TREASURY UNITS

3 Months Ended

Mar. 31, 2023

TREASURY UNITS

TREASURY UNITS

NOTE 8. TREASURY UNITS

Treasury Units at March 31, 2023 are as follows:

Class A	49,121
Class B	11,666
General Partnership	614
	61,401

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 March 31, 2023, the Partnership has repurchased 1,498,809 Depositary Receipts at an average price of $30.44 per receipt (or $913.09 per underlying Class A Unit), 4,129 Class B Units and 217 General Partnership Units, both at an average price of $1,203.00 per Unit, totaling approximately $51,440,000 including brokerage fees paid by the Partnership.

During the three months ended March 31, 2023, the Partnership purchased a total of 10,349 Depositary Receipts. The average price was $72.99 per receipt, or $2,189.70 per unit. The cost including commission was $755,666.The Partnership was required to repurchase 81.93 Class B Units and 4.31 General Partnership units at a cost of $179,411 and $9,443 respectively.