XML 21 R11.htm IDEA: XBRL DOCUMENT v3.22.1
Partners' Equity (Deficit)
3 Months Ended
Mar. 31, 2022
Partners' Equity (Deficit) [Abstract]  
Partners' Equity (Deficit) 6. PARTNERS’ EQUITY

Changes in partners’ equity are as follows (in thousands):

Limited Partners

Common Units-
‎
Public

Common Units-
‎
Green Plains

General Partner

Total

Balance, December 31, 2021

$

135,666

$

(133,420)

$

57

$

2,303

Quarterly cash distributions to unitholders ($0.44 per unit)

(5,122)

(5,098)

(209)

(10,429)

Net income

5,083

5,060

207

10,350

Unit-based compensation, including general partner net contributions

59

-

-

59

Balance, March 31, 2022

$

135,686

$

(133,458)

$

55

$

2,283

Limited Partners

Common Units-
‎
Public

Common Units-
‎
Green Plains

General Partner

Total

Balance, December 31, 2020

$

124,823

$

(170,368)

$

(917)

$

(46,462)

Quarterly cash distributions to unitholders ($0.12 per unit)

(1,395)

(1,390)

(57)

(2,842)

Net income

5,264

5,248

215

10,727

Ord disposition

-

26,419

539

26,958

Unit-based compensation, including general partner net contributions

79

-

-

79

Balance, March 31, 2021

$

128,771

$

(140,091)

$

(220)

$

(11,540)

There was no change in the number of common limited partner units outstanding during the three months ended March 31, 2022.

Issuance of Additional Securities

The partnership agreement authorizes the partnership to issue unlimited additional partnership interests on the terms and conditions determined by the general partner without unitholder approval.

Cash Distribution Policy

Quarterly distributions are made from available cash within 45 days after the end of each calendar quarter, assuming the partnership has available cash. Available cash generally means all cash and cash equivalents on hand at the end of that quarter less cash reserves established by the general partner, including those for future capital expenditures, future acquisitions and anticipated future debt service requirements, plus all or any portion of the cash on hand resulting from working capital borrowings made subsequent to the end of that quarter.

The general partner also holds incentive distribution rights that entitle it to receive increasing percentages, up to 48%, of available cash distributed from operating surplus, as defined in the partnership agreement, in excess of $0.46 per unit per quarter. The maximum distribution of 48% does not include any distributions the general partner or its affiliates may receive on its general partner interest or common units.

On February 11, 2022, the partnership distributed $10.4 million to unitholders of record as of February 4, 2022, related to the quarterly cash distribution of $0.44 per unit that was declared on January 20, 2022, for the quarter ended December 31, 2021.

On April 21, 2022, the board of directors of the general partner declared a quarterly cash distribution of $0.445 per unit, or approximately $10.5 million, for the quarter ended March 31, 2022. The distribution is payable on May 13, 2022, to unitholders of record at the close of business on May 6, 2022.

The total cash distributions declared for the three months ended March 31, 2022 and 2021, are as follows (in thousands):

Three Months Ended
‎
March 31,

2022

2021

General partner distributions

$

211

$

57

Limited partner common units - public

5,180

1,395

Limited partner common units - Green Plains

5,156

1,390

Total distributions to limited partners

10,336

2,785

Total distributions declared

$

10,547

$

2,842