Quarterly report pursuant to Section 13 or 15(d)

Partnership Equity and Distributions

v3.8.0.1
Partnership Equity and Distributions
3 Months Ended
Mar. 31, 2018
Partnership Equity and Distributions  
Partnership Equity and Distributions

(9)Partnership Equity and Distributions

Our Minimum Quarterly Distribution

Our partnership agreement provides for a minimum quarterly distribution of $0.17 per unit for each quarter, or $0.68 per unit on an annualized basis.

If cash distributions to our unitholders exceed $0.1955 per common unit in any quarter, our unitholders and the holder of our incentive distribution rights (“IDRs”), will receive distributions according to the following percentage allocations:

 

 

 

 

 

 

 

 

Marginal Percentage

 

 

 

Interest in Distributions

 

Total Quarterly Distribution

 

 

 

Holder of

 

Target Amount

 

Unitholders

 

IDRs

 

above $0.1955 up to $0.2125

    

85

%  

15

%  

above $0.2125 up to $0.2550

 

75

%  

25

%  

above $0.2550

 

50

%  

50

%  

 

General Partner Interest

Our general partner owns a non-economic general partner interest in us, which does not entitle it to receive cash distributions. However, our general partner is under common control with the holder of the IDRs and may in the future own common units or other equity interests in us and will be entitled to receive distributions on any such interests.

Cash Distributions

The board of directors of our general partner has declared a cash distribution of $0.39 per unit for the quarter ended March 31, 2018. The distribution will be payable on May 18, 2018 to unitholders of record as of May 3, 2018.

The following table details the amount of quarterly distributions the Partnership paid for each of its partnership interests, with respect to the quarter indicated (in thousands, except per unit data):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions

 

 

 

 

 

 

 

 

 

Limited Partners

 

 

 

 

 

 

 

 

 

Quarter
and
Year

    

Record Date

    

Distribution Date

    

Common
unitholders

    

Holder of IDRs

    

Total

  

Distributions
per limited
partner unit

Q4 2016

 

February 1, 2017

 

February 8, 2017

 

$

50,090

 

 

7,543

 

 

57,633

 

$

0.2800

*

 

April 21, 2017

 

April 30, 2017

 

 

75

 

 

 —

 

 

75

 

 

*

Q1 2017

 

May 3, 2017

 

May 10, 2017

 

 

55,753

 

 

11,553

 

 

67,306

 

 

0.3000

Q2 2017

 

August 3, 2017

 

August 16, 2017

 

 

59,695

 

 

15,328

 

 

75,023

 

 

0.3200

Q3 2017

 

November 1, 2017

 

November 16, 2017

 

 

63,454

 

 

19,067

 

 

82,521

 

 

0.3400

*

 

November 12, 2017

 

November 17, 2017

 

 

1,392

 

 

 —

 

 

1,392

 

 

*

 

 

Total 2017

 

 

 

$

230,459

 

 

53,491

 

 

283,950

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4 2017

 

February 1, 2018

 

February 13, 2018

 

$

68,231

 

 

23,772

 

 

92,003

 

$

0.3650

 

 

Total 2018

 

 

 

$

68,231

 

 

23,772

 

 

92,003

 

 

 

* Distribution equivalent rights on limited partner interests that vested under the Midstream LTIP.