NOTE 8. TREASURY UNITS

Treasury Units at March 31, 2019 are as follows:


Class A		46,107
Class B		10,950
General Partnership		577
		57,634

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 from 1,500,000 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 March 31, 2019, the Partnership has repurchased 1,408,401 Depositary Receipts at an average price of $27.97 per receipt (or $839.10 per underlying Class A Unit), 3,413 Class B Units and 180 General Partnership Units, both at an average price of $996.79 per Unit, totaling approximately $43,205,000 including brokerage fees paid by the Partnership.

During the three months ended March 31, 2019, the Partnership purchased a total of 43,095 Depositary Receipts. The average price was $54.40 per receipt or $1,632.12 per unit. The total cost including commission was $2,344,601. The Partnership was required to repurchase 341 Class B Units and 18 General Partnership units at a cost of $556,828 and $29,307 respectively.