WASHINGTON, DC 20549

 

 

FORM 10-Q

 

(Mark One)

 

 

Commission file number 0-12138

 

New England Realty Associates Limited Partnership

(Exact Name of Registrant as Specified in Its Charter)

 

Massachusetts		04-2619298
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)
39 Brighton Avenue, Allston, Massachusetts		02134
(Address of Principal Executive Offices)		(Zip Code)

 

Registrant’s Telephone Number, Including Area Code (617) 783-0039

 

Not Applicable

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

 

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 ý 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 June 30, 2004 (unaudited) and December 31, 2003 (audited)
	Consolidated Statements of Income for the Three Months Ended June 30, 2004 and June 30, 2003, and the Six Months Ended June 30, 2004 and June 30, 2003 (all unaudited)
	Consolidated Statement of Changes in Partners’ Capital for the Six Months Ended June 30, 2004 and June 30, 2003 (all unaudited)
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2004 and June 30, 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

 

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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 six month periods ended June 30, 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

 

		June 30, 2004			December 31, 2003
		(Unaudited)
Assets
Rental Properties		$	105,676,629		$	104,192,876
Cash and Cash Equivalents		22,024,552			24,362,328
Rents Receivable		609,478			550,772
Real Estate Tax Escrows		685,690			667,949
Prepaid Expenses and Other Assets		2,743,548			2,649,617
Investment in Joint Venture		1,242,331			1,315,383
Financing and Leasing Fees		672,835			725,371
Total Assets		$	133,655,063		$	134,464,296
Liabilities and Partners’ Capital
Mortgage Notes Payable		$	115,555,219		$	115,911,209
Accounts Payable and Accrued Expenses		1,762,754			1,620,023
Advance Rental Payments and Security Deposits		3,639,779			3,371,087
Total Liabilities		120,957,752			120,902,319
Commitments and Contingent Liabilities (Notes 2, 9 and 15)
Partners’ Capital 173,252 units outstanding in 2004 and 2003		12,697,311			13,561,977
Total Liabilities and Partners’ Capital		$	133,655,063		$	134,464,296

 

See notes to consolidated financial statements.

 

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NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

		Three Months Ended June 30,						Six Months Ended June 30,
		2004			2003			2004			2003
Revenue
Rental income		$	7,708,025		$	7,773,317		$	15,453,837		$	15,234,609
Laundry and sundry income		79,474			80,266			160,924			151,066
		7,787,499			7,853,583			15,614,761			15,385,675
Expense
Administrative		323,195			356,740			653,081			720,556
Depreciation and amortization		1,447,281			1,261,480			2,921,669			2,374,343
Interest		1,974,141			1,839,294			3,977,036			3,498,461
Management fees		319,479			324,020			637,940			620,358
Operating		700,339			628,211			1,792,480			1,619,027
Renting		130,966			142,356			240,164			205,321
Repairs and maintenance