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PARTNERS' CAPITAL
 3 Months Ended
Mar. 31, 2012
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.

 

On January 17, 2012, the Partnership announced the approval of a quarterly distribution to its Class A Limited Partners and holders of Depositary Receipts of record as of March 15, 2012 and payable on March 30, 2012.  The quarterly distribution per Class A Limited Partnership Unit was increased from $7.00 per unit to $7.50 per unit.  Taking into consideration the 3-for-1 forward split of Depositary Receipts that was completed on January 3, 2012, the quarterly distribution per Depositary Receipt was increased from $0.23 to $0.25.

 

In 2012, the Partnership approved quarterly distributions of $7.50 per unit ($0.25 per receipt) the first of which was paid on March 30, 2012.  In April 2012, the Partnership approved a quarterly distribution of $7.50 per unit ($0.25 per receipt) payable on June 30, 2012.

 

In 2011 the Partnership paid quarterly distributions of $7.00 per unit ($0.23 per receipt, adjusted for 3 for 1 forward split of Depositary Receipts in January 2012) in March, June, September, and December for a total distribution of $28.00 per unit ($0.93 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:

 

 

 

Three Months Ended
March 31,

 

 

 

2012

 

2011

 

Income per Depositary Receipt before Discontinued Operations

 

$

0.16

 

$

0.03

 

Income from Discontinued Operations

 

—

 

0.02

 

Net Income per Depositary Receipt after Discontinued Operations

 

$

0.16

 

0.05

 

Distributions per Depositary Receipt

 

$

0.25

 

$

0.23