060 ​ $ 17,550 ​ $ 89,883 ​ $ 143,331 ​ ​ ​ ​ 356,475 Net Income —NERA 40 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 406,085 ​ 406,085 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 762,560 ​ ​ ​ 25 Table of Contents Financial information for the three months ended June 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 ​ $ 450,375 ​ $ 60,471 ​ $ 447,328 ​ $ 24,745 ​ $ 360,169 ​ $ 1,049,070 ​ $ 4,181,290 ​ $ 6,573,448 Laundry and Sundry Income ​ 3,568 ​ — ​ ( 242 ) ​ — ​ ​ ​ 12,580 ​ 50,108 ​ 66,014 ​ ​ 453,943 ​ ​ 60,471 ​ ​ 447,086 ​ ​ 24,745 ​ ​ 360,169 ​ ​ 1,061,650 ​ ​ 4,231,398 ​ ​ 6,639,462 Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative ​ 5,325 ​ ​ 1,000 ​ ​ 6,059 ​ ​ 700 ​ ​ 3,384 ​ ​ 33,819 ​ ​ 48,109 ​ ​ 98,396 Depreciation and Amortization ​ 116,067 ​ ​ 2,928 ​ ​ 86,398 ​ ​ 816 ​ ​ 83,272 ​ ​ 272,073 ​ ​ 923,409 ​ ​ 1,484,963 Management Fees ​ 16,759 ​ ​ 1,653 ​ ​ 17,537 ​ ​ 1,006 ​ ​ 14,079 ​ ​ 42,043 ​ ​ 88,411 ​ ​ 181,488 Operating ​ 93,958 ​ ​ — ​ ​ 15,519 ​ ​ 174 ​ ​ 19,202 ​ ​ 110,070 ​ ​ 312,204 ​ ​ 551,127 Renting ​ 6,395 ​ ​ — ​ ​ 5,681 ​ ​ 45 ​ ​ 4,161 ​ ​ 29,150 ​ ​ 20,424 ​ ​ 65,856 Repairs and Maintenance ​ 56,162 ​ ​ — ​ ​ 21,838 ​ ​ 1,650 ​ ​ 31,880 ​ ​ 183,947 ​ ​ 529,212 ​ ​ 824,689 Taxes and Insurance ​ 94,622 ​ ​ 17,600 ​ ​ 50,195 ​ ​ 5,498 ​ ​ 39,588 ​ ​ 105,451 ​ ​ 642,003 ​ ​ 954,957 ​ ​ 389,288 ​ ​ 23,181 ​ ​ 203,227 ​ ​ 9,889 ​ ​ 195,566 ​ ​ 776,553 ​ ​ 2,563,772 ​ ​ 4,161,476 Income Before Other Income ​ 64,655 ​ ​ 37,290 ​ ​ 243,859 ​ ​ 14,856 ​ ​ 164,603 ​ ​ 285,097 ​ ​ 1,667,626 ​ ​ 2,477,986 Other Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Expense ​ ( 197,041 ) ​ ​ — ​ ​ ( 84,238 ) ​ ​ ( 205 ) ​ ​ ( 59,144 ) ​ ​ ( 191,983 ) ​ ​ ( 1,269,641 ) ​ ​ ( 1,802,252 ) Interest Income ​ 10,829 ​ ​ 419 ​ ​ 2,268 ​ ​ 418 ​ ​ 2,980 ​ ​ 9,801 ​ ​ 24,616 ​ ​ 51,331 ​ ​ ( 186,212 ) ​ ​ 419 ​ ​ ( 81,970 ) ​ ​ 213 ​ ​ ( 56,164 ) ​ ​ ( 182,182 ) ​ ​ ( 1,245,025 ) ​ ​ ( 1,750,921 ) Net Income (Loss) ​ $ ( 121,557 ) ​ $ 37,709 ​ $ 161,889 ​ $ 15,069 ​ $ 108,439 ​ $ 102,915 ​ $ 422,601 ​ $ 727,065 Net Income (Loss)—NERA 50 % $ ( 60,780 ) ​ $ 18,854 ​ $ 80,944 ​ $ 7,535 ​ $ 54,220 ​ $ 51,459 ​ ​ ​ ​ ​ 152,230 Net Income —NERA 40 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 169,039 ​ 169,039 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 321,269 ​ 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 six months ended June 30, 2025 was $ 32,000 . ​ NOTE 17. IMPACT OF RECENTLY-ISSUED ACCOUNTING STANDARDS In November 2024, the Financial Accounting Standards Board (“FASB”) issued a new standard on disaggregation of income statement expenses, which requires an entity to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items in a tabular format in the notes to the financial statements. The standard will be effective for annual reporting periods beginning after December 15, 2026 and for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively. The Partnership is currently evaluating the impact of the new rules on its disclosures. In March 2024, the Securities and Exchange Commission ("SEC") adopted final rules that will require certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. The new rules include a requirement to disclose material climate-related risks, descriptions of board and management oversight and risk management activities, the material impacts of these risks on a registrant’s strategy, business model and outlook, and any material climate-related targets or goals, as well as material effects and costs of severe weather events and other natural conditions and greenhouse gas emissions. Prior to the stay of the new rules, they would have been effective for annual periods beginning January 1, 2025, except for the greenhouse gas emissions disclosures, which would have been effective for annual periods beginning January 1, 2026. The Partnership is currently evaluating the impact of the new rules on its disclosures. 26 Table of Contents NOTE 18. SEGMENT REPORTING Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”). The CODM determines how resources should be allocated and assesses performance on a regular basis. The Partnership’s CODM is the Partnership’s Treasurer and Director. The Partnership operates as a single business segment, focusing on the ownership, operation and development of its multifamily and commercial real estate portfolio located in the city of Boston, surrounding suburbs, and southern New Hampshire. For a description of the types of products and services from which this single reportable segment derives its revenues, see Notes 1 and 2. The CODM is regularly provided with financial reporting packages which include the financial statements presented herein. The CODM evaluates the performance of the Partnership on a consolidated basis, based upon consolidated Income Before Other Income (Expense), to make decisions about the Partnership’s operations and resource allocation. Consolidated Income Before Other Income (Expense) is used to monitor budget versus actual results. The significant expenses of the Partnership are presented within the Consolidated Statements of Income. The CODM manages our portfolio as a whole and decisions regarding investments are made collectively based on the inputs above. Accordingly, the Partnership consists of a single operating and reportable segment and the consolidated financial statements and notes thereto are presented as a single reportable segment. Since the Partnership operates in a single segment, the segment information is consistent with the consolidated statements of operations and comprehensive income (loss). Therefore, no reconciliation is necessary. NOTE 19. SUBSEQUENT EVENTS On August 7, 2025, the Partnership approved a quarterly distribution of $ 12.00 per Unit ($ 0.40 per Receipt), payable on September 30, 2025. From July 1, 2025 through August 8, 2025, the Partnership has purchased 533 Depository Receipts . On July 14, 2025, the Partnership entered into a loan commitment with KeyBank for the refinancing of the existing 81 Essex Street loan that matures on October 1, 2025. The loan commitment is for up to $ 12,104,000 at a fixed interest rate to be determined at Rate Lock and for an interest only term of ten years . ​ 27 Table of Contents