SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC  20549

 

 

FORM 10-Q

 

 

 

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

 

Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2).  Yes  o  No ý

 

 

INDEX

 

PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements.
	Consolidated Balance Sheets as of March 31, 2004 (unaudited) and December 31, 2003 (audited)
	Consolidated Statements of Income for the Three Months Ended March 31, 2004 and March 31, 2003 (all unaudited)
	Consolidated Statements of Changes in Partners’ Capital for the Three Months Ended March 31, 2004 and March 31, 2003 (all unaudited)
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2004 and March 31, 2003 (all unaudited)
	Notes to Financial Statements
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.	Quantitative and Qualitative Disclosures About Market Risk
Item 4.	Controls and Procedures
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings
Item 2.	Changes in Securities and Use of Proceeds
Item 3.	Defaults Upon Senior Securities
Item 4.	Submission of Matters to a Vote of Security Holders
Item 5.	Other Information
Item 6.	Exhibits and Reports on Form 8-K
SIGNATURES

 

 

NEW ENGLAND REALTY ASSOCIATES, L.P.

 

PART I – FINANCIAL INFORMATION

 

Item I. Financial Statements

 

The accompanying unaudited consolidated balance sheets, statements of income, changes in partners’ capital, and cash flows and related notes thereto, have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. The financial statements reflect all adjustments consisting only of normal, recurring adjustments, which are in the opinion of management, necessary for a fair presentation for the interim periods.

 

The aforementioned financial statements should be read in conjunction with the notes to the aforementioned financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and notes thereto included in New England Realty Associates L.P.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2003.

 

The results of operations for the three month period ended March 31, 2004 are not necessarily indicative of the results to be expected for the entire fiscal year or any other period.

 

NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

		March 31, 2004			December 31, 2003
		(Unaudited)
Assets
Rental Properties		$	104,231,420		$	104,192,876
Cash and Cash Equivalents		23,491,247			24,362,328
Rents Receivable		535,646			550,772
Real Estate Tax Escrows		738,530			667,949
Prepaid Expenses and Other Assets		2,620,639			2,649,617
Investment in Partnership		1,283,353			1,315,383
Financing and Leasing Fees		699,103			725,371
Total Assets		$	133,599,938		$	134,464,296
Liabilities and Partners’ Capital
Mortgage Notes Payable		$	115,734,864		$	115,911,209
Accounts Payable and Accrued Expenses		1,348,365			1,620,023
Advance Rental Payments and Security Deposits		3,514,190			3,371,087
Total Liabilities		120,597,419			120,902,319
Commitments and Contingent Liabilities (Notes 2 and 9)
Partners’  Capital
173,252 units outstanding in 2004 and 2003		13,002,519			13,561,977
Total Liabilities and Partners’ Capital		$	133,599,938		$	134,464,296

 

See notes to consolidated financial statements.

 

 

NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

 

		Three Months Ended March 31,
		(Unaudited)
		2004			2003
Revenue
Rental income		$	7,745,812		$	7,461,292
Laundry and sundry income		81,450			70,800
		7,827,262			7,532,092
Expense
Administrative		329,886			363,816
Depreciation and amortization		1,474,388			1,112,863
Interest		2,002,895			1,659,167
Management fees		318,461			296,338
Operating		1,092,141			990,816
Renting		109,198			62,965
Repairs and maintenance		1,073,007			813,111
Taxes and insurance		882,804			795,209
		7,282,780			6,094,285
Income Before Other Income		544,482			1,437,807
Other Income (Loss)
Interest income		70,167			55,528
(Loss) from investment in joint venture		(32,030		)	(20,677		)
		38,137			34,851
Net Income		$	582,619		$	1,472,658
Net Income per Unit		$	3.36		$	8.50
Weighted Average Number of Units Outstanding		173,252			173,252

 

See notes to consolidated financial statements.

 

2

 

NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

 

(UNAUDITED)