New England Realty (NEN) logs insider unit repurchases under equity program
Rhea-AI Filing Summary
NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP director and president Ronald Brown reported an internal restructuring transaction under the Partnership’s equity repurchase program. The Partnership repurchased 28.79 Class B Units of Limited Partnership Interest directly beneficially owned by Brown and 1.52 Units of General Partner Interest held through a close-held corporation that serves as the general partner.
Following these transactions, Brown holds 5,492.10 Class B Units of Limited Partnership Interest directly and 289.10 Units of General Partner Interest indirectly through the corporation, based on his 75% equity interest in that entity. The purchase price of the Units of General Partner Interest was tied to a $60.81 price per Depositary Receipt, each representing one-thirtieth of a Class A Unit, contemporaneously repurchased under the same program.
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Insider Trade Summary 10b5-1
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | NEN Units of General Partnership Interest | 1.52 | $1,824.32 | $3K |
| Other | NEN Class B Units of Limited Partnership Interest | 28.79 | $1,824.32 | $53K |
Footnotes (3)
- F1. Pursuant to the Partnership's equity repurchase program, as renewed and reauthorized by the Board of Directors of the General Partner on March 9, 2020 and as further described in the Partnership's Report on Form 10-K filed with the Securities and Exchange Commission on March 12, 2020, the Partnership repurchased 28.79 Class B Units of Limited Partnership Interest directly beneficially owned by the reporting person and 1.52 Units of General Partner Interest from the general partner of the Partnership that are indirectly beneficially owned by the reporting person.
- F2. Amounts reported represent 75% of the securities owned by the close-help corporation (which corporation is the general partner of the Partnership) based upon the reporting person's 75% equity interest in the corporation.
- F3. The purchase price of the Units of General Partner Interest was equal to the $60.81 purchase price of the Depositary Receipts (each of which represents one-thirtieth of a Class A Unit of the Partnership) contemporaneously repurchased by the Partnership pursuant to its equity repurchase program.
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