New England Realty Associates Limited Partnership (NEN) 10-Year Financial Performance & Capital Metrics

NEN • • REIT / Real Estate

Real EstateReal Estate ServicesReal Estate Investment & DevelopmentDiversified Real Estate Investors

AboutNew England Realty Associates Limited Partnership engages in acquiring, developing, holding for investment, operating, and selling real estate properties in the United States. It owns and operates various residential apartments, condominium units, and commercial properties located in Massachusetts and New Hampshire. As of February 1, 2022, the company owned 2,892 residential apartment units in 25 residential and mixed-use complexes, and 19 condominium units in a residential condominium complex located primarily in the metropolitan Boston area of Massachusetts. In addition, it owned a commercial shopping center in Framingham, Massachusetts; one commercial building in Newton and one in Brookline, Massachusetts; commercial space in mixed-use buildings in Boston, Brockton and Newton, and Massachusetts; and 40% to 50% ownership interest in seven residential and mixed use complexes with a total of 688 residential units, one commercial unit, and a 50 car parking lot. NewReal, Inc. serves as the general partner of the company. New England Realty Associates Limited Partnership was incorporated in 1977 and is headquartered in Allston, Massachusetts.Show more

Revenue $81M +8.1%
FFO $33M +29.4%
FFO/Share 9.22 +31.2%
FFO Payout 34.45% -12.7%
FFO per Share 9.22 +31.2%
NOI Margin 67.35% +4.0%
FFO Margin 40.54% +19.7%
ROE -
ROA 4.02% +84.9%
Debt/Assets 103.23% -2.6%
Net Debt/EBITDA 9.17 -14.1%
Book Value/Share -17.62 +3.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 19.1%
✓Strong Piotroski F-Score: 8/9
✓Sustainable FFO payout ratio of 34.4%
✓High NOI margin of 67.4%
✓Healthy dividend yield of 4.9%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.57%

5Y5.9%

3Y8.74%

TTM7.66%

Profit (Net Income) CAGR

10Y31.35%

5Y19.06%

3Y-

TTM-15.32%

EPS CAGR

10Y32.87%

5Y-

3Y-

TTM-3835.38%

ROCE

10Y Avg5.89%

5Y Avg5.19%

3Y Avg5.48%

Latest6.51%

Peer Comparison

Diversified Real Estate Investors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TCITranscontinental Realty Investors, Inc.	449.59M	52.04	76.53	-4.81%	12.04%	0.66%	0.29%	0.21
FRPHFRP Holdings, Inc.	466.8M	24.42	71.82	0.65%	10.9%	1%	6.21%	0.38
NENNew England Realty Associates Limited Partnership	184.16M	65.25	14.63	8.12%	13.54%		19.82%
ALBTAvalon GloboCare Corp.	4.85M	1.14	-0.14	6.19%	-13.55%	-109.23%		1.10
RFLRafael Holdings, Inc.	63.21M	1.24	-1.19	43.96%	-33.28%	-31.03%		0.01
LODEComstock Inc.	208.13M	4.06	-1.26	136.65%	-18.94%	-43.25%		0.23
STHOStar Holdings	116.15M	9.12	-1.40	-12.17%	-175.79%	-50.29%		0.63
BPYPOBrookfield Property Partners L.P.		14.91	-9.44	-3.92%	-4.94%	-1.17%		1.42

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	45.48M	49.56M	52.83M	58.01M	60.48M	62.1M	62.64M	68.29M	74.48M	80.53M
Revenue Growth %	0.07%	0.09%	0.07%	0.1%	0.04%	0.03%	0.01%	0.09%	0.09%	0.08%
Property Operating Expenses	7M	8.26M	8.38M	9.19M	19.39M	8.78M	21.54M	23.14M	26.27M	26.29M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	25.77M	28.04M	30.3M	33.91M	23.81M	38.35M	26.86M	27.07M	28.43M	28.87M
G&A Expenses	2.58M	2.74M	2.64M	2.98M	3.45M	3.07M	3.72M	3.37M	3.91M	4.08M
EBITDA+	23.45M	49.56M	63.94M	70.4M	31.96M	33.38M	30.91M	34.46M	36.56M	42.35M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	10.73M	36.3M	49.8M	55.49M	14.68M	18.41M	16.67M	16.37M	16.77M	16.98M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	12.71M	13.26M	14.14M	14.92M	17.27M	14.97M	14.24M	18.09M	19.79M	25.37M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	9.98M	10.2M	11.11M	12.39M	12.2M	13.71M	13.63M	15.05M	15.72M	15.46M
Interest Coverage	1.27x	1.30x	1.27x	1.20x	1.42x	1.09x	1.04x	1.20x	1.26x	1.64x
Non-Operating Income	-1.6K	-1.89M	-3.91M	-1.64M	-1.48M	0	3.31M	-680.6K	-4.39M	-5.75M
Pretax Income+	3.77M	4.95M	6.94M	4.17M	6.55M	1.42M	-2.7M	3.72M	8.45M	15.66M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	10.68M	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	3.77M	4.95M	6.94M	4.17M	6.55M	1.42M	-2.7M	3.72M	8.45M	15.66M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	2.68%	0.31%	0.4%	-0.4%	0.57%	-0.78%	-2.9%	2.38%	1.27%	0.85%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.25%	1.84%	0.38%	0.05%	-0.64%	-0.07%	-0.3%	0.44%	0.26%	0.29%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.99	1.31	1.84	1.11	-1.94	0.39	-0.74	1.03	2.38	4.46
EPS Growth %	2.81%	0.32%	0.4%	-0.4%	-2.75%	1.2%	-2.9%	2.39%	1.31%	0.87%
EPS (Basic)	0.99	1.31	1.84	1.12	-1.94	0.39	-0.74	1.03	2.38	4.46
Diluted Shares Outstanding	3.83M	3.79M	3.77M	3.77M	3.67M	3.65M	3.65M	3.61M	3.59M	3.54M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	200.73M	190.56M	226.81M	247.04M	294.29M	291.67M	356.88M	391.82M	385.73M	393.51M
Asset Growth %	0.13%	-0.05%	0.19%	0.09%	0.19%	-0.01%	0.22%	0.1%	-0.02%	0.02%
Real Estate & Other Assets+	-382K	-12K	-302K	-152K	-1.38M	-51K	-26K	0	-1.55M	-334K
PP&E (Net)	176.7M	169.46M	207.15M	230.51M	0	0	0	0	0	0
Investment Securities	0	0	0	0	0	0	0	0	0	0
Total Current Assets+	0	0	0	0	0	0	0	0	0	0
Cash & Equivalents	10.3M	7.46M	7.24M	9.06M	7.55M	18.65M	96.08M	49.56M	18.23M	17.62M
Receivables	1000K	1000K	1000K	1000K	931.39K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	-11.45M	-9.18M	-8.32M	-12.89M	-8.48M	-20.59M	-97.88M	-140.49M	-106.11M	-105.02M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Total Liabilities	231.54M	224.79M	262.12M	282.66M	332.12M	333.14M	406.17M	451.69M	451.09M	455.94M
Total Debt+	219.5M	212.71M	250.22M	254.37M	299.77M	300.44M	370.48M	410.97M	408.66M	406.21M
Net Debt	209.2M	205.25M	242.98M	245.31M	292.22M	281.8M	274.4M	361.41M	390.43M	388.59M
Long-Term Debt	219.5M	212.71M	242.38M	252.45M	295.1M	297.91M	367.78M	408.26M	405.81M	402.63M
Short-Term Borrowings	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	0	0	0	0	0	0	0	0	0	0
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Liabilities	-219.5M	-212.71M	-242.38M	-252.45M	-295.1M	-297.91M	-367.78M	-408.26M	-405.81M	-402.63M
Total Equity+	-30.81M	-34.22M	-35.32M	-35.62M	-37.82M	-41.47M	-49.29M	-59.87M	-65.35M	-62.43M
Equity Growth %	-0.13%	-0.11%	-0.03%	-0.01%	-0.06%	-0.1%	-0.19%	-0.21%	-0.09%	0.04%
Shareholders Equity	-30.5M	-33.88M	-34.96M	-35.27M	-37.45M	-41.06M	-48.8M	-59.27M	-64.7M	-61.81M
Minority Interest	-306.87K	-340.84K	-351.75K	-354.83K	-376.83K	-413.28K	-491.51K	-600.19K	-654.38K	-626.88K
Common Stock	-30.5M	-33.88M	-34.96M	-35.27M	-37.45M	-41.06M	-48.8M	-59.56M	-64.94M	-62.22M
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.02%	0.03%	0.03%	0.02%	0.02%	0%	-0.01%	0.01%	0.02%	0.04%
Return on Equity (ROE)	-	-	-	-	-	-	-	-	-	-
Debt / Assets	1.09%	1.12%	1.1%	1.03%	1.02%	1.03%	1.04%	1.05%	1.06%	1.03%
Debt / Equity	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	8.92x	4.14x	3.80x	3.48x	9.14x	8.44x	8.88x	10.49x	10.68x	9.17x
Book Value per Share	-8.05	-9.04	-9.37	-9.45	-10.30	-11.35	-13.50	-16.61	-18.20	-17.62

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	13.81M	15.34M	16.14M	25.63M	22.45M	17.45M	15.78M	21.54M	28.36M	36.5M
Operating CF Growth %	0.17%	0.11%	0.05%	0.59%	-0.12%	-0.22%	-0.1%	0.36%	0.32%	0.29%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	3.77M	4.95M	6.94M	4.17M	6.55M	1.42M	-2.7M	3.72M	8.45M	15.66M
Depreciation & Amortization	10.73M	12.18M	13.46M	15.57M	14.68M	18.41M	16.67M	16.37M	16.77M	16.98M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-868.57K	-1.7M	-3.71M	6.09M	-655.24K	1.56M	1.77M	77.15K	4.08M	3.87M
Working Capital Changes	168.36K	-88.01K	-549.33K	-199.96K	1.87M	-3.94M	45.78K	1.37M	-948.63K	-14.65K
Cash from Investing+	-10.18M	-2.83M	-45.53M	-2.44M	-29.28M	-1.72M	-2.33M	-93.07M	-42.55M	-21.57M
Acquisitions (Net)	1.73M	1.04M	4.72M	-1.12M	-43.42K	-11.73K	-81.11K	5.98M	0	0
Purchase of Investments	-7.34M	-2.47M	-47.74M	-14.33M	0	0	-81.11K	-177.85M	-223.77M	-191.14M
Sale of Investments	1000K	1000K	1000K	0	0	0	1000K	1000K	1000K	1000K
Other Investing	990.26K	1.29M	542.24K	-1.32M	-29.23M	-1.7M	-2.25M	-4.74M	0	-12.46M
Cash from Financing+	-7.35M	-15.34M	29.16M	-21.37M	5.32M	-4.64M	63.99M	25.01M	-16.57M	-15.75M
Dividends Paid	-3.79M	-6.73M	-7.99M	-4.48M	-4.7M	-4.68M	-4.67M	-9.27M	-9.95M	-11.24M
Common Dividends	-3.79M	-6.73M	-7.99M	-4.48M	-4.7M	-4.68M	-4.67M	-9.27M	0	0
Debt Issuance (Net)	-132.07K	-1000K	1000K	-1000K	1000K	569.86K	1000K	1000K	-1000K	-1000K
Share Repurchases	-3.43M	-1.63M	-42.55K	0	-4.05M	-394.03K	-450.26K	-5.33M	-3.93M	-1.67M
Other Financing	0	-174.72K	-304.53K	-148K	-446.46K	-136.33K	-179.25K	0	-3K	0
Net Change in Cash+	-3.72M	-2.83M	-224.79K	1.82M	-1.51M	11.1M	77.44M	-46.52M	-31.33M	-614.52K
Exchange Rate Effect	0	0	0	0	0	0	0	0	-571.12K	206.53K
Cash at Beginning	14.02M	10.3M	7.46M	7.24M	9.06M	7.55M	18.65M	96.08M	49.56M	18.23M
Cash at End	10.3M	7.46M	7.24M	9.06M	7.55M	18.65M	96.08M	49.56M	18.23M	17.62M
Free Cash Flow+	910.2K	10.18M	-34.65M	21.51M	22.45M	17.45M	12.47M	15.56M	28.36M	36.5M
FCF Growth %	-0.85%	10.18%	-4.4%	1.62%	0.04%	-0.22%	-0.29%	0.25%	0.82%	0.29%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	3.79	10.89	15.05	15.83	5.78	5.43	3.83	5.57	7.03	9.22
FFO Payout Ratio	26.1%	16.32%	14.08%	7.51%	22.12%	23.57%	33.45%	46.12%	39.46%	34.45%
NOI Margin	84.61%	83.34%	84.14%	84.16%	67.94%	85.86%	65.62%	66.12%	64.73%	67.35%
Net Debt / EBITDA	8.92x	4.14x	3.80x	3.48x	9.14x	8.44x	8.88x	10.49x	10.68x	9.17x
Debt / Assets	109.35%	111.62%	110.32%	102.97%	101.86%	103.01%	103.81%	104.89%	105.94%	103.23%
Interest Coverage	1.27x	1.30x	1.27x	1.20x	1.42x	1.09x	1.04x	1.20x	1.26x	1.64x
Book Value / Share	-8.05	-9.04	-9.37	-9.45	-10.3	-11.35	-13.5	-16.61	-18.2	-17.62
Revenue Growth	6.68%	8.96%	6.6%	9.82%	4.25%	2.69%	0.86%	9.03%	9.06%	8.12%

Frequently Asked Questions

Valuation & Price

New England Realty Associates Limited Partnership (NEN) has a price-to-earnings (P/E) ratio of 14.6x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

New England Realty Associates Limited Partnership (NEN) reported $86.0M in revenue for fiscal year 2024. This represents a 153% increase from $34.0M in 2011.

New England Realty Associates Limited Partnership (NEN) grew revenue by 8.1% over the past year. This is steady growth.

Yes, New England Realty Associates Limited Partnership (NEN) is profitable, generating $11.6M in net income for fiscal year 2024 (19.4% net margin).

Dividend & Returns

Yes, New England Realty Associates Limited Partnership (NEN) pays a dividend with a yield of 4.86%. This makes it attractive for income-focused investors.

Industry Metrics

New England Realty Associates Limited Partnership (NEN) generated Funds From Operations (FFO) of $31.6M in the trailing twelve months. FFO is the primary profitability metric for REITs.

New England Realty Associates Limited Partnership (NEN) offers a 4.86% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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