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Subsequent Events
6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events

Note 14.  Subsequent Events

On July 28, 2021, we announced that the board of directors of our general partner declared a quarterly cash distribution of $0.5042 per Class A share for the quarter ended June 30, 2021. The distribution represents an approximate 11% increase compared to the distribution for the quarter ended March 31, 2021, consisting of a 10% announced increase in addition to a quarterly increase consistent with the Company’s targeted 5% growth in annual distributions per Class A share.   The distribution will be payable on August 13, 2021, to shareholders of record as of the close of business on August 9, 2021. Simultaneously, the Partnership will make a distribution of $0.5042 per Class B unit of the Partnership to the Sponsors as holders of an aggregate of 259,516,928 Class B units of the Partnership.

On July 28, 2021, we announced that the Partnership agreed to repurchase approximately 31 million Class B units of the Partnership from our Sponsors for an aggregate purchase price of $750.0 million, resulting in public ownership of the Company, on a consolidated basis, increasing to approximately 9.5%. The purchase price per Class B unit is $24.00, representing an approximate 4% discount to the 30-day volume weighted average trading price of our Class A shares through July 27, 2021. The unit repurchase is expected to be completed in August 2021 and funded through debt financing.