The report was filed on March 14, 2025
New England Realty Associates Limited Partnership Class A Depositary Receipts Evidencing Units of Limited Partnership (NEN) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. The filing includes financial statements and detailed information about the Partnership's operations and financial condition filing.
The Partnership reported total revenues of $80,532,550 for the year, an increase from $74,481,368 in the previous year. The increase in revenue was primarily attributed to higher rental income, which rose by 7.9% to $79,762,964.
Operating expenses totaled $55,161,297, a slight decrease from $55,666,521 in the prior year. This decrease was partially due to a reduction in property impairment charges.
Net income for the year was $15,661,587, significantly higher than the previous year's net income of $8,453,950. This increase in net income was driven by higher revenues and stable operating expenses.
The Partnership's assets as of December 31, 2024, were valued at $393,508,658, with liabilities totaling $455,942,560. The Partnership's partners' capital showed a deficit of $62,433,902.
The Partnership continues to manage a portfolio of 31 properties, including residential, mixed-use, and commercial properties, primarily located in Massachusetts and New Hampshire. Additionally, the Partnership holds a 40-50% interest in seven investment properties.
During the year, the Partnership completed improvements to its properties at a cost of approximately $25,254,000, including significant investments in the Mill Street Development project.
The Partnership has a revolving line of credit of $25,000,000 with a floating interest rate, which remains unused as of the end of the fiscal year.
The report highlights the competitive nature of the real estate market in the metropolitan Boston area and the Partnership's strategy to manage, rent, and improve its properties while seeking new acquisition opportunities.
The filing also details various financial agreements, including mortgage refinancings and a repurchase program for Depositary Receipts and Partnership Units.
The Partnership's financial statements were audited by Miller Wachman LLP, who reported no material weaknesses in internal controls over financial reporting.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the New England Realty Associates Limited Partnership Class A Depositary Receipts Evidencing Units of Limited Partnership annual 10-K report dated March 14, 2025. To report an error, please email [email protected].
Join 500,000+ readers who start their day with Quartz.
By subscribing, you agree to our Terms of Service and Privacy Policy.
