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RENTAL PROPERTIES | 6 Months Ended
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Jun. 30, 2023
RENTAL PROPERTIES |
RENTAL PROPERTIES | NOTE 2. RENTAL PROPERTIES ​ As of June 30, 2023, the Partnership and its Subsidiary Partnerships owned 2,892 residential apartment units in 25 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 referred to as the “Condominium Units”). The Apartment Complexes and Condominium Units are located primarily in the metropolitan Boston area of Massachusetts. ​ Additionally, as of June 30, 2023, the Partnership and Subsidiary Partnerships owned two commercial shopping centers in Framingham, commercial buildings in Newton and Brookline and mixed-use properties in Boston, Brockton, and Newton, all in Massachusetts. These properties are referred to collectively as the “Commercial Properties.” ​ The Partnership also owned a 40% to 50% ownership interest in seven residential and mixed use complexes (the “Investment Properties”) at June 30, 2023 with a total of 688 apartment units, accounted for using the equity method of consolidation. See Note 15 for summary information on these investments. ​ The Partnership purchased a commercial retail property of approximately 20,700 square feet, located at 653 Worcester Road in Framingham, Massachusetts for the sum of approximately $10,151,000 on January 18, 2023. This acquisition was funded from the Partnership’s cash reserves and closing costs were approximately $59,000. From the purchase price, the Partnership allocated approximately $585,000 to in- place leases, and approximately $378,000 to the value of tenant relationships. The value assigned to in-place leases is being amortized over a twelve-month period. The value assigned to tenant relationships is being amortized over the individual tenant’s lease term, ranging from 20 months to 156 months. ​ Rental properties consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2023 |  | December 31, 2022 |  | Useful Life |
Land, improvements and parking lots | ​ | $ | 90,857,007 | ​ | $ | 87,405,897 | ​ | 15 | - | 40 | years | ​
Buildings and improvements | ​ |  | 263,076,029 | ​ |  | 256,035,191 | ​ | 15 | - | 40 | years | ​
Kitchen cabinets | ​ |  | 15,029,029 | ​ |  | 14,347,212 | ​ | 5 | - | 10 | years | ​
Carpets | ​ |  | 13,035,304 | ​ |  | 12,047,573 | ​ | 5 | - | 10 | years | ​
Air conditioning | ​ |  | 501,697 | ​ |  | 501,697 | ​ | 5 | - | 10 | years | ​
Laundry equipment | ​ |  | 553,140 | ​ |  | 553,140 | ​ | 5 | - | 7 | years | ​
Elevators | ​ |  | 1,885,265 | ​ |  | 1,885,265 | ​ | 20 | - | 40 | years | ​
Swimming pools | ​ |  | 1,090,604 | ​ |  | 1,090,604 | ​ | 10 | - | 30 | years | ​
Equipment | ​ |  | 19,418,136 | ​ |  | 18,716,758 | ​ | 5 | - | 30 | years | ​
Motor vehicles | ​ |  | 232,954 | ​ |  | 171,519 | ​ | ​ | ​ | 5 | years | ​
Fences | ​ |  | 46,872 | ​ |  | 46,872 | ​ | 5 | - | 15 | years | ​
Furniture and fixtures | ​ |  | 8,817,296 | ​ |  | 7,902,182 | ​ | 5 | - | 7 | years | ​
Total fixed assets | ​ |  | 414,543,333 | ​ |  | 400,703,910 | ​ | ​ | ​ | ​ | ​ | ​
Less: Accumulated depreciation | ​ |  | (167,092,493) | ​ |  | (159,627,479) | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 247,450,840 | ​ | $ | 241,076,431 | ​ | ​ | ​ | ​ | ​ | ​
​

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- Definition This element represents the entire disclosure of lessor's property under leasing agreements and property available for lease (not currently under lease) by property class, the gross amount, accumulated depreciation and net amount as of the balance sheet date. + References No definition available. + Details
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- References No definition available. + Details
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Namespace Prefix: | nen_
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