ANNAPOLIS, Md., Feb. 25, 2016 /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 year ended
December 31, 2015, were $33.5 million, or $1.04, per share as compared to $20.3 million, or $0.93, per share in 2014. Core Earnings for
the quarter ended December 31, 2015,
were $9.5 million, or $0.25 per share as compared to $0.27 per share in same quarter last year. A
reconciliation of our Core Earnings to GAAP net income is included
in this press release.
![Hannon Armstrong - Financing the future of energy(SM) Hannon Armstrong - Financing the future of energy(SM)](https://photos.prnewswire.com/prnvar/20160203/329541LOGO)
On a GAAP basis, the Company recorded net income for the year
ended December 31, 2015, of
$8.0 million, or $0.21 per share, as compared to $9.6 million, or $0.43 per share in 2014. GAAP net income for the
quarter ended December 31, 2015 was
$2.3 million, or $0.05 per share, as compared to $1.5 million, or $0.05 per share, in the same quarter in 2014.
"Given the volatile Q4 market environment, we were able to
negotiate better economics on several transactions, which delayed
their closings to the end of Q4. While the delay impacted
Core Earnings for the quarter, the improved economics over the life
of these deals will more than offset this impact," said CEO
Jeffrey Eckel. "In addition, we
increased leverage and locked in more fixed rate debt, and have now
achieved our 70% fixed rate target. While these factors
resulted in Core Earnings slightly below annual guidance, we
believe these were the right actions to take to better position the
company for 2016 and beyond."
2015 Highlights
- Closed $340 million of
transactions in the fourth quarter of 2015 and $935 million for the year, compared to
approximately $875 million in
2014
- Delivered 12% annual Core EPS Growth
- 15% increase in dividend to $0.30
per share, for yield of 6.9% based on our closing stock price of
$17.28 on February 24, 2016
- Grew balance sheet above $1.4
billion, with over 105 separate investments
- December 31, 2015 yield at grew
to 6.2% from 6.0% at September 30,
2015
- Raised approximately $100 million
in a follow-on equity offering in October
2015
- Achieved 71% fixed rate debt target, including adding
approximately $280 million of fixed
rate and hedged debt in the quarter
- Debt to equity ratio 2.1 to 1 as of December 31, 2015
- Diversified pipeline of over $2.5
billion in over 125 investment opportunities
Guidance
The Company projects annualized Core Earnings growth in the
range of 14% to 19% per diluted share for 2016 and continued
double-digit Core Earnings growth for 2017. This guidance reflects
the Company's estimates of (i) yield on its existing Portfolio;
(ii) yield on incremental Portfolio investments, inclusive of the
Company's existing pipeline; (iii) amount, timing, and costs of
debt and equity capital to fund new investments; and (iv) 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.
"We are seeing higher spreads on assets and a stronger pipeline
for 2016. Yet, the continued volatility in the markets leads
us to guide to a wider range for 2016," said CEO Jeffrey Eckel. "We continue to believe
that our focus on senior or preferred positions in projects will
benefit us during this volatile period."
Portfolio
Our Portfolio totaled $1,348
million at December 31, 2015,
and included $415 million of energy
efficiency investments, $907 million
of renewable energy (wind and solar) transactions and $26 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, 2015:
|
Investment Grade
|
|
|
|
|
|
Government (1)
|
Commercial
Investment
Grade(2)
|
Commercial
Non-
Investment
Grade (3)
|
Subtotal, Debt and Real
Estate
|
Equity Method
Investments(4)
|
Total
|
|
(dollars in millions)
|
Financing receivables
|
$ 401
|
$ 383
|
$
—
|
$ 784
|
$ —
|
$ 784
|
Financing receivables held-for-sale
|
60
|
—
|
—
|
60
|
—
|
60
|
Investments
|
—
|
16
|
13
|
29
|
—
|
29
|
Real estate(5)
|
—
|
156
|
—
|
156
|
—
|
156
|
Equity method investments
|
—
|
—
|
—
|
—
|
319
|
319
|
Total
|
$ 461
|
$ 555
|
$
13
|
$ 1,029
|
$ 319
|
$ 1,348
|
% of Debt and Real Estate Portfolio
|
45%
|
54%
|
1%
|
100%
|
N/A
|
N/A
|
Average Remaining
Balance(6)
|
$ 12
|
$
9
|
$ 13
|
$ 10
|
$ 27
|
$ 12
|
|
|
|
|
|
|
|
(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
$297 million of U.S. federal government transactions and $164
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, $12 million of the
transactions have been rated investment grade by an independent
rating agency. Commercial investment grade financing
receivables include $175 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 $26 million.
|
Fourth Quarter Financial Results
Hannon Armstrong reported
fourth-quarter 2015 Core Earnings of $9.5
million or $0.25 per share, as
compared with Core Earnings of $7.1
million, or $0.27 per share,
in Q4 2014. Core Total Revenue increase of approximately
$5 million was offset by higher
interest expense of approximately $2
million and higher Core Other Expenses, net of approximately
$0.7 million. Delays in closing of
transactions described above and an increase in the amount of fixed
rate debt resulted in lower Core Earnings per share for the
quarter.
As of December 31, 2015, we had
71% of our debt at fixed rates as shown in the chart below:
|
December 31,
2015
|
|
% of Total
|
|
($ in millions)
|
Floating-Rate Borrowings
|
$ 260
|
|
29%
|
Fixed-Rate debt
|
651
|
|
71%
|
Total Debt(1)
|
$ 911
|
|
100%
|
|
|
(1)
|
Includes match-funded other nonrecourse debt of $101
million where the debt is match-funded with corresponding assets.
Fixed-Rate debt includes the present notional value of non-recourse
debt that is hedged using interest rate swaps.
|
As of December 31, 2015, leverage,
as measured by debt-to-equity, was 2.1 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).
"Over the last six months of the year, we raised approximately
$380 million of additional fixed rate
debt, $100 million of equity and
added an additional $50 million of
capacity to our credit facility," said Chief Financial Officer
Brendan Herron. "We believe this
additional financing, including new lenders, positions us well to
take advantage of opportunities in 2016."
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 13630824. The replay will be available until
March 3, 2016.
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 are
structured as a real estate investment trust (REIT) for federal
income-tax purposes.
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 expected returns and performance of our
investments;
- 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;
- availability of opportunities to finance energy efficiency,
renewable energy and sustainable infrastructure projects and our
ability to complete potential new 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, regulations, tax laws and rates and
the execution and impact of these actions, initiatives and
policies;
- 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
and 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
and target 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 accounting guidance and similar
matters;
- our ability to maintain our qualification, as a real estate
investment trust for U.S. federal income tax purposes (a
"REIT");
- our ability to maintain our exception from registration
under the Investment Company Act of 1940, as amended (the "1940
Act");
- 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. Any forward-looking statement speaks only as of
the date on which it is made. New risks and uncertainties arise
over time, and it is not possible for us to predict those events or
how they may affect us. Except as required by law, we are not
obligated to, and do not intend to, update or revise any
forward-looking statements after the date of this Form 10-K,
whether as a result of new information, future events or
otherwise.
The risks included here are not exhaustive. 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 it 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 Total Revenue, Core Total Investment Revenue, net of
investment interest expense and provision, Core Other Expenses, net
and Core Earnings ("Core Financial Metrics") are non-GAAP financial
measures. Core Total 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, if any, 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 wind energy company, which operates the project,
receives the majority of the cash flows through its equity
interests 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 Total 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 Total 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. Our
allocation of profits and losses is projected to change in 2019 in
our transactions with JPMorgan Chase & Co. ("JPMorgan"), which
is expected to result in an increase of the amount of HLBV profits
or losses allocated to us. In June
2015, JPMorgan 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
entity. 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 used this new effective yield, which is not materially different
from our initial constant effective yield, beginning with the
quarter ended September 30, 2015.
We have borrowed approximately $234
million on a nonrecourse basis using our equity method
investments as collateral. Included in our U.S. GAAP
investment interest expense for the year ended December 31, 2015, was approximately $7 million of interest expense related to these
nonrecourse loans. For the year ended December 31, 2015, we collected cash
distributions from our wind investments of approximately
$25 million (in addition to the
$3 million payment), of which
$13 million represents our Core
Earnings adjustment for these investments based upon the effective
yield methodology discussed above.
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 Total 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 Total
Revenue to Core Total Revenue:
|
For the Three Months
Ended
|
For the Year Ended
|
|
|
|
|
December 31,
2015
|
December 31,
2014
|
|
December 31,
2015
|
December 31,
2014
|
|
($ in thousands)
|
Total Revenue (GAAP)
|
$16,195
|
|
|
$13,003
|
|
$58,679
|
|
|
$45,275
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Real estate
intangibles (1)
|
391
|
|
|
127
|
|
1,179
|
|
|
276
|
Equity affiliate
adjustment (2)
|
3,924
|
|
|
2,376
|
|
13,307
|
|
|
2,376
|
Core Total Revenue,
Adjustments
|
4,315
|
|
|
2,503
|
|
14,486
|
|
|
2,652
|
Core Total Revenue
|
$20,510
|
|
|
$15,506
|
|
$73,165
|
|
|
$47,927
|
|
|
(1)
|
Reflects add back of non-cash amortization of lease
intangibles related to in-place leases for land acquired in a
business combination under GAAP.
|
(2)
|
See discussion of Core Earnings
above.
|
The table below provides a reconciliation of the GAAP Other
Expenses, net to Core Other Expenses, net:
|
For the Three Months
Ended
|
|
For the Year
Ended
|
|
December 31,
2015
|
|
December 31,
2014
|
|
December 31,
2015
|
|
December 31,
2014
|
|
($ in thousands)
|
Other Expenses, net (GAAP)
|
$6,449
|
|
$5,868
|
|
$24,142
|
|
$18,824
|
Adjustments:
|
|
|
|
|
|
|
|
Non-cash equity-based
compensation charge (1)
|
(2,913)
|
|
(1,559)
|
|
(10,641)
|
|
(5,187)
|
Business combination
acquisition costs (2)
|
-
|
|
(1,353)
|
|
-
|
|
(2,456)
|
Equity method income
(loss)
|
63
|
|
-
|
|
(98)
|
|
-
|
Amortization of
intangibles (3)
|
(50)
|
|
(51)
|
|
(203)
|
|
(203)
|
Core Other Expenses, net
Adjustments
|
(2,900)
|
|
(2,963)
|
|
(10,942)
|
|
(7,846)
|
Core Other Expenses, net
|
$3,549
|
|
$2,905
|
|
$13,200
|
|
$10,978
|
|
|
(1)
|
Reflects add back of non-cash amortization of stock
based compensation. Outstanding shares related to stock based
compensation are included in the Core Earnings per share
calculation.
|
(2)
|
Acquisition related costs, such as legal fees or
third party transaction based fees associated with transactions
that are accounted for as a business combination.
|
(3)
|
Adds back non-cash amortization of pre IPO
intangibles.
|
We calculated our Core Earnings and provided a reconciliation of
our net income to Core Earnings for the three months and years
ended December 31, 2015 and 2014,
respectively, in the table below:
|
For the Three Months
Ended
|
For the Year
Ended
|
|
December 31, 2015
|
Per Share
|
|
December 31, 2015
|
Per Share
|
|
($ in thousands, except per share
data)
|
Net income attributable to controlling
shareholders
|
$2,246
|
|
$0.05
|
|
$7,958
|
|
|
$0.21
|
Adjustments:
|
Core Total Revenue,
Adjustments
|
4,315
|
|
|
14,486
|
|
|
|
Core Other Expenses,
net Adjustments
|
2,900
|
|
|
10,942
|
|
|
|
Net income
attributable to minority interest
|
14
|
|
|
76
|
|
|
|
Non-cash provision for
taxes
|
-
|
|
|
46
|
|
|
|
Core
Earnings(1)
|
$9,475
|
|
$0.25
|
|
$33,508
|
|
|
$1.04
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Core Earnings per share for the quarter and for the
year ended December 31, 2015, are based on 37,429,369 shares and
32,310,395 shares, respectively, which represent the weighted
average number of fully diluted shares outstanding and include the
share equivalent of the minority interest in our Operating
Partnership, as the income attributable to the minority interest is
also included.
|
|
For the Three Months Ended
|
For the Year
Ended
|
|
December 31,
2014
|
Per Share
|
|
December 31, 2014
|
Per Share
|
|
($ in thousands, except per share
data)
|
Net income attributable to controlling
shareholders
|
$1,462
|
|
$0.05
|
|
$9,607
|
|
|
$0.43
|
Adjustments:
|
Core Total Revenue,
Adjustments
|
2,503
|
|
|
2,652
|
|
|
|
Core Other Expenses,
net Adjustments
|
2,963
|
|
|
7,846
|
|
|
|
Net loss attributable
to minority interest
|
18
|
|
|
163
|
|
|
|
Non-cash benefit 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.
|
HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE
CAPITAL, INC
CONSOLIDATED STATEMENTS OF OPERATIONS
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
(UNAUDITED)
|
|
|
|
|
|
For Three Months Ended
|
|
For Year Ended
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenue:
|
|
|
|
|
|
|
|
Interest Income, Financing
receivables
|
$ 10,794
|
|
$ 7097
|
|
$ 37,404
|
|
$ 23,178
|
Interest Income, Investments
|
375
|
|
518
|
|
1,493
|
|
3,772
|
Rental Income
|
2,467
|
|
1,578
|
|
9,107
|
|
3,175
|
Gain on sale of receivables and
investments
|
2,269
|
|
3,642
|
|
9,224
|
|
13,250
|
Fee income
|
290
|
|
168
|
|
1,451
|
|
1,900
|
Total Revenue
|
16,195
|
|
13,003
|
|
58,679
|
|
45,275
|
Investment interest expense
|
(7,445)
|
|
(5,467)
|
|
(26,385)
|
|
(16,655)
|
Provision for credit losses
|
-
|
|
-
|
|
-
|
|
-
|
Total Revenue, net of
investment interest expense and provision
|
8,750
|
|
7,536
|
|
32,294
|
|
28,620
|
Compensation and
benefits
|
(4,617)
|
|
(2,870)
|
|
(16,788)
|
|
(10,518)
|
General and
administrative
|
(1,689)
|
|
(1,518)
|
|
(6,462)
|
|
(5,550)
|
Acquisition
costs
|
-
|
|
(1,353)
|
|
-
|
|
(2,456)
|
Other,
net
|
(206)
|
|
(126)
|
|
(794)
|
|
(300)
|
Gain (loss) from
equity method investments
|
63
|
|
-
|
|
(98)
|
|
-
|
Other Expenses, net
|
(6,449)
|
|
(5,867)
|
|
(24,142)
|
|
(18,824)
|
Net income before income taxes
|
2,301
|
|
1,669
|
|
8,152
|
|
9,796
|
Income tax (expense)
benefit
|
(41)
|
|
(189)
|
|
(118)
|
|
(26)
|
Net Income
|
$ 2,260
|
|
$ 1,480
|
|
$ 8,034
|
|
$ 9,770
|
Net income attributable to
non-controlling interest holders
|
14
|
|
18
|
|
76
|
|
163
|
Net Income attributable to controlling
shareholders
|
$ 2,246
|
|
$ 1,462
|
|
$ 7,958
|
|
$ 9,607
|
Basic earnings per common
share
|
$ 0.05
|
|
$ 0.05
|
|
$ 0.21
|
|
$ 0.43
|
Diluted earnings per common
share
|
$ 0.05
|
|
$0.05
|
|
$ 0.21
|
|
$ 0.43
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding—basic
|
35,848,473
|
|
24,875,582
|
|
30,761,151
|
|
20,656,826
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding—diluted
|
35,848,473
|
|
24,875,582
|
|
30,761,151
|
|
20,656,826
|
|
HANNON ARMSTRONG SUSTAINABLE
INFRASTRUCTURE CAPITAL, INC
|
CONSOLIDATED BALANCE
SHEETS
|
(AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER
SHARE DATA)
|
|
|
December 31,
2015
|
December 31,
2014
|
|
Assets
|
|
|
|
Financing receivables
|
$
783,967
|
$
552,706
|
|
Financing receivables
held-for-sale
|
60,376
|
62,275
|
|
Investments
available‑for‑sale
|
29,017
|
27,273
|
|
Real estate
|
128,769
|
90,907
|
|
Real estate related intangible
assets
|
26,930
|
23,058
|
|
Equity method investments in
affiliates
|
318,769
|
143,903
|
|
Cash and cash
equivalents
|
42,645
|
58,199
|
|
Other assets
|
79,148
|
50,361
|
|
Total Assets
|
$
1,469,621
|
$
1,008,682
|
|
Liabilities and Equity
|
|
|
|
Liabilities:
|
|
|
|
Accounts payable, accrued expenses and
other
|
$
17,875
|
$
11,408
|
|
Deferred funding
obligations
|
108,499
|
88,288
|
|
Credit facility
|
247,350
|
315,748
|
|
Asset‑backed nonrecourse debt (secured
by assets of $718 million and $248 million,
respectively)
|
563,189
|
206,671
|
|
Other nonrecourse debt (secured by
financing receivables of
$97 million and $108 million,
respectively)
|
100,602
|
112,525
|
|
Total Liabilities
|
1,037,515
|
734,640
|
|
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, 37,010,603 and 26,377,111 shares
issued and outstanding, respectively
|
370
|
264
|
|
Additional paid in
capital
|
482,431
|
293,635
|
|
Retained deficit
|
(52,701)
|
(25,006)
|
|
Accumulated other comprehensive (loss)
income
|
(1,905)
|
406
|
|
Non‑controlling
interest
|
3,911
|
4,743
|
|
Total Equity
|
432,106
|
274,042
|
|
Total Liabilities and Equity
|
$
1,469,621
|
$
1,008,682
|
|
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SOURCE Hannon Armstrong Sustainable Infrastructure Capital,
Inc.