Investment In Unconsolidated Affiliates

3 Months Ended

Mar. 31, 2012

Investment In Unconsolidated Subsidiaries [Abstract]

Investment in Unconsolidated Affiliates

As of March 31, 2012, the Partnership has a 49.99% general partner interest in HPC, 50% membership interest in MEP, 30% membership interest in Lone Star, and a 33.33% membership interest in Ranch JV. The carrying value of the Partnership's investment in each of the unconsolidated affiliates as of March 31, 2012 and December 31, 2011 is as follows:



	March 31, 2012		December 31, 2011
HPC	$	675,734	$	682,046
MEP	605,303		613,942
Lone Star	712,965		628,717
Ranch JV	13,412		—
	$	2,007,414	$	1,924,705

The following tables summarize the Partnership's investment activities in each of the unconsolidated affiliates for the three months ended March 31, 2012 and 2011:



	Three Months Ended March 31, 2012
	HPC		MEP	Lone Star	Ranch JV
Contributions to unconsolidated affiliates	—		—	79,840	13,412
Distributions from unconsolidated affiliates	16,159		19,386	6,956	—
Share of unconsolidated affiliates' net income	11,309		10,747	11,364	—
Amortization of excess fair value of investment	(1,462	)	—	—	—



	Three Months Ended March 31, 2011
	HPC			MEP		Lone Star	Ranch JV
Contributions to unconsolidated affiliates	$	—		$	—	*	**
Distributions from unconsolidated affiliates	16,728			25,437		*	**
Share of unconsolidated affiliates' net income	15,075			10,195		*	**
Amortization of excess fair value of investment	(1,462		)	—		*	**

__________________


*	The Partnership acquired a 30% membership interest in Lone Star in May 2011.


**	The Partnership acquired a 33.33% membership interest in Ranch JV December 2011.

The following tables present selected income statement data for each of the unconsolidated affiliates, on a 100% basis, for the three months ended March 31, 2012 and 2011:



	Three Months Ended March 31, 2012
	HPC		MEP		Lone Star		Ranch JV
Total revenues	$	41,816	$	66,160	$	166,995	$	—
Operating income (loss)	22,969		34,389		38,554		(24		)
Net income (loss)	22,622		21,494		37,881		(24		)
	Three Months Ended March 31, 2011
	HPC		MEP		Lone Star		Ranch JV
Total revenues	$	48,649	$	64,824	*		**
Operating income	30,327		33,265		*		**
Net income	30,156		20,410		*		**

__________________


*	The Partnership acquired a 30% membership interest in Lone Star in May 2011.


**	The Partnership acquired a 33.33% membership interest in Ranch JV December 2011.

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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