ANNAPOLIS, Md., Aug. 6, 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
June 30, 2015, of $8.1 million or $0.26 per share, an increase of 18% over the
$0.22 per share in the same quarter
last year. For the six months ended June 30, 2015, Core Earnings were $15.5 million or $0.53 per share as compared to $8.1 million or $0.43 per share in the same period last year.
![Hannon Armstrong Sustainable Infrastructure Logo. Hannon Armstrong Sustainable Infrastructure Logo.](http://photos.prnewswire.com/prnvar/20130808/PH61447LOGO)
On a GAAP basis, the Company recorded net income for the quarter
ended June 30, 2015 of $1.5 million or $0.04 per share as compared to $2.8 million or $0.13 per share in the same quarter in 2014. For
the six months ended June 30, 2015,
GAAP net income was $3.6 million or
$0.10 per share as compared to
$5.6 million or $0.29 per share in the same period last
year. The decline in GAAP earnings is, in part, a result of
GAAP treatment of the wind equity investment. A
reconciliation of our Core Earnings to GAAP net income is included
in this press release.
"We are pleased with the transaction volume and margins in our
target investment areas: efficiency, utility scale wind and solar
and distributed solar. We continue to extend our origination
platform with the leading players, generating repeat business to
grow the balance sheet," said CEO Jeffrey
Eckel. "Our 12 month pipeline continues to grow in each of
the target areas, giving us a diversified set of opportunities for
the rest of 2015 and beyond."
Highlights
- Efficiency market expands with multiple property assessed clean
energy, or PACE, investments with one of the largest REITs,
follow-on transactions for a major industrial customer and new
client platforms for Federal, State and Local energy savings
performance contracts or ESPCs;
- First follow-on wind transaction in partnership with
JPMorgan;
- Strong growth in utility-scale solar land transactions and
senior debt, as well as residential solar;
- Originated $455 million of
transactions in the first half of 2015 as compared to approximately
$328 million in the same period last
year; and
- Raised $82 million in additional
capital through a follow-on equity offering.
Portfolio
Our Portfolio totaled $1.1 billion
at June 30, 2015 and included
$331 million of energy efficiency
investments, $735 million of
renewable energy (wind and solar) transactions and $50 million of other sustainable infrastructure
investments. The following is an analysis of our Portfolio by type
of obligor and credit quality as of June 30,
2015, with 99% of the Debt and Real Estate portion of the
Portfolio rated investment grade as shown below:
|
Investment
Grade
|
|
|
|
|
|
|
|
|
|
Government (1)
|
|
Commercial
Investment Grade(2)
|
|
Commercial
Non-Investment Grade (3)
|
|
Subtotal, Debt and
Real Estate
|
|
Equity Method
Investments(4)
|
|
Total
|
|
($ in
millions)
|
Financing
receivables
|
$ 297
|
|
$ 392
|
|
$
-
|
|
$ 689
|
|
$
—
|
|
$ 689
|
Financing receivables
held-for-sale
|
85
|
|
—
|
|
—
|
|
85
|
|
—
|
|
85
|
Investments
|
—
|
|
15
|
|
13
|
|
28
|
|
—
|
|
28
|
Real
estate(5)
|
—
|
|
152
|
|
—
|
|
152
|
|
—
|
|
152
|
Equity method
investments
|
—
|
|
—
|
|
—
|
|
—
|
|
162
|
|
162
|
Total
|
$
382
|
|
$
559
|
|
$
13
|
|
$
954
|
|
$
162
|
|
$ 1,116
|
% of Debt and Real
Estate Portfolio
|
40%
|
|
59%
|
|
1%
|
|
100%
|
|
N/A
|
|
N/A
|
Average Remaining
Balance(6)
|
$
13
|
|
$
10
|
|
$
13
|
|
$
11
|
|
$
16
|
|
$ 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 $280 million of U.S. Federal
Government transactions and $102 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, $62 million of the transactions have been rated investment
grade by an independent rating agency. Commercial investment
grade financing receivables includes $137 million of internally
rated residential solar loans where the cash flows which support
our financing receivables are subordinated to the tax equity
investors (whose return is largely derived from the renewable
energy tax incentives) and for which we rely on certain tax related
indemnities of the publicly traded residential solar
provider.
|
(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).
|
(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)
|
Excludes 77
transactions each with outstanding balances that are less than $1
million and that in the aggregate total $25 million.
|
Second Quarter Financial Results
Hannon Armstrong reported
second-quarter 2015 Core Earnings of $8.1
million or $0.26 per share, as
compared with Core Earnings of $4.8
million, or $0.22 per share,
in the three months ended June 30,
2014. The increase in Core Earnings is largely due to an
increase in Core Net Investment Revenue, which increased to
$8.4 million from
$3.1 million in the three months
ended June 30, 2014 due to an 89%
growth in the Portfolio from June 30,
2014 to June 30, 2015.
This increase was offset by a decrease in other investment revenue
of $2.1 million in the three months
ended June 30, 2015 due to holding
more transactions on the balance sheet.
As of June 30, 2015, we had 32% of
our debt at fixed rates as shown in the chart below:
|
June 30,
2015
|
|
% of
Total
|
|
($ in
millions)
|
|
|
Floating-Rate Credit
Facility
|
$ 420
|
|
68%
|
Fixed-Rate HASI asset
backed debt
|
198
|
|
32%
|
Total
Debt(1)
|
$ 618
|
|
100%
|
|
|
(1) Excludes
match-funded other nonrecourse debt of $108 million where the debt
is match-funded with corresponding assets and we have no interest
rate risk.
|
|
|
|
|
|
As of June 30, 2015, leverage, as
measured by debt-to-equity, was 1.8 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 were able to hold more transactions on our balance sheet
based upon the mix of what we closed this quarter," said Chief
Financial Officer Brendan Herron.
"The strong originations allowed us to put the equity raise to use
with minimal impact on leverage and thus earnings."
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 13613959. The replay will be available until
August 13, 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
Hannon Armstrong (NYSE: HASI)
provides 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. 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:
- our equity method investments in wind
projects;
- our acquisition and integration of American Wind Capital
Company, LLC as well as subsequent real estate
acquisitions;
- our expectations related to payments under our $13 million senior secured debt securities in an
operating wind project;
- 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 ability to complete potential new financing
opportunities in our pipeline;
- our relationships with originators, investors, market
intermediaries and professional advisers;
- 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
assets;
- changes in commodity prices;
- effects of hedging instruments on our assets;
- rates of default or decreased recovery rates on our
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 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
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 investments in the wind projects are
structured using typical wind partnership "flip" structures where
we, along with other institutional investors, receive a
pre-negotiated preferred return consisting of priority
distributions 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 flows with the institutional investors retaining
an ongoing residual interest. Given this structure, we
negotiated our purchase price of our wind investments based on our
assessment of the expected cash flows from each 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 these
investments 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
investments independent of how profits and losses are allocated,
the HLBV allocation does not, in our opinion, reflect the economics
of our investments. 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 these
investments 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 rates we used in making our
investment decisions. On at least a quarterly basis, we will review
and, if appropriate, adjust the discount rates and the income or
loss we receive from these investments 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. In
June 2015, JPMorgan Chase & Co.
("JPMorgan"), our joint venture partner and one of the project
holding companies entered into an agreement regarding the treatment
of certain tax matters that had the impact of reducing our expected
future cash flows from that holding company. As a result of
this agreement, JPMorgan paid us approximately $3 million, which effectively reduced our
investment in that joint venture. In accordance with the
methodology described above, we have calculated a new constant
effective yield based upon the reduced investment amount and the
reduction in expected future cash flows. We will use this new
effective yield, which is not materially different from our initial
constant effective yield, for future periods for that
investment.
We have borrowed $115 million on a
nonrecourse basis using our equity method investment in one of our
joint ventures as collateral and used the $3
million payment from JPMorgan to repay a portion of this
loan. For the six months ended June 30, 2015, we collected cash distributions
from the wind investments of $14.6
million (in addition to the $3
million payment), of which $6.4
million represents our Core Earnings adjustment for the
investments based upon the effective yield methodology discussed
above. In addition, included in our U.S. GAAP investment
interest expense for the six months ended June 30, 2015, was $3.4
million of interest expense related to this nonrecourse
loan.
Core Other Expenses, net reflects the add back of non-cash
equity-based compensation, amortization of intangible assets, GAAP
HLBV income or loss on our equity method investments, and business
acquisition costs, if any. Core Earnings represent earnings
utilizing the adjustments for Core Net Investment Revenue and Core
Other Expenses, net and 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 additional
measures 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 Six
Months
Ended
|
|
June
30, 2015
|
|
June 30,
2014
|
|
June
30, 2015
|
|
June 30,
2014
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
Net Investment
Revenue (GAAP)
|
$5,035
|
|
$3,093
|
|
$9,700
|
|
$5,475
|
Adjustments:
|
|
|
|
|
|
|
|
Real estate
intangibles (1)
|
163
|
|
38
|
|
312
|
|
38
|
Equity affiliate
adjustment (2)
|
3,193
|
|
-
|
|
6,023
|
|
|
Core Net Investment
Revenue Adjustments
|
3,356
|
|
38
|
|
6,335
|
|
38
|
Core Net
Investment Revenue (3)
|
$8,391
|
|
$3,131
|
|
$16,035
|
|
$5,513
|
|
|
|
|
|
|
|
|
(1)
|
Reflects add back of
non-cash amortization of lease intangibles.
|
(2)
|
See discussion
of Core Earnings above.
|
(3)
|
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 Six
Months
Ended
|
|
|
June
30, 2015
|
|
June 30,
2014
|
|
June
30, 2015
|
|
June 30,
2014
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
Other Expenses, net
(GAAP)
|
$5,868
|
|
$5,527
|
|
$11,505
|
|
$8,353
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Non-cash equity-based
compensation charge (1)
|
(2,826)
|
|
(1,520)
|
|
(5,026)
|
|
(1,970)
|
|
Equity affiliate
adjustment(2)
|
(295)
|
|
-
|
|
(348)
|
|
-
|
|
Amortization of
intangibles (3)
|
(51)
|
|
(50)
|
|
(102)
|
|
(101)
|
|
Business combination
acquisition costs(4)
|
-
|
|
(1,104)
|
|
-
|
|
(1,104)
|
|
Core Other Expenses,
Net Adjustments
|
(3,172)
|
|
(2,674)
|
|
(5,476)
|
|
(3,175)
|
|
Core Other
Expenses, net
|
$2,696
|
|
$2,853
|
|
$6,029
|
|
$5,178
|
|
|
|
(1)
|
Reflects add back of
non-cash amortization of stock based compensation.
Outstanding shares related to stock based compensation are included
in Core Earnings per share calculation.
|
(2)
|
See discussion
of Core Earnings above.
|
(3)
|
Adds back non-cash
amortization of pre IPO intangibles.
|
(4)
|
Acquisition related
costs, such as legal fees or third party transaction based fees
associated with transactions that are accounted for as a business
combination.
|
We calculated our Core Earnings and provided a reconciliation of
our net income to Core Earnings in the table below:
|
For the Three
Months
Ended
|
|
For the Three
Months
Ended
|
|
|
June 30,
2015
|
|
Per
Share
|
|
June 30,
2014
|
|
Per
Share
|
|
|
|
($ in thousands,
except per share data)
|
|
Net income
attributable to controlling shareholders
|
$1,470
|
|
$0.04
|
|
$2,828
|
|
$0.13
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Core Net
Investment Revenue Adjustments
|
3,356
|
|
|
|
38
|
|
|
|
|
Core Other
Expenses, net Adjustments
|
3,172
|
|
|
|
2,674
|
|
|
|
|
Net income
attributable to minority interest
|
14
|
|
|
|
47
|
|
|
|
|
Non-cash
provision (benefit) for taxes
|
74
|
|
|
|
(830)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core
Earnings(1)
|
$8,086
|
|
$0.26
|
|
$4,757
|
|
$0.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Core Earnings per
share for the three months ended June 30, 2015 and June 30, 2014,
are based on 31,138,380 shares and 21,250,206 shares outstanding,
respectively, which represent the weighted average number of fully
diluted shares outstanding during such period and includes unvested
restricted stock and the shares issuable upon redemption of limited
partnership interests in the Operating Partnership as the income
attributable to the minority interest is also included.
|
|
For the Six
Months
Ended
|
|
For the Six
Months
Ended
|
|
|
June 30,
2015
|
|
Per
Share
|
|
June 30,
2014
|
|
Per
Share
|
|
|
|
($ in thousands,
except per share data)
|
|
Net income
attributable to controlling shareholders
|
$3,592
|
|
$0.10
|
|
$5,581
|
|
$0.29
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Core Net
Investment Revenue Adjustments
|
6,335
|
|
|
|
38
|
|
|
|
|
Core Other
Expenses, net Adjustments
|
5,476
|
|
|
|
3,175
|
|
|
|
|
Net income
attributable to minority interest
|
39
|
|
|
|
107
|
|
|
|
|
Non-cash
provision (benefit) for taxes
|
47
|
|
|
|
(771)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core
Earnings(1)
|
$15,489
|
|
$0.53
|
|
$8,130
|
|
$0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Core Earnings per
share for the six months ended June 30, 2015 and June 30, 2014, are
based on 29,465,971 shares and 19,065,102 shares outstanding,
respectively, which represent the weighted average number of fully
diluted shares outstanding during such period and includes unvested
restricted stock and the shares issuable upon redemption of limited
partnership interests in the Operating Partnership as the income
attributable to the minority interest is also included.
|
HANNON ARMSTRONG
SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
(UNAUDITED)
|
|
|
For the Three
Months Ended June 30,
|
For the Six Months
Ended June 30,
|
|
2015
|
2014
|
2015
|
2014
|
Net Investment
Revenue:
|
|
|
|
|
Interest Income,
Financing receivables
|
$ 8,217
|
$ 5,229
|
$ 16,545
|
$ 9,847
|
Interest Income,
Investments
|
357
|
1,138
|
753
|
2,432
|
Rental
Income
|
2,564
|
410
|
4,652
|
410
|
Investment
Revenue
|
11,138
|
6,777
|
21,950
|
12,689
|
Investment interest
expense
|
(6,103)
|
(3,684)
|
(12,250)
|
(7,214)
|
Net Investment
Revenue
|
5,035
|
3,093
|
9,700
|
5,475
|
Provision for credit
losses
|
-
|
-
|
-
|
-
|
Net Investment
Revenue, net of provision for credit losses
|
5,035
|
3,093
|
9,700
|
5,475
|
Other Investment
Revenue:
|
|
|
|
|
Gain on sale of
receivables and investments
|
1,557
|
4,272
|
4,426
|
6,246
|
Fee income
|
836
|
207
|
1,063
|
1,550
|
Other Investment
Revenue
|
2,393
|
4,479
|
5,489
|
7,796
|
Total Revenue, net
of investment interest expense and provision
|
7,428
|
7,572
|
15,189
|
13,271
|
Compensation and
benefits
|
(3,978)
|
(2,924)
|
(7,830)
|
(4,537)
|
General and
administrative
|
(1,561)
|
(1,445)
|
(3,066)
|
(2,598)
|
Acquisition
costs
|
-
|
(1,104)
|
-
|
(1,104)
|
Other, net
|
(34)
|
(54)
|
(261)
|
(114)
|
Loss from equity
method investments in affiliates
|
(295)
|
-
|
(348)
|
-
|
Other Expenses,
net
|
(5,868)
|
(5,527)
|
(11,505)
|
(8,353)
|
Net income before
income taxes
|
1,560
|
2,045
|
3,684
|
4,918
|
Income tax (expense)
benefit
|
(76)
|
830
|
(53)
|
770
|
Net
Income
|
$
1,484
|
$
2,875
|
$
3,631
|
$
5,688
|
Net income
attributable to non-controlling interest holders
|
14
|
47
|
39
|
107
|
Net Income
Attributable to Controlling Shareholders
|
$
1,470
|
$
2,828
|
$
3,592
|
$
5,581
|
Basic earnings per
common share
|
$
0.04
|
$
0.13
|
$
0.10
|
$
0.29
|
Diluted earnings per
common share
|
$
0.04
|
$
0.13
|
$
0.10
|
$
0.29
|
Weighted average
common shares outstanding—basic
|
29,479,023
|
19,973,393
|
27,941,095
|
17,944,432
|
Weighted average
common shares outstanding—diluted
|
29,479,023
|
19,973,393
|
27,941,095
|
17,944,432
|
HANNON ARMSTRONG
SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2015 and DECEMBER 31, 2014
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
(UNAUDITED)
|
|
|
June 30,
2015
|
|
December 31,
2014
|
Assets
|
|
|
|
Financing
receivables
|
$ 688,632
|
|
$ 552,706
|
Financing receivables
held-for-sale
|
85,461
|
|
62,275
|
Investments
available-for-sale
|
28,455
|
|
27,273
|
Real estate
|
126,683
|
|
90,907
|
Real estate related
intangible assets
|
25,482
|
|
23,058
|
Equity method
investments in affiliates
|
161,648
|
|
143,903
|
Cash and cash
equivalents
|
21,670
|
|
58,199
|
Restricted cash and
cash equivalents
|
12,911
|
|
11,943
|
Other
assets
|
30,502
|
|
39,993
|
Total
Assets
|
$ 1,181,444
|
|
$ 1,010,257
|
Liabilities and
Equity
|
|
|
|
Liabilities:
|
|
|
|
Accounts payable,
accrued expenses and other
|
$ 13,749
|
|
$ 11,408
|
Deferred funding
obligations
|
95,700
|
|
88,288
|
Credit
facility
|
420,496
|
|
315,748
|
Asset-backed
nonrecourse notes (secured by assets
of $230 million and $248 million, respectively)
|
197,694
|
|
208,246
|
Other nonrecourse debt
(secured by financing receivables of
$104 million and $108 million, respectively)
|
107,510
|
|
112,525
|
Total
Liabilities
|
835,149
|
|
736,215
|
|
|
|
|
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, 31,221,982 and 26,377,111 shares issued and
outstanding, respectively
|
312
|
|
264
|
Additional paid in
capital
|
379,183
|
|
293,635
|
Retained
deficit
|
(37,131)
|
|
(25,006)
|
Accumulated other
comprehensive (loss) income
|
(81)
|
|
406
|
Non-controlling
interest
|
4,012
|
|
4,743
|
Total
Equity
|
346,295
|
|
274,042
|
Total Liabilities
and Equity
|
$ 1,181,444
|
|
$ 1,010,257
|
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SOURCE Hannon Armstrong Sustainable Infrastructure Capital,
Inc.