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What changed in NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+156 added−166 removedSource: 10-K (2026-03-13) vs 10-K (2025-03-14)

Top changes in NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP's 2025 10-K

156 paragraphs added · 166 removed · 123 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

21 edited+5 added−7 removed36 unchanged
Biggest changeThese amounts are being amortized over 12 and 36 months respectively. ​ 6 Table of Contents During 2024, the Partnership and its Subsidiary Partnerships completed improvements to certain of the Properties at a total cost of approximately $25,254,000, which includes approximately $15,231,000 for the Mill Street Development.
Biggest changeThe interim mortgage loan was refinanced on December 30, 2025 when the Partnership closed on a $67,656,000 mortgage loan under the Master Credit Facility at an interest rate of 5.19% interest only during the term, with a maturity date of December 30, 2035. ​ ​ 6 Table of Contents During 2025, the Partnership and its Subsidiary Partnerships completed improvements to certain of the Properties at a total cost of approximately $30,691,000, which includes approximately $17,599,000 for the Mill Street Development project.
The Partnership used the proceeds from the Facility Amendment to pay down approximately $65,300,000 of existing debt secured by 11 properties, along with approximately $2,700,000 in prepayment penalties. The remaining balance of approximately $89,000,000 was used for general partnership purposes. On June 16, 2022, the Partnership entered into an amendment to the Facility Agreement (the “Facility Amendment”).
The Partnership used the proceeds from the Facility Agreement to pay down approximately $65,300,000 of existing debt secured by 11 properties, along with approximately $2,700,000 in prepayment penalties. The remaining balance of approximately $89,000,000 was used for general partnership purposes. On June 16, 2022, the Partnership entered into an amendment to the Facility Agreement (the “Facility Amendment”).
The General Partner is not limited in the number or amount of mortgages which may be placed on any Property, nor is there a policy limiting the percentage of Partnership assets which may be invested in any specific Property. ​ Unit Distributions In March 2025, the Partnership approved a quarterly distribution of $12.00 per Unit ($0.40 per Receipt), payable on March 31, 2025.
The General Partner is not limited in the number or amount of mortgages which may be placed on any Property, nor is there a policy limiting the percentage of Partnership assets which may be invested in any specific Property. ​ Unit Distributions In March 2026, the Partnership approved a quarterly distribution of $12.00 per Unit ($0.40 per Receipt), payable on March 31, 2026.
Interest only on the debt at a fixed interest rate of 2.97% is payable on a monthly basis through December 31, 2031. The Partnership’s obligations under the Facility Agreement are secured by mortgages on certain properties pursuant to certain Mortgage, Assignment of Leases and Rents, and Security Agreement and Fixture Filings (“Mortgages”).
Interest only payments at a fixed interest rate of 2.97% is payable on a monthly basis through December 31, 2031. The Partnership’s obligations under the Facility Agreement are secured by mortgages on certain properties pursuant to certain Mortgage, Assignment of Leases and Rents, and Security Agreement and Fixture Filings (“Mortgages”).
The Partnership is engaged in the business of acquiring, developing, holding for investment, operating and selling real estate. The Partnership, directly or through 31 subsidiary limited partnerships or limited liability companies, owns and operates various residential apartments, condominium units and commercial properties located in Massachusetts and New Hampshire.
The Partnership is engaged in the business of acquiring, developing, holding for investment, operating and selling real estate. The Partnership, directly or through 34 subsidiary limited partnerships or limited liability companies, owns and operates various residential apartments, condominium units and commercial properties located in Massachusetts and New Hampshire.
Property Transactions On November 30, 2021, the Partnership entered into a Master Credit Facility Agreement (the “Facility Agreement”) with KeyBank National Association (“KeyBank”), dated as of November 30, 2021, with an initial advance 5 Table of Contents in the amount of $156,000,000.
Property Transactions On November 30, 2021, the Partnership entered into a Master Credit Facility Agreement (the “Facility Agreement”) with KeyBank National Association (“KeyBank”), dated as of November 30, 2021, with an initial advance 5 Table of Contents in the amount of $156,000,000 (the “Master Credit Facility”).
The Facility Amendment included an additional advance in the amount of $80,284,000 at a fixed interest rate of 4.33%. The Partnership used the proceeds to pay down approximately $37,065,000 of existing debt secured by four properties, along with approximately $854,000 in prepayment penalties. The remaining balance of approximately $42,384,000 will be used for general partnership purposes.
The Facility Amendment included an additional advance in the amount of $80,284,000 at a fixed interest rate of 4.33%. The Partnership used the proceeds of the Facility Amendment to pay down approximately $37,065,000 of existing debt secured by four properties, along with approximately $854,000 in prepayment penalties. The remaining balance of approximately $42,384,000 was used for general partnership purposes.
The line of credit is collateralized by varying percentages of the Partnership’s ownership interest in 27 of its Subsidiary Partnerships and Joint Ventures. Pledged interests are 49% of the Partnership’s ownership interest in the respective entities. Advisory Committee As of December 31, 2024, the Advisory Committee members were Robert Nahigian and David Ross, limited partners 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. Advisory Committee As of December 31, 2025, the Advisory Committee members were Robert Nahigian and David Ross, limited partners of the Partnership.
The Partnership, the Subsidiary Partnerships, and the Investment Properties currently contract with the Hamilton Company for 58 individuals at the Properties (as defined below) and 11 individuals at the Joint Ventures who are primarily involved in the supervision and maintenance of specific properties. The General Partner has no employees .
The Partnership, the Subsidiary Partnerships, and the Investment Properties currently contract with the Hamilton Company for 66 individuals at the Properties (as defined below) and 16 individuals at the Joint Ventures who are primarily involved in the supervision and maintenance of specific properties. The General Partner has no employees .
The long-term goals of the Partnership are to manage, rent and improve its properties and to acquire additional properties with income and capital appreciation potential as suitable opportunities arise. When appropriate, the Partnership may sell or refinance selected properties.
Our Investment Objectives and Strategy ​ The long-term goals of the Partnership are to manage, rent and improve its properties and to acquire additional properties with income and capital appreciation potential as suitable opportunities arise. When appropriate, the Partnership may sell or refinance selected properties.
Jameson Brown and Harley Brown indirectly collectively own between 47.6% and 59%, and five other current and past employees of Hamilton own collectively between 0% and 2.4% , respectively of the Joint Ventures. The Partnership’s interest in the Investment Properties is accounted for on the equity method in the Consolidated Financial Statements.
Jameson Brown and Harley Brown indirectly collectively own between 47.6% and 59%, and five other current and past employees of The Hamilton Company, Inc. (the “Hamilton Company” or “Hamilton”) own collectively between 0% and 2.4%, respectively of the Joint Ventures. The Partnership’s interest in the Investment Properties is accounted for on the equity method in the Consolidated Financial Statements.
As of February 1, 2025, the Partnership and its Subsidiary Partnerships owned 2,943 residential apartment units in 27 residential and mixed-use complexes (collectively, the “Apartment Complexes”). The Partnership also owns 19 condominium units in a residential condominium complex, all of which are leased to residential tenants (collectively, the “Condominium Units”).
As of February 1, 2026, the Partnership and its Subsidiary Partnerships owned 3,411 residential apartment units in 27 residential and mixed-use complexes (collectively, the “Apartment Complexes”). The Partnership also owns 19 condominium units in a residential condominium complex, all of which are leased to residential tenants (collectively, the “Condominium Units”).
As of December 31, 2024, 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 acquisitions, 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.
As of December 31, 2025, the Partnership was in compliance with the financial covenants. The line of credit may be used for acquisitions, 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.
These properties are referred to collectively as the “Commercial Properties.” See Note 2 to the Consolidated Financial Statements for more information. Additionally, as of February 1, 2025, the Partnership owned a 40-50% interest in 7 residential and mixed use complexes, the Investment Properties, with a total of 688 residential units, one commercial unit, and a 50 car parking lot.
Additionally, as of February 1, 2026, the Partnership owned a 40-50% interest in 7 residential and mixed use complexes, the Investment Properties, with a total of 688 residential units, one commercial unit, and a 50 car parking lot. See Note 15 to the Consolidated Financial Statements for additional information on these investments.
In connection with the Mill Street development project, the Partnership has entered into a contract with a general contractor with a current contract value of approximately $30 million. ​ ​ ​ 7 Table of Contents Line of Credit On November 21, 2024, the Partnership entered into an agreement for a new $25,000,000 revolving line of credit.
As of December 31,2025, the Partnership has invested approximately $35 million in the Mill Street Development project. ​ ​ ​ 7 Table of Contents Line of Credit On November 21, 2024, the Partnership entered into an agreement for a new $25,000,000 revolving line of credit.
From August 20, 2007 through December 31, 2024, the Partnership has repurchased 1,550,358 Depositary Receipts at an average price of $31.82 per receipt (or $954.60 per underlying Class A Unit), 4,537 Class B Units and 239 General Partnership Units, both at an average price of $1,289.00 per Unit, totaling approximately $56,090,000, inclusive of brokerage fees paid by the Partnership.
From August 20, 2007 through December 31, 2025, the Partnership has repurchased 1,559,409 Depositary Receipts at an average price of $32.06 per receipt (or $961.80 per underlying Class A Unit), 4,609 Class B Units and 243 General Partnership Units, both at an average price of $1,302.00 per Unit, totaling approximately $56,911,000, inclusive of brokerage fees paid by the Partnership.
As of February 1, 2025, the Subsidiary Partnerships also owned two commercial shopping centers in Framingham, Massachusetts, one commercial building in Newton, Massachusetts, one commercial building in Brookline, Massachusetts and commercial space in mixed-use buildings in Boston, Brockton and Newton, Massachusetts, totaling approximately 131,000 square feet of commercial space.
As of February 1, 2026, the Subsidiary Partnerships also owned two commercial shopping centers in Framingham, Massachusetts, commercial buildings in Newton, Massachusetts, one commercial building in Brookline, Massachusetts and commercial space in mixed-use buildings in Boston, Brockton, and Newton, Massachusetts, totaling approximately 138,000 square feet of commercial space.These properties are referred to collectively as the “Commercial Properties.” See Note 2 to the Consolidated Financial Statements for more information.
The Brookline Agreement pays down the loan on the existing debt of $5,954,546, extends the maturity until October 14, 2032, at a variable interest rate of SOFR rate, plus 1.7% interest only for two years and amortizing using a thirty-year schedule for the balance of the term.
On October 14, 2022, the Partnership refinanced its loan with Brookline Bank on 659-665 Worcester Road, Framingham, MA. The loan extended the maturity until October 14, 2032, at a variable interest rate of SOFR rate, plus 1.7% interest only for two years and amortizing using a thirty-year schedule for the balance of the term.
In 2023, the Partnership paid a total distribution of an aggregate $84.00 Unit ($2.80 per Receipt), for a total payment of $9,954,888.
In 2025 the Partnership paid an aggregate distribution of $144.00 per Unit ($4.80 per Receipt) for a total payment of $16,793,527 in 2025. In 2024, the Partnership paid a total distribution of an aggregate $84.00 Unit ($2.80 per Receipt), for a total payment of $11,244,559.
The most significant improvements were made at Executive Apartments,1144 Commonwealth, Captain Parker, River Drive Apartments, Redwood Hills, and Hamilton Oaks, at a cost of $1,582,000, $1,061,000, $886,000, $880,000, $872,000, and $782,000, respectively. The Partnership plans to invest approximately $30,837,000 in capital improvements for all properties in 2025.
The most significant improvements were made at 62 Boylston, 1137 Commonwealth, Executive Apartments, Clovelly Apartments, Hamilton Oaks, and Captain Parker, at a cost of $2,065,000, $1,980,000, $903,000, $879,000, $799,000, and $733,000, respectively. The Partnership plans to invest approximately $17,069,000 in capital improvements for all properties in 2026.
The agreement also allows for an earn out of up to an additional $1,495,453 once the property performance reaches a 1.35x debt service coverage ratio and the loan to value equates to at most 65%. ​ The Partnership purchased a commercial retail property of approximately 20,700 square feet, located at 653 Worcester Road in Framingham, MA for the sum of approximately $10,151,000 on January 18, 2023.
As part of the underlying loan’s earnout provision, on July 10, 2025 the Partnership financed an additional $682,520 at an interest rate of 5.97% that will be conterminous with the existing loan. ​ On January 18, 2023, The Partnership purchased a commercial retail property of approximately 20,700 square feet, located at 653 Worcester Road in Framingham, MA for the sum of approximately $10,151,000 on January 18, 2023.
Removed
See Note 15 to the Consolidated Financial Statements for additional information on these investments.
Added
On March 11,2026, the General Partner authorized the President and Treasurer to renew the Repurchase Plan for one year.
Removed
In addition to the quarterly distribution, there will be a special distribution of $96.00 per Class A unit ($3.20 per Receipt). In 2024 the Partnership paid an aggregate distribution of $48.00 per Unit ($1.60 per Receipt) for a total payment of $11,244,559 in 2024.
Added
These amounts are being amortized over 12 and 36 months respectively. ​ On June 18, 2025, the Partnership 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.
Removed
On October 14, 2022, the Partnership entered into a loan agreement with Brookline Bank (the “Brookline Agreement”), which refinanced its loan on 659-665 Worcester Road, Framingham, MA.
Added
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.
Removed
This amount includes approximately $14,769,000 toward the development of a 72 unit apartment complex at Mill Street Development. As of December 31, 2024, the Partnership has one property under construction located at 57 Mill Street in Woburn, MA.
Added
These amounts are being amortized over 12 and 36 months respectively.
Removed
The project includes 72 residential units comprising approximately 93,000 square feet and is estimated to be completed during the fourth quarter of 2025. Total investment to date is approximately $15.2 million, and the total investment upon completion is anticipated to be approximately $30 million.
Added
On December 23, 2025, the Partnership closed a $17,500,000 loan in association with Mill Street Development with Brookline Bank at an interest rate of 5.67% interest only with a two year term.
Removed
The partnership is using cash reserves to fund this construction but will finance a portion of construction costs upon completion of the project.
Removed
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 will be waived for any period in which the Partnership maintains aggregate deposits of $20,000,000 with the Lender.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeAs a result, our financial condition, results of operations, and cash flows, as well as our ability to pay dividends, could be adversely affected over time. ​ Development project costs that exceed estimates.
Biggest changeAs a result, our financial condition, results of operations, and cash flows, as well as our ability to pay dividends, could be adversely affected over time. ​ A Massachusetts Rent Control Initiative may be on the ballot on November 3, 2026 in Massachusetts as an indirect initiated state statute .
Failure to comply with these covenants could cause a default under the agreements and, in certain circumstances; our lenders may be entitled to accelerate our debt 10 Table of Contents obligations. Defaults under our debt agreements could materially and adversely affect our financial condition and results of operations.
Failure to comply with these covenants could cause a default under the agreements and, in certain circumstances; our lenders may be entitled to 10 Table of Contents accelerate our debt obligations. Defaults under our debt agreements could materially and adversely affect our financial condition and results of operations.
We are subject to control by our directors and officers. The directors and executive officers of the General Partner and members of their families and related entities owned approximately 35% of our Depositary Receipts as of December 31, 2024. Additionally, management decisions rest with our General Partner without limited partner approval.
We are subject to control by our directors and officers. The directors and executive officers of the General Partner and members of their families and related entities owned approximately 35% of our Depositary Receipts as of December 31, 2025. Additionally, management decisions rest with our General Partner without limited partner approval.
We are obligated to comply with financial covenants in our indebtedness that could restrict our range of operating activities. The mortgages on our properties contain customary negative covenants, including limitations on our ability, without prior consent of the lender and other items.
We are obligated to comply with financial covenants in our indebtedness that could restrict our range of operating activities. The mortgages on our properties contain customary negative covenants, including limitations on our ability, to incur additional debt, without prior consent of the lender and other items.
Removed
We may incur construction costs at the Mill Street development project that exceed our original estimates or experience competition delays due to increased material, labor, or other costs, or supply chain disruptions that could reduce the project’s profitability. ​ ​
Added
The ballot initiative would establish rent control in Massachusetts, limiting annual rent increases for residential units to the Consumer Price Index (CPI) or 5%, whichever is lower. The annual rent increase limit would be in place whether or not there was a change in tenancy in the rental unit.
Added
The initiative states that the rent amount in place on January 31, 2026, would be the base rent on which annual increases are calculated; if the unit was vacant on that date, the most previously used rental price would serve as the base rent.
Added
The rent increase limit would exempt owner -occupied buildings with fewer than 5 units; facilities where rent is subject to regulation by other public authorities (though not including those occupied by a tenant with a mobile housing voucher) dwelling units rented primarily to transient guests for less than 14 consecutive days; facilities operated only for educational, religious, or nonprofit purposes; and dwelling units with a date of first occupancy that is less than 10 years old.
Added
Our financial condition, results of operations, and cash flows, as well as our ability to pay dividends, could be adversely affected over time if voters were to pass such an initiative. ​ ​ 13 Table of Contents ​ Recent changes to state law may increase our rental expense .
Added
On August 1, 2025, a new Massachusetts state law became effective that prohibits real estate professionals, such as brokers, from charging tenants broker fees for services primarily provided to the landlord. Tenants may still choose to hire and pay for their own broker who will represent their interests in securing rental housing.
Added
This change may result in an increase in our rental expense. ​ ​ ​

Item 2. Properties

Properties — owned and leased real estate

27 edited+6 added−7 removed21 unchanged
Biggest changeApartment Complexes The table below lists the location of the 2,943 Apartment Units, the number and type of units in each complex, the range of rents and vacancies as of February 1, 2025, the principal amount outstanding under any mortgages as of December 31, 2024, the fixed interest rates applicable to such mortgages, and the maturity dates of such mortgages. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Interest Rate ​ Maturity ​ ​ ​ Number and Type ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Date of ​ Apartment Complex ​ of Units ​ Rent Range ​ Vacancies ​ December 31, 2024 (1) Mortgage Boylston Downtown L.P. 268 units ​ ​ ​ ​ ​ 12 ​ $ 33,145,648 ​ 2028 ​ 62 Boylston Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 3.97 % ​ ​ Boston, MA 0 two bedroom ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ 53 one bedroom ​ $ 3,250 – 3,400 ​ ​ ​ ​ ​ ​ ​ ​ ​ 215 studios ​ $ 2,500 – 2,700 ​ ​ ​ ​ ​ ​ ​ ​ Brookside Associates, LLC 44 units ​ ​ ​ ​ ​ 3 ​ $ 6,175,000 ​ 2035 ​ 5–7–10–12 Totman Road 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 3.53 % ​ ​ Woburn, MA 34 two bedroom ​ $ 2,200 – 2,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ 10 one bedroom ​ $ 2,000 – 2,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Clovelly Apartments L.P. 103 units ​ ​ ​ ​ ​ — ​ $ 11,214,000 ​ 2031 ​ 160–170 Concord Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ Nashua, NH 53 two bedroom ​ $ 1,725 – 2,050 ​ ​ ​ ​ ​ ​ ​ ​ ​ 50 one bedroom ​ $ 1,690 – 1,795 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Commonwealth 1137 L.P. 35 units ​ ​ ​ ​ ​ 2 ​ $ 5,440,000 ​ 2031 ​ 1131–1137 Commonwealth Ave. 29 three bedroom ​ $ 2,750 – 4,725 ​ ​ ​ 2.97 % ​ ​ Allston, MA 4 two bedroom ​ $ 2,500 – 3,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 one bedroom ​ $ 2,300 – 2,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 studio ​ $ 1,600 – 1,600 ​ ​ ​ ​ ​ ​ ​ ​ Commonwealth 1144 L.P. 261 units ​ ​ ​ ​ ​ 10 ​ $ 32,325,000 ​ 2031 ​ 1144–1160 Commonwealth Ave. 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ Allston, MA 11 two bedroom ​ $ 2,800 – 2,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ 109 one bedroom ​ $ 1,600 – 2,925 ​ ​ ​ ​ ​ ​ ​ ​ ​ 141 studios ​ $ 1,650 – 2,400 ​ ​ ​ ​ ​ ​ ​ ​ Nera Dean Street Associates, LLC 69 units ​ ​ ​ ​ ​ 2 ​ $ 10,322,000 ​ 2032 ​ 38–48 Dean Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 4.33 % ​ ​ Norwood, MA 66 two bedroom ​ $ 2,400 – 2,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 one bedroom ​ $ 1,975 – 1,975 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Executive Apartments L.P. 72 units ​ ​ ​ ​ ​ 1 ​ $ 8,190,000 ​ 2031 ​ 545–561 Worcester Road 1 three bedroom ​ $ 2,525 – 2,525 ​ ​ ​ 2.97 % ​ ​ Framingham, MA 47 two bedroom ​ $ 2,175 – 2,575 ​ ​ ​ ​ ​ ​ ​ ​ ​ 23 one bedroom ​ $ 1,825 – 2,075 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 studio ​ $ 1,700 – 1,700 ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Battle Green LLC 48 units ​ ​ ​ ​ ​ 2 ​ $ 3,629,770 ​ 2026 ​ 34–42 Worthen Road 0 three bedroom ​ ​ ​ ​ N/A ​ ​ ​ 4.95 % ​ ​ Lexington, MA 24 two bedroom ​ $ 2,650 – 3,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ 24 one bedroom ​ $ 2,250 – 2,650 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Green Apartments LLC 193 units ​ ​ ​ ​ ​ 2 ​ $ 31,336,828 ​ 2028 ​ 311–319 Lowell Street 10 three bedroom ​ $ 3,400 – 4,400 ​ ​ ​ 4.67 % ​ ​ Andover, MA 168 two bedroom ​ $ 2,600 – 2,700 ​ ​ ​ ​ ​ ​ ​ ​ ​ 15 one bedroom ​ $ 2,250 – 2,350 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ $ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Highlands ​ 79 units ​ ​ ​ ​ ​ ​ — ​ $ 18,970,055 ​ 2026 ​ 755-757 Highland Avenue ​ 0 three bedroom ​ $ ​ – N/A ​ ​ ​ ​ 3.76 % ​ ​ Needham,Ma. ​ 76 two bedroom ​ $ 2,850 – 3,400 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2 one bedroom ​ $ 2,450 – 2,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 studio ​ $ 2,400 – 2,400 ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Oaks Associates, LLC 268 units ​ ​ ​ ​ ​ 7 ​ $ 26,666,000 ​ 2031 ​ 30–50 Oak Street Extension 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ 40–60 Reservoir Street 96 two bedroom ​ $ 2,145 – 2,200 ​ ​ ​ ​ ​ ​ ​ ​ Brockton, MA 159 one bedroom ​ $ 1,875 – 1,925 ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 studios ​ $ 1,625 – 1,625 ​ ​ ​ ​ ​ ​ ​ ​ Highland Street Apartments L.P. 36 units ​ ​ ​ ​ ​ — ​ $ 3,960,000 ​ 2031 ​ 38–40 Highland Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ Lowell, MA 24 two bedroom ​ $ 1,675 – 1,725 ​ ​ ​ ​ ​ ​ ​ ​ ​ 10 one bedroom ​ $ 1,500 – 1,550 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2 studios ​ $ 1,425 – 1,425 ​ ​ ​ ​ ​ ​ ​ ​ ​ 15 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Interest Rate ​ Maturity ​ ​ Number and Type ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Date of Apartment Complex ​ of Units ​ Rent Range ​ Vacancies ​ December 31, 2024 (1) Mortgage Linhart L.P. 9 units ​ ​ ​ ​ ​ 1 ​ $ ​ ​ ​ ​ 4–34 Lincoln Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ — % ​ ​ Newton, MA 0 two bedroom ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ 5 one bedroom ​ $ 1,850 – 2,250 ​ ​ ​ ​ ​ ​ ​ ​ ​ 4 studios ​ $ 1,775 – 1,775 ​ ​ ​ ​ ​ ​ ​ ​ Mill Street Development (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ — % ​ ​ 57 Mill Street ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Woburn,MA. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mill Street Gardens, LLC ​ 181 units ​ ​ ​ ​ ​ ​ 3 ​ $ 31,000,000 ​ 2035 ​ 57 Mill Street ​ 0 three bedroom ​ ​ ​ N/A ​ ​ ​ ​ 3.59 % ​ ​ Woburn,MA. ​ 116 two bedroom ​ $ 2,950 ​ 2,950 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 62 one bedroom ​ $ 2,150 – 2,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 studios ​ $ 1,775 – 1,775 ​ ​ ​ ​ ​ ​ ​ ​ North Beacon 140 L.P. 65 units ​ ​ ​ ​ ​ 4 ​ $ 12,683,000 ​ 2031 ​ 140–154 North Beacon Street 10 three bedroom ​ $ 3,100 – 4,200 ​ ​ ​ 2.97 % ​ ​ Brighton, MA 54 two bedroom ​ $ 3,500 – 3,600 ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 one bedroom ​ $ 2,200 – 2,200 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Olde English Apartments L.P. 84 units ​ ​ ​ ​ ​ — ​ $ 9,608,000 ​ 2031 ​ 703–718 Chelmsford Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ Lowell, MA 47 two bedroom ​ $ 1,750 – 1,800 ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 one bedroom ​ $ 1,650 – 1,750 ​ ​ ​ ​ ​ ​ ​ ​ ​ 7 studios ​ $ 1,525 – 1,525 ​ ​ ​ ​ ​ ​ ​ ​ Redwood Hills L.P. 180 units ​ ​ ​ ​ ​ 3 ​ $ 17,105,000 ​ 2031 ​ 376-382 Sunderland road 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ Worcester, MA 89 two bedroom ​ $ 1,950 – 2,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ 91 one bedroom ​ $ 1,950 – 2,050 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Residences at Captain Parkers LLC ​ 94 units ​ ​ ​ ​ ​ 2 ​ $ 20,750,000 ​ 2029 ​ 125 Worthen Road and Ryder Lane ​ 8 three bedroom ​ $ 3,800 – 5,100 ​ ​ ​ 4.05 % ​ ​ Lexington, MA ​ 48 two bedroom ​ $ 2,850 – 3,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 38 one bedroom ​ $ 2,500 – 2,950 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ River Drive L.P. 72 units ​ ​ ​ ​ ​ 7 ​ $ 9,543,000 ​ 2031 ​ 3–17 River Drive 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ Danvers, MA 60 two bedroom ​ $ 1,950 – 2,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ 5 one bedroom ​ $ 1,950 – 2,050 ​ ​ ​ ​ ​ ​ ​ ​ ​ 7 studios ​ $ 2,000 – 2,150 ​ ​ ​ ​ ​ ​ ​ ​ School Street 9, LLC 184 units ​ ​ ​ ​ ​ 1 ​ $ 26,993,000 ​ 2032 ​ 9 School Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 4.33 % ​ ​ Framingham, MA 96 two bedroom ​ $ 2,675 – 2,725 ​ ​ ​ ​ ​ ​ ​ ​ ​ 88 one bedroom ​ $ 2,175 – 2,200 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shawmut Place LLC 52 units ​ ​ ​ ​ ​ — ​ $ — ​ ​ ​ 105-117 West Concord St, 473-477 Shawmut Ave, ​ 12 four bedroom ​ $ 3865 – 5500 ​ ​ ​ ​ ​ ​ ​ ​ and 26-30 Rutland St ​ 4 three bedroom ​ $ 3235 – 4600 ​ ​ ​ ​ ​ ​ ​ Boston, MA ​ 13 two bedroom ​ $ 4100 – 4225 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 23 one bedroom ​ $ 3195 – 3295 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ WCB Associates, LLC 180 units ​ ​ ​ ​ ​ 1 ​ $ 19,266,000 ​ 2031 ​ 10–70 Westland Street 0 three bedroom ​ $ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ 985–997 Pleasant Street 96 two bedroom ​ $ 1,485 – 2,215 ​ ​ ​ ​ ​ ​ ​ ​ Brockton, MA 84 one bedroom ​ $ 1,465 – 1,895 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Westgate Apartments, LLC 220 units ​ ​ ​ ​ ​ 1 ​ $ 38,475,000 ​ 2032 ​ 2–20 Westgate Drive 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 4.33 % ​ ​ Woburn, MA 110 two bedroom ​ $ 2,050 – 2,550 ​ ​ ​ ​ ​ ​ ​ ​ ​ 110 one bedroom ​ $ 1,750 – 2,325 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Westgate Apartments Burlington, LLC 20 units ​ ​ ​ ​ ​ — ​ $ 4,494,000 ​ 2032 ​ 105–107 Westgate Drive 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 4.33 % ​ ​ Burlington, MA 12 two bedroom ​ $ 2,300 – 3,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ 8 one bedroom ​ $ 2,000 – 2,200 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Woodland Park Partners, LLC 126 units ​ ​ ​ ​ ​ 3 ​ $ 21,378,432 ​ 2027 ​ 264-290 Grove Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 3.79 % ​ ​ Newton, MA 80 two bedroom ​ $ 1,750 – 2,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 one bedroom ​ $ 1,825 – 2,425 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 16 studios ​ $ 1,635 – 2,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The mortgage balance is stated before unamortized deferred financing costs. 16 Table of Contents (2) Mill Street Development, LLC, was held for development.
Biggest changeThe table below lists the location of the 3,411 Apartment Units, the number and type of units in each complex, the range of rents and vacancies as of February 1, 2026, the principal amount outstanding under any mortgages as of December 31, 2025, the fixed interest rates applicable to such mortgages, and the maturity dates of such mortgages. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Interest Rate ​ Maturity ​ ​ ​ Number and Type ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Date of ​ Apartment Complex ​ of Units ​ Rent Range ​ Vacancies ​ December 31, 2025 (1) Mortgage Boylston Downtown L.P. 268 units ​ ​ ​ ​ ​ 7 ​ $ 32,160,432 ​ 2028 ​ 62 Boylston Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 3.97 % ​ ​ Boston, MA 0 two bedroom ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ 53 one bedroom ​ $ 3,150 – 3,375 ​ ​ ​ ​ ​ ​ ​ ​ ​ 215 studios ​ $ 2,475 – 2,675 ​ ​ ​ ​ ​ ​ ​ ​ Brookside Associates, LLC 44 units ​ ​ ​ ​ ​ — ​ $ 6,175,000 ​ 2035 ​ 5–7–10–12 Totman Road 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 3.53 % ​ ​ Woburn, MA 34 two bedroom ​ $ 2,270 – 2,325 ​ ​ ​ ​ ​ ​ ​ ​ ​ 10 one bedroom ​ $ 1,950 – 2,100 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Clovelly Apartments L.P. 103 units ​ ​ ​ ​ ​ 2 ​ $ 10,704,080 ​ 2035 ​ 160–170 Concord Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97-5.99 % ​ ​ Nashua, NH 53 two bedroom ​ $ 1,875 – 2,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ 50 one bedroom ​ $ 1,700 – 1,825 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Commonwealth 1137 L.P. 35 units ​ ​ ​ ​ ​ 3 ​ $ 9,608,410 ​ 2035 ​ 1131–1137 Commonwealth Ave. 29 three bedroom ​ $ 2,950 – 4,000 ​ ​ ​ 2.97-5.99 % ​ ​ Allston, MA 4 two bedroom ​ $ 2,875 – 3,175 ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 one bedroom ​ $ 2,300 – 2,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 studio ​ $ 1,600 – 1,800 ​ ​ ​ ​ ​ ​ ​ ​ Commonwealth 1144 L.P. 261 units ​ ​ ​ ​ ​ 8 ​ $ 59,987,234 ​ 2035 ​ 1144–1160 Commonwealth Ave. 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97-5.99 % ​ ​ Allston, MA 11 two bedroom ​ $ 2,500 – 2,950 ​ ​ ​ ​ ​ ​ ​ ​ ​ 109 one bedroom ​ $ 2,175 – 2,600 ​ ​ ​ ​ ​ ​ ​ ​ ​ 141 studios ​ $ 1,875 – 2,400 ​ ​ ​ ​ ​ ​ ​ ​ Nera Dean Street Associates, LLC 69 units ​ ​ ​ ​ ​ 5 ​ $ 9,732,984 ​ 2035 ​ 38–48 Dean Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97-5.99 % ​ ​ Norwood, MA 66 two bedroom ​ $ 2,200 – 2,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 one bedroom ​ $ 1,975 – 2,050 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Executive Apartments L.P. 72 units ​ ​ ​ ​ ​ 1 ​ $ 7,616,967 ​ 2035 ​ 545–561 Worcester Road 1 three bedroom ​ $ 2,575 – 2,575 ​ ​ ​ 2.97-5.99 % ​ ​ Framingham, MA 47 two bedroom ​ $ 2,175 – 2,375 ​ ​ ​ ​ ​ ​ ​ ​ ​ 23 one bedroom ​ $ 1,825 – 2,075 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 studio ​ $ 1,600 – 1,600 ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Battle Green LLC 48 units ​ ​ ​ ​ ​ 3 ​ $ 3,485,948 ​ 2026 ​ 34–42 Worthen Road 0 three bedroom ​ ​ ​ ​ N/A ​ ​ ​ 4.95 % ​ ​ Lexington, MA 24 two bedroom ​ $ 2,750 – 3,250 ​ ​ ​ ​ ​ ​ ​ ​ ​ 24 one bedroom ​ $ 2,400 – 2,650 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Green Apartments LLC 193 units ​ ​ ​ ​ ​ 5 ​ $ 30,442,405 ​ 2028 ​ 311–319 Lowell Street 10 three bedroom ​ $ 3,400 – 4,000 ​ ​ ​ 4.67 % ​ ​ Andover, MA 168 two bedroom ​ $ 2,600 – 3,200 ​ ​ ​ ​ ​ ​ ​ ​ ​ 15 one bedroom ​ $ 2,250 – 2,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ $ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Highlands ​ 79 units ​ ​ ​ ​ ​ ​ 4 ​ $ 20,511,229 ​ 2035 ​ 755-757 Highland Avenue ​ 0 three bedroom ​ ​ ​ ​ N/A ​ ​ ​ ​ 2.97-5.99 % ​ ​ Needham,Ma. ​ 76 two bedroom ​ $ 2,850 – 3,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2 one bedroom ​ $ 2,450 – 2,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 studio ​ $ 2,400 – 2,400 ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Oaks Associates, LLC 268 units ​ ​ ​ ​ ​ 3 ​ $ 28,712,824 ​ 2035 ​ 30–50 Oak Street Extension 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97-5.99 % ​ ​ 40–60 Reservoir Street 96 two bedroom ​ $ 2,145 – 2,450 ​ ​ ​ ​ ​ ​ ​ ​ Brockton, MA 159 one bedroom ​ $ 1,875 – 2,050 ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 studios ​ $ 1,625 – 1,750 ​ ​ ​ ​ ​ ​ ​ ​ Highland Street Apartments L.P. 36 units ​ ​ ​ ​ ​ — ​ $ 4,084,284 ​ 2035 ​ 38–40 Highland Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97-5.99 % ​ ​ Lowell, MA 24 two bedroom ​ $ 1,700 – 1,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ 10 one bedroom ​ $ 1,500 – 1,700 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2 studios ​ $ 1,450 – 1,550 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 16 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Interest Rate ​ Maturity ​ ​ Number and Type ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Date of Apartment Complex ​ of Units ​ Rent Range ​ Vacancies ​ December 31, 2025 (1) Mortgage Hill Estates NERA LLC ​ 396 units ​ ​ ​ ​ ​ ​ 54 ​ ​ 67,656,000 ​ 2035 ​ 55 Brighton Street and more ​ 3 three bedroom ​ $ 3,250 ​ 3,600 ​ ​ ​ ​ 5.19 % ​ ​ Belmont, MA ​ 325 two bedroom ​ $ 2,375 – 2,925 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 65 one bedroom ​ $ 1,850 – 2,400 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 studios ​ $ 1,775 – 2,000 ​ ​ ​ ​ ​ ​ ​ ​ Linhart L.P. 9 units ​ ​ ​ ​ ​ — ​ $ ​ ​ ​ ​ 4–34 Lincoln Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ — % ​ ​ Newton, MA 0 two bedroom ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ 5 one bedroom ​ $ 1,850 – 2,250 ​ ​ ​ ​ ​ ​ ​ ​ ​ 4 studios ​ $ 1,775 – 1,775 ​ ​ ​ ​ ​ ​ ​ ​ Mill Street Heights 72 units ​ ​ ​ ​ ​ 30 ​ ​ 17,500,000 ​ 2027 ​ 57 Mill Street 10 three bedroom ​ $ 3,225 ​ 3,500 ​ ​ ​ 5.68 % ​ ​ Woburn,MA. 40 two bedroom ​ $ 2,275 ​ 3,075 ​ ​ ​ ​ ​ ​ ​ ​ ​ 22 one bedroom ​ $ 2,050 ​ 2,350 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mill Street Gardens, LLC ​ 181 units ​ ​ ​ ​ ​ ​ — ​ $ 30,463,392 ​ 2035 ​ 57 Mill Street ​ 0 three bedroom ​ ​ ​ N/A ​ ​ ​ ​ 3.59 % ​ ​ Woburn,MA. ​ 116 two bedroom ​ $ 2,200 ​ 2,875 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 62 one bedroom ​ $ 2,150 – 2,275 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 studios ​ $ 1,775 – 1,800 ​ ​ ​ ​ ​ ​ ​ ​ North Beacon 140 L.P. 65 units ​ ​ ​ ​ ​ 2 ​ $ 16,628,581 ​ 2035 ​ 140–154 North Beacon Street 10 three bedroom ​ $ 3,100 – 3,900 ​ ​ ​ 2.97-5.99 % ​ ​ Brighton, MA 54 two bedroom ​ $ 3,250 – 3,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 one bedroom ​ $ 2,400 – 2,400 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Olde English Apartments L.P. 84 units ​ ​ ​ ​ ​ — ​ $ 10,254,456 ​ 2035 ​ 703–718 Chelmsford Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97-5.99 % ​ ​ Lowell, MA 47 two bedroom ​ $ 1,750 – 2,100 ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 one bedroom ​ $ 1,650 – 1,875 ​ ​ ​ ​ ​ ​ ​ ​ ​ 7 studios ​ $ 1,525 – 1,575 ​ ​ ​ ​ ​ ​ ​ ​ Redwood Hills L.P. 180 units ​ ​ ​ ​ ​ 4 ​ $ 19,558,674 ​ 2035 ​ 376-382 Sunderland road 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97-5.99 % ​ ​ Worcester, MA 89 two bedroom ​ $ 1,950 – 2,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ 91 one bedroom ​ $ 1,950 – 2,050 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Residences at Captain Parkers LLC ​ 94 units ​ ​ ​ ​ ​ 6 ​ $ 20,750,000 ​ 2029 ​ 125 Worthen Road and Ryder Lane ​ 8 three bedroom ​ $ 3,800 – 4,800 ​ ​ ​ 4.05 % ​ ​ Lexington, MA ​ 48 two bedroom ​ $ 2,850 – 3,800 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 38 one bedroom ​ $ 2,500 – 2,950 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ River Drive L.P. 72 units ​ ​ ​ ​ ​ 1 ​ $ 7,138,950 ​ 2035 ​ 3–17 River Drive 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97-5.99 % ​ ​ Danvers, MA 60 two bedroom ​ $ 1,950 – 2,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ 5 one bedroom ​ $ 1,950 – 2,050 ​ ​ ​ ​ ​ ​ ​ ​ ​ 7 studios ​ $ 1,850 – 1,975 ​ ​ ​ ​ ​ ​ ​ ​ School Street 9, LLC 184 units ​ ​ ​ ​ ​ — ​ $ 26,917,222 ​ 2035 ​ 9 School Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97-5.99 % ​ ​ Framingham, MA 96 two bedroom ​ $ 2,675 – 2,725 ​ ​ ​ ​ ​ ​ ​ ​ ​ 88 one bedroom ​ $ 2,125 – 2,275 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shawmut Place LLC 52 units ​ ​ ​ ​ ​ — ​ $ — ​ ​ ​ 105-117 West Concord St, 473-477 Shawmut Ave, ​ 12 four bedroom ​ $ 5,200 – 5,500 ​ ​ ​ ​ ​ ​ ​ ​ and 26-30 Rutland St ​ 4 three bedroom ​ $ 3,435 – 4,750 ​ ​ ​ ​ ​ ​ ​ Boston, MA ​ 13 two bedroom ​ $ 3,175 – 4,100 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 23 one bedroom ​ $ 3,195 – 3,475 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ WCB Associates, LLC 180 units ​ ​ ​ ​ ​ 4 ​ $ 17,151,791 ​ 2035 ​ 10–70 Westland Street 0 three bedroom ​ $ ​ ​ N/A ​ ​ ​ 2.97-5.99 % ​ ​ 985–997 Pleasant Street 96 two bedroom ​ $ 1,650 – 2,285 ​ ​ ​ ​ ​ ​ ​ ​ Brockton, MA 84 one bedroom ​ $ 1,500 – 1,925 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Westgate Apartments, LLC 220 units ​ ​ ​ ​ ​ 2 ​ $ 40,893,829 ​ 2035 ​ 2–20 Westgate Drive 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97-5.99 % ​ ​ Woburn, MA 110 two bedroom ​ $ 2,100 – 2,550 ​ ​ ​ ​ ​ ​ ​ ​ ​ 110 one bedroom ​ $ 1,800 – 2,325 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Westgate Apartments Burlington, LLC 20 units ​ ​ ​ ​ ​ — ​ $ 5,446,485 ​ 2035 ​ 105–107 Westgate Drive 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97-5.99 % ​ ​ Burlington, MA 12 two bedroom ​ $ 2,300 – 3,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ 8 one bedroom ​ $ 2,000 – 2,350 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Woodland Park Partners, LLC 126 units ​ ​ ​ ​ ​ 4 ​ $ 20,949,816 ​ 2027 ​ 264-290 Grove Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 3.79 % ​ ​ Newton, MA 80 two bedroom ​ $ 1,900 – 2,925 ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 one bedroom ​ $ 1,850 – 2,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 16 studios ​ $ 1,800 – 2,325 ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) On May 30,2025, the Partnership borrowed $40,000,000, at an interest rate of 5.99%, under the Master Credit Facility, which was allocated among specific properties within the credit facility.
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. As of December 31, 2024, all residential units were sold. The Partnership still owns the commercial building.
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. As of December 31, 2025, all residential units were sold. The Partnership still owns the commercial building.
On July 14, 2023, the Partnership purchased a 52 unit mixed use property in the South End neighborhood of Boston, MA comprised of three buildings at 26-30 Rutland Street, 105-117 West Concord Street and 475 Shawmut Avenue, and 3,397 square feet of commercial space for a purchase price of approximately $27,500,000.
On July 14, 2023, the Partnership purchased a 52 unit mixed use property in the South End neighborhood of Boston, MA comprised of three buildings at 26-30 Rutland Street, 105-117 West Concord Street and 475 Shawmut Avenue, and 7,299 square feet of commercial space for a purchase price of approximately $27,500,000.
This investment is referred to as Hamilton Minuteman, LLC. At December 31, 2024, the balance on this mortgage before unamortized deferred financing costs is approximately $6,000,000. In 2018, the carrying value of the investment fell below zero.
This investment is referred to as Hamilton Minuteman, LLC. At December 31, 2025, the balance on this mortgage before unamortized deferred financing costs is $6,000,000. In 2018, the carrying value of the investment fell below zero.
In 1995, this Subsidiary Partnership acquired the Boylston Downtown property in Boston, Massachusetts (“Boylston”). This mixed-use property includes 15,908 square feet of rentable commercial space. As of February 1, 2025, the commercial space was fully occupied, and the average rent per square foot was $33.15. For mortgage balance, interest rate and maturity date information see “Apartment Complexes” above.
In 1995, this Subsidiary Partnership acquired the Boylston Downtown property in Boston, Massachusetts (“Boylston”). This mixed-use property includes 15,908 square feet of rentable commercial space. As of February 1, 2026, the commercial space was fully occupied, and the average rent per square foot was $35.23. For mortgage balance, interest rate and maturity date information see “Apartment Complexes” above.
The property consists of 5,850 square feet of rentable commercial space. As of February 1, 2025, the commercial space was fully occupied and the average rent per square foot was $37.33. HAMILTON CYPRESS LLC. In 2008, the Partnership acquired a medical office building in Brookline, Massachusetts. The property consists of 17,718 square feet of rentable commercial space.
As of February 1, 2026, the commercial space was fully occupied and the average rent per square foot was $37.33. HAMILTON CYPRESS LLC. In 2008, the Partnership acquired a medical office building in Brookline, Massachusetts. The property consists of 17,718 square feet of rentable commercial space.
Free rent amortized in 2024 was approximately $53,000, compared to $37,000 in 2023. (1) The mortgage balance is stated before unamortized deferred financing costs. ​ 19 Table of Contents 345 FRANKLIN, 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.
Free rent amortized in 2025 was approximately $185,000, compared to $53,000 in 2024. (1) The mortgage balance is stated before unamortized deferred financing costs. ​ 20 Table of Contents 345 FRANKLIN, 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.
Although the Partnership has no legal obligation, the Partnership intends to fund its share of any future operating deficits if needed. At December 31, 2024, the balance of this mortgage before unamortized deferred financing costs is approximately $8,243,000. This investment is referred to as 345 Franklin, LLC. ​ HAMILTON ON MAIN, LLC.
Although the Partnership has no legal obligation, the Partnership intends to fund its share of any future operating deficits if needed. At December 31, 2025, the balance of this mortgage before unamortized deferred financing costs is approximately $7,994,000. This investment is referred to as 345 Franklin, LLC. ​ HAMILTON ON MAIN, LLC.
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 December 31, 2024, the balance on this mortgage before unamortized deferred financing costs is approximately $125,000,000.
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 December 31, 2025, the balance on this mortgage before unamortized deferred financing costs is $125,000,000. ​ 22 Table of Contents
The table below lists the location of the 19 Condominium Units, the type of units, the range of rents received by the Partnership for such units, and the number of vacancies as of February 1, 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Balance ​ ​ ​ Number and Type ​ ​ ​ ​ ​ ​ ​ ​ and Interest Rate ​ Maturity ​ ​ of Units Owned ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Date of Condominiums ​ by Partnership ​ Rent Range ​ Vacancies ​ December 31, 2024 ​ Mortgage Riverside Apartments 19 units ​ ​ ​ ​ ​ 1 — — ​ 8–20 Riverside Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ Watertown, MA 12 two bedroom ​ $ 2,125 – 2,600 ​ ​ ​ ​ ​ ​ ​ ​ 5 one bedroom ​ $ 2,100 – 2,400 ​ ​ ​ ​ ​ ​ ​ ​ 2 studios ​ $ 2,000 – 2,000 ​ ​ ​ ​ ​ ​ ​ Commercial Properties BOYLSTON DOWNTOWN LP.
The table below lists the location of the 19 Condominium Units, the type of units, the range of rents received by the Partnership for such units, and the number of vacancies as of February 1, 2026. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Balance ​ ​ ​ ​ ​ ​ Number and Type ​ ​ ​ ​ ​ ​ ​ ​ and Interest Rate ​ Maturity ​ ​ of Units Owned ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Date of Condominiums ​ by Partnership ​ Rent Range ​ Vacancies ​ December 31, 2025 ​ Mortgage Riverside Apartments 19 units ​ ​ ​ ​ ​ 1 — — ​ 8–20 Riverside Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ Watertown, MA 12 two bedroom ​ $ 2,400 – 2,675 ​ ​ ​ ​ ​ ​ ​ ​ 5 one bedroom ​ $ 2,200 – 2,400 ​ ​ ​ ​ ​ ​ ​ ​ 2 studios ​ $ 1,850 – 1,925 ​ ​ ​ ​ ​ ​ ​ Commercial Properties BOYLSTON DOWNTOWN LP.
As of February 1, 2025, the space was fully occupied and the average rent per square foot was $38.95. 653 WORCESTER Road LLC. On January 18, 2023, the Partnership purchased a commercial retail property of 20,693 square feet of rentable commercial space located at 653 Worcester Road in Framingham, Massachusetts for the sum of approximately $10,151,000.
On January 18, 2023, the Partnership purchased a commercial retail property of 20,693 square feet of rentable commercial space located at 653 Worcester Road in Framingham, Massachusetts for the sum of approximately $10,151,000. As of February 1, 2026, the space was fully occupied and the average rent per square foot was $28.25. SHAWMUT PLACE, LLC.
The Partnership has a 50% ownership interest in the properties summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Interest Rate ​ Maturity ​ ​ Number and Type ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Date of Investment Properties ​ of Units ​ Range ​ Vacancies ​ December 31, 2024 (1) Mortgage 345 Franklin, LLC 40 Units ​ ​ ​ ​ ​ — ​ $ 8,242,892 ​ 2028 ​ 345 Franklin Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 3.87 % ​ ​ Cambridge, MA 39 two bedroom ​ $ 3,800 – 4,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 one bedroom ​ $ 3,350 – 3,350 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Hamilton on Main Apartments, LLC 148 Units ​ ​ ​ ​ ​ 4 ​ $ 23,589,000 ​ 2034 ​ 223 Main Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 5.43 % ​ ​ Watertown, MA 93 two bedroom ​ $ 2,700 – 2,950 ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 one bedroom ​ $ 2,550 – 2,675 ​ ​ ​ ​ ​ ​ ​ ​ ​ 24 studios ​ $ 1,810 – 2,400 ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Minuteman, LLC 42 Units ​ ​ ​ ​ ​ 1 ​ $ 6,000,000 ​ 2031 ​ 1 April Lane 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 3.71 % ​ ​ Lexington, MA 40 two bedroom ​ $ 2,995 – 3,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2 one bedroom ​ $ 2,450 – 2,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Essex 81 LLC 49 Units ​ ​ ​ ​ ​ 1 ​ $ 10,000,000 ​ 2025 ​ Residential 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 7.00 % ​ ​ 81–83 Essex Street 11 two bedroom ​ $ 3,100 – 3,500 ​ ​ ​ ​ ​ ​ ​ ​ Boston, MA 38 one bedroom ​ $ 2,335 ​ 3,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Essex Development LLC Parking Lot ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 81–83 Essex Street ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Boston, MA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hamilton 1025 LLC Commercial Building ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1025 Hancock Street ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quincy,MA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Partnership has a 40% ownership interest in the property summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Park Towers, LLC 409 Units ​ ​ ​ ​ ​ 7 ​ $ 125,000,000 ​ 2028 ​ 175–185 Freeman Street, 71 three bedroom ​ $ 4,100 – 6,400 ​ ​ ​ 3.99 % ​ ​ Brookline,MA 227 two bedroom ​ $ 3,300 – 4,225 ​ ​ ​ ​ ​ ​ ​ ​ ​ 111 one bedroom ​ $ 2,850 – 3,525 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Current free rent concessions would result in an average reduction in unit rents of $6.38 per month per unit.
The Partnership has a 50% ownership interest in the properties summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Interest Rate ​ Maturity ​ ​ Number and Type ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Date of Investment Properties ​ of Units ​ Range ​ Vacancies ​ December 31, 2025 (1) Mortgage 345 Franklin, LLC 40 Units ​ ​ ​ ​ ​ — ​ $ 7,993,559 ​ 2028 ​ 345 Franklin Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 3.87 % ​ ​ Cambridge, MA 39 two bedroom ​ $ 3,800 – 4,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 one bedroom ​ $ 3,000 – 3,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Hamilton on Main Apartments, LLC 148 Units ​ ​ ​ ​ ​ 7 ​ $ 23,589,000 ​ 2034 ​ 223 Main Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 5.43 % ​ ​ Watertown, MA 93 two bedroom ​ $ 2,700 – 3,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 one bedroom ​ $ 2,550 – 2,750 ​ ​ ​ ​ ​ ​ ​ ​ ​ 24 studios ​ $ 1,825 – 2,450 ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Minuteman, LLC 42 Units ​ ​ ​ ​ ​ 2 ​ $ 6,000,000 ​ 2031 ​ 1 April Lane 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 3.71 % ​ ​ Lexington, MA 40 two bedroom ​ $ 2,995 – 3,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2 one bedroom ​ $ 2,450 – 2,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Essex 81 LLC 49 Units ​ ​ ​ ​ ​ 1 ​ $ 12,214,000 ​ 2035 ​ Residential 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 5.61 % ​ ​ 81–83 Essex Street 11 two bedroom ​ $ 3,100 – 3,595 ​ ​ ​ ​ ​ ​ ​ ​ Boston, MA 38 one bedroom ​ $ 2,350 ​ 2,895 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Essex Development LLC Parking Lot ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 81–83 Essex Street ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Boston, MA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hamilton 1025 LLC Commercial Building ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1025 Hancock Street ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quincy,MA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Partnership has a 40% ownership interest in the property summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Park Towers, LLC 409 Units ​ ​ ​ ​ ​ 6 ​ $ 125,000,000 ​ 2028 ​ 175–185 Freeman Street, 71 three bedroom ​ $ 4,250 – 5,350 ​ ​ ​ 3.99 % ​ ​ Brookline,MA 227 two bedroom ​ $ 3,350 – 4,425 ​ ​ ​ ​ ​ ​ ​ ​ ​ 111 one bedroom ​ $ 2,850 – 3,575 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Current free rent concessions would result in an average reduction in unit rents of $22.43 per month per unit.
Approximately 31% of our commercial leases contain rent escalations which range from $0.32 to $2.80 per square foot per year . ​ 18 Table of Contents Investment Properties See Note 15 to the Consolidated Financial Statements for additional information regarding the Investment Properties.
Approximately 31% of our commercial leases contain rent escalations which range from $0.17 to $3.06 per square foot per year. ​ 19 Table of Contents Investment Properties See Note 15 to the Consolidated Financial Statements for additional information regarding the Investment Properties.
As of February 1, 2025, the commercial space was fully occupied, and the average rent per square foot was $15.50.The Partnership also rents roof space for a cellular phone antenna at an average rent of approximately $63,000 per year through November 2040. For mortgage balance, interest rate and maturity date information see “Apartment Complexes” above. LINHART LP.
As of February 1, 2026, the commercial space was fully occupied, and the average rent per square foot was $27.24.The Partnership also rents roof space for a cellular phone antenna at an average rent of approximately $63,000 per year through November 2040. For mortgage balance, interest rate and maturity date information see “Apartment Complexes” above. HILL ESTATES NERA, LLC.
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.
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.
The Partnership’s share of costs associated with the transfer of interests in the Borrower was approximately $107,000. 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.
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 1999, the Partnership acquired the Staples Plaza shopping center in Framingham, Massachusetts. The shopping center consists of 38,268 square feet of rentable commercial space. As of February 1, 2025, this property was fully occupied and the average rent per square foot was $26.33. ​ HAMILTON LINEWT ASSOCIATES, LLC. In 2007, the Partnership acquired a retail block in Newton, Massachusetts.
As of February 1, 2026, this property was fully occupied and the average rent per square foot was $ 26.33. ​ HAMILTON LINEWT ASSOCIATES, LLC. In 2007, the Partnership acquired a retail block in Newton, Massachusetts. The property consists of 5,850 square feet of rentable commercial space.
The investment is referred to as Hamilton on Main LLC. 20 Table of Contents HAMILTON MINUTEMAN, 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.
At December 31, 2025, the balance of the mortgage before unamortized deferred finance is $23,589,000.The investment is referred to as Hamilton on Main LLC. HAMILTON MINUTEMAN, 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.
Free rent expense amortized in 2024 was approximately $122,000 compared to approximately $76,000 in 2023. See Note 5 to the Consolidated Financial Statements for information relating to the mortgages payable of the Partnership and Subsidiary Partnerships. Condominium Units The Partnership owns and leases to residential tenants 19 Condominium Units in the metropolitan Boston area of Massachusetts.
See Note 5 to the Consolidated Financial Statements for information relating to the mortgages payable of the Partnership and Subsidiary Partnerships. Condominium Units The Partnership owns and leases to residential tenants 19 Condominium Units in the metropolitan Boston area of Massachusetts.
In 1995, the Partnership acquired the Linhart property in Newton, Massachusetts (“Linhart”). This mixed-use property includes 22,200 square feet of rentable commercial space. As of February 1, 2025, the commercial space had vacant square footage of 1,373 square feet, and the average rent per square foot was $26.75. ​ ​ 17 Table of Contents NORTH BEACON 140 LP.
In 1995, the Partnership acquired the Linhart property in Newton, Massachusetts (“Linhart”). This mixed-use property includes 20,357 square feet of rentable commercial space. As of February 1, 2026, the commercial space had vacant square footage of 1,991 square feet, and the average rent per square foot was $28.64. NORTH BEACON 140 LP.
The Partnership planned to operate the building and initiate development of the parking lot. In June 2007, the Partnership separated the parcels, formed an additional limited liability company for the residential apartments and obtained a mortgage on the property. The new limited liability company formed for the residential apartments and commercial space is referred to as Hamilton Essex 81, LLC.
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.
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, is a 409 unit residential complex. The purchase price was $129,500,000.
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. HAMILTON PARK TOWERS, LLC. 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.
In 1995, this Subsidiary Partnership acquired the North Beacon property in Boston, Massachusetts. This mixed-use property includes 1,050 square feet of rentable commercial space. The property was fully rented as of February 1, 2025, and the average rent per square foot was $46.20. For mortgage balance, interest rate and maturity date information see “Apartment Complexes” above. WRF 659 LLC.
In 1995, this Subsidiary Partnership acquired the North Beacon property in Boston, Massachusetts. This mixed-use property includes 1,039 square feet of rentable commercial space. The property was fully rented as of February 1, 2026, and the average rent per square foot was $46.20 .
The commercial space was fully occupied as of February 1, 2025 and the average rent per square foot was $43.02. ​ ​ The following information is provided for commercial leases : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total square Total number Percentage of ​ ​ Annual base rent ​ feet for ​ of leases ​ annual base rent Through December 31, ​ for expiring leases ​ expiring leases ​ expiring ​ for expiring leases 2025 ​ $ 204,081 24,171 23 ​ 6 % 2026 ​ 513,440 18,467 11 ​ 14 % 2027 ​ 379,869 11,043 8 ​ 11 % 2028 ​ 385,816 10,423 4 ​ 11 % 2029 ​ 480,127 16,639 7 ​ 14 % 2030 ​ — — — ​ — % 2031 ​ — — — ​ — % 2032 ​ ​ 110,600 ​ 1,106 ​ 1 ​ 3 % 2033 ​ ​ — ​ — ​ — ​ — % 2034 ​ ​ 533,784 ​ 20,897 ​ 2 ​ 15 % Thereafter ​ 947,722 27,140 3 ​ 26 % Totals ​ $ 3,555,439 129,886 59 100 % Commercial rental income is accounted for using the straight-line method.
The commercial space was fully occupied as of February 1, 2026 and the average rent per square foot was $23.17. ​ The following information is provided for commercial leases : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total square ​ ​ ​ Total number ​ ​ ​ Percentage of ​ ​ Annual base rent ​ feet for ​ of leases ​ annual base rent Through December 31, ​ for expiring leases ​ expiring leases ​ expiring ​ for expiring leases 2026 ​ $ 705,280 35,692 29 ​ 17 % 2027 ​ 679,848 17,202 10 ​ 16 % 2028 ​ 422,926 10,966 6 ​ 10 % 2029 ​ 569,074 17,439 8 ​ 14 % 2030 ​ 164,448 5,378 4 ​ 4 % 2031 ​ — — — ​ — % 2032 ​ 110,600 1,106 1 ​ 2 % 2033 ​ ​ — ​ — ​ — ​ — % 2034 ​ ​ 533,784 ​ 20,897 ​ 2 ​ 13 % 2035 ​ ​ — ​ — ​ — ​ — % Thereafter ​ 1,003,246 27,801 4 ​ 24 % Totals ​ $ 4,189,206 136,481 64 100 % Commercial rental income is accounted for using the straight-line method .
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 December 31, 2024, the balance of the mortgage before unamortized deferred finance is $23,589,000.
Although the Partnership has no legal obligation, the Partnership intends to fund its share of any future operating deficits if needed. At December 31, 2025, the balance on this mortgage before unamortized deferred financing costs is $12,214,000.
As of February 1, 2025, the space was fully occupied and the average rent per square foot was $28.25. SHAWMUT PLACE, LLC.
As of February 1, 2026, the space had vacant square footage of 4,068 square feet, and the average rent per square foot was $43.96. 653 WORCESTER Road LLC.
In August 2008, the Partnership restructured the mortgages on both parcels at Essex 81 and transferred the residential apartments to Hamilton Essex 81, LLC. On September 28, 2015, Hamilton Essex Development, LLC paid off the outstanding mortgage balance of $1,952,286.
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.
Removed
In December of 2023, the Partnership received 40B approval to construct a 72 unit apartment complex. Management started the construction project in 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.
Added
The mortgage balance is stated before unamortized deferred financing costs. ​ 17 Table of Contents Current free rent concessions would result in an average reduction in unit rents of approximately $7.78 per month per unit. Free rent expense amortized in 2025 was approximately $313,000 compared to approximately $122,000 in 2024.
Removed
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 . ​ Current free rent concessions would result in an average reduction in unit rents of approximately $3.42 per month per unit.
Added
The Hill Estates Apartment complex in Belmont, Massachusetts was acquired by the Partnership in June 2025 through Hill Estates NERA, LLC, and includes 7,997 square feet of rentable commercial space. As of February 1, 2026, the commercial space had vacant square footage of 4,856 square feet and the average rent per square foot was $33.37. LINHART LP.
Removed
On August 23, 2023, Hamilton on Main Apartments, LLC (the “Borrower”), a 50% owned joint venture of the Partnership, received notice from KeyBank, as servicer for the lender of a $16,900,000 loan, indicating that the Borrower failed to comply with certain terms of the loan documents pertaining to the transfer of interests in the Borrower that occurred on the occasion of Harold Brown’s death, and that such transfer constitutes an event of default under the loan documents.
Added
For mortgage balance, interest rate and maturity date information see “Apartment Complexes” above. 18 Table of Contents WRF 659 LLC. In 1999, the Partnership acquired the Staples Plaza shopping center in Framingham, Massachusetts. The shopping center consists of 38,055 square feet of rentable commercial space.
Removed
While the Borrower has disputed that any events of default actually exist, it worked diligently with KeyBank to obtain KeyBank’s consent to the transfer. On March 8, 2024, the Borrower received notice from KeyBank that it was providing ex-post facto consent to the transfer of interest subject to certain conditions being met by the Borrower.
Added
On September 30, 2025, the property was refinanced with a 10 year mortgage in the amount of $12,214,000 at a fixed rate of 5.61% interest only. The Joint Venture paid off the prior mortgage of approximately $10,000,000 with the proceeds of the new mortgage and held the remaining $2,210,000 at the property as cash reserves.
Removed
The Partnership made a capital contribution of $978,193 to Hamilton Essex Development LLC for its share of the funds required for the transaction. Additionally, the Partnership made a capital contribution of $100,000 to Hamilton Essex 81, LLC.
Added
In December 2025, $1,000,000 of those reserves were distributed to their partners with the Partnership receiving $500,000. The costs associated with the refinancing were approximately $170,000. 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.
Removed
At December 31, 2024, the balance on this mortgage before unamortized deferred financing costs is approximately $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. HAMILTON PARK TOWERS, LLC.
Added
The property, Hamilton Park Towers, LLC, referred to as Dexter Park, is a 409 unit residential complex. The purchase price was $129,500,000.
Removed
This investment, Hamilton Park Towers, LLC, is referred to as Dexter Park. ​ ​ 22 Table of Contents

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

5 edited+0 added−0 removed4 unchanged
Biggest changeSecurity Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” for certain information relating to the number of holders of each class of Units. ​ Issuer Purchase of Equity Securities during the fourth quarter of 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining number ​ ​ ​ ​ ​ Depositary Receipts ​ of Depositary Receipts ​ ​ ​ ​ ​ Purchased as Part ​ that may be purchased ​ ​ Average ​ of Publicly ​ Under the Plan Period ​ Price Paid ​ Announced Plan ​ (as Amended) October 1–31, 2024 ​ $ — — 450,174 ​ November 1–30, 2024 ​ $ — — 450,174 ​ December 1-31,2024 ​ $ 82.70 534 449,640 ​ Total ​ ​ ​ 534 ​ ​ ​ ​ See Note 8 to the Consolidated Financial Statements for information concerning the Repurchase Program. ​ ​ 24 Table of Contents ​ ITEM 6. [Reserved] ​ 25 Table of Contents
Biggest changeSecurity Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” for certain information relating to the number of holders of each class of Units. ​ 23 Table of Contents Issuer Purchase of Equity Securities during the fourth quarter of 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining number ​ ​ ​ ​ ​ Depositary Receipts ​ of Depositary Receipts ​ ​ ​ ​ ​ Purchased as Part ​ that may be purchased ​ ​ Average ​ of Publicly ​ Under the Plan Period ​ Price Paid ​ Announced Plan ​ (as Amended) October 1–31, 2025 ​ $ 72.01 1,024 444,273 ​ November 1–30, 2025 ​ $ 69.54 2,187 442,086 ​ December 1-31,2025 ​ $ 66.50 1,497 440,589 ​ Total ​ ​ ​ 4,708 ​ ​ ​ ​ See Note 8 to the Consolidated Financial Statements for information concerning the Repurchase Program. ​ ​ 24 Table of Contents ​ ​ ITEM 6. [Reserved] ​ 25 Table of Contents
There were 2,757,936 Depositary Receipts outstanding, and 1,407 Units (representing 42,210 receipts) held by 109 registered record holders. 23 Table of Contents Any portion of the Partnership’s cash, which the General Partner deems not necessary for cash reserves, is distributed to the Partners, and distributions are made on a quarterly basis.
There were 2,749,416 Depositary Receipts outstanding, and 1,337 Units (representing 40,110 receipts) held by 105 registered record holders. Any portion of the Partnership’s cash, which the General Partner deems not necessary for cash reserves, is distributed to the Partners, and distributions are made on a quarterly basis. The Partnership has made annual distributions to its Partners since 1978.
In March 2025, the Partnership declared a quarterly distribution of $12.00 per Unit ($0.40 per Depositary Receipt) payable on March 31, 2025. In addition to the quarterly distribution, there will be a special distribution of $96.00 per Class A unit ($3.20 per Depositary Receipt). See “Item 12.
In March 2026, the Partnership declared a quarterly distribution of $12.00 per Unit ($0.40 per Depositary Receipt) payable on March 31, 2026 . See “Item 12.
Distribution to Limited & General Partners were: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Class A—Limited Partners (80%) ​ $ 8,995,647 ​ $ 7,963,910 ​ Class B—Limited Partners (19%) ​ 2,136,466 ​ 1,891,429 ​ Class C—General Partner (1%) ​ 112,446 ​ 99,549 ​ Total ​ $ 11,244,559 ​ $ 9,954,888 ​ On March 12, 2025, the closing price on the NYSE American for a Depositary Receipt was $73.85.
Distribution to Limited & General Partners were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Class A—Limited Partners (80%) ​ $ 13,434,822 ​ $ 8,995,647 ​ Class B—Limited Partners (19%) ​ 3,190,770 ​ 2,136,466 ​ Class C—General Partner (1%) ​ 167,935 ​ 112,446 ​ Total ​ $ 16,793,527 ​ $ 11,244,559 ​ On March 12, 2026, the closing price on the NYSE American for a Depositary Receipt was $65.00.
The Partnership has made annual distributions to its Partners since 1978. The Partnership made distributions of $96.00 per unit ($3.20 per Depositary Receipt) in 2024. The Partnership made distributions of $84.00 per Unit ($2.80 per Depositary Receipt) in 2023. The total distribution was $11,244.559 in 2024 and $9,954,888 in 2023.
The Partnership made distributions of $144.00 per unit ($4.80 per Depositary Receipt) in 2025. The Partnership made distributions of $96.00 per Unit ($3.20 per Depositary Receipt) in 2024. The total distribution was $16,793,527 in 2025 and $11,244,559 in 2024.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

63 edited+16 added−28 removed69 unchanged
Biggest changeThe Partnership’s principal use of cash during 2023 was the improvements of rental properties, and the purchase of two properties: the commercial property at 653 Worcester Road for approximately $10,000,000 and the purchase of a mixed use property in the South End neighborhood of Boston, MA for approximately $27,500,000. ​ The majority of cash and cash equivalents of $17,615,940 at December 31, 2024 and $18,230,463 at December 31, 2023 were held in interest bearing accounts at creditworthy financial institutions. 39 Table of Contents The decrease in cash of $614,523 at December 31, 2024 is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 Cash provided by operating activities ​ $ 31,934,479 ​ $ 24,181,904 ​ Cash (used in) investing activities ​ ​ (16,575,576) ​ ​ (38,943,050) ​ Cash (used in) financing activities ​ ​ (3,059,736) ​ ​ (2,688,691) ​ Repurchase of Depositary Receipts, Class B and General Partner Units ​ ​ (1,669,131) ​ ​ (3,925,535) ​ Distributions paid ​ ​ (11,244,559) ​ ​ (9,954,888) ​ Net decrease in cash and cash equivalents ​ $ (614,523) ​ $ (31,330,260) ​ ​ The change in cash provided by operating activities is due to various factors, including a change in depreciation expense, a change in income, an increase in accounts payable and accrued expenses, and other factors.
Biggest changeThe increase in cash of $9,053,038 at December 31, 2025 is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ Cash provided by operating activities ​ $ 27,655,980 ​ $ 31,934,479 ​ Cash (used in) investing activities ​ ​ (54,315,874) ​ ​ (16,575,576) ​ Cash provided by (used in) financing activities ​ ​ 53,327,645 ​ ​ (3,059,736) ​ Repurchase of Depositary Receipts, Class B and General Partner Units ​ ​ (821,186) ​ ​ (1,669,131) ​ Distributions paid ​ ​ (16,793,527) ​ ​ (11,244,559) ​ Net increase (decrease) in cash and cash equivalents ​ $ 9,053,038 ​ $ (614,523) ​ ​ The net increase in cash provided by operating activities is due to various factors, including a change in depreciation expense, a change in income and distribution from joint ventures, and other factors.
Included in rental income is contingent rentals collected on commercial properties. Contingent rentals include such charges as bill backs of common area maintenance charges, real estate taxes, and utility charges.
Included in rental income is contingent rentals collected on commercial properties. Contingent rentals include such charges as bill backs of common area maintenance charges, real estate taxes, and utility charges.
The term of the line is for 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 term of the line is for 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%.
On March 12, 2025, the Board of Directors unanimously approved a new extension to the Repurchase Program, authorizing 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 trading plan that complies with the requirements of Rule 10b5-1, Depository Receipts and Partnership Units such that (i) the aggregate cost of Depository Receipts and Partnership Units repurchased shall not exceed the lesser of $5 million or 10% of the Partnership’s balance of cash and investment in treasury bills, (ii) no Depository Receipts or Partnership Units 29 Table of Contents shall be repurchased after the date that is 12 months after the effective date of the plan, and (iii) no Depository Receipts or Partnership Units shall be repurchased in excess of $95 per Depository Receipt.
On March 12, 2025, the Board of Directors unanimously approved a new extension to the Repurchase Program, authorizing 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 trading plan that complies with the requirements of Rule 10b5-1, Depository Receipts and Partnership Units such that (i) the aggregate cost of Depository Receipts and Partnership Units repurchased shall not exceed the lesser of $5 million or 10% of the Partnership’s balance of cash and investment in treasury bills, (ii) no Depository Receipts or Partnership Units shall be repurchased after the date that is 12 months after the effective date of the plan, and (iii) no Depository Receipts or Partnership Units shall be repurchased in excess of $95 per Depository Receipt.
The decrease is due to a decrease in interest rates for investments in Treasury Bills which mature over a period less than 180 days, with interest rates between 4.2% to 5.0%. 35 Table of Contents Interest expense for the year ended December 31, 2024 was approximately $15,457,000 compared to approximately $15,723,000 for the year ended December 31, 2023, a decrease of approximately $266,000 (1.7%).
The decrease is due to a decrease in interest rates for investments in Treasury Bills which mature over a period less than 180 days, with interest rates between 4.2% to 5.0%. 38 Table of Contents Interest expense for the year ended December 31, 2024 was approximately $15,457,000 compared to approximately $15,723,000 for the year ended December 31, 2023, a decrease of approximately $266,000 (1.7%).
Off-Balance Sheet Arrangements—Joint Venture Indebtedness As of December 31, 2024, the Partnership had a 40%-50% ownership interest in seven Joint Ventures, which all have mortgage indebtedness except Hancock 1025, and Hamilton Essex Development. We do not have control of these partnerships and therefore we account for them using the equity method of consolidation.
Off-Balance Sheet Arrangements—Joint Venture Indebtedness As of December 31, 2025, the Partnership had a 40%-50% ownership interest in seven Joint Ventures, which all have mortgage indebtedness except Hancock 1025, and Hamilton Essex Development. We do not have control of these partnerships and therefore we account for them using the equity method of consolidation.
Hamilton is a full-service real estate management company, which has legal, construction, maintenance, architectural, accounting and administrative departments. The Partnership’s properties represent approximately 44% of the total properties and 50% of the residential properties managed by Hamilton. Substantially all of the other properties managed by Hamilton are owned, wholly or partially, directly or indirectly, by the Brown Family related entities.
Hamilton is a full-service real estate management company, which has legal, construction, maintenance, architectural, accounting and administrative departments. The Partnership’s properties represent approximately 44% of the total properties and 60% of the residential properties managed by Hamilton. Substantially all of the other properties managed by Hamilton are owned, wholly or partially, directly or indirectly, by the Brown Family related entities.
Caution should be exercised in interpreting and relying on such forward looking statements, the realization of which may be impacted by known and unknown risks and uncertainties, events that may occur subsequent to the forward looking statements, and other factors which may be beyond the Partnership’s control and which can materially affect the Partnership’s actual results, performance or achievements for 2024 and beyond.
Caution should be exercised in interpreting and relying on such forward looking statements, the realization of which may be impacted by known and unknown risks and uncertainties, events that may occur subsequent to the forward looking statements, and other factors which may be beyond the Partnership’s control and which can materially affect the Partnership’s actual results, performance or achievements for 2025 and beyond.
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 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 debt yield of at least 8.5%. The Partnership incurred a commitment fee of $125,000.
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 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 debt yield of at least 8.5%. The Partnership incurred a commitment fee of $125,000.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULT S OF OPERATIONS Forward Looking Statements Certain information contained herein includes forward looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Liquidation Reform Act of 1995.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULT S OF OPERATIONS Forward Looking Statements Certain information contained herein includes forward looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
As of February 1, 2025, the Brown family related entities and Ronald Brown collectively own approximately 34.7% of the Depositary Receipts representing the Partnership Class A Units (including Depositary Receipts held by trusts for the benefit of such persons’ family members).
As of February 1, 2026, the Brown family related entities and Ronald Brown collectively own approximately 34.7% of the Depositary Receipts representing the Partnership Class A Units (including Depositary Receipts held by trusts for the benefit of such persons’ family members).
For more information on related party transactions, see Note 3 to the Consolidated Financial Statements. ​ CRITICAL ACCOUNTING POLICIES AND ESTIMATES The preparation of the consolidated financial statements, in accordance with accounting principles generally accepted in the United States of America, requires the Partnership to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities.
For more information on related party transactions, see Note 3 to the Consolidated Financial Statements. ​ 30 Table of Contents CRITICAL ACCOUNTING POLICIES AND ESTIMATES The preparation of the consolidated financial statements, in accordance with accounting principles generally accepted in the United States of America, requires the Partnership to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities.
The Partnership’s obligations under the Facility Agreement are secured by mortgages on certain properties pursuant to certain Mortgage, Assignment of Leases and Rents, and Security Agreement and Fixture Filings. 28 Table of Contents The Partnership used the proceeds to pay down approximately $37,065,000 of existing debt secured by four properties, along with approximately $854,000 in prepayment penalties.
The Partnership’s obligations under the Facility Agreement are secured by mortgages on certain properties pursuant to certain Mortgage, Assignment of Leases and Rents, and Security Agreement and Fixture Filings. The Partnership used the proceeds to pay down approximately $37,065,000 of existing debt secured by four properties, along with approximately $854,000 in prepayment penalties.
Additionally, as described in Note 3 to the Consolidated Financial Statements, the Hamilton Company receives similar fees from the Investment Properties. 30 Table of Contents The Partnership requires that three bids be obtained for construction contracts in excess of $15,000.
Additionally, as described in Note 3 to the Consolidated Financial Statements, the Hamilton Company receives similar fees from the Investment Properties. The Partnership requires that three bids be obtained for construction contracts in excess of $15,000.
Both the amount of the loss and the point at which its occurrence is considered likely can be difficult to determine. ​ 33 Table of Contents RESULTS OF OPERATIONS Years Ended December 31, 2024 and December 31, 2023 The Partnership and its Subsidiary Partnerships earned income before interest expense, income from investments in unconsolidated joint ventures and other income and loss of approximately $25,371,000 during the year ended December 31, 2024, compared to approximately $18,815,000 for the year ended December 31, 2023, an increase of approximately $6,556,000 (34.8%). ​ The rental activity is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ Occupancy Date ​ February 1, 2025 February 1, 2024 Residential ​ ​ ​ ​ ​ Units 2,962 ​ 2,962 ​ Vacancies 68 ​ 28 ​ Vacancy rate 2.3 % 0.9 % Commercial ​ ​ ​ ​ ​ Total square feet 131,159 ​ 131,159 ​ Vacancy 2,311 ​ 1,273 ​ Vacancy rate 1.8 % 1.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental Income (in thousands) ​ ​ Year Ended December 31, ​ ​ ​ 2024 ​ 2023 ​ ​ ​ Total ​ Continuing ​ Total ​ Continuing ​ ​ ​ Operations ​ Operations ​ Operations ​ Operations ​ Total rents $ 79,763 ​ 79,763 $ 73,892 $ 73,892 Residential percentage ​ 94 % ​ 94 % 94 % ​ 94 % Commercial percentage ​ 6 % ​ 6 % 6 % ​ 6 % Contingent rentals ​ $ 766 ​ ​ 766 ​ $ 683 ​ $ 683 ​ ​ 34 Table of Contents Year Ended December 31, 2024 Compared to Year Ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ Dollar ​ Percent ​ 2024 2023 Change Change Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental income $ 79,762,964 $ 73,892,393 $ 5,870,571 7.9% Laundry and sundry income ​ ​ 769,586 ​ ​ 588,975 ​ ​ 180,611 ​ 30.7% ​ ​ ​ ​ 80,532,550 ​ ​ 74,481,368 ​ ​ 6,051,182 ​ 8.1% ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative ​ ​ 2,935,887 ​ ​ 2,900,432 ​ ​ 35,455 ​ 1.2% ​ Depreciation and amortization ​ ​ 16,983,336 ​ ​ 16,773,045 ​ ​ 210,291 ​ 1.3% ​ Management fee ​ ​ 3,178,006 ​ ​ 2,948,066 ​ ​ 229,940 ​ 7.8% ​ Operating ​ ​ 7,800,574 ​ ​ 7,748,910 ​ ​ 51,664 ​ 0.7% ​ Renting ​ ​ 1,148,593 ​ ​ 1,004,666 ​ ​ 143,927 ​ 14.3% ​ Repairs and maintenance ​ ​ 13,115,843 ​ ​ 13,366,079 ​ ​ (250,236) ​ (1.9%) ​ Taxes and insurance ​ ​ 9,999,058 ​ ​ 9,954,214 ​ ​ 44,844 ​ 0.5% ​ Property impairment ​ ​ — ​ ​ 971,109 ​ ​ (971,109) ​ 0.0% ​ ​ ​ ​ 55,161,297 ​ ​ 55,666,521 ​ ​ (505,224) ​ (0.9%) ​ Income Before Other Income (Expense) ​ ​ 25,371,253 ​ ​ 18,814,847 ​ ​ 6,556,406 ​ 34.8% ​ Other Income (Expense) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ 4,465,557 ​ ​ 4,486,603 ​ ​ (21,046) ​ (0.5%) ​ Interest expense ​ ​ (15,457,325) ​ ​ (15,723,733) ​ ​ 266,408 ​ (1.7%) ​ Income from investments in unconsolidated joint ventures ​ ​ 1,282,102 ​ ​ 876,233 ​ ​ 405,869 ​ 46.3% ​ ​ ​ ​ (9,709,666) ​ ​ (10,360,897) ​ ​ 651,231 ​ (6.3%) ​ Net Income ​ $ 15,661,587 ​ $ 8,453,950 ​ $ 7,207,637 ​ 85.3% ​ ​ Rental income from continuing operations for the year ended December 31, 2024 was approximately $79,763,000, compared to approximately $73,892,000 for the year ended December 31, 2023, an increase of approximately $5,871,000 (7.9%).
As a result of the changes discussed above, net income for the year ended December 31, 2025 was approximately $6,031,000 compared to net income of approximately $15,661,000 for the year ended December 31, 2024, a decrease in income of approximately $9,630,000 (61.5%). ​ ​ ​ 36 Table of Contents Years Ended December 31, 2024 and December 31, 2023 The Partnership and its Subsidiary Partnerships earned income before interest expense, income from investments in unconsolidated joint ventures and other income and loss of approximately $25,371,000 during the year ended December 31, 2024, compared to approximately $18,815,000 for the year ended December 31, 2023, an increase of approximately $6,556,000 (34.8%). ​ The rental activity is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ Occupancy Date ​ ​ ​ ​ February 1, 2025 ​ ​ ​ February 1, 2024 Residential ​ ​ ​ ​ ​ Units 2,962 ​ 2,962 ​ Vacancies 68 ​ 28 ​ Vacancy rate 2.3 % 0.9 % Commercial ​ ​ ​ ​ ​ Total square feet 131,159 ​ 131,159 ​ Vacancy 2,311 ​ 1,273 ​ Vacancy rate 1.8 % 1.0% % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental Income (in thousands) ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 ​ ​ Total ​ ​ ​ Continuing ​ ​ ​ Total ​ ​ ​ Continuing ​ ​ Operations ​ Operations ​ Operations ​ Operations Total rents ​ $ 79,763 ​ ​ 79,763 ​ $ 73,892 ​ $ 73,892 ​ Residential percentage ​ 94 % ​ 94 % 94 % 94 % Commercial percentage ​ 6 % ​ 6 % 6 % 6 % Contingent rentals ​ $ 766 ​ ​ 766 ​ $ 683 ​ $ 683 ​ 37 Table of Contents Year Ended December 31, 2024 Compared to Year Ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ Dollar ​ Percent ​ ​ ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ Change ​ ​ ​ Change ​ Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental income ​ $ 79,762,964 ​ $ 73,892,393 ​ $ 5,870,571 7.9% ​ Laundry and sundry income ​ ​ 769,586 ​ ​ 588,975 ​ ​ 180,611 30.7% ​ ​ ​ ​ 80,532,550 ​ ​ 74,481,368 ​ ​ 6,051,182 ​ 8.1% ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative ​ ​ 2,935,887 ​ ​ 2,900,432 ​ ​ 35,455 1.2% ​ Depreciation and amortization ​ ​ 16,983,336 ​ ​ 16,773,045 ​ ​ 210,291 1.3% ​ Management fee ​ ​ 3,178,006 ​ ​ 2,948,066 ​ ​ 229,940 7.8% ​ Operating ​ ​ 7,800,574 ​ ​ 7,748,910 ​ ​ 51,664 0.7% ​ Renting ​ ​ 1,148,593 ​ ​ 1,004,666 ​ ​ 143,927 14.3% ​ Repairs and maintenance ​ ​ 13,115,843 ​ ​ 13,366,079 ​ ​ (250,236) (1.9)% ​ Taxes and insurance ​ ​ 9,999,058 ​ ​ 9,954,214 ​ ​ 44,844 0.5% ​ Property impairment ​ ​ — ​ ​ 971,109 ​ ​ (971,109) 0.0% ​ ​ ​ ​ 55,161,297 ​ ​ 55,666,521 ​ ​ (505,224) (0.9)% ​ Income Before Other Income ( Expense) ​ ​ 25,371,253 ​ ​ 18,814,847 ​ ​ 6,556,406 ​ 34.8% ​ Other Income (Expense) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ 4,465,557 ​ ​ 4,486,603 ​ ​ (21,046) (0.5)% ​ Interest (expense) ​ ​ (15,457,325) ​ ​ (15,723,733) ​ ​ 266,408 (1.7)% ​ Income from investments in unconsolidated joint ventures ​ ​ 1,282,102 ​ ​ 876,233 ​ ​ 405,869 46.3% ​ ​ ​ ​ (9,709,666) ​ ​ (10,360,897) ​ ​ 651,231 (6.3%) ​ Net Income ​ $ 15,661,587 ​ $ 8,453,950 ​ $ 7,207,637 85.3% ​ ​ Rental income from continuing operations for the year ended December 31, 2024 was approximately $79,763,000, compared to approximately $73,892,000 for the year ended December 31, 2023, an increase of approximately $5,871,000 (7.9%).
As always, management continues to weigh investment alternatives of stock repurchase, new property acquisitions and dispositions when considering its cash balances and performance of the portfolio. The Partnership has retained the Hamilton Company (“Hamilton”) to manage and administer the Partnership’s and Joint Ventures’ Properties.
As always, management continues to weigh investment alternatives of stock repurchase, new property acquisitions and dispositions when considering its cash balances and performance of the portfolio. 29 Table of Contents The Partnership has retained the Hamilton Company, Inc. (“Hamilton”) to manage and administer the Partnership’s and Joint Ventures’ Properties.
In 2024, Hamilton charged the Partnership $125,000 per year ($31,250 per quarter) for bookkeeping and accounting services.
In 2025, Hamilton charged the Partnership $125,000 per year ($31,250 per quarter) for bookkeeping and accounting services.
Under the equity method of accounting, our net equity is reflected on the consolidated balance sheets, and our share of net income or loss from the Partnership is included on the consolidated statements of income.
Under the equity method of accounting, our net 32 Table of Contents equity is reflected on the consolidated balance sheets, and our share of net income or loss from the Partnership is included on the consolidated statements of income.
The Partnership will consider refinancing existing properties if the Partnership’s cash reserves are insufficient to repay existing mortgages or if the Partnership needs additional funds for future acquisitions. ​ The vacancy rate for the Partnership’s residential properties as of February 1, 2025 was 2.3% as compared with a vacancy rate of 0.9% as of February 1, 2024.
The Partnership will consider refinancing existing properties if the Partnership’s cash reserves are insufficient to repay existing mortgages or if the Partnership needs additional funds for future acquisitions. ​ The vacancy rate for the Partnership’s residential properties as of February 1, 2026 was 4.4% as compared with a vacancy rate of 2.3% as of February 1, 2025.
Additionally, Hamilton prepares most long-term commercial lease agreements and represents the Partnership in selected purchase and sale transactions. Overall, Hamilton provided approximately 42.5% and 63.9% of the legal services paid for by the Partnership during the years ended December 31, 2024 and 2023, respectively.
Additionally, Hamilton prepares most long-term commercial lease agreements and represents the Partnership in selected purchase and sale transactions. Overall, Hamilton provided approximately 42.0% and 42.5% of the legal services paid for by the Partnership during the years ended December 31, 2025 and 2024, respectively.
A property that is reclassified is measured and recorded individually at the lower of (a) its carrying value before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell.
A property that is reclassified is measured and recorded individually at the lower of (a) its carrying value before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell. ​ Rental Properties: Rental properties are stated at cost less accumulated depreciation.
The Partnership 31 Table of Contents 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.
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.
Hamilton’s architectural department also provides services to the Partnership on an as-needed basis. In 2024, Hamilton provided the Partnership approximately $504,000 in construction and architectural services, compared to $606,000 for the year ended December 31, 2023. Bookkeeping and accounting functions have been provided by Hamilton’s accounting staff, which consists of approximately 14 people.
Hamilton’s architectural department also provides services to the Partnership on an as-needed basis. In 2025, Hamilton provided the Partnership approximately $1,498,000 in construction and architectural services, compared to $504,000 for the year ended December 31, 2024. Bookkeeping and accounting functions have been provided by Hamilton’s accounting staff, which consists of approximately 16 people.
The remaining balance of approximately $42,384,000 will be used for general partnership purposes. On October 14, 2022, the Partnership entered into a loan agreement with Brookline Bank refinancing its loan on 659-665 Worcester Road, Framingham, MA.
The remaining balance of approximately $42,384,000 will be used for general partnership purposes. On October 14, 2022, the Partnership refinanced its loan with Brookline Bank on 659-665 Worcester Road, Framingham, MA.
At December 31, 2024, our proportionate share of the non-recourse debt before unamortized deferred financing costs related to these investments was approximately $73,916,000. See Note 15 to the Consolidated Financial Statements.
At December 31, 2025, our proportionate share of the non-recourse debt before unamortized deferred financing costs related to these investments was approximately $74,898,000. See Note 15 to the Consolidated Financial Statements.
The Partnership purchased 18,124 Depositary Receipts in 2024. ​ In March of 2020, the Board of Advisors and Board of Directors unanimously approved an extension of the Repurchase Program until March 31, 2025.
The Partnership purchased 9,051 Depositary Receipts in 2025 . ​ In March of 2020, the Board of Advisors and Board of Directors unanimously approved an extension of the Repurchase Program until March 31, 2025.
Hamilton accounted for approximately 1.3% of the repair and maintenance expense paid for by the Partnership in the year ended December 31, 2024 and 2.0% in the year ended December 31, 2023.
Hamilton accounted for approximately 1.4% of the repair and maintenance expense paid for by the Partnership in the year ended December 31, 2025 and 1.3% in the year ended December 31, 2024.
The Partnership’s principal use of cash during 2024 was the improvements to rental properties, the development of a rental property at Mill Street, and distributions to partners. ​ The Partnership’s principal source of cash during 2023 was the collection of rents, and interest income generated from the purchase of Treasury Bills.
The Partnership’s principal use of cash during 2025 was the purchase of a new property, construction of the Mill Street Development project, improvements to rental properties, mortgage principal payments, and distributions to partners. The Partnership’s principal source of cash during 2024 was the collection of rents, and interest income generated from the purchase of Treasury Bills.
Rental Properties: Rental properties are stated at cost less accumulated depreciation. Maintenance and repairs are charged to expense as incurred; improvements and additions 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.
Maintenance and repairs are charged to expense as incurred; improvements and additions 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 31 Table of Contents loss on such disposition is included in income. Fully depreciated assets are removed from the accounts.
Income related to the Treasury Bills is recognized in interest income in the Partnership’s consolidated statement of income. ​ Intangible assets acquired include amounts for in-place lease values above and below market leases 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.
Intangible assets acquired include amounts for in-place lease values above and below market leases 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 which contributed to the decrease were a decrease of approximately $971,000, for the Impairment charge in 2023 for Mill Street Development, a decrease in Depreciation and Amortization expense of approximately $480,000 (0.9%), due to fully depreciated assets, and a decrease in Repairs and Maintenance expense of approximately $340,000 (0.6%), primarily due to a decrease in window, door, and glass repairs Interest income for the year ended December 31, 2024 was approximately $4,466,000 compared to approximately $4,487,000 for the year ended December 31, 2023, a decrease of approximately $21,000.
Factors which contributed to the decrease were a decrease of approximately $971,000, for the Impairment charge in 2023 for Mill Street Development, a decrease in Depreciation and Amortization expense of approximately $480,000 (0.9%), due to fully depreciated assets, and a decrease in Repairs and Maintenance expense of approximately $340,000 (0.6%), primarily due to a decrease in window, door, and glass repairs.
Fully depreciated assets are removed from the accounts. Rental properties are depreciated by both straight-line and accelerated methods over their estimated useful lives.
Rental properties are depreciated by both straight-line and accelerated methods over their estimated useful lives.
The agreement pays down the loan on the existing debt of $5,954,546, extends the maturity until October 14, 2032 at a variable interest rate of the SOFR rate plus 1.7%, interest only for 2 years and amortizing using a thirty-year schedule for the balance of the term.
The loan extended the maturity until October 14, 2032, at a variable interest rate of SOFR rate, plus 1.7% interest only for two years and amortizing using a thirty-year schedule for the balance of the term.
As described in Note 15 to the Consolidated Financial Statements, the Partnership’s share of the net income from the Investment Properties was approximately $876,000 for the year ended December 31, 2023, compared to net income of approximately $500,000 for the year ended December 31, 2022, an increase in income of approximately $376,000 (75.3%).
As described in Note 15 to the Consolidated Financial Statements, the Partnership’s share of the net income from the Investment Properties was approximately $1,474,000 for the year ended December 31, 2025, compared to net income of approximately $1,282,000 for the year ended December 31, 2024, an increase in income of approximately $192,000 (15.0%).
As of December 31, 2024, the Partnership was in compliance with the financial covenants and did not incur an unused line fee. The Repurchase Program that was initiated in 2007 has purchased 1,550,358 Depositary Receipts through December 31, 2024, or approximately 36% of the outstanding Depositary Receipts.
As of December 31, 2025, the Partnership was in compliance with the financial covenants. The Repurchase Program that was initiated in 2007 has purchased 1,559,409 Depositary Receipts through December 31, 2025, or approximately 36% of the outstanding Depositary Receipts.
As of December 31, 2024, the Partnership was in compliance with the financial covenants and did not incur an unused line fee. ​ 40 Table of Contents The line of credit may be used for acquisition, refinancing, improvements, working capital and other needs of the Partnership.
As of December 31, 2025, the Partnership was in compliance with the financial covenants. 40 Table of Contents 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.
This acquisition was funded from the Partnership’s cash reserves and closing costs were approximately $59,000. From the purchase price, the Partnership allocated approximately $585,000 for in- place leases, and approximately $378,000 to the value of tenant relationships.
From the purchase price, the Partnership allocated approximately $585,000 for in- place leases, and approximately $378,000 to the value of tenant relationships.
The additional advance under the Amended Agreement is in the amount of $80,284,000, at a fixed interest rate of 4.33%.
On June 16, 2022, the Partnership entered into an amendment to the Facility Agreement. The additional advance under the Amended Agreement is in the amount of $80,284,000, at a fixed interest rate of 4.33%.
See a description of these properties included in the section titled Investment Properties as well as Note 15 to the Consolidated Financial Statements for a detail of the financial information of each Investment Property.
At December 31, 2025, the Partnership has between a 40% and 50% ownership interests in seven different Investment Properties. See a description of these properties included in the section titled Investment Properties as well as Note 15 to the Consolidated Financial Statements for a detail of the financial information of each Investment Property.
As a result of the changes discussed above, net income for the year ended December 31, 2023 was approximately $8,454,000 compared to net income of approximately $3,723,000 for the year ended December 31, 2022, an increase in income of approximately $4,731,000 (127.1%). ​ LIQUIDITY AND CAPITAL RESOURCES The Partnership’s principal source of cash during 2024 was the collection of rents, and interest income generated from the purchase of Treasury Bills.
As a result of the changes discussed above, net income for the year ended December 31, 2024 was approximately $15,662,000 compared to net income of approximately $8,454,000 for the year ended December 31, 2023, an increase in income of approximately $7,208,000 (85.3%). ​ ​ 39 Table of Contents LIQUIDITY AND CAPITAL RESOURCES The Partnership’s principal source of cash during 2025 was the proceeds from the increase in mortgage notes payable, the liquidation of U.S Treasury bills, and the collection of rents.
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 27 of its subsidiary properties and joint ventures. Pledged interests are 49% of the Partnership’s ownership interest in the respective entities.
The line of credit is collateralized by varying percentages of the Partnership’s ownership interest in 29 of its subsidiary properties and joint ventures. Pledged interests are 49% of the Partnership’s ownership interest in the respective entities.
This increase is primarily due to rental revenue of approximately $11,132,000 for the year ended December 31, 2023 compared to approximately $10,261,000 for the year ended December 31, 2022, an increase of approximately $871,000 (8.50).%. Included in the income for the year ended December 31, 2022 is depreciation and amortization expense of approximately $2,593,000.
This increase is primarily due to rental revenue of approximately $12,259,000 for the year ended December 31, 2025 compared to approximately $11,689,000 for the year ended December 31, 2024, an increase of approximately $570,000 (4.9%). Included in the income for the year ended December 31, 2025 is depreciation and amortization expense of approximately $2,644,000.
In 2024, tenant renewals were approximately 68% with an average rental increase of approximately 5.8%. New leases accounted for approximately 32% with rental rate increases of approximately 4.8%. In 2024, leasing commissions were approximately $616,000 compared to approximately $545,000 in 2023, an increase of approximately $71,000 (13.0%) from 2023.
In 2025, tenant renewals were approximately 73% with an average rental increase of approximately 5.3%. New leases accounted for approximately 27% with rental rate decreases of approximately 0.5%. In 2025, leasing commissions were approximately $914,000 compared to approximately $616,000 in 2024, an increase of approximately $297,000 (48.2%) from 2024.
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.
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.
Interest income for the year ended December 31, 2023, was approximately $4,486,000 compared to approximately $1,055,000 for the year ended December 31, 2022, an increase of approximately $3,431,000.
Interest income for the year ended December 31, 2024 was approximately $4,466,000 compared to approximately $4,487,000 for the year ended December 31, 2023, a decrease of approximately $21,000.
These contracts are not included as part of our contractual obligations because they include terms that provide for cancellation with insignificant or no cancellation penalties. See Notes 5 and 15 to the Consolidated Financial Statements for a description of mortgage notes payable. The Partnership has no other material contractual obligations to be disclosed. 41 Table of Contents ​
See Notes 5 and 15 to the Consolidated Financial Statements for a description of mortgage notes payable. The Partnership has no other material contractual obligations to be disclosed. ​
Tenant concessions were approximately $104,000 in 2024 compared to approximately $68,000 in 2023, an increase of approximately $36,000 (52.9%). Tenant improvements were approximately $3,579,000 in 2024 compared to approximately $3,471,000 in 2023, an increase of approximately $108,000 (3.1%).
Tenant concessions were approximately $71,000 in 2025 compared to approximately $104,000 in 2024, a decrease of approximately $33,000 (31.7%). Tenant improvements were approximately $3,901,000 in 2025 compared to approximately $3,579,000 in 2024, an increase of approximately $322,000 (9.0%).
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. ​ Management believes that the $25,000,000 line of credit, net cash flow from operations and cash on hand have put the Partnership in position to capitalize on investment opportunities should they reveal themselves in the near future.
On March 11, 2026, the General Partner authorized the President and Treasurer to renew the Repurchase Plan for one year. ​ Management believes that the $25,000,000 line of credit, net cash flow from operations and cash on hand have put the Partnership in position to capitalize on investment opportunities should they reveal themselves in the near future.
These amounts are being amortized over 12 and 36 months, respectively. ​ For the year ending December 31, 2024 consolidated revenue increased by 8.1%, operating expenses decreased by 0.9% and Income before Other Income (Expense) increased by 34.8%.
For the year ending December 31, 2025 consolidated revenue increased by 10.8%, operating expenses increased by 22.3% and Income before Other Income (Expense) decreased by 14.3%.
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. 32 Table of Contents Impairment: On an annual basis management assesses whether there are any indicators that the value of the Partnership’s rental properties may be impaired.
Income related to the Treasury Bills is recognized in interest income in the Partnership’s consolidated statement of income. ​ Impairment: On an annual basis management assesses whether there are any indicators that the value of the Partnership’s rental properties may be impaired.
The vacancy rate for the Joint Venture properties as of February 1, 2025 was 1.9%, as compared to 2.2% for the same period last year. The current vacancy rates are in line with those experienced prior to the Covid-19 Pandemic. ​ Residential tenants generally have lease terms of 12 months.
The vacancy rate for the Joint Venture properties as of February 1, 2026 was 2.3%, as compared to 1.9% for the same period last year.
We have various standing or renewable service contracts with vendors related to our property management. In addition, we have certain other contracts we enter into in the ordinary course of business that may extend beyond one year.
In addition, we have certain other contracts we enter into in the ordinary course of business that may extend beyond one year. These contracts are not included as part of our contractual obligations because they include terms that provide for cancellation with insignificant or no cancellation penalties.
For the fourth quarter of 2024, consolidated revenue increased by 3.3%, operating expenses decreased by 8.2% and Income before Other Income (Expense) increased by 39.9%, as compared to the fourth quarter of 2023. On June 16, 2022, the Partnership entered into an amendment to the Facility Agreement.
For the fourth quarter of 2025, consolidated revenue increased by 15.7%, operating expenses increased by 44.3% and Income before Other Income (Expense) 28 Table of Contents decreased by 43.9%, as compared to the fourth quarter of 2024. Excluding Hill Estates, consolidated revenue increased by 3.1%, operating expenses increased by 4.2% and Income before Other Income (Expense) increased by 0.5%.
For 2025, management expects the local real estate market to remain stable as we move from the winter into the spring rental season. ​ The Partnership purchased a commercial retail property of approximately 20,700 square feet, located at 653 Worcester Road in Framingham, Massachusetts for approximately $10,151,000 on January 18, 2023.
For all of 2025, renewal rents increased approximately 5.3% and decreased approximately 0.5% for new leases. ​ The Partnership purchased a commercial retail property of approximately 20,700 square feet, located at 653 Worcester Road in Framingham, Massachusetts for approximately $10,151,000 on January 18, 2023. This acquisition was funded from the Partnership’s cash reserves and closing costs were approximately $59,000.
Excluding revenues from Walgreen’s and Shawmut’s of approximately $1,753,000, there was an increase of approximately $4,579,000 (6.8%). The Partnership Properties with the largest increases in rental income include 62 Boylston Street Apartments, 1144 Commonwealth Apartments, Westgate Apartments, Woodland Park, and Hamilton Green, with increases of approximately $769,000, $747,000, $456,000, $339,000 and $294,000, respectively.
Excluding revenues from the Hill Estates, 26 Brighton Avenue, and the 90 Concord properties of approximately $6,177,000, there was an increase of approximately $2,461,000 (3.1%). The Partnership Properties with the largest increases in rental income include Westside Colonial, Hamilton Oaks, Westgate Apartments, Hamilton Green, and School Street, with increases of approximately $257,000, $246,000, $239,000, $207,000 and $198,000, respectively.
As such, the Partnership was restricted from drawing down any amount from the line of credit until the Partnership met the required financial covenants. On November 21, 2024, the Partnership entered into an agreement for a new $25,000,000 revolving line of credit.
As of December 31,2025, the Partnership has invested approximately $35 million in the Mill Street Development project. Line of Credit On November 21, 2024, the Partnership entered into an agreement for a new $25,000,000 revolving line of credit.
Total expenses from continuing operations for the year ended December 31, 2023 were approximately $55,667,000 compared to approximately $50,205,000 for the year ended December 31, 2022, an increase of approximately $5,461,000 (10.9%). Excluding expenses from Walgreen’s and Shawmut’s of approximately $2,388,000, there was an increase of approximately $3,073,000 (6.1%).
Total expenses from continuing operations for the year ended December 31, 2025 were approximately $67,847,000 compared to approximately $55,161,000 for the year ended December 31, 2024, an increase of approximately $12,686,000 (23.0%). Excluding expenses from the Hill Estates, 26 Brighton Avenue, and the 90 Concord properties of approximately $9,967,000, there was an increase of approximately $2,719,000 (4.9%).
The change in cash used in financing activities is due to the pay down of mortgages, the repurchase of Depositary Receipts, and distributions to partners. ​ During 2024, the Partnership and its Subsidiary Partnerships completed improvements to certain of the Properties at a total cost of approximately $25,254,000, which includes approximately $15,231,000 for the Mill Street Development.
Financing activities include proceeds from the mortgage notes payable, mortgage principal payments and distributions to partners, and repurchase of depositary receipts. During 2025, the Partnership and its Subsidiary Partnerships have completed improvements to certain of the Properties at a total cost of approximately $30,691,000. These improvements were funded from cash reserves. Cash reserves have been adequate to fully fund improvements.
Rental activity continues to be strong as we move from 2024 into 2025 and all indications are that we will have low vacancy rates for the foreseeable future. ​ During the fourth quarter of 2024, rents increased on average 5.7% for renewals and increased on average 0.2% for new leases.
As we move from 2025 into 2026, management expects a rental market with slowing rent growth. During the fourth quarter of 2025, rents increased on average 4.6% for renewals and decreased on average 4.2% for new leases.
Factors which contributed to the increase were an increase in Repairs and Maintenance expense of approximately $2,020,000 (17.9%), primarily due to an increase in apartment units turnover costs, an increase in Taxes and Insurance costs of approximately $600,000 (6.6%), and an increase in Renting expense of approximately $359,000 (56.2%), partially due to an increase in commissions, offset in part by a decrease in Depreciation and Amortization expense of approximately $1,480,000 (9.0%), due to fully depreciated assets.
Factors which contributed to the increase were an increase in Operating expenses of approximately $1,340,000 (17.2%), due to increases in snow removal costs and utility expenses, an increase in Repairs and Maintenance expense of approximately $949,000 (7.2%), an increase in Taxes and Insurance of approximately $651,000(6.5%), due to an increase in real estate taxes.
The decrease in cash used in investing activities is primarily due to improvements to rental properties, and the development of the Mill Street rental property in 2024.
The net decrease in cash used in investing activities is primarily for the purchase of the Hill Estates, 26 Brighton Avenue and 90 Concord properties, improvement of rental properties, including the Mill Street Development project, offset by the proceeds of U.S. Treasury bills.
Currently, approximately $84,000,000 of these reserves are invested in short-term US Treasury bills maturing in 6 months or less with interest rates between 4.19% and 5.02%. ​ Since the Partnership’s long-term goals include the acquisition of additional properties, a portion of the proceeds from the refinancing and sale of properties is reserved for this purpose.
The outstanding stock of The Hamilton Company is controlled by Jameson Brown and Harley Brown. ​ Since the Partnership’s long-term goals include the acquisition of additional properties, a portion of the proceeds from the refinancing and sale of properties were reserved for this purpose.
Removed
The outstanding stock of The Hamilton Company is controlled by Jameson Brown and Harley Brown. ​ In the fiscal year ended December 31, 2022, the Partnership took advantage of the low interest rate environment and refinanced fifteen properties, increased their loan balances, and raised approximately $130,000,000.
Added
Approximately half of the Partnership’s overall vacancy is attributable to Hill Estates, which has several units under renovation, and Mill Street Heights, a new property currently in lease-up. ​ Residential tenants generally have lease terms of 12 months. The majority of these leases will mature during the second and third quarters of the year.
Removed
With interest rates rising, and a threat of an economic slowdown, the Partnership increased the debt level and built cash reserves to acquire additional properties when opportunities became available.
Added
These amounts are being amortized over 12 and 36 months, respectively. ​ 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%.
Removed
The majority of these leases will mature during the second and third quarters of the year.
Added
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, 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.
Removed
For all of 2024, renewal rents increased approximately 5.8% and increased approximately 4.8% for new leases.
Added
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.
Removed
The agreement also allows for an earn out of up to an additional $1,495,453 once the property performance reaches a 1.35x debt service coverage ratio and the loan to value equates to at most 65%. ​ On July 31, 2014, the Partnership entered into an agreement for a $25,000,000 revolving line of credit.
Added
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.
Removed
The term of the line was for three years with a floating interest rate equal to a base rate of the greater of (a) the Prime Rate (b) the Federal Funds Rate plus one-half of one percent per annum, or (c) the LIBOR Rate for a period of one month plus 1% per annum, plus an applicable margin of 2.5%.
Added
As part of the underlying loan’s earnout provision, on July 10, 2025, the Partnership financed an additional $682,520 at an interest rate of 5.97% that will be conterminous with the existing loan. ​ On November 21, 2024, the Partnership entered into an agreement for a new $25,000,000 revolving line of credit.
Removed
The agreement originally expired on July 31, 2017, and was subsequently extended until October 31, 2020. The costs associated with the line of credit extension were approximately $128,000. On October 29, 2021, t he Partnership closed on the modification of its existing line of credit. The agreement extended the line of credit until October 29, 2024.
Added
This repurchase authorization replaces the Partnership’s previous repurchase program. 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.
Removed
The commitment amount was for $25 million but was restricted to $17 million during the modification period. The modification period was phased out by December 31, 2022.
Added
Both the amount of the loss and the point at which its occurrence is considered likely can be difficult to determine. 33 Table of Contents RESULTS OF OPERATIONS Years Ended December 31, 2025 and December 31, 2024 The Partnership and its Subsidiary Partnerships earned income before interest expense, income from investments in unconsolidated joint ventures and other income and loss of approximately $21,349,000 during the year ended December 31, 2025, compared to approximately $25,371,000 for the year ended December 31, 2024, a decrease of approximately $4,022,000 (15.9%).
Removed
During this period, the loan covenants were modified from a minimum consolidated debt service ratio of 1.60 to a ratio of 1.35 until September 30, 2022; from a minimum tangible net worth requirement of $200 million to a net worth of $175 million until September 30, 2022; from a maximum consolidated leverage ratio of 65% to a ratio of 70% until September 30, 2022 and from a minimum debt yield of 9.5% to a yield of 8.5% until September 30, 2022 and a yield of 9.0% until December 31, 2022.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeAssuming interest rate caps are not in effect, if market rates of interest on the Partnership’s variable rate debt increased or decreased by 100 basis points, then the increase or decrease in interest costs on the Partnership’s variable rate debt would be approximately $50,000 annually and the increase or decrease in fair value of the Partnership’s fixed rate debt as of December 31, 2024 would be approximately $23,436,000.
Biggest changeThe increase or decrease in fair value of the Partnership’s fixed rate debt as of December 31, 2025 would be approximately $27,600,000 if market rates of interest on the Partnership’s variable rate debt increased or decreased by 100 basis points.
As of December 31, 2024, the Partnership, its Subsidiary Partnerships and the Investment Properties collectively have approximately $581,437,000 in long-term debt, substantially all of which require payment of interest at fixed rates. Accordingly, the fair value of these debt instruments is affected by changes in market interest rates. This long term debt matures through 2035.
As of December 31, 2025, the Partnership, its Subsidiary Partnerships and the Investment Properties collectively have approximately $705,827,000 in long-term debt, substantially all of which require payment of interest at fixed rates. Accordingly, the fair value of these debt instruments is affected by changes in market interest rates. This long term debt matures through 2035.
Including the line of credit, the Partnership, its Subsidiary Partnerships and the Investment Properties collectively have variable rate debt of $10,000,000 as of December 31, 2024 ranging from SOFR plus 170 basis points to SOFR plus 250 basis points.
Including any outstanding draws under the line of credit, the Partnership, its Subsidiary 41 Table of Contents Partnerships and the Investment Properties collectively have no variable rate debt as of December 31, 2025.

Other NEN 10-K year-over-year comparisons