NOTE 8. TREASURY UNITS

Treasury Units at December 31, 2016 are as follows:


Class A		44,652
Class B		10,605
General Partnership		559
		55,816

On August 20, 2007, NewReal, Inc., the General Partner authorized an equity repurchase program (“Repurchase Program”) under which the Partnership was permitted to purchase, over a period of twelve months, up to 300,000 Depositary Receipts (each of which is one‑tenth of a Class A Unit). Over time, the General Partner has authorized increases in the equity repurchase program. On March 10, 2015, the General Partner authorized an increase in the Repurchase Program to 2,000,000 Depository Receipts and extended the Program for an additional five years from March 31, 2015 until March 31, 2020. The Repurchase Program requires the Partnership to repurchase a proportionate number of Class B Units and General Partner Units in connection with any repurchases of any Depositary Receipts by the Partnership based upon the 80%, 19% and 1% fixed distribution percentages of the holders of the Class A, Class B and General Partner Units under the Partnership’s Second Amended and Restate Contract of Limited Partnership. Repurchases of Depositary Receipts or Partnership Units pursuant to the Repurchase Program may be made by the Partnership from time to time in its sole discretion in open market transactions or in privately negotiated transactions. From August 20, 2007 through December 31, 2016, the Partnership has repurchased 1,364,757 Depositary Receipts at an average price of $27.12 per receipt (or $813.60 per underlying Class A Unit), 3,068 Class B Units and 162 General Partnership Units, both at an average price of $ 924.92 per Unit, totaling approximately $40,231,000 including brokerage fees paid by the Partnership.

During the year ended December 31, 2016, the Partnership purchased a total of 23,159 Depositary Receipts. The average price was $55.89 per receipt or $1,676.70 per unit. The total cost including commission was $1,311,328. The Partnership was required to repurchase 183 Class B Units and 10 General Partnership units at a cost of $307,436 and $16,181 respectively.

During the year ended December 31, 2015, the Partnership purchased a total of 54,682 Depositary Receipts. The average price was $49.55 per receipt or $1,486.50 per unit. The total cost including commissions was $2,752,393. The Partnership was required to repurchase 433 Class B Units for a cost of $643,682 and 23 General Partnership Units for a cost of $33,878, respectively.