PARTNERS' CAPITAL

6 Months Ended

Jun. 30, 2018

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.

In January 2018, the Partnership approved a quarterly distribution to its Class A Limited Partners and holders of Depositary Receipts of record as of March 15, 2018 and payable on March 31, 2018, of $9.00 per unit ($0.30 per receipt).

In April 2018, the Partnership approved a quarterly distribution to its Class A Limited Partners and holders of Depositary Receipts of record as of June 15, 2018 and payable on June 29, 2018, of $9.00 per unit ($0.30 per receipt).

In July 2018, the Partnership approved a quarterly distribution to its Class A Limited Partners and holders of Depositary Receipts of record as of September 15, 2018 and payable on September 28, 2018, of $9.00 per unit ($0.30 per receipt).

In 2017, regular quarterly distributions of $9.00 per unit ($0.30 per receipt) were paid in March, June, September and December. In December 2017, the Partnership paid a special distribution of $28.50 per unit ($0.95 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:


	Six Months Ended
	June 30,
	2018		2017
Net Income per Depositary Receipt	$	0.52	$	1.17
Distributions per Depositary Receipt	$	0.60	$	0.60