New England Realty Associates Limited Partnership (NEN) Income Statement

30Y historyFree accessUpdated daily

Revenue growth of 16.8% in 2026Q1 is overshadowed by a sharp gross margin contraction to -13.1%, indicating that rising operating expenses are severely pressuring profitability.

Annual statement

NEN Income Statement

New England Realty Associates Limited Partnership (NEN) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Revenue	95.83M	89.2M	80.53M	74.48M	68.29M	62.64M	62.1M	60.48M	58.01M	52.83M	49.56M	45.48M	42.63M	38.36M	35.63M	34.04M	33.17M	33.23M	32.3M	31.63M	32.12M	31.75M	30.87M	31.09M	29.27M	28.02M	25.83M	20.28M	18.45M	17.51M	16.63M
Revenue Growth %	16.14%	10.76%	8.12%	9.06%	9.03%	0.86%	2.69%	4.25%	9.82%	6.6%	8.96%	6.68%	11.12%	7.67%	4.69%	2.62%	-0.21%	2.9%	2.12%	-1.53%	1.17%	2.85%	-0.73%	6.21%	4.47%	8.46%	27.4%	9.92%	5.37%	5.24%	33.51%
Property Operating Expenses	68.22M	74.6M	26.29M	26.27M	23.14M	21.54M	8.78M	19.39M	9.19M	8.38M	8.26M	7M	6.61M	5.82M	5.18M	4.45M	4.47M	4.59M	4.75M	4.62M	4.4M	4.59M	4.03M	3.65M	2.82M	2.73M	2.61M	2.19M	2.2M	0	0
Net Operating Income (NOI)	27.61M	14.6M	54.24M	48.21M	45.16M	41.1M	53.32M	41.09M	48.83M	44.45M	41.3M	38.48M	36.02M	32.55M	30.45M	29.59M	28.7M	28.64M	27.55M	27.01M	27.72M	27.15M	26.83M	27.45M	26.45M	25.29M	23.22M	18.09M	16.25M	17.51M	16.63M
NOI Margin %	28.81%	16.37%	67.35%	64.73%	66.12%	65.62%	85.86%	67.94%	84.16%	84.14%	83.34%	84.61%	84.5%	84.84%	85.46%	86.94%	86.52%	86.19%	85.3%	85.4%	86.31%	85.53%	86.94%	88.27%	90.35%	90.24%	89.88%	89.22%	88.08%	100%	100%
Operating Expenses	13.62M	-7.15M	28.87M	28.43M	27.07M	26.86M	38.35M	23.81M	33.91M	30.3M	28.04M	25.77M	25.12M	21.42M	17.53M	18.23M	18.01M	17.48M	17.77M	18.55M	19M	17.67M	17.24M	15.95M	13.62M	13.37M	12.79M	10.63M	9.83M	16.38M	15.91M
G&A Expenses	5.98M	4.49M	4.08M	3.91M	3.37M	3.72M	3.07M	3.45M	2.98M	2.64M	2.74M	2.58M	2.64M	2.32M	2.01M	8.17M	8.2M	7.95M	7.93M	2.9M	2.74M	2.63M	2.62M	2.74M	2.6M	2.52M	2.32M	2.01M	1.83M	1.73M	1.55M
EBITDA	8.14B	23.28B	42.35M	36.56M	34.46M	30.91M	33.38M	31.96M	70.4M	63.94M	49.56M	23.45M	21.45M	19.51M	19.01M	17.31M	16.31M	17.01M	16.25M	15.44M	15.54M	15.91M	15.75M	16.76M	17.27M	10.3M	8.9M	6.45M	5.32M	4.36M	3.78M
EBITDA Margin %	8492.62%	26105.06%	52.59%	49.08%	50.46%	49.35%	53.75%	52.84%	121.36%	121.04%	100%	51.55%	50.32%	50.86%	53.36%	50.85%	49.18%	51.18%	50.31%	48.82%	48.39%	50.13%	51.04%	53.89%	59%	36.78%	34.44%	31.78%	28.86%	24.92%	22.73%
Depreciation & Amortization	8.12B	23.26B	16.98M	16.77M	16.37M	16.67M	18.41M	14.68M	55.49M	49.8M	36.3M	10.73M	10.55M	8.38M	6.09M	5.94M	5.62M	5.84M	6.47M	6.98M	6.82M	6.43M	6.16M	5.26M	4.44M	4.31M	4.5M	3.57M	3.34M	3.24M	3.06M
D&A / Revenue %	8478.02%	26080.67%	21.09%	22.52%	23.98%	26.61%	29.65%	24.28%	95.64%	94.26%	73.24%	23.6%	24.75%	21.84%	17.1%	17.45%	16.95%	17.57%	20.02%	22.08%	21.24%	20.26%	19.95%	16.91%	15.16%	15.37%	17.41%	17.62%	18.1%	18.5%	18.37%
Operating Income	13.99M	21.75M	25.37M	19.79M	18.09M	14.24M	14.97M	17.27M	14.92M	14.14M	13.26M	12.71M	10.9M	11.13M	12.92M	11.36M	10.69M	11.17M	9.78M	8.46M	8.72M	9.48M	9.6M	11.5M	12.83M	6M	4.4M	2.87M	1.99M	1.12M	725.65K
Operating Margin %	14.6%	24.38%	31.5%	26.56%	26.49%	22.74%	24.1%	28.56%	25.72%	26.78%	26.76%	27.95%	25.57%	29.01%	36.26%	33.39%	32.23%	33.61%	30.29%	26.74%	27.16%	29.88%	31.09%	36.98%	43.84%	21.41%	17.03%	14.16%	10.76%	6.42%	4.36%
Interest Expense	4M	18.59M	15.46M	15.72M	15.05M	13.63M	13.71M	12.2M	12.39M	11.11M	10.2M	9.98M	9.74M	8.01M	7.7M	7.97M	8.18M	7.94M	7.7M	7.57M	7.74M	7.8M	7.71M	7.5M	6.57M	6.52M	0	0	4.6M	0	4.7M
Interest Coverage	-	1.32x	2.01x	1.54x	1.25x	0.80x	1.09x	1.54x	1.34x	1.62x	1.49x	1.38x	0.14x	1.39x	1.47x	1.17x	0.79x	1.41x	1.27x	1.14x	1.09x	1.17x	3.91x	4.00x	6.65x	4.14x	-	-	1.40x	-	0.15x
Non-Operating Income	-1.13M	-2.87M	-5.75M	-4.39M	-680.6K	3.31M	0	-1.48M	-1.64M	-3.91M	-1.89M	-1.6K	9.41M	0	1.63M	2.03M	4.21M	0	0	0	0	0	-20.54M	-18.45M	-30.82M	-20.98M	-34.35M	-4.59M	-4.44M	-4.52M	0
Pretax Income	-6.98M	6.03M	15.66M	8.45M	3.72M	-2.7M	1.42M	6.55M	4.17M	6.94M	4.95M	3.77M	1.02M	1.96M	3.63M	9.29B	-1.36B	6.58B	6.58B	1.19B	9.46B	9.46B	1.61B	2.77B	7.83B	6.04M	6.97M	3.29M	2.05M	1.14M	756.3K
Pretax Margin %	-7.28%	6.76%	19.45%	11.35%	5.45%	-4.31%	2.29%	10.83%	7.19%	13.13%	9.99%	8.29%	2.4%	5.1%	10.2%	27298.71%	-4098.26%	19803.86%	20378.62%	3752.42%	29441.33%	29786.12%	5224.09%	8906.02%	26731.17%	21.56%	26.97%	16.22%	11.13%	6.49%	4.55%
Income Tax	0	0	0	0	0	0	0	0	0	0	0	10.68M	9.23M	0	0	159.53K	12.05M	9.56M	3.2M	7.27M	7.33M	44.74K	7.98M	8.73M	5.01M	5.27M	4.63M	3.81M	4.2M	-144.98K	-186.78K
Effective Tax Rate %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	283.04%	900.41%	0%	0%	0%	-0.89%	0.15%	0.05%	0.61%	0.08%	0%	0.5%	0.32%	0.06%	87.23%	66.44%	115.8%	204.38%	-12.77%	-24.7%
Net Income	-6.98M	6.03M	15.66M	8.45M	3.72M	-2.7M	1.42M	6.55M	4.17M	6.94M	4.95M	3.77M	1.02M	5.66M	3.63M	9.29M	-1.36M	1.61M	6.58M	1.19M	1.4M	9.46M	1.61M	2.77M	7.83M	6.65M	5.8M	3.65M	2.23M	1.27M	912.43K
Net Margin %	-7.28%	6.76%	19.45%	11.35%	5.45%	-4.31%	2.29%	10.83%	7.19%	13.13%	9.99%	8.29%	2.4%	14.74%	10.2%	27.3%	-4.1%	4.85%	20.38%	3.75%	4.37%	29.79%	5.22%	8.91%	26.73%	23.72%	22.45%	17.99%	12.06%	7.25%	5.49%
Net Income Growth %	-143.44%	-61.49%	85.26%	127.06%	237.89%	-289.55%	-78.24%	57.04%	-39.91%	40.14%	31.23%	268.11%	-81.88%	55.63%	-60.89%	783.57%	-184.29%	-75.5%	454.61%	-15.43%	-85.16%	486.43%	-41.77%	-64.61%	17.73%	14.59%	58.97%	64%	75.39%	39.04%	131.74%
Funds From Operations (FFO)	8.12B	23.27B	32.64M	25.23M	20.1M	13.97M	19.84M	21.23M	59.65M	56.73M	41.25M	14.51M	11.58M	14.04M	9.73M	15.23M	4.26M	7.45M	13.05M	8.17M	8.22M	15.89M	7.77M	8.03M	12.26M	10.95M	10.3M	7.22M	5.56M	4.51M	3.97M
FFO Margin %	8470.74%	26087.43%	40.54%	33.87%	29.43%	22.3%	31.94%	35.11%	102.83%	107.4%	83.23%	31.9%	27.15%	36.58%	27.3%	44.75%	12.85%	22.42%	40.4%	25.84%	25.61%	50.04%	25.17%	25.81%	41.89%	39.09%	39.86%	35.62%	30.16%	25.75%	23.85%
FFO Growth %	93733.77%	71179.35%	29.4%	25.53%	43.85%	-29.57%	-6.58%	-64.41%	5.15%	37.55%	184.33%	25.31%	-17.52%	44.3%	-36.14%	257.3%	-42.78%	-42.89%	59.68%	-0.64%	-48.23%	104.47%	-3.2%	-34.55%	11.95%	6.37%	42.57%	29.81%	23.43%	13.6%	841.82%
FFO per Share	2309.00	6654.42	9.22	7.03	5.57	3.83	5.43	5.78	15.83	15.05	10.89	3.79	2.97	3.57	2.45	1.27	0.36	0.62	1.04	0.52	0.52	1.01	0.49	0.51	0.78	0.70	0.65	0.46	0.35	0.29	0.25
FFO Payout Ratio %	0.05%	0.07%	34.45%	39.46%	46.12%	33.45%	23.57%	22.12%	7.51%	14.08%	16.32%	26.1%	33.33%	27.74%	40.43%	24.17%	86.5%	49.84%	30.03%	58.54%	58.89%	30.49%	60.56%	63.36%	36.11%	27.95%	24.69%	31.61%	25.49%	33.89%	30.23%
EPS (Diluted)	-1.99	1.72	4.46	2.38	1.03	-0.74	0.39	1.78	1.11	1.84	1.31	0.99	0.26	1.44	0.91	0.78	-0.11	0.13	0.53	0.08	0.09	0.60	0.10	0.18	0.50	0.42	0.37	0.23	0.14	0.08	0.06
EPS Growth %	-143.67%	-61.43%	87.39%	131.07%	239.19%	-289.74%	-78.09%	60.36%	-39.67%	40.46%	32.32%	280.77%	-81.94%	58.24%	16.67%	809.09%	-184.62%	-75.47%	597.37%	-14.7%	-85.15%	500%	-44.44%	-64%	19.05%	13.51%	60.87%	64.29%	74.35%	41.12%	110.54%
EPS (Basic)	-	1.72	4.46	2.38	1.03	-0.74	0.39	1.78	1.12	1.84	1.31	0.99	0.26	1.44	0.91	0.78	-0.11	0.13	0.53	0.08	0.09	0.60	0.10	0.18	0.50	0.42	0.37	0.23	0.14	0.08	0.06
Diluted Shares Outstanding	3.52M	3.5M	3.54M	3.59M	3.61M	3.65M	3.65M	3.67M	3.77M	3.77M	3.79M	3.83M	3.9M	3.94M	3.98M	11.95M	11.97M	12.09M	12.52M	15.62M	15.75M	15.75M	15.75M	15.75M	15.75M	15.75M	15.75M	15.86M	15.84M	15.8M	16.05M

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrained

Balance SheetStrained

Cash FlowDeteriorating

Top Statement Risk

Regulatory and Interest Rate Exposure

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q1)

Revenue Growth Amidst Regional Concentration

According to recent financial filings, NEN achieved a revenue growth rate of 10.76% year-over-year, reflecting strong pricing power within its core Boston-area residential portfolio despite broader macroeconomic headwinds that have pressured other regional real estate operators throughout the current fiscal period.

The acceleration in top-line growth suggests that the partnership's hyper-local density in high-barrier-to-entry submarkets like Brookline and Allston provides a durable demand floor. Investors should monitor whether this growth is sustainable or if it represents a temporary peak driven by localized supply constraints that may eventually invite regulatory intervention.

Structural Margin Volatility and Compression

As reported in quarterly statements, NEN's gross margin experienced a sharp contraction to -13.1% in 2026Q1, a significant departure from the historical 60% range, suggesting that rising property-level operating expenses or non-cash charges are currently overwhelming the partnership's ability to maintain traditional profitability levels.

The sudden collapse in gross margins warrants further investigation into whether this reflects a permanent shift in maintenance costs or an accounting anomaly related to asset depreciation. The disparity between historical performance and recent figures implies that the partnership's cost structure may be more sensitive to inflationary pressures than previously assumed.

Operating Leverage Under Increasing Pressure

Based on the provided income statement data, NEN's operating income has failed to scale proportionally with revenue, as evidenced by the 2026Q1 operating margin of 6.2%, which sits well below the 30% levels observed in previous periods, indicating a potential loss of operational efficiency.

The inability to maintain operating margins suggests that fixed costs, such as property taxes and debt service, are consuming a larger share of revenue as the portfolio ages. This trend may indicate that the partnership is reaching a point where capital expenditure requirements are beginning to erode the benefits of its localized scale.

Sustainability of Current Distribution Capacity

Data from the most recent quarterly filings reveals a net loss of $3.9 million in 2026Q1, which raises significant questions regarding the partnership's ability to sustain historical distribution levels while simultaneously managing the rising interest costs associated with its non-recourse mortgage debt portfolio.

Short-sellers would likely focus on the divergence between top-line growth and bottom-line losses, arguing that the current business model is becoming increasingly fragile. The reliance on legacy assets may mask underlying operational decay that could necessitate a reduction in capital returns to unit-holders if current trends persist.

NEN — Frequently Asked Questions

Quick answers to the most common questions about buying NEN stock.

What was New England Realty Associates Limited Partnership's (NEN) revenue in 2025?

For fiscal year 2025, New England Realty Associates Limited Partnership (NEN) reported total revenue of $89.2M. This represents a 436.2% increase compared to $16.6M in 1996.

Is New England Realty Associates Limited Partnership (NEN) profitable?

New England Realty Associates Limited Partnership (NEN) is profitable, generating $6.0M in net income for the fiscal year ending 2025 with a net profit margin of 6.8%.

What is New England Realty Associates Limited Partnership's operating profit margin?

New England Realty Associates Limited Partnership (NEN) reported an operating income of $21.7M, resulting in an operating profit margin of 24.4%. This margin reflects the operational efficiency of the business before interest and taxes.

What is New England Realty Associates Limited Partnership's gross profit and gross margin?

New England Realty Associates Limited Partnership (NEN) generated $14.6M in gross profit for the year, representing a gross profit margin of 16.4%. This demonstrates the company's core pricing power and production efficiency.