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What changed in NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+187 added−188 removedSource: 10-K (2025-03-14) vs 10-K (2024-03-14)

Top changes in NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP's 2024 10-K

187 paragraphs added · 188 removed · 150 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

23 edited+9 added−10 removed32 unchanged
Biggest changeThe line may not be used to pay dividends, make distributions or acquire equity interests of the Partnership. The line of credit is collateralized by varying percentages of the Partnership’s ownership interest in 23 of its Subsidiary Partnerships and Joint Ventures. Pledged interests range from 49% to 100% of the Partnership’s ownership interest in the respective entities.
Biggest changeThe line of credit is collateralized by varying percentages of the Partnership’s ownership interest in 27 of its Subsidiary Partnerships and Joint Ventures. Pledged interests are 49% of the Partnership’s ownership interest in the respective entities. Advisory Committee As of December 31, 2024, the Advisory Committee members were Robert Nahigian and David Ross, limited partners of the Partnership.
The Brookline Agreement pays down the loan on the existing debt of $5,954,546.14, extends the maturity until October 14, 2032, at a variable interest rate of SOFR rate, plus 1.7% interest only for two years and amortizing using a thirty-year schedule for the balance of the term.
The Brookline Agreement pays down the loan on the existing debt of $5,954,546, extends the maturity until October 14, 2032, at a variable interest rate of SOFR rate, plus 1.7% interest only for two years and amortizing using a thirty-year schedule for the balance of the term.
The agreement also allows for an earn out of up to an additional $1,495,453.86 once the property performance reaches a 1.35x debt service coverage ratio and the loan to value equates to at most 65%. ​ The Partnership purchased a commercial retail property of approximately 20,700 square feet, located at 653 Worcester Road in Framingham, MA for the sum of approximately $10,151,000 on January 18, 2023.
The agreement also allows for an earn out of up to an additional $1,495,453 once the property performance reaches a 1.35x debt service coverage ratio and the loan to value equates to at most 65%. ​ The Partnership purchased a commercial retail property of approximately 20,700 square feet, located at 653 Worcester Road in Framingham, MA for the sum of approximately $10,151,000 on January 18, 2023.
These properties are referred to collectively as the “Commercial Properties.” See Note 2 to the Consolidated Financial Statements for more information. Additionally, as of February 1, 2024, the Partnership owned a 40-50% interest in 7 residential and mixed use complexes, the Investment Properties, with a total of 688 residential units, one commercial unit, and a 50 car parking lot.
These properties are referred to collectively as the “Commercial Properties.” See Note 2 to the Consolidated Financial Statements for more information. Additionally, as of February 1, 2025, the Partnership owned a 40-50% interest in 7 residential and mixed use complexes, the Investment Properties, with a total of 688 residential units, one commercial unit, and a 50 car parking lot.
As of February 1, 2024, the Partnership and its Subsidiary Partnerships owned 2,943 residential apartment units in 27 residential and mixed-use complexes (collectively, the “Apartment Complexes”). The Partnership also owns 19 condominium units in a residential condominium complex, all of which are leased to residential tenants (collectively, the “Condominium Units”).
As of February 1, 2025, the Partnership and its Subsidiary Partnerships owned 2,943 residential apartment units in 27 residential and mixed-use complexes (collectively, the “Apartment Complexes”). The Partnership also owns 19 condominium units in a residential condominium complex, all of which are leased to residential tenants (collectively, the “Condominium Units”).
The Partnership, the Subsidiary Partnerships, and the Investment Properties currently contract with the Hamilton Company for 53 individuals at the Properties (as defined below) and 11 individuals at the Joint Ventures who are primarily involved in the supervision and maintenance of specific properties. The General Partner has no employees .
The Partnership, the Subsidiary Partnerships, and the Investment Properties currently contract with the Hamilton Company for 58 individuals at the Properties (as defined below) and 11 individuals at the Joint Ventures who are primarily involved in the supervision and maintenance of specific properties. The General Partner has no employees .
The Repurchase Program requires the Partnership to repurchase a proportionate number of Class B Units and General Partner Units in connection with any repurchases of any Depositary Receipts by the Partnership based upon the 80%, 19% and 1% fixed distribution percentages of the holders of the Class A, Class B and General Partner Units under the Partnership Agreement.
The Repurchase Plan requires the Partnership to repurchase a proportionate number of Class B Units and General Partner Units in connection with any repurchases of any Depositary Receipts by the Partnership based upon the 80%, 19% and 1% fixed distribution percentages of the holders of the Class A, Class B and General Partner Units under the Partnership Agreement.
The Apartment Complexes, Investment Properties, Condominium Units and Commercial Properties are referred to collectively as the “Properties.” The Brown family entities, which include JPB Real Estate LLC and Maisie Brown LLC, entities controlled by Jameson Brown and Harley Brown respectively, and, in certain cases, Ronald Brown, and officers and employees of the Hamilton Company own or have owned interests in certain of the Properties, Subsidiary Partnerships and Joint Ventures.
The Apartment Complexes, Investment Properties, Condominium Units and Commercial Properties are referred to collectively as the “Properties.” The Brown family entities, including JPB Real Estate LLC and Maisie Brown LLC, entities controlled by Jameson Brown and Harley Brown respectively, and, in certain cases, Ronald Brown, and officers, employees and former employees of The Hamilton Company own or have owned interests in certain of the Properties, Subsidiary Partnerships and Joint Ventures.
The General Partner is not limited in the number or amount of mortgages which may be placed on any Property, nor is there a policy limiting the percentage of Partnership assets which may be invested in any specific Property. ​ Unit Distributions In March 2024, the Partnership approved a quarterly distribution of $12.00 per Unit ($0.40 per Receipt), payable on March 28, 2024.
The General Partner is not limited in the number or amount of mortgages which may be placed on any Property, nor is there a policy limiting the percentage of Partnership assets which may be invested in any specific Property. ​ Unit Distributions In March 2025, the Partnership approved a quarterly distribution of $12.00 per Unit ($0.40 per Receipt), payable on March 31, 2025.
As of February 1, 2024, the Subsidiary Partnerships also owned two commercial shopping centers in Framingham, Massachusetts, one commercial building in Newton, Massachusetts, one commercial building in Brookline, Massachusetts and commercial space in mixed-use buildings in Boston, Brockton and Newton, Massachusetts, totaling approximately 130,000 square feet of commercial space.
As of February 1, 2025, the Subsidiary Partnerships also owned two commercial shopping centers in Framingham, Massachusetts, one commercial building in Newton, Massachusetts, one commercial building in Brookline, Massachusetts and commercial space in mixed-use buildings in Boston, Brockton and Newton, Massachusetts, totaling approximately 131,000 square feet of commercial space.
In addition to the quarterly distribution, there will be a special distribution of $48.00 per Class A unit ($1.60 per Receipt). In 2023 the Partnership paid an aggregate distribution of $84.00 Unit ($2.80 per Receipt) for a total payment of $9,954,888 in 2023.
In 2023, the Partnership paid a total distribution of an aggregate $84.00 Unit ($2.80 per Receipt), for a total payment of $9,954,888.
The Partnership used the proceeds to pay down approximately $37,065,000 of existing debt secured by four properties, along with approximately $854,000 in prepayment penalties. The remaining balance of approximately $42,384,000 will be used for general partnership purposes.
The Facility Amendment included an additional advance in the amount of $80,284,000 at a fixed interest rate of 4.33%. The Partnership used the proceeds to pay down approximately $37,065,000 of existing debt secured by four properties, along with approximately $854,000 in prepayment penalties. The remaining balance of approximately $42,384,000 will be used for general partnership purposes.
From August 20, 2007 through December 31, 2023, the Partnership has repurchased 1,532,234 Depositary Receipts at an average price of $31.72 per receipt (or $951.52 per underlying Class A Unit), 4,394 Class B Units and 231 General Partnership Units, both at an average price of $1,259.00 per Unit, totaling approximately $54,421,000, inclusive of brokerage fees paid by the Partnership.
From August 20, 2007 through December 31, 2024, the Partnership has repurchased 1,550,358 Depositary Receipts at an average price of $31.82 per receipt (or $954.60 per underlying Class A Unit), 4,537 Class B Units and 239 General Partnership Units, both at an average price of $1,289.00 per Unit, totaling approximately $56,090,000, inclusive of brokerage fees paid by the Partnership.
Property Transactions On November 30, 2021, the Partnership entered into a Master Credit Facility Agreement (the “Facility Agreement”) with KeyBank National Association (“KeyBank”), dated as of November 30, 2021, with an initial advance in the amount of $156,000,000. Interest only on the debt at a fixed interest rate of 2.97% is payable on a monthly basis through December 31, 2031.
Property Transactions On November 30, 2021, the Partnership entered into a Master Credit Facility Agreement (the “Facility Agreement”) with KeyBank National Association (“KeyBank”), dated as of November 30, 2021, with an initial advance 5 Table of Contents in the amount of $156,000,000.
The Partnership used the proceeds from the Facility Amendment to pay down approximately $65,300,000 of existing debt secured by 11 properties, along with approximately $2,700,000 in prepayment penalties.
The Partnership used the proceeds from the Facility Amendment to pay down approximately $65,300,000 of existing debt secured by 11 properties, along with approximately $2,700,000 in prepayment penalties. The remaining balance of approximately $89,000,000 was used for general partnership purposes. On June 16, 2022, the Partnership entered into an amendment to the Facility Agreement (the “Facility Amendment”).
The term of the line was for three years with a floating interest rate equal to a base rate of the greater of (a) the Prime Rate (b) the Federal Funds Rate plus one-half of one percent per annum, or (c) the LIBOR Rate for a period of one month plus 1% per annum, plus the applicable margin of 2.5%.
The term of the line is for three years with a floating interest rate equal to a base rate of the SOFR Rate for a period of one month plus the applicable margin of 2.5%.
Any shareholder may obtain copies of these documents, free of charge, by sending a request in writing to: Director of Investor Relations, New England Realty Associates Limited Partnership, 39 Brighton Avenue, Allston, MA 02134. 7 Table of Contents
These forms are made available as soon as reasonably practical after the Partnership electronically files or furnishes such materials to the Securities and Exchange Commission. Any shareholder may obtain copies of these documents, free of charge, by sending a request in writing to: Director of Investor Relations, New England Realty Associates Limited Partnership, 39 Brighton Avenue, Allston, MA 02134.
The Partnership’s obligations under the Facility Agreement are secured by mortgages on certain properties pursuant to certain Mortgage, Assignment of Leases and Rents, and Security Agreement and Fixture Filings (“Mortgages”). See schedule in Note 5, Mortgage Notes Payable, for the details of the transaction as it relates to the specific properties.
Interest only on the debt at a fixed interest rate of 2.97% is payable on a monthly basis through December 31, 2031. The Partnership’s obligations under the Facility Agreement are secured by mortgages on certain properties pursuant to certain Mortgage, Assignment of Leases and Rents, and Security Agreement and Fixture Filings (“Mortgages”).
These amounts are being amortized over 12 and 36 months respectively. ​ During 2023, the Partnership and its Subsidiary Partnerships completed improvements to certain of the Properties at a total cost of approximately $9,289,000. These improvements were funded from cash reserves and, to some extent, escrow accounts established in connection with the financing or refinancing of the applicable Properties.
These amounts are being amortized over 12 and 36 months respectively. ​ 6 Table of Contents During 2024, the Partnership and its Subsidiary Partnerships completed improvements to certain of the Properties at a total cost of approximately $25,254,000, which includes approximately $15,231,000 for the Mill Street Development.
Advisory Committee As of December 31, 2023, the Advisory Committee members were Robert Nahigian and David Ross, limited partners of the Partnership. These Advisory Committee members are not affiliated with the General Partner.
These Advisory Committee members are not affiliated with the General Partner.
These sources have been adequate to fully fund improvements. The most significant improvements were made at 1144 Commonwealth, Hamilton Oaks, School Street, Redwood Hills, Westgate Apartments, and Hamilton Green, at a cost of $1,982,000, $1,687,000, $701,000, $468,000, $431,000, and $421,000 respectively. The Partnership plans to invest approximately $22,284,000 in capital improvements in 2024.
The most significant improvements were made at Executive Apartments,1144 Commonwealth, Captain Parker, River Drive Apartments, Redwood Hills, and Hamilton Oaks, at a cost of $1,582,000, $1,061,000, $886,000, $880,000, $872,000, and $782,000, respectively. The Partnership plans to invest approximately $30,837,000 in capital improvements for all properties in 2025.
This amount includes approximately $10,067,000 toward the development of a 72 unit apartment complex at Mill Street Development. ​ ​ 6 Table of Contents Line of Credit On July 31, 2014, the Partnership entered into an agreement for a $25,000,000 revolving line of credit.
In connection with the Mill Street development project, the Partnership has entered into a contract with a general contractor with a current contract value of approximately $30 million. ​ ​ ​ 7 Table of Contents Line of Credit On November 21, 2024, the Partnership entered into an agreement for a new $25,000,000 revolving line of credit.
In 2022 the Partnership paid a total distribution of an aggregate $76.80 Unit ($2.56 per Receipt), for a total payment of $9,267,981.
In addition to the quarterly distribution, there will be a special distribution of $96.00 per Class A unit ($3.20 per Receipt). In 2024 the Partnership paid an aggregate distribution of $48.00 per Unit ($1.60 per Receipt) for a total payment of $11,244,559 in 2024.
Removed
Repurchases of Depositary Receipts or Units pursuant to the Repurchase Program may be made by the Partnership from time to time in its sole discretion in open market transactions or in privately negotiated transactions.
Added
On March 12, 2025, the General Partner authorized the President and Treasurer to cause the Partnership to repurchase, on the open market or otherwise, including through individually negotiated purchases and through a written trading plan that complies with the requirements of Rule 10b5-1, Depositary Receipts and Partnership Units such that (i) the aggregate cost of Depositary Receipts and Partnership Units repurchased shall not exceed the lesser of $5 million or 10% of the Partnership’s balance of cash and investment in treasury bills, (ii) no Depositary Receipts or Partnership Units shall be repurchased after the date that is 12 months after the effective date of the plan, and (iii) no Depositary Receipts or Partnership Units shall be repurchased in excess of $95 per Depository Receipt ( the “Repurchase Plan”).
Removed
The remaining balance of approximately $89,000,000 will be used for general partnership purposes. 5 Table of Contents On June 16, 2022, the Partnership entered into an amendment to the Facility Agreement (the “Facility Amendment”). The Facility Amendment included an additional advance in the amount of $80,284,000 at a fixed interest rate of 4.33%.
Added
This repurchase authorization replaces the Partnership’s previous repurchase program. The Repurchase Plan shall be made in accordance with the terms of Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and shall be made in accordance with all applicable laws and regulations in effect from time to time.
Removed
The agreement originally expired on July 31, 2017, and was extended until October 31, 2020. The costs associated with the line of credit extension were approximately $128,000. Prior to the line’s expiration in 2020, the Partnership exercised its option for a one-year extension until October 31, 2021.
Added
These improvements were funded from cash reserves and, to some extent, escrow accounts established in connection with the financing or refinancing of the applicable Properties. These sources have been adequate to fully fund improvements.
Removed
The Partnership paid an extension fee of approximately $37,500 in association with the extension. On October 29, 2021, the Partnership closed on the modification of its existing line of credit. The agreement extended the credit line until October 29, 2024. The commitment amount was for $25 million but is restricted to $17 million during the modification period.
Added
This amount includes approximately $14,769,000 toward the development of a 72 unit apartment complex at Mill Street Development. As of December 31, 2024, the Partnership has one property under construction located at 57 Mill Street in Woburn, MA.
Removed
The modification period covers the current period and phased out on December 31, 2022.
Added
The project includes 72 residential units comprising approximately 93,000 square feet and is estimated to be completed during the fourth quarter of 2025. Total investment to date is approximately $15.2 million, and the total investment upon completion is anticipated to be approximately $30 million.
Removed
During this period, the loan covenants were modified from a minimum consolidated debt service ratio of 1.60 to a ratio of 1.35 until September 30, 2022; from a minimum tangible net worth requirement of $200 million to a net worth of $175 million until September 30, 2022; from a maximum consolidated leverage ratio of 65% to a ratio of 70% until September 30, 2022 and from a minimum debt yield of 9.5% to a yield of 8.5% until September 30, 2022 and a yield of 9.0% until December 31, 2022.
Added
The partnership is using cash reserves to fund this construction but will finance a portion of construction costs upon completion of the project.
Removed
Once the financial performance of the Partnership meets the original covenant tests for the trailing 12-month period, the commitment amount will return to $25 million. The portfolio’s debt yield fell below the minimum of 9.0% to 8.6%. Consequently, as of December 31, 2023, the Partnership did not comply with the debt yield financial covenant.
Added
The loan covenants include a leverage ratio not to exceed 65%, a debt service coverage ratio of not less than 1.5 to 1.0, maximum usage of 1.5 times trailing 12 months EBITDA, minimum liquidity of $15 million, and a debt yield of at least 8.5%. The Partnership incurred a commitment fee of $125,000.
Removed
As such, the Partnership is restricted to draw down any amount from the line of credit until the Partnership meets the required financial covenants. The Partnership is currently in discussions with a lender for a replacement line of credit. See Note 19, Subsequent Events, for additional information.
Added
The Partnership will be charged annually an unused line fee, equal to seventy-five basis points (0.75%) between the difference of the maximum availability and the outstanding principal of the line of credit. This fee will be waived for any period in which the Partnership maintains aggregate deposits of $20,000,000 with the Lender.
Removed
On April 14, 2023, the partnership amended the line of credit to convert its base rate of interest from LIBOR to the Secured Overnight Financing Rate (SOFR) plus 10 basis points. The line of credit may be used for acquisition, refinancing, improvements, working capital and other needs of the Partnership.
Added
As of December 31, 2024, the Partnership was in compliance with the financial covenants and did not incur an unused line fee. The line of credit may be used for acquisitions, refinancing, improvements, working capital and other needs of the Partnership. The line may not be used to pay dividends, make distributions or acquire equity interests of the Partnership.
Removed
These forms are made available as soon as reasonably practical after the Partnership electronically files or furnishes such materials to the Securities and Exchange Commission.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

17 edited+3 added−7 removed39 unchanged
Biggest changeConsequently, our Depositary Receipts may trade at prices that are higher or lower than our net asset value per Depositary Receipt. 11 Table of Contents We face possible risks associated with the physical effects of climate change. We cannot predict with certainty whether climate change is occurring and, if so at what rate.
Biggest changeWe face possible risks associated with the physical effects of climate change . We cannot predict with certainty whether climate change is occurring and, if so at what rate. However, the physical effects of climate change could have a material effect on our properties, operations, and business.
Our financial condition, the value of our properties and our ability to make distributions to our shareholders will be dependent upon our ability to operate our properties in a manner sufficient to generate income in excess of operating expenses and debt service charges, which may be affected by the following risks, some of which are discussed in more detail below: ● changes in the economic climate in the markets in which we own and manage properties, including interest rates, the overall level of economic activity, the availability of consumer credit and mortgage financing, unemployment rates and other factors; ● a lessening of demand for the multifamily and commercial units that we own; ● competition from other available multifamily residential and commercial units and changes in market rental rates; ● development by competitors of competing multi-family communities; ● increases in property and liability insurance costs; ● changes in real estate taxes and other operating expenses (e.g., cleaning, utilities, repair and maintenance costs, insurance and administrative costs, security, landscaping, pest control, staffing, snow removal and other general costs); ● changes in laws and regulations affecting properties (including tax, environmental, zoning and building codes, and housing laws and regulations); ● weather and other conditions that might adversely affect operating expenses; ● expenditures that cannot be anticipated, such as utility rate and usage increases, unanticipated repairs and real estate tax valuation reassessments or mileage rate increases; ● our inability to control operating expenses or achieve increases in revenues; ● the results of litigation filed or to be filed against us; ● risks related to our joint ventures; ● risks of personal injury claims and property damage related to mold claims because of diminished insurance coverage; ● catastrophic property damage losses that are not covered by our insurance; ● risks associated with property acquisitions such as environmental liabilities, among others; 8 Table of Contents ● changes in market conditions that may limit or prevent us from acquiring or selling properties; and ● the perception of tenants and prospective tenants as to the attractiveness, convenience and safety of our properties or the neighborhoods in which they are located.
Our financial condition, the value of our properties and our ability to make distributions to our shareholders will be dependent upon our ability to operate our properties in a manner sufficient to generate income in excess of operating expenses and debt service charges, which may be affected by the following risks, some of which are discussed in more detail below: ● changes in the economic climate in the markets in which we own and manage properties, including interest rates, the overall level of economic activity, the availability of consumer credit and mortgage financing, unemployment rates and other factors; ● a lessening of demand for the multifamily and commercial units that we own; ● competition from other available multifamily residential and commercial units and changes in market rental rates; ● development by competitors of competing multi-family communities; ● increases in property and liability insurance costs; ● changes in real estate taxes and other operating expenses (e.g., cleaning, utilities, repair and maintenance costs, insurance and administrative costs, security, landscaping, pest control, staffing, snow removal and other general costs); ● changes in laws and regulations affecting properties (including tax, environmental, zoning and building codes, and housing laws and regulations); ● weather and other conditions that might adversely affect operating expenses; ● expenditures that cannot be anticipated, such as utility rate and usage increases, unanticipated repairs and real estate tax valuation reassessments or mileage rate increases; ● our inability to control operating expenses or achieve increases in revenues; ● the results of litigation filed or to be filed against us; ● risks related to our joint ventures; ● risks of personal injury claims and property damage related to mold claims because of diminished insurance coverage; ● catastrophic property damage losses that are not covered by our insurance; ● risks associated with property acquisitions such as environmental liabilities, among others; ● changes in market conditions that may limit or prevent us from acquiring or selling properties; and ● the perception of tenants and prospective tenants as to the attractiveness, convenience and safety of our properties or the neighborhoods in which they are located. 9 Table of Contents We are dependent on rental income from our multifamily apartment complexes and commercial properties.
Like many real estate operators, we may be involved in lawsuits involving premises liability claims, housing discrimination claims and alleged violations of landlord-tenant laws, which may give rise to class action litigation or governmental investigations. Any material litigation not covered by insurance, such as a class action, could result in substantial costs being incurred.
Litigation may result in unfavorable outcomes. Like many real estate operators, we may be involved in lawsuits involving premises liability claims, housing discrimination claims and alleged violations of landlord-tenant laws, which may give rise to class action litigation or governmental investigations. Any material litigation not covered by insurance, such as a class action, could result in substantial costs being incurred.
If we do not have control over a joint venture, the value of our investment may be affected adversely by a third party that may have different goals and capabilities than ours. We are subject to risks associated with development, acquisition and expansion of multifamily apartment complexes and commercial properties.
If we do not have control over a joint venture, the value of our investment may be affected adversely by a third party that may have different goals and capabilities than ours. 11 Table of Contents We are subject to risks associated with development, acquisition and expansion of multifamily apartment complexes and commercial properties.
While the bankruptcy or insolvency of our co-venturer generally should not disrupt the operations of the joint venture, we could be forced to purchase the co-venturer’s interest in the joint venture or the interest could be sold to a third party. We also may guarantee the 10 Table of Contents indebtedness of our joint ventures.
While the bankruptcy or insolvency of our co-venturer generally should not disrupt the operations of the joint venture, we could be forced to purchase the co-venturer’s interest in the joint venture or the interest could be sold to a third party. We also may guarantee the indebtedness of our joint ventures.
We are subject to risks inherent in the ownership of real estate. We own and manage multifamily apartment complexes and commercial properties that are subject to varying degrees of risk generally incident to the ownership of real estate.
We own and manage multifamily apartment complexes and commercial properties that are subject to varying degrees of risk generally incident to the ownership of real estate.
We and our management company compete with various other companies in attracting and retaining qualified and skilled personnel who are responsible for the day- to-day operations of our properties. Competitive pressures may require that we enhance our pay and benefits package to compete effectively for such personnel.
Competition for skilled personnel could increase our labor costs . We and our management company compete with various other companies in attracting and retaining qualified and skilled personnel who are responsible for the day- to-day operations of our properties. Competitive pressures may require that we enhance our pay and benefits package to compete effectively for such personnel.
We are subject to control by our directors and officers. The directors and executive officers of the General Partner and members of their families and related entities owned approximately 38% of our Depositary Receipts as of December 31, 2023. Additionally, management decisions rest with our General Partner without limited partner approval. Competition for skilled personnel could increase our labor costs.
We are subject to control by our directors and officers. The directors and executive officers of the General Partner and members of their families and related entities owned approximately 35% of our Depositary Receipts as of December 31, 2024. Additionally, management decisions rest with our General Partner without limited partner approval.
All of these risks could adversely affect our business, financial condition, results of operations and cash flows. Our ability to pay distributions on, and the market price of, our equity securities may be adversely affected if any of such risks are realized. All investors should consider the following risk factors before deciding to purchase or sell securities of the Partnership.
All of these risks could adversely affect our business, financial condition, results of operations and cash flows. Our ability to pay distributions on, and the market price of, our equity securities may be adversely affected if any of such risks are realized.
As a result, our financial condition, results of operations, and cash flows, as well as our ability to pay dividends, could be adversely affected over time. ​ 12 Table of Contents
As a result, our financial condition, results of operations, and cash flows, as well as our ability to pay dividends, could be adversely affected over time. ​ Development project costs that exceed estimates.
If we are unable to make required payments on indebtedness that is secured by a mortgage, the Partnership will either invest additional money in the property or the property securing the mortgage may be foreclosed with a consequent loss of income and value to us. 9 Table of Contents We are obligated to comply with financial covenants in our indebtedness that could restrict our range of operating activities.
If we are unable to make required payments on indebtedness that is secured by a mortgage, the Partnership will either pay down the underlying debt on the property or the property securing the mortgage may be foreclosed with a consequent loss of income and value to us.
The market value of our Depositary Receipts is based primarily upon the market’s perception of our growth potential and our current and potential future earnings and cash distributions.
The market value of our Depositary Receipts is based primarily upon the market’s perception of our growth potential and our current and potential future earnings and cash distributions. Consequently, our Depositary Receipts may trade at prices that are higher or lower than our net asset value per Depositary Receipt.
Real estate investments generally cannot be sold quickly, and our ability to sell properties may be affected by market conditions. We may not be able to diversify or vary our portfolio promptly in accordance with our strategies or in response to economic or other conditions. Our access to public debt markets is limited.
We may not be able to diversify or vary our portfolio promptly in accordance with our strategies or in response to economic or other conditions. Our access to public debt markets is limited. Substantially all of our debt financings are secured by mortgages on our properties because of our limited access to public debt markets.
Defaults under our debt agreements could materially and adversely affect our financial condition and results of operations. 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.
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 . Real estate investments generally cannot be sold quickly, and our ability to sell properties may be affected by market conditions.
Over time, these conditions could result in declining demand for our buildings or the inability of us to operate the buildings at all.
To the extent climate change causes changes in 12 Table of Contents weather patterns, our markets could experience increases in storm intensity and rising sea levels. Over time, these conditions could result in declining demand for our buildings or the inability of us to operate the buildings at all.
We are dependent on rental income from our multifamily apartment complexes and commercial properties. If we are unable to attract and retain tenants or if our tenants are unable to pay their rental obligations, our financial condition and funds available for distribution to our shareholders will be adversely affected.
If we are unable to attract and retain tenants or if our tenants are unable to pay their rental obligations, our financial condition and funds available for distribution to our shareholders will be adversely affected. Security breaches and other disruptions could compromise our information and expose us to liability, which would cause our business and reputation to suffer.
The mortgages on our properties contain customary negative covenants, including limitations on our ability, without prior consent of the lender and other items. Failure to comply with these covenants could cause a default under the agreements and, in certain circumstances; our lenders may be entitled to accelerate our debt obligations.
Failure to comply with these covenants could cause a default under the agreements and, in certain circumstances; our lenders may be entitled to accelerate our debt 10 Table of Contents obligations. Defaults under our debt agreements could materially and adversely affect our financial condition and results of operations.
Removed
S ecurity breaches and other disruptions could compromise our information and expose us to liability, which would cause our business and reputation to suffer .
Added
All investors should consider the following risk factors before deciding to purchase or sell securities of the Partnership. 8 Table of Contents We are subject to risks inherent in the ownership of real estate .
Removed
Substantially all of our debt financings are secured by mortgages on our properties because of our limited access to public debt markets. Litigation may result in unfavorable outcomes.
Added
We are obligated to comply with financial covenants in our indebtedness that could restrict our range of operating activities. The mortgages on our properties contain customary negative covenants, including limitations on our ability, without prior consent of the lender and other items.
Removed
However, the physical effects of climate change could have a material effect on our properties, operations, and business. To the extent climate change causes changes in weather patterns, our markets could experience increases in storm intensity and rising sea levels.
Added
We may incur construction costs at the Mill Street development project that exceed our original estimates or experience competition delays due to increased material, labor, or other costs, or supply chain disruptions that could reduce the project’s profitability. ​ ​
Removed
Revenue associated with residential properties may be limited in the future if current rent restriction proposals are adopted by the City of Boston.
Removed
On February 13, 2023, Boston Mayor Michelle Wu submitted a home rule petition to the Boston City Council that would allow the City to limit how much landlords can increase rent on returning tenants each year to the lower of 10% or the Consumer Price Index for the Boston metropolitan area plus six percentage points.
Removed
The petition, as currently stated, would apply to any properties with six or more units. The petition needs to be approved by both local and state policymakers in order to be enacted. The Boston City Council approved the submission of the petition to the state legislature on March 8, 2023.
Removed
If such petition were to be passed by state legislatures, our financial condition, results of operations, and cash flows, as well as our ability to pay dividends, could be adversely affected over time.

Item 2. Properties

Properties — owned and leased real estate

31 edited+4 added−5 removed20 unchanged
Biggest changeApartment Complexes The table below lists the location of the 2,943 Apartment Units, the number and type of units in each complex, the range of rents and vacancies as of February 1, 2024, the principal amount outstanding under any mortgages as of December 31, 2023, the fixed interest rates applicable to such mortgages, and the maturity dates of such mortgages. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Interest Rate ​ Maturity ​ ​ ​ Number and Type ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Date of ​ Apartment Complex ​ of Units ​ Rent Range ​ Vacancies ​ December 31, 2023 (1) Mortgage Boylston Downtown L.P. 268 units ​ ​ ​ ​ ​ 4 ​ $ 34,092,579 ​ 2028 ​ 62 Boylston Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 3.97 % ​ ​ Boston, MA 0 two bedroom ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ 53 one bedroom ​ $ 2,625 – 3,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ 215 studios ​ $ 2,075 – 2,625 ​ ​ ​ ​ ​ ​ ​ ​ Brookside Associates, LLC 44 units ​ ​ ​ ​ ​ 3 ​ $ 6,175,000 ​ 2035 ​ 5–7–10–12 Totman Road 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 3.53 % ​ ​ Woburn, MA 34 two bedroom ​ $ 1,850 – 2,125 ​ ​ ​ ​ ​ ​ ​ ​ ​ 10 one bedroom ​ $ 1,700 – 2,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Clovelly Apartments L.P. 103 units ​ ​ ​ ​ ​ — ​ $ 11,214,000 ​ 2031 ​ 160–170 Concord Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ Nashua, NH 53 two bedroom ​ $ 1,575 – 2,050 ​ ​ ​ ​ ​ ​ ​ ​ ​ 50 one bedroom ​ $ 1,550 – 1,800 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Commonwealth 1137 L.P. 35 units ​ ​ ​ ​ ​ — ​ $ 5,440,000 ​ 2031 ​ 1131–1137 Commonwealth Ave. 29 three bedroom ​ $ 3,375 – 4,400 ​ ​ ​ 2.97 % ​ ​ Allston, MA 4 two bedroom ​ $ 2,500 – 3,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 one bedroom ​ $ 1,450 – 1,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 studio ​ $ 1,725 – 1,725 ​ ​ ​ ​ ​ ​ ​ ​ Commonwealth 1144 L.P. 261 units ​ ​ ​ ​ ​ 1 ​ $ 32,325,000 ​ 2031 ​ 1144–1160 Commonwealth Ave. 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ Allston, MA 11 two bedroom ​ $ 2,125 – 2,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ 109 one bedroom ​ $ 1,890 – 2,550 ​ ​ ​ ​ ​ ​ ​ ​ ​ 141 studios ​ $ 1,825 – 2,300 ​ ​ ​ ​ ​ ​ ​ ​ Nera Dean Street Associates, LLC 69 units ​ ​ ​ ​ ​ 5 ​ $ 10,322,000 ​ 2032 ​ 38–48 Dean Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 4.33 % ​ ​ Norwood, MA 66 two bedroom ​ $ 1,800 – 2,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 one bedroom ​ $ 1,800 – 1,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Executive Apartments L.P. 72 units ​ ​ ​ ​ ​ — ​ $ 8,190,000 ​ 2031 ​ 545–561 Worcester Road 1 three bedroom ​ $ 2,450 – 2,450 ​ ​ ​ 2.97 % ​ ​ Framingham, MA 47 two bedroom ​ $ 1,885 – 2,095 ​ ​ ​ ​ ​ ​ ​ ​ ​ 23 one bedroom ​ $ 1,600 – 1,855 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 studio ​ $ 1,625 – 1,625 ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Battle Green LLC 48 units ​ ​ ​ ​ ​ 1 ​ $ 3,766,660 ​ 2026 ​ 34–42 Worthen Road 0 three bedroom ​ ​ ​ ​ N/A ​ ​ ​ 4.95 % ​ ​ Lexington, MA 24 two bedroom ​ $ 2,650 – 3,100 ​ ​ ​ ​ ​ ​ ​ ​ ​ 24 one bedroom ​ $ 2,175 – 2,480 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Green Apartments LLC 193 units ​ ​ ​ ​ ​ 1 ​ $ 32,190,519 ​ 2028 ​ 311–319 Lowell Street 10 three bedroom ​ $ 3,100 – 3,750 ​ ​ ​ 4.67 % ​ ​ Andover, MA 168 two bedroom ​ $ 2,325 – 2,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ 15 one bedroom ​ $ 2,150 – 2,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ $ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Highlands ​ 79 units ​ ​ ​ ​ ​ ​ — ​ $ 19,437,587 ​ 2026 ​ 755-757 Highland Avenue ​ 0 three bedroom ​ $ ​ – N/A ​ ​ ​ ​ 3.76 % ​ ​ Needham,Ma. ​ 76 two bedroom ​ $ 2,400 – 2,950 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2 one bedroom ​ $ 1,925 – 2,085 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 studio ​ $ 2,100 – 2,100 ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Oaks Associates, LLC 268 units ​ ​ ​ ​ ​ 2 ​ $ 26,666,000 ​ 2031 ​ 30–50 Oak Street Extension 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ 40–60 Reservoir Street 96 two bedroom ​ $ 1,750 – 2,100 ​ ​ ​ ​ ​ ​ ​ ​ Brockton, MA 159 one bedroom ​ $ 1,450 – 1,800 ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 studios ​ $ 1,350 – 1,550 ​ ​ ​ ​ ​ ​ ​ ​ Highland Street Apartments L.P. 36 units ​ ​ ​ ​ ​ — ​ $ 3,960,000 ​ 2031 ​ 38–40 Highland Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ Lowell, MA 24 two bedroom ​ $ 1,500 – 1,725 ​ ​ ​ ​ ​ ​ ​ ​ ​ 10 one bedroom ​ $ 1,500 – 1,625 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2 studios ​ $ 1,325 – 1,425 ​ ​ ​ ​ ​ ​ ​ ​ ​ 14 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Interest Rate ​ Maturity ​ ​ Number and Type ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Date of Apartment Complex ​ of Units ​ Rent Range ​ Vacancies ​ December 31, 2023 (1) Mortgage Linhart L.P. 9 units ​ ​ ​ ​ ​ — ​ $ ​ ​ ​ ​ 4–34 Lincoln Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ — % ​ ​ Newton, MA 0 two bedroom ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ 5 one bedroom ​ $ 1,750 – 2,050 ​ ​ ​ ​ ​ ​ ​ ​ ​ 4 studios ​ $ 1,575 – 2,025 ​ ​ ​ ​ ​ ​ ​ ​ Mill Street Development (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ — % ​ ​ 57 Mill Street ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Woburn,MA. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mill Street Gardens, LLC ​ 181 units ​ ​ ​ ​ ​ ​ 2 ​ $ 31,000,000 ​ 2035 ​ 57 Mill Street ​ 0 three bedroom ​ ​ ​ N/A ​ ​ ​ ​ 3.59 % ​ ​ Woburn,MA. ​ 116 two bedroom ​ $ 1,950 ​ 2,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 62 one bedroom ​ $ 1,700 – 2,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 studios ​ $ 1,575 – 1,625 ​ ​ ​ ​ ​ ​ ​ ​ North Beacon 140 L.P. 65 units ​ ​ ​ ​ ​ 2 ​ $ 12,683,000 ​ 2031 ​ 140–154 North Beacon Street 10 three bedroom ​ $ 3,550 – 3,900 ​ ​ ​ 2.97 % ​ ​ Brighton, MA 54 two bedroom ​ $ 2,650 – 3,400 ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 one bedroom ​ $ 2,375 – 2,375 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Olde English Apartments L.P. 84 units ​ ​ ​ ​ ​ — ​ $ 9,608,000 ​ 2031 ​ 703–718 Chelmsford Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ Lowell, MA 47 two bedroom ​ $ 1,700 – 1,850 ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 one bedroom ​ $ 1,650 – 1,750 ​ ​ ​ ​ ​ ​ ​ ​ ​ 7 studios ​ $ 1,475 – 1,750 ​ ​ ​ ​ ​ ​ ​ ​ Redwood Hills L.P. 180 units ​ ​ ​ ​ ​ 1 ​ $ 17,105,000 ​ 2031 ​ 376-382 Sunderland road 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ Worcester, MA 89 two bedroom ​ $ 1,675 – 2,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ 91 one bedroom ​ $ 1,450 – 1,800 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Residences at Captain Parkers LLC ​ 94 units ​ ​ ​ ​ ​ 1 ​ $ 20,750,000 ​ 2029 ​ 125 Worthen Road and Ryder Lane ​ 8 three bedroom ​ $ 3,600 – 4,100 ​ ​ ​ 4.05 % ​ ​ Lexington, MA ​ 48 two bedroom ​ $ 2,650 – 3,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 38 one bedroom ​ $ 2,250 – 2,750 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ River Drive L.P. 72 units ​ ​ ​ ​ ​ 1 ​ $ 9,543,000 ​ 2031 ​ 3–17 River Drive 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ Danvers, MA 60 two bedroom ​ $ 1,875 – 2,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ 5 one bedroom ​ $ 1,700 – 1,850 ​ ​ ​ ​ ​ ​ ​ ​ ​ 7 studios ​ $ 1,650 – 1,750 ​ ​ ​ ​ ​ ​ ​ ​ School Street 9, LLC 184 units ​ ​ ​ ​ ​ — ​ $ 26,993,000 ​ 2032 ​ 9 School Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 4.33 % ​ ​ Framingham, MA 96 two bedroom ​ $ 1,975 – 2,200 ​ ​ ​ ​ ​ ​ ​ ​ ​ 88 one bedroom ​ $ 1,600 – 1,875 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shawmut Place LLC 52 units ​ ​ ​ ​ ​ 1 ​ $ — ​ ​ ​ 105-117 West Concord St, 473-477 Shawmut Ave, ​ 12 four bedroom ​ $ 3525 – 5200 ​ ​ ​ ​ ​ ​ ​ ​ and 26-30 Rutland St ​ 4 three bedroom ​ $ 3100 – 4500 ​ ​ ​ ​ ​ ​ ​ Boston, MA ​ 13 two bedroom ​ $ 2400 – 4000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 23 one bedroom ​ $ 1950 – 3000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ WCB Associates, LLC 180 units ​ ​ ​ ​ ​ 1 ​ $ 19,266,000 ​ 2031 ​ 10–70 Westland Street 0 three bedroom ​ $ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ 985–997 Pleasant Street 96 two bedroom ​ $ 1,715 – 2,000 ​ ​ ​ ​ ​ ​ ​ ​ Brockton, MA 84 one bedroom ​ $ 1,345 – 1,690 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Westgate Apartments, LLC 220 units ​ ​ ​ ​ ​ 2 ​ $ 38,475,000 ​ 2032 ​ 2–20 Westgate Drive 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 4 % ​ ​ Woburn, MA 110 two bedroom ​ $ 1950 – 2150 ​ ​ ​ ​ ​ ​ ​ ​ ​ 110 one bedroom ​ $ 1750 – 2225 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Westgate Apartments Burlington, LLC 20 units ​ ​ ​ ​ ​ — ​ $ 4,494,000 ​ 2032 ​ 105–107 Westgate Drive 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 4.33 % ​ ​ Burlington, MA 12 two bedroom ​ $ 2,175 – 2,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ 8 one bedroom ​ $ 1,950 – 2,050 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Woodland Park Partners, LLC 126 units ​ ​ ​ ​ ​ — ​ $ 21,788,650 ​ 2027 ​ 264-290 Grove Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 4 % ​ ​ Newton, MA 80 two bedroom ​ $ 1900 – 2700 ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 one bedroom ​ $ 1900 – 2300 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 16 studios ​ $ 1600 – 2000 ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The mortgage balance is stated before unamortized deferred financing costs. 15 Table of Contents (2) Mill Street Development, LLC, was held for development.
Biggest changeApartment Complexes The table below lists the location of the 2,943 Apartment Units, the number and type of units in each complex, the range of rents and vacancies as of February 1, 2025, the principal amount outstanding under any mortgages as of December 31, 2024, the fixed interest rates applicable to such mortgages, and the maturity dates of such mortgages. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Interest Rate ​ Maturity ​ ​ ​ Number and Type ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Date of ​ Apartment Complex ​ of Units ​ Rent Range ​ Vacancies ​ December 31, 2024 (1) Mortgage Boylston Downtown L.P. 268 units ​ ​ ​ ​ ​ 12 ​ $ 33,145,648 ​ 2028 ​ 62 Boylston Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 3.97 % ​ ​ Boston, MA 0 two bedroom ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ 53 one bedroom ​ $ 3,250 – 3,400 ​ ​ ​ ​ ​ ​ ​ ​ ​ 215 studios ​ $ 2,500 – 2,700 ​ ​ ​ ​ ​ ​ ​ ​ Brookside Associates, LLC 44 units ​ ​ ​ ​ ​ 3 ​ $ 6,175,000 ​ 2035 ​ 5–7–10–12 Totman Road 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 3.53 % ​ ​ Woburn, MA 34 two bedroom ​ $ 2,200 – 2,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ 10 one bedroom ​ $ 2,000 – 2,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Clovelly Apartments L.P. 103 units ​ ​ ​ ​ ​ — ​ $ 11,214,000 ​ 2031 ​ 160–170 Concord Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ Nashua, NH 53 two bedroom ​ $ 1,725 – 2,050 ​ ​ ​ ​ ​ ​ ​ ​ ​ 50 one bedroom ​ $ 1,690 – 1,795 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Commonwealth 1137 L.P. 35 units ​ ​ ​ ​ ​ 2 ​ $ 5,440,000 ​ 2031 ​ 1131–1137 Commonwealth Ave. 29 three bedroom ​ $ 2,750 – 4,725 ​ ​ ​ 2.97 % ​ ​ Allston, MA 4 two bedroom ​ $ 2,500 – 3,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 one bedroom ​ $ 2,300 – 2,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 studio ​ $ 1,600 – 1,600 ​ ​ ​ ​ ​ ​ ​ ​ Commonwealth 1144 L.P. 261 units ​ ​ ​ ​ ​ 10 ​ $ 32,325,000 ​ 2031 ​ 1144–1160 Commonwealth Ave. 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ Allston, MA 11 two bedroom ​ $ 2,800 – 2,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ 109 one bedroom ​ $ 1,600 – 2,925 ​ ​ ​ ​ ​ ​ ​ ​ ​ 141 studios ​ $ 1,650 – 2,400 ​ ​ ​ ​ ​ ​ ​ ​ Nera Dean Street Associates, LLC 69 units ​ ​ ​ ​ ​ 2 ​ $ 10,322,000 ​ 2032 ​ 38–48 Dean Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 4.33 % ​ ​ Norwood, MA 66 two bedroom ​ $ 2,400 – 2,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 one bedroom ​ $ 1,975 – 1,975 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Executive Apartments L.P. 72 units ​ ​ ​ ​ ​ 1 ​ $ 8,190,000 ​ 2031 ​ 545–561 Worcester Road 1 three bedroom ​ $ 2,525 – 2,525 ​ ​ ​ 2.97 % ​ ​ Framingham, MA 47 two bedroom ​ $ 2,175 – 2,575 ​ ​ ​ ​ ​ ​ ​ ​ ​ 23 one bedroom ​ $ 1,825 – 2,075 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 studio ​ $ 1,700 – 1,700 ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Battle Green LLC 48 units ​ ​ ​ ​ ​ 2 ​ $ 3,629,770 ​ 2026 ​ 34–42 Worthen Road 0 three bedroom ​ ​ ​ ​ N/A ​ ​ ​ 4.95 % ​ ​ Lexington, MA 24 two bedroom ​ $ 2,650 – 3,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ 24 one bedroom ​ $ 2,250 – 2,650 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Green Apartments LLC 193 units ​ ​ ​ ​ ​ 2 ​ $ 31,336,828 ​ 2028 ​ 311–319 Lowell Street 10 three bedroom ​ $ 3,400 – 4,400 ​ ​ ​ 4.67 % ​ ​ Andover, MA 168 two bedroom ​ $ 2,600 – 2,700 ​ ​ ​ ​ ​ ​ ​ ​ ​ 15 one bedroom ​ $ 2,250 – 2,350 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ $ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Highlands ​ 79 units ​ ​ ​ ​ ​ ​ — ​ $ 18,970,055 ​ 2026 ​ 755-757 Highland Avenue ​ 0 three bedroom ​ $ ​ – N/A ​ ​ ​ ​ 3.76 % ​ ​ Needham,Ma. ​ 76 two bedroom ​ $ 2,850 – 3,400 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2 one bedroom ​ $ 2,450 – 2,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 studio ​ $ 2,400 – 2,400 ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Oaks Associates, LLC 268 units ​ ​ ​ ​ ​ 7 ​ $ 26,666,000 ​ 2031 ​ 30–50 Oak Street Extension 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ 40–60 Reservoir Street 96 two bedroom ​ $ 2,145 – 2,200 ​ ​ ​ ​ ​ ​ ​ ​ Brockton, MA 159 one bedroom ​ $ 1,875 – 1,925 ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 studios ​ $ 1,625 – 1,625 ​ ​ ​ ​ ​ ​ ​ ​ Highland Street Apartments L.P. 36 units ​ ​ ​ ​ ​ — ​ $ 3,960,000 ​ 2031 ​ 38–40 Highland Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ Lowell, MA 24 two bedroom ​ $ 1,675 – 1,725 ​ ​ ​ ​ ​ ​ ​ ​ ​ 10 one bedroom ​ $ 1,500 – 1,550 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2 studios ​ $ 1,425 – 1,425 ​ ​ ​ ​ ​ ​ ​ ​ ​ 15 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Interest Rate ​ Maturity ​ ​ Number and Type ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Date of Apartment Complex ​ of Units ​ Rent Range ​ Vacancies ​ December 31, 2024 (1) Mortgage Linhart L.P. 9 units ​ ​ ​ ​ ​ 1 ​ $ ​ ​ ​ ​ 4–34 Lincoln Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ — % ​ ​ Newton, MA 0 two bedroom ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ 5 one bedroom ​ $ 1,850 – 2,250 ​ ​ ​ ​ ​ ​ ​ ​ ​ 4 studios ​ $ 1,775 – 1,775 ​ ​ ​ ​ ​ ​ ​ ​ Mill Street Development (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ — % ​ ​ 57 Mill Street ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Woburn,MA. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mill Street Gardens, LLC ​ 181 units ​ ​ ​ ​ ​ ​ 3 ​ $ 31,000,000 ​ 2035 ​ 57 Mill Street ​ 0 three bedroom ​ ​ ​ N/A ​ ​ ​ ​ 3.59 % ​ ​ Woburn,MA. ​ 116 two bedroom ​ $ 2,950 ​ 2,950 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 62 one bedroom ​ $ 2,150 – 2,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3 studios ​ $ 1,775 – 1,775 ​ ​ ​ ​ ​ ​ ​ ​ North Beacon 140 L.P. 65 units ​ ​ ​ ​ ​ 4 ​ $ 12,683,000 ​ 2031 ​ 140–154 North Beacon Street 10 three bedroom ​ $ 3,100 – 4,200 ​ ​ ​ 2.97 % ​ ​ Brighton, MA 54 two bedroom ​ $ 3,500 – 3,600 ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 one bedroom ​ $ 2,200 – 2,200 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Olde English Apartments L.P. 84 units ​ ​ ​ ​ ​ — ​ $ 9,608,000 ​ 2031 ​ 703–718 Chelmsford Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ Lowell, MA 47 two bedroom ​ $ 1,750 – 1,800 ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 one bedroom ​ $ 1,650 – 1,750 ​ ​ ​ ​ ​ ​ ​ ​ ​ 7 studios ​ $ 1,525 – 1,525 ​ ​ ​ ​ ​ ​ ​ ​ Redwood Hills L.P. 180 units ​ ​ ​ ​ ​ 3 ​ $ 17,105,000 ​ 2031 ​ 376-382 Sunderland road 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ Worcester, MA 89 two bedroom ​ $ 1,950 – 2,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ 91 one bedroom ​ $ 1,950 – 2,050 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Residences at Captain Parkers LLC ​ 94 units ​ ​ ​ ​ ​ 2 ​ $ 20,750,000 ​ 2029 ​ 125 Worthen Road and Ryder Lane ​ 8 three bedroom ​ $ 3,800 – 5,100 ​ ​ ​ 4.05 % ​ ​ Lexington, MA ​ 48 two bedroom ​ $ 2,850 – 3,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 38 one bedroom ​ $ 2,500 – 2,950 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ River Drive L.P. 72 units ​ ​ ​ ​ ​ 7 ​ $ 9,543,000 ​ 2031 ​ 3–17 River Drive 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ Danvers, MA 60 two bedroom ​ $ 1,950 – 2,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ 5 one bedroom ​ $ 1,950 – 2,050 ​ ​ ​ ​ ​ ​ ​ ​ ​ 7 studios ​ $ 2,000 – 2,150 ​ ​ ​ ​ ​ ​ ​ ​ School Street 9, LLC 184 units ​ ​ ​ ​ ​ 1 ​ $ 26,993,000 ​ 2032 ​ 9 School Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 4.33 % ​ ​ Framingham, MA 96 two bedroom ​ $ 2,675 – 2,725 ​ ​ ​ ​ ​ ​ ​ ​ ​ 88 one bedroom ​ $ 2,175 – 2,200 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shawmut Place LLC 52 units ​ ​ ​ ​ ​ — ​ $ — ​ ​ ​ 105-117 West Concord St, 473-477 Shawmut Ave, ​ 12 four bedroom ​ $ 3865 – 5500 ​ ​ ​ ​ ​ ​ ​ ​ and 26-30 Rutland St ​ 4 three bedroom ​ $ 3235 – 4600 ​ ​ ​ ​ ​ ​ ​ Boston, MA ​ 13 two bedroom ​ $ 4100 – 4225 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 23 one bedroom ​ $ 3195 – 3295 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ WCB Associates, LLC 180 units ​ ​ ​ ​ ​ 1 ​ $ 19,266,000 ​ 2031 ​ 10–70 Westland Street 0 three bedroom ​ $ ​ ​ N/A ​ ​ ​ 2.97 % ​ ​ 985–997 Pleasant Street 96 two bedroom ​ $ 1,485 – 2,215 ​ ​ ​ ​ ​ ​ ​ ​ Brockton, MA 84 one bedroom ​ $ 1,465 – 1,895 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Westgate Apartments, LLC 220 units ​ ​ ​ ​ ​ 1 ​ $ 38,475,000 ​ 2032 ​ 2–20 Westgate Drive 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 4.33 % ​ ​ Woburn, MA 110 two bedroom ​ $ 2,050 – 2,550 ​ ​ ​ ​ ​ ​ ​ ​ ​ 110 one bedroom ​ $ 1,750 – 2,325 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Westgate Apartments Burlington, LLC 20 units ​ ​ ​ ​ ​ — ​ $ 4,494,000 ​ 2032 ​ 105–107 Westgate Drive 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 4.33 % ​ ​ Burlington, MA 12 two bedroom ​ $ 2,300 – 3,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ 8 one bedroom ​ $ 2,000 – 2,200 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Woodland Park Partners, LLC 126 units ​ ​ ​ ​ ​ 3 ​ $ 21,378,432 ​ 2027 ​ 264-290 Grove Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 3.79 % ​ ​ Newton, MA 80 two bedroom ​ $ 1,750 – 2,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ 30 one bedroom ​ $ 1,825 – 2,425 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 16 studios ​ $ 1,635 – 2,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The mortgage balance is stated before unamortized deferred financing costs. 16 Table of Contents (2) Mill Street Development, LLC, was held for development.
This investment is referred to as Hamilton 1025, LLC. ​ 19 Table of Contents ​ HAMILTON ESSEX 81, LLC. On March 7, 2005, the Partnership invested $2,000,000 for a 50% ownership interest in a building comprising 48 apartments, one commercial space and a 50-car surface parking lot located in Boston, Massachusetts. The purchase price was $14,300,000, with a $10,750,000 mortgage.
This investment is referred to as Hamilton 1025, LLC. ​ 21 Table of Contents HAMILTON ESSEX 81, LLC. On March 7, 2005, the Partnership invested $2,000,000 for a 50% ownership interest in a building comprising 48 apartments, one commercial space and a 50-car surface parking lot located in Boston, Massachusetts. The purchase price was $14,300,000, with a $10,750,000 mortgage.
The Partnership will continue to account for the investment using the equity method of accounting, although the Partnership has no legal obligation to fund its share of any future operating deficiencies as needed. At December 31, 2023, the balance on this mortgage before unamortized deferred financing costs is approximately $125,000,000.
The Partnership will continue to account for the investment using the equity method of accounting, although the Partnership has no legal obligation to fund its share of any future operating deficiencies as needed. At December 31, 2024, the balance on this mortgage before unamortized deferred financing costs is approximately $125,000,000.
In August 2004, the Partnership invested $8,000,000 for a 50% ownership interest in a 280-unit apartment complex located in Watertown, Massachusetts. The total purchase price was $56,000,000. The Partnership sold 137 units as condominiums. The assets were combined with Hamilton on Main Apartments. Hamilton on Main Apartments, LLC is known as Hamilton Place.
In August 2004, the Partnership invested $8,000,000 for a 50% ownership interest in a 280-unit apartment complex located in Watertown, Massachusetts. The total purchase price was $56,000,000. The Joint Venture sold 137 units as condominiums. The assets were combined with Hamilton on Main Apartments. Hamilton on Main, LLC is known as Hamilton Place.
On July 8, 2016, Hamilton 1025 LLC paid off the outstanding balance of the mortgage balance. The Partnership made a capital contribution of $2,359,500 to Hamilton 1025, LLC for its share of the funds required for the transaction. As of December 31, 2023, all residential units were sold. The Partnership still owns the commercial building.
On July 8, 2016, Hamilton 1025 LLC paid off the outstanding balance of the mortgage balance. The Partnership made a capital contribution of $2,359,500 to Hamilton 1025, LLC for its share of the funds required for the transaction. As of December 31, 2024, all residential units were sold. The Partnership still owns the commercial building.
At December 31, 2023, the balance on this mortgage before unamortized deferred financing costs is approximately $10,000,000. The investment in the parking lot is referred to as Hamilton Essex Development, LLC; the investment in the apartments is referred to as Hamilton Essex 81, LLC HAMILTON PARK TOWERS, LLC.
At December 31, 2024, the balance on this mortgage before unamortized deferred financing costs is approximately $10,000,000. The investment in the parking lot is referred to as Hamilton Essex Development, LLC; the investment in the apartments is referred to as Hamilton Essex 81, LLC. HAMILTON PARK TOWERS, LLC.
The table below lists the location of the 19 Condominium Units, the type of units, the range of rents received by the Partnership for such units, and the number of vacancies as of February 1, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Balance ​ ​ ​ Number and Type ​ ​ ​ ​ ​ ​ ​ ​ and Interest Rate ​ Maturity ​ ​ of Units Owned ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Date of Condominiums ​ by Partnership ​ Rent Range ​ Vacancies ​ December 31, 2023 ​ Mortgage Riverside Apartments 19 units ​ ​ ​ ​ ​ — — — ​ 8–20 Riverside Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ Watertown, MA 12 two bedroom ​ $ 2,000 – 2,400 ​ ​ ​ ​ ​ ​ ​ ​ 5 one bedroom ​ $ 1,855 – 2,125 ​ ​ ​ ​ ​ ​ ​ ​ 2 studios ​ $ 2,000 – 2,000 ​ ​ ​ ​ ​ ​ ​ Commercial Properties BOYLSTON DOWNTOWN LP.
The table below lists the location of the 19 Condominium Units, the type of units, the range of rents received by the Partnership for such units, and the number of vacancies as of February 1, 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Balance ​ ​ ​ Number and Type ​ ​ ​ ​ ​ ​ ​ ​ and Interest Rate ​ Maturity ​ ​ of Units Owned ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Date of Condominiums ​ by Partnership ​ Rent Range ​ Vacancies ​ December 31, 2024 ​ Mortgage Riverside Apartments 19 units ​ ​ ​ ​ ​ 1 — — ​ 8–20 Riverside Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ Watertown, MA 12 two bedroom ​ $ 2,125 – 2,600 ​ ​ ​ ​ ​ ​ ​ ​ 5 one bedroom ​ $ 2,100 – 2,400 ​ ​ ​ ​ ​ ​ ​ ​ 2 studios ​ $ 2,000 – 2,000 ​ ​ ​ ​ ​ ​ ​ Commercial Properties BOYLSTON DOWNTOWN LP.
As of February 1, 2024, the commercial space was fully occupied, and the average rent per square foot was $15.00.The Partnership also rents roof space for a cellular phone antenna at an average rent of approximately $63,000 per year through November 2040. For mortgage balance, interest rate and maturity date information see “Apartment Complexes” above. LINHART LP.
As of February 1, 2025, the commercial space was fully occupied, and the average rent per square foot was $15.50.The Partnership also rents roof space for a cellular phone antenna at an average rent of approximately $63,000 per year through November 2040. For mortgage balance, interest rate and maturity date information see “Apartment Complexes” above. LINHART LP.
Although the Partnership has no legal obligation, the Partnership intends to fund its share of any future operating deficits if needed. At December 31, 2023, the balance of this mortgage before unamortized deferred financing costs is approximately $8,483,000. This investment is referred to as 345 Franklin, LLC. HAMILTON ON MAIN, LLC.
Although the Partnership has no legal obligation, the Partnership intends to fund its share of any future operating deficits if needed. At December 31, 2024, the balance of this mortgage before unamortized deferred financing costs is approximately $8,243,000. This investment is referred to as 345 Franklin, LLC. ​ HAMILTON ON MAIN, LLC.
Free rent expense amortized in 2023 was approximately $76,000 compared to approximately $344,000 in 2022. See Note 5 to the Consolidated Financial Statements for information relating to the mortgages payable of the Partnership and Subsidiary Partnerships. Condominium Units The Partnership owns and leases to residential tenants 19 Condominium Units in the metropolitan Boston area of Massachusetts.
Free rent expense amortized in 2024 was approximately $122,000 compared to approximately $76,000 in 2023. See Note 5 to the Consolidated Financial Statements for information relating to the mortgages payable of the Partnership and Subsidiary Partnerships. Condominium Units The Partnership owns and leases to residential tenants 19 Condominium Units in the metropolitan Boston area of Massachusetts.
In addition, Mill Street Development deposited $75,000 into escrow to comply with the 40B project requirement of a cost certification of total development costs upon completion of the project. ​ Current free rent concessions would result in an average reduction in unit rents of approximately $2.13 per month per unit.
In addition, Mill Street Development deposited $75,000 into escrow to comply with the 40B project requirement of a cost certification of total development costs upon completion of the project . ​ Current free rent concessions would result in an average reduction in unit rents of approximately $3.42 per month per unit.
In 1995, this Subsidiary Partnership acquired the Boylston Downtown property in Boston, Massachusetts (“Boylston”). This mixed-use property includes 15,908 square feet of rentable commercial space. As of February 1, 2024, the commercial space was fully occupied, and the average rent per square foot was $32.80 For mortgage balance, interest rate and maturity date information see “Apartment Complexes” above.
In 1995, this Subsidiary Partnership acquired the Boylston Downtown property in Boston, Massachusetts (“Boylston”). This mixed-use property includes 15,908 square feet of rentable commercial space. As of February 1, 2025, the commercial space was fully occupied, and the average rent per square foot was $33.15. For mortgage balance, interest rate and maturity date information see “Apartment Complexes” above.
Free rent amortized in 2023 was approximately $37,000, compared to $220,000 in 2022. (1) The mortgage balance is stated before unamortized deferred financing costs. ​ 18 Table of Contents 345 FRANKLIN, LLC. In November 2001, the Partnership invested approximately $1,533,000 for a 50% ownership interest in a 40-unit apartment building in Cambridge, Massachusetts.
Free rent amortized in 2024 was approximately $53,000, compared to $37,000 in 2023. (1) The mortgage balance is stated before unamortized deferred financing costs. ​ 19 Table of Contents 345 FRANKLIN, LLC. In November 2001, the Partnership invested approximately $1,533,000 for a 50% ownership interest in a 40-unit apartment building in Cambridge, Massachusetts.
Approximately 36% of our commercial leases contain rent escalations which range from $0.18 to $2.42 per square foot per year. ​ 17 Table of Contents Investment Properties See Note 15 to the Consolidated Financial Statements for additional information regarding the Investment Properties.
Approximately 31% of our commercial leases contain rent escalations which range from $0.32 to $2.80 per square foot per year . ​ 18 Table of Contents Investment Properties See Note 15 to the Consolidated Financial Statements for additional information regarding the Investment Properties.
On January 18, 2023, the Partnership purchased a commercial retail property of 20,693 square feet of rentable commercial space located at 653 Worcester Road in Framingham, Massachusetts for the sum of approximately $10,151,000. As of February 1, 2024, the space was fully occupied, and the average rent per square foot was $28.25. SHAWMUT PLACE, LLC.
As of February 1, 2025, the space was fully occupied and the average rent per square foot was $38.95. 653 WORCESTER Road LLC. On January 18, 2023, the Partnership purchased a commercial retail property of 20,693 square feet of rentable commercial space located at 653 Worcester Road in Framingham, Massachusetts for the sum of approximately $10,151,000.
In 2007, the Partnership acquired a retail block in Newton, Massachusetts. The property consists of 5,850 square feet of rentable commercial space. As of February 1, 2024, the commercial space was fully occupied, and the average rent per square foot was $37.33. HAMILTON CYPRESS LLC. In 2008, the Partnership acquired a medical office building in Brookline, Massachusetts.
The property consists of 5,850 square feet of rentable commercial space. As of February 1, 2025, the commercial space was fully occupied and the average rent per square foot was $37.33. HAMILTON CYPRESS LLC. In 2008, the Partnership acquired a medical office building in Brookline, Massachusetts. The property consists of 17,718 square feet of rentable commercial space.
The Partnership has a 50% ownership interest in the properties summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Interest Rate ​ Maturity ​ ​ Number and Type ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Date of Investment Properties ​ of Units ​ Range ​ Vacancies ​ December 31, 2023 (1) Mortgage 345 Franklin, LLC 40 Units ​ ​ ​ ​ ​ 1 ​ $ 8,482,755 ​ 2028 ​ 345 Franklin Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 3.87 % ​ ​ Cambridge, MA 39 two bedroom ​ $ 3,755 – 4,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 one bedroom ​ $ 3,250 – 3,250 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Hamilton on Main Apartments, LLC 148 Units ​ ​ ​ ​ ​ 2 ​ $ 16,900,000 ​ 2024 ​ 223 Main Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 4.34 % ​ ​ Watertown, MA 93 two bedroom ​ $ 2,625 – 2,900 ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 one bedroom ​ $ 2,400 – 2,550 ​ ​ ​ ​ ​ ​ ​ ​ ​ 24 studios ​ $ 2,250 – 2,350 ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Minuteman, LLC 42 Units ​ ​ ​ ​ ​ 1 ​ $ 6,000,000 ​ 2031 ​ 1 April Lane 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 3.71 % ​ ​ Lexington, MA 40 two bedroom ​ $ 2,650 – 3,400 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2 one bedroom ​ $ 2,100 – 2,250 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Essex 81 LLC 49 Units ​ ​ ​ ​ ​ 2 ​ $ 10,000,000 ​ 2025 ​ Residential 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 7.63 % ​ ​ 81–83 Essex Street 11 two bedroom ​ $ 3,000 – 3,300 ​ ​ ​ ​ ​ ​ ​ ​ Boston, MA 38 one bedroom ​ $ 2,050 ​ 2,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Essex Development LLC Parking Lot ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 81–83 Essex Street ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Boston, MA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hamilton 1025 LLC Commercial Building ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1025 Hancock Street ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quincy,MA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Partnership has a 40% ownership interest in the property summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Park Towers, LLC 409 Units ​ ​ ​ ​ ​ 9 ​ $ 125,000,000 ​ 2028 ​ 175–185 Freeman Street, 71 three bedroom ​ $ 3,850 – 5,000 ​ ​ ​ 3.99 % ​ ​ Brookline,MA 227 two bedroom ​ $ 2,750 – 4,100 ​ ​ ​ ​ ​ ​ ​ ​ ​ 111 one bedroom ​ $ 2,350 – 3,300 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Current free rent concessions would result in an average reduction in unit rents of $4,53 per month per unit.
The Partnership has a 50% ownership interest in the properties summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage Balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Interest Rate ​ Maturity ​ ​ Number and Type ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Date of Investment Properties ​ of Units ​ Range ​ Vacancies ​ December 31, 2024 (1) Mortgage 345 Franklin, LLC 40 Units ​ ​ ​ ​ ​ — ​ $ 8,242,892 ​ 2028 ​ 345 Franklin Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 3.87 % ​ ​ Cambridge, MA 39 two bedroom ​ $ 3,800 – 4,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 one bedroom ​ $ 3,350 – 3,350 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Hamilton on Main Apartments, LLC 148 Units ​ ​ ​ ​ ​ 4 ​ $ 23,589,000 ​ 2034 ​ 223 Main Street 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 5.43 % ​ ​ Watertown, MA 93 two bedroom ​ $ 2,700 – 2,950 ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 one bedroom ​ $ 2,550 – 2,675 ​ ​ ​ ​ ​ ​ ​ ​ ​ 24 studios ​ $ 1,810 – 2,400 ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Minuteman, LLC 42 Units ​ ​ ​ ​ ​ 1 ​ $ 6,000,000 ​ 2031 ​ 1 April Lane 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 3.71 % ​ ​ Lexington, MA 40 two bedroom ​ $ 2,995 – 3,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2 one bedroom ​ $ 2,450 – 2,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Essex 81 LLC 49 Units ​ ​ ​ ​ ​ 1 ​ $ 10,000,000 ​ 2025 ​ Residential 0 three bedroom ​ ​ ​ N/A ​ ​ ​ 7.00 % ​ ​ 81–83 Essex Street 11 two bedroom ​ $ 3,100 – 3,500 ​ ​ ​ ​ ​ ​ ​ ​ Boston, MA 38 one bedroom ​ $ 2,335 ​ 3,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Essex Development LLC Parking Lot ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 81–83 Essex Street ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Boston, MA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hamilton 1025 LLC Commercial Building ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1025 Hancock Street ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quincy,MA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Partnership has a 40% ownership interest in the property summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hamilton Park Towers, LLC 409 Units ​ ​ ​ ​ ​ 7 ​ $ 125,000,000 ​ 2028 ​ 175–185 Freeman Street, 71 three bedroom ​ $ 4,100 – 6,400 ​ ​ ​ 3.99 % ​ ​ Brookline,MA 227 two bedroom ​ $ 3,300 – 4,225 ​ ​ ​ ​ ​ ​ ​ ​ ​ 111 one bedroom ​ $ 2,850 – 3,525 ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 studios ​ ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ Current free rent concessions would result in an average reduction in unit rents of $6.38 per month per unit.
In 1995, the Partnership acquired the Linhart property in Newton, Massachusetts (“Linhart”). This mixed-use property includes 22,200 square feet of rentable commercial space. As of February 1, 2024, the commercial space had vacant square footage of 1,273 square feet, and the average rent per square foot was $27.10. NORTH BEACON 140 LP.
In 1995, the Partnership acquired the Linhart property in Newton, Massachusetts (“Linhart”). This mixed-use property includes 22,200 square feet of rentable commercial space. As of February 1, 2025, the commercial space had vacant square footage of 1,373 square feet, and the average rent per square foot was $26.75. ​ ​ 17 Table of Contents NORTH BEACON 140 LP.
At December 31, 2023, the balance on this mortgage before unamortized deferred financing costs is approximately $6,000,000. In 2018, the carrying value of the investment fell below zero.
This investment is referred to as Hamilton Minuteman, LLC. At December 31, 2024, the balance on this mortgage before unamortized deferred financing costs is approximately $6,000,000. In 2018, the carrying value of the investment fell below zero.
This investment, Hamilton Park Towers, LLC is referred to as Dexter Park. ​
This investment, Hamilton Park Towers, LLC, is referred to as Dexter Park. ​ ​ 22 Table of Contents
In order to comply with the permanent financing requirements for a 40B project, Mill Street Development signed a term sheet for a loan of up to $15 million, to be funded upon completion of the development project.
In December of 2023, the Partnership received 40B approval to construct a 72 unit apartment complex. Management started the construction project in 2024. In order to comply with the permanent financing requirements for a 40B project, Mill Street Development signed a term sheet for a loan of up to $15 million, to be funded upon completion of the development project.
The Partnership obtained a new 10-year mortgage in the amount of $5,500,000 in January 2007. The interest on the new loan was 5.67% fixed for the ten year term with interest only payments for five years and amortized over a 30 year period for the balance of the loan.
The interest on the new loan was 5.67% fixed for the ten year term with interest only payments for five years and amortized over a 30 year period for the balance of the loan. This loan required a cash contribution by the Partnership of $1,250,000 in December 2006.
In 2018, the carrying value of the investment fell below zero. The Partnership will continue to account for this investment using the equity method of accounting, although the Partnership has no legal obligation to fund its share of any future operating deficiencies, if needed. This investment is referred to as Hamilton on Main Apartments, LLC. HAMILTON MINUTEMAN, LLC.
In 2018, the carrying value of the investment fell below zero. The Partnership will continue to account for this investment using the equity method of accounting, although the Partnership has no legal obligation to fund its share of any future operating deficiencies, if needed. At December 31, 2024, the balance of the mortgage before unamortized deferred finance is $23,589,000.
In 1995, this Subsidiary Partnership acquired the North Beacon property in Boston, Massachusetts. This mixed-use property includes 1,050 square feet of rentable commercial space. The property was fully rented as of February 1, 2024, and the average rent per square foot as of that date was $40.50.
In 1995, this Subsidiary Partnership acquired the North Beacon property in Boston, Massachusetts. This mixed-use property includes 1,050 square feet of rentable commercial space. The property was fully rented as of February 1, 2025, and the average rent per square foot was $46.20. For mortgage balance, interest rate and maturity date information see “Apartment Complexes” above. WRF 659 LLC.
In September 2004, the Partnership invested approximately $5,075,000 for a 50% ownership interest in a 42-unit apartment complex located in Lexington, Massachusetts. The purchase price was $10,100,000. In October 2004, the Partnership obtained a mortgage on the property in the amount of $8,025,000 and returned $3,775,000 to the Partnership.
The investment is referred to as Hamilton on Main LLC. 20 Table of Contents HAMILTON MINUTEMAN, LLC. In September 2004, the Partnership invested approximately $5,075,000 for a 50% ownership interest in a 42-unit apartment complex located in Lexington, Massachusetts. The purchase price was $10,100,000.
The Joint Venture Partnership paid off the prior mortgage of approximately $15,205,000 with the proceeds of the new mortgage and distributed $850,000 to the Partnership. The costs associated with the refinancing were approximately $161,000. At December 31, 2023, the balance of this mortgage before unamortized deferred financing costs is approximately $16,900,000.
In August 2014, the property was refinanced with a 10 year mortgage in the amount of $16,900,000 at 4.34% interest only. The Joint Venture paid off the prior mortgage of approximately $15,205,000 with the proceeds of the new mortgage and distributed $850,000 to the Partnership. The costs associated with the refinancing were approximately $161,000.
The Joint Venture Partnership paid off the prior mortgage of approximately $5,158,000 with the proceeds of the new mortgage and made a distribution of $385,000 to the Partnership. The cost associated with the refinancing was approximately $123,000. This investment is referred to as Hamilton Minuteman, LLC.
On September 12, 2016, the property was refinanced with a 15 year mortgage in the amount of $6,000,000, at 3.71%, interest only. The Joint Venture Partnership paid off the prior mortgage of approximately $5,158,000 with the proceeds of the new mortgage and made a distribution of $385,000 to the Partnership. The cost associated with the refinancing was approximately $123,000.
As of February 1, 2024, this property was fully occupied, and the average net rent per square foot was $13.23.
As of February 1, 2025, the space was fully occupied and the average rent per square foot was $28.25. SHAWMUT PLACE, LLC.
The commercial space was fully rented as of February 1, 2024, and the average rent per square foot as of that date was $44.09. ​ ​ The following information is provided for commercial leases : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total square Total number Percentage of ​ ​ Annual base rent ​ feet for ​ of leases ​ annual base rent Through December 31, ​ for expiring leases ​ expiring leases ​ expiring ​ for expiring leases 2024 ​ $ 416,581 29,166 29 12 % 2025 ​ 253,320 7,455 7 7 % 2026 ​ 361,731 14,221 8 10 % 2027 ​ 309,189 8,884 5 9 % 2028 ​ 251,316 6,929 2 7 % 2029 ​ 433,890 15,138 3 12 % 2030 ​ — — — — % 2031 ​ ​ — ​ — ​ — ​ — % 2032 ​ ​ 110,600 ​ 1,106 ​ 1 ​ 3 % 2033 ​ ​ — ​ — ​ — ​ — % Thereafter ​ 1,428,261 46,987 4 40 % Totals ​ $ 3,564,888 129,886 59 100 % Commercial rental income is accounted for using the straight-line method.
The commercial space was fully occupied as of February 1, 2025 and the average rent per square foot was $43.02. ​ ​ The following information is provided for commercial leases : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total square Total number Percentage of ​ ​ Annual base rent ​ feet for ​ of leases ​ annual base rent Through December 31, ​ for expiring leases ​ expiring leases ​ expiring ​ for expiring leases 2025 ​ $ 204,081 24,171 23 ​ 6 % 2026 ​ 513,440 18,467 11 ​ 14 % 2027 ​ 379,869 11,043 8 ​ 11 % 2028 ​ 385,816 10,423 4 ​ 11 % 2029 ​ 480,127 16,639 7 ​ 14 % 2030 ​ — — — ​ — % 2031 ​ — — — ​ — % 2032 ​ ​ 110,600 ​ 1,106 ​ 1 ​ 3 % 2033 ​ ​ — ​ — ​ — ​ — % 2034 ​ ​ 533,784 ​ 20,897 ​ 2 ​ 15 % Thereafter ​ 947,722 27,140 3 ​ 26 % Totals ​ $ 3,555,439 129,886 59 100 % Commercial rental income is accounted for using the straight-line method.
The net proceeds after funding escrow accounts and closing costs on the mortgage were approximately $16,700,000, which were used to reduce the existing mortgage. In August 2014, the property was refinanced with a 10-year mortgage in the amount of $16,900,000 at 4.34% interest only.
In August 2024, the property was refinanced with a 10 year mortgage in the amount of $23,589,000 at 5.425% interest only. The Joint Venture paid off the prior mortgage of approximately $16,900,000 with the proceeds of the new mortgage and distributed $2,000,000 to the Partnership. The costs associated with the refinancing were approximately $243,000.
The property consists of 17,718 square feet of rentable commercial space. As of February 1, 2024, the space was fully occupied, and the average rent per square foot was $40.38 653 WORCESTER Road LLC.
In 1999, the Partnership acquired the Staples Plaza shopping center in Framingham, Massachusetts. The shopping center consists of 38,268 square feet of rentable commercial space. As of February 1, 2025, this property was fully occupied and the average rent per square foot was $26.33. ​ HAMILTON LINEWT ASSOCIATES, LLC. In 2007, the Partnership acquired a retail block in Newton, Massachusetts.
Removed
In December of 2023, the Partnership received 40B approval to construct a 72 unit apartment complex. Management expects to start the construction project in 2024.
Added
On August 23, 2023, Hamilton on Main Apartments, LLC (the “Borrower”), a 50% owned joint venture of the Partnership, received notice from KeyBank, as servicer for the lender of a $16,900,000 loan, indicating that the Borrower failed to comply with certain terms of the loan documents pertaining to the transfer of interests in the Borrower that occurred on the occasion of Harold Brown’s death, and that such transfer constitutes an event of default under the loan documents.
Removed
For mortgage balance, interest rate and maturity date information see “Apartment Complexes” above. 16 Table of Contents WRF 659 LLC. In 1999, the Partnership acquired the Staples Plaza shopping center in Framingham, Massachusetts. The shopping center consists of 38,268 square feet of rentable commercial space.
Added
While the Borrower has disputed that any events of default actually exist, it worked diligently with KeyBank to obtain KeyBank’s consent to the transfer. On March 8, 2024, the Borrower received notice from KeyBank that it was providing ex-post facto consent to the transfer of interest subject to certain conditions being met by the Borrower.
Removed
A new tenant, Blue Pearl Operations LLC, signed a lease on January 9, 2023 that includes a tenant fit up period of the earlier of 12 months from lease signing or such time as the tenant receives a certificate of occupancy. As of December 31, 2023, no rent is due from this tenant. ​ HAMILTON LINEWT ASSOCIATES, LLC.
Added
The Partnership’s share of costs associated with the transfer of interests in the Borrower was approximately $107,000. On April 18, 2024 the Borrower and KeyBank executed amended loan documents reflecting the transfer of interest in the Borrower. In conjunction with the execution of the amended loan documents, KeyBank provided a courtesy reduction equal to 50% of the transfer fee.
Removed
In 2005, Hamilton on Main Apartments, LLC obtained a ten-year mortgage on the three buildings to be retained. The mortgage was $16,825,000, with interest only of 5.18% for three years and amortizing on a 30-year schedule for the remaining seven years when the balance is due.
Added
In October 2004, the Partnership obtained a mortgage on the property in the amount of $8,025,000 and returned $3,775,000 to the Partnership. The Partnership obtained a new 10-year mortgage in the amount of $5,500,000 in January 2007.
Removed
This loan required a cash contribution by the Partnership of $1,250,000 in December 2006. On September 12, 2016, the property was refinanced with a 15 year mortgage in the amount of $6,000,000, at 3.71%, interest only.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeITEM 3. LEGAL PROCEEDING S The Partnership, the Subsidiary Partnerships, and the Investment Properties and their properties are not presently subject to any material litigation, and, to management’s knowledge, there is not any material litigation 20 Table of Contents presently threatened against them.
Biggest changeITEM 3. LEGAL PROCEEDING S The Partnership, the Subsidiary Partnerships, and the Investment Properties and their properties are not presently subject to any material litigation, and, to management’s knowledge, there is not any material litigation presently threatened against them.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

5 edited+0 added−0 removed4 unchanged
Biggest changeSecurity Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” for certain information relating to the number of holders of each class of Units. ​ Issuer Purchase of Equity Securities during the fourth quarter of 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining number ​ ​ ​ ​ ​ Depositary Receipts ​ of Depositary Receipts ​ ​ ​ ​ ​ Purchased as Part ​ that may be purchased ​ ​ Average ​ of Publicly ​ Under the Plan Period ​ Price Paid ​ Announced Plan ​ (as Amended) October 1–31, 2023 ​ $ 66.77 543 481,765 ​ November 1–30, 2023 ​ $ 69.83 13,077 468,688 ​ December 1-31,2023 ​ $ 69.51 924 467,764 ​ Total ​ ​ ​ 14,544 ​ ​ ​ ​ See Note 8 to the Consolidated Financial Statements for information concerning the Repurchase Program. ​ ​ 22 Table of Contents ​ ITEM 6. [Reserved] ​ 23 Table of Contents ​
Biggest changeSecurity Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” for certain information relating to the number of holders of each class of Units. ​ Issuer Purchase of Equity Securities during the fourth quarter of 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining number ​ ​ ​ ​ ​ Depositary Receipts ​ of Depositary Receipts ​ ​ ​ ​ ​ Purchased as Part ​ that may be purchased ​ ​ Average ​ of Publicly ​ Under the Plan Period ​ Price Paid ​ Announced Plan ​ (as Amended) October 1–31, 2024 ​ $ — — 450,174 ​ November 1–30, 2024 ​ $ — — 450,174 ​ December 1-31,2024 ​ $ 82.70 534 449,640 ​ Total ​ ​ ​ 534 ​ ​ ​ ​ See Note 8 to the Consolidated Financial Statements for information concerning the Repurchase Program. ​ ​ 24 Table of Contents ​ ITEM 6. [Reserved] ​ 25 Table of Contents
There were 2,771,321 Depositary Receipts outstanding and 1,476 Units (representing 44,280 receipts) held by approximately 116 registered record holders. Any portion of the Partnership’s cash, which the General Partner deems not necessary for cash reserves, is distributed to the Partners, and distributions are made on a quarterly basis.
There were 2,757,936 Depositary Receipts outstanding, and 1,407 Units (representing 42,210 receipts) held by 109 registered record holders. 23 Table of Contents Any portion of the Partnership’s cash, which the General Partner deems not necessary for cash reserves, is distributed to the Partners, and distributions are made on a quarterly basis.
The Partnership has made annual distributions to its Partners since 1978.The Partnership made distributions of $84.00 per unit ($2.80 per Depositary Receipt) in 2023. The Partnership made distributions of $76.80 per Unit ($2.56 per Depositary Receipt) in 2022. The total distribution was $9,954,888 in 2023 and $9,267,981 in 2022.
The Partnership has made annual distributions to its Partners since 1978. The Partnership made distributions of $96.00 per unit ($3.20 per Depositary Receipt) in 2024. The Partnership made distributions of $84.00 per Unit ($2.80 per Depositary Receipt) in 2023. The total distribution was $11,244.559 in 2024 and $9,954,888 in 2023.
In March 2024, the Partnership declared a quarterly distribution of $12.00 per Unit ($0.40 per Depositary Receipt) payable on March 28, 2024. In addition to the quarterly distribution, there will be a special distribution of $48.00 per Class A unit ($1.60 per Depositary Receipt). 21 Table of Contents See “Item 12.
In March 2025, the Partnership declared a quarterly distribution of $12.00 per Unit ($0.40 per Depositary Receipt) payable on March 31, 2025. In addition to the quarterly distribution, there will be a special distribution of $96.00 per Class A unit ($3.20 per Depositary Receipt). See “Item 12.
Distribution to Limited & General Partners were: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Class A—Limited Partners (80%) ​ $ 7,963,910 ​ $ 7,414,385 ​ Class B—Limited Partners (19%) ​ 1,891,429 ​ 1,760,916 ​ Class C—General Partner (1%) ​ 99,549 ​ 92,680 ​ Total ​ $ 9,954,888 ​ $ 9,267,981 ​ On March 12, 2024, the closing price on the NYSE American for a Depositary Receipt was $71.00.
Distribution to Limited & General Partners were: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2023 Class A—Limited Partners (80%) ​ $ 8,995,647 ​ $ 7,963,910 ​ Class B—Limited Partners (19%) ​ 2,136,466 ​ 1,891,429 ​ Class C—General Partner (1%) ​ 112,446 ​ 99,549 ​ Total ​ $ 11,244,559 ​ $ 9,954,888 ​ On March 12, 2025, the closing price on the NYSE American for a Depositary Receipt was $73.85.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeThe decrease in cash of $31,330,260 at December 31, 2023 is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 Cash provided by operating activities ​ $ 24,181,904 ​ $ 21,539,727 ​ Cash (used in) investing activities ​ ​ (38,943,050) ​ ​ (93,073,258) ​ Cash (used in) provided by financing activities ​ ​ (2,688,691) ​ ​ 39,605,700 ​ Repurchase of Depositary Receipts, Class B and General Partner Units ​ ​ (3,925,535) ​ ​ (5,326,973) ​ Distributions paid ​ ​ (9,954,888) ​ ​ (9,267,981) ​ Net increase in cash and cash equivalents ​ $ (31,330,260) ​ $ (46,522,785) ​ ​ The change in cash provided by operating activities is due to various factors, including a change in depreciation expense, a change in income and distribution from joint ventures, and other factors.
Biggest changeThe Partnership’s principal use of cash during 2023 was the improvements of rental properties, and the purchase of two properties: the commercial property at 653 Worcester Road for approximately $10,000,000 and the purchase of a mixed use property in the South End neighborhood of Boston, MA for approximately $27,500,000. ​ The majority of cash and cash equivalents of $17,615,940 at December 31, 2024 and $18,230,463 at December 31, 2023 were held in interest bearing accounts at creditworthy financial institutions. 39 Table of Contents The decrease in cash of $614,523 at December 31, 2024 is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 Cash provided by operating activities ​ $ 31,934,479 ​ $ 24,181,904 ​ Cash (used in) investing activities ​ ​ (16,575,576) ​ ​ (38,943,050) ​ Cash (used in) financing activities ​ ​ (3,059,736) ​ ​ (2,688,691) ​ Repurchase of Depositary Receipts, Class B and General Partner Units ​ ​ (1,669,131) ​ ​ (3,925,535) ​ Distributions paid ​ ​ (11,244,559) ​ ​ (9,954,888) ​ Net decrease in cash and cash equivalents ​ $ (614,523) ​ $ (31,330,260) ​ ​ The change in cash provided by operating activities is due to various factors, including a change in depreciation expense, a change in income, an increase in accounts payable and accrued expenses, and other factors.
The agreement pays down the loan on the existing debt of $5,954,546.14, extends the maturity until October 14, 2032 at a variable interest rate of the SOFR rate plus 1.7%, interest only for 2 years and amortizing using a thirty-year schedule for the balance of the term.
The agreement pays down the loan on the existing debt of $5,954,546, extends the maturity until October 14, 2032 at a variable interest rate of the SOFR rate plus 1.7%, interest only for 2 years and amortizing using a thirty-year schedule for the balance of the term.
Along with risks detailed in Item “1A Risk Factors” and from time to time in the Partnership’s filings with the Securities and Exchange Commission, some factors that could cause the Partnership’s actual results, performance or achievements to differ materially from those expressed or implied by forward looking statements include but are not limited to the following: ● The Partnership depends on the real estate markets where its properties are located, primarily in Eastern Massachusetts, and these markets may be adversely affected by local economic market conditions, which are beyond the Partnership’s control. ● The Partnership is subject to the general economic risks affecting the real estate industry, such as dependence on tenants’ financial condition, the need to enter into new leases or renew leases on terms favorable to tenants in order to generate rental revenues and our ability to collect rents from our tenants. ● The Partnership is also impacted by changing economic conditions making alternative housing arrangements more or less attractive to the Partnership’s tenants, such as the interest rates on single family home mortgages and the availability and purchase price of single family homes in the Greater Boston metropolitan area. ● The Partnership is subject to significant expenditures associated with each investment, such as debt service payments, real estate taxes, insurance and maintenance costs, which are generally not reduced when circumstances cause a reduction in revenues from a property. ● The Partnership is subject to increases in heating and utility costs that may arise as a result of economic and market conditions and fluctuations in seasonal weather conditions. ● Civil disturbances, earthquakes and other natural disasters may result in uninsured or underinsured losses. ● Actual or threatened terrorist attacks may adversely affect our ability to generate revenues and the value of our properties. ● Financing or refinancing of Partnership properties may not be available to the extent necessary or desirable, or may not be available on favorable terms. 24 Table of Contents ● The Partnership properties face competition from similar properties in the same market.
Along with risks detailed in Item “1A Risk Factors” and from time to time in the Partnership’s filings with the Securities and Exchange Commission, some factors that could cause the Partnership’s actual results, performance or achievements to differ materially from those expressed or implied by forward looking statements include but are not limited to the following: ● The Partnership depends on the real estate markets where its properties are located, primarily in Eastern Massachusetts, and these markets may be adversely affected by local economic market conditions, which are beyond the Partnership’s control. ● The Partnership is subject to the general economic risks affecting the real estate industry, such as dependence on tenants’ financial condition, the need to enter into new leases or renew leases on terms favorable to tenants in order to generate rental revenues and our ability to collect rents from our tenants. ● The Partnership is also impacted by changing economic conditions making alternative housing arrangements more or less attractive to the Partnership’s tenants, such as the interest rates on single family home mortgages and the availability and purchase price of single family homes in the Greater Boston metropolitan area. ● The Partnership is subject to significant expenditures associated with each investment, such as debt service payments, real estate taxes, insurance and maintenance costs, which are generally not reduced when circumstances cause a reduction in revenues from a property. ● The Partnership is subject to increases in heating and utility costs that may arise as a result of economic and market conditions and fluctuations in seasonal weather conditions. ● Civil disturbances, earthquakes and other natural disasters may result in uninsured or underinsured losses. ● Actual or threatened terrorist attacks may adversely affect our ability to generate revenues and the value of our properties. ● Financing or refinancing of Partnership properties may not be available to the extent necessary or desirable, or may not be available on favorable terms. 26 Table of Contents ● The Partnership properties face competition from similar properties in the same market.
The agreement also allows for an earn out of up to an additional $1,495,453.86 once the property performance reaches a 1.35x debt service coverage ratio and the loan to value equates to at most 65%. ​ On July 31, 2014, the Partnership entered into an agreement for a $25,000,000 revolving line of credit.
The agreement also allows for an earn out of up to an additional $1,495,453 once the property performance reaches a 1.35x debt service coverage ratio and the loan to value equates to at most 65%. ​ On July 31, 2014, the Partnership entered into an agreement for a $25,000,000 revolving line of credit.
The outstanding stock of The Hamilton Company, Inc. is controlled by Jameson Brown and Harley Brown. ​ In the fiscal year ended December 31, 2022, the Partnership took advantage of the low interest rate environment and refinanced fifteen properties, increased their loan balances, and raised approximately $130,000,000.
The outstanding stock of The Hamilton Company is controlled by Jameson Brown and Harley Brown. ​ In the fiscal year ended December 31, 2022, the Partnership took advantage of the low interest rate environment and refinanced fifteen properties, increased their loan balances, and raised approximately $130,000,000.
The term of the line was for three years with a floating interest rate equal to a base rate of the greater of (a) the Prime Rate (b) the Federal Funds Rate plus one-half of one percent per annum, or (c) the LIBOR Rate for a period of one month plus 1% per annum, plus the applicable margin of 2.5%.
The term of the line was for three years with a floating interest rate equal to a base rate of the greater of (a) the Prime Rate (b) the Federal Funds Rate plus one-half of one percent per annum, or (c) the LIBOR Rate for a period of one month plus 1% per annum, plus an applicable margin of 2.5%.
Caution should be exercised in interpreting and relying on such forward looking statements, the realization of which may be impacted by known and unknown risks and uncertainties, events that may occur subsequent to the forward looking statements, and other factors which may be beyond the Partnership’s control and which can materially affect the Partnership’s actual results, performance or achievements for 2023 and beyond.
Caution should be exercised in interpreting and relying on such forward looking statements, the realization of which may be impacted by known and unknown risks and uncertainties, events that may occur subsequent to the forward looking statements, and other factors which may be beyond the Partnership’s control and which can materially affect the Partnership’s actual results, performance or achievements for 2024 and beyond.
The commitment amount is for $25 million but is restricted to $17 million during the modification period. The modification period was phased out by December 31, 2022.
The commitment amount was for $25 million but was restricted to $17 million during the modification period. The modification period was phased out by December 31, 2022.
In addition, Ronald Brown is the President and a director of NewReal and Jameson Brown is Treasurer and a director of NewReal. Moreover, 75% of the issued and outstanding 25 Table of Contents Class B units of the Partnership are owned by HBC Holdings LLC, an entity of which Jameson Brown is the manager.
In addition, Ronald Brown is the President and a director of NewReal and Jameson Brown is Treasurer and a director of NewReal. Moreover, 75% of the issued and outstanding 27 Table of Contents Class B units of the Partnership are owned by HBC Holdings LLC, an entity of which Jameson Brown is the manager.
For 2023, management expects the local real estate market to remain strong as we move from the winter into the spring rental season. ​ The Partnership purchased a commercial retail property of approximately 20,700 square feet, located at 653 Worcester Road in Framingham, Massachusetts for approximately $10,151,000 on January 18, 2023.
For 2025, management expects the local real estate market to remain stable as we move from the winter into the spring rental season. ​ The Partnership purchased a commercial retail property of approximately 20,700 square feet, located at 653 Worcester Road in Framingham, Massachusetts for approximately $10,151,000 on January 18, 2023.
A property that is 29 Table of Contents reclassified is measured and recorded individually at the lower of (a) its carrying value before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell.
A property that is reclassified is measured and recorded individually at the lower of (a) its carrying value before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell.
The Partnership’s obligations under the Facility Agreement are secured by mortgages on certain properties pursuant to certain Mortgage, Assignment of Leases and Rents, and Security Agreement and Fixture Filings. The Partnership used the proceeds to pay down approximately $37,065,000 of existing debt secured by four properties, along with approximately $854,000 in prepayment penalties.
The Partnership’s obligations under the Facility Agreement are secured by mortgages on certain properties pursuant to certain Mortgage, Assignment of Leases and Rents, and Security Agreement and Fixture Filings. 28 Table of Contents The Partnership used the proceeds to pay down approximately $37,065,000 of existing debt secured by four properties, along with approximately $854,000 in prepayment penalties.
See a description of these properties included in the section titled Investment Properties as well as Note 14 to the Consolidated Financial Statements for a detail of the financial information of each Investment Property.
See a description of these properties included in the section titled Investment Properties as well as Note 15 to the Consolidated Financial Statements for a detail of the financial information of each Investment Property.
See a description of these properties included in the section titled Investment Properties as well as Note 14 to the Consolidated Financial Statements for a detail of the financial information of each Investment Property.
See a description of these properties included in the section titled Investment Properties as well as Note 15 to the Consolidated Financial Statements for a detail of the financial information of each Investment Property.
This amount includes approximately $10,067,000 toward the development of a 72 unit apartment complex at Mill Street Development. On December 29, 2023, the Partnership signed a contract with a general contractor, NEI General Contracting, Inc., for the construction of the Mill Street Development project for approximately $29,700,000.
This amount includes approximately $15,000,000 toward the development of a 72 unit apartment complex at Mill Street Development. On December 29, 2023, the Partnership signed a contract with a general contractor, NEI General Contracting, Inc., for the construction of the Mill Street Development project for approximately $29,700,000.
Additionally, as described in Note 3 to the Consolidated Financial Statements, the Hamilton Company receives similar fees from the Investment Properties. The Partnership requires that three bids be obtained for construction contracts in excess of $15,000.
Additionally, as described in Note 3 to the Consolidated Financial Statements, the Hamilton Company receives similar fees from the Investment Properties. 30 Table of Contents The Partnership requires that three bids be obtained for construction contracts in excess of $15,000.
The value of in- place leases are amortized to expense over the remaining initial terms of the respective leases. The value of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships.
The value of in- place leases is amortized to expense over the remaining initial terms of the respective leases. The value of tenant relationship intangibles is amortized to expense over the anticipated life of the relationships.
The vacancy rate for the Joint Venture properties as of February 1, 2024 was 2.2%, as compared to 1.7% for the same period last year. The current vacancy rates are in line with those experienced prior to the Covid-19 Pandemic. ​ Residential tenants generally have lease terms of 12 months.
The vacancy rate for the Joint Venture properties as of February 1, 2025 was 1.9%, as compared to 2.2% for the same period last year. The current vacancy rates are in line with those experienced prior to the Covid-19 Pandemic. ​ Residential tenants generally have lease terms of 12 months.
Once the financial performance of the Partnership meets the original covenant tests for the trailing 12-month period, the commitment amount will return to $25 million. The portfolio’s debt yield fell below the minimum of 9.0% to 8.6%. Consequently, as of December 31,2023, the Partnership did not comply with the debt yield financial covenant.
Once the financial performance of the Partnership met the original covenant tests for the trailing 12-month period, the commitment amount would return to $25 million. The portfolio’s debt yield fell below the minimum of 9.0% to 8.6%. Consequently, as of December 31, 2023, the Partnership did not comply with the debt yield financial covenant.
Both the amount of the loss and the point at which its occurrence is considered likely can be difficult to determine. ​ 31 Table of Contents RESULTS OF OPERATIONS Years Ended December 31, 2023 and December 31, 2022 The Partnership and its Subsidiary Partnerships earned income before interest expense, income from investments in unconsolidated joint ventures and other income and loss of approximately $18,815,000 during the year ended December 31, 2023, compared to approximately $18,088,000 for the year ended December 31, 2022, an increase of approximately $727,000 (4.0%). ​ The rental activity is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ Occupancy Date ​ February 1, 2024 February 1, 2023 Residential ​ ​ ​ ​ ​ Units 2,962 ​ 2,911 ​ Vacancies 28 ​ 56 ​ Vacancy rate 0.9 % 1.9 % Commercial ​ ​ ​ ​ ​ Total square feet 131,159 ​ 108,043 ​ Vacancy 1,273 ​ — ​ Vacancy rate 1.0% % 0.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental Income (in thousands) ​ ​ Year Ended December 31, ​ ​ ​ 2023 ​ 2022 ​ ​ ​ Total ​ Continuing ​ Total ​ Continuing ​ ​ ​ Operations ​ Operations ​ Operations ​ Operations ​ Total rents $ 73,892 73,892 ​ $ 67,561 $ 67,561 Residential percentage ​ 94 % 94 ​ % 95 % 95 % Commercial percentage ​ 6 % 6 ​ % 5 % 5 % Contingent rentals ​ $ 683 ​ 683 ​ ​ $ 541 ​ $ 541 ​ ​ 32 Table of Contents Year Ended December 31, 2023 Compared to Year Ended December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ Dollar ​ Percent ​ 2023 2022 Change Change Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental income $ 73,892,393 $ 67,560,662 $ 6,331,731 9.4% Laundry and sundry income ​ ​ 588,975 ​ ​ 733,064 ​ ​ (144,089) ​ (19.7%) ​ ​ ​ ​ 74,481,368 ​ ​ 68,293,726 ​ ​ 6,187,642 ​ 9.1% ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative ​ ​ 2,900,432 ​ ​ 2,731,284 ​ ​ 169,148 ​ 6.2% ​ Depreciation and amortization ​ ​ 16,773,045 ​ ​ 16,373,429 ​ ​ 399,616 ​ 2.4% ​ Management fee ​ ​ 2,948,066 ​ ​ 2,716,514 ​ ​ 231,552 ​ 8.5% ​ Operating ​ ​ 7,748,910 ​ ​ 7,324,692 ​ ​ 424,218 ​ 5.8% ​ Renting ​ ​ 1,004,666 ​ ​ 639,235 ​ ​ 365,431 ​ 57.2% ​ Repairs and maintenance ​ ​ 13,366,079 ​ ​ 11,270,589 ​ ​ 2,095,490 ​ 18.6% ​ Taxes and insurance ​ ​ 9,954,214 ​ ​ 9,149,837 ​ ​ 804,377 ​ 8.8% ​ Property impairment ​ ​ 971,109 ​ ​ — ​ ​ 971,109 ​ 0.0% ​ ​ ​ ​ 55,666,521 ​ ​ 50,205,580 ​ ​ 5,460,941 ​ 10.9% ​ Income Before Other Income (Expense) ​ ​ 18,814,847 ​ ​ 18,088,146 ​ ​ 726,701 ​ 4.0% ​ Other Income (Expense) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ 4,486,603 ​ ​ 1,055,338 ​ ​ 3,431,265 ​ 325.1% ​ Interest expense ​ ​ (15,723,733) ​ ​ (15,045,477) ​ ​ (678,256) ​ 4.5% ​ Income from investments in unconsolidated joint ventures ​ ​ 876,233 ​ ​ 499,783 ​ ​ 376,450 ​ 75.3% ​ Other Income (Expense) ​ ​ — ​ ​ (874,517) ​ ​ 874,517 ​ (100.0%) ​ ​ ​ ​ (10,360,897) ​ ​ (14,364,873) ​ ​ 4,003,976 ​ (27.9%) ​ Net Income ​ $ 8,453,950 ​ $ 3,723,273 ​ $ 4,730,677 ​ 127.1% ​ ​ ​ Rental income from continuing operations for the year ended December 31, 2023 was approximately $73,892,000, compared to approximately $67,560,000 for the year ended December 31, 2022, an increase of approximately $6,332,000 (9.4%).
As a result of the changes discussed above, net income for the year ended December 31, 2024 was approximately $15,662,000 compared to net income of approximately $8,454,000 for the year ended December 31, 2023, an increase in income of approximately $7,208,000 (85.3%). ​ ​ ​ 36 Table of Contents Years Ended December 31, 2023 and December 31, 2022 The Partnership and its Subsidiary Partnerships earned income before interest expense, income from investments in unconsolidated joint ventures and other income and loss of approximately $18,815,000 during the year ended December 31, 2023, compared to approximately $18,088,000 for the year ended December 31, 2022, an increase of approximately $727,000 (4.0%). ​ The rental activity is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ Occupancy Date ​ February 1, 2024 February 1, 2023 Residential ​ ​ ​ ​ ​ Units 2,962 ​ 2,911 ​ Vacancies 28 ​ 56 ​ Vacancy rate 0.9 % 1.9 % Commercial ​ ​ ​ ​ ​ Total square feet 131,159 ​ 108,043 ​ Vacancy 1,273 ​ — ​ Vacancy rate 1.0% % 0.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental Income (in thousands) ​ ​ Year Ended December 31, ​ ​ 2023 ​ 2022 ​ ​ Total Continuing Total Continuing ​ ​ Operations ​ Operations ​ Operations ​ Operations Total rents ​ $ 73,892 ​ ​ 73,892 ​ $ 67,561 ​ $ 67,561 ​ Residential percentage ​ 94 % ​ 94 % 95 % 95 % Commercial percentage ​ 6 % ​ 6 % 5 % 5 % Contingent rentals ​ $ 683 ​ ​ 683 ​ $ 541 ​ $ 541 ​ 37 Table of Contents Year Ended December 31, 2023 Compared to Year Ended December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ Dollar ​ Percent ​ 2023 2022 Change Change Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental income ​ $ 73,892,393 ​ $ 67,560,662 ​ $ 6,331,731 9.4% Laundry and sundry income ​ ​ 588,975 ​ ​ 733,064 ​ ​ (144,089) (19.7%) ​ ​ ​ ​ 74,481,368 ​ ​ 68,293,726 ​ ​ 6,187,642 ​ 9.1% ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative ​ ​ 2,900,432 ​ ​ 2,731,284 ​ ​ 169,148 6.2% ​ Depreciation and amortization ​ ​ 16,773,045 ​ ​ 16,373,429 ​ ​ 399,616 2.4% ​ Management fee ​ ​ 2,948,066 ​ ​ 2,716,514 ​ ​ 231,552 8.5% ​ Operating ​ ​ 7,748,910 ​ ​ 7,324,692 ​ ​ 424,218 5.8% ​ Renting ​ ​ 1,004,666 ​ ​ 639,235 ​ ​ 365,431 57.2% ​ Repairs and maintenance ​ ​ 13,366,079 ​ ​ 11,270,589 ​ ​ 2,095,490 18.6% ​ Taxes and insurance ​ ​ 9,954,214 ​ ​ 9,149,837 ​ ​ 804,377 8.8% ​ Property impairment ​ ​ 971,109 ​ ​ — ​ ​ 971,109 0.0% ​ ​ ​ ​ 55,666,521 ​ ​ 50,205,580 ​ ​ 5,460,941 10.9% ​ Income Before Other Income ( Expense) ​ ​ 18,814,847 ​ ​ 18,088,146 ​ ​ 726,701 ​ 4.0% ​ Other Income (Expense) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ 4,486,603 ​ ​ 1,055,338 ​ ​ 3,431,265 325.1% ​ Interest (expense) ​ ​ (15,723,733) ​ ​ (15,045,477) ​ ​ (678,256) 4.5% ​ Income from investments in unconsolidated joint ventures ​ ​ 876,233 ​ ​ 499,783 ​ ​ 376,450 75.3% ​ Other (Expense) ​ ​ — ​ ​ (874,517) ​ ​ 874,517 ​ (100.0%) ​ ​ ​ ​ (10,360,897) ​ ​ (14,364,873) ​ ​ 4,003,976 (27.9%) ​ Net Income ​ $ 8,453,950 ​ $ 3,723,273 ​ $ 4,730,677 127.1% ​ ​ Rental income from continuing operations for the year ended December 31, 2023 was approximately $73,892,000, compared to approximately $67,560,000 for the year ended December 31, 2022, an increase of approximately $6,332,000 (9.4%).
The Partnership will consider refinancing existing properties if the Partnership’s cash reserves are insufficient to repay existing mortgages or if the Partnership needs additional funds for future acquisitions. ​ The vacancy rate for the Partnership’s residential properties as of February 1, 2024 was 0.9% as compared with a vacancy rate of 1.9% as of February 1, 2023.
The Partnership will consider refinancing existing properties if the Partnership’s cash reserves are insufficient to repay existing mortgages or if the Partnership needs additional funds for future acquisitions. ​ The vacancy rate for the Partnership’s residential properties as of February 1, 2025 was 2.3% as compared with a vacancy rate of 0.9% as of February 1, 2024.
Currently, approximately $84,000,000 of these reserves are invested in short-term US Treasury bills maturing in 6 months or less with interest rates between 5.29% and 5.45%. ​ Since the Partnership’s long-term goals include the acquisition of additional properties, a portion of the proceeds from the refinancing and sale of properties is reserved for this purpose.
Currently, approximately $84,000,000 of these reserves are invested in short-term US Treasury bills maturing in 6 months or less with interest rates between 4.19% and 5.02%. ​ Since the Partnership’s long-term goals include the acquisition of additional properties, a portion of the proceeds from the refinancing and sale of properties is reserved for this purpose.
In 2023, Hamilton charged the Partnership $125,000 per year ($31,250 per quarter) for bookkeeping and accounting services.
In 2024, Hamilton charged the Partnership $125,000 per year ($31,250 per quarter) for bookkeeping and accounting services.
If available acquisitions do not meet the Partnerhip’s investment criteria, the Partnership may purchase additional Depositary Receipts.
If available acquisitions do not meet the Partnership’s investment criteria, the Partnership may purchase additional Depositary Receipts.
Hamilton accounted for approximately 2.0% of the repair and maintenance expense paid for by the Partnership in the year ended December 31, 2023 and 2.3% in the year ended December 31, 2022.
Hamilton accounted for approximately 1.3% of the repair and maintenance expense paid for by the Partnership in the year ended December 31, 2024 and 2.0% in the year ended December 31, 2023.
Additionally, Hamilton prepares most long-term commercial lease agreements and represents the Partnership in selected purchase and sale transactions. Overall, Hamilton provided approximately 63.9% and 70.7% of the legal services paid for by the Partnership during the years ended December 31, 2023 and 2022, respectively.
Additionally, Hamilton prepares most long-term commercial lease agreements and represents the Partnership in selected purchase and sale transactions. Overall, Hamilton provided approximately 42.5% and 63.9% of the legal services paid for by the Partnership during the years ended December 31, 2024 and 2023, respectively.
The Partnership generally considers assets to be held for sale when the transaction has received appropriate corporate authority, and there are no significant contingencies relating to the sale.
The Partnership 31 Table of Contents generally considers assets to be held for sale when the transaction has received appropriate corporate authority, and there are no significant contingencies relating to the sale.
Hamilton’s architectural department also provides services to the Partnership on an as-needed basis. In 2023, Hamilton provided the Partnership approximately $606,000 in construction and architectural services, compared to $114,000 for the year ended December 31, 2022. 28 Table of Contents Bookkeeping and accounting functions have been provided by Hamilton’s accounting staff, which consists of approximately 14 people.
Hamilton’s architectural department also provides services to the Partnership on an as-needed basis. In 2024, Hamilton provided the Partnership approximately $504,000 in construction and architectural services, compared to $606,000 for the year ended December 31, 2023. Bookkeeping and accounting functions have been provided by Hamilton’s accounting staff, which consists of approximately 14 people.
In connection with these requirements, the Partnership received a term sheet from Brookline Bank for a $15,000,000 loan to be funded upon completion of the project, which is currently anticipated in the fourth quarter of 2025. ​ Line of Credit On July 31, 2014, the Partnership entered into an agreement for a $25,000,000 revolving line of credit.
In connection with these requirements, the Partnership received a term sheet from Brookline Bank for a $15,000,000 loan to be funded upon completion of the project, which is currently anticipated in the fourth quarter of 2025 . Line of Credit On November 21, 2024, the Partnership entered into an agreement for a new $25,000,000 revolving line of credit.
The increase is due to investments in Treasury Bills which mature over a period less than 180 days, with interest rates between 5.3% to 5.5%. 33 Table of Contents Interest expense for the year ended December 31, 2023 was approximately $15,723,000 compared to approximately $15,045,000 for the year ended December 31, 2022, an increase of approximately $678,000 (4.5%), The increase is due to the refinancing of properties, increasing the amount of debt, which increased the interest expense for the period.
The increase is due to investments in Treasury Bills which mature over a period less than 180 days, with interest rates between 5.3% to 5.5%. ​ 38 Table of Contents ​ Interest expense for the year ended December 31, 2023 was approximately $15,723,000 compared to approximately $15,045,000 for the year ended December 31, 2022, an increase of approximately $678,000 (4.5%).
Rental activity continues to be strong as we move from 2023 into 2024 and all indications are that we will have low vacancy rates for the foreseeable future. ​ During the fourth quarter of 2023, rents increased on average 4.6% for renewals and increased on average 6.0% for new leases.
Rental activity continues to be strong as we move from 2024 into 2025 and all indications are that we will have low vacancy rates for the foreseeable future. ​ During the fourth quarter of 2024, rents increased on average 5.7% for renewals and increased on average 0.2% for new leases.
As of February 1, 2024, the Brown family related entities and Ronald Brown collectively own approximately 32.4% of the Depositary Receipts representing the Partnership Class A Units (including Depositary Receipts held by trusts for the benefit of such persons’ family members).
As of February 1, 2025, the Brown family related entities and Ronald Brown collectively own approximately 34.7% of the Depositary Receipts representing the Partnership Class A Units (including Depositary Receipts held by trusts for the benefit of such persons’ family members).
As a result of the changes discussed above, net income for the year ended December 31, 2022 was approximately $3,723,000 compared to a net loss of approximately $2,700,000 for the year ended December 31, 2021, an increase in income of approximately $6,423,000 (237.9%). ​ LIQUIDITY AND CAPITAL RESOURCES The Partnership’s principal source of cash during 2023 was the collection of rents, and interest income generated from the purchase of Treasury Bills.
As a result of the changes discussed above, net income for the year ended December 31, 2023 was approximately $8,454,000 compared to net income of approximately $3,723,000 for the year ended December 31, 2022, an increase in income of approximately $4,731,000 (127.1%). ​ LIQUIDITY AND CAPITAL RESOURCES The Partnership’s principal source of cash during 2024 was the collection of rents, and interest income generated from the purchase of Treasury Bills.
Pledged interests range from 49% to 100% of the Partnership’s ownership interest in the respective entities. The Partnership anticipates that cash from operations and interest bearing accounts will be sufficient to fund its current operations, pay distributions, make required debt payments and to finance current improvements to its properties. The Partnership may also sell or refinance properties.
The Partnership anticipates that cash from operations and interest bearing accounts will be sufficient to fund its current operations, pay distributions, make required debt payments and to finance current improvements to its properties. The Partnership may also sell or refinance properties.
The change in cash used in financing activities is due to the pay down of mortgages, the repurchase of Depositary Receipts, and distributions to partners. ​ During 2023, the Partnership and its Subsidiary Partnerships completed improvements to certain of the Properties at a total cost of approximately $9,289,000.
The change in cash used in financing activities is due to the pay down of mortgages, the repurchase of Depositary Receipts, and distributions to partners. ​ During 2024, the Partnership and its Subsidiary Partnerships completed improvements to certain of the Properties at a total cost of approximately $25,254,000, which includes approximately $15,231,000 for the Mill Street Development.
The Partnership purchased 43,774 Depositary Receipts in 2023. ​ 27 Table of Contents In March of 2020, the Board of Advisors and Board of Directors unanimously approved an extension of the Repurchase Program until March 31, 2025.
The Partnership purchased 18,124 Depositary Receipts in 2024. ​ In March of 2020, the Board of Advisors and Board of Directors unanimously approved an extension of the Repurchase Program until March 31, 2025.
The decrease in cash used in investing activities is primarily due to improvements to rental properties, and the purchase of new properties.
The decrease in cash used in investing activities is primarily due to improvements to rental properties, and the development of the Mill Street rental property in 2024.
The line of credit may be used for acquisition, refinancing, improvements, working capital and other needs of the Partnership. The line may not be used to pay dividends, make distributions or acquire equity interests of the Partnership. The line of credit is collateralized by varying percentages of the Partnership’s ownership interest in 23 of its subsidiary properties and joint ventures.
The line may not be used to pay dividends, make distributions or acquire equity interests of the Partnership. The line of credit is collateralized by varying percentages of the Partnership’s ownership interest in 27 of its subsidiary properties and joint ventures. Pledged interests are 49% of the Partnership’s ownership interest in the respective entities.
As described in Note 15 to the Consolidated Financial Statements, the Partnership’s share of the net income from the Investment Properties was approximately $500,000 for the year ended December 31, 2022, compared to a net loss of approximately $567,000 for the year ended December 31, 2021, an increase in income of approximately $1,067,000 (188.1%).
As described in Note 15 to the Consolidated Financial Statements, the Partnership’s share of the net income from the Investment Properties was approximately $1,282,000 for the year ended December 31, 2024, compared to net income of approximately $876,000 for the year ended December 31, 2023, an increase in income of approximately $406,000 (46.3%).
Investments in Joint Ventures: The Partnership accounts for its 40%-50% ownership in the Investment Properties under the equity method of accounting, as it exercises significant influence over, but does not control these 30 Table of Contents entities.
Investments in Joint Ventures: The Partnership accounts for its 40%-50% ownership in the Investment Properties under the equity method of accounting, as it exercises significant influence over, but does not control these entities. These investments are recorded initially at cost, as Investments in Joint Ventures, and subsequently adjusted for the Partnership’s share in earnings, cash contributions and distributions.
Interest income for the year ended December 31, 2022, was approximately $1,055,000 compared to approximately $0 for the year ended December 31, 2021, an increase of approximately $1,055,000. The increase is due to investments in Treasury Bills which mature over a period less than 180 days, with interest rates between 2.74% to 4.6%.
The decrease is due to a decrease in interest rates for investments in Treasury Bills which mature over a period less than 180 days, with interest rates between 4.2% to 5.0%. 35 Table of Contents Interest expense for the year ended December 31, 2024 was approximately $15,457,000 compared to approximately $15,723,000 for the year ended December 31, 2023, a decrease of approximately $266,000 (1.7%).
Impairment: On an annual basis management assesses whether there are any indicators that the value of the Partnership’s rental properties may be impaired. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property is less than the carrying value of the property.
A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property is less than the carrying value of the property.
No tenants are now occupying the property and with the resulting loss of future cash, management has recorded an impairment charge of approximately $971,000, the net book value of the building for the Mill Street Development property.
In order to initiate construction, the Partnership demolished the current building structures and started construction in 2024. With no tenants occupying the property as of December, 2023 and with the resulting loss of future cash, management recorded an impairment charge of approximately $971,000, the net book value of the building for the Mill Street Development property.
The term of the line is three years with a floating interest rate equal to a base rate of the greater of (a) the Prime Rate (b) the Federal Funds Rate plus one-half of one percent per annum, or (c) the LIBOR Rate for a period of one month plus 1% per annum, plus an applicable margin of 2.5%.
The term of the line is for three years with a floating interest rate equal to a base rate of the SOFR Rate for a period of one month plus the applicable margin of 2.5%.
For all of 2023, renewal rents increased approximately 6.14% and increased approximately 8.9% for new leases.
For all of 2024, renewal rents increased approximately 5.8% and increased approximately 4.8% for new leases.
This increase is primarily due to rental revenue of approximately $10,261,000 for the year ended December 31, 2022 compared to approximately $9,132,000 for the year ended December 31, 2021, an increase of approximately $1,129,000 (12.40 %). Included in the income for the year ended December 31, 2022 is depreciation and amortization expense of approximately $2,638,000.
This increase is primarily due to rental revenue of approximately $11,689,000 for the year ended December 31, 2024 compared to approximately $11,132,000 for the year ended December 31, 2023, an increase of approximately $557,000 (5.0%). Included in the income for the year ended December 31, 2024 is depreciation and amortization expense of approximately $2,617,000.
These amounts are being amortized over 12 and 36 months respectively. ​ For the year ending December 31, 2023, excluding the increase in income and expense from 653 Worcester Road and the Shawmut Apartments, consolidated revenue increased by 6.8%, operating expenses increased by 6.1% (including impairment) and Income before Other Income (Expense) increased by 7.5%.
These amounts are being amortized over 12 and 36 months, respectively. ​ For the year ending December 31, 2024 consolidated revenue increased by 8.1%, operating expenses decreased by 0.9% and Income before Other Income (Expense) increased by 34.8%.
In the event that facts and circumstances indicate that the carrying value of a rental property may be impaired, an analysis of the value is prepared. The estimated future undiscounted cash flows are compared to the asset’s carrying value to determine if a write-down to fair value is required.
In the event that facts and circumstances indicate that the carrying value of a rental property may be impaired, an analysis of the value is prepared.
We do not have control of these partnerships and therefore we account for them using the equity method of consolidation. At December 31, 2023, our proportionate share of the non-recourse debt before unamortized deferred financing costs related to these investments was approximately $70,691,000. See Note 15 to the Consolidated Financial Statements.
At December 31, 2024, our proportionate share of the non-recourse debt before unamortized deferred financing costs related to these investments was approximately $73,916,000. See Note 15 to the Consolidated Financial Statements.
New leases accounted for approximately 29% with rental rate increases of approximately 8.9%.In 2023, leasing commissions were approximately $545,000 compared to approximately $334,000 in 2022, an increase of approximately $211,000 (63.2%) from 2022.Tenant concessions were approximately $68,000 in 2023 compared to approximately $50,000 in 2022, an increase of approximately $18,000 (36.0%).
In 2024, tenant renewals were approximately 68% with an average rental increase of approximately 5.8%. New leases accounted for approximately 32% with rental rate increases of approximately 4.8%. In 2024, leasing commissions were approximately $616,000 compared to approximately $545,000 in 2023, an increase of approximately $71,000 (13.0%) from 2023.
The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Investments in Treasury Bills: Investments in Treasury Bills are recorded at amortized cost and classified as held to maturity as the Partnership has the intent and the ability to hold them until they mature.
Investments in Treasury Bills: Investments in Treasury Bills are recorded at amortized cost and classified as held to maturity as the Partnership has the intent and the ability to hold them until they mature. The carrying value of the Treasury Bills is adjusted for accretion of discounts over the remaining life of the investment.
Management believes that the $25,000,000 line of credit, net cash flow from operations and cash on hand have put the Partnership in position to capitalize on investment opportunities should they reveal themselves in the near future.
The Repurchase Plan shall be made in accordance with the terms of Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and shall be made in accordance with all applicable laws and regulations in effect from time to time. ​ Management believes that the $25,000,000 line of credit, net cash flow from operations and cash on hand have put the Partnership in position to capitalize on investment opportunities should they reveal themselves in the near future.
These investments are recorded initially at cost, as Investments in Joint Ventures, and subsequently adjusted for the Partnership’s share in earnings, cash contributions and distributions. Under the equity method of accounting, our net equity is reflected on the consolidated balance sheets, and our share of net income or loss from the Partnership is included on the consolidated statements of income.
Under the equity method of accounting, our net equity is reflected on the consolidated balance sheets, and our share of net income or loss from the Partnership is included on the consolidated statements of income.
In December, 2023, the Partnership received approval from MassHousing to construct a 72 unit apartment building in accordance with Chapter 40B to include 17 affordable units on the Mill Street Development site. In order to initiate construction, the Partnership expects to demolish the current building structures and start construction in 2024.
The increase is due to the refinancing of properties, increasing the amount of debt, which increased the interest expense for the period. In December, 2023, the Partnership received approval from MassHousing to construct a 72 unit apartment building in accordance with Chapter 40B to include 17 affordable units on the Mill Street Development site.
It is anticipated that approximately $10,100,000 will be incurred in 2024 with the balance of $19,600,000 to be incurred in 2025. Project costs will initially be funded from Partnership reserves, but upon completion, the Partnership anticipates closing on a permanent loan, as required by MassHousing under the Chapter 40B program.
The partnership is using cash reserves to fund this construction but will finance a portion of construction costs upon completion of the project. Project costs will initially be funded from Partnership reserves, but upon completion, the Partnership anticipates closing on a permanent loan, as was required by MassHousing, amended under current requirements under the Chapter 40B program.
See Notes 5 and 15 to the Consolidated Financial Statements for a description of mortgage notes payable. The Partnership has no other material contractual obligations to be disclosed. ​
These contracts are not included as part of our contractual obligations because they include terms that provide for cancellation with insignificant or no cancellation penalties. See Notes 5 and 15 to the Consolidated Financial Statements for a description of mortgage notes payable. The Partnership has no other material contractual obligations to be disclosed. 41 Table of Contents ​
The Partnership’s net income and cash flow may fluctuate dramatically from year to year as a result of the sale or refinancing of properties, increases or decreases in rental income or expenses, or the loss of significant tenants. 38 Table of Contents Off-Balance Sheet Arrangements—Joint Venture Indebtedness As of December 31, 2023, the Partnership had a 40%-50% ownership interest in seven Joint Ventures, which all have mortgage indebtedness except Hancock 1025, and Hamilton Essex Development.
The Partnership’s net income and cash flow may fluctuate dramatically from year to year as a result of the sale or refinancing of properties, increases or decreases in rental income or expenses, or the loss of significant tenants.
The most significant improvements were made at 1144 Commonwealth, Hamilton Oaks, School Street, Redwood Hills, Westgate Apartments, and Hamilton Green, at a cost of 37 Table of Contents $1,982,000, $1,687,000, $701,000, $468,000, $431,000, and $421,000 respectively. The Partnership plans to invest approximately $22,284,000 in capital improvements in 2024.
The most significant improvements were made at Executive Apartments,1144 Commonwealth, Captain Parker, River Drive Apartments, Redwood Hills, and Hamilton Oaks, at a cost of $1,582,000, $1,061,000, $886,000, $880,000, $872,000, and $782,000 respectively. The Partnership plans to invest approximately $41,203,000 in capital improvements in 2025.
For the fourth quarter of 2023, excluding the increase in income and expense from 653 Worcester Road and the Shawmut Apartments, consolidated revenue increased by 8.6%, operating expenses increased by 11.9 % and Income before Other Income (Expense) decreased by 4.8 %, as compared to the fourth quarter of 2022.
For the fourth quarter of 2024, consolidated revenue increased by 3.3%, operating expenses decreased by 8.2% and Income before Other Income (Expense) increased by 39.9%, as compared to the fourth quarter of 2023. On June 16, 2022, the Partnership entered into an amendment to the Facility Agreement.
The Repurchase Program that was initiated in 2007 has purchased 1,532,234 Depositary Receipts through December 31, 2023, or approximately 35% of the outstanding Depositary Receipts.
As of December 31, 2024, the Partnership was in compliance with the financial covenants and did not incur an unused line fee. The Repurchase Program that was initiated in 2007 has purchased 1,550,358 Depositary Receipts through December 31, 2024, or approximately 36% of the outstanding Depositary Receipts.
In addition, we have certain other contracts we enter into in the ordinary course of business that may extend beyond one year. These contracts are not included as part of our contractual obligations because they include terms that provide for cancellation with insignificant or no cancellation penalties.
We have various standing or renewable service contracts with vendors related to our property management. In addition, we have certain other contracts we enter into in the ordinary course of business that may extend beyond one year.
See schedule in Note 5, Mortgage Notes Payable, for the details of the transaction as it relates to the specific properties. On June 16, 2022, the Partnership entered into an amendment to the Facility Agreement. The additional advance under the Amended Agreement is in the amount of $80,284,000, at a fixed interest rate of 4.33%.
The additional advance under the Amended Agreement is in the amount of $80,284,000, at a fixed interest rate of 4.33%.
Interest expense for the year ended December 31, 2022 was approximately $15,045,000 compared to approximately $13,629,000 for the year ended December 31, 2021, an increase of approximately $1,416,000 (10.4%), The increase is due to the refinancing of properties, increasing the amount of debt, which increased the interest expense for the period. 36 Table of Contents At December 31, 2022, the Partnership has between a 40% and 50% ownership interests in seven different Investment Properties.
The decrease is due to the greater amortization of principal for debt with level principal and interest payments. At December 31, 2024, the Partnership has between a 40% and 50% ownership interests in seven different Investment Properties.
The Partnership’s principal use of cash during 2023 was the purchase of Treasury Bills and the purchase of two properties: the commercial property at 653 Worcester Road for approximately $10,000,000, and the purchase of a mixed use property in the South End neighborhood of Boston, MA for approximately $27,500,000. ​ The Partnership’s principal sources of cash during 2022 was the proceeds from the refinancing of 5 properties for approximately $43,000,000, interest income generated from the purchase of Treasury Bills, and the collection of rents.
The Partnership’s principal use of cash during 2024 was the improvements to rental properties, the development of a rental property at Mill Street, and distributions to partners. ​ The Partnership’s principal source of cash during 2023 was the collection of rents, and interest income generated from the purchase of Treasury Bills.
The Partnership Properties with the largest increases in rental income include 62 Boylston Street Apartments, 1144 Commonwealth Apartments, Mill Street Gardens, Westgate Apartments, and Hamilton Green, with increases of approximately $1,891,000, $814,000, $402,000, $341,000 and $302,000, respectively. Included in rental income is contingent rentals collected on commercial properties.
Excluding the net increase in revenue from Shawmut of approximately $1,270,000, there was an increase of approximately $4,601,000 (6.3%). The Partnership Properties with the largest increases in rental income include Hamilton Oaks, 62 Boylston Street Apartments, Mill Street Gardens, 659 Worcester Road, and 1144 Commonwealth Apartments, with increases of approximately $522,000, $446,000, $393,000, $337,000 and $303,000, respectively.
Contractual Obligations As of December 31, 2023, we are subject to contractual payment obligations as described in the table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments due by period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ 2025 ​ ​ 2026 ​ ​ 2027 ​ ​ 2028 ​ ​ Thereafter ​ ​ Total Contractual Obligations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long -term debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage debt ​ $ 2,852,762 ​ ​ 3,602,548 ​ ​ 25,112,083 ​ ​ 23,270,649 ​ ​ 31,875,215 ​ ​ 324,726,284 ​ $ 411,439,541 Total Contractual Obligations ​ $ 2,852,762 ​ $ 3,602,548 ​ $ 25,112,083 ​ $ 23,270,649 ​ $ 31,875,215 ​ $ 324,726,284 ​ $ 411,439,541 We have various standing or renewable service contracts with vendors related to our property management.
Contractual Obligations As of December 31, 2024, we are subject to contractual payment obligations as described in the table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments due by period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ 2026 ​ ​ 2027 ​ ​ 2028 ​ ​ 2029 ​ ​ Thereafter ​ ​ Total Contractual Obligations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long -term debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage debt ​ $ 3,578,908 ​ ​ 25,087,985 ​ ​ 23,327,532 ​ ​ 31,875,215 ​ ​ 28,301,226 ​ ​ 296,434,509 ​ $ 408,605,375 Total Contractual Obligations ​ $ 3,578,908 ​ $ 25,087,985 ​ $ 23,327,532 ​ $ 31,875,215 ​ $ 28,301,226 ​ $ 296,434,509 ​ $ 408,605,375 ​ As of December 31, 2024, the Partnership has one property under construction located at 57 Mill Street in Woburn, MA.
As such, the Partnership is restricted from drawing down any amount from the line of credit until the Partnership meets the required financial covenants. The Partnership is currently in discussions with a lender for a replacement of the line of credit. See Note 19, Subsequent Events, for additional information.
As such, the Partnership was restricted from drawing down any amount from the line of credit until the Partnership met the required financial covenants. On November 21, 2024, the Partnership entered into an agreement for a new $25,000,000 revolving line of credit.
Tenant improvements, excluding any improvements at 653 Worcester Road and the Shawmut Apartments, were approximately $3,471,000 in 2023 compared to approximately $2,333,000 in 2022, an increase of approximately $1,138,000 (48.8%).
Tenant concessions were approximately $104,000 in 2024 compared to approximately $68,000 in 2023, an increase of approximately $36,000 (52.9%). Tenant improvements were approximately $3,579,000 in 2024 compared to approximately $3,471,000 in 2023, an increase of approximately $108,000 (3.1%).
Removed
On November 30, 2021, New England Realty Associates Limited Partnership (the “Partnership”), entered into a Master Credit Facility Agreement ( the “Facility Agreement”) with KeyBank National Association (“KeyBank”) dated as of November 30, 2021, with an initial advance in the amount of $156,000,000.
Added
The loan covenants include a leverage ratio not to exceed 65%, a debt service coverage ratio of not less than 1.5 to 1.0, maximum usage of 1.5 times trailing 12 months EBITDA, minimum liquidity of $15 million, and a minimum debt yield of 8.5%. The Partnership incurred a commitment fee of $125,000.
Removed
Interest only on the debt at a fixed interest 26 Table of Contents rate of 2.97% is payable on a monthly basis through December 31, 2031. The Partnership’s obligations under the Facility Agreement are secured by mortgages on certain properties pursuant to certain Mortgage, Assignment of Leases and Rents, and Security Agreement and Fixture Filings (“Mortgages ”).
Added
The Partnership will be charged annually an unused line fee, equal to seventy-five basis points (0.75%) between the difference of the maximum availability and the outstanding principal of the line of credit. This fee will be waived for any period in which the Partnership maintains aggregate deposits of twenty million dollars with the Lender.
Removed
See schedule in Note 5, Mortgage Notes Payable, for the details of the transaction as it relates to the specific properties. The Partnership used the proceeds to pay down approximately $65,300,000 of existing debt secured by 11 properties, along with approximately $2,700,000 in prepayment penalties. The remaining balance of approximately $89,000,000 will be used for general partnership purposes.
Added
On March 12, 2025, the Board of Directors unanimously approved a new extension to the Repurchase Program, authorizing the President and Treasurer to cause the Partnership to repurchase, on the open market or otherwise, including through individually negotiated purchases and through a written trading plan that complies with the requirements of Rule 10b5-1, Depository Receipts and Partnership Units such that (i) the aggregate cost of Depository Receipts and Partnership Units repurchased shall not exceed the lesser of $5 million or 10% of the Partnership’s balance of cash and investment in treasury bills, (ii) no Depository Receipts or Partnership Units 29 Table of Contents shall be repurchased after the date that is 12 months after the effective date of the plan, and (iii) no Depository Receipts or Partnership Units shall be repurchased in excess of $95 per Depository Receipt.
Removed
In 2023, tenant renewals were approximately 71% with an average rental increase of approximately 6.1%.
Added
The Repurchase Plan requires the Partnership to repurchase a proportionate number of Class B Units and General Partner Units in connection with any repurchases of any Depositary Receipts by the Partnership based upon the 80%, 19% and 1% fixed distribution percentages of the holders of the Class A, Class B and General Partner Units under the Partnership Agreement.
Removed
The carrying value of the Treasury Bills are adjusted for accretion of discounts over the remaining life of the investment.
Added
This repurchase authorization replaces the Partnership’s previous repurchase program.
Removed
As a result of the changes discussed above, net income for the year ended December 31, 2023 was approximately $8,454,000 compared to net income of approximately $3,723,000 for the year ended December 31, 2022, an increase in income of approximately $4,731,000 (127.1%). ​ ​ ​ 34 Table of Contents ​ Years Ended December 31, 2022 and December 31, 2021 The Partnership and its Subsidiary Partnerships earned income before interest expense, income from investments in unconsolidated joint ventures and other income and loss of approximately $18,088,000 during the year ended December 31, 2022, compared to approximately $14,242,000 for the year ended December 31, 2021, an increase of approximately $3,846,000 (27.0%). ​ The rental activity is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ Occupancy Date ​ February 1, 2023 February 1, 2022 Residential ​ ​ ​ ​ ​ Units 2,911 ​ 2,911 ​ Vacancies 56 ​ 50 ​ Vacancy rate 1.9 % 1.7 % Commercial ​ ​ ​ ​ ​ Total square feet 108,043 ​ 108,043 ​ Vacancy — ​ — ​ Vacancy rate 0.0 % 0.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental Income (in thousands) ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ ​ Total Continuing Total Continuing ​ ​ Operations ​ Operations ​ Operations ​ Operations Total rents ​ $ 67,561 ​ 67,561 ​ ​ $ 62,176 ​ $ 62,176 ​ Residential percentage ​ 95 % 95 ​ % 95 % 95 % Commercial percentage ​ 5 % 5 ​ % 5 % 5 % Contingent rentals ​ $ 541 ​ 541 ​ ​ $ 563 ​ $ 563 ​ 35 Table of Contents Year Ended December 31, 2022 Compared to Year Ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ Dollar ​ Percent ​ 2022 2021 Change Change Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental income ​ $ 67,560,662 ​ $ 62,175,592 ​ $ 5,385,070 8.7% Laundry and sundry income ​ ​ 733,064 ​ ​ 462,862 ​ ​ 270,202 58.4% ​ ​ ​ ​ 68,293,726 ​ ​ 62,638,454 ​ ​ 5,655,272 ​ 9.0% ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative ​ ​ 2,731,284 ​ ​ 2,476,593 ​ ​ 254,691 10.3% ​ Depreciation and amortization ​ ​ 16,373,429 ​ ​ 16,671,076 ​ ​ (297,647) (1.8%) ​ Management fee ​ ​ 2,716,514 ​ ​ 2,523,943 ​ ​ 192,571 7.6% ​ Operating ​ ​ 7,324,692 ​ ​ 6,471,250 ​ ​ 853,442 13.2% ​ Renting ​ ​ 639,235 ​ ​ 1,241,298 ​ ​ (602,063) (48.5)% ​ Repairs and maintenance ​ ​ 11,270,589 ​ ​ 10,069,325 ​ ​ 1,201,264 11.9% ​ Taxes and insurance ​ ​ 9,149,837 ​ ​ 8,942,469 ​ ​ 207,368 2.3% ​ ​ ​ ​ 50,205,580 ​ ​ 48,395,954 ​ ​ 1,809,626 3.7% ​ Income Before Other Income ( Expense) ​ ​ 18,088,146 ​ ​ 14,242,500 ​ ​ 3,845,646 27.0% ​ Other Income (Expense) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ 1,055,338 ​ ​ 87 ​ ​ 1,055,251 100.0% ​ Interest (expense) ​ ​ (15,045,477) ​ ​ (13,629,463) ​ ​ (1,416,014) 10.4% ​ Income (Loss) from investments in unconsolidated joint ventures ​ ​ 499,783 ​ ​ (567,308) ​ ​ 1,067,091 188.1% ​ Other (Expense) ​ ​ (874,517) ​ ​ (2,745,979) ​ ​ 1,871,462 ​ 68.2% ​ ​ ​ ​ (14,364,873) ​ ​ (16,942,663) ​ ​ 2,577,790 15.2% ​ Net (Loss) Income ​ $ 3,723,273 ​ $ (2,700,163) ​ $ 6,423,436 237.9% ​ Rental income from continuing operations for the year ended December 31, 2022 was approximately $67,560,000, compared to approximately $62,175,000 for the year ended December 31, 2021, an increase of approximately $5,385,000 (8.7%).
Added
The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Costs directly related to the acquisition, development and construction of rental properties are capitalized.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeManagement’s Discussion and Analysis of Financial Condition and Results of Operations—Factors That May Affect Future Results”. 39 Table of Contents ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DAT A The financial statements of the Partnership appear on pages F-4 through F-X of this Form 10-K and are indexed herein under Item 15(a)(1). ITEM 9.
Biggest changeManagement’s Discussion and Analysis of Financial Condition and Results of Operations—Factors That May Affect Future Results”. ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DAT A The financial statements of the Partnership appear on pages F-4 through F-41 of this Form 10-K and are indexed herein under Item 15(a)(1). ITEM 9.
For information regarding the fair value and maturity dates of these debt obligations, see Note 5 to the Consolidated Financial Statements — “Mortgage Notes Payable,” Note 12 to the Consolidated Financial Statements — “Fair Value Measurements” and Note 14 to the Consolidated Financial Statements — “Investment in Unconsolidated Joint Ventures .” For additional disclosure about market risk, see “Item 7.
For information regarding the fair value and maturity dates of these debt obligations, see Note 5 to the Consolidated Financial Statements — “Mortgage Notes Payable,” Note 12 to the Consolidated Financial Statements — “Fair Value Measurements” and Note 14 to the Consolidated Financial Statements — “Investment in Unconsolidated Joint Ventures For additional disclosure about market risk, see “Item 7.
Including the line of credit, the Partnership, its Subsidiary Partnerships and the Investment Properties collectively have variable rate debt of $10,000,000 as of December 31, 2023 ranging from SOFR plus 170 basis points to SOFR plus 310 basis points.
Including the line of credit, the Partnership, its Subsidiary Partnerships and the Investment Properties collectively have variable rate debt of $10,000,000 as of December 31, 2024 ranging from SOFR plus 170 basis points to SOFR plus 250 basis points.
As of December 31, 2023, the Partnership, its Subsidiary Partnerships and the Investment Properties collectively have approximately $577,822,000 in long-term debt, substantially all of which require payment of interest at fixed rates. Accordingly, the fair value of these debt instruments is affected by changes in market interest rates. This long term debt matures through 2035.
As of December 31, 2024, the Partnership, its Subsidiary Partnerships and the Investment Properties collectively have approximately $581,437,000 in long-term debt, substantially all of which require payment of interest at fixed rates. Accordingly, the fair value of these debt instruments is affected by changes in market interest rates. This long term debt matures through 2035.
Assuming interest rate caps are not in effect, if market rates of interest on the Partnership’s variable rate debt increased or decreased by 100 basis points, then the increase or decrease in interest costs on the Partnership’s variable rate debt would be approximately $50,000 annually and the increase or decrease in fair value of the Partnership’s fixed rate debt as of December 31, 2023 would be approximately $25,644,000.
Assuming interest rate caps are not in effect, if market rates of interest on the Partnership’s variable rate debt increased or decreased by 100 basis points, then the increase or decrease in interest costs on the Partnership’s variable rate debt would be approximately $50,000 annually and the increase or decrease in fair value of the Partnership’s fixed rate debt as of December 31, 2024 would be approximately $23,436,000.

Other NEN 10-K year-over-year comparisons