NOTE 8. TREASURY UNITS

Treasury Units at December 31, 2014 are as follows:

Class A			42,057
Class B			9,989
General Partnership			526

			52,572

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 to 1,500,000. 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. 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. 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 December 31, 2014, the Partnership has repurchased 1,286,916 Depositary Receipts at an average price of $25.65 per receipt (or $769.50 per underlying Class A Unit), 2,452 Class B Units and 129 General Partnership Units, both at an average price of $769.53 per Unit, totaling approximately $35,167,000 including brokerage fees paid by the Partnership.

From January 1, 2015 through March 10, 2015, the Partnership purchased a total of 19,415 Depositary Receipts. The average price was $50.00 per receipt or $1,500.00 per unit. The total cost including commission was $975,731. The Partnership is required to repurchase 154 Class B Units and 8 General Partnership Units at a cost of $230,574 and $12,135 respectively.

During the year ended December 31, 2014, the Partnership purchased a total of 44,025 Depositary Receipts. The average price was $47.90 per receipt or $1,437 per unit. The total cost including commission was $2,158,332. The Partnership was required to repurchase 349 Class B Units and 18 General Partnership units at a cost of $500,888 and $26,363 respectively.

During the year ended December 31, 2013, the Partnership purchased a total of 22,964 Depositary Receipts. The average price was $37.80 per receipt or $1,134 per unit. The total cost including commissions was $877,623. The Partnership was required to repurchase 182 Class B Units for a cost of $206,137 and 10 General Partnership Units for a cost of $10,849 for a total cost of $1,094,609.