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[hendi_alex]

Pay out ratio as a GAAP measure has little meaning to MLPs. These entities have large amounts of depreciation that as a line items takes away from GAAP earnings, but the depreciation actually takes nothing away from cash flow. Investors use DCF (distributable cash flow) to determine dividend coverage for MLPs. In the third quarter TGP had $64.6M in DCF. Total distributions were $56.402M. Based upon those numbers the pay out ratio would be about 87%.

Edited to reflect high distribution number which was pulled from a company release.