NOTE 8. TREASURY UNITS

Treasury Units at September 30, 2014 are as follows:

Class A		41,455
Class B		9,845
General Partnership		518
		51,818

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). On January 15, 2008, the General Partner authorized an increase in the Repurchase Program from 300,000 to 600,000 Depositary Receipts. On January 30, 2008 the General Partner authorized an increase the Repurchase Program from 600,000 to 900,000 Depositary Receipts. On March 6, 2008, the General Partner authorized the increase in the total number of Depositary Receipts that could be repurchased pursuant to the Repurchase Program from 900,000 to1,500,000. On August 8, 2008, the General Partner re-authorized and renewed the Repurchase Program for an additional 12-month period ended August 19, 2009. On March 22, 2010, the General Partner re-authorized and renewed the Repurchase Program that expired on August 19, 2009. Under the terms of the renewed 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 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 September 30, 2014, the Partnership has repurchased 1,268,811 Depositary Receipts at an average price of $25.32 per receipt (or $759.60 per underlying Class A Unit), 2,308 Class B Units and 122 General Partnership Units, both at an average price of $726.25 per Unit, totaling approximately $34,045,000 including brokerage fees paid by the Partnership.

During the nine months ended September 30, 2014, the Partnership purchased a total of 25,920 Depositary Receipts. The average price was $47.22 per receipt or $1,416.60 per unit. The total cost including commission was $1,258,399. The Partnership was required to repurchase 205 Class B Units and 11 General Partnership units at a cost of $290,698 and $15,300 respectively.

From October 1, 2014 through November 4, 2014, the Partnership purchased a total of 5,277 Depositary Receipts. The average price was $47.37 per receipt or $1,421.10 per unit. The total cost was $257,098. The Partnership is required to repurchase 41.8 Class B Units and 2.2 General Partnership Units at a cost of $59,369 and $3,125 respectively.