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New England Realty Associates Limited Partnership (NEN0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports rental income of $20,021,133 for the quarter, an increase from $18,804,320 in the same quarter of the previous year. The increase is attributed to higher rental rates and increased occupancy.
Operating expenses for the quarter were $13,738,359, a decrease from $14,062,381 in the previous year. This decrease is due to reduced depreciation and amortization expenses.
The company reported a net income of $3,909,398 for the quarter, compared to $2,175,226 in the previous year, reflecting a significant increase in profitability.
Interest income for the quarter was $1,123,084, slightly up from $1,083,423 in the previous year, due to investments in Treasury Bills.
Interest expense decreased to $3,831,009 from $3,956,181, reflecting lower borrowing costs.
The filing details the company's investments in joint ventures, with a reported income of $146,647 from these investments for the quarter.
Cash provided by operating activities was $19,965,878 for the nine months ended September 30, 2024, while cash used in investing and financing activities was $9,570,177 and $13,556,471, respectively.
The company's cash and cash equivalents stood at $15,069,693 as of September 30, 2024, down from $18,230,463 at the end of 2023.
New England Realty Associates continues to focus on maintaining high occupancy rates and managing operating expenses effectively.
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 quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.