Distributions from Antero Midstream

9 Months Ended

Sep. 30, 2018

(5) Distributions from Antero Midstream

Antero Midstream’s partnership agreement provides for a target minimum quarterly distribution of $0.17 per common unit for each quarter, or $0.68 per unit on an annualized basis.

If cash distributions to Antero Midstream’s unitholders exceed $0.1955 per common unit in any quarter, IDR LLC, as the holder of Antero Midstream’s IDRs, will receive distributions according to the following percentage allocations:


	Marginal Percentage Interest in Distributions
Total Quarterly Distribution Target Amount	Antero Midstream Common 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	%

Distributions per common unit and distributions related to the IDRs were as follows for the periods indicated:


Quarter and Year	Distribution Date	Antero Midstream Distribution Amount per Common Unit		Income Attributable to IDRs ($ thousands)
Q1 2017	May 10, 2017	$	0.3000	$	11,553
Q2 2017	August 16, 2017	$	0.3200	$	15,328
Q3 2017	November 16, 2017	$	0.3400	$	19,067
Q4 2017	February 13, 2018	$	0.3650	$	23,772
Q1 2018	May 18, 2018	$	0.3900	$	28,460
Q2 2018	August 17, 2018	$	0.4150	$	33,138

The board of directors of Antero Midstream’s general partner has declared a cash distribution of $0.44 per unit for the quarter ended September 30, 2018. The distribution will be payable on November 16, 2018 to unitholders of record as of November 2, 2018. The distribution attributable to the IDRs for the quarter ended September 30, 2018 is $37.8 million.

Distributions attributable to the IDRs which relate to periods prior to May 9, 2017, the closing of our IPO, were distributed to Antero Investment prior to its liquidation.