Knott’s Owner Raises Quarterly Distribution

The owner of Knott’s Berry Farm said Monday it has increased its quarterly cash distribution on its limited partnership units to 39 cents per unit from 37.5 cents.

Cedar Fair LP in Sandusky, Ohio, said in a news release the latest hike brings the total increases over the last 12 months to 11 cents a unit. It also puts the annualized rate at $1.56 a share, up from the $1.50 rate paid the last two quarters.

Cedar Fair’s board also authorized the partnership to extend its unit repurchase program by another $25 million. In November, the board approved the repurchase of up to $25 million of its limited partnership units. So far, the company has bought back more than 1 million units at an average price of less than $18.25.

The company’s units closed unchanged Monday at $18.06 each on the New York Stock Exchange.