Natural Resource Partners L.P. Reports First Quarter 2023 Results

Declares First Quarter 2023 Distribution of $0.75 per Common Unit

HOUSTON–(BUSINESS WIRE)–Natural Resource Partners L.P. (NYSE:NRP) today reported first quarter 2023 results as follows:

 

 

For the Three Months Ended

 

 

Last Twelve Months Ended

 

(In thousands) (Unaudited)

 

March 31, 2023

 

Operating cash flow

 

$

72,900

 

 

$

287,407

 

Free cash flow (1)

 

 

73,496

 

 

 

289,608

 

Cash flow cushion (last twelve months) (1)

 

 

 

 

 

 

102,516

 

 

 

 

 

 

 

 

 

 

Net income

 

$

79,275

 

 

$

283,868

 

Adjusted EBITDA (1)

 

 

77,737

 

 

 

319,418

 

_______________________________

 

(1)

See “Non-GAAP Financial Measures” and reconciliation tables at the end of this release.

Highlights:

  • Generated $73 million of free cash flow, an increase of 40% from the prior year quarter
  • Paid fourth quarter 2022 common unit distribution of $0.75 and special common unit distribution of $2.43
  • Redeemed $47.5 million of preferred units, reducing preferred units outstanding to par value of $202.5 million
  • Leverage ratio of 0.5x as of March 31, 2023
  • Declares first quarter 2023 common unit distribution of $0.75

“NRP’s strong performance continued in the first quarter of 2023 driven by robust prices for metallurgical coal and soda ash,” said Craig Nunez, NRP’s president and chief operating officer. “In addition to generating $73 million of free cash flow, we redeemed $47.5 million of preferred units at par with cash and permanently retired $16.7 million of Opco Senior Notes. We will continue to aggressively pay off debt and preferred equity with internally generated cash while maintaining distributions to our common unitholders.”

NRP announced today that the board of directors of its general partner declared a first quarter 2023 cash distribution of $0.75 per common unit to be paid on May 23, 2023, to unitholders of record on May 16, 2023. In addition, the board declared a $6.1 million cash distribution on NRP’s outstanding preferred units. Future distributions on NRP’s common and preferred units will be determined on a quarterly basis by the board of directors. The board of directors considers numerous factors each quarter in determining cash distributions including profitability, cash flow, debt service obligations, market conditions and outlook, estimated unitholder income tax liability, and the level of cash reserves that the board determines is necessary for future operating and capital needs.

NRP’s liquidity was $56.5 million at March 31, 2023, consisting of $17.7 million of cash and $38.8 million of borrowing capacity available under its revolving credit facility.

Segment Performance

Mineral Rights

Mineral Rights net income for the first quarter of 2023 increased $5.9 million as compared to the prior year period primarily due to increased metallurgical coal sales volumes and revenue from carbon neutral initiatives. Operating cash flow and free cash flow for the first quarter of 2023 increased $25.7 million and $26.3 million, respectively, as compared to the prior year period primarily due to the timing of minimum and royalty payments and prior year recoupments. Approximately 75% of coal royalty revenues and approximately 55% of coal royalty sales volumes were derived from metallurgical coal in the first quarter of 2023.

Metallurgical and thermal coal prices remain strong relative to historical norms, although pricing has declined from the record highs seen in 2022. Continued support for pricing is expected as operators are limited in their ability to increase production due to ongoing labor shortages, transportation and logistics challenges, difficulty of new mine permitting, and limited access to capital.

NRP continues to explore and identify carbon neutral revenue opportunities across its large portfolio of land, mineral, and timber assets, including the sequestration of carbon dioxide underground and in standing forests, and the generation of electricity using geothermal, solar, and wind energy. In the first quarter of 2023, NRP executed a new solar lease.

Soda Ash

Soda Ash net income in the first quarter of 2023 increased $4.3 million as compared to the prior year period primarily due to increased sales prices. Operating cash flow and free cash flow in the first quarter of 2023 decreased $2.6 million as compared to the prior year period due to a higher quarterly distribution from Sisecam Wyoming in the first quarter of 2022.

International prices remained strong in the first quarter of 2023 reflecting a continued supply constrained market for soda ash. Domestic soda ash prices were also strong during the first quarter of 2023 versus the prior year quarter due to negotiated 2023 domestic prices converging to international soda ash prices.

Corporate and Financing

Corporate and Financing costs in the first quarter of 2023 decreased $5.2 million as compared to the prior year period primarily due to lower interest expense resulting from less debt outstanding. Operating cash flow and free cash flow in the first quarter of 2023 decreased $2.5 million as compared to the prior year period primarily due to increased cash paid for incentive compensation in the first quarter of 2023 because of the improved business performance in 2022 and higher cash paid for interest on credit facility borrowings in 2023.

In the first quarter of 2023, NRP received a notice from holders of the partnership’s Class A Preferred Units exercising their right to either convert or redeem an aggregate of 47,499 Class A Preferred Units. NRP chose to redeem the preferred units for $47.5 million in cash rather than issuing common units. Of the originally issued 250,000 Class A Preferred Units, 202,501 Class A Preferred Units remain outstanding.

In February 2023, NRP declared and paid a fourth quarter 2022 cash distribution of $0.75 per common unit and a $7.5 million cash distribution on the preferred units. In March 2023, NRP declared and paid a special distribution of $2.43 per common unit to help cover unitholder tax liabilities associated with owning NRP’s common units during 2022. Today, NRP declared a first quarter 2023 cash distribution of $0.75 per common unit and a $6.1 million cash distribution on its outstanding preferred units.

NRP’s consolidated leverage ratio was 0.5x at March 31, 2023.

Conference Call

A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link: https://conferencingportals.com/event/WTRCwGdM. After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full conference call we suggest registering at minimum 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at www.nrplp.com. To access the replay, please visit the Investor Relations section of NRP’s website.

Withholding Information for Foreign Investors

Concurrent with this announcement, we are providing qualified notice to brokers and nominees that hold NRP units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of NRP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, NRP’s distributions to non-U.S. investors are subject to federal income tax withholding at a rate equal to the sum of the highest applicable rate plus ten percent (10%).

Company Profile

Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of properties in the United States including coal, industrial minerals and other natural resources, as well as rights to conduct carbon sequestration and renewable energy activities. NRP also owns an equity investment in Sisecam Wyoming LLC, one of the world’s lowest-cost producers of soda ash.

For additional information, please contact Tiffany Sammis at 713-751-7515 or tsammis@nrplp.com. Further information about NRP is available on the partnership’s website at http://www.nrplp.com.

Forward-Looking Statements

This press release includes forward-looking statements as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: the effects of the global COVID-19 pandemic; future distributions on the Partnerships common and preferred units; the Partnership’s business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership’s lessees; Sisecam Wyoming LLCs trona mining and soda ash refinery operations; distributions from the soda ash joint venture; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; and other factors detailed in Natural Resource Partners Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

“Adjusted EBITDA” is a non-GAAP financial measure that we define as net income (loss) less equity earnings from unconsolidated investment; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco’s debt agreements. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis.

“Distributable cash flow or “DCF” is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities plus distributions from unconsolidated investment in excess of cumulative earnings, proceeds from asset sales and disposals, including sales of discontinued operations, and return of long-term contract receivable; less maintenance capital expenditures. DCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. DCF may not be calculated the same for us as for other companies. In addition, distributable cash flow is not calculated or presented on the same basis as distributable cash flow as defined in our partnership agreement, which is used as a metric to determine whether we are able to increase quarterly distributions to our common unitholders. Distributable cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

“Free cash flow or “FCF” is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less maintenance and expansion capital expenditures and cash flow used in acquisition costs classified as investing or financing activities. FCF is calculated before mandatory debt repayments. Free cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Free cash flow may not be calculated the same for us as for other companies. Free cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt.

“Cash flow cushion” is a non-GAAP financial measure that we define as free cash flow less one-time beneficial items, mandatory Opco debt repayments, preferred unit distributions, redemption of preferred units, redemption of PIK units, common unit distributions, and warrant cash settlements. Cash flow cushion is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Cash flow cushion is a supplemental liquidity measure used by our management to assess the Partnership’s ability to make or raise cash distributions to our common and preferred unitholders and our general partner and repay debt or redeem preferred units.

“Leverage ratio” represents the outstanding principal of NRP’s debt at the end of the period divided by the last twelve months’ Adjusted EBITDA as defined above. NRP believes that leverage ratio is a useful measure to management and investors to evaluate and monitor the indebtedness of NRP relative to its ability to generate income to service such debt and in understanding trends in NRPs overall financial condition. Leverage ratio may not be calculated the same for NRP as for other companies and is not a substitute for, and should not be used in conjunction with, GAAP financial ratios.

-Financial Tables and Reconciliation of Non-GAAP Measures Follow-

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Comprehensive Income

 

 

For the Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

(In thousands, except per unit data)

 

2023

 

 

2022

 

 

2022

 

Revenues and other income

 

 

 

 

 

 

 

 

 

 

 

 

Royalty and other mineral rights

 

$

76,271

 

 

$

71,083

 

 

$

75,218

 

Transportation and processing services

 

 

3,598

 

 

 

3,796

 

 

 

5,695

 

Equity in earnings of Sisecam Wyoming

 

 

19,254

 

 

 

14,837

 

 

 

15,759

 

Gain on asset sales and disposals

 

 

96

 

 

 

 

 

 

383

 

Total revenues and other income

 

$

99,219

 

 

$

89,716

 

 

$

97,055

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Operating and maintenance expenses

 

$

7,163

 

 

$

8,076

 

 

$

8,914

 

Depreciation, depletion and amortization

 

 

4,083

 

 

 

3,868

 

 

 

5,954

 

General and administrative expenses

 

 

5,845

 

 

 

4,467

 

 

 

7,815

 

Asset impairments

 

 

 

 

 

19

 

 

 

3,583

 

Total operating expenses

 

$

17,091

 

 

$

16,430

 

 

$

26,266

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

$

82,128

 

 

$

73,286

 

 

$

70,789

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses, net

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

$

(2,853

)

 

$

(9,387

)

 

$

(3,638

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

(3,933

)

Total other expenses, net

 

$

(2,853

)

 

$

(9,387

)

 

$

(7,571

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

79,275

 

 

$

63,899

 

 

$

63,218

 

Less: income attributable to preferred unitholders

 

 

(6,661

)

 

 

(7,500

)

 

 

(7,500

)

Less: redemption of preferred units

 

 

(16,228

)

 

 

 

 

 

 

Net income attributable to common unitholders and the general partner

 

$

56,386

 

 

$

56,399

 

 

$

55,718

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common unitholders

 

$

55,258

 

 

$

55,271

 

 

$

54,603

 

Net income attributable to the general partner

 

 

1,128

 

 

 

1,128

 

 

 

1,115

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common unit

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

4.40

 

 

$

4.45

 

 

$

4.37

 

Diluted

 

 

3.44

 

 

 

3.11

 

 

 

3.13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

79,275

 

 

$

63,899

 

 

$

63,218

 

Comprehensive income (loss) from unconsolidated investment and other

 

 

(19,583

)

 

 

2,545

 

 

 

16,685

 

Comprehensive income

 

$

59,692

 

 

$

66,444

 

 

$

79,903

 

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Cash Flows

 

 

For the Three Months Ended

 

 

 

March 31,

 

 

December 31,

 

(In thousands)

 

2023

 

 

2022

 

 

2022

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

79,275

 

 

$

63,899

 

 

$

63,218

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

4,083

 

 

 

3,868

 

 

 

5,954

 

Distributions from unconsolidated investment

 

 

10,780

 

 

 

13,230

 

 

 

10,780

 

Equity earnings from unconsolidated investment

 

 

(19,254

)

 

 

(14,837

)

 

 

(15,759

)

Gain on asset sales and disposals

 

 

(96

)

 

 

 

 

 

(383

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

3,933

 

Asset impairments

 

 

 

 

 

19

 

 

 

3,583

 

Bad debt expense

 

 

(610

)

 

 

1,028

 

 

 

421

 

Unit-based compensation expense

 

 

2,491

 

 

 

1,448

 

 

 

1,557

 

Amortization of debt issuance costs and other

 

 

25

 

 

 

375

 

 

 

523

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

7,061

 

 

 

(7,579

)

 

 

(8,553

)

Accounts payable

 

 

(541

)

 

 

(60

)

 

 

(186

)

Accrued liabilities

 

 

(8,805

)

 

 

(7,156

)

 

 

5,766

 

Accrued interest

 

 

263

 

 

 

7,250

 

 

 

(3,238

)

Deferred revenue

 

 

(154

)

 

 

(7,316

)

 

 

1,670

 

Other items, net

 

 

(1,618

)

 

 

(1,838

)

 

 

(398

)

Net cash provided by operating activities

 

$

72,900

 

 

$

52,331

 

 

$

68,888

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from asset sales and disposals

 

$

101

 

 

$

 

 

$

384

 

Return of long-term contract receivable

 

 

598

 

 

 

 

 

 

585

 

Capital expenditures

 

 

(2

)

 

 

 

 

 

(59

)

Net cash provided by investing activities

 

$

697

 

 

$

 

 

$

910

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

 

 

Debt borrowings

 

$

94,200

 

 

$

 

 

$

70,000

 

Debt repayments

 

 

(89,696

)

 

 

(16,697

)

 

 

(141,731

)

Distributions to common unitholders and the general partner

 

 

(40,900

)

 

 

(5,672

)

 

 

(9,571

)

Distributions to preferred unitholders

 

 

(7,500

)

 

 

(7,500

)

 

 

(7,500

)

Redemption of preferred units

 

 

(48,085

)

 

 

 

 

 

 

Redemption of preferred units paid-in-kind

 

 

 

 

 

(19,579

)

 

 

 

Other items, net

 

 

(3,052

)

 

 

(2,813

)

 

 

(2,842

)

Net cash used in financing activities

 

$

(95,033

)

 

$

(52,261

)

 

$

(91,644

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

$

(21,436

)

 

$

70

 

 

$

(21,846

)

Cash and cash equivalents at beginning of period

 

 

39,091

 

 

 

135,520

 

 

 

60,937

 

Cash and cash equivalents at end of period

 

$

17,655

 

 

$

135,590

 

 

$

39,091

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

2,474

 

 

$

1,644

 

 

$

6,764

 

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Balance Sheets

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

(In thousands, except unit data)

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

17,655

 

 

$

39,091

 

Accounts receivable, net

 

 

36,513

 

 

 

42,701

 

Other current assets, net

 

 

3,216

 

 

 

1,822

 

Total current assets

 

$

57,384

 

 

$

83,614

 

Land

 

 

24,008

 

 

 

24,008

 

Mineral rights, net

 

 

408,371

 

 

 

412,312

 

Intangible assets, net

 

 

14,613

 

 

 

14,713

 

Equity in unconsolidated investment

 

 

295,361

 

 

 

306,470

 

Long-term contract receivable, net

 

 

28,309

 

 

 

28,946

 

Other long-term assets, net

 

 

7,622

 

 

 

7,068

 

Total assets

 

$

835,668

 

 

$

877,131

 

LIABILITIES AND CAPITAL

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,452

 

 

$

1,992

 

Accrued liabilities

 

 

3,466

 

 

 

11,916

 

Accrued interest

 

 

1,252

 

 

 

989

 

Current portion of deferred revenue

 

 

7,450

 

 

 

6,256

 

Current portion of long-term debt, net

 

 

39,055

 

 

 

39,076

 

Total current liabilities

 

$

52,675

 

 

$

60,229

 

Deferred revenue

 

 

38,833

 

 

 

40,181

 

Long-term debt, net

 

 

133,821

 

 

 

129,205

 

Other non-current liabilities

 

 

6,124

 

 

 

5,472

 

Total liabilities

 

$

231,453

 

 

$

235,087

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Class A Convertible Preferred Units (202,501 and 250,000 units issued and outstanding at March 31, 2023 and December 31, 2022, respectively, at $1,000 par value per unit; liquidation preference of $1,850 per unit at March 31, 2023 and December 31, 2022)

 

$

133,316

 

 

$

164,587

 

Partners’ capital

 

 

 

 

 

 

 

 

Common unitholders’ interest (12,634,642 and 12,505,996 units issued and outstanding at March 31, 2023 and December 31, 2022, respectively)

 

$

417,401

 

 

$

404,799

 

General partner’s interest

 

 

6,400

 

 

 

5,977

 

Warrant holders’ interest

 

 

47,964

 

 

 

47,964

 

Accumulated other comprehensive income (loss)

 

 

(866

)

 

 

18,717

 

Total partners’ capital

 

$

470,899

 

 

$

477,457

 

Total liabilities and partners’ capital

 

$

835,668

 

 

$

877,131

 

Natural Resource Partners L.P.

Financial Tables

(Unaudited)

Consolidated Statements of Partners’ Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Total

 

 

 

Common Unitholders

 

 

General

 

 

Warrant

 

 

Comprehensive

 

 

Partners’

 

(In thousands)

 

Units

 

 

Amounts

 

 

Partner

 

 

Holders

 

 

Income (Loss)

 

 

Capital

 

Balance at December 31, 2022

 

 

12,506

 

 

$

404,799

 

 

$

5,977

 

 

$

47,964

 

 

$

18,717

 

 

$

477,457

 

Net income (1)

 

 

 

 

 

77,690

 

 

 

1,585

 

 

 

 

 

 

 

 

 

79,275

 

Redemption of preferred units

 

 

 

 

 

(15,904

)

 

 

(324

)

 

 

 

 

 

 

 

 

(16,228

)

Distributions to common unitholders and the general partner

 

 

 

 

 

(40,082

)

 

 

(818

)

 

 

 

 

 

 

 

 

(40,900

)

Distributions to preferred unitholders

 

 

 

 

 

(7,924

)

 

 

(162

)

 

 

 

 

 

 

 

 

(8,086

)

Issuance of unit-based awards

 

 

129

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unit-based awards amortization and vesting, net

 

 

 

 

 

(1,178

)

 

 

 

 

 

 

 

 

 

 

 

(1,178

)

Capital contribution

 

 

 

 

 

 

 

 

142

 

 

 

 

 

 

 

 

 

142

 

Comprehensive loss from unconsolidated investment and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,583

)

 

 

(19,583

)

Balance at March 31, 2023

 

 

12,635

 

 

$

417,401

 

 

$

6,400

 

 

$

47,964

 

 

$

(866

)

 

$

470,899

 

________________________

(1)

Net income includes $6.7 million of income attributable to preferred unitholders that accumulated during the period, of which $6.5 million is allocated to the common unitholders and $0.1 million is allocated to the general partner.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Total

 

 

 

Common Unitholders

 

 

General

 

 

Warrant

 

 

Comprehensive

 

 

Partners’

 

(In thousands)

 

Units

 

 

Amounts

 

 

Partner

 

 

Holders

 

 

Income

 

 

Capital

 

Balance at December 31, 2021

 

 

12,351

 

 

$

203,062

 

 

$

1,787

 

 

$

47,964

 

 

$

3,211

 

 

$

256,024

 

Net income (1)

 

 

 

 

 

62,621

 

 

 

1,278

 

 

 

 

 

 

 

 

 

63,899

 

Distributions to common unitholders and the general partner

 

 

 

 

 

(5,559

)

 

 

(113

)

 

 

 

 

 

 

 

 

(5,672

)

Distributions to preferred unitholders

 

 

 

 

 

(7,603

)

 

 

(155

)

 

 

 

 

 

 

 

 

(7,758

)

Issuance of unit-based awards

 

 

155

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unit-based awards amortization and vesting, net

 

 

 

 

 

(1,754

)

 

 

 

 

 

 

 

 

 

 

 

(1,754

)

Capital contribution

 

 

 

 

 

 

 

 

112

 

 

 

 

 

 

 

 

 

112

 

Comprehensive income from unconsolidated investment and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,545

 

 

 

2,545

 

Balance at March 31, 2022

 

 

12,506

 

 

$

250,767

 

 

$

2,909

 

 

$

47,964

 

 

$

5,756

 

 

$

307,396

 

Contacts

Tiffany Sammis, 713-751-7515

tsammis@nrplp.com

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