New England Realty Associates LP Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>New England Realty Associates LP filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP (NEN) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Filed a 10-Q report for the period ending March 31, 2024. The company's fiscal year ends on December 31. Incorporated in Massachusetts with IRS number 042619298. Business and mailing address is 39 Brighton Ave, Allston, MA 02134. Phone number is 617-783-0039.

Why It Matters

For investors and stakeholders tracking NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP, this filing contains several important signals. This filing provides an update on the company's financial performance and operational status for the first quarter of 2024. Investors and stakeholders can review the latest financial data, including assets, liabilities, and any changes in operations, to assess the company's current standing.

Risk Assessment

Risk Level: low — NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags.

Analyst Insight

Monitor future filings for detailed financial performance and operational updates.

Key Numbers

• 20240331 — Period End Date (Conformed Period of Report)
• 20240509 — Filing Date (Filed as of Date)
• 6513 — SIC Code (Standard Industrial Classification)
• 02134 — ZIP Code (Business Address)
• 6177830039 — Phone Number (Business Phone)

Key Players & Entities

• NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP (company) — Filer
• 0001558370-24-007577 (other) — Accession Number
• 20240331 (date) — Conformed Period of Report
• 20240509 (date) — Filed as of Date
• 0000746514 (other) — Central Index Key
• 6513 (other) — Standard Industrial Classification
• MA (location) — State of Incorporation
• 39 BRIGHTON AVE (address) — Business Address

FAQ

Industry Context

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

Regulatory Implications

This filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements.
2. Analyze any disclosed risk factors or management discussion sections.
3. Compare current quarter performance to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024. No prior period comparison is available from this specific data.

Key Financial Figures

• $142,000 — d comprehensive income of approximately $142,000 and a comprehensive loss of approximate
• $166,000 — d a comprehensive loss of approximately $166,000 for the three months ended March 31, 20

Filing Documents

• nen-20240331x10q.htm (10-Q) — 2413KB
• nen-20240331xex31d1.htm (EX-31.1) — 15KB
• nen-20240331xex31d2.htm (EX-31.2) — 15KB
• nen-20240331xex32d1.htm (EX-32.1) — 12KB
• 0001558370-24-007577.txt (&nbsp;) — 12446KB
• nen-20240331.xsd (EX-101.SCH) — 81KB
• nen-20240331_cal.xml (EX-101.CAL) — 43KB
• nen-20240331_def.xml (EX-101.DEF) — 384KB
• nen-20240331_lab.xml (EX-101.LAB) — 569KB
• nen-20240331_pre.xml (EX-101.PRE) — 537KB
• nen-20240331x10q_htm.xml (XML) — 2935KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 4 Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 5 Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 6 Consolidated Statements of Changes in Partners' Capital for the Three Months Ended March 31, 2024 and 2023 7 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosure 38 Item 5. Other Information 38 Item 6. Exhibits 39

SIGNATURES

SIGNATURES 40 2 Table of Contents NEW ENGLAND REALTY ASSOCIATES, L.P. PART 1 -- FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements The accompanying unaudited consolidated balance sheets, statements of income, statements of comprehensive income, changes in partners' capital, and cash flows and related notes thereto, have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. The financial statements reflect all adjustments consisting only of normal, recurring adjustments, which are, in the opinion of management, necessary for a fair presentation for the interim periods. The consolidated balance sheet as of December 31, 2023, has been derived from the audited consolidated balance sheet at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. The aforementioned financial statements should be read in conjunction with the notes to the aforementioned financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and notes thereto included in New England Realty Associates L.P.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The results of operations for the three month period ended March 31, 2024 are not necessarily indicative of the results to be expected for the entire fiscal year or any other period. 3 Table of Contents NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, December 31, 2024 2023 ASSETS Rental Properties $ 270,256,700 $ 269,804,946 Cash and Cash Equivalents 28,801,744 18,230,463 Rents Receivable 865,990 953,761 Real Estate Tax Escrows 2,332,010 2,229,703 I

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) NOTE 1. SIGNIFICANT ACCOUNTING POLICIES Line of Business : New England Realty Associates Limited Partnership ("NERA", the "Company" or the "Partnership") was organized in Massachusetts in 1977. NERA and its subsidiaries own 31 properties which include 22 residential buildings; 5 mixed use residential, retail and office buildings; 4 commercial buildings and individual units at one condominium complex. These properties total 2,943 apartment units, 19 condominium units and approximately 130,000 square feet of commercial space. Additionally, the Partnership also owns a 40 - 50 % interest in 7 residential and mixed use properties consisting of 688 apartment units, 12,500 square feet of commercial space and a 50 car parking lot. The properties are located in Eastern Massachusetts and Southern New Hampshire. Basis of Presentation: The financial statements have been prepared in conformity with GAAP. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. These estimates and assumptions are based on management's historical experience that are believed to be reasonable at the time. However, because future events and their effects cannot be determined with certainty, the determination of estimates requires the exercise of judgement. The Partnership's critical accounting policies are those which require assumptions to be made about matters that are highly uncertain. Different estimates could have a material effect on the Partnership's financial results. Judgments and uncertainties affecting the application of these policies and estimates may result in materially different amounts being reported under different

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