New England Realty Associates Announces First Quarter Increase in Quarterly Distribution on Class A Units and Depositary Receipts
ALLSTON, Mass., Jan. 17, 2012 /PRNewswire/ -- On March 31, 2012, New England Realty Associates Limited Partnership (NYSE AMEX: NEN) will make a distribution to its Class A Limited Partners and holders of Depositary Receipts of record as of March 15, 2012. The General Partner is pleased to announce that it has voted to increase the quarterly distribution effective March 31, 2012. The quarterly distribution per Class A Limited Partnership Unit has been increased from $7.00 per unit to $7.50 per unit. Taking into consideration the 3-for-1 forward split of Depositary Receipts that was completed on January 3, 2012 (the "Stock Split"), the quarterly distribution per Depositary Receipt has been increased from $0.23 to $0.25. A holder that received a quarterly distribution of $0.70 per Depositary Receipt in 2011 will receive an equivalent distribution of $0.75 for that same Depositary Receipt on March 31, 2012 after giving effect to the Stock Split and assuming such holder retains ownership of the additional Depositary Receipts issued in the Stock Split as of the March 15, 2012 record date. Each Depository Receipt represents a beneficial ownership of one-thirtieth of a Class A Partnership Unit. Depositary Receipts are listed on The NYSE AMEX under the trading symbol "NEN."
SOURCE New England Realty Associates Limited Partnership