SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended September 30, 2003 OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
Commission file number 0-12138
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New England Realty Associates Limited Partnership |
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(Exact Name of Registrant as Specified in Its Charter) |
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Massachusetts |
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04-2619298 |
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(State or Other Jurisdiction of Incorporation or Organization) |
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(I.R.S. Employer Identification No.) |
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39 Brighton Avenue, Allston, Massachusetts |
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02134 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code |
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(617) 783-0039 |
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Not Applicable |
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(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) |
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Indicate by check ý whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
INDEX
PART I - FINANCIAL INFORMATION
2
NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP AND SUBSIDIARIES
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September 30, |
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December 31, |
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(Unaudited) |
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Assets |
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Rental Properties |
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$ |
103,573,812 |
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$ |
79,172,450 |
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Cash and Cash Equivalents |
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25,323,431 |
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18,974,446 |
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Rents Receivable |
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547,247 |
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475,906 |
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Real Estate Tax Escrows |
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556,290 |
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391,253 |
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Prepaid Expenses and Other Assets |
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2,816,293 |
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2,556,572 |
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Investment in Partnership |
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1,341,904 |
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1,430,269 |
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Financing and Leasing Fees |
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751,450 |
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684,322 |
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Total Assets |
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$ |
134,910,427 |
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$ |
103,685,218 |
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Liabilities and Partners’ Capital |
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Mortgage Notes Payable |
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$ |
116,081,015 |
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$ |
82,871,406 |
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Accounts Payable and Accrued Expenses |
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1,517,113 |
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1,676,628 |
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Advance Rental Payments and Security Deposits |
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3,334,161 |
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3,258,958 |
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Total Liabilities |
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120,932,289 |
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87,806,992 |
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Commitments and Contingent Liabilities (Note 9) |
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Partners’ Capital |
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13,978,138 |
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15,878,226 |
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Total Liabilities and Partners’ Capital |
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$ |
134,910,427 |
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$ |
103,685,218 |
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See notes to consolidated financial statements.
3
NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
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Three
Months Ended |
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Nine
Months Ended |
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2003 |
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2002 |
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2003 |
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2002 |
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Revenue |
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Rental income |
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$ |
7,802,000 |
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$ |
7,248,597 |
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$ |
23,036,610 |
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$ |
21,647,038 |
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Laundry and sundry income |
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74,404 |
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59,645 |
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225,470 |
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182,834 |
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7,876,404 |
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7,308,242 |
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23,262,080 |
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21,829,872 |
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Expense |
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Administrative |
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354,565 |
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359,631 |
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1,075,120 |
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1,031,564 |
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Depreciation and amortization |
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1,509,915 |
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1,193,630 |
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3,884,258 |
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3,384,302 |
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Interest |
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1,979,737 |
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1,689,858 |
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5,478,199 |
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4,880,736 |
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Management fees |
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313,296 |
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305,866 |
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933,655 |
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896,500 |
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Operating |
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611,553 |
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511,620 |
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2,230,580 |
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1,754,367 |
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Renting |
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264,570 |
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136,468 |
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469,892 |
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281,498 |
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Repairs and maintenance |
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1,351,568 |
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1,050,646 |
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3,210,507 |
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2,578,868 |
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Taxes and insurance |
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830,970 |
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733,986 |
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2,485,090 |
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2,200,585 |
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7,216,174 |
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5,981,705 |
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19,767,301 |
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17,008,420 |
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Income before Other Income and Discontinued Operations |
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660,230 |
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1,326,537 |
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3,494,779 |
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4,821,452 |
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Other Income (Loss) |
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Interest income |
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39,470 |
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72,050 |
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138,498 |
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208,997 |
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