TREASURY UNITS

12 Months Ended

Dec. 31, 2021

TREASURY UNITS

TREASURY UNITS

NOTE 8. TREASURY UNITS

Treasury Units at December 31, 2021 are as follows:

Class A	46,967
Class B	11,155
General Partnership	587
	58,709

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. On March 9, 2020, the General Partner extended the program for an additional five years from March 31, 2020 to March 31, 2025. 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 Restated 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, 2021, the Partnership has repurchased 1,434,189 Depositary Receipts at an average price of $28.31 per receipt (or $849.30 per underlying Class A Unit), 3,618 Class B Units and 191 General Partnership Units, both at an average price of $ 1,043.00 per Unit, totaling approximately $45,168,000 including brokerage fees paid by the Partnership.

During the year ended December 31, 2021, the Partnership purchased a total of 5,752 Depositary Receipts. The average price was $62.58 per receipt or $1,877.40 per unit. The cost including commission was $360,266. The Partnership was required to repurchase 45.54 Class B Units and 2.40 General Partnership units at a cost of $85,492 and $4,500 respectively.

Given the economic uncertainty caused by the coronavirus pandemic, as of April 15, 2020, the Partnership elected to temporarily suspend the repurchase program. With the improving economic outlook and the return of students to universities in the Greater Boston area in the fall of 2021, the repurchase program was reinstated in November of 2021.