The partnership's financial position is increasingly vulnerable, evidenced by a negative equity balance of -$78.8 million and a substantial debt load of $526.9 million as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Current Assets | 27.21B | 31.15M | 105.02M | 106.11M | 0 | 97.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24.36M | 18.97M | 17.2M | 14.88M | 1.95M | 4.19M | 1.06M | 2.52M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | 25.56B | 17.62M | 17.62M | 18.23M | 49.56M | 96.08M | 18.65M | 7.55M | 9.06M | 7.24M | 7.46M | 10.3M | 14.02M | 14.01M | 2.34M | 4.05M | 3.25M | 2.88M | 10.75M | 6.89M | 9.77M | 12.05M | 9.86M | 24.36M | 18.97M | 16.69M | 14.48M | 1.24M | 623.08K | 456.28K | 1.83M |
| Short-Term Investments | 0 | 0 | 83.59M | 84.7M | 88.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.79K | 3.06M | 0 | 0 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | -28.07B | 0 | 0 | -140.49M | 0 | -20.59M | -8.48M | -12.89M | -8.32M | -9.18M | -11.45M | -14.83M | -14.89M | -8.91M | -4.89M | -3.87M | -3.92M | -11.34M | -8M | -11.18M | -12.53M | -11.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 466.82M | 474.18M | 288.49M | 279.62M | 0 | 259M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 106.9M | 81.68M | 77.03M | 76.56M | 83.12M | 52.5M | 53.71M | 52.44M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 230.51M | 207.15M | 169.46M | 176.7M | 149.12M | 152.9M | 95.44M | 98.92M | 92.74M | 95.97M | 98.56M | 98.26M | 99.11M | 102.97M | 107.03M | 104.86M | 79.56M | 74.27M | 75.69M | 81.98M | 51.41M | 51.58M | 52.29M |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | 0.25x | 0.26x | 0.29x | 0.26x | 0.29x | 0.25x | 0.37x | 0.34x | 0.36x | 0.35x | 0.33x | 0.32x | 0.32x | 0.31x | 0.29x | 0.30x | 0.37x | 0.38x | 0.34x | 0.25x | 0.36x | 0.34x | 0.32x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.47M | 2.69M | 334K | 1.55M | 0 | 26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 497.3B | 505.33M | 393.51M | 385.73M | 391.82M | 356.88M | 291.67M | 294.29M | 247.04M | 226.81M | 190.56M | 200.73M | 177.78M | 185.35M | 121.54M | 125.38M | 121.28M | 129.09M | 125.24M | 124.39M | 130.48M | 135.05M | 130.98M | 120.9M | 87.81M | 83.95M | 84.41M | 82.03M | 54.13M | 54.68M | 54.89M |
| Asset Turnover | 0.00x | 0.18x | 0.20x | 0.19x | 0.17x | 0.18x | 0.21x | 0.21x | 0.23x | 0.23x | 0.26x | 0.23x | 0.24x | 0.21x | 0.29x | 0.27x | 0.27x | 0.26x | 0.26x | 0.25x | 0.25x | 0.24x | 0.24x | 0.26x | 0.33x | 0.33x | 0.31x | 0.25x | 0.34x | 0.32x | 0.30x |
| Asset Growth % | 129081.15% | 28.42% | 2.02% | -1.55% | 9.79% | 22.36% | -0.89% | 19.13% | 8.92% | 19.02% | -5.06% | 12.91% | -4.08% | 52.5% | -3.06% | 3.38% | -6.05% | 3.07% | 0.68% | -4.67% | -3.38% | 3.11% | 8.33% | 37.69% | 4.6% | -0.54% | 2.9% | 51.53% | -1% | -0.38% | -0.97% |
| Total Current Liabilities | 6.61M | 6.62M | 3.58M | 2.85M | 0 | 2.71M | 13.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5M | 4.9M | 4.3M | 4M | 4.5M | 2.8M | 2.7M | 2.4M |
| Accounts Payable | 0 | 8.87M | 9M | 5.72M | 0 | 4.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | 39.93 | 43.38 | 125.01 | 79.48 | - | 73.3 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | -39.66M | -39.54M | -32.43M | -2.71M | -24.61M | 11.35M | -4.67M | -1.92M | -7.84M | 0 | 0 | -135K | -8.65M | -41.27M | -1.11M | -942K | -874K | -823K | -8.77M | -1.05M | -2.51M | -715K | 0 | 0 | 0 | 0 | -750K | 0 | 0 | 0 |
| Current Ratio | 4116.59x | 4.71x | 29.34x | 37.19x | - | 36.19x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4.87x | 3.87x | 4.00x | 3.72x | 0.43x | 1.50x | 0.39x | 1.05x |
| Quick Ratio | 4116.59x | 4.71x | 29.34x | 37.19x | - | 36.19x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4.87x | 3.87x | 4.00x | 3.72x | 0.43x | 1.50x | 0.39x | 1.05x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 576.93B | 572.93M | 452.36M | 448.23M | 0 | 403.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 115.9M | 82.9M | 79.6M | 80.4M | 77.5M | 51.3M | 52M | 52.5M |
| Long-Term Debt | 520.31M | 520.98M | 402.63M | 405.81M | 408.26M | 370.48M | 297.91M | 295.1M | 252.45M | 242.38M | 212.71M | 219.5M | 195.94M | 189.87M | 96.78M | 139.72M | 141.41M | 143.94M | 137.34M | 108.03M | 113.6M | 113.08M | 114.9M | 115.91M | 82.87M | 79.61M | 80.37M | 77.53M | 51.32M | 51.96M | 52.54M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 576.93B | 579.55M | 455.94M | 451.09M | 451.69M | 406.17M | 333.14M | 332.12M | 282.66M | 262.12M | 224.79M | 231.54M | 205.14M | 207.19M | 144.05M | 146.69M | 148.2M | 150.42M | 142.96M | 121.73M | 118.84M | 119.97M | 120.51M | 120.9M | 87.81M | 83.95M | 84.41M | 82.03M | 54.13M | 54.68M | 54.89M |
| Total Debt | 526.92M | 527.6M | 406.21M | 408.66M | 410.97M | 370.48M | 300.44M | 299.77M | 254.37M | 250.22M | 212.71M | 219.5M | 196.07M | 198.52M | 138.06M | 140.83M | 142.35M | 144.81M | 138.16M | 116.8M | 114.66M | 115.59M | 115.62M | 115.91M | 82.87M | 79.61M | 80.37M | 78.28M | 51.32M | 51.96M | 52.54M |
| Net Debt | -25.03B | 509.98M | 388.59M | 390.43M | 361.41M | 274.4M | 281.8M | 292.22M | 245.31M | 242.98M | 205.25M | 209.2M | 182.06M | 184.51M | 135.72M | 136.78M | 139.1M | 141.93M | 127.41M | 109.91M | 104.89M | 103.54M | 105.75M | 91.55M | 63.9M | 62.92M | 65.89M | 77.04M | 50.7M | 51.5M | 50.71M |
| Debt / Equity | -0.01x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 43.83x | 9.85x | 7.66x | 11.04x | 8.52x | 5.21x | 6.37x | 9.03x | 13.98x | 11.94x | 14.84x | 13.47x |
| Debt / EBITDA | 11.88x | 0.02x | 9.59x | 11.18x | 11.93x | 11.98x | 9.00x | 9.38x | 3.61x | 3.91x | 4.29x | 9.36x | 9.14x | 10.17x | 7.26x | 8.14x | 8.73x | 8.51x | 8.50x | 7.56x | 7.38x | 7.26x | 7.34x | 6.92x | 4.80x | 7.73x | 9.03x | 12.15x | 9.64x | 11.91x | 13.89x |
| Net Debt / EBITDA | -564.63x | 0.02x | 9.17x | 10.68x | 10.49x | 8.88x | 8.44x | 9.14x | 3.48x | 3.80x | 4.14x | 8.92x | 8.49x | 9.46x | 7.14x | 7.90x | 8.53x | 8.34x | 7.84x | 7.12x | 6.75x | 6.51x | 6.71x | 5.46x | 3.70x | 6.11x | 7.41x | 11.95x | 9.52x | 11.80x | 13.41x |
| Interest Coverage | - | 1.32x | 2.01x | 1.54x | 1.25x | 0.80x | 1.09x | 1.54x | 1.34x | 1.62x | 1.49x | 1.38x | 0.14x | 1.39x | 1.47x | 1.17x | 0.79x | 1.41x | 1.27x | 1.14x | 1.09x | 1.17x | 3.91x | 4.00x | 6.65x | 4.14x | - | - | 1.40x | - | 0.15x |
| Total Equity | -79.63B | -74.22M | -62.43M | -65.35M | -59.87M | -49.29M | -41.47M | -37.82M | -35.62M | -35.32M | -34.22M | -30.81M | -27.37M | -21.85M | -22.52M | -21.31M | -26.92M | -21.33M | -17.72M | 2.66M | 11.64M | 15.08M | 10.47M | 13.6M | 15.9M | 12.5M | 8.9M | 5.6M | 4.3M | 3.5M | 3.9M |
| Equity Growth % | -111488.19% | -18.87% | 4.47% | -9.16% | -21.46% | -18.87% | -9.64% | -6.17% | -0.87% | -3.19% | -11.08% | -12.58% | -25.26% | 2.96% | -5.65% | 20.84% | -26.19% | -20.41% | -764.85% | -77.11% | -22.81% | 44.06% | -23.02% | -14.47% | 27.2% | 40.45% | 58.93% | 30.23% | 22.86% | -10.26% | -9.3% |
| Book Value per Share | -22822.44 | -21.22 | -17.62 | -18.20 | -16.61 | -13.50 | -11.35 | -10.30 | -9.45 | -9.37 | -9.04 | -8.05 | -7.02 | -5.55 | -5.66 | -1.78 | -2.25 | -1.76 | -1.41 | 0.17 | 0.74 | 0.96 | 0.66 | 0.86 | 1.01 | 0.79 | 0.57 | 0.35 | 0.27 | 0.22 | 0.24 |
| Total Shareholders' Equity | -78.83M | -73.47M | -61.81M | -64.7M | -59.27M | -48.8M | -41.06M | -37.45M | -35.27M | -34.96M | -33.88M | -30.5M | -27.09M | -21.63M | -22.29M | -21.1M | -26.65M | -21.12M | -17.54M | 2.58M | 11.53M | 14.93M | 10.36M | 13.6M | 15.9M | 12.5M | 8.9M | 5.6M | 4.3M | 3.5M | 3.9M |
| Common Stock | -79.07M | -73.68M | -62.22M | -64.94M | -59.56M | -48.8M | -41.06M | -37.45M | -35.27M | -34.96M | -33.88M | -30.5M | -27.09M | -21.63M | -22.29M | -21.1M | -26.65M | 0 | -17.54M | 2.58M | 11.53M | 14.93M | 10.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 235.45K | 210.74K | 408.96K | 236.38K | 294.93K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -21.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -797.1K | -742.74K | -626.88K | -654.38K | -600.19K | -491.51K | -413.28K | -376.83K | -354.83K | -351.75K | -340.84K | -306.87K | -272.86K | -218.16K | -224.93K | -212.94K | -269.03K | -213.16K | -177.17K | 80.63K | 116.59K | 151K | 104.87K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Negative Equity and Refinancing
As reported in recent financial statements, NEN's equity position has deteriorated into negative territory, reaching -$78.8 million in 2026Q1, which signals a concerning trend of capital erosion that may limit the partnership's financial flexibility and ability to absorb future property-level shocks or valuation adjustments.
The consistent decline in equity over the observed ten-quarter period suggests that the partnership is struggling to retain earnings or manage its capital structure effectively. This trajectory warrants close monitoring, as the persistent negative equity position may indicate that the book value of the underlying real estate assets is failing to keep pace with the partnership's mounting liabilities.
Based on the provided balance sheet data, NEN maintains a significant debt load of $526.9 million as of 2026Q1, which, when viewed alongside the partnership's negative equity, suggests that the entity is operating with a highly leveraged capital structure that leaves little room for operational error.
The reliance on debt to fund operations in a high-interest-rate environment creates substantial refinancing risk for the partnership. Investors should consider whether the current cash flow generation is sufficient to service this debt burden without necessitating further asset-level borrowing or potential dilution of unit-holder interests.
According to the latest quarterly filings, NEN's current ratio has exhibited extreme volatility, ranging from 0.23 in 2025Q3 to over 4,000 in 2026Q1, which suggests that the partnership's liquidity management is highly inconsistent and potentially vulnerable to sudden shifts in working capital requirements.
This erratic liquidity profile makes it difficult to assess the partnership's true ability to meet short-term obligations. The wide swings in the current ratio may reflect the timing of debt maturities or irregular cash inflows, which complicates the outlook for maintaining a stable cash buffer for ongoing property maintenance.
As indicated by the reported figures, the absence of net property, plant, and equipment on the balance sheet suggests that NEN's accounting practices may be masking the true market value of its real estate holdings, potentially leading to a significant undervaluation of the partnership's underlying assets.
While the balance sheet shows zero net PPE, the partnership clearly holds substantial real estate assets, implying that these are likely carried at historical cost or through unconsolidated entities. This accounting treatment obscures the true asset-to-liability relationship and makes it challenging for analysts to determine the actual Net Asset Value of the portfolio.
Quick answers to the most common questions about buying NEN stock.
As of 2025, New England Realty Associates Limited Partnership (NEN) had total assets of $505.3M including $31.2M in current assets.
New England Realty Associates Limited Partnership (NEN) carries total debt of $527.6M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
New England Realty Associates Limited Partnership (NEN) has total shareholders' equity (book value) of $-73.5M ($-21.22 book value per share). Book value represents the net worth of the company belonging to common stock holders.
New England Realty Associates Limited Partnership (NEN) reported a current ratio of 4.71x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.