XML 54 R44.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

MORTGAGE NOTES PAYABLE (Line of Credit) (Details) - Line of Credit |  |  |  | 3 Months Ended |
--- | --- | --- | --- | --- | ---
Apr. 14, 2023 | Oct. 29, 2021 USD ($) | Jul. 31, 2014 USD ($) | Mar. 31, 2024 USD ($) property | Jul. 31, 2017 USD ($)
Line of Credit |  |  |  |  |
Maximum borrowings |  | $ 25,000,000 | $ 25,000,000 |  |
Term of debt |  | 3 years | 3 years |  |
Extension fees paid |  |  |  | $ 37,500 | $ 128,000
Maximum borrowings during modification period |  | $ 17,000,000 |  |  |
Amount of refinancing costs |  | $ 179,000 |  |  |
Number of properties in which borrowing amount collateralized | property |  |  |  | 23 |
Current covenants |  |  |  |  |
Line of Credit |  |  |  |  |
Debt service coverage ratio |  | 1.60 |  |  |
Tangible net worth |  | $ 200,000,000 |  |  |
Leverage ratio |  | 65.00% |  |  |
Debt yield |  | 9.50% |  |  |
Revised covenants in place until September 30, 2022 |  |  |  |  |
Line of Credit |  |  |  |  |
Debt service coverage ratio |  | 1.35 |  |  |
Tangible net worth |  | $ 175,000,000 |  |  |
Leverage ratio |  | 70.00% |  |  |
Debt yield |  | 8.50% |  |  |
Revised Covenants in place until December 31, 2022 |  |  |  |  |
Line of Credit |  |  |  |  |
Debt yield |  | 9.00% |  |  |
Federal Funds Rate |  |  |  |  |
Line of Credit |  |  |  |  |
Variable interest rate spread |  |  | 0.50% |  |
SOFR |  |  |  |  |
Line of Credit |  |  |  |  |
Variable interest rate spread | 0.10% |  |  |  |
LIBOR |  |  |  |  |
Line of Credit |  |  |  |  |
Variable interest rate spread |  | 3.00% | 1.00% |  |
Additional applicable margin rate |  |  | 2.50% |  |
Minimum |  |  |  |  |
Line of Credit |  |  |  |  |
Debt yield |  |  |  | 9.00% |
Pledged interest ownership percentage |  |  |  | 49.00% |
Maximum |  |  |  |  |
Line of Credit |  |  |  |  |
Debt yield |  |  |  | 9.50% |
Pledged interest ownership percentage |  |  |  | 100.00% |

X
- Definition Represents that additional interest rate margin on a debt instrument. + References No definition available. + Details
Name: | nen_AdditionalApplicableMarginRate
Namespace Prefix: | nen_
Data Type: | dtr-types:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Represents the ratio of consolidated adjusted earnings before interest, taxes, depreciation and amortization to interest expense, which is necessary to be maintained under the terms of the senior credit facilities' covenants. + References No definition available. + Details
Name: | nen_DebtInstrumentCovenantConsolidatedInterestCoverageRatio
Namespace Prefix: | nen_
Data Type: | xbrli:pureItemType
Balance Type: | na
Period Type: | duration

X
- Definition Represents the ratio of consolidated total debt to consolidated adjusted earnings before, interest, taxes, depreciation and amortization allowed under the terms of the senior credit facilities' covenants. + References No definition available. + Details
Name: | nen_DebtInstrumentCovenantConsolidatedLeverageRatio
Namespace Prefix: | nen_
Data Type: | dtr-types:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Represents the debt ratio allowed under the terms of the senior credit facilities' covenants. + References No definition available. + Details
Name: | nen_DebtInstrumentCovenantDebtYieldPercentage
Namespace Prefix: | nen_
Data Type: | dtr-types:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line of credit facility extension fees paid. + References No definition available. + Details
Name: | nen_LineOfCreditFacilityExtensionFeesPaid
Namespace Prefix: | nen_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Maximum borrowing capacity during the modifications period under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. + References No definition available. + Details
Name: | nen_LineOfCreditFacilityMaximumBorrowingCapacityDuringModificationPeriod
Namespace Prefix: | nen_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Represents the pledged interest ownership percentage. + References No definition available. + Details
Name: | nen_PledgedInterestOwnershipPercentage
Namespace Prefix: | nen_
Data Type: | dtr-types:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Represents the level of tangible net worth required to maintain. + References No definition available. + Details
Name: | nen_TangibleNetWorth
Namespace Prefix: | nen_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Percentage points added to the reference rate to compute the variable rate on the debt instrument. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentBasisSpreadOnVariableRate1
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:percentItemType
Balance Type: | na
Period Type: | duration

X
- Definition Amount of the fee that accompanies borrowing money under the debt instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_DebtInstrumentFeeAmount
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentTerm
Namespace Prefix: | us-gaap_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LineOfCreditFacilityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition The number of real estate properties owned as of the balance sheet date. + References No definition available. + Details
Name: | us-gaap_NumberOfRealEstateProperties
Namespace Prefix: | us-gaap_
Data Type: | xbrli:integerItemType
Balance Type: | na
Period Type: | instant

X
- Details
Name: | us-gaap_LongtermDebtTypeAxis=us-gaap_LineOfCreditMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_StatementScenarioAxis=nen_CurrentCovenantMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_StatementScenarioAxis=nen_RevisedCovenantMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_StatementScenarioAxis=nen_AdditionalRevisedCovenantMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_VariableRateAxis=nen_Nen_FederalFundsRateMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_VariableRateAxis=us-gaap_SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_VariableRateAxis=nen_LiborMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RangeAxis=srt_MinimumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_RangeAxis=srt_MaximumMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |