On October 21, 2013, the Partnership announced a cash distribution for the third quarter 2013 of $0.7325 per common unit, or $2.93 per unit on an annualized basis, representing an increase of approximately 2% over the second quarter 2013 and 11% over the distribution for the third quarter 2012. The cash distribution will be paid on November 14, 2013 on all outstanding common units to holders of record as of the close of business on October 31, 2013. The total distribution paid will be $108.5 million, with $69.9 million to the Partnership's third-party limited partners and $38.6 million to TRC for its ownership of common units, incentive distribution rights ("IDRs") and its 2% general partner interest in the Partnership.
Targa Resources Corp. - Third Quarter 2013 Financial Results
Targa Resources Corp., the parent of Targa Resources Partners, today reported its third quarter 2013 results. The Company, which as of September 30, 2013 owned a 2% general partner interest (held through its 100% ownership interest in the general partner of the Partnership), all of the IDRs and 12,945,659 common units of the Partnership, presents its results consolidated with those of the Partnership.
TRC reported net income available to common shareholders of $16.3 million for the third quarter 2013 compared with a net income available to common shareholders of $8.7 million for the third quarter 2012. The net income per diluted common share was $0.39 in the third quarter of 2013 compared to $0.21 for the third quarter of 2012.Third quarter 2013 distributions to be paid on November 14, 2013 by the Partnership to the Company will be $38.6 million, with $9.5 million, $26.9 million and $2.2 million paid with respect to common units, IDRs and general partner interests, respectively. On October 21, 2013, TRC declared a quarterly dividend of $0.57 per share of its common stock for the three months ended September 30, 2013, or $2.28 per share on an annualized basis, representing increases of approximately 7% over the previous quarter's dividend and 35% over the dividend for the third quarter of 2012. Total cash dividends of approximately $23.7 million will be paid November 15, 2013 on all outstanding common shares to holders of record as of the close of business on October 31, 2013.