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SUBSEQUENT EVENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2012
SUBSEQUENT EVENTS |
Schedule of balance sheets | Nashoba Apartments LP Balance Sheets (In Thousands)
|  | December 31, |
--- | --- | --- | ---
|  | 2012 |  | 2011 |
Assets: |  |  |  |  |  |  |
Rental property |  | $ | 1,283 |  | $ | 1,210 |
Accumulated depreciation |  |  | 821 |  |  | 743 |
Rental property (net) |  |  | 462 |  |  | 467 |
Other current assets |  |  | 123 |  |  | 80 |
Other assets |  |  | 2 |  |  | 6 |
Total assets |  | $ | 587 |  | $ | 553 |
Liabilities: |  |  |  |  |  |  |
Mortgage note payable |  | $ | 2,000 |  | $ | 2,000 |
Other liabilities |  |  | 71 |  |  | 70 |
Total liabilities |  |  | 2,071 |  |  | 2,070 |
Partner's equity |  |  | (1,484 | ) |  | (1,517 | )
Total liabilities & partner's equity |  | $ | 587 |  | $ | 553 |
Schedule of statements of income | Nashoba Apartments LP Statements of Income (In Thousands)
|  | Years ended December 31, |
--- | --- | --- | ---
|  | 2012 |  | 2011 |  | 2010 |
Rental and other Income |  | $ | 462 |  | $ | 451 |  | $ | 450 |
Operating Expenses |  |  | 241 |  |  | 260 |  |  | 261 |
Interest Expense |  |  | 108 |  |  | 108 |  |  | 108 |
Depreciation |  |  | 80 |  |  | 72 |  |  | 63 |
Total Expenses |  |  | 429 |  |  | 440 |  |  | 432 |
Net Income |  | $ | 33 |  | $ | 11 |  | $ | 18 |
Schedule of cash flow information | Nashoba Apartments LP Cash Flow Information (In Thousands)
|  | Years ended December 31, |
--- | --- | --- | ---
|  | 2012 |  | 2011 |  | 2010 |
Distributions from (to) Nashoba |  | $ | 1 |  | $ | (72 | ) | $ | 45 |
Schedule of pro forma consolidated balance sheet | New England Realty Associates Limited Partnership Pro Forma Consolidated Balance Sheet As of December 31, 2012 (Unaudited)
|  |  |  | Pro Forma |
--- | --- | --- | --- | --- | ---
|  | Historical NERA |  | Adjustments Refinancings |  | Consolidated Totals |
ASSETS |  |  |  |  |  |  |  |  |  |
Rental Properties |  | $ | 95,435,850 |  | $ | — |  | $ | 95,435,850 |
Cash and Cash Equivalents |  |  | 6,981,906 | (a) |  | 21,465,693 |  |  | 28,447,599 |
Rents Receivable |  |  | 475,083 |  |  | — |  |  | 475,083 |
Real Estate Tax Escrows |  |  | 449,652 |  |  | — |  |  | 449,652 |
Prepaid Expenses and Other Assets |  |  | 3,073,890 | (b) |  | 2,028,400 |  |  | 5,102,290 |
Investments in Unconsolidated Joint Ventures |  |  | 13,986,173 |  |  | — |  |  | 13,986,173 |
Financing and Leasing Fees |  |  | 1,135,936 | (c) |  | 1,445,795 |  |  | 2,581,731 |
Total Assets |  | $ | 121,538,490 |  | $ | 24,939,888 |  | $ | 146,478,378 |
LIABILITIES AND PARTNERS' CAPITAL |  |  |  |  |  |  |  |  |  |
Mortgage Notes Payable |  | $ | 138,055,522 | (d) | $ | 24,980,014 |  | $ | 163,035,536 |
Accounts Payable and Accrued Expenses |  |  | 2,361,942 |  |  | — |  |  | 2,361,942 |
Advance Rental Payments and Security Deposits |  |  | 3,636,704 |  |  | — |  |  | 3,636,704 |
Total Liabilities |  | $ | 144,054,168 |  | $ | 24,980,014 |  | $ | 169,034,182 |
Partners' Capital 130,444 units outstanding in 2012 |  |  | (22,515,678 | ) |  | (40,126 | ) |  | (22,555,804 | )
Total Liabilities and Partners' Capital |  | $ | 121,538,490 |  | $ | 24,939,888 |  | $ | 146,478,378 |
Schedule of pro forma consolidated income statement | New England Realty Associates Limited Partnership Pro Forma Consolidated Statement of Income For the Twelve Months Ended December 31, 2012 (Unaudited)
|  |  |  | Pro Forma |
--- | --- | --- | --- | --- | ---
|  | Historic NERA |  | Adjustments Refinancing |  | Consolidated Totals |
Revenues |  |  |  |  |  |  |  |  |  |
Rental income |  | $ | 35,244,008 |  | $ | — |  | $ | 35,244,008 |
Laundry and sundry income |  |  | 388,401 |  |  | — |  |  | 388,401 |
|  |  | 35,632,409 |  |  | — |  |  | 35,632,409 |
Expenses |  |  |  |  |  |  |  |  |  |
Administrative |  |  | 1,825,951 |  |  | — |  |  | 1,825,951 |
Depreciation and amortization |  |  | 6,092,725 | (e) |  | 112,948 |  |  | 6,205,673 |
Management fee |  |  | 1,446,620 |  |  | — |  |  | 1,446,620 |
Operating |  |  | 3,633,619 |  |  | — |  |  | 3,633,619 |
Renting |  |  | 183,529 |  |  | — |  |  | 183,529 |
Repairs and maintenance |  |  | 5,179,408 |  |  | — |  |  | 5,179,408 |
Taxes and insurance |  |  | 4,348,492 |  |  | — |  |  | 4,348,492 |
|  |  | 22,710,344 |  |  | 112,948 |  |  | 22,823,292 |
Income Before Other Income and Discontinued Operations |  |  | 12,922,065 |  |  | (112,948 | ) |  | 12,809,117 |
Other Income (Loss) |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 2,216 |  |  | — |  |  | 2,216 |
Interest expense |  |  | (7,802,999 | )(f) |  | 72,822 |  |  | (7,730,177 | )
(Loss) from investments in unconsolidated joint ventures |  |  | (1,487,484 | ) |  | — |  |  | (1,487,484 | )
Other |  |  | — |  |  | — |  |  | — |
|  |  | (9,288,267 | ) |  | 72,822 |  |  | (9,215,445 | )
Income From Continuing Operations |  |  | 3,633,798 |  |  | (40,126 | ) |  | 3,593,672 |
Discontinued Operations |  |  |  |  |  |  |  |  |  |
Income from discontinued operations |  |  | — |  |  | — |  |  | — |
Gain on the sale of real estate from discontinued operations |  |  | — |  |  | — |  |  | — |
|  |  | — |  |  | — |  |  | — |
Net Income |  | $ | 3,633,798 |  | $ | (40,126 | ) | $ | 3,593,672 |
Income per Unit |  |  |  |  |  |  |  |  |  |
Income before discontinued operations |  | $ | 27.69 |  | $ | (0.31 | ) | $ | 27.38 |
Income from discontinued operations |  |  | — |  |  | — |  |  | — |
Net Income per Unit |  | $ | 27.69 |  | $ | (0.30 | ) | $ | 27.38 |
Weighted Average Number of Units Outstanding |  |  | 131,230 |  |  | 131,230 |  |  | 131,230 |
Notes to unaudited pro forma consolidated balance sheet and consolidated statement of income: (a) Cash adjusted for new loan proceeds, existing loan payoff, financing fees, replacement reserves and changes to mortgage debt service. (b) Replacement reserves required by new debt agreement (c) Change in prepaid financing fees between existing debt and refinanced debt (d) Difference between existing debt balance and refinanced debt balance (e) Increase in the amortization of the balance of prepaid finance costs for the existing debt and the proportionate share of prepaid finance costs for the refinanced debt (f) Decrease in mortgage interest expense between existing mortgage debt and refinanced debt

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