Partnership Holdings
New
England Realty Associates Limited Partnership ("NERA" or "the
Partnership") and its 23 Subsidiary Partnerships ("the Subsidiary
Partnerships"), headquartered in Allston, Massachusetts, are engaged in
the business of acquiring, developing, holding for investment,
operating, and selling residential and commercial real estate in the New
England area. NERA has also made investments in other real estate
partnerships and has participated in other real estate-related
activities. To date, the partnership (and subsidary partnerships) own
2,269 apartments and 110,816 SF. of commercial space.
The
General Partner ("General Partner") for NERA is NewReal, Inc., a
corporation wholly owned by Harold Brown and Ronald Brown. Harold Brown
and Ronald Brown are officers and directors of the General Partner. The
Partnerships' properties are managed by The Hamilton Company, Inc. ("The
Hamilton Company"), which is wholly owned by Harold Brown.
Ownership Philosophy
The
long-term goals of the Partnership are to manage, rent and improve its
properties and, as suitable opportunities arise, to acquire additional
properties with income and capital appreciation potential. When
appropriate, the Partnership may sell or refinance selected properties
with low debt-to-equity ratios. Proceeds from any such sales or
refinancing will be reinvested in acquisitions of other properties,
distributed to the partners, or used for operating expenses or reserves,
as determined by the General Partner. It has paid continuous and
increasing dividends to the shareholders for 33 years.
Public Trading Market
There
are three classes of Partnership interests in NERA: Class A Partnership
Units ("Class A Unit"), Class B Partnership Units ("Class B Units"),
and General Partnership Units. In August 1987, NERA established a public
trading market for the benefit of its Limited Partners and entered into
a Deposit Agreement with The First National Bank of Boston as
Depositary (Computershare Trust Company, N.A. is now the Depositary).
Under this agreement, holders of Class A Units may exchange their Class A
Units for Depositary Receipts ("Receipts"). The Class B Units and
General Partnership Units are not publicly traded, and are 100% owned by
the General Partner. There are 1,301,700 Class A & B Units issued
and outstanding.
The
Receipts, each representing one-tenth of a Class A Unit, are listed on
The NYSE Amex Exchange (AMEX®) System under the symbol NEN. Receipts may
be purchased and sold at any time through a personal securities broker
and Computershare. The Receipts, unlike the Class B and General
Partnership Units, are freely transferable, except as restricted by the
Partnership Agreement and the Deposit Agreement.
Notice
Any shareholder may request a copy, free of charge, of our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) of the Securities Exchange Act of 1934, as amended, by sending a request in writing to: Director of Investor Relations, New England Realty Associates Limited Partnership, 39 Brighton Avenue, Allston, MA 02134, or by e-mail: NERA@thehamiltoncompany.com.