Business Context and Reporting Period
This Form 8-K Current Report was filed by Global Partners LP on January 16, 2024. The filing serves as a Regulation FD disclosure regarding the declaration of quarterly cash distributions for the Partnership's preferred units. The Partnership is incorporated in Delaware and its securities trade on the New York Stock Exchange under the symbols GLP, GLP pr A, and GLP pr B.
Key Financial Metrics
The filing details specific distribution metrics for two classes of preferred units for the period from November 15, 2023, through February 14, 2024:
- Series A Fixed-to-Floating Rate Preferred Units:
- Quarterly Distribution: $0.77596 per unit
- Annualized Distribution: $3.10 per unit
- Applicable Distribution Rate: Approximately 12.42% (based on a determination date of November 13, 2023)
- 9.50% Series B Fixed Rate Preferred Units:
- Quarterly Distribution: $0.59375 per unit
- Annualized Distribution: $2.375 per unit
The filing text does not provide values for revenue, profit, cash flow, margins, debt, or liquidity metrics.
Material Changes
This report does not present comparative financial data against prior periods. The primary material event is the Board of Directors' declaration of the specific distribution rates and amounts listed above, which are payable on February 15, 2024, to unitholders of record as of February 1, 2024.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future operations, or discussion of risks and contingencies beyond the standard disclosure that the information in Item 7.01 is not deemed "filed" under Section 18 of the Exchange Act unless specifically incorporated by reference. No unusual items were reported.
Investor Verification Checklist
- Verify the record date of February 1, 2024, to confirm eligibility for the upcoming distributions.
- Confirm the payment date of February 15, 2024, for both Series A and Series B preferred units.
- Review the calculation methodology for the Series A floating rate to understand the 12.42% rate determination.
- Check the attached Exhibit 99.1 (Press Release) for any additional context not included in the 8-K summary.