What the changes say
- A potential 2026 Massachusetts rent-control ballot measure could cap annual residential rent increases at the lower of CPI or 5%.
- A 2025 Massachusetts law may shift landlord-paid broker fees into NEN’s rental expenses.
- The Mill Street development cost and delay risk was removed.
- Control risk was substantively unchanged: insiders owned approximately 35% of Depositary Receipts, updated from December 31, 2024 to 2025.
What changed since the prior 10-K
New
- New
A Massachusetts Rent Control Initiative may be on the ballot on November 3, 2026 in Massachusetts as an indirect initiated state statute
A proposed 2026 Massachusetts ballot measure could cap annual residential rent increases at the lower of CPI or 5%, subject to stated exemptions.
- New
Recent changes to state law may increase our rental expense
A Massachusetts law effective August 1, 2025 may increase NEN’s rental expenses by prohibiting brokers from charging tenants landlord-related fees.
Dropped
- Dropped
Development project costs that exceed estimates
Reworded
- 24% rewritten
We are subject to control by our directors and officers
The risk is substantively unchanged; the insider ownership figure remains approximately 35%, but the reporting date moved from December 31, 2024 to 2025.
All 25 risk factors
Headings as the filing states them, in filing order.
Other
- 01We are subject to risks inherent in the ownership of real estate
- 02We are dependent on rental income from our multifamily apartment complexes and commercial properties
- 03Security breaches and other disruptions could compromise our information and expose us to liability, which would cause our business and reputation to suffer
- 04Our multifamily apartment complexes and commercial properties are subject to competition
- 05The properties we own are concentrated in Eastern Massachusetts and Southern New Hampshire
- 06Our insurance may not be adequate to cover certain risks
- 07Debt financing could adversely affect our performance
- 08We are obligated to comply with financial covenants in our indebtedness that could restrict our range of operating activities
- 09Real estate investments are generally illiquid, and we may not be able to sell our properties when it is economically or strategically advantageous to do so
- 10Our access to public debt markets is limited
- 11Litigation may result in unfavorable outcomes
- 12Our financial results may be adversely impacted if we are unable to sell properties and employ the proceeds in accordance with our strategic plan
- 13The costs of complying with laws and regulations could adversely affect our cash flow and ability to make distributions to our shareholders
- 14We are subject to the risks associated with investments through joint ventures
- 15We are subject to risks associated with development, acquisition and expansion of multifamily apartment complexes and commercial properties
- 16We are subject to control by our directors and officers24% rewritten
- 17Competition for skilled personnel could increase our labor costs
- 18We depend on our key personnel
- 19Changes in market conditions could adversely affect the market price of our Depositary Receipts
- 20We face possible risks associated with the physical effects of climate change
- 21Risk of changes in the tax law applicable to real estate partnerships
- 22Some of our costs, such as operating and general and administrative expenses, interest expense, and real estate acquisition and construction costs, are subject to inflation
- 23Recent City of Boston regulations impose new energy performance standards and fines that may increase utilities and administrative costs in order to comply with disclosure and energy reduction requirements
- 24A Massachusetts Rent Control Initiative may be on the ballot on November 3, 2026 in Massachusetts as an indirect initiated state statuteNew
- 25Recent changes to state law may increase our rental expenseNew
Other New England Realty Associates Limited Partnership 10-Ks
- FY2024 10-K risk factors24 risks
Rental income, property values, and distributions depend on multifamily and commercial real estate performance.
Filed Mar 14, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.