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 |
For the quarterly period ended September 30, 2004
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 0-12138
New England Realty Associates Limited Partnership
(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 |
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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 (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
Indicate by check ý whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2). Yes o No ý
INDEX
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Consolidated Balance Sheets as of September 30, 2004 (unaudited) and December 31, 2003 (audited) |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2
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 nine month periods ended September 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
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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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$ |
106,692,314 |
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$ |
104,192,876 |
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Cash and Cash Equivalents |
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6,679,544 |
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24,362,328 |
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Rents Receivable |
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594,270 |
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550,772 |
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Real Estate Tax Escrows |
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718,355 |
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667,949 |
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Prepaid Expenses and Other Assets |
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2,594,535 |
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2,649,617 |
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Investment in Partnerships |
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14,147,375 |
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1,315,383 |
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Financing and Leasing Fees |
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646,566 |
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725,371 |
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Total Assets |
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$ |
132,072,959 |
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$ |
134,464,296 |
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Liabilities and Partners’ Capital |
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Mortgage Notes Payable |
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$ |
115,375,571 |
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115,911,209 |
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Accounts Payable and Accrued Expenses |
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1,605,881 |
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1,620,023 |
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Advance Rental Payments and Security Deposits |
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3,394,989 |
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3,371,087 |
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Total Liabilities |
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120,376,441 |
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120,902,319 |
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Commitments and Contingent Liabilities (Notes 2, 9, 14 and 15) |
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Partners’ Capital 173,252 units outstanding in 2004 and 2003 |
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11,696,518 |
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13,561,977 |
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Total Liabilities and Partners’ Capital |
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$ |
132,072,959 |
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$ |
134,464,296 |
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See notes to consolidated financial statements.
3
NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
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Three Months Ended |
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Nine Months Ended |
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2004 |
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2003 |
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2004 |
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2003 |
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Revenue |
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Rental income |
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$ |
7,640,354 |
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$ |
7,802,000 |
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$ |
23,094,191 |
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$ |
23,036,610 |
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Laundry and sundry income |
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94,201 |
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74,404 |
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255,125 |
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225,470 |
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7,734,555 |
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7,876,404 |
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23,349,316 |
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23,262,080 |
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Expense |
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Administrative |
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329,645 |
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354,565 |
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982,726 |
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1,075,120 |
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Depreciation and amortization |
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1,559,811 |
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1,509,915 |
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4,481,480 |
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3,884,258 |
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Interest |
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1,993,616 |
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1,979,737 |
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5,970,652 |
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5,478,199 |
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Management fees |
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314,599 |
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313,296 |
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952,539 |
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933,655 |
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Operating |
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675,262 |
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611,553 |
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2,467,742 |
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2,230,580 |
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Renting |
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272,528 |
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264,570 |
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512,692 |
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469,892 |
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Repairs and maintenance |
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1,454,709 |
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1,351,568 |
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3,727,362 |
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3,210,507 |
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Taxes and insurance |
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815,808 |
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830,970 |
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2,578,191 |
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2,485,090 |
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7,415,978 |
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7,216,174 |
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