Equity

We had 9,417,189 common limited partner units held by the public outstanding as of March 31, 2015. Additionally, as of March 31, 2015, Delek owned a 59.9% limited partner interest in us, consisting of 2,799,258 common limited partner units and 11,999,258 subordinated limited partner units as well as a 95.9% interest in our general partner, which owns the entire 2.0% general partner interest consisting of 494,197 general partner units. Affiliates own the remaining 4.1% interest in our general partner. In accordance with our partnership agreement, Delek's subordinated units may convert to common units once specified distribution targets and other requirements have been met.

Equity Activity

The summarized changes in the carrying amount of our equity are as follows (in thousands):



	Equity of Predecessors			Common - Public			Common - Delek ⁽¹⁾			Subordinated			General Partner ⁽¹⁾			Total
Balance at December 31, 2014	$	19,726		$	194,737		$	(241,112	)	$	73,515		$	(7,085	)	$	39,781
Sponsor contributions of equity to the Logistics Assets Predecessor	115			—			—			—			—			115
Loss attributable to the Logistics Assets Predecessor	(637		)	—			—			—			—			(637		)
Allocation of net assets acquired by the unitholders	(19,204		)	—			18,820			—			384			—
Cash distributions	—			(4,803		)	(62,080		)	(6,119		)	(1,944		)	(74,946		)
Sponsorship contribution of fixed assets	—			—			347			—			7			354
Net income attributable to partners	—			5,348			1,590			6,815			887			14,640
Unit-based compensation	—			154			46			196			(322		)	74
Other	—			(359		)	(107		)	(460		)	926			—
Balance at March 31, 2015	$	—		$	195,077		$	(282,496	)	$	73,947		$	(7,147	)	$	(20,619	)

⁽¹⁾ Cash distributions include $61.9 million in cash payments for the El Dorado Offloading Racks Acquisition and the Tyler Crude Tank Acquisition. As an entity under common control with Delek, we record the assets that we acquire from Delek on our balance sheet at Delek's historical book basis instead of fair value. Additionally, any excess of cash paid over the historical book basis of the assets acquired from Delek is recorded within equity. As a result of the El Dorado Offloading Racks Acquisition and the Tyler Crude Tank Acquisition, our equity balance decreased $42.7 million during the three months ended March 31, 2015.

Allocations of Net Income

Our partnership agreement contains provisions for the allocation of net income and loss to our unitholders and our general partner. For purposes of maintaining partner capital accounts, the partnership agreement specifies that items of income and loss shall be allocated among the partners in accordance with their respective percentage interests. Normal allocations according to percentage interests are made after giving effect to priority income allocations, if any, in an amount equal to incentive cash distributions allocated 100% to our general partner.

The following table presents the allocation of the general partner's interest in net income (in thousands, except percentage of ownership interest):



	Three Months Ended March 31,
	2015			2014
Net income attributable to partners	$	14,640		$	14,672
Less: General partner's IDRs	(606		)	—
Net income available to partners	$	14,034		$	14,672
General partner's ownership interest	2.0		%	2.0		%
General partner's allocated interest in net income	$	281		$	293
General partner's IDRs	606			—
Total general partner's interest in net income	$	887		$	293

Incentive Distribution Rights

The following table illustrates the percentage allocations of available cash from operating surplus between our unitholders and our general partner based on the specified target distribution levels. The amounts set forth under “Marginal Percentage Interest in Distributions” are the percentage interests of our general partner and our unitholders in any available cash from operating surplus that we distribute up to and including the corresponding amount in the column “Total Quarterly Distribution per Unit Target Amount.” The percentage interests shown for our unitholders and our general partner for the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution. The percentage interests set forth below for our general partner include its 2.0% general partner interest and assume that (i) our general partner has contributed any additional capital necessary to maintain its 2.0% general partner interest, (ii) our general partner has not transferred its incentive distribution rights, and (iii) there are no arrearages on common units.



		Target Quarterly Distribution per Unit		Marginal Percentage Interest in Distributions
		Target Amount		Unitholders		General Partner
Minimum Quarterly Distribution		$	0.37500	98.0	%	2.0	%
First Target Distribution	above	$	0.37500	98.0	%	2.0	%
	up to	$	0.43125
Second Target Distribution	above	$	0.43125	85.0	%	15.0	%
	up to	$	0.46875
Third Target Distribution	above	$	0.46875	75.0	%	25.0	%
	up to	$	0.56250
Thereafter	thereafter	$	0.56250	50.0	%	50.0	%

Cash Distributions

Our partnership agreement sets forth the calculation to be used to determine the amount and priority of cash distributions that our common and subordinated unitholders and general partner will receive. Our distributions earned with respect to a given period are declared subsequent to quarter end. The table below summarizes the quarterly distributions related to our quarterly financial results:



Quarter Ended	Total Quarterly Distribution Per Limited Partner Unit		Total Quarterly Distribution Per Limited Partner Unit, Annualized		Total Cash Distribution, including general partner IDRs (in thousands)		Date of Distribution	Unitholders Record Date
December 31, 2013	$	0.415	$	1.66	$	10,228	February 13, 2014	February 4, 2014
March 31, 2014	$	0.425	$	1.70	$	10,474	May 14, 2014	May 6, 2014
June 30, 2014	$	0.475	$	1.90	$	11,910	August 14, 2014	August 7, 2014
September 30, 2014	$	0.490	$	1.96	$	12,394	November 14, 2014	November 6, 2014
December 31, 2014	$	0.510	$	2.04	$	13,056	February 13, 2015	February 6, 2015
March 31, 2015	$	0.530	$	2.12	$	13,702	May 14, 2015 ⁽¹⁾	May 4, 2015

⁽¹⁾ Expected date of distribution.

The allocation of total quarterly cash distributions expected to be made on May 14, 2015 to general and limited partners for the three months ended March 31, 2015 is set forth in the table below. Our distributions earned with respect to a given period are declared subsequent to quarter end. Therefore, the table below presents total cash distributions applicable to the period in which the distributions are earned (in thousands, except per unit amounts):



	Three Months Ended March 31,
	2015		2014
General partner's distributions:
General partner's distributions	$	262	$	209
General partner's IDRs	606		—
Total general partner's distributions	868		209

Limited partners' distributions:
Common	6,475		5,165
Subordinated	6,359		5,100
Total limited partners' distributions	12,834		10,265
Total cash distributions	$	13,702	$	10,474

Cash distributions per limited partner unit	$	0.530	$	0.425