Partnership Equity and Distributions

9 Months Ended

Sep. 30, 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 the Partnership’s unitholders exceed $0.1955 per common unit in any quarter, the Partnership’s unitholders and the holder of the Partnership’s incentive distribution rights (“IDRs”), will receive distributions according to the following percentage allocations:

	Marginal Percentage
Total Quarterly Distribution	Interest in Distributions
Target Amount	Unitholders		Holder of 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 would be entitled to receive distributions on any such interests.

Cash Distributions

Cash distributions to the Partnership’s unitholders have been as follows:

			Distributions
Quarter and Year	Record Date	Distribution Date	Common unitholders		Holder of IDRs		Total		Distributions per unit
Q4 2016	February 1, 2017	February 8, 2017	$	50,090		7,543		57,633	$	0.280
*	April 21, 2017	April 30, 2017		75		—		75		*
Q1 2017	May 3, 2017	May 10, 2017		55,753		11,553		67,306		0.300
Q2 2017	August 3, 2017	August 16, 2017		59,695		15,328		75,023		0.320
Q3 2017	November 1, 2017	November 16, 2017		63,454		19,067		82,521		0.340
*	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	$	0.365
*	April 15, 2018	April 20, 2018		263		—		263		*
Q1 2018	May 3, 2018	May 18, 2018		72,943		28,461		101,404		0.390
*	July 15, 2018	July 31, 2018		21		—		21		*
Q2 2018	August 2, 2018	August 17, 2018		77,624		33,138		110,762		0.415
	Total 2018		$	219,082		85,371		304,453

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