Company: NEN
Filing Date: 2025-09-03
Form Type: 8-K/A
Source: 0001104659-25-087096
Chunk: 5

Company: NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP
Filing Date: 2025-09-03
Form: 8-K/A
Chunk 5
---
statements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would
influence the judgment made by a reasonable user based on the financial statement.

In performing an audit in accordance with GAAS,
we:

| · | Exercise                                                                         
 professional judgment and maintain professional skepticism throughout the audit. |

| · | Identify                                                                                                                                  
 and assess the risks of material misstatement of the financial statement, whether due to fraud or error, and design and perform audit     
 procedures responsive to those risks. Such procedures include:                                                                            |
| · | Obtain                                                                                                                                    
 an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, 
 but not for the purpose of expressing an opinion on the effectiveness of the Purchased Property’s internal control. Accordingly,          
 no such opinion is expressed.                                                                                                             |
| · | Evaluate                                                                                                                                  
 the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well    
 as evaluate the overall presentation of the financial statement.                                                                          |
| · | Conclude                                                                                                                                  
 whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Purchased   
 Property’s ability to continue as a going concern for a reasonable period of time.                                                        |

We are required to communicate with those charged
with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal
control related matters that we identified during the audit.

Boston, Massachusetts

September 3, 2025

<div align='center'>Hill Estates et al

Statement of Revenue and Certain Expenses</div>

|                                       |     | Three Months Ended | March 31, 2025 |     | Year Ended | December 31, 2024 |
|:--------------------------------------|:----|:-------------------|---------------:|:----|:-----------|------------------:|
|                                       |     | -unaudited         |                |     |            |                   |
| Revenues                              |     |                    |                |     |            |                   |
| Rental income                         |     | $                  |      2,531,480 |     | $          |        10,305,745 |
|                                       |     |                    |      2,531,480 |     |            |        10,305,745 |
| Certain Expenses                      |     |                    |                |     |            |                   |
| Administrative                        |     |