PARTNERS' CAPITAL

9 Months Ended

Sep. 30, 2013

PARTNERS' CAPITAL

PARTNERS' CAPITAL

NOTE 7. PARTNERS’ CAPITAL

The Partnership has two classes of Limited Partners (Class A and B) and one category of General Partner. Under the terms of the Partnership Agreement, distributions to holders of Class B Units and General Partnership Units must represent 19% and 1%, respectively, of the total units outstanding.  All classes have equal profit sharing and distribution rights, in proportion to their ownership interests.

Effective January 3, 2012, the Partnership authorized a 3-for-1 forward split of its Depositary Receipts listed on the NYSE Amex and a concurrent adjustment of the exchange ratio of Depositary Receipts for Class A Units of the Partnership from 10-to-1 to 30-to-1, such that each Depositary Receipt represents one-thirtieth (1/30) of a Class A Unit of the Partnership.

In 2013, the Partnership paid quarterly distributions of $7.50 per unit ($0.25 per receipt) on March 29, June 28, and September 30, 2013.  The Board of Advisors approved a quarterly distribution of $7.50 per unit ($0.25 per receipt) payable on December 31, 2013.

In 2012, the Partnership paid quarterly distributions of $7.50 per unit ($0.25 per receipt) in March, June, September, and December for a total distribution of $30.00 per unit ($1.00 per receipt).

The Partnership has entered into a deposit agreement with an agent to facilitate public trading of limited partners’ interests in Class A Units. Under the terms of this agreement, the holders of Class A Units have the right to exchange each Class A Unit for 30 Depositary Receipts. The following is information per Depositary Receipt:

	Nine Months Ended September 30,
	2013		2012
Income per Depositary Receipt before Discontinued Operations	$	0.42	$	0.61
Income from Discontinued Operations	0.95		0.01
Net Income per Depositary Receipt after Discontinued Operations	$	1.37	$	0.62
Distributions per Depositary Receipt	$	0.75	$	0.75