Perpetual announced 3Q19 results which despite a funds flow beat, were largely negative in nature. Production of 8,383 boe/d was shy of GMPFE’s 8,942 boe/d estimate, with the company shutting in 925 boe/d of production due to price weakness during the quarter, while further shutting in an additional 300 boe/d indefinitely due to overly punitive property taxes. Reported AFFO of $4.2 mm ($0.07/sh) eclipsed our call for $3.1 mm ($0.05/sh), the largest contributing factor of which was $2.7
