Check out APL's earnings release. DCF of $0.70 supporting a $0.54 distribution. I expect ATLS' APL IDR's to be fully in the money with 4Q numbers which will be reflected in ATLS' distribution for 1Q 2012. I expect ATLS distribution to rise to about $0.27 for 4Q 2011 and then bumping up to $0.35-0.40 in 1Q 2012. My guess is the unit price will quickly fill the gap caused by the ex-dividend associated with 20% E&P spin-off. If we get to a $1.60 annualized distribution rate at a 4% yield, one doesn't have to dream too much to see a $40 unit price........given it's trading at 4% right now. Homerun!
I am considering a purchase of additional units of the EP spin-off once the distribution takes place. I am at a loss to find a better business model than the syndication business with EP operations represents.