Company profile

Ticker
NEN
Exchange
Employees
Incorporated in
Location
Fiscal year end
SEC CIK
IRS number
42619298

NEN stock data

(
)

Calendar

8 May 20
3 Jul 20
31 Dec 20

News

Company financial data Financial data

Quarter (USD) Mar 20 Dec 19 Sep 19 Jun 19
Revenue 16.38M 15.45M 15.16M 14.99M
Net income 1.37M 1.9M 1.38M 1.76M
Net profit margin 8.36% 12.29% 9.13% 11.77%
Operating income 4.34M 4.56M 4.18M 4.58M
Net change in cash 3.7M -6.6M 1.55M 4.94M
Cash on hand 11.25M 7.55M 14.15M 12.59M
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue 60.48M 58.01M 52.83M 49.56M
Net income 6.55M 4.17M 6.94M 4.95M
Net profit margin 10.83% 7.19% 13.13% 9.99%
Operating income 17.27M 14.92M 14.14M 13.26M
Net change in cash -1.51M 1.82M -224.79K -2.83M
Cash on hand 7.55M 9.06M 7.24M 7.46M

Financial data from company earnings reports

Date Owner Security Transaction Code $Price #Shares $Value #Remaining
2 Jun 20 Jameson Pruitt Brown NEN Class A Limited Partnership Interest Buy Aquire P 51.96 200 10.39K 1,000
19 May 20 Jameson Pruitt Brown NEN Class A Limited Partnership Interest Buy Aquire P 47.45 200 9.49K 800
31 Mar 20 Brown Ronald NEN Units of General Partner Interest Other Dispose J 1782 0.5 891 304.5
31 Mar 20 Brown Ronald NEN Class B Units of Limited Partnership Interest Other Dispose J 1782 10 17.82K 5,784
18 Mar 20 Brown Ronald NEN Depositary Receipts Buy Aquire P 53 2,640 139.92K 92,600
31 Dec 19 Brown Ronald NEN Units of General Partner Interest Other Dispose J 1819 0.5 909.5 305
31 Dec 19 Brown Ronald NEN Class B Units of Limited Partnership Interest Other Dispose J 1819 10 18.19K 5,793.5
30 Sep 19 Brown Ronald NEN Units of General Partner Interest Other Dispose J 1787 0.5 893.5 305.5
30 Sep 19 Brown Ronald NEN Class B Units of Limited Partnership Interest Other Dispose J 1787 10 17.87K 5,803.5

Financial report summary

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Risks
  • We are subject to risks inherent in the ownership of real estate.
  • We are dependent on rental income from our multifamily apartment complexes and commercial properties.
  • We may be adversely affected by the world wide spread of the coronavirus (COVID-19).
  • Our multifamily apartment complexes and commercial properties are subject to competition.
  • The properties we own are concentrated in Eastern Massachusetts and Southern New Hampshire.
  • Our insurance may not be adequate to cover certain risks.
  • Debt financing could adversely affect our performance.
  • We may be adversely affected by the potential discontinuation of LIBOR
  • We are obligated to comply with financial covenants in our indebtedness that could restrict our range of operating activities.
  • Real estate investments are generally illiquid, and we may not be able to sell our properties when it is economically or strategically advantageous to do so.
  • Our access to public debt markets is limited.
  • Litigation may result in unfavorable outcomes.
  • Our financial results may be adversely impacted if we are unable to sell properties and employ the proceeds in accordance with our strategic plan.
  • The costs of complying with laws and regulations could adversely affect our cash flow and ability to make distributions to our shareholders.
  • We are subject to the risks associated with investments through joint ventures.
  • We are subject to risks associated with development, acquisition and expansion of multifamily apartment complexes and commercial properties.
  • We are subject to control by our directors and officers.
  • Competition for skilled personnel could increase our labor costs.
  • We depend on our key personnel.
  • Changes in market conditions could adversely affect the market price of our Depositary Receipts.
  • We face possible risks associated with the physical effects of climate change.
  • Security breaches and other disruptions could compromise our information and expose us to liability, which would cause our business and reputation to suffer
  • Risk of changes in the tax law applicable to real estate partnerships.
Management Discussion
  • The Partnership and its Subsidiary Partnerships earned income before interest expense, income from investments in unconsolidated joint ventures, other expense of approximately $4,344,000 during the three months ended  March 31, 2020,  compared to approximately $3,952,000 for the three months ended March 31, 2019,  an  increase of approximately $392,000 (9.9%).
  • Rental income for the three months ended March 31, 2020 was approximately $16,253,000, compared to approximately $14,768,000 for the three months ended March 31, 2019,  an  increase of approximately $1,485,000 (10.1%). The factors that can be attributed to this increase are as follows: the acquisition of Mill Street resulted in an increase in rental income of approximately $974,000. In addition, rental income has increased at a number of properties due to increased demand and increases in rental rates. The Partnership Properties with the most significant increases in rental income include 62 Boylston,  Hamilton Oaks, Westside Colonial, 1144 Commonwealth, Redwood Hills, and Woodland Park, with increases of approximately $93,000, $62,000, $52,000, $49,000, $31,000, and $31,000, respectively. Included in rental income is contingent rentals collected on commercial properties. Contingent rentals include such charges as bill backs of common area maintenance charges, real estate taxes, and utility charges.
  • Operating expenses for the three months ended March 31, 2020 were approximately $12,031,000 compared to approximately $10,930,000 for the three months ended March 31, 2019,  an increase of approximately $1,101,000 (10.1%). Excluding the increase in expenses at Mill Street of approximately $1,346,000, Operating expenses decreased approximately $245,000. (2.2%).The factors contributing to the decrease are a decrease in operating expenses of approximately $306,000 (16.2%), due to the warm winter with less snow removal and utility expense, a decrease in depreciation and amortization of approximately $ 173,000 (4.7%) due to fully depreciated assets, partially offset by an increase taxes and insurance of approximately $161,000 (7.9%), and an increase in repairs and maintenance of approximately $82,000 (4.2%).
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