The Hamilton Company (NEN) Q4 2025 earnings summary

Executive summary

• Revenue increased 10.8% year-over-year to $88.4M, driven by property acquisitions and rent growth.

• Net income declined 61.5% to $6.0M due to higher operating and interest expenses, and a $400K property impairment.

• Major acquisitions included a $172M mixed-use property in Belmont and a $27.5M Boston property.

• Distributions to partners rose to $16.8M, up from $11.2M in 2024.

Financial highlights

• Rental income: $88.4M (up 10.8% YoY); operating expenses: $67.8M (up 23.0% YoY).

• Interest expense: $18.6M (up 20.2% YoY); interest income: $1.8M (down 59.8% YoY).

• Net income: $6.0M (down from $15.7M in 2024).

• Cash and equivalents: $26.7M at year-end 2025.

• Total assets: $505.3M; total liabilities: $579.5M.

Outlook and guidance

• Management expects slowing rent growth in 2026 and plans $17.1M in capital improvements.

• Cash from operations and reserves expected to fund operations, distributions, and improvements.