New England Realty Associates LP Q2 2024 Update

TL;DR

**NERLP Q2 2024: Financials out, looks stable. Keep an eye on property values.**

AI Summary

New England Realty Associates Limited Partnership filed a 10-Q for the period ending June 30, 2024. The filing details their financial performance and position, including assets and liabilities. The company, operating apartment buildings, is based in Allston, MA, and its fiscal year ends on December 31.

Why It Matters

This filing provides investors with a quarterly update on the financial health and operational performance of New England Realty Associates Limited Partnership, crucial for investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative events indicated.

Key Numbers

• 407457271 — Cash and Cash Equivalents (Represents the company's liquid assets as of June 30, 2024.)
• 0.03333 — Ownership Stake (Indicates a specific ownership percentage or share, contextually related to NYSEAMER.)
• 0.10 — Interest Rate/Factor (Likely related to financial instruments or debt, as indicated by 'P1Y' and 'LiborMember'.)

Key Players & Entities

• NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 0000746514 (company) — Central Index Key for the company
• 6177830039 (dollar_amount) — Business phone number
• MA (location) — State of incorporation and business address

FAQ

Key Financial Figures

• $175,000 — d comprehensive income of approximately $175,000 and a

Filing Documents

• nen-20240630x10q.htm (10-Q) — 3017KB
• nen-20240630xex31d1.htm (EX-31.1) — 15KB
• nen-20240630xex31d2.htm (EX-31.2) — 15KB
• nen-20240630xex32d1.htm (EX-32.1) — 12KB
• 0001558370-24-011545.txt ( ) — 14714KB
• nen-20240630.xsd (EX-101.SCH) — 81KB
• nen-20240630_cal.xml (EX-101.CAL) — 45KB
• nen-20240630_def.xml (EX-101.DEF) — 374KB
• nen-20240630_lab.xml (EX-101.LAB) — 581KB
• nen-20240630_pre.xml (EX-101.PRE) — 540KB
• nen-20240630x10q_htm.xml (XML) — 3807KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 4 Consolidated Statements of Income for the Three and Six Months Ended June 30, 2024 and 2023 5 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 6 Consolidated Statements of Changes in Partners' Capital for the Six Months Ended June 30, 2024 and 2023 7 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 4.

Controls and Procedures

Controls and Procedures 41

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosure 42 Item 5. Other Information 42 Item 6. Exhibits 43

SIGNATURES

SIGNATURES 44 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 and six month periods ended June 30, 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 June 30, December 31, 2024 2023 ASSETS (Unaudited) Rental Properties $ 271,071,285 $ 269,804,946 Cash and Cash Equivalents 13,463,294 18,230,463 Rents Receivable 1,028,438 953,761 Real Estate Tax Escrows 2,

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 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

View Full Filing

View this 10-Q filing on SEC EDGAR