SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2017

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 16. SUBSEQUENT EVENTS

As of September 30, 2017, the credit line had an outstanding balance of $25,000,000, which was used on July 6, 2017, in conjunction with a loan of $16,000,000 from HBC Holdings, LLC, a Massachusetts Limited Liability company controlled by Harold Brown, and cash reserves, to purchase Woodland Park Partners, LLC (“Woodland Park”). The loan from HBC was paid off on September 29, 2017 from the proceeds of the loan from Keybank.

The Line of Credit was paid down by $8,000,000 on October 5, 2017. The Line of Credit agreement originally expired on July 31, 2017, and has subsequently been extended until October 31, 2020. The cost associated with the extension will be approximately $125,000.

In October 2017, the Partnership announced that it will make its regular quarterly distribution and a special distribution to its Class A Limited Partners and holders of Depository Receipts of record as of December 15, 2017. The regular distribution will be $9.00 per unit ($0.30 per depository receipt), and the special distribution will be $28.20 per unit ($0.94 per depository receipt).