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SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2018
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | NOTE 18—SUBSEQUENT EVENTS From January 1, 2019 through March 8, 2019, the Partnership purchased a total of 41,900 Depository Receipts. The average price was $54.11 per receipt or $1,623.00 per unit. The total cost was $2,267,072. Included in the above purchase is a block purchase of 40,000 Depository Receipts from the former president of the management company. The Partnership is required to purchase 332 Class B units and 17 General Partnership units at a cost of $538,421 and $28,338 respectively. In January of 2019, the Partnership paid off the balance of $2,000,000 on the Line of Credit On February 24, 2019, Harold Brown, the owner of 75% of the outstanding voting securities of NewReal Inc. (“New Real”), the general partner, of New England Realty Associates Limited Partnership (the “Partnership”) died. As a result, Mr. Brown’s estate currently holds voting control over the NewReal shares. Effective as of February 24, 2019, the Board of Directors of the Partnership’s general partner, NewReal Inc. (“NewReal”), elected Jameson Brown as the Treasurer and Chief Financial Officer of New Real to fill the vacancy created by the death of Harold Brown, who served as both the Treasurer and a director of NewReal.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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