Heritage Properties, Inc

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Heritage Properties is a real estate development and management company founded in Lowell, Massachusetts in 1978. The company was founded on the belief that there would always be demand for quality housing that is well managed and well maintained. The original two families that started the company still own the company and control management at all sites. Many of the apartments and other properties in our portfolio have been managed by us for 15 to 30 years, including the first property on Lakeview Ave. Our company has expanded with the additional of Brand New Luxury Apartment homes in Hudson,MA and Tewksbury, MA. We have also started to expand geographically moving into the state of Rhode Island.

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2.6

Overall Excellence Rating

Industry

Commercial Real Estate

Category

Real Estate

ESG/Ethical Impact

The risks and uncertainties include, without limitation: • the possibility that actual losses may exceed reserves; • the concentration of our business in coastal states, which could be impacted by hurricane losses or other significant weather-related events such as northeastern winter storms; • our exposure to catastrophic weather events, including severe convective storms, and the increasing frequency of such events; • inherent uncertainty of our models and our reliance on such models as a tool to evaluate risk; • the fluctuation in our results of operations; • increased costs of reinsurance, non-availability of reinsurance, non-collectability of reinsurance and our ability to obtain reinsurance on terms and at a cost acceptable to us; • increased competition, competitive pressures, and market conditions; • our failure to accurately access and price the risks we underwrite; • our failure to identify suitable business acquisitions, effectively manage our growth and integrate acquired companies; • our failure to execute our diversification strategy; • our reliance on independent agents to write insurance policies for us on a voluntary basis and our ability to attract and retain agents; • the failure of our claims department to effectively manage or remediate claims; • low renewal rates and failure of such renewals to meet our expectations; • our inability to maintain our financial stability rating; • our ability to access sufficient liquidity or obtain additional financing to fund our operations and expand our business; • our ability to invest sufficient time and resources to diversify and expand our operations geographically, and develop new lines of business and/or products and services; • our inability to generate investment income; • effects of emerging claim and coverage issues relating to legal, judicial, environmental and social conditions;

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Awards Received

2023

Revenues

$6,700,000.00

Website Traffic

Employee Rating

4.2

Customer Rating

3.6

Company Size

100-1000

ESG Risk Rating

3

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