Ownership and Investments - As of February 1, 2025, 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 plans to invest approximately $30,837,000 in capital improvements for all properties in 2025, including $14,769,000 for a 72-unit apartment complex at Mill Street Development[33]. - The total investment for the Mill Street project is anticipated to be approximately $30 million, with an estimated completion date in the fourth quarter of 2025[34]. - The Partnership purchased a 52-unit mixed-use property for approximately $27,500,000 on July 14, 2023, funded from cash reserves[32]. Financial Performance and Distributions - In March 2025, the Partnership approved a quarterly distribution of $12.00 per Unit, with a special distribution of $96.00 per Class A unit, compared to $48.00 per Unit in 2024 and $84.00 per Unit in 2023[22]. Debt and Financing - As of December 31, 2024, the Partnership had approximately $581,437,000 in long-term debt, with variable rate debt of $10,000,000[229]. - The Partnership entered into a new $25,000,000 revolving line of credit on November 21, 2024, with a floating interest rate and various financial covenants[36]. - The Partnership's obligations under the Master Credit Facility Agreement are secured by mortgages on certain properties, with an initial advance of $156,000,000 at a fixed interest rate of 2.97%[27]. Property Improvements - The Partnership completed improvements to certain properties at a total cost of approximately $25,254,000 in 2024, including significant investments in multiple properties[33]. - The Partnership repurchased 1,550,358 Depositary Receipts at an average price of $31.82 per receipt, totaling approximately $56,090,000 from August 20, 2007, to December 31, 2024[25].
New England Realty Associates Partnership(NEN) - 2024 Q4 - Annual Report