Partnership Equity

3 Months Ended

Mar. 31, 2014

Partnership Equity

Partnership Equity

5. Partnership Equity

As a result of losses incurred during 2012 and 2013, Partnership equity attributed to limited partnership interest has been reduced to zero.  In accordance with the partnership agreement, limited partners’ capital accounts cannot be reduced to a deficit position on the condensed balance sheet.  All losses in excess of this limitation are allocated to the managing general partner.

Reef purchased 1.423 units of limited partner interest from non-Reef investor partners under the Partnership’s unit repurchase program during 2013.

Information regarding the number of units outstanding and the net income (loss) per type of Partnership unit for the three month periods ended March 31, 2014 and 2013 is detailed below:

For the three months ended March 31, 2014

Type of Unit	Number of  Units	Net loss			Net loss per  unit
Managing general partner units	48.620	$	(18,157	)	$	(373.45	)
Limited partner units	923.784	—			$	—
Total	972.404	$	(18,157	)

For the three months ended March 31, 2013

Type of Unit	Number of  Units	Net income		Net income per unit
Managing general partner units	48.620	$	12,870	$	264.71
Limited partner units	923.784	45,937		$	49.73
Total	972.404	$	58,807