I do not argue with data you have presented albeit VNR investing in additional capex today for DCF growth tomorrow, is IMO, a good thing.
However you deflected Lisa's point that VNR has a higher rate of return/yield.
Yesterdays close: LINE at 30.25 yields 8.33% while VNR at 25.09 yields 8.77%. VNR has also raised distributions twice this year.
LINE's pps has underperformed this last year and has only livened up the last month or so and of course have to go all the way back to February 2008 to find a distribution increase.
Lastly, I really believe the LINE vs VNR is nitpicking since there's no reason why both shouldn't be held, as I do. My VNR position purchased 12/31/08 at $5.31; LINE position purchased 05/06/09 at $16.38.