What is missing about the earnings of .53 per share here? Did less than 10% of that become distributable cash? Clearly there is an offset or this would not be an MLP.... I say that knowing there are still too many ways to beat up the private investor, who is such a trivial part of the picture. The rules say at least 90% of DC go to unit holders do they not? Over at ALDW it appears the opposite of this one, paying 15 cents when there did not appear to be any cash to give, after a statement made that they would be able to pay a distribution, ... were they obligated to keep to support their stock price?
GAAP accounting when it comes to MLPs is a confusing thing...
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