New England Realty Associates Partnership(NEN) - 2022 Q4 - Annual Report

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].