Every 8-K that New England Realty Associates Limited Partnership (NEN) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow NEN and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NEN filings page.
New England Realty Associates Limited Partnership filed an amended current report to update specific pro forma financial footnotes related to its acquisition of Hill Estates et al. The partnership revised the unaudited pro forma figures that illustrate how the acquisition would have affected its results for the year ended December 31, 2024.
The updated footnotes state that the pro forma acquisition would result in an approximately $21,000,000 reduction in pro forma taxable income, equal to $179.45 per unit or $5.98 per receipt. They also show a decrease in pro forma cash available by operations of about $3,000,000, or $25.63 per unit or $0.85 per receipt. The amendment does not change any other disclosures from the earlier acquisition filings and is limited to correcting these pro forma calculations and related footnotes.
New England Realty Associates completed its previously reported acquisition of the Hill Estates properties in Belmont, Massachusetts, and is now providing the required property-level and pro forma financial information. The mixed-use portfolio includes 396 residential units, several commercial spaces, and two additional office buildings.
The aggregate purchase price was $175,000,000, with $172,000,000 allocated to the Hill Estates properties and $3,000,000 to the two non-contiguous commercial properties. Funding came from a $67,500,000 interim mortgage loan due December 17, 2025, an additional $40,000,000 borrowing under the Partnership’s master credit facility at a 5.99% fixed rate, and cash generated primarily from selling U.S. Treasury bills.
For the year ended December 31, 2024, the acquired property generated rental income of $10,305,745 and revenue in excess of certain expenses of $6,073,561
New England Realty Associates (NYSEAMER: NEN) announced a significant property acquisition through its subsidiary Hill Estates NERA, LLC. The company acquired the Hill Estates Properties in Belmont, Massachusetts for $172 million, consisting of 28 buildings with 396 residential units and 4 commercial units. The acquisition was funded through $104.5 million in cash reserves and a $67.5 million loan from KeyBank.
The loan agreement with KeyBank carries a floating interest rate of SOFR plus 150 basis points, with monthly interest payments beginning July 10, 2025, and principal due December 17, 2025. Additionally, the company purchased two non-contiguous commercial properties for $3 million in cash through another subsidiary.