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Note 7 - Partners' Capital and Distributions
6 Months Ended
Jun. 30, 2021
Notes to Financial Statements  
Partners' Capital Notes Disclosure [Text Block]

7.

PARTNERS’ CAPITAL AND DISTRIBUTIONS

 

On March 12, 2021, the Partnership repurchased 688,417 outstanding preferred units at $7.50 per unit or total cash consideration of $5.2 million. The consideration paid was based on the fair market value of the units at the time of purchase. The carrying value of the units was $7.23 per unit, or total carrying value of $5.0 million. The preferred units were allocated additional net income for the $0.2 million of consideration paid in excess of carrying value. The units were retired on March 24, 2021.

 

On July 27, 2021, the Board approved a cash distribution of $0.17875 per outstanding preferred unit for the three months ended June 30, 2021. The Partnership will pay this distribution on August 13, 2021, to unitholders of record as of August 6, 2021. The total distribution will be approximately $6.3 million, with approximately $6.2 million and $0.1 million paid to the Partnership’s preferred unitholders and general partner, respectively.

 

In addition, the Board approved a cash distribution of $0.04 per outstanding common unit for the three months ended June 30, 2021. The Partnership will pay this distribution on August 13, 2021, to unitholders of record on August 6, 2021. The total distribution will be approximately $1.8 million, with approximately $1.7 million and less than $0.1 million to be paid to the Partnership’s common unitholders and general partner, respectively, and approximately $0.1 million to be paid to holders of phantom and restricted units pursuant to awards granted under the Partnership’s Long-Term Incentive Plan.