ANNAPOLIS, Md., March 3, 2015 /PRNewswire/ -- Hannon
Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," "we," "our" or the "Company;"
NYSE: HASI), a leading provider of debt and equity financing to the
energy efficiency and renewable energy markets, today reported Core
Earnings, a non GAAP financial measure, for the quarter ended
December 31, 2014, of $7.1 million or $0.27 per share, an increase of 23% over the
$0.22 per share in the same quarter
last year.
![Hannon Armstrong Sustainable Infrastructure Logo. Hannon Armstrong Sustainable Infrastructure Logo.](http://photos.prnewswire.com/prnvar/20130808/PH61447LOGO)
Core Earnings for the year ended December
31, 2014 were $20.3 million or
$0.93 per share as compared to
$7.3 million or $0.43 per share in 2013. On a GAAP basis,
the Company recorded net income for the year ended December 31, 2014 of $9.6
million or $0.43 per share as
compared to a loss of $10.5 million
or $(0.68) per share in 2013.
GAAP net income for the quarter ended December 31, 2014 was $1.5
million or $0.05 per share as
compared to a loss of $7.3 million or
$(0.48) per share in the same quarter
last year. A reconciliation of our Core Earnings to GAAP net
income is included in this press release.
"With over $875 million in
originations this year and a strong pipeline of over 125 investment
opportunities, we are providing guidance of 14% to 16% annualized
Core Earnings growth for 2015 and 2016," said CEO Jeffrey Eckel. "As evidenced by the strong
quarter, we continue to execute on our growth plan. Our diversified
investment platform with multiple origination sources in multiple
markets supports our projected future earnings growth."
Highlights
- Closed $375 million of
transactions in the fourth quarter of 2014, surpassing our
$200 million internal quarterly
origination target
- Delivered 23% Core EPS Growth in Q4 against a 13%-15% growth
target
- 18% increase in dividend to $0.26
per share in Q4 from $0.22 per share
in Q3
- Grew balance sheet above $1
billion, with over 80 separate investments
- Achieved 40% fixed rate debt, including adding $115 million of fixed rate debt in the
quarter
- Debt to equity ratio 1.9 to 1
- Diversified pipeline of over $2.0
billion in over 125 investment opportunities
Guidance
The Company projects annualized Core Earnings growth in the
range of 14% to 16% per diluted share for 2015 and 2016. This
guidance reflects the Company's estimates of (i) yield on our
existing Portfolio; (ii) yield on incremental Portfolio investments
inclusive of the Company's existing pipeline; (iii) amount and
timing of debt and equity capital deployment to fund new
investments; (iv) costs of additional debt and equity capital to
fund new investments; and (v) changes in costs and expenses
reflective of the Company's forecasted operations. All guidance is
based on current expectations of future economic conditions, the
dynamics of the markets in which it operates and the judgment of
the Company's management team.
Portfolio
Our Portfolio totaled $900 million
at December 31, 2014, and included
$298 million of energy efficiency
investments, $549 million of
renewable energy (wind and solar) transactions and $53 million of other sustainable infrastructure
investments. The following is an analysis of our Portfolio by type
of obligor and credit quality as of December
31, 2014 with 98% of the Debt and Real Estate portion of the
Portfolio rated investment grade as shown below:
|
Investment
Grade
|
|
|
|
|
|
|
|
|
|
Government(1)
|
|
Commercial
Investment Grade(2)
|
|
Commercial
Non-Investment
Grade(3)
|
|
Subtotal, Debt and
Real Estate
|
|
Equity Method
Investment(4)
|
|
Total
|
|
($ in
millions)
|
Financing
receivables
|
$ 284
|
|
$ 268
|
|
$
1
|
|
$ 553
|
|
$
—
|
|
$ 553
|
Financing receivables
held-for-sale
|
62
|
|
—
|
|
—
|
|
62
|
|
—
|
|
62
|
Investments
|
—
|
|
13
|
|
14
|
|
27
|
|
—
|
|
27
|
Real
estate(5)
|
—
|
|
114
|
|
—
|
|
114
|
|
—
|
|
114
|
Equity method
investment
|
—
|
|
—
|
|
—
|
|
—
|
|
144
|
|
144
|
Total
|
$
346
|
|
$
395
|
|
$
15
|
|
$
756
|
|
$
144
|
|
$
900
|
% of Debt and Real
Estate Portfolio
|
46%
|
|
52%
|
|
2%
|
|
100%
|
|
N/A
|
|
N/A
|
Average Remaining
Balance(6)
|
$
11
|
|
$
9
|
|
$
14
|
|
$
10
|
|
$
14
|
|
$
11
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Transactions where
the ultimate obligor is the U.S. Federal Government or state or
local governments where the obligors are rated investment grade
(either by an independent rating agency or based upon our internal
credit analysis). This amount includes $263 million of U.S. Federal
Government transactions and $83 million of transactions where the
ultimate obligors are state or local governments. Transactions may
have guaranties of energy savings from third party service
providers, the majority of which are entities rated investment
grade by an independent rating agency.
|
(2)
|
Transactions where
the projects or the ultimate obligors are commercial entities,
including institutions such as hospitals or universities, that
have been rated investment grade (either by an independent rating
agency or based on our internal credit analysis). Of this
total, $56 million of the transactions have been rated investment
grade by an independent rating agency.
|
(3)
|
Transactions where
the projects or the ultimate obligors are commercial entities,
including institutions such as hospitals or universities, 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
$1.2 million.
|
(4)
|
Consists of minority
ownership interest in operating wind projects in which we earn a
preferred return.
|
(5)
|
Includes the real
estate and the lease intangible assets through which we receive
scheduled lease payments, typically under long-term triple net
lease agreements.
|
(6)
|
Average Remaining
Balance excludes 75 transactions each with outstanding balances
that are less than $1.0 million and that in the aggregate total
$21.0 million.
|
Fourth Quarter Financial Results
Hannon Armstrong reported
fourth-quarter Core Earnings of $7.1
million or $0.27 per share, as
compared with Core Earnings of $3.7
million, or $0.22 per share,
in Q4 2013. The increase in Core Earnings is largely due to an
increase in Core Net Investment Revenue, which increased to
$6.2 million from $3.2 million in Q4 2013 as a result of a larger
investment portfolio. Other investment revenue increased by
$0.7 million, which offset an
increase of $0.4 million in Core
Other Expenses, net to $2.9 million
from $2.5 million in Q4
2013.
As of December 31, 2014, we had
40% of our debt at fixed rates as shown in the chart below:
|
December 31,
2014
|
|
% of
Total
|
|
($ in
millions)
|
|
|
Floating-Rate Credit
Facility
|
$ 316
|
|
60%
|
Fixed-Rate HASI asset
backed debt
|
208
|
|
40%
|
Total
Debt(1)
|
$ 524
|
|
100%
|
|
|
|
|
(1) Excludes
match-funded other nonrecourse debt of $112.5 million where the
debt is match-funded with corresponding assets and we have no
interest rate risk
|
As of December 31, 2014, leverage,
as measured by debt-to-equity, was 1.9 to 1. This calculation
excludes securitizations that are not consolidated on our balance
sheet (where the collateral is typically borrowings with U.S.
government obligors) and our on balance sheet match funded
nonrecourse debt.
"We added another $115 million of
fixed rate debt as we continue to fix out interest rates and
increase leverage with a variety of debt options available to us,
including our Sustainable Yield Bonds, bank financing and insurance
company lenders," said Chief Financial Officer Brendan Herron. "We continue to take measured
steps to account for the potential for a changing interest rate
environment."
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. A replay will be available two hours after
the call and can be accessed by dialing 1-877-870-5176, or for
international callers, 1-858-384-5517. The passcode for the live
call and the replay is 13600556. The replay will be available until
March 10, 2015. A webcast of the
conference call will also be available through the Investor
Relations section of our website, at www.hannonarmstrong.com.
A copy of this press release is also available on our
website.
About Hannon Armstrong
We provide debt and equity financing to the energy efficiency
and renewable energy markets. We focus on providing preferred or
senior level capital to established sponsors and high credit
quality obligors for assets that generate long-term, recurring and
predictable cash flows. From the completion of our initial public
offering (the "IPO") on April 23,
2013 to December 31, 2014, we
have completed more than $1.5 billion
of transactions, including over $875
million of transactions in 2014. We are based in
Annapolis, Maryland, and we
elected and qualified to be taxed as a real estate investment trust
("REIT") for federal income-tax purposes, beginning with our
taxable year ended December 31, 2013.
Forward-Looking Statements
Some of the information contained in this press release are
forward-looking statements 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 most recent Annual Report on Form 10-K filed with the U.S.
Securities and Exchange Commission, as well as in other reports
that we file with the SEC. Those factors include:
- The performance of our equity investment in our wind
projects;
- the state of government legislation, regulation and policies
that support energy efficiency, renewable energy and
sustainable infrastructure projects and that enhance the economic
feasibility of energy efficiency, renewable 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
governments 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, renewable 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
We completed our IPO of our shares of common stock on
April 23, 2013. Concurrently, Hannon
Armstrong Capital, LLC (our "Predecessor"), the entity that
operated the historical business prior to the consummation of the
IPO, became our subsidiary. 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 our Predecessor. The financial data for
our 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 our Predecessor is
not necessarily indicative of our results of operations, cash flows
or financial position following the completion of the
IPO.
Non-GAAP Financial Measures
Core Earnings
Core Net Investment Revenue, Core Total Revenue, Core Other
Expenses, net and Core Earnings ("Core Financial Metrics") are
non-GAAP financial measures. Core Net Investment Revenue reflects
the wind equity investments adjusted to an effective interest
method and the add back of non-cash real estate intangible
amortization and the provision for credit losses, if any.
Our equity method investment in the wind projects is structured
in a wind partnership "flip" structure where we, along with a
number of other institutional investors, receive a pre-negotiated
preferred return consisting of a priority distribution from the
project cash flows along with tax attributes. Once this preferred
return is achieved, the partnership flips and the project owner
receives the majority of the cash flow with the institutional
investors retaining an ongoing residual interest. Given this
structure, we negotiated our purchase price of this investment
based on our assessment of the expected cash flows from this
investment discounted back to net present value based on a discount
rate that represented an expected yield on the investment. This is
similar to how we value the expected cash flows in financing
receivables. Under U.S. GAAP, we are required to account for this
investment utilizing the hypothetical liquidation at book value
method ("HLBV"), in which we recognize income or loss based on the
change in the amount each partner would receive if the assets were
liquidated at book value, in this case, at the end of the
immediately preceding quarter after adjusting for any distributions
or contributions made during such quarter. As HLBV incorporates
non-cash items, such as depreciation, and because we are entitled
to receive a preferred return of cash flows on our investment
independent of how profits and losses are allocated, the HLBV
allocation does not, in our opinion, reflect the economics of our
investment. As a result, and in an attempt to treat these
investments in a manner similar to our other investments and our
initial valuation, in calculating our Core Net Investment Revenue
for the above periods, we adjusted the income we receive from this
investment as if we were recognizing income or loss based on an
effective interest methodology. Generally, under this methodology
income is recognized over the life of the asset using a constant
effective yield. The initial constant effective yield we selected
is equal to the discount rate we used in making our investment
decision. On at least a quarterly basis, we will review and, if
appropriate, adjust this discount rate and the income or loss we
receive from this investment for purposes of calculating our Core
Net Investment Revenue in future periods, as necessary, to reflect
changes in both actual cash flows received and our estimates of the
future cash flows from the projects. We borrowed $115 million on a nonrecourse basis using this
$144 million equity method investment
as collateral. Included in our U.S. GAAP investment interest
expense for the quarterly period is $1.5
million of interest expense related to this loan.
Core Other Expenses, net reflects the add back of non-cash
equity-based compensation, amortization of intangible assets, and
business acquisition costs, if any. Core Earnings represent
earnings utilizing the adjustments for Core Net Investment Revenue
and Core Other Expenses, net plus adjusting for any non-cash taxes
and the minority interest. Our Core Financial Metrics are also
adjusted to exclude one-time events pursuant to changes in GAAP and
certain other non-cash charges, if any, as approved by a majority
of our independent directors.
We believe that the Core Financial Metrics provide an additional
measure of our core operating performance by eliminating the impact
of certain non-cash income and expenses and facilitating a
comparison of our financial results to those of other comparable
REITs with fewer or no non-cash charges and a comparison of our
operating results from period to period. Our management uses Core
Financial Metrics in this way. We believe that our investors also
use our Core Financial Metrics or a comparable supplemental
performance measure to evaluate and compare our performance to our
peers, and as such, we believe that the disclosure of our Core
Financial Metrics is useful to our 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 our cash flows from operating activities
(determined in accordance with GAAP), a measure of our liquidity or
an indication of funds available to fund our cash needs, including
our ability to make cash distributions. In addition, our
methodology for calculating our Core Financial Metrics may differ
from the methodologies employed by other REITs to calculate the
same or similar supplemental performance measures, and accordingly,
our reported Core Earnings may not be comparable to the Core
Earnings reported by other REITs.
The table below provides a reconciliation of the GAAP Net
Investment Revenue, net to Core Net Investment Revenue:
|
|
|
|
|
|
|
|
|
For the
Three Months
Ended
|
|
For the
Year
Ended
|
|
December
31, 2014
|
|
December
31, 2013
|
|
December
31, 2014
|
|
December
31, 2013
|
|
(in
thousands)
|
Net Investment
Revenue (GAAP)
|
$3,726
|
|
$(7,847)
|
|
$13,470
|
|
$(3,450)
|
Adjustments:
|
|
|
|
|
|
|
|
Real estate
intangibles (1)
|
127
|
|
-
|
|
276
|
|
-
|
Equity affiliate
adjustment (2)
|
2,376
|
|
-
|
|
2,376
|
|
-
|
Provision for credit
loss (3)
|
-
|
|
11,000
|
|
-
|
|
11,000
|
Core Net Investment
Revenue Adjustments
|
2,503
|
|
11,000
|
|
2,652
|
|
11,000
|
Core Net
Investment Revenue (4)
|
$6,229
|
|
$3,153
|
|
$16,122
|
|
$7,550
|
|
|
|
|
|
|
|
|
(1)
|
Reflects add back of
non-cash amortization of lease intangibles related to in-place
leases for land acquired in a business combination under
GAAP.
|
(2)
|
See discussion of
Core Earnings above.
|
(3)
|
Adds back non-cash
provision for credit losses, if any.
|
(4)
|
Core Net Investment
Revenue plus GAAP Other Investment Revenue would equal Core Total
Revenue, net of investment interest expense.
|
The table below provides a reconciliation of the GAAP Other
Expenses, net to Core Other Expenses, net:
|
For the
Three Months
Ended
|
|
For the
Year
Ended
|
|
December
31, 2014
|
|
December
31, 2013
|
|
December
31, 2014
|
|
December
31, 2013
|
|
(in
thousands)
|
Other Expenses, net
(GAAP)
|
$5,868
|
|
$3,000
|
|
$18,824
|
|
$16,515
|
Adjustments:
|
|
|
|
|
|
|
|
Non-cash equity-based
compensation charge (1)
|
(1,559)
|
|
(450)
|
|
(5,187)
|
|
(7,079)
|
Business combination
acquisition costs (2)
|
(1,353)
|
|
-
|
|
(2,456)
|
|
-
|
Amortization of
intangibles (3)
|
(51)
|
|
(51)
|
|
(203)
|
|
(265)
|
Core Other Expenses,
net Adjustments
|
(2,963)
|
|
(501)
|
|
(7,846)
|
|
(7,344)
|
Core Other
Expenses, net
|
$2,905
|
|
$2,499
|
|
$10,978
|
|
$9,171
|
|
|
|
|
|
|
|
|
(1)
|
Reflects add back of
non-cash amortization of stock based compensation.
Outstanding shares related to stock based compensation are included
in Core Earnings eps calculation.
|
(2)
|
Acquisition related
costs, such as legal fees or third party transaction based fees
associated with transactions that are accounted for as a business
combination.
|
(3)
|
Adds back non-cash
amortization of pre IPO intangibles.
|
We calculated our Core Earnings and provided a reconciliation of
our net income (loss) to Core Earnings for the three months and
years ended December 31, 2014 and
2013, respectively, in the table below:
|
For the Three
Months
Ended
|
|
For the
Year
Ended
|
|
December 31,
2014
|
|
Per
Share
|
|
December 31,
2014
|
|
Per
Share
|
|
(in thousands,
except per share data)
|
Net income
attributable to controlling shareholders
|
$1,461
|
|
$0.05
|
|
$9,607
|
|
$0.43
|
Adjustments:
|
|
|
|
|
|
|
|
Core Net
Investment Revenue Adjustments
|
2,503
|
|
|
|
2,652
|
|
|
Core Other
Expenses, net Adjustments
|
2,963
|
|
|
|
7,846
|
|
|
Net income
attributable to minority interest
|
19
|
|
|
|
163
|
|
|
Non-cash
provision for taxes
|
182
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
Core
Earnings(1)
|
$7,128
|
|
$0.27
|
|
$20,277
|
|
$0.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Core Earnings per
share for the quarter and for the year ended December 31, 2014, are
based on 26,179,148 shares and 21,870,184 shares, respectively,
which represent the weighted average number of fully diluted shares
outstanding and include the share equivalent of the minority
interest in our Operating Partnership, as the income attributable
to the minority interest is also included.
|
|
For the Three
Months
Ended
|
|
For the
Year
Ended
|
|
December 31,
2013
|
|
Per
Share
|
|
December 31,
2013
|
|
Per
Share
|
|
(in thousands,
except per share data)
|
Net loss attributable
to controlling shareholders
|
$(7,330)
|
|
$(0.48)
|
|
$(10,459)
|
|
$(0.68)
|
Adjustments:
|
|
|
|
|
|
|
|
Core Net
Investment Revenue Adjustments
|
11,000
|
|
|
|
11,000
|
|
|
Core Other
Expenses, net Adjustments
|
501
|
|
|
|
7,344
|
|
|
Net loss
attributable to minority interest
|
(205)
|
|
|
|
(2,175)
|
|
|
Add back pre-IPO
loss attributable only to minority interest
|
-
|
|
|
|
1,880
|
|
|
Non-cash
benefit for taxes
|
(251)
|
|
|
|
(251)
|
|
|
|
|
|
|
|
|
|
|
Core
Earnings(1)
|
$3,715
|
|
$0.22
|
|
$7,339
|
|
$0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Core Earnings per
share for the quarter and for the year ended December 31, 2013 are
based on 16,969,112 shares and 16,886,041 shares, respectively,
which represent the weighted average number of fully diluted shares
outstanding and include the share equivalent of the minority
interest in our Operating Partnership, as the income attributable
to the minority interest is also included.
|
HANNON ARMSTRONG
SUSTAINABLE INFRASTRUCTURE CAPITAL, INC
CONSOLIDATED STATEMENTS OF OPERATIONS
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE
DATA)
(UNAUDITED)
|
|
|
|
|
|
For the Three
Months Ended December 31,
|
|
For the
Year Ended December 31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Net Investment
Revenue:
|
|
|
|
|
|
|
|
Interest Income,
Financing receivables
|
$ 7,097
|
|
$ 4,792
|
|
$ 23,178
|
|
$ 15,468
|
Interest Income,
Investments
|
518
|
|
1,281
|
|
3,772
|
|
1,897
|
Rental
Income
|
1,578
|
|
-
|
|
3,175
|
|
-
|
Investment
Revenue
|
9,193
|
|
6,073
|
|
30,125
|
|
17,365
|
Investment interest
expense
|
(5,467)
|
|
(2,920)
|
|
(16,655)
|
|
(9,815)
|
Net Investment
Revenue
|
3,726
|
|
3,153
|
|
13,470
|
|
7,550
|
Provision for credit
losses
|
-
|
|
(11,000)
|
|
-
|
|
(11,000)
|
Net Investment
Revenue, net of provision for credit losses
|
3,726
|
|
(7,847)
|
|
13,470
|
|
(3,450)
|
Other Investment
Revenue:
|
|
|
|
|
|
|
|
Gain on sale of
receivables and investments
|
3,642
|
|
2,827
|
|
13,250
|
|
5,597
|
Fee income
|
168
|
|
234
|
|
1,900
|
|
1,483
|
Other Investment
Revenue
|
3,810
|
|
3,061
|
|
15,150
|
|
7,080
|
Total Revenue, net
of investment interest expense and provision
|
7,536
|
|
(4,786)
|
|
28,620
|
|
3,630
|
Compensation and
benefits
|
(2,870)
|
|
(1,890)
|
|
(10,518)
|
|
(12,312)
|
General and
administrative
|
(1,518)
|
|
(1,051)
|
|
(5,550)
|
|
(3,844)
|
Acquisition
costs
|
(1,353)
|
|
-
|
|
(2,456)
|
|
—
|
Other, net
|
(127)
|
|
(59)
|
|
(300)
|
|
(359)
|
Other Expenses,
net
|
(5,868)
|
|
(3,000)
|
|
(18,824)
|
|
(16,515)
|
Net income (loss)
before income taxes
|
1,668
|
|
(7,786)
|
|
9,796
|
|
(12,885)
|
Income tax (expense)
benefit
|
(188)
|
|
251
|
|
(26)
|
|
251
|
Net Income
(Loss)
|
$ 1,480
|
|
$ (7,535)
|
|
$ 9,770
|
|
$ (12,634)
|
Net income (loss)
attributable to non-controlling interest holders
|
19
|
|
(205)
|
|
163
|
|
(2,175)
|
Net Income (Loss)
attributable to controlling shareholders
|
$ 1,461
|
|
$ (7,330)
|
|
$ 9,607
|
|
$ (10,459)
|
Basic earnings per
common share
|
$ 0.05
|
|
($ 0.48)
|
|
$ 0.43
|
|
$ (0.68)
|
Diluted earnings per
common share
|
$ 0.05
|
|
($ 0.48)
|
|
$ 0.43
|
|
$ (0.68)
|
Weighted average
common shares outstanding—basic
|
24,875,582
|
|
15,845,086
|
|
20,656,826
|
|
15,716,250
|
Weighted average
common shares outstanding—diluted
|
24,875,582
|
|
15,845,086
|
|
20,656,826
|
|
15,716,250
|
HANNON ARMSTRONG
SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.
|
CONSOLIDATED
BALANCE SHEETS
|
(AMOUNTS IN
THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
|
|
|
|
December 31,
2014
|
|
December 31,
2013
|
Assets
|
|
|
|
Financing
receivables
|
$
552,706
|
|
$
347,871
|
Financing receivables
held-for-sale
|
62,275
|
|
24,758
|
Investments
available‑for‑sale
|
27,273
|
|
3,213
|
Investments
held-to-maturity
|
-
|
|
91,964
|
Real estate
|
90,907
|
|
-
|
Real estate related
intangible assets
|
23,058
|
|
-
|
Equity method
investment in affiliate
|
143,903
|
|
-
|
Cash and cash
equivalents
|
58,199
|
|
31,846
|
Restricted cash and
cash equivalents
|
11,943
|
|
49,865
|
Other
assets
|
39,993
|
|
21,915
|
Total
Assets
|
$
1,010,257
|
|
$
571,432
|
Liabilities and
Equity
|
|
|
|
Liabilities:
|
|
|
|
Accounts payable,
accrued expenses and other
|
$
11,408
|
|
$
9,095
|
Deferred funding
obligations
|
88,288
|
|
74,675
|
Credit
facility
|
315,748
|
|
77,114
|
Asset‑backed
nonrecourse notes (secured by assets of $247.8 million and $109.5
million, respectively)
|
208,246
|
|
100,081
|
Other nonrecourse debt
(secured by financing receivables of
$108.4 million and $156.4 million, respectively)
|
112,525
|
|
159,843
|
Total
Liabilities
|
736,215
|
|
420,808
|
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, 26,377,111
and 15,892,927 shares issued and outstanding,
respectively
|
264
|
|
159
|
Additional paid in
capital
|
293,635
|
|
160,120
|
Retained
deficit
|
(25,006)
|
|
(13,864)
|
Accumulated other
comprehensive income
|
406
|
|
110
|
Non‑controlling
interest
|
4,743
|
|
4,099
|
Total
Equity
|
274,042
|
|
150,624
|
Total Liabilities
and Equity
|
$
1,010,257
|
|
$
571,432
|
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SOURCE Hannon Armstrong Sustainable Infrastructure Capital,
Inc.