NEW ENGLAND

New England Realty Associates Limited Partnership is engaged in the business of acquiring, developing, holding for investment, operating and selling real estate. The Company, directly or through approximately 30 subsidiary limited partnerships or limited liability companies, owns and operates various residential apartment buildings, condominium units and commercial properties located in Massachusetts and New Hampshire. The Company and its subsidiary limited partnerships and limited liabilities companies (Subsidiary Partnerships) owned approximately 2,510 residential apartment units in approximately 20 residential and mixed-use complexes (collectively, the Apartment Complexes). The Company also owns approximately 20 condominium units in a residential condominium complex, all of which are leased to residential tenants. The Apartment Complexes, the condominium units and the investment properties are located in the metropolitan Boston area of Massachusetts.