ANNAPOLIS, Md., Aug. 11, 2014 /PRNewswire/ -- Hannon
Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon
Armstrong," "we," "our" or the "Company;" NYSE: HASI), a leading
sustainable infrastructure investor, today reported Core Earnings
for the quarter ended June 30, 2014,
of $4.7 million or $0.22 per share. On a GAAP basis, the Company
recorded net income of $2.9 million,
or $0.13 per share, in the quarter.
Core Earnings for the six months ended June
30, 2014, were $8.0 million,
or $0.43 per share.
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"April 23, 2014, marked the first
anniversary of HASI's initial public offering (IPO) and we are
pleased to continue our success with the accomplishments of the
second quarter of 2014. Since the IPO, we have completed nearly
$1 billion of transactions. For the
quarter, we generated and paid a $0.22 dividend, completed a follow-on equity
raise and closed more than $200
million in transactions. This includes acquiring a portfolio
of long-duration lease streams for solar and wind projects as well
as the rights to finance additional transactions from this new
platform client," said Chief Executive Officer Jeffrey Eckel. "As we have demonstrated over the
past few quarters, we continue to execute on high credit quality
transactions that should translate well into dividend growth for
our shareholders."
Highlights
- Raised approximately $70 million
in April 2014 in a follow-on
offering.
- Increased the flexibility, and expanded the capacity by
$200 million, of the existing credit
facility.
- Completed more than $200 million
of transactions in the second quarter, including the acquisition of
a $107 million portfolio of land and
land leases for solar and wind projects.
- Diversified pipeline of investment opportunities remains in
excess of $2.0 billion.
"Opportunities for HASI continue to be robust," said Eckel. "The
recently announced Presidential initiative calling for an
additional $2.0 billion of federal
energy efficiency projects and the EPA proposed regulations to cut
carbon emissions from existing power plants will encourage more
investments in energy efficiency and clean energy throughout the
country. HASI is well positioned to capitalize on these
opportunities and will continue to seek projects generating
attractive risk-adjusted yields."
Portfolio
Our Portfolio of financing receivables, investments and real
estate held on our balance sheet rose to $591 million, compared with $487 million in the prior quarter. The Portfolio
consists of $169 million of energy
efficiency investments, $343 million
of clean energy (wind and solar) investments and $79 million of other sustainable infrastructure
investments, with 97% of the Portfolio rated investment grade. The
following is an analysis of the credit quality of the
portfolio:
|
Investment
Grade
|
|
|
|
|
|
Federal(1)
|
|
State, Local,
Institutions(2)
|
|
Commercial
Externally Rated(3)
|
|
Commercial Rated
Internally(4)
|
|
Commercial
Other(5)
|
|
Total
|
|
($ in
millions)
|
|
Financing
receivables
|
$ 195.9
|
|
$ 73.8
|
|
$ 22.0
|
|
$ 163.5
|
|
$ 0.8
|
|
$ 456.0
|
Investments
available-for-sale
|
-
|
|
-
|
|
43.3
|
|
7.8
|
|
16.6
|
|
67.7
|
Real
estate(6)
|
-
|
|
-
|
|
-
|
|
67.2
|
|
-
|
|
67.2
|
Total
|
$ 195.9
|
|
$ 73.8
|
|
$ 65.3
|
|
$ 238.5
|
|
$ 17.4
|
|
$ 590.9
|
% of Total
Portfolio
|
33.1%
|
|
12.5%
|
|
11.1%
|
|
40.4%
|
|
2.9%
|
|
100.0%
|
Average
Balance(7)
|
$ 7.7
|
|
$ 24.6
|
|
$ 21.8
|
|
$ 13.3
|
|
$ 16.6
|
|
$ 11.7
|
|
|
(1)
|
Transactions where
the ultimate obligor is the U.S. federal government. Transactions
may have guaranties of energy savings from third-party service
providers, the majority of which are investment grade rated
entities.
|
(2)
|
Transactions where
the ultimate obligors are state or local governments or
institutions such as hospitals or universities where the obligors
are rated investment grade (either by an independent rating agency
or based upon our credit analysis). Transactions may have
guaranties of energy savings from third-party service providers,
the majority of which are investment grade rated
entities.
|
(3)
|
Transactions where
the projects or the ultimate obligors are commercial entities that
have been rated investment grade by one or more independent rating
agencies. This includes an investment grade rated debt security
with a fair value of $38.2 million that matures in 2035 whose
obligor is an entity whose ultimate parent is Berkshire Hathaway
Inc.
|
(4)
|
Transactions where
the projects or the ultimate obligors are commercial entities that
have been rated investment grade using our internal credit
analysis.
|
(5)
|
Transactions where
the projects or the ultimate obligors are commercial entities that
have ratings below investment grade either by an independent
rating agency or using our internal credit analysis. Financing
receivables are net of an allowance for credit losses of $11.0
million. Investments include a senior debt investment of $16.6
million on a wind project that is owned by NRG Energy,
Inc.
|
(6)
|
Includes the real
estate and the related lease intangible assets.
|
(7)
|
Average remaining
balance excludes 66 transactions, each with outstanding balances
that are less than $1.0 million and that in the aggregate total
$16.5 million.
|
Second-Quarter 2014 Financial Results
Hannon Armstrong reported second-quarter Core Earnings of
$4.7 million, or $0.22 per share, as compared with Core Earnings
of $3.3 million, or $0.20 per share, in Q1 2014. The increase in Core
Earnings is largely due to an increase in gains on the sale of
investments and receivables and one month of the income from our
new $107 million investment in wind
and solar land and land leases. As set out in the reconciliation
table below, Core Earnings represent earnings attributable to the
shareholders, excluding earnings allocated to minority interest
holders, non-cash equity-based compensation, amortization of
intangible assets, provision for credit losses, business
acquisition costs and non-cash income taxes. We recorded a GAAP
profit attributable to controlling shareholders of $2.8 million, or $0.13 per share, for the quarter.
Total revenue net of investment interest expense increased to
$7.6 million from $5.7 million in Q1 2014, as a result of a
$1.2 million increase in other
investment revenue due to a higher level of gains on sales of
investments and receivables and a $0.7
million increase in net investment revenue largely due to
new transactions originated in the second half of the quarter. For
the quarter, core other expenses, net, were $2.9 million versus $2.3
million due to an increase in non-management compensation
costs and higher professional fees.
As of June 30, 2014, we had 37% of
our debt at fixed rates as shown in the chart below ($ in
millions):
|
June 30,
2014
|
% of
Total
|
|
($ in
millions)
|
Floating-Rate Credit
Facility
|
$ 166.2
|
63.1%
|
Fixed-Rate HASI
SYB
|
97.4
|
36.9%
|
Total Debt‑ June
30, 2014(1)
|
$ 263.6
|
100.0%
|
|
|
(1)
|
Excludes match-funded
other nonrecourse debt of $145.0 million where the debt is
match-funded with corresponding assets and we have no interest rate
risk.
|
|
|
|
|
As of June 30, 2014, leverage, as
measured by debt-to-equity, was 1.2 to 1. This
calculation excludes the other nonrecourse match-funded debt where
we do not have interest rate risk.
"We were able to invest the $70
million from the April 2014
equity raise, as well as an additional $49
million in credit facility borrowings, in new transactions
in the quarter," said Chief Financial Officer Brendan Herron. "We continue to focus on
originating high quality assets to grow the portfolio, while
strategically increasing leverage through the use of our credit
facility and the issuance of additional HASI SYB fixed-rate
asset-backed securities."
An explanatory note providing additional details on Core
Earnings and the Company's predecessor entity, including a
reconciliation of our net income to Core Earnings, as well as our
condensed consolidated statements of operations and balance
sheets, is attached to this press release.
Conference Call and Webcast Information
Hannon Armstrong will host an investor conference call today at
5:00 pm ET. Interested parties are
invited to listen to the conference call by dialing 1-877-407-0784,
or for international callers, 1-201-689-8560, and provide the
conference ID # 13586437 or ask for the Hannon Armstrong conference
call.
Replays of the entire call will be available through
August 18, 2014 at 1-877-870-5176,
or, for international callers, at 1-858-384-5517, conference ID #
13586437. A webcast of the conference call will also be available
through the Investor Relations section of the Company's website, at
www.hannonarmstrong.com.
A copy of this press release is also available on the Company's
website.
About Hannon Armstrong
Hannon Armstrong makes debt and equity investments in
sustainable infrastructure projects. The Company focuses on
profitable projects that increase energy efficiency, provide
cleaner energy, positively impact the environment or make more
efficient use of natural resources. Hannon Armstrong targets
projects that have high credit quality obligors, fully contracted
revenue streams and inherent economic value.
The Company, based in Annapolis,
Maryland, intends to elect and qualify to be taxed as a real
estate investment trust (REIT) for federal income-tax purposes,
commencing with its taxable year ended Dec.
31, 2013.
Forward-Looking Statements
Some of the information contained in this press release are
forward-looking statements and within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. When used in this
press release, the words such as "believe," "expect," "anticipate,"
"estimate," "plan," "continue," "intend," "should," "may,"
"target," or similar expressions, are intended to identify such
forward-looking statements. Forward-looking statements are subject
to significant risks and uncertainties. Investors are cautioned
against placing undue reliance on such statements. Actual results
may differ materially from those set forth in the forward-looking
statements. Factors that could cause actual results to differ
materially from those described in the forward-looking statements
include those discussed under the caption "Risk Factors" included
in our Annual Report on Form 10-K for our fiscal year ended
December 31, 2013 that was filed with
the U.S. Securities and Exchange Commission, as well as in other
reports that we file with the SEC. Those factors include:
- our acquisition and integration of American Wind Capital
Company, LLC ("AWCC");
- the state of government legislation, regulation and policies
that support energy efficiency, clean energy and sustainable
infrastructure projects and that enhance the economic feasibility
of energy efficiency, clean energy and sustainable infrastructure
projects and the general market demands for such projects;
- market trends in our industry, energy markets, commodity
prices, interest rates, the debt and lending markets or the general
economy;
- our business and investment strategy; our relationships with
originators, investors, market intermediaries and professional
advisers;
- our ability to complete potential new financing
opportunities in our pipeline;
- competition from other providers of financing;
- our or any other companies' projected operating
results;
- actions and initiatives of the U.S. federal, state and local
government and changes to U.S. federal, state and local government
policies and the execution and impact of actions, initiatives and
policies undertaken by these authorities;
- the state of the U.S. economy generally or in specific
geographic regions, states or municipalities; economic trends and
economic recoveries;
- our ability to obtain and maintain financing arrangements on
favorable terms, including securitizations; general volatility of
the securities markets in which we participate; changes in the
value of our assets;
- our portfolio of assets; our investment and underwriting
process;
- interest rate and maturity mismatches between our assets and
any borrowings used to fund such assets;
- changes in interest rates and the market value of our target
assets;
- change in commodity prices;
- effects of hedging instruments on our assets;
- rates of default or decreased recovery rates on our target
assets;
- the degree to which our hedging strategies may or may not
protect us from interest rate volatility;
- impact of and changes in governmental regulations, tax law
and rates, accounting guidance and similar matters;
- our ability to qualify, and maintain our qualification, as a
REIT for U.S. federal income-tax purposes;
- our ability to maintain our exception from registration
under the Investment Company Act of 1940;
- availability of opportunities to originate energy
efficiency, clean energy and sustainable infrastructure
projects;
- availability of qualified personnel;
- estimates relating to our ability to make distributions to
our stockholders in the future; and
- our understanding of our competition.
Forward-looking statements are based on beliefs, assumptions
and expectations as of the date of this press release. We disclaim
any obligation to publicly release the results of any revisions to
these forward-looking statements reflecting new estimates, events
or circumstances after the date of this earnings release.
The risks included here are not exhaustive. Additional
factors could adversely affect our business and financial
performance. Moreover, we operate in a very competitive and rapidly
changing environment. New risk factors emerge from time to time and
it is not possible for management to predict all such risk factors,
nor can we assess the impact of all such risk factors on our
business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statements. Given these risks and
uncertainties, investors should not place undue reliance on
forward-looking statements as a prediction of actual
results.
Investor Relations
410-571-6189
investors@hannonarmstrong.com
EXPLANATORY NOTES
Financial Results Prior to the Date of the IPO
The Company completed its initial public offering of its shares
of common stock (the "IPO") on April 23,
2013. Concurrently, Hannon Armstrong Capital, LLC (the
"Predecessor"), the entity that operated the historical business
prior to the consummation of the IPO, became a subsidiary of the
Company. To the extent any of the financial data included in this
earnings release is as of a date or from a period prior to
April 23, 2013, such financial data
is that of the Predecessor. The financial data for the Predecessor
for such periods do not reflect the material changes to the
business as a result of the capital raised in the IPO, including
the broadened types of projects undertaken, the enhanced financial
structuring flexibility and the ability to retain a larger share of
the economics from the origination activities. Accordingly, the
financial data for the Predecessor is not necessarily indicative of
the Company's results of operations, cash flows or financial
position following the completion of the IPO.
Core Earnings
Core Earnings is a non-GAAP financial measure. The Company
calculates Core Earnings as GAAP net income (loss), excluding
non-cash equity compensation expense, amortization of intangibles,
provision for credit losses, acquisition transaction expenses and
any non-cash tax charges. The amount is also adjusted to exclude
one-time events pursuant to changes in GAAP and certain other
non-cash charges as approved by a majority of the Company's
independent directors.
The Company believes that Core Earnings provides an additional
measure of its core operating performance by eliminating the impact
of certain non-cash expenses and facilitating a comparison of its
financial results to those of other comparable REITs with fewer or
no non-cash charges and comparison of its own operating results
from period to period. The Company's management uses Core Earnings
in this way. The Company believes that its investors also use Core
Earnings or a comparable supplemental performance measure to
evaluate and compare the Company's performance to its peers, and as
such, the Company believes that the disclosure of Core Earnings is
useful to its investors.
Core Earnings does not represent cash generated from operating
activities in accordance with GAAP and should not be considered as
an alternative to net income (determined in accordance with GAAP),
or an indication of the Company's cash flow from operating
activities (determined in accordance with GAAP), a measure of the
Company's liquidity or an indication of funds available to fund its
cash needs, including its ability to make cash distributions. In
addition, the Company's methodology for calculating Core Earnings
may differ from the methodologies employed by other REITs to
calculate the same or similar supplemental performance measures,
and accordingly, the Company's reported Core Earnings may not be
comparable to the Core Earnings reported by other REITs.
The Company calculated its Core Earnings and provides a
reconciliation of its net income to Core Earnings for the three and
six months ended June 30, 2014, in
the table below:
|
For the three
months ended
|
|
For the six months
ended
|
|
June 30,
2014
|
Per
Share
|
|
June 30,
2014
|
Per
Share
|
|
($ in thousands,
except per share data)
|
Net income
attributable to controlling shareholders
|
$2,828
|
$0.13
|
|
$5,581
|
$0.29
|
Adjustments
attributable to controlling shareholders(1):
|
|
|
|
|
|
Non-cash
equity-based compensation charge
|
1,495
|
|
|
1,938
|
|
AWCC acquisition
costs
|
1,086
|
|
|
1,083
|
|
Amortization of
intangibles
|
87
|
|
|
137
|
|
Non-cash provision for
taxes
|
(816)
|
|
|
(756)
|
|
|
|
|
|
|
|
Core
Earnings(2)
|
$4,680
|
$0.22
|
|
$7,983
|
$0.43
|
|
|
(1)
|
Includes only the
portion of the adjustment that is allocated to the controlling
shareholders.
|
(2)
|
Core Earnings per
share for the quarter is based on 20,904,721 shares and for the six
months ended June 30, 2014, is based on 18,711,697 shares, which
represents the weighted average number of fully diluted shares
outstanding and excludes the share equivalent of the minority
interest in the Operating Partnership, as the income attributable
to the minority interest is also excluded.
|
The table below provides a reconciliation of the GAAP Other
Expenses, net to Other Expenses, net (Core Earnings):
|
For the three
months ended
|
|
June
30,
2014
|
March
31,
2014
|
Dec.
31,
2013
|
Sept.
30,
2013
|
June
30, 2013
|
|
|
(in
thousands)
|
|
Other Expenses, net
(GAAP)
|
$5,527
|
$2,826
|
$3,000
|
$2,902
|
$8,638
|
|
Adjustments:
|
|
|
|
|
|
|
Non-cash equity-based
compensation charge
|
(1,520)
|
(450)
|
(450)
|
(450)
|
(6,178)
|
|
AWCC acquisition
costs
|
(1,104)
|
-
|
-
|
-
|
-
|
|
Amortization of
intangibles
|
(50)
|
(51)
|
(51)
|
(51)
|
(54)
|
|
|
|
|
|
|
|
|
Other Expenses,
net (Core Earnings)
|
$2,853
|
$2,325
|
$2,499
|
$2,401
|
$2,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HANNON ARMSTRONG
SUSTAINABLE INFRASTRUCTURE CAPITAL, INC
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
($ IN THOUSANDS,
EXCEPT SHARE AND PER SHARE DATA)
|
(UNAUDITED)
|
|
|
|
|
|
For the Three
Months
Ended June 30,
|
|
For the Six
Months
Ended June 30,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Net Investment
Revenue:
|
|
|
|
|
|
|
|
Interest income,
financing receivables
|
$ 5,229
|
|
$ 3,401
|
|
$ 9,847
|
|
$ 6,112
|
Interest income,
investments
|
1,138
|
|
-
|
|
2,432
|
|
-
|
Rental
income
|
410
|
|
-
|
|
410
|
|
-
|
Investment
Revenue
|
6,777
|
|
3,401
|
|
12,689
|
|
6,112
|
Investment interest
expense
|
(3,684)
|
|
(2,069)
|
|
(7,214)
|
|
(4,305)
|
Net Investment
Revenue
|
3,093
|
|
1,332
|
|
5,475
|
|
1,807
|
Provision for credit
losses
|
-
|
|
-
|
|
-
|
|
-
|
Net Investment
Revenue, net of provision for
credit losses
|
3,093
|
|
1,332
|
|
5,475
|
|
1,807
|
Other Investment
Revenue:
|
|
|
|
|
|
|
|
Gain on sale of
receivables and investments
|
4,272
|
|
884
|
|
6,246
|
|
884
|
Fee income
|
207
|
|
648
|
|
1,550
|
|
929
|
Other Investment
Revenue
|
4,479
|
|
1,532
|
|
7,796
|
|
1,813
|
Total Revenue, net
of investment interest
expense and provision
|
7,572
|
|
2,864
|
|
13,271
|
|
3,620
|
Compensation and
benefits
|
(2,924)
|
|
(7,292)
|
|
(4,537)
|
|
(8,443)
|
General and
administrative
|
(1,445)
|
|
(1,237)
|
|
(2,598)
|
|
(1,927)
|
Depreciation and
amortization of intangibles
|
(61)
|
|
(111)
|
|
(123)
|
|
(216)
|
Acquisition
costs
|
(1,104)
|
|
-
|
|
(1,104)
|
|
-
|
Other interest
expense
|
-
|
|
(7)
|
|
-
|
|
(56)
|
Other
income
|
7
|
|
9
|
|
9
|
|
29
|
Other Expenses,
net
|
(5,527)
|
|
(8,638)
|
|
(8,353)
|
|
(10,613)
|
Net income (loss)
before income taxes
|
2,045
|
|
(5,774)
|
|
4,918
|
|
(6,993)
|
Income tax
benefit
|
830
|
|
-
|
|
770
|
|
-
|
Net Income
(Loss)
|
$ 2,875
|
|
$ (5,774)
|
|
$ 5,688
|
|
$ (6,993)
|
Net income (loss)
attributable to non-controlling
interest holders
|
47
|
|
(802)
|
|
107
|
|
(2,021)
|
Net Income (Loss)
Attributable to Controlling
Shareholders
|
$
2,828
|
|
$
(4,972)
|
|
$
5,581
|
|
$
(4,972)
|
Basic earnings per
common share
|
$
0.13
|
|
$
(0.32)
|
|
$
0.29
|
|
$
(0.32)
|
Diluted earnings per
common share
|
$
0.13
|
|
$
(0.32)
|
|
$
0.29
|
|
$
(0.32)
|
Weighted average common
shares
outstanding - basic
|
19,973,393
|
|
15,439,311
|
|
17,994,432
|
|
15,439,311
|
Weighted average common
shares
outstanding - diluted
|
20,904,721
|
|
15,439,311
|
|
18,711,698
|
|
15,439,311
|
HANNON ARMSTRONG
SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
($ IN
THOUSANDS)
|
(UNAUDITED)
|
|
|
|
|
|
For the Three
Months Ended
|
|
June 30,
2014
|
|
March 31,
2014
|
|
Dec. 31,
2013
|
|
Sept. 30,
2013
|
Net Investment
Revenue:
|
|
|
|
|
|
|
|
Total investment
revenue
|
$ 6,777
|
|
$ 5,912
|
|
$ 6,073
|
|
$ 5,180
|
Investment interest
expense
|
(3,684)
|
|
(3,530)
|
|
(2,920)
|
|
(2,590)
|
Net Investment
Revenue
|
3,093
|
|
2,382
|
|
3,153
|
|
2,590
|
Provision for credit
losses
|
—
|
|
—
|
|
(11,000)
|
|
—
|
Net Investment
Revenue, net of
provision
|
3,093
|
|
2,382
|
|
(7,847)
|
|
2,590
|
Other Investment
Revenue:
|
|
|
|
|
|
|
|
Gain on securitization
of receivables
|
4,272
|
|
1,974
|
|
2,827
|
|
1,885
|
Fee income
|
207
|
|
1,343
|
|
234
|
|
321
|
Other Investment
Revenue
|
4,479
|
|
3,317
|
|
3,061
|
|
2,206
|
Total Revenue,
net of investment
interest expense and
provision
|
7,572
|
|
5,699
|
|
(4,786)
|
|
4,796
|
Compensation and
benefits
|
(2,924)
|
|
(1,613)
|
|
(1,890)
|
|
(1,979)
|
General and
administrative
|
(1,445)
|
|
(1,153)
|
|
(1,051)
|
|
(866)
|
Depreciation and
amortization of
intangibles
|
(61)
|
|
(62)
|
|
(63)
|
|
(61)
|
Acquisition
costs
|
(1,104)
|
|
—
|
|
—
|
|
—
|
Other
income
|
7
|
|
2
|
|
4
|
|
4
|
Other Expenses,
net
|
(5,527)
|
|
(2,826)
|
|
(3,000)
|
|
(2,902)
|
Net income (loss)
before income tax
|
2,045
|
|
2,873
|
|
(7,786)
|
|
1,894
|
Income tax benefit
(expense)
|
830
|
|
(60)
|
|
251
|
|
—
|
Net Income
(Loss)
|
$ 2,875
|
|
$ 2,813
|
|
$ (7,535)
|
|
$ 1,894
|
HANNON ARMSTRONG
SUSTAINABLE INFRASTRUCTURE CAPITAL, INC
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
($ IN THOUSANDS,
EXCEPT SHARE AND PER SHARE DATA)
|
(UNAUDITED)
|
|
|
June 30,
2014
|
|
Dec. 31,
2013
|
Assets
|
|
|
|
|
Financing
receivables
|
$ 456,073
|
|
$ 347,871
|
|
Financing receivables
held-for-sale
|
-
|
|
24,758
|
|
Investments
held-to-maturity
|
-
|
|
91,964
|
|
Investments
available-for-sale
|
67,640
|
|
3,213
|
|
Real estate
|
50,318
|
|
-
|
|
Real estate-related
intangible assets
|
16,907
|
|
-
|
|
Securitization
assets
|
6,221
|
|
6,144
|
|
Cash and cash
equivalents
|
38,691
|
|
31,846
|
|
Restricted cash and
cash equivalents
|
9,557
|
|
49,865
|
|
Other intangible
assets, net
|
1,604
|
|
1,706
|
|
Goodwill
|
5,942
|
|
3,798
|
|
Other
assets
|
11,176
|
|
10,267
|
|
Total
Assets
|
$ 664,129
|
|
$ 571,432
|
|
Liabilities and
Equity
|
|
|
|
|
Liabilities:
|
|
|
|
|
Accounts payable,
dividends payable and accrued expenses
|
$ 17,361
|
|
$ 7,296
|
|
Deferred funding
obligations
|
15,394
|
|
74,675
|
|
Credit
facility
|
166,191
|
|
77,114
|
|
Asset-backed
nonrecourse notes (secured by financing receivables
of $108.2 million and $109.5 million,
respectively)
|
97,393
|
|
100,081
|
|
Other nonrecourse debt
(secured by financing receivables of
$141.6 million and $156.4 million, respectively)
|
144,953
|
|
159,843
|
|
Deferred tax
liability
|
693
|
|
1,799
|
|
Total
Liabilities
|
441,985
|
|
420,808
|
|
Non-controlling
interest currently redeemable for cash
|
4,918
|
|
-
|
|
|
|
|
|
|
Equity:
|
-
|
|
-
|
|
Preferred stock, par
value $0.01 per share, 50,000,000 shares
authorized, no shares issued and outstanding
|
-
|
|
-
|
|
Common stock, par
value $0.01 per share, 450,000,000 shares
authorized, 21,774,411 and 15,892,927 shares issued and
outstanding, respectively
|
218
|
|
159
|
|
Additional paid in
capital
|
231,620
|
|
160,120
|
|
Retained
deficit
|
(16,918)
|
|
(13,864)
|
|
Accumulated other
comprehensive income
|
2,306
|
|
110
|
|
Non-controlling
interest
|
-
|
|
4,099
|
|
Total
Equity
|
217,226
|
|
150,624
|
|
Total Liabilities
and Equity
|
$ 664,129
|
|
$ 571,432
|
|
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SOURCE Hannon Armstrong Sustainable Infrastructure Capital