Ownership and Investments - As of February 1, 2024, the Partnership owned a 40-50% interest in 7 residential and mixed-use complexes, totaling 688 residential units and one commercial unit[19]. - The Partnership purchased a 52-unit mixed-use property for approximately $27,500,000 on July 14, 2023, funded from cash reserves[31]. - The Partnership plans to develop a 72-unit apartment complex at Mill Street Development, allocating approximately $10,067,000 for this project in 2024[32]. - In 2023, the Partnership completed property improvements at a total cost of approximately $9,289,000, with plans to invest approximately $22,284,000 in capital improvements in 2024[32]. Financial Performance and Distributions - In March 2024, the Partnership approved a quarterly distribution of $12.00 per Unit, with a special distribution of $48.00 per Class A unit, totaling $9,954,888 in distributions for 2023[22]. - The Partnership repurchased 1,532,234 Depositary Receipts at an average price of $31.72 per receipt, totaling approximately $54,421,000 since the program's inception[23]. Debt and Financing - The Partnership entered into a Master Credit Facility Agreement with KeyBank for an initial advance of $156,000,000 at a fixed interest rate of 2.97%[24]. - The Partnership's line of credit was modified to extend until October 29, 2024, with a commitment amount of $25 million, restricted to $17 million during the modification period[35]. - The Partnership's debt yield fell below the minimum requirement to 8.6% as of December 31, 2023, restricting access to the line of credit until compliance is met[35]. - As of December 31, 2023, the Partnership has approximately $577,822,000 in long-term debt, with most requiring fixed interest payments[222]. - The Partnership has variable rate debt totaling $10,000,000, with rates ranging from SOFR plus 170 to SOFR plus 310 basis points[222]. - A 100 basis point change in market interest rates would result in an annual interest cost change of approximately $50,000 for the variable rate debt[222]. - The fair value of the Partnership's fixed rate debt would change by approximately $25,644,000 with a 100 basis point change in market interest rates[222]. - The long-term debt matures through 2035, indicating a long-term financial commitment[222]. Market and Competitive Environment - The Partnership's leasing of real estate in the Boston area is highly competitive, impacting tenant acquisition and rental rates[19]. - The company relies heavily on rental income from multifamily apartment complexes and commercial properties, which could adversely affect financial conditions if tenant attraction and retention fail[44]. - The company is subject to competition from various rental alternatives, which may impact its ability to attract tenants and maintain rental rates[46]. - Properties are concentrated in Eastern Massachusetts and Southern New Hampshire, linking performance to local economic conditions and rental market dynamics[47]. Regulatory and Risk Factors - The company faces significant cybersecurity risks, with potential legal claims and increased insurance premiums if data breaches occur, despite ongoing investments in security measures[45]. - Recent proposals in Boston could limit future rent increases to the lower of 10% or the Consumer Price Index plus six percentage points, adversely affecting revenue from residential properties[70]. - New energy performance standards in Boston may increase utility and administrative costs, impacting financial conditions and cash flows[71]. - The company is exposed to market risks, particularly interest rate risk, which could affect the spread between yield on invested assets and cost of funds[221]. - Compliance with various laws and regulations may incur significant costs, potentially affecting cash flow and distributions to shareholders[56]. - Debt financing poses risks, as the majority of assets are encumbered by non-recourse mortgage debt, potentially leading to cash flow issues for required payments[49]. - The company’s ability to sell properties and execute its strategic plan is crucial for debt reduction and financial performance[55].

Financial Performance - Net income for the nine months ended September 30, 2023, was $6,154,568, compared to $1,580,625 for the same period in 2022, representing a 289.5% increase[21]. - Comprehensive income for Q3 2023 was $2,438,458, compared to $995,224 in Q3 2022, reflecting a 144.5% increase[21]. - Net income for the three months ended September 30, 2023, was approximately $2,175,000, an increase of approximately $1,180,000 (118.6%) compared to the same period in 2022[196]. - Net income for the nine months ended September 30, 2023, was approximately $6,154,000, an increase of approximately $4,574,000 (289.4%) compared to the same period in 2022[208]. - The Partnership's share of net income from Investment Properties for the nine months ended September 30, 2023, was approximately $496,000, an increase of approximately $292,000 (143.3%) compared to the same period in 2022[204]. Revenue and Income Sources - Rental income for Q3 2023 was $18,804,320, an increase of 10.8% from $16,974,515 in Q3 2022[17]. - For the nine months ended September 30, 2023, total revenues reached $18.874 million, primarily driven by rental income of $12.088 million[133]. - Rental income for the nine months ended September 30, 2023, was approximately $54,338,000, an increase of approximately $4,078,000 (8.1%) compared to the same period in 2022[199]. - Approximately 94% of rental income during the nine months ended September 30, 2023, was derived from residential properties, with the remaining 6% from commercial properties, which have a minimum future annual rental income of $21,297,432[95]. Assets and Liabilities - Total assets decreased to $386,158,244 as of September 30, 2023, from $391,820,280 at the end of 2022, a decline of 1.7%[15]. - Total liabilities remained relatively stable at $450,810,428, compared to $451,689,637 at the end of 2022[15]. - The Partnership's total liabilities as of September 30, 2023, amounted to $575,253,819, with a fair value of $492,640,130[105]. - Total fixed assets as of September 30, 2023 amounted to $443,479,786, with accumulated depreciation of $171,180,209, resulting in a net value of $272,299,577[61]. Cash Flow and Investments - Cash flows from operating activities for the nine months ended September 30, 2023, were $16,300,141, up from $13,033,520 in the same period of 2022[26]. - The company invested $37,518,172 in rental property purchases during the nine months ended September 30, 2023[26]. - The Partnership has built cash reserves of $85,407,000, currently invested in short-term US Treasury bills with interest rates between 4.8% and 5.4%[147]. - The Partnership purchased a mixed-use property in Boston for $27,500,000 using cash reserves, indicating ongoing market expansion efforts[149]. Expenses - Operating expenses for the nine months ended September 30, 2023, were approximately $40,665,000, an increase of approximately $3,023,000 (8.0%) compared to the same period in 2022[200]. - Interest expense for the nine months ended September 30, 2023, was $5.363 million, impacting net income negatively[133]. - Administrative expenses for the nine months ended September 30, 2023, totaled $297,486, reflecting operational costs[133]. Market and Occupancy - The vacancy rate for residential properties as of November 1, 2023, was 0.9%, down from 1.8% a year earlier, indicating improved occupancy rates[150]. - Residential rental income accounted for 94% of total rents in both 2023 and 2022, while commercial rental income accounted for 6% in both years[185]. - Tenant renewals were approximately 72% with an average rental increase of approximately 6.4%, while new leases accounted for approximately 28% with rental rate increases of approximately 9.5% during the nine months ended September 30, 2023[160]. Stock and Distributions - Stock buybacks totaled $2,657,477 in the nine months ended September 30, 2023, compared to $5,167,667 in the same period of 2022[26]. - The Partnership approved a quarterly distribution of $12.00 per Unit ($0.40 per Receipt) for both May and August 2023, with a special distribution of $38.40 per Class A unit ($1.28 per Receipt) in January 2023[88]. - As of September 30, 2023, the Partnership had repurchased a total of 1,517,690 Depositary Receipts at an average price of $30.96 per receipt, totaling approximately $53,153,000[91].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-31568 New England Realty Associates Limited Partnership (Exact name of registrant as specified in its charter) ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Exact name of registrant as specified in its charter) | Massachusetts | 04-2619298 | | --- | --- | | (State or other jurisdiction of | (I.R.S. employer | incorporation or organization) identification no.) (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF T ...

Ownership and Investments - As of February 1, 2023, the Partnership owned a 40-50% interest in 7 residential and mixed-use complexes, totaling 688 residential units and one commercial unit[17]. - The Partnership plans to invest approximately $12,500,000 in capital improvements in 2023, following $5,981,000 spent on improvements in 2022[26]. - The Partnership's Advisory Committee reviews the progress of the Partnership and approves certain investments and acquisitions[32]. Financial Distributions - In March 2023, the Partnership approved a quarterly distribution of $9.60 per Unit, along with a special distribution of $38.40 per Class A unit, totaling $9,267,981 in distributions for 2022[18]. Debt and Financing - As of December 31, 2022, the Partnership had approximately $580,739,000 in long-term debt, with variable rate debt of $10,000,000[234]. - The Partnership entered into a Master Credit Facility Agreement with KeyBank for an initial advance of $156,000,000 at a fixed interest rate of 2.97%[20]. - The line of credit agreement was modified to extend the commitment amount to $25 million, with restrictions during the modification period[28]. - If market interest rates on the Partnership's variable rate debt increased or decreased by 100 basis points, the annual interest cost would change by approximately $50,000[234]. Shareholder Transparency - The Partnership has repurchased 1,488,460 Depositary Receipts at an average price of $30.14 per receipt, totaling approximately $50,495,000 including brokerage fees[19]. - The Partnership's website provides access to its annual and quarterly reports, ensuring transparency for shareholders[33].

Washington, D.C. 20549 FORM 10-Q (Mark One) Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the transition period from to Commission file number 001-31568 New England Realty Associates Limited Partnership (Exact name of registrant as specified in its charter) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR Massachusetts 04-2619298 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SE ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-31568 New England Realty Associates Limited Partnership (Exact name of registrant as specified in its charter) ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-31568 New England Realty Associates Limited Partnership (Exact name of registrant as specified in its charter) ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-31568 New England Realty Associates Limited Partnership (Exact name of registrant as specified in its charter) Mass ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-31568 New England Realty Associates Limited Partnership (Exact name of registrant as specified in its char ...