New England Realty Associates LP NEN

Real EstateReal Estate OperationsUnited States of America

Last close 45.00 USD on Nov 3, 2026, −28.8% year to date

Quant rating

Quant rating D Rank 161 of 175 in Real Estate

Growth D 144 of 175
Valuation D 141 of 175
Quality C 111 of 175
Revisions D 143 of 175
Momentum D 165 of 175

Historical valuation

Valuation history unavailable.

Key data

Market cap: 125M
Enterprise value: 626M
52-week range: 44.30 – 71.06
3-year range: 44.30 – 81.53
Dividend yield: 3.54%
Beta (5 years): 0.18
Shares outstanding: 0.1M
Next earnings: –

About the company

New England Realty Associates Limited Partnership (the Partnership) is engaged in the business of acquiring, developing, holding for investment, operating and selling real estate. The Partnership, directly or through 31 subsidiary limited partnerships or limited liability companies, owns and operates various residential apartments, condominium units and commercial properties located in Massachusetts and New Hampshire. The Partnership and its Subsidiary Partnerships owned approximately 2,943 residential apartment units in 27 residential and mixed-use complexes (Apartment Complexes). The Partnership also owns approximately 19 condominium units in a residential condominium complex, all of which are leased to residential tenants (collectively, the Condominium Units). The Partnership also owns a 40-50% interest in seven residential and mixed-use properties consisting of 688 apartment units, 12,500 square feet of commercial space and a 50-car parking lot.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	89.2	80.5	74.5	68.3	62.6	–
Revenue growth	10.8%	8.1%	9.1%	9.0%	0.9%	7.5%
EPS (basic, normalized)	2.72	18.19	3.10	–	–	–
EPS growth	−85.1%	486.9%	–	–	–	–
Gross margin	57.8%	60.2%	56.9%	58.4%	57.3%	58.1%
Net margin	6.8%	19.4%	11.4%	5.5%	−4.3%	7.7%
ROE	–	–	–	–	–	–

Balance sheet, last quarter
Cash & short-term investments (mil)	24.7
Current ratio	–
Long-term debt (mil)	520
Net debt (mil)	501
Total equity (mil)	−83.2
Net debt / equity	−6.02x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	89.2	+10.8%	7.0x	–	–	–	2.72	−85.1%	16.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2005	Sep 2005	Dec 2005	Mar 2006	Jun 2006	Sep 2006	Dec 2006	Mar 2007	Jun 2007	Sep 2007
Sales reported (mil)	7.9	7.9	8.0	8.1	8.0	8.0	8.1	8.1	8.0	8.1
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	2.57	2.64	1.09	0.87	1.12	0.64	0.09	−0.11	1.32	0.42
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

Peer comparison Real Estate Operations

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NEN New England Realty Associates LP	125M	–	6.8%	−1.86x	–	–	–	–
VONOY Vonovia SE	15.5B	–	72.1%	1.02x	9.7x	9.5x	21.6x	21.0x
VTMX Vesta Real Estate Corporation SAB de CV	3.2B	–	–	–	20.9x	18.7x	–	–
TCI Transcontinental Realty Investors Inc	428M	–	28.1%	0.51x	–	–	–	–
FRPH FRP Holdings Inc	354M	–	7.8%	0.83x	–	–	–	–
MLP Maui Land & Pineapple Company Inc	275M	–	−54.4%	8.87x	–	–	–	–
Mean		–	12.1%	1.87x	15.3x	14.1x	21.6x	21.0x
Median		–	7.8%	0.83x	15.3x	14.1x	21.6x	21.0x

Technical analysis

1M−8.2%
3M−19.2%
1Y−34.4%
3Y−20.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, New England Realty Associates LP, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	89.2	80.5	74.5	68.3	62.6	62.1
Cost of revenue	37.6	32.1	32.1	28.4	26.7	24.1
Gross profit	51.6	48.5	42.4	39.9	35.9	38.0
Selling, general & administrative expenses	6.6	6.1	5.8	5.4	5.0	4.7
Research & development	–	–	–	–	–	–
Depreciation/amortization	23.3	17.0	16.8	16.4	16.7	18.4
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0.4	–	1.0	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	21.3	25.4	18.8	18.1	14.2	15.0
Net interest income (expense)	−15.3	−9.7	−10.4	−13.5	−14.2	−13.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	−0.9	−2.7	0
Net income before taxes	6.0	15.7	8.5	3.7	−2.7	1.4
Provision for taxes	–	–	–	–	–	–
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	6.0	15.7	8.5	3.7	−2.7	1.4
Extraordinary items	–	–	–	–	–	–
Net income	6.0	15.7	8.5	3.7	−2.7	1.4
EBIT, normalized	21.7	25.4	19.8	18.1	14.2	15.0
EBITDA, normalized	45.0	42.4	36.6	34.5	30.9	33.4
Basic EPS, normalized	2.72	18.19	3.10	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, New England Realty Associates LP, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	26.7	17.6	18.2	49.6	96.1	18.6
Receivables	4.5	3.8	3.2	2.6	1.8	1.9
Total inventory	2.6	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	459	279	270	241	251	265
Goodwill	–	–	–	–	–	–
Intangibles	2.7	0.3	1.5	0	0	0.1
Long-term investments	1.4	85.0	86.1	89.8	1.5	1.4
Note receivable	–	–	–	–	–	–
Other long-term assets	42.5	29.7	28.2	61.0	104	25.6
Total assets	505	394	386	392	357	292
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	8.9	9.0	5.7	7.3	4.3	3.9
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	17.0
Current portion of long-term debt	6.6	3.6	2.9	2.7	2.7	2.5
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	521	403	406	408	368	281
Minority interest	–	–	–	–	–	–
Other liabilities	58.6	53.3	45.3	43.4	38.4	52.2
Total liabilities	580	456	451	452	406	333
Shareholders' equity
Preferred stock	−0.7	−0.6	−0.7	−0.6	−0.5	−0.4
Common stock	0.2	0.2	0.2	0.2	0.2	0.2
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	−73.7	−62.0	−64.9	−59.4	−49.0	−41.2
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	−74.2	−62.4	−65.4	−59.9	−49.3	−41.5
Total liabilities & shareholders' equity	505	394	386	392	357	292

Cash flow statement in millions of USD, fiscal years

Cash flow statement, New England Realty Associates LP, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	6.0	15.7	8.5	3.7	−2.7	1.4
Depreciation, depletion & amortization	23.3	17.0	16.8	16.4	16.7	18.4
Deferred taxes	–	–	–	–	–	–
Non-cash items	−0.5	−0.7	−0.1	0	1.7	1.5
Changes in working capital	−1.1	0	−0.9	1.5	0.1	−3.9
Cash from operations	27.7	31.9	24.2	21.5	15.8	17.5
Investing activities
Capital expenditures	−141	−22.5	−47.3	−6.0	−3.3	−3.2
Other investing cash flows	86.6	5.9	8.4	−87.1	1.0	1.5
Cash from investing	−54.3	−16.6	−38.9	−93.1	−2.3	−1.7
Financing activities
Financing cash flow items	−1.6	−0.2	0	0	−0.2	−0.1
Cash dividends paid	−16.8	−11.2	−10.0	−9.3	−4.7	−4.7
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	54.1	−4.5	−6.6	34.3	68.8	0.2
Cash from financing	35.7	−16.0	−16.6	25.0	64.0	−4.6
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	9.1	−0.6	−31.3	−46.5	77.4	11.1
Free cash flow	−113	9.5	−23.1	15.6	12.5	14.2

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.