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TREASURY UNITS

9 Months Ended

Sep. 30, 2012

NOTE 8. TREASURY UNITS

Treasury Units at September 30, 2012 are as follows:

Class A		39,559
Class B		9,395
General Partnership		495
		49,449

On August 20, 2007, NewReal, Inc., the General Partner authorized an equity repurchase program (“Repurchase Program”). Under the terms of the Repurchase Program, the Partnership may purchase up to 1,500,000 Depositary Receipts from the start of the program in 2007 through March 31, 2015. The Repurchase Program requires the Partnership to repurchase a proportionate number of Class B Units and General Partnership 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 September 30, 2012, the Partnership has repurchased 1,211,945 Depositary Receipts at an average price of $24.59 per receipt (or $737.70 per underlying Class A Unit), 1,859 Class B Units and 98 General Partnership Units, at an average price of $604.92 per Unit, totaling approximately $31,150,000 including brokerage fees paid by the Partnership.

During the nine months ended September 30, 2012, the Partnership purchased 16,985 Depositary Receipts for a cost of $488,627; 135 Class B Units for a cost of $115,585 and 7 General Partnership Units for a cost of $6,083 for a total cost of $610,294.

From October 1, 2012 through November 9, 2012, the Partnership purchased a total of 942 Depositary Receipts. The average price was $28.85 per receipt or $865.50 per unit. The total cost was $28,344. The Partnership is required to repurchase 7.5 Class B Units and 0.39 General Partnership units at a cost of $6,454 and $340, respectively.