Suburban Propane Partners, L.P. Declares Quarterly Distribution of $0.325 per Common Unit

Rhea-AI Summary

Suburban Propane Partners, L.P. (NYSE: SPH) announced a quarterly distribution of $0.325 per Common Unit for the quarter ended March 25, 2023. This distribution translates to an annualized rate of $1.30 per Common Unit, payable on May 9, 2023, to Common Unitholders of record as of May 2, 2023.

The press release also specified that all distributions to foreign investors are subject to federal income tax withholding at the highest rate. Suburban Propane has been providing propane and related energy products since 1928, serving about 1 million customers across the U.S. from approximately 700 locations.

Positive

• Quarterly distribution of $0.325 per Common Unit reflects ongoing shareholder returns.
• Annualized distribution rate of $1.30 demonstrates stable income for investors.
• Long history in customer service (since 1928) indicates reliability in the market.

Negative

• Distributions to foreign investors subject to highest federal income tax withholding may deter some investors.

WHIPPANY, N.J., April 20, 2023 /PRNewswire/ -- Suburban Propane Partners, L.P. (NYSE: SPH), today announced that its Board of Supervisors declared a quarterly distribution of $0.325 per Common Unit for the three months ended March 25, 2023. This quarterly distribution rate equates to an annualized rate of $1.30 per Common Unit. The distribution is payable on May 9, 2023 to Common Unitholders of record as of May 2, 2023.

This press release serves as qualified notice to brokers and nominees as provided for under Treasury Regulation Section 1.1446-4(b). Please note that 100% of Suburban Propane Partners, LP's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Suburban Propane Partners, LP's distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate without exception.  Regarding the amount realized pursuant to 1.1446(f)-4(c)(2)(iii), 100% of the distribution is in excess of cumulative net income.  Brokers and nominees are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.

About Suburban Propane Partners, L.P.
Suburban Propane Partners, L.P. ("Suburban Propane") is a publicly traded master limited partnership listed on the New York Stock Exchange.  Headquartered in Whippany, New Jersey, Suburban Propane has been in the customer service business since 1928 and is a nationwide distributor of propane, renewable propane, fuel oil and related products and services, as well as a marketer of natural gas and electricity and an investor in low carbon fuel alternatives, servicing the energy needs of approximately 1 million residential, commercial, governmental, industrial and agricultural customers through approximately 700 locations across 42 states.  Suburban Propane is supported by three core pillars: (1) Suburban Commitment – showcasing Suburban Propane's 95-year legacy, and ongoing commitment to the highest standards for dependability, flexibility, and reliability that underscores Suburban Propane's commitment to excellence in customer service; (2) SuburbanCares – highlighting continued dedication to giving back to local communities across the Suburban Propane's national footprint and (3) Go Green with Suburban Propane - promoting the clean burning and versatile nature of propane and renewable propane as a bridge to a green energy future and developing the next generation of renewable energy.  For additional information on Suburban Propane, please visit www.suburbanpropane.com.

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SOURCE Suburban Propane Partners, L.P.

FAQ

What is the latest quarterly distribution declared by Suburban Propane Partners, L.P. (SPH)?

Suburban Propane Partners, L.P. declared a quarterly distribution of $0.325 per Common Unit.

When will the distribution be paid for the quarter ended March 25, 2023?

The distribution will be payable on May 9, 2023.

What is the annualized distribution rate for SPH based on the latest announcement?

The annualized distribution rate is $1.30 per Common Unit.

Who is eligible to receive the distribution declared on April 20, 2023?

Common Unitholders of record as of May 2, 2023, are eligible to receive the distribution.

Are there tax implications for foreign investors receiving distributions from SPH?

Yes, 100% of distributions to foreign investors are subject to federal income tax withholding at the highest applicable rate.