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New England Realty Associates Partnership(NEN) - 2024 Q1 - Quarterly Report
2024-05-09 19:19
Financial Performance - Rental income for Q1 2024 increased to $19,710,432, up 12.2% from $17,568,727 in Q1 2023[18] - Net income for Q1 2024 was $3,463,596, representing a 97.3% increase compared to $1,754,375 in Q1 2023[20] - Comprehensive income for Q1 2024 was $3,605,630, compared to $1,588,488 in Q1 2023, reflecting a significant increase[20] - Net cash provided by operating activities for Q1 2024 was $6,123,747, compared to $1,665,543 in Q1 2023[27] - For the three months ended March 31, 2024, net income per Depositary Receipt was $0.98, up from $0.49 in the same period of 2023, representing a 100% increase[88] - Total distributions per Depositary Receipt increased to $2.00 in Q1 2024 from $1.60 in Q1 2023, marking a 25% increase[88] - The Partnership's share of net income from Investment Properties was approximately $441,000 for the three months ended March 31, 2024, an increase of approximately $213,000 (93.8%) from $228,000 in the same period last year[191] Cash and Liquidity - Cash and cash equivalents rose to $28,801,744 as of March 31, 2024, compared to $18,230,463 at the end of 2023, marking a 58% increase[15] - Cash provided by operating activities was $6,123,747 for the three months ended March 31, 2024, compared to $1,665,543 for the same period in 2023, indicating a significant improvement[194] - The Partnership's cash equivalents totaled $28,801,744 as of March 31, 2024, reflecting a stable liquidity position[102] - The Partnership's cash reserves have been adequate to fully fund property improvements, indicating strong liquidity management[195] Assets and Liabilities - Total assets decreased slightly to $381,191,994 from $385,730,690 at the end of 2023[15] - Total liabilities remained relatively stable at $450,233,094, down from $451,085,074 at the end of 2023[15] - As of March 31, 2024, the Partnership's total liabilities amounted to $573,997,996, with mortgage payables for Partnership properties at $408,060,293[102] - Total liabilities reached $172,028,058, with mortgage notes payable accounting for $165,937,703[126] - The Partnership's long-term debt as of March 31, 2024, amounted to approximately $577,068,000, with most requiring fixed interest payments[209] Property and Investments - New England Realty Associates Limited Partnership owns 31 properties, including 22 residential buildings and 4 commercial buildings, totaling 2,943 apartment units and approximately 130,000 square feet of commercial space[30] - The Partnership has a 40-50% interest in 7 additional residential and mixed-use properties, consisting of 688 apartment units and 12,500 square feet of commercial space[30] - The Partnership acquired a commercial retail property for approximately $10,151,000 on January 18, 2023, and a mixed-use property for approximately $27,500,000 on July 14, 2023[61][62] - The Partnership is constructing a 72-unit apartment building with total expected construction costs of approximately $30,000,000, anticipated to be completed in Q4 2025[63] - The Partnership has invested approximately $15,925,000 for a 40% interest in Hamilton Park Towers, a 409-unit residential complex, with a total purchase price of $129,500,000[115] - The Partnership invested $2,352,000 for a 50% ownership interest in a 176-unit apartment complex in Quincy, Massachusetts, with a purchase price of $23,750,000[119] Expenses and Costs - Operating expenses increased to approximately $14,141,000 for the three months ended March 31, 2024, up approximately $901,000 (6.8%) from $13,240,000 in 2023[187] - Advertising expenses increased to approximately $152,000 for the three months ended March 31, 2024, from approximately $109,000 in the same period in 2023, reflecting a year-over-year increase of about 39.5%[54] - The increase in renting expenses was approximately $196,000 (102.3%) due to tenant concessions related to construction disruptions[187] - The Partnership's total reimbursement to the Management Company for payroll and related expenses was approximately $1,100,000 for Q1 2024[68] Tenant and Rental Information - Approximately 94% of rental income for Q1 2024 was derived from residential apartments and condominium units, with 6% from commercial properties[93] - The minimum future rental income from commercial leases is projected to be $22,469,633, with significant contributions from Trader Joe's and Walgreen's, accounting for approximately 16% of total commercial rental income[93] - The vacancy rate for residential units decreased to 1.2% as of May 1, 2024, down from 2.1% a year earlier[182] - Average rent increases for renewals were 5.8% and for new leases were 5.4% during the first quarter of 2024, with expectations of continued rent growth for the remainder of the year[143] Distributions and Shareholder Returns - The Partnership approved a quarterly distribution of $12.00 per Unit and a special distribution of $48.00 per Class A unit, both payable on March 28, 2024[87] - The Partnership repurchased 2,858 Depositary Receipts at an average price of $70.69 per receipt during the three months ended March 31, 2024, totaling approximately $203,000[91] - From 2007 to March 31, 2024, the Partnership repurchased a total of 1,535,092 Depositary Receipts, with 2,858 purchased in the first quarter of 2024[149] Management and Governance - The Partnership's management has concluded that its disclosure controls and procedures were effective as of the end of the reporting period[210] - The Partnership has no legal obligation to fund operating deficits of its joint ventures, although it intends to fund its share of future operating deficits if necessary[32]
New England Realty Associates LP Announces Second-Quarter Distribution on Class A Units and Depositary Receipts
Prnewswire· 2024-05-09 15:01
ALLSTON, Mass., May 9, 2024 /PRNewswire/ -- On June 28, 2024, New England Realty Associates Limited Partnership (NYSE MKT: NEN) will make its quarterly distribution to its Class A Limited Partners and holders of Depositary Receipts of record as of June 14, 2024.  The quarterly distribution per Class A Limited Partnership Unit will be $12.00 per Unit.  The quarterly distribution per Depositary Receipt will be $0.40.  Each Depositary Receipt represents a beneficial ownership of one-thirtieth of a Class A Part ...
New England Realty Associates Partnership(NEN) - 2023 Q4 - Annual Report
2024-03-14 20:18
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].
New England Realty Associates Partnership(NEN) - 2023 Q3 - Quarterly Report
2023-11-09 16:30
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].
New England Realty Associates Partnership(NEN) - 2023 Q2 - Quarterly Report
2023-08-08 19:18
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) ...
New England Realty Associates Partnership(NEN) - 2023 Q1 - Quarterly Report
2023-05-09 21:12
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 ...
New England Realty Associates Partnership(NEN) - 2022 Q4 - Annual Report
2023-03-13 20:44
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].
New England Realty Associates Partnership(NEN) - 2022 Q3 - Quarterly Report
2023-01-19 21:25
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 ...
New England Realty Associates Partnership(NEN) - 2022 Q2 - Quarterly Report
2022-08-05 19:58
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) ...
New England Realty Associates Partnership(NEN) - 2022 Q1 - Quarterly Report
2022-05-06 19:11
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) ...