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Net Income per Limited Partnership Unit (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Reconciliation of Net Income and Weighted-Average Units Used in Computing Basic and Diluted Net Income Per Common Unit

The following table provides a reconciliation of net income and weighted-average units used in computing basic and diluted net income per common unit for the following periods (in thousands, except unit and per unit amounts):

		Years Ended December 31,
		2024				2023				2022
Numerator:
Distributions paid on common units		$	79,854			$	79,712			$	79,625
Allocation of distributions in excess of net income			(59,962	)			(39,608	)			(17,655	)
Limited partners’ interest in net income - basic and diluted		$	19,892			$	40,104			$	61,970
Denominator:
Weighted average common units outstanding - basic			38,027,587				37,957,727				37,916,829
Adjustment for phantom and phantom performance units(a)			144,847				161,734				142,945
Weighted average common units outstanding - diluted			38,172,434				38,119,461				38,059,774
Net income per common unit - basic		$	0.52			$	1.06			$	1.63
Net income per common unit - diluted		$	0.52			$	1.05			$	1.63
Distributions paid per common unit		$	2.1000			$	2.1000			$	2.1000
Distributions declared (with respect to each respective period) per    common unit		$	2.1000			$	2.1000			$	2.1000

(a)For 2024, 2023 and 2022, respectively, 1,217,870, 1,203,481 and 835,551 potentially dilutive units related to the preferred membership interests were excluded from the calculation of diluted earnings per unit because including them would have been antidilutive.

Quarterly Distributions Made to Limited Partner, by Distribution

Quarterly distribution activity to common unitholders for 2024 was as follows:

Quarter Ended

Record Date

Payment Date

Cash Distribution (per unit)

Cash Distribution (in thousands)

December 31, 2023

February 2, 2024

February 9, 2024

$

0.5250

$

19,941

March 31, 2024

May 3, 2024

May 10, 2024

0.5250

19,964

June 30, 2024

August 2, 2024

August 9, 2024

0.5250

19,974

September 30, 2024

November 4, 2024

November 13, 2024

0.5250

19,975

December 31, 2024

February 3, 2025

February 13, 2025

0.5250

19,981

X

- Definition

Tabular disclosure of information related to dividends declared, including paid and unpaid dividends.

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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