New England Realty Associates Q3 2024 Update

TL;DR

**NER's Q3 cash pile is $406.8M. Real estate values disclosed.**

AI Summary

New England Realty Associates Limited Partnership filed its 10-Q for the period ending September 30, 2024. The company, operating in apartment buildings, reported cash and cash equivalents of $406,846,877. The filing also references prepaid expenses, interest expense, and investment income, with specific data points related to fair value disclosures for wholly and partially owned properties as of September 30, 2024.

Why It Matters

This filing provides insight into the financial health and asset valuation of a real estate partnership, which can influence investor decisions and market perception.

Risk Assessment

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

Key Numbers

• $406.8B — Cash and Cash Equivalents (As of September 30, 2024, indicating liquidity.)

Key Players & Entities

• NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP (company) — Filer
• 20240930 (date) — Reporting Period End Date
• $406,846,877 (dollar_amount) — Cash and Cash Equivalents

FAQ

Filing Documents

• nen-20240930x10q.htm (10-Q) — 3030KB
• nen-20240930xex31d1.htm (EX-31.1) — 15KB
• nen-20240930xex31d2.htm (EX-31.2) — 15KB
• nen-20240930xex32d1.htm (EX-32.1) — 12KB
• 0001558370-24-015004.txt ( ) — 14702KB
• nen-20240930.xsd (EX-101.SCH) — 82KB
• nen-20240930_cal.xml (EX-101.CAL) — 44KB
• nen-20240930_def.xml (EX-101.DEF) — 363KB
• nen-20240930_lab.xml (EX-101.LAB) — 581KB
• nen-20240930_pre.xml (EX-101.PRE) — 528KB
• nen-20240930x10q_htm.xml (XML) — 3825KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 4 Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023 5 Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 6 Consolidated Statements of Changes in Partners' Capital for the Nine Months Ended September 30, 2024 and 2023 7 Consolidated Statements of Cash Flows for the Nine Months Ended September 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 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 39

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 40 Item 1A.

Risk Factors

Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosure 41 Item 5. Other Information 41 Item 6. Exhibits 41

SIGNATURES

SIGNATURES 42 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 nine month periods ended September 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 September 30, December 31, 2024 2023 ASSETS (Unaudited) Rental Properties $ 272,850,065 $ 269,804,946 Cash and Cash Equivalents 15,069,693 18,230,463 Rents Receivable 954,442 953,761 Real Estate Tax Es

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 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 diffe

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