Company: NEN
Filing Date: 2025-09-03
Form Type: 8-K/A
Source: 0001104659-25-087096
Chunk: 11

Company: NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP
Filing Date: 2025-09-03
Form: 8-K/A
Chunk 11
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 |                   | (107,367,694 | ) |
| Accounts Payable and Accrued Expenses          |     |                   |   (1,164,501 | ) |
| U.S. Treasury bills                            |     |                   |  (58,032,985 | ) |
| Cash used                                      |     | $                 |    8,919,510 |   |

The above reflects the pro forma acquisition
cost of Hill Estates et al in the amount of $175,000,000, plus closing costs and recognition of below market leases, funded by a
$40,000,000 advance on the Partnership’s Master Credit Facility at an interest rate of 5.99%, a $67,500,000 interim mortgage
on the property due December 17, 2025 at an interest rate of SOFR plus 150 basis points (5.8125% at closing), and the balance funded
from the Partnership’s cash, primarily obtained through the liquidation of its U.S. Treasury bills. The Partnership has
analyzed the fair value of in-place leases and other intangibles as well as the allocation of the building purchase price to
specific assets classes. The mortgage note acquisition costs of $132,306 have been offset against the mortgage note payable.

<div align='center'>New England Realty Associates Limited Partnership

Unaudited Pro Forma Consolidated Income Statement

For the Three Months Ended March 31, 2025</div>

| Revenues                                                 |     | Historic NERA(a) |            |   |     | Pro Forma    
 Historic     
 Hill Estates 
 et al (b)    |           |     | Adjustments |            |   |     |    |     | Consolidated 
 Totals       |            |   |
|:---------------------------------------------------------|:----|:-----------------|-----------:|:--|:----|:-------------|----------:|:----|:------------|-----------:|:--|:----|:---|:----|:-------------|-----------:|:--|
| Rental income                                            |     |                  | 20,496,120 |   |     | $            | 2,531,480 |     | $           |          - |   |     |    |     | $            | 23,027,600 |   |
| Laundry and sundry income                                |     |                  |    192,774 |   |     |              |         - |     |             |          - |