NEN
New England Realty Associates Limited Partnership65.00
+0.40+0.62%
Dec 16, 9:32:20 AM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
No earnings call transcript available
Key Stats
Market Cap
227.03MP/E (TTM)
19.70Basic EPS (TTM)
3.30Dividend Yield
0.02%Recent Filings
10-K
FY2025 results
New England Realty Associates posted FY2025 net income of $6.0M, down 61.5% y/y, as revenue rose 10.8% to $88.4M from the $175M Hill Estates acquisition while expenses climbed 23.0% on depreciation and taxes; Q4 revenue surged 15.7% y/y yet income before other items plunged 43.9% from acquisition costs, though core operations excluding Hill Estates grew revenue 3.1% with flat profitability. Q4 renewals lifted rents 4.6% while new leases dipped 4.2%, pushing vacancies to 4.4% from 2.3% y/y amid renovations at Hill and Mill Street. Distributions hit $16.8M ($144/Unit), up 49% y/y, backed by $27.7M operating cash flow and a $25M revolver; repurchases totaled 4,708 Receipts in Q4 at ~$69 avg. Q4 accelerated capex to $30.7M total, including $17.6M at Mill Street. A potential Massachusetts rent control ballot in 2026 threatens rental growth.
10-Q
Q3 FY2025 results
New England Realty Associates posted Q3 revenue of $23.7M, up 17.2% y/y from $20.2M, driven by the June 2025 Hill Estates acquisition (396 units, $172M cash/debt mix, recognizing $4.7M in-place leases amortized over 12 months), yet income before other items fell 26.7% y/y to $4.7M on higher depreciation and expenses. Net loss swung to $(0.5M) or $(4.48)/unit from $3.9M profit, as interest expense jumped 42.3% y/y to $5.5M on new 5.99% debt while interest income cratered 96.7% y/y sans Treasury bills. YTD revenue rose 9.1% y/y to $65.6M, net income dropped 35.1% y/y to $7.4M; operating cash flow held steady at $20.4M, cash ended at $13.4M. Mortgage debt climbed to $511M (4.22% weighted average); $25M revolver available but liquidity covenant breached. Competition pressures leasing in Greater Boston.
10-Q
Q2 FY2025 results
New England Realty Associates posted solid Q2 results, with rental revenue climbing 6.0% year-over-year to $21.0M on stronger residential demand, while total revenue rose 5.9% to $21.2M; income before other items jumped 8.0% to $7.1M, buoyed by modest expense growth of 4.9%. Acquisitions drove the momentum, including a $172M mixed-use buy in June 2025 adding 396 units, financed via $67.5M interim debt at SOFR+1.5% due December 2025 and $40M from the master facility at 5.99%, recognizing $1.2M below-market leases amortized over 36 months. Cash sat at $16.7M with $25M revolver availability, but debt swelled to $511.2M amid $56.7M new borrowings; free cash flow wasn't disclosed in the 10-Q. Net income edged up 1.9% to $4.1M. Yet rising Massachusetts rent caps loom as a regulatory drag.
8-K
Acquires 396-unit Belmont property
New England Realty Associates closed its $172M cash acquisition of the 396-unit Hill Estates multifamily property in Belmont, MA, on June 18, 2025, funding $104.5M from reserves and $67.5M via an interim loan from KeyBank at SOFR plus 150 bps, maturing December 17. This bolsters the portfolio to nearly 6,000 units in Greater Boston, with plans for unit renovations and on-site management. Yet the short-term debt demands swift refinancing.
8-K
Secures $58.7M in property financing
New England Realty Associates Limited Partnership secured $40 million at 5.99% fixed rate under its master credit facility to fund the Hill Estates property purchase in Belmont, Massachusetts, using the advance plus cash and a bridge loan. It also refinanced the Hamilton Highlands property with an $18.7 million advance at 5.84%, replacing an existing Brookline Bank loan. Both are secured by property mortgages. This bolsters the portfolio while managing debt costs.
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