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| 1 | Boardwalk Pipeline Partners, LP | Cash Distributions The Partnerships cash distribution policy requires that the Partnership distribute to its various ownership interests on a quarterly basis all of its available cash, as defined in its partnership agreement. IDRs, which represent a limited partner ownership interest and are currently held by the Partnerships general partner, represent the contractual right to receive an increasing percentage of quarterly distributions of available cash as follows: Total Quarterly Distribution Marginal Percentage Interest inDistributions Target Amount Limited PartnerUnitholders(1) General Partnerand IDRsFirst Target Distribution up to $0.4025 98% 2%Second Target Distribution above $0.4025 up to $0.4375 85% 15%Third Target Distribution above $0.4375 up to $0.5250 75% 25%Thereafter above $0.5250 50% 50% (1) The class B unitholders participate in distributions on a pari passu basis with the Partnerships common units up to $0.30 per unit per quarter. The class B units do not participate in quarterly distributions above $0.30 per unit. The class B units began sharing in income allocations and distributions with respect to the third quarter 2008. In the third quarter 2009, the Partnership paid quarterly distributions to its common unitholders of record of $0.49 per common unit, $0.30 per class B unit to the holder of the class B units and amounts to the general partner on behalf of its 2% general partner interest and as holder of the IDRs. In the third quarter 2008, the Partnership paid quarterly distributions to unitholders of record, including common and subordinated units, of $0.475 per common unit and amounts to the general partner on behalf of its 2% general partner interest and as holder of the IDRs. In October 2009, the Partnership declared a quarterly cash distribution to unitholders of record of $0.495 per common unit. Net Income per Unit For purposes of calculating net income per unit, net income for the current period is reduced by the amount of available cash that will be distributed with respect to that period. Any residual amount representing undistributed net income (or loss) is assumed to be allocated to the various ownership interests in accordance with the contractual provisions of the partnership agreement. Under the Partnerships partnership agreement, for any quarterly period, the IDRs participate in net income only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in undistributed net income or losses. Accordingly, undistributed net income is assumed to be allocated to the other ownership interests on a pro rata basis, except that the class B units participation in net income is limited to $0.30 per unit per quarter. Payments made on account of the Partnerships various ownership interests are determined in relation to actual declared distributions, and are not based on the assumed allocations required under generally accepted accounting principles. The following table provides a reconciliation of net income and the assumed allocation of net income to the common and class B units for purposes of computing net income per unit for the three months ended September 30, 2009 (in millions, except per unit data): Total Common Units Class B Units General Partner and IDRsNet income $ 18.8 Declared distribution 96.7 $ 84.0 $ 6.9 $ 5.8Assumed allocation of undistributed net loss (77.9) (67.1) (9.2) (1.6) Assumed allocation of net income $ 18.8 $ 16.9 $ (2.3) $ 4.2Weighted average units outstanding 166.2 22.9 Net income per unit $ 0.10 $ (0.10) The following table provides a reconciliation of net income and the assumed allocation of net income to the common and class B units for purposes of computing net income per unit for the nine months ended September 30, 2009 (in millions, except per unit data): Total Common Units Class B Units General Partner and IDRsNet income $ 91.1 Declared distribution 274.9 $ 238.3 $ 20.6 $ 16.0Assumed allocation of undistributed net loss (183.8) (157.4) (22.7) (3.7) Assumed allocation of net income $ 91.1 $ 80.9 $ (2.1) $ 12.3Weighted average units outstanding 158.9 22.9 Net income per unit $ 0.51 $ (0.09) In the first quarter 2009, the Partnership changed the method used in computing its net income per unit due to changes in generally accepted accounting principles. As a result, net income per unit for the three and nine months ended September 30, 2008, has been retrospectively adjusted from $0.47 and $1.58 per common and subordinated unit, as originally reported, to $0.47 and $1.65 per common unit and $0.47 and $1.61 per subordinated unit. The following table provides a reconciliation of net income and the assumed allocation of net income to the common and subordinated units for purposes of computing net income per unit for the three months ended September 30, 2008 (in millions, except per unit data): Total Common Units Class B Units (a) Subordinated Units General Partner And IDRsNet income $ 73.6 Declared distribution 74.1 $ 47.8 $ 6.9 $ 15.7 $ 3.7Assumed allocation of undistributed net loss (0.5) (0.3) (0.1) (0.1) -Assumed allocation of net income $ 73.6 $ 47.5 $ 6.8 $ 15.6 $ 3.7Weighted average units outstanding 100.7 22.9 33.1 Net income per unit $ 0.47 $ 0.30 $ 0.47 (a) Number of units shown is weighted from July 1, 2008, which is the date the class B units became eligible to participate in income allocations. The following table provides a reconciliation of net income and the assumed allocation of net income to the common and subordinated units for purposes of computing net income per unit for the nine months ended September 30, 2008 (in millions, except per unit data): Total Common Units Class B Units (a) Subordinated Units General Partner And IDRsNet income $ 226.4 Declared distribution 200.8 $ 137.3 $ 6.9 $ 46.6 $ 10.0Assumed allocation of undistributed net loss 25.6 18.6 - 6.5 0.5Assumed allocation of net income $ 226.4 $ 155.9 $ 6.9 $ 53.1 $ 10.5Weighted average units outstanding 94.6 22.9 33.1 Net income per unit $ 1.65 $ 0.30 $ 1.61 (a) Number of units shown is weighted from July 1, 2008, which is the date the class B units became eligible to participate in income allocations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2 | BOSTON PROPERTIES LTD PARTNERSHIP | 9. Partners’ Capital As of September 30, 2009, Boston Properties, Inc. owned 1,600,013 general partnership units and 137,102,361 limited partnership units. On June 10, 2009, Boston Properties, Inc. completed a public offering of 17,250,000 shares of its Common Stock (including 2,250,000 shares issued as a result of the exercise of an overallotment option by the underwriters) at a price to the public of $50.00 per share. The proceeds from this public offering, net of underwriters’ discounts and offering costs, totaled approximately $841.9 million, which was contributed by Boston Properties, Inc. to the Company in exchange for 17,250,000 OP Units. During the nine months ended September 30, 2009, the Company issued 133,087 OP Units to Boston Properties, Inc. in connection with the exercise by employees of options to purchase Common Stock of Boston Properties, Inc. During the nine months ended September 30, 2009, Boston Properties, Inc. acquired 70,563 OP Units in connection with the redemption of an equal number of redeemable OP Units from third parties. On January 30, 2009, the Company paid a distribution in the amount of $0.68 per OP Unit to unitholders of record as of the close of business on December 31, 2008. On April 30, 2009, the Company paid a distribution in the amount of $0.68 per OP Unit to unitholders of record as of the close of business on March 31, 2009. On July 31, 2009, the Company paid a distribution in the amount of $0.50 per OP Unit to unitholders of record as of the close of business on June 30, 2009. On September 17, 2009, Boston Properties, Inc., as general partner of the Company, declared a distribution in the amount of $0.50 per OP Unit payable on October 30, 2009 to unitholders of record as of the close of business on September 30, 2009. |
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| 3 | ERP OPERATING LTD PARTNERSHIP |
The following tables present the changes in the Operating Partnership’s issued and outstanding “Units” (which includes OP Units and Long-Term Incentive Plan (“LTIP”) Units) and in the limited partners’ Units for the nine months ended September 30, 2009:
In September 2009, EQR announced the creation of an At-The-Market (“ATM”) share offering program which would allow EQR to sell up to 17.0 million Common Shares from time to time over the next three years into the existing trading market at current market prices as well as through negotiated transactions. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds from all equity offerings to the capital of the Operating Partnership in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis). During the nine months ended September 30, 2009, no shares were issued through the ATM program. During the nine months ended September 30, 2009, EQR repurchased 47,450 of its Common Shares at an average price of $23.69 per share for total consideration of $1.1 million. These shares were retired subsequent to the repurchases. Concurrent with these transactions, the Operating Partnership repurchased and retired 47,450 OP Units previously issued to EQR. All of the shares repurchased during the nine months ended September 30, 2009 were repurchased from employees at the then current market prices to cover the minimum statutory tax withholding obligations related to the vesting of employees’ restricted shares. EQR has authorization to repurchase an additional $466.5 million of its shares as of September 30, 2009. The Limited Partners of the Operating Partnership as of September 30, 2009 include various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of LTIP Units. Subject to certain exceptions (including the “book-up” requirements of LTIP Units), the Limited Partners may exchange their Units with EQR for EQR Common Shares on a one-for-one basis. The carrying value of the Limited Partner Units is based on the proportional relationship between the carrying values of equity associated with General Partner Units relative to that of the Limited Partner Units. Net income is allocated to the Limited Partner Units based on the weighted average ownership percentage during the period. As of September 30, 2009, the Operating Partnership evaluated the requirements for classifying and measuring redeemable securities with respect to the presentation within the equity section of the balance sheets with respect to Limited Partner Units. Although the Operating Partnership had classified all Limited Partner Units within “Partners’ Capital” in all of the Operating Partnership’s previously issued consolidated financial statements, the Operating Partnership has concluded that it is required to present a portion of these securities at the greater of carrying value or their fair market value at each balance sheet date outside of “Partners’ Capital” in the mezzanine section of the balance sheet. This immaterial error affects only the balance sheet presentation of the Operating Partnership’s equity accounts and has no impact on net income, earnings per Unit or cash flows for any period presented. Although the Operating Partnership believes that the effects of these adjustments are not material to its previously issued consolidated financial statements, the Operating Partnership has, and will in all future filings of its financial statements, adjust prior periods presented in the consolidated financial statements for comparability purposes and to conform to the Operating Partnership’s retrospective application of classifying and measuring redeemable securities. A portion of the Limited Partners’ Units are classified as mezzanine equity as they do not meet the requirements for permanent equity classification. The Operating Partnership has the right but not the obligation to make a cash payment to any and all holders of Limited Partner Units requesting an exchange from EQR. Once the Operating Partnership elects not to redeem the Limited Partner Units for cash, EQR is obligated to deliver EQR Common Shares to the exchanging limited partner. If EQR is required, either by contract or securities law, to deliver registered EQR Common Shares, such Limited Partner Units are referred to as “Redeemable Limited Partner Units”. Instruments that require settlement in registered shares can not be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Limited Partner Units are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered EQR Common Shares for the remaining portion of the Limited Partner Units that are classified in permanent equity at September 30, 2009 and December 31, 2008. The carrying value of the Redeemable Limited Partner Units is allocated based on the number of Redeemable Limited Partner Units in proportion to the number of Limited Partner Units in total. Such percentage of the total carrying value of Limited Partner Units which is ascribed to the Redeemable Limited Partner Units is then adjusted to the greater of carrying value or fair market value as described above. As of September 30, 2009, the Redeemable Limited Partner Units have a redemption value of approximately $236.3 million, which represents the value of EQR Common Shares that would be issued in exchange with the limited partners of the Operating Partnership for Redeemable Limited Partner Units.
The following table presents the change in the redemption value of the Redeemable Limited Partners for the nine months ended September 30, 2009 (amounts in thousands):
EQR contributes all net proceeds from its various equity offerings (including proceeds from exercise of options for EQR Common Shares) to the Operating Partnership. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the preferred shares issued in the equity offering). The following table presents the Operating Partnership’s issued and outstanding “Preference Units” as of September 30, 2009 and December 31, 2008:
The following table presents the Operating Partnership’s issued and outstanding Junior Convertible Preference Units (the “Junior Preference Units”) as of September 30, 2009 and December 31, 2008:
During the nine months ended September 30, 2009, the Operating Partnership acquired all of its partners’ interests in five partially owned properties consisting of 1,587 units for $9.2 million. In addition, the Operating Partnership also acquired a portion of the outside partner interests in two partially owned properties, one funded using cash of $2.1 million and the other funded through the issuance of 32,061 OP Units valued at $0.8 million. In conjunction with these transactions, the Operating Partnership reduced paid in capital (included in general partner’s capital) by $1.5 million and Noncontrolling Interests – Partially Owned Properties by $11.7 million.
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| 4 | KINDER MORGAN ENERGY PARTNERS L P | 5. Partners’ Capital Limited Partner Units As of September 30, 2009 and December 31, 2008, our partners’ capital included the following limited partner units:
The total limited partner units represent our limited partners’ interest and an effective 98% ownership interest in us, exclusive of our general partner’s incentive distribution rights. Our general partner has an effective 2% ownership interest in us, excluding its incentive distribution rights. As of September 30, 2009, our total common units consisted of 183,506,009 units held by third parties, 14,646,428 units held by KMI and its consolidated affiliates (excluding our general partner), and 1,724,000 units held by our general partner. As of December 31, 2008, our common unit total consisted of 166,598,999 units held by third parties, 14,646,428 units held by KMI and its consolidated affiliates (excluding our general partner) and 1,724,000 units held by our general partner. As of both September 30, 2009 and December 31, 2008, all of our 5,313,400 Class B units were held by a wholly-owned subsidiary of KMI. The Class B units are similar to our common units except that they are not eligible for trading on the New York Stock Exchange. All of our Class B units were issued to a wholly-owned subsidiary of KMI in December 2000. As of both September 30, 2009 and December 31, 2008, all of our i-units were held by KMR. Our i-units are a separate class of limited partner interests in us and are not publicly traded. The number of i-units we distribute to KMR is based upon the amount of cash we distribute to the owners of our common units. When cash is paid to the holders of our common units, we issue additional i-units to KMR. The fraction of an i-unit paid per i-unit owned by KMR will have a value based on the cash payment on the common units. Changes in Partners’ Capital For each of the three and nine month periods ended September 30, 2009 and 2008, changes in the carrying amounts of our Partners’ Capital attributable to both us and our noncontrolling interests, including our comprehensive income (loss) are summarized as follows (in millions):
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During the first nine months of both 2009 and 2008, there were no material changes in our ownership interests in subsidiaries in which we retained a controlling financial interest. Equity Issuances On January 16, 2009, we entered into an equity distribution agreement with UBS Securities LLC, referred to in this report as UBS. According to the provisions of this agreement, we may offer and sell from time to time common units having an aggregate offering value of up to $300 million through UBS, as sales agent. Sales of the units will be made by means of ordinary brokers’ transactions on the New York Stock Exchange at market prices, in block transactions or as otherwise agreed between us and UBS. Under the terms of this agreement, we also may sell common units to UBS as principal for its own account at a price agreed upon at the time of the sale. Any sale of common units to UBS as principal would be pursuant to the terms of a separate agreement between us and UBS. This equity distribution agreement provides us the right, but not the obligation, to sell common units in the future, at prices we deem appropriate. We retain at all times complete control over the amount and the timing of each sale, and we will designate the maximum number of common units to be sold through UBS, on a daily basis or otherwise as we and UBS agree. UBS will then use its reasonable efforts to sell, as our sales agent and on our behalf, all of the designated common units. We may instruct UBS not to sell common units if the sales cannot be effected at or above the price designated by us in any such instruction. Either we or UBS may suspend the offering of common units pursuant to the agreement by notifying the other party. During the three and nine months ended September 30, 2009, we issued 1,962,811 and 4,519,558, respectively, of our common units pursuant to this agreement. After commissions of $1.3 million and $3.6 million, respectively, for the three and nine month periods, we received net proceeds from the issuance of these common units of approximately $103.0 million and $227.6 million. We used the proceeds to reduce the borrowings under our bank credit facility. For more information concerning offerings subsequent to September 30, 2009, see "—Subsequent Event" below. We also completed two separate underwritten public offerings of our common units in the first nine months of 2009, discussed following, and in April 2009, we issued 105,752 common units—valued at $5.0 million—as the purchase price for additional ownership interests in certain oil and gas properties. In our first 2009 public offering, completed in March, we issued 5,666,000 of our common units at a price of $46.95 per unit, less underwriting commissions and expenses. We received net proceeds of $258.0 million for the issuance of these common units. In our second offering, completed in July, we issued 6,612,500 common units at a price of $51.50 per unit, less underwriting commissions and expenses, and we received net proceeds of $329.9 million for the issuance of these common units. We used the proceeds from each of these two public offerings to reduce the borrowings under our bank credit facility. Income Allocation and Declared Distributions For the purposes of maintaining partner capital accounts, our partnership agreement specifies that items of income and loss shall be allocated among the partners, other than owners of i-units, in accordance with their percentage interests. Normal allocations according to percentage interests are made, however, only after giving effect to any priority income allocations in an amount equal to the incentive distributions that are allocated 100% to our general partner. Incentive distributions are generally defined as all cash distributions paid to our general partner that are in excess of 2% of the aggregate value of cash and i-units being distributed. On August 14, 2009, we paid a cash distribution of $1.05 per unit to our common unitholders and our Class B unitholders for the quarterly period ended June 30, 2009. KMR, our sole i-unitholder, received a distribution of 1,814,650 i-units from us on August 14, 2009, based on the preceding discussion of our i-units and the $1.05 per unit distributed to our common unitholders on that date. The distributions were declared on July 15, 2009, payable to unitholders of record as of July 31, 2009. On October 21, 2009, we declared a cash distribution of $1.05 per unit for the quarterly period ended September 30, 2009. The distribution will be paid on November 13, 2009, to unitholders of record as of October 30, 2009. Our common unitholders and Class B unitholders will receive cash. KMR will receive a distribution of 1,783,310 additional i-units based on the $1.05 distribution per common unit. For each outstanding i-unit that KMR holds, a fraction of an i-unit (0.021292) will be issued. This fraction was determined by dividing: ▪ $1.05, the cash amount distributed per common unit by ▪ $49.315, the average of KMR’s shares’ closing market prices from October 14-27, 2009, the ten consecutive trading days preceding the date on which the shares began to trade ex-dividend under the rules of the New York Stock Exchange. Incentive distributions allocated to our general partner are determined by the amount quarterly distributions to unitholders exceed certain specified target levels. Our distribution of $1.05 per unit paid on August 14, 2009 for the second quarter of 2009 required an incentive distribution to our general partner of $231.8 million. Our distribution of $0.99 per unit paid on August 14, 2008 for the second quarter of 2008 resulted in an incentive distribution payment to our general partner in the amount of $194.2 million. The increased incentive distribution to our general partner paid for the second quarter of 2009 over the incentive distribution paid for the second quarter of 2008 reflects the increase in the amount distributed per unit as well as the issuance of additional units. Our declared distribution for the third quarter of 2009 of $1.05 per unit will result in an incentive distribution to our general partner of $235.0 million. This compares to our distribution of $1.02 per unit and incentive distribution to our general partner of $204.3 million for the third quarter of 2008. Subsequent Event On October 1, 2009, we amended and restated our equity distribution agreement with UBS (discussed above in “—Equity Issuances”) to allow for the offer and sale from time to time of common units having an aggregate offering value of up to $600 million through UBS, as sales agent. After September 30, 2009, and through October 30, 2009 (the date we evaluated subsequent events and issued our accompanying interim consolidated financial statements), we issued 124,768 of our common units pursuant to settlement of sales made before September 30, 2009 pursuant to our equity distribution agreement. After commissions of $0.1 million, we received net proceeds of $6.7 million for the issuance of these 124,768 common units, and we used the proceeds to reduce the borrowings under our bank credit facility. |
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| 5 | ONEOK Partners LP | E. PARTNERS’ EQUITY Equity Issuance - In June 2009, we completed an underwritten public offering of 5,000,000 common units at $45.81 per common unit, generating net proceeds of approximately $219.9 million after deducting underwriting discounts but before offering expenses. In July 2009, we sold an additional 486,690 common units at $45.81 per common unit to the underwriters of the public offering upon the partial exercise of their option to purchase additional common units to cover over-allotments. We received net proceeds of approximately $21.4 million from the sale of the common units after deducting underwriting discounts but before offering expenses. In conjunction with the public offering and partial exercise by the underwriters of their overallotment option, ONEOK Partners GP contributed an aggregate of $5.1 million in order to maintain its 2 percent general partner interest in us. As a result of these transactions, ONEOK and its subsidiaries now hold an aggregate 45.1 percent interest in us. We used the proceeds from the sale of common units and the general partner contributions to repay borrowings under our Partnership Credit Agreement and for general partnership purposes. Cash Distributions Paid - For the nine months ended September 30, 2009, cash distributions included $69.6 million paid to our general partner, of which $62.2 million was related to incentive distributions. The quarterly distributions paid to our limited partners in each of the first, second and third quarters of 2009 were $1.08 per unit. These distributions pertained to the fourth quarter of 2008, first quarter of 2009 and second quarter of 2009. Cash Distributions Declared - In October 2009, we declared a cash distribution of $1.09 per unit ($4.36 per unit on an annualized basis) for the third quarter of 2009, an increase of $0.01 from the previous quarter. The distribution will be paid on November 13, 2009, to unitholders of record at the close of business on October 30, 2009. |
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| 6 | PLAINS ALL AMERICAN PIPELINE LP |
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| 7 | PLUM CREEK TIMBER CO INC | Note 9. Partners’ Capital The changes in the Operating Partnership’s capital accounts were as follows during 2009 (in millions):
Comprehensive Income Comprehensive income includes net income, actuarial gains and losses associated with our defined benefit pension plans and unrealized gains and losses on available-for-sale securities. Comprehensive income was as follows for the quarter and nine-month periods ended September 30 (in millions):
The actuarial loss of $3 million for the quarter and nine-months ended September 30, 2009, is due to the re-measurement of our benefit obligation and plan assets for our defined benefit pension as of September 1, 2009, in connection with lump-sum settlements. See Note 11 of the Notes to Consolidated Financial Statements. The reclassification of the net actuarial loss included in accumulated other comprehensive income of $4 million for the quarter and nine-months ended September 30, 2009, represents the portion of the net actuarial loss recognized in Net Income as a result of the lump-sum pension settlements. The components of accumulated other comprehensive income, net of tax, were as follows (in millions):
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