$NEN
NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP

2020 Q2 Form 10-Q Financial Statement

#000155837020009844 Filed on August 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $15.76M $14.99M
YoY Change 5.12% 2.47%
Cost Of Revenue $5.585M $5.599M
YoY Change -0.24% 0.69%
Gross Profit $10.17M $9.393M
YoY Change 8.32% 3.56%
Gross Profit Margin 64.56% 62.65%
Selling, General & Admin $1.128M $1.223M
YoY Change -7.82% 7.31%
% of Gross Profit 11.08% 13.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.602M $3.590M
YoY Change 28.17% -11.57%
% of Gross Profit 45.23% 38.22%
Operating Expenses $11.31M $10.41M
YoY Change 8.67% 100.24%
Operating Profit $4.444M $4.579M
YoY Change -2.94% 18.32%
Interest Expense $3.424M $3.133M
YoY Change 9.26% -182.03%
% of Operating Profit 77.03% 68.43%
Other Income/Expense, Net -$2.979M -$2.815M
YoY Change 5.84%
Pretax Income $1.465M $1.764M
YoY Change -16.96% 3428.48%
Income Tax
% Of Pretax Income
Net Earnings $1.465M $1.764M
YoY Change -16.96% 3428.49%
Net Earnings / Revenue 9.3% 11.77%
Basic Earnings Per Share
Diluted Earnings Per Share $12.03M $14.40M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.40M $12.59M
YoY Change 22.28% 27.18%
Cash & Equivalents $15.40M $12.59M
Short-Term Investments
Other Short-Term Assets $1.496M $4.099M
YoY Change -63.51% -2.41%
Inventory
Prepaid Expenses
Receivables $1.015M $606.1K
Other Receivables $437.5K $446.5K
Total Short-Term Assets $18.34M $17.74M
YoY Change 3.39% 15.21%
LONG-TERM ASSETS
Property, Plant & Equipment $271.4M $225.1M
YoY Change 20.56% -4.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.454M $1.610M
YoY Change -9.72% -29.98%
Other Assets
YoY Change
Total Long-Term Assets $276.5M $226.7M
YoY Change 21.94% -4.89%
TOTAL ASSETS
Total Short-Term Assets $18.34M $17.74M
Total Long-Term Assets $276.5M $226.7M
Total Assets $294.8M $244.5M
YoY Change 20.59% -3.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.597M $4.402M
YoY Change -18.28% 18.98%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $17.00M $0.00
YoY Change
Long-Term Debt Due $2.357M $4.663M
YoY Change -49.45%
Total Short-Term Liabilities $22.95M $9.065M
YoY Change 153.21% 145.01%
LONG-TERM LIABILITIES
Long-Term Debt $282.0M $247.3M
YoY Change 14.03% -5.66%
Other Long-Term Liabilities $27.56M $26.09M
YoY Change 5.62% 11.03%
Total Long-Term Liabilities $309.6M $273.4M
YoY Change 13.22% -4.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.95M $9.065M
Total Long-Term Liabilities $309.6M $273.4M
Total Liabilities $332.6M $282.5M
YoY Change 17.72% -2.38%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$37.72M -$38.02M
YoY Change
Total Liabilities & Shareholders Equity $294.8M $244.5M
YoY Change 20.59% -3.67%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $1.465M $1.764M
YoY Change -16.96% 3428.49%
Depreciation, Depletion And Amortization $4.602M $3.590M
YoY Change 28.17% -11.57%
Cash From Operating Activities $5.293M $6.879M
YoY Change -23.06% 1.31%
INVESTING ACTIVITIES
Capital Expenditures -$456.9K -$1.039M
YoY Change -56.03% -4.67%
Acquisitions
YoY Change
Other Investing Activities $1.050M $763.0K
YoY Change 37.61% -95.5%
Cash From Investing Activities $593.1K -$276.2K
YoY Change -314.79% -101.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.736M -1.662M
YoY Change 4.51% -90.54%
NET CHANGE
Cash From Operating Activities 5.293M 6.879M
Cash From Investing Activities 593.1K -276.2K
Cash From Financing Activities -1.736M -1.662M
Net Change In Cash 4.149M 4.941M
YoY Change -16.02% -2.74%
FREE CASH FLOW
Cash From Operating Activities $5.293M $6.879M
Capital Expenditures -$456.9K -$1.039M
Free Cash Flow $5.749M $7.918M
YoY Change -27.39% 0.48%

Facts In Submission

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us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
128631361
CY2019Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
120190012
CY2020Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
271417401
CY2019Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
278363988
nen Number Single Tenants Greater Than Five Percent Partnership Revenue
NumberSingleTenantsGreaterThanFivePercentPartnershipRevenue
5
CY2020Q2 nen Cash And Cash Equivalents And Security Deposits Uninsured Amount
CashAndCashEquivalentsAndSecurityDepositsUninsuredAmount
15636000
CY2019Q4 nen Cash And Cash Equivalents And Security Deposits Uninsured Amount
CashAndCashEquivalentsAndSecurityDepositsUninsuredAmount
7407000
us-gaap Advertising Expense
AdvertisingExpense
145803
us-gaap Advertising Expense
AdvertisingExpense
141975
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><i style="font-style:italic;">Reclassifications:</i><span style="white-space:pre-wrap;"> Certain reclassifications have been made to prior period amounts in order to conform to current period presentation.</span></p>
CY2020Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
400048762
CY2019Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
398554000
nen Related Party Transaction Management Fee As Percentage Of Property Rental Revenue And Laundry Income
RelatedPartyTransactionManagementFeeAsPercentageOfPropertyRentalRevenueAndLaundryIncome
0.04
nen Related Party Transaction Management Fee As Percentage Of Linewt
RelatedPartyTransactionManagementFeeAsPercentageOfLinewt
0.03
nen Related Party Transaction Management Fee
RelatedPartyTransactionManagementFee
1265000
nen Related Party Transaction Management Fee
RelatedPartyTransactionManagementFee
1188000
nen Investments In Number Of Limited Partnerships And Limited Liability Companies
InvestmentsInNumberOfLimitedPartnershipsAndLimitedLiabilityCompanies
7
CY2020Q2 us-gaap Security Deposit
SecurityDeposit
2906000
CY2019Q4 us-gaap Security Deposit
SecurityDeposit
2936000
CY2020Q2 nen Escrow Deposit To Fund Capital Improvements
EscrowDepositToFundCapitalImprovements
769000
CY2019Q4 nen Escrow Deposit To Fund Capital Improvements
EscrowDepositToFundCapitalImprovements
501000
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
715000
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
845000
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1382000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
178000
CY2020Q2 nen Deferred Financing And Leasing Costs Net
DeferredFinancingAndLeasingCostsNet
15000
CY2019Q4 nen Deferred Financing And Leasing Costs Net
DeferredFinancingAndLeasingCostsNet
36000
CY2020Q2 nen Accumulated Amortization On Financing And Leasing Fees
AccumulatedAmortizationOnFinancingAndLeasingFees
114000
CY2019Q4 nen Accumulated Amortization On Financing And Leasing Fees
AccumulatedAmortizationOnFinancingAndLeasingFees
93000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Rolling Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths
2357000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo
2542000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree
79930000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour
25419000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive
11027000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive
164592000
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
285867000
CY2020Q2 nen Equity Method Investment Summarized Financial Information Unamortized Deferred Financing Costs
EquityMethodInvestmentSummarizedFinancialInformationUnamortizedDeferredFinancingCosts
1465000
nen Line Of Credit Facility Unused Capacity Commitment Fee
LineOfCreditFacilityUnusedCapacityCommitmentFee
5000
nen Period For Which Rent To Be Paid In Advance By Tenant
PeriodForWhichRentToBePaidInAdvanceByTenant
P1M
CY2020Q2 nen Prepaid Rent Received Included In Cash And Cash Equivalents
PrepaidRentReceivedIncludedInCashAndCashEquivalents
2138000
CY2020Q2 nen Security Deposit Included In Restricted Cash
SecurityDepositIncludedInRestrictedCash
2906000
CY2020Q1 nen Partners Capital Account Quarterly Distribution Per Unit Of Limited Partner Interest Approved
PartnersCapitalAccountQuarterlyDistributionPerUnitOfLimitedPartnerInterestApproved
9.60
CY2020Q1 nen Partners Capital Account Quarterly Distribution Per Depository Receipt
PartnersCapitalAccountQuarterlyDistributionPerDepositoryReceipt
0.32
CY2020Q2 nen Partners Capital Account Quarterly Distribution Per Unit Of Limited Partner Interest Approved
PartnersCapitalAccountQuarterlyDistributionPerUnitOfLimitedPartnerInterestApproved
9.60
CY2020Q2 nen Partners Capital Account Quarterly Distribution Per Depository Receipt
PartnersCapitalAccountQuarterlyDistributionPerDepositoryReceipt
0.32
CY2019Q1 nen Partners Capital Account Quarterly Distribution Per Unit Of Limited Partner Interest
PartnersCapitalAccountQuarterlyDistributionPerUnitOfLimitedPartnerInterest
9.60
CY2019Q2 nen Partners Capital Account Quarterly Distribution Per Unit Of Limited Partner Interest
PartnersCapitalAccountQuarterlyDistributionPerUnitOfLimitedPartnerInterest
9.60
CY2019Q3 nen Partners Capital Account Quarterly Distribution Per Unit Of Limited Partner Interest
PartnersCapitalAccountQuarterlyDistributionPerUnitOfLimitedPartnerInterest
9.60
CY2019Q4 nen Partners Capital Account Quarterly Distribution Per Unit Of Limited Partner Interest
PartnersCapitalAccountQuarterlyDistributionPerUnitOfLimitedPartnerInterest
9.60
CY2019Q1 nen Partners Capital Account Quarterly Distribution Per Depository Receipt
PartnersCapitalAccountQuarterlyDistributionPerDepositoryReceipt
0.32
CY2019Q2 nen Partners Capital Account Quarterly Distribution Per Depository Receipt
PartnersCapitalAccountQuarterlyDistributionPerDepositoryReceipt
0.32
CY2019Q3 nen Partners Capital Account Quarterly Distribution Per Depository Receipt
PartnersCapitalAccountQuarterlyDistributionPerDepositoryReceipt
0.32
CY2019Q4 nen Partners Capital Account Quarterly Distribution Per Depository Receipt
PartnersCapitalAccountQuarterlyDistributionPerDepositoryReceipt
0.32
nen Depositary Receipts Exhange Ratio For Class Units
DepositaryReceiptsExhangeRatioForClassUnits
30
CY2007Q3 nen Partners Capital Account Period For Repurchase Of Depository Receipts
PartnersCapitalAccountPeriodForRepurchaseOfDepositoryReceipts
P12M
CY2007Q3 nen Partners Capital Account Depository Receipts Treasury Receipts Authorized To Be Repurchased
PartnersCapitalAccountDepositoryReceiptsTreasuryReceiptsAuthorizedToBeRepurchased
300000
CY2008Q1 nen Partners Capital Account Depository Receipts Treasury Receipts Authorized To Be Repurchased
PartnersCapitalAccountDepositoryReceiptsTreasuryReceiptsAuthorizedToBeRepurchased
1500000
CY2015Q1 nen Partners Capital Account Depository Receipts Treasury Receipts Authorized To Be Repurchased
PartnersCapitalAccountDepositoryReceiptsTreasuryReceiptsAuthorizedToBeRepurchased
2000000
CY2015Q1 nen Partners Capital Account Period For Repurchase Of Depository Receipts
PartnersCapitalAccountPeriodForRepurchaseOfDepositoryReceipts
P5Y
CY2007Q3 nen Partners Capital Account Depository Receipts Treasury
PartnersCapitalAccountDepositoryReceiptsTreasury
1428437
CY2007Q3 nen Partners Capital Account Depository Receipts Treasury
PartnersCapitalAccountDepositoryReceiptsTreasury
1428437
nen Net Income Loss Per Outstanding Depository Receipt
NetIncomeLossPerOutstandingDepositoryReceipt
0.78
nen Net Income Loss Per Outstanding Depository Receipt
NetIncomeLossPerOutstandingDepositoryReceipt
0.89
CY2020Q2 nen Partners Capital Account Distribution Per Depository Receipt
PartnersCapitalAccountDistributionPerDepositoryReceipt
0.64
CY2019Q2 nen Partners Capital Account Distribution Per Depository Receipt
PartnersCapitalAccountDistributionPerDepositoryReceipt
0.64
CY2020Q2 nen Partners Capital Account Treasury Units Issued
PartnersCapitalAccountTreasuryUnitsIssued
58469
CY2007Q4 nen Partners Capital Account Depository Receipts Treasury
PartnersCapitalAccountDepositoryReceiptsTreasury
1428437
nen Partners Capital Account Depository Receipts Treasury
PartnersCapitalAccountDepositoryReceiptsTreasury
1428437
nen Partners Capital Account Depository Receipts Treasury
PartnersCapitalAccountDepositoryReceiptsTreasury
1428437
nen Partners Capital Account Depository Receipts Treasury Average Repurchase Price Per Depository Receipt
PartnersCapitalAccountDepositoryReceiptsTreasuryAverageRepurchasePricePerDepositoryReceipt
28.43
us-gaap Partners Capital Account Treasury Units Purchases
PartnersCapitalAccountTreasuryUnitsPurchases
44718000
nen Operating Leases Percentage Of Rental Income Related To Residential Property And Condominium Units
OperatingLeasesPercentageOfRentalIncomeRelatedToResidentialPropertyAndCondominiumUnits
0.95
nen Operating Leases Noncancelable Maximum Lease Term
OperatingLeasesNoncancelableMaximumLeaseTerm
P1Y
nen Operating Leases Percentage Of Rental Income Related To Commercial Property
OperatingLeasesPercentageOfRentalIncomeRelatedToCommercialProperty
0.05
CY2020Q2 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
2659000
CY2020Q2 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
1727000
CY2020Q2 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
1316000
CY2020Q2 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
827000
CY2020Q2 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
242000
CY2020Q2 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
581000
CY2020Q2 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
7352000
us-gaap Operating Leases Income Statement Contingent Revenue
OperatingLeasesIncomeStatementContingentRevenue
251000
us-gaap Operating Leases Income Statement Contingent Revenue
OperatingLeasesIncomeStatementContingentRevenue
277000
nen Operating Leases Annual Base Rent For Expiring Leases
OperatingLeasesAnnualBaseRentForExpiringLeases
2835154
nen Operating Leases Square Feet For Expiring Leases
OperatingLeasesSquareFeetForExpiringLeases
108154
nen Operating Leases Number Of Leases Expiring
OperatingLeasesNumberOfLeasesExpiring
49
nen Operating Leases Percentage Of Annual Base Rent For Expiring Leases
OperatingLeasesPercentageOfAnnualBaseRentForExpiringLeases
1
CY2020Q2 nen Operating Leases Allowance For Doubtful Rent Receivable
OperatingLeasesAllowanceForDoubtfulRentReceivable
730000
CY2019Q4 nen Operating Leases Allowance For Doubtful Rent Receivable
OperatingLeasesAllowanceForDoubtfulRentReceivable
240000
CY2020Q2 nen Operating Leases Rental Income With Future Rental Increases
OperatingLeasesRentalIncomeWithFutureRentalIncreases
96000
CY2020Q2 nen Operating Leases Deferral Of Rental Concession
OperatingLeasesDeferralOfRentalConcession
172000
us-gaap Interest Paid
InterestPaid
6611000
us-gaap Interest Paid
InterestPaid
5936000
us-gaap Income Taxes Paid
IncomeTaxesPaid
81000
us-gaap Income Taxes Paid
IncomeTaxesPaid
76000
nen Non Cash Financing Activity Related To Acquisition
NonCashFinancingActivityRelatedToAcquisition
2393000
CY2020Q2 us-gaap Secured Debt
SecuredDebt
284402031
CY2020Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
305678933
CY2019Q4 us-gaap Secured Debt
SecuredDebt
281771246
CY2019Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
290892652
CY2019 nen Taxable Income Loss
TaxableIncomeLoss
2039000
CY2019 nen Income Tax Difference Between Statement Income And Taxable Income
IncomeTaxDifferenceBetweenStatementIncomeAndTaxableIncome
4508000
CY2019Q4 nen Income Tax Excess Of Real Estate Statement Basis Over Real Estate Income Tax Basis
IncomeTaxExcessOfRealEstateStatementBasisOverRealEstateIncomeTaxBasis
5311000
CY2019 nen Income Tax Excess Of Investments Statement Basis Over Investments Taxable Basis
IncomeTaxExcessOfInvestmentsStatementBasisOverInvestmentsTaxableBasis
1688000
CY2016Q4 us-gaap Repayments Of Debt
RepaymentsOfDebt
5158000
CY2020Q2 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.0391
CY2020Q2 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.0398
us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.90
us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.50
us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.06
nen Defined Contribution Plan Employee Contributions Vesting Percentage
DefinedContributionPlanEmployeeContributionsVestingPercentage
1
nen Years Of Service Needed For Vesting To Begin
YearsOfServiceNeededForVestingToBegin
P2Y
us-gaap Defined Contribution Plan Employers Matching Contribution Annual Vesting Percentage
DefinedContributionPlanEmployersMatchingContributionAnnualVestingPercentage
0.20
nen Years Of Service Needed To Fully Vest In Employer Contributions
YearsOfServiceNeededToFullyVestInEmployerContributions
P6Y
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
22000

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