SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2019

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 17—SUBSEQUENT EVENTS

From April 1, 2019 through May 3, 2019, the Partnership purchased a total of 1,540 Depository Receipts. The average price was $64.91 per receipt or $1,947.21 per unit. The total cost was $96,861.

The Partnership is required to purchase 12 Class B units and 1 General Partnership units at a cost of $23,740 and $1,249 respectively.

The Partnership is currently negotiating a refinancing of the mortgage for Captain Parker held by KeyBank. The new loan would be for $20,750,000 for 10 years, interest only at 4.05%. If the negotiation is successful, there will be a 1% prepayment penalty on the existing loan balance of $20,071,000. The penalty charge would be approximately $200,000, and would have a material effect on the 2019 second quarter net income. The Partnership is expected to close on the refinancing at the end of May, 2019.

Effective as of May 3, 2019, the Board of Directors of the Partnership’s General Partner, NewReal, Inc. (“New Real”), elected Andrew Bloch as a member of the Board. Mr. Bloch is the CO-CEO and CFO of The Hamilton Company, Inc., the Manager of the Partnership’s properties.