NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP NEN
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $795.9K | $769.6K | $589.0K | $733.1K | $462.9K | $441.2K | $465.1K | $478.3K | $457.2K | $433.4K |
| SG&A | $3.1M | $2.9M | $2.9M | $2.7M | $2.5M | $2.2M | $2.5M | $2.2M | $2.0M | $2.1M |
| Total operating expenses | $67.8M | $55.2M | $55.7M | $50.2M | $48.4M | $47.1M | $43.2M | $43.1M | $38.7M | $36.3M |
| Operating income | $21.3M | $25.4M | $18.8M | $18.1M | $14.2M | $15.0M | $17.3M | $14.9M | $14.1M | $13.3M |
| Interest expense | $18.6M | $15.5M | $15.7M | $15.0M | $13.6M | $13.7M | $12.2M | $12.4M | $11.1M | $10.2M |
| Pre-tax income | — | $15.7M | $8.5M | $3.7M | -$2.7M | $1.4M | $6.5M | $4.2M | $6.9M | $5.0M |
| Income tax | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | $6.0M | $15.7M | $8.5M | $3.7M | -$2.7M | $1.4M | $6.5M | $4.2M | $6.9M | $5.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $26.7M | $17.6M | $18.2M | $49.6M | $96.1M | $18.6M | $7.5M | $9.1M | $7.2M | $7.5M |
| Other intangibles | $2.7M | $334.0K | $677.0K | — | — | — | — | — | — | — |
| Total assets | $505.3M | $393.5M | $385.7M | $391.8M | $356.9M | $291.7M | $294.3M | $247.0M | $226.8M | $190.6M |
| Long-term debt | $531.0M | $408.6M | $411.4M | $414.1M | — | — | — | — | — | — |
| Total liabilities | $579.5M | $455.9M | $451.1M | $451.7M | $406.2M | $333.1M | $332.1M | $282.7M | $262.1M | $224.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $27.7M | $31.9M | $24.2M | $21.5M | $15.8M | $17.5M | $22.4M | $25.6M | $23.6M | $18.9M |
| Depreciation and amortisation | $23.3M | $17.0M | $16.8M | $16.4M | $16.7M | $18.4M | $14.7M | $15.6M | $13.5M | $12.2M |
| Investing cash flow | -$54.3M | -$16.6M | -$38.9M | -$93.1M | -$2.3M | -$1.7M | -$29.3M | -$2.4M | -$53.0M | -$6.3M |
| Financing cash flow | $35.7M | -$16.0M | -$16.6M | $25.0M | $64.0M | -$4.6M | $5.3M | -$21.4M | $29.2M | -$15.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-027586.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $433.4K | $457.2K | $478.3K | $465.1K | $441.2K | $462.9K | $733.1K | $589.0K | $769.6K | $795.9K |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $5.0M | $6.9M | $4.2M | $6.5M | $1.4M | -$2.7M | $3.7M | $8.5M | $15.7M | $6.0M |
Recent filings and events
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Acquisition or disposal completed Item 2.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed Item 1.01
- New debt or obligation Item 2.03
- Material agreement signed Item 1.01
- New debt or obligation Item 2.03
- Material agreement signed Item 1.01
- Annual report filed Form 10-K
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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