(10) Partnership Equity and Distributions

Minimum Quarterly Distribution

The partnership agreement provides for a minimum quarterly distribution of $0.17 per unit for each quarter, or $0.68 per unit on an annualized basis.

If cash distributions to the Partnership’s unitholders exceed $0.1955 per common unit in any quarter, the Partnership’s unitholders and the holder of the Partnership’s incentive distribution rights (“IDRs”), will receive distributions according to the following percentage allocations:


	Marginal Percentage
Total Quarterly Distribution	Interest in Distributions
Target Amount	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	%

General Partner Interest

The general partner owns a non‑economic general partner interest in the Partnership, which does not entitle it to receive cash distributions. However, the general partner is under common control with the holder of the IDRs and may in the future own common units or other equity interests in the Partnership and will be entitled to receive distributions on any such interests.

Upon payment of the February 8, 2017 distribution to unitholders, the requirements for the conversion of all subordinated units were satisfied under our partnership agreement. As a result, effective February 9, 2017, the 75,940,957 subordinated units owned by Antero Resources were converted into common units on a one-for-one basis and participate on terms equal with all other common units in distributions of available cash. The conversion did not impact the amount of the cash distributions paid by the Partnership or the total units outstanding, as shown on the “Conversion of subordinated units to common units” line item on the Partnership’s consolidated Statement of Partners’ Capital.

Cash Distributions

The board of directors of the general partner declared a cash distribution of $0.47 per unit for the quarter ended December 31, 2018. The distribution was paid on February 13, 2019 to unitholders of record as of February 1, 2019.

The following table details the amount of quarterly distributions the Partnership paid for each of its partnership interests, with respect to the quarter indicated (in thousands, except per unit data):


			Distributions
Quarter			Common						Distributions
and Year	Record Date	Distribution Date	unitholders		Holder of IDRs		Total		per unit
Q4 2016	February 1, 2017	February 8, 2017	$	50,090		7,543		57,633	$	0.280
*	April 21, 2017	April 30, 2017		75		—		75		*
Q1 2017	May 3, 2017	May 10, 2017		55,753		11,553		67,306		0.300
Q2 2017	August 3, 2017	August 16, 2017		59,695		15,328		75,023		0.320
Q3 2017	November 1, 2017	November 16, 2017		63,454		19,067		82,521		0.340
*	November 12, 2017	November 17, 2017		1,392		—		1,392		*
	Total 2017		$	230,459		53,491		283,950

Q4 2017	February 1, 2018	February 13, 2018	$	68,231		23,772		92,003	$	0.365
*	April 15, 2018	April 20, 2018		263		—		263		*
Q1 2018	May 3, 2018	May 18, 2018		72,943		28,461		101,404		0.390
*	July 15, 2018	July 31, 2018		21		—		21		*
Q2 2018	August 2, 2018	August 17, 2018		77,624		33,138		110,762		0.415
Q3 2018	November 2, 2018	November 16, 2018		82,303		37,815		120,118		0.440
*	November 12, 2018	November 19, 2018		1,881		—		1,881		*
	Total 2018		$	303,266		123,186		426,452

*Distribution equivalent rights on limited partner common units that vested under the Midstream LTIP.