NEN 10-K & 10-Q changes, risk factors and insider trading

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. 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 obligations. Defaults under our debt agreements could materially and adversely affect our financial condition and results of operations.

Certain information contained herein includes forward looking statements, which are made pursuant to the safe harbor provisions of the Private Securities LiquidationLitigation Reform Act of 1995. Forward looking statements in this report, or which management may make orally or in written form from time to time, reflect management’s good faith belief when those statements are made, and are based on information currently available to management. 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 20242025 and beyond. Should one or more of the risks or uncertainties mentioned below materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We expressly disclaim any responsibility to update our forward looking statements, whether as a result of new information, future events or otherwise. Accordingly, investors should use caution in relying on past forward looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.

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 iswere reserved for this purpose. If available acquisitions do not meet the Partnership’s investment criteria, the Partnership may purchase additional Depositary Receipts. 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, 20252026 was 2.3%4.4% as compared with a vacancy rate of 0.9%2.3% as of February 1, 2024.2025. The vacancy rate for the Joint Venture properties as of February 1, 20252026 was 1.9%,2.3%, as compared to 2.2%1.9% for the same period last year. TheApproximately currenthalf of the Partnership’s overall vacancy ratesis areattributable to Hill Estates, which has several units under renovation, and Mill Street Heights, a new property currently in line with those experienced prior to the Covid-19 Pandemic.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. Rental activity continues to be strong asAs we move from 20242025 into 20252026, andmanagement allexpects indicationsa arerental thatmarket wewith willslowing haverent low vacancy rates for the foreseeable future.growth.

During the fourth quarter of 2024,2025, rents increased on average 5.7%4.6% for renewals and increaseddecreased on average 0.2%4.2% for new leases. For all of 2024,2025, renewal rents increased approximately 5.8%5.3% and increaseddecreased approximately 4.8%0.5% for new leases. For 2025, management expects the local real estate market to remain stable as we move from the winter into the spring rental season.

For the year ending December 31, 20242025 consolidated revenue increased by 8.1%,10.8%, operating expenses increased by 22.3% and Income before Other Income (Expense) decreased by 0.9%14.3%. For the fourth quarter of 2025, consolidated revenue increased by 15.7%, operating expenses increased by 44.3% and Income before Other Income (Expense) 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 34.8%. 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 2023.0.5%.

On October 14, 2022, the Partnership enteredrefinanced into aits loan agreement with Brookline Bank refinancing its loan on 659-665 Worcester Road, Framingham, MA. The agreement pays down the loan on the existing debt of $5,954,546, extendsextended the maturity until October 14, 20322032, at a variable interest rate of the SOFR raterate, plus 1.7%,1.7% interest only for 2two years and amortizing using a thirty-year schedule for the balance of the term. At closing, the Partnership entered into an interest rate swap contract with Brookline Bank with a notional amount equivalent to the underlying loan principal amortization, resulting in a fixed rate of 4.60% through the expiration of the interest rate swap contract. TheAs agreement also allows for an earn outpart of upthe tounderlying loan’s earnout provision, on July 10, 2025, the Partnership financed an additional $1,495,453$682,520 onceat an interest rate of 5.97% that will be conterminous with the propertyexisting performance reaches a 1.35x debt service coverage ratio and the loan to value equates to at most 65%.loan.

On November 21, 2024, the Partnership entered into an agreement for a new $25,000,000 revolving line of credit. 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 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 at least 8.5%. The Partnership incurred a commitment fee of $125,000. The Partnership will be charged annually an unused line fee, equal to seventy-five basis points (0.75%) between the difference of the maximum availability and the outstanding principal of the line of credit. This fee will be waived for any period in which the Partnership maintains aggregate deposits of twenty million dollars with the Lender. As of December 31, 2024,2025, the Partnership was in compliance with the financial covenants and did not incur an unused line fee.covenants.

In March of 2020, the Board of Advisors and Board of Directors unanimously approved an extension of the Repurchase Program until March 31, 2025. 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 Repurchase Plan requires the Partnership to repurchase a proportionate number of Class B Units and General Partner Units in connection with any repurchases of any Depositary Receipts by the Partnership based upon the 80%, 19% and 1% fixed distribution percentages of the holders of the Class A, Class B and General Partner Units under the Partnership Agreement. 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. On March 11, 2026, the General Partner authorized the President and Treasurer to renew the Repurchase Plan for one year.

The Partnership has retained the Hamilton CompanyCompany, Inc. (“Hamilton”) to manage and administer the Partnership’s and Joint Ventures’ Properties. 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%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. The Partnership’s Second Amended and Restated Contract of Limited Partnership (the “Partnership Agreement”) expressly provides that the general partner may employ a management company to manage the properties, and that such management company may be paid a fee of up to 4% of rental receipts for administrative and management services (the “Management Fee”). The Partnership pays Hamilton the annual Management Fee in monthly installments.

In 2024,2025, tenant renewals were approximately 68%73% with an average rental increase of approximately 5.8%.5.3%. New leases accounted for approximately 32%27% with rental rate increasesdecreases of approximately 4.8%.0.5%. In 2024,2025, leasing commissions were approximately $616,000$914,000 compared to approximately $545,000$616,000 in 2023,2024, an increase of approximately $71,000$297,000 (13.0%48.2%) from 2023.2024. Tenant concessions were approximately $104,000$71,000 in 20242025 compared to approximately $68,000$104,000 in 2023,2024, ana increasedecrease of approximately $36,000$33,000 (52.9%31.7%). Tenant improvements were approximately $3,579,000$3,901,000 in 20242025 compared to approximately $3,471,000$3,579,000 in 2023,2024, an increase of approximately $108,000$322,000 (3.1%9.0%).

Total expenses from continuing operations for the year ended December 31, 2024 were approximately $55,161,000 compared to approximately $55,666,000 for the year ended December 31, 2023, a decrease of approximately $505,000 (0.9%). Excluding the net change in expenses from Shawmut’s of approximately $953,000, there was a decrease of approximately $1,458,000 (2.7%). 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. 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%.repairs.

The decreaseincrease in cash of $614,523$9,053,038 at December 31, 20242025 is summarized as follows:

The changenet increase 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 payableincome and accrueddistribution expenses,from joint ventures, and other factors. The net decrease in cash used in investing activities is primarily duefor tothe improvementspurchase toof the Hill Estates, 26 Brighton Avenue and 90 Concord properties, improvement of rental properties, and the development ofincluding the Mill Street rentalDevelopment propertyproject, inoffset 2024.by Thethe changeproceeds inof cashU.S. usedTreasury inbills. financingFinancing activities isinclude dueproceeds tofrom the paymortgage downnotes ofpayable, mortgages,mortgage theprincipal repurchase of Depositary Receipts,payments and distributions to partners.partners, and repurchase of depositary receipts.

During 2024,2025, the Partnership and its Subsidiary Partnerships have 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.$30,691,000. These improvements were funded from cash reserves. Cash reserves and, to some extent, escrow accounts established in connection with the financing or refinancing of the applicable Properties. These sources have been adequate to fully fund improvements. TheCash reserves used for the Mill Street Development Project were approximately $17,599,000 for the year ended December 31, 2025. Beyond the Mill Street Development Project, the most significant improvements were made at 62 Boylston, 1137 Commonwealth, Executive Apartments,1144Apartments, Commonwealth,Clovelly Apartments, Hamilton Oaks, and Captain Parker, River Drive Apartments, Redwood Hills, and Hamilton Oaks, at a cost of $1,582,000,$2,065,000, $1,061,000,$1,980,000, $886,000,$903,000, $880,000,$879,000, $872,000,$799,000, and $782,000$733,000, respectively. The Partnership plans to invest approximately $41,203,000$17,069,000 in capital improvements for all properties in 2025. This amount includes approximately $15,000,000 toward the development of a 72 unit apartment complex at Mill Street Development.2026.

On November 21, 2024, the Partnership entered into an agreement for a new $25,000,000 revolving line of credit. 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 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 at least 8.5%. The Partnership incurred a commitment fee of $125,000. The Partnership will be charged annually an unused line fee, equal to seventy-five basis points (0.75%) between the difference of the maximum availability and the outstanding principal of the line of credit. This fee will be waived for any period in which the Partnership maintains aggregate deposits of twenty million dollars with the Lender. As of December 31, 2024,2025, the Partnership was in compliance with the financial covenants and did not incur an unused line fee.covenants.

The vacancy rate for the Partnership’s residential properties as of MayAugust 1, 2026 was 2.4%2.7% as compared with a vacancy rate of 1.6%2.4% as of MayAugust 1, 2025. The vacancy rate for the Joint Venture properties as of MayAugust 1, 2026 was 1.3%,3.9%, as compared to 2.0%1.9% for the same period last year. The Boston area rental market is currently experiencing elevated vacancy rates, and NERA has responded aggressively to keep vacancy below the Boston area’s current availability rates.

During the firstsecond quarter of 2026, rents increased an average of 4.4%2.9% for renewals and decreased an average of 5.8%1.2% for new leases. For the balance of 2026, management expects a rental market with slowing rent growth.

For the firstsecond quarter of 2026, consolidated revenue, excluding Hill Estates, two sold commercial properties, and Mill Street Heights (newly constructed property), increased by 1.8%,0.3%, operating expenses increased by 17.3%,9.8%, and Income before Other Income (Expense) decreased by 33.9%,17.3%, as compared to the firstsecond quarter of 2025.

On November 21, 2024, the Partnership entered into an agreement with Brookline Bank for a new $25,000,000 revolving line of credit. The term of the line is 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 loan covenants include a leverage ratio not to exceed 65%, a debt service coverage ratio of not less than 1.5 to 1.0, maximum usage of 1.5 times trailing 12 months EBITDA, minimum liquidity of $15 million, and a minimum debt yield of 8.5%. The Partnership incurred a commitment fee of $125,000. The Partnership will be charged annually an unused line fee, equal to seventy-five basis points (0.75%) between the difference of the maximum availability and the outstanding principal of the line of credit. This fee will be waived for any period in which the Partnership maintains aggregate deposits of twenty million dollars with the Lender. As of MarchJune 31,30, 2026, the Partnership was in compliance with the financial covenants.

From the start of the Stock Repurchase Program in 2007 through MarchJune 31,30, 2026, the Partnership has purchased 1,561,0621,575,610 Depositary Receipts. During the threesix months ended MarchJune 31,30, 2026, the Partnership purchased a total of 1,65316,201 Depositary Receipts.

Residential tenants sign a one year lease. During the threesix months ended MarchJune 31,30, 2026, tenant renewals were approximately 72%75% with an average rental increase of approximately 4.4%,3.4%, new leases accounted for approximately 28%25% with a rental rate decrease of approximately 5.8%.3.1%. During the threesix months ended MarchJune 31,30, 2026, leasing commissions were approximately $316,000$741,000 compared to approximately $145,000$316,000 for the threesix months ended MarchJune 31,30, 2025, an increase of approximately $171,000$425,000 (118.3%134.5%). Tenant concessions were approximately $21,000$42,000 for the threesix months ended MarchJune 31,30, 2026, compared to approximately $16,000$30,000 for the threesix months ended MarchJune 31,30, 2025, an increase of approximately $5,000$12,000 (31.3%40.0%). Tenant improvements were approximately $1,507,000$2,558,000 for the threesix months ended MarchJune 31,30, 2026, compared to approximately $871,000$1,779,000 for the threesix months ended MarchJune 31,30, 2025, an increase of approximately $636,000$779,000 (73.0%43.8%). We are actively monitoring proposed rent control ballot initiative for the Commonwealth of Massachusetts, and are taking actions to mitigate the potential risks associated with the proposal, including limiting future capital expenditures and addressing expense increases to the extent possible.

Hamilton accounted for approximately 1.6%1.0% of the repair and maintenance expenses paid for by the Partnership during the threesix months ended MarchJune 31,30, 2026 and 1.2% during the threesix months ended MarchJune 31,30, 2025. Of the funds paid to Hamilton for this purpose, the great majority was to cover the cost of services provided by the Hamilton maintenance department, including plumbing, electrical, carpentry services, and snow removal for those properties close to Hamilton’s headquarters. Several of the larger Partnership properties have their own maintenance staff. Those properties that do not have their own maintenance staff and are located more than a reasonable distance from Hamilton’s headquarters in Allston, Massachusetts are generally serviced by local, independent companies.

Hamilton’s legal department handles most of the Partnership’s eviction and collection matters. Additionally, it prepares most long-term commercial lease agreements and represents the Partnership in selected purchase and sale transactions. Overall, Hamilton provided approximately $59,000$97,000 (15.3%20.1%) and approximately $32,000$41,000 (82.8%100%) of the legal services paid for by the Partnership during the threesix months ended MarchJune 31,30, 2026 and 2025, respectively.

The Partnership requires that three bids be obtained for construction contracts in excess of $15,000. Hamilton may be one of the three bidders on a particular project and may be awarded the contract if its bid and its ability to successfully complete the project are deemed appropriate. For contracts that are not awarded to Hamilton, Hamilton charges the Partnership a construction supervision fee equal to 5% of the contract amount. Hamilton’s architectural department also provides services to the Partnership on an as-needed basis. During the threesix months ended MarchJune 31,30, 2026, Hamilton provided the Partnership approximately $255,000$324,000 in construction and architectural services, compared to approximately $96,000$225,000 for the threesix months ended MarchJune 31,30, 2025.

Hamilton’s accounting staff perform bookkeeping and accounting functions for the Partnership. During the threesix months ended MarchJune 31,30, 2026 and 2025, Hamilton charged the Partnership $31,250$62,500 for bookkeeping and accounting services. For more information on related party transactions, see Note 3 to the Consolidated Financial Statements.

Three Months Ended MarchJune 31,30, 2026 and MarchJune 31,30, 2025

The Partnership and its Subsidiary Partnerships earned income before interest expense, income from investments in unconsolidated joint ventures, and other expense of approximately $1,496,000$4,040,000 during the three months ended MarchJune 31,30, 2026, compared to approximately $6,233,000$7,063,000 for the three months ended MarchJune 31,30, 2025, a decrease of approximately $4,737,000$3,023,000 (76.0%42.8%).

Three Months Ended MarchJune 31,30, 2026 Compared to Three Months Ended MarchJune 31,30, 2025

Rental income for the three months ended MarchJune 31,30, 2026 was approximately $23,956,000,$24,184,000, compared to approximately $20,496,000$21,038,000 for the three months ended MarchJune 31,30, 2025, an increase of approximately $3,460,000$3,146,000 (16.9%15.0%). Excluding revenuesnet rental income from the Hill Estates, two sold commercial properties, and Mill Street Heights (newly constructed), of approximately $3,085,000,$3,086,000, revenuenet rental income increased approximately $375,000$60,000 (1.8%0.3%). The Partnership properties with the largest increases in rental income include 62 Boylston, Hamilton Oaks, Clovelly Apartments, and WCB Associates, and River Drive, with increases of $246,000,$75,000, $72,000, $66,000,$57,000, and $52,000,$54,000, respectively, partially offset by a decreasedecreases at 114462 CommonwealthBoylston, Apartmentsand Mill Street Gardens of approximately $132,000.$63,000 and $62,000, respectively. 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.

ExpensesOperating expenses for the three months ended MarchJune 31,30, 2026 were approximately $22,665,000$20,363,000 compared to approximately $14,455,000$14,177,000 for the three months ended MarchJune 31,30, 2025, an increase of approximately $8,210,000$6.186,000 (56.8%43.6%). Excluding expenses from the Hill Estates, two sold commercial properties, and Mill Street Heights (newly constructed) properties of approximately $5,726,000,$4,861,000, operating expenses were approximately $16,938,000,$14,801,000, an increase of approximately $2,503,000$1,325,000 (17.3%9.8%). The factors contributing to the increase are an increase in operating expenses of approximately $1,318,000$357,000 (40.2%21.5%), which included an increase in snow removal costs of approximately $870,000$184,000 over(490.1%) the three months ended March 31,2025,and an increase in administrativeutility expenses of approximately $696,000$81,000 ( 112.1%6.5%), including an increase in legalrepairs costsand relatedmaintenance toexpenses aof tenantapproximately complaint$310,000 ($240,000 9.0%), andwhich ainclude publican policy contribution related to a residential housing regulatory matterincrease in theplumbing Greaterexpenses Bostonof areaapproximately $176,000 ($360,00072.1%) and an increase in HVAC repairs of approximately $88,000 (95.9%), and an increase in taxes and insurance of approximately $175,000$188,000 (6.5%7.0%). Depreciation and amortization expense increased approximately $4,060,000,$3,627,000 (104.0%81.1%) of which approximately $3,948,000$3,495,000 of the expenses are associated with the recently purchased properties.

Interest expense for the three months ended MarchJune 31,30, 2026 was approximately $5,712,000$5,732,000 compared to approximately $3,791,000$4,136,000 for the three months ended MarchJune 31,30, 2025, an increase of approximately $1,921,000$1,596,000 (50.7%38.6%). The increase was due to the interest expense incurred when the Partnership borrowed an additional $40,000,000 in May, 2025 at an interest rate of 5.99% on the Master Credit Facility, the mortgages incurred upon the acquisition of Hill Estates, and the newly constructed property at Mill Street Heights.

Interest and dividend income for the three months ended MarchJune 31,30, 2026 was approximately $116,000$105,000 compared to approximately $991,000$737,000 for the three months ended MarchJune 31,30, 2025, a decrease of approximately $875,000$632,000 (88.3%85.7%). The decrease in the interest income was due to the use of the Investment in U.S. Treasury bills to acquire the Hill Estates property in June of 2025.

At MarchJune 31,30, 2026, 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 described in Note 15 to the Consolidated Financial Statements, the Partnership’s share of the net income from the Investment Properties was approximately $343,000$427,000 for the three months ended MarchJune 31,30, 2026, compared to net income of approximately $362,000$485,000 for the three months ended MarchJune 31,30, 2025. Included in the income for the three months ended MarchJune 31,30, 2026 is depreciation and amortization expense of approximately $675,000.$679,000.

As a result of the changes discussed above, there was a net loss for the three months ended MarchJune 31,30, 2026 of approximately $3,907,000$1,159,000 compared to net income of approximately $3,796,000$4,150,000 for the three months ended MarchJune 31,30, 2025, a decrease in income of approximately $7,703,000$5,309,000 (202.9%127.9%).

The Partnership’s principal source of cash during the first threesix months of 2026 and 2025 was the collection of rents. The Partnership’s principal usesource of cash during the first threesix months of 20262025 was improvementsthe toproceeds rentalfrom properties,the increase in mortgage principalnotes payments,payable, the liquidation of U.S Treasury bills, and distributionsthe tocollection partners.of rents.

The majority of cash and cash equivalents of $25,559,751$24,749,739 at MarchJune 31,30, 2026 and $26,668,978 at December 31, 2025 was held in interest bearing accounts at creditworthy financial institutions.

The decrease in cash of $1,109,227$1,919,239 for the threesix months ended MarchJune 31,30, 2026 is summarized as follows:

The net increase in cash provided by operating activities is dueapproximately to various factors, including a change in depreciation expense, a change in income and distribution from joint ventures, and other factors.$7,570,000. The net decrease in cash used in investing activities is primarily for the improvement of rental properties, offset by the sale of two commercial properties. FinancingThe cash used in financing activities include mortgage principal payments and distributions to partners, and repurchase of depositary receipts.

During 2026, the Partnership and its Subsidiary Partnerships have completed improvements to certain of the Properties at a total cost of approximately $3,823,000.$6,944,000. These improvements were funded from cash reserves. Cash reserves have been adequate to fully fund improvements. The most significant improvements were made at Hill Estates, Hamilton Green, Hamilton62 Battlegreen,Boylston, Hamilton Oaks, Mill Street Heights, and ExecutiveHamilton Apartments,Battlegreen, at a cost of approximately $1,219,000,$2,282,000, $791,000,$937,000, $309,000,$739,000, $236,000, $218,000$457,000, and $217,000,$404,000, respectively.

During the threesix months ended MarchJune 31,30, 2026, the Partnership received distributions of approximately $345,000$720,000 from the investment properties. For the threesix months ended MarchJune 31,30, 2025, the Partnership received $482,000$838,000 in distributions from the investment properties. Included in these net distributions is the amount from Dexter Park of approximately $100,000$200,000 and $200,000$400,000, and 345 Franklin of approximately $245,000 and $200,000, respectively, for the threesix months ended MarchJune 31,30, 2026 and 2025, respectively.2025.

In MarchAugust 2026, the Partnership approved a quarterly distribution of $12.00 per Unit ($0.40 per Receipt), payable on MarchSeptember 31,30, 2026. In May 2026, the Partnership approved a quarterly distribution of $12.00 per Unit ($0.40 per Receipt), payable on June 30, 2026. In March 2026, the Partnership approved a quarterly distribution of $12.00 per Unit ($0.40 per Receipt), payable on March 31, 2026.

The Partnership anticipates that cash from operationsoperations, willproceeds from loan refinancings, and availability under the line of credit should be sufficient to fund its current operations, pay distributions, and make required debt payments.

As of MarchJune 31,30, 2026, the Partnership had a 40%-50% ownership interest in seven Joint Ventures, five of which have mortgage indebtedness. We do not have control of these partnerships and therefore we account for them using the equity method of consolidation. As of MarchJune 31,30, 2026, our proportionate share of the non-recourse debt related to these investments was approximately $74,867,000.$74,834,000. See Note 15 to the Consolidated Financial Statements.

As of MarchJune 31,30, 2026, we are subject to debt obligations as described in the table below.