New England Realty Associates Limited Partnership (NYSE: NEN)

New England Realty Associates Limited Partnership is engaged in the business of acquiring, developing, holding for investment, operating and selling real estate. The Partnership, directly or through 34 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’s investment objectives focus on managing, renting and improving its properties and acquiring additional properties with income and capital appreciation potential as suitable opportunities arise. When appropriate, the Partnership may sell or refinance selected properties, using proceeds to reduce debt, reinvest in acquisitions, make distributions to partners, repurchase equity interests, or use for operating expenses or reserves as determined by the General Partner.

The Partnership generates revenue primarily through the leasing of residential and commercial properties. Revenue is derived from rental income received from tenants occupying apartment complexes, condominium units, and commercial spaces. The Partnership’s properties are leased to residential and commercial tenants, providing a steady stream of income that supports operations, debt service, and distributions to partners.

The company operates through the following segments:

• Apartment Complexes: This segment includes 3,411 residential apartment units in 27 residential and mixed-use complexes as of February 1, 2026. These complexes are located primarily in the metropolitan Boston area of Massachusetts. The segment generates revenue through long-term residential leases to individual tenants seeking housing in the Greater Boston region.

• Condominium Units: This segment consists of 19 condominium units in a residential condominium complex, all leased to residential tenants. These units are situated in the metropolitan Boston area and contribute to the Partnership’s residential rental income stream. The units are maintained and managed to provide housing options for tenants in urban settings.

• Commercial Properties: This segment encompasses two commercial shopping centers in Framingham, commercial buildings in Newton and Brookline, and commercial space in mixed-use buildings in Boston, Brockton, and Newton, totaling approximately 138,000 square feet. The segment earns revenue from leasing space to businesses for retail, office, and service-oriented uses. Tenants include local and regional businesses operating in established commercial districts.

• Investment Properties: This segment represents the Partnership’s 40-50% interest in seven residential and mixed-use complexes, known as Joint Ventures, with a total of 688 residential units, one commercial unit, and a 50-car parking lot. These properties are located in the metropolitan Boston area and are accounted for under the equity method. The segment contributes to the Partnership’s income through distributions from the joint ventures and potential appreciation in value.

The Partnership operates in a highly competitive leasing market within the metropolitan Boston area. Its residential properties compete with other apartment complexes and condominium units for tenants, while its commercial properties face competition from other shopping malls and office buildings. The level of competition at each property depends on the density of similar properties in its immediate vicinity. The Partnership maintains its position through active property management, targeted improvements, and strategic acquisitions in response to market opportunities.

The Partnership serves residential tenants seeking housing in the Greater Boston area and commercial tenants requiring space for retail, office, and service operations. Residential tenants include individuals and families looking for rental housing in urban and suburban settings. Commercial tenants consist of businesses operating in sectors such as retail, professional services, and local commerce across the Partnership’s property portfolio in Massachusetts.