New England Realty Associates LP Files 2023 10-K

TL;DR

<b>New England Realty Associates LP filed its 2023 10-K report</b>, detailing operations as an apartment building operator.

AI Summary

NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP (NEN) filed a Annual Report (10-K) with the SEC on March 14, 2024. Filed 10-K for the fiscal year ending December 31, 2023. Company operates as an operator of apartment buildings. Incorporated in Massachusetts with fiscal year end on December 31. Business and mailing address located at 39 Brighton Ave, Allston, MA 02134. SEC file number is 001-31568.

Why It Matters

For investors and stakeholders tracking NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial performance and operational status for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, asset portfolio, and any potential risks or opportunities in the real estate market.

Risk Assessment

Risk Level: low — NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP shows low risk based on this filing. The filing is a standard 10-K for a real estate operator, with no immediate red flags indicating high risk.

Analyst Insight

Monitor future filings for specific financial performance metrics and any changes in operational strategy.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 104 — Public Document Count (Number of documents in the filing)
• 001-31568 — SEC File Number (SEC filing identifier)
• 042619298 — IRS Number (Internal Revenue Service number)

Key Players & Entities

• NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP (company) — Filer name
• NEN (company) — Ticker symbol
• 20231231 (date) — Conformed period of report
• 20240314 (date) — Filed as of date
• MA (location) — State of incorporation
• 02134 (location) — Business ZIP code
• 6177830039 (phone) — Business phone
• 001-31568 (regulator) — SEC file number

FAQ

Industry Context

The company operates in the real estate sector, specifically as an operator of apartment buildings.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-K document for detailed financial statements.
2. Analyze any disclosed risk factors or management discussion sections.
3. Compare 2023 performance metrics with previous years if available in the full filing.

Key Dates

• 2024-03-14: 10-K Filing — Filing of the annual report for the fiscal year ended December 31, 2023.

Year-Over-Year Comparison

This is the initial filing information provided for the 2023 10-K.

Key Financial Figures

• $12.00 — ip approved a quarterly distribution of $12.00 per Unit ($0.40 per Receipt), payable o
• $0.40 — rterly distribution of $12.00 per Unit ($0.40 per Receipt), payable on March 28, 2024
• $48.00 — there will be a special distribution of $48.00 per Class A unit ($1.60 per Receipt). I
• $1.60 — istribution of $48.00 per Class A unit ($1.60 per Receipt). In 2023 the Partnership p
• $84.00 — rship paid an aggregate distribution of $84.00 Unit ($2.80 per Receipt) for a total pa
• $2.80 — aggregate distribution of $84.00 Unit ($2.80 per Receipt) for a total payment of $9,
• $9,954,888 — .80 per Receipt) for a total payment of $9,954,888 in 2023. In 2022 the Partnership paid a
• $76.80 — id a total distribution of an aggregate $76.80 Unit ($2.56 per Receipt), for a total p
• $2.56 — stribution of an aggregate $76.80 Unit ($2.56 per Receipt), for a total payment of $9
• $9,267,981 — 56 per Receipt), for a total payment of $9,267,981. On August 20, 2007, NewReal, Inc., t
• $31.72 — ositary Receipts at an average price of $31.72 per receipt (or $951.52 per underlying
• $951.52 — average price of $31.72 per receipt (or $951.52 per underlying Class A Unit), 4,394 Cla
• $1,259.00 — ship Units, both at an average price of $1,259.00 per Unit, totaling approximately $54,42
• $54,421,000 — 259.00 per Unit, totaling approximately $54,421,000, inclusive of brokerage fees paid by th
• $156,000,000 — ith an initial advance in the amount of $156,000,000. Interest only on the debt at a fixed i

Filing Documents

• nen-20231231x10k.htm (10-K) — 5347KB
• nen-20231231xex31d1.htm (EX-31.1) — 12KB
• nen-20231231xex31d2.htm (EX-31.2) — 12KB
• nen-20231231xex32d1.htm (EX-32.1) — 15KB
• nen-20231231xex97.htm (EX-97) — 2KB
• nen-20231231xex99d1.htm (EX-99.1) — 331KB
• nen-20231231x10k004.jpg (GRAPHIC) — 45KB
• 0001558370-24-003239.txt (&nbsp;) — 21920KB
• nen-20231231.xsd (EX-101.SCH) — 104KB
• nen-20231231_cal.xml (EX-101.CAL) — 48KB
• nen-20231231_def.xml (EX-101.DEF) — 476KB
• nen-20231231_lab.xml (EX-101.LAB) — 697KB
• nen-20231231_pre.xml (EX-101.PRE) — 678KB
• nen-20231231x10k_htm.xml (XML) — 5457KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 13 Item 1C. Cybersecurity 13 Item 2.

Properties

Properties 14 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosure 21 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6. Reserved 23 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 8. Consolidated Financial Statements and Supplementary Data 40 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 40 Item 9A.

Controls and Procedures

Controls and Procedures 40 Item 9B. Other Information 40 Item 9C. Disclosure Regarding Foreign Jurisdiction That Prevent Inspections 41 PART III Item 10. Directors, Executive Officers and Corporate Governance 41 Item 11.

Executive Compensation

Executive Compensation 45 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 46 Item 13. Certain Relationships and Related Transactions, and Director Independence 48 Item 14. Principal Accounting Fees and Services 49 PART IV Item 15. Exhibits and Financial Statement Schedules 50 Item 16. Form 10-K Summary 50 Exhibit Index S-1

SIGNATURES

SIGNATURES S-6 2 Table of Contents NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP PART I

BUSINES S

ITEM 1. BUSINES S General New England Realty Associates Limited Partnership ("NERA" or the "Partnership"), a Massachusetts Limited Partnership, was formed on August 12, 1977 as the successor to five real estate limited partnerships (collectively, the "Colonial Partnerships"), which filed for protection under Chapter XII of the Federal Bankruptcy Act in September 1974. The bankruptcy proceedings were terminated in late 1984. In July 2004, the General Partner extended the termination date of the Partnership until 2057. The authorized capital of the Partnership is represented by three classes of partnership units ("Units"). There are two categories of limited partnership interests ("Class A Units" and "Class B Units") and one category of general partnership interests (the "General Partnership Units"). The Class A Units were initially issued to creditors and limited partners of the Colonial Partnerships and have been registered under Section 12(g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Each Class A Unit is exchangeable for 30 publicly traded Depositary Receipts ("Depositary Receipts"), which are currently listed on the NYSE American and are registered under Section 12(b) of the Exchange Act. The Class B Units were issued to the original general partners of the Partnership. The General Partnership Units are held by the current general partner of the Partnership, NewReal, Inc. (the "General Partner" or "NewReal"). The Class A Units represent an 80% ownership interest, the Class B Units represent a 19% ownership interest, and the General Partnership Units represent a 1% ownership interest. The Partnership is engaged in the business of acquiring, developing, holding for investment, operating and selling real estate. The Partnership, directly or through 31 subsidiary limited partnerships or limited liability companies, owns and operates various residential apartments, condominium units and commercial properties located in Massachusetts

RISK FACTOR S

ITEM 1A. RISK FACTOR S We are subject to certain risks and uncertainties as described below. These risks and uncertainties may not be the only ones we face; there may be additional risks that we do not presently know of or that we currently consider immaterial. All of these risks could adversely affect our business, financial condition, results of operations and cash flows. Our ability to pay distributions on, and the market price of, our equity securities may be adversely affected if any of such risks are realized. All investors should consider the following risk factors before deciding to purchase or sell securities of the Partnership. We are subject to risks inherent in the ownership of real estate. We own and manage multifamily apartment complexes and commercial properties that are subject to varying degrees of risk generally incident to the ownership of real estate. Our financial condition, the value of our properties and our ability to make distributions to our shareholders will be dependent upon our ability to operate our properties in a manner sufficient to generate income in excess of operating expenses and debt service charges, which may be affected by the following risks, some of which are discussed in more detail below: changes in the economic climate in the markets in which we own and manage properties, including interest rates, the overall level of economic activity, the availability of consumer credit and mortgage financing, unemployment rates and other factors; a lessening of demand for the multifamily and commercial units that we own; competition from other available multifamily residential and commercial units and changes in market rental rates; development by competitors of competing multi-family communities; increases in property and liability insurance costs; changes in real estate taxes and other operating expenses (e.g., cleaning, utilities, repair and maintenance costs, insurance and administrative costs, security, landscaping, pest

View Full Filing

View this 10-K filing on SEC EDGAR