New England Realty Associates Limited Partnership Financial Ratios — NEN

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	7.53	2.94	3.69	0.56	1.99	2.53	3.32	1.76	2.42	0.49	-0.83	0.99	2.17	3.99	1.32
Return on Capital (%)	12.04	8.08	8.12	5.45	6.24	6.63	7.52	6.35	6.77	5.04	- -	4.8	5.9	7.64	5.27
Return on Invested Capital (%)	9.52	10.83	7.64	6.43	6.75	6.78	6.91	6.64	7.2	5.77	- -	5.4	5.72	7.41	5.47
Gross Margin (%)	68.95	69.28	67.85	67.46	68.09	66.6	67.15	67.25	67.94	67.98	65.62	66.12	64.73	67.35	66.32
EBITDA Margin (%)	51.17	53.66	50.86	50.32	51.55	51.34	52.26	52.55	52.84	53.75	49.35	50.46	49.08	52.59	50.46
Operating Margin (%)	33.48	36.34	29.01	26.01	28.33	26.76	26.78	25.72	28.56	24.1	22.74	26.49	26.56	31.5	24.38
Incremental Operating Margin (%)	68.22	96.82	-51.58	-1.05	63.06	9.26	27.05	14.91	95.54	-141.67	-135.61	68	27.44	92.3	-41.81
Pretax Margin (%)	4.4	10.24	5.1	2.4	8.29	9.99	13.13	7.19	10.83	2.29	-4.31	5.45	11.35	19.45	6.76
Profit Margin (%)	27.67	10.33	14.74	2.4	8.29	9.99	13.13	7.19	10.83	2.29	-4.31	5.45	11.35	19.45	6.76
Net Income to Common Margin (%)	27.39	10.23	14.59	2.38	8.21	9.89	13	7.11	10.83	2.29	-4.31	5.45	11.35	19.45	6.76
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	259.12	109.31	201.85	379.28	100.36	136.29	115.26	107.48	71.74	328.23	-173.07	248.92	117.75	71.8	278.44
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	142	138	199	196	245	213	267	254	300	300	370	411	409	406	528
ST Debt	2	- -	- -	- -	25	- -	17	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	141	138	199	196	220	213	250	254	300	300	370	411	409	406	528
Total Debt/EBITDA	8.29	7.32	10.17	9.14	10.43	8.36	9.68	8.34	9.38	9	11.98	11.93	11.18	9.59	11.72
Net Debt/EBITDA	8.06	6.95	9.46	8.49	9.99	8.07	9.42	8.05	9.14	8.44	8.88	10.49	10.68	9.17	11.13
Total Debt/EBIT	12.67	10.8	17.83	17.69	18.98	16.04	18.89	17.05	17.36	20.07	26.01	22.72	20.65	16.01	24.26
Net Debt/EBIT	12.31	10.26	16.58	16.42	18.18	15.48	18.38	16.44	16.92	18.83	19.27	19.98	19.73	15.32	23.03
EBITDA to Interest Expense	2.19	2.45	2.43	2.2	2.35	2.49	2.48	2.46	2.62	2.44	2.27	2.29	2.33	2.74	2.42
EBITDA-CapEx/Interest Expense	0.58	2.15	-0.95	1.63	1.06	1.99	-2.09	2.46	2.62	2.44	2.27	2.29	2.33	2.74	2.42
EBIT to Interest Expense	1.43	1.66	1.39	1.14	1.29	1.3	1.27	1.2	1.42	1.09	1.04	1.2	1.26	1.64	1.17
Interest Expense	8	8	8	10	10	10	11	12	12	14	14	15	16	15	19
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	98.83	100	100	100	89.78	100	93.64	100	100	100	100	100	100	100	100
Long-Term Debt/Total Assets (%)	112.33	113.59	107.11	110.29	109.35	111.62	110.32	102.97	101.86	103.01	103.81	104.89	105.94	101.61	102.66
Total Debt/Equity (%)	-668.67	-613.15	-908.62	-716.43	-793.55	-621.51	-756.68	-714.04	-792.55	-724.5	-751.6	-686.44	-625.3	-650.62	-710.9
Total Debt/Capital (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
Total Debt/Total Assets (%)	113.66	113.59	107.11	110.29	121.81	111.62	117.82	102.97	101.86	103.01	103.81	104.89	105.94	101.61	102.66
Net Debt to Equity	-649.66	-582.14	-844.48	-665.22	-760.13	-599.7	-736.18	-688.61	-772.6	-679.54	-556.67	-603.66	-597.4	-622.4	-674.96
Net Debt/Capital (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA	17	19	20	21	23	25	28	30	32	33	31	34	37	42	45
EBITDA-CapEx	5	17	-8	16	11	20	-23	30	32	33	31	34	37	42	45
Operating Income (Loss)	11	13	11	11	13	13	14	15	17	15	14	18	20	25	22

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	1.8	2.96	3.16	3.1	1.49	1.13	1.18	0.41	0.31	0.74	3.52	4.37	3.17	2.56	0.67
Current Ratio	3.88	4.84	4.24	4	2.34	1.93	2.02	0.46	0.35	0.82	3.58	4.45	3.27	3.02	1.22
Quick Ratio	2.17	3.35	3.36	3.28	1.65	1.38	1.35	0.46	0.35	0.82	3.58	4.45	3.27	2.66	0.79
CFO/Avg Current Liab	2.24	5.18	3.96	2.64	2.41	2.78	3.69	1.8	0.97	0.71	0.6	0.73	0.75	0.89	0.7
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	98.83	100	100	100	89.78	100	93.64	100	100	100	100	100	100	100	100
Long-Term Debt/Total Assets (%)	112.33	113.59	107.11	110.29	109.35	111.62	110.32	102.97	101.86	103.01	103.81	104.89	105.94	101.61	102.66
Total Debt/Equity (%)	-668.67	-613.15	-908.62	-716.43	-793.55	-621.51	-756.68	-714.04	-792.55	-724.5	-751.6	-686.44	-625.3	-650.62	-710.9
Total Debt/Capital (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
Total Debt/Total Assets (%)	113.66	113.59	107.11	110.29	121.81	111.62	117.82	102.97	101.86	103.01	103.81	104.89	105.94	101.61	102.66
CFO/Total Liabilities	6.2	8.3	6.49	5.77	5.96	8.39	9	9.07	6.76	5.24	3.89	4.77	5.36	6.91	4.7
CFO/CapEx	0.72	5.06	0.5	2.11	1.07	3.65	0.46	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	1.79	1.22	1	1.09	1	1.14	1.1	0.82	0.75	0.7	0.91	1.01	0.93	1.03	0.57

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	154.68	77.35	79	87.87	100.18	98.97	91.11	85.63	96.96	65.49	53.37	85.84	92.55	74.07	67.35
Days Sales Outstanding	2.36	4.72	4.62	4.15	3.64	3.69	4.01	4.26	3.76	5.57	6.84	4.25	3.94	4.93	5.42
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	9.25	4.68	4.45	4.42	3.75	3.81	4.69	5.23	4.73	4.87	5.24	3.99	4.04	3.57	3.36
Accounts Payable Turnover Days	39.44	77.98	81.98	82.58	97.33	95.85	77.75	69.82	77.2	74.92	69.6	91.47	90.26	102.21	108.58
Cash Conversion Cycle	-37.08	-73.26	-77.36	-78.43	-93.69	-92.16	-73.74	-65.55	-73.43	-69.35	-62.76	-87.22	-86.32	-97.28	-103.16
Inventory to Cash Days	2.36	4.72	4.62	4.15	3.64	3.69	4.01	4.26	3.76	5.57	6.84	4.25	3.94	4.93	5.42
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	284	118	175	190	194	231	276	211	230	185	250	259	250	293	228
- Cash & Cash Equivalents	4	7	14	14	10	7	7	9	8	19	96	50	18	18	27
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	142	138	199	196	245	213	267	254	300	300	370	411	409	406	528
Enterprise Value	422	249	359	372	429	436	536	456	522	467	524	531	556	598	729
Total Capital	142	138	199	196	245	213	267	254	300	300	370	411	409	406	528
Total Debt/Capital (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
Total Debt / EV	0.34	0.55	0.55	0.53	0.57	0.49	0.5	0.56	0.57	0.64	0.71	0.77	0.73	0.68	0.72
EV/Sales	12.58	7.09	9.37	8.73	9.42	8.79	10.16	7.86	8.64	7.52	8.37	7.78	7.47	7.43	8.17
EV/EBITDA	24.57	13.2	18.42	17.35	18.28	17.13	19.43	14.96	16.34	13.99	16.96	15.41	15.21	14.13	16.19
EV/EBIT	37.56	19.5	32.29	33.58	33.26	32.87	37.93	30.58	30.24	31.19	36.82	29.36	28.1	23.58	33.51
EV/Cash Flow to Firm	24.92	12.68	16.75	17.25	18.02	15	15.45	12	15.07	14.99	17.83	14.51	13.93	12.62	15.76
EV/Free Cash Flow to Firm	14.26	11.32	7.4	13.69	11.68	12.74	6.27	12	15.07	14.99	17.83	14.51	13.93	12.62	15.76
Diluted Market Cap	284	118	175	190	194	231	276	211	230	185	250	259	250	293	228
Diluted Enterprise Value	422	249	359	372	429	436	536	456	522	467	524	620	641	682	729
EV per Share	35.33	62.66	91.32	95.42	111.91	115.11	142.32	121.03	140.77	126.52	142.21	145.84	154.84	168.71	206.34
TTM Sales	34	35	38	43	45	50	53	58	60	62	63	68	74	81	89
TTM EBITDA	17	19	20	21	23	25	28	30	32	33	31	34	37	42	45
TTM Operating Income	11	13	11	11	13	13	14	15	17	15	14	18	20	25	22
TTM Cash Flow to Firm	17	20	21	22	24	29	35	38	35	31	29	37	40	47	46
TTM Free Cash Flow to Firm	30	22	49	27	37	34	86	38	35	31	29	37	40	47	46

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	13.05	8.25	4.31	10.9	7.28	9.6	3.72	8.23	10.25	10.61	15.84	12	10.35	9.18	8.24
EV/EBIT	37.56	19.5	32.29	33.58	33.26	32.87	37.93	30.58	30.24	31.19	36.82	29.36	28.1	23.58	33.51
Enterprise Value	422	249	359	372	429	436	536	456	522	467	524	531	556	598	729
Low Price	20.45	23.02	29	43.12	46	48.18	59.1	55.6	52	41.08	49.4	66.13	64	67.19	63
EV/Sales	12.58	7.09	9.37	8.73	9.42	8.79	10.16	7.86	8.64	7.52	8.37	7.78	7.47	7.43	8.17
EV/EBITDA	24.57	13.2	18.42	17.35	18.28	17.13	19.43	14.96	16.34	13.99	16.96	15.41	15.21	14.13	16.19
Price/Earnings	30.86	32.83	31.24	187.44	52.03	47.05	40.25	51.1	35.13	129.95	- -	69.44	29.61	18.73	37.77
Price/Earnings Average	29.34	30.53	28.71	181.95	50.3	44.37	37.77	60.73	34.21	134.18	-80.44	76.21	30.11	16.87	43.65
Price/Earnings High	32.28	34.09	33.03	199.47	53.06	51.93	41.3	67.12	37.62	167.88	-94.22	83.13	32.86	19.02	49.19
Price/Earnings Low	26.57	25.45	20.38	165.79	47.16	37.22	32.43	50.78	29.46	106.42	-67.47	64.67	27.18	15.21	36.89
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	-13.32	-5.25	-8	-6.95	-6.31	-6.74	-7.83	-5.89	-5.87	-4.46	-5.07	-4.32	-3.74	-4.67	-2.96
Price/Tangible Book Value Average	-12.66	-4.88	-7.36	-6.75	-6.1	-6.35	-7.35	-7.01	-5.71	-4.6	-4.4	-4.74	-3.8	-4.21	-3.42
Price/Tangible Book Value High	-13.93	-5.45	-8.46	-7.4	-6.43	-7.44	-8.03	-7.74	-6.28	-5.76	-5.16	-5.17	-4.15	-4.75	-3.86
Price/Tangible Book Value Low	-11.47	-4.07	-5.22	-6.15	-5.72	-5.33	-6.31	-5.86	-4.92	-3.65	-3.69	-4.02	-3.44	-3.8	-2.89
Price/Sales	8.45	3.36	4.56	4.46	4.27	4.65	5.23	3.64	3.8	2.98	3.99	3.79	3.36	3.64	2.55
Price/Sales Average	8.04	3.12	4.19	4.33	4.13	4.39	4.91	4.32	3.7	3.08	3.47	4.15	3.42	3.28	2.95
Price/Sales High	8.84	3.49	4.82	4.75	4.36	5.14	5.37	4.78	4.07	3.85	4.06	4.53	3.73	3.7	3.33
Price/Sales Low	7.28	2.6	2.97	3.95	3.87	3.68	4.22	3.61	3.19	2.44	2.91	3.53	3.09	2.96	2.49
Price/Cash Flow	31.23	9.88	13.01	16.06	14.08	12.23	11.71	8.23	10.25	10.61	15.84	12	10.35	9.18	8.24
Price/Cash Flow Average	29.68	9.19	11.96	15.59	13.61	11.53	10.99	9.78	9.98	10.95	13.76	13.17	10.53	8.27	9.52
Price/Cash Flow High	32.66	10.26	13.76	17.09	14.35	13.5	12.02	10.81	10.97	13.7	16.12	14.37	11.49	9.33	10.73
Price/Cash Flow Low	26.89	7.66	8.49	14.21	12.76	9.67	9.44	8.18	8.59	8.69	11.54	11.18	9.5	7.46	8.05
Price/Free Cash Flow Average	12.41	7.67	3.96	10.58	7.04	9.05	3.49	9.78	9.98	10.95	13.76	13.17	10.53	8.27	9.52
Price/Free Cash Flow High	13.65	8.57	4.56	11.6	7.42	10.6	3.81	10.81	10.97	13.7	16.12	14.37	11.49	9.33	10.73
Price/Free Cash Flow Low	11.24	6.4	2.82	9.64	6.6	7.59	2.99	8.18	8.59	8.69	11.54	11.18	9.5	7.46	8.05
EV/Sales Average	12.16	6.85	9	8.6	9.28	8.53	9.83	8.55	8.54	7.62	7.85	9.45	8.66	8.11	8.57
EV/Sales High	12.96	7.21	9.63	9.02	9.51	9.28	10.29	9	8.9	8.39	8.44	9.82	8.97	8.52	8.94
EV/Sales Low	11.4	6.33	7.78	8.22	9.02	7.82	9.14	7.84	8.02	6.98	7.29	8.82	8.33	7.78	8.11
EV/EBITDA Average	23.76	12.77	17.69	17.09	18	16.62	18.81	16.27	16.15	14.17	15.9	18.72	17.64	15.41	16.98
EV/EBITDA High	25.33	13.44	18.93	17.92	18.44	18.07	19.69	17.13	16.85	15.61	17.11	19.47	18.28	16.21	17.72
EV/EBITDA Low	22.28	11.8	15.31	16.33	17.5	15.24	17.49	14.92	15.18	12.98	14.77	17.47	16.97	14.8	16.07
EV/EBIT Average	36.31	18.85	31.02	33.07	32.76	31.88	36.72	33.24	29.89	31.59	34.52	35.67	32.6	25.73	35.14
EV/EBIT High	38.71	19.85	33.19	34.68	33.56	34.67	38.43	35.01	31.18	34.8	37.13	37.09	33.77	27.06	36.67
EV/EBIT Low	34.05	17.42	26.83	31.59	31.85	29.24	34.13	30.49	28.09	28.95	32.06	33.29	31.35	24.71	33.26
Last Price	23.75	29.7	44.44	48.75	50.75	60.9	73.35	55.95	62	50.16	67.8	71	69.7	82.7	64.5
High Price	24.84	30.84	46.99	51.88	51.75	67.22	75.25	73.5	66.39	64.8	68.99	85	77.36	84	84
Enterprise Value Average	408	241	345	367	422	423	519	496	516	473	492	645	645	653	764
Enterprise Value High	435	254	369	384	432	460	544	522	539	521	529	671	668	686	798
Enterprise Value Low	383	223	299	350	410	388	483	455	485	433	457	602	620	627	723

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Weighted Avg Shares	12	4	4	4	4	4	4	4	4	4	4	4	4	4	4
Basic Weighted Avg Shares	12	4	4	4	4	4	4	4	4	4	4	4	4	4	4
Revenue per Share	2.81	8.84	9.75	10.93	11.88	13.09	14.01	15.39	16.3	16.83	16.99	18.76	20.74	22.71	25.26
EBITDA per Share	1.44	4.75	4.96	5.5	6.12	6.72	7.32	8.09	8.61	9.04	8.38	9.46	10.18	11.94	12.74
Operating Income per Share	0.94	3.21	2.83	2.84	3.36	3.5	3.75	3.96	4.66	4.06	3.86	4.97	5.51	7.15	6.16
Basic EPS, GAAP	0.77	0.9	1.42	0.26	0.98	1.29	1.82	1.1	1.76	0.39	-0.73	1.02	2.35	4.42	1.71
Basic EPS from Cont Ops	0.12	0.91	0.5	0.26	0.99	1.31	1.84	1.11	1.76	0.39	-0.73	1.02	2.35	4.42	1.71
Diluted EPS, GAAP	0.77	0.9	1.42	0.26	0.98	1.29	1.82	1.1	1.76	0.39	-0.73	1.02	2.35	4.42	1.71
Diluted EPS from Cont Ops	0.12	0.91	0.5	0.26	0.99	1.31	1.84	1.11	1.76	0.39	-0.73	1.02	2.35	4.42	1.71
Dividend per Share	0.31	0.99	0.99	0.99	0.99	1.78	2.12	1.19	1.27	1.27	1.27	2.55	2.77	3.17	4.76
Cash Flow per Share	0.76	3.01	3.41	3.04	3.61	4.98	6.26	6.8	6.05	4.73	4.28	5.92	6.73	9.01	7.83
Free Cash Flow per Basic Share	-0.3	2.41	-3.47	1.6	0.24	3.62	-7.21	6.8	6.05	4.73	4.28	5.92	6.73	9.01	7.83
Cash & Equivalents per Share	0.34	1.76	3.56	3.59	2.69	1.97	1.92	2.4	2.03	5.05	26.05	38.03	28.66	28.54	7.55
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	-1.78	-5.66	-5.55	-7.02	-8.05	-9.04	-9.37	-9.49	-10.57	-11.25	-13.37	-16.44	-18.63	-17.7	-21.78

New England Realty Associates Limited Partnership

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)