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New England Realty Associates Lp has a market cap of $71.5 million; its shares were traded at around $68 with and P/S ratio of 2.2. The dividend yield of New England Realty Associates Lp stocks is 4.1%.
Highlight of Business Operations: The Partnership and its Subsidiary Partnerships incurred a loss of approximately $781,000 during the three months ended September 30, 2010, compared to income of approximately $299,000 for the three months ended September 30, 2009, a decrease in income of approximately $1,080,000.
Rental income from continuing operations for the three months ended September 30, 2010 was approximately $8,120,000, compared to approximately $8,090,000 for the three months ended September 30, 2009, an increase of approximately $30,000 (0.4%). Properties with the most significant increases in rental income in the third quarter of 2010 compared to 2009 include; 62 Boylston Street, 1131 Commonwealth Avenue, Redwood Hills, Westgate Woburn, 1144 Commonwealth Avenue, 140 North Beacon Street, and Cypress Street with increases of approximately $56,000, $42,000, $40,000, $38,000, $31,000, $30,000, and $18,000 respectively. These rental income increases are offset by the amortization of approximately $70,000 in connection with the free rent granted to tenants.
Expenses from continuing operations for the three months ended September 30, 2010 were approximately $5,794,000 compared to approximately $5,621,000 for the three months ended September 30, 2009, an increase of approximately $172,000 (3.1%). The most significant factors contributing to this increase was an increase in taxes and insurance of approximately $149,000 (16.7%) due to an increase in real estate taxes as well as insurance premiums; an increase in operating expenses of approximately $106,000 (15.4%) due to an increase in utility costs; an increase in repairs and maintenance expenses of approximately $69,000 (4.8%) due to significant repairs at the properties in an effort to maintain occupancy. These increases are offset by a decrease in depreciation and amortization expense of approximately $98,000 (6.2%) due to assets being fully depreciated; a decrease in renting expenses of approximately $53,000 (20.2%) due to a decrease in rental commissions. Interest expense increased approximately $86,000 (4.4%) due primarily to the $7,168,600 borrowed in October 2009.
As described in Note 14 to the Consolidated Financial Statements, the Partnership’s share of the net loss from the Investment Properties was approximately $1,151,000 for the three months ended September 30, 2010 compared to a loss of approximately $326,000 for the three months ended September 30, 2009, an increase of approximately $826,000. Included in this loss is depreciation and amortization expense of approximately $1,280,000. For the three months ended September 30, 2010, the loss associated with the 2009 acquisition of Dexter Park is approximately $916,000, of which approximately $1,023,000 is depreciation and amortization. See the nine month discussion of Dexter Park for additional information.
Interest income for the three months ended September 30, 2010 was approximately $1,900 compared to approximately $15,000 for the three months ended September 30, 2009, a decrease of approximately $13,000 (87.6%). This decrease is due to a decrease in the cash available for investment as well as a drop in interest rates.
As a result of the changes discussed above, net loss for the three months ended September 30, 2010 was approximately $781,000 compared to income of approximately $299,000 for the three months ended September 30, 2009, a change of approximately $1,080,000.
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